FUCHS SE FUCHS GROUP
Financial Results Q1 2024
| Analyst Conference, 30th April 2024
| Isabelle Adelt, Chief Financial Officer
| Lutz Ackermann, Head of Investor Relations
HIGHLIGHTS Q1 2024
FUCHS WITH GOOD START INTO 2024
€877 mn
Sales down 6% yoy
€107 mn
EBIT up 4% yoy
€15 mn
FCF bef. acq. lower €37 mn yoy
Q1 2024
- Lower sales yoy due to price adjustments and currency effects
- EBIT driven by all regions
- Q1 EBIT margin at 12.2% reflecting further margin recovery
- FCF bef. acq. down yoy due to usual NOWC build-up
- Outlook for 2024 confirmed
Signing of agreement to acquire LUBCON group
- LUBCON: High experience and expertise in the development, manufacture, sale and distribution of greases, oils, and pastes
- FUCHS: strengthening of product portfolio for specialty lubrication solutions, as well as boosting global competitiveness
l 2
FUCHS ACQUIRES LUBCON GROUP
FAMILY-OWNED COMPANY WITH FOCUS ON HIGH-PERFORMANCE LUBRICANTS
- Exceptional market position for specialty products
- Expansion of existing key markets
- Diversification in new segments
- Strengthening of global footprint
- 3
SALES DEVELOPMENT
-6.0%
€ mn
936 | ||||||||||||
902 | 886 | 876 | 877 | |||||||||
870 | ||||||||||||
843 | ||||||||||||
832 | ||||||||||||
808 | ||||||||||||
714 | 718 | 742 | ||||||||||
697 | ||||||||||||
Q1 '21 | Q2 | Q3 | Q4 | Q1 '22 | Q2 | Q3 | Q4 | Q1 '23 | Q2 | Q3 | Q4 | Q1 '24 |
l 4 |
EBIT DEVELOPMENT
4%
- mn
113 | 107 | |||||||||||
101 | 100 | 103 | 100 | |||||||||
97 | ||||||||||||
93 | ||||||||||||
90 | ||||||||||||
88 | 87 | |||||||||||
84 | 85 | |||||||||||
Q1 '21 | Q2 | Q3 | Q4 | Q1 '22 | Q2 | Q3 | Q4 | Q1 '23 | Q2 | Q3 | Q4 | Q1 '24 |
l 5 |
FY 2023 GROUP SALES
- mn
,
,
-59
(-6%)
- 6
Q1 2024 KPI SUMMARY
KPI in € mn | Q1 2024 | Q1 2023 |
Sales | 877 | 936 |
Cost of sales | -581 | -647 |
Gross profit | 296 | 289 |
Other function costs | -191 | -188 |
EBIT bef. at Equity | 105 | 101 |
EBIT | 107 | 103 |
Capex | -16 | -20 |
NOWC | -67 | -39 |
FCF bef. acq. | 15 | 52 |
- Sales down by 6% due to price adjustments and currency effects
- Gross margin at 33.8% slightly above the previous quarter (33.6%) and sig. above the margin of 30.9% in the prior-year period
- Other function costs higher by 2%; lower freight and energy costs vs. increases for staff costs and higher digitalization expenses
- EBIT up 4%; EBIT margin at 12.2% vs. 11.0% in the prior-year period
- Capex lower yoy
- Higher NOWC build-up vs. favoured prior-year period
- FCF bef. acq. lower yoy mainly due to NOWC build-up
- 7
EUROPE, MIDDLE EAST, AFRICA
KPI in € mn | Q1 2024 | Q1 2023 |
Sales | 511 | 552 |
Organic growth | -40(-7%) | 80 (17%) |
External growth | - | - |
FX effects | -1 (0%) | -9(-2%) |
EBIT bef. at Equity | 52 | 48 |
EBIT | 54 | 50 |
- Sales down 7% from price adjustments in almost all companies
- Negative currency effects from South Africa and Eastern Europe largely offset by positive effects from the UK
- EBIT up by 8%; large majority of companies have improved earnings despite lower sales
- Positive earnings contributions from the UK and Poland in particular
- 8
ASIA-PACIFIC
KPI in € mn | Q1 2024 | Q1 2023 |
Sales | 245 | 252 |
Organic growth | 7 (3%) | 21 (9%) |
External growth | - | - |
FX effects | -14(-6%) | -6(-3%) |
EBIT bef. at Equity | 29 | 28 |
EBIT | 29 | 28 |
- Sales down 3% due to high negative exchange rate effects
- Organic growth of 3% thanks to good business development; business development in China continues to recover; India also with pleasing growth rates
- Currencies significantly weaker due to Chinese renminbi and Australian dollar
- EBIT up 4%; China in recovery, well above prior-year period; Australia and Southeast Asia with slow start into 2024
- 9
NORTH AND SOUTH AMERICA
KPI in € mn | Q1 2024 | Q1 2023 | |
Sales | 167 | 181 | |
Organic growth | -3 | (-2%) | 35 (25%) |
External growth | - | - | |
FX effects | -11 | (-6%) | 5 (3%) |
EBIT bef. at Equity | 21 | 19 | |
EBIT | 21 | 19 | |
- Sales down 8% due to price adjustments and restrained business development as well as high negative FX effects
- Sales in South America below previous year, mainly due to difficult macroeconomic situation in Argentina
- Strong negative currency effects mainly from Argentina as well as from North America
- EBIT up by 11%; North America benefiting from continued positive development in the area of specialty lubricants; South America on prior level in difficult economic environment
- 10
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Fuchs Petrolub SE published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 05:14:06 UTC.
