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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 - Seite 2
Sales revenues and earnings
In a persistently difficult economic environment, FUCHS generated sales revenues of EUR 1,740 million (1,952) in the first nine months of 2020, representing a decrease of -11%. The positive contribution from acquisitions (+2%) was offset by negative currency effects (-2%).
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.
Operating business considerably exceeded expectations in the third quarter, especially in September. The cost-saving measures are also taking effect. EBIT in the first nine months was down -17%
year-on-year at EUR 203 million (246). Earnings after tax declined by -19% to EUR 142 million (176). Earnings per ordinary share came to EUR 1.02 (1.26) and earnings per preference share came to
EUR 1.02 (1.27). At EUR 122 million (94), free cash flow before acquisitions was significantly up compared to the previous year.
Sales revenues and earnings by region
At EUR 1,060 million (1,201), sales revenues in the EMEA region were down -12% year-on-year. Despite the upturn in the third quarter, all major companies in the region were affected by declines in
sales revenues, with the UK, France, Spain, Italy, and Germany the hardest hit. The EMEA region's EBIT of EUR 102 million (130) was about -22% lower than in the previous year.
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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.