ANNUAL REPORT 2012-2013 1 Halle, 20 June 2013 Limited liability company Etn. Fr. Colruyt FINANCIAL YEAR 2012/2013 Headquarters: ANNUAL REPORT Wilgenveld Presented to the Ordinary General Edingensesteenweg 196 Assembly B- 1500 HALLE on 25 September 2013 RPR Brussels by the BOARD OF DIRECTORS VAT number: BE 400.378.485 and AUDITOR’S REPORT Enterprise number: 0400.378.485 Tel. +32 (2) 360 10 40 Ce rapport annuel est également Fax. + 32 (2) 360 02 07 disponible en français. Internet: www.colruyt.be – Dit jaarverslag is ook verkrijgbaar in het www.colruytgroup.com Nederlands E-mail: [email protected] Risks relating to forecasts Statements by the Colruyt Group included in this publication, along with references to this publication in other written or verbal statements of the group which refer to future expectations with regard to activities, events and strategic developments of the Colruyt Group, are predictions and as such contain risks and uncertainties. The information communicated relates to information available at the present time, which can differ from the final results. Factors that can cause any variation between expectations and reality are: changes in the microeconomic or macroeconomic context, changing market situations, changing competitive climate, unfavourable decisions with regard to the building and/or expansion of new or existing stores, procurement problems with suppliers, as well as other factors that can have an impact on the group’s result. Colruyt Group does not enter into any obligation with respect to future reporting that might have an influence on the group’s result or which could bring about a deviation from the forecasts included in this publication or in other group communications, whether written or oral. 2 Together, we create sustainable added value through value-driven craftsmanship in retail 3 Overview of Chapters 00 01 02 Introduction ................................... 7 Who are we? ..................................16 Time line ....................................... 35 A Word from the Chairman ...........09 Colruyt Group – Overview ................................................37 Management Report ........................11 a family of companies .....................19 April ..........................................................39 Key figures ............................................15 Corporate sustainability at May ...........................................................43 Colruyt Group: June ..........................................................47 From A to Z ...........................................23 July ............................................................53 August .....................................................57 September ............................................61 October ...................................................65 November .............................................69 December ..............................................73 January ....................................................75 February .................................................79 March ......................................................83 Section 00 is compiled based on the Colruyt Group management report 2012-2013 that was prepared by the Board of Directors of the com- pany. The contents of section 04 form an integral part of the annual report of the Board of Directors on the individual financial statements of the company over the financial year 2012-2013. 4 03 04 05 Activities ........................................ 89 Corporate ...................................133 Financial report .................. 159 governance Overview ................................................90 Consolidated income Retail .......................................................92 Management, statement ........................................... .160 Wholesale & Foodservice ............108 Supervision and Directorate ......134 Consolidated statement of Other activities .................................115 Sustainable comprehensive income ................160 Corporate Governance ..................136 Corporate activities ........................120 Consolidated statement of Share Ownership – financial position .............................161 Colruyt Shares ..................................152 Consolidated statement of changes in equity .............................162 Consolidated cash flow statemen ...............................................163 Certification of responsible persons .................................................164 Independent auditors’ report .....165 Notes to the consolidated financial statements ......................167 5 6 00 Introduction A Word from the Chairman ....................................... 09 Management Report ................................................. 11 Key figures ........................................................................ 15 7 8 00 01 02 0403 05 1. Word from the Chairman Colruyt Group performed very well again this year. Colruyt Group store brands with a new recognisable Revenues rose by nearly 5,9 % and net profit increased packaging and a carefully selected product range. In the by 3,1 %. This is no sinecure in a market in which past year, many employees from the whole group have everyone is adopting a wait and see attitude. Consumers prepared the introduction. In this sense, Boni Selection are unwilling to spend, the government is looking for really is a Colruyt Group brand. a solution to the crisis and companies are postponing investments. The drive and enthusiasm of each of Simplicity is also helping the customer to make a the more than 25.000 employees day in day out has sustainable choice. This is the reason why, for example, contributed to our good results. I would like to sincerely the products of our own brands only contain free-range thank our employees for their dedication. eggs and why Colruyt opened a sustainable store in Wépion and had its range of fish products examined and In these difficult circumstances, Colruyt Group has why DreamLand helped organise SOS Toys. made the difference by continuing to invest: we The many examples in this annual report show that we opened and renovated many stores, we built a new are working hard in many different areas to make the distribution centre for Spar Retail in Mechelen and we lives of our customers easier. Moreover, they clearly have submitted an application for a building permit for a appreciate our efforts. We are, of course, pleased that new distribution centre in Ollignies. In addition, we have reputation surveys confirm this. taken the first steps to establish the bakery Roecol and we have opened an office in Hong Kong together with At the same time, we also realise that ‘Simplicity in retail’ Colimpo for our purchasing activities in the Far East. is a task that will never be finished. Day after day, we will continue to work on this together. All of the Colruyt We notice that customers are changing their purchasing Group employees, each with his or her own talents, will patterns in this difficult market. It is evident from continue to work hard during the coming year to offer Colruyt’s growing market share that Colruyt is still the simplicity to our customers based on our own unique optimal formula for customers who seek the lowest approach. This is the only way that we will be able to price. In addition, OKay and Spar are the ideal solutions continue to grow. for customers who wish, above all, to shop near to home. Moreover, more and more customers are finding We expect from the government that they will create their way to Bio-Planet as they are looking for added a framework so that our growth can continue. Around value and they wish to consciously enjoy food. 50 % of the added value that the 25.775 employees of Colruyt Group in Belgium create, flows back to the The fact that each of these store formulas are growing community via our government. It is therefore important goes to show that the formulas supplement each other to continue to work on establishing an efficient and perfectly. And this is not a coincidence. In recent years, effective government who will not continue to increase Colruyt Group has expanded from a family-owned the tax burden on the added value. In order to support company to a family of companies. This family has our economy, the government should take the necessary nine core values as a common base and foundation stimulation measures from a long-term vision. for everything that it does. Colruyt Group’s new logo is Where possible, we would like to cooperate with this the visual confirmation of this corporate culture that constructively. After all, all of us will benefit from this. connects all of its activities. In everything we do, we aim to make the difference by offering ‘Simplicity in Retail’. The new store brand Boni Selection with affordable Jef Colruyt, chairman quality products will also offer our customers simplicity in retail. It will eventually group together over 50 existing 9 10 2. Management Report Overview financial year 2012/2013 - Financial information (in million EUR) 2012/13 2011/12 Variance Revenue 8.311,6 7.847,6 5,9 % Operating cash flow (EBITDA) 699,8 681,4 2,7 % % revenue 8,4 % 8,7 % Operating result (EBIT) 515,1 485,2 6,2 % % revenue 6,2 % 6,2 % Net financial result (13,1) 2,9 Profit before taxes 502,5 488,8 2,8 % % revenue 6,0 % 6,2 % Tax on profits 148,9 145,9 2,0 % Profit of the financial year (share of the group) 353,7 342,9 3,1 % % revenue 4,3 % 4,4 % Cash flow 538,4 539,1 (0,1 %) Weighted average number of