- Sales revenues just below the previous year's level due to currency effects
- Moderate increase in earnings before interest and tax (EBIT)
- Outlook for the financial year confirmed
The first three months of 2013 at a glance
| (Amounts in EUR million) | 1-3/2013 | 1-3/2012 |
|---|---|---|
| Sales revenues (1) | 442.0 | 448.4 |
| Europe | 265.3 | 263.5 |
| Asia-Pacific, Africa | 117.7 | 118.9 |
| North and South America | 75.6 | 79.8 |
| Consolidation | -16.6 | -13.8 |
| Earnings before interest and tax (EBIT) | 73.4 | 72.5 |
| Profit after tax (2) | 51.6 | 51.4 |
| Earnings per share in EUR | ||
| Ordinary share | 0.72 | 0.72 |
| Preference share | 0.73 | 0.73 |
| Gross cash flow | 52.6 | 53.3 |
| Investments in long-term assets (3) | 14.2 | 22.3 |
| Employees (as at March 31) | 3,795 | 3,722 |
(1) By company location
(2) Previous year's figure adjusted, see "Application of new accounting standards" in the notes to the consolidated financial statements
(3) Intangible assets, property, plant and equipment, and financial assets
In the first quarter of 2013, the FUCHS PETROLUB Group confirmed its earnings targets for the financial year with an increase in earnings before interest and tax (EBIT). At the same time, sales revenues recorded a slight decrease due to currency effects. The organic growth planned for the financial year was not yet achieved in the first quarter due to weaker development in the US. In the first three months of the current financial year, the Group generated sales revenues of EUR 442.0 million, which were 1.4% below the level for the same period in the previous year (448.4).
FUCHS PETROLUB was able to increase its gross profit by EUR 3.7 million or 2.3% to EUR 165.6 million (161.9) in the first quarter of 2013. After taking into account other expenses, FUCHS recorded an EBIT of EUR 73.4 million. This is 1.2% more than in the first quarter of the previous year (72.5). Earnings after interest and taxes increased slightly to EUR 51.6 million (51.4).
Earnings per share are EUR 0.72 (0.72) per ordinary share and EUR 0.73 (0.73) per preference share.
Capital expenditures
The FUCHS PETROLUB Group invested EUR 14.2 million (22.3) in long-term assets in the first three months of the current financial year. These investments focused on the two new facilities currently under construction in Russia and China, as well as the expansion and modernization of the US facility.
Employees
As at March 31, 2013, the global workforce of the FUCHS PETROLUB Group consisted of 3,795 employees. Compared with December 31, 2012, this represents an increase of 22 people. The new staff were primarily hired at companies in Asia-Pacific, Africa.
Outlook
FUCHS PETROLUB expects business operations to improve slightly in the next three quarters compared to the first quarter of 2013. The first quarter of a year is generally somewhat weaker than the two middle quarters. FUCHS is therefore maintaining its target for the financial year of achieving organic growth in sales revenues in the low single-digit percentage range. However, it remains to be seen how currency exchange rates will develop.
Based on the aforementioned assumptions, which predict that the overall economic situation will not change considerably, FUCHS still expects to record an increase in earnings before interest and tax (EBIT) for 2013.
Capital expenditure has developed in line with expectations and is likely to remain at a similar level in the subsequent quarters.
Mannheim, May 2, 2013
FUCHS PETROLUB AG
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, 2013:
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 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 in 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 match the assumptions and estimates set out in this press release and assumes no liability for such.