Quarterly Report • Aug 26, 2014
Quarterly Report
Open in ViewerOpens in native device viewer
HALF YEAR FINANCIAL REPORT FIRST SEMESTER 2014
*The Dutch version of this report is considered to be the official version
| CONDENSED CONSOLIDATED BALANCE SHEET | |||
|---|---|---|---|
| -- | -- | -- | -------------------------------------- |
| in '000 EUR | 30/06/2014 | 31/12/2013 |
|---|---|---|
| Assets | ||
| Non-current assets | 142.340 | 144.493 |
| Goodwill | 35.204 | 35.204 |
| Intangible non-current assets | 2.566 | 2.145 |
| Tangible non-current assets | 89.487 | 92.341 |
| Joint venture using equity method | 4.465 | 4.688 |
| Loans to joint venture | 500 | 0 |
| Deferred tax assets | 0 | 0 |
| Other long term receivables | 118 | 115 |
| Long-term interest-bearing receivables | 10.000 | 10.000 |
| Current assets | 88.864 | 96.183 |
| Stocks | 22.866 | 24.306 |
| Trade- and other receivables | 56.314 | 64.966 |
| Cash and cash equivalents | 9.684 | 6.911 |
| Total assets | 231.204 | 240.676 |
| Liabilities | ||
| Shareholders equity | 98.729 | 99.489 |
| Capital and issue premiums | 53.191 | 53.025 |
| Reserves | 45.538 | 46.464 |
| Non-controlling interests | 0 | 0 |
| Deferred tax liabilities | 7.122 | 7.532 |
| Long-term liabilities | 35.067 | 41.353 |
| Provisions | 2.122 | 1.962 |
| Long-term interest-bearing liabilities | 32.945 | 39.391 |
| Other long-term liabilities | 0 | |
| Short-term liabilities | 90.286 | 92.302 |
| Short-term interest-bearing obligations | 23.737 | 18.343 |
| Trade liabilities and other debts | 54.163 | 60.540 |
| Social liabilities | 9.639 | 10.372 |
| Tax liabilities | 2.747 | 3.047 |
| Total liabilities | 231.204 | 240.676 |
| in '000 EUR | 30/06/2014 | 30/06/2013 |
|---|---|---|
| Revenu | 199.298 | 202.567 |
| Trade goods, raw and auxiliary materials | -109.448 | -112.662 |
| Services and miscellaneous goods | -36.265 | -37.978 |
| Wages and salaries | -38.885 | -38.585 |
| Depreciation costs | -8.788 | -9.202 |
| Impairments, write-offs and provisions | 26 | 172 |
| Other operating income and expenses | 397 | 218 |
| Result of operating activities | 6.335 | 4.530 |
| Financial income | 85 | 284 |
| Financial expenses | -863 | -924 |
| Result of operating activities after net financing expenses | 5.557 | 3.890 |
| Tax | -1.654 | -871 |
| Result after tax before share in the result of enterprises accounted for using the equity method |
3.903 | 3.019 |
| Share in enterprises accounted for using the equity method | -217 | -18 |
| Profit of the period | 3.686 | 3.001 |
| Basic profit per share | 2,13 | 1,73 |
| Diluted profit per share | 2,13 | 1,73 |
| in '000 EUR | 30/06/2014 | 30/06/2013 |
|---|---|---|
| Profit of the reported period | 3.686 | 3.001 |
| Other elements of the result recognised in the shareholders' equity Other elements of the result that can subsequently be reclassified to the |
||
| results Translation differences Other elements of the result that cannot subsequently be reclassified to the results |
36 | -340 |
| Revaluation of net liabilities regarding defined benefit pension schemes |
-140 | -109 |
| Comprehensive income | 3.582 | 2.552 |
| in '000 EUR | Capital | Capital reserves |
Share premiums |
Reserved profits |
Translation differences |
Total | Number of shares |
|---|---|---|---|---|---|---|---|
| Balance on 31 December 2012 | 4.903 | -96 | 48.288 | 44.949 | -8 | 98.036 | 1.732.621 |
| Treasury share reserve | 96 | 96 | |||||
| Dividend | -4.332 | -4.332 | |||||
| Result of the period Other elements of the |
3.001 | 3.001 | |||||
| comprehensive result of the period | -109 | -340 | -449 | ||||
| Comprehensive result for the period | 2.892 | -340 | 2.552 | ||||
| Movements via reserves | |||||||
| -Result from treasury shares | -5 | -5 | |||||
| Balance on 30 June 2013 | 4.903 | 0 | 48.288 | 43.504 | -348 | 96.347 | 1.732.621 |
| Treasury share reserve | 0 | 0 | |||||
| Dividend | 0 | 0 | |||||
| Result of the period | 3.201 | 3.201 | |||||
| Other elements of the | |||||||
| comprehensive result of the period | -275 | 226 | -49 | ||||
| Comprehensive result for the period | 2.926 | 226 | 3.152 | ||||
| Movements via reserves | |||||||
| -Result from treasury shares | -10 | -10 | |||||
| Balance on 31 December 2013 | 4.903 | 0 | 48.288 | 46.420 | -122 | 99.489 | 1.732.621 |
| Treasury share reserve | 0 | ||||||
| Dividend | -4.332 | -4.332 | |||||
| Result of the period | 3.686 | 3.686 | |||||
| Other elements of the | |||||||
| comprehensive result of the period | -140 | 36 | -104 | ||||
| Comprehensive result for the period | 3.546 | 36 | 3.582 | ||||
| Movements via reserves | |||||||
| -Result from treasury shares | -10 | -10 | |||||
| Balance on 30 June 2014 | 4.903 | 0 | 48.288 | 45.624 | -86 | 98.729 | 1.732.621 |
| in '000 EUR | 30/06/2014 | 30/06/2013 |
|---|---|---|
| Operating activities | ||
| Result of operating activities | 6.335 | 4.530 |
| Adjustments for: | ||
| -Depreciation | 8.788 | 9.202 |
| -Change in impairments and write-offs | 0 | 26 |
| -Change in provisions | -26 | -198 |
| -Proceeds from the sale of fixed assets | -17 | -9 |
| Changes in net operating capital | ||
| -Changes in stock | 1.442 | -771 |
| -Changes in trade and other receivables | 8.622 | -291 |
| -Changes in trade and other liabilities | -7.488 | -903 |
| -Changes in other items | 42 | -35 |
| Cash from operating activities | 17.698 | 11.551 |
| Tax paid | -2.241 | -1.625 |
| Net cash from operating activities | 15.457 | 9.926 |
| Investing activities | ||
| Proceeds from the sale of tangible fixed assets | 38 | 23 |
| Investments in intangible fixed assets | -811 | -324 |
| Investments in tangible fixed assets | -5.237 | -5.714 |
| Net investments in financial fixed assets | -3 | 14 |
| Net investments in loan to joint venture | -500 | -1 |
| Investments in third party loans | 0 | 0 |
| Takeover of subsidiaries | 0 | 0 |
| Net cash used in investing activities | -6.513 | -6.002 |
| Financing activities | ||
| Proceeds from treasury share purchase | -10 | 90 |
| Proceeds from take-up of new loans | 8.450 | 21.300 |
| Dividend payments to shareholders | -4.330 | -4.333 |
| Interest paid (through P&L account) | -771 | -881 |
| Loan settlement | -9.501 | -18.695 |
| Repayment of financial leasing liabilities | -1 | -11 |
| Other financial resources/(expenses) | -8 | 241 |
| Net cash from financing activities | -6.171 | -2.289 |
| Net change in cash and cash equivalents | 2.773 | 1.635 |
| Cash funds at the beginning of the year | 6.911 | 4.345 |
| Cash funds at the end of the year | 9.684 | 5.980 |
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 7 industrial sites in Belgium and the Netherlands and employs approximately 1,650 people. Ter Beke generated a turnover of EUR 407 million in 2013.
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 2013, as published in the annual report to the shareholders on the financial year 2013.
The group's scope of consolidation has not changed since 31 December 2013.
These condensed consolidated financial statements were approved for publication by the Board of Directors on 25 August 2014.
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 2013.
New standards or interpretations applicable from 1 January 2014 have no significant impact on the condensed financial statements per 30 June 2014.
No changes were made to the estimated amounts in the financial statements over the previous financial year.
The General Meeting of Shareholders of 28 May 2014 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 2014.
The results of the group are hardly influenced by seasonal effects, except for a higher level of activity in December.
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 2014, 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 6.4 million in the first half of 2014 relate primarily to the continuation of efficiency and infrastructure investments in the various sites. In the first semester of 2013, EUR 5.8 million was invested.
The group is exposed to an exchange rate risk on sales in Pound Sterling (GBP). On 30 June 2014, long term contracts were open for the sale of GBP 1.2 million against EUR and an option to sell GBP 1 million against EUR. On 31 December 2013, long term contracts were open for the sale of GBP 2,75 million against EUR and an option to sell GBP 3.6 million against EUR. On 30 June 2014, no negative market value was recorded on open long term contracts (on 30 June 2013, no negative market value was recorded).
On 30 June 2014, the group had a net GBP position of GBP 1.4 million (GBP 1.9 million on 31 December 2013).
On 30 June 2014, the EUR/GBP balance sheet rate amounted to 0.8015 compared to 0.8366 on 31 December 2013. On 30 June 2014, the average result rate amounted to 0.8217 compared to 0.8506 on 30 June 2013.
Under IAS-34, the balance sheet figures of 30 June 2014 are to be compared with those of 31 December 2013. Changes in balance sheet items are limited as there have been no changes in the scope of consolidation since 31 December 2013.
Non-current assets decreased by EUR 2.2 million. Property, plant and equipment and intangible non-current assets decreased EUR 2.4 million as a result of EUR 6.4 million investments and EUR 8.8 million depreciations and write-downs. Financial fixed assets increased by EUR 0.3 million.
The investment in intangible non-current assets in 2014 concerns primarily the investment in a new ERP system. The EUR 500 thousand loan to the joint venture is a subordinated loan with a 7 year term (expires January 1st, 2021).
Net debt decreased by EUR 3.8 million. This is the result of the incoming cash flow from operations (EUR 15.5 million) and financial movements (EUR -0.1 million), compared to an outgoing cash flow from net paid investments (EUR 6.5 million) and dividend and interest payments (amounting to EUR 5.1 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 six months of the year, the total turnover of the group decreased by EUR 3.3 million (-1.6%) from EUR 202.6 million to EUR 199.3 million.
The turnover of the ready meals division increased by EUR 3.6 million (+6.3%), partly due to a renewed consumer confidence in lasagne.
The turnover of the processed meats division decreased by EUR 6.9 million (-4.7%). This drop in turnover is mainly due to the termination of dried and cured meat manufacturing as per 31 December 2013, as well as extensive optimisation of the product range following which a number of less profitable product varieties were discontinued.
The REBITDA increased by EUR 1.9 million (+13%) from EUR 14.4 million in the first half of 2013 to EUR 16.3 million in the same period in 2014.
This is mainly due to sales growth in the ready meals division (see above), increased focus on profitability of the product range and extensive cost management.
Aided by specific consumer campaigns, the Come a casa® brand was able to confirm its position as market leader in the fresh Mediterranean meals segment in Belgium.
"Services and miscellaneous goods" comprises:
| in '000 EUR | 30/06/2014 | 30/06/2013 |
|---|---|---|
| Temporary workers and persons put at the | 3.982 | 4.384 |
| disposal of the company | ||
| Repair & Maintenance | 5.209 | 6.042 |
| Marketing & Sales costs | 8.315 | 9.289 |
| Transport costs | 6.790 | 6.646 |
| Energy | 3.944 | 4.290 |
| Rent | 2.875 | 2.379 |
| Other | 5.150 | 4.948 |
| Total | 36.265 | 37.978 |
"Other operating income and expenses" comprises:
| in '000 EUR | 30/06/2014 | 30/06/2013 |
|---|---|---|
| Recovery of wage-related costs | 564 | 592 |
| Recovery of logistic costs | 61 | 36 |
| Government grants | 2 | 1 |
| Profits from the disposal of assets | 0 | 30 |
| Recovery waste | 59 | 56 |
| Recovery insurances | 51 | 78 |
| Rent income | 32 | 31 |
| Write-off on disposal of assets | 17 | -14 |
| Paid or receive indemnities | 91 | 91 |
| Local taxes | -642 | -756 |
| Other | 162 | 72 |
| Total | 397 | 217 |
The recurring non-cash costs in the first half of 2014 (EUR 8.8 million) were EUR 0.1 million lower than the same period in 2013.
Consequently, the REBIT increased by 39.8% from EUR 5.4 million in 2013 to EUR 7.5 million in 2014.
The non-recurring result from the first half of 2014 consists of EUR 1.2 million from miscellaneous redundancy payments. In 2013 this non-recurring result amounted to EUR 0.9 million.
The EBITDA increased by EUR 1.5 million (+11.3%) from EUR 13.6 million in 2013 to EUR 15.1 million in 2014 and the EBIT increased by EUR 1.8 million (+39.8%) from EUR 4.5 million in 2013 to EUR 6.3 million in 2014.
In the first semester of 2014, the net-financing expenses are EUR 0.1 million higher than in the same period of 2013, mainly due to the negative exchange rate differences.
The tax rate over the first half of 2014 (29.8%) is in line with that for 2013 (30.3%).
| in '000 EUR | 30/06/2014 | 30/06/2013 | ||||
|---|---|---|---|---|---|---|
| Processed Meats |
Ready Meals |
Total | Processed Meats |
Ready Meals |
Total | |
| Segment income statement | ||||||
| Segment sales | 138.208 | 61.090 | 199.298 | 145.083 | 57.484 | 202.567 |
| Segment results | 5.501 | 3.402 | 8.903 | 4.689 | 1.545 | 6.234 |
| Non-allocated results | -2.568 | -1.704 | ||||
| Net financing cost | -778 | -640 | ||||
| Taxes | -1.654 | -871 | ||||
| Result of companies according to equity method | -217 | -18 | ||||
| Consolidated result | 3.686 | 3.001 | ||||
| Other segment information | ||||||
| Segment investments | 4.493 | 663 | 5.156 | 3.865 | 1.603 | 5.468 |
| Non-allocated investments | 1.220 | 359 | ||||
| Total investments | 6.376 | 5.827 | ||||
| Segment depreciations and non-cash costs | 5.449 | 2.882 | 8.331 | 5.896 | 2.733 | 8.629 |
| Non-allocated depreciations and non-cash costs | 431 | 401 | ||||
| Total depreciations and non-cash costs | 8.762 | 9.030 |
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 2014 and 30 June 2013 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 | 30/06/2014 | 30/06/2013 |
|---|---|---|
| Number of outstanding ordinary shares per 1 January | 1.732.621 | 1.732.621 |
| Effect of issued ordinary shares | ||
| Weighted average number of outstanding ordinary shares | ||
| per 30 June of the financial year | 1.732.621 | 1.732.621 |
| Net profit | 3.686 | 3001 |
| Average number of shares | 1.732.621 | 1.732.621 |
| Basic profit per share | 2,13 | 1,73 |
| Calculation diluted earnings per share | 30/06/2014 | 30/06/2013 |
| Net profit | 3.686 | 3.001 |
| Average number of shares | 1.732.621 | 1.732.621 |
| Dilution effect warrant plans | ||
| Adjusted average number of shares | 1.732.621 | 1.732.621 |
| Diluted profit per share | 2,13 | 1,73 |
As the number of treasury shares, purchased within the framework of the liquidity provider contract, is immaterial, it was decided not to take these into account in the calculation of the earnings per share.
| Income statement in 000 EUR | |||
|---|---|---|---|
| 30/06/14 | 30/06/13 | ∆ % | |
| Revenue (net turnover) | 199.298 | 202.567 | -1,6% |
| REBITDA (1) | 16.307 | 14.426 | 13,0% |
| EBITDA (2) | 15.097 | 13.560 | 11,3% |
| Recurring result of operating activities (REBIT) | 7.545 | 5.396 | 39,8% |
| Result of operating activities (EBIT) | 6.335 | 4.530 | 39,8% |
| Net financing costs | -778 | -640 | 21,6% |
| Result of operating activities | 5.557 | 3.890 | 42,9% |
| after net financing costs (EBT) | |||
| Taxes | -1.654 | -871 | 89,9% |
| Result after tax before share in the result of enterprises | 3.903 | 3.019 | 29,3% |
| accounted for using the equity method | |||
| Share in enterprises accounted for using the equity method | -217 | -18 | |
| Earnings after taxes (EAT) | 3.686 | 3.001 | 22,8% |
| Net cash flow (3) | |||
| 12.665 | 12.049 | 5,1% | |
| Financial position in 000 EUR | |||
| 30/06/14 | 31/12/13 | ||
| Balance sheet total | 231.204 | 240.676 | -3,9% |
| Equity | 98.729 | 99.489 | -0,8% |
| Net financial debts (4) | 36.998 | 40.823 | -9,4% |
| Equity/Total assets (in %) | 42,7% | 41,3% | 3,3% |
| Gearing Ratio (5) | 37,5% | 41,0% | -8,7% |
| Key figures in EUR per share | |||
| 30/06/14 | 30/06/13 | ||
| 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 | 7,31 | 6,95 | 5,1% |
| Earnings after taxes | 2,13 | 1,73 | 22,8% |
| EBITDA | 8,71 | 7,83 | 11,3% |
(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 six months of the year, the total turnover of the group decreased by EUR 3.3 million (-1.6%) from EUR 202.6 million to EUR 199.3 million.
The turnover of the ready meals division increased by EUR 3.6 million (+6.3%), partly due to a renewed consumer confidence in lasagne.
The turnover of the processed meats division decreased by EUR 6.9 million (-4.7%). This drop in turnover is mainly due to the termination of dried and cured meat manufacturing as per 31 December 2013, as well as extensive optimisation of the product range following which a number of less profitable product varieties were discontinued.
The REBITDA increased by EUR 1.9 million (+13%) from EUR 14.4 million in the first half of 2013 to EUR 16.3 million in the same period in 2014.
This is mainly due to sales growth in the ready meals division (see above), increased focus on profitability of the product range and extensive cost management.
Aided by specific consumer campaigns, the Come a casa® brand was able to confirm its position as market leader in the fresh Mediterranean meals segment in Belgium.
The recurring non-cash costs in the first half of 2014 (EUR 8.8 million) were EUR 0.1 million lower than the same period in 2013.
Consequently, the REBIT increased by 39.8% from EUR 5.4 million in 2013 to EUR 7.5 million in 2014.
The non-recurring result from the first half of 2014 consists of EUR 1.2 million from miscellaneous redundancy payments. In 2013 this non-recurring result amounted to EUR 0.9 million.
The EBITDA increased by EUR 1.5 million (+11.3%) from EUR 13.6 million in 2013 to EUR 15.1 million in 2014 and the EBIT increased by EUR 1.8 million (+39.8%) from EUR 4.5 million in 2013 to EUR 6.3 million in 2014.
In the first semester of 2014, the net-financing expenses are EUR 0.1 million higher than in the same period of 2013, mainly due to the negative exchange rate differences.
The tax rate over the first half of 2014 (29.8%) is in line with that for 2013 (30.3%).
Under IAS-34, the balance sheet figures of 30 June 2014 are to be compared with those of 31 December 2013. Changes in balance sheet items are limited as there have been no changes in the scope of consolidation since 31 December 2013.
Non-current assets decreased by EUR 2.2 million. Property, plant and equipment and intangible non-current assets decreased EUR 2.4 million as a result of EUR 6.4 million investments and EUR 8.8 million depreciations and write-downs. Financial fixed assets increased by EUR 0.3 million.
Net debt decreased by EUR 3.8 million. This is the result of the incoming cash flow from operations (EUR 15.5 million) and financial movements (EUR -0.1 million), compared to an outgoing cash flow from net paid investments (EUR 6.5 million) and dividend and interest payments (amounting to EUR 5.1 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 investments amounting to EUR 6.4 million in the first half of 2014 relate primarily to the further investments in efficiency and changes to the infrastructure at the various sites. In the first semester of 2013, EUR 5.8 million was invested.
The foundation stone of the new ready meals factory in Opole (Poland) was laid on 26 June 2013; this factory is being constructed by the joint venture The Pasta Food Company. The construction is progressing on schedule. From September 2014 the first ready meals will be produced for the Central and Eastern European markets.
The initial costs of the full manufacturing operation in Opole will initially result in a significantly higher loss in the joint venture in the second half of the year. The group's share in this result will be recognised via the equity method.
Barring unexpected market conditions the group expects the result for 2014 to exceed that of 2013, even after allocation of the start up losses in the Opole factory.
In the first semester of 2014, 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 2014 are largely the same as described in the annual report on the financial year 2013 and relate primarily to the quality and price fluctuations of the raw materials used.
The undersigned, Dirk Goeminne*, Managing Director, and René Stevens, Chief Financial Officer, declare that, to their knowledge:
Waarschoot, 25 August 2014
Dirk Goeminne* René Stevens
Managing Director Chief Financial Officer
*representing NV Fidigo
FREE TRANSLATION The original text of this report is in Dutch
To the board of directors
In the context of our appointment as the company's statutory auditor, we report to you on the consolidated interim financial information. This consolidated interim financial information comprises the consolidated condensed balance sheet as at 30 June 2014, the consolidated condensed income statement, the consolidated condensed statement of comprehensive income, the consolidated condensed statement of changes in equity and the consolidated condensed statement of cash flows for the period of six months then ended, as well as selective notes.
We have reviewed the consolidated interim financial information of Ter Beke NV ("the company") and its subsidiaries (jointly "the group"), prepared in accordance with International Financial Reporting Standard IAS 34 – Interim Financial Reporting as adopted by the European Union.
The consolidated condensed balance sheet shows total assets of 231.204 (000) EUR and the consolidated condensed income statement shows a consolidated profit (group share) for the period then ended of 3.686 (000) EUR.
The board of directors of the company is responsible for the preparation and fair presentation of the consolidated interim financial information in accordance with IAS 34 – Interim Financial Reporting as adopted by the European Union. Our responsibility is to express a conclusion on this consolidated interim financial information based on our review.
We conducted our review of the consolidated interim financial information in accordance with International Standard on Review Engagements (ISRE) 2410 – Review of interim financial information performed by the independent auditor of the entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit performed in accordance with the International Standards on Auditing (ISA) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the consolidated interim financial information.
Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim financial information of Ter Beke NV has not been prepared, in all material respects, in accordance with IAS 34 – Interim Financial Reporting as adopted by the European Union.
Kortrijk, 25 August 2014
The statutory auditor
DELOITTE Bedrijfsrevisoren / Reviseurs d'Entreprises BV o.v.v.e. CVBA / SC s.f.d. SCRL Represented by Kurt Dehoorne
If you have any questions on the present half year report or for further information, please contact:
Dirk De Backer René Stevens Company Secretary CFO Tel. + 32 (0)9 370 12 21 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 report 2014: At the latest on 28 April 2015 General Meeting of Shareholders 2015: 28 May 2015 at 11 a.m.
Annual result 2014: 27 February 2015 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 7 industrial sites in Belgium and the Netherlands and employs approximately 1,650 people. Ter Beke generated a turnover of EUR 407 million in 2013.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.