Dyckerhoff's annual Financial Statements 2012: Impairment on fixed assets and on deferred taxes
We report hereunder the ad-hoc-release issued today by the subsidiary Dyckerhoff AG, according to Article 15 Securities Trading Act (WpHG).
In 2009, because of the former economic crisis, Dyckerhoff postponed a pre-started construction of a new plant in Russia and did not continue to date. Based on a now conducted extensive analysis, a resumption of the project at the planned location is not assured in the foreseeable future. Therefore, an impairment of about EUR 26 million on the fixed assets is required.
As expected, sales and EBITDA of the Dyckerhoff group of fiscal year 2012 will range on previous year’s level. However, EBIT and results before and after taxes will be below those of the previous year. In addition, the result after taxes will be affected by a write-down on deferred tax assets in the amount of about EUR 13 million, whose value has to be adjusted in the balance sheet according to the current evaluation of the results expectations in Germany.
These write-downs are non-cash items and, therefore, they do not affect the expected operating cash flow and the net financial position for the fiscal year 2012.
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