ESSEN, Germany, May 7, 2020 /PRNewswire/ -- Brenntag (ISIN:
DE000A1DAHHO), the global market leader in chemical and ingredients
distribution, increased operating gross profit and generated solid
earnings and high cash flow in the first quarter of 2020. Christian
Kohlpaintner, Chief Executive Officer of Brenntag Group, said,
"Despite the exceptionally difficult conditions, we were able to
achieve solid results. The COVID-19 pandemic had a limited impact
on our business and financial performance in the first quarter –
due also to the dedication and flexibility of our employees. We
were able to maintain business operations at our sites
worldwide."
At 3,206.1 million EUR, sales in
the first quarter of 2020 were in line with the prior-year figure
on a constant currency basis (-0.3%). Operating gross profit
reached 745.6 million EUR, an
increase of 7.1%. Operating EBITDA rose to 262.3 million EUR, a year-on-year increase of
8.4%. Profit after tax was up on the prior-year figure of
105.2 million EUR to 115.0 million EUR in the first quarter of 2020.
This translates into earnings per share attributable to Brenntag
shareholders of 0.74 EUR. Free cash
flow reached 161.5 million EUR and
was thus at the high level of the previous year figure
(166.3 million EUR). The seasonal
increase in working capital, typical of the first quarter of each
year, was limited by improving its turnover rate.
Georg Müller, Chief Financial Officer of Brenntag Group, said,
"We can be pleased with the performance of our key financial
indicators in the first quarter of 2020. In addition to the
positive trend in operating EBITDA, we again generated a high cash
flow. Especially at the present time, this is an important
component and a source of stability in the face of the uncertainty
over the further course of the year."
Brenntag has made good progress on the holistic analysis of the
company initiated at the beginning of 2020. In this context,
"Project Brenntag" was set up with the aim of detailing out
conclusions, defining distinctive initiatives and creating an
overarching plan for their implementation based on the findings of
the analysis. "Brenntag's transformation will be a comprehensive
journey. We are now creating the strong basis to drive sustainable
organic earnings growth," says Christian Kohlpaintner, Chief
Executive Officer of Brenntag Group.
In early April, the company suspended the forecast for FY 2020
due to the considerable uncertainty over the future effects of the
COVID-19 pandemic. The forecast will be updated once the effects on
Brenntag's further business performance in 2020 can be reliably
determined. The Board of Management and the Supervisory Board
confirm that the dividend of 1.25 EUR
per share proposed for FY 2019 will be distributed in full, subject
to approval at the virtual General Shareholders' Meeting on
June 10, 2020.
Find all figures and details for Q1 2020 on Brenntag's website:
https://www.brenntag.com
Contact:
Hubertus
Spethmann
Brenntag AG
Corporate Communications
Messeallee 11
45131 Essen
Germany
Telephone: +49 (201) 6496-1732
E-Mail: hubertus.spethmann@brenntag.de
https://www.brenntag.com