To 550 shareholders attending the AGM of the globally operating lubricant producer FUCHS PETROLUB AG in Mannheim, Germany, representing an equity capital of 61,1 %, the Executive Board Chairman, Dr. Manfred Fuchs, gave an encouraging résumé of the 2000 business year. Although substantially increased raw material prices had made last year one of the most difficult periods in the sector's history worldwide, the group had successfully managed this less-than-easy phase. Sales were upped to Euro902 m, and consolidated net income to Euro18.5 m, the best result so far in the firm's history.
Following a good first quarter to 2001, in which turnover rose by 6.7 % to Euro235 m, bucking the general trend throughout the sector, the upturn in sales continued into April, which saw net sales revenues of Euro77 m, 14 % above last year's equivalent level. Accumulated sales during the first four months of 2001 thus totaled Euro311 m, 8.1% up on the preceding year's figure.
Dr. Fuchs, whose review of the year in the AGM was again broadcast live over the Internet, reiterated the company's expectations for continuingly good profit figures during 2001, an appraisal validated by the results achieved in the year's first quarter. The future course of 2001, Dr. Fuchs told the shareholders, is unmistakably characterized by indications of a business downturn. It would accordingly be wrong, he said, to anticipate any rise in global demand for lubricants, a situation not made any easier by the very high level of raw material prices still prevailing - not least due to uncertainties in the Near and Middle East.
With 79,4 % of the voting-right share capital present, the management's proposals were adopted almost unanimously. These included the payment of a cash dividend increased by Euro0.29 in each case to Euro3.87 per ordinary share and Euro 4.38 Euro per preference share.
Mannheim, 7 June 2001
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
D-68169 Mannheim
Tel.: +49(0)6 21/38 02 - 104