DGAP-News: Fuchs Petrolub AG / Key word(s): Quarter Results
FUCHS PETROLUB records highest ever quarterly sales revenues
04.05.2011 / 07:00
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FUCHS PETROLUB records highest ever quarterly sales revenues
- Demand remains strong on a broad basis
- Significant increases in the price of raw materials
- Profit after tax reaches EUR 47.1 million
The first quarter of 2011 at a glance
|[![CDATA[|[pre|]]]|]
(Values in EUR million) 1-3/2011 1-3/2010
Sales revenues (1) 409.0 330.4
Europe 249.8 203.6
Asia-Pacific, Africa 102.1 83.7
North and South America 68.9 53.4
Consolidation -11.8 -10.3
Earnings before interest and tax (EBIT) 67.6 58.7
Profit after tax for the first quarter 47.1 40.6
Earnings per share in EUR
Ordinary share 1.97 1.70
Preference share 1.99 1.72
Gross cash flow 51.4 42.7
Capital expenditure (2) 6.5 6.9
Employees (as at March 31) 3,622 3,496
|[![CDATA[|[/pre|]]]|]
-1- By company location
-2- In property, plant and equipment and intangible assets
Performance
In a positive economic environment, the FUCHS PETROLUB Group increased both
sales and sales revenues in the first quarter of 2011 over the same period
of the previous year and over the quarters following that. Total revenues
of EUR 409.0 million (330.4) were recorded, which represents an increase of
23.8% over the same quarter of the previous year. These are the highest
sales revenues the company has ever recorded in a single quarter.
The Group was able to continue the dynamic development of previous quarters
with organic growth in excess of 20% in each of the three regions, together
totaling 21.8%.
The increase in sales revenues in the first quarter was demand-based and
influenced by significant increases in the costs of raw materials since
mid-2010. A disproportionate increase in the cost of sales of 28.8% left
the gross margin at 37.7%, which is below its level in the same quarter of
the previous year of 40.1%.
Due to inflation and volume factors, the expenses for selling, distribution
and administration, as well as for research and development, increased by
14.2% in total. In addition, the acquisition of the CASSIDA business with
lubricants for food grade applications, as well as higher freight,
commission and in particular personnel costs, had an impact. After
inclusion of the other operating result and income from participations, the
Group recorded earnings before interest and tax (EBIT) of EUR 67.6 million
(58.7). Earnings after taxes increased by 16.0% to EUR 47.1 million (40.6).
Earnings per share were EUR 1.97 (1.70) per ordinary share and EUR 1.99
(1.72) per preference share.
Capital expenditure and investments in companies
The FUCHS PETROLUB Group made investments of EUR 6.5 million (6.9) in
property, plant and equipment and intangible assets in the first quarter of
2011. The focus was the new R&D center in Mannheim.
Employees
The Group employed 3,622 people worldwide as at March 31, 2011. The number
of employees at the start of the year (3,584) and in the same period of the
previous year (3,496) include those persons employed at companies
consolidated pro rata in the Middle East (11 and 12 respectively). On an
adjusted basis, the FUCHS PETROLUB Group therefore employed 49 persons more
than at the start of the year.
Outlook
Despite the natural and nuclear disaster in Japan and the political
upheaval in North Africa and the Middle East, the global economy was
relatively robust in the first quarter of 2011. The dynamics originating
from the emerging markets also led to further economic recovery in the
developed countries.
However, the worldwide economic recovery is being marred by a significant
resurgence in raw material prices, some of which are associated with supply
bottlenecks. The significant increase in the price of raw materials will
keep pressure on the gross margin and costs will remain above the previous
year's level due to the continuing growth initiative.
FUCHS is striving to surpass the previous year's record EBIT of EUR 250.1
million, although the earnings of the first quarter should not simply be
extrapolated to the entire year.
Mannheim, May 4, 2011
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 2011:
http://www.fuchs-oil.com/qr_firstquarter.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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04.05.2011 Dissemination of a Corporate News, transmitted by DGAP - 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
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
End of News DGAP News-Service
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122804 04.05.2011
DGAP-News: FUCHS PETROLUB records highest ever quarterly sales revenues
| Source: EQS Group AG