Gross Profit* Increases to 585.3 Million EUR, with Growth of 16.5% (As Reported)

Mülheim an der Ruhr, August 6, 2015
Brenntag posts a strong second quarter in 2015 and announces its outlook for the year as a whole

Gross profit* increases to 585.3 million EUR, with growth of 16.5% (as reported)
Operating EBITDA** up by 20.7% (as reported) to 215.4 million EUR
Profit after tax amounts to108.1 million EUR, while earnings per share reach 0.69 EUR
For the year as a whole, the Group envisages growth for all of its relevant earnings parameters, with an operating EBITDA** figure of between 830 and 855 million EUR

Brenntag (WKN A1DAHH), the global market leader in chemical distribution, reported a strong second quarter in 2015. Its gross profit* and, in particular, its operating EBITDA** clearly exceeded the previous year’s figures. These positive results mainly reflect the growth of existing business.

In the second quarter of 2015, Brenntag grew salesto 2,691.4 million EUR, which represents an increase of 7.6% on the same quarter in the previous year (as reported). Gross profit* – the more significant ratio for an assessment of the Group’s earnings performance – increased by 16.5% (as reported) to 585.3 million EUR (4.3% on a constant currency basis). Operating EBITDA** improved significantly on the previous year: this figure grew by 20.7% (as reported) to 215.4 million EUR (6.7% on a constant currency basis).

Profit after tax amounted to 108.1 million EUR in the second quarter of 2015. This represents earnings per share for Brenntag’s shareholders of 0.69 EUR. This figure is thus significantly higher than the result for the same quarter in the previous year, 0.53 EUR.

In the second quarter of 2015, free cash flow amounted to 167.1 million EUR, which clearly exceeded the figure for the prior-year period (112.6 million EUR).

Steven Holland, CEO of Brenntag AG, comments: “The Group has performed well in the first half with growth in all regions whilst overcoming some economic headwind and industry specific challenges, which underlines the structural growth and resilience of our business model. The positive figures follow on from a good start in the first quarter of 2015 and are primarily due to growth from our existing business.”

Europe remains well placed

Brenntag Europe continued to perform well in the second quarter of 2015 and maintained its path of greater integration and business development across the region. In the reporting period, operating gross profit* grew by 7.0% (4.5% on a constant currency basis) to 263.8 million EUR. Operating EBITDA** reached 92.9 million EUR, an increase of 7.8% on the same quarter in the previous year (4.8% on a constant currency basis). The positive results are set against a background of weaker macroeconomic growth in the European region.

North America posts growth

The North America region posted strong second quarter results. The region’s operating gross profit* amounted to 243.9 million EUR. This represents an increase of 25.8 % (2.7% on a constant currency basis) on the same quarter in the previous year. The operating EBITDA** figure increased by 25.0% (2.0% on a constant currency basis) to 98.4 million EUR. The highly diversified business of Brenntag North America helped cushion the weaker level of activities in the oil and gas segment due to a continuation of low oil prices.

Another strong quarter in Latin America

The Latin America region posted strong earnings growth in the second quarter of 2015. Its operating gross profit* rose to 50.5 million EUR, which represents growth of 27.8% (13.0% on a constant currency basis). Operating EBITDA** was at 16.1 million EUR also considerably higher than the previous year’s figure: 78.9% or 61.0% on a constant currency basis. These are positive results, particularly in the context of an environment which remains volatile in several countries in the region.

Asia Pacific realizes envisaged positive trend

In Asia Pacific the planned business development and organizational improvements continue with a strong increase in operating EBITDA for the quarter. Operating gross profit* increased by 22.6% (2.8% on a constant currency basis) by comparison with the same quarter in the previous year and amounted to 36.9 million EUR. Operating EBITDA** amounted to 13.7 million EUR, which corresponds to an increase of 34.3% (11.4% on a constant currency basis).

Brenntag expects significant growth for the year 2015 as a whole

In the context of its earnings performance over the first half of the year, Brenntag expects growth for all of its relevant earnings parameters for the year 2015 as a whole. The Group is expected to generate operating EBITDA** of between 830 to 855 million EUR, based on the current FX environment. This represents a significant growth by comparison with the previous year’s figure of 727 million EUR.

Consolidated Income Statement / Q2 2015 / Q2 20141) / ∆ as reported / ∆ adjusted for exchange rate effects
Sales / in EUR m / 2,691.4 / 2,501.3 / 7.6% / -2.8%
Gross profit* / in EUR m / 585.3 / 502.2 / 16.5% / 4.3%
Operating EBITDA** / in EUR m / 215.4 / 178.5 / 20.7% / 6.7%
Operating EBITDA** / Gross profit* / % / 36.8 / 35.5
EBITDA / in EUR m / 215.4 / 178.7 / 20.5% / 6.6%
Profit before tax / in EUR m / 160.6 / 125.4 / 28.1% / -
Profit after tax / in EUR m / 108.1 / 82.0 / 31.8% / -
Attributable to Brenntag shareholders / 107.2 / 81.7 / 31.2% / -
Earnings per share2) / EUR / 0.69 / 0.53 / 30.2% / -

1)The figures for the period from April 1 to June 30, 2014 have been adjusted owing to the first-time application of IFRIC 21 (Levies); operating expenses have been decreased and EBITDA has been increased, both by 1.8 million EUR.

2)As part of a stock split, the number of shares was increased in the third quarter of 2014 from 51.5 million to 154.5 million. The earnings per share refer for all periods reported to these 154.5 million shares.

Consolidated Balance Sheet / June 30, 2015 / Dec. 31, 2014
Total assets / in EUR m / 6,430.9 / 6,215.0
Equity / in EUR m / 2,511.9 / 2,356.9
Working capital / in EUR m / 1,339.7 / 1,226.8
Net financial liabilities / in EUR m / 1,540.2 / 1,409.7
Consolidated Cash Flow / Q2 2015 / Q2 2014
Cash provided by operating activities / in EUR m / 106.6 / 48.5
Investments in non-current assets (Capex) / in EUR m / 22.7 / 22.3
Free cash flow / in EUR m / 167.1 / 112.6
Europe / Q2 2015 / Q2 20141) / ∆ as reported / ∆ adjusted for exchange rate effects
Sales / in EUR m / 1,217.5 / 1,179.6 / 3.2% / 1.2%
Operating gross profit* / in EUR m / 263.8 / 246.6 / 7.0% / 4.5%
Operating EBITDA / in EUR m / 92.9 / 86.2 / 7.8% / 4.8%

1)The figures for the period from April 1 to June 30, 2014 have been adjusted owing to the first-time application of IFRIC 21 (Levies); operating expenses have been decreased and operating EBITDA has been increased, both by 0.7 million EUR.

North America / Q2 2015 / Q2 20141) / ∆ as reported / ∆ adjusted for exchange rate effects
Sales / in EUR m / 928.4 / 815.0 / 13.9% / -7.1%
Operating gross profit* / in EUR m / 243.9 / 193.9 / 25.8% / 2.7%
Operating EBITDA / in EUR m / 98.4 / 78.7 / 25.0% / 2.0%

Latin America / Q2 2015 / Q2 2014 / ∆ as reported / ∆ adjusted for exchange rate effects
Sales / in EUR m / 230.8 / 202.6 / 13.9% / 1.8%
Operating gross profit* / in EUR m / 50.5 / 39.5 / 27.8% / 13.0%
Operating EBITDA / in EUR m / 16.1 / 9.0 / 78.9% / 61.0%
Asia Pacific / Q2 2015 / Q2 2014 / ∆ as reported / ∆ adjusted for exchange rate effects
Sales / in EUR m / 218.8 / 189.0 / 15.8% / -3.5%
Operating gross profit* / in EUR m / 36.9 / 30.1 / 22.6% / 2.8%
Operating EBITDA / in EUR m / 13.7 / 10.2 / 34.3% / 11.4%

*Brenntag reports operating gross profit at segment level but gross profit at Group level. Operating gross profit is defined as sales less the cost of sales. Gross profit is defined as operating gross profit less production/mixing & blending costs.

**The segments are primarily controlled on the basis of operating EBITDA. This is the operating profit as recorded in the consolidated income statement plus amortization of intangible assets as well as depreciation of property, plant and equipment and investment property, adjusted for the following items:

Transaction costs: Costs connected with restructuring and refinancing under company law. They are eliminated for purposes of management reporting to permit proper presentation of the operating performance and comparability on segment level.
Holding charges: Certain costs charged between holding companies and operating companies. On Group level they net to zero.

About Brenntag:

Brenntag, the global market leader in chemical distribution, covers all major markets with its extensive product and service portfolio. Headquartered in Mülheim an der Ruhr, Germany, the company operates a global network with more than 490 locations in 72 countries. In 2014, the company, which has a global workforce of more than 13,500, generated sales of 10.0 billionEUR (13.3 billionUSD). Brenntag connects chemical manufacturers and chemical users. The company supports its customers and suppliers with tailor-made distribution solutions for industrial and specialty chemicals. With over 10,000 products and a world-class supplier base, Brenntag offers one-stop-shop solutions to around 170,000 customers. This includes specific application technology, an extensive technical support and value-added services such as just-in-time delivery, product mixing, formulation, repackaging, inventory management and drum return handling. Long-standing experience and local excellence in the individual countries characterize the global market leader for chemical distribution.

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Hubertus SpethmannGermany