40				1	EUR
NAT.	Date of deposit	Nr.	P.	E.	D.							F 1.1
		ANNUAL ACCOUNTS IN EUROS (2 decimals)
	TESSENDERLO CHEMIE NAME:
	Public limited company Legal form:
	Troonstraat Address: Nr.: Box:									130
	1050 Postal code:	Ixelles Municipality:
	Belgium Country:
	Register of legal persons - commercial court:			Brussels
	Website*:
						Company number				BE 0412.101.728
DATE	07 01 2015 / / the date of publication of the memorandum of association and of the act amending the articles of association.	of deposit of the memorandum of association OR of the most recent document mentioning
	ANNUAL ACCOUNTS approved by the general meeting of					02 06 /	/	2015
		regarding the period from		01 01 /	/	2014	to		31 12 /	/	2014
		Preceding period from		01 01 /	/	2013	to		31 12 /	/	2013
	The amounts for the preceding period are / are not** identical to the ones previously published.	XXXXX
	COMPLETE LIST with name, surnames, profession, address (street, number, postal code and municipality) and position within the company, of the DIRECTORS, BUSINESS MANAGERS AND AUDITORS
	Stefaan HASPESLAGH	Brandstraat 104, 9830 Sint-Martens-Latem, Belgium							Chairman of the board of directors 03/06/2014 - 05/06/2018
	Melchior Marie Hervé DE VOGUE	Avenue des Aubépines 37, 1180 Uccle, Belgium					Director		18/12/2013 - 06/06/2017
	Antoine Denis Gérard GENDRY	Square Lamartine 3bis, 75116 Paris, France					Director		02/06/2009 - 03/06/2017
	Véronique BOLLAND	Avenue des Cerisiers 130, 1200 Woluwe-Saint-Lambert, Belgium					Director		07/06/2013 - 06/06/2017
	Baudouin MICHIELS	Vieux Chemin de Wavre 6, 1380 Lasne, Belgium					Director		07/06/2011 - 02/06/2015
Karel VINCK		Sint-Hubertusdreef 39, 3090 Overijse, Belgium					Director		07/06/2011 - 02/06/2015

Are attached to these annual accounts:

Total number of pages deposited: ....................... Numbers of sections of the standard form not deposited because they serve no useful purpose: ...................................................................................................................................................................................................... 46 5.1, 5.2.4, 5.5.2, 5.16, 5.17.2, 8, 9

Signature (name and position)

Signature (name and position)

^* Optional information.

^** Strike out what is not applicable.

Nr.	BE 0412.101.728		F 1.1
-----	-----------------	--	-------

Peter Van den Eynde (01530)

Membership nr.: B00593

(Auditor)

LIST OF THE DIRECTORS, BUSINESS MANAGERS AND AUDITORS (continued)

Luc TACK	Peperstraat 43, 9800 Deinze, Belgium	Director 13/11/2013 - 02/06/2015
Dominique ZAKOVITCH - DAMON	Avenue Rodin 1, 75116 Paris, France	Director 07/06/2011 - 02/06/2015
Philippe COENS	Cypressenlaan 21, 3080 Tervuren, Belgium	Director 07/06/2011 - 02/06/2015
Stefaan HASPESLAGH	Brandstraat 104, 9830 Sint-Martens-Latem, Belgium	Director 13/11/2013 - 05/06/2018
Gérard MARCHAND	Kleine Hutlaan 12, 1180 Uccle, Belgium	Chairman of the board of directors 01/06/2010 - 03/06/2014
Thierry PIESSEVAUX	Rue du Try-Bara 4A, 1380 Lasne, Belgium	Director 07/06/2011 - 05/11/2014
Alain SIAENS	Rue du Brocui 63, 1370 Jodoigne, Belgium	Director 01/06/2010 - 03/06/2014
PRICEWATERHOUSCOOPERS Bedrijfsrevisoren Nr.: BE 0429.501.944 Membership nr.: B009	Woluwegarden Woluwedal 18, 1932 Sint-Stevens-Woluwe, Belgium	Auditor 04/06/2013 - 03/06/2016
Represented by:
Peter Van den Eynde BVBA (B00593) represented by its permanent representative	Gentstraat 65C, 9170 Sint-Gillis-Waas, Belgium

DECLARATION REGARDING A COMPLIMENTARY REVIEW OR CORRECTION ASSIGNMENT

The managing board declares that no audit or correction assignment has been given to a person who was not authorised to do so by law, pursuant to art. 34 and 37 of the law of 22th April 1999 concerning accounting and tax professions.

The annual accounts were / were not* audited or corrected by an external accountant or by a company auditor who is not the statutory auditor. XXX

If affirmative, mention hereafter: name, surnames, profession, address of each external accountant or company auditor and his membership number with his Institute as well as the nature of his assignment:

A. Bookkeeping of the enterprise**,
B. Preparing the annual accounts**,
C. Auditing the annual accounts and/or
D. Correcting the annual accounts.

If the tasks mentioned under A. or B. are executed by certified accountants or certified bookkeepers - tax specialists, you can mention hereafter: name, surnames, profession, address of each certified accountant or certified bookkeeper - tax specialist and the nature of his assignment.

Name, surnames, profession and address	Number	Nature of the assignment (A, B, C and/or D)

^* Strike out what is not applicable.

^** Optional information.

BALANCE SHEET AFTER APPROPRIATION

	Discl.	Codes	Period	Preceding period
ASSETS
FIXED ASSETS		20/28	731.710.586,10	790.505.875,15
Formation expenses	5.1	20
Intangible fixed assets	5.2	21	5.423.832,77	3.976.304,70
Tangible fixed assets	5.3	22/27	91.734.400,07	89.017.421,02
Land and buildings		22	28.072.081,54	27.396.444,83
Plant, machinery and equipment		23	54.610.125,69	45.587.668,05
Furniture and vehicles		24	972.699,23	1.515.944,95
Leasing and similar rights		25	31.266,67	44.666,67
Other tangible fixed assets		26	340.455,46	378.637,38
Assets under construction and advance payments	5.4/	27	7.707.771,48	14.094.059,14
Financial fixed assets	5.5.1	28	634.552.353,26	697.512.149,43
Affiliated enterprises	5.14	280/1	623.932.193,55	683.228.472,68
Participating interests		280	244.674.526,47	262.439.769,91
Amounts receivable		281	379.257.667,08	420.788.702,77
Other enterprises linked by participating interests	5.14	282/3	9.244.948,36	12.824.948,36
Participating interests		282	9.244.948,36	12.824.948,36
Amounts receivable		283
Other financial assets		284/8	1.375.211,35	1.458.728,39
Shares		284	1.362.181,32	1.362.181,32
Amounts receivable and cash guarantees		285/8	13.030,03	96.547,07

CURRENT ASSETS		29/58	521.865.926,20	329.750.248,59
Amounts receivable after more than one year		29	1.482.090,22	3.910.904,00
Trade debtors		290
Other amounts receivable		291	1.482.090,22	3.910.904,00
Stocks and contracts in progress		3	51.412.134,98	73.155.562,49
Stocks		30/36	51.412.134,98	73.155.562,49
Raw materials and consumables		30/31	22.261.064,25	19.131.373,67
Work in progress		32	1.144.790,61	1.181.659,17
Finished goods		33	27.727.778,07	49.451.031,29
Goods purchased for resale		34	278.502,05	3.391.498,36
Immovable property intended for sale		35
Advance payments		36
Contracts in progress		37
Amounts receivable within one year		40/41	339.377.899,32	240.321.329,75
Trade debtors		40	34.866.681,81	56.211.043,68
Other amounts receivable		41	304.511.217,51	184.110.286,07
	5.5.1/
Current investments	5.6	50/53	50.000.000,00
Own shares		50
Other investments		51/53	50.000.000,00
Cash at bank and in hand		54/58	61.417.815,66	6.520.657,24
Deferred charges and accrued income	5.6	490/1	18.175.986,02	5.841.795,11
TOTAL ASSETS		20/58	1.253.576.512,30	1.120.256.123,74

Capital	5.7	10	212.431.751,00	159.199.999,00
Issued capital		100	212.431.751,00	159.199.999,00
Uncalled capital		101
Share premium account		11	224.200.659,03	101.975.559,59
Revaluation surpluses		12
Reserves		13	23.273.930,26	21.041.512,80
Legal reserve		130	18.360.957,53	15.919.999,90
Reserves not available		131	932.615,78	932.615,78
In respect of own shares held		1310		45,07
Other		1311	932.615,78	932.570,71
Untaxed reserves		132	3.980.356,95	4.188.897,12
Available reserves		133
		14	271.402.049,85	225.023.900,02
(+)/(-) Accumulated profits (losses)		15	22.912,80	38.906,14
Investment grants
Advance to associates on the sharing out of the assets		19
PROVISIONS AND DEFERRED TAXES		16	150.271.491,52	170.063.374,40
Provisions for liabilities and charges		160/5	149.237.667,96	168.913.933,60
Pensions and similar obligations		160	6.011.340,35	5.770.945,02
Taxation		161
Major repairs and maintenance		162
Other liabilities and charges	5.8	163/5	143.226.327,61	163.142.988,58
Deferred taxes		168	1.033.823,56	1.149.440,80
AMOUNTS PAYABLE		17/49	371.973.717,84	442.912.871,79
Amounts payable after more than one year	5.9	17	11.896.757,37	196.359.181,24
Financial debts		170/4	108.624,96	185.122.024,96
Subordinated loans		170
Unsubordinated debentures		171	81.824,96	150.081.824,96
Leasing and other similar obligations		172	26.800,00	40.200,00
Credit institutions		173		35.000.000,00
Other loans		174
Trade debts		175
Suppliers		1750
Bills of exchange payable		1751
Advances received on contracts in progress		176
Other amounts payable		178/9	11.788.132,41	11.237.156,28
Amounts payable within one year		42/48	355.818.608,13	240.914.754,06
Current portion of amounts payable after more than one year
falling due within one year	5.9	42	4.466,64	4.466,64
Financial debts		43	191.193.005,85	80.715.319,39
Credit institutions		430/8	2,80	3.465.319,39
Other loans		439	191.193.003,05	77.250.000,00
Trade debts		44	55.398.944,73	72.261.046,87
Suppliers		440/4	55.398.944,73	72.261.046,87
Bills of exchange payable		441
Advances received on contracts in progress		46
Taxes, remuneration and social security	5.9	45	17.062.485,40	16.652.679,62
Taxes		450/3	2.937.501,27	2.016.671,72
Remuneration and social security		454/9	14.124.984,13	14.636.007,90
Other amounts payable		47/48	92.159.705,51	71.281.241,54
Accruals and deferred income	5.9	492/3	4.258.352,34	5.638.936,49
TOTAL LIABILITIES		10/49	1.253.576.512,30	1.120.256.123,74

EQUITY ..............................................................................(+)/(-) 10/15 731.331.302,94 507.279.877,55

Nr. BE 0412.101.728 F 2.2

EQUITY AND LIABILITIES

Discl. Codes Period Preceding period

First - F2014 - 5 / 46

INCOME STATEMENT

	Discl.	Codes	Period	Preceding period
Operating income		70/74	405.534.694,47	544.700.518,43
Turnover	5.10	70	373.650.625,70	497.771.819,45
Stocks of finished goods and work and contracts in progress:
increase (decrease) (+)/(-)		71	-21.760.121,78	-16.073.083,87
Own work capitalised		72	3.598.622,79	4.214.973,51
Other operating income	5.10	74	50.045.567,76	58.786.809,34
Operating charges (+)/(-)		60/64	387.345.913,49	603.775.817,85
Raw materials, consumables		60	195.987.407,64	321.060.885,50
Purchases		600/8	194.468.816,30	314.011.155,03
(+)/(-) Stocks: decrease (increase)		609	1.518.591,34	7.049.730,47
Services and other goods		61	125.455.143,47	165.253.553,00
Remuneration, social security costs and pensions (+)/(-)	5.10	62	71.756.296,33	81.695.748,56
Depreciation of and other amounts written off formation expenses, intangible and tangible fixed assets		630	11.289.132,71	10.714.348,46
Amounts written off stocks, contracts in progress and trade debtors: Appropriations (write-backs) (+)/(-) Provisions for liabilities and charges: Appropriations (uses		631/4	-1.701.252,24	504.533,83
(+)/(-) and write-backs)	5.10	635/7	-19.536.265,64	19.606.543,09
Other operating charges	5.10	640/8	4.095.451,22	4.940.205,41
Operating charges carried to assets as restructuring costs(-)		649
Operating profit (loss) (+)/(-)		9901	18.188.780,98	-59.075.299,42
Financial income		75	142.330.072,29	253.917.702,00
Income from financial fixed assets		750	59.969.690,72	207.774.667,12
Income from current assets		751	15.702.751,08	17.145.897,17
Other financial income	5.11	752/9	66.657.630,49	28.997.137,71
Financial charges (+)/(-)	5.11	65	65.253.476,04	48.062.448,62
Debt charges		650	13.200.235,40	13.524.697,34
Amounts written off current assets except stocks, contracts in progress and trade debtors: appropriations (write-backs)
(+)/(-)		651
Other financial charges (+)/(-)		652/9	52.053.240,64	34.537.751,28
Gain (loss) on ordinary activities before taxes (+)/(-)		9902	95.265.377,23	146.779.953,96

Nr.	BE 0412.101.728		F 3
-----	-----------------	--	-----	--

	Discl.	Codes	Period	Preceding period
Extraordinary income Write-back of depreciation and of amounts written off		76	4.562.940,37	36.838.763,57
intangible and tangible fixed assets		760
Write-back of amounts written down financial fixed assets		761
Write-back of provisions for extraordinary liabilities and
charges		762
Capital gains on disposal of fixed assets		763	144.238,33
Other extraordinary income	5.11	764/9	4.418.702,04	36.838.763,57
Extraordinary charges (+)/(-) Extraordinary depreciation of and extraordinary amounts written off formation expenses, intangible and tangible fixed		66	51.306.457,80	113.709.523,65
assets		660		4.861.619,13
Amounts written off financial fixed assets		661	38.400.000,00	56.123.009,23
Provisions for extraordinary liabilities and charges:
appropriations (uses) (+)/(-)		662	-140.000,00	4.196.018,15
Capital losses on disposal of fixed assets		663	323.437,17	15.141.688,28
Other extraordinary charges	5.11	664/8	12.723.020,63	33.387.188,86
Extraordinary charges carried to assets as restructuring costs (-)		669
(+)/(-) Gain (loss) for the period before taxes		9903	48.521.859,80	69.909.193,88
Transfer from deferred taxes		780	115.617,24	117.046,65
Transfer to deferred taxes		680
Income taxes (+)/(-)	5.12	67/77	26.909,75	136,43
Taxes		670/3	26.909,75	136,43
Adjustment of income taxes and write-back of tax provisions		77
(+)/(-) Gain (loss) of the period		9904	48.610.567,29	70.026.104,10
Transfer from untaxed reserves		789	208.540,17	211.136,42
Transfer to untaxed reserves		689
Gain (loss) of the period available for appropriation (+)/(-)		9905	48.819.107,46	70.237.240,52

APPROPRIATION ACCOUNT

	Codes	Period	Preceding period
(+)/(-) Profit (loss) to be appropriated	9906	273.843.007,48	225.469.108,02
Gain (loss) of the period available for appropriation (+)/(-)	(9905)	48.819.107,46	70.237.240,52
Profit (loss) brought forward (+)/(-)	14P	225.023.900,02	155.231.867,50
Withdrawals from capital and reserves	791/2		684.791,90
from capital and share premium account	791
from reserves	792		684.791,90
Transfer to capital and reserves	691/2	2.440.957,63	1.129.999,90
to capital and share premium account	691
to legal reserve	6920	2.440.957,63	1.129.999,90
to other reserves	6921
Profit (loss) to be carried forward (+)/(-)	(14)	271.402.049,85	225.023.900,02
Owners' contribution in respect of losses	794
Profit to be distributed	694/6
Dividends	694
Directors' or managers' entitlements	695
Other beneficiaries	696

STATEMENT OF INTANGIBLE FIXED ASSETS

	Codes	Period	Preceding period
RESEARCH AND DEVELOPMENT COSTS
Acquisition value at the end of the period	8051P	xxxxxxxxxxxxxxx	504.412,34
Movements during the period
Acquisitions, including produced fixed assets	8021
Sales and disposals	8031	197.875,53
Transfers from one heading to another (+)/(-)	8041	197.875,53
Acquisition value at the end of the period	8051	504.412,34
Depreciations and amounts written down at the end of the period	8121P	xxxxxxxxxxxxxxx	127.052,67
Movements during the period
Recorded	8071	106.866,54
Written back	8081
Acquisitions from third parties	8091
Cancelled owing to sales and disposals	8101
(+)/(-) Transferred from one heading to another	8111
Depreciations and amounts written down at the end of the period	8121	233.919,21
NET BOOK VALUE AT THE END OF THE PERIOD	210	270.493,13

	Codes	Period	Preceding period
CONCESSIONS, PATENTS, LICENCES, KNOW-HOW, BRANDS AND SIMILAR RIGHTS
Acquisition value at the end of the period	8052P	xxxxxxxxxxxxxxx	18.482.888,53
Movements during the period
Acquisitions, including produced fixed assets	8022	707.029,77
Sales and disposals	8032	36.540,19
(+)/(-) Transfers from one heading to another	8042	2.158.174,81
Acquisition value at the end of the period	8052	21.311.552,92
Depreciations and amounts written down at the end of the period	8122P	xxxxxxxxxxxxxxx	14.883.943,50
Movements during the period
Recorded	8072	1.288.885,85
Written back	8082
Acquisitions from third parties	8092
Cancelled owing to sales and disposals	8102	14.616,07
(+)/(-) Transferred from one heading to another	8112
Depreciations and amounts written down at the end of the period	8122	16.158.213,28
NET BOOK VALUE AT THE END OF THE PERIOD	211	5.153.339,64

Nr. BE 0412.101.728 F 5.2.2

Nr. BE 0412.101.728				F 5.2.3
		Codes	Period	Preceding period
GOODWILL
Acquisition value at the end of the period		8053P	xxxxxxxxxxxxxxx	1.659.988,45
Movements during the period
Acquisitions, including produced fixed assets		8023
Sales and disposals		8033
Transfers from one heading to another	(+)/(-)	8043
Acquisition value at the end of the period		8053	1.659.988,45
Depreciations and amounts written down at the end of the period		8123P	xxxxxxxxxxxxxxx	1.659.988,45
Movements during the period
Recorded		8073
Written back		8083
Acquisitions from third parties		8093
Cancelled owing to sales and disposals		8103
Transferred from one heading to another	(+)/(-)	8113
Depreciations and amounts written down at the end of the period		8123	1.659.988,45
NET BOOK VALUE AT THE END OF THE PERIOD		212

STATEMENT OF TANGIBLE FIXED ASSETS

	Codes	Period	Preceding period
LAND AND BUILDINGS
Acquisition value at the end of the period	8191P	xxxxxxxxxxxxxxx	78.652.135,04
Movements during the period
Acquisitions, including produced fixed assets	8161	849.786,99
Sales and disposals	8171
Transfers from one heading to another (+)/(-)	8181	1.160.990,47
Acquisition value at the end of the period	8191	80.662.912,50
Revaluation surpluses at the end of the period	8251P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8211
Acquisitions from third parties	8221
Cancelled	8231
(+)/(-) Transferred from one heading to another	8241
Revaluation surpluses at the end of the period	8251
Depreciations and amounts written down at the end of the period	8321P	xxxxxxxxxxxxxxx	51.255.690,21
Movements during the period
Recorded	8271	1.335.140,75
Written back	8281
Acquisitions from third parties	8291
Cancelled owing to sales and disposals	8301
(+)/(-) Transferred from one heading to another	8311
Depreciations and amounts written down at the end of the period	8321	52.590.830,96
NET BOOK VALUE AT THE END OF THE PERIOD	(22)	28.072.081,54

	Codes	Period	Preceding period
PLANT, MACHINERY AND EQUIPMENT
Acquisition value at the end of the period	8192P	xxxxxxxxxxxxxxx	388.462.693,99
Movements during the period
Acquisitions, including produced fixed assets	8162	9.088.088,72
Sales and disposals	8172	40.416.113,43
(+)/(-) Transfers from one heading to another	8182	7.957.712,47
Acquisition value at the end of the period	8192	365.092.381,75
Revaluation surpluses at the end of the period	8252P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8212
Acquisitions from third parties	8222
Cancelled	8232
(+)/(-) Transferred from one heading to another	8242
Revaluation surpluses at the end of the period	8252
Depreciations and amounts written down at the end of the period	8322P	xxxxxxxxxxxxxxx	342.875.025,94
Movements during the period
Recorded	8272	7.923.226,05
Written back	8282
Acquisitions from third parties	8292
Cancelled owing to sales and disposals	8302	40.315.995,93
(+)/(-) Transferred from one heading to another	8312
Depreciations and amounts written down at the end of the period	8322	310.482.256,06
NET BOOK VALUE AT THE END OF THE PERIOD	(23)	54.610.125,69

Nr. BE 0412.101.728 F 5.3.2

Nr. BE 0412.101.728				F 5.3.3
		Codes	Period	Preceding period
FURNITURE AND VEHICLES
Acquisition value at the end of the period		8193P	xxxxxxxxxxxxxxx	19.046.724,85
Movements during the period
Acquisitions, including produced fixed assets		8163	34.487,13
Sales and disposals		8173	286.599,47
Transfers from one heading to another	(+)/(-)	8183	14.448,75
Acquisition value at the end of the period		8193	18.809.061,26
Revaluation surpluses at the end of the period		8253P	xxxxxxxxxxxxxxx
Movements during the period
Recorded		8213
Acquisitions from third parties		8223
Cancelled		8233
Transferred from one heading to another	(+)/(-)	8243
Revaluation surpluses at the end of the period		8253
Depreciations and amounts written down at the end of the period		8323P	xxxxxxxxxxxxxxx	17.530.779,90
Movements during the period
Recorded		8273	583.431,60
Written back		8283
Acquisitions from third parties		8293
Cancelled owing to sales and disposals		8303	277.849,47
Transferred from one heading to another	(+)/(-)	8313
Depreciations and amounts written down at the end of the period		8323	17.836.362,03
NET BOOK VALUE AT THE END OF THE PERIOD		(24)	972.699,23

	Codes	Period	Preceding period
LEASING AND SIMILAR RIGHTS
Acquisition value at the end of the period	8194P	xxxxxxxxxxxxxxx	80.400,00
Movements during the period
Acquisitions, including produced fixed assets	8164
Sales and disposals	8174
(+)/(-) Transfers from one heading to another	8184
Acquisition value at the end of the period	8194	80.400,00
Revaluation surpluses at the end of the period	8254P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8214
Acquisitions from third parties	8224
Cancelled	8234
(+)/(-) Transferred from one heading to another	8244
Revaluation surpluses at the end of the period	8254
Depreciations and amounts written down at the end of the period	8324P	xxxxxxxxxxxxxxx	35.733,33
Movements during the period
Recorded	8274	13.400,00
Written back	8284
Acquisitions from third parties	8294
Cancelled owing to sales and disposals	8304
(+)/(-) Transferred from one heading to another	8314
Depreciations and amounts written down at the end of the period	8324	49.133,33
NET BOOK VALUE AT THE END OF THE PERIOD	(25)	31.266,67
OF WHICH
Land and buildings	250
Plant, machinery and equipment	251
Furniture and vehicles	252	31.266,67

Nr. BE 0412.101.728 F 5.3.4

Nr. BE 0412.101.728				F 5.3.5
		Codes	Period	Preceding period
OTHER TANGIBLE FIXED ASSETS
Acquisition value at the end of the period		8195P	xxxxxxxxxxxxxxx	381.819,20
Movements during the period
Acquisitions, including produced fixed assets		8165
Sales and disposals		8175
Transfers from one heading to another	(+)/(-)	8185
Acquisition value at the end of the period		8195	381.819,20
Revaluation surpluses at the end of the period		8255P	xxxxxxxxxxxxxxx
Movements during the period
Recorded		8215
Acquisitions from third parties		8225
Cancelled		8235
Transferred from one heading to another	(+)/(-)	8245
Revaluation surpluses at the end of the period		8255
Depreciations and amounts written down at the end of the period		8325P	xxxxxxxxxxxxxxx	3.181,82
Movements during the period
Recorded		8275	38.181,92
Written back		8285
Acquisitions from third parties		8295
Cancelled owing to sales and disposals		8305
Transferred from one heading to another	(+)/(-)	8315
Depreciations and amounts written down at the end of the period		8325	41.363,74
NET BOOK VALUE AT THE END OF THE PERIOD		(26)	340.455,46

BE 0412.101.728				F 5.3.6
		Codes	Period	Preceding period
ASSETS UNDER CONSTRUCTION AND ADVANCE PAYMENTS
Acquisition value at the end of the period		8196P	xxxxxxxxxxxxxxx	14.094.059,14
Movements during the period
Acquisitions, including produced fixed assets		8166	5.102.914,37
Sales and disposals		8176
Transfers from one heading to another	(+)/(-)	8186	-11.489.202,03
Acquisition value at the end of the period		8196	7.707.771,48
Revaluation surpluses at the end of the period		8256P	xxxxxxxxxxxxxxx
Movements during the period
Recorded		8216
Acquisitions from third parties		8226
Cancelled		8236
Transferred from one heading to another	(+)/(-)	8246
Revaluation surpluses at the end of the period		8256
Depreciations and amounts written down at the end of the period		8326P	xxxxxxxxxxxxxxx
Movements during the period
Recorded		8276
Written back		8286
Acquisitions from third parties		8296
Cancelled owing to sales and disposals		8306
Transferred from one heading to another	(+)/(-)	8316
Depreciations and amounts written down at the end of the period		8326
NET BOOK VALUE AT THE END OF THE PERIOD		(27)	7.707.771,48

STATEMENT OF FINANCIAL FIXED ASSETS

	Codes	Period	Preceding period
AFFILIATED ENTERPRISES - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period	8391P	xxxxxxxxxxxxxxx	407.917.136,16
Movements during the period
Acquisitions	8361	20.882.512,28
Sales and disposals	8371	247.755,72
Transfers from one heading to another (+)/(-)	8381
Acquisition value at the end of the period	8391	428.551.892,72
Revaluation surpluses at the end of the period	8451P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8411
Acquisitions from third parties	8421
Cancelled	8431
(+)/(-) Transferred from one heading to another	8441
Revaluation surpluses at the end of the period	8451
Amounts written down at the end of the period	8521P	xxxxxxxxxxxxxxx	145.477.366,25
Movements during the period
Recorded	8471	38.400.000,00
Written back	8481
Acquisitions from third parties	8491
Cancelled owing to sales and disposals	8501
(+)/(-) Transferred from one heading to another	8511
Amounts written down at the end of the period	8521	183.877.366,25
Uncalled amounts at the end of the period	8551P	xxxxxxxxxxxxxxx
Movements during the period (+)/(-)	8541
Uncalled amounts at the end of the period	8551
NET BOOK VALUE AT THE END OF THE PERIOD	(280)	244.674.526,47
AFFILIATED ENTERPRISES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	281P	xxxxxxxxxxxxxxx	420.788.702,77
Movements during the period
Additions	8581	105.468.964,31
Repayments	8591
Amounts written down	8601
Amounts written back	8611
Exchange differences (+)/(-)	8621
Other movements (+)/(-)	8631	-147.000.000,00
NET BOOK VALUE AT THE END OF THE PERIOD	(281)	379.257.667,08
ACCUMULATED AMOUNTS WRITTEN OFF AMOUNTS RECEIVABLE AT END OF THE PERIOD	8651

	Codes	Period	Preceding period
ENTERPRISES LINKED BY A PARTICIPATING INTEREST - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period	8392P	xxxxxxxxxxxxxxx	13.320.000,00
Movements during the period
Acquisitions	8362
Sales and disposals	8372	3.580.000,00
Transfers from one heading to another (+)/(-)	8382
Acquisition value at the end of the period	8392	9.740.000,00
Revaluation surpluses at the end of the period	8452P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8412
Acquisitions from third parties	8422
Cancelled	8432
(+)/(-) Transferred from one heading to another	8442
Revaluation surpluses at the end of the period	8452
Amounts written down at the end of the period	8522P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8472
Written back	8482
Acquisitions from third parties	8492
Cancelled owing to sales and disposals	8502
(+)/(-) Transferred from one heading to another	8512
Amounts written down at the end of the period	8522
Uncalled amounts at the end of the period	8552P	xxxxxxxxxxxxxxx	495.051,64
Movements during the period (+)/(-)	8542
Uncalled amounts at the end of the period	8552	495.051,64
NET BOOK VALUE AT THE END OF THE PERIOD	(282)	9.244.948,36
ENTERPRISES LINKED BY A PARTICIPATING INTEREST - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	283P	xxxxxxxxxxxxxxx
Movements during the period
Additions	8582
Repayments	8592
Amounts written down	8602
Amounts written back	8612
(+)/(-) Exchange differences	8622
(+)/(-) Other movements	8632
NET BOOK VALUE AT THE END OF THE PERIOD	(283)
ACCUMULATED AMOUNTS WRITTEN OFF AMOUNTS RECEIVABLE AT END OF
THE PERIOD	8652

Nr. BE 0412.101.728 F 5.4.2

Nr. BE 0412.101.728			F 5.4.3

	Codes	Period	Preceding period
OTHER ENTERPRISES - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period	8393P	xxxxxxxxxxxxxxx	3.008.357,24
Movements during the period
Acquisitions	8363
Sales and disposals	8373
Transfers from one heading to another (+)/(-)	8383
Acquisition value at the end of the period	8393	3.008.357,24
Revaluation surpluses at the end of the period	8453P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8413
Acquisitions from third parties	8423
Cancelled	8433
(+)/(-) Transferred from one heading to another	8443
Revaluation surpluses at the end of the period	8453
Amounts written down at the end of the period	8523P	xxxxxxxxxxxxxxx	1.646.175,92
Movements during the period
Recorded	8473
Written back	8483
Acquisitions from third parties	8493
Cancelled owing to sales and disposals	8503
(+)/(-) Transferred from one heading to another	8513
Amounts written down at the end of the period	8523	1.646.175,92
Uncalled amounts at the end of the period	8553P	xxxxxxxxxxxxxxx
Movements during the period (+)/(-)	8543
Uncalled amounts at the end of the period	8553
NET BOOK VALUE AT THE END OF THE PERIOD	(284)	1.362.181,32
OTHERS ENTERPRISES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	285/8P	xxxxxxxxxxxxxxx	96.547,07
Movements during the period
Additions	8583
Repayments	8593	83.517,04
Amounts written down	8603
Amounts written back	8613
Exchange differences (+)/(-)	8623
Other movements (+)/(-)	8633
NET BOOK VALUE AT THE END OF THE PERIOD	(285/8)	13.030,03

ACCUMULATED AMOUNTS WRITTEN OFF AMOUNTS RECEIVABLE AT END OF THE PERIOD ......................................................................................................... 8653 ........................

First - F2014 - 20 / 46

PARTICIPATING INTERESTS INFORMATION

PARTICIPATING INTERESTS AND SHARES

List the enterprises in which the enterprise holds a participating interest, (recorded in the heading 280 and 282 of assets) and the other enterprises in which the enterprise holds rights (recorded in the headings 284 and 51/53 of assets) for an amount of at least 10 % of the capital issued.

		Rights held by		Data extracted from the most recent annual accounts
NAME, full address of the REGISTERED OFFICE and for an enterprise governed by Belgian	directly		subsidiar ies	Annual	Cur	Capital and reserve	Net result
law, the COMPANY IDENTIFICATION NUMBER	Number	%	%	accounts as per	rency code	(+) of (-) (in units)

Limburgse Rubber Produkten BE 0415.296.392 Troonstraat 130, 1050 Ixelles, Belgium				31/12/2014	EUR	-78.937,00	-124.347,00
Nominative	2.750	50,0	50,0
Tessenderlo Holding UK Ltd Treforest Ponty Pridd, , United Kingdom				31/12/2014	GBP	20.474.510,00	1.892.913,00
Nominative	605.621	60,56	39,44
Tessenderlo Chemie International BE 0407.247.372 Troonstraat 130, 1050 Ixelles, Belgium				31/12/2014	EUR	308.553,00	-130.006,00
Nominative	1.479.628	99,99	0,01
Dyka Plastics BE 0414.467.340 Nolim park 4004, 3900 Overpelt, Belgium				31/12/2014	EUR	2.332.859,00	-48.544,00
Nominative	34.998	99,99	0,01
Tessenderlo NL Holding BV Nijverheidsweg 4, NL 4854 MT Bavel, Netherlands				31/12/2014	EUR	41.917.939,00	25.629.948,00
Nominative	76.427	100,0	0,0
Tessenderlo USA Inc. 2255 No 44th Street Suite 300, az85004 Phoenix, United States				31/12/2014	USD	-578.332.589,00	-11.912.655,00
Nominative	50	100,0	0,0
Dyka Polska Powslancow Slaskich 95, 53-332 Wroclaw, Poland				31/12/2014	PLN	17.411.147,00	-4.731.095,00
Nominative	1.000	100,0	0,0
T-POWER BE 0875.650.771 Troonstraat 130, 1050 Ixelles, Belgium				31/12/2014	EUR	36.215.445,00	7.400.883,00
Nominative	133.200	20,0	0,0
Terelux SA RC29162 Public limited company Route de Trève B, , Luxembourg				31/12/2014	EUR	36.913.616,00	363.843,00
Nominative	49.999	99,99	0,01

Nr.	BE 0412.101.728		F 5.5.1
-----	-----------------	--	---------

LIST OF PARTICIPATING INTERESTS AND SHARES (Continued)

		Rights held by				Data extracted from the most recent annual accounts
NAME, full address of the REGISTERED OFFICE and for an enterprise governed by Belgian	directly		subsidiar ies	Annual	Cur	Capital and reserve	Net result
law, the COMPANY IDENTIFICATION NUMBER	Number	%	%	accounts as per	rency code	(+) of (-) (in units)
PB Brasil Avenida Breasilia, Ciuabá 578 box 01-C, , Brazil				31/12/2014	BRL	105.463.191,00	-30.999.902,00
Porter	177.479.128	97,14	2,86
Tessenderlo Finance NV BE 0878.995.984 Troonstraat 130, 1050 Ixelles, Belgium				31/12/2014	EUR	74.843.298,00	1.327.151,00
Nominative	219.999	99,99	0,01
Tessenderlo Schweiz AG Zürcherstrasse 42, CH-5330 Bad-Zurzach, Switzerland				31/12/2014	CHF	352.424,64	97.938,33
Porter	2.500	25,0	75,0
Tessenderlo Cologna Veneta srl Via Quari Destra 41, , Italy				31/12/2014	EUR	-137.851,00	-728.842,00
Porter	1	100,0	0,0

	Codes	Period
INVESTMENTS: OTHER INVESTMENTS AND DEPOSITS
Shares	51
Book value increased with the uncalled amount	8681
Uncalled amount	8682
Fixed income securities	52
Fixed income securities issued by credit institutions	8684
Fixed term accounts with credit institutions	53	50.000.000,00
With residual term or notice of withdrawal
up to one month	8686	50.000.000,00
between one month and one year	8687
over one year	8688
Other investments not mentioned above	8689

	Period
DEFERRED CHARGES AND ACCRUED INCOME
Allocation of heading 490/1 of assets if the amount is significant
Provision interest loan USD	12.213.600,75
Provision interest loan GBP	905.470,83
Provision interest loan CNY	766.950,12
Provision interest loan EUR	245.072,65
Provision interest CCRS	706.580,84
Provision temporary interest EUR	2.000.853,63
Dimension Data	564.864,31
GLL Trone Office lease	434.986,25

Nr.	BE 0412.101.72
-----	----------------	--

xxxxxxxxxxxxxxx 159.199.999,00 Issued capital at the end of the period 100P 212.431.751,00 Issued capital at the end of the period (100) Codes Value Number of shares Changes during the period 53.067.247,65 10.592.265 Capital increase by issuing new shares 19/12/2014 137.785,02 27.502 Capital increase by exercising warrants19/12/2014 26.719,33 5.333 Capital increase by exercising warrants 14/10/2014 Structure of the capital Different categories of shares 212.431.751,00 42.396.563 COMMON SHARES xxxxxxxxxxxxxx 12.202.446 Registered shares 8702 xxxxxxxxxxxxxx 30.194.117 Shares to bearer and/or dematerialized 8703 Capital called but not Codes Uncalled amount paid Capital not paid xxxxxxxxxxxxxx Uncalled capital (101) xxxxxxxxxxxxxx Called up capital, unpaid 8712 Shareholders having yet to pay up in full Codes Period Own shares Held by the company itself Amount of capital held 8721 Corresponding number of shares 8722 Held by the subsidiaries Amount of capital held 8731 Corresponding number of shares 8732 Commitments to issue shares Owing to the exercise of conversion rights Amount of outstanding convertible loans 8740 Amount of capital to be subscribed 8741 Corresponding maximum number of shares to be issued 8742 Owing to the exercise of subscription rights 870.073 Number of outstanding subscription rights 8745 20.615.144,00 Amount of capital to be subscribed 8746 870.073 Corresponding maximum number of shares to be issued 8747 22.900.000,00 8751 Authorized capital not issued
	Social capital

Nr. F 5.7 BE 0412.101.728
---------------------------------

	Codes	Period
Shares issued, non representing capital
Distribution
Number of shares	8761
Number of voting rights attached thereto	8762
Allocation by shareholder
Number of shares held by the company itself	8771
Number of shares held by its subsidiaries	8781

STRUCTURE OF SHAREHOLDINGS OF THE ENTERPRISE AT YEAR-END CLOSING DATE, AS IT APPEARS FROM THE STATEMENTS RECEIVED BY THE ENTERPRISE

SHAREHOLDERS STRUCTURE OF THE COMPANY ON DATE OF 31.12.2014

VERBRUGGE N.V.	30,20%
STEVERLYNCKLAAN 15
8900 LEPER


SYMPHONY MILLS N.V.	1,49%
Grote Molstenstraat 25,
8710 Wielsbeke


EMPLOYEES	0,44%

FREE FLOAT 67,87%

Nr.	BE 0412.101.728	F 5.8

	Period
ANALYSIS OF THE HEADING 163/5 OF LIABILITIES IF THE AMOUNT IS SIGNIFICANT
Provision for the environment and demolition	127.916.510,06
Provision for restructuring	12.897.654,72
Provision other	2.412.162,83

Nr. BE 0412.101.728
------------------------

	Codes	Period
BREAKDOWN OF AMOUNTS PAYABLE WITH AN ORIGINAL PERIOD TO MATURITY OF MORE THAN ONE
YEAR, ACCORDING TO THEIR RESIDUAL TERM

Current portion of amounts payable after more than one year falling due within one year Financial debts	8801	4.466,64
Subordinated loans	8811	4.466,64
	8821
Unsubordinated debentures
Leasing and other similar obligations	8831
Credit institutions	8841
Other loans	8851
Trade debts	8861
Suppliers	8871
Bills of exchange payable	8881
Advance payments received on contract in progress	8891
Other amounts payable	8901
Total current portion of amounts payable after more than one year falling due within one year	(42)	4.466,64
Amounts payable with a remaining term of more than one but not more than five years
Financial debts	8802	108.624,96
Subordinated loans	8812
Unsubordinated debentures	8822	81.824,96
Leasing and other similar obligations	8832	26.800,00
Credit institutions	8842
Other loans	8852
Trade debts	8862
Suppliers	8872
Bills of exchange payable	8882
Advance payments received on contracts in progress	8892
Other amounts payable	8902	11.788.132,41
Total amounts payable with a remaining term of more than one but not more than five years	8912	11.896.757,37

Amounts payable with a remaining term of more than five years
Financial debts	8803
Subordinated loans	8813
Unsubordinated debentures	8823
Leasing and other similar obligations	8833
Credit institutions	8843
Other loans	8853
Trade debts	8863
Suppliers	8873
Bills of exchange payable	8883
Advance payments received on contracts in progress	8893
Other amounts payable	8903
Total amounts payable with a remaining term of more than five years	8913

	Codes	Period
GUARANTEED AMOUNTS PAYABLE (included in headings 17 and 42/48 of the liabilities)
Amounts payable guaranteed by Belgian public authorities
Financial debts	8921
Subordinated loans	8931
Unsubordinated debentures	8941
Leasing and similar obligations	8951
Credit institutions	8961
Other loans	8971
Trade debts	8981
Suppliers	8991
Bills of exchange payable	9001
Advance payments received on contracts in progress	9011
Remuneration and social security	9021
Other amounts payable	9051
Total amounts payable guaranteed by Belgian public authorities	9061
Amounts payable guaranteed by real securities or irrevocably promised by the enterprise on its own assets
Financial debts	8922
Subordinated loans	8932
Unsubordinated debentures	8942
Leasing and similar obligations	8952
Credit institutions	8962
Other loans	8972
Trade debts	8982
Suppliers	8992
Bills of exchange payable	9002
Advance payments received on contracts in progress	9012
Taxes, remuneration and social security	9022
Taxes	9032
Remuneration and social security	9042
Other amounts payable	9052
Total amounts payable guaranteed by real securities or irrevocably promised by the enterprise on its own assets	9062

	Codes	Period
TAXES, REMUNERATION AND SOCIAL SECURITY
Taxes (heading 450/3 of the liabilities)
Outstanding tax debts	9072
Accruing taxes payable	9073	2.937.501,27
Estimated taxes payable	450
Remuneration and social security (heading 454/9 of the liabilities)
Amounts due to the National Social Security Office	9076
Other amounts payable in respect of remuneration and social security	9077	14.124.984,13

Nr.	BE 0412.101.728	F 5.9

	Period
ACCRUALS AND DEFERRED INCOME
Allocation of heading 492/3 of liabilities if the amount is significant
Accrual for invoice to be received	1.872.694,87
Accrual for interest to pay third party	1.402.397,26
Provision interest CCRS	782.784,70
Provision interest IRS	39.130,98
Deferred income renting third party	75.725,67
Provision temporary Interest	85.558,58

OPERATING RESULTS

	Codes	Period	Preceding period
OPERATING INCOME
Net turnover
Allocation by categories of activity




Allocation into geographical markets




Other operating income
Operating subsidies and compensatory amounts received from public
authorities	740

OPERATING CHARGES
Employees for whom the entreprise submitted a DIMONA declaration or
who are recorded in the general personnel register
Total number at the closing date	9086	789	907
Average number of employees calculated in full-time equivalents	9087	754,0	823,6
Number of actual worked hours	9088	1.134.762	1.265.265
Personnel costs
Remuneration and direct social benefits	620	46.127.413,72	53.485.713,17
Employers' contribution for social security	621	14.408.709,91	15.859.921,03
Employers' premiums for extra statutory insurance	622	2.930.058,15	4.011.630,88
Other personnel costs (+)/(-)	623	8.290.114,55	8.338.483,48
Retirement and survivors' pensions	624
Provisions for pensions and other similar rights
(+)/(-) Appropriations (uses and write-backs)	635	240.395,33	-896.018,15

Amounts written off
Stocks and contracts in progress
Recorded	9110		433.494,97
Written back	9111	1.535.285,61
Trade debts
Recorded	9112	6.656,81 172.623,44	131.210,02 60.171,16
Written back	9113
Provisions for liabilities and charges
Additions	9115		24.890.120,64
Uses and write-backs	9116	19.536.265,64	5.283.577,55
Other operating charges
Taxes related to operation	640	3.894.109,36	4.274.329,56
Other costs	641/8	201.341,86	665.875,85

Hired temporary staff and personnel placed at the enterprise's disposal
Total number at the closing date	9096
Average number calculated in full-time equivalents	9097	38,1	61,5
Number of actual worked hours	9098	74.537	119.022
Costs to the enterprise	617	3.251.232,91	5.074.421,45

FINANCIAL AND EXTRAORDINARY RESULTS

	Codes	Period	Preceding period
FINANCIAL RESULTS
Other financial income Subsidies granted by public authorities and recorded as income for the period
Capital subsidies	9125	15.993,34	33.149,46
Interest subsidies	9126
Allocation of other financial income
Realized Exchange gains		12.501.430,35	28.559.481,28
Unrealized gains on several operations		54.136.906,33	404.506,97
Subside on capital		0,00	0,00
Various revenue income		3.300,47	0,00
Depreciation of loan issue expenses and reimbursement premiums	6501
Capitalized Interests	6503
Amounts written off current assets
Recorded	6510
Written back	6511
Other financial charges Amount of the discount borne by the enterprise, as a result of negotiating amounts receivable	653
Provisions of a financial nature
Appropriations	6560
Uses and write-backs	6561
Allocation of other financial charges
(+)/(-) OTHER FINANCIAL COSTS		248.956,29	1.192.313,64
(+)/(-) BANK COST AND AGIO		3.967.572,72	2.896.527,63
COMMISSION ON COUPONS (+)/(-)		2.690,91	1.801,34
REALIZED EXCHANGE LOSS (+)/(-)		23.100.239,15	19.227.552,25
(+)/(-) UNREALIZED EXCHANGE LOSS		23.849.655,96	10.068.555,14
(+)/(-) DISCOUNT FOR CUSTOMERS		251.306,30	265.707,03
FACTORING COST (+)/(-)		596.819,31	815.294,25

	Period
EXTRAORDINARY RESULTS
Allocation of other extraordinary income
Revaluation financial instrument	898.372,45
Write back impairment fixed asset	1.557.774,29
Insurance refund	800.861,71
Other exceptionnal gains	1.161.693,59
Allocation of other extraordinary charges
Revaluation financial instrument	2.940.354,53
Other exceptionnal cost	2.247.676,48
Write off receivables	7.534.989,62

INCOME TAXES AND OTHER TAXES

	Codes	Period
INCOME TAXES
Income taxes on the result of the period	9134	26.909,75
Income taxes paid and withholding taxes due or paid	9135	26.909,75
Excess of income tax prepayments and withholding taxes paid recorded under assets	9136
Estimated additional taxes	9137
Income taxes on the result of prior periods Additional income taxes due or paid	9138 9139
Additional income taxes estimated or provided for	9140
In so far as taxes of the period are materially affected by differences between the profit before taxes as stated in annual accounts and the estimated taxable profit
(+)/(-) Use DBI		-89.831.365,91
Disallowed expenses (+)/(-)		40.985.348,67

Impact of extraordinary results on the amount of the income taxes relating to the current period

	Codes	Period
Status of deferred taxes
Deferred taxes representing assets	9141	269.146.778,80
Accumulated tax losses deductible from future taxable profits	9142	187.742.944,38
Other deferred taxes representing assets
Notional interest deduction		5.043.675,00
Investmentsdeduction - no expiry date		284.309,04
DBI - No expiry date		76.075.850,38
Deferred taxes representing liabilities	9144
Allocation of deferred taxes representing liabilities

	Codes	Period	Preceding period
VALUE ADDED TAXES AND OTHER TAXES BORNE BY THIRD PARTIES
Value added taxes charged
To the enterprise (deductible)	9145	23.523.668,18	34.224.432,59
By the enterprise	9146	12.704.750,85	16.208.823,94
Amounts withheld on behalf of third party
For payroll withholding taxes	9147	15.949.641,24	18.352.052,70
For withholding taxes on investment income	9148		6.016.476,47

Nr.	BE 0412.101.728	F 5.13

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

	Codes	Period
PERSONAL GUARANTEES PROVIDED OR IRREVOCABLY PROMISED BY THE ENTERPRISE AS SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES	9149	38.590.354,97
Of which
Bills of exchange in circulation endorsed by the enterprise	9150
Bills of exchange in circulation drawn or guaranteed by the enterprise	9151
Maximum amount for which other debts or commitments of third parties are guaranteed by the enterprise	9153
REAL GUARANTEES
Real guarantees provided or irrevocably promised by the enterprise on its own assets as security of debts and commitments of the enterprise Mortgages
Book value of the immovable properties mortgaged	9161
Amount of registration	9171
Pledging of goodwill - Amount of the registration	9181
Pledging of other assets - Book value of other assets pledged	9191
Guarantees provided on future assets - Amount of assets involved	9201
Real guarantees provided or irrevocably promised by the enterprise on its own assets as security of debts and commitments of third parties Mortgages
Book value of the immovable properties mortgaged	9162
Amount of registration	9172
Pledging of goodwill - Amount of the registration	9182
Pledging of other assets - Book value of other assets pledged	9192
Guarantees provided on future assets - Amount of assets involved	9202
GOODS AND VALUES, NOT DISCLOSED IN THE BALANCE SHEET, HELD BY THIRD PARTIES IN THEIR OWN NAME BUT AT RISK TO AND FOR THE BENEFIT OF THE ENTERPRISE



SUBSTANTIAL COMMITMENTS TO ACQUIRE FIXED ASSETS



SUBSTANTIAL COMMITMENTS TO DISPOSE OF FIXED ASSETS
Obligation sulphates		1.081.050,00
Obligation gelatins		151.000,00
Obligation water treatment		11.381,00
FORWARD TRANSACTIONS
Goods purchased (to be received)	9213
Goods sold (to be delivered)	9214
Currencies purchased (to be received)	9215
Currencies sold (to be delivered)	9216	273.162.433,88

Nr.	BE 0412.101.728		F 5.13
-----	-----------------	--	--------

COMMITMENTS RELATING TO TECHNICAL GUARANTEES IN RESPECT OF SALES OR SERVICES

INFORMATION CONCERNING IMPORTANT LITIGATION AND OTHER COMMITMENTS

BRIEF DESCRIPTION OF SUPPLEMENT RETIREMENT OR SURVIVORS PENSION PLAN IN FAVOUR OF THE PERSONNEL OR THE EXECUTIVES OF THE ENTERPRISE AND OF THE MEASURES TAKEN BY THE ENTERPRISE TO COVER THE RESULTING CHARGES

The pension plans provided in Belgium are of the type "defined contribution" and "defined benefit" pension plans. The defined contribution pension plans are plans for which the group pays pre-determined contributions to a legal entity or a separate fund. The group's legal or constructive obligation is limited to the amount contributed. The defined contribution plans in Belgium are legally subject to a minimum guaranteed return. If the legal minimum guaranteed return is sufficiently covered, the group has no obligation to pay further contributions than those that are recognized as an expense in the income statement as the related service is provided. The Belgian defined contribution pension plans are to be treated as defined benefit pension plans under IAS 19 as they do not meet the criteria to be accounted for as pure defined contribution pension plans under IFRS. The group follows the prescribed methodology for measurement and accounting for defined benefit pension plans in the group's consolidated financial statements in line among others with IAS 19, meaning the projected unit credit method. No such provision is accounted for in the statutory accounts as pension accounting is cash settlement based in the statutory accounts.

The defined benefit pension plans are all final salary pension plans which provide benefits to members in the form of a guaranteed pension capital (payable either as capital or pension for life). These plans are covered by a trustee administered pension fund and group insurance contracts. The level of benefits provided depends on members' length of service and the average salary in the final 3 years leading up to retirement, or the average salary of the best 3 consecutive years, if higher. The plans are financed externally by pension funds or insurance companies. The pension obligation recognized in the balance sheet is determined as the present value of the defined benefit obligation, less the fair value of the plan assets.

	Codes	Period
PENSIONS FUNDED BY THE ENTERPRISE
Estimated amount of the commitments resulting from past services	9220
Methods of estimation

NATURE AND COMMERCIAL OBJECTIVE OF TRANSACTIONS NOT REFLECTED IN THE BALANCE SHEET

Provided that the risks or advantages coming from these transactions are significant and if the disclosure of the risks or advantages is necessary to appreciate the financial situation of the company; if need arises, the financial consequences of these transactions for the company have also to be mentioned

OTHER RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

	Codes	Period	Preceding period
AFFILIATED ENTERPRISES
	(280/1)	623.932.193,55	683.228.472,68
Financial fixed assets Participating interests	(280)	244.674.526,47	262.439.769,91
	9271	20.000.000,00	167.000.000,00
Subordinated amounts receivable
Other amounts receivable	9281	359.257.667,08	253.788.702,77
Amounts receivable from affiliated enterprises	9291	326.790.450,54	191.458.549,00
Over one year	9301
Within one year	9311	326.790.450,54	191.458.549,00
Current investments	9321
Shares	9331
Amounts receivable	9341
Amounts payable	9351	62.324.055,60	60.938.723,00
Over one year	9361
Within one year	9371	62.324.055,60	60.938.723,00
Personal and real guarantees
Provided or irrevocably promised by the enterprise as security for debts or
commitments of affiliated enterprises	9381	23.443.738,63	38.052.520,43
Provided or irrevocably promised by affiliated enterprises as security for
debts or commitments of the enterprise	9391		35.000.000,00
Other significant financial commitments	9401
Financial results
Income from financial fixed assets	9421	59.893.847,98	207.707.860,96
Income from current assets	9431	11.836.084,40	13.332.578,57
Other financial income	9441	2.860,00
Debt charges	9461	333.354,98	104.271,32
Other financial charges	9471
Disposal of fixed assets
Capital gains obtained	9481
Capital losses suffered	9491		15.141.688,28

ENTERPRISES LINKED BY PARTICIPATING INTERESTS
Financial fixed assets	(282/3)	9.244.948,36	12.824.948,36
Participating interests	(282)	9.244.948,36	12.824.948,36
Subordinated amounts receivable	9272
Other amounts receivable	9282
Amounts receivable	9292
Over one year	9302
Within one year	9312
Amounts payable	9352
Over one year	9362
Within one year	9372

Nr.	BE 0412.101.728	F 5.14

	Period
TRANSACTIONS WITH ENTERPRISES LINKED BY PARTICIPATING INTERESTS OUT OF MARKET CONDITIONS
Mention of these transactions if they are significant, including the amount of the transactions, the nature of the link, and all information about the transactions which should be necessary to get a better understanding of the situation of the company
None	0,00

	Nr.	BE 0412.101.728		F 5.15
--	-----	-----------------	--	--------

FINANCIAL RELATIONSHIPS WITH

	Codes	Period
DIRECTORS, MANAGERS, INDIVIDUALS OR BODIES CORPORATE WHO CONTROL THE ENTERPRISE WITHOUT BEING ASSOCIATED THEREWITH OR OTHER ENTERPRISES CONTROLLED BY THESE PERSONS
Amounts receivable from these persons	9500
Conditions on amounts receivable
Guarantees provided in their favour	9501
Main conditions of these guarantees
Other significant commitments undertaken in their favour	9502
Main conditions of the other commitments
Amount of direct and indirect remunerations and pensions, included in the income statement, as long as this disclosure does not concern exclusively or mainly, the situation of a single identifiable person
To directors and managers	9503	1.434.642,00
To former directors and former managers	9504

	Codes	Period
AUDITORS OR PEOPLE THEY ARE LINKED TO
Auditor's fees	9505	295.023,00
Fees for exceptional services or special missions executed in the company by the auditor Other attestation missions Tax consultancy Other missions external to the audit	95061 95062 95063	16.760,00 204.834,00
Fees for exceptional services or special missions executed in the company by people they are linked to
Other attestation missions	95081
Tax consultancy	95082
Other missions external to the audit	95083

Mentions related to article 133, paragraph 6 from the Companies Code

Nr. F 5.17.1
-----------------

INFORMATION RELATING TO CONSOLIDATED ACCOUNTS

INFORMATION TO DISCLOSE BY EACH ENTERPRISE THAT IS SUBJECT TO COMPANY LAW ON THE CONSOLIDATED ACCOUNTS OF ENTERPRISES

The enterprise has prepared and published consolidated accounts and a consolidated report

Nr.	BE 0412.101.728	F 6
	SOCIAL BALANCE SHEET

Number of joint industrial committee:	207	116

STATEMENT OF THE PERSONS EMPLOYED

EMPLOYEES FOR WHOM THE ENTREPRISE SUBMITTED A DIMONA DECLARATION OR WHO ARE RECORDED IN THE GENERAL PERSONNEL REGISTER

During the current period Codes		Total	1. Men	2. Women
Average number of employees
Full-time	1001	653,3	570,6	82,7
Part-time	1002	100,8	65,1	35,7
Total in full-time equivalents	1003	754,0	635,7	118,3
Number of hours actually worked
Full-time	1011	1.020.784	888.616	132.168
Part-time	1012	113.978	72.469	41.509
Total	1013	1.134.762	961.085	173.677
Personnel costs
Full-time	1021	65.114.936,21	56.477.778,13	8.637.158,08
Part-time	1022	6.641.360,12	4.407.633,85	2.233.726,27
Total	1023	71.756.296,33	60.885.411,98	10.870.884,35
Advantages in addition to wages	1033

During the preceding period	Codes	P. Total	1P. Men	2P. Women
Average number of employees in FTE	1003	823,6	691,7	131,9
Number of hours actually worked	1013	1.265.265	1.058.177	207.088
Personnel costs	1023	82.033.072,19	69.041.098,94	12.991.973,25
Advantages in addition to wages	1033

EMPLOYEES FOR WHOM THE ENTREPRISE SUBMITTED A DIMONA DECLARATION OR WHO ARE RECORDED IN THE GENERAL PERSONNEL REGISTER (continued)

Codes At the closing date of the period		1. Full-time	2. Part-time	3. Total full-time equivalents
Number of employees	105	672	117	760,6
By nature of the employment contract
Contract for an indefinite period	110	661	117	749,6
Contract for a definite period	111	11		11,0
Contract for the execution of a specifically assigned work	112
Replacement contract	113
According to gender and study level
Men	120	597	76	656,6
primary education	1200	24	2	25,6
secondary education	1201	381	56	424,6
higher non-university education	1202	102	17	115,6
university education	1203	90	1	90,8
Women	121	75	41	104,0
primary education	1210
secondary education	1211	16	21	30,4
higher non-university education	1212	33	14	43,3
university education	1213	26	6	30,3
By professional category
Management staff	130	35		35,0
Employees	134	259	56	300,0
Workers	132	378	61	425,6
Others	133

HIRED TEMPORARY STAFF AND PERSONNEL PLACED AT THE ENTERPRISE'S DISPOSAL

During the period	Codes	1. Hired temporary staff	2. Persons placed at the enterprise's disposal
Average number of persons employed	150	36,1	2,0
Number of hours actually worked	151	72.369	2.168
Costs for the enterprise	152	3.045.355,15	205.877,76

LIST OF PERSONNEL MOVEMENTS DURING THE PERIOD

ENTRIES	Codes	1. Full-time	3. Total full-time equivalents
Number of employees for whom the entreprise submitted a DIMONA declaration or who have been recorded in the general personnel register during the financial year	205	15	15,0
By nature of employment contract
Contract for an indefinite period	210	15	15,0
Contract for a definite period	211
Contract for the execution of a specifically assigned work	212
Replacement contract	213

Number of employees whose contract-termination date has been entered in DIMONA declaration or in the general personnel register during the financial year	305	110	23	125,4
By nature of employment contract
Contract for an indefinite period	310	90	21	103,8
Contract for a definite period	311	20	2	21,6
Contract for the execution of a specifically assigned work	312
Replacement contract	313
By reason of termination of contract
Retirement	340	14	4	16,3
Unemployment with extra allowance from enterprise	341	19	9	25,3
Dismissal	342	27	6	31,2
Other reason	343	50	4	52,6
the number of persons who continue to render services to the enterprise at least half-time on a self-employed basis	350

DEPARTURES	Codes	1. Full-time	2. Part-time	3. Total full-time equivalents
Number of employees whose contract-termination date has been entered in DIMONA declaration or in the general personnel register during the financial year	305	110	23	125,4
By nature of employment contract
Contract for an indefinite period	310	90	21	103,8
Contract for a definite period	311	20	2	21,6
Contract for the execution of a specifically assigned work	312
Replacement contract	313
By reason of termination of contract
Retirement	340	14	4	16,3
Unemployment with extra allowance from enterprise	341	19	9	25,3
Dismissal	342	27	6	31,2
Other reason	343	50	4	52,6
the number of persons who continue to render services to the enterprise at least half-time on a self-employed basis	350

Nr.	BE 0412.101.728	F 6

INFORMATION ON TRAINING PROVIDED TO EMPLOYEES DURING THE PERIOD

	Codes	Men	Codes	Women
Total of initiatives of formal professional training at the expense of the employer
Number of employees involved	5801	410	5811	97
Number of actual training hours	5802	12.078	5812	2.678
Net costs for the enterprise	5803	1.323.125,29	5813	282.585,65
of which gross costs directly linked to training	58031	1.005.496,82	58131	277.310,79
of which fees paid and paiments to collective funds	58032	317.628,47	58132	5.274,86
of which grants and other financial advantages received (to deduct)	58033		58133
Total of initiatives of less formal or informal professional training at the expense of the employer
Number of employees involved	5821	97	5831
Number of actual training hours	5822	4.303	5832
Net costs for the enterprise	5823	221.288,72	5833
Total of initiatives of initial professional training at the expense of the employer
Number of employees involved	5841		5851
Number of actual training hours	5842		5852
Net costs for the enterprise	5843		5853

Nr.	BE 0412.101.728
	VALUATION RULES
		Rights & obligations, not taken up in the balance sheet (amounts in €)
	----------------------------------------------------- onderneming zou kunnen wijzigen.	Aangegane verbintenissen waarvan de eventuele uitvoering, voortvloeiend uit de actuele juridische verbintenissen, het bedrag of de samenstelling van het patrimonium of de resultaten van de
1.	Guarantees by 3rd parties for our account: ------------------------------------------------------
	Beneficiaries:
	* Customs	1.095.072
	* Transport	620
	* OVAM	30.958.415
	* Other	6.536.248

3rd parties who issued guarantees for our account:

* Banks	7.686.832
* Others	30.903.523

2.		Guarantees granted by Tessenderlo Chemie for affiliates		23.443.739
		--------------------------------------------------------

3. Declaration of joint liability

The company has given declarations of joint liability (Art. 403 Dutch Civil code) for the beneficiaries Tessenderlo Holding BV, Nyloplast BV, PPS Holding BV, Tessenderlo Chemie Rotterdam BV, Dyka BV.

1. Environmental liabilities: ------------------------

Provision for the remediation of soil and ground contamination (see vol 5.8) is set up for the liabilities for which a reliable estimate is available.

XX. Accounting principles

ASSETS

Formation expenses : Amortization 100%
Intangible assets:
Amortization 20%

Nr.	BE 0412.101.728	F 7

Research costs 100% or in accordance with fiscal regulations encouraging scientific research.

• Property, plant and Equipment

Items of Property, plant and equipment are recognized as an asset on the balance sheet at their purchase price, including costs incurred and non-refundable taxes, or at their cost value.

The depreciation charges are recognized in the profit- and loss statement as from the date the asset is available for use, on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment.

The estimated useful lives of the respective assets categories lead to the following depreciation rates:

Land : 0,00%
Buildings, houses, constructions + revaluation gains : 3,00%
Leased buildings, revaluation gains on furniture, equipment and installations: 5,00%
Equipment and installations : 5,00% 25,00%
Furniture, building improvements : 4,00% 10,00%
Pilot plants : 20%
Vehicles : 25%
Computer equipment (3 years) : 33,33%

The accelerated or declining depreciations are applied taking into account fiscal regulations.

• Financial assets:

Investments and other financial assts

The investments and other financial assets are recognized as an asset on the balance sheet at their purchase price, including costs incurred, or costs of acquisition and taking into account remaining future payments.

At the end of the reporting period, the equity investments are subject to an individual valuation based on the equity value, which consists of the carrying amount of the net assets and the prudently estimated unrealized gains and losses and takes into account the potential economic value of the entity involved and with future profitability under normal economic circumstances. All exceptional or misleading valuation items have been excluded. The Board will recognize the certain and definite revaluation gains, if deemed applicable. The potential estimated losses will be recognized as an impairment loss, if the Board assesses the loss as permanent. An impairment loss will be reversed when a permanent surplus value exists on equity investments which have been impaired.

• Receivables more than one year

The receivables are recognized at their nominal value. Receivables in foreign currencies will be recognized in Euro at the closing exchange rate. At the end of the accounting year, they will be valued in accordance with the accounting principles of equity investments and securities (see above).

• Inventory:

At the end of the accounting year the purchased goods in inventory are valued at individual purchase price, additional costs included; and the finished goods are valued at individual cost price. The cost price for the finished goods is determined in function of the direct production costs, with an addition for the indirect costs. The method allowed is the valuation at weighted average cost price.

During the closure of the accounting year, the inventory of raw materials and finished products is subject to an individual valuation based on the market price or the realizable value. If this valuation shows a devaluation compared to the carrying amount, a valuation adjustment is booked. The work in process stock is valued at the cost of the raw materials and the direct costs.

Nr.	BE 0412.101.728	F 7

• Receivables within one year:

The receivables within one year are included in the accounts at nominal value. The receivables in foreign currency are valued at the latest exchange rate of the year. An impairment is booked when at the closing date of the accounting year the realizable value of the receivable is below the carrying amount; a revaluation is booked for the opposite: the exchange rate differences at that time are included in the result of the accounting year.

• Cash and cash equivalents:

Cash and cash equivalents are included at nominal value. The cash and cash equivalents in foreign currency are valued at the latest exchange rate of the year.

LIABILITIES

• Provisions & deferred taxes

At every closing of the accounting year, the BoD analyses with prudency, as good as possible and in good faith, the provisions which are needed to cover, a.o.

The risks resulting from guarantees
Other risks as applicable

The provisions set up in previous years are re-assessed on regular basis and reversed in the P&L if deemed applicable.

• Amounts payable after more than 1 year Are accounted for at nominal value. The debt in foreign exchange is treated in the same way as the receivables.

• Amounts payable within 1 year Are accounted for at nominal value. The debt in foreign exchange is valued at the closing exchange rate of the year. Exchange gains are booked & taken up in the P&L of the year.

PROFIT AND LOSS

• Exchange results

The exchange results are taken up in the financial results, except if thy result from the translation of foreign exchange balances which specifically relate to other items of the P&L, to which these results then are allocated.

XXI. Additional pension regime Until 31/12/2007: An additional pension plan is applicable, under regime 'defined benefit', of which the benefits related to the level of salary and the years of service. For the employees, the plans are covered by a contract of mixed capital insurance as guarantee for the benefits calculated based on the years of service.

As of 1/1/2008:

An additional pension plan is applicable, where pensions are build up based on the contributions paid by the company in an external, seperate fund.

XXII Additional information

A part of the accounts receivables are collected via factoring. Tessenderlo Chemie NV sells trade accounts receivable to a factor company, in exchange of immediate cash as financing tool.

Nr.
-----

The amended syndicated facility signed on 28 April 2011, related to the Credit facility agreement signed on 26 February 2010, for an amount of 450 mio EUR, is still applicable but the amount has decreased to 400 mio EUR. Tessenderlo Chemie NV and Dyka Plastics NV are, together with some other group entities, partly guarantor for the repayment of the amounts taken up, with a maximum exposure related to the syndicated credit facility of 400 mio EUR.