Consolidated financial statements

34. Group companies

In 2022, the group purchased a 50% stake in start-up Davai BV. This participation was accounted for using the equity method given that it involves joint control.

In 2021, the group sold its reinsurance company Ter Beke Luxembourg.

The parent company of the group, Ter Beke NV- Beke 1 - 9950 Lievegem in Belgium, is at December 31, 2022 directly or indirectly the parent company of the following

There are no significant restrictions on the ability of the Company or subsidiaries to have access to the use of the assets and meet the obligations of the Group.

See also note 35 ‘events after the balance sheet date’ regarding the participation in KK Fine Foods Ltd and the merger of Terbeke-pluma

35. Important events after balance sheet date

The minority shareholders of KK Fine Foods Ltd exercised their put option in March 2023. The Group acquired the 9% remaining shares in KK Fine Foods Ltd and became a 100% shareholder of KK Fine Foods Ltd in 2023. The value of the option at December 31, 2022 matches the acquisition price. (cfr. Notes 26 and 27).

• The group announced the intention to change the name of the parent company and its subsidiaries on March 7, 2023. This name change of the parent company will be submitted to the extraordinary general meeting in April 2023. If approved, the name but also the ticker of the parent company will change.

• The acquisition of Imperial-Steegeman was still pending approval from competition authorities at the end of 2022. If there are further updates in the approval process in the Netherlands or Belgium, the group will communicate this through a press release.

• In early 2023, the group decided to proceed with a merger of its commercial Savoury operations in the Netherlands. In this context, the company Terbeke-Pluma Nederland BV merged with the company Berkhout-Langeveld BV.

36. Statutory auditor’s fees

For the audit of the Ter Beke Group in 2022, the statutory auditor charged EUR 283 thousand in fees and EUR 10 thousand for non-audit services. The companies with which the statutory auditor has a partnership did not invoice any additional fees to the Group in 2022.