The Group’s net sales in the first half of 2020 amounted to €943 million, down 16.9% on the corresponding period in 2019, driven by COVID-19. Accordingly, EBITDA declined by €29 million to €27 million. Our belief in a successful future in Belgium is undiminished, but the impact of COVID-19 means that it will take longer than previously expected to recover to profitability in Belgium. This is why we have recognised a non-cash impairment (in particular, goodwill) of €60 million. Excluding this impairment, the Group’s net profit fell to a loss of €16 million.
Sales fell by 9.5% in the third quarter of 2020 compared with last year. The entire fall was organic. Cumulatively, sales for the first three quarters of 2020 were down by 14.4%. Excluding the additional sales generated in the first half of 2020 from the acquisition of De Kweker (since July 2019), the cumulative organic decline was 16.8%.
Net sales of Sligro Food Group N.V. in 2020 amounted to €1,946 million, a decrease of 18.7% compared with sales of €2,395 million in 2019.
Sales fell by 30.4% in the fourth quarter compared to last year. The entire fall was organic. Excluding the additional sales generated in the first half of 2020 from the acquisition of De Kweker (since July 2019), the cumulative organic decline was 20.5%.
As reported in our press release on sales dated 6 January 2021, our annual net sales decreased by 18.7% due to the impact of COVID-19 on our sales markets. This resulted in a net loss of €70 million for the financial year. This includes non-cash impairments, as explained earlier this year. Without these impairments, the net loss amounted to €14 million. We generated a net profit of €2 million in the second half of the year.
In the first quarter of 2021, Sligro Food Group N.V. generated net sales of €328 million, a reduction of €205 million or 38.4% compared to the €533 million in net sales posted in the same period in 2020.
Group net sales for the first half of 2021 totalled €788 million, a COVID-19-driven decrease of 16.5% compared to the same period last year (Q2: increase of 12.0%). Despite the drop in net sales, the Group’s EBITDA increased by €8 million to €35 million. A net loss of €4 million remained for the first half of the year (net loss excluding impairment in the first half of 2020: €16 million).
In the third quarter of 2021, net sales were up 1.8% on the previous year. This growth in net sales was entirely organic. Cumulatively, net sales were down 9.8% over the first three quarters of 2021.
Revenue for Sligro Food Group N.V. for 2021 came in at €1,898 million, a decrease of 2.5% compared to the €1,946 million in revenue in 2020. In the fourth quarter of 2021, revenue was up 21.5% on the previous year.
As stated in our press release on revenue dated 5 January 2022, Sligro Food Group N.V.’s annual revenue for 2021 amounted to €1,898 million, a decrease of 2.5% compared to the €1,946 million in revenue that we achieved in 2020. Net profit for the financial year was €20 million, up €90 million compared to the previous year.
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.