COLRUYT GROUP N.V. 
Dear shareholders,
Colruyt Group achieved more than satisfactory results in the past financial year. The economic indicators show cautious signs of recovery, the government must keep saving, and employment is still under pressure. Still, our revenue increased by 5.9% to 8.31 thousand million euros.
The group's share in the consolidated profit after tax increased by 3.1% to 354 million euros (compared with 338 million euros last year). The operating result rose by 6.2% to 515 million euros. The ebit margin closed at 6.2 %, a status quo compared with the previous financial year. Despite the effect of cost inflation, we were able to keep labour and miscellaneous costs in line with the previous reporting period. The cash flow closed at 538.4 million euros, almost the same level as last year.
Earnings per share increased a little more than the net profit, by 3.9% to 2.26 euros, a logical consequence of the cancellation of 4 million treasury shares during the closed financial year. Consequently we propose an increase of the gross dividend by 5.3% to 1.00 euro per share.
In retail (76% of our revenue - Colruyt, OKay, Bio-Planet, DreamLand, DreamBaby and ColliShop in Belgium and stores operated by Colruyt in France) the revenue rose by 5.2% and the operating result by 1.7%. In a very competitive market, the revenue of wholesale and foodservice (16% of the group's turnover - Spar Retail, Collivery and Foodinvest in Belgium and Pro à Pro and Coccinelle in France) increased by 6.9%. In the other activities (9% of the group's turnover - DATS 24, Symeta and WE- Power) revenue rose by 9% to 750 million euros.
Evidently we were only able to realise this thanks to the joint effort of all our employees and the confidence of our customers and business partners. In the name of the Board of Directors, I wish to thank all of them.
In this difficult socio-economic climate, Colruyt Group also furnished its social added value: in the past year we welcomed 570 new collaborators. At the end of March of this year, the group employed
25,775 staff.
Every day, our store formats work hard and consistently at keeping their promises to the customer and to society. In this way, as a group we fulfil our commitment every day: together we want to achieve useful and sustainable retail. From this perspective, Colruyt Group has invested some 250 million euros in stores, distribution centres, production plants as well as in the necessary information technology and sustainable energy projects.
Almost half the added value generated in Belgium, or 861 million euros, flows back to society through our government. Consequently, I expect our politicians to keep working on an efficient and effective government that will not increase the tax burden on the added value of enterprises and will support the spending power of families. From a long-term vision, the authorities must carry out the adequate reforms to help our economy keep sufficient strength and competitiveness.
In a challenging socio-economic climate, Colruyt Group put up a strong performance in the past 2012-
2013 financial year. However, the economy keeps looking for the proper way. Because of a slackening consumer confidence and a permanently price-competitive market, for 2013-2014 we remain cautious and therefore we expect a consolidated net result (group share) that is in line with that of the closed financial year.
We are determined to continue to supply added value in a sustainable way. For this purpose, we count on your confidence and on our talented employees who devote their skills day by day. Our mission and values, which bind us across the various store formats and supporting services, are our precept. With the new Colruyt Group logo we want to emphasize this within the company but also in the outside world. Colruyt Group wants to offer its stakeholders simplicity in retail in everything we do. This work
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will never be finished, but it is something we will work on day after day. All collaborators of Colruyt
Group will continue to work on this in the years to come.
I would like to thank them once again for their commitment and customer-oriented approach. "The company grows provided that the people grow" is the true conviction of Colruyt Group. May it remain an inspiration.
Jef Colruyt
Chairman of the Board of Directors
Colruyt Group
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