TIDMBME
RNS Number : 5303R
B&M European Value Retail S.A.
01 July 2020
1 July 2020
B&M European Value Retail S.A.
(the "Company")
Annual Report & Accounts 2020 and Notice of Annual General
Meeting
B&M European Value Retail S.A. (the "Company"), the UK's
leading variety goods value retailer, announces that it has posted
to shareholders today the Company's Annual Report and Financial
Statements for the year ended March 2020 and the Notice of Annual
General Meeting of the Company. The Annual General Meeting will be
held at 9, Allée Scheffer, L-2520 Luxembourg, Luxembourg,
Grand-Duchy of Luxembourg on Friday 18 September 2020 at 12:00 noon
(CET).
In accordance with Listing Rule 9.6.1R, copies of the following
documents have been submitted to the National Storage Mechanism and
will be available shortly for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism and c opies
of them are also available on the Company's website in the
investors section on the following page
www.bandmretail.com/investors/agm.aspx
-- A nnual Report and & Accounts 2020;
-- Notice of Annual General Meeting 2020;
-- Proxy Form; and
-- Form of Direction.
In accordance with Disclosure and Transparency Rule 6.3.5R (DTR
6.3.5R) and the requirements which it imposes on how to make public
annual financial reports, the following information in Appendix 1
to this announcement is extracted from the Annual Report &
Accounts 2020 and should be read in conjunction with the Company's
preliminary results announcement for the year ended 28 March 2020
which was issued on 11 June 2020 and contained the Company's
preliminary consolidated financial statements, information on
important events that have occurred during the financial year and
their impact on the financial statements, details of related party
transactions and the statement of directors' responsibilities. That
information (a copy of which is available on the Company's website
at www.bandmretail.com ) together with the information set out in
Appendix 1 below, constitutes the material required by DTR 6.3.5R
to be communicated to the media in unedited full text through a
Regulatory Information Service. This announcement is not a
substitute for reading the Annual Report & Accounts 2020 in its
entirety. Page references in the text below refer to page numbers
in the Annual Report & Accounts 2020.
Enquiries
B&M European Value Retail S.A.
For further information please contact +44 (0) 151 728 5400
Simon Arora, Chief Executive
Paul McDonald, Chief Financial Officer
investor.relations@bandmretail.com
Media
For media please contact +44 (0) 207 379 5151
Maitland
Daniel Yea
bmstores-maitland@maitland.co.uk
APPIX 1
The principal risks and uncertainties relating to the Company
are as set out in pages 24 to 31 inclusive of the "Principal risks
and uncertainties" section of the Annual Report & Accounts
2020.
The following is extracted in full and unedited text from the
Annual Report & Accounts 2020 and is repeated here solely for
the purpose of complying with DTR 6.3.5R.
PRINCIPAL RISKS AND UNCERTAINTIES
The following principal risks and uncertainties could have an
impact on our business model and strategy. Mitigating steps aimed
at managing and reducing those impacts are being employed by the
Group as summarised below.
Risks and mitigations are reviewed as part of the oversight of
the system of internal controls by the Audit & Risk Committee
and reported on to the Board which takes overall responsibility for
risk management.
The Internal Audit function of the Group considers current
business risks and reports on the effectiveness of internal control
procedures to the Audit & Risk Committee as part of its annual
internal audit plan.
The Group's framework for managing its consideration of risk
appetite forms part of the annual risk management cycle and is used
to drive and inform actions undertaken in response to the principal
risks identified by the Board. Within this framework, the Group's
appetite for risk is defined with reference to the expectations of
the Board for both commercial opportunity and internal control and
it is used to inform the Group's annual internal audit plan.
Category of risk Tolerance
Strategic Medium
Financial Low to medium
Operational Low
Compliance Extremely low
Risk management framework
Responsibility for identifying and evaluating new and emerging
risks and mitigating actions lies with management. The Audit &
Risk Committee, with the support of the Internal Audit department
and the Group's General Counsel, is responsible for monitoring
risks and mitigating actions and for reporting matters of concern
to the Board.
The Board oversees the risk management of the Group. It
evaluates the recommendations made by the Audit & Risk
Committee and determines the framework of the type of controls and
mitigating steps required to be implemented, in the context of how
those risks could impact the overall objectives of the
business.
Responsibility for the implementation of processes and controls
in relation to the management of risk is delegated by the Board to
the executive and operational senior management of the UK and
French businesses.
The Internal Audit department reports to the Audit & Risk
Committee at each meeting during the year on the progress of
implementation by management of actions to mitigate risks.
Principal risks
Covid-19 was added as a new principal risk by the Board in
2019/20 in addition to those set out below. None of the principal
risks included in the 2018/19 financial year have been removed.
An assessment is made by the Board of the likelihood or
probability of a risk occurring and the impact of the risk after
taking account of mitigating factors and controls. The assessment
of that is set out in the heat map opposite.
The heat map indicates the Board's opinion of the likely degree
of impact of each risk after taking into account the risk
mitigations referred to in the principal risks table on pages 25 to
31.
Principal risks table
The table below describes (i) the main risk exposures identified
by the Board in relation to our Group businesses, (ii) the
mitigating factors which relate to how we manage each of the risk
exposures, and (iii) the linkage between our business strategy and
the relevant risk exposures. We also summarise (where relevant) key
actions arising in the year in relation to how we have addressed
certain aspects of those risks. We have also indicated where there
were any changes in the profile of any of the risks, which reflects
the Board's view of the current trend in relation those risks.
The risks set out in the table are not an exhaustive list. They
represent the main risks to the Group in relation to the period
under review and also currently, in the opinion of the Board
Risk Description Strategic Risk mitigations Change
number & potential Priority
impact
1 Prolonged A n/a
social restrictions
due to the
coronavirus
or any reoccurrence
of it in
the UK, France
or China
could impact
consumer
demand, supply
chains, the
ability of
colleagues
to work and
our stores
continuing
to operate
at expected
levels of
profitability.
It could
also affect
the timing
of new store
openings
in relation
to completion
of works
by contractors.
B * The categories of goods which the B&M UK and Heron
Covid-19 C Foods businesses sell are essential goods within the
(New risk) D UK Government guidelines except for a limited range
of items (such as toys).
* Implementation of social distancing steps in
accordance with UK Government guidance and other
measures for colleagues and customers at stores and
in our supply chain.
* Maintaining sufficient liquidity for our on-going
operations.
* Maintaining (i) flexibility in our distribution
function and with suppliers to cope with additional
demand in relation to food and FMCG items, and (ii)
controls of orders of lines where demand has slowed
to protect against over-stocking in certain
categories.
Key Actions in 2019/20:
* From the early stages of the coronavirus restrictions
taking effect in China, contingency plans were put in
place by the B&M UK business to protect our supply
chain (as referred to above under the key actions in
relation to the Supply chain risk) without resulting
in any material disruption to supplies, costs or
prices, having mainly been offset by stock cover held
in our UK distribution centres of c.12 weeks cover
for general merchandise goods.
* From the early stages of the coronavirus restrictions
taking effect in the UK, the B&M UK business
increased the volume of orders of food and FMCG goods
to keep pace with the initial spike in demand for
those items in particular. We re-deployed colleagues
in our warehouse estate to prioritise the picking of
those goods to replenish stores as quickly as
possible to meet customer requirements.
* Measures were taken to temporarily close 49 B&M UK
smaller format town centre or precinct location
stores and furlough colleagues, under the
Government's Coronavirus Job Retention Scheme to
protect jobs. Those stores represented c.3% and c.2%
of revenue and store contribution EBITDA respectively
in the financial year under review. We have since now
re-opened these stores as the overall impacts on
trading have begun to moderate.
* As our French business was required to close all of
its 101 stores on 15 March 2020, we furloughed staff
under the scheme in France in relation to stores, the
warehouse and business support operations. The
business has been operational again since 11 May
2020, and all the stores have now re-opened.
* We have introduced flexible working arrangements for
business support colleagues in relation to working
hours and homeworking arrangements in our UK
businesses.
-------------------- ---------- ---------------------------------------------------------------- -------
2 Imported A
Supply goods from * We have an experienced sourcing team which is
chain China represent responsible for maintaining an efficient and
a significant effective supply chain.
proportion
of the Group's
general merchandise * A range of alternative supply sources are maintained
products. across the product categories and we are not
Lead time over-reliant on any one single supplier.
delays in
the supply
chain could * The Group has anti-bribery and corruption and
result in anti-modern slavery policies in place in relation to
lower sales its supply chain.
and potential
loss of margin
through higher * A combination of individual buyers and sourcing agent
markdowns. employees conduct supplier factory visits.
Disruption
to the supply
chain arising Key Actions in 2019/20:
from civil * We have taken steps in relation to Brexit risks,
unrest, natural impact assessments and actions (as referred to above
disasters, in relation to that particular risk) to address
diseases impacts in particular on procurement and port
and pandemics, clearance of goods.
ethical trading
issues or
quality standards * During the period that the coronavirus had the main
failures impact on factories and ports in China, contingency
could impact plans were put in place to source supplies of
our trading products from other countries and regions had that
performance become necessary. This might impact on the price of
and brand products and logistics costs to an extent, but to
reputation. offset impacts on prices and logistics costs we also
sourced some UK branded general merchandise stock.
Our stock cover of c.12 weeks on general merchandise
imported goods resulted overall in very limited
impacts arising and limited recourse only to our
contingency plans.
-------------------- ---------- ---------------------------------------------------------------- -------
3 The Group A
Competition operates C * Continuous monitoring of competitor pricing and
in highly D product offering.
competitive
retail markets
in the UK * Development of new product ranges within the product
and France categories to identify new market opportunities and
which could target new customers.
materially
impact the
Group's Key Actions in 2019/20:
profitability, * We have continued to maintain our strict SKU count
share price discipline within our ranges, enabling us to react
and limit quickly to ever changing consumer tastes, trends and
growth buying habits.
opportunities.
* We commissioned a customer insight survey to measure
our strengths and weaknesses against our competitors,
to provide management with indicators of where we can
improve our competitive edge relative to our peer
group and other discount retailers. It is our
intention to repeat that exercise or conduct similar
testing each year so we can track progress against
each of the indicators and outputs from those
surveys.
-------------------- ---------- ---------------------------------------------------------------- -------
4 A reduction A
Economic in consumer B * We offer a range of products and price points for
environment confidence C consumers which allows them to trade up and down.
could impact D
upon customer
spending * We maintain a low cost business model that allows us
and to maintain our selling prices as low as possible.
subsequently
revenue and
profitability, * We have an effective forecasting process that enables
as a result actions to be undertaken reflecting economic
of the conditions.
prevailing
macroeconomic
conditions Key Actions in 2019/20:
in the markets * In light of the uncertainty in relation to consumer
in which confidence following Brexit, we have continued to
we operate. ensure that we remain focused on only stocking the
top best-selling lines across our ranges, and we have
redoubled our efforts to ensure that our stores have
all of our top 100 best-selling products ready on the
shelves on a daily basis.
-------------------- ---------- ---------------------------------------------------------------- -------
The Group C
5 is subject D * We have a number of policies and codes, including a
to a range code of conduct which incorporates an anti-bribery &
Regulation of regulatory corruption policy, which outlines the mandatory
and and legislative requirements we apply to our business. Our codes and
compliance requirements, policies are communicated to staff along with our
including employee handbook which is made available to everyone
those relating joining the business.
the importation
of goods,
anti-bribery * Management are responsible for liaising with the
and corruption, Group's General Counsel (and external advisors where
anti-modern required) to ensure that we identify and manage
slavery, compliance with all applicable new legislation and
anti-tax regulations which apply to us in Luxembourg, the UK
avoidance and France. Changes in legal and regulatory matters
& evasion, (including those arising from Brexit) are monitored
health & closely on a regular basis by the Group's General
safety, Counsel, who provides reports on new regulatory
employment developments directly to the Board as well as its
law, General Committees and Executive Management. The Internal
Data Protection Audit function of the Group includes assurance
Regulation testing and auditing of the Group's implementation of
("GDPR"), new areas of regulatory compliance.
control of
pollution
and * We have a whistleblowing procedure and policy which
contamination allows colleagues to confidentially report any
to the concerns or inappropriate behaviour within our
environment, business.
the Listing
Rules,
Transparency * In relation to anti-modern slavery and other
laws and standards relating to human rights within our supply
regulations chain, the Buying teams in our business are charged
and the with ensuring that every supplier is required to
Groceries adhere to our Workplace Policy standards.
Supply Code
of Practice
(the "Groceries * The Company has a Group-wide GDPR policy. Our privacy
Code"). The policies, processes in relation to data subject
impact of rights requests, privacy notices given to all our
failure to colleagues, and privacy notices for users of our
comply with websites and subscribers to our on-line mailing lists
laws and are reviewed to ensure they are GDPR compliant.
regulations
could lead
to financial * Our Groceries Code compliance programme includes
penalties guidance and training for colleagues, monitoring of
and significant compliance, reporting of potential non- compliance
reputational issues, dispute resolution procedures and a Code
damage. Compliance Officer who oversees compliance and the
resolution of code related issues with suppliers in
the event of escalation being necessary or required
by a supplier. Oversight of our compliance with the
Groceries Code is carried out by management and
reviewed by the Audit & Risk Committee as a standing
agenda item at each of the meetings of that committee
throughout each year.
Key Actions in 2019/20:
* We have refreshed our GDPR policies and training
across our store network to reinforce the importance
of the essentials principles to be followed in
relation to GDPR (including CCTV matters) in relation
to our shop floor colleagues.
* Our Groceries Code Compliance Officer, Group General
Counsel, Internal Audit function and Chairman of our
Audit & risk Committee have actively engaged during
the year with the Groceries Code Adjudicator ("GCA")
at individual meetings and also fairs and events held
by the GCA with other retailers and suppliers. This
has helped to develop a close and constructive
working relationship and dialogue with the GCA as the
oversight body in relation to compliance with the
Groceries Code.
* In relation to the environment, emissions and
sustainability our UK business has continued to
invest in initiatives to reduce its carbon footprint
with (i) continuing to invest in our c.215 Heavy
Goods Vehicles which are all Euro VI emissions
standard engine trucks, being the highest standard of
fuel efficient engines for managing levels of
emissions, and (ii) the addition of our Bedford
warehouse for deliveries in the South of the UK,
which will lead to significant reductions in miles
travelled for deliveries to our stores in the South
of England.
-------------------- ---------- ---------------------------------------------------------------- -------
6 The UK's A
European planned exit * We have a Brexit planning strategy which will
Union exit from the continue to be monitored during the official
European transitional period. Our planning included the
Union has assessment of Brexit risks, impact assessments and
several mitigations in relation to trade & tariffs, port
potential disruption, labour shortages and hedging
impacts in arrangements.
the areas
of economic
and regulatory * There are a limited amount of products purchased by
environment, our UK businesses directly from the EU. Those
withholding products could also be sourced elsewhere, de-listed
tax paid or in a worst case scenario the cost price may
on internal increase for certain limited items as a result of
dividends, tariffs being imposed.
import of
goods due
to currency * We have continued to keep in close contact with our
exchange FMCG suppliers, and our household name branded FMCG
volatility goods suppliers have confirmed they have Brexit plans
and increased in place to maintain continuity of supply.
import duties,
availability
& cost of * The B&M UK business is an Authorised Economic
labour, and Operator which affords it preferential treatment on
potentially the importation of goods, and facilitates efficient
other unknown clearance at the ports.
impacts.
Labour
restrictions * Our B&M UK business imports the majority of its
in the UK general merchandise stock into the Port of Liverpool,
could affect as opposed to Southern ports which are considered to
our ability be more at a greater risk of being more heavily
to recruit impacted.
Distribution
Centres
Operatives * Short-term exchange rate volatility is mitigated by
and HGV Drivers our forward currency position. Any continued
at budgeted volatility beyond that would affect the economic
rates. inflationary environment in the UK as a whole.
Key Actions in 2019/20:
* The Audit & Risk Committee of the Board have
continued to monitor Brexit impacts and mitigations
with management. An Internal Audit assurance review
was undertaken of the Brexit planning key assumptions
and mitigations of management, which was reviewed by
the Audit & Risk Committee and reported on to the
Board. The results of that review indicated that
management have a comprehensive set of mitigations in
place to ensure the least disruption is incurred by
the UK business from Brexit in relation to its supply
chain, product availability import clearances and
labour.
* In relation to the above risk mitigations, testing
and assessments carried out in the year we do not
consider the impacts of this risk to have materially
changed in the period under review. We have not been
significantly affected in relation to the
availability of labour operatives for our
distribution centres, or experienced any significant
issues in relation to our supply chains.
-------------------- ---------- ---------------------------------------------------------------- -------
7 Developing C
International our businesses * We have significant international retail experience
expansion in our new on our main Board.
market
territories
is important * The Group will continue to support the development of
to the Group's the experienced senior leadership teams in France in
strategic key operational areas.
plans.
Expanding
into new * We assess markets in which we may wish to operate or
markets creates expand into, to ensure they are appropriate for value
additional retailing and that product ranges are developed and
challenges selected by local buying teams along with access to
and risks leverage from the Group's supply chain.
which could
impact the
overall * Continuing to invest in both the infrastructure and
performance technology of our French business.
of the Group,
its growth
and Key Actions in 2019/20:
profitability. * A strategic review was undertaken in relation to our
loss making Germany subsidiary, Jawoll. That was
initiated in response to lower than expected sales
and gross margin performance in the year, in addition
to significant increases in warehouse and transport
costs. As a result of the review the Group has sold
the German business. While that has had some
immediate financial impacts with write-off's of loan
funding support which the Group had provided to
Jawoll, as the business had proved to be unsuccessful
under our ownership, it was in the best interests of
the Group and all our stakeholders (including the
colleagues working in that business) to have achieved
a sale of the business as a going concern.
* A Distribution Director has been recruited to our
French business, Babou. This will enable us to manage
the succession from the pre-acquisition legacy
management of the warehousing function, which had
previously been run on an outsourced basis, to a
directly managed warehouse function in Babou.
-------------------- ---------- ---------------------------------------------------------------- -------
8 The loss B
Warehouse of one of D * Forward plans have been implemented for additional
infrastructure our warehousing warehousing capacity to support our new store opening
facilities programme. The Group in the UK has six separate
or failure warehousing locations (having added Bedford this year
to maintain and closed an older warehouse in Blackpool). The
and invest additional warehouse in Bedford, which mainly serves
in our as a hub to support our expansion in the South of
warehousing England, is now in the initial stages of operation.
and transport
infrastructure
as the business * The Group maintains adequate business interruption
continues and increased cost of working insurance in the event
to grow its of a loss of warehouse facilities.
store
portfolio,
could Key Actions in 2019/20:
materially * Three of the major benefits of the Bedford
impact Distribution Centre are:
short/medium
term trading
and the (i) increasing capacity in
profitability the South of England to service
of the store expansion; (ii) enabling
business. us to close a smaller older
legacy warehouse in Blackpool
with the main modern warehouses
in Liverpool taking up that
capacity; and (iii) over time
leading to significant net
reductions in miles travelled
by our HGV fleet servicing
deliveries to our stores in
the South of the UK.
* Our state of the art Warehouse Management System is
now live and rolled-out within all our main UK
Distribution Centres.
-------------------- ---------- ---------------------------------------------------------------- -------
9 The Group D
IT systems, is reliant * All critical business systems have third party
cyber security upon key maintenance contracts in place and those systems are
and business IT systems, industry standard retail business systems.
continuity and disruption
to those
would adversely * IT investments and budgets are reviewed and approved
affect business at Board level.
operations
including
those at * We have a disaster recovery strategy and plan in
our warehouses place for all of our key systems.
and stores.
The potential
impact of * We have an on-going Payment Card Industry compliance
a failure strategy.
to protect
and maintain
our data * IT security is monitored at Board level and includes
and systems penetration testing and up-to-date security software.
could lead
to significant
business * Significant decisions for the business are made by
disruption, the Group or operational boards with segregation of
potential duties enforced on key business processes, such as
prosecution the payables process, and a robust IT control
and also environment is in place.
reputational
damage. This
also applies Key Actions in 2019/20:
to any failure * We have commenced the roll-out of a card payment
to protect encryption system with Worldpay which is expected to
the Group's be fully implemented across all the B&M UK fascia
IT systems stores by the end of June 2020. This will enhance our
and data IT cyber security and PCI controls in relation to
from viruses, processing card transactions.
cyber invasive
threats,
corruption * We monitor cyber security and have continued to
or sabotage. update our software with leading providers which
screen, detect and block viruses, malware and
phishing. This has included the addition of Mimecast
software to guard against suspicious emails and email
viruses being imported into our systems.
-------------------- ---------- ---------------------------------------------------------------- -------
10 The Group's A
Credit level of * A treasury policy is in place to govern foreign
risk and indebtedness exchange, interest rate exposure and surplus cash.
liquidity and interest
rate and
currency * Regular weekly cash flow forecasts are produced and
rate volatility monitored.
could impact
the business
and its growth * Forward looking cash flow forecasts and covenant
plans. testing forecasts are prepared to ensure sufficient
liquidity and covenant headroom exists.
Key Actions in 2019/20:
* Hedging of foreign currency rate exposures with
instruments in place to cover forward exchange
movements have been maintained throughout the year in
line with our treasury policy.
-------------------- ---------- ---------------------------------------------------------------- -------
11 Escalation A
Commodity of costs * Freight rates, energy and currency are forward
prices/cost within the purchased to mitigate against volatility and to allow
inflation supply chain the business to plan and maintain margins.
arising from
factors such
as increases * Wage increases are offset where possible by
in raw material productivity improvements.
and wage
costs.
Additionally, * Forecasts and projections produced by the business
increased include the expected impact of the national living
fuel and wage and therefore the Board's strategic planning
energy costs takes account of that.
could impact
upon
distribution, Key Actions in 2019/20:
logistics * We have freight rate agreements in place with freight
and store forwarders for 2020 with set prices for several
overheads. months ahead.
* Energy purchases have also been agreed through an
energy broker until September 2022.
* Productivity savings, including reducing the time
spent by colleagues on administrative tasks in stores
,
have been achieved by the investment and roll-out of
a digital technology based Workforce Management
System.
-------------------- ---------- ---------------------------------------------------------------- -------
12 The Group D
Key management is reliant * Key senior and operational management are
reliance on the high appropriately incentivised through bonus and share
quality and option arrangements to retain talent.
ethos of
the executive
team as well * The composition of the executive team is kept under
as strong constant review to ensure that it has the necessary
management resources and skills to deliver the Group's plans.
and operational
teams. There
is a risk * The Nomination Committee develops succession plans
that a lack for the Board of Directors and key senior operational
of succession management resourcing positions. It also reviews the
planning wider senior management resourcing needs of the
for senior Group.
colleagues
could impact
on the Key Actions in 2019/20:
performance * The Group has continued to strengthen the senior
overall of management teams of its businesses. This has included
the business. (i) the appointment of an International Finance
Manager reporting directly to the CFO, to support our
French business, (ii) the appointment of a HR
Director reporting directly to the CEO, with
strategic human resources responsibility in relation
to each of our Group businesses.
-------------------- ---------- ---------------------------------------------------------------- -------
13 The ability B
Store expansion to identify * Our CEO actively monitors the availability of retail
suitably space with the support of internal and external
profitable property acquisition consultants.
new store
locations
is key to * The flexibility of the trading format allows us to
delivering take advantage of a range of store sizes and
our growth locations.
plans. Failure
to identify
suitable * Each new store opening is approved by the CEO
locations ensuring that property risks are minimised and that
in areas lease lengths are appropriate.
targeted
for new stores
could impact * Where new locations may impact on existing locations,
upon store the cannibalisation effects are estimated and then
expansion monitored and measured to ensure that there is an
plans and overall benefit to the Group.
reduce the
rate of growth
in the business. Key Actions in 2019/20:
* The B&M UK business has taken steps, where new store
opening opportunities exist in current store
locations, to replace older generation stores with
better quality sites and premises. That mitigates the
potential effects of cannibalisation and also
improves the quality and performance of the estate in
addition to new store openings in brand new locations
for the business.
-------------------- ---------- ---------------------------------------------------------------- -------
14 Ineffective A
Stock controls * We have a highly disciplined limited SKU count
management over the throughout our product ranges and effective regular
management markdowns on slow moving product lines.
of stock
could impact
on the achievement * Our non-seasonal initial stock orders do not exceed
of our gross c. 14 weeks of forecast sales and action is
margin objectives. undertaken after c. 4 weeks of trading to either
Lack of product repeat the order, refresh the product design or
availability discontinue the product line.
or over-stocking
could impact
on working * Consistent levels of stock cover by product category
capital and are maintained through regular reviews of open-to-buy
cash flows. process, supported by the disciplined SKU count.
Key Actions in 2019/20:
* We have implemented further controls on open-to-buy
processes in our French business with weekly stock
cover procurement reporting and controls.
-------------------- ---------- ---------------------------------------------------------------- -------
Link to strategy key
A Delivering great value to our C Developing our international business
customers
B Investing in new stores D Investing in people and infrastructure
Risk change key
____
Increased risk No change Decreased risk
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ACSKBLBXBQLZBBD
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