Trading update third quarter 2020
Sales fell by 9.5% in the third quarter of 2020 compared with last year. The entire fall was organic. Cumulatively, sales for the first three quarters of 2020 were down by 14.4%. Excluding the additional sales generated in the first half of 2020 from the acquisition of De Kweker (since July 2019), the cumulative organic decline was 16.8%.
Our markets in the Netherlands and Belgium have suffered considerably from government measures to prevent the spread of Covid-19. These significantly affected sales in the second quarter but the third quarter showed a strong recovery, partly as a result of the good summer. The recently announced measures in the Netherlands and Belgium mean that a new setback in sales can be expected in the fourth quarter.
We are nevertheless encouraged by the fact that we have been relatively less badly affected in these circumstances than other players in the market. Our market leadership in the Netherlands, major regional presence, combination of cash-and-carry and delivery service and widely diversified customer portfolio all contribute to our substantial outperformance of market (down 31.9% to 6 September, according to Foodstep) and so we are gaining market share. Our position is different in the Belgian market but there too we are performing better than average thanks to our customer portfolio mix, with a relatively large share in the care and cure market segment. This strengthens our belief that we will be able to recover quickly once the worst effects of Covid-19 have passed and may benefit from a possible further consolidation in the markets in both countries.
Download Trading Update Q3 2020
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Trading update first quarter 2020
Sligro Food Group N.V.'s sales for the first quarter of 2020 were €533 million, an increase of €5 million or 1.0% compared with the figure of €528 million for the same period in 2019.
In mid March , the governments of t he Netherlands and Belgium put a range of measures in place to limit the spread of covid 19. Those measures closed down the operations of the majority of our customers and consequently a significant portion of our sales disappeared overnight.
Read more in the press release below.
Download Trading Update first quarter 2020
(106,8 kB)
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Annual General Meeting of Shareholders on 9 June 2020
Pursuant to the provisions of the COVID-19 Justice and Security (Interim Measures) Act (Tijdelijke wet COVID-19 Justitie en Veiligheid), the Meeting can only be accessed electronically.
This means that it will not be possible to attend the Meeting in person but it can be followed on a livestream. Although this will not be interactive, shareholders it will be able to submit
written questions before the meeting and to grant a proxy and issue voting instructions.
Click here for the procedures, convocation, agenda and related documents.
Protocol for questions before and during the AGM
Protocol for questions before and during the AGM on 9 June 2020
Pursuant to the provisions of the COVID-19 Justice and Security (Interim Measures) Act (Tijdelijke wet COVID-19 Justitie en Veiligheid), the Meeting can only be accessed electronically.
This means that it will not be possible to attend the Meeting in person but it can be followed on a livestream. Although this will not be interactive, shareholders will be able to submit
written questions before the meeting.
Analysts meeting and Teams call
On Thursday 21 July 2022, Sligro Food Group will publish the Half-year figures 2022.
Analysts meeting
The figures will be discussed in our meeting with analysts, at 13.30 hour.
If you wish to attend the analysts meeting (in Dutch) send an email to Charissa Kleij: ckleij@sligro.nl
Click here for the presentation
Location
Sligro Cash & Carry Amsterdam
Van der Madeweg 39
1115 RD Amsterdam-Duivendrecht
Teams call
Also a Teams call (in English) will be hosted at 3:30 PM CET / 2:30 PM UK / 09:30 AM EST
Would you like to participate in this call? Send an email to Charissa Kleij ckleij@sligro.nl and she will send you a Teams link.
Half-year figures 2020 and conference call
On Thursday 23 July 2020, Sligro Food Group published the Half-year figures 2020.
Analysts meeting
The figures will be discussed at our meeting with analysts, at 13.30 hour. If you wish to attend the analysts meeting (in Dutch) sent an e-mail to Charissa Kleij: ckleij@sligro.nl
Location
Sligro Amsterdam
Van der Madeweg 39
1115 RD Amsterdam-Duivendrecht
Download Presentation Half-year figures 2020
(6,5 MB)
Conference call
Also a conference call (in English) will be hosted at 15:30 PM CET / 14:30 PM GMT / 09:30 AM EDT
Please dial in by using one of these numbers:
Netherlands: +31 20 531 58 51
US: +1 866 349 6093
United Kingdom: +44 20 3365 3210
Belgium: +32 2 400 60 09
Germany: +49 692 222 147 09
An operator will welcome you and put you in the event. Participants are able to dial in 15 minutes prior to the meeting.
2024 half-year figures
Revenue in sales markets under pressure, plans on track
18 July 2024 - Group revenue for the first half of 2024 totalled €1,393 million, down 0.7% on the same
period in 2023. Despite that, our EBITDA was at the same level as last year at €55 million and our operating result grew by €2 million to €6 million. Net profit fell to a loss of €1 million due to rising interest expenses.
Koen Slippens, CEO: “As expected, market conditions are challenging both in the Netherlands and in Belgium. Consumer confidence remains low and the impact of the high level of inflation we have seen in recent years and the poor weather is holding back consumer spending. Even though shifting tobacco sales between different retail sales channels muddies the picture somewhat, the underlying trend is clearly visible.
Away from the developments in the market, we have made a few choices in our organisation that will not contribute to revenue growth in the short term. We have switched our whole Belgian infrastructure to our existing IT environment over the past nine months and are still physically refurbishing several of our sites. Given that both these interventions will help us better serve our customers, we are seeing scope for revenue recovery and growth in Belgium from the second half of the year onwards. In the short term, however, our customers will be inconvenienced.
In addition, we have decided in close consultation with a number of customers to discontinue services whenever there were no prospects for a profitable arrangement for both parties. Both elements are part of our plan to improve returns in the long term, but will result in a revenue drop in the short term.
Since we have only limited influence on market conditions and economic sentiment, our focus within the organisation is mainly on things we can influence directly. On the one hand, this translates to resolute implementation of our plan intended to improve returns, while on the other hand we are putting even greater effort into reducing costs to be able to absorb the impact of rising prices and dropping volumes. We are on track for most elements of our plan, with the exception of the revenue-related initiatives. With these efforts, we are laying the foundation for improvement of our returns, which we believe will pick up momentum as soon as the market starts to recover. Additional cost-saving measures have been identified and are being implemented. In addition, we will be putting a lot of our efforts into customer retention and acquisition in this competitive market, so as to give revenue development a boost.
We had anticipated the difficult market conditions and knew that we were about to put a plan in motion that was going to see us incur costs first and reap benefits later. Knowing that, the figures we are presenting today did not come as a surprise to us. Even so, market developments and inflation are having a greater impact than we had estimated. We are, therefore, still somewhat cautious in our outlook for the second half of the year. We do not expect the market to recover this calendar year and are heading for an operating result (EBIDTA) that is on a par with last year’s.”
Click here for the complete press release (pdf)
Click here for the complete press release (pdf)
In our trading update of 17 October 2024, we will go into revenue developments in the third quarter of 2024 in greater detail.
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Please sent an e-mail with your name, address and e-mail to Charissa Kleij: ckleij@sligro.nl
2023 half-year figures
Metro integration progressing well, operating EBIT improving.
20 July 2023 - Group revenue for the first half of 2023 totalled €1,403 million, an increase of 24.2% compared to the same period in 2022. In 2022, we posted a large one-off book profit on the sale of our stake in Smeding. Adjusted for book profits, EBITDA was up €5 million to €54 million. Net profit for the first half of 2023 totalled €1 million.
Koen Slippens, CEO: "It is rather tricky to interpret the revenue development in the first half of 2023 due to the major differences compared to the 2022 basis for comparison. A COVID-19 lockdown was still in place in the first weeks of 2022, and this was followed by a spring with good weather. 2023, on the other hand, had a relatively cold and rainy spring. When May this year brought better weather, we saw a clear positive shift in the revenue and result development. Inflation had a major impact on revenue, gross profit and costs.
Our analysis of the market in the Netherlands and Belgium over the past few months shows that consumers are still going out and spending on hospitality. Spending remains strong and the market is growing. This is driven largely by price, as market volumes are under pressure. At Sligro Food Group, we are seeing volumes increase as we grow our customer base and sell more to existing customers, partly through our partnership with Heineken, while volumes are growing in Belgium on the back of our acquisition of former Metro sites. We are continuing to gain market share in both countries.”
Click here for the press release
We always refrain from making any firm forecasts as to the results for the second half of the year. In our trading update of 19 October 2023, we will go into developments in the third quarter of 2023 in greater detail.
On that same day, we will hold our Capital Markets Day from 12 p.m. to 4 p.m., which you can attend at our head office in Veghel. The event will also be streamed.
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Please sent an e-mail with your name, address and e-mail to Charissa Kleij: ckleij@sligro.nl
Sligro has reopened in Haarlem
Completely renovated
This site has recently been completely remodelled and the result is impressive. The product range has been expanded to include a completely new fresh food department with a diverse selection of meat, fish, game & poultry, fruit & vegetables, and bread & pastries.
Sustainable
Significant investments have been made in the sustainability of the building. Just like all other recent Sligo buildings, this one is now completely gas-free. Heating is provided through the recovery of heat from the refrigeration units, which saves about 65,000m3 of gas and cuts carbon emissions by 118,000kg. The refrigeration systems run on a 100% natural refrigerant. LED lighting saves 49% energy, and the car park is equipped with charging stations.
“The complete remodelling of this outlet was a huge task, since we continued to operate as usual and tried to inconvenience our customers as little as possible,” explains Kees Kiestra, director of cash-and-carry outlets. “This went very well, and as the renovation progressed, customers became almost more enthusiastic than we were! Absolutely every hotel, restaurant and SME can come to us for their commercial purchases.”
Video-impression
Construction of BS Ghent started
The construction of a new distribution center for delivery to our foodservice customers in Belgium has started in Ghent. In our jargon a 'Sligro BS'. This will create a logistics infrastructure in Belgium comparable to the Netherlands for self-service and delivery service customers. This expansion is necessary to be able to optimally process the growth in turnover and the number of delivery customers in Belgium. The expected delivery is in Q2 2023.