DGAP-News: FUCHS increases EBIT to EUR 72.5 million in the first three months of 2012
(firmenpresse) - DGAP-News: Fuchs Petrolub AG / Key word(s): Interim Report
FUCHS increases EBIT to EUR 72.5 million in the first three months of
2012
02.05.2012 / 07:00
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FUCHS increases EBIT to EUR 72.5 million in the first three months of 2012
- Sales revenues and earnings increased again
- Earnings before interest and tax up 7.6% to EUR 72.5 million
- Positive outlook for 2012
The first three months 2012 at a glance
(Amounts in EUR million) 1-3/2012 1-3/2011(2)(1) By company location
Sales revenues (1) 448.4 403.8
Europe 263.5 247.0
Asia-Pacific, Africa 118.9 99.6
North and South America 79.8 68.9
Consolidation -13.8 -11.7
Earnings before interest and tax (EBIT) 72.5 67.4
Profit after tax 51.5 47.1
Earnings per share in EUR
Ordinary share 0.72 0.65
Preference share 0.73 0.66
Gross cash flow 53.3 50.7
Capital expenditures 22.3 6.5
Employees (as at March 31) 3,722 3,594
(2) The previous year's figures have been adjusted for reasons of
comparability, see 'changes in the accounting policies' in the notes to the
consolidated financial statements.
Performance
The FUCHS PETROLUB Group increased its sales revenues in all regions in the
first quarter of 2012. Sales volumes enjoyed a particular increase in North
America, Australia and Eastern Europe. Exchange rate movements also
resulted in further growth of EUR 9.2 million or 2.3%. In addition to this,
all regions recorded price and mix-related increases in sales revenues.
This led to organic growth of EUR 35.0 million or 8.7%. Total revenues of
EUR 448.4 million (403.8) were recorded, which represents an increase of
11.0% over the same quarter of the previous year.
In the first three months of the year, gross profit increased by EUR 9.6
million or 6.3% to EUR 161.9 million (152.3). The significant increases in
raw material prices observed during the course of 2011 were a key
contributor to the increases in sales revenues. The material and production
costs for our lubricants (cost of sales) increased above-average by 13.9%.
The Group was able to compensate for inflation-based increases in personnel
and other direct costs, and also managed to cover the additional personal
and infrastructure costs caused by its growth initiative. Total expenses
for selling, distribution, administration and research and development
increased by EUR 6.9 million or 8.1% to EUR 92.2 million (85.3).
Taking into account income from participations, this leads to earnings
before interest and taxes of EUR 72.5 million. This represents EUR 5.1
million or 7.6% more than the record set in the first three months of 2011
(67.4). Earnings after taxes rose at a disproportionately high rate of 9.3%
to EUR 51.5 million (47.1). Earnings per share increased to EUR 0.72 (0.65)
per ordinary share and EUR0.73 (0.66) per preference share.
Capital expenditures
Investments in property, plant and equipment and intangible assets were EUR
12.2 million (6.5) in the first quarter of 2012. The primary focuses in
this regard were the completion of our new research and development center
in Mannheim, construction of a new facility in Russia and the modernization
of our US production facility in Chicago.
The Group spent a further EUR 10.1 million in its investments in companies
consolidated using the equity method. This allowed the acquisition of an
automotive lubricants business at the start of 2012 to be partially
financed by the Group's joint venture in Turkey.
Employees
As at March 31, 2012, the global workforce of the FUCHS PETROLUB Group
consisted of 3,722 employees. On a like-for-like basis, the number of
employees at the start of the year was 3,673 compared with 3,594 during the
same period of the previous year.
Outlook
Despite the various latent risks in place, FUCHS rates the current overall
economic situation as positive. Risks are present in the form of raw
material price increases, uncertainties resulting from the national debt
crisis and global risks, such as in the Middle East.
Insofar as and as long as these risks do not materialize to an appreciable
extent, the Group anticipates year on year increases both in sales revenues
and earnings. However, the development of the gross margin will be
dependent on the trend in raw material prices. In addition to this,
personnel and other direct costs will be appreciably above the previous
year's level as a result of our ongoing growth initiative.
Overall, FUCHS is striving to exceed the record EUR 264.2 million earnings
before interest and tax achieved in the previous year. However, the
earnings recorded in the first quarter cannot simply be extrapolated over
the full year.
Mannheim, May 2, 2012
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
68169 Mannheim
Germany
Tel.: ++49 (0) 621 3802-1124
E-mail: tina.vogel(at)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 March 31, 2012
http://www.fuchs-oil.com/ir_firstquarter.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 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
match 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(at)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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