FUCHS SE / DE000A3E5D64
30.04.2024 - 07:00:33FUCHS with good start into financial year 2024
| FUCHS SE / Key word(s): Quarterly / Interim Statement/Interim Report 30.04.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Decrease in sales revenues of 6% to EUR 877 million due to price adjustments and negative currency effects EBIT improved by 4% or EUR 4 million to EUR 107 million Full-year outlook 2024 confirmed Agreement signed on the acquisition of the international LUBCON Group FUCHS at a glance
Price adjustments resulted in an organic decline in sales revenues of 3%, while negative currency effects, especially from the regions Asia-Pacific and North and South America, amounted to 3%. EBIT, on the other hand, improved by EUR 4 million or 4% to EUR 107 million (103) compared to the first three months of the previous year. At 12.2% (11.0%), the EBIT margin was significantly higher than in the previous year. Earnings after tax rose by 5% to EUR 77 million (73). Earnings amounted to EUR 0.58 (0.54) per ordinary share and per preference share. At EUR 15 million (52), Free cash flow before acquisitions was below a favoured prior-year figure. Business development in the regions At EUR 511 million (552), sales revenues in the region Europe, Middle East, Africa (EMEA) were 7% lower compared to the first three months of 2023, primarily driven by prices. EBIT rose by 8% to EUR 54 million (50). Despite lower sales revenues, the majority of the companies achieved earnings improvements. In particular, the United Kingdom and Poland recorded strong increases in earnings. Sales revenues in the region Asia-Pacific were down 3% year-on-year at EUR 245 million (252) due to high negative currency effects. However, organic growth of 3% was achieved, which was characterized by both a recovery in business development in China as well as strong growth in India. The high currency losses were mainly due to the weak Chinese renminbi and the Australian dollar. EBIT increased by EUR 1 million to EUR 29 million (28). This was driven by the recovery in China, while Australia and Southeast Asia had a slow start to the year. At EUR 167 million (181), sales revenues in the region North- and South America were 8% below the previous year's level, mainly due to high negative exchange rate effects and organic declines. Price adjustments and subdued business development impacted sales in North America, while South America was impacted primarily by the difficult macroeconomic situation in Argentina. The high negative currency effects were caused by the Argentinian peso and the American dollar. EBIT increased by 11% to EUR 21 million (19). North America benefited from the continued positive development in the area of specialty lubricants. In a difficult economic environment, South America was on a par with the previous year. Outlook for 2024 confirmed In its current outlook from April, the International Monetary Fund (IMF) forecasts global economic growth of 3.2% for the current year, which represents a slight increase of 0.1% compared to the January forecast. For Germany, the IMF lowered its expectations compared to its January forecast from 0.5% to just 0.2%. FUCHS thus continues to operate in a challenging environment with great uncertainties regarding economic development in general and changes in commodity prices in particular. The uncertain progress of the war in the Middle East adds to these uncertainties. Nevertheless, we are confident about the remainder of the year and confirm the existing forecast for the full year: Sales revenues: around EUR 3.6 billion EBIT: around EUR 430 million FVA: around EUR 240 million Free cash flow before acquisitions: around EUR 250 million Our global positioning and solid financial base remain robust, and FUCHS continues to focus on profitable growth and the implementation of FUCHS2025. Stefan Fuchs, Chairman of the Executive Board FUCHS SE Mannheim, April 30, 2024 FUCHS SE Public Relations Einsteinstraße 11 68169 Mannheim Tel. +49 (0)621 3802 1104 tina.vogel@fuchs.com www.fuchs.com/group The following information can be accessed via the Internet: Image and video material: https://www.fuchs.com/gb-en/photo-gallery/ About FUCHS Founded in 1931 as a family business in Mannheim, FUCHS is now the world's largest independent supplier of innovative lubrication solutions, covering almost every industry and application. Today, the company's over 6,200 employees in over 50 countries still share the same goal: to keep the world moving both sustainably and efficiently. To live up to this claim, we think in terms of perfection, not merely standards. When developing individual solutions, we enter into an intensive customer dialogue – acting as an experienced consultant, innovative problem solver and reliable team partner. Important note This press release contains statements about future developments that are based on assumptions and estimates by the management of FUCHS SE. Even if the management is of the opinion that these assumptions and estimates are accurate, actual future developments and results can differ significantly from these assumptions and estimates due to a variety of factors. These factors can, for example, include changes in the overall economic climate, changes in procurement prices, changes in exchange rates and interest rates, and changes within the lubricants industry. FUCHS SE provides no guarantee that future developments and the results actually achieved in the future will match the assumptions and estimates set out in this press release and assumes no liability for such. 30.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | FUCHS SE |
| Einsteinstraße 11 | |
| 68169 Mannheim | |
| Germany | |
| Phone: | +49 (0)621 / 3802-0 |
| Fax: | +49 (0)621 / 3802-7190 |
| E-mail: | ir@fuchs.com |
| Internet: | www.fuchs.com/gruppe |
| ISIN: | DE000A3E5D64, DE000A3E5D56 |
| WKN: | A3E5D6, A3E5D5 |
| Indices: | MDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange |
| EQS News ID: | 1892155 |
| End of News | EQS News Service |
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