Read the full trading update Q3 2023
Trading update third quarter 2023
In the third quarter of 2023, revenue was up 8.3% on the previous year. Cumulatively, revenue was up 18.4% over the first three quarters of 2023, of which 11.9% was organic revenue growth.
Total revenue breaks down by segment as follows:
After a summer of mediocre weather, we saw consumer sentiment shift both in the Netherlands and in Belgium, as spending fell as a result of the economic climate and consumers’ uncertainty about their own financial position. This was also reflected in spending at restaurants and leisure activities. We are also seeing a growing number of bankruptcies and cessations of operations in the hospitality industry, causing volumes in the market to fall. Due to high inflation, however, revenue still increased.
In line with the market, our revenue was up, though our growth rate slowed down in the third quarter. The impact of inflation on our revenue is approximately 8% in combination with modest volume growth.
For the fourth quarter, we foresee continued pressure on sales volumes in our markets, stiff inflation and persistently high interest rates. Declining volumes will still be compensated by inflation, but this will, on balance, lead to pressure on our result. In combination with the impairment on our investments in SAP, as detailed above, our operating result (EBIT) for this year will be limited.
Veghel, 19 October 2023
Read the full trading update Q3 2023
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Capital Markets Day
October 19, 2023
Location: ZiN Inspiration Lab, Corridor 11, Veghel
Program outline:
12.00 – 13.30: walk-in with lunch
13.30 – 16.00: presentation
16.00 – 17.00: end of the program and a walk-out with an opportunity for a drink
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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Update on the acquisition of Metro activities in Belgium
Two elements have been completed in the process of Sligro Food Group acquiring part of the Metro outlets in Belgium.
Appeal against court decision rejected
In the court-supervised restructuring proceedings for Makro Cash & Carry Belgium NV, the court in Antwerp authorised the court-appointed judicial trustees on 7 December 2022 to sell the majority of the Metro activities in Belgium to Sligro Food Group. An appeal was filed against this decision by the Antwerp court, but on 30 March 2022 the Antwerp Court of Appeal rejected the arguments made in the appeal.
Final approval from the BCA
The Belgian Competition Authority (BCA) already invested a great deal of time and energy in investigating the market consequences during the course of the court-supervised restructuring. On the basis of its preliminary investigation, the BCA had previously issued an ‘unconditional decision to grant an exemption’, which meant that the transaction could already go ahead. Today, 3 April 2023, the Belgium Competition Authority (BCA) gave its final, unconditional approval of the transaction.
Veghel, 3 April 2023
On behalf of Sligro Food Group N.V.
Koen Slippens, CEO
Rob van der Sluijs, CFO
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Trading update first quarter 2025
Veghel, 17 April 2025 - Sligro Food Group N.V. generated €574 million in revenue in the first quarter of 2025, a decline of €78 million on the revenue of €652 million posted in the first quarter of 2024. Corrected for the shift of Easter, the effect of leap day and the cessation of tobacco sales in the Netherlands, the Group’s revenue rose slightly. We look forward to the second quarter with confidence.
Traditionally, year-on-year revenue development over the first two quarters of the year has always been difficult to track due to the timing of the Easter holidays. In 2024, not only was Easter early, the first quarter also had one additional revenue day due to it being a leap year. The leap day produced a one-off benefit in revenue in 2024 and the Easter revenues will shift to the second quarter in 2025. In the Netherlands, we have stopped selling tobacco completely as of 1 January 2025. In Belgium, we didn’t sell tobacco. The impact of these special circumstances are reflected in the table above.
Download the full press release:
We refrain from making concrete predictions about the half-year results. The half-year figures will be published on 17 July.
On behalf of Sligro Food Group N.V.
Koen Slippens, CEO
Rob van der Sluijs, CFO
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Trading update first quarter 2024
Veghel, 18 April 2024 - Sligro Food Group N.V. generated €652 million in revenue over the first quarter of 2024, up €18 million or 2.7% on the revenue of €634 million posted in the first quarter of 2023.
As expected, revenue growth was slightly positive over the first three months of the year and was fully organic.
In the Netherlands, revenue was up 3.8% in line with the general upward trend we are seeing in the market. Both the new customer growth rate and expansion of packages for existing customers are developing well. However, consumers are still cautious in their spending, which is leading to our professional customers individually buying less volume right now.
In Belgium, revenue fell by 3.2%. As expected, the customer churn we saw at our delivery site in Antwerp last year continued to have an impact on revenue development over the first quarter of 2024. New customer acquisition is progressing well and we have even started to see some of the customers we lost last year return. At Sligro-M’s cash-and-carry outlets, revenue grew to €37 million compared to €31 million in the same period last year.
The impact of inflation on our revenue levelled off in the first quarter and is now around the 3% mark.
With more and more retailers opting to stop selling tobacco well before the ban comes into effect, we are seeing tobacco sales shift to the outlets of some of our customers. On the back of this development, tobacco’s share in our revenue grew to 9.2% in the first quarter. Sligro will stop selling tobacco from 1 July 2024, with the exception of tobacco sales under several contracts that run to the end of 2024. We will stop selling tobacco altogether from 2025.
Over the coming period, we will maintain an unwavering focus on putting into place the building blocks for our plan in the run-up to 2025, which we presented during our capital markets day last year.
We refrain from making concrete predictions about the half-year results. The half-year figures will be published on 18 July.
On behalf of Sligro Food Group N.V.
Koen Slippens, CEO
Rob van der Sluijs, CFO
Click here for the press release in PDF
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Trading update first quarter 2023
Veghel, 20 April 2023 - Sligro Food Group N.V. generated €634 million in revenue over the first quarter of 2023, up €166 million or 35.5% on the revenue of €468 million posted in the first quarter of 2022.
The revenue increase in the first quarter was positive, as expected. In the first few weeks of 2022, lockdowns were still in place, which ended over the course of that quarter. In increasing our revenue, we have exceeded the market in both countries and further reinforced our position.
Revenue growth in the Netherlands was entirely organic. In Belgium, the revenue came from the outlets acquired from Metro, which generated €31 million in revenue in the first quarter. We are delighted about and proud of the way we reopened the outlets following the acquisition. The revenue levels posted in the first quarter are encouraging.
We refrain from making concrete predictions about the half-year results. Instead, we focus our attention once again on several exceptional elements that are important or have the greatest impact in the first half-year in particular. In 2022, we posted a one-off book profit on the Smeding transaction. In 2023, we are facing additional SAP amortisation charges and start-up losses for the outlets acquired from Metro. The finance costs are increasing, due to general interest rate developments in the market.
The half-year figures will be published on 20 July.
On behalf of Sligro Food Group N.V.
Koen Slippens, CEO
Rob van der Sluijs, CFO
Click here for the full press release
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Nomination of Mr Dirk Anbeek for appointment to the Supervisory Board of Sligro Food Group N.V.
Sligro Food Group’s Supervisory Board intends to nominate Mr Dirk J. Anbeek for appointment to the Supervisory Board during the Extraordinary General Meeting of Shareholders to be held on 29 June 2023.
This nomination is made in light of Mr Freek Rijna stepping down during the General Meeting of Shareholders on 27 March 2024, as per the rotation schedule. The Supervisory Board intends to have Mr Anbeek replace Mr Rijna as chair of the Supervisory Board on that date. Mr Anbeek will be a member of the Supervisory Board during the period up to 27 March 2024.
Publication of the 2023 annual report
Sligro Food Group N.V.’s 2023 annual report (in Dutch) was published on 8 February 2024.
The English version was published on 15 February 2024.
Click here for the annual report website
Revenue for Sligro Food Group N.V. for 2023 came in at €2,859 million
Revenue for Sligro Food Group N.V. for 2023 came in at €2,859 million, an increase of 15.2% compared to the €2,483 million in revenue in 2022. 8.8% of the increase was organic.
Read more in the press release below.
Sligro Food Group will publish its full annual results and annual report for 2023 prior to the opening of the stock exchange on 8 February 2024.
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