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PRESS RELEASE
Trading update first quarter 2007
Waarschoot, 11 May 2007 - The results of the Ter Beke Group of the first quarter 2007 lie within expectations.
In the TerBeke-Pluma branch (processed meats), the integration of the activities resulting from the merger with the Pluma Group in 2006 is proceeding according to plan.
Because of the growth in pre-sliced and packaged processed meats, the group launched an investment programme aimed at doubling in the coming years the capacity of Langeveld/Sleegers (Netherlands), which was acquired in 2005. This factory is responsible for the slicing and packaging of processed meats for the Dutch market.
In the FreshMeals branch (fresh ready meals), the necessary measures were initiated to improve the profitability of the branch. As reported earlier in our press release dated 28 February 2007, the profitability of this branch came under pressure in the fourth quarter of 2006. These measures will be further implemented in 2007.
The due diligence investigation concerning the potential acquisition of Normandie Plats Cuisinées in France is in progress. Given this possible takeover, no forecasts can be made at present concerning the full year 2007.
As announced on 8 May 2007, the Court of First Instance of Ghent, in a judgement issued on 4 May 2007, ruled in Ter Beke´s favour concerning the pending dispute about the captive-reinsurance structure. This favourable judgement does not affect the consolidated IFRS-figures of Ter Beke group, as the group set up the necessary deferred tax liabilities. However, because of the judgement, save in case of reversal in appeal or a replacement assessment, Ter Beke group is under no duty to actually pay these deferred taxes on short term. For further information concerning these proceedings, we refer to our press release of 8 May 2007.
For further information, please contact:
| Media Luc De Bruyckere Executive Chairman Telephone: +32 (0)3 370 13 17 E-mail: luc.debruyckere@terbeke.be |
Investor Relations René Stevens Group CFO Telephone: +32 (0)9 370 13 45 E-mail: rené.stevens@terbeke.be |
TER BEKE IN BRIEF
Ter Beke (Euronext Brussels: TERB) is an innovating Belgian fresh foods group,
selling its range of products in 10 European countries. The group has 2 core
activities: processed meats and fresh ready meals; it has 9 industrial
establishments in Belgium, the Netherlands and France and employs circa 1,700
people.
Processed Meats Division: Ter Beke-Pluma NV
- Manufacturer of fine processed meats for the Benelux and paté for Germany and the United Kingdom
- 5 production plants in Belgium (Wommelgem, Waarschoot, Marche-en-Famenne, Herstal and Ruiselede) and 3 centres for the slicing and packaging of processed meats, 2 of which are in Belgium (Wommelgem and Veurne) and 1 in the Netherlands (Milsbeek)
- Innovating in the segment of pre-packed processed meats
- Distribution brands and own brand names L´Ardennaise, Daniël Coopman and Pluma
- Circa 900 employees
Ready Meals Division: FreshMeals NV
- Manufacturer of fresh ready meals for the European market
- Market leader in fresh lasagne in Europe
- 3 manufacturing plants, 2 of which are in Belgium (Wanze and Marche-en-Famenne) and 1 in France (Alby-sur-Chéran)
- Brand names Come a Casa, Pronto and Vamos, besides distribution brands
- Circa 800 employees