Dyckerhoff raises net profit 10-fold
The Buzzi Unicem subsidiary Dyckerhoff, which on a turnover 13.2% higher at €1,599.6m in 2011, increased its EBITDA by 33.1% to €291m while the net attributable profit rose more than 10-fold from €6.4m to €65.6m. The net debt at the end of the year dell by 34.2% to €261.7m to give a gearing level of just 15.1%, compared with 23.8% a year earlier. With the completion of major investments, notably in Russia and in the Ukraine, capital investment was more than halved (-52%) to €86.7m, with the main spending taking place in Russia (€30.7m) and in Germany (€25.1m).
Cement sales volume from Germany increased by 12.8% to 5.41Mt, but the average price decreased by 1.5%. Dyckerhoff thus did better than the German market, which was ahead by a more modest 5.4% and is forecast to rise by 1.5% in 2012. Ready-mixed concrete deliveries from the 129 batching plants jumped by 27.5% 4.04m³, thanks to an increased scope of consolidation, but the average price eased by 0.5%. Luxembourg cement shipments were ahead by 22.4% to 1.32Mt on an average price 1.8% lower. The domestic market was ahead by 7.0% to 0.44Mt, but is expected to shrink to 0.41Mt this year. Dutch ready-mixed concrete deliveries improved by 3.6% to 0.95m³ at but the price eased by 3.0% as come market share was gained, while aggregates shipments declined by 12% to 3.29Mt.
Polish cement deliveries rose by 7.8% to 1.61Mt and the price advanced by 0.8%, though market share was lost in a market that rose by 21.3% to 18.7Mt. In ready-mixed concrete, however, volumes from the 30 batching plants advanced by 17.1% to 1.02Mm³ and the average price was raised by 10.2%. Czech cement deliveries advanced by 12.2% to 0.96Mt though the average price came down by 11.5%. This year, demand is expected to ease by just over 5%. Aggregates shipments were 2.9% higher at 1.58Mt. Ready-mixed concrete deliveries from the 82 batching plants improved by 12.2% to 1.72Mm³, but prices declined by 3.9% in Slovakia and by 7.6% in Slovakia.
Dyckerhoff out-performed in the Ukraine, increasing cement deliveries by 24% to 1.9Mt in a market that grew by 13.4% as the switch to coal made the company more competitive and prices were still increased by 16.8%. The Ukrainian cement market is expected to grow by a further 13% to 13.5% this year. Ready-mixed concrete deliveries advanced by 23% to 0.17Mm³ and the price by 12.7%. In Russia, the company boosted cement deliveries by 33.7% to 2.43Mt and prices by 6.6%. This year, the overall Russian market is expected to advance by 10.5%. The US associate saw volumes decline by 2.4% to 2.45Mt and prices by 3.4%, but a modest recovery of about 0.5% is hoped for this year.
