DGAP-News: FUCHS continues strong sales revenue growth in the first half of 2011
(firmenpresse) - DGAP-News: Fuchs Petrolub AG / Key word(s): Half Year Results
FUCHS continues strong sales revenue growth in the first half of 2011
03.08.2011 / 07:00
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FUCHS continues strong sales revenue growth in the first half of 2011
- Double-digit growth in sales revenues maintained
- Substantial rise in raw material prices
- EBIT increases to EUR 133.9 million
- Outlook for the financial year confirmed
The first six months of 2011 at a glance
(Amounts in EUR million) 1-6/2011 1-6/2010(1) By company location
Sales revenues (1) 828.5 700.7
Europe 510.4 422.7
Asia-Pacific, Africa 206.1 182.4
North and South America 138.1 116.5
Consolidation -26.1 -20.9
Earnings before interest and tax (EBIT) 133.9 123.9
Profit after tax 91.6 86.5
Earnings per share in EUR
Ordinary share 1.28 1.21
Preference share 1.29 1.22
Gross cash flow 95.8 75.8
Capital expenditure (2) 14.5 14.7
Employees (as at June 30) 3,652 3,515
(2) In property, plant and equipment and intangible assets
Performance
In an economic environment that remained positive, the FUCHS PETROLUB Group
considerably increased its sales revenues in the first half of 2011 by
18.2% or EUR 127.8 million to EUR 828.5 million in comparison with the
previous year (700.7). Due to a base effect, the rate of increase slowed
down in the second quarter. The passing on of the increased raw material
costs was the main factor behind the sales growth in the second quarter.
The Group recorded organic growth of 19.8% or EUR 138.9 million in the
first half of the year, with all three regions showing similar growth
rates.
In the light of the sharp rise in raw material costs, the growth in sales
revenues was accompanied by a disproportionately high increase in cost of
sales (material and production costs). As a result of higher volumes,
growth-oriented increase in staff numbers and higher wage and salary costs
worldwide, expenses for selling, distribution, administration and research
and development also increased, but at a significantly lower rate.
After taking into account other operating income and expenses as well as
income from participations, earnings before interest and tax (EBIT)
increased in total by 8.1% or EUR 10.0 million to EUR 133.9 million
(123.9).
After a liquidity-based improvement to the financial result (EUR -1.9
million following EUR -3.0 million in the previous year) and after income
taxes of EUR 40.4 million (34.4), the Group recorded profit after tax of
EUR 91.6 million (86.5).
Capital expenditure and investments in companies
The FUCHS PETROLUB Group made investments of EUR 14.5 million (14.7) in
property, plant and equipment and intangible assets in the first half of
2011. The focus was the new R&D center in Mannheim.
Employees
The Group employed 3,652 employees worldwide as at June 30, 2011. On an
adjusted basis, the Group therefore employed 79 persons more than at the
start of the year. The new appointments, which were made in all regions,
are an integral part of the Group's growth initiative.
Outlook
Significantly higher raw material costs, the steps taken by various
countries to cool down their overheated markets, as well as the national
debt crisis and the risks for banks and other sectors of the economy have
caused growth to slow down and represent appreciable risks for the economic
development in the second half of 2011.
FUCHS PETROLUB expects robust sales revenues and solid earnings for the
second half of the year, although the high raw material costs will continue
to put pressure on the gross margin and the ongoing growth initiative will
lead to personnel and other direct costs above the previous year.
The FUCHS PETROLUB Group anticipates year on year increases in sales
revenues and earnings for the financial year 2011 and continues to strive
to exceed the record EBIT of EUR 250.1 million achieved in the previous
year. To what extent the EBIT of the first half of the year can be repeated
in the second half of the year remains to be seen. The dynamics of sales
revenue development will play an important role here, as will the
development of raw material costs.
Mannheim, August 3, 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:
http://www.fuchs-oil.com
Interim report for the first six months and second quarter of 2011:
http://www.fuchs-oil.com/qr_sixmonths.html
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.
End of Corporate News
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03.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Fuchs Petrolub AG
Friesenheimer Str. 17
68169 Mannheim
Germany
Phone: +49 (0)621 / 3802-0
Fax: +49 (0)621 / 3802-7190
E-mail: ir(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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134172 03.08.2011
Datum: 03.08.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 41106
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Kategorie:
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