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Tessenderlo Group 2021 annual report | 1
Tessenderlo Group 2022 annual report | 2
Table of contents
Company profile 3
ACTIVITY REPORT
2022 highlights 6
Message from the CEO and the Chairman to the shareholders 9
Key figures at a glance 12
Our Agro segment 16
Our Bio-valorization segment 22
Our Industrial Solutions segment 26
Our T-Power segment 31
Information for shareholders 33
MANAGEMENT REPORT
Business progress 36
Risk analysis 39
Corporate governance statement 45
SUSTAINABILITY REPORT
Sustainability and CSR at Tessenderlo Group 68
Materiality analysis 72
Governance of CSR 74
Sustainable Development Goals of the United Nations 75
United Nations (UN) Global Compact 78
EcoVadis 79
Our employees 80
Our planet 92
Our community 118
KPIs 124
GRI index 130
FINANCIAL REPORT
Consolidated financial statements 133
Statement on the true and fair view of the consolidated financial
statements and the fair overview of the management report 223
Statutory auditor's report 224
Statutory financial report 231
Financial glossary 234
Alternative performance measures 236
Tessenderlo Group 2022 annual report | 3
Company profile
With a history that dates back to 1919, Tessenderlo Group has evolved over recent years from a
chemical company into a diversified industrial group that focuses on agriculture, valorizing bio-
residuals, energy, and providing industrial solutions with a focus on water.
With more than 4,900 people working at over one hundred locations across the globe, Tessenderlo
Group is a leader in most of its markets. We primarily serve customers in agriculture, food, industry,
construction and health and consumer goods end markets.
Tessenderlo Group’s activities are subdivided into four operating segments:
The Agro segment combines our activities in the
production, sales and marketing of crop nutrition (liquid
crop fertilizers and potassium sulfate fertilizers based on
sulfur) as well as crop protection products. The Agro
segment includes the Crop Vitality™, Tessenderlo Kerley
International, NovaSource®, and Violleau business units.
Our activities in animal by-product processing are
combined in the Bio-valorization segment. This consists
of PB Leiner (the production, trading and sales of gelatins
and collagen peptides) and Akiolis (the rendering,
production and sales of proteins and fats).
The Industrial Solutions segment includes products,
systems and solutions for the processing and treatment
of water, including flocculation and precipitation. The
Industrial Solutions segment includes DYKA Group (with
DYKA, JDP, and BT Nyloplast), Kuhlmann Europe and
moleko™.
The T-Power segment includes the activities of
Tessenderlo Group regarding the generation of
electricity, in particular, the 425 MW CCGT power
plant (Combined Cycle Gas Turbine) of T-Power.
Tessenderlo Group 2022 annual report | 4
Tessenderlo Group is marketing its products and services worldwide, with branches all over the world,
through its four segments.
Agro
Crop Vitality | NovaSource: 13 production plants and 1 under construction, and more than 100
terminals (US).
Tessenderlo Kerley International: production plants in Belgium (1), France (1), Turkey (1), and 1 under
construction (the Netherlands), and more than 10 terminals in Europe and Mexico.
Violleau: 1 production plant (France) and 1 under construction (France).
Bio-valorization
PB Leiner: 3 production plants in Europe (Belgium, Germany, UK), 2 in China, and 3 in the Americas
(US, Argentina, Brazil).
Akiolis: 3 production plants, 28 collection centers (C1/C2 categories) and 8 production plants, 20
collection centers (C3 category & food grade) in France. 1 production plant recently acquired in Spain
(C2/C3 categories) to be commissioned in 2023.
Industrial Solutions
DYKA Group: 9 production plants (2 in the Netherlands, 1 in Belgium, 3 in France, 1 in Germany, 1 in
Poland, and 1 in Hungary) and more than 70 branches in Europe.
Kuhlmann Europe: 4 production plants (2 in Belgium, 1 in France, and 1 in Switzerland).
moleko: 3 production plants (US).
T-Power
T-Power: 1 production plant (Belgium).
Tessenderlo Group realized a consolidated turnover of 2,587.5 million EUR in 2022. The company is
listed on Euronext Brussels and is part of the Next 150 and BEL Mid indices. Financial news sources:
Bloomberg: TESB BB – Reuters: TesB.BR – Datastream: B:Tes.
Disclaimer
This document may contain forward-looking statements. Such statements reflect the views of management regarding future events at the
date of this document. Furthermore, they involve known and unknown risks, uncertainties and other factors that may cause actual results to
be different from any results, performance or achievements expressed or implied by such forward-looking statements. Tessenderlo Group
provides the information in this document as at the date of publication and, subject to applicable legislation, does not undertake any
obligation to update, clarify or correct any forward-looking statements contained in this document in light of new information, future events
or otherwise. Tessenderlo Group disclaims any liability for statements made or published by third parties (including any employees who are
not explicitly mandated by Tessenderlo Group) and, subject to applicable legislation, does not undertake any obligation to correct inaccurate
data, information, conclusions or opinions published by third parties in relation to this or any other document it issues.
Tessenderlo Group 2022 annual report | 5
Tessenderlo Group 2022 annual report | 6
2022 highlights
In February 2022, Tessenderlo Group announced its intention to
acquire the production unit and related activities of Pipelife
France. The plant in Gaillon (Eure, France) specializes in the
production of pipes for gas, water, and cable protection. In 2022,
the company was integrated into the DYKA Group business unit
(Industrial Solutions segment).
In the second quarter of 2022, the acquisition of the assets of
Fleuren Tankopslag B.V., which is a tank storage and
transshipment company for liquid products in the Port of Cuijk
(the Netherlands), was completed. The activities of Fleuren
Tankopslag were integrated into the Tessenderlo Kerley
International business unit (Agro segment).
Tessenderlo Group also announced in March that Violleau will
build a new organic fertilizer production line in Vénérolles (Aisne,
France). This production line will be built on the site of Akiolis'
plant in Vénérolles and it will be operational from the second
half of 2023. Violleau has been part of the Agro segment since
2022.
In February 2022, Tessenderlo Group repurchased 35.0 million
EUR of its outstanding "2022 bonds" priced at 102.875%, and the
remaining outstanding "2022 bonds" amounting to 130.5 million
EUR being repaid at maturity in July 2022.
In February 2022, the group entered into two term loan facilities,
each of 30.0 million EUR, with maturities of 7 years (drawn in
April 2022) and 5 years (with effect from August 2022),
respectively. These loans have quarterly capital repayments,
fixed interest rates of 1.17% and 0.94% respectively, and do not
contain financial covenants. Both transactions will further reduce
the group's liquidity risk and interest costs.