don’t live in an era of change but in a change of eras.”

Dear shareholder, stakeholder

Covid could be classified as a ‘crisis’. The best description for the 2022 experience, in turn, is ‘chaos’ – and chaos of a type that only increased as the year progressed, making it more difficult to know which buttons to push.

At What’s Cooking?, in 2022 still known as Ter Beke, we tried to embrace that chaos, reminding ourselves that every remedy has to be stress-tested and that even the most widespread transformation programs benefit from being challenged. Moreover, we realised that, if managed well, this turbulent period could reinforce our deepest values and drivers – and I use the term ‘value’ in the broadest possible sense.

Take the ESG criteria which we want to apply to our decision-making processes. A great source of pride among our employees, serving the market with (more) healthy, safe, and delicious food remains a purposeful activity – as does intensifying our relationships with both our suppliers and customers. The latter was not self-evident given the reduced profitability in the food value chain. But great listening skills, as well as making maximum use of the Group and Shareholder structure and the strong sponsorship of our Board Members, have made our customer centricity become more apparent.

Since there is no single recipe for improving our performance, we are determined to follow two converging paths. On the one hand, we aspire to world-class execution. Therefore, we are structurally rebuilding our company, continually reviewing and harmonising our processes. On the other hand, a more focused strategy forward has been accepted at Board level. In line with market expectations, we will further strengthen our innovation potential, develop multi-channel access, and speed up the introduction of plant-based options in both the savoury and ready-meal portfolios, offering consumers more choice.

The paths we have chosen may take some time to pursue, but we are strongly supported by all internal and external stakeholders. Moreover, the rebranding of our corporate brand and identity underlines our determination to strengthen our leadership position in the industry which we are so proud to serve, by growing our business both organically and through potential acquisitions.

As the newly appointed Chairman of What’s Cooking?, I have met a company that is not short of challenges but that has a strong soul and dedicated teams of professionals at all levels. I want to seize this opportunity to express my sincere gratitude for your perseverance. What an asset you are.

Thank you.

Paul Van Oyen Chairman of the Board of Directors

Q&A with Piet Sanders, CEO