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    Lars Vom Cleff • Deutsche Bank

    Lars Vom Cleff is an Equity Analyst at Deutsche Bank AG, specializing in coverage of industrial and manufacturing companies, with a research focus that includes major firms such as GEA Group AG and Kloeckner & Co SE. With over three decades of continuous experience at Deutsche Bank since 1994, he is recognized for delivering timely investment insights and ratings, such as a recent Hold rating on GEA Group AG and a Buy on Kloeckner & Co SE, influencing client investment strategies. While specific industry performance rankings or quantitative success metrics are not publicly available, Vom Cleff's longevity and continued presence among the core analyst teams for large-cap European industrials signal a sustained track record of expertise and reliability. His professional credentials and regulatory registrations are not explicitly listed in public sources.

    Lars Vom Cleff's questions to Fuchs Se (FUPBY) leadership

    Lars Vom Cleff's questions to Fuchs Se (FUPBY) leadership • Q1 2025

    Question

    Lars Vom-Cleff of Deutsche Bank asked whether the net working capital to sales ratio would return to its 21-22% target corridor or if the current 22-23% level is the new normal. He also questioned if growth for the remainder of the year would be linear to achieve the full-year guidance.

    Answer

    CFO Isabelle Adelt stated that the sub-22% target for net working capital is a year-end goal and the current Q1 level is satisfactory, partly due to inventory build-up for new contracts. Regarding guidance, she explained that linear growth is unlikely due to market uncertainties like tariffs, but she expects a seasonality similar to previous years (stronger Q2/Q3, weaker Q4) and remains confident in the full-year targets.

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    Lars Vom Cleff's questions to Fuchs Se (FUPBY) leadership • Q1 2024

    Question

    Lars Vom Cleff from Deutsche Bank AG asked for confirmation on the percentage of contracts with price variation clauses, the feasibility of a 100 basis point gross margin improvement, and the outlook for the net working capital to sales ratio.

    Answer

    CFO Isabelle Adelt confirmed that contracts with price variation clauses still account for roughly 25% of the total, with a higher concentration in EMEA. She stated that the potential for gross margin improvement is highly dependent on the evolution of raw material pricing. Regarding net working capital, she noted that while the company manages it diligently, the ratio is also influenced by input price inflation, which can inflate inventory values.

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    Lars Vom Cleff's questions to Fuchs Se (FUPBY) leadership • Q1 2024

    Question

    Lars Vom Cleff from Deutsche Bank asked if about 25% of contracts still include price variation clauses, whether a 100 basis point gross margin improvement is still possible, and if the net working capital to sales ratio could fall below the target range.

    Answer

    CFO Isabelle Adelt confirmed that contracts with price variation clauses still account for roughly 25% of the total, with a higher concentration in the EMEA region. She noted that achieving a specific gross margin improvement will heavily depend on raw material price developments. Regarding net working capital, she explained that while the company diligently manages it, rising input prices would mathematically increase the NWC-to-sales ratio, making it dependent on both management and external price factors.

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    Lars Vom Cleff's questions to Fuchs Se (FUPBY) leadership • Q1 2024

    Question

    Lars Vom Cleff from Deutsche Bank asked for confirmation on the percentage of contracts that include price variation clauses. He also questioned the feasibility of achieving a 100 basis point gross margin improvement and whether the net working capital to sales ratio could fall below the target range.

    Answer

    CFO Isabelle Adelt confirmed that contracts with price variation clauses still account for roughly 25% of the total, with a higher concentration in the EMEA region due to large OEM customers. She stated that achieving a 100 bps gross margin improvement is highly dependent on raw material price developments. Regarding net working capital, Adelt explained that while the company diligently manages it, rising input prices would mathematically increase the NWC-to-sales ratio, making it dependent on both internal management and external price inflation.

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