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

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38 sinGLE-Entity and GRoup manaGEmEnt REpoRt | EConomiC REpoRt Write-downs on intangible assets, property, plant and equipment rose from EUR 12.1 million to EUR 15.9 million. <strong>The</strong>se were attributable on the one hand to the rise of EUR 1.4 million in amortization and depreciation on booth design and installation of display kitchens, as well as to a rise of EUR 2.0 million in impairment losses resulting from the impairment test pursuant to IAS 36. <strong>The</strong>se will reduce amortization and depreciation in the coming years. In this way, EBIT improved slightly from EUR -11.1 million in the previous year to EUR -10.7 million now. Financial performance declined considerably, from EUR -1.1 million in the previous year to EUR -14.5 million. Financial income fell significantly from EUR 10.4 million to EUR 0.1 million, due to the "Loan waiver, banks (Part 1)" in the amount of EUR 10.0 million in accordance with the restructuring agreement I of 23 April in '000 EUR Total year 2011 2010, which had been recognized as income in the previous year. Financial expenses fell slightly from EUR 11.5 million to EUR 11.2 million. <strong>The</strong> drop of EUR 3.4 million in investments measured at equity was also due to the unsatisfactory performance of ALNO Middle East FZCO in Dubai, as well as to a waiver in the amount of EUR 1.0 million by ALNO AG. EBT consequently fell sharply from EUR -12.2 million in the previous year to EUR -25.2 million now. Group income consequently declined from EUR -13.1 million in the previous year to EUR -25.6 million. Earnings per sh<strong>are</strong> fell to EUR -1.04 after EUR -0.78 in the previous year. <strong>The</strong> following comparison of the first and second sixmonth periods also provides an insight into the earnings situation in 2011: 1.7.2011 to 31.12.2011 1.1.2011 to 30.6.2011 Difference Sales revenue 452,810 230,157 222,653 7,504 Changes in inventories and capitalised <strong>good</strong>s and services for own account 882 –979 1,861 –2,840 Cost of materials 286,398 145,724 140,674 5,050 Gross profit 167,294 83,454 83,840 – 386 Gross profit margin 36.9 % 36.3% 37.7% Other operating income 6,270 3,316 2,954 362 Personnel expenses 98,529 48,514 50,015 – 1,501 Other operating expenses 94,169 49,406 44,763 4,643 Result from reorganization – 24,338 – 24,848 510 – 25,358 EBITDA 5,204 13,698 – 8,494 22,192 Write-downs 15,902 9,010 6,892 2,118 Operating result (EBIT) – 10,698 4,688 – 15,386 20,074 Financial result – 14,518 – 8,021 – 6,497 – 1,524 Profit/loss before income taxes (EBT) – 25,216 – 3,333 – 21,883 18,550 This comparison of the two halves of 2011 shows that sales revenue developed more favourably in the second half of the year. Despite this, however, gross profit remained slightly lower than in the first half of the year. <strong>The</strong> waiver by Comco Holding AG for repayment of EUR 25 million, which is reflected in the result from reorganization, was effected in the second half of the year.
segment performance <strong>The</strong> earnings situation of the ALNO Group's individual segments (before consolidation) is outlined below. alNo seGMeNT 2011 million EUR 2010 million EUR Change over prev. year, million EUR Change over prev. year in % Net revenue 98.4 103.8 – 5.4 – 5.2 Gross profit 40.4 53.8 – 13.4 – 24.9 Gr. profit in % 41.1 51.8 EBITDA – 21.7 – 17.3 – 4.4 – 25.4 EBIT – 26.8 – 20.2 – 6.6 – 32.7 <strong>The</strong> ALNO segment comprises ALNO AG in Pfullendorf which produces brand name kitchens for the upper and middle price range at the Pfullendorf location. <strong>The</strong> volume of sales by ALNO AG was EUR 5.4 million lower (-5.2%) than in the previous year. This drop in sales was attributable to an inappropriate price policy launched in 2010, as well as to streamlining and repositioning the ranges within the Group, a process which affected ALNO in particular. Gross profit suffered under the decline in foreign business with its high margins, as well as under the increase in low-margin intra-Group component business. This effect was further intensified by the higher volume of sales of higher-quality ranges (especially glass), as it was not yet possible to adjust selling prices in line with the significantly higher prices demanded by suppliers. <strong>The</strong> decline in EBITDA from EUR -17.3 million to EUR -21.7 million is essentially due to valuation allowances for accounts receivable from affiliated companies in the amount of EUR 27.9 million, which were offset by the waiver by Comco Holding AG for repayment of EUR 25.0 million. Other operating income was EUR 12.6 million or 62.6% higher than in the previous year, due mainly to changes in the structure of intra-Group set-offs. Personnel expenses remained almost unchanged at the previous year's level. At EUR 77.6 million, other operating expenses were EUR 36.2 million or 87.5% higher than in the previous year, due firstly to the aforementioned valuation allowances for affiliated companies and secondly, to a large extent to changes in the structure of intra-Group set-offs. sinGLE-Entity and GRoup manaGEmEnt REpoRt | EConomiC REpoRt IMPuls seGMeNT 2011 million EUR 2010 million EUR Change over prev. year, million EUR Change over prev. year in % Net revenue 116.1 121.3 – 5.2 – 4.3 Gross profit 40.6 43.6 – 3.0 – 6.9 Gr. profit in % 35.0 35.9 EBITDA 7.5 10.9 – 3.4 – 31.2 EBIT 4.7 8.1 – 3.4 – 42.0 <strong>The</strong> subsidiary Impuls Küchen GmbH in Brilon is positioned in the lower middle price segment and reported lower sales in the amount of EUR 116.1 million, a drop of EUR 5.2 million or 4.3%. At the same time, gross profit was EUR 3.0 million or 6.9% lower, thus reducing the gross profit margin to 35.0% or 0.9 percentage points below the previous year's level. Due to the lower gross profit, EBITDA was down EUR 3.4 million or 31.2% to EUR 7.5 million. Personnel expenses remained almost unchanged at the previous year's level. Other operating expenses, on the other hand, were 5.2% up at EUR 23.4 million as a result of higher sales expenses. PINo seGMeNT 2011 million EUR 2010 million EUR Change over previous year, million EUR Change over previous year in % Net revenue 95.2 93.6 1.6 1.7 Gross profit 27.4 29.9 – 2.5 – 8.4 Gr. profit in % 28.8 31.9 EBITDA 2.9 6.8 – 3.9 – 57.4 EBIT 0.7 5.0 – 4.3 – 86.0 <strong>The</strong> PINO segment encompasses Pino Küchen GmbH in Coswig (Anhalt) which produces kitchens in the lower price range. In the financial year 2011 PINO posted higher sales of EUR 95.2 million, a rise of EUR 1.6 million or 1.7%. Gross profit simultaneously dropped 8.4% to EUR 27.4 million, due essentially to an increase in appliance blocks by discount furniture stores, which <strong>are</strong> less profitable. EBITDA on the other hand was EUR 3.9 million lower, dropping from EUR 6.8 million to EUR 2.9 million. This is due above all to higher sales expenses. 39
Page 1 and 2: 2011 annual report
Page 3 and 4: The Alno brAnds <s
Page 5: Enthusiasm and passion Consolidated
Page 8 and 9: 6 histoRy histoRy 1927 1927 Albert
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ALNO Aktiengesellschaft 88630 Pfull
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The good prospects are based on the all-embracing ... - ALNO AG

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