FUCHS SE / DE000A3E5D64
30.07.2024 - 07:00:09FUCHS with good first half of 2024
| FUCHS SE / Key word(s): Half Year Report/Half Year Results 30.07.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Decrease in sales revenues of 3% to EUR 1.764 million due to price adjustments and negative currency effects EBIT improved by 9% or EUR 18 million to EUR 218 million Earnings per share increases by 13% (preference share) or 14% (ordinary share); share buyback program close to completion Full-year outlook 2024 confirmed Acquisition of LUBCON Group completed FUCHS at a glance
Price adjustments resulted in an organic decline in sales revenues of 1%, while negative currency effects, especially from the region Asia-Pacific and from South America, amounted to 2%. EBIT, on the other hand, improved by EUR 18 million or 9% to EUR 218 million (200) compared to the six months of the previous year. At 12.4% (11.0%), the EBIT margin was significantly higher than in the previous year. Earnings after tax rose by 10% to EUR 155 million (141). Earnings per ordinary share increased by 14% to EUR 1.17 (1.03) and per preference share by 13% to EUR 1.18 (1.04). Meanwhile, the share buyback program launched in June 2022 is close to its completion. At EUR 69 million (164), Free cash flow before acquisitions was below the favoured prior-year figure. Business development in the regions At EUR 1.027 million (1.067), sales revenues in the region Europe, Middle East, Africa (EMEA) were 4% lower compared to the first six months of 2023, primarily driven by pricing. EBIT, on the contrary, rose by 13% to EUR 112 million (99). Despite lower sales revenues, the majority of the companies achieved earnings improvements. In particular, Germany and Poland recorded increases in earnings. Sales revenues in the region Asia-Pacific were down 1% year-on-year at EUR 485 million (491) 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 and Australia. The high currency losses arose from the weakness of all currencies in the region. EBIT increased by EUR 3 million to EUR 55 million (52). This was in particular driven by the recovery in China. At EUR 341 million (352), sales revenues in the region North- and South America were 3% below the previous year's level, mainly due to high negative exchange rate effects. In North America price adjustments drove organic growth, whereas the business development remained moderate. The sales development in South America was impacted primarily by the difficult macroeconomic situation. The high negative currency effects were primarily caused by the Argentinian peso. EBIT increased by over 20% to EUR 47 million (39). North America benefited from the continued positive development in the area of specialty lubricants. Mexico also reported high increases. Outlook for 2024 confirmed In its latest outlook from July, the International Monetary Fund (IMF) confirms its April forecast and continues to anticipate a global economic growth rate of 3.2% for the current year. For Germany, expectations remain at the low level of 0.2%. FUCHS continues to operate in a challenging environment. Uncertainties regarding economic developments in general and the development of raw material prices in particular persist. Based on our growth plans, we are confident about the second half of the year and confirm our existing forecast for the full year 2024: Sales: 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. Mannheim, July 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. 30.07.2024 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: | 1956397 |
| End of News | EQS News Service |
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