(09/11/2004) Tessenderlo Group: good results as at 30 September 2004

- Consolidated net profit increased by 39.1 % - Net cash flow has gone up by 33.6 % - Improvement mainly due to PVC activity As at 30 September, turnover was up 7.2 %, to 1,563.7 million EUR. 1 % of this rise was due to the change in the scope of consolidation. Net profit was 38.1 million EUR, as against 27.4 million EUR at the same time last year. This represents a 39.1 % increase over the first nine months of this year. Net cash flow increased by 33.6 %, from 112.2 million EUR to 149.9 million EUR. The fact that all these items improved stems primarily from the increase in PVC sale prices and margins in the third quarter. In the Inorganic Chemicals division, the fertiliser market continued to post an excellent performance, with prices and volumes well up on 2003. Animal feed phosphate prices continue to recover, but have not returned to pre-crisis (first semester of 2003) levels, and volumes are suffering as a result of the decline in animal breeding. In the electrolysis segment, the activity level is excellent due to demand for chlorine for PVC production and buoyant demand for caustic soda. This tends to push up caustic soda prices in the fourth quarter. The weak dollar, the rise in raw material prices and freight costs continue however to have a considerable impact on the division's profitability. The Fine Chemicals division is still finding it difficult to pass on the constant rises in raw material prices, although there has been an upturn in demand for certain finished products. The price rises envisaged between now and the end of the year should ease the considerable pressure on chlorotoluene derivatives somewhat. However, pharmaceutical intermediates, where profitability is more satisfactory, continue to improve on their 2003 performance. The results in the PVC and Compounds division were considerably better than in the same period last year. The PVC factories are running at full capacity, the markets have absorbed the price rises, and margins are improving in spite of the very tight ethylene market. This positive situation looks set to continue in the months ahead. In Plastics Converting, the plastic pipe systems business unit has experienced a boom in the Benelux countries and good levels of business elsewhere in Europe, despite higher prices for raw materials such as PVC resin and other polymers, which have been partly passed on to customers. The same is true of profiles, although the margins have been more affected by higher raw material prices. In Natural Organic Products, the shortage of raw materials for gelatin production restricted factory output and resulted in price rises that could not be passed on to customers in the third quarter. Thanks to the higher profitability in the collection and treatment of animal by-products, the division's results were slightly up on the 2003 levels. Outlook for 2004 The distinctly better trend that was already evident at the end of September 2004 should continue in the latter part of the year. The results for the fourth quarter of 2004 should therefore be better than in the same period last year. The results for 2004 as a whole are therefore likely to show a marked improvement on last year, except a possible impact by the outcome of the European authorities' enquiry in animal feed phosphates. Tessenderlo Group: Consolidated results (millions EUR)

	3rd quarter		Difference	At 30 September		Difference
	2004	2003	in %	2004	2003	in %
Turnover	503.7	464.4	8.5 %	1,563.7	1,458.8	7.2 %
Operating profit	15.0	7.6	97.4 %	57.0	48.9	16.6 %
Financial result *	-1.9	-2.7		-4.3	-9.8
Gross ordinary result	13.1	4.9	167.3 %	52.7	39.1	34.8 %
Extraordinary result	-0.7	0.2		-1.3	0
Result before taxes	12.4	5.1	143.1 %	51.4	39.1	31.5 %
Taxes	-1.5	-1.5		-13.3	-11.7
Net consolidated profit	10.9	3.6	202.8 %	38.1	27.4	39.1 %
Net results share of third parties	0	0			0
Net results share of the group	10.9	3.6	202.8 %	38.1	27.4	39.1 %
Net cash flow	48.0	31.0	54.8 %	149.9	112.2	33.6 %
Net profit/Turnover	2.16 %	0.78 %	176.9 %	2.44%	1.88%	29.79 %

* Including the results of equity-accounted companies,

Turnover per division (millions EUR)
	30.09.2004	30.09.2003	Difference
Inorganic Chemicals	401.7	403.2	- 0.4 %
Fine Chemicals	187.6	198.5	- 5.5 %
PVC & Compounds	304.9	242.9	+ 25.5 %
Plastics Converting	431.9	383.7	+ 12.6 %
Natural Organic Products	237.6	230.5	+ 3.1 %
Total	1,563.7	1,458.8	+ 7.2 %

Figures per share
	30.09.2004	30.09.2003	Evolution in %
Number of shares	27,210,399	27,113,352
Net profit per share (EUR)	1.4	1.01	38.6 %
Net cash- flow per share (EUR)	5.42	4.14	30.9 %

Web site: www.tessenderlogroup.com This press release is available - in Dutch, English and French - on the Web site www.tessenderlogroup.com - under 'News' and 'Investor Relations'. Financial services The financial services relating to the Tessenderlo Chemie shares are provided by the following financial institutions: Bank Degroof, Delta Lloyd Securities, Deutsche Bank, Dexia, Fortis Bank, ING, KBC Bank and Petercam. Financial calendar - Results on 31 December 2004 17 March 2005 - Results 1st quarter 2005 4 May 2005 - Results 1st half-year 2005 15 September 2005 - Results 3rd quarter 2005 10 November 2005 - General Meeting 7 June 2005 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 © CompanynewsGroup