Brenntag SE — Call Transcript 2012

Aug 8, 2012

Q2 2012

Conference Call, 8th August 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 Q2 2012 g g 2. Financials Q2 2012 3. Outlook

Agenda

1. Highlights Q2 2012 g g

2. Financials Q2 2012

3. Outlook

Appendix

Introductory remarks to Q2 2012 earnings

Continued growth of earnings in a clearly slower growing economic environment

Gross profit growth of 4.1% as well as operating EBITDA growth of 3.8% (both y-o-y, both FX adjusted) in Q2 2012

Solid business development

Contribution by 2011 ac quisitions y q

Operating EBITDA positively impacted by stronger USD (average Q2 2012 USD/EUR 1.2814 versus average Q2 2011 USD/EUR 1.4391)

Free cash flow increased significantly to EUR 101.2m

1. Highlights Q2 2012

Operating highlights Q2 2012

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

Changes in the Board of Management

• •Georg Müller has been appointed CFO of Brenntag AG
• • Jürgen Buchsteiner has taken over responsibility for Asia Pacific in addition to his continuing responsibility for global Mergers & Acquisitions

The extended Board of Management

Steven HollandCEO

Georg Müller CFO

Jürgen Buchsteiner Board Member

William FidlerBoard Member

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 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 Treat-Em-Rite 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

S in U 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 ~

Agenda

1. Highlights Q2 2012 g g

2. Financials Q2 2012

3. Outlook

Appendix

Income statement Q2 2012

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

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

Income statement Q2 2012 (continued)

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

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.

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 Q2 2012

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

Cash flow statement Q2 2012 (continued)

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

Balance sheet as of 30 June 2012

¹⁾ Of the intangible assets as of June 30, 2012, some EUR 1,213 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 2012

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

1) Operating EBITDA for the quarters on LTM basis.

2. Financials Q2 2012

Leverage: Net debt / Operating EBITDAQ2 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 Q2 2012

Maturities profile as of 30 June 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 June 30, 2012)

Working capital Q2 2012

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

2. Financials Q2 2012

Free cash flow Q2 2012

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

2. Financials Q2 2012

Segments Q2 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	L i 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	Q 2 2 2 0 1	1 9 , 1 7 6	7 8 2 5	2 3 4 1.	1 7 0 4	1 2 7. 0	2 2, 4 4 9 9 0 0. 9 9
	Q 2 2 0 1 1	1, 1 3 0. 0	6 6 4 4	1 9 6. 1	8 3. 4	9 9. 5	2, 1 3. 4 7
	∆	% 4 2	% 1 7. 8	% 1 9. 4	% 1 0 4 3	% 2 7. 6	% 1 4 6
	F X ∆ d j t d a u s e	% 4 1	% 5. 6	% 1 1. 4	% 8 7. 6	% 2 7. 6	% 9. 6
O i t p e r a n g f i t g r o s s p r o	Q 2 2 0 1 2	2 3 6. 7	1 8 3 7.	4 2 9	2 3 5.	4 5	4 9 6. 7
	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
	∆	% 1. 9	% 1 6. 6	% 1 2 9	% 3 5. 3	% 9. 8	% 9. 5
	F X ∆ d j t d a s e u	% 1. 3	% 4 7	% 5. 2	% 2 3. 6	% 9. 8	% 3. 9
O t i E B I T D A p e r a n g	Q 2 2 0 1 2	8 3. 8	8 0. 0	1 4 6	1 0. 9	4 9 -	1 8 4 4
	Q 2 2 0 1 1	8 2 3	6 9. 6	1 3. 0	8. 4	5. 6 -	1 6 7. 7
	∆	1. 8 %	1 4 9 %	1 2 3 %	2 9. 8 %	1 2 % 5 -	1 0. 0 %
	∆ F X d d j j d d t t a u s e	1. 1 %	3. 4 %	8 % 5.	1 9. 8 %	1 2 % 5 -	3. 8 %

Agenda

1. Highlights Q1 2012 g g

2. Financials Q1 2012

3. Outlook

Appendix

3. Outlook

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

3. Outlook

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

Thank you for your attention!

Brenntag board of management

Steven HollandCEO

Georg Müller CFO

Jürgen Buchsteiner Board Member

William FidlerBoard Member

We are ready to answer your questions!

Agenda

1. Highlights Q1 2012 g g

2. Financials Q1 2012

3. Outlook

Appendix

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

Operating highlights H1 2012

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

Income statement H1 2012

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

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

Income Statement H1 2012 (continued)

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

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 H1 2012

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

Cash Flow Statement H1 2012 (continued)

i E U R n m	H 1 2 0 1 2	H 1 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	3 1. 8 -	3 2 3 -	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	2 8 -	2 8. 8 -	1 2 2 3 -
O h t e r	4 0.	3. 5	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	3 0. 6 -	8 5 5. -	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 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 -	1. 1 -	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	8 3. 5 -	2 7	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	1 8 7. 5 -	7 0. 5 -	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 5 5 4 4 6 6 -	8 8 7 7. 0 0 -	9 9 4 4 4 4

Working capital H1 2012

i i E E U U R R n m	3 0 J u n 2 0 1 2	3 1 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 e 2 0 1 1	3 1 M a r 2 0 1 1
I i t n v e n o r e s	7 2 2 5	7 2 3. 6	6 9 6. 8	6 5 3. 4	6 4 5. 7	6 0 6. 0
T d i b l + r a e r e c e v a e s	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	1, 2 1 6. 2
/. T d b l r a e p a y a e s	1, 0 4 6. 4	1, 0 6 6. 8	9 6. 6 5	9 3 7 5.	9 2 3. 5	9 1 7. 7
W k i i l ( d f i d ) t o r n g c a p a e n o p e r o	1, 1 2 1. 8	1, 0 2 9. 8	9 6 1. 1	9 5 7. 3	9 8 7. 0	9 0 4 5
W k i i l ( ( t 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 W k i i t l t ( l t t l o r n g c a p a u r n o v e r a s w e v e	9. 4 x	9. 6 x	9. 3 x	9. 4 x	9. 5 x	9. 8 x
2 ) t h ) m o n s	9. 2 x	9. 2 x	9. 3 x	9. 3 x	9. 5 x	9. 9 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 H1 2012

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

Segments H1 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	H 1 2 0 1 2	2 2 , 3 5. 7	1 8 , 5 4 1	4 5 5. 6	3 1 4 5	2 3 8 1.	4 8, 7 5. 7
	H 1 2 0 1 1	2, 2 2 1. 0	1, 3 1 1 7.	3 8 3 7.	1 6 9. 0	2 0 6. 1	4, 3 0 0. 5
	∆	% 4 7	% 1 7. 1	% 1 7. 6	% 8 6. 1	% 1 5. 5	% 1 3. 4
	F X ∆ d j t d a s e u	% 4 9	% 8. 5	% 1 1. 6	% 7 5. 6	% 1 5. 5	% 1 0. 0
O i t p e r a n g f i t g r o s s p r o	H 1 2 0 1 2	4 4 7 5.	3 6 8 5.	8 3. 5	4 9. 2	9. 0	9 8 2 9
	H 1 2 0 1 1	4 9. 9 5	3 1 6. 3	3. 8 7	3 8. 6	8. 5	8 9 1 7.
	∆	% 3. 4	% 1 5. 6	% 1 3. 1	% 2 7. 5	% 5. 9	% 9. 6
	F X ∆ d j t d a s e u	3. 0 %	7. 3 %	7. 3 %	2 0. 3 %	5. 9 %	5. 7 %
O t i E B I T D A p e r a n g	H 1 2 0 1 2	1 6 3. 4	1 5 3. 9	2 8. 1	2 1. 5	1 1. 0 -	3 5 5. 9
	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 5. 8
	∆	1. % 7	1 9 % 5.	1 3. 3 %	1 8. 1 %	2 8 %	9. 2 %
	∆ F X d d j j d d t t a u s e	1. 3 %	6 % 7.	8. 1 %	1 2 0 %	2 8 %	0 % 5.

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
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 S C A i i t i A 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 a o n o e g e a c c o n n g u u f t i i t t o r c e r a n n e r e s s w a p s	5. 4 4 -	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 f f T T t t l l t t i i 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 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