2011 annual report - ALNO

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28 SINGLE-ENTITY AND GROUP MANAGEMENT REPORT | Economic reportAs part of the Home and Office retail association, theBVDM represents the interests of retailers specializing inall aspects of home living.As in the previous years, kitchen furniture makes up thelargest segment in the furniture trade, with 28%, followedby upholstered furniture with 18% of total sales, and bedroomand living room furniture with 12% each. Accordingto the German Furniture Industry Association (VDM), Germanconsumers spent EUR 373 on average per personaltogether for furniture – once again, more than at any othertime in the past ten years.The BVDM expects growth to continue in 2012, albeit at alower rate. According to the BVDM, the German furnitureindustry was in a better position at the beginning of 2012than it had been for a long time. 14German furniture industry salesIndustry sales in 2011 are put at EUR 16.7 billion (+6.4%)by the German Furniture Industry Association (VDM). Witha rise of 11.1% to EUR 4.7 billion, exports rose considerablyfaster than domestic sales, which rose 5.7% to EUR12.1 billion. At the beginning of 2012, the furniture industryemployed a total workforce of around 90,000 men andwomen in 524 firms with more than 50 employees. Thisconsequently meant a 1% increase in the number of jobsin the industry.The VDM is the largest professional association underthe umbrella of the HDH (Hauptverband der DeutschenHolzindustrie und Kunststoffe verarbeitenden Industrie -the central association of the German woodworking andplastics processing industries) which also includes othersectors, from manufacturers of prefabricated houses toparquetry manufacturers.According to the VDM, companies' earnings have comeunder considerable pressure from drastically rising woodprices and higher costs for other materials, as well ashigher payroll costs, despite the generally pleasing situationof the furniture industry._14 BVDM Press Release dated 11.1.2012, HDM/VDM Press Release"Furniture trends 2012: Round forms instead of sharp edges andcorners" dated 11.1.2012The association expects demand to develop less dynamicallyin 2012. Nevertheless, the volume of sales is expectedto increase by over 2% nominally, due to robust domesticsales and a slight upturn in foreign sales. This wouldmean that the German furniture industry's sales wouldhave returned to the level of 2008, the last year beforethe crisis began, when it generated sales in the amountof EUR 17.2 billion.Driven by a robust investment climate among firms, theoffice furniture sector is the most dynamic single branch ofthe furniture industry. Living room furniture and kitchen furniturefollow almost neck-to-neck, with a distinct increaseof 6.2% and 6.0%, respectively.France, Switzerland and Austria were the German furnitureindustry's biggest export markets in 2011. The value ofgoods exported to France rose 14.2% to EUR 1.4 billionfor the year as a whole, while furniture worth EUR 1 billion(+16.4%) was exported to Switzerland and furniture worthEUR 941 million (+6.7%) went to Austria. 15Kitchen furnitureIn the year under review, German kitchen furniture manufacturersgenerated sales in the amount of EUR 4.0 billion– 5.9% more than in 2010. With a rise of 6.7 % to almostEUR 2.6 billion, domestic sales rose even faster thanexport sales, which rose 4.5 % to almost EUR 1.5 billion.According to the German Kitchen Furniture IndustryAssociation (VdDK), whose members comprise roughly56 kitchen furniture manufacturers nationwide, the Germanmanufacturers were able to win a larger share of the foreignmarkets in particular. Of these, China boomed particularly.With sales totalling EUR 63 million and a rise of 68.7%, thePeople's Republic of China now ranks seventh among themost important markets for Germany. France continues tolead the field with a total sales volume of around EUR 326million. Sales in the Netherlands declined to 4.6% in 2011.With a total volume of around EUR 232 million, however,the Netherlands are still are second largest export market.Kitchen exports to Switzerland (EUR 160 million) wereroughly 13.5% higher in 2011 and the country now ranksthird, together with Belgium (also EUR 160 million). Exportsto Austria were 7% higher (ranks fifth / EUR 137 million).They are followed by the United Kingdom, China, Spain,Luxemburg and Italy. The volume of exports to the UnitedKingdom (EUR 88 million) and Spain (EUR 36 million) fellslightly in 2011._15 HDH/VDM Press Release dated 11.1.2012, HDH/VDM informationchart dated 19.1.2012
SINGLE-ENTITY AND GROUP MANAGEMENT REPORT | Economic report29Imports totalled EUR 101.3 million, the main foreign producersbeing Italy, France and Slovakia. At 36.6%, theexport quota fell by 0.4 percentage points in the financialyear 2011.According to the VdDK, the German kitchen furnitureindustry is the most efficient and most productive in theworld. Altogether, the industry's 56 firms with a workforceof more than 50 employees provided jobs for 14,693 menand women, a rise of 2% over the previous year. Growthtriggers from Eastern Europe and Asia also let the VdDKview the current year 2012 with optimism.At EUR 299.1 million, sales by the German kitchen furnitureindustry were 9.5% higher in January of the present financialyear than in the same month last year. In Germany, salesrose 10.7% to EUR 195.1 million in January 2012. Exportsales likewise rose 7.4% to EUR 104 million. Althoughseveral markets are weaker, particularly in Europe but alsooverseas, the Association nevertheless expects growth tocontinue at an only marginally lower rate in 2012. 16Market positionIn the financial year 2011, the ALNO Group's market sharein Germany equalled roughly 14.5% in terms of value and20.9% in terms of the number of kitchens sold. 17 Its shareof the European market equalled 3.7% in the financial year2011. This makes the ALNO Group the second largestmanufacturer of kitchen furniture in Germany and one ofthe top five in Europe. 18V. Marketing and product developmentProductsSeveral new products and cooperation projects were onceagain presented to the general public and the trade in thefinancial year under review. At the start of the year, the newEsprit home kitchens, a cooperation with the lifestyle brandESPRIT, were presented for the first time at the successfulLivingKitchen 2011 exhibition.ALNO MARECUCINA, the "flagship" among ALNO kitchenswhich is now being produced in series, continues toattract considerable attention with its maritime designconcept. This kitchen incorporating various nautical elementshas won several awards and comes in two versions:a freestanding model resembling a yacht in shape and aclassic single-row version.The ALNO brand has also proved its innovative naturein the field of glass kitchens. Since autumn 2011, theALNOSTAR VETRINA and ALNOVETRINA ranges havebeen available in the modern high-gloss colour versions"cashmere" and "purple", while the multifunctional modelsALNOSTAR SATINA and ALNOSATINA are now available inmatt "cashmere". The innovative design of ALNO's glasskitchens is confirmed by the numerous awards won bythe models ALNOSTAR SATINA, ALNOART woodglasand ALNOART pro in recent years. What's more, the topmountedstrip handles and segmented glass doors haveadded two new design elements to the ALNOSATINA andALNOVETRINA glass kitchen segment.At the company exhibition DESIGN-TOUR 2011 in Enger/North Rhine-Westphalia, a new product generationunder the ALNO brand was presented in the form of theALNOSTAR CERA and ALNOCERA lines. These kitchenswith fronts and side panels of ceramic material exemplifythe current trend towards individual, ecologically designed,high-quality products with a robust surface that is not onlyeasy to care for, but also exceedingly resistant to scratchingand abrasion. Absolute food safety, high recyclabilityand UV resistance of the ceramic materials was assuredwhen developing these products._16 HDH Monthly report according to sectors 2011 January - December,VdDK Press Release of March 201217 Gesellschaft für Konsumforschung (GfK), Presentation of kitchens,trade panel, for the ALNO Group, 2010, pp. 47/4818 CSIL, Centre for Industrial Studies, The European Market forKitchen Furniture, May 2010 – R2601, p. 5
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ALNO Aktiengesellschaft88630 Pfulle
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2011 annual report - ALNO

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