Significant advancement along the journey to become a specialty company

• Growth projects in Brazil (new Gelatin production), China (new production Compounds and Gelatin), US (two new Tessenderlo Kerley fertilizer capacities) and Europe (Plastic Pipe Systems acquisition)
• Major steps taken through divestment of PVC/Chlor-Alkali, US and Canadian profiles, and some Organic Chlorine Derivatives activities, as well as a partial stake in T-Power

Solid development of operating performance

• Full Year 2011 revenue of 2.1 billion EUR grew 9.6% year on year
• REBIT rose 54.3% to 104.9 million EUR, and REBITDA was up 20.6% to 187.0 million EUR
• All reported operating segments had higher revenue, REBIT and REBITDA year on year
• Recurrent profit from continuing operations of 56.2 million EUR, more than double the amount of 2010

Strong financial position confirmed

• Net financial debt of 219.4 million EUR at year end 2011 remained well under control, with leverage of 1.1x and gearing of 26.8%
• Notional net debt was 305.2 million EUR; on this basis, leverage was 1.5x and gearing 33.7%
• Improved terms of syndicated credit facility with maturity extended to 2016
• The Board of Directors will propose a dividend of 1.00 euro net per share

Outlook

Tessenderlo Group sees 2012 as a year of transition.

Demand for the majority of the group's businesses is anticipated to remain resilient, in spite of the uncertain European economic climate.

The group expects to move further along its strategic journey. It will keep on optimizing its portfolio and grow its core businesses, and at the same time, will implement new operational excellence programs, both of which will lead to a growth of investments.  

Tessenderlo Group's view on this year of transition is cautious.