Brenntag Se · XETR:BNR
Brenntag — Investor Presentation (August 2011)
75 slides from Brenntag's investor presentation, August 2011
Slide 1: Company Presentation August 2011
Company Presentation August 2011
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.company Various known and unknown risks, uncertainties and other factors could lead to material differences betw
Slide 3: Brenntag is the global market leader in chemical distribution
Brenntag is the global market leader in chemical distribution. Linking chemical manufacturers and chemical users users, Brenntag provides business- business to-business distribution solutions for industrial and specialty chemicals globally. With over 10,000 products and a world-class supplier base,
Slide 4: Share Price (indexed to 100)
Share Price (indexed to 100) 180 170 160 150 140 130 120 110 100 90 80 Brenntag MDAX® 3
Slide 5: Agenda
Agenda 1. Introduction to Brenntag 2 Key Investment Highlights 2. 3. Financials Q2 2011 4. Outlook 2011/2012 Appendix 4
Slide 6: Global Market Leader with Strong Financial Profile
1. Introduction to Brenntag Global Market Leader with Strong Financial Profile • Global leader with 6.9%1) market share and sales of €7.6bn in 2010 • c. c 12,000 12 000 employees, employees thereof nearly 4,400 4 400 dedicated local sales and marketing employees • Full-line portfolio of over 10,000
Slide 7: Chemical Distributors Fulfill a Value-Adding Function in the Supply Chain
1. Introduction to Brenntag Chemical Distributors Fulfill a Value Value-Adding Adding Function in the Supply Chain Chem mical ducer Filling Mixing Extensive Vendor- User Bundling Chem Purchase Transport Storage Packaging Blending Technical Managed mical Prod Transport Labelling Formulating Support I
Slide 8: Chemical Distributors Fulfill a Value-Adding Function in the Supply Chain
1. Introduction to Brenntag Chemical Distributors Fulfill a Value Value-Adding Adding Function in the Supply Chain Chem mical ducer Filling Mixing Extensive Vendor- User Bundling Chem Purchase Transport Storage Packaging Blending Technical Managed mical Prod Transport Labelling Formulating Support I
Slide 9: Chemical Distributors Fulfill a Value-Adding Function in the Supply Chain
1. Introduction to Brenntag Chemical Distributors Fulfill a Value Value-Adding Adding Function in the Supply Chain Chem mical ducer Filling Mixing Extensive Vendor- User Bundling Chem Purchase Transport Storage Packaging Blending Technical Managed mical Prod Transport Labelling Formulating Support I
Slide 10: As a Full-line Distributor, Brenntag can Add Significant Value
1. Introduction to Brenntag As a Full Full-line line Distributor, Brenntag can Add Significant Value Chemical Producer A Chemical User 1 Ch i l Producer Chemical P d B Ch i l User Chemical U 2 Chemical Producer C No chemical distributors Chemical User 3 Chemical Producer D Supply chain inefficiencie
Slide 11: Chemical Distribution Differs Substantially from Chemical Production
1. Introduction to Brenntag 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 Cu
Slide 12: Agenda
Agenda 1. Introduction to Brenntag 2 Key Investment Highlights 2. 3. Financials Q2 2011 4. Outlook 2011/2012 Appendix 11
Slide 13: A Highly Attractive Investment Case
2. Key Investment Highlights A Highly Attractive Investment Case 9 Global Market Leader 9Significant Growth Potential in an Attractive Industry 9 Superior Business Model with Resilience 9 Excellence in Execution 9 Highly Experienced Management Team 9 Strong Financial Profile 12
Slide 14: A Global Full-line Third Party Chemical Distribution Network
2. Key Investment Highlights 9 Global Market Leader A Global Full Full-line line Third Party Chemical Distribution Network Third Party Chemical Distribution Estimated Market Size and Market Shares Global1) Europe North America Latin America Asia Pacific ~€115bn ~€37bn ~€25bn ~€12bn ~€32bn Brenntag 6
Slide 15: Third Party Chemical Distribution Outgrew Total Chemical Demand
2. Key Investment Highlights 9 Significant Growth Potential in an Attractive Industry Third Party Chemical Distribution Outgrew Total Chemical Demand Third Party Chemical Distribution Opportunity ~€1.96 trillion Total chemical CAGR demand ~€1.66 trillion 8.5% ~€1 2 trillion ~€1.2 Distribution releva
Slide 16: Multiple Levers of Organic Growth and Acquisition Potential
2. Key Investment Highlights 9 Significant Growth Potential in an Attractive Industry Multiple Levers of Organic Growth and Acquisition Potential Trend Growth Driver Brenntag Global Initiative Growth in chemical demand • Diverse business mix Chemical + Distribution Outsourcing • Turned-over business
Slide 17: Significant Potential for Consolidation and External Growth
2. Key Investment Highlights 9 Significant Growth Potential in an Attractive Industry Significant Potential for Consolidation and External Growth Brenntag’s Acquisition Track Record Building Up Scale And Efficiencies • 100 transactions since 1991, 1991 thereof 29 since 2007 1) • Total cost of acquis
Slide 18: Diversity Provides Resilience and Growth Potential
2. Key Investment Highlights 9 Superior Business Model with Resilience Diversity Provides Resilience and Growth Potential Geography End-markets Customers Products Suppliers <70 countries Widespread ~160,000 10,000+ Several thousand No material exposure Top 10 Top 10 Top 10 2010 Sales Split to any si
Slide 19: High Barriers to Entry due to Critical Scale and Scope
2. Key Investment Highlights 9 Superior Business Model with Resilience High Barriers to Entry due to Critical Scale and Scope Permits and licences Infrastructure availability Significant capital Regulatory standards d time resources and ti required to create a Know-how global full-line g distributor
Slide 20: Excellence in Execution due to Balance of Global Scale and Local Reach
2. Key Investment Highlights 9 Excellence in Execution Excellence in Execution due to Balance of Global Scale and Local Reach Global Platform Local Reach 9 Core management functions 9 Better local understanding of market – Strategic direction trends and adaptation to respective customer needs – Cont
Slide 21: Board Alone has More than 90 Years of Collective Experience
2. Key Investment Highlights 9 Highly Experienced Management Team Brenntag’ss Board Alone has More than 90 Years of Collective Experience Brenntag Brenntag Management Board Steven Holland Jürgen Buchsteiner William Fidler CEO CFO Board Member • With Brenntag since 2006 • With Brenntag since 2000 • W
Slide 22: Growth Track Record and Resilience Through the Downturn
2. Key Investment Highlights 9 Strong Financial Profile Growth Track Record and Resilience Through the Downturn Sales (€m) Gross Profit (€m) EBITDA (€m) 598 1.636 1,492 1,460 7.649 481 7,380 477 1,355 6,671 6,365 408 5,958 1.564 1,170 4 991 4,991 1,564 331 1,033 303 84 254 866 247 4,394 2005 2006C 2
Slide 23: A Highly Attractive Investment Case
2. Key Investment Highlights A Highly Attractive Investment Case 9 Global Market Leader 9Significant Growth Potential in an Attractive Industry 9 Superior Business Model with Resilience 9 Excellence in Execution 9 Highly Experienced Management Team 9 Strong Financial Profile 22
Slide 24: Agenda
Agenda 1. Introduction to Brenntag 2 Key Investment Highlights 2. 3. Financials Q2 2011 4. Outlook 2011/2012 Appendix 23
Slide 25: Introductory Remarks to Q2 2011 Earnings
3. Financials Q2 2011 – Highlights Introductory Remarks to Q2 2011 Earnings Ongoing sound business development and earnings growth in Q2 Strong gross profit growth of 10.8% as well as operating EBITDA growth of 15.4% (both y-o-y y o y, both FX adjusted) in Q2 2011 Drivers were the organic growth of
Slide 26: Operating Highlights Q2 2011
3. Financials Q2 2011 – Highlights Operating Highlights Q2 2011 EUR 443.8m 443 8m Gross Profit FX adjusted increase of 10.8% y-o-y (as reported increase of 5.9% y-o-y) EUR 167.7m 167 7m Operating EBITDA FX adjusted increase of 15.4% y-o-y (as reported increase of 9.6% y-o-y). Operating EBITDA / 37.8
Slide 27: Strategic Market Entry in China
3. Financials Q2 2011 – Highlights Strategic Market Entry in China • Acquisition of Zhong Yung (International) Chemicals • Signing of purchase agreement to acquire the first tranche of 51% on 09th June 2011 • Acquisition of the remaining stake is scheduled for 2016 • Estimated enterprise value for t
Slide 28: Income Statement Q2 2011
3. Financials Q2 2011 Income Statement Q2 2011 ∆ FX i EUR m in Q2 2011 Q2 2010 ∆ adjusted 2010 Sales 2,173.4 1,953.8 11.2% 15.9% 7,649.1 Cost of Goods Sold -1,729.6 -1,534.6 12.7% -6,012.7 Gross Profit 443.8 419.2 5.9% 10.8% 1,636.4 Expenses -276.7 -266.4 3.9% -1,038.8 EBITDA 167.1 152.8 9.4% 15.2%
Slide 29: Income Statement Q2 2011 (continued)
3. Financials Q2 2011 Income Statement Q2 2011 (continued) in EUR m Q2 2011 Q2 2010 ∆ 2010 EBITDA 167.1 152.8 9.4% 597.6 Depreciation -21.4 -20.9 2.4% -84.0 EBITA 145.7 131.9 10.5% 513.6 Amortization1) -5.4 -32.8 -83.5% -104.6 EBIT 140.3 99.1 41.6% 409.0 Financial Result -36.7 -35.1 4.6% -177.2 EBT
Slide 30: Cash Flow Statement Q2 2011
3. Financials Q2 2011 Cash Flow Statement Q2 2011 in EUR m Q2 2011 Q2 2010 2010 Profit after tax 67.6 38.7 146.6 Depreciation & Amortization 26.8 53.7 188.6 Income taxes 36.0 25.3 85.2 Income tax payments -32.2 -15.2 -86.1 Interest result 36.0 34.2 168.3 I t Interest t payments t (net) ( t) -26.0 26
Slide 31: Cash Flow Statement Q2 2011 (continued)
3. Financials Q2 2011 Cash Flow Statement Q2 2011 (continued) in EUR m Q2 2011 Q2 2010 2010 Purchases of intangible assets and Property, Property -15.4 -15.3 -81.2 Plant & Equipment Purchases of consolidated subsidiaries and -28.8 -0.6 -143.1 other business units Oth Other 14 1.4 27 2.7 58 5.8 Cash
Slide 32: Balance Sheet as of 30 June 2011
3. Financials Q2 2011 Balance Sheet as of 30 June 2011 in EUR m 5,053 5,053 259 Cash and cash equivalents 1,265 1,730 Trade receivables Financial liabilities 276 Other assets 646 Inventories Trade payables 924 329 Other liabilities 192 Other provisions 1,809 Intangible assets1) 247 Other 1,631 Equit
Slide 33: Balance Sheet and Leverage Q2 2011
3. Financials Q2 2011 Balance Sheet and Leverage Q2 2011 in EUR m 30 June 2011 31 March 2011 31 Dec 2010 31 Dec 2009 Financial liabilities1) 1,729.8 1,726.7 1,783.8 2,436.3 ./. Cash and cash equivalents 259.2 349.8 362.9 602.6 Net Debt 1,470.6 1,376.9 1,420.9 1,833.7 Net Debt / Operating EBITDA2) 2.
Slide 34: Leverage: Net Debt / Operating EBITDA Q2 2011
3. Financials Q2 2011 Leverage: Net Debt / Operating EBITDA1) Q2 2011 2) 6.0x 6,0x 5.6x 4.8x 4,0x 3.6x 4.0x 2.7x 2.7x 2.6x 24 2.4x 2.3x 2.2x 2,0x 2.0x 0,0x 0.0x 0 0x 2007 2008 20092) 31 M Mar 30 J Jun 30 S Sep 31 D Dec 31 M Mar 30 J June 2) 2010 2010 2) 2010 2) 2010 20112) 20112) 1) Net debt defined
Slide 35: Maturities Profile as of 19 July 2011
3. Financials Q2 2011 Maturities Profile as of 19 July 20111) Main maturity under Syndicated 1.200 Facility 1.000 800 600 Bond 400 €173m borrowings under A/R Securitization – 200 0 2011 2012 2013 2014 2015 2016 2017 2018 1) Syndicated loan, bond and liabilities under the international accounts recei
Slide 36: Working Capital Q2 2011
3. Financials Q2 2011 Working Capital Q2 2011 31 Mar 31 Dec 31 Dec i EUR m in 30 J June 2011 2011 2010 2009 Inventories 645.7 606.0 606.1 422.3 + Trade Receivables 1,264.8 1,216.2 1,059.7 831.4 ./. Trade Payables 923.5 917.7 834.1 655.6 Working Capital (end of period) 987.0 904.5 831.7 598.1 W ki Ca
Slide 37: Free Cash Flow Q2 2011
3. Financials Q2 2011 Free Cash Flow Q2 2011 in EUR m Q2 2011 Q2 2010 ∆ ∆ 2010 EBITDA 167.1 152.8 14.3 9.4% 597.6 Capex -16.4 -15.5 -0.9 5.8% -85.1 ∆ Working Capital -83.4 -45.7 -37.7 82.5% -136.4 F Free Cash C h Flow Fl 67 3 67.3 91 6 91.6 -24.3 24 3 -26.5% 26 5% 376 1 376.1 36
Slide 38: Segments Q2 2011
3. Financials Q2 2011 Segments Q2 2011 North Latin Asia All other in EUR m Europe Group America America Pacific segments External Sales S Q2 2011 1 130 0 1,130.0 664 4 664.4 196 1 196.1 83 4 83.4 99 99.5 21 34 2,173.4 Q2 2010 1,009.5 645.5 188.3 20.1 90.4 1,953.8 ∆ 11.9% 2.9% 4.1% >100% 10.1% 11.2%
Slide 39: Refinancing – Syndicated Loan
3. Financials Q2 2011 – Subsequent Events Refinancing – Syndicated Loan • Refinancing g takes advantage g of Brenntag’s g continued successful track record and the attractive market environment • Extended maturities, high degree of financial flexibility and significant margin improvements • Credit r
Slide 40: Refinancing – Bond
3. Financials Q2 2011 – Subsequent Events Refinancing – Bond • Brenntag issued its first bond in July 2011 • Further diversification of the financing mix • Substantial demand among investors, issuance was several times oversubscribed Main data of the Brenntag bond ISIN XS0645941419 Issuer Brenntag F
Slide 41: Acquisitions
3. Financials Q2 2011 – Subsequent Events Acquisitions Acquisition of the remaining 26% of shares in Brenntag Polska Sp. Sp z o.o. o o which were held by Ixochem Sp. z o.o. 40
Slide 42: Agenda
Agenda 1. Introduction to Brenntag 2 Key Investment Highlights 2. 3. Financials Q2 2011 4. Outlook 2011/2012 Appendix 41
Slide 43: Outlook 2011/2012
4. Outlook 2011/2012 Outlook 2011/2012 2010 Trend 2011 H1 2011 Comments and 2012 • Ongoing positive macroeconomic development assumed EUR 7,649m • Outsourcing trends by producers, the preferential role of Sales EUR 4,301m scale distributors and Brenntag’s strong competitive position are expected to
Slide 44: Outlook 2011/2012
4. Outlook 2011/2012 Outlook 2011/2012 2010 Trend 2011 H1 2011 Comments and 2012 • T To a large l extent a function f i off sales l growth h • Business growth will lead to an increase of working EUR 832m capital compared to end 2010, no use of liquidity for Working Capital build-up of working capita
Slide 45: Agenda
Agenda 1. Introduction to Brenntag 2 Key Investment Highlights 2. 3. Financials Q2 2011 4. Outlook 2011/2012 Appendix 44
Slide 46: Contents
Appendix Contents • Longstanding History of More nearly 140 Years .....................................p. 46 • Strategy Focus on Continued Profitable Growth ................................. p. p 47 • Top Initiative – Turned-over Business ................................................... p. 48 • T
Slide 47: Longstanding History of nearly 140 Years
Appendix Longstanding History of nearly 140 Years 1874 • Philipp Mühsam founds the business in Berlin 1966 • Brenntag becomes international, acquiring Balder in Belgium 1970-1979 • US business established; continued acquisitions in European and North American chemicals distribution business 1980-198
Slide 48: Strategy Focus on Continued Profitable Growth
Appendix Strategy Focus on Continued Profitable Growth Be the safest, fastest growing, most profitable, full- line global Chemical Distributor and preferred channel for suppliers and customers Vision • Focus F on organic i growth th and d acquisitions i iti – Intense customer orientation – Full Full
Slide 49: Top Initiative – Turned-over Business
Appendix Top Initiative – Turned Turned-over over Business Substantially increase supplier penetration by proactively taking over smaller customers from suppliers • Reduced administration cost Cost reduction • Reduced logistics cost at suppliers • Better inventory levels, credit terms Brenntag’s val
Slide 50: Top Initiative – Focused Segment Growth
Appendix Top Initiative – Focused Segment Growth Significantly increase share in customer industries where Brenntag can achieve above average growth 1 Water ACES1) Capturing cross- Treatment selling opportunities 2 Optimization of portfolio, leveraging of know-how Personal across regions Food Growth
Slide 51: Top Initiative – Key Accounts
Appendix Top Initiative – Key Accounts Increase business with pan-regional / global key customers based on increased demand Concept • Management believes customers’ distribution chemical spend may be 15% - 25% of their total chemical spend p • Partnering with an international distributor can greatly
Slide 52: Top Initiative – Air1 / DEF
Appendix Top Initiative – Air1 / DEF1) High volume growth of high quality urea solution needed for catalytic reaction in trucks to fulfill regulatory requirements in Europe (Air1) and North America (DEF) Concept • In I Europe E andd North N th America A i new trucks t k have h to t meett specific if
Slide 53: North America – Efficient Hub & Spoke System
Appendix North America – Efficient Hub & Spoke System 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 bl
Slide 54: Committed to Health, Safety and the Environment
Appendix 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 environmental protection (air, water, soil, raw materials, waste) • Transport
Slide 55: Acquisitions have Achieved Three Main Objectives
Appendix Acquisitions have Achieved Three Main Objectives Building up Scale Expanding Geographic Improving and Efficiencies Coverage Full-line Portfolio • Germany, 2002 • CEE, 2000 • ACES1), 2004 Biesterfeld Neuber Acquacryl / Chemacryl (UK) • UK and Ireland Ireland, 2006 • Canada / Latin America /
Slide 56: Asia Pacific – Clearly Defined Strategy
Appendix Asia Pacific – Clearly Defined Strategy Brenntag's goal: Full-line distribution in Asia Pacific with access to various markets Strategic steps to build up Portfolio expansion esp. in Industrial Chemicals pan-Asian and expansion of geographical coverage network Market entry in China 9 - Acqu
Slide 57: Acquisition of EAC Industrial Ingredients
Appendix Acquisition of EAC Industrial Ingredients Fullyy in line with Brenntag’s g g growth strategy to expand presence in emerging markets Quantum leap from foothold in Asia Pacific to an established Asia Pacific Platform – market entry in two new Asian markets (Cambodia, Bangladesh) Significant b
Slide 58: Acquisition of EAC Industrial Ingredients (continued)
Appendix Acquisition of EAC Industrial Ingredients (continued) i EUR m in 2010 2010e O tl k 2011 Outlook O tl k 2012 Outlook External Sales 220 + 15 – 20% + ~10% Gross Profit 40 + 15 – 20% + ~10% EBITDA1) 16.9 > 30% + ~15% Closing of transaction on 13 July 2010 Fi t titime consolidation First lid ti
Slide 59: Operating Highlights H1 2011
Appendix Operating Highlights H1 2011 EUR 878.2m 878 2m Gross Profit FX adjusted increase of 12.0% y-o-y (as reported increase of 10.3% y-o-y) EUR 325.8m 325 8m Operating EBITDA FX adjusted increase of 15.5% y-o-y (as reported increase of 13.4% y-o-y). Operating EBITDA / 37.1% (against 36.1% in H1 2
Slide 60: Income Statement H1 2011
Appendix Income Statement H1 2011 ∆ FX i EUR m in H1 2011 H1 2010 ∆ adjusted 2010 Sales 4,300.5 3,687.6 16.6% 18.1% 7,649.1 Cost of Goods Sold -3,422.3 -2,891.4 18.4% -6,012.7 Gross Profit 878.2 796.2 10.3% 12.0% 1,636.4 Expenses 553.2 514.9 7.4% -1,038.8 EBITDA 325.0 281.3 15.5% 17.7% 597.6 Add bac
Slide 61: Income Statement H1 2011 (continued)
Appendix Income Statement H1 2011 (continued) in EUR m H1 2011 H1 2010 ∆ 2010 EBITDA 325.0 281.3 15.5% 597.6 Depreciation -42.8 -41.1 4.1% -84.0 EBITA 282.2 240.2 17.5% 513.6 Amortization1) -11.4 -63.8 -82.1% -104.6 EBIT 270.8 176.4 53.5% 409.0 Financial Result -65.1 -108.7 -40.1 -177.2 EBT 205.7 67
Slide 62: Cash Flow Statement H1 2011
Appendix Cash Flow Statement H1 2011 in EUR m H1 2011 H1 2010 2010 Profit after tax 134.5 40.9 146.6 Depreciation & Amortization 54.2 104.9 188.6 Income taxes 71.2 26.8 85.2 Income tax payments -58.0 -25.2 -86.1 Interest result 62.3 108.8 168.3 I t Interest t payments t (net) ( t) -56.9 56 9 -134.5
Slide 63: Cash Flow Statement H1 2011 (continued)
Appendix Cash Flow Statement H1 2011 (continued) in EUR m H1 2011 H1 2010 2010 Purchases of intangible assets and Property, Property -32.3 -30.3 -81.2 Plant & Equipment Purchases of consolidated subsidiaries and -28.8 -2.9 -143.1 other business units Oth Other 53 5.3 20 2.0 58 5.8 Cash used for inve
Slide 64: Free Cash Flow H1 2011
Appendix Free Cash Flow H1 2011 in EUR m H1 2011 H1 2010 ∆ ∆ 2010 EBITDA 325.0 281.3 43.7 15.5% 597.6 Capex -29.0 -25.8 -3.2 12.4% -85.1 ∆ Working Capital -180.8 -123.2 -57.6 46.8% -136.4 F Free Cash C h Flow Fl 115 2 115.2 132 3 132.3 -17.1 17 1 -12.9% 12 9% 376 1 376.1 63
Slide 65: Segments H1 2011
Appendix Segments H1 2011 North Latin Asia All other in EUR m Europe Group America America Pacific segments External Sales S H1 1 2011 2 221 0 2,221.0 1 31 1 1,317.1 38 3 387.3 169 0 169.0 206 1 206.1 4 300 4,300.5 H1 2010 1,936.9 1,190.7 352.4 38.6 169.0 3,687.6 ∆ 14.7% 10.6% 9.9% >100% 22.0% 16.6%
Slide 66: IPO-related Effects on Income Statement
Appendix IPO-related IPO related Effects on Income Statement Q1 Q2 Q3 Q4 in EUR m H1 2010 2010 2010 2010 2010 2010 Effects above EBITDA IPO costs charged to Brachem +2.5 0.0 +2.5 0.0 -0.4 +2.1 Acquisition S.C.A. IPO costs -8.2 0.0 -8.2 0.0 +1.6 -6.6 Total effect above EBITDA -5.7 0.0 -5.7 0.0 1.2 -4
Slide 67: Income Statement Adjusted for IPO Effects
Appendix Income Statement Adjusted for IPO Effects in EUR m Q1 2010 Q2 2010 H1 2010 Q3 2010 Q4 2010 2010 EBITDA 128.5 152.8 281.3 159.9 156.4 597.6 Adjustment for IPO- 5.7 0.0 5.7 0.0 -1.2 4.5 related effects EBITDA adjusted 134.2 152.8 287.0 159.9 155.2 602.1 Financial result -73.6 73 6 -35.1 35 1
Slide 68: Return on Net Assets (RONA) 2010
Appendix Return on Net Assets (RONA) 2010 in EUR m 2010 2009 ∆ ∆ EBITA 513.6 394.3 119.3 30.3% Average Property, Plant and Equipment (PPE) 806.1 780.3 25.8 3.3% Average Working Capital 752.4 691.9 60.5 8.7% R t Return on N Nett A Assets t 33 0% 33.0% 26 8% 26.8% 67
Slide 69: Increasing Value Added and Returns
Appendix Increasing Value Added and Returns % CAGR €m 2007 %∆ 2008 %∆ 20091) %∆ 2010 2007-2010 Sales 6,671 10.6 7,380 (13.8) 6,365 20.2 7,649 4.7 Cost of Goods Sold 5,317 10.7 5,887 (16.7) 4,905 22.6 6,013 4.2 Gross Profit 1,355 10.2 1,492 (2.2) 1,460 12.1 1,636 6.5 Operating Expenses 947 6.8 1,011
Slide 70: Strong Cash Generation over the Past Years
Appendix Strong Cash Generation over the Past Years €m 2007 2008 20091) 2010 EBITDA 407.9 480.9 476.6 597.6 Capex (104.6) (84.3) (71.8) (85.1) ∆ Working Capital (24 4) (24.4) (53 5) (53.5) 242 0 242.0 (136 4) (136.4) Free Cash Flow2) 278.9 343.1 646.8 376.1 Average Working Capital3) 774.4 833.1 691.
Slide 71: Shareholder Structure as of August 2011
Appendix Shareholder Structure as of August 2011 36.02 % Brachem Acquisition S.C.A. Freefloat 63.98 % 70
Slide 72: Share Data
Appendix Share Data ISIN DE000A1DAHH0 Stock symbol BNR Listed since 29 March 2010 Subscribed capital EUR 51,500,000 51 500 000 Outstanding shares 51,500,000 Class of shares Registered shares Free float 63.98% Official market Prime Standard XETRA and Frankfurt Regulated unofficial markets Berlin, Stu
Slide 73: Bond Data
Appendix Bond Data ISIN XS0645941419 Listing Luxembourg Stock Exchange Issuer Brenntag Finance B.V. Guarantors Brenntag AG, AG several Brenntag Group companies Aggregate principal amount EUR 400,000,000 Denomination EUR 1,000 Minimum transferable amount EUR 50,000 Coupon p 5.50% Coupon payment 19 Ju
Slide 74: Financial Calendar
Appendix Financial Calendar August 10, 10 2011 Interim Report Q2 2011 September 1, 2011 Commerzbank Sector Conference, Frankfurt November 10,, 2011 Interim Report p Q3 Q 2011 November 21, 2011 Bank of America Business Services Conference, London November 29-30, 2011 Berenberg Conference, London Dece
Slide 75: Contact
Appendix Contact Brenntag AG Stinnes-Platz 1 45472 Mülheim/Ruhr Germany Phone: +49 (0) 208 7828 7653 Fax: +49 (0) 208 7828 7755 Email: IR@brenntag.de Web: www.brenntag.com Stefanie Steiner, Diana Alester, Georg Müller Investor Relations 74