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N O T E S T O T H E S TAT E M E N T O F C A S H F L O W S

The statement of cash flows shows how the liquid funds of the FUCHS PETROLUB Group have changed in the course of the year as a result of cash inflows and outflows. In accordance with IAS 7 (Cash Flow Statements), cash flows are classified into cash flows from or into operating, invest- ing and financing activities.

Cash and cash equivalents as shown in the statement of cash flows comprise the cash and cash equivalents recognized in the balance sheet. Beside cash and cash equivalents in the more literal sense, i. e. checks, cash on hand and bank deposits, this item also includes short-term investments which can be converted to cash amounts at any time and are only subject to insignificant changes in fair value. Cash and cash equivalents are measured at amortized costs.

Cash flow from operating activities is calculated indirectly based on earnings after tax. With this method, the underlying changes in balance sheet items are adjusted for currency translation effects and for changes in the scope of consolidation. These changes in the balance sheet items, therefore, do not directly correspond to the amounts shown in the balance sheet.

The cash flows from / into investing and financing activities are determined on the basis of actual pay- ments, adjusted by effects from currency translation and from the change in the scope of con- solidation. Insofar as subsidiaries or business activities are acquired or disposed of, the influences of these transactions are disclosed in dedicated items in the statement of cash flows.

Free cash flow is calculated from the cash flow from operating activities and the cash outflow from investing activities.

N O T E S T O T H E S E G M E N T R E P O R T I N G

Within the scope of segment reporting, the operating segments are made up of the geographical regions reflecting the FUCHS PETROLUB Group’s internal organization and reporting structure. In line with the principles of IFRS 8 “Operating segments”, this structure is aligned to the Group’s inter- nal control system and reflects segment reporting in the Group management committees. Accordingly, the primary reporting format is the regions. These are defined as Europe, Asia-Pacific, Africa and North and South America. The individual companies are allocated to the segments according to the regions in which they are located.

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The segment information is based on the same recognition and valuation methods as the con- solidated financial statements. Receivables and liabilities, income and expenses, and profits between the segments are eliminated in the consolidation process. The reconciliation of segment data to the total amounts for the Group is shown in the column “Holding companies including consolidation”. This includes not only the depreciation, earnings, assets and liabilities of the Group companies, but also the inter-segment eliminations with regard to sales revenues. Intra-group revenues and trans- fers are transacted at prices and terms of independent business partners.

Segment data includes all direct segment costs as well as indirect costs to a limited degree. The segment assets and segment liabilities include only those assets and liabilities that have contributed towards the achievement of the segment earnings before interest and tax (EBIT).

In Germany, long-term assets (intangible assets and property, plant and equipment) are €175.0 mil- lion (172.8). € 217.7 million (192.8) is attributable to foreign countries of which € 72.1 million (66.1) is attributable to the USA.

The overall development of the segments is disclosed on pages 124 and 125 stating the figures for the reporting year and the corresponding figures of the previous year. The statement shows sales revenues, depreciation and amortization expenses and the respective segment earnings (EBIT) as cen- tral key performance indicators for each geographic region. The total of segment earnings is transferred to the net profit after tax. Additionally, segment assets and liabilities of the individual seg- ments are disclosed, with the latter being transferred to Group liabilities. Furthermore, the state- ment contains investments in intangible assets, property, plant and equipment, and financial assets, as well as the average number of employees and EBIT margin of each segment.

Sales revenues by product groups are disclosed in note 1 to the income statement. R E L AT I O N S H I P S W I T H R E L AT E D PA R T I E S

The related parties of the FUCHS PETROLUB Group as defined according to IAS 24 are:

■

■ Directly and indirectly held subsidiaries, and FUCHS PETROLUB SE companies consolidated at equity, ■

■ Executive Board and Supervisory Board of FUCHS PETROLUB SE, ■

■ RUDOLF FUCHS GMBH & CO KG, through which most of the Fuchs family’s ordinary stock is held, ■

■ its full partner FUCHS INTEROIL GMBH and its management

■

■ and pension funds benefiting the Group’s employees.

The controlling company is RUDOLF FUCHS GMBH & CO KG.

Segments

124

Note 1

150

193

3. 2

F I N A N C I A L R E P O R T Notes to the consolidated financial statements

FUCHS PETROLUB SE provides services to the related companies RUDOLF FUCHS GMBH & CO KG and FUCHS INTEROIL GMBH, for which it is compensated with a contribution to its adminis- trative costs. The scope of these services is not material.

Furthermore, there are intercompany transactions (such as loans, provision of goods and services) between the holding company, FUCHS PETROLUB SE, and its consolidated subsidiaries. All inter- company transactions and balances have been eliminated in the consolidated financial statements. License fees are charged to the subsidiaries according to their sales revenues for services pro- vided by the holding company in the areas of research and development, product marketing, brand management, advertising, etc. Fees are also allocated for management and similar services. Ser- vices provided to related companies and persons are charged on the same basis as those for indepen- dent business partners.

The FUCHS PETROLUB Group has receivables of € 2.3 million (1.3) relating to supplies and ser- vices, as well as other receivables of € 0.2 million (0.3) due from companies consolidated at equity. The liabilities are € 0.0 million (14.2). In the previous year, €14.0 million were held on a fiduciary basis for an associated company in the Middle East which were recognized on the assets side under “Short-term other receivables and other assets”.

The value of goods delivered in 2013 to companies consolidated at equity was €15.5 million (11.1), while Other operating income was €1.3 million (1.1).

The FUCHS PETROLUB Group has receivables relating to supplies and services of € 0.2 million (0.2), other receivables of € 0.2 million (0.0) and other liabilities of € 0.1 million (0.0) due from two (in the previous year one) non-consolidated subsidiaries. The value of goods supplied in 2013 was €1.3 million (0.9).

No consultant contracts are in place with any members of the Executive Board or Supervisory Board. For information on pension plans please refer to note 26.

A dependent company report has been prepared on relationships with related parties pursuant to Section 312 of the German Stock Corporation Law (AktG) with the concluding declaration: “In the legal transactions listed in the dependent company report, and according to the circumstances that were known to us when those legal transactions were performed, our company received an appropriate consideration in each legal transaction. No actions subject to disclosure occurred on the instruction or in the interest of the controlling company nor any company associated with it.” KPMG AG Wirtschaftsprüfungsgesellschaft, the independent auditors of FUCHS PETROLUB SE, have audited this dependent company report and provided it with an unqualified audit opinion.

Note 26

E X E C U T I V E B O D I E S

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