100 % FUTURE - ALNO

73
II. FORECAST REPORT
In all markets of relevance for the ALNO Group, the 2010 fiscal year was characterised by a
significant indications of economic recovery following the global economic crisis. In parallel, and as
part of the current restructuring, the reorganisation of the Group, the creation of standard technical
platforms across the Group, and the production switched to the new WELLMANN product range,
comprise factors that had a particular impact on sales and earnings trends.
From the Managing Board’s perspective, good preconditions for a positive corporate trend in the
new financial year were created on the basis of the milestones achieved as part of “ALNO 2013”:
for instance, the new pricing policy for the ALNO brand was successfully transferred to new agreements,
and start-up difficulties connected with the launch of the new WELLMANN products have
meanwhile been addressed. With the restructuring of the foreign subsidiaries that has almost been
concluded in the meantime, the ALNO Group can also re-intensify its sales activities abroad.
For 2011, the management anticipates that EBITDA will undergo a further improvement compared
with the reported 2010 figure. Revenue should be at least at the level of 2010. From the perspective
of the Managing Board, 2011 will be prospectively characterised by the following topics: Higher
investments are planned in the administrative/IT area, but also in the factories. The Group restructuring
will also be continued as planned. Among other aspects, this also means that we will continue to
consistently and clearly position our brands. This particularly concerns the ALNO and WELLMANN
brands. At the same time, production flexibility is to be further increased by introducing a joint technical
platform for the PINO and IMPULS brands, as is already the case with ALNO and WELLMANN.
In addition, we plan to implement further capital measures as agreed in the Restructuring Agreement
II. A slight increase in revenue and a further improvement in EBITDA is expected for 2012.
For the ALNO segment, a slight revenue decline, and a slightly improved EBITDA, is expected for
2011, compared with 2010. For 2012, the Managing Board anticipates that revenue will increase
to the 2010 level, and a further improvement in EBITDA. For the WELLMANN, IMPULS and PINO
segments, a slight increase in revenue is expected in each case for the subsequent two years, and
EBITDA lying slightly above the 2010 level.
From the company’s perspective, the precondition for this is that kitchen furniture market is not about
to confront a double-digit fall in sales, and that revenue trends within the Group can be stabilised
at the level of the fiscal year elapsed.