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<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s statement</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">This year we have also included our non-financial actions and statements (ESG) in accordance with sections 99a, 99b and 99d of the Danish Financial Statements Act.</td></tr><tr><td colspan="2">The ESG section on pages 98-111 of the report has been prepared in accordance with the ESG statements accounting policies described on pages 104-111, and to the best of our knowledge, we confirm that</td></tr><tr><td>•</td><td>the accounting policies applied are appropriate</td></tr><tr><td>•</td><td>the report gives a true and fair view of Salling Group’s impact on society</td></tr><tr><td>•</td><td>the information contained in the report is consistent with our accounting policies</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the Annual Report of Salling Group A/S for the financial year 1st January – 31st December 2022.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report has been prepared in accordance with Inter- national Financial Reporting Standards (IFRS) as adopted by the EU and additional requirements (including sections 99a, 99b and 99d) in the Danish Financial Statements Act.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">It is our opinion that the consolidated financial statements and the parent company financial statements give a true and fair view of the Group’s and the company’s assets, liabilities and financial position at 31st December 2022 and of the results of the Group’s and the company’s operations and cash flows for the financial year 1st January – 31st December 2022.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management’s review gives a fair review of the development in the Group’s and the company’s operations and financial conditions, the results of the Group’s and the company’s operations, cash flows and financial position as well as a description of the most significant risks and uncertainty factors that the Group and the company faces.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be approved at the annual General Meeting.</td></tr></table>
Brabrand
2023-04-27
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor’s reports</td></tr><tr><td colspan="1">Independent auditor´s assurance report on the financial statements and management´s review</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Salling Group A/S</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of Salling Group A/S for the financial year 1st January – 31st December 2022, which comprise income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies, for the Group and the parent company on pages 36-97. The consolidated financial statements and the parent company financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Finan- cial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the finan- cial position of the Group and the parent company at 31st December 2022 and of the results of the Group’s and the parent company’s operations and cash flows for the financial year 1st January – 31st December 2022 in accordance with International Financial Report- ing Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Stand- ards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and require- ments are further described in the “Auditor’s responsibilities for the audit of the consolidated financial statements and the parent com- pany financial statements” (hereinafter collectively referred to as “the financial statements”) section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the Interna- tional Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the addi- tional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the management’s review</td></tr><tr><td colspan="1">Management is responsible for the Management’s review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Man- agement’s review, and we do not express any assurance conclu- sion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our respon- sibility is to read the Management’s review on pages 2-35 and, in doing so, consider whether the Management’s review is materi- ally inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Manage- ment’s review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on our procedures, we conclude that the Management’s review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material mis- statement of the Management’s review.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and addi- tional requirements of the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group’s and the parent company’s ability to con- tinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the parent company or to cease operations, or has no realistic alternative but to do so.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">Auditor’s responsibilities for the audit of the financial statements</td></tr><tr><td /><td>Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material mis- statement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.</td></tr><tr><td /><td>As part of an audit conducted in accordance with ISAs and addi- tional requirements applicable in Denmark, we exercise profes- sional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="3">dentify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis- statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td colspan="3">Obtain an understanding of internal control relevant to the audit</td></tr><tr><td colspan="3">in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the parent company’s internal control.</td></tr><tr><td colspan="3">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclo- sures made by Management.</td></tr><tr><td /><td /><td>Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the parent company’s ability to continue as a going concern. If we con- clude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evi- dence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the par- ent company to cease to continue as a going concern.</td></tr><tr><td colspan="3">Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="3">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely respon- sible for our audit opinion.</td></tr><tr><td /><td>We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table>
Aarhus
2023-04-27
Salling Group A/S
8220
Braband
Rosbjergvej
33,
35954716
2022-01-01
2022-12-31
2023-04-27
Jakob Røddik Thøgersen
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s review</td></tr></table>
30344
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Underrepresented gender</td></tr><tr><td colspan="1">In accordance with §99b</td></tr><tr><td colspan="1">Diversity expresses the share of women. In 2022, no new members were appointed to the Board. Thus, gender balance hasn´t changed. When appointing new members to the Board, qualifications rank higher than gender balance.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Governance</td></tr><tr><td colspan="1">Testament to the importance we attach to our responsibility efforts, we have aligned our organisation</td></tr><tr><td colspan="1">to match the governance structure of the financial side of the business.</td></tr><tr><td colspan="1">Anchoring responsibility at the top</td></tr><tr><td colspan="1">With the establishment of Salling Group’s Sustainability Committee, overarching responsibility is anchored with the Group’s Board of Directors who com-</td></tr><tr><td colspan="1">prise the committee which has the company’s CEO as sponsor.</td></tr><tr><td colspan="1">Not only does the Sustainability Committee function as an overall advisory body that can support strategy development and monitor compliance.</td></tr><tr><td colspan="1">It also seeks to continually challenge the level of ambition and push for development, having equated the Board’s responsibility for the company’s</td></tr><tr><td colspan="1">financial performance with the responsibility Salling Group continues to take in society.</td></tr><tr><td colspan="1">The responsibility for securing our correct annual reporting has for many years been anchored with Salling Group´s Audit Committee.</td></tr><tr><td colspan="1">Salling Group’s Sustainability Committee is composed of</td></tr><tr><td colspan="1">• Bjørn Gulden, Chairman of the Board (Committee Chair)</td></tr><tr><td colspan="1">• Thomas Tochtermann, Board member</td></tr><tr><td colspan="1">• Per Bank, CEO (Sponsor)</td></tr><tr><td colspan="1">• Jo Ottow Svendsen, Vice President, Business Support</td></tr><tr><td colspan="1">& ESG Reporting</td></tr><tr><td colspan="1">• Henrik Vinther Olesen, Group Vice President,</td></tr><tr><td colspan="1">Communication, CSR & Public Affairs</td></tr><tr><td colspan="1">Salling Group’s Sustainability Committee will continue to</td></tr><tr><td colspan="1">• Provide overall advice and support on the Group’s sustainabil-</td></tr><tr><td colspan="1">ity strategy</td></tr><tr><td colspan="1">• Follow up, challenge and approve initiatives for fulfilling the</td></tr><tr><td colspan="1">ambitions</td></tr><tr><td colspan="1">• Monitor compliance with local, national and international</td></tr><tr><td colspan="1">laws and regulations</td></tr><tr><td colspan="1">Salling Group´s Audit Committee is composed of</td></tr><tr><td colspan="1">• Jens Bjerg Sørensen, Deputy chairman (Committee Chair)</td></tr><tr><td colspan="1">• Marianne Kirkegaard, Board member</td></tr><tr><td colspan="1">• Freddy Sobin, Board member</td></tr><tr><td colspan="1">• Anders Hagh, CFO</td></tr><tr><td colspan="1">• Randi Toftlund, Senior Vice President, Corporate Finance</td></tr><tr><td colspan="1">The Audit Committee´s primary function is to secure an</td></tr><tr><td colspan="1">independent and objective supervision of</td></tr><tr><td colspan="1">• The process for the Group´s presentation of the Annual Report</td></tr><tr><td colspan="1">• Policy compliance</td></tr><tr><td colspan="1">• Internal controls and risk management</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Social responsibility</td></tr><tr><td colspan="1">Environment</td></tr><tr><td colspan="1">As Denmark’s largest retailing Group, we embrace the responsibility we have to limit our footprint on</td></tr><tr><td colspan="1">the environment as much as possible. Whether it applies to biodiversity, CO₂e emissions, food waste,</td></tr><tr><td colspan="1">water consumption or plastic waste. Ambitious targets within all these areas ensure that environment</td></tr><tr><td colspan="1">and climate is top of mind throughout the company in all of our decision making – from improved</td></tr><tr><td colspan="1">energy and logistics solutions, better waste management, less food waste to pertaining to our efforts</td></tr><tr><td colspan="1">to reduce plastic waste through minimising usage or recycling as much as possible thus avoiding that</td></tr><tr><td colspan="1">plastic ends up in nature where it doesn’t belong.</td></tr><tr><td colspan="1">Biodiversity and water consumption are two relatively recent focus areas. Around</td></tr><tr><td colspan="1">our headquarters untamed meadows are displacing lawns, allowing giant insect</td></tr><tr><td colspan="1">hotels to attract pollinators and aid local flora as a forerunner to the broad</td></tr><tr><td colspan="1">biodiversity efforts we will implement at warehouses and stores. Furthermore,</td></tr><tr><td colspan="1">we will work intensively with new targets for reduced water consumption in the</td></tr><tr><td colspan="1">years to come.</td></tr><tr><td colspan="1">Climate and energy investments</td></tr><tr><td colspan="1">Own operations</td></tr><tr><td colspan="1">Through a materiality analysis we have chosen to focus by far the</td></tr><tr><td colspan="1">most intensely on energy consumption and energy usage this past</td></tr><tr><td colspan="1">year, allocating a highly significant part of our capex-spending for</td></tr><tr><td colspan="1">investments in energy reduction initiatives, benefitting both the cli-</td></tr><tr><td colspan="1">mate and making our business less vulnerable to fluctuations in the</td></tr><tr><td colspan="1">energy market with 2022 being characterised by a regular crisis.</td></tr><tr><td colspan="1">The highly volatile, increasing prices made it both good business</td></tr><tr><td colspan="1">sense and climate sense to invest in a reduction of our consumption</td></tr><tr><td colspan="1">and a restructuring of our energy sources.</td></tr><tr><td colspan="1">In 2022, Salling Group initiated the investment of DKK 2.4 billion</td></tr><tr><td colspan="1">in energy and climate transition and in becoming independent of</td></tr><tr><td colspan="1">Russian gas, speeding up energy and climate investments at an</td></tr><tr><td colspan="1">unparalleled pace that will significantly reduce the Group’s energy</td></tr><tr><td colspan="1">consumption in Denmark, Germany and Poland.</td></tr><tr><td colspan="1">Over the next three years, it is our ambition to remove gas boilers</td></tr><tr><td colspan="1">across the three countries and replace them with electrical heat</td></tr><tr><td colspan="1">pumps at 750 stores. At the same time, Salling Group plans to install</td></tr><tr><td colspan="1">solar panels on the roofs of a total of 570 Danish, German and</td></tr><tr><td colspan="1">Polish stores, warehouses and office buildings.</td></tr><tr><td colspan="1">The investment is a direct extension of</td></tr><tr><td colspan="1">Salling Group’s climate ambition but</td></tr><tr><td colspan="1">was accelerated heavily as a result of</td></tr><tr><td colspan="1">the current energy situation and a con-</td></tr><tr><td colspan="1">scious policy to attain independence</td></tr><tr><td colspan="1">from Russian gas. Having already had</td></tr><tr><td colspan="1">a clear plan for reducing our energy</td></tr><tr><td colspan="1">consumption across markets in place,</td></tr><tr><td colspan="1">the massive investment will be spend on</td></tr><tr><td colspan="1">lowering energy spending and produc-</td></tr><tr><td colspan="1">ing green energy ourselves across Den-</td></tr><tr><td colspan="1">mark, Germany and Poland. In addition</td></tr><tr><td colspan="1">to replacing oil and gas-driven heat</td></tr><tr><td colspan="1">sources and integrating solar energy</td></tr><tr><td colspan="1">in all future construction, older refriger-</td></tr><tr><td colspan="1">ators and freezers are being replaced</td></tr><tr><td colspan="1">by modern and more energy-efficient</td></tr><tr><td colspan="1">models equipped with glass doors in</td></tr><tr><td colspan="1">725 stores, and new types of LED lighting is being introduced in</td></tr><tr><td colspan="1">stores that have already replaced their light sources in the past.</td></tr><tr><td colspan="1">With offices, warehouses and +1,700 stores spread over the three</td></tr><tr><td colspan="1">markets, one of Salling Group’s challenges in the green transition</td></tr><tr><td colspan="1">has been the dependence on energy from fossil fuels and though</td></tr><tr><td colspan="1">not magically removing it from one day to the next, the investments</td></tr><tr><td colspan="1">constitute significant steps towards running fossil-free operations.</td></tr><tr><td colspan="1">A total DKK 1.4 billion is invested in Scope 1 in decarbonisation,</td></tr><tr><td colspan="1">replacing gas with heat pumps and replacing remaining chillers</td></tr><tr><td colspan="1">while close to DKK 1 billion is invested in Scope 2 in solar panels,</td></tr><tr><td colspan="1">installing doors on all chillers in stores and replacing spots in føtex</td></tr><tr><td colspan="1">and Bilka with LED, leading to a reduction of almost 114,000 tonnes</td></tr><tr><td colspan="1">of CO₂e, a reduction of almost 30% of emissions from own opera-</td></tr><tr><td colspan="1">tions across Scopes 1 and 2.</td></tr><tr><td colspan="1">Breaking new ground with the Flex Platform</td></tr><tr><td colspan="1">As the first food retailer on the pioneering Flex Platform, Salling Group provided 500 Netto stores with</td></tr><tr><td colspan="1">consumption flexibility as the stores will balance their electricity consumption based on the supply of green</td></tr><tr><td colspan="1">electricity in the network. Netto stores’ electrical systems such as ventilation, cooling and heat pumps are</td></tr><tr><td colspan="1">integrated into one building management system which is connected to the Flex Platform and controlled</td></tr><tr><td colspan="1">via artificial intelligence with censors allowing us to utilise our energy data to reduce our consumption of</td></tr><tr><td colspan="1">electricity.</td></tr><tr><td colspan="1">Through a test of the platform in føtex Greve, Salling Group learned among other things how long the</td></tr><tr><td colspan="1">store’s ventilation system could be stopped at a time without it being noticeable in the store. The pilot</td></tr><tr><td colspan="1">proved to be feasible both in terms of shopping experience and economy and paved the way for roll-out</td></tr><tr><td colspan="1">in Netto.</td></tr><tr><td colspan="1">Commercial buildings typically contain electrical systems such as ventilation, heating, cooling, freezing,</td></tr><tr><td colspan="1">which in total account for 40% of the total energy consumption. Around 30% of this consumption is consid-</td></tr><tr><td colspan="1">ered to be flexible. As buildings retain heat and cold for a while, for example a ventilation system can be</td></tr><tr><td colspan="1">stopped or started based on how the wind is blowing outside without it affecting functionality or customers</td></tr><tr><td colspan="1">inside the buildings.</td></tr><tr><td colspan="1">The Flex Platform is an innovative green, Danish solution - created in a partnership between IBM Denmark</td></tr><tr><td colspan="1">and the energy company Andel Energi. The solution is based on technologies such as AI, IoT and Block-</td></tr><tr><td colspan="1">chain and it works as an open ecosystem with several other suppliers. The platform can adapt buildings’</td></tr><tr><td colspan="1">total electricity consumption to the fluctuating production from renewable energy sources. This is done by</td></tr><tr><td colspan="1">storing energy in buildings.</td></tr><tr><td colspan="1">Focus on water going forward</td></tr><tr><td colspan="1">In our own operations water consumption is primarily tied to pro-</td></tr><tr><td colspan="1">duction and cleaning; either our own cleaning or through vendors.</td></tr><tr><td colspan="1">Our focus has primarily been to reduce volume in own operations</td></tr><tr><td colspan="1">but will switch to Salling Group’s upstream activities where con-</td></tr><tr><td colspan="1">sumption is far greater at different stages. There, for instance, it</td></tr><tr><td colspan="1">can be related to wet processes within ready-made garment pro-</td></tr><tr><td colspan="1">duction or to irrigation within the agricultural industry. During the</td></tr><tr><td colspan="1">last few years, together with a long term supplier on fresh fruits</td></tr><tr><td colspan="1">and vegetables we have contributed to a relevant dialogue on the</td></tr><tr><td colspan="1">importance of responsible water management in regions where</td></tr><tr><td colspan="1">water is a scarcity. In connection with this initiative we have seen</td></tr><tr><td colspan="1">a positive development at producer level where several growers</td></tr><tr><td colspan="1">have implemented the water standard SPRING.</td></tr><tr><td colspan="1">Our aim is to continue our efforts to identify production methods</td></tr><tr><td colspan="1">wherein water can be managed in a more optimal way. We want to</td></tr><tr><td colspan="1">implement good practices to save water where it matters the most.</td></tr><tr><td colspan="1">Battling deforestation in unity</td></tr><tr><td colspan="1">90% of global deforestation is caused by expansion of agriculture.</td></tr><tr><td colspan="1">Two very essential raw commodities within this area are soy and</td></tr><tr><td colspan="1">palm oil. If conventionally produced they are potentially associated</td></tr><tr><td colspan="1">with increased GHG emissions, poor social conditions for workers,</td></tr><tr><td colspan="1">and violations in regards to indigenous people.</td></tr><tr><td colspan="1">Salling Groups wants to reduce and remove these negative conse-</td></tr><tr><td colspan="1">quences and contribute to a healthy development aiming for 100%</td></tr><tr><td colspan="1">anti-deforestation and conversion-free supply chains of soy and</td></tr><tr><td colspan="1">palm oil. Additionally, it is equally important for us to tackle the</td></tr><tr><td colspan="1">related social challenges.</td></tr><tr><td colspan="1">As both soy and palm oil appear as an ingredient in different food,</td></tr><tr><td colspan="1">nearfood and non-food products available in our stores, we are</td></tr><tr><td colspan="1">very focused on this agenda. In 2021 we joined the Danish Alliance</td></tr><tr><td colspan="1">for Responsible Palm Oil which, in addition to certain commitment</td></tr><tr><td colspan="1">points, provided us with a unique opportunity to discuss challenges</td></tr><tr><td colspan="1">and solutions among very dedicated stakeholders</td></tr><tr><td colspan="1">For several years now, Salling Group has pursued RSPO certi-</td></tr><tr><td colspan="1">fied palm oil and we have reached a stable level for our Danish</td></tr><tr><td colspan="1">sourced private label products. Our next step is to</td></tr><tr><td colspan="1">also implement our requirements across countries</td></tr><tr><td colspan="1">to include Germany and Poland.</td></tr><tr><td colspan="1">As a Group-level target we are aiming for 100%</td></tr><tr><td colspan="1">physically certified palm oil supply chains for our</td></tr><tr><td colspan="1">private label products – and full transparency back</td></tr><tr><td colspan="1">to plantations by 2025.</td></tr><tr><td colspan="1">For soy we experience that our footprint is linked pri-</td></tr><tr><td colspan="1">marily to indirect soy – this being soy as a protein</td></tr><tr><td colspan="1">source within animal feed. We need to take responsi-</td></tr><tr><td colspan="1">bility for products containing animal protein, and that</td></tr><tr><td colspan="1">counts for a varied assortment e.g., milk, meat, butter,</td></tr><tr><td colspan="1">cheese etc.</td></tr><tr><td colspan="1">The cultivation of soy beans is equally linked to both environ-</td></tr><tr><td colspan="1">mental and social challenges such as deforestation, biodiversity</td></tr><tr><td colspan="1">loss, and harm to local communities. Salling Group is a founding</td></tr><tr><td colspan="1">member of the Danish Alliance for Responsible Soy and we aim</td></tr><tr><td colspan="1">to have 100% physically certified soy supply chains for our private</td></tr><tr><td colspan="1">label products across countries,</td></tr><tr><td colspan="1">including Germany and Poland,</td></tr><tr><td colspan="1">by 2025. In order to reach this</td></tr><tr><td colspan="1">goal we are actively inviting rel-</td></tr><tr><td colspan="1">evant stakeholders to dialogue</td></tr><tr><td colspan="1">as we aim collectively to find the</td></tr><tr><td colspan="1">best model and related tools to</td></tr><tr><td colspan="1">affect the market in a positive</td></tr><tr><td colspan="1">direction.</td></tr><tr><td colspan="1">In connection with the forthcom-</td></tr><tr><td colspan="1">ing EU legislation on deforesta-</td></tr><tr><td colspan="1">tion we are currently analysing</td></tr><tr><td colspan="1">the content and next step for us</td></tr><tr><td colspan="1">is to adjust our activities and ini-</td></tr><tr><td colspan="1">tiatives accordingly. Our focus</td></tr><tr><td colspan="1">will be on data and management, as we will be reporting on a</td></tr><tr><td colspan="1">detailed level and will be creating comprehensive risk assessments</td></tr><tr><td colspan="1">in order to secure anti-deforestation and conversion-free supply</td></tr><tr><td colspan="1">chains for selected commodities.</td></tr><tr><td colspan="1">Social</td></tr><tr><td colspan="1">Our Purpose and values</td></tr><tr><td colspan="1">Salling Group’s mission is to improve everyday life – for our customers, our employees and the</td></tr><tr><td colspan="1">communities we are part of. We do this by offering relevant solutions, improved shopping expe-</td></tr><tr><td colspan="1">riences, job opportunities for all and not least by making donations to worthy causes through</td></tr><tr><td colspan="1">our owners, the Salling Foundations.</td></tr><tr><td colspan="1">Salling Group’s values unite us as one company – across functions, chains and countries.</td></tr><tr><td colspan="1">The values express what we expect from each other and what others can expect from us.</td></tr><tr><td colspan="1">Passion for people</td></tr><tr><td colspan="1">Retail is a people business. And it is the people in our business that truly make the difference.</td></tr><tr><td colspan="1">In the fast paced world of retail having the right people has always been important. However, attracting and retaining a</td></tr><tr><td colspan="1">work base with the right skills, values and mind set has never been quite as challenging as it is today.</td></tr><tr><td colspan="1">Across the countries Salling Group operates in, recruiting new colleagues provided the dilemma in 2022 of a decreasing</td></tr><tr><td colspan="1">number of candidates as increasing inflation and a bleak outlook for the economy dampened the mobility in the job market</td></tr><tr><td colspan="1">while pressure on earnings across industries made the recruitment process even more trying. Far from discouraging us, the</td></tr><tr><td colspan="1">situation prompted us to focus even more on developing both our existing employees and our employer value proposition.</td></tr><tr><td colspan="1">As one of Denmark’s largest and most diverse companies we recognise that our employees are by far our greatest asset</td></tr><tr><td colspan="1">and the foundation of our continuous development – as they prove on an everyday basis. Home to almost 60,000 employ-</td></tr><tr><td colspan="1">ees encompassing a total of 118 different nationalities we know that we are not only responsible for our own associates but</td></tr><tr><td colspan="1">indeed have a unique opportunity to impact our local communities positively.</td></tr><tr><td colspan="1">Anchoring our strategic people-priorities</td></tr><tr><td colspan="1">In 2022 we adopted our new HR-strategy and began the application of it with a thorough</td></tr><tr><td colspan="1">walk-through for the Top 150 managers across the Group. Since then, concrete actions</td></tr><tr><td colspan="1">both centrally and locally have kick-started the implementation.</td></tr><tr><td colspan="1">The strategy’s headline ‘Passion for People’ underlines and captures our approach to</td></tr><tr><td colspan="1">our associates as we focus on Leadership and the next generation during the strategy</td></tr><tr><td colspan="1">period. Our foundation remains ‘Improving Everyday Life’ as our purpose continues to</td></tr><tr><td colspan="1">inspire and motivate us as the powerful driver of all our actions which in the coming</td></tr><tr><td colspan="1">years will centre on</td></tr><tr><td colspan="1">• Strengthen leadership skills and culture</td></tr><tr><td colspan="1">• Anchor customer centric culture</td></tr><tr><td colspan="1">• Unfold everyone’s potential</td></tr><tr><td colspan="1">• Secure belonging and well-being</td></tr><tr><td colspan="1">• Drive remarkable attraction</td></tr><tr><td colspan="1">Taking diversity forward</td></tr><tr><td colspan="1">In 2022 once again the Financial Times named Salling Group one of the best companies</td></tr><tr><td colspan="1">in Europe to promote diversity and inclusion in the workplace. Placed in the Top 3 of 75</td></tr><tr><td colspan="1">European retailers we are genuinely proud to have been acknowledged for our efforts to</td></tr><tr><td colspan="1">create a working environment where everybody has the opportunity to make a difference</td></tr><tr><td colspan="1">and where the full realisation of one’s potential is attainable for everyone. As the highest</td></tr><tr><td colspan="1">ranking Danish company in the Top 100 of the Financial Times ranking, Salling Group came</td></tr><tr><td colspan="1">in at number 30 overall, which is testament to our relentless focus on ensuring equal oppor-</td></tr><tr><td colspan="1">tunities for all.</td></tr><tr><td colspan="1">Encompassing around 15,000 companies, more than 100,000 employees participated in</td></tr><tr><td colspan="1">the survey assessing companies’ inclusiveness and efforts to promote various aspects of</td></tr><tr><td colspan="1">diversity, including gender balance, openness to all forms of sexual orientation, race and</td></tr><tr><td colspan="1">ethnicity, disability and age.</td></tr><tr><td colspan="1">Engaging colleagues in our shared work place</td></tr><tr><td colspan="1">Salling Group introduced a new employee engagement survey called</td></tr><tr><td colspan="1">myVoice in 2021 to Danish employees and in 2022 rolled it out to</td></tr><tr><td colspan="1">include all colleagues in Poland and Germany, too. myVoice provides</td></tr><tr><td colspan="1">each employee with the opportunity to help make a strong work-</td></tr><tr><td colspan="1">place even better to the benefit of colleagues in stores, restaurants,</td></tr><tr><td colspan="1">warehouses and head offices. Through employee feedback and</td></tr><tr><td colspan="1">insights, myVoice provides valuable directions for what actions and</td></tr><tr><td colspan="1">behaviours should be continued or enhanced and what needs to be</td></tr><tr><td colspan="1">discontinued or worked on to improve.</td></tr><tr><td colspan="1">The 2022 engagement survey was met with a high participation</td></tr><tr><td colspan="1">share of 64% and included as a new feature a section on psycholog-</td></tr><tr><td colspan="1">ical security as this correlates with well-being and sense of belong-</td></tr><tr><td colspan="1">ing to a significant degree. The ability to express oneself freely and</td></tr><tr><td colspan="1">receive honest feedback has been a focus area in Salling Group for</td></tr><tr><td colspan="1">an extended period due to the connection between psychological</td></tr><tr><td colspan="1">well-being and performance, security and satisfaction as the Group</td></tr><tr><td colspan="1">places great emphasis on managers who create a team environment</td></tr><tr><td colspan="1">with a focus on the company’s IPACE values.</td></tr><tr><td colspan="1">Manners, please!</td></tr><tr><td colspan="1">While the vast majority of customers shop with consideration towards employees and fellow custom-</td></tr><tr><td colspan="1">ers, an increasing number of incidents proving the opposite blemished the workdays and shopping</td></tr><tr><td colspan="1">trips throughout 2022 and led to Salling Group and the trade union HK launching a joint campaign to</td></tr><tr><td colspan="1">restore order and make the working environment safe and enjoyable for all.</td></tr><tr><td colspan="1">The unfortunate development took off during the stress and insecurity of the Corona pandemic and</td></tr><tr><td colspan="1">seems to have intensified its untimely spiral during inflation and economic hardship in 2022. A study</td></tr><tr><td colspan="1">conducted by HK Handel showed that almost 80% of the union’s members employed in shop areas</td></tr><tr><td colspan="1">across retailers had experienced foul language or worse from customers within the past 12 months.</td></tr><tr><td colspan="1">The campaign was launched leading up to the busy Christmas period when tempers traditionally flare</td></tr><tr><td colspan="1">and emotions get the better of some customers. The parties will evaluate and assess the joint effort</td></tr><tr><td colspan="1">to see if similar initiatives should be conducted or if other next steps are required to improve manners</td></tr><tr><td colspan="1">on the shop floor.</td></tr><tr><td colspan="1">Health</td></tr><tr><td colspan="1">We want to inspire and make</td></tr><tr><td colspan="1">it easier for everyone to make</td></tr><tr><td colspan="1">healthier choices</td></tr><tr><td colspan="1">Customers are the backbone of our business, and we continu-</td></tr><tr><td colspan="1">ously strive to be better at creating value for our customers by</td></tr><tr><td colspan="1">making it easier to prioritise health and sustainability when shop-</td></tr><tr><td colspan="1">ping in our stores.</td></tr><tr><td colspan="1">Health is more important than ever to our customers, and an ongo-</td></tr><tr><td colspan="1">ing dialogue with customers has shown an increasing demand for</td></tr><tr><td colspan="1">healthier products but also shown the complexity, leaving us with</td></tr><tr><td colspan="1">three main customer pain points</td></tr><tr><td colspan="1">• fulfilment of health needs and inspiration by new healthy options</td></tr><tr><td colspan="1">• navigation to find healthy alternatives on the shelves</td></tr><tr><td colspan="1">• promotion of healthy alternatives through campaigns and</td></tr><tr><td colspan="1">communication</td></tr><tr><td colspan="1">Germany, France and England have schemes which rank foods</td></tr><tr><td colspan="1">according to their nutritional content, while Denmark has ‘the</td></tr><tr><td colspan="1">Keyhole label’, an official nutrition label that helps the customer</td></tr><tr><td colspan="1">make healthier choices and live by the ‘Official Dietary Guidelines’.</td></tr><tr><td colspan="1">Salling Group wants to meet customer demands by making health-</td></tr><tr><td colspan="1">ier products more available and visible in stores. Working with ‘the</td></tr><tr><td colspan="1">Keyhole label’ as well as ‘the Whole Grain label’ are great examples</td></tr><tr><td colspan="1">of how retailers can guide customers to make healthier choices.</td></tr><tr><td colspan="1">We are making it easier for customers to identify the Keyhole and</td></tr><tr><td colspan="1">Whole Grain labelled products in our stores. As an example føtex</td></tr><tr><td colspan="1">and Bilka are highlighting the Keyhole and Whole Grain labels in</td></tr><tr><td colspan="1">their leaflets, explaining what they mean.</td></tr><tr><td colspan="1">Salling Group wants even more Keyhole and Whole Grain labelled</td></tr><tr><td colspan="1">products, focusing on health and inspiring customers to make</td></tr><tr><td colspan="1">healthier choices in 2023. By the end of 2023, there will be 32%</td></tr><tr><td colspan="1">more products having the Keyhole label and 16% more with the</td></tr><tr><td colspan="1">Whole Grain label compared to the beginning of 2022.</td></tr></table>
Årsrapport
30700228
EY Godkendt Revisionspartnerselskab
Cortex Park Vest 3
5230 Odense M
2021-01-01
2021-12-31
Revisionspåtegning
Grundlag for konklusion
Konklusion
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Per Bank
CEO
Anders Hagh
CFO
Bjørn Gulden
Chairman
Jens Bjerg Sørensen
Marianne Kirkegaard Knudsen
Freddy Sobin
Thomas Carsten Alexander Tochtermann
Lasse Lippert Laursen
Jonas-Tobias Andersen
Samuel Rützou
32899
26693
25769
26024
EY Godkendt Revisionspartnerselskab
30700228
Jes Lauritzen
State Authorised Public Accountant
mne10121
Jonas Busk
State Authorised Public Accountant
mne42771
30700228
EY Godkendt Revisionspartnerselskab