- Sales revenues up by just under 2% to EUR 1.4 billion (+4% currency adjusted)
- At EUR 236 million, earnings before interest and tax (EBIT) at previous year's level
- Free cash flow increased to EUR 108 million
- Earnings forecast confirmed
The first nine months of 2014 at a glance
| Amounts in EUR million | 1-9 2014 | 1-9 2013 | Dev. % |
|---|---|---|---|
| Sales revenues (1) | 1,402.8 | 1,379.0 | 1.7 |
| Europe | 851.3 | 833.3 | 2.2 |
| Asia-Pacific, Africa | 378.1 | 366.4 | 3.2 |
| North and South America | 235.9 | 235.0 | 0.4 |
| Consolidation | -62.5 | -55.7 | |
| Earnings before interest and tax (EBIT) | 235.9 | 237.2 | -0.5 |
| Earnings after tax | 164.1 | 165.6 | -0.9 |
| Earnings per share in EUR | |||
| Ordinary share (2) | 1.17 | 1.16 | 0.9 |
| Preference share (2) | 1.18 | 1.17 | 0.9 |
| Gross cash flow | 175.3 | 167.7 | 4.5 |
| Investments in long-term assets | 23.8 | 51.2 | -53.5 |
| Employees as at September 30 | 4,124 | 3,874 | 6.5 |
(1) By company location
(2) Previous year's figures have been adjusted for reasons of comparability
Performance
The FUCHS PETROLUB Group recorded organic growth of 4% in the first nine months of 2014. However, the increases in sales volumes were largely eroded by currency translation effects in the first six months. In total Group sales revenues increased by EUR 24 million or nearly 2% to EUR 1,403 million (1,379).
Thanks to a strong third quarter, earnings before interest and tax (EBIT) of EUR 236 million (237) reached the previous year's level. At EUR 164 million, earnings after tax were 1% below the previous year's value (166).
Earnings per share increased to EUR 1.17 (1.16) per ordinary share and to EUR 1.18 (1.17) per preference share. These increases were a result of the share buybacks.
Investments
In the period under review, EUR 24 million (51) were invested in property, plant and equipment. The key areas of investment were in Germany, China and the US.
In addition, FUCHS continued to pursue its specialization strategy in the second quarter with two targeted acquisitions in England, South Africa and Australia.
Employees
As at September 30, 2014, the FUCHS PETROLUB Group employed 4,124 people worldwide (3,874). This represents an increase of 236 persons relative to the end of the previous year. Approximately half of these new employees can be attributed to the acquisitions in South Africa and Great Britain.
Outlook
The growth initiative is set to continue. FUCHS therefore stands by its prediction of organic growth in the low single-figure percentage range for the remaining months and thus for the whole year. In terms of EBIT, the Group expects to repeat the previous year's record value. FUCHS also plans to repeat last year's excellent earnings after tax. The Group anticipates free cash flow for 2014 to at least reach the previous year's level (EUR 150 million).
Mannheim, October 31, 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 September 30, 2014:
www.fuchs-oil.com/ir_ninemonths.html
Press photos:
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.