- Sales revenues and earnings both enjoy double-digit growth
- Earnings before interest and tax (EBIT) up 12.3% to EUR 224 million
- Positive outlook for the financial year
The first nine months of 2012 at a glance
| (Amounts in EUR million) | 1-9/2012 | 1-9/2011(2) |
|---|---|---|
| Sales revenues (1) | 1,379.2 | 1,239.3 |
| Europe | 824.3 | 761.3 |
| Asia-Pacific, Africa | 364.0 | 305.5 |
| North and South America | 244.5 | 211.4 |
| Consolidation | -53.6 | -38.9 |
| Earnings before interest and tax (EBIT) | 224.2 | 199.6 |
| Profit after tax | 156.9 | 136.9 |
| Earnings per share in EUR | ||
| Ordinary share | 2.19 | 1.91 |
| Preference share | 2.21 | 1.93 |
| Gross cash flow | 163.4 | 147.4 |
| Investments in long-term assets | 47.6 | 24.4 |
| Employees (as at September 30) | 3,757 | 3,679 |
(1) By company location.
(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.
The FUCHS PETROLUB Group increased its sales revenues in the first nine months by 11.3% to EUR 1,379.2 million (1,239.3). Higher sales volumes, increases in sales prices due to higher raw material costs and positive currency translation effects made a noticeable impact on sales revenues.
This growth in sales revenues also allowed FUCHS PETROLUB to increase its gross profit by 9.8% or EUR 45.0 million to EUR 503.0 million (458.0) in the first nine months. Personnel and other direct costs for sales, administration, research and development increased by EUR 26.8 million or 10.2% to EUR 289.5 million (262.7) within the same period. The rise in costs is attributable to the effects of growth and inflation.
After inclusion of income from participations, the Group recorded earnings before interest and tax (EBIT) amounting to EUR 224.2 million (199.6). The figure recorded in the same period of the previous year was exceeded by 12.3% or EUR 24.6 million. Profit after tax rose by 14.6% or EUR 20.0 million to EUR 156.9 million (136.9).
Earnings per share increased to EUR 2.19 (1.91) per ordinary share and EUR 2.21 (1.93) per preference share.
Capital expenditures
The FUCHS PETROLUB Group invested EUR 47.6 million (24.4) in long-term assets during the first nine months.
FUCHS PETROLUB invested EUR 37.4 million (23.4) in property, plant and equipment and intangible assets. Larger projects were the completion of the new research and development center and the extensions to the production facilities in Mannheim, construction of the facility in Russia, modernization of the American production facility in Chicago and fire protection systems in Great Britain. In addition, the Group invested in two sites in China.
Employees
As at September 30, 2012, the global workforce of the FUCHS PETROLUB Group consisted of 3,757 employees. Compared with the 3,673 employees recorded at the end of the previous year, this represents an increase of 84 people. The new staff were primarily hired to strengthen the fields of sales and research and development.
Outlook
Based on the premise that the overall economic situation will not be subject to significant change in the fourth quarter, FUCHS expects earnings before interest and tax (EBIT) for the financial year to be around 10% over the previous year's figure. This prediction is based on the assumption that raw material costs and sales prices will remain largely stable.
The high capital expenditure of the first nine months is set to continue over the coming months. Nevertheless, the free cash flow should be above EUR 100 million.
Mannheim, November 5, 2012
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
68169 Mannheim
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, 2012:
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 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.