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2014-04-30

Tessenderlo Group: First quarter 2014 trading update

Brussels, April 30 2014
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|Regulated information[1] Press release |
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|Million EUR 1Q13 1Q14 % Change |
|Revenue group 486.5 396.4 -18.5% |
|- Revenue Other segment -133.2 -29.8 |
|Revenue at comparable scope 353.3 366.6 3.8% |
|Rebitda group 32.7 41.8 27.9% |
|- Rebitda Other segment -3.0 -2.2 |
|Rebitda at comparable scope 29.6 39.7 33.8% |
| |
|Net financial debt 332.6 240.5 - |
|Notional net debt 431.9 344.9 - |
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Comparable scope includes the following businesses:

* Agro: Tessenderlo Kerley Core (fertilizer activities), Tessenderlo Kerley
International (fertilizer activities outside North America), Novasource
(crop protection activities) and Sulphates
* Bio-valorization: Akiolis and Gelatin
* Industrial solutions: Plastic Pipe Systems, Mining&Industrial, Water
Treatment, MPR/ECS and Sulfur Derivatives

Other segment includes the businesses sold or ended since January 2013:
Compounds, Organic Chlorine Derivatives, Pharmaceutical Intermediates,
Phosphates and Profiles.

1Q14 operating performance is better than expected, driven by the Agro segment
and overall cost reductions. Despite this 1Q14 result, the full year 2014
rebitda is expected to be only slightly above the 2013 rebitda.
Revenue

At comparable scope, revenue of the 3 core segments Agro, Bio-valorization and
Industrial solutions, grew in 1Q14 by 3.8%. Revenue is mostly driven by
strong 1Q fertilizer volumes in Agro and the mild winter for Industrial
solutions, partly offset by lower revenues in the Bio-valorization segment.

REBITDA

In addition to the solid top line results in Agro and Industrial solutions,
the group is further benefiting from cost improvement initiatives. As
anticipated, the rebitda of the Bio-valorization segment dropped against the
higher 1Q13 comparative.

Net financial debt

At the end of March 2014, group net financial debt stood at 240.5 million EUR,
versus 258.9 million EUR at the end of December 2013, resulting in a leverage
of 1.9x at the end of 1Q14.

The decrease of the net financial debt is mostly driven by the higher
operational results, while increased factoring allowed for keeping working
capital approximately flat versus end 2013. Capital expenditure amounted to
14.1 million EUR in the first quarter versus 21.2 million EUR in 1Q13.

Outlook 2014
The Q1 results reflect a strong start of the year, being a combination of
seasonality on the one hand, and overperformance versus expectations in the
quarter on the other hand. Based on current assumptions, which still include
low visibility in the fragile economic environment for the remainder of the
year, Tessenderlo Group anticipates that the 2014 REBITDA will be slightly
above the 2013 REBITDA, adjusted for entities sold since January 2013.

Financial calendar

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|Second quarter 2014 results August 27, 2014 |
|Third quarter 2014 trading update October 29, 2014 |
| |
|Annual General Meeting of Shareholders June 3, 2014 |
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Tessenderlo Group

is a worldwide specialty company, focused on food, agriculture, water
management and on valorizing bio-residuals. The group employs about 5,000
people and is a leader in most of its markets, with a consolidated revenue of
1.8 billion EUR in 2013. Tessenderlo Chemie NV is listed on NYSE Eurolist by
Euronext Brussels and is part of Next 150 and BEL Mid indices. Financial News
wires: Bloomberg: TESB BB - Reuters: TesBt.BR - Datastream: B:Tes

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|Media and Investor Relations Investor Relations |
|Ingvild Van Lysebetten Kurt Dejonckheere |
|+32 2 639 19 27 +32 2 639 18 41 |
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Thispress release
is available inDutch and English
on the corporate websitewww.tessenderlogroup.com - under 'News&Media'

[1] The enclosed information constitutes regulated information as defined in
the Royal Decree of 14 November 2007 regarding the duties of issuers of
financial instruments which have been admitted for trading on a regulated
market.

To read the full press release in English, click here
http://hugin.info/133974/R/1781038/609170.pdf
Hier kan je het volledige bericht in het Nederlands lezen
http://hugin.info/133974/R/1781038/609131.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Tessenderlo Group via Globenewswire

HUG#1781038

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