DGAP-News: Growth initiative bears fruit, significant currency effects
| Source: EQS Group AG
DGAP-News: FUCHS PETROLUB SE / Key word(s): Half Year Results
Growth initiative bears fruit, significant currency effects
01.08.2014 / 07:00
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Growth initiative bears fruit, significant currency effects
- Good organic growth of just under 5% substantially eroded by currency
effects; sales revenues rise by 1% to EUR 919 million
- EBIT of EUR 151 million just under 2% lower than in previous year,
currency adjusted an EBIT increase of 2%
- Earnings per share at previous year's level
- EBIT for 2014 expected to be repeated at previous year's level
The first six months of 2014 at a glance
<pre>
(Amounts in EUR million) 1. HY 2014 1. HY 2013 Dev. %
Sales revenues (1) 919.3 910.3 1.0
Europe 561.0 547.2 2.5
Asia-Pacific, Africa 246.1 243.9 0.9
North and South America 153.3 155.0 -1.1
Consolidation -41.1 -35.8 -
Earnings before interest and tax (EBIT) 151.2 153.8 -1.7
Earnings after tax 105.4 107.6 -2.0
Earnings per share in EUR
Ordinary share (2) 0.75 0.75 -
Preference share (2) 0.76 0.76 -
Gross cash flow 110.9 107.6 3.1
Investments in long-term assets 15.1 33.6 -55.1
Employees as at June 30 3,992 3,826 4.3
</pre>
(1) By company location
(2) Previous year's figures have been adjusted for reasons of comparability
Performance
The FUCHS PETROLUB Group actively pursued its growth strategy in the first
six months of 2014 and achieved organic growth of almost 5%, thus growing
faster than the market. However, a large proportion of the growth in sales
achieved was eroded by currency translation effects. Group sales revenues
increased by EUR 9 million or 1% to EUR 919 million (910).
At EUR 151 million (154), earnings before interest and tax (EBIT) fell EUR
3 million or just under 2% short of the previous year. Adjusted by negative
currency effects, an increase of 2% was achieved. Earnings after tax
declined by 2% to EUR 105 million (108).
Due to the share buyback program, earnings per share remained at the
previous year's level of EUR 0.75 (0.75) per ordinary share and EUR 0.76
(0.76) per preference share.
Capital expenditures
In the period under review, EUR 15 million (34) was invested in property,
plant and equipment. These investments were largely made in Germany, China,
and the US. Further substantial investments are to be expected in
subsequent quarters for the projects in Germany and the US.
In addition, we continued to pursue our specialization strategy in the
second quarter with two targeted acquisitions in England, South Africa and
Australia.
Employees
As at June 30, 2014, the FUCHS PETROLUB Group employed 3,992 people
worldwide (3,826). Compared with the 3,888 employees recorded at the end of
the previous year, this represents an increase of 104 people. The new staff
were recruited across all divisions, primarily at companies in Germany,
England and France, as well as in South Africa, Australia and China.
Outlook
The growth initiative is set to continue. FUCHS remains committed to its
forecast of organic growth in the low single-digit range for the financial
year 2014 and for the second half of the year. As regards the EBIT and
earnings after tax, the Group has become more cautious, due to the severe
loss in value of a number of currencies important to FUCHS and expects last
year's very good results to be repeated in 2014. FUCHS continues to expect
a cash flow for 2014 in the three-digit million range.
Mannheim, August 1, 2014
FUCHS PETROLUB SE
Public Relations
Friesenheimer Str. 17
68169 Mannheim Germany
Tel: +49 (0)621 3802-1104
E-mail: tina.vogel@fuchs-oil.de
The information below can be accessed at the following web addresses:
Press release:
www.fuchs-oil.com
Interim report as at June 30, 2014:
http://www.fuchs-oil.com/ir_sixmonths.html
Press photos:
http://www.fuchs-oil.com/pressphotos1.html
Important note
This press release contains statements about future developments that are
based on assumptions and estimates by the management of FUCHS PETROLUB SE.
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 SE provides no guarantee that
future developments and the results actually achieved in the future will
match the assumptions and estimates set out in this press release and
assumes no liability for such.
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01.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: FUCHS PETROLUB SE
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: DE0005790430, DE0005790406
WKN: 579043, 579040
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
End of News DGAP News-Service
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280354 01.08.2014
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