DGAP-News: FUCHS PETROLUB SE with recovery in third quarter of 2020 - First nine months of 2020 still with significant decline in sales revenues and earnings due to the Covid-19 pandemic
DGAP-News: FUCHS PETROLUB SE
/ Key word(s): 9 Month figures
FUCHS PETROLUB SE with recovery in third quarter of 2020 - First nine months of 2020 still with significant decline in sales revenues and earnings due to the Covid-19 pandemic Our free cash flow before acquisitions developed positively. It was up significantly year-on-year at EUR 122 million with investments at a lower level than in the previous year despite a decline in earnings. This development confirms our decision to continue our investment program with a sense of proportion even under the current difficult conditions. By the end of September, we invested EUR 89 million in our future. We are looking ahead to the remaining months with cautious optimism and have therefore also revised our forecast for the year. We currently anticipate a decline in earnings in the range of -15%. In July, we had expected a -25% decline," says Stefan Fuchs, Chairman of the Executive Board of FUCHS PETROLUB SE. - Sales revenues in the first nine months down -11% year-on-year at EUR 1,740 million (1,952) - Earnings (EBIT) down -17% at EUR 203 million (246) - New outlook for the current financial year: Earnings decline in the range of -15% (previously: -25%)
FUCHS at a glance
(1) By company location. The effects of the Covid-19 pandemic weakened further during the year. In the third quarter, sales revenues increased significantly compared to the second quarter of 2020. The Asia-Pacific region already posted year-on-year growth in the third quarter, and an upward trend can be seen in the EMEA and North and South America regions. The region Asia-Pacific posts a very good third quarter, exceeding the previous year. With sales revenues of EUR 509 million (535), the decline in sales revenues was reduced to -5% (-10% in the first half year) in the first nine months. Positive external growth (+1%) from the acquisition of a manufacturer of lubricants for the automotive retail sector in Australia was more than offset by negative currency effects (-2%) in almost all countries. After a very good third quarter, the Asia-Pacific region's EBIT increased by 4% to EUR 70 million (67). This positive development was particularly driven by China. In the North and South America region, a clear upward trend was noticeable, particularly due to the upturn on the American market. The region's sales revenues in first nine months were down -12% year-on-year at EUR 281 million (320). Due to acquisitions, the region's external growth was 10% or EUR 32 million. The decline in the region's EBIT was reduced, with EBIT down -29% year-on-year at EUR 29 million (41). Outlook The effects of the crisis on supply chains, production and customer demand cannot be reliably estimated currently. The new forecast is based on the assumption that there will not be any major lockdowns in the key regions for FUCHS in the fourth quarter of 2020. FUCHS is well-positioned to face the crisis and has a solid financial basis. The stability and structure of the balance sheet form a sound foundation for further development. Both the low proportion of fixed costs and the high proportion of raw materials have a positive effect. This allows us to breathe flexibly with sales. In addition, FUCHS once again benefits from its worldwide presence and broad product portfolio. FUCHS PETROLUB SE The following information is available online: Important note
03.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | FUCHS PETROLUB SE |
Friesenheimer Str. 17 | |
68169 Mannheim | |
Germany | |
Phone: | +49 (0)621 / 3802-0 |
Fax: | +49 (0)621 / 3802-7190 |
E-mail: | [email protected] |
Internet: | www.fuchs.com/gruppe |
ISIN: | DE0005790430, DE0005790406 |
WKN: | 579043, 579040 |
Indices: | MDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange |
EQS News ID: | 1144823 |
End of News | DGAP News Service |
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1144823 03.11.2020
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