Brenntag SE — Call Transcript 2013

Aug 7, 2013

Q2 2013

▌ 7 August 2013

Conference call on Q2 2013 results Corporate Finance & Investor Relations

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 unknown risks, uncertainties and other factors could lead to material differences b t th t l f t lt fi i l it ti d l t f f th 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 forward-looking statements or to conform them to future events or developments.

Q2 2013 Presentation AGENDA

▌Highlights Q2 2013

▌Financials Q2 2013

▌Outlook

▌Appendix

Introductory remarks to Q2 2013 earnings HIGHLIGHTS Q2 2013

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

Operating highlights Q2 2013 HIGHLIGHTS Q2 2013

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

Update on investigation by French Competition Authority HIGHLIGHTS 2013

For several years French Competition Authority investigated compliance with competition law in the chemical distribution industry.

Fi i d i t l h i l di t ib t f i f i t i th i d 1998 Fines impose d against several c hemical stributors for inringements in the perio 2005, thereof EUR 47.8m against Brenntag and a further party.

Increase of provision b y EUR 16.8m in Q2; yp now full y provisioned.

Joined a leniency program in 2006 and fully cooperated with the authorities.

Brenntag does not agree with the determination of the fine and appealed the ruling Brenntag determination ruling.

Regarding a further pending investigation in France the current status does not permit a reliable assessment of the outcome.

Brenntag will maintain an unrelenting focus on meeting all legal requirements an requirements.

Q2 2013 Presentation AGENDA

▌Highlights Q2 2013

▌Financials Q2 2013

▌Outlook

▌Appendix

Income statementFINANCIALS Q2 2013

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

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

2) The adjustment refers to an increase of a provision by EUR 16.8m folllowing a decision by the French Competition Authority.

3) Reported conversion ratio of 33.7% in Q2 2013

Income statement (continued) FINANCIALS Q2 2013

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

1) This figure includes for the period April to June 2013 scheduled amortization of customer relationships totalling (Q2 2013: EUR 7.7m; Q2 2012: EUR 6.8m). FY 2012 EUR 29 1m29.1m.

2) Thereof EUR +4.3m in FY 2012, EUR -0.9m in Q2 2013 and EUR -3.9m in Q2 2012 are related to change in purchase price obligation Zhong Yung (International) Chemical Ltd., which has to be recorded in the income statement according to IFRS.

3) 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 statementFINANCIALS Q2 2013

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

Cash flow statement (continued) FINANCIALS Q2 2013

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

Balance Sheet as of 30 June 2013FINANCIALS Q2 2013

1) Of the intangible assets as of June 30, 2013, some EUR 1,184 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 FINANCIALS Q2 2013

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

Leverage: Net debt/Operating EBITDA1) FINANCIALS Q2 2013

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

2) 2009 adjusted for expense items relating to the early termination of a multi-year incentive program.

Maturities profile as of 30 June 20131) FINANCIALS Q2 2013

1) Syndicated loan, bond and liabilities under the international accounts receivable securitization program excluding accrued interest and transaction costs (on the basis of end of period exchange rates).

Working capital FINANCIALS Q2 2013

i E U R n m	3 0 J 2 0 1 3 u n e	3 1 M a r 2 0 1 3	3 1 D e c 2 0 1 2	3 0 S p 2 e 0 1 2	3 0 J u n e 2 0 1 2	3 1 M a r 2 0 1 2
I i t n v e n o r e s	7 9 0 3	7 9 1. 2	7 6 0 4	7 5 0 7	7 2 2 5	7 2 3 6
T d i b l + r a e r e c e a e s v	1, 4 6 2 0	1, 4 4 0 3	1, 2 6 6 4	1, 4 0 5 0	1, 4 4 5 7	1, 3 7 3 0
/. T d b l r a e p a y a e s	1, 1 0 1. 1	1, 1 2 0 6	1, 0 0 8 2	1, 0 4 2 8	1, 0 4 6 4	1, 0 6 6 8
W k i i t l o r n g c a p a ( d f i d ) e n o p e r o	1, 1 5 1. 2	1, 1 1 0. 9	1, 0 1 8. 6	1, 1 1 2 9	1, 1 2 1. 8	1, 0 2 9. 8
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 y e a r- o- a e	9 1 x	9 1 x	9 2 x	9 3 x	9 4 x	9 6 x
W k i i t l 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	8 9 x	9 0 x	9 2 x	9 2 x	9 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 flowFINANCIALS Q2 2013

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

Segments FINANCIALS Q2 2013

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

1) EBITDA in segment Europe adjusted for an increase of a provision by EUR 16.8m folllowing a decision by the French Competition Authority. Reported operating EBITDA: Europe = 67.5m (-20.5%, FX adjusted -19.7%,) Group = 169.1m (-8.3%, FX adjusted -6.9%).

Q2 2013 Presentation AGENDA

▌Highlights Q2 2013

▌Financials Q2 2013

▌Outlook

▌Appendix

OUTLOOK

	2 0 1 2 H 1 2 0 1 3	C t o m m e n s	T d 2 0 1 3 r e n
S l a e s	E U R 9, 6 9 0 m E U R 4, 9 6 4 m	G lo ba l e t ly t e te d to t hr ho t 2 0 1 3; in co no m cu rre n no xp ec re co ve r ou g ƒ y u icu la Eu in io io t ta p ar r ro zo ne m m ay ay s y re re ce ce ss ss n n. S tru tu l g t h tre ds fo he ica l d is tr i bu to d Br ta 's tro c ra ro n r c m rs a n en n g s ng ƒ w t i t ive i t io in t icu la te d to i de t h te t ia l. co m p e p os n p ar r a re e xp ec p ro g ro p o n v w
G f i t r o s s p r o	E U R 1, 1 9 9 2 2 6 6 m m E U R 9 8 0 m	Po i ive de lo f g f f i i is d du l g h t t o t t te to tru tu t ƒ s ve p m en ro ss p p ro ro ex p ec e s c ra ro w ds tre n
O t i p e r a n g E B I T D A	E U R 7 0 7 m E U R 3 5 1 m ( ( d j j t d ) a u s e	O E B I T D A is te d be tw E U R 7 1 0m 7 3 5m fo fu l l y 2 0 1 3. p. ex p ec ee n r ea r ƒ – G fo f fe i da is to be de to d be tra d ina ts ƒ u nc e ra ng e u n rs o re e x or ry e c ( t icu la ly t he E U R 1 6. 8m is io inc ) d j F X te p ar r p ro n re as e an no m a or ra v ha c ng es T ig h t c t c tro l is in lac os on p e. ƒ
P f i f t t r o a e r t a x	E U R 3 3 8 m E U R 1 3 9 m	Pr f i f is d de t a te ta te to ƒ o r x ex p ec cr ea se

OUTLOOK

	2 0 1 2 1 2 0 1 3 H	C t o m m e n s	T d 2 0 1 3 r e n
W k i o r n g i t l c a p a	E U R 1, 0 1 9 m E U R 1, 1 1 5 m	To la te t a fu t io f s les t h. a rg e ex n nc n o a g ro ƒ w E Ex t te d d t to in i 2 0 1 3 ( ( d d t to d d 2 2 0 0 1 1 2 2 ) ). p ec g ro w co m p ar e y ea r e n ƒ
C a p e x	E U R 9 5 m E U R 3 5 m	Ca d ing i l l be l ig h t ly bo de ia t io du to inc ing p ex sp en s a ve p re c n e re as ƒ w bu ine iv i ies t t s ss a c Ca f f ic ie t to t o ic t h. p ex su n s up p or rg an g ro ƒ w
F C h r e e a s F l o w	9 E U R 5 7 m E U R 1 7 1 m	Fr h f low is is te d to in tro tro ee ca s ex p ec re m a s s ng ng ƒ

THANK YOU FOR YOURATTENTION

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S H l l d t e v e n o a n , C E O	G M ü l l e o r g e r, C F O	J ü B h i t r g e n u c s e n e r, B d M b o a r e m e r	W i l l i F i d l a m e r, B d M b o a r e m e r

We are ready to answer your questions!

Q2 2013 Presentation AGENDA

▌Highlights Q2 2013

▌Financials Q2 2013

▌Outlook

▌Appendix

ContentsAPPENDIX

	P a g e
I S t t t H 1 2 0 1 3 n c o m e a e m e n	2 5
C h f l H 1 2 0 1 3 t t t a s o s a e m e n w	2 7
F C h F l H 1 2 0 1 3 r e e a s o w	2 9
S 1 2 0 1 3 t H e g m e n s	3 0

Income statementFINANCIALS H1 2013

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

1) Transaction costs are costs connected with restructuring and refinancing under company law are restructuring refinancing law.

2) Adjusted operating EBITDA is EUR 350.6m.The adjustment refers to an increase of a provision by EUR 16.8m folllowing a decision by the French Competition Authority.

3) Conversion ratio of 35.8% in H1 2013 if adjusted for the increase of a provision

Income statement (continued) FINANCIALS H1 2013

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

1) This figure includes for the period January to June 2013 scheduled amortization of customer relationships totalling EUR 16.0 million (H1 2012: EUR 13.5m).

2) Thereof EUR -2.4m in H1 2013 and EUR -4.1m in H1 2012 are related to change in purchase price obligation Zhong Yung (International) Chemical Ltd., which has to be recorded in the income statement according to IFRS.

Cash flow statementFINANCIALS H1 2013

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

Cash flow statement (continued) FINANCIALS H1 2013

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

Free cash flowFINANCIALS H1 2013

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

Segments FINANCIALS H1 2013

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