11 March 2011

Dyckerhoff results for fiscal year 2010 approved

Dyckerhoff Group net profit clearly decreased as a result of price declines and extraordinary write-downs in the USA

Dividend proposal: EUR 0.50 per 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, 2010, and after the approval of the consolidated financial statements as at December 31, 2010, the Board of Management and the Supervisory Board of Dyckerhoff AG have just decided to propose to the Annual General Meeting on May 10, 2011 the payment of a dividend of EUR 0.50 (2009: EUR 1.00) per ordinary share and per preferred share each for the financial year 2010.

In fiscal year 2010 Group sales increased by EUR 43.6 million or 3.2 % to about EUR 1.413 billion, in comparison to previous year. To this growth changes in the group of consolidated companies contributed EUR 36.3 million, and positive exchange rate effects EUR 40.7 million. Volumes of cement, ready-mixed concrete, and aggregates increased in all markets except for the Czech Republic and the USA. Average prices for our cements and concretes fell almost everywhere. Price falls were highest in Russia, at almost 18 %. Adjusted for changes in the group of consolidated companies and exchange rate variances, Group sales fell by 2.4 %. About 51 % of total Group sales can be ascribed to Germany / Western Europe, 35 % to Eastern Europe and 14 % to the USA.

Group EBITDA fell by EUR 75.9 million, or 25.8 %, to EUR 218.6 million. This includes negative one-time effects of a total of EUR 10.6 million, mainly for expenses in relation to the capacity expansion at the Suchoi Log plant in Russia, and to the "mothballing" of the US plant Oglesby. This compares to positive one-time effects of EUR 22.8 million in 2009, essentially from the release of provisions. Changes to the group of consolidated companies had no significant effect, they accounted for positive EUR 1 million. Exchange rate effects boosted EBITDA by EUR 9.3 million.

The result before income taxes fell to EUR -20.5 million (2009: EUR 143.1 million). EUR 78.0 million of this decline is due to the aforementioned measures in the Oglesby plant in the USA. The result after income taxes is EUR 14.2 million; Group net profit is EUR 6.4 million. Both results are reduced mainly by extraordinary write-downs on the production facilities in Oglesby of EUR 48.3 million after taxes. Equity ratio increased to 50.4 % (2009: 47.9 %). Net debt went up to EUR 398.0 million (2009: EUR 303.8 million), and Gearing increased to 23.8 % (2009: 18.9 %).

For the year 2011 Dyckerhoff expects Group sales of EUR 1.5 billion. This is mainly based on the assumption to be confirmed that some price increases will be accepted by the market. Dyckerhoff expects to significantly increase EBITDA and reach an EBITDA margin of around 17%.

Summarized Income Statement

(million euro)

Change % 10/09

Sales     1,412.8                1,369.2         -43.6   3.2


    218.6                 294.5          -75.9   -25.8
EBIT     22.8                179.2          -156.4   -87.3
Result before income taxes     -20.5                143.1         -163.6   -
Result after income taxes     14.2               112.7         -98.5   -87.4
Group net profit attributable to Dyckerhoff    








The complete consolidated financial statements of Dyckerhoff AG will be published in the context of the press conference on March 22, 2011.

Company contacts:
Investor Relations Assistant
Mariangiola Fiore
Phone +39 0142 416 404