[PDF] 2020 ANNUAL REPORT 24 Sept 2020 Non-IFRS

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Coles Group Limited ABN 11 004 089 936

800

Toorak Road Hawthorn East Victoria 3123 Australia

PO Box 2000 Glen

Iris Victoria 3146 Australia

Telephone +61 3 9829 5111

www.colesgroup.com.au!! 24

September 2020

The Manager

Company

Announcements Office

Australian Securities Exchange

Dear Manager,

2020 ANNUAL REPORT

In accordance with the ASX Listing Rules, attached for release to the market is Coles Group

LimitedÕs 2020 Annual Report.

This announcement is authorised by the Board. Yours faithfully,

Daniella Pereira

Company

Secretary

For more information:

Investor Relations

Mark Howell

Mobile: +61 400 332 640

E-mail:

investor.relations@colesgroup.com.au Media

Meg Rayner

Mobile: +61 439 518 456 E-mail:

media.relations@coles.com.au

2020 Annual Report

Sustainably feed all Australians to help

them lead healthier, happier lives

Coles Group Limited

ABN 11 004 089 936

Coles Group Limited 2020 Annual Report

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Forward-looking statements

This report contains forward-looking statements in relation to Coles Group Limited (‘the Company') and its controlled entities (together ‘Coles'

or ‘the Group'), including statements regarding the Group's intent, belief, goals, objectives, initiatives, commitments or current expectations

with respect to the Group's business and operations, market conditions, results of operations and financial conditions, and risk management

practices. Forward-looking statements can generally be identified by the use of words such as ‘forecast', ‘estimate', ‘plan', ‘will', ‘anticipate',

‘may', ‘believe', ‘should', ‘expect', ‘intend', ‘outlook', ‘guidance' and other similar expressions.

These forward-looking statements are based on the Group's good-faith assumptions as to the financial, market, risk, regulatory and other

relevant environments that will exist and affect the Group's business and operations in the future. The Group does not give any assurance that

the assumptions will prove to be correct. The forward-looking statements involve known and unknown risks, uncertainties and assumptions and

other important factors, many of which are beyond the reasonable control of the Group, that could cause the actual results, performances

or achievements of the Group to be materially different from future results, performances or achievements expressed or implied by the

statements.

Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements in this report speak only as

at the date of issue. Except as required by applicable laws or regulations, the Group does not undertake any obligation to publicly update

or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based. Past

performance cannot be relied on as a guide to future performance.

Non-IFRS Information

This report contains IFRS and non-IFRS financial information. IFRS financial information is financial information that is presented in accordance

with all relevant accounting standards. Retail or non-IFRS financial information is financial information that is not defined or specified under any

relevant accounting standards and may not be directly comparable with other companies' information.

Any non-IFRS financial information included in this report has been labelled to differentiate it from statutory or IFRS financial information. Non-IFRS

measures are used by management to assess and monitor business performance at the Group and segment level and should be considered in

addition to, and not as a substitute for, IFRS information. Non-IFRS information is not subject to audit or review.

Other Information

Photographs in our Annual Report may have been taken before social distancing restrictions were in place. The image of FightMND campaign

director Bec Daniher with Coles team members on page 11 of this report was photographed by News Ltd / Newspix.

Front cover: In addition to the collection of unsold, edible food from our supermarkets and distribution centres, food and groceries to a retail

value of $7.9 million were provided to SecondBite and Foodbank this year in response to increasing demand for food relief as a result of

COVID-19. SecondBite CEO Jim Mullan said, ‘It's incredible to see how our partnership with Coles has grown over the years and the impact this

has had on the most vulnerable people in our community. Many shoppers wouldn't be aware of the work that goes on behind the scenes to

ensure edible unsold food ends up on the plates of those in need, rather than in landfill. We are proud to work with an organisation that is a

clear leader with respect to both its social and environmental responsibilities.'Coles acknowledges the Traditional Custodians of Country

throughout Australia and pays its respects to elders past and present. We recognise their rich cultures and continuing connection to land and waters. Aboriginal and Torres Strait Islander peoples are advised that this document may contain names and images of people who are deceased. All references to Indigenous people in this document are intended to include Aboriginal and/or Torres Strait

Islander people.

Coles Group Limited 2020 Annual Report

1

Welcome to the

Coles Group

2020 Annual Report

Our vision is to become the most trusted retailer in Australia and grow long-term shareholder value. Customers trust Coles, as part of the fabric of Australian society for more than 100 years, to provide great value food and drinks. We are known for our value, range and customer service through our extensive store network and for providing online shopping solutions across Australia.

Contents

Overview

20 20 performance4

20 20 highlights5

Me ssage from the Chairman6

Ma naging Director and

Chief Executive Officer"s report8

Ou r vision, purpose and strategy11

How we create value12

Su stainability snapshot14

Su pport for customers, suppliers and communities19

Go vernance at Coles24

Operating and Financial Review30

Board of Directors65

Directors" Report68

Remuneration Report

73

Financial Report96

Independent Auditor"s Report 150

Shareholder Information158

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The Pergoliti family at Harvey Citrus in Western Australia received a grant from the Coles Nurture Fund in FY20 to extend its supply of WA-grown

citrus over the summer and increase local employment by expanding its cool room facility and installing solar panels on its packing shed.

Pictured is Andrew Pergoliti with his father Steve and daughter Alyssa.

Our purpose is to

sustainably feed all

Australians to help

them lead healthier, happier lives.

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Coles Group Limited

2020 Annual Report

2020
performance 6.9%

Sales growth

1 $1.4bn EBIT 1 57.5c

Dividends per share

6 5.0%

Supermarkets

sales density growth 3 111%

Cash realisation

5 18.3%

Improvement in total

recordable injury frequency rate 7 88.2%

Customer satisfaction

for Supermarkets 2 $362m

Net debt

4 7pp

Improvement in team

member engagement (percentage points)

1 On a n on-IFRS basis. Refer to Non-IFRS Information section on page 39.

2 Q4 F Y20, as measured by Tell Coles.

3 Gr owth in sales per square metre on a moving annual total (MAT), or exit rate calculated on a rolling 12 months of data basis.

4 Ca lculated as interest-bearing liabilities less cash and cash equivalents.

5 Ca lculated as operating cash flow excluding interest and tax, divided by EBITDA (excluding the impacts of AASB 16 and Significant items).

6 Co mprising an interim dividend of 30.0 cents per share (paid) and a final dividend of 27.5 cents per share.

7 Re fer to glossary of terms on page 49 for definition.

Coles Group Limited 2020 Annual Report

5 2020
highlights

Highlights for the year spanned our business

and store network, our customer base, our team of suppliers and our communities around Australia. $10bn+ in Coles Own Brand sales

1,500+ new products

at everyday low prices

Progress with Witron & Ocado

automation

4,700+

Indigenous team members

Direct milk sourcing

with dairy farmers in VIC & NSWAlmost doubled capacity of Coles Online $139m provided in community supportTailored store format strategy

70 renewals

New transport hubs to

optimise logistics

Coles Group Limited 2020 Annual Report

6

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