Slides [PDF, 378.59 Kb] - Tessenderlo Group

Highlights Operating segments present contrasting performancesbut overall in line with expectations 1Q12 revenue: +2.4% 1Q12 REBITDA: -20.3% compared to record 1Q11 Strong operating performance of Tessenderlo Kerley and Gelatin Strategic investment supports growth ambitions Purchased global carbaryl business January 2012 Healthy balance sheet Net financial debt 254.9 million EUR; leverage of 1.4x and gearing29.7% Notional net debt 346.3 million EUR; leverage of 1.9x and gearing36.4%2

1Q12 revenue by operating segmentmillion EUR and % increase versus 1Q11 at comparable scope+11.2%+4.4%+2.7%+0.3%-2.8%ScopeTessenderloKerley(23.0) +8.4Gelatin &AkiolisInorganicsOtherBusinessesPPS &Profiles+5.2 +2.9 +0.3 (3.8)554.9+ 2.4 %+ 12.9544.8Revenue1Q11Revenue1Q12• 1Q12 revenue recorded gains in 4 of the 5 segments, increasing 2.4% to 544.8 million EUR3Financial data from continuing operations

1Q12 REBITDA by operating segmentmillion EUR and % increase versus 1Q11 at comparable scopeScopeTessenderloKerley(0.9) +4.4PPS &ProfilesNonallocated(0.6) (0.9)Gelatin &AkiolisOtherBusinesses(3.0) (4.9)Inorganics(6.0)56.0- 20.3 %- 11.044.1REBITDA1Q11REBITDA1Q12• 1Q12 REBITDA was 44.1 million EUR, 20.3% lower than the very strong REBITDA in 1Q11• Collectively, the group’s growth activities (Tessenderlo Kerley, Gelatin and Akiolis) postedREBITDA growth of 1.4 million EUR, while Other Businesses and Inorganics were much lower4Financial data from continuing operations

850.0Net debt position5700.01.5 1.51.93550.00.8 1.11.41-1400.0250.0304.4 305.2127.685.8346.391.3-3-5100.0176.8219.4 254.9-7-50.031/03/2011 31/12/2011 31/03/2012-9Net debt (Million EUR)Non-recourse factoring (Million EUR)Notional net debt including non-recourse factoring / LTM REBITDA (x)Net debt / LTM REBITDA (x)5

OutlookIn spite of contrasting segment performances, first quarter resultsare overall in line with management expectations. The resultsconfirm Tessenderlo Group’s view of 2012 as a year of transition,based on the elements disclosed with the full year 2011 results.Despite challenges in some activities, demand for the majority ofthe group’s businesses is anticipated to remain resilient, in spite ofthe uncertain European economic climate.The group continues moving further along its strategic journey. Itwill keep on optimizing its portfolio and grow its core businesses.At the same time, its programs of operational improvements willprogressively yield results.Tessenderlo Group maintains a cautious view on this year oftransition.6

1Q12 performance in line with expectationsGROUP KEY FIGURESMillion EUR 1Q12 1Q11% Change asreported% Change atcomparable scopeRevenue 544.8 554.9 -1.8% 2.4%REBITDA 44.1 56.0 -21.4% -20.3%REBITDA margin 8.1% 10.1% - -REBIT 22.6 35.4 -36.3% -36.5%REBIT margin 4.2% 6.4% - -Non-recurring items -4.6 5.1 - -EBIT 18.0 40.5 -55.6% -56.1%Recurrent profit(+)/loss (-)Profit (+)/loss (-) for theperiod10.4 23.1 -54.8% -56.2%5.9 27.8 -78.8% -78.8%7 Financial data from continuing operations

1Q12 group revenue and REBITDA per segmentRevenue (% of total)REBITDA (% of total*)TessenderloKerley15.3%24.9%PPS &ProfilesOther businessesPPS &Profiles17.4%2.5% 0.5%InorganicsOtherbusinesses16.8%544.8mEUR44.1mEUR47.8%TessenderloKerleyInorganics20.2%22.8%Gelatin&AkiolisGelatin&Akiolis31.7%*Percentage of total REBITDA before non-allocated costs8Financial data from continuing operations

REBITDA (% of total)44.1mEUR47.8%Tessenderlo Kerley10075Revenue (Million EUR)3025REBITDA (Million EUR) &REBITDA margin (%)26.8%29.4%30%25%20502575.0 83.4151020.124.520%15%501Q111Q1201Q111Q1210%Revenue1Q12REBITDA1Q12% Change atcomparable scope+11.2%% Change atcomparable scope+21.9%• 1Q12 segment revenue moved up 11.2% (in US$: +6.5%), supported by favorable market demandand weather conditions in the US• NovaSource also contributed to revenue increase with growth across the product range• Segment REBITDA grew 21.9% (in US$: +16.8%) for 1Q129Financial data from continuing operations

REBITDA (% of total)44.1mEUR31.7%Gelatin and AkiolisRevenue (Million EUR)REBITDA (Million EUR) &REBITDA margin (%)1251002016.3%13.1%20%15%755025118.8 124.01510519.316.310%5%0%-5%01Q111Q1201Q111Q12-10%Revenue1Q12REBITDA1Q12% Change atcomparable scope+4.4%% Change atcomparable scope-15.8%• 1Q12 revenue rose 4.4% on higher pricing and increased end market demand, though volumesended lower due to reduced raw material availability• Segment REBITDA dropped 15.8% in 1Q12 despite higher REBITDA in Gelatin; Akiolis wasimpacted by lower volumes and higher energy costs10 Financial data from continuing operations

REBITDA (% of total)0.5%44.1mEURInorganicsRevenue (Million EUR)REBITDA (Million EUR) &REBITDA margin (%)12575.9%1007550107.3 110.265436.36%5%4%3%2%2501Q111Q122101Q110.31Q120.2%1%-1%-2%Revenue1Q12REBITDA1Q12% Change atcomparable scope+2.7%% Change atcomparable scope-95.8%• 1Q12 revenue for Inorganics rose 2.7%, with sulfates volumes similar to 1Q11 while phosphatesvolumes were lower year on year• Prices for sulfates and phosphates in 1Q12 were above a year ago, partly compensating higherpriced raw materials• Segment REBITDA fell by 95.8% primarily due to reduced margins in the sulfates business, whilephosphates was in line with last year11Financial data from continuing operations

REBITDA (% of total)17.4%44.1mEUR150100Plastic Pipe Systems and Profiles500Revenue (Million EUR)143.1 135.7(8.2) (4.7)1Q111Q12Scope14121086420REBITDA (Million EUR) &REBITDA margin (%)6.7% 6.6%9.6 8.9(0.8)1Q11(0.7)1Q1210%0%-10%-20%-30%-40%-50%Revenue1Q12REBITDA1Q12% Change atcomparable scope-2.8%% Change atcomparable scope-6.3%• 1Q12 revenue declined 2.8% versus 1Q11 due to weak construction market conditions• Average selling prices for both PPS and Profiles were higher in 1Q12 than a year ago, to offsetraw material cost increases• Segment REBITDA decrease of 6.3% is mostly explained by lower activity, partially compensatedby cost reduction measures initiated in 201112Financial data from continuing operations

REBITDA (% of total)2.5%44.1mEUR125 110.61007550250Other Businesses** Includes Compounds, OCD, Pharma, Water Treatment and Sulphur DerivativesRevenue (Million EUR)(19.4)91.61Q111Q12Scope9876543210REBITDA (Million EUR) &REBITDA margin (%)6.4%7.0(0.8)1Q111.31Q121.4%6%5%4%3%2%1%0%-1%Revenue1Q12REBITDA1Q12% Change atcomparable scope+0.3%% Change atcomparable scope-78.9%• 1Q12 segment revenue was virtually unchanged at +0.3%; Compounds grew further driven byautomotive sector demand; OCD, Water Treatment and Pharma also rose, while Sulfur Derivativeswas lower• Segment REBITDA in 1Q12 fell 78.9% compared to the very high 1Q11 figure; Compounds improvedwhile OCD and Pharma had much lower margins in 1Q1213Financial data from continuing operations

REBIT to Profit details for 1Q12Million EURREBIT1Q12Non-recurringitems EBIT Net finance costsIncome TaxExpenseShare of result ofinvestmentsPROFIT1Q12(4.6)(5.7)22.618.0(8.9)2.55.9Effective tax rate of 72% due tomajority of profits in US, while noDTAs were recognized inoperations with fiscal losses14

Non-recurring items 1Q12Million EURCapital gain on sale of nonstrategic assets Restructuring Other non-recurring costs Total non-recurring items0.4(1.0)(4.1)(4.6)Main drivers:(1.9) m EUR realized result on electricity contracts(1.2) m EUR interruption of sulfuric acid plant(0.4) m EUR purchase price adjustments related to sale of PVC/CA15Financial data from continuing operations

Net debt evolution 1Q12Million EUR31/12/2011 31/03/2012(219.4)(254.9)CAPEX(22.1)Acquisitions(13.8)Financialcharges andtaxesCash generatedfrom operationsNet othermovementsFurthersettlementPVC/CA sale(11.7) (0.8) 1.8 11.1Growth CAPEX: (9.6) mOther: (12.5) mCarbarylFinancial Charges: (4.2) mTaxes: (7.5) mREBITDA: 44.1 mNon-recurring items: (4.6) mΔ WC: (34.9) mOther: (5.4) m16

Group Trade Working CapitalMillion EUR70030%60050018.7% 19.8%21.4%25%20%15%40010%300200395.2 421.1 452.25%0%100-5%0March 2011 December 2011 March 2012-10%Trade Working Capital excluding factoringTrade Working Capital excluding factoring/Last 12 months revenue (%)17 Financial data from continuing operations

Balance SheetMillion EUR1800Non-current assetsheld for sale16001,737.80.41,379.718001,737.816001,434.0 1,434.01,379.71400Other current assets729.97.88.11400671.112001000Cash andcash equivalents800600145.7641.7669.134.9 47.512001000800600117.4205.1520.8522.873.8 123.0180.5 179.4Other liabilitiesCurrent debtNon-current debt400Non-current assets861.8695.3 709.3400744.2604.6 608.9Total equity200200031.03.2011 31.12.2011 31.03.2012031.03.2011 31.12.2011 31.03.201218For consistency, the 31.12.11 figure for Current debt is adjusted by adding 0.7 million EURto include bank overdrafts, while Other liabilities is 0.7 million EUR lower

Q&A

Tessenderlo Group is a worldwide specialtycompany, focused on food, agriculture, watermanagement and on valorizing bio-residuals. Thegroup employs about 7500 people and is a leaderin most of its markets, with a consolidated revenueof 2.1 billion EUR in 2011. Tessenderlo Chemie NVis listed on NYSE Eurolist by Euronext Brusselsand is part of Next 150 and BEL Mid indices.Financial News wires: Bloomberg: TESB BB –Reuters: TesBt.BR – Datastream: B:Tes1Q12 ResultsMay 10, 2012