Tessenderlo Group 2023 annual report | 1
dividenong
Tessenderlo Group 2023 annual report | 2
Table of contents
Company profile 3
ACTIVITY REPORT
2023 highlights 6
Message from the CEO and the Chairman to the shareholders 9
Key figures at a glance 11
Our Agro segment 15
Our Bio-valorization segment 22
Our Industrial Solutions segment 26
Our Machines & Technologies segment 30
Our T-Power segment 33
Information for shareholders 35
MANAGEMENT REPORT
Business progress 38
Risk analysis 41
Corporate governance statement 47
SUSTAINABILITY REPORT
Our sustainability strategy 69
Actions and evolutions 2023: Environment 89
Actions and evolutions 2023: Social 108
Governance and prosperity 125
Reporting and framework 142
Appendices 144
FINANCIAL REPORT
Consolidated financial statements 150
Statement on the true and fair view of the consolidated financial
statements and the fair overview of the management report 238
Statutory auditor's report 239
Statutory financial report 245
Financial glossary 248
Alternative performance measures 250
Tessenderlo Group 2023 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, machinery, mechanical engineering, electronics, energy, and providing industrial solutions
with a focus on water.
With more than 7,500 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, textile,
industry, construction and health and consumer goods end markets. Our belief that “Every Molecule
Counts” is at the heart of the strategy of our group: Tessenderlo Group continually strives to valorize
its products and processes to the maximum and to add value to everything it does.
Tessenderlo Group’s activities are subdivided into five 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 Machines & Technologies segment includes the
business unit Picanol Group, which is composed of four
branded entities: Picanol (weaving machines), Proferro
(foundry and mechanical finishing), Psicontrol
(development and production of electronics) and
Melotte (3D metal printing & high precision
manufacturing).
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.
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Tessenderlo Group is marketing its products and services worldwide, with branches all over the world,
through its five segments.
Agro
Crop Vitality | NovaSource: 12 production plants and 1 under construction (US), and more than 100
terminals (US).
Tessenderlo Kerley International: 3 production plants (Belgium, France, Turkey), and 1 under
construction (the Netherlands), and more than 10 terminals in Europe and Mexico.
Violleau: 2 production plants (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: 12 production plants and 48 collection centers in France, 1 production plant in Spain.
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).
Machines & Technologies
Picanol Group: 4 production plants (2 in Belgium, 1 in Romania, and 1 in China). Sales offices for
weaving machines, spare parts, and after-sales services are located in Brazil, China, India, Indonesia,
Mexico, Turkey, and the US.
T-Power
T-Power: 1 production plant (Belgium).
Tessenderlo Group realized a consolidated turnover of 2,928.3 million EUR in 2023. 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 2023 annual report | 5
Tessenderlo Group 2023 annual report | 6
2023 highlights
In January 2023, Picanol Group became a business unit in the
Machines & Technologies segment of Tessenderlo Group.
In January 2023, the Akiolis business unit (Bio-valorization
segment) acquired the real estate and production assets of a
former Spanish rendering company (Ribera d’Ondara, Lleida,
Spain). The plant specializes in pig and poultry rendering and is
located in one of the most intensive pig and poultry farming
regions in Spain. Akiolis resumed operations in the first quarter
of 2023 under the name Akiolis Iberia.
In January 2023, Tessenderlo Group signed an agreement for the
acquisition of the marketing and sales activities for ammonium
thiosulfate (ATS) fertilizers produced by Esseco Srl (part of
Esseco Group) in Trecate, Italy. The deal became operational in
March 2023, and the fertilizers are marketed by the Tessenderlo
Kerley International business unit (Agro segment).
In January 2023, Tessenderlo Group’s PB Leiner business unit
(Bio-valorization segment) finalized a new joint venture with
D&D Participações Societárias, which is one of Brazil’s leading
tannery groups. D&D Participações Societárias acquired a 40%
minority stake in PB Leiner's Brazilian plant (PB Brasil Industria e
Comercio de Gelatinas Ltda). The combined strength of the two
companies will enable a long-term, sustainable supply of a
premium bovine gelatin product range, based on PB Leiner's
technology.
In March 2023, Tessenderlo Group’s business unit PB Leiner
held an inauguration ceremony to mark the start of PB Leiner
(Hainan) Biotechnology Ltd. In November 2022, PB Leiner
entered into a joint venture (80% owned by Tessenderlo Group)
with Hainan Xiangtai Group for the production and sale of fish
collagen peptides based on PB Leiner’s technology. The first
production batches of PB Leiner’s SOLUGEL® premium fish
collagen peptides were shipped in the second quarter of 2023.
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In April 2023, Tessenderlo Group sold 654,000 shares (which is
equivalent to a participation of 14%) in Rieter Holding AG (SWX:
RIEN). The sale of this financial participation in Rieter Holding
AG reflected Tessenderlo Group’s intention to focus more on its
core business.
In June 2023, Picanol (Machines & Technologies segment)
successfully participated in the 19
th
edition of ITMA in Milan,
Italy. ITMA is the most important four-yearly textile machinery
exhibition in the world and Picanol’s new Ultimax rapier
weaving machine was received with much acclaim. Picanol was
once again able to present itself at the event as a technology
leader in airjet and rapier weaving machines.
In July 2023, Violleau put its new production line for organic
fertilizers in Vénérolles (Aisne, France) into operation (Agro
segment). The new production line has been built on the site
of the Akiolis plant in Vénérolles.
In March 2023, a share repurchase program was started for an amount not exceeding 40 million EUR. As the
share price was quoted below its book value, as well as taking into account the liquidity position of the group,
the Board of Directors of Tessenderlo Group was of the opinion that it was opportune to proceed with the
repurchase of its own shares. By the end of 2023, Tessenderlo Group had acquired 1,149,000 of its own shares
at an average price of 28.21 EUR per share, for a total amount of 32.4 million EUR. Pursuant to the authorization
granted by the extraordinary general meeting of May 10, 2022, the Board of Directors of Tessenderlo Group
decided to cancel in December 2023 1,083,003 treasury shares purchased under the share repurchase program
launched in March 2023.
In the fourth quarter of 2023, Tessenderlo Group announced several senior leadership changes as part of a
further succession planning for the group. In this context, an exit agreement was concluded with Mr. Stefaan
Haspeslagh whereby his respective executive functions as CFO and COO ended on December 31, 2023. Mr.
Haspeslagh will continue to serve as Director and Chairman of the Board of Directors until the next General
Shareholders' Meeting on May 14, 2024.