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28/9/2011
Sector Study: Lubricants
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Athens, September 28th, 2011

PRESS RELEASE

The domestic consumption of vehicle lubricants continues to fall over 2009-2010.

  • The overall domestic consumption of vehicle lubricants has been in decline over the last years.
  • The evolution of the circulating vehicle fleet affects the demand for lubricants. The growth rate of the fleet has been in decline over the last years.
  • Mineral oils still have the largest share in the market followed by synthetic/semi-synthetic lubricants..

The demand for the examined products is affected by the evolution of the circulating vehicle fleet (cars, motorcycles), the number of which has increased by an average of 4.6% annually over 2002-2010. The recent changes and evolution prospects of the sector are presented in the tenth edition of the relevant Sector Study published by the ICAP Group Department of Economic Research. New technology vehicles which require oil change less frequently as well as the improved quality of lubricants result in the fall of the demand for lubricants.

The Director of the ICAP Group Department of Economic Research Mrs Stamatina Pantelaiou commenting on the evolution of the Greek market of lubricants, pointed out the following: “The size of the overall domestic consumption of vehicle lubricants has been in decline, dropping by an average of 4% annually over 1994-2010. The rate of decrease of the volume has become even worse over the last three years, while in 2009 and 2010 it amounted to approximately 14% and 12% respectively. According to the current trends and market conditions, a further fall of the total consumption is expected by 10% compared to 2010, while the rates of change are expected to differ depending on the category of lubricants. The value of the domestic market of vehicle lubricants is estimated to have dropped by approximately 8% in 2010 compared to 2009”.

Mineral oils account for a large percentage of the overall market (61%), while synthetic/semi synthetic lubricants are estimated to have had a share of approximately 27% in the overall consumption for 2010.
According to the results of primary research, sector companies mainly channel lubricants via wholesalers (share of 54% in 2010) followed by repair shops, gas stations and grease stations.
 
A financial analysis of the sector leading companies (manufacturers/importers) has been carried out for the purposes of the study based on selected financial ratios. A consolidated balance sheet has been drawn up for 13 sector companies for which there are available financial data both for 2008 and 2009.

The analysis of the consolidated balance sheet shows that the overall sales of the sampled companies dropped by 19.8% in 2009 compared to 2008, while gross profits dropped by 11.7%. Thus, overall net profits (before income tax) dropped by 27.5% while EBITDA profits dropped by 20% during the same period.

 


ICAP Group –with €60 million revenues for 2010 and 1.200 employees- is the largest Business Services Group in Greece with a strong presence in Southeastern Europe and Cyprus. Following its acquisition in the beginning of 2007 from the SEEF Fund of Global Finance, ICAP Group offers a wide range of services and products which are grouped into the following 4 Business Lines: Credit Risk Services, Marketing Solutions, Management Consulting and People Solutions.

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