The globally operating lubricants producer FUCHS PETROLUB AG in Mannheim, Germany, finished 2002 with a sizable increase in sales and the highest consolidated profits in its history. This uptrend continued into January and February of 2003.

In the past business year, sales exceeded one billion euros for the first time, growing by € 125 mn or 13.3 % to reach € 1,065 mn (940). Internal growth came to 5.8 %, since the quantities sold showed a substantial rise, especially in Asia. By contrast, worldwide demand for lubricants increased during 2002 by a mere 0.3 % in real terms. A significant contribution to sales came from external growth (+11.3 %), with a particular boost from first-time full consolidation of FUCHS EUROPE SCHMIERSTOFFE GMBH (+ € 97.6 mn), while currency translation reduced the sales figure by € 36.1 mn (-3.8 %).

Consolidated profits after tax, which in the first nine months of 2002, after goodwill amortization of € 11.4 mn affecting earnings in full, were up by more than 150 % to reach € 19.0 mn (7.5), increased still further in the fourth quarter of 2002, so that in the past business year the group achieved by far the best result in its entire history. The definitive figures will be published on 15 April.

At the end of 2002, the group was employing 4,081 people worldwide (3,871), of whom 1,156 (931) were working in Germany and 2,925 (2,940) abroad.

In the first two months of the ongoing business year, sales came to € 173.4 mn, and were thus, despite substantial effects from currency translation, still at last year’s level (173.2). Adjusted for currency translation factors, internal growth came to 6.7 %, external growth to 1.3 %.

Worldwide contribution profits in January and February 2003 were up on the preceding year’s equivalent figures, although the prices for oil-dependent raw materials have risen significantly. This is where the group’s innovation leadership pays off, together with a degree of specialization way above the sectoral average, and a worldwide corporate presence. Thus good monthly results continue to be achieved.

Developments over the upcoming weeks and months will be characterized by uncertainties entailed by the impending war with Iraq; however, the group has to the best of its ability made preparations for this eventuality, and thanks to its high-quality, globalized business portfolio can be expected to have a certain degree of protection from the feared effects.

The stock market did not ignore the group’s excellent performance in 2002 and in the first two months of the ongoing period. The price of the ordinary shares rose by 7.2 % in 2002, and that of the preference shares by 12.1 %, against the trend of all major stock market indexes. The prices have continued to rise during the course of this year.