Dyckerhoff results for fiscal year 2009 approved
Net profit decreased substantially
Dividend proposal of EUR 1.00 for ordinary shares and preferred shares each
We report hereunder the ad-hoc-release issued today by the subsidiary Dyckerhoff AG, according to Article 15 Securities Trading Act (WpHG).
Following the adoption of the annual financial statements of Dyckerhoff AG as at December 31, 2009, and after the approval of the consolidated financial statements as at December 31, 2009, the Board of Management and the Supervisory Board have just decided to propose the Annual General Meeting on May 11, 2010 to distribute a dividend of EUR 1.00 (2008: EUR 2.00) per ordinary share and per preferred share each for the fiscal year 2009.
Sales decreased in all divisions; in total, Group sales declined by EUR 603 million or 31 % to almost EUR 1.4 billion in fiscal year 2009. To this decline led volume decreases in all divisions. Thereby prices moved differently: While cement and ready-mixed concrete prices in Germany / Western Europe, and cement prices in the Czech Republic as well as ready-mixed concrete prices in Slovakia exceeded those of the previous year, prices went down in the rest of Eastern Europe and in the USA. Like-for-like Group sales, which are adjusted for changes in the group of consolidated companies, fell by 30 %. Exchange rate variances reduced sales by a total of EUR 81 million. About 37 % of total Group sales can be ascribed to Germany, 34 % to Eastern Europe, 15 % to the USA and 14 % to Western Europe.
Group EBITDA fell by 49 % to EUR 294.5 million. The figure includes positive one-time effects totaling EUR 23 million, one-time effects in 2008 came to EUR - 5 million. Adjusted by the one-time effects, the decline amounts to about 53 %. Because of the one-time effects the result of the Germany / Western Europe division slightly exceeded the previous year, while the results in Eastern Europe and in the USA declined. Exchange rate variances brought EBITDA down by EUR 16.1 million; changes in the group of consolidated companies had a positive effect of EUR 3.3 million.
The result before taxes went down to EUR 143.1 million (2008: EUR 414.7 million). Net profit decreased by 63 % to EUR 112.7 million (2008: EUR 306.7 million). Equity ratio went down to 47.9 % (2008: 49.0 %). Net debt increased to EUR 303.8 million (2008: EUR 62.2 million), gearing increased to 18.9 % (2008: 3.8 %).
For the year 2010 Dyckerhoff expects that Group sales will be at the level of 2009. In the 2009 fiscal year, EBITDA included positive one-time effects in the amount of around EUR 23 million, and Dyckerhoff, therefore, expects EBITDA to fall, and to see significant setbacks for net profit in 2010.
Summarized Income Statement
Change % 09/08
|Earnings before taxes(EBT)||143.1||414.7||-271.6||-65.5|
|Group Net Profit attributable to Dyckerhoff|| |
|-168.9 || |
The complete consolidated financial statements of Dyckerhoff AG will be published in the context of the press conference on March 22, 2010.
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