Veghel, 28 July 1999
SLIGRO'S NET PROFIT UP MORE THAN 25%
Sligro Beheer N.V. saw its turnover rise by 9.2% to EUR 343.3 million (NLG 756.6 million) in the first half of 1999, compared to the corresponding period in 1998. The result on ordinary activities after tax rose by 26.3% to EUR 6.9 million (NLG 15.2 million). Earnings per share rose by 24.2 % to EUR 0.77. Organic growth amounted to 6.5 %, whilst 2.7% was attributable to acquisitions. During the first half of 1999 Sligro acquired Van der Leer Groep (with effect from 1 April), V&S Food (1 June) and Retail Service Groep (1 June), in addition to the 49% stake acquired in J. Smit Vishandel with effect from 1 July. The gross operating result as a percentage of turnover rose by 0.2% to represent 16.4% of turnover. This was attributable to an improvement in wholesale margins and also Sligro's membership of the Superunie purchasing co-operative. Better cost control resulted in a slight reduction in costs as a percentage of turnover. The operating result rose from EUR 2.2 million to EUR 12.1 million, amounting to an increase of 22.7%. This represented an increase from 0.4% to 3.5% of turnover. The net profit rose by 26.3% to EUR 6.9 million. Earnings per share, calculated on the average number of shares in issue and adjusted for the share split in October 1998, amount to EUR 0.77 compared to EUR 0.62 in the first half of 1998, thus representing an increase of 24.2%. The ratio of shareholders' equity to total assets showed a further improvement in the first half of 1999, with shareholders' equity amounting to EUR 50 million or 28.8% of total assets as at 3 July 1999. On the basis of the group's current composition we expect to achieve turnover in excess of EUR 725 million (approximately NLG 1,6 billion) for 1999 as a whole, with net profit after tax of around EUR 17 million (approximately NLG 37.5 million), an increase of EUR 3.3 million (24%) on the result for 1998. Earnings per share are expected to amount to around EUR 1.90, compared to EUR 1.55 for the 1998 financial year. Lastly, all the group's essential systems have been tested to ascertain whether they are millennium-proof and, where necessary, have been replaced or adapted. To the extent that Sligro can influence matters, the transition to the new millennium will not cause any significant problems.
Sligro Beheer N.V., A.J.L. Slippens, H.L. van Rozendaal,
Tel. +31 413 343500
Encl.: 2
Annex 1 to the press release of 28 July 1999
Consolidated profit and loss account1) (x EUR 1,000)
|
|
1999 |
1998 |
Toename in % |
|
Turnover |
343,322 |
314,532 |
+9,2 |
|
|
|
|
|
|
Gross margin |
56,210 |
50,890 |
+10.5 |
|
Selling and administrative expenses |
44,876 |
41,223 |
+8.9 |
|
Net margin |
11,334 |
9,667 |
+17.2 |
|
Other operating income |
782 |
208 |
+276.0 |
|
Operating profit |
12,116 |
9,875 |
+22.7 |
|
Interest expeset |
1,511 |
1,476 |
+2.4 |
|
Profit on ordinary activities before tax |
10,605 |
8,399 |
+26.3 |
|
Taxation |
3,712 |
2,940 |
+26.3 |
|
Net profit |
6,893 |
5,459 |
+26.3 |
|
Cash flow |
12,361 |
10,401 |
+18.8 |
|
Net investments2) |
9,705 |
10,673 |
-/-(9.1) |
|
Earnings per share3) (x EUR 1) |
0.77 |
0.62 |
+24.2 |
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 28 July 1999
Consolidated balance sheet (x EUR 1,000)
|
|
3-7-1999 |
2-1-1999 |
27-6-1998 |
|
Fixed assets |
81,019 |
73,656 |
71,160 |
|
Stocks |
64,066 |
63,179 |
61,926 |
|
Debtors |
27,336 |
28,188 |
24,314 |
|
Cash |
1,201 |
1,098 |
409 |
|
|
173,622 |
166,121 |
157,809 |
|
|
|
|
|
|
Shareholders' equity |
50,053 |
42,390 |
39,764 |
|
Provisions |
9,184 |
8,328 |
9,046 |
|
Longterm liabilities |
35,140 |
35,107 |
36,701 |
|
Current liabilities |
|
|
|
|
Creditors |
29,299 |
35,999 |
35,163 |
|
Amounts owed to credit institutions |
37,093 |
18,255 |
21,669 |
|
Dividend |
0 |
5,445 |
0 |
|
Other liabilities |
12,853 |
20,597 |
15,466 |
|
|
79,245 |
80,296 |
72,298 |
|
|
173,622 |
166,121 |
157,809 |
|
