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February 28, 2020

Ter Beke announces CFO’s departure and investment plans for Poland

Ter Beke has announced its long-serving finance chief will be leaving the Belgian food group next month.

By Dean Best

Ter Beke has announced its finance chief René Stevens will be leaving the Belgian food group next month after 15 years in the role. 

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Stevens, who is due to depart on 15 March, will be succeeded by group controller Yves Regniers. Ter Beke credited the outgoing CFO for guiding the company through “several difficult phases”, including the horsemeat scandal in 2012 and a recent product recall in the Netherlands.

His departure was revealed alongside the company’s full-year results today (28 February), showing an increase in revenues but an across-the-board decline in profits for the ready meals and processed meat products manufacturer. The business offers branded and private-label products.

The earnings release also noted a planned investment in Eastern Europe. Ter Beke said it will funnel EUR8m (US$8.8m) into its Polish plant based in the southern city of Opole to expand production capacity for Mediterranean ready meals. The company said the facility is its “operating base for Central and Eastern Europe”.   

For the year to 31 December, Ter Beke posted a 7% increase in revenues to EUR728.1m. However, EBITDA fell 15.4% to EUR37.2m, while earnings before interest and taxes (EBIT) were down 61.7% at EUR6.2m.

Net profit dropped 76.9% to EUR3m.  

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