Befreiender Konzernabschluss Zum Geschäftsjahr Vom 01.01.2021 Bis Zum 31.12.2021 - EG Deutschland GmbHHamburg
| Published date | 15 Noviembre 2023 |
| Section | Rechnungslegung / Finanzberichte |
| Issuer | EG Deutschland GmbHHamburg |
EG Deutschland GmbH
Hamburg
Befreiender Konzernabschluss zum Geschäftsjahr vom 01.01.2021 bis zum 31.12.2021
EG Group Limited
Blackburn/UK
WHO WE ARE
EG GROUP IS ONE OF THE WORLD’S LEADING INDEPENDENT CONVENIENCE RETAILERS, WITH AN EXTENSIVE NETWORK OF SITES ACROSS INTERNATIONAL MARKETS IN THE UNITED KINGDOM & IRELAND, CONTINENTAL EUROPE, AUSTRALIA AND THE UNITED STATES OF AMERICA
Founded in 2001 by the Issa family with the acquisition of a single site in the UK, today the Company is at the forefront of delivering an innovative approach to forecourt convenience retail.
Our transformational convenience retail business model has been built upon excellent relationships with an extensive portfolio of leading retail brands, and through strategic network acquisitions supported by a programme of new-to-industry developments.
CONTENTS
STRATEGIC REPORT
Highlights and KPIs
Chairman’s statement
Chief Executive Officer statement
Our values
Responding to key market factors
Our business model
Our business model in action
Our stakeholders and Section
Our strategy
Operating review
Environmental, social and governance
Principal risks and uncertainties
Financial review
GOVERNANCE
Chairman’s introduction to governance
Wates principles
Board of Directors
Governance
Nomination Committee report
Audit & Risk Committee report
Remuneration Committee report
Directors’ report
Directors’ responsibilities statement
FINANCIALS
Independent auditor’s report to the members of EG Group Limited
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated statement of changes in equity
Consolidated cash flow statement
Notes to the consolidated financial statements
Company balance sheet
Company statement of changes in equity
Notes to the Company financial statements
OTHER INFORMATION
Alternative Performance Measures
STRATEGIC REPORT
HIGHLIGHTS AND KPIs
CHAIRMAN’S STATEMENT
GIVEN OUR GLOBAL FOOTPRINT AND GROWTH TRAJECTORY, BEST-PRACTICE GOVERNANCE HAS NEVER BEEN MORE IMPORTANT
Lord Stuart Rose
I would like to start by thanking our Co-CEOs for their strong leadership, resilience and continued dedication to the business and to our customers.
I would also like to thank our global colleagues for their contribution in delivering an outstanding performance and in making significant progress across all areas of the business last year.
We reported record Group EBITDA in 2021, despite a challenging macro environment including disruption from COVID-19, industry-wide supply chain challenges, and a fuel crisis in the UK in September, when EG was the first major forecourt operator to implement a purchase cap to ensure as many of our customers as possible could access the fuel they needed.
Our financial performance last year was testament to EG’s highly successful strategy across Grocery & Merchandise, Fuel and Foodservice operations, with the latter representing the biggest long-term opportunity for the Group.
INVESTMENT IN BRANDS AND COLLEAGUES
We continue to pursue a growth strategy through a combination of both organic growth and acquisitions, with our recently acquired businesses benefiting from subsequent investment through expansion into our existing site network.
It is always exciting to welcome new colleagues to the EG family and we continue to invest in our processes, systems, infrastructure and training to help people do their jobs and serve customers better whilst maintaining customer and colleague safety. A key focus is also to enhance the pay and benefits colleagues receive, alongside the Group’s comprehensive focus on training and development, including apprenticeships.
We strive to ensure our pay remains highly competitive across all markets, in recognition of the cost-of-living pressures many households face globally.
SECTION 172: PROMOTING SUCCESS
The Board of Directors confirm that, during the year under review, it has acted to promote the long-term success of the Company for the benefit of shareholders, whilst having due regard to the matters set out in Section 172(1)(a) to (f) of the Companies Act 2006, being:
| a) |
The likely consequences of any decision in the long term. |
| b) |
The interest of the Company’s employees. |
| c) |
The need to foster the Company’s business relationships with suppliers, customers and others. |
| d) |
The impact of the Company’s operations on the community and the environment. |
| e) |
The desirability of the Company maintaining a reputation for high standards of business conduct. |
| f) |
The need to act fairly between members of the company. |
This statement includes the information demonstrating how the Board has had regard to these matters in its actions as detailed in the section ‘Our stakeholders and Section 172’ on pages 16 to 19 and in the governance report on pages 70 to 79.
RESOLUTE FOCUS ON GOVERNANCE
Given our global footprint and growth trajectory, best-practice governance has never been more important. This has been a resolute focus of mine since I was appointed EG Group Chairman in January 2021 and Dame Alison Carnwath joined the Board in March last year, following the appointment of John Carey in November 2020.
We are committed to continuously improving our governance structures and procedures, with a key ongoing focus being risk management and internal controls. This includes the leadership team considering any opportunities in the best interests of our business, and we have a disciplined approach to assessing any transactions. If an opportunity is pursued, our Board and shareholders are fully involved - and the dialogue is always collegiate, but robust and comprehensive.
In line with best-practice governance, the Audit & Risk, Remuneration and Nomination Committees held regular meetings in 2021 and further details on the Board and its committees can be found on pages 80 to 89.
Last year, we also established a working group to oversee ESG matters, recognising how addressing the climate crisis is a priority for the Group and its shareholders. This area is a key priority for us and reflecting this, we appointed a Head of ESG and Sustainability last year.
SOLID FOUNDATIONS SUPPORT OUTLOOK
We will continue to do the right thing for all stakeholders in 2022, including supporting local communities, making contributions to charities and helping socially and economically disadvantaged people, such as our ‘Too Good to Go’ initiative to minimise food waste.
The reality is that many consumers are increasingly facing significant inflationary pressures, and we remain focused on maintaining competitive pricing for consumers in all our markets.
Looking forward, 2022 is likely to provide new challenges for the business to navigate, but EG has built strong foundations for long-term success, and we can look ahead to the rest of the year with confidence in our strategy.
August 22, 2022
Lord Stuart Rose, Chairman
CHIEF EXECUTIVE OFFICER STATEMENT
OUR 58,000 COLLEAGUES, ACROSS OUR TEN GLOBAL MARKETS, CONTINUE TO DEMONSTRATE THEIR EXPERTISE, COMMITMENT AND PASSION FOR THE BUSINESS
Zuber Issa CBE & Mohsin Issa CBE
2021 was another transformational year for EG Group. We delivered strong results, primarily driven by a stand-out performance in Foodservice and a further easing of COVID-19 restrictions, which saw Group Adjusted EBITDA increase by 15% to $1,660m.
This wouldn’t have been possible without the incredible efforts of our 58,000 colleagues across our ten global markets, who every day continue to demonstrate their expertise, commitment and passion for the business, whether in our world-class Grocery & Merchandise, Foodservice and Fuel operations or from our head offices.
The health, safety and wellbeing of our colleagues across the globe continued to be a priority with the pandemic still firmly on the agenda throughout the year. Providing a safe environment for our customers and colleagues, including adaptations to new ways of working during this incredibly difficult period, was essential to achieving our operational and strategic objectives.
The Group’s strategy is built on solid foundations and we added to our market-leading customer proposition with six bolt-on acquisitions during 2021 across the UK & Ireland, Continental Europe and the USA.
This included our acquisition of Sprint Food Stores, an operator of a portfolio of 34 high-quality convenience stores in South Carolina and Georgia, in November 2021. This expanded our USA operations to two additional states and almost 1,750 sites across the country.
After the year ended, we also completed the acquisition of the OMV-branded service station network in Germany from OMV Deutschland GmbH. This followed the German Federal Cartel Office approving the takeover of 285 service stations by EG, under the condition of the sale of 48 stations; 24 Esso-branded stations and 24 OMV-branded stations in Baden-Württemberg.
This acquisition followed the launch of our successful refinancing in early 2021 and we are grateful to our lenders and investors for their ongoing support on our growth journey.
Our UK&I acquisition strategy demonstrated our focus on expanding the Group’s Foodservice operations, with the acquisition of LEON, a ‘naturally fast food’ restaurant chain, in May 2021 and Cooplands, the UK’s second-largest bakery chain, in October 2021, marking our first acquisitions of proprietary brands. Our growth plans for both LEON and Cooplands complement our long-standing partnerships with leading Foodservice brands that we operate across our markets.
These acquisitions align with our strategy to be a leading Foodservice operator globally, enhancing our overall customer proposition and providing a halo effect to our Fuel and Grocery & Merchandise business...
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