Beste ouders, Met dit kleine briefje willen wij u eraan herinneren dat

V FB
4 O ktober2014
A gen da
TerB eke in troduction
M ission , strategic val
ue drivers, val
ues
O ur in sp iration
Processed m eats headl
in es
Ready m eal
s headl
in es
C on sol
idated figures
04/10/2014
V FB
2
TerB eke In troduction
TerB eke






(Euron extB russel
: TERB )
in n ovative B el
gian fresh foods
con cern
m arkets its assortm en tin 10
Europ ean coun tries
2 core activities:
 Processed m eats
 Fresh ready m eal
s
7 in dustrialsites in B el
gium an d the
Netherl
an ds
em p l
oys ap p roxim atel
y 1,650
p eop l
e
gen erated a turn over ofEU R 407
m il
l
ion in 2013.
04/10/2014
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Sharehol
derStructure
28,3%
Stak C oovan
SRIW
M6
Free Fl
oat
2,4%
4,8%
64,5%
3
M ission – Strategic
val
ue drivers -V al
ues
04/10/2014
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4
W e w an tto be On e TerB eke,
driven by the zealforyoureveryday m eal
.
Dirk Goeminne, CEO
04/10/2014
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5
Strategic val
ue & grow th m ustbe gen erated through:
04/10/2014
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6
Ourstrategic val
ue drivers
C ustom erIn tim acy


O p eration alExcel
l
en ce
O urcustom ers are atthe heartofour
op eration s
Satisfied custom ers are ourp rim ary aim



C ostLeadership


In n ovation
W e m an age oursel
ves an d ourop eration s
as efficien tl
y as p ossibl
e
W e aim to reduce directan d in direct
sp en d as m uch as p ossibl
e
04/10/2014
W e strive to excelin everythin g w e do
W e do the rightthin gs an d w e do them
right
W e do n otcom p rom ise on q
ual
ity
V FB


In n ovation m ustbe the drivin g force of
ourstrategy an d ourorgan ization
New p roducts, p rocesses an d services are
an absol
ute p rereq
uisite forgrow th
7
These val
ues in sp ire an d shap e ourbehavior
04/10/2014
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8
C orp orate socialresp on sibil
ity @ TerB eke
W e ful
l
y assum e our resp on sibil
ity tow ards al
lour stakehol
ders
 Tow ards ourcustomers
 Tow ards ourcolleagues
 Tow ards oursuppliers
 Tow ards ourshareholders
 Tow ards the environment
 Tow ards society
04/10/2014
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9
O ur in sp iration
04/10/2014
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10
W hen itcom es to food, the p rim ary con sum ertren ds rem ain
taste, quality & indulgence
04/10/2014
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11
Ourin sp iration – Otherrel
evan tm arket& con sum ertren ds
These tren ds w il
lin sp ire an d fuelal
lofourin n ovation efforts
04/10/2014
Livin g betterforl
ess
Fun & C on ven ien ce
M ore ol
dercon sum ers, sm al
l
er househol
ds
C SR & Tran sp aren cy
Heal
th & W el
l
n ess
D igital
isation
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12
Ourin sp iration – Ourcom p etitive en viron m en t
O urhead on com p etitors
O urcategory com p etitors
M e2-com p etitors, fightin g forthe sam e
con tracts an d havin g sim il
arcom p eten ce
Exam p l
es:
 Ready M eal
s: M am m a Lucia, Stefan o
Tosel
l
i, Freiberger, C on del
i, …
 Processed M eats: C am p ofrio Food Group ,
D etry, V ol
ys Star, Zw an en berg, C om p axo,
D GS, Herta, A l
im p ex, …
 Service sl
icin g: Sl
ip p en s, M en ken , …
In sp irin g com p etitors, active in ourm arkets
butal
so in m an y othern iches oradjacen t
categories
Exam p l
es: C ul
in or, Fl
eury M ichon , V aco,
Pan zan i, M adran ge, Sodebo, B el
l
, …
O urn ew born com p etitors
Future com p etitors, active in n ew p oten tial
l
y
in terestin g categories orhighl
y sp ecial
ized
n iche op erators, adjacen tto ourcategories
Exam p l
es: Rabbit, Starm eal
s, Pl
ukon , Q uorn ,
…
04/10/2014
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13
Processed m eats
headl
in es
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14
Processed M eats
04/10/2014
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15
Processed M eats
Sal
es Evol
ution
Processed Meats Division
(M io EU R)
300

290
280

270
260

250
2008
2009
2010
2011
2012
2013


EB ITD A an d EB ITD A /Sal
es Evol
ution
70
60
5,1%
5,0%
4,3%
50
6%
5,2%
4,4%
4,2%
5%
4%
40
3%
30


2%
20
10
1%
0
0%
2008
04/10/2014
2009
2010
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2011
2012
p roduceran d sl
icerofp rocessed m eats
forthe B en el
ux, the U K an d Germ an y;
2 p roduction p l
an ts in B el
gium
(W om m el
gem an d W aarschoot)
4 cen tres forthe sl
icin g an d p ackagin g of
p rocessed m eats

2 in B el
gium (W om m el
gem an d V eurn e)
2 in the Netherl
an ds (W ijchen an d
Ridderkerk)
in n ovatin g in the p re-p acked p rocessed
m eats segm en t;
distribution bran ds an d ow n bran d n am es
L’A rden n aise®, Pl
um a® an d D an iël
C oop m an ®;
em p l
oys ap p roxim atel
y 1050 staff.
2013
16
The Europ ean Processed M eats M arket
Europ ean p rocessed m eats m arket2013 (KT)
35
Pol
an d
68
136
646
42
A ustria
Fin din gs

B el
gium
D en m ark
672
54


Fran ce
Germ an y
331
Netherl
an ds
Sp ain
113
Sw itzerl
an d

UK
1246
Europ ean p rocessed m eats m arket2018 (KT)
37
Pol
an d
693
A ustria
73
137

The Europ ean p rocessed m eats category
is over3 m il
l
ion ton s an d over30 bil
l
ion
EU R
The vol
um e grow s by 4% by 2018
The val
ue is un derp ressure: -1% by
2018
Germ an y is the biggestp rocessed m eats
m arket(37% ) butshow s p oorgrow th
The U n ited Kin gdom p ushes the
p rocessed m eats m arket
43
B el
gium
692
D en m ark
57
Fran ce
Germ an y
Netherl
an ds
354
Sp ain
Sw itzerl
an d
120
UK
04/10/2014
1255
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17
W e w an tto becom e the most advanced, automated &
flexible p rocessed m eats p roducer, sl
iceran d sup p l
ier.
04/10/2014
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18
Ready m eal
s headl
in es
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19
Ready M eal
s
04/10/2014
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20
Ready M eal
s
Sal
es evol
ution
Ready Meals Division
(in M io EU R)
135
130
125
120
115
110
105


2008
2009
2010
2011
2012
2013

p roduces fresh ready m eal
s forthe
Europ ean m arket;
m arketl
eaderin chil
l
ed l
asagn e in
Europ e;
2 p roduction sites in B el
gium

EB ITD A an d EB ITD A /Sal
es evol
ution
20.000
15.000
15,3%

20%
14,5%
11,2%
13,0%
15%
11,8%
8,7%
10.000
5.000
10%
5%
0


(W an ze an d M arche-en -Fam en n e);
bran d n am es C om e a casa® an d
V am os® in addition to distribution
bran ds;
em p l
oys ap p roxim atel
y 600 staff;
join tven ture The Pasta Food C om p an y
establ
ished in Pol
an d (2011).
0%
2008
04/10/2014
2009
2010
V FB
2011
2012
2013
21
The Europ ean C hil
l
ed Ready M eal
s M arket
2013 V ol
um e
Fin din gs
4
9
26
Pol
an d

4
A ustria
95
B el
gium
D en m ark
Fran ce
Germ an y
29
298
Netherl
an ds

Sp ain
45
Sw itzerl
an d
UK
9
40

2018 V ol
um e
4
Pol
an d
11
28
The chil
l
ed ready m eal
s segm en tis the
fastestgrow in g segm en tin the m arket,
both in vol
um e (+18% by 2018) an d in
val
ue (+13% by 2018)
Al
lcoun tries are grow in g, butthe U n ited
Kin gdom takes a 53% share an d is
resp on sibl
e for80% ofthe grow th
betw een 2013 an d 2018.
A ustria, Sw itzerl
an d an d Germ an y are up
an d com in g!
5
A ustria
97
B el
gium
D en m ark
Fran ce
34
Germ an y
Netherl
an ds
378
50
Sp ain
Sw itzerl
an d
44
UK
04/10/2014
11
V FB
22
The Europ ean Fresh Pasta M arket
Europ ean fresh p asta m arket2013 (KT)
33
Pol
an d
8
Fin din gs
6

4
A ustria
B el
gium
Fran ce

14
D en m ark
61
11
Germ an y
2
Netherl
an ds
Sp ain

Sw itzerl
an d
85
UK
C hil
l
ed Fresh Pasta is a grow in g segm en t,
butval
ue creation n eeds to be m on itored
Germ an y takes the p ol
e p osition w ith a
38% m arketshare.Germ an y is
resp on sibl
e for85% ofthe grow th ofthis
segm en tby 2018.
Fran ce an d the U n ited Kin gdom are al
so
key coun tries in this m arket.
Europ ean fresh p asta m arket2018 (KT)
31
Pol
an d
10
6
4
A ustria
15
B el
gium
D en m ark
Fran ce
Germ an y
60
11
2
Netherl
an ds
Sp ain
Sw itzerl
an d
96
UK
04/10/2014
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23
W e w an tto be ourcustom ers’logic first choice forl
asagn e
04/10/2014
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24
C om e a casa con firm s in B el
gium
Open Market
Market share (%) Come a casa Lasagne + Pasta
(volume & value)
3 Sep tem ber2014
A n al
isten m eetin g
14
20
13
20
12
20
11
20
10
20
09
20
14
20
13
20
12
20
11
20
10
20
20
09
45,0
40,0
35,0
30,0
25,0
20,0
39,1 39,4 39,4
35,1 37,1
33,3
15,0
29,1 30,2 30,2 30,6
24,0 26,8
10,0
5,0
0,0
Excluding Pizza
2009, 2010, 2011, 2012,
2013: Ac Nielsen, MAT
P13
2014: Ac Nielsen, MAT P6
25
The Pasta Food C om p an y
ProjectC EE
O p ol
e Pl
an t


The O p ol
epl
an tcon struction w as
sl
ightl
y del
ayed
The p l
an tis op eration al
C om m ercial
l
y Ready


Existin g con tracts rol
l
-outstarted
Prom isin g con tacts w ith otherm ajor
retail
ers
04/10/2014
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26
Overal
lstructure ofthe Project
SPRING 2011
YHS
100%
TER B EKE
50%
STEFA NO TO SELLI
50%
PA STA FO O D C y
Overal
lstructure ofthe Project
END GA M E IN 2018, W HEN SU C C ESFU L
YHS
TER B EKE
100%
STEFA NO TO SELLI
100%
PA STA FO O D C y
TerB eke’s l
on g term strategic en d gam e
PA STA FOOD C y
04/10/2014
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30
C on sol
idated Figures
04/10/2014
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31
TerB eke C on sol
idated
Sal
es Evol
ution
(M io EU R)
430
420
410

400
390
2008
2009
2010
2011
2012
2013



2014est

EB ITD A an d EB ITD A /Sal
es evol
ution
40.000
35.000
30.000
25.000
20.000
15.000
10.000
5.000
0
7,6%
04/10/2014
9,0%
9,3%
8,2%
7,4%
7,0%
7,7%
10%
D ifficul
tecon om ic en viron m en t
Price p ressure from retail
/con sum er
RM p rice in creases 2011-2012
Food crisis l
asagn a 2013
TerB eke buil
ds the future



C ostreduction p rogram
In vestm en tp rogram
Stren gthen in g bal
an ce sheet
8%
6%
4%
2%
0%
V FB
32
TerB eke C on sol
idated
Stron g fin an cialevol
ution
Evol
ution NetFin an cialD ebt(in
000 Eur)
80.000
60.000
40.000
jun /14
okt/13
jun /13
feb/13
okt/12
jun /12
feb/12
okt/11
jun /11
feb/11
okt/10
jun /10
feb/10
0
feb/14
20.000
okt/09


Stron g op eration alcashfl
ow l
eadin g to
recurrin g an n ualfree cashfl
ow
Netdebtdecreases overtim e
Steady rein forcem en tofEq
uity / Total
A ssetratio
jun /09

Evol
ution Gearin g en Eq
uity/Totalassetratio
(in % )
50
Gearin g
3 Sep tem ber2014
A n al
isten m eetin g
EV /TA
33
dec/13
sep /13
jun /13
m rt/13
dec/12
sep /12
jun /12
m rt/12
dec/11
sep /11
jun /11
m rt/11
dec/10
sep /10
jun /10
m rt/10
dec/09
sep /09
jun /09
30
jun /14
Ready forNextStep
m rt/14

70
In vestm en tcase TerB eke
Share Price an d D ividen d Yiel
d
A vg D ec Sharep rice
D ividen d yiel
d
70



Stron g com m ercialp osition in various
m arkets
C om m itted m an agem en t
A m bitiousl
y p rep arin g the future




Fin an cial
l
y ready
O p ol
e ready
A ttractivel
y p riced share
A ttractive steady dividen d yiel
d
60
6%
5,1%
5,0%
5,2%
5%
4,3%
50
4,4%
4,2%
4%
40
3%
30
2%
20
1%
10
0
04/10/2014
V FB
41,5
54,4
60,1
49,7
47,8
56,9
2008
2009
2010
2011
2012
2013
34
0%

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