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Tessenderlo Group announces 3Q18 results

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World Fertilizer,

Tessenderlo Group, a diversified industrial group, has announced its 3Q18 results, including trading updates.

3Q18 revenue increased by 2.6% (or increased by 1.3% when excluding the foreign exchange effect) compared to the same period last year. Excluding the foreign exchange effect, the revenue of the operating segment Industrial Solutions increased (6.7%, mainly related to Plastic Pipe Systems), the revenue of Biovalorisation remained stable (-0.4% ), while the Agro revenue slightly decreased (-2.2%).

Following an unforeseen technical issue at the production plant in Loos (France, BU Performance Chemicals), the sodium hydroxide (NaOH) output has been at 60% of the normal capacity since September 2018. It is anticipated that the issue will continue throughout the 4Q18.

The 3Q18 REBITDA decreased by 0.9% (or decreased by 4.9% when excluding the foreign exchange effect) and amounted to €36.8 million, compared to €37.1 million one year earlier. Inventory write-offs following accounting estimates concerning inventory obsolescence amounted to -€2.1 million in 3Q18, while the impact thereof was nihil in 3Q17.

The group confirms its previous forecast that the 2018 REBITDA, when including the estimated fourth quarter REBITDA contribution of T-Power nv, is expected to be in line with the 2017 REBITDA despite the evolution of the EUR/USD exchange rate and the evolution of raw material/fat prices.

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