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FUCHS' Strategy

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FUCHS' Strategy FUCHS GROUP Investor Presentation | November 2019 | Dagmar Steinert, CFO | Thomas Altmann, Head of Investor Relations Agenda 01 | The Leading Independent Lubricants Company 02 | Q1-3 2019 03 | Shares 04 | Appendix l 2 01 The Leading Independent Lubricants Company FUCHS at a glance The Fuchs family holds No. 1 among the independent 55% of suppliers of lubricants ordinary shares Established 3 generations ago as a €2.6 bn family-owned business sales in 2018 A full range of over 10,000 Around 5,500 Preference share is listed lubricants and related employees in the MDAX 58 companies worldwide specialties l 4 Top 20 lubricants manufacturers Number 1 among the independent lubricants companies Manufacturers Major Market Shares oil companies Independent 130 Other 710 Top 10 lubricant manufacturers manufacturers manufacturers* <50% >50% 590 . High degree of fragmentation . Concentration especially amongst smaller companies * > 1000 tons l 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 lubricants FUCHS 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 l 6 We are where our customers are 58 Operating Companies 33 Production Sites l 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 l 8 *metalworking fluids/corrosion preventives Well balanced customer structure Top 20 Customers account for ~ 25% sales Engineering / Machinery construction Agriculture and construction Industrial goods manufacturing 7% 6% 19% Sales 2018: Trade, transport and services 28% €2.6 bn Vehicle manufacturing 31% 9% Energy and mining l 9 Organic growth potential in emerging countries Market Demand FUCHS Sales (by customer location) 0 % +185 % 36.4 mn t 36.4 mn t € 902 mn € 2,567 mn 19% 27% 50% (1,293) 27% 34% 17% (428) 54% 59% (531) 39% 33% (846) 24% (219) 17% (152) 2000 2018 2000 2018 l 10 Asia-Pacific & MEA Americas Europe Investment in the future R&D expenses and Capex € mn 60 2.5% 140 6% 52 121 120 50 47 105 44 100 93 40 39 33 80 30 2.0% 4% 58 60 52 53 50 47 11 11 20 39 10 PPA 40 PPA 30 PPA 10 20 0 1.5% 0 2% 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 R&D Expenses in % of Sales Capex Scheduled amortisation/depreciation in % of Sales l 11 Investment initiative Capex 2016-2021 €700+ mn € mn . In 2016 - 2018 over €300 mn capex 200 was spent with focus on the expansion of Mannheim, Kaiserslautern and Chicago as well as new plants in China, 150 Australia and Sweden . Capex will peak in 2019 at €180 mn. In 2020/2021 more than €100+ mn p.a. 100 will be spent on growth and replacement as well as efficiency improvements due to significant volume increases, technological changes and a 50 changed product mix Estimated level of depreciation . From 2022 onwards, capex should be back on par with the new level of 0 depreciation 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 l 12 FUCHS‘ Strategy Profitable Growth: Internationalization of core activities Local production in 33 plants Utilize disruptions like e-mobility, digitalization, etc. People: as an opportunity . Employer Branding Global . Culture Agile network structure based standards, . Talent- on common values processes management and branding . Learning l 13 FUCHS2025 Culture Values and the way we want to communicate Structure Global processes Strategy and standards - Vision for the future - Projects and action - Financial target l 14 Strong track record of integrating businesses M&A deals > € 10mn sales (p.a.) (GLOBAL) (DE) (SE) (AU) € 21 mn € 135 mn € 140 mn € 25 mn 2010 2015 2019 2014 2016 Lubricants (ZA) (GB) (US) (US) € 15 mn € 15 mn € 15 mn € 11 mn l 15 Acquisition October 2019 Pending final closing . Nye Lubricants Inc. (Massachusetts, USA) . Leader in the innovation, formulation and manufacturing of synthetic lubricants . Automotive, medical, aerospace and in-vacuum industriy . Sales USD 51mn (~ €46 mn), 180 employees . Closing end of 2019 l 16 FUCHS CO2-neutral as of 2020 . Since 2010 already 30% reduction of energy consumption-specific CO2 emissions per ton of FUCHS lubricant produced . From 2020 onwards, all FUCHS locations worldwide will be CO2-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 02 Q1-3 2019 Highlights Q1-3 2019 Sales at previous year‘s EBIT down by 17% to level at €1,952 mn €246 mn; EBIT comparable down by 14% . Growth initiative results in costs increasing as planned Outlook 2019 specified . Continuing weakness of automotive markets impacting German and Chinese business . Sales (-3% to +0%) and EBIT (-30% to -20%, comparable: -27% to -17%) at the upper end of the range of the guidance . North America slightly improved compared to second quarter l 19 Q1-3 2019 Group sales € mn 2,500 - 23 + 12 + 10 (- 1%) (+ 1%) (0%) 2,000 1,953 1,952 1,500 1,000 - 1 (0%) 500 0 Q1-3 2018 Organic Growth External Growth FX Q1-3 2019 l 20 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% l 21 Income statement Q1-3 2019 € mn Q1-3 2019 Q1-3 2018 Δ € mn Δ 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 l 22 EBIT by regions Q1-3 2019 (Q1-3 2018)1 € mn 300 41 8 246 (45) (10) (297) 250 67 (80) 200 150 130 (162) 100 50 0 EBIT margin EMEA Asia-Pacific Americas Holding/cons. Group before at equity1 10.2% (11.4%) 12.5% (14.8%) 12.8% (14.8%) 12.2% (14.1%) 1 2018 comparable l 23 Cash flow Q1-3 2019 € mn Q1-3 2019 Q1-3 2018 Δ 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 1 Including divestments l 24 Q1-3 2019 earnings summary . Decrease in sales in EMEA and Asia-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-equity income 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% l 25 Outlook 2019 specified Actual Outlook 2019 Outlook 2019 Outlook 2019 Performance indicator 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% l 26 03 Shares Breakdown ordinary & preference shares (December 31, 2018) Ordinary shares Preference shares MDAX-listed Symbol: FPE Symbol: FPE3 Free Free Fuchs float ISIN: DE0005790406 float ISIN: DE0005790430 family 45% 100% 55% WKN: 579040 WKN: 579043 Basis: 69,500,000 ordinary shares Basis: 69,500,000 preference shares Characteristics: Characteristics: . Dividend . Dividend plus preference profit share (0.01€) . Voting rights . 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 28 Stable dividend policy Our target: Increase the absolute dividend amount each year or at least maintain previous year’s level Dividend per Preference Share Market Capitalization € € mn 7,000 Payout Ratio 2018: 46% 0.95 1.00 6,000 0.80 5,000 4,000 0.60 3,000 0.40 0.27 2,000 0.20 1,000 0.00 0 l 29 04 Appendix Top 20 lubricant countries KT 8,000 2007 2018 .
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