- Sales revenues up 3.3% despite unfavorable currency effects
- Earnings before interest and tax increase by 3.0% to EUR 75.6 million
- Outlook for the financial year confirmed
The first three months of 2014 at a glance
| (Amounts in EUR million) | Q1 2014 | Q1 2013 |
|---|---|---|
| Sales revenues (1) | 456.8 | 442.0 |
| Europe | 284.5 | 265.3 |
| Asia-Pacific, Africa | 119.4 | 117.7 |
| North and South America | 75.4 | 75.6 |
| Consolidation | -22.5 | -16.6 |
| Earnings before interest and tax (EBIT) | 75.6 | 73.4 |
| Profit after tax | 52.8 | 51.6 |
| Earnings per share in EUR | ||
| Ordinary share | 0.75 | 0.72 |
| Preference share | 0.76 | 0.73 |
| Gross cash flow | 57.5 | 52.6 |
| Investments in long-term assets | 6.5 | 14.2 |
| Employees as at March 31 | 3,981 | 3,795 |
(1) By company location
Performance
FUCHS PETROLUB SE, with global operations in the lubricant business, made a positive start to 2014.
In the first quarter of 2014, FUCHS PETROLUB recorded significant organic growth of 7.3% and exceeded the forecast for the financial year. Despite unfavorable currency translation effects, the Group increased its sales revenues by 3.3% to EUR 456.8 million (442.0). All regions recorded organic growth.
At the same time, FUCHS PETROLUB generated earnings before interest and tax (EBIT) of EUR 75.6 million. This is EUR 2.2 million or 3.0% more than in the first quarter of the previous year (73.4). Profit after tax rose by 2.3% or EUR 1.2 million to EUR 52.8 million (51.6).
Earnings per share increased by around 4% to EUR 0.75 (0.72) per ordinary share and EUR 0.76 (0.73) per preference share.
Capital expenditures
FUCHS PETROLUB invested EUR 6.5 million (14.2) in property, plant and equipment in the period under review. These investments were largely made in Germany, China and the US. Significant outflows of funds are to be expected in subsequent quarters for the projects currently in preparation in Brazil, Australia, the US and Germany.
Employees
On March 31, 2014, the FUCHS PETROLUB Group employed 3,981 people worldwide. Compared with the 3,888 employees recorded at the end of the previous year, this represents an increase of 93 people. The new staff were primarily recruited at companies in Asia-Pacific, Africa and in Europe.
Outlook
FUCHS PETROLUB expects to record further organic growth in sales revenues in all global regions over the next three quarters. However, the Group does not anticipate being able to maintain the growth rate of 7.3% recorded in the first quarter. The forecast for organic growth in the low single-figure percentage range for the financial year therefore remains in place.
In terms of EBIT and profit after tax, FUCHS PETROLUB also continues to anticipate a slight increase. However, it remains to be seen how raw material costs will develop and what impact currency exchange rates will have.
Mannheim, May 5, 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 March 31, 2014:
www.fuchs-oil.com/ir_firstquarter.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.