Tessenderlo Group, Brussels, reported full-year Agro adjusted EBITDA of €147.4 million on revenues of €749.3 million, versus 2020’s €125.6 million and €582.9 million, respectively. The company said adjusted EBITDA, when excluding the foreign exchange effect, was up 21.1 percent.
Agro 2021 revenue was up on higher volumes and sales prices. The company said it was able to raise prices in the second half to compensate for higher raw material and other costs. Revenues were also boosted by Tessenderlo Kerley International’s (TKI) 2020 deal to market sulfate of potash produced by Sweden’s Kemira Oyj.
The company said 2021 adjusted EBITDA of both TKI and Crop Vitality increased due to favorable markets, while NovaSource remained stable.
Second-half Agro adjusted EBITDA was €72.3 million on revenues of €375.8 million, versus the year-ago €41.1 million and €220.7 million, respectively. The company said adjusted EBITDA, when excluding the foreign exchange effect, was up 71.4 percent.
Company-wide full-year adjusted EBITDA was €354.2 million, up from 2020’s €314.6 million. Excluding the effect of foreign exchange, it was up 14.7 percent. Revenue was €2.08 billion, up from €1.74 billion.
Second-half adjusted EBITDA was €169.5 million, up from the year-ago €132.6 million. Excluding the effect of foreign exchange, it was up 25.5 percent. Revenue was €1.06 billion, up from the year-ago €802.3 million.
While noting a high level of uncertainty in 2022 due to the current conflict in Eastern Europe, however, assuming normal operations, Tessenderlo expects that 2022 adjusted EBITDA will be in line with that of 2021, taking into account the expected positive foreign exchange effect in 2022 following the strengthening of the U.S. dollar.