ANNUAL REPORT 2013-2014 Halle, 19 June 2014 Limited Liability Company Etn

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ANNUAL REPORT 2013-2014 Halle, 19 June 2014 Limited Liability Company Etn ANNUAL REPORT 2013-2014 Halle, 19 June 2014 Limited liability company Etn. Fr. Colruyt FINANCIAL YEAR 2013/2014 Headquarters: ANNUAL REPORT Wilgenveld Presented to the Ordinary General Edingensesteenweg 196 Assembly B- 1500 HALLE on 24 September 2014 RPR Brussels by the BOARD OF DIRECTORS VAT number: BE 400.378.485 and Enterprise number: 0400.378.485 AUDITOR’S REPORT Tel. +32 (2) 363 55 45 Internet: – www.colruytgroup.com Ce rapport annuel est également E-mail: [email protected] – disponible en français. [email protected] Dit jaarverslag is ook verkrijgbaar in het Nederlands. Risks relating to forecasts Statements by 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 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 Intro ......................................................... 07 Who are we? ..................................17 Time line ....................................... 53 A Word from the Chairman .............09 Colruyt Group, a family of Overview ..................................................54 Management Report ......................... 11 companies ............................................19 April ..........................................................57 Overview of key figures.....................15 Sustainable May ...........................................................59 entrepreneurship at June ..........................................................63 Colruyt Group: part of its DNA ......23 July ............................................................65 August .....................................................67 September ............................................69 October ...................................................71 November .............................................73 December ..............................................75 January ....................................................77 February .................................................79 March ......................................................81 Section 00 is compiled based on the Colruyt Group management report 2013-2014 that was prepared by the Board of Directors of the company. The contents of section 04 forms an integral part of the annual report of the Board of Directors on the individual financial statements of the company over the financial year 2013-2014. 4 03 04 05 Activities ........................................ 85 Corporate ...................................139 Financial report .................. 163 governance Overview ................................................86 Consolidated income Retail .......................................................88 Management, supervision statement ............................................164 Wholesale & Foodservice ............110 and directorate ..................................140 Consolidated statement Other activities .................................118 Sustainable Corporate of comprehensive income ...........164 Governance ..........................................142 Corporate activities ........................125 Consolidated statement Share Ownership – of financial position .......................165 Annexes .................................................130 Colruyt shares .....................................157 Consolidated statement of changes in equity .......................166 Consolidated statement of cash flows ......................................167 Certification of responsible persons .................................................168 Independent auditor’s report .....169 Notes to the consolidated financial statements ......................172 5 6 00 Intro Word from the Chairman ........................................... 09 Management Report ................................................... 11 Overview of key figures............................................... 15 7 Jef Colruyt: “We have invested a lot in the future8 in the past financial year.” 00 01 02 0403 05 1. Word from the Chairman In the past financial year, Colruyt Group succeeded in putting activities at our print specialist Symeta. As more than 100 in a strong performance in a difficult market. Revenue rose by employees were involved in this, this was a difficult but nearly 4,1%, however, the net profit decreased by 1,1%. Overall necessary decision. Offset printing had become a structurally satisfactory results to which over 27.000 employees have loss-making activity because the demand for offset printing contributed. I would like to take this opportunity to thank our is decreasing and there is overcapacity in the market. Symeta employees for their commitment and enthusiasm. will continue to focus on digital printing and document management in the future. Colruyt Group has thus achieved these results under less favourable circumstances. On the one hand, consumers are In a world that is constantly changing, Colruyt Group wants still very reluctant to spend. As a result, consumers are more to offer ‘Simplicity in Retail’ now more than ever, so that the interested in special offers and promotional campaigns. On consumer can do his shopping efficiently and comfortably. the other hand, we have to deal with fiercer price competition This is why we are expanding our network of collection in a turbulent market. Nevertheless, our store formulas points for online orders and we are investing in smaller have succeeded in growing, which goes to show that they neighbourhood stores. In this manner, the customer is supplement each other well. Colruyt Lowest Prices was able required to travel less. A clearly structured food products to maintain its market share and remains the favourite for range with three clearly distinguishable brand layers helps customers who want the lowest price. OKay and Spar are the customer to make his choice efficiently and quickly. Our popular among customers who wish above all to shop near new house brand Boni Selection will eventually replace about to home. And Bio-Planet is popular among customers who fifty former own brands and it positions itself between the are looking for added value and that wish to enjoy food in a national brands and our cheapest house brand Everyday responsible manner. Selection. In the past financial year, Colruyt Group invested substantially Simplicity also means helping the customer to make in the future in order to continue to grow sustainably. We sustainable choices. This is why we plan to further increase opened 30 new stores and renovated seventeen of our own the sustainability of our product range. We are also continuing stores, which resulted in approximately 37.000 m² additional to build low-energy stores, limit the number of kilometres store surface area. The first new generation stores appeared that our trucks travel, invest in windmills and combined heat in Belgium and France and Bio-Planet opened a new store in and power units. And all of this together with 27.000 retail Walloon. After the closing of the financial year, OKay passed professionals. the hurdle of 100 stores, twice as many as five years ago, and Dreamland and Dreambaby continued to grow steadily. We In short, as a value-driven company, Colruyt Group continues built new distribution centres in Ath/Lessines and Mechelen, to create sustainable added value, event though we do expect together representing 100.000 m² additional storage capacity. another challenging financial year with continuing pressure There was the successful launch of Solucious, that combines on revenues and margins. The group will continue to keep its all of the foodservice activities in Belgium. Our energy operating costs under control, also by optimising processes producer WE-Power was officially certified as an energy and expanding the European purchasing alliance CORE. supplier and now supplies energy to the group and external We ask the government to provide a framework for parties. sustainable growth in the future, with a focus on mobility and a lower tax burden. Around 50% of the added value But there were also difficult moments, such as the departure that Colruyt Group creates in Belgium, flows back to the of general manager Luc Rogge, who has been one of the community via the government. This deserves an efficient driving forces within the company for 35 years. Thank you Luc and effective government that does not continue to increase for your contribution, simplicity and modesty with which you the tax burden on the added value. embodied our corporate
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