Brenntag SE — Call Transcript 2012

Nov 8, 2012

Q3 2012

Conference Call, 7th November 2012

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 Q3 2012 g g 2. Financials Q3 2012 3. Outlook

Agenda

1. Highlights Q3 2012 g g

2. Financials Q3 2012

3. Outlook

Appendix

Introductory remarks to Q3 2012 earnings

Earnings development confirms the strength and resilience of the business model under more difficult market conditions

Gross profit growth of 4.0% (y-o-y, FX adjusted) or 10.7% (as reported) in Q3 2012

Negative impact of Q3 result due to ^a non recurring expense in the European region non-recurring expense

Operating EBITDA adjusted for the non-recurring effect of about EUR 10m is on previous year's level (y-o-y, FX adjusted) or grew by 7.3% as reported

growth at 0.7% as reported, adjusted for non-recurring effect operating EBITDA was EUR 2012 acquisitions meet expectations

Continued strong free cash flow generation cash

Operating highlights Q3 2012

G f i t r o s s p r o	9 3 2 E U R 4 m F X d j d i f 4 0 % ( d i 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 0 % ) ) 7 o y y -o o -y y
O t i E B I T D A p e r a n g g	E U R 1 6 7. 8 m % ( f % ) F X d j t d 6 2 t d i 0 7 a s e -o a s r e p o r e n c r e a s e o -o u y -y y -y - f f E l d i i t E U R 1 7 8 8 c n g n o n- r e c r r n g e e c m x u u F X d j d i 's l l ( d i f t t a u s e o n p r e v o u s y e a r e v e a s r e p o r e n c r e a s e o 3 % ) 7. y -o -y
O i E B I T D A / t t p e r a a n g g G f i t r o s s p r o	3 6 3 % ( f l d i i f f ) i t t t a e r e x c u n g n o n- r e c u r r n g e e c a g a n s 3 3 4 4 % % i i Q 3 2 2 0 0 1 1 1 1 d 3 3 4 4 % % i i F Y 2 2 0 0 1 1 1 1, 7 7. 7 7. n a n n 3 4 0 % i Q 3 2 0 1 2 d t n a s r e p o r e
C h f l a s o w	f f F h l E U R 1 6 8 1 r e e c a s o o m w
A i i i t c q u s o n s	A i i t i i t h t t l f E U R 1 0 7. 2 t i l c q s o n s a o a o m e n e r p r s e a e u w v u i l d i D l t n c n g e a n a u

Free Float reached 100%

• • Final placement of Brachem Acquisition S.C.A. at the beginning of Q3
• o Brachem Acquisition S.C.A. placed the remaining portion of 6.9 million shares for a price of EUR 89.00 per share with institutional investors. The free float has now reached 100% of the share capital share capital.

1. Highlights Q2 2012

Acquisitions

ISM/Salkat Group Australia and New Zealand

•Strengthening of strategic market position in Australia and market entry in New Zealand •Expansion of specialty product portfolio Expansion optimize well s' productivity

The TER Corporation Texas, USA

• •Supply of production (well treating) chemicals and specialized services to
• •TER is located in the fastest growing shale gas areas in the US

in U S D m	2 0 1 1
S le a s	1 1. 2
G Pr f i t ro ss o	8. 5
E B I T D A	3. 9
Cu to s m er s	1 0 0 ~

1. Highlights Q3 2012

Acquisitions (2)

Delanta Group Latin America

• • In October Brenntag signed a preliminary agreement to acquire Delanta Group
• • Closing is expected in the course of November 2012
• • Specialty chemical distributor with presence in the Southern Cone of Latin America.
• • Delanta Group is active in the distribution of specialty chemicals, e.g. paints & coatings ceramics construction and food coatings, ceramics, and chemicals.

Agenda

1. Highlights Q3 2012 g g

2. Financials Q3 2012

3. Outlook

Appendix

Income statement Q3 2012

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

1) Operating EBITDA 178.8m, adjusted for non-recurring effect in European segment +7.3% y-o-y, on previous year's level FX adj.

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

Income statement Q3 2012 (continued)

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

1) Thereof related to change in purchase price obligation Zhong Yung (International) Chemical Ltd., which has to be recorded in the income statement according to IFRS. Effect: 2011: EUR -10.6m; Q1 2012: EUR -0.2m; Q2 2012: EUR -3.9 m; Q3 2012: EUR -0.8m

2) Adjusted for the net effect of amortizations and changes in the purchase price obligation for the outstanding 49% in Zhong Yung (International) Chemical Ltd.

Cash flow statement Q3 2012

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

Cash flow statement Q3 2012 (continued)

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

Balance sheet as of 30 September 2012

¹⁾ Of the intangible assets as of June 30, 2012, some EUR 1,201 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 Q3 2012

i E U R n m	3 0 S 2 0 1 2 e p	3 0 J u n 2 0 1 2	3 0 M a r 2 0 1 2	3 1 D e c 2 0 1 1	3 0 S e p 2 0 1 1	3 0 J u n 2 0 1 1	3 1 M a r 2 0 1 1
F i i l l i b i l i t i n a n c a a e s	1, 8 3 9. 6	1, 9 0 2 3	1, 8 1 9. 5	1, 9 5 2 4	1, 8 5 5. 2	1, 7 2 9. 8	1, 7 2 6. 7
/ /. C C h h d d h a s a n c a s i l t e q a e n s u v	3 0 2 8	3 0 8. 5	3 6 4 5	4 5 8. 8	4 8 1. 6	2 5 9. 2	3 4 9. 8
N D b t t e e	1, 3 6. 8 5	1, 9 3. 8 5	1, 4 0 5 5.	1, 4 9 3. 6	1, 3 3. 6 7	1, 4 0. 6 7	1, 3 6. 9 7
N t D b t / O t i e e p e r a n g 1 ) E B I T D A	2 2 x	2 3 x	2 2 x	2 3 x	2 1 x	2 3 x	2 2 x
E i t q u y	1, 9 1 3. 9	1, 8 4 6. 6	1, 8 3 5. 7	1, 6 1. 3 7	1, 6 4 9 7.	1, 6 3 1. 1	1, 6 4 2 0

1) Operating EBITDA for the quarters on LTM basis.

2. Financials Q3 2012

Leverage: Net debt / Operating EBITDAQ3 2012

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

•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 Q3 2012

Maturities profile as of 30 September 20121)

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 September 30, 2012)

Working capital Q3 2012

i i E E U U R R n m	3 0 S S 2 0 1 2 e p	3 0 J n u 2 0 1 2	3 1 M a r 2 0 1 2	3 1 D e c 2 0 1 1	S 3 0 e p 2 0 1 1	3 0 J n u 2 0 1 1
I t i n e n o r e s v	7 5 0. 7	7 2 2 5	7 2 3. 6	6 9 6. 8	6 5 3. 4	6 4 5. 7
T d i b l + r a e r e c e a e s v	1, 4 0 5. 0	1, 4 4 5. 7	1, 3 7 3. 0	1, 2 2 0. 9	1, 2 7 9. 2	1, 2 6 4 8
/. T d b l r a e p a a e s y	1, 0 4 2 8	1, 0 4 6. 4	1, 0 6 6. 8	9 5 6. 6	9 7 5. 3	9 2 3. 5
W k i i l ( d f t o r n g c a p a e n o i d ) p e r o	1, 1 1 2 9	1, 1 2 1. 8	1, 0 2 9. 8	9 6 1. 1	9 5 7. 3	9 8 7. 0
W k i i t l t o r n g c a p a r n o e r u v ) 1 ( ) t d t y e a r- o a e -	9. 3 x	9. 4 x	9. 6 x	9. 3 x	9. 4 x	9. 5 x
W k i i l t t o r n g c a p a u r n o v e r 2 ) ( l l h ) t t t a s w e v e m o n s	9. 2 x	9. 2 x	9. 2 x	9. 3 x	9. 3 x	9. 5 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 Q3 2012

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

2. Financials Q3 2012

Segments Q3 2012

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

1) Europe Operating EBITDA ∆ 5.2%, ∆ FX adjusted 3.4% adjusted for non-recurring effect in European segment.

Agenda

1. Highlights Q3 2012 g g

2. Financials Q3 2012

3. Outlook

Appendix

O 3. t l k o o u
O l k t o o u
	2 0 1 1 9 M 2 0 1 2	C t o m m e n s	T d 2 0 1 2 r e n d 2 0 1 3 a n
S l a e s	8, 6 9 E U R 7 m • E U R 3 0 7, 5 m	O i k d d d i i l i t n g o n g w e a a n e m a n n g m a c r o- e c o n o m c c m a e
G f i t r o s s p r o	E U R 1, 7 6 8 m E U R 1, 1 4 4 5 5 5 5 m
O t i E B I T D A p e r a n g	• • E U R 6 6 1 m • E U R 5 2 4 m	S t f i t i f i t d l t u p p o r r o m p o s v e g r o s s p r o e v e o p m e n f F l l- i t 2 0 1 1 i i t i e a r m p a c o a c q s o n s u y u F l l- Y 2 0 1 2 i E B I T D A d h t t t u e a r o p e r a n g e x p e c e o r e a c o r d E U R 7 0 5 U d i d d E U R t e x c e e m p p e r e n g u a n c e n a r r o w e o 7 2 5 i t h k i i t ( l d i m g v e n e w e a e r e c o n o m c e n v r o n m e n e x c u n g ) ). i n o n- r e c r r n g g e p p e n s e u x
f f P i t t t r o a e r a x	E U R 2 7 9 m • E U R 2 4 0 m	S S f f f f f f l l i i i i i l l h l l l l- i t c c c c e e s s s s r r e e n n a a n n c c n n g g s o e e a a r r m p a c u u u u w w u u y y

3. Outlook

O l k t o o u
	2 0 1 1 9 M 2 0 1 2	C t o m m e n s	T d 2 0 1 2 r e n d 2 0 1 3 a n
W k i i t l o r n g c a p a	E U R 9 6 1 m E U R 1, 1 1 3 m	T l f i f l 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 •
C a p e x	E U R 8 6 m E U R 5 3 m	C d i i l l b l i h l b t a p e x s p e n n g w e s g y a o v e • d i t i d t i i b i e p r e c a o n u e o n c r e a s n g u s n e s s t i i t i a c e s v C f f i i i h t t t t a p e x s u c e n o s u p p o r o r g a n c g r o w •
F h f l r e e c a s o w	E E U U R R 1 2 5 m E U R 3 4 7 m	S f f f Q t h l t d 4 2 0 1 2 r o n g r e e c a s o w e x p e c e o r •

Thank you for your attention!

We are ready to answer your questions!

Steven HollandCEO

Jürgen Buchsteiner Board Member

William FidlerBoard Member

Agenda

1. Highlights Q1 2012 g g

2. Financials Q1 2012

3. Outlook

Appendix

O t i h i h l i h t 9 M 2 0 1 2 p e r a n g g g s •	2 7 p
I t t t 9 M 2 0 1 2 n c o m e s a e m e n •	2 8 p
C h f l 9 M 2 0 1 2 t t t a s o w s a e m e n •	3 0 p
9 2 0 1 2 W k i i t l M o r n g c a p a •	3 2 p
O R N A 2 0 1 1 •	3 3 p
F F h h f f l l 9 M 2 2 0 0 1 1 2 2 r e e c a s o w •	3 4 p
S 9 2 0 1 2 t M e g m e n s •	3 5 p
O f f I P l t d t i t t t 2 2 0 0 1 1 0 0 r e a e e e c s o o n n n c o m e s a e m e n •	6 . 3 p
I d j d f I P O l d f f t t t t t 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 9M 2012

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

Income statement 9M 2012

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

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

Income Statement 9M 2012 (continued)

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

1) Thereof related to change in purchase price obligation Zhong Yung (International) Chemical Ltd., which has to be recorded in the income statement according to IFRS. Effect: 2011: EUR -10.6m; H1 2012: EUR -4.1m; 9M 2012 EUR -4.9m

2) Adjusted for the net effect of amortizations and changes in the purchase price obligation for the outstanding 49% in Zhong Yung (International) Chemical Ltd

Cash Flow Statement 9M 2012

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

Cash Flow Statement 9M 2012 (continued)

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

Working capital 9M 2012

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

Return on net assets (RONA)

i E U R n m	2 0 1 1	2 0 1 0	∆	∆
E B I T A	6 9. 9 5	1 3. 6 5	6. 3 5	1 1. 0 %
A t l t d i t ( P P E ) e r a g e p r o p e r p a n a n e q p m e n v y, u	8 2 4 0	8 0 6. 1	1 7. 9	2 2 %
A k i i l t v e r a g e w o r n g c a p a	9 2 8. 3	2 4 7 5	1 9 7 5.	2 3. 4 %
R t t t t t e u r n o n n e a s s e s	%. 3 2 5	%. 3 3 0

Free Cash Flow 9M 2012

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

Segments 9M 2012

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 l e r n a s a e s x	9 M 2 0 1 2	3 4 , 4 6 5.	2 2, 3 3 3 3 4 4 4 4	6 8 9 3.	5 0 9 8.	3 5 0 9	7, 3 4 9 8.
	9 M 2 0 1 1	3, 2 8 7. 5	2, 0 3 3. 0	9 5 7. 5	2 3. 3 7	3 2 2 7.	6, 1 8. 5 5
	∆	% 5. 4	% 1 4 8	% 1 5. 4	% 8 6. 5	% 7. 2	% 1 2 8
	F X ∆ d j t d a s e u	% 5. 2	% 4 9	% 8. 8	% 7 3. 3	% 7. 2	% 8. 5
O i t p e r a n g f i t g r o s s p r o	9 M 2 0 1 2	0 3 7 7.	9. 3 5 5	1 2 6. 5	9. 6 7	1 4 0	1, 4 8 9. 7
	9 M 2 0 1 1	6 8 1. 4	4 8 1 7.	1 1 1. 2	9. 0 5	1 3. 0	1 3 1. 5 7
	∆	% 3. 8	% 1 4 8	% 1 3. 8	% 3 4 9	% 7. 7	% 1 0. 0
	F X ∆ d j t d a s e u	3. 1 %	4 9 %	7. 2 %	2 5. 6 %	7. 7 %	5. 2 %
O t i E B I T D A p e r a n g	9 M 2 0 1 2	2 3 1. 4	2 3 7. 8	4 1. 1	3 4 7	2 1. 3 -	5 2 3. 7
	9 M 2 0 1 1	2 3 5. 8	2 0 7. 6	3 6. 9	2 7. 1	1 5. 0 -	4 9 2 4
	∆	1. 9 % -	1 4 % 5	1 1. 4 %	2 8. 0 %	4 2 0 %	6. 4 %
	∆ F X d d j j d d t t a u s e	2 % 7 -	4 8 %	6. 2 %	2 8. 9 %	4 2 0 %	1. 2 %

IPO-related effects on income statement 2010

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
f f E t b E B I T D A e c s a o v e
I P O t h d t B h c o s s c a r g e o r a c e m A i i t i S C A c q s o n u	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 -
f f f E t i i i l l t e c s n n a n c a r e s u
W i l t d a e r r e a e v	2 0. 8 -	0. 0	2 0. 8 -	0. 0	0. 0	2 0. 8 -
D i t i t i f 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 t i i t t o r c e r a n n e r e s s a p s w	5. 4 4 -	0 0. 0 0	5. 4 4 -	0 0. 0 0	0 0. 0 0	5. 4 4 -
I t t b d i t d n e r e s e p e n s e s o n s o r n a e x u h h l d l s a r e o e r o a n	1 7. 0 -	0. 0	1 7. 0 -	0. 0	0. 0	1 7. 0 -
T T t t l l f f f f 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. -
T l I P O l d f f i t t t o a -r e a e e e c s o n n c o m e t t t s 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 2010 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	5 9 7. 6
A d j f I P O t t u s m e n o r l t d f f 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 d t a u s e	1 3 4 2	1 2 8 5	2 8 7. 0	1 9. 9 5	1 2 5 5.	6 0 2. 1
F i i l l t n a n c a r e s u	3 6. 7 -	3 1. 5 -	1 0 8 7. -	3 2 7. -	3 8. 5 -	1 7 7 2. -
A d j t t f I P O s m e n o r u f f l t d 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 5 1. -	6 5 5. -	3 2 7. -	3 5 8. -	1 3 4 0. -
E B T	3. 7	6 4 0	6 7. 7	2 1 7	9 2 0	2 3 1. 8
A d j t t f I P O s m e n o r u f f l t d 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	5 2 6	6 4 0	1 1 6. 6	7 2 1	9 0. 8	2 9. 7 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