Revenue by market | Non-current segment assets | |||
(Million EUR) | 2022 | 2021 | 2022 | 2021 |
Belgium | 234.4 | 188.4 | 390.6 | 467.0 |
The Netherlands | 264.7 | 226.6 | 73.0 | 42.8 |
France | 427.7 | 357.6 | 242.6 | 238.1 |
Germany | 78.6 | 53.3 | 24.5 | 22.7 |
Spain | 90.8 | 92.8 | - | - |
United Kingdom | 127.2 | 108.1 | 16.9 | 19.4 |
Poland | 38.4 | 31.6 | 6.3 | 7.1 |
Other European countries | 155.6 | 140.6 | 6.4 | 5.8 |
United States | 746.3 | 583.2 | 212.9 | 179.1 |
Mexico | 82.0 | 44.5 | 4.0 | 2.8 |
China | 17.5 | 17.5 | 5.4 | 6.5 |
Rest of the world | 324.2 | 237.3 | 45.0 | 36.7 |
Tessenderlo Group | 2,587.5 | 2,081.5 | 1,027.8 | 1,028.0 |
Consideration | Fair value adjustments | Recognized values on | |
(Million EUR) | (paid)/received | acquisition | |
Non-current assets | 2.7 | 4.5 | 7.2 |
Current assets | 8.1 | 0.7 | 8.8 |
Non-current liabilities | - | -2.5 | -2.5 |
Current liabilities | - | -0.1 | -0.1 |
Net assets | 10.8 | 2.7 | 13.5 |
Net cash outflow | -10.8 | ||
Gain from a bargain purchase | 2.7 |
(Million EUR) | note | 2022 | 2021 |
Additions to provisions | -1.0 | -1.4 | |
Research and development cost | -13.1 | -10.4 | |
Taxes other than income taxes | -4.4 | -4.0 | |
Expenses related to defined benefit plans | 23 | -1.4 | -2.0 |
Gains on disposal of property, plant and equipment and intangible assets | 0.7 | 0.7 | |
Reversal/(recognition) of impairment losses on trade receivables | -0.7 | -0.2 | |
Other | 1.2 | 0.7 | |
Total | -18.8 | -16.5 |
(Million EUR) | note | 2022 | 2021 |
Gains and losses on disposals | 0.3 | 2.8 | |
Restructuring | -0.3 | -1.7 | |
Impairment losses | 8/11 | -37.6 | -1.9 |
Provisions and claims | 13.5 | 4.0 | |
Settlement loss UK pension plan | 23 | -7.3 | - |
Electricity purchase agreement | 21.1 | -1.4 | |
Other income and expenses | -1.6 | 0.0 | |
Total | -12.0 | 1.9 |
(Million EUR) | note | 2022 | 2021 |
Wages and salaries | -277.1 | -254.5 | |
Employer\u2019s social security contributions | -59.9 | -53.9 | |
Other personnel costs | -19.8 | -21.7 | |
Contributions to defined contribution plans | -10.2 | -9.3 | |
Expenses related to defined benefit plans | 23 | -13.5 | -7.3 |
Total | -380.4 | -346.6 |
| Depreciation on PPE | Amortization on | Total | |||||
(Million EUR) | note | intangible assets | |||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||
Cost of sales | -102.3 | -98.1 | -21.7 | -21.9 | -124.0 | -119.9 | |
Administrative expenses | -6.2 | -5.5 | -0.3 | -0.6 | -6.5 | -6.1 | |
Sales and marketing expenses | -0.2 | -0.7 | -3.4 | -3.3 | -3.6 | -4.0 | |
Other operating income and expenses | 5 | -0.6 | -0.5 | - | - | -0.6 | -0.5 |
Total | 11/13 | -109.3 | -104.7 | -25.4 | -25.7 | -134.7 | -130.4 |
(Million EUR) | 2022 | 2021 | ||||
Finance | Finance | Total | Finance | Finance | Total | |
costs | income | costs | income | |||
Interest expense on loans and borrowings measured at amortized cost | -7.2 | - | -7.2 | -9.4 | - | -9.4 |
Dividend income from other investments | - | 0.0 | 0.0 | - | - | - |
Interest income | - | 0.9 | 0.9 | - | 0.4 | 0.4 |
Expense for the unwinding of discounted provisions | -1.1 | - | -1.1 | -0.2 | - | -0.2 |
Net interest (expense)/income on pension asset/(liability) | -0.4 | 0.2 | -0.2 | -0.2 | 0.1 | -0.1 |
Net foreign exchange gains/(losses) (including revaluation to fair value and realization of derivative financial instruments) | -31.0 | 36.4 | 5.4 | -4.2 | 18.9 | 14.7 |
Net other finance (costs)/income | -1.8 | 0.2 | -1.5 | -1.1 | 0.2 | -0.8 |
Total | -41.5 | 37.8 | -3.8 | -15.1 | 19.6 | 4.5 |
(Million EUR) | 2022 | 2021 |
Interest expenses on loans and borrowings measured at amortized cost | -7.2 | -9.4 |
Reconciliation with consolidated statement of cash flows | ||
Interest expense on other loans and borrowings | -7.2 | -9.4 |
Changes in accrued interest charges | -2.1 | 0.0 |
Payment for forward rate agreements at maturity date | -4.4 | -5.7 |
(recognized at T-Power nv acquisition date) | ||
Interest paid | -13.8 | -15.1 |
(Million EUR) | 2022 | 2021 |
Recognized in the income statement | ||
Current tax expense | -63.7 | -47.2 |
Adjustment current tax expense previous periods | -0.6 | -0.8 |
Deferred tax - due to changes in temporary differences | 10.0 | 2.9 |
Deferred tax - due to changes in tax rate | 0.1 | 0.1 |
Deferred taxes - recognition (derecognition) of tax losses | -8.2 | 2.4 |
Total income tax expense in the income statement | -62.4 | -42.6 |
Profit (+) / loss (-) before tax | 289.2 | 230.9 |
Less share of result of equity accounted investees, net of income tax | 4.8 | 0.7 |
Profit (+) / loss (-) before tax and before result from equity accounted investees | 284.3 | 230.2 |
Effective tax rate | 21.9% | 18.5% |
Reconciliation of effective tax rate | ||
Profit (+) / loss (-) before tax and before result from equity accounted investees | 284.3 | 230.2 |
Theoretical tax rate | 25.9% | 26.0% |
Expected income tax at the theoretical tax rate | -73.8 | -59.8 |
Difference between theoretical and effective tax expenses | 11.4 | 17.2 |
Adjustment on deferred taxes | -8.1 | 2.5 |
Change in tax rates | 0.1 | 0.1 |
Recognition (derecognition) of tax losses | -8.2 | 2.4 |
Adjustment on tax expenses | 19.5 | 14.7 |
Expenses not deductible for tax purposes | -0.8 | -1.6 |
Non-taxable income | 0.6 | 1.3 |
Tax incentives | 1.7 | 2.1 |
Use of tax losses / tax credits | 16.5 | 10.9 |
Tax losses / temporary differences for which no deferred tax asset has been recorded | -1.3 | -0.4 |
Adjustment current tax expense previous periods | -0.6 | -0.8 |
Other | 3.5 | 3.2 |
| Land and | Plant, | Furniture and | Assets under | ||
| buildings | machinery and | vehicles | construction | Total | |
(Million EUR) | equipment | ||||
Cost | |||||
At January 1, 2022 | 536.8 | 1,513.4 | 195.1 | 69.9 | 2,315.2 |
- change in consolidation scope | 5.4 | 1.1 | 0.1 | 0.2 | 6.8 |
(acquisitions) | |||||
- dismantlement provision | 0.1 | 0.6 | - | - | 0.7 |
- capital expenditure | 6.4 | 22.4 | 1.9 | 82.2 | 112.8 |
- IFRS 16 new leases and lease | 5.7 | 2.3 | 9.7 | - | 17.7 |
modifications | |||||
- sales and disposals | -3.0 | -2.7 | -27.7 | - | -33.5 |
- transfers | 13.1 | 54.0 | 8.0 | -75.6 | -0.5 |
- translation differences | 6.7 | 16.5 | 2.6 | -1.1 | 24.7 |
At December 31, 2022 | 571.0 | 1,607.6 | 189.8 | 75.6 | 2,443.9 |
Depreciation and impairment losses | |||||
At January 1, 2022 | -313.2 | -993.0 | -122.5 | 0.0 | -1,428.7 |
- depreciation (note 8) | -20.0 | -66.6 | -22.7 | - | -109.3 |
- impairment losses (note 6/8) | - | -37.0 | - | - | -37.0 |
- sales and disposals | 2.9 | 2.5 | 27.1 | - | 32.5 |
- translation differences | -3.5 | -7.3 | -1.9 | - | -12.7 |
At December 31, 2022 | -333.9 | -1,101.4 | -119.9 | 0.0 | -1,555.2 |
Carrying amounts | |||||
At January 1, 2022 | 223.6 | 520.4 | 72.6 | 69.9 | 886.6 |
At December 31, 2022 | 237.1 | 506.2 | 69.9 | 75.6 | 888.7 |
| Land and | Plant, | Furniture and | Assets under | ||
| buildings | machinery and | vehicles | construction | Total | |
(Million EUR) | equipment | ||||
Cost | |||||
At January 1, 2021 | 511.3 | 1,463.5 | 185.6 | 60.2 | 2,220.6 |
- dismantlement provision | 0.3 | 0.2 | - | - | 0.5 |
- capital expenditure | 2.7 | 16.2 | 1.3 | 75.5 | 95.7 |
- IFRS 16 new leases and lease modifications | 8.4 | 2.2 | 9.4 | - | 20.0 |
- sales and disposals | -10.3 | -24.9 | -25.8 | - | -60.9 |
- transfers | 11.1 | 36.0 | 20.9 | -67.1 | 0.8 |
- translation differences | 13.3 | 20.2 | 3.6 | 1.4 | 38.6 |
At December 31, 2021 | 536.8 | 1,513.4 | 195.1 | 69.9 | 2,315.2 |
Depreciation and impairment losses | |||||
At January 1, 2021 | -293.8 | -940.7 | -123.8 | 0.0 | -1,358.4 |
- depreciation (note 8) | -21.7 | -61.6 | -21.4 | - | -104.7 |
- impairment losses (note 6/8) | -0.5 | -1.4 | - | - | -1.9 |
- sales and disposals | 9.8 | 23.6 | 25.7 | - | 59.0 |
- transfers | -0.3 | 0.5 | -0.3 | - | -0.2 |
- translation differences | -6.7 | -13.4 | -2.5 | - | -22.6 |
At December 31, 2021 | -313.2 | -993.0 | -122.5 | 0.0 | -1,428.7 |
Carrying amounts | |||||
At January 1, 2021 | 217.5 | 522.8 | 61.8 | 60.2 | 862.2 |
At December 31, 2021 | 223.6 | 520.4 | 72.6 | 69.9 | 886.6 |
| Carrying amount | Depreciation charges on | |||
(Million EUR) | right-of-use assets | right-of-use assets | ||
2022 | 2021 | 2022 | 2021 | |
Land and buildings | 21.4 | 21.8 | 5.9 | 5.1 |
Plant, machinery and equipment | 3.7 | 3.3 | 1.9 | 1.7 |
Furniture and vehicles | 23.0 | 25.8 | 12.6 | 13.4 |
Total | 48.2 | 50.9 | 20.3 | 20.3 |
(Million EUR) | 2022 | 2021 |
Agro | 11.9 | 9.4 |
Bio-valorization | 8.6 | 11.1 |
Industrial Solutions | 22.2 | 25.8 |
T-Power | 0.0 | 0.0 |
Non-allocated | 5.5 | 4.6 |
Tessenderlo Group | 48.2 | 50.9 |
(Million EUR) | 2022 | 2021 |
Agro | 0.6 | 0.7 |
Bio-valorization | 26.3 | 25.7 |
Group Akiolis | 15.0 | 15.0 |
PB Leiner America | 11.3 | 10.7 |
Industrial Solutions | 5.2 | 5.4 |
John Davidson Pipes | 2.2 | 2.3 |
BT Nyloplast bv | 3.0 | 3.0 |
T-Power | - | 0.6 |
Total | 32.1 | 32.3 |
(Million EUR) | note | 2022 | 2021 |
At January 1 | 32.3 | 33.4 | |
- sales and disposals | - | -2.2 | |
- impairment losses | 6/8 | -0.6 | - |
- translation differences | 0.4 | 1.1 | |
At December 31 | 32.1 | 32.3 |
2021 | |||||
Useful life | |||||
| Finite | |||||
| Concessions, | Customer | Other | |||
| patents, | Software | lists | intangible | Total | |
(Million EUR) | licenses | assets | |||
Cost | |||||
At January 1, 2021 | 68.1 | 17.9 | 200.4 | 27.0 | 313.3 |
- capital expenditure | 0.0 | 0.3 | - | - | 0.3 |
- net change in emission allowances | - | - | - | -1.1 | -1.1 |
- sales and disposals | -0.6 | - | - | - | -0.6 |
- transfers | 0.1 | -0.9 | - | - | -0.9 |
- translation differences | 4.0 | 0.2 | 1.3 | 1.7 | 7.1 |
At December 31, 2021 | 71.6 | 17.4 | 201.6 | 27.6 | 318.2 |
Amortization and impairment losses | |||||
At January 1, 2021 | -59.0 | -15.7 | -83.5 | -19.5 | -177.7 |
- amortization (note 8) | -3.2 | -0.7 | -21.4 | -0.4 | -25.7 |
- sales and disposals | 0.6 | - | - | - | 0.6 |
- transfers | - | 0.2 | - | - | 0.2 |
- translation differences | -3.4 | -0.1 | -1.2 | -1.6 | -6.4 |
At December 31, 2021 | -65.0 | -16.4 | -106.1 | -21.5 | -209.0 |
Carrying amounts | |||||
At January 1, 2021 | 9.0 | 2.1 | 116.9 | 7.5 | 135.6 |
At December 31, 2021 | 6.6 | 1.0 | 95.6 | 6.1 | 109.2 |
Ownership | |||
Country | 2022 | 2021 | |
Jupiter Sulphur LLC | US | 50% | 50% |
PB Shengda (Zhejiang) Biotechnology Co., Ltd | China | 50% | 50% |
\u00c9tablissements Michel SAS | France | 50% | 50% |
(Million EUR) | 2022 | 2021 |
Jupiter Sulphur LLC | 24.7 | 17.1 |
PB Shengda (Zhejiang) Biotechnology Co., Ltd | 0.7 | 1.4 |
\u00c9tablissements Michel SAS | 0.8 | 0.8 |
Total | 26.2 | 19.2 |
(Million EUR) | 2022 | 2021 |
Non-current assets | 103.9 | 103.8 |
Current assets | 29.7 | 15.9 |
Total assets | 133.7 | 119.7 |
Equity | 54.0 | 39.0 |
Non-current liabilities | 16.8 | 18.6 |
Current liabilities | 63.0 | 62.1 |
Total equity and liabilities | 133.7 | 119.7 |
Revenue | 104.0 | 55.3 |
Cost of sales | -88.6 | -50.3 |
Gross profit | 15.5 | 4.9 |
EBIT (Profit (+) / loss (-) from operations) | 13.6 | 2.9 |
Finance (costs) / income - net | -0.6 | -0.6 |
Profit (+) / loss (-) before tax | 13.1 | 2.3 |
Profit (+) / loss (-) for the period | 9.6 | 1.4 |
Total comprehensive income for the period | 9.6 | 1.4 |
Assets | Liabilities | Net | ||||
(Million EUR) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
Property, plant and equipment | 3.1 | 2.9 | -38.7 | -43.8 | -35.6 | -40.9 |
Intangible assets | 4.5 | 4.9 | -21.4 | -26.5 | -16.9 | -21.6 |
Inventories | 11.2 | 9.0 | -1.8 | -2.1 | 9.4 | 6.9 |
Employee benefits | 5.9 | 10.2 | -0.2 | -0.1 | 5.8 | 10.1 |
Derivative financial instruments | 0.8 | 3.4 | - | - | 0.8 | 3.4 |
Provisions | 6.6 | 7.4 | -15.9 | -13.7 | -9.3 | -6.3 |
Other items | 8.2 | 8.0 | -11.7 | -10.9 | -3.5 | -2.9 |
Losses carried forward | 11.2 | 19.4 | - | - | 11.2 | 19.4 |
Gross deferred tax assets / (liabilities) | 51.6 | 65.3 | -89.7 | -97.2 | -38.1 | -31.9 |
Set-off of tax | -33.4 | -31.8 | 33.4 | 31.8 | ||
Net deferred tax assets / (liabilities) | 18.2 | 33.5 | -56.3 | -65.4 | -38.1 | -31.9 |
| Balance at | Recognized | Recognized in | Acquisitions | Balance at | ||
| January 1, | in the | other | through | Translation | December | |
(Million EUR) | 2022 | income | comprehensive | business | differences | 31, 2022 |
statement | income | combinations | ||||
Property, plant and equipment | -40.9 | 7.7 | - | -1.0 | -1.4 | -35.6 |
Intangible assets | -21.6 | 4.6 | - | - | 0.0 | -16.9 |
Inventories | 6.9 | 2.5 | - | -0.2 | 0.2 | 9.4 |
Employee benefits | 10.1 | -0.1 | -4.4 | 0.1 | 0.1 | 5.8 |
Derivative financial instruments | 3.4 | -1.1 | -1.5 | - | - | 0.8 |
Provisions | -6.3 | -3.3 | - | 0.3 | 0.0 | -9.3 |
Other items | -2.9 | -0.2 | - | -0.2 | -0.2 | -3.5 |
Losses carried forward | 19.4 | -8.2 | - | - | 0.0 | 11.2 |
Total | -31.9 | 1.9 | -5.9 | -0.9 | -1.3 | -38.1 |
(Million EUR) | note | 2022 | 2021 |
| Non-current trade and other receivables | |||
Other receivables | 4.3 | 3.8 | |
Receivables from related parties | 0.0 | 0.0 | |
Assets related to employee benefit schemes | 23 | 10.2 | 9.1 |
Total | 14.5 | 12.9 |
(Million EUR) | note | 2022 | 2021 | |
Current trade and other receivables | ||||
Trade receivables | 26 | 373.4 | 332.4 | |
- | Gross trade receivables | 26 | 377.2 | 335.9 |
- | Amounts written off | 26 | -3.8 | -3.5 |
Other receivables | 37.2 | 38.0 | ||
Prepayments | 1.5 | 0.4 | ||
Receivables from related parties | 0.8 | 1.0 | ||
Total | 412.9 | 371.8 |
(Million EUR) | 2022 | 2021 |
Raw materials | 92.6 | 83.7 |
Work in progress | 14.3 | 11.3 |
Finished goods | 379.3 | 255.9 |
Goods purchased for resale | 66.5 | 31.3 |
Spare parts | 14.3 | 11.2 |
Total | 566.9 | 393.4 |
(Million EUR) | note | 2022 | 2021 |
Term accounts | 26 | 92.0 | 159.8 |
Current accounts | 26 | 64.1 | 160.4 |
Cash and cash equivalents | 156.1 | 320.3 | |
Bank overdrafts | 22/26 | -0.1 | -0.1 |
Cash and cash equivalents in the statement of cash flows | 156.0 | 320.2 |
| Shares | ||
2022 | 2021 | |
On issue at January 1 | 43,154,979 | 43,154,979 |
On issue at December 31 - fully paid | 43,154,979 | 43,154,979 |
2022 | 2021 | |
Number of ordinary shares at January 1 | 43,154,979 | 43,154,979 |
Effect of own shares 1 | -60,426 | -132,000 |
Adjusted weighted average number of ordinary shares at December 31 2 | 43,094,553 | 43,022,979 |
Profit (+) / loss (-) attributable to equity holders of the company (million EUR) | 226.9 | 187.8 |
Basic earnings per share (in EUR) | 5.26 | 4.36 |
Non-controlling interest | |||
percentage | |||
Country | 2022 | 2021 | |
Environmentally Clean Systems LLC | US | 30.99% | 30.99% |
ECS Myton, LLC | US | 49.00% | 49.00% |
PB Leiner (Hainan) Biotechnnology Co. Ltd | China | 20.00% | - |
(Million EUR) | 2022 | 2021 |
Non-current assets | 0.4 | 0.6 |
Current assets | 9.6 | 8.2 |
Total assets | 10.0 | 8.8 |
Equity | 1.5 | 1.1 |
Non-current liabilities | 0.7 | 0.6 |
Current liabilities | 7.7 | 7.1 |
Total equity and liabilities | 10.0 | 8.8 |
Revenue | - | 0.0 |
Cost of sales | - | -0.1 |
Gross profit | - | -0.0 |
Adjusted EBIT | -0.0 | -0.1 |
EBIT (Profit (+) / loss (-) from operations) | -0.4 | 2.3 |
Finance (costs) / income - net | 0.0 | -0.0 |
Profit (+) / loss (-) before tax | -0.4 | 2.3 |
Profit (+) / loss (-) for the period | -0.3 | 1.7 |
(Million EUR) | note | 2022 | 2021 |
Non-current loans and borrowings | 209.3 | 193.6 | |
Current loans and borrowings | 56.2 | 211.4 | |
Total loans and borrowings | 265.5 | 405.0 | |
Cash and cash equivalents | 18 | -156.1 | -320.3 |
1 Bank overdrafts | 18 | 0.1 | 0.1 |
| Short term investments | 18 | - | -10.0 |
| Long term investments | 18 | -50.0 | - |
Net loans and borrowings | 59.5 | 74.8 |
Net financial debt as per January 1, 2021 | -0.0 | 230.1 | 20.0 | 0.0 | -18.2 | -35.2 | -48.0 | -349.8 | -201.3 |
Cash flows, net | -0.0 | 89.2 | -10.0 | - | 20.6 | - | 47.4 | - | 147.1 |
IFRS 16 new leases and lease modifications | - | - | - | - | -2.0 | -18.0 | - | - | -20.0 |
Transfers | - | - | - | - | -17.0 | 17.0 | -193.7 | 193.7 | 0.0 |
Effect of exchange rate differences | - | 1.1 | - | - | -0.5 | -0.8 | -0.1 | -0.4 | -0.7 |
Net financial debt as per December 31, 2021 | -0.1 | 320.3 | 10.0 | 0.0 | -17.0 | -37.1 | -194.4 | -156.6 | -74.8 |
Net financial debt as per January 1, 2022 | -0.1 | 320.3 | 10.0 | 0.0 | -17.0 | -37.1 | -194.4 | -156.6 | -74.8 |
Cash flows, net | -0.1 | -123.7 | -10.0 | 50.0 | 20.7 | - | 198.0 | -60.0 | 74.9 |
Acquisitions through business combinations | - | -42.1 | - | - | -0.1 | -0.1 | - | - | -42.3 |
IFRS 16 new leases and lease modifications | - | - | - | - | -3.3 | -14.9 | - | - | -18.2 |
Transfers | - | - | - | - | -16.8 | 16.8 | -42.9 | 42.9 | 0.0 |
Effect of exchange rate differences | - | 1.7 | - | - | -0.2 | -0.1 | -0.1 | -0.3 | 1.0 |
Net financial debt as per December 31, 2022 | -0.1 | 156.1 | 0.0 | 50.0 | -16.8 | -35.4 | -39.4 | -173.9 | -59.5 |
(Million EUR) | note | 2022 | 2021 |
Non-current loans and borrowings | |||
Non-current lease liabilities | 35.4 | 37.1 | |
Bonds | 58.0 | 58.0 | |
Credit facility T-Power nv | 64.3 | 90.1 | |
Credit institutions | 51.6 | 8.5 | |
Total | 209.3 | 193.6 | |
Current loans and borrowings | |||
Current lease liabilities | 16.8 | 17.0 | |
Bonds | - | 165.5 | |
Current portion credit facility T-Power nv | 25.7 | 25.7 | |
Credit institutions | 13.6 | 3.2 | |
Total | 56.2 | 211.4 | |
Total non-current and current loans and borrowings | 26 | 265.5 | 405.0 |
(Million EUR) | EUR | USD | Other | Total |
Current lease liabilities | 10.1 | 4.8 | 1.9 | 16.8 |
Other current loans and borrowings | 38.4 | 0.9 | 0.0 | 39.4 |
Non-current lease liabilities | 24.5 | 6.1 | 4.7 | 35.4 |
Other non-current loans and borrowings | 169.6 | 4.3 | - | 173.9 |
Total loans and borrowings | 242.6 | 16.2 | 6.7 | 265.5 |
In percentage of total loans and borrowings | 91.4% | 6.1% | 2.5% | 100% |
(Million EUR) | EUR | USD | Other | Total |
Current lease liabilities | 9.7 | 4.7 | 2.6 | 17.0 |
Other current loans and borrowings | 192.9 | 0.9 | 0.7 | 194.4 |
Non-current lease liabilities | 24.5 | 6.1 | 6.4 | 37.1 |
Other non-current loans and borrowings | 151.8 | 4.7 | - | 156.6 |
Total loans and borrowings | 378.9 | 16.4 | 9.7 | 405.0 |
In percentage of total loans and borrowings | 93.5% | 4.1% | 2.4% | 100.0% |
2022 | 2021 | |||||||
| Early | Defined | Other | Early | Defined | Other | |||
| retirement | benefit | employee | Total | retirement | benefit | employee | Total | |
| provision | liability | benefits | provision | liability | benefits | |||
(Million EUR) | ||||||||
Non-current | 0.5 | 33.6 | 6.0 | 40.1 | 0.8 | 49.4 | 5.6 | 55.8 |
Current | 0.3 | - | 0.4 | 0.7 | 0.4 | - | 0.3 | 0.7 |
Total | 0.8 | 33.6 | 6.4 | 40.8 | 1.2 | 49.4 | 5.8 | 56.4 |
2022 | ||||
| Early retirement | Defined benefit | Other employee | Total | |
| provision | liability | benefits | ||
(Million EUR) | ||||
Balance at January 1, 2022 | 1.2 | 49.4 | 5.8 | 56.4 |
Change in consolidation scope (acquisitions) | - | 0.5 | - | 0.5 |
Additions | 0.3 | 3.1 | 2.2 | 5.5 |
Use of provisions | -0.4 | -1.3 | -0.3 | -2.0 |
Reversal of provisions | -0.4 | -18.1 | -1.2 | -19.7 |
Translation differences | - | 0.1 | -0.0 | 0.0 |
Balance at December 31, 2022 | 0.8 | 33.6 | 6.4 | 40.8 |
2022 | 2021 | |||||
| Fair | Fair | |||||
| Present | value | Net defined | Present | value | Net defined | |
| value of | of | benefit | value of | of | benefit | |
| obligations | plan | (liability)/asset | obligations | plan | (liability)/asset | |
(Million EUR) | assets | assets | ||||
Balance at January 1 | -183.6 | 143.4 | -40.3 | -186.7 | 131.1 | -55.6 |
| Included in profit or loss | ||||||
Current service cost | -5.9 | - | -5.9 | -6.3 | - | -6.3 |
Past service (cost)/benefit | -0.1 | - | -0.1 | -0.9 | - | -0.9 |
Current service cost - Employee | - | 0.5 | 0.5 | - | 0.4 | 0.4 |
contribution | ||||||
Interest (cost)/income | -1.9 | 1.7 | -0.2 | -1.1 | 0.9 | -0.1 |
Administrative expenses | - | -0.4 | -0.4 | - | -0.4 | -0.4 |
| Settlement cost UK pension fund | - | -7.3 | -7.3 | - | - | - |
Total included in profit or loss (note 7) | -7.9 | -5.6 | -13.5 | -8.2 | 1.0 | -7.3 |
| Included in other comprehensive income | ||||||
Remeasurements: | ||||||
- Gain/(loss) from change in demographic | -0.0 | - | -0.0 | 0.5 | - | 0.5 |
assumptions | ||||||
- Gain/(loss) from change in financial | 47.9 | - | 47.9 | 6.6 | - | 6.6 |
assumptions | ||||||
- Experience gains/(losses) | -5.4 | -15.4 | -20.7 | 2.5 | 8.5 | 11.1 |
Total included in other comprehensive income that will not be reclassified | 42.5 | -15.4 | 27.1 | 9.7 | 8.5 | 18.2 |
subsequently to profit or loss in subsequent periods | ||||||
Other Exchange differences on foreign plans | 1.5 | -2.1 | -0.6 | -4.1 | 4.4 | 0.3 |
Contributions by employer | - | 4.3 | 4.3 | - | 4.1 | 4.1 |
Benefits paid | 11.2 | -11.2 | 0.0 | 5.6 | -5.6 | 0.0 |
Change in consolidation scope (acquisitions) | -0.5 | - | -0.5 | - | - | 0.0 |
Total other | 12.2 | -9.0 | 3.2 | 1.6 | 2.8 | 4.4 |
Balance at December 31 | -136.9 | 113.4 | -23.5 | -183.6 | 143.4 | -40.3 |
(Million EUR) | note | 2022 | 2021 |
Cost of sales | -0.7 | -1.0 | |
Distribution expenses | -0.1 | -0.1 | |
Sales and marketing expenses | -0.1 | -0.1 | |
Administrative expenses | -3.7 | -3.9 | |
Other operating income and expenses | 5 | -1.4 | -2.0 |
EBIT adjusting items | 6 | -7.3 | - |
Finance (costs) / income - net | 9 | -0.2 | -0.1 |
Total | -13.5 | -7.3 |
2022 | 2021 | |||||||
(Million EUR) | Quoted | Unquoted | Total | % | Quoted | Unquoted | Total | % |
Property | - | 4.0 | 4.0 | 3.6% | - | 4.0 | 4.0 | 2.8% |
Qualifying insurance policies | - | 53.7 | 53.7 | 47.4% | - | 24.1 | 24.1 | 16.8% |
Cash and cash equivalents | - | 8.9 | 8.9 | 7.9% | - | 26.6 | 26.6 | 18.5% |
Investment funds | 46.7 | - | 46.7 | 41.2% | 86.6 | - | 86.6 | 60.4% |
Tessenderlo Group bond with maturity | - | - | 0.0 | 0.0% | 2.1 | - | 2.1 | 1.4% |
date July 15, 2022 | ||||||||
Total | 46.7 | 66.7 | 113.4 | 100.0% | 88.7 | 54.7 | 143.4 | 100.0% |
2022 | 2021 | |
Discount rate at 31 December | 3.9% | 1.1% |
Future salary increases | 2.2% | 1.9% |
Inflation | 2.4% | 2.3% |
Mortality table | |
Belgium | MR/FR - 5 (2021: MR/FR - 5) |
| United Kingdom | 110% S3PMA, 105% S3PFA, CMI_2021 [1.50% M, 1.25% F] [S-kappa=7, A=0.25%, w2020 &w2021=0%] |
from 2016 | |
Germany | \u00a9 RICHTTAFELN 2018 G von Klaus Heubeck - Lizenz Heubeck-Richttafeln-GmbH, K\u00f6ln |
Change in | Impact on defined | Change in | Impact on defined | |
assumption | benefit obligation* | assumption | benefit obligation* | |
Discount rate | +0.5% | -4.5% | -0.5% | 4.9% |
Salary growth rate | +0.5% | 0.7% | -0.5% | -1.2% |
Pension growth/inflation rate | +0.5% | 2.9% | -0.5% | -3.4% |
Life expectancy | + 1 year | 1.4% | - 1 year | -1.4% |
2022 | 2021 | ||||||
| Current | Non- | Total | Current | Non- | Total | ||
(Million EUR) | note | current | current | ||||
Environment | 28 | 4.8 | 91.8 | 96.7 | 4.9 | 108.5 | 113.4 |
Dismantlement | 1.2 | 22.8 | 24.0 | - | 22.1 | 22.1 | |
Restructuring | 0.5 | - | 0.5 | 1.6 | - | 1.6 | |
Other | 3.4 | 6.6 | 10.0 | 3.0 | 7.7 | 10.7 | |
Total | 9.8 | 121.3 | 131.1 | 9.5 | 138.3 | 147.8 |
Environment | Dismantlement | Restructuring | Other | Total | |
Balance at January 1, 2022 | 113.4 | 22.1 | 1.6 | 10.7 | 147.8 |
Change in consolidation scope (acquisitions) | - | 1.0 | - | - | 1.0 |
Additions | 0.4 | 0.7 | 0.1 | 3.0 | 4.2 |
Use of provisions | -1.5 | -0.0 | -1.3 | -2.4 | -5.2 |
Reversal of provisions | -0.1 | - | - | -1.3 | -1.3 |
Effect of discounting | -15.5 | - | - | - | -15.5 |
Translation differences | 0.0 | 0.2 | - | 0.0 | 0.2 |
Balance at December 31, 2022 | 96.7 | 24.0 | 0.5 | 10.0 | 131.1 |
(Million EUR) | 2022 | 2021 |
Non-current trade and other payables | ||
Accrued charges and deferred income | 3.1 | 3.5 |
Remuneration and social security | 3.4 | - |
Other amounts payable | 0.4 | 0.6 |
Total | 6.9 | 4.1 |
Current trade and other payables | ||
Trade payables | 269.3 | 243.9 |
Remuneration and social security | 89.9 | 91.9 |
VAT and other taxes | 12.1 | 10.9 |
Accrued charges and deferred income | 4.1 | 6.3 |
Trade and other payables from related parties | 3.5 | 4.0 |
Other amounts payable | 4.4 | 9.0 |
Total | 383.2 | 365.9 |
(Million EUR) | 2022 | 2021 | ||
EUR* | USD | EUR* | USD | |
Assets | 40.4 | 420.6 | 27.9 | 451.8 |
Liabilities | -25.3 | -35.3 | -24.1 | -271.3 |
Gross exposure | 15.1 | 385.3 | 3.7 | 180.5 |
Foreign currency swaps | -12.1 | -23.6 | -11.2 | - |
Net exposure | 3.0 | 361.7 | -7.5 | 180.5 |
Net exposure (in EUR) | 3.0 | 339.1 | -7.5 | 159.4 |
Impact on the | Impact on equity: | ||
| (Million EUR) | Change in rate | income statement: | loss(-)/gain(+) |
loss(-)/gain(+) | |||
At December 31, 2022 | |||
USD | +10% | -26.3 | -44.0 |
-10% | 32.1 | 53.7 | |
At December 31, 2021 | |||
USD | +10% | -24.1 | -48.6 |
-10% | 29.5 | 59.4 |
(Million EUR) | note | 2022 | 2021 |
Agro | 155.8 | 153.0 | |
Bio-valorization | 112.5 | 99.7 | |
Industrial Solutions | 102.9 | 77.8 | |
T-Power | 2.1 | 1.8 | |
Non-allocated | 0.1 | 0.1 | |
Total | 16 | 373.4 | 332.4 |
(Million EUR) | note | 2022 | 2021 | ||
| Gross | Amounts | Gross | Amounts | ||
written off | written off | ||||
Not past due | 330.9 | - | 298.3 | - | |
Past due 0-30 days | 31.5 | -0.0 | 27.4 | -0.0 | |
Past due 31-120 days | 8.3 | -0.1 | 4.8 | -0.1 | |
Past due 121-365 days | 3.9 | -1.1 | 2.7 | -0.8 | |
More than one year | 2.6 | -2.6 | 2.7 | -2.6 | |
Total | 16 | 377.2 | -3.8 | 335.9 | -3.5 |
(Million EUR) | note | 2022 | 2021 |
Balance at January 1 | -3.5 | -4.0 | |
Use of impairment loss | 0.4 | 0.7 | |
Reversal / (recognition) of impairment losses | 5 | -0.7 | -0.2 |
Other movements | 0.0 | 0.0 | |
Balance at December 31 | 16 | -3.8 | -3.5 |
(Million EUR) | note | 2022 | 2021 |
Fixed rate instruments | |||
Cash and cash equivalents | 18 | 92.0 | 159.8 |
Short term investments | 18 | - | 10.0 |
Long term investments | 18 | 50.0 | - |
Loans and borrowings | 22 | 175.4 | 288.5 |
Variable rate instruments | |||
Cash and cash equivalents | 18 | 64.1 | 160.4 |
Loans and borrowings | 22 | 90.1 | 116.5 |
Bank overdrafts | 22 | 0.1 | 0.1 |
(Million EUR) | note | 2022 | ||||
Carrying | Contractual | Less than | Between 1 | More than 5 | ||
amount | cash flows | one year | and 5 years | years | ||
| Non-derivative loans and borrowings | ||||||
Bond with maturity date July 15, 2025 | 58.0 | 63.0 | 2.0 | 61.0 | - | |
Credit facility T-Power nv | 90.1 | 97.5 | 29.1 | 68.4 | - | |
Credit institutions | 65.2 | 67.5 | 14.3 | 45.9 | 7.2 | |
Lease liabilities | 52.2 | 59.8 | 17.3 | 30.6 | 11.9 | |
Loans and borrowings | 22 | 265.5 | 287.7 | 62.7 | 205.9 | 19.1 |
Bank overdrafts* | 22 | 0.1 | 0.1 | 0.1 | - | - |
Derivatives | ||||||
Foreign currency swaps | -0.0 | |||||
Inflow | 34.1 | 34.1 | - | - | ||
Outflow | -34.1 | -34.1 | - | - | ||
Interest rate swaps | -3.2 | |||||
Inflow | 4.8 | 2.2 | 2.6 | - | ||
Outflow | -8.2 | -3.7 | -4.5 | - | ||
Total | -3.3 | -3.4 | -1.6 | -1.9 | 0.0 | |
2021 | ||||||
| Non-derivative loans and borrowings | ||||||
Bond with maturity date July 15, 2022 | 165.5 | 167.9 | 167.9 | - | - | |
Bond with maturity date July 15, 2025 | 58.0 | 64.9 | 2.0 | 63.0 | - | |
Credit facility T-Power nv | 115.8 | 117.6 | 26.1 | 91.5 | - | |
Credit institutions | 11.7 | 12.5 | 3.5 | 7.7 | 1.3 | |
Lease liabilities | 54.1 | 59.1 | 17.6 | 30.9 | 10.6 | |
Loans and borrowings | 22 | 405.0 | 422.0 | 217.0 | 193.1 | 12.0 |
Bank overdrafts* | 22 | 0.1 | 0.1 | 0.1 | - | - |
Derivatives | ||||||
Foreign currency swaps | 0.1 | |||||
Inflow | 11.3 | 11.3 | - | - | ||
Outflow | -11.2 | -11.2 | - | - | ||
Interest rate swaps | -13.5 | |||||
Inflow | 0.2 | - | 0.2 | - | ||
Outflow | -13.6 | -5.3 | -8.3 | - | ||
Total | -13.4 | -13.4 | -5.2 | -8.1 | 0.0 |
(Million EUR) | note | 2022 | 2021 | ||
Carrying | Fair value | Carrying | Fair value | ||
amount | amount | ||||
Non-current loans and borrowings | |||||
Lease liabilities | 22 | -35.4 | -32.2 | -37.1 | -38.2 |
Credit institutions | 22 | -51.6 | -47.3 | -8.5 | -8.8 |
Bonds (maturity date in 2025) | 22 | -58.0 | -57.2 | -58.0 | -60.5 |
(Million EUR) | 2022 | |||||||
Carrying amount balance sheet | Fair value hierarchy | |||||||
Non- | Non- | |||||||
| Current | Current | |||||||
| current | current | Level 1 | Level 2 | Level 3 | Total | |||
| assets | liabilities | |||||||
assets | liabilities | |||||||
Foreign currency swaps | 0.1 | - | -0.1 | - | - | -0.0 | - | -0.0 |
Interest rate swaps | - | - | -1.5 | -1.7 | - | -3.2 | - | -3.2 |
Electricity forward | 0.4 | - | - | -8.4 | - | - | -8.0 | -8.0 |
contracts | ||||||||
Electricity and gas | 0.1 | - | - | - | - | 0.1 | - | 0.1 |
forward contracts | ||||||||
Total | 0.6 | 0.0 | -1.6 | -10.1 | 0.0 | -3.1 | -8.0 | - 11. 1 |
(Million EUR) | 2021 | |||||||
Carrying amount balance sheet | Fair value hierarchy | |||||||
Non- | Non- | |||||||
| Current | Current | |||||||
| current | current | Level 1 | Level 2 | Level 3 | Total | |||
| assets | liabilities | |||||||
assets | liabilities | |||||||
Foreign currency swaps | 0.1 | - | -0.0 | - | - | 0.1 | - | 0.1 |
Interest rate swaps | - | - | -5.3 | -8.2 | - | -13.5 | - | -13.5 |
Electricity forward | - | - | -3.3 | -12.5 | - | - | -15.8 | -15.8 |
contracts | ||||||||
Electricity and gas | 0.5 | - | - | - | - | 0.5 | - | 0.5 |
forward contracts | ||||||||
Total | 0.6 | 0.0 | -8.6 | -20.7 | 0.0 | -12.9 | -15.8 | -28.7 |
(Million EUR) | 2022 | 2021 | ||
Contractual amount | Fair value | Contractual amount | Fair value | |
Foreign currency swaps | 34.1 | -0.0 | 11.3 | 0.1 |
Interest rate swaps | -3.4 | -3.2 | -13.4 | -13.5 |
Electricity and gas forward contracts | N/A | -7.9 | N/A | -15.3 |
Total | 30.7 | -11.1 | -2.2 | -28.7 |
2024 | 2025 | |||
Gas forward price | EUR/MWh | 113.1 | 79.4 | 56.3 |
Electricity forward price | EUR/MWh | 257.2 | 163.5 | 131.0 |
Discount rate | 2.5% |
2023 | 2024 | |||
Gas forward price | EUR/MWh | 33.7 | 23.6 | 20.1 |
Electricity forward price | EUR/MWh | 85.9 | 66.4 | 59.3 |
Discount rate | 0.0% |
Change in assumption | Impact fair value (Million EUR) | ||
2022 | 2021 | ||
Gas price | +1 EUR/MWh | -2.5 | -2.6 |
Electricity price | +1 EUR/MWh | 1.3 | 1.3 |
Spark spread optimization | +1 EUR/MWh | 1.3 | 1.3 |
Discount rate | +1% | 0.2 | 0.3 |
Running hours T-Power nv | +10% | -1.9 | -1.8 |
(Million EUR) | 2022 | 2021 |
Guarantees given by third parties on behalf of the group | 29.3 | 30.8 |
Guarantees given on behalf of third parties | 3.0 | 1.5 |
Guarantees received from third parties | 6.7 | 6.0 |
Commitments related to capital expenditures | 52.9 | 53.4 |
(Million EUR) | note | 2022 | 2021 |
Transactions with joint-ventures - Sales | - | - | |
Transactions with joint-ventures - Purchases | -74.9 | -33.9 | |
Non-current assets | 8.2 | 9.2 | |
Current assets | 0.7 | 1.0 | |
Current liabilities | 25 | 3.5 | 4.0 |
(Million EUR) | 2022 | 2021 |
Short-term employee benefits | 3.4 | 2.5 |
Long-term employee benefits | 0.5 | 2.9 |
Post-employment benefits | 0.1 | 0.2 |
Total | 4.0 | 5.6 |
Members | Remuneration in EUR | 2022 | 2021 |
| Philium bvba, represented by its | Fixed annual fee | - | 9,870 |
| permanent representative Mr. Phillippe | Additional fixed fee for chairman of Audit Committee | - | 1,077 |
| Coens (independent non-executive | Variable fee per half day attended | - | 2,000 |
| director until 11/05/2021) | Total remuneration | 0 | 12,947 |
Management Deprez bv, represented by | Fixed annual fee | 27,500 | 27,500 |
| its permanent representative Ms. Veerle | Variable fee per half day attended | 23,000 | 9,000 |
| Deprez (independent non-executive | |||
director). Member of the Board of Directors since June 6, 2017 | Total remuneration | 50,500 | 36,500 |
ANBA bv, represented by its permanent | Fixed annual fee | 27,500 | 27,500 |
| representative Ms. Anne-Marie Baeyaert | Additional fixed fee for chairman of Audit Committee | 3,000 | 1,923 |
| (independent non-executive director). | Variable fee per half day attended | 23,000 | 9,000 |
| Member of the Board of Directors since | |||
June 6, 2017 | Total remuneration | 53,500 | 38,423 |
Fixed annual fee | 27,500 | 27,500 | |
| Stefaan Haspeslagh (executive director) | Additional fixed fee for chairman of Board of Directors | 72,500 | 72,500 |
Variable fee per half day attended | 15,000 | 9,000 | |
Total remuneration | 115,000 | 109,000 | |
Fixed annual fee | 27,500 | 27,500 | |
| Luc Tack (executive director) | Variable fee per half day attended | 15,000 | 9,000 |
Total remuneration | 42,500 | 36,500 | |
Fixed annual fee | 27,500 | 27,500 | |
| Karel Vinck (non-executive director) | Variable fee per half day attended | 15,500 | 9,000 |
Total remuneration | 43,000 | 36,500 | |
| Wouter De Geest (independent non- | Fixed annual fee | 27,500 | 17,630 |
| executive director as from 11/05/2021 | Variable fee per half day attended | 22,000 | 7,000 |
| onwards) | Total remuneration | 49,500 | 24,630 |
Total | 354,000 | 294,500 |
(Million EUR) | 2022 | |||
Audit | Audit related | Other | Total | |
KPMG (Belgium) | 0.3 | 0.1 | - | 0.4 |
KPMG (Outside Belgium) | 0.8 | - | 0.0 | 0.8 |
Total | 1.0 | 0.1 | 0.0 | 1.2 |
(Million EUR) | 2021 | |||
Audit | Audit related | Other | Total | |
KPMG (Belgium) | 0.2 | - | 0.0 | 0.2 |
KPMG (Outside Belgium) | 0.6 | - | 0.1 | 0.7 |
Total | 0.9 | 0.0 | 0.1 | 0.9 |
As per December 31 | |||
| 2022 | |||
Consolidated equity | Pro forma | ||
| of Tessenderlo | adjustments | Pro forma equity | |
(Million EUR) | Group as published | ||
Equity attributable to equity holders of the company | 1,401.8 | 516.0 | 1,917.8 |
Issued capital | 216.2 | 212.0 | 428.3 |
Share premium | 238.0 | 1,505.6 | 1,743.6 |
Own shares | -1.0 | -887.3 | -888.3 |
Reserves and retained earnings | 948.5 | - | 948.5 |
Reserves related to the Picanol acquisition | - | -314.4 | -314.4 |
Non-controlling interest | 1.5 | - | 1.5 |
Total equity | 1,403.2 | 516.0 | 1,919.2 |
Belgian | |||||
Entity | Address | company | Ownership | ||
number | |||||
Europe | |||||
Belgium | DYKA Plastics nv | 3900 | Pelt | 0414467340 | 100% |
Belgium | Limburgse Rubber Produkten nv | 1050 | Brussels | 0415296392 | 100% |
| Belgium | Tessenderlo Chemie International | 1050 | Brussels | 0407247372 | 100% |
nv | |||||
Belgium | Tessenderlo Group nv | 1050 | Brussels | 0412101728 | Parent company |
| Belgium | Tessenderlo Development | 1050 | Brussels | 0724619989 | 100% |
Services nv | |||||
Belgium | T-Power Energy Services bv | 1050 | Brussels | 0838489378 | 100% |
Belgium | T-Power nv | 1050 | Brussels | 0875650771 | 100% |
Czech Republic | DYKA s.r.o. | 27361 | Velka Dobra | 100% | |
France | Akiolis Group SAS | 72100 | Le Mans | 100% | |
France | Atemax France SAS | 72100 | Le Mans | 100% | |
France | DYKA SAS | 62140 | Sainte Austreberthe | 100% | |
France | DYKA Tube SAS | 18570 | La Chapelle-Saint-Ursin | 100% | |
France | DYKA R\u00e9seaux SAS | 27600 | Gaillon | 100% | |
| France | Etablissements Charvet P\u00e8re et | 91490 | Milly-La-For\u00eat | 100% | |
Fils SAS | |||||
France | Etablissements Violleau SAS | 79380 | La For\u00eat sur S\u00e8vre | 100% | |
France | Kuhlmann France SAS | 59120 | Loos | 100% | |
France | Tefipar SAS | 59120 | Loos | 100% | |
France | Tessenderlo Kerley France SAS | 59120 | Loos | 100% | |
France | Tessenderlo Services SARL | 59120 | Loos | 100% | |
France | SCI Les Violettes | 79380 | La For\u00eat sur S\u00e8vre | 100% | |
France | Soleval France SAS | 72100 | Le Mans | 100% | |
Germany | BT Nyloplast GmbH | 86551 | Aichach | 100% | |
Germany | PB Gelatins GmbH | 31582 | Nienburg | 100% | |
Hungary | BT Nyloplast Kft | 3636 | Vadna | 100% | |
Luxembourg | Terelux SA | 2163 | Luxembourg | 100% | |
Poland | DYKA Sp.z.o.o. | 55-221 Jelcz-Laskowice | 100% | ||
Romania | DYKA Plastic Pipe Systems S.R.L. | Cluj Napoca Municipalith - Cluj County | 100% | ||
Slovakia | DYKA SK s.r.o. | 82109 | Bratislava | 100% | |
Spain | Akiolis Iberia S.L. | 08018 | Barcelona | 100% | |
Switzerland | Kuhlmann Switzerland AG | 5332 | Rekingen | 100% | |
The Netherlands | BT Nyloplast bv | 3295 | KG 's Gravendeel | 100% | |
The Netherlands | DYKA bv | 8331 | LJ Steenwijk | 100% | |
| The Netherlands | Tessenderlo Kerley Netherlands | 4825 | AV Breda | 100% | |
bv | |||||
The Netherlands | Tessenderlo NL Holding bv | 4825 | AV Breda | 100% | |
United Kingdom | DYKA UK Ltd. | Longtown-Carlisle Cumbria CA6 5LY | 100% | ||
United Kingdom | John Davidson Holdings Ltd. | Edinburgh EH3 8UL | 100% | ||
United Kingdom | John Davidson Pipes Ltd. | Edinburgh EH3 8UL | 100% | ||
United Kingdom | PB Gelatins UK Ltd. | Pontypridd CF 375 SQ | 100% | ||
United Kingdom | Tessenderlo Holding UK Ltd. | Pontypridd CF 375 SQ | 100% |
United States | |||
US | Environmentally Clean Systems LLC | Dover, DE 19904 | 69.01% |
US | ECS Myton, LLC | Dover, DE 19904 | 51.00% |
US | Kerley Trading Inc. | Wilmington, DE 19801 | 100% |
US | MPR Services Inc. | Wilmington, DE 19801 | 100% |
US | PB Leiner USA Corporation | Davenport, Iowa 52806 | 100% |
US | Tessenderlo Kerley, Inc. | Dover, DE 19904 | 100% |
US | Tessenderlo USA Inc. | Dover, DE 19904 | 100% |
Ciudad Aut\u00f3noma de Buenos Aires | 100% | ||||
Belarus | Tessenderlo Kerley Bela LLC | 220036 | Minsk | 100% | |
| Brazil | PB Brasil Industria e Comercio de | Acorizal, Mato Grosso CEP 78480-000 | 100% | ||
Gelatinas Ltda | |||||
Brazil | Tessenderlo Kerley Brasil Ltda | 13091-611 | Campinas - SP | 100% | |
| Chile | Kerley Latinoamericana | 9358 | Santiago | 100% | |
Comercializadora Limitada | Xinyi Village, Kongguo County, Nehe City, Qiqihaer City, | ||||
China | PB Gelatins (Heilongjiang) Co. Ltd. | Heilongjiang Province | 100% | ||
| China | PB Leiner (Hainan) Biotechnology Co. | Chengmai County - Hainan Province | 80% | ||
Ltd. | |||||
Costa Rica | Tessenderlo Kerley Costa Rica SA | La Union Tres Rios - Cartago | 100% | ||
India | Tessenderlo Kerley India Private Ltd. | Gurgaon, Haryana, 122018, | 100% | ||
Japan | TKI Japan KK | Tokyo - Chiyoda-ku | 100% | ||
Mexico | Tessenderlo Kerley Mexico SA de CV | Ciudad Obregon, Estado de Sonora | 100% | ||
Paraguay | Maramba S.R.L. | Chacoi Villa Hayes - Asuncion del Paraguay | 100% | ||
Peru | TKP Peru S.A.C. | Ciudad de Lima - Provincia de Lima | 100% | ||
Philippines | CP Sciontek AGDEV Inc. | Don Jos\u00e9, Sta. Rosa Laguna 4026 | 100% | ||
| Turkey | Tessenderlo Kerley Turkey Tarim Ve | Kemalpasa - Izmir | 35730 | 100% | |
Kimya Sanayi Ve. Tic. Ltd. STI |
Europe | ||||
France | Etablissements Michel SAS | 31800 | Villeneuve de Rivi\u00e8re | 50.00% |
Rest of the world | |||
| China | PB Shengda (Zhejiang) | Zhoushan City, Zhejiang Province | 50.00% |
Biotechnology Co., Ltd | |||
US | Jupiter Sulphur LLC | Wilmington, DE 19801 | 50.00% |
(Million EUR) | 2022 | 2021 |
Total assets | ||
Non-current assets | 1,247.2 | 791.3 |
Intangible assets | 0.1 | 0.2 |
Property, plant and equipment | 110.8 | 116.3 |
Financial assets | 1,136.3 | 674.9 |
Current assets | 594.6 | 1,004.9 |
Non-current trade and other receivables | 0.7 | 0.7 |
Inventories | 151.6 | 122.1 |
Current trade and other receivables | 276.3 | 582.7 |
Other investments | 143.0 | 158.1 |
Cash and cash equivalents | 17.0 | 134.7 |
Prepaid expenses and accrued income | 6.1 | 6.6 |
Total assets | 1,841.8 | 1,796.2 |
Total liabilities | ||
Shareholders' equity | 1,256.1 | 979.3 |
Issued capital | 216.2 | 216.2 |
Share premium | 238.0 | 238.0 |
Reserves | 26.9 | 29.7 |
Retained earnings | 774.4 | 494.8 |
Capital grants | 0.5 | 0.6 |
Provisions and deferred taxes | 117.4 | 118.5 |
Provisions | 117.4 | 118.5 |
Deferred taxes | - | - |
Liabilities | 468.3 | 698.4 |
Liabilities due in more than one year | 114.0 | 74.4 |
Liabilities due within one year | 342.4 | 610.7 |
Accrued expenses and deferred income | 11.9 | 13.4 |
Total liabilities | 1,841.8 | 1,796.2 |
(Million EUR) | 2022 | 2021 |
Total operating income | 823.3 | 575.9 |
Sales | 613.1 | 482.6 |
Change in work in progress, finished goods and orders in progress (increase+/decrease-) | 39.7 | 3.0 |
Production capitalized | 0.8 | 1.2 |
Other operating income | 161.8 | 88.3 |
Non-recurring operating income | 7.9 | 0.8 |
Total operating charges | -792.7 | -583.0 |
Raw materials and goods purchased for resale | -402.5 | -284.9 |
Services and other goods | -264.3 | -191.7 |
Wages, salaries, social charges and pensions | -84.0 | -75.4 |
Depreciations and amortizations on formation expenses, tangible and intangible assets | -15.4 | -14.8 |
Amounts written-off stocks and trade receivable (charges (-) / write-back (+) ) | -5.8 | -1.0 |
Provision for liabilities and charges (utilisations and write-backs less charges) | 1.8 | -1.5 |
Other operating charges | -16.2 | -13.6 |
Non-recurring operating charges | -6.3 | -0.1 |
Operating result | 30.6 | -7.1 |
Finance income | 358.8 | 90.8 |
Finance costs | -44.1 | -28.9 |
Profit before taxes | 345.3 | 54.9 |
Income taxes | -4.3 | -2.2 |
Deferred taxes | - | - |
Profit (+) / losses (-) | 341.0 | 52.7 |
Untaxed reserves | -0.5 | -0.8 |
Profit (+) / losses (-) for the year to be allocated | 340.5 | 51.9 |
(Million EUR) | 2022 | 2021 |
The Tessenderlo Group nv Board of Directors proposes to allocate the | ||
- Profits, being | 340.5 | 51.9 |
- Increased by prior years' retained earnings | 494.8 | 442.9 |
Totaling | 835.3 | 494.8 |
In the following manner: | ||
- Reserves | -3.2 | - |
- Dividends | 64.1 | - |
- Retained earnings | 774.4 | 494.8 |
Totaling | 835.3 | 494.8 |
(Million EUR) | note | 2022 | 2021 |
Adjusted EBIT | 3 | 300.1 | 223.8 |
Gains and losses on disposals | 6 | 0.3 | 2.8 |
Restructuring | 6 | -0.3 | -1.7 |
Impairment losses | 6 | -37.6 | -1.9 |
Provisions and claims | 6 | 13.5 | 4.0 |
Settlement loss UK pension plan | 6 | -7.3 | - |
Electricity purchase agreement | 6 | 21.1 | -1.4 |
Other income and expenses | 6 | -1.6 | 0.0 |
EBIT (Profit (+) / loss (-) from operations) | 288.1 | 225.7 |
(Million EUR) | note | 2022 | 2021 |
Adjusted EBITDA | 3 | 434.8 | 354.2 |
Gains and losses on disposals | 6 | 0.3 | 2.8 |
Restructuring | 6 | -0.3 | -1.7 |
Provisions and claims | 6 | 13.5 | 4.0 |
Settlement loss UK pension plan | 6 | -7.3 | - |
Electricity purchase agreement | 6 | 21.1 | -1.4 |
Other income and expenses | 6 | -1.6 | 0.0 |
EBITDA | 460.5 | 358.0 | |
Depreciation and amortization | 8 | -134.7 | -130.4 |
Impairment losses | 8 | -37.6 | -1.9 |
EBIT (Profit (+) / loss (-) from operations) | 288.1 | 225.7 |
(Million EUR) | note | 2022 | 2021 |
Non-current loans and borrowings | 22 | 209.3 | 193.6 |
Bank overdrafts | 22 | 0.1 | 0.1 |
Current loans and borrowings | 22 | 56.2 | 211.4 |
Cash and cash equivalents | 18/22 | -156.1 | -320.3 |
Short term investments | 18/22 | - | -10.0 |
Long term investments | 18/22 | -50.0 | - |
Net financial debt | 22 | 59.5 | 74.8 |
Equity attributable to equity holders of the company | 1,401.8 | 1,130.0 | |
Gearing (net financial debt / (equity + net financial debt)) | 19 | 4.1% | 6.2% |
For the year ended December 31 | |||
(Million EUR) | note | 2022 | 2021 |
Non-current loans and borrowings | 22 | 209.3 | 193.6 |
Bank overdrafts | 22 | 0.1 | 0.1 |
Current loans and borrowings | 22 | 56.2 | 211.4 |
Cash and cash equivalents | 18/22 | -156.1 | -320.3 |
Short term investments | 18/22 | - | -10.0 |
Long term investments | 18/22 | -50.0 | - |
Net financial debt | 22 | 59.5 | 74.8 |
Adjusted EBITDA | 3 | 434.8 | 354.2 |
Leverage (net financial debt / Adjusted EBITDA last 12 months) | 22 | 0.1 | 0.2 |
(Million EUR) | note | 2022 | 2021 |
Inventories | 17 | 566.9 | 393.4 |
Trade receivables - 1 year | 16 | 377.2 | 335.9 |
Trade receivables - 1 year: amounts written off | 16 | -3.8 | -3.5 |
Trade receivables from related parties | 16 | 0.8 | 1.0 |
Trade payables -1 year | 25 | -269.3 | -243.9 |
Trade payables from related parties | 25 | -3.5 | -4.0 |
Trade working capital | 668.3 | 479.0 | |
Property, plant and equipment | 11 | 888.7 | 886.6 |
Goodwill | 12 | 32.1 | 32.3 |
Intangible assets | 13 | 107.0 | 109.2 |
Net assets | 3 | 1,027.8 | 1,028.0 |
Capital employed | 1,696.2 | 1,507.0 |
(Million EUR) | 2022 | 2021 |
EBIT last 12 months | 288.1 | 225.7 |
Average capital employed last 12 months | 1,678.3 | 1,462.0 |
ROCE (return on capital employed) | 17.2% | 15.4% |
| Property, plant | Intangible assets | Goodwill | Total | ||||||
(Million EUR) | note | and equipment | |||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||
Impairment losses | 6/11/12 | -37.0 | -1.9 | - | - | -0.6 | - | -37.6 | -1.9 |
Total | 6/11/12 | -37.0 | -1.9 | 0.0 | 0.0 | -0.6 | 0.0 | -37.6 | -1.9 |
(Million EUR) | note | 2022 | 2021 |
Wages and salaries | -277.1 | -254.5 | |
Employer\u2019s social security contributions | -59.9 | -53.9 | |
Other personnel costs | -19.8 | -21.7 | |
Contributions to defined contribution plans | -10.2 | -9.3 | |
Expenses related to defined benefit plans | 23 | -13.5 | -7.3 |
Total | -380.4 | -346.6 |
2022 | 2021 | |||||||
| Early | Defined | Other | Early | Defined | Other | |||
| retirement | benefit | employee | Total | retirement | benefit | employee | Total | |
| provision | liability | benefits | provision | liability | benefits | |||
(Million EUR) | ||||||||
Non-current | 0.5 | 33.6 | 6.0 | 40.1 | 0.8 | 49.4 | 5.6 | 55.8 |
Current | 0.3 | - | 0.4 | 0.7 | 0.4 | - | 0.3 | 0.7 |
Total | 0.8 | 33.6 | 6.4 | 40.8 | 1.2 | 49.4 | 5.8 | 56.4 |
2022 | ||||
| Early retirement | Defined benefit | Other employee | Total | |
| provision | liability | benefits | ||
(Million EUR) | ||||
Balance at January 1, 2022 | 1.2 | 49.4 | 5.8 | 56.4 |
Change in consolidation scope (acquisitions) | - | 0.5 | - | 0.5 |
Additions | 0.3 | 3.1 | 2.2 | 5.5 |
Use of provisions | -0.4 | -1.3 | -0.3 | -2.0 |
Reversal of provisions | -0.4 | -18.1 | -1.2 | -19.7 |
Translation differences | - | 0.1 | -0.0 | 0.0 |
Balance at December 31, 2022 | 0.8 | 33.6 | 6.4 | 40.8 |
2022 | 2021 | |||||
| Fair | Fair | |||||
| Present | value | Net defined | Present | value | Net defined | |
| value of | of | benefit | value of | of | benefit | |
| obligations | plan | (liability)/asset | obligations | plan | (liability)/asset | |
(Million EUR) | assets | assets | ||||
Balance at January 1 | -183.6 | 143.4 | -40.3 | -186.7 | 131.1 | -55.6 |
| Included in profit or loss | ||||||
Current service cost | -5.9 | - | -5.9 | -6.3 | - | -6.3 |
Past service (cost)/benefit | -0.1 | - | -0.1 | -0.9 | - | -0.9 |
Current service cost - Employee | - | 0.5 | 0.5 | - | 0.4 | 0.4 |
contribution | ||||||
Interest (cost)/income | -1.9 | 1.7 | -0.2 | -1.1 | 0.9 | -0.1 |
Administrative expenses | - | -0.4 | -0.4 | - | -0.4 | -0.4 |
| Settlement cost UK pension fund | - | -7.3 | -7.3 | - | - | - |
Total included in profit or loss (note 7) | -7.9 | -5.6 | -13.5 | -8.2 | 1.0 | -7.3 |
| Included in other comprehensive income | ||||||
Remeasurements: | ||||||
- Gain/(loss) from change in demographic | -0.0 | - | -0.0 | 0.5 | - | 0.5 |
assumptions | ||||||
- Gain/(loss) from change in financial | 47.9 | - | 47.9 | 6.6 | - | 6.6 |
assumptions | ||||||
- Experience gains/(losses) | -5.4 | -15.4 | -20.7 | 2.5 | 8.5 | 11.1 |
Total included in other comprehensive income that will not be reclassified | 42.5 | -15.4 | 27.1 | 9.7 | 8.5 | 18.2 |
subsequently to profit or loss in subsequent periods | ||||||
Other Exchange differences on foreign plans | 1.5 | -2.1 | -0.6 | -4.1 | 4.4 | 0.3 |
Contributions by employer | - | 4.3 | 4.3 | - | 4.1 | 4.1 |
Benefits paid | 11.2 | -11.2 | 0.0 | 5.6 | -5.6 | 0.0 |
Change in consolidation scope (acquisitions) | -0.5 | - | -0.5 | - | - | 0.0 |
Total other | 12.2 | -9.0 | 3.2 | 1.6 | 2.8 | 4.4 |
Balance at December 31 | -136.9 | 113.4 | -23.5 | -183.6 | 143.4 | -40.3 |
(Million EUR) | note | 2022 | 2021 |
Cost of sales | -0.7 | -1.0 | |
Distribution expenses | -0.1 | -0.1 | |
Sales and marketing expenses | -0.1 | -0.1 | |
Administrative expenses | -3.7 | -3.9 | |
Other operating income and expenses | 5 | -1.4 | -2.0 |
EBIT adjusting items | 6 | -7.3 | - |
Finance (costs) / income - net | 9 | -0.2 | -0.1 |
Total | -13.5 | -7.3 |
2022 | 2021 | |||||||
(Million EUR) | Quoted | Unquoted | Total | % | Quoted | Unquoted | Total | % |
Property | - | 4.0 | 4.0 | 3.6% | - | 4.0 | 4.0 | 2.8% |
Qualifying insurance policies | - | 53.7 | 53.7 | 47.4% | - | 24.1 | 24.1 | 16.8% |
Cash and cash equivalents | - | 8.9 | 8.9 | 7.9% | - | 26.6 | 26.6 | 18.5% |
Investment funds | 46.7 | - | 46.7 | 41.2% | 86.6 | - | 86.6 | 60.4% |
Tessenderlo Group bond with maturity | - | - | 0.0 | 0.0% | 2.1 | - | 2.1 | 1.4% |
date July 15, 2022 | ||||||||
Total | 46.7 | 66.7 | 113.4 | 100.0% | 88.7 | 54.7 | 143.4 | 100.0% |
2022 | 2021 | |
Discount rate at 31 December | 3.9% | 1.1% |
Future salary increases | 2.2% | 1.9% |
Inflation | 2.4% | 2.3% |
Mortality table | |
Belgium | MR/FR - 5 (2021: MR/FR - 5) |
| United Kingdom | 110% S3PMA, 105% S3PFA, CMI_2021 [1.50% M, 1.25% F] [S-kappa=7, A=0.25%, w2020 &w2021=0%] |
from 2016 | |
Germany | \u00a9 RICHTTAFELN 2018 G von Klaus Heubeck - Lizenz Heubeck-Richttafeln-GmbH, K\u00f6ln |
Change in | Impact on defined | Change in | Impact on defined | |
assumption | benefit obligation* | assumption | benefit obligation* | |
Discount rate | +0.5% | -4.5% | -0.5% | 4.9% |
Salary growth rate | +0.5% | 0.7% | -0.5% | -1.2% |
Pension growth/inflation rate | +0.5% | 2.9% | -0.5% | -3.4% |
Life expectancy | + 1 year | 1.4% | - 1 year | -1.4% |
(Million EUR) | 2022 | 2021 |
Non-current trade and other payables | ||
Accrued charges and deferred income | 3.1 | 3.5 |
Remuneration and social security | 3.4 | - |
Other amounts payable | 0.4 | 0.6 |
Total | 6.9 | 4.1 |
Current trade and other payables | ||
Trade payables | 269.3 | 243.9 |
Remuneration and social security | 89.9 | 91.9 |
VAT and other taxes | 12.1 | 10.9 |
Accrued charges and deferred income | 4.1 | 6.3 |
Trade and other payables from related parties | 3.5 | 4.0 |
Other amounts payable | 4.4 | 9.0 |
Total | 383.2 | 365.9 |
2022 | 2021 | |||||||
| Early | Defined | Other | Early | Defined | Other | |||
| retirement | benefit | employee | Total | retirement | benefit | employee | Total | |
| provision | liability | benefits | provision | liability | benefits | |||
(Million EUR) | ||||||||
Non-current | 0.5 | 33.6 | 6.0 | 40.1 | 0.8 | 49.4 | 5.6 | 55.8 |
Current | 0.3 | - | 0.4 | 0.7 | 0.4 | - | 0.3 | 0.7 |
Total | 0.8 | 33.6 | 6.4 | 40.8 | 1.2 | 49.4 | 5.8 | 56.4 |
2022 | ||||
| Early retirement | Defined benefit | Other employee | Total | |
| provision | liability | benefits | ||
(Million EUR) | ||||
Balance at January 1, 2022 | 1.2 | 49.4 | 5.8 | 56.4 |
Change in consolidation scope (acquisitions) | - | 0.5 | - | 0.5 |
Additions | 0.3 | 3.1 | 2.2 | 5.5 |
Use of provisions | -0.4 | -1.3 | -0.3 | -2.0 |
Reversal of provisions | -0.4 | -18.1 | -1.2 | -19.7 |
Translation differences | - | 0.1 | -0.0 | 0.0 |
Balance at December 31, 2022 | 0.8 | 33.6 | 6.4 | 40.8 |
2022 | 2021 | |||||
| Fair | Fair | |||||
| Present | value | Net defined | Present | value | Net defined | |
| value of | of | benefit | value of | of | benefit | |
| obligations | plan | (liability)/asset | obligations | plan | (liability)/asset | |
(Million EUR) | assets | assets | ||||
Balance at January 1 | -183.6 | 143.4 | -40.3 | -186.7 | 131.1 | -55.6 |
| Included in profit or loss | ||||||
Current service cost | -5.9 | - | -5.9 | -6.3 | - | -6.3 |
Past service (cost)/benefit | -0.1 | - | -0.1 | -0.9 | - | -0.9 |
Current service cost - Employee | - | 0.5 | 0.5 | - | 0.4 | 0.4 |
contribution | ||||||
Interest (cost)/income | -1.9 | 1.7 | -0.2 | -1.1 | 0.9 | -0.1 |
Administrative expenses | - | -0.4 | -0.4 | - | -0.4 | -0.4 |
| Settlement cost UK pension fund | - | -7.3 | -7.3 | - | - | - |
Total included in profit or loss (note 7) | -7.9 | -5.6 | -13.5 | -8.2 | 1.0 | -7.3 |
| Included in other comprehensive income | ||||||
Remeasurements: | ||||||
- Gain/(loss) from change in demographic | -0.0 | - | -0.0 | 0.5 | - | 0.5 |
assumptions | ||||||
- Gain/(loss) from change in financial | 47.9 | - | 47.9 | 6.6 | - | 6.6 |
assumptions | ||||||
- Experience gains/(losses) | -5.4 | -15.4 | -20.7 | 2.5 | 8.5 | 11.1 |
Total included in other comprehensive income that will not be reclassified | 42.5 | -15.4 | 27.1 | 9.7 | 8.5 | 18.2 |
subsequently to profit or loss in subsequent periods | ||||||
Other Exchange differences on foreign plans | 1.5 | -2.1 | -0.6 | -4.1 | 4.4 | 0.3 |
Contributions by employer | - | 4.3 | 4.3 | - | 4.1 | 4.1 |
Benefits paid | 11.2 | -11.2 | 0.0 | 5.6 | -5.6 | 0.0 |
Change in consolidation scope (acquisitions) | -0.5 | - | -0.5 | - | - | 0.0 |
Total other | 12.2 | -9.0 | 3.2 | 1.6 | 2.8 | 4.4 |
Balance at December 31 | -136.9 | 113.4 | -23.5 | -183.6 | 143.4 | -40.3 |
(Million EUR) | note | 2022 | 2021 |
Cost of sales | -0.7 | -1.0 | |
Distribution expenses | -0.1 | -0.1 | |
Sales and marketing expenses | -0.1 | -0.1 | |
Administrative expenses | -3.7 | -3.9 | |
Other operating income and expenses | 5 | -1.4 | -2.0 |
EBIT adjusting items | 6 | -7.3 | - |
Finance (costs) / income - net | 9 | -0.2 | -0.1 |
Total | -13.5 | -7.3 |
2022 | 2021 | |||||||
(Million EUR) | Quoted | Unquoted | Total | % | Quoted | Unquoted | Total | % |
Property | - | 4.0 | 4.0 | 3.6% | - | 4.0 | 4.0 | 2.8% |
Qualifying insurance policies | - | 53.7 | 53.7 | 47.4% | - | 24.1 | 24.1 | 16.8% |
Cash and cash equivalents | - | 8.9 | 8.9 | 7.9% | - | 26.6 | 26.6 | 18.5% |
Investment funds | 46.7 | - | 46.7 | 41.2% | 86.6 | - | 86.6 | 60.4% |
Tessenderlo Group bond with maturity | - | - | 0.0 | 0.0% | 2.1 | - | 2.1 | 1.4% |
date July 15, 2022 | ||||||||
Total | 46.7 | 66.7 | 113.4 | 100.0% | 88.7 | 54.7 | 143.4 | 100.0% |
2022 | 2021 | |
Discount rate at 31 December | 3.9% | 1.1% |
Future salary increases | 2.2% | 1.9% |
Inflation | 2.4% | 2.3% |
Mortality table | |
Belgium | MR/FR - 5 (2021: MR/FR - 5) |
| United Kingdom | 110% S3PMA, 105% S3PFA, CMI_2021 [1.50% M, 1.25% F] [S-kappa=7, A=0.25%, w2020 &w2021=0%] |
from 2016 | |
Germany | \u00a9 RICHTTAFELN 2018 G von Klaus Heubeck - Lizenz Heubeck-Richttafeln-GmbH, K\u00f6ln |
Change in | Impact on defined | Change in | Impact on defined | |
assumption | benefit obligation* | assumption | benefit obligation* | |
Discount rate | +0.5% | -4.5% | -0.5% | 4.9% |
Salary growth rate | +0.5% | 0.7% | -0.5% | -1.2% |
Pension growth/inflation rate | +0.5% | 2.9% | -0.5% | -3.4% |
Life expectancy | + 1 year | 1.4% | - 1 year | -1.4% |
(Million EUR) | note | 2022 | 2021 |
Transactions with joint-ventures - Sales | - | - | |
Transactions with joint-ventures - Purchases | -74.9 | -33.9 | |
Non-current assets | 8.2 | 9.2 | |
Current assets | 0.7 | 1.0 | |
Current liabilities | 25 | 3.5 | 4.0 |
(Million EUR) | 2022 | 2021 |
Short-term employee benefits | 3.4 | 2.5 |
Long-term employee benefits | 0.5 | 2.9 |
Post-employment benefits | 0.1 | 0.2 |
Total | 4.0 | 5.6 |
Members | Remuneration in EUR | 2022 | 2021 |
| Philium bvba, represented by its | Fixed annual fee | - | 9,870 |
| permanent representative Mr. Phillippe | Additional fixed fee for chairman of Audit Committee | - | 1,077 |
| Coens (independent non-executive | Variable fee per half day attended | - | 2,000 |
| director until 11/05/2021) | Total remuneration | 0 | 12,947 |
Management Deprez bv, represented by | Fixed annual fee | 27,500 | 27,500 |
| its permanent representative Ms. Veerle | Variable fee per half day attended | 23,000 | 9,000 |
| Deprez (independent non-executive | |||
director). Member of the Board of Directors since June 6, 2017 | Total remuneration | 50,500 | 36,500 |
ANBA bv, represented by its permanent | Fixed annual fee | 27,500 | 27,500 |
| representative Ms. Anne-Marie Baeyaert | Additional fixed fee for chairman of Audit Committee | 3,000 | 1,923 |
| (independent non-executive director). | Variable fee per half day attended | 23,000 | 9,000 |
| Member of the Board of Directors since | |||
June 6, 2017 | Total remuneration | 53,500 | 38,423 |
Fixed annual fee | 27,500 | 27,500 | |
| Stefaan Haspeslagh (executive director) | Additional fixed fee for chairman of Board of Directors | 72,500 | 72,500 |
Variable fee per half day attended | 15,000 | 9,000 | |
Total remuneration | 115,000 | 109,000 | |
Fixed annual fee | 27,500 | 27,500 | |
| Luc Tack (executive director) | Variable fee per half day attended | 15,000 | 9,000 |
Total remuneration | 42,500 | 36,500 | |
Fixed annual fee | 27,500 | 27,500 | |
| Karel Vinck (non-executive director) | Variable fee per half day attended | 15,500 | 9,000 |
Total remuneration | 43,000 | 36,500 | |
| Wouter De Geest (independent non- | Fixed annual fee | 27,500 | 17,630 |
| executive director as from 11/05/2021 | Variable fee per half day attended | 22,000 | 7,000 |
| onwards) | Total remuneration | 49,500 | 24,630 |
Total | 354,000 | 294,500 |
(Million EUR) | 2022 | 2021 |
Short-term employee benefits | 3.4 | 2.5 |
Long-term employee benefits | 0.5 | 2.9 |
Post-employment benefits | 0.1 | 0.2 |
Total | 4.0 | 5.6 |
As per December 31 | |||
| 2022 | |||
Consolidated equity | Pro forma | ||
| of Tessenderlo | adjustments | Pro forma equity | |
(Million EUR) | Group as published | ||
Equity attributable to equity holders of the company | 1,401.8 | 516.0 | 1,917.8 |
Issued capital | 216.2 | 212.0 | 428.3 |
Share premium | 238.0 | 1,505.6 | 1,743.6 |
Own shares | -1.0 | -887.3 | -888.3 |
Reserves and retained earnings | 948.5 | - | 948.5 |
Reserves related to the Picanol acquisition | - | -314.4 | -314.4 |
Non-controlling interest | 1.5 | - | 1.5 |
Total equity | 1,403.2 | 516.0 | 1,919.2 |