Tessenderlo Group, Brussels, on Nov. 21 said it now anticipates a 2019 adjusted EBITDA of approximately €270 million, significantly higher than 2018’s adjusted EBITDA of €177.8 million. Much of the increase is due to the full-year contribution of T-Power nv, a gas-fired power plant in Belgium (€50 million) (GM Oct. 19, 2018), as well as the impact of IFRS 16 Leases for approximately €25 million. In 2018, T-Power was only included for the fourth quarter for €13.5 million, and IFRS 16 Leases were not yet applicable.
Tessenderlo also said the revised outlook reflects the extension of the agriculture season in the U.S., which has resulted in increased volumes within the Crop Vitality segment, and a volume increase and improved mix within Bio-valorization.