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

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.
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