Abridged Annual Report, Veghel, 27 January 1999
SUCCESFUL YEAR FOR SLIGRO, NET PROFIT NLG 30.2 MILLION
Sligro Beheer N.V. closed the year ended 2 January 1999 with turnover and profit that were once again higher than in the previous year. Turnover increased in 1998 by 19.7% to NLG 1489.6 million, while the net profit rose by 20.6% to NLG 30.2 million. Organic growth amounted to 11%, compared with over 10% in 1997. Underlying this growth were favourable market conditions, with the exception of the poor summer, expansion investments and further increase in sales through the petrol station channel.The gross operating result rose by NLG 40.4 million to NLG 245.3 million which, as in 1997, represents 16.5% of turnover. The net operating result as a percentage of turnover also remained unchanged from 1997 at almost 3.6%. In absolute terms, the operating result improved by NLG 8.7 million, or 19.4%, to NLG 53.3 million. The net profit after interest and tax amounted to NLG 30.2 million, compared with NLG 25.0 million in 1997, representing an increase of NLG 5.2 million or 20.6%. Earnings per share, calculated on the average number of shares in issue after the share split, work out at NLG 3.42 (EUR 1.55) compared with NLG 2.89 (EUR 1.31) in 1997, an improvement of 18.3%. For 1998 a dividend of NLG 1.35 (EUR 0.61) per share is proposed compared with NLG 1.12 (EUR 0.51) for 1997, an increase of 20.5%. At the shareholders' option, the dividend will be payable either in cash or in shares at a ratio to be announced at the Annual General Meeting of Shareholders on 10 March 1999 and chargeable to the tax-free share premium reserve. The annual report will be published on 12 Februari 1999.
Prospects
In 1999 we expect to see organic growth in turnover of approximately 5%. In addition, growth may benefit from possible acquisitions. Purchasing terms will be improved by the rise in large-volume purchases and also by our membership of the purchasing cooperative Superunie with effect from 1 January 1999. We expect to see a further increase in earnings per share for 1999.
Sligro Beheer N.V.;A.J.L. Slippens;H.L. van Rozendaal;
Tel.: +31 413 34 35 00
Encl.: 2
Annex 1 to the press release of 27 January 1999
Consolidated profit and loss account1) (x NLG 1,000)
|
|
1998 |
1997 |
% Change |
|
Turnover |
1,489,609 |
1,244,793 |
+19.7 |
|
Gross margin |
245,281 |
204,878 |
+19.7 |
|
Selling and administrative expenses |
192,943 |
160,712 |
+20.1 |
|
Net margin |
52,338 |
44,166 |
+18.5 |
|
Other operating income |
941 |
442 |
+128.9 |
|
Operating profit |
53,279 |
44,608 |
+19.4 |
|
Interest expense |
6,885 |
5,566 |
+23.7 |
|
Profit on ordinairy activities before tax |
46,394 |
39,042 |
+18.8 |
|
Taxation |
16,228 |
13,668 |
+18.7 |
|
Profit on ordinairy activities after tax |
30,166 |
25,374 |
+18.9 |
|
Extra ordinairy profit after tax |
0 |
(351) |
|
|
Net profit |
30,166 |
25,023 |
+20.6 |
|
|
|
|
|
|
Depreciation |
22,833 |
19,813 |
+15.2 |
|
Cash flow |
52,999 |
44,836 |
+18.2 |
|
Net investments in fixed assets |
40,214 |
38,969 |
+3.2 |
|
|
NLG |
EUR |
NLG |
EUR |
|
|
Earnings per share1) |
3.42 |
1.55 |
2.89 |
1.31 |
+18.3 |
|
Cash flow per share1) |
6.00 |
2.72 |
5.17 |
2.35 |
+16.1 |
|
Dividend per share |
1.35 |
0.61 |
1.12 |
0.51 |
+20.5 |
1) Calculated on the average number of shares in issue
1997 Figures restated for share split in 1998
Annex 2 to the press release of 27 January 1999
Consolidated balance sheet (x NLG 1,000)
|
|
02-01-1999 |
27-12-1997 |
|
Fixed assets |
162,317 |
141,783 |
|
Current assets |
203,765 |
170,367 |
|
|
366,082 |
312,150 |
|
|
|
|
|
|
02-01-1999 |
27-12-1997 |
|
Shareholders' equity |
93,416 |
74,190 |
|
Provisions |
|
|
|
Tax liabilities |
8,725 |
11,328 |
|
Other |
9,627 |
12,455 |
|
|
18,352 |
23,783 |
|
|
|
|
|
Long term liabilities |
77,365 |
62,345 |
|
|
|
|
|
Current liabilities |
|
|
|
Interest bearing debt |
40,230 |
25,968 |
|
Dividend |
12,000 |
9,768 |
|
Other debt |
124,719 |
116,096 |
|
|
176,949 |
151,832 |
|
|
|
|
|
|
366,082 |
312,150 |
|
|
|
|
|
Capital base |
114,011 |
97,480 |
|
