- Sales revenues up 2% to EUR 1,866 million (currency adjusted +4%)
- Growth in all three world regions
- EBIT of EUR 313 million at the record level of the previous year
- Dividend to be raised by 10% to EUR 0.77 per preference share
The financial year 2014 at a glance
| (Amounts in EUR million) | 2014 | 2013 | Dev. % |
|---|---|---|---|
| Sales revenues (1) | 1,865.9 | 1,831.6 | 1.9 |
| Europe | 1,112.9 | 1,104.2 | 0.8 |
| Asia-Pacific, Africa | 516.5 | 497.9 | 3.7 |
| North and South America | 316.0 | 307.3 | 2.8 |
| Consolidation | -79.5 | -77.8 | 2.2 |
| Earnings before interest and tax (EBIT) | 313.0 | 312.3 | 0.2 |
| Earnings after tax | 219.9 | 218.6 | 0.6 |
| Earnings per share in EUR (2) | |||
| Ordinary share | 1.57 | 1.53 | 2.6 |
| Preference share | 1.58 | 1.54 | 2.6 |
| Proposed dividend/dividend in EUR (2) | |||
| Ordinary share | 0.76 | 0.69 | 10.1 |
| Preference share | 0.77 | 0.70 | 10.0 |
| Free cash flow | 187.9 | 149.9 | 25.4 |
| Investments in long-term assets | 52.6 | 72.8 | -27.7 |
| Employees as at December 31 | 4,112 | 3,888 | 5.8 |
(1) By company location
(2) Previous year's figures adjusted for reasons of comparability
Performance
FUCHS PETROLUB SE, with global operations in the lubricant business, recorded Group sales revenues of EUR 1,866 million in the financial year 2014. This represents year-on-year growth of EUR 34 million or 2%. FUCHS achieved organic growth in all three world regions (+3%), particularly due to increased volumes. In addition, acquisitions (+1%) and currency translation effects (-2%) had an impact.
In terms of earnings, the FUCHS PETROLUB Group was able to repeat the previous year's record values. Earnings before interest and tax (EBIT) are EUR 313 million (312), while earnings after tax are EUR 220 million (219). Due to the share buyback, earnings per ordinary and preference share increased by around 3% or EUR 0.04 year-on-year to EUR 1.57 (1.53) and EUR 1.58 (1.54) respectively.
Free cash flow was increased to EUR 188 (150) million in the reporting year 2014.
Dividends
The Executive Board and Supervisory Board at FUCHS PETROLUB SE will propose a dividend of EUR 0.77 per preference share and EUR 0.76 per ordinary share for the financial year to the Annual General Meeting scheduled for May 6, 2015. This would represent an increase of around 10%.
Investments
EUR 53 million (73) was invested as planned in the period under review, representing a decline of around 30% compared to the two previous years. The capital expenditure was primarily focused on the construction of new facilities and the modernization of existing facilities. The investments were centered around locations in Germany, China, South Africa and Australia. The construction and expansion of the test field in Mannheim is one example of this. In addition, EUR 22 million was spent on our two acquisitions of BATOYLE in England and LUBRITENE in South Africa.
Employees
The Group employed 4,112 employees (3,888) worldwide as at December 31, 2014. The total workforce therefore increased by 224 persons or 6% year-on-year. Of these new employees, 122 are attributable to the acquisitions made in South Africa (+99) and Great Britain (+23).
The number of employees in the Asia-Pacific/Africa region increased by 157 (+18%), while the Europe region added 77 new employees (+3%). In North and South America,
the number of employees declined by 10 (-2%) as at December 31, 2013.
Outlook
The FUCHS PETROLUB Group is planning further growth in sales volumes and revenues for the year 2015. The Group also expects growth in the low-single-digit percentage range for both earnings before interest and tax (EBIT) and earnings after tax. In terms of free cash flow, the Group anticipates the amount to once again exceed EUR 150 million.
Mannheim, March 24, 2015
FUCHS PETROLUB SE
Public Relations
Friesenheimer Str. 17
68169 Mannheim Germany
Tel: +49 621 3802-1104
E-mail: tina.vogel@fuchs-oil.de
The information below can be accessed at the following web addresses:
Press release:
www.fuchs.com/group
Annual report 2014:
www.fuchs.com/group/investor-relations/publications/annual-report-and-interim-reports/
Press photos:
http://fuchs.com/group/press/press-service/photo-gallery/
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, for example, include changes in the overall economic climate, changes in procurement prices, changes to exchange rates and interest rates, and changes within 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.