Strategy execution
- January 2013: Tessenderlo Group completed the sale of its continental European profiles activities
- February 2013: the group announced an intention to divest its Compounds activities to Mitsubishi Chemical Corporation
- On May 3 2013, the sale of the Italian organic chlorine derivatives (OCD) activity was completed. Following this transaction, the group has completed its exit from the OCD industry
Operating performance
- 1Q13 revenue decreased 3.8% to 486.5 million EUR, mainly due to lower volumes in PPS and Inorganics
- REBITDA of 32.7 million EUR in 1Q13 was 23.2% less than a year ago, and which is below our expectations. The difference versus last year is explained mainly by Tessenderlo Kerley, where weather conditions had a more important impact than foreseen at the publication of the group's full year results, thereby delaying the start of the US spring planting season this year, compared to an early planting season in 2012. However, in April 2013, Tessenderlo Kerley has recorded one of the highest months of activity ever. A second factor in the 1Q13 REBITDA evolution was PPS, which was impacted by an unusually long period of cold weather, limiting activity in most of its northern European markets.
- Recurrent profit was 2.8 million EUR for 1Q13
- A profit of 1.1 million EUR was recorded in 1Q13
Balance sheet
- Net financial debt came in at 332.6 million EUR, resulting in leverage of 2.2x and gearing of 49.6%
- Notional net debt was 431.9 million EUR; on this basis, leverage was 2.9x and gearing 56.1%
- All covenants remain fully respected
Outlook
For Tessenderlo Kerley the planting season is now underway, and April 2013 activity has been very strong and well above April 2012, providing an indication that 2013 should be another solid year for Tessenderlo Kerley.
For PPS and Profiles, the level of construction activity in Europe remains under pressure, and it is unlikely the first quarter volume shortfall will be fully recovered.
For Akiolis, the REBITDA will likely be lower in the next quarters versus the comparable periods of 2012 due to current market conditions.
For the second quarter, traditionally the most important contributor to full year results, the group expects a REBITDA slightly higher than 2Q12. However, REBITDA for the first half year of 2013 will likely not match the level achieved in the first half of 2012 at comparable scope.
Tessenderlo Group is a worldwide specialty company, focused on food, agriculture, water management and on valorizing bio-residuals. The group employs about 7,000 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
| Media Relations | Investor Relations |
| Kathleen IWENS | Philip LUDWIG |
| +32 (0) 478 664 555 | +32 2 639 16 58 |
To read the full press release in English, click here (http://hugin.info/133974/R/1702403/562521.pdf)
Pour lire le communiqué de presse complet en Français, cliquez ici (http://hugin.info/133974/R/1702403/562524.pdf)
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Source: Tessenderlo Group via Thomson Reuters ONE
