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PRESS RELEASE

 TER BEKE RESULTS 30 JUNE, 2002
Ter Beke confirms growth in turnover and profits for 2002

1. Headlines 1st half 2002

• Key Figures :
   

  - gross turnover up by 2.6 % to € 89.2 million - net current result up to € 2.1 million - result after tax of € 1.5 million - net current cash flow of € 6.8 million

• normalised raw material prices and margins
• strong growth in ready pasta meals on all our European markets
• recovery of meat product sales during 1st half

2. Consolidated key figures for 1st half *

* unaudited by the statutory auditor
** current = profit and cash flow excluding extraordinary results and depreciation of goodwill
 

3. Notes to the accounts

3.1. Growth in turnover

Turnover is up by 2.6% compared to the 1st half of 2001, to EUR 89.2 million.
There was again strong growth in ready pasta meals that currently represent 63% of the sales volume (58% in 2001). The strong growth in lasagne sales on all our European markets is the main reason for the further strengthening of Ter Beke's European market leadership position in the ready pasta meals division. In addition to the Benelux, Ter Beke sells its ready meals in a number of other European countries, including France, Spain, Switzerland, Ireland, Germany and the U.K.
Sales of processed meats are mainly concentrated in the traditional domestic markets of Belgium and the Netherlands. Market investments in the prepacked meat products range under the L'Ardennaise brand are now beginning to pay off. At the end of the 1st half, processed meats volumes had recovered and experienced a slight growth, a trend confirmed during the summer months. We therefore expect the processed meats division to close the year on at least the same level as in 2001.


3.2. Operating result

The operating result is up by approximately EUR 4.5 million as a result of different positive developments. The margin on the increase in turnover and a strict cost control accounts for EUR 1.5 million of this figure. The remaining difference is attributable to the loss of EUR 3 million, which the group recorded in 2001 due to the raw materials crisis at that time (see press release of 17 September 2001).


3.3. Financial and extraordinary results

The improvement in the financial result was just EUR 0.1 million. This is due to the financing of a major investment programme amounting to approximately EUR 12 million that Ter Beke is implementing in 2002.
There were no substantial extraordinary results in the 1st half of 2002.


3.4. Net current profit and cashflow

Ter Beke recorded a net current profit of EUR 2.1 million during the 1st half, an increase of EUR 4.1 million compared to last year. The net current cash flow improved by EUR 4.3 million compared to 2001.

4. Prospects

On the basis of the results for the first half-year and present trends, Ter Beke confirms its positive prospects for 2002. With the continuing strong growth of ready meals and the recovery in the sales of meat products we anticipate a gross turnover of over EUR 180 million for 2002 (EUR 173 million in 2001), a net current profit of at least EUR 4 million and a net current cash flow of at least EUR 14 million (respectively EUR 4.4 and 15.4 per share).


Waarschoot, September 5, 2002
 

Luc De Bruyckere	Marc Hofman
Managing Director	CFO

For further information please contact Luc De Bruyckere (tel.: +32 9 3701300; e-mail: luc.debruyckere@terbeke.be) or Marc Hofman (tel.: +32 9 3701316; e-mail: m.hofman@terbeke.be) 
 

Ter Beke in a nutshell

Ter Beke

• is a Belgian fresh food group with 5 production sites, 3 in Flanders and 2 in Wallonia
• anticipates for 2002 a turnover of over EUR 180 million, a net current profit of at least EUR 4 million and a net current cash flow of over EUR 14 million
• is a producer of ready pasta based meals and processed meats for the European market
• is market leader in chilled lasagne in Europe
• markets its products under the brand names Come a Casa, L'Ardennaise, Pronto, Vamos, Daniël Coopman and Les Nutons
• is customer-oriented and innovates at a fast rate its product range
• employs more than 900 people who apply their professional skills at the service of the customer and have every opportunity to develop their skills.