Brenntag SE — Investor Presentation 2014

Aug 7, 2014

Q2 2014

▌ 7 August 2014

Conference call on Q2 2014 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 2014 Presentation AGENDA

▌Highlights Q2 2014

▌Financials Q2 2014

▌Outlook

▌Appendix

Introductory remarks to Q2 2014 earnings HIGHLIGHTS Q2 2014

M a c r o E c o n o m y	M i d i i t i t h i t i t h t i E d x e m a c r o e c o n o m c p c u r e w p o s v e g r o w m o m e n u m n u r o p e a n f N t h A i L t i A i i l t i l d i t i A i P i i o r m e r c a a n m e r c a s v o a e a n m p r o v e m e n s n s a a c c
G G f f i i t t r o s s p r o	G G f f i i f E E U U R R 0 0 2 2 2 2 h h f 3 3 2 2 % % F X b b i i t 5 t t t t r o s s p r o o m a a g r o w o o n a c o n s a n a s s
O t i p e r a n g E B I T D A	O f f % % t i E B I T D A E U R 1 1 7 7 6 6 7 7 t t h 8 8 3 3 t t F X b b i i p e r a n g o m m a a g r o w o o n a c o n s a n a a s s s s
A i i i t c q u s o n	A i i i f P h i l h I i h U S A h b i i f J i d t t t t c q q u s o n o c e m n c n e a e e g g n n n g g o u n e s a g g o o , , d d i i i i b i t t t a o n o o u r e x s n g u s n e s s
S k S l i t t o c p	G S I J l h h l d ' M t i d 1 3 t k l i t d t d i n n e e n e r a a r e o e r s e e n g a p p r o e s o c s p a n r a n g e u v : x , l i t t t d A t 1 2 0 1 4 s p s a r e o n u g u s ,

Operating highlights Q2 2014 HIGHLIGHTS Q2 2014

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

Acquisition of expert for supply chain solutions in North America HIGHLIGHTS Q2 2014

Philchem, Inc., Houston, Texas, USA

• In 2013: Sales of approx. USD 162m, Gross Profit of USD 7.7m and an EBITDA of USD 6.1m
• Investment amount of USD 42m
• Acquisition was closed in June 2014
• Philchem
• –Has an excellent know-how in selected product groups
• –Has long term relationships with key suppliers and an excellent logistics expertise
• I i li d i i l d d d it ti Is specialize in managing supply an demand situations

Implementation of 1:3 stock split as of 1 August 2014 HIGHLIGHTS Q2 2014

P r p o s e u	f M k i t h h t t t i t b d i t d a n g e s a r e m o r e a r a c v e o a n e v e n r o a e r r a n g e o n v e s o r s a n i i i t l i i d i t n c r e a s n g s q u y.
G S M l a p p r o a v	's G S f f I J 2 0 1 4 B t M d i t l i d n n e r e n n a g a p p r o e c a p a n c r e a s e r o m c o m p a n n s u v y u f t h h i h r o u g s s u a n c e o n e w s a r e s
C C h h a n g e s	f f f f I I i i t t d d h h i i t t l l 5 5 1 1 5 5 E U R t t 1 1 5 5 4 4 5 5 E E U U R R d n c r e a s e o r e g s e r e s a r e c a p a r o m m o m a n f d i i i i t l l h i h b i t d l h v s o n n o a n e q u a y g n u m e r o r e g s e r e n o n- p a r- v a u e s a r e s
1 A t t g g s s u u u u 2 0 1 4	S f h h l d i d 2 d d d d i i t t i i l l h h B t h h b a r e o e r s e r e s s e a a o o n n a a s a r e s o r e a c r e n n a g s a r e e r e w u w y i t d i t l i d h d n v e s e c a p a r e m a n e u n c a n g e
N t o e	S f S S t k l i t i t t i k i l i k E P D P t t i t o c s p m p a c s c e r a n e g r e s e a r g e p r c e e c y u , ,

Q2 2014 Presentation AGENDA

▌Highlights Q2 2014

▌Financials Q2 2014

▌Outlook

▌Appendix

Income statementFINANCIALS Q2 2014

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

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

2) Q2 2013 (EUR 16.8m) are adjusted for non-recurring cost items in Europe in relation to an antitrust case.

Income statement (continued) FINANCIALS Q2 2014

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

1) Includes scheduled amortization of customer relationships amounting to EUR 6.9m in Q2 2014 (EUR 7.7m in Q2 2013 and EUR 32.8 million in 2013).

2) Thereof EUR -0.6m in Q2 2014 (EUR -1.1m in Q2 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) EPS before stock split EUR 1.56 in Q2 2014 (EUR 1.33m in Q2 2013) and EUR 6.59 in 2013

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 Q2 2014

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

Cash flow statement (continued) FINANCIALS Q2 2014

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

Balance Sheet as of June 30, 2014 FINANCIALS Q2 2014

1) Of the intangible assets as of June 30, 2014, some EUR 1,153 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 2014

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

Leverage: Net debt/Operating EBITDA1) FINANCIALS Q2 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 June 20141) FINANCIALS Q2 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 capital FINANCIALS Q2 2014

i E U R n m	3 0 J 2 0 1 4 u n e	3 1 M 2 0 1 4 a r	3 1 D 2 0 1 3 e c	3 0 J 2 0 1 3 u n e
I i t n v e n o r e s	8 1 0 5	6 0 7 5	1 7 5 7.	9 0 3 7
T d i b l + r a e r e c e a e s v	1, 4 8 8 3	1, 4 2 4 2	1, 2 4 8 8	1, 4 6 2 0
/. T d b l r a e p a y a e s	1, 1 2 2 4	1, 0 7 2 3	9 6 1. 5	1, 1 0 1. 1
W k i i l t o r n g g c a p p a ( d f i d ) e n o p e r o	1 1, 1 1 6 6. 4 4 7 7	1 1, 1 1 1 1 2 2. 4 4	1 1, 0 0 4 4 4 4 4 4	1 1, 1 1 1 1. 2 2 5 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 e a r- o 1 ) d t ) a e	8 9 x	9 0 x	9 0 x	9 1 x
W k i i t l t ( l t t l o r n g c a p a r n o e r a s e e u v w v 2 ) ) t h m o n s	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 Q2 2014

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

Segments FINANCIALS Q2 2014

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

1) Q2 2013 (EUR 16.8m) is adjusted for non-recurring cost items in Europe in relation to an antitrust case

Q2 2014 Presentation AGENDA

▌Highlights Q2 2014

▌Financials Q2 2014

▌Outlook

▌Appendix

OUTLOOK

	2 0 1 3 Q 2 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 2, 5 0 1 m	O ing ic t a de te i t h ha l le in ng o m ac ro ec on om re co ve ry a m o ra p ac e c ng es ƒ w ing ke ke ts ts em er g m m ar ar
G f i t r o s s p r o	E U R 1, 1 9 9 4 4 6 6 m m E U R 0 2 5 m	Po i ive de lo f g f f i i is d by l l g h t t o t t te tru tru tu tu t ƒ s ve p m en ro ss p p ro ro su p p or s s c c ra ra ro w ds tre n
O t i p e r a n g E B I T D A	E U R 6 9 8 m E U R 1 7 7 m	O E B I T D A is te d be tw E U R 7 0 0m 7 2 0m fo fu l l y 2 0 1 4. 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 d ƒ u nc e ra ng e u n rs o re e x or ry e c an no j F X te ha m a or ra c ng es Ex te d t h dr ive by ts Eu d No t h Am ica ƒ p ec g ro w n s eg m en ro p e an r er
P f i f t t r o a e r t a x	E U R 3 3 9 m E U R 8 1 m	De lo ing br d ly in l ine i h ing E B I T D A ( he k ing in t t t ta to ƒ ve p oa w op er a w n no f f e f fe f ) t t he i t ive t in t he ina ia l r l t in 2 0 1 3 ac co un p os o ne -o c nc es u

OUTLOOK

	2 0 1 3 Q 2 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, 1 7 6 m	fu f s To la te t a t io les t h. a rg e ex n nc n o a g ro w ƒ 2 0 1 ( ( 2 2 0 0 1 1 3 3 ) ). E Ex t te d d t to in i 4 d d t to d d ƒ p ec g ro w co m p ar e y ea r e n
C a p e x	E U R 9 7 m E U R 2 2 m	f Ca fu In d ing to t tu t h. ƒ cr ea se o p ex sp en s up p or re g ro w Ca f f ic ie ic h. t to t o t ƒ p ex su n s up p or rg an g ro w
F C h r e e a s F l o w	E U R 4 3 5 m E U R 1 1 1 m	f Fr h low is is te d to in tro tro ƒ ee ca s ex p ec re m a s s ng ng

THANK YOU FOR YOURATTENTION

Steven Holland, CEO

• With Brenntag since 2006
• 30 f d di t d experience
• Corp. Communications, Development, HR, HSE, Internal Audit M&A regions Europe and Audit, M&A, Asia Pacific

Georg Müller, CFO

• With Brenntag since 2003
• +30 years ofdedicated 10 f i i +10 years of experience in chemicals distribution
• Corp. Accounting, Controlling, Finance & IR, IT, Legal, Tax, Risk Management

We are ready to answer your questions!

ContentsAPPENDIX

	P a g e
S I t t t H 1 2 0 1 4 n c o m e a e m e n	2 5
C h f l H 1 2 0 1 4 t t t a s o w s a e m e n	2 7
C F h F l H 1 2 0 1 4 r e e a s o w	2 9
S H 1 2 0 1 4 t e g m e n s	3 0

Income statementFINANCIALS H1 2014

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

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

2) H1 2013 (EUR 16.8m) is adjusted for non-recurring cost items in Europe in relation to an antitrust case

Income statement (continued) FINANCIALS H1 2014

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

1) This figure includes for the period January to June 2014 scheduled amortization of customer relationships totalling EUR 13.8 million (H1 2013: EUR 16.0m).

2) Thereof EUR -1.2m in H1 2014 and EUR –2.4m in H1 2013 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 2014

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

Cash flow statement (continued) FINANCIALS H1 2014

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

Free cash flowFINANCIALS H1 2014

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

Segments FINANCIALS H1 2014

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

1) H1 2013 (EUR 16.8m) is adjusted for non-recurring cost items in Europe in relation to an antitrust case

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Thomas Langer Diana AlesterRené Weinberg Phone: +49 (0) 208 7828 7653 Fax: +49 (0) 208 7828 7755 eMail: IR@brenntag.de Web: www.brenntag.com

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