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What's cooking? (formerly: Ter Beke)
Earnings Release • Feb 28, 2025
4009_er_2025-02-28_f73e0791-547e-4485-9d72-ef5067e4aab5.pdf
Earnings Release
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BE- Lievegem, February 28, 2025 - 07:15
Consolidated results 2024
What's Cooking? Group achieves remarkable strategic progress and reports significant improvement in results
- o Total underlying EBITDA increases from EUR 50 million in 2023 to EUR 65 million in 2024.
- o Revenues from continued operations (ready meals) increase by 9% to EUR 404 million.
- o Underlying EBITDA from continued operations increases by 42% to EUR 33 million.
- o Earnings after taxes increase to EUR 20.6 million.
- o Disposal of Savoury completed in January 2025 & result on disposal therefore to be included in 2025 consolidated earnings.
- o Operational progress and past investments key drivers to performance improvement.
Piet Sanders, CEO of What's Cooking? said, "2024 was a very special year in the history of our Group. We managed to make remarkable strategic progress and complete the disposal of the Savoury business unit early January 2025. We also made significant progress in our operational and commercial performance. All of this resulted in a solid EUR 21 million net earnings after taxes or EUR 11,12 earnings per share – a result and team performance I am truly proud of. I am looking forward to 2025 with confidence. Our continued focus on investments is paying off and we are already starting to write the next 'growth' chapter with the expansion project in Poland and the intended acquisition in France."
Key headlines & events
As we have assessed the assets and liabilities of our SBU Savoury as held for sale, the entire segment is reported as 'discontinued' in our full year 2024 figures. We therefore only have one continuing segment being our ready meals business including the central overheads of the group.
Underlying EBITDA including both continued and discontinued operations (so like for like with previous presentation of U-EBITDA) increased from EUR 50 million in 2023 to EUR 65 million in 2024.
Revenues from continued operations (Continued figures include Ready Meals and Continuing Group Services) increased by 9% to EUR 404 million. This organic growth was driven by a volume growth of 10% compared to previous year. Our continued focus on quality products, solid service as well as new products allowed us to grow with new and existing customers. Our brand Come a casa ® also continued to grow significantly in Central & Eastern Europe as we launched a new range and new packaging, supported by our first TV commercials in Poland.
Our costs were well controlled and despite the ongoing investments in innovations, sustainability and improved digital processes as well as persistent salary inflation, we managed to control expenses overall in order to ensure a solid drop-through of incremental volumes to EBITDA.
Underlying EBITDA from continued operations increased from EUR 23 million in 2023 to EUR 33 million in 2024. Non-underlying expenses amounted to EUR 1 million EUR and were mainly related to the strategic divestment & acquisition project expenses.
Net Financing expenses increased from EUR 3.2 million in 2023 to EUR 4.5 million in 2024, reflecting the increase in EURIBOR and the fact we no longer had interest rate hedges from mid-2023 onwards. The Result of discontinued operations net of tax including in particular the SBU Savoury result, improved from a loss of EUR 2 million in 2023 to a profit of EUR 5 million in 2024. The impact of dis-synergies on the continuing business amounts to almost EUR 7 million in 2024 and EUR 4 million in 2023 net of tax. This brings the total discontinued operations net result after tax to EUR 11 million in 2024.
The net group earnings after taxes increased from EUR 7.7 million last year to EUR 20.6 million in 2024.
Net financial debt at year-end 2024 amounted to EUR 47 million (excluding discontinued operations) and remains very comfortable even after the acquisition of the land and building related to the expansion project in Poland.
Dividend Proposal
The Board of Directors will propose the General Meeting to approve a total gross dividend of EUR 10 per share consisting of a EUR 5.5 'special' dividend payable in June 2025 and a 'normal' dividend payable early July 2025 of EUR 4.5 per share. The Board believes the special dividend is justified given the successful completion of the Savoury business unit disposal early 2025 that is putting the company back in a positive net cash position after disposal.
The dividends also leave the Group with sufficient resources to execute its long term strategy including the organic growth projects and focus on well-chosen M&A projects.
Events after balance sheet date
The Group completed the sale of its Savoury SBU after year-end, resulting in net cash proceeds after expenses of approximately EUR 100 million and also announced the intended acquisition of 100% of the share capital of Sveltic, a French ready-meal manufacturer, currently part of the Intermarché group of companies.
Following the disposal of the Savoury business unit which includes the Lievegem location, the Group also will relocate its headquarters to a new state of the art leased building in Ghent. This relocation will give the Group the opportunity to bring the different teams and departments even closer together in a new setting – developing the collaborative organization even further to boost the growth plans. The new headquarters address will be
What's Cooking? Kortrijksesteenweg 1091, Bus C B-9051 Sint-Denijs-Westrem (Gent) BELGIUM
Outlook 2025
The Board of Directors looks to 2025 with confidence and bar unforeseen circumstances expects the continuing U-EBITDA to be between EUR 34 million and EUR 40 million in 2025 (excluding the intended acquisition). The group expects to significantly invest in its Opole (Poland) new factory development which will temporarily double capex cashflow compared to historical averages for the Ready Meals business – in order to drive significant organic growth from 2027 onwards.
The consolidated earnings after taxes are expected to be positively influenced by EUR 13 million related to the disposal of the Savoury business whilst the Sveltic intended acquisition is expected to complete in the first half of the year and immediately contribute to the results of the Group.
Press Release Regulated information
Consolidated results 2024
| 2023 | |||
|---|---|---|---|
| Consolidated key figures in 000 EUR | 2024 | restated (*) | ∆% |
| Revenue (net turnover) | 403.545 | 368.753 | 9,4% |
| Underlying EBITDA (1) | 32.943 | 23.264 | 41,6% |
| EBITDA (2) | 31.660 | 22.648 | 39,8% |
| Underlying operating result (UEBIT) | 19.936 | 10.976 | 81,6% |
| Operating result (EBIT) | 18.653 | 10.360 | 80,0% |
| Net financing costs | -4.493 | -3.194 | 40,7% |
| Operating result | |||
| after net financing costs (EBT) | 14.160 | 7.166 | 97,6% |
| Taxes | -4.826 | -1.992 | 142,3% |
| Result after tax before share in the result of enterprises | |||
| accounted for using the equity method from continued operations | 9.334 | 5.174 | 80,4% |
| Share in enterprises accounted for using the equity method | -63 | -98 | |
| Result discontinued operations | 11.376 | 2.581 | 340,8% |
| Earnings after taxes (EAT) | 20.647 | 7.657 | 169,6% |
| Financial position in 000 EUR | 2024 | 2023 | ∆% |
| Total assets | 387.104 | 399.237 | -3,0% |
| Equity | 140.449 | 125.783 | 11,7% |
| Net financial debt (3) | 47.080 | 60.897 | -22,7% |
| Equity/Total assets | 36,3% | 31,5% | 15,2% |
| Gearing ratio (4) | 33,5% | 48,4% | -30,8% |
| In EUR per share | |||
| Number of shares | 1.856.180 | 1.856.180 | 0,0% |
| Average number of shares | 1.856.180 | 1.838.256 | 1,0% |
| Net cash flow per share (5) | 12,04 | 9,50 | 26,7% |
| Consolidated Earnings after taxes (5) | 11,12 | 4,17 | 167,0% |
| EBITDA per share (5) | 17,06 | 12,32 | 38,4% |
(1) UEBITDA: Underlying EBITDA from (continuing) business activity
(2) EBITDA: result of (continuing) operating activities + depreciation + amortization + write-downs +
movements in facilities
(3) Net financial liabilities: interest-bearing liabilities - interest-bearing receivables, cash and cash equivalents
(4) Gearing ratio: Net financial debt/Equity.
(5) Ratio always based on weighted average of the number of shares in the fiscal year.
The net cash flow consists of the result of the fiscal year excluding the contribution to the change in equity plus (minus) non-cash expenses (cash income).
(*) In accordance with IFRS 5.33, the company discloses the result from discontinued operations in its consolidated profit and loss account for 2024 and 2023. This amount includes, on the one hand, the profit (loss) from operational discontinued operations after taxes and, on the other hand, costs that were previously borne by the discontinued operation and, after the settlement of the sale of the SBU Savoury, are charged to the continuing operations (dis-synergies). For presentation purposes, these costs are already included in the operating costs of continuing operations and the impact of the cost allocation to SBU Savoury, which was applied in 2024 and 2023, is presented under the result from discontinued operations.
Additional information to the consolidated results 2024
Notes to the balance sheet
Goodwill decreases significantly from EUR 78 million in 2023 to EUR 45 million in 2024 due to the reclassification of the Savoury Business as 'discontinued'.
The decrease in tangible and intangible assets is mainly due to the reclassification of the Savoury Business as 'discontinued' offset partially by the investment of EUR 11 million in the purchase of the land and building in the new Opole factory besides normal ongoing additions and ongoing depreciation of tangible and intangible ready meals assets.
The group invested EUR 34 million in fixed assets in 2024 – which next to the investment of approximately EUR 11 million related to the Polish land and building purchase was driven by investments in sustainability and product innovations as well as efficiency growth. A large portion of the investments was made in new packaging lines.
Trade receivables decreased due to the implementation of a factoring program for approximately EUR 27 million as well as the reclassification of the Savoury business as 'discontinued'.
All other balance sheet position movements were primarily driven by the reclassification of the Savoury business as discontinued. The net Savoury value amounted to EUR 88 million as at December 31, 2024 and is shown under 'assets held for sale' for an amount of EUR 187 million and an amount of EUR 99 million shown under 'liabilities directly associated with the assets held for sale'.
Net cash flow from operating activities was EUR 71 million, significantly higher than that of 2023 (EUR 44 million), mainly due to an increased operating result and an impact of the implementation of a non-recourse factoring program of approximately EUR 27 million. The increased operating cash flow was used for increased investment activities which amounted to EUR 36 million (of which EUR 9 million related to the Savoury business) and financing activities of EUR 27 million (of which EUR 2 million related to the Savoury business). The financing activities included mainly the repayment of long-term debt and the payment of interest.
The calculation of net financial liabilities as of December 31, 2024 and 2023 is as follows:
| in EUR'000 | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Cash and cash equivalents Long-term interest-bearing liabilities Short-term interest-bearing liabilities |
-17 665 64.230 515 |
-20 313 78.595 2,615 |
| Net financial debts | 47.080 | 60.897 |
Press Release Regulated information
Notes to the income statement
Key explanations of the results were provided in the key headlines & events section.
UEBIT and UEBITDA - reflecting recurring or underlying business performance - are called underlying EBIT or underlying EBITDA, respectively. Their calculation for What's Cooking? is as follows:
| Result of continued operating activities In EUR'000 |
||
|---|---|---|
| 2024 | 2023 restated |
|
| EBITDA | 31.660 | 22.648 |
| Depreciations costs and impairments | -12.388 | -11.736 |
| Impairments, write offs and provisions | -619 | -552 |
| Result of operating activities (EBIT) | 18.653 | 10.360 |
| Result of continued operating activities In EUR'000 |
|||
|---|---|---|---|
| 2024 | 2023 restated |
||
| Result of operating activities (EBIT) | 18.653 | 10.360 | |
| Costs related to acquisition by Aurelius | 1.073 | ||
| Cost concerning M&A file | 210 | ||
| Rebranding expenses | 316 | ||
| Innovation costs plant based products | 300 | ||
| Underlying operating result (UEBIT) | 19.936 | 10.976 | |
| EBITDA | 31.660 | 22.648 | |
| Costs related to acquisition by Aurelius | 1.073 | 0 | |
| Cost concerning M&A file | 210 | ||
| Rebranding expenses | 0 | 316 | |
| Innovation costs plant based products | 0 | 300 | |
| Underlying EBITDA 32.943 23.264 |
Segment information
The below segment information shows our financials including continuing (ready meals and Central expenses) as well as discontinued activities consistent with past practice. As the Savoury segment is being sold – the group will no longer have different segments from 2025 onwards.
| 2024 | 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| EUR'000 | Savoury | Ready Meals Non-allocated Elimination | intercompany | Total | Savoury | Ready Meals Non-allocated Elimination | intercompany | Total | ||
| Segment income statement | ||||||||||
| Segment net turnover | 472.169 | 403.545 | -18.481 | 857.233 | 479.913 | 368.753 | 0 | -16.340 | 832.326 | |
| EBITDA | 22.937 | 38.591 | 2.037 | 63.565 | 16.958 | 30.338 | -1.828 | 45.468 | ||
| Underlying EBITDA | 22.627 | 38.591 | 3.320 | 64.538 | 20.747 | 30.980 | -1.855 | 49.872 | ||
| Reconciliation U-EBITDA segment reporting to the U-EBITDA of continuing activities | ||||||||||
| U-EBITDA segment reporting | 22.627 | 38.591 | 3.320 | 64.538 | 20.747 | 30.980 | -1.855 | 49.872 | ||
| Allocation of non-allocated to Ready Meals | 3.320 | -3.320 | -1.855 | 1.855 | ||||||
| Impact dis-synergy after disposal Savoury | 8.968 | -8.968 | 5.861 | -5.861 | ||||||
| 31.595 | 32.943 | 64.538 | 26.608 | 23.264 | 49.872 | |||||
| U-EBITDA | U-EBTIDA | U-EBITDA | U-EBTIDA | |||||||
| discontinued | continuing | discontinued | continuing | |||||||
| TOTAL | activities | Activities | activities | Activities |
Press Release Regulated information
External audit
The auditor, KPMG Bedrijfsrevisoren BV, represented by Filip De Bock, has confirmed that its audit procedures, which have been substantially completed, have not revealed any material misstatement in the accounting data included in the present report.
Financial calendar
| Annual Report 2024 | April 18, 2025 before trading hours |
|---|---|
| General Assembly | May 28, 2025 |
| Half-year results 2025 | Aug. 22, 2025 before trading hours |
| Annual results 2025 | February 27, 2026 before trading hours |
Contacts
| Piet Sanders* | Yves Regniers° |
|---|---|
| [email protected] | |
| Tel +32 9 370 13 17 / +32 475 201344 | |
| General Counsel & Corporate Affairs Director | |
| Ann De Jaeger |
CEO CFO
*Permanent representative of Leading for Growth BV Permanent representative of ESROH BV
About What's Cooking Group
What's Cooking? is a European savoury fresh food group headquartered in Belgium which commercialises in Europe and beyond a wide range of high-quality and innovative ready meal products (also known from Come a casa®), as well as related professional food services. "Day by day, we make sustainable food second nature by increasing the world's appetite for tasty, convenient meals, crafted with care both for the people and the planet". Our customers and consumers are always on our hungry minds when preparing our food products, as is the well-being of our employees from our headquarter, 5 industrial sites in Belgium, France, Poland, and the UK, and 5 sales offices. What's Cooking Group exists for 76 years, is listed on Euronext Brussels since 1986 (ticker: WHATS).
More info on What's Cooking? can be found at www.whatscooking.group
What's Cooking Group NV, Kortrijksesteenweg 1091 bus C, 9051 Sint-Denijs-Westrem (Ghent) – Belgium (formerly: Beke 1, 9950 Lievegem) RPR 03421.364.139 (Ghent Division)
| Consolidated income statement |
||
|---|---|---|
| as at 31 December 2024 and 2023 | ||
| 2024 | 2023 | |
| CONTINUING OPERATIONS | Restated (*) | |
| Revenue | 403.545 | 368.753 |
| Trade goods, raw and auxiliary items | -206.597 | -201.348 |
| Services and miscellaneous goods | -90.415 | -78.213 |
| Employee expenses | -78.692 | -70.452 |
| Depreciation costs | -12.388 | -11.736 |
| Impairments, write-downs, and provisions | -619 | -552 |
| Other operating income Other operating expenses |
5.392 -1.573 |
5.782 -1.874 |
| Result of operating activities | 18.653 | 10.360 |
| Financial income | 2.303 | 1.468 |
| Financial expenses | -6.796 | -4.662 |
| Results of operating activities after net financing expenses | 14.160 | 7.166 |
| Taxes | -4.826 | -1.992 |
| Result for the financial year before share i n the result of | ||
| equity accounted investees | 9.334 | 5.174 |
| Share in the result of equity accounted investees, net of tax | -63 | -98 |
| Result from continuing operations | 9.271 | 5.076 |
| DISCONTINUED OPERATIONS | ||
| Result of operations that are to be disposed net of tax | 4.650 | -1.815 |
| Result dis-synergies on continuing operations net of tax | 6.726 | 4.396 |
| Result from discontinued operations net of tax (**) | 11.376 | 2.581 |
| result for the financial year | 20.647 | 7.657 |
| Basic & diluted earnings per share from continuing operations | 4,99 | 2,76 |
| Total basic & diluted earnings per share | 11,12 | 4,17 |
(*) The 2023 results have been restated to reflect the discontinuation of the SBU Savoury and to increase comparability of our results. (**) In accordance with IFRS 5.33, the company discloses the result from discontinued operations in its consolidated profit and loss account for 2024 and 2023. This amount includes, on the one hand, the profit (loss) from operational discontinued operations after taxes and, on the other hand, costs that were previously borne by the discontinued operation and, after the settlement of the sale of the SBU Savoury, are charged to the continuing operations (dis-synergies). For presentation purposes, these costs are already included in the operating costs of continuing operations and the impact of the cost allocation to SBU Savoury, which was applied in 2024 and 2023, is presented under the result from discontinued operations.
| Consolidated balance sheet as at 31 December 2024 and 2023 |
||
|---|---|---|
| In EUR'000 | 2024 | 2023 |
| Assets | ||
| Non-current assets | 131.979 | 224.711 |
| Goodwill | 44.732 | 78.041 |
| Intangible assets | 8.098 | 15.951 |
| Tangible assets | 70.928 | 120.511 |
| Equity accounted investees | 270 | 333 |
| Deferred tax assets | 7.776 | 9.808 |
| Other long-term receivables | 175 | 67 |
| Current assets | 255.125 | 174.526 |
| Inventories | 20.532 | 47.264 |
| Trade and other receivables | 29.929 | 106.949 |
| Cash and cash equivalents | 17.665 | 20.313 |
| Assets held for sale | 186.999 | |
| Total assets | 387.104 | 399.237 |
| Liabilities | ||
| Shareholders' equity | 140.449 | 125.783 |
| Capital and share premiums | 64.856 | 64.856 |
| Reserves | 75.593 | 60.927 |
| Deferred tax liabilities | 877 | 4.929 |
| Long-term liabilities | 66.931 | 82.290 |
| Provisions | 2.701 | 3.695 |
| Long-term interest-bearing liabilities | 64.230 | 78.595 |
| Current liabilities | 178.847 | 186.235 |
| Current interest-bearing liabilities | 515 | 2.615 |
| Trade liabilities and other payables | 66.019 | 155.853 |
| Social liabilities | 11.810 | 24.962 |
| Tax liabilities | 1.574 | 2.805 |
| Liabilities directly associated with the assets | ||
| held for sale | 98.929 | |
| Total liabilities | 387.104 | 399.237 |
Press Release
Regulated information
| 2024 | 2023 restated (*) |
|
|---|---|---|
| Operating activities | ||
| Result of operating activities before taxes | 14.160 | 7.166 |
| Result from discontinued operations before taxes | 15.076 | 4.420 |
| Interest | 5.263 | 4.943 |
| Depreciation costs and impairments | 27.630 | 28.510 |
| Write-downs (**) | 168 | 101 |
| Provisions | 555 | 245 |
| Gains & losses on disposal of fixed assets | 109 | 287 |
| Cash flow from operating activities | 62.961 | 45.672 |
| Decrease/(increase) in receivables more than 1 year | ||
| Decrease/(increase) in inventory | 1.272 | -285 |
| Decrease/(increase) in receivables less than 1 year | 25.910 | 5.662 |
| Decrease/(increase) in operational assets | 27.182 | 5.377 |
| Increase/(decrease) in trade liabilities | -11.810 | -4.236 |
| Increase/(decrease) in debts relating to remuneration | -58 | 3.163 |
| Increase/(decrease) in other liabilities, accruals and deferred income | -1.223 | 13 |
| Increase/(decrease) in operational liabilities | -13.091 | -1.060 |
| (Increase)/decrease in the working capital | 14.091 | 4.317 |
| Tax paid | -6.275 | -6.220 |
| Net cash flow from operating activities | 70.777 | 43.769 |
| Which relating to discontinued operations | 27.267 | 19.093 |
| Investment activities | ||
| Acquisition of intangible and tangible non-current assets | -36.635 | -23.746 0 |
| Acquisition of shares in participations Total increase in investments |
||
| -36.635 | -23.746 | |
| Sale of intangible and tangible non-current assets | 315 | 114 |
| Sale of shares in participations | ||
| Total decrease in investments | 315 | 114 |
| Cash flow from investment activities | -36.320 | -23.632 |
| Which relating to discontinued operations | -8.832 | -12.827 |
| Financing activities | ||
| Increase/(decrease) in short-term financial debts | 0 | 0 |
| Increase in long-term debts | 925 | 1.730 |
| Repayment of long-term debts | -14.556 | -7.651 |
| Interest paid interest (via income statement) | -5.263 | -4.943 |
| Acquisition of non-controlling interest | 0 | -3.953 |
| Capital increase (decrease) (***) | 0 | 2.659 |
| Dividend paid by parent company (****) | -7.944 | -7.284 |
| Cash flow from financing activities | -26.838 | -19.442 |
| Which relating to discontinued operations | -2.096 | -1.468 |
| Net change in cash and cash equivalents | 7.619 | 695 |
| Cash and cash equivalents at the beginning of the financial year | 20.313 | 19.353 |
| Translation differences | 300 | 265 |
| Cash and cash equivalent of discontinued operations | -10.567 | 0 |
| Cash and cash equivalents at the end of the financial year | 17.665 | 20.313 |
| The 2023 figures have been restated to reflect the discontinuation of the SBU Savoury and to | ||
| increase the comparability. | ||
| (**) Also includes adjustments that are part of the financial result. |
||
| This was 21 KEUR in 2024 and -52 KEUR in 2023 | ||
| (***) Share Capital increase following Scrip Dividend: shareholders choosing for shares rather than cash | ||
| (****) Dividend paid in cash by the parent company |
(°) The 2023 results have been restated to reflect the discontinuation of the SBU Savoury and to increase comparability of our results.