FUCHS GROUP
Investor Presentation
| January 2020
| Dagmar Steinert, CFO
| Thomas Altmann, Head of Investor Relations
Agenda
- |The Leading Independent Lubricants Company
- |Q1-3 2019
- |Shares
- |Appendix
- 2
01The Leading Independent Lubricants Company
FUCHS at a glance
Established 3generations ago as a family-owned business
Around 5,500 | Preference share is listed |
employees | in the MDAX |
- 4
No. 1
among the independent suppliers of lubricants
€2.6 bn
sales in 2018
58companies worldwide
The Fuchs family holds
55% of
ordinary shares
A full range of over
10,000
lubricants and related specialties
Top 20 lubricants manufacturers
Number 1 among the independent lubricants companies
Manufacturers | Major | Market Shares | ||
Independent | 130 | oil companies | Other 710 | Top 10 |
manufacturers | manufacturers | |||
lubricant | ||||
<50% | >50% | |||
manufacturers* | ||||
590 |
- High degree of fragmentation
- Concentration especially amongst smaller companies
* > 1000 tons
- 5
Our unique business model is the basis for our competitive advantage
Technology and innovation leadership in strategically important product areas
FUCHS is fully focussed on lubricantsFUCHS is a full-line supplier
Independency allows reliability, customer & | Global presence, R&D strength, |
market proximity (responsiveness and | |
know-how transfer, speed | |
flexibility) and continuity | |
Advantage over | Advantage over |
major oil companies | independent companies |
- 6
We are where our customers are
58 Operating Companies
33 Production Sites
- 7
As of Dec. 2018
Full-line supplier advantage
Sales 2018: €2.6 bn | |
(~80% international) | |
by customer location | |
Automotive lubricants | Industrial lubricants |
~45% | ~55% |
e.g. Engine & gear oils, hydraulic oils, shock absorber fluids, etc. | e.g. Industrial oils, MWF/CP* and greases |
100,000 customers in more than 150 countries
Car industry | Manufacturing | Engineering | Construction | Mining | Trade, Services & |
Transportation |
Heavy Duty | Steel & Cement | Aerospace | Agriculture industry | Wind energy | Food |
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*metalworking fluids/corrosion preventives
Well balanced customer structure
Top 20 Customers account for ~ 25% sales
Engineering / Machinery construction | |||||
Industrial goods manufacturing | |||||
Agriculture and construction | |||||
7% | 19% | ||||
6% |
Sales 2018: | ||
Trade, transport and services | 28% | €2.6 bn |
31%
9%
Vehicle manufacturing
Energy and mining
- 9
Organic growth potential in emerging countries
Market Demand
36.4 mn t | 0 % | 36.4 mn t |
FUCHS Sales (by customer location)
€ 902 mn | +185 % | € 2,567 mn |
27%
19%
50%
(1,293)
27%
34%
54%
39%
59% (531)
24% (219)
17% (152)
17%
(428)
33%
(846)
20002018
20002018
l 10 | Asia-Pacific & MEA | Americas | Europe | |||
Investment in the future
R&D expenses and Capex
€ mn | ||||
60 | ||||
52 | ||||
50 | 44 | 47 | ||
40 | 39 | |||
33 | ||||
30 | ||||
20 | ||||
10 | ||||
0 | ||||
2014 | 2015 | 2016 | 2017 | 2018 |
R&D Expenses | in % of Sales | |
2.5% | 140 | 6% | |||||
120 | 121 | ||||||
105 | |||||||
100 | 93 | ||||||
80 | |||||||
2.0% | 60 | 53 | 58 | 4% | |||
52 | 50 | ||||||
47 | 11 | ||||||
39 | 11 | ||||||
40 | 10 | PPA | |||||
30 | PPA | ||||||
PPA | |||||||
20 | |||||||
1.5% | 0 | 2014 | 2015 | 2016 | 2017 | 2018 | 2% |
Capex | Scheduled amortisation/depreciation | in % of Sales |
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Investment initiative
Capex 2016-2021 €700+ mn
- In 2016 - 2018 over€300 mncapex was spent with focus on the expansion of Mannheim, Kaiserslautern and Chicago as well as new plants in China, Australia and Sweden
- Capex will peak in 2019 at€180 mn. In 2020/2021 more than €100+ mn p.a.will be spent on growth and replacement as well as efficiency improvements due to significant volume increases, technological changes and a changed product mix
- From 2022 onwards, capex should be back on par with the new level of depreciation
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€ mn
200
150
100
50
Estimated level of depreciation
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Capex | Scheduled depreciation* | |
* Depreciation figures excluding PPA from M&A
FUCHS' Strategy
Profitable Growth:
Internationalization of core activities
Local production in 33 plants
People:
| Employer | |
Global | Branding | |
| Culture | |
standards, | | Talent- |
processes | management | |
and branding | | Learning |
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Utilize disruptions like e-mobility, digitalization, etc. as an opportunity
Agile network structure based
on common values
FUCHS2025
Strategy
- Vision for the future - Projects and action - Financial target
Culture
Values and the way we want to communicate
Structure
Global processes and standards
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Strong track record of integrating businesses
M&A transactions with more than € 10mn sales (p.a.)
(GLOBAL) | (DE) | (SE) | (AU) | (US) | ||||||||
€ 21 mn | € 135 mn | € 140 mn | € 25 mn | € 46 mn* | ||||||||
2010 | 2015 | 2019 | ||||||||||
2014 | 2016 |
(ZA) | (GB) | (US) | Lubricants | |||
(US) | ||||||
€ 15 mn | € 15 mn | € 15 mn | ||||
€ 11 mn | ||||||
*Closing Beginning of 2020
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Acquisitions 2019
- Automotive retail business
- Sales 2018 AUD 40mn (~ €25 mn), 65 employees
- Closing April 1, 2019
- Automotive, medical, aerospace andin-vacuum industriy
- Sales 2018 USD 51mn (~ €46 mn), 180 employees
- Closing beginning of 2020
- Chemical Process Management (CPM)
Sales 2018 €4 mn, 60 employees
- Closing November 1, 2019
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FUCHS CO2-neutral as of 2020
- Since 2010 already 30% reduction of energyconsumption-specific CO2emissions per ton of FUCHS lubricant produced
- From 2020 onwards, all FUCHS locations worldwide will beCO2-neutral - from energy consumption in production to consumables in administration
Emissions not yet avoided are offset by compensation measures
Investment in high-quality climate protection projects for the expansion of renewable energies
l 17
02Q1-3 2019
Highlights Q1-3 2019
Sales at previous year's level at €1,952 mn
- Growth initiative results in costs increasing as planned
- Continuing weakness of automotive markets impacting German and Chinese business
- North America slightly improved compared to second quarter
- 19
EBIT down by 17% to €246 mn; EBIT comparable down by 14%
Outlook 2019 specified
- Sales(-3% to +0%) and EBIT (-30% to -20%, comparable: -27% to -17%) at the upper end of the range of the guidance
Q1-3 2019 Group sales
€ mn | ||||||||||||
2,500 | - 23 | + 12 | + 10 | |||||||||
(- 1%) | (+ 1%) | (0%) | ||||||||||
2,000 | 1,953 | 1,952 | ||||||||||
1,500 | - 1 | |||||||||||
1,000 | ||||||||||||
(0%) | ||||||||||||
500 | ||||||||||||
0 | ||||||||||||
Q1-3 2018 | Organic Growth | External Growth | FX | Q1-3 2019 |
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Regional sales growth Q1-3 2019
Continuing weakness in Europe and Asia
Q1-3 2019 | Q1-3 2018 | Growth | Organic | External | FX | |
(€ mn) | (€ mn) | |||||
Europe, Middle East, Africa | 1,201 | 1,237 | -3% | -3% | - | 0% |
Asia-Pacific | 535 | 542 | -1% | -4% | +2% | +1% |
Americas | 320 | 304 | +5% | +1% | - | +4% |
Consolidation | -104 | -130 | - | - | - | - |
Total | 1,952 | 1,953 | 0% | -1% | +1% | 0% |
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Income statement Q1-3 2019
€ mn | Q1-3 2019 | Q1-3 2018 | € mn | in % |
Sales | 1,952 | 1,953 | -1 | 0 |
Gross Profit | 672 | 686 | -14 | -2 |
Gross Profit margin | 34.4 % | 35.1 % | - | -0.7%-points |
Other function costs | -433 | -410 | -23 | -6 |
EBIT before at Equity | 239 | 276 | -37 | -13 |
At Equity | 7 | 21 | -14 | -67 |
EBIT | 246 | 297 | -51 | -17 |
Earnings after tax | 176 | 219 | -43 | -20 |
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EBIT by regions
Q1-3 2019 (Q1-3 2018)1
€ mn 300
250
200
150
100
50
0
EBIT margin before at equity1
41 | 8 | 246 |
(45) | (10) | |
(297) | ||
67
(80)
130
(162)
EMEA | Asia-Pacific | Americas | Holding/cons. | Group |
10.2% (11.4%) | 12.5% (14.8%) | 12.8% (14.8%) | 12.2% (14.1%) |
12018 comparable
- 23
Cash flow Q1-3 2019
€ mn | Q1-3 2019 | Q1-3 2018 | in % |
Earnings after tax | 176 | 219 | -20 |
Amortization/Depreciation | 54 | 42 | 29 |
Changes in net operating working capital (NOWC) | -11 | -57 | -81 |
Other changes | -22 | -10 | >100 |
Capex | -103 | -73 | 41 |
Free cash flow before acquisitions1 | 94 | 121 | -22 |
Acquisitions1 | -10 | 12 | >-100 |
Free cash flow | 84 | 133 | -37 |
1Including divestments
- 24
Q1-3 2019 earnings summary
- Decrease in sales in EMEA andAsia-Pacific mainly due to weakness of the automotive market in China and Germany; Slight improvement in North America in Q3 compared to Q2
- Positive FX effects North- and South America (+4%) due to a strong US dollar, minor negative effect in EMEA mainly from the South African rand and Swedish krona and minor positive effect in APAC; External growth (+2%) in APAC due to acquisition of NULON, an Australian manufacturer for the automotive retail sector
- Higher manufacturing costs (in particular staff and D&A) related to the growth programm result in a decrease of gross profit by 2% to €672 mn (686). Gross profit margin improved over the course of the year but still below previous year's level (34.4% (35.1))
- M&A in Australia, additional D&A and higher staff costs increase other function costs by €23 mn to €433 mn (410)
- At-equityincome in 2018 incl. one-off effect from sale of an equity share (€12 mn); Current at-equity result impacted by economic crisis in Turkey
- EBIT therefore, combined with sales decrease, down by 17%y-o-y at €246 mn (297); EBIT comparable down by 14%; Earnings after tax at €176 mn (219), down by 20%
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Outlook 2019
Performance indicator | Actual | Outlook 2019 | ||
2018 | March 19 | August 19 | October 2019 | |
Sales | €2,567 mn | +2% to +4% | -3% to +0% | Upper end of -3% to +0% |
EBIT comparable | €371 mn | -5% to -2% | -27% to -17% | Upper end of -27% to -17% |
EBIT | €383 mn | -8% to -5% | -30% to -20% | Upper end of -30% to -20% |
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03Shares
Breakdown ordinary & preference shares
(December 31, 2018)
Ordinary shares
Free | Fuchs | Symbol: FPE |
ISIN:DE0005790406 | ||
float | ||
45% | family | WKN:579040 |
55% |
Basis: 69,500,000 ordinary shares
Characteristics:
- Dividend
- Voting rights
Preference shares
MDAX-listed
Free | Symbol: FPE3 |
ISIN:DE0005790430 | |
float | |
100% | WKN:579043 |
Basis: 69,500,000 preference shares
Characteristics:
- Dividendpluspreference profit share (0.01€)
- Restricted voting rights in case of:
- preference profit share has not been fully paid
- exclusion ofpre-emption rights (e.g. capital increase, share buyback, etc.)
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Stable dividend policy
Our target: Increase the absolute dividend amount each year or at least maintain previous year's level
€ | Dividend per Preference Share | € mn | |
7,000 | |||
1.00 | Payout Ratio 2018: 46% | 0.95 | |
6,000 | |||
0.80 | |||
5,000 | |||
0.60 | 4,000 | ||
0.40 | 3,000 | ||
0.27 | |||
2,000
0.20
1,000
0.00
0
Market Capitalization
- 29
04Appendix
Top 20 lubricant countries
KT | ||||
8,000 | 2007 | 2018 | ||
7,000 |
6,000
5,000
4,000
3,000
2,000
1,000
0
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- China and the USA cover more than one third of the world lubricants market
- FUCHSis present in every important lubricants consuming country
Regional per-capita lubricants demand
kg | ||||
25 | ||||
2007 | 2018 | |||
20 |
15
10
5
0
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Base oil / additives value split
20%
60%
80%
40%
Standard Lubricants | FUCHS | |||
Base Oils | Additives, etc. | |||
- 33
- Base oil prices do not necessarily follow crude oil prices
- No direct link between additives and crude oil prices. We even face price increases for certain raw materials where supply/demand is not balanced or special situations occur
- Special lubricants consist of less base fluid and more additives
Workforce Structure
5,446 employees globally
Regional Workforce Structure
Other | |
Germany | European |
1,634 (30%) | Countries |
1,948 | |
(36%) |
2018
Asia- | |
Pacific, | |
Africa | Americas |
1,174 | |
690 | |
(21%) | |
(13%) | |
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Functional Workforce Structure
Marketing | Production |
& Sales | |
1,681 | |
2,303 | |
(32%) | |
(43%) | |
2018*
R&D
523
(10%)
Admin
815
(15%)
*Excl. 124 Trainees
FUCHS2025 - Vision
High performance organization driven to continuously improve and adapt to technology and market changes.
Unique company culture with family roots and a strong | |
value foundation. An independent, global thinking and agile | |
company communicating free of hierarchies & practicing an | Customer focus and |
open feedback culture. | proximity around the globe. |
Know-how and state of the art technology linked with top service are a matter of course.
Act global
Based on our global | |||
First choice for our global | standards and processes | ||
Global alignment and | our employees act global | ||
stakeholders: investors, | Sustainable and successful | while we keep the local | |
communication with no | employees, customers, | entrepreneurship with | |
friction within the matrix. | suppliers etc. | global business model. | strong local teams. |
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Challenges & Opportunities
Global Networked &
Agile CompanyProfitable
Growth
StructuresDigitalization
E-Mobility
- 36
Digitalisation will fundamentally change our value creation
- inoviga GmbH is a think tank outside the operative business
Driving force behind digitalization projects
Develops prototypes and tools for digital business models
- Current topics:
- eCommerce
- Digitalized product development & production
- Smart Services
- 37
Electrification of cars creates new applications
Global light-duty vehicles sales forecast (in mn units)
144 | |||||
131 | 14 | ||||
117 | 10 | ||||
107 | 40 | ||||
93 | 96 | 17 | 29 | ||
32 | 34 | 40 | 44 | ||
49 | |||||
53 | |||||
59 | 59 | 58 | 51 | 44 | |
36 | |||||
RoW
- EU, USA, China
Electric Vehicle
Vehicle w/ combustion Engine
RoW
- EU, USA, China
Electrification is an opportunity for FUCHS to further strengthen its market leadership with technically advanced solutions
Electrification of cars will lead to new applications and higher requirements for |
existing applications |
Regardless of the powertrain type, every car needs a variety of other lubricant |
applications |
Combustion engines will face further efficiency improvements leading to higher |
requirements of existing lubricants (e.g. higher protection against deposits for |
turbocharged engines, higher heat and ageing stability for more compact engines) |
Hybrid cars with efficient combustion engines will place complex requirements for |
existing applications but also create new demand for new applications |
EVs will place whole new demand on gear oils, coolants, greases (e.g. contact |
with electrical currents and electromagnetic fields, higher heat emission, reduction |
gears with less gear steps and higher input speeds) |
2018 | 2020 | 2025 | 2030 | 2035 | 2040 |
Source: FEV / Base Scenario
FUCHS is used to quickly adapting to new market demands and is working on |
concrete methods to meet the challenges of the future mobility |
- 38
Lubricant applications in passenger cars
In modern cars there are more than 30 different types of greases
Central hydraulic system | Skin parts / washing oils | ||||||
prevention for wire cables | |||||||
Corrosion | |||||||
Processing seat components | |||||||
Axle drive | Power steering | ||||||
Air conditioning | |||||||
Engine handling | |||||||
Engine | |||||||
Transmission | |||||||
Radiator antifreeze | |||||||
Engine components |
Shock absorber oils
Forming add-ons and skin panels
- 39
Lubricant applications in passenger cars
Electrification brings a variety of opportunities for FUCHS
Coolants for power
Corrosion preventive for battery housing
Powertrain | ICE | HEV | BEV |
Applications |
electronics
Greases for bearings in E- Motor
MTF in machining of E-Motor a. gearbox
Drawing oils
for copperwire
E-Drive Oil for E- Motor and gearbox
Axle transmission oil
Contact grease for electric connections
Compressor oil for heatpump / air condition
Coolant for battery
Cleaners in battery production
Forming oils for battery cell cups or battery module cases
Engine oil | ✓ | ✓ | - |
Transmission oil | ✓ | ✓ | ✓/ - |
Greases | ✓ | ✓ | ✓ |
Specialty greases | ✓ | + | + |
Lubricants for | ✓ | + | + |
Auxiliary systems | |||
Cooling & | ✓ | + | + |
functional liquids |
Products, which are needed independent from propulsion type are not shown
l 40
-Omitted ✓Required +Increased |
Long-term objective:
Focus on Shareholder Value
Drive returns
Optimize capital
Strengthen portfolio
- Organic growth through strict customer focus, geographic expansion and product innovation
- Improve operating profitability through margin and mix management, operating cost management and efficiency improvements
- Capex with returns above WACC
- Manage NOWC
- Reinvest in the business
- Acquisitions
- 41
Cash allocation
Cash allocation priority
Reinvest in the business | Return cash to shareholders |
Capex | Stable Dividends |
Acquisitions | Share Buyback |
- 42
Unique track record for continued profitability and added value
Sales (in € mn)
3,000 | 2,567 | |||||||||
2,500 | ||||||||||
2,000 | ||||||||||
1,500 | 1,178 | |||||||||
1,000 | ||||||||||
500 | ||||||||||
0 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 |
EBIT (in € mn)
Earnings After Tax (in € mn)
300 | 288 |
200
121
100
0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
FVA (in € mn)
500 | 15.3% | 14.9% | 18.0% |
383 | |||
375 | 12.0% | ||
250 |
300
200
251
180 | 6.0% | |||||||||||||||||||||||||||||||
125 | ||||||||||||||||||||||||||||||||
0 | 0.0% | |||||||||||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||||
EBIT | EBIT margin | |||||||||||||||||||||||||||||||
- 43
117
100
0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Development EBIT - Cost of Capital - FVA
€ mn
450 | |||||||||||||||
400 | EBIT | 371 | 373 | 383 | |||||||||||
350 | Cost of capital | 342 | |||||||||||||
FVA | 312 | 313 | |||||||||||||
293 | |||||||||||||||
300 | |||||||||||||||
264 | |||||||||||||||
250 | 246 | 257 | 250 | 251 | |||||||||||
250 | 230 | ||||||||||||||
208 | 222 | ||||||||||||||
195 | |||||||||||||||
200 | 180 | 183 | 186 | ||||||||||||
161 | 172 | ||||||||||||||
150 | 129 | 137 | 110 | 117 | |||||||||||
100 | 132 | ||||||||||||||
100 | 86 | 123 | |||||||||||||
71 | 113 | ||||||||||||||
90 | 96 | ||||||||||||||
37 | 78 | 85 | 83 | ||||||||||||
50 | 61 | 62 | 63 | 67 | |||||||||||
58 | 59 | ||||||||||||||
49 | |||||||||||||||
0 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 |
l 44 | Cost of Capital = CE x WACC |
Stable EBIT in 2018
€ mn | 2014 | 2015 | 2016 | 2017 | 2018 | 17/18 |
Sales | 1,866 | 2,079 | 2,267 | 2,473 | 2,567 | 3.8% |
Gross Profit | 693 | 791 | 851 | 882 | 899 | 1.9% |
Gross Profit margin | 37.2% | 38.1% | 37.5% | 35.7% | 35.0% | -0.7%-points |
Other function costs | -400 | -467 | -499 | -526 | -542 | 3.0% |
EBIT before at Equity | 293 | 324 | 352 | 356 | 357 | 0.3% |
EBIT margin before at Equity | 15.7% | 15.6% | 15.5% | 14.4% | 13.9% | -0.5%-points |
At Equity | 20 | 18 | 19 | 17 | 26 | 52.9% |
EBIT | 313 | 342 | 371 | 373 | 383 | 2.7% |
EBIT margin | 16.8% | 16.5% | 16.4% | 15.1% | 14.9% | -0.2%-points |
EBITDA | 343 | 381 | 418 | 426 | 441 | 3.5% |
EBITDA margin | 18.4% | 18.3% | 18.4% | 17.2% | 17.2% | - |
- 45
Solid balance sheet and strong cash flow generation
€ mn | 2018 | 2017 | 2016 | 2015 | 2014 |
Total assets | 1,891 | 1,751 | 1,676 | 1,490 | 1,276 |
Goodwill | 174 | 173 | 185 | 166 | 88 |
Equity | 1,456 | 1,307 | 1,205 | 1,070 | 916 |
Equity ratio | 77% | 75% | 72% | 72% | 72% |
€ mn | 2018 | 2017 | 2016 | 2015 | 2014 |
Net liquidity | 191 | 160 | 146 | 101 | 186 |
Operating cash flow | 267 | 242 | 300 | 281 | 255 |
Capex | 121 | 105 | 93 | 50 | 52 |
Free cash flow before acquisitions1 | 147 | 142 | 205 | 232 | 210 |
Free cash flow | 159 | 140 | 164 | 62 | 188 |
1Including divestments
- 46
Regional sales growth 2018
Europe and Asia-Pacific, Africa declining in the course of the year
2018 | 2017 | Growth | Organic | External | FX | |
(€ mn) | (€ mn) | |||||
Europe | 1,546 | 1,515 | +2% | +3% | 0% | -1% |
Asia-Pacific, Africa | 783 | 733 | +7% | +11% | - | -4% |
Americas | 409 | 393 | +4% | +13% | - | -9% |
Consolidation | -171 | -168 | - | - | - | - |
Total | 2,567 | 2,473 | +4% | +7% | - | -3% |
- 47
EBIT by regions
2018 (2017)1
€ mn 400
350
300
250
200
150
100
50
0
EBIT margin before at equity1
59 | 11 | 383 |
(61) | (9) | (373) |
121
(128)
192
(175)
Europe | Asia-Pacific, Africa | Americas | Holding/cons. | Group |
11.5% (11.4%) | 13.9% (15.4%) | 14.4% (15.5%) | 13.9% (14.4%) |
12017 comparable
- 48
Cash flow 2018
€ mn | 2018 | 2017 | in % |
Earnings after tax | 288 | 269 | 7 |
Amortization/Depreciation | 58 | 59 | -2 |
Changes in net operating working capital (NOWC) | -48 | -78 | -39 |
Other changes | -30 | -3 | - |
Capex | -121 | -105 | 15 |
Free cash flow before acquisitions1 | 147 | 142 | 4 |
Acquisitions1 | 12 | -2 | - |
Free cash flow | 159 | 140 | 14 |
1Including divestments.
- 49
Net Liquidity 2018
€ mn | |||||||||
500 | |||||||||
450 | -63 | ||||||||
400 | |||||||||
350 | -48 | -30 | |||||||
300 | 288 | ||||||||
250 | Free cash flow before acquisitions | -126 | |||||||
200 | €147 mn | 10 | |||||||
150 | 160 | ||||||||
100 | 191 | ||||||||
50 | |||||||||
0 | |||||||||
Net liquidity | Earnings after tax Depreciation ./. | NOWC | Other changes | Dividend | Other changes | Net liquidity | |||
Dec 2017 | Capex | Dec 2018 |
l 50
Net operating working capital (NOWC)*
650
600
550
500
450
400
350
300
- 51
24.0% | ||||||||||||||||||||||||||||||||||||
23.4% | ||||||||||||||||||||||||||||||||||||
19.9% | 21.0% | 21.3% | 21.8% | 22.3% | 22.8% | 22.0% | ||||||||||||||||||||||||||||||
85 | 83 | 20.0% | ||||||||||||||||||||||||||||||||||
79 | 81 | |||||||||||||||||||||||||||||||||||
78 | 18.0% | |||||||||||||||||||||||||||||||||||
73 | 77 | |||||||||||||||||||||||||||||||||||
16.0% | ||||||||||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | Q3 2019 | ||||||||||||||||||||||||||||||
NOWC (in € mn) | NOWC (in %)* | NOWC (in days) | ||||||||||||||||||||||||||||||||||
* In relation to the annualized sales revenues of the last quarter
Adjusted 2018 quarterly figures accounting for the new segment reporting structure
2018 comparable | EMEA | Asia-Pacific | North and South America | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | ||||||
Sales by company location | 415 | 414 | 408 | 381 | 1,618 | 178 | 191 | 173 | 164 | 706 | 95 | 104 | 105 | 105 | 409 | |||||
EBIT before at equity income | 47 | 48 | 46 | 44 | 185 | 28 | 28 | 24 | 22 | 102 | 13 | 17 | 15 | 14 | 59 | |||||
in % of sales | 11.3 | 11.6 | 11.3 | 11.5 | 11.4 | 15.7 | 14.7 | 13.9 | 13.4 | 14.4 | 13.7 | 16.3 | 14.3 | 13.3 | 14.4 | |||||
Income from at equity companies | 3 | 3 | 15 | 5 | 26 | - | - | - | - | - | - | - | - | - | - | |||||
50 | 51 | 61 | 49 | 211 | 28 | 28 | 24 | 22 | 102 | 13 | 17 | 15 | 14 | 59 | ||||||
Segment earnings (EBIT) | ||||||||||||||||||||
12.0 | 12.3 | 15.0 | 12.9 | 13.0 | 15.7 | 14.7 | 13.9 | 13.4 | 14.4 | 13.7 | 16.3 | 14.3 | 13.3 | 14.4 | ||||||
in % of sales | ||||||||||||||||||||
2018 comparable | Holding / Consolidation | FUCHS Group | ||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | |||||||||||
Sales by company location | -45 | -41 | -44 | -36 | -166 | 643 | 668 | 642 | 614 | 2,567 | ||||||||||
EBIT before at equity income | 1 | 6 | 3 | 1 | 11 | 89 | 99 | 88 | 81 | 357 | ||||||||||
in % of sales | - | - | - | - | - | 13.8 | 14.8 | 13.7 | 13.2 | 13.9 | ||||||||||
Income from at equity companies | 0 | -1 | 1 | 0 | 0 | 3 | 2 | 16 | 5 | 26 | ||||||||||
Segment earnings (EBIT) | 1 | 5 | 4 | 1 | 11 | 92 | 101 | 104 | 86 | 383 | ||||||||||
in % of sales | - | - | - | - | - | 14.3 | 15.1 | 16.2 | 14.0 | 14.9 |
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Quarterly income statement
€ mn | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||
Sales | 550 | 586 | 567 | 564 | 618 | 629 | 615 | 611 | 643 | 668 | 642 | 614 | 643 | 653 | 656 | |||||
Gross Profit | 206 | 221 | 214 | 210 | 226 | 226 | 215 | 215 | 225 | 239 | 222 | 213 | 217 | 224 | 231 | |||||
Gross Profit margin (in %) | 37.4 | 37.7 | 37.8 | 37.1 | 36.6 | 35.8 | 35.0 | 35.2 | 35.0 | 35.8 | 34.6 | 34.7 | 33.7 | 34.3 | 35.2 | |||||
Other function costs | -126 | -128 | -125 | -120 | -137 | -134 | -129 | -126 | -136 | -140 | -134 | -132 | -142 | -147 | -144 | |||||
EBIT before at Equity | 80 | 93 | 89 | 90 | 89 | 92 | 86 | 89 | 89 | 99 | 88 | 81 | 75 | 77 | 87 | |||||
EBIT margin before at Equity (in %) | 14.6 | 15.8 | 15.8 | 15.9 | 14.5 | 14.5 | 14.1 | 14.6 | 13.8 | 14.8 | 13.7 | 13.2 | 11.7 | 11.8 | 13.3 | |||||
At Equity | 5 | 5 | 5 | 4 | 5 | 4 | 5 | 3 | 3 | 2 | 16 | 5 | 2 | 3 | 2 | |||||
EBIT | 85 | 98 | 94 | 94 | 94 | 96 | 91 | 92 | 92 | 101 | 104 | 86 | 77 | 80 | 89 | |||||
EBIT margin (in %) | 15.5 | 16.6 | 16.5 | 16.8 | 15.3 | 15.1 | 14.8 | 15.1 | 14.3 | 15.1 | 16.2 | 14.0 | 12.0 | 12.3 | 13.6 | |||||
EBITDA | 97 | 109 | 105 | 107 | 107 | 109 | 105 | 111 | 106 | 115 | 118 | 102 | 95 | 98 | 107 | |||||
EBITDA margin (in %) | 17.6 | 18.7 | 18.6 | 18.8 | 17.4 | 17.3 | 17.0 | 18.2 | 16.5 | 17.2 | 18.4 | 16.6 | 14.8 | 15.0 | 16.3 | |||||
- 53
The Executive Board
Stefan Fuchs:CEO; Corporate Group Development, HR, | Dr. Lutz Lindemann:CTO; R&D, Technology, Product | Dr. Timo Reister:Asia-Pacific, Americas, Industrial Sales |
PR & Marketing | Management, Supply Chain, Sustainability, inoviga GmbH, | Strategy |
Mining Division, OEM Division |
Dr. Ralph Rheinboldt:Europe, Middle East & Africa, | Dagmar Steinert:CFO; Finance, Controlling, Investor |
LUBRITECH Division | Relations, Compliance, Internal Audit, IT (incl. SAP/ERP- |
l 54 | Systems), Legal, Tax |
Executive Compensation & FUCHS Shares
Executive Board
25%
of variable compensation
must be invested in FUCHS preference shares with a 3 year lock-up period
Supervisory Board
50%
of variable compensation
must be invested in FUCHS preference shares with a lock-up period of 5 years. The vesting period is waived when the member leaves the Supervisory Board
- 55
Financial Calendar & Contact
Financial Calendar 2020
February 20, 2020 | Preliminary Figures 2019 |
March 19, 2020 | Full Year Results 2019 |
April 30, 2020 | Quarterly Statement Q1 2020 |
May 5, 2020 | Annual General Meeting |
June 26, 2020 | Capital Market Day |
July 30, 2020 | Half-year Financial Report 2020 |
November 3, 2020 | Quarterly Statement Q3 2020 |
The financial calendar is updated regularly. You can find the latest dates on the webpage at www.fuchs.com/financial-calendar
- 56
Investor Relations Contact
FUCHS PETROLUB SE
Friesenheimer Str. 17 68169 Mannheim www.fuchs.com/group/investor-relations
Thomas Altmann
Head of Investor Relations thomas.altmann@fuchs.com
Andrea Leuser
Manager Investor Relations andrea.leuser@fuchs.com
Kelvin Jörn
Junior Manager Investor Relations
Kelvin.joern@fuchs.com
Disclaimer
The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating. Certain statements and information contained in this presentation may relate to future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. In addition to statements which are forward-looking by reason of context, including without limitation, statements referring to risk limitations, operational profitability, financial strength, performance targets, profitable growth opportunities, and risk adequate pricing, other words such as "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, or continue", "potential, future, or further", and similar expressions identify forward-looking statements.
By their very nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These factors can include, among other factors, changes in the overall economic climate, procurement prices, changes to exchange rates and interest rates, and changes in the lubricants industry. FUCHS PETROLUB 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 presentation and assumes no liability for such. Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.
The company does not undertake any obligation to update or revise any statements contained in this presentation, whether as a result of new information, future events or otherwise. In particular, you should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation.
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Fuchs Petrolub SE published this content on 07 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 January 2020 16:27:00 UTC