My only Belgium company, Tessenderlo, arrived with their Q1 "report" for 2015. Calling it a report is to go a bit too far because in the end it is one A4 paper if one would print it on both sides. This is one of the effects coming from their new major shareholder as well as... now.. alone ruling CEO, Luc Tack, who is the alone reason for why I made this investment. What was then on this piece of paper?
For the "report" in full please click here and to see my previous summary then please visit Tessenderlo annual report 2014 and to find out more concerning Tessenderlo then please go to analysis of Tessenderlo 2015.
The only thing we got can be seen below and we start to see that Luc Tack has already started to be successful with his clean up operations since revenue is flat but the margins are obviously increasing which is why the Rebitda (Recurring Earnings Before Interest, Taxes, Depreciation and Amortization) is up by 21%. It was very clearly stated that their Agra business is the reason for why things are going so well. Due to the fresh cash that they brought in the debt has also significantly decreased... however they have gone on a shopping round so next quarter the debt have probably increased a little again.
Conclusion: Tessenderlo made a quick turn around and things are currently looking good. Luc Tack has now managed to take full control of the company and I expect things to happen even faster now since having the old CEO as Co-CEO can sometimes be bunk. I will definitely keep my shares.
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