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Brenntag achieve growth

brenntag 2Brenntag recorded growth in sales and gross profit compared with the first quarter of the previous year. The company again achieved stable business performance in a challenging global economic situation.

Brenntag greatly expands its footprint in the Specialties chemicals distribution.

Sales increased by 2.1% on a constant currency basis (1.4% as reported) to EUR 2,419.1 million (Q1 2012: EUR 2,384.8 million). One of Brenntag’s key performance indicators, gross profit*, increased by 1.3% year-on-year to EUR 477.9 million on a constant currency basis (0.6% as reported). Considering that the reporting quarter had fewer business days than previous year’s quarter this represents a rise in gross profit per business day by 4.9% on a constant currency basis. Operating EBITDA** saw a more moderate development, declining by 3.3% on a constant currency basis (4.0% as reported) to EUR 164.7 million (Q1 2012: EUR 171.6 million).

Profit after tax amounted to EUR 69.8 million in the first quarter of 2013 (Q1 2012: EUR 79.3 million), resulting in earnings per share attributable to Brenntag’s shareholders of to EUR 1.35 (Q1 2012: EUR 1.53).

The free cash flow amounted to EUR 70.5 million in the first quarter of 2013 after EUR 78.0 million in the same period of the previous year.

Steven Holland, CEO of Brenntag AG: “It is clear that this year will present very similar challenges to 2012. The global economic situation is even more demanding and economic development is still muted. Our sales performance should be understood in light of these factors and the fact that the first quarter had considerably fewer working days than the same period of the previous year. Our strategy and the resilience of our business model are elementary and effective pillars in an economic environment that remains challenging.”