Abridged Annual Report , Veghel, 27 January 2000
HIGHLY SUCCESFUL YEAR FOR SLIGRO,
NET PROFIT EUR 17,5 MILLION

Sligro Beheer N.V. closed the year ended 1 January 2000 with turnover and profit once again higher. Turnover increased in 1999 by 8.5% to EUR 733.6 million (NLG 1,616.6 million). Since the 1998 financial year consisted of 53 weeks, this represents an increase on a like-for-like basis of 10%. Organic growth amounted to 6%, with 4% accounted for by acquisitions. Net profit showed an improvement of 27.9% to EUR 17.5 million (NLG 38.6 million). The gross operating result rose by EUR 13.0 million to EUR 124.3 million. As a proportion of turnover, the gross operating result increased from 16.5% to 16.9%. This reflects our policy of concentrating even more on customers and product ranges offering better margins. In addition, our purchase terms and conditions have improved as a result of volume growth at foodservice level and our membership of the Superunie purchasing co-operative. Cost control meant that selling and distribution costs and administrative expenses remained unchanged as a percentage of turnover compared with the preceding year. The improvement in the gross operating result coupled with the cost control produced a substantial increase in the operating result relative to turnover, up from 3.6% in 1998 to 4.1% in 1999. In absolute terms, the operating result improved by EUR 5.9 million, or 14.2%, to EUR 30.0 million. The net profit after interest and tax was EUR 17.5 million, compared with EUR 13.7 million in 1998, an increase of EUR 3.8 million, or 27.9%. Net profit as a proportion of turnover increased from 2.0% in 1998 to 2.4% in 1999. Earnings per share, calculated on the average number of shares in issue, work out at EUR 1.95, compared with EUR 1.55 in 1998, an increase of 25.8%. For 1999 a dividend of EUR 0.80 per share is proposed, compared with EUR 0.61 for 1998, an increase of 31.1%. At the shareholder's 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 15 March 2000, chargeable to the tax-free share premium reserve. The annual report will be published on 8 February 2000. With effect from the 2000 financial year, Sligro Beheer N.V. will be introducing two changes in its accounting policies.
- Following national and international trends and requirements, the goodwill paid on acquisitions will be capitalised as from 2000 and amortised over a period of twenty years.
- In association with this change, it has also been decided to value property at historical cost rather than at replacement cost. The effect which this has on the assets, liabilities and shareholders' equity has been taken into account in the balance sheet as at year-end 1999.

Prospects
In 2000 we expect to see organic growth in turnover of approximately 5%. In addition, turnover is set to increase by more than 2% as a result of the acquisitions during the course of 1999 and early 2000. Further acquisitions could accelerate this growth. There are still plenty of takeover candidates. We again expect to see an increase in earnings per share for 2000.

Sligro Beheer N.V., A.J.L. Slippens, H.L. van Rozendaal,
Tel. +31 413 343500

Annex 1 to the press release of 27 January 2000
Consolidated profit and loss account over 1999 (x EUR 1,000)

1) Intangible fixed assets, excluding acquisitions
2) Calculated on the average number of shares in issue

Annex 2 to the press release of 27 January 2000
Consolidated balance sheet as of 1 january 2000 (x EUR 1,000)

	01-01-2000	2-1-1999
Fixed assets	81,328	73,656
Current assets	68,138	63,178
Debtors	28,822	28,188
Cash	849	1,098
Total assets	179,137	166,120
	01-01-2000	2-1-1999
Shareholders' equity	47,264	42,390
Provisions
Tax liabilities	3,744	3,959
Other	4,391	4,369
	8,135	8,328
Longterm liabilities	32,393	35,107
Current liabilities
Creditors	31,464	35,999
Institutions	30,818	18,255
Dividend	7,224	5,445
Other debt	21,839	20,596
	91,345	80,295
Total liabilities	179,137	166,120