FUCHS PETROLUB AG, the Mannheim lubricants specialist with worldwide operations, continued its positive development of the first nine months of 2003 in the fourth quarter. According to preliminary figures, net income of €30.9 million for the year 2003 will once again exceed the record set in the prior year (€24.1 million). Sales revenues reached €1,041 million. The current year has also begun well. The Group anticipates a further increase in earnings for full-year 2004.
Last year, the Group achieved a positive organic growth rate of 3.8%. Due to the significant appreciation of the euro, however, total revenues decreased by 2.2% to €1,041 million, from €1,065 million in 2002. Acquisitions and disposals had a net positive effect of 0.4%. This result has to be seen against the background of a 0.9% fall in worldwide demand for lubricants.
With a preliminary net profit of €30.9 million for 2003, FUCHS PETROLUB achieved a new earnings record, exceeding the previous record set in 2002 (€24.1 million) by 28.2%. The Group thus proved once again that it is capable of a strong performance in a difficult environment.
At the end of 2003, the company employed 4,220 persons worldwide (4,081). Of this total, 1,103 were employed in Germany (1,156) and 3,117 abroad (2,925). The worldwide workforce grew by 139 persons (+3.4%), mainly due to consolidation effects.
FUCHS PETROLUB will present its complete financial statements for the year 2003 at its Annual Press Conference in Mannheim on April 23, 2004.
The current financial year has begun well. Organic growth amounted to 1.4% in the first two months of this year, but was again negatively affected by currency-translation. For full-year 2004, more favorable economic conditions can be expected than in previous years. The FUCHS PETROLUB Group therefore sees good chances of further increasing its earnings, while revenues will remain affected by ongoing exchange-rate developments.
The stock exchange has rewarded the Group's positive development with rising share prices. Ordinary and preference shares had climbed by 104% and 86% by the end of 2003, a significantly better performance than all of the relevant indices. And the FUCHS share price continued to rise in 2004.
Mannheim, 25 March 2004
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
D-68169 Mannheim
Tel.: +49 621 3802 - 104
The press release is also available on the Internet under www.fuchs-oil.de.
Important note
This press release contains statements about future development 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 to 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.