(29/04/2004) Tessenderlo Group: 1st quarter 2004 results

Brussels, 29 April 2004 Net profit, group share, up 8.5 % Turnover for the first quarter 2004 amounted to 507.7 million EUR, compared to 439.9 million EUR for the same period in 2003, i.e. an increase of 2.8 %. Net profit share of the group increased from 10.6 million EUR to 11.5 million EUR, i.e. an increase of 8.5 %. Cash flow increased with 4.8 %. The Inorganic Chemicals division was down compared with the 1st quarter of the previous year. Despite quite sustained business in potassium sulphate for fertilisers, the division suffered from weak prices for caustic soda and animal feed phosphates. Although they started a gradual recovery after their drastic fall at the end of 2003, they are still significantly lower than one year ago. As regards the animal feed phosphates, the European Commission has launched in the beginning of 2004 an inquiry into compliance with competition rules, the results of which have not been received by the group to date. The situation in Fine Chemicals remains difficult, especially in toluene-derived intermediates, for which strong competition continues to stand in the way of a price recovery. The start-up of a benzyl alcohol production plant in England at the beginning of this year should contribute towards an improvement over the next few months. However, business in pharmaceutical intermediates is better. Results from the PVC division are showing a distinct improvement relative to the first quarter of 2003. Prices have shown an improvement against a year ago as well as the last quarter of 2003 with outputs that have continued to do well overall. This situation should continue over the next few months. Profits from Plastics Converting are also improving quite strongly. Business has been good at the start of this year in the construction industry, which has benefited the two subdivisions, tubes and profiles. In the Natural Organic Products division, raw material prices for gelatin continue under pressure although profitability is still good, especially compared with the first quarter of 2003 which did not include in the consolidated figures the two new American companies, whose contribution was excellent. In the business of the collection and treatment of animal by-products, the situation is on the road to normality despite public compensation was ended. Prospects for 2004 The same trend should continue into the second quarter. If PVC and animal feed phosphate prices continue to recover, the improvement could be even more marked during the second part of the year which was the toughest in 2003.

Tessenderlo Group: Consolidated results (millions EUR)
	31.03.2004	31.03.2003	Evolution in %
Turnover	507.7	493.9	2.8
Operating profit	18.6	18.8	-1.1
Financial result*	-0.5	-2.3
Gross ordinary result	18.1	16.5	9.7
Extraordinary result	-1.0	- 0.2
Result before taxes	17.1	16.3	4.9
Taxes	-5.6	-4.9
Consolidated profit	11.5	11.4
Results share of third parties	-	0.8
Results share of the group	11.5	10.6	8.5
Net cash flow	41.4	39.5	4.8
Number of shares	27,113,352	26,975,013
Net profit/Turnover	2.27 %	2.15 %

* included the results of the subsidiaries consolidated with the equity method

Key figures per division (millions EUR)
	Turnover
	31.03.2004	31.03.2003
Inorganic Chemicals	130.6	144.7
Fine Chemicals	66.7	70.7
PVC & Compounds	97.4	91.6
Plastics Converting	133.0	119.8
Natural Organic Products	80.0	67.1
Total	507.7	493.9

Figures per share (EUR)
	31.03.2004	31.03.2003	Evolution in %
Net profit per share	0.42	0.39	7.7
Net cash flow per share	1.53	1.46	4.8

Website: www.tessenderlogroup.com Press releases are available in Dutch, English and French at www.tessenderlogroup.com, under «News» and «Investor Relations». The Annual Report and Annual Accounts will be posted on the website mid May. Financial services The financial services relating to the Tessenderlo Chemie shares are provided by the following financial institutions: Bank Degroof, Dexia, Fortis Bank, ING, KBC Bank and Petercam. Financial calendar Results 1st half-year 2004 9 September 2004 Results 3rd quarter 2004 9 November 2004 General Meeting 1 June 2004 Payment dividend 4 June 2004 Tessenderlo Group is an international chemicals group with 115 branches in 22 countries. Around 8,300 people work for the group, 2,200 of whom are located in Belgium. The company's consolidated turnover totalled 1,972 million EUR in 2003, from its five main areas of business (Inorganic Chemicals, Fine Chemicals, PVC, Plastics Converting, Natural Organic Products). The group is a European and world leader in most of its product areas. Tessenderlo Chemie NV is listed on Euronext Brussels and is part of Next 150 and NextPrime. For further information, please contact: Mr. Christian Vrebosch, Finance Director +32 2 639 18 87 Mrs. Geert Dusar, Manager Corporate Communication +32 2 639 17 75 Website http://www.tessenderlogroup.com - see Corporate - News (C) CompanynewsGroup