The good prospects are based on the all-embracing ... - ALNO AG

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36 sinGLE-Entity and GRoup manaGEmEnt REpoRt | EConomiC REpoRt vIII. resulTs of oPeraTIoNs, NeT asseTs aNd lIquIdITY General development of business <strong>The</strong> income statement for the ALNO Group (according to International Financial Reporting Standards) is <strong>based</strong> on the nature of expense method. <strong>The</strong> ALNO Group's negative result in the period under review was attributable to several factors. In addition to feeble export business, the introduction of a new Wellmann range in the Enger plant, an inappropriate price policy launched in 2010 and higher prices for production material, as well as higher transport costs all contributed to the negative result in the financial year 2011. While sales declined in relation to the previous year, PINO was the only one of the four Group brands to generate higher sales. sales and earnings <strong>The</strong> following table sets out the key figures for the years 2009 to 2011 in relation to the fields of business to be continued. Consolidated revenues totalled EUR 452.8 million in the financial year 2011, a drop of 3.1% over the previous year's total of EUR 467.3 million. Domestic revenue fell 2.5% to EUR 326.4 million. This decline in sales was due, on the one hand, to initial prob- lems associated with parallel production of the old and new Wellmann ranges which, however, have now been solved. At the same time, an inappropriate price policy launched in 2010 likewise resulted in lower sales and consequently to a decline in gross profit. As in the previous year, the development of sales was also burdened by export business in 2011. This effect was intensified by the scheduled liquidation of five foreign subsidiaries in the previous year and their conversion to marketing entities. As a result of their temporarily reduced marketing activity, sales generated outside Germany fell by 4.7% to EUR 126.4 million. <strong>The</strong> export quota as a whole consequently declined from 28.4% to 27.9%. in '000 EUR 2011 2010 2009 Sales revenue 452,810 467,297 493,373 Changes in inventories and capitalized <strong>good</strong>s and services for own account 882 –1,993 –3,724 Cost of materials 286,398 271,907 278,654 Gross profit 167,294 193,397 210,995 Gross profit margin (in % of sales revenue) 36.9 % 41.4 % 42.8 % Other operating income 6,270 7,062 6,460 Personnel expenses 98,529 97,900 98,539 Other operating expenses 94,169 92,611 102,950 Income from reorganization (previous year's expense) –24,338 8,962 –1,306 EBITDA 5,204 986 17,272 Write-downs 15,902 12,104 40,186 Operating result (EBIT) –10,698 –11,118 –22,914 Financial result –14,518 –1,060 –16,287 Profit/loss before income taxes (EBT) –25,216 –12,178 –39,201
Sales revenue in Germany and abroad developed as follows: Year Germany Change Abroad Change Export ratio Total '000 EUR in '000 EUR in % '000 EUR in '000 EUR in % in % '000 EUR 2009 346,103 147,270 29.8 493,373 2010 334,620 –11,483 –3.3 132,677 –14,593 –9.9 28.4 467,297 2011 326,397 –8,223 –2.5 126,413 –6,264 –4.7 27.9 452,810 Foreign sales as a whole developed as follows: Year Change thereof Change Other foreign Change Total exports Total Europe ATG countries '000 EUR '000 EUR in '000 EUR in % '000 EUR in '000 EUR in % '000 EUR in '000 EUR in % 2009 147,270 133,512 81,448 13,758 2010 132,677 108,089 –25,423 –19.0 27,681 –53,767 –66.0 24,588 10,830 78.7 2011 126,413 105,456 –2,633 –2.4 25,098 –2,583 –9.3 20,957 –3,631 –14.8 Changes in inventories and capitalized <strong>good</strong>s and services for own account totalled EUR 0.9 million as comp<strong>are</strong>d to EUR -2.0 million in the same period in the previous year. Despite the lower sales revenue, the cost of materials rose from EUR 271.9 million to EUR 286.4 million due to the higher volume of high-quality ranges sold (especially glass), as well as on account of higher prices by suppliers. At 63.1%, the cost of materials in relation to total sales was consequently well above the previous year's level of 58.4%. On a Group basis, gross profit declined from EUR 193.4 million to EUR 167.3 million, causing the gross profit margin to fall from 41.4% to 36.9%. This development was a combined effect due to different developments in the subsidiaries. <strong>The</strong> considerably larger sh<strong>are</strong> of the cost of materials for the ALNO brand in relation to total sales had a particularly depressing effect here. Other operating income decreased from EUR 7.1 million to EUR 6.3 million due, above all, to lower proceeds from the reversal of specific valuation allowances, as well as to lower income earned in other periods. Personnel expenses rose from EUR 97.9 million in the previous year to EUR 98.5 million in 2011 due mainly to the increase in employees at the Enger plant. <strong>The</strong> sh<strong>are</strong> of personnel expenses in relation to total sales consequently rose from 21.1% in the previous year to 21.7%. sinGLE-Entity and GRoup manaGEmEnt REpoRt | EConomiC REpoRt Other operating expenses increased from EUR 92.6 million to EUR 94.2 million due to higher transport costs despite the decline in sales revenue and above all higher sales commissions resulting from the higher volume of contract business by ALNO UK. <strong>The</strong> reorganization profit of EUR 24.3 million was essentially attributable to the fact that Comco Holding AG, Nidau, Switzerland, took over trade accounts payable by the ALNO Group in the amount of EUR 25.0 million, for which repayment was subsequently waived. <strong>The</strong> reversal of reorganization provisions generated further income in the amount of EUR 2.1 million. This was offset by consulting expenses associated with the reorganization in the amount of EUR 2.7 million. In the previous year, most of the expenses associated with reorganization efforts were attributable to the reduction in jobs at the Pfullendorf plant. <strong>The</strong> remaining EUR 1.5 million were accounted for by the elimination of jobs abroad when winding up five of the eight subsidiaries, as well as by fees for preparing a reorganization assessment. EBITDA rose from EUR 1.0 million in the previous year to EUR 5.2 million due mainly to the profit from reorganization. This made it possible to realize the forecast made in conjunction with the annual financial statements 2010 that Group EBITDA in 2011 would improve over the previous year. 37
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ALNO Aktiengesellschaft 88630 Pfull
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