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1060601_BPK_Charts_Presse.ppt
Check against delivery
ALNO AG
ANNUAL PRESS CONFERENCE
June 12, 2006
2060601_BPK_Charts_Presse.ppt
EBT of the ALNO Group in € millions
-5.6
5.47.0
-10.0
-5.0
0.0
5.0
10.0
2003 HGB 2004 IFRS 2005 IFRS
0.6
One-time exceptional charges from restructuring and legacy costs: € -6.4 mn
pro forma:+29.6%
3060601_BPK_Charts_Presse.ppt
EBT of the ALNO Group in € millions
0.2
1.9
2.3
0.0
1.0
2.0
3.0
4.0
2003 HGB 2004 IFRS 2005 IFRS
1.5
Additional charges:- From restructuring and legacy costs € -0.6 mn- From allocations to provisions for legacy pensions € -1.0 mn
pro forma:+21.1%
4060601_BPK_Charts_Presse.ppt
612.8
649.3
440.0
400.0
600.0
2003 2004 2005
Total consolidated turnover in € millions
652.8pro forma:
+0.5%
-5.6 %
Pro forma adjustment:- Turnover lost from appliance business: € -21.6 mn - Turnover lost from Wellpac disposal: € -10.9 mn- Turnover lost from business closures: € -7.5 mn
5060601_BPK_Charts_Presse.ppt
Industry consolidation
Num
ber
of c
ompa
nies
Change 1997-2005:
No. of providers:
No. of employees:(1,000):
-44 (-30.3%)
-80 (-32.5%)
145
1997
139
1998
140
1999
138
2000
130
2001
112
2002
109
2003
Number of employees(1,000)
24.6 24.0 23.1 22.6 21.7 20.2 18.9
107
2004
17.0
101
2005
16.6
Domestic market performance
1997 1998 1999 2000 2001 2002 2003
Yea
r-to
-yea
r m
arke
t per
form
ance
(%
)
2004 2005
2.1
-4.1
-5.7
-10.7
-3.6
3.1
-1.9
-5.6 -5.9
6060601_BPK_Charts_Presse.ppt
Net turnover of ALNO AG (domestic) in € millions
95.7
121.7129.8
0.0
50.0
100.0
2003 2004 2005
Success factors:
- Systematic account management
- Fully integrated retailer and consumer marketing system
Product range development focused on design, functionality, user behavior and architecture
+6.7%
7060601_BPK_Charts_Presse.ppt
Consolidated turnover (export) in € millions
118.7
172.7182.9
0.0
100.0
200.0
2003 2004 2005
Success factors:
- Product range policies
- Market cultivation
+5.9%
8060601_BPK_Charts_Presse.ppt
Total costs of the ALNO Group in € millions
667.4 648.3621.9
0.0
250.0
500.0
2003 HGB 2004 IFRS 2005 IFRS
Since 2003, total costs have fallen -6.8%
Reasons for the drop in costs:
- Efficiency enhancement and cost-cutting programs
- Elimination of low-margin sales
462.1*
**
* CASAWELL Group included for only 3 months** Pro-forma comparison, CASAWELL Group included for 12 months
-4.1%
9060601_BPK_Charts_Presse.ppt
2,9172,755 2,664
0
1,000
2,000
2003 2004 2005
ALNO Group employees (annual average)
-3.3%
10060601_BPK_Charts_Presse.ppt
23.8
39.536.6
0.0
20.0
40.0
2003 HGB 2004 IFRS 2005 IFRS
During the reporting period, the Group maintained the same high level established in 2004 despite significant exceptional items.
EBITDA of the ALNO Group in € millions
-7.3%
11060601_BPK_Charts_Presse.ppt
14.517.3
21.1
13.811.4
12.1
28.3 28.7
33.2
0.0
10.0
20.0
30.0
2003 HGB 2004 IFRS 2005 IFRS
Investments of the ALNO Group in € millions
Showroom kitchens
Other
*
* Incl. CASAWELL goodwill
+15.7%
12060601_BPK_Charts_Presse.ppt
8.8
27.4
16.3
0.0
10.0
20.0
30.0
2003 2004 2005
Changes in liquidity of the ALNO Group in € millions
€ +4.5 mn more investment than previous year
€ -11.2 mn change in loans (net)
€ -3.7 million cash-reducing exceptional charges
13060601_BPK_Charts_Presse.ppt
255.3271.8 267.0
100.0
200.0
300.0
2003 HGB 2004 IFRS 2005 IFRS
Material changes in balance sheet items:
a) Assets:- Non-current assets increased by € +6.5 mn
- Inventories reduced by € -2.6 mn
- Receivables reduced by € -2.2 mn
b) Liabilities:- Shareholders' funds increased by € +9.8 mn
- Current liabilities reduced by € -12.9 mn
Changes in total assets of the ALNO Group in € millions
-1.8%
14060601_BPK_Charts_Presse.ppt
143.8 150.3
0.0
100.0
200.0
2004 IFRS 2005 IFRS
Key drivers:- Investment in plant and equipment
- Investment in showroom kitchens- Dubai presence
Changes in non-current assets of the ALNO Group in € millions
+4.5%
15060601_BPK_Charts_Presse.ppt
Shareholders' funds of the ALNO Group in € millions
19.1
31.2
41.0
0.0
20.0
40.0
60.0
2003 HGB 2004 IFRS 2005 IFRS
Shareholders' funds at the highest level in the past 4 years
21.8
HGB
+31.4%
16060601_BPK_Charts_Presse.ppt
105.395.2
0.0
100.0
200.0
2004 IFRS 2005 IFRS
Key drivers:- Net change in loans (€ -11.2 mn)
- More draw-downs on CA line
Changes in financial liabilities of the ALNO Group in € millions
-9.6%
17060601_BPK_Charts_Presse.ppt
98.1 94.9
0.0
100.0
2004 IFRS 2005 IFRS
Key drivers:- Operating factors
Changes in other liabilities of the ALNO Group in € millions
-3.3%
18060601_BPK_Charts_Presse.ppt
Review of fiscal 2005 for the ALNO Group The ALNO Group generated € +0.6 million in EBT in 2005, producing a pre-tax profit for the
second year in a row on the heels of many years of losses following the IPO.
Net profit includes extraordinary one-time charges and operating factors amounting to € -6.4 million.
Guidance 2005: EBT of € -2.0/+1.0 mn (before excep. items).Actual 2005: EBT of € +5.4 mn (before excep. items).
The ALNO Group instituted several initiatives under FUTURA to counteract external risks such as: cost increases in procurement markets, and fierce, price-driven competition in a contracting domestic market. The restructuring plan was continued at the same time.
19060601_BPK_Charts_Presse.ppt
Strategic and operational focuses in fiscal 2005 Shareholders' funds increased € +10.4 mn under the global authorization
Annual general meeting resolved to increase shareholders' funds with subscription rights (4.485 million shares)
Wellpac Möbelwerke GmbH removed from portfolio
Wellmann, Geba integrated and restructuring continued
Development of FUTURA III medium-term strategy
Innovative, fully integrated product range development
Construction of the first foreign production site in the ALNO Group's history in Dubai
20060601_BPK_Charts_Presse.ppt
Increase in value
Increaseshareholder value
Profitability
Widen margins
Growth
Increase market share
Efficiency
Optimizeresource use
FUTURA strategy program
21060601_BPK_Charts_Presse.ppt
Performance of the ALNO AG share (Frankfurt) in €
Share performance:Peak 2005: € 8.10YE 2005: € 4.80Current 2006: € 5.70
Market capitalization:YE 2005: € 50.3 mnYM 2002: € 14.8 mnGrowth in value2005 vs. 2002: € 35.5 mn
2004 2005 2006
3
4
5
6
7
8
22060601_BPK_Charts_Presse.ppt
-18.6
7.0
-24.0
-16.0
-8.0
0.0
8.0
16.0
2001 2005
Profitability performance of the ALNO Group in € millions
pro forma:+137.6%
0.6+103.2%
23060601_BPK_Charts_Presse.ppt
20.1%
33.9%
0.0%
20.0%
40.0%
2002 2005
Changes in relative growth/market share of the ALNO Group
+68.7%
24060601_BPK_Charts_Presse.ppt
82.1380.37
50.00
80.00
2003 2005
Cost efficiency performance of the ALNO Group (€/unit)
-2.1%
Cost of sales
36.2533.69
0.00
10.00
20.00
30.00
40.00
2003 2005
Cost efficiency performance of the ALNO Group (€/unit)
-7.1%
Personnel costs
25060601_BPK_Charts_Presse.ppt
100.0%
117.0%
0.0%
40.0%
80.0%
120.0%
2003 2005
Changes in the efficiency of the ALNO Group(2003=100%)
+17.0%
Productivity
Productivity: NT/EMP
Program product range
Revenuesfrom sales
35%
75%
2002
Program product range
Revenuesfrom sales
69%
75%
2005
Changes in the efficiency of the ALNO Group
Product range
26060601_BPK_Charts_Presse.ppt
Outlook for fiscal 2006 for the ALNO Group
Despite the general brightening of consumer sentiment and the apparent improvement in buying behavior, the 2006 financial year should be viewed with caution due to industry factors.
Like the previous year, 2006 is expected to be characterized by market-driven price increases in materials, personnel and transportation costs.
The ALNO Group's net profits for the first quarter of 2006 were higher than the targets and prior-year levels.
The ALNO Group is expecting 2006 net profits to be higher than 2005 levels as of year-end.
27060601_BPK_Charts_Presse.ppt
Inspired by life.