ALNO AG publishes figures for first quarter of 2011
ALNO AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]
31.05.2011 10:23
Interim report according to Article 37x of the WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Important operating events during the reporting period
ALNO AG has presented its 'ESPRIT home' kitchen at the International
Furniture Trade Fair (IMM) in Cologne. This is a kitchen based on the new
WELLMANN product range that ALNO markets as an exclusive licensing partner
of ESPRIT INTERNATIONAL Ltd. It is distinguished by special design elements
that fit precisely with various ESPRIT household design themes. The kitchen
has been available in furniture stores and at kitchen specialists since
March 2011. Market demand has outstripped ALNO AG's expectations. The
kitchen is produced at the Pfullendorf location.
Profitability trends
Consolidated revenues fell to EUR 108.7 million in the first three months
of 2011, compared with EUR 114.7 million in the first quarter of 2010
(-5.2%). Start-up problems with the production of the new WELLMANN product
range at the Enger location exerted a negative impact on revenue trends.
This burdening factor is currently being resolved. Revenues with the Pino
brand reported a generally better trend within the overall Group. These
were up by 4.4% year-on-year. This was particularly due to a higher number
of orders from Germany.
The overall result also reflects a higher cost of materials, particularly
for the ALNO and Wellmann brands. Both brands entail a high proportion of
high-quality show kitchens. With the ALNO brand, the higher expense
reflected a higher provision of glass for the show kitchens. The expense
was higher for the Wellmann brand because ALNO AG has placed more show
kitchens for the new Wellmann brand among wholesalers/retailers in recent
months - including where Wellmann was previously not present. ALNO AG
assumes that these measures will serve to promote sales, and that they
should result in higher revenues.
Earnings before interest, tax, depreciation and amortization (EBITDA) fell
to EUR -4.8 million in the first quarter of 2011, compared with EUR 1.9
million in the first quarter of the previous year. The operating loss
(EBIT) also worsened from EUR -0.7 million in the first quarter of 2010 to
EUR -7.5 million in the first quarter of the current year. For the full
2011 year, the Managing Board of ALNO AG expects that EBITDA will grow
compared with 2011.
Development of financial and net asset positions
ALNO AG successfully completed its cash capital increase with subscription
rights on March 3. A total of 8.7 million ordinary shares were issued. The
gross issue proceeds amounted to EUR 26.1 million. This step increased the
company's share capital by EUR 22.6 million to EUR 67.8 million. The
company's authorized capital was thereby fully placed as part of the
offering. There is also a further EUR 50 million of relief to the ALNO
Group's balance sheet due to further-reaching measures forming part of the
new reorganization agreement. For this reason, ALNO will conclude 2011 with
significantly positive equity at Group level.
Market environment
Economic researchers anticipate a tangible upturn in Germany for 2011. In
their joint spring survey for the federal government, leading economic
institutes expect gross domestic product (GDP) to grow by 2.8%. The experts
are of the opinion that primarily domestic demand will deliver positive
impulses.
The kitchen market is highly dependent on the economic situation. In this
connection, optimism also derives from the continued fall in the number of
unemployed individuals in Germany, and consumers' growing preparedness to
acquire durable goods. According to information provided by the consumer
research company GfK Group, the indicator of investment propensity remained
high, at a level of 34.2 points in April. The increase in the number of
construction permissions comprises a further positive indicator. New
kitchens are generally acquired for houses and apartments that have been
newly occupied, or which have been newly built. For this reason, a positive
trend in construction permissions is generally also positively reflected on
the kitchen market, albeit with a slight time delay. The German Kitchen
Furniture Industry Association (VdDK) also appraises the market situation
positively. The Association anticipates that the overall market will grow
by 3% this year.
Other events following the end of the reporting period
The Managing Board of ALNO AG underwent changes on April 6, 2011. The
Supervisory Board appointed Max Müller to be the new CEO, and Christoph
Fughe to be the new CFO. Müller is president of the board of directors of
two Swiss companies, Comco Holding AG and Starlet Investment AG. Fughe was
previously head of sales at ALNO AG. Jörg Artmann remains on the Managing
Board. He continues to be responsible for finance, personnel and IT. The
former CEO, Jörg Deisel, and Michael Paterka, who was the Managing Board
member responsible for production, purchasing, logistics and quality, have
left the company.
Pfullendorf/Düsseldorf, May 31, 2011
ALNO Aktiengesellschaft
The Managing Board
Contact:
cometis AG
Henryk Deter
Unter den Eichen 7 / Gebäude D
65195 Wiesbaden
Tel: +49 611 - 20 585 5-13
Fax: +49 611 - 20 585 5-66
Mail: deter@cometis.de
Web: www.cometis.de
31.05.2011 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: ALNO AG
Airport Office I, Peter-Müller-Straße 14/14a
40468 Düsseldorf
Deutschland
Internet: www.alno.de
End of Announcement DGAP News-Service
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