TESB Tessenderlo Group

Based on current information, Tessenderlo Group's best estimate today is that REBITDA for the full year 2013 should be around 20% below 2012. Our estimates are based on the following facts:

REBITDA for Akiolis in the second half of 2013 will be materially below last year, due to the sharp increase in competition for collection of volumes in France and subsequent margin pressure.  A comprehensive plan to improve Akiolis' performance is being implemented. While this process will take time, Akiolis has overcome similar challenges in the past, and is committed to fully recovering its market position and restoring profitability.

For Plastic Pipe Systems, construction activity is expected to remain weak, particularly in the Netherlands, putting downward pressure on volumes and REBITDA. While the group believes that this low level of activity is not sustainable, persistent economic uncertainty is not allowing a recovery to take hold.  To bridge this challenging period, PPS management is focused on preserving gross margins and structurally reducing fixed costs.

Tessenderlo Kerley's (TKI) first half results have been influenced by lower ATS and KTS margins compared to the record first half of 2012, due to higher raw materials and logistics costs which have not been passed on to customers.  Agriculture markets head into the second half of 2013 with limited visibility in the near term.  After a late start to the 2013 US spring planting season, favorable weather conditions are expected to result in strong crop production this season and softening crop prices.  Against this background, growers are becoming more cautious with their fertilizer purchases and as a result, TKI's REBITDA for the second half of 2013 will be lower than last year. However, based on solid agricultural fundamentals, TKI foresees continued profitable growth prospects.  To seize these opportunities, it has recently opened a new ATS plant in Oklahoma, and is currently investing to add KTS storage and production capacity in the Western US.  Furthermore, Tessenderlo Kerley is opening up new growth opportunities such as the long term agreement to supply thiosulfates to Barrick Gold for one of their gold mines.

The decrease of group REBITDA for 2013 does not change management's view of the attractive long term growth prospects in our chosen activities. Tessenderlo Group remains fully committed to executing its strategy, as it has done since 2010.  This includes implementing profit improvement actions; several are currently running and will positively contribute to REBITDA in the coming quarters as well as next few years.  Secondly, the group will pursue selective growth initiatives in its core activities, which have had resilient profitability and returns for the past several years.  Thirdly, the group will continue its program to divest non-strategic assets.  And finally, given the secured funding in place and a strong focus on managing debt levels, the group's balance sheet remains firmly under control.  By further executing its strategy, Tessenderlo Group will become a faster growing, higher return specialty group.

Tessenderlo Group is a worldwide specialty company, focused on food, agriculture, water management and on valorizing bio-residuals. The group employs about 6,200 people and is a leader in most of its markets, with a consolidated revenue of 2.1 billion EUR in 2012.  Tessenderlo Chemie NV is listed on NYSE Eurolist by Euronext Brussels and is part of Next 150 and BEL Mid indices. Financial News wires: Bloomberg: TESB BB - Reuters: TesBt.BR - Datastream: B:Tes

This press release is available in Dutch, French and English on the corporate website www.tessenderlogroup.com  - under 'News & Media' 

Tessenderlo (EU:TESB)
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Tessenderlo (EU:TESB)
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