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Total organic turnover growth amounted to €22 million or 1.7%. Acquisitions contributed €35 million to turnover in 2003.
Sligro achieved organic growth of 2.8% in food retailing turnover and 1.2% in food service turnover. Food retailing turnover was affected by the supermarket price war. Food service turnover would have been over €7 million higher and organic growth would have turned out at 2.0% if there had been no change in the tax treatment of Christmas hampers.
In response to the price war, we have realigned our supermarket formats' price profiles in order to maintain our competitiveness, but we have resolved to mitigate the effects on our independent retailers by providing financial support which will run into several million euros on an annual basis.
Sligro Food Group's full results for the year will be published before start of trading on 22 January 2004.
Veghel, 2 January 2004
On behalf of the Executive Board of Sligro Food Group N.V.
A.J.L. Slippens
H.L. van Rozendaal
tel: +31 413 343 500
www.sligrofoodgroup.nl |