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Annual Report 2017 Annual Report 2017 Annual Report Annual Annual Report 2017 Sligro Food Group 2017 Annual Report 2017 Sligro Food Group NET SALES € 2.97 BILLION NET PROFIT € 81 MILLION DIVIDEND PER SHARE € 1.40 CONTENTS Annual review 2017 5 Financial Statements Key Figures 10 Profile 11 Consolidated Important dates 13 Consolidated profit and loss account for 2017 114 Sligro shares 15 Consolidated statement of recognised income and Directors and management 19 expense for 2017 115 Consolidated cash flow statement for 2017 116 Consolidated balance sheet as at 30 December 2017 117 Executive Board Report Consolidated statement of changes in equity for 2017 118 Notes to the consolidated financial statements 119 Strategy in outline 20 Accounting policies 119 Market and market approach 22 Notes 129 Foodservice developments 29 Food Retail developments 41 Company Organisation and employees 51 Company profit and loss account for 2017 161 Corporate Social Responsibility 61 Company balance sheet as at 30 December 2017 162 Risk and risk management 77 Notes to the company financial statements 163 Corporate Governance 82 Other notes 165 Capital expenditure 84 Results 86 Financing in outline 92 Other information Discontinued operations 94 Outlook 97 Independent auditor's report 166 Provisions of the Articles of Association concerning Directors’ statement of responsibilities 99 profit appropriation 175 Corporate Governance statement 99 Report of the Supervisory Board 101 Other information Not forming part of the financial statements Ten-year review 176 Managers and officers 178 3 Sligro Food Group and HEINEKEN: a beautiful partnership of two market leaders. 4 Sligro Food Group 2017 ANNUAL REVIEW 2017 Economy an average of IRI and Nielsen figures, the retail market in The economy has returned to growth, and this can be seen the Netherlands grew by 3.6%. We think that the higher in higher employment and consumer confidence. We saw growth compared with Foodservice can be explained by growth in our markets in both the Netherlands and Belgium. price effects. The online channel continues to gain ground This was largely driven by inflation and prices, but there and so is adding to pressure on traditional supermarkets. was also volume growth. We expect growth to continue in 2018 at a similar rate to the past year. Foodservice Foodservice again outperformed the market with organic Market growth of 3.0%, and once sales from acquisitions are included, Our markets are moving closer together, making the total sales in the Netherlands rose by 3.9%. Consequently, division between Foodservice and Food Retail less clear. our market share in the Netherlands increased to 24.4% Hospitality has been added to retail outlets, while Food- according to FSIN. service players are purchasing through supermarkets and retailers are using online to enter parts of the Food- In Belgium, we also outperformed the market, growing service market. We saw growth in all market segments by 59.0%. Underlying growth in our Belgian activities was of Foodservice, including in the healthcare market which 2.8% meaning that organically we outperformed the market. had been contracting for some years. In monetary terms, Our market share in Belgium was about 3.4% according the consumer market grew by 4.1% in the Netherlands. to estimates of Foodservice Alliance, although it should The wholesale market grew by 2.9% in the Netherlands, be noted that the definitions and players in the market in according to FSIN, and by 2.4% in Belgium, according to Belgium are different from those in the Netherlands. Foodservice Alliance. In the Netherlands, we devoted much time and attention There was also growth in Food Retail, and it is notable to completing the acquisitions and the start-up of the that, in this economic climate, the Food Retail market is integration of HEINEKEN. In Belgium, the acquisition of still growing faster than that of Foodservice. Based on ISPC brought a fine business that we will be integrating EMTÉ most Market share customer-friendly Foodservice supermarket in the Netherlands format in 24.4% the Netherlands 5 into Sligro Food Group Belgium along with JAVA Food- HEINEKEN service and our Sligro site under construction in Antwerp. In May 2017, we announced the proposed strategic partner- ship between Sligro Food Group and HEINEKEN, includ- We are still not satisfied with the extent to which we have ing the acquisition of HEINEKEN’s wholesale activities. We been able to convert growth in 2017 into improvements in were able to announce that the partnership and acquisition results. We will energetically tackle achieving cost efficien- have been completed, as planned in December 2017. Since cy from increased economies of scale in 2018. December 2017, wholesale revenues have been consoli- dated in the Group’s figures, our beer and cider deliveries Integration and growth in Belgium, migration to a new IT turnover has been transferred to HEINEKEN and Sligro has platform and restructuring our organisation to make it fit for started logistics services for HEINEKEN. A fine partnership our domestic and international ambition will be the main between two market leaders with an initial term of 15 years. themes for 2018, alongside the integration of HEINEKEN. During the past year, we made major preparations for start- We will also be developing our cash-and-carry outlets and ing the integration and expect to complete the initial phase the network into the role we see for them in our omni- during the first half of 2018. In 2018 we will also start the channel foodservice proposition for the future. physical integration of the HEINEKEN activities in our infra- structure. This is expected to take three to four years and ISPC and Tintelingen to lead to a state-of-the-art delivery network using our new We announced the acquisition of ISPC in Belgium in online ordering platform. The cost of the acquisition process January 2017 and were able to announce that it had been meant that there was a negative contribution to profit for the completed, as planned, in May 2017. ISPC has been consol- year. We expect a positive contribution in 2018. idated into the Group’s figures since May 2017, and it had a good year during which it made an immediate contribu- ZiN tion to the group’s result. In due course, Ghent and Liège We now have more than a year’s experience with ZiN as and the new outlets, including Antwerp, will operate under a physical environment, but also as an online presence the Sligro-ISPC name. JAVA Foodservice will continue to focused on inspiring our professional customers. We have operate autonomously under its own name in the Belgian welcomed over 15,000 visitors and trained more than 1,000 market with a specific focus on institutional and catering customers in several modules. ZiN is not, however, a static customers. concept and is always developing. New courses are, and concepts are being developed all the time for and with our We announced the acquisition of Tintelingen in December customers and partners, with the aim of strong growth in 2016 and were able to announce that it had been com- the number of courses offered at ZiN in 2018 and above all pleted, as planned, in July 2017. Tintelingen has been staying relevant to our customers and their development. consolidated into the Group’s figures since July 2017. Tintelingen again saw growth in sales in 2017 and also Online 3.0 contributed to the group’s results. There was energetic At the end of 2016, we started migrating our customers co-operation with Sligro’s Christmas gifts team this year, from our old ordering platform, Slimis, to the new one. By and this will only intensify as time goes on. now 79% of our customer base has moved to the new Belgium Acquisition Top 3 player wholesaler ISPC of Tintelingen foodservice part of completed in Belgium Sligro Food Group 6 Sligro Food Group 2017 environment, and we expect to move the remaining Sligro aim of arriving at a definitive transaction for one or other customers and also to give access to the HEINEKEN of the scenarios (partnership or sale). It is expected that customers in 2018. Our customers are happy with the new this process will lead to a transaction for the Food Retail environment and the extra functionality it offers compared activities in the course of 2018. We emphasise that care with Slimis but they have concerns about the platform’s will have priority over speed in this process. Our decisions stability, and speed, which we agree are not always at mean that our Food Retail activities are classified as discon- the intended level. As well as improvements in speed and tinued operations under IFRS at year-end 2017, and they stability, we are implementing substantive improvements have been recognised as such in the financial statements. and adding functionality. But in that order. We will always take the interests of all our stakeholders into account in this as we arrive at a sound solution. At Food Retail this point, we want to express our great appreciation and In the second quarter of 2017, we evaluated the EMTÉ respect for all EMTÉ staff who, despite the uncertainty in 3.0 format. The main conclusions from the examination of this phase, continue to work with passion in a fantastic way the performance of EMTÉ 3.0 were and remain that the that is really worthy of Sligro Food Group. A good fourth format is much appreciated by our customers but that this quarter for EMTÉ underlines their efforts. has not translated sufficiently into sales growth. Conse- quently, we suspended conversions to 3.0 for the rest CSR of 2017 and concentrated mainly on improving profitabil- We took major action in 2017 on policy and in results.
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