28.07.2023 FUCHS SE  DE000A3E5D64

EQS-News: FUCHS successfully concludes first half-year


 

EQS-News: FUCHS SE / Key word(s): Half Year Report/Half Year Results
FUCHS successfully concludes first half-year

28.07.2023 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.


  FUCHS successfully concludes first half-year

  • Sales revenues increased price-driven significantly by 11% to EUR 1,822 million
  • EBIT of EUR 200 million 11% above prior year
  • Free Cashflow before acquisitions at EUR 164 million significantly above prior year
  • Forecast for free cash flow before acquisitions raised to around EUR 300 million
    (previously: around EUR 250 million)

 FUCHS at a glance

in EUR million H1 2023 H1 2022 Change Change in %
Sales revenues (1) 1,822 1,640 182 11
   Europe, Middle East, Africa 1,067 987 80 8
   Asia-Pacific 491 454 37 8
   North and South America 352 300 52 17
   Consolidation -88 -101 13 -
EBIT 200 180 20 11
Earnings after tax 141 129 12 9
Investments 31 24 7 29
Free cash flow before acquisitions 164 0 164  
Earnings per share in EUR        
   Ordinary share 1.03 0.92 0.11 12
   Preference share 1.04 0.93 0.11 12
Employees as at June 30 6,167 6,058 109 2
  1. By company location

“After a good first quarter, with an EBIT of EUR 97 million we also achieved our plan in the second quarter. The first half of the year saw an 11% increase in EBIT, reaching EUR 200 million, putting us on track to meet our full-year forecast. Mainly the EMEA region, with contributions from a variety of countries showed significant growth compared to previous year, with contributions from many countries. We are especially pleased with the positive development in the Nordic region.

In the past two years, we faced substantial increases in raw material costs and availability issues, resulting in a significant rise in inventories and receivables. During the first half of this year, we managed to turn this trend around, leading to an overall free cash flow before acquisitions of EUR 164 million. Based on this performance, we are raising our forecast for free cash flow before acquisitions to around EUR 300 million. We are moving forward with confidence despite the well-known market volatility. At the same time, we are investing in our future, particularly focusing on digitalization.”

Stefan Fuchs, Chairman of the Executive Board FUCHS SE

Business development in the Group

In the first six months of 2023, FUCHS recorded sales revenues of EUR 1,822 million (1,640), which were 11% above the prior-year period.
Growth in all regions was predominantly driven by price increases of the prior year, while all regions recorded negative currency effects.
EBIT also benefitted from the price increases of the prior year and increased by EUR 20 million or 11% to EUR 200 million, compared to the prior-year period.
At 11.0%, the EBIT margin was on level of the first half of 2022.
While both regions, EMEA and North and South America, increased their EBIT, the Asia-Pacific region recorded a slight decline.
Earnings after tax increased by 9% to EUR 141 million (129).
The earnings per share was EUR 1.03 (0.92) for the ordinary share and 1.04 (0.93) for the preference share.
Free cashflow before acquisitions was at EUR 164 million (0) significantly above the prior-year figure and benefited despite higher investments from a lower built-up in net operating working capital.

Business development in the regions

At EUR 1,067 million (987), sales revenues in the EMEA region were 8% higher than in the first six months of 2022, driven by price increases. EBIT rose by 18% to EUR 99 million (84). Germany, Great Britain, Italy, Poland and in particular Sweden contributed to the earnings increase.

The Asia-Pacific region increased sales revenues by 8% to EUR 491 million (454), driven by price increases. EBIT was slightly lower than the prior-year period at EUR 52 million (55) due to a restrained economic recovery in China.

The North and South America region recorded the highest sales revenues growth of 17% to EUR 352 million (300). EBIT increased by 11% to EUR 39 million (35) due to the positive business development, especially in the USA and Brazil, despite slightly negative currency effects.

Forecast for free cashflow before acquisitions raised

FUCHS continues to operate in a highly volatile environment. Uncertainty with regard to the economic development as well as raw material and thus also sales prices must be taken into account. Due to a positive development of funds tied up in net operating working capital, FUCHS is slightly adjusting its forecast for free cash flow before acquisitions:

  • Sales revenues: around EUR 3.6 billion
  • EBIT: around EUR 390 million
  • FVA: above the previous year (EUR 172 million)
  • Free cash flow before acquisitions: around EUR 300 million
    (before: around EUR 250 million)

The global positioning and solid financial base remain robust, and FUCHS continues to focus on profitable growth and the implementation of FUCHS2025.

Mannheim, July 28, 2023

 

FUCHS SE

Public Relations

Einsteinstraße 11

68169 Mannheim

Tel. +49 (0)621 3802 1104

[email protected] 

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 6,100 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.



28.07.2023 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.

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Language: English
Company: FUCHS SE
Einsteinstraße 11
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: 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: 1690231

 
End of News EQS News Service

1690231  28.07.2023 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 2.473,00 2.567,00 2.572,00 2.378,00 2.871,00 3.412,00 3.541,00
EBITDA1,2 426,00 441,00 400,00 393,00 449,00 459,00 511,00
EBITDA-Marge3 17,23 17,18 15,55 16,53 15,64 13,45
EBIT1,4 373,00 354,00 321,00 313,00 363,00 365,00 413,00
EBIT-Marge5 15,08 13,79 12,48 13,16 12,64 10,70 11,66
Jahresüberschuss1 269,00 288,00 222,00 221,00 254,00 260,00 283,00
Netto-Marge6 10,88 11,22 8,63 9,29 8,85 7,62 7,99
Cashflow1,7 242,00 267,00 329,00 360,00 169,00 128,00 543,00
Ergebnis je Aktie8 1,94 2,06 1,64 1,59 1,83 1,88 2,06
Dividende8 0,91 0,95 0,97 0,99 1,03 1,07 0,89
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
©boersengefluester.de
Fuchs VZ
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A3E5D6 43,840 Kaufen 5.420,31
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
19,31 22,14 0,87 24,34
KBV KCV KUV EV/EBITDA
3,68 11,22 1,53 11,73
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
1,07 1,11 2,53 08.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
30.04.2024 30.07.2024 30.10.2024 12.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
0,72% 9,84% 8,78% 22,39%
    
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Chemie , A3E5D6 , FPE3 , XETR:FPE3