Earnings Release • Dec 14, 2015
Earnings Release
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Consolidated information on the first semester of 2015/16
Halle, 14 December 2015
| 01/04/2015 | 01/04/2014 | ||
|---|---|---|---|
| (in million EUR) | - 30/09/2015 |
- 30/09/2014 |
Variance |
| Revenue | 4.546,7 | 4.416,5 | 2,9% |
| Gross Profit | 1.136,6 | 1.084,7 | 4,8% |
| % of revenue | 25,0% | 24,6% | |
| EBITDA | 360,8 | 339,7 | 6,2% |
| % of revenue | 7,9% | 7,7% | |
| Operating profit (EBIT) | 258,5 | 243,2 | 6,3% |
| % of revenue | 5,7% | 5,5% | |
| Profit before tax | 258,6 | 252,3 | 2,5% |
| % of revenue | 5,7% | 5,7% | |
| Profit for the period | 182,5 | 180,7 | 1,0% |
| % of revenue | 4,0% | 4,1% | |
| Earnings per share - basic and diluted (in EUR) (1) | 1,24 | 1,19 | 4,2% |
(1) The weighted average number of outstanding shares equals 146.844.760 in 2015/16 compared to 151.914.511 last year.
Revenue increased by 2,9% to EUR 4.547 million as a result of higher sales volumes, expansion and slight sales price inflation. Colruyt Group's market share in Belgium (Colruyt, OKay and Spar) expanded to 31,6% (31,1% in the first half of last year).
The consolidated gross margin increased to 25,0%, mainly as a result of diminished promotional pressure in the first semester. The Colruyt banner continues to consistently offer its customers the lowest price in the market and has made significant investments in its lowest prices strategy, as it did last year.
Colruyt Group kept its operating expenses under control and continued to invest in its employees, processes and efficiency improvements. These long-term investments led to an increase in net operating expenses from 16,9% to 17,1% of revenue.
EBITDA improved by EUR 21 million to EUR 361 million. The EBITDA margin rose from 7,7% to 7,9% of revenue.
Depreciation, amortisation and impairment costs amounted to EUR 102 million.
The increase by EUR 6 million is mainly attributable to the higher depreciation charges, resulting from the execution of the investment programmes. No significant impairment costs were recorded.
Operating profit (EBIT) increased from 5,5% to 5,7% of revenue as a result of the higher EBITDA margin.
The EBIT margin growth was largely offset by lower financial results, lower results from investments in joint ventures and a higher effective tax rate.
Last year's positive result from investments in joint ventures mainly resulted from a one-off profit realised on the participation in the Parkwind group.
The effective tax rate increased from 29,1% to 29,4%, primarily due to the lower notional interest deduction.
These results led to a profit for the period of EUR 182,5 million; a 1,0% increase compared to last year.
Retail revenue grew by 4,1% to EUR 3.427 million. Retail accounted for 75,4% of the consolidated revenue.
Price pressure, fierce competition and a persistently difficult economic climate continue to characterize the Belgian and French retail market. There were few signs of economic recovery and consumer confidence remained negative.
Revenue of the Colruyt stores in Belgium and Luxembourg climbed 2,8% as a result of volume growth, combined with slightly higher sales prices and the expansion and modernisation of the store network.
Colruyt Lowest Prices delivers on its brand promise day after day by offering the lowest price for every product at every moment. Sharpened communication on Colruyt's lowest prices strategy benefited both revenue and market share.
Consolidated information on the first semester of 2015/16 page 2 / 21
http://www.colruytgroup.com/en/financial-news
OKay, Bio-Planet and CRU reported an aggregated revenue growth of over 15% through the combination of store openings and a strong inflow of new customers. Colruyt Group will continue to invest in its proximity store format OKay and in its bio supermarket Bio-Planet. In addition, two new CRU stores will open in the first half of 2016.
In line with its commitment to simplicity in the product range, Colruyt Group offers customers three clearly distinguishable brand layers: (inter)national brands, products labelled Boni Selection (Colruyt Group's home brand) and products labelled Everyday Selection (the group's discount brand).
With a view to product range simplification, existing private labels were grouped under the home brand Boni Selection in the last two years. This brand transition has practically been completed and the results are in line with the expectations.
With their brand promise 'lowest prices for national brands', the Colruyt stores in France remain attractive to the French consumer. Revenue went up more than 12% on the back of store expansion and modernisation, organic growth and continuous investments in price positioning. Margins remain under pressure due to severe and persistent price competition and price deflation.
The combined revenue of Dreamland and Dreambaby declined by 6%. Toy hypes boosted prior year's revenue. The absence of such hypes explains the revenue decrease compared to last year. The transfer of baby departments from Dreamland stores to separate Dreambaby stores was carried on.
Colruyt Group continues to invest in E-commerce retail. Hence, Colruyt Group's on-line activities experience steady growth. Collect&Go, the group's on-line shopping service, invested in new collection points and in a new logo.
Wholesale and foodservice revenue increased by 2,8% to EUR 788 million. This segment accounted for 17,3% of the consolidated revenue.
Wholesale activities include the deliveries to independent storekeepers in Belgium (Retail Partners Colruyt Group) and France (Coccinelle, CocciMarket and Panier Sympa). Wholesale revenue showed a 2,8% increase to EUR 388 million. This growth was mainly realised by Retail Partners Colruyt Group, that comprises the collaboration with the Spar entrepreneurs, as well as the deliveries to Alvo, independent Mini Markets and independent storekeepers.
A large and high-quality range of fresh products, competitive prices and a close and authentic collaboration with and strong involvement of the independent entrepreneurs remain the focus areas of the Spar stores of Colruyt Group. The profitability of the independent Spar entrepreneurs still ranks among the best on the market.
Revenue from Belgian and French foodservice activities grew by 2,7%. The assets of Solucious and Pro à Pro remain the delivery reliability, the service, the product quality and the personal contact with the customer. These strengths generated revenue growth in a stagnating market.
Revenue from the other activities decreased by 7,5% to EUR 332 million. These activities accounted for 7,3% of the consolidated revenue.
This segment basically comprises the activities of the DATS 24 filling stations in Belgium and France. The substantial drop in fuel prices in the first semester has more than fully offset the volume growth, causing revenue to decline.
DATS 24 has continued its investments in CNG (Compressed Natural Gas). CNG is more economical than conventional fuels and less impacting on the environment and health. Today, 21 filling stations are already offering natural gas and this number is scheduled to increase to 65 by March 2018.
The net carrying amount of the tangible and intangible fixed assets increased by EUR 62 million to EUR 2.013 million. The increase is mainly the result of the investments made during the first semester (EUR 167 million), while depreciation, amortisation and impairment costs amounted to EUR 102 million.
At 30 September 2015 the assets under construction primarily related to the new distribution centres for OKay and Bio-Planet and to the new production plant for Fine Food Meat. These investments will enable Colruyt Group to continue its growth in the years to come.
Net cash and cash equivalents increased by EUR 125 million to EUR 433 million as at 30 September 2015.
At the end of the reporting period Colruyt Group held 9.743.808 treasury shares or 6,2% of the total number of shares issued.
Pursuant to the authorisation granted by the General Assembly of Shareholders, the Board of Directors decided on 10 December 2015 to have 7,5 million shares cancelled.
We do not anticipate a significant upturn in the economic climate nor of the consumer confidence in Belgium and France in the short term. Also, we expect the market to remain highly price competitive.
Colruyt Group will continue to invest in its long-term strategy as it will continue its investments in employees, stores, processes, systems, simplicity and efficiency. Colruyt Lowest Prices will consistently implement its lowest prices strategy.
We confirm our outlook for the consolidated net result of 2015/16 to at least match last year's result (not taking into account the one-off cost of EUR 31,6 million).
For questions on this press release or for further information, please send an e-mail to [email protected] or contact Marc Hofman (CFO) or Liesbeth Nuelant (Investor Relations) by phone at +32 2 363 51 11.
Colruyt Group operates in the food and non-food distribution sector in Belgium, France and Luxembourg with approximately 500 own stores and over 500 affiliated stores. In Belgium this includes Colruyt, OKay, Bio-Planet, CRU, Dreamland, Dreambaby and the affiliated stores Spar and Spar Compact. In France, in addition to approximately 70 Colruyt stores, there are also affiliated, independent Coccinelle, CocciMarket and Panier Sympa stores. The group is also active in the foodservice market (supplying food products to hospitals, company canteen kitchens and catering businesses) in France (Pro à Pro) and Belgium (Solucious). The other activities comprise the sale of fuel (DATS 24), digital printing and document management solutions (Symeta) and the production of green energy. The group employs over 28.000 employees and recorded a EUR 8,9 billion revenue in 2014/15. Colruyt is listed on NYSE Euronext Brussels (COLR) under ISIN code BE0974256852.
Statements by Colruyt Group included in this press release, along with references to this press release 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 press release or in other group communication, whether written or oral.
Deze informatie is ook beschikbaar in het Nederlands. Cette information est également disponible en français.
Only the Dutch version is the official version. The French and English versions are translations of the original Dutch version.
| 01.04.2015 | 01.04.2014 | |
|---|---|---|
| (in million EUR) | - 30.09.2015 |
- 30.09.2014 (1) |
| Revenue | 4.546,7 | 4.416,5 |
| Cost of goods sold | (3.410,1) | (3.331,8) |
| Gross profit | 1.136,6 | 1.084,7 |
| Other operating income | 39,3 | 35,5 |
| Services and miscellaneous goods | (205,9) | (202,0) |
| Employee benefit expenses | (597,3) | (567,2) |
| Depreciation, amortisation and impairment of non-current assets | (102,3) | (96,5) |
| Other operating expenses | (11,9) | (11,3) |
| Operating profit (EBIT) | 258,5 | 243,2 |
| Finance income | 3,3 | 5,2 |
| Finance costs | (2,8) | (1,9) |
| Net financial result | 0,5 | 3,3 |
| Share in the result of investments accounted for by using the equity method | (0,4) | 5,8 |
| Profit before tax | 258,6 | 252,3 |
| Income tax expense | (76,1) | (71,6) |
| Profit for the period | 182,5 | 180,7 |
| Attributable to: | ||
| Non-controlling interests | 0,5 | (0,1) |
| Owners of the parent company | 182,0 | 180,8 |
| Earnings per share (EPS) – basic and diluted (in EUR) | 1,24 | 1,19 |
(1) Some figures for the financial year 2014/15 are reclassified as described in 2. Significant accounting policies.
Consolidated information on the first semester of 2015/16 page 6 / 21
| 01.04.2015 | 01.04.2014 | |
|---|---|---|
| (in million EUR) | - 30.09.2015 |
- 30.09.2014 |
| Profit for the period | 182,5 | 180,7 |
| Items that will not be reclassified to profit or loss | ||
| Actuarial profit/(loss) on liabilities related to long-term employee benefits | 4,6 | (5,3) |
| Total of the items that will not be reclassified to profit or loss | 4,6 | (5,3) |
| Items that may be reclassified subsequently to profit or loss | ||
| Profit/(loss) from currency translation of foreign subsidiaries | (0,5) | 0,4 |
| Share in other comprehensive income of investments accounted for by using the equity method | 2,3 | (1,7) |
| Total of the items that may be reclassified subsequently to profit or loss | 1,8 | (1,3) |
| Other comprehensive income for the period | 6,4 | (6,6) |
| Total comprehensive income for the period | 188,9 | 174,1 |
| Attributable to: | ||
| Non-controlling interests | 0,5 | (0,1) |
| Owners of the parent company | 188,4 | 174,2 |
All components of the above statement of comprehensive income are presented net of tax impacts.
| (in million EUR) | 30.09.2015 | 31.03.2015 |
|---|---|---|
| Goodwill | 89,3 | 89,3 |
| Intangible assets | 61,5 | 59,5 |
| Property, plant and equipment | 1.862,4 | 1.802,7 |
| Investments in associates | 0,1 | 0,1 |
| Investments in joint ventures | 158,9 | 156,9 |
| Financial assets | 30,1 | 26,6 |
| Deferred tax assets | 3,5 | 3,2 |
| Other receivables | 44,2 | 41,9 |
| Total non-current assets | 2.250,0 | 2.180,2 |
| Inventories | 640,1 | 602,7 |
| Trade receivables | 505,4 | 478,2 |
| Current tax assets | 2,0 | 17,0 |
| Other receivables | 43,1 | 49,0 |
| Financial assets | 24,3 | 23,6 |
| Cash and cash equivalents | 434,3 | 309,2 |
| Assets held for sale | 1,3 | 1,3 |
| Total current assets | 1.650,5 | 1.481,0 |
| TOTAL ASSETS | 3.900,5 | 3.661,2 |
| Share capital | 274,6 | 274,6 |
| Reserves and retained earnings | 1.562,9 | 1.523,7 |
| Total equity attributable to owners of the parent company | 1.837,5 | 1.798,3 |
| Non-controlling interests | 2,9 | 2,4 |
| Total equity | 1.840,4 | 1.800,7 |
| Provisions | 13,2 | 14,5 |
| Liabilities related to employee benefits | 68,9 | 72,2 |
| Deferred tax liabilities | 65,3 | 65,7 |
| Interest-bearing and other liabilities | 30,3 | 33,6 |
| Total non-current liabilities | 177,7 | 186,0 |
| Provisions | 0,3 | 32,2 |
| Bank overdrafts | 0,9 | 0,7 |
| Interest-bearing liabilities | 4,8 | 4,4 |
| Trade payables | 1.129,3 | 1.081,7 |
| Current tax liabilities | 131,3 | 67,8 |
| Liabilities related to employee benefits and other liabilities | 615,8 | 487,7 |
| Total current liabilities | 1.882,4 | 1.674,5 |
| Total liabilities | 2.060,1 | 1.860,5 |
| TOTAL EQUITY AND LIABILITIES | 3.900,5 | 3.661,2 |
| Attributable to the owners of the parent company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in million EUR, except number of shares) | Number of shares | Share Capital |
Number of treasury shares |
Treasury shares |
Other | reserves | Retained earnings |
Total | Non controlling |
Total equity | ||
| Actuarial reserves |
Cumulative translation adjustment |
Cash flow hedge reserves |
Financial assets available for sale reserves |
interests | ||||||||
| At 1 April 2015 | 156.636.503 | 274,6 | 9.791.743 | (361,9) | (8,6) | 0,4 | (6,9) | - | 1.900,7 | 1.798,3 | 2,4 | 1.800,7 |
| Total comprehensive income for the period |
- | - | - | - | 4,6 | (0,5) | 2,3 | - | 182,0 | 188,4 | 0,5 | 188,9 |
| Profit for the period | - | - | - | - | - | - | - | - | 182,0 | 182,0 | 0,5 | 182,5 |
| Other comprehensive income for the period |
- | - | - | - | 4,6 | (0,5) | 2,3 | - | - | 6,4 | - | 6,4 |
| Transactions with the owners | - | - | (47.935) | 1,9 | - | - | - | - | (151,1) | (149,2) | - | (149,2) |
| Capital increase | - | - | - | - | - | - | - | - | 1,0 | 1,0 | - | 1,0 |
| Treasury shares distributed as profit-sharing |
- | - | (47.935) | 1,9 | - | - | - | - | (1,9) | - | - | - |
| Dividends and bonuses | - | - | - | - | - | - | - | - | (150,2) | (150,2) | - | (150,2) |
| At 30 September 2015 | 156.636.503 | 274,6 | 9.743.808 | (360,0) | (4,0) | (0,1) | (4,6) | - | 1.931,6 | 1.837,5 | 2,9 | 1.840,4 |
| Attributable to the owners of the parent company (1) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in million EUR, except number of shares) | Number of shares | Share Capital |
Number of treasury shares |
Treasury shares |
Other | reserves | Retained earnings |
Total | Non controlling |
Total equity | ||
| Actuarial reserves |
Cumulative translation adjustment |
Cash flow hedge reserves |
Financial assets available for sale reserves |
interests | ||||||||
| At 1 April 2014 | 165.169.749 | 260,6 | 9.184.747 | (296,7) | (0,6) | (1,0) | (3,9) | 1,8 | 2.004,9 | 1.965,1 | 1,8 | 1.966,9 |
| Total comprehensive income for the period |
- | - | - | - | (5,3) | 0,4 | (1,7) | - | 180,8 | 174,2 | (0,1) | 174,1 |
| Profit for the period | - | - | - | - | - | - | - | - | 180,8 | 180,8 | (0,1) | 180,7 |
| Other comprehensive income for the period |
- | - | - | - | (5,3) | 0,4 | (1,7) | - | - | (6,6) | - | (6,6) |
| Transactions with the owners | (9.000.000) | - | (693.504) | (18,0) | - | - | - | - | (441,1) | (459,1) | - | (459,1) |
| Capital increase | - | - | - | - | - | - | - | - | 1,0 | 1,0 | - | 1,0 |
| Treasury shares purchased | - | - | 8.343.869 | (308,9) | - | - | - | - | - | (308,9) | - | (308,9) |
| Treasury shares distributed as profit-sharing |
- | - | (37.373) | 1,5 | - | - | - | - | (1,5) | - | - | - |
| Dividends and bonuses | - | - | - | - | - | - | - | - | (151,2) | (151,2) | - | (151,2) |
| Cancellation of treasury shares | (9.000.000) | - | (9.000.000) | 289,4 | - | - | - | - | (289,4) | - | - | - |
| At 30 September 2014 | 156.169.749 | 260,6 | 8.491.243 | (314,7) | (5,9) | (0,6) | (5,6) | 1,8 | 1.744,6 | 1.680,2 | 1,7 | 1.681,9 |
(1) The presentation of the condensed consolidated interim statement of changes in equity has been modified as described in 2. Significant accounting policies.
| 01.04.2015 | 01.04.2014 | |
|---|---|---|
| (in million EUR) | - 30.09.2015 |
- 30.09.2014 |
| Operating activities | ||
| Profit for the period | 182,5 | 180,7 |
| Adjustments for: | ||
| Depreciation, amortisation and impairment of non-current assets | 102,3 | 96,5 |
| Income from investments and interest expenses | (1,6) | (3,0) |
| Income tax expense | 76,1 | 71,6 |
| Other (1) | (1,6) | (7,4) |
| Cash flow from operating activities before changes in working capital and provisions | 357,7 | 338,4 |
| Decrease/(increase) in trade and other receivables | (33,0) | (35,7) |
| Decrease/(increase) in inventories | (37,8) | (28,3) |
| (Decrease)/increase in trade payables and other liabilities | 35,2 | (18,2) |
| (Decrease)/increase in provisions and liabilities related to employee benefits | (39,3) | (2,4) |
| Interest paid | (0,9) | (0,9) |
| Interest received | 8,2 | 3,8 |
| Dividends received | 0,1 | - |
| Income tax paid | (0,9) | (7,1) |
| Cash flow from operating activities | 289,3 | 249,6 |
| Investing activities | ||
| Purchase of property, plant and equipment and intangible assets | (160,9) | (194,0) |
| (Increase in investment in)/proceeds from capital reimbursements of associates and joint ventures |
- | (20,3) |
| (Purchases)/sales of financial assets | (5,3) | 1,0 |
| (Payment of)/proceeds from repayment of loans granted | - | (15,3) |
| Proceeds from sale of property, plant and equipment and intangible assets | 4,7 | 7,7 |
| Cash flow from investing activities | (161,5) | (220,9) |
| Financing activities | ||
| Purchase of treasury shares | - | (308,9) |
| New/(Repayment of) borrowings | (0,7) | 0,8 |
| Payment of finance lease liabilities | (2,1) | (2,1) |
| Dividends and bonuses paid | - | (3,5) |
| Cash flow from financing activities | (2,8) | (313,7) |
| Net increase/(decrease) of cash and cash equivalents | 125,0 | (285,0) |
| Net cash and cash equivalents at 1 April | 308,5 | 602,0 |
| Effect of changes in foreign currency rates | (0,1) | 0,1 |
| Net cash and cash equivalents at 30 September | 433,4 | 317,1 |
(1) The category 'Other' includes amongst others losses/(gains) on the sale of property, plant and equipment and intangible assets, losses/(gains) on the sale of current assets, the share in the results of investments accounted for by using the equity method, employee benefits in the context of share-based payments and capital increases reserved for employees and losses/(gains) on financial assets.
Etn. Fr. Colruyt N.V. (hereinafter referred to as 'the Company') is domiciled in Halle, Belgium and is publicly traded on NYSE Euronext Brussels under the code COLR.
The condensed consolidated interim financial statements for the period ending 30 September 2015 contain the financial statements of the Company, its subsidiaries (hereinafter referred to collectively as 'Colruyt Group'), and Colruyt Group's interests in associates and jointly controlled entities.
These condensed consolidated interim financial statements provide financial information on the period from 1 April 2015 until 30 September 2015 and were approved for publication by the Board of Directors on 10 December 2015.
These condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting', as adopted by the European Union. They do not contain all information required for full annual financial statements and should therefore be read in conjunction with the consolidated financial statements for the financial year 2014/15.
Amounts are, unless mentioned otherwise, expressed in million EUR, rounded to one decimal place.
The accounting principles applied by Colruyt Group in these condensed consolidated interim financial statements are consistent with those applied in the consolidated financial statements 2014/15. On 1 April 2015, a number of amendments to standards and IFRIC 21 'Levies' became effective. These changes do not have a material impact on these condensed consolidated interim financial statements.
Colruyt Group did not early apply new standards, changes to existing standards or interpretations which were published but not yet effective at the reporting date.
The changes to the presentation of the financial statements that were implemented in the financial year 2014/15 are now also applied in these condensed consolidated interim financial statements:
Furthermore, Colruyt Group has decided to amend the presentation of the segment reporting. The costs of corporate support activities and the result of their internal cross charging are now allocated to the reportable segments, where possible. The comparative figures have also been adjusted.
| Retail | Wholesale and Foodservice |
Other activities | Operating segments | |||||
|---|---|---|---|---|---|---|---|---|
| (in million EUR) | 2015/16 | 2014/15 | 2015/16 | 2014/15 | 2015/16 | 2014/15 | 2015/16 | 2014/15 |
| Revenue - external (1) | 3.426,8 | 3.290,9 | 787,5 | 766,4 | 332,4 | 359,2 | 4.546,7 | 4.416,5 |
| Revenue - internal (1) | 40,9 | 39,5 | 9,2 | 8,5 | 21,7 | 22,0 | 71,8 | 70,0 |
| Operating profit (EBIT) | 239,2 | 229,6 | 17,7 | 11,7 | 4,9 | 4,4 | 261,8 | 245,7 |
| Share in the result of investments accounted for by using the equity method |
0,6 | - | - | - | (1,0) | 5,8 | (0,4) | 5,8 |
| Segment assets | 2.405,3 | 2.258,2 | 554,9 | 541,3 | 276,8 | 277,8 | 3.237,0 | 3.077,3 |
| of which investments accounted for by using the equity method |
20,0 | 20,2 | - | - | 138,9 | 134,5 | 158,9 | 154,7 |
| of which assets held for sale | 1,3 | 1,3 | - | - | - | - | 1,3 | 1,3 |
| Segment liabilities | 1.280,3 | 1.203,2 | 262,5 | 243,8 | 67,1 | 79,0 | 1.609,9 | 1.526,0 |
| Purchase of property, plant and equipment and intangible assets |
127,6 | 154,5 | 14,0 | 27,5 | 11,7 | 6,4 | 153,3 | 188,4 |
| Depreciation and amortisation |
73,1 | 70,5 | 11,0 | 9,1 | 5,0 | 6,0 | 89,1 | 85,6 |
| Impairment of non-current assets |
0,8 | 0,2 | - | - | 0,8 | - | 1,6 | 0,2 |
| Operating segments | Unallocated | Transactions between operating segments |
Consolidated | |||||
|---|---|---|---|---|---|---|---|---|
| (in million EUR) | 2015/16 | 2014/15 | 2015/16 | 2014/15 | 2015/16 | 2014/15 | 2015/16 | 2014/15 |
| Revenue – external (1) | 4.546,7 | 4.416,5 | - | - | - | - | 4.546,7 | 4.416,5 |
| Revenue – internal (1) | 71,8 | 70,0 | - | - | (71,8) | (70,0) | - | - |
| Operating profit (EBIT) | 261,8 | 245,7 | (3,3) | (2,5) | - | - | 258,5 | 243,2 |
| Share in the result of investments accounted for by using the equity method |
(0,4) | 5,8 | - | - | - | - | (0,4) | 5,8 |
| Net financial result | 0,5 | 3,3 | ||||||
| Income tax expense | (76,1) | (71,6) | ||||||
| Profit for the period | 182,5 | 180,7 | ||||||
| Total assets | 3.237,0 | 3.077,3 | 721,3 | 621,3 | (57,8) | (55,3) | 3.900,5 | 3.643,3 |
| Total liabilities | 1.609,9 | 1.526,0 | 508,0 | 490,6 | (57,8) | (55,3) | 2.060,1 | 1.961,3 |
| Purchase of property, plant and equipment and intangible assets |
153,3 | 188,4 | 13,7 | 14,2 | - | - | 167,0 | 202,6 |
| Depreciation and amortisation |
89,1 | 85,6 | 11,6 | 10,7 | - | - | 100,7 | 96,3 |
| Impairment of non-current assets |
1,6 | 0,2 | - | - | - | - | 1,6 | 0,2 |
(1) In accordance with the annual report of 2014/15, these half year figures have also been adjusted due to a refinement of the elimination process in France.
| (in million EUR) | 2015/16 | 2014/15 (1) |
|---|---|---|
| Retail Food | 3.320,0 | 3.177,3 |
| Colruyt Belgium (2) | 2.792,8 | 2.717,3 |
| OKay, Bio-Planet and CRU (3) | 372,3 | 322,1 |
| Colruyt France | 154,9 | 137,9 |
| Retail Non-food | 106,8 | 113,6 |
| Dreamland Belgium and France and Dreambaby | 106,8 | 113,6 |
| Transactions with other operating segments | 40,9 | 39,5 |
| Retail | 3.467,7 | 3.330,4 |
| Wholesale | 388,4 | 377,7 |
| Foodservice | 399,1 | 388,7 |
| Transactions with other operating segments | 9,2 | 8,5 |
| Wholesale and Foodservice | 796,7 | 774,9 |
| DATS 24 Belgium and France | 330,5 | 356,5 |
| Printing and document management solutions | 1,9 | 2,7 |
| Transactions with other operating segments | 21,7 | 22,0 |
| Other activities | 354,1 | 381,2 |
| Total operating segments | 4.618,5 | 4.486,5 |
| Transactions between operating segments | (71,8) | (70,0) |
| Consolidated | 4.546,7 | 4.416,5 |
(1) In accordance with the annual report of 2014/15, these half year figures have also been adjusted due to a refinement of the elimination process in France. (2)
Inclusive of the revenue of the webshops (Collect&Go, Bio-Planet, Collishop, Dreamland and Dreambaby) realised by the Colruyt stores. (3)
Inclusive of the revenue of Collishop and Dreambaby realised by the Okay and Bio-Planet stores.
The effective tax rate for Colruyt Group for the first half year ending on 30 September 2015 is 29,4%. The effective tax rate for the financial year 2014/15 exclusive of the settlement with the Investigation Service of the Belgian Competition Authority, was 29,5% and the one for the first semester of the previous accounting period, ending on 30 September 2014, was 29,1%.
During the first semester of financial year 2015/16, Colruyt Group acquired property, plant and equipment and intangible assets for a total amount of EUR 167,0 million. In the first semester of the comparative financial year 2014/15, Colruyt Group acquired property, plant and equipment and intangible assets for EUR 202,6 million.
The capital expenditure of Colruyt Group has decreased compared to last year because last year the group invested in projects such as the bakery Roecol, the equipment of the logistic centres in Mechelen (Spar activities) and in Ath/Lessines and the construction of the second distribution centre for Collect&Go.
On 30 September 2015 the General Assembly of Shareholders approved a gross dividend of EUR 1,00 per share for the financial year 2014/15, for a total amount of EUR 146,9 million. This dividend was made payable on 6 October 2015.
There are no significant changes in the consolidation scope.
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.
| Historical or amortised cost |
At fair value | |||
|---|---|---|---|---|
| (in million EUR) | Quoted prices Level 1 |
Observable market inputs Level 2 |
Unobservable market inputs Level 3 |
|
| Financial assets: | ||||
| Investments available for sale | 0,4 | - | - | 29,7 |
| Loans and receivables | 592,7 | - | - | - |
| Investments held for trading | 0,1 | 24,2 | - | - |
| Cash and cash equivalents | 434,3 | - | - | - |
| Total at 30 September 2015 | 1.027,5 | 24,2 | - | 29,7 |
| Financial liabilities: | ||||
| Interest-bearing liabilities | 12,7 | - | - | - |
| Finance lease liabilities | 22,4 | - | - | - |
| Trade payables | 1.129,3 | - | - | - |
| Bank overdrafts | 0,9 | - | - | - |
| Total at 30 September 2015 | 1.165,3 | - | - | - |
| Historical or amortised cost |
At fair value | |||||
|---|---|---|---|---|---|---|
| (in million EUR) | Quoted prices Level 1 |
Unobservable market inputs Level 3 |
||||
| Financial assets: | ||||||
| Investments available for sale | 0,4 | - | - | 26,2 | ||
| Loans and receivables | 569,1 | - | - | - | ||
| Investments held for trading | 0,1 | 23,5 | - | - | ||
| Cash and cash equivalents | 309,2 | - | - | - | ||
| Total at 31 March 2015 | 878,8 | 23,5 | - | 26,2 | ||
| Financial liabilities: | ||||||
| Interest-bearing liabilities | 13,4 | - | - | - | ||
| Finance lease liabilities | 24,6 | - | - | - | ||
| Trade payables | 1.081,7 | - | - | - | ||
| Bank overdrafts | 0,7 | - | - | - | ||
| Total at 31 March 2015 | 1.120,4 | - | - | - |
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 as much as possible and if available, and avoid reliance on entity-specific estimations. Colruyt Group has no financial instruments within this category.
Level 3: financial instruments for which fair value is determined with valuation techniques using certain parameters not based on observable market data.
The investments available for sale consist mainly of the participation in the Baltic Group IKI (10,5%) and investments in holding companies such as Vendis Capital N.V., Sofindev II S.A., Sofindev III S.A. and Sofindev IV S.A. in which Colruyt Group does not have a significant influence.
For the investment in the Baltic Group IKI, classified under level 3, the fair value consists of the present value of future cash flows determined via a business model based on non-observable inputs, such as a time horizon, a growth rate and a discount rate. This discount rate is calculated based on the CAPM method (Capital Asset Pricing Model).
For the investments in Vendis Capital N.V., Sofindev II S.A., Sofindev III S.A. and Sofindev IV S.A., also classified under level 3, the fair value consists of the acquisition price adjusted for realised results and dividends distributed by the respective companies. This fair value can be different from a measurement based on market multiples or market values. During the current reporting period, the investments in holding companies increased, due to the establishment and paid-up capital of Sofindev IV S.A. for an amount of EUR 2,5 million and due to the capital increase in Vendis Capital N.V. of EUR 1,0 million.
The opening and closing balances of the investments classified under level 3 can be reconciled as follows:
| (in million EUR) | |
|---|---|
| At 1 April 2015 | 26,2 |
| Establishment and paid-up capital Sofindev IV S.A. Capital increase Vendis Capital N.V. |
2,5 1,0 |
| At 30 September 2015 | 29,7 |
For a description of the risks to which Colruyt Group is exposed and of how Colruyt Group manages its exposure to these risks, we refer to the section "Corporate governance", "Responsible/Sustainable Corporate Governance" (p. 124-133) of the 2014/15 annual report.
Colruyt Group has a number of commitments related to the acquisition of property, plant and equipment which have not yet been recognised in the statement of financial position for a total amount of EUR 137,7 million (EUR 89,3 million at 31 March 2015).
For a description of the contingent liabilities, we also refer to the annual report 2014/15 (p.189), as no significant changes have occurred.
At the end of the reporting period Colruyt Group held 9.743.808 treasury shares or 6,2% of the total number of shares issued. Pursuant to the authorisation granted by the General Assembly of Shareholders, the Board of Directors decided on 10 December 2015 to have 7,5 million shares cancelled.
Jef Colruyt, Chairman of the Board of Directors and Marc Hofman, Chief Financial Officer, declare in title and for the entity, that to the best of their knowledge,
these condensed consolidated interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting', as adopted by the European Union and give a true and fair view of the net assets, the financial position and the results of the company Etn. Fr. Colruyt N.V. and of the entities included in the consolidation;
the interim financial report gives a true and fair summary of the information required under Art13 §§ 5 and 6 of the Royal Decree of 14 November 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market.
Halle, 10 December 2015
Jef Colruyt Marc Hofman Chairman of the Board of Directors Chief Financial Officer
Interest that can be attributed to the owners of the parent company.
The value of the assets and liabilities that contribute to generating income.
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).
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.
Revenue minus cost of goods sold.
Gross profit divided by revenue.
Gross dividend per share divided by the profit for the financial year (group share) per share.
EBIT divided by revenue.
Earnings before interest, taxes, depreciation and amortisation, or operating profit (EBIT) plus depreciation, amortisation and impairments.
EBITDA divided by revenue.
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.
'Grandes et moyennes surfaces' is a term used in France for store surfaces > 400m² (retail segment), for the activity 'deliveries to independent storekeepers' (wholesale and foodservice segment) and for the DATS 24 petrol stations (other activities segment).
Closing price multiplied with the number of issued shares at the reporting date.
Consists of the gross added value less depreciation, amortisation, impairments on fixed assets, provisions and write-offs of current assets.
Profit for the financial year (after tax).
Net profit margin Net profit divided by revenue.
Revenue comprises the sale of goods and services provided to our own customers, affiliated customers and wholesale customers, after the deduction of discounts and commissions allocated to these customers.
'Restauration hors domicile' concerns the foodservice in France which delivers to the hotel, restaurant and café sector (commercial) and to collectives, such as schools, hospitals and nursing homes (social).
Return on capital employed, or operating profit (EBIT) after tax divided by the capital employed.
Purchase of property, plant and equipment and intangible assets also includes finance leases, but excludes acquisitions through business combinations and contributions by third parties.
Free cash flow is defined as the sum of the cash flow from operating activities and the cash flow from investing activities.
Full-time equivalent; unit of account with which the workforce is expressed by dividing the contractual working time by the full-time working time.
Deze informatie is ook beschikbaar in het Nederlands Cette information est également disponible en français.
Only the Dutch version is the official version. The French and English versions are translations of the original Dutch version.
We have reviewed the accompanying condensed consolidated statement of financial position of Etn Fr Colruyt NV as at 30 September 2015, the condensed consolidated income statement, the condensed consolidated statements of comprehensive income, changes in equity and cash flows for the 6-month period then ended, and notes to the interim financial information ("the condensed consolidated interim financial information"). The board of directors is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.
We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information as at 30 September 2015 and for the 6-month period then ended is not prepared, in all material respects, in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union.
Kontich, 10 December 2015
KPMG Bedrijfsrevisoren - Réviseurs d'Entreprises Statutory Auditor represented by
Ludo Ruysen Réviseur d'Entreprises / Bedrijfsrevisor
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