FUCHS GROUP. In Motion. Investor Presentation, November 2017 Dagmar Steinert, CFO Thomas Altmann, Head of Investor Relations
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1 FUCHS GROUP In Motion Investor Presentation, November 2017 Dagmar Steinert, CFO Thomas Altmann, Head of Investor Relations
2 Agenda The Leading Independent Lubricants Company Q Shares Appendix l 2
3 01 The Leading Independent Lubricants Company
4 FUCHS at a glance Established 3 generations ago as a family-owned business No. 1 among the independent suppliers of lubricants 2.3 bn sales The Fuchs family holds 54% of ordinary shares A full range of over Almost 5,000 employees Preference share is listed in the MDAX 57 companies worldwide 10,000 lubricants and related specialties l 4
5 Top 20 lubricants manufacturers 2016 A top-10 ranking lubricants manufacturer Number 1 among the independent lubricants companies l 5
6 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 lubricants Independency allows reliability, customer & market proximity (responsiveness and flexibility) and continuity FUCHS is a full-line supplier Global presence, R&D strength, know-how transfer, speed Advantage over major oil companies Advantage over independent companies l 6
7 We are where our customers are 57 Operating Companies 34 Production Sites l 7 As of Dec. 2016
8 Full-line supplier advantage Sales 2016: 2.3 bn (~80% international) by customer location Automotive lubricants ~45% e.g. Engine & gear oils, hydraulic oils, shock absorber fluids, etc. Industrial lubricants ~55% 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 l 8 *metalworking fluids/corrosion preventives
9 Well balanced customer structure FUCHS sales revenues 2016: 2.3 bn Industrial goods manufacturing Vehicle manufacturing 7% 8% 19% Energy and mining 28% 30% Trade, transport and services Agriculture and construction 8% Engineering / machinery construction l 9
10 Organic growth potential in emerging countries Market Demand FUCHS Sales (by customer location) 36.4 mn t -2 % 35.7 mn t 902 mn +151 % 2,267 mn 27% 19% 54% (1,213) 28% +128 % 34% 16% (371) 39% 53% 59% (531) 24% (219) +69 % +349 % 30% (683) 17% (152) l 10 Asia-Pacific & MEA Americas Europe
11 Challenges & Opportunities Global Networked & Agile Company Profitable Growth Structures Digitalization E-Mobility l 11
12 Investment in the future R&D, capex, amortisation & depreciation mn R&D expenses 2016: 44 mn Capex 2016: 93 mn PPA Capex Regular amortisation/depreciation l 12
13 Investments Planned investments of 300mn (~ 100mn p.a.) Expansion of the Mannheim site, Germany ( ) Expansion of the Kaiserslautern site, Germany (2017) Expansion of the Chicago site, USA ( ) New plant in WuJiang, China ( ) New plants in Australia and Sweden ( ) l 13
14 FUCHS 3C grease commitment Globally identical production equipment Globally identical finishing equipment Globally identical quality control test devices Globally similar raw materials Globally identical quality standards l 14
15 Strong track record of integrating businesses Revenues (p.a.) Ultrachem (US) Chevron Lubricants (US) Statoil Fuel & Retail Lubricants AB (SVE) Deutsche Pentosin-Werke GmbH (GER) 15 mn 11 mn 140 mn 135 mn 2014 Lubritene (ZA) Batoyle (UK) 15 mn 15 mn 2010 Cassida (global) 21 mn l 15
16 02 Q
17 Highlights Q Sales +9% to 1,862 mn Strong organic growth in Asia-Pacific, Africa and Americas Slight external growth in North America Ongoing decreasing currency effect EBIT +2% to 281 mn Outlook 2017 Sales outlook reaffirmed Earnings forecast downgraded l 17
18 Q1-3 Group sales mn 2, (+8.3%) +15 (+0.9%) +2 (+0.2%) 1,800 1,862 1,600 1, (+9.4%) 1,400 1,200 1,000 Q Organic Growth Acquisitions FX Q l 18
19 Regional sales growth Q Q ( mn) Q ( mn) Growth Organic External FX Europe 1,080 1, % +5.9% % Asia-Pacific, Africa % +20.3% % Americas % +9.4% +5.7% +1.2% Consolidation Total 1,703 1, % +8.3% +0.9% +0.2% l 19
20 Income statement Q mn Q Q Δ mn Δ in % Sales 1,703 1, Gross Profit Gross Profit margin 37.6% 35.8% %-points Other function costs EBIT before at Equity At Equity EBIT Earnings after tax l 20
21 EBIT by regions Q (Q ) mn (90) 50 (47) -13 (-10) 281 (276) (149) EBIT margin Europe Asia-Pacific, Africa Americas Holding/cons. Group before at equity 12.7% (13.7%) 15.7% (17.2%) 16.5% (18.2%) 14.3% (15.4%) l 21
22 Cash flow Q mn Q Q Earnings after tax Amortisation/Depreciation Changes in net operating working capital (NOWC) Other changes 17 8 Capex Free cash flow before acquisitions Acquisitions Free cash flow l 22
23 Q earnings summary Sales and earnings target met for Q Capex increase according to plan Higher raw material prices, strong euro and planned increase in costs lead to a less than proportional increase in earnings Raw material price increases can only be passed on with a time lag Stronger international business lead to higher inventories Free cash flow below previous year due to the significant business-related increase in net operating working capital especially as a result of the strong sales growth in Asia-Pacific, Africa Full year earnings guidance downgraded l 23
24 Updated outlook 2017 Performance indicator Actual 2016 Outlook 2017 (March 17) Outlook 2017 (August 17) Outlook 2017 (October 17) Sales 2,267 mn +4% to +6% +7% to +10% +7% to +10% EBIT 371 mn +1% to +5% +1% to +5% At or below FY 16 FUCHS Value Added 257 mn Low single-digit percentage range Low single-digit percentage range Below FY 16 Free cash flow before acquisitions 205 mn ~ 200 mn ~ 200 mn < 150 mn l 24
25 03 Shares
26 Breakdown ordinary & preference shares (September 30, 2017) Ordinary shares Preference shares MDAX-listed Free float 46% Fuchs family 54% Free float 100% Basis: 69,500,000 ordinary shares Characteristics: Dividend Voting rights Basis: 69,500,000 preference shares Characteristics: Dividend plus preference profit share (0.01 ) Restricted voting rights in case of: preference profit share has not been fully paid exclusion of pre-emption rights (e.g. capital increase, share buyback, etc.) l 26
27 Stable dividend policy Dividend per Preference Share mn Market Capitalization Payout Ratio 2016: 47% ,000 6, , , , ,000 1,000 0 Our target: Increase the absolute dividend amount each year or at least maintain previous year s level. l 27
28 04 Appendix
29 Top 20 lubricant countries 2016 KT 7,000 China and the USA cover more than one third of the world lubricants market 6,000 FUCHS is present in every important lubricants consuming country 5,000 4,000 3,000 2,000 1,000 0 l 29
30 Regional per-capita lubricants demand 2016 kg l 30
31 Base oil / additives value split 20% Base oil prices do not necessarily follow crude oil prices 80% 60% 40% 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 Standard Lubricants Base Oils Additives, etc. FUCHS l 31
32 Workforce Structure 4,898 employees globally Regional Workforce Structure Functional Workforce Structure Germany 1,415 (29%) Other European Countries 1,837 (38%) Marketing & Sales 2,218 (45%) Production 1,554 (32%) Asia- Pacific, Africa 1,040 (21%) Americas 606 (12%) Admin 679 (14%) R&D 447 (9%) l 32
33 FUCHS & E-mobility Development passenger car production (in mn) % 10% 24% 37% 98% 97% 85% 72% 53% Combustion Engines Hybrids Electric Implication for FUCHS Revolution Complete switch to only EVs: - No power train; reduced oil consumption - New additional high value applications - Sales per car would decrease slightly Evolution Mix of combustion, hybrid and electric engines: - Efficiency requirements will drive demand for higher value applications - Slightly lower volume of engine oils - Additional applications for electric engines No market revolution expected: Evolution of existing technologies: Hybrids with efficient combustion engines will dominate the market Demand of EVs mainly in big cities with high traffic density Source: IHS Electrification is an opportunity for FUCHS to further strengthen its market leadership with technically advanced applications l 33
34 Further market consolidation to be expected Manufacturers High degree of fragmentation Concentration especially amongst smaller companies Independent lubricant manufacturers* Major oil companies Market Shares Differences are enormous Other 710 > 50% manufacturers < 50% Top 10 manufacturers * > 1000 tons l 34
35 Acquisitions 2016 Sales 2016: 5 mn / EBIT 2016: 1 mn Deal Structure Share Deal; 15 mn sales p.a.; purchase price 26 mn Focus Industrial specialty lubricants (e.g. for compressors and industrial maintenance) Closing 1 st December 2016 Deal Structure Focus Acquisition of Chevron s foodgrade lubricants and white oil business asset deal; 11 mn in sales p.a.; purchase price 22 mn White oils and foodgrade lubricants Closing 1 st June 2016 l 35
36 Long-term objective: Focus on Shareholder Value Drive returns 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 Optimize capital Capex with returns above WACC Manage NOWC Strengthen portfolio Reinvest in the business Acquisitions l 36
37 Cash allocation Cash allocation priority Reinvest in the business Return cash to shareholders Capex Acquisitions Stable Dividends Share Buyback l 37
38 Unique track record for continued profitability and added value Sales (in mn) Earnings After Tax (in mn) 2,400 2, ,800 1, , EBIT (in mn) 14.3% 16.4% % 300 FVA (in mn) % % % EBIT EBIT margin l 38
39 EBIT increase of 8% in 2016 mn Δ 15/16 Sales 1,819 1,832 1,866 2,079 2, % Gross Profit % Gross Profit margin 36.6% 37.7% 37.2% 38.1% 37.5% -0.6 % points Other function costs % EBIT before at Equity % EBIT margin before at Equity 15.3% 16.3% 15.7% 15.6% 15.5% -0.1 % points At Equity % EBIT % EBIT margin 16.1% 17.0% 16.8% 16.5% 16.4% -0.1 % points EBITDA % EBITDA margin 17.6% 18.6% 18.4% 18.3% 18.4% +0.1 % points l 39
40 Europe 2016 Sales % / EBIT +21.0% mn 1,500 1,400 1,300 Sales 1,200 1,100 1, ,417 1,227 1,081 1,104 1, EBIT Employees 2016: 3,149 (3,112) l 40
41 Asia-Pacific, Africa 2016: Sales + 6.3% / EBIT + 4.3% mn Sales Employees 2016: 1,040 (1,029) EBIT l 41
42 Americas 2016: Sales - 1.2% / EBIT - 4.0% mn 350 Sales EBIT Employees 2016: 606 (588) l 42
43 Solid balance sheet and strong cash flow generation mn Total assets 1,109 1,162 1,276 1,490 1,676 Goodwill Equity ,070 1,205 Equity ratio 71% 74% 72% 72% 72% mn Net liquidity Operating cash flow Free cash flow before acquisitions Free cash flow after acquisitions l 43
44 Net operating working capital (NOWC)* % % 21.0% 21.3% 21.8% 22.0% % % NOWC (in mn) NOWC (in %) NOWC (in days) 18.0% * In relation to the annualized sales revenues of the last quarter l 44
45 Regional sales growth FY ( mn) 2016 ( mn) Growth Organic External FX Europe 1,227 1, % +3.5% +14.0% -2.0% Asia-Pacific, Africa % +9.2% +2.0% -4.9% Americas % -1.8% +2.6% -2.0% Consolidation Total 2,079 2, % +3.3% +8.6% -2.9% l 45
46 EBIT by regions FY 2016 (FY 2015) mn (122) 62 (65) -14 (-7) 371 (342) (162) EBIT margin before at equity Europe Asia-Pacific, Africa Americas Holding/cons. Group 13.7% (13.1%) 17.8% (18.2%) 17.9% (18.4%) 15.5% (15.6%) l 46
47 Income Statement FY 2016 mn FY 15 FY 16 Δ mn Δ in % Sales 2,079 2, % Gross Profit % Gross Profit margin 38.1% 37.5% % points Other function costs % EBIT before at Equity % At Equity % EBIT % Earnings after tax % l 47
48 Cash flow mn FY 15 FY 16 Gross cash flow Changes in net operating working capital Other changes 8 24 Operating cash flow Capex Other changes 1-2 Free cash flow before acquisitions Acquisitions Free cash flow l 48
49 Net Liquidity 2016 mn Net liquidity Dec 2015 Free cash flow before acqu. Acquisitions (cashout) Dividend Other changes Net liquidity Dec 2016 l 49
50 FUCHS Value Added (FVA) Increase by 5% Capital Employed 1,154 1,143 1,179 Ø CE 1,134 (960) Cost of Capital 114 (96) 1,087 1,108 EBIT 371 (342) FVA 257 (246) Q Q Q Q Q CE (2015) l 50 Cost of Capital = CE x WACC (10%)
51 Quarterly income statement mn 2015 Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q4 Sales Gross Profit Gross Profit margin (in %) Other function costs EBIT before at Equity EBIT margin before at Equity (in %) At Equity EBIT EBIT margin (in %) EBITDA EBITDA margin (in %) l 51
52 Quarterly sales by regions Sales ( mn) 2015 Q1 Q2 Q3 Q4 FY 2016 Q1 Q2 Q3 Q4 FY 2017 Q1 Q2 Q3 Q4 FY Europe , , Asia-Pacific, Africa Americas Consolidation FUCHS Group , , Δ Y-o-Y in % 2016 Q1 Q2 Q3 Q4 FY 2017 Q1 Q2 Q3 Q4 FY Europe Asia-Pacific, Africa Americas Consolidation FUCHS Group l 52
53 Quarterly sales growth split by regions Organic Growth (in %) Europe Asia-Pacific, Africa Americas FUCHS Group 2016 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY External Growth (in %) Europe Asia-Pacific, Africa Americas FUCHS Group 2016 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY FX Effects (in %) Europe Asia-Pacific, Africa Americas FUCHS Group 2016 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY l 53
54 Quarterly EBIT by regions EBIT ( mn) 2015 Q1 Q2 Q3 Q4 FY 2016 Q1 Q2 Q3 Q4 FY 2017 Q1 Q2 Q3 Q4 FY Europe Asia-Pacific, Africa Americas Consolidation FUCHS Group Δ Y-o-Y in % 2016 Q1 Q2 Q3 Q4 FY 2017 Q1 Q2 Q3 Q4 FY Europe Asia-Pacific, Africa Americas Consolidation FUCHS Group l 54
55 The Executive Board Stefan Fuchs: CEO, Corporate Development, HR, PR, Americas Dr. Lutz Lindemann: R&D, Technology, Supply Chain, Sustainability, OEM, Mining Dr. Timo Reister: Asia-Pacific, Africa l 55 Dr. Ralph Rheinboldt: Europe, LUBRITECH, SAP/ERP- Systems Dagmar Steinert: CFO, Finance, Controlling, IR, Compliance, Internal Audit, IT, Legal, Tax
56 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 l 56
57 Disclaimer This presentation contains statements about future development that are based on assumptions and estimates by the management of FUCHS PETROLUB SE. Even if the management is of the opinion that these assumptions and estimates are accurate, future actual developments and future actual results may differ significantly from these assumptions and estimates due to a variety of factors. These factors can include 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. l 57
58 Financial Calendar & Contact Financial Calendar 2018 February 22, 2018 Preliminary figures for the Full Year 2017 March 21, 2018 Full Year Results 2017 April 27, 2018 Quarterly Statement Q May 8, 2018 Annual General Meeting 2018 July 31, 2018 Financial Report H October 30, 2018 Quarterly Statement Q Contact FUCHS PETROLUB SE Friesenheimer Str Mannheim Investor Relations Thomas Altmann Tel l 58
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