20/06/2017 Financial year 2016/2017, ended on 31 March 2017: Revenue grows 2,8%. Net profit increase resulting from the disposal of the French foodservice business.

Consolidated annual information on the financial year 2016/17

Halle, 20 June 2017

1. Headlines

   • The sale of the French foodservice business ("Pro à Pro") was closed on 1 February 2017. The consolidated income statement for the financial year 2016/17 includes:

     • The net result from the disposal (EUR 19 million).

     • Pro à Pro's result for the period from 1 January 2016 up to 31 January 2017 (13 months versus 12 months in 2015/16). This 13th month mainly impacts the revenue growth. The impact on the gross profit, EBITDA and EBIT margins relative to revenue and on the net result is negligible.

   • Revenue grows 3,4% to over EUR 9,4 billion. Excluding the 13th month of Pro à Pro, the revenue growth amounts to 2,8%.

   • Market share in Belgium increases to 31,7% (31,5% in 2015/16).

   • The Colruyt banner delivers day after day on its promise to offer the lowest prices.

   • Full-year gross profit margin improves by 14 basis points; margin decline in the second semester due to price pressure.

   • Investments in the long term are continued.

   • Stable EBITDA margin thanks to the gain on the disposal of Pro à Pro.

   • EBIT margin decreases to 5,2% of revenue (5,5% in 2015/16) due to increased depreciation charges and one-off impairments.

   • Lower effective tax rate primarily as a result of the sale of Pro à Pro.

   • Net profit increases by EUR 17 million to EUR 383 million.

     Excluding the net result from the disposal of Pro à Pro, net profit amounts to EUR 364 million (EUR 366 million in 2015/16).

   • Earnings per share up 4,7% to EUR 2,60 per share.

   • Net cash and cash equivalents increase to EUR 524 million.

   • Investments in tangible and intangible fixed assets amount to EUR 387 million.

   • Excluding the sale of Pro à Pro employment increased by more than 1.400 employees in financial year 2016/17. As at 31 March 2017 Colruyt Group has 27.633 employees (full-time equivalents). The lower number of employees at year-end is due to the disposal of Pro à Pro.

   Consolidated annual information 2016/17 page 1 / 21

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2. Consolidated key figures

   (in million EUR)	1/4/2016 - 31/3/2017	1/4/2015 - 31/3/2016	Variance
   Revenue	9.493,5	9.177,5	+3,4%
   Gross profit	2.414,5	2.320,9	+4,0%
   % of revenue	25,4%	25,3%	+3,3%
   Operating cash flow (EBITDA)	743,7	720,3
   % of revenue	7,8%	7,8%	-2,7%
   Operating profit (EBIT)	493,3	507,2
   % of revenue	5,2%	5,5%	-1,7%
   Profit before tax	509,6	518,4
   % of revenue	5,4%	5,6%	+4,6%
   Profit for the financial year	383,2	366,3
   % of revenue	4,0%	4,0%	+4,7%
   Earnings per share - basic and diluted (in EUR) (1)	2,60	2,49

   (1) The weighted average number of outstanding shares equals 146.729.840 in 2016/17 compared to 147.004.025 last year.

3. Financial report

1. Consolidated income statement

   Revenue rose by 3,4% to EUR 9.493 million in financial year 2016/17. The comparable revenue growth amounted to 2,8%. The difference in revenue growth is attributable to the deconsolidation of Pro à Pro on 1 February 2017. The financial year 2016/17 comprises Pro à Pro's results from 1 January 2016 up to and including 31 January 2017 (13 months).

   Excluding petrol, the comparable revenue increased by 2,5%. The revenue growth was driven by sales price inflation and sales surface expansion and was partly offset by an unfavourable calendar effect (-0,8%, mainly impact of Easter).

   Colruyt Group's market share in Belgium (Colruyt Lowest Prices, OKay and Spar) expanded from 31,5% last year to 31,7% in the financial year 2016/17.

   The gross margin improved to 25,4% (25,3% last year). Excluding petrol, the margin rose by 20 basis points, primarily as a result of a milder competitive climate in the first semester. In the second semester the gross margin was lower than last year as a result of tougher competition and our consistently applied lowest price policy.

   The Colruyt banner continues to offer its customers the lowest price for each product at each moment.

   Consolidated annual information 2016/17 page 2 / 21

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   Colruyt Group kept its operating expenses under control, while continuing its long-term investments towards employees, efficiency, sustainability and transformation projects. This led to an increase of the net operating expenses to 17,6% (17,4% last year). The increase was partly offset by the gain realised on the net assets of Pro à Pro (EUR 22 million, after deduction of all disposal-related costs). The comparable net operating expenses increased to 17,8% of revenue.

   The EBITDA margin remained stable at 7,8% of revenue: the increased gross margin was offset by higher operating expenses. Excluding the gain on the net assets of Pro à Pro, the EBITDA margin decreased by 20 basis points.

   Investments in stores and the logistics infrastructure resulted in an increase of the depreciation charges by EUR 26 million to EUR 234 million.

   As a result of the disposal of Pro à Pro, a one-off impairment of EUR 12 million was recorded on goodwill and customer portfolios in France.

   Operating profit (EBIT) decreased by EUR 14 million to EUR 493 million. The EBIT decrease from 5,5% to 5,2% of revenue is due to the stable EBITDA margin, the higher depreciation charges and the one-off impairment in France. The disposal of Pro à Pro had a favourable impact on the operating profit of EUR 10 million. The comparable EBIT margin reached 5,1% of revenue compared to 5,5% last year.

   The financial result was EUR 2 million higher than last year. The result from investments in associates increased by EUR 3 million.

   The effective tax rate amounted to 25,5% in 2016/17 (29,9% last year). The decrease is primarily attributable to one-off effects related to the disposal of Pro à Pro: the realisation of tax losses carried forward (EUR 9 million) and the exempt gain on the sale.

   Profit for the financial year increased by EUR 17 million to EUR 383 million.

   The net result from the disposal of Pro à Pro totalled EUR 19 million. The comparable net profit (EUR 364 million) was slightly lower than last year (EUR 366 million).

   The Board of Directors will propose a gross dividend of EUR 1,18 per share to the General Meeting of Shareholders. This amount is the result of the consistent application of the group's dividend pay-out policy.

2. Income statement per segment

3. Retail

   Retail revenue grew by 2,4% to EUR 7.233 million. Retail accounted for 76,2% of the consolidated revenue. The Belgian and French retail markets remained competitive in 2016/17.

   Revenue of the Colruyt stores in Belgium and Luxembourg climbed 1,4%. The positive impact of sales price inflation was offset by an unfavourable calendar effect (-0,8%). The investments in store modernisations were continued. The roll-out of the new store designs will be completed by the end of 2017.

   Consolidated annual information 2016/17 page 3 / 21

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   Colruyt Lowest Prices delivers on its brand promise day after day by guaranteeing the lowest price at every moment and for every product. Price reductions and promotions offered by any of its competitors are immediately integrated in its sales prices. Colruyt remains the cheapest supermarket in Belgium, as was once again confirmed by consumer organisations and specialised trade press publications this year.

   OKay, Bio-Planet and Cru reported an aggregate revenue growth of 11,5% as a result of new store openings, new customer inflow and sales price inflation. Over the past financial year, 9 OKay, 5 Bio-Planet and 2 Cru stores opened their doors. The new distribution centre for OKay and Bio-Planet has been fully operational since March 2016 and supports the further growth of both banners.

   Colruyt Group offers its customers 3 clearly distinguishable brand layers: (inter)national brands, products labelled Boni Selection (Colruyt Group's house brand) and products labelled Everyday Selection (the group's discount brand).

   The Colruyt stores in France reported a 5,0% revenue growth, excluding petrol, thanks to new customers and an increase of the average shopping cart amount. The success of the Colruyt stores in the deflationary French retail market can be explained by store network modernisation and continuous investments in price positioning.

   Colruyt Group will continue to invest in its French retail activities in the years to come.

   The combined store revenue of Dreamland and Dreambaby declined by 3,0%. This decline is mainly due to an unfavourable calendar effect (no Easter in the financial year 2016/17), poor weather conditions in the spring of 2016 and the shift to Collishop online sales.

   The share of online in the total retail revenue has increased further and investments in e-commerce retail continued.

   The websites of Bio-Planet and Collishop were updated. Collect&Go, the group's online shopping service, opened new collection points and existing collection points were enlarged. Early 2017 the SmartWithFood app was launched to help the consumer to make healthy dietary choices.

   Colruyt Group invested in the development of a joint loyalty card for 9 store formats and webshops of Colruyt Group and in an accompanying app and login. Early April 2017 the Xtra loyalty card was launched. With the launch of Xtra, the group wants to tune its information, benefits and product range even more closely to the customer's interests and needs. We can speak of a success.

4. Wholesale and Foodservice

5. The wholesale and foodservice segment accounted for 17,6% of the consolidated revenue this year. Revenue from these activities climbed 6,4% to EUR 1.669 million. Excluding the 13th month of the French foodservice activities, revenue increased by 2,7%.

   The wholesale activities include the deliveries to independent storekeepers in Belgium (Retail Partners Colruyt Group) and France (Coccinelle, CocciMarket and Panier Sympa). The 0,4% revenue growth to EUR 771 million is mainly attributable to the affiliated stores in France. Revenue of Retail Partners Colruyt Group, which comprises the collaboration with Spar entrepreneurs as well as the deliveries to Alvo, independent Mini Markets and independent storekeepers, remained stable.

   Consolidated annual information 2016/17 page 4 / 21

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