SLIGRO'S HALF-YEAR PROFIT UP 30%

Sligro Beheer N.V. saw its turnover increase sharply, by 49.1% to € 555.5 million, in the first half of 2001, compared with the same period in 2000. Net profit after tax and amortisation of goodwill improved by 30.1% to € 9.6 million.

Organic growth in turnover amounted to 6.7%, significantly higher than the 4% rate of organic growth achieved in 2000. Relatively favourable market conditions played a part in this increase, as did investments in expanding premises and a further market-orientated focusing of our sales formats. All the core group activities – Sligro, Prisma Food Group and Van Hoeckel Grootverbruik – made a positive contribution to the improvements in turnover and result. The process of integrating Prisma, which became a member of the Sligro group on 4 January 2001, is progressing well. Prisma's turnover for the first half of 2001 was € 158.0 million.

Gross margin and expenses as a percentage of Sligro group turnover are affected by the inclusion of Prisma in the figures for the first time. Given the nature of Prisma's activities its gross margins, and also expenses, are inherently lower than for the Sligro group as a whole. The net effect of this was a fall in the group's overall gross margin from 16.6% to 15.1%, while expenses as a percentage of turnover also decreased with 1.5% to 12.0% of turnover. The main reason for the amount of € 0.6 million being included in respect of amortisation of goodwill in the first half of 2001 was the acquisition of Prisma. No goodwill was amortised in the corresponding period of 2000. Interest expense almost doubled to € 3.2 million because the Prisma acquisition was wholly financed by bank borrowing. The taxation charge rose by almost 5% to 35.4%, largely because a non-recurring amount of € 0.4 million reduced the tax burden in the first half of 2000. The group result after tax and before amortisation of goodwill totalled € 10.2 million, compared to € 7.4 million in 2000. This represents an increase of 38.2%.

Earnings per share after amortisation of goodwill, calculated on the basis of the average number of shares in issue, amounted to € 1.03 This represents an increase of 27.2% from € 0.81 in 2000. Earnings per share before amortisation of goodwill totalled € 1.10 compared to € 0.81 in 2000, a rise of 35.8%.

Prospects

We expect organic growth for the year as a whole to turn out at more than 6%. Turnover for 2001 is expected, therefore, to be around € 1,150 million. This represents an increase of 47% on the figure achieved in 2000.

Announcement was recently made of Sligro's acquisition of the activities of Huijbregts Grootverbruik, Riel. The latter has annual turnover of € 10 million. In addition, new premises are to be opened in Groningen in October, while construction of the new premises in Breda is scheduled to start in early September.

We expect net profit after tax and amortisation of goodwill to rise by approximately 30% for the year 2001 as a whole, largely in line with the percentage growth in the first half of the year. Net profit after tax and amortisation of goodwill for 2000 totalled € 18.5 million. The increase in the result before amortisation of goodwill will amount to more than 35%.

Executive Board
A.J.L. Slippens, H.L. van Rozendaal, Tel. +31 (413) 34 35 00

Annex 1 to the press release of 25 July 2001
Consolidated profit and loss account for the first half of 2001 (x € 1,000)

1) Excluding acquisitions
2) Calculated on the average number of shares in issue in the first half of the year

Annex 2 to the press release of 25 July 2001
Consolidated balance sheet (x € 1,000)

	30-06-2001	02-01-2001	01-07-2000
Fixed assets
Intangible fixed assets	23,257	3,343	1,414
Tangible fixed assets	127,823	86,034	85,313
Financial fixed assets	10,790	4,513	2,330
	161,870	93,890	89,057
Stocks	84,948	75,198	73,660
Debtors	39,944	30,849	24,296
Cash	1,312	1,451	1,313
	288,074	201,388	188,326
Shareholders' equity	80,013	64,263	60,522
Provisions	18,098	9,736	7,247
Longterm liabilities	54,040	29,702	30,912
Current liabilities
Creditors	41,774	26,689	34,637
Amounts owed to credit institutions	73,080	43,048	41,947
Dividend	0	7,383	0
Other amounts owed	21,069	20,567	13,061
	135,923	97,687	89,645
Total liabilities	288,074	201,388	188,326
Capital base 1)	89,278	70,337	67,488

1) Shareholder's equity increased with subordinated loans