Sligro Food Group N.v. · EURONEXT:SLIGR
Sligro Food — FY2024 Earnings Presentation
36 slides from Sligro Food's earnings presentation, Mar 27, 2025
Slide 1: 2024 annual figures
2024 annual figures 27 March 2025
Slide 2: Agenda
Agenda • Welcome Koen Slippens • 2024 annual figures Rob van der Sluijs • 2024 developments Koen Slippens • 2025 annual plans Koen Slippens • Outlook Koen Slippens 2
Slide 3: Abridged statement of profit or loss: Revenue
Abridged statement of profit or loss Revenue ▪ Organic revenue growth of 1.1%: - Netherlands: +2.6% - Belgium: -7.8% ▪ Tobacco revenue up 27% to €267 million (9.2% of revenue) ▪ Regular volumes under pressure due to market conditions in the Netherlands and Belgium, and due to transitions in Belgium.
Slide 4: Gross profit
Gross profit ▪ Gross profit margin is 26.5% (a 0.2% drop) ▪ Gross profit margin adversely impacted by increased tobacco sales; corrected for tobacco products’ share of revenue, margin would have been 27.0% (up 0.3%) Steady gross profit margin overall in the Netherlands: ▪ Mix (cash-and-carry vs deli
Slide 5: Other operating income
Other operating income ▪ 2024: €3 million book profit on sale of real estate ▪ 2023: €5 million income from sale of land in Amsterdam and €2 million book profit on sale of real estate 5
Slide 6: Operating costs
Operating costs ▪ Cost inflation averaged 5.7% ▪ Ratio of operating costs to revenue down 0.4% to 21.8%; corrected for the increase in tobacco products’ share of revenue, there was a 0.1% decrease ▪ Impact of Sligro Food Group Transport: shift from distribution expenses (-€24m) to employee expenses
Slide 7: Depreciation, amortisation and impairment
Depreciation, amortisation and impairment ▪ Depreciation and amortisation charges down €27 million ▪ Higher depreciation of other fixed operating assets following the acquisition of transport assets from Simon Loos and the addition of electric trucks to the fleet ▪ Higher depreciation on right-of-us
Slide 8: Financial income and expenses and income tax
Financial income and expenses and income tax ▪ Interest expenses up €2 million due to: - Increased interest rates on lease contracts - Positive effect of securitisation of debtors on interest rates for other financial liabilities - Lower result from the participation in Spar 8
Slide 9: Abridged statement of cash flows
Abridged statement of cash flows ▪ Lower cash flow from operations due to a (temporary) increase in working capital, specifically due to the timing of payments around the balance sheet date ▪ Lower cash flow from investing activities - Investments in 2024 relate to the Ghent cash-and-carry site, Sli
Slide 10: Financing
Financing ▪ Net interest-bearing debts/EBITDA = 1.6. - As at the end of December, we were comfortably within our lending covenants ▪ Sligro Food Group Transport has arranged a new €8 million facility with ING for the long-term lease of trucks ▪ Final repayment of €40 million on USPP loan due in 2025
Slide 11: Net profit and earnings per share
Net profit (loss) and earnings (loss) per share Dividend of €0.40 per share proposed for 2024 ▪ EPS amounts to €0.54 per share ▪ An interim dividend of €0.30 per share was paid in October ▪ Final dividend of €0.10 per share; payout ratio of 74% 11
Slide 12: Developments at Sligro Food Group
Developments at Sligro Food Group
Slide 13: General economic developments
General economic developments Consumer confidence Netherlands Belgium Source for NL: Statistics Netherlands Source for BE: NBB 10 ▪ Consumer confidence remains low; there was a 0 downward trend in the second half of 2024 -10 ▪ Restraint in spending; consumers are more price- -20 conscious and visit
Slide 14: Foodservice market development in the Netherlands
Foodservice market development in the Netherlands ▪ FoodService Instituut Nederland (FSIN) estimate for the foodservice market in 2024: - Market is worth €22.2 billion in terms of consumer spending: ▪ an increase of 4.1% vs. 2023 - Market is worth €7.9 billion in terms of wholesale value: ▪ an incre
Slide 15: Foodservice market development in Belgium
Foodservice market development in Belgium ▪ Different definitions for the size of the foodservice market in Belgium and the Netherlands mean figures for the two countries are not comparable. ▪ FoodService Alliance’s estimate for the foodservice market in 2024: - in terms of consumer spending, a mark
Slide 16: Logistics in Belgium
Logistics in Belgium Developments in 2024 ▪ Harmonisation of the BeNe product range and suppliers now completed ▪ All of Belgium now runs on the platform that has been successfully used in the Netherlands for years except for the Antwerp site (SAP) ▪ Network optimisation has begun and customers are
Slide 17: Central operation
Central operation Developments in 2024 ▪ BeNe structure implemented organisation-wide; completion of Sligro-M integration ▪ Centralisation of back-office activities (Finance, IT, master data) ▪ Sligro BE – Sligro-M sales collaboration model implemented ▪ 150 overhead positions phased out through int
Slide 18: Sligro-M
Sligro-M Developments in 2024 ▪ Integration of Sligro-M completed ▪ Sligro-M delivery service activities transferred to Sligro BE’s delivery service network; strong increase in the number of delivery service customers and delivery service revenue ▪ Pricing and price image actions implemented. Positi
Slide 19: Organic growth
Organic growth Developments in 2024 ▪ Food professionals in the Netherlands and Belgium are experiencing market-wide pressure on their revenue and are individually buying less; downtrading is also pushing down revenue ▪ Contracts with several large accounts have been extended for a number of years (
Slide 20: Organic growth
Organic growth 2025 outlook ▪ In delivery service, maximum attention for revenue growth with new and existing customers through additional focus on acquisition, cross-selling, customer communications, supply chain optimisation and e-commerce ▪ Continuation and extension in 2025 of the successful “We
Slide 21: Tobacco products
Tobacco products Developments in 2024 ▪ Tobacco products share of revenue up to 9% ▪ As of 1 July, we stopped selling tobacco products at our cash-and-carry sites and stopped offering this product category in our delivery service operations ▪ As of 31 December: termination of all remaining delivery
Slide 22: Cost savings
Cost savings Developments in 2024 ▪ Organisation-wide cost reduction drive deployed with higher productivity in cash-and- carry and the supply chain to offset substantial cost inflation ▪ Tight management of supply chain resources (people and transport) and operational improvement processes have red
Slide 23: Gross margin
Gross margin Developments in 2024 ▪ Margin improvement through procurement synergies across BeNe and Superunie ▪ Improving collaboration conditions for suppliers and monetising data ▪ Price increases on goods largely passed on to the market ▪ Intensification of promo pressure and tightened pricing p
Slide 24: General developments
Becta on ‘Elektrisch Dezorgen, ' duurzaam genieten’ General developments
Slide 25: Sligro Food Group Transport
Sligro Food Group Transport Developments in 2024 ▪ Successful acquisition of Simon Loos’ transport operations in Amsterdam, Berkel en Rodenrijs and Drachten ▪ Integration of the transport operations within Sligro (drivers, planning system, etc.) ▪ 26 new electric trucks delivered; additional chargin
Slide 26: ERP/Digital development
ERP/Digital development Developments in 2024 ▪ New approach to the SAP roll-out agreed in consultation with SAP ▪ Preparation of the organisation and master data for migration to SAP ▪ Van Hoeckel and Sligro Food Group Belgium moved to the same digital platform; SAP Hybris, operational for Sligro Fo
Slide 27: ESG
ESG Developments in 2024 ▪ Sustainability statement presented in line with CSRD: - Policy, targets and metrics determined, including the baseline figures - Double materiality assessment completed, including stakeholder dialogue ▪ Scope 1, 2-emissions amount to 56.176 tCO2-eq in the base year 2024 (m
Slide 28: ESG
ESG 2025 outlook ▪ Further professionalise and integrate ESG policy, targets and KPIs ▪ Carbon reduction through action to make buildings and installations more sustainable ▪ Further improvement in product range sustainability in terms of animal welfare, biodiversity and packaging materials, as well
Slide 29: Outlook
Outlook
Slide 30: Outlook
Outlook Market: ▪ Consumer confidence, high inflation during the past years and (geo)political uncertainties have led to restraint in spending and also exert downward pressure on volumes in the ‘out of home’ channel ▪ Purchasing power was brought more into line with inflation last year but it is dif
Slide 31: Slide 31
Slide 32: Statement of financial position
Statement of financial position 32
Slide 33: Segment results
Sligro Food Group NV. Netherlands Belgium Group x € million 2024 2023 2024 2023 2024 2023 Revenue 2.493 2.429 397 430 2.890 2.859 Organic revenue growth as % 2.6 8,6 (7,8) 11,3 7,0 88 Gross profit as % of revenue 26,9 271 24,1 24,1 26,5 28,7 Gross operating result (EBITDA) 147 146 (9) (9) 138 137 Op
Slide 34: Segment cash flows
Sligro Food Group NV. Netherlands Belgium Group x€ million 2024 2023 2024 2023 2024 2023 Net cash flow from business operations 137 170 (24) (18) 113 152 Interest received and paid (9) (9) (2) 0 (11) (9) Dividends received from participations 3 8 0 0 3 8 Income tax paid (8) (6) 2 (3) (8) (9) Net cas
Slide 35: Abridged statement of profit and loss normalised for tobacco products and other operating income
Abridged statement of profit and loss normalised for tobacco products and other operating income 35
Slide 36: EBITDA for ratio calculation
EBITDA for ratio calculation €138 ▪ EBITDA reported from 2019 including IFRS 16. -€30 ▪ Financing based on net debt/EBITDA ratio not including -€8 IFRS 16. €100 ▪ Not including IFRS 16 paints a better picture of the cash position. EBITDA incl. IFRS 16 Depreciation Interest on EBITDA excl. IFRS 16 of