Fuchs Petrolub AG: FUCHS proposes significant dividend increase after a very successful year 2010
Fuchs Petrolub AG / Key word(s): Preliminary Results
25.02.2011 / 07:00
FUCHS proposes significant dividend increase after a very successful year 2010
- Strong increase in revenues and profits
- Significant increase in dividend proposed to 2.70 EUR per preference share
FUCHS PETROLUB AG, with global operations in the lubricants industry, increased revenues by 23.8%, after a decrease of 15.5% the year before. The group profited in all regions from the fast and strong recovery of the world economy. FUCHS achieved revenues of EUR 1,459 million (1,178) and generated 39% more in earnings before interest and taxes (EBIT) at EUR 250.1 million (179.9). Earnings after taxes were EUR 171.6 million (121.4). Earnings per ordinary share were EUR 7.18 (5.07) and per preference share EUR 7.24 (5.13), both approximately 41% above the previous year's level. All figures are still provisional.
Free cash flow in the reporting year was at EUR 77.7 million (180.8) after acquisition payments for the food grade lubricants business and the financing of the strong growth in revenues.
Subject to a corresponding resolution of the Supervisory Board on March 23, 2011, the Executive Board of FUCHS PETROLUB AG will propose a dividend of EUR 2.70 (1.70) per preference share and EUR 2.64 (1.64) per ordinary share to the Annual General Meeting to be held on May 11, 2011.
For the year 2011 FUCHS PETROLUB plans further revenue growth. New recruitments with a focus on research and sales as well as the expansion of the group infrastructure are the basis for future organic growth. Considering the worldwide increase in raw material prices, increased geopolitical risks and the planned increase in personnel and other costs, the group strives to tie on to the record earnings before interest and taxes (EBIT) recorded in 2010.
The complete financial statements for 2010 will be published on March 24, 2011 and presented at the press conference.
Key data
(Values in EUR million) 2010 (1) 2009 Sales revenues 1,458.6 1,178.1 EBIT 250.1 179.9 Profit after tax 171.6 121.4 Earnings per share in EUR
Ordinary shares 7.18 5.07 Preference shares 7.24 5.13 Dividend in EUR
Ordinary shares 2.64(2) 1.64 Preference shares 2.70(2) 1.70 Free Cashflow 77.7 180.8 Employees (31.12.) 3,584 3,488
(2) Proposal of the Executive Board
Mannheim, February 25, 2011
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
68169 Mannheim
Tel.: ++49 (0) 621 3802 - 1124
The information below can be accessed at the following web addresses:
Press release:
http://www.fuchs-oil.com
Press photos:
http://www.fuchs-oil.com/pressphotos.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 agree with the assumptions and estimates set out in this press release and assumes no liability for such.
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Language: English Company: Fuchs Petrolub AG Friesenheimer Str. 17 68169 Mannheim Deutschland Phone: +49 (0)621 / 3802-0 Fax: +49 (0)621 / 3802-190 E-mail: contact-de.fpoc@fuchs-oil.de Internet: www.fuchs-oil.de ISIN: DE0005790430, DE0005790406 WKN: 579043, 579040 Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart; Freiverkehr in Berlin, Düsseldorf, Hamburg, München
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