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21st November 2019, Ieper

Picanol confirms outlook for 2019

Aerial view of the Picanol Group premises. © Picanol Group

Aerial view of the Picanol Group premises. © Picanol Group

In line with the previously announced forecast, Picanol Group confirms that it anticipates for the second half of 2019 a further negative impact of the current uncertain macroeconomic climate, whereby the slowdown in the global machine market will not be compensated by the segments of Tessenderlo Group. For the full financial year 2019, Picanol Group expects adjusted EBITDA to be lower than that of 2018.

Tessenderlo Group anticipates the adjusted EBITDA for 2019 to be around 270 million EUR (this includes the full year contribution of T-Power for approximately 50 million EUR, as well as the impact of IFRS 16 Leases for approximately 25 million EUR).

This amount is significantly higher as compared to the adjusted EBITDA of 177.8 million EUR in 2018, when T-Power was only included for the fourth quarter of 2018 for 13.5 million EUR, and IFRS 16 Leases was not yet applicable.

This revised outlook for the financial year 2019 reflects the extension of the agro season in the US, which has resulted in increased volumes within Crop Vitality, and a volume increase and improved mix within Bio-valorisation, the company reports.

Picanol Group is a diversified industrial group and it is active in the fields of mechanical engineering, agriculture, food, water management, the efficient (re)use of natural resources and other industrial markets. The group's products are used in a variety of applications, industrial and consumer markets.

Picanol, part of the Picanol Gorup, develops, produces and markets high-tech weaving machines, based on air (airjet) or rapier technology. It supplies weaving machines to weaving mills worldwide, and also offer such services as installation, commissioning and trouble shooting, aftermarket sales (spare parts, accessories) and training.

www.picanolgroup.com

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