Quarterly Report • Aug 31, 2012
Quarterly Report
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HALF YEAR FINANCIAL REPORT FIRST SEMESTER 2012
| in '000 EUR | 30/06/2012 | 31/12/2011 |
|---|---|---|
| Assets | ||
| Fixed assets | 155.097 | 153.192 |
| Goodwill | 35.204 | 35.204 |
| Intangible fixed assets | 1.955 | 2.121 |
| Tangible fixed assets | 103.240 | 106.403 |
| Joint venture using equity method | 4.568 | 4.331 |
| Other long term receivables | 130 | 133 |
| Long term interest bearing receivables | 10.000 | 5.000 |
| Deferred tax assets | 0 | 0 |
| Current assets | 96.652 | 99.744 |
| Stocks | 25.493 | 24.404 |
| Trade- and other receivables | 64.072 | 69.598 |
| Cash and cash equivalents | 7.087 | 5.742 |
| Total assets | 251.749 | 252.936 |
| Liabilities | ||
| Shareholders equity | 92.799 | 93.879 |
| Capital and issue premiums | 53.093 | 53.191 |
| Reserves | 39.706 | 40.688 |
| Minority interests | ||
| Deferred tax liabilities | 8.209 | 8.370 |
| Long-term obligations | 40.831 | 41.665 |
| Provisions | 1.734 | 1.668 |
| Long-term interest-bearing obligations | 39.097 | 39.997 |
| Other long-term obligations | 0 | 0 |
| Short-term obligations | 109.910 | 109.022 |
| Short-term interest-bearing obligations | 34.912 | 30.364 |
| Trade liabilities and other debts | 62.726 | 62.873 |
| Staff wage liabilities | 9.837 | 12.761 |
| Tax liabilities | 2.435 | 3.024 |
| Total liabilities | 251.749 | 252.936 |
| in '000 EUR | 30/06/2012 | 30/06/2011 |
|---|---|---|
| Income | 208.235 | 198.528 |
| Trade goods, raw and auxiliary materials | -111.755 | -103.102 |
| Services and miscellaneous goods | -42.389 | -41.953 |
| Wages and salaries | -40.161 | -37.019 |
| Depreciations and impairments on fixed assets | -8.944 | -9.112 |
| Impairments, write-offs and provisions | -51 | 195 |
| Other operating income and expenses | 523 | -99 |
| Result of operating activities | 5.458 | 7.438 |
| Financial income | 146 | 144 |
| Financial expenses | -1.547 | -1.533 |
| Result of operating activities after net financing expenses | 4.057 | 6.049 |
| Tax | -966 | -1.541 |
| Result after tax before share in the result of enterprises accounted for using the equity method |
3.091 | 4.508 |
| Share in enterprises accounted for using the equity method | 24 | 0 |
| Profit of the period | 3.115 | 4.508 |
| Profit per share | 1,80 | 2,60 |
| Diluted profit per share | 1,80 | 2,60 |
| in '000 EUR | 30/06/2012 | 30/06/2011 |
|---|---|---|
| Profit of the reported period Calculation differences |
3.115 244 |
4.508 -29 |
| Comprehensive result | 3.359 | 4.479 |
| in '000 EUR | Capital | Capital | Issue reserves premiums |
Reserved profits |
Calculation differences |
Total | Number of shares |
|---|---|---|---|---|---|---|---|
| Balance on 1 January 2011 | 4.903 | -94 | 48.288 | 36.448 | -429 | 89.116 | 1.732.621 |
| Own share reserve Dividend |
-4.332 | 0 -4.332 |
|||||
| Comprehensive result for the period | 4.508 | -29 | 4.479 | ||||
| Movements via reserves -Result from own shares |
-6 | -6 | |||||
| Balance on 30 June 2011 | 4.903 | -94 | 48.288 | 36.618 | -458 | 89.257 | 1.732.621 |
| Own share reserve Dividend |
94 | 94 0 |
|||||
| Comprehensive result for the period | 4.498 | 52 | 4.550 | ||||
| Movements via reserves -Result from own shares |
-22 | -22 | |||||
| Balance on 31 December 2011 | 4.903 | 0 | 48.288 | 41.094 | -406 | 93.879 | 1.732.621 |
| Own share reserve Dividend |
-98 | -4.332 | -98 -4.332 |
||||
| Comprehensive result for the period | 3.115 | 244 | 3.359 | ||||
| Movements via reserves -Result from own shares |
-9 | -9 | |||||
| Balance on 30 June 201 | 4.903 | -98 | 48.288 | 39.868 | -162 | 92.799 | 1.732.621 |
| in '000 EUR | 30/06/2012 | 30/06/2011 |
|---|---|---|
| Operating activities | ||
| Result of operating activities | 5.458 | 7.438 |
| Adjustments for: | ||
| -Depreciation and impairments on fixed assets | 8.944 | 9.112 |
| -Change in impairments and write-offs | 13 | 4 |
| -Change in provisions | 38 | -199 |
| -Proceeds from the sale of fixed assets | -65 | 39 |
| Changes in net operating capital | ||
| -Changes in stock | -1.089 | -3.638 |
| -Changes in trade and other receivables | 3.979 | 6.023 |
| -Changes in trade and other liabilities | -2.546 | 748 |
| -Changes in other items | 30 | -29 |
| Cash from operating activities | 14.762 | 19.498 |
| Tax paid | -836 | -2.875 |
| Net cash from operating activities | 13.926 | 16.623 |
| Investing activities | ||
| Proceeds from the sale of tangible fixed assets | 899 | 986 |
| Investments in intangible fixed assets | -267 | -302 |
| Investments in tangible fixed assets | -6.009 | -8.295 |
| Net investments in financial fixed assets | 3 | -8 |
| Net investments in joint venture | 0 | 0 |
| Investments in third party loans | -5.000 | 0 |
| Takeover of subsidiaries | 0 | 0 |
| Net cash used in investing activities | -10.374 | -7.619 |
| Financing activities | ||
| Mutations own shares | -108 | 0 |
| Proceeds from take-up of new loans | 25.600 | 12.096 |
| Dividend payments to shareholders | -4.346 | -4.455 |
| Interest paid (through P&L account) | -1.221 | -1.176 |
| Loan settlement | -21.933 | -10.342 |
| Repayment of financial leasing liabilities | -18 | -93 |
| Other financial resources/(expenses) Net cash from financing activities |
-181 -2.207 |
-212 -4.182 |
| Net change in cash and cash equivalents | 1.345 | 4.822 |
| Cash funds at the beginning of the year | 5.742 | 4.785 |
| Cash funds at the end of the year | 7.087 | 9.607 |
Ter Beke (Euronext Brussel: TERB) is an innovative Belgian fresh foods concern that markets its assortment in 10 European countries. The group has 2 core activities: processed meats and fresh ready meals; it has 8 industrial sites in Belgium and the Netherlands and employs approximately 1,750 people. Ter Beke generated a turnover of EUR 403.7 million in 2011.
The above condensed interim consolidated financial statements are set up in accordance with IAS-34 interim financial reporting, as accepted by the EU. These statements do not contain all information required for full annual accounts and need to be read together with the consolidated annual accounts for the reporting period ending 31 December 2011, as published in the annual report to the shareholders on the financial year 2011.
The group's scope of consolidation has not changed since 31 December 2011.
These condensed consolidated financial statements were approved for publication by the Board of Directors on 30 August 2012.
The valuation rules used in preparing these condensed interim consolidated financial statements are consistent with those set out and applied in preparing the consolidated financial statements for the accounting period ending 31 December 2011.
New standards or interpretations applicable from 1 January 2012 have no significant impact on the condensed financial statements per 30 June 2012.
No changes were made to the estimated amounts in the financial statements over the previous financial year.
The General Meeting of Shareholders of 31 May 2012 approved the dividend proposed by the Board of Directors (EUR 2.50/share). The awarded dividend amounted to a total of EUR 4,331,552.5, of which more than 99% had been paid out per 30 June 2012.
The results of the group are hardly influenced by seasonal effects, except for a higher level of activity in December.
"Services and miscellaneous goods" comprises:
| in '000 EUR | 30/06/12 | 30/06/11 |
|---|---|---|
| Third party fees | 9.021 | 9.508 |
| Maintenance and repairs | 7.736 | 8.895 |
| Costs of marketing and sales | 10.518 | 8.992 |
| Transport costs | 7.237 | 7.177 |
| Energy | 4.819 | 4.527 |
| Rent | 1.405 | 1.268 |
| Other | 1.653 | 1.586 |
| Total | 42.389 | 41.953 |
On 5 April 2012 the group announced its intention to terminate all industrial activities at the production plant in Alby-sur-Chéran (France). Meanwhile this industrial activity was effectively terminated on 30 June 2012. The group does keep its commercial activities in France relating to the products produced in the Belgian sites of the Ready Meals Division (Marche-en-Famenne and Wanze).
The costs regarding the termination of the industrial activities in Alby-sur-Chéran to the amount of EUR 1.1 million were charged in full to the result of the first semester of 2012.
There are no material events to be reported post balance sheet at the date of the present half year financial report.
In the first semester of 2012, no related party transactions occurred that had a material influence on the financial position or the results of the group in that period.
The investments of EUR 5.7 million in the first half of 2012 relate primarily to the continuation of efficiency and infrastructure investments in the various sites. In the first semester of 2011, EUR 7.4 million was invested.
The group is exposed to an exchange rate risk on sales in Pound Sterling (GBP). On 30 June 2012, long term contracts were open for the sale of GBP 5.1 million against EUR and an option to sell GBP 2.0 million against EUR. On 31 December 2011, long term contracts were open for the sale of GBP 2.2 million against EUR and an option to sell GBP 3.1 million against EUR. On 30 June 2012, no negative market value was recorded on open long term contracts (on 30 June 2011, a negative market value of EUR 0.1 million was recorded).
On 30 June 2012, the group had a net GBP position of GBP 1.4 million (GBP 2.5 million on 31 December 2011).
On 30 June 2012, the EUR/GBP balance sheet rate amounted to 0.8068 compared to 0.8353 on 31 December 2011. On 30 June 2012, the average result rate amounted to 0.8234 compared to 0.8691 on 30 June 2011.
Under IAS-34, the balance sheet figures of 30 June 2012 are to be compared with those of 31 December 2011. Changes in balance sheet items are limited as there have been no changes in the scope of consolidation since 31 December 2011.
Fixed assets increased by EUR 1.9 million. The tangible and intangible fixed assets decreased EUR 3.3 million as a result of EUR 5.7 million investments, EUR 8.9 million depreciations and write-downs and EUR 0.1 million scrapping of fixed assets. Financial fixed assets increased EUR 0.2 million, chiefly as a result of the increased exchange rate of the Polish Zloty. The group loaned an additional EUR 5 million to its joint venture partner under the long-term co-operation. This loan is interest bearing and is guaranteed by a pledge over shares in the joint venture structure. The loan matures on 31 March 2018.
Net debt decreased by EUR 2.7 million. This is the result of the EUR 13.9 million incoming cash flow from operations as opposed to a EUR 11.2 million outgoing cash flow, chiefly comprising paid up investments (EUR 5.4 million) and dividend and interest payments (EUR 5.6 million).
The equity difference is chiefly the result of the first semester after tax profit decreased with the dividend that was granted over the previous financial year.
In the first semester, the total group turnover increased by EUR 9.7 million (4.9%) from EUR 198.5 million to EUR 208.2 million.
The turnover of the Ready Meals Division increased by EUR 2.6 million (+4.0%). This increase is mainly due to a strong volume increase in lasagne.
The turnover of the Processed Meats Division increased by EUR 7.1 million (+5.3%) with stable total volumes. The increase in turnover is mainly due to an increase of the sales prices, which were still not enough to offset the rise in raw material prices.
The REBITDA decreased by EUR 0.6 million (-3.2%) from EUR 16.4 million in 2011 to EUR 15.8 million in 2012.
In 2012, the group launched a new range of processed meats under the brand name Oligusto® . It concerns meat enriched with olive oil and a lower total fat content. The launch costs for this have been included in the result of the first semester.
The strong media campaign at the start of 2012 in the Come a casa® brand in Belgium has again resulted in an increasing market share. Come a casa® is increasingly fulfilling its leading position as engine of the fresh Mediterranean meals market.
The increased volumes, the implemented price increases and a far-reaching cost control and reduction were not able to entirely offset increased production costs (chiefly raw materials, energy and wages) and the costs of market investments in the first semester. The changed product mix, with an increase in the sales of cheaper products at the expense of more expensive products caused by the general economic climate, curbed margin growth in the Processed Meats Division.
Total non-cash costs decreased slightly by EUR 0.1 million to EUR 9.0 million in 2012. All this resulted in a decrease of the REBIT by 12.2% from EUR 7.4 million in 2011 to EUR 6.5 million in 2012.
On 5 April 2012 the group announced the intention to terminate industrial activity at the site in Alby-sur-Chéran (France). Meanwhile, this industrial activity was effectively terminated on 30 June 2012. The group does retain its commercial activities in France for products that are produced at the Belgian sites of the Ready Meals Division (Marche-en-Famenne and Wanze). The costs, amounting to EUR 1.1 million, regarding this termination were charged in full to the result of the first semester. These costs relate chiefly to personnel costs.
Together with a number of other dismissal costs (- EUR 0.2 million) and a reversal of impairments on fixed assets (+ EUR 0.3 million) the non-recurrent result in the first semester of 2012 amounts to - EUR 1.0 million (in the first semester of 2011 there was no nonrecurrent result).
Together with the aforementioned, this explains the decrease of the EBITDA by EUR 1.9 million (-11.6%) from EUR 16.4 million in 2011 to EUR 14.5 million in 2012 and the decrease of the EBIT by EUR 1.9 million (-26.6%) from EUR 7.4 million in 2011 to EUR 5.5 million in 2012.
The net financing costs in 2012 are in line with those of 2011.
The first semester 2012 tax rate (23.8%) is in line with the tax percentage over the first semester of 2011 (25.5%).
| in '000 EUR | 30/06/2012 | 30/06/2011 | ||||
|---|---|---|---|---|---|---|
| Processed Meats |
Ready Meals |
Total | Processed Meats |
Ready Meals |
Total | |
| Segment income statement | ||||||
| Segment sales | 140.396 | 67.839 | 208.235 | 133.286 | 65.242 | 198.528 |
| Segment results | 2.807 | 4.147 | 6.954 | 3.768 | 4.679 | 8.447 |
| Non-allocated results | -1.496 | -1.009 | ||||
| Net financing cost | -1.401 | -1.389 | ||||
| Taxes | -966 | -1.541 | ||||
| 24 | ||||||
| Consolidated result | 3.115 | 4.508 | ||||
| Other segment information | ||||||
| Segment investments | 4.399 | 1.024 | 5.423 | 5.305 | 1.707 | 7.012 |
| Non-allocated investments | 263 | 381 | ||||
| Total investments | 5.686 | 7.393 | ||||
| Segment depreciations and non-cash costs | 5.451 | 3.082 | 8.533 | 5.360 | 3.224 | 8.584 |
| Non-allocated depreciations and non-cash costs | 462 | 333 | ||||
| Total depreciations and non-cash costs | 8.995 | 8.917 |
The difference between the current GBP exchange rates and the standard exchange rates is added to the segment result in each period in order to obtain a better view on the economic result of the segment. On 30 June 2012 and 30 June 2011 this amount was non-material. This amount is corrected in the non-allocated results. They also contain the costs of central services that are not allocated to one of the divisions.
As the turnover between both segments is non-material, the group opted to report only the extra-group turnover.
| Calculation earnings per share | 30/06/2012 | 30/06/2011 |
|---|---|---|
| Number of outstanding ordinary shares per 1 January of the financial year Effect of issued ordinary shares |
1.732.621 | 1.732.621 |
| Weighted average number of outstanding ordinary shares | ||
| per 30 June of the financial year | 1.732.621 | 1.732.621 |
| Net profit | 3.115 | 4.508 |
| Average number of shares | 1.732.621 | 1.732.621 |
| Profit per share | 1,80 | 2,60 |
| Calculation diluted earnings per share | 30/06/2012 | 30/06/2011 |
| Net profit | 3.115 | 4.508 |
| Average number of shares | 1.732.621 | 1.732.621 |
| Dilution effect warrant plans | 0 | |
| Adjusted average number of shares | 1.732.621 | 1.732.621 |
| Diluted profit per share | 1,80 | 2,60 |
| Income statement in 000 EUR | |||
|---|---|---|---|
| 30/06/12 | 30/06/11 | ∆ % | |
| Revenue (net turnover) | 208.235 | 198.528 | 4,9% |
| REBITDA (1) | 15.828 | 16.355 | -3,2% |
| EBITDA (2) | 14.453 | 16.355 | -11,6% |
| Recurring result of operating activities (REBIT) | 6.533 | 7.438 | -12,2% |
| Result of operating activities (EBIT) | 5.458 | 7.438 | -26,6% |
| Net financing costs | -1.401 | -1.389 | 0,9% |
| Result of operating activities | 4.057 | 6.049 | -32,9% |
| after net financing costs (EBT) | |||
| Taxes | -966 | -1.541 | -37,3% |
| Result after tax before share in the result of enterprises | 3.091 | 4.508 | -31,4% |
| accounted for using the equity method | |||
| Share in enterprises accounted for using the equity method | 24 | 0 | |
| Earnings after taxes (EAT) | 3.115 | 4.508 | -30,9% |
| Net cash flow (3) | 12.086 | 13.425 | -10,0% |
| Financial position in 000 EUR | |||
| 30/06/12 | 31/12/11 | ||
| Balance sheet total | 251.749 | 252.936 | -0,5% |
| Equity | 92.799 | 93.879 | -1,2% |
| Net financial debts (4) | 56.922 | 59.619 | -4,5% |
| Equity/Total assets (in %) | 36,9% | 37,1% | |
| Gearing Ratio (5) | 61,3% | 63,5% | |
| Key figures in EUR per share | |||
| 30/06/12 | 30/06/11 | ||
| Number of shares | 1.732.621 | 1.732.621 | 0,0% |
| Average number of shares | 1.732.621 | 1.732.621 | 0,0% |
| Net cash flow | 6,98 | 7,75 | -10,0% |
| Earnings after taxes | 1,80 | 2,60 | -30,9% |
| EBITDA | 8,34 | 9,44 | -11,6% |
(1) REBITDA: EBITDA from recurring operating activities
(2) EBITDA: earnings before taxes + depreciation + amortization + changes in provisions
(3) Net cash flow: earnings after taxes + depreciation + amortization + changes in provisions
(4) Net financial debts: interest bearing liabilities – interest bearing receivables, cash and cash equivalents
(5) Gearing ratio: Net financial debt/Equity
In the first semester, the total group turnover increased by EUR 9.7 million (4.9%) from EUR 198.5 million to EUR 208.2 million.
The turnover of the Ready Meals Division increased by EUR 2.6 million (+4.0%). This increase is mainly due to a strong volume increase in lasagne.
The turnover of the Processed Meats Division increased by EUR 7.1 million (+5.3%) with stable total volumes. The increase in turnover is mainly due to an increase of the sales prices, which were still not enough to offset the rise in raw material prices.
Results of operating activities
The REBITDA decreased by EUR 0.6 million (-3.2%) from EUR 16.4 million in 2011 to EUR 15.8 million in 2012.
In 2012, the group launched a new range of processed meats under the brand name Oligusto® . It concerns meat enriched with olive oil and a lower total fat content. The launch costs for this have been included in the result of the first semester.
The strong media campaign at the start of 2012 in the Come a casa® brand in Belgium has again resulted in an increasing market share. Come a casa® is increasingly fulfilling its leading position as engine of the fresh Mediterranean meals market.
The increased volumes, the implemented price increases and a far-reaching cost control and reduction were not able to entirely offset increased production costs (chiefly raw materials, energy and wages) and the costs of market investments in the first semester. The changed product mix, with an increase in the sales of cheaper products at the expense of more expensive products caused by the general economic climate, curbed margin growth in the Processed Meats Division.
Total non-cash costs decreased slightly by EUR 0.1 million to EUR 9.0 million in 2012. All this resulted in a decrease of the REBIT by 12.2% from EUR 7.4 million in 2011 to EUR 6.5 million in 2012.
On 5 April 2012 the group announced the intention to terminate industrial activity at the site in Alby-sur-Chéran (France). Meanwhile, this industrial activity was effectively terminated on 30 June 2012. The group does retain its commercial activities in France for products that are produced at the Belgian sites of the Ready Meals Division (Marche-en-Famenne and Wanze). The costs, amounting to EUR 1.1 million, regarding this termination were charged in full to the result of the first semester. These costs relate chiefly to personnel costs.
Together with a number of other dismissal costs (- EUR 0.2 million) and a reversal of impairments on fixed assets (+ EUR 0.3 million) the non-recurrent result in the first semester of 2012 amounts to - EUR 1.0 million (in the first semester of 2011 there was no nonrecurrent result).
Together with the aforementioned, this explains the decrease of the EBITDA by EUR 1.9 million (-11.6%) from EUR 16.4 million in 2011 to EUR 14.5 million in 2012 and the decrease of the EBIT by EUR 1.9 million (-26.6%) from EUR 7.4 million in 2011 to EUR 5.5 million in 2012.
The net financing costs in 2012 are in line with those of 2011.
The first semester 2012 tax rate (23.8%) is in line with the tax percentage over the first semester of 2011 (25.5%).
Under IAS-34, the balance sheet figures of 30 June 2012 are to be compared with those of 31 December 2011. Changes in balance sheet items are limited as there have been no changes in the scope of consolidation since 31 December 2011.
Fixed assets increased by EUR 1.9 million. The tangible and intangible fixed assets decreased EUR 3.3 million as a result of EUR 5.7 million investments, EUR 8.9 million depreciations and write-downs and EUR 0.1 million scrapping of fixed assets. Financial fixed assets increased EUR 0.2 million, chiefly as a result of the increased exchange rate of the Polish Zloty. The group loaned an additional EUR 5 million to its joint venture partner under the long-term co-operation.
Net debt decreased by EUR 2.7 million. This is the result of the EUR 13.9 million incoming cash flow from operations as opposed to a EUR 11.2 million outgoing cash flow, chiefly comprising paid up investments (EUR 5.4 million) and dividend and interest payments (EUR 5.6 million).
The equity difference is chiefly the result of the first semester after tax profit decreased with the dividend that was granted over the previous financial year.
The group invested EUR 5.7 million in the first half of 2012. The investments relate primarily to the continuation of various efficiency and infrastructure investments in the different sites of the group.
In the current economic climate, we are confronted with unexpected additional rises in raw material prices, which prevents us to provide guidance with regard to the earlier announced result forecast.
In the first semester of 2012, no related party transactions occurred that had a material influence on the financial position or the results of the group in that period.
The material risks and uncertainties for the remainder of 2012 are largely the same as described on pages 28-29 of the annual report on the financial year 2011 and relate primarily to the quality and price fluctuations of the raw materials used.
The undersigned, Marc Hofman, Managing Director, and René Stevens, Chief Financial Officer, declare that, to their knowledge:
Waarschoot, 30 August 2012
Marc Hofman René Stevens
Managing Director Chief Financial Officer
FREE TRANSLATION The original text of this report is in Dutch
To the board of directors
We have performed a limited review of the accompanying consolidated condensed balance sheet, condensed income statement, condensed statement of comprehensive income, condensed cash flow statement, condensed statement of changes in equity and selective notes (jointly the "interim financial information") of Ter Beke NV ("the company") and its subsidiaries (jointly "the group") for the six-month period ended 30 June 2012. The board of directors of the company is responsible for the preparation and fair presentation of this interim financial information. Our responsibility is to express a conclusion on this interim financial information based on our review.
The interim financial information has been prepared in accordance with international financial reporting standard IAS 34 – Interim Financial Reporting as adopted by the European Union.
Our limited review of the interim financial information was conducted in accordance with international standard ISRE 2410 – Review of interim financial information performed by the independent auditor of the entity. A limited review consists of making inquiries of group management and applying analytical and other review procedures to the interim financial information and underlying financial data. A limited review is substantially less in scope than an audit performed in accordance with the International Standards on Auditing (ISA). Accordingly, we do not express an audit opinion on the interim financial information.
Based on our limited review, nothing has come to our attention that causes us to believe that the interim financial information for the six-month period ended 30 June 2012 is not prepared, in all material respects, in accordance with IAS 34 – Interim Financial Reporting as adopted by the European Union.
Kortrijk, 30 August 2012
DELOITTE Bedrijfsrevisoren / Reviseurs d'Entreprises BV o.v.v.e. CVBA / SC s.f.d. SCRL Represented by
Dirk Van Vlaenderen Kurt Dehoorne
_________________ ____________
If you have any questions on the present half year report or for further information, please contact:
Marc Hofman René Stevens Managing Director CFO Tel. + 32 (0)9 370 13 16 Tel. +32 (0)9 370 13 45
[email protected] [email protected]
You can also review the present half year report and send us your questions through the Investor relations module on our website (www.terbeke.com)
Annual result 2012: 1 March 2013 before market opening Annual report 2012: At the latest on 30 April 2013 Business update first quarter 2013: 3 May 2013 before market opening General Meeting of Shareholders 2013: 30 May 2013 at 11 a.m.
Business update third quarter 2012: 9 November 2012 before market opening
Ter Beke (Euronext Brussel: TERB) is an innovative Belgian fresh foods concern that markets its assortment in 10 European countries. The group has 2 core activities: processed meats and fresh ready meals; it has 8 industrial sites in Belgium and the Netherlands and employs approximately 1,750 people. Ter Beke generated a turnover of EUR 403.7 million in 2011.
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