CONSOLIDATED ANNUAL RESULTS 2012

Transcription

1 CONSOLIDATED ANNUAL RESULTS 2012 KEY FIGURES AND HEADLINES Ter Beke grup: Turnver increase frm EUR millin t EUR millin (+4.3%); REBITDA amunts t EUR 33.1 millin cmpared t EUR 33.2 millin in 2011 (-0.4%); REBIT amunts t EUR 13.9 millin cmpared t EUR 15.3 millin in 2011 (-9.0%); Results cntain apprx. EUR 2 millin dismissal and restructuring csts, the main part being related t the terminatin f the industrial activity in Alby-sur-Chéran; EAT amunts t EUR 8.2 millin cmpared t EUR 9.0 millin in 2011 (-8.9%); Net cashflw amunts t EUR 25.6 millin cmpared t EUR 27.1 millin in 2011 (-5.6%); Investments ttal EUR 12.1 millin. Prcessed Meats divisin: Strng turnver increase, in particular in the slicing and packaging activities, des nt lead t a result increase because f the increased raw material prices and the changed prduct mix; Launch f the Oligust -range. Ready Meals divisin: Slight turnver increase in lasagne and pasta meals; Cme a casa cntinues t grw in Belgium; Terminatin f industrial activity in Alby-sur-Chéran (France) per 30 June Prpsal t pay a grss dividend f 2.50 EUR per share (equal t 2011). 1/6

2 CONSOLIDATED KEY FIGURES (1) In '000 EUR % Revenu (net turnver) ,3% REBITDA ,4% EBITDA (2) ,3% Recurring perating result (REBIT) ,0% Operating result (EBIT) ,5% Net financing csts ,7% Operating result ,7% after net financing csts (EBT) Taxes ,6% Result after tax befre share in the result f enterprises ,8% accunted fr using the equity methd Share in enterprises accunted fr using the equity methd Earnings after taxes (EAT) ,9% Net cash flw (3) ,6% Ttal assets ,3% Equity ,4% Net financial debt (4) ,7% Equity/Ttal assets 39,30% 37,1% Gearing rati (5) 52,50% 63,5% In EUR per share Number f shares ,0% Average number f shares ,0% Net cash flw 14,77 15,64-5,6% Earnings after taxes 4,74 5,20-8,9% EBITDA 17,97 19,18-6,3% (1) The cnslidated incme statement and balance sheet can be cnsulted n the website (2) EBITDA = Operating result + depreciatin + impairments + changes in prvisins (3) Net cashflw = Result after tax befre share in the result f enterprises accunted fr using the equity methd + depreciatin + impairments + changes in prvisins (4) Net financial debt = interest bearing liabilities interest bearing receivables, cash and cash equivalents (5) Gearing rati = Net financial debt / Equity 2/6

3 NOTES TO THE CONSOLIDATED KEY FIGURES 1. Turnver In 2012, the ttal grup turnver increased by 4.3% frm EUR millin t EUR millin. In the prcessed meats divisin, the turnver increased by EUR 14.7 millin. The increase in turnver is partly due t an increase f the sales prices, which n a full year basis were still nt enugh t ffset the rise in raw material prices. The increase is als caused by grwth in the slicing and packaging activities. In the ready meals divisin, the turnver increased by EUR 2.7 millin, mainly due t a sales increase in lasagne and ntwithstanding the terminatin f a number f cntracts in France due t the terminatin f the industrial activities there. 2. REBITDA, EBITDA, REBIT and Operating result (EBIT) The turnver increase des nt result in a prfit increase. In 2012, the grup launched a new range f prcessed meats under the brand name Oligust. It cncerns meat enriched with live il and a lwer ttal fat cntent. The launch csts fr this have been included in the result f the first semester. The cmmercial start-up was smewhat delayed. The new media campaign at the start f 2012 in the Cme a casa brand in Belgium has again resulted in an increasing market share. Cme a casa is increasingly fulfilling its leading psitin as engine f the fresh Mediterranean meals market. The increased vlumes, the implemented price increases and a far-reaching cst cntrl and reductin were nt able t entirely ffset increased prductin csts (chiefly raw materials, energy and wages) and the csts f market investments. The changed prduct mix, with an increase in the sales f cheaper prducts at the expense f mre expensive prducts caused by the general ecnmic climate, curbed margin grwth in the prcessed meats divisin. Hence, REBITDA amunts t EUR 33.1 millin cmpared t EUR 33.2 millin in On 5 April 2012 the grup annunced the intentin t terminate industrial activity at the site in Alby-sur-Chéran (France). Meanwhile, this industrial activity was effectively terminated n 30 June The grup des retain its cmmercial activities in France fr prducts that are prduced at the Belgian sites f the ready meals divisin (Marche-en-Famenne and Wanze). The csts regarding this terminatin amunted t EUR 1.1 millin. These csts, alng with a ttal f EUR 0.9 millin ther dismissal csts, cause EBITDA t amunt t EUR 31.1 millin in In 2012, ttal nn-cash csts decreased by EUR 0.3 millin t EUR 17.5 millin. This results in an EBIT f EUR 13.6 millin in 2012 cmpared t EUR 15.3 millin in 2011 (-11.5%). 3/6

4 As the 2012 nn-cash csts cmprise a ne-time reversal f impairments n the material fixed assets in Alby-sur-Chéran in the amunt f EUR 1.6 millin, the nn-recurring peratinal result amunts t EUR -0.3 millin. Hence, the 2012 REBIT amunts t EUR 13.9 millin cmpared t EUR 15.3 millin in 2011 (-9.0%). 3. Net financing csts The EUR 0.3 millin imprvement f the net financing csts is mainly due t the psitive difference in the exchange rate result n the GBP pursuant t the grup s hedging plicy and by lwer interest rates and bank csts. 4. Investments The grup invested EUR 12.1 millin in These investments relate primarily t the cntinuatin f varius efficiency and infrastructure investments in all sites f the grup. 5. Taxes The 2012 tax rate (28.0%) is in line with the tax rate ver the financial year 2011 (27.1%). 6. Result Jint Venture Pland As previusly annunced, Ter Beke and the sharehlders f France based Stefan Tselli incrprated, in 2011, a jint venture fr the prductin and sale f lasagne and pasta meals in Central and Eastern Eurpe. The jint venture was incrprated under the name The Pasta Fd Cmpany. The business plan f the jint venture prvides fr the cnstructin in Pland f a prductin plant that will prduce fr the Central and Eastern Eurpean market. Ter Beke s share in the results f The Pasta Fd Cmpany in 2012 amunts t EUR 183 thusand. This result f the jint venture is accunted fr using the equity methd. 7. Dividend prpsal The Bard f Directrs will prpse t the General Meeting f Sharehlders t pay a grss dividend f 2.50 EUR per share. This equals the dividend paid ver /6

5 EXTERNAL CONTROL The statutry auditr, DELOITTE Auditrs BV.v.v.e. CVBA, represented by Mr. Dirk Van Vlaenderen and Mr. Kurt Dehrne, has cnfirmed that its auditing wrk, which is essentially cmpleted, has brught n significant crrectin t light which wuld have t be reflected in the bkkeeping infrmatin included in this press release. PROSPECTS FOR 2013 Since January 2013, the frzen ready meals sectr has been cnfrnted with a scandal riginating frm the presence f hrse meat r hrse DNA in frzen ready meals which, accrding t the label, shuld nt cntain such meat r DNA. Ter Beke nly prduces chilled ready meals. We deplre that these events als negatively impact ur sectr, even thugh Ter Beke s prducts are nt at all cncerned. The reduced demand implies that Ter Beke adjusts its prductin planning n a daily basis and is currently applying temprarily unemplyment in its lasagna prductin facilities in Wanze and Marche-en-Famenne. This is necessary because we use fresh prducts and perate with limited inventry levels. We cncentrate fully n an pen and transparent cmmunicatin with ur custmers and ur cnsumers and are ding ur utmst t recnfirm ur custmers cnfidence in ur chilled prducts. Meanwhile, it is almst impssible t assess the impact n the 2013 results. As far as pssible, we will cmmunicate further n this matter when we reprt n the first quarter results. CONTACTS Fr questins abut this press release r fr further infrmatin, please cntact: Dirk De Backer René Stevens Cmpany Secretary CFO Tel. +32 (0) Tel. +32 (0) dirk.debacker@terbeke.be rene.stevens@terbeke.be Yu can als cnsult this press release and send yur questins t us via the Investr Relatins mdule f ur website () 5/6

6 FINANCIAL CALENDAR Annual reprt 2012: At the latest n 30 April 2013 Business update first quarter 2013: 3 May 2013 befre market pening General Meeting f Sharehlders 2013: 30 May 2013 at 11 a.m. First semester 2013 results 29 August 2013 befre market pening TER BEKE IN BRIEF Ter Beke (Eurnext Brussel: TERB) is an innvative Belgian fresh fds cncern that markets its assrtment in 10 Eurpean cuntries. The grup has 2 cre activities: prcessed meats and fresh ready meals; it has 8 industrial sites in Belgium and the Netherlands and emplys apprximately 1,750 peple. Ter Beke generated a turnver f EUR millin in Prcessed Meats Divisin: prducer and slicer f prcessed meats fr the Benelux, the UK and Germany; 3 prductin plants in Belgium (Wmmelgem, Waarscht and Herstal) and 4 centres fr the slicing and packaging f prcessed meats, 2 f which are in Belgium (Wmmelgem and Veurne) and 2 in the Netherlands (Wijchen and Ridderkerk); innvating in the pre-packed prcessed meats segment; distributin brands and wn brand names L Ardennaise, Pluma, Oligust and Daniël Cpman ; emplys apprximately 1100 staff. Ready Meals Divisin: prduces fresh ready meals fr the Eurpean market; market leader in chilled lasagne in Eurpe; 2 prductin sites in Belgium (Wanze and Marche-en-Famenne); brand names Cme a casa and Vams in additin t distributin brands; emplys apprximately 650 staff; jint venture The Pasta Fd Cmpany established in Pland (2011). 6/6