H1 · 2015-12-21 · Title: H1 Created Date: 12/14/2015 3:53:02 PM
FUCHS PETROLUB / Q2/2015 Conference Call · 2015-04-08 · H1/2015: EBIT increased...
Transcript of FUCHS PETROLUB / Q2/2015 Conference Call · 2015-04-08 · H1/2015: EBIT increased...
FUCHS PETROLUB / Q2/2015Conference Call
Dr. Alexander Selent, Vice Chairman & CFODagmar Steinert, Head of Investor Relations
Mannheim, 4 August 2015
For the first time FUCHS generates group sales of €1 billion in the first six months of 2015
� Sales revenues up 10% to €1 billion (currency adjusted: +2%)
� Earnings (EBIT) increase by 13% to €172 million
� Positive outlook for the financial year reaffirmed
� Second larger acquisition – expansion to Scandinavia and Eastern Europe
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Q2/2105: sales revenues increase by 11.4%
� Organic growth 2.0% or €9.1 mn
� External growth 1.5% or €7.0 mn
� Currency effects 7.9% or €36.4 mn
462.5
9.17.0 36.4
515.0
200
250
300
350
400
450
500
salesQ2/2014
salesQ2/2015
organicgrowth
externalgrowth
currencyeffects
€ mn +€52.5 mn (11.4%)
250
0
FUCHS PETROLUB SE
4
3.2 3.8 0.07.01.5
20.6
14.2
36.4
11.7
4.6
-4.3
9.1
-5
5
15
25
35
45
55€ mn
Asia-Pacific/ Africa
North and South america
Total growth +5.9% +22.9% +12.7% +11.4%
Group*
Organic growth
External growthCurrency effects
Organic growth +4.2% +3.6% -5.5% +2.0%
Regional sales growth2nd quarter 2015
29.0 9.9 52.5
Currency effects +0.5% +16.3% +18.2% +7.9%
Q2/2015: good organic growth in Europe and Asia
* Consolidation effect (€2.8 mn)
External growth +1.2% +3.0% 0.0% +1.5%
FUCHS PETROLUB SE
919.3
6.1 14.4
67.8
1,007.6
500
550
600
650
700
750
800
850
900
950
1000
1050
salesH1/2014
salesH1/2015
organicgrowth
externalgrowth
currencyeffects
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H1/2015: sales revenues increase by 9.6%
� Organic growth 0.7% or €6.1 mn
� External growth 1.6% or €14.4 mn
� Currency effects 7.3% or €67.8 mn
€ mn +€88.3 mn (9.6%)
650
600
FUCHS PETROLUB SE
0
6
6.4 8.0 0.0 14.40.2
39.728.1
67.8
3.6
8.4
-5.3
6.1
-10
0
10
20
30
40
50
60
70
80
90
€ mn
Asia-Pacific/ Africa
North and South America
Total growth +1.8% +22.8% +14.9% +9.6%
Group*
Organic growth
External growthCurrency effects
Organic growth +0.6% +3.4% -3.4% +0.7%
Regional sales growth1st half 2015
56.1 22.8 88.3
Currency effects +0.0% +16.1% +18.3% +7.3%
* Consolidation effect (€0.8 mn)
External growth +1.2% +3.3% 0.0% +1.6%
H1/2015: good organic growth in Asia
FUCHS PETROLUB SE
H1/2015: EBIT increased disproportionately by 13.4%
Euro mn H1/2015 H1/2014 variance
Sales revenues 1,007.6 919.3 88.3 9.6%
Gross profit 387.9 343.0 44.9 13.1%
Gross profit margin 38.5% 37.3%
Sales, admin. R&D and other net expenses 223.4 198.0 25.4 12.8%
Expenses as a percentage of sales 22.2% 21.5%
EBIT before income from at equity 164.5 145.0 19.5 13.4%
EBIT margin before income from at equity 16.3% 15.8%
Income from at equity 7.1 6.2 0.9 14.5%
EBIT 171.6 151.2 20.4 13.5%
Earnings after tax 118.8 105.4 13.4 12.7%
Net profit margin 11.9% 11.5%
Earnings per share in €Ordinary sharesPreference shares
0.850.86
0.750.76
0.10 13.3%0.10 13.2%
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H1/2015: segment earnings increased in all regions
EBIT
1st half 2015
82.7(80.2)
59.1(46.0)
32.9(27.8)
-3.1(-2.8)
171.6(151.2)
0
50
100
150
Europe Asia Pacific,Africa
North and SouthAmerica
Holdingcosts/cons.
Group
+3.1%
+13.4%+18.3%
+28.5%
€ mn
EBIT margin before income from at equity (previous year)
14.4% 17.4% 18.7% 16.3%(14.2) (16.5) (18.1) (15.8)
FUCHS PETROLUB SE
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Free cash flow increased by 67.5%
€ mn H1/2015 H1/2014
Gross cash flow
Changes in net operating working capital
134.5
-28.7
116.5
-45.0
Other changes -14.6 -2.1
Operating cash flow 91.2 69.4
Capex -16.0 -25.1
Other changes 0.0 0.6
Free cash flow 75.2 44.9
FUCHS PETROLUB SE
Investments according to plan
€ mn
10
Key investments
Primarily for the enlargement of the test field in Mannheim and construction of the grease plant in the US.
16.015.1
H1/2015 H1/2014
FUCHS PETROLUB SE
Acquisitions - Pentosin
� Acquisition of Deutsche Pentosin-Werke GmbH on 1 July 2015
� Founded in 1927 and based in Wedel near Hamburg
� 2 plants in Germany: Wedel and Dormagen
� Subsidiary in Sao Paulo, Brazil
� Sales revenues in 2014: approximately €135 million
� 190 employees
� Leading manufacturer of quality products for the international automotive industry
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Acquisitions – Statoil Fuel & Retail Lubricants AB
� Acquisition of Statoil Fuel & Retail Lubricants AB, Sweden, from Couche-Tard
� Signing of contract on 1 August 2015; approval of the antitrust authorities still pending
� Based in Stockholm
� Plant in Nynäshamn, Sweden
� Operating in Scandinavia, Poland, Russia and Baltic states
� Sales revenues in the financial year 2014/15: approximately €140 million
� 470 employees
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Number of employees increased
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The number of employees has grown by 46 people since the beginning of the year.
4,1584,112
3,992
30 June 2015 30 June 201431 Dec 2014
FUCHS PETROLUB SE
Outlook 2015 for the FUCHS Group
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� FUCHS intends to further increase sales volumes and sales revenues in 2015
� We reaffirm our expectations of achieving a higher single-digit percentage increase in EBIT
� We plan investments to exceed the previous year’s value and reach up to the investments of 2012 and 2013
� We stand by our forecast for 2015 of recording free cash flow in excess of €150 million before capital expenditure in connection with acquisitions
FUCHS PETROLUB SE
Thank you for your attention
Disclaimer
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This presentation contains statements about future development that arebased on assumptions and estimates by the management of FUCHSPETROLUB SE. Even if the management is of the opinion that theseassumptions and estimates are accurate, future actual developments andfuture actual results may differ significantly from these assumptions andestimates due to a variety of factors. These factors can include changes inthe overall economic climate, procurement prices, changes to exchangerates and interest rates, and changes in the lubricants industry. FUCHSPETROLUB SE provides no guarantee that future developments and theresults actually achieved in the future will match the assumptions andestimates set out in this presentation and assumes no liability for such.
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FUCHS PETROLUB SE
Investor Relations
Friesenheimer Str. 17
68169 Mannheim
Telefon 0621 3802 1105, Fax 0621 3802 7274
[email protected] , www.fuchs-oil.de