Quarterly Report • Sep 4, 2015
Quarterly Report
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HALF YEAR FINANCIAL REPORT FIRST SEMESTER 2015
*The Dutch version of this report is considered to be the official version
| CONDENSED CONSOLIDATED BALANCE SHEET |
|---|
| -------------------------------------- |
| in '000 EUR | 30/06/2015 | 31/12/2014 |
|---|---|---|
| Assets | ||
| Non-current assets | 141.446 | 140.926 |
| Goodwill | 35.204 | 35.204 |
| Intangible non-current assets | 4.519 | 3.415 |
| Tangible non-current assets | 87.404 | 88.021 |
| Joint venture using equity method | 3.372 | 3.675 |
| Loans to joint venture | 850 | 500 |
| Deferred tax assets | 0 | |
| Other long term receivables | 97 | 111 |
| Long-term interest-bearing receivables | 10.000 | 10.000 |
| Current assets | 79.884 | 91.799 |
| Stocks | 21.954 | 20.297 |
| Trade- and other receivables | 54.957 | 60.777 |
| Cash and cash equivalents | 2.973 | 10.725 |
| Total assets | 221.330 | 232.725 |
| Liabilities | ||
| Shareholders equity | 103.017 | 102.815 |
| Capital and issue premiums | 53.191 | 53.191 |
| Reserves | 49.826 | 49.624 |
| Non-controlling interests | 0 | |
| Deferred tax liabilities | 6.615 | 6.670 |
| Long-term liabilities | 34.184 | 38.547 |
| Provisions | 2.329 | 2.288 |
| Long-term interest-bearing liabilities Other long-term liabilities |
31.855 | 36.259 |
| Short-term liabilities | 77.514 | 84.693 |
| Short-term interest-bearing obligations | 14.965 | 14.032 |
| Trade liabilities and other debts | 50.947 | 57.578 |
| Social liabilities | 10.113 | 10.946 |
| Tax liabilities | 1.489 | 2.137 |
| Total liabilities | 221.330 | 232.725 |
| in '000 EUR | 30/06/2015 | 30/06/2014 Revised |
|---|---|---|
| Revenu | 191.409 | 199.298 |
| Trade goods, raw and auxiliary materials | -99.081 | -109.448 |
| Services and miscellaneous goods | -38.312 | -36.265 |
| Wages and salaries | -38.017 | -38.885 |
| Depreciation costs | -8.092 | -8.788 |
| Impairments, write-offs and provisions | 66 | 26 |
| Other operating income and expenses | -506 | 8 |
| Result of operating activities | 7.467 | 5.946 |
| Financial income | 131 | 85 |
| Financial expenses | -1.029 | -863 |
| Result of operating activities after net financing expenses | 6.569 | 5.168 |
| Tax | -1.799 | -1.522 |
| Result after tax before share in the result of enterprises accounted for using the equity method |
4.770 | 3.646 |
| Share in enterprises accounted for using the equity method | -389 | -217 |
| Profit of the period | 4.381 | 3.429 |
| Basic profit per share | 2,53 | 1,98 |
| Diluted profit per share | 2,53 | 1,98 |
| in '000 EUR | 30/06/2015 | 30/06/2014 |
|---|---|---|
| Profit of the reported period | 4.381 | 3.429 |
| 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 Cashflow hedge Other elements of the result that cannot subsequently be reclassified to the |
179 5 |
36 |
| results Revaluation of net liabilities regarding defined benefit pension schemes |
-34 12 |
-140 |
| Comprehensive income | 4.543 | 3.325 |
| in '000 EUR | Capital | Capital reserves |
Share premiums |
Reserved profits |
Translation differences |
Total | Number of shares |
|---|---|---|---|---|---|---|---|
| Balance on 31 December 2013 | 4.903 | 0 | 48.288 | 46.420 | -122 | 99.489 | 1.732.621 |
| Equity increase | 0 | ||||||
| Treasury share reserve | 0 | ||||||
| Dividend | -4.331 | -4.331 | |||||
| Result of the period | 3.429 | 3.429 | |||||
| Other elements of the comprehensif result of the period |
-140 | 36 | -104 | ||||
| Comprehensif result for the period | 3.289 | 36 | 3.325 | ||||
| Movements via reserves | |||||||
| -Result from treasury shares | -10 | -10 | |||||
| Balance on 30 June 2014 | 4.903 | 0 | 48.288 | 45.368 | -86 | 98.473 | 1.732.621 |
| Equity increase | 0 | ||||||
| Treasury share reserve | 0 | ||||||
| Dividend | 0 | ||||||
| Result of the period | 4.703 | 4.703 | |||||
| Other elements of the | |||||||
| comprehensif result of the period Comprehensif result for the period |
-266 4.437 |
-85 -85 |
-351 4.352 |
||||
| Movements via reserves | |||||||
| -Result from treasury shares | -10 | -10 | |||||
| Balance on 31 December 2014 | 4.903 | 0 | 48.288 | 49.795 | -171 | 102.815 | 1.732.621 |
| 0 | |||||||
| Equity increase | 0 | ||||||
| Treasury share reserve | -4331 | -4331 | |||||
| Dividend | 4381 | 4381 | |||||
| Result of the period | |||||||
| Other elements of the | |||||||
| comprehensif result of the period Comprehensif result for the period |
-17 4.364 |
179 179 |
162 4.543 |
||||
| Movements via reserves | |||||||
| -Result from treasury shares | -10 | -10 | |||||
| Balance on 30 June 2015 | 4.903 | 0 | 48.288 | 49.818 | 8 | 103.017 | 1.732.621 |
| in '000 EUR | 30/06/2015 | 30/06/2014 |
|---|---|---|
| Revised | ||
| Operating activities | ||
| Result of operating activities | 7.467 | 5.946 |
| Adjustments for: | ||
| -Depreciation | 8.092 | 8.788 |
| -Change in impairments and write-offs | 0 | 0 |
| -Change in provisions | -66 | -26 |
| -Proceeds from the sale of fixed assets | 24 | -17 |
| Changes in net operating capital | ||
| -Changes in stock | -1.657 | 1.442 |
| -Changes in trade and other receivables | 5.814 | 8.622 |
| -Changes in trade and other liabilities | -6.478 | -7.099 |
| -Changes in other items | 88 | 43 |
| Cash from operating activities | 13.284 | 17.699 |
| Tax paid | -2.262 | -2.241 |
| Net cash from operating activities | 11.022 | 15.458 |
| Investing activities | ||
| Proceeds from the sale of tangible fixed assets | 0 | 38 |
| Investments in intangible fixed assets | -1.454 | -811 |
| Investments in tangible fixed assets | -8.275 | -5.237 |
| Net investments in financial fixed assets | 15 | -3 |
| Net investments in loan to joint venture | -350 | -500 |
| Investments in third party loans | 0 | |
| Takeover of subsidiaries | 0 | |
| Net cash used in investing activities | -10.064 | -6.513 |
| Financing activities | ||
| Proceeds from treasury share purchase | -10 | -10 |
| Proceeds from take-up of new loans | 3.400 | 8.450 |
| Dividend payments to shareholders | -4.331 | -4.330 |
| Interest paid (through P&L account) | -548 | -771 |
| Loan settlement | -6.871 | -9.501 |
| Repayment of financial leasing liabilities | 0 | -1 |
| Other financial resources/(expenses) | -350 | -8 |
| Net cash from financing activities | -8.710 | -6.171 |
| Net change in cash and cash equivalents | -7.752 | 2.774 |
| Cash funds at the beginning of the year | 10.725 | 6.911 |
| Cash funds at the end of the year | 2.973 | 9.685 |
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 399.7 million in 2014.
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 2014, as published in the annual report to the shareholders on the financial year 2014.
The group's scope of consolidation has not changed since 31 December 2014.
These condensed consolidated financial statements were approved for publication by the Board of Directors on 3 September 2015.
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 2014.
A new standard IFRIC 21, applicable from 1 January 2015, has an impact on the condensed financial statements per 30 June 2015. The 30 June 2014 results were also restated to make them comparable in accordance with IFRIC 21. As a result, the 30 June 2014 result was reduced by 257 thousand EUR (389 thousand EUR pre-tax). These changes only impact the financial results per 30 June. The application of the new standard has no impact on an annual basis.
The General Meeting of Shareholders of 28 May 2015 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 2015.
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, with the exception of Ter Beke's acquisition of a 33% minority interest in the French ready meals producer Stefano Toselli as of 28 August 2015. The half-yearly financial report will discuss this acquisition in more detail.
In the first semester of 2015, 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 amounting to EUR 8.6 million in the first half of 2015 relate primarily to the further investments in efficiency and changes to the infrastructure at the various sites. The increase in relation to 2014 is primarily caused by the further expansion and implementation of the new ERP package. EUR 6.4 million was invested in the first semester of 2014.
The group is exposed to an exchange rate risk on sales in Pound Sterling (GBP). On 30 June 2015, long term contracts were open for the sale of GBP 4.9 million against EUR. On 31 December 2014, long term contracts were open for the sale of GBP 4.1 million against EUR. On 30 June 2015 and 30 June 2014, a negative market value was recorded on the open position.
On 30 June 2015, the group had a net GBP position of GBP 2.4 million (GBP 2.1 million on 31 December 2014).
On 30 June 2015, the EUR/GBP balance sheet rate amounted to 0.7114 compared to 0.7789 on 31 December 2014. On 30 June 2015, the average result rate amounted to 0.7338 compared to 0.8217 on 30 June 2014.
Under IAS-34, the balance sheet figures of 30 June 2015 are to be compared with those of 31 December 2014. Changes in balance sheet items are limited as there have been no changes in the scope of consolidation since 31 December 2014.
Non-current assets increased by EUR 0.5 million. This is mainly the result of EUR 8.6 million investments reduced by EUR 8.1 million depreciations and write-downs.
Net debt increased by EUR 4.3 million. This is the result of the incoming cash flow from operations (EUR 11 million), compared to an outgoing cash flow from net paid investments (EUR 10 million), dividend and interest payments (amounting to EUR 4.9 million) and financial movements (EUR -0.4 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 7.9 million (-4.0%) from EUR 199.3 million to EUR 191.4 million.
The turnover of the processed meats division decreased by EUR 3.2 million (-2.3%), while the turnover of the ready meals division decreased by EUR 4.7 million (-7.6%).
The decrease in turnover in both divisions was a result of extensive optimization of the product range, whereby a number of less profitable product varieties were discontinued. The group's ready meals division lost an important contract in the German market. It goes without saying that the group will do its utmost to recover this volume.
In the first half of the year, the group invested in the development and roll-out of a growth strategy for the Dutch processed meats market. The first results of these efforts are promising for the future.
The REBITDA increased by EUR 0.4 million (+2.5%) from EUR 15.9 million in the first half of 2014 to EUR 16.3 million in the same period in 2015.
This is primarily a consequence of the increased focus on the profitability of the product range and further cost-savings in both divisions.
The loss of an important German contract affected the result of the ready meals division. Along with the increasing pressure on the margins, this explains the slight decline in the operational result in the first semester. However, the group has confidence that the lost volume will be recovered and is responding to the pressure on the margins by investing more in efficiency improvements in the factories and in innovative products and concepts.
For example, in 2015 the group invested a considerable amount in the relaunch of the range of bulk quality processed meats under the Daniël Coopman® brand.
The continued investments in the quality and innovation of the Come a casa® range of ready meals were rewarded with two Superior Taste Awards, awarded by a panel of chefs/food connoisseurs of Gault Millau® and Michelin® .
"Services and miscellaneous goods" comprises:
| in '000 EUR | 30/06/2015 | 30/06/2014 |
|---|---|---|
| Temporary workers and persons put at the | 4.592 | 3.982 |
| disposal of the company | ||
| Repair & Maintenance | 5.370 | 5.209 |
| Marketing & Sales costs | 8.182 | 8.315 |
| Transport costs | 6.709 | 6.790 |
| Energy | 4.322 | 3.944 |
| Rent | 3.051 | 2.875 |
| Other | 6.086 | 5.150 |
| Total | 38.312 | 36.265 |
"Other operating income and expenses" comprises:
| in '000 EUR | 30/06/2015 | 30/06/2014 |
|---|---|---|
| Revised | ||
| Recovery of wage-related costs | 328 | 564 |
| Recovery of logistic costs | 40 | 61 |
| Government grants | 5 | 2 |
| Profits from the disposal of assets | 11 | 0 |
| Recovery waste | 2 | 59 |
| Recovery insurances | -4 | 51 |
| Rent income | 32 | 32 |
| Write-off on disposal of assets | -24 | 17 |
| Paid or receive indemnities | 35 | 91 |
| Local taxes | -1061 | -1031 |
| Other | 130 | 162 |
| Total | -506 | 8 |
The non-cash costs in the first half of 2015 (EUR 8.0 million) were EUR 0.8 million lower than the same period in 2014.
Consequently, the REBIT increased by 15.8% from EUR 7.1 million in 2014 to EUR 8.3 million in 2015.
The non-recurring result for the first semester in both 2015 and 2014 is made up of a limited number of significant redundancy payments. In 2015 these amounted to a total of EUR 0.8 million, in 2014 EUR 1.2 million.
The EBITDA increased by EUR 0.8 million (+5.3%) from EUR 14.7 million in 2014 to EUR 15.5 million in 2015 and the EBIT increased by EUR 1.6 million (+25.6%) from EUR 5.9 million in 2014 to EUR 7.5 million in 2015.
In 2015, the net financing expenses in the first half of the year were EUR 0.1 million higher than in the same period in 2014, mainly due to the negative exchange rate differences.
The tax rate in the first half of 2015 (27.4%) was slightly lower than in June 2014 (29.4%).
| in '000 EUR | 30/06/2015 | 30/06/2014 Revised | |||||
|---|---|---|---|---|---|---|---|
| Processed Meats |
Ready Meals |
Total | Processed Meats |
Ready Meals |
Total | ||
| Segment income statement | |||||||
| Segment sales | 134.990 | 56.419 | 191.409 | 138.208 | 61.090 | 199.298 | |
| Segment results | 7.227 | 2.064 | 9.291 | 5.400 | 3.114 | 8.514 | |
| Non-allocated results | -1.824 | -2.568 | |||||
| Net financing cost | -898 | -778 | |||||
| Taxes | -1.799 | -1.522 | |||||
| Result of companies according to equity method | -389 | -217 | |||||
| Consolidated result | 4.381 | 3.429 | |||||
| Other segment information | |||||||
| Segment investments | 3.196 | 4.101 | 7.297 | 4.493 | 663 | 5.156 | |
| Non-allocated investments | 1.295 | 1.220 | |||||
| Total investments | 8.592 | 6.376 | |||||
| Segment depreciations and non-cash costs | 5.240 | 2.646 | 7.886 | 5.449 | 2.882 | 8.331 | |
| Non-allocated depreciations and non-cash costs | 140 | 431 | |||||
| Total depreciations and non-cash costs | 8.026 | 8.762 |
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 2015 and 30 June 2014 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.
| Calculation earnings per share | 30/06/2015 | 30/06/2014 |
|---|---|---|
| Number of outstanding ordinary shares per 1 January | 1.732.621 | Revised 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 | 4.381 | 3.429 |
| Average number of shares | 1.732.621 | 1.732.621 |
| Basic profit per share | 2,53 | 1,98 |
| Calculation diluted earnings per share | 30/06/2015 | 30/06/2014 |
| Net profit | 4.381 | 3.429 |
| 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 | 2,53 | 1,98 |
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 | Revised | ||
|---|---|---|---|
| 30/06/15 | 30/06/14 | ∆ % | |
| Revenue (net turnover) | 191.409 | 199.298 | -4,0% |
| REBITDA (1) | 16.314 | 15.918 | 2,5% |
| EBITDA (2) | 15.493 | 14.708 | 5,3% |
| Recurring result of operating activities (REBIT) | 8.288 | 7.156 | 15,8% |
| Result of operating activities (EBIT) | 7.467 | 5.946 | 25,6% |
| Net financing costs | -898 | -778 | 15,4% |
| Result of operating activities | 6.569 | 5.168 | 27,1% |
| after net financing costs (EBT) Taxes |
-1.799 | -1.522 | 18,2% |
| Result after tax before share in the result of enterprises | 4.770 | 3.646 | 30,8% |
| accounted for using the equity method | |||
| Share in enterprises accounted for using the equity method | -389 | -217 | 79,3% |
| Earnings after taxes (EAT) | 4.381 | 3.429 | 27,8% |
| Net cash flow (3) | 12.796 | 12.408 | 3,1% |
| Financial position in 000 EUR | |||
| 30/06/15 | 31/12/14 | ||
| Balance sheet total | 221.330 | 232.725 | -4,9% |
| Equity | 103.017 | 102.815 | 0,2% |
| Net financial debts (4) | 33.847 | 29.566 | 14,5% |
| Equity/Total assets (in %) | 46,5% | 44,2% | |
| Gearing Ratio (5) | 32,9% | 28,8% | |
| Key figures in EUR per share | Revised | ||
| 30/06/15 | 30/06/14 | ||
| Number of shares | 1.732.621 | 1.732.621 | |
| Average number of shares | 1.732.621 | 1.732.621 | |
| Net cash flow | 7,39 | 7,16 | 3,1% |
| Earnings after taxes | 2,53 | 1,98 | 27,8% |
| EBITDA | 8,94 | 8,49 | 5,3% |
(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 7.9 million (-4.0%) from EUR 199.3 million to EUR 191.4 million.
The turnover of the processed meats division decreased by EUR 3.2 million (-2.3%), while the turnover of the ready meals division decreased by EUR 4.7 million (-7.6%).
The decrease in turnover in both divisions was a result of extensive optimization of the product range, whereby a number of less profitable product varieties were discontinued. The group's ready meals division lost an important contract in the German market. It goes without saying that the group will do its utmost to recover this volume.
In the first half of the year, the group invested in the development and roll-out of a growth strategy for the Dutch processed meats market. The first results of these efforts are promising for the future.
The REBITDA increased by EUR 0.4 million (+2.5%) from EUR 15.9 million in the first half of 2014 to EUR 16.3 million in the same period in 2015.
This is primarily a consequence of the increased focus on the profitability of the product range and further cost-savings in both divisions.
The loss of an important German contract affected the result of the ready meals division. Along with the increasing pressure on the margins, this explains the slight decline in the operational result in the first semester. However, the group has confidence that the lost volume will be recovered and is responding to the pressure on the margins by investing more in efficiency improvements in the factories and in innovative products and concepts.
For example, in 2015 the group invested a considerable amount in the relaunch of the range of bulk quality processed meats under the Daniël Coopman® brand.
The continued investments in the quality and innovation of the Come a casa® range of ready meals were rewarded with two Superior Taste Awards, awarded by a panel of chefs/food connoisseurs of Gault Millau® and Michelin® .
The non-cash costs in the first half of 2015 (EUR 8.0 million) were EUR 0.8 million lower than the same period in 2014.
Consequently, the REBIT increased by 15.8% from EUR 7.1 million in 2014 to EUR 8.3 million in 2015.
The non-recurring result for the first semester in both 2015 and 2014 is made up of a limited number of significant redundancy payments. In 2015 these amounted to a total of EUR 0.8 million, in 2014 EUR 1.2 million.
The EBITDA increased by EUR 0.8 million (+5.3%) from EUR 14.7 million in 2014 to EUR 15.5 million in 2015 and the EBIT increased by EUR 1.6 million (+25.6%) from EUR 5.9 million in 2014 to EUR 7.5 million in 2015.
In 2015, the net financing expenses in the first half of the year were EUR 0.1 million higher than in the same period in 2014, mainly due to the negative exchange rate differences.
The tax rate in the first half of 2015 (27.4%) was slightly lower than in June 2014 (29.4%).
Under IAS-34, the balance sheet figures of 30 June 2015 are to be compared with those of 31 December 2014. Changes in balance sheet items are limited as there have been no changes in the scope of consolidation since 31 December 2014.
Non-current assets increased by EUR 0.5 million. This is mainly because of EUR 8.6 million in investments reduced by EUR 8.1 million in depreciations and write-downs.
Net debt increased by EUR 4.3 million. This is the result of the incoming cash flow from operations (EUR 11 million), compared to an outgoing cash flow from net paid investments (EUR 10 million), dividend and interest payments (EUR 4.9 million) and financial movements (EUR -0.4 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 8.6 million in the first half of 2015 relate primarily to the further investments in efficiency and changes to the infrastructure at the various sites. The increase in relation to 2014 is primarily caused by the further expansion and implementation of the new ERP package. EUR 6.4 million was invested in the first semester of 2014.
On 28 August 2015, Ter Beke and GS&DH Holdings, the sole shareholder in the French company Stefano Toselli (a ready meals producer), signed an agreement whereby Ter Beke acquired a 33% minority interest in Stefano Toselli, effective immediately.
Ter Beke and GS&DH Holdings had earlier established The Pasta Food Company in 2011, a 50/50 joint venture in Poland. The objective of this joint venture was to produce and market ready meals in central and eastern Europe.
The joint venture has built a highly automated production facility in Opole (Poland) which has been fully operational since October 2014. Turnover is increasing more slowly than anticipated, but the factory is also achieving the efficiency targets earlier than expected. As mentioned earlier, this factory will not make a positive contribution to the result in 2015. The group's share in this result will be recognised via the equity method.
In the contracts that were drawn up in 2011, the parties to the joint venture agreed on a call option for Ter Beke on:
On 28 August 2015, Ter Beke and GS&DH Holdings agreed that Ter Beke will partially exercise its call option on the Stefano Toselli shares, so that it has now acquired 33% of the shares in Stefano Toselli, 3 years earlier than anticipated. Ter Beke paid EUR 9.4 million for these shares.
The earlier exercise of part of the call option is confirmation of the parties' strategy to establish a strong European ready meals group.
In 2015, the group will work towards a heightened focus on the profitability of the product range and on extensive cost-savings and reductions. In Opole the group will continue its launch of new contracts/customers. For 2015 we do not expect the joint venture will yet be making a positive contribution to the consolidated results.
The group is confident that, barring unforeseen market circumstances, the results for 2015 will surpass those of 2014.
In the first semester of 2015, 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 2015 are largely the same as described in the annual report on the financial year 2014 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, 3 September 2015
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 condensed consolidated balance sheet as at 30 June 2015, the condensed consolidated income statement, the condensed consolidated comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated cash flow statement for the period of six months then ended, as well as the 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 221,330 (000) EUR and the consolidated condensed income statement shows a consolidated profit (group share) for the period then ended of 4,381 (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, 3 September 2015
The statutory auditor
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 13 17 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 2015: At the latest on 26 April 2016 General Meeting of Shareholders 2016: 26 May 2016 at 11 a.m.
Annual result 2015: 25 February 2016 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 399.7 million in 2014.
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