Annual Report
with sustainability reporting
2020/21

Together, we create sustainable added value
through value-driven craftsmanship in retail
Halle, 11 June 2021
FINANCIAL YEAR 2020/21
Annual report presented by the Board of Directors
to the Ordinary General Meeting of Shareholders
of 29 September 2021 and Independent auditor’s report
The Dutch language version of the annual report is the only official version.
Dit jaarverslag is ook verkrijgbaar in het Nederlands.
Ce rapport annuel est également disponible en français.
This Annual report is also available on
colruytgroup.com/annualreport.
Our corporate website also includes
all press releases, extra stories and
background information.

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TABLE OF CONTENTS
Corporate
governance
117 Governance, supervision and management
122 Sustainable corporate governance
153 Share ownership and Colruyt shares
Corporate
sustainability
163 SDG 2 – Zero hunger
166 SDG 3 – Good health and well-being
170 SDG 6 – Clean water and sanitation
173 SDG 7 – Affordable and clean energy
177 SDG 8 – Decent work and economic growth
184 SDG 12 – Responsible consumption and
production
191 SDG 13 - Climate action
196 Our indicators
Intro
4 Word from the Chairman
6 Who are we?
12 Our vision on sustainability
18 Continuity, even during the pandemic
20 Management report
32 Key figures
Activities
41 Retail
80 Wholesale
87 Foodservice
90 Other activities
100 Group support activities
Financial report
209 Consolidated income statement
210 Consolidated statement of
comprehensive income
211 Consolidated statement of financial position
212 Consolidated statement of cash flows
213 Consolidated statement of changes in equity
215 Management responsibility statement
216 Independent auditor’s report
223 Notes to the consolidated
financial statements
287 Definitions

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In the 2020/21 financial year, the global
pandemic had an unprecedented and far-
reaching impact on our group, affecting
areas from sales to production, logistics and
administration. Faced with a succession of rapidly
changing events, measures and regulations,
we showed incredible flexibility, creativity
and solidarity as a group. In a rapidly evolving
context, we continually reinvented ourselves and
made the best of the situation, together with
our customers, suppliers and other partners.
I am particularly proud that we managed to
continue to fulfil our social role at all times and
to maintain the food supply, with as our utmost
priority the safety of employees and customers.
Fortunately, we were able to create some bright
spots. For instance, we rewarded the efforts
of sales employees with an extra day off on
2 January, when more than 500 stores remained
closed. We offered temporary employment to
more than two thousand employees from hard-
hit sectors. We also distributed free sewing
packages, with which people made facemasks
for healthcare at home en masse. Then there
was home delivery of shopping to healthcare
workers, free hygiene packs for youth camps
and removable grips for shopping carts. And
Dreamland, which arranged for many children to
meet Saint Nicholas virtually.
As a group we had a decent financial year overall.
We saw our group revenue increase by 3,7%,
while we achieved a net result of 4,2% of revenue.
The coronavirus pandemic required substantial
expenditure on safety and remuneration, for
example, and had a far-reaching impact on
our activities. While fuel sales fell sharply, our
neighbourhood stores and online sales grew
strongly. Even in these exceptional times, Colruyt
remained true to its Lowest Prices promise and
protected customers’ purchasing power.
(1)
During the last financial year, it was oen all
hands on deck, but we remained focused on the
long-term perspective, with EUR 469 million
worth of investments in stores, distribution
centres, innovation and sustainability projects.
Aer a brief pause, we resumed the renovation
and expansion of our store estate, with 18 new
stores and 24 reopenings. Fiets! was renamed
Bike Republic and right away opened three new
stores. Our online shopping service Collect&Go
doubled its capacity and tested future-oriented
services such as mobile pick-up points, home
delivery and delivery by neighbourhood
volunteers. We are constantly reinventing
ourselves as a retailer, with the launch of brand-
new concepts such as the ‘Deals’ platform, for
true discount hunters.
Also with a view to the future, we took the
difficult but necessary decision to stop non-food
sales via the Collishop webshop completely.
This is because sustainable growth in a highly
competitive non-food market requires us to
specialise further in our non-food activities. We
will retain our network of 400 physical collection
points for other online orders. All employees
affected remained employed within the group.
In addition to this, we continued to strengthen
our family company via (increased) stakes in
clothing chain ZEB and data specialists Daltix
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Word from the Chairman

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and WeConnectData, as well as the acquisition
of document specialist Joos Hybrid. Every one
of these transactions is part of our long-term
strategy to offer our customers relevant solutions
in all phases of their lives.
Sustainable entrepreneurship is and remains
the common thread running through all our
activities. As far as agriculture is concerned, we
continue to support our local producers and their
crasmanship. We invested in additional farming
land and obtained a permit for a sea farm in
the North Sea. In all of this, we are committed,
together with Belgian partners and in all
transparency, to bring about sustainable change.
Another priority is to provide our customers
with maximum information, to make it easier
for them to make more sustainable choices. I
am therefore proud that we are the first Belgian
retailer to roll out the Eco-Score. That label gives
an idea of the ecological footprint of products
and appears together with the Nutri-Score
firstly on our digital channels and gradually on
packaging as well. Under the banner of ‘Step By
Step’, we constantly inspire the public to consume
and live more sustainably. For instance, we
distributed tens of thousands of free card games
that are fun for the whole family and highlighted
the sustainable aspects of our products in large-
scale media campaigns.
Meanwhile, we continue to invest heavily in
the production and distribution of renewable
energy. DATS 24 now offers private customers
green electricity directly. We continue to pioneer
the production of green hydrogen and its use
for heavy transport. We were the first retailer in
Europe to test a 44-tonne hydrogen truck and
will take the final investment decision for an
industrial hydrogen production site this year. The
consolidation of our energy activities in holding
company Virya Energy results in considerable
economies of scale and greater strength.
As last year, this annual report contains our
sustainability reporting, in a more concise
version centred around the Sustainable
Development Goals of the UN. The full stories can
be found on our website colruytgroup.com.
In this incredibly challenging year, we ‘challenged’
ourselves as a group on several occasions.
We frequently made a virtue of necessity and
managed to identify opportunities. For example,
we worked out new arrangements for our office
staff allowing room for working from home.
Even in complex, uncertain circumstances, we
kept working together and assumed our social
responsibility. As safely as possible and to the
best of our ability.
I want to express my sincerest thanks for this,
once more, dear colleague, customer, supplier or
partner. You can all continue to count on Colruyt
Group.
(1)
The federal government’s decision to ban
promotions and discounts temporarily in
March and April 2020 led to a general price
increase in Belgium. This temporary increase
in market prices was therefore not driven
by retailers. Aer the ban on promotions
was lied, prices gradually fell. Before,
during and aer the ban on promotions,
Colruyt steadfastly continued to guarantee
its customers the lowest price for every
product. In fact, in February 2021, Colruyt’s
average price level was lower than before the
start of the pandemic at the end of 2019.
Jef Colruyt
CEO Colruyt Group
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Who are we?
A family business
Colruyt Group is a family business that has grown over three generations
into a retail group with nearly 33.000 employees and a diverse portfolio
of food and non-food formats, in Belgium and abroad. The biggest
activity remains our supermarket Colruyt, which has delivered on its
brand promise of “Lowest Prices” day aer day for 45 years. Over the last
half a century, we have diversified our activities substantially.
However, we remain true to retail, which still accounts for four fihs
of our revenue. Today, we are active in retail with around ten business
formats, with both physical outlets and online shops in Belgium,
Luxembourg and France.
In addition, we operate in foodservice and wholesale, for instance as
a dedicated partner for the independent Spar stores. In recent years, we
have also grown strongly as a producer and supplier of renewable wind
and solar energy. Finally, it is typical of Colruyt Group that we continue
to do many things ourselves. We possess a wealth of experience and
expertise in areas such as technology, IT and communication, as well
as production and packaging of meat, coffee, cheese and wine, for
example.
Complementary brands,
shared values
At Colruyt Group, we want to make a positive difference
with everything we do. At every stage of life and at all
important moments in our customers’ lives, we want to
be there for them in a suitable way. For this reason, we
aim for maximum complementarity between our different
brands. One by one, they differentiate themselves with
simple solutions for specific requirements. Each in their
own, authentic way, our brands express the ‘simplicity
in retail’ that we represent as Colruyt Group. In this way,
each brand helps achieve our common mission. Each
business format also embodies the same group values.
Together, they form the foundation on which we continue
to build as a group and a point of reference in this rapidly
changing world. For ourselves, for our partners and for our
customers. So they all know what they can expect of us,
and that creates trust in turn.
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Working towards our
goals
In stormy times, it is the roots that
determine how firmly our tree stands.
The fruits on our tree are our results.
But results are merely a consequence.
They merely tell us something about
how we performed in a given context.
That’s why, at Colruyt Group, we don’t
focus on results but on goals. That
means setting a goal and doing the
right thing towards it in the here and
now. We are focussed, have confidence
in our own ability and hope for
the best possible outcome. Not by
concentrating on the fruits, but by
staying focussed on our orchard and
looking aer our ‘terroir’.

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Faith in people
At Colruyt Group, we always start with a positive view of people. We believe in people’s
creative power to see and seize opportunities. We assume that every employee is
driven to deliver quality and can add something to the greater whole. So, we do all we
can to allow our employees’ natural life energy to flow as effectively as possible. That
stimulates their entrepreneurship and growth, in their cra and as people. Aer all, as
the people grow, our company will grow.
Our positive view of people stems from a wider, more positive worldview and our
optimistic nature. We are convinced that through our enterprise, we help build a world
in which we all want to live. Step by step, together with colleagues, customers and
partners.
Firm roots
Knowing where you come from helps you
understand where you are going. At Colruyt Group,
we greatly value the insights and experience
that three generations of entrepreneurship have
brought us. We know who we are, what we stand
for together, we appreciate our own strengths,
identity and culture. In this way, we manage to
keep a family atmosphere and an SME attitude, as
a company that now has nearly 33.000 employees.
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• Together. Only together with our colleagues, suppliers, business
partners, investors and customers can we make a positive difference.
• Added value. Creating social added value gives our work meaning,
generates satisfaction and makes us wiser. Those are the true, lasting
‘rewards’. Money, on the other hand, is merely a resource that we invest
to realise our common dream.
• Sustainable creation. Every day, we start with a blank page. We gaze
in amazement at the world to see what is possible, conscious of our
strengths and limitations. And we don’t waste energy needlessly from
ourselves, our environment or nature.
• Value-driven. Our values form a common frame of reference that
determines how we behave and cooperate with one another. They
ensure that we act coherently and consistently, in everything we do.
• Crasmanship. Living crasmanship is a source of joy and pride. Our
company’s success is determined by the skills, attitudes and knowledge
of our employees and their teams.
• In retail. Our cra is still retail, even though, over time, our
entrepreneurship and creative drive have spawned many other
initiatives.
Common purpose
Our group mission is to channel the creative power of our people.
That is our shared ‘why’. At Colruyt Group we want to:
Create sustainable added value together
through value-driven craftsmanship in retail.
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Our ambitions
In order to realise our mission and strategy, we
have formulated several ambitions and strategic
objectives, in which the ultimate focus is always
on the customer.
By creating simplicity in retail, we want to make
our customers’ lives easier. To this end, we want
to offer them the right products and services
and assist them in all phases of their lives with
oen innovative but always relevant and simple
solutions. Mainly in food and non-food but also in
other, related categories such as energy, mobility
and health.
We reach our customers via diverse,
complementary formats focusing on efficiency
and the lowest price, on proximity and
convenience, on organic or quality in fresh
products from a short chain, etc. We operate
most of these store formats ourselves but they
also include various forms of partnerships.
Finally, we not only focus on individuals, but also
offer business customers a growing range of
quality services in areas such as foodservice and
document management.
Colruyt Group leads the way in many areas of
sustainability. We continuously improve the
sustainability of our assortment and provide our
customers with maximum information via the
Eco-Score and the Nutri-Score, for example. In
this way, we aim to inspire them to make more
conscious and sustainable choices. We also
want to strengthen our special relationship with
customers and maintain our dialogue, even in an
increasingly digital world.
We want to approach this in a coherent, value-
driven and sustainable way. As a family business,
we keep our unique company culture alive
and are an attractive employer for thousands
of people. We reach out to partners from all
segments of society and work hard to build
on the local connections of production and
crasmanship. Together with partners and the
public, we create added value in diverse areas
such as climate, mobility or energy supply.
With our positive attitude, we want to continue
to make a meaningful difference in the world in
many ways, for current and future generations.
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Our values story
We have Respect for every individual. That is the basis for our interaction. Every
person is equal, despite the great differences in appearance, culture, background,
skills, knowledge, interests, etc. Our Togetherness, the realisation that we all rely
on one another to be able to work well, is the basic attitude that enables us to work
together as a team. We love to serve others. Our Readiness to serve is therefore
the basic attitude required to be able to deliver quality day aer day. In this, we aim
for Simplicity by reducing things to essentials. That helps us work efficiently and
essentially.
To be able to produce good work, we need several other things. Starting with our
Faith in people’s positive intentions. That is essential if we are to trust. Our Hope then
invites us to invest the necessary time and resources, to be clear in our expectations
and eventually to let go and be open to the results that follow. It is essential here that
we allow ourselves the Space to pause, take a step back and consider what we are
doing. As soon as our head is too ‘full’, that consciousness vanishes and we fall behind.
Finally, we demonstrate inner Courage in showing enterprise. With a positive attitude
and a fresh, creative view, constantly working hard and mastering our cra, step by
step. That is where our Strength lies, through which we experience satisfaction and
fulfilment in our job.
Driven
by values
At Colruyt Group, we identify nine core
attitudes that we consider valuable in
helping us realise our mission. They
have grown historically and capture
the essence of what we all stand for.
These values form, so to speak, the
roots that feed our tree and determine
who we are. Our values inspire us and
give meaning to what we do. But they
only ‘live’ insofar as we actually apply
them in our everyday work. In order to
focus on that, at Colruyt Group we also
link nine focus points to our values.
These help us act consistently and
authentically.
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Our vision on sustainability
Sustainable entrepreneurship is in Colruyt Group’s DNA and runs as a common element
through all our operations. At the same time, starting with an economic impetus, we
aim to make a positive difference, socially and ecologically, always with long-term
results in mind. We believe that, in this way, our entrepreneurship drives sustainable
change.
Through our strategic place in the chain, we have an impact on our customers, suppliers, partners and
society at large. Conscious of this strong connection and constant interaction, we want to play a meaningful
role for everyone who is involved in our business. And create added social value. To this end, we have
worked for years to make our own operations and activities more sustainable, are investing heavily in
innovation and – more than ever – building sustainable partnerships with various partners.
Despite a particularly challenging year, we have continued to invest all-out in sustainability and not a single
project was shelved. In short: even in challenging times we continue to raise the bar for sustainability.
We are also proud of what we have already achieved over the years, but are equally aware that the
sustainability story is never complete. That is what makes us constantly dedicated to making a positive
difference together.
Our ambition
To be a reference
point for sustainable
entrepreneurship and a
source of inspiration
for conscious
consumption

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Our approach
17 SDGs to report on
Client
4 themes
to consume more consciously
Mobility
Energy
Water
Atmosphere
Raw materials
Agriculture
Biodiversity
Animal welfare
Living together
Learning together
Working together
Health
3 drivers
on which we
organise ourselves
More than
150 projects
12 programmes to make a dierence
Product
Infrastructure
People

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This financial year, each programme was assigned
a clear scope, vision and measurable objectives.
Several programmes were renamed, adding
consistency to the set of programmes.
Our vision on sustainable entrepreneurship is set
out in twelve programmes, on which we can make
a difference with our day-to-day activities.
12 programmes
to make a dierence
4 themes to consume more
consciously
We want to set an example for our employees and consumers
and inspire them to do business sustainably, and consume
consciously. This is expressed through our product range,
service offer, infrastructure, communication and tools. We
want to offer them simple assistance so that they can make
more sustainable choices more easily and take the initiative.
We want to roll out this commitment widely through ‘Step
by step’, a clear common language for all aspects of
sustainability. For this reason, we link products, services and
initiatives with clear, strong aims and a demonstrable impact
on health, society, animal welfare or the environment to one
or more icons. That way, our efforts towards sustainability
are visible at a glance and we give consumers and employees
tools for making more conscious, better choices, intuitively.
We bring a distinctive story that motivates and inspires
consumers and increases confidence in Colruyt Group.
Mobility
Energy
Water
Atmosphere
Raw materials
Agriculture
Biodiversity
Animal welfare
Living together
Learning together
Working together
Health

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3 drivers on which we organise ourselves
‘Creating sustainable added value’ is at the heart of our mission. To
permanently track the theme within the organisation, we have divided the
Sustainability domain into three pillars: People, Infrastructure and Product.
Within these pillars, aspirations are formulated as to the direction in which we
want to head. This organisational culture ensures that sustainability is deeply
rooted in every part of Colruyt Group.
Sustainability
Domain
Vision, strategy and
objectives for the
whole organisation.
Chairman of the
Domain Board: Jef
Colruyt (4 times a
year)
Domain meetings
(tactical, 5 times a year)
Domain meetings
(tactical, 4 times a year)
Domain meetings
(tactical, 4 times a year)
Working groups
(operational)
Working groups
(operational)
Working groups
(operational)
Product
Infrastructure
People
Explanation of
vision, strategy
and progress for
Board of Directors,
management
committees,
boards for future
projects and
other consultative
bodies.

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17 Sustainable Development Goals to report on
The internationally recognised sustainability agenda of the United Nations, with its seventeen Sustainable
Development Goals (SDGs), forms a common global basis for tackling social challenges. They act as a driver for
every public authority, organisation or individual wanting to do their bit to create a more sustainable world. The
international consensus around the agenda, the goals and the language used makes it easier to combine forces
in a targeted way and to make progress together, both locally and globally.
Now more than ever, the common thread of the UN sustainability agenda takes on its full significance: Leave no
one behind. The coronavirus crisis impacts all aspects of the seventeen goals and demonstrates the importance
and absolute necessity to realise the Agenda 2030.
At Colruyt Group, we are fully behind the SDG agenda. As of 2017, we are one of the ‘SDG Voices’ and will continue
this commitment. As of January 2020, for this reason, we are a member of the Board of Directors of CIFAL Flanders.
Measurement of impact
With our products, services and initiatives, we want to create clearly identifiable sustainable added value.
To measure and analyse our impact and draw up improvement plans, we always aim to apply science-based
methodologies. For this reason, for several years, we have used footprint techniques such as PEF (Product
Environmental Footprint) and OEF (Organisation Environmental Footprint). Via these techniques, we consider the
whole life cycle of our own organisation and of our products, to gain an insight into the actual impact we have.
Guided by these methodologies, we intend to use the insights gathered as input for the development of our strategy
and objectives.

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Materiality
For us, the SDGs are an important
guide for realising our sustainability
ambitions. From this year, we link all
of our sustainability reporting to the
Agenda 2030.
Based on the seventeen sustainable
development goals, we have chosen
seven SDGs on which we believe we
can make the biggest impact, thanks
to the uniqueness of our organisation.
These are the most material SDGs
for us:
SDG 2 Zero hunger
SDG 3 Good health and well-being
SDG 6 Clean water and sanitation
SDG 7 Affordable and clean energy
SDG 8 Decent work and economic
growth
SDG 12 Responsible consumption
and production
SDG 13 Climate action
Naturally, we remain committed
to the other SDGs as well. For
example, we view Peace, justice and
strong institutions (SDG 16) and
Partnerships for the goals (SDG 17)
as drivers for realising all other
SDGs. We work closely with all of our
partners and suppliers, with mutual
respect at all times and based on
dialogue and trust.
The goals set in this report apply
mostly to Colruyt Group in Belgium,
since more than 90% of our activities
are concentrated there. We aim to
expand this scope in the coming
years. Where we speak of ‘financial
year’ and use ‘2020’ as a reference,
this relates to financial year 2020/21
(1 April 2020 to 31 March 2021
inclusive). Where we use the term
‘products’, this refers to our private
label products.
Our sustainability reporting can be found in the Corporate
sustainability chapter, from page 162. This presentation of non-
financial information and diversity is based on Article 96 para.
4 or 119, para. 2 of the Belgian Companies Code, implemented
by the Belgian Law of 03/09/2017 transposing EU Directive
2014/95/EU.

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Continuity, even during the pandemic
The 2020/21 financial year was characterised by the coronavirus pandemic in many
areas. Even in this turbulent period, we managed to ensure continuity, first and
foremost of the food supply. At the same time, we continued to appreciate our
privileged relationships with tens of thousands of customers and many partners.
We continued to look forward and invest in our people and the future.
All of our food stores continued to operate for
the entire period, apart from a few temporary
closures in the spring of 2020, due to sickness or
self-isolation. Nevertheless, for store employees it
was never business as usual, given the frequently
changing guidelines for opening hours, the
number of customers allowed and compulsory
mask-wearing, or the temporary ban on the sale
of non-food items when non-essential shops
were closed. Throughout the year, more than
a thousand employees from across the whole
group stepped in to help cope with peaks in sales.
Aer the exceptionally busy period in March-April
2020 due to volume purchases, retail activity
gradually stabilised, partly because customers
switched en masse to shopping online with
Collect&Go.
Our non-food stores’ webshops also experienced
huge growth, particularly in periods when physical
stores were completely closed. In no time at all
they came up with creative solutions and new
services, such as remote advice, Click&Collect
or home delivery. Only a few colleagues were
furloughed, and many of them were temporarily
redeployed to our food stores, logistics or
production. Because, behind the scenes too, it
was oen all hands on deck to keep up. This was
an amazing success, thanks to the huge efforts
and solidarity among colleagues.
In view of their outstanding performance, we
rewarded employees from sales, logistics and
production with extra bonuses, meal vouchers
and paid leave, amongst others. On Saturday
2 January 2021, more than 500 of our stores in
Belgium remained closed. These financial efforts
from February 2020 to June 2021 represent an
estimated amount of 40 million euros, equivalent
to one extra net monthly salary on average per
store or logistics employee involved.
To guarantee maximum safety for customers and
employees, we followed government guidelines to
the letter. We provided our store employees with
maximum support in implementing the changing
public health measures, while also giving the
government feedback on what was and was not
feasible in practice, oen in close consultation
with the retail federation Comeos. We frequently
went a step further than the requirements.
For instance, we provided our customers
with removable grips for shopping carts and
our employees with free facemasks. And we
developed many safety measures ourselves, such
as plexiglass screens and useful hand sanitiser
stations for stores.
While day-to-day contact with customers did
not always go smoothly for sales employees,
compulsory working from home raised other
challenges for our office workers. For this reason,
from mid-2020 onwards, our training offer
focused on mental well-being and self-care, both
at work and at home. We organised courses in
assertiveness and coping with stress, as well as
workshops on resilience, guided group walks in
nature or online yoga and meditation sessions.
Our service The Connection proactively called
many co-workers and extended its opening hours,
to offer a listening ear to whoever was struggling.
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We pulled out all of the stops to make sure
annual events still went ahead, with adjustments
where necessary. More than 470 colleagues were
rewarded for their long careers with an online
event, a medal, a gi voucher, flowers, a surprise
package and a commemorative newsletter. In
view of the high demand for blood, the annual
collection went ahead as usual, as did the free
flu vaccination, with priority for employees over
50. We postponed the election of employee
representatives from May to November 2020
and enabled postal voting. We made up for the
cancellation of the many New Year drinks parties
with a card featuring a personal greeting from
Jef Colruyt and a magnificent bouquet for every
employee.
However much time and energy it took to keep
our ‘store’ running, we continued to look outwards
and launched many warmly received social
initiatives. For example, we distributed free
sewing packages to customers and employees,
leading to the supply of 150.000 facemasks to
600 healthcare institutions and 50.000 to Special
Olympics Belgium. We made home deliveries to
healthcare workers and repaired their bicycles for
free. We actively contributed to the extra donation
of 460.000 meals to Foodbanks and provided
youth associations with 19.000 hygiene packs for
their summer camps.
Last financial year, we continued to recruit
people, preferably on full-time permanent
contracts. Following the outbreak of the
pandemic, all vacancies were rapidly reprioritised,
depending on the changing urgency. Partly to
reduce the load on our permanent employees
in the busy run-up to the end-of-year period, we
launched a national call for people on furlough.
In the space of just a week, more than 5.000
people came forward. Aer a shortened selection
procedure, two weeks later nearly 1.500 of them
were working (temporarily) in our stores.
Finally, along with many other companies, we
lent our support to the ‘Sterker dan corona’
(Stronger than corona) initiative. A campaign
that thanks everyone for their efforts, from
employees to business owners, from students to
pensioners. At Colruyt Group, we are grateful for
the opportunities and challenges we successfully
negotiated last year. And we are convinced that,
thanks to our optimistic disposition, we will
always find the necessary courage, strength
and creative entrepreneurship to come through
difficult times successfully.
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Management report
Revenue grows 3,7%
Net result excluding one-o eects increases slightly
The evolution of our results was impacted by specific effects this financial year:
• Diverse impacts as a result of the COVID-19 health crisis since the end
of financial year 2019/20.
The food stores handled higher volumes and thus again fulfilled their
essential role in the food chain. Revenue from the non-food stores and
the foodservice and fuel distribution activities declined as a result of
the crisis.
At all its sites, the group has taken measures to ensure the continuity
of the operations as well as the health and safety of employees and
customers. We have also again taken on our social role through various
actions such as the donation of food and face masks.
The COVID-19 impact could however not be clearly isolated this
financial year.
• Contribution of assets relating to Eoly’s renewable wind energy
activities into the energy holding Virya Energy.
This contribution resulted in a one-off gain of EUR 31 million in
financial year 2020/21.
Contribution of the stake in Parkwind (offshore wind energy) into Virya
Energy in the second half of last financial year.
This contribution resulted in a one-off positive effect of EUR 45 million
in 2019/20.
These transactions have no material impact on the cash flow statement.
• Acquisition of 100% of the shares of Joos Hybrid and increase of the
stake in The Fashion Society.
Joos Hybrid provides companies with hybrid total solutions for
document and communication management. The Fashion Society
(formerly Fraluc Group) includes the fashion retail chains ZEB,
PointCarré, The Fashion Store and ZEB For Stars.
Both are fully consolidated as from August 2020, which has enhanced
the revenue growth. The impact on the operating profit and the net
result of financial year 2020/21 was limited.
• Discontinuation of the sale of the general non-food range through the
Collishop website as from October 2020.
This allows the group to focus on and invest in further specialisation
within the non-food activities of, inter alia, Dreamland, Dreambaby
and Bike Republic (formerly Fiets!) and thus to accommodate
sustainable growth through a multi-channel approach.
The discontinuation of the non-food sales through the Collishop
website has negatively impacted revenue growth. The impact on the
2020/21 operating profit and net result was limited.
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(In million EUR)
1/04/2020 -
31/03/2021
(1)
1/04/2019 -
31/03/2020
(2)
Variance
Revenue 9.931 9.581 +3,7%
Gross profit 2.792 2.565 +8,9%
% of revenue 28,1% 26,8%
Operating cash flow (EBITDA) 850 807 +5,4%
% of revenuet 8,6% 8,4%
Operating profit (EBIT) 523 511 +2,4%
% of revenue 5,3% 5,3%
Profit before tax 521 561 -7,2%
% of revenue 5,2% 5,9%
Profit for the financial year 416 431 -3,6%
% of revenue 4,2% 4,5%
Earnings per share (in EUR)
(3)
3,06 3,14 -2,4%
(1) The 2020/21 results were impacted by the COVID-19
crisis, the full consolidation of The Fashion Society
and Joos Hybrid (as from August 2020) and the
discontinuation of the non-food sales through the
Collishop website (as from October 2020).
(2) The 2019/20 results were impacted by the COVID-19
crisis as from the end of February 2020.
(3) The weighted average number of outstanding shares
equalled 135.503.424 in 2020/21 and 137.279.011 in
2019/20.
Consolidated key figures
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Consolidated income statement
The group revenue rose by 3,7% to over EUR 9,9 billion in 2020/21. The fuel
distribution activities of DATS 24 recorded a revenue decrease. Excluding
petrol, revenue increased by 6,4%. The revenue performance was impacted
by the COVID-19 crisis (both at the end of 2019/20 and in 2020/21),
the full consolidation of The Fashion Society and Joos Hybrid, and the
discontinuation of the non-food sales through the Collishop website.
The food revenue grew at a slower pace than the overall Belgian market,
as Colruyt Group proportionally has fewer neighbourhood stores than the
market average. Neighbourhood store concepts experienced higher growth
than the other store formats during the COVID-19 health crisis, causing the
market share of Colruyt Group in Belgium (Colruyt Lowest Prices, OKay and
Spar) to decline to 31,3% in financial year 2020/21 (32,1% in 2019/20).
The gross profit margin increased to 28,1% of revenue. Excluding petrol,
the gross margin improved by 71 basis points. The margin evolution mainly
reflects lower promotional pressure at the start of the financial year (ban on
promotions and discounts in Belgian supermarkets), miscellaneous product
mix effects, COVID-19-related provisions, operational improvements and the
full consolidation of The Fashion Society and Joos Hybrid.
Net operating expenses climbed from 18,4% to 19,6% of revenue. The
increase is mainly the result of COVID-19 and the ongoing investments
in employees, house-brand products, distribution channels and change
projects. The percentage was also impacted by the revenue decrease of the
fuel distribution activities and the full consolidation of The Fashion Society
and Joos Hybrid.
The COVID-19-related costs essentially cover the various measures taken
to ensure the health and safety of employees and customers. During the
COVID-19 health crisis, we also granted additional benefits and days of leave
to employees in sales, logistics and production as a token of gratitude for
the efforts made, for an estimated amount of EUR 40 million (from the end
of February 2020 up to June 2021). The food stores, logistics and production
departments were reinforced with both internal and external employees.
At the end of March 2021, Colruyt Group had 31.189 employees (full-time
equivalents). The increase by 2.133 full-time equivalents compared to 31
March 2020 is partly due to the acquisition of The Fashion Society and Joos
Hybrid.
Following the contribution of Eoly’s renewable wind energy activities into
the energy holding Virya Energy, a one-off positive effect of EUR 31 million
was realised in the first semester of 2020/21.
The operating cash flow (EBITDA) amounted to 8,6% of revenue.
Excluding the gain realised on the contribution of Eoly Energy, the EBITDA
margin was 8,3% of revenue (8,4% in 2019/20). The gross margin increase
was offset by higher operating expenses.
The depreciation, amortisation and impairment charges rose by
EUR 32 million. The increase is mainly attributable to the full consolidation
of The Fashion Society and Joos Hybrid (EUR 15 million) and to the
continuous investments in stores, distribution centres and transformation
programmes.
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The operating profit (EBIT) totalled EUR 523 million or 5,3% of revenue in
2020/21. Excluding the gain realised on the contribution of Eoly Energy, the
EBIT margin was 5,0% of revenue (5,3% in 2019/20).
The share in the result of investments decreased to EUR -4 million in
2020/21 (EUR 52 million in 2019/20).
Virya Energy reported a result increase in the first semester and lower
results in the second semester, primarily due to one-off effects. In the
second half of 2019/20, Colruyt Group realised a one-off positive effect of
EUR 45 million from the contribution of Parkwind (off-shore wind energy)
into Virya Energy. The Fashion Society and Vendis Capital reported lower
results, mainly due to COVID-19. As of August 2020, The Fashion Society is
fully consolidated and no longer accounted for as a joint venture using the
equity method.
The effective tax rate amounted to 20,0% and was impacted by the reform
of the Belgian corporation tax, the investments in innovation and change
projects and the contribution of Eoly Energy.
The profit for the financial year totalled EUR 416 million (4,2% of revenue).
Excluding the gain realised on the contribution of Eoly Energy, the net
result equalled EUR 385 million or 3,9% of revenue in 2020/21 (EUR 380
million excluding one-off effects or 4,0% of revenue in 2019/20).
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Colruyt Group revenue (in million EUR)
11/12 12/13 13/14 14/15 15/16 16/17 17/18
7.848
8.312
8.652
8.917
9.177
9.493
9.031
18/19 19/20 20/21
9.434
9.581
9.931
11%
WHOLESALE AND
FOODSERVICE
84%
RETAIL
5%
OTHER ACTIVITIES
REVENUE
Colruyt Group results (in million EUR)
11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19
343 354 350 363 366 383 374 384
485
515
488
495
507
493
488
485
EBIT
Profit for the
financial year
20/21
416
523
19/20
431
511
11%
WHOLESALE AND
FOODSERVICE
85%
RETAIL
10%
OTHER
ACTIVITIES
- 6%
CORPORATE
EBIT
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Income statement per segment
Retail
Revenue from the retail activities grew by 5,2% to
EUR 8.308 million. Revenue was impacted by the
COVID-19 crisis (both at the end of 2019/20 and
in 2020/21), the discontinuation of the non-food
sales through the Collishop website as of October
2020 and the full consolidation of the Fashion
Society. Excluding The Fashion Society, retail
revenue improved by 3,8%. The retail activities
accounted for 83,7% of the consolidated revenue
in 2020/21.
The food retail revenue grew, essentially as a
result of expansion and higher volumes (offline
and online) during the COVID-19 crisis. At the
end of last financial year, when the health crisis
set in, the food stores in Belgium, France and
Luxembourg were already reporting significant
revenue growth.
Revenue of Colruyt in Belgium and Luxembourg
climbed 3,0%. Colruyt Lowest Prices continued to
invest in the modernisation of the existing stores
and also opened four new stores. The COVID-19
crisis resulted in higher sales volumes, both offline
and online. The discontinuation of the non-food
sales through the Collishop website negatively
impacted revenue growth as from October 2020.
Colruyt Lowest Prices delivers on its brand
promise day aer day by guaranteeing the lowest
price for every product (10.500 food references
and 7.500 non-food references) at every moment.
Price reductions and promotions offered by
competitors are immediately integrated in the
sales prices.
OKay, Bio-Planet and Cru reported an aggregate
revenue growth of 12,5%, mainly as a result
of expansion and of volume gains during the
COVID-19 crisis.
The OKay neighbourhood stores, where
customers can do their daily shopping quickly,
cheaply and easily, opened five new stores.
OKay continued the roll-out of its renewed
store concept and furthers its investments in
convenience and in more than 4.500 high-quality
and fresh products.
Bio-Planet remains the group’s pioneer in
sustainability, organic products and healthy
food and offers more than 6.000 organic and
eco-friendly products. Bio-Planet wants to make
conscious and healthy eating more accessible
and continues to focus on Belgian and local
connections.
The Cru multi-experience markets in Overijse,
Ghent and Antwerp pursued their efforts to
drive revenue growth and improve operational
efficiency in 2020/21. Artisan products (850
references) and customer experience, combined
with crasmanship, remain at the forefront.
Excluding petrol, the revenue of Colruyt in
France rose by 7,2%. The revenue increase is
mainly attributable to organic growth, partly
due to COVID-19, and to expansion. Colruyt Prix-
Qualité is a clearly laid out neighbourhood super-
market, where customers can find everything they
need for their daily and weekly shop.
Colruyt Group continues to invest in its French
retail activities by renewing existing stores,
opening new stores and doubling the logistical
capacity in the years ahead. In April 2021, the new
distribution centre near Nancy was brought into
operation.
The fuel distribution activities of DATS 24 in
France recorded a revenue decrease during the
COVID-19 crisis. Including petrol, the revenue of
Colruyt in France rose by 1,6%.
The non-food retail revenue grew by 37,6%
compared to last year, primarily reflecting the
full consolidation of The Fashion Society. Due to
the COVID-19 crisis, all non-essential businesses
in Belgium, including Colruyt Group’s non-food
stores, were required to temporarily close (from
18 March up to and including 10 May 2020, and in
November 2020).
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The combined store revenue of Dreamland,
Dreambaby and Bike Republic (formerly Fiets!)
declined by 2,7% as a result of the enforced store
closures. The online non-food revenue, which is
included in the store format where the goods are
collected, experienced strong growth.
Colruyt Group increased its stake in The Fashion
Society (formerly Fraluc Group) from 68% to 98%.
As a result, The Fashion Society, the holding that
includes the fashion retail chains ZEB, PointCarré,
The Fashion Store and ZEB For Stars, is fully
consolidated as of August 2020. The multi-brand
chain comprises 114 stores in Belgium and
Luxembourg and two stores in France. The four
store concepts are complementary, cover a large
proportion of the fashion market and are aimed
at different target groups.
Colruyt Group continues to invest in and
innovate its online store concepts and digital
applications.
The growth in online sales (of both food and
non-food) accelerated in 2020/21, partly due
to COVID-19. Our online revenue is primarily
generated by Collect&Go. The shopping service
of Colruyt and Bio-Planet is the market leader
in the Belgian online food market and further
expanded its capacity in 2020/21. A new Belgian
e-commerce distribution centre for Collect&Go is
scheduled to open in the autumn of 2021.
Since May 2020, Collect&Go has been testing
a home delivery service bringing groceries
to people’s doorsteps through a network of
neighbours. Since the COVID-19 crisis, we have
been testing additional temporary takeaway and
delivery services, for instance in the Cru markets.
Late March 2021, we launched the online
promotions platform Deals!, which is provided
via Collect&Go and offers customers new, strong
volume promotions every week.
Innovation and sustainability remain key
priorities at Colruyt Group. We are a reference
point for sustainable entrepreneurship and a
source of inspiration for conscious consumption.
We work towards this objective step by
step, through a wide array of initiatives and
partnerships.
As far as agriculture is concerned, the group
remains committed to Belgian connections,
crasmanship and more transparent supply
chains. In March 2021, we introduced the Eco-
Score. The Eco-Score indicates a product’s
environmental footprint and complements the
Nutri-Score. In this way, we want to inspire the
consumer to consume consciously, in terms of
both environment (Eco-Score) and health (Nutri-
Score). In the years ahead, we will continue to
invest in the sustainable conversion of existing
stores into low-energy stores.
Wholesale & Foodservice
Revenue from the wholesale and foodservice
segment grew by 11,7% to EUR 1.075 million
and was impacted by the COVID-19 health crisis
(at the end of 2019/20 as well as in 2020/21).
These activities accounted for 10,8% of the group
revenue in financial year 2020/21.
The increase of the wholesale revenue by 15,5%
is attributed to higher sales volumes in Belgium
and France, mainly due to COVID-19. The Spar
Colruyt Group stores in Belgium are known to
be friendly neighbourhood supermarkets for
daily grocery shopping, with a strong range of
fresh products, personal service and competitive
prices. The profitability of the independent Spar
entrepreneurs continues to rank among the best
on the market.
Colruyt Group systematically opts for a close,
long-term collaboration with the independent
entrepreneurs and intends to further expand its
efficient independent store network in Belgium
and France over the coming years.
Solucious, Colruyt Group’s foodservice specialist,
delivers foodservice and retail products to
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professional customers throughout Belgium,
including hospitals, SMEs and the hospitality
sector. Solucious stands out by its convenience,
its wide product range, its smooth and reliable
deliveries and its transparent prices. Solucious
recorded a 13,4% revenue decline in financial year
2020/21. Due to the COVID-19 health crisis, the
deliveries to the hospitality sector in particular
dropped.
As part of its social role, Solucious contributed
to various initiatives to support the healthcare
sector and youth associations during the
COVID-19 crisis. From March to May 2020,
Solucious delivered groceries to more than ten
major Belgian hospitals directly at no additional
charge, to support healthcare workers. At
the end of 2020 and in 2021, Solucious also
delivered groceries to the homes of healthcare
professionals working within and outside of
hospitals.
Solucious is also committed to innovation and
started rolling out an application for its deliverers
in 2021. Solucious is the first Belgian food
service player to digitalise the administration and
reporting of the delivery process, with the aim of
fostering its growth in a customer-oriented and
efficient manner.
Other activities
Revenue from the other activities decreased
by 24,2% to EUR 547 million in financial year
2020/21. These activities accounted for 5,5% of
the consolidated revenue.
This segment basically comprises the revenue of
the Belgian DATS 24 filling stations. The revenue of
DATS 24 fell by more than 25% as a result of price
and volume declines during the COVID-19 crisis.
The DATS 24 network currently comprises more
than 80 CNG stations, one public hydrogen filling
station and over 120 electric charging posts on
car parks of Colruyt Group stores. Step by step,
DATS 24 furthers its efforts to promote greener
mobility and it will unabatedly continue its
investments in sustainable alternative fuels and
green energy in the years to come, including
through the construction of additional public
hydrogen filling stations.
Since April 2021, customers can also rely on
DATS 24 for the supply of natural gas and green,
Belgian electricity. DATS 24 thus provides energy
at home, at work and on the road.
The revenue from printing and document
management solutions relates to the activities
of Symeta and Joos Hybrid (jointly Symeta
Hybrid). In August 2020, Colruyt Group acquired
100% of the shares of Joos Hybrid. Joos Hybrid
provides hybrid total solutions for document
and communication management, thus
supporting large companies, SMEs and various
organisations in their digital transformation. The
acquisition fits with our ambition to respond
to evolving consumer needs and to further our
continuous investments in process optimisation
and digitalisation. Joos Hybrid’s activities are
complementary to the activities of Symeta, our
printing and document management specialist.
Colruyt Group is the majority shareholder of
the energy holding Virya Energy. Virya Energy
is active in the production of sustainable
energy, with a major focus on offshore and
onshore wind energy. Virya Energy focuses on
the development, financing, construction and
operation of renewable energy assets and aims
for international expansion. The energy holding
currently holds stakes in, inter alia, Parkwind,
Eurowatt and Eoly Energy.
In April 2020, Virya Energy increased its stake in
Parkwind (offshore wind energy) to 100%. Eoly
Energy (onshore wind energy) was transferred
into the energy holding in May 2020. In February
2021, Virya Energy increased its stake in Eurowatt
(onshore wind energy) to 100%.
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Consolidated balance sheet
The net carrying amount of the tangible and
intangible fixed assets increased by
EUR 323 million to EUR 2.979 million. The
increase is primarily the net effect of new
investments (EUR 469 million), the full
consolidation of The Fashion Society and Joos
Hybrid (EUR 173 million) and depreciation
charges (EUR 323 million).
Colruyt Group continues to invest in its
distribution channels, logistics and production
departments, in renewable energy and in
innovative future-oriented transformation
programmes.
In financial year 2020/21, Virya Energy issued
convertible bonds, which were subscribed to
by its shareholders Colruyt Group and Korys.
This bond issuance fitted with Virya Energy’s
expansion plans. As a result of the subscription,
our cash flow statement included a cash outflow
of EUR 97 million (EUR 64 million in the first
semester and EUR 33 million in the second
semester of 2020/21). The subscription also
explains the increase in the financial non-current
assets compared to last year. The bonds are
interest-bearing and can either be converted into
Virya Energy shares or redeemed. The parties
have taken the necessary measures in view of the
conflict of interest rules.
The net cash and cash equivalents amounted
to EUR 106 million at 31 March 2021 (net of EUR
178 million of short-term financing).
Colruyt Group’s equity totalled EUR 2.527 million
at year-end, accounting for 48,6% of the balance
sheet total.
The increase in interest-bearing liabilities
(current and non-current) by EUR 313 million is
essentially due to short-term financing at year-
end and to the full consolidation of The Fashion
Society and Joos Hybrid (including IFRS 16
liabilities).
Treasury shares
In 2020/21, 1.068.520 treasury shares were
purchased for an amount of EUR 52,5 million. In
October 2020, 2.500.000 treasury shares were
cancelled.
Aer year-end, 452.765 treasury shares were
purchased for an amount of EUR 22,4 million.
On 11 June 2021, Colruyt Group held 1.821.153
treasury shares, representing 1,34% of the total
number of shares issued.
Events after the reporting period
Aer year-end, Colruyt Group is once again
experiencing diverse impacts of the COVID-19
health crisis. We continue to implement
measures at all our sites to protect the health
and safety of all those present and to ensure the
continuity of the operations. These measures
are being monitored regularly and adjusted as
needed based on the latest information available.
Costs related to the measures introduced will be
reflected in the income statement of financial
year 2021/22.
As from 27 March to 26 April 2021, shopping in
all non-essential stores in Belgium, including
Colruyt Group’s non-food stores, was allowed by
appointment only.
Continuity risks and other risks are being
monitored on a regular basis, both in the
subsidiaries and in the companies in which
Colruyt Group has an interest. To date, we have
no knowledge of information that would lead to
a material adjustment of the results or the notes
thereto.
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In April 2021, Colruyt Group acquired 100% of
the shares of Culinoa. As a foodservice partner
Culinoa guides and supports over 100 large-scale
kitchens of healthcare institutions in Belgium.
The services Culinoa provides are complementary
to the activities of Solucious, our foodservice
specialist. Thanks to this investment, we are able
to reinforce our foodservice expertise, to respond
even better to the needs of healthcare facilities
and to promote qualitative meal catering in
Belgium.
In April 2021, Colruyt Group acquired 100% of
the shares of the Belgian fitness chain JIMS. In
addition to 27 traditional fitness centres and the
possibility to attend group exercise classes, JIMS
also provides digital coaching. This acquisition
fits with our ambition to respond to the
consumer’s needs in the different stages of his
life cycle and with our continuous investments in
health.
There were no further significant events aer
year-end.
Outlook
Given the uncertainty caused by the COVID-19
health crisis, we are unable to make any
statements regarding expected macroeconomic,
competitive or other trends. We continue to
closely monitor relevant trends in market
conditions and in customer behaviour and
will decide on an appropriate response where
needed.
Colruyt Group maintains its long-term focus and
will continue to consistently pursue its long-term
strategy. Colruyt Lowest Prices will continue to
consistently implement its lowest prices strategy,
guaranteeing its customers the lowest price for
each article at each moment.
We will continue to keep our operating expenses
under control, while pursuing the investments in
employees, high-quality house-brand products,
efficiency, innovation, sustainability and change
projects.
Colruyt Group expects that the 2020/21
consolidated net result (EUR 385 million
excluding the gain on the contribution of Eoly
Energy) will be difficult to match in financial
year 2021/22. We point out that the uncertainty
caused by the COVID-19 health crisis may impact
the 2021/22 result outlook.
We expect the acquisition of the foodservice
partner Culinoa and of the fitness chain JIMS to
have no material impact on Colruyt Group’s net
result of financial year 2021/22.
Colruyt Group will present its full-year 2021/22
guidance at the General Meeting of Shareholders
on 29 September 2021.
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Earnings and gross dividend per share (in EUR)
Dividend
The Board of Directors will propose a gross dividend of EUR 1,47 per share to the
General Meeting of Shareholders.
(1) Excluding the one-off gain
related to the contribution of
Parkwind into Virya Energy,
which had no material impact
on the 2019/20 cash flow
statement, the net earnings
per share amounted to EUR
2,81 and the pay-out ratio to
48,0%.
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11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20
(1)
0,95 1,00 1,00 1,00 1,12 1,18 1,22 1,31 1,35
2,18
2,26
2,24
2,21
2,49
2,60 2,60
2,78
3,14
43,6%
44,2%
44,6%
45,2%
45,1%
45,3%
46,9%
47,2%
43,O%
20/21
1,47
3,06
48,O%
Earnings per share
Dividend pay-out ratio
Gross dividend per share

31
(In million EUR) Revenue EBITDA EBIT
Retail
(1)
8.373 694 445
Retail Food 7.960
• Colruyt Belgium and Luxembourg
(2)
6.258
• OKay, Bio-Planet and Cru
(3)
1.136
• Colruyt France and DATS 24 France 566
Retail Non-food
(4)
348
Transactions with other operating segments 65
Wholesale and Foodservice
(1)
1.088 77 57
Wholesale 966
Foodservice 109
Transactions with other operating segments 13
Other activities
(1)
557 63 51
DATS 24 Belgium 532
Printing and document management solutions
(5)
16
Transactions with other operating segments 9
Eliminations between operating segments - 87 0 0
Corporate (not allocated) 0 17 - 29
Total Colruyt Group consolidated 9.931 850 523
(1) Including transactions with other operating segments.
(2) Including the revenue from the Collect&Go, Bio-Planet,
Collishop, Dreamland and Dreambaby webshops realised by
Colruyt stores.
(3) Including the revenue from the Collishop, Dreamland and
Dreambaby webshops realised by OKay and Bio-Planet stores.
(4) Includes the store revenue of Dreamland and Dreambaby
and the revenue of Bike Republic and The Fashion Society (as
from 1 August 2020).
(5) Includes the revenue from Symeta and Joos Hybrid (as from
1 August 2020).
Segment information
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(In million EUR) 2020/21
(1)
2019/20
(1)
I. Retail 313 309
Colruyt (Belgium and Luxembourg) 137 171
OKay, Bio-Planet and Cru 18 17
Dreamland, Dreambaby, Bike Republic and The Fashion Society
(2)
87
Colruyt France and DATS 24 France 17 13
Other retail and real estate 134 101
II. Wholesale and Foodservice 15 8
Wholesale 5 4
Foodservice 1 1
Real estate 9 3
III. Other activities
(3)
20 16
IV. Unallocated corporate activities 121 77
Total Colruyt Group 469 410
Key figures
Investments realised
EUR469
million
investments
(1) Excluding IFRS 16 right-of-use assets.
(2) Includes The Fashion Society as from August 2020
(3) Includes Joos Hybrid as from August 2020. The renewable wind energy activities of Eoly were
contributed in financial year 2020/21 to the energy holding company Virya Energy.
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Word from the Chairman • Who are we? • Our vision on sustainability • COVID-19 • Management report • Key figures

33
Production and distribution centres
m
2
number
Production and distribution centres
Belgium 606.700 24
France 64.417 4
The investments in 2020/21 mainly related to:
• the construction and renovation of stores in Belgium and
France
• the production facilities of Colruyt Group Fine Food
• new refrigerated containers with liquid ice technology and
vehicles
• the sustainable renovation of distribution centres and
administrative buildings
• new e-commerce distribution centres for Collect&Go and
Newpharma
• purchase of a new administrative building
• green energy (solar panels, hydrogen, CNG and charging
stations)
• our future-oriented transformation programmes
Excluding any acquisitions or participations, Colruyt
Group expects to carry out in financial year 2021/22 an
investment programme of between EUR 490 million and
EUR 520 million. Colruyt Group continues to invest in its
distribution channels, logistics and production departments,
in renewable energy and in innovative future-oriented
transformation programmes. The group will also continue
to invest in the new e-commerce distribution centres for
Collect&Go and Newpharma, in the expansion of logistics
capacity in France, in the sustainable renovation of buildings
and in the roll-out of smart electronic price labelling at Okay.
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34
Company-operated stores
of Colruyt Group
2020/21 2019/20 2018/19 2017/18 2016/17
BELGIUM AND LUXEMBOURG
Colruyt
- number 252 248 243 239 237
of which leased externally 22 19 19 19 19
- in ‘000 m² 444 437 426 414 403
OKay
- number 150 145 141 135 129
of which leased externally 32 29 30 25 26
- in ‘000 m² 89 86 82 80 75
Bio-Planet
- number 31 31 29 27 24
of which leased externally 15 15 15 13 12
- in ‘000 m² 20 20 19 18 16
Cru
- number 3 3 3 3 3
of which leased externally 2 2 2 2 2
- in ‘000 m² 2 2 2 2 2
Dreamland
- number 47 45 42 43 43
of which leased externally 16 15 15 15 15
- in ‘000 m² 83 80 76 80 79
Dreambaby
- aantal 30 29 29 26 24
of which leased externally 15 15 15 13 11
- in ‘000 m² 18 17 17 15 14
Bike Republic
- number 15 13
of which leased externally 15 13
- in ‘000 m² 18 16
The Fashion
Society
(1)
- number 101
of which leased externally 100
- in ‘000 m² 99
FRANCE
(2)
Colruyt
- number 91 87 85 78 74
of which leased externally 4 4 3 3 3
- in ‘000 m² 89 85 81 76 72
Dreamland
- number 0 0 0 2 2
of which leased externally 0 0 0 2 2
- in ‘000 m² 0 0 0 4 4
(1) The Fashion Society includes the fashion
retail chains ZEB, PointCarré, The Fashion
Store and ZEB For Stars as well as 13 stores
in Belgium operated by franchisees.
(2) For the French retail activity, as of financial
year 2018/19, these figures relate to the
number of stores on closing date 31 March.
For financial years 2016/16 and 2017/18,
this is the number on closing date 31
December.
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35
(In million EUR) 2020/21 2019/20 2018/19 2017/18
(1)
2016/17
Revenue 9.931 9.581 9.434 9.031 9.493
Retail 8.373 7.956 7.837 7.551 7.319
Wholesale and foodservice 1.088 969 958 933 1.688
Other activities 557 731 713 690 638
Intersegment -87 -75 -73 -143 -152
Gross profit 2.792 2.565 2.471 2.350 2.415
EBITDA 850 807 758 734 744
EBITDA margin 8,6% 8,4% 8,0% 8,1% 7,8%
EBIT 523 511 485 488 493
EBIT margin 5,3% 5,3% 5,1% 5,4% 5,2%
Profit before tax 521 561 519 519 510
Taxes 105 130 135 145 126
Net profit 416 431 384 374 383
Net profit margin 4,2% 4,5% 4,1% 4,1% 4,0%
Cash flow from operating activities 708 830 565 497 537
Free cash flow 114 462 260 70 352
Total equity 2.527 2.359 2.208 2.042 2.140
Balance sheet total 5.195 4.565 4.147 4.054 4.095
Investments
(2)
469 410 378 392 387
ROCE
(3)
17,6% 18,5% 17,3% 18,9% 20,2%
Key figures
over five years
(1) The figures from financial year
2017/18 onwards exclude the
French foodservice business
Pro à Pro.
(2) Exclusive of IFRS 16 right-of-use
assets.
(3) Exclusive of IFRS 16 impact.
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36
2020/21 2019/20 2018/19 2017/18 2016/17
Market capitalisation at year-end
(in million EUR)
6.925 6.821 9.460 6.747 6.900
Weighted average number of
outstanding shares
135.503.424 137.279.011 137.758.364 143.361.535 146.729.840
Number of outstanding shares on
31/3
136.154.960 138.432.588 143.552.090 150.196.352 149.935.894
Earnings per share (EPS) (in EUR) 3,06 3,14 2,78 2,60 2,60
Gross dividend per share (in EUR) 1,47 1,35 1,31 1,22 1,18
Dividend yield 2,89% 2,74% 1,99% 2,72% 2,56%
Number of employees 32.945 30.631 29.903 29.388 29.255
Number of employees in FTE 31.189 29.056 28.339 27.795 27.633
Number of own stores
in Belgium, Luxembourg and France
720 601 572 553 536
Store area of own stores in ‘000 m
2
861 743 704 687 665
Number of independent storekeepers
in Belgium, affiliated stores in France
(excluding independent retailers) and
franchisees of the multi-brand chain
The Fashion Society.
591 583 579 581 667
Key figures
over five years
(sequel)
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37
Contributions paid to the Belgian treasury
in proportion to the added value
In the last financial year, all
Belgian companies of Colruyt
Group together passed on
EUR 952,6 million in social, fiscal
and product-related taxes to
the Belgian treasury. In addition,
the net VAT payment (difference
between payable and deductible
VAT) to the tax authorities
amounted to EUR 318,4 million.
Distribution of the net added value generated by
Colruyt Group in Belgium
All these taxes are the result of the creation by the group of added
value. The net added value
(1)
generated by Colruyt Group in Belgium
amounts to EUR 2,2 billion. Of this, 43,1% goes as taxes to the various
local and federal governments and 39,2% is paid to employees for
services rendered. 7,9% is distributed to shareholders
(2)
and the
remaining 9,8% is invested back into the group to finance future
projects.
(1) The excise duties paid have been integrated into the net added value so as to be
able to express the total contribution to the treasury of EUR 952,6 million as a
percentage of the net added value corrected in this way.
(2) This calculation method takes no account of purchases or cancellations of
treasury shares.
(1) Including charge
reductions obtained
at federal and
regional level.
Payments made to the Belgian treasury (in million EUR)
Social security
(1)
353,8
Withholding tax on wages
(1)
136,9
Income tax on profits 73,9
Product-related taxes (customs, excise) 338,6
Withholding tax on income from investments 25,0
Property withholding tax 11,7
Registration duties, provincial and municipal taxes
and other federal taxes
12,7
Total 952,6
43,1%
local and
federal
governments
39,2%
Colruyt Group
employees
7,9%
shareholders
9,8%
retained
earnings
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Word from the Chairman • Who are we? • Our vision on sustainability • COVID-19 • Management report • Key figures

38
32.945
employees
720
own stores
591
independent
storekeepers
in Belgium, aliated stores in
France (excluding independent
retailers) and franchisees of
The Fashion Society
861.000 m
2
retail space of
own stores
INTRO
|
Word from the Chairman • Who are we? • Our vision on sustainability • COVID-19 • Management report • Key figures
EUR 952,6
million
contributed to the
Belgian treasury

39
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities
Activities
The operational activities of Colruyt Group are subdivided into retail, wholesale, foodservice,
other activities and group support activities. The retail store formats and deliveries to
independent storekeepers (wholesale) and to professional customers in foodservice
represent the lion’s share of our commercial activities. We include DATS 24, Symeta Hybrid
and our interest in Virya Energy under ‘other activities’.
92,4%
Belgium
6,9%
France
0,6%
Other
Geographic segmentation
of revenue

40
France Wholesale Belgium FoodserviceBelgium Wholesale
Retail
83,7%
of group revenue
EUR 8.308 million
Wholesale
and foodservice
10,8%
of group revenue
EUR 1.075 million
Other activities
5,5%
of group revenue
EUR 547 million
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities
Interests
Interests

41
Colruyt is primarily aimed at families who do their weekly shopping in a price-conscious
way. It is also the ideal format for associations, businesses and households doing big
shops for various events in an efficient way.
Colruyt has a wide range, as well as a considerably expanded butcher’s section and fresh
food department. Day aer day, the store chain offers its customers the lowest prices for
national brands as well as own brands Boni Selection and Everyday. Is a product cheaper
elsewhere nearby? Colruyt immediately lowers its price. The store format prioritises
simplicity, efficiency and readiness to serve.
1976
EUR 6.258 million revenue (+ 3,0%)
248 stores in Belgium and
4 in the Grand Duchy of Luxembourg
1.700 m
2
average store area
10.500 food and 7.500 non-food items
More than 15.900 employees in FTE
Lowest Prices
colruyt.be / colruyt.lu
ACTIVITIES
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Retail • Wholesale • Foodservice • Other activities • Group support activities

42
Good increase in revenue
• Colruyt recorded a good increase in revenue, as a result of
higher consumer spending during the coronavirus pandemic
and also thanks to new stores and renovation of existing stores.
Sales mainly peaked in April 2020, but remained at a high
level throughout the year, partly due to compulsory closures of
hospitality and increased at-home consumption.
• The revenue increase was slightly below that of the wider Belgian
food retail market. This is because, during the pandemic, the
proximity factor benefited smaller neighbourhood stores more.
• Thanks to operational excellence, sound basic processes and fall-
back procedures, Colruyt managed to supply all stores daily, even
in the busiest periods.
• Under the influence of the coronavirus pandemic, average
shopping frequency fell, but was amply offset by higher takings.
Customers bought larger volumes and adjusted their product mix.
As a result, and partly due to the extra day off given on 2 January,
the traditionally busy end of year period was somewhat quieter
than normal.
• Colruyt continues to fulfil its ‘Lowest prices’ promise consistently,
thanks to strong cost awareness, operational efficiency,
sustainable partnerships with suppliers and international
cooperation in the area of procurement, among other factors.
• 4 new stores: Merchtem, Bilzen, Meiser
and Colruyt for Professionals Meiser
• 9 renovations and 2 relocations
• 2 new stores next financial year
Parapharmaceuticals on the
shelves
Colruyt is tapping into the growing interest in prevention and
health, and has introduced a new parapharmacy section, with
dietary supplements and first aid, skincare, cough and cold
products, for example. Really convenient as customers can
stock up with them when they do their food shopping.
By the end of 2021, the section will be present in eighty
stores.
In addition, as of February 2021, customers can also collect
their purchases in our online pharmacy Newpharma at Colruyt
stores. This gives them convenient access to 40.000 items.
Digital innovations
Colruyt continues to develop digital solutions so that
customers can do their shopping more easily, efficiently and
safely.
• The digital footfall counter estimates how busy the coming
week will be for each store per hour.
• Successful first test of product location in the MyColruyt
app: eventually customers will be able to see instantly in
which aisle their products are located.
• The Colruyt voice assistant now helps customers find
recipes and guides them through them step by step. It was
already possible to dictate shopping lists.
ACTIVITIES
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Retail • Wholesale • Foodservice • Other activities • Group support activities

43
Award for ‘De Pottenlikkers’
At the beginning of 2020, Colruyt and Studio 100 launched the cookery
programme ‘De Pottenlikkers’, to make balanced eating more accessible
to children. This co-creation could be viewed on colruyt.be and various
Studio 100 channels, and was followed by a free holiday book and a
cookery book. The 52 shows reached nearly a third of Belgian children
aged between 6 and 12, many of whom had a go at cooking at home.
The initiative won the sustainability award ‘Ik ben meer dan mijn
kassaticket’ (I am more than my receipt) from NGO Rikolto, Test Aankoop
and Fairtrade Belgium. Colruyt already won the award in 2020, with the
project ‘Dinner is served at 1-2-3 euros’ for people experiencing financial
difficulties.
New: Colruyt for Professionals
In June 2020, Colruyt opened a new store format in Schaerbeek (Meiser) aimed at
professional customers in the city, such as corner shops and late-night convenience
stores. Access to the shop and car park is reserved for customers with a Colruyt
Professional Plus card. They can shop more efficiently there, and as a result nearby
Colruyt stores are less busy. In the autumn of 2021, a second branch is planned in
the Brussels-Capital Region.
• Guaranteed lowest prices in the neighbourhood, plus regular exclusive discounts
• Special range of approximately 2.500 items over 2.500 m², with wider aisles and
higher shelves
• Flat shopping carts for buying large volumes, practical loading platform to load the
goods into the vehicle
• Longer opening hours: 7 am to 8 pm
y
e
p
ACTIVITIES
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Retail • Wholesale • Foodservice • Other activities • Group support activities

44
Lowest prices
• Lowest Prices: for many years, that promise has adorned the front of Colruyt stores.
Colruyt offers the lowest price in the area, for each product at every moment. To this
end, it monitors all prices and promotions of competitors, amounting to more than
60.000 price recordings per day in stores, flyers and online.
• During the ban on promotions in March and April 2020, market prices rose. Even then,
customers invariably found the lowest price for each product at Colruyt.
• Aer the ban on promotions ended, Colruyt matched all discounts and campaigns of
competitors just like before. In fact, in February 2021, Colruyt’s average price level was
lower than before the start of the pandemic at the end of 2019.
• Colruyt continued to present itself as the defender of its customers’ purchasing
power, with the branding campaign ‘You can count on us’.
• In 2021, Colruyt was confirmed as cheapest supermarket in Belgium in the annual
supermarket survey of the Belgian consumer organisation.
c
o
l
ru
y
t.
b
e/re
k
eno
p
ons
1
0 o
p
1
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slim om
g
aan
m
et
j
e budget
.
Je kan o
p
ons rekenen
.
• ‘Salesforce Beste Winkelketen van België 2020-21’ (Best Retail Chain) in the
Supermarket category
• First place in the general ranking of the GfK winter report 2020
• ‘Best Retail Food Brand’ and ‘Best Sustainable Brand’ 2021, awarded by GfK
While Colruyt is delighted with these and other awards, we do not see them as an end
in themselves, but the result of focussing consistently on our own strengths. To sum
up: offering customers quality products at the lowest prices, within an efficient store
concept with competent and attentive staff.
Among
the prizes
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities

45
19.000 hygiene packs
for youth camps
By tradition, Colruyt gives youth
associations who do their shopping for
camp there plenty of extras. On top of
this, in the summer of 2020, they were
also offered 19.000 free hygiene packs,
containing facemasks, disinfecting gel
and all-purpose cleaner.
In partnership with the Flemish
government, 15.600 packs were
distributed to Flemish youth
associations. A first lot of 10.000 packs
was reserved aer just two hours online;
our foodservice partner Solucious took
care of the distribution. In Wallonia,
Colruyt donated 3.400 packs directly to
the five largest youth associations.
Wine tasting goes online
The annual tasting event of the First-class Wines webshop was
replaced by a home tasting with online guidance from buyers and
consultants with a passion for wine. Around 225 customers registered
and collected a trial pack from their Colruyt store. The four 90-minute
online tastings were a lively affair, with live chapter and verse by the
wine consultants.
Ambassador for
Belgian sheltered
workshops
Colruyt was chosen as the first
‘Ambassador of the Year’ by
Belgian sheltered workshops.
This means that Colruyt regularly
highlights sheltered workshops
in 2021, with the focus on
close collaboration and their
specialities.
Colruyt has worked with
sheltered workshops for more
than thirty years. There are
currently twenty partners
employing around 300 people,
including thirty on our sites.
They put together beer baskets,
pack products, maintain
electronic price labels, etc.
Sheltered workshops are an
important link in our supply
chain since a quarter of all
products in a shopping cart pass
through the hands of one of
their workers. For our part, we
are glad to support the social
economy and create sustainable,
valuable employment.
ACTIVITIES
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Retail • Wholesale • Foodservice • Other activities • Group support activities

46
6 million sets of reusable
grips
From June 2020, all customers received an exclusive set of
removable and reusable grips. Customers simply click the grips
onto their shopping trolley, so they do not need to touch it
themselves. When they are done shopping, they can simply
remove the grips from the shopping trolley.
Greater autonomy for
employees
Since mid-2020, store employees have a greater say in their roster,
which changes on a weekly basis. Via ‘self-rostering’, they can specify
times at which they would prefer not to be rostered. This leads to
a better work-life balance, as well as a better atmosphere at work,
which ultimately benefits customers.
More ecient communication
Features are gradually being added to the personal
smartphones issued to every store employee in 2020, with
a view to more efficient communication between them and
better provision of information to customers. For instance,
there is a chat function for sharing practical info such as
rosters or article numbers and photos quickly and efficiently
with colleagues. This does away with a lot of walking back and
forth and separate notes on memo boards. Employees are
also more available for customers and can help them more
quickly with questions about reservations for example or
show them product info such as the Eco-Score.
Retail alliance AgeCore
Aer seven years of close collaboration, German retailer
Edeka and French Intermarché have decided to leave the
international retail alliance AgeCore SA at the end of 2021.
Together with Colruyt Group, Conad from Italy, Coop from
Switzerland and Eroski from Spain will continue their
successful collaboration. The remaining members of AgeCore
and Edeka and Intermarché will continue to respect all
existing agreements with suppliers as long as they remain in
force. Most agreements run until the end of 2021, some until
the end of 2022.
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities

47
Xtra is the joint loyalty card and app for more than ten Colruyt Group stores and
webshops. Through it, customers can automatically take advantage of all current
discounts and promotions for the various brands. Launched at the beginning of
2017, Xtra intends to grow into one of the best and most used personal assistants in
Belgium.
Xtra is much more than just a loyalty card. Customers can easily find local stores, pay
in-store and online, or fill up with contactless payment. They can also manage their data
and newsletter preferences, track bills and spending, make and share lists and much more
besides. Xtra is making the app popular with more and more customers, with new tools
and services that make life easier:
• Simple gi giving. Customers upload a physical gi voucher and send it digitally to the
lucky recipient, who simply cashes the voucher in the store or webshop. The app also
sends a notification when the voucher is about to expire.
• Keep in touch, with the varied flow of news items. This channel avoids a mass of emails
and letters, and easily reaches a large audience. That has been worth its weight in gold
for informing customers rapidly about new measures for shopping safely during the
coronavirus pandemic.
• Conscious choices and eating, with the new Product info tool. The user simply scans
the barcode of a food product and can instantly see the ingredients, nutritional values,
allergens, Nutri-Score and Eco-Score. Ideal for anyone wanting to keep track of food
allergies and intolerances or vegan or halal lifestyles, for example.
Towards one app for
everything
From the end of 2021, Xtra will run on
a brand-new platform with much more
possibilities. Besides the Product info
tool, Xtra will gradually integrate more
features from the SmartWithFood app.
The Collect&Go and MyColruyt apps will
follow during 2022.
Personal service
At Colruyt Group, we collect many customer
insights via Xtra. These help us match our
information, assortments and services as
closely as possible to the personal needs
and interests of our customers. We treat
all customer data as strictly confidential
information and act with the utmost respect
for privacy. That means, for example, that we
never sell customer data to third parties.
More than 1 million app
downloads
Approximately 600.000
frequent app users
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities

48
Collect&Go has been the market leader in the Belgian online food market for over 20
years. Customers reserve their shopping via the website or app, choosing from the
Colruyt and Bio-Planet ranges. Staff in the stores and the Zaventem and Erpe-Mere
distribution centres carefully select the best products and prepare the order. Customers
reserving before midnight can collect their groceries the next day from over 200
collection points at Colruyt, OKay, Bio-Planet or standalone. The online shopping service
stands for quality, reliability, expertise and personal service.
2000
221 collection points in Belgium
and Luxembourg
More than 450 employees in FTE
We do the shopping for you
collectandgo.be
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities

49
On track for spectacular growth
Collect&Go saw its revenue increase by more than 50% during the past
financial year. Since the outbreak of the coronavirus crisis, the service
has gained enormously in popularity. Existing customers ordered more
frequently and in bigger volumes. They were joined by 140.000 new
customers, one fih of whom were not yet known to Colruyt Group. Net
customer gains remained constantly at a high level.
Customer satisfaction fluctuated depending on the availability of collection
slots, but was far higher than before the coronavirus crisis by the end of
the financial year.
Due to the sudden influx of orders in March 2020, Collect&Go decided to
cut activities to one third for a few weeks, in order to be able to guarantee
the necessary quality. Aer this, capacity was gradually scaled up, so that
it almost doubled (to 90.000 orders per week) by the end of the financial
year. This succeeded thanks to better use of infrastructure, expansion
of collection slots, deployment of extra people and resources and more
efficient cooperation between central services, stores and distribution
centres.
Around three quarters of orders are prepared in-store, the remainder in
the Zaventem and Erpe-Mere distribution centres. Collect&Go will retain
this hybrid model, in order to balance the workload between employees in
stores and distribution centres.
Collect&Go is currently mainly meeting the needs of customers who do
big weekly shops online. Eventually it wants to offer more solutions, for
smaller, more frequent shops too. The service is investigating all possible
options for this, in terms of assortment and pricing and in terms of
preparation, collection and (home) delivery of orders.
Londerzeel
distribution centre
As planned, Collect&Go will move to a new
18.000 m² distribution centre in Londerzeel
in the autumn of 2021. In the first phase, the
service will use half of the area and the other
half will become a test space for innovative
supply chain solutions. Aer three years, the
whole site will serve as a distribution centre
for food delivery to Collect&Go collection
points. Most of the employees in the current
Zaventem distribution centre are moving to
Londerzeel too, where it is planned to take
on new staff as well.
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities

50
Home delivery by neighbourhood couriers
catches on
In May 2020, Collect&Go began a small-scale test of home delivery of shopping by
neighbourhood couriers. Customers order online, Collect&Go.be prepares the order, a
volunteer picks it up and delivers it to their home. The volunteer receives a payment of
7 euros from the customer for this, in line with the principles of the sharing economy.
Collect&Go connects couriers and customers and takes care of the practical organisation,
including a courier platform on which people choose which orders they want to deliver.
The service is now available at nine collection points in Halle, Bruges and Ghent.
First mobile collection
point tested
At the end of 2020, an innovative,
sustainable concept was tested, specially
designed for ecologically conscious city
people in search of time saving, nearness
and inspiration. Via Collect&Go City,
customers could order online and choose
from 500 fresh products and ready meals
from Colruyt and our startup Rose Mary.
The order was prepared in the Colruyt
store in Etterbeek and taken by cargo
bike to another pop-up cargo bike next to
the Flagey building in Elsene. Customers
ordering before 5 pm could pick up their
shopping just three hours later, on foot or
by bike on the way home.
The test provided interesting insights
into the typical requirements of urban
customers.
ACTIVITIES
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Retail • Wholesale • Foodservice • Other activities • Group support activities

51
New promotions platform
A quality Belgian response to the growing demand for large quantities at a
substantial discount. That is the idea behind the online promotion concept
Deals!, launched at the end of March 2020 and offered by Collect&Go. Deals! has a
separate platform and ordering process, separate from other online shopping. The
launch met with a huge response in the press and on social media, with a reach of
around three million people.
• Every week 10 to 20 strong promotions on large volumes of well-known branded
products including pet food, care and maintenance products, paper products
and baby items.
• The products are not available from other Colruyt Group formats because they
vary (slightly) in terms of fragrance, taste or packaging. When it’s gone, it’s gone.
• Discounts of 50 to more than 60%.
• Offer for individuals, limited number of deals per person.
• Home delivery in Belgium within 2 to 14 days. The delivery charge of 3,99 euros
does not apply to orders over 60 euros.
More convenient ordering
From mid-2021, the new website and app make online shopping even easier and better
value. Both have not only been given a thorough faceli, but now also offer customers
handy new features. New filters and assortment names make it even easier to find products.
Relevant campaigns and discounts are more clearly displayed. And sent reservations can still
be changed later.
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities

52
Colex (Colruyt Export) supplies retail and foodservice products to distributors,
wholesalers and supermarkets all over the world, with a focus on the continent of
Africa. The export department does especially well in Central and Western Africa and
is also successful in French Overseas Territories. Colex offers a wide range of groceries,
fresh produce and frozen food under Colruyt Group’s private labels, supplemented by a
peripheral range of A-brands. Colex also stands out due to its unique all-in export service
and support for the customer in marketing the products.
1985
Around 200 active customers
5.000 items
More than 40 employees in FTE
Bringing quality products to the world
colex-export.com
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Continued growth in Africa
• Colex achieved further growth during the past financial year, mainly in the
Democratic Republic of Congo and Senegal, but also in Rwanda, Cameroon,
Guinea-Conakry and Gambia. Growth also consolidated in the French
Overseas Territories of French Polynesia, New Caledonia and Guadeloupe.
• In the Democratic Republic of Congo, Colruyt Group’s discount brand
Everyday is gradually taking on the allure of a national brand. Colex helps
its customers there increase the visibility of the brand in their stores,
via a combination of local campaigns and national media campaigns. In
Senegal, together with a preferred partner, Colex ensures the presence of a
sufficiently large stock, for permanent availability of goods.
• The export department constantly strives to strengthen long-term
relationships with a small number of major customers in the focus regions.
This enables Colex to integrate better into the local ecosystem and tap into
the needs of each market more effectively.
Easy to do business with
Colex wants to grow further with a focus on those countries
in which it is already very active. With this in mind, the
organisation continues to strive for reliability of service,
combining its in-house expertise with the local partners’ market
knowledge.
Colex has begun product group management: tailoring a wide
basic range to the requirements of each market, with fair
pricing of each product.
Relocation to Willebroek
In order to facilitate further growth, Colex is relocating its logistics
from Bornem to a new distribution centre in Willebroek in the
autumn of 2021. An added bonus is that sea containers can be
transported from there to the port of Antwerp by barge, eliminating
the need for road transport. Based on around one thousand
containers per year, this mode of transport prevents 80 tonnes of
CO
2
emissions each year.
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54
For more than 20 years, OKay has been the handy neighbourhood
store where customers can do their daily shopping quickly,
inexpensively and conveniently. The easy-to-reach stores are
conveniently laid out, with a balanced range in a compact area.
OKay is strong in fresh products, including convenience foods, a
range of ready-made dishes and bread baked on site. The store
format stands for a warm welcome, guarantees the lowest prices in
the neighbourhood and inspires its customers with simplicity and
convenience.
OKay Compact has been the metro store concept since 2012. Fast,
inexpensive and convenient shopping in the city centre.
1998
EUR 1.136 million combined revenue for OKay,
Bio-Planet and Cru (+ 12,5%)
150 stores, including 139 OKay and
11 OKay Compact
400 - 650 m² average store area
4.500 items, up to 3.500 in OKay Compact
More than 2.300 employees in FTE
Fast, inexpensive and convenient
okay.be
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Excellent financial year
• OKay had an excellent financial year. The revenue increase was driven by the opening of five new
stores, strong promotional campaigns and behavioural changes as a result of the coronavirus
crisis.
• Lockdowns, limited shopping times and compulsory working from home encouraged noticeably
more consumers to opt for the convenience of shopping locally. Combined with lower visit
frequency, this translated into an increase in shopping baskets by more than one third.
• OKay accelerated the renovation of its store estate. This not only creates a fresh, modern look
and feel, but simplifies the layout for customers and leads to a smoother shopping experience.
To foster local connections, a sensory garden has been created at three stores, available by
appointment for organisations such as schools and youth associations.
• OKay also managed to keep its costs under control last year. The format intends to open four
new branches each year for the next few years and sees potential for some 200 stores in
Belgium.
• 3 new OKay stores in Courcelles, Oudenburg and Dessel
• 2 new OKay Compact stores in Saint-Gilles and Ghent
• 4 expansions and 3 refurbishments
Electronic price labels
In March 2021, OKay began installing electronic price labels in three stores, followed by a dozen
stores in the autumn. National rollout is scheduled for early 2022.
Above all, the electronic labels lead to efficiency gains. Price adjustments are carried out rapidly
centrally, store employees can focus more on their core tasks and serving customers.
To enable them to work and communicate more efficiently, all store employees will eventually be
issued with a smartphone as a communication device.
Satisfied
customers
Since OKay has many fans among its
loyal customers, it has consistently
scored well in various satisfaction
surveys in recent years.
• Voted ‘Best Neighbourhood
Supermarket’ in the ‘Salesforce Beste
Winkelketen van België 2020-2021’
(Best Belgian Retail Chain) awards.
• Winner of ‘Proximity stores’ subcategory
in the GfK winter report. Second place
aer Colruyt in the general ranking, and
once again first place for the criterion
of ‘customer-friendliness’.
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OKay Compact
• By the end of the financial year,
the metro chain had eleven
stores in the centre of four cities
(Brussels, Antwerp, Liège and
Ghent). OKay Compact is popular
with local residents, commuters,
students and passers-by for
its lowest price guarantee,
wide assortment in a compact
space, tidiness and customer-
friendliness. The extensive
‘on the go’ offer continues to
perform well, particularly sushi
and poke bowls.
• The chain intends to open
three new stores each year,
including in smaller town
centres. The stores will have a
modular design, depending on
the layout, space available and
the existing retail offer in the
immediate vicinity.
Expanded
assortment
In its assortment choices, OKay remains focused on
convenience, speed, quality and flavour.
• New fresh packs, with all of the necessary (whole)
ingredients for soup, Tandoori, vegetable risotto, etc.
• More choice in ready to heat, to eat or to cook, headed
by the exclusive One Meal Box for two or four persons
and the end-of-year festive menus, 8% more of which
were sold at the end of 2020 than in 2019.
• Exclusive, high-quality range of ‘Tapero’ tapas, more
exclusive wines, ...
• More regional touches depending on whether the
stores are located in Flanders or Wallonia.
Extra services
OKay is offering more and more
services that people would like
in their neighbourhood, on top
of the existing offer, including
the Bringme parcel box, stamps,
bus passes and top-up cards,
newspapers and magazines.
Customers will now find a range
of National Lottery products in
all stores and can collect orders
from the Newpharma webshop
there (see p. 79). Through this
service, OKay makes a wide range of
parapharmaceutical OTC products
more accessible. In addition,
from mid-2021, stores will have
a separate section for dietary
supplements, first aid, skincare,
coughs and colds.
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Cru is a multi-experience market, for people who are passionate about
food. Cru brings together ten artisan specialities under one roof, and
offers a unique selection of fruit and vegetables, meat and charcuterie,
fish and poultry, as well as cheeses, drinks, chocolate, sourdough bread
and flowers.
Cru follows the rhythm of the seasons and offers authentic, ‘ordinary’
pure-tasting products that are extraordinarily good. Expert staff present
the products in their purest form, ready to cook or pre-prepared.
Customers can taste the products at their leisure in the market, and
enjoy breakfast, drinks, lunch and coffee in the adjacent Cuit eating
facilities (Ghent and Overijse). Cru Groenplaats has an eating area for
breakfast and snacks.
Webshop orders can be delivered to home or collected from the market.
2014
EUR 1.136 million combined revenue for OKay,
Bio-Planet and Cru (+ 12,5%)
3 markets: Overijse, Ghent Kouter and Antwerp
Groenplaats
650 m
2
average store area
850 items
More than 100 employees in FTE
Market every day
cru.be
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Substantial revenue increase
• Cru achieved a substantial increase in revenue during the financial year. Shopping frequency
declined slightly, but baskets grew spectacularly. Due to the closures of hospitality, more cooking
took place at home and consumers tended to treat themselves to fine food from Cru as an
alternative to dining out in a restaurant.
• This was certainly the case in the record month of December 2020, when Cru inspired its
customers with a sophisticated end-of-year range, ready-made or for them to prepare
themselves. Customers received expert guidance from Cru’s own festive coaches and could collect
their reservations from the market themselves or have them delivered by (bicycle) couriers.
• Cru is particularly pleased with the results achieved, in view of the difficult circumstances. The
Cuit eating facilities remained closed for long periods and numbers of day trippers and passers-
by fell sharply in city centres.
• The three markets generated the extra revenue with the same workforce and managed to keep
their costs under control.
Growing brand awareness
The Cru markets are seeing their customer base growing, and the brand rings a
bell with more and more people. A study on this awareness showed that Cru is
recognised by around 15% of respondents in provinces with a branch. In view
of this, the format wants to expand and is planning a fourth market in Dilbeek
at the start of 2022.
Comprehensive webshop
Shortly before the end of 2020, Cru launched a comprehensive webshop, with
the full range, clearly divided per speciality. Customers who reserve online by
12 noon can collect their order from the market the next day at no additional
cost. Those within an approximate 30 km radius of the market can also opt
for home delivery, for a fixed delivery charge of 15 euros. Deliveries in the city
centre take place by cargo bike.
Celebrating with Cru
Cru makes the most of
celebrations such as
Christmas, New Year, Easter
and Valentine’s Day. Customers
put together their menus
themselves, from a choice
of starters, mains and sides,
desserts and drinks. In
addition, Cru generally offers
five gi boxes and a breakfast
box on Sundays, an ideal treat
at any time of year.
e
r
mers
e
e
s
,
e
rs
kf
ast
t
reat
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Bio-Planet is a 20-year-old supermarket offering organic and eco-
friendly products, now with more than 6.000 items. Highlights include
the fresh food market and the self-service counter offering a quality
range of meat, cheese, vegetarian products and ready-made dishes.
Under the slogan ‘Truly good’, Bio-Planet inspires its customers to
eat, enjoy and live consciously. Highly trained staff are there to advise
and assist customers in stores. Bio-Planet plays a leading role in
making products more sustainable, working closely with growers
and producers. It makes maximum use of sustainable materials and
technologies in its stores as well.
2001
EUR 1.136 million combined revenue for OKay,
Bio-Planet and Cru (+ 12,5%)
31 stores
650 m
2
average store area
6.000 items
More than 500 employees in FTE
Truly good
bioplanet.be
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• 31 stores
• Opening Sint-Denijs-Westrem in
March 2022. Then 1 to 3 new stores
every year
• Potential for fiy stores in Belgium
• 134 collection points for online
orders (7 in-store and 127 at Colruyt)
Online on the rise
• Online sales generated via the Collect&Go platform grew
strongly. To support this activity, towards the end of
the financial year, Bio-Planet started a test with seven
Collect&Go collection points in its stores (before this,
orders could only be collected from 127 Colruyt stores).
The goal is for all stores to have a collection point by
autumn 2021.
• As of mid-2021, customers can simply forward their
shopping list compiled on bioplanet.be to the new
Collect&Go website.
• The redesigned bioplanet.be website has been given a new
look, highlighting the assortment, promotions and recipes.
The site is attracting more visitors than before.
Trusted name
Bio-Planet recorded strong sales growth last financial year,
thanks partly to the influx of new customers, and more
generally a bigger and broader basket per customer. This
illustrates that the format is increasingly perceived as a
supermarket for all daily or weekly shopping, including quality
fresh bread.
This perception was heightened partially by the coronavirus
crisis, when more and more consumers came to see Bio-Planet
as a trusted name. Even at peak times, the supermarket could
guarantee a pleasant shopping experience and sufficient
product availability.
Bio-Planet has also benefited from the sustained pricing
policy in recent years, to make organic widely accessible. A
competitively priced basic assortment encourages customers
to come and shop more regularly on a weekly basis. In addition,
Bio-Planet is increasingly engaging in bold promotions,
announced in both the ordinary leaflet and the special Boost
leaflet.
20 years young
In 2001, Bio-Planet opened its first store, in Kortrijk. To celebrate
its twentieth birthday, the chain is planning plenty of events and
campaigns in 2021.
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Innovative store
concept raises
the bar
The totally new store concept excels in sustainability
and customer-friendliness. It was premiered at
Eigenbrakel at the start of 2021, where many
innovations are being thoroughly tested. Aer
possible refinement, it will be rolled out further from
2023.
• Separate greenhouse for fruit and vegetables, with
the best storage conditions without using extra
energy.
• Own bakery, with ten types of bread baked daily.
• New assortment of artisan pastries and cakes,
handy to take away in compostable boxes.
• Fitted out with circular panels made of recycled
wood and plant-based waste.
• Recycling hub for used batteries, Brita filters and
plastic film.
• Introduction of shopping baskets in addition to
carts. Made from recycled ocean plastics such as
used fishing nets.
• Bigger service counter with fiy kinds of pre-packed
meat and cheese. Ideal for anyone who wants to
shop quickly or keep their products longer.
More bulk products
Bio-Planet continues the path of shopping with less packaging, where customers
fill their own containers or bags with bulk products. The store at Eigenbrakel is
pioneering three varieties of loose coffee beans and a filling station with three
cleaning products. As in Corbais, customers can also find 25 kinds of nuts, cereals
and dried fruit in bulk there.
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Branding campaign goes down well
Bio-Planet continued the ‘There is a Planet B’ campaign launched
at the end of 2019. Inspiring videos on themes such as health,
ecology and pure flavour were released in three waves online, on
social media and on TV. The campaign was positively received and
increased brand awareness among the general public.
Partner of drought study
Bio-Planet is the proud partner of the large-scale Flemish
study ‘CurieuzeNeuzen in de Tuin’ by the University of Antwerp
and De Standaard newspaper. 5.000 citizens place a sensor
in their garden to track drought and heat. In return for taking
part, they receive a 20-euro voucher for Bio-Planet, which is
itself installing several sensors at its stores.
New to the assortment
• Organic flowers and plants, headed by Belgian strawberries
and Dutch tulips.
• Organic wheat flour from Belgium, a more sustainable
alternative to foreign products.
• As well as plenty of ‘truly good’ products, from vegan cheese
to top Romanian wines and fresh North Sea shrimps peeled
in the Netherlands, free of preservatives.
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63
Colruyt Prix-Qualité is a clearly laid out neighbourhood supermarket where customers
can find everything they need for their daily and weekly shopping. The stores offer the
best value in the neighbourhood for a similar shopping cart, and are strong on fresh
produce, meat, charcuterie and bread. Other strengths include the wine section and the
growing range of organic, regional and local products.
Almost all stores have a Collect&Go collection point and around half of them a DATS 24
filling station as well.
The contribution of the DATS 24 filling stations is included in Colruyt Prix-Qualité’s
revenue.
1996
EUR 566 million revenue (+1,6%)
91 stores, 90 Collect&Go collection points
750 to 1.000 m² average store area
9.000 food, 2.500 non-food items
More than 1.950 employees in FTE
42 DATS 24 filling stations
Tout simplement l’essentiel
colruyt.fr
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Proximité
et Prix bas
Under the motto ’Proximité et
Prix bas’, Colruyt continues to
highlight its low prices, lower
than French consumers are
used to from a neighbourhood
supermarket. Customers get
the lowest price in the area
for comparable products of
national brands. Colruyt also
offers the best value for
money for the total shopping
basket of own brands, fresh
produce and meat.
• Each week, one million prices
are compared.
• Colruyt compares with all
retailers in the perimeter,
including large hypermarkets
or hard discounters.
• There is no difference
between the prices in the
physical store and the online
prices for Collect&Go.
Revenue and brand awareness on the rise
• Colruyt-Prix Qualité’s revenue has risen steadily, thanks partly to a larger influx of customers and higher
spending in existing stores, partly to the opening of four new stores. This trend was also noticeable in
regions where the format was less well-known.
• The combination of proximity, a full range and low prices was more popular than ever, driven by long
periods of restrictions on movement, closed hospitality and working from home en masse due to the
coronavirus pandemic. In the regions in which Colruyt operates, it outperformed the market, and made
strong gains in market share and awareness.
• The online shopping service Collect&Go managed to more than double its volumes, without disrupting
normal shopping activity. The service is investing further in processes and systems to optimise both the
ordering process and order processing.
• Due to the travel restrictions, DATS 24 experienced a sharp drop in revenue. However, profitability held up.
In general, our French retail activity managed to keep its costs constantly under control and improve its
profitability.
• 4 new stores: Belleville-en-Beaujolais, Saint-André-les-
Vergers, Saint-Étienne and Uxegney
• 1 relocation (with hot bakery) and 2 renovations (with
bake-off point)
• By mid-2021 all three stores in the Paris region will be
sold
• Ongoing focus on expansion in North-East France,
with the first stores in Alsace in 2021 and then 5 to 8
new stores each year
Belleville
en Beaujolais
Uxegney
Saint-Étienne
Saint-André-
les-Vergers
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A well-balanced assortment
Colruyt has the right assortment for shopping every few days, and for bigger weekly shops. The neighbourhood
supermarkets also foster local connections and short supply chains, including via a growing range of regional products.
At the same time, attention is paid to logistical efficiency and simplicity of the assortment.
Colruyt actively works to make the assortment more sustainable, with respect for the environment, animal welfare, etc.
All stores have a butcher’s department, nearly all with service. The service counter has become smaller and self-
service with fresh pre-packed products larger.
Every year, five stores are given a ‘point chaud’ to bake off bread. When larger stores are refurbished, a hot bakery is
usually added.
Gondreville distribution centre
operational
• At the end of the financial year, Colruyt brought a brand new 12.000 m² distribution
centre into service at Gondreville (near Nancy), mainly intended for fresh produce
and fast-moving dry goods. Around a third of all Colruyt stores, mostly in the Grand
Est region, are supplied from Gondreville. The first deliveries took place in mid-April
and the site was 100% operational from mid-May.
• The new site reduces transport times and makes supplying stores more efficient and
eco-friendly.
• Planning permission has also been applied for the construction of a new
headquarters and 25.000 m² distribution centre near Dôle. Colruyt plans to bring this
site into service in mid-2023.
• Overall, logistical capacity will double by 2023, enabling the further expansion of the
store estate.
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66
Family and seasonal store Dreamland has an extensive range of toys, outdoor toys,
garden furniture, school supplies, multimedia and gaming, children’s bedrooms, books,
comic books, etc. Dreamland wants to inspire children and their parents to have fun
connecting. The format consists of physical stores and an online shop.
Customers can collect their online reservations from a Dreamland, Colruyt or OKay store
or from a Collect&Go collection point. Home delivery is also an option. Dreamland is the
market leader in toy sales in Belgium, both offline and in the webshop.
Dreamland’s online revenue is included in the store format from where the goods are
collected.
1994, acquisition of Droomland, renamed
Dreamland in 2002
EUR 348 million combined revenue for
Dreamland, Dreambaby, Bike Republic and
The Fashion Society (+ 37,6%)
(1)
47 stores
1.600 m
2
average store area
60.000 items offline and online
More than 850 employees in FTE
dreamland.be
(1) Including The Fashion Society from August 2020
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Strong online growth
• Dreamland performed better than forecast last
financial year, partly due to the opening of two new
stores and strong online growth. When the stores were
completely closed for two months from mid-March
2020, sales moved en masse to the webshop. Online
sales (with home delivery) largely offset the loss of
revenue from the closed stores. The Click&Collect
service was ready to be rolled out in all stores in
good time for the second closure period in November
2020. This remained available during the third wave
of coronavirus from March 2021, when it was also
possible to shop by appointment.
• Customers bought larger quantities on average and the
number of items per online order doubled.
• In a slightly increased toy market, Dreamland managed
to considerably strengthen its position as an
omnichannel player, partly due to a further thinning
out of the competition. This resulted in a further
increase in market share for toys.
• Dreamland aims to continue to open one or two new
stores each year.
• 2 new stores: Sambreville
and Hasselt
• 1 total renovation: Waterloo
On- and oine, a perfect match
• DreamLand continues to focus on an omnichannel strategy, a
combination of ‘clicks & bricks’, which complement and reinforce one
another. The webshop offset the store closures and customers quickly
found their way back to the stores aerwards.
• Ten years aer its launch, dreamland.be has grown into the largest toy
webshop in Belgium. In 2020, the site was visited 38 million times, or
150% more than in 2019. Various review scores show that customers are
highly satisfied with the online purchasing and delivery process.
• The Click & Collect service launched at the end of 2019 uses the
webshop as a digital store window for the physical stores. Customers
reserve items online from stock and can collect them in-store three
hours later. Aer a huge peak during the second closure (due to
COVID-19), around 10% of customers continue to opt for this service.
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New store concept under
preparation
Dreamland constantly tests a range of innovations in the layout of new stores. For
instance, in Sambreville, there was central routing with the assortments arranged in
‘worlds’ on either side. The collection point is at the front of the store, with a separate
checkout for customers who are not doing any other shopping. Initial sales results are
positive and demonstrate the potential of the store.
The best elements of all recent stores will be incorporated in the development of a
totally new store concept to be trialled in 2022. That promises even more inspiration
and experience, with profitability in mind.
24.000 children videocall with
St Nicholas
At the end of 2020, Dreamland came up with a safe, digital alternative
to the annual visit of St Nicholas to stores: a personal online video call
with the holy man himself. 14.250 calls were arranged, so that more than
24.000 children could talk to St Nicholas. This technological feat met with
an enthusiastic reception from children and parents.
The striking, inclusive St Nicholas campaign ‘Pak je dromen uit’ (Unpack
your dreams) won a bronze Effie Award, a prestigious award for marketing
communication. Dreamland also won two prizes at the Creative Belgium
Awards for the most innovative creations.
Vast network of
collection points
One of the main assets of
Dreamland.be is the combined
network of collection points at more
than 400 Dreamland, Colruyt and
OKay stores. Customers can pick up
their purchases while doing their
shopping.
This network allows Dreamland to
operate more sustainably than the
average webshop. As orders travel
with the daily store deliveries, this
requires less transportation and
packaging.
On average, around two thirds of
online customers opt for collection.
That number rose during the first
lockdown, when all parcel services
experienced long delays, while the
smooth flow to the collection points
was still guaranteed.
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Kangourou goes green
Dreamland wants to become a benchmark for sustainability
with its Kangourou own brand. By the start of the new
school year in 2021, the range of satchels for primary school
will be made from 100% recycled PET. By September 2023,
ranges for toddlers and teenagers will be added.
Innovative services
Dreamland wants to be more than just a product retailer and is
gradually offering more and more additional services.
DreamBuddy. An online tool that helps customers pick the perfect
gi. With an online wish list, they can share gi tips with friends and
family.
Birthday parties. Trial concept ‘My Dream Party @Home’, a box
containing all you need for a birthday party, in various themes,
including an entertainer if desired. Following a trial with a hundred
boxes on sale from May 2021, the possible rollout is planned for the
end of September.
85% actually sold
Dreamland and Dreambaby have their own platform
in the second-hand market, where individuals can
buy and sell baby and children’s items. Potential
sellers bring items meeting certain requirements
to a collection point (three stand-alone and 11 in
Dreamland stores). NewStory puts the items on the
online platform. The seller receives 75% of the selling
price in the form of a Colruyt Group voucher. 85% of
items offered are actually sold.
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Dreambaby is the largest national player in the Belgian baby market, with a quality, wide
and competitively priced offer for babies and toddlers up to 30 months. The physical
stores and the online shop offer a choice of most major brands and the own brand
Dreambee. Baby gi lists, which customers can put together and manage online and
instore, are very popular. Online reservations can be collected from more than 400
collection points at Colruyt and OKay, or delivered to the customer’s home. Dreambaby
stands out through its personal guidance and advice from experienced staff.
Dreambaby’s online revenue is included in the store format from where the goods are
collected.
2001
EUR 348 million combined revenue for
Dreamland, Dreambaby, Bike Republic and
The Fashion (+ 37,6%)
(1)
30 stores and
6 shops in Dreamland stores
600 m
2
average store area
8.000 items instore and online
More than 300 employees in FTE
The best start for you and your baby
dreambaby.be
(1) Including The Fashion Society as from August 2020
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Satisfactory result
Last financial year, Dreambaby recorded a satisfactory
result, despite a slight fall in the birth rate and the negative
impact of the coronavirus pandemic. The physical stores
experienced a lower frequency combined with a higher
basket. In-store sales fell slightly, while online sales grew
strongly.
During the two months of compulsory closure from mid-
March 2020, sales shied to the webshop. Dreambaby
offered free delivery of all reserved and paid-for goods from
active baby gi lists. During the second closure period at
the end of 2020, many customers made use of the online
reservation and collection service Click&Collect. From March
2021, the stores were officially classed as ‘essential’ and
remained open as usual.
Throughout the year, Dreambaby more than ever managed to
play its role as a committed, reliable and solution-oriented
partner, for example during video calls with customers.
Besides the contact with employees, customers also
appreciated the nearness and security of the network of 30
stores and more than 400 collection points.
The new store in Ben-Ahin was the first to showcase the
partially redesigned store concept, with more warmth and
colour and a clearer layout. Its instant success reinforces the
baby specialist’s belief in physical stores.
In an altered competitive landscape, Dreambaby managed to
strengthen its position.
• 1 new store in Ben-Ahin (Huy)
• Future openings planned in La Louvière,
Hasselt and Zaventem
Constantly changing assortment
• In the last few years, Dreambaby has introduced innovation in
the assortment several times a year, instead of the previous
bigger wave of innovation in November or December.
• The assortment for mums (to be) was expanded to include
more trendy items and was given a more prominent place in
the stores.
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Webshop stops, network of collection points
continues
In November 2020 we completely stopped the sale of around 24.000 non-
food articles via the Collishop webshop. The reason for this is that, in the highly
competitive non-food market, further specialisation is necessary for sustainable
growth. Colruyt Group continues to believe in a multichannel approach and
continues to invest in both physical stores and webshops as well as digital
applications. We continue to capitalise on a number of strengths of Collishop:
• Sale of the bed & bath range
via our online textile specialist
MyUnderwear24. The cooking & dining
range found a place in Colruyt’s non-
food aisles.
• Our network of more than 400 in-
person Collishop collection points
in Colruyt and OKay stores for the
collection of online orders from
Dreamland, Dreambaby, First-class
Wines and since February 2021
Newpharma too.
• B2B service from Collishop
Professional to businesses (mainly gi
vouchers) and nurseries.
Following the closure of Collishop.be,
the distribution centre in Pommeroeul
shut in the autumn of 2021. All non-
food logistics are centralised at the
distribution centre in Lot, which will
increase logistical efficiency.
All Collishop employees are redeployed
within the group.
Collishop’s revenue up to and including
November 2020 was allocated to the
store format from which the orders were
collected.
Marriage between
physical and digital
Dreambaby strengthened its expertise and
communication in e-commerce, and notices
a closer interplay between physical stores and
digital channels. During the compulsory closures,
customers quickly found their way to the webshop.
Aerwards, they headed back to the physical
stores just as quickly, but the webshop and the
Click&Collect service still performed well.
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2019: acquisition of Fiets! by Colruyt Group,
renamed Bike Republic in 2021
EUR 348 million combined revenue for
Dreamland, Dreambaby, Bike Republic and
The Fashion Society (+ 37,6%)
(1)
15 stores with showroom and workshop,
including 5 with a large sports range
800 to 1.200 m² average store area
More than 5.000 bikes permanently
in central stock. Choice of more than
1.600 bikes, accessories and items of clothing
More than 90 employees in FTE
Cycling along with you
bikerepublic.be
(1) Including The Fashion Society as from August 2020
Bike Republic is a leading player in the sale of branded bikes, cycling clothing and
accessories and makes around three quarters of its sales from e-bikes. The wide range
covers twenty top brands, including own brand Hiron. As a constant compagnon de
route, Bike Republic wants to bring pure biking fun to as many people as possible,
from commuters to leisure cyclists and sportspeople. The cycling specialist excels in
accessibility, through its attractive stores, user-friendly website and easy contactability
via live chat, phone and social media. Bike Republic also stands out through first-class
service: experts offer both individuals and companies sound advice, an excellent aer-
sales service, maintenance in its own workshops, bicycle insurance and so on.
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New name, concept and story
At the beginning of March 2021, the Fiets! chain was renamed
Bike Republic, identifiable to both Dutch and French speakers.
Bike refers to the product, which remains central. Republic
stands for togetherness, the community around cycling
experience and fun.
The new store concept has been rolled out in three new stores
and the others are gradually being converted. The design is
influenced more strongly by pure cycling fun and guides
customers more clearly through the range.
Communication is now geared to customers’ needs and speaks
directly to them.
The uniform rebranding helps Bike Republic evolve from a
historically grown network of stores with their own offer into a
bike retailer that guarantees customers the same experience and
service everywhere. This ambition is also central to the further
development of partnerships with suppliers, leasing companies,
insurers and so on.
Strong performance
• Bike Republic has had a strong financial year. While the stores were
closed for two months from mid-March 2020, online sales enjoyed
a substantial boost. The company accelerated the development of
services such as remote selling, live chat, home delivery of new and
refurbished bikes and home repair service. As a result, it still managed
to achieve a substantial amount of the planned revenue during the
first lockdown. During the subsequent lockdowns, customers could use
the Click&Collect service: reserve online and collect from the store or
have it delivered to their home.
• Bike Republic benefitted from the rediscovery of cycling by the general
public, for both recreation and commuting. By the summer of 2020,
all lost store revenue was made up and sales remained at a high level
throughout the year. Sufficient stock meant that the right bike could be
supplied to almost every customer.
• The organisation is gradually integrating further into Colruyt Group and
has already entered into cooperation agreements with technical and
recruitment departments, for example.
• Bike Republic intends to open five new stores each year for the next
few years, including in Brussels and Wallonia. Eventually it wants to
double its store estate.
• 3 new stores: Diksmuide, Dilbeek and Ghent
Dampoort
• 2 relocations: Kuurne and Ghent Rooigem
• Opening Oudenaarde in April and Grimbergen
mid-2021
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Compagnon de route
Bike Republic wants to constantly ride alongside its
customers as a trusty companion. Hence its ongoing
focus on accessibility, with a larger store network, a
wide assortment of bikes and accessories and a broader
range of services, during and aer sales. The brand
adopts an omnichannel approach here. Customers can
ask for advice or book an appointment online and easily
find and order the right model of bike in the right size. In
the actual stores, there are digital and touchscreens to
browse the assortment.
An expert team
The new ‘Bike Academy’ brings together all education and training to increase the
expertise of staff, with the focus on product, service and customer centricity. The
training centre develops face-to-face and online packages for onboarding and
coaching of new and existing colleagues, from both sales and the service centre.
Since there is a shortage of technicians, two workshops are provided for technical
training in the new store in Grimbergen.
Service at work
Bike Republic wants to inspire companies and
their employees to opt for a company bicycle,
via various tailor-made leasing and purchasing
packages. Companies can count on a total service,
including advice on procurement, tax advice,
cycling proficiency courses, maintenance and
repair in the workshop or on site.
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2020: Colruyt Group increases its stake from
68% to over 96%
EUR 348 million combined revenue for
Dreamland, Dreambaby, Bike Republic and
The Fashion Society (+ 37,6)
(1)
116 stores of ZEB, PointCarré,
The Fashion Store and ZEB For Stars
1.000 m
2
average store area
Average 7.500 items annually
More than 700 employees in FTE
zeb.be pointcarre.be
zebforstars.be thefashionstore.be
(1) Including The Fashion Society as from August 2020
• The Fashion Society groups together four retail chains for women’s, men’s and
children’s fashion, mainly active in Belgium but also in Luxembourg and France. This
involves out-of-town destination stores, with a focus on customer satisfaction.
• The four store concepts are aimed at distinct target groups, covering a large proportion
of the fashion market.
• ZEB is designed for confident, fashion-conscious customers seeking inspiration. Family
stores PointCarré and The Fashion Store target trend followers and are strong on
personal advice while ZEB For Stars focuses on hip kids aged from 0 to 16.
FASHION SOCIETY
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• 71 stores
• New stores in Waremme and
Couvin
• Potential for more than 100
stores in Belgium
ZEB continues to focus on an
on-trend range, including co-
creations with well-known names.
These include TV phenomenon
Olga Leyers (first collection),
French-speaking influencer
Aurélie Van Daelen (second) and
cycling star Remco Evenepoel
(third).
• 13 stores
• New stores in Dendermonde,
Rijkevorsel and Couvin
The Fashion Store found that it was
mostly the older customer group that
stayed away. This was mainly apparent
from lower sales in brands popular
with the over 75s.
• 5 stores
Due to the cancellation of first
communions and festivals in the
spring, sales of occasion wear dropped.
ZEB For Stars responded agilely and
shied the focus from luxurious outfits
for special events to clothing for every
occasion. That partially offset the loss
of revenue.
The chain offers the second collection
by CEMI, well-known influencers Céline
Dept and Michiel Callebaut, as an
exclusive.
ZEB For Everyone
In February 2021, together with Hart voor Handicap, ZEB
launched an initiative to offer people with disabilities
a better shopping experience. Aer surveys and panel
discussions with experts with practical experience, ZEB
drew up an action plan for making stores more accessible,
with extra parking spaces, wheelchair-friendly toilets,
online apps for the visually impaired and training to
help employees understand the situation of people
with disabilities. The action plan received a great deal of
attention in the media.
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An eventful year
The fashion group suffered severely from the coronavirus pandemic,
especially the 3,5 month store closure and outside this the quasi-
permanent restrictions on shopping, which hampered shopping for fun.
During the closure in March/April 2020, the majority of employees were
furloughed, while others continued to work in the stores preparing online
orders.
Aer the first lockdown in the spring of 2020, customer visits slowly picked
up. A telephone survey revealed that the main fear was of busy places, aer
which stores began trialling private shopping (by reservation) or personal
shopping (with personal advice, by appointment). Following positive
feedback, this system was rolled out nationally.
When shopping in person revived in the summer months, the four formats
significantly outperformed the market, thanks partly to strong promotions
and increased, mainly digital communication. Aer a difficult month in
December, the fashion group managed to limit losses somewhat during the
sales at the beginning of 2021.
A small part of the revenue loss was recouped via online sales. These
peaked during the lockdowns and grew by more than 150% year on year,
requiring extra logistical effort. The group expects that a large proportion of
the extra online volumes will shi back to the stores aer the coronavirus
pandemic, but that online sales will also remain at a higher level than
before.
The group remains committed to a multichannel approach and continues to
focus on relevance to customers and sustainable growth.
In August 2020, Colruyt Group increased its stake in the fashion group from
68% to meanwhile 98% and, as a result, the group is fully consolidated since
August 2020. At the end of January 2021 the group name was changed from
Fraluc to The Fashion Society, with a new logo as well.
• 12 own stores and 15 franchise stores
• 1 new franchise store in Briey in France, half an hour
from Kortrijk.
In April 2020, PointCarré launched a new webshop that
is doing well. The chain is focusing on further growth
in Wallonia and France, where the new store concept
is especially popular. PointCarré intends to achieve this
growth via franchising in the first instance.
MyComfort24 is the new name of MyUnderwear24,
which has been the largest Belgian webshop for
underwear, nightwear, hosiery and swimwear
from leading brands for more than 10 years.
MyComfort24 is more representative, since the
webshop took over the bed linen and bathroom
textiles assortment of the closed Collishop at the
end of 2020. MyComfort24 then launched its new
webshop in a fresh house style with the baseline
‘Bed. Bath. Underwear. Always good.’ The expansion
of the assortment and the sharp increase in
online shopping led to strong revenue growth last
financial year.
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Participating interests
Newpharma is the largest Belgian online pharmacy, with more than 1.700 brands and
40.000 OTC products at reasonable prices. A team of ten pharmacists screens orders and sends
customers advice about products ordered, for instance in conjunction with previous purchases.
During the 2020 financial and calendar year, Newpharma managed to win many new
customers and achieve even stronger revenue growth. Sales peaked in the spring of 2020, due
mainly to massive demand for hygiene and health products, in response to the coronavirus
pandemic.
To facilitate future growth, the company will bring a new 20.000 m² distribution centre in Liège,
owned by Colruyt Group, into service in July 2021.
Newpharma focuses on international growth in neighbouring countries the Netherlands and
France, as well as in Switzerland. Accordingly, it adapts its assortments, price and promotion
policy more closely to local markets.
Synergy with Colruyt Group
Newpharma is developing synergies with various Colruyt Group store formats in 2021.
• Since February customers can also collect their Newpharma pack from around four hundred
Collishop collection points in Colruyt and OKay stores.
• Since May, a care range for babies and mums is on the shelves of the thirty Dreambaby
stores.
• From the end of 2021, Newpharma also wants to introduce a range in Colruyt stores.
French company Scallog specialises
in robotisation of order-picking in
logistics centres. Although business
declined temporarily in 2020 as a
result of the coronavirus pandemic,
order books have since filled up again.
Scallog continues to invest in R&D to
optimise its offering and works closely
with Colruyt Group.
• Pilot project at Newpharma’s new
distribution centre, for automatic
picking of 3.000 items, with a view
to more accurate picking and a
substantial productivity gain.
• Test project at the new distribution
centre of our online shopping service
Collect&Go.
• Scallog prospects in the French and
international markets, while sales
experts from Colruyt Group approach
the Dutch-speaking market.
Since December 2017
Stake: 26,0%
Since August 2019
Stake: 23,7%
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80
Retail Partners Colruyt Group is the licensee of the Spar formula in Belgium and works
closely with the independent Spar storekeepers. Besides supply and assortment
management, the organisation also takes care of the commercial policy, from pricing
and promotion policy to marketing and sales support. RPCG has a unique consultation
model, in partnership with the elected delegation of entrepreneurs. Together they shape
the look of the stores, range, commercial focus and the future of Spar Colruyt Group.
RPCG also supplies fresh products and groceries to independent storekeepers from Alvo
and unaffiliated clients.
2003 Spar Retail, in 2014 renamed
Retail Partners Colruyt Group
211 Spar stores
64 Alvo stores
89 unaffiliated clients,
including 24 Mini Markets
More than 800 employees in FTE
Doing business together is growing
retailpartnerscolruytgroup.be
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Profitable business
model
• RPCG saw interest in becoming an
independent storekeeper grow last
year and continues to look out for new
storekeepers, including for the 2 stores it
temporarily operates itself. Last year, four
stores in the portfolio were taken over by
independent storekeepers. In essence,
candidates can count on a profitable
business model with a broad range of
support services and advice.
• The Spar franchise model offers the store
operator the best of both worlds: far more
scope for entrepreneurship than a hard
franchise and considerably more support
than a pure logistical partnership.
• RPCG works more closely with partners
within Colruyt Group, due to higher quality,
efficiency and effectiveness throughout the
chain and better service to storekeepers.
For example, there is close cooperation in
operational procurement and optimisation
of underlying processes and systems.
In addition, RPCG now uses the same IT
platform for the grocery supply chain as
other Colruyt Group food brands.
Excellent financial year,
supply secured
Retail Partners Colruyt Group had an excellent financial year. The revenue increase
was largely driven by changing purchasing behaviour as a result of the coronavirus
pandemic, where Belgian consumers tended to shop close to home, including for
big shops.
The newest Spar Colruyt Group stores led the way, with individual revenue
increases of easily a quarter over the whole financial year. At the same time, RPCG
saw deliveries to Alvo stores and unaffiliated clients increase substantially.
Despite the sudden and significant volume increases, RPCG managed to maintain
its deliveries and service to the independent storekeepers at a high level
throughout the year. To this end, the distribution centre in Mechelen took on
many extra temporary staff from March 2020, as well as a night shi until past the
end of the financial year.
RPCG is convinced that the new customers will continue to find their way to Spar
stores, in view of the greater awareness and increased homeworking.

82
Spar Colruyt Group is the friendly neighbourhood supermarket for daily grocery shopping
and offers a strong range of fresh products, personal service and competitive prices.
The independent storekeepers add their own touches with their expertise and local
specialities. Spar inspires with the free magazine KOOK and is famous for the weekly Top
Deals with 50% off. Most stores open on Sunday (morning).
Spar was founded in the Netherlands in 1932 as the first cooperative of independent
retailers. With more than 13.300 member stores in 48 countries, Spar International is
now the food distributor with the largest number of stores in the world.
211 stores, including 169 in the Spar
Colruyt Group format
350 - 1.800 m² average store area
mijnspar.be
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Recipe for success
• Last financial year, 5 Spar stores underwent a total remodelling, oen
combined with expansion. That requires considerable investment, but the
storekeeper can count on technical advice, sales and marketing support and
a partial loan. Stores meeting a number of criteria (such as automatic stock
management) also receive the Colruyt Group signature on the front.
• The profitability of the Spar storekeepers remains among the best in the
market. The new and remodelled Spar Colruyt Group stores in particular are
recording above-average results, which inspires RPCG and the storekeepers
to accelerate the renovation process. By the end of the financial year, 45
stores had been given a new look, with the goal of 65 stores by the end of
March 2022.
• The new stores generally have a professional kitchen, for preparing home-
made specialities, according to centrally provided and own recipes. Close to
the entrance, there is oen also a bakery department with its own proving
cabinets for ultra-fresh bread products.
• To generate enthusiasm among storekeepers for the format, a virtual
Spar Colruyt Group store was developed, that offers visitors an authentic
shopping experience.
• In mid-2021, RPCG will open a physical mock-up store at the headquarters
in Mechelen. Both employees and (prospective) storekeepers can discover
innovations, find inspiration or take training there.
• 9 new stores
• 5 renovations
• 6 closures
• 6 new stores and 14 reopenings in 2021/22
Dynamic relationship with
storekeepers
RPCG is developing various levers to strengthen the
partnership with the independent Spar storekeepers.
• Further expansion of the vertical sales organisation, with
regional business consultants to provide financial and
economic support and specialist consultants for butcher,
fruit and vegetables, bakery, etc. Together, they provide more
coordinated and targeted support for the storekeepers.
• Accelerated development of alternative digital
communication channels with storekeepers.
• Wider service, with more support for the relationship
between storekeeper and end customer (B2B2C).
• More engagement with representatives of RPCG and
storekeepers via the modernised Future board. The strategy
targets added value for the storekeepers, through the
development of new services and (digital) tools, for example.

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Digital end-of-year
trade fair
The end-of-year trade fair in September is the
ideal annual meeting point for RPCG, storekeepers
and suppliers. In 2020, a fully-fledged alternative
was devised to help storekeepers engage with
the end-of-year range, including an inspiration
brochure, a tasting box, 10 online inspirational
videos co-created with suppliers, and personal
explanations by business consultants. All of this
led to good advance sales of new items.
Innovative assortment
For the second time, Spar stores could sign up for complete festive menus for
the end-of-year period, including communication materials. 109 participating
stores sold a total of more than 6.000 menus, an increase of more than 200%.
Together with storekeepers and suppliers, Spar Colruyt Group developed
an alternative to the traditional end-of-year tasting in-store. In December
2020, 83.000 customers received a hugely popular 6-item tasting pack on
presentation of Xtra.
In fresh the cold meat and sushi ranges in particular were optimised. The deli
section stands out with new, healthier recipes and redesigned packaging.
Updated offer of flowers & plants, generating 40% revenue growth.
More organic in all food categories.
In 2021, all Spar products will display the Nutri-Score on the packaging.
More intensive customer
communication
Spar supported the new stores in their
communication with customers, including six eye-
catching campaigns and promotions. The common
theme: making life easier and more financially
bearable during the coronavirus pandemic.
62 stores install defibrillator
Following a successful crowdfunding campaign in the spring, during 2021, more than 60
Spar stores have installed a brand new automated external defibrillator (AED) on their
front, permanently available to all local residents. The purchase of the life-saving devices
was funded by the stores and customer donations.
Appreciation for healthcare workers
To mark ‘Healthcare Day’, Spar gave out 2.200 packs containing thank-you cards and
bakery products to all staff of AZ Sint-Maarten hospital in Mechelen. The nice gesture
was greatly appreciated.

85
Codifrance supplies around three hundred affiliated neighbourhood stores of Coccinelle,
Coccimarket and Panier Sympa in France with dry goods, fresh produce and frozen food.
These are mini-markets located in town or village centres that focus on customers doing
their daily shopping.
Codifrance offers the independent operators a wide assortment of national brands,
private labels (Belle-France) and discount brands. They can also count on assistance with
deciding on their range, pricing, marketing and communication.
In addition, the organisation simply supplies over 1.500 independent retailers in more
than 70 departments.
2004: acquisition of Panier Sympa and start of
Coccinelle and Coccimarket licence
301 affiliated stores: 181 Panier Sympa,
95 Coccimarket and 25 Coccinelle
More than 1.500 independent storekeepers
100 - 400 m² average store area
More than 8.000 items
Represented on three quarters of
French territory
More than 200 employees in FTE
codifrance.fr
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Record year
Codifrance achieved record sales last financial year. In the face of strict coronavirus
measures (6pm curfew, temporary 1km travel perimeter, etc.), consumers tended
to visit small(er) neighbourhood stores. Many consumers appreciated the local
store (once again) for meeting their basic needs, and the contact with the local
shopkeeper.
The wholesale arm managed to adapt rapidly to this sudden influx of customers, and
to maintain its service and supply to the independent neighbourhood stores. It will
support stores to consolidate on the increased loyalty.
A pleasing increase in profitability was recorded once more, partly by keeping
costs under control. Transport costs in particular fell thanks to optimisation of the
transportation schedule. Secondly, operational excellence continued to grow and the
organisation reaped the rewards of strict credit management in recent years.
Besides supplying stores directly, Codifrance also delivers to a number of
wholesalers, who in turn supply small stores.
More ecient
logistics
• At the beginning of 2020, a
new warehouse management
system was brought in, with
a view to efficiency gains and
better tools in the distribution
centre. Since then, the quality
of the service provided has
improved significantly.
• Codifrance will implement a
new, high-end ERP tool tailored
to B2B activity by 2022. The
organisation expects this to lead
to major progress in operational
excellence, cost control and
work simplification.

87
Foodservice business Solucious supplies food products to professional customers
throughout Belgium, primarily social catering (schools, hospitals, care homes, etc.),
hospitality and corporate catering. The assortment covers groceries, fresh and frozen,
in small and large packs. Customers can choose from national brands, own retail
brands Boni Selection and Everyday, and its own foodservice brands Culino and
Econom, especially for professional chefs. Solucious stands out by its convenience,
fair and consistent pricing with bulk discount and constant reliability, about which it
communicates transparently.
2013
EUR 109 million revenue (- 13,4%)
25.000 customers
13.000 items in food, fresh and frozen
Around 450 employees in FTE
solucious.be
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Stronger position in dicult
circumstances
Solucious ended the financial year with a significant
volume and revenue loss, mainly due to coronavirus
measures such as the (partial) closures of the
education, hospitality, theme parks and cultural and
events sectors, for example. Compulsory working
from home also led to a heavy decline in volume in
corporate catering. On the other hand, supply to the
healthcare sector remained at around the same level
as last financial year.
Thanks partly to its strong customer mix, Solucious
outperformed the market average. Furthermore, even
in this difficult period, it managed to consolidate its
position, partly by attracting major new customers
in healthcare and hospitality. Overall, therefore,
Solucious looks back on the financial year with
satisfaction.
Solucious continued to guarantee its customers
a reliable service: deliveries respecting the
coronavirus measures, sufficient stock availability
and an adapted offer, including takeaway packs for
caterers and hygiene products such as facemasks
and hand gel.
All managers and staff members were trained to
replace the order pickers in the event of large-scale
self-isolation. For around one and a half months,
several senior staff members worked in the Bornem
distribution centre.
Support for youth
Over the summer, Solucious scaled up its
capacity, to supply as many youth camps as
possible safely. The company also delivered
15.600 free hygiene packs donated by
Colruyt Lowest Prices to youth associations
(see p. 45).
Festive food box for
associations and
companies
With the Dinner Box, Solucious created
an original solution in November to
raise funds for associations and clubs.
Companies also used the Dinner Box
as an alternative festive gi. Michelin-
starred chef Marcelo Ballardin composed
the festive menu for two, Solucious put
together the ingredients and delivered the
food boxes. The 2.500 festive boxes were
sent out in no time at all, as was the special
spring edition in March 2021.

89
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Delivery process digitised
In January 2020, Solucious began to roll out its courier app. This digital assistant optimises the
management of the truck fleet, transport planning, customer contact and delivery itself. Result:
greater convenience, efficiency and reliability for both courier and customer.
It is even easier for couriers to deliver the order and logistics services to every customer. The entire
delivery process is easier, more accurate and paperless: the courier registers the delivery, returns and
empties on his/her PDA and sends everything to the customer simply in one digital receipt.
The tool also offers a track & trace solution. Customers can track their delivery online to within one
hour. This helps them organise their working day.
Solucious is the first Belgian foodservice player to digitise the administration and reporting of the
delivery process. This enables the company to continue to grow while guaranteeing reliability. The app
was developed in partnership with Belgian company Urbantz, which specialises in last-mile delivery
technology.
“You provide care, we provide groceries”
• From March to May 2020, Solucious delivered online orders of healthcare workers at the car parks of
13 major hospitals at no extra cost.
• At the beginning of November, home delivery of orders became available via Solucious.be to all
healthcare workers in Belgium. The range was supplemented with products of relevance to private
customers.
• For Healthcare Day on 21 March 2021, Solucious distributed 3.000 surprise boxes to Flemish
hospitals, nurseries, care homes and daycare centres. Solucious covered the delivery cost, while
Spar, Collect&Go and Colruyt Group Academy contributed products and vouchers.
A heart for
hospitality
• During the lockdowns,
Solucious informed all
hospitality customers of
Colruyt Group’s call for people
on furlough to lend a hand
with sales, logistics and
production.
• Solucious was a
premium partner of the
#HorecaComeback (hospitality
comeback) initiative.
Consumers could buy vouchers
for their favourite business to
be used aer reopening. The
amounts paid went directly to
the participating hospitality
businesses.

90
Symeta Hybrid is one of the largest Belgian specialists in personalised marketing
communication and administrative document flows. The company processes data and
sends communications physically or via digital channels. Symeta Hybrid has state-
of-the-art printing technology and a powerful information management platform for
electronic billing, payment and archiving. It guarantees the highest possible security for
confidential data such as personal data. Flexible all-in-one solutions result in efficiency
for companies and user-friendliness and freedom of choice for the end customer.
Symeta Hybrid serves both internal and external clients
(1)
in sectors such as HR, finance,
healthcare, utilities, government, industry and services.
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(1) External revenue is recorded under ‘Other activities’.
2020 Merger of Symeta and Joos Hybrid
Around 270 employees in FTE
symeta-hybrid.com

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Merger of Symeta and
Joos Hybrid
• In August 2020, Colruyt Group acquired 100% of the shares of Joos Hybrid, a subsidiary of Belgian family business
Group Joos. All activities of Joos Hybrid were combined with those of our company Symeta in the newly founded
company Symeta Hybrid.
• Via this acquisition, we want to optimise our own processes sustainably and support external clients in their digital
transformation. The transaction had no material impact on the net result for financial year 2020/21.
Complementary activities
• The activities of the former Symeta and Joos Hybrid
complement one another well. The combined expertise in
personalised marketing communication and administrative
document flows is unique in Belgium. The same applies to the
combination of two separate production sites, which function
perfectly as one another’s back-up.
• The acquisition soon delivered synergy benefits and was well-
received in the market, partly due to the confidence Colruyt
Group enjoys. Accordingly, Symeta Hybrid has already managed
to win new clients in the telecom and public sectors, as well as
service voucher company Easy Life, coffee roaster Ray & Jules
and fashion chain The Fashion Store.

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DATS 24 offers all common and alternative energy sources in Belgium, increasingly
offering natural gas (CNG), electricity and hydrogen as well as petrol and diesel. Colruyt
Group’s energy specialist works towards greener mobility and continues to invest in
the expansion of its network of CNG stations, electric charging infrastructure and public
hydrogen stations in Belgium. DATS 24 informs and inspires individuals and companies
about how to achieve more sustainable mobility via workshops, talks and webinars. It
holds ISO 14001 certification for the ecological management of its stations.
1972
EUR 532 million revenue (-25,7%)
137 filling stations including 84 with CNG
116 stores with charging stations
More than 70 employees in FTE
Smart refuelling
dats24.be
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Reduced mobility leads to
substantial fall in volume
• DATS 24 had an extremely tough financial year. In the first
few weeks, sales volumes dropped to 75%, as a result of
heavily reduced mobility at the time of the outbreak of the
coronavirus pandemic. Sales of CNG held up best, because
this tends to be purchased by B2B customers.
• Over the financial year as a whole, the volume shrinkage
stood at around 20% and revenue loss at over 25%. However,
DATS 24 managed to maintain its profitability at a decent
level.
• DATS 24 responded agilely to the coronavirus pandemic, was
the first in Belgium to make disinfecting hand gel available at
filling stations and took extra trouble to disinfect all contact
surfaces. It also ran a campaign to promote refuelling and
(contactless) payment with the Xtra app.
• The rollout of more pumps with AdBlue was accelerated.
By the end of the financial year, the additive which heavily
reduces NOx emissions of diesel engines was available at 37
stations, a number that will double by mid-2021.
• DATS 24 still sees potential for sales of conventional fossil
fuels for some time to come. At the same time, the company
is fully committed to greener mobility and renewable energy,
both on the road and at home and work.
4 new filling stations
8 extra CNG refuelling points
16 more stores with electric charging
stations
First steps in the private energy
market
Aer thorough preparations, DATS 24 started supplying
natural gas and 100% green, Belgian electricity to private
customers in Flanders and Wallonia in April 2021. Around
1.500 Colruyt Group employees had already signed up from
October 2020, allowing scope to refine the processes and
systems before scaling up. DATS 24 is prospecting step by
step, firstly among familiar customers within the group.
• 100% local, green electricity, for instance from the wind
farm on the Colruyt Group site in Halle and the North Sea
wind farms in which the group has a stake. Customers
choose their favourite energy source themselves.
• Simplicity and transparency, with three products:
electricity (with or without an injection fee), natural gas or
both, in a single tariff plan with attractive, variable pricing.
In surveys, variable tariffs have usually turned out to be the
best option in recent years. In this way, DATS 24 aims to give
customers peace of mind in the long term.
• Convenience and autonomy. Via their Xtra profile,
customers can easily register online, perform a cost
simulation, manage their energy sources and bills and so on.

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Hydrogen becomes
accessible
DATS 24 sees great potential in hydrogen
as a sustainable fuel for vehicles. Since
2018, the public filling station in Halle has
offered 100% green hydrogen, produced
with power from local wind turbines.
Colruyt Group has 25 hydrogen-powered
vehicles.
• In the second half of 2021, four
new hydrogen stations will open in
Haasrode, Wilrijk, Erpe-Mere and Herve.
At the beginning of 2022, the first
hydrogen station for heavy-duty logistics
will open next to the distribution centre
in Ollignies.
• DATS 24 is working with various
partners on a number of test projects
involving hydrogen-powered vehicles.
For instance, since the end of 2020, a
44-tonne hydrogen-powered truck has
been in use in logistics, a European first.
The aim is to gain expertise and eventually
make hydrogen accessible for passenger
and goods transport.
More electricity and natural gas for vehicles
• The network of electric charging points on store sites is gradually expanding, as stores are
built and renovated. Including office sites, the network had 294 charging points at the end of
the financial year.
• Last financial year, DATS 24 sold more than 200 MWh of electricity, or the equivalent of
1.250.000 electric kilometres travelled (at a consumption of 16KWh per 100 km).
• The DATS 24 charging card gives access to almost 300 own charging points and 7.600 points
throughout Belgium. During the financial year as a whole, more than 29.000 charging sessions
took place using the card.
• DATS 24 continues to steadily expand its CNG network and had 84 stations with a natural gas
pump by the end of the financial year. The company looks forward to a regulatory framework
for injecting biogas into the natural gas grid. This more sustainable mixture does not require
the adaptation of CNG pumps or vehicles.
• DATS 24 plays a pioneering role in the market, with mobile refuelling and payment via the Xtra
app. By the end of the financial year there were 28.000 unique users of the refuelling function.
Best Brand Award 2021
Market research agency GfK presented DATS 24 with the Best Brand Award 2021 in the
Fuel category, based on market share and a consumer brand perception survey.
DATS 24 scored highest on the criteria of value for money and innovation. The
respondents particularly appreciated the hand gel at the stations and the more frequent,
more intensive cleaning. DATS 24 is proud to have succeeded in standing out in a
commodity market.

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Energy holding company Virya Energy is active in the development, financing,
construction and operation of renewable energy sources, with a particular focus on
offshore and onshore wind energy.
Virya Energy was established at the end of 2019 by Colruyt Group and its majority
shareholder Korys. The holding company owns 100% stakes in Parkwind, Eurowatt, Eoly
Energy and Sanchore, and aims for international expansion. Combining all of these
activities allows Virya Energy to promote the sharing of technology and knowledge
between the various teams and create economies of scale, so as to remain a key player
in the rapidly changing renewable energy sector.
2019: establishment by Colruyt Group and Korys
Stake: 60,87%

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Belgian company Parkwind is active in the production of offshore wind
energy, in the North Sea and further afield.
In 2020, Virya Energy
produced more than
1.865 GWh of green
electricity. Via its interest
in Virya Energy, Colruyt
Group has a stake of
around sixty percent.
This stake represents
around five times
Colruyt Group’s annual
consumption in Belgium
and Luxembourg for
2020.
1.865 GWh
of green
electricity
Oshore wind farms in Belgium
The four wind farms off the Belgian coast in which Parkwind has a stake produced a total of 2.708 GWh of
green electricity in 2020, or the equivalent of the annual consumption of over 770.000 households. That
makes Parkwind one of the largest producers of green electricity in Belgium.
2020 was an above-average year for wind, with an above-average wind yield in the first and last quarters in
particular. General availability remained at the same high level as the previous year. Despite the restrictions
due to COVID-19 (such as the requirement to work from home and the social distancing rules for offshore
activities), operational continuity was assured throughout the year and yields and costs remained in line
with the budgets set.
Parkwind stake Capacity Production 2020
Belwind (2010) 78,5% 165 MW 588 GWh
Northwind (2014) 30% 216 MW 850 GWh
Nobelwind (2017) 41% 165 MW 686 GWh
Northwester 2 (2020) 70% 219 MW 584 GWh
TOTAL 765 MW 2.708 GWh

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Eoly Energy is active in Belgium in the production
of renewable energy via 15 onshore wind turbines
with an installed capacity of 38 MW, producing 94
GWh in the year 2020. The producer sells its green
electricity to DATS 24, which in turn supplies it
to various Colruyt Group organisations, external
companies and individuals.
Eoly Energy was 100% owned by Colruyt Group and
was transferred to Virya Energy in May 2020.
Eoly Energy has an ambitious expansion plan and
intends to invest around EUR 160 million in new
onshore wind farms in the period of 2020-2029.
That would eventually increase capacity more than
fivefold.
• The Rebaix wind farm was completed in 2020 and
commissioned at the beginning of 2021. One of the
three turbines was transferred to Eoly Cooperative.
• Meanwhile, preparations have begun for the
construction of a wind farm at Lessines/Silly.
• Permit applications are in hand for the wind farms
at Bassilly, Ciney-Sovet, Frasnes-Lez-Anvaing,
Fernelmont and Zele.
The Northwester 2 wind farm has been fully operational since May 2020, while
full closure with the banks was achieved by the end of 2020 as planned. The
23 turbines are among the largest in the world and represent a total installed
capacity of some 219 MW.
International activities
• Preparations for the future German wind farm Arcadis Ost I in the Baltic
Sea are going according to plan. Contracts for supply, placement and
installation of the turbines have already been signed, while the financial close
is scheduled for mid-2021. The wind farm is scheduled to be constructed
in 2022, and to be fully operational at the start of 2023. With a capacity of
247 MW, it will be able to supply up to 300.000 German households with
green electricity.
• In Scotland, Parkwind has a stake of around 32,5% in a project company to
be established in future to bid for concessions in Scottish waters.
• In Japan, Parkwind is working on a consortium led by trusted partner
Sumitomo Corporation. In May 2021, a bid was made for the first Japanese
tender for offshore wind.
• Parkwind and Irish electricity company ESB are busy preparing for the
auction, expected in 2022, for the future Oriel wind farm in the Irish Sea.

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Investing in
hydrogen production
Virya Energy is joining forces with gas network operator
Fluxys to develop a power-to-gas plant in Zeebrugge,
called Hyoffwind. The plant will convert electricity
from offshore windfarms into green hydrogen on
an industrial scale. The project is fully authorised.
The consortium hopes to obtain the final investment
decision in 2021 and the first production of green
hydrogen is scheduled for 2023. This Belgian first will
make a great contribution to making the Belgian energy
landscape more sustainable and is a perfect fit for the
Flemish hydrogen strategy and the European Green Deal.
Virya Energy sees great potential in marketing hydrogen
as a sustainable energy source for heavy duty
transport and buses, since 100% electrification is not
necessarily an option for these applications. Hydrogen
is also a good buffer for temporary storage of surplus
energy, to help achieve the necessary balance between
energy production and consumption.
Investment opportunities for individuals
Where possible, Eoly Energy works with Eoly Cooperative, which offers local
residents and other individuals the opportunity to invest directly in onshore wind
energy.
• Last financial year, the necessary steps were taken to assume operational
responsibility for the cooperative as far as possible.
• The raising of EUR 4,4 million in capital for the wind turbine in Rebaix was
completed in just six weeks. This means that the cooperative now has two wind
turbines in its portfolio, while the number of member-owners has doubled.
• The general meeting held in June 2020 approved a pleasing gross dividend of
5,5% based on the results for 2019, almost as high as the legal maximum of
6%.
The North Sea Wind cooperative was established in 2018 by Parkwind, Colruyt
Group and Korys Investments. It offered the general public the opportunity to
invest directly in offshore wind energy projects and so be part of sustainable
change.
In the second half of 2019, the cooperative raised EUR 13.195.660, a record
amount for public participation in green energy. With that amount, at the end
of 2019, North Sea Wind granted a loan with an in-principal term of seven years
to Parkwind, which is investing the funds raised in the maintenance of existing
wind farms and the construction of new ones.
The gross actuarial return per share is estimated at roughly 4% over the period of
the investment.

99
The Sanchore wind farm
in Karnataka (India) has 20
turbines with a total installed
capacity of 40 MW and has
been fully operational since
March 2018.
The total output of the wind
farm in 2020 was 93 GWh. The
high availability was unable
to offset the exceptionally low
winds in the region.
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Sanchore
Eurowatt SA is a European independent electricity producer based in
Luxembourg, mainly active in onshore wind activities in France since 1994. The
company also has onshore wind assets in Poland and Portugal and small-scale
hydroelectric plants in Portugal and Spain. Eurowatt operates a total capacity
of 470 MW, installed and under construction, across thirty sites, besides 300 MW
in various stages of development.
Korys acquired 51% of Eurowatt’s shares in 2014 and transferred this majority stake to Virya Energy at
the beginning of 2019. At the end of February 2021, Virya Energy acquired the remaining 49% from the
minority shareholders and the management, becoming the 100% owner of Eurowatt.
In 2020, the wind farms managed by Eurowatt produced a total of more than 900 GWh, partly thanks to
exceptionally favourable wind conditions in the first and last quarters of the year.
France
During the financial year, four new sites were
brought into service in Northern France, with a
combined capacity of 57,5 MW. Construction of
Parc Eolien de l’Extension des Rossignols (14 MW)
has begun and this wind farm is expected to be
operational by the end of 2021.
Eurowatt continues to develop new onshore
wind projects in France and has strengthened its
development team in order to attract new projects
for future growth.
Poland
Eurowatt holds a 15,6% stake in C&C Wind, which
operates a wind farm with 15 turbines (37,5 MW) in
Eastern Poland.
Eurowatt owns 100% of Baltic Sea Polska II, which
has the necessary permits for the construction
of nine turbines. Negotiations for the supply of
the turbines have begun and a downpayment to
reserve them will be paid in the coming months.

100
• Colruyt Group Academy provides all education and training programmes for employees, for
both professional and personal development. Last financial year, the activity accounted for an
investment of around EUR 32 million, or 2,4% of the payroll.
• The Academy also has a broad training offer for individuals and companies, with face-to-face
and online workshops packed with inspiration and experience. It has 10 meeting centres
spread across Belgium and offers affordable prices thanks to sustainable partnerships.
• The Academy has grown into a major actor in the Belgian training sector, with a pool of
some 500 lecturers and trainers delivering 4.500 training sessions for employees and 6.000
workshops for private individuals.
Oer for
employees
Group support activities
Accelerated digitalisation
• Last financial year, Colruyt Group Academy made a virtue
of necessity and accelerated the shi to remote training
and education. The offer of e-learnings was substantially
expanded, with online group sessions, for example. As a
result, a digital alternative is now available for around
70% of the training offer.
• Several business-critical training programmes still took
place (partly) face to face, for fewer participants or in
larger spaces, and respecting the coronavirus measures.
These ranged from practical first aid or fire safety training
to sessions on leadership or group values. In ‘culture
bubbles’ senior management reflected on the impact of
the pandemic at the heart of our organisation.
• Digital learning gives greater flexibility: employees follow
individual e-learnings when it suits them best, while
online workshops require less travel and are easier to
schedule.
• Meanwhile, our trainers have acquired plenty of expertise
in remote training, in terms of both methodology and
technology. The Academy will remain creative in matching
the training offer to employees’ needs, with a focus on
connection.
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101
Finding alternatives
• The coronavirus pandemic had an unprecedented impact on activities. All workshops
planned from mid-March 2020 were cancelled (whereas more than 4.000 took place
during the 2019/20 financial year).
• As early as April, the Academy set up an innovation unit, which quickly developed
alternative formats, including 14 online cooking workshops and tastings. There were also
online versions of previously planned Tips & Talks sessions about nutrition, health, media
and so on.
• In the autumn, several face-to-face workshops and talks were able to take place for a
month and a half, in small bubbles or with a limited audience.
• To keep in touch with consumers, the Academy launched ‘Stay inspired’, a combination of
a printed magazine and 150 online videos.
• The Academy is working further on a mixed face-to-face and online offer and continues
to realise its mission in a creative way: to make it possible to meet, discover and
undertake, in an inspiring and uniting way.
Little use of furlough scheme
• As a result of the cancellation of workshops, around
40% of the Academy’s employees found themselves
out of a job in spring 2020. Some of them joined
various innovation tracks, while others were
redeployed elsewhere in the group. All in all, very
few were furloughed.
• Digital workshops were recorded at the meeting
centres in Melle and Namur, as well as the cooking
programme De Pottenlikkers by Colruyt and Studio
100. Five sites served temporarily as regional
offices, while our start-up Rose Mary used the
kitchen in Uccle. Previously planned openings of
new centres are on hold.
New: Workshop@home
In the run-up to the festive period at the end of 2020, the Academy launched the successful
‘Workshop@home’ concept: experience boxes containing all the ingredients, accessories
and a guide to use at home. Three themes were available: creating coffee blends, making
toiletries and cooking/cra for Christmas. All accessible and sociable activities, developed
in conjunction with our store formats. Following the success of the first series, three new
themes were added in March 2021, including chocolate creations. By the end of the financial
year, a total of 1.465 were sold.
Oer for individuals
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Stake in
We Connect Data
In August 2020, Colruyt Group
took a minority stake in
Ghent start-up We Connect
Data. They have developed
a digital platform via which
our corporate marketers
rapidly and efficiently form a
complete picture of relevant
actors, relationships and
trends on various markets.
In a rapidly evolving world,
reliable data and insights are
becoming more and more
important for good decision-
making and strategic strength.
Focus on sustainable entrepreneurship and consumption
Last financial year, Corporate Marketing initiated several major communication programmes in national
media and on online channels, with the focus on sustainability.
Boni Selection. Following Belgian milk in the spring of 2020, we presented the
story behind our Magic Star apples in the autumn. With this more sustainable
variety, we create greater income security for Belgian growers and prevent a large
amount of food waste. Apples that are not fit for sale are processed into apple
juice, apple cake and apple sorbet under our private label Boni Selection. This
completes the circle.
Step by step. Continued rollout of our four icons for products, services
or initiatives with a positive impact on health, society, animal welfare and
environment. Alongside a national communication campaign, we developed
and distributed a free card game for the whole family. Specific situations
involve young and old in our sustainability story and inspire them to make more
sustainable choices every day, step by step.
Eco-Score. A Belgian first, this indicator that makes it easier to buy in a more
environmentally conscious way and consume more sustainably. The campaign
familiarised consumers with the Eco-Score and encouraged them to look it up
in the Xtra app. Corporate marketing will eventually roll out the Eco-Score on all
Boni Selection packaging.
Corporate Marketing sets the strategy for marketing communication for Colruyt Group and
corporate sub-brands such as Collibri Foundation. This includes brand management for private
labels such as Boni Selection, Everyday and Kangourou, including design and production of all
packaging. In addition, the department provides services in the areas of press and PR, market
research, digital communication and customer data. Most services not only operate at group level
but also support individual operating units.
Corporate Marketing
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103
Communication agency CCX translates the marketing objectives
of Colruyt Group and all the various brands into targeted offline
and online marketing communication. The department has
around 450 permanent employees, from designers, copywriters,
photographers and video specialists to media and digital experts.
For (print) production and sending of communications, CCX
works closely with our print and document specialist Symeta
Hybrid.
Customer Communication
& eXperiences
Continuity assured
• Partly thanks to the new partnership with Symeta Hybrid, CCX
managed to ensure the necessary continuity, even in the difficult
year of coronavirus. Despite the frequently urgent assignments
and short turnaround times, all corporate communication to the
general public and advertising of our store formats proceeded
as planned, both in printed media and online and at the point of
sale.
• The video and event services specialised in digital alternatives
to live events, from pre-recorded webinars to livestreams of
information sessions. The knowhow acquired in technology,
presentation and interaction with participants will also prove
useful post-Covid.
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104
47.000 tonnes of meat processed
27.325.000 litres of wine bottled
49.587.000 pieces of cheese packaged
7.200 tonnes of coffee roasted
25.150.000 loaves baked
Strong increases in production
• The production departments delivered higher volumes throughout the financial year,
partly due to increased retail sales and product diversification and partly as a result of
higher demand due to the coronavirus pandemic. From mid-March to past the summer
of 2020, the meat and cheese departments in particular turned out higher volumes than
normal. Unprocessed fresh meat did particularly well, partly because consumers cooked
more oen at home when it was impossible to visit a restaurant.
The coffee roasting house and wine-bottling plant experienced smaller production
increases, while bread production declined slightly, as a result of reduced shopping
frequency in our supermarkets.
• Fine Food managed to cope with the volume increases thanks to the exceptional efforts of
its own employees and temporary support from Colruyt Group colleagues. For months, it
also relied on 200 temporary staff, 39 of whom were taken on permanently in the end.
• Except for a few minor incidents, production was barely disrupted by the coronavirus.
Facemasks, hairnets and hand hygiene are part of the daily routine in any case. However,
with adapted shis and routes, the number of people in changing rooms and canteens
for example was limited. All the familiar ‘golden rules of hygiene’ were communicated in
many ways and stewards ensured that they were correctly respected.
Colruyt Group is the only food retailer in Belgium with industrial-scale production
departments, grouped under Colruyt Group Fine Food. Thanks to in-house production
and years of expertise, we can operate in a cost-effective manner, guarantee constant
quality and create added value for our private labels and ultimately for customers.
Meat processing is Fine Food’s biggest activity, alongside a salad department, a coffee
roasting house, a wine-bottling plant, cheese-processing departments, a bakery and a
‘vertical farm’ for fresh herbs. Fine Food has more than a thousand employees on nine
production sites.
Fine Food
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105
Salad production site operational
• As planned, Fine Food Meat occupied a brand-new building in April 2021, intended exclusively for
the production and packaging of salad spreads. With an area of 4.200 m², the site is large enough
to allow for current and future growth.
• The EUR 26 million investment illustrates our belief in in-house production to make a difference
as a retailer. With products for our own brands Everyday and Boni Selection, and for Colruyt and
OKay’s butcher labels.
• The site functions totally autonomously, with its own reception, stores, technical services, etc.
• Two fully automatic lines can produce up to 120 pots per minute. There is also a semi-
automatic line for smaller runs and new products, and a new line for cold and hot sauces.
• The building and the state-of-the-art machines offer potential for further improvements in
sustainability and innovations in the assortment, as consumer preferences evolve. For example,
meat and vegetarian production can operate with perfect segregation there.
Maximum sustainable
technologies
• The solar energy system can cover
an estimated one quarter of energy
consumption in fine weather.
• Ventilation with cold recovery from
production zones and heat recovery
from offices and social areas,
automatically adapted to the CO
2
content and the number of people
present.
• The heat released by the refrigeration
systems during the day is used to heat
water and stored in a buffer tank to
be used for cleaning the workshops
overnight.
• Automatic atomisation for
disinfection of spaces and plant. This
water-saving system uses less, more
eco-friendly chemicals, thoroughly
disinfects difficult to reach surfaces
and requires far fewer manhours. Its
application on an industrial scale is a
first for Belgium.
• Natural refrigerants, water purification,
rainwater recovery, automatic blinds, ...
Fine Food
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106
BP&S supports the whole of Colruyt Group in the area of IT and process optimisation. As a
reliable partner, BP&S tracks technological developments and innovations and applies them to
the specific needs of the various departments and businesses of the group. The organisation
does not just supply tools, but offers its partners all-in services: a total package ranging from
building and implementing IT solutions to managing, maintaining and updating them. The
organisation has over a thousand permanent employees in Belgium and around 450 in India.
Business Processes & Systems
Transition to service-oriented working
In the last two years, BP&S has transformed into a service-oriented organisation
that responds efficiently and agilely to the needs of its partners and shields them
from the underlying complexity. Thirty former departments have turned into service
centres, with clearly defined services, roles, responsibilities and arrangements with
the partners. This new way of working requires effort and flexibility on the part of
employees, but also gives them greater responsibility and autonomy. This results
in more service-mindedness throughout the organisation, a greater sense of initiative
and a higher level of service.
Traineeships pay o
BP&S constantly strives to attract and retain (young) talent, partly via traineeships
for school leavers and candidates with little experience. In September 2020, eleven
trainees began a one-year programme that immerses them in the world of analysis
via trainings, work placements and project work. An ideal formula for familiarising
themselves with all facets of the job and the company. It is also a sustainable model,
as 90% of the trainees from the six previous intakes still work for the company. In
addition, BP&S recruits many employees each year following internships for recent
Bachelors and Masters graduates.
Convenient teleworking
To enable teleworking, in a short time, BP&S
installed VPN connections for more than 6.000
employees in Belgium, France and India. In
the interests of reliability and convenience,
network capacity was gradually increased.
And thanks to the accelerated rollout of
communication and meeting tools, online
information sessions or trainings can take
place without a hitch.
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107
Innovation galore
BP&S is pioneering the use of new technology and pressing
ahead with the digitalisation of the group, including the
totally redesigned Xtra app and new websites for Cru and
Collect&Go. Our French wholesale business has introduced a
new warehouse management system, extra apps have been
added to store employees’ smartphones and electronic price
labels have been rolled out further. Plenty of future-oriented
applications are also being tested:
• 5G internet.
• Drone delivery of small IT equipment at our headquarters.
• First steps in building our own Internet-of-Things platform.
• Prototype for an augmented reality app that guides
customers to the right aisle in-store.
Colruyt Group has dedicated professional services for strategical and
tactical support. These corporate services assist the management
bodies and consultation platforms in outlining the framework for our
commercial activities, in carrying them out and in the expansion and
development of our organisation. The group can rely on their broad
expertise of diverse areas such as:
• Business development and investment management
• Business analysis, data capture and analysis
• Public affairs, market research, corporate branding and marketing
• Sustainability and innovation
• Business and IT architecture
• Change, portfolio and programme management
• Communication and cooperation
• Digital development and services
• Organisation & partnership development, culture & identity
• Risk management, resource planning, …
Corporate services
Business Processes & Systems
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In Contact handles all enquiries from customers, employees, suppliers
and other partners. Specialist contact centres serve all store formats
as well as internal departments such as HR and IT. The 300 or so
staff can be reached by phone, email, various websites and social
media. Together they handle around 4 million contacts a year. The
strength of In Contact lies in the combination of smart technology
and standardised processes and systems with competent, customer-
focused employees.
In Contact
The right place for a prompt response
Customers can make contact quickly by telephone, (web) mail or
social media. In addition, they can find answers to many questions
on the store formats’ FAQ pages 24/7. Customers can also fill in a web
form that automatically goes to the right specialist, who serves them
quickly and efficiently. The contact platform also processes emails
and calls, is testing a chatbot and will integrate the group’s social
media channels at a later date. In Contact informs our store formats
in a structured way about their customers’ views and concerns. This
allows them to adapt relatively quickly where necessary.
Record number of contacts
In Contact had an exceptionally busy financial year, with record numbers
of enquiries, from the first wave of coronavirus in April 2020, about
availability of products in-store or Collect&Go collection slots. Further
peaks followed new public health measures for stores, the closure of the
Collishop webshop or the launch of new services such as Click&Collect.
In periods during which e-commerce boomed, customer services of our
non-food stores in particular were flooded with enquiries mainly about
the status of orders. The telephony platform reached its maximum
capacity and was shut down for a week in order to focus on dealing with
unanswered emails. Throughout the period, In Contact revealed itself to
be an agile and essential link to steer the group through the crisis, which
met with an overwhelmingly positive reaction from customers.
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Retail Services Center combines several departments that
support our store formats in terms of pricing, quality, safety,
product information and packaging, market insights, etc. This
support allows our stores to focus on their core business
and continue to stand out in an extremely competitive
retail market. Retail Services Center helps put into practice
and realise our broader commitment to sustainability.
The various departments put to good use the substantial
expertise that has already been present in the group for
years, and acquire further maturity in their particular areas.
Retail Services Center
40-year cast-iron
price guarantee
The 135-strong Service Center Price helps each of our store formats apply their
own pricing policy. The team checks some 60.000 prices each day in physical
stores, on flyers and online, and data analysts, price and product managers
and price setters then go to work on them. The service centre possesses
considerable expertise in price monitoring and setting, since it has ensured
that Colruyt abides by its lowest price guarantee for more than 40 years.
• The price survey published by Test Aankoop in May 2021 once again
confirmed Colruyt as the cheapest supermarket in Belgium, both for the
shopping basket of national brands alone and for that with ‘budget brands’
(such as Everyday) and the mixed basket.
• Test Aankoop only found the basket of ‘private labels’ (such as Boni Selection)
slightly cheaper at Aldi and Lidl. We disagree with this because Test Aankoop
included products from hard discounters in the basket of private labels,
which we believe belong with budget products and should therefore be
compared with our Everyday products. On this basis, Colruyt clearly remains
cheapest for private labels too.
• Moreover, the survey showed that Colruyt is constantly widening the price gap
with other retailers and has never been such good value.
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People & Organisation coordinates and supports Colruyt Group’s HR policy.
The 350 employees have one common purpose: to ensure that Colruyt Group and
its employees grow into the best version of themselves. The HR partner offers a
variety of services for this: from payroll and recruitment, health and safety, work
simplification and a medical department to legal advice and negotiations with
social partners. The HR knowledge centre works around themes such as personal
and team development, remuneration, personal growth, leadership, well-being
and crasmanship.
People & Organization
Shift towards agile and output-
oriented working
Last financial year, we decided to eventually (post-COVID)
abolish clocking in and out for around 4.400 office staff
in Belgium and switch to more ‘agile and output-oriented
cooperation’. In doing so, we want to perpetuate the
possibility of teleworking in a structured way, confining
the time clock to history. Our office employees retain our
unique time saving possibilities. In this way, we aim to
become more agile, future-proof and sustainable as an
organisation. The practicalities and timing of the switch
are being worked out together with the social partners.
For approximately 85% of our employees who work
time and/or location-bound in our retail, logistics and
production units, nothing will change.
Building on 50 years of work
simplification
Everything can always be made better, and everyone can do their bit. With
this in mind, we have had a separate fiy-strong ‘work simplification’
department for more than 50 years. Mission: to optimise processes and
systems in all possible areas. Every employee can think of ways of working
to a higher standard, more efficiently and effectively, and suggest
improvements on our ideas platform. We tend to test these suggestions
on a small scale first, to refine them before rolling them out more widely.
Permanently striving to do better forms part of our DNA and has
contributed substantially to our growth. We still see plenty of potential for
improvement, for instance through the use of new technology and data.
For this reason, we have transferred the work simplification department to
the new service organisation ”Operate&Improve”, together with specialists
in process-oriented business. This organisation will develop skills and
services with a focus on operational excellence and an end-to-end chain-
based approach.
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People & Organization
Clearly laid-out personal
benefit statement
To give our 8.000 executives a more complete
view of their pay and benefits package, we have
redesigned their annual benefit statement. In mid-
2020, everyone received a personalised brochure giving a detailed
overall picture of the remuneration package for 2019. Besides the gross basic
salary, variable salary and bonuses, this covers accumulated overtime, net
allowances and luncheon vouchers, plus benefits such as hospitalisation and
group insurance. The brochure also focuses on our investments in education
and training. And on the security of a sound, value-driven family business, with
a focus on sustainable careers.
Training and connecting:
face-to-face and online
In a year of mass working from home, we found
other ways of welcoming, training and integrating
new employees. From an online newcomers day
to a video in which CEO Jef Colruyt recounts our
history, identity and culture.
Last year, 208 new graduates joined us. Via our
Young Grad Community, we put them in touch
with one another. At the beginning of 2020, we
organised online New Year drinks to get to know
one another and share tips & tricks.
Through the monthly Getting2Know Colruyt
Group sessions, we thoroughly familiarise
executives who have worked with us for six months
with who we are and what we do. From the outset,
we focus on connecting with the organisation and
lay the foundation for long-term engagement. On
the programme: individual e-learning, two videos
and two days’ training in small groups including a
tour, a brand game and a series of guest speakers.
The leadership programme immerses recently
started managers in our corporate culture and
unique leadership model. The main goal is to
support them in developing self-insight and
leadership skills. The participants follow a series of
individual e-learnings and come together in small
groups on twelve days, spread over a year.
More flexible rewards
Aer a successful pilot project at board level in the autumn of 2020, we rolled
out our flexible reward plan to all 3.500 employees from middle management
up. As many as two thirds of them joined the system.
Via the flex budget, employees can assemble part of their pay package
themselves, incorporating extra mobility measures or days’ leave, a bicycle or
repayment of pension savings, for example. This gives them more freedom
of choice in their pay package, increases their satisfaction and makes our
company more attractive for future employees.
ving a detailed
Beste collega,
Elk jaar bezorgen we al onze kaderleden een jaaroverzicht van hun
persoonlijk loon- en voordelenpakket. Dit jaar stoppen we dit overzicht
in een nieuw jasje en geven we je inzicht in je totale remuneratie. Wat
verder volgt in deze brochure is een foto van je totale remuneratie,
genomen op 31/12/2019. Hou er rekening mee dat je huidige functie
een andere kan zijn dan die vermeld in het overzicht.
Met dit document geven we je een volledig en duidelijk overzicht van
elk van de elementen die samen je totale remuneratiepakket vormen
binnen Colruyt Group.
Wij hopen dat je deze Total Remuneration Statement nuttig en
informatief zult vinden.
Veel plezier met het le zen!
Met vriendelijke groeten,
Liesbeth Sabbe
Directeur Mens & Organisatie
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Technics is Colruyt Group’s technical department in Belgium and
Luxembourg. The 1.600 or so employees offer a complete service,
from study, design and procurement to construction, installation,
maintenance and prevention. Not just for stores, offices, data centres,
distribution centres and production buildings, but also for vehicles
and machines. Technics sets itself apart by its pursuit of sustainable,
innovative solutions. It systematically applies sustainable techniques,
meticulously follows environmental management rules and oen goes
beyond what is required by law.
Technics
Greener company fleet
• We continue to make our truck fleet greener and want to totally
phase out diesel trucks eventually. In 2021, we are bringing six
natural gas trucks into service and are testing an electric truck for
city-centre deliveries. Finally, as a (European) first we are testing
different types of hydrogen trucks. Read more on page 176.
• At the beginning of 2020, we decided to eliminate all diesel vehicles
from our company car fleet. Around half of our company cars now
run on natural gas (CNG), and we continue to offer our employees
a wide choice of natural gas vehicles. We also have a growing offer
with 100% electric, hybrid or plug-in hybrid drive systems, plus a few
hydrogen and petrol models. We inform our employees fully about
the pros and cons of each technology and encourage them to make a
sustainable choice.
Largest crate washing installation in
Europe
In September 2020, Technics began building a gigantic installation
for washing the recently introduced green folding crates for fruit
and vegetables. Its construction coincided with the dismantling of
the old washing line for blue crates, without disrupting the logistic
flows. The new installation uses considerably less water and energy,
and in-house washing saves a great deal of transportation. We
do not need to send used crates to Euro Pool System’s washing
installations and can hand over clean crates to suppliers of fruit
and vegetables right away. The goal is for the installation to be fully
operational by September 2021.
The folding crates will replace around eight million rigid blue crates
by the end of 2021, making our logistics even more sustainable.
Four collapsed units take up as much room as one old crate,
meaning that we will send back 500.000 fewer pallets of empty
crates from the stores to our return centres every year.
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The real estate department ensures the fulfilment
and optimisation of accommodation requirements
(of the internal partners). This team of expansion
officers, property managers and back office staff
listens to the needs for new sites, takes care of
all administrative matters (including applications
and permits), sets the schedule and priorities,
considers the optimal building placement and
ensures that the cost of the development falls
within the agreed budgets. Every year, Real Estate
manages forty real estate projects in Belgium and
Luxembourg.
Technics Real Estate
New oce in Zwijnaarde
In mid-2020, Real Estate purchased a 9.600 m² office
block on Zwijnaarde technology park with nearly 300
parking spaces, the former headquarters of Thomas
Cook. Technics is renovating the 25-year-old building
to turn it into pleasant offices in line with market
standards. Following its completion, scheduled for the
end of 2021, this building will replace the current rented
premises in Deinze and Merelbeke and also house
Bike Republic and SmartWithFood. Part will serve as a
regional office and a substantial part will be let out. The
site is close to the E17 and E40 junctions and is also
easily accessible from the centre of Ghent.
Focus on education and training
In view of the shortage of technical profiles in the labour market, we invest in
our own technical training for young people or employees wanting to make the
switch to a technical job. At the same time, we work closely with schools and
universities.
• Further expansion of our own technical school, where 11 employees have
now completed the ‘basic techniques machinery’ course.
• 5 young engineers have completed their engineering traineeship.
• Assistance with 21 Bachelors and Masters theses.
• Partner of competitions for secondary schools such as the B-Photonics Cup
and the Solar Olympiad.
• Since mid-2020 a special newsletter is sent to 17 technical schools
highlighting Colruyt Group as an attractive place to work.
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Public benefit
purpose
foundation
Collibri Foundation has
converted itself from a company
fund into an autonomous public
benefit purpose foundation. This
will be able to develop a more
coherent project portfolio, in
line with the vision and values
of the group. With its own board
and input from various advisory
committees, the foundation will
professionalise its operations
further. It will be more closely
involved in the training projects
and be able to manage and
supervise them more effectively,
as well as involving the group’s
employees more.
Between 2010 and 2020,
Collibri Foundation was partly
run by the King Baudouin
Foundation, which besides
the financial management
was also responsible for the
quality, in-depth follow-up
and documentary checks. We
continue to work closely with
the King Baudouin Foundation,
for instance for the issue of tax
certificates to our donors.
Through education, coaching and exchanges, Collibri
Foundation offers young people in vulnerable
situations more opportunities for a successful
future, in Belgium and in countries from which we
source products. There, we support small-scale
education and training programmes for children and
young people, from primary to university education.
We want to offer them a good education (educate),
help them grow as a person (develop) and foster
a spirit of cooperation and entrepreneurship
(empower).
Collibri Foundation develops a learning partner
network, together with NGOs, the education sector
and local government, involving employees and
customers as much as possible. Where possible, we
link the training projects to sustainable supply chain
projects, creating a mutually enriching exchange.
EUR 798.860
Donations to projects in 2020,
25% of which donated by
customers and individuals
9.350
young people
reached directly
14
training projects
in 10 countries
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New training projects
• Since the beginning of 2021, Collibri
Foundation supports the Brussels project
Debateville, which organises aer-
school debating workshops for around
80 young people aged between 10 and
14 from vulnerable environments. From
September to May they practise their
speaking skills for 90 minutes each week,
learning to form an opinion, construct an
argument or make a speech. They have
fun developing critical thinking, digital
literacy, persistence and mutual respect.
Debateville offers innovative and effective
solutions for complex issues such as
inequality in education.
• In Benin, Collibri Foundation supports a
project by Liège-based NGO Eclosio that
helps 120 young cashew farmers. The aim
is to improve their organisation, optimise
cashew production and promote local
processing.
Creative solutions
During the coronavirus pandemic, the training projects had to be scaled back and were unable
to fully achieve their goals. The partner organisations and Collibri Foundation came up with
creative ways of working and keeping in touch with the young people as much as possible.
Digital sessions and social media created the necessary connection.
• First digital edition of the annual event Tomorrow’s Voices. More than a hundred young
people from 14 training projects shared ideas and experiences about living and studying
online, and challenges such as coping with technology and staying motivated. Collibri supplied
extra inspiration to support partners and young people during this period.
• Hygiene packs containing facemasks and disinfectant products for young people in Peru and
Colombia, for example, to take part in distance learning together in places with internet access.
• Conversation tables. Young people from Brussels training project Boost practise their Dutch
during fortnightly videocalls with employees.
• Computers and internet access for unaccompanied minor refugees from Brussels partner
Mentor Escale to follow distance learning.
• Belgian organisation Youca replaced the planned exchange trips in Brazil and Belgium with an
online exchange, an immersion trip in their own country, an app for walking buddies, etc.
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CORPORATE GOVERNANCE
|
Governance, supervision and management • Sustainable corporate governance • Share ownership
This chapter contains information about the governance, operation and internal controls
of Colruyt Group and about all aspects of corporate governance. We divide ‘Corporate
Governance’ into three main sections. One about governance, supervision and management,
another about sustainable corporate governance and a third about share ownership.
Corporate
governance

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Governance, supervision and management
1. Board of Directors
1.1. Composition of the Board of Directors - 2020/21 financial year
Capacity Name
Member of the
Audit Committee
Member of the
Rem. Committee
Appointment
expires at GM in
Representative of the
principal shareholders,
executive director
• Jef Colruyt (Chairman) 2022
Representatives of the
principal shareholders,
non-executive directors
• François Gillet - Member of the Executive Committee
at Sofina NV – mandate until 30/09/2020
X 2020
• Korys NV, permanently represented by:
Dries Colpaert
X 2024
• Korys Business Services I NV, permanently
represented by: Hilde Cerstelotte
X 2021
• Korys Business Services II NV, permanently
represented by: Frans Colruyt
2021
• Korys Business Services III NV, permanently
represented by: Wim Colruyt
X 2022
Independent directors
• ADL CommV, permanently represented by:
Astrid De Lathauwer
X 2021
• 7 Capital SRL, permanently represented by:
Chantal De Vrieze
X 2023
• Fast Forward Services BV, permanently
represented by: Rika Coppens
X 2021
Secretary • Kris Castelein

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The following change occurred during the
2020/21 financial year: the mandate as director
of François Gillet (Sofina NV) expired at the
General Meeting of 30/09/2020 and was not
renewed. Director Rika Coppens, permanent
representative of Fast Forward Services BV, has
since the end of September 2020 taken over
from François Gillet as Chairman of the Audit
Committee. Independent director Chantal De
Vrieze, permanent representative of 7 Capital
SRL, is replaced in the Audit Committee by Dries
Colpaert, permanent representative of Korys NV.
The Board would like to thank François Gillet
(Sofina NV) for his highly valued contribution to
the design and implementation of the group's
long-term strategy and for the long-term
collaboration with the Sofina Group holding
company.
In addition to their appointments as directors of
the Colruyt Group companies, Messrs Jef Colruyt,
Frans Colruyt, Wim Colruyt, Dries Colpaert and
François Gillet, as well as Ms Astrid De Lathauwer,
Ms Chantal De Vrieze and Ms Rika Coppens, also
hold other external directorships. However, in
accordance with the recommendations of the
Belgian Corporate Governance Code 2020, the
above-mentioned directors do not exceed the
maximum number of five directorships in listed
companies.
1.2. Auditor
ERNST&YOUNG BEDRIJFSREVISOREN BV (B00160),
indirectly represented by Daniël Wuyts [A01979].
The appointment of the auditor expires aer the
General Meeting of 2022.
1.3. Reappointment and
appointment of directors
at the General Meeting of
29 September 2021
The directorship of ADL CommV, whose
permanent representative is Astrid De Lathauwer,
as independent director of the company, expires
aer the General Meeting of 29 September 2021.
The company is no longer eligible for re-election
aer exercising a maximum of three consecutive
mandates as an independent director on the
board of directors (this period may not exceed
twelve years). The Board of Directors will
propose to the General Meeting of Shareholders
on 29 September 2021 to appoint a new
independent director for two years.
The following directorships also expire aer
the General Meeting of 29 September 2021: the
directorship of Korys Business Services I NV,
permanently represented by Hilde Cerstelotte,
the directorship of Korys Business Services II
NV, permanently represented by Frans Colruyt,
and the directorship of Fast Forward Services
BV, permanently represented by Rika Coppens,
independent director of the company. All are
eligible for re-election and therefore present
themselves as candidates. The Board of Directors
therefore proposes to reappoint each of them for
four years, until the end of the General Meeting in
2025.
Subject to their approval by the General Meeting
of 29 September 2021, the composition of the
Board of Directors will then be as follows::

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Capacity Name
Member of the
Audit Committee
Member of the
Rem. Committee
Appointment
expires at GM in
Representative of the principal
shareholders, executive director
• Jef Colruyt (Chairman) 2022
Representatives of the principal
shareholders, non-executive
directors
• Korys NV, permanently represented by: Dries Colpaert X 2024
• Korys Business Services I NV, permanently
represented by: Hilde Cerstelotte
X 2025
• Korys Business Services II NV, permanently
represented by: Frans Colruyt
2025
• Korys Business Services III NV, permanently
represented by: Wim Colruyt
X 2022
Independent directors
• 7 Capital SRL, permanently represented by:
Chantal De Vrieze
X 2023
• Fast Forward Services BV, permanently represented by:
Rika Coppens
X 2025
• New independent director X 2023
Secretary • Kris Castelein
In addition to their appointments as directors of
the Colruyt Group companies, Messrs Jef Colruyt,
Frans Colruyt, Wim Colruyt and Dries Colpaert,
as well as Ms Astrid De Lathauwer, Ms Chantal
De Vrieze and Ms Rika Coppens, also hold other
external directorships. However, in accordance
with the recommendations of the new Belgian
Corporate Governance Code 2020, the above-
mentioned directors do not exceed the maximum
number of five directorships in listed companies.
1.4. Honorary directors
• Independent director Delvaux Transfer BV with
Willy Delvaux as permanent representative
(for a period of five years from the end of the
appointment in 2017).
• Director François Gillet (for a period of five years
from the end of the appointment in 2020).

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2. Colruyt Group Management
2.1. Changes to the Management
during the reporting period
The following manager or deputy manager
appointments and changes were made in the
past financial year:
• Gunther UYTTENHOVE Manager Colruyt Group
Fine Food from 01/11/2020 (formerly Deputy
Director Production)
• Christophe BURLET Deputy Sales Manager
Colruyt Central West from 01/01/2021 (formerly
Division Manager Meat)
• Johan VERMEIRE General Manager RPCG from
01/03/2021 (formerly Deputy Sales Manager
Colruyt Central West)
Members of management who have ended their
positions as managers in the group and whom
we would like to thank for their many years of
dedicated service and valued contribution to the
sustainable growth of Colruyt Group:
• Erik PAPPAERT Deputy Manager RPCG (in end-
of-career from 01/07/2020)
• Dirk DEPOORTER (General Manager Retail
Partners Colruyt Group) le Colruyt Group on
01/03/2021 to become CEO of AgeCore, the
international purchasing alliance of which
Colruyt Group is a member..
2.2. Management Committee –
end of financial year 2020/21
• Jef COLRUYT Managing Director, CEO and
COO Services
• Marc HOFMAN COO Retail
• Chris VAN WETTERE General Manager
Colruyt Lowest Prices
• Bart DE SCHUTTER General Manager
Colruyt France (integrated and affiliated stores)
• Fabrice GOBBATO General Manager OKay,
OKay Compact and Bio-Planet
• Johan VERMEIRE General Manager Retail
Partners Colruyt Group
• Dieter STRUYE General Manager Dreamland,
Dreambaby and Bike Republic
• Stefan GOETHAERT Manager Colruyt Group
Fine Food, Retail Services, Private Label and Cru
• Jo WILLEMYNS Marketing Manager Colruyt Group
and Customer Communication & Experiences
• Stefaan VANDAMME Manager Finance
• Liesbeth SABBE Manager People & Organisation
• Peter VANBELLINGEN Manager Business
Processes & Systems
• Koen BAETENS Manager Technics, Real Estate
and DATS 24

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2.3. Future board – end of
2020/21 financial year
• Jef COLRUYT CEO
2.3.1. Colruyt Group Services
• Jef COLRUYT COO Services
• Stefaan VANDAMME Manager Finance
• Liesbeth SABBE Manager People & Organisation
• Wim MERTENS Deputy Manager Social Relations
• Peter VANBELLINGEN Manager Business
Processes & Systems
• Koen BAETENS Manager Technics, Real Estate
and DATS 24
• Jo WILLEMYNS Marketing Manager
Colruyt Group and Customer Communication &
Experiences
2.3.2. Retail, Retail Services and
Fine Food Production
• Marc HOFMAN COO Retail
2.3.2.1. Retail Services and
Fine Food Production
• Stefan GOETHAERT General Manager
Colruyt Group Fine Food, Retail Services and
Private Label
• Gunther UYTTENHOVE Manager Colruyt Group
Fine Food
2.3.2.2. Retail
COLRUYT LOWEST PRICES
• Chris VAN WETTERE General Manager
• Guy ELEWAUT Marketing Manager
• Martine PAUWELS Logistics and
Transport Manager
• Geert ROELS Purchasing Manager
• Christophe DEHANDSCHUTTER Sales Manager
• Rudi DEWULF Deputy Sales Manager
Colruyt West
• Christophe BURLET Deputy Sales Manager
Colruyt Central West
• André GIGLIO Deputy Sales Manager
Colruyt South East
• Geert GILLIS Deputy Sales Manager
Colruyt Central North
OKAY AND BIO-PLANET
• Fabrice GOBBATO General Manager OKay,
OKay Compact and Bio-Planet
DREAMLAND, DREAMBABY AND BIKE REPUBLIC
• Dieter STRUYE General Manager Dreamland,
Dreambaby and Bike Republic
RETAIL PARTNERS COLRUYT GROUP
• Johan VERMEIRE General Manager
• Guido SORET Sales Manager
• André CERON Deputy Manager Logistics
RETAIL FRANCE (INTEGRATED AND
AFFILIATED STORES)
• Bart DE SCHUTTER General Manager
Colruyt France (integrated and affiliated stores)
•
Antonio LOPEZ Deputy Sales Manager Colruyt
(integrated stores)
• Anthony MEILLER Deputy Manager affiliated
stores
FOODSERVICE BELGIUM
• Marc HOFMAN General Manager Foodservice
Belgium
CRU
• Stefan GOETHAERT Manager Cru

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1.1. Reference code
Pursuant to the Royal Decree of 12 May 2019,
designating the corporate governance code to be
complied with by listed companies, all Belgian
listed companies must follow the Belgian Code
on Corporate Governance 2020 (1) as a reference
code within the meaning of Article 3:6, § 2,4 of
the Code on Companies and Associations. The
Company follows this Belgian Code on Corporate
Governance 2020 as its mandatory frame of
reference for sound/sustainable management
governance in Colruyt Group.
On 28 February 2019, the new Code on
Companies and Associations was approved with
effect on all new Belgian companies from 1 May
2019. Since 1 January 2020, the existing Belgian
companies of Colruyt Group have been subject
to its mandatory provisions and, except where
otherwise provided in their articles of association,
also the supplementary provisions of the revised
company law. In October 2020, the Extraordinary
General Meeting of Etn. Fr. Colruyt NV approved
the aligning of the Company's articles of
association with the new Code. The articles of
association of all other group companies will
be adjusted to the new Code on Companies and
Associations in the course of 2021 and 2022.
The transposition into Belgian law of Directive
2017/828/EU of the European Parliament and of
the Council of 17 May 2017 amending Directive
2007/36/EC on the promotion of long-term
involvement of shareholders and containing
various provisions regarding companies and
associations was adopted on 28 April 2020 and
published in the Belgian Official Gazette on 6
May 2020. The new provisions regarding the
remuneration report and remuneration policy
will apply to the Company as from the completed
2020/21 financial year. The remuneration policy
will therefore be submitted for approval to the
General Meeting of 29 September 2021, that will
be asked to approve the financial statements for
the 2020/21 financial year.
The corporate governance statement contains the
information in line with the Code on Companies
and Associations and the provisions of the 2020
Code. For positions during the 2020/21 financial
year that are not in line with the 2020 Code, the
reasons for deviating from the 2020 Code have
been stated by the Board. We give below the
following disclosures and deviations from the
principles and provisions of the Belgian Code
on Corporate Governance 2020 as applicable
to listed companies. Most of the deviations are
due to the fact that the Colruyt family is the
main reference shareholder of Colruyt Group.
The Colruyt family wants to concentrate fully on
guiding all companies of the group and wants to
propagate in them the values of sustainability
and sustainable entrepreneurship. In addition,
the reference shareholder places stability and
long-term vision above short-term profit.
• Principle 1 - For the management of the
Company, the Board has chosen to continue
the existing one-tier board model, consisting
Sustainable corporate governance
1. Sustainable corporate governance statement
(1) https://www.corporategovernancecommittee.be/en/about-2020-code

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of a Board of Directors that can perform all
actions with the exception of those reserved
for the General Meeting. The Board of Directors
has delegated part of its decision-making
powers to a managing director for operational
implementation. Every five years, the Board
will conduct a thorough reflection on the
governance structure.
• Principle 2 - The powers of the members of the
Management Committee, other than the CEO,
are determined by the CEO and not by the Board
of Directors. This deviation from provision 2.19
of the 2020 Code is explained by the fact that
the members of the Management Committee
exercise their duties under the leadership of
the CEO, to whom day-to-day management and
additional specific powers have been delegated
by the Board of Directors.
• Principle 3 - In line with the long-standing
tradition of Colruyt Group, Jef Colruyt is
simultaneously Managing Director, Chairman
of the Board of Directors and Chairman of the
Colruyt Group Management Committee and the
Future Board. This departure from provision 3:1
of the 2020 Code is justified in the light of the
history of Colruyt Group and the desire of the
reference shareholders to entrust the leadership
of the Management Committee to one of their
own. Where appropriate, strict application
of the conflict of interest rules protects all
shareholders from any abuse. In addition, within
the Board of Directors the Chairman applies the
rule of a unanimous vote for every decision or
investment with material consequences for the
future of the group.
• Principle 3 - At the end of financial year
2019/20, the Board of Directors is composed of
one executive director and seven non-executive
directors, three of whom are independent
directors. The three independent directors
meet the independence criteria as set out in
the 2020 Code and the Code on Companies and
Associations. The Board of Directors believes
that any increase in the number of members
should be accompanied by an enrichment in
experience and skills, without jeopardising its
efficient operation.
Since the Board functions and takes its
decisions as a collegial body, only the
general attendance rate of the Board and its
committees is given, with no information
about the attendance rate of each director
individually.
The Board does not consider it opportune for
the non-executive directors to meet annually
without the CEO, because Jef Colruyt, in his
capacity as executive director, is both Chairman
of the Board of Directors and Chairman of
the Colruyt Group Management Committee,
and therefore has contacts with directors and
senior management as well as access to the
documentation and records of all bodies.
• Principle 4 - The Board of Directors has
appointed an Audit Committee composed
of one independent director and two non-
executive directors. Based on the current
composition of the board, as well as the various
skills present, this composition is optimal for
the efficient operation of this committee.
• Principle 4/5 - Notwithstanding provision
4.19 of the 2020 Code, the Board of Directors
has not established an Appointments
Committee. Appointments therefore remain the
responsibility of the entire Board of Directors.
Prospective directors are proposed to the
General Meeting by the entire Board of Directors.
Managers are appointed at the proposal of the
Chairman of the Management Committee, with
the approval of the entire Board of Directors.
The limited number of directors means that this
procedure works perfectly well.

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• Principle 7 - The Board of Directors has opted
not to grant share-related payments to directors
or executive management. Non-executive
directors do not receive remuneration in the
form of shares of the company and members
of the executive management are not required
to hold a minimum threshold of shares in the
company. The group wishes in this way to avoid
any form of speculative behaviour.
This deviation from provisions 7.6 and 7.9 of
the 2020 Code is justified, since the Board of
Directors has a dual role in our one-tier board
model, which is to support entrepreneurship on
the one hand and to ensure effective supervision
and control on the other. To avoid the granting
of shares to them increasing the likelihood of a
conflict of interest, non-executive directors do
not receive performance-related remuneration
or share-based compensation. The Board of
Directors is of the opinion that the directors and
executive management are sufficiently focused
on sustainable long-term value creation.
With regard to provision 7.12 of the 2020 Code,
the Board of Directors has decided for the time
being not to avail of the option to reclaim variable
compensation paid or to withhold payment of the
same, as considerable uncertainty remains as to
the legal validity and enforceability under Belgian
law of a right of recovery of variable remuneration
in favour of the company.
The Board of Directors will reassess the outlines
of the remuneration policy, including the share-
based compensation, on an annual basis.
• Principle 9 - With a view to the efficient and
effective functioning of its governing bodies, the
Board evaluates its own performance as well as
that of the committees on a continuous basis.
To ensure their commitment and constructive
involvement in decision-making, the
performance of the directors is also evaluated
on an ongoing basis.
• Pursuant to the new Code on Companies and
Associations, the articles of association may
provide for double voting rights for registered
shares that have been held by the shareholder
for a minimum of 2 years. In view of their
administrative complexity, the Board of
Directors has decided not to propose double
voting rights at this stage.
1.2. Charter
1.2.1. General Shareholders’ Meeting
The annual General Meeting of Shareholders
takes place on the last Wednesday of the month
of September at 16h00 at the registered office.
If this day is a public holiday, the meeting will be
held on the next working day.
The Board of Directors and the auditor may
convene the General Meeting and set the agenda.
The General Meeting must also be convened
within three weeks of the request, written
or otherwise, of shareholders who together
represent at least one tenth of the capital.
All General Meetings are convened in accordance
with the law.
One or more shareholders who together hold
at least 3% of the capital, and who satisfy the
statutory formalities to participate in the meeting,
may have items placed on the agenda of the
meeting and submit motions. The formalities for
having agenda items and proposals registered
must take place in accordance with the statutory
requirement and must be made known to the

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company no later than the 22nd day before the
meeting.
Each share entitles its owner to one vote. In
order to be admitted to the meeting, before the
opening of the meeting, each owner of shares
must provide proof of his capacity as shareholder
by having his shares registered in the books,
at the latest on the registration date, and he
must also inform the company in writing of his
intention to participate in the meeting, at the
latest on the sixth day before the date of the
meeting.
The shares are either registered or
dematerialised. The registered shares are entered
in the company's register of shareholders. In
accordance with Article 7:35 of the Code on
Companies and Associations, dematerialised
shares must be registered in an account of
a recognised account holder or settlement
institution.
Shareholders vote in person or by proxy. The
proxy must be appointed in accordance with
article 28 of the articles of association. Each
proxy must have satisfied the conditions for
being admitted to the meeting. Except in the
cases provided for by law, a shareholder may only
appoint one person per meeting as proxy.
Shareholders who satisfy the legal and statutory
formalities for admission to the meeting,
as stipulated in article 27 of the articles of
association, may put their questions in writing at
the company’s registered office or electronically,
as soon as the notice of the meeting is published
and no later than the sixth day before the start
of the meeting. This right to put questions
is regulated by article 32 of the articles of
association.
The Board of Directors may decide to organise
the General Meeting in a digital format. If
necessary, the Board will explicitly state this in
the notice convening the meeting. The Company
will then make available to the shareholders
an electronic means of communication
through which the remote shareholders can
participate directly, simultaneously and without
interruption in the discussions and deliberations
of the General Meeting, and through which
they can also exercise rights to vote and to put
questions. The Board of Directors may impose
additional conditions on the electronic means
of communication used, with the sole objective
of guaranteeing the security of the means of
communication.
The General Meeting may not deliberate on items
that are not on the agenda.
1.2.2. Board of Directors
COMPOSITION
The composition of the Board of Directors is the
result of the structure of the share ownership
of the company, in which family shareholders
are reference shareholders. As evidenced by the
past, the family shareholders ensure the stability
and continuity of the company, and thus protect
the interests of all shareholders. They choose
to propose a limited number of representatives
with diverse backgrounds, extensive experience
and sound knowledge of the company as
directors. The directors form a small team with
the necessary flexibility and efficiency to be
able to adapt constantly to market events and
opportunities.
There are no rules in the articles of association
regarding the appointment of the directors and
the renewal of their appointments. However,
the Board of Directors has decided to nominate
candidates for terms of no more than four years,
which may or may not be renewed.

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The General Meeting has the exclusive right to
appoint the directors. Directors can be dismissed
ad nutum, but the General Meeting can, on
dismissing them, grant a severance payment or
notice period.
Since March 2019, three independent directors
have been active on the Board. The Board of
Directors believes that an increase in the number
of members should be accompanied by an
enrichment in skills and experience supporting
the development of Colruyt Group. At the end of
financial year 2020/21, the Board of Directors is
composed of one executive director and seven
non-executive directors, three of whom are
independent directors.
In line with the long-standing tradition of Colruyt
Group, Jef Colruyt is both Chairman of the Board
of Directors and Chairman of the Colruyt Group
Management Committee and the Future Board.
This departure from the recommendations
of the Belgian Corporate Governance Code
2020 is justified in the light of the history of
Colruyt Group and the desire of the reference
shareholders to entrust the leadership of the
Management Committee to one of their own.
3
5
independent
Board of Directors
not
independent
Situation at
31 March 2021
FUNCTIONING OF THE BOARD OF DIRECTORS
The Board of Directors meets every quarter
according to a predetermined schedule. Meetings
are always held in September, December, March
and June. When necessary, interim meetings
are held to discuss specific subjects or to make
decisions within specific time frames.
The Board of Directors may only take valid
decisions if at least half of the members of the
board are present or represented. All decisions of
the Board of Directors are taken by an absolute
majority of votes. In the event of a tie, the vote of
the Chairman is decisive.
During the quarterly meetings of the Board
of Directors, opinions are exchanged and
decisions are taken on general strategic, cultural,
economic, commercial, financial and accounting
matters concerning the companies that belong
to the group. This is done on the basis of a
dossier, which, in addition to the consolidated
information on Colruyt Group, also contains
extensive information on each of the activities
of the group and its various companies, as well
as on the application of the sustainability policy.
Fixed items on the agenda include the discussion
and approval of the annual and half-yearly results
and their publication, the financial outlook,
investment prospects, investment dossiers and
the discussion of the activity reports per sector
of Colruyt Group. All directors are invited, on
a regular basis, to report on their activities or
management and, if necessary, to report on the
progress of the sustainability projects. The board
discusses the findings as discussed in the Audit
and Remuneration Committees and decides on
their recommendations. The directors receive
their dossiers at least five days prior to the
meeting.
COMMITTEES WITHIN THE BOARD OF DIRECTORS
The Board of Directors has had an Audit
Committee since September 2006. This
committee liaises with the group's Management
Committee and the auditor. Since the 2019/20
financial year, the Audit Committee has included,

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as independent director within the meaning of
Article 7:87 of the Belgian Code on Companies
and Associations, Fast Forward Services BV
(with Ms Rika Coppens as its permanent
representative). Ms Coppens has many years’
experience in general and financial management
and holds independent directorships in other
companies.
All members of the Audit Committee possess the
necessary experience and financial knowledge
to be able to properly fulfil their role. In general,
the role of the Audit Committee is to supervise
the correctness of the quantitative (accounting
and financial) information of Colruyt Group for
the Board of Directors, the shareholders and third
parties from the financial world and to report its
findings in this respect to the Board of Directors.
The operation of the Audit Committee is also
discussed in point 2 of this Corporate Governance
chapter. The members of the Audit Committee
receive no special remuneration as members of
this committee.
The Board of Directors has also had a
Remuneration Committee since September
2011. The Remuneration Committee fulfils
the roles described in article 7:100 § 5 of the
Code on Companies and Associations regarding
remuneration policy (in the broadest sense)
for directors and members of the Management
Committee. The Remuneration Committee also
prepares the remuneration report for the Board
of Directors each year. Aer approval by the
entire board, this remuneration report is added
to the corporate governance statement. The
explanation of the remuneration report for the
General Meeting of Shareholders, as well as its
communication to the Works Council, also come
under the responsibility of the Remuneration
Committee.
The members of the Remuneration Committee
receive no special remuneration as members of
this committee.
Both the Audit Committee and the Remuneration
Committee have fulfilled their tasks on the
basis of the internal regulations, which can be
consulted on our website colruytgroup.com/
investors/ shareholders. At the quarterly meetings
of the Board of Directors, both committees
report on their findings and present their
recommendations to the Board of Directors for
approval. On the basis of an informal evaluation,
each year both committees review their internal
operations and report on this to the Board of
Directors.
In view of the small number of members of
the Board of Directors, there is currently no
Appointments Committee.
REMUNERATION
There is no protocol regarding the performance
of the role of director. It is not customary to
grant loans or advances to directors. Directors do
not receive bonuses or share-related incentive
programmes, or benefits in kind or benefits
attached to a pension plan. In his capacity as
CEO the managing director receives the same
remuneration elements and benefits as the
remaining executive management of Colruyt
Group. The remuneration of the directors and CEO
(individually) and members of the Management
Committee (collectively) are published in the
remuneration report under point 2.4.
1.2.3. Day-to-day management
Under the chairmanship of Jef Colruyt, the
Colruyt Group Management Committee consists
of the General Managers of the group’s various
commercial and production activities and the
managers of the corporate services (Finance,
People & Organisation, Business Processes &
Systems, Technics, Real Estate & Energy, Customer
Communication & Experiences and Corporate
Marketing).

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The Colruyt Group Management Committee
determines general strategy and policy options at
group level and coordinates the group’s various
activities and corporate services.
The General Future Board consists of all
managers of Colruyt Group. As a consultation
and contact platform, it focuses primarily on the
group’s long-term development and consults on
Colruyt Group’s common vision and objectives.
Management Committee and Future Board
meetings are scheduled at fixed intervals, every
four and eight weeks respectively, and are chaired
by Jef Colruyt, Chairman of the Management
Committee.
Every month, plateau meetings are held where
the general policy lines for retail activities and
corporate services are developed.
Since 2018/19, a Future Board meets periodically
for each sub-activity, and umbrella domain
boards have been established to help define
the strategy to be followed around specific
themes such as ‘sustainable entrepreneurship’,
‘innovation’, ‘pricing policy’, ‘logistics’, ‘marketing’,
‘purchasing’, ‘information management’, ‘human
resources policy’, and so on.
There are also fortnightly/monthly management
meetings, chaired by the general managers,
with the managers of the various activities and
corporate services. The practical implementation
of the chosen policy options takes place here.
The day-to-day management of the company is in
the hands of managing director Jef Colruyt, who
in turn mandates a number of powers internally
to COO Retail Marc Hofman and to the general
managers of the commercial activities and the
managers of the corporate services (Finance,
People & Organisation, Business Processes &
Systems, Technics, Real Estate & Energy, Customer
Communication & Experiences and Corporate
Marketing).
Each manager listed as a member of the
Future Board, is required, separately within his/
her department, to ensure compliance with
all statutory, regulatory, organisational and
contractual provisions and bears responsibility in
the event of a breach.
With the exception of Jef Colruyt, the members
of the Colruyt Group Management Committee
are bound to their employer by contracts of
employment.
1.2.4. Diversity policy
Colruyt Group carefully applies Article 3:6
(§2.6° and §4) of the Code on Companies and
Associations regarding information on the
diversity policy pursued. In general terms, an
equality principle is applied within Colruyt
Group, whereby each employee is selected and
coached in their career based on factors such
as competencies, talents and skills. As a result,
our diversity policy forms part of our DNA and
emanates from our core value ‘respect’. The
group is convinced that diversity of employees
(including in terms of age, gender, cultural and
professional background) is an absolute asset for
a fresh, agile and growing company. A company
which also operates in a society characterised by
diversity. We endeavour to display this throughout
the organisation, including in the management
teams. Aiming for teams that are as diverse as
possible at all levels of management raises the
quality of leadership and therefore inherently
contributes to the realisation of the group’s
strategy.
The Board of Directors of the Company consists
of representatives with sufficient diversity of
backgrounds, competences and experience, who
support the development of Colruyt Group. In

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this way, the board members representing the
family shareholders can present a thorough
knowledge of the company. Director Jef Colruyt
has held several roles in the company since 1984,
becoming Chairman of the Board of Directors at
the end of 1994 and since then managing the
entire operation as CEO. Director Wim Colruyt
has an IT-technical background and is well
versed in business architecture. Finally, director
Hilde Cerstelotte is an expert in the field of work
simplification. Directors Frans Colruyt and Dries
Colpaert have played active roles within the
group in the past. As COO Retail, Frans Colruyt
has managed all retail activities in the group,
while Dries Colpaert has headed up the retail and
foodservice activities in France. The independent
directors can also present solid credentials.
Astrid De Lathauwer has many years’ expertise
in HR policy, Chantal De Vrieze, as a CEO, is at
home in general management and also in the
IT world. Rika Coppens also has CEO experience
both in retail and in HR services, and also brings
comprehensive financial expertise.
The Council also scores well on gender diversity.
Today the Board of Directors has four female
directors: (i) Hilde Cerstelotte, permanent
representative of Korys Business Services I NV,
(ii) independent director Chantal De Vrieze,
permanent representative of 7 Capital SPRL, (iii)
Astrid De Lathauwer, permanent representative
of ADL CommV and (iv), since March 2019,
independent director Rika Coppens, permanent
representative of Fast Forward Services BV. In
this way the board complies with article 7:86 of
the Code on Companies and Associations which
stipulates that, from 2017, at least one third of
the members of the Boards of Directors of listed
companies must be of a different gender than
that of the other members. Since October 2015,
the Management Committee has one female
member.
4
4
female
male
Board of Directors
Situation at
31 March 2021
More detailed information about diversity in
Colruyt Group and the non-financial information
which must be reported can be found under ‘Who
are we?’ and ‘Corporate Sustainability’.
1.2.5. Appropriation of profit - dividend policy
At the proposal of the Board of Directors, the
General Meeting may decide to allocate the
distributable profit entirely or partially to a free
reserve or to carry it forward to the following
financial year.
The Board of Directors endeavours to increase the
annual dividend per share at least in proportion
to the increase in group profit. Although this is
not a fixed rule, at least one third of the economic
group profit is paid out annually.
According to the articles of association, at least
5% of the net profit for appropriation must be
allocated to the statutory reserve fund. This
deduction is no longer mandatory within the
limits determined by law. At least 90% of the
balance (excluding the employee profit sharing) is
reserved for the shareholders and a maximum of
10% for the directors.
1.2.6. Shareholders / Shares
TRANSPARENCY NOTIFICATION
Every shareholder who holds at least 5% of the
voting rights must comply with the Act of 2 May
2007 on the disclosure of significant holdings, the

130
Royal Decree of 14 February 2008 and the Code
on Companies and Associations.
The statutory thresholds per 5% bracket apply.
To this end, those concerned must send a
notification to the Financial Services and Markets
Authority (FSMA) and to the Company.
The most recent transparency notification
received is always published in the Company’s
annual report and on the website at colruytgroup.
com/ investors/shareholders.
The most recent transparency notification shows
that a reference shareholder group exists within
the share ownership structure. The Colruyt
family and relatives, Colruyt Group and Sofina
NV are shareholders acting in concert. These
shareholders have also reported that they hold
more than 30% of the issued securities with
voting rights, on the basis of the Act of 1 April
2007 on public takeover bids. Under the existing
agreements, the mutual consultation agreement
between the Colruyt family and relatives and
Colruyt Group on the one hand and Sofina NV on
the other end will expire not later than the end of
September 2021. This does not affect the mutual
consultation agreement between the Colruyt
family and relatives.
INSIDE INFORMATION - MEASURES TO PREVENT
MARKET ABUSE AND THE USE OF INSIDE
INFORMATION
Etn. Fr. Colruyt NV has drawn up trading
regulations containing measures to prevent
market abuse and the use of inside information.
These regulations were adapted further to the
Market Abuse Regulation (MAR), which came into
force on 3 July 2016.
With regard to transactions for their own account
in shares of the Company or in derivatives or
other related financial instruments by directors
and other persons with executive responsibilities,
the Board of Directors of Etn. Fr. Colruyt NV has
drawn up a series of rules regarding the execution
of such transactions and their disclosure (referred
to below as the ‘trading regulations’).
The trading regulations apply to the members
of the Board of Directors, the members of the
Management Committee and all key employees
of Etn. Fr. Colruyt NV and its subsidiaries, who,
due to their position or employment at Colruyt
Group, have regular or occasional access to prior
information as a result of their participation in
operations involving price-sensitive information
(referred to below as ‘insiders’). It is absolutely
forbidden for insiders of Etn. Fr. Colruyt NV and
its subsidiaries to engage in insider trading or to
share this inside information with others.
Etn. Fr. Colruyt NV has appointed an internal
supervisor who is responsible for monitoring
compliance with these trading regulations.
Unless otherwise announced, the supervisor is
the Secretary of the Board of Directors. His tasks
include drawing up and maintaining a list of
insiders, co-determining closed and restricted
periods, checking transactions, granting clearing,
etc. Etn. Fr. Colruyt NV has specified a number of
periods during which transactions in financial
instruments are prohibited. The periods in
which no trading of shares may take place are
determined by the CFO. In addition, the supervisor
may insert additional restricted periods during
all other periods which are regarded as sensitive,
when people have knowledge of sensitive
information which has not yet been published.
Insiders are alerted regularly (in writing) to the
existence of closed and restricted periods and
the statutory and administrative obligations
connected to them relating to the abuse or
unlawful distribution of this confidential
information.
Outside of restricted periods, directors, all
persons with executive responsibilities and
the key employees involved must inform the
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supervisor before entering into a transaction
in financial instruments of the company. For
members of the Board of Directors and the
Management Committee, the trading regulations
contain an additional requirement to inform
the supervisor at all times before they intend
to acquire or dispose of financial instruments,
directly or indirectly. Once the transaction has
been concluded, the directors and members of
the Management Committee must also inform
the supervisor of this in writing.
All persons with executive responsibility within
Etn. Fr. Colruyt NV and its subsidiaries and, if
applicable, those closely associated with these
persons, must inform the Financial Services
and Markets Authority (FSMA) of transactions
executed in their name (or on their behalf) in
shares, derivatives or other related financial
instruments of the company. They can also
request the supervisor of the Company to fulfil
the notification obligation to the FSMA in their
place.
Finally, in accordance with the Act of 2 August
2002, the Royal Decree of 5 March 2006 and the
MAR of 3 July 2016, Etn. Fr. Colruyt NV maintains
lists of employees or persons who work for it or
its subsidiaries under a contract of employment
or the like, and who have regular or sporadic
access to prior information in one way or
another, due to their participation in an operation
involving price-sensitive information. Each
person whose name is on the list(s) is informed
of this and is requested to read and sign the
trading regulations. In so doing, they acknowledge
that they are aware of their status as an insider
and conscious of the related statutory and
administrative obligations associated with this
inside information..
1.2.7. Information for shareholders
All useful information for shareholders is
published on our website at colruytgroup.com/
investors/shareholders. Any interested persons
may register with the Company to be informed
automatically by e-mail alerts whenever the
website is updated or when new financial
information is published on the website.
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2.1. Audit Committee
Since the end of September 2020, Rika Coppens,
permanent representative of Fast Forward
Services BV, has taken over the chairmanship
from François Gillet who had been chairman
since the committee was set up in 2006 (and
whose directorship ended aer the General
Meeting of September 2020). Non-executive
directors Wim Colruyt, permanent representative
of Korys Business Services III NV, and Dries
Colpaert, permanent representative of Korys
NV, are the other permanent members of the
committee.
The internal rules of the Audit Committee
are published at colruytgroup.com/investors/
shareholders.
Chaired by François Gillet, the Audit committee
met on 5 June 2020 and 18 September 2020.
On 4 December 2020 and 19 March 2021,
the committee was chaired by Rika Coppens,
permanent representative of Fast Forward
Services BV. Due to the COVID-19 epidemic,
all meetings could also be followed via video
conference. All members of the committee were
present at every meeting with the exception of 1
absentee during the 18 September 2020 meeting.
On each occasion, the figures in the working
document for the meeting of the Board of
Directors were examined in detail and explained
by the finance department. The auditor is invited
to attend all meetings and also presents his
audit approach and his findings from the audit
of the half-yearly and annual results. The Risk
Management Cell (internal audit) of Colruyt Group
also draed a quarterly report for the Audit
Committee on each occasion. The experts of the
consolidation cell are also regularly invited to
explain the application of the IFRS standards.
The recommendations and findings of the Audit
Committee are a fixed item on the agenda of
meetings of the Board of Directors.
2.2. Remuneration Committee
The Remuneration Committee was formed in
September 2011. Independent director Astrid
De Lathauwer, permanent representative of
ADL CV, has fulfilled the role of Chairman since
its formation. Non-executive director Hilde
Cerstelotte, permanent representative of Korys
Business Services I NV, and independent director
Chantal De Vrieze, permanent representative of 7
Capital SRL, are also permanent members of the
Remuneration Committee.
The Remuneration Committee has published its
internal rules on our website at colruytgroup.
com/investors/shareholders. Chaired by Astrid De
Lathauwer, the Remuneration Committee held its
regular meetings on 5 June 2020, 23 September
2020, 4 December 2020 and 19 March 2021. The
attendance rate at each meeting was 100%. Due
to the COVID-19 epidemic, all meetings could also
be followed via video conference.
The main objective of the meetings was to
define, formalise and evaluate the general
group remuneration policy at the proposal of
the Chairman of the Management Committee
of Colruyt Group. The fixed and variable
remuneration components for the CEO (Jef
Colruyt) and the entire Management Committee
were also discussed by the Committee.
The Committee also formulated proposals
concerning the remuneration of the members
of the Board of Directors. The results of all these
activities as well as the general principles of the
remuneration policy, which must be approved
every two years by the General Meeting, are set
out in a Remuneration Report that is published
in full under point 2.4. The final version of this
report was finalised during the Remuneration
Committee meeting of 4 June 2021.
2. Events during the financial year
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The Compensation & Benefits Cell of the People &
Organisation Department assisted the Committee
at each meeting.
2.3. Meetings of the Board
of Directors
The Board of Directors held its four ordinary
quarterly meetings during this financial year,
on 11 and 12 June 2020, 24 and 25 September
2020, 10 and 11 December 2020 and 25 and 26
March 2021. The main discussion points at the
meetings were the evolution of the performance
of the group’s various store formats and trading
activities. Owing to the COVID-19 pandemic, all
board meetings were held at headquarters and
simultaneously via video conference. This also
applied to the board meeting in March, which
normally takes place every year at Rochefort-
sur-Nenon (Dole, France). The meetings in June
and December were preceded by half a day of
information on the half-yearly and annual results
presented by the finance department. During the
December 2020 board meeting, in the context of
the Sanchore project (cf. point 2.3.1), the conflict
of interest procedure (article 7:96 Code on
Companies and Associations) was applied.
The average attendance rate of directors at the
aforementioned ordinary quarterly meetings can
be summarised as follows: 97% in June 2020 and
100% in September 2020, December 2020 and
March 2021.
Furthermore, the board held an additional
meeting on 5 June 2020 to discuss the project
Subscription to the issue of convertible bonds
issued by Virya Energy (Aura 2 - cf. point 2.3.1.).
During this meeting, the intra-group conflict of
interest procedure of Article 7:97 of the Code
on Companies and Associations was applied.
All directors were present during this meeting.
Finally, the board also held an additional board
meeting on 24 August 2020 to decide on the
termination of the Collishop activity. Only 1
director was excused at this hearing.
Other than the remuneration and variable pay of
Jef Colruyt and the Aura 2 and Sanchore projects
(cf. point 2.3.1. below), no other situations of
possible conflicts of interest were reported by the
directors. The fixed and variable remuneration
of Jef Colruyt as a member of the Management
Committee was discussed and finalised by the
Remuneration Committee and approved by the
Board of Directors, each time in the absence of
the person concerned, who did not participate
in the deliberations or the decision. The result of
these decisions is described in the Remuneration
Report.
Finally, in the light of the mission and values of
the group, at all meetings, the board evaluated
the internal cooperation but also the interactions
with the Audit and Remuneration Committees on
a permanent basis.
2.3.1. Transactions with application of the
conflict of interest rules
2.3.1.1. Project Subscription to the issue of
convertible bonds issued by Virya Energy
(Aura 2) – Extract from the minutes of the Board
of Directors meeting of 5 June 2020, with the
decision of the committee of three independent
directors – application of Art 7:97 of the Code on
Companies and Associations
Virya Energy NV, a subsidiary of the Company,
(“Virya”) is considering the issuing of convertible
bonds with a maturity of 24 months and at an
interest rate of 2,86% per annum (respectively
the “Initial Issue” and the “Initial Bonds”), to
which its shareholders, the Company and
Korys Investments NV (“Korys Investments”),
intend to subscribe. The Company intends to
subscribe to the Initial Bonds in an amount of

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EUR 63.910.129,52. Korys Investments intends
to subscribe to the Initial Bonds in an additional
amount of EUR 41.089.299,00, with the same
maturity and interest rate. In addition, depending
on its financial needs, Virya would have the
option to issue additional convertible bonds in
an aggregate amount of EUR 55.000.000 with the
same terms as the Initial Bonds (the “Additional
Bonds” and together with the Initial Bonds, the
“Bonds”). The Company and Korys Investments
intend to undertake, in a commitment letter to
Virya, to subscribe to the Additional Bonds pro
rata to their shareholding in Virya (the “Additional
Issue” and together with the Initial Issue, the
“Issue”). The Company and Korys Investments
intend to fulfil their commitments in connection
with the Additional Offering subject to conditions
and for a period of one year from the Initial Issue.
The directors declare, each individually, that they
do not have a conflict of interest of a financial
nature within the meaning of Article 7:96 CCA
with regard to the intended transaction.
The board of directors of the Company is required
to decide on the following transactions that fall
within the scope of the procedure provided for in
Article 7:97 CCA (together, the “Transaction”):
i. the issuance of the Bonds by Virya, subscribed
to by the Company, and by Korys Investments;
and
ii. the subscription by the Company to certain
Bonds issued by Virya.
Since the Transaction falls within the scope of
article 7:97 CCA, the chairman of the board of
directors on 7 May 2020 requested a committee
of the 3 independent directors of the Company
to issue a written, reasoned opinion as referred
to in Article 7:97 CCA, if necessary assisted by an
independent expert.
The procedure as provided for in Article 7:97 of
the CCA has been complied with and the board
of directors has taken note of the advice of the
committee on 3 June 2020, that has come to the
following conclusion:
“Given the above considerations, the Committee
is of the opinion that the Transaction is not
obviously unlawful in nature and that it is unlikely
that the Transaction would lead to disadvantages
for the Company that are not offset by benefits
gained by the Company from the Transaction. The
Committee therefore advises favourably on the
proposed Transaction.”
The board of directors takes note of the main
terms of the Issue and discusses the opinion of
the committee. The board of directors decides
to follow the opinion of the committee and to
approve the Transaction, including the issuance
of the Initial Bonds by Virya in an amount of
EUR 104.999.428,52, to be subscribed to by
the Company and by Korys Investments, and
the subscription by the Company to certain
Bonds issued by Virya in an amount of EUR
63.910.129,52, under the conditions described in
the committee’s opinion. The board of directors
also decides to authorise two members of
the Management Committee to execute these
decisions, including a power of attorney to
draw up and sign the final legal documentation
necessary for the implementation of the
Transaction, based on the established conditions
and the negotiated term sheet, including any
non-material changes that could still be required,
and including a power of attorney to proceed with
the public announcement of the Transaction, as
referred to in Article 7:97, § 4/1 CCA. The approval
of the board of directors also includes the
authorisation for Virya to do everything necessary
to implement the Transaction.
STATUTORY AUDITOR'S OPINION
Based on our assessment, conducted in
accordance with the International Standard
on Review Engagements 2410 “Review of
Interim Financial Information Performed by the

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Independent Auditor of the entity”, nothing has
come to our attention that causes us to believe
that the accounting and financial data, included
in the minutes of the Board of Directors and in
the advice of the independent directors, both
prepared in accordance with the requirements
of Article 7:97 of the Code on Companies
and Associations, might contain material
inconsistencies compared to the information
available to us in the course of our engagement.
We do not express an opinion on the suitability
or expediency of the transaction, nor on whether
the transaction is lawful and fair (“no fairness
opinion”). This report has been prepared solely to
meet the requirements of Article 7:97 of the Code
on Companies and Associations and may not be
used for any other purpose.
Diegem, 5 June 2021
Ernst & Young Bedrijfsrevisoren CVBA,
Represented by Daniël Wuyts
Auditor
In accordance with Article 7:97, §4 of the Code on
Companies and Associations, we also refer to the
press release published on 12 June 2020, which
can be consulted on our website
www.colruytgroup.com/financial-press-releases.
2.3.1.2. Sanchore Project – Extract from the
minutes of the Board of Directors meeting of 10
and 11 December 2020 – application of Art 7:96
of the Code on Companies and Associations
Korys intends to contribute the Indian wind
farm structured in the holding company Korys
Renewables Energy BV/Sanchore (“Sanchore”) into
Virya Energy in the course of the fourth quarter of
financial year 2020/21. Before the meeting takes
a decision on the contribution of the Sanchore
wind farm, the following two directors make the
following declarations:
• Mr Dries Colpaert, in his capacity as permanent
representative of Korys NV, announces that
Korys NV has an interest of a financial nature
that conflicts with the interest of the Company
with regard to the contribution by Korys NV of
the Sanchore wind farm into Virya Energy NV. He
announces that the interests of Korys NV in the
contribution conflict with the interests of the
Company, given that the consequences of the
valuation of the contribution and of Virya Energy
NV are not equal for Korys NV and the Company.
• Mr Jozef Colruyt, in his capacity as director,
announces that he, as a shareholder in Korys
NV, has an interest of a financial nature that
conflicts with the interest of the Company
with regard to the contribution by Korys NV of
the Sanchore wind farm into Virya Energy NV.
He announces that the interests of Korys NV,
and by extension his interest as an (indirect)
shareholder in Korys NV, conflict with the
interests of the Company in the contribution,
as the consequences of the valuation of the
contribution and of Virya Energy NV are not
equal for Korys NV and the Company.
As a result, Mr Dries Colpaert, in his capacity as
permanent representative of Korys NV (director),
as well as Mr Jozef Colruyt, in his capacity as
director, do not participate in the deliberation or
voting on this item, as prescribed by Article 7:96
of the Code on Companies and Associations. The
other directors, who can validly deliberate and
decide together on the point concerned, have
resolved as follows:
Sanchore is a wind farm that was developed
by Colruyt Group at the beginning of 2018 and
sold to Korys at the end of 2018. In the light
of bringing all green energy activities together
under the Virya Energy holding company, the
Sanchore park in India will be contributed to Virya
Energy. The transaction will take place through a
contribution of Sanchore via Korys Renewables
Energy BV whereby Virya Energy will become
the 100% owner of Sanchore. The valuation of
Sanchore was updated based on the model

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initially used for the sale of Sanchore by Colruyt
Group to Korys. The main deviations concern
the impact of renegotiated loans, an adjusted
tax regime in India and the time value of money
by applying a different measurement date. The
value of Sanchore is estimated at EUR 14,1M of
which approximately EUR 5,2M is represented
by a shareholder loan from Korys and EUR 8,9M
is the underlying share value. The total value is
approximately EUR 2,7M higher than the one
paid by Korys in 2018, due to the deviations
mentioned above. At the level of Virya Energy, the
contribution will lead to a shi in the shareholder
percentage held by Korys (from 39,1% to 40,2%)
and by Colruyt Group (from 60,9% to 59,8%).
Because the measurement of the contribution is
covered by the 'de minimis' exception provided
for by law, the legal procedure of Art. 7:97 of the
Code on Companies and Associations on Conflicts
of Interest does not apply.
The Board of Directors takes note of the main
details of the contribution of Sanchore by Korys
to Virya Energy. This transaction reinforces Virya
Energy's strategy to coordinate all green energy
activities. Notwithstanding the existence of
conflicting interests of a financial nature, the
Board is of the opinion that the valuation of the
contribution of the Sanchore wind farm by Korys
to Virya Energy, as described above, is in line with
the valuation method and techniques that have
already been applied in the past in the context of
the sale, at the time, of the wind farm and that
thus the real economic value of the contribution
is reflected. The Board therefore declares that it
has no further objections and that it endorses the
transaction.
2.4. Remuneration Policy
Introduction
The Remuneration Committee is responsible
for assessing and drawing up Colruyt Group's
remuneration policy. The Board of Directors
decides on the proposals elaborated by the
Remuneration Committee. In the event of a
material change and at least every 4 years, the
remuneration policy is submitted for approval to
the General Meeting of Shareholders of Colruyt
Group.
The Remuneration Committee makes
recommendations regarding the level of
the remuneration of directors, including
the Chairman of the Board of Directors, as
reported in the remuneration report. These
recommendations are subject to approval by the
entire Board of Directors and subsequently by the
General Meeting. The policy as described here will
be submitted for approval for the first time to the
general meeting of 29/09/2021. If approved, the
policy will apply for the coming 4 years.
The Remuneration Committee has also submitted
recommendations to the Board of Directors for
approval regarding the remuneration of the CEO
and the COO and, on the recommendation of the
Chairman of the Management Committee, with
regard to the other members of the Management
Committee.
Information on the general principles of the
remuneration policy
GENERAL PRINCIPLES OF THE COLRUYT GROUP
REMUNERATION POLICY
Colruyt Group is a family business with various
food and non-food formulas operating in Belgium
and abroad. At the same time, these different
business formulas share a single common
identity and culture, which is translated into our
mission statement and nine core values. With
the Colruyt Group remuneration policy, we are
therefore committed to maximally stimulating
the group's interests and achieving our strategic
objectives. For this reason, the Colruyt Group
remuneration policy starts from the following
principles:

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• A single group-wide remuneration policy
that applies to all employees. In this way
all business formulas are guided by the same
guidelines and we strive to stimulate internal
job mobility as much as possible across the
entire group.
• Everyone shares in the collective result of
Colruyt Group. We are committed to a collective
variable wage for all employees.
• Fair remuneration for every employee. At
Colruyt Group we strive for a fair salary for every
employee linked to his or her responsibilities
and work context. We compare each salary
package with both the internal and external
market to arrive at a fair remuneration.
• We want to honour visible individual
performance and growth potential. That
is why we focus on various remuneration
elements (both financial and non-financial).
• Remuneration is more than just salary. At
Colruyt Group, opportunities for growth and
development, a sustainable context, and a
work-life balance, in addition to salary, are
an essential part of the total remuneration
package.
With its remuneration policy, Colruyt Group
strives to contribute to its business strategy,
to the realisation of both short and long-term
objectives, to promoting sustainable value
creation for the company and to safeguarding the
group’s ability to recruit and retain employees
and motivate them on a daily basis.
COMPOSITION OF THE REMUNERATION PACKAGE
MANAGEMENT COMMITTEE
The remuneration package consists of two main
elements: a basic salary and a variable salary.
In order to guarantee fair remuneration to the
members of the Management Committee, the
remuneration package is compared with that of
a relevant basket of companies. The companies
whose remuneration practices are consulted
include large Belgian companies and foreign
companies with significant operations in Belgium,
which are sufficiently comparable to Colruyt
Group in terms of size and complexity. The market
comparison is intended to aim the gross annual
salary, consisting of the basic salary and the
variable salary if targets are met, at the median
of the market so as to achieve a remuneration
package that is sustainable in the long term.
The remuneration package is supplemented by a
competitive group insurance policy, and disability
and hospitalisation insurance. Added to this is a
company car and a fixed expense allowance.
The diagram below shows the relative portions
of the fixed salary, the variable salary and the
group insurance in the target remuneration
package (assuming 100% achievement of the
target performance criteria) for the CEO and
the members of the Management Committee
(excluding CEO). The ratio of fixed salary/variable
salary/group insurance may vary between the
members of the Management Committee.

138
42%
31,8%
49%
57,8%
9%
10,4%
VARIABLE SALARY
In order to establish a direct link between
remuneration and performance of both employee
and organisation, a significant part of the
remuneration package consists of a variable
remuneration.
• TARGET LEVEL
The CEO acts as Chairman of the Management
Committee. The variable salary, if targets are
met, is 85% of the base salary for the CEO,
75% for the COO Retail, 62,5% for the General
Manager Colruyt Lowest Prices and 50% for the
other members of the Management Committee.
• PERFORMANCE CRITERIA
70% of the annual variable remuneration of
the CEO and the other Management Committee
members is determined according to collective
criteria based on the operating profit targets
of Colruyt Group. The Board of Directors
determines every four years what level of
operating profit we set as the target level. In
setting this target level, performance relative
to other retail companies is also taken into
account.
Operating profit as the financial performance
criterion reflects Colruyt Group's ambition to
create added value in a sustainable way. Any
good company needs to generate a profit
to continue to grow in a sustainable way. By
focusing on profitability, we generate sufficient
cash to continue investing in the long term and
thus realise our strategy. In order to give priority
to the group interest, these performance criteria
apply to the entire Management Committee and
also form the basis for determining the level of
profit sharing for all employees of Colruyt Group
Belgium.
The remaining 30% is determined by individual
criteria including, in particular:
− participation in the group’s mission and vision
creation
− determining and implementing strategy
− development of potential
− supporting and stimulating the corporate
culture
− other qualitative criteria such as working
atmosphere, staff turnover, team building,
readiness of staff to serve, policy for
preventing occupational accidents, etc.
The individual performance criteria are
determined annually for each individual and
embody the various levers identified from
the strategic objectives. For the CEO and COO,
these performance criteria are drawn up and
evaluated by the Board of Directors. For the
other Management Committee members,
these are proposed and evaluated by the
Remuneration Committee and validated
by the Board of Directors on the basis of
recommendations from the CEO/COO.
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Fixed
Group insurance
Variable
CEO
Members of the Management Committee

139
• EVALUATION
The CEO and Management Committee
members are evaluated annually, during the
first few months following the end of the
financial year.
The variable salary is a maximum of 1,75
times the target variable remuneration. If the
performance falls below a predetermined
minimum level, no variable remuneration is
awarded.
The amount of the variable remuneration
of each Management Committee member is
determined as follows, depending on their
individual evaluation:
− If the Management Committee member has
achieved less than half of the individual
performance criteria:
 up to half the collective variable
remuneration can be awarded
 but no individual variable remuneration
will be awarded
− If the Management Committee member has
achieved half of the individual performance
criteria:
 up to half the collective variable
remuneration can be awarded
 half of the variable remuneration resulting
from the achievement of the individual
performance criteria can be awarded
− If the Management Committee member has
achieved more than half of the individual
performance criteria:
 the collective variable remuneration can be
awarded in full
 the variable remuneration resulting
from the achievement of the individual
performance criteria can be granted only
pro rata to the criteria achieved.
In the event of exceptional circumstances
or performance by one or more members of
the Management Committee, the Chairman
of the Management Committee may draw
from an extra budget over and above the
aforementioned variable remuneration. This
envelope can amount to a maximum of 10% of
the fixed basic compensation.
If the group’s EBIT falls for the relevant
financial year below a certain threshold, then,
on the recommendation of the Board of
Directors, no variable remuneration at all is
paid.
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Performance
criteria
Relative
weight
a) Performance – lower limit
b) Corresponding payout level
a) Performance – maximum
b) Corresponding payout level
Collective 70% a) EBIT lower limit
b) 0
a) EBIT upper limit
b) Factor x 1,75
Individual 30% a) < 50% achieved
b) Individual: 0
Collective: max 50%
a) > 50% achieved
b) Individual: Pro rata to level
achieved
Collective: max 100%

140
OTHER PROVISIONS
The Extraordinary General Meeting of 13 October
2011 decided to make use of the authorisation
provided by article 7:91 of the Code on
Companies and Associations (formerly article
520ter of the Companies Code) and expressly
decided not to apply the provision regarding
the permanent acquisition of shares and share
options or the provision regarding the staged
payment of the variable remuneration to all
persons covered by these provisions. Article 13
of the articles of association has been amended
accordingly. The company will therefore not be
bound by the restrictions stipulated by article
7:91 of the Code on Companies and Associations
regarding the staged payment of the variable
remuneration to the executive management.
In Belgian law, there is still considerable
uncertainty as to the legal validity and
enforceability of a right of recovery, in favour of
the company, of variable remuneration. For this
reason, Colruyt Group has opted to refrain for the
time being from regulating on a right of recovery
of the variable remuneration.
The variable pay of the members of the
Management Committee does not include any
share-based compensation, except for that
acquired by the members of the Management
Committee in the 2019/20 financial year in
respect of the profit sharing plan for the 2018/19
financial year. In this way, the Board of Directors
aims to avoid any motivation for speculative
behaviour.
For the next two financial years, no radical
changes are expected in the remuneration policy
compared to the reported financial year.
DIRECTORS
The directors are remunerated with a fixed
remuneration (emolument), regardless of the
number of meetings of the Board of Directors or
one of its committees. We assume that a director
works between 20 and 25 days a year in his or
her director's role. We believe that structuring
the board and its committees with a single clear
and transparent remuneration for the efforts
of the directors is more desirable for corporate
governance in a listed company. The Board of
Directors has a collective responsibility and we
also want to approach the remuneration of the
directors from this perspective.
In line with previous years, non-executive
directors at Colruyt Group did not receive any
share-based remuneration. This deviation from
the recommendations of the Belgian Corporate
Governance Code 2020 is in our view justified,
since the Board of Directors has a dual role in
our one-tier board model, which is to support
entrepreneurship on the one hand and to
ensure effective supervision and control on the
other. To avoid the granting of shares to non-
executive directors increasing the likelihood of a
conflict of interest, these persons do not receive
performance-related remuneration or share-
related compensation.
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2.5. Remuneration report for
financial year 2020/21
Introduction
A general overview of the company's performance
and the main environmental factors, relevant
events, developments and decisions that have
influenced this can be found in the management
report (page 20-31).
REMUNERATION OF THE CEO (CHAIRMAN OF THE
MANAGEMENT COMMITTEE)
The remuneration paid directly or indirectly to the
CEO in financial year 2020/21 comprised:
44%
9%
48%
Variable
Group insurance
Fixed
Basic salary EUR 693.588
Variable remuneration in cash EUR 631.977
Contributions paid for
group insurance
(1)
EUR124.846
Other components
(2)
EUR 7.920
Total EUR 1.458.331
(1) The CEO benefits from a supplementary pension
plan. This supplementary pension plan is of a defined
contribution type, with Colruyt Group paying an annual
contribution of 18% of the basic compensation.
(2) Other components consist solely of a fixed expense
allowance. This is not included in the above table.
The basic salary was increased by 5,36 % starting
from the 2019/20 financial year. The increase
is due to indexation (0,8%) and an individual
supplement. The variable remuneration in cash
for services in financial year 2019/20, paid to the
CEO in financial year 2020/21, rose in comparison
to the variable remuneration in cash paid in
financial year 2019/20. The higher variable
remuneration is mainly due to the increase in
the collective performance criterion operating
profit in financial year 2019/20. The individual
performance criteria in terms of strategy,
sustainable value creation and succession
planning were, as in the previous financial year,
positively assessed given the achievement of
predefined objectives.
The pay ratio within Colruyt Group is 1,9%. This
is the ratio of the lowest Belgian salary in the
group to the CEO's salary. When using the average
salary for the comparison, this pay ratio is 3,1%.
It should be noted that the CEO’s remuneration
(under his service contract) is taken here as the
cost of the package, while for employees this
is the gross pay excluding employer's social
security contributions. In this calculation, we have
included only employees in Belgium who worked
continuously for a full year during the 2020/21
financial year.
REMUNERATION OF OTHER MEMBERS OF THE
MANAGEMENT COMMITTEE
The remuneration paid directly or indirectly to the
other members of the Management Committee in
financial year 2020/21 comprised overall:
33%
13%
54%
Variable
Group insurance
Fixed
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142
Basic salary EUR 3.397.731
Variable remuneration in cash EUR 2.078.325
Contributions paid
for group insurance
(1)
EUR 840.745
Other components
(2)
EUR 40.590
Total EUR 6.357.391
(1) The members of the Management Committee benefit
from a supplementary pension plan. This supplementary
pension plan is of the defined contribution type, with
Colruyt Group paying an annual contribution of 18%
of the monthly salary x 13,92. As of this year, this
amount also includes additional individual pension
commitments. This explains the strong increase
compared to the previous financial year.
(2) Other components consist solely of a fixed expense
allowance. The members of the Management Committee
are also entitled to other benefits, such as disability
insurance, hospitalisation insurance and a company car.
This is not included in the above table.
These figures show the remuneration in gross
amounts for a complete financial year. Compared
to the previous financial year, the number of
management committee members has remained
stable. Dirk Depoorter (General Manager Retail
Partners Colruyt Group) le the group on
01/03/2021 to become CEO of AgeCore, the
international purchasing alliance of which Colruyt
Group is a part. He is replaced by Johan Vermeire,
who was already active in Colruyt Group as Deputy
Sales Manager Colruyt Lowest Prices. Johan
Vermeire will join the Management Committee
from the 2021/22 financial year.
In the context of a market comparison during
the 2020/21 financial year, provision was made
for salary increases for Management Committee
members where necessary. This exercise is part
of the policy to provide a competitive salary.
This explains the increase in basic remuneration
compared to the 2019/20 financial year.
This increase in the basic remuneration, in
combination with the increase in the collective
performance criterion operating profit for
financial year 2019/20, also results in an increase
in variable remuneration.
The variable remuneration comprises payment
for services for the group during financial year
2019/20. All members of the Management
Committee included in the above overview are
salaried employees, with Colruyt Group paying
social security contributions on their gross
salaries.
Information on exit payments
Managers who are members of the Management
Committee and bound to their employer by
employment contracts have no individual
contractual claims with respect to Colruyt Group
regarding their exit payment.
Following the retirement of Dirk Depoorter, an
individual pension commitment was granted
in financial year 2020/21 to the value of
approximately 1 year's salary. This remuneration
consisted of (i) variable pay for his performance
in the 2020/21 financial year and (ii) an
additional bonus in recognition of his many years’
dedicated service as a manager at Colruyt Group.
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EVOLUTION OF THE REMUNERATION OF CEO AND MANAGEMENT COMMITTEE
MEMBERS AND OF THE PERFORMANCE OF COLRUYT GROUP
FY 2019/20
vs
FY 2018/19
Total Remuneration
(1)
CEO 4,38%
Management Committee 10,87%
Variable pay
(1)
CEO 7,31%
Management Committee 10,30%
Performance Colruyt Group
EBIT margin 0,16%
Social added value
Employment FTE 2,53%
CO
2
per million EUR turnover (tonnes) -7,34%
Food donated to social organisations (tonnes) 26,27%
Average pay FTE Colruyt Group
(2)
Wage mass / FTE 1%
(1) For the calculation of total remuneration and variable remuneration, we operate here
with the accumulated salary. This means that we always take into account the variable
remuneration paid in year X+1, which was accumulated in year X.
(2) This is based on the total remuneration as stated in the consolidated annual report
divided by the total number of FTEs.
As mentioned in the footnote, we work with the accumulated salary
in the table above. The basis for this is that the variable salary paid
in financial year 2020/21 is determined on the basis of performance
in financial year 2019/20. In this way the total remuneration
stated above for financial year 2019/20 consists of the fixed salary,
contributions to group insurance and other components received in
financial year 2019/20, supplemented by the variable salary received
in financial year 2020/21. This approach simplifies comparison
between the group's results and the remuneration paid.
We note that the evolution of the variable remuneration follows
the evolution of the EBIT margin. As described in the remuneration
report, 70% of the annual variable remuneration of the CEO and the
other Management Committee members is determined according to
collective criteria based on the EBIT margin of Colruyt Group.
In addition to the financial results, Colruyt Group focuses strongly on
social aspects and sustainability. In recent years, the group has made
great strides in achieving the objectives in this regard.
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REMUNERATION OF MEMBERS OF THE BOARD
OF DIRECTORS
EMOLUMENTS
All directors of the group receive emoluments as
payment for their appointments. On the advice
of the Remuneration Committee, the Board of
Directors decided to keep the directors’ individual
emoluments for financial year 2020/21 at the
same level as the previous financial year.
Thus, in financial year 2020/21, the members
of the Board of Directors received the following
emoluments:
EMOLUMENTS RECEIVED IN 2020/21
(1)
Korys NV (with permanent representative
Dries Colpaert) EUR 94.000
Korys Business Services I NV (with permanent
representative Hilde Cerstelotte) EUR 94.000
Korys Business Services II NV (with permanent
representative Frans Colruyt) EUR 94.000
Korys Business Services III NV (with permanent
representative Wim Colruyt) EUR 94.000
Jef Colruyt (Chairman)
(2)
EUR 282.000
François Gillet
(3)
EUR 47.000
ADL CommV (with permanent
representative Astrid De Lathauwer,
independent director) EUR 94.000
7 Capital SRL (with permanent
representative Chantal De Vrieze,
independent director) EUR 94.000
Fast Forward Services BV (with permanent
representative Rika Coppens,
independent director) EUR 94.000
TOTAL EUR 987.000
(1) Gross amounts on an annual basis.
(2) Since 1 January 2020, Jef Colruyt, as a natural person,
has assumed the chairmanship of the Board of Directors.
(3) The directorship of François Gillet (Sofina NV) was not
renewed at the General Meeting of September 2020.
He therefore received directors' emoluments for two
quarters in the 2020/21 financial year.
OPINION FROM SHAREHOLDERS
In accordance with article 7:149 of the Belgian
Code on Companies and Associations, we inform
you that the previous remuneration report as part
of the annual report for the 2019/20 financial
year was presented at the General Meeting
of Shareholders of 30 September 2020, and
was approved by 81,61% of those present and
shareholders represented by proxies.
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3.1. General
Colruyt Group aims to pursue a policy of
sustainable entrepreneurship. In practice,
this policy is converted into the strategic and
operational objectives of the group and of each
division within the group. However, the group
is exposed to a number of operating risks in
the context of its normal business operations,
which could mean that it is possible to achieve
the aforementioned objectives only in part.
Controlling these risks is a core task of each
member of the Management Committee, within
his/her domain of responsibility. To assist
management, the group has set up a series of risk
management systems with the aim of providing
reasonable certainty in the following domains:
• realisation of strategic objectives
• effectiveness and efficiency of business
processes
• reliability of financial reporting
• compliance with applicable laws and regulations
The main characteristics of these systems as
well as the most relevant risks for the group are
discussed in this section of the annual report.
The principles of the COSO reference framework
have served as a source of inspiration for the
group in setting up these risk management
systems.
3.2. Components of risk
management and internal
control systems
3.2.1. Management environment
The group’s management environment forms
the basis for all other components of the risk
management systems and is mainly represented
by the company culture. The uniqueness of this
is based on a number of pillars such as our group
mission, values, employees and organisational
structure, which are attuned to one another
(the group’s ‘organisation model’). These pillars
help increase risk awareness in the context of
‘crasmanship’ and ‘entrepreneurship’ when
weighing up opportunities and making decisions.
In concrete terms, the group’s management
environment includes the following elements:
• Propagating and living out the group values
(‘value immersion’), policy frameworks and codes
of conduct
• Leadership style and exemplary role of
management
• A culture of cost efficiency
• Establishing delegation and responsibilities
(‘decision matrix’ and ‘responsibilities table’)
• Ensuring the expertise of our employees (job
descriptions, selection process, competence
management through development interviews
and training plans)
3.2.2. Risk management process
A. BACKGROUND AND OBJECTIVE
Colruyt Group has developed an overarching risk
management system based on the principles of
Enterprise Risk Management (ERM) under the
name of ‘Coris’ (Colruyt Group Risk Management).
The main objectives are to increase the risk
awareness of all employees and to draw up
an inventory of the risks to which the group is
exposed in order to then control them. We wish to
encourage our employees to take controlled risks,
as entrepreneurship is based on taking risks. To
this end, all supervisors and employees concerned
participate in Coris training sessions. All operating
units of the group have gone through the Coris
process as described below, and this is updated
on a regular basis.
3. Risk management and internal controls

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B. PROCESS AND METHODOLOGY
The entire group is divided into Business and
Service Operating Units (BSOU). Each BSOU must
go through the following process steps in a
structured manner:
• risk identification
• risk analysis and risk evaluation
• risk response (set up additional management
measures if necessary), monitoring and
adjustment
The entire process is coordinated and facilitated
by the Risk and Compliance department, in
consultation with the Management Committee.
Reporting takes place on a quarterly basis to
the Management Committee and, via the Audit
Committee, to the Board of Directors.
The main risks relating to Colruyt Group’s
operations are reflected in a risk universe divided
into five categories:
• strategic risks: such as market dynamics,
governance, planning and the allocation of
resources, major initiatives, acquisitions and
communication
• operational risks: these include marketing
and sales, purchasing, stocks and production,
human resources and organisation, information
technology, fixed assets and the
• financial risks: these comprise risks associated
with the financial markets (interest rates,
currencies, commodities), liquidity and loans,
capital structure, accounting and financial
reporting
• legal risks: codes of conduct (ethics, fraud), legal
risks and legislation
• risks of force majeure: natural disasters, fire, acts
of terrorism and power failures
In order to allocate a risk score to the identified
risks in a consistent manner, scales have been
developed for ‘probability’ and ‘impact’. The impact
scale is based on the risk appetite determined
by the Board of Directors for the group, together
with the respective operating units. A risk matrix
is drawn up for each operating unit based on the
risk scores, with risks classified as critical, high,
moderate, low or insignificant. Critical risks must
be avoided as much as possible; where this is not
possible, mitigation plans are to be introduced
immediately. High risks must be accompanied by a
risk response. Moderate risks should be monitored
periodically and action plans implemented if
necessary. Low risks may be accepted; though
quick wins may be implemented. Insignificant
risks must be accepted.
All risks are recorded in the risk register of the
operating unit concerned, specifying any relevant
KRIs (Key Risk Indicators). Furthermore, each risk
is allocated to a risk owner who is responsible for
setting up and implementing action plans and
for the monitoring and follow-up of his/her risks.
A risk coordinator is appointed for each OU and
keeps risk management alive in the OU through
the administration and management of the risk
registers.
The members of the Management Committee
are instructed to include risk management as an
explicit chapter in their periodic activity reports.
3.2.3. Measures regarding risk management
and internal controls
A. GENERAL: PROCESS AND SYSTEM APPROACH
Identified risks are provided with a risk response
through management measures and internal
controls that are built into processes and systems.
For new processes and systems, this is done at
the time of design and development. For existing
processes and systems, newly occurring risks are
controlled through the introduction of additional
measures and internal controls (process and
system optimisation). The Business Processes
& Systems department supports the design and
optimisation of processes and systems and thus
also the integration of management measures
and internal controls into them. The process
managers are the risk owners and thus bear the
final responsibility for their process being ‘under
control’.

147
B. MAIN RISKS AND MANAGEMENT MEASURES OF
COLRUYT GROUP
Strategic risks
• Risks related to market dynamics
A major strategic risk of the group relates to
trends in consumer spending and cost inflation.
As Colruyt wants to guarantee the lowest
prices on the market for the consumer, the
actions of competitors can affect the group’s
profitability. Therefore, where possible the group
continually endeavours to introduce efficiency
improvements and reviews its cost structure
where necessary.
• Risks relating to expansion
The group is committed to a growth strategy
that includes both organic growth and growth
through acquisitions. The success of this growth
thus also depends on the extent to which the
group is able to make acquisitions which it can
integrate successfully into its existing operations.
In the event of cross-border acquisitions, the
group is also exposed to the economic, social
and political risks associated with operating in
these countries. The group strives to mitigate
the aforementioned acquisition risks as far
as possible through a formalised acquisition
process, including robust due diligence activities.
Operational risks
• Supply risk (supply chain)
The continuous supply of goods to the group’s
distribution centres and stores is of vital
importance for achieving our performance
objectives. In order to reduce supply chain risks,
the group aims for a transparent, long-term
relationship with all of its suppliers. Moreover,
no single supplier has a dominant position that
could jeopardise the supply process. Finally,
scarcity or supply problems can be absorbed
within the network of the AgeCore purchasing
group. The unavailability or inaccessibility of the
distribution centres can also have a significant
impact on the continuity of our activities. The
group has implemented the necessary continuity
programmes and contingency measures in order
to mitigate this risk as far as possible.
The consequences of Brexit have also been
investigated for potential supply chain risks.
In view of the small number of direct single
suppliers from the UK, this risk is not material.
• HR-related risks
Trade union representation exists in most of
the group’s operations in Belgium and France.
A positive and constructive social climate
contributes to the company’s growth and
development. Industrial action within or outside
our organisation may have a negative impact
on the continuity of the group’s activities in
that deliveries, sales, production or corporate
services may be temporarily disrupted. Colruyt
Group endeavours to minimise this risk by
pursuing a strategy of open and transparent
communication with all employees and social
partners.
• IT risk
The group relies considerably on its IT systems:
infrastructure, networks, operating systems,
applications and databases. Over the years, these
systems have become increasingly important
for Colruyt Group. Although these systems are
maintained by a team of experienced specialists,
their failure, even for just one day, could
result in an immediate loss of revenue for the
group. The group endeavours to safeguard the
continuity of data processing through various
mirror and backup systems, continuity plans and
contingency scenarios. Additionally, the group
invests in various transformation programs and
projects to renew and strengthen its current
infrastructure, in which disaster recovery and
business continuity play an important role.
Financial risks
• Financial reporting
The risk management systems and internal
control systems relating to the financial
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reporting process are described in detail in
paragraph 3.3. below.
• Currency, interest rate, credit and liquidity risks
Given the nature and structure of its activities,
the group is exposed only to a limited extent,
with the exception of credit risk, to these
financial risks, which are described in more
detail in the 'Notes to the consolidated financial
statements' under the chapter 'Risks associated
with financial instruments'.
Legal risks
• Risks associated with product liability
The production, packaging and selling of goods
for resale may entail risks of product liability,
and obligations to take back and/or replace
goods. Products may be soiled, contaminated
or defective and still be distributed by the
group unintentionally. As a result, the group
may be exposed to claims relating to product
liability. Even if the product liability claims are
not successful, the group could still suffer as a
result, due to the impact that such a claim could
have on its reputation. The group insures itself
against the risks of product liability and recalls.
The group itself is also active in the area of food
safety, including quality audits on products
intended for sale. Together with suppliers,
programmes are developed to permanently
monitor quality. As far as non-food articles are
concerned, the group requires its suppliers
to adhere to the pre-agreed return and/or
replacement obligations.
• Risks relating to environmental liability
The group may be held liable for remedying
accidental damage to the environment,
regardless of whether this environmental
damage was caused by the group or by a
previous owner or tenant. The group has taken
out insurance policies for this type of risk. As far
as its filling station operations are concerned,
the group complies with the statutory inspection
obligations. It also carries out additional
inspections to detect pollution in good time. A
decontamination plan is immediately drawn up
for any pollution found.
• Regulatory risks
The group is subject to the laws and regulations
applying in every country in which it operates,
as well as to the laws and regulations imposed
by the European Union. As a result of its listing
on Euronext Brussels, the group is subject to
Belgian and European corporate governance
laws applying to listed companies. The group
strives to respect its statutory obligations. Due
to changing laws or regulations, the group may
have to invest further in its administrative or
other processes.
Changes in the regulations in a country or region
where the group operates may have an impact
on Colruyt Group’s results. As far as possible, the
group endeavours to accommodate changes in
a proactive manner, in other words, by adopting
an innovative and progressive approach. The
best example of this approach is environmental
legislation, where possible stricter emission
controls have already been accommodated by
proactive investments in solar and wind energy.
Furthermore, changes in tax laws may affect the
profit made by the group, both positively and
negatively.
In order to keep the regulatory risks under control,
the group has set up the necessary competence
centres and compliance activities.
• Competition
Since 2007, a number of new and specific
control measures have been developed and
implemented to monitor the group’s compliance
with the competition regulations.
• Health and safety risks
The risks relating to occupational accidents and
obligations regarding personnel are covered
by insurance policies with external insurers.
The group strives to prevent health and safety
incidents as far as possible through extensive
safety and prevention programmes.
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• GDPR-related risks
Since 2018, a number of new and specific
control measures have been developed and
implemented in the group to monitor its
compliance with the regulations concerning the
protection of data.
Risks of force majeure
• Fire, natural disasters, terrorism, malicious acts
The group manages these risks partly by
insuring them on the external insurance market,
combined with its internal captive reinsurance
company Locré. The group bases its decisions
on the cost of external cover on the one hand
and the level of its safety and prevention
programmes on the other. External insurance is
also used whenever this is compulsory by law.
The objective of this reinsurance programme
is to provide permanent flexibility in its risk
programme and to optimise the cost of this
according to the risks. The group seeks to
prevent damage to buildings and business
interruption due to fire, explosion or other
perils as far as possible through fire safety and
prevention programmes.
• Blackouts and power failures
The detrimental consequences of these risks are
covered by insurance policies. In addition, the
group has a number of continuity programmes
and contingency plans and resources at its
disposal in the event of an incident occurring.
• Pandemic
Following the outbreak of the COVID-19 virus,
pandemic risk is now included in Colruyt Group's
global risk register. To ensure the continuity
of the group's activities, a number of business
continuity plans have been drawn up to manage
this risk. These plans serve to guarantee the
continuity of purchase, logistics and sales as well
as all necessary corporate services.
Risks of corruption and bribery
We actively monitor the corruption risk in our
Enterprise Risk Management (ERM) in the form
of a fraud dashboard. This dashboard has been
developed on the basis of 13 different fraud
risks. For each risk we analyse its causes and
consequences, provide the necessary control
measures and monitor these periodically. We
apply the group values, policy frameworks and
codes of conduct throughout the group. All our
employees follow training on values perception
and ethics. New buyers sign an ethics charter,
with explicit guidelines for gis, hospitality
benefits and screening of suppliers in high-
risk countries. Buyers switch jobs, product area
or business unit regularly and there is a strict
segregation of functions within the different
steps of the purchase process. Purchasing takes
place centrally, with systematic application of
the four-eyes principle. Finally, buyers undergo
continuing education and training, including
mandatory compliance training and an annual
test.
C. RISKS ASSOCIATED WITH THE NON-FINANCIAL
REPORTING OF COLRUYT GROUP
The following risks have been defined with
regard to Corporate Sustainability. These risks
are managed and reported in a structured and
systematic manner via Colruyt Group’s Enterprise
Risk Management Platform. Our approach
to managing these risks can be found in the
Corporate Sustainability chapter.
Risks related to environmental matters
(SDG 2, 6, 7, 12 and 13)
As a retailer, we have a major impact on the
environment through the product chains. To keep
this impact to a minimum, we dedicate a lot of
effort to measuring and mapping. Increasing
transparency appears to be a challenge for the
entire food and non-food sector. A possibility
exists that the actors in the chain will be unwilling
or unable to share their data, or will pass on
incorrect data. From our strategic position in the
chain, we want to exert leverage by pointing to the
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importance of measuring, collecting and analysing
the impact of each actor in the chain on the
environment and on animal welfare.
In addition, we are taking steps to make the
product chains and activities more sustainable
in a systematic way. Our involvement in product
chains can vary. First of all, we opt for the local
delivery of products. In this way, we have greater
impact on improving production and distribution
conditions. Despite our own willingness to
invest in sustainability, there is a risk of receiving
insufficient support from other actors in the
value chain.
In addition, we are very much committed to
new and long-term collaboration models in
existing and new production chains. We prefer
products that are certified with a focus on
good management and restoration of existing
ecosystems. There is a risk of our being unable
to source sustainably in an optimal way owing
to excessive dependence on one or a limited
number of suppliers.
With a lack of control on environmental
and animal welfare matters, there is a risk
of accidental environmental damage being
caused by the group. As a result, we can suffer
reputational damage and be perceived as an
organisation that fails to realise its sustainability
goals.
Natural disasters can damage both supply chains
and our own infrastructure. We provide the
necessary monitoring for this and have drawn up
risk management and business continuity plans.
Sustainability risks related to social affairs
(SDG 2, 3 and 8)
Colruyt Group is strongly anchored in the social
fabric, both through its own production and retail
sites as well as through local and international
supply chains.
Local anchoring points to the importance of
close contact with consumers, producers and
site neighbours. Social unrest can arise from the
activities we carry out. It is important to capture
this in time and enter into dialogue.
Supply chains involving foreign players are
more difficult to control. For example, social
unrest can arise due to political and economic
instability in countries from which products are
supplied. There is a risk that goods can no longer
be sourced or distributed locally. We have the
necessary monitoring for this and have drawn up
business continuity plans.
Sustainability risks related to personnel matters
(SDG 3 and 8)
We seek to organise the work of all our employees
in a safe and physically and mentally healthy
way. Even so, risks of (occupational) diseases,
occupational accidents and psychosocial risks
are inherent in the company's activities. The
group therefore pays the necessary attention to
ensure that the current jobs can be performed
optimally with a view to physical and mental
well-being. Important factors are the nature and
meaningfulness of the work, as well as the degree
of work pressure. We provide our employees with
a wide range of training courses to broaden their
professional competences or for further personal
growth.
In the current coronavirus crisis, the workplace
safety of our employees can potentially be
jeopardised. To cope with these greater risks, we
have increased the control measures, monitoring
has been tightened and the majority of employees
of the central services can work from home.
Working from home, in turn, leads to an increased
risk of unhealthy work-life balance. As an
employer, we are aware of this and we are fully
committed to raising awareness.
In addition, different types of social unrest
among own employees influence the objectives
of the group. We are committed to maintaining a
constructive social dialogue to manage this risk.
Finally, with regard to personnel policy, we may
experience difficulties in recruiting suitable
employees. Insufficient influx of properly trained
and experienced staff, especially in shortage
professions, can result in a lack of new insights
and potentially jeopardise business continuity. We
are therefore committed to offering a stimulating
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career policy and a supportive remuneration
package.
Sustainability risks related to human rights
(SDG 8 and 12)
In a people-oriented organisation, respect for
human rights is always paramount. And that
applies as much to our own employees as right
along the value chain. The biggest challenge in
terms of risk management lies here in monitoring
compliance with human rights. Initially with
regard to our own brands, but also in the product
chains of the brands that we distribute as a
retailer.
When human rights violations by chain actors
come to light, we run the risk of being held liable
and suffering reputational damage. The group
manages this risk, among other things, by working
with suppliers of private-label products with the
amfori BSCI Code of Conduct that subscribes to
universal human rights principles.
Sustainability risks related to corruption and bribery
In the field of corruption and bribery, Colruyt
Group may run the risk of becoming involved
in unwanted influence, conflicts of interest,
non-objective pricing and subjective awarding
of contracts. We monitor this risk within our
Enterprise Risk Management. More information
can be found in section Risks of corruption and
bribery on page 149.
3.2.4. Information and communication
In order to enable employees at different
hierarchical levels of the group to perform their
jobs properly and to assume their responsibilities,
the group has extensive and intensive information
and communication flows. This ranges from
transactional data, which is used to support
the completion of individual transactions, to
operational and financial information with regard
to the performance of processes and activities,
from department to group level. The general
principle that applies here is that employees
receive the information they need to perform
their work, while supervisors receive information
regarding the elements on which they have an
impact. The main control information concerns
cockpit reporting on achievement versus
expectation for the main financial and operational
KPIs:
• financial scorecards: revenue, gross profit,
wage costs, other direct and indirect costs and
depreciation, EBIT and EBITDA
• operational reporting: detailed reporting
on revenue, gross profit, wage costs, store
contribution, store productivity
• project reporting for the purpose of project
monitoring
3.2.5. Monitoring
The Board of Directors supervises the proper
functioning of the risk management systems
through the Audit Committee. For this, the Audit
Committee uses the information provided by
the external auditors as well as the interaction
with the Risk & Compliance (Internal Audit)
department. The latter reports on a quarterly basis
on the activities performed and results.
Both external audit and the Risk & Compliance
department assess the organisation and
functioning of the internal controls contained
in processes and systems, from their respective
perspectives: for external audit this concerns the
certification of the group financial statements,
for risk management the emphasis lies more on
controlling process risks and possible negative
consequences of these risks.
Day-to-day monitoring is done by management
itself based on supervision, analysis and
monitoring of the information mentioned in the
previous paragraph, monitoring of exception
reports and monitoring in the context of the Coris
programme (Key Risk Indicators). If necessary,
corrective measures are initiated. It is generally
the process manager who performs these
monitoring activities. In this regard, the financial
controllers fulfil a reporting and advisory role with
respect to the operational managers.
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3.3. Risk management and
internal controls regarding
the financial reporting
process
Late or incorrect reporting of financial figures can
have a considerable impact on Colruyt Group’s
reputation. In order to ensure the quality and
timeliness of the financial figures produced and
reported, the group has introduced the following
management measures and internal controls:
3.3.1. Closing process
While the accounts are closed on a monthly basis,
mainly for management reporting, the group
financial figures are consolidated four times
per year based on a formalised closing process.
This process specifies the various process steps
and the timeline for each step, the figures and
other information to be supplied, as well as the
roles and responsibilities of and the interaction
between the different parties in the process. The
process is monitored by a closing coordinator,
who has no further involvement in the process
himself. At the end of each closure, the process
is evaluated and adjusted if necessary. During the
half-yearly and annual closure, the process also
provides for coordination with external auditors
at regular points in time. To support the closing
process, a reporting manual has been prepared
and introduced and an IFRS competence cell set
up.
3.3.2. Monitoring of the quality of the figures
supplied
The closing process passes through different
departments such as Accounting, Financial
Controlling, Consolidation and Investor Relations,
the purpose of the last two being to provide
information to the Board of Directors. Each
department carries out quality controls in
functional separation, both with regard to the
figures obtained from the previous process step
and with regard to the figures that they produce
themselves. These quality controls mainly
concern links (for example with the various
ledgers), reconciliations (for example of accounts),
alignment of financial reporting with management
and operational reporting, variance analyses and
validation rules (for example of consolidation
flows and consolidated figures). At the end of
the closing process, the consolidated figures are
analysed with respect to previous periods and
fluctuations must be substantiated. The financial
results achieved are also checked against the
expectations in this respect. In the case of figures
for publication, the printer’s proofs are aligned
with the system figures provided. Lastly, there
is a final check for validation by the financial
management.
3.3.3. Communication of financial reporting
In order to communicate and publish information
as transparently as possible, Colruyt Group
publishes financial press releases on pre-agreed
dates. The communication efforts of management
also find expression via financial roadshows and
regular telephone contacts, as well as actual
visits by and with investors and analysts. Finally,
around twenty analysts publish reports containing
financial information about Colruyt Group at
regular points in time.
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Share ownership - Colruyt shares
1. Calendar for shareholders
15/09/2021 Record date for depositing of shares for participation in the annual General Meeting of Shareholders
29/09/2021 (16h00) General Meeting of Shareholders for financial year 2020/21
01/10/2021
04/10/2021
05/10/2021
15/10/2021
Dividend for financial year 2020/21 (coupon no. 11)
Ex-date (detachment of coupons)
Record date (centralisation of coupons)
Payability
Certificates relating to exemption from or reduction of withholding tax on dividends must be in our
possession
07/10/2021 Extraordinary General Meeting
Capital increase Etn. Fr. Colruyt NV reserved for employees of Colruyt Group
(art. 7:204 Code on Companies and Associations)
14/12/2021 Publication of consolidated information on the first half of financial year 2021/22
15/12/2021 Information meeting for financial analysts
14/06/2022 Publication of consolidated information on financial year 2021/22
15/06/2022 Information meeting for financial analysts
29/07/2022 Publication of annual report for financial year 2021/22
28/09/2022 General Meeting of Shareholders for financial year 2021/22
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The Board of Directors endeavours to increase
the annual dividend per share in proportion
to the increase in group profit. The Board of
Directors consequently proposes to grant a gross
dividend of EUR 1,47 for the shares of Etn. Fr.
Colruyt NV participating in the profit for financial
year 2020/21. Of the gross dividend of EUR 1,47,
shareholders will receive a net amount of EUR
1,029 aer deduction of 30% withholding tax.
On income from movable property such as
dividends, under current tax regulations, 30%
withholding tax is due. Originally the rate for
dividends was 15% and then 21%. Following the
Programme Law of 27 December 2012, the tax
rate for the withholding tax was set at 25% as
of 1 January 2013. Within the framework of the
‘2016 tax shi’, the Belgian government decided
to increase the withholding tax on dividends from
25% to 27% as of 1 January 2016. As part of the
federal policy declaration, at the end of 2016 it
was decided to again increase the standard rate
of withholding tax from 27% to 30% for dividends
and interests allocated or payable as of 1 January
2017. The amount of the net dividend for foreign
shareholders may vary, depending on the double
taxation treaties applying between Belgium and
the various countries. The necessary certificates
must be in our possession by 15 October 2021 at
the latest.
The dividend for financial year 2020/21 will be
made payable as of 5 October 2021, against
(electronic) submission of coupon no. 11 at the
counters of the financial institutions.
BNP Paribas Fortis Bank will act as the Principal
Paying Agent for the dividends.
Since the stock market flotation in 1976, the
Colruyt share has been split a number of times.
The most recent split dates from 15 October
2010 when the share was divided by five. Since
15 October 2010 only shares with ISIN code
BE0974256852 have been listed on Euronext
Brussels. Referring to the Act of 14 December
2005 abolishing bearer securities, as amended
by the Act of 21 December 2013, Colruyt sold its
remaining bearer shares (in total 28.395 shares)
on the regulated market of Euronext Brussels
on 24 March 2015. As of 1 January 2016, those
who are still in possession of old paper Colruyt
shares and who can demonstrate their capacity
as shareholders of these documents, can obtain
the exchange value in cash from the Deposit and
Consignment Office. They can seek assistance
from the issuer for the collection of dividends
on these (sold) paper shares (with attached
coupons).
(1) Subject to the approval of the General Meeting of
Shareholders of 29 September 2021.
2. Dividend for financial year 2020/21
(1)

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Colruyt share information
Market listing:
Euronext Brussels (since 1976)
Member of Bel20 index
Share ticker COLR
ISIN code BE0974256852
2020 2021
2017 2018 2019 2020 2021
2017
2018
2019
2020
2021
Change in Colruyt share price
over the previous financial year
source: www.euronext.com
Change in Colruyt share price
compared to Bel20 over the last five financial years

156
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3. Overview of Etn. Fr. Colruyt NV shares
Overview of changes 2020/21
Total number of shares at 01/04/2020 138.432.588
Cancellation of own shares on 08/10/2020 - 2.500.000
Creation of new shares following the capital increase reserved for
employees on 16/12/2020
+ 222.372
Total number of shares at 31/03/2021 136.154.960
Number of shares 2020/21 2019/20
Ordinary shares
(1)
136.154.960 138.432.588
Shares participating in profit
(1)
136.154.960 138.432.588
Treasury shares
(1)
- 1.821.153 - 2.799.868
Shares held by subsidiaries
(1)
00
Balance of profit-participating shares in June
(1)
134.333.807 135.632.720
Data per share (in EUR) on closing date of the reporting period (31 March)
Gross dividend 1,47 1,35
Net dividend 1,029 0,945
Profit 3,06 3,14
Calculation base (weighted average)
(2)
135.503.424
shares
137.279.011
shares
Market price in Brussels (in EUR)
Market price on 31 March 50,86 49,27
Highest price of the financial year (closing price) 60,00 67,50
Lowest price of the financial year (closing price) 47,92 40,97
Market value on 31 March (in million EUR) 6.924,84 6.820,57
(1) Situation on 11/06/2021
and 12/06/2020
respectively.
(2) Calculated on the basis
of the number of shares
participating in the profit,
aer deduction of the
shares participating
in profit owned by
the company and
subsidiaries.
On 31 March 2021, the capital of the Company amounts to EUR 357.404.044,93, which is represented by 136.154.960 shares
without par value. All shares are registered or dematerialised.

157
4. Purchase of treasury shares
For several years, the Extraordinary General
Meeting of Shareholders has granted
authorisation to the Board of Directors of Etn.
Fr. Colruyt NV to acquire treasury shares. These
acquisitions of shares take place in accordance
with article 7:215 of the Code on Companies and
Associations and in accordance with articles 8:3
and 8:4 of the Royal Decree of 29 April 2019.
Purchases of treasury shares are aimed at
reducing both the Company's available cash and
its capital, by cancelling the repurchased shares.
Purchases of treasury shares are carried out by an
independent intermediary under a discretionary
mandate, making it possible to purchase shares
during both open and closed periods.
The Extraordinary General Meeting of
Shareholders of 10 October 2019 decided to
renew the aforementioned authorisation of
the Board of Directors for a period of five years.
The Board of Directors has already made use of
the authorisation granted to it several times by
acquiring treasury shares on the stock exchange
via financial institutions. The Board of Directors
authorises the Chairman and CFO of the company
to determine the execution terms within which
treasury shares can be purchased. In accordance
with article 8:4 of the Royal Decree of 29 April
2019, information on purchasing transactions
executed is reported to the Financial Services
and Markets Authority (FSMA), at the latest on
the seventh trading day following the date of the
transaction, and is published by the company
simultaneously through a press release on our
website colruytgroup.com.
Within the mandate granted by the Extraordinary
General Meeting of 10 October 2019, Colruyt
Group has repurchased a total of 1.068.520
treasury shares over the period from 1 April 2020
to 31 March 2021. During financial year 2020/21,
Colruyt Group cancelled a total of 2.500.000
treasury shares by notarial deed dated 8 October
2020.
On 31 March 2021, Etn. Fr. Colruyt NV held
1.368.388 treasury shares. These represent
1,01% of the total number of issued shares
(136.154.960) at the end of the reporting period.
In accordance with article 7:217, § 1 of the Code
on Companies and Associations, the Board
of Directors decided that the dividend rights
attached to the shares or certificates held by
Etn. Fr. Colruyt NV are continuously suspended
and lapse for the period that they are held.
Consequently, no dividends are paid and the
voting rights attached to these shares are also
suspended.
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Overview of treasury share purchases
During the reporting period 2020/21
Total treasury shares held at the start of the reporting period
(01/04/2020)
2.799.868
Cancellation of treasury shares by notarial deed dated
08/10/2020
- 2.500.000
Purchase of treasury shares in 2020/21 + 1.068.520
Total treasury shares held at the end of the reporting period
(31/03/2021)
1.368.388
Aer the reporting period 2021/22
Total treasury shares held at the start of the reporting period
(01/04/2021)
1.368.388
Purchase of treasury shares in the period from 01/04/2020 to
11/06/2021
452.765
Total treasury shares in our possession on 11/06/2021 1.821.153
CORPORATE GOVERNANCE
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Governance, supervision and management • Sustainable corporate governance • Share ownership
5. Structure of share
ownership
5.1. Transparency notification
of 15/02/2019
(Act of 2 May 2007)
Pursuant to the Act of 2 May 2007 and the Royal
Decree of 14 February 2008 (publication of significant
holdings in listed companies), we received on 15
February 2019 a notification of holdings from the
Colruyt family and relatives, Sofina NV and Colruyt
Group, which act in concert. This transparency
notification, dated 15 February 2019, revealed that,
following a sale of shares between the reference
shareholders acting in concert, Sofina NV fell below
the shareholding threshold of 5%. On 15 February
2019, the shareholders acting in concert (Colruyt
family and relatives, Sofina NV and Colruyt Group)
held a total of 90.955.630 Colruyt shares, together
representing 63,36% of the then total number of
shares in the company (143.552.090). The company
has no knowledge of other agreements between
shareholders. The statutory thresholds per 5% bracket
apply.

159
Latest transparency notification received dd. 15/02/2019
Holders of voting rights Previous notification Aer the transaction
# voting rights
# voting rights
attached to securities
% voting rights
attached to securities
Stichting Administratiekantoor Cozin 0 0 0,00%
Korys NV 68.776.546 68.773.546 47,91%
Korys Business Services I NV 1.000 1.000 0,001%
Korys Business Services II NV 1.000 1.000 0,001%
Korys Business Services III NV 1.000 1.000 0,001%
Korys Investments NV 0 1.435.520 1,00%
Stiung Pro Creatura 149.005 148.255 0,10%
Impact Capital NV 90.000 90.000 0,06%
Colruyt family shareholders 8.994.894 8.965.169 6,25%
Etn. Fr. Colruyt NV 5.695.660 5.695.660 3,97%
Sofina NV 7.510.000 5.844.480 4,07%
TOTAL 91.219.105 90.955.630 63,36%
Complete chain of controlled companies through which the holding is actually held:
• Korys NV is controlled by Stichting Administratiekantoor Cozin.
• Etn. Fr. Colruyt NV is controlled by Korys NV.
• Korys Investments NV is controlled by Korys NV.
• Korys Business Services I NV, Korys Business Services II NV and Korys Business Services III
NV are controlled by Korys NV.
• Stiung Pro Creatura, foundation under Swiss law, and Impact Capital NV are controlled
by natural persons (who directly or indirectly hold less than 3% of the securities with
voting rights of the Company).
• Sofina NV is controlled by the companies of the consortium Union Financière Boël SA,
Société de Participations Industrielles SA and Mobilière et Immobilière du Centre SA.
No new notifications or changes were received during financial year 2020/21. All
transparency notifications are available on the website www.colruytgroup.com under
Investors/Shareholders’ Information.
Denominator: 143.552.090
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5.2. Notice of an agreement to act
in concert dd. 27/08/2020
(art. 74 Act of 1 April 2007 on
public takeover bids)
The above parties also have an agreement to act in
concert in accordance with art. 74 § 7,3 of the Act
of 1 April 2007 on public takeover bids, notified
to the company and to the Financial Services and
Markets Authority (FSMA). Korys NV sent an update
of the holdings to the company and to the FSMA on
27 August 2020, on behalf of all parties acting in
concert.
Under the same law, an update of the holdings
concerned must be communicated once per year
at the end of August. The full letter can be found on
our website colruytgroup.com/investors.
Parties involved
Situation at
29/08/2019
Situation at
27/08/2020
Korys NV 68.800.459 68.811.959
Korys Investments NV 1.435.520 1.435.520
Sofina NV 4.450.115 3.765.115
Etn. Fr. Colruyt NV 432.080 2.799.868
Korys Business Services I NV 1.000 1.000
Korys Business Services II NV 1.000 1.000
Korys Business Services III NV 1.000 1.000
Stiung Pro Creatura, foundation under Swiss law 147.755 146.755
Impact Capital NV 90.000 60.000
Natural persons (who directly or indirectly own less
than 3% of the voting securities of the Company)
8.930.956 8.709.175
TOTAL 84.289.885 85.731.392
Shareholding structure based on the latest update following the notification of acting in
concert dated 27/08/2020
CORPORATE GOVERNANCE
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On 27 August 2020, the number of shares acting in concert amounted to 85.731.392 or 61,93%
of the total number of outstanding Colruyt shares on that date (138.432.588).

161
5.2. Updating of share ownership at end of financial
year 2020/21
At the start of the financial year on 1 April 2020, the total share capital was
represented by 138.432.588 shares. Following the cancellation of 2.500.000
treasury shares on 8 October 2020 and the creation of 222.372 new shares
on the occasion of the capital increase reserved for staff, notarised on 16
December 2020, there are at the end of the financial year as at 31 March
2021 a total of 136.154.960 voting shares.
Based on the shareholding structure following the above notification of
the agreement to act in concert between the reference shareholders as of
27/08/2020 and the treasury shares held by the company as of 31/03/2021,
the distribution of the total number of shares at the end of the financial
year as at 31/03/2021 was as follows::
Shareholders acting in concert 82.916.861
Colruyt family and Korys companies
(1)
79.166.409
Sofina NV
(2)
2.382.064
Colruyt Group
(3)
1.368.388
Free float 53.238.099
TOTAL 136.154.960
CORPORATE GOVERNANCE
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Governance, supervision and management • Sustainable corporate governance • Share ownership
(1) Source: Announcement of agreement to act in concert dd. 27/08/2020
(2) Source: Sofina annual report, financial year 2020
(3) Source: Status of treasury shares held by Colruyt Group, dd. 31/03/2021
Based on the existing agreements, the mutual consultation
agreement between the Colruyt family and relatives and Colruyt
Group on the one hand and Sofina NV on the other will expire
not later than the end of September 2021. This does not affect
the mutual consultation agreement between the Colruyt family
and relatives.
The remaining shares (free float of 39%) are held by institutional
or individual shareholders who, individually or in concert, do not
exceed the statutory threshold of 5% for making a transparency
notification.
61%
Shareholders
acting in concert
39%
Free float

162
For more than fiy years, sustainability has run through all of our activities as a common
thread. At the same time, starting with an economic impetus, we aim to make a positive
difference, socially and ecologically, always with long-term results in mind. And with
ambition, since we want to be a reference point and source of inspiration for sustainable
entrepreneurship in Belgium.
This year, for the first time, we link our sustainability reporting completely to the Sustainable
Development Goals. Based on the seventeen sustainable development goals, we report on
seven SDGs on which we believe we can make the biggest impact, thanks to the uniqueness
of our organisation. Read on for our full sustainability reporting.
SUSTAINABILITY
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SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • Our indicators
Corporate
sustainability

163
SUSTAINABILITY
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Our approach
Our social contribution (to the sdg)
We strive to make balanced and healthy nutrition
more accessible to everyone, especially people who
are struggling (financially), all year round.
We also want to work with the Belgian agricultural
sector to create added value socially, economically
and ecologically. We do this by forming partnerships
in which we operate structurally, efficiently and
respectfully.
1. Enable access to
balanced nutrition
Dinner is served at 1-2-3 euros
Making balanced and budget-friendly meals
accessible to all, that is the aim of the Colruyt
‘Dinner is served at 1-2-3 euros’ programme.
Vulnerable families are informed without
obligation by their trusted social organisations
such as the Public Centre for Social Welfare
(OCMW), Centre for General Well-being (CAW)
or ‘Kind & Gezin’. Those who register will find a
Colruyt cookery booklet in their mailbox every
two weeks. Each recipe costs a maximum of
1, 2 or 3 euros per portion. Since 2016, the
programme has already reached over 7.500
families in more than 200 municipalities.
End hunger, achieve food
security and improved
nutrition and promote
sustainable agriculture

164
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Food donations
We donate as much as possible of the unsold food that is still perfectly edible
exclusively to social organisations such as Foodbanks. In 2020, this totalled a
record 4.504 tonnes. Our customers do their bit too: during Colruyt’s annual collection
campaign in June 2020, they donated a total of 43.692 meals to Foodbanks.
We also lent our support to the Christmas campaign ‘Iedereen Voedselbank’
(‘Everyone Foodbank’) in which members of the public were encouraged to make an
extra portion of their Christmas meal for a local family or single person.
Donations to Foodbanks in tonnes
Number of stores donating directly
0
500
1.000
1.500
2.000
3.000
4.000
5.000
2.500
3.500
4.500
0
20
40
60
80
100
120
140
160
180
200
4.504
4.262
3.297
1.956
797
2014 2015 2016 2017 2018 2019 2020
490
251
tonnes
number
of stores

165
2. Collaborating with Belgian
agricultural projects
We want to establish new, sustainable collaboration models and
partnerships in the agricultural sector. For this, we prefer to work
directly with producers, or with multiple links if necessary.
Where possible and relevant, we base this on transparent pricing.
This unique pricing model within an existing chain allows farmers to
continue to invest in sustainable growth.
Last year, we continued to focus on intensifying our existing
partnerships.
RESULTS
Creating new collaboration models
• As of 2019, we are committed to a unique partnership
with Belgian dairy company Inex and some 330 Belgian
dairy farmers. Participating farms receive a fixed price for
their milk volume for a minimum of five years.
• The apple varieties Magic Star and Coryphée were
developed especially for Boni Selection and Spar in
partnership with three Belgian fruit growers. We offer
the growers guaranteed sale, pay a fair price and support
them in developing a profitable crop. In addition, we
reduce food loss by turning rejected fruit into by-products
such as apple juice, cake or sorbet.
• For our beef, we work with three officially recognised
producer organisations, specialising in Belgian blue cattle.
The guarantee of buying a certain number of animals
results in more stability and financial security for the
cattle breeders.
• There is a unique, direct partnership with sixteen potato
growers, offering growers greater income stability so that
they are less affected by price fluctuations.
• Several years ago, we joined forces with non-profit
organisation De Lochting, a sheltered workshop and
organic farm from Roeselare, for our organic vegetables.
In 2021, we set ourselves some clear aims: ranging from
sustainable land use and growing policy to sustainable
water and emission management. Our goal: to create
maximum added value for people and environment
together.
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Our approach
Our social contribution (to the sdg)
At Colruyt Group, we focus strongly on health. This
is based on a state of complete physical, mental
and social well-being. We aim to play a leading role
and help raise awareness around health in all its
dimensions. As a retailer, we also have a social role
in promoting a healthy lifestyle among our customers
and employees and empowering them to make more
conscious choices.
1. Balanced nutrition
To help consumers make healthier choices, we continuously work on the
nutritional composition of our private label products. We want to offer them
an appropriate, balanced range. That means: matching individual needs and
requirements as far as possible. Services play a big role too, from training to digital
tools. We focus especially on the target group of children and want to help them
develop healthy eating habits in a simple, fun way.
Ensure healthy lives
and promote well-being
for all at all ages
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RESULTS
Make our range healthier
• For years, we have focused on making nutritional
improvements to our range. Last calendar year, this
resulted in 206 products with an improved nutritional
composition and:
- 88,4 tonnes less sugar;
- 38,4 tonnes less salt;
- 151,1 tonnes less fat;
- 38 tonnes added fibre.
• As a result of our nutritional adjustments, 87 Boni Selection
products received an improved Nutri-Score.
• We go to great lengths to ensure that our suggested recipes
focus on providing a balanced diet. In our leaflets, cookery
books and online.
• We offer our employees balanced food in our canteens as
well.
Balanced food, suitable for children
• At the end of 2020, the Belgian Pledge launched a renewed
commitment to stricter nutritional criteria for advertising
aimed at children, extended to online influencers and a trial
complaints system. Colruyt Group signed the Belgian Pledge
in 2017, demonstrating our commitment to responsible
advertising aimed at under-12s.
• Boni Selection’s kids assortment fulfils all of the nutritional
criteria set by the Belgian Pledge.
38,4 tonnes
less salt
38 tonnes
added fibre
151,1 tonnes
less fat
88,4 tonnes
less sugar
or 22.100.000
4-gram sugar cubes
De Pottenlikkers
Colruyt and Studio 100 make a balanced diet more attractive to
children in the educational cookery programme ‘De Pottenlikkers’. In
2021, Colruyt won the ‘Ik ben meer dan mijn kassaticket’ award (‘I’m
more than my checkout receipt’) for this initiative. This award honours
initiatives of Belgian supermarkets which make it easier for customers
to shop in a more balanced, fairer and more ecofriendly way.
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2. Give consumers correct
information and inspire them
We are convinced that everyone has the right to know what is
in their favourite product. We also want to use our strength
as a market leader to help consumers and employees move
towards a healthier lifestyle. That means giving them correct
information, inspiring them and offering them insights, in
an accessible and transparent way. In this way, we empower
them to make conscious choices for themselves, leading to
sustainable behavioural change.
SmartWithFood:
a true food coaching companion
In 2021, we want to
continue to help our
employees move
towards a healthier
lifestyle, joining
forces with our spin-
off SmartWithFood.
Based on a scientific
questionnaire about factors such as exercise, sleep and diet,
everyone will be able to gain an insight into their general fitness.
Anyone who wants to can also have a blood test and discuss the
results with a doctor and a lifestyle coach. There are also longer
programmes with blood tests, medical consultations and digital
coaching to adopt and maintain a healthier lifestyle.
Last year, SmarthWithFood lent its support to two new projects
to help people struggling with the physical consequences of
COVID-19 move towards a healthier lifestyle. The Healthricious
project supports people who are overweight in particular
acquire habits that strengthen immunity. The Matching project
offers another response to the rising demand for online health
coaching through responsible matching of nutritional experts
and users. Both projects are realised in collaboration with the
European Institute of Innovation and Technology (EIT).
RESULTS
Guide consumers
• The Nutri-Score is clearly displayed on the front of the
packaging of 91% of Boni Selection products. We aim
for 100% by the end of 2021.
• The Nutri-Score can also be found on 29% of Spar
products.
• The Nutri-Score is available on various channels and
media, both in-store and online.
Provide customised information
• Last year, Colruyt Group Academy launched a series of
online Tips & Talks, in which experts shared insights
and tips on themes such as nutrition, health and
media.
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169
3. Safe and healthy working
environment
Our guiding principle remains: Colruyt Group grows when our
people grow. For our employees, health is a driver of their
job satisfaction. With this in mind, we intend to offer them
the best possible support, socially, physically and mentally,
and actively work towards a safe and healthy working
environment via various initiatives.
RESULTS
A state of complete physical, mental and social well-
being for all employees
• 65% of our employees have voluntarily joined the Solidarity
Fund, our social fund that assists them in situations such as
long-term sickness.
• We are firmly committed to prevention and risk analysis of
occupational accidents. Last financial year, there were 860
occupational accidents.
• With extended opening hours, our neutral service The
Connection was even more accessible to employees struggling
during the pandemic.
• The Connection supports long-term absent employees via the
Restart to work programme. Last financial year, a total of 1.814
long-term sick employees were contacted.
• In 2020, our training offer focused much more on the
mental well-being of our employees. This included a choice of
courses in assertiveness, workshops on resilience and stress
management, group walks and online yoga and meditation
sessions at different times in the day.
• Free support to stop smoking.
• Medical examination: our company doctors and nurses also
provide advice on nutrition and/or general health.
• The ‘Shocking events’ relief team helps employees cope with
a harrowing event at work, such as an accident, a hold-up or a
death.
• Confidential advisers help with problems at work such as
conflicts, stress or bullying.
65% of our
employees have
voluntarily
joined the
Solidarity Fund
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Our approach
Our social contribution (to the sdg)
Water is indispensable to people and nature and
therefore one of the most valuable resources. So,
it is essential to use it economically. For years, we
have applied circular water management with the
optimum balance between sustainability and cost-
efficiency.
We aim for minimal impact on ground and surface
water, focussing primarily on prevention and
reduction. Then on reusing water, as long as water
quality can be guaranteed. Finally, we focus on
purification of rainwater and wastewater into rinse or
drinking water. Discharging it is a last resort.
1. Circular water management
At Colruyt Group, we treat rainwater and wastewater to turn them into drinking
quality water. We make use of this recycled water on a daily basis at our biggest
consumers – the Fine Food Meat meat-processing activity and the Dassenveld
distribution centre. Our goal: for 50% of our total water consumption to come from
rainwater and wastewater by 2025. We strive for zero discharge of rainwater into
the sewers.
In each new-build or renovation project, we try to minimise our water footprint,
starting with the design. Circular water management is key here. In practice this
means: making more efficient use of water on our sites, for example by optimising
installations. Using the right type of water for the right purpose, for instance not
using drinking quality water when this is not necessary. Treating, then reusing
wastewater. Collecting and using as much rainwater as possible, treated or not.
Buffering surplus rainwater or letting it soak away into the groundwater. The
ultimate aim: to close the water loop.
Ensure availability and
sustainable management
of water and sanitation
for all
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RESULTS
Measure water consumption
• Last calendar year, our water consumption
totalled 623.220 m³.
Water management by our biggest
consumers
• In 2020, we produced 109.199 m³ of
drinking water from wastewater from
our meat division Fine Food Meat. This
represents a recovery rate of 56%.
• At Fine Food Meat, some of the rainwater
collected goes to the sanitary facilities and
some is treated to make it drinkable. Via the
PURA (PUrification of RAinwater) process,
we treated 4.242 m³ of rainwater in 2020.
• We also collect rainwater at our Dassenveld
distribution centre, in two buffer tanks
with a capacity of 4.100 m³. We reuse the
rainwater for the crate washing installations
and the sanitary facilities.
• We continue to optimise our existing
facilities and collect plenty of data to gain
further insights.
Focus on water reduction
• We reduce the water used for sanitary
purposes in the central buildings by
installing a minimum flushing flow. We
apply the same approach when refurbishing
our stores. By 2030, we aim to have
converted 340 branches. This will lead to
a water saving of more than 50.000 m³ per
year.
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623.220 m
3
water
used in 2020 (Belgium)
58,3%
Tap water
17,5%
waste water
8,9%
groundwater
15,3%
rainwater

172
2. Preserve & protect water resources
On our own sites, we collect rainwater from roofs and paved surfaces and
allow it to soak away into the soil. If soaking away will not work (everywhere),
we seek the optimal combined solutions.
We also treat the underlying groundwater in water extraction areas from
which we source water with respect.
3. Reduce water footprint in the oer
We make every effort to minimise the water footprint in our offer. To this
end, we run various projects and form partnerships to gain further insight and
reduce our consumption.
Water is also included in our ecological footprint analysis. This analysis
enables us to identify hotspots which we want to improve. For water, these
include eutrophication and ecotoxicity.
RESULTS
Soak away into groundwater
• This can be by using surfaces that let through as much
water as possible, such as water-permeable clinkers or
grass and gravel pavers for parking areas, installing above-
ground infiltration systems such as wadis or infiltration
channels in green spaces, or via underground systems such
as infiltration crates, sewers or infiltration pits. Only if the
subsoil does not allow it to soak away do we buffer the water
on our own site during peak downpours before discharging
it later.
RESULTS
Form partnerships
• In our partnership with SIFAV, a sustainability initiative for
fruit and vegetables, we strive to reduce water consumption
to best practice level in three selected catchments. In
addition, we intend to implement independent audits or
water standards for 70% of volume from high water risk
countries.
• It is our ambition to launch Belgian agricultural projects
to give us more insight into water management among our
primary producers.
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Our approach
Our social contribution (to the sdg)
We are convinced that the most sustainable energy is
the energy we do not use.
Our energy policy is based on two key principles. We
are firmly committed to prevention and reduction of
our energy consumption. We also deliberately choose
sustainable alternatives. For example, renewable
electricity from wind turbines and solar panels, or
green hydrogen as a fuel. In choosing sustainable
alternatives, we look for two things: firstly how we
can produce sustainable energy as a company, and
secondly how we can give consumers access to
sustainable and affordable energy.
1. Reduce energy
consumption
By 2030, we aim to consume 20%
less energy than in the base year
2009 (relative to revenue). By
the end of the financial year, we
achieved a reduction of 11,8%.
By 2030, we want at least 60% of
our energy consumption to come
from non-fossil fuels. We intend
to achieve this by installing heat
recovery and heat pumps in our
buildings and focusing on more
environmentally friendly fuels.
Finally, by 2030, we want 100% of
our non-fossil energy to come from
our own or local production units.
Ensure access to
aordable, reliable,
sustainable and modern
energy for all
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RESULTS
Heating
• We have 44 fossil fuel-free stores that use no fuel oil or natural gas. The
stores are heated using only residual heat and green electricity.
• About ten years ago, we decided to build only low-energy stores. As of 2017,
we are also committed to converting our existing stores from before this
period into low-energy ones. By 2029, we want all our stores to be low-energy
stores.
• All new and renovated Bio-Planet, Colruyt and OKay stores are now equipped
with heat recovery.
Natural refrigerants
• By 2030, we intend to equip all Bio-Planet, Colruyt and OKay stores with
a refrigeration system that uses natural substances. This reduces the
greenhouse gas emissions of our food stores by 11%.
• We have developed a liquid ice container (LIC) for fresh and frozen products
that has a 73% lower environmental impact than our conventional mobile
refrigerated container using CO
2
.
• In March 2021, we signed the Green Deal for Climate-friendly Refrigeration.
We are systematically replacing old refrigeration systems using fluorinated
greenhouse gases (F-gases) with more sustainable alternatives. We aim to
reduce emissions of these F-gases in our stores to an absolute minimum by
2030.
In order to realise the above objectives, we follow a
four-track approach::
• Infrastructuur: reduce energy consumption of
buildings via energy upgrades with improved
insulation and airtightness.
• Heating: via heat recovery as standard in new
and renovated food stores, combined with
further rollout of heat pumps.
• Mobility: focus on lower fuel consumption and
switch to renewable fuels.
• Lighting: further rollout of LED lighting, as well
as measures such as automatic switching on and
off and lighting control in smaller zones.
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2. Green electricity production
Our investments in renewable energy now cover 100% of our energy
consumption.
For example, we produce our green electricity from solar energy and invest in
onshore and offshore wind energy via Virya Energy. With this renewable solar
and wind energy, we have been producing our own green hydrogen for nearly
a decade, mainly as energy support for forkli trucks and passenger cars in our
fleet.
In producing sustainable energy, we aim for optimal alignment between
consumption and production. In this way, we reduce overproduction
and contribute to greater grid stability. By 2030, we aim to achieve 90%
synchronisation between our electricity production and energy requirements at
the central sites in Halle, Ollignies and Ghislenghien.
RESULTS
Production of renewable solar and wind
energy
• We have joined forces with Korys to invest in
energy holding company Virya Energy. This
company is active in the production of sustainable
energy, with a major focus on wind energy. In
2020, 1.135.562 MWh of green electricity was
generated for Colruyt Group.
• 87 solar installations on our own buildings,
representing a production of 10.319 MWh.
• The synchronisation between electricity
production and consumption at our central sites
with a wind turbine was 72% last year.
Green hydrogen production
• We can convert surplus solar and wind energy
into hydrogen via electrolysis.
• Finally, via Virya Energy and in partnership with
gas network operator Fluxys, we are helping
build Hyoffwind, a power-to-gas installation
in Zeebrugge. This investment is in line with
our ambition to produce green hydrogen on an
industrial scale.
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3. Oer sustainable
energy
We strongly believe in the potential
of green hydrogen as a clean and
renewable fuel and play a leading
role in this. We do this by investing
in innovations around hydrogen and
making hydrogen more accessible to
consumers as a fuel.
RESULTS
Offer of renewable energy
• With DATS 24, alongside traditional fuels and
natural gas for vehicles (CNG), we also offer
hydrogen and green electricity.
• Last financial year, the network of electric
charging stations was expanded to 147
charging stations.
Hydrogen as a fuel
• In the second half of 2021, we are opening
four new hydrogen stations in Haasrode,
Erpe-Mere, Wilrijk and Herve.
• We are the first in Europe to test a 44-tonne
hydrogen-powered fully electric truck.
The fuel cell onboard the vehicle converts
hydrogen into electricity to recharge the
batteries on the way.
• As part of the H2-Share project, we tested a
27-tonne truck at the beginning of 2021.
• From mid-2021, Colruyt Group will use
four trucks for deliveries to stores from our
distribution centre in Ollignies. To this end,
the first hydrogen refuelling station for heavy
transport is being built on this logistics site.
This initiative is part of the H2Haul project.
• We have joined forces with AB InBev to
deploy hydrogen trucks for transport in
Belgium.
With DATS 24 we also offer
hydrogen and green electricity
E
uropees Fonds voor Reg
i
onale Ontw
i
kkel
i
ng
Waterstofregio 2.0 is part of the Interreg V programma
Vlaanderen-Nederland (Flanders-The Netherlands
Interreg V programme). This is a cross-border
cooperation programme with financial support from
the European Fund for Regional Development.
The H2Haul project has received funding from the Fuel Cells
and Hydrogen 2 Joint Undertaking under grant agreement
No 826236. This Joint Undertaking receives support from
the European Union’s Horizon 2020 research and innovation
programme, Hydrogen Europe and Hydrogen Europe Research.
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Our approach
Our social contribution (to the sdg)
At Colruyt Group, we want to do business in an
inclusive and people-oriented manner. Based on
integrity and trust, and with respect for one another’s
rights. Key concepts include decent work, a stimulating
working environment and greater transparency in the
chain.
We are convinced that the company grows when our
people grow. Therefore, we offer our people a wide
range of trainings so that they can develop their
professional and personal skills to the full. Besides
the development of our employees, we also focus on
other target groups, such as our consumers and young
people. We run specific initiatives for them through
Colruyt Group Academy and Collibri Foundation.
We also attach great importance to the right working
conditions, both in our own company and at our
producers and suppliers in the chain. For instance, we
carry out audits on our producers in at-risk countries,
and provide them with the necessary guidance and
support to achieve the right working conditions.
1. Working for Colruyt Group
We promote sustainable job creation and decent work where every employee can
make a positive contribution. We want to form a long-term relationship with every
one of our employees. That’s why we deliberately offer them permanent contracts,
preferably for full-time employment.
We believe in the power of diversity. Colruyt Group stands for an inclusive corporate
culture based on the added value of diversity. Our selection process is open to
everyone. The best candidate is selected in an objective and professional manner.
Promote lasting, inclusive
and sustainable economic
growth, full and productive
employment and decent
work for all
(1) Sale of the French foodservice business Pro à Pro (-1.837 employees).
22.566 24.119 25.205 25.775 27.049 28.117 29.683 29.255 29.388 29.903 30.631 32.945
09/10 10/11 11/12 12/13 13/14 14/15 15/16 17/18 18/19 19/20 20/21 16/17
(1)
+1.086
+1.553
+1.804
+570
+1.274
+1.068
+1.566
-428
+133
+515
+728
+2.314
Evolution of our workforce
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178
Men
Women
19.412
13.533
58,9%
41,1%
White-collar
Blue-collar
26.422
6.523
80,2%
19,8%
employees
under 20
employees
between
20 and 30
employees
between
30 and 40
employees
between
40 and 50
employees
between
50 and 60
employees
over 60
0,6%
20,5%
29,3%
25,0%
21,4%
3,2%
Fixed-term contract
1,7%
Permanent
contract
98,3%
RESULTS
Focus on a sustainable workforce
• On 31 March 2021, Colruyt Group had a total of 32.945
employees.
• Last year, we welcomed 2.314 new employees (net growth).
• 9,84 years is the average length of service of our
employees.
• 78,6% of our employees are permanent, 21,4% work part-
time.
• 98,3% of employees have a permanent contract, the
remaining 1,7% have a fixed-term contract.
• In 2021, 791 employees switched to another job within the
group.
Engage in constructive dialogue
• We have built up a long tradition of respectful dialogue
within Colruyt Group.
• The training offer for employees includes trainings around
communicating respectfully.
• We support line managers in engaging in constructive
discussions.
• 94,4% of our employees are represented via a social
consultative body.
Embrace diversity
• Last year, the workforce included 89 different nationalities.
• We provide specific training for multicultural teams.
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In number of employees In full-time equivalents (FTE)
Breakdown by segment 31/03/2021 31/03/2020
Change in
employment
31/03/2020 31/03/2019
Change in
employment
Retail 27.940 25.922 2.018
(1)
26.316 24.484 1.832
(1)
Wholesale and foodservice 1.533 1.492 41 1.496 1.449 46
Other activities 158 87 71 154 85 69
Corporate (not allocated) 3.314 3.130 184 3.223 3.037 186
Total Colruyt Group 32.945 30.631 2.314 31.189 29.056 2.133
- Belgium
(2)
29.876 27.732 2.144 28.285 26.301 1.984
- Luxembourg 135 120 15 131 120 11
- France 2.460 2.326 134 2.299 2.182 117
- Other countries 474 453 21 474 453 21
(1) This increase can partly be explained by the inclusion of The Fashion Society and Joos Hybrid in the consolidation scope since
August 2020.
(2) These figures are exclusive of student workers employed in Belgium and Luxembourg during the weekend or in the school
holidays (8.484 on 31/03/2021 and 8.258 on 31/03/2020).
Job creation
Remuneration: more than just a wage
In addition to a market wage, we set great store by allowing our employees to reap the financial rewards of
the company’s growth and enabling them to participate in our business. We do this by distributing part of the
profits in the form of profit sharing and by allowing our employees to subscribe to the annual capital increases
on preferential terms.
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Employer social security
contributions and insurances:
EUR 265,1 million
Gross wages and salaries:
EUR 1.073,9 million
Employee social security contributions: EUR 112,6 million
Withholding tax on wages, including reductions:
EUR 136,9 million
Net wages and salaries: EUR 824,4 million
80%
10%
8%
20%
Total payroll costs in Belgium: EUR 1.339,1 million (2020/21 financial year )
Profit sharing
As a mark of appreciation for everyone’s contribution and dedication,
Colruyt Group lets all employees in Belgium share in the profits. A
separate system applies for employees in France, in accordance with
French legislation. For financial year 2020/21, subject to approval by
the General Meeting, the total share in the profits will be EUR 28,46
million, broken down as follows: a profit participation payment of EUR
5,81 million in cash, as stipulated according to the Act of 22 May 2001
on employee participation in the capital and profit of companies and a
payment of EUR 22,65 million according to CLA 90 and 90bis on non-
recurring results-related benefits. From the 2001/02 financial year to
date, Colruyt Group has allowed employees to share in the profits for a
total of EUR 436,94 million.
Profit sharing 2020/21 financial year
Profit participation (in million EUR) 5,81
Results-related bonus (in million EUR) 22,65
Total amount of profit sharing (in million EUR) 28,46
Number of entitled employees 26.904
The specified payments concern gross amounts on which the following deductions
are applied upon payment to the employees:
• Profit participation: 13,07% solidarity contribution and 7% tax on participation.
• Results-related bonus (CLA 90): 13,07% employee social security contribution.
Employer social security contributions are due on the results-related bonus
(CLA 90) (EUR 7,47 million in 2020/21 and EUR 7,21 million in 2019/20)..
62%
In addition, we pay annual bonuses to middle and senior management
based on the group’s profit. For financial year 2020/21, these profit-
related bonuses amount to EUR 11,9 million gross.
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Capital increase reserved for employees
In order to enable employees to participate in the growth of the company,
we have encouraged them to participate in the capital since 1987. Through
an annual capital increase reserved for employees they can subscribe
to shares of the parent company Etn. Fr. Colruyt NV at a favourable price
(within the legal framework) that will remain frozen for 5 years. These
capital increases are proposed by the Board of Directors and approved by
an Extraordinary General Meeting.
During the capital increase of financial year 2020/21, which took place
in December 2020, 2.205 employees subscribed to 222.372 shares,
representing a capital contribution of EUR 10,34 million. Since 1987
employees of the group have subscribed to 22.796.885 shares of their own
company, or the parent company, for a total amount of EUR 265,8 million.
Year Amount in million EUR Number of shares
From 1987 to 2008 103,7 18.214.375
2009 13,7 506.895
2010 23,9 715.585
2011 6,2 225.194
2012 10,1 332.725
2013 11,4 316.900
2014 14,0 466.754
2015 17,1 472.883
2016 14,0 326.508
2017 10,2 260.458
2018 15,2 355.738
2019 15,9 380.498
2020 10,3 222.372
Total 265,8 22.796.885
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2. Learn and develop together
A focus on learning and development is deeply embedded in Colruyt Group’s DNA.
We believe that developing people and organisation go hand in hand: as our people
grow, so does the company. This is based on a positive view of people. We are
convinced that every person is naturally motivated to keep learning and developing.
Learning is focused on acquiring specific knowledge and skills. Development, on the
other hand, is about changing behaviour and attitudes, so we see ourselves and the
organisation differently.
We see three key drivers to support the learning and development process.
• Create a safe and challenging learning environment.
• Build a growth mindset.
• Learn and develop anytime and anywhere: every activity offers a learning and
development opportunity.
RESULTS
Employees and organisation learn and
develop together
• EUR 32,1 million invested in education and training
of our employees.
• Digital learning: the offer of e-learnings has been
considerably expanded. A digital alternative is
available for around 70% of the training offer.
• 1.562 employees took part in a personal growth
training last financial year.
Inspire consumers via
Colruyt Group Academy
• Even in this exceptional year, Colruyt Group
Academy remained dedicated to workshops. In
view of the circumstances, a fully digital offer was
developed, including online cookery workshops,
Tips & Talks, Stay Inspired videos and an extensive
‘Workshop at home’ offer. Through this, they
reached 5.361 participants.
• 10 Colruyt Group Academy centres spread across
Belgium.
Empower young people with
Collibri Foundation
• 14 training projects in 10 countries.
• EUR 798.860 million invested in 2020.
• 9.350 young people reached directly in 2020.
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3. Working conditions in the supply chain
As an international market player, we take responsibility for ensuring the
right working conditions at our producers. We ask all suppliers of private
label products to sign up to the amfori BSCI Code of Conduct. This contains
universal human rights principles that must be respected. Compliance with the
code of conduct is monitored via certificates, social initiatives and/or social
audits. If the business partner needs support, we explore together how we can
make improvements. If the will is lacking to create good working conditions,
we will end the partnership.
RESULTS
Engage with suppliers
• We use the amfori BSCI Code of Conduct as a benchmark for all
suppliers of our private label products.
• Our code of conduct endorses universal principles of international
human rights agreements which must be respected, in relation to
minimum age for employees, right to fair wages, exclusion of child and
forced labour, guarantee of safe and healthy working conditions, ban
on discrimination, etc.
Examine working conditions
• Working conditions at 97 producers were audited in 2020.
• 95% of our producers in at-risk countries provide good working
conditions or are willing to make improvements. We continue to work
to bring this up to 100%.
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Our approach
Our social contribution
As a retailer, we have a direct and indirect impact on
the entire supply chain: from sourcing and production
to distribution and use of our products and services.
We try our best to minimise our use of raw materials, in
every link in the chain.
We mean raw materials in the broadest sense.
Firstly, raw materials that we consume directly or
use to make food and non-food products. We are
actively committed to sourcing these raw materials
responsibly. This enables us to bring our private
label products to market as sustainably as possible.
Then there are raw materials we process into new
materials and use in applications such as packaging
or building materials. Here, we apply the circular model
where we try to reuse or recycle each raw material at
the highest possible level.
1. Responsible sourcing
We use three key drivers to enable sustainable and responsible sourcing:
(1) A sustainable purchasing policy: we expect sustainability efforts from our
suppliers and adopt a company position on sustainability in purchasing.
(2) We certify products and develop score systems to help consumers make
sustainable choices.
(3) We are committed to (international) supply chain projects and form
partnerships under sector initiatives.
Ensure sustainable
consumption and
production patterns
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RESULTS
Wild-caught fish, shellfish and
crustaceans
• Certification by MSC (Marine Stewardship
Council) and assessments by the
Research Institute for Agriculture,
Fisheries and Food (ILVO).
• MSC certification is not always
possible for wild-caught shellfish and
crustaceans. Products without MSC
certification undergo an assessment by
ILVO.
• 97,6% of our products (excluding ready-
made dishes and canned products) are
MSC-certified or ILVO-verified.
Farmed fish, shellfish and
crustaceans
• Certification by ASC (Aquaculture
Stewardship Council). Also some items
with organic certification.
• 92,2% of our products carry the ASC label
and/or the organic quality mark.
Coffee
• 99,6% of the coffee beans we buy carry
a label such as Rainforest Alliance, UTZ,
organic or Fairtrade.
Cocoa
• 98% of products which contain cocoa
carry the UTZ and/or Rainforest Alliance
label. Sometimes in conjunction with an
organic or Fairtrade label.
Soy
• Soy in animal feed: 100% of the soy
volume used in feed is offset by RTRS
certificates.
• Soy in food: 100% of our soy carries an
RTRS certificate.
Palm oil
• 100% of the palm oil and palm kernel
oil in our private label products is RSPO
certified.
Certification of our food products
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Certification of non-food products
RESULTS
Wood
• 99,6% of our private label
products containing at
least 60% wood carry the
FSC or PEFC label.
Paper
• 100% of our private label
products made of paper
are certified by FSC, PEFC
or Der Blaue Engel.
Charcoal
• 100% of our charcoal
private label products
carry the FSC label.
Cotton
• 91% of the cotton
products from our
private label Dreambee
carry a BCI or GOTS
certificate.
Sector initiatives and
(international) supply chain projects
Certification and labels are a step in the right direction but we need to
look beyond certification and dare to tackle ongoing issues. We can do
this in sector initiatives and supply chain projects where transparency
and cooperation with all supply chain actors are key. Two good examples
of sector initiatives in which we are involved are the Beyond Chocolate
sector agreement for cocoa and the Sustainability Initiative Fruit and
Vegetables (SIFAV). The aim is always to cooperate with other actors
from the sector. In this way, we can raise the bar for sustainability while
keeping a level playing field. Additionally, in supply chain projects, we
work closely with producers and all other supply chain actors involved to
bring as sustainable a product as possible to market. Seven supply chain
projects are currently running, resulting in 40 Boni Selection products
in our stores.
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By 2025 we want to realise 20 international
supply chain projects.

187
SIFAV – Sustainability Initiative Fruit & Vegetables
We work with SIFAV and supply chain partners from the fruit and
vegetable sector to develop a sustainability strategy for 2025. Together
with all SIFAV partners, we are committed to achieving the following
sustainability targets by 2025:
ENVIRONMENTAL:
• 25% carbon footprint reduction
in three selected products.
• 25% food loss and waste
reduction in three selected
products.
• Reduction of water use to best
practice levels in three jointly
selected catchments.
• Implementation of
independent audits or water
standards for 70% of volume
from high water risk countries.
SOCIAL:
• Implementation of jointly
approved social third-party
verification, to at least 90% of
volume coming from high- and
medium-risk countries.
• Analysing living wage and
living income gaps in one
of their supply chains and
if possible, also making a
commitment towards reducing
these gaps.
DUE DILIGENCE:
• Implementing robust Human
Rights and Environmental
supply chain due diligence
policies and processes according
to OECD and UN Guidelines.
• Jointly and individually reporting
on risks and progress on an
annual basis from 2022 onward.
15 years of supply chain projects
To develop international supply chains, we have
worked closely with partners for more than 15 years
including Rikolto, Efico, Trias, and Enabel.
Thanks to our guaranteed purchase, small-scale
farmers in production regions gain better access to the
global market. The projects create local added value
and offer structural responses to problems such as too
low and volatile prices, poverty or deforestation.
40.000 farmers were reached in 2020.
Some examples of supply chain projects:
• Cocoa from Ivory Coast. As of 2020, we purchase
100 tonnes of cocoa each year, for which 102 farming
families receive a living income reference price.
• Quinoa from Peru. Three years aer the first organic
quinoa arrived in the shops, we have increased
our purchasing volume fivefold to more than one
hundred tonnes in 2020.
• Cashew nuts from Benin. As of 2020, we support
a cooperative society of 2.200 small producers.
The first processing of the nuts on the spot creates
local added value and reduces the number of food
kilometres.
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2. Raw materials and resources
Firstly, we want to make our offer (from products and
packaging to services) more circular. At the same time, we
want to upcycle waste flows. In this, we prefer to follow the
principles of the circular economy whereby the available
resources are constantly returned to the cycle, without having
to introduce new raw materials. We apply the R ladder, which
offers seven practical ways of organising the circular economy,
i.e. Refuse, Rethink, Reduce, Reuse, Recircle, Recycle and
Recover.
Finally, we work to prevent food loss among our producers,
in our own logistics chain and stores and in our customers’
homes. Waste flows are given a new lease of life whenever
possible. We also apply the insights from the circular economy
when we build and renovate, by applying new building
materials and innovative techniques.
We set ourselves the
ambitious goal of
achieving a recycling
rate of at least 85% by
2021, thus incinerating
a maximum of 15% (with
heat recovery). In 2020,
we achieved this goal
with a record recycling
rate of 85,27%!
Recycling
rate
85,27%
Animal welfare
We continue to work towards correct
treatment of animals throughout
the supply chain, and conditions in
which they can display as much natural
behaviour as possible, typical of their
species.
In this improvement process, we reinforce
our existing requirements for suppliers
via specifications and by conducting
checks on compliance, for example.
Evaluation and making adjustments are
part of our continuous learning process.
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RESULTS
Tackle food loss
• We were the first retailer in Belgium to introduce the innovative Apeel
technology. Thanks to an additional plant-based protective layer,
avocados stay fresh up to two times longer. In this way, we reduce
food waste in our store and in our customers’ homes.
• Thanks to efficient stock management, good monitoring and
optimum storage, we managed to sell 97,33% of our fresh and frozen
products.
• As far as possible, we donate the 2,7% of food that we do not sell
to social organisations such as Foodbanks. In a second phase, the
remaining food is processed into animal feed and for the biochemical
industry. Incineration and fermentation are the last resort.
• We take part in research projects into new packaging. Thanks to
innovative storage technology and packaging that extend the shelf
life of fruit and vegetables, less food is lost. In this way we save
a large amount of raw materials. For example, our Boni chicory
stays fresh twice as long thanks to new breathable packaging with
microperforations.
Circularity in packaging
• By 2025 we want all household packaging for our private label
products to be reusable, recyclable, compostable or biodegradable.
• Smarter packaging includes replacing the plastic covers of our nut
and cheese cube containers with resealable film. We also make the
containers for Boni and Everyday salad spreads with less plastic.
• By 2025 we want to make all plastic packaging for our private label
drinks at least 50% from recycled plastic (rPET).
Tackle litter
• For the second year
in a row, we teamed
up with GoodPlanet
Belgium to organise
‘The Litter Challenge’,
an anti-litter initiative
to promote a change
in behaviour among
secondary school
students.
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0,4%
food waste to biochemical industry
20,1%
food waste
to animal feed
12,7%
food waste
to human
consumption
66,8%
food waste
to incineration and
fermentation

190
RESULTS
Circular building
• Built to Reuse: when we renovate stores, we have a
checklist of more than 1.300 materials and components to
hand. We focus primarily on reusing materials.
• Researching and testing new materials and designs for
modular construction. From facade systems to roof
structure, interior walls and floor construction.
• In 2019, we signed the Green Deal on Circular
Construction.
• Within the framework of the European
ICEBERG project, we join with 35 partners
from ten countries to research the reuse of
raw materials for construction and the application of new
circular building products and techniques.
• Close partnerships with universities and research institutes
and writing of theses on sustainable material use.
• We are working with VITO and OVAM to optimise an existing
tool for measuring the environmental impact of our
building materials.
3. Innovative systems for food
production
Besides our traditional role as a retailer, we are also actively involved
in sustainable research projects and help to launch new production
chains.
RESULTS
Invest in innovation
At the end of 2020, we were granted the operating and
environmental permit for our sea farm in the North Sea. This
means that, in future, we will be able to cultivate and harvest the
first Belgian retailer mussel lines in the North Sea. We strive to
combine aquaculture with nature management.
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Our social contribution (to the sdg)
For many years, we have worked to reduce our impact
on the climate. Our basic principles are as follows: we
avoid greenhouse gas emissions, reduce our emissions
in general and constantly seek solutions with the
lowest impact on the climate. We have divided our
activities into three direct impact categories, within
which we focus on projects and initiatives:
(1) refrigeration & heating
(2) mobility & transport
(3) energy consumption and production.
We monitor our emissions according to the
Greenhouse Gas Protocol. We also work with our
suppliers to reduce the environmental impact of
our products throughout the value chain. LCA (life
cycle assessment), OEF (organisation environmental
footprint) and PEF (product environmental footprint)
methods help us do this.
Take urgent action to
combat climate change
and its impacts
1. Prevention and reduction of
greenhouse gas emissions
In 2020, we achieved the
ambitious goal of reducing our
direct greenhouse gas emissions
by 20% compared to base year
2008, relative to revenue. Last
financial year, we reduced our
total greenhouse gas emission
by 31,4% compared to revenue.
We are now fully committed to
our new ambition: to reduce our
relative CO emissions further by
40% (compared to 2008) by 2030,
according to the GHG Protocol,
Scope 1 and 2. Further information about our objectives around our own energy
consumption can be found in the SDG 7 Energy section.
Mobility also contributes directly to the realisation of our climate objectives. Our
mobility approach is based on the ‘reduce, shi and make greener’ triangle,
applied respectively to customer and employee mobility and goods transport.
Our approach
0,37%
hydrogen
0,85%
electric
4,32%
hybrid
0,07%
petrol
49,25%
diesel
45,14%
CNG
C
o
m
p
a
n
y
c
a
r
s
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0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
16,92
17,21
17,79
16,35
17,24
17,59
16,80
17,10 17,06
15,71
14,71
13,63
11,61
5
10
15
20
Tonnes CO
2 eq
per million EUR
revenue
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2020
2008 2012 2016
Tonnes CO
2 eq
20202019
50
100
150
200
250
300
Target 2030: - 40% (10,15)
Target 2020: - 20% (13,54)
Direct CO
2
emissions
of Colruyt Group
CO
2
emissions avoided
via Eoly and Parkwind
Our direct impact on
climate change, in
absolute numbers
CO
2
emissions avoided
via Virya Energy
(1)
(1) Calculation based on
emission factors in Belgium.

193
RESULTS
Goods transport
Reduce
• 94,04% load factor for trucks travelling
to Colruyt stores and 76,10% load factor
for inbound goods transport, through
cooperation with and between our
suppliers.
• With our liquid ice containers we are
saving the use of many refrigerated trucks
and we do not cover any unnecessary
kilometres.
Shi
• 5.062 fewer container transports by road,
through the use of inland waterways in
Belgium.
• 24,89% of deliveries to our stores take place
off-peak in the evening or early morning or
at night.
Make greener
• 2 electrical terminal tractors operating in
our distribution centres.
• 8 CNG trucks operating in supplying stores.
• As the first in Europe, we tested a 44-tonne
hydrogen-powered electric truck.
Employee mobility
Reduce
• We have 11 regional offices. We intend
to consolidate teleworking within the
organisation, even aer the coronavirus
pandemic.
Shi
• We have 4.681 company bicycles available
for our employees.
• We encourage employees to carpool via an
online platform.
Make greener
• We continue to make our fleet greener. In
2020, we launched plug-in hybrids with a
large battery capacity, in addition to the
wide choice of CNG cars and several electric
and hydrogen models. 50,68% of company
vehicles (both logistics and passenger) now
run on alternative energy.
Customer mobility
Reduce
• Last year, we tested the ‘Collect&Go
Connect’ platform, a shopping community
that puts customers and shoppers in the
same neighbourhood in touch with one
another.
Shi
• We provide covered bicycle parking at our
stores.
Make greener
• Customers can already fill up with CNG at 84
DATS 24 stations.
• At 135 stores, customers can charge their
cars at electric charging stations, with 100%
green Belgian electricity.
• In 2021, we intend to open four new
hydrogen filling stations, in addition to the
existing one in Halle.
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2. Create insight
Using scientific footprinting
techniques, we want to track our
impact on the climate, at both
organisational and product level,
throughout the value chain. Based
on these insights, we can make
informed decisions and join forces
with value chain actors and other
partners to reduce our common
environmental impact and create
common ownership.
RESULTS
Footprinting
• The Organisation Environmental Footprint
(OEF) methodology allows us to track our
environmental impact throughout the chain.
Our ambition is to perform the OEF every two
years to gain new insights.
• We measure the environmental impact of
our private label products based on the
Product Environmental Footprint (PEF)
methodology. The PEF is the European
standard for carrying out Life Cycle
Assessments (LCA) of products.
Raise awareness
• Colruyt Group is a member of the Belgian
Alliance for Climate Action. A platform on
which we share inspiration and knowledge
with other Belgian companies about how we
can reduce our CO
2
emissions further.
• We are the only Belgian enterprise to sign
the European Green Consumption Pledge,
an initiative for committing companies to
make production and consumption more
sustainable.
Certification for environmental
management
• DATS 24, meat-processing site Fine Food
Meat and Symeta Hybrid are all ISO 14001
certified. This international standard for
environmental management systems focuses
on continuous improvement of performance,
protection of the environment and the ability
to manage environmental risks.
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The Eco-Score. Better for the environment,
better for consumers.
In 2021, Colruyt Group launched the Eco-Score, a visual way of
learning about the environmental impact of food products, in
Belgium. The Eco-Score fits with our continuing ambition to guide
customers in making more conscious and sustainable choices.
With the score as a guiding principle, we want to reduce the
ecological impact of our products in the future as well.
The Eco-Score is similar to the Nutri-Score: products are given a letter and colour code
from A (green) to E (red), taking various parameters into account. The five categories
therefore indicate whether the food has a low or high ecological impact. This impact is
measured partly using the Product Environmental Footprint (PEF) methodology, along
with several other environmental impact categories such as water or energy consumption.
Other aspects taken into account include sustainability labels, packaging, origin and
consequences for biodiversity and ecosystems.
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Our indicators
Indicators SDG 2
2018 2019
2020
Enable access to balanced nutrition
Food donated to social organisations (in tonnes) Calendar year 3.297 4.262 4.504
For surplus food and food donations, the Colruyt, Bio-Planet and OKay food stores are in scope.
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Indicators SDG 3
2018 2019
2020
Balanced nutrition
# Products with improved nutritional composition Calendar year 167 134 206
Reduction in fat (in tonnes) Calendar year 49,8 135,6
(1)
151,1
Reduction in saturated fat (in tonnes) Calendar year 63,9 72,7
(1)
109,5
Reduction in sugar (in tonnes) Calendar year 421 195,8
(1)
88,4
Reduction in salt (in tonnes) Calendar year 28,2 22,8
(1)
38,4
Added fibre (in tonnes) Calendar year 26,9 60,5
(1)
38
# Boni Selection items with an improved Nutri-Score Calendar year - 29 87
Provide consumer with correct information and inspiration
% Boni products with the Nutri-Score on the packaging Calendar year - 51,7 91,0
% Spar products with the Nutri-Score on the packaging Calendar year - - 29
Safe and healthy working environment
% Employees who have joined the Solidarity Fund Financial year 68,2 67,2 65,0
Amount paid out by the Solidarity Fund (in EUR) Financial year 1.076.723 1.129.072 1.128.950
# Occupational accidents Financial year 928 874 860
Frequency of occupational accidents Financial year 25,1 23,3 22,7
Severity of occupational accidents Financial year 0,59 0,64 0,59
# Long-term sick employees contacted by The Connection Financial year 1.801 3.228 1.814
(1) Due to a calculation error, the data for reduction in fat, saturated fat, sugar and salt and added fibre
has been revised for calendar year 2019.
The scope of the indicators around nutritional composition is our private labels Boni Selection and Everyday
and the meat products in the butcher’s section and meat aisles of Colruyt and OKay.
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Indicators SDG 6
2018 2019
2020
Targets
Circular water management
Total water consumption (in m³) Calendar year 561.694 605.846 623.220
% Rainwater and wastewater Calendar year 23,6 27,2 32,8 50% by 2025
Recycled wastewater at Fine Food Meat (in m³) Calendar year 85.381 96.926 109.199
Drinking water produced with PURA drinking water system Calendar year 1.912 972 4.242
The scope of these indicators is water consumption in Belgium, excluding drinking water destined for sale.
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Indicators SDG 7
2018 2019
2020
Targets
Reduce energy consumption
% Reduction in energy consumption (relative to revenue) 8 8,7 11,8 20% by 2030
55,54% by 2020
Energy consumption (MWh/million EUR revenue) 59,2 58,92 56,96 51,66% by 2030
Electricity consumption of Colruyt Group in Belgium and Luxembourg
(MWh)
223.828 230.724 235.320
Green energy production
% Average synchronisation rate for central sites Calendar year 73 70 72 90% by 2030
% Energy consumption from non-fossil fuels Calendar year - 44,0 44,7 60% by 2030
% Electricity consumption from non-fossil sources Calendar year 100 100 100 Aim for 100%
% Non-fossil energy from own or local production units Calendar year 100 100 100 100% by 2030
Colruyt Group electricity production from solar (MWh) Calendar year 6.600 7.550 10.319
Virya Energy electricity production from wind, for Colruyt Group (MWh) Calendar year - - 1.135.562
Offer sustainable energy
# Electric charging stations Financial year 69 122 147
# DATS 24 public hydrogen filling stations Financial year 1 1 1 5 stations by 2021
The scope of these indicators is Colruyt Group as a whole, unless indicated otherwise.
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Indicators SDG 8
2018 2019
2020
Working for Colruyt Group
# Employees at Colruyt Group as a whole Financial year 29.903 30.631 32.945
# New employees (net growth) Financial year 515 728 2.314
Average length of service (in years) Financial year 9,56 9,79 9,84
# Job students who worked for Colruyt Group last year Financial year 6.536 8.258 8.484
# Nationalities Financial year 85 91 89
# Over 45s recruited Financial year - 465 506
% Women in leadership positions Financial year - 25,6 27,0
# Job switches Financial year 798 812 791
# Regional offices Financial year 10 11 11
# Employees subscribing to the capital increase Financial year 2.259 2.166 2.205
Total profit-sharing amount (in million EUR) Financial year 26,1 27,8 28,5
% Employees represented via a social consultative body Financial year - 97,3 94,4
The scope of these indicators is Colruyt Group Belgium, unless indicated otherwise.
The figures for working conditions in the supply chain relate to producers of our private label products.
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Indicators SDG 8
2018 2019
2020
Learn and develop together
Investment in education and training (in million EUR) Financial year 38,1 38,8 32,1
% Payroll invested in education and training Financial year 3,14 3,04 2,41
# Unique participants in personal growth trainings Financial year 1.698 1.759 1.562
# Different personal growth trainings Financial year 51 58 73
# Employees involved in dual learning Financial year - 206 185
# Interns Financial year 508 585 395
# Traineeship programmes Financial year 8 8 10
# Colruyt Group Academy centres Financial year 10 11 10
# Participants in Colruyt Group Academy workshops for consumers Financial year 37.549 52.602 5.361
# Different trainings for consumers Financial year - 190 192
Investment amount (in EUR) Collibri Foundation Calendar year 647.928 808.593 798.860
# Training projects Collibri Foundation Calendar year 13 14 14
# Young people directly involved in training projects Collibri Foundation Calendar year 5.124 6.715 9.350
Working conditions in the supply chain
# Producers monitored in at-risk countries Calendar year 524 430 487
% Producers in at-risk countries receiving at least one audit Calendar year 100 100 97
% Producers in at-risk countries with acceptable result aer social audit Calendar year 94,5 90,0 95,0
# Producers improved from poor to acceptable result compared with previous
year
Calendar year 11 31 19
# Producers with which cooperation was terminated due to a violation of the
Code of Conduct
Calendar year 7 9 3
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Indicators SDG 12
2018 2019
2020
Targets
Fish
# Wild-caught fish, shellfish and crustacean products (excluding
ready-made dishes and canned products)
Calendar year 173 159 165
% Wild-caught fish, shellfish and crustacean products (excluding
ready-made dishes and canned products) MSC-certified
Calendar year 81,5 86,2 89,1
% Wild-caught fish, shellfish and crustacean products (excluding
ready-made dishes and canned products) MSC-certified or ILVO-
verified
Calendar year 89,6 90,6 97,6 100% by 2020
# Canned fish products Calendar year 30 27 32
% canned fish products (other than tuna) MSC-certified or ILVO-
verified
Calendar year - - 81,3 100% by 2021
% Canned fish (wild-caught fish) products MSC-certified Calendar year 36,7 66,7 59,4
# Farmed fish, shellfish and crustacean products Calendar year 95 92 102
% Farmed fish, shellfish and crustacean products ASC-certified and
certified organic
Calendar year 85,3 85,9 92,2
Coffee
# Coffee products Calendar year 131 130 125
% Certified coffee beans purchased (UTZ, Rainforest Alliance, Organic,
Fair Trade)
Calendar year 99,5 99,3 99,6 Aim for 100%
% Certified coffee products (UTZ, Rainforest Alliance, Organic,
Fair Trade)
Calendar year 95,4 96,9 97,0 Aim for 100%
The scope of these indicators is Retail Belgium and Luxembourg. Thus the waste streams from our store formats
in both countries, our distribution centres and the Fine Food production centres, as well as the (small) waste
streams from our office buildings in Halle. We do not include construction waste in this. For (household) packaging,
we only consider our own brands, on which we have a direct impact.
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Indicators SDG 12
2018 2019
2020
Targets
Cocoa
# Products containing cocoa Calendar year 218 279 301
% Certified products containing cocoa (UTZ, Organic, Fair Trade) Calendar year 98,2 90,3 98 Aim for 100%
% Certified chocolate bars and tablets Calendar year - 100 100 Aim for 100%
Soy food
# Tonnes Soy food products Calendar year - - 1.046,7
% GM-free (without the use of GM technologies) Calendar year - - 100
# Tonnes soy in TIER 1 (on the basis of soy present in the product) Calendar year - - 619
% TIER 1 Soy with sustainability certification Calendar year - - 49
% TIER 1 Soy with sustainability certification and/or from Europe or
North America
Calendar year - - 91
% TIER 1 Soy offset by purchased RTRS credits Calendar year - - 9
# Tonnes soy in TIER 5 (on the basis of soy derivatives present in the
product)
Calendar year - - 428
% TIER 5 Soy with sustainability certification Calendar year - - 4,2
% TIER 5 Soy offset by purchased RTRS credits Calendar year - - 95,8
% TIER 5 Soy certified or offset by purchased RTRS credits Calendar year - - 100
Soy feed
Volume soy feed used in meat, dairy and egg production (in tonnes) Calendar year 33.100 33.100 33.100
Volume soy feed purchased in Brazil with RTRS credits (in tonnes) Calendar year 33.100 33.100 33.100
% Soy feed offset by RTRS credits Calendar year 100 100 100 Aim for 100%
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Indicators SDG 12
2018 2019
2020
Targets
Palm oil
Volume palm oil marketed (in tonnes) Calendar year 4.769,4 5.005,5 4.947,3
% Palm oil RSPO: Mass Balance Calendar year 47,3 29 12,8 0% by 2020
% Palm oil RSPO: Segregated Calendar year 50 68,1 84,9 100% by 2020
% Conventional palm oil offset by RSPO credits Calendar year 2,8 2,9 2,3 0% by 2020
"% RSPO-certified palm oil" Calendar year 100 100 100
Volume palm kernel oil marketed (in tonnes) Calendar year 780 703,2 485,3
% Palm kernel oil RSPO: Mass Balance Calendar year 21,6 14,7 23,4
% Palm kernel oil RSPO: Segregated Calendar year 0,6 7,8 30,2
% Conventional palm kernel oil offset by RSPO credits Calendar year 77,8 77,5 46,4
% RSPO-certified palm kernel oil Calendar year 100 100 100
Wood
# Products containing at least 60% wood Calendar year 218 310 235
% Certified wood products (FSC or PEFC) Calendar year 71,1 97,7 100 100% by 2020
Paper
# Paper products Calendar year 204 211 233
% Certified paper products (FSC, PEFC or Der Blaue Engel) Calendar year 100 100 99,6 Aim for 100%
Charcoal
% Certified charcoal products Calendar year 50 100 100 Aim for 100%
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Indicators SDG 12
2018 2019
2020
Targets
Cotton
% Dreambee white bodies GOTS-certified Calendar year 100 100 100 Aim for 100%
% Dreambee cotton products GOTS or BCI-certified Calendar year - 87 91 Aim for 100%
# Cotton products (briefs, vests, socks) at Colruyt, GOTS-certified Calendar year - 12 12
At least 1 reference
per category
Supply chain projects
# Active supply chain projects Calendar year 7 7 7
# Products from supply chain projects in our stores Calendar year 41 40 40
# Farmers involved in supply chain projects (indirectly via
cooperatives)
Calendar year 31.902 33.140 43.864
# Farmers involved in supply chain products (directly in the chain) Calendar year - - 2.174
Animal welfare
% Fresh eggs from cage-free or free-range hens Calendar year 100 100 100
% Products containing eggs from cage-free or free-range hens Calendar year 100 100 100
% Fresh rabbit meat from farms (excluding ready-made dishes)
supplied by Fine Food Meat
Calendar year 100 100 100
Raw materials and resources
% Recycling rate Calendar year 83,17 83,98 85,27 At least 85% by 2021
% Products sold (fresh and frozen) Calendar year 97,38 97,21 97,33
% Food waste to incineration and fermentation Calendar year 69,2 69,0 66,8
Maximum 60% by
2023
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Indicators SDG 13
2018 2019
2020
Targets
Prevention and reduction of greenhouse gas emissions
Colruyt Group greenhouse gas emissions (% reduction, relative to
revenue)
Calendar year 13,0 19,4 31,4 40% by 2030
Liquid ice
# Liquid Ice Containers for fresh products Financial year 6.600 6.600 7.040
# Liquid Ice Containers for frozen products Financial year 142 2.000 2.049
Refrigeration, heating and insulation
# Stores with refrigeration using natural coolants Financial year 75 99 128
All stores with refrigeration
by 2030
# Stores with heat recovery Financial year 12 35 64 All stores with refrigeration
# Newbuild low-energy stores Calendar year 91 116 129 All new stores
# Existing stores with energy upgrade Calendar year 28 38 53
All existing stores (234) by
2029
The indicators for Liquid Ice Containers relate to the number of containers operational in food retail
in Belgium and Luxembourg (Bio-Planet, Colruyt and OKay). The indicators for natural coolants and
heat recovery relate to owned food stores of Bio-Planet, Colruyt and OKay. The indicators for
low-energy stores and energy upgrades relate to all owned stores (food and non-food).
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Indicators SDG 13
2018 2019
2020
Targets
Goods transport
# Truck journeys saved by inland waterways in Belgium Financial year 4.502 4.998 5.062
% Load factor inbound deliveries for Colruyt Financial year 77,0 76,7 76,1
% Inbound deliveries at night Financial year 23,3 23,9 24,9
% Filling factor for Colruyt trucks Financial year 94,6 94,0 94,0
Employee mobility
# Company bicycles (conventional and electric) Financial year 4.702 4.195 4.681
# Car kilometres saved each year by cyclists Financial year - 13.822.160 12.129.480
# Car kilometres saved each year by commuters Financial year - 16.567.320 11.800.800
CO
2
emissions avoided by cyclists and commuters (in tonnes) Financial year - 6.412 5.049
Customer mobility
# Electric charging stations Financial year 69 122 147
# Sites with electric charging stations Financial year 65 115 135 200 locations by 2021
# DATS 24 stations with CNG pump Financial year 65 76 84 85 stations by 2020
# DATS 24 public hydrogen filling stations Financial year 1 1 1 5 stations by 2021
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208
FINANCIAL REPORT
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Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
Financial report
209 .....Consolidated income statement
210 .....Consolidated statement of comprehensive income
211 .....Consolidated statement of financial position
212 .....Consolidated statement of cash flows
213 .....Consolidated statement of changes in equity
215 .....Management responsibility statement
216 .....Independent auditor’s report
223 .....Notes to the consolidated financial statements
287 .....Definitions

209
FINANCIAL REPORT
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Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
(in million EUR) Note 2020/21 2019/20
Revenue 3. 9.930,7 9.581,0
Cost of goods sold 3. (7.138,8) (7.016,2)
Gross profit 3. 2.791,9 2.564,8
Other operating income 4. 185,5 158,5
Services and miscellaneous goods 5. (633,3) (545,9)
Employee benefit expenses 6. (1.462,3) (1.339,7)
Depreciation, amortisation and impairment of non-current assets (326,9) (295,2)
Other operating expenses 4. (31,4) (31,1)
Operating profit (EBIT) 523,5 511,4
Finance income 7. 8,5 7,3
Finance costs 7. (7,6) (9,5)
Net financial result 7. 0,9 (2,2)
Share in the result of investments accounted for using the equity method 12., 13. (3,5) 52,2
Profit before tax 520,9 561,4
Income tax expense 8. (104,9) (129,9)
Profit for the financial year 416,0 431,5
Attributable to:
Non-controlling interests 0,7 0,5
Owners of the parent company 415,3 431,0
Earnings per share (EPS) – basic and diluted (in EUR) 22. 3,06 3,14
Consolidated income statement

210
FINANCIAL REPORT
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Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
(in million EUR)
Note
2020/21 2019/20
PROFIT FOR THE FINANCIAL YEAR 416,0 431,5
ITEMS OF OTHER COMPREHENSIVE INCOME FROM FULLY CONSOLIDATED SUBSIDIARIES
Items that will not be reclassified to profit or loss
Revaluation of liabilities related to long-term post-employment benefits, aer taxes 8., 24. (13,0) 19,9
Net change in fair value of financial assets at fair value through other comprehensive income, aer taxes 14. 4,1 2,5
Total of the items that will not be reclassified to profit or loss (8,9) 22,4
Items that may be reclassified subsequently to profit or loss
Profit/(loss) from currency translation of foreign subsidiaries, aer taxes (0,2) (0,7)
Net change in fair value of derivative financial instruments, aer taxes 8. 2,2 0,4
Total of the items that may be reclassified subsequently to profit or loss 2,0 (0,3)
ITEMS OF OTHER COMPREHENSIVE INCOME FROM INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Items that may be reclassified subsequently to profit or loss
Net change in fair value of derivative financial instruments, aer taxes 12., 13. (11,4) (12,9)
Total of the items that may be reclassified subsequently to profit or loss (11,4) (12,9)
OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR (18,3) 9,2
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 397,7 440,7
Attributable to:
Non-controlling interests 0,7 0,5
Owners of the parent company 397,0 440,2
Consolidated statement of comprehensive income

211
FINANCIAL REPORT
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Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
(in million EUR) Note 31.03.21 31.03.20
Goodwill 9. 124,9 60,7
Intangible assets 10. 277,1 203,3
Property, plant and equipment 11. 2.576,6 2.391,6
Investments accounted for using the equity method 12., 13. 320,4 298,4
Financial assets 14. 111,6 14,5
Deferred tax assets 17. 12,3 20,1
Other receivables 19. 42,4 32,8
Total non-current assets 3.465,3 3.021,4
Inventories 18. 737,9 629,4
Trade receivables 19. 542,9 527,3
Current tax assets 50,1 18,7
Other receivables 19. 78,2 76,2
Financial assets 14. 36,4 27,8
Cash and cash equivalents 20. 284,5 263,8
Total current assets 1.730,0 1.543,2
TOTAL ASSETS 5.195,3 4.564,6
Share capital 357,4 347,1
Reserves and retained earnings 2.165,6 2.008,7
Total equity attributable to owners of the parent company 2.523,0 2.355,8
Non-controlling interests 4,2 3,6
Total equity 21. 2.527,2 2.359,4
Provisions 23. 26,0 38,9
Liabilities related to employee benefits 24. 134,4 119,0
Deferred tax liabilities 17. 66,0 54,4
Interest-bearing and other liabilities 25., 26. 249,8 139,6
Total non-current liabilities 476,2 351,9
Provisions 23. 1,0 0,5
Bank overdras 20. 1,2 0,5
Interest-bearing liabilities
(1)
25. 230,5 28,0
Trade payables 26. 1.319,3 1.237,3
Current tax liabilities 26,2 26,2
Liabilities related to employee benefits and other liabilities 26. 613,7 560,8
Total current liabilities 2.191,9 1.853,3
Total liabilities 2.668,1 2.205,2
TOTAL EQUITY AND LIABILITIES 5.195,3 4.564,6
Consolidated statement of financial position
(1) At 31 March 2021, this includes, among other things, short-term financing foran amount of EUR 177 million.

212
FINANCIAL REPORT
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Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
(in million EUR) Note 2020/21 2019/20
OPERATING ACTIVITIES
Profit before tax 520,9 561,4
Adjustments for: Depreciation, amortisation and impairment of non-current assets 326,9 295,2
Finance income and finance costs 7.. (0,9) 2,2
Share in the result of investments accounted for using the equity method 12., 13.. 3,5 (52,2)
Other
(1)
2,9 (4,7)
Cash flow from operating activities before changes in working capital and provisions 853,3 801,9
Decrease/(increase) in trade and other receivables 1,4 (7,6)
Decrease/(increase) in inventories (118,8) 5,3
(Decrease)/increase in trade payables and other liabilities 53,4 108,3
(Decrease)/increase in provisions and liabilities related to employee benefits 32,4 40,8
Interest paid (2,0) (2,2)
Interest received 0,3 4,8
Dividends received 1,2 10,5
Income tax paid (112,9) (132,0)
Cash flow from operating activities 708,3 829,8
INVESTING
ACTIVITIES
Acquisition of property, plant and equipment and intangible assets (466,2) (410,3)
Business combinations (net of cash and cash equivalents acquired)
and business disposals (net of cash and cash equivalents disposed of)
(48,4) (8,1)
(Increase in investment in)/proceeds from capital reimbursements of associates and joint ventures 12., 13.. 0,3 (1,3)
(Purchases)/sales of financial assets 14.. (98,7) (1,6)
(Payment of)/proceeds from repayment of loans granted (9,3) (0,1)
Proceeds from sale of property, plant and equipment and intangible assets 27,6 53,6
Cash flow from investing activities (594,7) (367,8)
FINANCING
ACTIVITIES
Proceeds from the issue of share capital 21.. 10,3 15,9
Acquisition of non-controlling interests (2,9) (1,2)
Purchase of treasury shares (52,8) (121,6)
New/(repayment of) borrowings
(2)
157,1 (40,6)
Payment of lease liabilities
(1)
(38,4) (33,2)
Dividends paid 21.. (183,9) (181,2)
Cash flow from financing activities (110,6) (361,9)
NET INCREASE/DECREASE OF CASH AND CASH EQUIVALENTS 3,0 100,1
Cash and cash equivalents at 1 April 263,3 163,2
Effect of changes in consolidation scope 17,0 -
CASH AND CASH EQUIVALENTS AT 31 MARCH 20. 283,3 263,3
(1) The category ‘Other’ includes amongstothers losses/(gains) on the sale of property, plant and equipment,intangible assets and financialnon-current assets, impairmentsand reversals of impairments oninventories, trade receivables andother receivables, and as wel as capitalincrease reserved for employees
(2) Includes the withdrawal/(repayment) ofshort-term financing.
Consolidated statement of cash flows

213
FINANCIAL REPORT
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Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
Attributable to the owners of the parent company
Other reserves
(in million EUR, except number of shares)
Note
Number of shares Share capital Number of treasury shares Treasury shares Revaluation reserves of liabilities related to long- term post-employment benefits Cumulative translation adjustments Cash flow hedge reserves Fair value reserves of financial assets through OCI Retained earnings Total Non-controlling interests Total equity
AT 1 APRIL 2020 138.432.588 347,1 2.799.868 (128,8) (29,1) (1,8) (21,9) 5,6 2.184,7 2.355,8 3,6 2.359,4
Total comprehensive income for the financial year - - - - (13,0) (0,2) (9,2) 4,1 415,3 397,0 0,7 397,7
Profit for the financial year - - - - - - - - 415,3 415,3 0,7 416,0
Other comprehensive income for the financial year - - - - (13,0) (0,2) (9,2) 4,1 - (18,3) - (18,3)
Transactions with the owners (2.277.628) 10,3 (1.431.480) 63,5 - - - - (303,6) (229,8) (0,1) (229,9)
Capital increase 21. 222.372 10,3 - - - - - - 1,8 12,1 - 12,1
Treasury shares purchased - - 1.068.520 (52,5) - - - - (0,4) (52,9) - (52,9)
Cancellation of treasury shares 21. (2.500.000) - (2.500.000) 116,0 - - - - (116,0) - - -
Change in ownership percentage - - - - - - - - (7,8) (7,8) (0,6) (8,4)
Changes in consolidation scope - - - - - - - - - - 1,3 1,3
Dividends 21. - - - - - - - - (183,1) (183,1) (0,8) (183,9)
Other - - - - - - - - 1,9 1,9 - 1,9
AT 31 MARCH 2021 136.154.960 357,4 1.368.388 (65,3) (42,1) (2,0) (31,1) 9,7 2.296,4 2.523,0 4,2 2.527,2
Consolidated statement of changes in equity
.

214
Consolidated statement of changes in equity (continued)
FINANCIAL REPORT
|
Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
Attributable to the owners of the parent company
Other reserves
(in million EUR, except number of shares)
Number of shares Share capital Number of treasury shares Treasury shares Revaluation reserves of liabilities related to long- term post-employment benefits Cumulative translation adjustments Cash flow hedge reserves Fair value reserves of financial assets through OCI Retained earnings Total Non-controlling interests Total equity
AT 1 APRIL 2019 143.552.090 331,2 5.695.660 (252,4) (49,0) (1,1) (9,4) 3,1 2.182,0 2.204,4 3,3 2.207,7
Changes in accounting policies
(1)
- - - - - - - - 0,5 0,5 - 0,5
Total comprehensive income for the financial year - - - - 19,9 (0,7) (12,5) 2,5 431,0 440,2 0,5 440,7
Profit for the financial year - - - - - - - - 431,0 431,0 0,5 431,5
Other comprehensive income for the financial year - - - - 19,9 (0,7) (12,5) 2,5 - 9,2 - 9,2
Transactions with the owners (5.119.502) 15,9 (2.895.792) 123,6 - - - - (428,8) (289,3) (0,2) (289,5)
Capital increase 380.498 15,9 - - - - - - 2,7 18,6 - 18,6
Treasury shares purchased - - 2.621.159 (120,7) - - - - (0,9) (121,6) - (121,6)
Treasury shares distributed as profit-sharing to employees - - (16.951) 0,8 - - - - (0,8) - - -
Cancellation of treasury shares (5.500.000) - (5.500.000) 243,5 - - - - (243,5) - - -
Change in ownership percentage - - - - - - - - (8,5) (8,5) 1,9 (6,6)
Changes in consolidation scope - - - - - - - - - - (1,2) (1,2)
Dividends - - - - - - - - (180,3) (180,3) (0,9) (181,2)
Other - - - - - - - - 2,5 2,5 - 2,5
AT 31 MARCH 2020 138.432.588 347,1 2.799.868 (128,8) (29,1) (1,8) (21,9) 5,6 2.184,7 2.355,8 3,6 2.359,4
(1) Includes the impact of IFRS 16 at transition date 1 April 2019.

215
FINANCIAL REPORT
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Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
Management responsibility statement
Jef Colruyt, Chairman of the Board of Directors, and Stefaan Vandamme, Chief Financial Officer, declare in title and for the entity, that to the best of their knowledge:
• the consolidated financial statements for the financial years 2020/21 and 2019/20, prepared in accordance with ‘International Financial Reporting Standards’ (IFRS) as
adopted by the European Union up until 31 March 2021, give a true and fair view of the net assets, the financial position and the results of Etn. Fr. Colruyt NV and the
entities included in the consolidation scope.
• the annual report related to the consolidated financial statements gives a true and fair view of the development and the results of Colruyt Group’s activities, as well
as of the position of the company and the entities that are included in the consolidation scope, together with a description of the main risks and uncertainties that
Colruyt Group faces.
Jef Colruyt Stefaan Vandamme
Chairman of the Board of Directors Chief Financial Officer

216
Besloten vennootschap
Société à responsabilité limitée
RPR Brussel - RPM Bruxelles - BTW-TVA BE0446.334.711-IBAN N° BE71 2100 9059 0069
*handelend in naam van een vennootschap:/agissant au nom d'une société
A member firm
of Ernst & Young Global Limited
Independent auditor’s report to the general
meeting of Etn. Fr. Colruyt SA for the year ended
31 March 2021
As required by law and the Company’s articles of association, we
report to you as statutory auditor of Etn. Fr. Colruyt SA (the
“Company”) and its subsidiaries (together the “Group”). This report
includes our opinion on Consolidated statement of the financial
position as at 31 March 2021, the Consolidated income statement
and the Consolidated statement of comprehensive income, the
Consolidated statement of changes in equity and the Consolidated
statement of cash flows for the year ended 31 March 2021 and the
disclosures (all elements together the “Consolidated Financial
Statements”) as well as our report on other legal and regulatory
requirements. These two reports are considered one report and are
inseparable.
We have been appointed as statutory auditor by the shareholders’
meeting of 25 September 2019, in accordance with the proposition
by the Board of Directors following recommendation of the Audit
Committee and following recommendation of the workers’ council.
Our mandate expires at the shareholders’ meeting that will
deliberate on the Consolidated Financial Statements for the year
ending 31 March 2022. We performed the audit of the Consolidated
Financial Statements of the Group during 5 consecutive years.
Report on the audit of the Consolidated Financial
Statements
Unqualified opinion
We have audited the Consolidated Financial Statements of Etn. Fr.
Colruyt SA, that comprise of Consolidated statement of the financial
position on 31 March 2021, the Consolidated income statement and
the Consolidated statement of comprehensive income, the
Consolidated statement of changes in equity and the Consolidated
statement of cash flows of the year and the disclosures, which show
a consolidated balance sheet total of € 5.195,30 million and of which
the consolidated income statement shows a profit for the year of
€ 416 million.
In our opinion, the Consolidated Financial Statements give a true and
fair view of the consolidated net equity and financial position as at
31 March 2021, and of its consolidated results for the year then
ended, prepared in accordance with the International Financial
Reporting Standards as adopted by the European Union (“IFRS”) and
with applicable legal and regulatory requirements in Belgium.
Basis for the unqualified opinion
We conducted our audit in accordance with International Standards
on Auditing (“ISAs”). Our responsibilities under those standards are
further described in the “Our responsibilities for the audit of the
Consolidated Financial Statements” section of our report.
We have complied with all ethical requirements that are relevant to
our audit of the Consolidated Financial Statements in Belgium,
including those with respect to independence.

EY Bedrijfsrevisoren
EY Réviseurs d’Entreprises
De Kleetlaan 2
B - 1831 Diegem
Tel: +32 (0) 2 774 91 11
ey.com
Independent auditor’s report
FINANCIAL REPORT
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Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions

217
Audit report dated 7 July 2021 on the Consolidated Financial Statements
of Etn. Fr. Colruyt SA as of and
or the year ended 31 March 2021 (continued)

We have obtained from the Board of Directors and the officials of the
Company the explanations and information necessary for the
performance of our audit and we believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key audit matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the Consolidated
Financial Statements of the current reporting period.
These matters were addressed in the context of our audit of the
Consolidated Financial Statements as a whole and in forming our
opinion thereon, and consequently we do not provide a separate
opinion on these matters.
;geh]fkYlagfkj][]an]\^jgekmhhda]jk
<]k[jahlagfg^l`]c]qYm\aleYll]j
The Group receives significant amounts of discounts and
compensations from its suppliers, mainly for promotions in the
stores, joint publicity, introduction of new products, and volume
based incentives. The determination of such discounts from suppliers
is largely based on the actual supplier purchases of the related
period, which are also confirmed by the Group with the suppliers
concerned.
However, for new cooperation models or for periods that have not yet
been completely settled, estimates are required regarding specific
purchase or sales volumes as well as the discount percentages to be
applied. In order to be able to determine these accurately and
completely, management needs to have a detailed insight into the
contractual arrangements and to the extent to which any conditions
of certain promotional programs are fulfilled. A change in these
estimates could have a material impact on the Consolidated Financial
Statements. For these reasons and also because of the size of the
related amounts, the recognition of the compensations from
suppliers is a key audit matter.
We refer to note 1 of the Consolidated Financial Statements for the
valuation rules in this respect.
KmeeYjqg^l`]hjg[]\mj]kh]j^gje]\

Our audit work included, among others, the following:
• Substantive procedures on settled compensations from suppliers;
this work consisted of a reconciliation, for a sample, to supplier
contracts and/or equivalent supporting documentation such as
invoices, credit notes, receipts or supplier confirmations of the
compensations from suppliers.
• Substantive procedures with regard to the correctness and
completeness of the outstanding compensations from suppliers;
these tests include evaluating the appropriateness of
management's estimates regarding specific purchase or sales
volumes and discount percentages applied, as well as reconciling,
for a sample, these data with the Group's underlying supplier
agreements and accounting records.
• An assessment of management’s historical estimation accuracy by
testing the extent to which outstanding receivables in previous
period with regard to compensations from suppliers to be
collected were paid after the end of the financial year.
• Evaluation of the presentation of the compensations from
suppliers in accordance with the valuation rules included in note 1
of the Consolidated Financial Statements.
FINANCIAL REPORT
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Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions

218
Audit report dated 7 July 2021 on the Consolidated Financial Statements
of Etn. Fr. Colruyt SA as of and
or the year ended 31 March 2021 (continued)

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<]k[jahlagfg^l`]c]qYm\aleYll]j
The Group operates stores in Belgium, France and Luxembourg. The
carrying amount of the property, plant and equipment mainly relates
to the stores and related assets as detailed in note 11 of the
Consolidated Financial Statements. The total net book value amounts
to € 2.576,6 million as at 31 March 2021. In addition, as a result of
various acquisitions in the past, the Group has booked goodwill. The
book value of this goodwill amounts to € 124,9 million as at
31 March 2021. The valuation of goodwill is described in note 9 of
the Consolidated Financial Statements; the valuation of property,
plant and equipment in note 11.
In accordance with IAS36 'Impairment of assets', these assets are
reviewed by management at least once a year by cash-generating
unit and examined for any indications of impairment.
This review is strongly influenced by, the future expectations of the
management with regard to the expected growth, in particular the
turnover and the operating result, and by other assumptions, such as
the discount rate and long-term growth rate. A change in these
assumptions or the use of inappropriate future expectations could
have a material impact on the Consolidated Financial Statements. For
these reasons, the impairment of goodwill and property, plant and
equipment are a key audit matter.
KmeeYjqg^l`]hjg[]\mj]kh]j^gje]\
Our audit work included, among others, the following:
• Evaluation of the mathematical accuracy and conformity with
IAS36 of the valuation model used by the Group with the support
of a valuation expert from our firm.
• Evaluation of the most important assumptions used (long-term
growth rate and discount rate) with the support of a valuation
expert from our firm.
• Evaluation of the reasonableness of the projected cash flows as
well as the estimated future revenue growth and growth of the
operating result by comparing with, and an evaluation of, the
budget approved by the Board of Directors, and an assessment of
the Group's historical forecasting accuracy.
• Verification of the existence of any additional indications for
impairment, by reading of minutes of the Board of Directors, by
an independent evaluation of publicly available market data, and
by having regular discussions with the management.
• Evaluation of the adequacy and completeness of notes 9 and 11 of
the Consolidated Financial Statements.
NYdmYlagfg^ljYfk^gjeYlagfhjg_jYekoal`Ydgf_%l]je[`YjY[l]j
<]k[jahlagfg^l`]c]qYm\aleYll]j
The Group invests significant amounts in transformation programs
with a long-term character, which are developed internally. The book
value of the capitalized transformation programs with a long-term
character amounts to € 207,3 million as at 31 March 2021. The
valuation is described in note 10 of the Consolidated Financial
Statements.
Development costs are only capitalized in accordance with IAS38 if a
number of conditions are met, including the capacity of the
transformation program to generate future economic benefits which
exceed the costs incurred. Management's estimates with respect to
these expected future economic benefits are inherently complex.
Changes in these estimates or the use of inappropriate future
expectations could have a material impact on the Consolidated
FINANCIAL REPORT
|
Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions

219
Audit report dated 7 July 2021 on the Consolidated Financial Statements
of Etn. Fr. Colruyt SA as of and
or the year ended 31 March 2021 (continued)

Financial Statements. For these reasons, the valuation of change
programs with a long-term character is a key audit matter.
KmeeYjqg^l`]hjg[]\mj]kh]j^gje]\
Our audit work included, among others, the following:
• Substantive testing, on a sample basis, for each of these programs
regarding the determination and allocation of the relevant
development expenditure to the asset.
• Evaluation of the model used by the Group to determine the future
economic benefits of these programs, in accordance with the
conditions of IAS38, and of the main underlying assumptions.
• Periodical discussion with management of the estimated future
economic benefits as set out in the individual business cases of
the relevant change programs, and comparison of earlier
estimates with historical achievements afterwards.
• Verification of the existence of any indications for impairment,
among others by reading minutes of the Board of Directors and by
having regular discussions with management.
• Evaluation of the adequacy and completeness of note 10 of the
Consolidated Financial Statements. 
Responsibilities of the Board of Directors for the
preparation of the Consolidated Financial Statements
The Board of Directors is responsible for the preparation of the
Consolidated Financial Statements that give a true and fair view in
accordance with IFRS and with applicable legal and regulatory
requirements in Belgium and for such internal controls relevant to the
preparation of the Consolidated Financial Statements that are free
from material misstatement, whether due to fraud or error.
As part of the preparation of Consolidated Financial Statements, the
Board of Directors is responsible for assessing the Company’s ability
to continue as a going concern, and provide, if applicable,
information on matters impacting going concern, The Board of
Directors should prepare the financial statements using the going
concern basis of accounting, unless the Board of Directors either
intends to liquidate the Company or to cease business operations, or
has no realistic alternative but to do so.
Our responsibilities for the audit of the Consolidated
Financial Statements
Our objectives are to obtain reasonable assurance whether the
Consolidated Financial Statements are free from material
misstatement, whether due to fraud or error, and to express an
opinion on these Consolidated Financial Statements based on our
audit. Reasonable assurance is a high level of assurance, but not a
guarantee that an audit conducted in accordance with the ISAs will
always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and considered material if, individually
or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these
Consolidated Financial Statements.
In performing our audit, we comply with the legal, regulatory and
normative framework that applies to the audit of the Consolidated
Financial Statements in Belgium. However, a statutory audit does not
provide assurance about the future viability of the Company and the
Group, nor about the efficiency or effectiveness with which the board
of directors has taken or will undertake the Company's and the
Group’s business operations. Our responsibilities with regards to the
going concern assumption used by the board of directors are
described below.
FINANCIAL REPORT
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Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions

220
Audit report dated 7 July 2021 on the Consolidated Financial Statements
of Etn. Fr. Colruyt SA as of and
or the year ended 31 March 2021 (continued)

As part of an audit in accordance with ISAs, we exercise professional
judgment and we maintain professional skepticism throughout the
audit. We also perform the following tasks:
• identification and assessment of the risks of material
misstatement of the Consolidated Financial Statements, whether
due to fraud or error, the planning and execution of audit
procedures to respond to these risks and obtain audit evidence
which is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting material misstatements
resulting from fraud is higher than when such misstatements
result from errors, since fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of
internal control;
• obtaining insight in the system of internal controls that are
relevant for the audit and with the objective to design audit
procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the
Company’s internal control;
• evaluating the selected and applied accounting policies, and
evaluating the reasonability of the accounting estimates and
related disclosures made by the Board of Directors;
• conclude on the appropriateness of the Board of Directors’ use of
the going-concern basis of accounting, and based on the audit
evidence obtained, whether or not a material uncertainty exists
related to events or conditions that may cast significant doubt on
the Company’s or Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures
in the Consolidated Financial Statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based
on audit evidence obtained up to the date of the auditor’s report.
However, future events or conditions may cause the Company to
cease to continue as a going-concern;
• evaluating the overall presentation, structure and content of the
Consolidated Financial Statements, and evaluating whether the
Consolidated Financial Statements reflect a true and fair view of
the underlying transactions and events.
We communicate with the Audit Committee within the Board of
Directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our
audit.
Because we are ultimately responsible for the opinion, we are also
responsible for directing, supervising and performing the audits of
the subsidiaries. In this respect we have determined the nature and
extent of the audit procedures to be carried out for group entities.
We provide the Audit Committee within the Board of Directors with a
statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Audit Committee within the
Board of Directors, we determine those matters that were of most
significance in the audit of the Consolidated Financial Statements of
the current period and are therefore the key audit matters. We
describe these matters in our report, unless the law or regulations
prohibit this.

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Audit report dated 7 July 2021 on the Consolidated Financial Statements
of Etn. Fr. Colruyt SA as of and
or the year ended 31 March 2021 (continued)

Report on other legal and regulatory requirements
Responsibilities of the Board of Directors
The Board of Directors is responsible for the preparation and the
content of the Board of Directors’ report on the Consolidated
Financial Statements, the non-financial information attached to the
Board of Directors’ report, and other information included in the
annual report.
Responsibilities of the auditor
In the context of our mandate and in accordance with the additional
standard to the ISAs applicable in Belgium, it is our responsibility to
verify, in all material respects, the Board of Directors’ report on the
Consolidated Financial Statements, the non-financial information
attached to the Board of Directors’ report, and other information
included in the annual report, as well as to report on these matters.
Aspects relating to Board of Directors’ report and other
information included in the annual report
In our opinion, after carrying out specific procedures on the Board of
Directors’ report, the Board of Directors’ report is consistent with the
Consolidated Financial Statements and has been prepared in
accordance with article 3:32 of the Code of companies and
associations.
In the context of our audit of the Consolidated Financial Statements,
we are also responsible to consider whether, based on the
information that we became aware of during the performance of our
audit, the Board of Directors’ report and other information included
in the annual report, being:
• Management report
• Key figures
• Corporate governance
contain any material inconsistencies or contains information that is
inaccurate or otherwise misleading. In light of the work performed,
there are no material inconsistencies to be reported.
The non–financial information required by article 3:32 of the Code of
companies and associations has been included in the Board of
Director’s report on the Consolidated Financial Statements. The
report on the non–financial information has been prepared in
accordance with article 3:32 of Code of companies and associations
and is consistent with the Consolidated Financial Statements for the
same financial year. The Group has prepared this non-financial
information on Sustainable Development Goals (hereafter “SDGs”).
However, we do not comment on whether this non-financial
information has been prepared, in all material respects, in
accordance with the SDG’s. We do not express any form of assurance
regarding the individual elements included in this non-financial
information.
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Audit report dated 7 July 2021 on the Consolidated Financial Statements
of Etn. Fr. Colruyt SA as of and
or the year ended 31 March 2021 (continued)

Independence matters
Our audit firm and our network have not performed any services that
are not compatible with the audit of the Consolidated Financial
Statements and have remained independent of the Company during
the course of our mandate.
The fees related to additional services which are compatible with the
audit of the Consolidated Financial Statements as referred to in
article 3:65 of the Code of companies and associations were duly
itemized and valued in the notes to the Consolidated Financial
Statements.
Other communications.
• This report is consistent with our supplementary declaration to
the Audit Committee as specified in article 11 of the regulation
(EU) nr. 537/2014.
Diegem, 7 July 2021
EY Bedrijfsrevisoren BV
Statutory auditor
Represented by
Daniel Wuyts *
Partner
*Acting on behalf of a BV/SRL
22DW0001
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Notes to the consolidated financial statements
1. Significant accounting policies .......................................................................................224
1.1. Basis of presentation ............................................................................................................. 224
1.2. Statement of compliance ..................................................................................................... 224
1.3. Consolidation principles ....................................................................................................... 225
1.4. Other significant accounting policies ............................................................................. 227
2. Segment information .......................................................................................................... 235
2.1. Operating segments ................................................................................................................ 235
2.2. Geographical information .................................................................................................... 238
3. Revenue and gross profit ...........................................................................................................239
3.1. Revenue by cash-generating unit .....................................................................................239
4. Other operating income and expenses ........................................................................ 240
5. Services and miscellaneous goods ................................................................................240
6. Employee benefit expenses ..............................................................................................241
7. Net financial result ...............................................................................................................242
8. Income tax expense .............................................................................................................243
8.1. Income taxes recognised in profit or loss .....................................................................243
8.2. Tax impacts recognised in other comprehensive income ..................................... 243
9. Goodwill ....................................................................................................................................244
10. Intangible assets.................................................................................................................245
11. Property, plant and equipment ....................................................................................247
12. Investments in associates ..............................................................................................249
13. Investments in joint ventures ....................................................................................... 251
14. Financial assets ................................................................................................................... 253
14.1. Non-current assets ............................................................................................................... 253
14.2. Current assets .........................................................................................................................254
15. Business combinations .................................................................................................... 255
16. Assets held for sale and disposal of subsidiaries ..................................................255
16.1. Assets held for sale ...............................................................................................................255
16.2. Disposal of subsidiaries......................................................................................................255
17. Deferred tax assets and liabilities................................................................................256
17.1. Net carrying amount .............................................................................................................256
17.2. Change in net carrying amount ....................................................................................... 256
18. Inventories ............................................................................................................................257
19. Trade and other receivables
..........................................................................................257
19.1. Other non-current receivables ........................................................................................ 257
19.2. Current trade and other current receivables .............................................................258
20. Cash and cash equivalents .............................................................................................259
21. Equity ......................................................................................................................................260
21.1. Capital management............................................................................................................260
21.2. Share capital ............................................................................................................................ 260
21.3. Treasury shares ....................................................................................................................... 260
21.4. Dividends................................................................................................................................... 260
21.5. Shareholder structure 261
22. Earnings per share ............................................................................................................. 261
23. Provisions .............................................................................................................................. 262
24. Non-current liabilities related to employee benefits .........................................263
24.1. Defined contribution plans with a legally guaranteed minimum return ..... 263
24.2. Benefits related to ‘Unemployment regime with company supplement’ .... 266
24.3. ROther post-employment benefits ............................................................................... 266
25. Interest-bearing liabilities ..............................................................................................268
25.1. Terms and repayment schedule ..................................................................................... 268
25.2. Repayment schedule lease liabilities ........................................................................... 268
25.3. Repayment schedule bank borrowings and others ............................................... 268
26. Trade payables, liabilities related to employee benefits
and other liabilities ...........................................................................................................269
27. Risk management ............................................................................................................... 270
27.1. Risks related to financial instruments ......................................................................... 270
27.2. Other risks .................................................................................................................................273
28. Off-balance sheet rights and commitments ...........................................................274
29. Contingent liabilities and contingent assets ..........................................................276
30. Dividends paid and proposed ........................................................................................276
31. Related parties ....................................................................................................................277
31.1. Related party transactions excluding key management
personnel compensation ................................................................................................... 277
31.2. Key management personnel compensation ............................................................. 277
32. Events aer the reporting date .................................................................................... 279
33. Independent auditor’s remuneration ........................................................................ 279
34. List of consolidated entities
..........................................................................................280
34.1. Company ................................................................................................................................... 280
34.2. Subsidiaries .............................................................................................................................. 280
34.3. Joint ventures .......................................................................................................................... 282
34.4. Associates .................................................................................................................................282
34.5. Changes in consolidation scope .....................................................................................283
35. Condensed (non-consolidated) financial statements of
Etn. Fr. Colruyt NV, in accordance with Belgian accounting standards ........284
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The following notes to the consolidated financial statements are an
integral part of the consolidated financial statements.
1. Significant accounting policies
Etn. Fr. Colruyt NV (hereinaer referred to as the ‘Company’) is
domiciled in 1500 Halle, Belgium and is publicly traded on NYSE
Euronext Brussels under the code COLR. The consolidated financial
statements for the 2020/21 financial year, which closed on 31 March
2021, cover the Company, its subsidiaries (hereinaer referred
to collectively as ‘Colruyt Group’) and Colruyt Group’s interests in
associates and joint ventures.
The consolidated financial statements for the 2020/21 financial year
were authorised for issue on 11 June 2021 by the Board of Directors,
subject to the approval of the statutory non-consolidated financial
statements by the shareholders during the Annual General Meeting
of Shareholders, which will be held on 29 September 2021. In
accordance with Belgian law, the consolidated financial statements
will be presented for information purposes to the shareholders of
Colruyt Group during that same meeting. The consolidated financial
statements are not subject to changes, unless decisions of the
shareholders regarding the statutory non-consolidated financial
statements impact the consolidated financial statements.
1.1. Basis of presentation
The consolidated financial statements are expressed in millions
of EUR rounded to one decimal. As a result of rounding, the totals
of certain figures in the tables may differ from those in the main
statements or between disclosure notes.
The consolidated financial statements describe the financial
position as of 31 March and are prepared using the historical cost
method, with the exception of certain line items, including derivative
financial instruments, financial assets at fair value through other
comprehensive income and financial assets at fair value through
profit or loss, which are measured at fair value. Net liabilities related
to Belgian defined contribution plans with a legally guaranteed
minimum return, which are accounted for as defined benefit plans,
are not measured at historical cost either but are measured using
the projected unit credit’ method.
The consolidated financial statements are prepared before any
distribution of profits of the parent company as proposed to the
Annual General Meeting of Shareholders.
Preparing the consolidated financial statements in accordance
with IFRS, as adopted by the European Union, requires Colruyt
Group’s management to make judgements, estimates and
assumptions These affect the application of policies and principles
and consequently affect the reported amounts of assets and
liabilities and of income and expenses. Amongst others, this is
the case for goodwill (note 9. Goodwill), leases (note 11. Property,
plant & equipment, note 19. Trade and other receivables and note
25. Interest-bearing liabilities), financial assets (note 14. Financial
assets), deferred taxes (note 17. Deferred tax assets and liabilities),
inventories (note 18. Inventories), doubtful debtors (note 19. Trade
and other receivables), provisions (note 23. Provisions) and employee
benefits (notes 24. Non-current liabilities related to employee benefits
and 26. Trade payables, liabilities related to employee benefits and
other liabilities).
The estimates and related assumptions are based on historical
experience and various other factors that are believed to be
reasonable given the circumstances. Actual results may differ from
these estimates.
The estimates and underlying assumptions are assessed and
adjusted annually. Revisions to accounting estimates are recognised
in the period in which the estimate is revised, if the revision affects
only that period, or in the period of the revision and future period(s)
if the revision affects both current and future period(s).
The significant accounting policies listed below have been applied
consistently for all the periods presented in these consolidated
financial statements.
1.2. Statement of compliance
Colruyt Group’s consolidated financial statements are prepared in
accordance with the ‘International Financial Reporting Standards
(IFRS)’, as issued by the ‘International Accounting Standards Board
(IASB)’ and adopted by the European Union up to 31 March 2021.
A. New standards and interpretations eective as
of 2020/21
The following (amended) standards and improvements are effective
for Colruyt Group as of 1 April 2020, however none of these have
a significant influence on Colruyt Group’s consolidated financial
statements:
• IAS 1 (Amendment) ‘Presentation of Financial Statements’ and
IAS 8 (Amendment) ‘Accounting Policies, Changes in Accounting
Estimates and Errors’. This amendment clarifies that, when making
materiality judgements, an entity needs to take into account
how primary users can reasonably be expected to be influenced
in making economic decisions. The assessment of materiality
depends on the nature or magnitude of information. The company
needs to consider the characteristics of those users as well as its
own circumstances.
• IFRS 3 (Amendment), ‘Business Combinations’. This amendment
clarifies how a company can determine whether an acquired set of
activities and assets is a business or not. The amendments clarify
the minimum requirements for a business, remove the assessment
of whether market participants are capable of replacing any
missing elements, provide guidance to assist entities in assessing
whether an acquired process is substantive, narrow the definitions
of a business and of outputs and introduce an optional fair value
concentration test..
• IFRS 9 (Amendment), ‘Financial Instruments’, IAS 39, ‘Financial
Instruments: Recognition and Measurement’ and IFRS 7
(Amendment), ‘Financial Instruments: Disclosures’. This amendment
modifies some specific requirements relating to hedge accounting
in order to provide relief from potential effects of the uncertainty
caused by the IBOR reform. In addition, the amendments require
companies to disclose additional information to investors about
their hedging relationships which are directly affected by these
uncertainties.
• Conceptual Framework (Amendment). The revised conceptual
framework includes some new concepts, provides updated
definitions and recognition criteria for assets and liabilities and
clarifies some important concepts.
Notes to the consolidated financial statements
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• IFRS 16 (Amendment), ‘Leases’. This amendment provides relief
to lessees from applying IFRS 16 guidance on lease modification
accounting for rent concessions arising as a direct consequence
of the COVID-19 pandemic. As a practical expedient, a lessee may
elect not to assess whether a COVID-19 related rent concession
from a lessor is a lease modification. A lessee that makes this
election accounts for any change in lease payments resulting
from the COVID-19 related rent concession the same way it would
account for the change under IFRS 16, if the change were not a
lease modification.
B. Standards and interpretations published
but not yet eective for 2020/21
Colruyt Group did not early adopt the following published (amended)
standards, interpretations and improvements relevant to the group
and effective only aer 31 March 2021. Colruyt Group intends to
apply these standards when they become effective; none of them
has a significant influence on the consolidated financial statements
of Colruyt Group.
• IAS 1 (Amendment), ‘Presentation of Financial Statements’ (effective
date for Colruyt Group 1 April 2023). This amendment clarifies the
criteria for determining whether to classify a liability as current
or non-current. The amendments clarify what is meant by a right
to defer settlement, that a right to defer must exist at the end of
the reporting period and that classification is unaffected by the
likelihood that an entity will exercise its deferral right.
• IAS 16 (Amendment), ‘Property, Plant and Equipment’ (effective
date for Colruyt Group 1 April 2022). The amendment prohibits
entities from deducting from the cost of an item of property, plant
and equipment any proceeds from selling items produced while
bringing that asset to the location and condition necessary for it to
be capable of operating in the manner intended by management.
An entity will recognise these proceeds and the cost of producing
those items, in profit or loss.
• IAS 37 (Amendment), ‘Provisions, Contingent Liabilities and
Contingent Assets’ (effective date for Colruyt Group 1 April 2022).
The amendment clarifies which costs an entity needs to include
when assessing whether a contract is onerous. A “directly related
cost approach” is applied.
• IFRS 3 (Amendment), ‘Business Combinations: Reference to the
Conceptual Framework’ (effective date for Colruyt Group 1 April
2022). The amendments replace the references to an old version
of the IASB’s Conceptual Framework with references to the current
framework issued in March 2018. An exception was also added to
the recognition principle in IFRS 3 for liabilities and contingent
liabilities that would be within the scope of IAS 37 or IFRIC 21.
Furthermore, an explicit statement was added that an acquirer
cannot recognise contingent assets acquired in a business
combination.
• IFRS 17, ‘Insurance Contracts’ (effective date for Colruyt Group 1
April 2023). This new standard will replace the existing standard
IFRS 4 ‘Insurance Contracts’ and will apply to all types of insurance
contracts, regardless of the type of entity issuing them, as well as
to certain guarantees and financial instruments with discretionary
participation features. The impact of this standard will have
no significant effect on Colruyt Group’s consolidated financial
statements.
• IFRS 9 (Amendment), ‘Financial Instruments’, IAS 39 (Amendment),
‘Financial Instruments: Recognition and Measurement’, IFRS
7 (Amendment), ‘Financial Instruments: Disclosures’, IFRS 4
(Amendment) ‘Insurance Contracts’ and IFRS 16 (Amendment)
‘Leases’ (effective date for Colruyt Group 1 April 2021). These
amendments provide a number of reliefs, which apply to all
hedging relationships that are directly affected by interest rate
benchmark reform. A relief is also provided for contractual
modifications or changes to cash flows that are directly required by
the reform.
• IAS 8 (Amendment), ‘Accounting Policies, Changes in Accounting
Estimates and Errors’ and IAS 1 (Amendment), ‘Presentation of
Financial Statements’ (effective date for Colruyt Group 1 April 2023).
This amendment clarifies how a company should distinguish
between changes in accounting estimates and changes in
accounting policies. A company is also required to disclose its
“material” accounting policies instead of its “significant” accounting
policies.
1.3. Consolidation principles
Colruyt Group’s consolidated financial statements include the
financial statements of the Company, the financial statements of
its subsidiaries aer elimination of intragroup transactions and
balances and the investment of Colruyt Group in associated entities
and joint ventures. The determination whether Colruyt Group
has control, joint control or significant influence is based on the
specific facts and circumstances. These conclusions can differ from
judgements purely based on the ownership percentage held by
Colruyt Group.
A. Subsidiaries
Subsidiaries are those entities over which Colruyt Group has control.
Control exists if Colruyt Group is exposed or has rights to variable
returns from its involvement with the investee and if Colruyt Group
has the ability to use its power over the investee to affect the
amount of these returns. In assessing whether control exists, all
facts and circumstances are considered. The financial statements of
subsidiaries are included in the consolidated financial statements
from the date that control effectively commences until the date that
control effectively ceases.
Non-controlling interests in subsidiaries are identified separately
from Colruyt Group’s equity. The interest of non-controlling
shareholders can initially be measured at fair value or at the non-
controlling interests’ proportionate share of the fair value of the
acquiree’s identifiable net assets. The choice of measurement basis
is made on a case-by-case basis. Subsequent to the acquisition, the
carrying amount of non-controlling interests is the amount of those
interests at initial recognition plus the non-controlling interests’
share of subsequent changes in equity. The total comprehensive
income is attributed to non-controlling interests even if this results
in the noncontrolling interests having a deficit balance.
Changes in Colruyt Group’s interest in a subsidiary that do not result
in a loss of control are accounted for as transactions between
owners. The carrying amounts of Colruyt Group’s interests and
the non-controlling interests are subsequently adjusted directly
in equity to reflect the changes in their relative interests in the
subsidiary.
When Colruyt Group loses control of a subsidiary, the profit or loss
on disposal is calculated as the difference between:
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• the aggregate of the fair value of the consideration received and
the fair value of any retained interest; and
• the previously recognised carrying amount of the assets (including
goodwill) and liabilities of the subsidiary and any non-controlling
interests.
Amounts previously recognised in other comprehensive income in
relation to the subsidiary are accounted for in the same manner
(i.e. reclassified to profit or loss or transferred directly to retained
earnings) as would be required if the relevant assets or liabilities
were disposed of. The fair value of any investment retained in the
former subsidiary at the date when control is lost, is regarded as
the fair value on initial recognition for subsequent accounting un-
der IFRS 9 ‘Financial Instruments’ or, if applicable, the cost on initial
recognition of an investment in an associate or joint venture.
B. Associates
Associates are those entities in which Colruyt Group has significant
influence on the financial and operational policies but which it does
not control or jointly control.
The initial recognition of these investments is at cost including
transaction costs. These investments are incorporated into the
consolidated financial statements using the equity method from
the date on which the significant influence begins until the date on
which the significant influence ceases. In the event an indication
of impairment arises aer the application of the equity method,
Colruyt Group calculates the amount of the impairment loss as the
difference between the recoverable amount and the carrying amount
of the investment in the associate. If Colruyt Group’s share of the
associate’s losses exceeds the carrying amount of Colruyt Group’s
interests in the associate, the carrying amount is reduced to nil in
Colruyt Group’s statement of financial position and no further losses
are taken into account, except to the extent that Colruyt Group
incurred obligations in respect of that associate. When the associate
becomes profitable again, the group’s share in the associate’s result
will be accounted for using the equity method as soon as the equity
of the associate is positive again.
C. Joint ventures
Joint ventures are those entities in which Colruyt Group has joint
control and where such control is established by an agreement,
conferring upon Colruyt Group rights to the net assets of the
agreement, but no rights to the assets of the agreement and
no liabilities arising from debts of the agreement. Joint control
implies that the decisions about the relevant activities require the
unanimous consent of all parties sharing control.
The initial recognition of these investments is at cost including
transaction costs. Colruyt Group’s interests in joint ventures are
accounted for using the equity method, from the date that joint
control first exists until the date it ceases. In the event an indication
of impairment arises aer the application of the equity method,
Colruyt Group calculates the amount of the impairment loss as the
difference between the recoverable amount and the carrying amount
of the investment in the joint venture. If Colruyt Group’s share of the
joint venture’s loss exceeds the carrying amount of Colruyt Group’s
interest in the joint venture, the carrying amount is reduced to nil
in Colruyt Group’s statement of financial position and no further
losses are taken into account, except to the extent that Colruyt Group
incurred obligations on behalf of that joint venture. When the joint
venture becomes profitable again, the group’s share in the joint
venture’s result will be accounted for using the equity method as
soon as the equity of the joint venture is positive again.
D. Transactions eliminated in consolidation
Intragroup balances and transactions, including unrealised results
on intragroup transactions, are eliminated when preparing the
consolidated financial statements.
Unrealised gains from transactions with associates or joint ventures
are eliminated in proportion to Colruyt Group’s interest in the
associates or joint ventures. Unrealised losses are eliminated in the
same way as unrealised gains, except that they are only eliminated
to the extent that there is no evidence of impairment.
E. Business combinations
Acquisitions of businesses (as defined by IFRS 3 ‘Business
Combinations’) are accounted for using the acquisition method.
The consideration for each business combination is measured as
the aggregate of the fair values at acquisition date of the assets
transferred by the acquirer, the liabilities incurred to former owners
of the acquiree, and equity instruments issued by the acquirer in
exchange for control.
Acquisition-related costs are recognised in profit or loss as incurred,
except when they relate to the issue of debt or equity instruments. In
this case, these costs are deducted from the debt instruments and
from equity respectively.
If applicable, the consideration for the business combination
includes any asset or liability resulting from a contingent
consideration arrangement, measured at its fair value at the
acquisition date. Subsequent changes in such fair values are
adjusted retroactively against the cost of acquisition when they
qualify as adjustments due to additional facts and circumstances
existing at acquisition date. All other subsequent changes in the
fair value of contingent consideration classified as an asset or
liability are accounted for in accordance with relevant IFRS. If an
obligation to pay contingent consideration meets the definition of a
financial instrument classified as equity, it is not remeasured and its
subsequent settlement is accounted for within equity.
Where a business combination is achieved in stages, Colruyt Group’s
previously held interest in the acquired entity is remeasured to fair
value at the acquisition date (i.e. the date the group obtains control)
and the resulting gain or loss, if any, is recognised directly in profit
or loss. Amounts arising from interests in the acquiree prior to the
acquisition date that have previously been recognised in other
comprehensive income are recognised on the same basis as would
be required if that interest were disposed of.
The identifiable assets, liabilities and contingent liabilities that meet
the conditions for recognition under IFRS 3 ‘Business Combinations’
are recognised at their fair value at the acquisition date, except that:
• deferred tax assets or liabilities and liabilities or assets related
to employee benefit arrangements are recognised and measured
in accordance with IAS 12 ‘Income Taxes’ and IAS 19 ‘Employee
Benefits’ respectively;
• liabilities or equity instruments related to the replacement by
Colruyt Group of an acquiree’s share-based payment awards are
measured in accordance with IFRS 2 ‘Share-based Payment’;
• assets (or disposal groups) that are classified as held for sale at
acquisition date in accordance with IFRS 5 ‘Non-current Assets Held
for Sale and Discontinued Operations’, are measured in accordance
with that standard.
If the initial accounting for a business combination is incomplete
by the end of the financial year in which the combination occurs,
Colruyt Group reports provisional amounts for the items for which
the accounting is incomplete. Those provisional amounts are
adjusted during the measurement period (see paragraph below),
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and/or additional assets and/or liabilities are recognised to reflect
new information obtained about facts and circumstances that
existed as of the acquisition date that, if known, would have affected
the amounts recognised as of that date.
The measurement period is the period from the acquisition date
to the date Colruyt Group obtains complete information about
facts and circumstances that existed as of the acquisition date. The
measurement period shall not exceed one year from the acquisition
date.
F. Financial statements of foreign companies in
foreign currencies
To consolidate Colruyt Group and each of its subsidiaries, the
financial statements of the individual subsidiaries are translated into
euro, the functional currency of the Company and the presentation
currency of the group. The translation is performed as follows:
• assets and liabilities, including goodwill and fair value adjustments
arising from acquisitions, at the closing exchange rate of the
European Central Bank at the reporting date;
• income, expenses and cash flows at the average exchange rate for
the financial year (which approximates the exchange rate at the
date of the transaction);
• components of shareholders’ equity at the historical exchange rate.
Exchange rate differences arising from the translation of net
investments in foreign subsidiaries, associates and joint ventures at
the closing exchange rate at the reporting date are recorded as part
of the consolidated other comprehensive income, under ‘Cumulative
translation adjustments’ in ‘Other reserves’, except for the part
attributed to non-controlling interests.
Upon the disposal of a foreign operation (i.e. a disposal of Colruyt
Group’s entire interest in a foreign operation, or a disposal involving
loss of control over a subsidiary that includes a foreign operation,
loss of joint control over a joint venture that includes a foreign
operation, or loss of significant influence over an associate that
includes a foreign operation), all of the cumulative translation
adjustments in equity in respect of that foreign operation
attributable to Colruyt Group are reclassified to profit or loss as part
of the consolidated financial results.
In the case of a partial disposal of a subsidiary (i.e. with no loss of
control over the subsidiary by Colruyt Group), the proportionate
share of cumulative translation adjustments is reattributed to non-
controlling interests and is not recognised in profit or loss. For all
other partial disposals (i.e. the partial disposal of associates or joint
ventures not resulting in Colruyt Group losing significant influence or
joint control), the proportionate share of the cumulative translation
adjustments is reclassified to the consolidated financial results.
G. Foreign currency transactions
Transactions in foreign currencies are translated to the functional
currency of the entity at the exchange rates prevailing at the date of
the transaction.
All monetary assets and liabilities denominated in foreign currencies
are translated at the closing rate at the reporting date.
Gains and losses resulting from transactions in foreign currency and
from the translation of monetary assets and liabilities denominated
in foreign currencies are recognised in profit or loss.
Non-monetary assets and liabilities denominated in foreign
currencies and valued on a historical cost basis are translated at
the exchange rate at the transaction date. Non-monetary assets
and liabilities in foreign currencies at fair value are translated at
the exchange rate applicable at the date on which the fair value was
determined.
1.4. Other significant accounting policies
A. Goodwill
Goodwill resulting from business combinations is recognised as an
asset as from the date control is obtained (the acquisition date).
Colruyt Group measures goodwill as the difference between:
• the aggregate of the fair value of the consideration transferred,
the amount of any non-controlling interest in the acquiree, and
in a business combination achieved in stages, the fair value of the
previously held equity interest in the acquiree; and
• the net amount of the identifiable assets acquired and the
liabilities incurred at the acquisition date.
If, aer consideration, this difference is negative, the resulting gain
from a bargain purchase is recognised immediately in profit or loss.
For investments in associates and joint ventures, the goodwill is
included within the carrying amount of the investment.
Goodwill is not amortised but is reviewed for impairment.
Impairment is tested annually or earlier if indications of impairment
exist.
B. Intangible assets
Research and development
Expenses from research activities are recognised in the consolidated
income statement when incurred.
Expenditure related to development activities whereby the results
are used for a plan or design intended for the production of new or
substantially improved products or processes are capitalised if the
following conditions are met:
• the technical and commercial feasibility of the product or process
has been demonstrated and the product or process will be
commercialised or will be used internally;
• the product or process will generate future economic benefits;
• Colruyt Group has the necessary technical, financial and other
resources to complete and use or sell the development; and
• the product or process has been carefully described and the
expenses can be separately identified and can be measured
reliably.
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The capitalised expenditure is valued at full cost and therefore
includes the cost of materials, direct labour and an appropriate
proportion of overheads.
Development costs that do not satisfy these conditions are
recognised in the consolidated income statement when incurred.
Capitalised development expenditure is stated at cost less
accumulated amortisation and impairment losses.
Other intangible assets
Other intangible assets are recognised at cost less accumulated
amortisation and impairment losses.
Subsequent expenditure
Subsequent expenditure on intangible assets is capitalised only
when it results in an increase of future economic benefits derived
from the use of the specific asset to which the subsequent
expenditure is related. All other expenditure is expensed as incurred.
Amortisation
Intangible assets with a finite useful life are subject to straight-
line amortisation over their estimated useful lives. Amortisation of
intangible assets only begins when assets are available for intended
use.
Intangible assets that are not yet ready for their intended use
and intangible assets with an indefinite useful life are tested for
impairment at least annually. For internally developed intangible
assets, this evaluation is made at least twice a year.
For intangible assets, Colruyt Group makes a distinction between
soware, licences, permits, customer portfolios, internally developed
intangible assets and other intangible assets. This distinction is
expressed in a different useful life per type of intangible asset:
• externally purchased soware, licences and permits: contractually
defined period;
• customer portfolios arising from the acquisition of points of sale:
indefinite useful life;
• internally developed intangible assets: 3, 5, 7 or 10 years;
• other intangible assets: 3 to 5 years.
The amortisation method and useful life are reviewed annually and
amended if necessary.
C. Property, plant and equipment
Property, plant and equipment are recorded at cost less accumulated
depreciation and impairment losses. The cost of self-constructed
assets includes direct labour costs in addition to the direct cost of
material and a reasonable proportion of indirect manufacturing
costs which are necessary to bring the asset into its location and
state that are required for the asset to function in the intended way.
The depreciation method, the residual value and the useful life are
reviewed annually and amended if necessary.
Colruyt Group opted to recognise capital grants as a deduction to the
cost of property, plant and equipment. Grants are recognised when
there is reasonable assurance that the grants will be received and
that the group will comply with the conditions attached to them.
These grants are taken into profit or loss over the useful life of the
asset by reducing the depreciation charge.
In certain circumstances obligations exist to dismantle and restore
items of property, plant and equipment in their original state. The
costs relating to these obligations are recognised as part of the cost
or acquisition value of property, plant and equipment. A provision is
recognised in the statement of financial position.
Subsequent expenditure
Costs for the replacement of a component of property, plant and
equipment are capitalised provided that the cost to be capitalised
can be reliably determined and that the expenditure will result in a
future economic benefit.
Costs which do not meet these conditions are immediately
recognised in the consolidated income statement when incurred.
Depreciation
Property, plant and equipment are subject to straight-line
depreciation in profit or loss based on the estimated useful life of
each component.
Tangible assets with an indefinite useful life are not depreciated but
tested for impairment annually.
The estimated useful lives are defined as follows:
• land: indefinite;
• buildings: 20 to 30 years;
• fixtures: 9 to 15 years;
• fittings, machinery, equipment, furnishings and vehicles: 3 to 20
years;
• IT equipment: 3 to 5 years;
• right-of-use assets: useful life of the asset or, if shorter, the lease
term.
D. Leases
For all leases with a lease term of more than 12 months, a right-of-
use asset and a corresponding lease liability are recognised on the
date on which the leased asset is made available for use. Right-of-
use assets are recognised as part of property, plant and equipment
and lease liabilities are recognised as part of interest-bearing
liabilities.
The lease liability is measured at the present value of the remaining
lease payments, discounted at a predetermined discount rate.
Colruyt Group uses an incremental borrowing rate, which is revised
annually for new contracts.
At initial recognition of the lease, the right of use of the assets
is measured at an amount equal to the lease liability. Under cer-
tain conditions the initial direct costs for concluding the lease are
included in the value of the right-of-use asset.
The lease term is determined as the non-cancellable period of
the lease, taking into account the option to extend the lease if
that option is reasonably certain to be exercised, or the option to
terminate the lease early if that option is reasonably certain not to
be exercised.
Lease payments are apportioned between reduction of the
outstanding lease liability and finance expenses, whereby the
finance expenses are recognised in profit or loss so as to achieve
a constant rate of interest on the remaining balance of the lease
liability. The right-of-use asset is depreciated over the shorter of its
useful life and the lease term.
Payments made for short-term leases or leases of low-value assets
are recognised in profit or loss on a straight-line basis over the term
of the lease.
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A limited number of premises that Colruyt Group leases are
subleased to third parties (the so-called ‘sublease agreements’).
When the right of use of these assets is not fully transferred to
the sublessee (which is the case, amongst others, when the rental
period of the sublease is significantly shorter than the one of the
head lease), these ‘sublease agreements’ are classified as operating
sublease agreements and the rental income is recognised in profit or
loss under ‘Other operating income’, on a straight-line basis over the
lease term.
Rental income under a finance sublease is treated in accordance
with IFRS 16, whereby a lease receivable is recognised in the
consolidated statement of financial position. This lease receivable
is equal to the discounted value of the future lease payments plus
any residual value accruing to the lessor, at the interest rate implicit
in the lease. Lease receivables are presented in the consolidated
statement of financial position under ‘Other receivables’. Any
differences between the right-of-use asset and the lease receivable
are accounted for in profit or loss at initial recognition.
E. Financial assets
Classification
Colruyt Group classifies its financial assets at initial recognition in
different categories. The classification of financial assets depends
on:
• The characteristics of the contractual cash flows of the financial
assets (SPPI test). The SPPI test is designed to determine whether
or not the contractual cash flows relate to payments of principal
and interest on the principal amount outstanding.
• The business model used for managing the financial assets
determines whether the cash flow results from:
• a contractual cash flow;
• a sale of financial assets; or
• a combination of both.
The classification of a financial asset determines the measurement
of this financial asset and whether the income and expenses are
recognised in profit or loss, or directly in equity. The financial assets
are classified as follows:
• financial assets at amortised cost;
• financial assets at fair value through other comprehensive income
(‘FVOCI’);
• financial assets at fair value through profit or loss (‘FVTPL’).
Financial assets at amortised cost
Financial assets are recognised at amortised cost when the business
model’s objective is to hold financial assets in order to collect
contractual cash flows and the contractual cash flows represent
(re)payments of principal and interest on the principal amount
outstanding and on specified dates.
These financial assets are initially recognised at fair value, including
any transaction costs that are directly attributable to these
financial assets. Aer initial recognition these assets are measured
at amortised cost using the effective interest method, net of
impairment. If there is objective evidence that an impairment loss
has been incurred on financial assets at amortised cost, the amount
of the impairment loss is measured as the difference between the
financial asset’s carrying amount and the present value of estimated
future cash flows discounted at the financial asset’s original effective
interest rate.
Financial assets at fair value through other comprehensive income
Financial assets are recognised at fair value through other
comprehensive income when the business model’s objective is
to hold financial assets in order to collect contractual cash flows
as well as to sell financial assets. The contractual cash flows
represent (re)payments of principal and interest on the principal
amount outstanding and on specified dates. In addition, Colruyt
Group may irrevocably choose to recognise at fair value through
other comprehensive income equity instruments that would
otherwise be measured at fair value through profit or loss. This
choice is irrevocable and may only be used to eliminate or reduce
inconsistencies in the measurement at initial recognition. Colruyt
Group makes this choice for equity instruments which it has
currently no intention to sell in the short term.
These financial assets are initially recognised at fair value, including
any transaction costs that are directly attributable to these financial
assets. Aer initial recognition these financial assets are measured
at fair value through other comprehensive income. In the event of a
disposal of these equity instruments within this category of financial
assets, the cumulative revaluations recognised through other
comprehensive income are reclassified from other comprehensive
income to retained earnings.
Financial assets at fair value through profit or loss
Financial assets are recognised at fair value through profit or loss
when the conditions of the above categories are not met or when
Colruyt Group has made the irrevocable choice to recognise through
profit or loss debt instruments measured at fair value through other
comprehensive income. This choice is irrevocable and may only be
used to eliminate or reduce inconsistencies in the measurement at
initial recognition.
These financial assets are initially recognised at fair value, including
any transaction costs that are directly attributable to these financial
assets. Aer initial recognition the assets are measured at fair value
through profit or loss.
Expected credit losses
Financial assets are recognised according to the above accounting
principles. At the end of every reporting period Colruyt Group
assesses whether a provision for expected credit losses needs to be
recognised for financial assets at amortised cost and for financial
assets at fair value through other comprehensive income.
Colruyt Group has identified one category of financial assets to
which the requirements for expected credit losses apply: trade and
other receivables. To determine the expected credit losses Colruyt
Group applies the simplified approach based on a provision matrix,
and the general method, under which credit losses are determined
at the level of the individual receivable. In the event an indication of
impairment exists for an individual trade receivable, Colruyt Group
will recognise an impairment charge at an amount equal to the
lifetime expected credit losses on this specific trade receivable.
F. Assets held for sale and discontinued
operations
An asset or a disposal group (groups of assets and related liabilities)
that is being disposed of, is classified as held for sale if its carrying
amount will be recovered principally through a sale transaction
rather than through continuing use. This condition is regarded as
met only when the sale is highly probable and the asset (or disposal
group) is available for immediate sale in its present condition. For a
sale to be highly probable, the Company should be committed to a
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plan to sell the asset (or disposal group), and an active programme
to locate a buyer and to complete the sale should be initiated. The
asset (or disposal group) should be actively marketed at a price
which is reasonable in relation to its current fair value, and the sale
should be expected to be completed within one year from the date
of classification.
When classified as ‘held for sale’, assets or disposal groups are
valued at the lower of their carrying amount and their fair value less
costs to sell, including any impairment that might be required and
which is recognised through profit or loss. Impairment on an asset
or a disposal group is initially allocated to goodwill and then pro rata
to the remaining assets and liabilities. Such an impairment loss is
not allocated to inventories, financial assets or deferred tax assets
which are recognised in line with the other significant accounting
policies of the group. As from the moment that property, plant and
equipment and intangible assets are classified as held for sale,
they are no longer depreciated or amortised. Comparative balance
sheet information for prior periods is not restated to reflect the new
classification in the consolidated statement of financial position.
A discontinued operation is a component of an entity that either
has been disposed of or has been classified as held for sale, which
represents a separate major line of business or geographical area
of operations that can be distinguished operationally as well as
for financial reporting purposes from the rest of the entity. The
profit or loss aer taxes which arises from discontinued operations
is separately reported in the consolidated income statement.
When operations are labelled as discontinued operations, the
comparative figures in the consolidated income statement and in
the consolidated statement of comprehensive income are restated
to reflect a situation as if the operations had been discontinued as
of the beginning of the comparative period.
G. Impairment
The carrying amount of all assets, with the exception of inventories
and deferred tax assets, is reviewed at least once a year and
examined for any indications of impairment. If such indications
exist, the related asset’s recoverable amount is estimated.
Goodwill, tangible and intangible assets with indefinite useful lives
and intangible assets not available for use are tested for impairment
at least annually (irrespective of whether indications of impairment
exist or not). For internally developed intangible assets, this review
is completed at least twice a year. The recoverable amount is the
higher of the fair value less costs to sell and the value in use. The
value in use is the present value of expected future cash flows.
In assessing the value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money
as well as the risks specific to the asset. For an asset for which no
independent cash inflows are available, the recoverable amount is
determined for the cash-generating unit to which the asset belongs.
For impairment testing, goodwill is always allocated to (a group of)
cash-generating units.
A cash-generating unit is the smallest identifiable group of assets
that generates cash inflows that are largely independent of the cash
inflows from other assets or groups of assets. Colruyt Group defines
a ‘cash-generating unit’ as the operating unit to which the asset can
unequivocally be allocated. An operating unit can include a branch
of the business or a business entity.
If the recoverable amount of an asset or of the cash-generating
unit to which it belongs, is lower than the carrying amount, an
impairment loss is recognised in profit or loss for the amount of the
difference. Impairment losses relating to cash-generating units are
first deducted from the carrying amount of any goodwill attributed
to the cash-generating (or groups of) units and then deducted pro
rata from the carrying amount of the other assets of the (groups of)
cash-generating units.
A recognised impairment may be reversed if it ceases to exist.
An impairment loss is reversed only to the extent that the asset’s
carrying amount does not exceed the carrying amount that would
have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised. Goodwill impairment is not
reversed.
H. Inventories
Inventories are measured at the lower of cost and net realisable
value. The net realisable value is the estimated selling price in the
normal course of business, less the estimated cost of completion
and costs to sell.
The cost of inventories is based on the ‘first in, first out’ (FIFO)
principle and includes all direct and indirect costs that are required
to bring the goods to their state at the reporting date, less discounts
and compensations received from suppliers.
Rebates and incentives that Colruyt Group receives from its
suppliers, mainly for promotions in stores, joint publicity,
introductions of new products and volume incentives, are included
in the inventory cost and are recognised in profit or loss as and when
the product is sold, except when it relates to a repayment of specific,
additional and identifiable costs which Colruyt Group incurred
in order to sell the supplier’s product. In that case the rebates
and incentives are immediately recognised as a decrease of the
respective costs incurred. The estimation of such supplier rebates
is predominantly based on real turnover figures of the related
period, but in certain cases it requires the use of assumptions and
estimations of specific purchasing or sales levels.
I. Contract assets
Contract assets relate to expenses made to satisfy performance
obligations under a contract and are recognised at cost, less a
provision for expected losses and less amounts of project progress
billings.
The expenses are recognised when the following conditions are met:
• the expenses are directly or indirectly attributable to a specifically
identifiable contract;
• resources are generated which Colruyt Group will use to satisfy a
performance obligation;
• the expenses can be earned back.
Expenses that can be attributed directly to a specifically identifiable
project include direct labour costs and direct material costs. In
addition, the cost also includes an allocation of fixed and variable
indirect expenses made and this based on a normal production
capacity.
J. Equity
Capital and retained earnings
Dividends proposed by the Board of Directors are only recognised
as liabilities aer approval by the Annual General Meeting of
Shareholders. Until such formal approval, the proposed dividends
are included in Colruyt Group’s consolidated equity. Transaction
costs of capital transactions, net of tax impact, are deducted from
equity.
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Treasury shares
Shares of Colruyt Group purchased by the Company or entities
belonging to Colruyt Group, including directly attributable
transaction costs, net of tax impact, are recognised as a deduction
from equity. In case of a cancellation or sale of treasury shares,
the result of the transaction is directly included in equity (retained
earnings).
Revaluation reserves of liabilities related to long-
term post-employment benefits
The revaluation reserves contain the cumulative actuarial profits and
losses related to:
Belgian entities:
• unemployment regime with company supplement;
• long-service benefits;
• defined contribution plans with a legally guaranteed minimum
return.
Other entities:
• legal compensations
The revaluation reserves comprise the experience adjustments and
the effects of changes in actuarial assumptions.
Cumulative translation adjustments
The cumulative translation adjustments represent the cumulative
currency translation differences that arise due to subsidiaries,
associates and joint ventures that have a functional currency that is
different from the euro.
Cash flow hedge reserves
This reserve contains the effective portion of the cumulative net
change in the fair value of cash flow hedge instruments related to
hedged transactions.
Reserves for financial assets at fair value through
other comprehensive income
This reserve contains unrealised fair value changes of financial
assets at fair value through other comprehensive income.
Non-controlling interests
Non-controlling interests in subsidiaries not fully owned by the
group are presented separately from Colruyt Group’s equity. The
interest of non-controlling shareholders can initially be measured
at fair value or at the non-controlling interests’ proportionate share
of the fair value of the acquiree’s identifiable net assets. The choice
of measurement basis is made on a case-by-case basis. Subsequent
to the acquisition, the carrying amount of non-controlling interests
is the amount of those interests at initial recognition plus the non-
controlling interests’ share of subsequent changes in equity. The
total result is attributed to non-controlling interests even if this
results in the non-controlling interests having a deficit balance.
K. Provisions
Provisions are only recognised in the consolidated statement of
financial position when Colruyt Group has a present obligation
(legal or constructive) as a result of a past event, when it is probable
that a future outflow of resources will be required to settle the
obligation, and when a reliable estimate can be made of the
amount of the obligation. The amount recognised as a provision is
the best estimate of the expenditure required to settle the present
obligations at the reporting date.
If the effect of discounting the future cash outflows is material, the
provisions are annually discounted using discount rates that reflect
current market assessments of the time value of money.
Restructuring provisions are recognised when Colruyt Group
approved a detailed, formalised restructuring plan and made a
start on restructuring or made it publicly known before reporting
date. These provisions only include direct expenditures that are
necessarily entailed by the restructuring and that are not associated
with the ongoing activities of the entity.
Environmental provisions are established in accordance with
legal requirements on the one hand and the environmental policy
established by Colruyt Group on the other.
For onerous contracts, a provision is recognised in the consolidated
statement of financial position for the difference between the
unavoidable cost of meeting the obligations under the contract
and the expected benefits to be derived from the contract. Before
a provision for an onerous contract is established, Colruyt Group
recognises any impairment loss that has occurred on assets
dedicated to that contract.
L. Employee benefits
Post-employment benefits
There are different types of post-employment benefits within Colruyt
Group:
• Defined contribution plans with a legally guaranteed minimum
return
In Belgium, employers are obliged to guarantee a minimum return
on defined contribution plans for the duration of an employee’s
career. For this reason, these plans fit the definition of a defined
benefit plan.
• Unemployment regime with company supplement
The possibility for early retirement, as it exists within Colruyt
Group for employees of Belgian entities, is based on the
Belgian ’unemployment regime with company supplement’.
The unemployment regime with company supplement and the
conditions regarding the required age and performed service
period are described in a collective labour agreement (Collectieve
Arbeidsovereenkomst/Convention Collective de Travail or cao/
CCT), more specifically in collective labour agreement No. 17, as
established by the National Labour Council (Nationale Arbeidsraad/
Conseil National du Travail) and in the Royal Decree of 3 May
2007 which regulates the unemployment regime with company
supplement (Belgian Official Journal 8 June 2007). Other collective
labour agreements negotiated by the National Labour Council
or within Colruyt Group for specific entities or industries may be
applicable, but have benefits similar to those of collective labour
agreement No. 17.
These benefits must be paid if a company decides to terminate an
employee’s employment before the normal retirement date. Given
that a reasonable expectation is created towards the employees
at the moment of their recruitment or during the period of
service, that they are entitled to join the unemployment regime
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with company supplement before the legal retirement age, these
benefits are treated as post-employment benefits (defined benefit
plan).
• Other
Other post-employment benefits include departure benefits
as a result of retirement or as a result of the application of the
’unemployment regime with company supplement’ (Belgian
entities) and legal compensations (French and Indian entities).
These benefits are also treated as defined benefit plans.
The liabilities arising from these systems and the related costs
are determined using the ‘projected unit credit’ method, based on
actuarial calculations that are executed at the end of each financial
year. A comprehensive actuarial measurement based on updated
personnel information is performed at least every three years. In
the years in which no comprehensive actuarial measurement is
performed, actuaries use forecasts based on the previous year but
including updated assumptions (discount rate, pay rise and staff
turnover). These liabilities, recorded in the consolidated statement
of financial position, are calculated as the present value of estimated
future cash outflows, based on a discount rate at the reporting date
which corresponds to the market yield of high quality corporate
bonds with a remaining maturity that approaches the maturity of
these liabilities, decreased with the fair value of the plan assets.
The liabilities related to the unemployment regime with company
supplement are recognised for the population of employees for
which can be reliably assumed that it will join the unemployment
regime with company supplement. The liabilities for the defined
contribution plans with a legally guaranteed minimum return are
recognised for all Colruyt Group employees entitled thereto.
The costs related to these systems consist of the following items:
• the current service cost, which is the increase in the present value
of the obligation resulting from employee service in the current
reporting period;
• the past service cost, which is the change in the present value
of the benefit obligation for employee service in prior periods,
resulting from an amendment or a curtailment of the existing
benefit plan;
• gains or losses on settlement of the benefit obligation, if any;
• the net interest on the net liability arising from the passage of
time;
• the actuarial gains and losses, which comprise the effect of
differences between the previous actuarial assumptions and
what has actually occurred and the effect of changes in actuarial
assumptions.
The first three items are recognised in profit or loss as ‘Employee
benefit expenses’. The net interest on the net liability is included in
profit or loss in the ‘Net financial result’. Actuarial gains and losses
are recognised in other comprehensive income.
Profit participation
In accordance with the Law of 22 May 2001 concerning employee
participation in the capital of entities and the establishment of a
profit bonus for employees, Colruyt Group offers its personnel based
in Belgium a share in the profits in the form of a profit participation,
paid in cash. The profit participation is recognised in the financial
year in which the profit is realised.
Discounts on share capital increases
In accordance with article 7:204 of the Companies and Associations
Code, Colruyt Group offers a discount on its yearly share capital
increase which is reserved for its employees. This discount is
recognised as an employee benefit expense in the period of the
share capital increase.
M. Financial liabilities
Financial liabilities are subdivided as follows:
• financial liabilities at amortised cost; and
• financial liabilities at fair value through profit or loss.
Financial liabilities at amortised cost
Financial liabilities of Colruyt Group measured at amortised cost
comprise interest-bearing loans, trade payables and other liabilities.
Financial liabilities are initially measured at fair value, net of
transaction costs. Aer initial recognition, these financial liabilities
are subsequently measured at amortised cost using the effective
interest method, with interest expense recognised on an effective
interest rate basis.
The effective interest method is a method of calculating the
amortised cost of a financial liability and of allocating interest
expense over the relevant period. The effective interest rate is the
rate that exactly discounts estimated future cash payments through
the expected life of the financial liability, or, where appropriate, a
shorter period, to the net carrying amount on initial recognition.
Financial liabilities at fair value through profit or loss
Financial liabilities of Colruyt Group measured at fair value through
profit or loss comprise derivative financial instruments that are
concluded by Colruyt Group in order to hedge its exposure to
currency risks resulting from its operational activities. Colruyt Group
does not conduct speculative transactions.
These financial liabilities are initially recognised at fair value
including any transaction costs that are directly attributable to these
financial liabilities. Aer initial recognition these financial liabilities
are measured at fair value through profit or loss.
N. Derivative financial instruments
Derivative financial instruments are initially recognised at fair
value. Aer initial recognition these derivative financial instruments
are remeasured at fair value at the end of every reporting period.
Derivative financial instruments can be subdivided into cash flow
hedges, fair value hedges and hedges of net investments. Colruyt
Group designates the derivative financial instruments as cash flow
hedges.
At the inception of the transaction, Colruyt Group documents the
relationship between the hedging instrument and the hedged
instrument, as well as the risk management objectives and strategy
for undertaking the hedge. The derivative financial instruments are
presented as current assets or as current liabilities.
The effective portion of the changes in fair value of derivative
financial instruments designated as cash flow hedges is included as
a separate component in equity, under ‘Cash flow hedge reserves’.
The gain or loss in respect of the ineffective portion is immediately
recognised in profit or loss under ‘Finance income’ or ‘Finance costs’.
The cumulative amounts included under ‘Cash flow hedge reserves’
are reclassified to profit or loss in the period during which the
hedged instrument affects profit or loss. The cumulative amounts of
the hedging instrument are included under the same line item as the
hedged instrument.
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A cash flow hedge accounting relationship is discontinued when:
• the hedge accounting relationship fails the effectiveness test;
• the hedging instrument is sold, terminated or exercised;
• management decides to revoke the hedge accounting designation
of the instrument; or
• the forecast transaction is no longer highly probable.
When the forecast transaction is no longer highly probable but still
expected to occur, the hedge gains and losses that were previously
recognised in other comprehensive income remain in equity
until the transaction affects profit or loss. As soon as the forecast
transaction is no longer expected to occur, any gain or loss is
immediately recognised in profit or loss.
Certain derivative financial instruments do not qualify for hedge
accounting. Changes to the fair value of derivative financial
instruments that do not qualify for hedge accounting are
immediately recognised in profit or loss under ‘Finance income’ or
‘Finance costs’.
O. Revenue
Revenue is recognised based on a five-step model. Revenue from the
supply of goods or services is recognised in an amount that reflects
the consideration to which Colruyt Group expects to be entitled.
Colruyt Group supplies goods, either food or non-food, through
different sales channels.
Revenue from the sale of goods – ‘Retail’
The sale of goods in the ‘Retail’ segment, at the cash desk or online,
is limited to one single transaction, i.e. the sale of goods at the cash
desk or online. There is only one performance obligation within this
context and revenue is recognised when control over the goods is
transferred to the customer.
For certain products or services, such as phone cards and tickets for
amusement parks, Colruyt Group acts as an agent. Therefore, only
the commission is included in the revenue.
Revenue from the sale of gi cards and gi certificates is recognised
when the gi card or gi certificate is redeemed by the customer.
The transaction price is affected by a number of rebate mechanisms,
which are recognised as variable considerations and are included in
profit or loss at the time of the sale of the goods.
Revenue from the sale of goods – ‘Wholesale and
Foodservice’
Revenue from the sale of goods in the ‘Wholesale and Foodservice’
segment is recognised upon delivery to, or pick-up by, the ‘Wholesale
and Foodservice’ customer. To determine the transaction price
Colruyt Group uses collaboration arrangements. Any rebates granted
to the ‘Wholesale and Foodservice’ customer are deducted from the
sales price.
Revenue from the sale of goods – ‘Other activities’
Revenue from the ‘Other activities’ segment mainly relates to
revenue from the sale of fuel, the supply of printing and document
management solutions and energy-related activities.
The sale of fuels is limited to one single transaction that is settled at
the pump. Any rebates granted are immediately deducted from the
transaction price.
Revenue from services rendered
Revenue from services rendered other than those included under
‘Revenue from the sale of goods – ‘Other activities’, is assessed on a
contractual basis to decide whether the performance obligations are
performed over time or at a specific moment in time.
Rental income
Rental income generated by ordinary leases or by operating
subleases are recognised in ‘Other operating income’ on a straight-
line basis over the term of the lease.
Income from green certificates
For the production of electricity the regional authorities award
Colruyt Group with green certificates. The income resulting from
these certificates is recognised in the consolidated income
statement at the moment of production as ‘Other operating income’.
For the supplier activities, Colruyt Group is required to hand in
certificates from time to time, so as to satisfy the quotas imposed by
the regional authorities. For this purpose, certificates are used that
are obtained through the production activities as well as certificates
purchased on the market.
In the consolidated statement of financial position, certificates
that have not been used at the reporting date are recognised in
the line item ‘Inventories’. Certificates that have been purchased
are measured at the purchase price; certificates granted as a result
of the production activity are measured at the minimum price
guaranteed by the regional authorities. The inventory movement
in respect of certificates is recognised in the consolidated income
statement under the line item ‘Services and miscellaneous goods’.
Dividend income from financial assets and finance
income
Dividends received from financial assets are recognised in the
consolidated income statement at the time of allocation. Interest
income is recognised using the effective interest method. Fair
value adjustments of derivative financial instruments that do not
qualify for hedge accounting are immediately recognised in the
consolidated income statement.
P. Expenses
Reimbursements by suppliers
Reimbursements by suppliers are recognised net of expenses.
If such reimbursements are specifically received for the
reimbursement of specific publicity expenses incurred, the
reimbursements are deducted from those specific expenses. In all
other cases the reimbursements are recognised as a deduction from
cost of goods sold.
Rental payments
Payments made for short-term leases or leases of low-value assets
are recognised in profit or loss on a straight-line basis over the term
of the lease.
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Finance costs
Finance costs relate to interest on loans, interest on repayments
of lease liabilities, fair value adjustments of financial assets at fair
value through profit or loss and adjustments for the time value
of liabilities. Interest expenses are recognised using the effective
interest method.
Fair value adjustments of derivative financial instruments that do
not qualify for hedge accounting are immediately recognised in the
consolidated income statement.
All other finance costs are recognised when incurred.
Q. Income tax expense
Income tax for the financial year comprises current and deferred
taxes and is presented in accordance with IAS 12 ‘Income Taxes’.
Taxes are presented in profit or loss, except for taxes that relate to
transactions not recognised in the consolidated income statement
or that relate to a business combination.
Current tax is the expected tax payable on the taxable profit for
the financial year, using tax rates and tax laws enacted or enacted
substantively at the end of the reporting period, and any adjustment
to tax payable (or receivable) in respect of previous years. These
taxes are calculated in accordance with the respective tax laws
applicable in all countries in which Colruyt Group operates.
Deferred taxes are calculated using ‘the balance sheet liability
method’, providing for temporary differences between the tax base
of the assets and liabilities and the carrying amount of assets
and liabilities in the consolidated statement of financial position.
The following differences are however not provided for: the initial
recognition of goodwill, the initial recognition of differences
on assets or liabilities that are not resulting from a business
combination and that do not affect profit before tax or taxable
profit and the differences relating to investments in subsidiaries,
associates and joint ventures to the extent that the group is able to
assess the timing of the expiration of the temporary differences and
that it is probable that they will not be reversed in the near future.
Deferred taxes are calculated using tax rates and tax laws enacted
or substantively enacted at the reporting date. A deferred tax asset
is recognised in the consolidated statement of financial position
only to the extent that it is probable that taxable profits will be
available in the near future against which the deductible temporary
differences, unused tax losses and credits can be utilised. Deferred
tax assets are reduced to the extent that it is no longer probable that
the related tax benefit will be realised.
Additional income taxes that arise from the distribution of dividends
or gains on shares in subsidiaries are only recognised respectively at
the moment of the decision to pay the related dividend and at the
moment of the decision of the realisation of the gain.
R. Transfer pricing
The prices for transactions between subsidiaries, associates, joint
ventures and therefore also between operating segments are
conducted on an objective, at arm’s length basis.
S. Events after the reporting date
Events aer the reporting date, which provide additional information
concerning the situation of Colruyt Group at the reporting date
(‘adjusting events’) are recognised in the consolidated financial
statements. Other events aer the reporting date (‘non-adjusting
events’) are only mentioned in the notes to the consolidated
financial statements if they are considered to be important.
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2. Segment information
Colruyt Group reports its operating segments based on the nature
of its activities. In addition to the information on the operating
segments, Colruyt Group also provides geographical information on
the regions in which it operates.
2.1. Operating segments
Colruyt Group distinguishes three operating segments within its
activities.
In determining the operating segments, Colruyt Group considered
the operational characteristics of every activity. This led to the
identification of two important business segments: ‘Retail’ on the
one hand and ‘Wholesale and Foodservice’ on the other hand.
The difference between both operating segments can be found in
differences in markets and business models. The other identifiable
segments do not meet the quantitative thresholds determined by
IFRS 8 ‘Operating segments’, and were therefore reported together
under the operating segment ‘Other activities’. The group support
activities combine various departments and supply services
to the different brands within Colruyt Group. These activities
include marketing and communication, IT, human resources and
recruitment, finance and other central services. The costs of group
support activities and the result of their internal cross-charging are,
to the extent possible, allocated to the reported segments.
Retail
Stores under Colruyt Group’s own management which directly sell to
retail customers and bulk consumers. The filling stations in France
are also included in this segment as they are inseparably connected
to, and therefore an integral part of, the stores in France.
Wholesale and Foodservice
Supply to wholesalers, commercial customers and affiliated
independent merchants.
Other activities
Filling stations in Belgium, printing and document management
and sustainable energy. The filling stations in Belgium are presented
in a separate segment, as opposed to the filling stations in France,
the reason being that the former, which have their own commercial
objectives and energy strategy, can be identified separately from the
stores in Belgium.
The results of an operating segment contain elements which are
directly attributable or which are reasonably attributable to the
operating segments.
The revenues of each operating segment include revenues from
sales to external customers and revenues from transactions with
other operating segments. More information can be found under
note 3.1. Revenue by cash-generating unit.
The results of the operating segments are evaluated based on
operating profit (EBIT).
The financial result and income taxes are managed at Colruyt Group
level and are not allocated to the operating segments.
Non-cash items in the income statement consist mainly of
depreciation and amortisation, impairment of non-current assets,
provisions and impairment of current assets. The line items
‘Depreciation and amortisation’ and ‘Impairment of non-current
assets’ are the most significant ones and are therefore included in
the segment information.
The operating segment information and Colruyt Group’s
consolidated figures can be reconciled by adding the information in
the different operating segments with the non-allocated elements -
including group support activities - and eliminating the transactions
within Colruyt Group.
Given the nature of its activities, Colruyt Group does not rely on a
limited number of major customers.
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(in million EUR)
Retail
2020/21
(1)
Wholesale and
Foodservice
2020/21
Other activities
2020/21
(2)
Operating
segments
2020/21
Revenue - external 8.308,4 1.075,1 547,2 9.930,7
Revenue - internal 65,2 13,0 9,3 87,5
Operating profit (EBIT) 445,0 56,8 50,9 552,7
Share in the result of investments accounted for using the equity method (12,2) - 8,5 (3,7)
Acquisition of property, plant and equipment and intangible assets
(3)
313,0 15,2 20,0 348,2
Depreciation and amortisation 245,3 19,9 12,0 277,2
Impairment of non-current assets 3,8 (0,1) - 3,7
(in million EUR)
Operating
segments
2020/21
Unallocated
2020/21
Eliminations
between
operating
segments
2020/21
Consolidated
2020/21
Revenue - external 9.930,7 - - 9.930,7
Revenue - internal 87,5 - (87,5) -
Operating profit (EBIT) 552,7 (29,2) - 523,5
Share in the result of investments accounted for using the equity method (3,7) 0,2 - (3,5)
Net financial result 0,9
Income tax expense (104,9)
Profit for the financial year 416,0
Acquisition of property, plant and equipment and intangible assets
(3)
348,2 120,7 - 468,9
Depreciation and amortisation 277,2 45,8 - 323,0
Impairment of non-current assets 3,7 0,2 - 3,9
(1) As of August 2020, the Fashion Society (formerly Fraluc) has been fully consolidated and is no longer accounted for as a joint venture using the equity method.
(2) Includes Joos Hybrid NV since August 2020. The renewable wind energy activities of Eoly NV were contributed to the energy holding company Virya Energy NV in financial year 2020/21.
(3) Acquisition of property, plant and equipment and intangible assets does not include acquisitions through business combinations, IFRS 16 and changes in consolidation method (The Fashion Society).
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(in million EUR)
Retail
2019/20
Wholesale and
Foodservice
2019/20
Other activities
2019/20
Operating
segments
2019/20
Revenue - external 7.897,0 962,5 721,5 9.581,0
Revenue - internal 59,1 6,3 9,2 74,6
Operating profit (EBIT) 476,6 45,1 17,7 539,4
Share in the result of investments accounted for using the equity method 1,2 - 50,4 51,6
Acquisition of property, plant and equipment and intangible assets
(1)
309,1 8,4 16,0 333,5
Depreciation and amortisation 219,7 19,4 11,5 250,6
Impairment of non-current assets 1,2 0,8 0,7 2,7
(in million EUR)
Operating
segments
2019/20
Unallocated
2019/20
Eliminations
between
operating
segments
2019/20
Consolidated
2019/20
Revenue - external 9.581,0 - - 9.581,0
Revenue - internal 74,6 - (74,6) -
Operating profit (EBIT) 539,4 (28,0) - 511,4
Share in the result of investments accounted for using the equity method 51,6 0,6 - 52,2
Net financial result (2,2)
Income tax expense (129,9)
Profit for the financial year 431,5
Acquisition of property, plant and equipment and intangible assets
(1)
333,5 76,8 - 410,3
Depreciation and amortisation 250,6 39,8 - 290,4
Impairment of non-current assets 2,7 2,1 - 4,8
(1) Acquisition of property, plant and equipment and intangible assets does not include acquisitions through business combinations, IFRS 16
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2.2. Geographical information
As customers are mostly serviced in their own geographical areas, the geographical information is based on the location of the Company and its subsidiaries. The geographical
information represents the contribution in Colruyt Group of the countries in which the entities are domiciled and contains all of Colruyt Group’s entities which are active in the
operating segments, as well as in the corporate activities.
Belgium:
Location of the Company and of a large number of its subsidiaries. These entities are active in all operating segments as well as in the corporate activities.
France:
Location of the French subsidiaries. These entities are active in the operating segments ‘Retail’ and ‘Wholesale and Foodservice’ as well as in the corporate activities.
Other:
The other entities can be found in the Grand Duchy of Luxembourg, Hong Kong, India and Africa. The reinsurance company Locré SA (Grand Duchy of Luxembourg) and the retail
activities in the Grand Duchy of Luxembourg) are the most important activities within this geographical information.
Geographical information
(in million EUR)
Belgium France Other Total
2020/21 2019/20 2020/21 2019/20 2020/21 2019/20 2020/21 2019/20
Revenue 9.180,1 8.853,5 687,8 665,1 62,8 62,4 9.930,7 9.581,0
Acquisition of property, plant and equipment and intangible assets 431,2 373,4 37,3 36,1 0,4 0,8 468,9 410,3
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3. Revenue and gross profit
(in million EUR) 2020/21 2019/20
Revenue 9.930,7 9.581,0
Cost of goods sold (7,138,8) (7,016,2)
Gross profit 2.791,9 2.564,8
As a % of revenue 28,1% 26,8%
3.1. Revenue by cash-generating unit
(in million EUR) 2020/21 2019/20
Retail Food
(1)
7.960,3 7.643,9
Colruyt Belgium and Luxembourg
(2)
6.258,4 6.076,8
OKay, Bio-Planet and Cru
(3)
1.135,9 1.009,8
Colruyt France and DATS 24 France 566,0 557,3
Retail Non-food
(1) (4)
348,1 253,1
Transactions with other operating segments 65,2 59,1
Retail 8.373,6 7.956,1
Wholesale 965,6 836,0
Foodservice 109,5 126,5
Transactions with other operating segments 13,0 6,3
Wholesale and Foodservice 1.088,1 968,8
DATS 24 Belgium 531,7 715,5
Printing and document management solutions
(5)
15,5 6,0
Transactions with other operating segments 9,3 9,2
Other activities 556,5 730,7
Total operating segments 10.018,2 9.655,6
Eliminations between operating segments (87,5) (74,6)
Consolidated 9.930,7 9.581,0
(1) The subtotals ‘Food’ and ‘Non-food’ within the operating segment ‘Retail’ are for information purposes only.
(2) Including the revenue from the webshops Collect&Go, Bio-Planet, Collishop, Dreamland and Dreambaby realised by Colruyt stores.
(3) Including the revenue from the webshops Collishop, Dreamland and Dreambaby realised by OKay and Bio-Planet stores.
(4) Including the store revenue from Dreamland and Dreambaby, and the revenue from Bike Republic and The Fashion Society Group as from 1 August 2020.
(5) Including the revenue from Symeta Hybrid NV as from 1 August 2020
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4. Other operating income and expenses
(in million EUR) 2020/21 2019/20
Rental and rental-related income 11,8 11,0
Gains on disposal of non-current assets 10,6 15,5
Gain on changes in the consolidation scope 30,7 -
Remuneration received 108,3 105,6
Other 24,1 26,4
Total other operating income 185,5 158,5
In the current financial year, Eoly Energy NV was contributed to Virya Energy NV, resulting in a gain of EUR 30,7 million.
Remuneration received includes, amongst others, income from sustainable energy, services rendered to third parties and revenue from waste recycling.
(in million EUR) 2020/21 2019/20
Operating taxes 12,8 15,7
Property withholding tax 14,7 12,7
Losses on disposal of non-current assets 1,1 1,2
Other 2,8 1,5
Total other operating expenses 31,4 31,1
5. Services and miscellaneous goods
(in million EUR) 2020/21 2019/20
Rental and rental-related charges 24,4 22,8
Maintenance and repairs 86,5 71,0
Utilities 90,7 79,6
Logistic expenses 131,9 143,8
Fees, IT and IT-related expenses 191,7 143,6
Administration, marketing and other expenses 106,4 78,2
Impairment of current assets 1,7 6,9
Total services and miscellaneous goods 633,3 545,9
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6. Employee benefit expenses
(in million EUR) 2020/21 2019/20
Wages and salaries
(1)
1.117,1 1.040,2
Social security contributions 238,9 227,8
Consultants and interim personnel 103,9 65,0
Profit-sharing schemes for employees
(2)
35,6 37,3
Contributions to defined contribution plans with a legally guaranteed minimum return 16,9 18,7
Other post-employment benefits 1,5 1,8
Discount on capital increase reserved for personnel 1,8 2,7
Other personnel costs 48,7 44,2
Compensatory amounts (102,1) (98,0)
Number of staff employes (FTE) at reporting date 1.462,3 1.339.7
Total employee benefit expenses 31.189 29.056
(1) Of which the Belgian salary pool for the financial year 2020/21 amounts to EUR 1.034,2 million (EUR 962,9 million for the financial year 2019/20).
(2) This line item consists of the full cost of the profit-sharing schemes, including the employer social security contributions.
Capital increase reserved for employees
Colruyt Group offers its employees the opportunity to subscribe to an annual capital increase of the parent company Etn. Fr. Colruyt NV. The discount granted on this capital increase
complies with article 7:204 of the Companies and Associations Code. During the most recent capital increase 2.025 employees subscribed to 222.372 shares, corresponding to a capital
contribution of EUR 10,3 million. The discount granted on this transaction was EUR 1,8 million and is accounted for as an employee benefit.
2020/21 2019/20
Number of shares subscribed 222.372 380.498
Discount per share (in EUR) 7,9 7,2
Total discount granted (in million EUR) 1,8 2,7
Compensatory amounts
Employee benefit expenses are presented free of compensatory amounts. Compensatory amounts relate mainly to employee costs capitalised in the context of non-current assets
produced internally by Colruyt Group.
Number of employees
The number of employees in full-time equivalents (FTE) includes only employees on permanent employment contracts. As a result, the members of the Board of Directors, interim
personnel, consultants and students working under specific student conditions are not included in these full-time equivalents.
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7. Net financial result
(in million EUR) 2020/21 2019/20
Interest income on unimpaired customer loans and other loans 1,6 2,6
Dividends received 1,0 -
Interest income on fixed-income securities and compound instruments at fair value through profit or loss 1,4 0,2
Fair value adjustments to financial assets and liabilities at fair value through profit or loss 3,1 1,2
Gains on disposal of financial assets 0,4 0,4
Adjustments for the time value of assets 0,2 0,2
Exchange gains 0,5 1,9
Other 0,3 0,8
Finance income 8,5 7,3
Interest expense on current and non-current loans 1,1 0,4
Fair value adjustments to financial assets and liabilities at fair value through profit or loss 0,6 2,6
Losses on disposal of financial assets 0,6 0,8
Adjustment for the time value of liabilities 4,7 3,9
Exchange losses 0,5 1,2
Other 0,1 0,6
Finance costs 7,6 9 ,5
Net financial result 0,9 (2,2)
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8. Income tax expense
8.1. Income taxes recognised in profit or loss
(in million EUR) 2020/21 2019/20
A) Effective tax rate
Profit before tax (excluding share in the result of investments accounted for using the equity method) 524,4 509,2
Income tax expense 104,9 129,9
Effective tax rate
(2)
20,01% 25,52%
B) Reconciliation between the effective tax rate and the applicable tax rate
(1)
24,70% 28,62%
Profit before tax (excluding share in the result of investments accounted for using the equity method) 524,4 509,2
Income tax expense (based on applicable tax rate) 129,5 145,8
Non-taxable income/non tax-deductible expenses 4,1 6,5
Permanent differences 1,9 2,6
Impact of tax deductions
(2)
(24,2) (23,6)
Other (6,4) (1,4)
Income tax expense 104,9 129,9
Effective tax rate 20,01% 25,52%
C) Income tax expense recognised in profit or loss
Current year taxes 80,6 135,3
Deferred taxes 24,5 (4,0)
Adjustments relating to prior years (0,2) (1,4)
Total income tax expense 104,9 129,9
(1) The applicable tax rate is the weighted average tax rate for the Company and all its consolidated subsidiaries in different jurisdictions
(Belgium: 25,00%, France: 28,00%, Grand Duchy of Luxembourg: 24,94%, India: 25,17%, Hong Kong: 16,50%, Senegal: 30,00%).
(2) The tax rate was affected in 2020/21 by the reform of the Belgian corporation tax, the investments in innovation and change projects and the contribution of Eoly Energy NV into Virya Energy NV.
8.2. Tax impacts recognised in other comprehensive income
Certain tax effects have not been recognised in the income statement, but are included in the statement of comprehensive income for the financial year.
(in million EUR) 2020/21 2019/20
Tax impact on revaluation of liabilities related to long-term post-employment benefits 1,9 (7,8)
Cash flow hedge reserves (0,8) -
Total tax impacts recognised in other comprehensive income 1,1 (7,8)
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9. Goodwill
The recognised goodwill relates mainly to goodwill arising from the acquisition of complete business entities. For more information regarding the definition, recognition and valuation
of goodwill we refer to note 1. Significant accounting policies within this current financial report.
As described in the principles, goodwill is not amortised but tested annually for impairment at the level of the cash-generating unit (CGU). Colruyt Group considers the business
segments or the business entities as CGUs. The impairment test of goodwill consists of comparing the recoverable amount of each CGU with its carrying amount, including goodwill,
and an impairment is recognised if the carrying amount is higher than the recoverable amount. Given the recent acquisition of The Fashion Society NV, the latter has not been included
in the impairment tests for the current financial year.
The recoverable amount of each business unit is the value in use or, if higher, the fair value less costs to sell. When preparing cash flow forecasts, Colruyt Group uses estimated growth
rates and expected future margins derived from the actual figures of the most recent financial year and forecasts for a period of 5 to 10 years. The growth rates take into account
expected inflation and do not include non-organic growth. Given the importance of these operational parameters for the calculation of the value in use, they are monitored closely at a
central level through alignment and validation processes and, when determining them, external information sources are used.
To determine the discount rate, Colruyt Group uses the ‘Capital Asset Pricing Model’. The following components were used in this model for the present reporting period: a 'Risk-Free
Interest Rate' of 0% to 1% (0% to 1% in the previous reporting period), a 'Market Risk Premium' of 6% to 7% (6% to 7% in the previous reporting period) and an unlevered Beta of 0,4 (0,5
in the previous reporting period). For Colruyt Group this resulted in a weighted average cost of capital (WACC) for its two main operating segments of between 2,5% and 4,0% (between
3,3% and 4,7% in the previous reporting period). The discount rates are reviewed at least annually.
Colruyt Group uses assumptions adapted to the characteristics of the different underlying cash-generating units. For the main cash-generating units Colruyt Group uses the following
expected average revenue growth percentages for the next 5 to 10 years:
• operating segment ‘Retail’: 1% on average (1% on average in the previous reporting period);
• operating segment ‘Wholesale and Foodservice’: 4% on average (2% on average in the previous reporting period).
To determine the residual value using the discounted cash flow method, the ‘Gordon growth model’ was used. The share of discounted residual value is within a range of 70% and 85%
of the calculated value in use. The impairment tests were performed in February 2021.
The management is of the opinion that the assumptions as described above, used for calculating the value in use, provide the best estimation of future developments. When
performing the calculation using a terminal growth percentage of 0% (instead of 1%) in the calculation or a WACC of 8%, this does not have a substantial influence on the global
outcome of the calculation. As a result the conclusions regarding the impairment test on all cash-generating units remain unchanged.
Goodwill by cash-generating unit can be presented as follows:
(in million EUR) 31.03.21 31.03.20
Retail Food 53,7 45,8
Retail Non-food 52,2 4,3
Retail 105,9 50,1
Wholesale - 0,4
Foodservice 10,2 10,2
Wholesale and Foodservice 10,2 10,6
Printing and document management solutions 8,8 -
Other activities 8,8 -
Consolidated 124,9 60,7
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The changes in ‘Goodwill’ can be explained as follows:
(in million EUR)
Gross
book value
2020/21
Accumulated
amortisation
and impairment
2020/21
Net
book value
2020/21
Gross
book value
2019/20
Accumulated
amortisation
and impairment
2019/20
Net
book value
2019/20
At 1 April 84,5 (23,8) 60,7 79,2 (23,8) 55,4
Acquisitions 64,6 - 64,6 5,3 - 5,3
Other - (0,4) (0,4)---
At 31 March 149,1 (24,2) 124,9 84,5 (23,8) 60,7
10. Intangible assets
(in million EUR)
Developed
intangible assets
Concessions,
soware, licences
and similar rights
Acquired
customer lists
Intangible assets under
development and other
intangible assets Total
Acquisition value
At 1 April 2020 16,9 222,9 5,6 103,4 348,8
Acquisitions through business combinations - 0,3 - - 0,3
Acquisitions 4,7 18,4 - 67,9 91,0
Sales and disposals - (0,2) - - (0,2)
Change in consolidation method 0,1 1,5 - 12,6 14,2
Reclassification - 34,1 0,3 (34,4) -
At 31 March 2021 21,7 277,0 5,9 149,5 454,1
Amortisation
At 1 April 2020 (8,1) (120,7) - (0,1) (128,9)
Amortisation (2,6) (26,9) - - (29,5)
Sales and disposals - 0,2 - - 0,2
Change in consolidation method - 0,1 - - 0,1
At 31 March 2021 (10,7) (147,3) - (0,1) (158,1)
Impairment
At 01 April 2020 - (10,1) (4,4) (2,1) (16,6)
Impairment - (0,8) - (1,5) (2,3)
At 31 March 2021 - (10,9) (4,4) (3,6) (18,9)
Net carrying amount at 31 March 2021 11,0 118,8 1,5 145,8 277,1
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(in million EUR)
Developed
intangible assets
Concessions,
soware, licences
and similar rights
Acquired
customer lists
Intangible assets under
development and other
intangible assets Total
Acquisition value
At 1 April 2019 13,1 197,4 4,4 59,3 274,2
Acquisitions through business combinations 0,2 0,2 1,2 0,1 1,7
Acquisitions 4,0 8,9 - 61,7 74,6
Sales and disposals (0,4) (1,3) - - (1,7)
Reclassification - 17,7 - (17,7) -
At 31 March 2020 16,9 222,9 5,6 103,4 348,8
Amortisation
At 01 April 2019 (6,4) (101,8) - - (108,2)
Amortisation (2,1) (20,1) - (0,1) (22,3)
Sales and disposals 0,4 1,2 - - 1,6
At 31 March 2020 (8,1) (120,7) - (0,1) (128,9)
Impairment
At 1 April 2019 - (9,9) (4,4) (0,6) (14,9)
Impairment - (0,2) - (1,5) (1,7)
At 31 March 2020 - (10,1) (4,4) (2,1) (16,6)
Net carrying amount at 31 March 2020 8,8 92,1 1,2 101,2 203,3
The concessions, soware, licences and similar rights which amount to EUR 118,8 million (EUR 92,1 million for the previous reporting period) mainly consist of permits and soware
that were predominantly generated internally. The internally generated soware which is still under development at the end of the current financial year amounts to EUR 133,3 million
(compared to EUR 100,9 million for the previous financial year). During the current financial year the group acquired intangible assets for an amount of EUR 91,0 million (compared to
EUR 74,6 million during the previous financial year), of which EUR 77,5 million were developed internally (compared to EUR 63,6 million during the previous financial year).
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11. Property, plant and equipment
(in million EUR)
Land and
buildings
Plant,
machinery
and
equipment
Furniture
and vehicles
Right-of-use
assets
Other
property,
plant and
equipment
Assets under
construction Total
Acquisition value
At 1 April 2020 2.776,1 831,6 494,7 185,0 157,1 67,8 4.512,3
Revaluation
(1)
- - - 40,8 - - 40,8
Acquisitions through business combinations 7,9 0,7 0,1 6,6 1,6 - 16,9
Acquisitions 166,8 45,7 85,4 4,7 27,9 47,4 377,9
Sales and disposals (24,8) (15,7) (28,2) (1,2) (2,9) (1,3) (74,1)
Change in consolidation method 7,4 (35,0) 1,8 56,8 19,0 (0,1) 49,9
Reclassification 24,1 20,0 (5,6) (8,0) 0,2 (30,7) -
Currency translation adjustments (0,2) (0,1) - - - - (0,3)
At 31 March 2021 2.957,3 847,2 548,2 284,7 202,9 83,1 4.923,4
Depreciation
At 1 April 2020 (1.172,9) (480,4) (345,1) (33,1) (81,9) - (2.113,4)
Revaluation
(1)
- - - 1,7 - - 1,7
Depreciation (126,4) (58,7) (61,2) (33,3) (13,9) - (293,5)
Sales and disposals 20,9 8,2 22,4 1,0 1,5 - 54,0
Change in consolidation method - 11,2 - 0,1 - - 11,3
Reclassification (0,6) (10,4) 6,5 4,5 - - -
Currency translation adjustments - 0,1----0,1
At 31 March 2021 (1.279,0) (530,0) (377,4) (59,1) (94,3) - (2.339,8)
Impairment
At 1 April 2020 (5,3) (1,7) - - (0,3) - (7,3)
Impairment (1,4) (0,2) - - (0,1) - (1,7)
Sales and disposals 1,4 0,5 - - 0,1 - 2,0
At 31 March 2021 (5,3) (1,4) - - (0,3) - (7,0)
Net carrying amount at 31 March 2021 1.673,0 315,8 170,8 225,6 108,3 83,1 2.576,6
(1) Includes the effect of the revaluation of right-of-use assets as a result of indexations (only for the acquisition values) on the one hand, and changes to the lease portfolio (extension/termination/new leases) on the other hand.
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(in million EUR)
Land and
buildings
Plant,
machinery
and
equipment
Furniture
and vehicles
Right of use
assets
Other
property,
plant and
equipment
Assets under
construction Total
Acquisition value
At 1 April 2019 2.629,0 751,3 503,5 36,4 177,8 88,7 4.186,7
Initial recognition IFRS 16 - - - 115,8 - - 115,8
Revaluation
(1)
- - - 45,5 - - 45,5
Acquisitions through business combinations 0,1 0,1 - 4,9 0,8 - 5,9
Acquisitions 136,6 95,0 54,2 - 9,5 40,5 335,8
Sales and disposals (57,3) (24,1) (61,8) - (33,2) (0,4) (176,8)
Reclassification 68,1 9,4 (1,1) (17,6) 2,2 (61,0) -
Currency translation adjustments (0,4) (0,1) (0,1) - - - (0,6)
At 31 March 2020 2.776,1 831,6 494,7 185,0 157,1 67,8 4.512,3
Depreciation
At 1 April 2019 (1.084,2) (446,8) (355,1) (15,2) (80,1) - (1.981,4)
Revaluation
(1)
---0,3--0,3
Depreciation (125,0) (55,9) (51,7) (23,1) (12,4) - (268,1)
Sales and disposals 41,3 23,7 60,1 - 10,4 - 135,5
Reclassification (5,1) (1,5) 1,5 4,9 0,2 - -
Currency translation adjustments 0,1 0,1 0,1---0,3
At 31 March 2020 (1.172,9) (480,4) (345,1) (33,1) (81,9) - (2.113,4)
Impairment
At 1 April 2019 (5,4) (0,9) - - - - (6,3)
Impairment (1,4) (0,8) - - (0,9) - (3,1)
Sales and disposals 1,5 - - - 0,6 - 2,1
At 31 March 2020 (5,3) (1,7) - - (0,3) - (7,3)
Net carrying amount at 31 March 2020 1.597,9 349,5 149,6 151,9 74,9 67,8 2.391,6
(1) Includes the effect of the revaluation of right-of-use assets as a result of indexations (only for the acquisition values) on the one hand, and changes to the lease portfolio (extension/termination/new leases) on the other hand.
As in the previous financial year, no property, plant and equipment are pledged as collateral for contracted liabilities (note 25. Interest-bearing liabilities).
The net carrying amount of the line item ‘Right-of-use assets’ for the current financial year amounts to EUR 225,6 million (compared to EUR 151,9 million for the previous reporting
period) and consists of leases in respect of buildings (EUR 222,5 million), land (EUR 1,5 million) and machinery and vehicles (EUR 1,6 million).
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On property, plant and equipment an impairment loss of EUR 1,7 million was recognised, which mainly relates to the expansion, relocation and renovation of existing stores. The
impairment loss is included in the income statement of the current reporting period under ‘Depreciation, amortisation and impairment of non-current assets’ within the operating
segments ‘Retail’, ‘Wholesale and Foodservice’ and ‘Other activities’.
The grants received are included in the net carrying amount of the property, plant and equipment item concerned. The net amount of grants received can be summarised as follows:
(in million EUR)
Land and
buildings
Plant,
machinery
and
equipment
Furniture
and vehicles
Right of use
assets
Other
property,
plant and
equipment
Assets under
construction Total
At 31 March 2020 (7,8) (5,3) (0,1) - - (0,5) (13,7)
At 31 March 2021 (6,7) (5,0) (0,2) - - (0,3) (12,2)
The grants recognised in profit or loss amount to EUR 1,5 million (also EUR 1,5 million in the previous financial reporting period).
The grants mainly relate to the grant awarded for the construction of the logistics site in Ath/Lessines. The main condition for granting this grant, i.e. that of employment, is still being
complied with.
12. Investments in associates
(in million EUR) 2020/21 2019/20
Carrying amount at 1 April 262,3 41,5
Acquisitions/capital increases 56,7 232,3
Capital decreases (0,3) (0,7)
Share in the result for the financial year 8,9 (0,3)
Share in other comprehensive income (11,4) -
Dividend (0,2) (10,5)
Other (2,6) -
Carrying amount at 31 March 313,4 262,3
The investments in associates for the financial year 2020/21 relate to the non-quoted entities AgeCore SA (16,67%), First Retail International 2 NV (4,73%), Vendis Capital NV (10,87%),
Newpharma Group NV (26,00%), Scallog SAS (23,73%) and Virya Energy NV (60,87%). These investments are considered as associates and are accounted for using the equity method
given that Colruyt Group has a significant influence based on indicators as defined under paragraph 6 of IAS 28 ‘Investments in Associates and Joint Ventures’.
The investments in Scallog SAS and Newpharma Group NV are presented under the operating segment ‘Retail’, the investment in Virya Energy NV is presented under the operating
segment ‘Other activities’ and the investments in AgeCore SA, First Retail International 2 NV and Vendis Capital NV are presented under the segment ‘Unallocated’.
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On 25 May 2020, Colruyt Group contributed certain assets related to the renewable wind energy activities of Eoly NV to the energy holding company Virya Energy NV, as a result of which
Colruyt Group's share in Virya Energy NV increased to 60,87%.
In April 2020, the energy holding company Virya Energy NV signed an agreement with Participatiemaatschappij Vlaanderen (PMV) to increase its stake in Parkwind NV to 100%. As part
of the agreement, PMV has also acquired a minority stake in Arcadis Ost 1, a German wind farm that Parkwind NV is developing in the Baltic Sea. The transaction was closed in June
2020.
In the current financial year a dividend of EUR 0,2 million was received from AgeCore SA, while in the previous financial year a dividend of EUR 10,3 million was received from Vendis
Capital NV.
The consolidated figures of the material associates are as follows:
Virya Energy NV (in million EUR) 31.12.20 31.12.19
(2)
Non-current assets 1.804,2 701,3
Current assets 234,8 0,1
Non-current liabilities 1.084,4 -
Current liabilities 140,6 -
Net assets 814,0 701,4
of which non-controlling interests 61,5 -
of which equity attributable to owners of the parent company 752,5 701,4
Share of Colruyt Group in net assets 458,0 404,7
Adjustment for Colruyt Group
(1)
(183,2) (181,2)
2020 2019
Revenue 78,7 -
Profit from continuing operations (15,7) -
Other comprehensive income (5,6) -
Total comprehensive income (21,3) -
of which non-controlling interests (2,3) -
of which equity attributable to owners of the parent company (19,0) -
Share of Colruyt Group in total comprehensive income (11,6) -
Adjustment for Colruyt Group
(1)
8,7 -
(1) The adjustments for Colruyt Group can mainly be explained by the fact that Colruyt Group recognises the Parkwind entities within Virya Energy NV at historical value.
In addition, effects in the consolidated figures of Virya Energy NV resulting from a change in the consolidation method of the underlying entities, are offset by Colruyt Group as they are not applicable to Colruyt Group.
(2) Since Virya Energy NV was incorporated only at the end of financial year 2019/20, for the financial year 2019/20 only the balance sheet positions have been included in the table above.
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13. Investments in joint ventures
(in million EUR) 2020/21 2019/20
Carrying amount at 1 April 36,1 212,7
Acquisitions/capital increases 6,7 0,4
Disposals (23,5) (217,9)
Share in the result for the financial year (12,4) 52,5
Share in other comprehensive income - (12,9)
Other - 1,3
Carrying amount at 31 March 6,9 36,1
The investments in joint ventures for the financial year 2020/21 consist of the non-quoted entities Achilles Design BV (24,70%), Kriket BV (24,81%), Daltix NV and Daltix Unipessoal
LDA (64,75%), We Connect Data BV (16,03%) and Ticom NV (90,0%). As Colruyt Group shares the control over these entities with other parties, these joint ventures are included in the
consolidated financial statements using the equity method.
During the financial year, interests were acquired in Kriket BV (April 2020), Daltix NV and Daltix Unipessoal LDA (June 2020) and We Connect Data BV (August 2020). The interest in Ticom
NV was increased (November 2020), as a result of which this company is now also included as a joint venture using the equity method.
On 3 September 2020, Colruyt Group increased its stake in Fraluc from 68% to more than 96%. Since 1 August 2020, the participation held in Fraluc has been fully consolidated as
a subsidiary, whereas for the first 4 months of the financial year, it was accounted for as a joint venture using the equity method. In the course of the financial year, further minority
shareholdings were acquired, bringing Colruyt Group’s share to 98%. In March 2021, the company was renamed The Fashion Society NV.
The participation in Trybou Bio BV was previously accounted for using the equity method, but aer exercising a call option in February 2021. Colruyt Group is now the sole shareholder,
and this participation is therefore fully consolidated at 31 March 2021. Since the transaction took place at the end of the financial year, the result for the financial year was still
accounted for using the equity method.
The balance sheet of Parkwind NV was not included in the note on material joint ventures for the financial year 2019/20, since Parkwind NV was accounted for via Virya Energy NV at
the end of last financial year. The result of Parkwind NV (60,13%) was, however, still included for the full financial year 2019/20 as the contribution to Virya Energy NV took place at the
end of that financial year.
The investments in The Fashion Society NV, Kriket BV, Daltix NV en Daltix Unipessoal LDA, Ticom NV and Trybou Bio BV are presented in the ‘Retail’ operating segment and the
investment in Achilles Design BV is presented in the ‘Other activities’ operating segment.
These companies have their main activities in Belgium.
The consolidated figures of the material joint ventures are as follows:
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The Fashion Society NV (in million EUR) 2020/21
(1)
2019/20
Non-current assets - 135,0
Including goodwill - 34,5
Current assets - 60,7
Including cash and cash equivalents - 5,4
Non-current liabilities -79,4
Including non-current financial liabilities (trade payables and other liabilities and provisions excluded) - 78,9
Current liabilities - 65,2
Including current financial liabilities (trade payables and other liabilities and provisions excluded) - 34,4
Net assets - 51,1
of which equity attributable to owners of the parent company - 51,1
Share of Colruyt Group in net assets - 35,1
Goodwill (at Colruyt Group level) - 0,6
Revenue 43,1 166,1
Depreciation, amortisation and impairment of non-current assets (15,5) (18,0)
Finance costs (0,7) (1,6)
Income tax expense 1,5 (1,5)
Profit from continuing operations (17,0) 2,9
Total comprehensive income (17,0) 2,9
of which equity attributable to owners of the parent company (17,0) 2,9
Share of Colruyt Group in total comprehensive income (11,6) 2,0
(1) Relates to the result for the period from 1 April to 31 July 2020. This result was exceptionally negatively impacted by the COVID-19 health crisis.
Parkwind NV
(1)
(in million EUR) 2019/20
Revenue 92,2
Depreciation, amortisation and impairment of non-current assets (43,6)
Finance income 2,1
Finance costs (11,8)
Income tax expense 0,6
Profit from continuing operations 11,8
Other comprehensive income (38,5)
Total comprehensive income (26,7)
of which non-controlling interests (5,9)
of which equity attributable to owners of the parent company (20,8)
Share of Colruyt Group in total comprehensive income (12,5)
(1) The above table only contains income statement items as Parkwind NV was accounted for via Virya Energy NV at the end of the previous financial year.
Last year, as part of contractual agreements, Colruyt Group had committed, if requested by Parkwind NV, to provide sufficient financial resources up to a maximum amount
of EUR 17,5 million.
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14. Financial assets
14.1. Non-current assets
(in million EUR) 31.03.21 31.03.20
Financial assets at fair value through other comprehensive income 16,5 14,0
Financial assets at fair value through profit or loss 95,1 0,5
Total 111,6 14,5
The non-current financial assets evolved as follows during the financial year:
(in million EUR) 2020/21 2019/20
At 1 April 14,5 8,9
Acquisitions 97,9 -
Capital increases 0,3 3,1
Capital decreases (3,5) -
Fair value adjustments through other comprehensive income 2,8 2,5
Disposals (0,4) -
At 31 March 111,6 14,5
The financial assets at fair value through other comprehensive income consist mainly of investments in the holding companies Sofindev III NV (10,88%) and Sofindev IV NV (9,42%), the
investment in North Sea Wind CV (7,18%) and the holdings in investment funds Good Harvest Belgium I SRL (1,13%) and Blue Horizon Ventures I SCSp RAIF (1,09%). The investments in
the various companies are measured at fair value, calculated as the share of Colruyt Group in the equity of these companies, corrected, in the case of the investment funds, for the fair
value of their own investment portfolios.
The financial assets at fair value through profit and loss mainly consist of convertible bonds (EUR 95,0 million) issued by the associate Virya Energy NV. This compound instrument was
drawn down in two tranches (the first in June 2020 and the second in January 2021) and which will both mature in June 2022. Colruyt Group subscribed to 792.023 bonds (1.301.213
bonds in all were issued by Virya Energy NV). If Virya Energy NV opts not to prematurely redeem the convertible bonds, Colruyt Group has the option to convert its bonds into shares of
Virya Energy NV at a predetermined conversion price at maturity date. This financial instrument was recognised by Colruyt Group as a financial asset at the conversion price and reflects
the fair value on 31 March 2021. The market conformity of the parameters of this financial instrument was determined by an independent external party.
During the current reporting period the non-current financial assets increased by a net amount of EUR 97,1 million. This is mainly explained by the subscription to the convertible
bonds of Virya Energy NV at a conversion value of EUR 95,0 million, the initial recognition of the holdings in the investment funds Good Harvest Belgium I SRL and Blue Horizon
Ventures I SCSp RAIF in a total amount of EUR 2,9 million, a fair value adjustment for Sofindev IV NV of EUR 2,8 million and a net capital movement for Sofindev IV NV of
EUR -3,1 million.
During the previous reporting period the non-current financial assets increased by EUR 5,6 million. This is explained mainly by a paying-up of the capital of EUR 2,0 million in Sofindev
IV NV and by fair value adjustments at Sofindev III NV and Sofindev IV NV in a total amount of EUR 2,4 million. In addition, the capital increase of North Sea Wind CV was subscribed to
in an amount of EUR 1,1 million.
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14.2. Current assets
(in million EUR) 31.03.21 31.03.20
Equity instruments at fair value through profit or loss 10,9 8,5
Fixed-income securities at fair value through profit or loss 16,1 14,8
Financial assets at amortised cost 6,1 4,3
Derivative financial instruments – cash flow hedging instruments 3,3 0,2
Total 36,4 27,8
The current financial assets evolved as follows during the financial year:
(in million EUR) 2020/21 2019/20
At 1 April 27,8 31,0
Acquisitions 7,1 4,8
Disposals (4,2) (6,6)
Fair value adjustments through profit or loss 2,7 (1,3)
Fair value adjustments through other comprehensive income 3,1 0,2
Currency translation adjustments (0,1) (0,3)
At 31 March 36,4 27,8
The equity instruments and fixed-income securities at fair value through profit or loss relate mainly to financial assets held by the Luxembourg reinsurance company Locré SA
(EUR 27,0 million for the current period). The financial assets at amortised cost relate to a term deposit held by Colruyt IT Consultancy India Private Limited. The derivative financial
instruments relate mainly to the fair value of the inflation swap contract for hedging future wage increases due to inflation and the outstanding currency hedges for cash flow hedging
purposes.
The equity instruments and fixed-income securities are measured at their closing rates on 31 March 2021.
Fair value adjustments are recognised through profit or loss. The return on the fixed-income securities is 0,9% on average, with a maximum of 4,9%. The maturities of these
investments vary between 5 and 30 years, with an average maturity of 10 years.
The cash flow hedging instruments are measured at their fair value at 31 March 2021. Fair value adjustments are accounted for through other comprehensive income owing to the
classification as hedge accounting.
More information on Colruyt Group’s risk management approach to investments can be found in note 27. Risk management.
Fair value adjustments to the current assets as at 31 March 2021 resulted in a net gain of EUR 2,7 million for the current financial year (compared to a net loss of EUR 1,3 million
for the financial year 2019/20).
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15. Business combinations
On 3 September 2020, Colruyt Group increased its stake in The Fashion Society (formerly Fraluc) from 68% to more than 96%. The Fashion Society NV is the holding company that
comprises the fashion retail chains ZEB, PointCarré, The Fashion Store and ZEB For Stars. The Belgian Competition Authority (BMA) authorised this transaction on 24 November. Since
1 August 2020, the stake held in The Fashion Society Group has been fully consolidated for as a subsidiary and no longer accounted for as a joint venture using the equity method. The
transaction resulted in goodwill of EUR 22,3 million. In determining this goodwill, a conditional variable compensation was applied, with the most accurate estimate possible of the
amount to be finally calculated at the end of the valuation period. This recalculation may result in the adjustment of the already recognised goodwill. In the course of the financial year
2020/21, further minority shareholdings were acquired, bringing Colruyt Group’s share to 98%.
The acquisition balance sheet of The Fashion Society can be summarised as follows:
(in million EUR) 31.07.20
Non-current assets 135,8
Current assets 53,5
Non-current liabilities 80,6
Current liabilities 74,6
Net assets 34,1
No other material business combinations occurred during either financial year 2020/21 or financial year 2019/20.
16. Assets held for sale and disposal of subsidiaries
16.1. Assets held for sale
No assets were classified as ‘Assets held for sale’ during either financial year 2020/21 or financial year 2019/20.
16.2. Disposal of subsidiaries
No material disposals of subsidiaries occurred either during financial year 2020/21 or financial year 2019/20.
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17. Deferred tax assets and liabilities
Deferred tax assets and liabilities can be detailed as follows:
17.1. Net carrying amount
(in million EUR)
Assets Liabilities Balance
31.03.21 31.03.20 31.03.21 31.03.20 31.03.21 31.03.20
Intangible assets 7,1 9,1 (0,2) (0,1) 6,9 9,0
Property, plant and equipment 0,6 0,7 (126,9) (127,1) (126,3) (126,4)
Inventories 0,1 0,2 (1,1) (0,9) (1,0) (0,7)
Receivables 1,2 4,0 (7,3) (6,1) (6,1) (2,1)
Liabilities related to employee benefits 28,0 31,3 - - 28,0 31,3
Other provisions 2,7 2,3 (10,9) (9,9) (8,2) (7,6)
Other liabilities 59,5 47,4 (3,8) (0,8) 55,7 46,6
Tax loss carry-forwards, deductible items and reclaimable tax paid 72,4 88,1 - - 72,4 88,1
Gross deferred tax assets/(liabilities) 171,6 183,1 (150,2) (144,9) 21,4 38,2
Unrecognised tax assets/liabilities (95,8) (82,2) 20,7 9,7 (75,1) (72,5)
Offsetting tax assets/liabilities (63,5) (80,8) 63,5 80,8 - -
Net deferred tax assets/(liabilities) 12,3 20,1 (66,0) (54,4) (53,7) (34,3)
17.2. Change in net carrying amount
(in million EUR)
Assets Liabilities Balance
2020/21 2019/20 2020/21 2019/20 2020/21 2019/20
Net carrying amount at 1 April 20,1 20,7 (54,4) (51,2) (34,3) (30,5)
Changes recognised in profit or loss (13,8) (0,6) (10,7) 4,6 (24,5) 4,0
Changes recognised in other comprehensive income 2,0 - (0,9) (7,8) 1,1 (7,8)
Changes to the consolidation scope 4,0 - - - 4,0 -
Net carrying amount at 31 March 12,3 20,1 (66,0) (54,4) (53,7) (34,3)
On 31 March 2021 Colruyt Group did not recognise deferred tax assets and liabilities in an amount of EUR 75,1 million (EUR 72,5 million on 31 March 2020). This amount relates to
temporary differences as well as tax losses and unused tax credits carried forward in a total amount of EUR 289,4 million (EUR 252,1 million in financial year 2019/20) of which EUR
284,3 million can be carried forward indefinitely to future reporting periods (EUR 247,5 million in financial year 2019/20).
Colruyt Group only recognises deferred tax assets to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits
can be utilised. Colruyt Group sets a time horizon of five years for these estimates.
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18. Inventories
Inventories mainly represent trade goods. The accumulated impairment on inventories of trade goods amounted to EUR 58,2 million in the current financial year compared to
EUR 4,8 million in the previous financial year. The increase is largely due to the fact that Colruyt Group made the necessary provisions for COVID-19-related inventory risks.
The amount of inventories recognised as an expense in the 2020/21 income statement amounts to EUR 7.138,8 million and was reported under ‘Cost of goods sold’. Last year this
expense was EUR 7.016,2 million.
19. Trade and other receivables
19.1. Other non-current receivables
(in million EUR) 31.03.21 31.03.20
Loans to customers 4,6 4,8
Loans to associates 9,3 -
Loans to joint ventures 0,7 1,4
Guarantees granted 7,5 7,5
Lease receivables 15,0 11,2
Other receivables 5,3 7,9
Total other non-current receivables 42,4 32,8
Loans granted to customers mainly comprise loans to independent storekeepers of Retail Partners Colruyt Group NV. Loans granted to customers are presented net of any impairment
losses. The loans are usually granted for a maximum period of 12 years.
The ‘guarantees granted’ have been provided in respect of purchase obligations.
The lease receivables (EUR 15,0 million) relate to finance subleases in respect of buildings.
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19.2. Current trade and other current receivables
(in million EUR) 31.03.21 31.03.20
Trade receivables 542,9 527,3
Total trade receivables 542,9 527,3
VAT 7,8 4,1
Prepaid expenses 37,9 33,2
Loans granted to customers that expire within 1 year 1,2 1,1
Interest 4,6 1,2
Lease receivables 3,6 3,0
Other receivables 23,1 33,6
Total other current receivables 78,2 76,2
Trade receivables
Trade receivables are presented net of impairments. These impairments amount to EUR 17,6 million at 31 March 2021 (compared to EUR 18,6 million at 31 March 2020).
Other receivables
Other receivables are presented net of impairments. The impairments amount to EUR 0,7 million at 31 March 2021 (compared to EUR 0,8 million at 31 March 2020).
'Other receivables’ consist mainly of claims for damages.
The ageing of trade receivables is as follows:
(in million EUR)
31.03.21 31.03.20
Gross Impairment Gross Impairment
Not past due 511,7 (0,2) 508,6 (1,2)
Past due between 1 and 6 months 21,9 (4,0) 18,4 (5,8)
Past due for more than 6 months 26,9 (13,4) 18,9 (11,6)
Total 560,5 (17,6) 545,9 (18,6)
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The movement in impairments on trade and other receivables is as follows:
(in million EUR)
Impairment
trade receivables
Impairment
other receivables
2020/21 2019/20 2020/21 2019/20
At 1 April (18,6) (15,4) (0,8) (0,6)
Addition (21,5) (11,2) - (0,2)
Reversal 19,7 4,5 0,1 -
Use 2,8 3,5 - -
At 31 March (17,6) (18,6) (0,7) (0,8)
More information on how trade and other receivables are monitored can be found under note 27.1.c. Credit risk.
20. Cash and cash equivalents
(in million EUR) 31.03.21 31.03.20
Term deposits with an original maturity of three months or less 50,1 50,0
Other cash and cash equivalents 234,4 213,8
Cash and cash equivalents 284,5 263,8
Bank overdras 1,2 0,5
Total liabilities 1,2 0,5
Net cash and cash equivalents 283,3 263,3
There are no material unavailable balances of cash and cash equivalents.
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21. Equity
21.1. Capital management
Colruyt Group’s aim in managing its equity is to maintain a healthy financial structure with a minimal dependency on external financing as well as to create shareholder’s value. The
Board of Directors strives to at least increase the annual dividend per share in proportion to the increase in group profit. The pay-out ratio for this financial year is 48,0%
(1)
. According
to the bylaws, at least 90% of the distributable profits are reserved for shareholders and a maximum of 10% can be reserved for the directors. Furthermore, Colruyt Group seeks to
increase shareholders’ value by purchasing treasury shares. The Board of Directors was authorised by the Extraordinary General Meeting of 10 October 2019 to acquire up to 27.610.418
of the company’s treasury shares. This authorisation is valid for a period of five years. As employee commitment to the group’s growth is also one of Colruyt Group’s priorities, an
annual capital increase reserved for employees has been organised since 1987.
(1) More details can be found under note 21.4 Dividends.
21.2. Share capital
As a result of the resolution of the Extraordinary General Meeting of Shareholders on 8 October 2020 the capital was increased by 222.372 shares; the related capital increase
amounted to EUR 10,3 million.
The Company’s share capital on 31 March 2021 amounted to EUR 357,4 million divided into 136.154.960 fully paid up ordinary shares without par value. All shares, except treasury
shares, participate in the profits.
The Board of Directors is authorised to increase the share capital in one or more instalments by a total amount of EUR 315,0 million, within the limits of the authorised capital.
Capital increases undertaken under this authorisation may be by contribution in cash or kind, conversion of any reserves or issue of convertible bonds, and can be organised in any
way compliant with legal prescriptions. The conditions of the capital increases undertaken under this authorisation, and the rights and obligations attached to the new shares are
determined by the Board of Directors, taking into account the legal prescriptions.
This authorisation is valid for a period of three years starting from the day of the publication of the authorisation granted by the Extraordinary General Meeting of Shareholders in the
Annexes to the Belgian Official Gazette. This authorisation can be extended one or more times, each time for a maximum period of five years, by means of a decision of the General
Meeting of Shareholders, deliberating according to the guidelines that apply for changes in bylaws. The current authorisation will end in October 2021.
21.3. Treasury shares
Treasury shares are recognised at the cost of the treasury shares purchased. On 31 March 2021 Colruyt Group held 1.368.388 treasury shares, representing 1,02% of the shares issued at
reporting date. We refer to the Corporate Governance section for more details on the purchase of treasury shares.
By notarial deed of 8 October 2020 the Board of Directors of Etn. Fr. Colruyt NV cancelled 2.500.000 of the purchased treasury shares.
21.4. Dividends
On 11 June 2021 a gross dividend of EUR 197,5 million or EUR 1,47 per share was proposed by the Board of Directors. In the previous financial year the gross dividend amounted to
EUR 183,1 million or EUR 1,35 per share. The gross dividend takes into account the number of treasury shares purchased up until 11 June 2021. The dividend was not incorporated in
the consolidated financial statements for financial year 2020/21.
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21.5. Shareholder structure
Based on the most recent notification of 27 August 2020 of an agreement to act in concert and taking into account the companies’ treasury shares at 31 March 2021, the shareholder
structure of Etn. Fr. Colruyt NV is as follows:
Shares
Colruyt family and relatives 79.166.409
Etn. Fr. Colruyt NV (treasury shares)
(1)
1.368.388
Sofina Group 3.765.115
Total of parties acting in concert 84.299.912
(1) Situation at 31 March 2021.
The remainder of the total shares issued (136.154.960 shares at 31 March 2021), being 51.855.048 shares or 38,09%, are publicly held. We refer to the Corporate Governance section
for more details.
22. Earnings per share
2020/21 2019/20
Total operating activity
Profit for the financial year (group share) (in million EUR) 415,3 431,0
Weighted average number of outstanding shares 135.503.424 137.279.011
Earnings per share – basic and diluted (in EUR) 3,06 3,14
As there are no discontinued operations in either of the reporting periods, the table above is also valid for information in respect of continuing operations.
Weighted average number of outstanding shares
2020/21 2019/20
Number of outstanding shares at 1 April 135.632.720 137.856.430
Effect of capital increase 64.241 106.751
Effect of shares granted to employees (profit-sharing scheme) - 8.476
Effect of shares purchased (193,537) (692,646)
Weighted average number of outstanding shares at 31 March 135.503.424 137.279.011
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23. Provisions
(in million EUR) Environmental risks Other risks Total
Non-current provisions 3,1 22,9 26,0
Current provisions - 1,0 1,0
At 31 March 2021 3,1 23,9 27,0
At 1 April 2020 4,2 35,2 39,4
Addition 0,7 3,5 4,2
Use (1,6) (1,2) (2,8)
Reversal (0,2) (13,2) (13,4)
Change in consolidation method - (0,4) (0,4)
At 31 March 2021 3,1 23,9 27,0
Non-current provisions 4,1 34,8 38,9
Current provisions 0,1 0,4 0,5
At 31 March 2020 4,2 35,2 39,4
At 1 April 2019 2,4 24,2 26,6
Addition 2,6 15,3 17,9
Use - (1,8) (1,8)
Reversal (0,8) (2,5) (3,3)
At 31 March 2020 4,2 35,2 39,4
The provision for environmental risks has mainly been set up for clean-up costs relating to the DATS 24 filling station activity as well as for land remediation in the context of acquisitions.
The other provisions consist among other things of provisions for pending disputes, vacant properties, reinsurance and warranty obligations.
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24. Non-current liabilities related to employee benefits
(in million EUR) 31.03.21 31.03.20
Defined contribution plans with a legally guaranteed minimum return 115,7 99,6
Benefits related to the ‘Unemployment regime with company supplement’ 9,2 10,6
Other post-employment benefits 9,5 8,8
Total 134,4 119,0
Colruyt Group offers various types of post-employment benefits. These include retirement benefit plans and other arrangements in respect of post-employment benefits. In accordance
with IAS 19 ‘Employee Benefits’, the post-employment benefits are subdivided into either defined contribution plans or defined benefit plans.
24.1. Defined contribution plans with a legally guaranteed minimum return
In Belgium, the Law regarding supplementary pensions (‘WAP’) requires employers to guarantee a minimum return on defined contribution plans over the course of the career. For
amounts until 31 December 2015 this minimum return was 3,25% on the employer contributions and 3,75% on employee contributions. As a result of a law change in December 2015,
the interest rate to be guaranteed is variable starting from 1 January 2016, based on a mechanism linked to the return of the Belgian OLO bond with a minimum of 1,75% and
a maximum of 3,75%. Since 2016 the minimum return has been 1,75%.
Owing to these legal changes, and also to the fact that a clear position was taken by the regulatory instances during 2016, and given that reliable estimates can be made for these
retirement benefit plans, the Belgian defined contribution plans are considered as defined benefit plans since financial year 2016/17. They are measured in accordance with IAS 19
based on the ‘projected unit credit’ method.
The amount resulting from the group’s liabilities related to its defined contribution plans with a legally guaranteed minimum return, as recorded in the consolidated statement of
financial position, is as follows:
(in million EUR) 31.03.21 31.03.20
Present value of the gross obligation under the defined contribution plans with a legally guaranteed minimum return 294,4 264,3
Fair value of plan assets 178,7 164,7
Deficit/(surplus) of funded plans 115,7 99,6
Total liability for employee benefits, of which:
Portion recognised as non-current liabilities 115,7 99,6
Portion recognised as non-current assets --
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The evolution in the present value of the gross obligation under the defined contribution plans with a legally guaranteed minimum return can be summarised as follows:
(in million EUR) 2020/21 2019/20
At 1 April 264,3 269,5
Current service cost 16,9 18,7
Interest expense 4,6 3,4
Experience adjustments (2,7) (5,1)
Change of financial assumptions 26,6 (17,1)
Change of demographic assumptions (10,2) -
Benefit payments from plan assets (6,2) (6,4)
Participant contributions 3,7 3,6
Expenses and taxes paid (2,6) (2,3)
At 31 March 294,4 264,3
The plan assets (EUR 178,7 million) consist entirely of investments in insurance contracts.
The evolution of the fair value of the plan assets is as follows:
(in million EUR) 2020/21 2019/20
At 1 April 164,7 153,9
Employer contributions 18,1 16,7
Interest income 3,2 2,2
Return on plan assets (2,2) (3,0)
Benefit payments from plan assets (6,2) (6,4)
Participant contributions 3,7 3,6
Expenses and taxes paid (2,6) (2,3)
At 31 March 178,7 164,7
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The amounts relative to these defined contribution plans with a legally guaranteed minimum return that are recognised in the consolidated income statement and in the consolidated
statement of comprehensive income can be summarised as follows:
(in million EUR) 31.03.21 31.03.20
Total service cost
(1)
16,9 18,7
Net interest cost
(2)
1,4 1,2
Components recorded in the income statement 18,3 19,9
Experience adjustments (2,7) (5,1)
Change of financial assumptions 26,6 (17,1)
Change of demographic assumptions (10,2) -
Return on plan assets 2,2 3,0
Components recorded in other comprehensive income 15,9 (19,2)
(1) Included under ‘Employee benefit expenses’ in the consolidated income statement.
(2) Included under ‘Net financial result’ in the consolidated income statement.
The main actuarial assumptions that were used in the calculation of the liabilities related to the defined contribution plans with a legally guaranteed minimum return can be
summarised as follows:
• discount rate: : 0,95% compared to 1,75% last financial year;
• price inflation: 1,80% (same as for previous financial year);
• salary inflation: 2,30% (same as for previous financial year).
Description of the main risks
Colruyt Group is exposed by its defined benefit plans to a number of risks, of which the most important ones are explained below:
Volatility of plan assets - investment risk
The retirement benefit liabilities are calculated using a discount rate determined by prime company returns. In the event the plan assets do not reach this level of return, the defined
benefit liabilities on account of Colruyt Group may increase. Colruyt Group reduces the investment risk by investing in insurance contracts instead of equity instruments.
Interest risk
A decrease in returns will increase the retirement benefit liabilities, however this will be partly compensated by an increase in value of bonds held by the retirement benefit plans.
Life expectancy
The retirement benefit liabilities mainly concern benefits that are provided to the participant during his or her lifetime. An increase in life expectancy will therefore lead to an increase
in retirement benefit liabilities.
Salary expectancy
The fair value of retirement benefit liabilities is calculated based on the current and estimated future salary of the participants in the retirement benefit plans. As a result an increase in
salary of the participants in the retirement benefit plan will lead to an increase in the retirement benefit liabilities.
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24.2. Benefits related to ‘Unemployment regime with company supplement’
(in million EUR) 2020/21 2019/20
At 1 April 10,6 18,9
Addition
(1)
0,5 0,9
Use (1,0) (1,3)
Net interest expense
(2)
0,1 0,3
Experience adjustments
(3)
(0,7) -
Change of financial assumptions
(3)
0,7 (0,4)
Change of demographic assumptions
(3)
(1,0) (7,8)
At 31 March 9,2 10,6
(1) Included under ‘Employee benefit expenses’ in the consolidated income statement.
(2) Included under ‘Net financial result’ in the consolidated income statement.
(3) Included in the consolidated statement of comprehensive income.
The possibility to retire early, as it exists within Colruyt Group for employees of its Belgian entities, is based on the ‘Unemployment regime with company supplement’ applicable in
Belgium. The accounting principles in respect of the liabilities and costs related to this system are included under note 1.4. Other significant accounting policies.
Colruyt Group regularly reviews the long-term assumptions in respect of these liabilities. For this financial year the following assumptions were used:
• discount rate: 1,20% compared to 1,80% for the previous financial year;
• salary inflation: 2,30% (same as for previous financial year).
The weighted average duration of the liability for benefits under the ‘Unemployment regime with company supplement’ is 15,78 years, as compared to 17,20 years in the previous year.
24.3. Other post-employment benefits
(in million EUR) 2020/21 2019/20
At 1 April 8,8 8,7
Addition
(1)
1,0 0,9
Use (0,5) (0,5)
Net interest expense
(2)
0,2 0,1
Return on plan assets
(3)
- (0,1)
Experience adjustments
(3)
(0,4) 0,1
Change of financial assumptions
(3)
0,8 (0,4)
Change of demographic assumptions
(3)
(0,4) -
At 31 March 9,5 8,8
(1) Included under ‘Employee benefit expenses’ in the consolidated income statement.
(2) Included under ‘Net financial result’ in the consolidated income statement.
(3) Included in the consolidated statement of comprehensive income.
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Other post-employment benefits payable at retirement consist of long-service benefits (Belgian entities) and legal compensations (French and Indian entities).
For the long-service benefits (Belgian entities), Colruyt Group uses the following parameters:
• discount rate: 1,10% compared to 1,75% for previous financial year;
• salary inflation: 2,30% (same as previous financial year).
For the legally established benefits, the following parameters are used:
French entities:
• discount rate: 1,15% compared to 1,75% for previous financial year;
• salary inflation: 1,75% (same as for previous financial year).
Indian entities:
• discount rate: 6,80% (same as for previous financial year);
• salary inflation: 10,00% (same as for previous financial year).
Changes to the main assumptions impact the group’s main employee benefits-related liabilities as follows:
(in million EUR)
Defined contribution plans
with a legally guaranteed
minimum return
Benefits related to the
‘Unemployment regime with
company supplement’
Long-service benefits
(Belgian entities)
Legally established benefits
(French and Indian entities)
31.03.21 31.03.20 31.03.21 31.03.20 31.03.21 31.03.20 31.03.21 31.03.20
Base scenario 115,7 99,6 9,2 10,6 4,1 3,8 5,4 5,0
Discount rate + 0,5% 94,8 78,2 8,6 9,7 3,8 3,6 5,0 4,6
Discount rate - 0,5% 139,0 118,6 9,9 11,5 4,4 4,1 5,9 5,5
Salary inflation + 0,5% 124,3 120,6 9,9 11,5 4,1 3,8 5,9 5,4
Salary inflation - 0,5% 107,7 80,3 8,2 9,7 4,1 3,8 5,1 4,7
The above are purely hypothetical changes in individual assumptions, keeping all other assumptions unchanged: economic factors and their changes will oen impact more than one
assumption at a time and the impact of changes in assumptions is not linear. As a result, the information above does not necessarily provide a reasonable reflection of future results.
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25. Interest-bearing liabilities
25.1. Terms and repayment schedule
(in million EUR) < 1 year 1-5 years > 5 years Total
Lease and similar liabilities 41,2 126,7 74,9 242,8
Bank borrowings 189,3 31,9 - 221,2
Total at 31 March 2021 230,5 158,6 74,9 464,0
Finance lease and similar liabilities 26,5 81,9 49,9 158,3
Bank borrowings 1,5 3,7 1,9 7,1
Total at 31 March 2020 28,0 85,6 51,8 165,4
The interest-bearing liabilities consist mainly of lease liabilities and bank borrowings. The increase compared to the previous reporting period is the result of the withdrawal of
short-term financing and the full consolidation of The Fashion Society.
25.2. Repayment schedule lease liabilities
(in million EUR) 31.03.21 31.03.20
< 1 year 43,5 28,1
1-5 years 132,9 86,9
> 5 years 77,5 53,1
Total undiscounted lease payments 253,9 168,1
25.3. Repayment schedule bank borrowings and others
(in million EUR)
Total Interest Principal Total Interest Principal
31.03.21 31.03.21 31.03.21 31.03.20 31.03.20 31.03.20
< 1 year 189,5 0,2 189,3 1,7 0,2 1,5
1-5 years 32,4 0,5 31,9 4,2 0,5 3,7
> 5 years - - - 2,3 0,4 1,9
Total 221,9 0,7 221,2 8,2 1,1 7,1
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26. Trade payables, liabilities related to employee benefits and other liabilities
(in million EUR) 31.03.21 31.03.20
Trade payables (non-current) 1,6 1,5
Total trade payables (non-current) 1,6 1,5
Other liabilities (non-current) 14,8 0,7
Total other liabilities (non-current) 14,8 0,7
Trade payables 1.286,5 1.208,3
Guarantees received and advances on work in progress 32,8 29,0
Total trade payables (current) 1.319,3 1.237,3
Current liabilities related to employee benefits 539,8 488,4
VAT, duties and other operating taxes 58,0 56,4
Dividends 0,6 0,5
Deferred income and accrued costs 9,9 11,1
Derivative financial instruments – cash flow hedging instruments 0,3 -
Other 5,1 4,4
Total liabilities related to employee benefits and other liabilities (current) 613,7 560,8
Terms and repayment schedule
(in million EUR) < 1 year 1-5 years > 5 years Total
Trade payables (non-current) - 0,7 0,9 1,6
Other liabilities (non-current) - 14,8 - 14,8
Trade payables (current) 1.319,3 - - 1.319,3
Liabilities related to employee benefits and other liabilities (current) 613,7 - - 613,7
Total at 31 March 2021 1.933,0 15,5 0,9 1.949,4
Trade payables (non-current) - 0,9 0,6 1,5
Other liabilities (non-current) - 0,7 - 0,7
Trade payables (current) 1.237,3 - - 1.237,3
Liabilities related to employee benefits and other liabilities (current) 560,8 - - 560,8
Total at 31 March 2020 1.798,1 1,6 0,6 1.800,3
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27. Risk management
27.1. Risks related to financial instruments
A. Currency risk
Colruyt Group’s operational entities are located in the euro zone, except for the activities in India, Hong Kong and Africa.
The exchange rate risk incurred when consolidating revenues and costs of subsidiaries not reporting in euro is not hedged.
In addition, Colruyt Group incurs a transactional currency risk on purchases in foreign currency. Colruyt Group uses derivative financial instruments to hedge its exposure to this type of
currency risk and to certain inflation risks, with no speculative purposes.
Exchange results incurred when settling purchase transactions in foreign currencies are recognised immediately in profit or loss.
Colruyt Group’s exposure to exchange rate fluctuations is based on the following positions in foreign currencies:
(in million EUR)
Net position
31.03.21 31.03.20
EUR/INR 0,9 0,4
USD/EUR (0,2) (1,8)
CAD/EUR - (0,1)
NZD/EUR (0,1) -
Total 0,6 (1,5)
The net positions per currency are presented before intra-group eliminations. A positive amount implies that entities of Colruyt Group have a net receivable in the first currency. The
second currency of the pair is the functional currency of the Colruyt Group entity concerned.
The impact of exchange rate changes compared to the euro is relatively limited.
B. Interest rate risk
Given the limited size of non-current borrowings and lease liabilities in the statement of financial position, Colruyt Group does not hedge its interest rate risk.
On 31 March 2021 the total amount of bank and other borrowings was EUR 221,2 million (non-current and current) or 4,3% of the balance sheet total (EUR 7,1 million on 31 March
2020) and 78,1% of the net cash and cash equivalents. In 2020/21 the Group withdrew EUR 176,7 million of short-term financing, whereas no short term financing was withdrawn in
2019/20. Most of these borrowings are at a fixed interest rate.
Colruyt Group’s lease liabilities amount to EUR 242,8 million in the current financial year, as against just EUR 158,3 million in the previous financial year. The increase in the lease
liabilities is mainly explained by the full consolidation of The Fashion Society NV as from financial year 2020/21. The lease liabilities are recognised under IFRS 16 with a fixed interest
rate.
A change in interest rates would not have a material effect on the consolidated income statement or on future cash flows of Colruyt Group.
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C. Credit risk
The credit risk in relation to trade receivables is limited since most of the retail customers of Colruyt Group pay cash. The main part of Colruyt Group’s receivables is linked with
the wholesale activity for which Colruyt Group applies payment terms that are common in the industry. Risks are mainly limited by the regular follow-up of the credit rating of the
wholesale customers and the independent storekeepers to which goods or services are delivered. If necessary, Colruyt Group requires bank guarantees. The credit risk is spread
amongst a relatively large number of customers. Solucious NV has covered its credit risk by taking out credit insurance.
Certain customers provide off-balance sheet bank guarantees in order to secure the collectability of Colruyt Group’s receivables on them. For the current reporting period non-
recognised bank guarantees were received from several customers having total outstanding debts of EUR 29,6 million (compared to EUR 34,4 million for the previous reporting period).
The collectability of this amount was secured by bank guarantees for an amount of EUR 24,9 million (compared to EUR 28,0 million for the previous reporting period).
For the calculation of the expected credit losses under IFRS 9 ’Financial Instruments’, Colruyt Group applies the following approaches:
- the simplified approach based on a provision matrix; and
- the general method, under which credit losses are determined at the level of the individual receivable.
The choice depends on specific circumstances.
D. Liquidity risk
Finco NV and Finco France SAS are Colruyt Group’s financial coordinators, and ensure that all entities of Colruyt Group have access to the financial resources they need. Finco NV and
Finco France SAS apply a cash pooling system, i.e. any excess in cash and cash equivalents within entities of the group is used for shortages in other entities of the group. Finco NV
and Finco France SAS are also responsible for the investment of Colruyt Group’s cash and cash equivalents. Finco NV and Finco France SAS use cash projections to follow up on Colruyt
Group’s liquidity. Over the past few years Colruyt Group has made very limited use of any form of external financing.
E. Other market risks
Colruyt Group’s reinsurance entity, Locré SA, manages a portfolio of financial instruments (fixed interest-bearing instruments and equity instruments). These are used to cover
the reinsurance risk. At 31 March 2021 the total value of Colruyt Group’s current financial assets amount to EUR 36,4 million (EUR 27,8 million per 31 March 2020); of which
EUR 27,0 million is part of the investment portfolio of Locré SA (EUR 23,3 million as per 31 March 2020). Fluctuations in market values and other market parameters of these
instruments can therefore have an impact on Colruyt Group’s financial result. In total, Colruyt Group recognised a net upward revaluation of EUR 2,7 million during this financial year (a
net write-off of EUR -1,3 million during the previous reporting period).
The ratio of the current investment portfolio to net cash and cash equivalents of Colruyt Group amounts to 12,8% (10,6% for the previous reporting period).
F. Financial assets and liabilities per category and per class
In accordance with IFRS 7 ‘Financial Instruments: Disclosures’ and IFRS 13 ‘Fair Value Measurement’, financial instruments measured at fair value are classified using a fair value
hierarchy
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(in million EUR)
Measurement at fair value
Amortised cost
Quoted prices
Level 1
Observable
market prices
Level 2
Non-observable
market prices
Level 3 Total
Financial assets at fair value through other comprehensive
income
Equity investments - - - 16,5 16,5
Cash flow hedging instruments - - 3,3 - 3,3
Financial assets at fair value through profit or loss
Equity investments - 10,9 - 0,1 11,0
Fixed-income securities - 16,1 - - 16,1
Compound instruments - - - 95,0 95,0
Financial assets at amortised cost
Term deposits 6,1 - - - 6,1
Receivables 663,5 - - - 663,5
Cash and cash equivalents 284,5 - - - 284,5
Total at 31 March 2021 954,1 27,0 3,3 111,6 1.096,0
Financial liabilities
Interest-bearing and other liabilities 480,3 - - - 480,3
Trade payables 1.319,3---1.319,3
Cash flow hedging instruments - 0,3 0,3
Bank overdras 1,2---1,2
Total at 31 March 2021 1.800,8 - 0,3 - 1.801,1
Financial assets at fair value through other comprehensive
income
Equity investments - - - 14,0 14,0
Cash flow hedging instruments 0,2
0,2
Financial assets at fair value through profit or loss
Equity investments - 8,5 - 0,5 9,0
Fixed-income securities - 14,8 - - 14,8
Financial assets at amortised cost
Term deposits 4,3---4,3
Receivables 636,3---636,3
Cash and cash equivalents 263,8 - - - 263,8
Total at 31 March 2020 904,4 23,3 0,2 14,5 942,4
Financial liabilities
Interest-bearing and other liabilities 167,6 - - - 167,6
Trade payables 1,237,3 - - - 1.273,3
Bank overdras 0,5---0,5
Total at 31 March 2020 1.405,4 - - - 1.405,4
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The fair value hierarchy is based on the inputs used to measure financial assets and liabilities at measurement date. The following three levels are distinguished:
• Level 1: inputs used for measurement of fair value are officially quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: the fair value of financial instruments not traded on an active market is determined using valuation techniques. These techniques use inputs of observable market prices,
if available, as much as possible and avoid reliance on entity-specific estimations.
• Level 3: financial instruments for which fair value is determined with valuation techniques using certain parameters not based on observable market data.
For the amounts recognised at ‘Amortised cost’ we can conclude that the carrying amount equals the fair value in most cases due to the nature of the instrument or
due to the short-term character. Those cases whereby the amortised cost deviates from the fair value are not material.
For the amounts measured at fair value we refer to note 14. Financial assets, which describes how the fair value is measured.
On 12 June 2020, Colruyt Group subscribed to a first tranche of convertible bonds with a 24-month maturity, issued by the associate Virya Energy NV in an amount of EUR 63,9 million.
On 15 January 2021, this amount was increased to EUR 97,4 million with the subscription of a second tranche of convertible bonds with the same maturity date as the first tranche
(12 June 2022). The carrying amount of EUR 95,0 million corresponds to the conversion price and reflects the fair value at 31 March 2021. This compound instrument is measured at
fair value and included in the category 'Financial assets at fair value through profit or loss'.
The financial assets classified under level 3, include, in addition to the Virya Energy NV convertible bonds, amongst others the investments in the holding company Sofindev IV NV, in
the investment funds Good Harvest Belgium I SRL and Blue Horizon Ventures I SCSp RAIF and in North Sea Wind CV, in which Colruyt Group does not have a significant influence.
The opening and closing balance of the investments classified under level 3 can be reconciled as follows:
(in million EUR) 2020/21 2019/20
At 1 April 14,5 8,9
Acquisitions 97,9 -
Capital increases 0,3 3,1
Capital decreases (3,5) -
Fair value adjustments through other comprehensive income 2,8 2,5
Other (0,4) -
At 31 March 111,6 14,5
27.2. Other risks
A. COVID-19 health crisis
From the end of financial year 2019/20 onwards, Colruyt Group has experienced diverse impacts of the COVID-19 health crisis. Certain income statement items (notably revenue, gross
profit, services and miscellaneous goods, employee benefit expenses and share in the result of investments) were significantly impacted by the COVID-19 crisis. The COVID-19 impact,
however, could not be isolated in an unambiguous manner.
The food stores processed higher volumes, which positively influenced revenue at the end of 2019/20 and in 2020/21. As a result of the COVID-19 crisis, all non-essential stores in
Belgium, including the group's non-food stores (Dreamland, Dreambaby, The Fashion Society NV and Bike Republic), were required to temporarily close (from 18 March to 10 May 2020,
as well as in November 2020). The government-enforced closure of all hospitality businesses in Belgium resulted in a revenue decrease at Solucious NV. Volumes of the DATS 24 NV
filling stations also declined as a result of the COVID-19 crisis.
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In order to meet the higher volumes, Colruyt Group strengthened its food stores, and its logistics and production departments with both internal and external employees. As a token
of gratitude for the efforts made, Colruyt Group also granted additional compensation and leave days to its employees. The group continues to implement measures at all its sites to
protect the health and safety of all those present and to ensure the continuity of the operations. The costs related to the increased activities and the measures implemented were
included in the income statement for the financial year 2020/21. Colruyt Group has set up provisions to cover COVID-19 related inventory risks as well as other risks and costs.
Thanks to the group’s risk management system, continuity and other risks are being monitored on a regular basis, both in the subsidiaries and in the companies in which Colruyt Group
has an interest. To date, the group has no knowledge of information that would lead to a material adjustment of the results or the notes thereto.
B. Other
Colruyt Group is further exposed to various other risks that are not necessarily financial in nature, but nevertheless have the potential to impact Colruyt Group’s financial position. For a
description of risks other than the ones mentioned above and of how Colruyt Group manages its exposure to these risks, we refer to the Corporate Governance section. In this respect,
we also refer to the Audit Committee, which regularly discusses the risk reports of the Risk Management department (internal audit).
28. O-balance sheet rights and commitments
Colruyt Group has a number of commitments which are not recognised in the statement of financial position. These are mainly contractual obligations related to future acquisitions of
property, plant and equipment and future purchases of goods and services.
The amounts due in respect of these commitments are as follows:
(in million EUR) 31.03.21 < 1 year 1-5 years > 5 years
Lease arrangements as lessee
(1)
4,1 1,8 2,3 -
Commitments relating to the acquisition of property, plant and equipment 64,5 63,5 1,0 -
Commitments relating to purchases of goods 191,0 179,9 11,1 -
Other commitments 19,9 7,7 11,0 1,2
(in million EUR) 31.03.20 < 1 year 1-5 years > 5 years
Lease arrangements as lessee 2,7 1,0 1,7 -
Commitments relating to the acquisition of property, plant and equipment 58,4 54,9 3,5 -
Commitments relating to purchases of goods 146,3 123,9 20,5 1,9
Other commitments 22,2 15,3 6,9 -
(1) Leases outside the scope of IFRS 16.
The off-balance sheet commitments for lease arrangements in a lessee capacity amount to EUR 4,1 million (EUR 2,7 million at 31 March 2020) and relate to short-term leases or leases
of low-value assets. In addition, these off-balance sheet commitments also contain arrangements that do not meet the definition of a lease.
The income statement includes rental and rental-related charges in respect of movables in the amount of EUR 18,7 million (EUR 15,8 million for the previous reporting period). These
rental charges mainly result from cancellable lease arrangements that do not meet the definition of a lease.
The commitments relating to the acquisition of property, plant and equipment for an amount of EUR 64,5 million (EUR 58,4 million in the previous reporting period) consist mainly of
contractual commitments for the acquisition of land and buildings.
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The commitments relating to purchases of goods for an amount of EUR 191,0 million (EUR 146,3 million in the previous reporting period) are the result of forward contracts concluded
with suppliers in order for Colruyt Group to ensure the sufficient supply of certain trade goods, as well as of purchase commitments in respect of electricity and green certificates, and
the commitments by The Fashion Society NV to purchase clothing collections.
‘Other commitments’ include commitments resulting from various non-cancellable forward contracts regarding ICT services (mainly for soware maintenance and development) for an
amount of EUR 19,9 million (EUR 22,2 million in the previous reporting period).
In addition to these commitments Colruyt Group also has certain rights which are not recognised in the statement of financial position. Occasionally Colruyt Group leases out certain
immovable assets under lease arrangements.
The amounts to be received in relation to these rights are to be classified as follows:
(in million EUR) 31.03.21 < 1 year 1-5 years > 5 years
Lease arrangements as lessor 7,6 4,3 3,3 -
(in million EUR) 31.03.20 < 1 year 1-5 years > 5 years
Lease arrangements as lessor 7,5 4,0 3,5 -
The off-balance sheet commitments for lease arrangements amount to EUR 7,6 million (EUR 7,5 million as per 31 March 2020) and mainly relate to operating lease arrangements as
lessor in respect of subleased assets.
The rights resulting from non-cancellable agreements in respect of movables are not material.
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29. Contingent liabilities and contingent assets
Contingent liabilities and contingent assets are all those items in relation to third parties which are not recognised in the statement of financial position, in accordance with
IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’.
The table below gives an overview of all contingent liabilities of Colruyt Group.
(in million EUR) 31.03.21 31.03.20
Disputes 1,9 6,6
Other 0,6 0,1
At balance sheet date there were a limited number of legal actions outstanding against Colruyt Group which, although disputed, constitute a contingent liability of EUR 1,9 million
(compared to EUR 6,6 million in the previous reporting period). The pending cases primarily concern commercial law claims.
As was the case last year, there are no contingent liabilities for pending cases in respect of taxation law, common law or social law. ‘Other’ contingent liabilities represent guarantees
provided by Colruyt Group towards financial institutions. These guarantees consist of buyback commitments supplied as an additional guarantee for the financing of affiliated
independent storekeepers for an amount of EUR 0,6 million (compared to EUR 0,1 million in the previous reporting period).
When acquiring interests and determining goodwill, a conditional variable compensation is applied, with the most accurate estimate possible of the amount to be finally calculated at
the end of the valuation period.
Colruyt Group expects no significant financial disadvantages to be derived from these liabilities.
There are no material contingent assets to be reported.
30. Dividends paid and proposed
On 6 October 2020 a gross dividend of EUR 1,35 per share was paid to the shareholders.
For the financial year 2020/21, the Board of Directors has proposed a gross dividend of EUR 1,47 per share, which will be declared payable from 5 October 2021. As the decision to
distribute a dividend is to be considered an event aer reporting date which is not to be included in the statement of financial position, this dividend, which is still to be approved at
the General Meeting of Shareholders of 29 September 2021, is therefore not recorded as a liability in the statement of financial position.
Taking into account that the distribution proposed by the Board of Directors relates to 134.333.807 shares (aer deduction of treasury shares), as determined on 11 June 2021, the
total amount of proposed dividends is EUR 197,5 million.
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31. Related parties
An overview of related party transactions is given below. In this note, only the transactions which were not eliminated in the consolidated financial statements are presented.
In accordance with IAS 24, ‘Related Party Disclosures’, Colruyt Group identifies different categories of related parties:
a) Colruyt Group’s key managers (see section Corporate Governance) and relatives;
b) entities that control Colruyt Group: Korys NV controlled by Stichting Administratiekantoor Cozin (see section Corporate Governance);
c) associates (as disclosed under note 12. Investments in associates);
d) joint ventures (as disclosed under note 13. Investments in joint ventures); and
e) entities that are controlled by members of the key management personnel of Colruyt Group: with these entities Colruyt Group has no material transactions; except with Smartmat NV.
31.1. Related party transactions excluding key management personnel compensation
(in million EUR) 2020/21 2019/20
Revenue 42,3 58,2
Costs 11,6 2,8
Receivables 109,8 7,3
Liabilities 0,8 0,2
Dividends paid 106,9 109,8
The amounts disclosed above result from transactions made on terms equivalent to those that prevail in arm’s length transactions between independent parties.
Transactions with various related parties generated revenue for an amount of EUR 42,3 million (EUR 58,2 million in the previous reporting period). In the current financial year, Eoly
Energy NV was contributed to Virya Energy NV, with a realised gain of EUR 30,7 million, while fixed assets were also sold to associates. During the previous financial year a gain of
EUR 44,6 million was recognised on the transaction in which the shares of Parkwind NV were contributed into Virya Energy NV. In addition, a dividend of EUR 10,3 million was received
from Vendis Capital NV.
In transactions with Virya Energy NV, Colruyt Group and Korys took the necessary measures under the conflict of interest rules. We refer to the Corporate Governance section for more
details.
The costs arising from transactions with various related parties amount to EUR 11,6 million and mainly relate to the purchase of energy-related products (EUR 4,9 million). This figure
also includes EUR 3,3 million of purchases of trade goods for from entities controlled by persons belonging to the key management of Colruyt Group (previous reporting period
EUR 1,9 million). In addition, trade goods were purchased from and fees paid to joint ventures in the amount of to EUR 2,7 million (previous reporting period EUR 0,8 million).
The outstanding receivables from related parties amounting to EUR 109,8 million (EUR 7,3 million in the previous reporting period) relate largely to receivables in respect of associates,
consisting mainly of compound instruments at arm’s length conditions.
The outstanding liabilities towards related parties amount to EUR 0,8 million (EUR 0,2 million in the previous reporting period). The amount in the current financial year relates mainly
to transactions with entities controlled by persons belonging to the key management of Colruyt Group.
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31.2. Key management personnel compensation
The compensation awarded to key management personnel is summarised below. All amounts are gross amounts before taxes. Social security contributions were paid on these
amounts.
(in million EUR)
Remuneration
2020/21
Number of
persons/shares
2020/21
Remuneration
2019/20
Number of
persons/shares
2019/20
Board of Directors 910
Fixed remuneration (directors’ fees) 1,0 1,0
Senior management 13 13
Fixed remuneration 4,1 3,7
Variable remuneration 2,7 2,5
Payments into defined contribution plans and other components 1,0 0,6
Share-based payments ---65
More information regarding the different components of compensation for key management personnel can be found in the remuneration report (see section Corporate Governance) as
prepared by the Remuneration Committee.
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32. Events after the reporting date
Aer the year end, Colruyt Group continues to experience diverse impacts of the COVID-19 health crisis. From 27 March to 26 April 2021, shopping in all non-essential stores in
Belgium, including Colruyt Group’s non-food stores, was by appointment.
The group continues to implement measures at all its sites to protect the health and safety of all those present and to ensure the continuity of the operations. These measures are
being monitored on a regular basis and adjusted as needed based on the latest information available. The costs related to the implemented measures will continue to be reflected in
the income statement for financial year 2021/22.
On 23 April 2021, Colruyt Group acquired 100% of the shares of Culinoa, thereby strengthening Colruyt Group's position in the foodservice market in Belgium. On 30 April 2021, Colruyt
Group acquired 100% of the shares of the fitness chain JIMS.
Neither acquisition transaction will have a material impact on Colruyt Group's net result in the 2021/22 financial year.
Virya Energy NV is included in the consolidation of Colruyt Group until 31 December 2020. Aer Virya Energy NV’s balance sheet date, Korys Investments NV made a contribution in kind
to Virya Energy NV of 100% of the shares of Korys Renewable Energy BV (and the underlying stake in Sanchore Renewable Private Limited) and a receivable on Korys Renewable Energy
BV, as a result of which Colruyt Group's share in Virya Energy NV has reduced to 60%. In addition, in February 2021, Virya Enegry NV bought out the minority shareholders of Eurowatt
Group thus acquiring 100% of the shares and full control of Eurowatt Group. These transactions will have no material impact on Colruyt Group's net result in financial year 2021/22.
Aer period-end, 452.765 treasury shares were purchased for an amount of EUR 22,4 million. On 11 June 2021, Colruyt Group held 1.821.153 treasury shares, which represented 1,34%
of the total number of shares issued.
There were no further significant events aer the balance sheet date.
33. Independent auditor’s remuneration
The table below provides an overview of remuneration paid to the independent auditor and its associated parties for services rendered to Colruyt Group.
(in million EUR) 2020/21 2019/20
Audit assignments 0,9 0,8
Total 0,9 0,8
The consideration paid for audit services was EUR 0,9 million, of which EUR 0,2 million was recognised at the level of the Company and EUR 0,7 million was recognised at the level of
its subsidiaries.
For non-audit services, such as other control assignments, tax advice and other assignments, the costs are negligible.
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34. List of consolidated entities
34.1. Company
Etn. Fr. Colruyt NV Edingensesteenweg 196 1500 Halle, Belgium 0400 378 485 -
34.2. Subsidiaries
Agripartners NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 417 100%
Banden Deproost BV Zinkstraat 6 1500 Halle, Belgium 0424 880 586 100%
Bavingsveld NV Edingensesteenweg 196 1500 Halle, Belgium 0441 486 194 100%
Bio-Planet NV Victor Demesmaekerstraat 167 1500 Halle, Belgium 0472 405 143 100%
Buurtwinkels OKay NV Victor Demesmaekerstraat 167 1500 Halle, Belgium 0464 994 145 100%
Codevco IV NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 615 100%
Codevco V BV Edingensesteenweg 196 1500 Halle, Belgium 0739 918 869 100%
Codevco VI BV Edingensesteenweg 196 1500 Halle, Belgium 0739 913 228 100%
Codevco VII BV Edingensesteenweg 196 1500 Halle, Belgium 0760 300 252 100%
Codevco VIII NV Edingensesteenweg 196 1500 Halle, Belgium 0760 300 846 100%
Codifrance SAS Zone Industrielle de Saint Barthélémy
Rue de Saint Barthélémy 66
45110 Châteauneuf-sur-Loire,
France
824 116 099 100%
Colim CVBA Edingensesteenweg 196 1500 Halle, Belgium 0400 374 725 100%
Colimpo Private Limited Unit 08-09, 13 floor,
New Mandarin Plaza, Tower A
14, Science Museum Road,
Tsimshatsui East
Kowloon, Hongkong 59139630 000 11 18 0 100%
Colimpo NV Edingensesteenweg 196 1500 Halle, Belgium 0685 762 581 100%
Colruyt Afrique SAS Sacre Coeur III VDN, Villa numéro 10684,
Boîte Postal 4579
Dakar, Senegal SN DKR 2020 B 13136 100%
Colruyt Cash and Carry NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 318 100%
Colruyt Gestion SA Rue F.W. Raiffeisen 5 2411 Luxembourg,
Grand Duchy of Luxembourg
B137485 100%
Colruyt Group Services NV Edingensesteenweg 196 1500 Halle, Belgium 0880 364 278 100%
Colruyt IT Consultancy India Private Limited Building N 21, Mindspace, Raheja IT Park,
Survey N 64 (Part) Hi-Tech City
Madhapur, Hyderabad, Telangana State,
India - 500081
U72300TG2007
PTC053130
100%
Colruyt Luxembourg SA Rue F.W. Raiffeisen 5 2411 Luxembourg,
Grand Duchy of Luxembourg
B124296 100%
Colruyt Retail France SAS Zone Industrielle, Rue des Entrepôts 4 39700 Rochefort-sur-Nenon, France 789 139 789 100%
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Comans NV Edingensesteenweg 196 1500 Halle, Belgium 0462 732 956 100%
Comant NV Edingensesteenweg 196 1500 Halle, Belgium 0604 984 743 100%
Combru NV Edingensesteenweg 196 1500 Halle, Belgium 0442 944 956 100%
Comels NV Edingensesteenweg 196 1500 Halle, Belgium 0820 198 247 100%
Comgen NV Edingensesteenweg 196 1500 Halle, Belgium 0404 020 638 100%
Comgil NV Edingensesteenweg 196 1500 Halle, Belgium 0739 995 974 100%
Comkro NV Edingensesteenweg 196 1500 Halle, Belgium 0693 920 677 100%
Comlie NV Edingensesteenweg 196 1500 Halle, Belgium 0560 926 056 100%
Commol NV Edingensesteenweg 196 1500 Halle, Belgium 0684 490 495 100%
Comnie NV Edingensesteenweg 196 1500 Halle, Belgium 0715 711 530 100%
Comnik NV Edingensesteenweg 196 1500 Halle, Belgium 0741 814 626 100%
DATS 24 NV Edingensesteenweg 196 1500 Halle, Belgium 0893 096 618 100%
Davytrans NV Edingensesteenweg 196 1500 Halle, Belgium 0413 920 972 100%
Dreambaby NV Edingensesteenweg 196 1500 Halle, Belgium 0472 630 817 100%
Dreamland NV Edingensesteenweg 196 1500 Halle, Belgium 0448 746 645 100%
Driesen Zelediening BV Edingensesteenweg 196 1500 Halle, Belgium 0421 682 061 100%
Drongen Motors BV Edingensesteenweg 196 1500 Halle, Belgium 0411 955 436 100%
E-Logistics NV Edingensesteenweg 196 1500 Halle, Belgium 0830 292 878 100%
Enco Retail NV Edingensesteenweg 196 1500 Halle, Belgium 0434 584 942 100%
Eoly NV Edingensesteenweg 196 1500 Halle, Belgium 0864 995 025 100%
Finco NV Edingensesteenweg 196 1500 Halle, Belgium 0429 127 109 100%
Finco France SAS Zone Industrielle, Rue des Entrepôts 4 39700 Rochefort-sur-Nenon, France 848 012 209 100%
Fleetco NV Edingensesteenweg 196 1500 Halle, Belgium 0423 051 939 100%
Immo Colruyt France SAS Zone Industrielle, Rue des Entrepôts 4 39700 Rochefort-sur-Nenon, France 319 642 252 100%
Immo Colruyt Luxembourg SA Rue F.W. Raiffeisen 5 2411 Luxembourg,
Grand Duchy of Luxembourg
B195799 100%
Immoco SARL Zone Industrielle, Rue des Entrepôts 4 39700 Rochefort-sur-Nenon, France 527 664 965 100%
Izock BV Kerkstraat 132-134 1851 Humbeek, Belgium 0426 190 284 100%
Joma Sport BV Guldensporenpark 100, blok K 9820 Merelbeke, Belgium 0823 778 933 100%
Locré SA Rue de Neudorf 534 2220 Luxembourg,
Grand Duchy of Luxembourg
B59147 100%
Myreas BV Guldensporenpark 100, blok K 9820 Merelbeke, Belgium 0733 909 522 85%
Onroerende Beleggingsmaatschappij van
Brabant NV
Edingensesteenweg 196 1500 Halle, Belgium 0414 105 173 100%
Puur NV Edingensesteenweg 196 1500 Halle, Belgium 0544 328 861 100%
Puurgen NV Edingensesteenweg 196 1500 Halle, Belgium 0631 815 438 100%
Puurwijn NV Edingensesteenweg 196 1500 Halle, Belgium 0645 906 865 100%
Retail Partners Colruyt Group NV Edingensesteenweg 196 1500 Halle, Belgium 0413 970 957 100%
R.H.C. SAS Avenue Georges Brassens 10 94470 Boissy-Saint-Léger, France 350 590 154 100%
Roecol NV Spieveldstraat 4 9160 Lokeren, Belgium 0849 963 488 70%
Saro BV Edingensesteenweg 196 1500 Halle, Belgium 0451 082 662 100%
Smart Technics NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 516 100%
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SmartRetail BV Edingensesteenweg 196 1500 Halle, Belgium 0640 760 224 100%
Solucious NV Edingensesteenweg 196 1500 Halle, Belgium 0448 692 207 100%
Symeta Hybrid NV Interleuvenlaan 50 3001 Heverlee, Belgium 0867 583 935 100%
The Fashion Society NV
(1)
Brusselsesteenweg 185 1785 Merchtem, Belgium 0553 548 910 98%
Trybou Bio BV Izenbergestraat 175 8690 Alveringem, Belgium 0715 775 767 100%
Vlevico NV Edingensesteenweg 196 1500 Halle, Belgium 0422 846 259 100%
Walcodis NV Rue du Parc industriel (GHI) 34 7822 Ath, Belgium 0829 176 784 100%
Witeb 4 BV Edingensesteenweg 196 1500 Halle, Belgium 0747 601 566 100%
Witeb 5 BV Edingensesteenweg 196 1500 Halle, Belgium 0761 776 335 100%
Witeb Oost BV Edingensesteenweg 196 1500 Halle, Belgium 0697 694 571 100%
Witeb West BV Edingensesteenweg 196 1500 Halle, Belgium 0699 852 426 100%
Witeb Zuid BV Edingensesteenweg 196 1500 Halle, Belgium 0726 754 187 100%
WV1 BV Guldensporenpark 100, blok K 9820 Merelbeke, Belgium 0627 969 585 100%
WV2 BV Guldensporenpark 100, blok K 9820 Merelbeke, Belgium 0627 973 149 100%
(1) This company closes its financial year on 31 July and is included in the consolidated financial statements based on intermediate financial statements as per 31 March.
34.3. Joint ventures
Achilles Design BV
(1)
Borchtstraat 30 2800 Mechelen, Belgium 0691 752 926 24,70%
Daltix NV
(1)
Ottergemsesteenweg-Zuid 808 Bus 160 9000 Ghent, Belgium 0661 713 511 64,75%
Daltix Unipessoal LDA
(1)
Avenida Antonio Augusto De Aguiar 130
Piso 1
1050-020 Lisbon, Portugal 0514 607 769 64,75%
Kriket BV
(1)
Brogniezstraat 172 BIO7 1070 Anderlecht, Belgium 0692 761 033 24,81%
Ticom NV Bilkensveld 1A 1500 Halle, Belgium 0820 813 505 90,00%
We Connect Data BV
(1)
Wiedauwkaai 23 Bus S 9000 Ghent, Belgium 0650 599 388 16,03%
(1) These companies close their financial year on 31 December and are included in the consolidated financial statements as of that date.
34.4. Associates
AgeCore SA
(1)
Rue de la Synagogue 33 1204 Geneva, Switzerland CHE-222 427 477 16,67%
First Retail International 2 NV
(1)
Pontbeekstraat 2 1702 Dilbeek, Belgium 0644 497 494 4,73%
Newpharma Group NV
(1)
Rue du Charbonnage 10 boîte 2 4020 Liège, Belgium 0684 465 652 26,00%
Scallog SAS
(2)
Rue Raymond Barbet 105 92000 Nanterre, France 791 336 076 23,73%
Vendis Capital NV
(1)
Jan Emiel Mommaertslaan 22 1831 Machelen, Belgium 0819 787 778 10,87%
Virya Energy NV
(1)
Villalaan 96 1500 Halle, Belgium 0739 804 548 60,87%
(1) These companies close their financial year on 31 December and are included in the consolidated financial statements on that date.
(2) This company closes its financial year on 30 June and is included in the consolidated financial statements based on intermediate financial statements as per 31 March.
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34.5. Changes in consolidation scope
a. a. New investments
On 19 August 2020, 100% of the shares of Joos Hybrid NV were acquired. Joos Hybrid NV provides hybrid total solutions for document and communication management. Joos Hybrid NV
has been fully consolidated as a subsidiary since 1 August 2020. In December 2020, the company was renamed Symeta Hybrid NV.
On 16 September 2020, the shares of Izock BV were acquired in full with a view to ensuring the continuity of the operation of the store.
The companies Saro BV (May 2020) and Onroerende Beleggingsmaatschappij van Brabant NV and Bavingsveld NV (both December 2020) were also fully acquired.
During the financial year, interests were also acquired in Kriket BV (April 2020), Daltix NV and Daltix Unipessoal LDA (June 2020) and We Connect Data BV (August 2020). In November
2020, the interest in Ticom NV was increased. These companies are now accounted for as joint ventures using the equity method.
b. Mergers
With effect from 1 April 2020, the companies Thudiwash BV, Driesen Zelediening BV, Drongen Motors BV and Sin Invest BV merged with Colim NV.
c. Newly established companies
In Belgium, the companies Witeb 4 BV (May 2020), Codevco VII BV and Codevco VIII NV (December 2020) and Witeb 5 BV (January 2021) were established. In Senegal, the company
Colruyt Afrique SAS was founded (May 2020).
d. Other changes
On 25 May 2020, Colruyt Group contributed certain assets related to the renewable wind energy activities of Eoly NV to the energy holding company Virya Energy NV, as a result of which
Colruyt Group's share in Virya Energy NV increased to 61%.
In April 2020, the energy holding company Virya Energy NV signed an agreement with Participatiemaatschappij Vlaanderen (PMV) to increase its stake in Parkwind NV to 100%. As part
of the agreement, PMV also acquired a minority stake in Arcadis Ost 1, a German wind farm being developed by Parkwind NV in the Baltic Sea. Closing of the transaction occurred in
June 2020.
In February 2021, Virya Energy NV bought out the minority shareholders of Eurowatt Group, thus acquiring 100% of the shares and full control of Eurowatt Group.
On 3 September 2020, Colruyt Group increased its stake in Fraluc from 68% to more than 96%. Fraluc NV is the holding company that includes the fashion retail chains ZEB, PointCarré,
The Fashion Store and ZEB For Stars. The Belgian Competition Authority (BMA) authorised this transaction on 24 November. Since 1 August 2020, stake held in The Fraluc has been fully
consolidated as a subsidiary and is no longer accounted for as a joint venture using the equity method. The transaction resulted in goodwill of EUR 22,3 million. In determining this
goodwill, a conditional variable compensation was applied, with the most accurate estimate possible of the amount to be finally calculated at the end of the measurement period. This
recalculation may result in the adjustment of the already recognised goodwill. In the course of the financial year, further minority shareholdings were acquired, bringing Colruyt Group’s
share to 98%. In March 2021, the company was renamed The Fashion Society NV.
The stake in Trybou Bio BV was accounted for in the previous year using the equity method, but aer exercising a call option in February 2021 Colruyt Group is now again the sole
shareholder, and this stake is therefore again fully consolidated.
The corporate name of Codevco II NV was changed to Agripartners NV in September 2020 and of Codevco III NV to Smart Technics NV in November 2020.
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35. Condensed (non-consolidated) financial statements of Etn. Fr. Colruyt NV,
in accordance with Belgian accounting standards
The financial statements of Etn. Fr. Colruyt NV are presented below in condensed form.
For the individual financial statements of Etn. Fr. Colruyt NV an unqualified audit opinion was delivered by the auditor. The statutory report of the auditor confirms that the individual
financial statements of Etn. Fr. Colruyt NV for the financial year ending 31 March 2021, prepared according to Belgian accounting standards, give a true and fair view of the financial
position of Etn. Fr. Colruyt NV in accordance with all legal and regulatory dispositions. In the report no attention was drawn to any matter in particular.
The annual report, the annual financial statements of Etn. Fr. Colruyt NV and the independent auditor’s report are filed with the National Bank of Belgium, in accordance with art. 3:10
and 3:12 of the Companies and Associations Code. A copy of these documents can be obtained there on request.
These documents can also be obtained on request at the Company’s registered office:
Etn. Fr. Colruyt NV – Edingensesteenweg 196, 1500 Halle
Tel. +32 (2) 363 55 45
Internet: www.colruytgroup.com
Email: contact@colruytgroup.com
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Condensed statement of financial position of Etn. Fr. Colruyt NV
(in million EUR) 31.03.21 31.03.20
Non-current assets 6.184,4 6.047,9
II. Intangible assets 150,4 123,7
III. Property, plant and equipment 275,6 286,7
IV. Financial non-current assets 5.758,4 5.637,5
Current assets 1.185,3 1.038,6
V. Receivables exceeding one year 8,2 1,8
VI. Inventories and work in progress 420,2 387,1
VII. Receivables for less than one year 530,6 491,0
VIII. Cash investments 65,4 128,8
IX. Cash and cash equivalents 149,9 22,4
X. Prepayments and accrued income 11,0 7,5
Total assets 7.369,7 7.086,5
Equity 1.783,8 1.625,1
I. Share capital 357,4 347,1
IV. Reserves 105,5 167,8
V. Profit carried forward 1.320,6 1.109,9
VI. Capital grants 0,3 0,3
Provisions and deferred taxes 3,1 3,3
Liabilities 5.582,8 5.458,1
VIII. Liabilities exceeding one year 3.750,1 3.750,1
IX. Liabilities for less than one year 1.809,8 1.684,2
X. Accruals and deferred income 22,9 23,8
Total liabilities 7.369,7 7.086,5
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286
Condensed income statement of Etn. Fr. Colruyt NV
(in million EUR) 2020/21 2019/20
I. Operating income 7.573,4 7.342,8
II. Operating expenses (7.336,6) (6.972,2)
III. Operating profit 236,8 370,6
IV. Finance income 387,9 645,6
V. Finance costs (137,8) (128,7)
VI. Profit for the financial year before tax 486,9 887,5
VIII. Income tax (19,3) (57,1)
IX. Profit for the financial year 467,6 830,4
X.A. Transfer from the tax exempt reserves 0,3 0,8
X.B. Transfer to the tax exempt reserves (0,4) (0,2)
XI. Profit from the financial year available for appropriation 467,5 831,0
Profit appropriation of Etn. Fr. Colruyt NV
For the 2020/21 financial year, the Board of Directors will propose the following profit distribution to the General Meeting of Shareholders on 29 September 2021:
(in million EUR) 2020/21 2019/20
Profit for the financial year available for appropriation 467,5 831,0
Profit carried forward from previous financial year 1.109,9 589,2
Profit available for appropriation 1.577,4 1.420,2
Transfer to the legal reserve 1,0 1,6
Addition to/(transfer from) other reserves 52,5 119,9
Result to be carried forward 1.320,6 1.109,9
Dividend to owners
(1)
197,5 182,8
Other debts 5,8 6,0
(1) This item was calculated on the basis of the treasury share repurchase situation at 11 June 2021.
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Definitions
Acquisition of property, plant and equipment and intangible assets
Acquisition of property, plant and equipment and intangible assets are exclusive of acquisitions through
business combinations, contributions by third parties and rights-of-use under IFRS 16.
Capital employed
The value of the assets and liabilities that contribute to generating income.
Dividend yield
Gross dividend per share divided by the share price at balance sheet date.
Dividend pay-out ratio
Gross dividend per share divided by the profit for the financial year (group share) per share.
EBIT margin
EBIT divided by revenue.
EBITDA
Earnings before interest, taxes, depreciation and amortisation, or operating profit (EBIT) plus depreciation,
amortisation and impairments.
EBITDA margin
EBITDA divided by revenue.
Free cash flow
Free cash flow is defined as the sum of the cash flow from operating activities and the cash flow from
investing activities.
FTE
Full-time equivalent; unit of account with which the number of personnel is expressed by dividing the
contractual working time by full-time working time.
Gross added value
The realisable value of the manufactured goods less the value of the raw materials and the auxiliary
materials used in the production process and the procured services.
Gross profit
Revenue minus cost of goods sold.
Gross profit margin
Gross profit divided by revenue.
Market capitalisation
Closing price multiplied with the number of issued shares at the reporting date.
Net added value
Consists of the gross added value less depreciation, amortisation, impairments on fixed assets, provisions
and write-offs of current assets.
Net profit
Profit for the financial year (aer tax).
Net profit margin
Net profit divided by revenue.
Operating profit (EBIT or earnings before interest and taxes)
The operating income less all operating costs (cost of goods sold, services and miscellaneous goods,
employee benefit expenses, depreciation, amortisation, impairments and other operating expenses).
Revenue
Revenue comprises the sale of goods and services provided to our own customers, affiliated customers and
wholesale customers, aer the deduction of discounts and commissions allocated to these customers.
ROCE
Return on capital employed, or operating profit (EBIT) aer tax divided by the capital employed.
Share of the group
Interest that can be attributed to the owners of the parent company.
SPPI (‘Solely Payments of Principal and Interest’)
The SPPI test requires that the contractual terms of the financial asset give rise to cash flows that only
include principal and inte-rest payments on the principal amount outstanding
Weighted average number of outstanding shares
The number of outstanding shares at the beginning of the period, adjusted for the number of shares
cancelled, treasury shares purchased or shares issued during the period multiplied by a time-correcting
factor.
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Notes

289
Notes

290
Notes

Contact
Limited liability company Etn. Fr. Colruyt
Headquarters: Wilgenveld
Edingensesteenweg 196
B-1500 HALLE
RPR Brussels
VAT: BE 0400.378.485
Enterprise number: 0400.378.485
+32 (0)2 363 55 45
colruytgroup.com
contact@colruytgroup.com
Investor relations (for questions about shares, financial issues, annual rapport)
+32 (0)2 363 55 45
investor@colruytgroup.com
Press and media enquiries
+32 (0)473 92 45 10
press@colruytgroup.com
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 generate a variation between expectation and
reality are: changes in the micro- or macroeconomic context, changing market situations, changing
competitive climate, unfavourable decisions with regard to the building and/or extension of new or
existing stores, procurement problems with suppliers, as well as all other factors that can impact the
group’s result. Colruyt Group does not make any commitments 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 communication, whether written or oral.

Publisher: Etn. Fr. Colruyt NV
Edingensesteenweg 196, B-1500 Halle • +32 (0)2 363 55 45
Design: Customer Communication & Experiences • Edingensesteenweg 249, B-1500 Halle
Only the Dutch version of the annual report is the official version.
The French and English versions are translations of the original Dutch version.
colruytgroup.com/annualreport