FUCHS PETROLUB SE
- WKN: 579043
- ISIN: DE0005790430
- Land: Deutschland
Nachricht vom 09.03.2021 | 07:00
FUCHS successfully completes difficult year 2020
DGAP-News: FUCHS PETROLUB SE
/ Key word(s): Annual Results
FUCHS successfully completes difficult year 2020
(1) By company location
The business development in 2020 was strongly impacted by the COVID-19 pandemic. The shutdown of economic activity and the extensive lockdowns led to drastic declines in sales revenues, which took effect in the second quarter in particular. Recovery trends, which emerged in the following quarters and particularly toward the end of the year, could not compensate the declines from spring. Full-year sales revenues declined by 8% year-on-year.
FUCHS countered the substantial decline in sales revenues with cost discipline: Measures to cut staff costs and material costs were implemented - but with a sense of proportion and without making major cutbacks or jeopardizing future projects. As a result, the Group's function costs were reduced in 2020 compared to the previous year. Moreover, positive mix, currency, and raw material cost effects led to an improved gross margin. Overall, EBIT decreased by only 3% year-on-year.
Despite the decline in earnings, free cash flow before acquisitions increased from EUR 175 million to EUR 238 million by releasing funds in net operating working capital and reducing investments in comparison to the previous year.
Dagmar Steinert, Executive Board member and CFO at FUCHS: "2020 was a difficult year for FUCHS, too. The COVID-19 pandemic hit us hard and resulted in significant declines in sales revenues and earnings over the course of the year. However, we consequently took countermeasures and implemented specific cost-cutting actions. We can be satisfied with how we have got through the crisis and how quickly we have recovered again. In the final quarter, we even achieved the highest quarterly result in FUCHS' history."
The Asia-Pacific region recovered early from the coronavirus-related sales revenue losses, posting a decline in sales revenues of just 3%. EBIT increased by 8% thanks to cost reductions and a very positive development in China.
The North and South America region, and especially the US, was particularly heavily impacted by the coronavirus pandemic. Sales revenues fell by 7%, while the organic sales revenue decline was much higher at 14%. There was a positive impact from external growth in sales revenues of 11%. Overall, EBIT was down 14% year-on-year.
Investment initiative mostly completed
Forecast for 2021: Improvements in all regions countered by rising raw material prices
Dagmar Steinert, Executive Board member and CFO at FUCHS: "We expect a positive operating development in all regions in 2021. In addition, we will maintain the consequent cost management that was already successfully implemented in 2020. However, we cannot disregard the still fragile economic environment and the recently strongly increased raw material prices, which will temporarily be a burden."
Stefan Fuchs, Chairman of the Executive Board at FUCHS: "We achieved some major milestones in 2020. Based on our strengths, we have developed a strategy that builds on six strategic pillars: global strength, customer and market focus, technology leadership, operational excellence, people and organization, and sustainability. This basis of our strategy serves as guidance for our strategic actions in order to fulfill our vision for 2025. At two virtual roadshows held in 2020, to which our entire workforce had access, we were able to share our strategy, gather suggestions, and also just enjoy discussions with one another."
In structural terms, progress was made in 2020 with regard to the alignment by market segments. This enables FUCHS to respond to its customers' requirements in a more direct, agile, and needs-based way. In addition, the automotive aftermarket business was strengthened and the business segments were supported by a team of focused segment managers. With regard to culture, the topics of hierarchy-free communication and an open feedback culture were addressed in depth.
Mannheim, March 9, 2021
|Company:||FUCHS PETROLUB SE|
|Friesenheimer Str. 17|
|Phone:||+49 (0)621 / 3802-0|
|Fax:||+49 (0)621 / 3802-7190|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange|
|EQS News ID:||1173944|
|End of News||DGAP News Service|
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