2022 half-year figures

Recovery of revenue and result, dividend policy reinstated

21 July 2022 - Group revenue for the first half of 2022 totalled €1,129 million, an increase of 43.3% compared to the same period in 2021 (Q2: increase  of 43.7%). Group EBITDA increased by €30 million to €65 million. Net profit for the first six months was €23 million.

Koen Slippens, CEO: "The recovery of our sales markets in the Netherlands and Belgium was already apparent in the first quarter, followed by further strong performance in the second quarter. This was partly attributable to rising price inflation (roughly 7% in the first half of the year), but there was also a sharp increase in volumes. Although the level of consumer confidence in the Netherlands and Belgium would seem to suggest otherwise, spending in the hospitality industry, at amusement parks and at nightlife venues continued to rise month on month. The events sector was also back in business and operating at full capacity.

We are very pleased to see this strong recovery, although the massive scaling up it requires has also led to major operational challenges. Solving supply chain scarcity, staff shortages, transport capacity shortages and coping with the high inflationary pressure on products and services requires the full attention and commitment of our people and partners. Our customers face similar problems. We have tremendous respect for our customers, colleagues and partners who give their all every day to achieve the best possible result under these circumstances, even if that result sometimes falls short of the level we all strive for under ideal circumstances.

The aforementioned effects are also clearly evident in our results. Revenue, margin and costs all rose sharply, but on balance we were able to turn last year’s net loss excluding book profit of €7 million into a net profit excluding book profit of €7 million for the first half of the year.

In the light of this strong return to profit and our strengthened financial position, we feel we have the scope we need to reinstate our dividend policy. We have decided
to pay an interim dividend of €0.30 per share later this year.

In respect of the second half of the year, we do not expect that a recession or re-emergence of COVID-19 will have a significant impact, although we have action plans ready should that happen. The main focus will lie on stabilising our operations after the turbulent restart. This will also be beneficial in terms of controlling costs. We are optimistic and full of energy as we start the second half of the year, because things are going well, but still require our close attention and input!”

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2021 half-year figures

Strong recovery after difficult start to the year

22 July 2021 - Group net sales for the first half of 2021 totalled €788 million, a COVID-19-driven decrease of 16.5% compared to the same period last year (Q2: increase of 12.0%). Despite the drop in net sales, the Group’s EBITDA increased by €8 million to €35 million. A net loss of €4 million remained for the first half of the year (net loss excluding impairment in the first half of 2020: €16 million).

Koen Slippens, CEO: "The year started with the strict lockdown that came into effect in the fourth quarter of last year. As a result, we were faced with 20 weeks of lockdown in the first half of the year, compared to 11 weeks in 2020. Additionally, where last year we were allowed to open up our cash-and-carry stores in the Netherlands to private individuals as well for 13 weeks, this was no longer the case in 2021. The sales markets were severely impacted by the effects of the lockdown up to mid-May. With the easing of the measures, we saw a strong recovery, especially in June. In the first half-year, net sales declined by 34% from the pre-COVID levels (Q2: decrease of 24%).

The cost-cutting measures taken and the flexible and decisive approach of our teams in the Netherlands and Belgium ensured that, despite a further dip in net sales, we were able to significantly improve the EBITDA over the first half of the year. Free cash flow was also positive, further reducing our debt position. As a result, we once again remained within the boundaries of our original financing covenants, even though a temporary easing was provided for.

We have been preparing for the restart in recent months, together with our customers and partners. This is now in full swing and we aim to give our customers plenty of scope to start doing business again. Though we are operating in a market marked by shortages of personnel, transport and goods, together we are moving ahead with plenty of energy and passion in order to achieve the best possible results. Sligro Food Group has a good reputation on the job market and is seen as a reliable employer, which helps us to retain and recruit many good employees despite the general job market tightness. For each other, and with each other!."

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Webcast registration (in Dutch) of the AGM 

Pursuant to the provisions of the COVID-19 Justice and Security (Interim Measures) Act (Tijdelijke wet COVID-19 Justitie en Veiligheid), the Annual General Meeting of shareholders on 9 June 2020 could only be accessed electronically. 

Click here for the webcast registration 

Half-year report 2020

Results for the first half-year heavily influenced by COVID-19

23 July 2020 - The Group’s net sales in the first half of 2020 amounted to €943 million, down 16.9% on the corresponding period in 2019, driven by COVID-19. Accordingly, EBITDA declined by €29 million to €27 million. Our belief in a successful future in Belgium is undiminished, but the impact of COVID-19 means that it will take longer than previously expected to recover to profitability in Belgium. This is why we have recognised a non-cash impairment (in particular, goodwill) of €60 million. Excluding this impairment, the Group’s net profit fell to a loss of €16 million.

Koen Slippens, CEO: "The COVID-19 outbreak and the measures that the government took in response to it, have had a major impact on our sales market. Group net sales, excluding tobacco products and De Kweker, have fallen by almost 55% since mid-March compared with last year. The second quarter saw a slow recovery with the gradual relaxation of the government measures, resulting in a decline of approximately 35% towards the end of June. De Kweker added €42 million in non-organic net sales and tobacco product sales have shown remarkable growth in recent months. We have protected our cash flow by means of a successful early intervention in our cost base, choosing our investments carefully, using government facilities and closely monitoring working capital. Even after the sharp decline in net sales, we were still able to achieve a positive EBITDA (even if adjusted for leases), however, our net profit was hit hard."

Would you like to receive press releases of Sligro Food Group by e-mail?
Please sent an e-mail with your name, address and e-mail to Charissa Kleij: ckleij@sligro.nl

Half-year report 2020

Results for the first half-year heavily influenced by COVID-19

23 July 2020 - The Group’s net sales in the first half of 2020 amounted to €943 million, down 16.9% on the corresponding period in 2019, driven by COVID-19. Accordingly, EBITDA declined by €29 million to €27 million. Our belief in a successful future in Belgium is undiminished, but the impact of COVID-19 means that it will take longer than previously expected to recover to profitability in Belgium. This is why we have recognised a non-cash impairment (in particular, goodwill) of €60 million. Excluding this impairment, the Group’s net profit fell to a loss of €16 million.

Koen Slippens, CEO: "The COVID-19 outbreak and the measures that the government took in response to it, have had a major impact on our sales market. Group net sales, excluding tobacco products and De Kweker, have fallen by almost 55% since mid-March compared with last year. The second quarter saw a slow recovery with the gradual relaxation of the government measures, resulting in a decline of approximately 35% towards the end of June. De Kweker added €42 million in non-organic net sales and tobacco product sales have shown remarkable growth in recent months. We have protected our cash flow by means of a successful early intervention in our cost base, choosing our investments carefully, using government facilities and closely monitoring working capital. Even after the sharp decline in net sales, we were still able to achieve a positive EBITDA (even if adjusted for leases), however, our net profit was hit hard."

Would you like to receive press releases of Sligro Food Group by e-mail?
Please sent an e-mail with your name, address and e-mail to Charissa Kleij: ckleij@sligro.nl

Sligro

Sligro wants people to enjoy good, tasty and honest food. We see helping every professional in food truly get ahead as our role. And we do our best for that each and every day.

Assortment of over 78,000 products

Sligro supplies food and food-related products and services to the hospitality sector and wholesale customers. We offer our customers a competitively priced product range of over 78,000 products with a strong mix of A brands and exclusive own-label products. Sligro also carries an extensive range of honest products under the Eerlijk & Heerlijk label (literally ‘honest and delicious’).

Self-service and delivery

Sligro has a nationwide and finely meshed network of self-service and delivery wholesalers. In about 30 minutes, every customer in The Netherlands has a Sligro self-service wholesale outlet at their disposal. Sligro has a customer-friendly and advanced order system for online orders and a fleet of advanced, temperature-controlled delivery vehicles. This guarantees fast and correct delivery.

Collaboration with Heineken

Sligro and Heineken have joined forces in The Netherlands in combined beverage and food deliveries to the hospitality industry,aiming to serve customers even better.

ZiN Inspiration Lab

In 2016, the ZiN Inspiration Lab was opened by Her Majesty Mathilde, Queen of Belgium. ZiN Inspiration Lab is pre-eminently the place for hospitality professionals to gain new stimuli, impulses and inspiration in the form of blogs, training courses, trend tours and culinary events. More information about ZiN can be found at https://zin.sligro.nl/.

Customisation in industrial kitchens

With their customised solutions, Bouter focuses primarily on hotels, company restaurants, healthcare, education and shipping.

The best director in professional industrial kitchens

When Bouter delivers a kitchen, it is as tight as a string. The customer should not be satisfied, but very happy with it. And of course he must be able to get started right away. During the advice and installation process, Bouter keeps full control, so at the time of delivery there is a 100 percent satisfied customer. Whether that is an efficient production kitchen from a caterer or a large kitchen in a luxury seaworthy yacht, Bouter knows what is needed.

Cooperation with Sligro

As a partner of Sligro Food Group, Bouter can offer a total package. Not only the catering equipment of the kitchen but also solutions in the menu, such as menu engineering. Together with Sligro specialists, this is perfectly coordinated.

Thanks to the merger between Sligro and ISPC, a very professional foodservice company has been created in Belgium, that makes use of the knowledge and expertise that Sligro and ISPC built up over the years. It is a good combination and fully adapted to the needs and demands of the Belgian food professional.