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Brenntag SE Investor Presentation 2021
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COMPANY PRESENTATION
NOVEMBER 2021
ConnectingChemistry
BRENNTAG
BRENNTAG
Company Presentation
Introduction to Brenntag
- Key investment highlights
- Project Brenntag
- Financials Q3 2021
- Outlook
- Appendix
to navigate
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Brenntag is the global market leader in chemicals and ingredients distribution
Global market leader in chemicals and ingredients distribution with ~5% market share
Full-line product portfolio with more than 10,000 products
Network of 670 locations in 77 countries worldwide
More than 17,000 employees thereof 1/3 dedicated local sales and marketing employees
~185,000 customers
Usually less-than-truckload deliveries with average value of c. EUR 3,000
We connect our customers and suppliers in a winning partnership globally and locally
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Two global divisions: Brenntag Essentials and Brenntag Specialties
Brenntag Essentials
EUR 7.1 bn
Sales (2019)
EUR 1.7 bn
Operating Gross Profit (2019)
33-35%
Conversion Ratio
Process chemicals
- Cross-industry products
- Local market know-how
- Strong brand & high barriers to entry
- Business-oriented infrastructure
- High volume delivery
- Consistent cash generation
- Global asset base
Brenntag SE – Company Presentation | November 2021
Brenntag Specialties
EUR 5.3 bn
Sales (2019)
EUR 1.1 bn
Operating Gross Profit (2019)
41-43%
Conversion Ratio
Highly specialized performance chemicals & ingredients
- Industry focus
- Strong customer relationships
- Innovation capabilities
- Application and formulation expertise
- Regulatory expertise
- Brand awareness
4
ConnectingChemistry
BRENNTAG
Sound financial profile: Growth track record and resilience through the downturn
Notes: 2005: Brenntag predecessor; 2006: Brenntag and Brenntag predecessor combined and does not constitute pro forma financial information. EBITDA / Gross Profit adjusted for non-recurring effects: 2012 = 11m, 2013 = 17m
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Predictable Business model:
Distributors perform a value-added function with economies of scale
PURCHASE, TRANSPORT AND STORAGE OF LARGE-SCALE QUANTITIES OF DIVERSE CHEMICALS
- Repackaging from large into smaller quantities
- Filling, labelling, bar-coding and palletizing
- Marketed by more than 6,000 dedicated local sales and marketing employees
- Mixing and blending according to customer specific requirements
-
Leveraging high route density based on local scale
-
Formulating and technical support from dedicated application laboratories
- Providing just-in-time delivery and vendor-managed inventory services
- Utilizing transportation for drum return services
- Offering one-stop-shop solution
Brenntag SE – Company Presentation | November 2021
BRENNTAG
Distributor vs. producer:
Chemical distribution differs substantially from chemical production
"What we are"
BRENNTAG
"What we are not"
Chemical Producer
| Business model | B2B Services / Solutions | Manufacturing |
|---|---|---|
| Product portfolio | Full-line | Narrow |
| Customer base | Broad in diverse end-markets | Narrow |
| Customer order size | Small | Large |
| Delivery method | Less-than-truckload | Truckload and larger |
| Fixed assets | Low intensity | High intensity |
| Fixed asset flexibility | Multi-purpose | Narrow purpose |
| Cost base | Variable | Fixed |
| Raw material prices | Market | Contract |
| Input / Output pricing | Connected | Disconnected |
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Board of Management: Highly experienced management team
Georg Müller
Chief Financial Officer
- Corp. Controlling
- Accounting Brenntag Group
- Legal Brenntag Group
- Tax Brenntag Group
- Treasury Brenntag Group
- Corp. Investor Relations
- Corp. Insurance Management
- Shared Services Brenntag Group
- Brenntag International Chemicals
Henri Nejade
Chief Operating Officer
Brenntag Specialties
- Brenntag Specialties
Christian Kohlpaintner
Chief Executive Officer
- Corp. Board Office
- Global HR
- Corp. Planning & Strategy
- M&A Brenntag Group
- Global Communications
- Global Marketing
- Compliance & Audit Brenntag Group
- QSHE Brenntag Group
- Sustainability Brenntag Group
- Corp. Relations & Government Affairs
Ewout van Jarwaarde
Chief Transformation Officer
- "Project Brenntag"
- Digitalization Brenntag Group
- IT Brenntag Group
- Indirect Procurement &
- Procurement Excellence Brenntag
- Group
- Functional Excellence Brenntag
- Group
Steven Terwindt
Chief Operating Officer
Brenntag Essentials
- Brenntag Essentials
- Global Key Accounts
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Company Presentation
- Introduction to Brenntag
- Key investment highlights
- Project Brenntag
- Financials Q3 2021
- Outlook
- Appendix
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Investment Highlights
Global market leader
- ☐ Significant growth potential in an attractive industry
-
☐ Sound financial profile
-
☐ Excellence in execution
-
☐ Strong M&A track record
-
☐ Highly experienced management team
- ☐ Superior business model with resilience
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BRENNTAG
Market growth:
Third party chemical distribution outgrew total chemical demand
Significant organic and acquisition growth potential
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Growth drivers:
Multiple levers of organic growth and acquisition potential
Third party chemical distribution opportunity
Global distribution market growth (CAGR 2020-2025e)
Source: VCI, BCG Innovative chemical distributors gain a digital edge (September 2020)
1) Excluding non-distribution relevant products like ethylene
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Global market leader: Third party chemical distribution estimated market size and market shares
Still highly fragmented market with more than 10,000 chemical distributors globally
As per end 2019e: ICIS, BCG Innovative chemical distributors gain a digital edge (September 2020), own analysis
Companies with stronger trading focus are excluded
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
High diversification: Diversity provides resilience and growth potential
BRENNTAG ESSENTIALS
Operating GP by regions (EUR m, 2019)¹
- North America
- EMEA
- Latin America
- Asia Pacific
Key product families
- Solvents (e.g., acetone)
- Acids and Lyes (e.g., HCl)
- Hydrocarbons
BRENNTAG SPECIALTIES
Operating GP by regions (EUR m, 2019)¹
- EMEA
- Americas
- Asia Pacific
Focus industries
- Nutrition
- Pharma
- Pers. Care/HI&I
- Water Treatment
- Material Science
- Lubricants
- Others
CUSTOMERS ~185,000
Top 10 accounts ~7%**
A% % sales
Large part of repeat-order business
ExxonMobil
D·NASF
HALLIBURTON
syngenta
PRODUCTS >10,000
*As % gross profit
e.g. Acetate, Alcohol, Caustic Soda, Citric Acid, Isopropyl Alcohol, Phosphoric Acid, Sodium Hypochlorite, Solvents, Blends, Sulfuric Acid, Toluene, Xylene
SUPPLIERS several thousand
Top 10 <30%**
***As % purchase value
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Significant potential for consolidation and external growth
Brenntag's M&A approach
- Building up scale and efficiencies
- Expanding geographic coverage
- Improving full-line portfolio
Focus areas
- Emerging Markets
- EBITDA contribution size
-
Focus Industries
-
88 transactions since 2010¹)
- Total cost of acquisitions²) of EUR 2.5bn from 2010 to Sept 2021
- Average investment amount of EUR 28m per transaction from 2010 to Sept 2021
- Market remains highly fragmented facilitating significant further consolidation potential
¹) Including acquisitions performed until June 2021
²) Purchase price excluding debt assumed
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Digital Sales Channel Development @ Brenntag
Brenntag Connect
Digital Sales Solutions Channel to over 10,000 chemicals and ingredients globally
- Buy thousands of products online by industry, supplier and product type
- Register and start adding chemicals and ingredients to your shopping cart
Key Features
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
ESG:
Brenntag is developing an updated comprehensive strategic framework
We are aware of our responsibilities that come with our business activities and market position
We aim to achieve sustainable value creation
"Sustainability is a fundamental part of our corporate strategy, a constant business driver and an integral part of Brenntag's corporate culture"
Christian Kohlpaintner, CEO Brenntag SE
Targets for 2021
- Develop new ambitious and long-term goals
- Develop a comprehensive strategic framework for sustainability in line with corporate strategy
- Re-evaluate sustainability approach of Brenntag
Highlights Q3 2021
Feasibility study for solar panels at 9 sites finished
Installation of solar panels at add. sites started
New dedicated VP Sustainability
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
ESG: Our interim sustainability targets 2021
Safety
- TRIR (Total Recordable Injury Rate): 2.9
- -15% spills compared to base year 2020 (spills >200 liters)
- 100% site coverage with process safety management standards
Sustainable Procurement
- 80% coverage of chemical spend (in €) with supplier sustainability assessments
- 55% of suppliers undergoing re-assessments which achieve a score improvement by at least 1 point
Climate
- -4% total scope 1 and 2 CO₂e emissions compared to base year 2020
- 3 sites that will start to produce electricity with solar panels
- 9 sites that will have undergone a full solar panel feasibility study
- 100% electricity consumption with green power (to be achieved by 2025)
Ratings & Memberships
- EcoVadis Score of 71 (Gold Medal)
- CDP Score of C
UN Global Compact
Responsible Care/Distribution program
"Together for Sustainability" initiative
Global inclusion initiative The Valuable 500
DAX 50 ESG
Brenntag SE – Company Presentation | November 2021
BRENNTAG
ESG: Brenntag achieves significantly above-average rating results
MSCI ESG Rating¹: AA
ISS ESG
ISS ESG Rating²: C
SUSTAINALYTICS
Sustainalytics ESG Risk Rating³: 14.6 (Low Risk)
ecovadis
Ecovadis Sustainability Rating⁴: Gold (Advanced)
CDP
CDP Score⁵: C
¹ Rating scale: AAA to CCC; ² Rating scale: A+ to D-; ³ Rating scale: Negligible to Severe; ⁴ Rating scale: Insufficient to Outstanding; ⁵ Rating scale: A to D-
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
ESG: Global impact – Environmental KPIs
Energy Consumption¹
Diesel, Petrol & Others (in 1,000 liters)
CO₂ Emissions¹
Tonnes
¹) The data for the reporting year do not include the following operating units: Brenntag International Chemicals, Quimisa S.A. (included from Q3/2020), Brenntag Finished Lubricants (Thailand) Ltd., Brenntag Sourcing Uruguay S.A., Brenntag Tanzania Ltd., Neuto Chemical Corp, the acquired caustic soda business of Suffolk Solutions Inc., Pachem Distributing Inc
²) The values given for the base year 2016 and the CO₂ emissions calculated using the market-based method for 2019 have not been audited by PwC
³) As part of our ongoing improvement process, the energy consumption reported for 2019 and the CO₂ emissions calculated using the location-based method were again reviewed and adjusted
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
ESG: Global impact – Safety and Diversity
Group Accident Rate
TRIR³,⁴ / LTIR₁day²
Employees on management positions⁵
By gender
1) The values given for 2016 have not been audited by PwC
2) LTIR1 day (Lost Time Injury Rate): Number of workplace accidents resulting in at least one day's absence from work per one million working hours
3) TRIR (Total Recordable Injury Rate): Number of workplace accidents involving injuries that require medical treatment (beyond first aid), per one million work hours
4) The values given for TRIR have not been audited by PwC
5) Comprises the global executive management and local management groups
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Company Presentation
Introduction to Brenntag
Key investment highlights
Project Brenntag
Financials Q3 2021
Outlook
Appendix
to navigate
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Project Brenntag:
Addresses areas of improvement based on stakeholder feedback
Suppliers
Sharpen profile towards channel needs
Growth
Foster profitable growth
Customers
Emphasize tailor-made market approach
Costs
Reignite conversion ratio expansion
Employees
Further promote execution and performance culture
Capital Markets
Focus on value creation
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Project Brenntag:
Delivering sustainable organic earnings growth
1) Based on management estimates
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Project Brenntag:
Clear & measurable benefits for organic earnings growth
Operating Model
- Differentiated business steering
- Remove redundancies
- Leverage economies of scale
Go-to-Market Approach
- Stringent customer segmentation
- Fit-for-purpose sales organisation
Site Network Optimization
- Reduce complexity
- Drive efficiency gains
- Improved customer proximity
People & Change
- New leadership structure
- Foster global collaboration and performance culture
1) By FY2023
2) Based on management estimates
Operating EBITDA uplift¹)²)
~40m EUR top line impact
~EUR 220 m
~180m EUR bottom line impact
One off net cash out:
~EUR 370 m²)
Brenntag SE – Company Presentation | November 2021
25
BRENNTAG
Operating Model: Sharpened operating model with increased centralization
Corporate
- Drives strategic agenda
- Defines governance, policies and standards
- Steers global functions and business services
Brenntag Essentials
Brenntag Specialties
Supported by Business Services
Centers of Excellence
Shared Services
Business Partners
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Two global divisions with distinct market approach addressing changing needs of our business partners
BRENNTAG
Brenntag Essentials
Regional logic
- Superior global reach
- Regional leadership
- Local customer proximity
- Local market know-how
- Lean & agile business
Agile, lean, and most efficient partner of choice for suppliers and customers
Brenntag Specialties
Industry logic
- Tailored solutions and value-added services for our customer's end-products
- Increased and more focused customer interaction
- Global best practice sharing of industry specific know-how
Global specialties leader in selected focus industries
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Brenntag Essentials: Agile, lean, and most efficient partner of choice in local geographies
| Brenntag Essentials | ||
|---|---|---|
| One-stop-shop for suppliers | Lowest cost to serve | Highest safety + compliance standards |
| Operational excellence | Customer Service Excellence | Digital Services; online ordering and delivery tracking |
1 at local level
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Brenntag Specialties:
Clear focus on highly attractive industries with secular growth
| Specialty market size (EUR bn)1) | Growth momentum | Cross-regional platform | Solutions potential | Critical mass | |
|---|---|---|---|---|---|
| Positive underlying growth in end industries | Global reach but industry-focused delivery | Value-added solutions and technical expertise | Brenntag already with industry-critical mass | ||
| Nutrition2) | ~50 | ● | ● | ● | ● |
| Pharma | ~105 | ● | ● | ● | ● |
| Personal Care, Home Care, I&I | ~60 | ● | ● | ● | ● |
| Material Science3) | ~190 | ● | ● | ● | ● |
| Water Treatment | ~10 | ● | ● | ● | ● |
| Lubricants | ~1204) | ● | ● | ● | ● |
1) Refers to underlying end market size 2019 (as per IHS Specialty Chemical Update Program 2020)
2) Consisting of Food & Nutrition and Animal Nutrition
3) Consisting of Coatings & Construction and Polymers & Rubber
4) Excluding base oils
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Stringent definition of Brenntag Essentials and Brenntag Specialties
| Specialties and ingredients | Process chemicals | |
|---|---|---|
| Specialties Industries | Accounted for under Brenntag Specialties | |
| All other industries | Accounted for under Brenntag Essentials |
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Clear assignment and accounting for products according to industry needs
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Go-to-Market Approach: Stringent customer segmentation and re-deployment of sales force
Key objectives
- Best-in-class front-end with clear roles, lean setup and high agility
- Focus on high-value customers by improved resource deployment & harmonized customer segmentation
- Cross-selling, organic growth and monetization of value-added services via differentiated and focused approach
- Leverage global expertise via cross-regional collaboration and best practice sharing
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Site Network Optimization:
Optimized footprint will increase efficiency
- Reduce overlaps in geographies
- Develop mega sites to drive scale efficiency
- Close white spots in network
- Adapt to regulatory changes
- Fully-leverage cross-border flows
- Optimize inventory / customer proximity & service level
Reducing complexity brings us closer to our customers and has a positive impact on our carbon footprint
Number of sites
Improvement potential by optimizing site network along clusters
Reduce Complexity
Increase avg. volume per site
Improved transport planning and bundling/ automation in sites
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
People & Change: Execution focused culture to drive performance and value creation
Global perspective
Strategic steering & business development
Stringent decision-making
Execution focused mind set
Clearly defined roles, responsibilities and accountabilities
Strong focus on performance and its individual recognition
Leadership competencies focused on execution skills, growth and transformation capabilities
Continuous change management in place to ensure smooth integration of transformation processes
Reduction of 1,300 jobs until 2022 to reduce overlaps between functions and increase harmonization.
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Project Brenntag: Status update 9M 2021
Overall Implementation
- Implementation of transformation program on track
- Ongoing implementation of site network optimization incl. two mega sites in China
- Implementation of Go-to-Market approach nearly completed globally
Measures
- Implementation of measures according to plan
- Broad portfolio of dedicated trainings for leaders and employees
- Centralization of administrative functions ongoing
- Further progress in indirect procurement initiatives
Results
- Working Capital turn of 8.4x
- Structural reduction of more than 740 jobs so far
- 68 site closures globally
- Operating EBITDA contribution of around EUR 70m (baseline 2019)
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Project Brenntag: Operating EBITDA contribution
Top line levers
EBITDA impact from Operating Gross Profit growth
Bottom line levers
EBITDA impact from expenses reduction
Total Operating EBITDA impact
Project Brenntag FY 2023
~EUR 40m¹⁾
~EUR 180m¹⁾
~EUR 220m¹⁾
Project Brenntag Achievement
~EUR 12m
~EUR 59m
around EUR 70m
in EUR m
since project start
15
as per FY 2020
41
as per H1 2021
70
as per 9M 2021
1) Based on management estimates
Brenntag SE – Company Presentation | November 2021
36
ConnectingChemistry
BRENNTAG
Company Presentation
Introduction to Brenntag
Key investment highlights
Project Brenntag
Financials Q3 2021
Outlook
Appendix
to navigate
Brenntag SE – Company Presentation | November 2021
ConnectingChemistry
BRENNTAG
Highlights Q3 2021: Outstanding quarterly results
| OPERATING GROSS PROFIT (fx adj.) | OPERATING EBITDA (fx adj.) | FREE CASHFLOW | EPS |
|---|---|---|---|
| +23.7% | +29.7% | EUR 155m | EUR 1.02 |
| EUR 862.3m | EUR 342.9m | Working Capital turn still high at 8.4x | +34% compared to Q3 2020 |
| OUTSTANDING QUARTERLY RESULTS | FY 2021 GUIDANCE RAISED IN Q3 | M&A TARGETS CONTRIBUTED ACCORDING TO PLAN | PROJECT BRENNTAG FULLY ON TRACK |
| --- | --- | --- | --- |
| in still persisting exceptional market environment | FY 2021 OP. EBITDA: EUR 1,260m - 1,320m | Implementation of various measures according to plan |
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Continued challenging market conditions in Q3 2021
Continued disruptions in some countries due to COVID-19 lockdowns
Global supply chains persistently under pressure
Spiking energy prices
„Dual-Control“ regulatory program in China
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BRENNTAG
Financials Q3 2021: Operating EBITDA bridge*
- Calculations are partly based on assumptions made by management; effects based on rounded figures
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Financials Q3 2021: Brenntag Essentials
Organic op. EBITDA growth
NORTH AMERICA
+39%
APAC
-8%
- Brenntag Essentials again with strong performance
- EMEA, North America and Latin America contributed to results
- Asia Pacific impacted by strict COVID-19 lockdowns
- Maintaining supply chains was key
- Growth almost entirely organic
- Op. EBITDA result positively impacted by strong growth in North America
- Conversion ratio of ~41%
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Financials Q3 2021: Brenntag Specialties
Organic op. EBITDA growth
EMEA
+29%
AMERICAS
+64%
Focus industries (Org. GP dev.)
Nutrition ↑
Pharma ↑
Personal Care /HI&I ↑
Water treatment →
Material Science ↑
Lubricants ↑
APAC
+7%
- Benefitting from good margin management
- Growth across all segments and industries
- Asia Pacific impacted by strict COVID-19 lockdowns
- Nutrition, Material Science and Lubricants with particularly strong performance
- Pharma and Personal Care/HI&I a bit weaker
- Conversion ratio of ~46%
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Financials Q3 2021: Segments (1/2)
| in EUR m | Operating gross profit^{1)} | Operating EBITDA^{2)} | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Q3 2021 | Q3 2020 | Δ | Δ FX adjusted | Q3 2021 | Q3 2020 | Δ | Δ FX adjusted | Δ organic | |
| Brenntag Essentials | 520.2 | 433.0 | 20.1% | 19.5% | 210.3 | 162.9 | 29.1% | 28.7% | 26.9% |
| Brenntag Specialties | 334.3 | 257.3 | 29.9% | 30.1% | 152.9 | 108.0 | 41.6% | 42.3% | 33.7% |
| All other Segments | 7.8 | 4.9 | 59.2% | 59.2% | -20.3 | -6.5 | 212.3% | 209.1% | |
| Brenntag Group | 862.3 | 695.2 | 24.0% | 23.7% | 342.9 | 264.4 | 29.7% | 29.7% | 25.0% |
| in EUR m | Operating EBITA | ||||||||
| --- | --- | --- | --- | ||||||
| Q3 2021 | Q3 2020 | Δ | |||||||
| Brenntag Essentials | 155.2 | 109.9 | 41.2% | ||||||
| Brenntag Specialties | 144.5 | 101.0 | 43.1% | ||||||
| All other Segments | -21.9 | -8.0 | 173.8% | ||||||
| Brenntag Group | 277.8 | 202.9 | 36.9% |
1) External sales less cost of materials.
2) Segment operating EBITDA is calculated as EBITDA adjusted for holding charges and special items.
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Financials Q3 2021: Segments (2/2)
| in EUR m | Operating gross profit^{1)} | Operating EBITDA^{2)} | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Q3 2021 | Q3 2020 | Δ | Δ FX adjusted | Q3 2021 | Q3 2020 | Δ | Δ FX adjusted | Δ organic | |
| Essentials EMEA | 188.3 | 172.5 | 9.2% | 8.1% | 70.9 | 60.1 | 18.0% | 17.2% | 16.4% |
| Essentials North America | 268.1 | 203.7 | 31.6% | 31.7% | 118.0 | 83.2 | 41.8% | 42.5% | 39.5% |
| Essentials Latin America | 37.5 | 30.9 | 21.4% | 21.3% | 12.1 | 9.5 | 27.4% | 28.0% | 28.0% |
| Essentials APAC | 26.3 | 25.9 | 1.5% | -1.1% | 9.7 | 10.4 | -6.7% | -8.5% | -8.5% |
| Brenntag Essentials | 520.2 | 433.0 | 20.1% | 19.5% | 210.3 | 162.9 | 29.1% | 28.7% | 26.9% |
| Specialties EMEA | 148.2 | 122.3 | 21.2% | 21.2% | 69.1 | 53.2 | 29.9% | 30.8% | 28.6% |
| Specialties Americas | 128.6 | 88.4 | 45.5% | 45.8% | 56.3 | 32.4 | 73.8% | 75.3% | 64.2% |
| Specialties APAC | 57.5 | 46.6 | 23.4% | 24.1% | 28.5 | 22.6 | 26.1% | 26.8% | 6.7% |
| Brenntag Specialties | 334.5 | 257.3 | 29.9% | 30.1% | 152.9 | 108.0 | 41.6% | 42.3% | 33.7% |
1) External sales less cost of materials.
2) Segment operating EBITDA is calculated as EBITDA adjusted for holding charges and special items.
The difference between the sum total of the reportable segments (EMEA, Americas and APAC) and the Brenntag divisions is the result of central activities which are part of Brenntag divisions but not directly attributable to any one segment.
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Financials Q3 2021:
Income statement below operating EBITDA
| in EUR m | Q3 2021 | Q3 2020 | Δ | FY 2020 |
|---|---|---|---|---|
| Operating EBITDA | 342.9 | 264.4 | 29.7% | 1,057.7 |
| Special items | -15.4 | -14.6 | -5.5% | -47.2 |
| Depreciation | -65.1 | -61.5 | 5.9% | -252.4 |
| EBITA | 262.4 | 188.3 | 39.4% | 758.1 |
| Amortization | -15.8 | -10.7 | 47.7% | -45.1 |
| EBIT | 246.6 | 177.6 | 38.9% | 713.0 |
| Financial result | -17.3 | -15.6 | 10.9% | -79.7 |
| EBT | 229.3 | 162.0 | 41.5% | 633.3 |
| Profit after tax | 161.0 | 120.6 | 33.5% | 473.8 |
| EPS | 1.02 | 0.76 | 34.2% | 3.02 |
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Financials Q3 2021:
Free cash flow
| in EUR m | Q3 2021 | Q3 2020 | Δ | Δ | FY 2020 |
|---|---|---|---|---|---|
| Operating EBITDA | 342.9 | 264.4 | 78.5 | 29.7% | 1,057.7 |
| Capex | -38.0 | -38.5 | 0.5 | -1.3% | -201.9 |
| Δ Working capital | -114.2 | 226.5 | -340.7 | -150.4 | 325.0 |
| Principal and interest payments on lease liabilities | -35.7 | -31.7 | -4.0 | 12.6% | -126.2 |
| Free cash flow | 155.0 | 420.7 | -265.7 | -63.2% | 1,054.6 |
Brenntag SE – Company Presentation | November 2021
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BRENNTAG
Financials Q3 2021: Balance Sheet and maturity profile
| in EUR m | 30 Sep 2021 | 31 Dec 2020 |
|---|---|---|
| Financial liabilities | 2,124.1 | 1,639.4 |
| Lease liabilities | 451.4 | 426.8 |
| ./. Cash and cash equivalents | 544.0 | 726.3 |
| Net Debt | 2,031.5 | 1,339.9 |
| Net Debt/Operating EBITDA 1) | 1.6x | 1.3x |
| Equity | 3,870.9 | 3,611.6 |
1) Operating EBITDA for the quarters on LTM basis calculated.
2) Bond 2029 settled on 6 Oct 2021 and therefore not included in Financial liabilities as per 30 Sep 2021.
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Financials Q3 2021: Working capital
| in EUR m | 30 Sep 2021 | 30 Jun 2021 | 31 Mar 2021 | 31 Dec 2020 | 30 Sep 2020 |
|---|---|---|---|---|---|
| Inventories | 1,431.1 | 1,207.8 | 1,092.8 | 978.9 | 1,005.9 |
| + Trade receivables | 2,189.4 | 2,056.8 | 1,938.7 | 1,597.5 | 1,648.0 |
| ./. Trade payables | 1,660.1 | 1,555.2 | 1,485.7 | 1,229.8 | 1,194.2 |
| Working capital (end of period) | 1,960.4 | 1,709.4 | 1,545.8 | 1,346.6 | 1,459.7 |
| Working capital turnover (annualized) 1) | 8.4x | 8.6x | 8.7x | 7.3x | 7.1x |
1) Sales YTD extrapolated to the full year; average working capital is defined as the average of working capital at the beginning of the year and at the end of each quarter.
Brenntag SE – Company Presentation | November 2021
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Company Presentation
Introduction to Brenntag
Key investment highlights
Project Brenntag
Financials Q3 2021
Outlook
Appendix
to navigate
Brenntag SE – Company Presentation | November 2021
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Outlook 2021: Well positioned in challenging environment
Macro environment
- Exceptional market conditions expected to persist well into 2022
- Continuous pressure on global supply chains, spiking energy prices and developments in China play an important part
Comments
- Well positioned to keep high level of service excellence for our partners
- Guidance includes uplift of Project Brenntag initiatives, closed M&A and assumes stable FX rates
Operating EBITDA Guidance
- FY 2021 operating EBITDA guidance range increased twice in course of 2021 to EUR 1,260m – 1,320m (prev. EUR 1,160m – 1,260m)
- Guidance confirmed
Additional information
- EUR/USD: ~1.20 (2020: ~1.14)
- EUR/USD sensitivity (FY basis): Delta of EUR/USD +/- 1 cent = EUR ~ +/- 5m op. EBITDA
- Tax rate: ~29%
- Capex 2021: EUR ~210m
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Project Brenntag:
Medium term guidance for future growth
Organic underlying business
> 4% p.a.
Organic operating
Gross Profit
4% - 6% p.a.
Organic operating
EBITDA
Project Brenntag
Operating EBITDA uplift of EUR 220 m by FY2023¹)
M&A
Proven track record with unaltered scope (~200 - 250 m p.a.)
¹) Based on management estimates
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Company Presentation
- Introduction to Brenntag
- Key investment highlights
- Project Brenntag
- Financials Q3 2021
- Outlook
- Appendix
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Appendix: Contents
| Page | |
|---|---|
| Barriers to entry | 54 |
| Longstanding history of more than 140 years | 55 |
| North America – Oil & Gas Value Chain | 56 |
| HSE - Committed to health, safety and the environment | 57 |
| Acquisitions | 58 |
| Remuneration of the Board of Management | 59 |
| Financials 9M 2021 | 60 |
| Financials FY 2020 | 63 |
| Historic Leverage & Credit Rating | 71 |
| Bond data | 72 |
| Share price performance LTM | 73 |
| Brenntag Share & Shareholder Structure | 74 |
| Relevant Links & Documents / Financial calendar / Contact | 75 |
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Barriers to entry:
High barriers to entry due to critical scale and scope
- Permits and licenses
- Infrastructure availability
- Regulatory standards
- Know-how
- Rationalization of distribution relationships
- Global reach
Significant capital resources and time required to create a global full-line distributor
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Brenntag history:
Longstanding history of more than 140 years
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North America: Oil and Gas Value Chain
Upstream
Midstream
Downstream
Petrochemical
Convert Crude into Chemicals
Exploration, Drilling & Fracking
Using technology to find new CRUDE & GAS resources
Production
Bring Gas & Crude To the Surface
Processing
Treating Gas to be sent to Markets
Transportation
Moving Gas and Crude
Refinery
Convert Crude into Refined Products
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HSE: Committed to health, safety and the environment
Committed to the principles of Responsible Care/Responsible Distribution¹)
- Product responsibility
- Asset integrity & process safety
- Occupational safety and health
- Environment protection (air, water, soil, raw materials, waste, energy)
- Transport safety
Brenntag Approach
| Programs and regular training | Clear guidelines and procedures | Appropriate equipment | Behaviour-based safety | Regular reporting to Board |
|---|---|---|---|---|
¹) Program of the International Chemical Trade Association
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Acquisitions since 2018: Focus on three main objectives
Building up scale & efficiencies
- Canada Colors & Chemicals, Can., 2018
- Reeder Distributors Inc., USA, 2019
- B&M Oil Company, USA, 2019
- Suffolk Solutions Inc., USA, 2020
- Alpha Chemical Ltd., Canada, 2020
- ICL Packed, UK, 2021
- Matrix Chemicals LLC, USA, 2021
Expanding geographic coverage
- Whanee Corporation, Quimitécnica, Portugal, 2018
- Desbro, Kenya, 2018
- Crest Chemicals Ltd., South Africa, 2019
- Neuto Chemicals Corp., Taiwan, 2019
- Quimisa S.A., Brazil, 2019
- Oils 'R Us, Thailand, 2020
Improving full-line portfolio
- Alphamin S. A., Belgium, 2018
- PachemDistribution Inc., 2018
- NERP Inc., USA, 2019
- Tee Hai Chem Pte.Ltd., Singapore, 2019
- Marlin Company Inc., USA, 2019
- Tan International, UK, 2019
- ComeltSpa; Aquadepur Srl, Italy, 2020
- Zhongbai, China, 2021
- JM Swank, USA, 2021
88 acquisitions in total since 2010¹)
1) Including acquisitions performed until September 2021
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Remuneration System:
Remuneration of the Board of Management
| Fixed Remuneration | |||
|---|---|---|---|
| Short-term | Variable pay | Long-term | |
| Annual Bonus | Performance Share Plan | ||
| 60% organic EBITDA | |||
| (growth) | 20% Working | ||
| Capital | |||
| Turnover | |||
| (improve- | |||
| ment) | 20% | ||
| Earnings | |||
| per Share | |||
| (growth) | 50% | ||
| Total Share Return vs. | |||
| National index | |||
| 50% | |||
| Total Share Return vs. | |||
| Peer group | |||
| Individual Multiplier (0.7 – 1.3) | Number of virtual shares |
The payout amount of the variable pay depends on the overall target achievement. The maximum payout amount of both the Annual bonus and the Performance Share Plan is 200% for an overall target achievement of 150% or more. The payout amount cannot be raised above this Cap of 200%.
The new remuneration system was resolved by the Supervisory Board on December 23, 2020 and approved by the shareholders at the General Shareholders’ Meeting 2021.
Note: Simplified illustration; Please see Remuneration Report or Corporate Website for more details
Brenntag SE – Company Presentation | November 2021
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Financials 9M 2021: Operating EBITDA bridge*
in EUR m
- Calculations are partly based on assumptions made by management; effects based on rounded figures
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Financials 9M 2021:
Income statement below operating EBITDA
| in EUR m | 9M 2021 | 9M 2020 | Δ |
|---|---|---|---|
| Operating EBITDA | 998.3 | 803.6 | 24.2% |
| Special items | -104.1 | -33.4 | 211.7% |
| Depreciation | -191.9 | -189.6 | 1.2% |
| EBITA | 702.3 | 580.6 | 21.0% |
| Amortization | -91.7 | -33.5 | 173.7% |
| EBIT | 610.6 | 547.1 | 11.6% |
| Financial result | -49.2 | -61.9 | -20.5% |
| EBT | 561.4 | 485.2 | 15.7% |
| Profit after tax | 398.4 | 358.6 | 11.1% |
| EPS | 2.52 | 2.30 | 9.6% |
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Financials 9M 2021: Cash flow items
| in EUR m | 9M 2021 | 9M 2020 | Δ | Δ |
|---|---|---|---|---|
| Operating EBITDA | 998.3 | 803.6 | 194.7 | 24.2% |
| CAPEX | -105.9 | -127.1 | 21.2 | -16.7% |
| Δ Working capital | -443.0 | 214.2 | -657.2 | -306.8% |
| Principal and interest payments on lease liabilities | -97.3 | -94.8 | -2.5 | 2.6% |
| Free cash flow | 352.1 | 795.9 | -443.8 | -55.8% |
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Financials FY 2020: Operating EBITDA bridge*
- Calculations are partly based on assumptions made by management; effects based on rounded figures
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Financials FY 2020: Income statement
| in EUR m | FY 2020 | FY 2019 | Δ | Δ FX adjusted |
|---|---|---|---|---|
| Sales | 11,775.8 | 12,821.8 | -8.2% | -6.0% |
| Cost of materials | -8,925.4 | -10,000.1 | -10.7% | |
| Operating gross profit | 2,850.4 | 2,821.7 | 1.0% | 3.3% |
| Operating expenses | -1,792.7 | -1,820.2 | -1.5% | |
| Operating EBITDA | 1,057.7 | 1,001.5 | 5.6% | 8.3% |
| Op. EBITDA/Op. gross profit | 37.1% | 35.5% |
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Financials FY 2020:
Income statement below operating EBITDA
| in EUR m | FY 2020 | FY 2019 | Δ |
|---|---|---|---|
| Operating EBITDA | 1,057.7 | 1,001.5 | 5.6% |
| Special items | -47.2 | 8.6 | -648,8% |
| Depreciation | -252.4 | -243.6 | 3.6% |
| EBITA | 758.1 | 766.5 | -1.1% |
| Amortization 1) | -45.1 | -49.6 | -9.1% |
| EBIT | 713.0 | 716.9 | -0.5% |
| Financial result | -79.7 | -83.5 | -4.6% |
| EBT | 633.3 | 633.4 | 0.0% |
| Profit after tax | 473.8 | 469.2 | 1.0% |
| EPS | 3.02 | 3.02 | 0.0% |
1) Includes scheduled amortization of customer relationships amounting to EUR 34.9 in 2019 (EUR 40.7m in 2018).
Brenntag SE – Company Presentation | November 2021
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Financials FY 2020: Cash flow statement
| in EUR m | FY 2020 | FY 2019 |
|---|---|---|
| Profit after tax | 473.8 | 469.2 |
| Depreciation & amortization | 297.5 | 293.2 |
| Income taxes | 159.5 | 164.2 |
| Income tax payments | -155.5 | -175.3 |
| Interest result | 66.4 | 90.0 |
| Interest payments (net) | -57.9 | -75.7 |
| Changes in current assets and liabilities | 426,0 | 136.5 |
| Changes in provisions | -33.9 | 0.9 |
| Other | 43.1 | -23.7 |
| Cash provided by operating activities | 1,219.0 | 879.3 |
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Financials FY 2020:
Cash flow statement (continued)
| in EUR m | FY 2020 | FY 2019 |
|---|---|---|
| Purchases of intangible assets and property, plant & equipment (PPE) | -199.1 | -204.0 |
| Purchases of consolidated subsidiaries and other business units | -46.4 | -194.9 |
| Proceeds from the disposal of consolidated subsidiaries and business units | 1.2 | 14.7 |
| Other | 20.2 | 12.0 |
| Cash used for investing activities | -224.1 | -372.2 |
| Purchases of companies already consolidated | - | - |
| Profits distributed to non-controlling interests | -1.5 | -1.5 |
| Dividends paid to Brenntag shareholders | -193.1 | -185.4 |
| Repayment of (-)/proceeds from (+) borrowings (net) | -541.0 | -196.5 |
| Cash used for financing activities | -735.6 | -383.4 |
| Change in cash & cash equivalents | 259.3 | 123.7 |
Brenntag SE – Company Presentation | November 2021
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ROCE:
Increasing value added and returns
| in EUR m | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITA | 758.1 | 766.5 | 770.9 | 663.3 | 694.5 | 698.7 | 627.5 | 595.6 | 610.8 | 569.9 | 513.6 | 394.3 |
| Average carrying amount of equity | 3,582.9 | 3,427.3 | 3,111.6 | 2,969.2 | 2,753.8 | 2,534.6 | 2,190.1 | 2,008.4 | 1,860.3 | 1,660.0 | 1,265.5 | 157.7 |
| Average carrying amount of financial liabilities | 2,453.0 | 2,581.3 | 2,173.1 | 2,255.0 | 2,238.3 | 1,961.8 | 1,823.1 | 1,817.5 | 1,868.7 | 1,809.6 | 2,114.7 | 3,190.0 |
| Average carrying amount of cash and cash equivalents | -654.1 | -430.8 | -416.2 | -612.0 | -566.3 | -460.9 | -413.1 | -343.4 | -356.2 | -382.5 | -468.3 | -500.9 |
| ROCE 1,2) | 14.1% | 13.7% | 15.8% | 14.4% | 15.7% | 17.3% | 17.4% | 17.1% | 18.1% | 18.5% | 17.6% | 13.9% |
1) ROCE is defined as EBITA divided by (the average carrying amount of equity + the average carrying amount of financial liabilities – the average carrying amount of cash and cash equivalents)
2) EBITA 2020 includes special items EUR 47.2 million. Adjusted for this effect, ROCE was 15.0%.
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Cash flow:
Strong cash generation over the past years
| in EUR m | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Op. EBITDA | 1,057.7 | 1,001.5 | 875.5 | 836.0 | 810.0 | 807.4 | 726.7 | 698.3 | 707.0 | 660.9 | 602.6 | 480.3 |
| CAPEX | -201.9 | -205.2 | -172.2 | -148.1 | -141.1 | -130.1 | -104.8 | -97.2 | -94.7 | -86.0 | -85.1 | -71.8 |
| Δ Working capital | 325.0 | 161.7 | -178.1 | -247.6 | -27.5 | 87.0 | -100.5 | -56.2 | -33.0 | -61.0 | -136.4 | 242.0 |
| Pricipal and interest payments on lease liabilities | -126.2 | -120.7 | ||||||||||
| Free cash flow^{1)} | 1,054.6 | 837.3 | 525.2 | 440.3 | 641.4 | 764.3 | 521.4 | 544.9 | 579.3 | 513.9 | 381.1 | 650.5 |
| Average working capital^{2)} | 1,611.2 | 1,842.3 | 1,719.6 | 1,487.3 | 1,308.8 | 1,295.1 | 1,161.8 | 1,090.0 | 1,048.8 | 928.3 | 752.4 | 691.9 |
| Working capital turnover^{3)} | 7.3x | 7.0x | 7.3x | 7.9x | 8.0x | 8.0x | 8.6x | 9.0x | 9.2x | 9.3x | 10.2x | 9.2x |
1) Free Cash Flow is calculated as operating EBITDA – Capex +/- Δ 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.
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Financials FY 2020:
Continuous dividend increase
| in EUR m | 2020 | 2019 | Δ |
|---|---|---|---|
| Profit after tax | 473.8 | 469.2 | 1.0% |
| Less minority interests | 7.3 | 2.5 | |
| Profit after tax (consolidated) attributable to shareholders of Brenntag SE | 466.5 | 466.7 | 0.0% |
| Proposed dividend payment | 208.6 | 193.1 | |
| Proposed dividend per share in EUR | 1.35 | 1.25 | 8.0% |
| Payout ratio | 44.7% | 41.4% |
Dividend policy: Pay an annual dividend of 35% to 50% of consolidated profit after tax attributable to shareholders of Brenntag SE
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Brenntag's Historic Leverage & Credit Rating
Leverage: Net Debt / operating EBITDA
| S&P | B | B+ | BB+ | BBB- | BBB |
|---|---|---|---|---|---|
| Moody's | B2 | Ba1 | Baa3 |
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Bond data
| Bond (with Warrants) 2022 | Bond 2025 | Bond 2029 | |
|---|---|---|---|
| Issuer | Brenntag Finance B.V. | Brenntag Finance B.V. | Brenntag Finance B.V. |
| Listing | Frankfurter Freiverkehr | Luxembourg Stock Exchange | Luxembourg Stock Exchange |
| ISIN | DE000A1Z3XQ6 | XS1689523840 | XS2394063437 |
| Aggregate principal amount | USD 500,000,000 | EUR 600,000,000 | EUR 500,000,000 |
| Denomination | USD 250,000 | EUR 1,000 | EUR 100,000 |
| Minimum transferable amount | USD 250,000 | EUR 100,000 | EUR 100,000 |
| Coupon | 1.875% | 1.125% | 0.500% |
| Interest payment | Semi annual: Jun. 02 / Dec. 02 | Annual: Sep. 27 | Annual: Oct. 06 |
| Maturity | Dec. 2, 2022 | Sep. 27, 2025 | Oct. 06, 2029 |
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Share price performance LTM
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Brenntag Share & Shareholder Structure
Share data
| ISIN; Stock Symbol; Listed since | DE000A1DAHH0; BNR; 29 March 2010 |
|---|---|
| Subscribed capital; Outstanding Shares | EUR 154,500,000.00; 154,500,000 |
| Class of shares; Free float | Registered shares; 100% |
| Official market | Prime Standard XETRA and Frankfurt |
| Regulated unofficial markets | Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart, Tradegate Exchange |
| Indices | DAX, MSCI, Stoxx Europe 600, DAX 50 ESG, DAX ESG Target |
| Shareholder^{1)} | Proportion in % |
| --- | --- |
| BlackRock | >5% |
| Wellington Management Group | >5% |
| Burgundy Asset Management | >3% |
| Columbia Threadneedle | >3% |
| FMR LLC | >3% |
1) According to voting rights notifications. All voting rights notifications are published on the Company's Website.
Brenntag SE – Company Presentation | November 2021
Analysts' Opinions²)
Click to view current consensus
Shareholdings of identified Institutional Investors by Region³)
²) As of November 1, 2021; ³) As of September 30, 2021
* UK and Ireland; ** EU: Continental Europe
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Relevant Links & Documents
Brenntag SE – Company Presentation | November 2021
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Relevant Links & Documents
- Financial Publications
- Brenntag Share
- Current Consensus
- Financial News
Click to visit website
BRENNTAG
Financial calendar / Contact
| Date | Event |
|---|---|
| March 9, 2022 | Annual Report 2021 |
| June 9, 2022 | General Shareholders' Meeting 2021 |
The financial calendar is updated regularly. You can find the latest dates on https://www.brenntag.com/corporate/en/investor-relations/publications-events/financial-calendar/
Please note that these dates could be subject to change.
Brenntag SE
Corporate Investor Relations
Phone: +49 (0) 201 6496 2100
Fax: +49 (0) 201 6496 2003
E-mail: [email protected]
Web: www.brenntag.com/investor_relations/
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Disclaimer
This presentation may contain forward-looking statements based on current assumptions and forecasts made by Brenntag SE 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 SE 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. Some information contained in this document is based on estimates or assumptions of Brenntag and there can be no assurance that these estimates or assumptions are or will prove to be accurate.
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