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Brenntag SE Investor Presentation 2014

Nov 5, 2014

70_ip_2014-11-05_7dbf1a96-7baa-42db-8526-c7b676b25a86.pdf

Investor Presentation

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Company Presentation

November 2014

▌

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 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 ordevelopments.

Brenntag – The global market leader in chemical distributionIN A NUTSHELL

Brenntag is the global market leader in chemical distribution.

Linking chemical manufacturers and chemical users, Brenntag provides business-tobusiness distribution solutions for industrial and specialty chemicals globally.

With over 10,000 products and a world-class supplier base, Brenntag offers one-stop-shop solutions to around 170,000 customers.

Company PresentationAGENDA

▌Introduction to Brenntag

▌Key investment highlights

▌Financials Q3 2014

▌Outlook

▌Appendix

Global market leader with strong financial profileBRENNTAG OVERVIEW

  • Global leader with 5.9%*) market share and sales of EUR 9.8bn in 2013
  • c. 13,000 employees, thereof more than 4,900 dedicated local sales and marketing employees
  • Full-line portfolio of over 10,000 products to around 170,000 customers globally
  • Network of 480+ locations across more than 70 countries worldwide
  • Usually less-than-truckload deliveries with average value of c. EUR 2,000

*) As per end 2012: BCG Market Report (July 2013)

Notes: 2005: Brenntag Predecessor; 2006: Brenntag and Brenntag Predecessor Combined; EBITDA / Gross Profit adjusted for non-recurring effects: 2012 = 11m, 2013 = 17m

Chemical distributors fulfil a value-adding function in the supply chainBUSINESS MODEL

Purchase, transport and storage of large-scale quantities of diverse chemicals

  • Several thousand suppliers globally
  • Full-line product portfolio of 10,000+ industrial and specialty chemicals
  • Network of 480+ locations worldwide

BundlingTransport ChemicalUser

Chemical distributors fulfil a value-adding function in the supply chainBUSINESS MODEL

Transport Storage FillingPackagingLabellingMixingBlendingFormulating

ExtensiveTechnicalSupport

Vendor-ManagedInventory

  • Repackaging from large into smaller quantities
  • Filling, labelling, bar-coding and palletizing
  • Marketed by more than 4,900 dedicated local sales and marketing employees
  • Mixing and blending according to customer specific requirements
  • Formulating and technical support from dedicated application laboratories

Chemical distributors fulfil a value-adding function in the supply chainBUSINESS MODEL

  • Leveraging high route density based on local scale
  • Providing just-in-time delivery and vendor-managed inventory service
  • Utilizing transportation for drum return service
  • Offering one-stop-shop solution

As a full-line distributor, Brenntag can add significant valueDISTRIBUTION MODEL

DISTRIBUTOR VS. PRODUCER

Chemical distribution differs substantially fromchemical production

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Company PresentationAGENDA

▌Introduction to Brenntag

▌Key investment highlights

▌Financials Q2 2014

▌Outlook

▌Appendix

Brenntag is a highly attractive investment caseINVESTMENT HIGHLIGHTS

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Third party chemical distribution estimated market size and marketsharesGLOBAL MARKET LEADER

Still highly fragmented market with more than 10,000 chemical distributors globally

As per end 2012: BCG Market Report (July 2013)

1) Global includes not only the four regions shown above, but also RoW

2) Former Ashland Distribution.

Third party chemical distribution outgrew total chemical demandMARKET GROWTH

THIRD PARTY CHEMICAL DISTRIBUTION OPPORTUNITY

BCG Market Report (July 2013)

1) Excluding non-distribution relevant products like ethylene

Multiple levers of organic growth and acquisition potential GROWTH DRIVERS

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Significant organic and acquisition growth potential

Significant potential for consolidation and external growthACQUISITION OBJECTIVES

Building upscale andefficiencies

Expandgeographiccoverage

Improving fullline portfolio

Brenntag's acquisition track record

  • 124 transactions since 1991, thereof 53 since 20071)
  • Total cost of acquisitions2) of EUR 922m from 2007 toNovember 2014
  • Average investment amount of EUR 17m per transactionfrom 2007 to November 2014
  • Synergy potential from cross-selling and cost saving opportunities mainly due to building up of scale and improved efficiency of acquisitions
  • Market remains highly fragmented facilitating significant further consolidation potential

1) Without acquisitions performed by JV-Crest; including acquisitions performed until November 2014

2) Purchase price paid excluding debt assumed

Diversity provides resilience and growth potential HIGH DIVERSIFICATION

Data for end-markets, customers, products and suppliers as per Management estimates1) Adhesives, coatings, elastomers, sealants

High barriers to entry due to critical scale and scopeBARRIERS TO ENTRY

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Excellence in execution due to balance of global scale and local reachMARKET-DRIVEN

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Brenntag's board alone has more than 80 years of collective experienceHIGHLY EXPERIENCED MANAGEMENT TEAM

Steven Holland, CEO

  • With Brenntag since 2006
  • +30 years of dedicatedexperience
  • Corp. Communications, Development, HR, HSE, Internal Audit, M&A, regions Europe andAsia Pacific

Brenntag Board of Management

Georg Müller,CFO

  • With Brenntag since 2003
  • +10 years of experience in chemicals distribution
  • Corp. Accounting, Controlling, Finance & IR, IT, Legal, Tax, Risk Management

William Fidler, Board Member

  • With Brenntag since 1970
  • +40 years of experience in chemicals distribution
  • Regions North and Latin America, Global Sourcing

Brenntag's top management comprises nearly 120 executive and senior managers

Growth track record and resilience through the downturnSTRONG FINANCIAL PROFILE

Notes: 2005: Brenntag Predecessor; 2006: Brenntag and Brenntag Predecessor Combined and does not constitute pro forma financial information.

Brenntag is a highly attractive investment caseINVESTMENT HIGHLIGHTS

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Company PresentationAGENDA

▌Introduction to Brenntag

▌Key investment highlights

▌Financials Q3 2014

  • ▌Outlook
  • ▌Appendix

Introductory remarks to Q3 2014 earningsHIGHLIGHTS Q3 2014

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m
a
r
e
s
v

Operating highlights Q3 2014HIGHLIGHTS Q3 2014

Q
3
2
0
1
4		 C
t
o
m
m
e
n
s		 C
h
a
n
g
e
G
f
i
t
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s
s
p
r
o		 E
U
R
5
2
0.
3
m		 I
f
(
f
d
j
d
)
4
5
%
t
n
c
r
e
a
s
e
o
x
a
u
s
e

I
f
4
6
%
(
d
)
t
n
c
r
e
a
s
e
o
a
s
r
e
p
o
r
e
O
i
t
p
e
r
a
n
g
E
B
I
T
D
A		 E
U
R
1
8
9.
1
m		 I
f
(
f
d
j
d
)
3
1
%
t
n
c
r
e
a
s
e
o
x
a
u
s
e

f
(
)
I
3
2
%
d
t
n
c
r
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a
s
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a
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p
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O
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t
p
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a
n
g
/
E
B
I
T
D
A
G
f
i
t
r
o
s
s
p
r
o		 3
6.
3
%		 Q
3
2
0
1
3
3
6
8
%

=
F
h
r
e
e
c
a
s
f
l
o
w		 E
U
R
1
3
7.
7
m		 Q
A
i
E
U
R
1
6
8
0
i
3
2
0
1
3
t
g
a
n
s
m
n

Acquisitions in Asia and EuropeHIGHLIGHTS Q3 2014

C
h
i
b
S
P
A
m
a
,
P
d
I
l
t
a
a
a
u
y
,		 P
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L
d
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m
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e
m
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v
.,
M
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d
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a
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a
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E
i
d
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f
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R
i
3
2
2
0
1
4
t
t
s
m
a
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s
a
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a
p
p
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x
m
n

f
d
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T
D
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R
3
6
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n
a
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2
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8
t
t
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m
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a
m
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m

v
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A
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1
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c
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c

u
w
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d
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m
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s
a
n

u
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f
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y		 E
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1
7
2
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m
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f
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2
3
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m

v
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a

u
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e

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N
l
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b
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s
u
e
c
o
c
o
n
o
n
s

d
t
p
r
e
c
e
e
n

Income statementFINANCIALS Q3 2014

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

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

2) 2013 is adjusted for non-recurring cost items in Europe in relation to an antitrust case (EUR 16.8m).

3) 36.8% if adjusted for the non-recurring cost items in Europe

Income statement (continued)FINANCIALS Q3 2014

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

1) Includes scheduled amortization of customer relationships amounting to EUR 7.6m in Q3 2014 (EUR 8.4m in Q3 2013 and EUR 32.8 million in 2013).

2) Thereof EUR -0.6m in Q3 2014 (EUR -0.7m in Q3 2013) 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 26.8m in 2013).

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 Q3 2014

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

Cash flow statement (continued)FINANCIALS Q3 2014

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

Balance Sheet as of September 30, 2014FINANCIALS Q3 2014

in EUR m

1) Of the intangible assets as of September 30, 2014, some EUR 1,199 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 2014

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

Leverage: Net debt/Operating EBITDA1) FINANCIALS Q3 2014

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 September 20141) FINANCIALS Q3 2014

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 capitalFINANCIALS Q3 2014

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

Free cash flowFINANCIALS Q3 2014

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

SegmentsFINANCIALS Q3 2014

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

Company PresentationAGENDA

▌Introduction to Brenntag

▌Key investment highlights

▌Financials Q3 2014

▌Outlook

▌Appendix

OUTLOOK

2
0
1
3
9
M
2
0
1
4		 C
t
o
m
m
e
n
s		 T
d
2
0
1
4
r
e
n
S
l
a
e
s		 E
U
R
9,
7
7
0
m
E
U
R
5
0
5
7,
m		 O
ing
ic
d
i
h
ha
l
le
in
t
t
t
ng
o
m
a
c
ro
e
c
o
no
m
re
c
ov
e
ry
a
a
m
o
e
ra
e
p
a
c
e
c
ng
e
s

w
ing
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t
e
m
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rg
m
a
r
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f
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s
s
p
r
o		 E
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R
1,
9
4
6
m
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1,
5
0
6
m		 Po
i
ive
d
lo
f g
f
i
is
d
by
l g
h
t
t
t
t
t
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p
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s
s
p
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p
p
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s
ru
c
ra
ro

w
d
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re
n
s.
O
i
t
p
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r
a
n
g
E
B
I
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D
A		 E
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6
9
8
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3
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m		 O
E
B
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is
d
b
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0
0
2
0
fo
fu
l
l y
2
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4.
t
tw
7
7
p.
ex
p
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n
m
m
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r

–
G
fo
f
fe
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is
b
d
d
b
d
ina
d
t
t
t
t
u
a
nc
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ra
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ry
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c
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no

j
F
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ha
t
m
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s.
Ex
d
h
d
ive
by
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d
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h
Am
ic
t
t
t
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ro
w
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a.
P
f
i
f
t
t
r
o
a
e
r
t
a
x		 E
U
R
3
3
9
m
E
U
R
2
3
9
m		 De
lo
ing
b
d
ly
in
l
ine
i
h
ing
E
B
I
T
D
A
(
he
k
ing
in
t
t
t
t
t

ve
p
ro
a
w
o
p
e
ra
w
n
no
a
o
f
f e
f
fe
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)
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ive
in
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ina
ia
l r
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in
2
0
1
3
t
t
t
t
t
t
a
c
c
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n
p
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s
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ne
-o
c
nc
e
su

OUTLOOK

2
0
1
3
9
M
2
0
1
4		 C
t
o
m
m
e
n
s		 T
d
2
0
1
4
r
e
n
W
k
i
o
r
n
g
i
l
t
c
a
p
a		 E
U
R
1,
0
4
4
m
E
U
R
1,
2
4
9
m		 fu
f s
To
la
io
le
h.
t
t
t
t
a
rg
e
ex
e
n
a
nc
n
o
a
s
g
ro
w

Ex
d
in
2
0
1
4
(
d
d
2
0
1
3
).
t
t
t
p
e
c
e
o
g
ro
c
o
m
p
a
re
o
e
a
r e
n

w
y
C
a
p
e
x		 E
U
R
9
7
m
E
U
R
6
4
m		 In
f
C
d
ing
fu
h.
t
t
tu
t
c
re
a
s
e
o
a
p
ex
s
p
e
n
o
su
p
p
o
r
re
g
ro

w
C
f
f
ic
ie
ic
h.
t
t
t
t
a
p
ex
su
n
o
su
p
p
o
r
o
rg
a
n
g
ro
w
C
F
h
r
e
e
a
s
F
l
o
w		 E
U
R
5
4
3
m
E
U
R
3
2
4
m		 Fr
h
f
low
is
d
in
t
t
t
e
e
c
a
s
ex
p
e
c
e
o
re
m
a
s
ro
ng

Company PresentationAGENDA

▌Introduction to Brenntag

▌Key investment highlights

▌Financials Q3 2014

▌Outlook

▌Appendix

ContentsAPPENDIX

P
a
g
e
i
i
f
L
d
h
h
1
4
0
t
t
t
o
n
g
s
a
n
n
g
s
o
r
y
o
m
o
r
e
a
n
y
e
a
r
s		 4
4
S
f
i
d
f
i
b
l
h
t
t
t
t
t
r
a
e
g
o
c
s
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n
c
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p
r
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a
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g
r
o
y
u
u
w		 4
6
i
i
i
i
T
t
t
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p
n
a
v
e
T
d-
b
i
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 4
7
F
d
h
t
t
o
c
u
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m
e
n
g
r
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w
 4
8
K
t
e
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a
c
c
o
u
n
s
 4
9
/
A
d
B
l
D
E
F
e
u
 5
0
N
h
A
i
E
f
f
i
i
h
b
&
k
t
t
t
o
r
m
e
r
c
a
c
e
n
s
p
o
e
s
s
e
m
u
y
–		 1
5
C
i
d
h
l
h,
f
d
h
i
t
t
t
t
t
t
t
o
m
m
e
o
e
a
s
a
e
y
a
n
e
e
n
v
r
o
n
m
e
n		 5
2
A
i
i
i
h
h
i
d
h
i
b
j
i
t
t
t
c
q
s
o
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a
e
a
c
e
e
r
e
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m
a
n
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e
c
e
s
u
v
v
v		 3
5
A
i
P
i
f
i
C
l
l
d
f
i
d
t
t
s
a
a
c
c
e
a
r
y
e
n
e
s
r
a
e
g
y
–		 5
4
C
S
h
i
i
k
i
2
0
1
1
t
t
t
t
n
a
r
a
e
g
c
m
a
r
e
e
n
r
n
y
–		 5
5

Contents (continued)APPENDIX

P
a
g
e
F
i
i
l
2
0
1
3
n
a
n
c
a
s		 6
5
D
i
i
d
d
l
v
e
n
p
r
o
p
o
s
a		 6
6
F
i
i
l
2
0
0
8
2
0
1
3
n
a
n
c
a
s
–		 6
7
S
h
h
l
d
d
i
h
3
%
5
%
h
h
l
d
f
A
2
0
1
4
t
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x
c
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n
g
e
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r
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s
o
s
a
s
o
u
g
u
s		 6
9
S
h
d
t
a
r
e
a
a		 0
7
B
d
d
t
o
n
a
a		 7
1
F
i
i
l
l
d
n
a
n
c
a
c
a
e
n
a
r		 2
7
C
t
t
o
n
a
c		 7
3

Longstanding history of more than 140 yearsBRENNTAG HISTORY

Y
e
a
r		 E
t
e
n
v
1
8
4
7		 P
h
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l
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1
2		 E
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1
9
6
6		 B
b
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B
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d
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m
1
9
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1
9
7
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–		 S
i
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1
9
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1
9
8
9
–		 F
h
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A
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t
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x
p
a
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1
9
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2
0
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–		 i
i
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f
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k
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b
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0
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i
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a

Longstanding history of more than 140 yearsBRENNTAG HISTORY (CONT.)

Y
e
a
r		 E
t
e
n
v
2
0
0
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Strategic focus on continued profitable growthSTRATEGY

Focus on organic growth and acquistions

  • Intense customer orientation
  • Full-line product portfolio focused on value-addedservices
  • Complete geographic coverage
  • Accelerated growth in target markets
  • Commercial and technical competence
  • Continued commitment to ResponsibleCare/Distribution

Maintain focus on profitability and returns

Global top initiatives and regional strategies

Be the safest, fastest growing, most profitable, global chemical distributor and preferred channel for both specialty and industrial chemicals

TOP INITIATIVE – TURNED-OVER BUSINESS

Substantially increase supplier penetration by proactively taking over smaller customers from suppliers

Significantly increase share in customer industries where Brenntag can TOP INITIATIVE – FOCUSED SEGMENT GROWTH

achieve above average growth

1) Adhesives, coatings, elastomers, sealants

Increase business with pan-regional/global key customers based on increased demandTOP INITIATIVE – KEY ACCOUNTS

Concept

  • Management believes amount spent by customers on chemical distribution may be 15% to 25% of their total chemical spending
  • Partnering with an international distributor can greatly reduce the cost and time of supplier management, allowing customer procurement to focus on strategic materials
  • International distribution can bundle customers' global usage to simplify the interaction with producers
  • Knowledge gain at one customer site can be rapidly transferred to all other sites, thus lessening project development time, approval of alternate sources, or implementing best-in-class logistics
  • One contract or working document applies to all business interactions leading to quicker implementation, reduced misunderstandings and elimination of regional differences
  • An international distributor can grow with the customer as the customer enters new geographical and business markets

Customers who take advantage of Brenntag's truly global network contributed EUR 1,120m of sales in 2013

TOP INITIATIVE – ADBLUE/DEF1)

High volume growth of high quality urea solution needed for catalytic reaction in trucks to fulfill regulatory requirements in Europe and NA

Concept

  • In Europe and North America new trucks have to meet specific norms for reduced emissions.
  • High quality urea solution is needed for catalyst reaction to fulfill those norms.
  • Brenntag has developed special logistics and consultancy concepts to facilitate supply of our customers with AdBlue/ DEF. This concept focuses on guaranteeing a consistently high quality standard throughout the supply chain from production and all logistics services to the arrival of the product at the customer's premises.

  • For 30 liters of truck diesel 1 liter of AdBlue is required.

  • Reduction of NOx

  • Reduction of particles

1) Diesel Exhaust Fuel

Efficient management of stock and storage utilizationNORTH AMERICA – EFFICIENT HUB & SPOKE SYSTEM

  • Larger distribution sites ("hubs") are fully equipped with tanks, filling stations, mixing and blending facilities and storage facilities for packaged products
  • Smaller distribution sites ("spokes") represent warehouse facilities for packaged products that are supplied from the larger sites

1) BEA Bureau of Economic Analysis

Committed to health, safety and the environmentHSE

Committed to the principles of Responsible Care/Responsible Distribution1)

  • Product responsibility
  • Plant safety
  • Occupational safety and health
  • Comprehensive environment protection (air, water, soil, raw materials, waste)
  • Transport safety
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1) Adhesives, coatings, elastomers, sealants

Clearly defined strategyASIA PACIFIC

Brenntag's goal: Full-line distribution in Asia Pacific with access to various markets

Strategic market entry in 2011CHINA

  • Acquisition of Zhong Yung (International) Chemical Ltd.
  • Purchase of the first tranche of 51% end of August 2011 and consolidation since Sept. 1, 2011
  • Acquisition of the remaining stake is contracted for 2016
  • Enterprise value for the first tranche of 51% of the shares is EUR 66.7m, higher than previously reported due to strong Q4 performance above expectations
  • Zhong Yung is focused on the distribution of solvents with established commercial and logistical infrastructure in the key economic regions in China

Introductory remarks to 2013 earningsHIGHLIGHTS 2013

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1) The adjustment refers to a non-recurring expense in Europe in relation to an antitrust case item of EUR 16.8m in Q2 2013.

Successful acquisitionsHIGHLIGHTS 2013

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d
h
h
l
l
d
h
i
t
t
t
t
t
r
e
a
e
o
e
s
a
e
p
a
y
s
a
n
s
r
e
n
g
e
n
n
g
o
i
i
d
i
i
b
i
l
i
h
i
i
h
k
t
t
t
t
t
e
x
s
n
g
s
r
u
o
n
r
e
a
o
n
s
p
s
w
e
y
l
d
k
t
t
s
u
p
p
y
p
a
r
n
e
r
s
a
n
e
y
c
u
s
o
m
e
r
s
G
(
)
Z
I
d
i
t
e
r
o
p
n
a
y
x
u		 S
h
i
i
i
d
h
l
h
t
t
t
t
t
r
e
n
g
e
n
n
g
o
r
n
r
o
n
a
n
e
a
u
u
d
i
i
b
i
b
i
i
I
d
i
E
d
i
t
t
s
r
u
o
n
u
s
n
e
s
s
n
n
a
x
p
a
n
n
g
i
l
i
h
i
i
h
k
l
b
l
l
i
t
t
t
t
s
r
a
e
g
c
r
e
a
o
n
s
p
s
w
e
y
g
o
a
s
u
p
p
e
r
s
S
B
l
k
(
A
l
i
)
t
e
s
r
a
a
u
y
u		 B
f
i
f
h
h
i
i
h
t
t
t
t
t
e
n
e
r
o
m
e
g
r
o
p
e
r
s
p
e
c
e
s
n
e
w
v
A
l
i
A
d
B
l
k
t
t.
s
r
a
a
n
e
m
a
r
e
u
u

Income statementFINANCIALS 2013

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

1) 2012 figures IAS 19 restated

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

3) Q3 2012 (EUR 11m) and Q2 2013 (EUR 16.8m) are adjusted for non-recurring cost items in Europe in relation to an antitrust case

4) Conversion ratio of 35.9% in 2013 (36.7% in 2012) if not adjusted for the non-recurring cost items

Income statement (continued)FINANCIALS 2013

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

1) 2012 figures IAS 19 restated

2) This figure includes for 2013 scheduled amortization of customer relationships totalling EUR 32.8 million (2012: EUR 29.1m).

3) Thereof EUR 26.8m in 2013 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 4.3m in 2012 )

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 2013

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

1) 2012 figures IAS 19 restated

Cash flow statement (continued)FINANCIALS 2013

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

Balance Sheet and leverageFINANCIALS 2013

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

1) The values of 31 December 2012 and 31 December 2011 were revised due to the initial application of the revised version of IAS 19 (Employee Benefits (revised 2011)) .

Working capitalFINANCIALS 2013

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

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

Free cash flowFINANCIALS 2013

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

Segments FY 2013FINANCIALS 2013

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

DIVIDEND 2013

i
E
U
R
n
m		 2
0
1
3
P
f
i
f
t
t
t
r
o
a
e
r
a
x		 3
3
8
9
L
i
i
i
t
t
t
e
s
s
m
n
o
r
n
e
r
e
s
y		 0
3
P
f
i
f
(
l
i
d
d
)
i
b
b
l
h
h
l
d
f
B
A
G
t
t
t
t
t
t
t
t
t
r
o
a
e
r
a
x
c
o
n
s
o
a
e
a
r
u
a
e
o
s
a
r
e
o
e
r
s
o
r
e
n
n
a
g		 3
3
9
2
P
d
d
i
i
d
d
t
r
o
p
o
s
e
v
e
n
p
a
y
m
e
n		 1
3
3.
9
)
1
D
i
i
d
d
h
i
E
U
R
(
f
h
l
i
)
t
t
v
e
n
p
e
r
s
a
r
e
n
a
e
r
s
a
r
e
s
p		 0
8
7
P
i
t
t
a
o
r
a
o
y
u		 3
9.
5
%

Increasing value added and returnsRONA

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

1) RONA is defined as EBITA divided by the sum of average PPE plus average working capital.

Strong cash generation over the past yearsCASH FLOW

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

1) Free Cash Flow is calculated as EBITDA – Capex +/-∆ Working Capital.

2) Average Working Capital is defined for a particular year as the mean average of the values for working capital at each of the following five times: the beginning of the year, the end of each of the first, second and third quarters, and the end of the year.

3) Working Capital Turnover is defined as Sales divided by Average Working Capital.

Shareholders exceeding the 3% or 5% threshold as of November 2014SHAREHOLDER STRUCTURE

S
h
h
l
d
a
r
e
o
e
r		 P
i
i
%
t
r
o
p
o
r
o
n
n		 D
f
i
f
i
i
t
t
t
a
e
o
n
o
c
a
o
n
/
T
h
d
d
l
A
i
i
r
e
a
n
e
e
e
m
e
r
p
r
s
e		 5
2
7		 J
l
2
3
2
0
1
2
u
y
,
S
L
i
f
/
M
F
S
n
e
u		 5
0
3		 J
l
3
2
0
1
2
u
y
,
B
l
k
R
k
a
c
o
c		 4
4
8		 S
b
3
0
2
0
1
4
t
e
p
e
m
e
r
,
N
t
e
w
o
n		 3
1
4		 N
6
2
0
1
3
o
v.
,
G
A
l
l
i
l
b
l
I
t
a
n
o
a
n
e
s
o
r
s
z
v		 3
0
0		 F
b.
2
2
0
1
4
5
e
,

SHARE DATA

I
S
I
N		 D
E
A
D
A
H
H
0
0
0
1
0
S
k
b
l
t
o
c
s
y
m
o		 B
N
R
L
i
d
i
t
s
e
s
n
c
e		 2
9
M
h
2
0
1
0
a
r
c
S
b
i
b
d
i
l
t
s
c
r
e
c
a
p
a
u		 E
U
R
1
5
4
5
0
0
0
0
0
0
0
,
,
i
O
d
h
t
t
u
s
a
n
n
g
s
a
r
e
s		 1
5
4
5
0
0
0
0
0
,
,
C
l
f
h
a
s
s
o
s
a
r
e
s		 R
i
d
h
t
e
g
s
e
r
e
s
a
r
e
s
F
f
l
t
r
e
e
o
a		 1
0
0
%
f
f
i
i
O
l
k
t
c
a
m
a
r
e		 S
f
P
i
d
d
X
E
T
R
A
d
F
k
t
t
r
m
e
a
n
a
r
a
n
r
a
n
u
r
R
l
d
f
f
i
i
l
k
t
t
e
g
u
a
e
u
n
o
c
a
m
a
r
e
s		 S
B
l
i
t
t
t
t
e
r
n,
g
a
r
u
D
i
d
t
e
s
g
n
a
e
s
p
o
n
s
o
r
s		 D
h
B
k
A
G
I
C
F
K
k
l
A
G
t
e
u
s
c
e
a
n
u
r
s
m
a
e
r
,
i
I
d
n
c
e
s		 ®,
S
C
S
G
S
M
D
A
X
M
I,
l
b
l,
E
t
t
o
x
x
o
a
o
x
x
u
r
o
p
e

BOND DATA

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

FINANCIAL CALENDAR

D
t
a
e		 E
t
v
e
n
N
b
1
9
2
0
1
4
o
v
e
m
e
r
,		 S
C
f
D
h
B
k
B
i
i
&
L
i
t
e
u
s
c
e
a
n
u
s
n
e
s
s
e
r
v
c
e
e
s
u
r
e
o
n
e
r
e
n
c
e
D
b
3
2
0
1
4
e
c
e
m
e
r
,		 C
S
S
C
C
d
i
i
B
i
i
W
f
t
t
t
r
e
s
s
e
s
n
e
s
s
e
r
c
e
s
e
s
o
a
s
o
n
e
r
e
n
c
e
u
u
v
D
b
1-
4
2
0
1
4
e
c
e
m
e
r
,		 B
b
P
E
C
f
e
r
e
n
e
r
g
a
n
u
r
o
p
e
a
n
o
n
e
r
e
n
c
e
J
1
2-
1
3
2
0
1
5
a
n
u
a
r
y
,		 C
G
S
b
k
I
i
t
t
o
m
m
e
r
z
a
n
e
r
m
a
n
n
v
e
s
m
e
n
e
m
n
a
r
M
h
1
8
2
0
1
5
a
r
c
,		 A
l
R
2
0
1
4
t
n
n
a
e
p
o
r
u

CONTACT

Investor Relations

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

Brenntag AG

Corporate Finance & Investor RelationsStinnes-Platz 145472 Mülheim an der RuhrGermany

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