The Europe region achieved impressive internal sales revenue growth of €56.3 million or 8.6%. In North and South America, however, internal sales revenue fell by 6.5% (-€11.9 million). This can be attributed primarily to reduced demand in the North American automotive industry and its supplier industries. On the other hand, internal growth in the expanding Asia-Pacific, Africa region was encouraging at 9.8% (+€17.5 million).
The improved result of the Group is primarily due to the strong growth in gross profit and the underproportionate increase in expenses. Gross profit increased by €29.7 million or 8.4% to €383.4 million (353.7), while expenses grew by only 1.6% or €3.8 million. An EBIT increase of 20.3% or €24.5 million produced a new record of €145.1 million (120.6). Helped by an improved financial result, profit after tax generated in the first nine months reached €87.2 million (71.8).
Investments in property, plant and equipment and intangible assets in the first nine months of 2007 amounted to €15.3 million (13.2). The new plant in China, for which building work recently commenced, had only a limited effect on these figures, but its effect will increase in the fourth quarter of the year, and will become particularly noticeable in 2008.
As at September 30, 2007, the workforce of the FUCHS PETROLUB Group remained at the same level as at the end of the first six months of the year, with 3,820 employees worldwide (3,822). The increase compared with the end-of-year figure for 2006 (3,765) is largely due to the first-time consolidation of companies in the Ukraine and in Turkey, acquisitions in Brazil and business-related staff increases in Europe.
The Group is expecting internal sales revenue growth for 2007 to be positive. The excellent EBIT result as at the end of September strengthens the forecast of a double-digit increase on last year's record figure of €161 million.
The first nine months of 2007 at a glance
| (amounts in € million) | 1-9/2007 | 1-9/2006 |
|---|---|---|
| Sales revenues 1 | 1,031.3 | 999.5 |
| Europe | 704.2 | 656.6 |
| North and South America | 160.5 | 181.9 |
| Asia Pacific, Africa | 189.3 | 178.1 |
| Consolidation | -22.7 | -17.1 |
| Earnings before interest and tax (EBIT) | 145.1 | 120.6 |
| Profit after tax for the first half year | 87.2 | 71.8 |
| Gross cash flow | 100.4 | 87.1 |
| Capital expenditures2 | 15.3 | 13.2 |
| Employees (as at September 30) | 3,820 | 3,792 |
2 In property, plant and equipment and intangible assets
Mannheim, 9 November 2007
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
68169 Mannheim
Tel.: ++49 (0) 621 3802 - 105
The press release can also be found on the Internet at www.fuchs-oil.com .
Link to the quarterly report:
www.fuchs-oil.de/fileadmin/fuchs_upload/pdf_addons/QR2007/QB57e.pdf
Important note
This Press Information 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.