DGAP-News: Fuchs Petrolub AG: FUCHS sets new records for sales revenues and earnings in 2010
(firmenpresse) - DGAP-News: Fuchs Petrolub AG / Key word(s): Final Results
Fuchs Petrolub AG: FUCHS sets new records for sales revenues and
earnings in 2010
24.03.2011 / 07:00
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FUCHS sets new records for sales revenues and earnings in 2010
- Sales revenues significantly increased to just under EUR 1.5 billion
- Earnings before interest and tax of EUR 250.1 million (179.9)
- Dividends set to be considerably increased to EUR 2.70 per preference
share
- Share split at a ratio of 1:3 planned
The financial year 2010 at a glance
(Values in EUR million) 2010 2009-1- By company location
Sales revenues (1) 1,458.6 1,178.1
Europe 874.7 742.5
Asia-Pacific, Africa 382.1 289.8
North and South America 245.1 176.9
Consolidation -43.3 -31.1
Earnings before interest and tax
(EBIT) 250.1 179.9
Profit after tax 171.6 121.4
Earnings per share in EUR
Ordinary share 7.18 5.07
Preference share 7.24 5.13
Dividends per share in EUR
Ordinary share (2) 2.64 1.64
Preference share (2) 2.70 1.70
Free cash flow 77.7 180.8
Capital expenditure (3) 32.4 29.9
Employees (as at December 31) 3,584 3,488
-2- 2010 dividend proposal to be submitted to the Annual General Meeting on
May 11, 2011
-3- In property, plant and equipment and intangible assets
Performance
In 2010, the FUCHS PETROLUB Group countered the drop in sales revenue of
the previous year caused by the crisis. The organic growth in sales
revenues of EUR 208.5 million (-215.0) virtually made up for the decline of
the previous year. Taking into account external growth of EUR 6.1 million
and the positive effects of currency exchange rates of EUR 65.9 million,
total sales revenues increased by EUR 280.5 million or 23.8%. At EUR
1,458.6 million (1,178.1), Group sales revenues therefore reached their
highest level ever recorded.
At the same time, the FUCHS PETROLUB Group recorded its highest earnings of
all time in the year following the financial and economic crisis.
Significantly increased sales revenues in all regions, accompanied by a
below-average increase in costs, formed the basis of this success.
The total increase in sales revenues of 23.8% was predominantly due to
volume effects. Increases in the costs of raw materials over the course of
the year caused the gross margin to fall, although at 38.9% (38.8%) it was
still possible to maintain the previous year's overall level. At the same
time, sales and distribution, administration and R&D expenses only went up
by 14.9%. Beside variable costs such as freight costs, personnel costs also
increased. New appointments in sales positions were one reason for the rise
in personnel costs. Earnings before interest and tax (EBIT) grew
considerably by 39.0% or EUR 70.2 million to EUR 250.1 million (179.9).
Net profit after tax increased by 41.4% or EUR 50.2 million to EUR 171.6
million (121.4) and the net profit margin also increased to 11.8% (10.3%).
Capital expenditure and investments in companies
At EUR 32.4 million (29.9), the FUCHS PETROLUB Group invested around 8%
more in property, plant and equipment, as well as intangible assets
(excluding acquisitions) than in the previous year. The new facility in
Mumbai (India) began production in December, and the second half of the
year saw the move into the new Sales Center in Mannheim. In parallel to
this, the shell of the new R&D Center was completed in Mannheim. In
Johannesburg (South Africa), a neighboring property with buildings was
acquired over the course of the year. In addition to this, further projects
which FUCHS is keen to use to drive forward future growth were continued.
Employees
As at December 31, 2010, the FUCHS PETROLUB Group employed 3,584 people
worldwide (3,488). The total number of employees therefore increased by 96
people or 2.8% compared to the previous year. The largest increase was in
the Asia-Pacific, Africa region, where the number increased by 47 people
year on year (+6%). 34 more people were employed in the Europe region
(+1.5%) and 15 more people were employed in the Americas (+3.1%) compared
to December 31, 2009.
Significant increase in dividends planned
The Supervisory Board and Executive Board will propose to the Annual
General Meeting on May 11, 2011 that the dividend for 2010 be raised
considerably by EUR 1.00 per share to EUR 2.64 (1.64) per ordinary share
and EUR 2.70 (1.70) per preference share compared to the previous year. An
increase in the total dividend payout to EUR 63.2 million (39.5) would
result in an increase of the dividends of 61.0% per ordinary share and
58.8% per preference share. This dividend proposal is an expression of
FUCHS' confidence in its positive development.
Share split planned
Furthermore, the Annual General Meeting is to make a decision on a share
split at a ratio of 1:3. Each no-par-value share with a current pro rata
amount of share capital of EUR 3.00 is to be replaced by three no-par-value
shares with a pro rata amount of share capital of EUR 1.00 each. The
Executive Board believes that this will further increase the liquidity and
attractiveness of the share for investors.
Forecast
For 2011 as a whole, the FUCHS PETROLUB Group expects to see the economic
environment remain positive and is planning increases in sales revenues in
all three global regions. Hereby, FUCHS assumes that the global economy
will not be significantly affected by geopolitical tensions, the debt
crisis in many countries, the increasing raw material costs and, most
recently, the natural and nuclear disaster unfolding in Japan.
FUCHS expects 2011 to be another successful year for the Group, taking into
account the opportunities and risks of future developments. The Group
expects its market position to see continuous improvement, both in the
emerging markets and in the highly competitive established markets.
Overall, FUCHS will strive to tie on to the record level of earnings before
interest and tax achieved in 2010.
Mannheim, March 24, 2011
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
68169 Mannheim
Germany
Tel.: ++49 (0) 621 3802-1124
The information below can be accessed at the following web addresses:
Press release:
www.fuchs-oil.com
Annual report 2010:
www.fuchs-oil.com/annual_report10.html
Press photos:
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 andinterest 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.
End of Corporate News
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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(at)fuchs-oil.de
Internet: www.fuchs-oil.de
ISIN: DE0005790406, DE0005790430
WKN: 579040, 579043
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München
End of News DGAP News-Service
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116691 24.03.2011
Datum: 24.03.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 33557
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Kategorie:
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