Tessenderlo Group HY 2015 results

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1 Regulated information 1 Tessenderlo Group HY 2015 results Key Events Brussels, August 26, 2015 Press release - On April 10, 2015, Tessenderlo Group announced it will invest 50 million EUR at its PC Loos (Produits Chimiques de Loos) site, part of the business unit Water Treatment, to build a new membrane technology based production plant, replacing the existing mercury electrolysis and will be entering shortly the KOH market. - On April 28, 2015, Tessenderlo Group announced a strategic investment in liquid fertilizers in Europe. The business unit Tessenderlo Kerley International will construct a Thio-Sul production plant in Rouen, France. - Within the Agro segment, the KTS production facility in Hanford (California) made its production start-up at the end of June 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 million EUR, of which 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 group s currently outstanding million EUR private placement, which matures in October Strong performance in 2Q15 driven by the segments Agro and Industrial solutions 2Q15 2Q14 % Change Million EUR HY15 HY14 % Change % Revenue Group % Revenue Other segment % Revenue at comparable scope % % Rebitda Group % Rebitda Other segment % Rebitda at comparable scope % Rebit Group % - Rebit Other segment Rebit at comparable scope % Profit (+) / loss (-) for the period % Total comprehensive income for the period % Cash flow from operating activities minus capital expenditure % Net debt Notional net debt Remarks: - All quarterly information included in the press release is unaudited. - IFRIC 21 Levies is applied as from January 1, HY 14 and 2Q14 figures throughout the press release are as reported, adjusted to reflect the effects of the retrospective application of IFRIC 21 Levies. 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. 1

2 Revenue At comparable scope, the 2Q15 revenue increased by 17.6% or by 6.9% when excluding the foreign exchange effect. Reported revenue increased in the three segments Agro, Bio-valorization and Industrial solutions, while revenue of Bio-valorization decreased slightly when excluding the foreign exchange effect. The Agro 2Q15 revenue increase was driven by Sulfates, where higher volumes were sold at improved prices. The revenue of Industrial solutions increased thanks to the contribution of Mining and Industrial as well as by a higher revenue within Plastic Pipe Systems. At comparable scope, the revenue of all three segments, rose by 14.2% in HY15 compared to HY14 (or by 4.9% when excluding the foreign exchange effect). Reported revenue increased within all three segments, while a small decrease in revenue could be noted in the operating segment Bio-valorization when excluding the foreign exchange effect. Rebitda The 2Q15 rebitda increased by 20.1% at comparable scope or by 3.4% when excluding the foreign exchange effect, and includes a write-off as a consequence of changed accounting estimates concerning inventory obsolescence for -3.7 million EUR. Key contributors to the 2Q15 rebitda increase are the operating segments Agro and Industrial solutions, while the rebitda of the segment Bio-valorization decreased. The HY15 rebitda increased by 23.2% at comparable scope or by 6.4% when excluding the foreign exchange effect. The total write-off as a consequence of changed accounting estimates concerning inventory obsolescence amounts to million EUR in HY15. The key contributor to this HY rebitda increase is the operating segment Agro, while also Industrial solutions positively contributed to this result. The operating segment Bio-valorization experienced a decrease in overall profitability versus last year, being the main segment impacted by the inventory write-off mentioned above. Profit/loss for the period The HY15 profit amounts to 40.4 million EUR compared to 25.3 million EUR in the same period last year. The increase of the operational results and the decrease of the net finance costs were partially offset by an increase of the non-recurring costs. Net financial debt At the end of June 2015, group net financial debt stood at 65.3 million EUR, versus 57.1 million EUR at the end of December 2014, resulting in a leverage of 0.4x at the half year end. Notional net debt decreased to 87.5 million EUR, compared to million EUR as per year end The decrease of the notional net debt can be explained by the improved cash flow from operating activities. Capital expenditure amounted to 20.6 million EUR in HY15 (31.1 million EUR in HY14). In the coming months many production sites will be included in maintenance projects and the level of investments will increase. Outlook The HY15 results were strong and in line with the indications the group provided at the release of our first quarter trading update on April 24, The group therefore reconfirms that, based on current assumptions, the growth of the 2015 REBITDA, compared to the 2014 REBITDA, is anticipated to be in a range between 15% and 20%. However the group wants to emphasize that it currently operates in volatile economical and financial circumstances, which could negatively impact the consolidated results and limit the REBITDA growth. 2

3 Operating segments performance review GROUP KEY FIGURES - YEAR TO DATE Revenue % Agro % Bio-valorization % Industrial solutions % Other % REBITDA % Agro % Bio-valorization nm Industrial solutions % Other % REBIT % Agro % Bio-valorization nm Industrial solutions % Other % Non-recurring items nm EBIT % AGRO Revenue % REBITDA % REBITDA margin 23.5% 20.3% - REBIT % REBIT margin 20.7% 17.6% - The HY15 revenue increased by 25.6% or by 10.2% when excluding the foreign exchange effect. All businesses contributed to the rebitda growth of the segment (+45.0% or +24.7% when excluding the foreign exchange effect). BIO-VALORIZATION Revenue % REBITDA nm REBITDA margin -3.0% 2.7% - REBIT nm REBIT margin -8.7% -3.2% - Revenue increased by 3.2% in HY15 or decreased by -2.6% when excluding the foreign exchange effect. 3

4 An inventory write-off, which is a consequence of changed accounting estimates concerning inventory obsolescence, was the main reason for a lower segment profitability in HY15. INDUSTRIAL SOLUTIONS Revenue % REBITDA % REBITDA margin 10.0% 8.0% - REBIT % REBIT margin 4.9% 3.2% - The HY15 revenue of the segment Industrial solutions increased by 10.6% (or 6.0% when excluding the foreign exchange rate effect). The HY 15 rebitda increased by 38.4% or by 27.8% when excluding the foreign exchange rate effect. Both evolutions were supported by all its activities. OTHER Revenue % REBITDA % REBITDA margin - 3.8% - REBIT % REBIT margin - 3.9% - The most important contributor in HY14 was the phosphates activity before the sale of this business was completed on February 28,

5 Condensed consolidated financial information at June 30, 2015 The group also published the 2015 interim report, which can be found on The half year information has been subject to a review by external auditors. Reference is made to their independent auditor s review in the interim report. CONSOLIDATED INCOME STATEMENT Million EUR HY15 HY14 Revenue Cost of sales Gross profit Distribution expenses Sales and marketing expenses Administrative expenses Other operating income and expenses Profit (+) / loss (-) from operations before non-recurring items (REBIT) Non-recurring income / (expense) items Profit (+) / loss (-) from operations (EBIT) Finance (costs) / income - net Share of result of equity accounted investees, net of income tax Profit (+) / loss (-) before tax Income tax expense Profit (+) / loss (-) for the period Attributable to: - Equity holders of the company Non-controlling interest Basic earnings per share (EUR) Diluted earnings per share (EUR) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Million EUR HY15 HY14 Profit (+) / loss (-) for the period Translation differences Net change in fair value of derivative financial instruments, before tax Other movements Income tax on other comprehensive income Other comprehensive income to be reclassified to profit or loss in subsequent periods Remeasurements of the net defined benefit liability, before tax Income tax on other comprehensive income Other comprehensive income not being reclassified to profit or loss in subsequent periods Other comprehensive income for the period, net of income tax Total comprehensive income for the period Attributable to: - Equity holders of the company Non-controlling interest Total comprehensive income for the period

6 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Million EUR ASSETS Total non-current assets Property, plant and equipment Goodwill Other intangible assets Investments accounted for using the equity method Other investments Deferred tax assets Trade and other receivables Derivative financial instruments Total current assets Inventories Trade and other receivables Derivative financial instruments Cash and cash equivalents Non-current assets classified as held for sale Total assets 1, ,185.4 EQUITY AND LIABILITIES Total equity Equity attributable to equity holders of the company Issued capital Share premium Reserves and retained earnings Non-controlling interest Total liabilities Total non-current liabilities Loans and borrowings Employee benefits Provisions Trade and other payables Derivative financial instruments Deferred tax liabilities Total current liabilities Bank overdrafts Loans and borrowings Trade and other payables Derivative financial instruments Current tax liabilities Employee benefits Provisions Total equity and liabilities 1, ,

7 CONSOLIDATED STATEMENT OF CASH FLOWS 2 Million EUR OPERATING ACTIVITIES Profit (+) / loss (-) for the period Depreciation, amortization and impairment losses on tangible assets, goodwill and other intangible assets Impairment losses on disposal groups Changes in provisions Finance costs / (income) - net Loss / (profit) on sale of non-current assets Share of result of equity accounted investees, net of income tax Income tax expense Other non-cash items Changes in inventories Changes in trade and other receivables Changes in trade and other payables Cash generated from operations Income tax (paid)/received Dividends received Dividends received from other investments Cash flow from operating activities INVESTING ACTIVITIES Acquisition of property, plant and equipment Acquisition of other intangible assets Acquisition of businesses, net of cash acquired Proceeds from the sale of property, plant and equipment Proceeds from the sale of subsidiaries, net of cash disposed of Proceeds from the sale of other investments Capital decrease from investments accounted for using the equity method Cash flow from investing activities FINANCING ACTIVITIES Capital increase from non-controlling interests Change in non-recourse factoring and securitization Proceeds from new borrowings Reimbursement of borrowings Cash movement resulting from settlement financial instruments Interest paid Interest received Other finance costs paid Decrease of long term receivables Cash flow from financing activities Net increase / (decrease) in cash and cash equivalents Effect of exchange rate differences Cash and cash equivalents less bank overdrafts at the beginning of the period Cash and cash equivalents less bank overdrafts at the end of the period The following cash impacts are presented within financing activities as from 2015: - The settlement of financial instruments, acquired to hedge intragroup loans (as from March 2015, the group no longer uses currency swaps to hedge intragroup loans) - The evolution of the balance of non-recourse factoring and securitization agreements 2014 figures have been represented. 7

8 Financial calendar Third quarter 2015 trading update October 27, 2015 Agenda for August 26, pm CET/1pm UK - conference call and webcast for analysts and investors Registration details are available at: 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 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 Lars Vervoort Kurt Dejonckheere This press release is available in Dutch and English on the corporate website - under News & Media' 8

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