Fuchs Petrolub AG / Key word(s): Interim Report
03.11.2011 / 07:00
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FUCHS achieves EBIT of EUR 200 million in the first nine months of 2011
- Double-digit growth in sales revenues
- EBIT reaches EUR 200 million
- Target of exceeding the record EBIT of 2010 remains in place
The first nine months of 2011 at a glance
(Amounts in EUR million) 1-9/2011 1-9/2010
Sales revenues (1) 1,255 1,084
Europe 770 651
Asia-Pacific, Africa 312 281
North and South America 211 184
Consolidation -38 -32
Earnings before interest and tax (EBIT) 200 191
Profit after tax 137 133
Earnings per share in EUR
Ordinary share 1.91 1.85
Preference share 1.93 1.87
Gross cash flow 149 127
Capital expenditures (2) 24 22
Employees (as at September 30) 3,710 3,538
(1) By company location
(2) In property, plant and equipment and intangible assets
Performance
With sales of EUR 1,255 million (1,084), the FUCHS PETROLUB Group generated
16% or EUR 171 million more in the first nine months of 2011 than in the
same period of the previous year. The key drivers of this growth were
significant volume increases in connection with sales price increases as a
result of higher raw material costs. Both of these factors together led to
organic growth of EUR 196 million or 18%. The growth rates were high in all
three global regions.
Over the same period, the Group increased its gross profit by EUR 36.3
million or 8.5% to EUR 463.6 million (427.3). Especially due to increased
volumes and the ongoing growth initiative other personnel and overhead
costs increased by 9.3% or EUR 22.4 million at the same time.
Incorporating income from participations, earnings before interest and tax
increased by 4.9% or EUR 9.4 million to EUR 200.2 million (190.8). After
income taxes of EUR 60.3 million (54.4), the Group recorded profit after
tax of EUR 136.9 million (132.7).
Earnings per (split) share were EUR 1.91 (1.85) per ordinary share and EUR
1.93 (1.87) per preference share.
Capital expenditures
The investments in property, plant and equipment and intangible assets of
the FUCHS PETROLUB Group were EUR 23.8 million (21.6) in the first nine
months of 2011. The focus was the new R&D center in Mannheim.
Employees
As at September 30, 2011, the global workforce of the FUCHS PETROLUB Group
consisted of 3,710 employees. On an adjusted basis, this corresponds to 137
more persons than at the start of the year. The new appointments, which
were made in all regions, are an integral part of the growth initiative.
Outlook
The FUCHS PETROLUB Group anticipates year-on-year increases in both sales
revenues and earnings for the financial year 2011 and continues to strive
to exceed the record EBIT of EUR 250 million achieved in 2010. However, in
light of the economic slowdown it will be difficult to reach the high level
recorded in the fourth quarter of the previous year (EUR 59 million) in the
fourth quarter of 2011.
The Group is continuing its growth initiative with investments in research
and development, key facilities, specialties and emerging markets. Despite
these investments in the future and the increased business volume, a
pleasing level of free cash flow will be generated in 2011.
From December 1, 2011, the FUCHS PETROLUB Group intends to transfer company
pensions with a value of approximately EUR 50 million for around 430
employees in Germany to external pension providers. Making the switch from
internally financed pension provisions to a solution operated by an
external pension provider will reduce the balance sheet total. Aside from
this, biometric risks such as increasing life expectancy, death or
occupational disability, and investment risks will also be passed on to the
external pension provider.
Mannheim, November 3, 2011
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
68169 Mannheim
Germany
Tel.: ++49 (0) 621 3802-1124
E-mail: tina.vogel@fuchs-oil.de
The information below can be accessed at the following web addresses:
Press release:
http://www.fuchs-oil.com
Interim report as at September 30, 2011:
http://www.fuchs-oil.com/qr_ninemonths.html
Press photos:
http://www.fuchs-oil.com/pressphotos.html
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.
End of Corporate News
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Language: English
Company: Fuchs Petrolub AG
Friesenheimer Str. 17
68169 Mannheim
Germany
Phone: +49 (0)621 / 3802-0
Fax: +49 (0)621 / 3802-7190
E-mail: ir@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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