Brenntag SE — Call Transcript 2011

Aug 10, 2011

Q2 2011

Conference Call Presentation, 10th August 2011

Disclaimer

This presentation may contain forward-looking statements based on current assumptions and forecasts made by Brenntag AG and other information currently available to the company. Various known and ygyp y unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. Brenntag AG does not intend, and does not assume any liability whatsoever, to update these forwardlooking statements or to conform them to future events or developments.

Agenda

1. Highlights Q2 2011 g g ts Q 0

2. Financials Q2 2011

3. Subsequent Events

4. Outlook 2011/2012

Appendix

Introductory Remarks to Q2 2011 Earnings

Ongoing sound business development and earnings growth in Q2

Strong gross profit growth of 10.8% as well as operating EBITDA growth of 15.4% (both y-o-y both FX adjusted) in Q2 2011 y,

Drivers were the organic growth of the business, efficient cost structures as well as the contribution of the EAC Industrial Ingredients acquisition

Average USD/EUR conversion of 1.4391 in Q2 2011 compared to 1.2708 Q2 2010, resulted in as reported growth rates below FX adjusted growth rates growth rates

Working capital growth driven by increased business activity, working capital turnover decreased sli g yp y g p htl y partl y due to the lower workin g ca pital turns within EAC Industrial Ingredients

Operating Highlights Q2 2011

G f P i t r o s s r o	E U R 4 4 4 4 3 3 8 8 m m F X d j d i f ( d i 1 0 8 % t t a s e n c r e a s e o -o a s r e p o r e n c r e a s e u y -y ) f 9 % 5 o -o y -y
O t i E B I T D A p e r a n g	E U R 1 1 6 6 7 7 7 7 m m F X d j d i f ( d i 1 5 4 % t t a u s e n c r e a s e o y -o -y a s r e p o r e n c r e a s e f ). 9. 6 % o y -o -y
O / t i E B I T D A p e r a n g G f P i t r o s s r o	( Q ) 3 8 % i 3 6 % i 2 2 0 1 0 7 t 5 a g a n s n
C f h l a s o w	F h f l f E U R d i f l f i f 6 7 3 t t r e e c a s o w o m e s p e o u o w o r n c r e a s e o i l. W k i i l i f E U R d i b b 8 3 4 t t c a p a o r n g c a p a n c r e a s e o m r e n v y u C h. W k i i l d d l d h t t t t t t g r o o r n g a p a r n o e r e c r e a s e p a r e o w u v y u C k i i l i h i E A I d i l I d i t t t t t o r n g c a p p a r n s n n s r a n g g r e e n s. w u w u	k i w o r n g i s n e s s l e o e r w

1. Highlights Q2 2011

Strategic Market Entry in China

• •Acquisition of Zhong Yung (International) Chemicals
• •Signing of purchase agreement to acquire the first tranche of 51% on 09th June 2011
• •Acquisition of the remaining stake is scheduled for 2016
• • Estimated enterprise value for the first tranche of 51% of the shares is EUR 43m, to be finally determined on the basis of the EBITDA 2011
• • Zhong Yung is focused on the distribution of solvents with established commercial and logistical infrastructure in the key economic regions in China

i E U R n m	2 0 1 1 e
S l a e s	2 2 0 0 5 5 5 5.
G P f i t r o s s r o	2 6. 0
E B I T D A	1 1. 3
C t u s o m e r s	2, 0 0 0 ~
S l i u p p e r s	1 0 0 >

Agenda

1. Highlights Q2 2011 g g ts Q 0

2. Financials Q2 2011

3. Subsequent Events

4. Outlook

Appendix

Income Statement Q2 2011

i i E E U U R R n m	Q 2 2 0 1 1	Q 2 2 0 1 0	∆	F X ∆ d j t d a s e u	2 0 1 0
S l a e s	2, 1 3. 4 7	1, 9 3. 8 5	1 1. 2 %	1 9 % 5.	6 4 9. 1 7,
C f G S t d l d o s o o o s o	1, 2 9. 6 7 -	1, 3 4 6 5 -	1 2 % 7		6, 0 1 2 7 -
G f P i t r o s s r o	4 4 3. 8	4 1 9. 2	% 5. 9	% 1 0. 8	1, 6 3 6. 4
E p e n s e s x	2 7 6. 7 -	2 6 6. 4 -	% 3. 9		1, 0 3 8. 8 -
E B I T D A	1 6 7. 1	1 5 2 8	% 9. 4	% 1 5. 2	5 9 7. 6
1 ) A d d b k T i C t t a c r a n s a c o n o s s	0. 6	0. 2			0 5.
O i E B I T D A t p e r a n g	1 6 7 7.	1 5 3 0.	9 %. 6	1 5 %. 4	6 0 2 6.
O / G t i E B I T D A p e r a n g r o s s P f i t r o	3 8 % 7.	3 6. % 5			3 6. 8 %

1) Transaction costs are costs related to restructuring and refinancing under company law.

Income Statement Q2 2011 (continued)

i E U R n m	Q 2 2 0 1 1	Q 2 2 0 1 0	∆	2 0 1 0
E B I T D A	1 6 7. 1	1 5 2 8	9. 4 %	5 9 7. 6
D i t i e p r e c a o n	2 1. 4 -	2 0. 9 -	% 2 4	8 4 0 -
E B I T A	1 4 5. 7	1 3 1. 9	1 0. 5 %	5 1 3. 6
1 ) A t i t i m o r a o n z	5. 4 -	3 2 8 -	8 3. 5 % -	1 0 4 6 -
E B I T	1 4 0. 3	9 9. 1	4 1. 6 %	4 0 9. 0
F i i l R l t n a n c a e s u	3 6. 7 -	3 5. 1 -	4 6 %	1 7 7. 2 -
E B T	1 0 3. 6	6 4 0	6 1. 9 %	2 3 1. 8
P P f f i i t t f f t t t t r o a e r a x	6 7 6.	3 8 7.	7 4 %. 7	1 4 6 6.

1) This figure includes scheduled amortization of customer relationships totaling EUR 3.4 million (prior period: EUR 30.7 million). Of the amortization of customer relationships, in the prior period EUR 27.0 million resulted from the amortization of customer relationships which were capitalized on the acquisition of the Brenntag Group by funds advised by BC Partners Limited, Bain Capital, Ltd. and subsidiaries of Goldman Sachs International at the end of the third quarter of 2006. These customer relationships were fully amortized over four years until September 30, 2010.

Cash Flow Statement Q2 2011

i E U R n m	Q 2 2 0 1 1	Q 2 2 0 1 0	2 0 1 0
f f P i t t t r o a e r a x	6 7. 6	3 8. 7	1 4 6. 6
& D i t i A t i t i e p r e c a o n m o r a o n z	2 6. 8	5 3. 7	1 8 8. 6
I t n c o m e a e s x	3 6. 0	2 5. 3	8 5. 2
I t t n c o m e a p a m e n s x y	3 2 2 -	1 5. 2 -	8 6. 1 -
I t t l t n e r e s r e s u	3 6. 0	3 4 2	1 6 8. 3
I I t t t t t t ( ( t t ) ) n e r e s p a y m e n s n e	2 6 0. -	3 0 4. -	1 9 5 3. -
C h i d l i b i l i i t t t a n g e s n c u r r e n a s s e s a n a e s	8 1 7. -	4 5. 7 -	1 1 1 7. -
O h t e r	8 2.	3 4. -	3 9 9. -
C h i d d b i i i i t t t a s p r o v e y o p e r a n g a c v e s	2 9. 3	2 5 7.	1 0. 3 5

Cash Flow Statement Q2 2011 (continued)

i E U R n m	Q 2 2 0 1 1	Q 2 2 0 1 0	2 0 1 0
P h f i i b l d P P t t t t u r c a s e s o n a n g e a s s e s a n r r o o p p e e r r y y, P l t & E i t a n q u p m e n	1 5. 4 -	1 5. 3 -	8 1. 2 -
f P h l i d t d b i d i i d r c a s e s o c o n s o a e s s a r e s a n u u t h b i i t o e r s n e s s n s u u	2 8. 8 -	0. 6 -	1 4 3. 1 -
O t h e r	1 4.	2 7.	5 8.
C f h d i t i t i i t i a s s e o r n e s n g a c e s u v v	4 2 8 -	1 3. 2 -	2 1 8. 5 -
C i t l i a p a n c r e a s e	0. 0	0. 0	5 2 5. 0
P i i i h h i l t t t t t a y m e n s n c o n n e c o n w e c a p a i n c r e a s e	0. 0	6. 3 -	1 3. 7 -
f P h h i i l d r c a s e s o s a r e s n c o m p a n e s a r e a u y l i d t d c o n s o a e	0. 0	0. 0	3. 6 -
D i i d d i d t i i t h h l d e n s p a o m n o r s a r e o e r s v y	1. 1 -	1. 3 -	5. 9 -
D i i d d i d t B t h h l d e n s p a o r e n n a g s a r e o e r s v	7 2 1 -	0. 0	0. 0
R t f f b i ( ( t t ) ) e p a y m e n o o o r r o w n g s n n e e	2 3.	2 9 8 9. -	6 8 8 9. -
C h d f f i i i i i t t a s u s e o r n a n c n g a c v e s	0. 9 7 -	3 0 6. 5 -	1 8 1 7. -
C & h i h h i l t a n g e n c a s c a s e q a e n s u v	8 4 4 -	2 6 2 5 -	2 5 5. 3 -

Balance Sheet as of 30 June 2011

1) Of the intangible assets as of June 30, 2011, some EUR 1,134 million relate to goodwill and trademarks that were capitalized as part of the purchase price allocation performed on the acquisition of the Brenntag Group by funds advised by BC Partners Limited, Bain Capital, Ltd. and subsidiaries of Goldman Sachs International at the end of the third quarter of 2006 in addition to the relevant intangible assets already existing in the previous Group structure.

Balance Sheet and Leverage Q2 2011

in EUR m	30 June 2011	31 March 2011	31 Dec 2010	31 Dec 2009
Financial liabilities1)	1,729.8	1,726.7	1,783.8	2,436.3
./. Cash and cash equivalents	259.2	349.8	362.9	602.6
Net Debt	1,470.6	1,376.9	1,420.9	1,833.7
Net Debt / Operating EBITDA 2)	2.3x	2.2x	2.4x	3.6x
Equity	1,631.1	1,642.0	1,617.9	172.3

1) Excluding shareholder loan in an amount of EUR 702.2m for 31 Dec 2009. No shareholder loan was in place as of 31 Mar 2010 and subsequent quarters.

2) Operating EBITDA for the quarters on LTM basis; 2009 adjusted for expense items relating to the early termination of a multi-year incentive program.

2. Financials Q2 2011

Leverage: Net Debt / Operating EBITDA1) Q2 2011

1) Net debt defined as current financial liabilities plus non-current financial liabilities less (cash and cash equivalents)

2) Operating EBITDA for the quarters on LTM basis; 2009 adjusted for expense items relating to the early termination of a multi-year incentive program.

1) Syndicated loan, bond and liabilities under the international accounts receivable securitization program excluding accrued interest and transaction costs (on the basis of exchanges rates on June 30, 2011)

Working Capital Q2 2011

i i E E U U R R n m	3 0 J J 2 0 1 1 u n e	3 1 M a r 2 0 1 1	3 1 D e c 2 0 1 0	3 1 D e c 2 0 0 9
I t i n e n o r e s v	6 4 5. 7	6 0 6. 0	6 0 6. 1	4 2 2 3
T d R i b l + r a e e c e a e s v	1, 2 6 4 8	1, 2 1 6. 2	1, 0 5 9. 7	8 3 1. 4
/. T d P b l r a e a a e s y	9 2 3. 5	9 1 7. 7	8 3 4 1	6 5 5. 6
C ( f ) W k i i t l d i d o r n g a p a e n o p e r o	9 8 7. 0	9 0 4 5	8 3 1. 7	5 9 8. 1
1 1 ) ) W W k k i i C C i i l l T T ( ( d d ) ) t t t t t t o r n g a p a u r n o v e r y e a r- o a e -	9 9. 5 5 x	9 9. 8 8 x	1 1 0 0. 2 2 x	9 9. 2 2 x
C ( W k i i t l T l t t l o r n g a p a r n o e r a s e e u v w v 2 ) ) t h m o n s	9. 5 x	9. 9 x	1 0. 2 x	9. 2 x

1) Using sales on year-to-date basis and average working capital year-to-date

2) Using sales on LTM basis and average LTM working capital

Free Cash Flow Q2 2011

i E U R n m	Q 2 2 0 1 1	Q 2 2 0 1 0	∆	∆	2 0 1 0
E B I T D A	1 6 1 7.	1 2 8 5	1 4 3	9. 4 %	9 6 5 7.
C a p e x	1 6. 4 -	1 5. 5 -	0. 9 -	5. 8 %	8 5. 1 -
W k i C i l ∆ t o r n g a p a	8 3. 4 -	4 5. 7 -	3 7. 7 -	8 2 % 5	1 3 6. 4 -
C C F F h h F F l l r e e a s o w	6 7 3.	9 1 6.	2 4 3. -	%. 2 6 5 -	3 7 6 1.

Segments Q2 2011

i E U R n m		E u r o p e	N h t o r A i m e r c a	i L t a n A i m e r c a	A i s a P i f i a c c	A l l h t o e r t s e g m e n s	G r o u p
E t l S l e r n a a e s x	Q 1 2 2 0 1	1 1, 1 1 3 3 0 0. 0 0	6 6 4 4.	1 9 6 1.	8 3 4.	9 9. 5	2 4 , 1 7 3
	Q 2 2 0 1 0	1, 0 0 9. 5	6 4 5. 5	1 8 8. 3	2 0. 1	9 0. 4	1, 9 3. 8 5
	∆	% 1 1. 9	% 2 9	% 4 1	% 1 0 0 >	% 1 0. 1	% 1 1. 2
	F X ∆ d j t d a s e u	% 1 1. 4	% 1 4 8	% 1 2 8	% 1 0 0 >	% 1 0. 1	% 1 5. 9
O i t p e r a n g G P f i t r o s s r o	Q 2 2 0 1 1	2 3 2 2	1 6 0. 6	3 8. 0	1 8. 7	4 1	4 3. 6 5
	Q 2 2 0 1 0	2 2 0. 0	1 6 2 2	3 2 7.	6 5.	3. 9	4 2 8. 9
	∆	% 5. 5	% 1. 0 -	% 2 2	% 1 0 0 >	% 5. 1	% 5. 8
	F X ∆ d j t d a s e u	5. 1 %	1 0. 2 %	1 1. 2 %	1 0 0 % >	5. 1 %	1 0. 6 %
O t i E B I T D A p e r a n g	Q 2 2 0 1 1	8 2 3	6 9. 6	1 3. 0	8. 4	5. 6 -	1 6 7. 7
	Q 2 2 0 1 0	7 4 0	6 9. 7	1 2 5	2 1	5. 3 -	1 5 3. 0
	∆	1 1. 2 %	0. 1 % -	4 0 %	1 0 0 % >	% 5. 7	9. 6 %
	∆ F X d d j j d d t t a u s e	1 1. 0 %	1 0. 9 %	1 1. 9 %	1 0 0 % >	% 5. 7	1 4 % 5.

Agenda

1. Highlights Q2 2011 g g ts Q 0

2. Financials Q2 2011

3. Subsequent Events

4. Outlook 2011/2012

Appendix

Refinancing – Syndicated Loan

• • Refinancing gg takes advantage of Brenntag's continued successful track record and the attractive market environment
• • Extended maturities, high degree of financial flexibility and significant margin improvements
• •Credit ratings upgraded to BBB- by Standard & Poor's and Ba1 by Moody's
• •Replacement of most of the Group's debt funded on July 19
• • Attractive instrument mix
• • Approx. EUR 1.5bn 5-years multi-currency syndicated loan facilities; thereof approx. EUR 1.1bn drawn and EUR 0.4m available
• • EUR 400 i l 7400m inaugural 7-years corporatb d eon
• • Approx. EUR 175m A/R Securitization remains in place, but maturity extended to 3-years (already in June)

3. Subsequent Events

Refinancing – Bond

• •Brenntag issued its first bond in July 2011
• •Further diversification of the financing mix
• •Substantial demand among investors, issuance was several times oversubscribed

Main data of the Brenntag bond

I S I N	X S 0 6 4 5 9 4 1 4 1 9
I s s u e r	B F i B V t r e n n a g n a n c e
i i L t s n g	b S k E h L t u x e m o u r g o c x c a n g e
A t m o u n	E U R 4 0 0 m
C o u p o n	% 5 5 0
M t i t a u r y	1 9 2 0 1 8 J l u y
R i t a n g	B B B / B 1 a -

Acquisitions

Acquisition of the remaining 26% of shares in Brenntag Polska Sp z.o o. . which were held were by Ixochem Sp. z o.o.

Agenda

1. Highlights Q2 2011 g g ts Q 0

2. Financials Q2 2011

3. Subsequent Events

4. Outlook

Appendix

4. Outlook 2011/2012

Outlook 2011/2012

	2 0 1 0 H 1 2 0 1 1	C t o m m e n s	T d 2 0 1 1 r e n d 2 0 1 2 a n
S l a e s	• E U R 7, 6 4 9 m • E U R 4, 3 0 1 m	O i i i i d l d t t n g o n g p o s v e m a c r o e c o n o m c e v e o p m e n a s s u m e O t i t d b d t h f t i l l f u s o u r c n g r e n s y p r o u c e r s, e p r e e r e n a r o e o l d i t i b t d B t 's t t i t i s c a e s r o r s a n r e n n a g s r o n g c o m p e e u v i i d i d f h h i l t t t t t t t p o s o n a r e e x p e c e o p r o v e u r e r g g r o w p o e n a
G f P i t r o s s r o	• E U R 1, 6 3 6 m • E U R 8 8 7 m	B d t i i h t d t a s e o n p a s e x p e r e n c e, p r c e c a n g e s a r e e x p e c e o h i i f i t i f l G P f i t a v e n o s g n c a n n u e n c e o n r o s s r o f G f F t h i t i d l t P i t i t d r e r p o s e e e o p m e n o r o s s r o s e p e c e u v v x d i h d d f l i d d d i i l l t t t t u e o e n r c e p r o u c p o r o o a n a o n a v a u e d d d i a e s e r v c e s
O i E B I T D A t p e r a n g	• 6 0 3 • E U R m E U R 3 2 6 m •	E U R 6 5 0 t E U R 6 7 0 i 2 0 1 1 m o m n S / A k U D E U R i t i l l h t i e a e r c o n e r s o n r a e a e n e g a e w v w v v l i l i d i t t t t r a n s a o n a m p a c o n a s r e p o r e e a r n n g s E A C I d t i l I d i t i i t i i l l h f l l- n u s r a n g r e e n s a c q u s o n w a v e u y e a r i t ( 2 H 2 0 1 0 f i t- t i l i d t i ) m p a c r s m e c o n s o a o n
P f i f t t t r o a e r a x	• E U R 1 4 7 m • E U R 1 3 5 m	R f i i d b f b l h h t t t e n a n c n g a n s u s e q u e n a v o u r a e c a n g e s o e i t l t t i l l h i t, i l i 2 0 1 2 c a p a s r u c u r e w s o w m p a c m a n y n f f C T T i i t t i i B P P t t ' ' l l t t d d t t b b e r m n a o n o a r n e r s r e a e c s o m e r a s e u i i i l l h f l l- i t t t a m o r z a o n w s o w u y e a r m p a c

4. Outlook 2011/2012

Outlook 2011/2012

	2 0 1 0 H 1 2 0 1 1	C t o m m e n s	T d 2 0 1 1 r e n d 2 0 1 2 a n
W k i C i t l o r n g a p a	E U R 8 3 2 m E U R 9 8 7 m	T T l l f f i i f f l l h h t t t t • o a a r g e e x e n a u n c o n o s a e s g r o w B i h i l l l d i f k i t t • u s n e s s g r o w w e a o a n n c r e a s e o w o r n g i t l d t d 2 0 1 0, f l i i d i t f c a p a c o m p a r e o e n n o u s e o q u y o r f f b i l d- k i i t l J 2 0 1 1 t i l d u u p o w o r n g c a p a r o m u n e u n e n 2 0 1 1 d t e p e c e x T h 's k i i l i d t t t t e g r o u p w o r n g c a p a u r n o v e r s e x p e c e o • d l i h l l f h E A C t t t e c r e a s e s g y y e a r- o v e r- y e a r a s a r e s u o e i i t i h i h l t t a c q u s o n, w c a s a o w e r u r n o v e r r a e
C a p e x	E U R 8 5 m E U R 2 9 m	C d i i l l b l i h t l b d i t i d a p e s p e n n g e s g a o e e p r e c a o n e • x w y v u i i b i i i i t t t o n c r e a s n g u s n e s s a c v e s C f f i i t t i t i i t i i f t t d • a p e x s u c e n o m a n a n e x s n g n r a s r u c u r e a n t i t h s p p o r o r g a n c g r o u w
f F h l r e e c a s o w	E U R 3 7 6 m E U R 1 1 5 m	F h f l i d i t t • r e e c a s o w s e x p e c e o n c r e a s e f f I t i t d t t t h l i i d i t t h • s e x p e c e n o o u s e a n y u r e r q u y o r e b i l d- f W k i C i l d i h J 2 0 1 1 t t p o o r n g a p a c o m p a r e n e u u w u i l h d f 2 0 1 1 t t u n e e n o

Thank you for your attention!

Brenntag Management Board

Steven HollandCEO

Jürgen Buchsteiner CFO

William FidlerBoard Member

We are ready to answer your questions questions.

Agenda

1. Highlights Q2 2011 g g ts Q 0

2. Financials Q2 2011

3. Subsequent Events

4. Outlook 2011/2012

Appendix

Appendix

Contents

O i H i h l i h H 1 2 0 1 1 t t • p e r a n g g g s	2 9 p
I H 1 2 0 1 1 t t t • n c o m e s a e m e n	3 0 p
C h f l t t t H 1 2 0 1 1 a s o s a e m e n • w	3 2 p
F h f l H 1 2 0 1 1 • r e e c a s o w	3 4 p
S H 1 2 0 1 1 t • e g m e n s	3 5 p
O O f f f f I I P P l l t t d d t t i i t t t t t t 2 2 0 0 1 1 0 0. r e a e e e c s o n n c o m e s a e m e n •	3 6 p
I t t t d j t d f I P O l t d f f t • n c o m e s a e m e n a u s e o r r e a e e e c s	3 7 p

Operating Highlights H1 2011

G f P i t r o s s r o	E U R 8 8 7 7 8 8 2 2 m m F X d j d i f ( d i 1 2 0 % t t a s e n c r e a s e o -o a s r e p o r e n c r e a s e u y -y ) f 1 0 3 % o -o y -y
O t i E B I T D A p e r a n g	E U R 3 3 2 2 5 5 8 8 m m F X d j d i f ( d i 1 5 5 % t t a u s e n c r e a s e o y -o -y a s r e p o r e n c r e a s e f ). 1 3 4 % o y -o -y
O / t i E B I T D A p e r a n g G f P i t r o s s r o	( ) 3 1 % i 3 6 1 % i H 1 2 0 1 0 7 t a g a n s n
C f h l a s o w	F h f l f E U R d i f l f i f k i 1 1 5 2 t t r e e c a s o w o m e s p e o u o w o r n c r e a s e o w o r n g i l. W k i i l i f E U R d i b b i 1 8 0 8 t t c a p a o r n g c a p a n c r e a s e o m r e n s n e s s v y u C h. W k i i l d d l d h l t t t t t t g r o o r n g a p a r n o e r e c r e a s e p a r e o e o e r w u v y u w C k i i l i h i E A I d i l I d i t t t t t o r n g c a p a r n s n n s r a n g g r e e n s. w u w u

Income Statement H1 2011

i i E E U U R R n m	H 1 2 0 1 1	H 1 2 0 1 0	∆	∆ F X d j d t a u s e	2 0 1 0
S l a e s	4, 3 0 0. 5	3, 6 8 6 7.	1 6. 6 %	1 8. 1 %	6 4 9. 1 7,
C f G d S l d t o s o o o s o	3, 4 2 2 3 -	2, 8 9 1. 4 -	1 8. 4 %		6, 0 1 2 7 -
G P f i t r o s s r o	8 8. 2 7	9 6. 2 7	1 0. 3 %	1 2 0 %	1, 6 3 6. 4
E x p e n s e s	3. 2 5 5	1 4 9 5	4 % 7.		1, 0 3 8. 8 -
E B I T D A	3 2 0 5.	2 8 1. 3	1 % 5. 5	1 % 7. 7	9 6 5 7.
1 ) A d d b k T t i C t a c r a n s a c o n o s s	0. 8	6. 0			5. 0
O t i E B I T D A p e r a n g	3 2 5 8.	2 8 7 3.	1 3 %. 4	1 5 %. 5	6 0 2 6.
O i E B I T D A / G t p e r a n g r o s s P f i t r o	3 7. 1 %	3 6. 1 %			3 6. 8 %

1) Transaction costs are costs related to restructuring and refinancing under company law.

Income Statement H1 2011 (continued)

i E U R n m	H 1 2 0 1 1	H 1 2 0 1 0	∆	2 0 1 0
E B I T D A	3 2 5. 0	2 8 1. 3	% 1 5. 5	5 9 7. 6
D i t i e p r e c a o n	4 2 8 -	4 1. 1 -	% 4 1	8 4 0 -
E B I T A	2 8 2 2	2 4 0. 2	% 1 7. 5	5 1 3. 6
) 1 A t i t i m o r a o n z	1 1. 4 -	6 3. 8 -	% 8 2 1 -	1 0 4 6 -
E B I T	2 7 0. 8	1 7 6. 4	% 5 3. 5	4 0 9. 0
F i i l R l t n a n c a e s u	6 5. 1 -	1 0 8. 7 -	4 0. 1 -	1 7 7. 2 -
E B T	2 0 5. 7	6 7. 7	% 1 0 0 >	2 3 1. 8
f f f f P P i i t t t t t t r o a e r a x	1 3 4 5.	4 0 9.	% 1 0 0 >	1 4 6 6.

1) This figure includes scheduled amortization of customer relationships totalling EUR 7.4 million (prior period: EUR 59.7 million). Of the amortization of customer relationships, in the prior period EUR 52.8 million resulted from the amortization of customer relationships which were capitalized on the acquisition of the Brenntag Group by funds advised by BC Partners Limited, Bain Capital, Ltd. and subsidiaries of Goldman Sachs International at the end of the third quarter of 2006. These customer relationships were fully amortized over four years until September 30, 2010.

Cash Flow Statement H1 2011

i E U R n m	H 1 2 0 1 1	H 1 2 0 1 0	2 0 1 0
P f i f t t t r o a e r a x	1 3 4 5	4 0. 9	1 4 6. 6
D i i & A i i t t t e p r e c a o n m o r z a o n	4 2 5	1 0 4 9	1 8 8. 6
I t n c o m e a x e s	7 1. 2	2 6. 8	8 5. 2
I t t n c o m e a x p a y m e n s	5 8. 0 -	2 5. 2 -	8 6. 1 -
I t t l t n e r e s r e s u	6 2 3	1 0 8. 8	1 6 8. 3
( ( ) ) I I t t t t t t t t n e r e s p a m e n s n e y	5 6 9. -	1 3 4 5. -	1 9 5 3. -
C h i t t d l i b i l i t i a n g e s n c r r e n a s s e s a n a e s u	1 7 7. 2 -	1 0 9. 8 -	1 1 7. 1 -
O t h e r	9 2.	2 7 0. -	3 9 9. -
C h i d d b t i t i i t i a s p r o v e y o p e r a n g a c v e s	3 9. 3	1 5. 1 -	1 5 0. 3

Cash Flow Statement H1 2011 (continued)

i E U R n m	H 1 2 0 1 1	H 1 2 0 1 0	2 0 1 0
P h f i i b l d P P t t t t u r c a s e s o n a n g e a s s e s a n r r o o p p e e r r y y, P l t & E i t a n q u p m e n	3 2 3 -	3 0. 3 -	8 1. 2 -
f P h l i d t d b i d i i d r c a s e s o c o n s o a e s s a r e s a n u u t h b i i t o e r s n e s s n s u u	2 8. 8 -	2 9 -	1 4 3. 1 -
O t h e r	5 3.	2 0.	5 8.
C h d f i t i t i i t i a s s e o r n e s n g a c e s u v v	5 5. 8 -	3 1. 2 -	2 1 8. 5 -
C i t l i a p a n c r e a s e	0. 0	5 2 5. 0	5 2 5. 0
P t i t i i t h t h i t l a y m e n s n c o n n e c o n w e c a p a i n c r e a s e	0. 0	1 2 9 -	1 3. 7 -
f P h h i i l d r c a s e s o s a r e s n c o m p a n e s a r e a u y l i d t d c o n s o a e			3. 6 -
D i i d d i d t i i t h h l d v e n s p a o m n o r y s a r e o e r s	1. 1 -	1. 4 -	5. 9 -
D i i d d i d t B t h h l d e n s p a o r e n n a g s a r e o e r s v	7 2 1 -	0. 0
R t f b i ( ( t ) ) e p a m e n o o r r o n g g s n e y y w	2 7	6 7 9. 0 -	6 8 8. 9 -
C h d f f i i t i i t i a s u s e o r n a n c n g a c v e s	7 0. 5 -	1 6 8. 3 -	1 8 7. 1 -
C C h h i i h h & & h h i i l l t t a n g e n c a s c a s e q u v a e n s	8 8 0 0 7 7. -	2 2 1 1 4 4 6 6 -	2 2 3 3 5 5 5 5. -

Free Cash Flow H1 2011

i E U R n m	H 1 2 0 1 1	H 1 2 0 1 0	∆	∆	2 0 1 0
E B I T D A	3 2 5. 0	2 8 1. 3	4 3. 7	% 1 5. 5	5 9 7. 6
C a p e x	2 9. 0 -	2 8 5. -	3. 2 -	1 2 4 %	8 1 5. -
C W k i i t l ∆ o r n g a p a	1 8 0. 8 -	1 2 3. 2 -	5 7. 6 -	% 4 6. 8	1 3 6. 4 -
F F C C h h F F l l r e e a s o w	1 1 5 2.	1 3 2 3.	1 7 1. -	1 2 %. 9 -	3 7 6 1.

Segments H1 2011

i E U R n m		E u r o p e	N t h o r A i m e r c a	L t i a n A i m e r c a	A i s a P i f i a c c	A l l t h o e r t s e g m e n s	G r o u p
S E t l l x e r n a a e s	H 1 2 0 1 1	2 2, 2 2 2 2 1 1. 0 0	1 1 , 3 1 7.	3 8 7. 3	1 6 9 0.	2 0 6 1.	4 0 , 3 0 5
	H 1 2 0 1 0	1, 9 3 6. 9	1, 1 9 0. 7	3 5 2 4	3 8. 6	1 6 9. 0	3, 6 8 7. 6
	∆	1 4 % 7	1 0. 6 %	9. 9 %	1 0 0 % >	2 2 0 %	1 6. 6 %
	∆ F X d j d t a u s e	1 3. 6 %	1 6. 1 %	1 2 % 7	1 0 0 % >	2 2 0 %	1 8. 1 %
O t i p e r a n g G P f i t r o s s r o	H 1 2 0 1 1	4 5 9. 9	3 1 6. 3	7 3. 8	3 8. 6	8. 5	8 9 7. 1
	H 1 2 0 1 0	4 3 1. 5	2 9 6. 9	6 9. 0	1 0. 5	6. 7	8 1 4 6
	∆	6. 6 %	6. % 5	0 % 7.	1 0 0 % >	2 6. 9 %	1 0. 1 %
	F X ∆ d j t d a u s e	% 5. 6	% 1 1. 8	% 1 0. 1	% 1 0 0 >	% 2 6. 9	% 1 1. 7
O i E B I T D A t p e r a n g	H 1 2 0 1 1	1 6 0. 7	1 3 2 8	2 4 8	1 8. 2	1 0. 7 -	3 2 8 5.
	H 1 2 0 1 0	1 4 4 4	1 2 6. 1	2 2 6	4 2	1 0. 0 -	2 8 7. 3
	∆	1 1. 3 %	5. 3 %	9. 7 %	1 0 0 % >	7. 0 %	1 3. 4 %
	F X ∆ d d j j d d t t a u s e	1 0. 3 %	1 0. 6 %	1 2 % 7	1 0 0 % >	0 % 7.	1 % 5. 5

IPO-related Effects on Income Statement

i E U R n m	Q 1 2 0 1 0	Q 2 2 0 1 0	H 1 2 0 1 0	Q 3 2 0 1 0	Q 4 2 0 1 0	2 0 1 0
E f f b E B I T D A t e c s a o v e
O I P t h d t B h c o s s c a r g e o r a c e m A i i i S C A t c q u s o n	2 5 +	0. 0	2. 5 +	0. 0	0. 4 -	2. 1 +
I P O t c o s s	8. 2 -	0. 0	8. 2 -	0. 0	1. 6 +	6. 6 -
T l f f b E B I T D A t t o a e e c a o v e	5. 7 -	0. 0	5. 7 -	0. 0	1. 2	4. 5 -
E f f i F i i l l t t e c s n n a n c a r e s u
W i l d t a v e r r e a e	2 0. 8 -	0. 0	2 0. 8 -	0. 0	0. 0	2 0. 8 -
f D i t i t i h d t i s c o n n u a o n o e g e a c c o u n n g f i i t t t o r c e r a n n e r e s s w a p s	4 4 5. -	0 0. 0 0	5. 4 4 -	0 0. 0 0	0 0. 0 0	5. 4 4 -
I b d i d t t t n e r e s e x p e n s e s o n s u o r n a e h h l d l s a r e o e r o a n	1 0 7. -	0. 0	1 0 7. -	0. 0	0. 0	1 0 7. -
f f f f T T t t l l t t i i F F i i i i l l l l t t o a e e c s n n a n c a r e s u	4 3 2. -	0 0.	4 3 2. -	0 0.	0 0.	4 3 2. -
O f f T t l I P l t d t I o a -r e a e e e c s o n n c o m e S t t t a e m e n	4 8. 9 -	0. 0	4 8. 9 -	0. 0	1. 2	4 7. 7 -

No adjustment made for the amortization of customer relationships resulting from the acquisition of the Brenntag Group by equity funds advised by BC Partners, Bain Capital and Goldman at the end of the third quarter of 2006 (EUR 79.4m for 9M 2010). These customer relationships have been fully amortized by the end of Q3 2010

Income Statement Adjusted for IPO Effects

i E U R n m	Q 1 2 0 1 0	Q 2 2 0 1 0	H 1 2 0 1 0	Q 3 2 0 1 0	Q 4 2 0 1 0	2 0 1 0
E B I T D A	1 2 8. 5	1 5 2 8	2 8 1. 3	1 5 9. 9	1 5 6. 4	9 6 5 7.
A d j f I P O t t u s m e n o r l d f f t t r e a e e e c s	5. 7	0. 0	5. 7	0. 0	1. 2 -	4. 5
E B I T D A d j t d a s e u	1 3 4 2	1 5 2 8	2 8 7. 0	1 5 9. 9	1 5 5. 2	6 0 2. 1
F i i l l t n a n c a r e s u	7 3 6. -	3 5 1. -	1 0 8 7. -	3 2 7. -	3 5 8. -	1 7 7 2. -
A d j f I P O t t u s m e n o r l d f f t t r e a e e e c s	4 3. 2	0. 0	4 3. 2	0. 0	0. 0	4 3. 2
F i i l l d j d t t n a n c a r e s u a u s e	3 0 4. -	3 1. 5 -	6 5 5. -	3 2 7. -	3 8. 5 -	1 3 4 0. -
E B T	3. 7	6 4 0	6 7. 7	7 2 1	9 2 0	2 3 1. 8
A d j f I P O t t u s m e n o r l d f f t t r e a e e e c s	4 8. 9	0. 0	4 8. 9	0. 0	1. 2 -	4 7. 7
E B T d j d t a u s e	2 6 5	6 4 0	1 1 6. 6	2 1 7	9 0. 8	2 7 9. 5

No adjustment made for the amortization of customer relationships in the amount of EUR 79.4m in 9M 2010 capitalized in the course of the purchase price allocation made in September 2006 and fully amortized by the end of Q3 2010