Below is the financial statement and it looks like a middle year. The earnings increased slightly compared to 2016 but the earnings was only 1/3 of last years. The invested and have now started up production of a liquid fertiliser that can be used both by households as well as by farmers. In the Q1 of 2018 they have also decided to buy out a energy producing plant that they previously owned 20% of for, as they mention, sustainability reasons as well as flexibility. When I calculated the P/E that they paid for that it was up around 20 which I find very expensive (they paid ~350 M €) especially since the earnings of that unit comes from a year when pretty much all energy producing companies have made nice profits. This makes me a little concerned. However... the reason for this investment was made on the leader Luc and his ability to find value so all will, I am sure, be good in the end.
Conclusion: Not a very good year for Tessenderlo but due to the latest deals I suspect that there will be a massive increase in revenue from the Tessenderlo Group as they now call themselves.
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