Tessenderlo Group 3Q10 results: further improvements in operational performance and financial position

Transcription

1 Brussels, November 5 th, 2010 Regulated information* Press release QUARTERLY REPORT 30 SEPTEMBER 2010 Tessenderlo Group 3Q10 results: further improvements in operational performance and financial position Revenue for the third quarter of 2010 (3Q10) grew 19.7% to million EUR; for the first nine months (9M) revenue was 15.0% above the same period last year, at 1.8 billion EUR REBIT continued to improve and was 18.1 million EUR in 3Q10 (3Q09: million EUR), while 9M10 stood at 50.7 million EUR (9M09: million EUR) Profit for the period totaled 5.6 million EUR in 3Q10 (3Q09: million EUR), and 28.1 million EUR for 9M10 (9M09: million EUR) Net financial debt at September declined to million EUR 1, a gearing of 18.3% GROUP KEY FIGURES - unaudited 3Q10 3Q09 % change Million EUR 9M10 9M09 % change % Revenue 1, , % % REBITDA % REBIT % Profit (+) / loss (-) for the period Cash flow from operating activities % Net financial debt % Tessenderlo Group s third quarter 2010 results demonstrated continued positive momentum. Group revenue of million EUR represented a 19.7% rise compared to 3Q09, leading to nine month revenue of 1.8 billion EUR, 15.0% ahead of last year. Each of the reported operating segments had revenue above 2009 in both the quarter and year to date, principally due to volume growth. Furthermore, group REBITDA and REBIT were well ahead in the quarter and nine months of 2010, as margins continued to recover. The group s improved operating performance translated into a second consecutive quarterly profit, and profit for the nine months of 2010 added up to 28.1 million EUR, a significantly better result than a year ago. Tessenderlo Group made further progress in strengthening its financial position during the third quarter. Net financial debt fell further to million EUR 1, providing evidence of the group s efforts to keep a strong balance sheet. The group also extended its debt maturity profile, through the successful issue of 150 million EUR of 5 year bonds via a European private placement in October. 100 million EUR was originally sought; however, following the very positive market response the aggregate amount was raised to 150 million EUR, while pricing was set at 5.25%, the low end of the price guidance. In October, the group announced two investments to expand its presence in China. Firstly, Tessenderlo Group has entered into a joint venture for the production of high-quality gelatin to customers in the pharmaceutical, health and nutrition sectors. This investment represents the group s second production site in China, allowing to even better meet the strong demand for gelatin. Secondly, the group is investing to produce specialty compounds for customers in the automotive industry, as China is today the world s largest automotive manufacturer and continues to show rapid growth. Both sites are anticipated to start supplying customers in the second half of *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. 1 including impact of million EUR non-recourse factoring 1

2 Group Performance Review Notes to the reader: All quarterly information included in the press release is unaudited. Figures may not add up due to rounding. The operating segment Gelatin and Natural Derivatives is now referred to as Gelatin and Akiolis REBITDA: recurring earnings before interest, taxes, depreciation, amortization and provisions (Profit (+)/(loss) from recurring operations plus depreciation, amortization and provisions). REBIT: recurring earnings before interest and taxes (Profit from operations before non-recurring items). Other Businesses: Pharmaceutical Intermediates, Organic Chlorine Derivatives and Compounds. GROUP KEY FIGURES - unaudited 3Q10 3Q09 Million EUR 9M10 9M Revenue 1, , REBITDA REBIT Non-recurring items EBIT Profit (+)/loss (-) for the period Basic earnings per share (EUR) Diluted earnings per share (EUR) OPERATING SEGMENT KEY FIGURES : REVENUE - unaudited 3Q10 3Q09 Million EUR 9M10 9M Tessenderlo Group 1, , Inorganics PVC/Chlor-Alkali Gelatin and Akiolis Tessenderlo Kerley Plastic Pipe Systems and Profiles Other Businesses Non-allocated - - 2

3 OPERATING SEGMENT KEY FIGURES : REBITDA - unaudited 3Q10 3Q09 Million EUR 9M10 9M Tessenderlo Group Inorganics PVC/Chlor-Alkali Gelatin and Akiolis Tessenderlo Kerley Plastic Pipe Systems and Profiles Other Businesses Non-allocated Revenue Third quarter 2010 group revenue totaled million EUR, a gain of 19.7% compared to 3Q09. As in 2Q10, all reported operating segments had higher revenue, year on year. Nearly a third of the group s increase was from Inorganics, which experienced revenue growth of 50.1%. Tessenderlo Kerley contributed with an increase of 50.8%, while the segments Gelatin and Akiolis, and Other Businesses both delivered another set of double digit gains, rising 14.2% and 24.6%, respectively. PVC/Chlor-Alkali moved 9.5% higher, and Plastic Pipe Systems and Profiles was 7.4% above last year. For the first nine months of 2010, group revenue has risen 15.0% versus last year to 1.8 billion EUR, with the second and third quarters featuring the highest growth. Every reported operating segment had higher revenue, most notably Inorganics which has increased each quarter and is up 43.6% compared to last year. Important contributions also came from Tessenderlo Kerley, 24.5% above a year ago; Gelatin and Akiolis which climbed 14.0%; and Other Businesses, which was 17.5% higher. In spite of decreases in the first quarter related to weak construction end markets, PVC/Chlor-Alkali has risen 5.9% year to date, while Plastic Pipe Systems and Profiles gained 4.2%. 2. REBITDA Group REBITDA in 3Q10 more than doubled to 45.6 million EUR. The most significant contribution was from Inorganics, which moved from a negative to a positive REBITDA as a result of volume and margin gains. Tessenderlo Kerley, Other Businesses and PVC/Chlor-Alkali also had better performances, with the latter two also posting a positive REBITDA result compared to negative REBITDA in 3Q09. Gelatin and Akiolis delivered REBITDA at the same level as last year. Plastic Pipe Systems and Profiles was negatively impacted by higher raw material prices, resulting in a lower REBITDA. After nine months of 2010, the group has generated REBITDA of million EUR, against 51.8 million EUR in the same period of Inorganics has had the biggest absolute REBITDA gains in each quarter versus last year, which provides the majority of the group REBITDA increase for 9M10. The reported segments Other Businesses, Tessenderlo Kerley and PVC/Chlor-Alkali have also had significant increases in REBITDA year to date. Plastic Pipe Systems and Profiles REBITDA is virtually unchanged for the nine months of 2010, whereas Gelatin and Akiolis has seen a limited decrease compared to the record REBITDA last year. 3. Cash flow from operating activities Cash flow from operating activities was 57.4 million EUR for the third quarter of 2010, and million EUR for the first nine months of 2010, versus million EUR in 3Q09 and million EUR for 9M09. Cash flow has benefited during 2010 from the broad-based recovery of operating results and continued gains from working capital. 3

4 4. Net financial debt Net financial debt at the end of September 2010 totaled million EUR. This low level of net debt remains below the million EUR at the end of December 2009, and is also down from the million EUR, the position at the end of September The decrease versus December 2009 is attributable to the positive impact of cash flow from operating activities, and an ongoing strict control of investing activities. As a result, at the end of September 2010 gearing was 18.3% (28.3% excluding non-recourse factoring), compared to 22.9% at the end of December 2009 (32.0% excluding non-recourse factoring). Net financial debt/last twelve months REBITDA fell to 1.1x at the end of September 2010, versus 3.3x at the end of December

5 Operating segments performance review INORGANICS - unaudited 3Q10 3Q09 % change Million EUR 9M10 9M09 % change % Revenue % REBITDA REBIT Inorganics third quarter revenue of 94.0 million EUR, 50.1% above a year ago, provided further evidence of the rebound in volume activity. Potassium sulfate fertilizer revenue was the largest contributor, as year-on-year volume growth of nearly 140% was only partly offset by lower average selling prices. This growth confirms the group s expectations that volumes in 2010 should reach about 70 to 75% of a normal year. After the strong price decline in 2009, sales prices have been relatively stable during the whole of Also, in line with the Inorganics strategy, volumes of premium products continued to grow faster than total volumes, leading to better gross margins. Overall, gross profit increased mainly due to the improved gross margins, as well as higher volumes. For Animal feed phosphates, revenue also rose, as a result of continued volume growth as well as higher average selling prices. Although key raw material prices are above last year, gross margins improved, due to favorable supply economics and selling prices. Better unit gross margins and volumes drove a higher gross profit for the quarter. REBITDA for Inorganics in 3Q10 was strongly ahead of last year, mainly due to volume-driven gross profit growth. In addition, strict fixed cost controls remain in place, with year on year savings ensuring that the higher gross profits were retained. Year to date, Inorganics revenue of million EUR is 43.6% above last year, as a result of much higher volumes since the start of the year, while average sales prices have been below the levels of last year. The sustained increase of volumes, coupled with ongoing strict cost control have driven the strong recovery of REBITDA. PVC/CHLOR-ALKALI - unaudited 3Q10 3Q09 % change Million EUR 9M10 9M09 % change % Revenue % REBITDA % REBIT Third quarter revenue for PVC/Chlor-Alkali of million EUR was 9.5% ahead of a year ago, due to higher PVC revenue, and similar to 2Q10. The growth of revenue in PVC year-on-year is attributable mainly to an increase in volumes, while selling prices were also above last year. 3Q10 PVC revenue was in line with 2Q10, as seasonally lower volumes were mainly compensated by firmer pricing. PVC gross profits could not match the high level achieved in 3Q09, when competitor supply issues lead to a temporary tight supply/demand balance. Sequentially, gross profits benefited from a modestly improving gross margin. Chlor-Alkali revenue for 3Q10 was marginally lower than last year and in line with 2Q10, as pricing and volume developments largely compensated each other. Gross profits were higher year-on-year mainly due to improving 3Q10 gross margins, which also translated into a limited sequential increase. REBITDA for the segment was again slightly positive, an improvement compared to last year, when a segment loss was incurred due to extremely weak Chlor-Alkali results. PVC/Chlor-Alkali revenue for the nine months of 2010 was million EUR, or 5.9% higher than 9M09 mainly because of higher volumes versus last year. Higher volumes and pricing above last year drove an increase in PVC revenue, whereas Chlor-Alkali revenue decreased due to lower average 5

6 pricing, which was not compensated by higher volumes. thanks to lower overhead costs. Segment REBITDA has improved mainly GELATIN AND AKIOLIS - unaudited 3Q10 3Q09 % change Million EUR 9M10 9M09 % change % Revenue % REBITDA % % REBIT % Gelatin and Akiolis recorded good 3Q10 results, as revenue of million EUR was 14.2% higher than a year ago, and REBITDA was stable. Revenue growth was broad-based across the portfolio of products and services as well as geographies. This growth mainly reflected sustained demand in segment end markets such as food, health and nutrition, and pharmaceutical industries, while pricing showed some signs of improvement. Based on solid underlying global demand, the group will expand its global presence in 2011: construction of production facilities is proceeding both in Brazil and in China, where the group recently announced a joint venture to set up a second production unit. Segment REBITDA amounted to 15.5 million EUR, in line with last year. For the nine month period, Gelatin and Akiolis revenue is up 14.0% to million EUR. This increase includes the contribution from Groupe FISO, which has been fully consolidated since the end of June 2009, and higher underlying demand. REBITDA of 45.3 million EUR, which also benefited from the full consolidation of Groupe FISO, is slightly below the very strong result of 9M09. TESSENDERLO KERLEY - unaudited 3Q10 3Q09 % change Million EUR 9M10 9M09 % change % Revenue % % REBITDA % % REBIT % Tessenderlo Kerley (TKI) had an exceptionally strong third quarter 2010, with revenue increasing 50.8% to 53.9 million EUR. The main driver was improved demand for liquid sulphur fertilizers versus a year ago. This was a result of fall applications in the northwest US, as well as channel partners continuing to purchase during the third quarter to ensure availability of product for the upcoming spring season. Demand was also solid for TKI s crop protection products compared to last year. Pricing remained generally firm and was above last year for most products. 3Q10 REBITDA benefited from volume growth as well as margins above last year for several products to finish well up on a year ago. Over the first nine months, Tessenderlo Kerley recorded revenue million EUR, 24.5% above the same period a year ago. Market demand for sulphur fertilizers and crop protection products has been very solid during the course of 2010, and combined with the addition in June 2009 of the Linuron product line to the crop protection business to drive this strong revenue result. REBITDA benefited from the higher revenue, as well as from the addition of the Linuron product line. 6

7 PLASTIC PIPE SYSTEMS AND PROFILES - unaudited 3Q10 3Q09 % change Million EUR 9M10 9M09 % change % Revenue % % REBITDA % % REBIT % Revenue for Plastic Pipe Systems and Profiles was million EUR in 3Q10, 7.4% higher than 3Q09. This growth was mainly in Profiles, while Plastic Pipe Systems revenue had a modest increase. The rise in Plastic Pipe Systems revenue in 3Q10 was generated by gains in the UK and France, partly offset by a decline in the Benelux. Market demand in Belgium and the Netherlands has been below last year throughout 2010, however the rate of decline was less than in the previous two quarters. Profiles delivered another quarter of revenue growth, with nearly all markets higher than one year ago. The UK remained the largest contributor to the increase, mostly due to higher sales in the roofline segment, where the group enhanced its product offer with an acquisition in October US sales also continued to grow well. REBITDA for the segment was 13.3 million EUR or 10.6% lower than 3Q09. The main drivers of this performance were the impact of higher raw material prices, mainly in Profiles, and a negative geographic mix in Plastic Pipe Systems. Segment revenue year to date of million EUR represents a 4.2% increase. Growth in the second and third quarters has compensated the first quarter decrease, when the construction sector faced weather-related lower demand. Revenue for UK and US Profiles continued to underpin segment growth, while Plastic Pipe Systems remains slightly down year on year, due to the very slow start, especially in the Benelux. REBITDA of 37.9 million EUR for the nine month period is in line with last year, with strong raw material price increases being offset by fixed cost savings. OTHER BUSINESSES - unaudited 3Q10 3Q09 % change Million EUR 9M10 9M09 % change % Revenue % REBITDA REBIT Other Businesses (Organic chlorine derivatives, Pharmaceutical intermediates and Compounds operating segments), saw revenue rise 24.6% during the third quarter to 81.2 million EUR. Most of this increase was from Organic chlorine derivatives, however Pharmaceutical intermediates and Compounds also recorded higher revenue. REBITDA remained positive, based on a very strong increase in Organic chlorine derivatives. For the nine months, revenue of Other Businesses grew 17.5% to million EUR. Organic chlorine derivatives revenue has shown the most important increase, with Compounds rising solidly as well. Following 3Q10 growth after decreasing earlier in the year, Pharmaceutical intermediates revenue is marginally below last year. REBITDA remained positive compared to the very negative results last year, and each segment has improved over the nine months, with the largest contribution from Organic chlorine derivatives. 7

8 Financial information 1. Non-recurring items NON-RECURRING ITEMS Million EUR 3Q10 3Q09 Gain on disposals Restructuring Impairment losses Provisions - - Other income and expenses Total In 3Q10 no material non-recurring items were recorded. 2. Net finance costs In 3Q10, net finance costs amounted to 5.4 million EUR (3Q09: 3.1 million EUR). The higher net costs are mainly attributable to costs arising from the syndicated credit facility announced on March 1 st, as well as to charges of the non-recourse factoring program. These increases of charges more than offset the impact of the lower net financial debt. 3. Income tax expenses 3Q10 income tax expenses were 5.5 million EUR, versus 5.2 million EUR in the same period last year. The income tax expenses are mainly due on profits generated in the US activities. No deferred tax assets were recognized on the 3Q10 losses incurred by different subsidiaries within the group. 4. Profit/loss for the period Profit for the third quarter was 5.6 million EUR, compared to million EUR in the third quarter of As per 9M10 the group profit amounts to 28.1 million EUR compared to a loss of million EUR in 9M09. The positive result in the third quarter is entirely explained by the development of REBIT in the period (18.1 million EUR in 3Q10 against million EUR in the same period last year). 5. Capital expenditures Capital expenditures for the third quarter 2010 were 27.3 million EUR (3Q09: 30.4 million EUR) and 70.0 million EUR for the first nine months of 2010 (9M09: 82.6 million EUR). Outlook Allowing for seasonally lower volume activity, the group anticipates that the fourth quarter will show continued solid growth of group revenue and profitability compared to last year. The main drivers of these increases remain the recovery of demand for the group's products and services, and ongoing cost containment. Demand from agricultural end markets continues to be solid, while the construction markets still present a mixed picture in terms of demand and margins are experiencing pressure from higher raw material prices. 8

9 Unaudited condensed consolidated financial statements 30 September CONDENSED CONSOLIDATED INCOME STATEMENT - unaudited - IFRS Million EUR 9M10 9M09 3Q10 3Q09 Revenue 1, , Cost of sales -1, , Gross profit Distribution expenses Sales and marketing expenses Administrative expenses Other operating income and expenses Profit from operations before nonrecurring items (REBIT) Gain on disposals Restructuring Impairment losses Provisions Other Profit (+)/Loss (-) from operations (EBIT) Finance costs Finance income Finance costs - net Share of result of equity accounted investees, net of income tax Result before tax Income tax expense Profit (+) / Loss (-) for the period Attributable to: - Equity holders of the group Non-controlling interest Basic earnings per share (EUR) Diluted earnings per share (EUR)

10 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - unaudited - IFRS Million EUR 9M10 9M09 3Q10 3Q09 Profit (+) / loss (-) for the period Translation differences Derivative financial instruments Revaluation reserves Income tax on other comprehensive income Other comprehensive income for the period, net of income tax Total comprehensive income (+) and expense (-) for the period Attributable to: - Equity holders of the group Non-controlling interest Total comprehensive income (+) and expense (-) for the period

11 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - unaudited - IFRS Million EUR ASSETS Total non-current assets Property, plant and equipment Goodwill Intangible assets Investments accounted for using the equity method Other investments Deferred tax assets Trade and other receivables Total current assets Inventories Trade and other receivables Derivative financial instruments Cash and cash equivalents Non-current assets classified as held for sale Total assets 1, ,576.6 EQUITY & LIABILITIES Total equity Equity attributable to equity holders of the group Issued capital Share premium Reserves Retained earnings Non-controlling interest Total liabilities Total non-current liabilities Financial liabilities Employee benefits Provisions Trade and other payables Derivative financial instruments Deferred tax liabilities Total current liabilities Financial liabilities Trade and other payables Derivative financial instruments Current tax liabilities Provisions Total Equity and Liabilities 1, ,

12 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - unaudited IFRS Million EUR 9M10 9M09 OPERATING ACTIVITIES Profit (+)/Loss (-) for the period Depreciation, amortisation and impairment Changes in provisions Finance costs Finance income Loss / (profit) on sale of non-current assets Share of result of equity accounted investees, net of income tax Income tax expense Non cash items Changes in inventories Changes in trade and other receivables Changes in trade and other payables Cash generated from operating activities Interest paid Interest received Other finance income (costs) Income tax (paid) / received Dividends received from investments accounted for using the equity method Cash flow from operating activities INVESTING ACTIVITIES Acquisition of property, plant and equipment Acquisition of intangible assets Acquisition of investments accounted for using the equity method Acquisition of businesses, net of cash acquired Acquisition of investments Proceeds from sale of property, plant and equipment Cash flow from investing activities FINANCING ACTIVITIES Increase / (decrease) of issued capital Increase / (decrease) of financial liabilities Payment of transaction costs related to financial liabilities (Increase) / decrease of long term receivables Dividends paid to shareholders Cash flow from financing activities Net increase / (decrease) in cash and cash equivalents Effect of exchange rate differences Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of this period

13 Notes to the unaudited condensed consolidated financial statements 1. Basis of preparation These condensed consolidated financial statements for the nine months ended 30 September 2010 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use by the European Union. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December These consolidated financial statements were approved by the Board of Directors on 4 November Significant accounting policies The accounting policies used by the group in the present condensed consolidated financial statements are the same as those used in the preparation of the consolidated financial statements as at and for the year ended 31 December Segment reporting Refer to annexes 1 and Equity CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE GROUP unaudited - IFRS Million EUR Balance at Profit (+)/loss (-) for the period attributable to equity holders of the Group Other comprehensive income for the period, net of income tax Warrants and capital increase Issued capital Dividends paid to shareholders Balance at Equity attributable to equity holders of the group amounted to million EUR at the end of September 2010, an increase of 13.5 million EUR since the end of December The Board of Directors proposal to distribute a gross dividend of 1.33 EUR per share or 37.1 million EUR for the business year 2009 was approved by the shareholders of Tessenderlo Chemie NV at their annual general meeting on June 1 st

14 The Board of Directors decided to offer all the shareholders a choice of payment conditions: the option of receiving a dividend in new shares at a price of EUR per share, or in cash, or a combination of both. The choice of the shareholders for the payment in new shares lead to the creation of 844,258 additional shares. These shares (with VVPR strip) were included for trading on Eurolist on NYSE Euronext Brussels on July 16th 2010 and led to an increase of issued capital by 16.9 million EUR. On August 30 th, 2010, Tessenderlo Chemie NV included 73,071 additional shares (with VVPR strip) in trading on Eurolist on NYSE Euronext Brussels. These are 73,071 ordinary shares subscribed by staff on 150,000 presented, which lead to an increase of issued capital by 1.3 million EUR. No ordinary shares were emitted at the time of the conversion of warrants. The other comprehensive income for the period, net of income tax, includes translation differences for 12.0 million EUR and derivative financial instruments, net of income tax, for -8.7 million EUR. 5. Business combinations Acquisitions and divestments subsidiaries and activities No material business combinations were recorded. 6. Subsequent events On October 15 th 2010, Tessenderlo Group announced its investment in a new factory for the production of gelatin in Heilongjiang (north-east of China) through a joint venture with the Yang family. Tessenderlo Group holds 86% and the Yang family 14% of the shares of the company. The production unit, which is already under construction, will be operational by mid On October 18 th 2010, Tessenderlo Group announced the signature, through its French subsidiary CTS, of an agreement with the Chinese authorities to start up a new production plant. This plant will produce thermoplastic elastomers (TPEs) and PVC slush compounds for its customers in the automotive industry. On October 19 th 2010, Tessenderlo Group announced that it had completed the pricing of 150 million EUR aggregate principal amount of bonds due This operation, which was completed on October 27 th, originally sought to raise 100 million EUR. Based on the favorable market response the amount was increased to 150 million EUR, and was achieved for 5.25%, at the low end of the price guidance. The issuance of these bonds extends the group s debt maturity profile, and provides further diversification of funding sources. 14

15 Financial calendar Full year 2010 results February 24 th, 2011 First Quarter 2011 results May 5 th, 2011 Second Quarter and Half Year 2011 results August 25 th, 2011 Third Quarter and Nine months 2011 results October 27 th, 2011 Tessenderlo Group is an international chemicals company with more than 100 branches in 20 countries. More than 8,000 people work for the group. The group is a world and European leader in most of its product areas with a consolidated revenue totalling 2.1 billion EUR in Tessenderlo Chemie NV is listed on Eurolist at Euronext Brussels (TESB) and is part of Next 150 and BEL Mid. News wires: Bloomberg: TESB BB Reuters: TesBt.BR Datastream: B:Tes Media Relations Investor Relations Mrs. Kathleen IWENS Mr. Philip LUDWIG Corporate Communication manager Head of Investor Relations +32 (0) Web site: This press release is available in Dutch, English and French on the corporate web site - under News & Media'. 15

16 ANNEX 1 SEGMENT REPORTING THIRD QUARTER Million EUR 3Q10 3Q09 Tessenderlo Group Revenue REBITDA REBIT Inorganics Revenue REBITDA REBIT PVC/Chlor-Alkali Revenue REBITDA REBIT Gelatin and Akiolis Revenue REBITDA REBIT Tessenderlo Kerley Revenue REBITDA REBIT Plastic Pipe Systems and Profiles Revenue REBITDA REBIT Other Businesses Revenue REBITDA REBIT Non-allocated Revenue - - REBITDA REBIT

17 ANNEX 2 SEGMENT REPORTING NINE MONTHS Million EUR 9M10 9M09 Tessenderlo Group Revenue 1, ,580.5 REBITDA REBIT Inorganics Revenue REBITDA REBIT PVC/Chlor-Alkali Revenue REBITDA REBIT Gelatin and Akiolis Revenue REBITDA REBIT Tessenderlo Kerley Revenue REBITDA REBIT Plastic Pipe Systems and Profiles Revenue REBITDA REBIT Other Businesses Revenue REBITDA REBIT Non-allocated Revenue - - REBITDA REBIT