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11-09-2009

Tessenderlo Group: Q3 Results

The revenue of Tessenderlo Group decreased by 27.6% for the third quarter 2009 (Q309) versus the third quarter of 2008 (Q308), falling from 695.9 million EUR to 504 million EUR. This evolution is in line with the first half of 2009, resulting in a decline of 25.4 % for the first nine months of 2009. The recurring operating result or Rebit for Q309 was -13.3 million EUR, compared to the record Rebit result of 66.5 million EUR reported in Q308. The net consolidated result was a loss of -19.8 million EUR for Q309, compared to a profit of 40.4 million EUR during the strong third quarter of 2008. Cash flow from operating activities was 102.8 million EUR during the third quarter of 2009, a significant increase versus the 24.1 million EUR generated in Q308, driven by a strong reduction in working capital and the implementation of 47 million EUR non-recourse factoring. Capital expenditures amounted to 31.8 million EUR in Q309, compared to 21.9 million EUR during Q308 with higher investments primarily in the group’s growth businesses (Specialities). The net financial debt amounted to 293.4 million EUR, a reduction of 75 million EUR against the position of 368.4 million EUR at the end of June 2009; net financial debt represents 40.2 % of equity (against 48.5 % at the end of June 2009).

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