Fuchs Petrolub AG / AGM/EGM/Quarter Results
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FUCHS enjoys continued success in the first quarter of 2008
At today’s Annual General Meeting of FUCHS PETROLUB AG, more than 1,600
shareholders and guests welcomed the 50% dividend increase and the
successful start to 2008.
In the first quarter of 2008, the company, which operates in the global
lubricant market, achieved profits after tax of €32.1 million. This
represents growth of 19% over the first quarter of 2007 and follows the
successful developments of recent years.
Earnings per ordinary and preference share increased by 23% to €1.27 (1.03)
and €1.28 (1.04) respectively. The 4% higher increase is due to the share
buyback program.
In the first quarter of 2008, the FUCHS PETROLUB Group continued its course
of growth. Sales revenues grew organically by 7.3% or €24.6 million.
However, currency effects reduced growth by 4.2%. Overall, sales revenues
of €350.7 million (339.2) were achieved, which represents a total growth of
3.4%, including external growth of 0.3%.
The gross profit of €128.3 million (123.2) increased by 4.1% or €5.1
million, whereas the earnings before interest and tax (EBIT) increased by
10.9% or €4.8 million to €48.7 million (43.9). An improved financial result
and a reduced rate of taxation also contributed to the increase in the net
result. This produced a profit after tax of €32.1 million (27.0).
As of March 31, 2008, the workforce of the FUCHS PETROLUB Group consisted
of 3,829 employees. During the course of the first quarter of 2008, the
number of employees increased by 1.1% due to the filling of vacant
positions and to business-related expansion of employment.
For the year 2008 as a whole, FUCHS intends to achieve an organic expansion
of sales revenues but expects currency effects to be appreciable. In terms
of earnings before interest and tax (EBIT), the Group aims to further
enhance the record profits achieved in 2007. The corporate taxation reform
and the share buyback program should likewise benefit earnings per share.
In terms of the EBIT result, FUCHS does not, however, expect to sustain the
high growth rates seen in previous years.
Shareholder representatives and shareholders welcomed the appreciation of
shareholder value elucidated by Stefan Fuchs, the Chairman of the Executive
Board, in his Annual General Meeting speech, as well as the
shareholder-friendly dividend policy demonstrated since flotation on the
stock market in 1985. During this period, the preference share dividend
increased by almost 9% year on year. For 2007, the dividend distributed has
increased by 45% compared with the previous year. Compared with 2005, the
total dividend distributed has more than doubled.
With 43% of total capital represented, and 78% of ordinary voting share
capital represented, the administration’s proposals were adopted
unanimously, or with an overwhelming majority.
The proposals included payment of a 50% higher dividend of €1.50 per
preference share and €1.44 per ordinary share, extension of the share
buyback program and election of the new Supervisory Board member Dr. Erhard
Schipporeit, a former member of the Executive Board of E.ON AG. After 20
years of Supervisory Board membership, Prof. (em) Dr. Dr. h. c. mult. Otto
H. Jacobs, retired from his post after the Annual General Meeting on May 6,
2008.
In the run-up to the Annual General Meeting, Lars-Eric Reinert was elected
as employee representative to the Supervisory Board of FUCHS PETROLUB AG.
Reinert succeeds Heinz Thoma, who has been a member of this board since the
flotation of FUCHS on the stock exchange in 1985 and retired for age
reasons from the Supervisory Board on May 1, 2008.
The first quarter of 2008 at a glance
Group
(in € million) 1-3/2008 1-3/2007
Sales revenues (1) 350.7 339.2
Europe 244.0 234.1
North and South America 48.3 54.7
Asia-Pacific-Africa 66.3 59.7
Consolidation -7.9 -9.3
Earnings before interest and tax (EBIT) 48.7 43.9
Net profit for the first quarter 32.1 27.0
Cash flow from operating activities 15.1 11.6
Capital expenditures (2) 8.0 4.7
Employees (as of March 31) 3,829 3,798
(1) By company location
(2) In property, plant and equipment and intangible assets
Mannheim, May 6, 2008
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
68169 Mannheim
Tel.: ++49 (0) 621 3802 – 105
This press release is also available online at http://www.fuchs-oil.de.
Link to Quarterly Report:
http://www.fuchs-oil.de/fileadmin/fuchs_upload/pdf_addons/QR2008/QB26e.pdf
Important note:
This press release contains statements about future developments that are
based on assumptions and estimates by the management of FUCHS PETROLUB AG.
Even if the management is of the opinion that these assumptions and
estimates are accurate, future actual developments and future actual
results may differ significantly from these assumptions and estimates due
to a variety of factors. These factors can include changes in the overall
economic climate, changes to exchange rates and interest rates, and changes
in the lubricants industry. FUCHS PETROLUB AG provides no guarantee that
future developments and the results actually achieved in the future will
agree with the assumptions and estimates set out in this press release and
assumes no liability for such.
06.05.2008 Financial News transmitted by DGAP
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Language: English
Issuer: Fuchs Petrolub AG
Friesenheimer Str. 17
68169 Mannheim
Deutschland
Phone: +49 (0)621 / 3802-0
Fax: +49 (0)621 / 3802-190
E-mail: contact-de.fpoc@fuchs-oil.de
Internet: www.fuchs-oil.de
ISIN: DE0005790406, DE0005790430
WKN: 579040, 579043
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
End of News DGAP News-Service
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