Duvel says faces high malt, hops costs in 2009

BRUSSELS, March 20 (Reuters) - Belgian speciality beer maker Duvel Moortgat (DUVE.BR) forecast it would face high malt and hops costs in 2009 and proposed a 25 percent hike in its dividend after better-than-expected results last year.

The brewer, known for its Duvel bottled beer and other specialty beers such as La Chouffe, said on Friday it could not give a specific forecast given the current crisis.

However, it did say that malt prices would remain high this year because it had partly fixed the 2009 prices in 2008 and since it expected speculation to keep prices up.

Hops would remain very expensive in 2009, Duvel said in a statement, with the aromatic hops that Duvel's beers required scarce. Packaging material prices could also rise further.

Overall, declining raw materials and energy costs should have a negative impact on prices, Duvel said.

Turnover in 2008 rose by 15.5 percent to 101 million euros ($138.3 million) with the addition of brewing assets from bankrupt rival Brouwerij Liefmans and the launch of Vedett Extra White and of Houblon Chouffe in Europe.

The share of foreign activities in total turnover increased to 43 percent from 40 percent in 2007. Turnover in the United States went up 27 percent.

EBITDA (earnings before interest, tax, depreciation and amortisation) increased by 17.9 percent to 30.9 million euros and net profit by 3 percent to 12.2 million euros.

Duvel said its board would propose paying a dividend of 1.00 euros per share, from 0.80 euros a year earlier.

The figures were better than analysts had been expecting -- generally 11 percent turnover growth, an 8 to 9 percent EBITDA increase and a slight fall of net profit.

The often conservative company had said in a trading update in November it expected turnover growth of at least 10 percent and 8 percent EBITDA growth. ($1=.7302 Euro) (Reporting by Philip Blenkinsop; editing by Simon Jessop)