Fuchs Petrolub AG / Half Year Results
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FUCHS significantly increases its half year profits for 2007
At €50 million, the FUCHS PETROLUB Group, which operates globally in the
lubricants sector, has generated its highest quarterly EBIT (earnings
before interest and tax) in company history in the second quarter of 2007.
This follows on seamlessly from the successful developments of the first
quarter. The net profit of €58 million for the first half of the year was
32% higher than for the first half of the previous year. Internal sales
revenue growth just exceeded 5%, but was reduced to a little over 2% by
currency effects and the sale of the LIPPERT-UNIPOL Group part-way through
2006. Sales revenues rose to €686.3 million (671.8). Earnings per ordinary
and preference share amount to €2.22 (1.67) and €2.25 (1.70) respectively.
This increase in earnings is mainly attributable to a rise in gross profit
of €18.7 million or 8.0% and the sales & marketing, administration and R&D
expenses which increased moderately by a total of €1.3 million or 0.8%.
Consequently, the earnings before interest and tax (EBIT) grew by 25.5% to
€94.1 million (75.0). Helped by an improved financial result due to reduced
financial liabilities, profit after tax reached €58.2 million (44.1).
In the first half of 2007, the FUCHS PETROLUB Group invested €9.8 million
(10.2) in property, plant and equipment, and intangible assets. The
construction of the new plant in China begins in the second half of the
year.
At June 30, 2007, the FUCHS PETROLUB Group employed a staff of 3,822. The
increase in staff numbers in the first half of 2007 in comparison to year’s
end 2006 (3,765) is largely due to the first-time consolidation of the
companies in the Ukraine and Turkey, to acquisitions in Brazil, the
positive business performance and the resultant workforce increase in
Western and Eastern Europe.
We expect the development of sales revenues experienced in the first six
months of 2007 to continue in the second half of the year. We anticipate
earnings before interest and tax (EBIT) to reach a new record level in
2007. The Group is aiming for double-digit growth on the previous year’s
record €161 million, but at a reduced growth rate compared to the first
half of the year.
The first half 2007 at a glance
(amounts in € million) 1-6/2007 1-6/2006
Sales revenues (1) 686.3 671.8
Europe 468.6 439.6
North and South America 109.0 124.4
Asia Pacific, Africa 124.7 119.6
Consolidation -16.0 -11.8
Earnings before interest and tax (EBIT) 94.1 75.0
Profit after tax for the first half year 58.2 44.1
Gross cash flow 66.9 54.2
Capital expenditures (2) 9.8 10.2
Employees (as at June 30) (3) 3,822 3,835
(1) By company location
(2) In property, plant and equipment and intangible assets
(3) Previous year figure adjusted by 206 employees of LIPPERT-UNIPOL sold
on July 1, 2006.
Mannheim, 3 August 2007
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
68169 Mannheim
Phone: ++49 (0) 621 3802 – 105
The press release can also be found on the Internet at
http://www.fuchs-oil.com
Link to the Quarterly Report:
http://www.fuchs-oil.de/fileadmin/fuchs_upload/pdf_addons/QR2007/QB28e.pdf
Important note
This press release contains statements about future development 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 to 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.
DGAP 03.08.2007
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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: DE0005790430, DE0005790406
WKN: 579043, 579040
Indices:
Listed: Amtlicher Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
End of News DGAP News-Service
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