2020 Annual Report

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2020 Annual Report 24 September 2020 The Manager Company Announcements Office Australian Securities Exchange Dear Manager, 2020 ANNUAL REPORT In accordance with the ASX Listing Rules, attached for release to the market is Coles Group Limited’s 2020 Annual Report. This announcement is authorised by the Board. Yours faithfully, Daniella Pereira Company Secretary For more information: Investor Relations Media Mark Howell Meg Rayner Mobile: +61 400 332 640 Mobile: +61 439 518 456 E-mail: E-mail: [email protected] [email protected] Coles Group Limited ABN 11 004 089 936 800 Toorak Road Hawthorn East Victoria 3123 Australia PO Box 2000 Glen Iris Victoria 3146 Australia Telephone +61 3 9829 5111 www.colesgroup.com.au 2020 Annual Report Sustainably feed all Australians to help them lead healthier, happier lives Coles Group Limited ABN 11 004 089 936 Coles Group Limited 2020 Annual Report Coles acknowledges the Traditional Custodians of Country throughout Australia and pays its respects to elders past and present. We recognise their rich cultures and continuing connection to land and waters. Aboriginal and Torres Strait Islander peoples are advised that this document may contain names and images of people who are deceased. All references to Indigenous people in this document are intended to include Aboriginal and/or Torres Strait Islander people. DRAFT 21 COL1634_An- nualReport_d31a – Rnd 16 Copy September23, 2020 7:52 PM Forward-looking statements This report contains forward-looking statements in relation to Coles Group Limited (‘the Company’) and its controlled entities (together ‘Coles’ or ‘the Group’), including statements regarding the Group’s intent, belief, goals, objectives, initiatives, commitments or current expectations with respect to the Group’s business and operations, market conditions, results of operations and financial conditions, and risk management practices. Forward-looking statementsDRAFT can generally1 be COL1634_identified by the use of words such as ‘forecast’, ‘estimate’, ‘plan’, ‘will’, ‘anticipate’, ‘may’, ‘believe’, ‘should’, ‘expect’, ‘intend’, ‘outlook’, ‘guidance’ and other similar expressions. AnnualReport_ These forward-looking statements are based on the Group’s good-faith assumptions as to the financial, market, risk, regulatory and other relevant environments that will d4a exist and affect Se theptember Group’s23, business2020 7:52 andPM operations in the future. The Group does not give any assurance that the assumptions will prove to be correct. The forward-looking statements involve known and unknown risks, uncertainties and assumptions and other important factors, many of which are beyond the reasonable control of the Group, that could cause the actual results, performances or achievements of the Group to be materially different from future results, performances or achievements expressed or implied by the statements. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements in this report speak only as at the date of issue. Except as required by applicable laws or regulations, the Group does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based. Past performance cannot be relied on as a guide to future performance. Non-IFRS Information This report contains IFRS and non-IFRS financial information. IFRS financial information is financial information that is presented in accordance with all relevant accounting standards. Retail or non-IFRS financial information is financial information that is not defined or specified under any relevant accounting standards and may not be directly comparable with other companies’ information. Any non-IFRS financial information included in this report has been labelled to differentiate it from statutory or IFRS financial information. Non-IFRS measures are used by management to assess and monitor business performance at the Group and segment level and should be considered in addition to, and not as a substitute for, IFRS information. Non-IFRS information is not subject to audit or review. Other Information Photographs in our Annual Report may have been taken before social distancing restrictions were in place. The image of FightMND campaign director Bec Daniher with Coles team members on page 11 of this report was photographed by News Ltd / Newspix. Front cover: In addition to the collection of unsold, edible food from our supermarkets and distribution centres, food and groceries to a retail value of $7.9 million were provided to SecondBite and Foodbank this year in response to increasing demand for food relief as a result of COVID-19. SecondBite CEO Jim Mullan said, ‘It’s incredible to see how our partnership with Coles has grown over the years and the impact this has had on the most vulnerable people in our community. Many shoppers wouldn’t be aware of the work that goes on behind the scenes to ensure edible unsold food ends up on the plates of those in need, rather than in landfill. We are proud to work with an organisation that is a clear leader with respect to both its social and environmental responsibilities.’ Coles Group Limited 2020 Annual Report Contents Overview 2020 performance 4 2020 highlights 5 Message from the Chairman 6 Managing Director and Chief Executive Officer’s report 8 Our vision, purpose and strategy 11 How we create value 12 Sustainability snapshot 14 Support for customers, suppliers and communities 19 Governance at Coles 24 Operating and Financial Review 30 Board of Directors 65 Directors’ Report 68 Remuneration Report 73 Financial Report 96 Independent Auditor’s Report 150 Shareholder Information 158 Welcome to the Coles Group 2020 Annual Report Our vision is to become the most trusted retailer in Australia and grow long-term shareholder value. Customers trust Coles, as part of the fabric of Australian society for more than 100 years, to provide great value food and drinks. We are known for our value, range and customer service through our extensive store network and for providing online shopping solutions across Australia. 1 DRAFT 21 COL1634_An- nualReport_d31a – Rnd 16 Copy September23, 2020 7:52 PM DRAFT 1 COL1634_ AnnualReport_ d4a September23, 2020 7:52 PM The Pergoliti family at Harvey Citrus in Western Australia received a grant from the Coles Nurture Fund in FY20 to extend its supply of WA-grown citrus over the summer and increase local employment by expanding its cool room facility and installing solar panels on its packing shed. Pictured is Andrew Pergoliti with his father Steve and daughter Alyssa. Our purpose is to sustainably feed all Australians to help them lead healthier, happier lives. Coles Group Limited 2020 Annual Report 2020 performance DRAFT 21 COL1634_An- nualReport_d31a – Rnd 16 Copy September23, 2020 7:52 PM 6.9% 88.2% 5.0% Sales growth1 Customer satisfaction Supermarkets 2 DRAFT 1 COL1634_for Supermarkets sales density growth3 AnnualReport_ d4a September23, 2020 7:52 PM $1. 4 bn $362m 111% EBIT1 Net debt4 Cash realisation5 57.5c 7pp 18.3% Dividends per share6 Improvement in team Improvement in total member engagement recordable injury (percentage points) frequency rate7 1 On a non-IFRS basis. Refer to Non-IFRS Information section on page 39. 2 Q4 FY20, as measured by Tell Coles. 3 Growth in sales per square metre on a moving annual total (MAT), or exit rate calculated on a rolling 12 months of data basis. 4 Calculated as interest-bearing liabilities less cash and cash equivalents. 5 Calculated as operating cash flow excluding interest and tax, divided by EBITDA (excluding the impacts of AASB 16 and Significant items). 6 Comprising an interim dividend of 30.0 cents per share (paid) and a final dividend of 27.5 cents per share. 7 Refer to glossary of terms on page 49 for definition. Coles Group Limited 2020 Annual Report 2020 highlights Highlights for the year spanned our business and store network, our customer base, our team of suppliers and our communities around Australia. Almost 1,50 0+ new products $10bn+ at everyday low prices doubled in Coles Own Brand sales capacity of Coles Online Tailored store format strategy New transport hubs to Progress with Witron & Ocado 70 renewals optimise logistics automation 4,700+ Direct milk sourcing $139m Indigenous team members with dairy farmers in VIC & NSW provided in community support 5 Coles Group Limited 2020 Annual Report Message from the Chairman The 2020 financial year was extraordinary for Coles and the whole Australian community as droughts, bushfires and COVID-19 created significant demands across our businesses. Coles strengthened its financial positionDRAFT during 21 the COL1634_Anyear, - including extending the term of ournualReport_d31a debt maturity dates – Rnd 16 and, at year end, had net debtCopy of $362 million,September a 30%23, 20207:52 PM reduction on the prior year. Leadership and team During the year we significantly expanded our leadership team with the appointment of new Executives in: Liquor – Darren Blackhurst; eCommerce – Ben Hassing; Emerging DRAFT 1 COL1634_Businesses – George Saoud; Transformation – Ian Bowring; AnnualReport_ and Corporate Affairs – Sally Fielke. Under the leadership d4a September23, 2020 7:52 PM of our Chief Executive, Steven Cain, Coles has built a strong leadership team with complementary skills which are well aligned to our vision of becoming the most trusted retailer in Australia and growing long-term shareholder value. The 2020 financial year was extraordinary for Coles and We also saw an increase of more than 5,000 team the whole Australian community as droughts, bushfires members at year end, as we responded to the significant and COVID-19 created significant demands across our surge in customer demand across food and liquor driven businesses. Pleasingly, with the positive engagement by COVID-19. This increase in part reflected our underlying of our team members, our suppliers, our customers and business growth and in part the extra focus upon customer governments we were able to adapt to new challenges at and team member hygiene and safety in response to the pace, with emphasis upon safety and performance.
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