Brenntag Se · XETR:BNR
Brenntag — Q1 2014 Earnings Presentation
75 slides from Brenntag's earnings presentation, May 2014
Slide 1: Company Presentation May 2014
Company Presentation ▌ May 2014 Corporate Finance & Investor Relations
Slide 2: Disclaimer
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
Slide 3: Brenntag – The global market leader in chemical distribution
IN A NUTSHELL Brenntag – The global market leader in chemical distribution Brenntag is the global market leader in chemical distribution. Linking chemical manufacturers and chemical users, Brenntag provides business-to- business distribution solutions for industrial and specialty chemicals globally.
Slide 4: Share Price (Indexed to 100)
SHARE PRICE (INDEXED TO 100) 150 140 130 Share Price [EUR] 120 110 100 90 Brenntag DAX® MDAX® Brenntag AG - Company Presentation May 2014 4
Slide 5: Agenda
AGENDA Company Presentation ▌Introduction to Brenntag ▌Key investment highlights ▌Financials Q1 2014 ▌Outlook ▌Appendix Brenntag AG - Company Presentation May 2014 5
Slide 6: Global market leader with strong financial profile
BRENNTAG OVERVIEW Global market leader with strong financial profile 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 around170,000 customers
Slide 7: Chemical distributors fulfil a value-adding function in the supply chain
BUSINESS MODEL Chemical distributors fulfil a value-adding function in the supply chain Filling Mixing Extensive Vendor- Chemical Bundling Chemical Purchase Transport Storage Packaging Blending Technical Managed Producer Transport User Labelling Formulating Support Inventory Purchase, transport and
Slide 8: Chemical distributors fulfil a value-adding function in the supply chain
BUSINESS MODEL Chemical distributors fulfil a value-adding function in the supply chain Filling Mixing Extensive Vendor- Chemical Bundling Chemical Purchase Transport Storage Packaging Blending Technical Managed Producer Transport User Labelling Formulating Support Inventory Repackaging from large i
Slide 9: Chemical distributors fulfil a value-adding function in the supply chain
BUSINESS MODEL Chemical distributors fulfil a value-adding function in the supply chain Filling Mixing Extensive Vendor- Chemical Bundling Chemical Purchase Transport Storage Packaging Blending Technical Managed Producer Transport User Labelling Formulating Support Inventory Leveraging high route de
Slide 10: As a full-line distributor, Brenntag can add significant value
DISTRIBUTION MODEL As a full-line distributor, Brenntag can add significant value Chemical Producer A Chemical User 1 Chemical Producer B Chemical User 2 Chemical Producer C No chemical distributors Chemical User 3 Chemical Producer D Supply chain inefficiencies Chemical User 4 Chemical Producer E C
Slide 11: Chemical distribution differs substantially from chemical production
DISTRIBUTOR VS. PRODUCER Chemical distribution differs substantially from chemical production “What we are” “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 si
Slide 12: Agenda
AGENDA Company Presentation ▌Introduction to Brenntag ▌Key investment highlights ▌Financials Q1 2014 ▌Outlook ▌Appendix Brenntag AG - Company Presentation May 2014 12
Slide 13: Brenntag is a highly attractive investment case
INVESTMENT HIGHLIGHTS Brenntag is a highly attractive investment case Key Global market leader investment highlights Significant growth potential in an attractive industry Superior business model with resilience Excellence in execution Highly experienced management team Strong financial profile Bren
Slide 14: Third party chemical distribution estimated market size and market shares
GLOBAL MARKET LEADER Third party chemical distribution estimated market size and market shares Global1) Europe North America Latin America Asia Pacific ~EUR 165bn ~EUR 43bn ~EUR 30bn ~EUR 17bn ~EUR 63bn Brenntag 5,9 Brenntag 10.4 Univar 19,3 Brenntag 5,1 Sinochem 3,8 ICC Univar 4,7 Univar 4,2 Brennt
Slide 15: Third party chemical distribution outgrew total chemical demand
MARKET GROWTH Third party chemical distribution outgrew total chemical demand THIRD PARTY CHEMICAL DISTRIBUTION OPPORTUNITY ~EUR 2.5 trillion Total chemical demand ~EUR 1.9 trillion non-distribution relevant products ~EUR 1.7 trillion Distribution relevant demand1) ~EUR 1.3 trillion 20 – 40% of cust
Slide 16: Multiple levers of organic growth and acquisition potential
GROWTH DRIVERS Multiple levers of organic growth and acquisition potential Growth driver Brenntag global initiative Chemical Growth in chemical demand Diverse business mix distribution Outsourcing Turned-over business industry growth Value-added services Mixing and blending Scale Share gain by scale
Slide 17: Significant potential for consolidation and external growth
ACQUISITION OBJECTIVES Significant potential for consolidation and external growth Building up Brenntag‘s acquisition track record scale and efficiencies 121 transactions since 1991, thereof 50 since 20071) Total cost of acquisitions2) of EUR 869m from 2007 to May Expand 2014 geographic Average inve
Slide 18: Diversity provides resilience and growth potential
HIGH DIVERSIFICATION Diversity provides resilience and growth potential Geography End-markets Customers Products Suppliers >70 countries widespread ~170,000 >10,000 several thousand 2013 Sales split No material expo- Top 10 Top 10 Top 10 sure to any single ~5%* <20%** <27%*** end-market* other *As %
Slide 19: High barriers to entry due to critical scale and scope
BARRIERS TO ENTRY High barriers to entry due to critical scale and scope Permits and licences Infrastructure availability Significant capital Regulatory standards resources and time required to Know-how create a global full-line distributor Rationalization of distribution relationships Global reach
Slide 20: Excellence in execution due to balance of global scale and local reach
MARKET-DRIVEN Excellence in execution due to balance of global scale and local reach Global platform Local reach Core management functions Better local understanding of market trends Strategic direction and adaptation to respective customer Controlling and Treasury needs Entrepreneurial culture Info
Slide 21: Brenntag's board alone has more than 80 years of collective experience
HIGHLY EXPERIENCED MANAGEMENT TEAM Brenntag‘s board alone has more than 80 years of collective experience Brenntag Board of Management Steven Holland, Georg Müller, William Fidler, CEO CFO Board Member With Brenntag since 2006 With Brenntag since 2003 With Brenntag since 1970 +30 years of dedicated
Slide 22: Growth track record and resilience through the downturn
STRONG FINANCIAL PROFILE Growth track record and resilience through the downturn Sales (EUR m) Gross Profit (EUR m) EBITDA (EUR m) 707 697 9.770 1.946 659 9.690 1.926 598 8,679 1,768 1,636 7,649 481 477 7,380 1,4921,460 6,671 1,355 6,365 408 5,958 1,169 331 4,991 1,033 254 Notes: 2005: Brenntag Pred
Slide 23: Brenntag is a highly attractive investment case
INVESTMENT HIGHLIGHTS Brenntag is a highly attractive investment case Key Global market leader investment highlights Significant growth potential in an attractive industry Superior business model with resilience Excellence in execution Highly experienced management team Strong financial profile Bren
Slide 24: Agenda
AGENDA Company Presentation ▌Introduction to Brenntag ▌Key investment highlights ▌Financials Q1 2014 ▌Outlook ▌Appendix Brenntag AG - Company Presentation May 2014 24
Slide 25: Introductory remarks to Q1 2014 earnings
HIGHLIGHTS Q1 2014 Introductory remarks to Q1 2014 earnings Macro Positive growth momentum in Europe, North American environment positive but Economy impacts from extremely hard winter, emerging markets weak. Gross profit Gross profit of EUR 483.6m at a growth of 4.4% on a constant FX basis. EBITDA
Slide 26: Operating highlights Q1 2014
HIGHLIGHTS Q1 2014 Operating highlights Q1 2014 Q1 2014 Comments Change Gross profit EUR 483.6m FX adjusted increase of 4.4% y-o-y Operating EUR 164.0m Increase of 2.8% on a constant FX basis EBITDA Operating 33.9% Against 34.5% in Q1 2013 EBITDA/ Gross profit Free cash EUR 75.7m Against EUR 70.5m i
Slide 27: Acquisition of specialty solvents distributor Gafor Distribuidora Ltd
HIGHLIGHTS Q1 2014 Acquisition of specialty solvents distributor Gafor Distribuidora Ltd Gafor Distribuidora Ltd, Sao Paulo, Brazil Sales of approx. USD 70.0m and EBITDA of USD 7.2m for the financial year 2013 Acquisition was closed on April 15, 2014 With Gafor we expand our market presence in Brazi
Slide 28: Income statement
FINANCIALS Q1 2014 Income statement ∆ FX in EUR m Q1 2014 Q1 2013 ∆ 2013 adjusted Sales 2,416.1 2,419.1 -0.1% 2.9% 9,769.5 Cost of goods sold -1,932.5 -1,941.2 0.5% -7,824.0 Gross profit 483.6 477.9 1.2% 4.4% 1,945.5 Expenses -319.6 -313.2 2.0% -1,248.7 EBITDA 164.0 164.7 -0.4% 2.8% 696.8 Add back t
Slide 29: Income statement (continued)
FINANCIALS Q1 2014 Income statement (continued) in EUR m Q1 2014 Q1 2013 ∆ 2013 EBITDA 164.0 164.7 -0.4% 696.8 Depreciation -24.0 -24.2 -0.8% -101.2 EBITA 140.0 140.5 -0.4% 595.6 1) Amortization -8.8 -10.0 -12.0% -39.7 EBIT 131.2 130.5 10.7% 555.9 2) Financial result -22.2 -24.5 9.4% -60.7 EBT 109.0
Slide 30: Cash flow statement
FINANCIALS Q1 2014 Cash flow statement in EUR m Q1 2014 Q1 2013 2013 Profit after tax 72.1 69.8 338.9 Depreciation & amortization 32.8 34.2 140.9 Income taxes 36.9 36.2 156.3 Income tax payments -27.9 -34.2 -159.9 Interest result 19.0 18.7 73.8 Interest payments (net) -14.1 -17.3 -73.2 Changes in cu
Slide 31: Cash flow statement (continued)
FINANCIALS Q1 2014 Cash flow statement (continued) in EUR m Q1 2014 Q1 2013 2013 Purchases of intangible assets and property, plant & equipment (PPE) -20.0 -21.9 -98.2 Purchases of consolidated subsidiaries, other business units and financial assets -7.2 - -43.9 Other 0.8 1.4 6.9 Cash used for inves
Slide 32: Balance Sheet as of 31 March 2014
FINANCIALS Q1 2014 Balance Sheet as of 31 March 2014 in EUR m 5,827 5,827 449 Cash and cash 1,772 1,424 equivalents Financial liabilities Trade receivables Trade payables 286 Other assets 1,072 761 Other liabilities Inventories 336 150 Other provisions 1) Intangible assets 350 2,070 Other Property,
Slide 33: Balance Sheet and leverage
FINANCIALS Q1 2014 Balance Sheet and leverage in EUR m 31 Mar 2014 31 Dec 2013 31 Mar 2013 Financial liabilities 1,771.5 1,768.5 1,848.7 ./. Cash and cash equivalents 448.8 426.8 352.9 Net Debt 1,322.7 1,341.7 1,495.8 Net Debt/Operating EBITDA 1) 1.9x 1.9x 2.1x Equity 2,147.3 2,093.7 2,044.3 1) Oper
Slide 34: Leverage: Net debt/Operating EBITDA
FINANCIALS Q1 2014 Leverage: Net debt/Operating EBITDA1) 6,0x 5.6x 5,0x 4.8x 4,0x 3.6x 3,0x 2.4x 2.3x 2.1x 1.9x 1.9x 2,0x 1,0x 0,0x 2) 2007 2008 2009 2010 2011 2012 2013 Q1 2014 1) Net debt defined as current financial liabilities plus non-current financial liabilities less (cash and cash equivalent
Slide 35: Improved maturity profile after Amend & Extend of syndicated loan
FINANCIALS Q1 2014 Improved maturity profile after „Amend & Extend“ of existing syndicated loan Amend & Extend of Maturities profile as of 31 March 20141) Syndicated Loan Maturity extended ahead of Syndicated schedule until March 2019 1.200 Facility Interest Expenses will be 1.000 reduced by at leas
Slide 36: Working capital
FINANCIALS Q1 2014 Working capital in EUR m 31 Mar 2014 31 Dec 2013 31 Mar 2013 Inventories 760.5 757.1 791.2 + Trade receivables 1,424.2 1,248.8 1,440.3 ./. Trade payables 1,072.3 961.5 1,120.6 Working capital 1,112.4 1,044.4 1,110.9 (end of period) Working capital turnover (year-to-date)1) 9.0x 9.
Slide 37: Free cash flow
FINANCIALS Q1 2014 Free cash flow in EUR m Q1 2014 Q1 2013 ∆ ∆ 2013 EBITDA 164.0 164.7 -0.7 -0.4% 696.8 Capex -18.6 -15.6 -3.0 19.2% -97.2 ∆ Working capital -69.7 -78.6 8.9 -11.3% -56.2 Free cash flow 75.7 70.5 5.2 7.4% 543.4 Brenntag AG - Company Presentation May 2014 37
Slide 38: Segments
FINANCIALS Q1 2014 Segments North Latin Asia All other in EUR m Europe Group America America Pacific segments Operating gross profit Q1 2014 244.1 182.4 37.6 27.8 3.6 495.5 Q1 2013 232.5 179.2 42.4 31.2 3.8 489.1 ∆ 5.0% 1.8% -11.3% -10.9% -5.3% 1.3% ∆ FX adjusted 5.4% 6.7% -4.1% -2.1% -5.3% 4.5% Ope
Slide 39: Agenda
AGENDA Company Presentation ▌Introduction to Brenntag ▌Key investment highlights ▌Financials Q1 2014 ▌Outlook ▌Appendix Brenntag AG - Company Presentation May 2014 39
Slide 40: Outlook
OUTLOOK 2013 Comments Trend 2014 Q1 2014 Sales EUR 9,770m Ongoing macroeconomic recovery at a moderate pace with challenges in emerging markets. EUR 2,416m Gross profit EUR 1,946m Positive development of gross profit is supported by structural growth trends. EUR 484m Operating EUR 698m Growth expect
Slide 41: Outlook: Working capital, Capex, Free cash flow
OUTLOOK 2013 Comments Trend 2014 Q1 2014 Working EUR 1,044m To a large extent a function of sales growth. Expected to grow in 2014 (compared to year end 2013). capital EUR 1,112m Capex EUR 97m Increase of Capex spending to support future growth. Capex sufficient to support organic growth. EUR 19m Fr
Slide 42: Agenda
AGENDA Company Presentation ▌Introduction to Brenntag ▌Key investment highlights ▌Financials Q1 2014 ▌Outlook ▌Appendix Brenntag AG - Company Presentation May 2014 42
Slide 43: Appendix Contents
APPENDIX Contents Page Longstanding history of more than 140 years 45 Strategy focus on continued profitable growth 47 Top initiative Turned-over business 48 Focused segment growth 49 Key accounts 50 AdBlue/DEF 51 North America – Efficient hub & spoke system 52 Committed to health, safety and the en
Slide 44: Appendix Contents (continued)
APPENDIX Contents (continued) Page Financials 2013 57 Dividend proposal 68 Financials 2008 – 2013 69 Shareholders exceeding the 3% or 5% threshold as of 31 October 2013 71 Share data 72 Bond data 73 Financial calendar 74 Contact 75 Brenntag AG - Company Presentation May 2014 44
Slide 45: Longstanding history of more than 140 years
BRENNTAG HISTORY Longstanding history of more than 140 years Year Event 1874 Philipp Mühsam founds the business in Berlin 1912 Entry into chemical distribution business 1966 Brenntag becomes international, acquiring Balder in Belgium 1970 – 1979 US business established; continued acquisitions in Eur
Slide 46: Longstanding history of more than 140 years (cont.)
BRENNTAG HISTORY (CONT.) Longstanding history of more than 140 years Year Event 2000 – 2008 Becoming global market leader; acquisition of LA Chemicals (US, 2006), Schweizerhall (Switzerland, 2006) and Albion (UK and Ireland, 2006) 2008 Acquisition of Rhodia’s distribution activities in 8 countries,
Slide 47: Strategic focus on continued profitable growth
STRATEGY Strategic focus on continued profitable growth Focus on organic growth and acquistions Intense customer orientation Full-line product portfolio focused on value-added Vision services Complete geographic coverage Accelerated growth in target markets Commercial and technical competence Strate
Slide 48: Top initiative – Turned-over business
TOP INITIATIVE – TURNED-OVER BUSINESS Substantially increase supplier penetration by proactively taking over smaller customers from suppliers Cost reduction at suppliers Reduced administration cost Reduced logistics cost Better inventory levels, credit terms Brenntag’s More volume value More service
Slide 49: Top initiative – Focused segment growth
TOP INITIATIVE – FOCUSED SEGMENT GROWTH Significantly increase share in customer industries where Brenntag can achieve above average growth Focus industries Capturing cross-selling opportunities ACES1) Water treatment Optimization of portfolio, leveraging of know-how across regions Growth Food Perso
Slide 50: Top initiative – Key accounts
TOP INITIATIVE – KEY ACCOUNTS Increase business with pan-regional/global key customers based on increased demand 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
Slide 51: Top initiative – AdBlue/DEF
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 n
Slide 52: North America – Efficient hub & spoke system
NORTH AMERICA – EFFICIENT HUB & SPOKE SYSTEM Efficient management of stock and storage utilization Hub Spokes The highlighted states account for 70% of US manufacturing1) Larger distribution sites (“hubs”) are fully equipped with tanks, filling stations, mixing and blending facilities and storage fa
Slide 53: Committed to health, safety and the environment
HSE Committed to health, safety and the environment 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 Brenntag Ap
Slide 54: Acquisitions have achieved three main objectives
ACQUISITION HISTORY Acquisitions have achieved three main objectives Building up scale & efficiencies Expanding geographic coverage Improving full-line portfolio Biesterfeld, Germany, 2002 Neuber, CEE, 2000 ACES1), Acquacryl/Chemacryl (UK), Albion, UK and Ireland, 2006 Holland Chemical Intl., Canada
Slide 55: Asia Pacific – Clearly defined strategy
ASIA PACIFIC Clearly defined strategy Strategic Portfolio steps to expansion esp. in build up Industrial pan-Asian Strengthening of Chemicals and network strategic market expansion of position Australia, geogr. coverage Market entry in Market entry New Zealand in China (2012) Build distribu- (2011)
Slide 56: China – Strategic market entry in 2011
CHINA Strategic market entry in 2011 Acquisition of Zhong Yung (International) Chemical Ltd. Purchase of the first tranche of 51% end of August 2011 and consolidation since Sept. 1, Tianjin 2011 Acquisition of the remaining stake is contracted for 2016 Enterprise value for the first tranche of 51% o
Slide 57: Introductory remarks to 2013 earnings
HIGHLIGHTS 2013 Introductory remarks to 2013 earnings Macro Challenging macro economy throughout the year with slight recovery towards Economy the end of the year Gross profit Gross profit of EUR 1,945.5m with a growth of 3.7% on a constant FX basis EBITDA Adjusted operating EBITDA1) of EUR 715.1m i
Slide 58: Successful acquisitions
HIGHLIGHTS 2013 Successful acquisitions Acquired company Strategic rationale Lubrication Services, L.L.C. (USA) Participation in the expected rapid growth related to the shale plays and strengthening of existing distribution relationships with key supply partners and key customers. Zytex Group (Indi
Slide 59: Income statement 2013
FINANCIALS 2013 Income statement in EUR m 2013 2012 1) ∆ ∆ FX adjusted Sales 9,769.5 9,689.9 0.8% 3.3% Cost of goods sold -7,824.0 -7,764.2 0.8% Gross profit 1,945.5 1,925.7 1.0% 3.7% Expenses -1,248.7 -1,218.7 2.5% EBITDA 696.8 707.0 -1.4% 1.4% Add back transaction costs 2) +1.5 - Operating EBITDA
Slide 60: Income statement (continued)
FINANCIALS 2013 Income statement (continued) in EUR m 2013 2012 1) ∆ EBITDA 696.8 707.0 -1.4% Depreciation -101.2 -96.2 5.2% EBITA 595.6 610.8 -2.5% Amortization 2) -39.7 -36.9 7.6% EBIT 555.9 573.9 -3.1% Financial result 3) -60.7 -95.6 -36.5% EBT 495.2 478.3 3.5% Profit after tax 338.9 337.8 0.3% E
Slide 61: Cash flow statement
FINANCIALS 2013 Cash flow statement in EUR m 2013 2012 1) Profit after tax 338.9 337.8 Depreciation & amortization 140.9 133.1 Income taxes 156.3 140.5 Income tax payments -159.9 -121.2 Interest result 73.8 83.2 Interest payments (net) -73.2 -80.4 Changes in current assets and liabilities -63.2 -43.
Slide 62: Cash flow statement (continued)
FINANCIALS 2013 Cash flow statement (continued) in EUR m 2013 2012 Purchases of intangible assets and property, plant & equipment -98.2 -86.3 Purchases of consolidated subsidiaries and other business units -43.9 -234.5 Other 6.9 8.1 Cash used for investing activities -135.2 -312.7 Capital increase -
Slide 63: Balance Sheet and leverage
FINANCIALS 2013 Balance Sheet and leverage in EUR m 31 Dec 2013 31 Dec 2012 31 Dec 2011 31 Dec 2010 31 Dec 2009 Financial liabilities 1,768.5 1,829.5 1,952.4 1,783.8 2,436.3 ./. Cash and cash equivalents 426.8 346.6 458.8 362.9 602.6 Net Debt 1,341.7 1,482.9 1,493.6 1,420.9 1,833.7 Net Debt/Operatin
Slide 64: Working capital
FINANCIALS 2013 Working capital in EUR m 31 Dec 2013 31 Dec 2012 31 Dec 2011 31 Dec 2010 31 Dec 2009 Inventories 757.1 760.4 696.8 606.1 422.3 + Trade receivables 1,248.8 1,266.4 1,220.9 1,059.7 831.4 ./. Trade payables 961.5 1,008.2 956.6 834.1 655.6 Working capital 1,044.4 1,018.6 961.1 831.7 598.
Slide 65: Free cash flow
FINANCIALS 2013 Free cash flow in EUR m 2013 2012 ∆ ∆ EBITDA 696.8 707.0 -10.2 -1.4% CAPEX -97.2 -94.7 -2.5 2.6% ∆ Working capital -56.2 -33.0 -23.2 70.3% Free cash flow 543.4 579.3 -35.9 -6.2% Brenntag AG - Company Presentation May 2014 65
Slide 66: Segments FY 2013
FINANCIALS 2013 Segments FY 2013 North Latin Asia All other in EUR m Europe Group America America Pacific segments Operating gross profit 2013 930.0 763.1 163.6 121.7 13.9 1,992.3 2012 927.9 742.3 169.9 113.5 15.1 1,968.4 ∆ 0.2% 2.8% -3.5% 7.2% -7.9% 1.2% ∆ FX adjusted 1.3% 6.7% 2.1% 11.3% -7.9% 3.9
Slide 67: Proposed 3:1 Stock Split
FINANCIALS 2013 Proposed 3:1 Stock Split: investors shall receive 2 additional shares for each share held Reasoning The share price has more than doubled since the IPO is now one of the highest in the MDAX (in nominal terms). Further positive development and an increasing share price expected. Objec
Slide 68: Dividend 2013 Proposal
DIVIDEND 2013 Proposal in EUR m 2013 Profit after tax 338.9 Less minority interest 0.3 Profit after tax (consolidated) attributable to shareholders of Brenntag AG 339.2 Proposed dividend payment 133.9 Dividend per share in EUR 2.60 Payout ratio 39.5% Brenntag AG - Company Presentation May 2014 68
Slide 69: Increasing value added and returns (RONA)
RONA Increasing value added and returns % CAGR in EUR m 2008 %∆ 2009 %∆ 2010 %∆ 2011 %∆ 2012 %∆ 2013 2008 - 2013 Sales 7,380 -13.8 6,365 20.2 7,649 13.5 8,679 11.6 9,690 0.8 9,770 5.8 Cost of goods sold 5,887 -16.7 4,905 22.6 6,013 14.9 6,911 12.3 7,764 0.8 7,824 5.9 Gross profit 1,492 -2.2 1,460 12
Slide 70: Strong cash generation over the past years
CASH FLOW Strong cash generation over the past years in EUR m 2008 2009 2010 2011 2012 2013 EBITDA 480.9 476.6 597.6 658.8 707.0 696.8 CAPEX -84.3 -71.8 -85.1 -86.0 -94.7 -97.2 ∆ Working capital -53.5 242.0 -136.4 -61.0 -33.0 -56.2 1) Free cash flow 343.1 646.8 376.1 511.8 579.3 543.4 2) Average wor
Slide 71: Shareholders exceeding the 3% or 5% threshold as of May 2014
SHAREHOLDER STRUCTURE Shareholders exceeding the 3% or 5% threshold as of May 2014 Shareholder No. of Brenntag shares Proportion in % Date of notification Threadneedle/Ameriprise 2,763,932 5.37 July 27, 2012 BlackRock 2,678,905 5.20 April 5, 2012 Sun Life/MFS 2,590,260 5.03 July 3, 2012 Newton 1,614
Slide 72: Share Data
SHARE DATA ISIN DE000A1DAHH0 Stock symbol BNR Listed since 29 March 2010 Subscribed capital EUR 51,500,000 Outstanding shares 51,500,000 Class of shares Registered shares Free float 100% Official market Prime Standard XETRA and Frankfurt Regulated unofficial markets Berlin, Stuttgart Designated spon
Slide 73: Bond Data
BOND DATA ISIN XS0645941419 Listing Luxembourg Stock Exchange Issuer Brenntag Finance B.V. Guarantors Brenntag AG, several Brenntag Group companies Aggregate principal amount EUR 400,000,000 Denomination EUR 1,000 Minimum transferable amount EUR 50,000 Coupon 5.50% Coupon payment 19 July Maturity 19
Slide 74: Financial Calendar
FINANCIAL CALENDAR Date Event May 08 - 09, 2014 Roadshow London May 08 - 09, 2014 Roadshow New York May 15, 2014 JP Morgan Business Services Conference June 05, 2014 MainFirst Chemicals 1on1 Forum June 12, 2014 Deutsche Bank German / Austrian Corporate Conference June 17, 2014 General Shareholders'
Slide 75: Contact Investor Relations
CONTACT Investor Thomas Langer Relations Diana Alester René Weinberg Phone: +49 (0) 208 7828 7653 Fax: +49 (0) 208 7828 7755 eMail: IR@brenntag.de Web: www.brenntag.com Brenntag AG Address Corporate Finance & Investor Relations Stinnes-Platz 1 45472 Mülheim an der Ruhr Germany Brenntag AG - Company