Dyckerhoff Group net profit 2012 decreased as expected

Dividend proposal: EUR 0.75 per each ordinary share and preferred share

We report hereunder the ad-hoc-release issued today by the subsidiary Dyckerhoff AG, according to Article 15 Securities Trading Act (WpHG).

The Supervisory Board just approved the annual financial statements as of December 31, 2012, and the consolidated financial statements as of December 31, 2012. The annual financial statements of Dyckerhoff AG are thus adopted

Summarized Income Statement of the Dyckerhoff group

In fiscal year 2012 Group sales amounted to EUR 1.6 billion. Volume decreases in Europe could not be fully counterbalanced by volume increases in Russia and the US; cement volumes declined by 2.5% and ready-mixed concrete volumes fell by 7.6%. Average cement prices decreased in Luxembourg and in Poland, in the Czech Republic they remained almost stable, while they increased in Germany, Ukraine, Russia and the US. About 48% of total Group sales can be ascribed to the division Germany / Western Europe, 39% to Eastern Europe and 13% to the USA.

Group EBITDA of fiscal year 2012 amounted to EUR 284.2 million. EBITDA 2011 was adjusted retrospectively for the first-time application of the amended IAS 19 (Employee Benefits), and thereby increased by EUR 2.3 million to EUR 293.3 million. In 2012, EBITDA includes positive one-time effects in the amount of EUR 4.8 million mainly from the sale
of a real estate property in Memphis, US. Positive one-time effects in 2011 in the amount of EUR 6.3 million derived mainly from the sale of a former administration building in Luxembourg. Changes to the group of consolidated companies had a positive effect of EUR 0.2 million; exchange rate effects increased EBITDA by EUR 6.0 million.

The result before income taxes decreased to EUR 69.3 million (2011: EUR 102.8 million). It was affected by extraordinary write-downs of EUR 20.7 million on already purchased plant equipment and of additional EUR 5.2 million on goodwill in connection with a new construction project in Akbulak in Russia, which has been put on hold for an indefinite period. The result after income taxes was EUR 34.8 million (2011: EUR 73.3 million), and Group net profit was EUR 26.9 million (2011: EUR 65.9 million). Equity ratio increased to 51.3% (2011: 48.6%). Net debt decreased to EUR 216.6 million (2011: EUR 261.7 million), and gearing fell to 13.2% (2011: 15.5%).

The Board of Management and the Supervisory Board decided to propose to the Annual General Meeting on July 12, 2013 the payment of a dividend of EUR 0.75 (2011: EUR 0.80) per each ordinary share and preferred share for the fiscal year 2012. This represents 48.5% of the adjusted net profit. The adjustment includes extraordinary write-downs on the construction project of a new plant in Akbulak and write-downs on deferred tax assets, which are not cash effective.

The complete consolidated financial statements of Dyckerhoff AG will be published in the context of the press conference on March 26, 2013.

Company contacts:
Investor Relations Assistant
Mariangiola Fiore
Phone +39 0142 416 404
Email  mfiore@buzziunicem.it