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Brenntag SE Earnings Release 2015

Nov 5, 2015

70_ip_2015-11-05_eadfb11a-08d8-4980-b3b4-fce556491a5e.pdf

Earnings Release

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Q3 2015

▌

5 November 2015

Conference call on Q3 2015 resultsCorporate Finance & Investor Relations

Q3 2015 PresentationAGENDA

▌Highlights Q3 2015

▌Financials Q3 2015

▌Outlook

▌Appendix

Introductory remarks to Q3 2015 earningsHIGHLIGHTS Q3 2015

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Strategic expansion of lubricants business North America –Acquisition of J.A.M. and G.H. Berlin WindwardHIGHLIGHTS Q3 2015

J.A.M. Key Facts

  • Headquartered in Houston, TX, with 5 warehouses throughout Texas
  • Highly diversified customer portfolio across the Gulf Coast and Texas areas
  • Well balanced portfolio mainly serving the Industrial, Commercial, Automotive, Marine and Compound Blender end markets
  • Among TOP 5 lubricant distributors in USA
  • Ca. 320 employees

Combined financials 2016 (expected contributions)

Sales: USD 780m

  • Gross profit: USD 127m
  • Normalized EBITDA: USD 50m
  • Investment amount: USD 440m

G.H. Berlin Windward Key Facts

  • Headquartered in Manchester, NH, with ten warehouses in the Northeast
  • Highly diversified customer and product portfolio
  • Multi-brand supplier portfolio
  • Track record of organic growth coupled with continuous M&A activity
  • Among TOP 5 lubricant distributors in USA
  • Ca. 290 employees

Both acquisitions provide significant competitive advantagesHIGHLIGHTS Q3 2015

Rationale for transactions

  • Both companies hold leading positions in the attractive and highly fragmented lubricant distribution market
  • Above-market growth opportunities for larger distributors
  • US Lubricant supplier market is dominated by larger multi-national O&G companies preferring to work with larger distributors driving further consolidation
  • Targets are an ideal platform for further consolidation of the market
  • Geographic footprints complementary to Brenntag's existing business
  • Highly experienced management teams
  • Strengthening of existing supplier relationships

Due to the resilient nature of the business these transactions will rebalance portfolio in North America away from the more volatile O&G business

Acquisition of TAT Group, a leading Industrial Chemicals distributor based in SingaporeHIGHLIGHTS Q3 2015

Key Facts

  • TAT was incorporated in 1985 and is headquartered in Singapore
  • Strategic step within market for distribution of Industrial Chemicals in South East Asia Vietnam
  • Focus on value-added services (e.g. drumming, re-packaging, refilling and laboratory activities)
  • More than 160 employees
  • Highly diversified customer portfolio across many industries
  • Modern and sophisticated infrastructure
  • Strengthen relationships with Brenntag's existing customers and suppliers

*) Financials 2015E for TAT excluding the trading business which will not be part of the envisaged transaction; EUR equivalent

Acquisitions of Parkoteks in Turkey and Trychem in Dubai HIGHLIGHTS Q3 2015

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Q3 2015 PresentationAGENDA

▌Highlights Q3 2015

▌Financials Q3 2015

▌Outlook

▌Appendix

Income statementFINANCIALS Q3 2015

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

2) The figures for 2014 have been adjusted owing to the first-time application of IFRIC 21 (Levies).

Income statement (continued)FINANCIALS Q3 2015

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1) The figures for 2014 have been adjusted owing to the first-time application of IFRIC 21 (Levies).

2) Includes scheduled amortization of customer relationships amounting to EUR 7.1m in Q3 2015 (EUR 7.6m in Q3 2014 and EUR 28.3 million in 2014).

3) Thereof EUR -0.6m in Q3 2015 (EUR -0.6m in Q3 2014) are related to a change of the purchase price obligation for Zhong Yung (International) Chemical Ltd., which has to be recorded in the income statement according to IFRS (EUR 6.1m in 2014).

4) 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 Q3 2015

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1) The figures for 2014 have been adjusted owing to the first-time application of IFRIC 21 (Levies).

Cash flow statement (continued)FINANCIALS Q3 2015

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-
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s		 1
7
7.		 4
6.
4		 4
2.
2

Balance Sheet as of September 30, 2015FINANCIALS Q3 2015

in EUR m

1) Of the intangible assets as of September 30, 2015, some EUR 1,257 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 leverageFINANCIALS Q3 2015

i
E
U
R
n
m		 S
b
5
3
0
2
0
1
t
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p
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m
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r		 J
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9
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x		 1.
9
x
E
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y		 2
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9
5
7
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1
1.
9
5
,		 2
6
5
5
7
,		 2
3
6
9
5
,

Leverage: Net debt/Operating EBITDA1) FINANCIALS Q3 2015

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.

1) Syndicated loan and bond excluding accrued interest and transaction costs on the basis of end of period exchange rates.

Working capitalFINANCIALS Q3 2015

i
E
U
R
n
m		 3
0
S
b
2
0
1
5
t
e
p
e
m
e
r		 3
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2
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1
5
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M
2
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1
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r		 3
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4
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I
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1		 8
9
9
5		 9
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3
0		 8
6
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8
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6
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9		 1,
4
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T
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7		 5
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8
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x		 8
3
x		 8
6
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 Q3 2015

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

1) The figures for 2014 have been adjusted owing to the first-time application of IFRIC 21 (Levies).

Significant changes in Oil & Gas industry over the last 12 months withimpact on BrenntagFINANCIALS Q3 2015

FINANCIALS Q3 2015

North America: Reduction in Gross Profit with Oil & Gas customers– other industries growing

  • Full review of the Oil & Gas business
  • Headcount reduction started

At constant FX Rates

Loss of momentum in course of 2015 – North AmericaFINANCIALS Q3 2015

SegmentsFINANCIALS Q3 2015

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

1) The figures for 2014 have been adjusted owing to the first-time application of IFRIC 21 (Levies).

Q3 2015 PresentationAGENDA

▌Highlights Q3 2015

▌Financials Q3 2015

▌Outlook

▌Appendix

OUTLOOK

2
0
1
4
M
9
2
0
1
5		 C
t
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x
w
v
y

OUTLOOK

2
0
1
4
9
M
2
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1
5		 C
t
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m
m
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n
s		 T
d
2
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w
x
w
y.

Acquisitions of J.A.M. and G.H. Berlin Windward provide significant competitive advantagesOUTLOOK

Rationale for transactions

  • Both companies hold leading positions in the attractive and highly fragmented lubricant distribution market
  • Above-market growth opportunities for larger distributors
  • US Lubricant supplier market is dominated by larger multi-national O&G companies preferring to work with larger distributors driving further consolidation
  • Targets are an ideal platform for further consolidation of the market
  • Geographic footprints complementary to Brenntag's existing business
  • Highly experienced management teams
  • Strengthening of existing supplier relationships

Due to the resilient nature of the business these transactions will rebalance portfolio in North America away from the more volatile O&G business

THANK YOU FOR YOUR ATTENTION

We are ready to answer your questions!

ContentsAPPENDIX

P
a
g
e
I
S
9
M
2
0
1
5
t
t
t
n
c
o
m
e
a
e
m
e
n		 2
9
C
f
h
l
9
M
2
0
1
5
t
t
t
a
s
o
w
s
a
e
m
e
n		 3
1
F
C
h
F
l
9
M
2
0
1
5
r
e
e
a
s
o
w		 3
3
S
M
5
9
2
0
1
t
e
g
m
e
n
s		 3
4

Income statementFINANCIALS 9M 2015

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

1) The figures for 2014 have been adjusted owing to the first-time application of IFRIC 21 (Levies).

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

Income statement (continued)FINANCIALS 9M 2015

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

1) The figures for 2014 have been adjusted owing to the first-time application of IFRIC 21 (Levies).

2) This figure includes for the period January to September 2015 scheduled amortization of customer relationships totalling EUR 21.9 million (9M 2014: EUR 21.4m).

3) Thereof EUR -1.9m in 9M 2015 and EUR –1.8m in 9M 2014 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 9M 2015

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

1) The figures for 2014 have been adjusted owing to the first-time application of IFRIC 21 (Levies).

Cash flow statement (continued)FINANCIALS 9M 2015

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

Free cash flowFINANCIALS 9M 2015

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

1) The figures for 2014 have been adjusted owing to the first-time application of IFRIC 21 (Levies).

SegmentsFINANCIALS 9M 2015

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

1) The figures for 2014 have been adjusted owing to the first-time application of IFRIC 21 (Levies).

IFRIC 21 – Retroactive adjustment of 2014 operating EBITDAFINANCIALS Q3 2015

i
E
U
R
n
m		 G
r
o
u
p		 E
u
r
o
p
e		 N
h
t
o
r
i
A
m
e
r
c
a		 L
i
t
a
n
i
A
m
e
r
c
a		 A
i
s
a
i
f
i
P
a
c
c		 A
l
l
h
t
o
e
r
t
s
e
g
m
e
n
s
Q
/
1
2
0
1
4		 4
4
-		 2
0
-		 2
2
-		 0
2
-		 - -
Q
/
2
2
0
1
4		 1.
8		 0
7		 1.
1		 - - -
Q
/
3
2
0
1
4		 1.
0		 0
7		 0
2		 0
1		 - -
Q
/
4
2
0
1
4		 1.
6		 0
6		 0
9		 0
1		 - -

35 Full Year 2014 - - - - - - New interpretation of accounting for levies imposed by a government (IFRIC 21) are applied for the first time in 2015

  • Profit & Loss Statement: timing of recognition of expenses will change
  • Retroactive adjustment of 2014 results in order to ensure comparability
  • Effects to be seen in the quarters – no effect on a full year basis

CONTACT

Investor Relations

Thomas LangerDiana AlesterRené WeinbergPhone: +49 (0) 208 7828 7653Fax: +49 (0) 208 7828 7755E-mail: [email protected]: www.brenntag.com

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 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.

Disclaimer

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