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08-30-2011

Tessenderlo Group: Solid Operational Performance in 2Q

Tessenderlo Group, Brussels, Belgium, delivered an improved performance in the second quarter (2Q) and half year (HY) of 2011. Solid performances in Tessenderlo Kerley, Gelatin and Akiolis and Plastic Pipe Systems supported revenue growth and margin expansion at REBIT and REBITDA levels.

Second quarter 2011 revenue increased 2.3% to EUR 561.9 million and half year revenue was 9.5% higher at EUR 1.1 billion. REBIT in 2Q11 was up 13.2% year on year to EUR 41.0 million, bringing the half year total to EUR 76.3 million. REBITDA of EUR 60.8 million is 5.0% above 2Q10 whilst HY11 REBITDA rose 35.3% to EUR 116.9 million.

Recurrent profit for the period from continuing operations totaled EUR 23.7 million in 2Q11 (2Q10: EUR 22.2. million) while year to date recurrent profit from continuing operations is EUR 46.8 million (HY10: EUR 18.7 million).

Due to the previously disclosed one-time non-cash charge of EUR 158 million arising from the sale of PVC/Chlor-Alkali activities, the group reported a loss for the period of EUR -133.3 million for the second quarter and EUR -103.3 million for the first half of 2011.

Net financial debt was EUR 176.7 million at June 30, 2011, slightly higher than a year ago and virtually unchanged compared to March 31, 2011. Taking into account non-recourse factoring, notional net debt would amount to EUR 315.1 million at June 30, 2011, in line with the position at June 30, 2010 (EUR 316.7 million).

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