Ter Beke’s turnover fell by 1.5% between 2019 and 2020, amounting to 717.4 million euros, the food industry group said on Monday during the presentation of its results. annual.
The group notes a net loss of 2.5 million euros in 2020 after a profit of 4.4 million in 2019. This reversal is due to several elements that occurred in the first half of the year: a sharp increase in the prices of raw materials, a restructuring delicatessen activities in the Netherlands and the impact of Covid-19, in particular on the ready meals division.
This division suffered because “consumers have more prepared themselves dry pasta, accumulated at the start of the lockdown”, observes Ter Beke. Company costs have also increased “significantly due to the increase in paid absences and costs incurred to ensure staff safety. So far the group has handled this very well, but this remains a daily concern. The additional costs incurred in the fight against Covid-19 amounted to 1.9 million euros. “
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Despite the impact of the Covid, the high prices of raw materials during the first half of the year and the high restructuring costs, the net financial debt could be reduced by almost 25 million euros, falling below 100 million euros .
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The board of directors will propose to the general meeting to maintain the gross dividend per share for 2020 at 4 euros, “given the exceptional nature of the impact of Covid-19, the improvement in results in the second half of the year and the reduction debt”.
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The group is also looking for a new CEO due to the departure of Francis Kint on June 30.
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