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Fuchs Petrolub SE (FUPEF) on Q1 2021 Results - Earnings Call Transcript

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Fuchs Petrolub SE (OTCPK:FUPEF) Q1 2021 Earnings Conference Call April 29, 2021 6:00 AM ET

Company Participants

Dagmar Steinert - CFO

Lutz Ackermann - IR

Conference Call Participants

Martin Roediger - Kepler Cheuvreux

Markus Mayer - Baader-Helvea

Samuel Perry - Crédit Suisse

Oliver Schwarz - Warburg Research

Eleanor Seddon - UBS

Sebastian Bray - Berenberg

Isha Sharma - Stifel

Dagmar Steinert

[Abrupt Start] benefits from the aftermarket sector. We have positive currency effects in Australia, but they are offset by negative effects from Asia. Looking at the EBIT, the region Asia-Pacific doubled their EBIT. They report €34 million for the first quarter '21.

Turning to the region Americas, Page #11. You can see the sales of our previous year's level. We have an organic growth of 6% in Americas. And the first quarter 2020 was, as well as the region EMEA, not affected by COVID-19. The external growth of €8 million or 7% is due to the acquisitions in the previous year 2020. Due to the strong euro, we have negative currency effects, as already mentioned, and they amount to minus 12% in the first quarter '21. On the earnings side, EBIT is up 33% to €16 million for the first quarter.

On the next chart, on Chart #12, we want to give you an overview about what happens on the raw material price hikes. We have seen significant price increases from the beginning of the year in January, February and March. And one or the other of base oils nearly almost doubled prices. And yes, it's something which we haven't seen in that impact ever before. We will see negative impact on our margins in the second and third quarter. And of course, on our selling price, as we pass through raw material price increases with a bit of a time lag due to our contracts, we expect, of course, higher sales due to

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