Abridged annual report, Veghel, 25 January 2001
SLIGRO REPORTS NET PROFIT FOR 2000 OF EURO 18.5 MILLION

Sligro Beheer N.V. reports higher turnover and profit in the financial year ended 30 December 2000. Turnover rose 6.6% to EUR 781.9 million, of which organic growth accounted for 4%. Net profit was 5.7% higher at EUR 18.5 million.

Gross margin increased by EUR 9.2 million to EUR 133.5 million. Growth in gross margin was constrained to some extent by intensified price competition in the food retailing sector in early 2000 and the poor summer.

This growth was accompanied by disproportionate rises in personnel and energy costs in 2000, in the former case reflecting the tight labour market. Total expenses turned out EUR 8.9 million higher at EUR 103.9 million.

The operating profit improved by EUR 0.5 million, rising to EUR 30.6 million or 3.9% of turnover, compared with 4.1% in 1999. After financial income and expenses and taxation, this left a net profit of EUR 18.5 million, as against EUR 17.5 million in 1999. The tax burden was lower than in 1999, with non-recurring items accounting for EUR 0.4 million of the decrease. Net profit as a percentage of turnover held steady at 2.4%, the same as in 1999.

Good progress was made with the introduction of Sligro's updated format and new house-style in 2000. The opening of a new store in Leiden in late 2000 generated there spectacular sales growth. Preparations were made last year for three new stores to be opened in 2001 and 2002.

In early 2001, we finalised the largest acquisition in our history. The takeover of Prisma Food Group will add EUR 320 million to our turnover this year. Prisma is a food wholesaler with 305 affiliated supermarket operators using the Golff, MeerMarkt, Attent and Zomermarkt/Rekra formats.

Earnings per share based on the average number of shares in issue amounted to EUR 2.02 compared with EUR 1.95 in 1999, an increase of 3.6%. A dividend of EUR 0.80 is proposed for 2000, the same as for 1999. At the shareholder's option, the dividend will be payable either in cash or in shares, in a ratio to be determined in due course, such that the distribution in shares represents 3–5% better value for the shareholder than the cash dividend.

Prospects

We expect organic growth in 2001 to equal or slightly exceed that achieved in 2000. The inclusion of Prisma in the consolidated figures for the whole of 2001 will boost total turnover to over EUR 1.1 billion. Market conditions are not expected to change significantly in 2001. Prisma will make a positive contribution to net profit. We are looking forward to further growth in earnings per share, both before and after amortisation of goodwill. The 2000 annual report will be published on 8 February and the General Meeting of Shareholders will be held on 14 March.

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

Encl.: 2

Annex 1 to press release of 25 Januray 2001
Consolidated profit and loss account for 2000 (x EUR 1,000)

1) Of tangible and intangible fixed assets
2) In tangible fixed assets, excluding acquisitions
3) Based on average number of shares in issue

Annex 2 to press release of 25 Januray 2001

Consolidated balance sheet as at 30 December 2000 (x EUR 1,000)

After profit appropriation

	30-12-2000	01-01-2000
Fixed assets
Intangible fixed assets	3,343	63
Tangible fixed assets	86,034	78,944
Financial fixed assets	4,513	2,321
	93,890	81,328
Stocks	75,198	68,138
Debtors	30,849	28,822
Cash	1,451	849
	179,137	179,137
	30-12-2000	01-01-2000
Shareholders' equity	64,263	47,264
Provisions
Deferred taxation	6,472	3,744
Other	3,264	4,391
	9,736	8,135
Longterm liabilities	29,702	32,393
Current liabilities
Creditors	26,689	31,464
Amounts owed to credit institutions	43,048	30,818
Dividend	7,383	7,224
Other liabilities	20,567	21,839
	97,687	91,345
Balance sheet total	201,388	179,137