Brussels, 27 October 2015

Regulated information

Press release

Tessenderlo Group
Third quarter 2015 trading update
Key Events

On July 15, 2015, Tessenderlo Chemie NV issued two series of bonds with a maturity of 7 years
(the 2022 bonds) and 10 years (the 2025 bonds). The total issue amount was 250.0 million
EUR, of which 192.0 million EUR for the 2022 bonds and 58.0 million EUR for the 2025 bonds.
The net proceeds of the bonds issue will be used, amongst others, to refinance the groups
currently outstanding 150.0 million EUR private placement, which matures in October 2015.

On October 2, 2015, Tessenderlo Kerley, Inc. (TKI), a U.S. subsidiary of Tessenderlo Group,
announced the purchase of certain product business assets of DuPont Crop Protections global
Hexazinone solo product and its Hexazinone/Diuron-only mixture.
Hexazinone is a broad spectrum herbicide used on crops such as alfalfa, blueberries, pineapples
and sugarcane and is marketed globally under the Velpar, Pronone and Advance brands.

Strong performance in 3Q15 driven by the operating segment Industrial solutions

3Q15

3Q14

% Change

Million EUR

9M15

9M14

% Change

364.5

338.7

7.6%

Revenue Group

1,214.6

1,114.4

9.0%

-1.9

-33.0

364.5

336.8

8.2%

1,214.6

1,081.4

12.3%

39.2

31.9

22.8%

- Revenue Other segment

Revenue at comparable
scope
2
Rebitda Group

142.0

116.6

21.8%

-1.4

142.0

115.2

Net debt

90.6

210.3

Notional net debt

90.6

297.2

39.2

-0.2
31.8

- Rebitda Other segment

23.5%

Rebitda at comparable scope

23.3%

Revenue
At comparable scope, revenue of the 3 segments Agro, Bio-valorization and Industrial solutions, rose
by 8.2% in 3Q15 compared to the same period last year (or by 2.2% when excluding the foreign
exchange effect). Reported revenue increased within Industrial solutions and Agro, while Biovalorization revenue was in line with prior year.

Rebitda
The 3Q15 Rebitda at comparable scope amounts to 39.2 million EUR, compared to 31.8 million EUR in
the same period last year (an increase by 23.5% or by 11.2% when excluding the foreign exchange
effect), and includes a further inventory write-off of -0.6 million EUR. This write-off is a consequence of
changed accounting estimates concerning inventory obsolescence (total YTD amount: -12.7 million
EUR).
1

The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007 regarding the
duties of issuers of financial instruments which have been admitted for trading on a regulated market.
2
IFRIC 21 Levies is applied as from January 1, 2015. 3Q14 figures are as reported, adjusted to reflect the effects of the
retrospective application of IFRIC 21 Levies.

The improved performance in 3Q15 is mainly driven by the segment Industrial solutions, while the
rebitda of Agro and Bio-valorization slightly improved in 3Q15 compared to 3Q14.

Net financial debt

At the end of September 2015, group net financial debt amounted to 90.6 million EUR, resulting in a
leverage of 0.6x. No cash amounts were received under non-recourse factoring agreements. Notional
net debt as per year-end 2014 amounted to 155.3 million EUR. The decrease of debt in the first nine
months of 2015 can be explained by the improved operational results.
Capital expenditure amounted to 14.9 million EUR in 3Q15 (17.9 million EUR in 3Q14). In addition
maintenance projects are ongoing in many production sites for which an additional amount of 3.9
million EUR was expensed in 3Q15.
Outlook
The 3Q15 results were stronger than anticipated. Assuming that current market circumstances
continue to prevail, Tessenderlo Group anticipates that the growth of the 2015 REBITDA, compared to
the 2014 REBITDA, will be in a range between 20% and 25%.
However the group wants to emphasize that it currently operates in volatile economical and financial
circumstances.

Financial calendar
Full Year Results 2015

March 9, 2016

Tessenderlo Group is a worldwide specialty company, focused on food, agriculture, water

management and on valorizing bio-residuals. The group employs about 4,800 people and is a leader in
most of its markets, with a consolidated revenue of 1.4 billion EUR in 2014. Tessenderlo Chemie NV is
listed on Euronext Brussels and is part of Next 150 and BEL Mid indices. Financial News wires:
Bloomberg: TESB BB Reuters: TesBt.BR Datastream: B:Tes

Investor Relations
Kurt Dejonckheere
+32 2 639 18 41
kurt.dejonckheere@tessenderlo.com
This press release is available in Dutch and English on the corporate website www.tessenderlo.com
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