Fuchs Petrolub AG / Quarter Results
03.05.2010 07:02
Dissemination of a Corporate News, transmitted by
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FUCHS PETROLUB Group makes positive start to 2010
- Increase in demand continues
- Profit after tax in the first quarter of 2010 increased to EUR 40.6
million
- Strong dynamics in the regions of Asia-Pacific, Africa and South America
The first quarter of 2010 at a glance
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(Values in EUR million) 1-3/2010 1-3/2009
Sales revenues (1) 330.4 278.5
Europe 203.6 177.9
North and South America 83.7 61.2
Asia-Pacific, Africa 53.4 44.8
Consolidation -10.3 -5.4
Earnings before interest and tax (EBIT) 58.7 26.5
Net profit for the first quarter 40.6 16.2
Earnings per share in EUR
Ordinary share 1.70 0.67
Preference share 1.72 0.69
Gross cash flow 42.7 20.1
Capital expenditure (2) 6.9 7.2
Employees (as at March 31) 3,496 3,730
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(1) By company location.
(2) In property, plant and equipment and intangible assets.
Performance
At EUR 330.4 million, the sales revenues recorded by the FUCHS PETROLUB
Group in the first quarter of 2010 once again exceeded the previous
quarter's figures (304.9). The development observed in 2009, with sales
revenues increasing consistently from quarter to quarter, therefore also
continued into 2010. Compared to the same quarter of the previous year
(278.5), which was particularly hard hit by the financial and economic
crisis, this represents a 18.6 % increase.
It is encouraging to see that the regions of North and South America and
Asia-Pacific, Africa managed to record even higher sales revenues than in
the first quarter of 2008. In Europe, on the other hand, it has not yet
been possible to reach the revenue levels achieved in 2008. This was mainly
due to giving up a low margin toll processing business in Great Britain.
Furthermore the pleasing trend in earnings from the second half of 2009
continued into the beginning of 2010. The increase in sales revenues was
accompanied by a disproportionately high growth in earnings.
Earnings before interest and taxes (EBIT) reached a level of EUR 58.7
million (26.5). It was also possible to more than double earnings after
taxes to EUR 40.6 million (16.2) compared with the very weak first quarter
of 2009.
All three regions significantly increased their segment earnings. Europe,
which was hit hardest by the crisis, is enjoying the most pronounced
recovery. Segment earnings increased to EUR 31.7 million (13.2). Earnings
in the region Asia-Pacific, Africa also enjoyed good growth, reaching EUR
17.2 million (8.2). The North and South America region recorded segment
earnings of EUR 11.7 million (6.2).
Capital expenditure and investments in companies
The FUCHS PETROLUB Group made investments of EUR 6.9 million (7.2) in
property, plant and equipment and intangible assets in the first quarter of
2010. The key focus of investment was the new research and development and
sales center in Mannheim, and the construction of a new facility in India.
Employees
As at March 31, 2010, the global workforce of the FUCHS PETROLUB Group
consisted of 3,496 employees, which is eight more than at the start of the
year (3,488). The new appointments were made at the companies in the
regions of Asia-Pacific and South America, which have been enjoying healthy
growth.
Outlook
The macroeconomic situation in the last few months has improved throughout
the world. However, the high national debt of some countries creates
uncertainty for the further recovery of the real economy. The growing
demand for industrial products and lubricants is accompanied by a
corresponding increase in raw material prices. For several weeks, base oil,
chemicals and other additive prices have consequently experienced
considerable rises worldwide.
The FUCHS PETROLUB Group is planning for increased sales revenues and
earnings compared to the previous year in all three regions of the Group.
The Group is striving to exceed its highest EBIT recorded to date, which
was EUR 195.2 million in the year 2007. However, the marked increases in
sales revenues and earnings recorded in the first quarter of 2010 due to a
base effect can not just be extrapolated to the rest of the year. In the
following quarters increasing prices for raw materials will also make it
difficult to repeat the above-average earnings before interest and tax
(EBIT) recorded in the first quarter of 2010.
Investments in research and development as well as in growth markets are
running as scheduled. Regardless of these investments, the Group will
record a good level of free cash flow in comparison with recent years.
Mannheim, May 3, 2010
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
68169 Mannheim
Germany
Tel.: ++49(0)621 3802-1124
The information below can be accessed at the following web addresses:
Press release:
http://www.fuchs-oil.com
Interim report for the first quarter of 2010:
http://www.fuchs-oil.de/qr_firstquarter.html
Press photos:
http://www.fuchs-oil.de/photogallery0.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.
03.05.2010 07:02 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: 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
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, München, Hamburg
End of News DGAP News-Service
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DGAP-News: Fuchs Petrolub AG: FUCHS PETROLUB Group makes positive start to 2010
| Source: EQS Group AG