Veghel, 22 July 1998
SLIGRO'S HALF-YEAR FIGURES: TURNOVER AND PROFIT UP 20%
Turnover achieved by Sligro Beheer N.V. rose to NLG 693.1 million in the first half of 1998, an increase of 20.1% compared to the same period in 1997. The profit on ordinary activities after tax rose by 20.1% to NLG 12.0 million. Organic growth accounted for 14% of the increase in turnover, while 6% was the result of acquisitions. The positive development of organic growth was caused also by the expansion investments made and by a number of large national supply contracts won. The gross margin rose by 0.3% to 16.2% of turnover. Costs as a percentage of turnover rose by 0.2%. The operating result increased by NLG 4.4 million or 25.3% to reach NLG 21.8 million. This represented an increase from 0.1% to 3.1% of turnover. Profit before tax rose by 24.5% to NLG 18.5 million, while the net profit increased by 20.1% to NLG 12.0 million.
Earnings per share, calculated on the average number of shares in issue, amounted to NLG 3.43, compared to NLG 2.91 for the same period in 1997. This represented a rise of 17.9%. The second half-year will see a significant rise in turnover compared to the same period in 1997, partly thanks to the acquisitions of HCZ Koole (on 1 January), Beitler's Horeca Service (15 May) and Keijzer Horeca en Grootverbruik (1 June). On the basis of the current composition of the group we expect turnover of close to NLG 1.5 billion for 1998 as a whole. The net profit for 1998 as a whole will be significantly higher than in 1997, when a net profit of NLG 25.0 million was booked. In order to improve the marketability of the company's shares and to bring the share price more into line with those of other groups in the sector, shareholders will be asked to approve a share split in the ratio of five new shares for every two existing shares. This will result in a reduction in the nominal value of each share from NLG 1.25 to NLG 0.50. This split is expected to be implemented in late October this year.
Sligro Beheer N.V.; A.J.L. Slippens; H.L. van Rozendaal, Telephone +31 413 34 35 00
Encl.: 2
Annex 1 to the press release of 22 July 1998
Consolidated profit and loss account1) (x NLG 1,000)
|
|
1998 |
1997 |
% Change |
|
Turnover |
693,137 |
577,346 |
20.1 |
|
Gross margin |
112,146 |
91,876 |
22.1 |
|
Selling and administrative expenses |
90,844 |
74,809 |
21.4 |
|
Net margin |
21,302 |
17,067 |
24.8 |
|
Other operating income |
458 |
299 |
53.2 |
|
Operating profit |
21,760 |
17,366 |
25.3 |
|
Interest expence |
3,252 |
2,496 |
30.3 |
|
Profit on ordinairy actvities before tax |
18,508 |
14,870 |
24.5 |
|
Taxation |
6,478 |
4,854 |
33.5 |
|
Net profit |
12,030 |
10,016 |
20.1 |
|
Cash flow |
22,921 |
19,404 |
18.1 |
|
Net investments2) |
23,521 |
28,723 |
-/- 18.1 |
|
Earnings per share3) (NLG) |
3.43 |
2.91 |
17.9 |
1) Unaudited
2) Excluding acquisitions
3) Calculated on the average number of shares in issue in the first half of the year
Annex 2 to the press release of 22 July 1998
Consolidated balance sheet (x NLG 1,000)
|
|
27-06-1998 |
27-12-1997 |
27-06-1997 |
|
Fixed assets |
156,815 |
141,783 |
141,061 |
|
Current assets |
190,951 |
170,367 |
147,501 |
|
Total assets |
347,766 |
312,150 |
288,562 |
|
|
|
|
|
|
Shareholders' equity |
87,628 |
74,190 |
69,556 |
|
Provisions |
19,935 |
23,783 |
19,412 |
|
Long term liabilities |
80,880 |
62,345 |
64,609 |
|
Current liabilities |
159,323 |
151,832 |
134,985 |
|
|
347,766 |
312,150 |
288,562 |
|
|
|
|
|
|
Capital base |
109,238 |
97,480 |
96,271 |
|
|
|
|
|
|
Interest bearing debt |
128,632 |
88,313 |
105,415 |
|
