German Dyckerhoff net profit up 7% YoY in 2008

German Dyckerhoff net profit up 7% YoY in 2008
Published: 16 March 2009

Dyckerhoff AG  reported a net profit of EUR 306.7m (US$ 395.8m) for 2008, a rise of seven per cent YoY.

The company attributed the result to the considerably lower expenses for income taxes.

It said it will propose a dividend increase to EUR 2 per ordinary and preferred share each versus EUR 1.32 a year earlier.

Dyckerhoff also booked a pretax profit of EUR 414.7m, down from EUR 434.1 million.

EBITDA were up 3% to EUR 578.6m. The figure was influenced by one-time effects of EUR 5m and EUR 5.6m in exchange rate variances. Adjusted for these effects, the EBITDA rose 9%.

Sales added 11% to just under EUR 2bn. The fall in US sales was more than offset by increased sales in Eastern Europe, which grew 25%, as well as in Germany and western Europe.

Like-for-like group sales were up 10%.

Domestic sales made up 29% of total sales, while eastern Europe, western Europe and the USA accounted for 47%, 11% and 13%, respectively, of the total figure.

The equity ratio increased to 49% from 45.2%.

For 2009, Dyckerhoff expects a significant weakening of its business resulting from the global recession.