ALNO AG: Restructuring essentially completed
ALNO AG / Final Results
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc-Release
7 May 2008, about 8.45 a.m.
ALNO AG: Restructuring essentially completed
Pfullendorf-based ALNO Group has met the milestones it set itself as part
of its restructuring program during the 2007 financial year, thereby
successfully completing the main elements of the restructuring. The company
invested around EUR 32.5 million in one-off and restructuring costs. As a
result of the package of immediate measures announced in May 2007, ALNO’s
earnings are expected to increase by around EUR 35 million over the course
of the subsequent year, rather than the originally targeted EUR 25 million.
In the past nine months, the number of employees was cut by 600 (around
25%) to 1,800 employees.
As expected, the group’s earnings were significantly weighed down by
restructuring costs. ALNO Group shows a loss before tax of EUR 61 million
for 2007, compared to a loss of 17.2 million in 2006. The operating loss
before interest and tax adjusted for restructuring costs (EBIT) was EUR
23.4 in 2007 million, compared to a loss of 6.8 million in 2006. Net debt
fell 15.3% to 82.2 million in 2007, down from 97.1 million in 2006.
The company generated sales of EUR 602.2 million in 2007, compared to 615.5
million in 2006. Despite a decline of about 9% in the domestic market, ALNO
recorded only a slight drop of 2.2% in sales compared to the previous year.
This was principally thanks to growth in exports, which ALNO managed to
increase by 7.5 % percent on the year before.
Despite generally difficult market conditions, the ALNO Group expects to
achieve break-even at the EBIT level, before restructuring costs, as early
as 2008, mainly due to the improved quality of sales and a significant drop
in costs as a result of the restructuring measures.
ALNO AG’s 2007 annual report will be made public at the results press
conference in Stuttgart on May 28.
Alexia Sailer
Tel. +49 / 75 52 / 21 – 33 16
Alexia.Sailer@alno.de
Contact Financial press:
Alistair Hammond
Tel: +49 173 663 9152
Email: Alistair.Hammond@alno.de
07.05.2008 Financial News transmitted by DGAP
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Language: English
Issuer: ALNO AG
Heiligenberger Straße 47
88630 Pfullendorf
Deutschland
Phone: 07552-21-0
Fax: 07552-21-3400
E-mail: alexia.sailer@alno.de
Internet: www.alno.de
ISIN: DE0007788408
WKN: 778840
Listed: Regulierter Markt in Frankfurt (General Standard), Stuttgart;
Freiverkehr in Berlin, München
End of News DGAP News-Service
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