Brenntag AG / Key word(s): Quarter Results/Change in Forecast
05.11.2015 06:55
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3rd quarter 2015
* Gross profit increases by 9.6% (as reported) to 570.5 million EUR
* Operating EBITDA totals 204.4 million EUR, plus 7.5% (as reported)
* Profit after tax amounts to 94.7 million EUR
* Earnings per share reach 0.61 EUR
* Free cash flow amounts to 191.0 million EUR, plus 37.7%
Outlook 2015
* Earnings above previous year with an operating EBITDA between 790 and 810
million EUR, slightly lowering the initial forecast by 5%
In the third quarter of 2015, at 2,607.5 million EUR Brenntag's sales were
at the same level as in the previous quarter (+0.8% as reported). The
company's gross profit rose by 9.6% (as reported) to 570.5 million EUR
(+1.2% on a constant currency basis). Operating EBITDA increased by 7.5% on
the previous year (as reported) to 204.4 million EUR (-2.0% on a constant
currency basis).
Brenntag's profit after tax amounted to 94.7 million EUR in the third
quarter of 2015. This represents earnings per share for Brenntag's
shareholders of 0.61 EUR.
Free cash flow amounted to 191.0 million EUR in the third quarter of 2015
compared to 138.7 million EUR in the same quarter of 2014.
Financial results of the segments
The overall economic environment remains challenging with a number of
factors affecting underlying demand in all regions. Results in North
America were affected by continued weakness in oil & gas. An additional
loss of momentum in the macro economy limited Brenntag's ability to
compensate this through the business in other customer industries.
In the third quarter of 2015, Brenntag Europe realized an operating gross
profit of 255.1 million EUR, an increase of 5.0% on the same quarter in the
previous year (+3.5% on a constant currency basis). The operating EBITDA
rose by 3.7% to 87.2 million EUR (+2.1% on a constant currency basis)
The company's earnings in North America were affected in the third quarter
due to the continuing weak demand from the oil- & gas industry on account
of the low price of oil. In addition, Brenntag North America in total
registered a slightly weaker level of demand than in the first half of the
current year. Its operating gross profit rose by 13.8% to 240.9 million EUR
(-3.0% on a constant currency basis). Its operating EBITDA amounted to 95.7
million EUR, which corresponds to an increase of 7.6% (-9.0% on a constant
currency basis).
The results in the region Latin America rose: Operating gross profit was at
50.5 million EUR 15.0% higher than in the same quarter in the previous year
(+11.3% on a constant currency basis). Its operating EBITDA also grew by
24.2% to 15.4 million EUR (+25.0% on a constant currency basis).
In the third quarter, Brenntag Asia Pacific rose its operating gross profit
by 12.8% to 34.4 million EUR (+2.6% on a constant currency basis). Its
operating EBITDA reached 12.1 million EUR, which represents growth of 19.8%
(+8.8% on a constant currency basis).
Outlook 2015
With respect to the EBITDA guidance Brenntag takes a more cautious view for
the rest of the year to reflect the overall macroeconomic conditions.
Brenntag expects an operating EBITDA for the Group between 790 and 810
million EUR, about 5% lower than the initial guidance (previous year's
figure: operating EBITDA in an amount of 727 million EUR).
Contact:
Brenntag AG
Thomas Langer, Diana Alester, René Weinberg
Corporate Finance & Investor Relations
Stinnes-Platz 1
45472 Mülheim an der Ruhr
Germany
Telephone: +49 (208) 7828-7653
Fax: +49 (208) 7828-7755
E-Mail: ir@brenntag.de
05.11.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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Language: English
Company: Brenntag AG
Stinnes Platz 1
45472 Mülheim an der Ruhr
Germany
Phone: +49 (0) 208 7828 - 7653
Fax: +49 (0) 208 7828 - 7755
E-mail: ir@brenntag.de
Internet: www.brenntag.com
ISIN: DE000A1DAHH0
WKN: A1DAHH
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Brenntag AG: Brenntag presents results and takes a more cautious outlook for 2015
| Source: EQS Group AG