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“ Our Customers Are at the Heart of Everything We Do.” The Co-operative Group Building a better society Annual Report & Accounts 2010 “Our customers are at the heart of everything we do.” Linzi Bale, The Co-operative Food, Cross Hands, Llanelli good for everyone Contents “We have launched our revitalised brand, 1 Highlights investing millions in our store and branch 2 Who we are estate and transforming the face of our 3 What we do business on high streets and in communities 4 How we are governed the length and breadth of the UK.” Len Wardle, Chair, The Co-operative Group 6 Chair’s statement 8 Board of Directors “We will continue to set ourselves challenging 10 Group Chief Executive’s business review but achievable targets for both our business 37 Management Executive performance and our social goals because 38 Financial review that is what our members ask for and expect.” 40 Key Performance Indicators Peter Marks, Group Chief Executive 42 Principal risks and uncertainties 46 Report of the Group Board of Directors 49 Corporate governance statement 55 Remuneration report 61 Independent auditor’s report 62 Consolidated income statement 63 Consolidated statement of comprehensive income 64 Consolidated balance sheet 66 Consolidated statement of changes in equity 68 Consolidated statement of cash flows 69 Accounting policies 79 Notes to the financial statements 176 Analysis of profits from regional business activities We’re committed to actively engaging our members, despite our size and complexity. Membership is key to what we are as a co-operative, we’re committed to expanding the number and diversity of our membership base. We want to ensure that we hear their views and reflect their needs in determining our vision for the future. The Co-operative Group Annual Report & Accounts 2010 | 1 Highlights £13.7bn Gross sales (£m) Underlying operating profit (£m) Gross sales – up 9.1% 13,691 625 12,545 2,543 476 2,057 209 £625m 9,600 390 Underlying operating profit* – up 31.4% 8,449 329 177 7,463 1,946 254 1,985 147 2,007 155 146 £546m 120 198 273 341 459 Underlying profit before payments to and on behalf of members** – up 48.3% 5,456 6,464 7,654 10,488 11,148 -21 -24 -30 -42 -43 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Trading Group Trading Group CFS CFS 5.8m Group operating costs and eliminations Number of members in the Group (as at 1/1/11) Gross sales figures are shown Underlying operating profit is defined below £104m before premiums ceded to reinsurers and shown in the segmental analysis Amount paid to members and communities £4.8bn Member funds – up 7.2% * Underlying Group operating profit measures the normal underlying business performance and removes from operating profit the following volatile or one-off costs: property disposal profits, investment property valuation fluctuations, significant items, fair value amortisation, Financial Services Compensation Scheme levies and short term investment fluctuations. It is shown in the segmental analysis (Note 1). ** Underlying profit before payments to and on behalf of members is underlying Group operating profit less underlying interest (interest excluding fair value movement and other net financial income) plus the Group’s share of the operating result of associates and joint ventures. A reconciliation to profits before payments to and on behalf of members can be found at the bottom of the consolidated income statement on page 62. 2 | The Co-operative Group Annual Report & Accounts 2010 Who we are The Co-operative Group is a consumer co-operative with customer-facing businesses in food, financial 5,000 services, pharmacy, funerals, travel, motors, electricals We operate over 5,000 trading outlets and legal services. We also have strong positions in farms, security and clothing. We have an annual turnover of £13.7bn, employ more than 110,000 17m people and operate over 5,000 retail trading outlets We serve more than 17m customers each week serving more than 17 million customers per week. 5.8m The Co-operative model The Group vision Number of members in the Group (as at 1 January 2011) Our members are our owners; they tell us In 2010, the Group Board reaffirmed our what is important to them and we listen and purpose and agreed a new vision and aims act on it. It’s fundamental to our business model. Our purpose As a consumer co-operative, we run our business for the benefit of our members who share in our To serve our members by carrying on business profits in proportion to how much they trade with as a co-operative in accordance with co-operative us through the year. That means our members values and principles. are involved in democratic decision-making. Our vision Our members also set our social and campaigning agenda. In fact, because our members wanted it, To build a better society by excelling in we’ve become pioneers in areas such as fairtrade everything we do. and combating climate change. Of course, the Our aims more commercially successful we are, the more we can share with our members and support – To be a commercially successful business the causes they champion. – To meet the needs of our customers and the communities we serve “We are trusted.” – To respond to our members and share Dean Anderson, East Leake Co-operative Food our profits Customers are increasingly turning to trusted names and – To be an ethical leader our leadership position in social responsibility gives us a – To be an exemplary employer strong position in the market. – To inspire others through co-operation. Visit us online To find out more about us, visit our website – www.co-operative.coop The Co-operative Group Annual Report & Accounts 2010 | 3 What we do Food Financial Services Key facts Highlights 2010 Key facts Highlights 2010 5th largest food retailer in the UK Integration of Somerfield TheUK’s Co-operative most diversified Bank, mutual, Insurance, MostIntegration Sustainable of Britannia Bank award Investments,following historic Asset merger Management with 2,883 UK stores 778 stores rebranded and upgraded World's Most Sustainable Bank award and SmileBritannia Building Society UK’s most diversified mutual, following historic merger with 17 million customers served Total sales (inc VAT) up 6.2% to Strong performance despite market VisionThe Co-operative to become theBank, UK’s Insurance, most Britannia Building Society each week £8.2bn weakness, with underlying operating admiredInvestments, financial Asset services Management provider Strongresult of performance £208.6m despite market Focus on community and service Green Retailer of the Year for the and Smile Strong financial position weakness, with total operating results third year running Customer deposits of £34.2bn, Great food within easy reach Vision to become the UK’s most of £177m up 5.3% Farms admired financial services business Customer deposits grew by 2.6% Britain's largest farmer. Strong financial position to £32.5bn Joined our Food business. Pharmacy Funeralcare Key facts Highlights 2010 Key facts Highlights 2010 3rd largest pharmacy chain in the UK Sales of £771.3m, despite tough UK’s leading funeral director Sales up from £287.4m (2009) and the largest in Wales market conditions to £316.0m Over 850 funeral homes, crematoria Over 65 million prescriptions First full year of operation for and woodland burial grounds across Funeral Plan sales up 29% compared dispensed in 2010 the National Distribution Centre the UK carrying out over 100,000 to 2009 funerals each year More than 750 pharmacies in the UK 221 branches refurbished Significant investment in premises, Committed to providing the best vehicles and staff possible care New national TV advertising campaign launched Specialist Retail Businesses Specialist Commercial Businesses Legal Services Distribution and Investment) and Sunwin Services Group E-Store The Co-operative Legal Services is in addition combines the Group’s A support services business, offering Online electrical store. Thousands at the forefront of regulatory changes, Will Writing Services to enhance managed security, IT services, of products at great prices. due in October 2011, enabling a wide the customer proposition. cash management, and fire and Corporate Clothing range of consumer-friendly legal security solutions. Travel Designs, manufactures and services to be offered, with the aim Travel agency offering the widest Motors distributes business wear and of becoming the preferred provider choice of holidays on the high One of the top 50 car dealers in uniforms, focusing on quality, of consumer legal services in the UK. street with more than 400 UK the UK, with over 23 sites across the style and choice. Life Planning stores dealing with over three Midlands and the North of England. Our Life Planning Business is million holidaymakers a year. responsible for the Group’s Funeral Planning Business (Development, Estates Contribution to Group net revenue The Co-operative Estates is one Highlights 2010 Food 58.4% of the largest and most diverse land Financial Services 19.4% The development of the Group’s Membership and Federal 9.9% and property operations in the UK, new head office is well advanced Pharmacy 5.9% with interests that span retailing, and this represents the first phase Specialist Commercial Businesses 3.0% property investment and land Funeralcare 2.4% of a Masterplan scheme pioneered development. Specialist Retail Businesses 0.5% by the Group to provide a new Estates 0.3% approach to urban regeneration Farms 0.2% in Manchester. 4 | The Co-operative Group Annual Report & Accounts 2010 How we are governed The Co-operative Group stands apart from Members’ meetings Member Engagement Strategy other major businesses in the UK as an In addition to the ability to trade with the Group’s In 2009, a full consultation was undertaken with organisation which is owned, not by investor businesses and share in the profits, membership elected committees across the Group and the shareholders, but by more than five and a provides members with access to information, a wider movement in order to develop a three-year half million consumer members.
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