Posted 18th August

Alno AG sees €45.5m loss in 2016 financial year

By KBBDaily on 18th August 2017 - 11:57am

Alno AG has released its annual report for the 2016 financial year, recording an operating loss of €45.5m, marking a substantial drop in profit from the €11.5m loss reported in 2015.

Turnover for the company also decreased last year, dropping to €493.2m from the €521.5m generated in 2015, according to the group's statement in accordance with International Financial Reporting Standards.

Alno AG noted in its report that its annual statement for last year is currently unaudited due to its ongoing insolvency proceedings, following the group filing for self-adminstration in July. The report also does not include a management report.

The group said that its 2017 AGM is currently suspended for the time-being due to the ongoing provisional insolvency proceedings. It added that a new date will be announced as soon as the timetable for the insolvency plan and reorganisation of the company's structure has been decided.

Alno AG noted that the estimated values given in its provisional and unaudited annual statement are based on a “preliminary insolvency proceeding” prior to the company applying for self-administration, but are based on the assumption that Alno AG is a 'going concern'.

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