FUCHS increases EBIT and confirms outlook for the financial year

– Organic sales growth offset by currency translation effects

– Earnings before interest and tax (EBIT) up 5.8% to EUR 237.2 million

– Outlook for the financial year confirmed

The FUCHS PETROLUB Group recorded organic growth in sales revenues of 2.9% in the first nine months of 2013. However, currency translation effects of almost the same value were offset by the positive volume growth and changes in product mix. At EUR 1,379.0 million, the Group recorded sales revenues at the previous year’s level (1,379.2).

At the same time, FUCHS PETROLUB generated earnings before interest and tax (EBIT) of EUR 237.2 million (224.2). This represents an increase over the previous year of EUR 13.0 million or 5.8%. Earnings after tax rose by 5.7% or EUR 8.9 million to EUR 165.6 million (156.7).

Earnings per share therefore increased to EUR 2.32 (2.19) per ordinary share and EUR 2.34 (2.21) per preference share.

Capital expenditures

FUCHS PETROLUB is consistently pushing ahead with its program of increased investments in growth markets. In the first nine months of the current financial year, the Group invested EUR 51.2 million (47.6).

More than half of the investments were dedicated to the modernization and extension of our US production site in Chicago, as well as the new facilities in China and Russia. The Russian plant in Kaluga was inaugurated in September. The opening ceremony of the Chinese facility in Yingkou was held on October 28. The modernization of the plant in Chicago is also scheduled for completion in 2013.

In addition to this, the former sales partner FUCHS OFF SHORE LUBRICANTS AS in Bergen, Norway was acquired in the third quarter. This company supplies industrial customers, operating primarily in the offshore industry, and currently generates sales revenues in the low single-digit millions.

Employees

As at September 30, 2013, the global workforce of the FUCHS PETROLUB Group comprised 3,874 employees (3,757), an increase of 117 people. Most of the new staff members were recruited in China, Brazil, Germany and Russia especially in the areas of  sales as well as research and development.

Outlook

FUCHS PETROLUB expects business in the remaining months to develop similar to the first nine months of the year and confirms its target of achieving organic growth in sales revenues in the low single-digit percentage range for the financial year. The development of exchange rates could offset this growth.

FUCHS continues to expect an increase in EBIT. It may be difficult to continue the dynamics observed in the first nine months of the year, not least due to exchange rate movements.

FUCHS expects its capital expenditures to at least reach the same level as in the previous year.

Mannheim, November 4, 2013