Important step forward in Belgium
On Monday 23 October, we successfully opened our new delivery service location in Evergem (Belgium) according to plan. This move means that from now on delivery customers of our wholesale outlet in Antwerp will be supplied from Evergem.
This is an important step forward as Sligro transitions towards the new model for delivery in Belgium, which will see customers of Sligro, Sligro-M and JAVA Foodservice supplied from the nearest delivery service location.
As previously announced during the presentation of the half-year results and confirmed during our trading update of 19 October, we have adjusted the course of our approach to ERP implementation and the management of our Belgian activities. We have started rolling out the same ERP landscape as we are using for Sligro-M, and the opening of the new delivery service location in Evergem is the first step. In the coming months we will also switch the Sligro-ISPC wholesale outlets in Liège and Ghent over to this technology.
Veghel, 27 October 2023
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Read the full trading update Q3 2023
Trading update third quarter 2023
In the third quarter of 2023, revenue was up 8.3% on the previous year. Cumulatively, revenue was up 18.4% over the first three quarters of 2023, of which 11.9% was organic revenue growth.
Total revenue breaks down by segment as follows:
After a summer of mediocre weather, we saw consumer sentiment shift both in the Netherlands and in Belgium, as spending fell as a result of the economic climate and consumers’ uncertainty about their own financial position. This was also reflected in spending at restaurants and leisure activities. We are also seeing a growing number of bankruptcies and cessations of operations in the hospitality industry, causing volumes in the market to fall. Due to high inflation, however, revenue still increased.
In line with the market, our revenue was up, though our growth rate slowed down in the third quarter. The impact of inflation on our revenue is approximately 8% in combination with modest volume growth.
For the fourth quarter, we foresee continued pressure on sales volumes in our markets, stiff inflation and persistently high interest rates. Declining volumes will still be compensated by inflation, but this will, on balance, lead to pressure on our result. In combination with the impairment on our investments in SAP, as detailed above, our operating result (EBIT) for this year will be limited.
Veghel, 19 October 2023
Read the full trading update Q3 2023
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Sligro Food Group acquires Metro activities in Belgium
In the court-supervised restructuring proceedings for Makro Cash & Carry Belgium NV, the court in Antwerp today authorised the court-appointed judicial trustees to sell the majority of the Metro activities in Belgium to Sligro Food Group.
Sligro Food Group is taking over nine Metro wholesalers (Antwerp South, Wevelgem, Liège, Hasselt, Middelkerke, Namur, Sint-Katelijne-Waver, Brussels and Vorst) and around a hundred employees from the regional network and head office. In addition, staff from the Antwerp North outlet, which will not be taken over, will be offered a job at the nearby Sligro-ISPC outlet in Antwerp. The outlet in Evergem and the staff working there will be transferred to food service market wholesaler Van Zon. In this combination, 506 Metro employees are being offered job continuity and stability.
An amount of €47 million is being paid for the outlets Sligro Food Group is acquiring, which includes the Liège site property. On the day before the Metro activities are transferred to Sligro Food Group, the value of the remaining inventories and the available cash will be determined. The current inventories will be acquired at 75% of the net procurement value and the cash at the nominal value.
This transaction requires the approval of the Belgian Competition Authority (BCA). The BCA has already invested a great deal of time and energy in investigating the market consequences during the course of the court-supervised restructuring. On the basis of its investigation, the BCA has issued an ‘unconditional decision to grant an exemption’, which means that this transaction can go ahead immediately. The BCA will formally complete its investigation in the near future; at this time no significant obstacles are expected to emerge from this investigation.
Open the full press release here.
Veghel, 7 December 2022
On behalf of Sligro Food Group N.V.
Koen Slippens, CEO
Rob van der Sluijs, CFO
Tel. +31 413 34 35 00
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Successful go-live of SAP in Sligro-ISPC Antwerp
Last week, Sligro Food Group successfully switched the Sligro-ISPC site in Antwerp to a new ERP environment based on SAP.
The new web environment was launched in 2020 and the new item data environment was brought into use in the autumn of 2021. And now the third major building block, the ERP system including the associated systems, is live.
Rob van der Sluijs, CFO: ‘We see this new integrated technical environment and the associated uniform business processes as a prerequisite for controlled international growth, where economies of scale can be used to increase efficiency. We are extremely proud of the perseverance and commitment of all staff and partners who have helped us in this journey and will continue to support us during the rollout.’
In the coming years, sites in Belgium and the Netherlands will be transferred one by one to this new environment so that ultimately the Group will be using a single integrated platform with uniform business processes.
As of this month, capitalised costs of €55 million to date will be amortised over a period of five years.
Veghel, 28 November 2022
On behalf of Sligro Food Group N.V.
Koen Slippens, CEO
Rob van der Sluijs, CFO
Tel. +31 413 34 35 00
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Sligro Food Group makes a bid for Metro activities in Belgium
In respect to the judicial reorganisation of Makro Cash & Carry Belgium NV/SA, on 10 October 2022 we announced that we see opportunities with regard to the Metro activities. At that time, we registered as an interested party with the court-appointed judicial trustees.
We have investigated whether and, if so, how and under what conditions we can combine Metro activities with those of Sligro Food Group. This has resulted in a concrete offer, which we today presented to the judicial trustees. They are now working out the details for the next phase in this process, an undertaking that is expected to take some time. Accordingly, we will not be making any further announcement on the content of our bid at this time.
Veghel, 15 November 2022
On behalf of Sligro Food Group N.V.
Koen Slippens, CEO
Rob van der Sluijs, CFO
Tel. +31 413 34 35 00
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Download Trading Update Q3 2022
Trading update third quarter 2022
In the third quarter of 2022, revenue was up 17.1% on the previous year. This growth in revenue was entirely organic. Cumulatively, revenue was up 32.5% over the first three quarters of 2022.
Total revenue breaks down by segment as follows:
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In the Netherlands, revenue rose by 14.8% in the third quarter compared to the same period last year, putting total revenue growth for the year at 31.1%.
With this growth rate, we are amply outperforming the market in the Netherlands. According to Foodstep’s definition, the market grew at 30.5% over the first nine periods (weeks 1 to 36). Based on that same definition, Sligro Food Group’s revenue was up 42.5% over the first nine months (weeks 1 to 39).
In Belgium, we saw revenue rise by 43.5% in the third quarter compared to the same period last year, putting total revenue growth for the year at 46.7%. While we do not have unequivocal market figures available for Belgium, our market observations lead us to be confident that we are also amply outgrowing the market in Belgium.
Compared to pre-COVID levels (2019), revenue for the group as a whole was up (Q1: -15%, Q2: +4%, Q3: +6%).
Inflation continued to rise during the quarter, albeit less steeply. We compensate for that where possible and pass the remainder on in our prices, which are up by around 8% cumulatively as a result.
Download Trading Update Q3 2022
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Sligro Food Group formally registered as an interested party for Metro activities in Belgium
On Tuesday 14 September, the Enterprise Court in Antwerp granted the request for protection against creditors and a court-supervised restructuring of Makro Cash & Carry Belgium NV/SA and appointed judicial trustees to supervise this process. Makro Cash & Carry Belgium NV/SA includes both the Makro and Metro cash & carry operations in Belgium. What is striking is that the seemingly closely integrated Metro Delivery Service NV/SA entity is not part of this procedure.
Sligro Food Group had already stated that it sees opportunities in the company’s Metro activities. We have therefore formally registered as an interested party with the court-appointed judicial trustees.
The judicial trustees have started a process to sell all or parts of these activities to interested parties. This process will be completed over the coming months, during which time we will investigate whether and, if so, in what way and under what conditions we can combine Metro activities with those of Sligro Food Group and this way offer prospects to a good part of the Metro employees.
We are unable at this time to make any concrete statements about the possible outcomes of this process.
Veghel, 10 October 2022
On behalf of Sligro Food Group N.V.
Koen Slippens, CEO
Rob van der Sluijs, CFO
Tel. +31 413 34 35 00
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Trading update first quarter 2022
Sligro Food Group N.V. generated €468 million in revenue over the first quarter of 2022, up €140 million or 42.7% on the revenue of €328 million posted in the same period of 2021.
Over the quarter, we saw a sharp recovery in our revenues. While we were still in lockdown for most of
January, the week-over-week recovery that started in February culminated in revenue levels in virtually all customer segments, as well as our overall revenue, returning to pre-COVID levels by the end of March.
We expect our sales markets to continue their recovery over the coming quarters. Given that developments after the summer depend partly on how the situation in Ukraine unfolds, they are less easy to predict. We will be focusing primarily on the opportunities that the recovering market in the Netherlands and Belgium will offer us.
We are refraining from making any specific predictions for the half-year results. The half-year figures will be published on 21 July.
On behalf of Sligro Food Group N.V.
Koen Slippens, CEO
Rob van der Sluijs, CFO
Click here for the full press release
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District Court of Amsterdam rejects all of Jumbo and Coop's claims
In the substantive proceedings initiated by the Jumbo & Coop consortium in relation to the transaction regarding the sale of EMTÉ in 2018, the District Court of Amsterdam issued its judgment on 10 November 2021. We received this judgment today.
The court rejects Jumbo and Coop’s claims in their entirety and orders them to pay the costs of the proceedings. We are pleased with this judgment, which is entirely in line with expectations previously expressed by Sligro Food Group.
Veghel, 11November 2021
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Download Trading Update Q3 2021
Trading update third quarter 2021
Total net sales break down by segment as follows:
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In the third quarter of 2021, we saw strong recovery in virtually all customer segments of our sales markets. While corporate catering, the event industry and healthcare still lagged behind, we are seeing some gradual recovery there as well. Both in the Netherlands and Belgium, we have a relatively strong position in these customer segments.
Where tobacco sales rose sharply last year, we saw a €36 million drop in tobacco sales over the first three quarters of this year, partly due to changes in legislation.
Developments in net sales in other customer segments partly make up for this. Moreover, this net sales development is increasingly reinforced by our new platform of one order, one delivery, and one invoice that we run in collaboration with our partner Heineken.
Once the final remaining restrictions are lifted, our sales will bounce back to close to pre-COVID levels.
Over the first nine months of this year, net sales declined by 26% from the pre-COVID levels. In the third quarter, this decline levelled out somewhat to 10%.
Download Trading Update Q3 2021
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