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SYNTHETIC CONSOLIDATED BALANCE SHEET (thousands EUR) 2003 % 2002 % Intangible assets Consolidation 73 225 82 318 difference 45 011 21 542 Tangible assets 647 903 635 737 Financial assets 19 259 20 422 Fixed assets 785 398 49 760 019 47 Inventories 297 939 306 061 Receivables Treasury investments 457 453 487 968 and cash 47 902 48 225 Current assets 803 294 51 842 254 53 Assets 1 588 692 100 1 602 273 100 Paid-in capital 165 602 162 753 Revenu reserves 601 124 588 134 Translation difference -10 384 7 053 Minority interests 402 14 326 Equity Provisions and 756 744 48 772 266 48 deferred taxes Financial liabilities 114 779 120 595 – Long term 116 196 163 252 – Short-term Accounts payable & 271 010 188 251 liabilities 329 963 357 909 Liabilities 831 948 52 830 007 52 Equity and Liabilities 1 588 692 100 1 602 273 100 SYNTHETIC CONSOLIDATED P&L ACCOUNT (thousands EUR) 2003 2002 Operating income Raw materials, consumable & 1 985 382 1 961 518 goods for resale 928 503 861 685 Services and other goods Remuneration's, social 443 078 452 889 security costs and pensions 369 961 363 279 Depreciation 134 628 135 973 Other operating charges 27 028 32 821 Operating charges 1 903 198 1 846 647 Operating profit Financial charges 82 184 114 871 and income Share in earnings of companies valued according to equity -14 220 -15 860 method Consolidated profit on ordinary activities 4 975 5 396 before income taxes 72 939 104 407 Extraordinary result Profit before income 8 703 -1 365 taxes 81 642 103 042 Income taxes Consolidated net -38 200 -27 874 profit 43 442 75 168 Minority interests - 16 4 530 Consolidated net profit of the group 43 458 70 638 TESSENDERLO GROUP IN A FEW FIGURES OVER 10 YEARS millions EUR 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 Turnover 1 972 1 934 1 890 1 818 1 571 1 563 1 525 1 274 1 185 1 067 Operating profit 82 115 109 135 102 125 125 97 109 91 Net profit 43 71 65 90 70 82 81 64 77 49 Net cash flow 162 207 168 211 180 187 190 149 178 153 Operating cash flow (Ebitda) 204 259 230 251 213 233 233 183 206 177 Ebitda/Turnover (%) 10.3 13.4 12.2 13.8 13.6 14.9 15.3 14.3 17.4 16.5 Cash flow/Turnover (%) 8.20 10.69 8.89 11.60 11.45 11.96 12.46 11.70 15.03 14.37 Net profit/ Turnover 2.20 3.65 3.44 4.97 4.43 5.22 5.37 4.99 6.49 4.55 Return on equity (%) (1) 5.74 9.50 9.16 13.26 10.50 12.86 13.92 12.12 16.30 11.60 Roce (operating profit/EV) (%) 9.4 12.5 12.0 15.6 12.6 16.9 18.4 16.8 20.6 18.0 Enterprise Value (EV) (2) 1 095 1 061 1 177 1 038 938 796 676 600 542 490 Working capital 166 263 254 274 255 235 261 182 205 198 Capital expenditure (tangible) 119 110 133 137 133 147 152 119 80 46 Dividend paid 30.7 30.6 30.5 30.3 26.8 26.6 25.8 23.8 20.8 18.8 Net financial debt Net financial debt/ 339 303 341 242 209 123 57 49 37 50 Equity ratio (Gearing) (%) 44.84 39.27 41.00 30.00 28.00 18.00 9.00 9.00 7.00 11.00 Net financial debt/EV 30.96 28.20 28.68 23.11 22.12 15.32 8.36 8.17 6.83 10.20 Interest coverage (3) 5 8 5 7 9 11 11 10 10 9 Pay out ratio (%) 71 43 47 34 38 32 32 37 27 38 Non-current assets 785 760 773 703 664 615 545 489 422 375 Current assets 803 842 942 829 727 599 636 560 488 418 Shareholders' equity 756 (4) 758 836 796 729 673 619 551 505 440 Minority interest 0 14 12 8 7 5 2 1 0 0 Provisions 115 121 106 109 109 108 126 92 98 70 Net financial debt LT 116 163 76 68 78 67 61 28 26 64 Net financial debt ST 271 188 316 212 166 92 84 92 67 25 Non financial debts 330 358 369 339 302 270 289 284 215 194 Total balance sheet 1 589 1 602 1 715 1 532 1 391 1 215 1 181 1 049 910 793 Headcount 8 223 7 934 7 849 7 087 6 847 6 667 6 055 5 309 4 981 4 930 1. ROE = Net profit/ Average shareholders' equity 2. Enterprise value (EV) = Net financial debt + Equity 3. Net income+Income taxes+Interest charges/Interest charges 4. Cancellation of capital reserve for own shares: 106,4 in 2002
Per activity sector 27% ■ Inorganic Chemicals 27% ■ Plastics Converting 17% ■ PVC & Compounds 16% ■ Natural Organic Products 13% ■ Fine Chemicals (% – millions EUR) ■ Fine Chemicals ■ Natural Organic Products ■ PVC & Compounds ■ Plastics Converting ■ Inorganic Chemicals DISTRIBUTION OF THE CONSOLIDATED SALES 2003 Per country of production 37% ■ Belgium 25% ■ France 14% ■ Great Britain 9% ■ USA 6% ■ The Netherlands 5% ■ Italy 4% ■ Other Distribution of the consolidated sales 2003 2000 1800 1600 1400 1200 1000 800 600 400 200 Per consumption market 34% ■ Building industry & Public works 31% ■ Fertilisers & Animal Nutrition 14% ■ Health & Hygiene 13% ■ Industry 8% ■ Household Per destination 26% ■ France 15% ■ Great Britain 8% ■ Germany 8% ■ The Netherlands 7% ■ Belgium 4% ■ Italy 7% ■ Other EU 5% ■ Other European countries 10% ■ USA 10% ■ Other 13% 16% 17% 27% 27% 0 94 95 96 97 98 99 00 01 02 03 KEY FIGURES PER SHARE 2003 2002 2001 (in units) EUR EUR EUR Net profit per share (EPS) 1.60 2.62 2.41 Net cash flow per share 5.96 7.66 6.25 Shareholders' equity per share 27.93 27.57 26.39 Net dividend per normal share 0.85 0.85 0.85 Number of shares 27,113,352 26,975,013 29,347,124 Inorganic Chemicals (millions EUR) 2003 2002 Turnover 534 611 Ebitda 39 71 Tangible investments 18 20 Headcount 1,816 2,005 PVC & Compounds (millions EUR) 2003 2002 Turnover 341 298 Ebitda -2 15 Tangible investments 19 15 Headcount 796 748 KEY FIGURES PER DIVISION Fine Chemicals (millions EUR) 2003 2002 Turnover 261 264 Ebitda 22 34 Tangible investments 21 14 Headcount 997 1,067 Plastics Converting (millions EUR) 2003 2002 Turnover 523 500 Ebitda 88 86 Tangible investments 36 29 Headcount 2,761 2,567 Natural Organic Products (millions EUR) 2003 2002 Turnover 313 261 Ebitda 57 53 Tangible investments 25 32 Headcount 1,853 1,547 Tessenderlo Group is a diversified Belgian group internationally active in several branches of the chemical industry and plastics conversion. Its activities are based on a know-how established in the production and valorisation of hydrochloric acid and chlorine. At the beginning of 2004 the group had around 8,300 employees, distributed over 115 establishments in 22 countries. In 2003, the group achieved a consolidated turnover of 1,972 million EUR. The net profit amounted to 43.5 million EUR, the net profit per share 1.60 EUR. As in 2000, 2001 and 2002, the net dividend per share was set at 0.85 EUR. Leadership In a number of markets Tessenderlo Group occupies a leading position. Thus, at the world level the group is: – the largest producer of hydrochloric acid, liquid sulphur-containing fertilisers, sodium hydrosulphide and of benzyl alcohol, benzyl acetate, benzyl chloride, phenylacetic acid and its salts; – the second largest supplier of phosphates for animal feed and of potassium sulphate for specialised fertilisers; – the third largest manufacturer of high-quality gelatins. At the European level, Tessenderlo Group is: – the largest producer of glycine; – the number two for caustic potash; – the fifth largest manufacturer of compounds; – the sixth largest supplier of PVC. Recent acquisitions TESSENDERLO GROUP AT A GLANCE 2001 • acquisition of Acordis Fine Chemicals in Leek (UK) and Atofina’s chlorotoluenes business in Widnes (UK). • acquistion of John Davidson Pipes, a major distributor of plastic pipes and fittings in Great Britain. 2002 • acquisition of the French compounder Saplast. 2003 • Tessenderlo Group takes over a gelatin production plant in the USA (Davenport) and in Argentina (Santa Fe) (April 2003); • the group acquires the remaining shares in its Chinese manufacturing unit Taile (July 2003) and in Fairbrook plc. (UK) (April 2003) and becomes their sole shareholder.
Page 1: A N N U A L R E P O R T 2 0 0 3 T e
Page 5: Financial calendar cover Tessenderl
Page 8 and 9: 4 Dear Madam, dear Sir, MESSAGE FRO
Page 10 and 11: 6 Matteusz Dubinski Christian Vrebo
Page 12 and 13: 8 CANADA 2 UNITED STATES 16 Product
Page 15 and 16: Thermoplastiques Cousin-Tessier Tif
Page 17 and 18: Stock market capitalisation (millio
Page 19 and 20: Financial information and investor
Page 21: 34 32 30 28 26 24 22 20 420 340 260
Page 24 and 25: 20 Tessenderlo Group: Bringing Chem
Page 26 and 27: 22 Activities and products Tessende
Page 28 and 29: 24 The most important production un
Page 30 and 31: 26 Trends and facts in 2003 Inorgan
Page 32 and 33: 28 Strategy and prospects Prospects
Page 34 and 35: 30 Activities and products The Fine
Page 36 and 37: 32 Intermediates for the pharmaceut
Page 38 and 39: 34 Activities and products The PVC
Page 40 and 41: 36 The most important production un
Page 42 and 43: 38 In 2003, Tessenderlo Group conti
Page 44 and 45: 40 Activities and products For near
Page 46 and 47: 42 Trends and facts in 2003 Profile
Page 48 and 49: 44 Investments totaled 34 million E
Page 50 and 51: 46 Activities and products NATURAL
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48 Food ingredients A third activit
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50 - Sales of soft capsules, on the
Page 57 and 58:
PB Leiner Argentina Santa Fe ARGENT
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Employment per division Employment
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75 groups visited the units in West
Page 63 and 64:
COD* Concentration in mg/l, annual
Page 65 and 66:
Focus on energy at Tessenderlo Grou
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Belgium, and also Italy, still form
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Frequency Rate of Work Accidents in
Page 71 and 72:
R&D Expenditures in 2003 27,4 milli
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Natural Organic Products New formul
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Control laboratories and quality Ta
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one new share, have been granted to
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The Audit Committee The Audit Commi
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The dividend policy The dividend po
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S.A.V. (FR) PC LOOS (FR) PLASTIVAL
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82 CONSOLIDATED BALANCE SHEET 2003
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84 CONSOLIDATED INCOME STATEMENT 20
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86 Operating activities CONSOLIDATE
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88 These investments are distribute
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90 (12) Accounts payable The accoun
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92 ANNEX I. CRITERIA OF CONSOLIDATI
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94 II. SUBSIDIARIES CONSOLIDATED A.
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96 - Limburgse Vinyl Maatschappij N
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98 - Tessenderlo Holding UK Ltd, GB
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100 VI. VALUATION RULES A. 1. FORMA
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102 3. Provision for environmental
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104 IX. TANGIBLE FIXED ASSETS Land
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106 C. Provisions and deferred tax
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108 Statutory auditor’s report on
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110 TESSENDERLO CHEMIE NV - BALANCE
Page 116 and 117:
112 TESSENDERLO CHEMIE NV - PROFIT
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114 XX. VALUATION RULES ASSETS Form
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116 LIABILITIES • Provisions for
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118 TESSENDERLO GROUP General Manag
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120 TESSENDERLO KERLEY Yildiz Oya S
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122 LVM ITALIA srl Via Alserio, 22
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124 NORDROHR GmbH Schusterring 41 D
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126 pages Acquisitions (recent) lea
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128 Editor G. Dusar - Corporate Com
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