ALNO AG publishes its results for the first half of 2011
ALNO AG / Key word(s): Half Year Results
31.08.2011 19:08
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Pfullendorf, August 31, 2011 - ALNO AG has published its figures for the
first half of 2011. Despite the economic recovery, ALNO was not yet
participating in the kitchen market's growth in the reporting period. The
Group's revenue and earnings trends are still significantly burdened with
the parallel production of the new and old Wellmann range at the company's
site at Enger. These production problems have now been solved and no
further losses are expected to arise from these problems from September
onwards.
In the first six months of the fiscal year, consolidated revenue fell by
4.7% to EUR 222.7 million as against the year-earlier figure (EUR 233.7
million). Compared to the previous year, the Group's pino brand reported
growth. Domestic revenue declined by 3.7% to EUR 160.8 million. Due to the
liquidation of five foreign subsidiaries and their reorganization into
sales units in the second half of 2010, revenue generated outside Germany
dropped by 7.3% to EUR 61.9 million. As a result, the share of foreign
sales in total sales (the export ratio) fell from 28.6% to 27.8%. Due to
significant price increases on the supplier side, and despite lower
revenue, the cost of materials rose from EUR 135.1 million to EUR 140.7
million. As a consequence, the cost of materials ratio deteriorated
significantly by 5% in a year-on-year comparison since price increases were
not compensated by higher selling prices. Moreover, transportation expenses
rose on the back of mineral oil price hikes. In sum, consolidated EBITDA
declined from EUR 7.5 million in the previous year to EUR -8.5 million.
There was an even more marked decrease in EBIT, which fell from EUR 1.5
million to EUR -15.4 million. Earnings per share stood at EUR -0.95,
compared with EUR -0.15 a year ago.
Numerous problems across the Group have already been solved starting May
2011 to date. Along with the normalization of production at the Enger site
mentioned above, further examples include the optimization of workflow
processes and internal logistics, and personnel improvements to the
management structure. New orders placed for the coming months are also
significantly above the previous year's levels. Particularly noteworthy are
the orders newly acquired in Turkey and China. After the end of the
reporting period, ALNO raised revenue in July 2011 by around EUR 5.5
million compared with July 2010. This has already served to compensate
within one single month around half of the year-on-year decline in revenue
of EUR 11.0 million in the first six months. For the second half of the
year, the Managing Board antici-pates that it can virtually recover the
decline in revenue that has meanwhile been incurred. ALNO is therefore
retaining the forecast it issued as part of preparing its annual financial
statements of an improvement in full-year consolidated EBITDA compared with
the figure of around EUR 1.0 million that was reported for 2010. Moreover,
the relief to the balance sheet and the improvement of equity in the wake
of the Restructuring Agreement II from February 9, 2011, will begin to take
effect in the second half of 2011.
Moreover, as regards its 2012 export business, ALNO expects a significant
increase in its foreign sales from the hiring of additional personnel and
other measures in the second half of 2011.
Issuer: ALNO AG
Heiligenbergerstraße 47
88629 Pfullendorf, Germany
ISIN: DE0007788408
German Securities Identification Number (WKN): 778840
Stock exchanges: Regulated Market in Frankfurt (General Standard),
Stuttgart; Re-gulated Unofficial Market in Berlin, Munich, Düsseldorf
31.08.2011 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
Germany
Phone:
Fax:
E-mail:
Internet: www.alno.de
ISIN: DE0007788408
WKN: 778840
Listed: Regulierter Markt in Frankfurt (General Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, München
End of Announcement DGAP News-Service
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