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"Tag1": {
"value": "\n
\n\n
\n
\n
\n
\n1. Significant accounting
\npolicies
\n\nEtn. Fr. Colruyt NV (hereinafter referred to as the \u2018Company\u2019)
\nis domiciled in 1500 Halle, Belgium and is publicly traded on
\nNYSE Euronext Brussels under the code COLR. The consolidated
\nfinancial statements for the 2022/23 financial year, which closed
\non 31 March 2023, cover the Company, its subsidiaries and its
\ninterests in associates and joint ventures (hereinafter referred to
\ncollectively as \u2018Colruyt Group\u2019).
\n
\n\nColruyt Group is a family business which, over three generations,
\nhas grown into a retail group with a diverse portfolio of food and
\nnon-food formulas, in Belgium and abroad. Its main activity is
\nthe operation of supermarkets under the brand name \u2018Colruyt
\nLowest Prices\u2019. Colruyt Group operates in the retail sector and has
\nmany different store formulas, both physical and online, each
\nwith its own brand promise, mainly in Belgium, Luxembourg and
\nFrance, though it is also active on the African continent. Colruyt
\nGroup also engages in food services and wholesale trade. Finally,
\ncertain aspects of technology, IT and communication are handled
\nby Colruyt Group itself, as is the case with the processing and/or
\npackaging of meat, coffee, cheese and wine.
\n\nThe consolidated financial statements for the 2022/23 financial
\nyear were authorised for issue on 9 June 2023 by the Board
\nof Directors, subject to the approval of the statutory non-
\nconsolidated financial statements by the shareholders during
\nthe Annual General Meeting of Shareholders, which will be
\nheld on 27 September 2023. In accordance with Belgian law,
\nthe consolidated financial statements will be presented for
\ninformation purposes to the shareholders of Colruyt Group during
\nthat same meeting. The consolidated financial statements are
\nnot subject to changes, unless decisions of the shareholders
\nregarding the statutory non-consolidated financial statements
\nimpact the consolidated financial statements.
\n
\n\n\n1.1. Basis of presentation
\nThe consolidated financial statements are expressed in millions
\nof EUR rounded to one decimal place. As a result of rounding, the
\ntotals of certain figures in the tables may differ from those in the
\nmain statements or between disclosure notes. The consolidated
\nfinancial statements include comparative figures from the
\nprevious financial year.
\nThe consolidated financial statements describe the financial
\nposition as of 31 March and are prepared using the historical
\ncost method, with the exception of certain line items, including
\nderivative financial instruments, financial assets at fair value
\nthrough other comprehensive income and financial assets at fair
\nvalue through profit or loss, which are measured at fair value. Net
\nliabilities related to Belgian defined contribution plans with a
\nlegally guaranteed minimum return, which are accounted for as
\ndefined benefit plans, are not measured at historical cost either
\nbut are measured using the projected unit credit method. Colruyt
\nGroup has prepared the consolidated financial statements on the
\nassumption that it will continue its operations as a going concern,
\nas there are no material uncertainties and there are sufficient
\nresources to continue operations. In the income statement, the
\nfigures for financial year 2021/22 were restated in line with IFRS
\n5, \u2018Non-current Assets Held for Sale and Discontinued Operations\u2019.
\nFor more information, see note 16. Assets held for sale, disposal of
\nsubsidiaries and discontinued operations.
\nThe consolidated financial statements are prepared before any
\ndistribution of profits of the Company as proposed to the Annual
\nGeneral Meeting of Shareholders.
\nThe significant accounting policies listed below have been applied
\nconsistently for all the periods presented in these consolidated
\nfinancial statements.
\n
\n\n\n1.2. Significant accounting estimates
\nand assumptions
\nPreparing the consolidated financial statements requires Colruyt
\nGroup\u2019s management to make judgements, estimates and
\nassumptions. In most cases, estimates and related assumptions
\nare based on past experience and various other factors that are
\nbelieved to be reasonable given the circumstances. Actual results
\nmay differ from these estimates. The estimates and underlying
\nassumptions are assessed and adjusted annually. Revisions to
\naccounting estimates are recognised in the period in which the
\nestimate is revised, where the revision affects only that period,
\nor in the period of the revision and future period(s) when the
\nrevision affects both current and future period(s).
\nKey sources of estimation uncertainty incurring a risk of material
\nadjustments in the next financial year are:
\nImpairment of assets
\nEach year, and also whenever there are indications that their net
\ncarrying amount may exceed their recoverable amount, cash-
\ngenerating units to which goodwill or intangible assets with
\nindefinite useful lives are assigned are tested for impairment.
\nThis analysis requires management to calculate the recoverable
\namount. The recoverable amount is the higher of the fair value
\nless costs to sell and the value in use. The value in use is the
\npresent value of estimated future cash flows using a relevant
\ndiscount rate (WACC) and terminal growth rate. For more
\ninformation on the assumptions used and the sensitivity of the
\ncarrying amounts to the assumptions, please see note 9. Goodwill.
\nRecognition and measurement of internally
\ndeveloped intangible assets
\nColruyt Group invests in internally developed innovative change
\nprogrammes and IT investments. An important condition for
\nthe recognition of intangible assets related to this is the future
\neconomic benefits of these programmes. These future economic
\nbenefits are based on estimates by management and programme
\nmanagers, which are validated and discussed on a regular
\n
\n
\n\n
\n\n
\n\n
\n\n\n\n
\n
\n\nbasis. For more information on the carrying amount of these
\nprogrammes, see note 10. Intangible assets.
\nIncome tax and deferred taxes
\nDeferred tax assets are recognised only to the extent that it is
\nprobable that future profits will be available against which the
\ntax losses carried forward and any unused tax credits able to be
\ncarried forward can be offset. Colruyt Group sets a time horizon
\nof five years for these estimates. The carrying amount of deferred
\ntax assets is reviewed at each reporting date, based on estimates
\nof future profits. For more information on the carrying amount
\nof deferred tax assets and unrecognised deferred tax assets (or
\nliabilities), see note 17. Deferred tax assets and liabilities.
\nEmployee benefits \u2013 IAS 19
\nEach year, the defined contribution plan liabilities and annual
\ncosts are determined on the basis of actuarial assumptions.
\nDiscount rates and inflation rates are set at group level by
\nmanagement. The other assumptions (such as expected future
\nwage increases and the chances of employees leaving) are
\ndetermined at local level. All employee benefit plans are reviewed
\nannually by independent actuaries. For additional information
\nregarding the assumptions and the sensitivity of the carrying
\namount of the liabilities to the assumptions, see note 24. Non-
\ncurrent liabilities related to employee benefits.
\nKey sources of assumptions in the next financial year are:
\nCalculating the present value of lease payments
\nand determining the lease term of contracts with
\nrenewal options
\nDetermining the lease term requires a certain degree of
\nassessment. Factors considered relate to the probability that
\nearly termination options or renewal options will be exercised.
\nAll facts and circumstances relevant to assessing the lease terms
\nare considered. Lease terms are determined with the help of the
\ndepartments with relevant knowledge thereof. Based on past
\nexperience and the fact that it is commercially important to be
\npresent in a location for a longer period of time, the lease term is
\ntypically set at 9 years.
\nColruyt Group cannot readily determine the interest rate implicit
\nin the leases. As a result, the Incremental Borrowing Rate (IBR)
\nis used to measure lease liabilities. The IBR is the interest rate
\nthat Colruyt Group would have to pay to borrow over a similar
\nterm, and with a similar security, the funds necessary to obtain
\nan asset of a similar value to the right-of-use asset. Colruyt Group
\nestimates the IBR using observable data (such as market interest
\nrates) and certain entity-specific parameters.
\nConsolidation principles
\nDetermining whether Colruyt Group has control, joint control
\nor significant influence is based on the specific facts and
\ncircumstances. These conclusions can differ from judgements
\npurely based on the ownership percentage held by Colruyt Group.
\nColruyt Group owns the majority of the shares in Virya Energy
\nNV and considers it an associate, as in previous years. As Korys
\nInvestments NV and Colruyt Group are related parties, Colruyt is
\nof the opinion that it exercises only significant influence on Virya
\nEnergy NV and not joint control, as Korys Investments NV has the
\npower to influence decisions at Colruyt Group level.
\n
\n
\n\n
\n\n1.3. Statement of compliance
\nColruyt Group\u2019s consolidated financial statements are prepared in
\naccordance with the \u2018International Financial Reporting Standards
\n(IFRS)\u2019, as issued by the \u2018International Accounting Standards Board
\n(IASB)\u2019 and adopted by the European Union.
\n\n\n\n\n\n\n\nA. New standards and interpretations effective in
\n2022/23
\nWhile the following (amended) standards and improvements
\nare effective for Colruyt Group as of 1 April 2022, none has any
\nsignificant impact on Colruyt Group\u2019s consolidated financial
\nstatements:
\n\u2022 IAS 16 (Amendment), \u2018Property, Plant and Equipment - Proceeds
\nbefore Intended Use\u2019. The amendment prohibits entities
\ndeducting from the cost of an item of property, plant and
\nequipment, any proceeds from selling items produced while
\nbringing that asset to the location and condition necessary
\nfor it to be capable of operating in the manner intended by
\nmanagement. An entity shall recognise such proceeds and the
\ncost of producing those items in profit or loss.
\n\u2022 IAS 37 (Amendment), \u2018Provisions, Contingent Liabilities and
\nContingent Assets - Onerous Contracts \u2014 Cost of Fulfilling a
\nContract\u2019. The amendment specifies which costs an entity needs
\nto include when assessing whether a contract is onerous or
\nloss-making. A \u2018directly related cost approach\u2019 is applied.
\n\u2022 IFRS 3 (Amendment), \u2018Business Combinations - References to the
\nConceptual Framework\u2019. The amendments replace references
\nto an old version of the IASB\u2019s Conceptual Framework with
\nreferences to the current version issued in March 2018. An
\nexception was also added to the recognition criteria in IFRS 3
\nwith respect to liabilities and contingent liabilities that would be
\nwithin the scope of IAS 37 or IFRIC 21. The amendment further
\nadded an explicit statement that an acquirer cannot recognise
\ncontingent assets acquired in a business combination.
\n\n\n\n\n\n\n
\n
\n\nB. Standards and interpretations published but not
\nyet effective for 2022/23
\nColruyt Group did not early adopt the following published
\n(amended) standards, interpretations and improvements relevant
\nto the group and effective only after 31 March 2023. Colruyt Group
\nintends to apply these standards when they become effective;
\nnone of them, however, has any significant impact on Colruyt
\nGroup\u2019s consolidated financial statements.
\n\u2022 IAS 1 (Amendment), \u2018Presentation of Financial Statements \u2013
\nClassification of Liabilities as Current or Non-current\u2019 (effective
\ndate for Colruyt Group 1 April 2024). The amendments clarify
\nthe criteria for determining whether to classify a liability as
\ncurrent or non-current. The amendments clarify that if an
\nentity\u2019s right to defer settlement of a liability is subject to the
\nentity complying with future covenants, the entity has a right
\nto defer settlement of the liability even if it does not comply
\nwith those covenants at the end of the reporting period. The
\namendments clarify that classification of a liability is unaffected
\nby the likelihood that the entity will exercise its right to defer
\nsettlement of the liability for at least twelve months after
\nthe reporting period. The amendments clarify that there is
\nan exception to the requirement that settlement of liabilities
\nby way of own equity instruments impacts the classification
\nof liabilities. The amendments further require additional
\n
\n\n
\n\n
\n\n
\n
\ndisclosures by an entity that classifies liabilities arising from
\nloan arrangements as non-current when it has the right to defer
\nsettlement of those liabilities that are subject to the entity
\ncomplying with future covenants within twelve months.
\n\u2022 IAS 1 (Amendment), \u2018Presentation of Financial Statements and
\nIFRS Practice Statement 2: Disclosure of Accounting Policies\u2019
\n(effective date for Colruyt Group 1 April 2023). The amendments
\nprovide guidance on the application of materiality judgements
\nto accounting policy disclosures. The amendments to IAS 1
\nreplace the requirement to disclose \u201csignificant\u201d accounting
\npolicies with a requirement to disclose \u201cmaterial\u201d accounting
\npolicies. The Practice Statement includes guidance and
\nillustrative examples that assist in applying the materiality
\nconcept when making judgements about accounting policies.
\n\u2022 IAS 8 (Amendment), \u2018Accounting Policies, Changes in Accounting
\nEstimates and Errors - Definition of Accounting Estimates\u2019 and
\nIAS 1 (Amendment), \u2018Presentation of Financial Statements\u2019
\n(effective date for Colruyt Group 1 April 2023). This amendment
\nclarifies how a company should distinguish between changes
\nin accounting estimates and changes in accounting policies.
\nA company is also required to disclose information about
\n\u2018material\u2019 accounting policies rather than \u2018significant\u2019 accounting
\npolicies.
\n\u2022 IAS 12 (Amendment), \u2018Income Taxes - Deferred Tax related to
\nAssets and Liabilities arising from a Single Transaction\u2019 (effective
\ndate for Colruyt Group 1 April 2023). This amendment clarifies
\nthat where payments that settle a liability are deductible for tax
\npurposes, it is a matter of judgement (having considered the
\napplicable tax law) whether such deductions are attributable
\nfor tax purposes to the liability recognised in the financial
\nstatements (and interest expense) or to the related asset
\ncomponent (and interest expense). This judgement is important
\nin determining whether any temporary differences exist on
\ninitial recognition of the asset and liability.
\n\u2022 IFRS 16 (Amendment), \u2018Leases - Lease Liability in a Sale and
\nLeaseback\u2019 (effective date for Colruyt Group 1 April 2024). The
\namendments specify how a seller-lessee measures the lease
\nliability arising in a sale and leaseback transaction in a way
\nthat it does not recognise any amount of the gain or loss that
\nrelates to the right of use retained. The amendment does
\nnot prescribe specific measurement requirements for lease
\nliabilities arising from a leaseback. The initial measurement
\nof the lease liability arising from a leaseback may result in a
\nseller-lessee determining `lease payments\u2019 that are different
\nfrom the general definition of lease payments in Appendix A
\nof IFRS 16. The seller-lessee will need to develop and apply an
\naccounting policy that results in information that is relevant and
\nreliable in accordance with IAS 8, \u2018Accounting Policies, Changes in
\nAccounting Estimates and Errors\u2019.
\n\u2022 IFRS 17 (Amendment), \u2018Insurance Contract - Initial Application
\nof IFRS 17 and IFRS 9 - Comparative Information\u2019 (effective date
\nfor Colruyt Group 1 April 2023). For some insurers, temporary
\naccounting mismatches could arise, during the transition period,
\nbetween financial assets and insurance contract liabilities in
\nthe comparative information they are required to present in
\ntheir financial statements. This amendment will help avoid
\ntemporary accounting mismatches and in this way increase the
\nusefulness of comparative information for investors.
\n\u2022 IFRS 17 (Publication), \u2018Insurance Contracts\u2019 (effective date for
\nColruyt Group 1 April 2023). This new standard will replace the
\nexisting standard IFRS 4, \u2018Insurance Contracts\u2019. It will apply to all
\ntypes of insurance contracts, regardless of the type of entities
\nthat issue them, as well as to certain guarantees and financial
\ninstruments with discretionary participation features.
\n\n
\n
\n1.4. Consolidation principles
\nColruyt Group\u2019s consolidated financial statements include the
\nfinancial statements of the Company, its subsidiaries after
\nelimination of intragroup transactions and balances and Colruyt
\nGroup\u2019s interest in associated entities and joint ventures.
\n\nA. Subsidiaries
\nSubsidiaries are those entities over which Colruyt Group has
\ncontrol. Control exists if Colruyt Group is exposed or has rights
\nto variable returns from its involvement with the investee and if
\nColruyt Group has the ability to use its power over the investee to
\naffect the amount of these returns. In assessing whether control
\nexists, all facts and circumstances are considered. The financial
\nstatements of subsidiaries are included in the consolidated
\nfinancial statements from the date that control effectively
\ncommences until the date that control effectively ceases.
\nNon-controlling interests in subsidiaries are identified separately
\nfrom Colruyt Group\u2019s equity. The interest of non-controlling
\nshareholders can initially be measured at fair value or at the non-
\ncontrolling interests\u2019 proportionate share of the fair value of the
\nacquiree\u2019s identifiable net assets. The choice of measurement
\nbasis is made on a case-by-case basis. Subsequent to the
\nacquisition, the carrying amount of non-controlling interests is
\nthe amount of those interests at initial recognition plus the non-
\ncontrolling interests\u2019 share of subsequent changes in equity. The
\ntotal result is attributed to non-controlling interests even if this
\nresults in the non-controlling interests having a deficit balance.
\nChanges in Colruyt Group\u2019s interest in a subsidiary that do not
\nresult in a loss of control are accounted for as transactions
\nbetween owners. The carrying amounts of Colruyt Group\u2019s
\ninterests and the non-controlling interests are subsequently
\nadjusted directly in equity to reflect the changes in their relative
\ninterests in the subsidiary.
\nWhen Colruyt Group loses control of a subsidiary, the profit or loss
\non disposal is calculated as the difference between:
\n\u2022 the aggregate of the fair value of the consideration received and
\nthe fair value of any retained interest; and
\n\u2022 the previously recognised carrying amount of the assets
\n(including goodwill) and liabilities of the subsidiary and any
\nnon-controlling interests.
\nAmounts previously recognised in other comprehensive income in
\nrelation to the subsidiary are accounted for in the same manner
\n(i.e. reclassified to profit or loss or transferred directly to retained
\nearnings) as would be required if the relevant assets or liabilities
\nwere disposed of. The fair value of any investment retained in the
\nformer subsidiary at the date when control is lost, is regarded as
\nthe fair value on initial recognition for subsequent accounting
\nunder IFRS 9, \u2018Financial Instruments\u2019 or, if applicable, the cost
\non initial recognition of an investment in an associate or joint
\nventure.
\n
\n
\n\n\n
\n\nB. Associates
\nAssociates are those entities in which Colruyt Group has
\nsignificant influence on the financial and operational policies but
\nwhich it does not control or jointly control.
\n
\n\n
\n\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n\nThe initial recognition of these investments is at cost including
\ntransaction costs. These investments are incorporated into the
\nconsolidated financial statements using the equity method
\nfrom the date on which the significant influence begins until the
\ndate on which the significant influence ceases. In the event an
\nindication of impairment arises after the application of the equity
\nmethod, Colruyt Group calculates the amount of the impairment
\nloss as the difference between the recoverable amount and the
\ncarrying amount of the investment in the associate. If Colruyt
\nGroup\u2019s share of the associate\u2019s losses exceeds the carrying
\namount of Colruyt Group\u2019s interests in the associate, the carrying
\namount is reduced to nil in Colruyt Group\u2019s statement of financial
\nposition and no further losses are taken into account, except to
\nthe extent that Colruyt Group incurred obligations in respect of
\nthat associate. When the associate becomes profitable again, the
\ngroup\u2019s share of the associate\u2019s profit is recognised only when the
\nprofit cancels out the unrecognised losses.
\n
\n\n\nC. Joint ventures
\nJoint ventures are those entities in which Colruyt Group has joint
\ncontrol and where such control is established by an agreement,
\nconferring upon Colruyt Group rights to the net assets of the
\nagreement, but no rights to the assets of the agreement and
\nno liabilities arising from debts of the agreement. Joint control
\nimplies that the decisions about the relevant activities require the
\nunanimous consent of all parties sharing control.
\nThe initial recognition of these investments is at cost including
\ntransaction costs. Colruyt Group\u2019s interests in joint ventures
\nare accounted for using the equity method, from the date that
\njoint control first exists until the date it ceases. In the event an
\nindication of impairment arises after the application of the equity
\nmethod, Colruyt Group calculates the amount of the impairment
\nloss as the difference between the recoverable amount and the
\ncarrying amount of the investment in the joint venture. If Colruyt
\nGroup\u2019s share of the joint venture\u2019s loss exceeds the carrying
\namount of Colruyt Group\u2019s interest in the joint venture, the
\ncarrying amount is reduced to nil in Colruyt Group\u2019s statement of
\nfinancial position and no further losses are taken into account,
\nexcept to the extent that Colruyt Group incurred obligations on
\nbehalf of that joint venture. When the joint venture becomes
\nprofitable again, the group\u2019s share of the joint venture\u2019s profit is
\nrecognised only when the profit cancels out the unrecognised
\nlosses.
\n
\n\n
\n\nD. Transactions eliminated on consolidation
\nIntragroup balances and transactions, including unrealised results
\non intragroup transactions, are eliminated when preparing the
\nconsolidated financial statements.
\nUnrealised gains from transactions with associates or joint
\nventures are eliminated in proportion to Colruyt Group\u2019s interest
\nin the associates or joint ventures. Unrealised losses are
\neliminated in the same way as unrealised gains, except that they
\nare only eliminated to the extent that there is no evidence of
\nimpairment.
\n\n
\n\nE. Business combinations
\nAcquisitions of businesses (as defined by IFRS 3, \u2018Business
\nCombinations\u2019) are accounted for using the acquisition method.
\nThe consideration for each business combination is measured as
\nthe aggregate of the fair values at acquisition date of the assets
\ntransferred by the acquirer, the liabilities incurred to former
\nowners of the acquiree, and equity instruments issued by the
\nacquirer in exchange for control.
\nAcquisition-related costs are recognised in profit or loss as
\nincurred, except when they relate to the issue of debt or equity
\ninstruments. In this case, these costs are deducted from the debt
\ninstruments and from equity respectively.
\nIf applicable, the consideration for the business combination
\nincludes any asset or liability resulting from a contingent
\nconsideration arrangement, measured at its fair value at the
\nacquisition date. Subsequent changes in such fair values are
\nadjusted retroactively within the measurement period against
\nthe cost of acquisition when they qualify as adjustments due to
\nadditional facts and circumstances existing at acquisition date.
\nAll other subsequent changes in the fair value of contingent
\nconsideration classified as an asset or liability are accounted
\nfor in accordance with relevant IFRS. If an obligation to pay
\ncontingent consideration meets the definition of a financial
\ninstrument classified as equity, it is not remeasured and its
\nsubsequent settlement is accounted for within equity.
\nWhere a business combination is achieved in stages, Colruyt
\nGroup\u2019s previously held interest in the acquired entity is
\nremeasured to fair value at the acquisition date (i.e. the date
\nthe group obtains control) and the resulting gain or loss, if any,
\nis recognised directly in profit or loss. Amounts arising from
\ninterests in the acquiree prior to the acquisition date that have
\npreviously been recognised in other comprehensive income are
\nrecognised on the same basis as would be required if that interest
\nwere disposed of.
\nThe identifiable assets, liabilities and contingent liabilities that
\nmeet the conditions for recognition under IFRS 3, \u2018Business
\nCombinations\u2019 are recognised at their fair value at the acquisition
\ndate, except that:
\n\u2022 deferred tax assets or liabilities and liabilities or assets
\nrelated to employee benefit arrangements are recognised and
\nmeasured in accordance with IAS 12, \u2018Income Taxes\u2019 and IAS 19,
\n\u2018Employee Benefits\u2019 respectively;
\n\u2022 liabilities or equity instruments related to the replacement by
\nColruyt Group of an acquiree\u2019s share-based payment awards are
\nmeasured in accordance with IFRS 2, \u2018Share-based Payment\u2019;
\n\u2022 assets (or disposal groups) that are classified as held for sale at
\nacquisition date in accordance with IFRS 5, \u2018Non-current Assets
\nHeld for Sale and Discontinued Operations\u2019, are measured in
\naccordance with that standard.
\nIf the initial accounting for a business combination is incomplete
\nby the end of the financial year in which the combination occurs,
\nColruyt Group reports provisional amounts for the items for which
\nthe accounting is incomplete. Those provisional amounts are
\nadjusted during the measurement period (see paragraph below),
\nand/or additional assets and/or liabilities are recognised to
\nreflect new information obtained about facts and circumstances
\nthat existed as of the acquisition date that, if known, would have
\naffected the amounts recognised as of that date.
\nThe measurement period is the period from the acquisition date
\nto the date Colruyt Group obtains complete information about
\nfacts and circumstances that existed as of the acquisition date.
\nThe measurement period shall not exceed one year from the
\nacquisition date.
\n
\n
\n\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n\n\n\nF. Financial statements of foreign companies in
\nforeign currencies
\nTo consolidate Colruyt Group and each of its subsidiaries, the
\nfinancial statements of the individual subsidiaries are translated
\ninto euro, the functional currency of the Company and the
\npresentation currency of the group. The translation is performed
\nas follows:
\n\u2022 assets and liabilities, including goodwill and fair value
\nadjustments arising from acquisitions, at the closing exchange
\nrate of the European Central Bank at the reporting date;
\n\u2022 income, expenses and cash flows at the average exchange rate
\nfor the financial year (which approximates the exchange rate at
\nthe date of the transaction);
\n\u2022 components of shareholders\u2019 equity at the historical exchange
\nrate.
\nExchange rate differences arising from the translation of net
\ninvestments in foreign subsidiaries, associates and joint ventures
\nat the closing exchange rate at the reporting date are recorded
\nas part of the consolidated other comprehensive income, under
\n\u2018Cumulative translation adjustments\u2019 in \u2018Other reserves\u2019, except for
\nthe part attributed to non-controlling interests.
\nUpon the disposal of a foreign operation (i.e. a disposal of Colruyt
\nGroup\u2019s entire interest in a foreign operation, or a disposal
\ninvolving loss of control over a subsidiary that includes a foreign
\noperation, loss of joint control over a joint venture that includes
\na foreign operation, or loss of significant influence over an
\nassociate that includes a foreign operation), all of the cumulative
\ntranslation adjustments in equity in respect of that foreign
\noperation attributable to Colruyt Group are reclassified to profit or
\nloss as part of the consolidated financial results.
\nIn the case of a partial disposal of a subsidiary (i.e. with no loss of
\ncontrol over the subsidiary by Colruyt Group), the proportionate
\nshare of cumulative translation adjustments is reattributed
\nto non-controlling interests and is not recognised in profit or
\nloss. For all other partial disposals (i.e. the partial disposal of
\nassociates or joint ventures not resulting in Colruyt Group losing
\nsignificant influence or joint control), the proportionate share
\nof the cumulative translation adjustments is reclassified to the
\nconsolidated financial results.
\n\n\n
\n\n\n\n\nG. Foreign currency transactions
\nTransactions in foreign currencies are translated to the functional
\ncurrency of the Company at the exchange rates prevailing at the
\ndate of the transaction.
\nAll monetary assets and liabilities denominated in foreign
\ncurrencies are translated at the closing rate at the reporting date.
\nGains and losses resulting from transactions in foreign currency
\nand from the translation of monetary assets and liabilities
\ndenominated in foreign currencies are recognised in profit or loss.
\nNon-monetary assets and liabilities denominated in foreign
\ncurrencies and valued on a historical cost basis are translated at
\nthe exchange rate at the transaction date. Non-monetary assets
\nand liabilities in foreign currencies at fair value are translated at
\nthe exchange rate applicable at the date on which the fair value
\nwas determined.
\n\n\n
\n\n
\n
\n\n1.5. Other significant accounting
\npolicies
\n\n
\n
\n\n
\n\nA. Goodwill
\nGoodwill resulting from business combinations is recognised as
\nan asset as from the date control is obtained (the acquisition
\ndate). Colruyt Group measures goodwill as the difference between:
\n\u2022 the aggregate of the fair value of the consideration transferred,
\nthe amount of any non-controlling interest in the acquiree, and
\nin a business combination achieved in stages, the fair value of
\nthe previously held equity interest in the acquiree; and
\n\u2022 the net amount of the identifiable assets acquired and the
\nliabilities incurred at the acquisition date.
\nIf, after consideration, this difference is negative, the resulting
\ngain from a bargain purchase is recognised immediately in profit
\nor loss.
\nFor investments in associates and joint ventures, the goodwill is
\nincluded within the carrying amount of the investment.
\nGoodwill is recognised at cost less any accumulated impairment
\nlosses. Goodwill is not amortised but is reviewed for impairment.
\nImpairment is tested annually or earlier if indications of
\nimpairment exist.
\n
\n
\n\n
\n
\n\n\n
\nB. Intangible fixed assets
\n\nResearch and development
\nExpenses from research activities are recognised in the
\nconsolidated income statement when incurred.
\nExpenditure related to development activities whereby the results
\nare used for a plan or design intended for the production of new
\nor substantially improved products or processes are capitalised if
\nthe following conditions are met:
\n\u2022 the technical and commercial feasibility of the product or
\nprocess has been demonstrated and the product or process will
\nbe commercialised or will be used internally;
\n\u2022 the product or process will generate future economic benefits;
\n\u2022 Colruyt Group has the necessary technical, financial and other
\nresources to complete and use or sell the development; and
\n\u2022 the product or process has been carefully described and the
\nexpenses can be separately identified and can be measured
\nreliably.
\nThe capitalised expenditure is valued at full cost and therefore
\nincludes the cost of materials, direct labour and an appropriate
\nproportion of overheads.
\nDevelopment costs that do not satisfy these conditions are
\nrecognised in the consolidated income statement when incurred.
\nCapitalised development expenditure is stated at cost less
\naccumulated amortisation and impairment losses.
\n
\n\nOther intangible assets
\nOther intangible assets are recognised at cost less accumulated
\namortisation and impairment losses.
\n
\n\n
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\nSubsequent expenditure
\nSubsequent expenditure on intangible assets is capitalised only
\nwhen it results in an increase of future economic benefits derived
\nfrom the use of the specific asset to which the subsequent
\nexpenditure is related. All other expenditure is expensed as
\nincurred.
\nAmortisation
\nIntangible assets with a finite useful life are subject to straight-
\nline amortisation over their estimated useful lives. Amortisation
\nof intangible assets only begins when assets are available for
\nintended use.
\nIntangible assets that are not yet ready for their intended use
\nand intangible assets with an indefinite useful life are tested for
\nimpairment at least annually. For internally developed intangible
\nassets, this evaluation is made at least twice a year.
\nFor intangible assets, Colruyt Group makes a distinction between
\nsoftware, licences, permits, customer portfolios, internally
\ndeveloped intangible assets and other intangible assets.
\nThis distinction is expressed in a different useful life per type of
\nintangible asset:
\n\u2022 externally purchased software, licences and permits:
\ncontractually defined period;
\n\u2022 customer portfolios arising from the acquisition of points of
\nsale: indefinite useful life;
\n\u2022 internally developed intangible assets: 3, 5, 7 or 10 years;
\n\u2022 other intangible assets: 3 to 5 years.
\nThe amortisation method and useful life are reviewed annually
\nand amended if necessary.
\n
\n\n
\n\n\n
\nC. Property, plant and equipment
\nProperty, plant and equipment are recorded at cost less
\naccumulated depreciation and impairment losses. The cost of
\nself-constructed assets includes direct labour costs in addition to
\nthe direct cost of material and a reasonable proportion of indirect
\nmanufacturing costs which are necessary to bring the asset into
\nits location and state that are required for the asset to function
\nin the intended way. The depreciation method, the residual
\nvalue and the useful life are reviewed annually and amended if
\nnecessary.
\nColruyt Group has opted to recognise capital grants as a
\ndeduction to the cost of property, plant and equipment. Grants
\nare recognised when there is reasonable assurance that the
\ngrants will be received and that the group will comply with the
\nconditions attached to them. These grants are taken into profit or
\nloss over the useful life of the asset by reducing the depreciation
\ncharge.
\nIn certain circumstances obligations exist to dismantle and
\nrestore items of property, plant and equipment in their original
\nstate; these are therefore included in the cost or acquisition
\nvalue of the item of property, plant and equipment. A provision is
\nrecognised in the statement of financial position.
\nSubsequent expenditure
\nCosts for the replacement of a component of property, plant and
\nequipment are capitalised provided that the cost to be capitalised
\ncan be reliably determined and that the expenditure will result in
\na future economic benefit.
\nCosts which do not meet these conditions are immediately
\nrecognised in the consolidated income statement when incurred.
\n\nDepreciation
\nProperty, plant and equipment are subject to straight-line
\ndepreciation in profit or loss based on the estimated useful life of
\neach component.
\nTangible assets with an indefinite useful life are not depreciated
\nbut tested for impairment annually.
\nThe estimated useful lives are defined as follows:
\n\u2022 land: indefinite;
\n\u2022 buildings: 20 to 30 years;
\n\u2022 fixtures: 9 to 15 years;
\n\u2022 fittings, machinery, equipment, furnishings and vehicles: 3 to
\n20 years;
\n\u2022 IT equipment: 3 to 5 years;
\n\u2022 right-of-use assets: useful life of the asset or, if shorter, the lease
\nterm.
\n
\n
\n\nRetirements
\nAn item of property, plant and equipment and any significant part
\ninitially recognised is derecognised on disposal (i.e. on the date
\nwhen the recipient obtains control) or when no future economic
\nbenefits are expected from its use or disposal. Any gain or loss
\narising from the derecognition of the asset (calculated as the
\ndifference between the net disposal proceeds and the carrying
\namount of the asset) is included in profit or loss when the asset is
\nderecognised.
\n
\n
\n
\n\n\nD. Leases
\nFor all leases with a lease term of more than 12 months,
\na right-of-use asset and a corresponding lease liability are
\nrecognised on the date on which the leased asset is made
\navailable for use. Right-of-use assets are recognised as part of
\nproperty, plant and equipment and lease liabilities are reported
\nas part of interest-bearing liabilities, recognised at cost less
\naccumulated depreciation and impairment losses and adjusted
\nfor remeasurement of lease obligations.
\nThe lease liability is measured at the present value of the
\nremaining lease payments, discounted at a predetermined
\ndiscount rate. Colruyt Group uses the interest rate implicit in the
\nlease contract or, when the latter is not available, the \u2018incremental
\nborrowing rate\u2019 which is revised annually for new contracts.
\nAt initial recognition of the lease, the right of use of the assets is
\nmeasured at an amount equal to the lease liability. Under certain
\nconditions the initial direct costs for concluding the lease are
\nincluded in the value of the right-of-use asset.
\nThe lease term is determined as the non-cancellable period of
\nthe lease, taking into account the option to extend the lease if
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\nthat option is reasonably certain to be exercised, or the option to
\nterminate the lease early if that option is reasonably certain not
\nto be exercised.
\nLease payments are apportioned between reduction of the
\noutstanding lease liability and finance expenses, whereby the
\nfinance expenses are recognised in profit or loss, so as to achieve
\na constant rate of interest on the remaining balance of the lease
\nliability. The right-of-use asset is depreciated over the shorter of
\nits useful life and the lease term.
\nPayments made for short-term leases or leases of low-value
\nassets are recognised in profit or loss on a straight-line basis over
\nthe term of the lease.
\nA limited number of premises that Colruyt Group leases are
\nsubleased to third parties (the so-called \u2018sublease agreements\u2019).
\nWhen the right of use of these assets is not fully transferred
\nto the sublessee (which is the case, amongst others, when the
\nrental period of the sublease is significantly shorter than the one
\nof the head lease), these \u2018sublease agreements\u2019 are classified
\nas operating sublease agreements and the rental income is
\nrecognised in profit or loss under \u2018Other operating income\u2019, on a
\nstraight-line basis over the lease term.
\nRental income under a finance sublease is treated in accordance
\nwith IFRS 16, whereby a lease receivable is recognised in the
\nconsolidated statement of financial position. This lease receivable
\nis equal to the discounted value of the future lease payments
\nplus any residual value accruing to the lessor, at the interest
\nrate implicit in the lease. Lease receivables are presented in
\nthe consolidated statement of financial position under \u2018Other
\nreceivables\u2019. Any differences between the right-of-use asset and
\nthe lease receivable are accounted for in profit or loss at initial
\nrecognition.
\n
\n\n\n\n\n
\n
\n\n\n\nE. Financial assets
\nClassification
\nColruyt Group classifies its financial assets at initial recognition in
\ndifferent categories. The classification of financial assets depends
\non:
\n\u2022 The characteristics of the contractual cash flows of the financial
\nassets (SPPI test). The SPPI test is designed to determine
\nwhether or not the contractual cash flows relate to payments of
\nprincipal and interest on the principal amount outstanding.
\n\u2022 The business model used for managing the financial assets
\ndetermines whether the cash flow results from:
\n\u2022 a contractual cash flow;
\n\u2022 a sale of financial assets; or
\n\u2022 a combination of both.
\nThe classification of a financial asset determines the
\nmeasurement of this financial asset and whether the income and
\nexpenses are recognised in profit or loss, or directly in equity. The
\nfinancial assets are classified as follows:
\n\u2022 financial assets at amortised cost;
\n\u2022 financial assets at fair value through other comprehensive
\nincome (\u2018FVOCI\u2019);
\n\u2022 financial assets at fair value through profit or loss (\u2018FVTPL\u2019).
\n\nFinancial assets at amortised cost
\nFinancial assets are recognised at amortised cost when the
\nbusiness model\u2019s objective is to hold financial assets in order
\nto collect contractual cash flows and the contractual cash flows
\nrepresent (re)payments of principal and interest on the principal
\namount outstanding and on specified dates.
\nThese financial assets are initially recognised at fair value,
\nincluding any transaction costs that are directly attributable to
\nthese financial assets. After initial recognition these assets are
\nmeasured at amortised cost using the effective interest method,
\nnet of impairment. Each reporting period, the amount of the
\nimpairment is determined as the difference between the carrying
\namount of the financial asset and the present value of estimated
\nfuture cash flows discounted at the financial asset\u2019s original
\neffective interest rate. Gains and losses are recognised in profit or
\nloss when the asset is derecognised, modified or impaired.
\n\n\nFinancial assets at fair value through other comprehensive
\nincome
\nFinancial assets are recognised at fair value through other
\ncomprehensive income when the business model\u2019s objective is
\nto hold financial assets in order to collect contractual cash flows
\nas well as to sell financial assets. The contractual cash flows
\nrepresent (re)payments of principal and interest on the principal
\namount outstanding and on specified dates. In addition, Colruyt
\nGroup may irrevocably choose to recognise at fair value through
\nother comprehensive income equity instruments that would
\notherwise be measured at fair value through profit or loss. This
\nchoice is irrevocable and can only apply if the equity instrument
\nis not held for trading or if it is not recognised as contingent
\nconsideration by an acquirer in a business combination. Colruyt
\nGroup makes this choice for equity instruments which it has
\ncurrently no intention to sell in the short term.
\nThese financial assets are initially recognised at fair value,
\nincluding any transaction costs that are directly attributable to
\nthese financial assets. After initial recognition these financial
\nassets are measured at fair value through other comprehensive
\nincome. In the event of a disposal of these equity instruments
\nwithin this category of financial assets, the cumulative
\nrevaluations recognised through other comprehensive income
\nare reclassified from other comprehensive income to retained
\nearnings.
\n\nFinancial assets at fair value through profit or loss
\nFinancial assets are recognised at fair value through profit or
\nloss when the conditions of the above categories are not met or
\nwhen Colruyt Group has made the irrevocable choice to recognise
\nthrough profit or loss debt instruments measured at fair value
\nthrough other comprehensive income. This choice is irrevocable
\nand may only be used to eliminate or reduce inconsistencies in
\nthe measurement at initial recognition.
\nThese financial assets are initially recognised at fair value. After
\ninitial recognition the assets are measured at fair value through
\nprofit or loss.
\n\n\n\n\n\n\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\n\n\nExpected credit losses
\nFinancial assets are recognised according to the above
\naccounting principles. At the end of every reporting period Colruyt
\nGroup assesses whether a provision for expected credit losses
\nneeds to be recognised for financial assets at amortised cost and
\nfor financial assets at fair value through other comprehensive
\nincome.
\nColruyt Group has identified two categories of financial assets
\nto which the requirements of expected credit losses apply:
\ntrade receivables and other receivables. Expected credit losses
\nare calculated using a model based on expected losses which
\nrepresents the weighted average of credit losses with the
\nrespective default risks as weighting factors.
\nTo determine the expected credit losses Colruyt Group applies the
\nsimplified approach based on a provision matrix, and the general
\napproach, under which credit losses are determined at the level of
\nthe individual receivable. The choice depends on the type of asset
\nand the associated risk characteristics.
\nThe simplified approach always applies to trade receivables.
\nThese do not generally contain a significant financing component.
\nUnder the simplified approach, credit losses are estimated over
\nthe full lifetime of receivables. The calculation of percentages
\nfor historical credit losses is done by categories of debtors with
\nsimilar risk characteristics. In addition to historical credit losses,
\nthe provision matrix used takes into account forward-looking
\nand macroeconomic factors. See note 27.2. \u2018Other risks\u2019 for
\nmacroeconomic factors taken into account.
\nThe general approach applies to other receivables, i.e. to a
\ncategory of receivables of limited materiality, where credit losses
\nare determined at the level of the individual receivable. See note
\n27.1.c. \u2018Credit Risk\u2019 for more information on how expected credit
\nlosses are calculated at the level of other receivables.
\n\n\n
\n\n
\n\n\n
\n\nF. Assets held for sale and discontinued operations
\nAn asset or a disposal group (groups of assets and related
\nliabilities) that is being disposed of, is classified as held for sale
\nif its carrying amount will be recovered principally through a sale
\ntransaction rather than through continuing use. This condition
\nis regarded as met only when the sale is highly probable and
\nthe asset (or disposal group) is available for immediate sale
\nin its present condition. For a sale to be highly probable, the
\nCompany should be committed to a plan to sell the asset (or
\ndisposal group), and an active programme to locate a buyer
\nand to complete the sale should be initiated. The asset (or
\ndisposal group) should be actively marketed at a price which is
\nreasonable in relation to its current fair value, and the sale should
\nbe expected to be completed within one year from the date of
\nclassification.
\nWhen classified as \u2018held for sale\u2019, assets or disposal groups
\nare valued at the lower of their carrying amount and their fair
\nvalue less costs to sell, including any impairment that might
\nbe required and which is recognised through profit or loss.
\nImpairment on an asset or a disposal group is initially allocated to
\ngoodwill and then pro rata to the remaining assets and liabilities.
\nSuch an impairment loss is not allocated to inventories, financial
\nassets or deferred tax assets which continue to be recognised in
\nline with the other significant accounting policies of the group.
\nAs from the moment that property, plant and equipment and
\nintangible assets are classified as held for sale, they are no longer
\ndepreciated or amortised. Comparative balance sheet information
\nfor prior periods is not restated to reflect the new classification in
\nthe consolidated statement of financial position.
\nA discontinued operation is a component of an entity that either
\nhas been disposed of or has been classified as held for sale, which
\nrepresents a separate major line of business or geographical area
\nof operations that can be distinguished operationally as well
\nas for financial reporting purposes from the rest of the entity.
\nThe profit or loss after taxes which arises from discontinued
\noperations is separately reported in the consolidated income
\nstatement. When operations are labelled as discontinued
\noperations, the comparative figures in the consolidated income
\nstatement are restated to reflect a situation as if the operations
\nhad been discontinued as of the beginning of the comparative
\nperiod, while no comparative figures are prepared for the balance
\nsheet.
\n
\n\n
\n\n\n
\n
\nG. Impairment
\n\nThe carrying amount of all assets, with the exception of
\ninventories and deferred tax assets, is reviewed at least once a
\nyear and examined for any indications of impairment. If such
\nindications exist, the related asset\u2019s recoverable amount is
\nestimated.
\nGoodwill, tangible and intangible assets with indefinite useful
\nlives and tangible and intangible assets not available for use are
\ntested for impairment at least annually (irrespective of whether
\nindications of impairment exist or not). For internally developed
\nintangible assets, this review is completed at least twice a year.
\nThe recoverable amount is the higher of the fair value less costs
\nto sell (corresponds to the money that Colruyt Group would
\nreceive as a result of a sale) and the value in use (corresponds
\nto the cash flows that Colruyt Group expects to receive through
\nthe continuing use of the assets). For an asset for which no
\nindependent cash flows are available, the recoverable amount
\nis determined for the cash-generating unit to which the asset
\nbelongs. For impairment testing, goodwill is always allocated to (a
\ngroup of) cash-generating units.
\n
\n\n\nA cash-generating unit is the smallest identifiable group of assets
\nthat generates cash inflows that are largely independent of the
\ncash inflows from other assets or groups of assets. Colruyt Group
\ndefines a \u2018cash-generating unit\u2019 as the operating unit to which
\nthe asset can unequivocally be allocated. An operating unit can
\ninclude a branch of the business or a business entity.
\nIf the recoverable amount of an asset or of the cash-generating
\nunit to which it belongs is lower than the carrying amount, an
\nimpairment loss is recognised in profit or loss for the amount
\nof the difference. Impairment losses relating to cash-generating
\nunits are first deducted from the carrying amount of any goodwill
\nattributed to the cash-generating (or groups of) units and then
\ndeducted pro rata from the carrying amount of the other assets of
\nthe (groups of) cash-generating units.
\n
\n\nA recognised impairment may be reversed if it ceases to exist.
\nAn impairment loss is reversed only to the extent that the asset\u2019s
\ncarrying amount does not exceed the carrying amount that would
\nhave been determined, net of depreciation or amortisation, if no
\nimpairment loss had been recognised. Goodwill impairment is not
\nreversed.
\n
\n\n
\n\n
\n\n
\n\n\n\n\n
\n
\n
\n
\n
\n\nH. Inventories
\nInventories are measured at the lower of cost and net realisable
\nvalue. The net realisable value is the estimated selling price in the
\nnormal course of business, less the estimated cost of completion
\nand costs to sell.
\nThe cost of inventories is based on the \u2018first in, first out\u2019 (FIFO)
\nprinciple and includes all direct and indirect costs that are
\nrequired to bring the goods to their state at the reporting date,
\nless discounts and compensations received from suppliers. The
\nindirect costs are made up of distribution costs, i.e. handling
\ncosts at the distribution centre and transport costs, and stowage
\ncosts, i.e. the costs for store employees to fill the shelves with the
\ngoods. These respective costs are updated on a periodic basis.
\nRebates and incentives that Colruyt Group receives from its
\nsuppliers, mainly for promotions in stores, joint publicity,
\nintroductions of new products and volume incentives, are
\nincluded in the inventory cost and are recognised in profit or
\nloss as and when the product is sold, except when it relates to
\na repayment of specific, additional and identifiable costs which
\nColruyt Group incurred in order to sell the supplier\u2019s product. In
\nthat case the rebates and incentives are immediately recognised
\nas a decrease of the respective costs incurred. Estimating such
\nsupplier rebates is predominantly based on the actual revenue
\nfigures of the related period, but in certain cases requires the use
\nof assumptions and estimations regarding specific purchasing or
\nsales levels.
\n
\n\n\nI. Contract assets
\nContract assets relate to expenses made to satisfy performance
\nobligations under a contract and are recognised at cost, less
\na provision for expected losses and less amounts of project
\nprogress billings.
\nThe expenses are recognised when the following conditions are
\nmet:
\n\u2022 the expenses are directly or indirectly attributable to a
\nspecifically identifiable contract;
\n\u2022 resources are generated which Colruyt Group will use to satisfy a
\nperformance obligation; and
\n\u2022 the expenses can be earned back.
\nExpenses that can be attributed directly to a specifically
\nidentifiable project include direct labour costs and direct material
\ncosts. In addition, the cost includes an allocation of fixed and
\nvariable indirect expenses made and this based on a normal
\nproduction capacity.
\n
\n
\n\nJ. Equity
\n\nCapital and retained earnings
\nDividends proposed by the Board of Directors are only recognised
\nas liabilities after approval by the Annual General Meeting of
\nShareholders. Until such formal approval, the proposed dividends
\nare included in Colruyt Group\u2019s consolidated equity. Transaction
\ncosts of capital transactions, net of tax impact, are deducted from
\nequity.
\n
\n\n\nTreasury shares
\nShares of Colruyt Group purchased by the Company or entities
\nbelonging to Colruyt Group, including directly attributable
\ntransaction costs, net of tax impact, are recognised as a
\ndeduction from equity. In case of a cancellation or sale of treasury
\nshares, the result of the transaction is directly included in equity
\n(retained earnings).
\n
\n\n\nRevaluation reserves of liabilities related to long-
\nterm post-employment benefits
\nThe revaluation reserves contain the cumulative actuarial profits
\nand losses related to:
\nBelgian entities:
\n\u2022 unemployment regime with company supplement;
\n\u2022 long-service benefits;
\n\u2022 defined contribution plans with a legally guaranteed minimum
\nreturn.
\nOther entities:
\n\u2022 legal compensations
\nThe revaluation reserves comprise the experience adjustments
\nand the effects of changes in actuarial assumptions.
\n\n\n\nCumulative translation adjustments
\nThe cumulative translation adjustments represent the cumulative
\ncurrency translation differences that arise due to subsidiaries,
\nassociates and joint ventures that have a functional currency that
\nis different from the euro.
\nCash flow hedge reserves
\nThis reserve contains the effective portion of the cumulative net
\nchange in the fair value of cash flow hedge instruments related to
\nhedged transactions.
\n\nReserves for financial assets at fair value through
\nother comprehensive income
\nThis reserve contains unrealised fair value changes of financial
\nassets at fair value through other comprehensive income.
\n\n\n\nNon-controlling interests
\nNon-controlling interests in subsidiaries not fully owned by the
\ngroup are presented separately from Colruyt Group\u2019s equity. The
\ninterest of non-controlling shareholders can initially be measured
\nat fair value or at the non-controlling interests\u2019 proportionate
\nshare of the fair value of the acquiree\u2019s identifiable net assets.
\nThe choice of measurement basis is made on a case-by-case
\nbasis. Subsequent to the acquisition, the carrying amount of
\nnon-controlling interests is the amount of those interests at
\ninitial recognition plus the non-controlling interests\u2019 share of
\nsubsequent changes in equity. The total result is attributed
\nto non-controlling interests even if this results in the non-
\ncontrolling interests having a deficit balance.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\nK. Provisions
\nProvisions are only recognised in the consolidated statement of
\nfinancial position when Colruyt Group has a present obligation
\n(legal or constructive) as a result of a past event, when it is
\nprobable that a future outflow of resources will be required to
\nsettle the obligation, and when a reliable estimate can be made
\nof the amount of the obligation. The amount recognised as a
\nprovision is the best estimate of the expenditure required to
\nsettle the present obligations at the reporting date.
\nIf the effect of discounting the future cash outflows is material,
\nthe provisions are annually discounted using discount rates that
\nreflect current market assessments of the time value of money at
\nthe reporting date.
\nRestructuring provisions are recognised when Colruyt Group
\napproved a detailed, formalised restructuring plan and made a
\nstart on restructuring or made it publicly known before reporting
\ndate. These provisions only include direct expenditures that
\nare necessarily entailed by the restructuring and that are not
\nassociated with the ongoing activities of the Company.
\nEnvironmental provisions are established in accordance with
\nlegal requirements on the one hand and the environmental policy
\nestablished by Colruyt Group on the other.
\nFor onerous contracts, a provision is recognised in the
\nconsolidated statement of financial position for the difference
\nbetween the unavoidable cost of meeting the obligations
\nunder the contract and the expected benefits to be derived
\nfrom the contract. Before a provision for an onerous contract is
\nestablished, Colruyt Group recognises any impairment loss that
\nhas occurred on assets dedicated to that contract.
\n
\n\n\nL. Employee benefits
\nPost-employment benefits
\nThere are different types of post-employment benefits within
\nColruyt Group:
\n\u2022 Defined contribution plans with a legally guaranteed
\nminimum return
\nIn Belgium, the Law regarding supplementary pensions (\u2018WAP\u2019)
\nrequires employers to guarantee a minimum return on defined
\ncontribution plans over the course of the career. For amounts
\nuntil 31 December 2015, this minimum return was 3,25% on
\nemployer contributions and 3,75% on employee contributions.
\nAs a result of a law change in December 2015, the interest rate to
\nbe guaranteed is variable starting from 1 January 2016, based on
\na mechanism linked to the return of the Belgian OLO bond with a
\nminimum of 1,75% and a maximum of 3,75%.
\nOwing to these legal changes, and also to the fact that a clear
\nposition was taken by the regulatory instances during 2016, and
\ngiven that reliable estimates can be made for these retirement
\nbenefit plans, the Belgian defined contribution plans have been
\nconsidered as defined benefit plans since financial year 2016/17.
\nThey are measured in accordance with IAS 19 based on the
\n\u2018projected unit credit\u2019 method.
\n\u2022 Unemployment regime with company supplement
\nThe possibility to retire early, as it exists within Colruyt Group for
\nemployees of its Belgian entities, is based on the \u2018Unemployment
\nregime with company supplement\u2019 applicable in Belgium. The
\nunemployment regime with company supplement and the
\nconditions regarding the required age and performed service
\nperiod are described in general terms in collective labour
\nagreement No. 17 (Collectieve Arbeidsovereenkomst/Convention
\nCollective de Travail or cao/CCT), as established by the National
\nLabour Council (Nationale Arbeidsraad/Conseil National du
\nTravail) and in the Royal Decree of 3 May 2007 which regulates
\nthe unemployment regime with company supplement (Belgian
\nOfficial Gazette 8 June 2007). Other collective labour agreements
\nnegotiated by the National Labour Council or within Colruyt Group
\nfor specific entities or industries may be applicable, but have
\nbenefits similar to those of collective labour agreement No. 17.
\nThese benefits must be paid if a company decides to terminate an
\nemployee\u2019s employment before the normal retirement date. Given
\nthat a reasonable expectation is created towards the employees
\nat the moment of their recruitment or during the period of
\nservice, that they are entitled to join the unemployment regime
\nwith company supplement before the legal retirement age, these
\nbenefits are treated as post-employment benefits (defined benefit
\nplan).
\n\u2022 Other
\nOther post-employment benefits include departure benefits
\nas a result of retirement or as a result of the application of the
\n\u2019Unemployment regime with company supplement\u2019 (Belgian
\nentities) and legal compensations (French and Indian entities).
\nThese benefits are also treated as defined benefit plans.
\nThe liabilities arising from these systems and the related costs
\nare determined using the \u2018projected unit credit\u2019 method, based
\non actuarial calculations that are executed at the end of each
\nfinancial year. A comprehensive actuarial measurement based
\non updated personnel information is performed at least every
\nthree years. In the years in which no comprehensive actuarial
\nmeasurement is performed, actuaries use forecasts based on
\nthe previous year but including updated assumptions (discount
\nrate, pay rise and inflation). These liabilities, recorded in the
\nconsolidated statement of financial position, are calculated as
\nthe present value of estimated future cash outflows, based on
\na discount rate at the reporting date which corresponds to the
\nmarket yield of high quality corporate bonds with a remaining
\nmaturity that approaches the maturity of these liabilities,
\ndecreased with the fair value of the plan assets. The liabilities
\nrelated to the unemployment regime with company supplement
\nare recognised for the population of employees for which can be
\nreliably assumed that it will join the unemployment regime with
\ncompany supplement. The liabilities for the defined contribution
\nplans with a legally guaranteed minimum return are recognised
\nfor all Colruyt Group employees entitled thereto.
\nThe costs related to these systems consist of the following items:
\n\u2022 the current service cost, which is the increase in the present
\nvalue of the obligation resulting from employee service in the
\ncurrent reporting period;
\n\u2022 the past service cost, which is the change in the present value
\nof the benefit obligation for employee service in prior periods,
\nresulting from an amendment or a curtailment of the existing
\nbenefit plan;
\n\u2022 gains or losses on settlement of the benefit obligation, if any;
\n\u2022 the net interest on the net liability arising from the passage of
\ntime;
\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n\u2022 the actuarial gains and losses, which comprise the effect of
\ndifferences between the previous actuarial assumptions and
\nwhat has actually occurred and the effect of changes in actuarial
\nassumptions.
\nThe first three items are recognised in profit or loss as \u2018Employee
\nbenefit expenses\u2019. The net interest on the net liability is included
\nin profit or loss in the \u2018Net financial result\u2019. Actuarial gains and
\nlosses are recognised in other comprehensive income.
\nProfit participation
\nIn accordance with the Law of 22 May 2001 concerning employee
\nparticipation in the capital of entities and the establishment of
\na profit bonus for employees, Colruyt Group offers its personnel
\nbased in Belgium a share in the profits in the form of a profit
\nparticipation, paid in cash. The profit participation is recognised
\nin the financial year in which the profit is realised.
\nDiscounts on share capital increases
\nIn accordance with article 7:204 of the Code on Companies and
\nAssociations, Colruyt Group offers a discount on its yearly share
\ncapital increase which is reserved for its employees. This discount
\nis recognised as an employee benefit expense in the period of the
\nshare capital increase.
\n
\n\n\n\n
\n\n\nM. Financial liabilities
\nFinancial liabilities are subdivided as follows:
\n\u2022 financial liabilities at amortised cost; and
\n\u2022 financial liabilities at fair value through profit or loss.
\n
\n\n\n\nFinancial liabilities at amortised cost
\nFinancial liabilities of Colruyt Group measured at amortised
\ncost comprise interest-bearing loans, trade payables and other
\nliabilities. Financial liabilities are initially measured at fair value,
\nnet of transaction costs. After initial recognition, these financial
\nliabilities are subsequently measured at amortised cost using the
\neffective interest method, with interest expense recognised on an
\neffective interest rate basis.
\nThe effective interest method is a method of calculating the
\namortised cost of a financial liability and of allocating interest
\nexpense over the relevant period. The effective interest rate is
\nthe rate that exactly discounts estimated future cash payments
\nthrough the expected life of the financial liability, or, where
\nappropriate, a shorter period, to the net carrying amount on initial
\nrecognition.
\n\n\n\n\n\n\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities of Colruyt Group measured at fair value
\nthrough profit or loss comprise derivative financial instruments
\nthat are concluded by Colruyt Group in order to hedge its
\nexposure to currency risks resulting from its operational activities.
\nColruyt Group does not conduct speculative transactions.
\nThese financial liabilities are initially recognised at fair value
\nincluding any transaction costs that are directly attributable to
\nthese financial liabilities. After initial recognition these financial
\nliabilities are measured at fair value through profit or loss.
\n\n\n\n
\n
\n\n\n\n\n\n\nN. Derivative financial instruments
\nDerivative financial instruments are initially recognised at
\nfair value. After initial recognition these derivative financial
\ninstruments are remeasured at fair value at the end of every
\nreporting period. Derivative financial instruments can be
\nsubdivided into cash flow hedges, fair value hedges and hedges of
\nnet investments. Colruyt Group designates the derivative financial
\ninstruments as cash flow hedges.
\nAt the inception of the transaction, Colruyt Group documents
\nthe relationship between the hedging instrument and the
\nhedged instrument, as well as the risk management objectives
\nand strategy for undertaking the hedge. Derivative financial
\ninstruments are presented according to their non-current or
\ncurrent nature.
\nThe effective portion of the changes in fair value of derivative
\nfinancial instruments designated as cash flow hedges is included
\nas a separate component in equity, under \u2018Cash flow hedge
\nreserves\u2019. The gain or loss in respect of the ineffective portion is
\nimmediately recognised in profit or loss under \u2018Finance income\u2019
\nor \u2018Finance costs\u2019.
\nThe cumulative amounts included under \u2018Cash flow hedge
\nreserves\u2019 are reclassified to profit or loss in the period during
\nwhich the hedged instrument affects profit or loss. The
\ncumulative amounts of the hedging instrument are included
\nunder the same line item as the hedged instrument.
\nA cash flow hedge accounting relationship is discontinued when:
\n \u2022 the hedge accounting relationship fails the effectiveness test;
\n\u2022 the hedging instrument is sold, terminated or exercised;
\n\u2022 management decides to revoke the hedge accounting
\ndesignation of the instrument; or
\n\u2022 the forecast transaction is no longer highly probable.
\nWhen the forecast transaction is no longer highly probable but
\nstill expected to occur, the hedge gains and losses that were
\npreviously recognised in other comprehensive income remain
\nin equity until the transaction affects profit or loss. As soon
\nas the forecast transaction is no longer expected to occur, any
\ngain or loss is immediately recognised in profit or loss as a
\nreclassification adjustment.
\nCertain derivative financial instruments do not qualify for hedge
\naccounting. Changes to the fair value of derivative financial
\ninstruments that do not qualify for hedge accounting are
\nimmediately recognised in profit or loss under \u2018Finance income\u2019
\nor \u2018Finance costs\u2019.
\n\n\n\n\n\n\n
\n
\n\n\nO. Revenue
\nRevenue is recognised based on a five-step model. Revenue from
\nthe supply of goods or services is recognised in an amount that
\nreflects the consideration to which Colruyt Group expects to be
\nentitled.
\nColruyt Group supplies goods, either food or non-food, through
\ndifferent sales channels.
\nRevenue from the sale of goods \u2013 \u2018Retail\u2019
\nThe sale of goods in the \u2018Retail\u2019 segment, at the cash desk or
\nonline, is limited to one single transaction, i.e. the sale of goods at
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\nthe cash desk or online. There is only one performance obligation
\nwithin this context and revenue is recognised when control over
\nthe goods is transferred to the customer.
\nFor certain products or services, such as phone cards and tickets
\nfor amusement parks, Colruyt Group acts as an agent. Therefore,
\nonly the commission is included in the revenue.
\nRevenue from the sale of gift cards and gift certificates is
\nrecognised when the gift card or gift certificate is redeemed by
\nthe customer.
\nThe transaction price is affected by a number of rebate
\nmechanisms, which are recognised as variable considerations and
\nare included in profit or loss at the time of the sale of the goods.
\nRevenue from the sale of goods \u2013 \u2018Wholesale and
\nFoodservice\u2019
\nRevenue from the sale of goods in the \u2018Wholesale and
\nFoodservice\u2019 segment is recognised upon delivery to, or pick-up
\nby, the \u2018Wholesale and Foodservice\u2019 customer. To determine the
\ntransaction price Colruyt Group uses collaboration arrangements.
\nAny rebates granted to the \u2018Wholesale and Foodservice\u2019 customer
\nare deducted from the sales price.
\nRevenue from the sale of goods \u2013 \u2018Other activities\u2019
\nRevenue from the \u2018Other activities\u2019 segment mainly relates
\nto revenue from the sale of fuel, the supply of printing and
\ndocument management solutions and energy-related activities.
\nThe sale of fuels is limited to one single transaction that is settled
\nat the pump. Any rebates granted are immediately deducted from
\nthe transaction price.
\nRevenue from services rendered
\nRevenue from services rendered other than those included under
\n\u2018Revenue from the sale of goods \u2013 \u2018Other activities\u2019\u2019, is assessed
\non a contractual basis to decide whether the performance
\nobligations are performed over time or at a specific moment in
\ntime.
\n
\n\n\n
\nP. Other operating income
\nRental income
\nRental income generated by ordinary leases or by operating
\nsubleases are recognised in \u2018Other operating income\u2019 on a
\nstraight-line basis over the term of the lease.
\n\nDividend income from financial assets and
\nfinance income
\nDividends received from financial assets are recognised in the
\nconsolidated income statement at the time of allocation. Finance
\nincome is recognised using the effective interest method. Fair
\nvalue adjustments of derivative financial instruments that do not
\nqualify for hedge accounting are immediately recognised in the
\nconsolidated income statement.
\n
\n\nOther operating income from remuneration
\nreceived
\nColruyt Group does not consider income from renewable energy,
\nservices rendered to third parties and revenue from waste
\nrecycling as part of its ordinary business activities. This item
\nrelates mainly to B2B revenues from the sale of energy, from the
\ncleaning of transport containers and from sales of waste products
\n(mainly plastic and cardboard).
\n
\n\n\n
\nQ. Expenses
\nIncentives from suppliers
\nIncentives from suppliers are recognised net of expenses.
\nIf such incentives are specifically received for the reimbursement
\nof specific publicity expenses incurred, the reimbursements are
\ndeducted from those specific expenses. In all other cases the
\nreimbursements are recognised as a deduction from cost of
\ngoods sold.
\nRental payments
\nPayments made for short-term leases or leases of low-value
\nassets are recognised in profit or loss on a straight-line basis over
\nthe term of the lease.
\n\n
\n\n\n\nFinance costs
\nFinance costs relate to interest on loans, interest on repayments
\nof lease liabilities, fair value adjustments of financial assets at fair
\nvalue through profit or loss and adjustments for the time value
\nof liabilities. Interest expenses are recognised using the effective
\ninterest method.
\nFair value adjustments of derivative financial instruments that do
\nnot qualify for hedge accounting are immediately recognised in
\nthe consolidated income statement.
\nAll other finance costs are recognised when incurred.
\n\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\nR. Income tax expense
\nIncome tax for the financial year comprises current and deferred
\ntaxes and is presented in accordance with IAS 12, \u2018Income Taxes\u2019.
\nTaxes are presented in profit or loss, except for taxes that relate
\nto transactions not recognised in the consolidated income
\nstatement or that relate to a business combination.
\nCurrent tax is the expected tax payable on the taxable profit
\nfor the financial year, using tax rates and tax laws enacted or
\nenacted substantively at the end of the reporting period, and
\nany adjustment to tax payable (or receivable) in respect of
\nprevious years. These taxes are calculated in accordance with the
\nrespective tax laws applicable in all countries in which Colruyt
\nGroup operates.
\n\nDeferred taxes are calculated using \u2018the balance sheet liability
\nmethod\u2019, providing for temporary differences between the tax
\nbase of the assets and liabilities and the carrying amount of
\nassets and liabilities in the consolidated statement of financial
\nposition. The following differences are however not provided
\nfor: the initial recognition of goodwill, the initial recognition of
\ndifferences on assets or liabilities that are not resulting from a
\nbusiness combination and that do not affect profit before tax
\nor taxable profit and the differences relating to investments in
\nsubsidiaries, associates and joint ventures to the extent that
\nthe group is able to assess the timing of the expiration of the
\ntemporary differences and that it is probable that they will not be
\nreversed in the near future.
\nDeferred taxes are calculated using tax rates and tax laws enacted
\nor substantively enacted at the reporting date. A deferred tax
\nasset is recognised in the consolidated statement of financial
\nposition only to the extent that it is probable that taxable profits
\nwill be available in the near future against which the deductible
\ntemporary differences, unused tax losses and credits can be
\nutilised. Deferred tax assets are reduced to the extent that it is no
\nlonger probable that the related tax benefit will be realised.
\n
\n\nAdditional income taxes that arise from the distribution of
\ndividends or gains on shares in subsidiaries are only recognised
\nrespectively at the moment of the decision to pay the related
\ndividend and at the moment of the decision of the realisation of
\nthe gain.
\n
\n\n\nS. Transfer pricing
\nThe prices for transactions between subsidiaries, associates, joint
\nventures and therefore also between operating segments are
\nconducted on an objective, at arm\u2019s length basis.
\n
\n\n\nT. Events after the reporting date
\nEvents after the reporting date, which provide additional
\ninformation concerning the situation of Colruyt Group at
\nthe reporting date (\u2018adjusting events\u2019) are recognised in the
\nconsolidated financial statements. Other events after the
\nreporting date (\u2018non-adjusting events\u2019) are only mentioned in
\nthe notes to the consolidated financial statements if they are
\nconsidered to be important.
\n
\n\n
\n\n
\n\n
\n\n
\n\n2. Segment information
\nColruyt Group reports its operating segments based on the nature
\nof its activities. In addition to the information on the operating
\nsegments, Colruyt Group also provides geographical information on
\nthe regions in which it operates.
\n2.1. Operating segments
\nColruyt Group distinguishes three operating segments within its
\nactivities.
\nSince Colruyt Group refers to its CEO as the \u2018chief operating
\ndecision maker\u2019 (CODM), the operating segments, taking into
\naccount the operating characteristics of each activity, are based
\non the information provided to the CEO. Colruyt Group calculates
\nits earnings from operating activities (EBIT) at segment level and
\nrecognises it in accordance with international financial reporting
\nstandards (IFRS). Assets and liabilities are not reported to the CODM
\nby segment.
\nTwo key business segments have been identified: \u2018Retail\u2019 and
\n\u2018Wholesale and Foodservice\u2019. The difference between both
\noperating segments can be found in differences in markets and
\nbusiness models. The other identifiable segments do not meet
\nthe quantitative thresholds determined by IFRS 8, \u2018Operating
\nsegments\u2019, and were therefore reported together under the
\noperating segment \u2018Other activities\u2019. The group support activities
\ncombine various departments and supply services to the different
\nbrands within Colruyt Group. These activities include marketing and
\ncommunication, IT, human resources and recruitment, finance and
\nother central services. The costs of group support activities and the
\nresult of their internal cross-charging are, to the extent possible,
\nallocated to the reported segments.
\nGiven that in 2022/23 the CODM monitored the performance for
\nthe full year and allocated resources including the discontinued
\noperations as part of the \u2018Other activities\u2019, the discontinued
\noperations are reported as part of the segment \u2018Other activities\u2019 in
\nline with previous financial years.
\nRetail
\nStores under Colruyt Group\u2019s own management which directly sell
\nto retail customers and bulk consumers. The filling stations in
\nFrance are also included in this segment as they are inseparably
\nconnected to, and therefore an integral part of, the stores in France.
\nWholesale and foodservice
\nSupply to wholesalers, commercial customers and affiliated
\nindependent merchants.
\nOther activities
\nFilling stations in Belgium, printing and document management
\nand sustainable energy. The filling stations in Belgium are
\npresented in a separate segment, as opposed to the filling stations
\nin France, the reason being that the former, which have their own
\ncommercial objectives and energy strategy, can be identified
\nseparately from the stores in Belgium.
\nThe results of an operating segment contain elements which are
\ndirectly attributable or which are reasonably attributable to the
\noperating segments.
\nThe revenues of each operating segment include revenues from
\nsales to external customers and revenues from transactions with
\nother operating segments. More information can be found under
\nnote 3.1. Revenue by cash-generating unit.
\nThe results of the operating segments are evaluated based on
\noperating profit (EBIT).
\nThe financial result and income taxes are managed at Colruyt Group
\nlevel and are not allocated to the operating segments.
\nNon-cash items in the income statement consist mainly of
\ndepreciation and amortisation, impairment of non-current assets,
\nprovisions and impairment of current assets. The line items
\n\u2018Depreciation and amortisation\u2019 and \u2018Impairment of non-current
\nassets\u2019 are the most significant ones and are therefore included in
\nthe segment information.
\nThe operating segment information and Colruyt Group\u2019s
\nconsolidated figures can be reconciled by adding the information
\nin the different operating segments with the non-allocated
\nelements - including group support activities - eliminations within
\nColruyt Group and reclassification to discontinued operations.
\nGiven the nature of its activities, Colruyt Group does not rely on a
\nlimited number of major customers.
\n
\n\n
\n\n
\n\n
\n\n
\n\n(in million EUR)
\nRetail
\n 2022/23
\n(1)
\nWholesale
\nand
\nFoodservice
\n2022/23
\nOther activities
\n2022/23
\nOperating
\nsegments
\n2022/23
\nRevenue - external 8.749,9 1.161,3 908,4 10.819,6
\nRevenue \u2013 internal 72,3 21,6 20,5 114,4
\nOperating profit (EBIT) 242,7 37,9 26,9 307,5
\nShare in the result of investments accounted for using the equity method (4,9) - 3,7 (1,2)
\nAcquisition of property, plant and equipment and intangible assets
\n(2)
\n335,8 22,9 18,0 376,7
\nDepreciation and amortisation 293,3 23,1 11,6 328,0
\nImpairment of non-current assets 32,8 0,1 0,3 33,2
\n(in million EUR)
\nOperating
\nsegments
\n2022/23
\nUnallocated
\n2022/23
\nEliminations
\nbetween
\noperating
\nsegments &
\nreclassification
\nto discontinued
\noperations
\n(3)
\n2022/23
\nConsolidated
\n2022/23
\nRevenue - external 10.819,6 - (886,0) 9.933,6
\nRevenue \u2013 internal 114,4 - (114,4) -
\nOperating profit (EBIT) 307,5 (29,0) (27,6) 250,9
\nShare in the result of investments accounted for using the equity method (1,2) 2,9 - 1,7
\nNet financial result (10,8)
\nIncome tax expense (62,2)
\nProfit for the financial year from continuing operations 179,6
\nAcquisition of property, plant and equipment and intangible assets
\n(2)
\n376,7 86,3 - 463,0
\nDepreciation and amortisation 328,0 45,4 (7,5) 365,9
\nImpairment of non-current assets 33,2 0,2 - 33,4
\n(1) Includes Roelandt Group since January 2022, Jims since May 2021 and Newpharma for the period from October to December 2022. Since October 2022, Newpharma has been fully consolidated and no longer accounted for as an associate using the equity method.
\n(2) Acquisition of property, plant and equipment and intangible assets does not include acquisitions through business combinations, right-of-use assets and changes in consolidation method.
\n(3) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n\n
\n\n
\n\n
\n\n
\n\nImpairments amounting to EUR 27,9 million were realised on property, plant and equipment and intangible assets, mainly related to the loss-making activities of Dreamland and Dreambaby.
\n(in million EUR)
\nRetail
\n2021/22
\n(1)
\nWholesale and
\nFoodservice
\n2021/22
\nOther activities
\n2021/22
\nOperating
\nsegments
\n2021/22
\nRevenue - external 8.164,9 1.065,0 819,4 10.049,3
\nRevenue \u2013 internal 68,4 17,2 13,5 99,1
\nOperating profit (EBIT) 351,7 51,1 14,1 416,9
\nShare in the result of investments accounted for using the equity method (0,7) - 4,6 3,9
\nAcquisition of property, plant and equipment and intangible assets
\n(2)
\n369,1 25,5 20,8 415,4
\nDepreciation and amortisation 274,1 20,7 12,2 307,0
\nImpairment of non-current assets 6,1 - 0,1 6,2
\n(in million EUR)
\nOperating
\nsegments
\n2021/22
\nUnallocated
\n2021/22
\nEliminations
\nbetween
\noperating
\nsegments &
\nreclassification
\nto discontinued
\noperations
\n(3)
\n2021/22
\nConsolidated
\n2021/22
\nRevenue \u2013 external 10.049,3 - (798,2) 9.251,1
\nRevenue \u2013 internal 99,1 - (99,1) -
\nOperating profit (EBIT) 416,9 (41,7) (12,1) 363,1
\nShare in the result of investments accounted for using the equity method 3,9 2,1 - 6,0
\nNet financial result 1,5
\nIncome tax expense (92,6)
\nProfit for the financial year from continuing operations 278,0
\nAcquisition of property, plant and equipment and intangible assets
\n(2)
\n415,4 72,1 - 487,5
\nDepreciation and amortisation 307,0 51,8 (8,5) 350,3
\nImpairment of non-current assets 6,2 0,4 - 6,6
\n(1) Includes Roelandt Group as of January 2022 and Jims as of May 2021.
\n(2) Acquisition of property, plant and equipment and intangible assets does not include acquisitions through business combinations, right-of-use assets and changes in consolidation method.
\n(3) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n\n
\n\n
\n\n
\n\n2.2. Geographical information
\nAs 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
\ninformation represents the contribution in Colruyt Group of the countries in which the entities are domiciled and contains all of Colruyt Group\u2019s entities which are active in the
\noperating segments, as well as in the group support activities.
\nThe main geographical locations are Belgium (location of the Company and many of its subsidiaries; these are active in all operating segments and in the group support activities),
\nFrance (these entities are active in the operating segments 'Retail', 'Wholesale and Foodservice' and in the group support activities) and other countries. See note 34. List of consolidated
\nentities for the location of entities.
\nGeographical information
\n(in million EUR)
\nBelgium France Other Total
\n2022/23 2021/22
\n(1)
\n2022/23 2021/22
\n(1)
\n2022/23 2021/22
\n(1)
\n2022/23 2021/22
\n(1)
\nRevenue 9.076,1 8.467,9 780,7 712,0 76,8 71,2 9.933,6 9.251,1
\nAcquisitions of property, plant and equipment and intangible assets
\n391,3 438,1 67,2 44,5 4,5 4,9 463,0 487,5
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n\n
\n\n
\n\n
\n
\n3. Revenue and gross profit
\n\n(in million EUR) 2022/23 2021/22
\n(1)
\nRevenue 9.933,6 9.251,1
\nCost of goods sold (7.074,2) (6.546,4)
\nGross profit 2.859,4 2.704,7
\nAs a % of revenue 28,8% 29,2%
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n\n
\n3.1. Revenue by cash-generating unit
\n(in million EUR) 2022/23 2021/22
\n(1)(2)
\nRetail Food
\n(3)
\n8.145,5 7.642,3
\n Colruyt Belgium and Luxembourg
\n(4)(5)
\n6.435,7 6.019,4
\n Okay, Bio-Planet and Cru 1.056,3 1.031,3
\n Colruyt France and DATS 24 France 653,5 591,6
\nRetail Non-food
\n(3)(6)
\n604,4 522,6
\nTransactions with other operating segments 72,3 68,4
\nRetail 8.822,2 8.233,3
\nWholesale 944,5 911,0
\nFoodservice 216,8 154,0
\nTransactions with other operating segments 21,6 17,2
\nWholesale and Foodservice 1.182,9 1.082,2
\nDATS 24 Belgium 886,0 798,2
\nPrinting and document management solutions 22,4 21,2
\nTransactions with other operating segments 20,5 13,5
\nOther activities 928,9 832,9
\nTotal operating segments 10.934,0 10.148,4
\nEliminations between operating segments (114,4) (99,1)
\nReclassification to discontinued operations
\n(1)
\n(886,0) (798,2)
\nConsolidated 9.933,6 9.251,1
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n(2) The revenue from the Dreamland and Dreambaby webshops realised by Colruyt, Okay and Bio-Planet stores is presented under Retail Non-food as of financial year 2022/23. The figures for financial year 2021/22 were also adjusted accordingly.
\n(3) The subtotals \u2018Food\u2019 and \u2018Non-food\u2019 within the operating segment \u2018Retail\u2019 are for information purposes only.
\n(4) Including the revenue from the Collect&Go and Bio-Planet webshops realised by Colruyt stores.
\n(5) Including the revenue from Roelandt Group (as of January 2022).
\n(6) Including the revenue from Dreamland and Dreambaby, Bike Republic, The Fashion Society, Jims (since May 2021) and Newpharma (period from October to December 2022).
\n
\n\n
\n\n\n\n\n4. Other operating income and expenses
\n
\n\n(in million EUR) 2022/23 2021/22
\n(1)
\nRental and rental-related income 14,3 13,2
\nGains on disposal of non-current assets 10,0 6,9
\nRemuneration received 97,5 87,2
\nOther 26,7 28,2
\nTotal other operating income 148,5 135,5
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\nRemuneration received includes, amongst others, income from services rendered to third parties and revenue from waste recycling.
\n
\n\n\n(in million EUR) 2022/23 2021/22
\n(1)
\nOperating taxes 10,2 13,1
\nProperty withholding tax 15,6 15,0
\nLosses on disposal of non-current assets 0,7 2,4
\nOther 2,5 4,7
\nTotal other operating expenses 29,0 35,2
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n\n
\n\n\n
\n
\n\n5. Services and miscellaneous goods
\n
\n(in million EUR) 2022/23 2021/22
\n(1)
\nRental and rental-related charges 35,4 25,3
\nMaintenance and repairs 86,1 79,1
\nUtilities 102,5 73,3
\nLogistic expenses 177,6 138,6
\nFees, IT and IT-related expenses 210,1 194,6
\nAdministration, marketing and other expenses 104,8 101,3
\nImpairment of current assets 0,9 (0,3)
\nTotal services and miscellaneous goods 717,4 611,9
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\nHigh and volatile energy prices impact utilities and logistics expenses.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n6. Employee benefit expenses
\n(in million EUR) 2022/23 2021/22
\n(1)
\nWages and salaries
\n(2)
\n1.277,7 1.163,9
\nSocial security contributions 252,8 250,8
\nConsultants and interim personnel 120,7 105,5
\nProfit-sharing schemes for employees
\n(3)
\n1,1 27,5
\nContributions to defined contribution plans with a legally guaranteed minimum return 16,4 17,8
\nOther post-employment benefits 1,4 1,6
\nDiscount on capital increase reserved for personnel 1,2 1,3
\nOther personnel costs 46,4 43,6
\nCompensatory amounts (106,4) (138,8)
\nTotal employee benefit expenses 1.611,3 1.473,2
\nNumber of employees (FTEs) at reporting date
\n(4)
\n31.461 31.134
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n(2) Of which the Belgian salary pool for the financial year 2022/23 amounts to EUR 1.185,2 million (EUR 1.082,0 million for the financial year 2021/22).
\n(3) This line item consists of the full cost of the profit-sharing schemes, including the employer social security contributions.
\n(4) At 31/03/2023, there are 31.535 employees in FTE, discountinued operations included.
\nCapital increase reserved for employees
\nColruyt 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
\nincrease complies with Article 7:204 of the Code on Companies and Associations. During the most recent capital increase 1.489 employees subscribed to 238.500 shares,
\ncorresponding to a capital contribution of EUR 5,4 million. The discount granted on this transaction was EUR 1,2 million and is accounted for as an employee benefit.
\n2022/23 2021/22
\nNumber of shares subscribed 238.500 184.228
\nDiscount per share (in EUR) 5,2 6,8
\nTotal discount granted (in million EUR) 1,2 1,3
\nCompensatory amounts
\nEmployee benefit expenses are presented free of compensatory amounts. Compensatory amounts relate mainly to employee costs capitalised in the context of non-current
\nassets produced internally by Colruyt Group.
\nNumber of employees
\nThe 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,
\ninterim personnel, consultants and students working under specific student conditions are not included in these full-time equivalents.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n7. Net financial result
\n(in million EUR) 2022/23 2021/22
\n(1)
\n\n
\n\nInterest income on customer and other loans 1,9 1,7
\nDividends received 4,1 4,7
\nInterest income on short-term bank deposits 1,1 0,2
\nInterest income on fixed-income securities and compound instruments at fair value through profit or loss 0,4 1,7
\nFair value adjustments to financial assets and liabilities at fair value through profit or loss 1,7 1,6
\nGains on disposal of financial assets 0,2 0,8
\nAdjustments for the time value of assets 0,3 0,2
\nExchange gains 0,3 0,3
\nOther 0,7 0,1
\nFinance income 10,7 11,3
\n
\n\n
\n\n\n
\n\nInterest expense on current and non-current loans 11,8 1,5
\nFair value adjustments to financial assets and liabilities at fair value through profit or loss 1,9 2,4
\nLosses on disposal of financial assets 0,9 0,7
\nAdjustment for the time value of liabilities 5,4 4,7
\nExchange losses 0,4 0,3
\nOther 1,1 0,2
\nFinance costs 21,5 9,8
\n
\n\n
\n\nNet financial result (10,8) 1,5
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n\n
\n\n
\n\n
\n\n8. Income tax expense
\n
\n8.1. Income taxes recognised in profit or loss
\n(in million EUR) 2022/23 2021/22
\n(1)
\nA) Effective tax rate
\nProfit before tax (excluding share in the result of investments accounted for using the equity method) 240,1 364,6
\nIncome tax expense 62,2 92,6
\nEffective tax rate
\n(2)
\n25,90% 25,40%
\nB) Reconciliation between the effective tax rate and the applicable tax rate
\n(3)
\n24,35% 24,68%
\nProfit before tax (excluding share in the result of investments accounted for using the equity method) 240,1 364,6
\nIncome tax expense (based on applicable tax rate) 58,5 90,0
\nNon-taxable income/non tax-deductible expenses 5,7 6,2
\nPermanent differences 0,3 0,6
\nImpact of tax deductions (1,5) (3,1)
\nOther (0,8) (1,1)
\nIncome tax expense 62,2 92,6
\nEffective tax rate 25,90% 25,40%
\nC) Income tax expense recognised in profit or loss
\nCurrent year taxes 73,3 80,4
\nDeferred taxes (9,5) 12,5
\nAdjustments relating to prior years (1,6) (0,3)
\nTotal income tax expense 62,2 92,6
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n(2) Includes the effects of, amongst others, the dividends-received deduction, the deduction for risk capital, the deduction for compensatory losses, the deduction for innovation and the increased deduction for investment.
\n(3) The applicable tax rate is the weighted average tax rate for the Company and all its consolidated subsidiaries in different jurisdictions.
\n8.2. Tax impacts recognised in other comprehensive income
\nCertain tax effects have not been recognised in the income statement, but are included in the statement of comprehensive income for the financial year.
\n(in million EUR) 2022/23 2021/22
\nTax impact on revaluation of liabilities related to long-term post-employment benefits (4,2) (6,0)
\nTax impact on cash flow hedge reserves 0,9 (2,3)
\nTotal tax impacts recognised in other comprehensive income (3,3) (8,3)
\n
\n\n
\n\n
\n\n
\n\n9. Goodwill
\nThe recognised goodwill relates to goodwill arising from the acquisition of complete business entities. For more information regarding the definition, recognition and valuation of
\ngoodwill we refer to note 1. Significant accounting policies.
\nAs described in the policies, goodwill is not amortised but tested annually for impairment at the level of the cash-generating unit (CGU) in line with the provisions in IAS 36. Colruyt
\nGroup considers the business segments or business entities as CGUs. The impairment test of goodwill consists of comparing the recoverable amount of each CGU with its carrying
\namount, including goodwill, with an impairment recognised if the carrying amount is higher than the recoverable amount. Recoverable amounts are based on value in use. The latter is
\nequal to the present value of the forecast cash flows of each CGU or group of CGUs and is determined using the following data:
\n\u2022 cash flows based on the latest forecasts, including detailed planning for revenue, EBITDA and investment planning through capital expenditure or leasing. When preparing cash flow
\nforecasts, Colruyt Group uses estimated growth rates and expected future margins derived from the actual figures of the most recent financial year and from forecasts;
\n\u2022 a residual value determined from an extrapolation of the cash flow of the last year of the forecast, influenced by a long-term growth rate. To determine the residual value using the
\ndiscounted cash flow method, the \u2018Gordon growth model\u2019 was used;
\n\u2022 discounting of expected cash flows at a rate determined using the weighted average cost of capital (WACC) formula. To determine the discount rate, Colruyt Group uses the \u2018Capital
\nAsset Pricing Model\u2019. For its impairment testing, Colruyt Group uses a minimum WACC of 8,0% or, if higher, a WACC calculated on the basis of the 'Capital Asset Pricing Model\u2019.
\nGiven the importance of these assumptions for calculating value in use, a) they are monitored closely at a central level through alignment and validation processes, and b) external
\nsources of information are used to determine them. The principal assumptions for calculating value in use for the CGUs with material goodwill are shown in the following table:
\nDiscount rate used in test long-term growth % Time horizon
\nbusiness plan
\nDiscount rate based on Capital
\nAsset Pricing Model
\n31.03.23 31.03.22 31.03.23 31.03.22 31.03.23 31.03.23 31.03.22
\nRetail Food 8,0% 8,0% 1,0% 1,0% 5 years 6,3% - 6,7% 5,0% - 6,3%
\nRetail Non-food 8,0% 8,0% 1,0% 1,0% 5 years 6,3% - 6,7% 5,0% - 6,3%
\nGiven all CGUs are active in retail activities in Belgium, the same WACC was calculated for all CGUs based on the \u2018Capital Asset Pricing Model\u2019. The WACC has risen to a range of 6,3%
\nto 6,7% (versus 5,0% to 6,3% last year) as a result of an increasing risk-free rate partially offset by a decreasing Equity to Capital ratio for Colruyt Group. We also see a limited WACC
\nincrease for the peer group as a result of the decline in the beta.
\nIn determining the long-term growth rate, Colruyt Group takes into account internal sources of information, the evolution and expectations of the Belgian retail market and long-term
\ninflation. In line with last year, the long-term growth rate for all CGUs was retained at 1%, with Colruyt Group expecting long-term growth to normalise.
\nThe impairment tests were performed in February 2023. For Newpharma Group NV, the purchase price allocation of the business combination has not yet been finalised on the
\nreporting date. We therefore only include the provisional goodwill. Newpharma Group NV is currently being integrated into Colruyt Group's operations. At the time of impairment
\ntesting, no forecasts existed for the integrated CGU. A value in use was calculated based on a WACC of 8,0% and a long-term growth rate of 2,0% (based on external information and
\ninternal expectations for e-commerce and the relevant sector). Based on these tests and the sensitivity analysis, no impairment risk was identified.
\nAs a result of the impairment tests performed, no impairments were identified and there was sufficient headroom for all CGUs, with a minimum headroom in relation to the carrying
\namount of 32,1%. Colruyt Group is of the opinion that the above-described assumptions used for calculating the value in use provide the best estimation of future evolutions.
\n
\n\n
\n\n
\n\n
\n\n
\n\nColruyt Group's models also include sensitivity analyses for gross margins, sales growth, increased operating costs, long-term growth rate, WACC and a combination of various
\nparameters. Based on these sensitivity analyses, no impairment risk was identified for the various CGUs and consequently these sensitivity analyses indicate that a reasonably possible
\nchange in these assumptions would not result in an impairment.
\n
\nGoodwill by cash-generating unit can be presented as follows:
\n(in million EUR) 31.03.22 Acquisitions
\n(2)
\nOther
\n(1)
\n31.03.23
\nRetail Food
\n(2)
\n57,8 6,0 - 63,8
\nRetail Non-food
\n(2)
\n77,4 209,6 1,3 288,3
\nFoodservice 13,6 - - 13,6
\nPrinting and document management solutions 8,8 - - 8,8
\nConsolidated 157,6 215,6 1,3 374,5
\n(1) Goodwill adjustment to reflect changes in estimates within the measurement period.
\n(2) For acquisitions, see note 15. Business combinations.
\nThe changes in \u2018Goodwill\u2019 can be explained as follows:
\n(in million EUR)
\nGross
\ncarrying
\namount
\n2022/23
\nImpairments
\n2022/23
\nNet carrying
\namount
\n2022/23
\nGross
\ncarrying
\namount
\n2021/22
\nImpairments
\n2021/22
\nNet carrying
\namount
\n2021/22
\nAt 1 April 181,9 (24,3) 157,6 149,1 (24,2) 124,9
\nAcquisitions 215,6 - 215,6 24,6 - 24,6
\nOther
\n(1)
\n1,3 - 1,3 8,2 (0,1) 8,1
\nAt 31 March 398,8 (24,3) 374,5 181,9 (24,3) 157,6
\n(1) Goodwill adjustment to reflect changes in estimates within the measurement period.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n10. Intangible assets
\n(in million EUR)
\nInternally
\ndeveloped
\nintangible assets
\nExternally purchased
\nsoftware, licences and
\nsimilar rights
\nAcquired
\ncustomer lists
\nOther intangible
\nassets
\nIntangible
\nassets under
\ndevelopment Total
\nAcquisition value
\nAt 1 April 2022 206,0 104,9 8,9 12,7 195,6 528,1
\nAcquisitions through business combinations - - - 0,7 - 0,7
\nAcquisitions 5,1 5,0 0,1 0,6 58,8 69,6
\nSales and disposals (2,9) (11,0) (1,6) - - (15,5)
\nOther reclassification/Other 55,7 0,1 - - (55,8) -
\nReclassification to assets from discontinued operations
\n(1)
\n(1,3) (1,3) - - (0,7) (3,3)
\nAt 31 March 2023 262,6 97,7 7,4 14,0 197,9 579,6
\nAmortisation
\nAt 1 April 2022 (99,9) (79,9) - (0,1) - (179,9)
\nAmortisation (24,5) (9,9) - (0,4) - (34,8)
\nSales and disposals 1,8 11,2 - - - 13,0
\nReclassification to assets from discontinued operations
\n(1)
\n0,9 1,0 - - - 1,9
\nAt 31 March 2023 (121,7) (77,6) - (0,5) - (199,8)
\nImpairment
\nAt 1 April 2022 (12,1) (0,1) (4,4) - (2,2) (18,8)
\nImpairment (2,2) - - - (20,0) (22,2)
\nSales and disposals 1,1 - 0,1 - - 1,2
\nOther reclassification/Other (1,3) - - - 1,3 -
\nAt 31 March 2023 (14,5) (0,1) (4,3) - (20,9) (39,8)
\nNet carrying amount at 31 March 2023 126,4 20,0 3,1 13,5 177,0 340,0
\n(1) As adjusted due to discontinued operations. See Note 16 for more information.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n(in million EUR)
\nInternally
\ndeveloped
\nintangible assets
\nExternally purchased
\nsoftware, licences and
\nsimilar rights
\nAcquired
\ncustomer lists
\nOther intangible
\nassets
\nIntangible
\nassets under
\ndevelopment Total
\nAcquisition value
\nAt 1 April 2021 199,4 99,3 5,9 12,6 136,9 454,1
\nAcquisitions through business combinations - 0,6 - - - 0,6
\nAcquisitions 3,6 9,0 3,0 0,1 72,5 88,2
\nSales and disposals (10,8) (4,0) - - - (14,8)
\nOther reclassification/Other 13,8 - - - (13,8) -
\nAt 31 March 2022 206,0 104,9 8,9 12,7 195,6 528,1
\nAmortisation
\nAt 1 April 2021 (86,6) (71,4) - (0,1) - (158,1)
\nAmortisation (20,3) (12,5) - - - (32,8)
\nSales and disposals 7,0 4,0 - - - 11,0
\nAt 31 March 2022 (99,9) (79,9) - (0,1) - (179,9)
\nImpairment
\nAt 1 April 2021 (10,7) (0,2) (4,4) - (3,6) (18,9)
\nImpairment (2,9) - - - - (2,9)
\nSales and disposals 2,9 0,1 - - - 3,0
\nOther reclassification/Other (1,4) - - - 1,4 -
\nAt 31 March 2022 (12,1) (0,1) (4,4) - (2,2) (18,8)
\nNet carrying amount at 31 March 2022 94,0 24,9 4,5 12,6 193,4 329,4
\n
\n\nTo clarify the breakdown between internally developed intangible assets and externally purchased intangible assets, the table in note 10. Intangible assets has been adjusted for both
\nfinancial years. The categories \u2018Intangible assets under development and other intangible assets\u2019 and \u2018Concessions, software, licences and similar rights\u2019 in the 2021/22 annual report
\nhave been broken down into \u2018Internally developed intangible assets\u2019, \u2018Externally purchased software, licences and similar rights\u2019, \u2018Other intangible assets\u2019 and \u2018Intangible assets under
\ndevelopment\u2019.
\nThe externally purchased, software, licences and similar rights totalling EUR 20,0 million (previous reporting period EUR 24,9 million) consist mainly of purchased IT security software.
\nThe internally generated software still under development (mainly transformation programs) at the end of the current financial year totals EUR 177,0 million (compared to EUR 193,4
\nmillion for the previous financial year). During the current financial year the group acquired intangible assets for an amount of EUR 69,6 million (compared to EUR 88,2 million during
\nthe previous financial year), of which EUR 63,9 million were developed internally (compared to EUR 76,1 million during the previous financial year).
\n\nImpairments amounting to EUR 22,2 million were realised, mainly related to the loss-making operations of Dreamland and Dreambaby.
\n
\n\nNon-capitalised costs related to research and development amount to EUR 55,9 million. These costs consist of externally purchased goods and services as well as internal transactions
\nand cost allocations.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n11. Property, plant and equipment
\n(in million EUR)
\nLand and
\nbuildings
\nPlant,
\nmachinery
\nand
\nequipment
\nFurniture
\nand vehicles
\nRight-of-use
\nassets
\nOther
\nproperty,
\nplant and
\nequipment
\nAssets under
\nconstruction Total
\nAcquisition value
\nAt 1 April 2022 3.139,8 880,0 556,3 361,5 223,4 94,7 5.255,7
\nRevaluation
\n(1)
\n- - - 62,3 - - 62,3
\nAcquisitions through business combinations 6,0 1,8 0,1 1,9 4,7 2,1 16,6
\nAcquisitions 143,1 50,7 70,9 13,2 19,0 109,7 406,6
\nSales and disposals (29,7) (22,8) (39,6) (1,8) (5,9) (0,1) (99,9)
\nOther reclassification/Other 40,7 7,7 3,4 (0,6) 1,3 (53,0) (0,5)
\nReclassification to assets from discontinued operations
\n(2)
\n(1,4) (118,5) (0,7) (5,6) - (6,3) (132,5)
\nCurrency translation adjustments (0,3) 0,1 (0,3) - - - (0,5)
\nAt 31 March 2023 3.298,2 799,0 590,1 430,9 242,5 147,1 5.507,8
\nDepreciation
\nAt 1 April 2022 (1.369,1) (541,4) (395,9) (97,0) (99,5) - (2.502,9)
\nRevaluation
\n(1)
\n- - - 17,4 - - 17,4
\nDepreciation (133,2) (65,0) (71,8) (51,7) (16,9) - (338,6)
\nSales and disposals 22,4 21,6 32,1 1,8 5,4 - 83,3
\nOther reclassification/Other (0,2) (0,4) - 0,3 0,3 - -
\nReclassification to assets from discontinued operations
\n(2)
\n0,2 66,2 0,4 2,1 - - 68,9
\nCurrency translation adjustments 0,1 - 0,2 - - - 0,3
\nAt 31 March 2023 (1.479,8) (519,0) (435,0) (127,1) (110,7) - (2.671,6)
\nImpairment
\nAt 1 April 2022 (6,1) (1,4) - - (0,3) - (7,8)
\nImpairment (7,8) (1,0) (0,3) - (2,9) - (12,0)
\nSales and disposals 2,2 0,5 0,1 - 0,1 - 2,9
\nReversal of impairments 0,7 - - - - - 0,7
\nReclassification to assets from discontinued operations
\n(2)
\n- 0,7 - - - - 0,7
\nAt 31 March 2023 (11,0) (1,2) (0,2) - (3,1) - (15,5)
\nNet carrying amount at 31 March 2023 1.807,4 278,8 154,9 303,8 128,7 147,1 2.820,7
\n(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.
\n(2) As adjusted due to discontinued operations. See note 16 for more information.
\n
\n\n
\n\n
\n\n
\n\n\n
\n\n(in million EUR)
\nLand and
\nbuildings
\nPlant,
\nmachinery
\nand
\nequipment
\nFurniture
\nand vehicles
\nRight-of-use
\nassets
\nOther
\nproperty,
\nplant and
\nequipment
\nAssets under
\nconstruction Total
\nAcquisition value
\nAt 1 April 2021 2.957,3 847,2 548,2 284,7 202,9 83,1 4.923,4
\nRevaluation
\n(1)
\n- - - 45,8 - - 45,8
\nAcquisitions through business combinations 17,3 4,3 1,1 27,8 6,6 0,2 57,3
\nAcquisitions 185,9 60,4 58,7 3,9 21,9 68,6 399,4
\nSales and disposals (48,3) (52,8) (54,9) (0,2) (13,8) (0,5) (170,5)
\nOther reclassification/Other 27,5 20,8 3,1 (0,5) 5,8 (56,7) -
\nCurrency translation adjustments 0,1 0,1 0,1 - - - 0,3
\nAt 31 March 2022 3.139,8 880,0 556,3 361,5 223,4 94,7 5.255,7
\nDepreciation
\nAt 1 April 2021 (1.279,0) (530,0) (377,4) (59,1) (94,3) - (2.339,8)
\nRevaluation
\n(1)
\n- - - 7,0 - - 7,0
\nDepreciation (129,2) (63,1) (71,0) (45,5) (17,3) - (326,1)
\nSales and disposals 39,9 50,8 53,0 0,3 12,0 - 156,0
\nOther reclassification/Other (0,8) 0,9 (0,5) 0,3 0,1 - -
\nAt 31 March 2022 (1.369,1) (541,4) (395,9) (97,0) (99,5) - (2.502,9)
\nImpairment
\nAt 1 April 2021 (5,3) (1,4) - - (0,3) - (7,0)
\nImpairment (2,0) (0,3) (0,3) - (0,9) - (3,5)
\nSales and disposals 1,3 0,3 0,3 - 0,9 (0,1) 2,7
\nOther reclassification/Other (0,1) - - - - 0,1 -
\nAt 31 March 2022 (6,1) (1,4) - - (0,3) - (7,8)
\nNet carrying amount at 31 March 2022 1.764,6 337,2 160,4 264,5 123,6 94,7 2.745,0
\n(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.
\n
\n\nCollateral has been provided for contracted liabilities, mainly at The Fashion Society (note 25. Interest-bearing liabilities).
\nDuring financial year 2022/23, Colruyt Group acquired property, plant and equipment totalling EUR 406,6 million (EUR 399,4 million in financial year 2021/22). These acquisitions
\ninclude the expansion and modernisation of the store network, investments in the logistical infrastructure and production departments, and in sustainable energy.
\nThe net carrying amount of the line item \u2018Right-of-use assets\u2019 for the current financial year amounts to EUR 303,8 million (compared to EUR 264,5 million for the previous reporting
\nperiod) and consists of leases in respect of buildings (EUR 286,0 million), land (EUR 1,5 million), vehicles, machinery, ICT equipment and other tangible fixed assets (EUR 16,4 million).
\n\nOn property, plant and equipment an impairment loss of EUR 12,0 million was recognised, mainly relating to the loss-making operations of Dreamland and Dreambaby, and the
\nexpansion, relocation and renovation of existing stores. The impairment loss is included in the income statement of the current reporting period under \u2018Depreciation, amortisation and
\nimpairment of non-current assets\u2019 within the operating segments \u2018Retail\u2019, \u2018Wholesale and Foodservice\u2019 and \u2018Other activities\u2019.
\n\n\n
\n\n
\n\n
\n
\n\nThe grants received are included in the net carrying amount of the property, plant and equipment item concerned. These grants amount (net) to:
\n(in million EUR)
\nLand and
\nbuildings
\nPlant,
\nmachinery
\nand
\nequipment
\nFurniture
\nand vehicles
\nRight-of-use
\nassets
\nOther
\nproperty,
\nplant and
\nequipment
\nAssets under
\nconstruction Total
\nAt 31 March 2022 (6,0) (5,0) (0,2) - - (0,3) (11,4)
\nAt 31 March 2023 (5,3) (3,6) (0,1) - - - (9,1)
\nThe grants recognised in profit or loss amount to EUR 1,4 million (EUR 1,3 million in the previous financial reporting period).
\nThe grants consist mainly of the grant awarded for the construction of the logistics site in Ath/Lessines.
\n
\n\n\n
\n\n12. Investments in associates
\n
\n(in million EUR) 2022/23 2021/22
\nCarrying amount at 1 April 452,3 313,4
\nAcquisitions/capital increases 97,6 115,2
\nTransactions with non-controlling interests (20,6) -
\nDisposals/capital decreases (94,6) (0,7)
\nShare in the result for the financial year 3,2 5,8
\nShare in other comprehensive income 88,2 16,4
\nDividend (1,4) (0,2)
\nOther 1,3 2,4
\nCarrying amount at 31 March 526,0 452,3
\nThe investments in associates for the financial year 2022/23 relate to the non-quoted entities AgeCore SA (25,00%), First Retail International 2 NV (4,73%), Vendis Capital NV (10,87%),
\nSmartmat NV (41,36%), Scallog SAS (23,73%), The Seaweed Company BV (21,30%), and Virya Energy NV (59,94%). These investments are considered as associates and are accounted for
\nusing the equity method given that Colruyt Group has a significant influence based on indicators as defined under paragraph 6 of IAS 28, \u2018Investments in Associates and Joint Ventures\u2019.
\nAcquisitions and transactions with non-controlling interests mainly concern Virya Energy NV. After conversion of the convertible loan between Colruyt Group and Virya Energy NV,
\nColruyt Group's stake in Virya Energy NV increased from 59,78% to 59,94%. Transactions with non-controlling interests include the initial recognition of put options on non-controlling
\ninterests agreed by Virya Energy NV with the respective shareholders. This liability will be revalued at each closing date, with subsequent changes recognised in equity.
\nThe investment in Newpharma Group NV has been fully consolidated as a subsidiary since October 2022. This change in consolidation method is included in this note under the line
\nitem \u2018Disposals\u2019. Through the acquisition of the remaining 39% of the shares of Korys Investments NV on 14 October 2022, Colruyt Group's stake in Newpharma Group NV increased to
\n100%. The requisite measures were taken in the context of the conflict of interest rules.
\n
\n\n
\n\n
\n\n
\n\n
\n\nThe share of other comprehensive income mainly relates to interest rate swap contracts within Virya Energy NV.
\nOn 22 March 2023, Virya Energy NV announced that it had entered into an agreement with JERA Green Ltd., a subsidiary of JERA Co. Inc., to sell 100% of the Parkwind NV shares. The
\ntransaction is expected to be closed in the course of financial year 2023 and is subject to approval by the relevant competition and other regulatory authorities. This will lead to a
\nvery large one-off positive effect in Colruyt Group's consolidated net result in financial year 2023/24. That effect is estimated at EUR 600 million to EUR 700 million (based on Virya
\nEnergy NV's last closing date, i.e. 31 December 2022). The final price may still vary depending on the exact date the transaction is completed, and is expected to be at least EUR 1,55
\nbillion (net of debt) at the level of Virya Energy NV.
\nFor transactions decided by the Board of Directors after year-end with regard to Virya Energy NV, we refer to note 32. Events after the reporting date.
\nThe investments in Scallog SAS, Smartmat NV and The Seaweed Company BV are presented under the operating segment \u2018Retail\u2019, the investment in Virya Energy NV under the operating
\nsegment \u2018Other activities\u2019 and the investments in AgeCore SA, First Retail International 2 NV and Vendis Capital NV under the segment \u2018Unallocated\u2019.
\nThe consolidated figures of the material associates are as follows:
\n2022 (in million EUR) Virya Energy NV
\n(1)(2)
\nSmartmat NV
\n(1)
\nNon-current assets 497,0 5,0
\nCurrent assets
\n(2)
\n2.484,4 4,8
\nNon-current liabilities 240,8 1,7
\nCurrent liabilities
\n(2)
\n1.558,2 5,0
\nNet assets 1.182,5 3,0
\n of which non-controlling interests 110,8 -
\n of which equity attributable to owners of the parent company 1.071,7 3,0
\nShare of Colruyt Group in net assets 642,4 1,2
\nAdjustment for Colruyt Group
\n(3)
\n (176,1) 26,2
\nRevenue
\n(3)
\n111,0 30,7
\nProfit from continuing operations 9,3 0,6
\nLoss from discontinued operations
\n(2)
\n(19,2) -
\nOther comprehensive income 192,6 -
\nTotal comprehensive income 182,7 0,6
\n of which non-controlling interests 47,3 -
\n of which equity attributable to owners of the parent company 135,4 0,6
\nShare of Colruyt Group in total comprehensive income 81,2 0,3
\nAdjustment for Colruyt Group
\n(3)
\n11,2 -
\n(1) Virya Energy NV and Smartmat NV are in turn sub-consolidations. Late statutory adjustments not recognised by Colruyt Group are not material and will be accounted for in the next financial year.
\n(2) As a result of the announced transaction to sell 100% of the shares of Parkwind NV, the requirements for IFRS 5, \u2018Assets Held for Sale and discontinued Operations\u2019 were met.
\nConsequently, within the sub-consolidation of Virya Energy NV, the entire Parkwind Group is presented as such in the balance sheet and income statement per 31 December 2022. The assets of the discontinued operation amount to EUR 2.352,6 million, its
\nliabilities to EUR 1.458,8 million.
\n(3) 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.
\nThese adjustments to the net assets relate to energy contracts within the \u2018Non-current assets\u2019 category. In addition, effects in the consolidated figures of Virya Energy NV resulting from a change in the consolidation method of the underlying entities, are
\noffset by Colruyt Group as these effects are not applicable to Colruyt Group. The adjustment for Colruyt Group at Smartmat NV relates to goodwill.
\n
\n\n
\n\n
\n\n
\n\n
\n\n2021 (in million EUR) Virya Energy NV
\n(2)(4)
\nNewpharma Group NV
\n(2)(3)
\nSmartmat NV
\n(2)
\nNon-current assets 2.102,4 89,1 3,0
\nCurrent assets 251,0 17,4 7,9
\nNon-current liabilities 1.068,9 17,0 2,3
\nCurrent liabilities 399,5 24,4 6,8
\nNet assets 885,0 65,1 1,8
\n of which non-controlling interests 72,7 - -
\n of which equity attributable to owners of the parent company 812,3 65,1 1,8
\nShare of Colruyt Group in net assets 485,6 39,7 0,7
\nAdjustment for Colruyt Group
\n(1)
\n (187,4) 57,9 26,5
\nRevenue 179,3 156,5 -
\nProfit from continuing operations 18,9 (1,1) -
\nLoss from discontinued operations
\n(4)
\n(6,9) - -
\nOther comprehensive income 34,2 - -
\nTotal comprehensive income 46,2 (1,1) -
\n of which non-controlling interests 8,1 - -
\n of which equity attributable to owners of the parent company 38,1 (1,1) -
\nShare of Colruyt Group in total comprehensive income 22,8 (0,4) -
\nAdjustment for Colruyt Group
\n(1)
\n(1,8) - -
\n(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. These adjustments to the net assets relate to energy contracts
\nwithin the \u2018Non-current assets\u2019 category. In addition, effects in the consolidated figures of Virya Energy NV resulting from a change in the consolidation method of the underlying entities, are offset by Colruyt Group as these effects are not applicable to
\nColruyt Group. The adjustment for Colruyt Group at Newpharma Group NV and at Smartmat NV relates to goodwill.
\n(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 accounted for in the next financial year.
\n(3) The figures of Newpharma Group NV in the tables have been adjusted to IFRS.
\n(4) The result of Parkwind NV at 31 December 2021 included in the sub-consolidation of Virya Energy NV.
\n
\n\n
\n\n
\n\n
\n\n
\n\n13. Investments in joint ventures
\n
\n(in million EUR) 2022/23 2021/22
\nCarrying amount at 1 April 12,0 6,9
\nAcquisitions/capital increases 6,1 5,0
\nDisposals (0,2) -
\nChange in ownership percentage 0,1 -
\nShare in the result for the financial year (1,5) 0,1
\nCarrying amount at 31 March 16,5 12,0
\nThe investments in joint ventures for the financial year 2022/23 consist of the non-quoted entities Achilles Design BV (24,70%), Kriket BV (43,82%), Daltix NV and Daltix Unipessoal LDA
\n(78,76%), We Connect Data BV (16,03%), Ticom NV (90,00%), Digiteal NV (26,84%), Some BV (24,97%), De Leiding BV (51,99%) and Pluginvest BV (25,00%). As Colruyt Group shares the
\ncontrol over these entities with other parties, these joint ventures are included in the consolidated financial statements using the equity method.
\nAn interest in the company Pluginvest BV was acquired during the financial year (May 2022).
\nThrough the exercise of a put option by a minority shareholder, Colruyt Group's investment in Daltix NV and Daltix Unipessoal LDA was increased to 78,76% in the current financial year.
\nOn 27 December 2022, Colruyt Group made an additional cash contribution to De Leiding BV, increasing the investment from 46,23% to 51,99%.
\nOn 28 March 2023, Colruyt Group sold its stake in Hyve BV. Colruyt Group held 16,67% of the shares.
\nThe investments in Kriket BV, Daltix NV and Daltix Unipessoal LDA, Ticom NV, Digiteal NV, and De Leiding BV are presented in the operating segment \u2018Retail\u2019, the investments in Some BV
\nand Pluginvest BV in the operating segment \u2018Other activities\u2019 and the investments in Achilles Design BV and We Connect Data BV in the segment \u2018Unallocated\u2019.
\nThese companies have their main activities in Belgium.
\nIn both the current financial year 2022/23 and the previous financial year 2021/22, there were no material joint ventures.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n14. Financial assets
\n\n14.1. Non-current assets
\n(in million EUR) 31.03.23 31.03.22
\nFinancial assets at fair value through other comprehensive income 10,8 14,7
\nTotal 10,8 14,7
\nThe non-current financial assets evolved as follows during the financial year:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 14,7 111,6
\nAcquisitions - 0,9
\nCapital increases 0,2 0,9
\nCapital decreases - (2,3)
\nFair value adjustments through other comprehensive income (4,1) (1,1)
\nReclassification - (95,0)
\nOther - (0,3)
\nAt 31 March 10,8 14,7
\n
\nThe 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
\nWind CV (7,19%) and the holdings in investment funds Good Harvest Belgium I SRL (4,61%) and Blue Horizon Ventures I SCSp RAIF (1,09%). The investments in the various companies
\nare 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
\ninvestment portfolios.
\nDuring the current reporting period, the non-current financial assets decreased by a net EUR 3,9 million. This is mainly explained by the fair value adjustments of Sofindev IV NV of
\nEUR -3,5 million.
\nDuring the previous reporting period, non-current financial assets decreased by net EUR 96,9 million. This was mainly explained by the reclassification of the convertible bonds of
\nVirya 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
\n(EUR -1,1 million).
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n14.2. Current assets
\n(in million EUR) 31.03.23 31.03.22
\nEquity instruments at fair value through profit or loss 9,4 9,3
\nFixed-income securities at fair value through profit or loss 17,4 15,9
\nCompound instruments at fair value through profit or loss - 95,0
\nFinancial assets at amortised cost 4,5 7,8
\nDerivative financial instruments \u2013 cash flow hedging instruments - 0,3
\nTotal 31,3 128,3
\n
\nThe current financial assets evolved as follows during the financial year:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 128,3 36,4
\nAcquisitions 6,5 6,4
\nSales and disposals (7,5) (17,8)
\nFair value adjustments through profit or loss (0,4) (0,9)
\nFair value adjustments through other comprehensive income (0,3) 9,0
\nCurrency translation adjustments (0,3) 0,2
\nReclassification (95,0) 95,0
\nAt 31 March 31,3 128,3
\nThe equity instruments and fixed-income securities at fair value through profit or loss relate mainly to financial assets held by the Luxembourg reinsurance company Locr\u00e9 SA
\n(EUR 26,5 million for the current period). The equity instruments and fixed-income securities are measured at their closing rates on 31 March 2023. Fair value adjustments are
\nrecognised through profit or loss. The fair value adjustment to the current assets at 31 March 2023 resulted in a net loss of EUR 0,4 million for the current financial year (compared to a
\nnet loss of EUR 0,9 million for the financial year 2021/22). The return on the fixed-income securities is 0,9% on average, with a maximum of 4,9%.
\nThe compound instruments measured at fair value through profit and loss in the previous financial year relate to the convertible bonds (EUR 95,0 million) issued by the associate Virya
\nEnergy NV. At the beginning of June 2022, Colruyt Group converted these convertible bonds into shares.
\nThe 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
\nthe outstanding currency hedges for cash flow hedging purposes.
\nThe cash flow hedging instruments are measured at their fair value at 31 March 2023. Fair value adjustments are accounted for through other comprehensive income owing to the
\nclassification as hedge accounting.
\nMore information on Colruyt Group\u2019s risk management approach to investments can be found in note 27. Risk management.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n15. Business combinations
\nOn 14 October 2022, Colruyt Group increased its stake in Newpharma Group NV from 61% to 100%. Newpharma Group NV is a leading Belgian online pharmacy based in Liege and
\nactive in six countries. Since 1 October 2022, the investment in Newpharma Group NV has been fully consolidated as a subsidiary, and no longer as an associate using the equity
\nmethod.
\nThe transaction resulted in goodwill of EUR 203,5 million. In determining this goodwill, an acquisition price of EUR 96,5 million was taken into account for the remaining 39% of the
\nshares and equity of EUR -23,1 million. The fair value of the 61% held in the associate's capital was valued at EUR 85,7 million as at the acquisition date, which means that the resulting
\ngain compared to the carrying amount of the associate can be considered negligible. Hence, the increased stake in Newpharma Group NV in financial year 2022/23 will have no effect
\non the result.
\nThe allocation of the acquisition price to the underlying assets of Newpharma Group NV has not yet been finalised at the reporting date and will be finalised in the course of financial
\nyear 2023/24. Part of the goodwill (estimated impact EUR 25,1 million) currently recorded is still expected to be allocated to amortisable intangible assets, mainly including the brand
\nname. The remaining goodwill is underpinned by future synergies that will be generated by the integration of Newpharma Group NV into Colruyt Group. These synergies are generated,
\namong other things, by new business opportunities and cost efficiencies in administrative costs.
\nThe requisite measures were taken in the context of the conflict of interest rules. We refer to the Corporate Governance section for more details.
\nThe acquisition balance sheet can be summarised as follows:
\n(in million EUR) 01.10.2022
\nNon-current assets 9,5
\nCurrent assets 20,0
\nNon-current liabilities 16,6
\nCurrent liabilities 36,0
\nNet assets (23,1)
\nThere were no other material business combinations in financial year 2022/23.
\n
\n\n
\n\n
\n\n
\n
\n16. Assets held for sale, disposal of subsidiaries and discontinued operations
\n\n
\n\n16.1. Assets held for sale
\n(in million EUR) 31.03.23
\nIntangible assets 1,3
\nProperty, plant and equipment 62,8
\nOther receivables 0,4
\nTotal non-current assets from discontinued operations 64,5
\nInventories 20,4
\nTrade receivables 40,5
\nCurrent tax assets 0,2
\nOther receivables 2,6
\nCash and cash equivalents 2,6
\nTotal current assets from discontinued operations 66,3
\nTotal assets from discontinued operations 130,8
\nLiabilities related to employee benefits 0,1
\nDeferred tax liabilities 1,2
\nInterest-bearing and other liabilities 3,0
\nTotal non-current liabilities from discontinued operations 4,3
\nInterest-bearing liabilities 0,6
\nTrade payables 79,6
\nLiabilities related to employee benefits and other liabilities 4,7
\nTotal current liabilities from discontinued operations 84,9
\nTotal liabilities from discontinued operations 89,2
\nNet carrying amount from discontinued operations 41,6
\nIn October 2022, Colruyt Group communicated its intention to transfer the activities of DATS 24 NV to the associate Virya Energy NV. In March 2023, the conditions for presenting the
\nrelated assets and liabilities as \u2018discontinued operations\u2019 were met. Consequently, Colruyt Group made the necessary reclassifications for the balance sheet positions of DATS 24 NV at
\nthe end of the financial year 2022/23. The activities of DATS 24 NV are presented under the operating segment \u2018Other activities\u2019. The above amounts exclude receivables and liabilities of
\nDATS 24 NV vis-\u00e0-vis fully consolidated companies within Colruyt Group. On 1 June 2023, Colruyt Group reached an agreement for the sale of DATS 24 NV. For more information on the
\ntransaction in financial year 2023/24, we refer to note 32. Events after the reporting date.
\nNo assets were classified as \u2018Assets held for sale\u2019 in financial year 2021/22.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n16.2. Disposal of subsidiaries
\nNo material disposals of subsidiaries occurred in either financial year 2022/23 or financial year 2021/22.
\n
\n\n\n16.3. Discontinued operations
\nConsolidated income statement from discontinued operations
\n(in million EUR) 2022/23 2021/22
\nRevenue 886,2 798,2
\nCosts (938,1) (846,7)
\nOther operating income 79,4 60,6
\nOperating profit (EBIT) 27,5 12,1
\nProfit before tax 27,8 12,1
\nIncome tax expense (6,9) (2,1)
\nProfit for the financial year from discontinued operations 20,9 10,0
\nAttributable to:
\nOwners of the parent company 20,9 10,0
\nThe discontinued operations relate to DATS 24 NV. As the conditions for classification as \u2018discontinued operations\u2019 were met in financial year 2022/23, the figures for financial year
\n2021/22 were also restated.
\nThe income statement related to the operations of DATS 24 NV was reclassified from continuing to discontinued operations for both the previous (DATS 24 NV and Eoly NV) and the
\ncurrent financial year (DATS 24 NV). As Colruyt Group intends to continue to purchase services and products from DATS 24 NV after the latter's contribution into Virya Energy NV, the
\nintra-group transactions between continuing operations and discontinued operations were not eliminated.
\nNo profit or loss was recognised related to fair value adjustments or to the disposal of assets from discontinued operations as this is not applicable.
\nConsolidated cash flows from discontinued operations
\n(in million EUR) 2022/23 2021/22
\nCash flow from operating activities 75,2 10,2
\nCash flow from investing activities (14,9) 4,2
\nCash flow from financing activities
\n(30,4) (19,1)
\nNet increase/(decrease) of cash and cash equivalents 29,9 (4,8)
\n
\n\n
\n\n
\n\n
\n\n17. Deferred tax assets and liabilities
\nDeferred tax assets and liabilities can be detailed as follows:
\n17.1. Net carrying amount
\n(in million EUR)
\nAssets Liabilities Balance
\n31.03.23 31.03.22 31.03.23 31.03.22 31.03.23 31.03.22
\nIntangible assets 9,6 7,5 (0,1) - 9,5 7,5
\nProperty, plant and equipment 1,9 2,1 (140,7) (134,9) (138,8) (132,8)
\nInventories - 0,1 (0,5) (3,2) (0,5) (3,1)
\nReceivables 3,3 1,9 (6,7) (6,6) (3,4) (4,7)
\nLiabilities related to employee benefits 12,0 18,6 - - 12,0 18,6
\nOther provisions 1,1 1,4 (12,0) (11,6) (10,9) (10,2)
\nOther liabilities 77,5 64,3 (25,3) (25,2) 52,2 39,1
\nTax loss carry-forwards, deductible items and reclaimable tax paid 73,0 74,0 - - 73,0 74,0
\nGross deferred tax assets/(liabilities) 178,4 169,9 (185,3) (181,5) (6,9) (11,6)
\nUnrecognised tax assets/liabilities (87,6) (75,6) 26,4 13,0 (61,2) (62,6)
\nOffsetting tax assets/liabilities (72,7) (76,9) 72,7 76,9 - -
\nNet deferred tax assets/(liabilities) 18,1 17,4 (86,2) (91,6) (68,1) (74,2)
\nOn 31 March 2023, Colruyt Group had unrecognised deferred tax assets and liabilities in an amount of EUR 61,2 million (EUR 62,6 million on 31 March 2022).
\nThis amount relates to temporary differences, as well as tax losses and unused tax assets carried forward totalling EUR 244,8 million (EUR 244,8 million for the 2021/22 financial year).
\nColruyt 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
\ncan be utilised. Colruyt Group sets a time horizon of five years for these estimates.
\nThe other liabilities on the asset side mainly relate to IFRS 16 lease liabilities and on the liability side to deferred tax liabilities that cannot be allocated to the other headings.
\n
\n\n
\n\n
\n
\n\n17.2. Change in net carrying amount
\n(in million EUR)
\nAssets Liabilities Balance
\n2022/23 2021/22 2022/23 2021/22 2022/23 2021/22
\nNet carrying amount at 1 April 17,4 12,3 (91,6) (66,0) (74,2) (53,7)
\nChanges recognised in profit or loss
\n(1)
\n0,7 5,1 7,8 (16,7) 8,5 (11,6)
\nChanges recognised in other comprehensive income - - (3,3) (8,3) (3,3) (8,3)
\nAcquisitions through business combinations - - - (0,5) - (0,5)
\nChanges in the consolidation method - - (0,3) (0,1) (0,3) (0,1)
\nReclassification as liabilities from discontinued operations
\n(2)
\n- - 1,2 - 1,2 -
\nNet carrying amount at 31 March 18,1 17,4 (86,2) (91,6) (68,1) (74,2)
\n(1) Includes both the changes in continuing operations and in discontinued operations.
\n(2) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\n\n\n18. Inventories
\n(in million EUR) 2022/23 2021/22
\nTrade goods 707,4 695,2
\nRaw materials, packaging materials, finished goods and spare parts 119,1 120,4
\nTotal inventories 826,5 815,6
\nThe inventory valuation has been updated in 2021/22 and had a one-off effect of EUR 26,1 million. The accumulated impairment on inventories of trade goods amounted to
\nEUR 49,7 million in the current financial year compared to EUR 47,4 million in the previous financial year.
\nThe amount of inventories recognised as an expense in the 2022/23 income statement amounts to EUR 7.074,2 million and was reported under \u2018Cost of goods sold\u2019. Last year this
\nexpense was EUR 6.546,4 million.
\nIn financial year 2022/23, EUR 20,4 million was transferred to assets from discontinued operations. See note 16.1 for more information on the assets from discontinued operations.
\n
\n\n
\n\n
\n\n
\n
\n19. Trade and other receivables
\n\n
\n\n19.1. Other non-current receivables
\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nLoans to customers 4,9 4,7
\nLoans to associates 1,0 12,7
\nLoans to joint ventures 2,9 1,9
\nGuarantees granted 7,6 7,4
\nLease receivables 20,4 17,1
\nOther receivables 1,5 2,2
\nTotal other non-current receivables 38,3 46,0
\n(1) In financial year 2022/23, EUR 0,4 million was reclassified as assets from discontinued operations. See note 16 for more information on the assets from discontinued operations.
\nLoans granted to customers mainly comprise loans to independent storekeepers of Retail Partners Colruyt Group NV. The loans are usually granted for a maximum period of 15 years.
\nThe \u2018Guarantees granted\u2019 have been provided in respect of purchase obligations.
\nThe lease receivables (EUR 20,4 million) relate to finance subleases in respect of buildings.
\nGuarantees were received for the total outstanding lease receivables (current and non-current) for a total of EUR 16,0 million. The guarantees received exceed the expected credit
\nlosses.
\nOther non-current receivables are presented net of any impairments. Recognised impairments for expected credit losses on the total of other non-current receivables amount to EUR
\n1,0 million (comparative reporting period EUR 2,5 million). To calculate the impairments, the general approach under IFRS 9 was used, whereby assets are assessed on an individual
\nbasis, with any impairments recorded on the basis of expected credit losses. The credit risk assessment for loans to associates and joint ventures is linked to the analysis of impairment
\nindicators. The result of this analysis is that there are no expected credit losses for loans to associates and joint ventures. See also note 1.5.E - Financial assets - Expected credit losses.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n
\n19.2. Current trade and other current receivables
\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nRetail 401,7 432,6
\nWholesale and Foodservice 115,2 94,1
\nOther activities 17,8 75,8
\nTotal trade receivables 534,7 602,5
\nVAT 16,2 12,7
\nPrepaid expenses 39,6 36,9
\nLoans granted to customers that expire within 1 year 1,1 1,2
\nInterest 0,6 3,4
\nLease receivables 5,0 4,3
\nOther receivables 35,3 22,9
\nTotal other current receivables 97,8 81,4
\n(1) In financial year 2022/23, EUR 43,1 million was reclassified as assets from discontinued operations. See note 16 for more information on the assets from discontinued operations.
\n\nTrade receivables
\nTrade receivables are presented net of impairments. These impairments amount to EUR 11,7 million at 31 March 2023 (compared to EUR 15,6 million at 31 March 2022). Trade
\nreceivables also include accrued compensations from suppliers.
\nThe simplified approach always applies to trade receivables, see also note 1.5.E - Financial Assets - Expected Credit Losses.
\nColruyt Group classifies debtors and the related receivables in different categories based on common risk characteristics and the age of outstanding receivables. For all still due
\nreceivables, Colruyt Group applies a percentage between 0,0% and 0,5% (dependent on the category), while for receivables less than six months overdue, Colruyt Group applies
\npercentages between 1% and 5%, dependent on the category. For receivables older than six months, Colruyt Group applies a percentage of 25% to 100%, again dependent on the
\ncategory.
\nFor the wholesale segment, bank guarantees were received for EUR 22,2 million as well as credit insurance. These credit insurance policies cover 4,8% of the gross value of outstanding
\ntrade receivables (as at 31 March 2022, it was 2,8%).
\nOther receivables
\n\u2018Other receivables\u2019 consist mainly of claims for damages and miscellaneous advances.
\nOther receivables are presented net of impairments. These impairments amount to EUR 0,5 million at 31 March 2023 (compared to EUR 0,8 million at 31 March 2022).
\nTo calculate the impairments, the general approach under IFRS 9 was used, whereby assets are assessed on an individual basis, with any impairments recorded on the basis of
\nexpected credit losses. This methodology is in line with the provisions for other non-current receivables, as listed in Section 19.1 \u2018Other non-current receivables\u2019. Guarantees were
\nreceived for the total outstanding lease receivables (current and non-current) for a total of EUR 16,0 million.
\n
\nThe guarantees received exceed the expected credit losses.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n
\n\n\nThe ageing of trade receivables is as follows:
\n(in million EUR)
\n31.03.23 31.03.22
\nGross Impairment Gross Impairment
\nNot past due 490,1 (0,2) 566,7 -
\nPast due between 1 and 6 months 41,2 (0,9) 30,7 (0,7)
\nPast due for more than 6 months 15,1 (10,6) 20,7 (14,9)
\nTotal 546,4 (11,7) 618,1 (15,6)
\n\nThe movement in impairments on trade and other receivables is as follows:
\n(in million EUR)
\nImpairment
\ntrade receivables
\nImpairment
\nother receivables
\n2022/23 2021/22 2022/23 2021/22
\nAt 1 April (15,6) (17,6) (0,8) (0,7)
\nAddition (14,3) (18,3) (0,1) (0,1)
\nReversal 12,7 18,7 0,2 -
\nUse 4,5 1,6 0,2 -
\nReclassification to assets from discontinued operations
\n(1)
\n1,0 - - -
\nAt 31 March (11,7) (15,6) (0,5) (0,8)
\n(1) See note 16 for more information on assets from discontinued operations.
\n\n\nMore information on how trade and other receivables are monitored can be found under note 27.1.c. Credit risk.
\n
\n\n
\n\n
\n\n\n
\n20. Cash and cash equivalents
\n(in million EUR) 31.03.23 31.03.22
\nCash at banks and cash equivalents
\n(1)
\n347,9 167,5
\nCash on hand 10,7 8,7
\nCash and cash equivalents 358,6 176,2
\nBank overdrafts 8,4 0,2
\nTotal liabilities 8,4 0,2
\nNet cash and cash equivalents 350,2 176,0
\n(1) Cash at banks and cash equivalents also include term deposits of EUR 176,2 million (EUR 10,1 million in financial year 2021/22) and cash in transit of EUR 42,7 million (EUR 39,1 million in financial year 2021/22).
\nTerm deposits are convertible into cash within a period of less than 3 months.
\nCash intended for reinsurance activities amounts to EUR 6,3 million in financial year 2022/23 (EUR 11,9 million in financial year 2021/22).
\n
\n\n
\n\n
\n\n
\n
\n
\n21. Equity
\n\n21.1. Capital management
\nColruyt Group\u2019s 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\u2019s value. The
\nBoard 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 51,0%
\n(1)
\n. According
\nto 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
\nincrease shareholders\u2019 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
\nof the company\u2019s treasury shares. This authorisation is valid for a period of five years. As employee commitment to the group\u2019s growth is also one of Colruyt Group\u2019s priorities, an
\nannual capital increase reserved for employees has been organised since 1987.
\n(1) More details can be found under note 21.4 Dividends.
\n
\n\n\n21.2. Share capital
\nAs a result of the resolution of the Extraordinary General Meeting of 6 October 2022, the capital was increased by 238.500 shares on 19 December 2022; this corresponds to a capital
\ncontribution of EUR 5,4 million.
\nThe Company\u2019s share capital on 31 March 2023 amounted to EUR 370,2 million divided into 134.077.688 fully paid up ordinary shares without par value. All shares, except treasury
\nshares, participate in the profits.
\nThe 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.
\nCapital 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
\nway 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
\ndetermined by the Board of Directors, taking legal prescriptions into account.
\nThis 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
\nAnnexes to the Belgian Official Gazette. This authorisation can be extended once or multiple times, each time for a maximum period of five years, by means of a decision of the General
\nMeeting of Shareholders, deliberating according to the guidelines that apply for changes in bylaws. The current authorisation will end in October 2024.
\n
\n\n\n21.3. Treasury shares
\nTreasury shares are recognised at the cost of the treasury shares purchased. At 31 March 2023, Colruyt Group held 6.687.980 treasury shares; this represents 4,99% of the shares issued
\nat the reporting date. During the financial year, 3.169.026 treasury shares were repurchased for an amount of EUR 94,8 million. We refer to the Corporate Governance section for more
\ndetails on the purchase of treasury shares.
\n
\n\n21.4. Dividends
\nOn 9 June 2023, a gross dividend of EUR 101,6 million or EUR 0,80 per share was proposed by the Board of Directors. In the previous financial year the gross dividend amounted
\nto EUR 139,9 million or EUR 1,10 per share. The gross dividend takes into account the number of treasury shares held on 9 June 2023. The dividend was not incorporated in the
\nconsolidated financial statements for the financial year 2022/23.
\n
\n\n
\n\n
\n
\n\n21.5. Shareholder structure
\nBased on the most recent transparency notification of 24 March 2023 and taking into account the companies\u2019 treasury shares held by the company at 31 March 2023, the shareholder
\nstructure of Etn. Fr. Colruyt NV is as follows:
\nShares
\nColruyt family and relatives 82.969.340
\nEtn. Fr. Colruyt NV (treasury shares)
\n(1)
\n 6.687.980
\nTotal of parties acting in concert 89.657.320
\n(1) Situation at 31 March 2023.
\nThe remainder of the total shares issued (134.077.688 shares at 31 March 2023), i.e. 44.420.368 shares or 33,13%, are publicly held. We refer to the Corporate Governance section for
\nmore details.
\n
\n\n\n22. Earnings per share
\n2022/23 2021/22
\n(1)
\nTotal operating activity
\nProfit for the financial year (group share), including discontinued operations (EUR million) 200,6 287,3
\nProfit for the financial year (group share), excluding discontinued operations (EUR million) 179,7 277,3
\nWeighted average number of outstanding shares 127.967.641 132.677.085
\nEarnings per share \u2013 basic (in EUR) \u2013 including discontinued operations 1,57 2,16
\nEarnings per share \u2013 diluted (in EUR) \u2013 including discontinued operations 1,57 2,16
\nEarnings per share \u2013 basic (in EUR) \u2013 excluding discontinued operations 1,40 2,09
\nEarnings per share \u2013 diluted (in EUR) \u2013 excluding discontinued operations 1,40 2,09
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\nWeighted average number of outstanding shares
\n2022/23 2021/22
\nNumber of outstanding shares at 1 April 130.320.234 134.786.572
\nEffect of capital increase 66.913 53.733
\nEffect of shares purchased (2.419.506) (2.163.220)
\nWeighted average number of outstanding shares at 31 March 127.967.641 132.677.085
\n
\n\n
\n\n
\n\n23. Provisions
\n(in million EUR)
\nEnvironmental
\nrisks
\nOngoing
\ndisputes Other risks Total
\nNon-current provisions 1,8 5,0 1,7 8,5
\nCurrent provisions - - 0,9 0,9
\nAt 31 March 2023 1,8 5,0 2,6 9,4
\nAt 1 April 2022 2,5 8,9 4,8 16,2
\nAddition 1,1 1,6 1,3 4,0
\nUse (1,8) (1,6) (2,9) (6,3)
\nReversal - (3,9) (0,6) (4,5)
\nAt 31 March 2023 1,8 5,0 2,6 9,4
\nNon-current provisions 2,5 8,9 4,0 15,4
\nCurrent provisions - - 0,8 0,8
\nAt 31 March 2022 2,5 8,9 4,8 16,2
\nAt 1 April 2021 3,1 12,7 11,2 27,0
\nAddition 1,1 3,0 1,4 5,5
\nUse (1,2) (3,1) (1,7) (6,0)
\nReversal (0,5) (3,7) (6,1) (10,3)
\nAt 31 March 2022 2,5 8,9 4,8 16,2
\nTo provide a better understanding of the provisions, the table in note 23 has been adjusted for both financial years. The \u2018Other risks\u2019 category in the annual report 2021/22 was split
\ninto \u2018Ongoing disputes\u2019 and \u2018Other risks\u2019.
\nThe provision for environmental risks primarily relates to site remediation costs.
\nThe other provisions consist mainly of provisions for vacant properties and reinsurance.
\n
\n\n
\n\n\n
\n\n24. Non-current liabilities related to employee benefits
\n(in million EUR) 31.03.23 31.03.22
\nDefined contribution plans with a legally guaranteed minimum return 74,4 90,6
\nBenefits related to the \u2018Unemployment regime with company supplement\u2019 6,4 8,8
\nOther post-employment benefits 7,1 7,8
\nTotal 87,9 107,2
\nColruyt Group offers various types of post-employment benefits. These include retirement benefit plans and other arrangements in respect of post-employment benefits. In accordance
\nwith IAS 19, \u2018Employee Benefits\u2019, the post-employment benefits are subdivided into either defined contribution plans or defined benefit plans.
\n24.1. Defined contribution plans with a legally guaranteed minimum return
\nIn Belgium, the Law regarding supplementary pensions (\u2018WAP\u2019) requires employers to guarantee a minimum return on defined contribution plans over the course of the career. For
\namounts 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
\ninterest 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
\nof 3,75%. Since 2016 the minimum return has been 1,75%. For more details on the actuarial assumption used, we refer to the summary of the main actuarial assumptions used in
\ncalculating the liabilities related to the defined contribution plans with a legally guaranteed minimum return.
\nOwing 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
\nretirement 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
\n19 based on the \u2018projected unit credit\u2019 method.
\nThe amount resulting from the group\u2019s liabilities related to its defined contribution plans with a legally guaranteed minimum return, as recorded in the consolidated statement of
\nfinancial position, is as follows:
\n(in million EUR) 31.03.23 31.03.22
\nPresent value of the gross obligation under the defined contribution plans with a legally guaranteed minimum return 278,8 283,2
\nFair value of plan assets 204,4 192,6
\nDeficit/(surplus) of funded plans 74,4 90,6
\nTotal liability for employee benefits, of which:
\nPortion recognised as non-current liabilities 74,4 90,6
\nPortion recognised as non-current assets - -
\n\n\n
\n\n\n
\n\nThe 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:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 283,2 294,4
\nCurrent service cost 16,4 17,9
\nInterest expense 5,2 2,8
\nExperience adjustments 17,5 2,5
\nChange of financial assumptions (35,5) (28,4)
\nBenefit payments from plan assets (9,4) (7,2)
\nParticipant contributions 4,0 3,9
\nExpenses and taxes paid (2,6) (2,7)
\nAt 31 March 278,8 283,2
\nExperience adjustments also include the effects of wage index adjustments that occurred during the financial year. In financial year 2022/23, these were higher than expected.
\nPlan assets (EUR 204,4 million) are held with a third-party insurance company and consist of reserves accumulated by employer and employee contributions. They consist entirely of
\ninsured contracts with guaranteed returns.
\nThe evolution of the fair value of the plan assets is as follows:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 192,6 178,7
\nEmployer contributions 19,5 19,6
\nInterest income 3,7 1,8
\nReturn on plan assets (3,5) (1,6)
\nBenefit payments from plan assets (9,4) (7,2)
\nParticipant contributions 4,1 3,9
\nExpenses and taxes paid (2,6) (2,6)
\nAt 31 March 204,4 192,6
\n\n\n
\n\n\n
\n\nIn the next financial year, employer contributions of EUR 19,9 million are expected to be made to the defined contribution plans with a legally guaranteed minimum return.
\nThe average term of the liabilities for defined contribution plans with a legally guaranteed minimum return is 16,03 years vs 16,82 years in the previous year.
\nThe 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
\nstatement of comprehensive income can be summarised as follows:
\n(in million EUR) 31.03.23 31.03.22
\nTotal service cost
\n(1)
\n 16,4 17,9
\nNet interest cost
\n(2)
\n1,5 1,0
\nComponents recorded in the income statement 17,9 18,9
\nExperience adjustments 17,5 2,5
\nChange of financial assumptions (35,5) (28,4)
\nReturn on plan assets 3,5 1,6
\nComponents recorded in other comprehensive income (14,5) (24,3)
\n(1) Included under \u2018Employee benefit expenses\u2019 in the consolidated income statement.
\n(2) Included under \u2018Net financial result\u2019 in the consolidated income statement.
\nThe 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
\nsummarised as follows:
\n\u2022 discount rate: 3,75% vs 1,85% in previous financial year;
\n\u2022 price inflation: 2,20% vs 1,80% in previous financial year;
\n\u2022 salary inflation: 2,70% vs 2,30% in previous financial year.
\n\u2022 expected future minimum WAP return: 2,80% vs 1,75% in previous financial year.
\nApplication of the formula for calculating the WAP return has consistently led to a rate below the minimum rate since 2016. Since January 2022, the 10-year OLO rate has increased
\nfrom 0,29% to 3,00% at 31 March 2023. Based on OLO rates at longer maturities, the minimum legal yield is estimated at 2,80% at 31 March 2023.
\nDescription of the main risks
\nColruyt Group is exposed by its defined benefit plans to a number of risks, of which the most important ones are explained below:
\nVolatility of plan assets - investment risk
\nThe 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
\nbenefit liabilities on account of Colruyt Group may increase. Colruyt Group reduces the investment risk by investing in insurance contracts instead of equity instruments.
\nInterest risk
\nA 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.
\n\n\n
\n\n\n
\n\nLife expectancy
\nThe 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
\nin retirement benefit liabilities.
\nSalary expectancy
\nThe 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
\nin salary of the participants in the retirement benefit plan will lead to an increase in the retirement benefit liabilities.
\n24.2. Benefits related to \u2018Unemployment regime with company supplement\u2019
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 8,8 9,2
\nAddition
\n(1)
\n0,5 0,5
\nUse (0,5) (0,8)
\nNet interest expense
\n(2)
\n0,1 0,1
\nExperience adjustments
\n(3)
\n0,1 0,7
\nChange of financial assumptions
\n(3)
\n(2,6) (0,9)
\nAt 31 March 6,4 8,8
\n(1) Included under \u2018Employee benefit expenses\u2019 in the consolidated income statement.
\n(2) Included under \u2018Net financial result\u2019 in the consolidated income statement.
\n(3) Included in the consolidated statement of comprehensive income.
\nThe possibility to retire early, as it exists within Colruyt Group for employees of its Belgian entities, is based on the \u2018Unemployment regime with company supplement\u2019 applicable in
\nBelgium. The accounting policies in respect of the liabilities and costs related to this system are included under note 1.5. Other significant accounting policies.
\nColruyt Group regularly reviews the long-term assumptions in respect of these liabilities. For this financial year the following assumptions were used:
\n\u2022 discount rate: 3,75% vs 1,80% in previous financial year;
\n\u2022 salary inflation: 2,70% vs 2,30% in previous financial year.
\nThe weighted average duration of the liability for benefits under the \u2018Unemployment regime with company supplement\u2019 is 13,86 years, as compared to 15,39 years in the previous year.
\n\n\n
\n\n\n
\n\n24.3. Other post-employment benefits
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 7,8 9,5
\nAddition
\n(1)
\n 0,8 1,0
\nUse (0,6) (0,6)
\nNet interest expense
\n(2)
\n 0,1 0,2
\nExperience adjustments
\n(3)
\n0,3 (0,3)
\nChange of financial assumptions
\n(3)
\n (1,3) (0,6)
\nChange of demographic assumptions
\n(3)
\n- (1,4)
\nAt 31 March 7,1 7,8
\n(1) Included under \u2018Employee benefit expenses\u2019 in the consolidated income statement.
\n(2) Included under \u2018Net financial result\u2019 in the consolidated income statement.
\n(3) Included in the consolidated statement of comprehensive income.
\nOther post-employment benefits payable at retirement consist of long-service benefits (Belgian entities) and legal compensations (French and Indian entities).
\nFor the long-service benefits (Belgian entities), Colruyt Group uses the following parameters:
\n\u2022 discount rate: 3,75% vs 1,80% in previous financial year;
\n\u2022 salary inflation: 2,70% vs 2,30% in previous financial year.
\nFor the legally established benefits, the following parameters are used:
\n
\nFrench entities:
\n\u2022 discount rate: 3,75% vs 1,90% in previous financial year;
\n\u2022 salary inflation: 2,00% (same as previous financial year).
\nIndian entities:
\n\u2022 discount rate: 7,40% vs 6,90% in previous financial year;
\n\u2022 salary inflation: 10,00% (same as previous financial year).
\n\n\n
\n\n\n
\n
\n
\n\nChanges to the main assumptions impact the group\u2019s main employee benefits-related liabilities as follows:
\n(in million EUR)
\nDefined contribution plans
\nwith a legally guaranteed
\nminimum return
\nBenefits related to the
\n\u2018Unemployment regime with
\ncompany supplement\u2019
\nLong-service benefits
\n(Belgian entities)
\nLegally established benefits
\n(French and Indian entities)
\n31.03.23 31.03.22 31.03.23 31.03.22 31.03.23 31.03.22 31.03.23 31.03.22
\nBase scenario 74,4 90,6 6,4 8,8 3,2 3,9 3,9 3,9
\nDiscount rate + 0,5% 65,4 72,3 6,0 8,2 3,0 3,7 3,8 3,5
\nDiscount rate - 0,5% 89,2 111,3 6,8 9,5 3,4 4,2 4,0 4,1
\nSalary inflation + 0,5% 82,3 98,9 7,2 9,6 3,4 4,2 4,2 4,1
\nSalary inflation - 0,5% 66,6 83,0 5,9 7,9 3,0 3,7 3,6 3,5
\nThe above are purely hypothetical changes in individual assumptions, keeping all other assumptions unchanged: economic factors and their changes will often impact more than one
\nassumption 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.
\n\n\n
\n25. Interest-bearing liabilities
\n
\n\n
\n\n25.1. Terms and repayment schedule
\n(in million EUR) < 1 year 1-5 years > 5 years Total
\nLease and similar liabilities 60,5 180,2 87,7 328,4
\nBank borrowings 410,5 295,0 55,8 761,3
\nFixed-rate green retail bond - 251,1 - 251,1
\nOther 0,1 5,8 - 5,9
\nTotal at 31 March 2023
\n(1)
\n471,1 732,1 143,5 1.346,7
\nLease and similar liabilities 50,9 151,1 82,0 284,0
\nBank borrowings 298,3 378,8 1,0 678,1
\nOther 0,6 6,0 - 6,6
\nTotal at 31 March 2022
\n349,8 535,9 83,0 968,7
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\nInterest-bearing liabilities consist mainly of lease liabilities, bank borrowings and the fixed-rate green retail bond. The increase compared to the previous reporting period is due to
\nwithdrawals under short- and long-term financing arrangements as well as the issuance of a green retail bond that was successfully completed in February 2023, raising the maximum
\namount of EUR 250 million. Repayment of the green retail bond is scheduled for February 2028. Interest coupons worth EUR 10,6 million are due annually.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n\n25.2. Repayment schedule lease liabilities
\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\n< 1 year 63,8 53,4
\n1-5 years 188,5 158,0
\n> 5 years 91,8 85,8
\nTotal non-discounted lease payments 344,1 297,2
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\n\n
\n\n
\n25.3. Repayment schedule bank borrowings and others
\n(in million EUR)
\nTotal Interest Principal Total Interest Principal
\n31.03.23
\n(1)
\n31.03.23 31.03.23 31.03.22 31.03.22 31.03.22
\n< 1 year 416,7 6,1 410,6 301,1 2,2 298,9
\n1-5 years 314,8 14,0 300,8 389,0 4,2 384,8
\n> 5 years 59,6 3,8 55,8 1,0 - 1,0
\nTotal 791,1 23,9 767,2 691,1 6,4 684,7
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n\nPart of the outstanding balance of non-current and current interest-bearing liabilities is covered by collateral provided, mainly at The Fashion Society.
\n
\n\n
\n\n
\n\n
\n\n25.4. Changes in liabilities arising from financing activities
\n(in million EUR) 31.03.22 Cash flow
\nChanges in lease
\nportfolio
\n(1)
\nBusiness
\ncombinations
\nReclassi-
\nfication Other
\n(2)
\n31.03.23
\nLease liabilities and similar liabilities 284,0 (58,8) 55,0 2,0 - 46,2 328,4
\nCurrent 50,9 (58,8) 3,4 0,5 55,4 9,1 60,5
\nNon-current 233,1 - 51,6 1,5 (55,4) 37,1 267,9
\nBank borrowings 678,1 70,8 - 12,4 - - 761,3
\nCurrent 298,3 (1,9) - 1,9 112,2 - 410,5
\nNon-current 379,8 72,7 - 10,5 (112,2) - 350,8
\nFixed-rate green retail bond - 250,0 - - - 1,1 251,1
\nNon-current - 250,0 - - - 1,1 251,1
\nOther 6,6 (9,6) - 8,3 - 0,6 5,9
\nTotal 968,7 252,4 55,0 22,7 - 47,9 1.346,7
\n(1) Changes in lease portfolio include both new leases and terminations.
\n(2) For lease liabilities and similar liabilities, this includes the effect of renewing existing leases and revaluing leases due to indexations, as well as reclassifications to liabilities from discontinued operations.
\n(in million EUR) 31.03.21 Cash flow
\nChanges in lease
\nportfolio
\n(1)
\nBusiness
\ncombinations
\nReclassi-
\nfication Other
\n(2)
\n31.03.22
\nLease liabilities and similar liabilities 242,8 (51,2) 43,7 29,6 - 19,1 284,0
\nCurrent 41,2 (51,2) 3,7 5,7 46,1 5,4 50,9
\nNon-current 201,6 - 40,0 23,9 (46,1) 13,7 233,1
\nBank borrowings 221,1 441,0 - 22,0 (6,0) - 678,1
\nCurrent 189,3 (7,4) - 18,7 97,7 - 298,3
\nNon-current 31,8 448,4 - 3,3 (103,7) - 379,8
\nOther - (1,0) - 1,6 6,0 - 6,6
\nTotal 463,9 388,8 43,7 53,2 - 19,1 968,7
\n(1) Changes in lease portfolio include both new leases and terminations.
\n(2) For lease liabilities and similar liabilities, this includes the effect of renewing existing leases and revaluing leases due to indexations.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n
\n26. Trade payables, liabilities related to employee benefits and other liabilities
\n
\n
\n\n
\n\n
\n\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nTrade payables (non-current) 1,7 1,7
\nTotal trade payables (non-current) 1,7 1,7
\nOther liabilities (non-current) 3,7 30,0
\nTotal other liabilities (non-current) 3,7 30,0
\nTrade payables 1.267,4 1.252,7
\nGuarantees received and advances on work in progress 28,4 30,8
\nTotal trade payables (current) 1.295,8 1.283,5
\nCurrent liabilities related to employee benefits 568,3 547,8
\nVAT, excise duties and other operating taxes 59,1 51,5
\nDividends 0,6 0,5
\nDeferred income and accrued costs 19,0 11,1
\nDerivative financial instruments \u2013 cash flow hedging instruments 0,2 0,2
\nOther 40,6 16,3
\nTotal liabilities related to employee benefits and other liabilities (current) 687,8 627,4
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\n\n
\n\n
\n\nTerms and repayment schedule
\n(in million EUR) < 1 year 1-5 years > 5 years Total
\nTrade payables (non-current) - 1,7 - 1,7
\nOther liabilities (non-current) - 3,7 - 3,7
\nTrade payables (current) 1.295,8 - - 1.295,8
\nLiabilities related to employee benefits and other liabilities (current) 687,8 - - 687,8
\nTotal at 31 March 2023 1.983,6 5,4 - 1.989,0
\nTrade payables (non-current) - 0,6 1,1 1,7
\nOther liabilities (non-current) - 30,0 - 30,0
\nTrade payables (current) 1.283,5 - - 1.283,5
\nLiabilities related to employee benefits and other liabilities (current) 627,4 - - 627,4
\nTotal at 31 March 2022 1.910,9 30,6 1,1 1.942,6
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n27. Risk management
\n27.1. Risks related to financial instruments
\n\nA. Currency risk
\nColruyt Group\u2019s operational entities are mainly located in the euro zone, except for its activities in India, Hong Kong and Africa.
\nThe exchange rate risk incurred when consolidating revenues and costs of subsidiaries not reporting in euro is not hedged.
\nIn 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
\ncurrency risk, with no speculative purposes.
\nColruyt Group\u2019s exposure to exchange rate fluctuations is based on the following positions in foreign currencies:
\n(in million EUR)
\nNet position
\n31.03.23 31.03.22
\nEUR/INR 4,4 0,9
\nUSD/EUR 3,6 2,7
\nNZD/EUR 0,1 0,1
\nTotal 8,1 3,7
\nThe 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
\nsecond currency of the pair is the functional currency of the Colruyt Group entity concerned.
\nThe impact of exchange rate changes compared to the euro is relatively limited.
\n
\n\n\nB. Interest rate risk
\nLoans with maturities exceeding one year were always concluded
\nwith a fixed interest rate in order to limit interest rate risk.
\nAt 31 March 2023 the total amount of bank and other borrowings
\nas well as the fixed-rate green retail bond was EUR 1.018,3 million
\n(long-term and short-term together) (EUR 684,7 million at 31 March
\n2022) or 16,6% of the balance sheet total and 291% of the net cash
\nand cash equivalents. New long- and sort- term loans were taken
\nout in 2022/23. Given that EUR 410,6 million of the bank and other
\nloans matures within the year, a possible refinancing of these loans
\nwill incur higher interest rates, given the sharp rise in interest rates
\nin recent months.
\nColruyt Group\u2019s lease liabilities total EUR 328,4 million in the
\ncurrent financial year, as against EUR 284,0 million in the previous
\nfinancial year. The lease liabilities are concluded under IFRS 16
\nwith a fixed interest rate so that a change in the market interest
\nrate cannot impact the future cash flows of Colruyt Group's current
\nlease liabilities, nor the results to be realised.
\nA change in interest rates may have an effect on the consolidated
\nincome statement or on future cash flows of Colruyt Group.
\n
\n
\n\n\nC. Credit risk
\nColruyt Group is subject to credit risk in its operating activities, its
\nliquidity management and, to a limited extent, in other and other
\nfinancial activities.
\nTo limit the credit risk for its liquidity management (term deposits,
\ncash and cash equivalents, and bank guarantees), Colruyt Group
\nensures that its liquidities and transactions are spread over several
\nfinancial institutions with good credit ratings. Colruyt Group
\nproactively monitors the stability and associated credit rating of
\nthese financial institutions, adjusting its liquidity management
\nstrategy where necessary.
\nThe credit risk in relation to trade receivables from its operational
\nactivities is limited since most of Colruyt Group\u2019s customers pay
\ncash. The main part of Colruyt Group\u2019s receivables is linked with
\nthe retail and wholesale activity for which Colruyt Group uses the
\npayment terms customary in the industry. The risks minimised by
\nregularly monitoring the creditworthiness of debtors and limiting
\noutstanding receivables through credit limits. Where necessary,
\nColruyt Group requests bank guarantees or covers credit risk
\nthrough credit insurance. The credit risk is spread over a large
\nnumber of debtors.
\n
\n
\n\n
\n\n
\n\n\n\nThe credit risk for other current and non-current receivables from
\nits other and other financial activities is low for Colruyt Group due
\nto the limited amount of outstanding amounts. These receivables
\nconsist mainly of loans to customers, associates and joint ventures
\nor receivables arising from sublease agreements. The credit risk of
\nthe sublease receivables is further reduced by the bank guarantees
\nreceived and the collateral on the leased building. The credit risk
\nfor loans to customers and associates is controlled through regular
\nmonitoring of the credit risk on an individual basis. To monitor
\nthe credit risk of loans to associates, Colruyt Group can rely on the
\nadditional information obtained as a related party.
\nColruyt Group\u2019s maximum credit risk is represented by defaulting
\ncounterparties, with a maximum exposure equal to the net
\ncarrying amount of these assets. For the net carrying amount of
\nthe various assets with credit risk, see 27.1.F \u2013 Financial assets and
\nliabilities per category and per class. From certain customers, bank
\nguarantees are received or credit insurance policies taken out with
\na view to securing the collectability of receivables and limiting the
\nreal credit risk at the level of trade receivables. However, these bank
\nguarantees or credit insurance policies are not taken into account
\nwhen assessing the creditworthiness of the parties involved, in line
\nwith the provisions under IFRS 9, \u2018Financial Instruments\u2019.
\nColruyt Group considers a financial asset in default when internal
\nor external information indicates that it is unlikely that the
\noutstanding contractual amounts will be received in full, prior to
\nobservance of any credit protection.
\nCredit losses are recognised using a model based on \u2018expected
\ncredit losses\u2019 in line with IFRS 9, \u2018Financial Instruments\u2019, taking into
\naccount the impact of changes in economic factors on expected
\nlosses. To calculate expected credit losses, Colruyt Group makes
\nuse of the simplified approach based on a provision matrix for
\ntrade receivables and of the general approach under which credit
\nlosses are determined at the level of the individual receivable. For
\nreceivables from associates or joint ventures, an assessment is
\nmade as to whether an expected credit loss should be recorded
\nas part of an indication of impairment on the carrying amount of
\nan equity pick-up. See also note 1.5.E \u2013 \u2018Financial Assets: Expected
\ncredit losses\u2019.
\n
\n\n\nD. Liquidity risk
\nFinco NV and Finco France SARL, Colruyt Group\u2019s financial
\ncoordinators, ensure that all entities of Colruyt Group have access
\nto the financial resources they need and apply a cash pooling
\nsystem, i.e. any excess in cash and cash equivalents within entities
\nof the group is used for shortages in other entities of the group.
\nFinco NV and Finco France SARL are also responsible for the
\ninvestment of Colruyt Group\u2019s cash and cash equivalents. Finco NV
\nand Finco France SARL use cash projections to follow up on Colruyt
\nGroup\u2019s liquidity.
\nIn addition, Colruyt Group always strives to have sufficient credit
\nlines and capital market instruments (including commercial
\npaper) available as back-up to further minimise the Group's
\nliquidity risk. As part of this, a committed revolving credit facility
\nfor EUR 530 million was concluded with a banking syndicate in
\nSeptember 2022. At 31 March 2023, EUR 150 million had been
\ndrawn on this credit facility. Colruyt Group also makes use of
\nseveral other bilateral lines of credit. In addition, a green retail
\nbond issue was successfully completed in February 2023, with the
\nfull maximum amount of EUR 250 million raised. The 4,25% green
\nretail bond, ISIN BE0002920016, is listed on the regulated Euronext
\nBrussels market.
\n
\n\n\nE. Other market risks
\nColruyt Group's current financial assets total EUR 31,3 million
\nat 31 March 2023 (EUR 128,3 million at 31 March 2022). This
\ndecrease is mainly due to the convertible loan to Virya Energy NV
\n(EUR 95,0 million) that was converted into shares in the course of
\nthe current financial year. Until the conversion date, this compound
\ninstrument was measured at fair value and included in the category
\n\u2018Financial assets at fair value through profit or loss\u2019. Colruyt Group\u2019s
\nreinsurance company, Locr\u00e9 SA, manages a portfolio of securities
\n(fixed-income securities and shares). This is held to cover the
\nreinsurance risk and includes EUR 26.5 million financial current
\nassets (EUR 25.2 million at 31 March 2022).
\n
\nFluctuations in market values and other market parameters of
\nthese instruments can therefore have an impact on Colruyt Group\u2019s
\nfinancial result. A total net write-down of EUR -0,7 million (previous
\nreporting period a net upward revaluation of EUR 8,1 million) was
\nrecorded for the current financial year, of which a net write-down
\nwas realised through the profit or loss of EUR -0,4 million and an
\nunrealised result of EUR -0,3 million.
\nThe ratio of the current investment portfolio to net cash and
\ncash equivalents of Colruyt Group amounts to 8,7% (72,9% for the
\nprevious reporting period).
\n
\n
\n\n\n
\n\nF. Financial assets and liabilities per category and
\nper class
\nIn accordance with IFRS 7, \u2018Financial Instruments: Disclosures\u2019 and
\nIFRS 13, \u2018Fair Value Measurement\u2019, financial instruments measured
\nat fair value are classified using a fair value hierarchy.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n(in million EUR)
\nMeasurement at fair value
\nQuoted prices
\nLevel 1
\nObservable
\nmarket prices
\nLevel 2
\nNon-observable
\nmarket prices
\nLevel 3
\nCarrying
\namount
\nFinancial assets at fair value through other comprehensive
\nincome
\nEquity investments - - 10,8 10,8
\nCash flow hedging instruments - 0,1 - 0,1
\nFinancial assets at fair value through profit or loss
\nEquity investments 9,1 - 0,3 9,4
\nFixed-income securities 17,3 - - 17,3
\nFinancial assets at amortised cost
\n Non-current assets
\nOther non-current receivables
\n(1)
\n- 38,3 - 38,3
\n Current assets
\n(2)
\nTerm deposits - - - 4,5
\nTrade and other receivables - - - 632,5
\nCash and cash equivalents - - - 358,6
\nTotal financial assets as of 31 March 2023 26,4 38,3 11,1 1.071,5
\nFinancial liabilities at fair value through other comprehensive
\nincome
\nCash flow hedging instruments - 0,2 - 0,2
\nFinancial liabilities (excluding lease liabilities) at amortised cost
\n Non-current liabilities
\nFixed-rate green retail bond 252,7 - - 251,1
\nBank borrowings and other
\n(1)
\n- 361,9 - 361,9
\n Current liabilities
\n(2)
\nBank borrowings, bank overdrafts and other - - - 447,0
\nTrade payables - - - 1.295,8
\nLease liabilities at amortised cost
\n(3)
\n- - - 328,4
\nTotal financial liabilities at 31 March 2023 252,7 362,1 - 2.684,4
\n(1) The carrying amounts of non-current bank borrowings and other, and other non-current receivables are not materially different from their fair values.
\n(2) The carrying amounts of current financial assets and liabilities measured at amortised cost is estimated to reasonably approximate their fair value due to their short maturity.
\n(3) Fair value disclosures are not required in respect of lease liabilities at amortised cost.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n(in million EUR)
\nMeasurement at fair value
\nQuoted prices
\nLevel 1
\nObservable
\nmarket prices
\nLevel 2
\nNon-observable
\nmarket prices
\nLevel 3
\nCarrying
\namount
\nFinancial assets at fair value through other comprehensive
\nincome
\nEquity investments - - 14,7 14,7
\nCash flow hedging instruments - 0,3 - 0,3
\nFinancial assets at fair value through profit or loss
\nEquity investments 9,3 - - 9,3
\nFixed-income securities 15,9 - - 15,9
\nCompound instruments - - 95,0 95,0
\nFinancial assets at amortised cost
\n Non-current assets
\nOther non-current receivables - 46,0 - 46,0
\n Current assets
\n(1)
\nTerm deposits - - - 7,8
\nTrade and other receivables - - - 683,9
\nCash and cash equivalents - - - 176,2
\nTotal financial assets at 31 March 2022 25,2 46,3 109,7 1.049,1
\nFinancial liabilities at fair value through other comprehensive
\nincome
\nCash flow hedging instruments - 0,2 - 0,2
\nFinancial liabilities (excluding lease liabilities) at amortised cost
\n Non-current liabilities
\nBank loans and other
\n(2)
\n- 417,6 - 417,6
\n Current liabilities
\n(1)
\nBank borrowings, bank overdrafts and other - - - 309,1
\nTrade payables - - - 1.283,4
\nLease liabilities at amortised cost
\n(3)
\n- - - 284,0
\nTotal financial liabilities at 31 March 2022 - 417,8 - 2.294,4
\n
\n(1) The carrying amounts of current financial assets and liabilities measured at amortised cost are estimated to reasonably approximate their fair value due to their short maturity.
\n(2) The carrying amounts of non-current bank borrowings and other, and other non-current receivables are not materially different from their fair values.
\n(3) Fair value disclosures are not required in respect of lease liabilities at amortised cost.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\nThe fair value hierarchy is based on the inputs used to measure financial assets and liabilities at measurement date. The following three levels are distinguished:
\n\u2022 Level 1: inputs used for measurement of fair value are officially quoted (unadjusted) prices for identical assets or liabilities in an active market.
\n\u2022 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
\nprices, if available, as much as possible and avoid reliance on entity-specific estimations.
\n\u2022 Level 3: financial instruments for which the fair value is determined with valuation techniques using certain parameters not based on observable market data.
\nFor the amounts recognised at \u2018Amortised cost\u2019 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-
\nterm character. Those cases whereby the amortised cost deviates from the fair value are not material.
\nFor the amounts measured at fair value we refer to note 14. Financial assets, which describes how the fair value is measured.
\nOn 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.
\nOn 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
\n(12 June 2022). In early June 2022, all convertible bonds were converted by Colruyt Group into shares of Virya Energy NV, increasing the stake in Virya Energy NV from 59,78% to
\n59,94%. Consequently, the carrying amount of the associate Virya Energy NV on Colruyt Group's balance sheet increased by EUR 95,0 million. Until the conversion date, this compound
\ninstrument was measured at fair value and included in the category 'Financial assets at fair value through profit or loss\u2019.
\nThe financial assets classified under level 3 include, amongst others, the investments in the holding company Sofindev IV NV, in the investment funds Good Harvest Belgium I SRL and
\nBlue Horizon Ventures I SCSp RAIF and in North Sea Wind CV, a cooperative in which Colruyt Group has no significant influence.
\nThe opening and closing balance of the investments classified under level 3 can be reconciled as follows:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 109,7 111,6
\nAcquisitions 0,3 0,9
\nCapital increases 0,2 0,9
\nCapital decreases - (2,3)
\nFair value adjustments through other comprehensive income (4,1) (1,1)
\nOther (95,0) (0,3)
\nAt 31 March 11,1 109,7
\n
\n\n
\n\n
\n\n
\n\n
\n\n27.2. Other risks
\nA. Financial consequences of the macroeconomic environment
\nColruyt Group is affected by the macroeconomic consequences of the war in Ukraine and the disrupted supply chain, with (in)direct consequences for the financial statements:
\n\u2022 High and volatile energy costs impacting normal operating activities and logistics costs, but also increasing revenues from the supply of energy through DATS 24 NV (accounted for
\nusing the equity method as of June 2023);
\n\u2022 Higher revenue and increased labour costs, operating costs and cost of goods sold due to rising inflation;
\n\u2022 Rising interest rates affecting the discount rates for the impairment test and the non-current liabilities related to employee benefit expenses. In view of the current interest rate
\nenvironment, there is a risk that short-term loans are refinanced at higher interest rates.
\nColruyt Group continues to closely monitor and assess the macroeconomic consequences and the operational and supply chain aspects and, where possible, taken appropriate
\nmeasures to limit the impact of these events and the (in)direct consequences. Colruyt Group examines on a case-by-case basis whether it is appropriate to hedge its exposure to the
\ninterest rate risk on existing (or future) loans. This can be done either by taking out longer-term loans with a fixed interest rate or by entering into a financial derivative instrument.
\nB. Financial impact of the Ukraine war
\nColruyt Group has no direct operations in Russia or Ukraine. Apart from the financial consequences mentioned above, the conflict has no impact on Colruyt Group's financial
\nstatements.
\nC. Climate
\nWhen identifying and monitoring the risks impacting on the financial statements, Colruyt Group also takes into account the impact of potential operational risks arising from climate-
\nrelated events. In the medium term, we assume that there will be no material financial impact on Colruyt Group's activities. There is a reasonable chance of an impact from flooding
\nand heavy rainfall on some of our individual assets. These buildings have been identified and appropriate measures are being taken to minimise the likelihood and impact. For other
\nclimate-related events, a recent study involving scenarios until 2050 confirms that the impact would not be material. For those buildings that would have a critical impact on the
\nprocess across all business operations, the necessary business continuity plans have been developed; these are also tested on a regular basis, thus also limiting the impact on Colruyt
\nGroup\u2019s overall business process.
\nD. Other
\nColruyt Group is further exposed to various other risks that are not necessarily financial in nature, but nevertheless have the potential to impact Colruyt Group\u2019s financial position. For a
\ndescription 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,
\nwe also refer to the Audit Committee, which regularly discusses the risk reports of the Risk Management department (internal audit).
\n
\n\n
\n\n
\n
\n\n
\n\n28. Off-balance sheet rights and commitments
\nColruyt 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
\nproperty, plant and equipment and future purchases of goods and services.
\nThe amounts due in respect of these commitments are as follows:
\n(in million EUR) 31.03.23 < 1 year 1-5 years > 5 years
\nLease arrangements as lessee
\n(1)
\n3,5 1,4 2,1 -
\nCommitments relating to the acquisition of property, plant and equipment 115,7 103,0 12,7 -
\nCommitments relating to purchases of goods 253,6 234,1 19,5 -
\nOther commitments 39,5 24,7 14,8 -
\n(in million EUR) 31.03.22 < 1 year 1-5 years > 5 years
\nLease arrangements as lessee
\n(1)
\n3,4 1,5 1,9 -
\nCommitments relating to the acquisition of property, plant and equipment 108,0 101,6 6,4 -
\nCommitments relating to purchases of goods 171,7 161,2 10,5 -
\nOther commitments 36,7 18,0 18,7 -
\n(1) Leases outside the scope of IFRS 16.
\n
\nThe off-balance sheet commitments for lease arrangements in a lessee capacity amount to EUR 3,5 million (EUR 3,4 million at 31 March 2022) and relate to short-term leases or leases
\nof low-value assets. In addition, these off-balance sheet commitments also contain arrangements that do not meet the definition of a lease.
\nThe income statement includes rental and rental-related charges in respect of movables totalling EUR 24,6 million (EUR 18,5 million for the previous reporting period). These rental
\ncharges mainly result from cancellable lease arrangements that do not meet the definition of a lease.
\nThe commitments relating to the acquisition of property, plant and equipment totalling EUR 115,7 million (EUR 108,0 million in the previous reporting period) consist mainly of
\ncontractual commitments for the acquisition of land and buildings.
\nThe commitments relating to purchases of goods for an amount of EUR 253,6 million (EUR 171,7 million in the previous reporting period) are the result of forward contracts
\nconcluded with suppliers in order for Colruyt Group to ensure the sufficient supply of certain trade goods, clothing collections and raw materials for production. This includes purchase
\ncommitments related to electricity from discontinued operations (EUR 56,6 million).
\nThe line \u2018Other commitments\u2019 mainly relates to commitments arising from various non-cancellable forward contracts regarding ICT services (mainly for software maintenance and
\ndevelopment) for an amount of EUR 36,6 million (EUR 33,7 million in the previous reporting period).
\nIn 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
\nimmovable assets under lease arrangements.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\nThe amounts to be received in relation to these rights are to be classified as follows:
\n(in million EUR) 31.03.23 < 1 year 1-5 years > 5 years
\nLease arrangements as lessor 16,0 9,3 6,7 -
\n(in million EUR) 31.03.22 < 1 year 1-5 years > 5 years
\nLease arrangements as lessor 14,7 8,1 6,6 -
\nThe off-balance sheet commitments for lease arrangements amount to EUR 16,0 million (EUR 14,7 million as per 31 March 2022) and mainly relate to operating lease arrangements as
\nlessor in respect of subleased assets.
\nThe rights resulting from non-cancellable agreements in respect of movables are not material.
\n
\n\n\n
\n\n29. Contingent liabilities and contingent assets
\nContingent 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,
\n\u2018Provisions, Contingent Liabilities and Contingent Assets\u2019.
\nThe table below gives an overview of all contingent liabilities of Colruyt Group.
\n(in million EUR) 31.03.23 31.03.22
\nDisputes 3,8 7,1
\nOther 0,1 0,6
\nAt the reporting date there were a limited number of legal actions outstanding against Colruyt Group which, although disputed, constitute a contingent liability of EUR 3,8 million
\n(compared to EUR 7,1 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
\nfor pending cases in respect of taxation law, common law or social law.
\n\u2018Other\u2019 contingent liabilities represent guarantees provided by Colruyt Group towards financial institutions. These guarantees consist of buyback commitments supplied as an
\nadditional guarantee for the financing of affiliated independent storekeepers for an amount of EUR 0,1 million (compared to EUR 0,6 million in the previous reporting period).
\nWhen 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
\nthe end of the valuation period.
\nColruyt Group expects no significant financial disadvantages to be derived from these liabilities.
\nThere are no material contingent assets to be reported.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n30. Dividends paid and proposed
\nOn 4 October 2022 a gross dividend of EUR 1,10 per share was paid to the shareholders.
\nFor the financial year 2022/23, the Board of Directors has proposed a gross dividend of EUR 0,80 per share, which will be declared payable from 3 October 2023. As the decision to
\ndistribute a dividend is to be considered an event after reporting date which is not to be included in the statement of financial position, this dividend, which is still to be approved at
\nthe Annual General Meeting of Shareholders of 27 September 2023, is therefore not recorded as a liability in the statement of financial position.
\nTaking into account that the distribution proposed by the Board of Directors relates to 126.991.787 shares (after deduction of treasury shares), as determined on 9 June 2023, the total
\namount of proposed dividends is EUR 101,6 million.
\n
\n\n\n31. Related parties
\nAn 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.
\nColruyt Group identifies, in accordance with IAS 24, \u2018Related Party Disclosures\u2019, different categories of related parties:
\na) key managers of Colruyt Group and relatives. Key management is formed by the members of the Board of Directors and the Management Committee (see Corporate Governance
\nsection);
\nb) entities that control Colruyt Group: Korys NV controlled by Stichting Administratiekantoor Cozin (see Corporate Governance section);
\nc) associates (see note 12. Investments in associates);
\nd) joint ventures (see note 13. Investments in joint ventures); and
\ne) entities controlled by persons belonging to the key management of Colruyt Group. Last year, Colruyt Group had no material transactions with these entities. There were however
\ntransactions with Smartmat NV, now an associate.
\n
\n\n
\n\n
\n\n31.1. Related party transactions excluding key management personnel compensation
\n(in million EUR) 2022/23 2021/22
\nRevenue 4,0 9,2
\nAssociates 3,4 9,1
\nJoint ventures 0,6 0,1
\nCosts 21,8 18,1
\nKey managers of Colruyt Group and relatives 0,2 0,3
\nAssociates 17,1 12,0
\nJoint ventures 4,5 3,6
\nEntities controlled by persons belonging to the key management of Colruyt Group - 2,2
\nReceivables 8,9 115,1
\nEntities that control Colruyt Group 0,1 -
\nAssociates 5,1 113,2
\nJoint ventures 3,7 1,9
\nLiabilities 4,9 0,9
\nKey managers of Colruyt Group and relatives 0,1 0,1
\nEntities that control Colruyt Group 0,1 0,1
\nAssociates 3,9 0,4
\nJoint ventures 0,8 0,2
\nEntities controlled by persons belonging to the key management of Colruyt Group - 0,1
\nDividends paid 89,7 116,1
\nKey managers of Colruyt Group and relatives 9,4 12,5
\nEntities that control Colruyt Group 80,3 103,6
\nThe amounts disclosed above result from transactions made on terms equivalent to those that prevail in arm\u2019s length transactions between independent parties.
\nTransactions with various related parties generated revenue for an amount of EUR 4,0 million (EUR 9,2 million in the previous reporting period).
\nColruyt 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.
\nThe costs arising from transactions with various related parties amount to EUR 21,8 million and mainly relate to the purchase of energy-related products (EUR 14,3 million).
\nOutstanding receivables from related parties decreased from EUR 115,1 million to EUR 8,9 million due to the termination of compound instruments with an associate.
\n
\n\n
\n\n
\n
\n\n
\n\n31.2. Key management personnel compensation
\nThe compensation awarded to key management personnel is summarised below. All amounts are gross amounts before taxes. Social security contributions were paid on these
\namounts.
\n(in million EUR)
\nRemuneration
\n2022/23
\nNumber of
\npersons/shares
\n2022/23
\nRemuneration
\n2021/22
\nNumber of
\npersons/shares
\n2021/22
\nBoard of Directors 10 9
\nFixed remuneration (directors\u2019 fees) 1,0 0,9
\nSenior management 12 13
\nFixed remuneration 4,5 4,1
\nVariable remuneration 1,9 2,8
\nPayments into defined contribution plans and other components 0,7 0,8
\nMore information regarding the different components of compensation for key management personnel can be found in the remuneration report (see section Corporate Governance) as
\nprepared by the Remuneration Committee.
\n
\n\n
\n\n\n32. Events after the reporting date
\nDuring an extraordinary works council held on 19 April 2023, Dreamland and Dreambaby announced their intention to restructure, to which the Procedure Renault applies. Dreamland
\nand Dreambaby together employ about 1.100 employees. The intention to restructure affected 192 employees and also implied the closure of a limited number of stores (1 Dreamland
\nstore and 5 Dreambaby stores). The first stage (information and consultation stage) of the Procedure Renault was completed at the end of May. Subsequently, on 26 May 2023, the
\nBoard of Directors of Dreamland and Dreambaby decided to proceed with the collective dismissal of 151 employees in total. As a people-oriented employer, Colruyt Group will make
\nmaximum efforts to provide professional reorientation within the group to reduce the number of redundancies.
\nIn addition, on 19 April 2023, Colruyt Group reached a principle agreement with ToyChamp whereby ToyChamp would obtain 75% of the shares of Dreamland and thus gain control
\nover Dreamland. Dreamland will continue to exist; as a brand, as a legal entity and as an employer. The current management of Dreamland remains on board. The principle agreement
\nwas recently developed further and converted into a final agreement. Completion of the transaction is expected in the third quarter of the financial year 2023/24 and will have a
\nlimited one-off effect on the net result of the financial year 2023/24 (still highly subject to further developments between the closing of the financial year, i.e. 31 March 2023, and the
\ncompletion of the transaction).
\nIn the current annual report relating to the financial year 2022/23, Dreamland is not presented as a discontinued operation with assets and related liabilities reclassified as held for
\nsale as required by IFRS 5, \u2018Assets Held for Sale and Discontinued Operations\u2019. As per 31 March 2023 important conditions have not been met, management states that the assets and
\nliabilities to be held for sale are not yet available for immediate sale in their present condition.
\nAt closing of the transaction, Dreamland will no longer be fully consolidated in the consolidated figures of Colruyt Group. The group will in that case act in accordance with the
\napplicable regulations and communicate on further developments.
\n
\n\n
\n\n
\n
\n\nOn 1 June 2023, Colruyt Group and Virya Energy NV reached an agreement to fully integrate DATS 24 NV into Virya Energy NV. The transaction is based on an enterprise value of EUR
\n56 million, plus a potential earn-out consideration of up to EUR 11 million. Following this transaction, Colruyt Group\u2019s cash flow statement is expected to include a cash inflow of
\napproximately the same order of magnitude (inter alia after settlement of intragroup positions and net of cash and cash equivalents disposed of, which in total are estimated at
\napproximately EUR 25 million \u2013 based on preliminary figures per 31 March 2023). Furthermore, this transaction is expected to result in a limited one-off impact on the net result of the
\nfinancial year 2023/24. Both are subject to the customary post-closing purchase price adjustments. Additionally, certain assets have been transferred from Colruyt Group for a total of
\nEUR 6 million. Arm\u2019s length principles were applied for the valuation.
\nAs of June 2023, DATS 24 will no longer be fully consolidated by Colruyt Group, but by Virya Energy NV. This means that as of June 2023, the results of DATS 24 will be accounted for in
\nColruyt Group\u2019s consolidated figures via Virya Energy NV using the equity method.
\nThe fuel distribution activities in France are inseparably connected to, and therefore an integral part of, the stores in France and are not included in this transaction.
\nThe necessary measures have been taken in view of the conflict of interest rules.
\nOn 2 February 2023, Colruyt Group reached agreement to acquire 100% of the shares of Degrenne Distribution, owned by the Degrenne family. The acquisition is subject to the
\nsuspensive condition of approval by the French Competition Authority as well as by the French Ministry of Economy and Finance under the international investment law.
\nThe necessary approvals have been obtained and the transaction has been finalised at the beginning of July 2023. Degrenne Distribution will be fully consolidated in the course of
\nfinancial year 2023/24. Both parties have agreed not to disclose any details regarding the price or any other terms of the transaction. Arm\u2019s length principles were applied for the
\nvaluation. At the date of approval of the annual report, Colruyt Group did not yet have all the information to determine goodwill.
\nAfter period-end, 397.921 treasury shares were purchased for an amount of EUR 12,2 million. On 9 June 2023, Colruyt Group held 7.085.901 treasury shares, which represented 5,28% of
\nthe total number of shares issued.
\nThere were no further significant events after the balance sheet date.
\n
\n\n
\n\n33. Independent auditor\u2019s remuneration
\nThe table below provides an overview of remuneration paid to the independent auditor and its associated parties for services rendered to Colruyt Group.
\n(in million EUR) 2022/23 2021/22
\nAudit assignments 1,2 1,0
\nTotal 1,2 1,0
\nThe consideration paid for audit services was EUR 1,2 million, of which EUR 0,3 million was recognised at the level of the Company and EUR 0,9 million was recognised at the level of
\nits subsidiaries.
\nFor non-audit services, such as other audit assignments, tax advice and other assignments, the costs are negligible.
\n
\n\n
\n\n
\n\n
\n
\n
\n34. List of consolidated entities
\n
\n34.1. Company
\nEtn. Fr. Colruyt NV Edingensesteenweg 196 1500 Halle, Belgium 0400 378 485 -
\n\n34.2. Subsidiaries
\nAB Restauration BV Avenue du Levant 13 5030 Gembloux, Belgium 0475 405 017 100%
\nAgripartners NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 417 100%
\nBanden Deproost BV Zinkstraat 6 1500 Halle, Belgium 0424 880 586 100%
\nBanketbakkerij Mariman NV Warandestraat 5 9240 Zele, Belgium 0874 422 336 100%
\nBavingsveld NV Edingensesteenweg 196 1500 Halle, Belgium 0441 486 194 100%
\nBio-Planet Luxembourg SA Rue F.W. Raiffeisen 5 2411 Luxembourg,
\nGrand Duchy of Luxembourg
\nB262737 100%
\nBio-Planet NV Victor Demesmaekerstraat 167 1500 Halle, Belgium 0472 405 143 100%
\nBuurtwinkels OKay NV Victor Demesmaekerstraat 167 1500 Halle, Belgium 0464 994 145 100%
\nCodevco II RDC SASU Av. Pierre Mulele 17, office 203, Infinity
\nCenter, Commune de Gombe
\nKinshasa, Democratic Republic of the
\nCongo
\nCD/KNG/
\nRCCM/21-B-01809
\n100%
\nCodevco IV NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 615 100%
\nCodevco IX BV Edingensesteenweg 196 1500 Halle, Belgium 0779 301 067 100%
\nCodevco VII BV Edingensesteenweg 196 1500 Halle, Belgium 0760 300 252 100%
\nCodevco VIII NV Edingensesteenweg 196 1500 Halle, Belgium 0760 300 846 100%
\nCodevco X NV Edingensesteenweg 196 1500 Halle, Belgium 0779 300 572 100%
\nCodevco XIII NV Edingensesteenweg 196 1500 Halle, Belgium 0779 443 696 100%
\nCodevco XIV NV Edingensesteenweg 196 1500 Halle, Belgium 0795 538 570 100%
\nCodevco XV NV Edingensesteenweg 196 1500 Halle, Belgium 0795 538 669 100%
\nCodevco XVI NV Edingensesteenweg 196 1500 Halle, Belgium 0795 538 768 100%
\nCodex BV Edingensesteenweg 196 1500 Halle, Belgium 0453 365 924 100%
\nCodifrance SAS Zone Industrielle, Rue de Saint Barth\u00e9l\u00e9my
\n66
\n45110 Ch\u00e2teauneuf-sur-Loire, France 824 116 099 100%
\nColim NV Edingensesteenweg 196 1500 Halle, Belgium 0400 374 725 100%
\nColimpo NV Edingensesteenweg 196 1500 Halle, Belgium 0685 762 581 100%
\nColimpo Private Limited Unit 08-09, 13th floor, New Mandarin
\nPlaza, Tower A 14, Science Museum Road,
\nTsimshatsui East
\nKowloon, Hong Kong 59139630 000 11 18 0 100%
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\nColruyt Afrique SAS Sacre Coeur III VDN, Villa num\u00e9ro 10684,
\nBo\u00eete Postal 4579
\nDakar, Senegal SN DKR 2020 B 13136 100%
\nColruyt Cash and Carry NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 318 100%
\nColruyt Gestion SA Rue F.W. Raiffeisen 5 2411 Luxembourg,
\nGrand Duchy of Luxembourg
\nB137485 100%
\nColruyt Group Services NV Edingensesteenweg 196 1500 Halle, Belgium 0880 364 278 100%
\nColruyt IT Consultancy India Private LTD Building N\u00b021, Mindspace, Raheja IT Park,
\nSurvey nr 64 (Part) HITEC City
\nMadhapur, Hyderabad, Telangana State,
\nIndia - 500081
\nU72300TG2007
\nPTC053130
\n100%
\nColruyt Luxembourg SA Z.I. Um Woeller 6 4410 Sanem, Grand Duchy of Luxembourg B124296 100%
\nColruyt Retail France SAS Zone Industrielle, Rue des Entrep\u00f4ts 4 39700 Rochefort-sur-Nenon, France 789 139 789 100%
\nComans NV Edingensesteenweg 196 1500 Halle, Belgium 0462 732 956 100%
\nComant NV Edingensesteenweg 196 1500 Halle, Belgium 0604 984 743 100%
\nCombru NV Edingensesteenweg 196 1500 Halle, Belgium 0442 944 956 100%
\nComgen NV Edingensesteenweg 196 1500 Halle, Belgium 0404 020 638 100%
\nComgil NV Edingensesteenweg 196 1500 Halle, Belgium 0739 995 974 100%
\nComjan NV Edingensesteenweg 196 1500 Halle, Belgium 0783 195 915 100%
\nComkro NV Edingensesteenweg 196 1500 Halle, Belgium 0693 920 677 100%
\nComlie NV Edingensesteenweg 196 1500 Halle, Belgium 0560 926 056 100%
\nCommol NV Edingensesteenweg 196 1500 Halle, Belgium 0684 490 495 100%
\nComnie NV Edingensesteenweg 196 1500 Halle, Belgium 0715 711 530 100%
\nComnik NV Edingensesteenweg 196 1500 Halle, Belgium 0741 814 626 100%
\nCycles IMP SRL Tramstraat 63 9052 Zwijnaarde, Belgium 0444.947.017 100%
\nDarzana NV Edingensesteenweg 196 1500 Halle, Belgium 0779 443 795 100%
\nDATS 24 NV Edingensesteenweg 196 1500 Halle, Belgium 0893 096 618 100%
\nDavytrans NV Edingensesteenweg 196 1500 Halle, Belgium 0413 920 972 100%
\nDo Invest Lux SA Rue de Beggen 233-241 1121 Luxembourg,
\nGrand Duchy of Luxembourg
\nB181441 100%
\nDo Invest NV Edingensesteenweg 196 1500 Halle, Belgium 0817 092 663 100%
\nDreambaby NV Edingensesteenweg 196 1500 Halle, Belgium 0472 630 817 100%
\nDreamland NV Edingensesteenweg 196 1500 Halle, Belgium 0448 746 645 100%
\nE-Logistics NV Edingensesteenweg 196 1500 Halle, Belgium 0830 292 878 100%
\nEnco Retail NV Edingensesteenweg 196 1500 Halle, Belgium 0434 584 942 100%
\nEW 738/740 BV Kerkstraat 13 2840 Rumst, Belgium 0505 738 994 100%
\nFD Company 2 BV Edingensesteenweg 196 1500 Halle, Belgium 0770 767 542 100%
\nFinco France SARL Zone Industrielle, Rue des Entrep\u00f4ts 4 39700 Rochefort-sur-Nenon, France 848 012 209 100%
\nFinco NV Edingensesteenweg 196 1500 Halle, Belgium 0429 127 109 100%
\nFleetco NV Edingensesteenweg 196 1500 Halle, Belgium 0423 051 939 100%
\nHet Taartenhuis NV Warandestraat 5 9240 Zele, Belgium 0889 841 277 100%
\nHet Zilverleen BV Izenbergestraat 175 8690 Alveringem, Belgium 0715 775 767 100%
\nHeylen-Engels BV Morkhovenseweg 92 2200 Noorderwijk, Belgium 0428 695 359 100%
\nImmo Colruyt France SAS Zone Industrielle, Rue des Entrep\u00f4ts 4 39700 Rochefort-sur-Nenon, France 319 642 252 100%
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\nImmo Colruyt Luxembourg SA Rue F.W. Raiffeisen 5 2411 Luxembourg, Grand Duchy of
\nLuxembourg
\nB195799 100%
\nImmo De CE Floor BV Edingensesteenweg 196 1500 Halle, Belgium 0446 434 580 100%
\nImmoco SARL Zone Industrielle, Rue des Entrep\u00f4ts 4 39700 Rochefort-sur-Nenon, France 527 664 965 100%
\nIzock BV Kerkstraat 132-134 1851 Humbeek, Belgium 0426 190 284 100%
\nJims NV Edingensesteenweg 196 1500 Halle, Belgium 0423 644 035 100%
\nJims Oost BV
\n(1)
\nEdingensesteenweg 196 1500 Halle, Belgium 0863 735 312 100%
\nJoma Sport BV Tramstraat 63 9052 Zwijnaarde, Belgium 0823 778 933 100%
\nJuliette BV Edingensesteenweg 196 1500 Halle, Belgium 0753 439 679 100%
\nLocr\u00e9 SA Rue de Neudorf 534 2220 Luxembourg, Grand Duchy of
\nLuxembourg
\nB59147 100%
\nMyreas BV Tramstraat 63 9052 Zwijnaarde, Belgium 0733 909 522 85%
\nNewpharma Group NV
\n(1)(2)
\nRue du Charbonnage 10, bus 2 4020 Li\u00e8ge, Belgium 0684 465 652 100%
\nNorthlandt NV Moortelstraat 9 9160 Lokeren, Belgium 0459 739 517 100%
\nN'Situ Pelende SASU Av. Pierre Mulele 17, office 203, Infinity
\nCenter, Commune de Gombe
\nKinshasa, Democratic Republic of the
\nCongo
\nCD/KNG/
\nRCCM/21-B-01787
\n100%
\nOkay Compact NV Edingensesteenweg 196 1500 Halle, Belgium 0820 198 247 100%
\nPuur NV Edingensesteenweg 196 1500 Halle, Belgium 0544 328 861 100%
\nRetail Partners Colruyt Group NV Edingensesteenweg 196 1500 Halle, Belgium 0413 970 957 100%
\nRoecol NV Spieveldstraat 4 9160 Lokeren, Belgium 0849 963 488 100%
\nRoelandt NV Warandestraat 5 9240 Zele, Belgium 0412 127 858 100%
\nSaro BV Edingensesteenweg 196 1500 Halle, Belgium 0451 082 662 100%
\nSmart Technics NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 516 100%
\nSmartRetail BV Edingensesteenweg 196 1500 Halle, Belgium 0640 760 224 100%
\nSmartWithFood BV Edingensesteenweg 196 1500 Halle, Belgium 0739 913 228 100%
\nSoci\u00e9t\u00e9 Agricole de Meester BV Albertlaan 210 1190 Vorst, Belgium 0429 662 290 100%
\nSolucious NV Edingensesteenweg 196 1500 Halle, Belgium 0448 692 207 100%
\nSukhino NV Edingensesteenweg 196 1500 Halle, Belgium 0779 443 302 100%
\nSupermarkt De Belie BV Edingensesteenweg 196 1500 Halle, Belgium 0433 756 581 100%
\nSupermarkt Magda NV Edingensesteenweg 196 1500 Halle, Belgium 0422 180 523 100%
\nSymeta Hybrid NV Interleuvenlaan 50 3001 Heverlee, Belgium 0867 583 935 100%
\nThe Fashion Society NV
\n(2)
\nBrusselsesteenweg 185 1785 Merchtem, Belgium 0553 548 910 100%
\nVan der Veken BV Tramstraat 63 9052 Zwijnaarde, Belgium 0465 176 069 100%
\nVDV-Lease BV Tramstraat 63 9052 Zwijnaarde, Belgium 0698 812 150 100%
\nVlevico NV Edingensesteenweg 196 1500 Halle, Belgium 0422 846 259 100%
\nWalcodis SA Rue Du Parc Industriel 34 7822 Ath, Belgium 0829 176 784 100%
\nWiteb 1 BV Edingensesteenweg 196 1500 Halle, Belgium 0697 694 571 100%
\nWiteb 2 BV Edingensesteenweg 196 1500 Halle, Belgium 0699 852 426 100%
\nWiteb 3 BV Edingensesteenweg 196 1500 Halle, Belgium 0726 754 187 100%
\nWiteb 4 BV Edingensesteenweg 196 1500 Halle, Belgium 0747 601 566 100%
\nWiteb 5 BV Edingensesteenweg 196 1500 Halle, Belgium 0761 776 335 100%
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\nWV1 BV Guldensporenpark 100, blok K 9820 Merelbeke, Belgium 0627 969 585 100%
\nWV2 BV Tramstraat 63 9052 Zwijnaarde, Belgium 0627 973 149 100%
\nWV3 BV Tramstraat 63 9052 Zwijnaarde, Belgium 0477 728 760 100%
\nYaleli BV Tramstraat 63 9052 Zwijnaarde, Belgium 0672 981 941 100%
\nZeeboerderij Westdiep BV Edingensesteenweg 196 1500 Halle, Belgium 0739 918 869 80%
\n(1) These companies close their financial year on 31 December and are included in the consolidated financial statements as of that date.
\n(2) These companies are in a sub-consolidation.
\n
\n\n\n34.3. Joint ventures
\nAchilles Design BV
\n(1)
\nBorchtstraat 30 2800 Mechelen, Belgium 0691 752 926 24,70%
\nDaltix NV
\n(1)
\nOttergemsesteenweg-Zuid 808, bus 160 9000 Ghent, Belgium 0661 713 511 78,76%
\nDaltix Unipessoal LDA
\n(1)
\nAvenida Antonio Augusto De Aguiar 130
\nPiso 1
\n1050-020 Lisbon, Portugal 0514 607 769 78,76%
\nDe Leiding BV
\n(1)
\nKerkstraat 108 9050 Gentbrugge, Belgium 0694 734 685 51,99%
\nDigiteal NV
\n(1)
\nRue Emile Francqui 6 1435 Mont-Saint-Guibert, Belgium 0630 675 588 26,84%
\nKriket BV
\n(1)
\nBrogniezstraat 172 BIO7 1070 Anderlecht, Belgium 0692 761 033 43,82%
\nPluginvest BV Plantin and Moretuslei 289 2140 Borgerhout, Belgium 0665 554 711 25,00%
\nSome BV
\n(1)
\nHooilaar 40 2230 Herselt, Belgium 0829 249 337 24,97%
\nTicom NV Bilkensveld 1, bus A 1500 Halle, Belgium 0820 813 505 90,00%
\nWe Connect Data BV
\n(1)
\nWiedauwkaai 23, bus S 9000 Ghent, Belgium 0650 599 388 16,03%
\n(1) These companies close their financial year on 31 December and are included in the consolidated financial statements as of that date.
\n
\n\n\n34.4. Associates
\nAgeCore SA
\n(1)
\nRue de la Synagogue 33 1204 Gen\u00e8ve, Switzerland CHE-222 427 477 25,00%
\nFirst Retail International 2 NV
\n(1)
\nPontbeekstraat 2 1702 Dilbeek, Belgium 0644 497 494 4,73%
\nScallog SAS
\n(2)
\nRue Raymond Barbet 105 92000 Nanterre, France 791 336 076 23,73%
\nSmartmat NV
\n(1)
\nDock-North 4, bus E 9000 Ghent, Belgium 0841 142 626 41,36%
\nThe Seaweed Company BV
\n(1)
\nLange Haven 132 3111 CK Schiedam, Netherlands 72339225 21,30%
\nVendis Capital NV
\n(1)
\nJan Emiel Mommaertslaan 22 1831 Machelen, Belgium 0819 787 778 10,87%
\nVirya Energy NV
\n(1)(3)
\nVillalaan 96 1500 Halle, Belgium 0739 804 548 59,94%
\n
\n(1) These companies close their financial year on 31 December and are included in the consolidated financial statements as of that date.
\n(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.
\n(3) This companies is in a sub-consolidation.
\n
\n\n
\n\n
\n\n
\n\n
\n34.5. Changes in consolidation scope
\na. New investments
\nOn 30 June 2022, Colruyt Group acquired 100% of the shares of Cycles IMP BV. The acquisition of Cycles IMP BV is part of Bike Republic's expansion within Brussels.
\nIn July 2022, Colruyt Group fully acquired FD Company 2 BV. FD Company 2 BV in turn holds 100% of the shares of Heylen-Engels BV. Both companies have, since the acquisition date,
\nbeen accounted for as subsidiaries and are fully consolidated.
\nOn 31 August 2022, Colruyt Group acquired 100% of the shares of Yaleli BV. Yaleli BV operates 2 bicycle stores, one in Aalst and one in Ninove.
\nOn 30 November 2022, Colruyt Group acquired 100% of the shares of Oyxgen Clubs BV. Oxygen Clubs BV operates 6 fitness clubs in East Flanders, in locations complementary to the
\nexisting Jims network in Flanders. In January 2023, the company's corporate name was changed to Jims Oost BV.
\nOn 29 December 2022, Colruyt Group acquired 100% of the shares of Soci\u00e9t\u00e9 Agricole de Meester BV (SAM for short). The company owns approximately 373 hectares of agricultural
\nland. This acquisition fits with Colruyt Group's agricultural activities (Agripartners NV).
\nDuring the financial year, a 25% stake was acquired in the company Pluginvest BV (May 2022). Pluginvest BV offers various charging solutions for businesses and private individuals
\nthrough an offering of charging stations and associated services with a view to building a long-term relationship in which Pluginvest BV aims to unburden its customers as an
\nintegrator. This company is accounted for as a joint venture using the equity method.
\nOn 16 March 2023, Colruyt Group acquired 100% of the shares of EW 738/740 BV. The acquisition is part of a redevelopment project in which an Okay Compact and several residential
\nunits will be developed.
\nb. Mergers
\nThe companies Eoly NV and DATS 24 NV merged with effect from 1 April 2022.
\nFurthermore, a silent merger took place between the companies Smartmat NV and 15gram BV, with retrospective effect from 2 June 2022.
\nThere also was a silent merger between Colim NV and the companies Gecaro NV, Onroerende Beleggingsmaatschappij Van Brabant NV and Grimbergen Retail Property BV. These
\nmergers occurred with retroactive effect from 1 April 2022.
\nc. Newly established companies
\nIn Belgium, the companies Codevco XIV NV, Codevco XV NV, Codevco XVI NV were established (December 2022).
\nd. Other changes
\nOn 13 September 2022, Colruyt Group increased its stake in Daltix NV from 77,55% to 78,76%. This company is accounted for as a joint venture using the equity method.
\nOn 14 October 2022, Colruyt Group increased its stake in Newpharma Group NV from 61% to 100%. Since then, Newpharma Group NV has been an integral part of Colruyt Group, as a
\nresult of which the investment in Newpharma Group NV is fully accounted for as a subsidiary, and no longer as an associate company using the equity method. The requisite measures
\nwere taken in the context of the conflict of interest rules. At acquisition date, the fair value of the 61% stake in the associate's capital already held was set at EUR 85,7 million, whereby
\nthe resulting gain can be considered negligible in relation to the carrying amount of the associate. Consequently, the gain of control over Newpharma Group NV has no impact on the
\nresult of the financial year 2022/23.
\nOn 27 December 2022, Colruyt Group increased its stake in De Leiding BV from 46,23% to 51,99%. This company is accounted for as a joint venture using the equity method.
\n
\n\n
\n\n
\n
\n\n
\nThe corporate name of Codevco XI NV was changed to Darzana NV in April 2022. On 30 August 2022, Codevco I RDC SASU changed its name to N'Situ Pelende SASU. At the end of March
\n2023, the names of Codevco VI BV, Codevco XII NV, Comels NV and Wieleke BV were changed to SmartWithFood BV, Sukhino NV, Okay Compact NV and WV3 BV, respectively.
\nAt 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 conversion
\nincreased Colruyt Group's stake from 59,78% to 59,94%.
\nOn 30 June 2022, the companies Puurgen NV and Puurwijn NV were dissolved and liquidated.
\nBy deed of 6 September 2022, it was decided to change the legal form of Finco France from SAS to SARL.
\nOn 15 February 2023, it was decided to proceed with the dissolution of the French company R.H.C. SAS. From an accounting viewpoint, the dissolution without liquidation has a tax
\neffect at 1 April 2022.
\nOn 29 March 2023, the agreement was signed for the sale of the shares in Hyve BV to Hyve BV itself.
\nFor transactions decided by the Board of Directors after year-end with regard to Virya Energy NV, we refer to note 32. Events after the reporting date.
\n
\n\n35. Condensed (non-consolidated) financial statements of Etn. Fr. Colruyt NV,
\nin accordance with Belgian accounting standards
\nThe financial statements of Etn. Fr. Colruyt NV are presented below in condensed form.
\nFor 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
\nfinancial statements of Etn. Fr. Colruyt NV for the financial year ending 31 March 2023, prepared according to Belgian accounting standards, give a true and fair view of the financial
\nposition 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.
\nThe annual report, the annual financial statements of Etn. Fr. Colruyt NV and the independent auditor\u2019s report are filed with the National Bank of Belgium, in accordance with art. 3:10
\nand art. 3:12 of the Code on Companies and Associations. A copy of these documents can be obtained there on request.
\nThese documents can also be obtained on request at the Company\u2019s registered office:
\nEtn. Fr. Colruyt NV \u2013 Edingensesteenweg 196, 1500 Halle
\nTel. +32 (2) 363 55 45
\nInternet: www.colruytgroup.com
\nEmail: contact@colruytgroup.com
\n
\n\n
\nCondensed statement of financial position of Etn. Fr. Colruyt NV
\n(in million EUR) 31.03.23 31.03.22
\nNon-current assets 8.459,1 6.262,9
\nI. Formation expenses 0,4 -
\nII. Intangible assets 209,6 188,1
\nIII. Property, plant and equipment 384,6 285,5
\nIV. Financial non-current assets 7.864,5 5.789,3
\nCurrent assets 1.339,1 1.266,4
\nV. Receivables exceeding one year 2,7 8,0
\nVI. Inventories and work in progress 434,2 434,0
\nVII. Receivables for less than one year 605,8 659,3
\nVIII. Cash investments 249,0 132,0
\nIX. Cash and cash equivalents 36,7 29,0
\nX. Prepayments and accrued income 10,7 4,1
\nTotal assets 9.798,2 7.529,3
\nEquity 3.473,5 1.757,0
\nI. Share capital 370,2 364,8
\nIV. Reserves 220,7 172,2
\nV. Profit carried forward 2.882,3 1.219,7
\nVI. Capital grants 0,3 0,3
\nProvisions and deferred taxes 1,5 2,8
\nLiabilities 6.323,2 5.769,5
\nVIII. Liabilities exceeding one year 4.298,6 4.089,8
\nIX. Liabilities for less than one year 1.999,4 1.657,3
\nX. Accruals and deferred income 25,2 22,4
\nTotal liabilities 9.798,2 7.529,3
\n
\n\n
\nCondensed income statement of Etn. Fr. Colruyt NV
\n(in million EUR) 2022/23 2021/22
\nI. Operating income 7.805,1 7.351,6
\nII. Operating expenses (7.643,6) (7.177,4)
\nIII. Operating profit 161,5 174,2
\nIV. Finance income 1.927,9 209,0
\nV. Financial costs (273,9) (149,8)
\nVI. Profit for the financial year before tax 1.815,5 233,4
\nVIII. Income tax (4,9) (6,8)
\nIX. Profit for the financial year 1.810,6 226,6
\nX.A. Transfer from the tax exempt reserves 0,2 0,9
\nX.B. Transfer to the tax exempt reserves - (0,3)
\nXI. Profit for the financial year available for appropriation 1.810,8 227,2
\nProfit appropriation of Etn. Fr. Colruyt NV
\nFor the 2022/23 financial year, the Board of Directors will propose the following profit distribution to the General Meeting of Shareholders on 27 September 2023:
\n(in million EUR) 2022/23 2021/22
\nProfit for the financial year available for appropriation 1.810,8 227,2
\nProfit carried forward from previous financial year 1.219,7 1.320,6
\nProfit available for appropriation 3.030,5 1.547,8
\nTransfer to the legal reserve 0,5 0,7
\nAddition to/(transfer from) other reserves 48,1 186,3
\nResult to be carried forward 2.882,3 1.219,7
\nDividend to owners
\n(1)
\n99,6 139,8
\nOther debts - 1,3
\n(1) This item was calculated on the basis of the treasury share repurchase situation at 9 June 2023.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag2": {
"value": "\n
\n
\n
\n
\n1. Significant accounting
\npolicies
\n\nEtn. Fr. Colruyt NV (hereinafter referred to as the \u2018Company\u2019)
\nis domiciled in 1500 Halle, Belgium and is publicly traded on
\nNYSE Euronext Brussels under the code COLR. The consolidated
\nfinancial statements for the 2022/23 financial year, which closed
\non 31 March 2023, cover the Company, its subsidiaries and its
\ninterests in associates and joint ventures (hereinafter referred to
\ncollectively as \u2018Colruyt Group\u2019).
\n
\n\nColruyt Group is a family business which, over three generations,
\nhas grown into a retail group with a diverse portfolio of food and
\nnon-food formulas, in Belgium and abroad. Its main activity is
\nthe operation of supermarkets under the brand name \u2018Colruyt
\nLowest Prices\u2019. Colruyt Group operates in the retail sector and has
\nmany different store formulas, both physical and online, each
\nwith its own brand promise, mainly in Belgium, Luxembourg and
\nFrance, though it is also active on the African continent. Colruyt
\nGroup also engages in food services and wholesale trade. Finally,
\ncertain aspects of technology, IT and communication are handled
\nby Colruyt Group itself, as is the case with the processing and/or
\npackaging of meat, coffee, cheese and wine.
\n\nThe consolidated financial statements for the 2022/23 financial
\nyear were authorised for issue on 9 June 2023 by the Board
\nof Directors, subject to the approval of the statutory non-
\nconsolidated financial statements by the shareholders during
\nthe Annual General Meeting of Shareholders, which will be
\nheld on 27 September 2023. In accordance with Belgian law,
\nthe consolidated financial statements will be presented for
\ninformation purposes to the shareholders of Colruyt Group during
\nthat same meeting. The consolidated financial statements are
\nnot subject to changes, unless decisions of the shareholders
\nregarding the statutory non-consolidated financial statements
\nimpact the consolidated financial statements.
\n
\n\n\n1.1. Basis of presentation
\nThe consolidated financial statements are expressed in millions
\nof EUR rounded to one decimal place. As a result of rounding, the
\ntotals of certain figures in the tables may differ from those in the
\nmain statements or between disclosure notes. The consolidated
\nfinancial statements include comparative figures from the
\nprevious financial year.
\nThe consolidated financial statements describe the financial
\nposition as of 31 March and are prepared using the historical
\ncost method, with the exception of certain line items, including
\nderivative financial instruments, financial assets at fair value
\nthrough other comprehensive income and financial assets at fair
\nvalue through profit or loss, which are measured at fair value. Net
\nliabilities related to Belgian defined contribution plans with a
\nlegally guaranteed minimum return, which are accounted for as
\ndefined benefit plans, are not measured at historical cost either
\nbut are measured using the projected unit credit method. Colruyt
\nGroup has prepared the consolidated financial statements on the
\nassumption that it will continue its operations as a going concern,
\nas there are no material uncertainties and there are sufficient
\nresources to continue operations. In the income statement, the
\nfigures for financial year 2021/22 were restated in line with IFRS
\n5, \u2018Non-current Assets Held for Sale and Discontinued Operations\u2019.
\nFor more information, see note 16. Assets held for sale, disposal of
\nsubsidiaries and discontinued operations.
\nThe consolidated financial statements are prepared before any
\ndistribution of profits of the Company as proposed to the Annual
\nGeneral Meeting of Shareholders.
\nThe significant accounting policies listed below have been applied
\nconsistently for all the periods presented in these consolidated
\nfinancial statements.
\n
\n\n\n1.2. Significant accounting estimates
\nand assumptions
\nPreparing the consolidated financial statements requires Colruyt
\nGroup\u2019s management to make judgements, estimates and
\nassumptions. In most cases, estimates and related assumptions
\nare based on past experience and various other factors that are
\nbelieved to be reasonable given the circumstances. Actual results
\nmay differ from these estimates. The estimates and underlying
\nassumptions are assessed and adjusted annually. Revisions to
\naccounting estimates are recognised in the period in which the
\nestimate is revised, where the revision affects only that period,
\nor in the period of the revision and future period(s) when the
\nrevision affects both current and future period(s).
\nKey sources of estimation uncertainty incurring a risk of material
\nadjustments in the next financial year are:
\nImpairment of assets
\nEach year, and also whenever there are indications that their net
\ncarrying amount may exceed their recoverable amount, cash-
\ngenerating units to which goodwill or intangible assets with
\nindefinite useful lives are assigned are tested for impairment.
\nThis analysis requires management to calculate the recoverable
\namount. The recoverable amount is the higher of the fair value
\nless costs to sell and the value in use. The value in use is the
\npresent value of estimated future cash flows using a relevant
\ndiscount rate (WACC) and terminal growth rate. For more
\ninformation on the assumptions used and the sensitivity of the
\ncarrying amounts to the assumptions, please see note 9. Goodwill.
\nRecognition and measurement of internally
\ndeveloped intangible assets
\nColruyt Group invests in internally developed innovative change
\nprogrammes and IT investments. An important condition for
\nthe recognition of intangible assets related to this is the future
\neconomic benefits of these programmes. These future economic
\nbenefits are based on estimates by management and programme
\nmanagers, which are validated and discussed on a regular
\n
\n
\n\n
\n\n\n\n
\n
\n\nbasis. For more information on the carrying amount of these
\nprogrammes, see note 10. Intangible assets.
\nIncome tax and deferred taxes
\nDeferred tax assets are recognised only to the extent that it is
\nprobable that future profits will be available against which the
\ntax losses carried forward and any unused tax credits able to be
\ncarried forward can be offset. Colruyt Group sets a time horizon
\nof five years for these estimates. The carrying amount of deferred
\ntax assets is reviewed at each reporting date, based on estimates
\nof future profits. For more information on the carrying amount
\nof deferred tax assets and unrecognised deferred tax assets (or
\nliabilities), see note 17. Deferred tax assets and liabilities.
\nEmployee benefits \u2013 IAS 19
\nEach year, the defined contribution plan liabilities and annual
\ncosts are determined on the basis of actuarial assumptions.
\nDiscount rates and inflation rates are set at group level by
\nmanagement. The other assumptions (such as expected future
\nwage increases and the chances of employees leaving) are
\ndetermined at local level. All employee benefit plans are reviewed
\nannually by independent actuaries. For additional information
\nregarding the assumptions and the sensitivity of the carrying
\namount of the liabilities to the assumptions, see note 24. Non-
\ncurrent liabilities related to employee benefits.
\nKey sources of assumptions in the next financial year are:
\nCalculating the present value of lease payments
\nand determining the lease term of contracts with
\nrenewal options
\nDetermining the lease term requires a certain degree of
\nassessment. Factors considered relate to the probability that
\nearly termination options or renewal options will be exercised.
\nAll facts and circumstances relevant to assessing the lease terms
\nare considered. Lease terms are determined with the help of the
\ndepartments with relevant knowledge thereof. Based on past
\nexperience and the fact that it is commercially important to be
\npresent in a location for a longer period of time, the lease term is
\ntypically set at 9 years.
\nColruyt Group cannot readily determine the interest rate implicit
\nin the leases. As a result, the Incremental Borrowing Rate (IBR)
\nis used to measure lease liabilities. The IBR is the interest rate
\nthat Colruyt Group would have to pay to borrow over a similar
\nterm, and with a similar security, the funds necessary to obtain
\nan asset of a similar value to the right-of-use asset. Colruyt Group
\nestimates the IBR using observable data (such as market interest
\nrates) and certain entity-specific parameters.
\nConsolidation principles
\nDetermining whether Colruyt Group has control, joint control
\nor significant influence is based on the specific facts and
\ncircumstances. These conclusions can differ from judgements
\npurely based on the ownership percentage held by Colruyt Group.
\nColruyt Group owns the majority of the shares in Virya Energy
\nNV and considers it an associate, as in previous years. As Korys
\nInvestments NV and Colruyt Group are related parties, Colruyt is
\nof the opinion that it exercises only significant influence on Virya
\nEnergy NV and not joint control, as Korys Investments NV has the
\npower to influence decisions at Colruyt Group level.
\n
\n
\n\n
\n\n1.3. Statement of compliance
\nColruyt Group\u2019s consolidated financial statements are prepared in
\naccordance with the \u2018International Financial Reporting Standards
\n(IFRS)\u2019, as issued by the \u2018International Accounting Standards Board
\n(IASB)\u2019 and adopted by the European Union.
\n\n\n\n\n\n\n\nA. New standards and interpretations effective in
\n2022/23
\nWhile the following (amended) standards and improvements
\nare effective for Colruyt Group as of 1 April 2022, none has any
\nsignificant impact on Colruyt Group\u2019s consolidated financial
\nstatements:
\n\u2022 IAS 16 (Amendment), \u2018Property, Plant and Equipment - Proceeds
\nbefore Intended Use\u2019. The amendment prohibits entities
\ndeducting from the cost of an item of property, plant and
\nequipment, any proceeds from selling items produced while
\nbringing that asset to the location and condition necessary
\nfor it to be capable of operating in the manner intended by
\nmanagement. An entity shall recognise such proceeds and the
\ncost of producing those items in profit or loss.
\n\u2022 IAS 37 (Amendment), \u2018Provisions, Contingent Liabilities and
\nContingent Assets - Onerous Contracts \u2014 Cost of Fulfilling a
\nContract\u2019. The amendment specifies which costs an entity needs
\nto include when assessing whether a contract is onerous or
\nloss-making. A \u2018directly related cost approach\u2019 is applied.
\n\u2022 IFRS 3 (Amendment), \u2018Business Combinations - References to the
\nConceptual Framework\u2019. The amendments replace references
\nto an old version of the IASB\u2019s Conceptual Framework with
\nreferences to the current version issued in March 2018. An
\nexception was also added to the recognition criteria in IFRS 3
\nwith respect to liabilities and contingent liabilities that would be
\nwithin the scope of IAS 37 or IFRIC 21. The amendment further
\nadded an explicit statement that an acquirer cannot recognise
\ncontingent assets acquired in a business combination.
\n\n\n\n\n\n\n
\n
\n\nB. Standards and interpretations published but not
\nyet effective for 2022/23
\nColruyt Group did not early adopt the following published
\n(amended) standards, interpretations and improvements relevant
\nto the group and effective only after 31 March 2023. Colruyt Group
\nintends to apply these standards when they become effective;
\nnone of them, however, has any significant impact on Colruyt
\nGroup\u2019s consolidated financial statements.
\n\u2022 IAS 1 (Amendment), \u2018Presentation of Financial Statements \u2013
\nClassification of Liabilities as Current or Non-current\u2019 (effective
\ndate for Colruyt Group 1 April 2024). The amendments clarify
\nthe criteria for determining whether to classify a liability as
\ncurrent or non-current. The amendments clarify that if an
\nentity\u2019s right to defer settlement of a liability is subject to the
\nentity complying with future covenants, the entity has a right
\nto defer settlement of the liability even if it does not comply
\nwith those covenants at the end of the reporting period. The
\namendments clarify that classification of a liability is unaffected
\nby the likelihood that the entity will exercise its right to defer
\nsettlement of the liability for at least twelve months after
\nthe reporting period. The amendments clarify that there is
\nan exception to the requirement that settlement of liabilities
\nby way of own equity instruments impacts the classification
\nof liabilities. The amendments further require additional
\n
\n\n
\n
\ndisclosures by an entity that classifies liabilities arising from
\nloan arrangements as non-current when it has the right to defer
\nsettlement of those liabilities that are subject to the entity
\ncomplying with future covenants within twelve months.
\n\u2022 IAS 1 (Amendment), \u2018Presentation of Financial Statements and
\nIFRS Practice Statement 2: Disclosure of Accounting Policies\u2019
\n(effective date for Colruyt Group 1 April 2023). The amendments
\nprovide guidance on the application of materiality judgements
\nto accounting policy disclosures. The amendments to IAS 1
\nreplace the requirement to disclose \u201csignificant\u201d accounting
\npolicies with a requirement to disclose \u201cmaterial\u201d accounting
\npolicies. The Practice Statement includes guidance and
\nillustrative examples that assist in applying the materiality
\nconcept when making judgements about accounting policies.
\n\u2022 IAS 8 (Amendment), \u2018Accounting Policies, Changes in Accounting
\nEstimates and Errors - Definition of Accounting Estimates\u2019 and
\nIAS 1 (Amendment), \u2018Presentation of Financial Statements\u2019
\n(effective date for Colruyt Group 1 April 2023). This amendment
\nclarifies how a company should distinguish between changes
\nin accounting estimates and changes in accounting policies.
\nA company is also required to disclose information about
\n\u2018material\u2019 accounting policies rather than \u2018significant\u2019 accounting
\npolicies.
\n\u2022 IAS 12 (Amendment), \u2018Income Taxes - Deferred Tax related to
\nAssets and Liabilities arising from a Single Transaction\u2019 (effective
\ndate for Colruyt Group 1 April 2023). This amendment clarifies
\nthat where payments that settle a liability are deductible for tax
\npurposes, it is a matter of judgement (having considered the
\napplicable tax law) whether such deductions are attributable
\nfor tax purposes to the liability recognised in the financial
\nstatements (and interest expense) or to the related asset
\ncomponent (and interest expense). This judgement is important
\nin determining whether any temporary differences exist on
\ninitial recognition of the asset and liability.
\n\u2022 IFRS 16 (Amendment), \u2018Leases - Lease Liability in a Sale and
\nLeaseback\u2019 (effective date for Colruyt Group 1 April 2024). The
\namendments specify how a seller-lessee measures the lease
\nliability arising in a sale and leaseback transaction in a way
\nthat it does not recognise any amount of the gain or loss that
\nrelates to the right of use retained. The amendment does
\nnot prescribe specific measurement requirements for lease
\nliabilities arising from a leaseback. The initial measurement
\nof the lease liability arising from a leaseback may result in a
\nseller-lessee determining `lease payments\u2019 that are different
\nfrom the general definition of lease payments in Appendix A
\nof IFRS 16. The seller-lessee will need to develop and apply an
\naccounting policy that results in information that is relevant and
\nreliable in accordance with IAS 8, \u2018Accounting Policies, Changes in
\nAccounting Estimates and Errors\u2019.
\n\u2022 IFRS 17 (Amendment), \u2018Insurance Contract - Initial Application
\nof IFRS 17 and IFRS 9 - Comparative Information\u2019 (effective date
\nfor Colruyt Group 1 April 2023). For some insurers, temporary
\naccounting mismatches could arise, during the transition period,
\nbetween financial assets and insurance contract liabilities in
\nthe comparative information they are required to present in
\ntheir financial statements. This amendment will help avoid
\ntemporary accounting mismatches and in this way increase the
\nusefulness of comparative information for investors.
\n\u2022 IFRS 17 (Publication), \u2018Insurance Contracts\u2019 (effective date for
\nColruyt Group 1 April 2023). This new standard will replace the
\nexisting standard IFRS 4, \u2018Insurance Contracts\u2019. It will apply to all
\ntypes of insurance contracts, regardless of the type of entities
\nthat issue them, as well as to certain guarantees and financial
\ninstruments with discretionary participation features.
\n\n
\n
\n1.4. Consolidation principles
\nColruyt Group\u2019s consolidated financial statements include the
\nfinancial statements of the Company, its subsidiaries after
\nelimination of intragroup transactions and balances and Colruyt
\nGroup\u2019s interest in associated entities and joint ventures.
\n\nA. Subsidiaries
\nSubsidiaries are those entities over which Colruyt Group has
\ncontrol. Control exists if Colruyt Group is exposed or has rights
\nto variable returns from its involvement with the investee and if
\nColruyt Group has the ability to use its power over the investee to
\naffect the amount of these returns. In assessing whether control
\nexists, all facts and circumstances are considered. The financial
\nstatements of subsidiaries are included in the consolidated
\nfinancial statements from the date that control effectively
\ncommences until the date that control effectively ceases.
\nNon-controlling interests in subsidiaries are identified separately
\nfrom Colruyt Group\u2019s equity. The interest of non-controlling
\nshareholders can initially be measured at fair value or at the non-
\ncontrolling interests\u2019 proportionate share of the fair value of the
\nacquiree\u2019s identifiable net assets. The choice of measurement
\nbasis is made on a case-by-case basis. Subsequent to the
\nacquisition, the carrying amount of non-controlling interests is
\nthe amount of those interests at initial recognition plus the non-
\ncontrolling interests\u2019 share of subsequent changes in equity. The
\ntotal result is attributed to non-controlling interests even if this
\nresults in the non-controlling interests having a deficit balance.
\nChanges in Colruyt Group\u2019s interest in a subsidiary that do not
\nresult in a loss of control are accounted for as transactions
\nbetween owners. The carrying amounts of Colruyt Group\u2019s
\ninterests and the non-controlling interests are subsequently
\nadjusted directly in equity to reflect the changes in their relative
\ninterests in the subsidiary.
\nWhen Colruyt Group loses control of a subsidiary, the profit or loss
\non disposal is calculated as the difference between:
\n\u2022 the aggregate of the fair value of the consideration received and
\nthe fair value of any retained interest; and
\n\u2022 the previously recognised carrying amount of the assets
\n(including goodwill) and liabilities of the subsidiary and any
\nnon-controlling interests.
\nAmounts previously recognised in other comprehensive income in
\nrelation to the subsidiary are accounted for in the same manner
\n(i.e. reclassified to profit or loss or transferred directly to retained
\nearnings) as would be required if the relevant assets or liabilities
\nwere disposed of. The fair value of any investment retained in the
\nformer subsidiary at the date when control is lost, is regarded as
\nthe fair value on initial recognition for subsequent accounting
\nunder IFRS 9, \u2018Financial Instruments\u2019 or, if applicable, the cost
\non initial recognition of an investment in an associate or joint
\nventure.
\n
\n
\n\n\n
\n\nB. Associates
\nAssociates are those entities in which Colruyt Group has
\nsignificant influence on the financial and operational policies but
\nwhich it does not control or jointly control.
\n
\n\n
\n\n
\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n\nThe initial recognition of these investments is at cost including
\ntransaction costs. These investments are incorporated into the
\nconsolidated financial statements using the equity method
\nfrom the date on which the significant influence begins until the
\ndate on which the significant influence ceases. In the event an
\nindication of impairment arises after the application of the equity
\nmethod, Colruyt Group calculates the amount of the impairment
\nloss as the difference between the recoverable amount and the
\ncarrying amount of the investment in the associate. If Colruyt
\nGroup\u2019s share of the associate\u2019s losses exceeds the carrying
\namount of Colruyt Group\u2019s interests in the associate, the carrying
\namount is reduced to nil in Colruyt Group\u2019s statement of financial
\nposition and no further losses are taken into account, except to
\nthe extent that Colruyt Group incurred obligations in respect of
\nthat associate. When the associate becomes profitable again, the
\ngroup\u2019s share of the associate\u2019s profit is recognised only when the
\nprofit cancels out the unrecognised losses.
\n
\n\n\nC. Joint ventures
\nJoint ventures are those entities in which Colruyt Group has joint
\ncontrol and where such control is established by an agreement,
\nconferring upon Colruyt Group rights to the net assets of the
\nagreement, but no rights to the assets of the agreement and
\nno liabilities arising from debts of the agreement. Joint control
\nimplies that the decisions about the relevant activities require the
\nunanimous consent of all parties sharing control.
\nThe initial recognition of these investments is at cost including
\ntransaction costs. Colruyt Group\u2019s interests in joint ventures
\nare accounted for using the equity method, from the date that
\njoint control first exists until the date it ceases. In the event an
\nindication of impairment arises after the application of the equity
\nmethod, Colruyt Group calculates the amount of the impairment
\nloss as the difference between the recoverable amount and the
\ncarrying amount of the investment in the joint venture. If Colruyt
\nGroup\u2019s share of the joint venture\u2019s loss exceeds the carrying
\namount of Colruyt Group\u2019s interest in the joint venture, the
\ncarrying amount is reduced to nil in Colruyt Group\u2019s statement of
\nfinancial position and no further losses are taken into account,
\nexcept to the extent that Colruyt Group incurred obligations on
\nbehalf of that joint venture. When the joint venture becomes
\nprofitable again, the group\u2019s share of the joint venture\u2019s profit is
\nrecognised only when the profit cancels out the unrecognised
\nlosses.
\n
\n\n
\n\nD. Transactions eliminated on consolidation
\nIntragroup balances and transactions, including unrealised results
\non intragroup transactions, are eliminated when preparing the
\nconsolidated financial statements.
\nUnrealised gains from transactions with associates or joint
\nventures are eliminated in proportion to Colruyt Group\u2019s interest
\nin the associates or joint ventures. Unrealised losses are
\neliminated in the same way as unrealised gains, except that they
\nare only eliminated to the extent that there is no evidence of
\nimpairment.
\n\n
\n\nE. Business combinations
\nAcquisitions of businesses (as defined by IFRS 3, \u2018Business
\nCombinations\u2019) are accounted for using the acquisition method.
\nThe consideration for each business combination is measured as
\nthe aggregate of the fair values at acquisition date of the assets
\ntransferred by the acquirer, the liabilities incurred to former
\nowners of the acquiree, and equity instruments issued by the
\nacquirer in exchange for control.
\nAcquisition-related costs are recognised in profit or loss as
\nincurred, except when they relate to the issue of debt or equity
\ninstruments. In this case, these costs are deducted from the debt
\ninstruments and from equity respectively.
\nIf applicable, the consideration for the business combination
\nincludes any asset or liability resulting from a contingent
\nconsideration arrangement, measured at its fair value at the
\nacquisition date. Subsequent changes in such fair values are
\nadjusted retroactively within the measurement period against
\nthe cost of acquisition when they qualify as adjustments due to
\nadditional facts and circumstances existing at acquisition date.
\nAll other subsequent changes in the fair value of contingent
\nconsideration classified as an asset or liability are accounted
\nfor in accordance with relevant IFRS. If an obligation to pay
\ncontingent consideration meets the definition of a financial
\ninstrument classified as equity, it is not remeasured and its
\nsubsequent settlement is accounted for within equity.
\nWhere a business combination is achieved in stages, Colruyt
\nGroup\u2019s previously held interest in the acquired entity is
\nremeasured to fair value at the acquisition date (i.e. the date
\nthe group obtains control) and the resulting gain or loss, if any,
\nis recognised directly in profit or loss. Amounts arising from
\ninterests in the acquiree prior to the acquisition date that have
\npreviously been recognised in other comprehensive income are
\nrecognised on the same basis as would be required if that interest
\nwere disposed of.
\nThe identifiable assets, liabilities and contingent liabilities that
\nmeet the conditions for recognition under IFRS 3, \u2018Business
\nCombinations\u2019 are recognised at their fair value at the acquisition
\ndate, except that:
\n\u2022 deferred tax assets or liabilities and liabilities or assets
\nrelated to employee benefit arrangements are recognised and
\nmeasured in accordance with IAS 12, \u2018Income Taxes\u2019 and IAS 19,
\n\u2018Employee Benefits\u2019 respectively;
\n\u2022 liabilities or equity instruments related to the replacement by
\nColruyt Group of an acquiree\u2019s share-based payment awards are
\nmeasured in accordance with IFRS 2, \u2018Share-based Payment\u2019;
\n\u2022 assets (or disposal groups) that are classified as held for sale at
\nacquisition date in accordance with IFRS 5, \u2018Non-current Assets
\nHeld for Sale and Discontinued Operations\u2019, are measured in
\naccordance with that standard.
\nIf the initial accounting for a business combination is incomplete
\nby the end of the financial year in which the combination occurs,
\nColruyt Group reports provisional amounts for the items for which
\nthe accounting is incomplete. Those provisional amounts are
\nadjusted during the measurement period (see paragraph below),
\nand/or additional assets and/or liabilities are recognised to
\nreflect new information obtained about facts and circumstances
\nthat existed as of the acquisition date that, if known, would have
\naffected the amounts recognised as of that date.
\nThe measurement period is the period from the acquisition date
\nto the date Colruyt Group obtains complete information about
\nfacts and circumstances that existed as of the acquisition date.
\nThe measurement period shall not exceed one year from the
\nacquisition date.
\n
\n
\n\n
\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n\n\n\nF. Financial statements of foreign companies in
\nforeign currencies
\nTo consolidate Colruyt Group and each of its subsidiaries, the
\nfinancial statements of the individual subsidiaries are translated
\ninto euro, the functional currency of the Company and the
\npresentation currency of the group. The translation is performed
\nas follows:
\n\u2022 assets and liabilities, including goodwill and fair value
\nadjustments arising from acquisitions, at the closing exchange
\nrate of the European Central Bank at the reporting date;
\n\u2022 income, expenses and cash flows at the average exchange rate
\nfor the financial year (which approximates the exchange rate at
\nthe date of the transaction);
\n\u2022 components of shareholders\u2019 equity at the historical exchange
\nrate.
\nExchange rate differences arising from the translation of net
\ninvestments in foreign subsidiaries, associates and joint ventures
\nat the closing exchange rate at the reporting date are recorded
\nas part of the consolidated other comprehensive income, under
\n\u2018Cumulative translation adjustments\u2019 in \u2018Other reserves\u2019, except for
\nthe part attributed to non-controlling interests.
\nUpon the disposal of a foreign operation (i.e. a disposal of Colruyt
\nGroup\u2019s entire interest in a foreign operation, or a disposal
\ninvolving loss of control over a subsidiary that includes a foreign
\noperation, loss of joint control over a joint venture that includes
\na foreign operation, or loss of significant influence over an
\nassociate that includes a foreign operation), all of the cumulative
\ntranslation adjustments in equity in respect of that foreign
\noperation attributable to Colruyt Group are reclassified to profit or
\nloss as part of the consolidated financial results.
\nIn the case of a partial disposal of a subsidiary (i.e. with no loss of
\ncontrol over the subsidiary by Colruyt Group), the proportionate
\nshare of cumulative translation adjustments is reattributed
\nto non-controlling interests and is not recognised in profit or
\nloss. For all other partial disposals (i.e. the partial disposal of
\nassociates or joint ventures not resulting in Colruyt Group losing
\nsignificant influence or joint control), the proportionate share
\nof the cumulative translation adjustments is reclassified to the
\nconsolidated financial results.
\n\n\n
\n\n\n\n\nG. Foreign currency transactions
\nTransactions in foreign currencies are translated to the functional
\ncurrency of the Company at the exchange rates prevailing at the
\ndate of the transaction.
\nAll monetary assets and liabilities denominated in foreign
\ncurrencies are translated at the closing rate at the reporting date.
\nGains and losses resulting from transactions in foreign currency
\nand from the translation of monetary assets and liabilities
\ndenominated in foreign currencies are recognised in profit or loss.
\nNon-monetary assets and liabilities denominated in foreign
\ncurrencies and valued on a historical cost basis are translated at
\nthe exchange rate at the transaction date. Non-monetary assets
\nand liabilities in foreign currencies at fair value are translated at
\nthe exchange rate applicable at the date on which the fair value
\nwas determined.
\n\n\n
\n\n
\n
\n\n1.5. Other significant accounting
\npolicies
\n\n
\n
\n\n
\n\nA. Goodwill
\nGoodwill resulting from business combinations is recognised as
\nan asset as from the date control is obtained (the acquisition
\ndate). Colruyt Group measures goodwill as the difference between:
\n\u2022 the aggregate of the fair value of the consideration transferred,
\nthe amount of any non-controlling interest in the acquiree, and
\nin a business combination achieved in stages, the fair value of
\nthe previously held equity interest in the acquiree; and
\n\u2022 the net amount of the identifiable assets acquired and the
\nliabilities incurred at the acquisition date.
\nIf, after consideration, this difference is negative, the resulting
\ngain from a bargain purchase is recognised immediately in profit
\nor loss.
\nFor investments in associates and joint ventures, the goodwill is
\nincluded within the carrying amount of the investment.
\nGoodwill is recognised at cost less any accumulated impairment
\nlosses. Goodwill is not amortised but is reviewed for impairment.
\nImpairment is tested annually or earlier if indications of
\nimpairment exist.
\n
\n
\n\n
\n
\n\n\n
\nB. Intangible fixed assets
\n\nResearch and development
\nExpenses from research activities are recognised in the
\nconsolidated income statement when incurred.
\nExpenditure related to development activities whereby the results
\nare used for a plan or design intended for the production of new
\nor substantially improved products or processes are capitalised if
\nthe following conditions are met:
\n\u2022 the technical and commercial feasibility of the product or
\nprocess has been demonstrated and the product or process will
\nbe commercialised or will be used internally;
\n\u2022 the product or process will generate future economic benefits;
\n\u2022 Colruyt Group has the necessary technical, financial and other
\nresources to complete and use or sell the development; and
\n\u2022 the product or process has been carefully described and the
\nexpenses can be separately identified and can be measured
\nreliably.
\nThe capitalised expenditure is valued at full cost and therefore
\nincludes the cost of materials, direct labour and an appropriate
\nproportion of overheads.
\nDevelopment costs that do not satisfy these conditions are
\nrecognised in the consolidated income statement when incurred.
\nCapitalised development expenditure is stated at cost less
\naccumulated amortisation and impairment losses.
\n
\n\nOther intangible assets
\nOther intangible assets are recognised at cost less accumulated
\namortisation and impairment losses.
\n
\n\n
\n
\n\n
\n\n
\n
\n
\n\n
\n\nSubsequent expenditure
\nSubsequent expenditure on intangible assets is capitalised only
\nwhen it results in an increase of future economic benefits derived
\nfrom the use of the specific asset to which the subsequent
\nexpenditure is related. All other expenditure is expensed as
\nincurred.
\nAmortisation
\nIntangible assets with a finite useful life are subject to straight-
\nline amortisation over their estimated useful lives. Amortisation
\nof intangible assets only begins when assets are available for
\nintended use.
\nIntangible assets that are not yet ready for their intended use
\nand intangible assets with an indefinite useful life are tested for
\nimpairment at least annually. For internally developed intangible
\nassets, this evaluation is made at least twice a year.
\nFor intangible assets, Colruyt Group makes a distinction between
\nsoftware, licences, permits, customer portfolios, internally
\ndeveloped intangible assets and other intangible assets.
\nThis distinction is expressed in a different useful life per type of
\nintangible asset:
\n\u2022 externally purchased software, licences and permits:
\ncontractually defined period;
\n\u2022 customer portfolios arising from the acquisition of points of
\nsale: indefinite useful life;
\n\u2022 internally developed intangible assets: 3, 5, 7 or 10 years;
\n\u2022 other intangible assets: 3 to 5 years.
\nThe amortisation method and useful life are reviewed annually
\nand amended if necessary.
\n
\n\n
\n\n\n
\nC. Property, plant and equipment
\nProperty, plant and equipment are recorded at cost less
\naccumulated depreciation and impairment losses. The cost of
\nself-constructed assets includes direct labour costs in addition to
\nthe direct cost of material and a reasonable proportion of indirect
\nmanufacturing costs which are necessary to bring the asset into
\nits location and state that are required for the asset to function
\nin the intended way. The depreciation method, the residual
\nvalue and the useful life are reviewed annually and amended if
\nnecessary.
\nColruyt Group has opted to recognise capital grants as a
\ndeduction to the cost of property, plant and equipment. Grants
\nare recognised when there is reasonable assurance that the
\ngrants will be received and that the group will comply with the
\nconditions attached to them. These grants are taken into profit or
\nloss over the useful life of the asset by reducing the depreciation
\ncharge.
\nIn certain circumstances obligations exist to dismantle and
\nrestore items of property, plant and equipment in their original
\nstate; these are therefore included in the cost or acquisition
\nvalue of the item of property, plant and equipment. A provision is
\nrecognised in the statement of financial position.
\nSubsequent expenditure
\nCosts for the replacement of a component of property, plant and
\nequipment are capitalised provided that the cost to be capitalised
\ncan be reliably determined and that the expenditure will result in
\na future economic benefit.
\nCosts which do not meet these conditions are immediately
\nrecognised in the consolidated income statement when incurred.
\n\nDepreciation
\nProperty, plant and equipment are subject to straight-line
\ndepreciation in profit or loss based on the estimated useful life of
\neach component.
\nTangible assets with an indefinite useful life are not depreciated
\nbut tested for impairment annually.
\nThe estimated useful lives are defined as follows:
\n\u2022 land: indefinite;
\n\u2022 buildings: 20 to 30 years;
\n\u2022 fixtures: 9 to 15 years;
\n\u2022 fittings, machinery, equipment, furnishings and vehicles: 3 to
\n20 years;
\n\u2022 IT equipment: 3 to 5 years;
\n\u2022 right-of-use assets: useful life of the asset or, if shorter, the lease
\nterm.
\n
\n
\n\nRetirements
\nAn item of property, plant and equipment and any significant part
\ninitially recognised is derecognised on disposal (i.e. on the date
\nwhen the recipient obtains control) or when no future economic
\nbenefits are expected from its use or disposal. Any gain or loss
\narising from the derecognition of the asset (calculated as the
\ndifference between the net disposal proceeds and the carrying
\namount of the asset) is included in profit or loss when the asset is
\nderecognised.
\n
\n
\n
\n\n\nD. Leases
\nFor all leases with a lease term of more than 12 months,
\na right-of-use asset and a corresponding lease liability are
\nrecognised on the date on which the leased asset is made
\navailable for use. Right-of-use assets are recognised as part of
\nproperty, plant and equipment and lease liabilities are reported
\nas part of interest-bearing liabilities, recognised at cost less
\naccumulated depreciation and impairment losses and adjusted
\nfor remeasurement of lease obligations.
\nThe lease liability is measured at the present value of the
\nremaining lease payments, discounted at a predetermined
\ndiscount rate. Colruyt Group uses the interest rate implicit in the
\nlease contract or, when the latter is not available, the \u2018incremental
\nborrowing rate\u2019 which is revised annually for new contracts.
\nAt initial recognition of the lease, the right of use of the assets is
\nmeasured at an amount equal to the lease liability. Under certain
\nconditions the initial direct costs for concluding the lease are
\nincluded in the value of the right-of-use asset.
\nThe lease term is determined as the non-cancellable period of
\nthe lease, taking into account the option to extend the lease if
\n
\n\n
\n\n
\n
\n\nthat option is reasonably certain to be exercised, or the option to
\nterminate the lease early if that option is reasonably certain not
\nto be exercised.
\nLease payments are apportioned between reduction of the
\noutstanding lease liability and finance expenses, whereby the
\nfinance expenses are recognised in profit or loss, so as to achieve
\na constant rate of interest on the remaining balance of the lease
\nliability. The right-of-use asset is depreciated over the shorter of
\nits useful life and the lease term.
\nPayments made for short-term leases or leases of low-value
\nassets are recognised in profit or loss on a straight-line basis over
\nthe term of the lease.
\nA limited number of premises that Colruyt Group leases are
\nsubleased to third parties (the so-called \u2018sublease agreements\u2019).
\nWhen the right of use of these assets is not fully transferred
\nto the sublessee (which is the case, amongst others, when the
\nrental period of the sublease is significantly shorter than the one
\nof the head lease), these \u2018sublease agreements\u2019 are classified
\nas operating sublease agreements and the rental income is
\nrecognised in profit or loss under \u2018Other operating income\u2019, on a
\nstraight-line basis over the lease term.
\nRental income under a finance sublease is treated in accordance
\nwith IFRS 16, whereby a lease receivable is recognised in the
\nconsolidated statement of financial position. This lease receivable
\nis equal to the discounted value of the future lease payments
\nplus any residual value accruing to the lessor, at the interest
\nrate implicit in the lease. Lease receivables are presented in
\nthe consolidated statement of financial position under \u2018Other
\nreceivables\u2019. Any differences between the right-of-use asset and
\nthe lease receivable are accounted for in profit or loss at initial
\nrecognition.
\n
\n\n\n\n\n
\n
\n\n\n\nE. Financial assets
\nClassification
\nColruyt Group classifies its financial assets at initial recognition in
\ndifferent categories. The classification of financial assets depends
\non:
\n\u2022 The characteristics of the contractual cash flows of the financial
\nassets (SPPI test). The SPPI test is designed to determine
\nwhether or not the contractual cash flows relate to payments of
\nprincipal and interest on the principal amount outstanding.
\n\u2022 The business model used for managing the financial assets
\ndetermines whether the cash flow results from:
\n\u2022 a contractual cash flow;
\n\u2022 a sale of financial assets; or
\n\u2022 a combination of both.
\nThe classification of a financial asset determines the
\nmeasurement of this financial asset and whether the income and
\nexpenses are recognised in profit or loss, or directly in equity. The
\nfinancial assets are classified as follows:
\n\u2022 financial assets at amortised cost;
\n\u2022 financial assets at fair value through other comprehensive
\nincome (\u2018FVOCI\u2019);
\n\u2022 financial assets at fair value through profit or loss (\u2018FVTPL\u2019).
\n\nFinancial assets at amortised cost
\nFinancial assets are recognised at amortised cost when the
\nbusiness model\u2019s objective is to hold financial assets in order
\nto collect contractual cash flows and the contractual cash flows
\nrepresent (re)payments of principal and interest on the principal
\namount outstanding and on specified dates.
\nThese financial assets are initially recognised at fair value,
\nincluding any transaction costs that are directly attributable to
\nthese financial assets. After initial recognition these assets are
\nmeasured at amortised cost using the effective interest method,
\nnet of impairment. Each reporting period, the amount of the
\nimpairment is determined as the difference between the carrying
\namount of the financial asset and the present value of estimated
\nfuture cash flows discounted at the financial asset\u2019s original
\neffective interest rate. Gains and losses are recognised in profit or
\nloss when the asset is derecognised, modified or impaired.
\n\n\nFinancial assets at fair value through other comprehensive
\nincome
\nFinancial assets are recognised at fair value through other
\ncomprehensive income when the business model\u2019s objective is
\nto hold financial assets in order to collect contractual cash flows
\nas well as to sell financial assets. The contractual cash flows
\nrepresent (re)payments of principal and interest on the principal
\namount outstanding and on specified dates. In addition, Colruyt
\nGroup may irrevocably choose to recognise at fair value through
\nother comprehensive income equity instruments that would
\notherwise be measured at fair value through profit or loss. This
\nchoice is irrevocable and can only apply if the equity instrument
\nis not held for trading or if it is not recognised as contingent
\nconsideration by an acquirer in a business combination. Colruyt
\nGroup makes this choice for equity instruments which it has
\ncurrently no intention to sell in the short term.
\nThese financial assets are initially recognised at fair value,
\nincluding any transaction costs that are directly attributable to
\nthese financial assets. After initial recognition these financial
\nassets are measured at fair value through other comprehensive
\nincome. In the event of a disposal of these equity instruments
\nwithin this category of financial assets, the cumulative
\nrevaluations recognised through other comprehensive income
\nare reclassified from other comprehensive income to retained
\nearnings.
\n\nFinancial assets at fair value through profit or loss
\nFinancial assets are recognised at fair value through profit or
\nloss when the conditions of the above categories are not met or
\nwhen Colruyt Group has made the irrevocable choice to recognise
\nthrough profit or loss debt instruments measured at fair value
\nthrough other comprehensive income. This choice is irrevocable
\nand may only be used to eliminate or reduce inconsistencies in
\nthe measurement at initial recognition.
\nThese financial assets are initially recognised at fair value. After
\ninitial recognition the assets are measured at fair value through
\nprofit or loss.
\n\n\n\n\n\n\n
\n
\n
\n\n
\n\n
\n
\n
\n\n
\n\n\n\nExpected credit losses
\nFinancial assets are recognised according to the above
\naccounting principles. At the end of every reporting period Colruyt
\nGroup assesses whether a provision for expected credit losses
\nneeds to be recognised for financial assets at amortised cost and
\nfor financial assets at fair value through other comprehensive
\nincome.
\nColruyt Group has identified two categories of financial assets
\nto which the requirements of expected credit losses apply:
\ntrade receivables and other receivables. Expected credit losses
\nare calculated using a model based on expected losses which
\nrepresents the weighted average of credit losses with the
\nrespective default risks as weighting factors.
\nTo determine the expected credit losses Colruyt Group applies the
\nsimplified approach based on a provision matrix, and the general
\napproach, under which credit losses are determined at the level of
\nthe individual receivable. The choice depends on the type of asset
\nand the associated risk characteristics.
\nThe simplified approach always applies to trade receivables.
\nThese do not generally contain a significant financing component.
\nUnder the simplified approach, credit losses are estimated over
\nthe full lifetime of receivables. The calculation of percentages
\nfor historical credit losses is done by categories of debtors with
\nsimilar risk characteristics. In addition to historical credit losses,
\nthe provision matrix used takes into account forward-looking
\nand macroeconomic factors. See note 27.2. \u2018Other risks\u2019 for
\nmacroeconomic factors taken into account.
\nThe general approach applies to other receivables, i.e. to a
\ncategory of receivables of limited materiality, where credit losses
\nare determined at the level of the individual receivable. See note
\n27.1.c. \u2018Credit Risk\u2019 for more information on how expected credit
\nlosses are calculated at the level of other receivables.
\n\n\n
\n\n
\n\n\n
\n\nF. Assets held for sale and discontinued operations
\nAn asset or a disposal group (groups of assets and related
\nliabilities) that is being disposed of, is classified as held for sale
\nif its carrying amount will be recovered principally through a sale
\ntransaction rather than through continuing use. This condition
\nis regarded as met only when the sale is highly probable and
\nthe asset (or disposal group) is available for immediate sale
\nin its present condition. For a sale to be highly probable, the
\nCompany should be committed to a plan to sell the asset (or
\ndisposal group), and an active programme to locate a buyer
\nand to complete the sale should be initiated. The asset (or
\ndisposal group) should be actively marketed at a price which is
\nreasonable in relation to its current fair value, and the sale should
\nbe expected to be completed within one year from the date of
\nclassification.
\nWhen classified as \u2018held for sale\u2019, assets or disposal groups
\nare valued at the lower of their carrying amount and their fair
\nvalue less costs to sell, including any impairment that might
\nbe required and which is recognised through profit or loss.
\nImpairment on an asset or a disposal group is initially allocated to
\ngoodwill and then pro rata to the remaining assets and liabilities.
\nSuch an impairment loss is not allocated to inventories, financial
\nassets or deferred tax assets which continue to be recognised in
\nline with the other significant accounting policies of the group.
\nAs from the moment that property, plant and equipment and
\nintangible assets are classified as held for sale, they are no longer
\ndepreciated or amortised. Comparative balance sheet information
\nfor prior periods is not restated to reflect the new classification in
\nthe consolidated statement of financial position.
\nA discontinued operation is a component of an entity that either
\nhas been disposed of or has been classified as held for sale, which
\nrepresents a separate major line of business or geographical area
\nof operations that can be distinguished operationally as well
\nas for financial reporting purposes from the rest of the entity.
\nThe profit or loss after taxes which arises from discontinued
\noperations is separately reported in the consolidated income
\nstatement. When operations are labelled as discontinued
\noperations, the comparative figures in the consolidated income
\nstatement are restated to reflect a situation as if the operations
\nhad been discontinued as of the beginning of the comparative
\nperiod, while no comparative figures are prepared for the balance
\nsheet.
\n
\n\n
\n\n\n
\n
\nG. Impairment
\n\nThe carrying amount of all assets, with the exception of
\ninventories and deferred tax assets, is reviewed at least once a
\nyear and examined for any indications of impairment. If such
\nindications exist, the related asset\u2019s recoverable amount is
\nestimated.
\nGoodwill, tangible and intangible assets with indefinite useful
\nlives and tangible and intangible assets not available for use are
\ntested for impairment at least annually (irrespective of whether
\nindications of impairment exist or not). For internally developed
\nintangible assets, this review is completed at least twice a year.
\nThe recoverable amount is the higher of the fair value less costs
\nto sell (corresponds to the money that Colruyt Group would
\nreceive as a result of a sale) and the value in use (corresponds
\nto the cash flows that Colruyt Group expects to receive through
\nthe continuing use of the assets). For an asset for which no
\nindependent cash flows are available, the recoverable amount
\nis determined for the cash-generating unit to which the asset
\nbelongs. For impairment testing, goodwill is always allocated to (a
\ngroup of) cash-generating units.
\n
\n\n\nA cash-generating unit is the smallest identifiable group of assets
\nthat generates cash inflows that are largely independent of the
\ncash inflows from other assets or groups of assets. Colruyt Group
\ndefines a \u2018cash-generating unit\u2019 as the operating unit to which
\nthe asset can unequivocally be allocated. An operating unit can
\ninclude a branch of the business or a business entity.
\nIf the recoverable amount of an asset or of the cash-generating
\nunit to which it belongs is lower than the carrying amount, an
\nimpairment loss is recognised in profit or loss for the amount
\nof the difference. Impairment losses relating to cash-generating
\nunits are first deducted from the carrying amount of any goodwill
\nattributed to the cash-generating (or groups of) units and then
\ndeducted pro rata from the carrying amount of the other assets of
\nthe (groups of) cash-generating units.
\n
\n\nA recognised impairment may be reversed if it ceases to exist.
\nAn impairment loss is reversed only to the extent that the asset\u2019s
\ncarrying amount does not exceed the carrying amount that would
\nhave been determined, net of depreciation or amortisation, if no
\nimpairment loss had been recognised. Goodwill impairment is not
\nreversed.
\n
\n\n
\n\n\n\n\n
\n
\n
\n
\n
\n\nH. Inventories
\nInventories are measured at the lower of cost and net realisable
\nvalue. The net realisable value is the estimated selling price in the
\nnormal course of business, less the estimated cost of completion
\nand costs to sell.
\nThe cost of inventories is based on the \u2018first in, first out\u2019 (FIFO)
\nprinciple and includes all direct and indirect costs that are
\nrequired to bring the goods to their state at the reporting date,
\nless discounts and compensations received from suppliers. The
\nindirect costs are made up of distribution costs, i.e. handling
\ncosts at the distribution centre and transport costs, and stowage
\ncosts, i.e. the costs for store employees to fill the shelves with the
\ngoods. These respective costs are updated on a periodic basis.
\nRebates and incentives that Colruyt Group receives from its
\nsuppliers, mainly for promotions in stores, joint publicity,
\nintroductions of new products and volume incentives, are
\nincluded in the inventory cost and are recognised in profit or
\nloss as and when the product is sold, except when it relates to
\na repayment of specific, additional and identifiable costs which
\nColruyt Group incurred in order to sell the supplier\u2019s product. In
\nthat case the rebates and incentives are immediately recognised
\nas a decrease of the respective costs incurred. Estimating such
\nsupplier rebates is predominantly based on the actual revenue
\nfigures of the related period, but in certain cases requires the use
\nof assumptions and estimations regarding specific purchasing or
\nsales levels.
\n
\n\n\nI. Contract assets
\nContract assets relate to expenses made to satisfy performance
\nobligations under a contract and are recognised at cost, less
\na provision for expected losses and less amounts of project
\nprogress billings.
\nThe expenses are recognised when the following conditions are
\nmet:
\n\u2022 the expenses are directly or indirectly attributable to a
\nspecifically identifiable contract;
\n\u2022 resources are generated which Colruyt Group will use to satisfy a
\nperformance obligation; and
\n\u2022 the expenses can be earned back.
\nExpenses that can be attributed directly to a specifically
\nidentifiable project include direct labour costs and direct material
\ncosts. In addition, the cost includes an allocation of fixed and
\nvariable indirect expenses made and this based on a normal
\nproduction capacity.
\n
\n
\n\nJ. Equity
\n\nCapital and retained earnings
\nDividends proposed by the Board of Directors are only recognised
\nas liabilities after approval by the Annual General Meeting of
\nShareholders. Until such formal approval, the proposed dividends
\nare included in Colruyt Group\u2019s consolidated equity. Transaction
\ncosts of capital transactions, net of tax impact, are deducted from
\nequity.
\n
\n\n\nTreasury shares
\nShares of Colruyt Group purchased by the Company or entities
\nbelonging to Colruyt Group, including directly attributable
\ntransaction costs, net of tax impact, are recognised as a
\ndeduction from equity. In case of a cancellation or sale of treasury
\nshares, the result of the transaction is directly included in equity
\n(retained earnings).
\n
\n\n\nRevaluation reserves of liabilities related to long-
\nterm post-employment benefits
\nThe revaluation reserves contain the cumulative actuarial profits
\nand losses related to:
\nBelgian entities:
\n\u2022 unemployment regime with company supplement;
\n\u2022 long-service benefits;
\n\u2022 defined contribution plans with a legally guaranteed minimum
\nreturn.
\nOther entities:
\n\u2022 legal compensations
\nThe revaluation reserves comprise the experience adjustments
\nand the effects of changes in actuarial assumptions.
\n\n\n\nCumulative translation adjustments
\nThe cumulative translation adjustments represent the cumulative
\ncurrency translation differences that arise due to subsidiaries,
\nassociates and joint ventures that have a functional currency that
\nis different from the euro.
\nCash flow hedge reserves
\nThis reserve contains the effective portion of the cumulative net
\nchange in the fair value of cash flow hedge instruments related to
\nhedged transactions.
\n\nReserves for financial assets at fair value through
\nother comprehensive income
\nThis reserve contains unrealised fair value changes of financial
\nassets at fair value through other comprehensive income.
\n\n\n\nNon-controlling interests
\nNon-controlling interests in subsidiaries not fully owned by the
\ngroup are presented separately from Colruyt Group\u2019s equity. The
\ninterest of non-controlling shareholders can initially be measured
\nat fair value or at the non-controlling interests\u2019 proportionate
\nshare of the fair value of the acquiree\u2019s identifiable net assets.
\nThe choice of measurement basis is made on a case-by-case
\nbasis. Subsequent to the acquisition, the carrying amount of
\nnon-controlling interests is the amount of those interests at
\ninitial recognition plus the non-controlling interests\u2019 share of
\nsubsequent changes in equity. The total result is attributed
\nto non-controlling interests even if this results in the non-
\ncontrolling interests having a deficit balance.
\n
\n\n
\n\n
\n
\n\nK. Provisions
\nProvisions are only recognised in the consolidated statement of
\nfinancial position when Colruyt Group has a present obligation
\n(legal or constructive) as a result of a past event, when it is
\nprobable that a future outflow of resources will be required to
\nsettle the obligation, and when a reliable estimate can be made
\nof the amount of the obligation. The amount recognised as a
\nprovision is the best estimate of the expenditure required to
\nsettle the present obligations at the reporting date.
\nIf the effect of discounting the future cash outflows is material,
\nthe provisions are annually discounted using discount rates that
\nreflect current market assessments of the time value of money at
\nthe reporting date.
\nRestructuring provisions are recognised when Colruyt Group
\napproved a detailed, formalised restructuring plan and made a
\nstart on restructuring or made it publicly known before reporting
\ndate. These provisions only include direct expenditures that
\nare necessarily entailed by the restructuring and that are not
\nassociated with the ongoing activities of the Company.
\nEnvironmental provisions are established in accordance with
\nlegal requirements on the one hand and the environmental policy
\nestablished by Colruyt Group on the other.
\nFor onerous contracts, a provision is recognised in the
\nconsolidated statement of financial position for the difference
\nbetween the unavoidable cost of meeting the obligations
\nunder the contract and the expected benefits to be derived
\nfrom the contract. Before a provision for an onerous contract is
\nestablished, Colruyt Group recognises any impairment loss that
\nhas occurred on assets dedicated to that contract.
\n
\n\n\nL. Employee benefits
\nPost-employment benefits
\nThere are different types of post-employment benefits within
\nColruyt Group:
\n\u2022 Defined contribution plans with a legally guaranteed
\nminimum return
\nIn Belgium, the Law regarding supplementary pensions (\u2018WAP\u2019)
\nrequires employers to guarantee a minimum return on defined
\ncontribution plans over the course of the career. For amounts
\nuntil 31 December 2015, this minimum return was 3,25% on
\nemployer contributions and 3,75% on employee contributions.
\nAs a result of a law change in December 2015, the interest rate to
\nbe guaranteed is variable starting from 1 January 2016, based on
\na mechanism linked to the return of the Belgian OLO bond with a
\nminimum of 1,75% and a maximum of 3,75%.
\nOwing to these legal changes, and also to the fact that a clear
\nposition was taken by the regulatory instances during 2016, and
\ngiven that reliable estimates can be made for these retirement
\nbenefit plans, the Belgian defined contribution plans have been
\nconsidered as defined benefit plans since financial year 2016/17.
\nThey are measured in accordance with IAS 19 based on the
\n\u2018projected unit credit\u2019 method.
\n\u2022 Unemployment regime with company supplement
\nThe possibility to retire early, as it exists within Colruyt Group for
\nemployees of its Belgian entities, is based on the \u2018Unemployment
\nregime with company supplement\u2019 applicable in Belgium. The
\nunemployment regime with company supplement and the
\nconditions regarding the required age and performed service
\nperiod are described in general terms in collective labour
\nagreement No. 17 (Collectieve Arbeidsovereenkomst/Convention
\nCollective de Travail or cao/CCT), as established by the National
\nLabour Council (Nationale Arbeidsraad/Conseil National du
\nTravail) and in the Royal Decree of 3 May 2007 which regulates
\nthe unemployment regime with company supplement (Belgian
\nOfficial Gazette 8 June 2007). Other collective labour agreements
\nnegotiated by the National Labour Council or within Colruyt Group
\nfor specific entities or industries may be applicable, but have
\nbenefits similar to those of collective labour agreement No. 17.
\nThese benefits must be paid if a company decides to terminate an
\nemployee\u2019s employment before the normal retirement date. Given
\nthat a reasonable expectation is created towards the employees
\nat the moment of their recruitment or during the period of
\nservice, that they are entitled to join the unemployment regime
\nwith company supplement before the legal retirement age, these
\nbenefits are treated as post-employment benefits (defined benefit
\nplan).
\n\u2022 Other
\nOther post-employment benefits include departure benefits
\nas a result of retirement or as a result of the application of the
\n\u2019Unemployment regime with company supplement\u2019 (Belgian
\nentities) and legal compensations (French and Indian entities).
\nThese benefits are also treated as defined benefit plans.
\nThe liabilities arising from these systems and the related costs
\nare determined using the \u2018projected unit credit\u2019 method, based
\non actuarial calculations that are executed at the end of each
\nfinancial year. A comprehensive actuarial measurement based
\non updated personnel information is performed at least every
\nthree years. In the years in which no comprehensive actuarial
\nmeasurement is performed, actuaries use forecasts based on
\nthe previous year but including updated assumptions (discount
\nrate, pay rise and inflation). These liabilities, recorded in the
\nconsolidated statement of financial position, are calculated as
\nthe present value of estimated future cash outflows, based on
\na discount rate at the reporting date which corresponds to the
\nmarket yield of high quality corporate bonds with a remaining
\nmaturity that approaches the maturity of these liabilities,
\ndecreased with the fair value of the plan assets. The liabilities
\nrelated to the unemployment regime with company supplement
\nare recognised for the population of employees for which can be
\nreliably assumed that it will join the unemployment regime with
\ncompany supplement. The liabilities for the defined contribution
\nplans with a legally guaranteed minimum return are recognised
\nfor all Colruyt Group employees entitled thereto.
\nThe costs related to these systems consist of the following items:
\n\u2022 the current service cost, which is the increase in the present
\nvalue of the obligation resulting from employee service in the
\ncurrent reporting period;
\n\u2022 the past service cost, which is the change in the present value
\nof the benefit obligation for employee service in prior periods,
\nresulting from an amendment or a curtailment of the existing
\nbenefit plan;
\n\u2022 gains or losses on settlement of the benefit obligation, if any;
\n\u2022 the net interest on the net liability arising from the passage of
\ntime;
\n
\n
\n
\n\n
\n\n
\n
\n
\n
\n\n\u2022 the actuarial gains and losses, which comprise the effect of
\ndifferences between the previous actuarial assumptions and
\nwhat has actually occurred and the effect of changes in actuarial
\nassumptions.
\nThe first three items are recognised in profit or loss as \u2018Employee
\nbenefit expenses\u2019. The net interest on the net liability is included
\nin profit or loss in the \u2018Net financial result\u2019. Actuarial gains and
\nlosses are recognised in other comprehensive income.
\nProfit participation
\nIn accordance with the Law of 22 May 2001 concerning employee
\nparticipation in the capital of entities and the establishment of
\na profit bonus for employees, Colruyt Group offers its personnel
\nbased in Belgium a share in the profits in the form of a profit
\nparticipation, paid in cash. The profit participation is recognised
\nin the financial year in which the profit is realised.
\nDiscounts on share capital increases
\nIn accordance with article 7:204 of the Code on Companies and
\nAssociations, Colruyt Group offers a discount on its yearly share
\ncapital increase which is reserved for its employees. This discount
\nis recognised as an employee benefit expense in the period of the
\nshare capital increase.
\n
\n\n\n\n
\n\n\nM. Financial liabilities
\nFinancial liabilities are subdivided as follows:
\n\u2022 financial liabilities at amortised cost; and
\n\u2022 financial liabilities at fair value through profit or loss.
\n
\n\n\n\nFinancial liabilities at amortised cost
\nFinancial liabilities of Colruyt Group measured at amortised
\ncost comprise interest-bearing loans, trade payables and other
\nliabilities. Financial liabilities are initially measured at fair value,
\nnet of transaction costs. After initial recognition, these financial
\nliabilities are subsequently measured at amortised cost using the
\neffective interest method, with interest expense recognised on an
\neffective interest rate basis.
\nThe effective interest method is a method of calculating the
\namortised cost of a financial liability and of allocating interest
\nexpense over the relevant period. The effective interest rate is
\nthe rate that exactly discounts estimated future cash payments
\nthrough the expected life of the financial liability, or, where
\nappropriate, a shorter period, to the net carrying amount on initial
\nrecognition.
\n\n\n\n\n\n\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities of Colruyt Group measured at fair value
\nthrough profit or loss comprise derivative financial instruments
\nthat are concluded by Colruyt Group in order to hedge its
\nexposure to currency risks resulting from its operational activities.
\nColruyt Group does not conduct speculative transactions.
\nThese financial liabilities are initially recognised at fair value
\nincluding any transaction costs that are directly attributable to
\nthese financial liabilities. After initial recognition these financial
\nliabilities are measured at fair value through profit or loss.
\n\n\n\n
\n
\n\n\n\n\n\n\nN. Derivative financial instruments
\nDerivative financial instruments are initially recognised at
\nfair value. After initial recognition these derivative financial
\ninstruments are remeasured at fair value at the end of every
\nreporting period. Derivative financial instruments can be
\nsubdivided into cash flow hedges, fair value hedges and hedges of
\nnet investments. Colruyt Group designates the derivative financial
\ninstruments as cash flow hedges.
\nAt the inception of the transaction, Colruyt Group documents
\nthe relationship between the hedging instrument and the
\nhedged instrument, as well as the risk management objectives
\nand strategy for undertaking the hedge. Derivative financial
\ninstruments are presented according to their non-current or
\ncurrent nature.
\nThe effective portion of the changes in fair value of derivative
\nfinancial instruments designated as cash flow hedges is included
\nas a separate component in equity, under \u2018Cash flow hedge
\nreserves\u2019. The gain or loss in respect of the ineffective portion is
\nimmediately recognised in profit or loss under \u2018Finance income\u2019
\nor \u2018Finance costs\u2019.
\nThe cumulative amounts included under \u2018Cash flow hedge
\nreserves\u2019 are reclassified to profit or loss in the period during
\nwhich the hedged instrument affects profit or loss. The
\ncumulative amounts of the hedging instrument are included
\nunder the same line item as the hedged instrument.
\nA cash flow hedge accounting relationship is discontinued when:
\n \u2022 the hedge accounting relationship fails the effectiveness test;
\n\u2022 the hedging instrument is sold, terminated or exercised;
\n\u2022 management decides to revoke the hedge accounting
\ndesignation of the instrument; or
\n\u2022 the forecast transaction is no longer highly probable.
\nWhen the forecast transaction is no longer highly probable but
\nstill expected to occur, the hedge gains and losses that were
\npreviously recognised in other comprehensive income remain
\nin equity until the transaction affects profit or loss. As soon
\nas the forecast transaction is no longer expected to occur, any
\ngain or loss is immediately recognised in profit or loss as a
\nreclassification adjustment.
\nCertain derivative financial instruments do not qualify for hedge
\naccounting. Changes to the fair value of derivative financial
\ninstruments that do not qualify for hedge accounting are
\nimmediately recognised in profit or loss under \u2018Finance income\u2019
\nor \u2018Finance costs\u2019.
\n\n\n\n\n\n\n
\n
\n\n\nO. Revenue
\nRevenue is recognised based on a five-step model. Revenue from
\nthe supply of goods or services is recognised in an amount that
\nreflects the consideration to which Colruyt Group expects to be
\nentitled.
\nColruyt Group supplies goods, either food or non-food, through
\ndifferent sales channels.
\nRevenue from the sale of goods \u2013 \u2018Retail\u2019
\nThe sale of goods in the \u2018Retail\u2019 segment, at the cash desk or
\nonline, is limited to one single transaction, i.e. the sale of goods at
\n
\n\n
\n\n
\n
\n
\n\nthe cash desk or online. There is only one performance obligation
\nwithin this context and revenue is recognised when control over
\nthe goods is transferred to the customer.
\nFor certain products or services, such as phone cards and tickets
\nfor amusement parks, Colruyt Group acts as an agent. Therefore,
\nonly the commission is included in the revenue.
\nRevenue from the sale of gift cards and gift certificates is
\nrecognised when the gift card or gift certificate is redeemed by
\nthe customer.
\nThe transaction price is affected by a number of rebate
\nmechanisms, which are recognised as variable considerations and
\nare included in profit or loss at the time of the sale of the goods.
\nRevenue from the sale of goods \u2013 \u2018Wholesale and
\nFoodservice\u2019
\nRevenue from the sale of goods in the \u2018Wholesale and
\nFoodservice\u2019 segment is recognised upon delivery to, or pick-up
\nby, the \u2018Wholesale and Foodservice\u2019 customer. To determine the
\ntransaction price Colruyt Group uses collaboration arrangements.
\nAny rebates granted to the \u2018Wholesale and Foodservice\u2019 customer
\nare deducted from the sales price.
\nRevenue from the sale of goods \u2013 \u2018Other activities\u2019
\nRevenue from the \u2018Other activities\u2019 segment mainly relates
\nto revenue from the sale of fuel, the supply of printing and
\ndocument management solutions and energy-related activities.
\nThe sale of fuels is limited to one single transaction that is settled
\nat the pump. Any rebates granted are immediately deducted from
\nthe transaction price.
\nRevenue from services rendered
\nRevenue from services rendered other than those included under
\n\u2018Revenue from the sale of goods \u2013 \u2018Other activities\u2019\u2019, is assessed
\non a contractual basis to decide whether the performance
\nobligations are performed over time or at a specific moment in
\ntime.
\n
\n\n\n
\nP. Other operating income
\nRental income
\nRental income generated by ordinary leases or by operating
\nsubleases are recognised in \u2018Other operating income\u2019 on a
\nstraight-line basis over the term of the lease.
\n\nDividend income from financial assets and
\nfinance income
\nDividends received from financial assets are recognised in the
\nconsolidated income statement at the time of allocation. Finance
\nincome is recognised using the effective interest method. Fair
\nvalue adjustments of derivative financial instruments that do not
\nqualify for hedge accounting are immediately recognised in the
\nconsolidated income statement.
\n
\n\nOther operating income from remuneration
\nreceived
\nColruyt Group does not consider income from renewable energy,
\nservices rendered to third parties and revenue from waste
\nrecycling as part of its ordinary business activities. This item
\nrelates mainly to B2B revenues from the sale of energy, from the
\ncleaning of transport containers and from sales of waste products
\n(mainly plastic and cardboard).
\n
\n\n\n
\nQ. Expenses
\nIncentives from suppliers
\nIncentives from suppliers are recognised net of expenses.
\nIf such incentives are specifically received for the reimbursement
\nof specific publicity expenses incurred, the reimbursements are
\ndeducted from those specific expenses. In all other cases the
\nreimbursements are recognised as a deduction from cost of
\ngoods sold.
\nRental payments
\nPayments made for short-term leases or leases of low-value
\nassets are recognised in profit or loss on a straight-line basis over
\nthe term of the lease.
\n\n
\n\n\n\nFinance costs
\nFinance costs relate to interest on loans, interest on repayments
\nof lease liabilities, fair value adjustments of financial assets at fair
\nvalue through profit or loss and adjustments for the time value
\nof liabilities. Interest expenses are recognised using the effective
\ninterest method.
\nFair value adjustments of derivative financial instruments that do
\nnot qualify for hedge accounting are immediately recognised in
\nthe consolidated income statement.
\nAll other finance costs are recognised when incurred.
\n\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\nR. Income tax expense
\nIncome tax for the financial year comprises current and deferred
\ntaxes and is presented in accordance with IAS 12, \u2018Income Taxes\u2019.
\nTaxes are presented in profit or loss, except for taxes that relate
\nto transactions not recognised in the consolidated income
\nstatement or that relate to a business combination.
\nCurrent tax is the expected tax payable on the taxable profit
\nfor the financial year, using tax rates and tax laws enacted or
\nenacted substantively at the end of the reporting period, and
\nany adjustment to tax payable (or receivable) in respect of
\nprevious years. These taxes are calculated in accordance with the
\nrespective tax laws applicable in all countries in which Colruyt
\nGroup operates.
\n\nDeferred taxes are calculated using \u2018the balance sheet liability
\nmethod\u2019, providing for temporary differences between the tax
\nbase of the assets and liabilities and the carrying amount of
\nassets and liabilities in the consolidated statement of financial
\nposition. The following differences are however not provided
\nfor: the initial recognition of goodwill, the initial recognition of
\ndifferences on assets or liabilities that are not resulting from a
\nbusiness combination and that do not affect profit before tax
\nor taxable profit and the differences relating to investments in
\nsubsidiaries, associates and joint ventures to the extent that
\nthe group is able to assess the timing of the expiration of the
\ntemporary differences and that it is probable that they will not be
\nreversed in the near future.
\nDeferred taxes are calculated using tax rates and tax laws enacted
\nor substantively enacted at the reporting date. A deferred tax
\nasset is recognised in the consolidated statement of financial
\nposition only to the extent that it is probable that taxable profits
\nwill be available in the near future against which the deductible
\ntemporary differences, unused tax losses and credits can be
\nutilised. Deferred tax assets are reduced to the extent that it is no
\nlonger probable that the related tax benefit will be realised.
\n
\n\nAdditional income taxes that arise from the distribution of
\ndividends or gains on shares in subsidiaries are only recognised
\nrespectively at the moment of the decision to pay the related
\ndividend and at the moment of the decision of the realisation of
\nthe gain.
\n
\n\n\nS. Transfer pricing
\nThe prices for transactions between subsidiaries, associates, joint
\nventures and therefore also between operating segments are
\nconducted on an objective, at arm\u2019s length basis.
\n
\n\n\nT. Events after the reporting date
\nEvents after the reporting date, which provide additional
\ninformation concerning the situation of Colruyt Group at
\nthe reporting date (\u2018adjusting events\u2019) are recognised in the
\nconsolidated financial statements. Other events after the
\nreporting date (\u2018non-adjusting events\u2019) are only mentioned in
\nthe notes to the consolidated financial statements if they are
\nconsidered to be important.
\n
\n\n
\n",
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"Tag3": {
"value": "\nEtn. Fr. Colruyt NV (hereinafter referred to as the \u2018Company\u2019)
\nis domiciled in 1500 Halle, Belgium and is publicly traded on
\nNYSE Euronext Brussels under the code COLR. The consolidated
\nfinancial statements for the 2022/23 financial year, which closed
\non 31 March 2023, cover the Company, its subsidiaries and its
\ninterests in associates and joint ventures (hereinafter referred to
\ncollectively as \u2018Colruyt Group\u2019).
\n
\n",
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"Tag4": {
"value": "Etn. Fr. Colruyt NV",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
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"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"Tag5": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"Tag6": {
"value": "\nThe consolidated financial statements for the 2022/23 financial
\nyear were authorised for issue on 9 June 2023 by the Board
\nof Directors, subject to the approval of the statutory non-
\nconsolidated financial statements by the shareholders during
\nthe Annual General Meeting of Shareholders, which will be
\nheld on 27 September 2023. In accordance with Belgian law,
\nthe consolidated financial statements will be presented for
\ninformation purposes to the shareholders of Colruyt Group during
\nthat same meeting. The consolidated financial statements are
\nnot subject to changes, unless decisions of the shareholders
\nregarding the statutory non-consolidated financial statements
\nimpact the consolidated financial statements.
\n
\n",
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"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"Tag7": {
"value": "\n1.1. Basis of presentation
\nThe consolidated financial statements are expressed in millions
\nof EUR rounded to one decimal place. As a result of rounding, the
\ntotals of certain figures in the tables may differ from those in the
\nmain statements or between disclosure notes. The consolidated
\nfinancial statements include comparative figures from the
\nprevious financial year.
\nThe consolidated financial statements describe the financial
\nposition as of 31 March and are prepared using the historical
\ncost method, with the exception of certain line items, including
\nderivative financial instruments, financial assets at fair value
\nthrough other comprehensive income and financial assets at fair
\nvalue through profit or loss, which are measured at fair value. Net
\nliabilities related to Belgian defined contribution plans with a
\nlegally guaranteed minimum return, which are accounted for as
\ndefined benefit plans, are not measured at historical cost either
\nbut are measured using the projected unit credit method. Colruyt
\nGroup has prepared the consolidated financial statements on the
\nassumption that it will continue its operations as a going concern,
\nas there are no material uncertainties and there are sufficient
\nresources to continue operations. In the income statement, the
\nfigures for financial year 2021/22 were restated in line with IFRS
\n5, \u2018Non-current Assets Held for Sale and Discontinued Operations\u2019.
\nFor more information, see note 16. Assets held for sale, disposal of
\nsubsidiaries and discontinued operations.
\nThe consolidated financial statements are prepared before any
\ndistribution of profits of the Company as proposed to the Annual
\nGeneral Meeting of Shareholders.
\nThe significant accounting policies listed below have been applied
\nconsistently for all the periods presented in these consolidated
\nfinancial statements.
\n
\n",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"Tag8": {
"value": "\n1.2. Significant accounting estimates
\nand assumptions
\nPreparing the consolidated financial statements requires Colruyt
\nGroup\u2019s management to make judgements, estimates and
\nassumptions. In most cases, estimates and related assumptions
\nare based on past experience and various other factors that are
\nbelieved to be reasonable given the circumstances. Actual results
\nmay differ from these estimates. The estimates and underlying
\nassumptions are assessed and adjusted annually. Revisions to
\naccounting estimates are recognised in the period in which the
\nestimate is revised, where the revision affects only that period,
\nor in the period of the revision and future period(s) when the
\nrevision affects both current and future period(s).
\nKey sources of estimation uncertainty incurring a risk of material
\nadjustments in the next financial year are:
\nImpairment of assets
\nEach year, and also whenever there are indications that their net
\ncarrying amount may exceed their recoverable amount, cash-
\ngenerating units to which goodwill or intangible assets with
\nindefinite useful lives are assigned are tested for impairment.
\nThis analysis requires management to calculate the recoverable
\namount. The recoverable amount is the higher of the fair value
\nless costs to sell and the value in use. The value in use is the
\npresent value of estimated future cash flows using a relevant
\ndiscount rate (WACC) and terminal growth rate. For more
\ninformation on the assumptions used and the sensitivity of the
\ncarrying amounts to the assumptions, please see note 9. Goodwill.
\nRecognition and measurement of internally
\ndeveloped intangible assets
\nColruyt Group invests in internally developed innovative change
\nprogrammes and IT investments. An important condition for
\nthe recognition of intangible assets related to this is the future
\neconomic benefits of these programmes. These future economic
\nbenefits are based on estimates by management and programme
\nmanagers, which are validated and discussed on a regular
\n
\n
\n\nbasis. For more information on the carrying amount of these
\nprogrammes, see note 10. Intangible assets.
\nIncome tax and deferred taxes
\nDeferred tax assets are recognised only to the extent that it is
\nprobable that future profits will be available against which the
\ntax losses carried forward and any unused tax credits able to be
\ncarried forward can be offset. Colruyt Group sets a time horizon
\nof five years for these estimates. The carrying amount of deferred
\ntax assets is reviewed at each reporting date, based on estimates
\nof future profits. For more information on the carrying amount
\nof deferred tax assets and unrecognised deferred tax assets (or
\nliabilities), see note 17. Deferred tax assets and liabilities.
\nEmployee benefits \u2013 IAS 19
\nEach year, the defined contribution plan liabilities and annual
\ncosts are determined on the basis of actuarial assumptions.
\nDiscount rates and inflation rates are set at group level by
\nmanagement. The other assumptions (such as expected future
\nwage increases and the chances of employees leaving) are
\ndetermined at local level. All employee benefit plans are reviewed
\nannually by independent actuaries. For additional information
\nregarding the assumptions and the sensitivity of the carrying
\namount of the liabilities to the assumptions, see note 24. Non-
\ncurrent liabilities related to employee benefits.
\nKey sources of assumptions in the next financial year are:
\nCalculating the present value of lease payments
\nand determining the lease term of contracts with
\nrenewal options
\nDetermining the lease term requires a certain degree of
\nassessment. Factors considered relate to the probability that
\nearly termination options or renewal options will be exercised.
\nAll facts and circumstances relevant to assessing the lease terms
\nare considered. Lease terms are determined with the help of the
\ndepartments with relevant knowledge thereof. Based on past
\nexperience and the fact that it is commercially important to be
\npresent in a location for a longer period of time, the lease term is
\ntypically set at 9 years.
\nColruyt Group cannot readily determine the interest rate implicit
\nin the leases. As a result, the Incremental Borrowing Rate (IBR)
\nis used to measure lease liabilities. The IBR is the interest rate
\nthat Colruyt Group would have to pay to borrow over a similar
\nterm, and with a similar security, the funds necessary to obtain
\nan asset of a similar value to the right-of-use asset. Colruyt Group
\nestimates the IBR using observable data (such as market interest
\nrates) and certain entity-specific parameters.
\nConsolidation principles
\nDetermining whether Colruyt Group has control, joint control
\nor significant influence is based on the specific facts and
\ncircumstances. These conclusions can differ from judgements
\npurely based on the ownership percentage held by Colruyt Group.
\nColruyt Group owns the majority of the shares in Virya Energy
\nNV and considers it an associate, as in previous years. As Korys
\nInvestments NV and Colruyt Group are related parties, Colruyt is
\nof the opinion that it exercises only significant influence on Virya
\nEnergy NV and not joint control, as Korys Investments NV has the
\npower to influence decisions at Colruyt Group level.
\n
\n
\n",
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"Tag9": {
"value": "\n1.3. Statement of compliance
\nColruyt Group\u2019s consolidated financial statements are prepared in
\naccordance with the \u2018International Financial Reporting Standards
\n(IFRS)\u2019, as issued by the \u2018International Accounting Standards Board
\n(IASB)\u2019 and adopted by the European Union.
\n\n",
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"Tag10": {
"value": "\n\n\n\n\nA. New standards and interpretations effective in
\n2022/23
\nWhile the following (amended) standards and improvements
\nare effective for Colruyt Group as of 1 April 2022, none has any
\nsignificant impact on Colruyt Group\u2019s consolidated financial
\nstatements:
\n\u2022 IAS 16 (Amendment), \u2018Property, Plant and Equipment - Proceeds
\nbefore Intended Use\u2019. The amendment prohibits entities
\ndeducting from the cost of an item of property, plant and
\nequipment, any proceeds from selling items produced while
\nbringing that asset to the location and condition necessary
\nfor it to be capable of operating in the manner intended by
\nmanagement. An entity shall recognise such proceeds and the
\ncost of producing those items in profit or loss.
\n\u2022 IAS 37 (Amendment), \u2018Provisions, Contingent Liabilities and
\nContingent Assets - Onerous Contracts \u2014 Cost of Fulfilling a
\nContract\u2019. The amendment specifies which costs an entity needs
\nto include when assessing whether a contract is onerous or
\nloss-making. A \u2018directly related cost approach\u2019 is applied.
\n\u2022 IFRS 3 (Amendment), \u2018Business Combinations - References to the
\nConceptual Framework\u2019. The amendments replace references
\nto an old version of the IASB\u2019s Conceptual Framework with
\nreferences to the current version issued in March 2018. An
\nexception was also added to the recognition criteria in IFRS 3
\nwith respect to liabilities and contingent liabilities that would be
\nwithin the scope of IAS 37 or IFRIC 21. The amendment further
\nadded an explicit statement that an acquirer cannot recognise
\ncontingent assets acquired in a business combination.
\n\n\n\n\n\n\n
\n
\n",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"Tag12": {
"value": "\n\n\nA. New standards and interpretations effective in
\n2022/23
\nWhile the following (amended) standards and improvements
\nare effective for Colruyt Group as of 1 April 2022, none has any
\nsignificant impact on Colruyt Group\u2019s consolidated financial
\nstatements:
\n\u2022 IAS 16 (Amendment), \u2018Property, Plant and Equipment - Proceeds
\nbefore Intended Use\u2019. The amendment prohibits entities
\ndeducting from the cost of an item of property, plant and
\nequipment, any proceeds from selling items produced while
\nbringing that asset to the location and condition necessary
\nfor it to be capable of operating in the manner intended by
\nmanagement. An entity shall recognise such proceeds and the
\ncost of producing those items in profit or loss.
\n\u2022 IAS 37 (Amendment), \u2018Provisions, Contingent Liabilities and
\nContingent Assets - Onerous Contracts \u2014 Cost of Fulfilling a
\nContract\u2019. The amendment specifies which costs an entity needs
\nto include when assessing whether a contract is onerous or
\nloss-making. A \u2018directly related cost approach\u2019 is applied.
\n\u2022 IFRS 3 (Amendment), \u2018Business Combinations - References to the
\nConceptual Framework\u2019. The amendments replace references
\nto an old version of the IASB\u2019s Conceptual Framework with
\nreferences to the current version issued in March 2018. An
\nexception was also added to the recognition criteria in IFRS 3
\nwith respect to liabilities and contingent liabilities that would be
\nwithin the scope of IAS 37 or IFRIC 21. The amendment further
\nadded an explicit statement that an acquirer cannot recognise
\ncontingent assets acquired in a business combination.
\n\n\n\n\n\n",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"Tag11": {
"value": "\nA. New standards and interpretations effective in
\n2022/23
\nWhile the following (amended) standards and improvements
\nare effective for Colruyt Group as of 1 April 2022, none has any
\nsignificant impact on Colruyt Group\u2019s consolidated financial
\nstatements:
\n\u2022 IAS 16 (Amendment), \u2018Property, Plant and Equipment - Proceeds
\nbefore Intended Use\u2019. The amendment prohibits entities
\ndeducting from the cost of an item of property, plant and
\nequipment, any proceeds from selling items produced while
\nbringing that asset to the location and condition necessary
\nfor it to be capable of operating in the manner intended by
\nmanagement. An entity shall recognise such proceeds and the
\ncost of producing those items in profit or loss.
\n\u2022 IAS 37 (Amendment), \u2018Provisions, Contingent Liabilities and
\nContingent Assets - Onerous Contracts \u2014 Cost of Fulfilling a
\nContract\u2019. The amendment specifies which costs an entity needs
\nto include when assessing whether a contract is onerous or
\nloss-making. A \u2018directly related cost approach\u2019 is applied.
\n\u2022 IFRS 3 (Amendment), \u2018Business Combinations - References to the
\nConceptual Framework\u2019. The amendments replace references
\nto an old version of the IASB\u2019s Conceptual Framework with
\nreferences to the current version issued in March 2018. An
\nexception was also added to the recognition criteria in IFRS 3
\nwith respect to liabilities and contingent liabilities that would be
\nwithin the scope of IAS 37 or IFRIC 21. The amendment further
\nadded an explicit statement that an acquirer cannot recognise
\ncontingent assets acquired in a business combination.
\n\n\n",
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"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag13": {
"value": "\n
\n
\n1.4. Consolidation principles
\nColruyt Group\u2019s consolidated financial statements include the
\nfinancial statements of the Company, its subsidiaries after
\nelimination of intragroup transactions and balances and Colruyt
\nGroup\u2019s interest in associated entities and joint ventures.
\n\nA. Subsidiaries
\nSubsidiaries are those entities over which Colruyt Group has
\ncontrol. Control exists if Colruyt Group is exposed or has rights
\nto variable returns from its involvement with the investee and if
\nColruyt Group has the ability to use its power over the investee to
\naffect the amount of these returns. In assessing whether control
\nexists, all facts and circumstances are considered. The financial
\nstatements of subsidiaries are included in the consolidated
\nfinancial statements from the date that control effectively
\ncommences until the date that control effectively ceases.
\nNon-controlling interests in subsidiaries are identified separately
\nfrom Colruyt Group\u2019s equity. The interest of non-controlling
\nshareholders can initially be measured at fair value or at the non-
\ncontrolling interests\u2019 proportionate share of the fair value of the
\nacquiree\u2019s identifiable net assets. The choice of measurement
\nbasis is made on a case-by-case basis. Subsequent to the
\nacquisition, the carrying amount of non-controlling interests is
\nthe amount of those interests at initial recognition plus the non-
\ncontrolling interests\u2019 share of subsequent changes in equity. The
\ntotal result is attributed to non-controlling interests even if this
\nresults in the non-controlling interests having a deficit balance.
\nChanges in Colruyt Group\u2019s interest in a subsidiary that do not
\nresult in a loss of control are accounted for as transactions
\nbetween owners. The carrying amounts of Colruyt Group\u2019s
\ninterests and the non-controlling interests are subsequently
\nadjusted directly in equity to reflect the changes in their relative
\ninterests in the subsidiary.
\nWhen Colruyt Group loses control of a subsidiary, the profit or loss
\non disposal is calculated as the difference between:
\n\u2022 the aggregate of the fair value of the consideration received and
\nthe fair value of any retained interest; and
\n\u2022 the previously recognised carrying amount of the assets
\n(including goodwill) and liabilities of the subsidiary and any
\nnon-controlling interests.
\nAmounts previously recognised in other comprehensive income in
\nrelation to the subsidiary are accounted for in the same manner
\n(i.e. reclassified to profit or loss or transferred directly to retained
\nearnings) as would be required if the relevant assets or liabilities
\nwere disposed of. The fair value of any investment retained in the
\nformer subsidiary at the date when control is lost, is regarded as
\nthe fair value on initial recognition for subsequent accounting
\nunder IFRS 9, \u2018Financial Instruments\u2019 or, if applicable, the cost
\non initial recognition of an investment in an associate or joint
\nventure.
\n
\n
\n\n\n
\n\nB. Associates
\nAssociates are those entities in which Colruyt Group has
\nsignificant influence on the financial and operational policies but
\nwhich it does not control or jointly control.
\n
\n\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\nThe initial recognition of these investments is at cost including
\ntransaction costs. These investments are incorporated into the
\nconsolidated financial statements using the equity method
\nfrom the date on which the significant influence begins until the
\ndate on which the significant influence ceases. In the event an
\nindication of impairment arises after the application of the equity
\nmethod, Colruyt Group calculates the amount of the impairment
\nloss as the difference between the recoverable amount and the
\ncarrying amount of the investment in the associate. If Colruyt
\nGroup\u2019s share of the associate\u2019s losses exceeds the carrying
\namount of Colruyt Group\u2019s interests in the associate, the carrying
\namount is reduced to nil in Colruyt Group\u2019s statement of financial
\nposition and no further losses are taken into account, except to
\nthe extent that Colruyt Group incurred obligations in respect of
\nthat associate. When the associate becomes profitable again, the
\ngroup\u2019s share of the associate\u2019s profit is recognised only when the
\nprofit cancels out the unrecognised losses.
\n
\n\n\nC. Joint ventures
\nJoint ventures are those entities in which Colruyt Group has joint
\ncontrol and where such control is established by an agreement,
\nconferring upon Colruyt Group rights to the net assets of the
\nagreement, but no rights to the assets of the agreement and
\nno liabilities arising from debts of the agreement. Joint control
\nimplies that the decisions about the relevant activities require the
\nunanimous consent of all parties sharing control.
\nThe initial recognition of these investments is at cost including
\ntransaction costs. Colruyt Group\u2019s interests in joint ventures
\nare accounted for using the equity method, from the date that
\njoint control first exists until the date it ceases. In the event an
\nindication of impairment arises after the application of the equity
\nmethod, Colruyt Group calculates the amount of the impairment
\nloss as the difference between the recoverable amount and the
\ncarrying amount of the investment in the joint venture. If Colruyt
\nGroup\u2019s share of the joint venture\u2019s loss exceeds the carrying
\namount of Colruyt Group\u2019s interest in the joint venture, the
\ncarrying amount is reduced to nil in Colruyt Group\u2019s statement of
\nfinancial position and no further losses are taken into account,
\nexcept to the extent that Colruyt Group incurred obligations on
\nbehalf of that joint venture. When the joint venture becomes
\nprofitable again, the group\u2019s share of the joint venture\u2019s profit is
\nrecognised only when the profit cancels out the unrecognised
\nlosses.
\n
\n\n
\n\nD. Transactions eliminated on consolidation
\nIntragroup balances and transactions, including unrealised results
\non intragroup transactions, are eliminated when preparing the
\nconsolidated financial statements.
\nUnrealised gains from transactions with associates or joint
\nventures are eliminated in proportion to Colruyt Group\u2019s interest
\nin the associates or joint ventures. Unrealised losses are
\neliminated in the same way as unrealised gains, except that they
\nare only eliminated to the extent that there is no evidence of
\nimpairment.
\n\n
\n\nE. Business combinations
\nAcquisitions of businesses (as defined by IFRS 3, \u2018Business
\nCombinations\u2019) are accounted for using the acquisition method.
\nThe consideration for each business combination is measured as
\nthe aggregate of the fair values at acquisition date of the assets
\ntransferred by the acquirer, the liabilities incurred to former
\nowners of the acquiree, and equity instruments issued by the
\nacquirer in exchange for control.
\nAcquisition-related costs are recognised in profit or loss as
\nincurred, except when they relate to the issue of debt or equity
\ninstruments. In this case, these costs are deducted from the debt
\ninstruments and from equity respectively.
\nIf applicable, the consideration for the business combination
\nincludes any asset or liability resulting from a contingent
\nconsideration arrangement, measured at its fair value at the
\nacquisition date. Subsequent changes in such fair values are
\nadjusted retroactively within the measurement period against
\nthe cost of acquisition when they qualify as adjustments due to
\nadditional facts and circumstances existing at acquisition date.
\nAll other subsequent changes in the fair value of contingent
\nconsideration classified as an asset or liability are accounted
\nfor in accordance with relevant IFRS. If an obligation to pay
\ncontingent consideration meets the definition of a financial
\ninstrument classified as equity, it is not remeasured and its
\nsubsequent settlement is accounted for within equity.
\nWhere a business combination is achieved in stages, Colruyt
\nGroup\u2019s previously held interest in the acquired entity is
\nremeasured to fair value at the acquisition date (i.e. the date
\nthe group obtains control) and the resulting gain or loss, if any,
\nis recognised directly in profit or loss. Amounts arising from
\ninterests in the acquiree prior to the acquisition date that have
\npreviously been recognised in other comprehensive income are
\nrecognised on the same basis as would be required if that interest
\nwere disposed of.
\nThe identifiable assets, liabilities and contingent liabilities that
\nmeet the conditions for recognition under IFRS 3, \u2018Business
\nCombinations\u2019 are recognised at their fair value at the acquisition
\ndate, except that:
\n\u2022 deferred tax assets or liabilities and liabilities or assets
\nrelated to employee benefit arrangements are recognised and
\nmeasured in accordance with IAS 12, \u2018Income Taxes\u2019 and IAS 19,
\n\u2018Employee Benefits\u2019 respectively;
\n\u2022 liabilities or equity instruments related to the replacement by
\nColruyt Group of an acquiree\u2019s share-based payment awards are
\nmeasured in accordance with IFRS 2, \u2018Share-based Payment\u2019;
\n\u2022 assets (or disposal groups) that are classified as held for sale at
\nacquisition date in accordance with IFRS 5, \u2018Non-current Assets
\nHeld for Sale and Discontinued Operations\u2019, are measured in
\naccordance with that standard.
\nIf the initial accounting for a business combination is incomplete
\nby the end of the financial year in which the combination occurs,
\nColruyt Group reports provisional amounts for the items for which
\nthe accounting is incomplete. Those provisional amounts are
\nadjusted during the measurement period (see paragraph below),
\nand/or additional assets and/or liabilities are recognised to
\nreflect new information obtained about facts and circumstances
\nthat existed as of the acquisition date that, if known, would have
\naffected the amounts recognised as of that date.
\nThe measurement period is the period from the acquisition date
\nto the date Colruyt Group obtains complete information about
\nfacts and circumstances that existed as of the acquisition date.
\nThe measurement period shall not exceed one year from the
\nacquisition date.
\n
\n
\n\n
\n
\n\n
\n\n
\n
\n\n\n\nF. Financial statements of foreign companies in
\nforeign currencies
\nTo consolidate Colruyt Group and each of its subsidiaries, the
\nfinancial statements of the individual subsidiaries are translated
\ninto euro, the functional currency of the Company and the
\npresentation currency of the group. The translation is performed
\nas follows:
\n\u2022 assets and liabilities, including goodwill and fair value
\nadjustments arising from acquisitions, at the closing exchange
\nrate of the European Central Bank at the reporting date;
\n\u2022 income, expenses and cash flows at the average exchange rate
\nfor the financial year (which approximates the exchange rate at
\nthe date of the transaction);
\n\u2022 components of shareholders\u2019 equity at the historical exchange
\nrate.
\nExchange rate differences arising from the translation of net
\ninvestments in foreign subsidiaries, associates and joint ventures
\nat the closing exchange rate at the reporting date are recorded
\nas part of the consolidated other comprehensive income, under
\n\u2018Cumulative translation adjustments\u2019 in \u2018Other reserves\u2019, except for
\nthe part attributed to non-controlling interests.
\nUpon the disposal of a foreign operation (i.e. a disposal of Colruyt
\nGroup\u2019s entire interest in a foreign operation, or a disposal
\ninvolving loss of control over a subsidiary that includes a foreign
\noperation, loss of joint control over a joint venture that includes
\na foreign operation, or loss of significant influence over an
\nassociate that includes a foreign operation), all of the cumulative
\ntranslation adjustments in equity in respect of that foreign
\noperation attributable to Colruyt Group are reclassified to profit or
\nloss as part of the consolidated financial results.
\nIn the case of a partial disposal of a subsidiary (i.e. with no loss of
\ncontrol over the subsidiary by Colruyt Group), the proportionate
\nshare of cumulative translation adjustments is reattributed
\nto non-controlling interests and is not recognised in profit or
\nloss. For all other partial disposals (i.e. the partial disposal of
\nassociates or joint ventures not resulting in Colruyt Group losing
\nsignificant influence or joint control), the proportionate share
\nof the cumulative translation adjustments is reclassified to the
\nconsolidated financial results.
\n\n\n
\n\n\n\n\nG. Foreign currency transactions
\nTransactions in foreign currencies are translated to the functional
\ncurrency of the Company at the exchange rates prevailing at the
\ndate of the transaction.
\nAll monetary assets and liabilities denominated in foreign
\ncurrencies are translated at the closing rate at the reporting date.
\nGains and losses resulting from transactions in foreign currency
\nand from the translation of monetary assets and liabilities
\ndenominated in foreign currencies are recognised in profit or loss.
\nNon-monetary assets and liabilities denominated in foreign
\ncurrencies and valued on a historical cost basis are translated at
\nthe exchange rate at the transaction date. Non-monetary assets
\nand liabilities in foreign currencies at fair value are translated at
\nthe exchange rate applicable at the date on which the fair value
\nwas determined.
\n\n\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag14": {
"value": "\nA. Subsidiaries
\nSubsidiaries are those entities over which Colruyt Group has
\ncontrol. Control exists if Colruyt Group is exposed or has rights
\nto variable returns from its involvement with the investee and if
\nColruyt Group has the ability to use its power over the investee to
\naffect the amount of these returns. In assessing whether control
\nexists, all facts and circumstances are considered. The financial
\nstatements of subsidiaries are included in the consolidated
\nfinancial statements from the date that control effectively
\ncommences until the date that control effectively ceases.
\nNon-controlling interests in subsidiaries are identified separately
\nfrom Colruyt Group\u2019s equity. The interest of non-controlling
\nshareholders can initially be measured at fair value or at the non-
\ncontrolling interests\u2019 proportionate share of the fair value of the
\nacquiree\u2019s identifiable net assets. The choice of measurement
\nbasis is made on a case-by-case basis. Subsequent to the
\nacquisition, the carrying amount of non-controlling interests is
\nthe amount of those interests at initial recognition plus the non-
\ncontrolling interests\u2019 share of subsequent changes in equity. The
\ntotal result is attributed to non-controlling interests even if this
\nresults in the non-controlling interests having a deficit balance.
\nChanges in Colruyt Group\u2019s interest in a subsidiary that do not
\nresult in a loss of control are accounted for as transactions
\nbetween owners. The carrying amounts of Colruyt Group\u2019s
\ninterests and the non-controlling interests are subsequently
\nadjusted directly in equity to reflect the changes in their relative
\ninterests in the subsidiary.
\nWhen Colruyt Group loses control of a subsidiary, the profit or loss
\non disposal is calculated as the difference between:
\n\u2022 the aggregate of the fair value of the consideration received and
\nthe fair value of any retained interest; and
\n\u2022 the previously recognised carrying amount of the assets
\n(including goodwill) and liabilities of the subsidiary and any
\nnon-controlling interests.
\nAmounts previously recognised in other comprehensive income in
\nrelation to the subsidiary are accounted for in the same manner
\n(i.e. reclassified to profit or loss or transferred directly to retained
\nearnings) as would be required if the relevant assets or liabilities
\nwere disposed of. The fair value of any investment retained in the
\nformer subsidiary at the date when control is lost, is regarded as
\nthe fair value on initial recognition for subsequent accounting
\nunder IFRS 9, \u2018Financial Instruments\u2019 or, if applicable, the cost
\non initial recognition of an investment in an associate or joint
\nventure.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag15": {
"value": "\n
\n\nB. Associates
\nAssociates are those entities in which Colruyt Group has
\nsignificant influence on the financial and operational policies but
\nwhich it does not control or jointly control.
\n
\n\n
\n\n
\n
\n\nThe initial recognition of these investments is at cost including
\ntransaction costs. These investments are incorporated into the
\nconsolidated financial statements using the equity method
\nfrom the date on which the significant influence begins until the
\ndate on which the significant influence ceases. In the event an
\nindication of impairment arises after the application of the equity
\nmethod, Colruyt Group calculates the amount of the impairment
\nloss as the difference between the recoverable amount and the
\ncarrying amount of the investment in the associate. If Colruyt
\nGroup\u2019s share of the associate\u2019s losses exceeds the carrying
\namount of Colruyt Group\u2019s interests in the associate, the carrying
\namount is reduced to nil in Colruyt Group\u2019s statement of financial
\nposition and no further losses are taken into account, except to
\nthe extent that Colruyt Group incurred obligations in respect of
\nthat associate. When the associate becomes profitable again, the
\ngroup\u2019s share of the associate\u2019s profit is recognised only when the
\nprofit cancels out the unrecognised losses.
\n
\n\n\nC. Joint ventures
\nJoint ventures are those entities in which Colruyt Group has joint
\ncontrol and where such control is established by an agreement,
\nconferring upon Colruyt Group rights to the net assets of the
\nagreement, but no rights to the assets of the agreement and
\nno liabilities arising from debts of the agreement. Joint control
\nimplies that the decisions about the relevant activities require the
\nunanimous consent of all parties sharing control.
\nThe initial recognition of these investments is at cost including
\ntransaction costs. Colruyt Group\u2019s interests in joint ventures
\nare accounted for using the equity method, from the date that
\njoint control first exists until the date it ceases. In the event an
\nindication of impairment arises after the application of the equity
\nmethod, Colruyt Group calculates the amount of the impairment
\nloss as the difference between the recoverable amount and the
\ncarrying amount of the investment in the joint venture. If Colruyt
\nGroup\u2019s share of the joint venture\u2019s loss exceeds the carrying
\namount of Colruyt Group\u2019s interest in the joint venture, the
\ncarrying amount is reduced to nil in Colruyt Group\u2019s statement of
\nfinancial position and no further losses are taken into account,
\nexcept to the extent that Colruyt Group incurred obligations on
\nbehalf of that joint venture. When the joint venture becomes
\nprofitable again, the group\u2019s share of the joint venture\u2019s profit is
\nrecognised only when the profit cancels out the unrecognised
\nlosses.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag16": {
"value": "\nB. Associates
\nAssociates are those entities in which Colruyt Group has
\nsignificant influence on the financial and operational policies but
\nwhich it does not control or jointly control.
\n
\n\nThe initial recognition of these investments is at cost including
\ntransaction costs. These investments are incorporated into the
\nconsolidated financial statements using the equity method
\nfrom the date on which the significant influence begins until the
\ndate on which the significant influence ceases. In the event an
\nindication of impairment arises after the application of the equity
\nmethod, Colruyt Group calculates the amount of the impairment
\nloss as the difference between the recoverable amount and the
\ncarrying amount of the investment in the associate. If Colruyt
\nGroup\u2019s share of the associate\u2019s losses exceeds the carrying
\namount of Colruyt Group\u2019s interests in the associate, the carrying
\namount is reduced to nil in Colruyt Group\u2019s statement of financial
\nposition and no further losses are taken into account, except to
\nthe extent that Colruyt Group incurred obligations in respect of
\nthat associate. When the associate becomes profitable again, the
\ngroup\u2019s share of the associate\u2019s profit is recognised only when the
\nprofit cancels out the unrecognised losses.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag17": {
"value": "\nC. Joint ventures
\nJoint ventures are those entities in which Colruyt Group has joint
\ncontrol and where such control is established by an agreement,
\nconferring upon Colruyt Group rights to the net assets of the
\nagreement, but no rights to the assets of the agreement and
\nno liabilities arising from debts of the agreement. Joint control
\nimplies that the decisions about the relevant activities require the
\nunanimous consent of all parties sharing control.
\nThe initial recognition of these investments is at cost including
\ntransaction costs. Colruyt Group\u2019s interests in joint ventures
\nare accounted for using the equity method, from the date that
\njoint control first exists until the date it ceases. In the event an
\nindication of impairment arises after the application of the equity
\nmethod, Colruyt Group calculates the amount of the impairment
\nloss as the difference between the recoverable amount and the
\ncarrying amount of the investment in the joint venture. If Colruyt
\nGroup\u2019s share of the joint venture\u2019s loss exceeds the carrying
\namount of Colruyt Group\u2019s interest in the joint venture, the
\ncarrying amount is reduced to nil in Colruyt Group\u2019s statement of
\nfinancial position and no further losses are taken into account,
\nexcept to the extent that Colruyt Group incurred obligations on
\nbehalf of that joint venture. When the joint venture becomes
\nprofitable again, the group\u2019s share of the joint venture\u2019s profit is
\nrecognised only when the profit cancels out the unrecognised
\nlosses.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag18": {
"value": "\n
\n\nE. Business combinations
\nAcquisitions of businesses (as defined by IFRS 3, \u2018Business
\nCombinations\u2019) are accounted for using the acquisition method.
\nThe consideration for each business combination is measured as
\nthe aggregate of the fair values at acquisition date of the assets
\ntransferred by the acquirer, the liabilities incurred to former
\nowners of the acquiree, and equity instruments issued by the
\nacquirer in exchange for control.
\nAcquisition-related costs are recognised in profit or loss as
\nincurred, except when they relate to the issue of debt or equity
\ninstruments. In this case, these costs are deducted from the debt
\ninstruments and from equity respectively.
\nIf applicable, the consideration for the business combination
\nincludes any asset or liability resulting from a contingent
\nconsideration arrangement, measured at its fair value at the
\nacquisition date. Subsequent changes in such fair values are
\nadjusted retroactively within the measurement period against
\nthe cost of acquisition when they qualify as adjustments due to
\nadditional facts and circumstances existing at acquisition date.
\nAll other subsequent changes in the fair value of contingent
\nconsideration classified as an asset or liability are accounted
\nfor in accordance with relevant IFRS. If an obligation to pay
\ncontingent consideration meets the definition of a financial
\ninstrument classified as equity, it is not remeasured and its
\nsubsequent settlement is accounted for within equity.
\nWhere a business combination is achieved in stages, Colruyt
\nGroup\u2019s previously held interest in the acquired entity is
\nremeasured to fair value at the acquisition date (i.e. the date
\nthe group obtains control) and the resulting gain or loss, if any,
\nis recognised directly in profit or loss. Amounts arising from
\ninterests in the acquiree prior to the acquisition date that have
\npreviously been recognised in other comprehensive income are
\nrecognised on the same basis as would be required if that interest
\nwere disposed of.
\nThe identifiable assets, liabilities and contingent liabilities that
\nmeet the conditions for recognition under IFRS 3, \u2018Business
\nCombinations\u2019 are recognised at their fair value at the acquisition
\ndate, except that:
\n\u2022 deferred tax assets or liabilities and liabilities or assets
\nrelated to employee benefit arrangements are recognised and
\nmeasured in accordance with IAS 12, \u2018Income Taxes\u2019 and IAS 19,
\n\u2018Employee Benefits\u2019 respectively;
\n\u2022 liabilities or equity instruments related to the replacement by
\nColruyt Group of an acquiree\u2019s share-based payment awards are
\nmeasured in accordance with IFRS 2, \u2018Share-based Payment\u2019;
\n\u2022 assets (or disposal groups) that are classified as held for sale at
\nacquisition date in accordance with IFRS 5, \u2018Non-current Assets
\nHeld for Sale and Discontinued Operations\u2019, are measured in
\naccordance with that standard.
\nIf the initial accounting for a business combination is incomplete
\nby the end of the financial year in which the combination occurs,
\nColruyt Group reports provisional amounts for the items for which
\nthe accounting is incomplete. Those provisional amounts are
\nadjusted during the measurement period (see paragraph below),
\nand/or additional assets and/or liabilities are recognised to
\nreflect new information obtained about facts and circumstances
\nthat existed as of the acquisition date that, if known, would have
\naffected the amounts recognised as of that date.
\nThe measurement period is the period from the acquisition date
\nto the date Colruyt Group obtains complete information about
\nfacts and circumstances that existed as of the acquisition date.
\nThe measurement period shall not exceed one year from the
\nacquisition date.
\n
\n
\n\n
\n
\n\nA. Goodwill
\nGoodwill resulting from business combinations is recognised as
\nan asset as from the date control is obtained (the acquisition
\ndate). Colruyt Group measures goodwill as the difference between:
\n\u2022 the aggregate of the fair value of the consideration transferred,
\nthe amount of any non-controlling interest in the acquiree, and
\nin a business combination achieved in stages, the fair value of
\nthe previously held equity interest in the acquiree; and
\n\u2022 the net amount of the identifiable assets acquired and the
\nliabilities incurred at the acquisition date.
\nIf, after consideration, this difference is negative, the resulting
\ngain from a bargain purchase is recognised immediately in profit
\nor loss.
\nFor investments in associates and joint ventures, the goodwill is
\nincluded within the carrying amount of the investment.
\nGoodwill is recognised at cost less any accumulated impairment
\nlosses. Goodwill is not amortised but is reviewed for impairment.
\nImpairment is tested annually or earlier if indications of
\nimpairment exist.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag19": {
"value": "\nE. Business combinations
\nAcquisitions of businesses (as defined by IFRS 3, \u2018Business
\nCombinations\u2019) are accounted for using the acquisition method.
\nThe consideration for each business combination is measured as
\nthe aggregate of the fair values at acquisition date of the assets
\ntransferred by the acquirer, the liabilities incurred to former
\nowners of the acquiree, and equity instruments issued by the
\nacquirer in exchange for control.
\nAcquisition-related costs are recognised in profit or loss as
\nincurred, except when they relate to the issue of debt or equity
\ninstruments. In this case, these costs are deducted from the debt
\ninstruments and from equity respectively.
\nIf applicable, the consideration for the business combination
\nincludes any asset or liability resulting from a contingent
\nconsideration arrangement, measured at its fair value at the
\nacquisition date. Subsequent changes in such fair values are
\nadjusted retroactively within the measurement period against
\nthe cost of acquisition when they qualify as adjustments due to
\nadditional facts and circumstances existing at acquisition date.
\nAll other subsequent changes in the fair value of contingent
\nconsideration classified as an asset or liability are accounted
\nfor in accordance with relevant IFRS. If an obligation to pay
\ncontingent consideration meets the definition of a financial
\ninstrument classified as equity, it is not remeasured and its
\nsubsequent settlement is accounted for within equity.
\nWhere a business combination is achieved in stages, Colruyt
\nGroup\u2019s previously held interest in the acquired entity is
\nremeasured to fair value at the acquisition date (i.e. the date
\nthe group obtains control) and the resulting gain or loss, if any,
\nis recognised directly in profit or loss. Amounts arising from
\ninterests in the acquiree prior to the acquisition date that have
\npreviously been recognised in other comprehensive income are
\nrecognised on the same basis as would be required if that interest
\nwere disposed of.
\nThe identifiable assets, liabilities and contingent liabilities that
\nmeet the conditions for recognition under IFRS 3, \u2018Business
\nCombinations\u2019 are recognised at their fair value at the acquisition
\ndate, except that:
\n\u2022 deferred tax assets or liabilities and liabilities or assets
\nrelated to employee benefit arrangements are recognised and
\nmeasured in accordance with IAS 12, \u2018Income Taxes\u2019 and IAS 19,
\n\u2018Employee Benefits\u2019 respectively;
\n\u2022 liabilities or equity instruments related to the replacement by
\nColruyt Group of an acquiree\u2019s share-based payment awards are
\nmeasured in accordance with IFRS 2, \u2018Share-based Payment\u2019;
\n\u2022 assets (or disposal groups) that are classified as held for sale at
\nacquisition date in accordance with IFRS 5, \u2018Non-current Assets
\nHeld for Sale and Discontinued Operations\u2019, are measured in
\naccordance with that standard.
\nIf the initial accounting for a business combination is incomplete
\nby the end of the financial year in which the combination occurs,
\nColruyt Group reports provisional amounts for the items for which
\nthe accounting is incomplete. Those provisional amounts are
\nadjusted during the measurement period (see paragraph below),
\nand/or additional assets and/or liabilities are recognised to
\nreflect new information obtained about facts and circumstances
\nthat existed as of the acquisition date that, if known, would have
\naffected the amounts recognised as of that date.
\nThe measurement period is the period from the acquisition date
\nto the date Colruyt Group obtains complete information about
\nfacts and circumstances that existed as of the acquisition date.
\nThe measurement period shall not exceed one year from the
\nacquisition date.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag20": {
"value": "\n\n\nF. Financial statements of foreign companies in
\nforeign currencies
\nTo consolidate Colruyt Group and each of its subsidiaries, the
\nfinancial statements of the individual subsidiaries are translated
\ninto euro, the functional currency of the Company and the
\npresentation currency of the group. The translation is performed
\nas follows:
\n\u2022 assets and liabilities, including goodwill and fair value
\nadjustments arising from acquisitions, at the closing exchange
\nrate of the European Central Bank at the reporting date;
\n\u2022 income, expenses and cash flows at the average exchange rate
\nfor the financial year (which approximates the exchange rate at
\nthe date of the transaction);
\n\u2022 components of shareholders\u2019 equity at the historical exchange
\nrate.
\nExchange rate differences arising from the translation of net
\ninvestments in foreign subsidiaries, associates and joint ventures
\nat the closing exchange rate at the reporting date are recorded
\nas part of the consolidated other comprehensive income, under
\n\u2018Cumulative translation adjustments\u2019 in \u2018Other reserves\u2019, except for
\nthe part attributed to non-controlling interests.
\nUpon the disposal of a foreign operation (i.e. a disposal of Colruyt
\nGroup\u2019s entire interest in a foreign operation, or a disposal
\ninvolving loss of control over a subsidiary that includes a foreign
\noperation, loss of joint control over a joint venture that includes
\na foreign operation, or loss of significant influence over an
\nassociate that includes a foreign operation), all of the cumulative
\ntranslation adjustments in equity in respect of that foreign
\noperation attributable to Colruyt Group are reclassified to profit or
\nloss as part of the consolidated financial results.
\nIn the case of a partial disposal of a subsidiary (i.e. with no loss of
\ncontrol over the subsidiary by Colruyt Group), the proportionate
\nshare of cumulative translation adjustments is reattributed
\nto non-controlling interests and is not recognised in profit or
\nloss. For all other partial disposals (i.e. the partial disposal of
\nassociates or joint ventures not resulting in Colruyt Group losing
\nsignificant influence or joint control), the proportionate share
\nof the cumulative translation adjustments is reclassified to the
\nconsolidated financial results.
\n\n\n
\n\n\n\nG. Foreign currency transactions
\nTransactions in foreign currencies are translated to the functional
\ncurrency of the Company at the exchange rates prevailing at the
\ndate of the transaction.
\nAll monetary assets and liabilities denominated in foreign
\ncurrencies are translated at the closing rate at the reporting date.
\nGains and losses resulting from transactions in foreign currency
\nand from the translation of monetary assets and liabilities
\ndenominated in foreign currencies are recognised in profit or loss.
\nNon-monetary assets and liabilities denominated in foreign
\ncurrencies and valued on a historical cost basis are translated at
\nthe exchange rate at the transaction date. Non-monetary assets
\nand liabilities in foreign currencies at fair value are translated at
\nthe exchange rate applicable at the date on which the fair value
\nwas determined.
\n\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag21": {
"value": "\nF. Financial statements of foreign companies in
\nforeign currencies
\nTo consolidate Colruyt Group and each of its subsidiaries, the
\nfinancial statements of the individual subsidiaries are translated
\ninto euro, the functional currency of the Company and the
\npresentation currency of the group. The translation is performed
\nas follows:
\n\u2022 assets and liabilities, including goodwill and fair value
\nadjustments arising from acquisitions, at the closing exchange
\nrate of the European Central Bank at the reporting date;
\n\u2022 income, expenses and cash flows at the average exchange rate
\nfor the financial year (which approximates the exchange rate at
\nthe date of the transaction);
\n\u2022 components of shareholders\u2019 equity at the historical exchange
\nrate.
\nExchange rate differences arising from the translation of net
\ninvestments in foreign subsidiaries, associates and joint ventures
\nat the closing exchange rate at the reporting date are recorded
\nas part of the consolidated other comprehensive income, under
\n\u2018Cumulative translation adjustments\u2019 in \u2018Other reserves\u2019, except for
\nthe part attributed to non-controlling interests.
\nUpon the disposal of a foreign operation (i.e. a disposal of Colruyt
\nGroup\u2019s entire interest in a foreign operation, or a disposal
\ninvolving loss of control over a subsidiary that includes a foreign
\noperation, loss of joint control over a joint venture that includes
\na foreign operation, or loss of significant influence over an
\nassociate that includes a foreign operation), all of the cumulative
\ntranslation adjustments in equity in respect of that foreign
\noperation attributable to Colruyt Group are reclassified to profit or
\nloss as part of the consolidated financial results.
\nIn the case of a partial disposal of a subsidiary (i.e. with no loss of
\ncontrol over the subsidiary by Colruyt Group), the proportionate
\nshare of cumulative translation adjustments is reattributed
\nto non-controlling interests and is not recognised in profit or
\nloss. For all other partial disposals (i.e. the partial disposal of
\nassociates or joint ventures not resulting in Colruyt Group losing
\nsignificant influence or joint control), the proportionate share
\nof the cumulative translation adjustments is reclassified to the
\nconsolidated financial results.
\n\n\nG. Foreign currency transactions
\nTransactions in foreign currencies are translated to the functional
\ncurrency of the Company at the exchange rates prevailing at the
\ndate of the transaction.
\nAll monetary assets and liabilities denominated in foreign
\ncurrencies are translated at the closing rate at the reporting date.
\nGains and losses resulting from transactions in foreign currency
\nand from the translation of monetary assets and liabilities
\ndenominated in foreign currencies are recognised in profit or loss.
\nNon-monetary assets and liabilities denominated in foreign
\ncurrencies and valued on a historical cost basis are translated at
\nthe exchange rate at the transaction date. Non-monetary assets
\nand liabilities in foreign currencies at fair value are translated at
\nthe exchange rate applicable at the date on which the fair value
\nwas determined.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag22": {
"value": "\n
\n
\n\n
\n\nA. Goodwill
\nGoodwill resulting from business combinations is recognised as
\nan asset as from the date control is obtained (the acquisition
\ndate). Colruyt Group measures goodwill as the difference between:
\n\u2022 the aggregate of the fair value of the consideration transferred,
\nthe amount of any non-controlling interest in the acquiree, and
\nin a business combination achieved in stages, the fair value of
\nthe previously held equity interest in the acquiree; and
\n\u2022 the net amount of the identifiable assets acquired and the
\nliabilities incurred at the acquisition date.
\nIf, after consideration, this difference is negative, the resulting
\ngain from a bargain purchase is recognised immediately in profit
\nor loss.
\nFor investments in associates and joint ventures, the goodwill is
\nincluded within the carrying amount of the investment.
\nGoodwill is recognised at cost less any accumulated impairment
\nlosses. Goodwill is not amortised but is reviewed for impairment.
\nImpairment is tested annually or earlier if indications of
\nimpairment exist.
\n
\n
\n\n
\n
\n\n\n
\nB. Intangible fixed assets
\n\nResearch and development
\nExpenses from research activities are recognised in the
\nconsolidated income statement when incurred.
\nExpenditure related to development activities whereby the results
\nare used for a plan or design intended for the production of new
\nor substantially improved products or processes are capitalised if
\nthe following conditions are met:
\n\u2022 the technical and commercial feasibility of the product or
\nprocess has been demonstrated and the product or process will
\nbe commercialised or will be used internally;
\n\u2022 the product or process will generate future economic benefits;
\n\u2022 Colruyt Group has the necessary technical, financial and other
\nresources to complete and use or sell the development; and
\n\u2022 the product or process has been carefully described and the
\nexpenses can be separately identified and can be measured
\nreliably.
\nThe capitalised expenditure is valued at full cost and therefore
\nincludes the cost of materials, direct labour and an appropriate
\nproportion of overheads.
\nDevelopment costs that do not satisfy these conditions are
\nrecognised in the consolidated income statement when incurred.
\nCapitalised development expenditure is stated at cost less
\naccumulated amortisation and impairment losses.
\n
\n\nOther intangible assets
\nOther intangible assets are recognised at cost less accumulated
\namortisation and impairment losses.
\n
\n\n
\n
\n\n
\n\nSubsequent expenditure
\nSubsequent expenditure on intangible assets is capitalised only
\nwhen it results in an increase of future economic benefits derived
\nfrom the use of the specific asset to which the subsequent
\nexpenditure is related. All other expenditure is expensed as
\nincurred.
\nAmortisation
\nIntangible assets with a finite useful life are subject to straight-
\nline amortisation over their estimated useful lives. Amortisation
\nof intangible assets only begins when assets are available for
\nintended use.
\nIntangible assets that are not yet ready for their intended use
\nand intangible assets with an indefinite useful life are tested for
\nimpairment at least annually. For internally developed intangible
\nassets, this evaluation is made at least twice a year.
\nFor intangible assets, Colruyt Group makes a distinction between
\nsoftware, licences, permits, customer portfolios, internally
\ndeveloped intangible assets and other intangible assets.
\nThis distinction is expressed in a different useful life per type of
\nintangible asset:
\n\u2022 externally purchased software, licences and permits:
\ncontractually defined period;
\n\u2022 customer portfolios arising from the acquisition of points of
\nsale: indefinite useful life;
\n\u2022 internally developed intangible assets: 3, 5, 7 or 10 years;
\n\u2022 other intangible assets: 3 to 5 years.
\nThe amortisation method and useful life are reviewed annually
\nand amended if necessary.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag23": {
"value": "\n
\n\nA. Goodwill
\nGoodwill resulting from business combinations is recognised as
\nan asset as from the date control is obtained (the acquisition
\ndate). Colruyt Group measures goodwill as the difference between:
\n\u2022 the aggregate of the fair value of the consideration transferred,
\nthe amount of any non-controlling interest in the acquiree, and
\nin a business combination achieved in stages, the fair value of
\nthe previously held equity interest in the acquiree; and
\n\u2022 the net amount of the identifiable assets acquired and the
\nliabilities incurred at the acquisition date.
\nIf, after consideration, this difference is negative, the resulting
\ngain from a bargain purchase is recognised immediately in profit
\nor loss.
\nFor investments in associates and joint ventures, the goodwill is
\nincluded within the carrying amount of the investment.
\nGoodwill is recognised at cost less any accumulated impairment
\nlosses. Goodwill is not amortised but is reviewed for impairment.
\nImpairment is tested annually or earlier if indications of
\nimpairment exist.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag24": {
"value": "\n
\nB. Intangible fixed assets
\n\nResearch and development
\nExpenses from research activities are recognised in the
\nconsolidated income statement when incurred.
\nExpenditure related to development activities whereby the results
\nare used for a plan or design intended for the production of new
\nor substantially improved products or processes are capitalised if
\nthe following conditions are met:
\n\u2022 the technical and commercial feasibility of the product or
\nprocess has been demonstrated and the product or process will
\nbe commercialised or will be used internally;
\n\u2022 the product or process will generate future economic benefits;
\n\u2022 Colruyt Group has the necessary technical, financial and other
\nresources to complete and use or sell the development; and
\n\u2022 the product or process has been carefully described and the
\nexpenses can be separately identified and can be measured
\nreliably.
\nThe capitalised expenditure is valued at full cost and therefore
\nincludes the cost of materials, direct labour and an appropriate
\nproportion of overheads.
\nDevelopment costs that do not satisfy these conditions are
\nrecognised in the consolidated income statement when incurred.
\nCapitalised development expenditure is stated at cost less
\naccumulated amortisation and impairment losses.
\n
\n\nOther intangible assets
\nOther intangible assets are recognised at cost less accumulated
\namortisation and impairment losses.
\n
\n\nSubsequent expenditure
\nSubsequent expenditure on intangible assets is capitalised only
\nwhen it results in an increase of future economic benefits derived
\nfrom the use of the specific asset to which the subsequent
\nexpenditure is related. All other expenditure is expensed as
\nincurred.
\nAmortisation
\nIntangible assets with a finite useful life are subject to straight-
\nline amortisation over their estimated useful lives. Amortisation
\nof intangible assets only begins when assets are available for
\nintended use.
\nIntangible assets that are not yet ready for their intended use
\nand intangible assets with an indefinite useful life are tested for
\nimpairment at least annually. For internally developed intangible
\nassets, this evaluation is made at least twice a year.
\nFor intangible assets, Colruyt Group makes a distinction between
\nsoftware, licences, permits, customer portfolios, internally
\ndeveloped intangible assets and other intangible assets.
\nThis distinction is expressed in a different useful life per type of
\nintangible asset:
\n\u2022 externally purchased software, licences and permits:
\ncontractually defined period;
\n\u2022 customer portfolios arising from the acquisition of points of
\nsale: indefinite useful life;
\n\u2022 internally developed intangible assets: 3, 5, 7 or 10 years;
\n\u2022 other intangible assets: 3 to 5 years.
\nThe amortisation method and useful life are reviewed annually
\nand amended if necessary.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag25": {
"value": "\nResearch and development
\nExpenses from research activities are recognised in the
\nconsolidated income statement when incurred.
\nExpenditure related to development activities whereby the results
\nare used for a plan or design intended for the production of new
\nor substantially improved products or processes are capitalised if
\nthe following conditions are met:
\n\u2022 the technical and commercial feasibility of the product or
\nprocess has been demonstrated and the product or process will
\nbe commercialised or will be used internally;
\n\u2022 the product or process will generate future economic benefits;
\n\u2022 Colruyt Group has the necessary technical, financial and other
\nresources to complete and use or sell the development; and
\n\u2022 the product or process has been carefully described and the
\nexpenses can be separately identified and can be measured
\nreliably.
\nThe capitalised expenditure is valued at full cost and therefore
\nincludes the cost of materials, direct labour and an appropriate
\nproportion of overheads.
\nDevelopment costs that do not satisfy these conditions are
\nrecognised in the consolidated income statement when incurred.
\nCapitalised development expenditure is stated at cost less
\naccumulated amortisation and impairment losses.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag26": {
"value": "\n
\nC. Property, plant and equipment
\nProperty, plant and equipment are recorded at cost less
\naccumulated depreciation and impairment losses. The cost of
\nself-constructed assets includes direct labour costs in addition to
\nthe direct cost of material and a reasonable proportion of indirect
\nmanufacturing costs which are necessary to bring the asset into
\nits location and state that are required for the asset to function
\nin the intended way. The depreciation method, the residual
\nvalue and the useful life are reviewed annually and amended if
\nnecessary.
\nColruyt Group has opted to recognise capital grants as a
\ndeduction to the cost of property, plant and equipment. Grants
\nare recognised when there is reasonable assurance that the
\ngrants will be received and that the group will comply with the
\nconditions attached to them. These grants are taken into profit or
\nloss over the useful life of the asset by reducing the depreciation
\ncharge.
\nIn certain circumstances obligations exist to dismantle and
\nrestore items of property, plant and equipment in their original
\nstate; these are therefore included in the cost or acquisition
\nvalue of the item of property, plant and equipment. A provision is
\nrecognised in the statement of financial position.
\nSubsequent expenditure
\nCosts for the replacement of a component of property, plant and
\nequipment are capitalised provided that the cost to be capitalised
\ncan be reliably determined and that the expenditure will result in
\na future economic benefit.
\nCosts which do not meet these conditions are immediately
\nrecognised in the consolidated income statement when incurred.
\n\nDepreciation
\nProperty, plant and equipment are subject to straight-line
\ndepreciation in profit or loss based on the estimated useful life of
\neach component.
\nTangible assets with an indefinite useful life are not depreciated
\nbut tested for impairment annually.
\nThe estimated useful lives are defined as follows:
\n\u2022 land: indefinite;
\n\u2022 buildings: 20 to 30 years;
\n\u2022 fixtures: 9 to 15 years;
\n\u2022 fittings, machinery, equipment, furnishings and vehicles: 3 to
\n20 years;
\n\u2022 IT equipment: 3 to 5 years;
\n\u2022 right-of-use assets: useful life of the asset or, if shorter, the lease
\nterm.
\n
\n
\n\nRetirements
\nAn item of property, plant and equipment and any significant part
\ninitially recognised is derecognised on disposal (i.e. on the date
\nwhen the recipient obtains control) or when no future economic
\nbenefits are expected from its use or disposal. Any gain or loss
\narising from the derecognition of the asset (calculated as the
\ndifference between the net disposal proceeds and the carrying
\namount of the asset) is included in profit or loss when the asset is
\nderecognised.
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag27": {
"value": "\nDepreciation
\nProperty, plant and equipment are subject to straight-line
\ndepreciation in profit or loss based on the estimated useful life of
\neach component.
\nTangible assets with an indefinite useful life are not depreciated
\nbut tested for impairment annually.
\nThe estimated useful lives are defined as follows:
\n\u2022 land: indefinite;
\n\u2022 buildings: 20 to 30 years;
\n\u2022 fixtures: 9 to 15 years;
\n\u2022 fittings, machinery, equipment, furnishings and vehicles: 3 to
\n20 years;
\n\u2022 IT equipment: 3 to 5 years;
\n\u2022 right-of-use assets: useful life of the asset or, if shorter, the lease
\nterm.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag28": {
"value": "\nD. Leases
\nFor all leases with a lease term of more than 12 months,
\na right-of-use asset and a corresponding lease liability are
\nrecognised on the date on which the leased asset is made
\navailable for use. Right-of-use assets are recognised as part of
\nproperty, plant and equipment and lease liabilities are reported
\nas part of interest-bearing liabilities, recognised at cost less
\naccumulated depreciation and impairment losses and adjusted
\nfor remeasurement of lease obligations.
\nThe lease liability is measured at the present value of the
\nremaining lease payments, discounted at a predetermined
\ndiscount rate. Colruyt Group uses the interest rate implicit in the
\nlease contract or, when the latter is not available, the \u2018incremental
\nborrowing rate\u2019 which is revised annually for new contracts.
\nAt initial recognition of the lease, the right of use of the assets is
\nmeasured at an amount equal to the lease liability. Under certain
\nconditions the initial direct costs for concluding the lease are
\nincluded in the value of the right-of-use asset.
\nThe lease term is determined as the non-cancellable period of
\nthe lease, taking into account the option to extend the lease if
\n
\n\nthat option is reasonably certain to be exercised, or the option to
\nterminate the lease early if that option is reasonably certain not
\nto be exercised.
\nLease payments are apportioned between reduction of the
\noutstanding lease liability and finance expenses, whereby the
\nfinance expenses are recognised in profit or loss, so as to achieve
\na constant rate of interest on the remaining balance of the lease
\nliability. The right-of-use asset is depreciated over the shorter of
\nits useful life and the lease term.
\nPayments made for short-term leases or leases of low-value
\nassets are recognised in profit or loss on a straight-line basis over
\nthe term of the lease.
\nA limited number of premises that Colruyt Group leases are
\nsubleased to third parties (the so-called \u2018sublease agreements\u2019).
\nWhen the right of use of these assets is not fully transferred
\nto the sublessee (which is the case, amongst others, when the
\nrental period of the sublease is significantly shorter than the one
\nof the head lease), these \u2018sublease agreements\u2019 are classified
\nas operating sublease agreements and the rental income is
\nrecognised in profit or loss under \u2018Other operating income\u2019, on a
\nstraight-line basis over the lease term.
\nRental income under a finance sublease is treated in accordance
\nwith IFRS 16, whereby a lease receivable is recognised in the
\nconsolidated statement of financial position. This lease receivable
\nis equal to the discounted value of the future lease payments
\nplus any residual value accruing to the lessor, at the interest
\nrate implicit in the lease. Lease receivables are presented in
\nthe consolidated statement of financial position under \u2018Other
\nreceivables\u2019. Any differences between the right-of-use asset and
\nthe lease receivable are accounted for in profit or loss at initial
\nrecognition.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag29": {
"value": "\n\n\n
\n
\n\n\n\nE. Financial assets
\nClassification
\nColruyt Group classifies its financial assets at initial recognition in
\ndifferent categories. The classification of financial assets depends
\non:
\n\u2022 The characteristics of the contractual cash flows of the financial
\nassets (SPPI test). The SPPI test is designed to determine
\nwhether or not the contractual cash flows relate to payments of
\nprincipal and interest on the principal amount outstanding.
\n\u2022 The business model used for managing the financial assets
\ndetermines whether the cash flow results from:
\n\u2022 a contractual cash flow;
\n\u2022 a sale of financial assets; or
\n\u2022 a combination of both.
\nThe classification of a financial asset determines the
\nmeasurement of this financial asset and whether the income and
\nexpenses are recognised in profit or loss, or directly in equity. The
\nfinancial assets are classified as follows:
\n\u2022 financial assets at amortised cost;
\n\u2022 financial assets at fair value through other comprehensive
\nincome (\u2018FVOCI\u2019);
\n\u2022 financial assets at fair value through profit or loss (\u2018FVTPL\u2019).
\n\nFinancial assets at amortised cost
\nFinancial assets are recognised at amortised cost when the
\nbusiness model\u2019s objective is to hold financial assets in order
\nto collect contractual cash flows and the contractual cash flows
\nrepresent (re)payments of principal and interest on the principal
\namount outstanding and on specified dates.
\nThese financial assets are initially recognised at fair value,
\nincluding any transaction costs that are directly attributable to
\nthese financial assets. After initial recognition these assets are
\nmeasured at amortised cost using the effective interest method,
\nnet of impairment. Each reporting period, the amount of the
\nimpairment is determined as the difference between the carrying
\namount of the financial asset and the present value of estimated
\nfuture cash flows discounted at the financial asset\u2019s original
\neffective interest rate. Gains and losses are recognised in profit or
\nloss when the asset is derecognised, modified or impaired.
\n\n\nFinancial assets at fair value through other comprehensive
\nincome
\nFinancial assets are recognised at fair value through other
\ncomprehensive income when the business model\u2019s objective is
\nto hold financial assets in order to collect contractual cash flows
\nas well as to sell financial assets. The contractual cash flows
\nrepresent (re)payments of principal and interest on the principal
\namount outstanding and on specified dates. In addition, Colruyt
\nGroup may irrevocably choose to recognise at fair value through
\nother comprehensive income equity instruments that would
\notherwise be measured at fair value through profit or loss. This
\nchoice is irrevocable and can only apply if the equity instrument
\nis not held for trading or if it is not recognised as contingent
\nconsideration by an acquirer in a business combination. Colruyt
\nGroup makes this choice for equity instruments which it has
\ncurrently no intention to sell in the short term.
\nThese financial assets are initially recognised at fair value,
\nincluding any transaction costs that are directly attributable to
\nthese financial assets. After initial recognition these financial
\nassets are measured at fair value through other comprehensive
\nincome. In the event of a disposal of these equity instruments
\nwithin this category of financial assets, the cumulative
\nrevaluations recognised through other comprehensive income
\nare reclassified from other comprehensive income to retained
\nearnings.
\n\nFinancial assets at fair value through profit or loss
\nFinancial assets are recognised at fair value through profit or
\nloss when the conditions of the above categories are not met or
\nwhen Colruyt Group has made the irrevocable choice to recognise
\nthrough profit or loss debt instruments measured at fair value
\nthrough other comprehensive income. This choice is irrevocable
\nand may only be used to eliminate or reduce inconsistencies in
\nthe measurement at initial recognition.
\nThese financial assets are initially recognised at fair value. After
\ninitial recognition the assets are measured at fair value through
\nprofit or loss.
\n\n\n\n\n\n\n
\n
\n
\n\n
\n\n\n\nExpected credit losses
\nFinancial assets are recognised according to the above
\naccounting principles. At the end of every reporting period Colruyt
\nGroup assesses whether a provision for expected credit losses
\nneeds to be recognised for financial assets at amortised cost and
\nfor financial assets at fair value through other comprehensive
\nincome.
\nColruyt Group has identified two categories of financial assets
\nto which the requirements of expected credit losses apply:
\ntrade receivables and other receivables. Expected credit losses
\nare calculated using a model based on expected losses which
\nrepresents the weighted average of credit losses with the
\nrespective default risks as weighting factors.
\nTo determine the expected credit losses Colruyt Group applies the
\nsimplified approach based on a provision matrix, and the general
\napproach, under which credit losses are determined at the level of
\nthe individual receivable. The choice depends on the type of asset
\nand the associated risk characteristics.
\nThe simplified approach always applies to trade receivables.
\nThese do not generally contain a significant financing component.
\nUnder the simplified approach, credit losses are estimated over
\nthe full lifetime of receivables. The calculation of percentages
\nfor historical credit losses is done by categories of debtors with
\nsimilar risk characteristics. In addition to historical credit losses,
\nthe provision matrix used takes into account forward-looking
\nand macroeconomic factors. See note 27.2. \u2018Other risks\u2019 for
\nmacroeconomic factors taken into account.
\nThe general approach applies to other receivables, i.e. to a
\ncategory of receivables of limited materiality, where credit losses
\nare determined at the level of the individual receivable. See note
\n27.1.c. \u2018Credit Risk\u2019 for more information on how expected credit
\nlosses are calculated at the level of other receivables.
\n\n\n
\n\n
\n\n\n
\n\n\nM. Financial liabilities
\nFinancial liabilities are subdivided as follows:
\n\u2022 financial liabilities at amortised cost; and
\n\u2022 financial liabilities at fair value through profit or loss.
\n
\n\n\n\nFinancial liabilities at amortised cost
\nFinancial liabilities of Colruyt Group measured at amortised
\ncost comprise interest-bearing loans, trade payables and other
\nliabilities. Financial liabilities are initially measured at fair value,
\nnet of transaction costs. After initial recognition, these financial
\nliabilities are subsequently measured at amortised cost using the
\neffective interest method, with interest expense recognised on an
\neffective interest rate basis.
\nThe effective interest method is a method of calculating the
\namortised cost of a financial liability and of allocating interest
\nexpense over the relevant period. The effective interest rate is
\nthe rate that exactly discounts estimated future cash payments
\nthrough the expected life of the financial liability, or, where
\nappropriate, a shorter period, to the net carrying amount on initial
\nrecognition.
\n\n\n\n\n\n\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities of Colruyt Group measured at fair value
\nthrough profit or loss comprise derivative financial instruments
\nthat are concluded by Colruyt Group in order to hedge its
\nexposure to currency risks resulting from its operational activities.
\nColruyt Group does not conduct speculative transactions.
\nThese financial liabilities are initially recognised at fair value
\nincluding any transaction costs that are directly attributable to
\nthese financial liabilities. After initial recognition these financial
\nliabilities are measured at fair value through profit or loss.
\n\n\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag30": {
"value": "\n\n\nE. Financial assets
\nClassification
\nColruyt Group classifies its financial assets at initial recognition in
\ndifferent categories. The classification of financial assets depends
\non:
\n\u2022 The characteristics of the contractual cash flows of the financial
\nassets (SPPI test). The SPPI test is designed to determine
\nwhether or not the contractual cash flows relate to payments of
\nprincipal and interest on the principal amount outstanding.
\n\u2022 The business model used for managing the financial assets
\ndetermines whether the cash flow results from:
\n\u2022 a contractual cash flow;
\n\u2022 a sale of financial assets; or
\n\u2022 a combination of both.
\nThe classification of a financial asset determines the
\nmeasurement of this financial asset and whether the income and
\nexpenses are recognised in profit or loss, or directly in equity. The
\nfinancial assets are classified as follows:
\n\u2022 financial assets at amortised cost;
\n\u2022 financial assets at fair value through other comprehensive
\nincome (\u2018FVOCI\u2019);
\n\u2022 financial assets at fair value through profit or loss (\u2018FVTPL\u2019).
\n\nFinancial assets at amortised cost
\nFinancial assets are recognised at amortised cost when the
\nbusiness model\u2019s objective is to hold financial assets in order
\nto collect contractual cash flows and the contractual cash flows
\nrepresent (re)payments of principal and interest on the principal
\namount outstanding and on specified dates.
\nThese financial assets are initially recognised at fair value,
\nincluding any transaction costs that are directly attributable to
\nthese financial assets. After initial recognition these assets are
\nmeasured at amortised cost using the effective interest method,
\nnet of impairment. Each reporting period, the amount of the
\nimpairment is determined as the difference between the carrying
\namount of the financial asset and the present value of estimated
\nfuture cash flows discounted at the financial asset\u2019s original
\neffective interest rate. Gains and losses are recognised in profit or
\nloss when the asset is derecognised, modified or impaired.
\n\n\nFinancial assets at fair value through other comprehensive
\nincome
\nFinancial assets are recognised at fair value through other
\ncomprehensive income when the business model\u2019s objective is
\nto hold financial assets in order to collect contractual cash flows
\nas well as to sell financial assets. The contractual cash flows
\nrepresent (re)payments of principal and interest on the principal
\namount outstanding and on specified dates. In addition, Colruyt
\nGroup may irrevocably choose to recognise at fair value through
\nother comprehensive income equity instruments that would
\notherwise be measured at fair value through profit or loss. This
\nchoice is irrevocable and can only apply if the equity instrument
\nis not held for trading or if it is not recognised as contingent
\nconsideration by an acquirer in a business combination. Colruyt
\nGroup makes this choice for equity instruments which it has
\ncurrently no intention to sell in the short term.
\nThese financial assets are initially recognised at fair value,
\nincluding any transaction costs that are directly attributable to
\nthese financial assets. After initial recognition these financial
\nassets are measured at fair value through other comprehensive
\nincome. In the event of a disposal of these equity instruments
\nwithin this category of financial assets, the cumulative
\nrevaluations recognised through other comprehensive income
\nare reclassified from other comprehensive income to retained
\nearnings.
\n\nFinancial assets at fair value through profit or loss
\nFinancial assets are recognised at fair value through profit or
\nloss when the conditions of the above categories are not met or
\nwhen Colruyt Group has made the irrevocable choice to recognise
\nthrough profit or loss debt instruments measured at fair value
\nthrough other comprehensive income. This choice is irrevocable
\nand may only be used to eliminate or reduce inconsistencies in
\nthe measurement at initial recognition.
\nThese financial assets are initially recognised at fair value. After
\ninitial recognition the assets are measured at fair value through
\nprofit or loss.
\n\n\n\n\n\n\n\n\nExpected credit losses
\nFinancial assets are recognised according to the above
\naccounting principles. At the end of every reporting period Colruyt
\nGroup assesses whether a provision for expected credit losses
\nneeds to be recognised for financial assets at amortised cost and
\nfor financial assets at fair value through other comprehensive
\nincome.
\nColruyt Group has identified two categories of financial assets
\nto which the requirements of expected credit losses apply:
\ntrade receivables and other receivables. Expected credit losses
\nare calculated using a model based on expected losses which
\nrepresents the weighted average of credit losses with the
\nrespective default risks as weighting factors.
\nTo determine the expected credit losses Colruyt Group applies the
\nsimplified approach based on a provision matrix, and the general
\napproach, under which credit losses are determined at the level of
\nthe individual receivable. The choice depends on the type of asset
\nand the associated risk characteristics.
\nThe simplified approach always applies to trade receivables.
\nThese do not generally contain a significant financing component.
\nUnder the simplified approach, credit losses are estimated over
\nthe full lifetime of receivables. The calculation of percentages
\nfor historical credit losses is done by categories of debtors with
\nsimilar risk characteristics. In addition to historical credit losses,
\nthe provision matrix used takes into account forward-looking
\nand macroeconomic factors. See note 27.2. \u2018Other risks\u2019 for
\nmacroeconomic factors taken into account.
\nThe general approach applies to other receivables, i.e. to a
\ncategory of receivables of limited materiality, where credit losses
\nare determined at the level of the individual receivable. See note
\n27.1.c. \u2018Credit Risk\u2019 for more information on how expected credit
\nlosses are calculated at the level of other receivables.
\n\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag31": {
"value": "\nFinancial assets at amortised cost
\nFinancial assets are recognised at amortised cost when the
\nbusiness model\u2019s objective is to hold financial assets in order
\nto collect contractual cash flows and the contractual cash flows
\nrepresent (re)payments of principal and interest on the principal
\namount outstanding and on specified dates.
\nThese financial assets are initially recognised at fair value,
\nincluding any transaction costs that are directly attributable to
\nthese financial assets. After initial recognition these assets are
\nmeasured at amortised cost using the effective interest method,
\nnet of impairment. Each reporting period, the amount of the
\nimpairment is determined as the difference between the carrying
\namount of the financial asset and the present value of estimated
\nfuture cash flows discounted at the financial asset\u2019s original
\neffective interest rate. Gains and losses are recognised in profit or
\nloss when the asset is derecognised, modified or impaired.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag32": {
"value": "\nFinancial assets at fair value through profit or loss
\nFinancial assets are recognised at fair value through profit or
\nloss when the conditions of the above categories are not met or
\nwhen Colruyt Group has made the irrevocable choice to recognise
\nthrough profit or loss debt instruments measured at fair value
\nthrough other comprehensive income. This choice is irrevocable
\nand may only be used to eliminate or reduce inconsistencies in
\nthe measurement at initial recognition.
\nThese financial assets are initially recognised at fair value. After
\ninitial recognition the assets are measured at fair value through
\nprofit or loss.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag33": {
"value": "\nExpected credit losses
\nFinancial assets are recognised according to the above
\naccounting principles. At the end of every reporting period Colruyt
\nGroup assesses whether a provision for expected credit losses
\nneeds to be recognised for financial assets at amortised cost and
\nfor financial assets at fair value through other comprehensive
\nincome.
\nColruyt Group has identified two categories of financial assets
\nto which the requirements of expected credit losses apply:
\ntrade receivables and other receivables. Expected credit losses
\nare calculated using a model based on expected losses which
\nrepresents the weighted average of credit losses with the
\nrespective default risks as weighting factors.
\nTo determine the expected credit losses Colruyt Group applies the
\nsimplified approach based on a provision matrix, and the general
\napproach, under which credit losses are determined at the level of
\nthe individual receivable. The choice depends on the type of asset
\nand the associated risk characteristics.
\nThe simplified approach always applies to trade receivables.
\nThese do not generally contain a significant financing component.
\nUnder the simplified approach, credit losses are estimated over
\nthe full lifetime of receivables. The calculation of percentages
\nfor historical credit losses is done by categories of debtors with
\nsimilar risk characteristics. In addition to historical credit losses,
\nthe provision matrix used takes into account forward-looking
\nand macroeconomic factors. See note 27.2. \u2018Other risks\u2019 for
\nmacroeconomic factors taken into account.
\nThe general approach applies to other receivables, i.e. to a
\ncategory of receivables of limited materiality, where credit losses
\nare determined at the level of the individual receivable. See note
\n27.1.c. \u2018Credit Risk\u2019 for more information on how expected credit
\nlosses are calculated at the level of other receivables.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag34": {
"value": "\n
\n\nF. Assets held for sale and discontinued operations
\nAn asset or a disposal group (groups of assets and related
\nliabilities) that is being disposed of, is classified as held for sale
\nif its carrying amount will be recovered principally through a sale
\ntransaction rather than through continuing use. This condition
\nis regarded as met only when the sale is highly probable and
\nthe asset (or disposal group) is available for immediate sale
\nin its present condition. For a sale to be highly probable, the
\nCompany should be committed to a plan to sell the asset (or
\ndisposal group), and an active programme to locate a buyer
\nand to complete the sale should be initiated. The asset (or
\ndisposal group) should be actively marketed at a price which is
\nreasonable in relation to its current fair value, and the sale should
\nbe expected to be completed within one year from the date of
\nclassification.
\nWhen classified as \u2018held for sale\u2019, assets or disposal groups
\nare valued at the lower of their carrying amount and their fair
\nvalue less costs to sell, including any impairment that might
\nbe required and which is recognised through profit or loss.
\nImpairment on an asset or a disposal group is initially allocated to
\ngoodwill and then pro rata to the remaining assets and liabilities.
\nSuch an impairment loss is not allocated to inventories, financial
\nassets or deferred tax assets which continue to be recognised in
\nline with the other significant accounting policies of the group.
\nAs from the moment that property, plant and equipment and
\nintangible assets are classified as held for sale, they are no longer
\ndepreciated or amortised. Comparative balance sheet information
\nfor prior periods is not restated to reflect the new classification in
\nthe consolidated statement of financial position.
\nA discontinued operation is a component of an entity that either
\nhas been disposed of or has been classified as held for sale, which
\nrepresents a separate major line of business or geographical area
\nof operations that can be distinguished operationally as well
\nas for financial reporting purposes from the rest of the entity.
\nThe profit or loss after taxes which arises from discontinued
\noperations is separately reported in the consolidated income
\nstatement. When operations are labelled as discontinued
\noperations, the comparative figures in the consolidated income
\nstatement are restated to reflect a situation as if the operations
\nhad been discontinued as of the beginning of the comparative
\nperiod, while no comparative figures are prepared for the balance
\nsheet.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag35": {
"value": "\nF. Assets held for sale and discontinued operations
\nAn asset or a disposal group (groups of assets and related
\nliabilities) that is being disposed of, is classified as held for sale
\nif its carrying amount will be recovered principally through a sale
\ntransaction rather than through continuing use. This condition
\nis regarded as met only when the sale is highly probable and
\nthe asset (or disposal group) is available for immediate sale
\nin its present condition. For a sale to be highly probable, the
\nCompany should be committed to a plan to sell the asset (or
\ndisposal group), and an active programme to locate a buyer
\nand to complete the sale should be initiated. The asset (or
\ndisposal group) should be actively marketed at a price which is
\nreasonable in relation to its current fair value, and the sale should
\nbe expected to be completed within one year from the date of
\nclassification.
\nWhen classified as \u2018held for sale\u2019, assets or disposal groups
\nare valued at the lower of their carrying amount and their fair
\nvalue less costs to sell, including any impairment that might
\nbe required and which is recognised through profit or loss.
\nImpairment on an asset or a disposal group is initially allocated to
\ngoodwill and then pro rata to the remaining assets and liabilities.
\nSuch an impairment loss is not allocated to inventories, financial
\nassets or deferred tax assets which continue to be recognised in
\nline with the other significant accounting policies of the group.
\nAs from the moment that property, plant and equipment and
\nintangible assets are classified as held for sale, they are no longer
\ndepreciated or amortised. Comparative balance sheet information
\nfor prior periods is not restated to reflect the new classification in
\nthe consolidated statement of financial position.
\nA discontinued operation is a component of an entity that either
\nhas been disposed of or has been classified as held for sale, which
\nrepresents a separate major line of business or geographical area
\nof operations that can be distinguished operationally as well
\nas for financial reporting purposes from the rest of the entity.
\nThe profit or loss after taxes which arises from discontinued
\noperations is separately reported in the consolidated income
\nstatement. When operations are labelled as discontinued
\noperations, the comparative figures in the consolidated income
\nstatement are restated to reflect a situation as if the operations
\nhad been discontinued as of the beginning of the comparative
\nperiod, while no comparative figures are prepared for the balance
\nsheet.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag36": {
"value": "\n
\n
\nG. Impairment
\n\nThe carrying amount of all assets, with the exception of
\ninventories and deferred tax assets, is reviewed at least once a
\nyear and examined for any indications of impairment. If such
\nindications exist, the related asset\u2019s recoverable amount is
\nestimated.
\nGoodwill, tangible and intangible assets with indefinite useful
\nlives and tangible and intangible assets not available for use are
\ntested for impairment at least annually (irrespective of whether
\nindications of impairment exist or not). For internally developed
\nintangible assets, this review is completed at least twice a year.
\nThe recoverable amount is the higher of the fair value less costs
\nto sell (corresponds to the money that Colruyt Group would
\nreceive as a result of a sale) and the value in use (corresponds
\nto the cash flows that Colruyt Group expects to receive through
\nthe continuing use of the assets). For an asset for which no
\nindependent cash flows are available, the recoverable amount
\nis determined for the cash-generating unit to which the asset
\nbelongs. For impairment testing, goodwill is always allocated to (a
\ngroup of) cash-generating units.
\n
\n\n\nA cash-generating unit is the smallest identifiable group of assets
\nthat generates cash inflows that are largely independent of the
\ncash inflows from other assets or groups of assets. Colruyt Group
\ndefines a \u2018cash-generating unit\u2019 as the operating unit to which
\nthe asset can unequivocally be allocated. An operating unit can
\ninclude a branch of the business or a business entity.
\nIf the recoverable amount of an asset or of the cash-generating
\nunit to which it belongs is lower than the carrying amount, an
\nimpairment loss is recognised in profit or loss for the amount
\nof the difference. Impairment losses relating to cash-generating
\nunits are first deducted from the carrying amount of any goodwill
\nattributed to the cash-generating (or groups of) units and then
\ndeducted pro rata from the carrying amount of the other assets of
\nthe (groups of) cash-generating units.
\n
\n\nA recognised impairment may be reversed if it ceases to exist.
\nAn impairment loss is reversed only to the extent that the asset\u2019s
\ncarrying amount does not exceed the carrying amount that would
\nhave been determined, net of depreciation or amortisation, if no
\nimpairment loss had been recognised. Goodwill impairment is not
\nreversed.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag37": {
"value": "\nThe carrying amount of all assets, with the exception of
\ninventories and deferred tax assets, is reviewed at least once a
\nyear and examined for any indications of impairment. If such
\nindications exist, the related asset\u2019s recoverable amount is
\nestimated.
\nGoodwill, tangible and intangible assets with indefinite useful
\nlives and tangible and intangible assets not available for use are
\ntested for impairment at least annually (irrespective of whether
\nindications of impairment exist or not). For internally developed
\nintangible assets, this review is completed at least twice a year.
\nThe recoverable amount is the higher of the fair value less costs
\nto sell (corresponds to the money that Colruyt Group would
\nreceive as a result of a sale) and the value in use (corresponds
\nto the cash flows that Colruyt Group expects to receive through
\nthe continuing use of the assets). For an asset for which no
\nindependent cash flows are available, the recoverable amount
\nis determined for the cash-generating unit to which the asset
\nbelongs. For impairment testing, goodwill is always allocated to (a
\ngroup of) cash-generating units.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag38": {
"value": "\nA cash-generating unit is the smallest identifiable group of assets
\nthat generates cash inflows that are largely independent of the
\ncash inflows from other assets or groups of assets. Colruyt Group
\ndefines a \u2018cash-generating unit\u2019 as the operating unit to which
\nthe asset can unequivocally be allocated. An operating unit can
\ninclude a branch of the business or a business entity.
\nIf the recoverable amount of an asset or of the cash-generating
\nunit to which it belongs is lower than the carrying amount, an
\nimpairment loss is recognised in profit or loss for the amount
\nof the difference. Impairment losses relating to cash-generating
\nunits are first deducted from the carrying amount of any goodwill
\nattributed to the cash-generating (or groups of) units and then
\ndeducted pro rata from the carrying amount of the other assets of
\nthe (groups of) cash-generating units.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag39": {
"value": "\nH. Inventories
\nInventories are measured at the lower of cost and net realisable
\nvalue. The net realisable value is the estimated selling price in the
\nnormal course of business, less the estimated cost of completion
\nand costs to sell.
\nThe cost of inventories is based on the \u2018first in, first out\u2019 (FIFO)
\nprinciple and includes all direct and indirect costs that are
\nrequired to bring the goods to their state at the reporting date,
\nless discounts and compensations received from suppliers. The
\nindirect costs are made up of distribution costs, i.e. handling
\ncosts at the distribution centre and transport costs, and stowage
\ncosts, i.e. the costs for store employees to fill the shelves with the
\ngoods. These respective costs are updated on a periodic basis.
\nRebates and incentives that Colruyt Group receives from its
\nsuppliers, mainly for promotions in stores, joint publicity,
\nintroductions of new products and volume incentives, are
\nincluded in the inventory cost and are recognised in profit or
\nloss as and when the product is sold, except when it relates to
\na repayment of specific, additional and identifiable costs which
\nColruyt Group incurred in order to sell the supplier\u2019s product. In
\nthat case the rebates and incentives are immediately recognised
\nas a decrease of the respective costs incurred. Estimating such
\nsupplier rebates is predominantly based on the actual revenue
\nfigures of the related period, but in certain cases requires the use
\nof assumptions and estimations regarding specific purchasing or
\nsales levels.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag40": {
"value": "\nI. Contract assets
\nContract assets relate to expenses made to satisfy performance
\nobligations under a contract and are recognised at cost, less
\na provision for expected losses and less amounts of project
\nprogress billings.
\nThe expenses are recognised when the following conditions are
\nmet:
\n\u2022 the expenses are directly or indirectly attributable to a
\nspecifically identifiable contract;
\n\u2022 resources are generated which Colruyt Group will use to satisfy a
\nperformance obligation; and
\n\u2022 the expenses can be earned back.
\nExpenses that can be attributed directly to a specifically
\nidentifiable project include direct labour costs and direct material
\ncosts. In addition, the cost includes an allocation of fixed and
\nvariable indirect expenses made and this based on a normal
\nproduction capacity.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag41": {
"value": "\nCapital and retained earnings
\nDividends proposed by the Board of Directors are only recognised
\nas liabilities after approval by the Annual General Meeting of
\nShareholders. Until such formal approval, the proposed dividends
\nare included in Colruyt Group\u2019s consolidated equity. Transaction
\ncosts of capital transactions, net of tax impact, are deducted from
\nequity.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag42": {
"value": "\nTreasury shares
\nShares of Colruyt Group purchased by the Company or entities
\nbelonging to Colruyt Group, including directly attributable
\ntransaction costs, net of tax impact, are recognised as a
\ndeduction from equity. In case of a cancellation or sale of treasury
\nshares, the result of the transaction is directly included in equity
\n(retained earnings).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag43": {
"value": "\nRevaluation reserves of liabilities related to long-
\nterm post-employment benefits
\nThe revaluation reserves contain the cumulative actuarial profits
\nand losses related to:
\nBelgian entities:
\n\u2022 unemployment regime with company supplement;
\n\u2022 long-service benefits;
\n\u2022 defined contribution plans with a legally guaranteed minimum
\nreturn.
\nOther entities:
\n\u2022 legal compensations
\nThe revaluation reserves comprise the experience adjustments
\nand the effects of changes in actuarial assumptions.
\n\n\n\nReserves for financial assets at fair value through
\nother comprehensive income
\nThis reserve contains unrealised fair value changes of financial
\nassets at fair value through other comprehensive income.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag44": {
"value": "\nNon-controlling interests
\nNon-controlling interests in subsidiaries not fully owned by the
\ngroup are presented separately from Colruyt Group\u2019s equity. The
\ninterest of non-controlling shareholders can initially be measured
\nat fair value or at the non-controlling interests\u2019 proportionate
\nshare of the fair value of the acquiree\u2019s identifiable net assets.
\nThe choice of measurement basis is made on a case-by-case
\nbasis. Subsequent to the acquisition, the carrying amount of
\nnon-controlling interests is the amount of those interests at
\ninitial recognition plus the non-controlling interests\u2019 share of
\nsubsequent changes in equity. The total result is attributed
\nto non-controlling interests even if this results in the non-
\ncontrolling interests having a deficit balance.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag45": {
"value": "\nK. Provisions
\nProvisions are only recognised in the consolidated statement of
\nfinancial position when Colruyt Group has a present obligation
\n(legal or constructive) as a result of a past event, when it is
\nprobable that a future outflow of resources will be required to
\nsettle the obligation, and when a reliable estimate can be made
\nof the amount of the obligation. The amount recognised as a
\nprovision is the best estimate of the expenditure required to
\nsettle the present obligations at the reporting date.
\nIf the effect of discounting the future cash outflows is material,
\nthe provisions are annually discounted using discount rates that
\nreflect current market assessments of the time value of money at
\nthe reporting date.
\nRestructuring provisions are recognised when Colruyt Group
\napproved a detailed, formalised restructuring plan and made a
\nstart on restructuring or made it publicly known before reporting
\ndate. These provisions only include direct expenditures that
\nare necessarily entailed by the restructuring and that are not
\nassociated with the ongoing activities of the Company.
\nEnvironmental provisions are established in accordance with
\nlegal requirements on the one hand and the environmental policy
\nestablished by Colruyt Group on the other.
\nFor onerous contracts, a provision is recognised in the
\nconsolidated statement of financial position for the difference
\nbetween the unavoidable cost of meeting the obligations
\nunder the contract and the expected benefits to be derived
\nfrom the contract. Before a provision for an onerous contract is
\nestablished, Colruyt Group recognises any impairment loss that
\nhas occurred on assets dedicated to that contract.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag46": {
"value": "\nL. Employee benefits
\nPost-employment benefits
\nThere are different types of post-employment benefits within
\nColruyt Group:
\n\u2022 Defined contribution plans with a legally guaranteed
\nminimum return
\nIn Belgium, the Law regarding supplementary pensions (\u2018WAP\u2019)
\nrequires employers to guarantee a minimum return on defined
\ncontribution plans over the course of the career. For amounts
\nuntil 31 December 2015, this minimum return was 3,25% on
\nemployer contributions and 3,75% on employee contributions.
\nAs a result of a law change in December 2015, the interest rate to
\nbe guaranteed is variable starting from 1 January 2016, based on
\na mechanism linked to the return of the Belgian OLO bond with a
\nminimum of 1,75% and a maximum of 3,75%.
\nOwing to these legal changes, and also to the fact that a clear
\nposition was taken by the regulatory instances during 2016, and
\ngiven that reliable estimates can be made for these retirement
\nbenefit plans, the Belgian defined contribution plans have been
\nconsidered as defined benefit plans since financial year 2016/17.
\nThey are measured in accordance with IAS 19 based on the
\n\u2018projected unit credit\u2019 method.
\n\u2022 Unemployment regime with company supplement
\nThe possibility to retire early, as it exists within Colruyt Group for
\nemployees of its Belgian entities, is based on the \u2018Unemployment
\nregime with company supplement\u2019 applicable in Belgium. The
\nunemployment regime with company supplement and the
\nconditions regarding the required age and performed service
\nperiod are described in general terms in collective labour
\nagreement No. 17 (Collectieve Arbeidsovereenkomst/Convention
\nCollective de Travail or cao/CCT), as established by the National
\nLabour Council (Nationale Arbeidsraad/Conseil National du
\nTravail) and in the Royal Decree of 3 May 2007 which regulates
\nthe unemployment regime with company supplement (Belgian
\nOfficial Gazette 8 June 2007). Other collective labour agreements
\nnegotiated by the National Labour Council or within Colruyt Group
\nfor specific entities or industries may be applicable, but have
\nbenefits similar to those of collective labour agreement No. 17.
\nThese benefits must be paid if a company decides to terminate an
\nemployee\u2019s employment before the normal retirement date. Given
\nthat a reasonable expectation is created towards the employees
\nat the moment of their recruitment or during the period of
\nservice, that they are entitled to join the unemployment regime
\nwith company supplement before the legal retirement age, these
\nbenefits are treated as post-employment benefits (defined benefit
\nplan).
\n\u2022 Other
\nOther post-employment benefits include departure benefits
\nas a result of retirement or as a result of the application of the
\n\u2019Unemployment regime with company supplement\u2019 (Belgian
\nentities) and legal compensations (French and Indian entities).
\nThese benefits are also treated as defined benefit plans.
\nThe liabilities arising from these systems and the related costs
\nare determined using the \u2018projected unit credit\u2019 method, based
\non actuarial calculations that are executed at the end of each
\nfinancial year. A comprehensive actuarial measurement based
\non updated personnel information is performed at least every
\nthree years. In the years in which no comprehensive actuarial
\nmeasurement is performed, actuaries use forecasts based on
\nthe previous year but including updated assumptions (discount
\nrate, pay rise and inflation). These liabilities, recorded in the
\nconsolidated statement of financial position, are calculated as
\nthe present value of estimated future cash outflows, based on
\na discount rate at the reporting date which corresponds to the
\nmarket yield of high quality corporate bonds with a remaining
\nmaturity that approaches the maturity of these liabilities,
\ndecreased with the fair value of the plan assets. The liabilities
\nrelated to the unemployment regime with company supplement
\nare recognised for the population of employees for which can be
\nreliably assumed that it will join the unemployment regime with
\ncompany supplement. The liabilities for the defined contribution
\nplans with a legally guaranteed minimum return are recognised
\nfor all Colruyt Group employees entitled thereto.
\nThe costs related to these systems consist of the following items:
\n\u2022 the current service cost, which is the increase in the present
\nvalue of the obligation resulting from employee service in the
\ncurrent reporting period;
\n\u2022 the past service cost, which is the change in the present value
\nof the benefit obligation for employee service in prior periods,
\nresulting from an amendment or a curtailment of the existing
\nbenefit plan;
\n\u2022 gains or losses on settlement of the benefit obligation, if any;
\n\u2022 the net interest on the net liability arising from the passage of
\ntime;
\n
\n
\n
\n\n\u2022 the actuarial gains and losses, which comprise the effect of
\ndifferences between the previous actuarial assumptions and
\nwhat has actually occurred and the effect of changes in actuarial
\nassumptions.
\nThe first three items are recognised in profit or loss as \u2018Employee
\nbenefit expenses\u2019. The net interest on the net liability is included
\nin profit or loss in the \u2018Net financial result\u2019. Actuarial gains and
\nlosses are recognised in other comprehensive income.
\nProfit participation
\nIn accordance with the Law of 22 May 2001 concerning employee
\nparticipation in the capital of entities and the establishment of
\na profit bonus for employees, Colruyt Group offers its personnel
\nbased in Belgium a share in the profits in the form of a profit
\nparticipation, paid in cash. The profit participation is recognised
\nin the financial year in which the profit is realised.
\nDiscounts on share capital increases
\nIn accordance with article 7:204 of the Code on Companies and
\nAssociations, Colruyt Group offers a discount on its yearly share
\ncapital increase which is reserved for its employees. This discount
\nis recognised as an employee benefit expense in the period of the
\nshare capital increase.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag47": {
"value": "\n\nM. Financial liabilities
\nFinancial liabilities are subdivided as follows:
\n\u2022 financial liabilities at amortised cost; and
\n\u2022 financial liabilities at fair value through profit or loss.
\n
\n\n\n\nFinancial liabilities at amortised cost
\nFinancial liabilities of Colruyt Group measured at amortised
\ncost comprise interest-bearing loans, trade payables and other
\nliabilities. Financial liabilities are initially measured at fair value,
\nnet of transaction costs. After initial recognition, these financial
\nliabilities are subsequently measured at amortised cost using the
\neffective interest method, with interest expense recognised on an
\neffective interest rate basis.
\nThe effective interest method is a method of calculating the
\namortised cost of a financial liability and of allocating interest
\nexpense over the relevant period. The effective interest rate is
\nthe rate that exactly discounts estimated future cash payments
\nthrough the expected life of the financial liability, or, where
\nappropriate, a shorter period, to the net carrying amount on initial
\nrecognition.
\n\n\n\n\n\n\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities of Colruyt Group measured at fair value
\nthrough profit or loss comprise derivative financial instruments
\nthat are concluded by Colruyt Group in order to hedge its
\nexposure to currency risks resulting from its operational activities.
\nColruyt Group does not conduct speculative transactions.
\nThese financial liabilities are initially recognised at fair value
\nincluding any transaction costs that are directly attributable to
\nthese financial liabilities. After initial recognition these financial
\nliabilities are measured at fair value through profit or loss.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag49": {
"value": "\n\n\nFinancial liabilities at amortised cost
\nFinancial liabilities of Colruyt Group measured at amortised
\ncost comprise interest-bearing loans, trade payables and other
\nliabilities. Financial liabilities are initially measured at fair value,
\nnet of transaction costs. After initial recognition, these financial
\nliabilities are subsequently measured at amortised cost using the
\neffective interest method, with interest expense recognised on an
\neffective interest rate basis.
\nThe effective interest method is a method of calculating the
\namortised cost of a financial liability and of allocating interest
\nexpense over the relevant period. The effective interest rate is
\nthe rate that exactly discounts estimated future cash payments
\nthrough the expected life of the financial liability, or, where
\nappropriate, a shorter period, to the net carrying amount on initial
\nrecognition.
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag48": {
"value": "\nFinancial liabilities at amortised cost
\nFinancial liabilities of Colruyt Group measured at amortised
\ncost comprise interest-bearing loans, trade payables and other
\nliabilities. Financial liabilities are initially measured at fair value,
\nnet of transaction costs. After initial recognition, these financial
\nliabilities are subsequently measured at amortised cost using the
\neffective interest method, with interest expense recognised on an
\neffective interest rate basis.
\nThe effective interest method is a method of calculating the
\namortised cost of a financial liability and of allocating interest
\nexpense over the relevant period. The effective interest rate is
\nthe rate that exactly discounts estimated future cash payments
\nthrough the expected life of the financial liability, or, where
\nappropriate, a shorter period, to the net carrying amount on initial
\nrecognition.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag50": {
"value": "\n\n\n\n\nN. Derivative financial instruments
\nDerivative financial instruments are initially recognised at
\nfair value. After initial recognition these derivative financial
\ninstruments are remeasured at fair value at the end of every
\nreporting period. Derivative financial instruments can be
\nsubdivided into cash flow hedges, fair value hedges and hedges of
\nnet investments. Colruyt Group designates the derivative financial
\ninstruments as cash flow hedges.
\nAt the inception of the transaction, Colruyt Group documents
\nthe relationship between the hedging instrument and the
\nhedged instrument, as well as the risk management objectives
\nand strategy for undertaking the hedge. Derivative financial
\ninstruments are presented according to their non-current or
\ncurrent nature.
\nThe effective portion of the changes in fair value of derivative
\nfinancial instruments designated as cash flow hedges is included
\nas a separate component in equity, under \u2018Cash flow hedge
\nreserves\u2019. The gain or loss in respect of the ineffective portion is
\nimmediately recognised in profit or loss under \u2018Finance income\u2019
\nor \u2018Finance costs\u2019.
\nThe cumulative amounts included under \u2018Cash flow hedge
\nreserves\u2019 are reclassified to profit or loss in the period during
\nwhich the hedged instrument affects profit or loss. The
\ncumulative amounts of the hedging instrument are included
\nunder the same line item as the hedged instrument.
\nA cash flow hedge accounting relationship is discontinued when:
\n \u2022 the hedge accounting relationship fails the effectiveness test;
\n\u2022 the hedging instrument is sold, terminated or exercised;
\n\u2022 management decides to revoke the hedge accounting
\ndesignation of the instrument; or
\n\u2022 the forecast transaction is no longer highly probable.
\nWhen the forecast transaction is no longer highly probable but
\nstill expected to occur, the hedge gains and losses that were
\npreviously recognised in other comprehensive income remain
\nin equity until the transaction affects profit or loss. As soon
\nas the forecast transaction is no longer expected to occur, any
\ngain or loss is immediately recognised in profit or loss as a
\nreclassification adjustment.
\nCertain derivative financial instruments do not qualify for hedge
\naccounting. Changes to the fair value of derivative financial
\ninstruments that do not qualify for hedge accounting are
\nimmediately recognised in profit or loss under \u2018Finance income\u2019
\nor \u2018Finance costs\u2019.
\n\n\n\n\n\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag51": {
"value": "\n\n\nN. Derivative financial instruments
\nDerivative financial instruments are initially recognised at
\nfair value. After initial recognition these derivative financial
\ninstruments are remeasured at fair value at the end of every
\nreporting period. Derivative financial instruments can be
\nsubdivided into cash flow hedges, fair value hedges and hedges of
\nnet investments. Colruyt Group designates the derivative financial
\ninstruments as cash flow hedges.
\nAt the inception of the transaction, Colruyt Group documents
\nthe relationship between the hedging instrument and the
\nhedged instrument, as well as the risk management objectives
\nand strategy for undertaking the hedge. Derivative financial
\ninstruments are presented according to their non-current or
\ncurrent nature.
\nThe effective portion of the changes in fair value of derivative
\nfinancial instruments designated as cash flow hedges is included
\nas a separate component in equity, under \u2018Cash flow hedge
\nreserves\u2019. The gain or loss in respect of the ineffective portion is
\nimmediately recognised in profit or loss under \u2018Finance income\u2019
\nor \u2018Finance costs\u2019.
\nThe cumulative amounts included under \u2018Cash flow hedge
\nreserves\u2019 are reclassified to profit or loss in the period during
\nwhich the hedged instrument affects profit or loss. The
\ncumulative amounts of the hedging instrument are included
\nunder the same line item as the hedged instrument.
\nA cash flow hedge accounting relationship is discontinued when:
\n \u2022 the hedge accounting relationship fails the effectiveness test;
\n\u2022 the hedging instrument is sold, terminated or exercised;
\n\u2022 management decides to revoke the hedge accounting
\ndesignation of the instrument; or
\n\u2022 the forecast transaction is no longer highly probable.
\nWhen the forecast transaction is no longer highly probable but
\nstill expected to occur, the hedge gains and losses that were
\npreviously recognised in other comprehensive income remain
\nin equity until the transaction affects profit or loss. As soon
\nas the forecast transaction is no longer expected to occur, any
\ngain or loss is immediately recognised in profit or loss as a
\nreclassification adjustment.
\nCertain derivative financial instruments do not qualify for hedge
\naccounting. Changes to the fair value of derivative financial
\ninstruments that do not qualify for hedge accounting are
\nimmediately recognised in profit or loss under \u2018Finance income\u2019
\nor \u2018Finance costs\u2019.
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag52": {
"value": "\nN. Derivative financial instruments
\nDerivative financial instruments are initially recognised at
\nfair value. After initial recognition these derivative financial
\ninstruments are remeasured at fair value at the end of every
\nreporting period. Derivative financial instruments can be
\nsubdivided into cash flow hedges, fair value hedges and hedges of
\nnet investments. Colruyt Group designates the derivative financial
\ninstruments as cash flow hedges.
\nAt the inception of the transaction, Colruyt Group documents
\nthe relationship between the hedging instrument and the
\nhedged instrument, as well as the risk management objectives
\nand strategy for undertaking the hedge. Derivative financial
\ninstruments are presented according to their non-current or
\ncurrent nature.
\nThe effective portion of the changes in fair value of derivative
\nfinancial instruments designated as cash flow hedges is included
\nas a separate component in equity, under \u2018Cash flow hedge
\nreserves\u2019. The gain or loss in respect of the ineffective portion is
\nimmediately recognised in profit or loss under \u2018Finance income\u2019
\nor \u2018Finance costs\u2019.
\nThe cumulative amounts included under \u2018Cash flow hedge
\nreserves\u2019 are reclassified to profit or loss in the period during
\nwhich the hedged instrument affects profit or loss. The
\ncumulative amounts of the hedging instrument are included
\nunder the same line item as the hedged instrument.
\nA cash flow hedge accounting relationship is discontinued when:
\n \u2022 the hedge accounting relationship fails the effectiveness test;
\n\u2022 the hedging instrument is sold, terminated or exercised;
\n\u2022 management decides to revoke the hedge accounting
\ndesignation of the instrument; or
\n\u2022 the forecast transaction is no longer highly probable.
\nWhen the forecast transaction is no longer highly probable but
\nstill expected to occur, the hedge gains and losses that were
\npreviously recognised in other comprehensive income remain
\nin equity until the transaction affects profit or loss. As soon
\nas the forecast transaction is no longer expected to occur, any
\ngain or loss is immediately recognised in profit or loss as a
\nreclassification adjustment.
\nCertain derivative financial instruments do not qualify for hedge
\naccounting. Changes to the fair value of derivative financial
\ninstruments that do not qualify for hedge accounting are
\nimmediately recognised in profit or loss under \u2018Finance income\u2019
\nor \u2018Finance costs\u2019.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag53": {
"value": "\nO. Revenue
\nRevenue is recognised based on a five-step model. Revenue from
\nthe supply of goods or services is recognised in an amount that
\nreflects the consideration to which Colruyt Group expects to be
\nentitled.
\nColruyt Group supplies goods, either food or non-food, through
\ndifferent sales channels.
\nRevenue from the sale of goods \u2013 \u2018Retail\u2019
\nThe sale of goods in the \u2018Retail\u2019 segment, at the cash desk or
\nonline, is limited to one single transaction, i.e. the sale of goods at
\n
\n\nthe cash desk or online. There is only one performance obligation
\nwithin this context and revenue is recognised when control over
\nthe goods is transferred to the customer.
\nFor certain products or services, such as phone cards and tickets
\nfor amusement parks, Colruyt Group acts as an agent. Therefore,
\nonly the commission is included in the revenue.
\nRevenue from the sale of gift cards and gift certificates is
\nrecognised when the gift card or gift certificate is redeemed by
\nthe customer.
\nThe transaction price is affected by a number of rebate
\nmechanisms, which are recognised as variable considerations and
\nare included in profit or loss at the time of the sale of the goods.
\nRevenue from the sale of goods \u2013 \u2018Wholesale and
\nFoodservice\u2019
\nRevenue from the sale of goods in the \u2018Wholesale and
\nFoodservice\u2019 segment is recognised upon delivery to, or pick-up
\nby, the \u2018Wholesale and Foodservice\u2019 customer. To determine the
\ntransaction price Colruyt Group uses collaboration arrangements.
\nAny rebates granted to the \u2018Wholesale and Foodservice\u2019 customer
\nare deducted from the sales price.
\nRevenue from the sale of goods \u2013 \u2018Other activities\u2019
\nRevenue from the \u2018Other activities\u2019 segment mainly relates
\nto revenue from the sale of fuel, the supply of printing and
\ndocument management solutions and energy-related activities.
\nThe sale of fuels is limited to one single transaction that is settled
\nat the pump. Any rebates granted are immediately deducted from
\nthe transaction price.
\nRevenue from services rendered
\nRevenue from services rendered other than those included under
\n\u2018Revenue from the sale of goods \u2013 \u2018Other activities\u2019\u2019, is assessed
\non a contractual basis to decide whether the performance
\nobligations are performed over time or at a specific moment in
\ntime.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag54": {
"value": "\n
\nP. Other operating income
\nRental income
\nRental income generated by ordinary leases or by operating
\nsubleases are recognised in \u2018Other operating income\u2019 on a
\nstraight-line basis over the term of the lease.
\n\nDividend income from financial assets and
\nfinance income
\nDividends received from financial assets are recognised in the
\nconsolidated income statement at the time of allocation. Finance
\nincome is recognised using the effective interest method. Fair
\nvalue adjustments of derivative financial instruments that do not
\nqualify for hedge accounting are immediately recognised in the
\nconsolidated income statement.
\n
\n\nOther operating income from remuneration
\nreceived
\nColruyt Group does not consider income from renewable energy,
\nservices rendered to third parties and revenue from waste
\nrecycling as part of its ordinary business activities. This item
\nrelates mainly to B2B revenues from the sale of energy, from the
\ncleaning of transport containers and from sales of waste products
\n(mainly plastic and cardboard).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag55": {
"value": "\nDividend income from financial assets and
\nfinance income
\nDividends received from financial assets are recognised in the
\nconsolidated income statement at the time of allocation. Finance
\nincome is recognised using the effective interest method. Fair
\nvalue adjustments of derivative financial instruments that do not
\nqualify for hedge accounting are immediately recognised in the
\nconsolidated income statement.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag56": {
"value": "\n
\nQ. Expenses
\nIncentives from suppliers
\nIncentives from suppliers are recognised net of expenses.
\nIf such incentives are specifically received for the reimbursement
\nof specific publicity expenses incurred, the reimbursements are
\ndeducted from those specific expenses. In all other cases the
\nreimbursements are recognised as a deduction from cost of
\ngoods sold.
\nRental payments
\nPayments made for short-term leases or leases of low-value
\nassets are recognised in profit or loss on a straight-line basis over
\nthe term of the lease.
\n\n
\n\n\n\nFinance costs
\nFinance costs relate to interest on loans, interest on repayments
\nof lease liabilities, fair value adjustments of financial assets at fair
\nvalue through profit or loss and adjustments for the time value
\nof liabilities. Interest expenses are recognised using the effective
\ninterest method.
\nFair value adjustments of derivative financial instruments that do
\nnot qualify for hedge accounting are immediately recognised in
\nthe consolidated income statement.
\nAll other finance costs are recognised when incurred.
\n\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag57": {
"value": "\n
\n\n\n\nFinance costs
\nFinance costs relate to interest on loans, interest on repayments
\nof lease liabilities, fair value adjustments of financial assets at fair
\nvalue through profit or loss and adjustments for the time value
\nof liabilities. Interest expenses are recognised using the effective
\ninterest method.
\nFair value adjustments of derivative financial instruments that do
\nnot qualify for hedge accounting are immediately recognised in
\nthe consolidated income statement.
\nAll other finance costs are recognised when incurred.
\n\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag58": {
"value": "\n\n\nFinance costs
\nFinance costs relate to interest on loans, interest on repayments
\nof lease liabilities, fair value adjustments of financial assets at fair
\nvalue through profit or loss and adjustments for the time value
\nof liabilities. Interest expenses are recognised using the effective
\ninterest method.
\nFair value adjustments of derivative financial instruments that do
\nnot qualify for hedge accounting are immediately recognised in
\nthe consolidated income statement.
\nAll other finance costs are recognised when incurred.
\n\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag59": {
"value": "\nFinance costs
\nFinance costs relate to interest on loans, interest on repayments
\nof lease liabilities, fair value adjustments of financial assets at fair
\nvalue through profit or loss and adjustments for the time value
\nof liabilities. Interest expenses are recognised using the effective
\ninterest method.
\nFair value adjustments of derivative financial instruments that do
\nnot qualify for hedge accounting are immediately recognised in
\nthe consolidated income statement.
\nAll other finance costs are recognised when incurred.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag60": {
"value": "\n
\nR. Income tax expense
\nIncome tax for the financial year comprises current and deferred
\ntaxes and is presented in accordance with IAS 12, \u2018Income Taxes\u2019.
\nTaxes are presented in profit or loss, except for taxes that relate
\nto transactions not recognised in the consolidated income
\nstatement or that relate to a business combination.
\nCurrent tax is the expected tax payable on the taxable profit
\nfor the financial year, using tax rates and tax laws enacted or
\nenacted substantively at the end of the reporting period, and
\nany adjustment to tax payable (or receivable) in respect of
\nprevious years. These taxes are calculated in accordance with the
\nrespective tax laws applicable in all countries in which Colruyt
\nGroup operates.
\n\nDeferred taxes are calculated using \u2018the balance sheet liability
\nmethod\u2019, providing for temporary differences between the tax
\nbase of the assets and liabilities and the carrying amount of
\nassets and liabilities in the consolidated statement of financial
\nposition. The following differences are however not provided
\nfor: the initial recognition of goodwill, the initial recognition of
\ndifferences on assets or liabilities that are not resulting from a
\nbusiness combination and that do not affect profit before tax
\nor taxable profit and the differences relating to investments in
\nsubsidiaries, associates and joint ventures to the extent that
\nthe group is able to assess the timing of the expiration of the
\ntemporary differences and that it is probable that they will not be
\nreversed in the near future.
\nDeferred taxes are calculated using tax rates and tax laws enacted
\nor substantively enacted at the reporting date. A deferred tax
\nasset is recognised in the consolidated statement of financial
\nposition only to the extent that it is probable that taxable profits
\nwill be available in the near future against which the deductible
\ntemporary differences, unused tax losses and credits can be
\nutilised. Deferred tax assets are reduced to the extent that it is no
\nlonger probable that the related tax benefit will be realised.
\n
\n\nAdditional income taxes that arise from the distribution of
\ndividends or gains on shares in subsidiaries are only recognised
\nrespectively at the moment of the decision to pay the related
\ndividend and at the moment of the decision of the realisation of
\nthe gain.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag61": {
"value": "\nDeferred taxes are calculated using \u2018the balance sheet liability
\nmethod\u2019, providing for temporary differences between the tax
\nbase of the assets and liabilities and the carrying amount of
\nassets and liabilities in the consolidated statement of financial
\nposition. The following differences are however not provided
\nfor: the initial recognition of goodwill, the initial recognition of
\ndifferences on assets or liabilities that are not resulting from a
\nbusiness combination and that do not affect profit before tax
\nor taxable profit and the differences relating to investments in
\nsubsidiaries, associates and joint ventures to the extent that
\nthe group is able to assess the timing of the expiration of the
\ntemporary differences and that it is probable that they will not be
\nreversed in the near future.
\nDeferred taxes are calculated using tax rates and tax laws enacted
\nor substantively enacted at the reporting date. A deferred tax
\nasset is recognised in the consolidated statement of financial
\nposition only to the extent that it is probable that taxable profits
\nwill be available in the near future against which the deductible
\ntemporary differences, unused tax losses and credits can be
\nutilised. Deferred tax assets are reduced to the extent that it is no
\nlonger probable that the related tax benefit will be realised.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag62": {
"value": "\nS. Transfer pricing
\nThe prices for transactions between subsidiaries, associates, joint
\nventures and therefore also between operating segments are
\nconducted on an objective, at arm\u2019s length basis.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag63": {
"value": "\nT. Events after the reporting date
\nEvents after the reporting date, which provide additional
\ninformation concerning the situation of Colruyt Group at
\nthe reporting date (\u2018adjusting events\u2019) are recognised in the
\nconsolidated financial statements. Other events after the
\nreporting date (\u2018non-adjusting events\u2019) are only mentioned in
\nthe notes to the consolidated financial statements if they are
\nconsidered to be important.
\n
\n\n32. Events after the reporting date
\nDuring an extraordinary works council held on 19 April 2023, Dreamland and Dreambaby announced their intention to restructure, to which the Procedure Renault applies. Dreamland
\nand Dreambaby together employ about 1.100 employees. The intention to restructure affected 192 employees and also implied the closure of a limited number of stores (1 Dreamland
\nstore and 5 Dreambaby stores). The first stage (information and consultation stage) of the Procedure Renault was completed at the end of May. Subsequently, on 26 May 2023, the
\nBoard of Directors of Dreamland and Dreambaby decided to proceed with the collective dismissal of 151 employees in total. As a people-oriented employer, Colruyt Group will make
\nmaximum efforts to provide professional reorientation within the group to reduce the number of redundancies.
\nIn addition, on 19 April 2023, Colruyt Group reached a principle agreement with ToyChamp whereby ToyChamp would obtain 75% of the shares of Dreamland and thus gain control
\nover Dreamland. Dreamland will continue to exist; as a brand, as a legal entity and as an employer. The current management of Dreamland remains on board. The principle agreement
\nwas recently developed further and converted into a final agreement. Completion of the transaction is expected in the third quarter of the financial year 2023/24 and will have a
\nlimited one-off effect on the net result of the financial year 2023/24 (still highly subject to further developments between the closing of the financial year, i.e. 31 March 2023, and the
\ncompletion of the transaction).
\nIn the current annual report relating to the financial year 2022/23, Dreamland is not presented as a discontinued operation with assets and related liabilities reclassified as held for
\nsale as required by IFRS 5, \u2018Assets Held for Sale and Discontinued Operations\u2019. As per 31 March 2023 important conditions have not been met, management states that the assets and
\nliabilities to be held for sale are not yet available for immediate sale in their present condition.
\nAt closing of the transaction, Dreamland will no longer be fully consolidated in the consolidated figures of Colruyt Group. The group will in that case act in accordance with the
\napplicable regulations and communicate on further developments.
\n
\n\nOn 1 June 2023, Colruyt Group and Virya Energy NV reached an agreement to fully integrate DATS 24 NV into Virya Energy NV. The transaction is based on an enterprise value of EUR
\n56 million, plus a potential earn-out consideration of up to EUR 11 million. Following this transaction, Colruyt Group\u2019s cash flow statement is expected to include a cash inflow of
\napproximately the same order of magnitude (inter alia after settlement of intragroup positions and net of cash and cash equivalents disposed of, which in total are estimated at
\napproximately EUR 25 million \u2013 based on preliminary figures per 31 March 2023). Furthermore, this transaction is expected to result in a limited one-off impact on the net result of the
\nfinancial year 2023/24. Both are subject to the customary post-closing purchase price adjustments. Additionally, certain assets have been transferred from Colruyt Group for a total of
\nEUR 6 million. Arm\u2019s length principles were applied for the valuation.
\nAs of June 2023, DATS 24 will no longer be fully consolidated by Colruyt Group, but by Virya Energy NV. This means that as of June 2023, the results of DATS 24 will be accounted for in
\nColruyt Group\u2019s consolidated figures via Virya Energy NV using the equity method.
\nThe fuel distribution activities in France are inseparably connected to, and therefore an integral part of, the stores in France and are not included in this transaction.
\nThe necessary measures have been taken in view of the conflict of interest rules.
\nOn 2 February 2023, Colruyt Group reached agreement to acquire 100% of the shares of Degrenne Distribution, owned by the Degrenne family. The acquisition is subject to the
\nsuspensive condition of approval by the French Competition Authority as well as by the French Ministry of Economy and Finance under the international investment law.
\nThe necessary approvals have been obtained and the transaction has been finalised at the beginning of July 2023. Degrenne Distribution will be fully consolidated in the course of
\nfinancial year 2023/24. Both parties have agreed not to disclose any details regarding the price or any other terms of the transaction. Arm\u2019s length principles were applied for the
\nvaluation. At the date of approval of the annual report, Colruyt Group did not yet have all the information to determine goodwill.
\nAfter period-end, 397.921 treasury shares were purchased for an amount of EUR 12,2 million. On 9 June 2023, Colruyt Group held 7.085.901 treasury shares, which represented 5,28% of
\nthe total number of shares issued.
\nThere were no further significant events after the balance sheet date.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag361": {
"value": "\n
\n\n2. Segment information
\nColruyt Group reports its operating segments based on the nature
\nof its activities. In addition to the information on the operating
\nsegments, Colruyt Group also provides geographical information on
\nthe regions in which it operates.
\n2.1. Operating segments
\nColruyt Group distinguishes three operating segments within its
\nactivities.
\nSince Colruyt Group refers to its CEO as the \u2018chief operating
\ndecision maker\u2019 (CODM), the operating segments, taking into
\naccount the operating characteristics of each activity, are based
\non the information provided to the CEO. Colruyt Group calculates
\nits earnings from operating activities (EBIT) at segment level and
\nrecognises it in accordance with international financial reporting
\nstandards (IFRS). Assets and liabilities are not reported to the CODM
\nby segment.
\nTwo key business segments have been identified: \u2018Retail\u2019 and
\n\u2018Wholesale and Foodservice\u2019. The difference between both
\noperating segments can be found in differences in markets and
\nbusiness models. The other identifiable segments do not meet
\nthe quantitative thresholds determined by IFRS 8, \u2018Operating
\nsegments\u2019, and were therefore reported together under the
\noperating segment \u2018Other activities\u2019. The group support activities
\ncombine various departments and supply services to the different
\nbrands within Colruyt Group. These activities include marketing and
\ncommunication, IT, human resources and recruitment, finance and
\nother central services. The costs of group support activities and the
\nresult of their internal cross-charging are, to the extent possible,
\nallocated to the reported segments.
\nGiven that in 2022/23 the CODM monitored the performance for
\nthe full year and allocated resources including the discontinued
\noperations as part of the \u2018Other activities\u2019, the discontinued
\noperations are reported as part of the segment \u2018Other activities\u2019 in
\nline with previous financial years.
\nRetail
\nStores under Colruyt Group\u2019s own management which directly sell
\nto retail customers and bulk consumers. The filling stations in
\nFrance are also included in this segment as they are inseparably
\nconnected to, and therefore an integral part of, the stores in France.
\nWholesale and foodservice
\nSupply to wholesalers, commercial customers and affiliated
\nindependent merchants.
\nOther activities
\nFilling stations in Belgium, printing and document management
\nand sustainable energy. The filling stations in Belgium are
\npresented in a separate segment, as opposed to the filling stations
\nin France, the reason being that the former, which have their own
\ncommercial objectives and energy strategy, can be identified
\nseparately from the stores in Belgium.
\nThe results of an operating segment contain elements which are
\ndirectly attributable or which are reasonably attributable to the
\noperating segments.
\nThe revenues of each operating segment include revenues from
\nsales to external customers and revenues from transactions with
\nother operating segments. More information can be found under
\nnote 3.1. Revenue by cash-generating unit.
\nThe results of the operating segments are evaluated based on
\noperating profit (EBIT).
\nThe financial result and income taxes are managed at Colruyt Group
\nlevel and are not allocated to the operating segments.
\nNon-cash items in the income statement consist mainly of
\ndepreciation and amortisation, impairment of non-current assets,
\nprovisions and impairment of current assets. The line items
\n\u2018Depreciation and amortisation\u2019 and \u2018Impairment of non-current
\nassets\u2019 are the most significant ones and are therefore included in
\nthe segment information.
\nThe operating segment information and Colruyt Group\u2019s
\nconsolidated figures can be reconciled by adding the information
\nin the different operating segments with the non-allocated
\nelements - including group support activities - eliminations within
\nColruyt Group and reclassification to discontinued operations.
\nGiven the nature of its activities, Colruyt Group does not rely on a
\nlimited number of major customers.
\n
\n\n
\n\n
\n\n(in million EUR)
\nRetail
\n 2022/23
\n(1)
\nWholesale
\nand
\nFoodservice
\n2022/23
\nOther activities
\n2022/23
\nOperating
\nsegments
\n2022/23
\nRevenue - external 8.749,9 1.161,3 908,4 10.819,6
\nRevenue \u2013 internal 72,3 21,6 20,5 114,4
\nOperating profit (EBIT) 242,7 37,9 26,9 307,5
\nShare in the result of investments accounted for using the equity method (4,9) - 3,7 (1,2)
\nAcquisition of property, plant and equipment and intangible assets
\n(2)
\n335,8 22,9 18,0 376,7
\nDepreciation and amortisation 293,3 23,1 11,6 328,0
\nImpairment of non-current assets 32,8 0,1 0,3 33,2
\n(in million EUR)
\nOperating
\nsegments
\n2022/23
\nUnallocated
\n2022/23
\nEliminations
\nbetween
\noperating
\nsegments &
\nreclassification
\nto discontinued
\noperations
\n(3)
\n2022/23
\nConsolidated
\n2022/23
\nRevenue - external 10.819,6 - (886,0) 9.933,6
\nRevenue \u2013 internal 114,4 - (114,4) -
\nOperating profit (EBIT) 307,5 (29,0) (27,6) 250,9
\nShare in the result of investments accounted for using the equity method (1,2) 2,9 - 1,7
\nNet financial result (10,8)
\nIncome tax expense (62,2)
\nProfit for the financial year from continuing operations 179,6
\nAcquisition of property, plant and equipment and intangible assets
\n(2)
\n376,7 86,3 - 463,0
\nDepreciation and amortisation 328,0 45,4 (7,5) 365,9
\nImpairment of non-current assets 33,2 0,2 - 33,4
\n(1) Includes Roelandt Group since January 2022, Jims since May 2021 and Newpharma for the period from October to December 2022. Since October 2022, Newpharma has been fully consolidated and no longer accounted for as an associate using the equity method.
\n(2) Acquisition of property, plant and equipment and intangible assets does not include acquisitions through business combinations, right-of-use assets and changes in consolidation method.
\n(3) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n\n
\n\n
\n\nImpairments amounting to EUR 27,9 million were realised on property, plant and equipment and intangible assets, mainly related to the loss-making activities of Dreamland and Dreambaby.
\n(in million EUR)
\nRetail
\n2021/22
\n(1)
\nWholesale and
\nFoodservice
\n2021/22
\nOther activities
\n2021/22
\nOperating
\nsegments
\n2021/22
\nRevenue - external 8.164,9 1.065,0 819,4 10.049,3
\nRevenue \u2013 internal 68,4 17,2 13,5 99,1
\nOperating profit (EBIT) 351,7 51,1 14,1 416,9
\nShare in the result of investments accounted for using the equity method (0,7) - 4,6 3,9
\nAcquisition of property, plant and equipment and intangible assets
\n(2)
\n369,1 25,5 20,8 415,4
\nDepreciation and amortisation 274,1 20,7 12,2 307,0
\nImpairment of non-current assets 6,1 - 0,1 6,2
\n(in million EUR)
\nOperating
\nsegments
\n2021/22
\nUnallocated
\n2021/22
\nEliminations
\nbetween
\noperating
\nsegments &
\nreclassification
\nto discontinued
\noperations
\n(3)
\n2021/22
\nConsolidated
\n2021/22
\nRevenue \u2013 external 10.049,3 - (798,2) 9.251,1
\nRevenue \u2013 internal 99,1 - (99,1) -
\nOperating profit (EBIT) 416,9 (41,7) (12,1) 363,1
\nShare in the result of investments accounted for using the equity method 3,9 2,1 - 6,0
\nNet financial result 1,5
\nIncome tax expense (92,6)
\nProfit for the financial year from continuing operations 278,0
\nAcquisition of property, plant and equipment and intangible assets
\n(2)
\n415,4 72,1 - 487,5
\nDepreciation and amortisation 307,0 51,8 (8,5) 350,3
\nImpairment of non-current assets 6,2 0,4 - 6,6
\n(1) Includes Roelandt Group as of January 2022 and Jims as of May 2021.
\n(2) Acquisition of property, plant and equipment and intangible assets does not include acquisitions through business combinations, right-of-use assets and changes in consolidation method.
\n(3) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n\n
\n\n2.2. Geographical information
\nAs 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
\ninformation represents the contribution in Colruyt Group of the countries in which the entities are domiciled and contains all of Colruyt Group\u2019s entities which are active in the
\noperating segments, as well as in the group support activities.
\nThe main geographical locations are Belgium (location of the Company and many of its subsidiaries; these are active in all operating segments and in the group support activities),
\nFrance (these entities are active in the operating segments 'Retail', 'Wholesale and Foodservice' and in the group support activities) and other countries. See note 34. List of consolidated
\nentities for the location of entities.
\nGeographical information
\n(in million EUR)
\nBelgium France Other Total
\n2022/23 2021/22
\n(1)
\n2022/23 2021/22
\n(1)
\n2022/23 2021/22
\n(1)
\n2022/23 2021/22
\n(1)
\nRevenue 9.076,1 8.467,9 780,7 712,0 76,8 71,2 9.933,6 9.251,1
\nAcquisitions of property, plant and equipment and intangible assets
\n391,3 438,1 67,2 44,5 4,5 4,9 463,0 487,5
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag362": {
"value": "\n2. Segment information
\nColruyt Group reports its operating segments based on the nature
\nof its activities. In addition to the information on the operating
\nsegments, Colruyt Group also provides geographical information on
\nthe regions in which it operates.
\n2.1. Operating segments
\nColruyt Group distinguishes three operating segments within its
\nactivities.
\nSince Colruyt Group refers to its CEO as the \u2018chief operating
\ndecision maker\u2019 (CODM), the operating segments, taking into
\naccount the operating characteristics of each activity, are based
\non the information provided to the CEO. Colruyt Group calculates
\nits earnings from operating activities (EBIT) at segment level and
\nrecognises it in accordance with international financial reporting
\nstandards (IFRS). Assets and liabilities are not reported to the CODM
\nby segment.
\nTwo key business segments have been identified: \u2018Retail\u2019 and
\n\u2018Wholesale and Foodservice\u2019. The difference between both
\noperating segments can be found in differences in markets and
\nbusiness models. The other identifiable segments do not meet
\nthe quantitative thresholds determined by IFRS 8, \u2018Operating
\nsegments\u2019, and were therefore reported together under the
\noperating segment \u2018Other activities\u2019. The group support activities
\ncombine various departments and supply services to the different
\nbrands within Colruyt Group. These activities include marketing and
\ncommunication, IT, human resources and recruitment, finance and
\nother central services. The costs of group support activities and the
\nresult of their internal cross-charging are, to the extent possible,
\nallocated to the reported segments.
\nGiven that in 2022/23 the CODM monitored the performance for
\nthe full year and allocated resources including the discontinued
\noperations as part of the \u2018Other activities\u2019, the discontinued
\noperations are reported as part of the segment \u2018Other activities\u2019 in
\nline with previous financial years.
\nRetail
\nStores under Colruyt Group\u2019s own management which directly sell
\nto retail customers and bulk consumers. The filling stations in
\nFrance are also included in this segment as they are inseparably
\nconnected to, and therefore an integral part of, the stores in France.
\nWholesale and foodservice
\nSupply to wholesalers, commercial customers and affiliated
\nindependent merchants.
\nOther activities
\nFilling stations in Belgium, printing and document management
\nand sustainable energy. The filling stations in Belgium are
\npresented in a separate segment, as opposed to the filling stations
\nin France, the reason being that the former, which have their own
\ncommercial objectives and energy strategy, can be identified
\nseparately from the stores in Belgium.
\nThe results of an operating segment contain elements which are
\ndirectly attributable or which are reasonably attributable to the
\noperating segments.
\nThe revenues of each operating segment include revenues from
\nsales to external customers and revenues from transactions with
\nother operating segments. More information can be found under
\nnote 3.1. Revenue by cash-generating unit.
\nThe results of the operating segments are evaluated based on
\noperating profit (EBIT).
\nThe financial result and income taxes are managed at Colruyt Group
\nlevel and are not allocated to the operating segments.
\nNon-cash items in the income statement consist mainly of
\ndepreciation and amortisation, impairment of non-current assets,
\nprovisions and impairment of current assets. The line items
\n\u2018Depreciation and amortisation\u2019 and \u2018Impairment of non-current
\nassets\u2019 are the most significant ones and are therefore included in
\nthe segment information.
\nThe operating segment information and Colruyt Group\u2019s
\nconsolidated figures can be reconciled by adding the information
\nin the different operating segments with the non-allocated
\nelements - including group support activities - eliminations within
\nColruyt Group and reclassification to discontinued operations.
\nGiven the nature of its activities, Colruyt Group does not rely on a
\nlimited number of major customers.
\n
\n",
"dimensions": {
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag363": {
"value": "\n(in million EUR)
\nRetail
\n 2022/23
\n(1)
\nWholesale
\nand
\nFoodservice
\n2022/23
\nOther activities
\n2022/23
\nOperating
\nsegments
\n2022/23
\nRevenue - external 8.749,9 1.161,3 908,4 10.819,6
\nRevenue \u2013 internal 72,3 21,6 20,5 114,4
\nOperating profit (EBIT) 242,7 37,9 26,9 307,5
\nShare in the result of investments accounted for using the equity method (4,9) - 3,7 (1,2)
\nAcquisition of property, plant and equipment and intangible assets
\n(2)
\n335,8 22,9 18,0 376,7
\nDepreciation and amortisation 293,3 23,1 11,6 328,0
\nImpairment of non-current assets 32,8 0,1 0,3 33,2
\n(in million EUR)
\nOperating
\nsegments
\n2022/23
\nUnallocated
\n2022/23
\nEliminations
\nbetween
\noperating
\nsegments &
\nreclassification
\nto discontinued
\noperations
\n(3)
\n2022/23
\nConsolidated
\n2022/23
\nRevenue - external 10.819,6 - (886,0) 9.933,6
\nRevenue \u2013 internal 114,4 - (114,4) -
\nOperating profit (EBIT) 307,5 (29,0) (27,6) 250,9
\nShare in the result of investments accounted for using the equity method (1,2) 2,9 - 1,7
\nNet financial result (10,8)
\nIncome tax expense (62,2)
\nProfit for the financial year from continuing operations 179,6
\nAcquisition of property, plant and equipment and intangible assets
\n(2)
\n376,7 86,3 - 463,0
\nDepreciation and amortisation 328,0 45,4 (7,5) 365,9
\nImpairment of non-current assets 33,2 0,2 - 33,4
\n(1) Includes Roelandt Group since January 2022, Jims since May 2021 and Newpharma for the period from October to December 2022. Since October 2022, Newpharma has been fully consolidated and no longer accounted for as an associate using the equity method.
\n(2) Acquisition of property, plant and equipment and intangible assets does not include acquisitions through business combinations, right-of-use assets and changes in consolidation method.
\n(3) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n\nImpairments amounting to EUR 27,9 million were realised on property, plant and equipment and intangible assets, mainly related to the loss-making activities of Dreamland and Dreambaby.
\n(in million EUR)
\nRetail
\n2021/22
\n(1)
\nWholesale and
\nFoodservice
\n2021/22
\nOther activities
\n2021/22
\nOperating
\nsegments
\n2021/22
\nRevenue - external 8.164,9 1.065,0 819,4 10.049,3
\nRevenue \u2013 internal 68,4 17,2 13,5 99,1
\nOperating profit (EBIT) 351,7 51,1 14,1 416,9
\nShare in the result of investments accounted for using the equity method (0,7) - 4,6 3,9
\nAcquisition of property, plant and equipment and intangible assets
\n(2)
\n369,1 25,5 20,8 415,4
\nDepreciation and amortisation 274,1 20,7 12,2 307,0
\nImpairment of non-current assets 6,1 - 0,1 6,2
\n(in million EUR)
\nOperating
\nsegments
\n2021/22
\nUnallocated
\n2021/22
\nEliminations
\nbetween
\noperating
\nsegments &
\nreclassification
\nto discontinued
\noperations
\n(3)
\n2021/22
\nConsolidated
\n2021/22
\nRevenue \u2013 external 10.049,3 - (798,2) 9.251,1
\nRevenue \u2013 internal 99,1 - (99,1) -
\nOperating profit (EBIT) 416,9 (41,7) (12,1) 363,1
\nShare in the result of investments accounted for using the equity method 3,9 2,1 - 6,0
\nNet financial result 1,5
\nIncome tax expense (92,6)
\nProfit for the financial year from continuing operations 278,0
\nAcquisition of property, plant and equipment and intangible assets
\n(2)
\n415,4 72,1 - 487,5
\nDepreciation and amortisation 307,0 51,8 (8,5) 350,3
\nImpairment of non-current assets 6,2 0,4 - 6,6
\n(1) Includes Roelandt Group as of January 2022 and Jims as of May 2021.
\n(2) Acquisition of property, plant and equipment and intangible assets does not include acquisitions through business combinations, right-of-use assets and changes in consolidation method.
\n(3) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n",
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"Tag364": {
"value": "\n
\n
\n3. Revenue and gross profit
\n\n(in million EUR) 2022/23 2021/22
\n(1)
\nRevenue 9.933,6 9.251,1
\nCost of goods sold (7.074,2) (6.546,4)
\nGross profit 2.859,4 2.704,7
\nAs a % of revenue 28,8% 29,2%
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n\n
\n3.1. Revenue by cash-generating unit
\n(in million EUR) 2022/23 2021/22
\n(1)(2)
\nRetail Food
\n(3)
\n8.145,5 7.642,3
\n Colruyt Belgium and Luxembourg
\n(4)(5)
\n6.435,7 6.019,4
\n Okay, Bio-Planet and Cru 1.056,3 1.031,3
\n Colruyt France and DATS 24 France 653,5 591,6
\nRetail Non-food
\n(3)(6)
\n604,4 522,6
\nTransactions with other operating segments 72,3 68,4
\nRetail 8.822,2 8.233,3
\nWholesale 944,5 911,0
\nFoodservice 216,8 154,0
\nTransactions with other operating segments 21,6 17,2
\nWholesale and Foodservice 1.182,9 1.082,2
\nDATS 24 Belgium 886,0 798,2
\nPrinting and document management solutions 22,4 21,2
\nTransactions with other operating segments 20,5 13,5
\nOther activities 928,9 832,9
\nTotal operating segments 10.934,0 10.148,4
\nEliminations between operating segments (114,4) (99,1)
\nReclassification to discontinued operations
\n(1)
\n(886,0) (798,2)
\nConsolidated 9.933,6 9.251,1
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n(2) The revenue from the Dreamland and Dreambaby webshops realised by Colruyt, Okay and Bio-Planet stores is presented under Retail Non-food as of financial year 2022/23. The figures for financial year 2021/22 were also adjusted accordingly.
\n(3) The subtotals \u2018Food\u2019 and \u2018Non-food\u2019 within the operating segment \u2018Retail\u2019 are for information purposes only.
\n(4) Including the revenue from the Collect&Go and Bio-Planet webshops realised by Colruyt stores.
\n(5) Including the revenue from Roelandt Group (as of January 2022).
\n(6) Including the revenue from Dreamland and Dreambaby, Bike Republic, The Fashion Society, Jims (since May 2021) and Newpharma (period from October to December 2022).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag365": {
"value": "\n(in million EUR) 2022/23 2021/22
\n(1)
\nRevenue 9.933,6 9.251,1
\nCost of goods sold (7.074,2) (6.546,4)
\nGross profit 2.859,4 2.704,7
\nAs a % of revenue 28,8% 29,2%
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag366": {
"value": "\n\n\n4. Other operating income and expenses
\n
\n\n(in million EUR) 2022/23 2021/22
\n(1)
\nRental and rental-related income 14,3 13,2
\nGains on disposal of non-current assets 10,0 6,9
\nRemuneration received 97,5 87,2
\nOther 26,7 28,2
\nTotal other operating income 148,5 135,5
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\nRemuneration received includes, amongst others, income from services rendered to third parties and revenue from waste recycling.
\n
\n\n\n(in million EUR) 2022/23 2021/22
\n(1)
\nOperating taxes 10,2 13,1
\nProperty withholding tax 15,6 15,0
\nLosses on disposal of non-current assets 0,7 2,4
\nOther 2,5 4,7
\nTotal other operating expenses 29,0 35,2
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag367": {
"value": "\n\n4. Other operating income and expenses
\n
\n\n(in million EUR) 2022/23 2021/22
\n(1)
\nRental and rental-related income 14,3 13,2
\nGains on disposal of non-current assets 10,0 6,9
\nRemuneration received 97,5 87,2
\nOther 26,7 28,2
\nTotal other operating income 148,5 135,5
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\nRemuneration received includes, amongst others, income from services rendered to third parties and revenue from waste recycling.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag368": {
"value": "\n4. Other operating income and expenses
\n
\n\n(in million EUR) 2022/23 2021/22
\n(1)
\nOperating taxes 10,2 13,1
\nProperty withholding tax 15,6 15,0
\nLosses on disposal of non-current assets 0,7 2,4
\nOther 2,5 4,7
\nTotal other operating expenses 29,0 35,2
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag369": {
"value": "\n
\n
\n\n5. Services and miscellaneous goods
\n
\n(in million EUR) 2022/23 2021/22
\n(1)
\nRental and rental-related charges 35,4 25,3
\nMaintenance and repairs 86,1 79,1
\nUtilities 102,5 73,3
\nLogistic expenses 177,6 138,6
\nFees, IT and IT-related expenses 210,1 194,6
\nAdministration, marketing and other expenses 104,8 101,3
\nImpairment of current assets 0,9 (0,3)
\nTotal services and miscellaneous goods 717,4 611,9
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\nHigh and volatile energy prices impact utilities and logistics expenses.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"Tag370": {
"value": "\n5. Services and miscellaneous goods
\n
\n(in million EUR) 2022/23 2021/22
\n(1)
\nRental and rental-related charges 35,4 25,3
\nMaintenance and repairs 86,1 79,1
\nUtilities 102,5 73,3
\nLogistic expenses 177,6 138,6
\nFees, IT and IT-related expenses 210,1 194,6
\nAdministration, marketing and other expenses 104,8 101,3
\nImpairment of current assets 0,9 (0,3)
\nTotal services and miscellaneous goods 717,4 611,9
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\nHigh and volatile energy prices impact utilities and logistics expenses.
\n
\n\nImpairments amounting to EUR 22,2 million were realised, mainly related to the loss-making operations of Dreamland and Dreambaby.
\n
\n\nOn property, plant and equipment an impairment loss of EUR 12,0 million was recognised, mainly relating to the loss-making operations of Dreamland and Dreambaby, and the
\nexpansion, relocation and renovation of existing stores. The impairment loss is included in the income statement of the current reporting period under \u2018Depreciation, amortisation and
\nimpairment of non-current assets\u2019 within the operating segments \u2018Retail\u2019, \u2018Wholesale and Foodservice\u2019 and \u2018Other activities\u2019.
\n\n\nThe movement in impairments on trade and other receivables is as follows:
\n(in million EUR)
\nImpairment
\ntrade receivables
\nImpairment
\nother receivables
\n2022/23 2021/22 2022/23 2021/22
\nAt 1 April (15,6) (17,6) (0,8) (0,7)
\nAddition (14,3) (18,3) (0,1) (0,1)
\nReversal 12,7 18,7 0,2 -
\nUse 4,5 1,6 0,2 -
\nReclassification to assets from discontinued operations
\n(1)
\n1,0 - - -
\nAt 31 March (11,7) (15,6) (0,5) (0,8)
\n(1) See note 16 for more information on assets from discontinued operations.
\n\n",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"Tag371": {
"value": "\n
\n
\n6. Employee benefit expenses
\n(in million EUR) 2022/23 2021/22
\n(1)
\nWages and salaries
\n(2)
\n1.277,7 1.163,9
\nSocial security contributions 252,8 250,8
\nConsultants and interim personnel 120,7 105,5
\nProfit-sharing schemes for employees
\n(3)
\n1,1 27,5
\nContributions to defined contribution plans with a legally guaranteed minimum return 16,4 17,8
\nOther post-employment benefits 1,4 1,6
\nDiscount on capital increase reserved for personnel 1,2 1,3
\nOther personnel costs 46,4 43,6
\nCompensatory amounts (106,4) (138,8)
\nTotal employee benefit expenses 1.611,3 1.473,2
\nNumber of employees (FTEs) at reporting date
\n(4)
\n31.461 31.134
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n(2) Of which the Belgian salary pool for the financial year 2022/23 amounts to EUR 1.185,2 million (EUR 1.082,0 million for the financial year 2021/22).
\n(3) This line item consists of the full cost of the profit-sharing schemes, including the employer social security contributions.
\n(4) At 31/03/2023, there are 31.535 employees in FTE, discountinued operations included.
\nCapital increase reserved for employees
\nColruyt 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
\nincrease complies with Article 7:204 of the Code on Companies and Associations. During the most recent capital increase 1.489 employees subscribed to 238.500 shares,
\ncorresponding to a capital contribution of EUR 5,4 million. The discount granted on this transaction was EUR 1,2 million and is accounted for as an employee benefit.
\n2022/23 2021/22
\nNumber of shares subscribed 238.500 184.228
\nDiscount per share (in EUR) 5,2 6,8
\nTotal discount granted (in million EUR) 1,2 1,3
\nCompensatory amounts
\nEmployee benefit expenses are presented free of compensatory amounts. Compensatory amounts relate mainly to employee costs capitalised in the context of non-current
\nassets produced internally by Colruyt Group.
\nNumber of employees
\nThe 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,
\ninterim personnel, consultants and students working under specific student conditions are not included in these full-time equivalents.
\n
\n\n24. Non-current liabilities related to employee benefits
\n(in million EUR) 31.03.23 31.03.22
\nDefined contribution plans with a legally guaranteed minimum return 74,4 90,6
\nBenefits related to the \u2018Unemployment regime with company supplement\u2019 6,4 8,8
\nOther post-employment benefits 7,1 7,8
\nTotal 87,9 107,2
\nColruyt Group offers various types of post-employment benefits. These include retirement benefit plans and other arrangements in respect of post-employment benefits. In accordance
\nwith IAS 19, \u2018Employee Benefits\u2019, the post-employment benefits are subdivided into either defined contribution plans or defined benefit plans.
\n24.1. Defined contribution plans with a legally guaranteed minimum return
\nIn Belgium, the Law regarding supplementary pensions (\u2018WAP\u2019) requires employers to guarantee a minimum return on defined contribution plans over the course of the career. For
\namounts 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
\ninterest 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
\nof 3,75%. Since 2016 the minimum return has been 1,75%. For more details on the actuarial assumption used, we refer to the summary of the main actuarial assumptions used in
\ncalculating the liabilities related to the defined contribution plans with a legally guaranteed minimum return.
\nOwing 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
\nretirement 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
\n19 based on the \u2018projected unit credit\u2019 method.
\nThe amount resulting from the group\u2019s liabilities related to its defined contribution plans with a legally guaranteed minimum return, as recorded in the consolidated statement of
\nfinancial position, is as follows:
\n(in million EUR) 31.03.23 31.03.22
\nPresent value of the gross obligation under the defined contribution plans with a legally guaranteed minimum return 278,8 283,2
\nFair value of plan assets 204,4 192,6
\nDeficit/(surplus) of funded plans 74,4 90,6
\nTotal liability for employee benefits, of which:
\nPortion recognised as non-current liabilities 74,4 90,6
\nPortion recognised as non-current assets - -
\n\n\nThe 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:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 283,2 294,4
\nCurrent service cost 16,4 17,9
\nInterest expense 5,2 2,8
\nExperience adjustments 17,5 2,5
\nChange of financial assumptions (35,5) (28,4)
\nBenefit payments from plan assets (9,4) (7,2)
\nParticipant contributions 4,0 3,9
\nExpenses and taxes paid (2,6) (2,7)
\nAt 31 March 278,8 283,2
\nExperience adjustments also include the effects of wage index adjustments that occurred during the financial year. In financial year 2022/23, these were higher than expected.
\nPlan assets (EUR 204,4 million) are held with a third-party insurance company and consist of reserves accumulated by employer and employee contributions. They consist entirely of
\ninsured contracts with guaranteed returns.
\nThe evolution of the fair value of the plan assets is as follows:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 192,6 178,7
\nEmployer contributions 19,5 19,6
\nInterest income 3,7 1,8
\nReturn on plan assets (3,5) (1,6)
\nBenefit payments from plan assets (9,4) (7,2)
\nParticipant contributions 4,1 3,9
\nExpenses and taxes paid (2,6) (2,6)
\nAt 31 March 204,4 192,6
\n\n\nIn the next financial year, employer contributions of EUR 19,9 million are expected to be made to the defined contribution plans with a legally guaranteed minimum return.
\nThe average term of the liabilities for defined contribution plans with a legally guaranteed minimum return is 16,03 years vs 16,82 years in the previous year.
\nThe 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
\nstatement of comprehensive income can be summarised as follows:
\n(in million EUR) 31.03.23 31.03.22
\nTotal service cost
\n(1)
\n 16,4 17,9
\nNet interest cost
\n(2)
\n1,5 1,0
\nComponents recorded in the income statement 17,9 18,9
\nExperience adjustments 17,5 2,5
\nChange of financial assumptions (35,5) (28,4)
\nReturn on plan assets 3,5 1,6
\nComponents recorded in other comprehensive income (14,5) (24,3)
\n(1) Included under \u2018Employee benefit expenses\u2019 in the consolidated income statement.
\n(2) Included under \u2018Net financial result\u2019 in the consolidated income statement.
\nThe 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
\nsummarised as follows:
\n\u2022 discount rate: 3,75% vs 1,85% in previous financial year;
\n\u2022 price inflation: 2,20% vs 1,80% in previous financial year;
\n\u2022 salary inflation: 2,70% vs 2,30% in previous financial year.
\n\u2022 expected future minimum WAP return: 2,80% vs 1,75% in previous financial year.
\nApplication of the formula for calculating the WAP return has consistently led to a rate below the minimum rate since 2016. Since January 2022, the 10-year OLO rate has increased
\nfrom 0,29% to 3,00% at 31 March 2023. Based on OLO rates at longer maturities, the minimum legal yield is estimated at 2,80% at 31 March 2023.
\nDescription of the main risks
\nColruyt Group is exposed by its defined benefit plans to a number of risks, of which the most important ones are explained below:
\nVolatility of plan assets - investment risk
\nThe 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
\nbenefit liabilities on account of Colruyt Group may increase. Colruyt Group reduces the investment risk by investing in insurance contracts instead of equity instruments.
\nInterest risk
\nA 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.
\n\n\nLife expectancy
\nThe 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
\nin retirement benefit liabilities.
\nSalary expectancy
\nThe 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
\nin salary of the participants in the retirement benefit plan will lead to an increase in the retirement benefit liabilities.
\n24.2. Benefits related to \u2018Unemployment regime with company supplement\u2019
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 8,8 9,2
\nAddition
\n(1)
\n0,5 0,5
\nUse (0,5) (0,8)
\nNet interest expense
\n(2)
\n0,1 0,1
\nExperience adjustments
\n(3)
\n0,1 0,7
\nChange of financial assumptions
\n(3)
\n(2,6) (0,9)
\nAt 31 March 6,4 8,8
\n(1) Included under \u2018Employee benefit expenses\u2019 in the consolidated income statement.
\n(2) Included under \u2018Net financial result\u2019 in the consolidated income statement.
\n(3) Included in the consolidated statement of comprehensive income.
\nThe possibility to retire early, as it exists within Colruyt Group for employees of its Belgian entities, is based on the \u2018Unemployment regime with company supplement\u2019 applicable in
\nBelgium. The accounting policies in respect of the liabilities and costs related to this system are included under note 1.5. Other significant accounting policies.
\nColruyt Group regularly reviews the long-term assumptions in respect of these liabilities. For this financial year the following assumptions were used:
\n\u2022 discount rate: 3,75% vs 1,80% in previous financial year;
\n\u2022 salary inflation: 2,70% vs 2,30% in previous financial year.
\nThe weighted average duration of the liability for benefits under the \u2018Unemployment regime with company supplement\u2019 is 13,86 years, as compared to 15,39 years in the previous year.
\n\n\n24.3. Other post-employment benefits
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 7,8 9,5
\nAddition
\n(1)
\n 0,8 1,0
\nUse (0,6) (0,6)
\nNet interest expense
\n(2)
\n 0,1 0,2
\nExperience adjustments
\n(3)
\n0,3 (0,3)
\nChange of financial assumptions
\n(3)
\n (1,3) (0,6)
\nChange of demographic assumptions
\n(3)
\n- (1,4)
\nAt 31 March 7,1 7,8
\n(1) Included under \u2018Employee benefit expenses\u2019 in the consolidated income statement.
\n(2) Included under \u2018Net financial result\u2019 in the consolidated income statement.
\n(3) Included in the consolidated statement of comprehensive income.
\nOther post-employment benefits payable at retirement consist of long-service benefits (Belgian entities) and legal compensations (French and Indian entities).
\nFor the long-service benefits (Belgian entities), Colruyt Group uses the following parameters:
\n\u2022 discount rate: 3,75% vs 1,80% in previous financial year;
\n\u2022 salary inflation: 2,70% vs 2,30% in previous financial year.
\nFor the legally established benefits, the following parameters are used:
\n
\nFrench entities:
\n\u2022 discount rate: 3,75% vs 1,90% in previous financial year;
\n\u2022 salary inflation: 2,00% (same as previous financial year).
\nIndian entities:
\n\u2022 discount rate: 7,40% vs 6,90% in previous financial year;
\n\u2022 salary inflation: 10,00% (same as previous financial year).
\n\n\nChanges to the main assumptions impact the group\u2019s main employee benefits-related liabilities as follows:
\n(in million EUR)
\nDefined contribution plans
\nwith a legally guaranteed
\nminimum return
\nBenefits related to the
\n\u2018Unemployment regime with
\ncompany supplement\u2019
\nLong-service benefits
\n(Belgian entities)
\nLegally established benefits
\n(French and Indian entities)
\n31.03.23 31.03.22 31.03.23 31.03.22 31.03.23 31.03.22 31.03.23 31.03.22
\nBase scenario 74,4 90,6 6,4 8,8 3,2 3,9 3,9 3,9
\nDiscount rate + 0,5% 65,4 72,3 6,0 8,2 3,0 3,7 3,8 3,5
\nDiscount rate - 0,5% 89,2 111,3 6,8 9,5 3,4 4,2 4,0 4,1
\nSalary inflation + 0,5% 82,3 98,9 7,2 9,6 3,4 4,2 4,2 4,1
\nSalary inflation - 0,5% 66,6 83,0 5,9 7,9 3,0 3,7 3,6 3,5
\nThe above are purely hypothetical changes in individual assumptions, keeping all other assumptions unchanged: economic factors and their changes will often impact more than one
\nassumption 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.
\n\n",
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"Tag372": {
"value": "NV",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
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"Tag373": {
"value": "\n
\n\n
\n
\n7. Net financial result
\n(in million EUR) 2022/23 2021/22
\n(1)
\n\n
\n\nInterest income on customer and other loans 1,9 1,7
\nDividends received 4,1 4,7
\nInterest income on short-term bank deposits 1,1 0,2
\nInterest income on fixed-income securities and compound instruments at fair value through profit or loss 0,4 1,7
\nFair value adjustments to financial assets and liabilities at fair value through profit or loss 1,7 1,6
\nGains on disposal of financial assets 0,2 0,8
\nAdjustments for the time value of assets 0,3 0,2
\nExchange gains 0,3 0,3
\nOther 0,7 0,1
\nFinance income 10,7 11,3
\n
\n\n
\n\n\n
\n\nInterest expense on current and non-current loans 11,8 1,5
\nFair value adjustments to financial assets and liabilities at fair value through profit or loss 1,9 2,4
\nLosses on disposal of financial assets 0,9 0,7
\nAdjustment for the time value of liabilities 5,4 4,7
\nExchange losses 0,4 0,3
\nOther 1,1 0,2
\nFinance costs 21,5 9,8
\n
\n\n
\n\nNet financial result (10,8) 1,5
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n\n
\n",
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"Tag374": {
"value": "\n
\n
\n7. Net financial result
\n(in million EUR) 2022/23 2021/22
\n(1)
\n\n
\n\nInterest income on customer and other loans 1,9 1,7
\nDividends received 4,1 4,7
\nInterest income on short-term bank deposits 1,1 0,2
\nInterest income on fixed-income securities and compound instruments at fair value through profit or loss 0,4 1,7
\nFair value adjustments to financial assets and liabilities at fair value through profit or loss 1,7 1,6
\nGains on disposal of financial assets 0,2 0,8
\nAdjustments for the time value of assets 0,3 0,2
\nExchange gains 0,3 0,3
\nOther 0,7 0,1
\nFinance income 10,7 11,3
\n
\n\n
\n\n\n
\n\nInterest expense on current and non-current loans 11,8 1,5
\nFair value adjustments to financial assets and liabilities at fair value through profit or loss 1,9 2,4
\nLosses on disposal of financial assets 0,9 0,7
\nAdjustment for the time value of liabilities 5,4 4,7
\nExchange losses 0,4 0,3
\nOther 1,1 0,2
\nFinance costs 21,5 9,8
\n
\n\n
\n\nNet financial result (10,8) 1,5
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n
\n",
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"Tag375": {
"value": "\n
\n\nInterest income on customer and other loans 1,9 1,7
\nDividends received 4,1 4,7
\nInterest income on short-term bank deposits 1,1 0,2
\nInterest income on fixed-income securities and compound instruments at fair value through profit or loss 0,4 1,7
\nFair value adjustments to financial assets and liabilities at fair value through profit or loss 1,7 1,6
\nGains on disposal of financial assets 0,2 0,8
\nAdjustments for the time value of assets 0,3 0,2
\nExchange gains 0,3 0,3
\nOther 0,7 0,1
\nFinance income 10,7 11,3
\n
\n\n
\n",
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"Tag376": {
"value": "\nInterest income on customer and other loans 1,9 1,7
\nDividends received 4,1 4,7
\nInterest income on short-term bank deposits 1,1 0,2
\nInterest income on fixed-income securities and compound instruments at fair value through profit or loss 0,4 1,7
\nFair value adjustments to financial assets and liabilities at fair value through profit or loss 1,7 1,6
\nGains on disposal of financial assets 0,2 0,8
\nAdjustments for the time value of assets 0,3 0,2
\nExchange gains 0,3 0,3
\nOther 0,7 0,1
\nFinance income 10,7 11,3
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"Tag377": {
"value": "\n
\n\nInterest expense on current and non-current loans 11,8 1,5
\nFair value adjustments to financial assets and liabilities at fair value through profit or loss 1,9 2,4
\nLosses on disposal of financial assets 0,9 0,7
\nAdjustment for the time value of liabilities 5,4 4,7
\nExchange losses 0,4 0,3
\nOther 1,1 0,2
\nFinance costs 21,5 9,8
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
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"Tag378": {
"value": "\nInterest expense on current and non-current loans 11,8 1,5
\nFair value adjustments to financial assets and liabilities at fair value through profit or loss 1,9 2,4
\nLosses on disposal of financial assets 0,9 0,7
\nAdjustment for the time value of liabilities 5,4 4,7
\nExchange losses 0,4 0,3
\nOther 1,1 0,2
\nFinance costs 21,5 9,8
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"Tag379": {
"value": "\n8. Income tax expense
\n
\n8.1. Income taxes recognised in profit or loss
\n(in million EUR) 2022/23 2021/22
\n(1)
\nA) Effective tax rate
\nProfit before tax (excluding share in the result of investments accounted for using the equity method) 240,1 364,6
\nIncome tax expense 62,2 92,6
\nEffective tax rate
\n(2)
\n25,90% 25,40%
\nB) Reconciliation between the effective tax rate and the applicable tax rate
\n(3)
\n24,35% 24,68%
\nProfit before tax (excluding share in the result of investments accounted for using the equity method) 240,1 364,6
\nIncome tax expense (based on applicable tax rate) 58,5 90,0
\nNon-taxable income/non tax-deductible expenses 5,7 6,2
\nPermanent differences 0,3 0,6
\nImpact of tax deductions (1,5) (3,1)
\nOther (0,8) (1,1)
\nIncome tax expense 62,2 92,6
\nEffective tax rate 25,90% 25,40%
\nC) Income tax expense recognised in profit or loss
\nCurrent year taxes 73,3 80,4
\nDeferred taxes (9,5) 12,5
\nAdjustments relating to prior years (1,6) (0,3)
\nTotal income tax expense 62,2 92,6
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\n(2) Includes the effects of, amongst others, the dividends-received deduction, the deduction for risk capital, the deduction for compensatory losses, the deduction for innovation and the increased deduction for investment.
\n(3) The applicable tax rate is the weighted average tax rate for the Company and all its consolidated subsidiaries in different jurisdictions.
\n8.2. Tax impacts recognised in other comprehensive income
\nCertain tax effects have not been recognised in the income statement, but are included in the statement of comprehensive income for the financial year.
\n(in million EUR) 2022/23 2021/22
\nTax impact on revaluation of liabilities related to long-term post-employment benefits (4,2) (6,0)
\nTax impact on cash flow hedge reserves 0,9 (2,3)
\nTotal tax impacts recognised in other comprehensive income (3,3) (8,3)
\n
\n",
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"Tag509": {
"value": "\n
\n\n9. Goodwill
\nThe recognised goodwill relates to goodwill arising from the acquisition of complete business entities. For more information regarding the definition, recognition and valuation of
\ngoodwill we refer to note 1. Significant accounting policies.
\nAs described in the policies, goodwill is not amortised but tested annually for impairment at the level of the cash-generating unit (CGU) in line with the provisions in IAS 36. Colruyt
\nGroup considers the business segments or business entities as CGUs. The impairment test of goodwill consists of comparing the recoverable amount of each CGU with its carrying
\namount, including goodwill, with an impairment recognised if the carrying amount is higher than the recoverable amount. Recoverable amounts are based on value in use. The latter is
\nequal to the present value of the forecast cash flows of each CGU or group of CGUs and is determined using the following data:
\n\u2022 cash flows based on the latest forecasts, including detailed planning for revenue, EBITDA and investment planning through capital expenditure or leasing. When preparing cash flow
\nforecasts, Colruyt Group uses estimated growth rates and expected future margins derived from the actual figures of the most recent financial year and from forecasts;
\n\u2022 a residual value determined from an extrapolation of the cash flow of the last year of the forecast, influenced by a long-term growth rate. To determine the residual value using the
\ndiscounted cash flow method, the \u2018Gordon growth model\u2019 was used;
\n\u2022 discounting of expected cash flows at a rate determined using the weighted average cost of capital (WACC) formula. To determine the discount rate, Colruyt Group uses the \u2018Capital
\nAsset Pricing Model\u2019. For its impairment testing, Colruyt Group uses a minimum WACC of 8,0% or, if higher, a WACC calculated on the basis of the 'Capital Asset Pricing Model\u2019.
\nGiven the importance of these assumptions for calculating value in use, a) they are monitored closely at a central level through alignment and validation processes, and b) external
\nsources of information are used to determine them. The principal assumptions for calculating value in use for the CGUs with material goodwill are shown in the following table:
\nDiscount rate used in test long-term growth % Time horizon
\nbusiness plan
\nDiscount rate based on Capital
\nAsset Pricing Model
\n31.03.23 31.03.22 31.03.23 31.03.22 31.03.23 31.03.23 31.03.22
\nRetail Food 8,0% 8,0% 1,0% 1,0% 5 years 6,3% - 6,7% 5,0% - 6,3%
\nRetail Non-food 8,0% 8,0% 1,0% 1,0% 5 years 6,3% - 6,7% 5,0% - 6,3%
\nGiven all CGUs are active in retail activities in Belgium, the same WACC was calculated for all CGUs based on the \u2018Capital Asset Pricing Model\u2019. The WACC has risen to a range of 6,3%
\nto 6,7% (versus 5,0% to 6,3% last year) as a result of an increasing risk-free rate partially offset by a decreasing Equity to Capital ratio for Colruyt Group. We also see a limited WACC
\nincrease for the peer group as a result of the decline in the beta.
\nIn determining the long-term growth rate, Colruyt Group takes into account internal sources of information, the evolution and expectations of the Belgian retail market and long-term
\ninflation. In line with last year, the long-term growth rate for all CGUs was retained at 1%, with Colruyt Group expecting long-term growth to normalise.
\nThe impairment tests were performed in February 2023. For Newpharma Group NV, the purchase price allocation of the business combination has not yet been finalised on the
\nreporting date. We therefore only include the provisional goodwill. Newpharma Group NV is currently being integrated into Colruyt Group's operations. At the time of impairment
\ntesting, no forecasts existed for the integrated CGU. A value in use was calculated based on a WACC of 8,0% and a long-term growth rate of 2,0% (based on external information and
\ninternal expectations for e-commerce and the relevant sector). Based on these tests and the sensitivity analysis, no impairment risk was identified.
\nAs a result of the impairment tests performed, no impairments were identified and there was sufficient headroom for all CGUs, with a minimum headroom in relation to the carrying
\namount of 32,1%. Colruyt Group is of the opinion that the above-described assumptions used for calculating the value in use provide the best estimation of future evolutions.
\n
\n\n
\n\n
\n\nColruyt Group's models also include sensitivity analyses for gross margins, sales growth, increased operating costs, long-term growth rate, WACC and a combination of various
\nparameters. Based on these sensitivity analyses, no impairment risk was identified for the various CGUs and consequently these sensitivity analyses indicate that a reasonably possible
\nchange in these assumptions would not result in an impairment.
\n
\nGoodwill by cash-generating unit can be presented as follows:
\n(in million EUR) 31.03.22 Acquisitions
\n(2)
\nOther
\n(1)
\n31.03.23
\nRetail Food
\n(2)
\n57,8 6,0 - 63,8
\nRetail Non-food
\n(2)
\n77,4 209,6 1,3 288,3
\nFoodservice 13,6 - - 13,6
\nPrinting and document management solutions 8,8 - - 8,8
\nConsolidated 157,6 215,6 1,3 374,5
\n(1) Goodwill adjustment to reflect changes in estimates within the measurement period.
\n(2) For acquisitions, see note 15. Business combinations.
\nThe changes in \u2018Goodwill\u2019 can be explained as follows:
\n(in million EUR)
\nGross
\ncarrying
\namount
\n2022/23
\nImpairments
\n2022/23
\nNet carrying
\namount
\n2022/23
\nGross
\ncarrying
\namount
\n2021/22
\nImpairments
\n2021/22
\nNet carrying
\namount
\n2021/22
\nAt 1 April 181,9 (24,3) 157,6 149,1 (24,2) 124,9
\nAcquisitions 215,6 - 215,6 24,6 - 24,6
\nOther
\n(1)
\n1,3 - 1,3 8,2 (0,1) 8,1
\nAt 31 March 398,8 (24,3) 374,5 181,9 (24,3) 157,6
\n(1) Goodwill adjustment to reflect changes in estimates within the measurement period.
\n
\n\n
\n\n
\n\n
\n
\n\n10. Intangible assets
\n(in million EUR)
\nInternally
\ndeveloped
\nintangible assets
\nExternally purchased
\nsoftware, licences and
\nsimilar rights
\nAcquired
\ncustomer lists
\nOther intangible
\nassets
\nIntangible
\nassets under
\ndevelopment Total
\nAcquisition value
\nAt 1 April 2022 206,0 104,9 8,9 12,7 195,6 528,1
\nAcquisitions through business combinations - - - 0,7 - 0,7
\nAcquisitions 5,1 5,0 0,1 0,6 58,8 69,6
\nSales and disposals (2,9) (11,0) (1,6) - - (15,5)
\nOther reclassification/Other 55,7 0,1 - - (55,8) -
\nReclassification to assets from discontinued operations
\n(1)
\n(1,3) (1,3) - - (0,7) (3,3)
\nAt 31 March 2023 262,6 97,7 7,4 14,0 197,9 579,6
\nAmortisation
\nAt 1 April 2022 (99,9) (79,9) - (0,1) - (179,9)
\nAmortisation (24,5) (9,9) - (0,4) - (34,8)
\nSales and disposals 1,8 11,2 - - - 13,0
\nReclassification to assets from discontinued operations
\n(1)
\n0,9 1,0 - - - 1,9
\nAt 31 March 2023 (121,7) (77,6) - (0,5) - (199,8)
\nImpairment
\nAt 1 April 2022 (12,1) (0,1) (4,4) - (2,2) (18,8)
\nImpairment (2,2) - - - (20,0) (22,2)
\nSales and disposals 1,1 - 0,1 - - 1,2
\nOther reclassification/Other (1,3) - - - 1,3 -
\nAt 31 March 2023 (14,5) (0,1) (4,3) - (20,9) (39,8)
\nNet carrying amount at 31 March 2023 126,4 20,0 3,1 13,5 177,0 340,0
\n(1) As adjusted due to discontinued operations. See Note 16 for more information.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n(in million EUR)
\nInternally
\ndeveloped
\nintangible assets
\nExternally purchased
\nsoftware, licences and
\nsimilar rights
\nAcquired
\ncustomer lists
\nOther intangible
\nassets
\nIntangible
\nassets under
\ndevelopment Total
\nAcquisition value
\nAt 1 April 2021 199,4 99,3 5,9 12,6 136,9 454,1
\nAcquisitions through business combinations - 0,6 - - - 0,6
\nAcquisitions 3,6 9,0 3,0 0,1 72,5 88,2
\nSales and disposals (10,8) (4,0) - - - (14,8)
\nOther reclassification/Other 13,8 - - - (13,8) -
\nAt 31 March 2022 206,0 104,9 8,9 12,7 195,6 528,1
\nAmortisation
\nAt 1 April 2021 (86,6) (71,4) - (0,1) - (158,1)
\nAmortisation (20,3) (12,5) - - - (32,8)
\nSales and disposals 7,0 4,0 - - - 11,0
\nAt 31 March 2022 (99,9) (79,9) - (0,1) - (179,9)
\nImpairment
\nAt 1 April 2021 (10,7) (0,2) (4,4) - (3,6) (18,9)
\nImpairment (2,9) - - - - (2,9)
\nSales and disposals 2,9 0,1 - - - 3,0
\nOther reclassification/Other (1,4) - - - 1,4 -
\nAt 31 March 2022 (12,1) (0,1) (4,4) - (2,2) (18,8)
\nNet carrying amount at 31 March 2022 94,0 24,9 4,5 12,6 193,4 329,4
\n
\n\nTo clarify the breakdown between internally developed intangible assets and externally purchased intangible assets, the table in note 10. Intangible assets has been adjusted for both
\nfinancial years. The categories \u2018Intangible assets under development and other intangible assets\u2019 and \u2018Concessions, software, licences and similar rights\u2019 in the 2021/22 annual report
\nhave been broken down into \u2018Internally developed intangible assets\u2019, \u2018Externally purchased software, licences and similar rights\u2019, \u2018Other intangible assets\u2019 and \u2018Intangible assets under
\ndevelopment\u2019.
\nThe externally purchased, software, licences and similar rights totalling EUR 20,0 million (previous reporting period EUR 24,9 million) consist mainly of purchased IT security software.
\nThe internally generated software still under development (mainly transformation programs) at the end of the current financial year totals EUR 177,0 million (compared to EUR 193,4
\nmillion for the previous financial year). During the current financial year the group acquired intangible assets for an amount of EUR 69,6 million (compared to EUR 88,2 million during
\nthe previous financial year), of which EUR 63,9 million were developed internally (compared to EUR 76,1 million during the previous financial year).
\n\nImpairments amounting to EUR 22,2 million were realised, mainly related to the loss-making operations of Dreamland and Dreambaby.
\n
\n\nNon-capitalised costs related to research and development amount to EUR 55,9 million. These costs consist of externally purchased goods and services as well as internal transactions
\nand cost allocations.
\n
\n\n
\n",
"dimensions": {
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"language": "en",
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"Tag515": {
"value": "\n9. Goodwill
\nThe recognised goodwill relates to goodwill arising from the acquisition of complete business entities. For more information regarding the definition, recognition and valuation of
\ngoodwill we refer to note 1. Significant accounting policies.
\nAs described in the policies, goodwill is not amortised but tested annually for impairment at the level of the cash-generating unit (CGU) in line with the provisions in IAS 36. Colruyt
\nGroup considers the business segments or business entities as CGUs. The impairment test of goodwill consists of comparing the recoverable amount of each CGU with its carrying
\namount, including goodwill, with an impairment recognised if the carrying amount is higher than the recoverable amount. Recoverable amounts are based on value in use. The latter is
\nequal to the present value of the forecast cash flows of each CGU or group of CGUs and is determined using the following data:
\n\u2022 cash flows based on the latest forecasts, including detailed planning for revenue, EBITDA and investment planning through capital expenditure or leasing. When preparing cash flow
\nforecasts, Colruyt Group uses estimated growth rates and expected future margins derived from the actual figures of the most recent financial year and from forecasts;
\n\u2022 a residual value determined from an extrapolation of the cash flow of the last year of the forecast, influenced by a long-term growth rate. To determine the residual value using the
\ndiscounted cash flow method, the \u2018Gordon growth model\u2019 was used;
\n\u2022 discounting of expected cash flows at a rate determined using the weighted average cost of capital (WACC) formula. To determine the discount rate, Colruyt Group uses the \u2018Capital
\nAsset Pricing Model\u2019. For its impairment testing, Colruyt Group uses a minimum WACC of 8,0% or, if higher, a WACC calculated on the basis of the 'Capital Asset Pricing Model\u2019.
\nGiven the importance of these assumptions for calculating value in use, a) they are monitored closely at a central level through alignment and validation processes, and b) external
\nsources of information are used to determine them. The principal assumptions for calculating value in use for the CGUs with material goodwill are shown in the following table:
\nDiscount rate used in test long-term growth % Time horizon
\nbusiness plan
\nDiscount rate based on Capital
\nAsset Pricing Model
\n31.03.23 31.03.22 31.03.23 31.03.22 31.03.23 31.03.23 31.03.22
\nRetail Food 8,0% 8,0% 1,0% 1,0% 5 years 6,3% - 6,7% 5,0% - 6,3%
\nRetail Non-food 8,0% 8,0% 1,0% 1,0% 5 years 6,3% - 6,7% 5,0% - 6,3%
\nGiven all CGUs are active in retail activities in Belgium, the same WACC was calculated for all CGUs based on the \u2018Capital Asset Pricing Model\u2019. The WACC has risen to a range of 6,3%
\nto 6,7% (versus 5,0% to 6,3% last year) as a result of an increasing risk-free rate partially offset by a decreasing Equity to Capital ratio for Colruyt Group. We also see a limited WACC
\nincrease for the peer group as a result of the decline in the beta.
\nIn determining the long-term growth rate, Colruyt Group takes into account internal sources of information, the evolution and expectations of the Belgian retail market and long-term
\ninflation. In line with last year, the long-term growth rate for all CGUs was retained at 1%, with Colruyt Group expecting long-term growth to normalise.
\nThe impairment tests were performed in February 2023. For Newpharma Group NV, the purchase price allocation of the business combination has not yet been finalised on the
\nreporting date. We therefore only include the provisional goodwill. Newpharma Group NV is currently being integrated into Colruyt Group's operations. At the time of impairment
\ntesting, no forecasts existed for the integrated CGU. A value in use was calculated based on a WACC of 8,0% and a long-term growth rate of 2,0% (based on external information and
\ninternal expectations for e-commerce and the relevant sector). Based on these tests and the sensitivity analysis, no impairment risk was identified.
\nAs a result of the impairment tests performed, no impairments were identified and there was sufficient headroom for all CGUs, with a minimum headroom in relation to the carrying
\namount of 32,1%. Colruyt Group is of the opinion that the above-described assumptions used for calculating the value in use provide the best estimation of future evolutions.
\n
\n\nColruyt Group's models also include sensitivity analyses for gross margins, sales growth, increased operating costs, long-term growth rate, WACC and a combination of various
\nparameters. Based on these sensitivity analyses, no impairment risk was identified for the various CGUs and consequently these sensitivity analyses indicate that a reasonably possible
\nchange in these assumptions would not result in an impairment.
\n
\nGoodwill by cash-generating unit can be presented as follows:
\n(in million EUR) 31.03.22 Acquisitions
\n(2)
\nOther
\n(1)
\n31.03.23
\nRetail Food
\n(2)
\n57,8 6,0 - 63,8
\nRetail Non-food
\n(2)
\n77,4 209,6 1,3 288,3
\nFoodservice 13,6 - - 13,6
\nPrinting and document management solutions 8,8 - - 8,8
\nConsolidated 157,6 215,6 1,3 374,5
\n(1) Goodwill adjustment to reflect changes in estimates within the measurement period.
\n(2) For acquisitions, see note 15. Business combinations.
\nThe changes in \u2018Goodwill\u2019 can be explained as follows:
\n(in million EUR)
\nGross
\ncarrying
\namount
\n2022/23
\nImpairments
\n2022/23
\nNet carrying
\namount
\n2022/23
\nGross
\ncarrying
\namount
\n2021/22
\nImpairments
\n2021/22
\nNet carrying
\namount
\n2021/22
\nAt 1 April 181,9 (24,3) 157,6 149,1 (24,2) 124,9
\nAcquisitions 215,6 - 215,6 24,6 - 24,6
\nOther
\n(1)
\n1,3 - 1,3 8,2 (0,1) 8,1
\nAt 31 March 398,8 (24,3) 374,5 181,9 (24,3) 157,6
\n(1) Goodwill adjustment to reflect changes in estimates within the measurement period.
\n
\n",
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"language": "en",
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},
"Tag513": {
"value": "\n
\n
\n\n10. Intangible assets
\n(in million EUR)
\nInternally
\ndeveloped
\nintangible assets
\nExternally purchased
\nsoftware, licences and
\nsimilar rights
\nAcquired
\ncustomer lists
\nOther intangible
\nassets
\nIntangible
\nassets under
\ndevelopment Total
\nAcquisition value
\nAt 1 April 2022 206,0 104,9 8,9 12,7 195,6 528,1
\nAcquisitions through business combinations - - - 0,7 - 0,7
\nAcquisitions 5,1 5,0 0,1 0,6 58,8 69,6
\nSales and disposals (2,9) (11,0) (1,6) - - (15,5)
\nOther reclassification/Other 55,7 0,1 - - (55,8) -
\nReclassification to assets from discontinued operations
\n(1)
\n(1,3) (1,3) - - (0,7) (3,3)
\nAt 31 March 2023 262,6 97,7 7,4 14,0 197,9 579,6
\nAmortisation
\nAt 1 April 2022 (99,9) (79,9) - (0,1) - (179,9)
\nAmortisation (24,5) (9,9) - (0,4) - (34,8)
\nSales and disposals 1,8 11,2 - - - 13,0
\nReclassification to assets from discontinued operations
\n(1)
\n0,9 1,0 - - - 1,9
\nAt 31 March 2023 (121,7) (77,6) - (0,5) - (199,8)
\nImpairment
\nAt 1 April 2022 (12,1) (0,1) (4,4) - (2,2) (18,8)
\nImpairment (2,2) - - - (20,0) (22,2)
\nSales and disposals 1,1 - 0,1 - - 1,2
\nOther reclassification/Other (1,3) - - - 1,3 -
\nAt 31 March 2023 (14,5) (0,1) (4,3) - (20,9) (39,8)
\nNet carrying amount at 31 March 2023 126,4 20,0 3,1 13,5 177,0 340,0
\n(1) As adjusted due to discontinued operations. See Note 16 for more information.
\n
\n\n
\n\n
\n
\n\n(in million EUR)
\nInternally
\ndeveloped
\nintangible assets
\nExternally purchased
\nsoftware, licences and
\nsimilar rights
\nAcquired
\ncustomer lists
\nOther intangible
\nassets
\nIntangible
\nassets under
\ndevelopment Total
\nAcquisition value
\nAt 1 April 2021 199,4 99,3 5,9 12,6 136,9 454,1
\nAcquisitions through business combinations - 0,6 - - - 0,6
\nAcquisitions 3,6 9,0 3,0 0,1 72,5 88,2
\nSales and disposals (10,8) (4,0) - - - (14,8)
\nOther reclassification/Other 13,8 - - - (13,8) -
\nAt 31 March 2022 206,0 104,9 8,9 12,7 195,6 528,1
\nAmortisation
\nAt 1 April 2021 (86,6) (71,4) - (0,1) - (158,1)
\nAmortisation (20,3) (12,5) - - - (32,8)
\nSales and disposals 7,0 4,0 - - - 11,0
\nAt 31 March 2022 (99,9) (79,9) - (0,1) - (179,9)
\nImpairment
\nAt 1 April 2021 (10,7) (0,2) (4,4) - (3,6) (18,9)
\nImpairment (2,9) - - - - (2,9)
\nSales and disposals 2,9 0,1 - - - 3,0
\nOther reclassification/Other (1,4) - - - 1,4 -
\nAt 31 March 2022 (12,1) (0,1) (4,4) - (2,2) (18,8)
\nNet carrying amount at 31 March 2022 94,0 24,9 4,5 12,6 193,4 329,4
\n
\n\nTo clarify the breakdown between internally developed intangible assets and externally purchased intangible assets, the table in note 10. Intangible assets has been adjusted for both
\nfinancial years. The categories \u2018Intangible assets under development and other intangible assets\u2019 and \u2018Concessions, software, licences and similar rights\u2019 in the 2021/22 annual report
\nhave been broken down into \u2018Internally developed intangible assets\u2019, \u2018Externally purchased software, licences and similar rights\u2019, \u2018Other intangible assets\u2019 and \u2018Intangible assets under
\ndevelopment\u2019.
\nThe externally purchased, software, licences and similar rights totalling EUR 20,0 million (previous reporting period EUR 24,9 million) consist mainly of purchased IT security software.
\nThe internally generated software still under development (mainly transformation programs) at the end of the current financial year totals EUR 177,0 million (compared to EUR 193,4
\nmillion for the previous financial year). During the current financial year the group acquired intangible assets for an amount of EUR 69,6 million (compared to EUR 88,2 million during
\nthe previous financial year), of which EUR 63,9 million were developed internally (compared to EUR 76,1 million during the previous financial year).
\n\nImpairments amounting to EUR 22,2 million were realised, mainly related to the loss-making operations of Dreamland and Dreambaby.
\n
\n\nNon-capitalised costs related to research and development amount to EUR 55,9 million. These costs consist of externally purchased goods and services as well as internal transactions
\nand cost allocations.
\n
\n",
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"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
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},
"Tag511": {
"value": "\n10. Intangible assets
\n(in million EUR)
\nInternally
\ndeveloped
\nintangible assets
\nExternally purchased
\nsoftware, licences and
\nsimilar rights
\nAcquired
\ncustomer lists
\nOther intangible
\nassets
\nIntangible
\nassets under
\ndevelopment Total
\nAcquisition value
\nAt 1 April 2022 206,0 104,9 8,9 12,7 195,6 528,1
\nAcquisitions through business combinations - - - 0,7 - 0,7
\nAcquisitions 5,1 5,0 0,1 0,6 58,8 69,6
\nSales and disposals (2,9) (11,0) (1,6) - - (15,5)
\nOther reclassification/Other 55,7 0,1 - - (55,8) -
\nReclassification to assets from discontinued operations
\n(1)
\n(1,3) (1,3) - - (0,7) (3,3)
\nAt 31 March 2023 262,6 97,7 7,4 14,0 197,9 579,6
\nAmortisation
\nAt 1 April 2022 (99,9) (79,9) - (0,1) - (179,9)
\nAmortisation (24,5) (9,9) - (0,4) - (34,8)
\nSales and disposals 1,8 11,2 - - - 13,0
\nReclassification to assets from discontinued operations
\n(1)
\n0,9 1,0 - - - 1,9
\nAt 31 March 2023 (121,7) (77,6) - (0,5) - (199,8)
\nImpairment
\nAt 1 April 2022 (12,1) (0,1) (4,4) - (2,2) (18,8)
\nImpairment (2,2) - - - (20,0) (22,2)
\nSales and disposals 1,1 - 0,1 - - 1,2
\nOther reclassification/Other (1,3) - - - 1,3 -
\nAt 31 March 2023 (14,5) (0,1) (4,3) - (20,9) (39,8)
\nNet carrying amount at 31 March 2023 126,4 20,0 3,1 13,5 177,0 340,0
\n(1) As adjusted due to discontinued operations. See Note 16 for more information.
\n
\n\n(in million EUR)
\nInternally
\ndeveloped
\nintangible assets
\nExternally purchased
\nsoftware, licences and
\nsimilar rights
\nAcquired
\ncustomer lists
\nOther intangible
\nassets
\nIntangible
\nassets under
\ndevelopment Total
\nAcquisition value
\nAt 1 April 2021 199,4 99,3 5,9 12,6 136,9 454,1
\nAcquisitions through business combinations - 0,6 - - - 0,6
\nAcquisitions 3,6 9,0 3,0 0,1 72,5 88,2
\nSales and disposals (10,8) (4,0) - - - (14,8)
\nOther reclassification/Other 13,8 - - - (13,8) -
\nAt 31 March 2022 206,0 104,9 8,9 12,7 195,6 528,1
\nAmortisation
\nAt 1 April 2021 (86,6) (71,4) - (0,1) - (158,1)
\nAmortisation (20,3) (12,5) - - - (32,8)
\nSales and disposals 7,0 4,0 - - - 11,0
\nAt 31 March 2022 (99,9) (79,9) - (0,1) - (179,9)
\nImpairment
\nAt 1 April 2021 (10,7) (0,2) (4,4) - (3,6) (18,9)
\nImpairment (2,9) - - - - (2,9)
\nSales and disposals 2,9 0,1 - - - 3,0
\nOther reclassification/Other (1,4) - - - 1,4 -
\nAt 31 March 2022 (12,1) (0,1) (4,4) - (2,2) (18,8)
\nNet carrying amount at 31 March 2022 94,0 24,9 4,5 12,6 193,4 329,4
\n
\n\n11. Property, plant and equipment
\n(in million EUR)
\nLand and
\nbuildings
\nPlant,
\nmachinery
\nand
\nequipment
\nFurniture
\nand vehicles
\nRight-of-use
\nassets
\nOther
\nproperty,
\nplant and
\nequipment
\nAssets under
\nconstruction Total
\nAcquisition value
\nAt 1 April 2022 3.139,8 880,0 556,3 361,5 223,4 94,7 5.255,7
\nRevaluation
\n(1)
\n- - - 62,3 - - 62,3
\nAcquisitions through business combinations 6,0 1,8 0,1 1,9 4,7 2,1 16,6
\nAcquisitions 143,1 50,7 70,9 13,2 19,0 109,7 406,6
\nSales and disposals (29,7) (22,8) (39,6) (1,8) (5,9) (0,1) (99,9)
\nOther reclassification/Other 40,7 7,7 3,4 (0,6) 1,3 (53,0) (0,5)
\nReclassification to assets from discontinued operations
\n(2)
\n(1,4) (118,5) (0,7) (5,6) - (6,3) (132,5)
\nCurrency translation adjustments (0,3) 0,1 (0,3) - - - (0,5)
\nAt 31 March 2023 3.298,2 799,0 590,1 430,9 242,5 147,1 5.507,8
\nDepreciation
\nAt 1 April 2022 (1.369,1) (541,4) (395,9) (97,0) (99,5) - (2.502,9)
\nRevaluation
\n(1)
\n- - - 17,4 - - 17,4
\nDepreciation (133,2) (65,0) (71,8) (51,7) (16,9) - (338,6)
\nSales and disposals 22,4 21,6 32,1 1,8 5,4 - 83,3
\nOther reclassification/Other (0,2) (0,4) - 0,3 0,3 - -
\nReclassification to assets from discontinued operations
\n(2)
\n0,2 66,2 0,4 2,1 - - 68,9
\nCurrency translation adjustments 0,1 - 0,2 - - - 0,3
\nAt 31 March 2023 (1.479,8) (519,0) (435,0) (127,1) (110,7) - (2.671,6)
\nImpairment
\nAt 1 April 2022 (6,1) (1,4) - - (0,3) - (7,8)
\nImpairment (7,8) (1,0) (0,3) - (2,9) - (12,0)
\nSales and disposals 2,2 0,5 0,1 - 0,1 - 2,9
\nReversal of impairments 0,7 - - - - - 0,7
\nReclassification to assets from discontinued operations
\n(2)
\n- 0,7 - - - - 0,7
\nAt 31 March 2023 (11,0) (1,2) (0,2) - (3,1) - (15,5)
\nNet carrying amount at 31 March 2023 1.807,4 278,8 154,9 303,8 128,7 147,1 2.820,7
\n(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.
\n(2) As adjusted due to discontinued operations. See note 16 for more information.
\n
\n\n(in million EUR)
\nLand and
\nbuildings
\nPlant,
\nmachinery
\nand
\nequipment
\nFurniture
\nand vehicles
\nRight-of-use
\nassets
\nOther
\nproperty,
\nplant and
\nequipment
\nAssets under
\nconstruction Total
\nAcquisition value
\nAt 1 April 2021 2.957,3 847,2 548,2 284,7 202,9 83,1 4.923,4
\nRevaluation
\n(1)
\n- - - 45,8 - - 45,8
\nAcquisitions through business combinations 17,3 4,3 1,1 27,8 6,6 0,2 57,3
\nAcquisitions 185,9 60,4 58,7 3,9 21,9 68,6 399,4
\nSales and disposals (48,3) (52,8) (54,9) (0,2) (13,8) (0,5) (170,5)
\nOther reclassification/Other 27,5 20,8 3,1 (0,5) 5,8 (56,7) -
\nCurrency translation adjustments 0,1 0,1 0,1 - - - 0,3
\nAt 31 March 2022 3.139,8 880,0 556,3 361,5 223,4 94,7 5.255,7
\nDepreciation
\nAt 1 April 2021 (1.279,0) (530,0) (377,4) (59,1) (94,3) - (2.339,8)
\nRevaluation
\n(1)
\n- - - 7,0 - - 7,0
\nDepreciation (129,2) (63,1) (71,0) (45,5) (17,3) - (326,1)
\nSales and disposals 39,9 50,8 53,0 0,3 12,0 - 156,0
\nOther reclassification/Other (0,8) 0,9 (0,5) 0,3 0,1 - -
\nAt 31 March 2022 (1.369,1) (541,4) (395,9) (97,0) (99,5) - (2.502,9)
\nImpairment
\nAt 1 April 2021 (5,3) (1,4) - - (0,3) - (7,0)
\nImpairment (2,0) (0,3) (0,3) - (0,9) - (3,5)
\nSales and disposals 1,3 0,3 0,3 - 0,9 (0,1) 2,7
\nOther reclassification/Other (0,1) - - - - 0,1 -
\nAt 31 March 2022 (6,1) (1,4) - - (0,3) - (7,8)
\nNet carrying amount at 31 March 2022 1.764,6 337,2 160,4 264,5 123,6 94,7 2.745,0
\n(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.
\n
\n",
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"Tag510": {
"value": "\n
\n
\n\n11. Property, plant and equipment
\n(in million EUR)
\nLand and
\nbuildings
\nPlant,
\nmachinery
\nand
\nequipment
\nFurniture
\nand vehicles
\nRight-of-use
\nassets
\nOther
\nproperty,
\nplant and
\nequipment
\nAssets under
\nconstruction Total
\nAcquisition value
\nAt 1 April 2022 3.139,8 880,0 556,3 361,5 223,4 94,7 5.255,7
\nRevaluation
\n(1)
\n- - - 62,3 - - 62,3
\nAcquisitions through business combinations 6,0 1,8 0,1 1,9 4,7 2,1 16,6
\nAcquisitions 143,1 50,7 70,9 13,2 19,0 109,7 406,6
\nSales and disposals (29,7) (22,8) (39,6) (1,8) (5,9) (0,1) (99,9)
\nOther reclassification/Other 40,7 7,7 3,4 (0,6) 1,3 (53,0) (0,5)
\nReclassification to assets from discontinued operations
\n(2)
\n(1,4) (118,5) (0,7) (5,6) - (6,3) (132,5)
\nCurrency translation adjustments (0,3) 0,1 (0,3) - - - (0,5)
\nAt 31 March 2023 3.298,2 799,0 590,1 430,9 242,5 147,1 5.507,8
\nDepreciation
\nAt 1 April 2022 (1.369,1) (541,4) (395,9) (97,0) (99,5) - (2.502,9)
\nRevaluation
\n(1)
\n- - - 17,4 - - 17,4
\nDepreciation (133,2) (65,0) (71,8) (51,7) (16,9) - (338,6)
\nSales and disposals 22,4 21,6 32,1 1,8 5,4 - 83,3
\nOther reclassification/Other (0,2) (0,4) - 0,3 0,3 - -
\nReclassification to assets from discontinued operations
\n(2)
\n0,2 66,2 0,4 2,1 - - 68,9
\nCurrency translation adjustments 0,1 - 0,2 - - - 0,3
\nAt 31 March 2023 (1.479,8) (519,0) (435,0) (127,1) (110,7) - (2.671,6)
\nImpairment
\nAt 1 April 2022 (6,1) (1,4) - - (0,3) - (7,8)
\nImpairment (7,8) (1,0) (0,3) - (2,9) - (12,0)
\nSales and disposals 2,2 0,5 0,1 - 0,1 - 2,9
\nReversal of impairments 0,7 - - - - - 0,7
\nReclassification to assets from discontinued operations
\n(2)
\n- 0,7 - - - - 0,7
\nAt 31 March 2023 (11,0) (1,2) (0,2) - (3,1) - (15,5)
\nNet carrying amount at 31 March 2023 1.807,4 278,8 154,9 303,8 128,7 147,1 2.820,7
\n(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.
\n(2) As adjusted due to discontinued operations. See note 16 for more information.
\n
\n\n
\n\n\n
\n\n(in million EUR)
\nLand and
\nbuildings
\nPlant,
\nmachinery
\nand
\nequipment
\nFurniture
\nand vehicles
\nRight-of-use
\nassets
\nOther
\nproperty,
\nplant and
\nequipment
\nAssets under
\nconstruction Total
\nAcquisition value
\nAt 1 April 2021 2.957,3 847,2 548,2 284,7 202,9 83,1 4.923,4
\nRevaluation
\n(1)
\n- - - 45,8 - - 45,8
\nAcquisitions through business combinations 17,3 4,3 1,1 27,8 6,6 0,2 57,3
\nAcquisitions 185,9 60,4 58,7 3,9 21,9 68,6 399,4
\nSales and disposals (48,3) (52,8) (54,9) (0,2) (13,8) (0,5) (170,5)
\nOther reclassification/Other 27,5 20,8 3,1 (0,5) 5,8 (56,7) -
\nCurrency translation adjustments 0,1 0,1 0,1 - - - 0,3
\nAt 31 March 2022 3.139,8 880,0 556,3 361,5 223,4 94,7 5.255,7
\nDepreciation
\nAt 1 April 2021 (1.279,0) (530,0) (377,4) (59,1) (94,3) - (2.339,8)
\nRevaluation
\n(1)
\n- - - 7,0 - - 7,0
\nDepreciation (129,2) (63,1) (71,0) (45,5) (17,3) - (326,1)
\nSales and disposals 39,9 50,8 53,0 0,3 12,0 - 156,0
\nOther reclassification/Other (0,8) 0,9 (0,5) 0,3 0,1 - -
\nAt 31 March 2022 (1.369,1) (541,4) (395,9) (97,0) (99,5) - (2.502,9)
\nImpairment
\nAt 1 April 2021 (5,3) (1,4) - - (0,3) - (7,0)
\nImpairment (2,0) (0,3) (0,3) - (0,9) - (3,5)
\nSales and disposals 1,3 0,3 0,3 - 0,9 (0,1) 2,7
\nOther reclassification/Other (0,1) - - - - 0,1 -
\nAt 31 March 2022 (6,1) (1,4) - - (0,3) - (7,8)
\nNet carrying amount at 31 March 2022 1.764,6 337,2 160,4 264,5 123,6 94,7 2.745,0
\n(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.
\n
\n\nCollateral has been provided for contracted liabilities, mainly at The Fashion Society (note 25. Interest-bearing liabilities).
\nDuring financial year 2022/23, Colruyt Group acquired property, plant and equipment totalling EUR 406,6 million (EUR 399,4 million in financial year 2021/22). These acquisitions
\ninclude the expansion and modernisation of the store network, investments in the logistical infrastructure and production departments, and in sustainable energy.
\nThe net carrying amount of the line item \u2018Right-of-use assets\u2019 for the current financial year amounts to EUR 303,8 million (compared to EUR 264,5 million for the previous reporting
\nperiod) and consists of leases in respect of buildings (EUR 286,0 million), land (EUR 1,5 million), vehicles, machinery, ICT equipment and other tangible fixed assets (EUR 16,4 million).
\n\nOn property, plant and equipment an impairment loss of EUR 12,0 million was recognised, mainly relating to the loss-making operations of Dreamland and Dreambaby, and the
\nexpansion, relocation and renovation of existing stores. The impairment loss is included in the income statement of the current reporting period under \u2018Depreciation, amortisation and
\nimpairment of non-current assets\u2019 within the operating segments \u2018Retail\u2019, \u2018Wholesale and Foodservice\u2019 and \u2018Other activities\u2019.
\n\n\n
\n\nThe grants received are included in the net carrying amount of the property, plant and equipment item concerned. These grants amount (net) to:
\n(in million EUR)
\nLand and
\nbuildings
\nPlant,
\nmachinery
\nand
\nequipment
\nFurniture
\nand vehicles
\nRight-of-use
\nassets
\nOther
\nproperty,
\nplant and
\nequipment
\nAssets under
\nconstruction Total
\nAt 31 March 2022 (6,0) (5,0) (0,2) - - (0,3) (11,4)
\nAt 31 March 2023 (5,3) (3,6) (0,1) - - - (9,1)
\nThe grants recognised in profit or loss amount to EUR 1,4 million (EUR 1,3 million in the previous financial reporting period).
\nThe grants consist mainly of the grant awarded for the construction of the logistics site in Ath/Lessines.
\n
\n",
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},
"Tag508": {
"value": "\n
\n\n12. Investments in associates
\n
\n(in million EUR) 2022/23 2021/22
\nCarrying amount at 1 April 452,3 313,4
\nAcquisitions/capital increases 97,6 115,2
\nTransactions with non-controlling interests (20,6) -
\nDisposals/capital decreases (94,6) (0,7)
\nShare in the result for the financial year 3,2 5,8
\nShare in other comprehensive income 88,2 16,4
\nDividend (1,4) (0,2)
\nOther 1,3 2,4
\nCarrying amount at 31 March 526,0 452,3
\nThe investments in associates for the financial year 2022/23 relate to the non-quoted entities AgeCore SA (25,00%), First Retail International 2 NV (4,73%), Vendis Capital NV (10,87%),
\nSmartmat NV (41,36%), Scallog SAS (23,73%), The Seaweed Company BV (21,30%), and Virya Energy NV (59,94%). These investments are considered as associates and are accounted for
\nusing the equity method given that Colruyt Group has a significant influence based on indicators as defined under paragraph 6 of IAS 28, \u2018Investments in Associates and Joint Ventures\u2019.
\nAcquisitions and transactions with non-controlling interests mainly concern Virya Energy NV. After conversion of the convertible loan between Colruyt Group and Virya Energy NV,
\nColruyt Group's stake in Virya Energy NV increased from 59,78% to 59,94%. Transactions with non-controlling interests include the initial recognition of put options on non-controlling
\ninterests agreed by Virya Energy NV with the respective shareholders. This liability will be revalued at each closing date, with subsequent changes recognised in equity.
\nThe investment in Newpharma Group NV has been fully consolidated as a subsidiary since October 2022. This change in consolidation method is included in this note under the line
\nitem \u2018Disposals\u2019. Through the acquisition of the remaining 39% of the shares of Korys Investments NV on 14 October 2022, Colruyt Group's stake in Newpharma Group NV increased to
\n100%. The requisite measures were taken in the context of the conflict of interest rules.
\n
\n\n
\n\n
\n\nThe share of other comprehensive income mainly relates to interest rate swap contracts within Virya Energy NV.
\nOn 22 March 2023, Virya Energy NV announced that it had entered into an agreement with JERA Green Ltd., a subsidiary of JERA Co. Inc., to sell 100% of the Parkwind NV shares. The
\ntransaction is expected to be closed in the course of financial year 2023 and is subject to approval by the relevant competition and other regulatory authorities. This will lead to a
\nvery large one-off positive effect in Colruyt Group's consolidated net result in financial year 2023/24. That effect is estimated at EUR 600 million to EUR 700 million (based on Virya
\nEnergy NV's last closing date, i.e. 31 December 2022). The final price may still vary depending on the exact date the transaction is completed, and is expected to be at least EUR 1,55
\nbillion (net of debt) at the level of Virya Energy NV.
\nFor transactions decided by the Board of Directors after year-end with regard to Virya Energy NV, we refer to note 32. Events after the reporting date.
\nThe investments in Scallog SAS, Smartmat NV and The Seaweed Company BV are presented under the operating segment \u2018Retail\u2019, the investment in Virya Energy NV under the operating
\nsegment \u2018Other activities\u2019 and the investments in AgeCore SA, First Retail International 2 NV and Vendis Capital NV under the segment \u2018Unallocated\u2019.
\nThe consolidated figures of the material associates are as follows:
\n2022 (in million EUR) Virya Energy NV
\n(1)(2)
\nSmartmat NV
\n(1)
\nNon-current assets 497,0 5,0
\nCurrent assets
\n(2)
\n2.484,4 4,8
\nNon-current liabilities 240,8 1,7
\nCurrent liabilities
\n(2)
\n1.558,2 5,0
\nNet assets 1.182,5 3,0
\n of which non-controlling interests 110,8 -
\n of which equity attributable to owners of the parent company 1.071,7 3,0
\nShare of Colruyt Group in net assets 642,4 1,2
\nAdjustment for Colruyt Group
\n(3)
\n (176,1) 26,2
\nRevenue
\n(3)
\n111,0 30,7
\nProfit from continuing operations 9,3 0,6
\nLoss from discontinued operations
\n(2)
\n(19,2) -
\nOther comprehensive income 192,6 -
\nTotal comprehensive income 182,7 0,6
\n of which non-controlling interests 47,3 -
\n of which equity attributable to owners of the parent company 135,4 0,6
\nShare of Colruyt Group in total comprehensive income 81,2 0,3
\nAdjustment for Colruyt Group
\n(3)
\n11,2 -
\n(1) Virya Energy NV and Smartmat NV are in turn sub-consolidations. Late statutory adjustments not recognised by Colruyt Group are not material and will be accounted for in the next financial year.
\n(2) As a result of the announced transaction to sell 100% of the shares of Parkwind NV, the requirements for IFRS 5, \u2018Assets Held for Sale and discontinued Operations\u2019 were met.
\nConsequently, within the sub-consolidation of Virya Energy NV, the entire Parkwind Group is presented as such in the balance sheet and income statement per 31 December 2022. The assets of the discontinued operation amount to EUR 2.352,6 million, its
\nliabilities to EUR 1.458,8 million.
\n(3) 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.
\nThese adjustments to the net assets relate to energy contracts within the \u2018Non-current assets\u2019 category. In addition, effects in the consolidated figures of Virya Energy NV resulting from a change in the consolidation method of the underlying entities, are
\noffset by Colruyt Group as these effects are not applicable to Colruyt Group. The adjustment for Colruyt Group at Smartmat NV relates to goodwill.
\n
\n\n
\n\n
\n\n2021 (in million EUR) Virya Energy NV
\n(2)(4)
\nNewpharma Group NV
\n(2)(3)
\nSmartmat NV
\n(2)
\nNon-current assets 2.102,4 89,1 3,0
\nCurrent assets 251,0 17,4 7,9
\nNon-current liabilities 1.068,9 17,0 2,3
\nCurrent liabilities 399,5 24,4 6,8
\nNet assets 885,0 65,1 1,8
\n of which non-controlling interests 72,7 - -
\n of which equity attributable to owners of the parent company 812,3 65,1 1,8
\nShare of Colruyt Group in net assets 485,6 39,7 0,7
\nAdjustment for Colruyt Group
\n(1)
\n (187,4) 57,9 26,5
\nRevenue 179,3 156,5 -
\nProfit from continuing operations 18,9 (1,1) -
\nLoss from discontinued operations
\n(4)
\n(6,9) - -
\nOther comprehensive income 34,2 - -
\nTotal comprehensive income 46,2 (1,1) -
\n of which non-controlling interests 8,1 - -
\n of which equity attributable to owners of the parent company 38,1 (1,1) -
\nShare of Colruyt Group in total comprehensive income 22,8 (0,4) -
\nAdjustment for Colruyt Group
\n(1)
\n(1,8) - -
\n(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. These adjustments to the net assets relate to energy contracts
\nwithin the \u2018Non-current assets\u2019 category. In addition, effects in the consolidated figures of Virya Energy NV resulting from a change in the consolidation method of the underlying entities, are offset by Colruyt Group as these effects are not applicable to
\nColruyt Group. The adjustment for Colruyt Group at Newpharma Group NV and at Smartmat NV relates to goodwill.
\n(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 accounted for in the next financial year.
\n(3) The figures of Newpharma Group NV in the tables have been adjusted to IFRS.
\n(4) The result of Parkwind NV at 31 December 2021 included in the sub-consolidation of Virya Energy NV.
\n
\n\n
\n\n
\n\n13. Investments in joint ventures
\n
\n(in million EUR) 2022/23 2021/22
\nCarrying amount at 1 April 12,0 6,9
\nAcquisitions/capital increases 6,1 5,0
\nDisposals (0,2) -
\nChange in ownership percentage 0,1 -
\nShare in the result for the financial year (1,5) 0,1
\nCarrying amount at 31 March 16,5 12,0
\nThe investments in joint ventures for the financial year 2022/23 consist of the non-quoted entities Achilles Design BV (24,70%), Kriket BV (43,82%), Daltix NV and Daltix Unipessoal LDA
\n(78,76%), We Connect Data BV (16,03%), Ticom NV (90,00%), Digiteal NV (26,84%), Some BV (24,97%), De Leiding BV (51,99%) and Pluginvest BV (25,00%). As Colruyt Group shares the
\ncontrol over these entities with other parties, these joint ventures are included in the consolidated financial statements using the equity method.
\nAn interest in the company Pluginvest BV was acquired during the financial year (May 2022).
\nThrough the exercise of a put option by a minority shareholder, Colruyt Group's investment in Daltix NV and Daltix Unipessoal LDA was increased to 78,76% in the current financial year.
\nOn 27 December 2022, Colruyt Group made an additional cash contribution to De Leiding BV, increasing the investment from 46,23% to 51,99%.
\nOn 28 March 2023, Colruyt Group sold its stake in Hyve BV. Colruyt Group held 16,67% of the shares.
\nThe investments in Kriket BV, Daltix NV and Daltix Unipessoal LDA, Ticom NV, Digiteal NV, and De Leiding BV are presented in the operating segment \u2018Retail\u2019, the investments in Some BV
\nand Pluginvest BV in the operating segment \u2018Other activities\u2019 and the investments in Achilles Design BV and We Connect Data BV in the segment \u2018Unallocated\u2019.
\nThese companies have their main activities in Belgium.
\nIn both the current financial year 2022/23 and the previous financial year 2021/22, there were no material joint ventures.
\n
\n\n
\n",
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"Tag514": {
"value": "\n12. Investments in associates
\n
\n(in million EUR) 2022/23 2021/22
\nCarrying amount at 1 April 452,3 313,4
\nAcquisitions/capital increases 97,6 115,2
\nTransactions with non-controlling interests (20,6) -
\nDisposals/capital decreases (94,6) (0,7)
\nShare in the result for the financial year 3,2 5,8
\nShare in other comprehensive income 88,2 16,4
\nDividend (1,4) (0,2)
\nOther 1,3 2,4
\nCarrying amount at 31 March 526,0 452,3
\nThe investments in associates for the financial year 2022/23 relate to the non-quoted entities AgeCore SA (25,00%), First Retail International 2 NV (4,73%), Vendis Capital NV (10,87%),
\nSmartmat NV (41,36%), Scallog SAS (23,73%), The Seaweed Company BV (21,30%), and Virya Energy NV (59,94%). These investments are considered as associates and are accounted for
\nusing the equity method given that Colruyt Group has a significant influence based on indicators as defined under paragraph 6 of IAS 28, \u2018Investments in Associates and Joint Ventures\u2019.
\nAcquisitions and transactions with non-controlling interests mainly concern Virya Energy NV. After conversion of the convertible loan between Colruyt Group and Virya Energy NV,
\nColruyt Group's stake in Virya Energy NV increased from 59,78% to 59,94%. Transactions with non-controlling interests include the initial recognition of put options on non-controlling
\ninterests agreed by Virya Energy NV with the respective shareholders. This liability will be revalued at each closing date, with subsequent changes recognised in equity.
\nThe investment in Newpharma Group NV has been fully consolidated as a subsidiary since October 2022. This change in consolidation method is included in this note under the line
\nitem \u2018Disposals\u2019. Through the acquisition of the remaining 39% of the shares of Korys Investments NV on 14 October 2022, Colruyt Group's stake in Newpharma Group NV increased to
\n100%. The requisite measures were taken in the context of the conflict of interest rules.
\n
\n\nThe share of other comprehensive income mainly relates to interest rate swap contracts within Virya Energy NV.
\nOn 22 March 2023, Virya Energy NV announced that it had entered into an agreement with JERA Green Ltd., a subsidiary of JERA Co. Inc., to sell 100% of the Parkwind NV shares. The
\ntransaction is expected to be closed in the course of financial year 2023 and is subject to approval by the relevant competition and other regulatory authorities. This will lead to a
\nvery large one-off positive effect in Colruyt Group's consolidated net result in financial year 2023/24. That effect is estimated at EUR 600 million to EUR 700 million (based on Virya
\nEnergy NV's last closing date, i.e. 31 December 2022). The final price may still vary depending on the exact date the transaction is completed, and is expected to be at least EUR 1,55
\nbillion (net of debt) at the level of Virya Energy NV.
\nFor transactions decided by the Board of Directors after year-end with regard to Virya Energy NV, we refer to note 32. Events after the reporting date.
\nThe investments in Scallog SAS, Smartmat NV and The Seaweed Company BV are presented under the operating segment \u2018Retail\u2019, the investment in Virya Energy NV under the operating
\nsegment \u2018Other activities\u2019 and the investments in AgeCore SA, First Retail International 2 NV and Vendis Capital NV under the segment \u2018Unallocated\u2019.
\nThe consolidated figures of the material associates are as follows:
\n2022 (in million EUR) Virya Energy NV
\n(1)(2)
\nSmartmat NV
\n(1)
\nNon-current assets 497,0 5,0
\nCurrent assets
\n(2)
\n2.484,4 4,8
\nNon-current liabilities 240,8 1,7
\nCurrent liabilities
\n(2)
\n1.558,2 5,0
\nNet assets 1.182,5 3,0
\n of which non-controlling interests 110,8 -
\n of which equity attributable to owners of the parent company 1.071,7 3,0
\nShare of Colruyt Group in net assets 642,4 1,2
\nAdjustment for Colruyt Group
\n(3)
\n (176,1) 26,2
\nRevenue
\n(3)
\n111,0 30,7
\nProfit from continuing operations 9,3 0,6
\nLoss from discontinued operations
\n(2)
\n(19,2) -
\nOther comprehensive income 192,6 -
\nTotal comprehensive income 182,7 0,6
\n of which non-controlling interests 47,3 -
\n of which equity attributable to owners of the parent company 135,4 0,6
\nShare of Colruyt Group in total comprehensive income 81,2 0,3
\nAdjustment for Colruyt Group
\n(3)
\n11,2 -
\n(1) Virya Energy NV and Smartmat NV are in turn sub-consolidations. Late statutory adjustments not recognised by Colruyt Group are not material and will be accounted for in the next financial year.
\n(2) As a result of the announced transaction to sell 100% of the shares of Parkwind NV, the requirements for IFRS 5, \u2018Assets Held for Sale and discontinued Operations\u2019 were met.
\nConsequently, within the sub-consolidation of Virya Energy NV, the entire Parkwind Group is presented as such in the balance sheet and income statement per 31 December 2022. The assets of the discontinued operation amount to EUR 2.352,6 million, its
\nliabilities to EUR 1.458,8 million.
\n(3) 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.
\nThese adjustments to the net assets relate to energy contracts within the \u2018Non-current assets\u2019 category. In addition, effects in the consolidated figures of Virya Energy NV resulting from a change in the consolidation method of the underlying entities, are
\noffset by Colruyt Group as these effects are not applicable to Colruyt Group. The adjustment for Colruyt Group at Smartmat NV relates to goodwill.
\n
\n\n2021 (in million EUR) Virya Energy NV
\n(2)(4)
\nNewpharma Group NV
\n(2)(3)
\nSmartmat NV
\n(2)
\nNon-current assets 2.102,4 89,1 3,0
\nCurrent assets 251,0 17,4 7,9
\nNon-current liabilities 1.068,9 17,0 2,3
\nCurrent liabilities 399,5 24,4 6,8
\nNet assets 885,0 65,1 1,8
\n of which non-controlling interests 72,7 - -
\n of which equity attributable to owners of the parent company 812,3 65,1 1,8
\nShare of Colruyt Group in net assets 485,6 39,7 0,7
\nAdjustment for Colruyt Group
\n(1)
\n (187,4) 57,9 26,5
\nRevenue 179,3 156,5 -
\nProfit from continuing operations 18,9 (1,1) -
\nLoss from discontinued operations
\n(4)
\n(6,9) - -
\nOther comprehensive income 34,2 - -
\nTotal comprehensive income 46,2 (1,1) -
\n of which non-controlling interests 8,1 - -
\n of which equity attributable to owners of the parent company 38,1 (1,1) -
\nShare of Colruyt Group in total comprehensive income 22,8 (0,4) -
\nAdjustment for Colruyt Group
\n(1)
\n(1,8) - -
\n(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. These adjustments to the net assets relate to energy contracts
\nwithin the \u2018Non-current assets\u2019 category. In addition, effects in the consolidated figures of Virya Energy NV resulting from a change in the consolidation method of the underlying entities, are offset by Colruyt Group as these effects are not applicable to
\nColruyt Group. The adjustment for Colruyt Group at Newpharma Group NV and at Smartmat NV relates to goodwill.
\n(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 accounted for in the next financial year.
\n(3) The figures of Newpharma Group NV in the tables have been adjusted to IFRS.
\n(4) The result of Parkwind NV at 31 December 2021 included in the sub-consolidation of Virya Energy NV.
\n
\n\n34.4. Associates
\nAgeCore SA
\n(1)
\nRue de la Synagogue 33 1204 Gen\u00e8ve, Switzerland CHE-222 427 477 25,00%
\nFirst Retail International 2 NV
\n(1)
\nPontbeekstraat 2 1702 Dilbeek, Belgium 0644 497 494 4,73%
\nScallog SAS
\n(2)
\nRue Raymond Barbet 105 92000 Nanterre, France 791 336 076 23,73%
\nSmartmat NV
\n(1)
\nDock-North 4, bus E 9000 Ghent, Belgium 0841 142 626 41,36%
\nThe Seaweed Company BV
\n(1)
\nLange Haven 132 3111 CK Schiedam, Netherlands 72339225 21,30%
\nVendis Capital NV
\n(1)
\nJan Emiel Mommaertslaan 22 1831 Machelen, Belgium 0819 787 778 10,87%
\nVirya Energy NV
\n(1)(3)
\nVillalaan 96 1500 Halle, Belgium 0739 804 548 59,94%
\n
\n(1) These companies close their financial year on 31 December and are included in the consolidated financial statements as of that date.
\n(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.
\n(3) This companies is in a sub-consolidation.
\n
\n",
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"Tag512": {
"value": "\n13. Investments in joint ventures
\n
\n(in million EUR) 2022/23 2021/22
\nCarrying amount at 1 April 12,0 6,9
\nAcquisitions/capital increases 6,1 5,0
\nDisposals (0,2) -
\nChange in ownership percentage 0,1 -
\nShare in the result for the financial year (1,5) 0,1
\nCarrying amount at 31 March 16,5 12,0
\nThe investments in joint ventures for the financial year 2022/23 consist of the non-quoted entities Achilles Design BV (24,70%), Kriket BV (43,82%), Daltix NV and Daltix Unipessoal LDA
\n(78,76%), We Connect Data BV (16,03%), Ticom NV (90,00%), Digiteal NV (26,84%), Some BV (24,97%), De Leiding BV (51,99%) and Pluginvest BV (25,00%). As Colruyt Group shares the
\ncontrol over these entities with other parties, these joint ventures are included in the consolidated financial statements using the equity method.
\nAn interest in the company Pluginvest BV was acquired during the financial year (May 2022).
\nThrough the exercise of a put option by a minority shareholder, Colruyt Group's investment in Daltix NV and Daltix Unipessoal LDA was increased to 78,76% in the current financial year.
\nOn 27 December 2022, Colruyt Group made an additional cash contribution to De Leiding BV, increasing the investment from 46,23% to 51,99%.
\nOn 28 March 2023, Colruyt Group sold its stake in Hyve BV. Colruyt Group held 16,67% of the shares.
\nThe investments in Kriket BV, Daltix NV and Daltix Unipessoal LDA, Ticom NV, Digiteal NV, and De Leiding BV are presented in the operating segment \u2018Retail\u2019, the investments in Some BV
\nand Pluginvest BV in the operating segment \u2018Other activities\u2019 and the investments in Achilles Design BV and We Connect Data BV in the segment \u2018Unallocated\u2019.
\nThese companies have their main activities in Belgium.
\nIn both the current financial year 2022/23 and the previous financial year 2021/22, there were no material joint ventures.
\n
\n\n34.3. Joint ventures
\nAchilles Design BV
\n(1)
\nBorchtstraat 30 2800 Mechelen, Belgium 0691 752 926 24,70%
\nDaltix NV
\n(1)
\nOttergemsesteenweg-Zuid 808, bus 160 9000 Ghent, Belgium 0661 713 511 78,76%
\nDaltix Unipessoal LDA
\n(1)
\nAvenida Antonio Augusto De Aguiar 130
\nPiso 1
\n1050-020 Lisbon, Portugal 0514 607 769 78,76%
\nDe Leiding BV
\n(1)
\nKerkstraat 108 9050 Gentbrugge, Belgium 0694 734 685 51,99%
\nDigiteal NV
\n(1)
\nRue Emile Francqui 6 1435 Mont-Saint-Guibert, Belgium 0630 675 588 26,84%
\nKriket BV
\n(1)
\nBrogniezstraat 172 BIO7 1070 Anderlecht, Belgium 0692 761 033 43,82%
\nPluginvest BV Plantin and Moretuslei 289 2140 Borgerhout, Belgium 0665 554 711 25,00%
\nSome BV
\n(1)
\nHooilaar 40 2230 Herselt, Belgium 0829 249 337 24,97%
\nTicom NV Bilkensveld 1, bus A 1500 Halle, Belgium 0820 813 505 90,00%
\nWe Connect Data BV
\n(1)
\nWiedauwkaai 23, bus S 9000 Ghent, Belgium 0650 599 388 16,03%
\n(1) These companies close their financial year on 31 December and are included in the consolidated financial statements as of that date.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag516": {
"value": "\n
\n\n
\n\n
\n\n
\n14. Financial assets
\n\n14.1. Non-current assets
\n(in million EUR) 31.03.23 31.03.22
\nFinancial assets at fair value through other comprehensive income 10,8 14,7
\nTotal 10,8 14,7
\nThe non-current financial assets evolved as follows during the financial year:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 14,7 111,6
\nAcquisitions - 0,9
\nCapital increases 0,2 0,9
\nCapital decreases - (2,3)
\nFair value adjustments through other comprehensive income (4,1) (1,1)
\nReclassification - (95,0)
\nOther - (0,3)
\nAt 31 March 10,8 14,7
\n
\nThe 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
\nWind CV (7,19%) and the holdings in investment funds Good Harvest Belgium I SRL (4,61%) and Blue Horizon Ventures I SCSp RAIF (1,09%). The investments in the various companies
\nare 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
\ninvestment portfolios.
\nDuring the current reporting period, the non-current financial assets decreased by a net EUR 3,9 million. This is mainly explained by the fair value adjustments of Sofindev IV NV of
\nEUR -3,5 million.
\nDuring the previous reporting period, non-current financial assets decreased by net EUR 96,9 million. This was mainly explained by the reclassification of the convertible bonds of
\nVirya 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
\n(EUR -1,1 million).
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n14.2. Current assets
\n(in million EUR) 31.03.23 31.03.22
\nEquity instruments at fair value through profit or loss 9,4 9,3
\nFixed-income securities at fair value through profit or loss 17,4 15,9
\nCompound instruments at fair value through profit or loss - 95,0
\nFinancial assets at amortised cost 4,5 7,8
\nDerivative financial instruments \u2013 cash flow hedging instruments - 0,3
\nTotal 31,3 128,3
\n
\nThe current financial assets evolved as follows during the financial year:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 128,3 36,4
\nAcquisitions 6,5 6,4
\nSales and disposals (7,5) (17,8)
\nFair value adjustments through profit or loss (0,4) (0,9)
\nFair value adjustments through other comprehensive income (0,3) 9,0
\nCurrency translation adjustments (0,3) 0,2
\nReclassification (95,0) 95,0
\nAt 31 March 31,3 128,3
\nThe equity instruments and fixed-income securities at fair value through profit or loss relate mainly to financial assets held by the Luxembourg reinsurance company Locr\u00e9 SA
\n(EUR 26,5 million for the current period). The equity instruments and fixed-income securities are measured at their closing rates on 31 March 2023. Fair value adjustments are
\nrecognised through profit or loss. The fair value adjustment to the current assets at 31 March 2023 resulted in a net loss of EUR 0,4 million for the current financial year (compared to a
\nnet loss of EUR 0,9 million for the financial year 2021/22). The return on the fixed-income securities is 0,9% on average, with a maximum of 4,9%.
\nThe compound instruments measured at fair value through profit and loss in the previous financial year relate to the convertible bonds (EUR 95,0 million) issued by the associate Virya
\nEnergy NV. At the beginning of June 2022, Colruyt Group converted these convertible bonds into shares.
\nThe 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
\nthe outstanding currency hedges for cash flow hedging purposes.
\nThe cash flow hedging instruments are measured at their fair value at 31 March 2023. Fair value adjustments are accounted for through other comprehensive income owing to the
\nclassification as hedge accounting.
\nMore information on Colruyt Group\u2019s risk management approach to investments can be found in note 27. Risk management.
\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag517": {
"value": "\n
\n\n
\n\n
\n14. Financial assets
\n\n14.1. Non-current assets
\n(in million EUR) 31.03.23 31.03.22
\nFinancial assets at fair value through other comprehensive income 10,8 14,7
\nTotal 10,8 14,7
\nThe non-current financial assets evolved as follows during the financial year:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 14,7 111,6
\nAcquisitions - 0,9
\nCapital increases 0,2 0,9
\nCapital decreases - (2,3)
\nFair value adjustments through other comprehensive income (4,1) (1,1)
\nReclassification - (95,0)
\nOther - (0,3)
\nAt 31 March 10,8 14,7
\n
\nThe 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
\nWind CV (7,19%) and the holdings in investment funds Good Harvest Belgium I SRL (4,61%) and Blue Horizon Ventures I SCSp RAIF (1,09%). The investments in the various companies
\nare 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
\ninvestment portfolios.
\nDuring the current reporting period, the non-current financial assets decreased by a net EUR 3,9 million. This is mainly explained by the fair value adjustments of Sofindev IV NV of
\nEUR -3,5 million.
\nDuring the previous reporting period, non-current financial assets decreased by net EUR 96,9 million. This was mainly explained by the reclassification of the convertible bonds of
\nVirya 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
\n(EUR -1,1 million).
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n14.2. Current assets
\n(in million EUR) 31.03.23 31.03.22
\nEquity instruments at fair value through profit or loss 9,4 9,3
\nFixed-income securities at fair value through profit or loss 17,4 15,9
\nCompound instruments at fair value through profit or loss - 95,0
\nFinancial assets at amortised cost 4,5 7,8
\nDerivative financial instruments \u2013 cash flow hedging instruments - 0,3
\nTotal 31,3 128,3
\n
\nThe current financial assets evolved as follows during the financial year:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 128,3 36,4
\nAcquisitions 6,5 6,4
\nSales and disposals (7,5) (17,8)
\nFair value adjustments through profit or loss (0,4) (0,9)
\nFair value adjustments through other comprehensive income (0,3) 9,0
\nCurrency translation adjustments (0,3) 0,2
\nReclassification (95,0) 95,0
\nAt 31 March 31,3 128,3
\nThe equity instruments and fixed-income securities at fair value through profit or loss relate mainly to financial assets held by the Luxembourg reinsurance company Locr\u00e9 SA
\n(EUR 26,5 million for the current period). The equity instruments and fixed-income securities are measured at their closing rates on 31 March 2023. Fair value adjustments are
\nrecognised through profit or loss. The fair value adjustment to the current assets at 31 March 2023 resulted in a net loss of EUR 0,4 million for the current financial year (compared to a
\nnet loss of EUR 0,9 million for the financial year 2021/22). The return on the fixed-income securities is 0,9% on average, with a maximum of 4,9%.
\nThe compound instruments measured at fair value through profit and loss in the previous financial year relate to the convertible bonds (EUR 95,0 million) issued by the associate Virya
\nEnergy NV. At the beginning of June 2022, Colruyt Group converted these convertible bonds into shares.
\nThe 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
\nthe outstanding currency hedges for cash flow hedging purposes.
\nThe cash flow hedging instruments are measured at their fair value at 31 March 2023. Fair value adjustments are accounted for through other comprehensive income owing to the
\nclassification as hedge accounting.
\nMore information on Colruyt Group\u2019s risk management approach to investments can be found in note 27. Risk management.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag518": {
"value": "\n
\n\n
\n14. Financial assets
\n\n14.1. Non-current assets
\n(in million EUR) 31.03.23 31.03.22
\nFinancial assets at fair value through other comprehensive income 10,8 14,7
\nTotal 10,8 14,7
\nThe non-current financial assets evolved as follows during the financial year:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 14,7 111,6
\nAcquisitions - 0,9
\nCapital increases 0,2 0,9
\nCapital decreases - (2,3)
\nFair value adjustments through other comprehensive income (4,1) (1,1)
\nReclassification - (95,0)
\nOther - (0,3)
\nAt 31 March 10,8 14,7
\n
\nThe 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
\nWind CV (7,19%) and the holdings in investment funds Good Harvest Belgium I SRL (4,61%) and Blue Horizon Ventures I SCSp RAIF (1,09%). The investments in the various companies
\nare 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
\ninvestment portfolios.
\nDuring the current reporting period, the non-current financial assets decreased by a net EUR 3,9 million. This is mainly explained by the fair value adjustments of Sofindev IV NV of
\nEUR -3,5 million.
\nDuring the previous reporting period, non-current financial assets decreased by net EUR 96,9 million. This was mainly explained by the reclassification of the convertible bonds of
\nVirya 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
\n(EUR -1,1 million).
\n
\n\n
\n\n
\n\n
\n\n14.2. Current assets
\n(in million EUR) 31.03.23 31.03.22
\nEquity instruments at fair value through profit or loss 9,4 9,3
\nFixed-income securities at fair value through profit or loss 17,4 15,9
\nCompound instruments at fair value through profit or loss - 95,0
\nFinancial assets at amortised cost 4,5 7,8
\nDerivative financial instruments \u2013 cash flow hedging instruments - 0,3
\nTotal 31,3 128,3
\n
\nThe current financial assets evolved as follows during the financial year:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 128,3 36,4
\nAcquisitions 6,5 6,4
\nSales and disposals (7,5) (17,8)
\nFair value adjustments through profit or loss (0,4) (0,9)
\nFair value adjustments through other comprehensive income (0,3) 9,0
\nCurrency translation adjustments (0,3) 0,2
\nReclassification (95,0) 95,0
\nAt 31 March 31,3 128,3
\nThe equity instruments and fixed-income securities at fair value through profit or loss relate mainly to financial assets held by the Luxembourg reinsurance company Locr\u00e9 SA
\n(EUR 26,5 million for the current period). The equity instruments and fixed-income securities are measured at their closing rates on 31 March 2023. Fair value adjustments are
\nrecognised through profit or loss. The fair value adjustment to the current assets at 31 March 2023 resulted in a net loss of EUR 0,4 million for the current financial year (compared to a
\nnet loss of EUR 0,9 million for the financial year 2021/22). The return on the fixed-income securities is 0,9% on average, with a maximum of 4,9%.
\nThe compound instruments measured at fair value through profit and loss in the previous financial year relate to the convertible bonds (EUR 95,0 million) issued by the associate Virya
\nEnergy NV. At the beginning of June 2022, Colruyt Group converted these convertible bonds into shares.
\nThe 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
\nthe outstanding currency hedges for cash flow hedging purposes.
\nThe cash flow hedging instruments are measured at their fair value at 31 March 2023. Fair value adjustments are accounted for through other comprehensive income owing to the
\nclassification as hedge accounting.
\nMore information on Colruyt Group\u2019s risk management approach to investments can be found in note 27. Risk management.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag519": {
"value": "\n
\n14. Financial assets
\n\n14.1. Non-current assets
\n(in million EUR) 31.03.23 31.03.22
\nFinancial assets at fair value through other comprehensive income 10,8 14,7
\nTotal 10,8 14,7
\nThe non-current financial assets evolved as follows during the financial year:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 14,7 111,6
\nAcquisitions - 0,9
\nCapital increases 0,2 0,9
\nCapital decreases - (2,3)
\nFair value adjustments through other comprehensive income (4,1) (1,1)
\nReclassification - (95,0)
\nOther - (0,3)
\nAt 31 March 10,8 14,7
\n
\nThe 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
\nWind CV (7,19%) and the holdings in investment funds Good Harvest Belgium I SRL (4,61%) and Blue Horizon Ventures I SCSp RAIF (1,09%). The investments in the various companies
\nare 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
\ninvestment portfolios.
\nDuring the current reporting period, the non-current financial assets decreased by a net EUR 3,9 million. This is mainly explained by the fair value adjustments of Sofindev IV NV of
\nEUR -3,5 million.
\nDuring the previous reporting period, non-current financial assets decreased by net EUR 96,9 million. This was mainly explained by the reclassification of the convertible bonds of
\nVirya 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
\n(EUR -1,1 million).
\n
\n\n
\n\n14.2. Current assets
\n(in million EUR) 31.03.23 31.03.22
\nEquity instruments at fair value through profit or loss 9,4 9,3
\nFixed-income securities at fair value through profit or loss 17,4 15,9
\nCompound instruments at fair value through profit or loss - 95,0
\nFinancial assets at amortised cost 4,5 7,8
\nDerivative financial instruments \u2013 cash flow hedging instruments - 0,3
\nTotal 31,3 128,3
\n
\nThe current financial assets evolved as follows during the financial year:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 128,3 36,4
\nAcquisitions 6,5 6,4
\nSales and disposals (7,5) (17,8)
\nFair value adjustments through profit or loss (0,4) (0,9)
\nFair value adjustments through other comprehensive income (0,3) 9,0
\nCurrency translation adjustments (0,3) 0,2
\nReclassification (95,0) 95,0
\nAt 31 March 31,3 128,3
\nThe equity instruments and fixed-income securities at fair value through profit or loss relate mainly to financial assets held by the Luxembourg reinsurance company Locr\u00e9 SA
\n(EUR 26,5 million for the current period). The equity instruments and fixed-income securities are measured at their closing rates on 31 March 2023. Fair value adjustments are
\nrecognised through profit or loss. The fair value adjustment to the current assets at 31 March 2023 resulted in a net loss of EUR 0,4 million for the current financial year (compared to a
\nnet loss of EUR 0,9 million for the financial year 2021/22). The return on the fixed-income securities is 0,9% on average, with a maximum of 4,9%.
\nThe compound instruments measured at fair value through profit and loss in the previous financial year relate to the convertible bonds (EUR 95,0 million) issued by the associate Virya
\nEnergy NV. At the beginning of June 2022, Colruyt Group converted these convertible bonds into shares.
\nThe 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
\nthe outstanding currency hedges for cash flow hedging purposes.
\nThe cash flow hedging instruments are measured at their fair value at 31 March 2023. Fair value adjustments are accounted for through other comprehensive income owing to the
\nclassification as hedge accounting.
\nMore information on Colruyt Group\u2019s risk management approach to investments can be found in note 27. Risk management.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag520": {
"value": "\n14.1. Non-current assets
\n(in million EUR) 31.03.23 31.03.22
\nFinancial assets at fair value through other comprehensive income 10,8 14,7
\nTotal 10,8 14,7
\nThe non-current financial assets evolved as follows during the financial year:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 14,7 111,6
\nAcquisitions - 0,9
\nCapital increases 0,2 0,9
\nCapital decreases - (2,3)
\nFair value adjustments through other comprehensive income (4,1) (1,1)
\nReclassification - (95,0)
\nOther - (0,3)
\nAt 31 March 10,8 14,7
\n
\nThe 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
\nWind CV (7,19%) and the holdings in investment funds Good Harvest Belgium I SRL (4,61%) and Blue Horizon Ventures I SCSp RAIF (1,09%). The investments in the various companies
\nare 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
\ninvestment portfolios.
\nDuring the current reporting period, the non-current financial assets decreased by a net EUR 3,9 million. This is mainly explained by the fair value adjustments of Sofindev IV NV of
\nEUR -3,5 million.
\nDuring the previous reporting period, non-current financial assets decreased by net EUR 96,9 million. This was mainly explained by the reclassification of the convertible bonds of
\nVirya 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
\n(EUR -1,1 million).
\n
\n\n25.1. Terms and repayment schedule
\n(in million EUR) < 1 year 1-5 years > 5 years Total
\nLease and similar liabilities 60,5 180,2 87,7 328,4
\nBank borrowings 410,5 295,0 55,8 761,3
\nFixed-rate green retail bond - 251,1 - 251,1
\nOther 0,1 5,8 - 5,9
\nTotal at 31 March 2023
\n(1)
\n471,1 732,1 143,5 1.346,7
\nLease and similar liabilities 50,9 151,1 82,0 284,0
\nBank borrowings 298,3 378,8 1,0 678,1
\nOther 0,6 6,0 - 6,6
\nTotal at 31 March 2022
\n349,8 535,9 83,0 968,7
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\nInterest-bearing liabilities consist mainly of lease liabilities, bank borrowings and the fixed-rate green retail bond. The increase compared to the previous reporting period is due to
\nwithdrawals under short- and long-term financing arrangements as well as the issuance of a green retail bond that was successfully completed in February 2023, raising the maximum
\namount of EUR 250 million. Repayment of the green retail bond is scheduled for February 2028. Interest coupons worth EUR 10,6 million are due annually.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag521": {
"value": "\n15. Business combinations
\nOn 14 October 2022, Colruyt Group increased its stake in Newpharma Group NV from 61% to 100%. Newpharma Group NV is a leading Belgian online pharmacy based in Liege and
\nactive in six countries. Since 1 October 2022, the investment in Newpharma Group NV has been fully consolidated as a subsidiary, and no longer as an associate using the equity
\nmethod.
\nThe transaction resulted in goodwill of EUR 203,5 million. In determining this goodwill, an acquisition price of EUR 96,5 million was taken into account for the remaining 39% of the
\nshares and equity of EUR -23,1 million. The fair value of the 61% held in the associate's capital was valued at EUR 85,7 million as at the acquisition date, which means that the resulting
\ngain compared to the carrying amount of the associate can be considered negligible. Hence, the increased stake in Newpharma Group NV in financial year 2022/23 will have no effect
\non the result.
\nThe allocation of the acquisition price to the underlying assets of Newpharma Group NV has not yet been finalised at the reporting date and will be finalised in the course of financial
\nyear 2023/24. Part of the goodwill (estimated impact EUR 25,1 million) currently recorded is still expected to be allocated to amortisable intangible assets, mainly including the brand
\nname. The remaining goodwill is underpinned by future synergies that will be generated by the integration of Newpharma Group NV into Colruyt Group. These synergies are generated,
\namong other things, by new business opportunities and cost efficiencies in administrative costs.
\nThe requisite measures were taken in the context of the conflict of interest rules. We refer to the Corporate Governance section for more details.
\nThe acquisition balance sheet can be summarised as follows:
\n(in million EUR) 01.10.2022
\nNon-current assets 9,5
\nCurrent assets 20,0
\nNon-current liabilities 16,6
\nCurrent liabilities 36,0
\nNet assets (23,1)
\nThere were no other material business combinations in financial year 2022/23.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag522": {
"value": "\n
\n
\n16. Assets held for sale, disposal of subsidiaries and discontinued operations
\n\n
\n\n16.1. Assets held for sale
\n(in million EUR) 31.03.23
\nIntangible assets 1,3
\nProperty, plant and equipment 62,8
\nOther receivables 0,4
\nTotal non-current assets from discontinued operations 64,5
\nInventories 20,4
\nTrade receivables 40,5
\nCurrent tax assets 0,2
\nOther receivables 2,6
\nCash and cash equivalents 2,6
\nTotal current assets from discontinued operations 66,3
\nTotal assets from discontinued operations 130,8
\nLiabilities related to employee benefits 0,1
\nDeferred tax liabilities 1,2
\nInterest-bearing and other liabilities 3,0
\nTotal non-current liabilities from discontinued operations 4,3
\nInterest-bearing liabilities 0,6
\nTrade payables 79,6
\nLiabilities related to employee benefits and other liabilities 4,7
\nTotal current liabilities from discontinued operations 84,9
\nTotal liabilities from discontinued operations 89,2
\nNet carrying amount from discontinued operations 41,6
\nIn October 2022, Colruyt Group communicated its intention to transfer the activities of DATS 24 NV to the associate Virya Energy NV. In March 2023, the conditions for presenting the
\nrelated assets and liabilities as \u2018discontinued operations\u2019 were met. Consequently, Colruyt Group made the necessary reclassifications for the balance sheet positions of DATS 24 NV at
\nthe end of the financial year 2022/23. The activities of DATS 24 NV are presented under the operating segment \u2018Other activities\u2019. The above amounts exclude receivables and liabilities of
\nDATS 24 NV vis-\u00e0-vis fully consolidated companies within Colruyt Group. On 1 June 2023, Colruyt Group reached an agreement for the sale of DATS 24 NV. For more information on the
\ntransaction in financial year 2023/24, we refer to note 32. Events after the reporting date.
\nNo assets were classified as \u2018Assets held for sale\u2019 in financial year 2021/22.
\n
\n\n
\n\n
\n\n
\n
\n
\n\n16.2. Disposal of subsidiaries
\nNo material disposals of subsidiaries occurred in either financial year 2022/23 or financial year 2021/22.
\n
\n\n\n16.3. Discontinued operations
\nConsolidated income statement from discontinued operations
\n(in million EUR) 2022/23 2021/22
\nRevenue 886,2 798,2
\nCosts (938,1) (846,7)
\nOther operating income 79,4 60,6
\nOperating profit (EBIT) 27,5 12,1
\nProfit before tax 27,8 12,1
\nIncome tax expense (6,9) (2,1)
\nProfit for the financial year from discontinued operations 20,9 10,0
\nAttributable to:
\nOwners of the parent company 20,9 10,0
\nThe discontinued operations relate to DATS 24 NV. As the conditions for classification as \u2018discontinued operations\u2019 were met in financial year 2022/23, the figures for financial year
\n2021/22 were also restated.
\nThe income statement related to the operations of DATS 24 NV was reclassified from continuing to discontinued operations for both the previous (DATS 24 NV and Eoly NV) and the
\ncurrent financial year (DATS 24 NV). As Colruyt Group intends to continue to purchase services and products from DATS 24 NV after the latter's contribution into Virya Energy NV, the
\nintra-group transactions between continuing operations and discontinued operations were not eliminated.
\nNo profit or loss was recognised related to fair value adjustments or to the disposal of assets from discontinued operations as this is not applicable.
\nConsolidated cash flows from discontinued operations
\n(in million EUR) 2022/23 2021/22
\nCash flow from operating activities 75,2 10,2
\nCash flow from investing activities (14,9) 4,2
\nCash flow from financing activities
\n(30,4) (19,1)
\nNet increase/(decrease) of cash and cash equivalents 29,9 (4,8)
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag523": {
"value": "\n
\n\n16.1. Assets held for sale
\n(in million EUR) 31.03.23
\nIntangible assets 1,3
\nProperty, plant and equipment 62,8
\nOther receivables 0,4
\nTotal non-current assets from discontinued operations 64,5
\nInventories 20,4
\nTrade receivables 40,5
\nCurrent tax assets 0,2
\nOther receivables 2,6
\nCash and cash equivalents 2,6
\nTotal current assets from discontinued operations 66,3
\nTotal assets from discontinued operations 130,8
\nLiabilities related to employee benefits 0,1
\nDeferred tax liabilities 1,2
\nInterest-bearing and other liabilities 3,0
\nTotal non-current liabilities from discontinued operations 4,3
\nInterest-bearing liabilities 0,6
\nTrade payables 79,6
\nLiabilities related to employee benefits and other liabilities 4,7
\nTotal current liabilities from discontinued operations 84,9
\nTotal liabilities from discontinued operations 89,2
\nNet carrying amount from discontinued operations 41,6
\nIn October 2022, Colruyt Group communicated its intention to transfer the activities of DATS 24 NV to the associate Virya Energy NV. In March 2023, the conditions for presenting the
\nrelated assets and liabilities as \u2018discontinued operations\u2019 were met. Consequently, Colruyt Group made the necessary reclassifications for the balance sheet positions of DATS 24 NV at
\nthe end of the financial year 2022/23. The activities of DATS 24 NV are presented under the operating segment \u2018Other activities\u2019. The above amounts exclude receivables and liabilities of
\nDATS 24 NV vis-\u00e0-vis fully consolidated companies within Colruyt Group. On 1 June 2023, Colruyt Group reached an agreement for the sale of DATS 24 NV. For more information on the
\ntransaction in financial year 2023/24, we refer to note 32. Events after the reporting date.
\nNo assets were classified as \u2018Assets held for sale\u2019 in financial year 2021/22.
\n
\n\n
\n\n16.2. Disposal of subsidiaries
\nNo material disposals of subsidiaries occurred in either financial year 2022/23 or financial year 2021/22.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag524": {
"value": "\n16.1. Assets held for sale
\n(in million EUR) 31.03.23
\nIntangible assets 1,3
\nProperty, plant and equipment 62,8
\nOther receivables 0,4
\nTotal non-current assets from discontinued operations 64,5
\nInventories 20,4
\nTrade receivables 40,5
\nCurrent tax assets 0,2
\nOther receivables 2,6
\nCash and cash equivalents 2,6
\nTotal current assets from discontinued operations 66,3
\nTotal assets from discontinued operations 130,8
\nLiabilities related to employee benefits 0,1
\nDeferred tax liabilities 1,2
\nInterest-bearing and other liabilities 3,0
\nTotal non-current liabilities from discontinued operations 4,3
\nInterest-bearing liabilities 0,6
\nTrade payables 79,6
\nLiabilities related to employee benefits and other liabilities 4,7
\nTotal current liabilities from discontinued operations 84,9
\nTotal liabilities from discontinued operations 89,2
\nNet carrying amount from discontinued operations 41,6
\nIn October 2022, Colruyt Group communicated its intention to transfer the activities of DATS 24 NV to the associate Virya Energy NV. In March 2023, the conditions for presenting the
\nrelated assets and liabilities as \u2018discontinued operations\u2019 were met. Consequently, Colruyt Group made the necessary reclassifications for the balance sheet positions of DATS 24 NV at
\nthe end of the financial year 2022/23. The activities of DATS 24 NV are presented under the operating segment \u2018Other activities\u2019. The above amounts exclude receivables and liabilities of
\nDATS 24 NV vis-\u00e0-vis fully consolidated companies within Colruyt Group. On 1 June 2023, Colruyt Group reached an agreement for the sale of DATS 24 NV. For more information on the
\ntransaction in financial year 2023/24, we refer to note 32. Events after the reporting date.
\nNo assets were classified as \u2018Assets held for sale\u2019 in financial year 2021/22.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag525": {
"value": "\n16.3. Discontinued operations
\nConsolidated income statement from discontinued operations
\n(in million EUR) 2022/23 2021/22
\nRevenue 886,2 798,2
\nCosts (938,1) (846,7)
\nOther operating income 79,4 60,6
\nOperating profit (EBIT) 27,5 12,1
\nProfit before tax 27,8 12,1
\nIncome tax expense (6,9) (2,1)
\nProfit for the financial year from discontinued operations 20,9 10,0
\nAttributable to:
\nOwners of the parent company 20,9 10,0
\nThe discontinued operations relate to DATS 24 NV. As the conditions for classification as \u2018discontinued operations\u2019 were met in financial year 2022/23, the figures for financial year
\n2021/22 were also restated.
\nThe income statement related to the operations of DATS 24 NV was reclassified from continuing to discontinued operations for both the previous (DATS 24 NV and Eoly NV) and the
\ncurrent financial year (DATS 24 NV). As Colruyt Group intends to continue to purchase services and products from DATS 24 NV after the latter's contribution into Virya Energy NV, the
\nintra-group transactions between continuing operations and discontinued operations were not eliminated.
\nNo profit or loss was recognised related to fair value adjustments or to the disposal of assets from discontinued operations as this is not applicable.
\nConsolidated cash flows from discontinued operations
\n(in million EUR) 2022/23 2021/22
\nCash flow from operating activities 75,2 10,2
\nCash flow from investing activities (14,9) 4,2
\nCash flow from financing activities
\n(30,4) (19,1)
\nNet increase/(decrease) of cash and cash equivalents 29,9 (4,8)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag526": {
"value": "\n17. Deferred tax assets and liabilities
\nDeferred tax assets and liabilities can be detailed as follows:
\n17.1. Net carrying amount
\n(in million EUR)
\nAssets Liabilities Balance
\n31.03.23 31.03.22 31.03.23 31.03.22 31.03.23 31.03.22
\nIntangible assets 9,6 7,5 (0,1) - 9,5 7,5
\nProperty, plant and equipment 1,9 2,1 (140,7) (134,9) (138,8) (132,8)
\nInventories - 0,1 (0,5) (3,2) (0,5) (3,1)
\nReceivables 3,3 1,9 (6,7) (6,6) (3,4) (4,7)
\nLiabilities related to employee benefits 12,0 18,6 - - 12,0 18,6
\nOther provisions 1,1 1,4 (12,0) (11,6) (10,9) (10,2)
\nOther liabilities 77,5 64,3 (25,3) (25,2) 52,2 39,1
\nTax loss carry-forwards, deductible items and reclaimable tax paid 73,0 74,0 - - 73,0 74,0
\nGross deferred tax assets/(liabilities) 178,4 169,9 (185,3) (181,5) (6,9) (11,6)
\nUnrecognised tax assets/liabilities (87,6) (75,6) 26,4 13,0 (61,2) (62,6)
\nOffsetting tax assets/liabilities (72,7) (76,9) 72,7 76,9 - -
\nNet deferred tax assets/(liabilities) 18,1 17,4 (86,2) (91,6) (68,1) (74,2)
\nOn 31 March 2023, Colruyt Group had unrecognised deferred tax assets and liabilities in an amount of EUR 61,2 million (EUR 62,6 million on 31 March 2022).
\nThis amount relates to temporary differences, as well as tax losses and unused tax assets carried forward totalling EUR 244,8 million (EUR 244,8 million for the 2021/22 financial year).
\nColruyt 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
\ncan be utilised. Colruyt Group sets a time horizon of five years for these estimates.
\nThe other liabilities on the asset side mainly relate to IFRS 16 lease liabilities and on the liability side to deferred tax liabilities that cannot be allocated to the other headings.
\n
\n\n17.2. Change in net carrying amount
\n(in million EUR)
\nAssets Liabilities Balance
\n2022/23 2021/22 2022/23 2021/22 2022/23 2021/22
\nNet carrying amount at 1 April 17,4 12,3 (91,6) (66,0) (74,2) (53,7)
\nChanges recognised in profit or loss
\n(1)
\n0,7 5,1 7,8 (16,7) 8,5 (11,6)
\nChanges recognised in other comprehensive income - - (3,3) (8,3) (3,3) (8,3)
\nAcquisitions through business combinations - - - (0,5) - (0,5)
\nChanges in the consolidation method - - (0,3) (0,1) (0,3) (0,1)
\nReclassification as liabilities from discontinued operations
\n(2)
\n- - 1,2 - 1,2 -
\nNet carrying amount at 31 March 18,1 17,4 (86,2) (91,6) (68,1) (74,2)
\n(1) Includes both the changes in continuing operations and in discontinued operations.
\n(2) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag527": {
"value": "\n18. Inventories
\n(in million EUR) 2022/23 2021/22
\nTrade goods 707,4 695,2
\nRaw materials, packaging materials, finished goods and spare parts 119,1 120,4
\nTotal inventories 826,5 815,6
\nThe inventory valuation has been updated in 2021/22 and had a one-off effect of EUR 26,1 million. The accumulated impairment on inventories of trade goods amounted to
\nEUR 49,7 million in the current financial year compared to EUR 47,4 million in the previous financial year.
\nThe amount of inventories recognised as an expense in the 2022/23 income statement amounts to EUR 7.074,2 million and was reported under \u2018Cost of goods sold\u2019. Last year this
\nexpense was EUR 6.546,4 million.
\nIn financial year 2022/23, EUR 20,4 million was transferred to assets from discontinued operations. See note 16.1 for more information on the assets from discontinued operations.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag528": {
"value": "\n
\n
\n19. Trade and other receivables
\n\n
\n\n19.1. Other non-current receivables
\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nLoans to customers 4,9 4,7
\nLoans to associates 1,0 12,7
\nLoans to joint ventures 2,9 1,9
\nGuarantees granted 7,6 7,4
\nLease receivables 20,4 17,1
\nOther receivables 1,5 2,2
\nTotal other non-current receivables 38,3 46,0
\n(1) In financial year 2022/23, EUR 0,4 million was reclassified as assets from discontinued operations. See note 16 for more information on the assets from discontinued operations.
\nLoans granted to customers mainly comprise loans to independent storekeepers of Retail Partners Colruyt Group NV. The loans are usually granted for a maximum period of 15 years.
\nThe \u2018Guarantees granted\u2019 have been provided in respect of purchase obligations.
\nThe lease receivables (EUR 20,4 million) relate to finance subleases in respect of buildings.
\nGuarantees were received for the total outstanding lease receivables (current and non-current) for a total of EUR 16,0 million. The guarantees received exceed the expected credit
\nlosses.
\nOther non-current receivables are presented net of any impairments. Recognised impairments for expected credit losses on the total of other non-current receivables amount to EUR
\n1,0 million (comparative reporting period EUR 2,5 million). To calculate the impairments, the general approach under IFRS 9 was used, whereby assets are assessed on an individual
\nbasis, with any impairments recorded on the basis of expected credit losses. The credit risk assessment for loans to associates and joint ventures is linked to the analysis of impairment
\nindicators. The result of this analysis is that there are no expected credit losses for loans to associates and joint ventures. See also note 1.5.E - Financial assets - Expected credit losses.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n
\n19.2. Current trade and other current receivables
\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nRetail 401,7 432,6
\nWholesale and Foodservice 115,2 94,1
\nOther activities 17,8 75,8
\nTotal trade receivables 534,7 602,5
\nVAT 16,2 12,7
\nPrepaid expenses 39,6 36,9
\nLoans granted to customers that expire within 1 year 1,1 1,2
\nInterest 0,6 3,4
\nLease receivables 5,0 4,3
\nOther receivables 35,3 22,9
\nTotal other current receivables 97,8 81,4
\n(1) In financial year 2022/23, EUR 43,1 million was reclassified as assets from discontinued operations. See note 16 for more information on the assets from discontinued operations.
\n\nTrade receivables
\nTrade receivables are presented net of impairments. These impairments amount to EUR 11,7 million at 31 March 2023 (compared to EUR 15,6 million at 31 March 2022). Trade
\nreceivables also include accrued compensations from suppliers.
\nThe simplified approach always applies to trade receivables, see also note 1.5.E - Financial Assets - Expected Credit Losses.
\nColruyt Group classifies debtors and the related receivables in different categories based on common risk characteristics and the age of outstanding receivables. For all still due
\nreceivables, Colruyt Group applies a percentage between 0,0% and 0,5% (dependent on the category), while for receivables less than six months overdue, Colruyt Group applies
\npercentages between 1% and 5%, dependent on the category. For receivables older than six months, Colruyt Group applies a percentage of 25% to 100%, again dependent on the
\ncategory.
\nFor the wholesale segment, bank guarantees were received for EUR 22,2 million as well as credit insurance. These credit insurance policies cover 4,8% of the gross value of outstanding
\ntrade receivables (as at 31 March 2022, it was 2,8%).
\nOther receivables
\n\u2018Other receivables\u2019 consist mainly of claims for damages and miscellaneous advances.
\nOther receivables are presented net of impairments. These impairments amount to EUR 0,5 million at 31 March 2023 (compared to EUR 0,8 million at 31 March 2022).
\nTo calculate the impairments, the general approach under IFRS 9 was used, whereby assets are assessed on an individual basis, with any impairments recorded on the basis of
\nexpected credit losses. This methodology is in line with the provisions for other non-current receivables, as listed in Section 19.1 \u2018Other non-current receivables\u2019. Guarantees were
\nreceived for the total outstanding lease receivables (current and non-current) for a total of EUR 16,0 million.
\n
\nThe guarantees received exceed the expected credit losses.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n\nThe ageing of trade receivables is as follows:
\n(in million EUR)
\n31.03.23 31.03.22
\nGross Impairment Gross Impairment
\nNot past due 490,1 (0,2) 566,7 -
\nPast due between 1 and 6 months 41,2 (0,9) 30,7 (0,7)
\nPast due for more than 6 months 15,1 (10,6) 20,7 (14,9)
\nTotal 546,4 (11,7) 618,1 (15,6)
\n\nThe movement in impairments on trade and other receivables is as follows:
\n(in million EUR)
\nImpairment
\ntrade receivables
\nImpairment
\nother receivables
\n2022/23 2021/22 2022/23 2021/22
\nAt 1 April (15,6) (17,6) (0,8) (0,7)
\nAddition (14,3) (18,3) (0,1) (0,1)
\nReversal 12,7 18,7 0,2 -
\nUse 4,5 1,6 0,2 -
\nReclassification to assets from discontinued operations
\n(1)
\n1,0 - - -
\nAt 31 March (11,7) (15,6) (0,5) (0,8)
\n(1) See note 16 for more information on assets from discontinued operations.
\n\n\nMore information on how trade and other receivables are monitored can be found under note 27.1.c. Credit risk.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag529": {
"value": "\n
\n\n19.1. Other non-current receivables
\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nLoans to customers 4,9 4,7
\nLoans to associates 1,0 12,7
\nLoans to joint ventures 2,9 1,9
\nGuarantees granted 7,6 7,4
\nLease receivables 20,4 17,1
\nOther receivables 1,5 2,2
\nTotal other non-current receivables 38,3 46,0
\n(1) In financial year 2022/23, EUR 0,4 million was reclassified as assets from discontinued operations. See note 16 for more information on the assets from discontinued operations.
\nLoans granted to customers mainly comprise loans to independent storekeepers of Retail Partners Colruyt Group NV. The loans are usually granted for a maximum period of 15 years.
\nThe \u2018Guarantees granted\u2019 have been provided in respect of purchase obligations.
\nThe lease receivables (EUR 20,4 million) relate to finance subleases in respect of buildings.
\nGuarantees were received for the total outstanding lease receivables (current and non-current) for a total of EUR 16,0 million. The guarantees received exceed the expected credit
\nlosses.
\nOther non-current receivables are presented net of any impairments. Recognised impairments for expected credit losses on the total of other non-current receivables amount to EUR
\n1,0 million (comparative reporting period EUR 2,5 million). To calculate the impairments, the general approach under IFRS 9 was used, whereby assets are assessed on an individual
\nbasis, with any impairments recorded on the basis of expected credit losses. The credit risk assessment for loans to associates and joint ventures is linked to the analysis of impairment
\nindicators. The result of this analysis is that there are no expected credit losses for loans to associates and joint ventures. See also note 1.5.E - Financial assets - Expected credit losses.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag530": {
"value": "\n19.1. Other non-current receivables
\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nLoans to customers 4,9 4,7
\nLoans to associates 1,0 12,7
\nLoans to joint ventures 2,9 1,9
\nGuarantees granted 7,6 7,4
\nLease receivables 20,4 17,1
\nOther receivables 1,5 2,2
\nTotal other non-current receivables 38,3 46,0
\n(1) In financial year 2022/23, EUR 0,4 million was reclassified as assets from discontinued operations. See note 16 for more information on the assets from discontinued operations.
\nLoans granted to customers mainly comprise loans to independent storekeepers of Retail Partners Colruyt Group NV. The loans are usually granted for a maximum period of 15 years.
\nThe \u2018Guarantees granted\u2019 have been provided in respect of purchase obligations.
\nThe lease receivables (EUR 20,4 million) relate to finance subleases in respect of buildings.
\nGuarantees were received for the total outstanding lease receivables (current and non-current) for a total of EUR 16,0 million. The guarantees received exceed the expected credit
\nlosses.
\nOther non-current receivables are presented net of any impairments. Recognised impairments for expected credit losses on the total of other non-current receivables amount to EUR
\n1,0 million (comparative reporting period EUR 2,5 million). To calculate the impairments, the general approach under IFRS 9 was used, whereby assets are assessed on an individual
\nbasis, with any impairments recorded on the basis of expected credit losses. The credit risk assessment for loans to associates and joint ventures is linked to the analysis of impairment
\nindicators. The result of this analysis is that there are no expected credit losses for loans to associates and joint ventures. See also note 1.5.E - Financial assets - Expected credit losses.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag531": {
"value": "\n
\n\n
\n19.2. Current trade and other current receivables
\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nRetail 401,7 432,6
\nWholesale and Foodservice 115,2 94,1
\nOther activities 17,8 75,8
\nTotal trade receivables 534,7 602,5
\nVAT 16,2 12,7
\nPrepaid expenses 39,6 36,9
\nLoans granted to customers that expire within 1 year 1,1 1,2
\nInterest 0,6 3,4
\nLease receivables 5,0 4,3
\nOther receivables 35,3 22,9
\nTotal other current receivables 97,8 81,4
\n(1) In financial year 2022/23, EUR 43,1 million was reclassified as assets from discontinued operations. See note 16 for more information on the assets from discontinued operations.
\n\nTrade receivables
\nTrade receivables are presented net of impairments. These impairments amount to EUR 11,7 million at 31 March 2023 (compared to EUR 15,6 million at 31 March 2022). Trade
\nreceivables also include accrued compensations from suppliers.
\nThe simplified approach always applies to trade receivables, see also note 1.5.E - Financial Assets - Expected Credit Losses.
\nColruyt Group classifies debtors and the related receivables in different categories based on common risk characteristics and the age of outstanding receivables. For all still due
\nreceivables, Colruyt Group applies a percentage between 0,0% and 0,5% (dependent on the category), while for receivables less than six months overdue, Colruyt Group applies
\npercentages between 1% and 5%, dependent on the category. For receivables older than six months, Colruyt Group applies a percentage of 25% to 100%, again dependent on the
\ncategory.
\nFor the wholesale segment, bank guarantees were received for EUR 22,2 million as well as credit insurance. These credit insurance policies cover 4,8% of the gross value of outstanding
\ntrade receivables (as at 31 March 2022, it was 2,8%).
\nOther receivables
\n\u2018Other receivables\u2019 consist mainly of claims for damages and miscellaneous advances.
\nOther receivables are presented net of impairments. These impairments amount to EUR 0,5 million at 31 March 2023 (compared to EUR 0,8 million at 31 March 2022).
\nTo calculate the impairments, the general approach under IFRS 9 was used, whereby assets are assessed on an individual basis, with any impairments recorded on the basis of
\nexpected credit losses. This methodology is in line with the provisions for other non-current receivables, as listed in Section 19.1 \u2018Other non-current receivables\u2019. Guarantees were
\nreceived for the total outstanding lease receivables (current and non-current) for a total of EUR 16,0 million.
\n
\nThe guarantees received exceed the expected credit losses.
\n
\n\n
\n\n
\n\n
\n\n\nThe ageing of trade receivables is as follows:
\n(in million EUR)
\n31.03.23 31.03.22
\nGross Impairment Gross Impairment
\nNot past due 490,1 (0,2) 566,7 -
\nPast due between 1 and 6 months 41,2 (0,9) 30,7 (0,7)
\nPast due for more than 6 months 15,1 (10,6) 20,7 (14,9)
\nTotal 546,4 (11,7) 618,1 (15,6)
\n\nThe movement in impairments on trade and other receivables is as follows:
\n(in million EUR)
\nImpairment
\ntrade receivables
\nImpairment
\nother receivables
\n2022/23 2021/22 2022/23 2021/22
\nAt 1 April (15,6) (17,6) (0,8) (0,7)
\nAddition (14,3) (18,3) (0,1) (0,1)
\nReversal 12,7 18,7 0,2 -
\nUse 4,5 1,6 0,2 -
\nReclassification to assets from discontinued operations
\n(1)
\n1,0 - - -
\nAt 31 March (11,7) (15,6) (0,5) (0,8)
\n(1) See note 16 for more information on assets from discontinued operations.
\n\n\nMore information on how trade and other receivables are monitored can be found under note 27.1.c. Credit risk.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag532": {
"value": "\n
\n19.2. Current trade and other current receivables
\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nRetail 401,7 432,6
\nWholesale and Foodservice 115,2 94,1
\nOther activities 17,8 75,8
\nTotal trade receivables 534,7 602,5
\nVAT 16,2 12,7
\nPrepaid expenses 39,6 36,9
\nLoans granted to customers that expire within 1 year 1,1 1,2
\nInterest 0,6 3,4
\nLease receivables 5,0 4,3
\nOther receivables 35,3 22,9
\nTotal other current receivables 97,8 81,4
\n(1) In financial year 2022/23, EUR 43,1 million was reclassified as assets from discontinued operations. See note 16 for more information on the assets from discontinued operations.
\n\nTrade receivables
\nTrade receivables are presented net of impairments. These impairments amount to EUR 11,7 million at 31 March 2023 (compared to EUR 15,6 million at 31 March 2022). Trade
\nreceivables also include accrued compensations from suppliers.
\nThe simplified approach always applies to trade receivables, see also note 1.5.E - Financial Assets - Expected Credit Losses.
\nColruyt Group classifies debtors and the related receivables in different categories based on common risk characteristics and the age of outstanding receivables. For all still due
\nreceivables, Colruyt Group applies a percentage between 0,0% and 0,5% (dependent on the category), while for receivables less than six months overdue, Colruyt Group applies
\npercentages between 1% and 5%, dependent on the category. For receivables older than six months, Colruyt Group applies a percentage of 25% to 100%, again dependent on the
\ncategory.
\nFor the wholesale segment, bank guarantees were received for EUR 22,2 million as well as credit insurance. These credit insurance policies cover 4,8% of the gross value of outstanding
\ntrade receivables (as at 31 March 2022, it was 2,8%).
\nOther receivables
\n\u2018Other receivables\u2019 consist mainly of claims for damages and miscellaneous advances.
\nOther receivables are presented net of impairments. These impairments amount to EUR 0,5 million at 31 March 2023 (compared to EUR 0,8 million at 31 March 2022).
\nTo calculate the impairments, the general approach under IFRS 9 was used, whereby assets are assessed on an individual basis, with any impairments recorded on the basis of
\nexpected credit losses. This methodology is in line with the provisions for other non-current receivables, as listed in Section 19.1 \u2018Other non-current receivables\u2019. Guarantees were
\nreceived for the total outstanding lease receivables (current and non-current) for a total of EUR 16,0 million.
\n
\nThe guarantees received exceed the expected credit losses.
\n
\n\n
\n\n\nThe ageing of trade receivables is as follows:
\n(in million EUR)
\n31.03.23 31.03.22
\nGross Impairment Gross Impairment
\nNot past due 490,1 (0,2) 566,7 -
\nPast due between 1 and 6 months 41,2 (0,9) 30,7 (0,7)
\nPast due for more than 6 months 15,1 (10,6) 20,7 (14,9)
\nTotal 546,4 (11,7) 618,1 (15,6)
\n\nThe movement in impairments on trade and other receivables is as follows:
\n(in million EUR)
\nImpairment
\ntrade receivables
\nImpairment
\nother receivables
\n2022/23 2021/22 2022/23 2021/22
\nAt 1 April (15,6) (17,6) (0,8) (0,7)
\nAddition (14,3) (18,3) (0,1) (0,1)
\nReversal 12,7 18,7 0,2 -
\nUse 4,5 1,6 0,2 -
\nReclassification to assets from discontinued operations
\n(1)
\n1,0 - - -
\nAt 31 March (11,7) (15,6) (0,5) (0,8)
\n(1) See note 16 for more information on assets from discontinued operations.
\n\n\nMore information on how trade and other receivables are monitored can be found under note 27.1.c. Credit risk.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag533": {
"value": "\nTrade receivables
\nTrade receivables are presented net of impairments. These impairments amount to EUR 11,7 million at 31 March 2023 (compared to EUR 15,6 million at 31 March 2022). Trade
\nreceivables also include accrued compensations from suppliers.
\nThe simplified approach always applies to trade receivables, see also note 1.5.E - Financial Assets - Expected Credit Losses.
\nColruyt Group classifies debtors and the related receivables in different categories based on common risk characteristics and the age of outstanding receivables. For all still due
\nreceivables, Colruyt Group applies a percentage between 0,0% and 0,5% (dependent on the category), while for receivables less than six months overdue, Colruyt Group applies
\npercentages between 1% and 5%, dependent on the category. For receivables older than six months, Colruyt Group applies a percentage of 25% to 100%, again dependent on the
\ncategory.
\nFor the wholesale segment, bank guarantees were received for EUR 22,2 million as well as credit insurance. These credit insurance policies cover 4,8% of the gross value of outstanding
\ntrade receivables (as at 31 March 2022, it was 2,8%).
\nOther receivables
\n\u2018Other receivables\u2019 consist mainly of claims for damages and miscellaneous advances.
\nOther receivables are presented net of impairments. These impairments amount to EUR 0,5 million at 31 March 2023 (compared to EUR 0,8 million at 31 March 2022).
\nTo calculate the impairments, the general approach under IFRS 9 was used, whereby assets are assessed on an individual basis, with any impairments recorded on the basis of
\nexpected credit losses. This methodology is in line with the provisions for other non-current receivables, as listed in Section 19.1 \u2018Other non-current receivables\u2019. Guarantees were
\nreceived for the total outstanding lease receivables (current and non-current) for a total of EUR 16,0 million.
\n
\nThe guarantees received exceed the expected credit losses.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag534": {
"value": "\n
\n20. Cash and cash equivalents
\n(in million EUR) 31.03.23 31.03.22
\nCash at banks and cash equivalents
\n(1)
\n347,9 167,5
\nCash on hand 10,7 8,7
\nCash and cash equivalents 358,6 176,2
\nBank overdrafts 8,4 0,2
\nTotal liabilities 8,4 0,2
\nNet cash and cash equivalents 350,2 176,0
\n(1) Cash at banks and cash equivalents also include term deposits of EUR 176,2 million (EUR 10,1 million in financial year 2021/22) and cash in transit of EUR 42,7 million (EUR 39,1 million in financial year 2021/22).
\nTerm deposits are convertible into cash within a period of less than 3 months.
\nCash intended for reinsurance activities amounts to EUR 6,3 million in financial year 2022/23 (EUR 11,9 million in financial year 2021/22).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag399": {
"value": "\n
\n
\n
\n21. Equity
\n\n21.1. Capital management
\nColruyt Group\u2019s 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\u2019s value. The
\nBoard 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 51,0%
\n(1)
\n. According
\nto 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
\nincrease shareholders\u2019 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
\nof the company\u2019s treasury shares. This authorisation is valid for a period of five years. As employee commitment to the group\u2019s growth is also one of Colruyt Group\u2019s priorities, an
\nannual capital increase reserved for employees has been organised since 1987.
\n(1) More details can be found under note 21.4 Dividends.
\n
\n\n\n21.2. Share capital
\nAs a result of the resolution of the Extraordinary General Meeting of 6 October 2022, the capital was increased by 238.500 shares on 19 December 2022; this corresponds to a capital
\ncontribution of EUR 5,4 million.
\nThe Company\u2019s share capital on 31 March 2023 amounted to EUR 370,2 million divided into 134.077.688 fully paid up ordinary shares without par value. All shares, except treasury
\nshares, participate in the profits.
\nThe 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.
\nCapital 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
\nway 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
\ndetermined by the Board of Directors, taking legal prescriptions into account.
\nThis 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
\nAnnexes to the Belgian Official Gazette. This authorisation can be extended once or multiple times, each time for a maximum period of five years, by means of a decision of the General
\nMeeting of Shareholders, deliberating according to the guidelines that apply for changes in bylaws. The current authorisation will end in October 2024.
\n
\n\n\n21.3. Treasury shares
\nTreasury shares are recognised at the cost of the treasury shares purchased. At 31 March 2023, Colruyt Group held 6.687.980 treasury shares; this represents 4,99% of the shares issued
\nat the reporting date. During the financial year, 3.169.026 treasury shares were repurchased for an amount of EUR 94,8 million. We refer to the Corporate Governance section for more
\ndetails on the purchase of treasury shares.
\n
\n\n21.4. Dividends
\nOn 9 June 2023, a gross dividend of EUR 101,6 million or EUR 0,80 per share was proposed by the Board of Directors. In the previous financial year the gross dividend amounted
\nto EUR 139,9 million or EUR 1,10 per share. The gross dividend takes into account the number of treasury shares held on 9 June 2023. The dividend was not incorporated in the
\nconsolidated financial statements for the financial year 2022/23.
\n
\n\n21.5. Shareholder structure
\nBased on the most recent transparency notification of 24 March 2023 and taking into account the companies\u2019 treasury shares held by the company at 31 March 2023, the shareholder
\nstructure of Etn. Fr. Colruyt NV is as follows:
\nShares
\nColruyt family and relatives 82.969.340
\nEtn. Fr. Colruyt NV (treasury shares)
\n(1)
\n 6.687.980
\nTotal of parties acting in concert 89.657.320
\n(1) Situation at 31 March 2023.
\nThe remainder of the total shares issued (134.077.688 shares at 31 March 2023), i.e. 44.420.368 shares or 33,13%, are publicly held. We refer to the Corporate Governance section for
\nmore details.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag400": {
"value": "\n21.1. Capital management
\nColruyt Group\u2019s 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\u2019s value. The
\nBoard 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 51,0%
\n(1)
\n. According
\nto 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
\nincrease shareholders\u2019 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
\nof the company\u2019s treasury shares. This authorisation is valid for a period of five years. As employee commitment to the group\u2019s growth is also one of Colruyt Group\u2019s priorities, an
\nannual capital increase reserved for employees has been organised since 1987.
\n(1) More details can be found under note 21.4 Dividends.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag401": {
"value": "\n21.2. Share capital
\nAs a result of the resolution of the Extraordinary General Meeting of 6 October 2022, the capital was increased by 238.500 shares on 19 December 2022; this corresponds to a capital
\ncontribution of EUR 5,4 million.
\nThe Company\u2019s share capital on 31 March 2023 amounted to EUR 370,2 million divided into 134.077.688 fully paid up ordinary shares without par value. All shares, except treasury
\nshares, participate in the profits.
\nThe 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.
\nCapital 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
\nway 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
\ndetermined by the Board of Directors, taking legal prescriptions into account.
\nThis 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
\nAnnexes to the Belgian Official Gazette. This authorisation can be extended once or multiple times, each time for a maximum period of five years, by means of a decision of the General
\nMeeting of Shareholders, deliberating according to the guidelines that apply for changes in bylaws. The current authorisation will end in October 2024.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag402": {
"value": "\n21.3. Treasury shares
\nTreasury shares are recognised at the cost of the treasury shares purchased. At 31 March 2023, Colruyt Group held 6.687.980 treasury shares; this represents 4,99% of the shares issued
\nat the reporting date. During the financial year, 3.169.026 treasury shares were repurchased for an amount of EUR 94,8 million. We refer to the Corporate Governance section for more
\ndetails on the purchase of treasury shares.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag403": {
"value": "\n22. Earnings per share
\n2022/23 2021/22
\n(1)
\nTotal operating activity
\nProfit for the financial year (group share), including discontinued operations (EUR million) 200,6 287,3
\nProfit for the financial year (group share), excluding discontinued operations (EUR million) 179,7 277,3
\nWeighted average number of outstanding shares 127.967.641 132.677.085
\nEarnings per share \u2013 basic (in EUR) \u2013 including discontinued operations 1,57 2,16
\nEarnings per share \u2013 diluted (in EUR) \u2013 including discontinued operations 1,57 2,16
\nEarnings per share \u2013 basic (in EUR) \u2013 excluding discontinued operations 1,40 2,09
\nEarnings per share \u2013 diluted (in EUR) \u2013 excluding discontinued operations 1,40 2,09
\n(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
\nWeighted average number of outstanding shares
\n2022/23 2021/22
\nNumber of outstanding shares at 1 April 130.320.234 134.786.572
\nEffect of capital increase 66.913 53.733
\nEffect of shares purchased (2.419.506) (2.163.220)
\nWeighted average number of outstanding shares at 31 March 127.967.641 132.677.085
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag409": {
"value": "1.57",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag411": {
"value": "2.16",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag410": {
"value": "1.4",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag412": {
"value": "2.09",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag404": {
"value": "\n23. Provisions
\n(in million EUR)
\nEnvironmental
\nrisks
\nOngoing
\ndisputes Other risks Total
\nNon-current provisions 1,8 5,0 1,7 8,5
\nCurrent provisions - - 0,9 0,9
\nAt 31 March 2023 1,8 5,0 2,6 9,4
\nAt 1 April 2022 2,5 8,9 4,8 16,2
\nAddition 1,1 1,6 1,3 4,0
\nUse (1,8) (1,6) (2,9) (6,3)
\nReversal - (3,9) (0,6) (4,5)
\nAt 31 March 2023 1,8 5,0 2,6 9,4
\nNon-current provisions 2,5 8,9 4,0 15,4
\nCurrent provisions - - 0,8 0,8
\nAt 31 March 2022 2,5 8,9 4,8 16,2
\nAt 1 April 2021 3,1 12,7 11,2 27,0
\nAddition 1,1 3,0 1,4 5,5
\nUse (1,2) (3,1) (1,7) (6,0)
\nReversal (0,5) (3,7) (6,1) (10,3)
\nAt 31 March 2022 2,5 8,9 4,8 16,2
\nTo provide a better understanding of the provisions, the table in note 23 has been adjusted for both financial years. The \u2018Other risks\u2019 category in the annual report 2021/22 was split
\ninto \u2018Ongoing disputes\u2019 and \u2018Other risks\u2019.
\nThe provision for environmental risks primarily relates to site remediation costs.
\nThe other provisions consist mainly of provisions for vacant properties and reinsurance.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag405": {
"value": "\n
\n\n25.1. Terms and repayment schedule
\n(in million EUR) < 1 year 1-5 years > 5 years Total
\nLease and similar liabilities 60,5 180,2 87,7 328,4
\nBank borrowings 410,5 295,0 55,8 761,3
\nFixed-rate green retail bond - 251,1 - 251,1
\nOther 0,1 5,8 - 5,9
\nTotal at 31 March 2023
\n(1)
\n471,1 732,1 143,5 1.346,7
\nLease and similar liabilities 50,9 151,1 82,0 284,0
\nBank borrowings 298,3 378,8 1,0 678,1
\nOther 0,6 6,0 - 6,6
\nTotal at 31 March 2022
\n349,8 535,9 83,0 968,7
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\nInterest-bearing liabilities consist mainly of lease liabilities, bank borrowings and the fixed-rate green retail bond. The increase compared to the previous reporting period is due to
\nwithdrawals under short- and long-term financing arrangements as well as the issuance of a green retail bond that was successfully completed in February 2023, raising the maximum
\namount of EUR 250 million. Repayment of the green retail bond is scheduled for February 2028. Interest coupons worth EUR 10,6 million are due annually.
\n
\n\n
\n\n
\n25.3. Repayment schedule bank borrowings and others
\n(in million EUR)
\nTotal Interest Principal Total Interest Principal
\n31.03.23
\n(1)
\n31.03.23 31.03.23 31.03.22 31.03.22 31.03.22
\n< 1 year 416,7 6,1 410,6 301,1 2,2 298,9
\n1-5 years 314,8 14,0 300,8 389,0 4,2 384,8
\n> 5 years 59,6 3,8 55,8 1,0 - 1,0
\nTotal 791,1 23,9 767,2 691,1 6,4 684,7
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n\nPart of the outstanding balance of non-current and current interest-bearing liabilities is covered by collateral provided, mainly at The Fashion Society.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag406": {
"value": "\n25.2. Repayment schedule lease liabilities
\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\n< 1 year 63,8 53,4
\n1-5 years 188,5 158,0
\n> 5 years 91,8 85,8
\nTotal non-discounted lease payments 344,1 297,2
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag407": {
"value": "\nPart of the outstanding balance of non-current and current interest-bearing liabilities is covered by collateral provided, mainly at The Fashion Society.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag408": {
"value": "\n25.4. Changes in liabilities arising from financing activities
\n(in million EUR) 31.03.22 Cash flow
\nChanges in lease
\nportfolio
\n(1)
\nBusiness
\ncombinations
\nReclassi-
\nfication Other
\n(2)
\n31.03.23
\nLease liabilities and similar liabilities 284,0 (58,8) 55,0 2,0 - 46,2 328,4
\nCurrent 50,9 (58,8) 3,4 0,5 55,4 9,1 60,5
\nNon-current 233,1 - 51,6 1,5 (55,4) 37,1 267,9
\nBank borrowings 678,1 70,8 - 12,4 - - 761,3
\nCurrent 298,3 (1,9) - 1,9 112,2 - 410,5
\nNon-current 379,8 72,7 - 10,5 (112,2) - 350,8
\nFixed-rate green retail bond - 250,0 - - - 1,1 251,1
\nNon-current - 250,0 - - - 1,1 251,1
\nOther 6,6 (9,6) - 8,3 - 0,6 5,9
\nTotal 968,7 252,4 55,0 22,7 - 47,9 1.346,7
\n(1) Changes in lease portfolio include both new leases and terminations.
\n(2) For lease liabilities and similar liabilities, this includes the effect of renewing existing leases and revaluing leases due to indexations, as well as reclassifications to liabilities from discontinued operations.
\n(in million EUR) 31.03.21 Cash flow
\nChanges in lease
\nportfolio
\n(1)
\nBusiness
\ncombinations
\nReclassi-
\nfication Other
\n(2)
\n31.03.22
\nLease liabilities and similar liabilities 242,8 (51,2) 43,7 29,6 - 19,1 284,0
\nCurrent 41,2 (51,2) 3,7 5,7 46,1 5,4 50,9
\nNon-current 201,6 - 40,0 23,9 (46,1) 13,7 233,1
\nBank borrowings 221,1 441,0 - 22,0 (6,0) - 678,1
\nCurrent 189,3 (7,4) - 18,7 97,7 - 298,3
\nNon-current 31,8 448,4 - 3,3 (103,7) - 379,8
\nOther - (1,0) - 1,6 6,0 - 6,6
\nTotal 463,9 388,8 43,7 53,2 - 19,1 968,7
\n(1) Changes in lease portfolio include both new leases and terminations.
\n(2) For lease liabilities and similar liabilities, this includes the effect of renewing existing leases and revaluing leases due to indexations.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
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"Tag380": {
"value": "\n
\n
\n\n
\n\n
\n26. Trade payables, liabilities related to employee benefits and other liabilities
\n
\n
\n\n
\n\n
\n\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nTrade payables (non-current) 1,7 1,7
\nTotal trade payables (non-current) 1,7 1,7
\nOther liabilities (non-current) 3,7 30,0
\nTotal other liabilities (non-current) 3,7 30,0
\nTrade payables 1.267,4 1.252,7
\nGuarantees received and advances on work in progress 28,4 30,8
\nTotal trade payables (current) 1.295,8 1.283,5
\nCurrent liabilities related to employee benefits 568,3 547,8
\nVAT, excise duties and other operating taxes 59,1 51,5
\nDividends 0,6 0,5
\nDeferred income and accrued costs 19,0 11,1
\nDerivative financial instruments \u2013 cash flow hedging instruments 0,2 0,2
\nOther 40,6 16,3
\nTotal liabilities related to employee benefits and other liabilities (current) 687,8 627,4
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\n\n
\n\n
\n\nTerms and repayment schedule
\n(in million EUR) < 1 year 1-5 years > 5 years Total
\nTrade payables (non-current) - 1,7 - 1,7
\nOther liabilities (non-current) - 3,7 - 3,7
\nTrade payables (current) 1.295,8 - - 1.295,8
\nLiabilities related to employee benefits and other liabilities (current) 687,8 - - 687,8
\nTotal at 31 March 2023 1.983,6 5,4 - 1.989,0
\nTrade payables (non-current) - 0,6 1,1 1,7
\nOther liabilities (non-current) - 30,0 - 30,0
\nTrade payables (current) 1.283,5 - - 1.283,5
\nLiabilities related to employee benefits and other liabilities (current) 627,4 - - 627,4
\nTotal at 31 March 2022 1.910,9 30,6 1,1 1.942,6
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"Tag381": {
"value": "\n
\n\n
\n26. Trade payables, liabilities related to employee benefits and other liabilities
\n
\n
\n\n
\n\n
\n\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nTrade payables (non-current) 1,7 1,7
\nTotal trade payables (non-current) 1,7 1,7
\nOther liabilities (non-current) 3,7 30,0
\nTotal other liabilities (non-current) 3,7 30,0
\nTrade payables 1.267,4 1.252,7
\nGuarantees received and advances on work in progress 28,4 30,8
\nTotal trade payables (current) 1.295,8 1.283,5
\nCurrent liabilities related to employee benefits 568,3 547,8
\nVAT, excise duties and other operating taxes 59,1 51,5
\nDividends 0,6 0,5
\nDeferred income and accrued costs 19,0 11,1
\nDerivative financial instruments \u2013 cash flow hedging instruments 0,2 0,2
\nOther 40,6 16,3
\nTotal liabilities related to employee benefits and other liabilities (current) 687,8 627,4
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\n\n
\n\n
\n\nTerms and repayment schedule
\n(in million EUR) < 1 year 1-5 years > 5 years Total
\nTrade payables (non-current) - 1,7 - 1,7
\nOther liabilities (non-current) - 3,7 - 3,7
\nTrade payables (current) 1.295,8 - - 1.295,8
\nLiabilities related to employee benefits and other liabilities (current) 687,8 - - 687,8
\nTotal at 31 March 2023 1.983,6 5,4 - 1.989,0
\nTrade payables (non-current) - 0,6 1,1 1,7
\nOther liabilities (non-current) - 30,0 - 30,0
\nTrade payables (current) 1.283,5 - - 1.283,5
\nLiabilities related to employee benefits and other liabilities (current) 627,4 - - 627,4
\nTotal at 31 March 2022 1.910,9 30,6 1,1 1.942,6
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag382": {
"value": "\n
\n26. Trade payables, liabilities related to employee benefits and other liabilities
\n
\n
\n\n
\n\n
\n\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nTrade payables (non-current) 1,7 1,7
\nTotal trade payables (non-current) 1,7 1,7
\nOther liabilities (non-current) 3,7 30,0
\nTotal other liabilities (non-current) 3,7 30,0
\nTrade payables 1.267,4 1.252,7
\nGuarantees received and advances on work in progress 28,4 30,8
\nTotal trade payables (current) 1.295,8 1.283,5
\nCurrent liabilities related to employee benefits 568,3 547,8
\nVAT, excise duties and other operating taxes 59,1 51,5
\nDividends 0,6 0,5
\nDeferred income and accrued costs 19,0 11,1
\nDerivative financial instruments \u2013 cash flow hedging instruments 0,2 0,2
\nOther 40,6 16,3
\nTotal liabilities related to employee benefits and other liabilities (current) 687,8 627,4
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\n\n
\n\n
\n\nTerms and repayment schedule
\n(in million EUR) < 1 year 1-5 years > 5 years Total
\nTrade payables (non-current) - 1,7 - 1,7
\nOther liabilities (non-current) - 3,7 - 3,7
\nTrade payables (current) 1.295,8 - - 1.295,8
\nLiabilities related to employee benefits and other liabilities (current) 687,8 - - 687,8
\nTotal at 31 March 2023 1.983,6 5,4 - 1.989,0
\nTrade payables (non-current) - 0,6 1,1 1,7
\nOther liabilities (non-current) - 30,0 - 30,0
\nTrade payables (current) 1.283,5 - - 1.283,5
\nLiabilities related to employee benefits and other liabilities (current) 627,4 - - 627,4
\nTotal at 31 March 2022 1.910,9 30,6 1,1 1.942,6
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag383": {
"value": "\n
\n\n
\n\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nTrade payables (non-current) 1,7 1,7
\nTotal trade payables (non-current) 1,7 1,7
\nOther liabilities (non-current) 3,7 30,0
\nTotal other liabilities (non-current) 3,7 30,0
\nTrade payables 1.267,4 1.252,7
\nGuarantees received and advances on work in progress 28,4 30,8
\nTotal trade payables (current) 1.295,8 1.283,5
\nCurrent liabilities related to employee benefits 568,3 547,8
\nVAT, excise duties and other operating taxes 59,1 51,5
\nDividends 0,6 0,5
\nDeferred income and accrued costs 19,0 11,1
\nDerivative financial instruments \u2013 cash flow hedging instruments 0,2 0,2
\nOther 40,6 16,3
\nTotal liabilities related to employee benefits and other liabilities (current) 687,8 627,4
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag384": {
"value": "\n
\n\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nTrade payables (non-current) 1,7 1,7
\nTotal trade payables (non-current) 1,7 1,7
\nOther liabilities (non-current) 3,7 30,0
\nTotal other liabilities (non-current) 3,7 30,0
\nTrade payables 1.267,4 1.252,7
\nGuarantees received and advances on work in progress 28,4 30,8
\nTotal trade payables (current) 1.295,8 1.283,5
\nCurrent liabilities related to employee benefits 568,3 547,8
\nVAT, excise duties and other operating taxes 59,1 51,5
\nDividends 0,6 0,5
\nDeferred income and accrued costs 19,0 11,1
\nDerivative financial instruments \u2013 cash flow hedging instruments 0,2 0,2
\nOther 40,6 16,3
\nTotal liabilities related to employee benefits and other liabilities (current) 687,8 627,4
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag385": {
"value": "\n(in million EUR) 31.03.23
\n(1)
\n31.03.22
\nTrade payables (non-current) 1,7 1,7
\nTotal trade payables (non-current) 1,7 1,7
\nOther liabilities (non-current) 3,7 30,0
\nTotal other liabilities (non-current) 3,7 30,0
\nTrade payables 1.267,4 1.252,7
\nGuarantees received and advances on work in progress 28,4 30,8
\nTotal trade payables (current) 1.295,8 1.283,5
\nCurrent liabilities related to employee benefits 568,3 547,8
\nVAT, excise duties and other operating taxes 59,1 51,5
\nDividends 0,6 0,5
\nDeferred income and accrued costs 19,0 11,1
\nDerivative financial instruments \u2013 cash flow hedging instruments 0,2 0,2
\nOther 40,6 16,3
\nTotal liabilities related to employee benefits and other liabilities (current) 687,8 627,4
\n(1) As adjusted due to discontinued operations. See note 16 for more information on liabilities from discontinued operations.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"Tag386": {
"value": "\n
\n
\n
\n
\n27. Risk management
\n27.1. Risks related to financial instruments
\n\nA. Currency risk
\nColruyt Group\u2019s operational entities are mainly located in the euro zone, except for its activities in India, Hong Kong and Africa.
\nThe exchange rate risk incurred when consolidating revenues and costs of subsidiaries not reporting in euro is not hedged.
\nIn 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
\ncurrency risk, with no speculative purposes.
\nColruyt Group\u2019s exposure to exchange rate fluctuations is based on the following positions in foreign currencies:
\n(in million EUR)
\nNet position
\n31.03.23 31.03.22
\nEUR/INR 4,4 0,9
\nUSD/EUR 3,6 2,7
\nNZD/EUR 0,1 0,1
\nTotal 8,1 3,7
\nThe 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
\nsecond currency of the pair is the functional currency of the Colruyt Group entity concerned.
\nThe impact of exchange rate changes compared to the euro is relatively limited.
\n
\n\n\nB. Interest rate risk
\nLoans with maturities exceeding one year were always concluded
\nwith a fixed interest rate in order to limit interest rate risk.
\nAt 31 March 2023 the total amount of bank and other borrowings
\nas well as the fixed-rate green retail bond was EUR 1.018,3 million
\n(long-term and short-term together) (EUR 684,7 million at 31 March
\n2022) or 16,6% of the balance sheet total and 291% of the net cash
\nand cash equivalents. New long- and sort- term loans were taken
\nout in 2022/23. Given that EUR 410,6 million of the bank and other
\nloans matures within the year, a possible refinancing of these loans
\nwill incur higher interest rates, given the sharp rise in interest rates
\nin recent months.
\nColruyt Group\u2019s lease liabilities total EUR 328,4 million in the
\ncurrent financial year, as against EUR 284,0 million in the previous
\nfinancial year. The lease liabilities are concluded under IFRS 16
\nwith a fixed interest rate so that a change in the market interest
\nrate cannot impact the future cash flows of Colruyt Group's current
\nlease liabilities, nor the results to be realised.
\nA change in interest rates may have an effect on the consolidated
\nincome statement or on future cash flows of Colruyt Group.
\n
\n
\n\n\nC. Credit risk
\nColruyt Group is subject to credit risk in its operating activities, its
\nliquidity management and, to a limited extent, in other and other
\nfinancial activities.
\nTo limit the credit risk for its liquidity management (term deposits,
\ncash and cash equivalents, and bank guarantees), Colruyt Group
\nensures that its liquidities and transactions are spread over several
\nfinancial institutions with good credit ratings. Colruyt Group
\nproactively monitors the stability and associated credit rating of
\nthese financial institutions, adjusting its liquidity management
\nstrategy where necessary.
\nThe credit risk in relation to trade receivables from its operational
\nactivities is limited since most of Colruyt Group\u2019s customers pay
\ncash. The main part of Colruyt Group\u2019s receivables is linked with
\nthe retail and wholesale activity for which Colruyt Group uses the
\npayment terms customary in the industry. The risks minimised by
\nregularly monitoring the creditworthiness of debtors and limiting
\noutstanding receivables through credit limits. Where necessary,
\nColruyt Group requests bank guarantees or covers credit risk
\nthrough credit insurance. The credit risk is spread over a large
\nnumber of debtors.
\n
\n
\n\n
\n\n\nThe credit risk for other current and non-current receivables from
\nits other and other financial activities is low for Colruyt Group due
\nto the limited amount of outstanding amounts. These receivables
\nconsist mainly of loans to customers, associates and joint ventures
\nor receivables arising from sublease agreements. The credit risk of
\nthe sublease receivables is further reduced by the bank guarantees
\nreceived and the collateral on the leased building. The credit risk
\nfor loans to customers and associates is controlled through regular
\nmonitoring of the credit risk on an individual basis. To monitor
\nthe credit risk of loans to associates, Colruyt Group can rely on the
\nadditional information obtained as a related party.
\nColruyt Group\u2019s maximum credit risk is represented by defaulting
\ncounterparties, with a maximum exposure equal to the net
\ncarrying amount of these assets. For the net carrying amount of
\nthe various assets with credit risk, see 27.1.F \u2013 Financial assets and
\nliabilities per category and per class. From certain customers, bank
\nguarantees are received or credit insurance policies taken out with
\na view to securing the collectability of receivables and limiting the
\nreal credit risk at the level of trade receivables. However, these bank
\nguarantees or credit insurance policies are not taken into account
\nwhen assessing the creditworthiness of the parties involved, in line
\nwith the provisions under IFRS 9, \u2018Financial Instruments\u2019.
\nColruyt Group considers a financial asset in default when internal
\nor external information indicates that it is unlikely that the
\noutstanding contractual amounts will be received in full, prior to
\nobservance of any credit protection.
\nCredit losses are recognised using a model based on \u2018expected
\ncredit losses\u2019 in line with IFRS 9, \u2018Financial Instruments\u2019, taking into
\naccount the impact of changes in economic factors on expected
\nlosses. To calculate expected credit losses, Colruyt Group makes
\nuse of the simplified approach based on a provision matrix for
\ntrade receivables and of the general approach under which credit
\nlosses are determined at the level of the individual receivable. For
\nreceivables from associates or joint ventures, an assessment is
\nmade as to whether an expected credit loss should be recorded
\nas part of an indication of impairment on the carrying amount of
\nan equity pick-up. See also note 1.5.E \u2013 \u2018Financial Assets: Expected
\ncredit losses\u2019.
\n
\n\n\nD. Liquidity risk
\nFinco NV and Finco France SARL, Colruyt Group\u2019s financial
\ncoordinators, ensure that all entities of Colruyt Group have access
\nto the financial resources they need and apply a cash pooling
\nsystem, i.e. any excess in cash and cash equivalents within entities
\nof the group is used for shortages in other entities of the group.
\nFinco NV and Finco France SARL are also responsible for the
\ninvestment of Colruyt Group\u2019s cash and cash equivalents. Finco NV
\nand Finco France SARL use cash projections to follow up on Colruyt
\nGroup\u2019s liquidity.
\nIn addition, Colruyt Group always strives to have sufficient credit
\nlines and capital market instruments (including commercial
\npaper) available as back-up to further minimise the Group's
\nliquidity risk. As part of this, a committed revolving credit facility
\nfor EUR 530 million was concluded with a banking syndicate in
\nSeptember 2022. At 31 March 2023, EUR 150 million had been
\ndrawn on this credit facility. Colruyt Group also makes use of
\nseveral other bilateral lines of credit. In addition, a green retail
\nbond issue was successfully completed in February 2023, with the
\nfull maximum amount of EUR 250 million raised. The 4,25% green
\nretail bond, ISIN BE0002920016, is listed on the regulated Euronext
\nBrussels market.
\n
\n\n\nE. Other market risks
\nColruyt Group's current financial assets total EUR 31,3 million
\nat 31 March 2023 (EUR 128,3 million at 31 March 2022). This
\ndecrease is mainly due to the convertible loan to Virya Energy NV
\n(EUR 95,0 million) that was converted into shares in the course of
\nthe current financial year. Until the conversion date, this compound
\ninstrument was measured at fair value and included in the category
\n\u2018Financial assets at fair value through profit or loss\u2019. Colruyt Group\u2019s
\nreinsurance company, Locr\u00e9 SA, manages a portfolio of securities
\n(fixed-income securities and shares). This is held to cover the
\nreinsurance risk and includes EUR 26.5 million financial current
\nassets (EUR 25.2 million at 31 March 2022).
\n
\nFluctuations in market values and other market parameters of
\nthese instruments can therefore have an impact on Colruyt Group\u2019s
\nfinancial result. A total net write-down of EUR -0,7 million (previous
\nreporting period a net upward revaluation of EUR 8,1 million) was
\nrecorded for the current financial year, of which a net write-down
\nwas realised through the profit or loss of EUR -0,4 million and an
\nunrealised result of EUR -0,3 million.
\nThe ratio of the current investment portfolio to net cash and
\ncash equivalents of Colruyt Group amounts to 8,7% (72,9% for the
\nprevious reporting period).
\n
\n
\n\n\n
\n\nF. Financial assets and liabilities per category and
\nper class
\nIn accordance with IFRS 7, \u2018Financial Instruments: Disclosures\u2019 and
\nIFRS 13, \u2018Fair Value Measurement\u2019, financial instruments measured
\nat fair value are classified using a fair value hierarchy.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n(in million EUR)
\nMeasurement at fair value
\nQuoted prices
\nLevel 1
\nObservable
\nmarket prices
\nLevel 2
\nNon-observable
\nmarket prices
\nLevel 3
\nCarrying
\namount
\nFinancial assets at fair value through other comprehensive
\nincome
\nEquity investments - - 10,8 10,8
\nCash flow hedging instruments - 0,1 - 0,1
\nFinancial assets at fair value through profit or loss
\nEquity investments 9,1 - 0,3 9,4
\nFixed-income securities 17,3 - - 17,3
\nFinancial assets at amortised cost
\n Non-current assets
\nOther non-current receivables
\n(1)
\n- 38,3 - 38,3
\n Current assets
\n(2)
\nTerm deposits - - - 4,5
\nTrade and other receivables - - - 632,5
\nCash and cash equivalents - - - 358,6
\nTotal financial assets as of 31 March 2023 26,4 38,3 11,1 1.071,5
\nFinancial liabilities at fair value through other comprehensive
\nincome
\nCash flow hedging instruments - 0,2 - 0,2
\nFinancial liabilities (excluding lease liabilities) at amortised cost
\n Non-current liabilities
\nFixed-rate green retail bond 252,7 - - 251,1
\nBank borrowings and other
\n(1)
\n- 361,9 - 361,9
\n Current liabilities
\n(2)
\nBank borrowings, bank overdrafts and other - - - 447,0
\nTrade payables - - - 1.295,8
\nLease liabilities at amortised cost
\n(3)
\n- - - 328,4
\nTotal financial liabilities at 31 March 2023 252,7 362,1 - 2.684,4
\n(1) The carrying amounts of non-current bank borrowings and other, and other non-current receivables are not materially different from their fair values.
\n(2) The carrying amounts of current financial assets and liabilities measured at amortised cost is estimated to reasonably approximate their fair value due to their short maturity.
\n(3) Fair value disclosures are not required in respect of lease liabilities at amortised cost.
\n
\n\n
\n\n
\n\n
\n\n
\n\n(in million EUR)
\nMeasurement at fair value
\nQuoted prices
\nLevel 1
\nObservable
\nmarket prices
\nLevel 2
\nNon-observable
\nmarket prices
\nLevel 3
\nCarrying
\namount
\nFinancial assets at fair value through other comprehensive
\nincome
\nEquity investments - - 14,7 14,7
\nCash flow hedging instruments - 0,3 - 0,3
\nFinancial assets at fair value through profit or loss
\nEquity investments 9,3 - - 9,3
\nFixed-income securities 15,9 - - 15,9
\nCompound instruments - - 95,0 95,0
\nFinancial assets at amortised cost
\n Non-current assets
\nOther non-current receivables - 46,0 - 46,0
\n Current assets
\n(1)
\nTerm deposits - - - 7,8
\nTrade and other receivables - - - 683,9
\nCash and cash equivalents - - - 176,2
\nTotal financial assets at 31 March 2022 25,2 46,3 109,7 1.049,1
\nFinancial liabilities at fair value through other comprehensive
\nincome
\nCash flow hedging instruments - 0,2 - 0,2
\nFinancial liabilities (excluding lease liabilities) at amortised cost
\n Non-current liabilities
\nBank loans and other
\n(2)
\n- 417,6 - 417,6
\n Current liabilities
\n(1)
\nBank borrowings, bank overdrafts and other - - - 309,1
\nTrade payables - - - 1.283,4
\nLease liabilities at amortised cost
\n(3)
\n- - - 284,0
\nTotal financial liabilities at 31 March 2022 - 417,8 - 2.294,4
\n
\n(1) The carrying amounts of current financial assets and liabilities measured at amortised cost are estimated to reasonably approximate their fair value due to their short maturity.
\n(2) The carrying amounts of non-current bank borrowings and other, and other non-current receivables are not materially different from their fair values.
\n(3) Fair value disclosures are not required in respect of lease liabilities at amortised cost.
\n
\n\n
\n\n
\n\n
\n\n
\n\nThe fair value hierarchy is based on the inputs used to measure financial assets and liabilities at measurement date. The following three levels are distinguished:
\n\u2022 Level 1: inputs used for measurement of fair value are officially quoted (unadjusted) prices for identical assets or liabilities in an active market.
\n\u2022 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
\nprices, if available, as much as possible and avoid reliance on entity-specific estimations.
\n\u2022 Level 3: financial instruments for which the fair value is determined with valuation techniques using certain parameters not based on observable market data.
\nFor the amounts recognised at \u2018Amortised cost\u2019 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-
\nterm character. Those cases whereby the amortised cost deviates from the fair value are not material.
\nFor the amounts measured at fair value we refer to note 14. Financial assets, which describes how the fair value is measured.
\nOn 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.
\nOn 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
\n(12 June 2022). In early June 2022, all convertible bonds were converted by Colruyt Group into shares of Virya Energy NV, increasing the stake in Virya Energy NV from 59,78% to
\n59,94%. Consequently, the carrying amount of the associate Virya Energy NV on Colruyt Group's balance sheet increased by EUR 95,0 million. Until the conversion date, this compound
\ninstrument was measured at fair value and included in the category 'Financial assets at fair value through profit or loss\u2019.
\nThe financial assets classified under level 3 include, amongst others, the investments in the holding company Sofindev IV NV, in the investment funds Good Harvest Belgium I SRL and
\nBlue Horizon Ventures I SCSp RAIF and in North Sea Wind CV, a cooperative in which Colruyt Group has no significant influence.
\nThe opening and closing balance of the investments classified under level 3 can be reconciled as follows:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 109,7 111,6
\nAcquisitions 0,3 0,9
\nCapital increases 0,2 0,9
\nCapital decreases - (2,3)
\nFair value adjustments through other comprehensive income (4,1) (1,1)
\nOther (95,0) (0,3)
\nAt 31 March 11,1 109,7
\n
\n\n
\n\n
\n\n27.2. Other risks
\nA. Financial consequences of the macroeconomic environment
\nColruyt Group is affected by the macroeconomic consequences of the war in Ukraine and the disrupted supply chain, with (in)direct consequences for the financial statements:
\n\u2022 High and volatile energy costs impacting normal operating activities and logistics costs, but also increasing revenues from the supply of energy through DATS 24 NV (accounted for
\nusing the equity method as of June 2023);
\n\u2022 Higher revenue and increased labour costs, operating costs and cost of goods sold due to rising inflation;
\n\u2022 Rising interest rates affecting the discount rates for the impairment test and the non-current liabilities related to employee benefit expenses. In view of the current interest rate
\nenvironment, there is a risk that short-term loans are refinanced at higher interest rates.
\nColruyt Group continues to closely monitor and assess the macroeconomic consequences and the operational and supply chain aspects and, where possible, taken appropriate
\nmeasures to limit the impact of these events and the (in)direct consequences. Colruyt Group examines on a case-by-case basis whether it is appropriate to hedge its exposure to the
\ninterest rate risk on existing (or future) loans. This can be done either by taking out longer-term loans with a fixed interest rate or by entering into a financial derivative instrument.
\nB. Financial impact of the Ukraine war
\nColruyt Group has no direct operations in Russia or Ukraine. Apart from the financial consequences mentioned above, the conflict has no impact on Colruyt Group's financial
\nstatements.
\nC. Climate
\nWhen identifying and monitoring the risks impacting on the financial statements, Colruyt Group also takes into account the impact of potential operational risks arising from climate-
\nrelated events. In the medium term, we assume that there will be no material financial impact on Colruyt Group's activities. There is a reasonable chance of an impact from flooding
\nand heavy rainfall on some of our individual assets. These buildings have been identified and appropriate measures are being taken to minimise the likelihood and impact. For other
\nclimate-related events, a recent study involving scenarios until 2050 confirms that the impact would not be material. For those buildings that would have a critical impact on the
\nprocess across all business operations, the necessary business continuity plans have been developed; these are also tested on a regular basis, thus also limiting the impact on Colruyt
\nGroup\u2019s overall business process.
\nD. Other
\nColruyt Group is further exposed to various other risks that are not necessarily financial in nature, but nevertheless have the potential to impact Colruyt Group\u2019s financial position. For a
\ndescription 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,
\nwe also refer to the Audit Committee, which regularly discusses the risk reports of the Risk Management department (internal audit).
\n
\n",
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"language": "en",
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"Tag387": {
"value": "\nA. Currency risk
\nColruyt Group\u2019s operational entities are mainly located in the euro zone, except for its activities in India, Hong Kong and Africa.
\nThe exchange rate risk incurred when consolidating revenues and costs of subsidiaries not reporting in euro is not hedged.
\nIn 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
\ncurrency risk, with no speculative purposes.
\nColruyt Group\u2019s exposure to exchange rate fluctuations is based on the following positions in foreign currencies:
\n(in million EUR)
\nNet position
\n31.03.23 31.03.22
\nEUR/INR 4,4 0,9
\nUSD/EUR 3,6 2,7
\nNZD/EUR 0,1 0,1
\nTotal 8,1 3,7
\nThe 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
\nsecond currency of the pair is the functional currency of the Colruyt Group entity concerned.
\nThe impact of exchange rate changes compared to the euro is relatively limited.
\n
\n\nB. Interest rate risk
\nLoans with maturities exceeding one year were always concluded
\nwith a fixed interest rate in order to limit interest rate risk.
\nAt 31 March 2023 the total amount of bank and other borrowings
\nas well as the fixed-rate green retail bond was EUR 1.018,3 million
\n(long-term and short-term together) (EUR 684,7 million at 31 March
\n2022) or 16,6% of the balance sheet total and 291% of the net cash
\nand cash equivalents. New long- and sort- term loans were taken
\nout in 2022/23. Given that EUR 410,6 million of the bank and other
\nloans matures within the year, a possible refinancing of these loans
\nwill incur higher interest rates, given the sharp rise in interest rates
\nin recent months.
\nColruyt Group\u2019s lease liabilities total EUR 328,4 million in the
\ncurrent financial year, as against EUR 284,0 million in the previous
\nfinancial year. The lease liabilities are concluded under IFRS 16
\nwith a fixed interest rate so that a change in the market interest
\nrate cannot impact the future cash flows of Colruyt Group's current
\nlease liabilities, nor the results to be realised.
\nA change in interest rates may have an effect on the consolidated
\nincome statement or on future cash flows of Colruyt Group.
\n
\n
\n\nE. Other market risks
\nColruyt Group's current financial assets total EUR 31,3 million
\nat 31 March 2023 (EUR 128,3 million at 31 March 2022). This
\ndecrease is mainly due to the convertible loan to Virya Energy NV
\n(EUR 95,0 million) that was converted into shares in the course of
\nthe current financial year. Until the conversion date, this compound
\ninstrument was measured at fair value and included in the category
\n\u2018Financial assets at fair value through profit or loss\u2019. Colruyt Group\u2019s
\nreinsurance company, Locr\u00e9 SA, manages a portfolio of securities
\n(fixed-income securities and shares). This is held to cover the
\nreinsurance risk and includes EUR 26.5 million financial current
\nassets (EUR 25.2 million at 31 March 2022).
\n
\nFluctuations in market values and other market parameters of
\nthese instruments can therefore have an impact on Colruyt Group\u2019s
\nfinancial result. A total net write-down of EUR -0,7 million (previous
\nreporting period a net upward revaluation of EUR 8,1 million) was
\nrecorded for the current financial year, of which a net write-down
\nwas realised through the profit or loss of EUR -0,4 million and an
\nunrealised result of EUR -0,3 million.
\nThe ratio of the current investment portfolio to net cash and
\ncash equivalents of Colruyt Group amounts to 8,7% (72,9% for the
\nprevious reporting period).
\n
\n
\n",
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"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag388": {
"value": "\nC. Credit risk
\nColruyt Group is subject to credit risk in its operating activities, its
\nliquidity management and, to a limited extent, in other and other
\nfinancial activities.
\nTo limit the credit risk for its liquidity management (term deposits,
\ncash and cash equivalents, and bank guarantees), Colruyt Group
\nensures that its liquidities and transactions are spread over several
\nfinancial institutions with good credit ratings. Colruyt Group
\nproactively monitors the stability and associated credit rating of
\nthese financial institutions, adjusting its liquidity management
\nstrategy where necessary.
\nThe credit risk in relation to trade receivables from its operational
\nactivities is limited since most of Colruyt Group\u2019s customers pay
\ncash. The main part of Colruyt Group\u2019s receivables is linked with
\nthe retail and wholesale activity for which Colruyt Group uses the
\npayment terms customary in the industry. The risks minimised by
\nregularly monitoring the creditworthiness of debtors and limiting
\noutstanding receivables through credit limits. Where necessary,
\nColruyt Group requests bank guarantees or covers credit risk
\nthrough credit insurance. The credit risk is spread over a large
\nnumber of debtors.
\n
\n
\n\nThe credit risk for other current and non-current receivables from
\nits other and other financial activities is low for Colruyt Group due
\nto the limited amount of outstanding amounts. These receivables
\nconsist mainly of loans to customers, associates and joint ventures
\nor receivables arising from sublease agreements. The credit risk of
\nthe sublease receivables is further reduced by the bank guarantees
\nreceived and the collateral on the leased building. The credit risk
\nfor loans to customers and associates is controlled through regular
\nmonitoring of the credit risk on an individual basis. To monitor
\nthe credit risk of loans to associates, Colruyt Group can rely on the
\nadditional information obtained as a related party.
\nColruyt Group\u2019s maximum credit risk is represented by defaulting
\ncounterparties, with a maximum exposure equal to the net
\ncarrying amount of these assets. For the net carrying amount of
\nthe various assets with credit risk, see 27.1.F \u2013 Financial assets and
\nliabilities per category and per class. From certain customers, bank
\nguarantees are received or credit insurance policies taken out with
\na view to securing the collectability of receivables and limiting the
\nreal credit risk at the level of trade receivables. However, these bank
\nguarantees or credit insurance policies are not taken into account
\nwhen assessing the creditworthiness of the parties involved, in line
\nwith the provisions under IFRS 9, \u2018Financial Instruments\u2019.
\nColruyt Group considers a financial asset in default when internal
\nor external information indicates that it is unlikely that the
\noutstanding contractual amounts will be received in full, prior to
\nobservance of any credit protection.
\nCredit losses are recognised using a model based on \u2018expected
\ncredit losses\u2019 in line with IFRS 9, \u2018Financial Instruments\u2019, taking into
\naccount the impact of changes in economic factors on expected
\nlosses. To calculate expected credit losses, Colruyt Group makes
\nuse of the simplified approach based on a provision matrix for
\ntrade receivables and of the general approach under which credit
\nlosses are determined at the level of the individual receivable. For
\nreceivables from associates or joint ventures, an assessment is
\nmade as to whether an expected credit loss should be recorded
\nas part of an indication of impairment on the carrying amount of
\nan equity pick-up. See also note 1.5.E \u2013 \u2018Financial Assets: Expected
\ncredit losses\u2019.
\n
\n",
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},
"Tag389": {
"value": "\nD. Liquidity risk
\nFinco NV and Finco France SARL, Colruyt Group\u2019s financial
\ncoordinators, ensure that all entities of Colruyt Group have access
\nto the financial resources they need and apply a cash pooling
\nsystem, i.e. any excess in cash and cash equivalents within entities
\nof the group is used for shortages in other entities of the group.
\nFinco NV and Finco France SARL are also responsible for the
\ninvestment of Colruyt Group\u2019s cash and cash equivalents. Finco NV
\nand Finco France SARL use cash projections to follow up on Colruyt
\nGroup\u2019s liquidity.
\nIn addition, Colruyt Group always strives to have sufficient credit
\nlines and capital market instruments (including commercial
\npaper) available as back-up to further minimise the Group's
\nliquidity risk. As part of this, a committed revolving credit facility
\nfor EUR 530 million was concluded with a banking syndicate in
\nSeptember 2022. At 31 March 2023, EUR 150 million had been
\ndrawn on this credit facility. Colruyt Group also makes use of
\nseveral other bilateral lines of credit. In addition, a green retail
\nbond issue was successfully completed in February 2023, with the
\nfull maximum amount of EUR 250 million raised. The 4,25% green
\nretail bond, ISIN BE0002920016, is listed on the regulated Euronext
\nBrussels market.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"Tag390": {
"value": "\n
\n\nF. Financial assets and liabilities per category and
\nper class
\nIn accordance with IFRS 7, \u2018Financial Instruments: Disclosures\u2019 and
\nIFRS 13, \u2018Fair Value Measurement\u2019, financial instruments measured
\nat fair value are classified using a fair value hierarchy.
\n
\n\n
\n\n
\n\n(in million EUR)
\nMeasurement at fair value
\nQuoted prices
\nLevel 1
\nObservable
\nmarket prices
\nLevel 2
\nNon-observable
\nmarket prices
\nLevel 3
\nCarrying
\namount
\nFinancial assets at fair value through other comprehensive
\nincome
\nEquity investments - - 10,8 10,8
\nCash flow hedging instruments - 0,1 - 0,1
\nFinancial assets at fair value through profit or loss
\nEquity investments 9,1 - 0,3 9,4
\nFixed-income securities 17,3 - - 17,3
\nFinancial assets at amortised cost
\n Non-current assets
\nOther non-current receivables
\n(1)
\n- 38,3 - 38,3
\n Current assets
\n(2)
\nTerm deposits - - - 4,5
\nTrade and other receivables - - - 632,5
\nCash and cash equivalents - - - 358,6
\nTotal financial assets as of 31 March 2023 26,4 38,3 11,1 1.071,5
\nFinancial liabilities at fair value through other comprehensive
\nincome
\nCash flow hedging instruments - 0,2 - 0,2
\nFinancial liabilities (excluding lease liabilities) at amortised cost
\n Non-current liabilities
\nFixed-rate green retail bond 252,7 - - 251,1
\nBank borrowings and other
\n(1)
\n- 361,9 - 361,9
\n Current liabilities
\n(2)
\nBank borrowings, bank overdrafts and other - - - 447,0
\nTrade payables - - - 1.295,8
\nLease liabilities at amortised cost
\n(3)
\n- - - 328,4
\nTotal financial liabilities at 31 March 2023 252,7 362,1 - 2.684,4
\n(1) The carrying amounts of non-current bank borrowings and other, and other non-current receivables are not materially different from their fair values.
\n(2) The carrying amounts of current financial assets and liabilities measured at amortised cost is estimated to reasonably approximate their fair value due to their short maturity.
\n(3) Fair value disclosures are not required in respect of lease liabilities at amortised cost.
\n
\n\n
\n\n
\n\n(in million EUR)
\nMeasurement at fair value
\nQuoted prices
\nLevel 1
\nObservable
\nmarket prices
\nLevel 2
\nNon-observable
\nmarket prices
\nLevel 3
\nCarrying
\namount
\nFinancial assets at fair value through other comprehensive
\nincome
\nEquity investments - - 14,7 14,7
\nCash flow hedging instruments - 0,3 - 0,3
\nFinancial assets at fair value through profit or loss
\nEquity investments 9,3 - - 9,3
\nFixed-income securities 15,9 - - 15,9
\nCompound instruments - - 95,0 95,0
\nFinancial assets at amortised cost
\n Non-current assets
\nOther non-current receivables - 46,0 - 46,0
\n Current assets
\n(1)
\nTerm deposits - - - 7,8
\nTrade and other receivables - - - 683,9
\nCash and cash equivalents - - - 176,2
\nTotal financial assets at 31 March 2022 25,2 46,3 109,7 1.049,1
\nFinancial liabilities at fair value through other comprehensive
\nincome
\nCash flow hedging instruments - 0,2 - 0,2
\nFinancial liabilities (excluding lease liabilities) at amortised cost
\n Non-current liabilities
\nBank loans and other
\n(2)
\n- 417,6 - 417,6
\n Current liabilities
\n(1)
\nBank borrowings, bank overdrafts and other - - - 309,1
\nTrade payables - - - 1.283,4
\nLease liabilities at amortised cost
\n(3)
\n- - - 284,0
\nTotal financial liabilities at 31 March 2022 - 417,8 - 2.294,4
\n
\n(1) The carrying amounts of current financial assets and liabilities measured at amortised cost are estimated to reasonably approximate their fair value due to their short maturity.
\n(2) The carrying amounts of non-current bank borrowings and other, and other non-current receivables are not materially different from their fair values.
\n(3) Fair value disclosures are not required in respect of lease liabilities at amortised cost.
\n
\n\n
\n\n
\n\nThe fair value hierarchy is based on the inputs used to measure financial assets and liabilities at measurement date. The following three levels are distinguished:
\n\u2022 Level 1: inputs used for measurement of fair value are officially quoted (unadjusted) prices for identical assets or liabilities in an active market.
\n\u2022 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
\nprices, if available, as much as possible and avoid reliance on entity-specific estimations.
\n\u2022 Level 3: financial instruments for which the fair value is determined with valuation techniques using certain parameters not based on observable market data.
\nFor the amounts recognised at \u2018Amortised cost\u2019 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-
\nterm character. Those cases whereby the amortised cost deviates from the fair value are not material.
\nFor the amounts measured at fair value we refer to note 14. Financial assets, which describes how the fair value is measured.
\nOn 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.
\nOn 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
\n(12 June 2022). In early June 2022, all convertible bonds were converted by Colruyt Group into shares of Virya Energy NV, increasing the stake in Virya Energy NV from 59,78% to
\n59,94%. Consequently, the carrying amount of the associate Virya Energy NV on Colruyt Group's balance sheet increased by EUR 95,0 million. Until the conversion date, this compound
\ninstrument was measured at fair value and included in the category 'Financial assets at fair value through profit or loss\u2019.
\nThe financial assets classified under level 3 include, amongst others, the investments in the holding company Sofindev IV NV, in the investment funds Good Harvest Belgium I SRL and
\nBlue Horizon Ventures I SCSp RAIF and in North Sea Wind CV, a cooperative in which Colruyt Group has no significant influence.
\nThe opening and closing balance of the investments classified under level 3 can be reconciled as follows:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 109,7 111,6
\nAcquisitions 0,3 0,9
\nCapital increases 0,2 0,9
\nCapital decreases - (2,3)
\nFair value adjustments through other comprehensive income (4,1) (1,1)
\nOther (95,0) (0,3)
\nAt 31 March 11,1 109,7
\n
\n\n
\n",
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"Tag391": {
"value": "\nF. Financial assets and liabilities per category and
\nper class
\nIn accordance with IFRS 7, \u2018Financial Instruments: Disclosures\u2019 and
\nIFRS 13, \u2018Fair Value Measurement\u2019, financial instruments measured
\nat fair value are classified using a fair value hierarchy.
\n
\n\n(in million EUR)
\nMeasurement at fair value
\nQuoted prices
\nLevel 1
\nObservable
\nmarket prices
\nLevel 2
\nNon-observable
\nmarket prices
\nLevel 3
\nCarrying
\namount
\nFinancial assets at fair value through other comprehensive
\nincome
\nEquity investments - - 10,8 10,8
\nCash flow hedging instruments - 0,1 - 0,1
\nFinancial assets at fair value through profit or loss
\nEquity investments 9,1 - 0,3 9,4
\nFixed-income securities 17,3 - - 17,3
\nFinancial assets at amortised cost
\n Non-current assets
\nOther non-current receivables
\n(1)
\n- 38,3 - 38,3
\n Current assets
\n(2)
\nTerm deposits - - - 4,5
\nTrade and other receivables - - - 632,5
\nCash and cash equivalents - - - 358,6
\nTotal financial assets as of 31 March 2023 26,4 38,3 11,1 1.071,5
\nFinancial liabilities at fair value through other comprehensive
\nincome
\nCash flow hedging instruments - 0,2 - 0,2
\nFinancial liabilities (excluding lease liabilities) at amortised cost
\n Non-current liabilities
\nFixed-rate green retail bond 252,7 - - 251,1
\nBank borrowings and other
\n(1)
\n- 361,9 - 361,9
\n Current liabilities
\n(2)
\nBank borrowings, bank overdrafts and other - - - 447,0
\nTrade payables - - - 1.295,8
\nLease liabilities at amortised cost
\n(3)
\n- - - 328,4
\nTotal financial liabilities at 31 March 2023 252,7 362,1 - 2.684,4
\n(1) The carrying amounts of non-current bank borrowings and other, and other non-current receivables are not materially different from their fair values.
\n(2) The carrying amounts of current financial assets and liabilities measured at amortised cost is estimated to reasonably approximate their fair value due to their short maturity.
\n(3) Fair value disclosures are not required in respect of lease liabilities at amortised cost.
\n
\n\n(in million EUR)
\nMeasurement at fair value
\nQuoted prices
\nLevel 1
\nObservable
\nmarket prices
\nLevel 2
\nNon-observable
\nmarket prices
\nLevel 3
\nCarrying
\namount
\nFinancial assets at fair value through other comprehensive
\nincome
\nEquity investments - - 14,7 14,7
\nCash flow hedging instruments - 0,3 - 0,3
\nFinancial assets at fair value through profit or loss
\nEquity investments 9,3 - - 9,3
\nFixed-income securities 15,9 - - 15,9
\nCompound instruments - - 95,0 95,0
\nFinancial assets at amortised cost
\n Non-current assets
\nOther non-current receivables - 46,0 - 46,0
\n Current assets
\n(1)
\nTerm deposits - - - 7,8
\nTrade and other receivables - - - 683,9
\nCash and cash equivalents - - - 176,2
\nTotal financial assets at 31 March 2022 25,2 46,3 109,7 1.049,1
\nFinancial liabilities at fair value through other comprehensive
\nincome
\nCash flow hedging instruments - 0,2 - 0,2
\nFinancial liabilities (excluding lease liabilities) at amortised cost
\n Non-current liabilities
\nBank loans and other
\n(2)
\n- 417,6 - 417,6
\n Current liabilities
\n(1)
\nBank borrowings, bank overdrafts and other - - - 309,1
\nTrade payables - - - 1.283,4
\nLease liabilities at amortised cost
\n(3)
\n- - - 284,0
\nTotal financial liabilities at 31 March 2022 - 417,8 - 2.294,4
\n
\n(1) The carrying amounts of current financial assets and liabilities measured at amortised cost are estimated to reasonably approximate their fair value due to their short maturity.
\n(2) The carrying amounts of non-current bank borrowings and other, and other non-current receivables are not materially different from their fair values.
\n(3) Fair value disclosures are not required in respect of lease liabilities at amortised cost.
\n
\n\nThe fair value hierarchy is based on the inputs used to measure financial assets and liabilities at measurement date. The following three levels are distinguished:
\n\u2022 Level 1: inputs used for measurement of fair value are officially quoted (unadjusted) prices for identical assets or liabilities in an active market.
\n\u2022 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
\nprices, if available, as much as possible and avoid reliance on entity-specific estimations.
\n\u2022 Level 3: financial instruments for which the fair value is determined with valuation techniques using certain parameters not based on observable market data.
\nFor the amounts recognised at \u2018Amortised cost\u2019 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-
\nterm character. Those cases whereby the amortised cost deviates from the fair value are not material.
\nFor the amounts measured at fair value we refer to note 14. Financial assets, which describes how the fair value is measured.
\nOn 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.
\nOn 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
\n(12 June 2022). In early June 2022, all convertible bonds were converted by Colruyt Group into shares of Virya Energy NV, increasing the stake in Virya Energy NV from 59,78% to
\n59,94%. Consequently, the carrying amount of the associate Virya Energy NV on Colruyt Group's balance sheet increased by EUR 95,0 million. Until the conversion date, this compound
\ninstrument was measured at fair value and included in the category 'Financial assets at fair value through profit or loss\u2019.
\nThe financial assets classified under level 3 include, amongst others, the investments in the holding company Sofindev IV NV, in the investment funds Good Harvest Belgium I SRL and
\nBlue Horizon Ventures I SCSp RAIF and in North Sea Wind CV, a cooperative in which Colruyt Group has no significant influence.
\nThe opening and closing balance of the investments classified under level 3 can be reconciled as follows:
\n(in million EUR) 2022/23 2021/22
\nAt 1 April 109,7 111,6
\nAcquisitions 0,3 0,9
\nCapital increases 0,2 0,9
\nCapital decreases - (2,3)
\nFair value adjustments through other comprehensive income (4,1) (1,1)
\nOther (95,0) (0,3)
\nAt 31 March 11,1 109,7
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag392": {
"value": "\n
\n\n28. Off-balance sheet rights and commitments
\nColruyt 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
\nproperty, plant and equipment and future purchases of goods and services.
\nThe amounts due in respect of these commitments are as follows:
\n(in million EUR) 31.03.23 < 1 year 1-5 years > 5 years
\nLease arrangements as lessee
\n(1)
\n3,5 1,4 2,1 -
\nCommitments relating to the acquisition of property, plant and equipment 115,7 103,0 12,7 -
\nCommitments relating to purchases of goods 253,6 234,1 19,5 -
\nOther commitments 39,5 24,7 14,8 -
\n(in million EUR) 31.03.22 < 1 year 1-5 years > 5 years
\nLease arrangements as lessee
\n(1)
\n3,4 1,5 1,9 -
\nCommitments relating to the acquisition of property, plant and equipment 108,0 101,6 6,4 -
\nCommitments relating to purchases of goods 171,7 161,2 10,5 -
\nOther commitments 36,7 18,0 18,7 -
\n(1) Leases outside the scope of IFRS 16.
\n
\nThe off-balance sheet commitments for lease arrangements in a lessee capacity amount to EUR 3,5 million (EUR 3,4 million at 31 March 2022) and relate to short-term leases or leases
\nof low-value assets. In addition, these off-balance sheet commitments also contain arrangements that do not meet the definition of a lease.
\nThe income statement includes rental and rental-related charges in respect of movables totalling EUR 24,6 million (EUR 18,5 million for the previous reporting period). These rental
\ncharges mainly result from cancellable lease arrangements that do not meet the definition of a lease.
\nThe commitments relating to the acquisition of property, plant and equipment totalling EUR 115,7 million (EUR 108,0 million in the previous reporting period) consist mainly of
\ncontractual commitments for the acquisition of land and buildings.
\nThe commitments relating to purchases of goods for an amount of EUR 253,6 million (EUR 171,7 million in the previous reporting period) are the result of forward contracts
\nconcluded with suppliers in order for Colruyt Group to ensure the sufficient supply of certain trade goods, clothing collections and raw materials for production. This includes purchase
\ncommitments related to electricity from discontinued operations (EUR 56,6 million).
\nThe line \u2018Other commitments\u2019 mainly relates to commitments arising from various non-cancellable forward contracts regarding ICT services (mainly for software maintenance and
\ndevelopment) for an amount of EUR 36,6 million (EUR 33,7 million in the previous reporting period).
\nIn 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
\nimmovable assets under lease arrangements.
\n
\n\n
\n\n
\n
\n\nThe amounts to be received in relation to these rights are to be classified as follows:
\n(in million EUR) 31.03.23 < 1 year 1-5 years > 5 years
\nLease arrangements as lessor 16,0 9,3 6,7 -
\n(in million EUR) 31.03.22 < 1 year 1-5 years > 5 years
\nLease arrangements as lessor 14,7 8,1 6,6 -
\nThe off-balance sheet commitments for lease arrangements amount to EUR 16,0 million (EUR 14,7 million as per 31 March 2022) and mainly relate to operating lease arrangements as
\nlessor in respect of subleased assets.
\nThe rights resulting from non-cancellable agreements in respect of movables are not material.
\n
\n\n\n
\n\n29. Contingent liabilities and contingent assets
\nContingent 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,
\n\u2018Provisions, Contingent Liabilities and Contingent Assets\u2019.
\nThe table below gives an overview of all contingent liabilities of Colruyt Group.
\n(in million EUR) 31.03.23 31.03.22
\nDisputes 3,8 7,1
\nOther 0,1 0,6
\nAt the reporting date there were a limited number of legal actions outstanding against Colruyt Group which, although disputed, constitute a contingent liability of EUR 3,8 million
\n(compared to EUR 7,1 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
\nfor pending cases in respect of taxation law, common law or social law.
\n\u2018Other\u2019 contingent liabilities represent guarantees provided by Colruyt Group towards financial institutions. These guarantees consist of buyback commitments supplied as an
\nadditional guarantee for the financing of affiliated independent storekeepers for an amount of EUR 0,1 million (compared to EUR 0,6 million in the previous reporting period).
\nWhen 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
\nthe end of the valuation period.
\nColruyt Group expects no significant financial disadvantages to be derived from these liabilities.
\nThere are no material contingent assets to be reported.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag393": {
"value": "\n28. Off-balance sheet rights and commitments
\nColruyt 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
\nproperty, plant and equipment and future purchases of goods and services.
\nThe amounts due in respect of these commitments are as follows:
\n(in million EUR) 31.03.23 < 1 year 1-5 years > 5 years
\nLease arrangements as lessee
\n(1)
\n3,5 1,4 2,1 -
\nCommitments relating to the acquisition of property, plant and equipment 115,7 103,0 12,7 -
\nCommitments relating to purchases of goods 253,6 234,1 19,5 -
\nOther commitments 39,5 24,7 14,8 -
\n(in million EUR) 31.03.22 < 1 year 1-5 years > 5 years
\nLease arrangements as lessee
\n(1)
\n3,4 1,5 1,9 -
\nCommitments relating to the acquisition of property, plant and equipment 108,0 101,6 6,4 -
\nCommitments relating to purchases of goods 171,7 161,2 10,5 -
\nOther commitments 36,7 18,0 18,7 -
\n(1) Leases outside the scope of IFRS 16.
\n
\nThe off-balance sheet commitments for lease arrangements in a lessee capacity amount to EUR 3,5 million (EUR 3,4 million at 31 March 2022) and relate to short-term leases or leases
\nof low-value assets. In addition, these off-balance sheet commitments also contain arrangements that do not meet the definition of a lease.
\nThe income statement includes rental and rental-related charges in respect of movables totalling EUR 24,6 million (EUR 18,5 million for the previous reporting period). These rental
\ncharges mainly result from cancellable lease arrangements that do not meet the definition of a lease.
\nThe commitments relating to the acquisition of property, plant and equipment totalling EUR 115,7 million (EUR 108,0 million in the previous reporting period) consist mainly of
\ncontractual commitments for the acquisition of land and buildings.
\nThe commitments relating to purchases of goods for an amount of EUR 253,6 million (EUR 171,7 million in the previous reporting period) are the result of forward contracts
\nconcluded with suppliers in order for Colruyt Group to ensure the sufficient supply of certain trade goods, clothing collections and raw materials for production. This includes purchase
\ncommitments related to electricity from discontinued operations (EUR 56,6 million).
\nThe line \u2018Other commitments\u2019 mainly relates to commitments arising from various non-cancellable forward contracts regarding ICT services (mainly for software maintenance and
\ndevelopment) for an amount of EUR 36,6 million (EUR 33,7 million in the previous reporting period).
\nIn 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
\nimmovable assets under lease arrangements.
\n
\n\nThe amounts to be received in relation to these rights are to be classified as follows:
\n(in million EUR) 31.03.23 < 1 year 1-5 years > 5 years
\nLease arrangements as lessor 16,0 9,3 6,7 -
\n(in million EUR) 31.03.22 < 1 year 1-5 years > 5 years
\nLease arrangements as lessor 14,7 8,1 6,6 -
\nThe off-balance sheet commitments for lease arrangements amount to EUR 16,0 million (EUR 14,7 million as per 31 March 2022) and mainly relate to operating lease arrangements as
\nlessor in respect of subleased assets.
\nThe rights resulting from non-cancellable agreements in respect of movables are not material.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag394": {
"value": "\n
\n\n29. Contingent liabilities and contingent assets
\nContingent 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,
\n\u2018Provisions, Contingent Liabilities and Contingent Assets\u2019.
\nThe table below gives an overview of all contingent liabilities of Colruyt Group.
\n(in million EUR) 31.03.23 31.03.22
\nDisputes 3,8 7,1
\nOther 0,1 0,6
\nAt the reporting date there were a limited number of legal actions outstanding against Colruyt Group which, although disputed, constitute a contingent liability of EUR 3,8 million
\n(compared to EUR 7,1 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
\nfor pending cases in respect of taxation law, common law or social law.
\n\u2018Other\u2019 contingent liabilities represent guarantees provided by Colruyt Group towards financial institutions. These guarantees consist of buyback commitments supplied as an
\nadditional guarantee for the financing of affiliated independent storekeepers for an amount of EUR 0,1 million (compared to EUR 0,6 million in the previous reporting period).
\nWhen 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
\nthe end of the valuation period.
\nColruyt Group expects no significant financial disadvantages to be derived from these liabilities.
\nThere are no material contingent assets to be reported.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag395": {
"value": "\n29. Contingent liabilities and contingent assets
\nContingent 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,
\n\u2018Provisions, Contingent Liabilities and Contingent Assets\u2019.
\nThe table below gives an overview of all contingent liabilities of Colruyt Group.
\n(in million EUR) 31.03.23 31.03.22
\nDisputes 3,8 7,1
\nOther 0,1 0,6
\nAt the reporting date there were a limited number of legal actions outstanding against Colruyt Group which, although disputed, constitute a contingent liability of EUR 3,8 million
\n(compared to EUR 7,1 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
\nfor pending cases in respect of taxation law, common law or social law.
\n\u2018Other\u2019 contingent liabilities represent guarantees provided by Colruyt Group towards financial institutions. These guarantees consist of buyback commitments supplied as an
\nadditional guarantee for the financing of affiliated independent storekeepers for an amount of EUR 0,1 million (compared to EUR 0,6 million in the previous reporting period).
\nWhen 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
\nthe end of the valuation period.
\nColruyt Group expects no significant financial disadvantages to be derived from these liabilities.
\nThere are no material contingent assets to be reported.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag417": {
"value": "\n30. Dividends paid and proposed
\nOn 4 October 2022 a gross dividend of EUR 1,10 per share was paid to the shareholders.
\nFor the financial year 2022/23, the Board of Directors has proposed a gross dividend of EUR 0,80 per share, which will be declared payable from 3 October 2023. As the decision to
\ndistribute a dividend is to be considered an event after reporting date which is not to be included in the statement of financial position, this dividend, which is still to be approved at
\nthe Annual General Meeting of Shareholders of 27 September 2023, is therefore not recorded as a liability in the statement of financial position.
\nTaking into account that the distribution proposed by the Board of Directors relates to 126.991.787 shares (after deduction of treasury shares), as determined on 9 June 2023, the total
\namount of proposed dividends is EUR 101,6 million.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag420": {
"value": "1.1",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag423": {
"value": "0.8",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag418": {
"value": "101600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag419": {
"value": "\n31. Related parties
\nAn 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.
\nColruyt Group identifies, in accordance with IAS 24, \u2018Related Party Disclosures\u2019, different categories of related parties:
\na) key managers of Colruyt Group and relatives. Key management is formed by the members of the Board of Directors and the Management Committee (see Corporate Governance
\nsection);
\nb) entities that control Colruyt Group: Korys NV controlled by Stichting Administratiekantoor Cozin (see Corporate Governance section);
\nc) associates (see note 12. Investments in associates);
\nd) joint ventures (see note 13. Investments in joint ventures); and
\ne) entities controlled by persons belonging to the key management of Colruyt Group. Last year, Colruyt Group had no material transactions with these entities. There were however
\ntransactions with Smartmat NV, now an associate.
\n
\n\n31.1. Related party transactions excluding key management personnel compensation
\n(in million EUR) 2022/23 2021/22
\nRevenue 4,0 9,2
\nAssociates 3,4 9,1
\nJoint ventures 0,6 0,1
\nCosts 21,8 18,1
\nKey managers of Colruyt Group and relatives 0,2 0,3
\nAssociates 17,1 12,0
\nJoint ventures 4,5 3,6
\nEntities controlled by persons belonging to the key management of Colruyt Group - 2,2
\nReceivables 8,9 115,1
\nEntities that control Colruyt Group 0,1 -
\nAssociates 5,1 113,2
\nJoint ventures 3,7 1,9
\nLiabilities 4,9 0,9
\nKey managers of Colruyt Group and relatives 0,1 0,1
\nEntities that control Colruyt Group 0,1 0,1
\nAssociates 3,9 0,4
\nJoint ventures 0,8 0,2
\nEntities controlled by persons belonging to the key management of Colruyt Group - 0,1
\nDividends paid 89,7 116,1
\nKey managers of Colruyt Group and relatives 9,4 12,5
\nEntities that control Colruyt Group 80,3 103,6
\nThe amounts disclosed above result from transactions made on terms equivalent to those that prevail in arm\u2019s length transactions between independent parties.
\nTransactions with various related parties generated revenue for an amount of EUR 4,0 million (EUR 9,2 million in the previous reporting period).
\nColruyt 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.
\nThe costs arising from transactions with various related parties amount to EUR 21,8 million and mainly relate to the purchase of energy-related products (EUR 14,3 million).
\nOutstanding receivables from related parties decreased from EUR 115,1 million to EUR 8,9 million due to the termination of compound instruments with an associate.
\n
\n\n
\n\n31.2. Key management personnel compensation
\nThe compensation awarded to key management personnel is summarised below. All amounts are gross amounts before taxes. Social security contributions were paid on these
\namounts.
\n(in million EUR)
\nRemuneration
\n2022/23
\nNumber of
\npersons/shares
\n2022/23
\nRemuneration
\n2021/22
\nNumber of
\npersons/shares
\n2021/22
\nBoard of Directors 10 9
\nFixed remuneration (directors\u2019 fees) 1,0 0,9
\nSenior management 12 13
\nFixed remuneration 4,5 4,1
\nVariable remuneration 1,9 2,8
\nPayments into defined contribution plans and other components 0,7 0,8
\nMore information regarding the different components of compensation for key management personnel can be found in the remuneration report (see section Corporate Governance) as
\nprepared by the Remuneration Committee.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag422": {
"value": "\n31.2. Key management personnel compensation
\nThe compensation awarded to key management personnel is summarised below. All amounts are gross amounts before taxes. Social security contributions were paid on these
\namounts.
\n(in million EUR)
\nRemuneration
\n2022/23
\nNumber of
\npersons/shares
\n2022/23
\nRemuneration
\n2021/22
\nNumber of
\npersons/shares
\n2021/22
\nBoard of Directors 10 9
\nFixed remuneration (directors\u2019 fees) 1,0 0,9
\nSenior management 12 13
\nFixed remuneration 4,5 4,1
\nVariable remuneration 1,9 2,8
\nPayments into defined contribution plans and other components 0,7 0,8
\nMore information regarding the different components of compensation for key management personnel can be found in the remuneration report (see section Corporate Governance) as
\nprepared by the Remuneration Committee.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag416": {
"value": "\n33. Independent auditor\u2019s remuneration
\nThe table below provides an overview of remuneration paid to the independent auditor and its associated parties for services rendered to Colruyt Group.
\n(in million EUR) 2022/23 2021/22
\nAudit assignments 1,2 1,0
\nTotal 1,2 1,0
\nThe consideration paid for audit services was EUR 1,2 million, of which EUR 0,3 million was recognised at the level of the Company and EUR 0,9 million was recognised at the level of
\nits subsidiaries.
\nFor non-audit services, such as other audit assignments, tax advice and other assignments, the costs are negligible.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag414": {
"value": "\n
\n
\n
\n34. List of consolidated entities
\n
\n34.1. Company
\nEtn. Fr. Colruyt NV Edingensesteenweg 196 1500 Halle, Belgium 0400 378 485 -
\n\n34.2. Subsidiaries
\nAB Restauration BV Avenue du Levant 13 5030 Gembloux, Belgium 0475 405 017 100%
\nAgripartners NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 417 100%
\nBanden Deproost BV Zinkstraat 6 1500 Halle, Belgium 0424 880 586 100%
\nBanketbakkerij Mariman NV Warandestraat 5 9240 Zele, Belgium 0874 422 336 100%
\nBavingsveld NV Edingensesteenweg 196 1500 Halle, Belgium 0441 486 194 100%
\nBio-Planet Luxembourg SA Rue F.W. Raiffeisen 5 2411 Luxembourg,
\nGrand Duchy of Luxembourg
\nB262737 100%
\nBio-Planet NV Victor Demesmaekerstraat 167 1500 Halle, Belgium 0472 405 143 100%
\nBuurtwinkels OKay NV Victor Demesmaekerstraat 167 1500 Halle, Belgium 0464 994 145 100%
\nCodevco II RDC SASU Av. Pierre Mulele 17, office 203, Infinity
\nCenter, Commune de Gombe
\nKinshasa, Democratic Republic of the
\nCongo
\nCD/KNG/
\nRCCM/21-B-01809
\n100%
\nCodevco IV NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 615 100%
\nCodevco IX BV Edingensesteenweg 196 1500 Halle, Belgium 0779 301 067 100%
\nCodevco VII BV Edingensesteenweg 196 1500 Halle, Belgium 0760 300 252 100%
\nCodevco VIII NV Edingensesteenweg 196 1500 Halle, Belgium 0760 300 846 100%
\nCodevco X NV Edingensesteenweg 196 1500 Halle, Belgium 0779 300 572 100%
\nCodevco XIII NV Edingensesteenweg 196 1500 Halle, Belgium 0779 443 696 100%
\nCodevco XIV NV Edingensesteenweg 196 1500 Halle, Belgium 0795 538 570 100%
\nCodevco XV NV Edingensesteenweg 196 1500 Halle, Belgium 0795 538 669 100%
\nCodevco XVI NV Edingensesteenweg 196 1500 Halle, Belgium 0795 538 768 100%
\nCodex BV Edingensesteenweg 196 1500 Halle, Belgium 0453 365 924 100%
\nCodifrance SAS Zone Industrielle, Rue de Saint Barth\u00e9l\u00e9my
\n66
\n45110 Ch\u00e2teauneuf-sur-Loire, France 824 116 099 100%
\nColim NV Edingensesteenweg 196 1500 Halle, Belgium 0400 374 725 100%
\nColimpo NV Edingensesteenweg 196 1500 Halle, Belgium 0685 762 581 100%
\nColimpo Private Limited Unit 08-09, 13th floor, New Mandarin
\nPlaza, Tower A 14, Science Museum Road,
\nTsimshatsui East
\nKowloon, Hong Kong 59139630 000 11 18 0 100%
\n
\n\n
\n\n
\n\n
\nColruyt Afrique SAS Sacre Coeur III VDN, Villa num\u00e9ro 10684,
\nBo\u00eete Postal 4579
\nDakar, Senegal SN DKR 2020 B 13136 100%
\nColruyt Cash and Carry NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 318 100%
\nColruyt Gestion SA Rue F.W. Raiffeisen 5 2411 Luxembourg,
\nGrand Duchy of Luxembourg
\nB137485 100%
\nColruyt Group Services NV Edingensesteenweg 196 1500 Halle, Belgium 0880 364 278 100%
\nColruyt IT Consultancy India Private LTD Building N\u00b021, Mindspace, Raheja IT Park,
\nSurvey nr 64 (Part) HITEC City
\nMadhapur, Hyderabad, Telangana State,
\nIndia - 500081
\nU72300TG2007
\nPTC053130
\n100%
\nColruyt Luxembourg SA Z.I. Um Woeller 6 4410 Sanem, Grand Duchy of Luxembourg B124296 100%
\nColruyt Retail France SAS Zone Industrielle, Rue des Entrep\u00f4ts 4 39700 Rochefort-sur-Nenon, France 789 139 789 100%
\nComans NV Edingensesteenweg 196 1500 Halle, Belgium 0462 732 956 100%
\nComant NV Edingensesteenweg 196 1500 Halle, Belgium 0604 984 743 100%
\nCombru NV Edingensesteenweg 196 1500 Halle, Belgium 0442 944 956 100%
\nComgen NV Edingensesteenweg 196 1500 Halle, Belgium 0404 020 638 100%
\nComgil NV Edingensesteenweg 196 1500 Halle, Belgium 0739 995 974 100%
\nComjan NV Edingensesteenweg 196 1500 Halle, Belgium 0783 195 915 100%
\nComkro NV Edingensesteenweg 196 1500 Halle, Belgium 0693 920 677 100%
\nComlie NV Edingensesteenweg 196 1500 Halle, Belgium 0560 926 056 100%
\nCommol NV Edingensesteenweg 196 1500 Halle, Belgium 0684 490 495 100%
\nComnie NV Edingensesteenweg 196 1500 Halle, Belgium 0715 711 530 100%
\nComnik NV Edingensesteenweg 196 1500 Halle, Belgium 0741 814 626 100%
\nCycles IMP SRL Tramstraat 63 9052 Zwijnaarde, Belgium 0444.947.017 100%
\nDarzana NV Edingensesteenweg 196 1500 Halle, Belgium 0779 443 795 100%
\nDATS 24 NV Edingensesteenweg 196 1500 Halle, Belgium 0893 096 618 100%
\nDavytrans NV Edingensesteenweg 196 1500 Halle, Belgium 0413 920 972 100%
\nDo Invest Lux SA Rue de Beggen 233-241 1121 Luxembourg,
\nGrand Duchy of Luxembourg
\nB181441 100%
\nDo Invest NV Edingensesteenweg 196 1500 Halle, Belgium 0817 092 663 100%
\nDreambaby NV Edingensesteenweg 196 1500 Halle, Belgium 0472 630 817 100%
\nDreamland NV Edingensesteenweg 196 1500 Halle, Belgium 0448 746 645 100%
\nE-Logistics NV Edingensesteenweg 196 1500 Halle, Belgium 0830 292 878 100%
\nEnco Retail NV Edingensesteenweg 196 1500 Halle, Belgium 0434 584 942 100%
\nEW 738/740 BV Kerkstraat 13 2840 Rumst, Belgium 0505 738 994 100%
\nFD Company 2 BV Edingensesteenweg 196 1500 Halle, Belgium 0770 767 542 100%
\nFinco France SARL Zone Industrielle, Rue des Entrep\u00f4ts 4 39700 Rochefort-sur-Nenon, France 848 012 209 100%
\nFinco NV Edingensesteenweg 196 1500 Halle, Belgium 0429 127 109 100%
\nFleetco NV Edingensesteenweg 196 1500 Halle, Belgium 0423 051 939 100%
\nHet Taartenhuis NV Warandestraat 5 9240 Zele, Belgium 0889 841 277 100%
\nHet Zilverleen BV Izenbergestraat 175 8690 Alveringem, Belgium 0715 775 767 100%
\nHeylen-Engels BV Morkhovenseweg 92 2200 Noorderwijk, Belgium 0428 695 359 100%
\nImmo Colruyt France SAS Zone Industrielle, Rue des Entrep\u00f4ts 4 39700 Rochefort-sur-Nenon, France 319 642 252 100%
\n
\n\n
\n\n
\n\n
\nImmo Colruyt Luxembourg SA Rue F.W. Raiffeisen 5 2411 Luxembourg, Grand Duchy of
\nLuxembourg
\nB195799 100%
\nImmo De CE Floor BV Edingensesteenweg 196 1500 Halle, Belgium 0446 434 580 100%
\nImmoco SARL Zone Industrielle, Rue des Entrep\u00f4ts 4 39700 Rochefort-sur-Nenon, France 527 664 965 100%
\nIzock BV Kerkstraat 132-134 1851 Humbeek, Belgium 0426 190 284 100%
\nJims NV Edingensesteenweg 196 1500 Halle, Belgium 0423 644 035 100%
\nJims Oost BV
\n(1)
\nEdingensesteenweg 196 1500 Halle, Belgium 0863 735 312 100%
\nJoma Sport BV Tramstraat 63 9052 Zwijnaarde, Belgium 0823 778 933 100%
\nJuliette BV Edingensesteenweg 196 1500 Halle, Belgium 0753 439 679 100%
\nLocr\u00e9 SA Rue de Neudorf 534 2220 Luxembourg, Grand Duchy of
\nLuxembourg
\nB59147 100%
\nMyreas BV Tramstraat 63 9052 Zwijnaarde, Belgium 0733 909 522 85%
\nNewpharma Group NV
\n(1)(2)
\nRue du Charbonnage 10, bus 2 4020 Li\u00e8ge, Belgium 0684 465 652 100%
\nNorthlandt NV Moortelstraat 9 9160 Lokeren, Belgium 0459 739 517 100%
\nN'Situ Pelende SASU Av. Pierre Mulele 17, office 203, Infinity
\nCenter, Commune de Gombe
\nKinshasa, Democratic Republic of the
\nCongo
\nCD/KNG/
\nRCCM/21-B-01787
\n100%
\nOkay Compact NV Edingensesteenweg 196 1500 Halle, Belgium 0820 198 247 100%
\nPuur NV Edingensesteenweg 196 1500 Halle, Belgium 0544 328 861 100%
\nRetail Partners Colruyt Group NV Edingensesteenweg 196 1500 Halle, Belgium 0413 970 957 100%
\nRoecol NV Spieveldstraat 4 9160 Lokeren, Belgium 0849 963 488 100%
\nRoelandt NV Warandestraat 5 9240 Zele, Belgium 0412 127 858 100%
\nSaro BV Edingensesteenweg 196 1500 Halle, Belgium 0451 082 662 100%
\nSmart Technics NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 516 100%
\nSmartRetail BV Edingensesteenweg 196 1500 Halle, Belgium 0640 760 224 100%
\nSmartWithFood BV Edingensesteenweg 196 1500 Halle, Belgium 0739 913 228 100%
\nSoci\u00e9t\u00e9 Agricole de Meester BV Albertlaan 210 1190 Vorst, Belgium 0429 662 290 100%
\nSolucious NV Edingensesteenweg 196 1500 Halle, Belgium 0448 692 207 100%
\nSukhino NV Edingensesteenweg 196 1500 Halle, Belgium 0779 443 302 100%
\nSupermarkt De Belie BV Edingensesteenweg 196 1500 Halle, Belgium 0433 756 581 100%
\nSupermarkt Magda NV Edingensesteenweg 196 1500 Halle, Belgium 0422 180 523 100%
\nSymeta Hybrid NV Interleuvenlaan 50 3001 Heverlee, Belgium 0867 583 935 100%
\nThe Fashion Society NV
\n(2)
\nBrusselsesteenweg 185 1785 Merchtem, Belgium 0553 548 910 100%
\nVan der Veken BV Tramstraat 63 9052 Zwijnaarde, Belgium 0465 176 069 100%
\nVDV-Lease BV Tramstraat 63 9052 Zwijnaarde, Belgium 0698 812 150 100%
\nVlevico NV Edingensesteenweg 196 1500 Halle, Belgium 0422 846 259 100%
\nWalcodis SA Rue Du Parc Industriel 34 7822 Ath, Belgium 0829 176 784 100%
\nWiteb 1 BV Edingensesteenweg 196 1500 Halle, Belgium 0697 694 571 100%
\nWiteb 2 BV Edingensesteenweg 196 1500 Halle, Belgium 0699 852 426 100%
\nWiteb 3 BV Edingensesteenweg 196 1500 Halle, Belgium 0726 754 187 100%
\nWiteb 4 BV Edingensesteenweg 196 1500 Halle, Belgium 0747 601 566 100%
\nWiteb 5 BV Edingensesteenweg 196 1500 Halle, Belgium 0761 776 335 100%
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\nWV1 BV Guldensporenpark 100, blok K 9820 Merelbeke, Belgium 0627 969 585 100%
\nWV2 BV Tramstraat 63 9052 Zwijnaarde, Belgium 0627 973 149 100%
\nWV3 BV Tramstraat 63 9052 Zwijnaarde, Belgium 0477 728 760 100%
\nYaleli BV Tramstraat 63 9052 Zwijnaarde, Belgium 0672 981 941 100%
\nZeeboerderij Westdiep BV Edingensesteenweg 196 1500 Halle, Belgium 0739 918 869 80%
\n(1) These companies close their financial year on 31 December and are included in the consolidated financial statements as of that date.
\n(2) These companies are in a sub-consolidation.
\n
\n\n\n34.3. Joint ventures
\nAchilles Design BV
\n(1)
\nBorchtstraat 30 2800 Mechelen, Belgium 0691 752 926 24,70%
\nDaltix NV
\n(1)
\nOttergemsesteenweg-Zuid 808, bus 160 9000 Ghent, Belgium 0661 713 511 78,76%
\nDaltix Unipessoal LDA
\n(1)
\nAvenida Antonio Augusto De Aguiar 130
\nPiso 1
\n1050-020 Lisbon, Portugal 0514 607 769 78,76%
\nDe Leiding BV
\n(1)
\nKerkstraat 108 9050 Gentbrugge, Belgium 0694 734 685 51,99%
\nDigiteal NV
\n(1)
\nRue Emile Francqui 6 1435 Mont-Saint-Guibert, Belgium 0630 675 588 26,84%
\nKriket BV
\n(1)
\nBrogniezstraat 172 BIO7 1070 Anderlecht, Belgium 0692 761 033 43,82%
\nPluginvest BV Plantin and Moretuslei 289 2140 Borgerhout, Belgium 0665 554 711 25,00%
\nSome BV
\n(1)
\nHooilaar 40 2230 Herselt, Belgium 0829 249 337 24,97%
\nTicom NV Bilkensveld 1, bus A 1500 Halle, Belgium 0820 813 505 90,00%
\nWe Connect Data BV
\n(1)
\nWiedauwkaai 23, bus S 9000 Ghent, Belgium 0650 599 388 16,03%
\n(1) These companies close their financial year on 31 December and are included in the consolidated financial statements as of that date.
\n
\n\n\n34.4. Associates
\nAgeCore SA
\n(1)
\nRue de la Synagogue 33 1204 Gen\u00e8ve, Switzerland CHE-222 427 477 25,00%
\nFirst Retail International 2 NV
\n(1)
\nPontbeekstraat 2 1702 Dilbeek, Belgium 0644 497 494 4,73%
\nScallog SAS
\n(2)
\nRue Raymond Barbet 105 92000 Nanterre, France 791 336 076 23,73%
\nSmartmat NV
\n(1)
\nDock-North 4, bus E 9000 Ghent, Belgium 0841 142 626 41,36%
\nThe Seaweed Company BV
\n(1)
\nLange Haven 132 3111 CK Schiedam, Netherlands 72339225 21,30%
\nVendis Capital NV
\n(1)
\nJan Emiel Mommaertslaan 22 1831 Machelen, Belgium 0819 787 778 10,87%
\nVirya Energy NV
\n(1)(3)
\nVillalaan 96 1500 Halle, Belgium 0739 804 548 59,94%
\n
\n(1) These companies close their financial year on 31 December and are included in the consolidated financial statements as of that date.
\n(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.
\n(3) This companies is in a sub-consolidation.
\n
\n\n
\n\n
\n34.5. Changes in consolidation scope
\na. New investments
\nOn 30 June 2022, Colruyt Group acquired 100% of the shares of Cycles IMP BV. The acquisition of Cycles IMP BV is part of Bike Republic's expansion within Brussels.
\nIn July 2022, Colruyt Group fully acquired FD Company 2 BV. FD Company 2 BV in turn holds 100% of the shares of Heylen-Engels BV. Both companies have, since the acquisition date,
\nbeen accounted for as subsidiaries and are fully consolidated.
\nOn 31 August 2022, Colruyt Group acquired 100% of the shares of Yaleli BV. Yaleli BV operates 2 bicycle stores, one in Aalst and one in Ninove.
\nOn 30 November 2022, Colruyt Group acquired 100% of the shares of Oyxgen Clubs BV. Oxygen Clubs BV operates 6 fitness clubs in East Flanders, in locations complementary to the
\nexisting Jims network in Flanders. In January 2023, the company's corporate name was changed to Jims Oost BV.
\nOn 29 December 2022, Colruyt Group acquired 100% of the shares of Soci\u00e9t\u00e9 Agricole de Meester BV (SAM for short). The company owns approximately 373 hectares of agricultural
\nland. This acquisition fits with Colruyt Group's agricultural activities (Agripartners NV).
\nDuring the financial year, a 25% stake was acquired in the company Pluginvest BV (May 2022). Pluginvest BV offers various charging solutions for businesses and private individuals
\nthrough an offering of charging stations and associated services with a view to building a long-term relationship in which Pluginvest BV aims to unburden its customers as an
\nintegrator. This company is accounted for as a joint venture using the equity method.
\nOn 16 March 2023, Colruyt Group acquired 100% of the shares of EW 738/740 BV. The acquisition is part of a redevelopment project in which an Okay Compact and several residential
\nunits will be developed.
\nb. Mergers
\nThe companies Eoly NV and DATS 24 NV merged with effect from 1 April 2022.
\nFurthermore, a silent merger took place between the companies Smartmat NV and 15gram BV, with retrospective effect from 2 June 2022.
\nThere also was a silent merger between Colim NV and the companies Gecaro NV, Onroerende Beleggingsmaatschappij Van Brabant NV and Grimbergen Retail Property BV. These
\nmergers occurred with retroactive effect from 1 April 2022.
\nc. Newly established companies
\nIn Belgium, the companies Codevco XIV NV, Codevco XV NV, Codevco XVI NV were established (December 2022).
\nd. Other changes
\nOn 13 September 2022, Colruyt Group increased its stake in Daltix NV from 77,55% to 78,76%. This company is accounted for as a joint venture using the equity method.
\nOn 14 October 2022, Colruyt Group increased its stake in Newpharma Group NV from 61% to 100%. Since then, Newpharma Group NV has been an integral part of Colruyt Group, as a
\nresult of which the investment in Newpharma Group NV is fully accounted for as a subsidiary, and no longer as an associate company using the equity method. The requisite measures
\nwere taken in the context of the conflict of interest rules. At acquisition date, the fair value of the 61% stake in the associate's capital already held was set at EUR 85,7 million, whereby
\nthe resulting gain can be considered negligible in relation to the carrying amount of the associate. Consequently, the gain of control over Newpharma Group NV has no impact on the
\nresult of the financial year 2022/23.
\nOn 27 December 2022, Colruyt Group increased its stake in De Leiding BV from 46,23% to 51,99%. This company is accounted for as a joint venture using the equity method.
\n
\n\n
\nThe corporate name of Codevco XI NV was changed to Darzana NV in April 2022. On 30 August 2022, Codevco I RDC SASU changed its name to N'Situ Pelende SASU. At the end of March
\n2023, the names of Codevco VI BV, Codevco XII NV, Comels NV and Wieleke BV were changed to SmartWithFood BV, Sukhino NV, Okay Compact NV and WV3 BV, respectively.
\nAt 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 conversion
\nincreased Colruyt Group's stake from 59,78% to 59,94%.
\nOn 30 June 2022, the companies Puurgen NV and Puurwijn NV were dissolved and liquidated.
\nBy deed of 6 September 2022, it was decided to change the legal form of Finco France from SAS to SARL.
\nOn 15 February 2023, it was decided to proceed with the dissolution of the French company R.H.C. SAS. From an accounting viewpoint, the dissolution without liquidation has a tax
\neffect at 1 April 2022.
\nOn 29 March 2023, the agreement was signed for the sale of the shares in Hyve BV to Hyve BV itself.
\nFor transactions decided by the Board of Directors after year-end with regard to Virya Energy NV, we refer to note 32. Events after the reporting date.
\n
\n",
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"Tag421": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag424": {
"value": "\n34.2. Subsidiaries
\nAB Restauration BV Avenue du Levant 13 5030 Gembloux, Belgium 0475 405 017 100%
\nAgripartners NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 417 100%
\nBanden Deproost BV Zinkstraat 6 1500 Halle, Belgium 0424 880 586 100%
\nBanketbakkerij Mariman NV Warandestraat 5 9240 Zele, Belgium 0874 422 336 100%
\nBavingsveld NV Edingensesteenweg 196 1500 Halle, Belgium 0441 486 194 100%
\nBio-Planet Luxembourg SA Rue F.W. Raiffeisen 5 2411 Luxembourg,
\nGrand Duchy of Luxembourg
\nB262737 100%
\nBio-Planet NV Victor Demesmaekerstraat 167 1500 Halle, Belgium 0472 405 143 100%
\nBuurtwinkels OKay NV Victor Demesmaekerstraat 167 1500 Halle, Belgium 0464 994 145 100%
\nCodevco II RDC SASU Av. Pierre Mulele 17, office 203, Infinity
\nCenter, Commune de Gombe
\nKinshasa, Democratic Republic of the
\nCongo
\nCD/KNG/
\nRCCM/21-B-01809
\n100%
\nCodevco IV NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 615 100%
\nCodevco IX BV Edingensesteenweg 196 1500 Halle, Belgium 0779 301 067 100%
\nCodevco VII BV Edingensesteenweg 196 1500 Halle, Belgium 0760 300 252 100%
\nCodevco VIII NV Edingensesteenweg 196 1500 Halle, Belgium 0760 300 846 100%
\nCodevco X NV Edingensesteenweg 196 1500 Halle, Belgium 0779 300 572 100%
\nCodevco XIII NV Edingensesteenweg 196 1500 Halle, Belgium 0779 443 696 100%
\nCodevco XIV NV Edingensesteenweg 196 1500 Halle, Belgium 0795 538 570 100%
\nCodevco XV NV Edingensesteenweg 196 1500 Halle, Belgium 0795 538 669 100%
\nCodevco XVI NV Edingensesteenweg 196 1500 Halle, Belgium 0795 538 768 100%
\nCodex BV Edingensesteenweg 196 1500 Halle, Belgium 0453 365 924 100%
\nCodifrance SAS Zone Industrielle, Rue de Saint Barth\u00e9l\u00e9my
\n66
\n45110 Ch\u00e2teauneuf-sur-Loire, France 824 116 099 100%
\nColim NV Edingensesteenweg 196 1500 Halle, Belgium 0400 374 725 100%
\nColimpo NV Edingensesteenweg 196 1500 Halle, Belgium 0685 762 581 100%
\nColimpo Private Limited Unit 08-09, 13th floor, New Mandarin
\nPlaza, Tower A 14, Science Museum Road,
\nTsimshatsui East
\nKowloon, Hong Kong 59139630 000 11 18 0 100%
\n
\n\n
\nColruyt Afrique SAS Sacre Coeur III VDN, Villa num\u00e9ro 10684,
\nBo\u00eete Postal 4579
\nDakar, Senegal SN DKR 2020 B 13136 100%
\nColruyt Cash and Carry NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 318 100%
\nColruyt Gestion SA Rue F.W. Raiffeisen 5 2411 Luxembourg,
\nGrand Duchy of Luxembourg
\nB137485 100%
\nColruyt Group Services NV Edingensesteenweg 196 1500 Halle, Belgium 0880 364 278 100%
\nColruyt IT Consultancy India Private LTD Building N\u00b021, Mindspace, Raheja IT Park,
\nSurvey nr 64 (Part) HITEC City
\nMadhapur, Hyderabad, Telangana State,
\nIndia - 500081
\nU72300TG2007
\nPTC053130
\n100%
\nColruyt Luxembourg SA Z.I. Um Woeller 6 4410 Sanem, Grand Duchy of Luxembourg B124296 100%
\nColruyt Retail France SAS Zone Industrielle, Rue des Entrep\u00f4ts 4 39700 Rochefort-sur-Nenon, France 789 139 789 100%
\nComans NV Edingensesteenweg 196 1500 Halle, Belgium 0462 732 956 100%
\nComant NV Edingensesteenweg 196 1500 Halle, Belgium 0604 984 743 100%
\nCombru NV Edingensesteenweg 196 1500 Halle, Belgium 0442 944 956 100%
\nComgen NV Edingensesteenweg 196 1500 Halle, Belgium 0404 020 638 100%
\nComgil NV Edingensesteenweg 196 1500 Halle, Belgium 0739 995 974 100%
\nComjan NV Edingensesteenweg 196 1500 Halle, Belgium 0783 195 915 100%
\nComkro NV Edingensesteenweg 196 1500 Halle, Belgium 0693 920 677 100%
\nComlie NV Edingensesteenweg 196 1500 Halle, Belgium 0560 926 056 100%
\nCommol NV Edingensesteenweg 196 1500 Halle, Belgium 0684 490 495 100%
\nComnie NV Edingensesteenweg 196 1500 Halle, Belgium 0715 711 530 100%
\nComnik NV Edingensesteenweg 196 1500 Halle, Belgium 0741 814 626 100%
\nCycles IMP SRL Tramstraat 63 9052 Zwijnaarde, Belgium 0444.947.017 100%
\nDarzana NV Edingensesteenweg 196 1500 Halle, Belgium 0779 443 795 100%
\nDATS 24 NV Edingensesteenweg 196 1500 Halle, Belgium 0893 096 618 100%
\nDavytrans NV Edingensesteenweg 196 1500 Halle, Belgium 0413 920 972 100%
\nDo Invest Lux SA Rue de Beggen 233-241 1121 Luxembourg,
\nGrand Duchy of Luxembourg
\nB181441 100%
\nDo Invest NV Edingensesteenweg 196 1500 Halle, Belgium 0817 092 663 100%
\nDreambaby NV Edingensesteenweg 196 1500 Halle, Belgium 0472 630 817 100%
\nDreamland NV Edingensesteenweg 196 1500 Halle, Belgium 0448 746 645 100%
\nE-Logistics NV Edingensesteenweg 196 1500 Halle, Belgium 0830 292 878 100%
\nEnco Retail NV Edingensesteenweg 196 1500 Halle, Belgium 0434 584 942 100%
\nEW 738/740 BV Kerkstraat 13 2840 Rumst, Belgium 0505 738 994 100%
\nFD Company 2 BV Edingensesteenweg 196 1500 Halle, Belgium 0770 767 542 100%
\nFinco France SARL Zone Industrielle, Rue des Entrep\u00f4ts 4 39700 Rochefort-sur-Nenon, France 848 012 209 100%
\nFinco NV Edingensesteenweg 196 1500 Halle, Belgium 0429 127 109 100%
\nFleetco NV Edingensesteenweg 196 1500 Halle, Belgium 0423 051 939 100%
\nHet Taartenhuis NV Warandestraat 5 9240 Zele, Belgium 0889 841 277 100%
\nHet Zilverleen BV Izenbergestraat 175 8690 Alveringem, Belgium 0715 775 767 100%
\nHeylen-Engels BV Morkhovenseweg 92 2200 Noorderwijk, Belgium 0428 695 359 100%
\nImmo Colruyt France SAS Zone Industrielle, Rue des Entrep\u00f4ts 4 39700 Rochefort-sur-Nenon, France 319 642 252 100%
\n
\n\n
\nImmo Colruyt Luxembourg SA Rue F.W. Raiffeisen 5 2411 Luxembourg, Grand Duchy of
\nLuxembourg
\nB195799 100%
\nImmo De CE Floor BV Edingensesteenweg 196 1500 Halle, Belgium 0446 434 580 100%
\nImmoco SARL Zone Industrielle, Rue des Entrep\u00f4ts 4 39700 Rochefort-sur-Nenon, France 527 664 965 100%
\nIzock BV Kerkstraat 132-134 1851 Humbeek, Belgium 0426 190 284 100%
\nJims NV Edingensesteenweg 196 1500 Halle, Belgium 0423 644 035 100%
\nJims Oost BV
\n(1)
\nEdingensesteenweg 196 1500 Halle, Belgium 0863 735 312 100%
\nJoma Sport BV Tramstraat 63 9052 Zwijnaarde, Belgium 0823 778 933 100%
\nJuliette BV Edingensesteenweg 196 1500 Halle, Belgium 0753 439 679 100%
\nLocr\u00e9 SA Rue de Neudorf 534 2220 Luxembourg, Grand Duchy of
\nLuxembourg
\nB59147 100%
\nMyreas BV Tramstraat 63 9052 Zwijnaarde, Belgium 0733 909 522 85%
\nNewpharma Group NV
\n(1)(2)
\nRue du Charbonnage 10, bus 2 4020 Li\u00e8ge, Belgium 0684 465 652 100%
\nNorthlandt NV Moortelstraat 9 9160 Lokeren, Belgium 0459 739 517 100%
\nN'Situ Pelende SASU Av. Pierre Mulele 17, office 203, Infinity
\nCenter, Commune de Gombe
\nKinshasa, Democratic Republic of the
\nCongo
\nCD/KNG/
\nRCCM/21-B-01787
\n100%
\nOkay Compact NV Edingensesteenweg 196 1500 Halle, Belgium 0820 198 247 100%
\nPuur NV Edingensesteenweg 196 1500 Halle, Belgium 0544 328 861 100%
\nRetail Partners Colruyt Group NV Edingensesteenweg 196 1500 Halle, Belgium 0413 970 957 100%
\nRoecol NV Spieveldstraat 4 9160 Lokeren, Belgium 0849 963 488 100%
\nRoelandt NV Warandestraat 5 9240 Zele, Belgium 0412 127 858 100%
\nSaro BV Edingensesteenweg 196 1500 Halle, Belgium 0451 082 662 100%
\nSmart Technics NV Edingensesteenweg 196 1500 Halle, Belgium 0716 663 516 100%
\nSmartRetail BV Edingensesteenweg 196 1500 Halle, Belgium 0640 760 224 100%
\nSmartWithFood BV Edingensesteenweg 196 1500 Halle, Belgium 0739 913 228 100%
\nSoci\u00e9t\u00e9 Agricole de Meester BV Albertlaan 210 1190 Vorst, Belgium 0429 662 290 100%
\nSolucious NV Edingensesteenweg 196 1500 Halle, Belgium 0448 692 207 100%
\nSukhino NV Edingensesteenweg 196 1500 Halle, Belgium 0779 443 302 100%
\nSupermarkt De Belie BV Edingensesteenweg 196 1500 Halle, Belgium 0433 756 581 100%
\nSupermarkt Magda NV Edingensesteenweg 196 1500 Halle, Belgium 0422 180 523 100%
\nSymeta Hybrid NV Interleuvenlaan 50 3001 Heverlee, Belgium 0867 583 935 100%
\nThe Fashion Society NV
\n(2)
\nBrusselsesteenweg 185 1785 Merchtem, Belgium 0553 548 910 100%
\nVan der Veken BV Tramstraat 63 9052 Zwijnaarde, Belgium 0465 176 069 100%
\nVDV-Lease BV Tramstraat 63 9052 Zwijnaarde, Belgium 0698 812 150 100%
\nVlevico NV Edingensesteenweg 196 1500 Halle, Belgium 0422 846 259 100%
\nWalcodis SA Rue Du Parc Industriel 34 7822 Ath, Belgium 0829 176 784 100%
\nWiteb 1 BV Edingensesteenweg 196 1500 Halle, Belgium 0697 694 571 100%
\nWiteb 2 BV Edingensesteenweg 196 1500 Halle, Belgium 0699 852 426 100%
\nWiteb 3 BV Edingensesteenweg 196 1500 Halle, Belgium 0726 754 187 100%
\nWiteb 4 BV Edingensesteenweg 196 1500 Halle, Belgium 0747 601 566 100%
\nWiteb 5 BV Edingensesteenweg 196 1500 Halle, Belgium 0761 776 335 100%
\n
\n\nWV1 BV Guldensporenpark 100, blok K 9820 Merelbeke, Belgium 0627 969 585 100%
\nWV2 BV Tramstraat 63 9052 Zwijnaarde, Belgium 0627 973 149 100%
\nWV3 BV Tramstraat 63 9052 Zwijnaarde, Belgium 0477 728 760 100%
\nYaleli BV Tramstraat 63 9052 Zwijnaarde, Belgium 0672 981 941 100%
\nZeeboerderij Westdiep BV Edingensesteenweg 196 1500 Halle, Belgium 0739 918 869 80%
\n(1) These companies close their financial year on 31 December and are included in the consolidated financial statements as of that date.
\n(2) These companies are in a sub-consolidation.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag415": {
"value": "Etn. Fr. Colruyt NV",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag413": {
"value": "Etn. Fr. Colruyt NV",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"Tag398": {
"value": "Edingensesteenweg 196, B-1500 Halle",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5493000O0NZ1BCXO8K39",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"footnote1": {
"value": "(1) As adjusted due to discontinued operations. See note 16 for more information on the restatement of comparative information.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote1",
"language": "en"
}
},
"footnote6": {
"value": "(1) Includes, among other things, the
\ngreen retail bond in the amount of
\nEUR 250 million on 31 March 2023.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote6",
"language": "en"
}
},
"footnote4": {
"value": "(1) Profit before tax is inclusive of
\ndiscontinued operations. For
\n2022/23, this is the sum of the
\nprofit for the financial year for the
\ncontinuing operations (EUR 241,8
\nmillion) and the profit for the
\nfinancial year for the discontinued
\noperations (EUR 27,8 million) as
\nspecified in note 16.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote4",
"language": "en"
}
},
"footnote2": {
"value": "(1) Mainly reflects the impact of
\nincreased discount rates, partly
\noffset by salary indexation.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote2",
"language": "en"
}
},
"footnote7": {
"value": "(2) Includes, among other things, EUR
\n299 million of short-term financing
\nat 31 March 2023 (EUR 207 million
\nat 31 March 2022). The short-term
\nfinancing includes a committed
\ncredit facility for a 5-year term
\namounting to EUR 530 million with
\nan outstanding position of EUR 150
\nmillion at 31 March 2023.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote7",
"language": "en"
}
},
"footnote3": {
"value": "(2) Mainly relates to the interest
\nrate swap contracts held by Virya
\nEnergy NV.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote3",
"language": "en"
}
},
"footnote5": {
"value": "(2) At 31 March 2022, the category
\n\u2018Other\u2019 includes impairments
\nand reversals of impairments on
\ninventories, trade receivables and
\nother receivables.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote5",
"language": "en"
}
}
}
}