ALNO AG:
ALNO AG / Announcement within the meaning of Section 37x of the Wertpapierhandelsgesetz (WpHG - German Securities Trading Act) for the third quarter of 2009
17.11.2009
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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Announcement within the meaning of Section 37x of the
Wertpapierhandelsgesetz (WpHG - German Securities Trading Act) for the
third quarter of 2009
17. November 2009
ALNO AG records significant improvement in operating business
- Order intake up 5.9% year-on-year
- Turnaround in sales and revenues
- Positive EBIT in Q3 2009 achieved thanks to successful cost-cutting
program
Earnings growth
During the period under review, the turnaround in order intake, which could
already be seen in the second quarter of fiscal year 2009, became more
robust - in terms of both quantity and quality. In total, order intake was
up 5.9% in Q3 2009 compared to the same period of the previous year.
International order intake stabilized at the previous year's level, while
this figure grew substantially by 7.5% in Germany.
The recovery in order intake is also reflected in revenues. These increased
to EUR 121.6 million in the third quarter of 2009 compared to EUR 117.8
million in the same period of the previous year. This corresponds to an
increase of 3.3%. September was a particularly pleasing month, in which the
group recorded 4.4% revenue growth compared to the previous year.
Accumulated revenues after the first nine months of fiscal year 2009
totaled EUR 361.6 million (previous year: EUR 382.5 million). The downturn
of around 5.5% year-on-year is primarily due to the cautious business
growth in the first half of 2009.
Further optimizing the cost of materials allowed a further improvement in
the gross profit margin. This now totals 42.9% after the first nine months
after 42.4% in the previous year. EBITDA during this period amounted to EUR
11.0 million. Of this total, EBITDA of EUR 4.2 million was recorded in the
third quarter of 2009 alone (previous year: EUR 2.2 million). The
cost-cutting program which has been implemented is becoming increasingly
apparent in the earnings figures compared to the previous year. In addition
to lower personnel expenses, this also includes significantly lower other
operating expenses. This also led to positive EBIT of EUR 0.2 million being
recorded in the third quarter.
Financial position and net assets
As already reported in May 2009, the shareholders of ALNO AG have increased
their contribution to financing by EUR 15.0 million and the banks have
confirmed that the credit lines have been extended 'until further notice'.
These financing activities and the cost cuts in operating activities
detailed above mean that ALNO AG's liquidity is mostly at the previous
year's level. ALNO AG's Managing Board believes that it will be able to
implement additional financing activities in the spring of 2010 in order to
safeguard the group's planned restructuring.
Market environment
The underlying economic conditions did improve slightly in the third
quarter of 2009, however these are still characterized by the current
economic crisis.
Despite clouding slightly, the consumer climate was slightly optimistic in
the fall of 2009. This can be seen in real consumer spending, which
increased in the first half of 2009, and thus had a stabilizing effect on
Germany's economy. Given this background, the Federal Government revised
its forecast for real economic growth in 2009 from an original figure of
-6.0% to -5.0%. Growth of 1.2% is currently being forecast for next year.
As a result of the significantly stronger downturns in other countries,
however, there continues to be a serious effect on export business.
On the whole, the market for kitchens depends to a significant extent on
the economy. In particular residential accommodation that has been newly
built or newly occupied, in particular owner-occupied homes and apartments
are a relevant indicator, as new kitchens are generally also purchased for
these properties. In total, construction activities in Germany, and in
particular abroad, remain at a very low level compared to previous years.
As a result, experts are forecasting that the weak economy will also impact
kitchen sales in the coming fiscal year. ALNO AG thus aims to gain market
share by clearly positioning its individual brands and via attractive and
competitive prices.
Pfullendorf, November 17, 2009
ALNO Aktiengesellschaft
The Managing Board
Contact:
ALNO AG
Andrea Wolf
Director Corporate Communication and Investor Relations
Telephone: +49 (0)7552 21-3316
Telefax: +49 (0)7552 21-773752
E-mail: andrea.wolf@alno.de
17.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: ALNO AG
Heiligenberger Straße 47
88630 Pfullendorf
Deutschland
Internet: www.alno.de
End of News DGAP News-Service
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