In the presence of over 670 shareholders and many guests, representing an equity capital of 57.8 % in the AGM of the globally operating lubricants producer FUCHS PETROLUB AG in Mannheim, the Chairman of the Executive Board, Dr. Manfred Fuchs, gave an upbeat report of the 2001 business year. Despite shrinking demand for lubricants, the group increased its consolidated sales by € 38 m or 4.2 % to € 940 m, in a market environment characterized by a cyclical decline internationally. Operating profits showed an overproportional rise of 9.7 % to reach € 61.0 m, whereas consolidated net income for the year, at € 16.2 m, due to one-off expenditures and increased financing outlay, remained below the record result of 2000 (18.5).
The year's first quarter saw a significant acceleration in the sales and earnings trends, plus very good figures: sales of € 265.7 m (+ 13.1 %),operating profits of € 19.5 m (+ 23.4 %) and a net income for the quarter of € 4.6 m (+ 35.3 %). Building on this, April saw the group's highest monthly sales ever, at € 96.7 m, producing a cumulative sales increase of 16.8 % in the first fourth months of the current year. For 2002 as a whole, the group expects sales to significantly exceed € 1 bn, with consolidated net income also up on the preceding year's level.
Dr. Fuchs, whose review of the year was again broadcast live over the internet, saw the keys to the company's continuing success as lying not only in the high level of staff motivation, but also the group's technical excellence, its innovative vigor, coupled with a growing specialization leadership backed up by global presence and a widely distributed customer portfolio. This, he believes, gives FUCHS the company size and the "critical mass" required to continue operating successfully and achieve good returns.
Shareholders' representatives, and the shareholders themselves, expressed their satisfaction with the company's performance, and paid tribute to the results reported by the executive board as "good work in a recessionary phase".
With 77.3 % of the voting share capital present, the management's proposals were approved by an overwhelming majority. These included payment of an unchanged dividend amounting to € 3.87 per ordinary share and € 4.38 per preference share.
The shareholders also agreed to annulment of the authorized capital and the creation of a new authorized capital, and to the controlling and profit-and-loss transfer agreements between FUCHS PETROLUB AG and FUCHS FINANZSERVICE GMBH, and FUCHS PETROLUB AG and FUCHS EUROPE SCHMIERSTOFFE by an overwhelming majority. The separate meeting of preference shareholders also approved these resolutions by an overwhelming majority.
Mannheim, 12 June 2002
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
D-68169 Mannheim
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