News17.01.2012ALNO AG implements the reorganization agreement II on schedule
Pfullendorf, 17 January 2012. ALNO AG, one of the world’s leading kitchen manufacturers, has discharged its obligations under the reorganization agreement II agreed by and between ALNO AG, the syndicate banks, the companies Küchen Holding GmbH, IRE Beteiligungs GmbH, Bauknecht Hausgeräte GmbH and Starlet Investment AG in February 2011 and has implemented the agreement’s measures on schedule as per 31 December 2011. In addition, Comco Holding AG granted ALNO AG a loan in the amount of € 29.3 million at the end of 2011 to assure its continued liquidity. Under the terms of the reorganization agreement II signed in spring 2011, all parties had undertaken to contribute to the company’s restructuring. The agreement’s resultant implementation has removed € 50 million from the balance sheet of ALNO AG and hence improved the company’s equity ratio. The main points of the reorganization concept are the capital increase launched in March 2011 with gross proceeds from issuance in the amount of € 26.1 million. The two shareholders Starlet Investment AG and Küchen Holding GmbH have additionally contributed to the reorganization concept by waiving repayment of € 25 million each. Starlet Investment AG’s contribution to the concept was to take over trade liabilities of ALNO AG. Küchen Holding GmbH has engaged in factoring by taking over ALNO AG’s loan commitments to the syndicate banks which had already waived a € 10 million debtor warrant in February 2011. According to provisional figures, ALNO AG generated total sales of € 452 million in the financial year just ended (previous year: € 467 million). The precise figures for the financial year 2011 will be published with the annual financial statements on 27 April 2012. About Alno AG: Alno AG is one of Germany’s leading kitchen manufacturers. It has four national production facilities and also a production facility in Dubai, and serves the German and international markets with a full range of kitchens. The Alno Group has four brands: the core brand Alno and also Wellmann (classic/modern), Impuls (minimalist) and Pino (entry-level prices). Alno AG has around 7,000 distribution partners and is active in more than 64 countries. In fiscal year 2010 around 1,787 employees recorded revenues of approx. EUR 467,3 million. Foreign sales accounted for 28,4 % of revenues. Note for editors: If you would like to find out more about Alno and its products, then please visit our online press center at www.alno.ag. You can also find ready-to-print images of people and products in our press center. Legal notice: This press release disclosure may include forward-looking statements, which are based on the current expectations and forecasts of Alno AG’s management or its associated companies. Various known and unknown risks, uncertainties and other factors may lead to the actual results, financial position, or performance of Alno AG and its affiliated companies deviating substantially from the estimates included herein. Neither Alno AG nor its affiliated companies undertake to update any such forward-looking statement and to adjust these to future events or developments. Contact: Thomas Oberle Director Corporate Communications / Investor Relations ALNO AG Heiligenberger Straße 47 88630 Pfullendorf Telephon +49 7552 21-3316 Telefax +49 7552 21-773316 E-Mail: thomas.oberle@alno.de Web: www.alno.de |