Annual Report
with sustainability reporting
2021/22

Halle, 10 June 2022
FINANCIAL YEAR 2021/22
Annual report presented by the Board of Directors
to the Ordinary General Meeting of Shareholders
of 28 September 2022 and Independent auditor’s report
The Dutch annual report in the European Single Electronic
Format (ESEF) 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/en/annualreport. Our corporate website
also includes all press releases, extra stories and background
information.

3
Corporate
governance
119 Governance, supervision and management
123 Sustainable corporate governance
144 Share ownership and Colruyt shares
Corporate
sustainability
154 SDG 2 – Zero hunger
156 SDG 3 – Good health and well-being
160 SDG 6 – Clean water and sanitation
162 SDG 7 – Affordable and clean energy
164 SDG 8 – Decent work and economic growth
170 SDG 12 – Responsible consumption and production
176 SDG 13 - Climate action
180 EU Taxonomy
184 Our indicators
Intro
4 Word from the Chairman
6 Continuity
8 Who are we?
14 Our vision on sustainability
21 Management report
29 Key figures
Activities
39 Retail
80 Wholesale
86 Foodservice
90 Other activities
101 Group support activities
Financial report
195 Consolidated income statement
196 Consolidated statement of comprehensive income
197 Consolidated statement of financial position
198 Consolidated statement of cash flows
199 Consolidated statement of changes in equity
201 Management responsibility statement
202 Independent auditor’s report
210 Notes to the consolidated financial statements
276 Definitions
TABLE OF CONTENTS

4
Like the previous one, the 2021/22 financial year was a challenging period, with the worldwide pandemic
impacting our business in various ways. In this uncertain context, we also had to cope with the
consequences of the July 2021 flood and the conflict in Ukraine. Given these trying circumstances, we
take pride in having shown sufficient flexibility and creativity to continue to function properly. Despite raw
material shortages, disrupted production chains and logistical obstacles, we continued to fulfil our social
role, with food supplies never really compromised. In doing so, we also maintained our role as guardian
of customers’ purses, despite higher wholesale prices and lengthier negotiations with suppliers at the end
of the financial year. We did this with a continuing focus on simplicity and efficiency.
I am proud of our employees who were there, day in, day out, to serve our customers to the best of their
ability, both on the front line and behind the scenes. During periods of illness and quarantine, we noted
a heart-warming wave of solidarity among the stores. Moreover, headquarters staff jumped in en masse
to handle the end-of-year peak. In the wake of the widespread flooding in mid-2021, our technical
department ensured that the stores concerned were able to reopen in record time. In addition, we took
many initiatives benefiting the victims of the catastrophic events here and abroad.
In a complex and challenging context, we were still able to close the financial year in a satisfactory way.
Our Colruyt Lowest Prices, OKay and Spar formulas were able to consolidate their combined market share
in Belgium. The divergent performance of our diversified brand portfolio resulted in a 1,2% increase in
group sales to just over 10 billion euros. The net result closed significantly lower at 2,9% of sales. In the
coming financial year, Colruyt Lowest Prices will be continuing its longstanding lowest price strategy, while
all of our brands remain committed to efficiency, service, friendly staff, quality products and services.
Colruyt Group continued to invest heavily in the future, spending 488 million euros on new stores and
renovations, production buildings, machines, rolling stock and a wide range of IT soware and platforms.
Examples include the new Collect&Go distribution centre in Londerzeel, the Fine Food salad factory, the
office building in Zwijnaarde and some fieen transformation programmes preparing us for the digital
future through even more efficient systems and processes. In addition, we continued to expand the
Colruyt Group ecosystem through a number of acquisitions, inter alia Newpharma, Foodbag, Roelandt
Group, JIMS and Culinoa, thereby strengthening our ambitions in such areas as e-commerce, vertical
integration, health and sustainability.
Word from the
Chairman
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In an ever-faster digitalisation context, we are responding to evolving customer needs with
innovative digital concepts and services. For example, OKay Direct is the first self-service store
where customers can shop completely autonomously 24/7. And since mid-2022, Collect&Go has
been offering home deliveries in densely populated cities like
Brussels and Antwerp.
As a Belgian retailer, we continued to help promote domestic
production, oen in close cooperation with various partners
throughout the chain. Following the acquisition of the Roelandt
industrial bakery, we are now able to offer our customers a
wider range of bread and pastries. We started construction of a
sea farm where we intend to harvest the first Belgian mussels
by summer 2023. Furthermore, we have established a unique
chain for organic Belgian bread wheat, the basis for Bio-Planet’s
delicious bread.
We have also taken extra initiatives in the field of
sustainability. We are particularly proud of our afforestation
project in the Democratic Republic of Congo. Together with the
local population and NGOs, we are planting 12 million trees
there, meaning that by 2030 we as a group will absorb more CO
2
than we emit. We are also pleased with the growing support for
the Eco-score, an easy-to-understand label showing a product’s
environmental footprint. The label is already available online
for half of the foods offered at Bio-Planet and Colruyt Lowest Prices. In addition, our new water-
saving crate-washing facility is now in operation, while all wastewater and rainwater from our
headquarters buildings is being treated on-site, reducing our consumption of mains water by up
to 90%.
Finally, we continued to invest strongly in the production and distribution of renewable energy.
Through our participation in the energy holding company Virya Energy, we are pioneering the
industrial production of green hydrogen and helping to build large-scale wind farms at home and
abroad. At our headquarters, we opened Belgium’s largest battery charging bay, where as many as
one hundred cars can be recharged simultaneously.
Like last year, this annual report contains our sustainability reporting, in line with the
UN’s Sustainable Development Goals. More on this at colruytgroup.com and in the special
sustainability brochure supplementing the annual report.
Relying on the skills and entrepreneurship we so cherish with our 33.000 employees, we have
accomplished a great deal as a group in another exceptional year. I am convinced that, with
dedication and perseverance, our efforts will bear fruit in the years to come.
In addition to the long term, the short term obviously deserves
our full attention. Historically high inflation and high energy
prices, along with strong competition in the Belgian retail
market, are largely responsible for the drop in our operating
margin. These three factors are set to continue to be a
challenge in the current 2022/23 financial year. With its unique
footprint and a meaningful, broad range of products offered via
an adapted organisational structure, our group is well equipped
to meet future challenges. We said goodbye to our COO Retail
Marc Hofman who took up his well-deserved retirement. I am
very grateful to Marc for his efforts over the past nine years.
With the COOs Jo Willemyns and Stefan Goethaert at my side, I
am confident about our group’s successful future.
Above all, we continue to invest in our people, in their
entrepreneurship and skills, as key components within the
group’s long-term strategy. I would like to explicitly thank all
staff for their efforts and contribution to offer social added
value day aer day.
The investments in both people and a sustainable infrastructure will allow us to continue to
be there for millions of customers, day-in, day-out, in the years to come. I also extend a warm
thank-you to all the customers who continue to choose us, and to the partners with whom we
hope to continue our lasting collaborations.
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Word from the Chairman • Continuity • Who are we? • Our vision on sustainability • Management report • Key figures
Change was the order of the day in the past financial
year and will continue to be so, partly due to
unpredictable events, but also due to evolving customer
needs or sustainability standards. But whatever
happens, as a retailer we will continue to ensure the
availability of affordable food, our core task both today
and tomorrow. At the same time, as a key Belgian
player, we are helping to find solutions to major social,
economic and environmental issues where we, together
with our customers, staff and partners, can really make
a difference. However, today’s challenges with regard to
soil, energy or climate are so urgent and comprehensive
that we need more than ever a government able to take
hard decisions. We therefore wish our politicians the
courage to take swi and decisive action for the benefit
of our planet.
Jef Colruyt
CEO Colruyt Group

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Perseverance and continuing solidarity,
even in dicult times
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Word from the Chairman • Continuity • Who are we? • Our vision on sustainability • Management report • Key figures
No sooner had the corona pandemic ended than we were faced
again with other, complex challenges. As a group, we are proud
that even in these difficult circumstances we have displayed
resolve, perseverance and solidarity, both among colleagues
and with our customers and the wider population. This has
enabled us to play our social role in a creative and flexible way.
Alleviate the needs after flooding
When Belgium was hit by extreme flooding in mid-2021, we immediately came to the
rescue, in close consultation with local aid organisations. We quickly dispatched two
trucks loaded with canned goods and hygiene products. In all, our distribution centres
donated 16 trucks of food to the Food Banks. At the same time, we supported many
local initiatives: Retail Partners donated food and other products to a relief campaign
in Verviers, Solucious supplied 55.000 bottles of water in Liège, where it also delivered
supplies to an institutional kitchen that prepared emergency meals, while Newpharma
provided the Red Cross in Angleur with large quantities of hygiene and cleaning
products. And we continued to provide logistical support to aid organisations in the
weeks and months following the disaster.
The stores in and around the disaster area also played their part, donating water,
hygiene and maintenance products to local non-profit organisations and initiatives.
Around thirty stores were hit, with around a dozen remaining closed for several
days. The local employees, together with colleagues from our technical, IT and other
departments, did everything possible to clean up the stores and get them running
again. All were open again within a week, except for two completely destroyed Spar
stores: they were fully renovated in four and six weeks. These were phenomenal
performances in the middle of the holiday period, which would have been impossible
without our employees’ incredible commitment and solidarity.
Of course, a number of our colleagues were also personally affected in the disaster
area. They could count on priority psychological and administrative support and a fast-
track financial intervention from our Solidarity Fund.

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Jij helpt,
wij helpen jou
#
plekvrij
Vang je een kwetsbaar gezin op bij je thuis?
Dan geven we je graag een duwtje in de rug.
Meer weten over onze solidariteitsactie voor gastgezinnen?
Vraag ernaar bij een winkelmedewerker
Zo dragen we samen bij aan een
betere samenleving, stap voor stap.
For refugees and host families
During the humanitarian crisis in Ukraine, we opted to provide aid
as efficiently as possible, both through our store network, and by
collaborating with reliable partners in the field.
• An Xtra discount of 3% for Belgian host families taking in refugees. In this way,
from March 2022, our food stores helped people help other people.
• Delivery of food and medicines to an AB InBev aid convoy, which delivered
the goods to refugees in the border areas. In addition, our own specific
transports, also with non-food.
• Supply of food to registration centres in Belgium, cooperation with cities
and municipalities to support reception initiatives and emergency villages,
enhanced cooperation with the Federation of Food Banks, …
Ensuring continuity
During the corona pandemic, we continued to provide our customers with
quality service.
In the festive month of December 2021, 1.200 employees from our central
services worked more than 2.200 shis in the stores, absorbing the pressure both
of the traditional year-end crowds and the acute staff shortages due to sick or
quarantined store employees.
Colruyt Lowest Prices was the first retailer in Belgium to offer high-quality
self-tests at an accessible price of 3,50 euros each.
In a global (logistics) crisis, as Belgium’s largest Belgian retailer, we continued to
help guarantee the food supply. Despite rising inflation, Colruyt Lowest Prices
continued to defend consumers’ purchasing power like no other.

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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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Word from the Chairman • Continuity • Who are we? • Our vision on sustainability • Management report • Key figures
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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To make a positive
dierence with
everything we do

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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
The core of our mission is ‘to create sustainable added value together’.
We put this into practice every day.
Given our unique position in the supply chain, our economic impact also
enables us to set in motion a positive social and ecological spiral, with
long-term results. We believe that in this way our entrepreneurship
serves as the driver for sustainable development and a source of
inspiration for our environment.
We are continuously making our own activities and products more
sustainable, concluding smart partnerships, and are fully committed to
innovation, with a view to creating a sustainable positive impact. We are
also strongly committed to circularity, with minimal consumption of raw
materials and energy, and in so doing respecting the carrying capacity of
our planet.
In all our activities, we also nurture and stimulate strong mutual
commitment and interaction between employees, customers, suppliers,
partners and society. We can be proud of what we have already achieved
in recent years and we continue, step by step, to make a positive
difference together.
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Our approach
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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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3 drivers for the way we organise ourselves
Our sustainability policy is guided by three drivers. To start with: our products and services, the core of our activity
as a retailer. A second driver is the infrastructure we use to bring those products to our customers. Finally, our third
driver is people, that is our employees, who create added value every day, and our customers and partners with
whom we enter into sustainable relationships.
Our organisational culture ensures that this sustainability is deeply rooted in every part of Colruyt Group.
4 themes for consuming more consciously
We want to inspire and help consumers and employees to consume more consciously.
‘Step by step’ is our common language around sustainability. For this, we link products, services and initiatives having
clear, strong aims and a demonstrable impact on health, society, animal welfare or the environment to one or more
of these four icons.
12 programmes
for making a dierence
We make a difference with 12 programmes where we
are keen to make tangible progress through innovation
and collaboration across the entire value chain. The word
‘programme’ makes clear that this work is never finished
and that we are constantly refining our strategy and
objectives. We are working towards these clear objectives
through more than 150 concrete projects.
Domain
Sustainability
Vision, strategy and
objectives for the
whole organisation
Domain Board
(strategic, 4 times a year)
Chairman of the Domain Board:
Jef Colruyt
Domain meetings
(tactical, 4 times a year)
Product
Infrastructure
People
Mobility
Energy
Water
Atmosphere
Raw materials
Agriculture
Biodiversity
Animal welfare
Living together
Learning together
Working together
Health
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Our supply chain
As a retailer with its own production departments, we have an
impact throughout the entire supply chain. In every link of the
chain, we are committed to innovation and collaboration to
minimise our ecological footprint.
• Raw materials. We develop sustainable partnerships with
suppliers, farmers and other stakeholders. Both for our
products and services and for our infrastructure. We also
check on site.
• Processing, transportation and sales. We avoid or reduce
negative effects by continuously improving our energy
consumption, water use, freight transport, etc. At the same
time, we take on a positive pioneering role through innovation.
• Consumption. We inform and inspire consumers to enable
them to make more conscious choices.
• Waste/recycling. We are constantly working on innovative
solutions for packaging, food waste, reuse of materials etc.
verwerking
verwerking
transport
transport
verkoop
verkoop
consumpe
consumpe
afval/recyclage
afval/recyclage
grondstoffen
grondstoffen
Transformaon
Transformaon
Transport
Transport
Vente
Vente
Consommaon
Consommaon
Déchets/recyclage
Déchets/recyclage
Maères premières
Maères premières
processing
processing
transport
transport
sales
sales
consumpon
consumpon
waste/recycling
waste/recycling
raw materials
raw materials
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17 Sustainable
Development Goals
to report on
By integrating sustainability into all
aspects of our entrepreneurship, we
also actively contribute to the 17
United Nations sustainability goals. As
a company, we continue to support
this sustainability agenda, with its
2030 horizon, using it as a compass
for our sustainability strategy. For
the second year in a row, we also use
the 17 Sustainable Development Goals
as a framework for reporting on our
achievements.
Materiality
Where do we have the most impact?
The term ‘materiality’ indicates how important or ‘material’ a certain sustainability theme is for an organisation and its stakeholders.
Themes that score high on both sides of a so-called ‘materiality matrix’ are close to the heart of both the organisation and
stakeholders. It is these themes where as a company you can have the greatest impact. This year we are publishing such a materiality
matrix for the first time.
What do our stakeholders think?
In order to continue to realise sustainable added value together, it is important to keep a finger on the pulse and to understand our
shareholders’ expectations and interests. What do they see as sustainability priorities? What keeps them awake at night and what
doesn’t? On the basis of international frameworks (e.g. GRI, SASB, SDGs) and our own sustainability strategy we selected 21 topics
that we are already working on today and where we, as a company, can make a difference. We then selected a number of stakeholder
groups that are important to our company: customers, employees, business partners, government players, civil society, press and
media, financial analysts and shareholders.
Dialogue on current and future sustainability policy
In March 2022, 355 stakeholders participated in our online survey on materiality. Based on a questionnaire they were able to assess
and rate the 21 selected topics. How well is Colruyt Group tackling these themes today? And how important should they be for
Colruyt Group to ensure a sustainable future? Open questions also allowed participants to make suggestions and share their opinions.
Also, at the end of March 2022, we organised a stakeholder consultation with some twenty guests: business partners, sector
federations, NGOs, and social and environmental organisations. During this consultation, we dialogued with them on our current and
future sustainability policy.
The three dimensions of the materiality matrix
Which topics are important for our stakeholders? What is our impact on the environment and society? What is the financial impact of
the topics on our business activities? The three dimensions of the materiality matrix provide a combined answer to these questions.
• First dimension: we consolidated the results of the stakeholder dialogue in the vertical axis.
• Second dimension: we analysed the impact of Colruyt Group on the environment and society. This analysis was based on input
from, among others, recognised sources like SASB, MSCI and GRI. The analysis is a translation of these sources that reflect the risks
and opportunities of the sector. We mapped out the result on the horizontal axis.
• Third dimension: the third dimension of the matrix indicates the financial impact of the material subjects on Colruyt Group. In
this way, we meet the principle of double materiality. This dimension indicates the impact of social developments on our business
activities. The larger the sphere, the greater the potential financial impact of this topic on Colruyt Group. Proper management and
follow-up of these topics is therefore extremely important.
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19
The result
The result is the materiality matrix that shows how ‘material’ each topic is for Colruyt Group. This instructive
analysis provides a starting point for further discussion, both internally and externally. High-scoring topics are
healthy products, product safety and quality, working conditions in the chain, emissions, energy
management and fair and sustainable trade.
Implications for reporting
We linked the most material topics of our materiality analysis to our initially chosen material Sustainable
Development Goals (SDGs). In the Corporate Sustainability chapter, we therefore also use these SDGs to
describe the strategy, results and KPIs of these material topics.
Finally, in our Corporate Sustainability chapter, we also pay attention to SDG 6 (Clean water and sanitation).
Although the corresponding topic ‘water management’ did not score highly in the materiality analysis, we find
this topic important enough to report on.
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Topic SDG
Healthy products SDG 3. Good health and well-being
Product safety and quality SDG 12. Responsible consumption and production
Working conditions in the chain SDG 8. Decent work and economic growth
Emissions SDG 13. Climate action
Energy management SDG 7. Affordable and clean energy
Responsible sourcing SDG 12. Responsible consumption and production
Fair and sustainable trade
SDG 2. Zero hunger and
SDG 12. Responsible consumption and production

20
REPORTING
• Where we speak of
‘financial year’ and use
‘2021’ as a reference,
this relates to financial
year 2021/2022 (1 April
2021 to 31 March 2022
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,
starting on page 153.
This presentation
of non-financial
information and
diversity is based on
Article 96, § 4 or 119,
§ 2 of the Belgian
Companies Code,
implemented by
the Belgian Law of
03/09/2017 transposing
EU Directive 2014/95/
EU.
Materiality Matrix 2022
1 Healthy products
2 Product safety and quality
3 Product transparency and
responsible sales practices
4 Development and training
5 Local involvement
6 Diversity and inclusivity
7 Working conditions in the chain
8 Safety, health and well-being at
Colruyt Group
9 Animal welfare
10 Emissions
11 Biodiversity
12 Energy management
13 Food loss
14 Sustainable packaging
15 Responsible sourcing
16 Waste management
17 Fair and sustainable trade
18 Sustainable transport
19 Water management
20 Data security and customer privacy
21 Sound governance
Medium
Colruyt Group’s impact on the ecosystem
Importance for our stakeholdersMedium
High
High
Low
19
6
4
5
9
8
3
1
2
15
7
10
12
17
18
16
14
11
13
20
21
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Y Importance for our stakeholders: results of the dialogue with our stakeholders
X Colruyt Group’s impact on the ecosystem: analysis of Colruyt Group’s impact on the environment and society
Size of the circles: the financial impact of the topics on our business activities
X
Y

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Word from the Chairman • Continuity • Who are we? • Our vision on sustainability • Management report • Key figures
Management report
Revenue increases slightly, market share grows
Operating profit and net result under pressure
Colruyt Group’s current year result evolution was
impacted by specific effects:
• The Belgian retail market experienced diverse impacts of
the easing of COVID-19 restrictions in the financial year
2021/22. Volumes in the food stores were under pressure
and market competitiveness increased strongly in terms of
both price and promotions. In addition, the last months of
the financial year were particularly marked by a challenging
macroeconomic environment with high inflation. Colruyt
Lowest Prices nonetheless continued to deliver on its brand
promise by consistently implementing its lowest prices
strategy. The market share of Colruyt Lowest Prices, OKay
and Spar in Belgium increased to 30,8%.
Colruyt Group’s operating expenses and investments were
also affected by rising inflation in 2021/22, an effect that
was even more pronounced in the last quarter of the
financial year. These trends have led to a decrease of the
operating profit and the net result of Colruyt Group.
• At the beginning of the financial year 2021/22, Colruyt
Group acquired 100% of the shares of the Belgian
foodservice partner Culinoa
(*)
and of the Belgian
fitness chain JIMS
(*)
. The services Culinoa provides
are complementary to the activities of Solucious,
Colruyt Group’s foodservice specialist. JIMS operates
27 fitness centres in Belgium and Luxembourg, which also
offer group exercise classes and digital coaching. Both have
been fully consolidated since respectively April and May
2021, which has contributed to the consolidated revenue.
The impact on the operating profit and the net result is
limited.
• In the last quarter of 2021/22 Colruyt Group acquired 100%
of the shares of the industrial bakery Roelandt Group
(*)
.
With this acquisition, Colruyt Group furthers its investments
in the vertical integration of fresh products, in this case
bread. Roelandt Group has been fully consolidated since
January 2022, which contributed to consolidated revenue.
The impact on the operating profit and the net result is
limited.
• In the financial year 2020/21, Colruyt Group acquired
100% of the shares of Joos Hybrid
(*)
and increased its
stake in The Fashion Society
(*)
. Joos Hybrid provides
companies with hybrid total solutions for document and
communication management. The Fashion Society includes
the fashion retail chains ZEB, PointCarré and The Fashion
Store. Both have been fully consolidated since August 2020,
which has contributed to the consolidated revenue.
• As from October 2020, the group stopped selling the
general non-food range through the Collishop website,
which negatively impacted the consolidated revenue in the
first semester of 2021/22.
• At the end of May 2020, Colruyt Group transferred certain
assets relating to Eoly’s renewable wind energy activities
into the energy holding Virya Energy. As a result of this
transaction, Colruyt Group realised a one-off positive effect
of EUR 31 million in the first half of the financial year
2020/21. This transaction had no material impact on the
cash flow statement.
(*) This management report uses the term “the new entities” to refer to the
acquisitions made in the financial years 2020/21 (The Fashion Society and
Joos Hybrid) and 2021/22 (JIMS, Culinoa and Roelandt Group).

22
Consolidated income statement
Colruyt Group’s revenue rose to over
EUR 10,0 billion in 2021/22. Revenue
was positively impacted by the revenue
increase from the fuel distribution
activities of DATS 24 (excluding fuels,
revenue decreased by 2,0%) and the full
consolidation of the new entities. On the
other hand, the revenue evolution was
negatively affected by the food store
volumes being under pressure following
the easing of COVID-19 restrictions and by
the discontinuation of the non-food sales
through the Collishop website (as from
October 2020).
Colruyt Group’s market share in Belgium
(Colruyt Lowest Prices, OKay and Spar) rose
to 30,8% in the financial year 2021/22
(30,6%
(**)
in 2020/21). At the start of the
financial year 2022/23, the market share
maintains its upward trend.
The gross profit margin decreased to
27,4% of revenue. Excluding fuels, the
gross margin improved by 12 basis points.
The full consolidation of the new entities
had a positive impact on the gross margin.
In the financial year 2021/22, the Belgian
retail market was characterised by a
competitive market environment, in terms
of both price and promotions. The last
months of the financial year were marked
by price increases, which the group tries
to limit as much as possible for the
consumer by thoroughly analysing every
price increase request and by entering into
consultations with the suppliers.
At the start of the financial year 2020/21,
the gross profit margin was positively
impacted by lower promotional pressure
following the ban on promotions and
discounts in Belgian supermarkets.
Net operating expenses climbed from
19,6% to 20,0% of revenue. The increase
is mainly the result of rising inflation
on all key financial statement items,
such as employee benefit expenses and
energy costs, the full consolidation of
the new entities and the group’s ongoing
investments in its employees, high-quality
house-brand products, sustainability and
digital transition. The increase is also
explained by the one-off positive effect
of EUR 31 million in the first half of the
previous financial year 2020/21 (resulting
from the contribution of Eoly’s renewable
wind energy activities into the energy
holding company Virya Energy).
Further COVID-19-related costs were
incurred in 2021/22, including additional
benefits and days of leave that the group
granted to its employees in sales, logistics
and production as a token of gratitude
for the efforts made. In the second half
of 2021/22, following a decision of the
Belgian government and the various
agreements concluded at sector level,
Colruyt Group granted to its employees
a one-time compensation (the so-
called ‘corona bonus’) in the form of
consumption vouchers, for a total amount
of approximately EUR 12 million.
The operating cash flow (EBITDA)
amounted to 7,4% of revenue (8,3% in
2020/21 excluding the gain realised on the
contribution of Eoly Energy).
The depreciation, amortisation and
impairment charges rose by EUR
38 million. The increase is mainly
attributable to the full consolidation of
the new entities (EUR 14 million) and to
the continuous investments in stores,
production and distribution centres and
transformation programmes.
The operating profit (EBIT) totalled
EUR 375 million or 3,7% of revenue in
2021/22 (5,0% in 2020/21 excluding the
gain realised on the contribution of Eoly
Energy).
The share in the result of investments
increased to EUR 6 million in 2021/22
(EUR -4 million in 2020/21). The increase
is explained by the 2020/21 result that was
adversely impacted by The Fashion Society
and Vendis Capital due to the COVID-19
health crisis. This was partly offset by the
higher result generated by Virya Energy in
2020/21.
The effective tax rate increased from 20,0%
to 25,2%. The evolution of the effective
tax rate is partly explained by one-off
effects, such as the exempted gain on
the contribution of Eoly Energy into Virya
Energy in the previous financial year.
Excluding the gain realised on the
contribution of Eoly Energy in the financial
year 2020/21, the profit for the period
decreased by 25,3% from EUR 385 million
(3,9% of revenue) to EUR 288 million (2,9%
of revenue).
(**) As Nielsen modified the market share calculation
method in 2021/22, last financial year’s market
share was also revised using this modified method.
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(in million EUR)
1/04/2021
-
31/03/2022
(1)
1/04/2020
-
31/03/2021
(2)
Variance
Revenue 10.049 9.931 +1,2%
Gross profit 2.752 2.792 -1,4%
% of revenue 27,4% 28,1%
Operating
cash flow
(EBITDA)
741 850 -12,9%
% of revenue 7,4% 8,6%
Operating
profit (EBIT)
375 523 -28,3%
% of revenue 3,7% 5,3%
Profit
before tax
383 521 -26,5%
% of revenue 3,8% 5,2%
Profit for the
financial year
288 416 -30,8%
% of revenue 2,9% 4,2%
Earnings
per share
(in EUR)
(3)
2,16 3,06 -29,4%
(1) For the specific effects that impacted the results of the financial
year 2021/22, we refer to the aforementioned key elements.
(2) The results of the financial year 2020/21 were impacted by the
COVID-19 crisis. For the specific effects that impacted the results
of the financial year 2020/21, we refer to the aforementioned key
elements.
(3) The weighted average number of outstanding shares equalled
132.677.085 in 2021/22 and 135.503.424 in 2020/21.
Consolidated key figures

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Colruyt Group revenue (in million EUR)
12/13 13/14 14/15 15/16 16/17 17/18
8.312
8.652
8.917
9.177
9.493
9.031
18/19 19/20 20/21
9.434
9.581
9.931
21/22
10.049
11%
WHOLESALE AND
FOODSERVICE
81%
RETAIL
8%
OTHER ACTIVITIES
Colruyt Group results (in million EUR)
12/13 13/14 14/15 15/16 16/17 17/18 18/19
354 350 363 366 383 374 384
515
488
495
507
493
488
485
21/2220/21
288416
375
523
19/20
431
511
13%
WHOLESALE AND
FOODSERVICE
94%
RETAIL
4%
OTHER
ACTIVITIES
- 11%
CORPORATE
EBIT
EBIT
Profit for the
financial year
REVENUE

24
Income statement per segment
Retail
Revenue from the retail activities declined by 1,7% to EUR
8.165 million. The retail activities accounted for 81,2% of the
consolidated revenue in financial year 2021/22.
The food retail revenue in Belgium, France and Luxembourg
reported significant volume gains (offline and online) in the
food stores in the financial year 2020/21 as a result of the
COVID-19 health crisis. In the financial year 2021/22 however,
the food retail revenue was marked by declining volumes in
food stores due to the combination of the easing of COVID-19
restrictions and a competitive market environment in terms
of both price and promotions. Notwithstanding this revenue
decrease, the market share of Colruyt Lowest Prices, OKay and
Spar in Belgium grew to 30,8% (30,6% in 2020/21).
In addition, the food retail revenue was impacted negatively
by the discontinuation of the non-food sales through the
Collishop website (as of October 2020) and positively by the full
consolidation of Roelandt Group (as of January 2022).
Revenue of Colruyt Lowest Prices in Belgium and Luxembourg
declined by 3,0%. The revenue performance was primarily
impacted by the competitive market environment. The last
months of the financial year 2021/22 were mainly marked by
price increases which Colruyt Lowest Prices tries to limit as
much as possible for the consumer, the consumer’s financial
situation being something that Colruyt Lowest Prices feels very
strongly about. Colruyt Lowest Prices therefore continues to
consistently implement its lowest prices strategy and delivers
on its brand promise day aer day.
In the financial year 2021/22, investments in the modernisation
of 17 existing stores continued and a new Colruyt store in
Luxembourg and a second Colruyt Professional store in
Drogenbos were opened.
OKay, Bio-Planet and Cru reported an aggregate revenue decline
of 8,6%.
OKay opened five new stores in 2021/22, including one in Ghent
with a new innovative store concept that allows customers
to shop for groceries 24/7 (OKay Direct). Several stores were
renovated this financial year, as in previous years. OKay
continues to invest in convenience and in high-quality and
fresh products.
For twenty years already, Bio-Planet has been a pioneer in
sustainability with a large range of organic and eco-friendly
products and healthy food. Bio-Planet wants to make conscious
consumption more accessible and continues to focus on
Belgian and local connections.
For the Cru multi-experience markets in Overijse, Ghent and
Antwerp, artisan products and customer experience, combined
with crasmanship, remain at the forefront while they pursue
their efforts to improve operational efficiency.
The revenue of Colruyt in France rose by 4,5%. Excluding fuels,
Colruyt’s revenue in France declined by 2,4%. Last financial year,
the revenue was positively impacted by the COVID-19 crisis,
especially in the second half of the year.
Three stores were divested near Paris and four new stores were
opened in the last quarter of 2021/22. Colruyt Prix Qualité is a
clearly laid-out neighbourhood supermarket, where customers
can find everything they need for their daily and weekly shop.
Colruyt Group continues to invest in its French retail activities,
inter alia by renewing existing stores and doubling the logistical
capacity in the years ahead.
The non-food retail revenue increased by 33,8% compared
to last year. In the financial year 2020/21, revenue was
adversely impacted by the government-enforced store closures.
In 2021/22, revenue was positively impacted by the full
consolidation of The Fashion Society as from August 2020 and
the acquisition of JIMS at the end of April 2021.
The combined store revenue of Dreamland, Dreambaby and
Bike Republic improved by 7,2%.
Bike Republic’s store estate grew from 15 to 21 stores.
The Fashion Society, the holding that includes the fashion
retail chains ZEB, PointCarré and The Fashion Store, is fully
consolidated as of August 2020. The multi-brand chain
comprises 124 stores in Belgium, Luxembourg and France.
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.
Colruyt Group continues to invest in and innovate its online
store concepts and digital applications.
Colruyt Group’s online sales amounted to 8% of the retail
revenue, excluding fuels, in 2021/22. Colruyt Group’s online
revenue is primarily generated by Collect&Go. As a shopping
service, Collect&Go is the market leader in the Belgian online
food market and continued once again this year to show
growth. The new e-commerce distribution centre for Collect&Go
in Londerzeel has been operational since September 2021 and
is four times the size of the previous facility. This will further
support growth in the years ahead.
Colruyt Group is launching a home delivery service via
Collect&Go, with orders being delivered by its own employees in
Brussels and Antwerp. Every week, 500 orders will be delivered
from the e-commerce distribution centre in Londerzeel. The
home delivery concept launched in May 2020, with groceries
being delivered through a network of neighbours, is also being
rolled out further. By combining these two services, Collect&Go
is able to make home deliveries faster and to serve more
customers.
In July 2021, Colruyt Group increased its stake in the online
pharmacy specialist Newpharma (accounted for using the
equity method) to 61%. With this investment, the group aims
at stimulating the consumer with a proactive approach to
health. At the same time, it allows the group to further develop
its leadership in online retail, with a focus on a multi-channel
approach.
In February 2022, Colruyt Group acquired a stake in Smartmat
NV, a company specialised in meal boxes under the brands
Foodbag and 15gram. This has led the group to further expand
its customer-oriented offer in the Belgian online food market.
Innovation and sustainability remain the common threads
running through all Colruyt Group’s activities.
Colruyt Group is a reference point for sustainable
entrepreneurship and a source of inspiration for conscious
consumption. Colruyt Group works towards this objective step
by step, through a wide array of initiatives and partnerships.
For example, there are more than 150 projects with which the
group wants to make a positive difference both socially and
ecologically, always with long-term results in mind.
In March 2021, Colruyt Group introduced the Eco-score. The
Eco-score indicates a product’s environmental footprint
and complements the Nutri-Score, with the aim of inspiring
the consumer to consume consciously, in terms of both
environment and health. In October 2021, Colruyt Group won
the Mercurius award with the Eco-score, an award granted by
the trade federation Comeos to reward innovation.
In terms of vertical integration, the group opened the new
production site Fine Food Salads in Halle and acquired 100%
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of the shares of the industrial bakery Roelandt Group. These
investments strengthen the group’s position as an independent
player in the market.
Colruyt Group has committed to continuing to fight food waste
in collaboration with ‘Too Good to Go’. Colruyt Group has been
taking a very conscious approach to food waste for years and
aims to raise its customers’ awareness in this respect as well.
This collaboration is another important step in this direction.
In the years ahead, the group will also continue to invest in the
sustainable conversion of existing stores into low-energy stores.
Wholesale and Foodservice
Revenue from the wholesale and foodservice segment
decreased by 0,9% to EUR 1.065 million and was impacted by
the easing of COVID-19 restrictions. These activities accounted
for 10,6% of the group revenue in the financial year 2021/22.
Wholesale revenue declined by 5,7%. Last financial year,
the revenue was driven by higher sales volumes in Belgium
and France, mainly as a result of COVID-19. The Spar Colruyt
Group stores in Belgium position themselves as friendly
neighbourhood supermarkets for daily grocery shopping,
with a wide range of fresh products and personal service. The
profitability of the independent Spar entrepreneurs continues
to rank among the best on the market.
Colruyt Group continues to focus on 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.
Revenue from the foodservice activities of Colruyt Group
increased by 40,6% in 2021/22. The revenue increase was
realised mainly by Solucious, the foodservice specialist of
Colruyt Group, and was further reinforced by the acquisition of
Culinoa in April 2021.
Solucious delivers foodservice and retail products to
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 fair and consistent pricing. Solucious
achieved a 26,3% revenue increase in 2021/22. In the financial
year 2020/21, the COVID-19 health crisis led to a drop in
deliveries, especially in those to the hospitality sector.
In April 2021, Colruyt Group acquired 100% of the shares
of Culinoa. The services provided by Culinoa, which as a
foodservice partner guides and supports over 100 large-
scale kitchens of healthcare institutions in Belgium, are
complementary to those of Solucious. This investment has
led to a further increase of the revenue from the group’s
foodservice activities..
Other activities
Revenue from the other activities increased by 49,7% to
EUR 819 million in 2021/22.
These activities accounted for 8,2% of the consolidated revenue.
This segment basically comprises the revenue of the Belgian
DATS 24 filling stations. The revenue of DATS 24 was positively
impacted by price and volume increases following the easing of
COVID-19 restrictions.
The DATS 24 network currently comprises more than 85 CNG
stations, one public hydrogen filling station and over 140
electric charging posts on car parks of Colruyt Group stores.
Step by step, DATS 24 furthers its efforts to promote greener
mobility and to raise the level of public acceptance of the
sustainable energy transition through cooperatives and
investments in renewable energy. These investments include
inter alia the construction of additional public hydrogen filling
stations, the expansion of the number of electric charging posts
and the recent shareholding in Pluginvest.
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). Joos Hybrid, whose activities are
complementary to those of Symeta, is fully consolidated as of
August 2020.
Colruyt Group is the majority shareholder of the energy holding
Virya Energy. 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, and aims for international expansion. The energy
holding is also working towards developing a service offering
in offshore renewable energy with recent stakes in GEOxyz,
.Ocean and Fluves. Virya Energy currently holds 100% stakes in,
amongst others, offshore wind energy (Parkwind) and onshore
wind energy (Eoly Energy and Eurowatt).
Consolidated balance sheet
The net carrying amount of the tangible and intangible fixed
assets increased by EUR 253 million to EUR 3.232 million. The
increase is primarily the net effect of new investments (EUR 488
million), the full consolidation of Culinoa, JIMS and Roelandt
Group (EUR 79 million) and depreciation charges (EUR 359
million). Colruyt Group continues to invest in its distribution
channels, logistics and production departments, in renewable
energy and in digital transformation programmes.
Investments accounted for using the equity method rose by
EUR 144 million, mainly due to the increase of the stake in
Newpharma from 26% to 61% in July 2021 and the acquisition
of a 41,36% stake in Smartmat in February 2022. Because of
these transactions, the cash flow statement of Colruyt Group
includes a cash outflow of respectively EUR 72 million and EUR
27 million in the financial year 2021/22.
The current financial assets as at 31 March 2022 mainly
relate to the convertible bonds issued by Virya Energy in the
financial year 2020/21. The carrying amount of EUR 95 million
corresponds to the conversion price and reflects the fair value
at 31 March 2022.
This bond issuance fitted with Virya Energy’s expansion plans.
Both Colruyt Group and Korys subscribed to these bonds. 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 -31 million at 31 March 2022 (net of EUR 207 million of
short-term financing).
Colruyt Group’s equity totalled EUR 2.462 million at 31 March
2022, accounting for 43,8% of the balance sheet total.
The increase in interest-bearing liabilities (current and
non-current) by EUR 505 million is mainly attributable to the
long-term financing entered into by Colruyt Group to continue
to invest in the group’s longer-term sustainable growth.

26
Treasury shares
In 2021/22, 4.650.566 treasury shares were purchased for an
amount of EUR 198,2 million.
In October 2021, 2.500.000 treasury shares were cancelled.
Aer year-end, 1.326.899 treasury shares were purchased for an
amount of EUR 44,8 million.
On 10 June 2022, Colruyt Group held 4.845.853 treasury
shares, which represented 3,62% of the total number of shares
issued.
Events after the balance sheet
date
Conversion of convertible bonds issued by Virya Energy
In early June 2022, Colruyt Group and its family majority
shareholder Korys converted their convertible bonds issued by
Virya Energy into shares. As both shareholders converted the
bonds, the shareholding remains unchanged.
The parties have taken the necessary measures in view of the
conflict of interest rules.
Colruyt Group increases its stake in Newpharma to 100%
On 13 June 2022, Colruyt Group increased its stake in
Newpharma to 100% by acquiring the shares held by Korys,
the investment company of the Colruyt family. This additional
investment in Newpharma enables Colruyt Group not only to
pursue its ambitions in the area of health, but also to further
develop its leadership in online retail.
Because of this transaction, the cash flow statement of Colruyt
Group will include a cash outflow of approximately EUR 97
million in the financial year 2022/23. The parties have agreed
not to disclose any details regarding the price or any other
terms of the transaction. Arm’s length principles were applied
for the valuation.
As a result of this transaction, Newpharma will be fully
consolidated as from July 2022. Colruyt Group does not expect
this transaction to have a material impact on the net result of
the financial year 2022/23.
The necessary measures have been taken in view of the conflict
of interest rules.
Outlook
Colruyt Group expects the current macroeconomic context,
which is marked by inflation, cost increases and a negative
consumer confidence, to continue. And this in a market
environment that is particularly competitive. In light of the
uncertainty caused by the geopolitical situation, the group
is unable to make any statements in this regard and these
expectations may have to be revised in due course.
As a retailer, and as the market leader in Belgium, we want to
continue to actively fulfil our role in society. The consumer’s
financial situation is something that Colruyt Group feels very
strongly about. Now more than ever, customers must be able
to rely on us. Colruyt Lowest Prices will therefore continue to
consistently implement its lowest price strategy. The group
will limit price increases as much as possible, by thoroughly
analysing every price increase request and by entering into
consultations with the suppliers.
The group’s operating expenses, such as employee benefit
expenses and energy costs, are heavily impacted by rising
inflation. Colruyt Group will nonetheless pursue its investments
in efficiency, employees, high-quality house-brand products,
sustainability, innovation and digital transition, while
maintaining its focus on operating cost control. Colruyt Group
maintains its long-term focus and will continue to consistently
pursue its long-term strategy.
Colruyt Group expects the consolidated net result excluding
possible one-off effects to further decrease in 2022/23
compared to 2021/22.
Colruyt Group does not expect the acquisition of Roelandt
Group and the increase of the stake in Newpharma to have a
material impact on Colruyt Group’s net result in 2022/23.
The group points out that the uncertainty arising from the
geopolitical situation may impact the 2022/23 result outlook.
Colruyt Group will present its full-year 2022/23 guidance at the
General Meeting of Shareholders on 28 September 2022.
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Earnings and gross dividend per share (in EUR)
Dividend
The Board of Directors will propose a gross dividend of EUR 1,10 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 2,16 and the pay-out ratio to 50,8%.
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
21/22
1,10
2,16
Earnings per share
Gross dividend per share
48,O%
50,8%
Dividend pay-out ratio

28
In million EUR Revenue EBITDA EBIT
Retail
(1)
8.233 632 352
Retail Food 7.699
• Colruyt Belgium and Luxembourg
(2)
6.069
• OKay, Bio-Planet and Cru
(3)
1.038
• Colruyt France and DATS 24 France 592
Retail Non-food
(4)
466
Transactions with other operating segments 68
Wholesale and Foodservice
(1)
1.082 72 51
Wholesale 911
Foodservice
(5)
154
Transactions with other operating segments 17
Other activities
(1)
833 26 14
DATS 24 Belgium 798
Printing and document management solutions
(6)
21
Transactions with other operating segments 14
Eliminations between operating segments - 99 0 0
Corporate (not allocated) 0 11 - 42
Total Colruyt Group consolidated 10.049 741 375
(1) Including transactions with other operating segments.
(2) Including the revenue from the webshops Collect&Go, Bio-Planet, Dreamland and
Dreambaby realised by Colruyt stores. Including Roelandt Group as from January 2022.
(3) Including the revenue from the Dreamland and Dreambaby webshops realised by the
OKay and Bio-Planet stores.
(4) Including the store revenue from Dreamland and Dreambaby and the revenue from
Bike Republic, The Fashion Society and JIMS (as from May 2021).
(5) Including the revenue of Culinoa as from April 2021.
(6) Including the revenue of Joos Hybrid.
Segment information
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(In million EUR) 2021/22
(1)
2020/21
(1)
I. Retail 369 313
Colruyt (Belgium and Luxembourg)
(2)
158 137
OKay, Bio-Planet and Cru 24 18
Dreamland, Dreambaby, Bike Republic, The Fashion Society and Jims
(3)
16 8
Colruyt France and DATS 24 France 18 17
Other retail and real estate 154 134
II. Wholesale and Foodservice 26 15
Wholesale 15 5
Foodservice
(4)
1 1
Real estate 9 9
III. Other activities
(5)
21 20
IV. Unallocated corporate activities 72 121
Total Colruyt Group 488 469
Key figures
Investments realised
EUR488
million
investments
(1) Exclusive of acquisitions through business combinations, IFRS 16 and change in consolidation method.
(2) Including Roelandt Group as from January 2022.
(3) Including The Fashion Society as from August 2020 and JIMS as from May 2021.
(4) Including Culinoa as from April 2021.
(5) Including Joos Hybrid as from August 2020. The renewable wind energy activities of Eoly NV were contributed to the energy holding company Virya Energy in financial year 2020/21.

30
Production and distribution centres
m
2
aantal
Production and distribution centres
Belgium 624.067 29
France 64.417 4
The investments in 2021/22 mainly related to:
• the expansion and the renovation of stores in Belgium and France
• the sustainable renovation of distribution centres and administrative
buildings
• new e-commerce distribution centres for Collect&Go and Newpharma
• green energy (solar panels, hydrogen, CNG and charging stations)
• our innovative change programmes and IT investments
Excluding any acquisitions or participations, Colruyt Group expects to
carry out in financial year 2022/23 an investment programme of between
EUR 480 million and EUR 500 million. The group will continue to invest in:
• new stores and the renovation of existing stores
• the expansion of logistics capacity in Belgium and France (for example,
the new distribution centre in Ollignies for the non-food range in the food
stores and the new distribution centre near Dôle in France)
• the expansion of production capacity in Belgium, focusing on vertical
integration
• innovative change programmes and digital transition
• renewable energy (such as hydrogen filling stations and charging stations)
and energy-efficiency (for example, the sustainable renovation of buildings
and making the car fleet more sustainable)
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Company-operated stores
of Colruyt Group
2021/22 2020/21 2019/20 2018/19 2017/18
BELGIUM AND LUXEMBOURG
Colruyt
- number 254 252 248 243 239
of which leased externally 23 22 19 19 19
- in ‘000 m² 454 444 437 426 414
OKay
- number 156 150 145 141 135
of which leased externally 31 32 29 30 25
- in ‘000 m² 92 89 86 82 80
Bio-Planet
- number 31 31 31 29 27
of which leased externally 14 15 15 15 13
- in ‘000 m² 20 20 20 19 18
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 47 45 42 43
of which leased externally 15 16 15 15 15
- in ‘000 m² 80 83 80 76 80
Dreambaby
- number 31 30 29 29 26
of which leased externally 16 15 15 15 13
- in ‘000 m² 19 18 17 17 15
Bike Republic
- number 21 15 13
of which leased externally 21 15 13
- in ‘000 m² 24 18 16
The Fashion Society
(1)
- number 109 101
of which leased externally 109 100
- in ‘000 m² 108 99
FRANCE
(2)
Colruyt
- number 92 91 87 85 78
of which leased externally 2 4 4 3 3
- in ‘000 m² 90 89 85 81 76
Dreamland
- number 0 0 0 0 2
of which leased externally 0 0 0 0 2
- in ‘000 m² 0 0 0 0 4
(1) The Fashion Society includes the fashion retail
chains ZEB, PointCarré, The Fashion Store and ZEB
For Stars as well as 15 stores in Belgium and France
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 year
2017/18, these figures relate to the number on
closing date 31 December.

32
(In million EUR) 2021/22 2020/21 2019/20
(1)
2018/19 2017/18
(2)
Revenue 10.049 9.931 9.581 9.434 9.031
Retail 8.233 8.373 7.956 7.837 7.551
Wholesale and foodservice 1.082 1.088 969 958 933
Other activities 833 557 731 713 690
Intersegment -99 -87 -75 - 73 - 143
Gross profit 2.752 2.792 2.565 2.471 2.350
EBITDA 741 850 807 758 734
EBITDA margin 7,4% 8,6% 8,4% 8,0% 8,1%
EBIT 375 523 511 485 488
EBIT margin 3,7% 5,3% 5,3% 5,1% 5,4%
Profit before tax 383 521 561 519 519
Taxes 95 105 130 135 145
Net profit 288 416 431 384 374
Net profit margin 2,9% 4,2% 4,5% 4,1% 4,1%
Cash flow from operating activities 499 708 830 565 497
Free cash flow -108 114 462 260 70
Total equity 2.462 2.527 2.359 2.208 2.042
Balance sheet total 5.614 5.195 4.565 4.147 4.054
Investments
(3)
488 469 410 378 392
ROIC
(4)
13,4% 17,6% 18,5% 17,3% 18,9%
Key figures
over five years
(1) Including the impact of IFRS 16 and the full
consolidation of Bike Republic as from financial
year 2019/20.
(2) The figures as from financial year 2017/18 are
exclusive of the French foodservice business Pro
à Pro.
(3) Exclusive of acquisitions through business
combinations, IFRS 16 and change in
consolidation method.
(4) The calculation of the ROIC was refined as
from financial year 2021/22. In addition, the
acquisitions of financial year 2021/22 (i.e.
Culinoa, JIMS, Roelandt Group) were not included
in the calculation.
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(1) Including the impact of IFRS 16 and the
full consolidation of Bike Republic as
from financial year 2019/20.
(2) The figures from financial year 2017/18
onwards exclude the French foodservice
business Pro à Pro.
(3) Exclusive of the fitness facilities of JIMS
(24 in Belgium and 3 in Luxembourg).
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(In million EUR) 2021/22 2020/21 2019/20
(1)
2018/19 2017/18
(2)
Market capitalisation at year-end 5.019 6.925 6.821 9.460 9.460
Weighted average number of
outstanding shares
132.677.085 135.503.424 137.279.011 137.758.364 137.758.364
Number of outstanding shares on 31/3 133.839.188 136.154.960 138.432.588 143.552.090 143.552.090
Earnings per share (EPS) (in EUR) 2,16 3,06 3,14 2,78 2,78
Gross dividend per share (in EUR) 1,10 1,47 1,35 1,31 1,31
Dividend yield 2,93% 2,89% 2,74% 1,99% 1,99%
Number of employees 32.996 32.945 30.631 29.903 29.903
Number of employees in FTE 31.210 31.189 29.056 28.339 28.339
Number of own stores in
Belgium, Luxembourg and France
(3)
744 720 601 572 572
Store area of own stores
in ‘000 m
2
889 861 743 704 704
Number of independent storekeepers in
Belgium, affiliated stores in France
(excluding independent retailers) and franchisees
of the multi-brand chain The Fashion Society.
588 591 583 579 579
Key figures
over five years
(sequel)

34
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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 975,7 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 299,1 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 2,1 billion. Of this, 46,6% goes as taxes to the various local and federal
governments and 41,2% is paid to employees for services rendered. 5,5% is distributed to shareholders
(2)
and the
remaining 6,7% 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 975,7 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)
375,9
Withholding tax on wages
(1)
137,5
Income tax on profits 77,6
Product-related taxes (customs, excise) 329,9
Withholding tax on income from investments 26,7
Property withholding tax 12,3
Registration duties, provincial and municipal taxes
and other federal taxes
15,7
Total 975,7
46,6%
local and
federal
governments
41,2%
Colruyt Group
employees
5,5%
shareholders
6,7%
retained earnings
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36
32.996
employees
744
own stores
588
independent
storekeepers
in Belgium, aliated stores in
France (excluding independent
retailers) and franchisees of
The Fashion Society
889.000 m
2
retail space of
own stores
975,7
million
contributed to the
Belgian treasury
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Colruyt Group’s operational activities are subdivided into retail, wholesale, foodservice,
other activities and group support activities. The retail shop formulas and the deliveries to
independent retailers (wholesale) and professional customers in food service represent the
lion’s share of our commercial activities. DATS 24, Symeta Hybrid and our stake in Virya Energy
are included in ‘Other activities’.
92,2%
Belgium
7,1%
France
0,7%
Other
Geographic segmentation
of revenue
Activities
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities

38
France Wholesale Belgium FoodserviceBelgium Wholesale
Retail
81,2%
of group revenue
EUR 8.165 million
Wholesale
and foodservice
10,6%
of group revenue
EUR 1.065 million
Other activities
8,2%
of group revenue
EUR 819 million
Interests
Interests
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities

39
Colruyt Lowest Prices is primarily aimed at families who do their
weekly shopping in a price-conscious way. It is also the ideal format
for professionals, associations and households doing big shops in an
efficient way.
Colruyt has a wide range, 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 6.069 million revenue (- 3,0%)
249 stores in Belgium and
5 in the Grand Duchy of Luxembourg
1.700 m
2
average store area
10.500 food and 7.500 non-food items
More than 15.500 employees in FTE
Lowest Prices
colruyt.be / colruyt.lu
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities

40
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities
2.000.000
handy shopping bags
The new, reusable bag is simple to
place on the shopping cart, where
it stays nicely open and upright.
This means that the checkout
assistants can fill the bag with
purchases efficiently, traditionally
a highly valued service, which also
leads to smoother flows at the
checkout. At the beginning of 2022,
two million free bags were given
out to customers, as an additional
sustainable shopping aid besides
reusable folding crates.
Slight decrease in revenue,
market share recovering
• During the past financial year, Colruyt Lowest Prices recorded a decrease
in revenue of 3,0%, mainly due to retail price deflation resulting from a
highly competitive market with persistently high promotional and price
pressure. The exceptional sales peaks linked to the emerging coronavirus
pandemic in the previous financial year were also absent. Towards
the end of the financial year, sales stabilised at the level before the
coronavirus pandemic, partly due to emerging sales price inflation and
normalising customer behaviour.
• Colruyt also recorded excellent sales results in the run-up to the end-
of-year period, thanks partly to its reputation as a trusted name for
shopping for the festive season. On the traditionally busiest days (23 and
30 December) more customers passed through the tills than ever. To cope
with the extra volumes, many colleagues from central services came to
lend a hand every day in November and December.
• In a slightly contracted market, Colruyt managed to increase its market
share once more. As the end of the coronavirus pandemic approached,
customers gradually began to shop more frequently once more.
• In a competitive market environment, for both prices and promotions,
Colruyt Lowest Prices still continued to guarantee its customers the
lowest prices.
• The contribution of Colruyt Professional reached record levels in the last
financial year, with March 2022 as the best month in the last four years.
The revenue growth is due to a greater influx of customers combined with
higher spending per professional customer, driven partly by successive
relaxations of the coronavirus measures in the hospitality sector.
• 17 renovations
• New Colruyt Professionals in Drogenbos
• Fih store in the Grand Duchy of
Luxembourg, with a wide assortment
of local products, besides well-known
Luxembourg and Portuguese brands
• Potential for one or two extra sites each
year

41
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities ACTIVITIES
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Retail • Wholesale • Foodservice • Other activities • Group support activities
The lowest price for each product at every moment. That is and remains the promise of
Colruyt Lowest Prices in Belgium and Luxembourg, to which the brand remains true even in
difficult circumstances.
• Due to rising costs of raw materials, energy, packaging and transport, many suppliers
increased their prices from mid-2021 onwards. That led to tougher annual negotiations for
2022 and even a temporary pause in the sale of a limited number of products. We took the
time to hold constructive discussions with suppliers and form clearer agreements, including
on future price increases and decreases, in order to arrive at acceptable solutions for
everyone.
• As a price follower, Colruyt continued to match its prices to those of its competitors. Despite
higher purchase prices, sales prices still decreased at Colruyt throughout 2021.
• Colruyt continues to present itself as the defender of consumers’ purchasing power.
Besides offering the lowest prices all year round, Colruyt helps customers manage their
budgets in other ways. For instance, at the beginning of 2022, there was a campaign packed
with money-saving tips, such as making shopping lists in advance, cooking with seasonal
products or checking expiry dates.
• In its annual price survey, consumer organisation Test Aankoop confirmed that Colruyt is still
the cheapest supermarket in Belgium.
Making best use of the aisles
In order to respond to evolving customer preferences, Colruyt Lowest
Prices launched an accelerated update of store assortments. The
assortment was optimised: products were added or removed, existing
items were given more or less space. This was accompanied by a
redesign of the stores, which took a maximum of four days and did not
generally involve closing. The operation resulted in better sales figures
in general. In 2021, some 70 stores were upgraded.
• More than 200 new items on average in the food and fresh ranges
• Larger bread cabinet, new cabinets for cold meats, tapas, veggie and
hummus
• Optimised, smaller non-food assortment
• More space for non-alcoholic drinks, beer, parapharmacy, ...
In December 2021, Colruyt became the first supermarket in Belgium to
offer quality Covid self-test kits for 3,5 euros each, making these tests
accessible to more people. The first 10.000 kits flew out of the doors in
a few hours. Our online pharmacy Newpharma provided the necessary
expertise.
The parapharmacy section trialled in 2021 (first aid, cold products,
skincare, ...) could be found in more than 200 stores by the end of the
financial year. About ten larger stores offer cosmetics and sports foods
as well. Customers can also reserve items in the Newpharma webshop
and have them delivered to their Colruyt store.
Awards
• Best Retail Food Brand 2022 and first place in the GfK
winter report.
• Beste Winkelketen van België 2021-22 (Best Retail
Chain in Belgium) in the hypermarket and supermarket
categories (Salesforce).
• Promo Compliance Award 2021 (SmartSpotter), for
compliance with promotional agreements with suppliers.

42
ACTIVITIES
|
Retail • Wholesale • Foodservice • Other activities • Group support activities
Wider working windows in-store
From mid-2021, store employees were offered the opportunity to work within
wider working windows on a voluntary basis: between 5 am and 11 pm on
weekdays and between 5 am and 8.30 pm on Saturdays. They are entitled
to an extra payment for early and late hours. Starting earlier and stopping
later enables employees preparing Collect&Go orders in particular to work
more efficiently. At the same time, stores are staffed more during the day,
improving customers’ shopping experience.
Enhanced Colruyt Professional leaflet
At the beginning of 2022, Colruyt gave the successful sale to
professional customers such as resellers, hospitality businesses
and associations an extra boost with a totally revamped leaflet. This
is a single, identical leaflet, instead of separate versions for each
target group as before. Increasing the frequency from monthly to
fortnightly facilitates a more flexible promotion policy and more
intensive communication. This makes Colruyt Professional stand
out even more for its customers.
Second Professionals store in the
Brussels region
In September 2021, a second Colruyt Professionals store
opened in Drogenbos, exclusively for registered customers with
a Professional card. Over an area of 1.100 m², the store offers
around 3.250 products tailored to professional customers and is
ideally located for the many small local shops that stock up there.
Together with the store in Schaerbeek, Drogenbos helps take the
pressure off local Colruyt stores, benefiting both professional and
private customers. As expectations have been exceeded, Colruyt is
considering a further rollout in and around major cities.
PROFESSIONAL
Exclusieve aanbiedingen
Geldig van 1/12 t.e.m. 31/12/2021.
De prijzen in uw Colruy t-winkel kunne n nóg lager zijn dan in deze fo lder. Op vertoon van u w
Colruyt Profes sional Plus-kaar t profiteert u b oven op de voordelige C -prijzen ook van de ko rtingen die zich tbaar zijn in de winkel .
De huidige prijzen in uw w inkel kan u vóór uw winke lbezoek raadplege n via 02 363 53 63. Zo mist u geen ka nsen.
51208
Graindor
Cerrado - Brazilië
gemalen koffie 500 g
excl. btw
5,594
€
incl. btw 5,93 €
excl. btw 11,189 €/kg - incl. btw 11,86 €/kg
51220
Graindor
Mild
36 pads
excl. btw
2,028
€
incl. btw 2,15 €
51207
Graindor
Santa Anita - Costa Ric a
gemalen koffie 500 g
excl. btw
5,189
€
incl. btw 5,50 €
excl. btw 10,377 €/kg - inc l. btw 11 €/kg
51209
Graindor
Acatenango - Guatemala
gemalen koffie 500 g
excl. btw
5,66
€
incl. btw 6 €
excl. btw 11,321 €/kg - incl. btw 12 €/kg
51222
Graindor
Strong
36 pads
excl. btw
1,84
€
incl. btw 1,95 €
Uw Colruyt is langer open
voor uw feestaankopen
donderdag 23 en 30 december
van 8 tot 21 u.
en vrijdag 24 en 31 december
van 8 tot 18 u.
Bekijk de gewijzigde openingsuren
voor uw groothandel
Colruyt voor Professionals op
colruytprofessional.be/winkel
PROFESSIONAL
Exclusieve aanbiedingen
Geldig van 1/12 t.e.m. 31/12/2021.
De prijzen in uw Colruy t-winkel kunne n nóg lager zijn dan in deze fo lder. Op vertoon van u w
Colruyt Profes sional Plus-kaar t profiteert u b oven op de voordelige C -prijzen ook van de ko rtingen die zich tbaar zijn in de winkel .
De huidige prijzen in uw w inkel kan u vóór uw winke lbezoek raadplege n via 02 363 53 63. Zo mist u geen ka nsen.
Freixenet 0,0 % vol
schuimwijn zonder alcohol
20 cl
23116
Normale prijs
Excl. btw 2,06 €/f les
Actieprijs bij aankoop vanaf
24 flessen
Excl. btw 1,75 €/fle s
Actieprijs bij aankoop vanaf
1 pallet (1296 flessen)
Excl. btw 1,65 €/fles
OF
Patriarche Chardonnay,
Patriarche Merlot of
Patriarche Syrah Rosé
Vin de France
25 cl
17841
Normale prijs
Excl. btw 1,49 €/fles
Actieprijs bij aankoop vanaf
24 flessen
Excl. btw 1,26 €/fles
Actieprijs bij aankoop vanaf
1 pallet (1512 flessen)
Excl. btw 1,19 €/f les
OF
Cava Peregrino de Sant Jo an
brut
75 cl
12148
Normale prijs
Excl. btw 5,78 €/fles
Actieprijs bij aankoop vanaf
24 flessen
Excl. btw 4, 91 €/fles
Actieprijs bij aankoop vanaf
1 pallet (408 flessen)
Excl. btw 4,62 €/fles
OF
17922 17 9 4 6
Ons vakmanschap drink je met verstand
-15 %
vanaf 24 flessen
-20 %
vanaf 1 pallet
OF
Uw Colruyt is langer open
voor uw feestaankopen
donderdag 23 en 30 december
van 8 tot 21 u.
en vrijdag 24 en 31 december
van 8 tot 18 u.
Bekijk de gewijzigde openingsuren
voor uw groothandel
Colruyt voor Professionals op
colruytprofessional.be/winkel
PROFESSIONAL
Exclusieve aanbiedingen
Geldig van 1/12 t.e.m. 31/12/2021.
De prijzen in uw Colruy t-winkel kunne n nóg lager zijn dan in deze fo lder. Op vertoon van u w
Colruyt Profes sional Plus-kaar t profiteert u b oven op de voordelige C -prijzen ook van de ko rtingen die zich tbaar zijn in de winkel .
De huidige prijzen in uw w inkel kan u vóór uw winke lbezoek raadplege n via 02 363 53 63. Zo mist u geen ka nsen.
Alle cava’s Mistinguett
N° art. Inhoud Normale prijs
excl. btw
Prijs vanaf
24 flessen excl. btw
Prijs vanaf
1 pallet excl. btw
12495 20 cl 2,31 €/fles 1, 97 €/fles 1,85 €/fles
43493 37,5 cl 4,05 €/fles 3,44 €/fles 3,24 €/fles
21895 75 cl 6,90 €/fles 5,87 €/fles 5,52 €/fles
5690 75 cl 5,78 €/fles 4,91 €/fles 4,62 €/fles
25 411 75 cl 6,32 €/fles 5,37 €/fles 5,06 €/fles
41358 75 cl 6,11 €/fles 5 ,19 €/fles 4,89 €/fles
43491 150 cl 14,8 8 €/fles 12,6 4 €/fles 11 ,90 €/fles
1144 3 75 cl 4,12 €/fles 3, 51 €/fles 3,30 €/fles
-15 %
vanaf 24 flessen
-20 %
vanaf 1 pallet
OF
Ons vakmanschap drink je met verstand
12495
1144 3
5690
21895
41358
43491
43493
254 11
Uw Colruyt is langer open
voor uw feestaankopen
donderdag 23 en 30 december
van 8 tot 21 u.
en vrijdag 24 en 31 december
van 8 tot 18 u.
Bekijk de gewijzigde openingsuren
voor uw groothandel
Colruyt voor Professionals op
colruytprofessional.be/winkel
Working more ergonomically
Aer years of faithful service, the typical flat shopping cart for volume purchases was replaced by a
new model with a higher loading board and a shallower but wider basket into which a folding crate
fits. This means that store employees need to bend less deeply, significantly reducing the physical
strain of working at the checkout. The new cart will be rolled out in all stores in mid-2022. We are
offering the old versions to schools, associations and the self-employed for 25 euros, to do our bit
for the circular economy.

43
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Retail • Wholesale • Foodservice • Other activities • Group support activities
Original co-creations
As a firm feature in the lives of so many customers, Colruyt Lowest Prices is pleased to assume its social role. The
retailer takes part in a wide range of unifying initiatives, oen in co-creation with suppliers, non-profit organisations
and other (media) partners.
1. De Pottenlikkers steps out
The successful children’s cookery programme by
Colruyt Lowest Prices and Studio 100 branched out
during Wonderweekend in Meise Botanic Garden.
Assisted by Colruyt coaches, young chefs prepared
fabulous dishes to enjoy with their families in the
pop-up restaurant.
2. Shopcakes tackle food waste
Using ingredients that we oen throw away such
as stale bread, famous chocolatier Dominique
Persoone created a nutritious cake. He distributed his
‘Shopcakes’ to customers of a Colruyt store in Bruges,
ideal to stave off hunger before shopping. In this way,
Colruyt and OVAM made customers aware that, by
using leovers, we can avoid food waste and make
considerable savings.
3. Fun footballs shirts for the Euros
In the run-up to the European Championship,
customers received a free ‘F.C. Colruyt’ football shirt
when they spent 30 euros on ten A-brands. The shirts
featured participating brand logos and fun player
names such as Jules Piler, hinting at Belgian popular
beer brand ‘Jupiler’.
4. Own channel on TikTok
Since the end of 2021, Colruyt has
its own channel on the TikTok social
media app, including DIY videos, hacks,
expert advice and food inspiration
tailored to families with young children.
5. The best beer in the world
Liefmans Kriek-Brut Xtra, a limited
edition and co-creation of the brewery
of the same name and Colruyt, won
first prize in two categories at the
prestigious World Beer Awards in
London.
6. The Biggest Sea of Flowers
Colruyt and Dreamland lent their support to a summer
initiative of Ketnet and Theater Aan Zee. Children
made more than 6.000 paper flowers and handed
them in in-store, following which our supply chain
transported them to Ostend. The spectacular unveiling
on the beach attracted plenty of attention.
Leading role in
sustainability
Colruyt has always led the way in using energy
and raw materials efficiently. Today, the
supermarket chain continues to play a major role
in many of the group’s sustainability initiatives,
relating to the environment, society, health and
animal welfare.
• Further rollout of low-carbon cooling systems
in-store
• Switch from shrink film to smaller bands for
the packaging of several products
• Trial of fully electric 44-tonne truck for quiet
deliveries to stores
• Commissioning of eco-friendly industrial
plants: crate washing and water purification
• Commitment to improve welfare of broiler
chickens, based on the criteria of the Better
Chicken Commitment
• Shining the spotlight on sheltered workshops,
as 2021 Ambassador for Belgian sheltered
workshops
Read more from p. 153.

44
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1 million active app users
2.400.000 average number of active customers per month
mijnxtra.be
The Xtra app or card is the gateway to the many benefits and services
of over 600 stores, online shops, collection points and filling stations.
The app offers many extra services that make life easier and aims to
grow into one of the best personal assistants in Belgium.
44
Personal
service
At Colruyt Group, we collect many
customer insights via Xtra. These
help us match our 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 with the utmost
respect for privacy. That means,
for example, that we never sell
customer data to third parties.

45
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45
4.100.000
Xtra customers
ACTIVITIES
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Shift from card to app
• Last financial year, the Digital Customer Services team worked hard to
enthuse existing cardholders about the app, focusing on the extra services,
user-friendliness and smaller footprint. And it paid off: some 250.000 new
app users signed up, making almost one million active users by the end of
the financial year. Although many customers still use both card and app, the
majority of the 10.000 new customers who register with Xtra every month
instantly opt for the app and no longer request a physical card.
• Since the end of 2021, the Xtra app has run on a brand-new cloud platform,
onto which the MyColruyt and Collect&Go services will also be integrated from
the autumn of 2022. In the spring of 2023, the Seamless payment function
will follow, so that customers no longer need to enter their PIN in the payment
terminal when paying.
In-app services
• All discounts applied automatically
• Easy payment in-store and at DATS 24, settlement by
domiciliation
• Digital shopping lists
• Purchase and budget insights
• Product info based on dietary preferences
• Digital vouchers
• Management of personal data, preferences, newsletters and
flyers
• Newsfeed about Xtra and partners

46
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Collect&Go has been the market leader in the Belgian online food
market for over 20 years. Customers reserve items from the Colruyt
and Bio-Planet ranges via the website or app. Staff in the stores and
the Londerzeel and Erpe-Mere e-distribution centres carefully select
the best products and prepare the order. Customers reserving before
midnight can collect their groceries the next day from over more
than 200 collection points at Colruyt, OKay, Bio-Planet or standalone,
or have them delivered to their home. The online shopping service
stands for quality, reliability, expertise and personal service.
2000
217 collection points in Belgium and Luxembourg
More than 550 employees in FTE
We do the shopping for you
collectandgo.be

47
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Maintaining the
momentum
Collect&Go saw its revenue increase further
during the past financial year, with a strong first
quarter and subsequent quarters growing in line
with forecasts. Our shopping service built on the
success of the previous financial year, in which
revenue increased by more than half. Despite
a slight decline in order frequency, shopping
basket volumes remained at a high level.
The service gained more than 100.000 new
customers and remains highly popular within
a broader customer base, resulting in high
customer satisfaction scores.
Since the greatly scaled-up capacity at the
height of the coronavirus pandemic is now
structurally embedded in the organisation,
Collect&Go can easily prepare 100.000 orders
a week. Due to the increased collection points,
there are more than sufficient timeslots available
for customers to collect their reservations.
Londerzeel distribution
centre operational
In September 2021, the new 18.000 m²
distribution centre in Londerzeel came into
service. Its central location between Brussels and
Antwerp makes Londerzeel the ideal operating
base for deliveries in both growth regions.
Londerzeel and the existing distribution centre in
Erpe-Mere combined have sufficient capacity to
allow for further growth in the coming years.
Even easier online shopping
The new website and app went online in mid-2021, with as
a major focus: making online shopping even easier. Handy
new functions simplify the ordering process. Customers can
change their sent reservation up to 9 am on the day before
collection. All discounts and promotions are prominently
displayed and applied instantly to the shopping cart. And
it is even easier to order all ingredients for a recipe in one
click, create and change lists.

48
Deals! is a big hit
Our online promotions platform Deals! celebrated its
first birthday in March 2022. Every week, it presents
heavy discounts of 50 to more than 60% on non-
food items from well-known brands. Orders are home
delivered for free. Deals! is living up to expectations and
even attracting customers who are new to the group.
The aim is to embed the service in the organisation in
the long term.
New:
collect on foot or by bike
Collect&Go is trialling a range of formulas tailored to
city customers for whom saving time, convenience
and sustainability are important. For instance, at the
end of the financial year, the first Collect&Go walk-in,
fully equipped for collecting shopping on foot or by
bike, opened in Elsene. Orders are prepared in nearby
stores and taken to the collection point by cargo bike.
Customers can use a delivery bike for free to take their
shopping home.
Home delivery gears up
Collect&Go consolidated its market-leading position in the online food market with a wider range of complementary
services. For instance, customers can access an increasingly finely branched network of collection points or they
can have their shopping delivered to their home. This flexibility allows them to organise their lives better and more
conveniently.
• Following a positive tryout before the pandemic, in
June 2022, Collect&Go launched home delivery by
its own drivers, initially for customers in the Brussels
and Antwerp areas. The orders are prepared and
home delivered by staff from the distribution centre
in Londerzeel. At launch, 20 delivery drivers were
employed, with a capacity of 500 deliveries per week.
By 2023, Collect&Go wants to more than double the
business and expand it to other major cities.
• The existing Collect&Go Drivers service has expanded
to around twenty collection points. Interested drivers
can see in the Drivers app which collection point they
can collect shopping from and deliver to customers
in their neighbourhood. They decide which tasks to
accept and receive a gross payment of 7 euros per
delivery. The unique Drivers platform is part of the
sharing economy and connects people who would like
help with their shopping with people who would like to
play an active role in their neighbourhood and earn a
little extra as well.
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49
Goodies in
high demand
Working closely with suppliers,
Collect&Go regularly treats its
customers to special gi packs that
fly out the door. The promotions
attract new customers and create
peaks in the number of reservations
and sales.
• 30.000 free Collect&Goooooal!
boxes during the football World Cup,
containing a Panini sticker book,
drinks and snacks.
• 30.000 free Blind Tasting Beer
boxes for Black Friday, containing
eight specialist beers, information
sheets and tasting equipment.
• 50.000 Back-to-school rucksacks
containing stationery, toothpaste,
drinks and snacks.
Innovative cool box
• Our technical department has developed an innovative cool box to transport chilled
and frozen products from the Londerzeel distribution centre to the collection points.
The boxes are connected by an IoT application so that we can track the temperature
during transport and guarantee the customer perfectly cooled products.
• The new cool box allows us to limit the amount of handling and increase our
efficiency. The folding crates containing refrigerated products remain in the cool
box until the customer comes to collect them. Previously, the folding crates were
transported in refrigerated containers, unloaded at the collection point and kept in
refrigerators.
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50
1998
EUR 1.038 million combined turnover –
OKay, Bio-Planet and Cru (- 8,6%)
156 stores, 144 OKay, 11 OKay Compact and
1 OKay Direct
400-650 m² average store surface area
4.500 items, up to 3.500 in OKay Compact
More than 2.300 FTEs
Fast, inexpensive and convenient
okay.be
For more than 20 years, OKay has been the handy neighbourhood
discounter 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 customers with simplicity and
convenience.
OKay Compact has been the metro store concept since 2012. Fast,
inexpensive and convenient shopping in city centres.
OKay Direct is the 24/7 self-service store where city customers shop
completely autonomously.
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51
Turnover down
• Aer the exceptional 2020/21 financial year, OKay sales
were down, falling to a level slightly above that of the
pre-corona 2019/20 financial year. Towards the end of
the corona pandemic, customers gradually resumed their
familiar shopping habits, going to stores other than those
in their immediate neighbourhood. In addition, sales were
negatively impacted by continued promotional pressure
and deflation over most of the financial year.
• However, the six new stores and strong year-end sales
(including complete Christmas menus) made a positive
contribution to sales. Several headquarters’ staff members
helped out in the stores in December.
• As a trusted neighbourhood discounter, OKay is putting
even more effort into personal contacts with customers,
an aspect somewhat disrupted during the pandemic
due to the need to wear masks. OKay also launched a
successful campaign to further strengthen customer
loyalty aer the corona pandemic.
• The planned expansion is set to continue, with OKay
wanting to open some five new stores each year and
seeing potential for some 200 stores in Belgium.
• OKay remains an attractive retail format, outperforming
the average convenience store in terms of customer
satisfaction (total score of 8,3 in the GfK Winter Report
2021 against an average of 8,24).
• 5 new OKay stores in
Waasmunster, Drongen,
Heers, Rijkevorsel and
Hoegaarden, and 1 OKay
Direct in Ghent
• 2 expansions and
7 refurbishments
7. 4340_CREATIE POS-Gevel-raam_rechts-650x1860.indd 17. 4340_CREATIE POS-Gevel-raam_rechts-650x1860.indd 1 18/10/2021 11:3118/10/2021 11:31
First 24/7 self-service store
• 24-hour, 7-day shopping has been available in the first OKay Direct store since
the end of 2021. This innovative 150 m² self-service store in the centre of Ghent
offers customers 650 products around-the-clock – both A-brands and own-
brand products –, in addition to fruit and vegetables, meat, fish, bread, ready-
made meals and personal care products.
• Through technology developed by our Smart Technics innovation division,
customers can now shop autonomously. Aer scanning their Xtra QR code,
they enter the store and take products from the shelves. All purchases are
recorded via weight detection. At the checkout, customers re-scan their QR code
to pay electronically.
• This pilot project aims to appeal to a broader target group, responding to the
needs of (urban) customers, such as students or people working late. OKay
Direct offers them a simple, fast and easy shopping experience, greater
autonomy and freedom.
• Following its opening, the store received a lot of media attention. Initial sales
figures are encouraging.
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52
Infrastructure
for the future
To accommodate further growth, we expanded our
headquarters, adding office space and parking facilities.
The necessary permits were also obtained for a future
10.000 m² expansion of the Laekebeek distribution
centre, providing 30% more storage space.
Focus on inexpensive stores
• From mid-2022 onwards, OKay will profile itself even
more clearly as an inexpensive neighbourhood
discounter, moving the focus away from speed and
convenience emphasised in recent years. For example,
customers will be offered better promotions, such as
2 + 1 or 1 + 1 free.
• To achieve these ambitions, the pricing strategy has
been fine-tuned, including a clearer delineation of the
perimeters within which stores align their prices with
competitors.
Assortment 2.0
All stores have optimised their
assortments, with more space
assigned to fresh and convenience
foods, such as ready-to-eat and
ready-to-heat meals. In the basic
assortment, there is now a greater
focus on regional products,
responding to divergent preferences
in Flanders and Wallonia. For the
necessary redesign measures, only
about half of the stores had to close
for one to two days.
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53
2001
EUR 1.038 million combined revenue for
OKay, Bio-Planet and Cru (- 8,6%)
31 stores
650 m
2
average store area
6.000 items
More than 450 employees in FTE
Truly good
bioplanet.be
For more than 20 years Bio-Planet is a fully sustainable supermarket,
now offering more than 6.000 organic and eco-friendly products.
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.
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Retail • Wholesale • Foodservice • Other activities • Group support activities

54
Lower revenue, more loyal customers
• Bio-Planet experienced a decrease in sales during the last financial year, due partly to
deflation and partly to changing consumer behaviour. This decrease mainly affected
physical stores, while online sales fared better. Nevertheless, sales remained slightly
above the level before the exceptionally good financial year of 2020/21. This trend also
manifested itself in the slightly smaller basket, which was still a fih larger than in 2019.
• The customer base shrank very slightly, mainly in customer groups that visit Bio-
Planet less frequently. This was partly offset by the sustainable growth in more loyal
customers. In 2021, the organic supermarket successfully tested a specific promo
campaign to boost the shopping frequency of occasional customers. These digital
communications and campaigns are continuing in 2022.
• In a volatile organic market, characterised by consolidation and closures, Bio-Planet
remains a structurally sound business that is open to partnerships with other actors.
• The renewed store concept launched in 2021 is being further refined at the new store in
Sint-Denijs-Westrem. The final concept will be rolled out from 2023.
• 31 stores
• Sint-Denijs-Westrem opens in September 2022, Doornik
and Hannuit in spring 2023
• Then 1 to 3 new stores every year, with potential for
60 stores in Belgium
• 150 collection points for online orders via Collect&Go
(31 in-store and 120 at Colruyt)
240 stakeholders come together for the first time
Our organic supermarket highlighted its leading role in conscious consuming with the
inspirational new event ‘The next decade of conscious consumption’. More than 240 Belgian
professionals from science, research, education, civil society, government and industry came
together online to consider how they can make sustainable production and consumption
the norm. On the menu: speeches and panel discussions about sustainable agriculture,
conscious consumption and the protein shi, attended by personalities including climate
activist Jill Peeters and TV chef Michaël Sels.
Stepping out
• For the summer of 2021, Bio-Planet
set out ten interesting walking routes
on which walkers could call in at
suppliers, from farmers to brewers
or dairies. With the Tour Local
initiative, Bio-Planet gave the people
behind their products visibility and
recognition. Around 2.000 participants
enjoyed a pleasant day out.
• Via Colruyt Group Academy, since the
spring of 2022, Bio-Planet also offers
guided herb walks, led by herbalists.
Participants pick herbs and then use
them together.
Support for innovative startups
Which innovative foods can contribute to the protein shi or the circular food
chain? This was the theme of the very first Food Challenge, a competition for
startups organised with the Smart Retail Ventures department. 36 startups
participated, 70% of which were Belgian.
All candidates were guaranteed personal feedback on their product’s market fit,
useful to facilitate further product development to be able to put it up for sale.
The crackers with cricket flour from Belgian finalist Yuma have been on the shelves
since May 2022.
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55
Accessibility is key
Making organic accessible to a wide audience, is part of Bio-Planet’s mission as a business.
• Competitively priced basic assortment with 330 items from the Boni Bio own brand, and regular
attractive promotions on A-brands.
• Partnership with Too Good to Go, so that customers can ‘rescue’ unsold but still perfectly
edible food. In one year, stores sold around 23.000 packs, or more than 99% of their offer. The
associated app scores highly for customer satisfaction and has also attracted new customers.
• Support for consumers with tips for reducing food waste, by making shopping lists, checking
expiry dates or cooking with leovers, for example.
A first:
100% Belgian organic bread
• Since the end of 2021, customers can find two kinds of 100% Belgian
organic loaves and baguettes at Bio-Planet, a first for our country.
• Wheat is a financially risky crop for Belgian farmers, due to an uncertain
yield and weather conditions. For this reason, our organic supermarket
joined forces with five organic farmers, flour mill Molens van Oudenaarde
and bakery Atelier du Pain to set up a new Belgian production chain for
organic bread. By the end of April 2022, 55 tonnes of organic wheat had
already been harvested and processed into around 36 tonnes of flour and
115.000 loaves.
• Bio-Planet guarantees the farmers to purchase their organic grain for a
pre-agreed price. This commitment allows the growers some breathing
space and gives the entire Belgian organic wheat sector a healthy boost.
The partnership also enables stores to increase their share of Belgian
bread.
20
candles!
In September 2021, Bio-Planet celebrated its 20th birthday. The first store opened in
Kortrijk in 2001, followed by Ghent in 2002 and Dilbeek in 2004, the first store in the
Brussels region. In 2014, the first store in Wallonia opened in Nivelles. Since 2016, Bio-
Planet has had its own distribution centre in Lot. At the beginning of 2021, the new store
concept was premiered at Braine-l’Alleud.
Seizoens-
kalender
Over
Bio-Planet
Tips voor een
evenwichtig
weekmenu
41
kortingsbonnen
12 inspirerende
recepten
Handige
maaltijdplanners
met boodschappenlijst
1
2
3
4
5
6
het hele jaar
GEBRUIK ONZE HANDIGE MAALTIJDPLANNER EN LAAT JE INSPIREREN
20 jaar
Weekmenu’s
voor
Eggs without one-day old male chicks
In September 2021, Bio-Planet was the first Belgian retailer to launch Belgian
eggs from farms at which no one-day old male chicks are hatched. A big step
forward for animal welfare, perfectly in keeping with Bio-Planet’s leading role in
this area. From January 2022, the whole assortment of fresh eggs has made the
switch, a first for Belgium.
Order online, collect in-store
The Bio-Planet range is available online via our Collect&Go
shopping service. Aer a trial period in the first half of the
year, as of May 2022, customers can collect their orders
from all Bio-Planet stores, as well as 120 Colruyt stores as
before.
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Retail • Wholesale • Foodservice • Other activities • Group support activities

56
2014
EUR 1.038 million combined revenue for
OKay, Bio-Planet and Cru (- 8,6%)
3 markets: Overijse, Ghent Kouter and Antwerp Groenplaats
650 m
2
average store area
850 items
More than 100 employees in FTE
Taste the force of nature
cru.be
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 your home or collected from the
market.
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57
Revenue remains stable
Cru’s revenue decreased slightly compared
with the exceptional financial year of 2020/21,
when customers spent considerably more on
better food, as an alternative to dining out in
a restaurant. Nevertheless, revenue remained
above the pre-Covid level two years ago. Cru is
satisfied with these results, particularly since its
own eating facilities remained closed for several
periods and barely any tastings were possible.
Gross profit remained stable and costs stayed
under control, partly because the markets were
able to maintain the same workforce for the
third year in a row. Other costs also remained
under control, although extra expenditure was
incurred due to higher energy prices in the
second half of the financial year.
Customer base and loyalty
continue to grow
Cru appeals to a specific customer group, looking
for products of exceptionally good quality.
For just under half of customers, the multi-
experience market is the only Colruyt Group
format they visit.
Cru continues to attract new customers,
increasing by 20% year on year at the end of
2021. In the month of December alone, at
the height of the festive season, 2.000 new
customers were recorded.
The number of loyal customers continues to
grow, partly due to further investments in loyalty
campaigns with free products to try at home.
This introduces customers to new products,
important since for a long time there were
no tastings. Cru also keeps close track of its
customers, for instance via surveys and personal
answers to questions or reactions.
Foundations for further growth
• As announced, Cru will open a fourth market with an eatery at the end of 2022, on the Eylenbosch site in Dilbeek.
• Cuit Ghent has been extended, Cuit Overijse serves breakfast on weekdays as well and both eateries offer fresh crepes in the
aernoon. In Antwerp, there is space for a quick bite on the go or in the eating area.
• To support further growth, there were a wide range of training courses for market employees and student workers, plus an
online information platform Crupedia.
• Cru continues to invest in more efficient processes, for example for staff, order or home delivery planning.
Cru for celebrations all year round
Cru is more and more top of mind when customers are shopping for celebrations,
particularly during the end-of-year period. The number of orders in December 2021
rose by almost 3%, generating 10% extra revenue. On 24 December, Cru achieved its
highest ever daily sales. These results were partly due to the online ordering system
with home delivery option, and the preceding partner festival in the markets. With a
wide range of gi boxes and a breakfast box, Cru makes the most of celebrations all
year round.
Innovative assortment
Cru continues to focus on innovative and
sustainable products, working closely
with the group’s innovation department.
• A first: quality fresh ginger, grown in
Belgium without pesticides or fertilisers
(only available in the autumn).
• Circular mushrooms
• More own recipes for meat
preparations, speculoos, gingerbread,
etc.
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1996
EUR 592 million revenue (+ 4,5%, including fuels)
92 stores, 90 Collect&Go collection points
750 to 1.000 m² average store areae
9.000 food, 2.500 non-food items
More than 2.000 employees in FTE
42 DATS 24 filling stations
Tout simplement l’essentiel
colruyt.fr
Colruyt Prix Qualité is a clearly laid out and affordable
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.
The stores are mainly located along approach roads in (semi-)rural
areas and almost all of them have a Collect&Go collection point.
Around half of them have a DATS 24 filling station as well. The
contribution of the filling stations is included in Colruyt Prix Qualité’s
revenue.
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Logistics facilitate further expansion
In May 2021, the new 12.000 m² distribution centre at Gondreville (near
Nancy) became fully operational. The site mainly handles fresh produce and
fast-moving dry goods, for delivery to one third of all French Colruyt stores.
Gondreville ensures shorter transport, more efficient supply of stores and better
quality fresh produce in-store.
Near Dole, work has begun on a new 25.000 m² distribution centre, to go into
operation in mid-2023. In a later phase, new headquarters will also open there.
All this extra logistical capacity will enable 7 to 8 new stores
to open every year.
Focus on regional
and local
Colruyt focuses increasingly on
connections, with a growing offer of
regional and local products geared to
the requirements of customers from
the surrounding area. One fih of
shelf space is now reserved for this on
average.
• The stores are divided into various
regions, with appropriate regional
ranges.
• The new stores in Alsace offer three
hundred local products for the first
time. The good sales results confirm
the potential for more local focus
throughout the store network.
Working to improve
sustainability
• More organic items and products with
improved nutritional values in the
Belle France own brand.
• Anticipation of stricter environmental
legislation, for instance with reusable
bags for fruit and vegetables instead
of plastic ones. Development of digital
alternatives to paper media such as
leaflets and receipts.
• More efficient transport of dry goods
through gradual switch from transport
carts to stackable pallet boxes, so that
trucks can carry greater volumes and
cover fewer kilometres.
Good performance in a slightly declining market
• Colruyt Prix Qualité’s revenue increased, mainly due to the effect of higher fuel prices, while
store revenue decreased slightly compared to the previous - exceptional - financial year. In
mid-2021 the three Paris stores closed, while four new stores did not open until the spring of
2022.
• In a slightly declining market, the Colruyt stores still performed substantially better than
before the start of the pandemic. Due to severely restricted mobility during the pandemic,
customers found it easier to visit stores in their neighbourhood, which they continued to
frequent aerwards. This resulted in a larger influx of customers and shopping basket. In
regions in which Colruyt is well represented, it has seen its market share grow substantially.
• The online shopping service Collect&Go managed to more than double its volumes. The
service intends to take a big leap forwards in 2022 with a new website, optimised processes
and systems.
• The coronavirus pandemic created extra expense but caused no major disruption in
deliveries to stores or actual sales. In general, our French retail activity managed to keep costs
constantly under control and improve profitability.
• Aer several periods of deflation and strong promotional pressure in France, slight inflation
began to emerge from the fourth quarter of the financial year. This trend, which is expected to
be sustained, looks set to have a positive impact on future sales figures.
• Colruyt has 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.
• Every week, Colruyt compares one million prices at competitors in the immediate vicinity
of its stores. Prices are matched to the cheapest retailer in the perimeter, including hard
discounters and hypermarkets. This makes Colruyt unique in the market, with prices that are
substantially lower than French consumers expect from a neighbourhood supermarket.
• New stores in Saint-Vallier and in Alsace: Wiwersheim,
Niederentzen, Hagenthal-le-bas
• 3 renovations and 1 relocation
• In the coming years, the focus will remain on expansion in
North-East France, up to the border with Luxembourg.
• New stores are given a ‘point chaud’ to bake off bread as
standard. When larger stores are refurbished, a hot bakery is
generally added.
• Besides normal services, the butcher’s departments also offer
a wide range of pre-packed products prepared on site.
Gondreville
Dole

60
Colex (Colruyt Export) supplies retail and foodservice products to
distributors, wholesalers and supermarkets all over the world, with
a focus on the African continent and French Overseas Territories.
The export department does especially well in Central and Western
Africa, especially in the Democratic Republic of Congo and Senegal.
Colex offers a wide range of groceries, fresh produce and frozen
food under Colruyt Group’s private labels (such as Everyday and Boni
Selection), supplemented by a peripheral range of A-brands. Colex
also stands out due to its unique all-in export service and support
for clients in marketing the products.
1985
Around 200 active clients
5.000 items
More than 40 employees in FTE
Bringing quality products to the world
colex-export.com
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Favourite in the Democratic Republic of
Congo, challenger in Senegal
• The Everyday private label is the European market leader in the cities of Kinshasa & Lubumbashi,
as well as the favourite brand of four out of five Congolese consumers. To further enhance
the status of ‘marque préférée des congolais’, Colex organised wide-ranging communication
campaigns and local promotions at the points of sale. In the new financial year, Colex will also
highlight the currently less well-known brand Boni Selection more.
• In Senegal, Everyday is a challenger for the private labels of the major French distributors
operating there. For this reason, Colex mainly promotes the brand among convenience
stores and the wholesalers supplying them. National media campaigns, local campaigns and
sponsorship will increase awareness of Everyday among retailers and consumers. This financial
year, Colex is focusing on expanding the sales network and giving stores a faceli.
Local ties
Colex is recruiting more
local staff for sales and
marketing: one in the
Democratic Republic of
Congo and three in Senegal,
where it works closely with
a local partner to distribute
the goods. The company
is also investing in local
production and, from mid-
2022 onwards, will offer half
a dozen locally packaged
Everyday products in the
Democratic Republic of
Congo and Senegal.
Online ordering
The redesigned website looks more
attractive, is more intuitive to use
and offers several new features.
Clients can now import their orders
onto the online ordering platform
directly from PowerPoint or Excel
if they wish. Free webinars are
available for clients not familiar with
online ordering.
Sea containers by barge
At the start of 2022, Colex moved into a new logistics site in Willebroek, with
an area of 8.500 m², twice as large as the previous warehouse in Bornem.
Thanks to the canalside location, almost all containers travel by barge to the
Port of Antwerp, requiring minimal transport by road. This is cost-effective and
saves around 40.000 truck kilometres per year.
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The Belgian meal box
Foodbag sets itself apart as a
thoroughly Belgian meal box, with
high-quality products from local
suppliers and original recipes from
our own chefs. Great attention is paid
to seasonal products, sustainable
packaging and avoiding food loss.
Every week customers have a choice
of 23 dishes in five cooking styles, for
one, two or three people. Flexibility
is paramount: customers take out a
weekly or biweekly subscription or
simply order individual boxes and pay
immediately.
As the number two on the Belgian
meal box market, Foodbag already serves about 10.000 families every week.
Foodbag is confident that the demand for convenient meal solutions will grow
strongly in the coming years, now that more and more people are familiar with
the convenience of the boxes and home delivery.
Strategic fit
Foodbag is a brand of Smartmat nv, of which
Colruyt Group became the main shareholder at
the beginning of 2022, together with the Colruyt
family holding company Korys. Smartmat’s activities
fit perfectly with our e-commerce strategy and
the ambition to offer more convenient solutions.
This new partnership allows us to strengthen our
leadership in the Belgian online food market and
take further steps in the development of sustainable
home delivery. Finally, there is an attractive match
of corporate cultures, with a common focus on
sustainability, local anchoring and simplicity in retail.
Colruyt Group has been working with Smartmat
since 2019, which, among other things, composes
the ‘One Meal Box’ for OKay, and the ‘Lekker Koken’
box for Colruyt Lowest Prices. The Foodbag meal box
itself is also available through our online channel
Collect&Go. In the coming months and years, we will
be looking at further cooperation and synergies.
Smartmat
Smartmat is an important player
in Belgian food e-commerce. The
company, run by founders Anders
Asarby and Stéphane Ronse, is
located in Antwerp and Ghent,
employs around thirty people and
has its own pool of 120 couriers.
Foodbag and 15gram: production
and home delivery of meal boxes
with or without subscription.
Rayon: online supermarket for
people who like good food and who
consciously opt for convenience and
home delivery.
Canteen: delivery of pre-prepared
meals, drinks, snacks and fruit to
company canteens and elsewhere.
Since February 2022
Stake: 41,36% in Smartmat nv
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The most sustainable drinking water
Robinetto’s mission is to provide as many people as possible with high-quality drinking
water that does not require packaging or transport and is much more ecological than
bottled water. The Ghent start-up installs professional tap installations that supply filtered,
cooled, still and sparkling water and also relieve users of masses of plastic waste. In 2021,
customers tapped in this way more than 1,3 million litres, at a savings of two million
packaging items. In the course of 2022, Robinetto will be installing more than 500 water
taps in the group’s central buildings and in Colruyt, Bio-Planet and OKay stores.
Robinetto was founded in April 2018 as a social
impact company, consciously focused on events
and catering, in order to spread its mission rapidly
to a large and diverse audience.
Colruyt Group became a co-shareholder in mid-
2021, with a substantial capital increase that
creates room for further sustainable growth,
in addition to substantive collaboration and
knowledge exchange.
In the meantime, a dozen employees serve more
than 500 customers, including festivals and
cultural centres, and also schools, healthcare
institutions and companies.
Since July 2021
Stake at 31 March 2022: 46,23%
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64
1994 acquisition of Droomland,
renamed Dreamland in 2002
EUR 466 million combined revenue for retail non-food
(Dreamland, Dreambaby, Bike Republic,
The Fashion Society and JIMS) (+ 33,8%)
(1)
47 stores
1.600 m
2
average store area
60.000 items offline and online
More than 800 employees in FTE
Unpack your dreams
dreamland.be
(1) Includes The Fashion Society since August 2020 and JIMS since May 2021.
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 in-store and online.
Dreamland’s online revenue is included in the store format from
where the goods are collected.
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New store concept on the way
• In the build-up to a totally new store concept, many innovations have been tested in new or renovated stores such as
Sambreville and Hasselt over the last few years. The best elements of these have been incorporated into several existing stores,
following which the new complete store concept will be premiered at the start of 2023.
• Under the slogan ‘Pak je dromen uit’ (Unpack your dreams), Dreamland wants to help children realise their dreams. This
translates into a wide assortment and inspiring stores that invite them to discover and try out products on the spot.
Technologies such as virtual and augmented reality help guarantee the ultimate experience.
Dicult financial year
• Dreamland had a difficult financial year, with a drop
in revenue for online sales in particular, while physical
sales fared better. The drop was mainly due to the global
transport and raw materials crisis in the aermath of the
coronavirus pandemic, exacerbated by the blocking of
the Suez canal in March 2021. During the crucial months
of November and December 2021 in particular, various
items were not in stock or came into stock late, causing
an irrevocable loss of sales. In the final quarter of the
financial year, larger expenditures in particular were
delayed, probably as a result of rising inflation and the
increasing cost of living.
• Compared with the wider toy market, which had a difficult
time, Dreamland performed respectably and managed to
consolidate its position as market leader.
• Dreamland informed its customers about the stock
problems with full transparency, which only enhanced its
image..
• 3 total renovations:
Veurne, Wilrijk and Lede
• 1 or 2 openings each year
More sustainable
school collection
Dreamland wants to become a benchmark
for sustainability with its own brand,
Kangourou. The range of satchels for primary
school is now made from 100% recycled
material (PET). By the start of the 2023
school year, the ranges for pre-schoolers and
teenagers will make the switch as well.
Dreamland also collects old satchels to give
them a new lease of life, for example by
donating them to social organisations or
recycling.
Accessible via
clicks & bricks
Dreamland’s physical stores and webshop
have worked together perfectly for years
and the synergy has only grown stronger.
Aer several periods of closure during the
coronavirus pandemic, customers soon found
their way back to the stores. At the same time,
they continued to use the website intensively
to prepare for their instore purchases. As a
result, in 2021, the site still received 30%
more visitors than in 2019 and online sales
continued to grow across the board.
Besides the stores and the largest toy
webshop in Belgium, the omnichannel model
also included more than 400 collection points
for online orders, plus the possibility of home
delivery. Finally, via the Click &Collect service,
customers can reserve items from stock and
collect them in-store three hours later.
To make the Dreamland universe even more
accessible, a chat function was integrated
into the website, so that customers could
receive an answer to their questions more
quickly. This translates into a satisfaction
score of 9,3 out of 10.
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Working more eciently
Dreamland and Dreambaby launched a
new ERP soware system for their offline
activities in the autumn of 2021. This system
replaced several old soware programs
and brings greater efficiency and speed to
virtually all business processes in areas such
as purchasing, sales, marketing and logistics.
Popular on TikTok
For communication on social media and
all kinds of events, Dreamland oen works
with well-known influencers such as Celine
and Michiel. Some videos on TikTok are
viewed more than 500.000 times. TikTok
is one of the most important channels
for Dreamland to reach its primary target
group, with topics that reflect what really
matters to the children.
DU
DREAMLAND DE VERVIERS
POUR
KINDERARMOEDEFONDS / ARC-EN-CIEL
ACTION DE
COLLECTE
UNE SAINT-NICOLAS
MAGIQUE POUR
CHAQUE ENFANT
€
3 360
d’une valeur de
175.000 euros
for underprivileged
children
With its campaign to give every child a
magical St Nicholas’ day, our toy specialist
raised more than 100.000 euros. Customers
could donate 1 euro at the checkout
or contribute freely online. Dreamland
added a further 75.000 euros, making
a total of more than 175.000 euros in
toy vouchers. Organisations such as Het
Kinderarmoedefonds and Arc-en-Ciel
distributed the vouchers among 4.378
underprivileged children. With this initiative
to make St Nicholas’ Day accessible to as
many children as possible, Dreamland
assumes its social role, as with a previous
campaign around gender neutrality. Besides
this, in 2021, more than 17.500 children were
able to videocall St Nicholas and 2.000 took
part in a Facebook livestream.
Ready-made birthday box
Dreamland developed a ready-made box for customers to organise their own birthday parties at home for children
aged from six to ten. ‘MyDreamParty’ is available in a variety of themes and guarantees ten children an aernoon
of celebration and fun. The box contains invitations, a party planner, tableware, decorations, twelve activities and
associated items and more besides.
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67
2001
EUR 466 million combined revenue for retail non-food
(Dreamland, Dreambaby, Bike Republic,
The Fashion Society and JIMS) (+ 33,8%)
(1)
31 stores and 5 divisions in Dreamland stores
600 m
2
average store area
8.000 items in-store and online
More than 300 employees in FTE
The best start for you and your baby
dreambaby.be
(1) Includes The Fashion Society since August 2020 and JIMS since May 2021.
Dreambaby is the largest national player in the Belgian baby
market, with a quality, wide offer for babies and toddlers up to 30
months and the lowest price guarantee. 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 in-store, 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.
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68
First for second-hand
As of April 2022, Dreambaby is the first baby retailer to offer second-hand items as well, to
reserve online and collect from six participating stores. The tweedehands.dreambaby.be
platform puts buyers and sellers in touch with one another, while Dreambaby facilitates
the process and takes care of quality control. In this way, the baby specialist helps meet
the growing demand for second-hand and takes a big step towards a more circular and
sustainable baby sector at the same time. This service builds on the years of experience of
the previous second-hand platform NewStory.
Future-proof systems and processes
Together with Dreamland, Dreambaby commissioned a new ERP soware system for
offline activities in the autumn of 2021. This system replaced several old soware
programs and has an impact on virtually all processes for purchasing, sales, marketing and
logistics. It will also allow Dreambaby to acquire many new insights and gain strength and
autonomy.
Largest store ever in Zaventem
With two floors and an area of 800 m², the new store in Zaventem
is special. Zaventem is strategically well located in the Brussels
periphery, where Dreambaby’s target group is well represented.
• The store is one third larger than average. Customers can find
a full assortment there, covering more than 8.000 items, in all
categories.
• The ground floor with reception and tills has a restful look
and draws attention to the fully set-up children’s bedrooms.
Important, since young parents oen buy just one children’s
bedroom.
• Plenty of daylight, low shelves, a large test strip for buggies and a
coffee area help create a pleasant shopping environment.
Satisfactory financial year
• Our baby specialist had a satisfactory financial year, due partly to a slightly higher
birth rate for 2021.
• As the coronavirus pandemic tailed off, sales shied back from the webshop to
the stores. All in all, Dreambaby experienced little impact from the pandemic,
least of all on baby gi lists.
• In a highly competitive landscape, Dreambaby managed to consolidate its
position, with the biggest market penetration aer second-hand providers.
• Five weeks aer opening, the new store in Zaventem was damaged by a fire in
an adjacent property. In this short period, the store showed great potential, with
visitors from all over the Brussels region. The reopening is scheduled for the
autumn of 2022.
• In anticipation of a structural decline in the birth rate, Dreambaby is focusing
increasingly on strengthening customer loyalty and acquiring customers via
partnerships with other group formats.
• 1 new store in Zaventem
• New store planned in La Louvière, plus
reopenings in Lede, Wilrijk and Vilvoorde
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Co-creation with Levis
The specially developed Dreambee by Levis paint collection comprises ten trendy colours that are a
perfect match for the new Dreambee Essentials collection. Under that private label, parents can find
a complete basic range for babies, including clothes, toys, bed and bath linen. They can combine the
baby essentials with the ten so Levis shades, to create a harmonious nursery. Customers can see some
examples of decorated nurseries in-store. All parents placing their baby gi list with Dreambaby receive
three free testers.
Partner for customers
Dreambaby assumes its social role and is a reliable and solution-oriented partner for its customers. Customers can
count on reliable advice, service and initiatives in partnership with other specialists.
• Together with Colruyt Group Academy, Dreambaby launched a private Facebook group for the first time. In the ‘Dream
baby, dream’ community, parents share experiences and tips about their child’s sleeping habits, with the professional
support of a moderator, sleep coach and a midwife, among others. The lively community has 850 members on average.
Following a successful tryout, two new Facebook groups were started in May 2022 for future parents.
• The online help platform ‘Van roze naar broze wolk’ (From pink to fragile cloud) works on perinatal mental wellbeing of
parents. Dreambaby teamed up with initiator Kinderwens vzw and Colruyt Group Academy to organise a unique webinar
on mental wellbeing and the help available.
Non-food brands
join forces
Our non-food activities Dreamland,
Dreambaby, Bike Republic, The Fashion
Society and MyComfort24 are all strong
Belgian retailers offering consumer-
relevant products and services. Together
they want to do even more to meet
rapidly changing and diverse consumer
needs. For this, these companies are
developing an organisational exercise
to optimise or combine the processes,
systems and knowledge specific to the
non-food business. The five activities
are therefore joining forces in order
to remain effective and to ensure that
they can continue to offer customers
relevant solutions. They are also looking
at combinations with services from other
fields such as nutrition and health.
The joining of forces already translates
concretely into, for example, the creation
of new consultation platforms, the
introduction of common work methods
and, where possible, the implementation
of a shared soware system. At legal
level, all five operating units have
been accommodated in a new holding
structure since April 2022.
Farm-themed collection
The new Jules & Odette themed collection of the Dreambee own brand is totally inspired by life
on the farm, with fun prints of vegetables and tractors. Besides clothes, the assortment also
includes everything for care, sleep, play, travel, eating and drinking and much more besides.
The collection scores highly for sustainability, thanks to certified materials such as cotton
with a BCI label and wooden toys with an FSC label. Dreambaby has also invested in more
sustainable packaging with less plastic and more cardboard, for example.
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70
FASHION SOCIETY
2020: Colruyt Group increases stake to more than 96%
EUR 466 million joint turnover -
Dreamland, Dreambaby, Bike Republic,
The Fashion Society and JIMS (+ 33,8%)
(1)
124 stores under the labels
ZEB, ZEB for Stars, PointCarré, The Fashion Store
1.000 m
2
average store surface area
Average of 7.500 items on an annual basis
More than 750 employees in FTE
zeb.be pointcarre.be
zebforstars.be thefashionstore.be
(1) Includes The Fashion Society since August 2020 and JIMS since May 2021.
The Fashion Society groups together four retail chains for women’s,
men’s and children’s fashion, mainly operating in Belgium but also in
Luxembourg and France. These are out-of-town destination stores,
with a focus on customer satisfaction.
The four store concepts target broad but distinct 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 multi-generational
trend followers and focus on personal advice.
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71
• 74 stores (+3) and 2 outlet stores
• New stores in Veurne, Bree and Couvin and a doubling
of the surface area in Schoten
• Potential for more than 100 stores in Belgium
Successful combination
ZEB remains relevant thanks to a combination of the
right brands and ranges, communications tailored to
the target group and in-depth knowledge of it.
• Trendy ranges, with exclusive collections such as Le
Fabuleux Marcel de Bruxelles and co-creations with
well-known names such as Olga Leyers or Aurélie
Van Daelen.
• Plenty of experience with fashion shows,
parties and other events. Targeted marketing
communications, including through some 20
influencers. Flemish media phenomenon James
Cooke and his Walloon counterpart Maria Del Rio
fulfill their roles as ZEB ambassadors with verve.
An award for ‘ZEB For Everyone’
Starting in early 2021, ZEB has been making all its stores more accessible
to people with disabilities, investing in infrastructure (additional parking
spaces, wider aisles, etc.) and in employees (training, attitude, etc.). In
2021, the innovative action plan ‘ZEB for Everyone’ was nominated for
the prestigious Mercury Prize by trade federation Comeos.
A firm footing
in a dicult
fashion market
The fashion group experienced
its second consecutive financial
year in which the stores had to
cope with corona restrictions. By
the summer of 2021, customers
were finding their way back into
the stores. However, the ensuing
corona wave from autumn to
February 2022 put a damper on
year-end business and the winter
sales.
Even so, looking at the whole
financial year, turnover was
virtually up to pre-pandemic
levels. In a very difficult fashion
market, the group was even
able to continue its expansion
programme as planned.
Although online sales continued
at a high level, the focus
remained on physical stores.
Launched in 2020, the concepts
of private shopping (outside
opening hours) and personal
shopping (personal styling advice,
within opening hours) met with
success and were rolled out
further.
The new 1.500 m² ZEB store
in Schoten is the largest in the
country, offering over 70 brands,
a lounge area, kids’ corner with
arcade games and a pop-up
vintage concept in collaboration
with specialist Foxhole.
ZEB For Stars
Due in part to the lack of
communion and spring
celebrations in 2020
and 2021, ZEB For Stars
experienced two difficult
years, leading to the decision
to discontinue this still young
formula.
The closing-down sale is due
to start in May 2022. The
Zoersel and Hasselt locations
will reopen under The Fashion
Store label in September
2022, while the remaining
three will be rented out.
A suitable solution has been
found within the fashion
group for all employees
concerned.
• 15 own stores and 15 franchise stores, mainly in
Wallonia and 2 in France
• New stores in Beauraing, Soignies and Hornu
PointCarré posted satisfactory results in the past
financial year. The formula is catching on well in
France, where further expansion is planned through
franchising and the opening of new flagstores.
The MyComfort24.be webshop
stocks all textiles for personal
comfort: from underwear and
hosiery to nightwear and swimwear
and bed and bath linen. The shop
offers the largest online selection
in Belgium, with top brands such as
Calvin Klein, Triumph and Schiesser
for underwear or De Witte Lietaer,
Clarysse and Beddinghouse for bed
and bathroom textiles. All items
are in stock and shipped via Bpost
the same day for orders placed by
2 pm. MyComfort24 mainly ships
to the Benelux region, but also to
other European countries, for free
from an amount of 30 euros.
Thanks in part to a good offering for all generations,
The Fashion Store experienced a strong financial
year. Two new stores were opened and two more
are to be added by September 2022. The brand-
new webshop went live in April 2022.
• 15 stores (+2)
• New stores in
Grimbergen and Eeklo
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2019: acquisition of Fiets! by Colruyt Group,
renamed Bike Republic in 2021
EUR 466 million combined revenue for
Dreamland, Dreambaby, Bike Republic,
The Fashion Society and JIMS (+ 33,8%)
(1)
21 stores with showroom and workshop
800 to 1.200 m² average store area
More than 10.000 bikes in stock, including 7.000 e-bikes.
More than 100 employees in FTE
Cycling along with you
bikerepublic.be
(1) Includes The Fashion Society since August 2020 and JIMS since May 2021.
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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On course for expansion
Bike Republic intends to significantly expand its store estate in the coming years, not just
in Flanders, but also in Brussels and Wallonia. The aim is to set the standard for e-bikes
and smart mobility in a rapidly changing cycling sector.
• In the case of expansion, the focus is on smart geographical distribution so that existing
and (potential) customers always have a store nearby. For acquisitions, Bike Republic
seeks out larger, profitable stores with strong brand portfolios, supplier relations and
specialisations.
• The store in Oudsbergen was acquired from the well-established X-treme Bike.
• The store in Laakdal and the indoor testing centre in Diest were acquired from Wieleke,
experts in cycling solutions for people with disabilities and in B2B cargo solutions.
• The managers and staff involved have remained onboard and continue in their
specialisations. The acquired stores underwent a swi rebranding and could count on
the support of a commercial coach.
Slight growth in a cooled-down market
• In a stabilising bicycle market, Bike Republic recorded a slight increase in
revenue, mainly due to the opening of new stores and consistent performance of
existing stores. Viewed over two financial years, revenue grew by almost half.
• In the summer of 2021, the hype around bikes, which arose during the
coronavirus pandemic, gradually abated. In the final quarter of the financial
year, demand started to pick up again, partly due to rising energy prices and the
approach of good weather. Bike Republic noticed strong demand for sports bikes,
e-bikes and speed pedelecs (for commuting) in particular.
• In the course of the financial year, shortages of batteries and parts manifested
themselves in the market, leading to longer waiting periods. Armed with a
strategic stock, Bike Republic managed to continue to serve its customers well.
• In a highly fragmented landscape with the beginnings of consolidation, Bike
Republic is steadily increasing its market share and is the largest multi-brand
chain in Belgium.
• Bike Republic remains strong in its omnichannel approach: the website mainly
provides inspiration when looking for the right bike and accessories, while
customers prefer to come into store for final advice, to try out products and make
an actual purchase.
• Three new stores: Grimbergen, Oudenaarde and
Veurne
• Three acquisitions: Oudsbergen, Laakdal and
Diest
• Shortly aer the end of the financial year,
openings in Retie, Turnhout and Sint-Denijs-
Westrem
Ouds-
bergen
Laakdal
Diest
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Partner for businesses
Bike Republic is enjoying increasing success in the business market. It offers
businesses and organisations a total service, ranging from leasing and purchasing
packages to cycling proficiency training, maintenance and repair on the customer
site, roadside assistance and tax advice. 2022 will see the launch of a new platform
to further simplify the purchasing or leasing process and expand the service for B2B
customers.
• Company bicycles for employees, oen developed into a total solution with leasing
companies.
• Cargo bikes for professionals in an urban context, such as courier firms, retailers or
healthcare workers.
Colleagues welcome
To realise this rapid expansion, Bike Republic is constantly
on the lookout for experienced, passionate colleagues
for new and existing stores. The Bike Academy based in
Grimbergen trains technical and sales profiles in house and
is perfectly equipped to organise supplier trainings and
continuous development programmes.
Teaming up with Touring
Bike Republic has launched a pilot project with breakdown service Touring under which customers can count
on breakdown assistance by the roadside and bicycle maintenance or repair at home. This enables the bike
chain to offer its customers an even better service and support them anytime, anywhere. The partnership is
a win-win-win: assistance is a definite plus for customers. For its part, Touring has considerable expertise in
roadside assistance and on-site repair, not to mention many members that Bike Republic wants to reach.
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76
JIMS operates 27 fitness clubs in larger cities in Belgium and
Luxembourg, and is also active online. As the second largest fitness
chain in the country, its mission is to encourage consumers to adopt
a fit, healthier lifestyle. Customers can go there for conditioning or
strength exercises and group classes at attractive prices. Online,
JIMS offers live group classes and digital coaching by enthusiastic,
well-trained staff. Club members can also call on personal coaches.
JIMS has been an integral part of Colruyt Group since the end of
April 2021.
Since April 2021
EUR 466 million combined revenue for
Dreamland, Dreambaby, Bike Republic,
The Fashion Society and JIMS (+ 33,8%)
(1)
27 fitness rooms (24 in Belgium and 3 in Luxembourg)
Around 100 employees in FTE
jimsfitness.be
(1) Includes The Fashion Society since August 2020 and JIMS since May 2021.
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Picking up after the pandemic
• Prior to its acquisition by Colruyt Group, the fitness chain had been hit hard by the coronavirus pandemic. Over a two-
year period, the clubs were closed almost half of the time or open only with severe restrictions.
• By the time the fitness sector was allowed to reopen in June 2021, JIMS had invested heavily in a safe infrastructure,
including CO
2
meters, high-tech ventilation systems, air quality monitoring and disinfection procedures. Activity
picked up, but from November many unvaccinated customers had to be turned away, following the introduction of
the Covid Safe Ticket. In the crucial months of January and February 2022, JIMS conducted a successful campaign to
attract new members. Activity could resume fully only when the corona pass was no longer required at the start of
March 2022.
• By the end of the financial year, the membership had already grown considerably and was approaching pre-Covid
levels, leading to a steady increase in revenue. The new approach and style are very popular with new and existing
members, as demonstrated by the increased activity and frequency of visiting the clubs.
Taking steps towards JIMS 2.0
From mid-2022, JIMS is opening a new fitness club and upgrading another. It is testing
a new concept there, with a centrally located reception, premium zones and a totally
new look. The best elements of the pilot club will be incorporated in the subsequent
concept 2.0.
The healthiest vending machine
JIMS also wants to offer its customers a balanced diet and
help them adopt a healthier lifestyle. For this reason, shortly
aer the end of the financial year, all old vending machines
were replaced by the ‘healthiest vending machines’ in the
market with an assortment of 45 carefully selected, high-
end products. The introduction of the vending machines is
an example of synergy within the group: our innovation hub
Smart Technics provided the smart technology with weight
detection, while foodservice specialist Solucious takes care of
the stocking.
2.O
Focus on quality
JIMS wants to be there for everyone who cares
about their condition and general health. A relevant
offer, since, in the last few years, many people
have become more aware of the importance of
exercise, diet, weight, sleep, etc. The acquisition of
JIMS is a perfect fit for Colruyt Group’s ambition to
develop an ecosystem with holistic solutions for
a healthier lifestyle, along with our investments in
SmartWithFood and Newpharma.
JIMS wants to win customers with quality services
rather than the promotions that are common in the
sector.
The coaches are trained to advise members on
exercise and the link with healthy sports drinks
and food. The fitness chain is also considering
other initiatives around balanced nutrition, such as
webinars or in-person events in the clubs.
The highly simplified and standardised subscription
offer smooths over regional differences and means
that people are welcome to all clubs. In turn, this
helps JIMS present itself as a national brand with
uniform services at all branches.
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78
Good growth
Newpharma achieved good growth during the last
financial year, mainly due to an influx of new customers.
Sales experienced several peaks, such as Black Friday and
when quality Covid self-tests went on sale at the end of
2021. The pharmacy also advised Colruyt Lowest Prices
on marketing self-tests, the first retailer in Belgium to do
so.
For further growth, Newpharma is focusing on Belgium,
France and Switzerland, and is also following the Dutch
market closely, where prescription drugs can be sold
online. The pharmacy continues to adapt its assortments,
price and promotion policy to specific market contexts.
In mid-2021, Colruyt Group increased its stake in
Newpharma from 26% to 61%. The group and its
principal shareholder, investment company Korys, now
together own 100% of the shares and are committed to
continue to support Newpharma in its development as a
leading e-commerce actor.
New high-tech distribution
centre
• With a slight delay caused by flooding, the new
distribution centre in Liège came into service in
October 2021. The site contains 12.700 m² of
storage space and will be expanded by a further
9.000 m² by the end of the financial year, exclusively
for the storage of pharmaceutical products.
• The site is partially automated: approximately
thirty robots will eventually carry out around a
quarter of the order picking, virtually reducing the
error margin to zero. French robotics specialist
Scallog provided the technology and our innovation
hub Smart Technics took care of its integration.
• Newpharma has sufficient space to continue
to grow in the coming years. Centralising the
previously dispersed activities on one site
substantially increases logistical efficiency and
productivity.
Focus on synergy
Newpharma is becoming an increasingly
prominent presence in our store formats.
• More than 200 Colruyt stores have a separate
parapharmacy section, with a hundred
products for first aid, colds, skincare, etc.
• Ten larger Colruyt stores have a genuine shop-
in-shop with 500 parapharmacy, cosmetics,
sport food, etc. items, including famous
brands which are usually sold via pharmacies
or specialist stores.
• Dreambaby also offers a limited Newpharma
assortment, while OKay is trialling a separate
section for parapharmacy.
• Customers can also have online orders
delivered to more than 400 of the group’s
stores.
Since December 2017
Stake: 61%
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 gives customers
advice about products ordered and combinations with previous
purchases. Newpharma has a network of 2.000 collection points and
also offers home delivery.
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Since August 2019
Stake: 23,7%
Scallog is a robotics system for order-picking
in logistics centres, whereby robots fetch
mobile racks or crates from the warehouse
and bring them to the operators (‘goods-to-
person’).
Within the group, Scallog technology is
currently deployed in Newpharma’s logistics
centres, and is under consideration for
Collect&Go and Dreamland.
Scallog serves the local market from France,
while working with distributors for international
sales. To cover the Canadian and US market, a
contract has been signed with Bastian Solutions,
which has already led to a nice first project.
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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 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 Alvo
storekeepers and unaffiliated clients.
2003 Spar Retail,
renamed Retail Partners Colruyt Group in 2014
214 Spar stores
56 Alvo stores
87 independent retailers, of which 23 are Mini Markets
More than 800 employees in FTE
Doing business together is growing
retailpartnerscolruytgroup.be
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81
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Good financial year, broader customer base
Retail Partners Colruyt Group can look back on a good financial year, on the one hand thanks to
the opening of new stores, the expansion and remodelling of existing stores and the sustainable
results from the remodelled stores. On the other hand, the stores continued to be able to rely
on a broader customer base established during the corona pandemic when a lot of consumers
started shopping more frequently in their neighbourhoods.
As customers gradually reverted to other retailers for larger volumes from the second half of
the financial year onwards, a slight decrease in volumes was seen. Sales were further negatively
impacted by deflation, the departure of eight stores from the Alvo formula and the cessation of
operations by some unaffiliated clients.
Spar stores continue to be among the most inexpensive neighbourhood stores, with their fresh
produce departments as their main asset.
RPCG invested in additional permanent and temporary staff and was able to discontinue the
night shi introduced earlier. Partly as a result of that, RPCG managed to keep costs generally
under control, despite rising expenditure on such things as the use of interim staff due to illness
or quarantine, and rising energy costs toward the end of the financial year.
With a view to efficiency gains, RPCG has further aligned its organisational structure with that of
the group’s other operating units, for example similarly structured purchasing and supply chain
divisions.
High-level service
The wholesale arm was able to maintain its delivery reliability at an
exceptionally high level throughout the financial year, apart from a few
disruptions due to raw material shortages. The excellent service level
made available to independent entrepreneurs is due in part to the
now completed optimisation of the entire supply chain. In the wake
of groceries, the logistics for fresh produce are now handled by the
common Colruyt Group IT platform, driving further growth.
Entrepreneurs welcome!
• RPCG continues to be on the lookout for new independent entrepreneurs wanting to set up shop
under the Spar label. Candidates can subscribe to a profitable franchise model offering plenty of
room for personal entrepreneurship and a wide range of support services and advice.
• For example, they can count on business consultants to help them keep their cost structure
under control. If desired, the cost analysis also includes audits of stock, waste and/or energy
management. The entrepreneurs subsequently have the opportunity to attend information
sessions on, for example, green energy production or energy saving.
• Generally speaking, the profitability achieved by the Spar storekeepers continues to be among
the best in the market.

82
214 stores, including 174 in the Spar Colruyt Group format
350 - 1.800 m² average store surface area
mijnspar.be
Spar Colruyt Group is the friendly neighbourhood supermarket for
daily grocery shopping, offering a good range of fresh products,
personal service and competitive prices. The independent retailers
add their own touches through their specific skills and product
ranges. Spar provides inspiration through its free KOOK magazine
and is renowned for its weekly Top Deals with 50% off. Most stores
are also open on Sundays (in the morning).
Spar was founded in the Netherlands in 1932 as the first cooperative
of independent retailers. Present in 48 countries and with
over 13.500 affiliated stores serving 14 million customers, Spar
International is the food distributor with the most stores in the
world.
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From a hopeless mess
to a brand-new store
In mid-July, the Spar stores in La Roche and Rochefort
were completely destroyed by floods. As the buildings
themselves still appeared to be sufficiently stable, the
independent entrepreneurs immediately began to clean up
the mess. RPCG put its store planning on hold to support
the two most affected stores with equipment, technical
coordination and restocking. Not that obvious due to
corona, holidays and the many other cases of damage, and
thanks to financial support and the intensive cooperation
with Colruyt Group Technics, among others, the completely
renovated stores reopened aer one and one and a half
months respectively.
New stores performing well
• In the past financial year, 13 Spar stores were totally remodelled
and expanded, typically adding a professional kitchen, delicatessen
department and bakery. These stores also provide ample space for
the range of fruits and vegetables, expanded and broadened through
cooperating with new suppliers.
• Though remodelling requires considerable investment, retailers can count
on technical advice, sales and marketing support and a partial loan. Stores
meeting such criteria as automated stock management also receive the
Colruyt Group signature on the storefront.
• As a remodelled Spar Colruyt Group store clearly outperforms the market,
both RPCG and the independent retailers are continuing to invest to
accelerate renovation. By the end of the financial year, 57 stores were
already sporting the new look.
• 5 new stores
• 13 remodelled stores
• 2 closures
• 5 new stores and 10 remodelling projects
planned for 2022/23
Committed to strong
entrepreneurs and
customer-focused employees
Making customers feel at home in their Spar store
requires customer-focused and satisfied employees,
led by a strong people manager. That’s why RPCG has
invested heavily over the past two years in training
and coaching more than a hundred independent
Spar entrepreneurs, with the Service Centre People
increasingly focusing on their ‘so skills’ and their
development as leaders. The entrepreneurs are very
enthusiastic about this low-threshold approach, the
concrete tips and quickly visible results in the store.
The service centre also offers modules on recruitment,
team organisation and change management, for
example following a takeover.
New
e-commerce platform
In the run-up to the holiday season, customers were
able to place orders online for the first time on a
centrally developed platform. There they were able
to find three Christmas menus from Spar Colruyt
Group and specific assortments per store. The
e-commerce platform is to be further developed as
a thematic website which independent retailers can
also use at other key times, for example during the
BBQ season.
Feesten met
dat tikkeltje
meer

84
Codifrance supplies more than 300 mini-markets affiliated to the
Coccinelle, Coccimarket and Panier Sympa brands with dry goods,
fresh produce and frozen food. The affiliated retailers also receive
assistance with marketing, communication, deciding on their
range, pricing, refurbishment and design of their point of sale. In
addition, Codifrance supplies around 1.200 independent shops and
wholesalers in more than 70 departments.
The mini-markets can be found in the city and the country and are
primarily aimed at customers who shop daily. Codifrance offers the
independent operators a wide assortment of products from national
brands, private labels (Belle France) and discount brands. Codifrance
is a major player in the mini-market niche, which is an integral part
of French consumers’ daily lives.
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2004: acquisition of Panier Sympa and licence holder for
Coccinelle and Coccimarket
303 affiliated stores: 24 Coccinelle, 97 Coccimarket
and 182 Panier Sympa
Deliveries to more than 1.200 other 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
More than 50 years of experience in convenience stores
codifrance.fr

85
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Rollout of new ERP system
Codifrance is gradually rolling out a new, ultra-
high-performance ERP system. This will allow the
organisation to improve its operational excellence,
productivity and profitability even further. The new
system will be fully delivered in the first quarter of 2023.
Panier Sympa, firmly
rooted in rural France
The Panier Sympa network comprises more
than 180 small stores with an average
area of 80 m². They can be found mainly
in villages or smaller communities and
actively contribute to the revitalisation
of rural France. The assortment is geared
mainly to daily requirements and primarily
consists of food, with just under half
private labels. The retailers also stand
out through additional services such as
bread, newspapers, local products, specific
opening times or home delivery.
Record sales consolidated
Last financial year, Codifrance managed to stabilise its sales at the record level of the
previous financial year (2020/21). During the pandemic, small convenience stores came to
the fore, as an essential element of daily life.
Aer the pandemic, the large influx of customers translated into significantly increased
loyalty to the affiliated convenience stores. Codifrance has strengthened its position, partly
thanks to quality service in those stores and the organisation’s in-house expertise and
commercial clout.
The French wholesale arm intends to continue to expand its store estate in the coming
years, with high-end shops run by passionate and enterprising operators.
Thanks partly to transport optimisation and targeted prospecting for new entrepreneurs,
Codifrance managed to keep its costs well under control and maintain profitability at a
high level.

86
2013
EUR 154 million revenue (+ 40,6%)
(1)
25.000 customers
13.000 items in food, fresh and frozen
More than 500 employees in FTE
solucious.be
(1) Includes Culinoa since April 2021.
Food service company Solucious supplies food products to
professional customers throughout Belgium, primarily in the
hospitality industry, social catering (schools, hospitals, care homes,
etc.) and corporate catering. The range covers dry, fresh and frozen
products, in small and large packs. Food professionals choose
from national brands, the company’s own food service brands for
professional chefs (Culino and Econom), and its own retail brands
(Boni Selection and Everyday).
Solucious stands out for its ease-of-use, fair and consistent
pricing with bulk discounts and constant reliability, about which it
communicates transparently.
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Strong growth in a shrinking market
Solucious experienced an extremely successful financial year in a shrinking food service market, thanks to the step-by-step
reopening of key sectors and its continued focus on customer convenience and reliability, even during the corona crisis.
Sales saw structural growth, significantly exceeding those of the financial year prior to the corona pandemic (2019/20). In so
doing, Solucious performed noticeably better than other food service companies.
Growth was mainly driven by the resumption of sales to existing customers. Sales peaked especially in the reopened horeca
sector, while new customers included larger horeca chains and care institutions.
Thanks to good stock availability and a capacity of 1.200 deliveries per day, Solucious was able to maintain its delivery
reliability at a high level, an aspect particularly appreciated by food service customers.
Through keeping its costs under control, Solucious features among the most profitable players in the food service market.
To cope with the pick-up in activity from autumn 2021 onwards, 30 new employees were recruited, also with an eye to the
future.
In April 2021, Colruyt Group acquired the food service company Culinoa, the trusted partner of more than 100 large kitchens
in care institutions, mainly in Wallonia. Averaging 1 to 2 new customers a month, Culinoa is now setting its sights on
Flanders and Brussels.
Synergy
with Culinoa
• Based in Gembloux, Culinoa supports
care institutions in the operation
of their kitchens, allowing chefs to
focus on their core tasks. Acting as a
back-up for other customers, its own
kitchen in Floreffe delivers meals to
smaller care facilities.
• Customers can count on quality,
competitively priced products and
support in drawing up menu and
nutrition plans, setting up an efficient
organisation and training kitchen
staff. The personalised support and
user-friendly management soware
(with automated ordering based
on the menus) boost operational
efficiency.
• Culinoa’s activities perfectly
complement those of Solucious and
its established logistics services. The
collaboration will allow both partners
to develop further, meeting the needs
of care institutions even better.
Flexible and
sustainable deliveries
• City centre deliveries are increasingly
made by cargo bike, from a small hub
close to the centre. Using Solucious’
delivery app, cycling partner Foodsprint
ensures an identical service and
customer experience. Bike deliveries
started in Ghent in 2021, expanded to
Brussels in early 2022, and to Antwerp
and Liege in mid-2022.
• Solucious delivers to restaurants and
large kitchens throughout Belgium
between 5:00 and 13:00 on Saturdays.

88
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Innovative services
Solucious now offers ‘water subscriptions’ in collaboration with its partner
Robinetto. It installs taps for chilled still and sparkling water, saving
customers a lot of packaging and waste, while at the same time itself
saving valuable warehouse and truck space. More on Robinetto on p. 63.
Commissioned by our fitness specialist JIMS, Solucious has developed
‘smart fridges’ for fitness centres. These healthy vending machines offer
athletes an affordable range of balanced snacks and beverages. They
also offer companies and organisations an answer to more flexible work
organisation and employee demand for more balanced meals throughout
the day. More on JIMS on p. 76.
Strong logistics network
Solucious has a strong logistics network, with three distribution centres (Bornem, Lot and Wommelgem) and
six regional hubs in Antwerp, Brussels, Ghent, Namur, Gembloux and Liege (as of May 2022). The hub model cuts
distances to end customers and therefore the number of transport kilometres. The Liege hub for example allows
delivery drivers to save 900 km a day, while their knowledge of the region increases delivery punctuality.
Following the departure of Colex from the Bornem distribution centre, the space freed up will be used to expand the
fresh produce department, which is experiencing the greatest growth. Refurbishment will be completed by the end
of 2022, allowing further growth.
Extensive digitalisation and
integration
• Investment in integration technology with a view to
evolving into THE connector in the sector. Customers
linking their inventory management to the Solucious
platform can now automate their orders. In this way, new
types of customers, such as horeca chains and large care
institutions, are finding their way to Solucious more easily.
• Further development of the e-commerce platform, with
enhanced self-service enabling customers to follow up
and alter their orders whenever it suits them, as well as to
query digital purchase statistics. If an ordered item is not
in stock, the customer automatically receives an e-mail
with an alternative proposal, allowing kitchen managers to
easily maintain their menu planning.
• Fully digitalised and more visible promo offerings, making
it easier for customers to find relevant products. The
personalised selection of free products is an efficient way
to introduce customers to new products.
• Full rollout of the delivery app and digitalisation of the
delivery process, including administration and reporting.
Unique in the industry, this asset guarantees greater
convenience, efficiency and reliability for customers
and delivery drivers alike. The track & trace system puts
customer minds at rest and reduces phone calls to
customer service.

90
2020: merger of Symeta and Joos Hybrid
More than 220 employees in FTE
symeta-hybrid.com
Symeta Hybrid is Belgium’s leading specialist in personalised
marketing communications and administrative document flows
such as invoices and payroll. Featuring state-of-the-art printing
and mailing technology and a high-performance information
management platform, the company guarantees the highest possible
level of security for confidential data such as personal data. Flexible
all-in-one solutions result in efficiency for companies, as well as
user-friendliness and freedom of choice for end customers. Symeta
Hybrid serves both internal and external clients
(1)
in such diverse
sectors as HR, finance, healthcare, utilities, telecoms, government
and industry.
The company has all relevant ISO certifications: 14001 (environment),
9001 (production) and 27001 (information security).
(1) External sales are listed under ‘Other activities’.
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91
External sales
continue to grow
In a highly competitive market,
Symeta Hybrid was able to
achieve good sales growth,
thanks in part to gaining new
customers. With rising prices
for energy, paper and other raw
materials, 2022-2023 is set to be
a challenging period.
Symeta Hybrid combines the
best in printing and mailing
technology, data management
and privacy protection
into relevant solutions for
organisations wanting to
communicate smartly. As a
result, the proportion of external
customers continues to grow
steadily and already accounts for
40% of sales.
The merger of the former
Symeta with Joos Hybrid has
gone well, from both an HR and
technological perspective. Their
production sites continue to
serve as mutual backup as well
as backup for organisations that
still have their own print shops.
Top in personalised printing
Following a thorough upgrade of its two Hewlett-Packard digital printers, Symeta Hybrid remains the Belgian leader in
personalised, digital printing.
• The three-million euro investment in soware and components will keep the facilities state-of-the art for the next seven years.
• Perfect printing in numerous formats, from price labels to 2,5-metre posters and paper wraps, fully exploitable for marketing
communications.
• The 30% gain in speed ensures shorter turnaround times, a useful aspect as customers are oen late in submitting their data
for personalised printing.
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1972
EUR 798 million revenue (+ 50,1%)
141 stations, of which 88 with CNG
116 retail sites with charging stations
More than 70 employees in FTE
Energy for on the go, at home and at work
dats24.be
DATS 24 offers all common and alternative energy sources in
Belgium: petrol, diesel and AdBlue and also natural gas (CNG),
electricity and hydrogen. Colruyt Group’s fuel specialist and energy
supplier is working towards greener mobility. It continues to invest
in the expansion of its network, with a focus on electric charging
infrastructure and public hydrogen stations.
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.
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Belgium’s largest semi-public charging
station
At the Halle head office, the largest semi-public charging station in Belgium
was brought into service at the beginning of 2022. Here, 109 electric or plug-in
hybrid cars can charge simultaneously. The charging station is accessible to
employees, visitors and local residents, during and aer office hours. Payment
is via a DATS 24 or another charge card. This investment meets the needs of
many drivers and accelerates the transition to sustainable mobility.
Expanding charging network
DATS 24 continues to steadily expand its charging station network at retail and
office sites, as well as at B2B customers. At the end of the financial year, it had
around 230 charging stations and twice as many charging points. More than
half of these are located on retail sites, so that customers can easily combine
shopping and loading. The aim is for all retail sites to have at least 1 charging
station in due course.
The DATS 24 charge card is increasingly successful. For a subscription price
of less than 2 euros per month, customers have access to more than 11.500
Belgian and 144.000 international charging points.
Strong fluctuations in a dicult financial year
• DATS 24 saw its turnover increase by almost half, owing largely to strong price inflation, partly
also by a volume increase of about a fih, linked to the increased mobility aer the traffic-
calmed 2020/21 financial year.
• In the autumn of 2021, sales of CNG in particular fell sharply, as a result of the continued price
increases on the international energy market, on top of a structural decline in the number of
new CNG car registrations. Rapidly rising inflation in February and March 2022 further held back
CNG sales.
• In spring 2022, petrol and diesel prices followed the sharp price swings at the pump, resulting
in multiple sales records. Even on the busiest days, DATS 24 always managed to supply the
filling stations sufficiently and on time.
• The profitability of petrol and diesel sales continued relatively stable, while that of CNG came
under increasing pressure. This was due in part to a delay in the corrective interventions by the
government, while DATS 24 itself did not immediately or fully pass on every price increase in its
sales prices to the customer.
• DATS 24 has a finely branched CNG network, into which biogas could be perfectly injected. The
more sustainable mixture obtained in this way does not require any adjustments to the natural
gas vehicles. However, we are waiting for a regulatory framework from Europe to make this
possible.
• The aim is to consolidate the sale of fossil fuels in the coming years and, in parallel, to
accompany the switch to electrification via battery-electric and fuel cell electric hydrogen cars.
• DATS 24 invested further in pumps with AdBlue, an additive that significantly reduces NOx
emissions from diesel engines. At the end of the financial year, the product was available at
81 service stations and its turnover had more than doubled.
• Aer positively evaluated tests at a number of stations and also user feedback, DATS 24 will
roll out new payment terminals during the coming financial year, which are easy to use and
maintain and can be remote-monitored.
• A test is under way at about thirty stations with large digital screens used for media selling, in
collaboration with partner Clear Channel.
• 4 new filling stations
• 4 additional CNG fuelling points
• 165 additional charging points

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Energy for home
and work
• In April 2021, DATS 24 started
supplying energy to private
customers and families in
Flanders and Wallonia, with
three products: 100% green
electricity, natural gas or
both. Customers can choose
their preferred power source:
onshore and offshore wind
farms in which the group
participates or a biogas plant
that processes food waste from
the stores. DATS 24 is aiming at
organically growing its customer
base, its initial targets being
customers with Xtra profiles and
Colruyt Group employees.
• The recognised energy price
comparative studies usually
rank DATS 24 among the top 5
of cheapest suppliers, both for
electricity and natural gas, on
the basis of the same monthly
price index.
• Since the beginning of 2021,
DATS 24 has also supplied
gas to Colruyt Group, internal
partners, companies and private
individuals. It had already been
supplying 100% green electricity
for some time.
New hydrogen stations
DATS 24 continues to believe in the
potential of hydrogen for greening
passenger and freight transport. In May
2022, it opened its second hydrogen filling
station in Wilrijk, with openings planned in
Haasrode, Erpe-Mere, Ollignies and Herve in
the second half of 2022.
Support for duped
energy customers
DATS 24 organised online information sessions at the end
of 2021 to help former customers of the bankrupt Vlaamse
Energieleverancier in choosing a new supplier. Our energy
supplier received many requests for information and
decided to help the affected customers. During the 12 live
information sessions, energy experts guided around 5.000
participants through the numerous formulas and options on
the energy market.
Appreciated by customers
Market researcher GfK presented DATS 24 with a Best Brands
Award in the Fuel category, based on its market share and
the brand perception of 5.000 Belgian consumers. Our fuel
specialist scored highly with its value for money and innovative
character. Appreciation was also expressed for the disinfectant
hand gel at the fuel stations and for their hygiene and
cleanliness.
8 years ISO 14001 certified
As is customary every year, DATS 24 had its environmental policy
thoroughly evaluated by an independent inspection organisation.
For the eighth year in a row, the environmental audit resulted
in an ISO 14001 certificate, the international benchmark for
environmental management. The company scores well on, among
other things, its sustainability vision, transparent communication
about environmental initiatives and cleanliness of the filling
stations. These are cleaned with rainwater and biodegradable
products. Other advantages are the dimmable LED lighting and
the CO
2
-neutrally produced paper towels.

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Saving energy at home and on the go
• In the book ‘Een huis boordevol energie’ (A house full of energy),
experts give practical tips for reducing energy consumption
and CO
2
emissions in the home. For this book, DATS 24 drew on
its many years’ experience of keeping a close watch on energy
consumption at our offices, logistics sites and stores.
• DATS 24 also developed a workshop in which individuals learn how
to save energy at home. The workshop is offered via Colruyt Group
Academy, in addition to its ever-popular ‘Groener de baan op’
(Greener on the road).
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Energy holding company Virya Energy is active in the development,
financing, construction, operation and maintenance of renewable
energy production facilities, 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 invests in
companies focusing on the production of green electricity from wind
and hydroelectric sources and on the development of plants for the
production and storage of green hydrogen. The umbrella holding
company facilitates the sharing of knowledge and technology
between the companies and invests heavily in support services,
research & development.
2019: established by Colruyt Group and Korys
Stake: 59,78%
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Belgian company Parkwind is active in the production of offshore wind energy, in various countries. It develops activities
throughout the entire value chain and collaborates with universities and government bodies on various research programmes,
including on the use of hydrogen as an energy buffer or a mobility application.
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Wind farms in Belgium
Parkwind has stakes in four operational wind farms located
off the Belgian coast, in the North Sea. In 2021, these wind
farms produced a total of 2.277 GWh of green electricity,
or the equivalent of the annual consumption of 650.000
households. That makes Parkwind one of the largest
electricity producers in Belgium.
2021 was not a very good year for wind overall, although
this was partially offset by a rise in the stormy month of
November. On the other hand, from the end of the year,
Parkwind managed to partially make up for the lower wind
yield due to higher international energy prices, although,
generally speaking, it can only start to pass these on with a
delay.
Availability of the facilities remained high (averaging more
than 95%) and operational continuity was assured throughout
the year.
Wind farms abroad
In spring 2022, the foundation works began for the
Arcadis Ost I wind farm, located in the German section
of the Baltic Sea. The first production is scheduled for the
autumn of 2023. With a capacity of 247 MW, the wind farm
will be able to supply up to 300.000 households.
Parkwind and Irish electricity company ESB are preparing to
participate in the call for tenders for the future Oriel wind
farm, in the Irish Sea, at the end of 2022. Both partners are
also the joint shareholders of the company Clogherhead.
Parkwind has formed a consortium with Norwegian
company NORSEA, which is preparing to participate in a
tendering process for two offshore windfarms in Norwegian
waters.
In Greece, Virya Energy teamed up with a local partner
to apply for a licence for the development of a 300 MW
onshore wind farm.
Wind farms in Belgium Parkwind stake Capacity Production 2021
Belwind (2010) 78,5% 171 MW 463 GWh
Northwind (2014) 30% 216 MW 649 GWh
Nobelwind (2017) 41% 165 MW 542 GWh
Northwester 2 (2020) 70% 219 MW 623 GWh
TOTAL 771 MW 2.277 GWh

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1.588 GWh
of green electricity
In 2021, Virya Energy
produced more than
1,588 GWh of green electricity.
Approximately 949 GWh
was allocated to
Colruyt Group.

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Eurowatt is active in the production of onshore wind energy
and small-scale hydroelectric energy, with 33 operational
wind farms in France, Portugal and Poland and three small
hydroelectric plants in Spain and Portugal.
The new management of Eurowatt is focused on expansion
with the development and construction of 10 new plants in
France and Poland, where there is plenty of potential for the
development of renewable energy.
Eurowatt operates thirty sites with a total installed capacity of
approximately 400 MW. In 2021, these produced a total of 712
GWh of electricity, the equivalent of the annual consumption of
203.000 households.
In France, the focus is on developing new infrastructure for the
production of solar energy.
In Poland, Eurowatt increased its stake in the company Orla to
100% of the shares. Orla operates a wind farm with 15 turbines
(37,5 MW). Eurowatt has other projects in the pipeline in Poland.
Eoly Energy is active in the Belgian energy market and manages 17 onshore
wind turbines, two of which are owned by Eoly Cooperative. The company
is also working on the development of a further 11 new onshore turbines in
Belgium. During 2021, several research programmes were also launched for the
production and application of green hydrogen.
For instance, Eoly Energy will supply Brussels transport company STIB-MIVB with a
mobile hydrogen station, the necessary hydrogen and its expertise to allow the first
hydrogen bus to run.
In 2021, Eoly Energy produced 81 GWh of green electricity, the equivalent of the
annual consumption of 23.000 households.
With Virya Services, the holding company launched a new division in 2021 which will provide a wide
range of support services to its renewable energy producing companies.
In November 2021, the holding company took a
60% stake in the internationally renowned Belgian
company GeoXYZ, specialising in hydrographic,
geophysical, geotechnical and topographical
surveys and soil investigations. With its underwater
data, it supports energy companies in developing
and maintaining offshore windfarms.
GeoXYZ has its own fleet of vessels, which are used
for research and to transport employees offshore
and along the coast. The company is focusing
increasingly on automated research and data
mining to increase the efficiency of its operations.
As of the end of 2021, Virya Energy has a 35% stake
in Fluves, which develops detection systems for
monitoring critical infrastructure such as pipelines,
industrial installations and offshore power cables.
These systems can carry out measurements and
data collection remotely and provide advanced
interpretation tools which support infrastructure
managers in their decisions.
As of January 2022, Virya Energy has an 86%
stake in the company DotOcean, which develops
control systems for autonomous navigation of
vessels and vehicles, as well as advanced location
soware for the marine and security industries, for
example. This includes soware for controlling and
coordinating drones which perform soil surveys.
Sanchore
The Indian Sanchore wind farm has 20 turbines with a total
capacity of 40 MW and has been operational since 2018. In
2021, the wind farm produced 95 GWh of green electricity,
slightly less than expected. The management has adjusted
the too high initial production forecasts and adapted the
business model accordingly.
Virya Services

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Hydrogen in practice
• Virya Energy is involved in many (pilot) projects for applications of
green hydrogen, for instance to drive buses, riverboats and ships.
• Virya Energy is also involved in industrial projects in the Netherlands
and Germany aimed at combining the production of green electricity
with that of green hydrogen.
Public participation on and oshore
Eoly Coöperatie allows individuals to invest in onshore wind turbines built by
Eoly Energy. Local residents and Colruyt Group employees are given preference
in subscribing to new capital rounds. The cooperative has two wind turbines and
launched a new round in May 2022 to raise 2,75 million euros for a new turbine in
Ollignies.
The general meeting held in June 2021 approved a pleasing gross dividend of EUR
13,75 per share for the 2020 financial year.
The North Sea Wind cooperative was established in 2018 by Parkwind, Colruyt
Group and Korys Investments. It offers the general public the opportunity to
invest in offshore wind energy and so be part of the energy transition. With the
funds raised, the cooperative grants loans to Parkwind, which invests them in the
maintenance of existing wind farms and the construction of new ones.
The general meeting held in May 2021 approved the first full dividend of EUR 0,45
per share for the 2020 financial year. This was slightly below expectations, partly
due to the lower than expected wind yield.
The leading role played by North Sea Wind can only benefit Virya Energy’s future
offshore projects. However, the expectation is that organising public participations
will be a key criterion for being allowed to participate in tendering processes for
the construction of new wind farms.
Producing green hydrogen
• Virya Energy is joining forces with the Belgian gas network operator Fluxys to develop
an industrial plant in Zeebrugge to produce hydrogen via electrolysis of water with
renewable energy. The plant with a capacity of 25 MW will produce up to 4.000
tonnes of green hydrogen per year. This can be scaled up to 100 MW later.
• Virya Energy will market the hydrogen, initially as a sustainable fuel for heavy
duty transport and buses. Subsequently, the plant can also be used as a means of
balancing the electricity grid and the hydrogen can also be injected and mixed into
Fluxys’ natural gas grid as a green gas.
• The project will enable cost-efficiency and sustainable production of hydrogen on a
larger scale and play a leading part in the rollout of a hydrogen economy and in the
energy transition. For these reasons, it receives strategic energy support and boost
support from the Flemish government.

101
Group support
activities
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From IT to communication to technology: Colruyt Group has
significant in-house expertise that we put at the service of
employees, partners and customers. To carry out our activities
and organise them as efficiently as possible, we can rely on a
wide range of support services.

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People & Organisation is the department responsible
for coordinating and supporting the group’s HR
policies. Staffed by more than 320 permanent
employees plus external colleagues, the department
ensures that Colruyt and its employees make the
most of their abilities. The HR partner offers several
services: from payroll processing and recruitment
via prevention and medical services to legal advice
and relations with social partners. The HR knowledge
centre works on topics such as personal and team
development, remuneration, personal growth,
leadership, well-being and skills.
People & Organisation
Employees
as co-recruiters
Our employees are the best ambassadors to get
friends and acquaintances to think about working
for the group. To further encourage them, we have
revisited the well-known system of the referral
bonus in order to support our recruitment process
even more efficiently. Over the past financial year,
the bonus was awarded for more than 150 hirings in
Belgium.
• The referral bonus now applies to just about all
vacancies except those with sufficient candidates.
• More employees are eligible for the bonus.
• They are able to choose between a cash pay-out,
conversion into time-off or a partial donation to
one of our social initiatives.
Tool for high-quality meetings
A new application helps employees and managers prepare and document their
performance appraisals in better quality. And to engage in a structured discussion on such
topics as job satisfaction, development goals and career planning. The archiving function
is useful when, for example, a new executive joins the company. At group level, the tool
allows us to gain insights into developments in our workforce and to respond to them in a
timely manner.
Successful job event at Londerzeel
At the end of 2021, we organised two job fairs for the vacancies in the new Collect&Go
distribution centre in Londerzeel. Of the more than 300 candidates registered, 83 were
invited to the on-site selection process, with about half of these now hired as logistics
workers. These excellent results were due in part to a local campaign highlighting the
security of a permanent contract.
Aanbreng-
premie
doc82765
Wat houdt de
‘aanbrengpremie’ in?
Hoera! Je aangebrachte kandidaat werd aangeworven
binnen Colruyt Group. Indien je voldeed aan
bovenstaande spelregels en het eerdergenoemde
proces hebt gevolgd, ontvang je een aanbrengpremie
van € 1.000.
Je hebt volgende keuzemogelijkheden:
•
Cash: er wordt
€ 1.000 bruto
op je bankrekening
gestort.
•
Verlof: er wordt voor de tegenwaarde van
€ 1.000 verlof
opgeladen in je recupteller of je
€ 1.000 verlof
opgeladen in je recupteller of je
€ 1.000 verlof
prestatiemeter.
•
Je staat 20% van je premie af aan
Collibri Foundation
en laat de rest uitbetalen.
•
Je staat 20% af aan het
solidariteitsfonds
en laat
de rest uitbetalen.
Vragen?
Bekijk zeker onze FAQ (doc1.068.245).
Staat jouw vraag er niet tussen? Contacteer
het selectiesecretariaat via 02 636 53 43.
Hartelijk dank voor je hulp in het zoeken naar
nieuwe collega’s!
Verantwoordelijke uitgever: N.V. Colruyt Group Services S.A.,
Edingensesteenweg 196, B-1500 Halle.

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Attractive employer
According to Randstad’s annual image survey (among 14.000 respondents aged
between 18 and 65), Colruyt Group remained an attractive employer in 2021.
Among those who know our group, some 40% were interested in working there, a
score that keeps us well up front in the food retail sector. And even when looking
at all respondents, we still achieved 35%, good for fih place in the ranking of large
Belgian companies.
More shared desks
With increased teleworking, empty
desks are becoming a common
feature of our offices. We therefore
initiated a study project to provide
more flexible, shared desks for
employees not needing a fixed
workplace, all with a view to making
the best possible use of our existing
infrastructure and preparing for
future growth in our activities. In
doing so, we ensure that colleagues
without a fixed workplace still find a
place to work in a focused manner
within their familiar surroundings.
Connecting
young colleagues
Our Young Grads Community
actively links up our youngest
employees and helps them
integrate. The group has 190
members, its own communication
channel and regularly organises
events.
• Quiz with some fiy participants.
The winning team was treated to
lunch with CEO Jef Colruyt.
• Two editions of the digital
Student Aerwork, in which
some 70 student workers and
trainees participated.
Flexible and output-oriented working
Some 4.400 office workers in Belgium have switched to ‘flexible and output-
oriented working’, with time clocks replaced by a flat rate of pay and the ability to
telework up to two days a week (at home or in a regional office). In the process,
employees also retain the unique ability to accumulate time accounts. In this way,
we aim to become more agile, future-proof and sustainable as an organisation.
The approximately 85% of our employees with time- and/or place-dependent jobs
retain time clocks and the principle of ‘time worked is time paid’.
Working together
smarter
The pursuit of simplicity and efficiency in
our day-to-day work has contributed greatly
to our group’s growth, with our 50-strong
Operate & Improve organisation providing
structural support in this field. The goal is
for employees to learn to work together
smarter and to boost their commitment,
entrepreneurship and job satisfaction. Here
are some of our activities:
• Structuring, clarifying, standardising or
stabilising processes and work methods, as
a basis for further improvements.
• Setting relevant indicators and
measurement points, capturing data and
providing measurement-based advice.
• Improving and simplifying work items,
methods, processes and organisation.
Testing, fine-tuning and implementing
proposals for improvement.
• Supporting the long-term integration
of changes resulting from projects and
programmes, with a view to changes
producing results faster.
• Encouraging a culture of continuous
improvement among all employees, with
a view to achieving long-term contextual
and behavioural change.
• Boosting skills development around
Operate & Improve, through developing
and providing methodologies, tools,
training, etc.
Operate
& Improve

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Learning
& Development
Focused on professional and personal
growth, Learning & Development is the
training and education department for
employees. In the past financial year,
the group invested approximately EUR
39,1 million in training and education,
accounting for 2,82% of payroll.
The department is steadily broadening
its offering, evolving from a provider of
(classroom) courses to a supporter of all
possible kinds of learning. A key issue here
is the question of which are the best ways
to unlock knowledge or put across values
and skills. To this end, the department is
increasingly developing ‘blended learning’,
from mentorship via workplace learning
to online webinars.
Post-corona recovery
• Aer a sharp decline during the first corona year, the past financial
year was marked by recovery, with the number of training courses and
participants back to the same level as before the pandemic.
• On the one hand, this was due to our longstanding focus on education
and training and to our efforts to safeguard it. On the other hand, we
noticed a lot of enthusiasm among employees to take up courses again
as soon as possible. In addition to the regular training courses, we held a
large number of tailor-made sessions, oen centred on teamworking.
• Digital alternatives, in both individual and classroom forms, were
available for a large proportion of face-to-face courses. A number
of business-critical training processes continued to be held (in part)
face-to-face.
Boosted oering
Spurred in part by the corona pandemic,
training offerings have evolved greatly, in
terms of both learning forms and topics.
Digital Learning. One fih of former
face-to-face courses have been replaced
by digital versions, including individual
e-learning courses and videos. In
addition, new initiatives emerged, such
as low-threshold E-lympics to promote
digital literacy or info sessions and
workshops for 4.000 employees on
output-oriented working.
New partnerships were developed with
external specialists, such as a unique
postgraduate degree in marketing in
collaboration with the VIVES University of
Applied Sciences.
New content responding to the evolving
needs of employees. For instance,
courses on stress and resilience,
overcoming speaking fears or dealing
with undesirable behaviour.

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Colruyt Group Academy provides
a wide range of courses for
individuals and businesses, with
face-to-face and online workshops
full of inspiration and experience.
It has 10 learning centres spread
across Belgium and offers
affordable prices thanks to long-
term partnerships.
Focus on innovation and recruitment
Due to successive periods of corona restrictions, the number of workshops fell during the past financial
year. Aer a long pause, face-to-face workshops resumed in summer 2021. For the sake of safety, the
number of participants per session was limited, leading to the activity being scaled back.
However, the Academy made every effort to overhaul its offering in the meantime, both in terms
of content and form. And the learning centres were used on an ongoing basis for recording digital
workshops and as a venue for team moments.
New oering
Colruyt Group Academy has invested a lot in
overhauling its offering. As of spring 2022,
it has introduced new topics, formats and
working methods, with its courses now able
to be taken individually or in groups, face-to-
face or digitally, standard or on-demand ...
• New ‘learning communities’. In
conjunction with Dreambaby, the Academy
created a closed Facebook group for young
parents, around babies’ sleeping behaviour.
The platform soon had more than 800
members. The Academy also collaborated
on a webinar on mental well-being for
young parents.
• Digital (cooking) workshops are catching
on and attracting new audiences, including
quite a few young parents with children.
• More and more workshops are focusing on
sustainability themes to which Colruyt
Group is strongly committed, such as the
environment (saving energy at home and
on the road, etc.) and health (sleeping,
exercising, mental well-being, etc.).

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IT
Colruyt Group IT supports the
group in the area of IT and
process optimisation, tracks
technological developments
and innovations and applies
them to the specific needs of
the various departments and
businesses. The organisation
does not just supply tools,
but offers all-in services:
ranging from building and
implementing bespoke
IT solutions to managing,
supporting, maintaining and
updating them. Colruyt Group
IT proactively scans the market,
tries out new things and
builds prototypes to inspire its
partners. The organisation has
over a thousand permanent
employees in Belgium and
500 in India, plus external
contractors.
Attracting and nurturing talent
In a competitive job market, we take many initiatives to attract new talent
and keep employees on board.
• Team manager Bélise Songa was voted Young ICT Lady of the Year 2022
by ICT journal Datanews. Another colleague was a finalist for ‘ICT Digital
Coach of the Year’.
• Our renewed advertising campaign and participation in networking events
such as Sound of Science and job fairs enhance our image as an attractive
IT employer.
• We maintain close contacts with higher and university education, via
guest lectures, frequent thesis coaching and sustainable partnerships for
internships and workplace learning.
• In just four years, 92 talented IT staff have completed an analysis or
soware engineer traineeship, and 90 % of them are still working for the
company. The new IT Management traineeship is a two-year programme
for ambitious starters looking for a job with impact and responsibility.
Partnership with sheltered workshops
For years, we have relied on sheltered workshops to deliver large volumes of new and refurbished
IT equipment.
• Unpacking, labelling and registering 22.500 new IT devices per year
• Sorting and testing 25.000 recovered cables per year
• Maintenance of 5.500 electronic price labels per month
• Preparation of 11.000 electronic price labels per new Colruyt store
19.000
Smartphones
3.430.000
Electronic price labels
2.600
Digital screens
in stores and
central buildings

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Optimisation of supply chains
• Just like our integrated food stores, our wholesale business RPCG now uses the
common IT platform for its grocery and fresh food logistics. The processes
were standardised throughout the chain, from reception and storage to
dispatch. For this, we applied many parameters depending on the requirements
of independent storekeepers, such as smaller volumes or lower delivery
frequencies.
• We developed a stable and reliable forecasting model allowing our food stores
to predict their daily sales volumes more accurately, essential for efficient
restocking. Based on 3,5 to 5 years of sales data and variables such as weather,
impact of holidays or major events, the tool predicts sales volumes up to 14
weeks or even one year in the future. The process runs overnight and takes about
four hours.
Complete faceli of the Collect&Go website and app, new functionalities and redesign
of the entire application.
• In one hour at most, around 10.000 daily orders sent at a fixed time in the morning,
instead of little by little throughout the day.
• Automatic notification of any ‘missed favourites’ in the shopping basket.
• More accurate calculation of the shopping basket, including all promotions applying
on the day of collection.
• Possibility for marketeers to modify their site themselves, for instance with
personalised banners.
Innovation galore
• Development of own Internet of Things platform on which the first application is
running for the Collect&Go online shopping service. Fresh products travel to collection
points in special cool boxes equipped with temperature sensors. These are connected
to the IoT application and transmit the temperature every five minutes. This allows
Collect&Go to monitor the cold chain constantly and guarantee the customer perfectly
chilled products.
• Upgrade of the Xtra app to a single personal shopping assistant for Colruyt Group
customers, combining all digital customer services: profile management, shopping lists,
recipes, coaching, etc.
• IT advice for the first OKay Direct self-service store in Ghent, where customers can shop
autonomously 24/7. If the concept is rolled out further, we will integrate all OKay Direct IT
solutions sustainably.
• New telephony application on 13.000 smartphones of Colruyt store employees,
connected to the mobile network and the in-store wifi network. Employees can now
make and receive calls with colleagues, head office and customers directly. Quieter and
more efficient than before, when they heard an announcement and had to walk to a free
landline phone.

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Featuring some 1.600
employees, the technical
department is active in Belgium
and Luxembourg and offers a
complete service, from study
and design via purchasing,
construction and installation to
maintenance and prevention.
Not just for stores, offices, data
centres, distribution centres
and production buildings, but
also for vehicles and machines.
Opting for innovative solutions
and sustainable techniques,
Technics meticulously monitors
environmental management
and oen goes beyond the
prescribed legal standards.
Technics
Quick reopening
Following the flood in mid-2021,
some ten affected stores were
closed. Our technical services
immediately went to work on
clearing out the mess, cleaning and
refitting them. Aer just a few days,
most stores were able to reopen, the
last one on 23 August.
• Thanks to our size, we were able
to quickly deploy sufficient in-
house technicians, even during the
vacation period.
• The preventive design of our stores
limited damage. Built at least 20
cm above street level, the stores
feature technical installations all
safely located on platforms.
Giant crate-washing
facility now operational
We are the only Belgian retailer to wash all the fruit
and vegetable crates returned from stores ourselves. As
planned, the new crate-washing facility at our Dassenveld
return centre became fully operational in autumn 2021.
This is the first time we have built a facility of this size.
At the same time, the previous one was dismantled,
with both processes running simultaneously, without
interfering with logistics.
• Surface area: 4.000 m², over 40% less than the previous
installation
• Capacity: 12.000 crates per hour
• Lower energy and water consumption, less stressful
manual work
19
new
stores
10.000 m²
additional retail space
26 renovations
81
sites
in 2021-22
3
new residential
units (apartments)

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This department is responsible
for meeting the group’s
real estate needs, i.e. for
stores, offices, production
and distribution centres in
Belgium, Luxembourg and
France. The team searches
for building land, takes care
of all environmental permits,
writes the specifications and
manages the development
of the buildings. Striving for
the optimal social and urban
integration of the properties,
Real Estate has in recent years
been implementing more
mixed projects, combining
stores with residential units.
• It has gradually increased
its external profile, inter alia
through its new website
realestate.colruytgroup.com.
• Growing portfolio of residential
units and offices for rent under
our own management.
• In April 2022 commissioning
of the renovated Zwijnaarde
office: 9.600 m² for non-shared
and shared workspaces, as well
as rental workspaces for third
parties.
Real Estate
Smart Technics
This innovative start-up offers a wide range of services: design,
engineering, project management and implementation of technological
solutions. The team focuses on automation and digitalisation throughout
the supply chain.
• Logistics: introduction of robotics in the Newpharma and Collect&Go
distribution centres, …
• Retail: integration of technology in the OKay Direct self-service store, ….
Smart Farming
We have moved our indoor fresh herbs growing facility into the new Smart
Farming department, a unit also running projects for, inter alia, CO
2
capture
through tree-planting and co-developing our sea farm in the North Sea.
Purified water in our
headquarters
At our headquarters in Halle, we now treat waste-
and rainwater from ten buildings ourselves,
including offices and the distribution centre with
its cheese-processing and crate-washing facilities.
The treatment plant can produce 11 m³ of drinking
water per hour, reducing the connected sites’
consumption of mains water by up to 90%. In
addition to commissioning the plant itself, Technics
laid several kms underground and overhead pipes.
Working on the future
• Efficiency gains in the machine park through data capture, allowing us to
intervene more preventively and even remotely in some cases, and to prevent
malfunctioning.
• We continue to pioneer hydrogen propulsion, including for heavy goods
vehicles.
• Ongoing recruitment and training of (young) talent through our own technical
school, traineeships and close cooperation with secondary and higher
polytechnics.
Committed to
e-mobility
We are accelerating the shi to e-mobility, for both
employees and customers.
• Greener company cars. Employees can choose
from a wide range of fully electric or hybrid cars.
Read more on p. 177
• Expanded charging infrastructure. Our network
of charging stations at stores and offices
continues to grow steadily. Our headquarters
feature the largest charging bay in Belgium, where
more than 100 cars can be charged at the same
time. Read more on p. 93.
• Our garage staff are receiving the necessary
training to work on electric cars.

110
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Colruyt Group is the only
Belgian food retailer with its
own industrial-scale production
departments, grouped under
Colruyt Group Fine Food.
Thanks to in-house production
and our years of expertise, we
can operate in a cost-effective
manner, guarantee constant
quality and create added value
both for our private labels and
for customers.
Fine Food processes meat
and makes salad spreads,
cuts and packages cheese,
bottles wine, roasts coffee and
bakes bread. The ready-to-sell
products are marketed under
our own brands such as Colruyt
Beenhouwerij, Boni Selection,
Everyday and Spar. Fine Food
has more than 1.200 permanent
employees on nine production
sites.
Fine Food
23,5 million
million litres of wine bottled
22 million
loaves baked
42.880
tonnes of meat processed
2.700
tonnes of spreads produced
51 million
pieces of cheese packaged
7.000
tonnes of coee roasted
Volumes stabilising
• Aer the spectacular, Covid-related volume increases during the 2020-2021 financial year, most product
categories are following pre-Covid trends once again. Meat volumes continued to fall slightly, bread
production stabilised at the lower level of the previous financial year. Coffee and cheese remained roughly
stable, as did wine, for which the party boxes performed particularly well.
• In our meat production, we continue to focus on diversification, while gradually increasing the number of
organic and vegetarian products. The salad department is also following these trends, including for products
such as hummus.
Integration of Roelandt Group
industrial bakery
At the end of January 2022, Colruyt Group acquired 100% of the
shares of Roelandt Group, one of the largest industrial bakeries
in Belgium, with production sites in Zele and Lokeren. This
represents an extension of the partnership with Roecol, which
has produced bread for our group since 2012.
The company has 300 employees and is involved in the
production and sale of bread, rolls, cakes and pastries. The fresh
products are mainly destined for the Belgian market, and pre-
baked and frozen products for the whole of Western Europe.
• This acquisition continues the vertical integration of our
range of fresh products. Management of the entire supply
chain enables efficiency gains and further optimisation. This
also allows us to continue to focus on quality and product
innovation.
• A wider and higher quality assortment of bread and cakes
enriches our in-store offer and is a plus for our customers.
• By the acquisition, we support local production and strengthen
our business’s Belgian roots.

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Production of salad
spreads and sauces
well on track
Our new Fine Food Salads production site has
been fully operational since April 2021. With
an area of 4.200 m², it offers sufficient space
for future growth.
• Every week, the site produces approximately
55 tonnes of salad spreads and sauces
for our own brands, or 220.000 x 200 g
containers.
• Integration of volumes previously produced
externally, for instance a variety of salads for
OKay and mayonnaise as an ingredient for
the salads.
• With the new, more sustainable containers
for salad spreads, we save 45 tonnes of
plastic each year. The 100% recyclable
containers have thinner sides and a lid with
a click system, without a seal. This allows
maximum scooping, reducing the risk of
wastage and making the recycling process
smoother. The smaller labels also aid
recycling.

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Corporate Marketing
Corporate Marketing defines the brand and communi-
cations strategy for Colruyt Group and corporate sub-
brands such as Collibri Foundation. This includes brand
and communication management for private labels such
as Boni, Everyday and Kangourou, including design and
production of packaging. In addition, the department
provides services in the areas of press and PR, market
research and trend watching, digital communication and
customer data. Most services not only operate at group
level but also support individual operating units in their
strategic and tactical planning.
Eco-score marketed
widely
• Since mid-2021, Colruyt Group has strongly
marketed the Eco-score, a first for Belgium. The
label visualises the environmental impact of
products simply, making it easier to consume
more consciously.
• The scores can be looked up in the Xtra app
and are appearing on more and more private-
label packaging. By mid-2022, more than
200 Boni own-brand products showed the
score on-package. We also aim to make the
Eco-scores for as many A-brand products as
possible available in the Xtra app. In this way, we
continue to focus on raising awareness around
more environmentally conscious consumption.
• Thanks partly to intensive campaigns, familiarity
with the Eco-score is constantly growing, the
Eco-score has a highly differentiating effect
and adds to Colruyt Group’s reputation as a
sustainable entrepreneur. The initiative has also
been taken up by other retailers and producers
of national brands and was awarded the highly
coveted Mercurius prize by the Comeos retail
federation.
Focus on sustainable entre-
preneurship and consumption
As a group, we aim to be a reference for sustainable
entrepreneurship and a source of inspiration for conscious
consumption. For this reason, we communicate broadly
about our sustainable initiatives and highlight our new
website.
We inspire consumers and help them make more conscious
choices via our ‘Step by Step’ communication programme
covering four themes: health, society, animal welfare and
environment.

113
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Marketing
Communication Services
Altijd
vers.
Ook als je
de hele nacht
wil blokken
4340_CREATIE POS-FLYER_STUDENTEN.indd 14340_CREATIE POS-FLYER_STUDENTEN.indd 1
03/11/2021 12:1003/11/2021 12:10
Ook graag
een duwke
in de rug?
Marketing Communication Services (formerly CCX)
translates the marketing objectives of the group and
all the various brands into targeted offline and online
marketing communication. The department has
around 250 permanent employees, from designers,
copywriters, photographers and video specialists to
marketing communication experts. For production
and sending of communications, we rely on our print
and document specialist Symeta Hybrid.
A young rapper set out in typical style how our Collibri
Foundation focuses on training young people. The radio
commercial instantly delivered 180% more visits to our
website; more than 50 organisations applied to work
with the foundation.
More time for what really matters, like relaxing with family and
friends. Our Collect&Go shopping service added an emotional
layer to its familiar functional advantages. The long-running
campaign with a great TV commercial resulted in increased
brand awareness and (re)activation of customers.
Eye-catching campaigns
Our communication agency created a wide range of campaigns which scored highly for
effectiveness, or the extent to which we reached the target group, appealed to and activated
the target group. A selection:
Our unique 24/24 self-service store OKay Direct
in Ghent presented itself to the world with a
unique, contemporary story, told partly with a
characterful local accent. This first for Belgium
received broad media attention and attracted
many customers from its opening.

114
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Retail Services brings together a number of key
departments to support our store formats, in areas
such as product quality and safety, packaging,
product information and pricing.
This support allows our stores to focus on
their core business, continuing to differentiate
themselves in a competitive market. Retail
Services also helps ensure that the group is
able to put its sustainability goals into practice.
Continuing to gain in maturity, the various
services bring together years of accumulated retail
experience.
Retail Services Center
Even faster and more ecient price adjustments
Staffed by some 135 employees, the Service Centre Price supports our various retail formats in implementing their specific
pricing strategies (Colruyt in Belgium, Luxembourg and France, OKay and OKay Compact, Spar, Bio-Planet, Cru, Dreamland and
Dreambaby). Every day, the team records prices in physical stores, from leaflets and on the websites of dozens of competing
retailers. The service centre also collaborates with independent data specialist Daltix, enabling it to respond even quicker and in
a more targeted manner.
• In the past financial year, a new pricing platform was
implemented, replacing the five existing systems. The
platform was developed in-house over a period of seven
years, as standard soware packages were not sufficiently
efficient to support the different pricing strategies of our
stores.
• Advanced automation is allowing us to capture and process
competitor prices even faster and more efficiently. Prices
are reported immediately aer leaving the competitor
store, meaning they are processed in our store prices within
24 hours. Our people only intervene manually in the case of
significantly deviating prices. The central system also avoids
prices being recorded twice.
• Our new reporting environment delivers many more insights
into market price trends and into our own operational
efficiency.
10 million
Average number of
price calculations per day
500.000
Prices physically recorded
in competing stores
per month

115
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Customer Services handles all enquiries
and comments from customers, employees,
suppliers and other stakeholders. Specialist
contact centres serve all store formats as
well as internal departments such as HR,
store support and IT. The 250 or so staff
can be reached by phone, email, online
platforms and social media. Together, they
handle around three million contacts a
year. The department combines smart
technology and standardised processes and
systems with competent, customer-focused
employees. Customer Services gives our
store formats structured feedback on their
customers’ views and concerns, so that they
can adapt quickly where necessary.
Customer Services
The quick way to the right answer
• The FAQ sections of the store formats’ websites have been enriched and represent the quick way to the right information. The
frequently asked questions were consulted more than 365.000 times last year, saving at least 70.000 calls.
• Customer Services has invested heavily in the integration of social media channels in its contact platform. Now that all customer
enquiries are on a single platform and the tools are more user-friendly, employees can serve customers even better.
• A higher degree of self-service and further digitalisation lead to more efficient contact processing and increased customer
satisfaction. For instance, customer refunds can now be processed quickly and simply via the Xtra app.
Better collaboration
and communication
The Communication & Collaboration
department contributes to the total
redesign of the collaboration and
communication landscape within the
group. Since the coronavirus pandemic,
working has been much more flexible,
the digital transformation has been
accelerated considerably and contacts
want to find the right information,
answers and solutions more and more
quickly.
For this reason, in the coming years, we
will invest in new soware tools and the
expertise to communicate, collaborate
and share information. For instance, we
are creating digital workspaces in which
employees are better connected with one
another and with the outside world.
Via which channel do
customers make contact?
Phone
30%
Chat 2%
Email / webform
33%
FAQ pages
26%
Social
media
9%

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Our public benefit purpose
foundation Collibri Foundation
aims to offer socially vulnerable
young people in Belgium and
abroad more opportunities for a
successful future. To this end, we
support training projects that offer
the young people a good education
(educate), help them grow as a
person (develop) and foster a
sense of initiative, cooperation
and entrepreneurship (empower).
Collibri Foundation fosters
connection and exchange between
the young people, develops a
learning network and involves
employees and customers as much
as possible.
Colruyt Group funds all operating
costs and a large part of project
expenses. The group doubles
the money raised in in-store
fundraising campaigns and
individual donations (capped at a
certain amount). Tax statements
for donors are issued by the King
Baudouin Foundation.
Scaling up for greater impact
In 2021, the foundation refocused its vision and strategy, and defined its activities, goals
and forms of collaboration more clearly. This will allow us to scale up our operations in the
coming years and support thirty projects by 2026. An outline:
• We prefer to systematically link a training project to each of the group’s existing or future
sustainable supply chain projects, creating a sustainable mutually enriching exchange.
Nine current supply chain projects already interact with our training projects.
• We follow a new methodology for monitoring projects, their desired results and impact
(based on the familiar Theory of Change). We agree on exact KPIs with the partner
organisations for the output and the impact of new projects in advance. Data capture will
eventually enable us to acquire greater insight and optimise operation.
• We will focus more on strengthening our non-financial support for organisations and
projects, and making our partners aware of these opportunities. For example, access to the
Collibri Foundation and Colruyt Group networks, internships for young people or sharing of
expertise between employees and partners and among partners.
18
training projects in 11 countries
(up to the end of March 2022)
www.collibrifoundation.org
EUR 907.846
Donations to projects, 17% of
which from fundraising campaigns
and private donations
De duurzame
Collibri-producten,
dat zijn ook
eerlijke prijzen
voor de boeren.
Zo dragen we samen bij aan
een betere samenleving,
stap voor stap.

117
4 new projects
During 2021, Collibri Foundation launched new partnerships with four Belgian organisations, to
run for three to five years. Odyssée and Talent Youth Network were carefully selected following
a call for projects for which some 68 projects were submitted.
• Odyssée helps early school leavers from Brussels and Wallonia to take back control of their
lives, via mediation at school or in the family, support with reorientation and with personal,
administrative, social or legal problems. This helps young people reconnect with education,
the world of work and society.
• Capital is a one-stop-source that offers young people from Brussels and the surrounding
area a whole range of opportunities to develop and become financially independent, under
one roof. The not-for-profit organisation puts the young people in touch with local projects,
social organisations, employment agencies, schools, companies, etc.
• Talented Youth Network is an academy that organises extracurricular training activities for
enterprising young people in Brussels and Wallonia, on a range of topics including enterprise,
personal development or diversity.
• Rikolto and ICT4DEV run a project in the Ivory Coast to train 2.000 unemployed young
people and women to become (independent) cocoa farmers. Together, the organisations offer
online and in-person training on good agricultural practices, talent development, access to
the market, etc.
“ We believe in a world in which all young
people have the opportunity to become
entrepreneurs of their lives.”
10.480
young people reached
directly, 39.000 indirectly
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118
CORPORATE GOVERNANCE
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Governance, supervision and management • Sustainable corporate governance • Share ownership
Corporate
governance
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.

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Governance, supervision and management • Sustainable corporate governance • Share ownership CORPORATE GOVERNANCE
|
Governance, supervision and management • Sustainable corporate governance • Share ownership
1. Board of Directors
1.1. Composition of the Board of Directors - 2021/22 financial year
Governance, supervision and management
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
• ADL CV, 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 2025
• Dirk JS Van den Berghe BV,
permanently represented by: Dirk Van den Berghe
X 2023
Secretary • Kris Castelein
The following change occurred during the 2021/22
financial year: the director’s mandate of Ms Astrid
De Lathauwer, permanent representative of ADL
CV, expired at the General Meeting of 29/09/2021
and could no longer be extended, following three
successive mandates. She is succeeded as an
independent director by Mr Dirk Van den Berghe,
permanent representative of Dirk JS Van den Berghe
BV, with a two-year mandate. Independent director
Chantal De Vrieze, permanent representative
of 7 Capital SRL, has taken over the chair of
the Remuneration Committee since the end of
September 2021.
The board wishes to thank Ms Astrid De Lathauwer,
in her role as independent director and chair of the
Remuneration Committee, for her much appreciated
contribution to the implementation of the long-
term strategy and to the shaping of the group’s
remuneration policy.
In addition to their appointments as directors of
Colruyt Group companies, Messrs Jef Colruyt, Frans
Colruyt, Wim Colruyt, Dries Colpaert and Dirk Van
den Berghe as well as 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.

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1.2. Auditor
NST&YOUNG BEDRIJFSREVISOREN BV (B00160), indirectly represented by Daniël Wuyts [A01979]. The appointment of the auditor expires aer the General Meeting of 2022. The Board of Directors
proposes to reappoint the auditor ERNST&YOUNG BEDRIJFSREVISOREN BV (B00160), with Eef Naessens (A02481) as its new representative, for a three-year term, i.e. until the General Meeting of 2025.
1.3. Reappointment and
appointment of directors
at the General Meeting of
28 September 2022
The following directors’ mandates will expire aer the
General Meeting of 28 September 2022: that of Jef Colruyt,
who is also Chairman of the Board, as well as that of Korys
Business Services III NV, with Wim Colruyt as permanent
representative. Both are eligible for re-election and
therefore present themselves as candidates. The Board of
Directors therefore proposes to reappoint them for four
years, until the end of the General Meeting in 2026.
Korys NV has announced that, in the exercise of its
mandate as director on the Board of Directors of Colruyt
Group, aer the General Meeting of 28 September 2022,
it will replace its permanent representative Dries Colpaert
with Griet Aerts, who will continue the mandate until the
General Meeting in 2024.
The board will propose to the General Meeting of 28
September 2022 to appoint Korys Management NV, with
Lisa Colruyt as its permanent representative, as a new
director with a four-year mandate until the General
Meeting of 2026.
Subject to their approval by the General Meeting of
28 September 2022, the composition of the Board of
Directors will then be as follows:
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) 2026
Representatives of the
principal shareholders,
non-executive directors
• Korys NV, permanently represented by: Griet Aerts 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 2026
• Korys Management NV,
permanently represented by: Lisa Colruyt
2026
Independent directors
• 7 Capital SRL, permanently represented by:
Chantal De Vrieze
X 2023
• Fast Forward Services BV,
permanently represented by: Rika Coppens
X 2025
• Dirk JS Van den Berghe BV,
permanently represented by: Dirk Van den Berghe
X 2023
Secretary • Kris Castelein

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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:
• Koen DE VOS Supply Chain Manager Colruyt Lowest Prices from 01/12/2021
• Christophe DEHANDSCHUTTER General Manager OKay and OKay Compact from 01/01/2022
• Fabrice GOBBATO Sales Manager Colruyt Lowest Prices from 01/01/2022
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:
• Martine PAUWELS Logistics and Transport Manager (retired from 30/11/2021)
In addition to their appointments as
directors of Colruyt Group companies,
Messrs Jef Colruyt, Frans Colruyt, Wim
Colruyt and Dirk Van den Berghe, as well
as Ms Griet Aerts, 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).
2. Colruyt Group Management
Aer the reporting period, a number of important organisational changes took place.
Marc Hofman passed on the torch as COO Retail at Colruyt Group (the position he
had held since 2018 following Frans Colruyt) on 1 April 2022. In 2013 he started at
Colruyt Group as CFO, a position taken over by Stefaan Vandamme in 2019. He worked
on completing a number of projects until the end of June 2022. As of 1 April 2022,
two directors from the Management Committee, in addition to Jef Colruyt himself,
will succeed him. Jef Colruyt will remain CEO of Colruyt Group and in his position will
directly manage Colruyt Group’s non-food business, as well as the group’s Real Estate,
Energy and Health activities. Jo Willemyns, General Manager Marketing Colruyt Group
until 31 March 2022, will, as COO Food Retail and Marketing Services, be the new
person with final responsibility for the group’s food retail formulas. The group’s HR
and IT departments and technical services report to director Stefan Goethaert in his
capacity as COO Business and Group Services. In addition, he will continue to manage
the production activities at Fine Food Colruyt Group as well as the Retail Services
(Quality, Price, Private Label). The group strives for maximum continuity of business
operations, in terms of both organisation and long-term strategy.
The Board takes this opportunity to sincerely thank Marc Hofman for leading the
operations of all retail formulas through challenging market conditions and for his
much appreciated contribution to shaping the future strategy of the Group’s retail
activities.

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2.2. Management Committee –
as at 01/04/2022
• Jef COLRUYT Managing Director and CEO
• Jo WILLEMYNS COO Food Retail and Marketing Services
• Stefan GOETHAERT COO Fine Food, Business and Group Services
• Stefaan VANDAMME CFO
• Chris VAN WETTERE General Manager Colruyt Lowest Prices
• Bart DE SCHUTTER General Manager Colruyt France
(integrated and affiliated stores)
• Christophe DEHANDSCHUTTER General Manager OKay
• Johan VERMEIRE General Manager B2B activities
(Retail Partners Colruyt Group and Foodservice)
• Dieter STRUYE General Manager Non-food Retail
• Liesbeth SABBE Manager People & Organisation, Operate & Improve and
Learning & Development
• Peter VANBELLINGEN IT Manager
• Koen BAETENS Manager Technics, Real Estate and DATS 24
2.3. Future Board – as at 01/04/2022
In addition to the above-mentioned Management Committee members, the following (deputy)
managers also participate in the Colruyt Group Future Board:
• Geert ROELS Purchasing Manager Colruyt Lowest Prices
• Guy ELEWAUT Marketing Manager Colruyt Lowest Prices
• Koen DE VOS Supply Chain Manager Colruyt Lowest Prices
• Fabrice GOBBATO Sales Manager Colruyt Lowest Prices
• Rudi DEWULF Deputy Sales Manager Colruyt West Colruyt Lowest Prices
• Jean-Christophe BURLET Deputy Sales Manager Colruyt Centre-West Colruyt Lowest Prices
• André GIGLIO Deputy Sales Manager Colruyt South-East Colruyt Lowest Prices
• Geert GILLIS Deputy Sales Manager Colruyt Centre-North Colruyt Lowest Prices
• Guido SORET Sales Manager RPCG
• André CERON Deputy Manager Logistics RPCG
• Gunther UYTTENHOVE Manager Colruyt Group Fine Food
• Wim MERTENS Deputy Manager Social Relations People & Organisation
• Antonio LOPEZ GUTIERREZ Deputy Sales Manager Colruyt Prix Qualité (integrated stores)
• Anthony MEILLER Deputy Manager Codifrance (affiliated stores)

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1. Sustainable corporate governance statement
Sustainable corporate governance
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.
The updated Code on Companies and Associations has been in
force since 1 May 2019 and applies to all Belgian companies.
In October 2020, the Extraordinary General Meeting of Etn. Fr.
Colruyt NV approved the aligning of the Company’s articles of
association with the updated Code. The articles of association
of all other group companies will be adjusted to the new Code
on Companies and Associations no later than 1 January 2024.
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 came into force on 6 May 2020. The new provisions
regarding the remuneration report and remuneration policy
will apply to the Company as from the 2020/21 financial year.
The remuneration policy was approved for the first time at the
General Meeting of 29 September 2021 and is valid for four
years.
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 2021/22
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 managing the Company, the Board has opted
to continue the existing one-tier board model, consisting
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 2021/2022, 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.
(1) https://www.corporategovernancecommittee.be/en/about-2020-code

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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 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.
• 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 non-
executive directors increasing the likelihood of a conflict of
interest, these persons do not receive performance-related
remuneration or share-related 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. Corporate Governance 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 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

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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
their 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.
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
2021/22, 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 2022
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
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126
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,
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/
en/invest/stakeholder-information. 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. Every two years, both committees review
their internal operations on the basis of an informal evaluation,
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 2.5.
1.2.3. Day-to-day management
The day-to-day management of the company is in the hands of
managing director Jef Colruyt, who in turn delegates a number
of powers internally.
Under the chairmanship of Jef Colruyt, the Colruyt Group
Management Committee consists of the general managers
of the various commercial and production activities of the
group and the managers of the support services. 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.
In 2022, we adjusted the organisational structure and the
resulting internal consultative bodies in order to meet even
better changing customer needs in our rapidly evolving
society. In order to help shape the group’s strategy, regular
consultation bodies on business development, architecture,
roadmap & portfolio and rewards & succession as well as on
the capabilities of the group have been introduced. A plateau
meeting is also held monthly to work out the overall tactical
coordination of all retail activities. Furthermore, within the
organisation we have defined a number of concrete disciplines
in which we wish to continue to grow in the coming years, build
up expertise and offer a group-wide sustainable product range.
These disciplines are Food, Non-Food, Energy and Health,
with the retail network and Xtra’s digital services as common
channels. Strategic Future Boards are held periodically for
each vertical field and its group-wide internal support services.
All consultative bodies are always chaired by a Management
Committee manager.
Finally, there are also fortnightly/monthly management
meetings, chaired by the general managers, with the managers
of the various activities and corporate services. It is here that
the practical implementation of the chosen policy options
takes place.
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.
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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 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. As CEO, Chantal De Vrieze is at
home in general management and the IT world. Rika Coppens
also has CEO experience both in retail and in HR services, and
also brings comprehensive financial expertise. And Dirk Van
den Berghe has extensive knowledge of retail, having led the
general management of retail chains both in Belgium and
internationally.
The Council also scores well on gender diversity. Today
the Board of Directors has three 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, and (iii)
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.
3
5
female
Board of Directors
male
Situation at
31 March 2022
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 aims to allow the dividend per share
to evolve on an annual basis in proportion to the group profit.
Although this is not a fixed rule, and subject to the company
posting a positive result, 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 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/en/invest/stakeholder-information.
The most recent transparency notification shows that a
reference shareholder group exists within the share ownership
structure. The Korys companies and the Colruyt family and
relatives (and together with Colruyt Group) are shareholders
acting in consultation. 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. The mutual consultation agreement between
Korys, the Colruyt family and relatives and Colruyt Group on
the one hand and Sofina NV on the other expired at the end of
September 2021. This does not affect the mutual consultation
agreement between Korys, the Colruyt family and relatives and
Colruyt Group.
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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
(hereinaer referred to as “insiders”), who, owing 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. 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
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-watching over closed and
restricted periods, checking transactions, granting clearances,
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.
For members of the Board of Directors, the Management
Committee and those closely associated with them, 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 Company and
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 an employment
contract or similar arrangement, 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 apprised of the Group’s trading
regulations. In this way they acknowledge that they are aware
of their insider status 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/en/invest/stakeholder-
information. 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. Events during the financial year
2.1. Audit Committee
Since the end of September 2020, the Audit Committee has
been chaired by Rika Coppens, permanent representative of
Fast Forward Services BV. 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.
An update of the internal regulations of the Audit Committee
was published during the past financial year on colruytgroup.
com/en/invest/stakeholder-information.
Chaired by Rika Coppens, the Audit Committee met on
4 June 2021, 17 September 2021, 3 December 2021 and
18 March 2022. Owing to the COVID-19 epidemic, all meetings
could also, where necessary, be followed via video conference.
All members of the committee were present at every meeting
with the exception of 1 absentee during the 18 March 2022
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. Members of the Consolidation Department are also
present to explain the accounting treatment of participations
and new companies in the consolidation scope, as well as
the application of new IFRS standards. The findings and
recommendations of the Audit Committee are a fixed item on
the agenda of Board meetings.
2.2. Remuneration Committee
The Remuneration Committee was formed in September
2011. Independent director Chantal De Vrieze, permanent
representative of 7 Capital SRL, has taken over the chairperson
role since the end of September 2021 from Astrid De
Lathauwer. Non-executive director Hilde Cerstelotte, permanent
representative of Korys Business Services I NV, and independent
director Dirk Van den Berghe, permanent representative of Dirk
Van den Berghe BV, join her as permanent members of the
Remuneration Committee.
The Remuneration Committee published during the past
financial year an update of its internal rules on our website
at colruytgroup.com/en/invest/stakeholder-information. The
Remuneration Committee held its regular meetings on 4 June
2021 and 17 September 2021 with Astrid De Lathauwer in the
chair. On 3 December 2021 and 18 March 2022, the Committee
met with Chantal De Vrieze in the chair. The attendance rate at
each meeting was 100%. Owing to the COVID-19 epidemic, all
meetings could also, where necessary, 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
proposed resolutions of the committee are submitted for
approval to the Board of Directors. The result of all this work
is also recorded in a Remuneration Report that is published in
full under item 2.5. The final version of this report was finalised
during the Remuneration Committee meeting of 3 June 2022.
The general principles of the remuneration policy, as provided
for by law, were first approved at the General Meeting of 29
September 2021.
The Compensation & Benefits unit 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 10 and 11 June 2021, 23 and
24 September 2021, 9 and 10 December 2021 and 24 and
25 March 2022. 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, board meetings were held partly at headquarters
and partly via video conference.
The March 2022 board meeting was able to take place in the
normal way at the new distribution centre at Gondreville (Nancy,
France). The June and December meetings were preceded by
half a day of information on the half-yearly and annual results
presented by the finance department. The average attendan-
ce rate of directors at the aforementioned ordinary quarterly
meetings can be summarised as follows: 100% in June and Sep-
tember 2021, 94% in December 2021 and 97% in March 2022.
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Furthermore, the board held additional meetings on 28 May
2021 and 5 July 2021 to discuss the project to acquire shares in
Newpharma Group (Newpharma Project - cf. item 2.3.1.). During
the 5 July 2021 meeting, the intra-group conflict of interest pro-
cedure of Article 7:97 of the Code on Companies and Associati-
ons was applied.
Finally, the board also held an additional board meeting on
2 February 2022, applying the intra-group conflict of interest
procedure of Article 7:97 of the Code on Companies and
Associations, to approve the Smartmat transaction (Smartmat
Project – cf. item 2.3.1.). All non-conflicted directors were
present during these meetings.
Other than the remuneration and variable pay of Jef Colruyt
and the Newpharma and Smartmat projects (cf. item 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. Newpharma Project – Extract from the minutes of the
Board of Directors meeting of 5 July 2021, with the decision of
the committee of three independent directors – application of
Art 7:97 of the Code on Companies and Associations
1 COMPOSITION OF THE MEETING
The following directors are present at the meeting: ADL CV
(permanently represented by Astrid De Lathauwer); Fast
Forward Services BV (permanently represented by Rika
Coppens); and 7 Capital BV (permanently represented by
Chantal De Vrieze). The directors present establish that
the following directors are not present at the meeting: Jef
Colruyt, chairman; Korys NV (permanently represented by
Dries Colpaert); Korys Business Services I NV (permanently
represented by Hilde Cerstelotte); Korys Business Services II NV
(permanently represented by Frans Colruyt); and Korys Business
Services III NV (permanently represented by Wim Colruyt). Mr
Kris Castelein is present in his capacity as secretary of the
Board of Directors. Mr. Charles-Antoine Leunen (Linklaters LLP)
is present in his capacity as legal adviser.
2 AGENDA
(i) Hearing the advice (the “Advice”) of the committee of
independent directors established in accordance with
Article 7:97 of the Code on Companies and Associations
(the “CCA” and the “Committee”) regarding the possible
conclusion of (i) an agreement to acquire shares in
Newpharma Group NV (“Newpharma”) and of a shareholder
loan from the sellers of the aforementioned shares (the
“Acquisition Agreement”) and (ii) a shareholders’ agreement
with Korys Investments NV (“Korys Investments” and the
“Shareholders’ Agreement”).
(ii) Discussion and vote on the approval of the Acquisition
Agreement.
(iii) Discussion and vote on the approval of the Shareholders’
Agreement.
(iv) Hearing the assessment of the supervisory director
pursuant to Article 7:97 CCA.
(v) Approval of disclosure pursuant to Article 7:97, §4/1 CCA.
(vi) Power of attorney to sign the Acquisition Agreement and
the Shareholders’ Agreement.
.
3 BACKGROUND
The Company owns 26% of the shares in Newpharma. Korys
Investments, a subsidiary of the parent company of the
Company within the meaning of Article 1:15 CCA and thus
a related party of the Company within the meaning of IFRS,
owns 39% of the shares in Newpharma. The remaining 35%
of the shares in Newpharma are owned by a group of minority
shareholders (together the “Remaining Shareholders”).
The Company and Korys Investments now intend to acquire
the Remaining Shareholders’ stake in Newpharma for an
aggregate amount of EUR 72.087.572,75, which may rise to a
total amount of up to EUR 82.223.384,07, by concluding the
Acquisition Agreement. Furthermore, under the Acquisition
Agreement, the Company will take over claims held by the
Remaining Shareholders against Newpharma in an aggregate
amount of EUR 2.751.375,00, of which EUR 2.750.000,00
in principal and EUR 1.375,00 in interest (the “Receivables”)
(together with the acquisition of the shares, the “Acquisition”).
Upon completion of the Acquisition, the Company will hold
61% of the shares in Newpharma and Korys Investments
39%. It is furthermore the intention of the Company and
Korys Investments to regulate their mutual relationship as
shareholders in Newpharma aer closing of the Acquisition in
the Shareholders’ Agreement.
On 28 May 2021, the Board of Directors established the
Committee to review and advise the Board of Directors on
the terms and conditions of the Acquisition Agreement and
of the Shareholders’ Agreement, pursuant to Article 7:97 CCA.
The Board of Directors thus establishes that the procedure
prescribed by article 7:97 CCA has been fully complied with.
4 CONFLICT OF INTEREST
The directors present take note of the fact that (i) Korys NV
(with Dries Colpaert as permanent representative), (ii) Jef
Colruyt, (iii) Hilde Cerstelotte, (iv) Frans Colruyt and (v) Wim
Colruyt are each (indirectly) shareholders in Korys Investments.
Consequently, (a) Korys NV and Jef Colruyt have, in their capacity
as directors, and (b) Hilde Cerstelotte, Frans Colruyt and Wim
Colruyt have, in their capacity as permanent representatives
of directors Korys Business Services I NV, Korys Business
Services II NV and Korys Business Services III NV, an interest
of a patrimonial nature that conflicts with the interest of the
Company within the meaning of Article 7:96 CCA. Korys NV,
Jef Colruyt, Hilde Cerstelotte, Frans Colruyt and Wim Colruyt
have thus each declared that they will not participate in the
deliberation or voting on the items on the agenda.
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The directors present establish that they can validly deliberate
and resolve on all items on the agenda, as stipulated in article
18 of the Company’s articles of association. .
5 DELIBERATION AND DECISIONS
Aer having taken note of the background and the conflicts of
interest of Korys NV, Jef Colruyt, Hilde Cerstelotte, Frans Colruyt
and Wim Colruyt, the directors present take note of the Advice
and of the decision formulated by the Committee as follows:
“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.”
Aer deliberation on the terms and conditions of the
Acquisition Agreement, the directors present unanimously
resolved to approve the conclusion of the Acquisition
Agreement by the Company. Aer deliberating on the terms
and conditions of the Shareholders’ Agreement, the directors
present unanimously resolved to approve the conclusion of the
Shareholders’ Agreement by the Company.
Furthermore, the directors present have taken note of the
assessment presented by the auditor pursuant to Article
7:97 CCA, which reads as follows: “Based on our assessment,
conducted in accordance with the International Standard
on Review Engagements 2410 “Review of Interim Financial
Information Performed by the 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 of 5 July 2021 and in
the advice of the independent directors of 5 July 2021, 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”).”
Furthermore, the directors present have taken note of the
dra disclosure that the Company must publish pursuant to
Article 7:97, §4/1 CCA, in the form as submitted to the Board
of Directors. The directors present unanimously resolved to
approve this publication.
The directors present have also unanimously resolved to grant
power of attorney to Stefaan Vandamme, Pieter-Jan Vandevelde
and Ruben Brandt to sign the Takeover Agreement and the
Shareholders’ Agreement, and to take any further action
and sign any documents that are necessary or useful in this
connection.
In accordance with Article 7:97, §4 of the Code on Companies
and Associations, we also refer to the press release published
on 8 July 2021, which can be consulted on our website
colruytgroup.com/en/invest/financial-press-releases.
2.3.1.2. Smartmat Project – Extract from the minutes of
the Board of Directors meeting of 2 February 2022,
with the decision of the committee of three independent
directors – application of Art 7:97 of the Code on Companies
and Associations
1 COMPOSITION OF THE MEETING
The following directors are present at the meeting: Dirk JS Van
den Berghe VOF (permanently represented by Dirk Van den
Berghe); Fast Forward Services BV (permanently represented
by Rika Coppens); and 7 Capital BV (permanently represented
by Chantal De Vrieze). The directors present establish that
the following directors are not present at the meeting: Jef
Colruyt, chairman; Korys NV (permanently represented by
Dries Colpaert); Korys Business Services I NV (permanently
represented by Hilde Cerstelotte); Korys Business Services II NV
(permanently represented by Frans Colruyt); and Korys Business
Services III NV (permanently represented by Wim Colruyt). Mr
Kris Castelein is present in his capacity as secretary of the
Board of Directors. Mr. Charles-Antoine Leunen (Linklaters LLP)
is present in his capacity as legal adviser.
2 AGENDA
(i) Hearing the advice (the “Advice”) of the committee of
independent directors established in accordance with
Article 7:97 of the Code on Companies and Associations
(the “CCA” and the “Committee”) regarding the possible
conclusion of (i) an agreement to acquire shares in
Smartmat NV (“Smartmat NV and the “Acquisition
Agreement”) and (ii) a shareholders’ agreement with
Korys Investments NV (“Korys Investments”) and the other
shareholders in Smartmat (the “Shareholders’ Agreement”).
(ii) Discussion and vote on the approval of the Acquisition
Agreement.
(iii) Discussion and vote on the approval of the Shareholders’
Agreement.
(iv) Hearing the assessment of the supervisory director in
accordance with article 7:97 CCA.
(v) Approval of disclosure pursuant to Article 7:97, §4/1 CCA.
(vi) Power of attorney to sign the Acquisition Agreement and
the Shareholders’ Agreement.
3 BACKGROUND
HThe existing shareholding in Smartmat is as follows: Korys
Investments holds 52,59% of the shares, Smartmat’s founders
(the “Founders”) jointly hold 40,62% of the shares and the
remaining shareholders (the “Minority Shareholders”) jointly
hold 6,79% of the shares. The Company is currently not a
shareholder of Smartmat.
The Company intends to acquire a total of 1.396 shares in
Smartmat, together representing a 41,36% interest, from Korys
Investments, the Founders and the Minority Shareholders.
The total acquisition price that the Company would pay for
these shares amounts to EUR 27.248.328 which Smartmat
values at EUR 64.000.000. This preliminary purchase price
is to be adjusted based on the net financial debt as at 31
December 2021, once the audited figures for it become
available. In addition, the Company, Korys Investments and the
Founders intend to regulate their mutual relationship in the
Shareholders’ Agreement.
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On 18 January 2022, the Board of Directors established the
Committee to review and advise the Board of Directors on
the terms and conditions of the Acquisition Agreement and
of the Shareholders’ Agreement, pursuant to Article 7:97 CCA.
The Board of Directors thus establishes that the procedure
prescribed by article 7:97 CCA has been fully complied with..
4 CONFLICT OF INTEREST
The directors present take note of the fact that (i) Korys NV
(with Dries Colpaert as permanent representative), (ii) Jef
Colruyt, (iii) Hilde Cerstelotte, (iv) Frans Colruyt and (v) Wim
Colruyt are each (indirectly) shareholders in Korys Investments.
Consequently, (a) Korys NV and Jef Colruyt have, in their capacity
as directors, and (b) Hilde Cerstelotte, Frans Colruyt and Wim
Colruyt have, in their capacity as permanent representatives
of directors Korys Business Services I NV, Korys Business
Services II NV and Korys Business Services III NV, an interest
of a patrimonial nature that conflicts with the interest of the
Company within the meaning of Article 7:96 CCA. Korys NV,
Jef Colruyt, Hilde Cerstelotte, Frans Colruyt and Wim Colruyt
have thus each declared that they will not participate in the
deliberation or voting on the items on the agenda.
The directors present establish that they can validly deliberate
and resolve on all items on the agenda, as stipulated in article
18 of the Company’s articles of association.
5 DELIBERATION AND DECISIONS
Aer having taken note of the background and the conflicts of
interest of Korys NV, Jef Colruyt, Hilde Cerstelotte, Frans Colruyt
and Wim Colruyt, the directors present take note of the Advice
and of the decision formulated by the Committee as follows:
“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.”
Aer deliberation on the terms and conditions of the
Acquisition Agreement, the directors present unanimously
resolved to approve the conclusion of the Acquisition
Agreement by the Company. Aer deliberating on the terms
and conditions of the Shareholders’ Agreement, the directors
present have unanimously resolved to approve the conclusion
of the Shareholders’ Agreement by the Company.
Furthermore, the directors present have taken note of the
assessment presented by the auditor pursuant to Article
7:97 CCA, which reads as follows: “Based on our assessment,
conducted in accordance with the International Standard
on Review Engagements 2410 “Review of Interim Financial
Information Performed by the 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 of 2 February 2022
and in the advice of the independent directors of 2 February
2022, 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”).”
Furthermore, the directors present have taken note of the
dra disclosure that the Company must publish pursuant to
Article 7:97, §4/ 1 CCA, in the form as submitted to the board
of directors. The directors present unanimously resolved to
approve this publication.
The directors present have also unanimously resolved to grant
power of attorney to Stefaan Vandamme, Pieter-Jan Vandevelde
and Ruben Brandt to sign the Takeover Agreement and the
Shareholders’ Agreement, and to take any further action
and sign any documents that are necessary or useful in this
connection.
In accordance with Article 7:97, §4 of the Code on Companies
and Associations, we also refer to the press release published
on 4 February 2022, which can be consulted on our website
colruytgroup.com/en/invest/financial-press-releases.
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 was
submitted for approval for the first time to the General Meeting
of 29 September 2021 and was approved. Given the approval,
the policy is valid for the next 3 years, i.e. up to and including
the 2024-2025 financial year.
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
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policy starts from the following principles:
• 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.
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
the CFO, and 50% for the other Management Committee
members.
The responsibilities of the COO Retail were redistributed
from 1 April 2022. Starting in the 2022-2023 financial
year, the COO Retail will be replaced by the COO Food
Retail and Marketing Services on the one hand and the
COO Fine Food, Business & Group Services on the other.
The target variable salary for these roles is 62,5%. The COO
responsibility for Non-food Retail is taken over by the CEO.
CEO
Members of the Management Committee
42% 49%
9%
31,9%
57,7%
10,4%
Fixed
Group insurance
Variable
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• 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:
− Assisting in defining Colruyt Group’s mission & strategy
− Translation of the group’s mission and making the vision,
mission, ambition, strategy explicit in the executive’s own
management area
− Creating connections centred on mission, ambition and
strategy
− Attention to own development
− Continuous attention to the creation and development of
human potential, including own succession
− Mentoring and coaching employees
− Creating involvement and promoting Colruyt Group’s values
and culture
− Qualitative business KPIs
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.
• 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:
o up to half the collective variable remuneration can be
awarded
o but no individual variable remuneration will be awarded
− If the Management Committee member has achieved half
of the individual performance criteria:
o up to half the collective variable remuneration can be
awarded
o 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:
o the collective variable remuneration can be awarded in
full
o 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 budget 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.
In case of an overscore (+100%) on the individual target, the
CEO can grant an additional premium from the discretionary
envelope.
Relative
weight
Lower limit Upper limit
Payout 2021/22
(based on
results FY 20-21)
Criterion
Impact variable
remuneration
Criterion
Impact variable
remuneration
Collective 70% EBIT lower limit
collective target
collective * 0
EBIT upper limit target * 1,75 target * 1,0297
Individual 30%
<50% individual
target achieved
Individual target
individual * 0
AND collective
payout*0,5
50% - 100%
individual target
achieved
pro rata in
accordance with
individual target
score
average score:
target * 1
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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 was
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 remuneration of the members of the Management
Committee does not include any share-related remuneration.
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.
Colruyt Group has decided, for approximately 4.400 of its
executives in Belgium, to switch post-COVID to a fixed monthly
salary in place of a salary based on time registration.
For this group of employees, this means that they are moving
away from time registration for work both at the office and at
home.
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.
2.5. REMUNERATION REPORT FOR
2021/2022 FINANCIAL YEAR
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 21-27).
REMUNERATION OF THE CEO
(CHAIRMAN OF THE MANAGEMENT COMMITTEE)
The remuneration paid directly or indirectly to the CEO in
financial year 2021/2022 comprised:
43%
9%
48%
Variable
Group insurance
Fixed
Basic salary EUR 725.176
Variable remuneration in cash EUR 651.809
Contributions paid for group insurance
(1)
EUR 130.532
Other components
(2)
EUR 7.920
Total EUR 1.515.436
(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.
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The basic salary was increased by 4,55% starting from the
2021/22 financial year. The increase is due to indexation
(0,95%) and an individual supplement. The variable
remuneration in cash for services in financial year 2020/21 and
paid out to the CEO in financial year 2021/2022 rose by 3,14%
in comparison to the variable remuneration in cash paid in
financial year 2020/21. The higher variable compensation is
mainly due to the increase in the base salary and the payout
is in line with the margin by which the collective target, i.e.
EBIT ratio for the financial year 2020/2021, was exceeded. 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 1,79%. 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 3,19%. It should be noted that, as in previous years,
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 2021/2022
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
2021/2022 comprised overall:
35%
10%
55%
Variable
Group insurance
Fixed
Basic salary EUR 3.405.485
Variable remuneration in cash EUR 2.132.309
Contributions paid for group insurance
(1)
EUR 613.005
Other components
(2)
EUR 41.189
Total EUR 6.191.988
(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.
(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. As mentioned last year, Johan Vermeire joined
the Managing Committee as General Director Retail Partners
Colruyt Group from 1 April 2021. He replaced Dirk Depoorter,
who became CEO of AgeCore, the international purchasing
alliance of which Colruyt Group is a part.
In addition, Christophe Dehandschutter joined the Management
Committee as of 1 January 2022 as General Manager OKay &
OKay Compact. He replaces Fabrice Gobatto, who was until 31
December 2021 a member of the Management Committee as
General Manager OKay, OKay Compact & Bio-Planet.
Marc Hofman, who still fulfilled the role of COO Retail in
financial year 2021/2022, will retire in financial year 2022/2023.
Following his retirement, no new members will join the
Management Committee, but his responsibilities will be divided
from 1 April 2022 between Jo Willemyns as COO Food Retail
and Marketing Services, Stefan Goethaert as COO Fine Food,
Business & Group Services and Jef Colruyt, who, in addition to
his current role also takes on COO responsibility for Non-Food
Retail.
From the start of the 2021/2022 financial year, a switch was
made to a fixed basic salary instead of a basic salary based on
time registration. This makes it difficult to compare the total
basic salary with that of the previous financial year. A like-for-
like comparison results in an average increase of +4,9%. This
increase is largely due to indexation (+3,37%).
Despite the very slight decrease in the collective performance
criteria for operating profit for the 2020/2021 financial year,
there is an increase in the variable salary. This can be attributed
to the increase in the basic salary.
The variable remuneration comprises payment for services
for the group during financial year 2020/21. All Management
Committee members included in the overview above are
salaried persons. Social Security contributions are paid by
Colruyt Group 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.
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EVOLUTION OF THE REMUNERATION OF CEO AND MANAGEMENT
COMMITTEE MEMBERS AND OF THE PERFORMANCE OF COLRUYT
FY 2019/20
vs.
FY 2018/19
FY 2020/21
vs.
FY 2019/20
Total Remuneration
(1)
CEO 4,38% 4,34%
Management Committee 10,87% 14,94%
Variable pay
(1)
CEO 7,31% 3,14%
Management Committee 10,30% 2,60%
Performance Colruyt Group
EBIT margin 0,16% -0,07%
Social added value
Employment FTE 2,53% 7,34%
CO
2
per million EUR
turnover (tonnes)
-7,34% -14,82%
Food donated to social
organisations (tonnes)
26,27% 5,68%
Average pay FTE Colruyt Group
(2)
Wage mass / FTE 1% 0,05%
(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 footnote (1), we work with the accumulated
salary in the above table.
The basis for this is that the variable salary paid in financial
year 2021/22 is determined on the basis of performance in
financial year 2020/21. This approach simplifies comparison
between the group’s results and the remuneration paid. In
this way the total remuneration stated above for financial year
2020/21 consists of the fixed salary, contributions to group
insurance and other components received in financial year
2020/21, supplemented by the variable salary received in
financial year 2021/22.
The variable remuneration in cash for services in financial
year 2020/21, paid out in financial year 2021/2022, rose in
comparison with the variable remuneration in cash paid in
financial year 2020/21. The higher variable compensation is
mainly due to the increase in the base salary and the payout
is in line with the margin by which the collective target, i.e.
EBIT ratio for the financial year 2020/2021, was exceeded. The
individual performance criteria were assessed positively in view
of the achievement of predetermined objectives.
In addition to the financial results, Colruyt Group focuses
strongly on social aspects and ecology. In recent years, the
group has made great strides here in achieving its objectives in
this respect.
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 2021/22 at
the same level as the previous financial year.
Thus, in financial year 2021/22, the members of the Board of
Directors received the following emoluments:
EMOLUMENTS RECEIVED IN 2021/22
(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
ADL SRL (with permanent representative
Astrid De Lathauwer, independent director)
(3)
EUR 47.000
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
Dirk Van den Berghe BV (with permanent representative
Dirk Van den Berghe, independent director)
(4)
EUR 47.000
TOTAL EUR 940.000
(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) Directorship expired at the General Meeting of 29 September 2021.
(4) Directorship commenced aer the General Meeting of 29 September 2021.
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
2020/21 financial year was presented at the General Meeting
of Shareholders of 29 September 2021, and was approved
by 80,5% of those present and shareholders represented by
proxies. The Remuneration Policy was approved with 91,7% of
the votes and is now valid for four years.
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3. Risk management and internal controls
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
• protecting the health and safety of consumers and staff
• safeguarding the reputation of Colruyt Group and its brands
• 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 and ISO 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 (role 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 a group-wide risk management
system based on the principles of Enterprise Risk Management
(ERM) under the name of ‘CORIS’ (Colruyt Group Opportunity &
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 C process as described below, and update this on a
regular basis.
B. PROCESS AND METHODOLOGY
The entire group is divided into Business and Service Operating
Units. Each operating unit must go through the following
process steps in a structured manner:
Identify
Evaluate Plan
Mitigate
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The risk identification is carried out, among other things, each
time a strategic plan is developed. This is followed by an annual
consideration of any new risks arising internally or as a result
of changes in the outside world. Every major incident is also
analysed with a focus on the possibility of recurrence and then
included or not as a risk in the risk log.
Aer each risk identification, the risks are assessed.
This assessment involves mapping out the causes and
consequences of a risk. Taking into account the effectiveness of
the control measures introduced, the risks are scaled according
to likelihood and impact. The impact scale is based on the risk
appetite determined in consultation with the Board of Directors
for the group, together with the respective operating unit. In
order to scale the impact, four impact axes are used: economic
impact, reputational impact, and the impact on the health
and safety of both consumers and employees. Reputation is
interpreted here very broadly as the response of all possible
stakeholders. Stakeholders include consumers, employees,
shareholders and suppliers, as well as local resident or interest
groups.
Consequently 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 log of the operating unit
concerned, specifying any relevant KRIs (Key Risk Indicators).
Furthermore, each risk is assigned to a risk owner who is
responsible for designing and implementing the action
plans and for the monitoring and follow-up of his/her risks.
A risk coordinator is appointed for each operating unit who
offers support to the risk owners, sets up a cross-Colruyt
Group network for knowledge sharing and ensures that risk
management is kept alive within the organisation.
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 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. MAIN RISKS AND MANAGEMENT MEASURES OF
COLRUYT GROUP
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
• financial risks: these comprise risks associated with the
financial markets (interest rates, currencies, commodities),
liquidity and loans, capital structure, accounting and financial
reporting
• operational risks: these comprise marketing and sales,
purchasing, stocks and production, people and organisation,
information technology, fixed assets and the
• legal risks: codes of conduct (ethics, fraud), legal risks and
legislation
• risks of force majeure: natural disasters, fire, acts of
terrorism and power failures
STRATEGIC RISKS
Risks related to market dynamics
More specifically: a major strategic risk of the group relates
to trends in consumer spending and cost inflation. As Colruyt
is keen to guarantee the lowest prices on the market for the
consumer, the actions of competitors and the economic impact
of the geopolitical situation can affect the group’s profitability.
Mitigation-based approach: therefore, where possible,
the group continually endeavours to introduce efficiency
improvements and reviews its cost structure where necessary.
Risks relating to expansion
More specifically: the group is committed to a growth
strategy that includes both organic growth and growth
through acquisitions. Any acquisitions need to be successfully
integrated into the existing activities. In the event of cross-
border acquisitions, the group is exposed to the economic,
social and political risks associated with operating in these
countries.
Mitigation-based approach: the group is committed to a
formalised acquisition process, including conducting robust
due diligence activities and, where necessary, optimising its
cost structure.
FINANCIAL RISKS
Financial reporting
The risk management systems and internal control systems
relating to the financial 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’.
OPERATIONAL RISKS
Supply risks
More specifically: the continuous supply of goods to the
group’s distribution centres and stores is of vital importance
for achieving our performance objectives. In addition, the
unavailability or inaccessibility of the distribution centres can
also have a significant impact on the continuity of our activities.
The consequences of the geo-political situation are monitored
daily for possible supply chain risks.
Mitigation-based approach: the group strives for transparent,
long-term relationships with all its suppliers. Moreover, no
single supplier has a dominant position that could jeopardise
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the supply process. Finally, certain commodities are monitored
on a daily basis and we seek to spread the risk by approaching a
wide number of suppliers.
In addition, the group has implemented the requisite continuity
programmes and contingency measures.
HR-related risks
More specifically: 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 our activities in that deliveries, sales, production or corporate
services may be temporarily disrupted.
Mitigation-based approach: the group endeavours to
address this by pursuing a strategy of open and transparent
communication with all employees and social partners.
IT risks
More specifically: the group is heavily reliant on its IT systems:
infrastructure, networks, operating systems, applications and
databases. 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.
Mitigation-based approach: the group focuses on mirror
and backup systems, continuity planning and contingency
scenarios. In addition, the group invests in transformation
programmes and projects to renew and strengthen its current
infrastructure, including disaster recovery and business.
LEGAL RISKS
Risks associated with product liability
More specifically: 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.
Mitigation-based approach: 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.
Regulatory risks
More specifically: 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.
Mitigation-based approach: the group endeavours to
accommodate changes in a proactive manner 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.
Health and safety risks
More specifically: by the very nature of their activities,
employees are exposed to all kinds of situations that can result
in occupational accidents or damage their health.
Mitigation-based approach: the risks associated with
occupational accidents and obligations towards 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.
Risks relating to environmental liability
More specifically: 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.
Mitigation-based approach: the group has taken out
insurance policies for accidental environmental damage. For its
filling station operations, 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.
Competition
More specifically and mitigation-based approach: 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.
GDPR-related risks
More specifically and mitigation-based approach: 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 corruption and bribery
More specifically and mitigation-based approach: the group
monitors the corruption risk in its 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 the causes and consequences are analysed and
the necessary control measures provided, with periodical
monitoring. The group disseminates the group values, policy
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frameworks and codes of conduct across the organisation. All
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.
RISKS OF FORCE MAJEURE
Fire, natural disasters, terrorism and malicious acts
More specifically and mitigation-based approach: the group
manages these risks partly by insuring them on the external
insurance market, combined with own risk coverage via its
internal 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
More specifically: the group is largely dependent on its IT
systems, production machinery, cooling installations, etc. In
the event of blackouts and power cuts, their non-availability,
even for short periods of time, can mean an immediate loss of
revenue.
Mitigation-based approach: 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.
Pandemic
More specifically: following the outbreak of the COVID-19 virus,
pandemic risk is now included in Colruyt Group’s global risk log.
Mitigation-based approach: 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.
B. RISKS AND CONTROL MEASURES ASSOCIATED WITH THE
NON-FINANCIAL REPORTING OF COLRUYT GROUP
Risks related to environmental matters
(SDG 2, 6, 7, 12 and 13)
More specifically and mitigation-based approach: 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 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.
Natural disasters caused by climate change can damage both
supply chains and our own infrastructure. In order to limit
our impact on climate change and pollution, we are focusing,
among other things, on greening the vehicle fleet and at the
same time avoiding and reducing our energy consumption, and
on renewable energy.
Sustainability risks related to social affairs (SDG 2, 3 and 8)
More specifically and mitigation-based approach: 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 corruption and bribery
More specifically and mitigation-based approach: 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 the section Risks of corruption and
bribery on page 141.
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Sustainability risks related to personnel matters
(SDG 3 and 8)
More specifically and mitigation-based approach: 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.
The pandemic has shown just how important a safe workplace
is for our employees. To safeguard the risk of contamination,
we have taken increased control measures and we continue to
monitor everything more closely. In addition, different types
of social unrest among own employees may 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 career policy and
a supportive remuneration package.
Sustainability risks related to human rights (SDG 8 and 12)
More specifically and mitigation-based approach: 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.
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 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
14/09/2022 Record date for depositing of shares for participation in the annual General Meeting of Shareholders
28/09/2022 (16h00) General Meeting of Shareholders for financial year 2021/22
30/09/2022
03/10/2022
04/10/2022
14/10/2022
Dividend for financial year 2021/22 (coupon no. 12)
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
06/10/2022
Extraordinary General Meeting
Capital increase of Etn. Fr. Colruyt NV reserved for employees of Colruyt Group
(art. 7:204 of the Belgian Code on Companies and Associations)
13/12/2022 Publication of consolidated information on the first half of financial year 2022/23
14/12/2022 Information meeting for financial analysts
13/06/2023 Publication of consolidated information on financial year 2022/23
14/06/2023 Information meeting for financial analysts
31/07/2023 Publication of annual report for financial year 2022/23
27/09/2023 General Meeting of Shareholders for financial year 2022/23
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2. Dividend for financial year 2021/22
(1)
The Board of Directors endeavours to have the annual dividend
per share evolve in proportion to the changes in group profit.
The Board of Directors consequently proposes to grant a
gross dividend of EUR 1,10 for the shares of Etn. Fr. Colruyt
NV participating in the profit for financial year 2021/22. Of
the gross dividend of EUR 1,10, shareholders will receive a net
amount of EUR 0,770, 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 of withholding tax on dividends was 15%, which was
subsequently increased several times, first to 21% and then to
25%. 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 interest allocated or payable as of 1
January 2017. Since 1 January 2018, Belgian taxpayers-natural
persons can annually recover the withholding tax withheld on
certain dividends from their Belgian and foreign shares up to a
limited amount via the personal income tax return (for the 2021
income year, a maximum of 240 euros in withholding tax on
dividends can be recovered).
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 14 October 2022 at
the latest.
The dividend for financial year 2021/22 will be made payable
as of 4 October 2022, against (electronic) submission of
coupon no. 12 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,
persons 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 within
the legal limits 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),
again within the legal limits.
(1) Subject to the approval of the General Meeting of Shareholders of
28 September 2022.
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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
20222021202020192018
20222021
Market listing:
Euronext Brussels (since 1976)
Member of Bel20 index
Share ticker COLR
ISIN code BE0974256852
Colruyt share information
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3. Overview of Etn. Fr. Colruyt NV shares
Overview of changes 2021/22
Total number of shares at 01/04/2021 136.154.960
Cancellation of own shares on 07/10/2021 - 2.500.000
Creation of new shares following the capital increase
reserved for employees on 15/12/2021
+ 184.228
Total number of shares at 31/03/2022 133.839.188
Number of shares
(1)
2021/22 2020/21
Ordinary shares 133.839.188 136.154.960
Shares participating in profit 133.839.188 136.154.960
Treasury shares - 4.845.853 - 1.821.153
Shares held by subsidiaries 0 0
Balance of profit-participating shares in June 128.993.335 134.333.807
Data per share (in EUR) on closing date of the reporting period (31 March)
Gross dividend 1,10 1,47
Net dividend 0,770 1,029
Profit 2,16 3,06
Calculation base (weighted average)
(2)
132.677.085 shares 135.503.424 shares
Market price in Brussels (in EUR)
Market price on 31 March 37,50 50,86
Highest price of the financial year (closing price) 52,02 60,00
Lowest price of the financial year (closing price) 34,16 47,92
Market value on 31 March (in million EUR) 5.018,97 6.924,84
(1) Situation on 10/06/2022 and 11/06/2021
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.
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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 4.650.566 treasury shares over the period from 1 April 2021 to 31 March
2022. During financial year 2021/22, Colruyt Group cancelled a total of 2.500.000 treasury shares by
notarial deed dated 7 October 2021.
On 31 March 2022, Etn. Fr. Colruyt NV held 3.518.954 treasury shares. These represent 2,63% of the
total number of issued shares (133.839.188) 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.
During the reporting period 2021/22
Total treasury shares held at the start of the reporting
period (01/04/2021)
1.368.388
Cancellation of treasury shares by notarial deed dated
07/10/2021 07/10/2021
- 2.500.000
Purchase of treasury shares in 2021/22 + 4.650.566
Total treasury shares held at the end of the reporting
period (31/03/2022)
3.518.954
Aer the reporting period 2022/23
Total treasury shares held at the start of the reporting
period (01/04/2022)
3.518.954
Purchase of treasury shares in the period from
01/04/2022 to 10/06/2022
1.326.899
Total treasury shares in our possession on 10/06/2022 4.845.853
Overview of treasury share purchases
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5. Structure of share ownership
In the 2021/22 financial year, the following communications and transparency notifications were made, reflecting the evolution of the company’s shareholding structure.
5.1. Notice of an agreement to act in concert dd. 26/08/2021
(art. 74 Act of 1 April 2007 on public takeover bids)
On 26 August 2021, Korys NV, on behalf of the parties
acting in concert (Korys NV, the Colruyt family and
relatives, Sofina NV and Colruyt Group), updated the
holdings in the company and communicated the
results to the Financial Services and Markets Authority
(FSMA) The above parties also had at that date an
agreement to act in concert in accordance with art.
74 §7, paragraph 3 of the law of 1 April 2007 on public
takeover bids.
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/en/invest.
Parties involved
Situation at
27/08/2020
Situation at
26/08/2021
Korys NV 68.811.959 68.812.959
Korys Investments NV 1.435.520 1.435.520
Sofina NV 3.765.115 2.332.064
Etn. Fr. Colruyt NV 2.799.868 2.828.421
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 146.755 146.755
Impact Capital NV 60.000 60.000
Natural persons (who directly or indirectly own less than 3% of the voting securities of the Company) 8.709.175 8.527.097
TOTAAL 85.731.392 84.145.816
On 26 August 2021,
the number of
shares acting in
concert amounted
to 84.145.816 or
61,80% of the total
number of Colruyt
shares outstanding
on that date
(136.154.960).
Shareholding structure based on the latest update following the notification of acting in concert dated 26/08/2021
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5.2. Transparency notifications (Act of 2 May 2007)
5.2.1. Transparency notification of 01/10/2021 (Act of 2 May 2007)
In the context of the Act of 2 May 2007 and the Royal Decree of 14 February 2008 (disclosure of significant participations in listed companies), on
1 October 2021 Korys NV, the Colruyt family and relatives, acting in mutual consultation, together with Colruyt Group, published a notification of
holdings. This transparency notification showed that, based on the existing agreements, the mutual consultation agreement between Korys NV, the
Colruyt family and relatives and Colruyt Group on the one hand and Sofina NV expired at the end of September 2021. This does not affect the mutual
consultation agreement between Korys NV and the Colruyt family and relatives. On 1 October 2021, the shareholders acting in concert (Korys NV, Colruyt
family members and relatives and Colruyt Group) held a total of 82.365.421 Colruyt shares, together representing 60,49% of the total number of shares
issued by the company (136.154.960).
Full transparency notification dated 01/10/2021
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 68.773.546 68.835.959 50,56%
Korys Business Services I NV 1.000 1.000 0,0007%
Korys Business Services II NV 1.000 1.000 0,0007%
Korys Business Services III NV 1.000 1.000 0,0007%
Korys Investments NV 1.435.520 1.435.520 1,05%
Stiung Pro Creatura 148.255 146.755 0,11%
Impact Capital NV 90.000 60.000 0,04%
Colruyt family shareholders 8.965.169 8.564.097 6,29%
Etn. Fr. Colruyt NV 5.695.660 3.320.090 2,44%
Sofina NV 5.844.480 0 0,00%
TOTAL 90.955.630 82.365.421 60,49%
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, a 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).
Denominator: 136.154.960
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5.2.2. Transparency notification of 03/01/2022 (Act of 2 May 2007)
With reference to Article 14 of the Act of 2 May 2007 on the disclosure of significant shareholdings, Colruyt Group and its controlling shareholder Korys
(excluding Colruyt family members and relatives acting in concert) submitted a notification to the FSMA on 3 January 2022. This showed that Korys
and Colruyt Group, as a result of the acquisition of Colruyt treasury shares by Colruyt Group until 31 December 2021 and of the changed denominator
following a capital increase for personnel in December 2021, exceeded a participation threshold of a multiple of 5%. Together they owned 73.664.024
shares or 55,04% of the voting rights of the company.
The new denominator of 133.839.188 shares takes into account the cancellation of 2.500.000 treasury shares on 7 October 2021 and the capital
increase reserved for the personnel of Colruyt Group, for which 184.228 new shares were issued on 15 December 2021. This limited notification does
not affect the existing joint consultation between the Colruyt family and relatives, Korys and Colruyt Group.
The company has no knowledge of other agreements between shareholders. The statutory thresholds per 5% bracket apply. No new notifications
or changes were received during financial year 2021/22. All transparency notifications are available on the website colruytgroup.com/en/invest/
stakeholder-information.
Limited transparency notification dated 03/01/2022
Holders of voting rights Previous notification Aer the transaction
# voting rights
# voting rights
attached to securities
# voting rights
attached to securities
Korys NV 68.835.959 69.925.317 52,25%
Korys Investments NV 1.435.520 1.435.520 1,07%
Korys Business Services I NV 1.000 1.000 0,0007%
Korys Business Services II NV 1.000 1.000 0,0007%
Korys Business Services III NV 1.000 1.000 0,0007%
Etn. Fr. Colruyt NV 3.320.090 2.300.187 1,72%
TOTAL 73.594.569 73.664.024 55,04%
Complete chain of controlled
companies through which the
holding is actually held:
• Etablissementen Fr. Colruyt NV
is controlled by Korys NV, which
in turn is controlled by Stichting
Administratiekantoor Cozin.
• 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.
Denominator: 133.839.188
CORPORATE GOVERNANCE
|
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|
Governance, supervision and management • Sustainable corporate governance • Share ownership

152
5.3. Updating of share ownership at end of financial year 2021/22
At the start of the financial year on 1 April 2021, the total share capital was represented by 136.154.960 shares. Following the cancellation of 2.500.000
treasury shares on 7 October 2021 and the creation of 184.228 new shares on the occasion of the capital increase reserved for staff, notarised on
15 December 2021, there are at the end of the financial year as at 31 March 2022 a total of 133.839.188 voting shares.
Based on the shareholding structure following the above-mentioned transparency notification by the reference shareholders of 1 October 2021 and
3 January 2022 and the treasury shares held by the company as of 31 March 2022, the distribution of the total number of shares at the end of the
2021/22 financial year as known to us is:
As of 31 March 2022, the shareholders acting in concert held
63% (rounded figure) of the company’s shares. The remaining
shares (free float of 37%) 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.
Shareholders acting in concert 83.653.643
Colruyt family and Korys companies
(1)
80.134.689
Colruyt Group
(2)
3.518.954
Free float 53.238.099
TOTAL 133.839.188
(1) Source: Notification of most recently published agreements to act in concert dated 01/10/2021 and
03/01/2022
(2) Source: Status of treasury shares held by Colruyt Group, dated 31/03/2022
35% 55%
Shareholders
acting in
concert
Free float
63%
37%
CORPORATE GOVERNANCE
|
Governance, supervision and management • Sustainable corporate governance • Share ownership

153
Corporate sustainability
SUSTAINABILITY
|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators
Thanks to our unique position in the supply chain, we are able to create a positive spiral driven by our economic,
social and ecological impetus, yielding long-term results. We believe that our entrepreneurship is the engine
for a sustainable evolution and a source of inspiration for everyone associated with us.
For the second year in a row, our sustainability reporting is aligned with the United Nations’ Sustainable
Development Goals. We selected seven objectives and elaborate on our vision, approach and concrete results in
this chapter.
Discover some of
our sustainability
projects

154
SUSTAINABILITY
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We strive to make balanced
and healthy nutrition more
accessible to everyone all year
round, especially for people in
(financial) difficulties. We do
this not only through our store
offerings, but also via a project
for vulnerable families with
children and via food donations
to social organisations.
We also want to work with the
Belgian agricultural sector to
create added value socially,
economically and ecologically.
We establish long-term
partnerships in which we
operate in a structural, efficient
and respectful manner.
SDG 2
Balanced nutrition for all
Dinner is served at 1-2-3 euros
Making delicious and balanced food more accessible to
families in financial difficulties. That is the purpose of our
‘Dinner is served at 1-2-3 euros’ project, a collaboration
between Colruyt Lowest Prices, social agencies and local
authorities. Vulnerable families with children can register
without obligation, allowing them to receive a biweekly
Colruyt recipe booklet, each containing six easy recipes
and the accompanying shopping lists. Each recipe is
good for 3 generous portions and costs at most 1, 2 or
3 euros per portion. Since 2016, 7.500 families in 200
municipalities have already taken part in this project.
Food donations to social organisations
While having sold 96,98% of our fresh food in 2021, we are constantly
on the lookout for ways of distributing the remaining food. For
example, in 2021 we donated 5.622 tonnes of surplus food to social
organisations such as the Food Banks, Foodsavers, les Restos du Coeur,
the Red Cross and other local organisations.
These receive the goods directly from our stores (Bio-Planet, Colruyt
or OKay) or pick them up at our distribution centres and/or Collect&Go
centres.
4.504
4.262
3.297
1.956
797
2015 2016 2017 2018 2019 2020
5.622
2021
490
0
0
2.500
100
500
20
3.000
120
1.000
40
3.500
140
1.500
60
4.000
160
2.000
80
4.500
180
5.000
5.500
6.000
Donations to social organisations in tonnes
200
220
240
260
280
300
306
306:
number
of stores
donating
directly

155
SUSTAINABILITY
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|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators
Collaboration projects
with Belgian farmers
We see the agricultural sector as an important partner with the common
interest of stimulating the availability and consumption of Belgian
products. With products from more than 6.000 Belgian farmers
on our shelves, we work directly with no less than 600 Belgian farms,
combining our expertise and together striving to boost the range of Belgian
products and make it more sustainable. Over the past year, we focused
on strengthening these partnerships in which each partner offers specific
added value.
Successful first organic
bread wheat harvest
Eight Belgian partners – 5 organic farmers,
the Molens van Oudenaarde flour mill,
the Atelier du Pain bakery and our organic
supermarket Bio-Planet – joined forces in
2021 to grow high-quality organic bread wheat
for processing into organic A to Z Belgian
bread. This new supply chain will provide a
guaranteed outlet for each of the partners
involved, and is expected to also give a boost
to Belgian organic wheat growing.
Aer a first successful harvest, the bread has
been on Bio-Planet shelves since December
2021. The success of this first harvest is also
an incentive for other organic farmers to opt
for quality bread wheat varieties and join the
supply chain project: two further farmers have
signed up, doubling the number of hectares
to 24.
Strengthening existing partnerships
• Several years ago, we joined forces with the non-profit organisation
De Lochting, a sheltered workshop and organic farm in Roeselare, for our
organic vegetables. In 2021, we set ourselves some clear targets, ranging
from sustainable land use and growing policy to sustainable water and
emission management.
• Apple varieties Magic Star and Coryphée – on sale exclusively at
Colruyt, OKay and Spar – were developed specifically for Colruyt Group
in cooperation with three Belgian fruit growers. We offer the growers
guaranteed sales, pay a fair price and support them in developing
a profitable crop. In addition, we reduce food waste by processing
unsaleable crops into by-products such as apple juice, cake or sorbet.
• At the beginning of 2021, some 35 % of Colruyt beef came from the 3
producer organisations with which we work directly (Vlaams Hoeverund,
En Direct De Mon Elevage, Les Saveurs d’Ardenne).
• At Colruyt, OKay and Spar, customers will find 13 milk products coming
from our partnership with the Belgian dairy company Inex and 330 dairy
farmers. They receive a stable price for their milk production for five
years.
• We work directly with 16 Belgian potato growers. Growers receive a fixed
price and are thus less dependent on price fluctuations.

156
SUSTAINABILITY
|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators
We are strongly committed to
health and well-being, whether
physical, mental or social. We
want to play a leading role here,
helping strengthen the social
support base around health.
As a retailer, we also have a
social role to play in promoting
a healthy lifestyle among our
customers and employees.
That’s why we help them make
more conscious choices easily.
SDG 3
Balanced nutrition tailored to your needs
We offer our customers an appropriate and balanced range of products, tailored as far as
possible to everyone’s needs and requirements. We also raise awareness to the importance of
balanced nutrition through services such as digital tools and training.
Healthier assortment
• Over the past calendar year, we once again
improved the nutritional composition of our
assortment across all product categories, resulting
in 240 improved products and accounting for:
• 228 tonnes less sugar
• 34 tonnes less salt
• 251 tonnes less fat
• 117 tonnes less saturated fats
• 39 tonnes of added fibres
• 50 Boni products got a better Nutri-Score
• We offer recipes with an extra focus on a balanced
diet both online and through flyers and cookbooks.
Wider assortment
By the end of the financial year, over
200 Colruyt Lowest Prices stores had
a parapharmacy department where
customers can buy vitamins or food
supplements, for example. A dozen or
so larger stores run shops-in-shops that
also sell sports nutrition. In addition,
customers can also have their Newpharma
webshop orders delivered to their Colruyt
store.
228 tonnes
less sugar
251 tonnes
less fat
117 tonnes
less
saturated fats
39 tonnes
added fibre
34 tonnes
less salt

157
SUSTAINABILITY
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|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators
Balanced
nutrition for
children
In 2017, Colruyt Group became
a member of Belgian Pledge, an
initiative through which we are
committed to limiting marketing
to children under 12 and
subjecting it to strict criteria.

158
SUSTAINABILITY
|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators
Supporting consumers
and employees
We support our customers and employees in achieving a healthier lifestyle through providing correct information,
inspiration and insights. In an accessible and transparent manner based on scientific research, thereby providing
them with the tools to make their own conscious choices and adopt sustainable, healthy habits.
• 100% of Boni and Spar products show the Nutri-Score.
• Through the Xtra app, customers can access product info taking their dietary preferences into account.
• Colruyt Group was the main partner of the VeggieChallenge (an initiative of the non-profit association EVA) in
March 2022, inspiring participants with tips and dishes to start eating more plant-based foods.
• At Colruyt Group Academy, consumers can attend various face-to-face or online workshops on health.
• At Solucious Academy, b2b clients (such as schools or care institutions) can access online videos on healthy
eating.
We oer online health
programmes
In partnership with SmartWithFood, we have
developed online health programmes for our
employees and customers
• With the Lifestyle Check, a scientifically
based questionnaire, employees are provided
with information on their personal lifestyles.
700 employees have already participated.
• The Medical Lifestyle Programme is a medical
check-up via an online questionnaire and blood
test, aer which participants have an online
consultation with a doctor and health coach.
500 employees have already participated.
• The digital coaching programme Hello Health for
people with metabolic syndrome was launched in
2021 with the support of the European EIT Food
and EIT Health. Following a personal check, a
coach, an app and an online community support
participants in adopting a healthier lifestyle.
The results of the short-term study are positive:
participants are and feel healthier aer taking the
programme.
Regional
Innovation
Scheme
Regional
Innovation
Scheme

159
SUSTAINABILITY
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|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators
A safe and healthy working environment
We want to create a safe and healthy working and living environment. An environment free of unhealthy or hazardous substances
and negative environmental factors. And an environment that pays attention to mental and social well-being, allowing our
employees to feel good.
• 69% of our employees have voluntarily joined the Solidarity
Fund, our social fund that provides support in situations such
as long-term sickness.
• We continue to strive for zero workplace accidents. We do this
by investing maximum effort in prevention and in risk analyses
of work-related accidents. Last year, 969 work-related
accidents occurred.
• The Connection provides counselling to employees on
questions related to their social, physical or mental health.
• All Colruyt Lowest Prices stores have replaced their existing
ladders with a safer and more ergonomic alternative: the UP.
• As part of the Restart to work scheme, The Connection
contacted 2.935 long-term patients over the past financial year.
• We continue to expand our training and coaching offerings for
employees, offering new courses on ergonomics, resilience, etc.
• Our team for handling shocking events is on permanent
standby.
We maximise
our focus on
prevention
and coaching.

160
SUSTAINABILITY
|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators
Water is irreplaceable, whether
for people or nature. This
makes it one of the most
precious resources and it is
crucial to use it sparingly.
For years, we have applied
circular water management
with a view to achieving an
optimal balance between
sustainability and cost-
efficiency.
We are doing everything
to minimise our impact on
groundwater and surface
water, focusing primarily on
prevention and reduction,
and on reusing water, as
long as water quality can be
guaranteed. A further focus
is on treating rainwater and
wastewater for use as rinse or
drinking water. Its discharge is
seen as a last resort.
SDG 6
Circular water management
With every new construction or renovation project, we look at how
we can minimise our water footprint as early as the design phase.
In doing so, circular water management plays a key role, with the
ultimate goal being to close the water loop.
In concrete terms, this means that we use water even more sparingly
on our sites. We do this in several ways:
• by optimising existing installations
• by using the right type of water for the right purpose, for instance
not using drinking water when this is not necessary
• by treating and reusing wastewater
• by collecting and using as much rainwater as possible, treated or not
• by buffering surplus rainwater or letting it soak into the groundwater
Wastewater and rainwater treatment
• In 2021, we produced 101.943 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 is used in sanitary
facilities, while some is treated to make it drinkable. Using the PURA
(PUrification of RAinwater) process, we treated 7.732 m³ of rainwater in
2021.
• Over the past year, we expanded the buffers for capturing rainwater at our
Dassenveld distribution centre by 400 m³ to a capacity of 8.600 m³. We reuse
rainwater for cooling systems and sanitary facilities.
• In 2021, we constructed a water treatment plant at our Dassenveld site.
This plant treats the wastewater from the crate-washing facility, subsequently
returning it to the circuit.
In 2021, 33,37%
of our consumed water came
from rainwater and
treated wastewater.
33,37%
Objective 2025: 50%

161
SUSTAINABILITY
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|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators
Reduction of sanitary water use
We are reducing our consumption of sanitary water in our
headquarters buildings and renovated stores through the
systematic installation of minimum flush flow devices.
500 water taps for drinking water
In March 2022, in collaboration with Robinetto, we started installing
500 water taps in the canteens of all Colruyt Lowest Prices, OKay
and Bio-Planet stores, as well as at some of the group’s production
sites and headquarters buildings. In doing so, we are providing
healthy drinking water to thousands of (store) employees in the
most sustainable way. Read more about this on page 63.
Reducing the water footprint of our
product range
While agriculture is one of the biggest consumers of water, other sectors should not be ignored. We want
to systematically reduce the water footprint of our range of products and services, while at the same time
addressing eco-toxicity and eutrophication in fresh and salt water. To do this, we are working together with
producers and partners.
Partnerships
Through our partnership with SIFAV, a sustainability initiative for fruit and vegetables, we aim to reduce water
consumption to best-practice levels in three selected river basins (in Peru, South Africa and Spain). In addition,
we intend to set up independent audits or water standards for 70% of volumes coming from countries with a
high water risk.
560.578 m³ of water
used in 2021 (Belgium)
Preserving and protecting
water resources
To keep as much water as possible in the natural water cycle and out of the sewer
system: that’s our goal. At our sites, we strive for a minimal impact on surface water
and groundwater. We opt for permeable paving and provide above- and below-ground
systems such as wadis, infiltration ditches and pits to allow rainwater to soak into the
ground. Only if the subsoil is unsuitable for letting it soak away, do we buffer the water on
our own sites during downpours before discharging it later.
We also carefully handle groundwater in water catchment areas. And, of course, we also
always meet wastewater discharge standards.
57,8%
mains water
15,1%
rainwater
8,7%
well water
18,1%
wastewater

162
SUSTAINABILITY
|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators
In our energy policy, we are
fully committed to avoiding and
reducing energy consumption.
In addition, we consciously
choose sustainable alternatives
such as renewable electricity
(from wind turbines and solar
panels) or green hydrogen as
fuel.
In selecting such alternatives,
we look at two things: how
we can produce sustainable
energy as a company, and how
we can give consumers access
to sustainable and affordable
energy.
SDG 7
Lower energy consumption
Through our energy reduction plan, we intend to reduce the energy consumption
of our activities in Belgium and Luxembourg by 20% by 2030 compared to base
year 2009, in proportion to our – continuously growing – revenue. Our reduction
plan provides for a structural approach to the largest energy consumers: heating,
cooling, passenger and freight transport, and lighting.
WORK
SHOP
Lagere energiefactuur?
Onze experts
weten raad!
By 2030, 20% lower energy consumption
than in 2009 (in proportion to revenue).
In 2021, we already consumed 13,5% less energy.
Low-energy stores
Since 2007, all new-built stores are low-energy stores. At present, 133 of our stores
are low-energy ones. At the same time, we have already refurbished 88 stores in
an energy-saving manner. By 2030, 90% of our 600 stores in Belgium will be low-
energy stores.
Awareness and
behavioural change
Through campaigns focusing on energy-saving,
we make our employees aware that they too
can contribute to reducing energy consumption
through their behaviour. We focus on simple
actions that make a difference, such as keeping
doors closed, de-icing freezers or turning off
lights. In addition, Colruyt Group Academy
organises several workshops for individuals.
Mobility
We save a lot of fuel and truck
movements by optimising the
truck load factor (94% for deliveries
to Colruyt stores) and using such
alternatives as barges (4.836 truck
trips saved in 2021). In addition,
office workers can now work from
home or in a regional office several
days a week.
- 13,5%
Objective 2030: 20%

163
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Using energy smartly Oering sustainable energy
By 2030, at least 90% of electricity production and consumption at our central sites in Halle,
Lot, Ollignies and Ghislenghien will occur synchronously, reducing the load on the public grid.
We believe that in addition to energy production facilities, consumers can also play a crucial
role in balancing the grid. We thus try to make the best use of renewable energy whenever it is
available, among other things by flexibly controlling our production facilities and consumption.
Via DATS 24, we are helping make green
electricity available to the residential and
business market.
Producing and using renewable energy
• Solar electricity generation by Colruyt
Group: 12.082 MWh.
• Green electricity produced by Virya
Energy and allocated to Colruyt Group:
949.336 MWh.
• We continue to increase the share of
non-fossil energy, e.g. by greening our
vehicle fleet and investing in energy-
efficient heating, such as heat recovery
and heat pumps.
By 2030, at least 90% of electricity production and
consumption at our central sites are set to occur
synchronously.
In 2021, we achieved a synchronicity rate of 78,5%.
By 2030, 60% of our total energy consumption will come
from non-fossil sources.
In 2021, this was 44,4%.
• We accelerated the rollout of our network of charging stations, for
instance on store carparks: by the end of the financial year, there were
232 of them, each with 2 charging points.
• In January 2022, we opened the largest charging bay in Belgium on the
carpark of our headquarters in Halle, with 54 charging stations and 1 fast
charger.
• Since April 2021, DATS 24 has also been supplying green electricity to
residential customers.
• DATS 24 is preparing to open 5 new hydrogen filling stations in 2022.
• Together with Belgian gas grid operator Fluxys, Virya Energy is developing
an industrial plant in Zeebrugge to produce hydrogen. Read more
about this on page 100.
78,5%
Objective 2030: 90%
44,4%
Objective 2030: 60%

164
SUSTAINABILITY
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SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators
Here at Colruyt Group, we do
business in an inclusive and
people-oriented manner, based
on integrity and trust, and with
respect for one another’s rights.
Key concepts are decent work, a
stimulating work environment and
a transparent supply chain.
As a consciously development-
oriented organisation, we
offer our employees numerous
opportunities to further develop
their personal and professional
skills, for instance through an
extensive range of training
courses. Besides the development
of our staff, we also target other
groups, such as consumers and
young people, running specific
programmes for them in the
Colruyt Group Academy and Collibri
Foundation.
We also attach great importance
to the right working conditions,
within both our company and our
supply chain.
SDG 8
Working at Colruyt Group
Promoting 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.
To this end, we create an optimal work context in which everyone can make the most of their
skills.
(1) Sale of the French food service business Pro à Pro (-1.837 employees).
10/11 11/12 12/13 13/14 14/15 15/16 17/18 18/19 19/20 20/2116/17
(1)
+1.086
+1.553
+570
+1.274
+1.068
+1.566
-428
+133
+515
+728
+2.314
Evolution of our workforce
24.119 25.205 25.775 27.049 28.117 29.683 29.255 29.388 29.903 30.631 32.945
21/22
+51
32.996
A sustainable workforce
Through numerous tools and levers (training, personal development plans, teamwork, new
learning solutions, consultation moments, etc.), we encourage our employees to invest in the
long-term development of their careers. We also pay close attention to a healthy work-life
balance.
• Fih most attractive employer: in 2022, we were ranked the fih most attractive Belgian
employer in the leading Randstad Employer Brand Research. This is our highest position ever.
• Colruyt Group India is certified as a Great Place to Work by the Great Place to Work® Institute.
• Beginning in 2022, we have enshrined the possibility for office workers to telework several days
a week.
• Many Colruyt and OKay store employees are already able to specify their available hours via a
system of ‘self-rostering’, thus exercising greater control over their schedules.
• Our well-being survey shows that 82% of our employees are satisfied with their jobs.
Average length
of service is
10,27 years.
In 2022, we were
ranked the fifth most
attractive employer.
On 31 March 2022,
we had
32.996
employees.

165
Bij Colruyt Group
gaan we voor
respectvol gedrag
tussen collega’s.
Door respectvol om te gaan met elkaar voelen we ons goed op het werk.
Zo dragen we samen bij aan een betere gezondheid.
SUSTAINABILITY
|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicatorsSUSTAINABILITY
|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators
Permanent
contract
98,2%
Fixed-term contract
1,8%
Men
White collar
Women
Blue collar
59,1%
79,6%
20,4%
40,9%
0,7%
18,9%
29,0%
25,1%
22,4%
4,0%
Under
20 years
of age
Between
the ages of
20 and 30
Between
the ages of
30 and 40
Between
the ages of
40 and 50
Between
the ages of
50 and 60
Over
60 years
of age
Engaging in
constructive dialogue
• Colruyt Group has a longstanding tradition
of communicating respectfully with
employees and social partners.
• As the first point of contact for employees,
line managers receive training on engaging
in constructive dialogue.
• Our staff training programme includes
courses on respectful communication and
giving feedback.
• 94% of our employees are represented
through a social consultative body or
covered by a collective agreement.
Our group counted
89 nationalities in 2021
A diverse and inclusive
workplace
We believe in the power of diversity. Colruyt Group stands for an
inclusive corporate culture based on the added value of diversity. We
have a clear-cut non-discrimination policy.
• In our training offerings, we focus on multicultural teams and
intercultural communication.
• In 2021, we conducted several awareness-raising campaigns around
transgressive workplace behaviour.
• Our selection process is open to all, regardless of age, cultural
background, disability, ethnicity, gender, marital status, political
beliefs, religion or sexual orientation. The best candidate is selected in
an objective and professional manner.

166
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SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators
More than just remuneration
Our employees can count on a competitive salary package. Moreover, we would
like them to benefit financially from the growth of the company and have them
participate in our business. We do this by distributing part of our profits in
the form of profit sharing and by allowing our employees to subscribe to the
annual capital increases on preferential terms.
• 20,42 million euros of profit sharing or 5,4% of company profits were
distributed to 26.679 employees in Belgium
• 1.606 employees subscribed to 184.228 shares in 2021
Profit sharing
As a token 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 the 2021/22 financial year, subject to
approval by the General Assembly, total profit sharing will amount to EUR 20,42 million,
distributed as follows: a distribution of EUR 1,27 million of profit sharing in cash as
defined by the law of 22 May 2001 on employee participation in the capital of companies
and establishing a profit-sharing bonus for employees, as well as a distribution of EUR
19,15 million under Collective Labour Agreements Nos. 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 457,36 million.
In addition, we pay annual bonuses to middle and senior managers based on the group’s
profit. For financial year 2021/22, these profit-related bonuses amount to EUR 2,82 million
gross.
2021/22 financial year
Profit sharing (in million EUR) 1,27
Results-related bonus (in million EUR) 19,15
Total amount of profit sharing (in million EUR) 20,42
Number of entitled employees 26.679
The specified payments are gross amounts subject to the following deductions upon payment to the
employees:
• Profit sharing: 13,07% as a solidarity contribution and 7% participation tax
• Results-related bonus (CLA 90): 13,07% employee social security contribution. Employer social security
contributions are also due on the results-related bonus (CLA 90) (EUR 6,32 million in 2021/22 and
EUR 7,47 million in 2020/21)

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Capital increases reserved for sta
To enable employees to participate in the growth of the company, we have been encouraging them to
participate in the company’s capital since 1987. Through an annual capital increase reserved for staff,
they can subscribe to shares in the parent company Etn. Fr. Colruyt NV on attractive terms within a legal
framework. Shares remain blocked for five years. These capital increases are proposed by the Board of
Directors and approved by an Extraordinary General Meeting.
As part of the capital increase for financial year 2021/22 in December 2021, 1.606 employees subscribed
to 184.228 shares, representing a capital contribution of EUR 7,34 million. Since 1987, group employees
have subscribed to 22,98 million shares in their own company or the parent company, for a total amount of
EUR 273,1 million.
Total payroll costs in Belgium: EUR 1.377,2 million (2021/22 financial year)
Year Amount in million EUR Number of shares
2019 15,9 380.498
2020 10,3 222.372
2021 7,3 184.228
79%
21%
Employer social security
contributions and insurances:
EUR 284,05 million
Gross wages and salaries:
EUR 1.093,1 million
Employee social security contributions: EUR 118,4 million
Withholding tax on wages, including burden reductions:
EUR 137,5 million
Net wages and salaries: EUR 837,2 million
10%
8%
61%

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Learning and developing together
Lifelong learning and development are embedded in Colruyt Group’s DNA. We structurally invest in learning and
development opportunities, encouraging self-development at both a professional and personal level.
Three levers are used to support lifelong learning and development within our company:
• Providing a safe and challenging learning environment
• Cultivating a growth mindset, where learning something new is perceived as positive
• The realisation that you can (re)learn something and develop yourself anywhere and anytime
Education and training for employees
• In 2021, 2,82% of the total payroll was invested in
education and training.
• Growing e-learning share: one fih of former face-to-
face training courses replaced by online versions.
• 1.548 employees took part in personal growth training
in the last financial year.
• A revamped training offer responding to staff needs,
with new courses on stress and resilience, overcoming
fear of speaking or dealing with undesirable behaviour.
Inspiring consumers via Colruyt Group Academy
• Due to the corona restrictions, Colruyt Group Academy
was again only able to hold face-to-face workshops to
a limited extent in 2021. However, online workshops
continued to take place, reaching a total of 23.501
participants.
• Colruyt Group Academy invested heavily in overhauling
its offering, introducing new topics, formats and
working methods (learning communities, on-demand,
face-to-face or online) as of spring 2022.
• An increasing number of workshops target
sustainability topics such as the environment and
health.
• 10 Colruyt Group Academy centres across Belgium.
Empowering young people via the Collibri Foundation
• In 2021, support for 18 training projects in 11
countries.
• EUR 907.846 invested in 2021.
• 10.480 young people reached directly in 2021.
In 2021, we invested 39,1 million euros
in employee education and training

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Working conditions
in the supply chain
As a retailer, we take responsibility for proper working conditions at our producers.
For example, we ask suppliers of private-label products to sign the amfori BSCI Code
of conduct, committing them to respect universal human rights. Compliance with the
code of conduct is monitored via certificates, social initiatives and/or social audits. If it
appears that the trading partner needs support, we look together at how we can make
improvements. What if there is no will to create good working conditions? Then we
stop the cooperation.
Supplier commitments
• 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
treaties. These must be respected, inter alia with regard to the minimum age for
employees, the right to fair wages, exclusion of child and forced labour, guaranteed
safe and healthy working conditions, and a ban on discrimination.
Auditing working conditions
• Working conditions at 81% of our producers were audited in 2021. Among other
reasons, this lower percentage was due to Covid restrictions and a renewed process
at amfori BSCI.
• 96% of producers in high-risk countries received a positive audit. In the remaining
4%, an improvement process was initiated.
We continue to strive for 100%
good working conditions

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As a retailer with our own
production units, we have
an impact on all links in the
supply chain: from sourcing, via
production, to distribution and
consumption.
Through certification, sector
initiatives and international
supply chain projects, we are
making a sustainable difference
in the regions where we source
raw materials and products.
Closer to home, we are making
a positive difference through
sustainable production
initiatives, attention to animal
welfare, and through reducing
and avoiding waste and food
losses.
In addition to responsible
production and the resource-
saving use of raw materials,
we also focus on responsible
consumption, providing
information, inspiration and
handy tools such as the Eco-
score.
SDG 12
Responsible sourcing
We want to use our economic power to initiate a positive social and environmental spiral
in the regions where we source our raw materials and products. Both at home and abroad.
We do this through innovation, certification, international supply chain projects and sector
initiatives.
Certification of private-label products
With regard to private-label products and their raw materials with an acknowledged
significant impact on sustainability, we systematically opt for sustainability certifications
that take social and ecological aspects into account.
• Wild-caught fish, shellfish and crustaceans: 98,5% MSC (Marine Stewardship Council)
label, a positive assessment by ILVO (Flanders Research Institute for Agriculture,
Fisheries and Food) or a positive assessment by ISSF (International Seafood
Sustainability Foundation) for canned tuna.
• Farmed fish, shellfish and crustaceans: 94,6% certification with ASC (Aquaculture
Stewardship Council) or BIO.
• Coffee: 100% certified (Rainforest Alliance, Organic, Fairtrade).
• Products containing cocoa: 99,5% certified (Rainforest Alliance, Organic, Fairtrade).
• Palm oil and palm kernel oil: 100% RSPO-certified (Roundtable on Sustainable Palm
Oil).
• Soy in animal feed: 100% offset by RTRS credits (Round Table on Responsible Soy),
67,8% of which were purchased from a cooperative we supported in its transition to
more sustainable soy.
• Soy in food: if the soy in our own-brand products comes from an at-risk area or if they
are soy derivatives, they are certified or offset by purchased RTRS credits.
• Wood, charcoal and paper: 100% certified with FSC (Forest Stewardship Council),
PEFC (Programme for Endorsement of Forest Certification Schemes) or Blaue Engel
(specifically paper).
• Cotton at Dreambaby: 100% BCI- (Better Cotton Initiative) or GOTS- (Global Organic
Textile Standard) certified.

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Sector initiatives and international
supply chain projects
We also make a positive and sustainable difference in
production regions through sector initiatives and international
supply chain projects. Transparency and cooperation with all
supply chain players play a key role here.
Looking at international supply chain projects, we always work
closely with the local producers and all other supply chain
players to bring the most sustainable product to market.
In 2021, we were active in 8 international supply chain
projects that resulted in 46 private-label products. We also
systematically combine these supply chain projects with
training projects for local young people under the banner of our
Collibri Foundation.
Sector initiative: Sustainability Initiative Fruit & Vegetables
Colruyt Group is part of the Sustainability Initiative Fruit &
Vegetables (SIFAV), representing Belgian retailers on its steering
committee. We are working with SIFAV and other supply chain
partners from the fruit and vegetable sector to develop a
sustainability strategy for 2025.
A few SIFAV goals by 2025:
• Reducing the carbon footprint by 25% across three products.
• Reducing food loss and waste by 25% across three products.
• Reducing water use to best practice levels in three selected
river basins in Peru, South Africa and Spain.
• Conducting independent audits or imposing water standards
for 70% of volumes from high water risk countries.
• Having 90% of our fruit and vegetables from medium- to high-
risk areas meet specific environmental and social standards
verified by a third party.
Sector agreement: Beyond Chocolate
The ‘Beyond Chocolate’ sector agreement, which we co-signed
in December 2018, aims to sustainably improve the living
conditions of cocoa producers by 2030. Specifically, all Belgian
chocolate must meet a certification standard by 2025. For our
private-label products, this target was already achieved in 2021:
100% of our private-label products containing cocoa are
certified.
The goal for 2030 is different: to guarantee cocoa farmers a
living income. Here again, we are already making progress
thanks to our cocoa supply chain project in the Ivory Coast.
Starting in June 2020, we have been supporting 102 farmer
families in two Ivorian villages for three years. They supply the
cocoa for our Boni 72% pure chocolate bar. It has been in our
stores since October 2021. The cocoa farmers are paid a living
income reference price for this.
They also receive support to boost biodiversity and resilience
to climate change. The intention is to later scale up this supply
chain project to cover the whole Boni chocolate bar range, as
part of Beyond Chocolate. In this way, we want to contribute
to the goal of zero deforestation and a living income for cocoa
farmers.
This project is running in collaboration with the IDH
Sustainable Trade Initiative, the producer Puratos, development
organisation Rikolto, certification organisation Fairtrade, the
Ivorian cooperative ECSP and the training centres Agro-Insight
and Access Agriculture.
The added value of sector initiatives is that
together (with other retailers and partners)
we can greatly raise the bar on sustainability
while still maintaining a level playing field

172
More animal welfare
We are continuously working to improve the living conditions of all animals intended
for consumption (including by-products).
• All fresh meat and meat preparations of our own brands in our stores come from
animals that were anaesthetised before slaughter. All Belgian slaughterhouses
supplying meat to our Fine Food Meat processing company were subject to
unannounced animal welfare inspections in 2021.
• In August 2021, Colruyt Lowest Prices and OKay committed – as the first Belgian
retailers – to higher animal welfare criteria for broiler chickens. The animals are
now getting daylight and 40% more space, and a switch to a slower-growing breed is
being made. The switch is being done incrementally and will be completed by 2026
at the latest.
• Aer successful pilot projects in 2020 and 2021, we also decided to include the
new method of hatching eggs in the producer’s house (Nestborn and the similar
One2Born method) in the chicken meat specifications for Colruyt and OKay butchers
by 2026. A first in Belgium!
• In 2021, 35% of Colruyt beef came from three Belgian producer organisations with
whom we work directly. Together with the breeders we are committed to the welfare
of the cows. We require that they be able to graze outside for at least half the
year, and that the animals are born and spend the rest of their lives on the same
farm.
• The fresh rabbit meat at Colruyt, OKay, Spar, Solucious and Cru is guaranteed to
come from rabbits from animal-friendly park systems. The meat for Colruyt, OKay and
Solucious is also 100% Belgian, meaning that the rabbits do not spend too much
time in a truck.
Innovative
sea farm
Also by developing new initiatives
ourselves, we can steer the production
and consumption of goods in a more
sustainable direction. For example, we
want to meet the rising demand for
sustainable protein-rich food through
an innovative sea farm, Westdiep, off the
Belgian coast. With the necessary permits
in our pocket, we started construction
in early 2022 of the first phase of this
first Belgian commercial sea farm, where
we will cultivate mussels using hanging
culture technology. Aer placing the
buoys, we started placing the first 50
longline installations in spring 2022,
in cooperation with the West Flemish
company GEOxyz. If all goes well, the first
mussels will be in our stores in summer
2023.
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65% of unsold food either
incinerated or fermented
18,8% of unsold food used as
animal feed
15,9% of unsold food destined for
human consumption
0,3% of unsold food used in
biochemistry
65%
0,3%
15,9%
18,8%
Smarter packaging
For our own brands, we choose the best packaging for the environment for each product. Whenever
possible, we just do away with packaging. For those products that do get packaged, we try to replace or
reduce (part of) the packaging. In addition, our packaging is made with a view to easy recycling aer use.
Finally, whenever possible, we choose packaging made with recycled or renewable materials.
• In March 2022, Colruyt Group signed the Flemish government’s Green Deal Anders Verpakt, the goal of
which is to avoid or reuse single-use packaging.
• In early 2022 at Fine Food Meat, we introduced new recyclable packaging for meat destined for the OKay
stores.
• The packaging of frozen meals, fresh prepared meals and snacks and fresh fish, inter alia, has been
changed from black to transparent or light packaging materials, making some 75 tonnes of packaging
material available for recycling.
Working together to fight food loss
We are constantly looking for ways to reduce food waste, on the one
hand by focusing on avoiding food surpluses (thanks to efficient stock
management), and on the other by reusing food surpluses (animal feed,
biochemistry, human consumption).
• In 2021, we sold 96.98% of our fresh produce. The sales in fresh produce
decreased, while waste in fresh produce remained virtually unchanged.
As a result, the percentage of fresh food products sold decreased and we
did not reach our target of selling at least 97,4% of our fresh produce as of
2021. In 2022 we will do our utmost to achieve this ambition. .
• In 2021, we did see a slight decrease in the total tonnage of food losses
by 121 tonnes (-0,37%) to 32.951 tonnes.
• The proportion of surplus food going to human consumption rose to
15,9% in 2021. By contrast, the proportion without any useful application
(incineration) fell to 7%.
• In collaboration with the Brussels city farm Eclo, we conducted a
successful test to grow mushrooms on bread residues from Bio-
Planet. The mushrooms were temporarily available for sale at Cru as of
October 2021.
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Resource-saving use of
raw materials
We are continuously working to reduce residual waste and avoid food loss. We do this by making our
range of products, packaging and services more circular and upgrading our residual streams,
working to the principles of the circular economy and recycling and reusing the available raw materials
again and again. In doing so, we use the R-ladder as a guide: refuse, rethink, reduce, reuse, recircle, recycle
and recover.
By 2025, we want all household packaging
for our private-label products to be reusable,
recyclable, compostable or biodegradable.
By 2025, our PET beverage containers will
consist of 50% recycled PET.
By 2025, at least 40% of our remaining
consumable but unsold products will be destined
for human or animal consumption.

174
Circular construction and renovation
Every year, we carry out a lot of construction and remodelling projects. We try to reuse or recycle as many materials as
possible to reduce waste and consume fewer primary raw materials. We are also continuously researching and testing new
structural materials and building systems for circular construction (click wall systems, flexible interior walls, dismountable
roof panels, etc.).
• Built to reuse: when renovating stores, we use a checklist covering more than 1.300 shop-fitting materials and
components that we are able to reuse (shelving, cabling, lighting, steps, shopping cart parks, etc.).
• In 2019, we signed the Green Deal on Circular Construction. As a ‘Doer in Flanders’ we are working on the ‘high-quality
recycling of aerated concrete’.
• Within the context of the European ICEBERG project, we are working with 34 partners from ten countries to research
the reuse of building materials (urban mining) and the application of new circular building materials and
techniques developed within the project. For example, in collaboration with the research centre VITO and a
manufacturer of our earlier cast concrete floors, we are making new carbonation blocks that absorb rather than release CO
2
during production.
• We are working closely with universities and research institutions. In 2021, we collaborated on three master’s theses
at UHasselt university on circular metal, insulation and selective demolition. We are also partnering a master’s thesis at
UGent university on decoupling concrete sandwich panels.
• We are mapping our impact digitally. In cooperation with VITO and OVAM, we are working on optimising the Belgian
tool Totem for measuring the environmental impact of our building stock. We are working together with producers and
recycling companies to develop material passports for our structural building materials and with the European Levels tool
to map our circularity, enabling us to structurally address our reuse and recycling in a transparent and future-oriented way,
together with all building partners.
Working together for
less waste
• The total tonnage of waste dropped by
3.708 tonnes (-4,42%) to 80.217 tonnes.
As of 2021, we will have our
tonnage of waste per million
euros of sales decrease annually.
• Residual waste (waste not reused and thus
incinerated) is already down for the seventh
year in a row, to 12.878 tonnes (- 1,5%).
We continued to meet our goal
of recycling at least 85% of our
waste in 2021.
3.708 tonnes
less waste in 2021
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175
Conscious consumption
Both through our range of products and services and through information and
inspiration, we are helping our customers to consume consciously.
1 year Eco-score:
guide to making more
environmentally conscious
choices
In March 2021, we were the first retailer to launch
the Eco-score in Belgium. The Eco-score displays the
environmental impact of food products through a
simple colour and letter code, allowing customers to
easily make more environmentally conscious choices.
• By the end of March 2022, almost half of all food
products at Bio-Planet and Colruyt already received an
Eco-score. Both private-label products and products
from national brands receive a score.
• Customers can consult the Eco-score on various
apps and on Colruyt Group’s websites: MyColruyt,
SmartWithFood, Xtra, Bio-Planet.be and Colruyt.be.
• By the end of March 2022, the Eco-score was already
featured on the packaging of more than 100 private-
label products (Boni Selection, Boni Selection Bio and
Graindor). On some, we also visualise how the Eco-
score was calculated.
• Colruyt Group’s own recent market research shows
that more than 50% of Belgians have already seen
or heard about the Eco-score. They are also good at
linking the Eco-score to the environmental footprint:
an important first step towards making a real impact
on consumer behaviour.
Protein shift: attention to vegetable products
In April 2021, our store formats Colruyt Lowest Prices, OKay and Bio-Planet, our food service
specialist Solucious and spin-off SmartWithFood signed the Flemish Green Deal ‘Protein shi on
our plate’. The target of this Green Deal is to achieve a ratio of 60% plant and 40% animal proteins
on our plates. The signatories undertake to work together to achieve this protein transition
through accessible communication and a wide range of plant-based products.
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Scope 1 and 2:
avoiding and reducing greenhouse gas emissions
We work day-in, day-out to
minimise our impact on the
climate, always with an eye to
long-term results. We monitor
our greenhouse gas emissions
(such as CO
2
, methane or
nitrous oxide) in accordance
with the three scopes of the
internationally recognised
Greenhouse Gas (GHG) Protocol.
• Scope 1:
direct emissions caused by our
own building-, transport- and
production-related activities.
• Scope 2:
indirect emissions released
when generating the energy we
purchase.
• Scope 3:
indirect emissions that
occur in the value chain. For
example: emissions in external
production, customers travelling
to our stores, waste processing,
etc.
SDG 13
In 2008, we prepared a CO
2
balance sheet for the first time. We drew
up a CO
2
reduction plan, launching our first projects between 2011-
2015. These focus on four hotspots: cooling, heating, energy and
mobility. With the following results: our greenhouse gas emissions
(in scope 1 and 2) decreased in recent years in both relative and
absolute terms. A trend we would like to continue.
Faster than expected, we have also managed to meet our current
reduction target: 40% reduction by 2030, versus base year 2008
and relative to revenue. Following changes in the calculation
methods to become more in line with the Greenhouse Gas Protocol,
we recalculated our emissions data back to the base year. The
reasons for this included a significant shi of emissions from scopes
1 and 2 to scope 3 (well-to-tank emissions), more detailed data input
and updated emission factors. In addition, we have also expanded
our organisational perimeter in line with the principle of financial control (more info on this can be found in the indicators on page 193).
This meant that we retroactively met our intensity target as early as 2020: a great reflection of our longstanding commitment to mitigating
climate change. Today we are even more convinced of the need to tighten our reduction targets. Colruyt Group is thus committed to setting new
emission reduction targets in accordance with the criteria and methodology of the Science-Based Targets Initiative (SBTI). In the coming months
we will submit our targets, with a view to formal validation by the end of this year. In our next Annual Report, we will report for the first time on these
new targets.
5
10
15
20
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Tonnes CO
2 eq
per million EUR turnover
Objective 2030:
9,07
8,71
8,80
10,75
11,91
13,01
14,39
14,67
14,96
15,01
14,73
14,09
15,56
15,17
15,12

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Climate-friendly cooling
In 2017, we started switching to natural refrigerants in our stores. Since then,
158 stores have already been equipped with installations running on propane
or propene. These emit 90% less CO
2
than installations running on synthetic
refrigerants. The transformation is expected to be completed by 2030. We now also
detect any cooling leaks much earlier thanks to a new artificial intelligence-based
monitoring system that we developed ourselves in 2021. We are also opting for
climate-friendly innovations in our logistics chain: we continue to roll out our self-
developed liquid ice containers for fresh produce (7.176 containers) and frozen
foods (2.411 containers), while in 2021 we also introduced a new type of cool box
for Collect&Go emitting far less CO
2
than the earlier refrigerated carts.
Heating
Through extensive insulation and energy-saving
techniques such as heat recovery and heat pumps,
we are bringing down energy consumption in our
stores and the recovered heat is enough to heat
the stores. 88 stores have already been equipped
with heat recovery. 45 stores are now operating
completely free of fossil fuels.
We also avoid a lot of energy consumption by
working with cold rooms and closed refrigeration
units in our stores.
Greener
vehicle fleet
We are continuing our efforts to
make our passenger transport
fleet greener. 46% of vehicles
run on CNG, 16% have hybrid
engines, 1,6% run on electricity
and 0,3% on hydrogen. We
are also conducting tests on
running trucks on electricity and
hydrogen.
Renewable energy
• As far as possible, the energy we use comes from renewable sources. Our electricity
consumption is 100% green.
• We ourselves produce green electricity from solar energy and are investing in onshore and
offshore wind energy via Virya Energy.
• We are trying to maximise consumption at times when green electricity production is high.
In 2021, the synchronicity rate was 78,5%.
Read more about renewable energy on pages 162-163.

178
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Scope 1 and 2:
capturing
greenhouse gas
emissions through
aorestation
While remaining committed to further emissions
reductions, we are also committed to CO
2
capture,
capturing at least the equivalent of our remaining
emissions through planting trees.
From 2030,
net-zero emissions
within scope 1 and 2 of the
Greenhouse Gas Protocol. The sum
of the greenhouse gases we emit
(+) and the CO
2
we remove from the
atmosphere (-) is then 0
CO
2
New forest in the Democratic Republic of Congo
In concrete terms, in 2021 we started planting 10.000
hectares of forest – involving more than 12 million
trees. We are doing this in the province of Kwango in the
Democratic Republic of Congo, in close cooperation with
the local population and local organisations.
With this new forest, we aim to both capture greenhouse
gases and restore and promote biodiversity in this
region plagued by overexploitation. Through various
employment, training and infrastructure initiatives, we
are also creating added value for the local population.
• Reforestation: as of the end of March 2022 1.678.341
trees had already been planted by local employees.
The largest trees are already over a metre high.
• Participation of the local population: in collaboration
with 2 community managers, committees have
been set up in two surrounding villages, inter alia for
education and agriculture.
• Agro-economy: promoting local agricultural
production, we have launched the first projects with
fruit trees and manioc on plots in and around the
concession. These will be maintained and worked by
the local communities.
• Infrastructure: following a detailed study, we are now
in the process of preparing the construction of a
bridge. We are also currently conducting demographic
studies for the construction of local schools.

179
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Scope 3:
Avoiding and reducing
greenhouse gas emissions
Our activities also involve indirect greenhouse gas emissions. For
instance, the products on our shelves and the materials we use have
an indirect impact on the climate. Using life cycle assessments, we look
at the overall life cycle of these products and materials. Working closely
with our suppliers, we are tackling the factors with the greatest impact
on climate change first. In addition to products and materials, we are
also working on making the mobility of our goods, customers and
employees more sustainable.
Every two years we conduct an Organisational Environmental Footprint
(OEF) audit, in accordance with the recognised methodology of the
European Commission. This allows us to assess the environmental
impact of our activities more broadly than when just looking at the
impact category ‘Climate Change’.
More sustainable products
• Promoting plant-based nutrition: in April 2021, Colruyt
Lowest Prices, Bio-Planet, OKay, SmartWithFood and Solucious
signed the Flemish government’s ‘Green Deal Protein Shi
on Our Plates’, undertaking to offer even more plant-based
foods and advice (recipes, inspiration) and thereby introducing
consumers to plant-based alternatives to animal protein.
• Choosing more environmentally consciously with the
Eco-score: thanks to the Eco-score we launched in 2021,
customers can now easily make more environmentally
conscious choices.
• Curbing deforestation: for products and raw materials with
known deforestation problems, we systematically opt for
sustainability certifications guaranteeing sustainable forest
management (cocoa, palm oil, soy, coffee) for our private-label
brands such as Boni and Everyday.
Read more about sustainable products under SDG 12 on page
170 ff.
Mobility of goods, customers and employees
• Thanks to the use of barges in Belgium, 4.836 truck trips were
saved.
• Excellent 94% load factor on outbound deliveries to Colruyt
stores.
• Last-mile delivery: formulas such as Cru, Solucious and
Collect&Go are experimenting with cargo bikes.
• DATS 24 is systematically expanding its network of charging
stations for electric cars, especially on supermarket carparks.
By the end of the financial year, we had installed 232 charging
stations. We now also offer shared cars at 12 Colruyt Lowest
Prices carparks.
• Making commuting more sustainable: 38 million car miles
saved by cyclists, commuters and carpooling.
• Since the beginning of 2022, our office workers can now work
two days a week away from their base office (at home or in a
regional office).
Last year, we took stock of our scope-3 emissions based on 2020 data. In terms of size, scope 3 accounts for about
99% of our total emissions throughout the value chain, whereas scopes 1 and 2 account for just 1%. Qualitative
capture of primary data is an ongoing challenge for any retail company. While intending to release more absolute
data for scope 3 in the future, we first want to further increase data quality for the highest-impact categories, in
cooperation with our business partners.
Purchased goods and services
Fuel- and energy-related activities
Waste generated in company operations
Employee commuting
Use of sold products
Franchises
Capital goods
Upstream transport and distribution
Business travel
Downstream transport and distribution
End-of-life treatment of sold products
Investments
69,53%
0,09%
1,31%
0,48%
0,16%
22,56%
0,06%
3,00%
0,02%
0,09%
2,71%
0,02%

180
EU Taxonomy
Classification system for sustainable activities
With the European Green Deal, the European Union has undertaken to reduce greenhouse
gas emissions to net-zero by 2050, thereby becoming climate-neutral. To achieve this
ambitious target, the European Commission has launched an action plan on financing
sustainable growth, which includes the EU Taxonomy. The primary focus is on reorienting
capital flows toward sustainable economic activities, integrating sustainability into risk
management, and promoting transparency and long-term thinking.
On 22 June 2020, the EU Taxonomy Regulation (EU) 2020/852 (‘EU Taxonomy’) was
published. The EU Taxonomy is an EU classification system for sustainable activities:
a framework determining which economic activities can be considered ecologically
sustainable. The regulation took effect on 12 July 2020. Colruyt Group is required to report
for the first time in financial year 2021/22.
The EU Taxonomy Regulation defines six environmental objectives to which economic
activities should contribute:
1. Climate change mitigation
2. Climate change adaptation
3. The sustainable use and protection of water and marine resources
4. The transition to a circular economy
5. Pollution prevention and control
6. The protection and restoration of biodiversity and ecosystems
Reporting year 2021/22
For reporting year 2021/22, companies are called on to identify which of their economic
activities could potentially be environmentally sustainable (‘eligible’), taking into account
the first two EU-defined environmental objectives: climate change mitigation and
adaptation. Delegated Act (EU) 2021/2178 (‘Delegated Act) requires only the share of
turnover, capital expenditure (CapEx) and operating expenditure (OpEx) of these eligible
economic activities to be reported.
Scope
The evaluation of these economic activities was done for all companies that are fully
consolidated. Colruyt Group also invests indirectly in many sustainable economic activities
whose disclosure is required by the Delegated Climate Act (EU) 2021/2139 (‘Delegated
Act’), but these investments are in associated companies outside the group of fully
consolidated companies. For example, together with Korys, we are investing in the energy
holding company Virya Energy whose main activity is the production of wind energy and
green hydrogen.
In its voluntary EU Taxonomy reporting, Virya Energy reveals that its largest eligible
activities are Production of electricity from wind power (4.3), Production of electricity from
hydropower (4.5), and Infrastructure for low carbon transport (water transport) (6.10).
For each of its eligible activities, Virya Energy reports figures exceeding 95% in each key
performance indicator (revenue, CapEx and OpEx). For more detailed information on this
voluntary reporting, please consult the Virya Energy website.
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Eligible activities
Colruyt Group is mainly active in food
and non-food retail and wholesale,
as well as food service. However,
these economic activities were not
included in the Delegated Climate
Act, meaning that our group’s main
activities are outside its scope.
Nevertheless, we have analysed all
our economic activities in line with
the definitions established by the
Delegated Climate Act. The following
Colruyt Group economic activities are
eligible under the EU Taxonomy:
7.2 Renovation of existing buildings
7.3 Installation, maintenance and
repair of energy efficiency
equipment
7.4 Installation, maintenance and
repair of charging stations for
electric vehicles in buildings
(and parking spaces attached to
buildings)
7.5 Installation, maintenance
and repair of instruments
and devices for measuring,
regulating and controlling
energy performance of buildings
7.6 Installation, maintenance and
repair of renewable energy
technologies
7.7 Acquisition and ownership of
buildings
8.2 Computer programming,
consultancy and related
activities
6.4 Operation of personal mobility devices,
cycle logistics
6.5 Transport by motorbikes, passenger cars
and light commercial vehicles
6.6 Freight transport services by road
5.5 Collection and
transport of
non-hazardous
waste in source
segregated
fractions
4.12 Storage of
hydrogen
1.1 Afforestation
Water
supply,
sewerage, waste
management and
remediation
Construction
& real estate
activities
Energy
Information &
communication
Forestry
Transport
See next page for more detailed information.

182
SUSTAINABILITY
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Activity
number
Activity Name Application for Colruyt Group
1.1 Afforestation
Provide for forest creation through our afforestation project in the
Democratic Republic of Congo
4.12 Storage of hydrogen Operation of hydrogen installations at DATS 24 filling stations
5.5
Collection and transport of non-hazardous
waste in source segregated fractions
Separate collection and transport activities of non-hazardous waste in separate
or mixed fraction for the purpose of preparing it for reuse or recycling. This
includes the collection of recyclable paper
6.4
Operation of personal mobility devices,
cycle logistics
Sales activity of Bike Republic, as well as the provision of company bicycles to
employees
6.5
Transport by motorbikes, passenger cars
and light commercial vehicles
This activity includes Colruyt Group’s fleet of Category M1 vehicles (passenger
cars), N1 (commercial vehicles weighing less than 3.5 tonnes) and L (two- and
three-wheeled vehicles and quads)
6.6 Freight transport services by road
This activity covers Colruyt Group’s fleet of Category N1 vehicles (weighing less
than 3.5 tonnes), N2 (weighing between 3.5 and 12 tonnes) or N3 (more than
12 tonnes). This covers all such vehicles operated by Colruyt Group
7.2 Renovation of existing buildings Preparation of construction and renovation of Colruyt Group buildings
7.3
Installation, maintenance and repair of
energy efficiency equipment
This activity includes renovation measures such as green roofs and LED lighting
7.4
Installation, maintenance and repair of
charging stations for electric vehicles in
buildings (and parking spaces attached to
buildings)
This activity includes all installation work, maintenance and repairs performed by
DATS 24 on the charging stations
7.5
Installation, maintenance and repair of
instruments and devices for measuring,
regulating and controlling energy
performance of buildings
This includes Colruyt Group’s energy monitoring system
7.6
Installation, maintenance and repair of
renewable energy technologies
This activity includes the installation, maintenance and repair of electric heat
pumps and solar panels
7.7 Acquisition and ownership of buildings Purchasing real estate and exercising ownership of Colruyt Group’s real estate
8.2
Computer programming, consultancy and
related activities
This includes all large IT projects, in which programming, consultancy and other
related activities are undertaken
Colruyt Group is also involved in several other economic
activities defined under the EU Taxonomy. However, in
financial year 21/22 these made little or no contribution
to revenue, capital expenditure (CapEx) or operating
expenditure (OpEx) as determined by the EU Taxonomy and
are therefore classified as ‘ineligible’ economic activities.
The following economic activities are involved:
• 3.10 Manufacture of hydrogen
• 4.25 Production of heat/cool using waste heat
• 6.13 Infrastructure for personal mobility, cycle logistics
• 8.1 Data processing, hosting and related activities
• 8.2 Data-driven solutions for GHG emissions reductions
• 11.1 Education

183
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Key performance indicators (KPIs) from the EU Taxonomy
Accounting principles Disclosures aligned with the
EU Taxonomy
The Delegated Act only requires companies to report
the share of turnover, capital expenditures (CapEx) and
operating expenditures (OpEx) of eligible economic
activities.
Since retail, our main activity, is not included as a
sector in the current Delegated Climate Act, a large
part of our economic activities does not qualify for
the calculation of the KPIs. However, as a retailer, we
remain committed to sustainable business practices
and conscious consumption. For the eligible economic
activities, we are disclosing for the first time their
share of total net revenue, CapEx and OpEx.
Revenue
0,21% of Colruyt Group’s revenue is eligible. This
revenue comes mainly from the sale of cycles in our
Bike Republic cycle chain and also includes limited
revenue from the sales of electricity for electric
charging stations.
Capital Expenditure (CapEx)
Colruyt Group has eligible capital expenditure (CapEx)
of 64,11%. This mainly relates to investments in
buildings (both their acquisition and renovation),
installation, maintenance and repair costs related to
buildings, transport and energy efficiency technologies.
In addition, eligible CapEx also covers our investments
in hydrogen and IT projects. With regard to the
acquisition and ownership of buildings, the rights of
use under IFRS 16 are also included.
Operating expenditure (OpEx)
Finally, 3,15% of operating expenditure (OpEx) is eligible. This mainly
involves expenditure on maintenance and repairs in the context of
building renovation and transport.
As of financial year 2022/23, we will report on the alignment of the
first two aforementioned environmental objectives, as well as the
other four environmental objectives. In doing so, eligible economic
activities will be weighed according to the technical criteria associated
with one or more of the six environmental objectives. In addition, they
must not cause significant damage to the other five environmental
objectives, while compliance with minimum safeguards in terms of
human and labour rights and standards must be ensured.
We expect, on the one hand, that on the basis of this further
harmonisation a number of economic activities that are currently
identified as eligible will fall away. On the other hand, we suspect that
certain of our economic activities will contribute to the other four
environmental objectives.
We are setting up the necessary internal processes to be able to report
on this alignment in the next reporting period.
We used the accounting principles defined by the EU
Taxonomy to calculate the denominator in the above
KPIs.
The turnover defined by the EU Taxonomy
corresponds to the consolidated turnover that can be
found in Note 3 of the Financial Report.
As for the CapEx calculation, the EU Taxonomy
states that all acquisitions of property, plant and
equipment and intangible assets for depreciation and
amortisation are to be included, as well as acquisitions
of property, plant and equipment and intangible
assets from new business combinations and additions
of IFRS 16 right-of-use assets. Of our acquisitions
disclosed in Notes 10 and 11 of the Financial Report,
we have therefore not taken into account asset
acquisitions and right-of-use adjustments to arrive at
the definition of CapEx required by the EU Taxonomy.
Finally, the EU Taxonomy requires that the
denominator of the OpEx shall cover direct non-
capitalised costs that relate to research and
development, building renovation measures, short-
term lease, maintenance and repair, and any other
direct expenditures relating to the day-to-day
servicing of assets of property, plant and equipment
by the undertaking or third party to whom activities
are outsourced that are necessary to ensure the
continued and effective functioning of such assets. At
Colruyt Group, this corresponds to operating income,
expenses, services and miscellaneous goods and
employee benefits. These expenses are reflected in
Notes 4, 5 and 6 of the Financial Report.
To avoid double counting in the above KPIs,
intra-group transactions were eliminated at the
consolidated level in each case.
Eligible and non-eligible CapEx
Eligible CapEx 64,11%
Non-eligible CapEx 35,89%

184
Our indicators
SDG 2 - SDG 3
Indicators SDG 2
2019 2020
2021
Balanced nutrition for all
Food donated to social organisations (in tonnes) Calendar year 4.262 4504 5.622
% Fresh produce actually sold Calendar year 97,21 97,33 96,98
With regard to food surpluses and donations, Colruyt, Bio-Planet and OKay food stores are in scope.
Indicators SDG 3
2019 2020
2021
Balanced nutrition tailored to your needs
# Products with improved nutritional composition Calendar year 134 206 240
Reduction in fats (in tonnes) Calendar year 135,6 151,1 251,1
Reduction in saturated fats (in tonnes) Calendar year 72,7 109,5 116,8
Reduction in sugar (in tonnes) Calendar year 195,8 88,4 228,1
Reduction in salt (in tonnes) Calendar year 22,8 38,4 34,4
Added fibre (in tonnes) Calendar year 60,5 38 39,1
# Boni Selection items with an improved Nutri-Score Calendar year 29 87 50
Support for consumers and employees
% of Boni products featuring the Nutri-Score on the packaging Calendar year 51,7 91 100
% of Spar products featuring the Nutri-Score on the packaging Calendar year - 29 100
Safe and healthy working environment
% Employees who have joined the Solidarity Fund Financial year 67,2 65,0 69,0
Amount paid out by the Solidarity Fund (in EUR) Financial year 1.129.072 1.128.950 1.400.162
# Work-related accidents Financial year 874 860 969
Frequency rate of work-related accidents Financial year 23,3 22,72 25,30
Severity rate of work-related accidents Financial year 0,64 0,59 0,69
# Long-term sick employees contacted by The Connection Financial year 3.228 1.814 2.935
The scope of the indicators on nutritional composition covers our private-label brands Boni Selection
and Everyday and the meat products in the butcher’s section and meat aisles of Colruyt and OKay.
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185
SDG 6 - SDG 7
Indicators SDG 6
2019 2020
2021
Objective
Circular water management
Total water consumption (in m³) Calendar year 605.846 592.468
(1)
560.578
% Rainwater and wastewater Calendar year 27,2 29
(1)
33,4 50% by 2025
Recycled wastewater at Fine Food Meat (in m³) Calendar year 96.926 109.199 101.943
Drinking water produced in the PURA drinking water installation Calendar year 972 4.242 7.732
(1) When calculating the figures for 2021, it was found that there was an error in the calculation method for 2020.
The scope of these indicators is water consumption in Belgium, excluding drinking water destined for sale.
Indicators SDG 7
2019 2020
2021
Objective
Lower energy consumption
% Reduction in energy consumption (relative to revenue) Calendar year 8,7 11,8 13,5 20% by 2030
Energy consumption (MWh per million EUR revenue) Calendar year 58,9 57,0 55,9
Electricity consumption of Colruyt Group in Belgium and Luxembourg (MWh) Calendar year 230.724 235.320 234.697 51,7% by 2030
Producing and using renewable energy
% Average synchronisation rate for central sites Calendar year 70 72 78,5 90% by 2030
% Energy consumption from non-fossil fuels Calendar year 44 44,7 44,4 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 7.550 10.319 12.082
Green electricity production by Virya Energy allocated to Colruyt Group (MWh) Calendar year - 1.135.562 949.336
Avoided CO
2
emissions through our investments in green energy (in tonnes) Calendar year - 295.348 233.537
Offering renewable energy
# Electric charging stations Financial year 122 147 232
# Sites with electric charging stations Financial year 115 135 159
# DATS 24 filling stations with CNG pumps Financial year 76 84 88
# Public DATS 24 hydrogen filling stations Financial year 1 1 1
The scope of these indicators is Colruyt Group Belgium and Luxembourg, unless otherwise indicated.
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186
Indicators SDG 8
2019 2020
2021
Working at Colruyt Group
# Employees at Colruyt Group as a whole Financial year 30.631 32.945 32.996
# New employees (net growth) Financial year 728 2.314 51
Average length of service (in years) Financial year 9,79 9,84 10,27
# Student workers who have worked for Colruyt Group in the past year Financial year 8.258 8.484 8.949
# Nationalities Financial year 91 89 89
# Over-45s recruited Financial year 465 506 410
% Women in leadership positions Financial year 25,6 27 28
# Job switches Financial year 812 791 727
# Employees subscribing to the capital increase Financial year 2.166 2.205 1.606
Total profit-sharing amount (in million EUR) Financial year 27,8 28,5 20,4
% Employees represented by a social consultative body Financial year 97,3 94,4 94,0
% Employees covered by a collective bargaining agreement Financial year - - 100
SDG 8
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187
Indicators SDG 8
2019 2020
2021
Learning and developing together
Investment in education and training (in million EUR) Financial year 38,8 32,1 39,1
% payroll invested in education and training Financial year 3,04 2,41 2,82
# Individual participants in personal growth training courses Financial year 1.759 1.562 1.548
# Different personal growth training courses Financial year 58 73 55
# Employees in a dual learning programme Financial year 206 185 211
# Trainees Financial year 585 395 710
# Traineeship programmes Financial year 8 10 14
# Colruyt Group Academy centres Financial year 11 10 10
# Participants in Colruyt Group Academy workshops for consumers Financial year 52.602 5.361 23.501
# Different courses for consumers Financial year 190 192 152
Investment amount (in EUR) Collibri Foundation Calendar year 808.593 798.860 907.846
# Training projects Collibri Foundation Calendar year 14 14 18
# Young people directly involved in Collibri Foundation training projects Calendar year 6715 9.350 10.480
Average number of training hours per employee Financial year - - 27
Total number of training hours during the year (in millions) Financial year - - 1,02
Working conditions in the supply chain
# Producers monitored in at-risk countries Calendar year 430 487 485
% Producers in at-risk countries receiving at least one audit Calendar year 100 97 81
% Producers in at-risk countries with an acceptable social audit result Calendar year 90 95 96
# Producers moving up from poor to acceptable results compared with previous year Calendar year 31 19 5
# Producers with whom cooperation was terminated due to a violation of the Code of Conduct Calendar year 9 3 5
The scope of these indicators is Colruyt Group Belgium, unless indicated otherwise.
The figures on working conditions in the supply chain relate to producers of our private-label products.
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188
Indicators SDG 12
2019 2020
2021
Objective
Responsible sourcing
Fish
Total # wild-caught fish, shellfish and crustacean products Calendar year 186 197 199
Total % MSC-certified wild-caught fish, shellfish and crustacean products Calendar year 83,3 84,3 85,4
Total % MSC-certified or ILVO/ISSF (specifically tuna) verified wild-caught fish, shellfish
and crustacean products
Calendar year 87,1 96,4 98,5
# Farmed fish, shellfish and crustacean products Calendar year 92 102 111
% Farmed fish, shellfish and crustacean products ASC- and BIO-certified Calendar year 85,9 92,2 94,6
Coffee
# Coffee products Calendar year 130 125 105
% Certified coffee beans purchased (UTZ, Rainforest Alliance, Organic, Fair Trade) Calendar year 99,3 99,6 100
% Certified coffee products (UTZ, Rainforest Alliance, Organic, Fair Trade) Calendar year 96,9 97 100
Cocoa
# Products containing cocoa Calendar year 279 301 310
% Certified products containing cocoa (UTZ, Organic, Fair Trade) Calendar year 90,3 98 99,5
% Certified chocolate bars Calendar year 100 100 100
SDG 12
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189
Indicators SDG 12
2019 2020
2021
Objective
Responsible sourcing
Soy food
# Tonnes of soy food products Calendar year - 1046,7 882,7
% GM-free (without the use of GM technologies) Calendar year - 100 100
# Tonnes soy in TIER 1 (on the basis of soy present in the product) Calendar year - 619 455
% TIER 1 soy with sustainability certification Calendar year - 49 65
% TIER 1 soy with sustainability certification and/or from Europe or North America Calendar year - 91 88,8
% TIER 1 soy offset by purchased RTRS credits Calendar year - 9 11
# Tonnes soy in TIER 5 (on the basis of soy derivatives present in the product) Calendar year - 428 428
% TIER 5 soy certified or offset by purchased RTRS credits Calendar year - 100 100
Soy feed
Volume of soy feed used in meat, dairy and egg production (in tonnes) Calendar year 33.100 33.100 41.246
Volume of soy feed purchased in Brazil with RTRS credits (in tonnes) Calendar year 33.100 33.100 41.246
% Soy feed offset by RTRS credits Calendar year 100 100 100
% RTRS credits purchased from a cooperative that we have supported in its transition
to more sustainable soy
Calendar year - - 68
Palm oil
Volume of palm oil marketed (in tonnes) Calendar year 5.005,5 4.947,3 4.661
% Palm oil RSPO: Mass Balance Calendar year 29 12,8 1,1
% Palm oil RSPO: Segregated Calendar year 68,1 84,9 98,6
% Conventional palm oil offset by RSPO credits Calendar year 2,9 2,3 0,3
% RSPO-certified palm oil Calendar year - 100 100
Volume of palm kernel oil marketed (in tonnes) Calendar year 703,2 485,3 1.009,3
% Palm kernel oil RSPO: Mass Balance Calendar year 14,7 23,4 41,9
% Palm kernel oil RSPO: Segregated Calendar year 7,8 30,2 58,1
% Conventional palm kernel oil offset by RSPO credits Calendar year 77,5 46,4 0
% RSPO-certified palm kernel oil Calendar year - 100 100
SDG 12
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190
Indicators SDG 12
2019 2020
2021
Objective
Responsible sourcing
Wood
# Products containing at least 60% wood Calendar year 310 235 246
% Certified wood products (FSC or PEFC) Calendar year 97,7 100 100
Paper
# Paper products Calendar year 211 233 295
% Certified paper products (FSC, PEFC or Der Blaue Engel) Calendar year 100 99,6 100
Charcoal
% Certified charcoal products Calendar year 100 100 100
Cotton
% Dreambee cotton products GOTS- or BCI-certified Calendar year 87 91 100
# Cotton products (briefs, vests, socks) at Colruyt, GOTS-certified Calendar year 12 12 64
Supply chain projects
# Active supply chain projects Calendar year 7 7 8
# Products from supply chain projects in our stores Calendar year 40 40 46
# Farmers involved in supply chain projects (indirectly via cooperatives) Calendar year 33.140 43.864 49.864
# Farmers involved in supply chain products (directly in the chain) Calendar year - 2.174 2.320
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 parks (excluding ready-made dishes) supplied via
Fine Food Meat
Calendar year 100 100 100
% Fresh rabbit meat from parks (excluding preparations) Calendar year 100 100 100
SDG 12
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191
Indicators SDG 12
2019 2020
2021
Objective
Resource-saving use of raw materials
% Recycling rate Calendar year 83,98 85,27 85,06
At least 85%
by 2021
% Fresh producuce actually sold Calendar year 97,21 97,33 96,98
At least 97,4%
as of 2021
% Food lost to incineration and fermentation Calendar year 69,0 66,8 65,0
Maximum 60%
by 2023
Working together to fight food loss
Indicator
% Unsold food for human consumption Calendar year - - 15,9
% Unsold food used as animal feed Calendar year - - 18,8
% Unsold food used in the biochemical industry Calendar year - - 0,3
% Unsold food incinerated or fermented Calendar year - - 65
Circularity in packaging
Volume of packaging material where a transition has occurred
(sustainable materials now used) (in kg)
Calendar year 12.060,00 - 15.023,07
Volume of packaging material where a transition has occurred from
non-recyclable to recyclable packaging (in kg)
Calendar year - - 82.860,54
Volume of packaging material removed from the market (in kg) Calendar year 36.475,50 88.804,23 20.668,96
% RPET in private-label beverages Calendar year - 22 33
At least 50%
by 2025
The scope of these indicators is Retail Belgium and Luxembourg and includes the waste streams from our
store formats in both countries, our distribution centres and the Fine Food production centres,
as well as the (limited) waste streams from our office buildings in Halle. Construction waste is not included.
As for (household) packaging, we only consider our own brands, on which we have a direct impact.
SDG 12
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192
Indicators SDG 13
2019 2020
2021
Objective
Scope 1 and 2: Avoiding and reducing greenhouse gas emissions
% Reduction of greenhouse gas emissions relative to revenue compared to
base year 2008
(1)
Calendar year 28,9 41,8 42,4 40% by 2030
Total greenhouse gas emissions (in tonnes of CO
2
eq) Calendar year - - 87.547
CG greenhouse gas emissions in Scope 1 (in tonnes of CO
2
eq) Calendar year - - 87.296
CG greenhouse gas emissions in Scope 2 (market-based) (in tonnes of CO
2
eq) Calendar year - - 251
(1) Due to adjustments in our calculation methodology and organisational scope, we recalculated
the base year 2008. The values for 2019 and 2020 have been retroactively adjusted as a result.
Cooling, heating, energy and mobility
% Food stores equipped with natural refrigerants Financial year - - 35,7
% Food stores equipped with heat recovery Financial year - - 19,9
% Food stores without fossil fuels Financial year - - 10,2
% Low-energy stores in total retail stock Calendar year - - 42,5
% Rotations with liquid ice containers Financial year 73,9 85,8 93,9
Refrigerant leakage rate Financial year - - 3,81
% Company cars running on alternative fuels Financial year 50,7 59,0 64,5
% Own trucks and and vans running on alternative fuels Financial year - - 31
SDG 13
SUSTAINABILITY
|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators

193
Indicators SDG 13
2019 2020
2021
Objective
Scope 1 and 2: Capturing greenhouse gas emissions through afforestation
# Trees planted in DRC Financial year - - 1.678.341
Scope 3: Avoiding and reducing greenhouse gas emissions
Employee mobility
# Regional offices Financial year 11 11 11
% Employees who come to work by bicycle Financial year - - 19,5
% Employees who come to work by public transport Financial year - - 5,8
% Employees who carpool to work Financial year - - 4,0
Freight Mobility
# Truck journeys saved by the use of barges in Belgium Financial year 4.998 5.062 4.836
% Load factor inbound deliveries for Colruyt Financial year 76,7 76,1 76,3
% Load factor outbound deliveries from Colruyt Financial year 94,0 94,0 94,0
The indicators for Liquid Ice Containers refer to the food retail sector in Belgium and Luxembourg (Bio-Planet, Colruyt and OKay).
The indicators for stores using natural refrigerants, heat recovery and not using fossil fuels refer to the food stores of
Bio-Planet, Colruyt and OKay in Belgium and Luxembourg.
The indicators for low-energy stores refer to the stores of Bio-Planet, Colruyt (Belgium), Cru, OKay, Dreambaby and Dreamland.
Results of 2021
A significant part of emissions from natural gas consumption
for 2021 (32%) is based on calculations. If necessary, this will be
corrected in the coming year’s sustainability reporting based on
the actual factors.
Emission factors
The emission factors used in our calculation are applied in a
hierarchical manner. This means that when we are looking for
an emission factor we will first consult the ADEME database.
For electricity, Colruyt Group has specified the local energy mix.
Emission factors are used of the IEA, which defines factors
based on the location and how energy is generated. We use
ECO Invent especially for numbers regarding production. For
all emission factors that cannot be found in one of the above
sources, we use DEFRA. The databases used in this exercise are
updated on a regular basis.
Recalculation of emissions
The threshold for recalculation is 5%. If Colruyt Group modifies
the calculation formula for a specific power (e.g. because more
detailed information is available) it will be checked whether
this significantly changes the emission values. If necessary, the
historic data is recalculated according to the updated data and/
or methodology.
Organisational boundaries
To identify the entities and activities of Colruyt Group in scope,
we applied the ‘financial control’ principle. This principle
states that operations that are fully consolidated in financial
accounts should be taken in scope. Additionally, emissions from
joint ventures where partners have joint financial control are
accounted for based on the “equity share” approach (%).
SDG 13
SUSTAINABILITY
|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators SUSTAINABILITY
|
SDG 2 • SDG 3 • SDG 6 • SDG 7 • SDG 8 • SDG 12 • SDG 13 • EU Taxonomy • Our indicators

FINANCIAL REPORT
|
Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
194
FINANCIAL REPORT
|
Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
195 .....Consolidated income statement
196 .....Consolidated statement of comprehensive income
197 .....Consolidated statement of financial position
198 .....Consolidated statement of cash flows
199 .....Consolidated statement of changes in equity
201 .....Management responsibility statement
202 .....Independent auditor’s report
210 .....Notes to the consolidated financial statements
276 .....Definitions
Financial
report

195
FINANCIAL REPORT
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Consolidated statements • Statement • Independent auditor’s report • Notes • DefinitionsFINANCIAL REPORT
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Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
(in million EUR) Note 2021/22 2020/21
Revenue 3. 10.049,3 9.930,7
Cost of goods sold 3. (7.297,6) (7.138,8)
Gross profit 3. 2.751,7 2.791,9
Other operating income 4. 196,0 185,5
Services and miscellaneous goods 5. (692,9) (633,3)
Employee benefit expenses 6. (1.478,5) (1.462,3)
Depreciation, amortisation and impairment of non-current assets (365,4) (326,9)
Other operating expenses 4. (35,7) (31,4)
Operating profit (EBIT) 375,2 523,5
Finance income 7. 11,3 8,5
Finance costs 7. (9,8) (7,6)
Net financial result 7. 1,5 0,9
Share in the result of investments accounted for using the equity method 12., 13. 6,0 (3,5)
Profit before tax 382,7 520,9
Income tax expense 8. (94,7) (104,9)
Profit for the financial year 288,0 416,0
Attributable to:
Non-controlling interests 0,7 0,7
Owners of the parent company 287,3 415,3
Earnings per share (EPS) – basic and diluted (in EUR) 22. 2,16 3,06
Consolidated income statement

196
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(in million EUR)
Note
2021/22 2020/21
PROFIT FOR THE FINANCIAL YEAR 288,0 416,0
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. 20,8 (13,0)
Net change in fair value of financial assets at fair value through other comprehensive income, aer taxes 14. (1,1) 4,1
Total of the items that will not be reclassified to profit or loss 19,7 (8,9)
Items that may be reclassified subsequently to profit or loss
Profit/(loss) from currency translation of foreign subsidiaries, aer taxes 0,3 (0,2)
Net change in fair value of derivative financial instruments, aer taxes 8. 6,2 2,2
Total of the items that may be reclassified subsequently to profit or loss 6,5 2,0
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. 16,4 (11,4)
Total of the items that may be reclassified subsequently to profit or loss 16,4 (11,4)
OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 42,6 (18,3)
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 330,6 397,7
Attributable to:
Non-controlling interests 0,7 0,7
Owners of the parent company 329,9 397,0
Consolidated statement of comprehensive income

197
FINANCIAL REPORT
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Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions FINANCIAL REPORT
|
Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
(in million EUR) Note 31.03.2022 31.03.2021
Goodwill 9. 157,6 124,9
Intangible assets 10. 329,4 277,1
Property, plant and equipment 11. 2.745,0 2.576,6
Investments accounted for using the equity method 12., 13. 464,3 320,4
Financial assets 14. 14,7 111,6
Deferred tax assets 17. 17,5 12,3
Other receivables 19. 46,0 42,4
Total non-current assets 3.774,5 3.465,3
Inventories 18. 815,6 737,9
Trade receivables 19. 602,4 542,9
Current tax assets 35,2 50,1
Other receivables 19. 81,4 78,2
Financial assets 14. 128,3 36,4
Cash and cash equivalents 20. 176,2 284,5
Total current assets 1.839,1 1.730,0
TOTAL ASSETS 5.613,6 5.195,3
Share capital 364,7 357,4
Reserves and retained earnings 2.097,4 2.165,6
Total equity attributable to owners of the parent company 2.462,1 2.523,0
Non-controlling interests - 4,2
Total equity 21. 2.462,1 2.527,2
Provisions 23. 15,4 26,0
Liabilities related to employee benefits 24. 107,2 134,4
Deferred tax liabilities 17. 91,6 66,0
Interest-bearing and other liabilities 25., 26. 650,7 249,8
Total non-current liabilities 864,9 476,2
Provisions 23. 0,7 1,0
Bank overdras 20. 0,2 1,2
Interest-bearing liabilities
(1)
25. 349,8 230,5
Trade payables 26. 1.283,6 1.319,3
Current tax liabilities 24,9 26,2
Liabilities related to employee benefits and other liabilities 26. 627,4 613,7
Total current liabilities 2.286,6 2.191,9
Total liabilities 3.151,5 2.668,1
TOTAL EQUITY AND LIABILITIES 5.613,6 5.195,3
Consolidated statement of financial position
(1) At 31 March 2022, this includes,among other things,EUR 207 million of short-termfinancing (EUR 177 million at31 March 2021).

198
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(in million EUR) Note 2021/22 2020/21
OPERATING ACTIVITIES
Profit before tax 382,7 520,9
Adjustments for: Depreciation, amortisation and impairment of non-current assets 365,4 326,9
Finance income and finance costs 7. (1,5) (0,9)
Share in the result of investments accounted for using the equity method 12., 13. (6,0) 3,5
Other
(1)
(16,5) 2,9
Cash flow from operating activities before changes in working capital and provisions 724,1 853,3
Decrease/(increase) in trade and other receivables (47,7) 1,4
Decrease/(increase) in inventories (60,3) (118,8)
(Decrease)/increase in trade payables and other liabilities (49,3) 53,4
(Decrease)/increase in provisions and liabilities related to employee benefits (6,4) 32,4
Interest paid (2,3) (2,0)
Interest received 5,3 0,3
Dividends received 4,9 1,2
Income tax paid (69,5) (112,9)
Cash flow from operating activities 498,8 708,3
INVESTING
ACTIVITIES
Acquisition of property, plant and equipment and intangible assets (484,5) (466,2)
Business combinations (net of cash and cash equivalents acquired)
and business disposals (net of cash and cash equivalents disposed of)
(65,0) (48,4)
(Increase in investment in)/proceeds from capital reimbursements of associates and joint ventures 12., 13. (74,1) 0,3
(Purchases)/sales of financial assets 14. 13,1 (98,7)
(Payment of)/proceeds from repayment of loans granted (13,7) (9,3)
Proceeds from sale of property, plant and equipment and intangible assets 17,2 27,6
Cash flow from investing activities (607,0) (594,7)
FINANCING
ACTIVITIES
Proceeds from the issue of share capital 21. 7,3 10,3
Acquisition of non-controlling interests 0,1 (2,9)
Purchase of treasury shares (199,1) (52,8)
New/(repayment of) borrowings
(2)
440,0 157,1
Payment of lease liabilities (51,2) (38,4)
Dividends paid 21. (196,3) (183,9)
Cash flow from financing activities 0,8 (110,6)
NET INCREASE/(DECREASE) OF CASH AND CASH EQUIVALENTS (107,4) 3,0
Cash and cash equivalents at 1 April 283,3 263,3
Effect of changes in foreign currency rates 0,1 -
Effect of changes in consolidation scope - 17,0
CASH AND CASH EQUIVALENTS AT 31 MARCH 20. 176,0 283,3
(1) The category ‘Other’ includesamongst others losses/(gains)on the sale of property, plant andequipment, intangible assetsand financial non-current assets,impairments and reversals ofimpairments on inventories, tradereceivables and other receivables, aswell as capital increase reserved foremployees.
(2) Includes amongst others thewithdrawal/(repayment) of short-term financing.
Consolidated statement of cash flows

199
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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 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
Total comprehensive income for the financial year - - - - 20,8 0,3 22,6 (1,1) 287,3 329,9 0,7 330,6
Profit for the financial year - - - - - - - - 287,3 287,3 0,7 288,0
Other comprehensive income for the financial year - - - - 20,8 0,3 22,6 (1,1) - 42,6 - 42,6
Transactions with the owners (2.315.772) 7,3 2.150.566 (78,5) - - - - (319,6) (390,8) (4,9) (395,7)
Capital increase 21. 184.228 7,3 - - - - - - 1,3 8,6 - 8,6
Treasury shares purchased - - 4.650.566 (198,2) - - - - (1,1) (199,3) - (199,3)
Cancellation of treasury shares 21. (2.500.000) - (2.500.000) 119,7 - - - - (119,7) - - -
Change in ownership percentage - - - - - - - - (7,5) (7,5) (4,0) (11,5)
Dividends 21. - - - - - - - - (195,4) (195,4) (0,9) (196,3)
Other - - - - - - - - 2,8 2,8 - 2,8
AT 31 MARCH 2022 133.839.188 364,7 3.518.954 (143,8) (21,3) (1,7) (8,5) 8,6 2.264,1 2.462,1 - 2.462,1
Consolidated statement of changes in equity
.

FINANCIAL REPORT
|
Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
200
FINANCIAL REPORT
|
Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
Consolidated statement of changes in equity (continued)
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 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 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 (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 method - - - - - - - - - - 1,3 1,3
Dividends - - - - - - - - (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

201
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Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions FINANCIAL REPORT
|
Consolidated statements • Statement • Independent auditor’s report • Notes • DefinitionsFINANCIAL REPORT
|
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 the name and on behalf of the company, that to the best of
their knowledge:
• the consolidated financial statements for the financial years 2021/22 and 2020/21, prepared in accordance with ‘International Financial Reporting Standards’ (IFRS) as
adopted by the European Union up until 31 March 2022, 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

202
FINANCIAL REPORT
|
Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
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
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 to the general meeting of Etn. Fr. Colruyt NV for the year ended
31 March 2022
As required by law and the Company’s articles of association, we report to you as statutory auditor of Etn. Fr. Colruyt NV (the “Company”)
and its subsidiaries (together the “Group”). This report includes our opinion on Consolidated statement of the financial position as at
31 March 2022, 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 2022 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 6 consecutive years.
Report on the audit of the Consolidated Financial Statements
Unqualified opinion
We have audited the Consolidated Financial Statements of Etn. Fr.
Colruyt NV, that comprise of Consolidated statement of the financial
position on 31 March 2022, 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 € 5.613,60 million and of which
the consolidated income statement shows a profit for the year of
€ 288 million.
In our opinion, the Consolidated Financial Statements give a true and
fair view of the consolidated net equity and financial position as of
31 March 2022, 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”) applicable in Belgium. In addition, we have
applied the ISA's approved by the International Auditing and
Assurance Standards Board (“IAASB”) that apply at the current year-
end date and have not yet been approved at national level. Our
responsibilities under those standards are further described in the
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
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 to the general meeting of Etn. Fr. Colruyt NV for the year ended
31 March 2022
As required by law and the Company’s articles of association, we report to you as statutory auditor of Etn. Fr. Colruyt NV (the “Company”)
and its subsidiaries (together the “Group”). This report includes our opinion on Consolidated statement of the financial position as at
31 March 2022, 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 2022 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 6 consecutive years.
Report on the audit of the Consolidated Financial Statements
Unqualified opinion
We have audited the Consolidated Financial Statements of Etn. Fr.
Colruyt NV, that comprise of Consolidated statement of the financial
position on 31 March 2022, 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 € 5.613,60 million and of which
the consolidated income statement shows a profit for the year of
€ 288 million.
In our opinion, the Consolidated Financial Statements give a true and
fair view of the consolidated net equity and financial position as of
31 March 2022, 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”) applicable in Belgium. In addition, we have
applied the ISA's approved by the International Auditing and
Assurance Standards Board (“IAASB”) that apply at the current year-
end date and have not yet been approved at national level. Our
responsibilities under those standards are further described in the
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
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 to the general meeting of Etn. Fr. Colruyt NV for the year ended
31 March 2022
As required by law and the Company’s articles of association, we report to you as statutory auditor of Etn. Fr. Colruyt NV (the “Company”)
and its subsidiaries (together the “Group”). This report includes our opinion on Consolidated statement of the financial position as at
31 March 2022, 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 2022 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 6 consecutive years.
Report on the audit of the Consolidated Financial Statements
Unqualified opinion
We have audited the Consolidated Financial Statements of Etn. Fr.
Colruyt NV, that comprise of Consolidated statement of the financial
position on 31 March 2022, 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 € 5.613,60 million and of which
the consolidated income statement shows a profit for the year of
€ 288 million.
In our opinion, the Consolidated Financial Statements give a true and
fair view of the consolidated net equity and financial position as of
31 March 2022, 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”) applicable in Belgium. In addition, we have
applied the ISA's approved by the International Auditing and
Assurance Standards Board (“IAASB”) that apply at the current year-
end date and have not yet been approved at national level. Our
responsibilities under those standards are further described in the
Independent auditor’s report

203
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|
Consolidated statements • Statement • Independent auditor’s report • Notes • Definitions
Audit report dated 28 July 2022 on the Consolidated Financial Statements
of Etn. Fr. Colruyt NV as of and
for the year ended 31 March 2022 (continued)
2
“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.
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.
Compensations received from suppliers
Description of the key audit matter
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.
Summary of the procedures performed
• 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 regarding 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 regarding compensations from suppliers to be collected were
paid after the end of the financial year.
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
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 to the general meeting of Etn. Fr. Colruyt NV for the year ended
31 March 2022
As required by law and the Company’s articles of association, we report to you as statutory auditor of Etn. Fr. Colruyt NV (the “Company”)
and its subsidiaries (together the “Group”). This report includes our opinion on Consolidated statement of the financial position as at
31 March 2022, 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 2022 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 6 consecutive years.
Report on the audit of the Consolidated Financial Statements
Unqualified opinion
We have audited the Consolidated Financial Statements of Etn. Fr.
Colruyt NV, that comprise of Consolidated statement of the financial
position on 31 March 2022, 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 € 5.613,60 million and of which
the consolidated income statement shows a profit for the year of
€ 288 million.
In our opinion, the Consolidated Financial Statements give a true and
fair view of the consolidated net equity and financial position as of
31 March 2022, 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”) applicable in Belgium. In addition, we have
applied the ISA's approved by the International Auditing and
Assurance Standards Board (“IAASB”) that apply at the current year-
end date and have not yet been approved at national level. Our
responsibilities under those standards are further described in the

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Audit report dated 28 July 2022 on the Consolidated Financial Statements
of Etn. Fr. Colruyt NV as of and
for the year ended 31 March 2022 (continued)
3
• Evaluation of the presentation of the compensations from
suppliers in accordance with the valuation rules included in note 1 of
the Consolidated Financial Statements.
Impairment of goodwill and property, plant and equipment
Description of the key audit matter
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 € 2.745 million as of 31 March 2022. In addition, as a result of
various acquisitions in the past, the Group has booked goodwill. The
book value of this goodwill amounts to € 157,6 million as at
31 March 2022. 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 regarding 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.
Summary of the procedures performed
• 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.

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Audit report dated 28 July 2022 on the Consolidated Financial Statements
of Etn. Fr. Colruyt NV as of and
for the year ended 31 March 2022 (continued)
4
Valuation of transformation programs with a long-term
character
Description of the key audit matter
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 amount to € 255,6 million as of 31 March 2022. The
valuation is described in note 10 of the Consolidated Financial
Statements. Development costs are only capitalized in accordance
with IAS38 if several 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 Statements. For these reasons, the valuation of change
programs with a long-term character is a key audit matter.
Summary of the procedures performed
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.
Audit report dated 28 July 2022 on the
Consolidated Financial Statements
of
Etn. Fr. Colruyt NV as of and
for the year ended
31 March 2022 (continued)
3
• Evaluation of the presentation of the compensations from
suppliers in accordance with the valuation rules included in note 1 of
the Consolidated Financial Statements.
Impairment of goodwill and property, plant and equipment
Description of the key audit matter
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 € 2.745 million as of 31 March 2022. In addition, as a result of
various acquisitions in the past, the Group has booked goodwill. The
book value of this goodwill amounts to € 157,6 million as at
31 March 2022. 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 regarding 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.
Summary of the procedures performed
• 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.

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Audit report dated 28 July 2022 on the Consolidated Financial Statements
of Etn. Fr. Colruyt NV as of and
for the year ended 31 March 2022 (continued)
5
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 based on 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.
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 as well as the
underlying information given 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 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;

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Audit report dated 28 July 2022 on the Consolidated Financial Statements
of Etn. Fr. Colruyt NV as of and
for the year ended 31 March 2022 (continued)
6
• 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.
Audit report dated 28 July 2022 on the
Consolidated Financial Statements
of
Etn. Fr. Colruyt NV as of and
for the year ended
31 March 2022 (continued)
5
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 based on 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.
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 as well as the
underlying information given 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 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;

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Audit report dated 28 July 2022 on the Consolidated Financial Statements
of Etn. Fr. Colruyt NV as of and
for the year ended 31 March 2022 (continued)
7
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. Considering the work performed,
there are no material inconsistencies to be reported.
The non–financial information required by article 3:32, § 2, of the
Code of companies and associations has been included in the Board
of Directors’ report on the Consolidated Financial Statements. The
Company has prepared this non-financial information based 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 SDGs.
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
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.

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Audit report dated 28 July 2022 on the Consolidated Financial Statements
of Etn. Fr. Colruyt NV as of and
for the year ended 31 March 2022 (continued)
8
European single electronic format (“ESEF”)
N/A English is not an official language in Belgium.
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, 28 July 2022
EY Bedrijfsrevisoren BV
Statutory auditor
Represented by
Daniel Wuyts*
Partner
*Acting on behalf of a BV/SRL
23DW0019
Audit report dated 28 July 2022 on the
Consolidated Financial Statements
of
Etn. Fr. Colruyt NV as of and
for the year ended
31 March 2022 (continued)
7
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. Considering the work performed,
there are no material inconsistencies to be reported.
The non–financial information required by article 3:32, § 2, of the
Code of companies and associations has been included in the Board
of Directors’ report on the Consolidated Financial Statements. The
Company has prepared this non-financial information based 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 SDGs.
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
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.

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Notes to the consolidated financial statements
1. Significant accounting policies .......................................................................................211
1.1. Basis of presentation ............................................................................................................. 211
1.2. Statement of compliance ..................................................................................................... 211
1.3. Consolidation principles ....................................................................................................... 212
1.4. Other significant accounting policies ............................................................................. 215
2. Segment information ..........................................................................................................223
2.1. Operating segments ................................................................................................................ 223
2.2. Geographical information .................................................................................................... 226
3. Revenue and gross profit ........................................................................................................... 227
3.1. Revenue by cash-generating unit ..................................................................................... 227
4. Other operating income and expenses ........................................................................ 228
5. Services and miscellaneous goods ................................................................................228
6. Employee benefit expenses ..............................................................................................229
7. Net financial result ...............................................................................................................230
8. Income tax expense .............................................................................................................231
8.1. Income taxes recognised in profit or loss .....................................................................231
8.2. Tax impacts recognised in other comprehensive income .....................................231
9. Goodwill .................................................................................................................................... 232
10. Intangible assets.................................................................................................................233
11. Property, plant and equipment ....................................................................................235
12. Investments in associates ..............................................................................................237
13. Investments in joint ventures ....................................................................................... 240
14. Financial assets ................................................................................................................... 241
14.1. Non-current assets ............................................................................................................... 241
14.2. Current assets ......................................................................................................................... 242
15. Business combinations .................................................................................................... 243
16. Assets held for sale and disposal of subsidiaries ..................................................243
16.1. Assets held for sale ............................................................................................................... 243
16.2. Disposal of subsidiaries...................................................................................................... 243
17. Deferred tax assets and liabilities................................................................................244
17.1. Net carrying amount ............................................................................................................. 244
17.2. Change in net carrying amount ....................................................................................... 244
18. Inventories ............................................................................................................................245
19. Trade and other receivables ..........................................................................................245
19.1. Other non-current receivables ........................................................................................ 245
19.2. Current trade and other current receivables ............................................................. 246
20. Cash and cash equivalents .............................................................................................247
21. Equity ......................................................................................................................................248
21.1. Capital management............................................................................................................ 248
21.2. Share capital ............................................................................................................................ 248
21.3. Treasury shares ....................................................................................................................... 248
21.4. Dividends................................................................................................................................... 249
21.5. Shareholder structure 249
22. Earnings per share ............................................................................................................. 249
23. Provisions .............................................................................................................................. 250
24. Non-current liabilities related to employee benefits .........................................251
24.1. Defined contribution plans with a legally guaranteed
minimum return .................................................................................................................... 251
24.2. Benefits related to ‘Unemployment regime
with company supplement' .............................................................................................. 254
24.3. Other post-employment benefits .................................................................................. 254
25. Interest-bearing liabilities ..............................................................................................256
25.1. Terms and repayment schedule ..................................................................................... 256
25.2. Repayment schedule lease liabilities ........................................................................... 256
25.3. Repayment schedule bank borrowings and others ............................................... 256
26. Trade payables, liabilities related to employee benefits
and other liabilities ...........................................................................................................257
27. Risk management ............................................................................................................... 258
27.1. Risks related to financial instruments ......................................................................... 258
27.2. Other risks ................................................................................................................................. 261
28. Off-balance sheet rights and commitments ...........................................................262
29. Contingent liabilities and contingent assets ..........................................................264
30. Dividends paid and proposed ........................................................................................264
31. Related parties ....................................................................................................................265
31.1. Related party transactions excluding key management
personnel compensation ................................................................................................... 265
31.2. Key management personnel compensation ............................................................. 266
32. Events aer the reporting date .................................................................................... 267
33. Independent auditor’s remuneration ........................................................................ 267
34. List of consolidated entities ..........................................................................................268
34.1. Company ................................................................................................................................... 268
34.2. Subsidiaries .............................................................................................................................. 268
34.3. Joint ventures .......................................................................................................................... 271
34.4. Associates ................................................................................................................................. 271
34.5. Changes in consolidation scope ..................................................................................... 272
35. Condensed (non-consolidated) financial statements of
Etn. Fr. Colruyt NV, in accordance with Belgian accounting standards ........273

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21. Equity ......................................................................................................................................248
21.1. Capital management............................................................................................................ 248
21.2. Share capital ............................................................................................................................ 248
21.3. Treasury shares ....................................................................................................................... 248
21.4. Dividends................................................................................................................................... 249
21.5. Shareholder structure 249
22. Earnings per share ............................................................................................................. 249
23. Provisions .............................................................................................................................. 250
24. Non-current liabilities related to employee benefits .........................................251
24.1. Defined contribution plans with a legally guaranteed
minimum return .................................................................................................................... 251
24.2. Benefits related to ‘Unemployment regime
with company supplement' .............................................................................................. 254
24.3. Other post-employment benefits .................................................................................. 254
25. Interest-bearing liabilities ..............................................................................................256
25.1. Terms and repayment schedule ..................................................................................... 256
25.2. Repayment schedule lease liabilities ........................................................................... 256
25.3. Repayment schedule bank borrowings and others ............................................... 256
26. Trade payables, liabilities related to employee benefits
and other liabilities ...........................................................................................................257
27. Risk management ............................................................................................................... 258
27.1. Risks related to financial instruments ......................................................................... 258
27.2. Other risks ................................................................................................................................. 261
28. Off-balance sheet rights and commitments ...........................................................262
29. Contingent liabilities and contingent assets ..........................................................264
30. Dividends paid and proposed ........................................................................................264
31. Related parties ....................................................................................................................265
31.1. Related party transactions excluding key management
personnel compensation ................................................................................................... 265
31.2. Key management personnel compensation ............................................................. 266
32. Events aer the reporting date .................................................................................... 267
33. Independent auditor’s remuneration ........................................................................ 267
34. List of consolidated entities ..........................................................................................268
34.1. Company ................................................................................................................................... 268
34.2. Subsidiaries .............................................................................................................................. 268
34.3. Joint ventures .......................................................................................................................... 271
34.4. Associates ................................................................................................................................. 271
34.5. Changes in consolidation scope ..................................................................................... 272
35. Condensed (non-consolidated) financial statements of
Etn. Fr. Colruyt NV, in accordance with Belgian accounting standards ........273
Notes to the consolidated financial statements
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 2021/22 financial year, which
closed on 31 March 2022, 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 2021/22
financial year were authorised for issue on 10 June 2022 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 28 September 2022. 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 place. 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 include comparative figures
from the previous financial year, which are unchanged.
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 endorsed by the European Union, requires
Colruyt Group's management to make judgements, estimates
and assumptions. These affect the application of the accounting
policies and thus the reported values of assets and liabilities
and of income and expenses. This applies, among other
things, to 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 (note 24. Non-current
liabilities related to employee benefits and note 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 where
the revision affects only that period, or in the period of the
revision and future period(s) where 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 2022.
A. NEW STANDARDS AND INTERPRETATIONS
EFFECTIVE AS OF 2021/22
The following (amended) standards and improvements are
effective for Colruyt Group as of 1 April 2021, however none
of these have a significant influence on Colruyt Group’s
consolidated financial statements:
• IFRS 16 (Amendment), ‘Leases: : COVID-19-Related Rent
Concessions beyond 30 June 2021’. 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.

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• IFRS 9 (Amendment), ‘Financial Instruments: Interest Rate
Benchmark Reform - Phase 2’, IAS 39 (Amendment), ‘Financial
Instruments: Recognition and Measurement: Interest Rate
Benchmark Reform - Phase 2’, IFRS 7 (Amendment), ‘Financial
Instruments: Disclosures: Interest Rate Benchmark Reform -
Phase 2’, IFRS 4 (Amendment), ‘Insurance Contracts: Interest
Rate Benchmark Reform - Phase 2’ and IFRS 16 (Amendment),
‘Leases: Interest Rate Benchmark Reform - Phase 2’ (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 the interest rate
benchmark reform. A relief is also provided for contractual
modifications or changes to cash flows that are directly
required by the reform.
• IFRS 4 (Amendment), ‘Insurance Contracts; Deferral of IFRS 9’,
The amendment to IFRS 4 provides a temporary deferral that
allows, but does not require, the qualified insurer to apply
IAS 39, Financial Instruments: Recognition and Measurement,
instead of IFRS 9.
B. STANDARDS AND INTERPRETATIONS
PUBLISHED BUT NOT YET EFFECTIVE FOR
2021/22
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 2022.
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:
Classification of Liabilities’ (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 1 (Amendment), ‘Presentation of Financial Statements
and IFRS Practice Statement 2: Disclosure of Accounting
Policies’. (effective date for Colruyt Group 1 April 2023).
The amendments provide guidance on the application of
materiality judgements to accounting policy disclosures. The
amendments to IAS 1 replace the requirement to disclose
“significant” accounting policies with a requirement to disclose
“material” accounting policies. The Practice Statement includes
guidance and illustrative examples that assist in applying
the materiality concept when making judgements about
accounting policies.
• IAS 16 (Amendment), ‘Property, Plant and Equipment: Income
obtained for the intended use’ (effective date for Colruyt Group
1 April 2022). The amendment prohibits entities 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: Onerous Contracts’ (effective date for Colruyt
Group 1 April 2022). The amendment specifies which costs an
entity needs to include when assessing whether a contract is
onerous or loss-making. A “directly related cost approach” is
applied.
• IFRS 3 (Amendment), 'Business Combinations References to
the Conceptual Framework' (effective date for Colruyt Group
1 April 2022). The amendments replace references to an old
version of the IASB’s Conceptual Framework with references
to the current version issued in March 2018. An exception was
also added to the recognition criteria in IFRS 3 with respect
to liabilities and contingent liabilities that would be within
the scope of IAS 37 or IFRIC 21. The amendment further
added an explicit statement that an acquirer cannot recognise
contingent assets acquired in a business combination.
• IFRS 17, 'Insurance Contracts' and IFRS 17 (Amendment),
‘Insurance Contracts’ (effective date for Colruyt Group 1 April
2023). This new standard will replace the existing standard
IFRS 4, 'Insurance Contracts'. It will apply to all types of
insurance contracts, regardless of the type of entities that
issue them, as well as to certain guarantees and financial
instruments with discretionary participation features.
• IAS 8 (Amendment), 'Accounting Policies, Changes in Accounting
Estimates and Errors: Definition of Estimates' 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 information about
“material” accounting policies rather than “significant”
accounting policies.
• IAS 12 (Amendment), 'Income Taxes: Deferred tax related to
Assets and Liabilities arising from a Single Transaction' (effective
date for Colruyt Group 1 April 2023). This amendment clarifies
that where payments that settle a liability are deductible for
tax purposes, it is a matter of judgement (having considered
the applicable tax law) whether such deductions are
attributable for tax purposes to the liability recognised in the
financial statements (and interest expense) or to the related
asset component (and interest expense). This judgement is
important in determining whether any temporary differences
exist on initial recognition of the asset and liability.
• IFRS 17 (Amendment), 'Insurance Contracts: Initial Application
of IFRS 17 and IFRS 9' and IFRS 9 (Amendment), ‘Financial
instruments’ (effective date for Colruyt Group 1 April 2023). For
some insurers, temporary accounting mismatches could arise,
during the transition period, between financial assets and
insurance contract liabilities in the comparative information
they are required to present in their financial statements. This
amendment will help avoid temporary accounting mismatches
and in this way increase the usefulness of comparative
information for investors.
1.3. Consolidation principles
Colruyt Group’s consolidated financial statements include the
financial statements of the Company, its subsidiaries aer
elimination of intragroup transactions and balances and Colruyt
Group’s interest in associated entities and joint ventures.
Determining 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.

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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 result is attributed
to non-controlling interests even if this results in the non-
controlling 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:
• 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 under 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 on 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.

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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 within the measurement period 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), 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 Company at the exchange rates
prevailing at the date of the transaction.
All monetary assets and liabilities denominated in foreign cur-
rencies 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.

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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 recognised at cost less any accumulated
impairment losses. 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.
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 has 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.

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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.
Retirements
An item of property, plant and equipment and any significant
part initially recognised is derecognised on disposal (i.e. on
the date when the recipient obtains control) or when no future
economic benefits are expected from its use or disposal.
Any gain or loss arising from the derecognition of the asset
(calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in profit or
loss when the asset is derecognised.
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 reported
as part of interest-bearing liabilities, recognised at cost less
accumulated depreciation and impairment losses and adjusted
for remeasurement of lease obligations.
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.
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’).

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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. Gains
and losses are recognised in profit or loss when the asset is
derecognised, modified or impaired.
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 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
continue to be 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

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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; and
• 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.
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.

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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 Company.
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 Gazette 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 termi-
nate 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 unem-
ployment regime with company supplement before the legal
retirement age, these benefits are treated as post-
employment benefits (defined benefit plan).

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• 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 Code on Companies
and Associations, 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’.

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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.
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 as a
reclassification adjustment.
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.

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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.
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. The carrying amount of deferred tax assets is
reviewed at each balance sheet date.
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
2021/22
(1)
Wholesale and
Foodservice
2021/22
(2)
Other activities
2021/22
Operating
segments
2021/22
Revenue - external 8.164,9 1.065,0 819,4 10.049,3
Revenue - internal 68,4 17,2 13,5 99,1
Operating profit (EBIT) 351,7 51,1 14,1 416,9
Share in the result of investments accounted for using the equity method (0,7) - 4,6 3,9
Acquisition of property, plant and equipment and intangible assets
(3)
369,1 25,5 20,8 415,4
Depreciation and amortisation 274,1 20,7 12,2 307,0
Impairment of non-current assets 6,1 - 0,1 6,2
(in million EUR)
Operating
segments
2021/22
Unallocated
2021/22
Eliminations
between
operating
segments
2021/22
Consolidated
2021/22
Revenue - external 10.049,3 - - 10.049,3
Revenue – internal 99,1 - (99,1) -
Operating profit (EBIT) 416,9 (41,7) - 375,2
Share in the result of investments accounted for using the equity method 3,9 2,1 - 6,0
Net financial result 1,5
Income tax expense (94,7)
Profit for the financial year 288,0
Acquisition of property, plant and equipment and intangible assets
(3)
415,4 72,1 - 487,5
Depreciation and amortisation 307,0 51,8 - 358,8
Impairment of non-current assets 6,2 0,4 - 6,6
(1) Includes Roelandt Group as of January 2022 and JIMS as of May 2021..
(2) Includes Culinoa as of April 2021.
(3) Acquisition of property, plant and equipment and intangible assets does not include acquisitions through business combinations, IFRS 16 and changes in consolidation method.

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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 is fully consolidated and no longer accounted for as a joint venture using the equity method.
(2) Includes Joos Hybrid as of August 2020. The renewable wind energy activities of Eoly NV were contributed to the energy holding company Virya Energy NV in financial year 20/21.
(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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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 group support 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 group support activities.
Other:
The other entities can be found in the Grand Duchy of Luxembourg, Hong Kong, India and Africa. The retail and fitness activity in the Grand Duchy of Luxembourg is the most important
activity in this geographical information.
Geographical information
(in million EUR)
Belgium France Other Total
2021/22 2020/21 2021/22 2020/21 2021/22 2020/21 2021/22 2020/21
Revenue 9.266,1 9.180,1 712,0 687,8 71,2 62,8 10.049,3 9.930,7
Acquisition of property, plant and equipment and intangible assets 438,1 431,2 44,5 37,3 4,9 0,4 487,5 468,9

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3. Revenue and gross profit
(in million EUR) 2021/22 2020/21
Revenue 10.049,3 9.930,7
Cost of goods sold (7.297,6) (7.138,8)
Gross profit 2.751,7 2.791,9
As a % of revenue 27,4% 28,1%
3.1. Revenue by cash-generating unit
(in million EUR) 2021/22 2020/21
Retail Food
(1)
7.699,1 7.960,3
Colruyt Belgium and Luxembourg
(2)(3)
6.069,1 6.258,4
OKay, Bio-Planet and Cru
(4)
1.038,4 1.135,9
Colruyt France and DATS 24 France 591,6 566,0
Retail Non-food
(1)(5)
465,8 348,1
Transactions with other operating segments 68,4 65,2
Retail 8.233,3 8.373,6
Wholesale 911,0 965,6
Foodservice
(6)
154,0 109,5
Transactions with other operating segments 17,2 13,0
Wholesale and foodservice 1.082,2 1.088,1
DATS 24 Belgium 798,2 531,7
Printing and document management solutions
(7)
21,2 15,5
Transactions with other operating segments 13,5 9,3
Other activities 832,9 556,5
Total operating segments 10.148,4 10.018,2
Eliminations between operating segments (99,1) (87,5)
Consolidated 10.049,3 9.930,7
(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 (only in financial year 2020/21), Dreamland and Dreambaby realised by Colruyt stores.
(3) Including the revenue from Roelandt Group (as from January 2022).
(4) Including the revenue from the webshops Collishop (only in financial year 2020/21) Dreamland and Dreambaby realised by OKay and Bio-Planet stores.
(5) Including the store revenue from Dreamland and Dreambaby and the revenue from Bike Republic, The Fashion Society (as from August 2020) and JIMS (as from May 2021).
(6) Including the revenue from Culinoa (as from April 2021).
(7) Including the revenue from Joos Hybrid (as from August 2020).

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4. Other operating income and expenses
(in million EUR) 2021/22 2020/21
Rental and rental-related income 13,2 11,8
Gains on disposal of non-current assets 6,9 10,6
Gains on changes in the consolidation scope - 30,7
Remuneration received 147,4 108,3
Other 28,5 24,1
Total other operating income 196,0 185,5
In the previous 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. The increase is mainly due
to increased energy and waste prices (cardboard).
(in million EUR) 2021/22 2020/21
Operating taxes 13,7 12,8
Property withholding tax 15,0 14,7
Losses on disposal of non-current assets 2,4 1,1
Other 4,6 2,8
Total other operating expenses 35,7 31,4
5. Services and miscellaneous goods
(in million EUR) 2021/22 2020/21
Rental and rental-related charges 25,3 24,4
Maintenance and repairs 82,6 86,5
Utilities 146,6 90,7
Logistic expenses 138,9 131,9
Fees, IT and IT-related expenses 196,8 191,7
Administration, marketing and other expenses 102,9 106,4
Impairment of current assets (0,2) 1,7
Total services and miscellaneous goods 692,9 633,3
The increase in utilities is due to increased energy prices.

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6. Employee benefit expenses
(in million EUR) 2021/22 2020/21
Wages and salaries
(1)
1.167,5 1.117,1
Social security contributions 251,6 238,9
Consultants and interim personnel 106,1 103,9
Profit-sharing schemes for employees
(2)
27,6 35,6
Contributions to defined contribution plans with a legally guaranteed minimum return 17,9 16,9
Other post-employment benefits 1,6 1,5
Discount on capital increase reserved for personnel 1,3 1,8
Other personnel costs 43,7 48,7
Compensatory amounts (138,8) (102,1)
Total employee benefit expenses 1.478,5 1.462,3
Number of employees (FTE) at reporting date 31.210 31.189
(1) Of which the Belgian salary pool for the financial year 2021/22 amounts to EUR 1.082,0 million (EUR 1.034,2 million for the financial year 2020/21).
(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 Code on Companies and Associations. During the most recent capital increase 1.606 employees subscribed to 184.228 shares,
corresponding to a capital contribution of EUR 7,3 million. The discount granted on this transaction was EUR 1,3 million and is accounted for as an employee benefit.
2021/22 2020/21
Number of shares subscribed 184.228 222.372
Discount per share (in EUR) 6,8 7,9
Total discount granted (in million EUR) 1,3 1,8
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) 2021/22 2020/21
Interest income on unimpaired customer loans and other loans 1,7 1,6
Dividends received 4,7 1,0
Interest income on short-term bank deposits 0,2 -
Interest income on fixed-income securities and compound instruments at fair value through profit or loss 1,7 1,4
Fair value adjustments to financial assets and liabilities at fair value through profit or loss 1,6 3,1
Gains on disposal of financial assets 0,8 0,4
Adjustments for the time value of assets 0,2 0,2
Exchange gains 0,3 0,5
Other 0,1 0,3
Finance income 11,3 8,5
Interest expense on current and non-current loans 1,4 1,1
Fair value adjustments to financial assets and liabilities at fair value through profit or loss 2,4 0,6
Losses on disposal of financial assets 0,7 0,6
Adjustment for the time value of liabilities 4,8 4,7
Exchange losses 0,3 0,5
Other 0,2 0,1
Finance costs 9,8 7,6
Net financial result 1,5 0,9

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8. Income tax expense
8.1. Income taxes recognised in profit or loss
(in million EUR) 2021/22 2020/21
A) Effective tax rate
Profit before tax (excluding share in the result of investments accounted for using the equity method) 376,7 524,4
Income tax expense 94,7 104,9
Effective tax rate
(1)
25,15% 20,01%
B) Reconciliation between the effective tax rate and the applicable tax rate
(2)
24,68% 24,70%
Profit before tax (excluding share in the result of investments accounted for using the equity method) 376,7 524,4
Income tax expense (based on applicable tax rate) 93,0 129,5
Non-taxable income/non tax-deductible expenses 6,2 4,1
Permanent differences 0,6 1,9
Impact of tax deductions (3,1) (24,2)
Other (2,0) (6,4)
Income tax expense 94,7 104,9
Effective tax rate 25,15% 20,01%
C) Income tax expense recognised in profit or loss
Current year taxes 83,4 80,6
Deferred taxes 11,6 24,5
Adjustments relating to prior years (0,3) (0,2)
Total income tax expense 94,7 104,9
(1) The evolution of the effective tax rate reflects in part one-off effects, such as the exempted gain on the contribution of Eoly Energy NV to Virya Energy NV in the previous financial year.
(2) 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: 26,50%, Grand Duchy of Luxembourg: 24,94%, India: 25,17%, Hong Kong: 16,50%, Senegal:
30,00%, Democratic Republic of the Congo: 30,00%).
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) 2021/22 2020/21
Tax impact on revaluation of liabilities related to long-term post-employment benefits (6,0) 1,9
Tax impact on cash flow hedge reserves (2,3) (0,8)
Total tax impacts recognised in other comprehensive income (8,3) 1,1

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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.
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’. For the present reporting period, the following components were used in this model: a 'Risk-Free
Interest Rate' of 0% to 1% (previous reporting period: 0% to 1%), a 'Market Risk Premium' of 6,5% to 7% (previous reporting period: 6% to 7%) and an unlevered Beta of 0,4 (previous
reporting period: 0,4). In addition, the following 2 components were added to provide a realistic representation of the return to be provided to capital providers: a quantitative easing
premium of 1,0% to 1,5% and a size premium of 1,3%. For Colruyt Group this resulted in a weighted average cost of capital (WACC) for its two main operating segments of between 5,0%
and 6,3% (between 2,5% and 4,0% 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 business segment 'Retail': 1% on average (previous reporting period: 1% on average);
• operating business segment 'Wholesale and Foodservice': 3,5% on average (previous reporting period: 4% on average).
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 55% and 85%
of the calculated value in use. The impairment tests were performed in February 2022.
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) 31.03.2022 31.03.2021
Retail Food 57,8 53,7
Retail Non-food 77,4 52,2
Retail 135,2 105,9
Foodservice 13,6 10,2
Wholesale and foodservice 13,6 10,2
Printing and document management solutions 8,8 8,8
Other activities 8,8 8,8
Consolidated 157,6 124,9

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The changes in ‘Goodwill’ can be explained as follows:
(in million EUR)
Gross carrying
amount
2021/22
Accumulated
amortisation
and impairment
2021/22
Net carrying
amount
2021/22
Gross carrying
amount
2020/21
Accumulated
amortisation
and impairment
2020/21
Net carrying
amount
2020/21
At 1 April 149,1 (24,2) 124,9 84,5 (23,8) 60,7
Acquisitions 24,6 - 24,6 64,6 - 64,6
Other
(1)
8,2 (0,1) 8,1 - (0,4) (0,4)
At 31 March 181,9 (24,3) 157,6 149,1 (24,2) 124,9
(1) Goodwill adjustment to reflect changes in estimates within the measurement period.
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 2021 21,7 277,0 5,9 149,5 454,1
Acquisitions through business combinations - 0,6 - - 0,6
Acquisitions 2,1 10,5 3,0 72,6 88,2
Sales and disposals (2,9) (11,9) - - (14,8)
Reclassification - 13,8 - (13,8) -
At 31 March 2022 20,9 290,0 8,9 208,3 528,1
Amortisation
At 1 April 2021 (10,7) (147,3) - (0,1) (158,1)
Amortisation (3,0) (29,8) - - (32,8)
Sales and disposals 0,1 10,9 - - 11,0
At 31 March 2022 (13,6) (166,2) - (0,1) (179,9)
Impairment
At 1 April 2021 - (10,9) (4,4) (3,6) (18,9)
Impairment (2,9) - - - (2,9)
Sales and disposals 2,9 0,1 - - 3,0
Reclassification - (1,4) - 1,4 -
At 31 March 2022 - (12,2) (4,4) (2,2) (18,8)
Net carrying amount at 31 March 2022 7,3 111,6 4,5 206,0 329,4

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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 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 1 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
The concessions, soware, licences and similar rights which amount to EUR 111,6 million (EUR 118,8 million for the previous reporting period) mainly consist of soware that were
predominantly generated internally and permits. The internally generated soware which is still under development (mainly transformation programs) at the end of the current
financial year amounts to EUR 193,5 million (compared to EUR 133,3 million for the previous financial year). During the current financial year the group acquired intangible assets for
an amount of EUR 88,2 million (compared to EUR 91,0 million during the previous financial year), of which EUR 75,9 million were developed internally (compared to EUR 77,5 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 2021 2.957,3 847,2 548,2 284,7 202,9 83,1 4.923,4
Revaluation
(1)
- - - 45,8 - - 45,8
Acquisitions through business combinations 17,3 4,3 1,1 27,8 6,6 0,2 57,3
Acquisitions 185,9 60,4 58,7 3,9 21,9 68,6 399,4
Sales and disposals (48,3) (52,8) (54,9) (0,2) (13,8) (0,5) (170,5)
Reclassification 27,5 20,8 3,1 (0,5) 5,8 (56,7) -
Currency translation adjustments 0,1 0,1 0,1 - - - 0,3
At 31 March 2022 3.139,8 880,0 556,3 361,5 223,4 94,7 5.255,7
Depreciation
At 1 April 2021 (1.279,0) (530,0) (377,4) (59,1) (94,3) - (2.399,8)
Revaluation
(1)
- - - 7,0 - - 7,0
Depreciation (129,2) (63,1) (71,0) (45,5) (17,3) - (326,1)
Sales and disposals 39,9 50,8 53,0 0,3 12,0 - 156,0
Reclassification (0,8) 0,9 (0,5) 0,3 0,1 - -
At 31 March 2022 (1.369,1) (541,4) (395,9) (97,0) (99,5) - (2.502,9)
Impairment
At 1 April 2021 (5,3) (1,4) - - (0,3) - (7,0)
Impairment (2,0) (0,3) (0,3) - (0,9) - (3,5)
Sales and disposals 1,3 0,3 0,3 - 0,9 (0,1) 2,7
Reclassification (0,1) - - - - 0,1 -
At 31 March 2022 (6,1) (1,4) - - (0,3) - (7,8)
Net carrying amount at 31 March 2022 1.764,6 337,2 160,4 264,5 123,6 94,7 2.745,0
(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 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), and changes to the lease portfolio (extension/termination/new leases).
Collateral has been provided for contracted liabilities, mainly at The Fashion Society (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 264,5 million (compared to EUR 225,6 million for the previous reporting
period) and consists of leases in respect of buildings (EUR 257,5 million), land (EUR 1,5 million) and machinery and vehicles (EUR 5,5 million).

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On property, plant and equipment an impairment loss of EUR 3,5 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. These grants amount (net) to:
(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 2021 (6,7) (5,0) (0,2) - - (0,3) (12,2)
At 31 March 2022 (5,9) (5,0) (0,2) - - (0,3) (11,4)
The grants recognised in profit or loss amount to EUR 1,8 million (EUR 1,5 million in the previous financial reporting period).
The grants consist mainly of the grant awarded for the construction of the logistics site in Ath/Lessines.
12. Investments in associates
(in million EUR) 2021/22 2020/21
Carrying amount at 1 April 313,4 262,3
Acquisitions/capital increases 115,2 56,7
Capital decreases (0,7) (0,3)
Share in the result for the financial year 5,8 8,9
Share in other comprehensive income 16,4 (11,4)
Dividend (0,2) (0,2)
Other 2,4 (2,6)
Carrying amount at 31 March 452,3 313,4
The investments in associates for the financial year 2021/22 relate to the non-quoted entities AgeCore SA (25,00%), First Retail International 2 NV (4,73%), Vendis Capital NV (10,87%),
Smartmat NV (41,36%), Scallog SAS (23,73%), The Seaweed Company BV (21,30%), Newpharma Group NV (60,99%), and Virya Energy NV (59,78%). 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 contribution in kind of Korys Renewable Energy BV by Korys Investments NV to Virya Energy NV had the effect of reducing Colruyt Group's stake in Virya Energy NV from 60,87% to
59,78%.
On 28 June 2021, following the earlier withdrawal of two partners from the retail alliance, Colruyt Group increased its stake in AgeCore SA from 16,67% to 25,00% .

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By acquiring the shares held by minority shareholders, Colruyt Group increased its stake in Newpharma Group NV from 26,00% to 60,99% on 8 July 2021.
During the financial year, interests were acquired in the company Smartmat NV (February 2022).
On 14 March 2022, Colruyt Group increased its stake in The Seaweed Company BV from 1,40% to 21,30%, following which this company is no longer included in non-current financial
assets, but is also accounted for using the equity method.
For transactions decided by the Board of Directors aer year-end relating to Virya Energy NV and Newpharma Group NV, we refer to note 32. Events aer the reporting date.
The investments in Scallog SAS, Smartmat NV, The Seaweed Company BV and Newpharma Group NV are presented under the operating segment ‘Retail’, the investment in Virya Energy
NV under the operating segment ‘Other activities’ and the investments in AgeCore SA, First Retail International 2 NV and Vendis Capital NV under the segment ‘Unallocated’.
The consolidated figures of the material associates are as follows:
2021 (in million EUR) Virya Energy NV
(2)
Newpharma Group NV
(2)(3)
Smartmat NV
(2)
Non-current assets 2.102,4 89,1 3,0
Current assets 251,0 17,4 7,9
Non-current liabilities 1.068,9 17,0 2,3
Current liabilities 399,5 24,4 6,8
Net assets 885,0 65,1 1,8
of which non-controlling interests 72,7 - -
of which equity attributable to owners of the parent company 812,3 65,1 1,8
Share of Colruyt Group in net assets 485,6 39,7 0,7
Adjustment for Colruyt Group
(1)
(187,4) 57,9 26,5
Revenue 179,3 156,5 -
Profit from continuing operations 12,0 (1,1) -
Other comprehensive income 34,2 - -
Total comprehensive income 46,2 (1,1) -
of which non-controlling interests 8,1 - -
of which equity attributable to owners of the parent company 38,1 (1,1) -
Share of Colruyt Group in total comprehensive income 22,8 (1,1) -
Adjustment for Colruyt Group
(1)
(1,8) - -
(1) The adjustments for Colruyt Group at Virya Energy NV are explained mainly by the fact that Colruyt Group recognises the Parkwind- and Eurowatt-entities in Virya Energy NV at historical value.
In addition, effects in the consolidated figures of Virya Energy NV of a change in consolidation method for the underlying entities are offset by Colruyt Group, where this change does not apply. The adjustment for Colruyt Group at Newpharma Group NV and at
Smartmat NV relates to goodwill.
(2) Virya Energy NV, Newpharma Group NV and Smartmat NV are in turn sub-consolidations. Late statutory adjustments not recognised by Colruyt Group are not material and will be processed in the next financial year.
(3) The figures of Newpharma Group NV in the tables have been adjusted to IFRS.

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2020 (in miljoen EUR) Virya Energy NV
(2)
Newpharma Group NV
(2)(3)
Non-current assets 1.804,2 85,0
Current assets 234,8 22,3
Non-current liabilities 1.084,4 16,5
Current liabilities 140,6 24,6
Net assets 814,0 66,2
of which non-controlling interests 61,5 -
of which equity attributable to owners of the parent company 752,5 66,2
Share of Colruyt Group in net assets 458,0 17,2
Adjustment for Colruyt Group
(1)
(183,2) (1,4)
Revenue 78,7 145,5
Profit from continuing operations (15,7) (5,2)
Other comprehensive income (5,6) -
Total comprehensive income (21,3) (5,2)
of which non-controlling interests (2,3) -
of which equity attributable to owners of the parent company (19,0) (5,2)
Share of Colruyt Group in total comprehensive income (11,6) (1,4)
Adjustment for Colruyt Group
(1)
8,7 -
(1) The adjustments for Colruyt Group at Virya Energy NV are explained mainly by the fact that Colruyt Group recognises the Parkwind- and Eurowatt-entities in Virya Energy NV at historical value.
In addition, effects in the consolidated figures of Virya Energy NV of a change in consolidation method for the underlying entities are offset by Colruyt Group, where this change does not apply. The adjustment for Colruyt Group at Newpharma Group NV
relates to goodwill.
(2) Virya Energy NV Group and Newpharma Group NV are in turn sub-consolidations.
(3) The figures of Newpharma Group NV in the tables have been adjusted to IFRS.

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13. Investments in joint ventures
(in million EUR) 2021/22 2020/21
Carrying amount at 1 April 6,9 36,1
Acquisitions/capital increases 5,0 6,7
Disposals - (23,5)
Share in the result for the financial year 0,1 (12,4)
Carrying amount at 31 March 12,0 6,9
The investments in joint ventures for the financial year 2021/22 consist of the non-quoted entities Achilles Design BV (24,70%), Kriket BV (43,82%), Daltix NV and Daltix Unipessoal LDA
(77,55%), We Connect Data BV (16,03%), Ticom NV (90,00%), Hyve BV (16,67%), Digiteal SA (26,84%), Some BV (24,97%) and De Leiding BV (46,23%). 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 Hyve BV (April 2021), Digiteal SA and De Leiding BV (July 2021) and Some BV (November 2021).
With the exercise of a put option by two shareholders and the buying out of a third shareholder, Colruyt Group's investment in Daltix NV and Daltix Unipessoal LDA was increased to
77,55% in the current financial year.
On 29 December 2021, Colruyt Group made an additional cash contribution to Kriket BV, increasing the investment from 24,81% to 43,82%.
The investments in Kriket BV, Daltix NV and Daltix Unipessoal LDA, Ticom NV, Digiteal SA, and De Leiding BV are presented in the operating segment 'Retail', the investments in Hyve BV
and Some BV in the operating segment 'Other activities' and the investments in Achilles Design BV and We Connect Data BV in the segment 'Unallocated'.
These companies have their main activities in Belgium.
Since 1 August 2020, the investment in The Fashion Society NV has been fully consolidated as a subsidiary, whereas for the first 4 months of the financial year 2020/21, it was
accounted for as a joint venture using the equity method. In the course of the financial year 2021/22, another call option was exercised on the remaining shares held by third parties,
thus bringing Colruyt Group’s stake to 100%. The balance sheet of The Fashion Society NV is therefore no longer included in the notes to the material joint ventures. The result of The
Fashion Society NV is still included for the period from 1 April to 31 July 2020.
There are no material joint ventures in the current 2021/22 financial year.
The consolidated figures of the material joint ventures in the financial year 2020/21 are as follows:
The Fashion Society NV (in million EUR) 2020/21
(1)
Revenue 43,1
Depreciation, amortisation and impairment of non-current assets (15,5)
Finance costs (0,7)
Income tax expense 1,5
Profit from continuing operations (17,0)
Total comprehensive income (17,0)
of which equity attributable to owners of the parent company (17,0)
Share of Colruyt Group in total comprehensive income (11,6)
(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.

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14. Financial assets
14.1. Non-current assets
(in million EUR) 31.03.2022 31.03.2021
Financial assets at fair value through other comprehensive income 14,7 16,5
Financial assets at fair value through profit or loss - 95,1
Total 14,7 111,6
The non-current financial assets evolved as follows during the financial year:
(in million EUR) 2021/22 2020/21
At 1 April 111,6 14,5
Acquisitions 0,9 97,9
Capital increases 0,9 0,3
Capital decreases (2,3) (3,5)
Fair value adjustments through other comprehensive income (1,1) 2,8
Reclassification (95,0) -
Other (0,3) (0,4)
At 31 March 14,7 111,6
The financial assets at fair value through other comprehensive income consist mainly of the investment in the holding company Sofindev IV NV (9,42%), the investment in North Sea
Wind CV (7,19%) 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.
During the current reporting period, the non-current financial assets decreased by a net EUR 96,9 million. This is mainly explained by the reclassification of the convertible bonds of
Virya Energy NV (EUR 95,0 million) from non-current to current assets, the capital decreases for Sofindev IV NV (EUR -2,3 million) and the fair value adjustment for Sofindev IV NV
(EUR -1,1 million).
During the previous reporting period, the non-current financial assets increased by a net EUR 97,1 million. This is mainly explained by 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 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.

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14.2. Current assets
(in million EUR) 31.03.2022 31.03.2021
Equity instruments at fair value through profit or loss 9,3 10,9
Fixed-income securities at fair value through profit or loss 15,9 16,1
Compound instruments at fair value through profit or loss 95,0 -
Financial assets at amortised cost 7,8 6,1
Derivative financial instruments – cash flow hedging instruments 0,3 3,3
Total 128,3 36,4
The current financial assets evolved as follows during the financial year:
(in million EUR) 2021/22 2020/21
At 1 April 36,4 27,8
Acquisitions 6,4 7,1
Sales and disposals (17,8) (4,2)
Fair value adjustments through profit or loss (0,9) 2,7
Fair value adjustments through other comprehensive income 9,0 3,1
Currency translation adjustments 0,2 (0,1)
Reclassification 95,0 -
At 31 March 128,3 36,4
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 25,2 million for the current period). The equity instruments and fixed-income securities are measured at their closing rates on 31 March 2022. 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 4 and 30
years, with an average maturity of 10 years.
The compound instruments measured at fair value through profit and loss relate to the convertible bonds (EUR 95,0 million) issued by the associate Virya Energy NV. This compound
instrument matures 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 2022. The market conformity of the parameters of this
financial instrument was determined by an independent external party. For the decision regarding the conversion of this instrument by Colruyt Group, we refer to note 32. Events aer
the reporting date.
The financial assets at amortised cost relate to a term deposit held by Colruyt IT Consultancy India Private Limited. The derivative financial instruments are related to the fair value of
the outstanding currency hedges for cash flow hedging purposes.
The cash flow hedging instruments are measured at their fair value at 31 March 2022. 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 at 31 March 2022 resulted in a net loss of EUR 0,9 million for the current financial year (compared to a net gain of EUR 2,7 million
for the financial year 2020/21).

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During the current reporting period the current financial assets increased by a net EUR 91,9 million. This is mainly explained by the reclassification of the convertible bonds of Virya
Energy NV (EUR 95,0 million) from non-current to current assets and the sale of the inflation swap covering future inflation-related pay increases (EUR -3,3 million).
15. Business combinations
There were no material business combinations in financial year 2021/22.
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 2021/22 or financial year 2020/21.
16.2. Disposal of subsidiaries
No material disposals of subsidiaries occurred either during financial year 2021/22 or financial year 2020/21.

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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
31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021
Intangible assets 7,5 7,1 - (0,2) 7,5 6,9
Property, plant and equipment 2,1 0,6 (134,9) (126,9) (132,8) (126,3)
Inventories 0,1 0,1 (3,2) (1,1) (3,1) (1,0)
Receivables 1,9 1,2 (6,6) (7,3) (4,7) (6,1)
Liabilities related to employee benefits 18,6 28,0 - - 18,6 28,0
Other provisions 1,4 2,7 (11,6) (10,9) (10,2) (8,2)
Other liabilities 64,3 59,5 (25,2) (3,8) 39,1 55,7
Tax loss carry-forwards, deductible items and reclaimable tax paid 74,0 72,4 - - 74,0 72,4
Gross deferred tax assets/(liabilities) 169,9 171,6 (181,5) (150,2) (11,6) 21,4
Unrecognised tax assets/liabilities (75,6) (95,8) 13,0 20,7 (62,6) (75,1)
Offsetting tax assets/liabilities (76,9) (63,5) 76,9 63,5 - -
Net deferred tax assets/(liabilities) 17,4 12,3 (91,6) (66,0) (74,2) (53,7)
17.2. Change in net carrying amount
(in million EUR)
Assets Liabilities Balance
2021/22 2020/21 2021/22 2020/21 2021/22 2020/21
Net carrying amount at 1 April 12,3 20,1 (66,0) (54,4) (53,7) (34,3)
Changes recognised in profit or loss 5,1 (13,8) (16,7) (10,7) (11,6) (24,5)
Changes recognised in other comprehensive income - 2,0 (8,3) (0,9) (8,3) 1,1
Acquisitions through business combinations - - (0,5) - (0,5) -
Changes in consolidation scope - 4,0 (0,1) - (0,1) 4,0
Net carrying amount at 31 March 17,4 12,3 (91,6) (66,0) (74,2) (53,7)
On 31 March 2022 Colruyt Group had unrecognised deferred tax assets and liabilities in an amount of EUR 62,6 million (EUR 75,1 million on 31 March 2021). This amount relates to
temporary differences, as well as tax losses and unused tax assets carried forward totalling EUR 244,8 million (EUR 289,4 million for the 2020/21 financial year).
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 inventory valuation has been updated and has a one-off effect of EUR +26,1 million. The accumulated impairment on inventories of
trade goods amounted to EUR 47,4 million in the current financial year compared to EUR 58,2 million in the previous financial year.
The amount of inventories recognised as an expense in the 2021/22 income statement amounts to EUR 7.297,6 million and was reported under ‘Cost of goods sold’. Last year this
expense was EUR 7.138,8 million.
19. Trade and other receivables
19.1. Other non-current receivables
(in million EUR) 31.03.2022 31.03.2021
Loans to customers 4,7 4,6
Loans to associates 12,7 9,3
Loans to joint ventures 1,9 0,7
Guarantees granted 7,4 7,5
Lease receivables 17,1 15,0
Other receivables 2,2 5,3
Total other non-current receivables 46,0 42,4
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 15 years.
The ‘guarantees granted’ have been provided in respect of purchase obligations.
The lease receivables (EUR 17,1 million) relate to subleases in respect of buildings.

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19.2. Current trade and other current receivables
(in million EUR) 31.03.2022 31.03.2021
Trade receivables 602,5 542,9
Total trade receivables 602,5 542,9
VAT 12,7 7,8
Prepaid expenses 36,9 37,9
Loans granted to customers that expire within 1 year 1,2 1,2
Interest 3,4 4,6
Lease receivables 4,3 3,6
Other receivables 22,9 23,1
Total other current receivables 81,4 78,2
Trade receivables
Trade receivables are presented net of impairments. The impairments amount to EUR 15,6 million at 31 March 2022 (compared to EUR 17,6 million at 31 March 2021).
Other receivables
Other receivables are presented net of impairments. The impairments amount to EUR 0,8 million at 31 March 2022 (compared to EUR 0,7 million at 31 March 2021).
'Other receivables’ consist mainly of claims for damages.
The ageing of trade receivables is as follows:
(in million EUR)
31.03.2022 31.03.2021
Gross Impairment Gross Impairment
Not past due 566,7 - 511,7 (0,2)
Past due between 1 and 6 months 30,7 (0,7) 21,9 (4,0)
Past due for more than 6 months 20,7 (14,9) 26,9 (13,4)
Total 618,1 (15,6) 560,5 (17,6)

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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
2021/22 2020/21 2021/22 2020/21
At 1 April (17,6) (18,6) (0,7) (0,8)
Addition (18,3) (21,5) (0,1) -
Reversal 18,7 19,7 - 0,1
Use 1,6 2,8 - -
At 31 March (15,6) (17,6) (0,8) (0,7)
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) 31.03.2022 31.03.2021
Term deposits with an original maturity of three months or less 10,1 50,1
Other cash and cash equivalents 166,1 234,4
Cash and cash equivalents 176,2 284,5
Bank overdras 0,2 1,2
Total liabilities 0,2 1,2
Net cash and cash equivalents 176,0 283,3
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 aims to allow the dividend per share to evolve in proportion to the group profit on an annual basis. The pay-out ratio for this financial year is 50,8%
(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 7 October 2021, the capital was increased by 184.228 shares on 15 December 2021; the related
capital increase amounted to EUR 7,3 million.
The Company’s share capital on 31 March 2022 amounted to EUR 364,7 million divided into 133.839.188 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 357,0 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 Annual
General Meeting of Shareholders, deliberating according to the guidelines that apply for changes in bylaws. The current authorisation will end in October 2024.
21.3. Treasury shares
Treasury shares are recognised at the cost of the treasury shares purchased. On 31 March 2022 Colruyt Group held 3.518.954 treasury shares, representing 2,63% of the shares issued
at reporting date. During the financial year, 4.650.566 treasury shares were repurchased for an amount of EUR 198,2 million. We refer to the Corporate Governance section for more
details on the purchase of treasury shares.
By notarial deed of 7 October 2021 the Board of Directors of Etn. Fr. Colruyt NV cancelled 2.500.000 of the purchased treasury shares.

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21.4. Dividends
On 10 June 2022 a gross dividend of EUR 141,9 million or EUR 1,10 per share was proposed by the Board of Directors. In the previous financial year the gross dividend amounted
to EUR 195,4 million or EUR 1,47 per share. The gross dividend takes into account the number of treasury shares held on 10 June 2022. The dividend was not incorporated in the
consolidated financial statements for the financial year 2021/22.
21.5. Shareholder structure
Based on the most recent transparency notifications of 1 October 2021 and 3 January 2022 and taking into account the companies’ treasury shares at 31 March 2022, the shareholder
structure of Etn. Fr. Colruyt NV is as follows:
Shares
Colruyt family and relatives 80.134.689
Etn. Fr. Colruyt NV (treasury shares)
(1)
3.518.954
Total of parties acting in concert 83.653.643
(1) Situation at 31 March 2022.
The remainder of the total shares issued (133.839.188 shares at 31 March 2022), being 50.185.545 shares or 37,50%, are publicly held. We refer to the Corporate Governance section for
more details.
22. Earnings per share
2021/22 2020/21
Total operating activity
Profit for the financial year (group share) (in million EUR) 287,3 415,3
Weighted average number of outstanding shares 132.677.085 135.503.424
Earnings per share – basic and diluted (in EUR) 2,16 3,06
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
2021/22 2020/21
Number of outstanding shares at 1 April 134.786.572 135.632.720
Effect of capital increase 53.733 64.241
Effect of shares purchased (2.163.220) (193.537)
Weighted average number of outstanding shares at 31 March 132.677.085 135.503.424

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23. Provisions
(in million EUR) Environmental risks Other risks Total
Non-current provisions 2,5 12,9 15,4
Current provisions - 0,8 0,8
At 31 March 2022 2,5 13,7 16,2
At 1 April 2021 3,1 23,9 27,0
Addition 1,1 4,4 5,5
Use (1,2) (4,8) (6,0)
Reversal (0,5) (9,8) (10,3)
At 31 March 2022 2,5 13,7 16,2
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
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) 31.03.2022 31.03.2021
Defined contribution plans with a legally guaranteed minimum return 90,6 115,7
Benefits related to the ‘Unemployment regime with company supplement’ 8,8 9,2
Other post-employment benefits 7,8 9,5
Total 107,2 134,4
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 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 have been 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) 31.03.2022 31.03.2021
Present value of the gross obligation under the defined contribution plans with a legally guaranteed minimum return 283,2 294,4
Fair value of plan assets 192,6 178,7
Deficit/(surplus) of funded plans 90,6 115,7
Total liability for employee benefits, of which:
Portion recognised as non-current liabilities 90,6 115,7
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) 2021/22 2020/21
At 1 April 294,4 264,3
Current service cost 17,9 16,9
Interest expense 2,8 4,6
Experience adjustments 2,5 (2,7)
Change of financial assumptions (28,4) 26,6
Change of demographic assumptions - (10,2)
Benefit payments from plan assets (7,2) (6,2)
Participant contributions 3,9 3,7
Expenses and taxes paid (2,7) (2,6)
At 31 March 283,2 294,4
The plan assets (EUR 192,6 million) consist entirely of investments in insurance contracts.
The evolution of the fair value of the plan assets is as follows:
(in million EUR) 2021/22 2020/21
At 1 April 178,7 164,7
Employer contributions 19,6 18,1
Interest income 1,8 3,2
Return on plan assets (1,6) (2,2)
Benefit payments from plan assets (7,2) (6,2)
Participant contributions 3,9 3,7
Expenses and taxes paid (2,6) (2,6)
At 31 March 192,6 178,7

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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) 31.03.2022 31.03.2021
Total service cost
(1)
17,9 16,9
Net interest cost
(2)
1,0 1,4
Components recorded in the income statement 18,9 18,3
Experience adjustments 2,5 (2,7)
Change of financial assumptions (28,4) 26,6
Change of demographic assumptions - (10,2)
Return on plan assets 1,6 2,2
Components recorded in other comprehensive income (24,3) 15,9
(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: 1,85% vs 0,95% in previous financial year;
• price inflation: 1,80% (same as for previous financial year);
• salary inflation: 2,30% (same as 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) 2021/22 2020/21
At 1 April 9,2 10,6
Addition
(1)
0,5 0,5
Use (0,8) (1,0)
Net interest expense
(2)
0,1 0,1
Experience adjustments
(3)
0,7 (0,7)
Change of financial assumptions
(3)
(0,9) 0,7
Change of demographic assumptions
(3)
- (1,0)
At 31 March 8,8 9,2
(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: 1,80% vs 1,20% in previous financial year;
• salary inflation: 2,30% (same as previous financial year).
The weighted average duration of the liability for benefits under the ‘Unemployment regime with company supplement’ is 15,39 years, as compared to 15,78 years in the previous year.
24.3. Other post-employment benefits
(in million EUR) 2021/22 2020/21
At 1 April 9,5 8,8
Addition
(1)
1,0 1,0
Use (0,6) (0,5)
Net interest expense
(2)
0,2 0,2
Experience adjustments
(3)
(0,3) (0,4)
Change of financial assumptions
(3)
(0,6) 0,8
Change of demographic assumptions
(3)
(1,4) (0,4)
At 31 March 7,8 9,5
(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: 1,80% vs 1,10% in 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: 1,90% vs 1,15% in previous financial year;
• salary inflation: 2,00% vs 1,75% in previous financial year
Indian entities:
• discount rate: 6,90% vs 6,80% in previous financial year;
• salary inflation: 10,00% (same as 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)
31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021
Base scenario 90,6 115,7 8,8 9,2 3,9 4,1 3,9 5,4
Discount rate + 0,5% 72,3 94,8 8,2 8,6 3,7 3,8 3,5 5,0
Discount rate - 0,5% 111,3 139,0 9,5 9,9 4,2 4,4 4,1 5,9
Salary inflation + 0,5% 98,9 124,3 9,6 9,9 4,2 4,1 4,1 5,9
Salary inflation - 0,5% 83,0 107,7 7,9 8,2 3,7 4,1 3,5 5,1
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 50,9 151,1 82,0 284,0
Bank borrowings 298,3 378,8 1,0 678,1
Other 0,6 6,0 - 6,6
Total at 31 March 2022 349,8 535,9 83,0 968,7
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
The interest-bearing liabilities consist mainly of lease liabilities and bank borrowings. The increase compared to the previous reporting period is due to withdrawals under short-term
and long-term financing arrangements and new liabilities deriving from business combinations.
25.2. Repayment schedule lease liabilities
(in million EUR) 31.03.2022 31.03.2021
< 1 year 53,4 43,5
1-5 years 158,0 132,9
> 5 years 85,8 77,5
Total non-discounted lease payments 297,2 253,9
25.3. Repayment schedule bank borrowings and others
(in million EUR)
Total Interest Principal Total Interest Principal
31.03.2022 31.03.2022 31.03.2022 31.03.2021 31.03.2021 31.03.2021
< 1 year 301,1 2,2 298,9 189,5 0,2 189,3
1-5 years 389,0 4,2 384,8 32,4 0,5 31,9
> 5 years 1,0 - 1,0 - - -
Total 691,1 6,4 684,7 221,9 0,7 221,2

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Part of the outstanding balance of non-current and current interest-bearing liabilities is covered by collateral provided, mainly at The Fashion Society. The net carrying amount of the encumbered assets
(excluding rights of use) exceeds the collateral provided.
26. Trade payables, liabilities related to employee benefits and other liabilities
(in million EUR) 31.03.2022 31.03.2021
Trade payables (non-current) 1,7 1,6
Total trade payables (non-current) 1,7 1,6
Other liabilities (non-current) 30,0 14,8
Total other liabilities (non-current) 30,0 14,8
Trade payables 1.252,7 1.286,5
Guarantees received and advances on work in progress 30,8 32,8
Total trade payables (current) 1.283,5 1.319,3
Current liabilities related to employee benefits 547,8 539,8
VAT, excise duties and other operating taxes 51,5 58,0
Dividends 0,5 0,6
Deferred income and accrued costs 11,1 9,9
Derivative financial instruments – cash flow hedging instruments 0,2 0,3
Other 16,3 5,1
Total liabilities related to employee benefits and other liabilities (current) 627,4 613,7
Terms and repayment schedule
(in million EUR) < 1 year 1-5 years > 5 years Total
Trade payables (non-current) - 0,6 1,1 1,7
Other liabilities (non-current) - 30,0 - 30,0
Trade payables (current) 1.283,5 - - 1.283,5
Liabilities related to employee benefits and other liabilities (current) 627,4 - - 627,4
Total at 31 March 2022 1.910,9 30,6 1,1 1.942,6
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

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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
31.03.2022 31.03.2021
EUR/INR 0,9 0,9
USD/EUR 2,7 (0,2)
NZD/EUR 0,1 (0,1)
Total 3,7 0,6
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
Since the long-term loans (>1 year) have been concluded at fixed interest rates, the interest rate risk is limited.
On 31 March 2022 the total amount of bank and other borrowings was EUR 684,7 million (non-current and current together) (EUR 221,2 million at 31 March 2021) or 12,2% of the
balance sheet total and 389% of the net cash and cash equivalents. New long-term and short-term loans were taken out in 2021/22, all at fixed interest rates.
Colruyt Group’s lease liabilities amount to EUR 284,0 million in the current financial year, as against EUR 242,8 million in the previous financial year. The lease liabilities are recognised
under IFRS 16 at a fixed interest rate.
A change in interest rates may have an 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 Colruyt Group’s retail customers pay cash. The main part of Colruyt Group’s receivables is linked with the
wholesale activity for which Colruyt Group grants its clients the payment terms that are customary 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 31,1 million (compared to EUR 29,6 million for the previous reporting period).
The collectability of this amount was secured by bank guarantees for an amount of EUR 25,9 million (compared to EUR 24,9 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.
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. Colruyt Group's current financial assets total EUR 128,3 million at 31 March 2022 (EUR 36,4 million at 31 March 2021). The main reason for this increase is that the
convertible loan to Virya (EUR 95,0 million) is presented this year as a current asset. EUR 25,2 million of the current financial assets are in the investment portfolio at Locré SA (EUR 27,0
million as of 31 March 2021). 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 write-off of EUR -0,9 million during this financial year (a net upward revaluation of EUR 2,7 million during the previous reporting period).
The ratio of the current investment portfolio to net cash and cash equivalents of Colruyt Group amounts to 72,9% (12,8% 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 - - - 14,7 14,7
Cash flow hedging instruments - - 0,3 - 0,3
Financial assets at fair value through profit or loss
Equity investments - 9,3 - - 9,3
Fixed-income securities - 15,9 - - 15,9
Compound instruments - - - 95,0 95,0
Financial assets at amortised cost
Term deposits 7,8 - - - 7,8
Receivables 729,9 - - - 729,9
Cash and cash equivalents 176,2 - - - 176,2
Total at 31 March 2022 913,9 25,2 0,3 109,7 1.049,1
Financial liabilities
Interest-bearing and other liabilities 1.010,7 - - - 1,010,7
Trade payables 1.283,6 - - - 1.283,6
Cash flow hedging instruments - - 0,2 - 0,2
Bank overdras 0,2 - - - 0,2
Total at 31 March 2022 2.294,5 - 0,2 - 2.294,7
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

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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, unchanged since the previous financial year, corresponds to the conversion price and reflects the fair value at 31 March 2022.
This compound instrument is measured at fair value and included in the category 'Financial assets at fair value through profit or loss'. For the decision regarding the conversion of this
instrument by Colruyt Group, we refer to note 32. Events aer the reporting date.
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) 2021/22 2020/21
At 1 April 111,6 14,5
Acquisitions 0,9 97,9
Capital increases 0,9 0,3
Capital decreases (2,3) (3,5)
Fair value adjustments through other comprehensive income (1,1) 2,8
Other (0,3) (0,4)
At 31 March 109,7 111,6
27.2. Other risks
A. COVID-19 HEALTH CRISIS AND UKRAINE 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 were impacted by the
COVID-19 crisis, but to a lesser extent than in the previous financial years. The COVID-19 impact, however, could not be isolated in an unambiguous manner.
The situation has now stabilised and there are no longer any health measures that significantly affect the group's activities. A possible flare-up of the COVID-19 virus and new measures
imposed by the government continue to pose a risk.

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The conflict in Ukraine, which started at the end of February 2022, also creates risks and uncertainties for the group. Colruyt Group has no direct activities in Russia or Ukraine, but is
affected by the macroeconomic consequences of the war, such as price increases and high inflation, a disrupted supply chain for a number of products, etc. These macroeconomic
consequences and the uncertainty as to how the conflict will evolve pose a risk to the company's performance and related financial results and cash flows, as well as discount rates,
valuations and impairment assessments.
Colruyt Group continues to closely monitor the situation with regard to the COVID-19 health crisis and the conflict in Ukraine and where possible takes the necessary measures to limit
the impact and the (in)direct consequences of these events. 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) 31.03.2022 < 1 year 1-5 years > 5 years
Lease arrangements as lessee
(1)
3,4 1,5 1,9 -
Commitments relating to the acquisition of property, plant and equipment 108,0 101,6 6,4 -
Commitments relating to purchases of goods 171,7 161,2 10,5 -
Other commitments 36,7 18,0 18,7 -
(in million EUR) 31.03.2021 < 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
(1) Leases outside the scope of IFRS 16.
The off-balance sheet commitments for lease arrangements in a lessee capacity amount to EUR 3,4 million (EUR 4,1 million at 31 March 2021) 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.

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The income statement includes rental and rental-related charges in respect of movables in the amount of EUR 18,5 million (EUR 18,7 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 108,0 million (EUR 64,5 million in the previous reporting period) consist mainly of
contractual commitments for the acquisition of land and buildings.
The commitments relating to purchases of goods for an amount of EUR 171,7 million (EUR 191,0 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,
clothing collections and raw materials for production.
The line ‘Other commitments’ mainly relates to commitments arising from various non-cancellable forward contracts regarding ICT services (mainly for soware maintenance and
development) for an amount of EUR 33,7 million (EUR 19,9 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) 31.03.2022 < 1 year 1-5 years > 5 years
Lease arrangements as lessor 14,7 8,1 6,6 -
(in million EUR) 31.03.2021 < 1 year 1-5 years > 5 years
Lease arrangements as lessor 7,6 4,3 3,3 -
The off-balance sheet commitments for lease arrangements amount to EUR 14,7 million (EUR 7,6 million as per 31 March 2021) 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) 31.03.2022 31.03.2021
Disputes 7,1 1,9
Other 0,6 0,6
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 7,1 million
(compared to EUR 1,9 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 0,6 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 5 October 2021 a gross dividend of EUR 1,47 per share was paid to the shareholders.
For the financial year 2021/22, the Board of Directors has proposed a gross dividend of EUR 1,10 per share, which will be declared payable from 4 October 2022. 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 Annual General Meeting of Shareholders of 28 September 2022, 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 128.993.335 shares (aer deduction of treasury shares), as determined on 10 June 2022, the
total amount of proposed dividends is EUR 141,9 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 controlled by persons belonging to the key management of Colruyt Group. Colruyt Group has no material transactions with these entities, except with Smartmat NV.
31.1. Related party transactions excluding key management personnel compensation
(in million EUR) 2021/22 2020/21
Revenue 9,2 42,3
Costs 18,1 11,6
Receivables 115,1 109,8
Liabilities 0,9 0,8
Dividends paid 116,1 106,9
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 9,2 million (EUR 42,3 million in the previous reporting period). In the previous 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.
Colruyt Group and Korys took the requisite measures in the context of 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 18,1 million and mainly relate to the purchase of energy-related products (EUR 11,1 million). This figure
also includes EUR 2,2 million of purchases of trade goods from entities controlled by persons belonging to the key management of Colruyt Group (previous reporting period
EUR 3,3 million). In addition, trade goods were purchased from and fees paid to joint ventures in the amount of EUR 3,6 million (previous reporting period EUR 2,7 million).
The outstanding receivables from related parties amounting to EUR 115,1 million (EUR 109,8 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 0,9 million (EUR 0,8 million in the previous reporting period). The amount reported in the current financial year
relates mainly to transactions with entities that are consolidated using the equity method.

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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
2021/22
Number of
persons
2021/22
Remuneration
2020/21
Number of
persons
2020/21
Board of Directors 9 9
Fixed remuneration (directors’ fees) 0,9 1,0
Senior Management 13 13
Fixed remuneration 4,1 4,1
Variable remuneration 2,8 2,7
Payments into defined contribution plans and other components 0,8 1,0
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
At the beginning of June 2022, Colruyt Group and its family majority shareholder Korys converted their convertible bonds issued by Virya Energy NV into shares. The energy holding
company, Virya Energy NV, focuses on the development, financing, construction and operation of renewable energy assets and is looking to expand internationally. Since both
shareholders converted the bonds, the shareholding remains unchanged. The parties took the requisite measures in the context of the conflict of interest rules.
On 13 June 2022 Colruyt Group increased its stake in Newpharma Group NV to 100% by acquiring the shares held by Korys, the investment company of the Colruyt family. Newpharma
Group NV is a leading player in the online pharmacy business. With this investment, Colruyt Group aims at pursuing its ambitions in the area of health, and at further developing its
leadership in online retail. As a result of this transaction, Colruyt Group's cash flow statement will include a cash outflow of approximately EUR 95 million in financial year 2022/23.
Both parties have agreed not to disclose further details regarding pricing or other terms of the transaction. Arm’s length principles were applied for the valuation.
As a result of this transaction, Newpharma Group NV will be fully consolidated from July 2022. Excluding possible one-off effects, Colruyt Group does not expect these transactions to
have a material impact on Colruyt Group's net result in financial year 2022/23. The requisite measures were taken in the context of the conflict of interest rules.
Aer the end of the reporting period, 1.326.899 treasury shares were purchased for an amount of EUR 44,8 million. On 10 June 2022, Colruyt Group owned 4.845.853 treasury shares,
which represented 3,62% of the total number of issued shares.
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) 2021/22 2020/21
Audit assignments 1,0 0,9
Total 1,0 0,9
The consideration paid for audit services was EUR 1 million, of which EUR 0,2 million was recognised at the level of the Company and EUR 0,8 million was recognised at the level of its
subsidiaries.
For non-audit services, such as other audit 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
AB Restauration BV Avenue du Levant 13 5030 Gembloux, Belgium 0475 405 017 100%
Agripartners NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 417 100%
Banden Deproost BV Zinkstraat 6 1500 Halle, Belgium 0424 880 586 100%
Banketbakkerij Mariman NV Warandestraat 5 9240 Zele, Belgium 0874 422 336 100%
Bavingsveld NV Edingensesteenweg 196 1500 Halle, Belgium 0441 486 194 100%
Bio-Planet Luxembourg SA Rue F.W. Raiffeisen 5 2411 Luxembourg,
Grand Duchy of Luxembourg
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 I RDC SASU Av. De la Vallee, Quartier des Cliniques 3 4972 Kinshasa, Democratic Republic of the
Congo
CD/KNG/
RCCM/21-B-01787
100%
Codevco II RDC SASU Av. De la Vallee, Quartier des Cliniques 3 4972 Kinshasa, Democratic Republic of the
Congo
CD/KNG/
RCCM/21-B-01809
100%
Codevco IV NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 615 100%
Codevco IX BV Edingensesteenweg 196 1500 Halle, Belgium 0779 301 067 100%
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%
Codevco X NV Edingensesteenweg 196 1500 Halle, Belgium 0779 300 572 100%
Codevco XI NV Edingensesteenweg 196 1500 Halle, Belgium 0779 443 795 100%
Codevco XII NV Edingensesteenweg 196 1500 Halle, Belgium 0779 443 302 100%
Codevco XIII NV Edingensesteenweg 196 1500 Halle, Belgium 0779 443 696 100%
Codex BV Edingensesteenweg 196 1500 Halle, Belgium 0453 365 924 100%
Codifrance SAS Zone Industrielle, Rue de Saint Barthélémy
66
45110 Châteauneuf-sur-Loire,
France
824 116 099 100%
Colim NV Edingensesteenweg 196 1500 Halle, Belgium 0400 374 725 100%
Colimpo NV Edingensesteenweg 196 1500 Halle, Belgium 0685 762 581 100%
Colimpo Private Limited Unit 08-09, 13
th
floor, New Mandarin Plaza,
Tower A 14, Science Museum Road,
Tsim Sha Tsui East
Kowloon, Hongkong 59139630 000 11 18 0 100%

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Colruyt Afrique SAS Sacré Coeur III VDN, Villa numéro 10684,
boîte Postale 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 LTD Building N°21, Mindspace, Raheja IT Park,
Survey nr 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%
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%
Comjan NV Edingensesteenweg 196 1500 Halle, Belgium 0783 195 915 100%
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%
Do Invest Lux SA Rue de Beggen 233-241 1121 Luxembourg,
Grand Duchy of Luxembourg
B181441 100%
Do Invest NV Edingensesteenweg 196 1500 Halle, Belgium 0817 092 663 100%
Dreambaby NV Edingensesteenweg 196 1500 Halle, Belgium 0472 630 817 100%
DreamLand NV Edingensesteenweg 196 1500 Halle, Belgium 0448 746 645 100%
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 France SAS Zone Industrielle, Rue des Entrepôts 4 39700 Rochefort-sur-Nenon, France 848 012 209 100%
Finco NV Edingensesteenweg 196 1500 Halle, Belgium 0429 127 109 100%
Fleetco NV Edingensesteenweg 196 1500 Halle, Belgium 0423 051 939 100%
Gecaro NV Marktplein 63/0002 9520 Sint-Lievens-Houtem, Belgium 0427 772 968 100%
Grimbergen Retail Property BV Edingensesteenweg 196 1500 Halle, Belgium 0509 956 813 100%
Het Taartenhuis NV Warandestraat 5 9240 Zele, Belgium 0889 841 277 100%
Het Zilverleen BV Izenbergestraat 175 8690 Alveringem, Belgium 0715 775 767 100%
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%

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Immo De CE Floor BV Edingensesteenweg 196 1500 Halle, Belgium 0446 434 580 100%
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%
Jims NV Edingensesteenweg 196 1500 Halle, Belgium 0423 644 035 100%
Joma Sport BV Guldensporenpark 100, blok K 9820 Merelbeke, Belgium 0823 778 933 100%
Juliette BV Twaalfmaandenstraat 15, bus 4 2000 Antwerp, Belgium 0753 439 679 100%
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%
Northlandt NV Moortelstraat 9 9160 Lokeren, Belgium 0459 739 517 100%
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%
R.H.C. SAS Avenue Georges Brassens 10 94470 Boissy Saint-Léger, France 350 590 154 100%
Retail Partners Colruyt Group NV Edingensesteenweg 196 1500 Halle, Belgium 0413 970 957 100%
Roecol NV Spieveldstraat 4 9160 Lokeren, Belgium 0849 963 488 100%
Roelandt NV Warandestraat 5 9240 Zele, Belgium 0412 127 858 100%
Saro BV Edingensesteenweg 196 1500 Halle, Belgium 0451 082 662 100%
Smart Technics NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 516 100%
SmartRetail BV Edingensesteenweg 196 1500 Halle, Belgium 0640 760 224 100%
Solucious NV Edingensesteenweg 196 1500 Halle, Belgium 0448 692 207 100%
Supermarkt De Belie BV Kerkstraat 14 9111 Sint-Niklaas, Belgium 0433 756 581 100%
Supermarkt Magda NV Lippelostraat 24 1840 Londerzeel, Belgium 0422 180 523 100%
Symeta Hybrid NV Interleuvenlaan 50 3001 Heverlee, Belgium 0867 583 935 100%
The Fashion Society NV
(1)
Brusselsesteenweg 185 1785 Merchtem, Belgium 0553 548 910 100%
Van der Veken BV Veldenstraat 22 2470 Retie, Belgium 0465 176 069 100%
VDV-Lease BV Everdongenlaan 9, bus B-05 2300 Turnhout, Belgium 0698 812 150 100%
Vlevico NV Edingensesteenweg 196 1500 Halle, Belgium 0422 846 259 100%
Walcodis SA Rue Du Parc Industriel 34 7822 Ath, Belgium 0829 176 784 100%
Wieleke BV Tramstraat 63 9052 Zwijnaarde, Belgium 0477 728 760 100%
Witeb 1 BV Edingensesteenweg 196 1500 Halle, Belgium 0697 694 571 100%
Witeb 2 BV Edingensesteenweg 196 1500 Halle, Belgium 0699 852 426 100%
Witeb 3 BV Edingensesteenweg 196 1500 Halle, Belgium 0726 754 187 100%
Witeb 4 BV Edingensesteenweg 196 1500 Halle, Belgium 0747 601 566 100%
Witeb 5 BV Edingensesteenweg 196 1500 Halle, Belgium 0761 776 335 100%
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%
Zeeboerderij Westdiep BV Edingensesteenweg 196 1500 Halle, Belgium 0739 918 869 80%
(1) This company is a sub-consolidation.

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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 77,55%
Daltix Unipessoal LDA
(1)
Avenida Antonio Augusto De Aguiar 130
Piso 1
1050-020 Lisbon, Portugal 0514 607 769 77,55%
De Leiding BV
(1)
Kerkstraat 108 9050 Gentbrugge, Belgium 0694 734 685 46,23%
Digiteal NV
(1)
Rue Emile Francqui 6 1435 Mont-Saint-Guibert, Belgium 0630 675 588 26,84%
Hyve BV
(1)
Kapeldreef 75 3001 Leuven, Belgium 0767 791 820 16,67%
Kriket BV
(1)
Brogniezstraat 172 BIO7 1070 Anderlecht, Belgium 0692 761 033 43,82%
Some BV
(1)
Hooilaar 40 2230 Herselt, Belgium 0829 249 337 24,97%
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 Genève, Switzerland CHE-222 427 477 25,00%
First Retail International 2 NV
(1)
Pontbeekstraat 2 1702 Dilbeek, Belgium 0644 497 494 4,73%
Newpharma Group SA
(1)(3)
Rue du Charbonnage 10, bus 2 4020 Liège, Belgium 0684 465 652 60,99%
Scallog SAS
(2)
Rue Raymond Barbet 105 92000 Nanterre, France 791 336 076 23,73%
Smartmat NV
(3)
Regine Beerplein 1, bus 207 2018 Antwerp, Belgium 0841 142 626 41,36%
The Seaweed Company BV
(3)
Lange Haven 132 3111 CK Schiedam, Netherlands 72339225 21,30%
Vendis Capital NV
(1)
Jan Emiel Mommaertslaan 22 1831 Machelen, Belgium 0819 787 778 10,87%
Virya Energy NV
(1)(3)
Villalaan 96 1500 Halle, Belgium 0739 804 548 59,78%
(1) These companies close their financial year on 31 December and are included in the consolidated financial statements as of 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 of 31 March.
(3) This company is a sub-consolidation.

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34.5. Changes in consolidation scope
a. New investments
On 23 April 2021, Colruyt Group acquired 100% of the shares of Culinoa (AB Restauration BV), 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 (Jims NV, Do Invest NV en Do Invest Lux SA). Both companies have, since their acquisition, been
accounted for as subsidiaries and are fully consolidated.
In January 2022, Colruyt Group fully acquired Roelandt Group. Roelandt Group is one of Belgium’s most important industrial bakeries. Via this acquisition, 100% of the shares of Roecol
NV (previously 70%) were also acquired. Besides Roecol NV, Roelandt Group consists of Northlandt NV, Roelandt NV, Banketbakkerij Mariman NV and Het Taartenhuis NV.
On 3 February 2022, Colruyt Group acquired 41% of the shares of Smartmat NV, a specialist in meal boxes under the Foodbag and 15gram brands. Smartmat NV is accounted for as an
associate using the equity method.
On 14 March 2022, Colruyt Group increased its stake in The Seaweed Company BV from 1% to 21%. The Seaweed Company BV is a Netherlands-incorporated company that operates
sea(weed) farms in the Netherlands, Ireland, Morocco and India. The Seaweed Company BV is accounted for as an associate using the equity method.
As part of the further expansion of Bike Republic, Wieleke BV (January 2022), Van der Veken BV and VDV-Lease BV (March 2022) were fully acquired.
Additionally, Codex BV (April 2021), Grimbergen Retail Property BV (September 2021), Immo De CE Floor BV (October 2021), Gecaro NV (January 2022), Supermarkt Magda NV,
Supermarkt De Belie BV and Juliette BV (February 2022) were fully acquired.
During the financial year, interests were acquired in Digiteal NV (July 2021), De Leiding BV (July 2021) and Some BV (November 2021). These companies are accounted for as joint
ventures using the equity method.
b. Mergers
No companies were merged during the financial year.
c. Newly established companies
In Belgium, the companies Codevco IX BV, Codevco X NV, Codevco XI NV, Codevco XII NV and Codevco XIII NV (December 2021) and Comjan NV (March 2022) were established. Bio-Planet
Luxembourg SA was established in the Grand Duchy of Luxembourg (December 2021). Finally, Codevco I SASU and Codevco II SASU (July 2021) were established in the Democratic
Republic of the Congo.
On 30 April 2021, Colruyt Group co-established HYVE BV. This company is accounted for as a joint venture using the equity method.
d. Other changes
In March 2021, 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), along with a receivable on Korys Renewable Energy BV, thereby reducing Colruyt Group's stake in Virya Energy NV to 60%. In addition, in February 2021, Virya
Energy NV bought out the minority shareholders of Eurowatt Group, thereby acquiring 100% of the shares of Eurowatt Group and thus full control of Eurowatt Group.
GEOxyz Group was acquired at the end of October 2021 and is fully consolidated in Virya Energy NV, with a 60% shareholder percentage.
These transactions related to the associate Virya Energy NV were included in the consolidated figures of Colruyt Group in the 2021/22 financial year and have no material impact.

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Colruyt Group has increased its stake in online pharmacy specialist Newpharma Group NV from 26% to 61% by acquiring the shares held by minority shareholders. Based on the
reserved items listed in the shareholders' agreement, Newpharma Group NV is accounted for as an associate using the equity method.
For transactions decided by the Board of Directors aer year-end with regard to Virya Energy NV and Newpharma Group NV, we refer to note 32. Events aer the reporting date.
In January 2022, the remaining 2% of the shares of minority shareholders of The Fashion Society NV were acquired. Since then, The Fashion Society NV has been an integral part of
Colruyt Group.
In the course of the financial year, Colruyt Group’s shareholding in Daltix NV and Daltix Unipessoal LDA was increased in 2 phases from 65% to 78%. In December 2021, the stake in
Kriket BV was increased from 25% to 44%. The investment in Agecore NV was also increased in August from 17% to 25%.
The registered names of Witeb Oost BV, Witeb West BV and Witeb Zuid BV were changed to Witeb 1 BV, Witeb 2 BV and Witeb 3 BV respectively in May 2021. In July 2022, Trybou Bio BV
was renamed Het Zilverleen BV. Following the sale of 20% of the shares of Codevco V BV to DEME NV, the company was renamed Zeeboerderij Westdiep BV.
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 2022, 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 art. 3:12 of the Code on Companies and Associations. 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) 31.03.2022 31.03.2021
Non-current assets 6.262,9 6.184,4
II. Intangible assets 188,1 150,4
III. Property, plant and equipment 285,5 275,6
IV. Financial non-current assets 5.789,3 5.758,4
Current assets 1.266,4 1.185,3
V. Receivables exceeding one year 8,0 8,2
VI. Inventories and work in progress 434,0 420,2
VII. Receivables for less than one year 659,3 530,6
VIII. Cash investments 132,0 65,4
IX. Cash and cash equivalents 29,0 149,9
X. Prepayments and accrued income 4,1 11,0
Total assets 7.529,3 7.369,7
Equity 1.757,0 1.783,8
I. Share capital 364,8 357,4
IV. Reserves 172,2 105,5
V. Profit carried forward 1.219,7 1.320,6
VI. Capital grants 0,3 0,3
Provisions and deferred taxes 2,8 3,1
Liabilities 5.769,5 5.582,8
VIII. Liabilities exceeding one year 4.089,8 3.750,1
IX. Liabilities for less than one year 1.657,3 1.809,8
X. Accruals and deferred income 22,4 22,9
Total liabilities 7.529,3 7.369,7

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Condensed income statement of Etn. Fr. Colruyt NV
(in million EUR) 2021/22 2020/21
I. Operating income 7.351,6 7.573,4
II. Operating expenses (7.177,4) (7.336,6)
III. Operating profit 174,2 236,8
IV. Finance income 209,0 387,9
V. Finance costs (149,8) (137,8)
VI. Profit for the financial year before tax 233,4 486,9
VIII. Income tax (6,9) (19,3)
IX. Profit for the financial year 226,6 467,6
X.A. Transfer from the tax exempt reserves 0,9 0,3
X.B. Transfer to the tax exempt reserves (0,3) (0,4)
XI. Profit for the financial year available for appropriation 227,2 467,5
Profit appropriation of Etn. in Colruyt NV
For the 2021/22 financial year, the Board of Directors will propose the following profit distribution to the General Meeting of Shareholders on 28 September 2022:
(in million EUR) 2021/22 2020/21
Profit for the financial year available for appropriation 227,2 467,5
Profit carried forward from previous financial year 1.320,6 1.109,9
Profit available for appropriation 1.547,8 1.577,4
Transfer to the legal reserve 0,7 1,0
Addition to/(transfer from) other reserves 186,3 52,5
Result to be carried forward 1.219,7 1.320,6
Dividend to owners
(1)
139,8 197,5
Other debts 1,3 5,8
(1) This item was calculated on the basis of the treasury share repurchase situation at 10 June 2022.

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Definitions
Acquisitions of property, plant and equipment and intangible assets
Acquisitions 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 by 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 Interests’)
The SPPI test requires that the contractual terms of the financial asset give rise to cash flows that
only include principal and interest 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

278
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: Colruyt Goup Marketing Communication Services • 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/en/annualreport