FUCHS PETROLUB reported that the company grew profitably once again in the financial year 2016. Group sales revenues increased by 9% or EUR 188 million to a new record of EUR 2.3 billion. Acquisitions contributed 9% to the growth in sales revenues. The Groups organic growth amounted to 3%. There was a counter-effect of -3% from currency translation.
Sales revenues increased substantially in Europe (+16%) and Asia-Pacific, Africa (+6%). The North and South America regions sales revenues were 1% down on the previous year.
At EUR 371 million, compared to EUR 342 million in 2015, the Group recorded its best ever earnings before interest and tax (EBIT), and at EUR 260 million, compared to EUR 236 million in 2015, its highest ever earnings after tax.
As forecasted, capital expenditures reached a high of EUR 93 million, compared to EUR 50 in 2015. Free cash flow before acquisitions amounted to EUR 205 million compared to EUR 232 million in 2015 and thus exceeded expectations.
For the financial year 2017, FUCHS expects further increases in sales revenues and earnings. This is based on forecasts indicating a generally positive development of the global economy in 2017 despite the known risks in many regions that are important for us.
FUCHS PETROLUB will publish the final figures for the financial year 2016 on March 21, 2017.
Separately, the company announced that Dr. Manfred Fuchs (78) is to step down after 13 years as Deputy Chairman of the Supervisory Board at the end of the FUCHS Annual General Meeting on May 5, 2017. The Supervisory Boards nomination for his successor is Dr. Susanne Fuchs (52), who will introduce herself to shareholders at this years Annual General Meeting. Dr. Susanne Fuchs, who belongs to the third generation of the entrepreneurial family, holds a doctorate in veterinary medicine and successfully completed her MBA at the Open University in the UK in 2016. Read the complete press release by clicking on the link below on the main page under Other Headlines.
