ALNO AG:
ALNO AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]
19.05.2010 15:12
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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Consolidated interim notice within the meaning of Section 37x of the
Wertpapierhandelsgesetz (WpHG - German Securities Trading Act) for ALNO AG
for the first quarter of 2010
May 19, 2010
ALNO AG: EBITDA up 25.4 percent to EUR 1.9 million despite slight downturn
in revenues in Q1 2010
- Order intake improves 6.4 percent compared to same period of previous
year
- Order book up on March 31, 2010, compared to the end of 2009
- Slight downturn in revenues of EUR 0.8 million to EUR 114.7 million
(-0.7 percent)
- Earnings already show initial success of 'ALNO 2013'
Key events in the period under review
On January 15, 2010, the ALNO AG Supervisory Board announced its approval
of the 'ALNO 2013' future concept. The key objective of the plan is to
improve the Group's profitability and competitive position over the long
term. The restructuring foreseen in the plan will focus on building
efficient administrative processes and production systems across the entire
Group. By also repositioning the brand and sales strategy, the Group plans
to strengthen its brands internationally.
Earnings growth
The positive trend enjoyed in 2009 continued in the first quarter of fiscal
year 2010. This can be clearly seen in the development of order intake in
the Group. In total, this grew by 6.4 percent in the first quarter compared
to the same period of the previous year. Alno recorded growth of 15.2
percent internationally, and recorded 4.0 percent growth in Germany. The
continued revival in order intake is also reflected in the order book. This
totaled EUR 58 million as of March 31, 2010, up from EUR 53 million at the
end of 2009.
Consolidated revenues fell slightly over the three-month period from EUR
115.5 million by EUR 0.8 million to EUR 114.7 million. The 0.7 percent
year-on-year downturn is due, as was also the case in previous months, in
particular to consciously foregoing low-margin revenues with the aim of
sustainably increasing profitability. At the same time, revenue growth in
the period under review enjoyed positive growth from month to month. EBITDA
in the first quarter increased to EUR 1.9 million after EUR 1.5 million in
the previous year, up 25.4 percent. Earnings thus increasingly show the
cost-cutting activities realized as part of the 'ALNO 2013' concept. This
is reflected in significantly lower other operating expenses, in particular
for administration and sales. EBIT also improved to EUR -0.7 million from
EUR -2.8 million in the previous year.
Change in financial position and net assets
In March 2010, Impuls Küchen GmbH and pino Küchen GmbH were granted
factoring financing totaling EUR 15.0 million. These agreements have
significantly improved the Alno Group's financial latitude. On April 9 and
May 17, 2010, the Managing Board, in each case with the approval of the
Supervisory Board, resolved a capital increase from authorized capital
against cash contributions. As a result, around EUR 10.0 million will
accrue to ALNO AG. In addition, a financing agreement for the 'ALNO 2013'
concept was concluded in April between Alno, the syndicate banks and the
main shareholders. The agreement is an integral part of the Group's
recovery plan and is therefore a crucial element for the continued success
of the restructuring efforts. From the Managing Board's perspective,
successfully implementing the refinancing agreement will secure the Group's
financial solvency in the long term.
Market environment
Economic experts are forecasting at least a slight economic recovery for
2010 after the global recession in the past few months. In their spring
surveys, research institutes are forecasting Germany's gross domestic
product (GDP) to grow by around 1.5 percent. In the first quarter of 2010,
the price-adjusted GDP grew by 1.7 percent compared to the same quarter of
the previous year. Investments in construction and private consumption
continued to be weak. The economy also grew in the EU and the eurozone.
According to the European statistics office Eurostat, GDP increased from
January to March 2010 both in the 27 countries of the EU and also in the 16
countries which form part of the eurozone by 0.3 percent compared to the
same quarter of the pervious year.
On the whole, the kitchens market depends to a great extent on the economic
situation. Newly bought or newly occupied residential accommodation, in
particular owner-occupied houses and condominiums are regarded as being a
relevant indicator in this regard, as new kitchens are generally also
purchased for this accommodation. In total, construction activity in
Germany and abroad was at a lower level in the past few months compared to
previous years. Experts believe that the consequences of the economic
crisis will also make themselves felt on kitchen sales in the coming
months. As a result, ALNO AG aims to gain market shares by clearly
positioning its individual brands and establishing attractive and
competitive prices.
Pfullendorf, May 19, 2010
ALNO Aktiengesellschaft
The Managing Board
Contact:
ALNO AG
Andrea Wolf
Head of Corporate Communication & Investor Relations
Telephone: +49 (0)7552 21-3316
Telefax: +49 (0)7552 21-773752
E-mail: andrea.wolf@alno.de
19.05.2010 Ad hoc announcement, Financial News and Media Release 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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