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Mercator Group Annual Report 2019

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Mercator Group Annual Report 2019 Business Non-financial Financial Other Introduction report report report informations I Business Non-financial Financial Other Introduction report report report informations I Business Non-financial Financial Other Introduction report report report informations II Business Non-financial Financial Other Introduction report report report informations Business Non-financial Financial Other Introduction report report report informations Content INTRODUCTION ................................................................................................. 1 REPORT BY THE PRESIDENT OF MANAGEMENT BOARD ...............................................................2 SUPERVISORY BOARD REPORT ..................................................................................................4 PERFORMANCE HIGHLIGHTS OF MERCATOR GROUP ...................................................................8 BUSINESS STRATEGY ..................................................................................................................9 INTRODUCTION AND ORGANIZATION ......................................................................................... 11 BUSINESS OPERATIONS ........................................................................................................... 14 REVIEW OF KEY EVENTS .......................................................................................................... 19 CORPORATE GOVERNANCE STATEMENTS ............................................................................... 24 BUSINESS REPORT ............................................................................................ 36 EFFECT OF ECONOMIC CONDITIONS AND COMPETITION ON OPERATIONS .................................. 37 STORE FORMATS .................................................................................................................... 40 MARKETING AND CUSTOMER LOYALTY PROGRAMS ................................................................... 45 REAL ESTATE MANAGEMENT AND RETAIL NETWORK DEVELOPMENT ......................................... 52 ANALYSIS OF KEY PERFORMANCE IN YEAR 2019 ...................................................................... 55 OPERATIONS AND PERFORMANCE PLANS FOR 2020 ................................................................ 61 RISK MANAGEMENT ................................................................................................................. 62 FINANCIAL MANAGEMENT ......................................................................................................... 65 MERCATOR SHARE AND INVESTOR RELATIONS ......................................................................... 67 TAXES AND OTHER CHARGES ................................................................................................... 70 NON-FINANCIAL REPORT .................................................................................. 72 NON-FINANCIAL STATEMENT .................................................................................................... 73 RESPONSIBILITY FOR THE EMPLOYEES AND RESPECT FOR HUMAN RIGHTS ............................... 75 RESPONSIBILITY TO CUSTOMERS ............................................................................................. 81 RESPONSIBILITY TO NATURAL ENVIRONMENT ........................................................................... 84 RESPONSIBILITY TO SOCIAL ENVIRONMENT .............................................................................. 94 RESPONSIBILITY TO SUPPLIERS ............................................................................................... 99 RESPONSIBILITY TO QUALITY.................................................................................................. 102 FINANCIAL REPORT ......................................................................................... 105 MANAGEMENT RESPONSIBILITY STATEMENT ......................................................................... 106 FINANCIAL STATEMENTS OF THE MERCATOR GROUP AND THE COMPANY POSLOVNI SISTEM MERCATOR D.D. .................................................................................................................... 107 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF THE MERCATOR GROUP AND FINANCIAL STATEMENTS OF THE COMPANY POSLOVNI SISTEM MERCATOR D.D. ...................................... 116 INDEPENDENT AUDITOR'S REPORT ......................................................................................... 214 OTHER INFORMATIONS .................................................................................. 222 LIST OF ABBREVIATIONS ......................................................................................................... 223 ALTERNATIVE PERFORMANCE MEASURES (APM) ................................................................. 224 CONTACTS ............................................................................................................................ 227 Business Non-financial Financial Other Introduction report report report informations INTRODUCTION Annual report 2019 | 1 Business Non-financial Financial Other Introduction report report report informations Report by the President of Management Board In the year when Mercator celebrated its 70th anniversary, it again proved it is a successful company of systemic importance, the largest retailer in Slovenia and the region. Positive trends were seen in revenue, EBITDA, as well as in the bottom line. Thus, Mercator is proving that the pursuit of its business strategy has been yielding positive results. In 2019, Mercator Group realized 1.8 % growth of comparable sales revenue by reaching EUR 2.1 billion. Group’s normalized EBITDA (including IFRS 16 effect) was higher by 60.5% and realized net profit for the year of EUR 4.7 million. Additionally, Mercator Group significantly decreased net debt/EBITDA normalized ratio from 7.2x to 5.2x. Mercator Group successfully continued with the realisation of its business strategy, and the execution of financial and business restructuring. On top on accomplishing its objectives regarding net debt/EBITDA ratio, we additionally improved the maturity profile of our financial liabilities. Transaction that involved sale of ten shopping centres in Slovenia was completed, and the proceeds were used for repayment of financial liabilities. Divestment of Roda Centre New Belgrade was also completed, and the proceeds were also used for repayment of financial liabilities and trade payables. In the last two fiscal years, Mercator Group has achieved a business turnaround, despite the complex business environment in which the Group operates. The Group is continuing with financial restructuring and increasing its performance. Mercator Group continues with investments into its network development and new store concepts and it is the leader in digitalization and at least a step ahead of the competition. We have successful and long-term cooperation with our local and regional suppliers through our regional commercial platforms My brand and We love local. Mercator Group has also successfully completed super-senior facility refinancing, which is proof that the confidence of banks into Mercator's stability and development opportunities are increasing significantly. In late May of 2019, Mercator Group companies and VTB Bank (Europe) SE signed the contract documentation for refinancing of the Mercator Group's super-senior facility in the amount of EUR 80 million at considerably better terms. Moreover, the company Mercator–S d.o.o. and AIK Bank signed contractual documentation for refinancing the Serbian Deal on the restructuring of the financial debt of the company Mercator–S d.o.o., in the total amount of EUR 90 million. At Mercator Group's second strategic conference called Opportunities of the Future we presented our key achievements, which fulfilled our forecasts and predictions presented in the Conference year before along with the plans of future development. More than 2,000 employees and our key business partners attended this esteem event. We continued with refurbishment programme focusing on differentiation elements as our competitive advantage. Immense success was the implementation of Mercator’s Minute store format which was finished Annual report 2019 | 2 Business Non-financial Financial Other Introduction report report report informations with highlight of the year - the opening of new Maxi Gourmet Market store in Ljubljana as a new flagship store in gourmet food store segment. Mercator Group has consolidated its position in of its operations, and it is ready for the new development cycle that will pave the way for its future growth and development. The Supervisory Board has already approved the largest investment in Mercator Group's history – the construction of a logistics and distribution centre in Ljubljana. The new logistics centre will be the foundation of business efficiency and the Group's further development. It is strategically important to successfully complete the process of transfer Mercator’s shares to the Fortenova grupa, d.d. and thus provide Mercator with a stable owner which will support Mercator’s growth in the future. Mercator's Management Board will pursue its efforts towards all stakeholders to support a successful and prompt transfer to Fortenova Grupa. Finally, let me add the following: I write this letter during a declared epidemic, in emergency conditions and in a time of uncertain future. I simply cannot ignore this fact. I wish to thank again to all employees for their effort,
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