Operating EBITDA expected to be comparable with FY2019 or marginally higher
Following yesterdays meeting of its Board of Management, global chemical distributor Brenntag AG (Essen, Germany) has published a new forecast for 2020. Due to the uncertainty associated with the COVID-19 pandemic, the original forecast published in the 2019 annual report was suspended in April.
Brenntag says it has achieved “sound earnings growth in the first half of 2020”, despite the adverse impact of the COVID-19 pandemic on general economic performance, a result it attributes to “the resilience of its business model”.
With current business performance in line with the Board of Management’s expectations and an operating EBITDA in July and August 2020 slightly above the prior-year figure on a constant currency basis, Brenntag now expects operating EBITDA for FY2020 to reach a level of EUR 1’000 mn and EUR 1’040 mn. This compares to EUR 1’001.5 mn reached in 2019.
Brenntag said its new forecast is based on the assumption “that there will be no further significant government measures to contain the pandemic and related negative effects on the economy”. “[The] forecast does not envisage any special items or significant changes in current exchange rates in the further course of the year. It includes the contributions to earnings from acquisitions” the statement said.
The interim report for the results of Q3-2020 is scheduled to be published on 04. November 2020.
Source: Brenntag press release
HGE – DCG / 16.09.2020