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Jeronimo Martins Interim / Quarterly Report 2024
1906_iss_2024-04-26_07039e45-b185-4cef-b374-d412b18f943d.pdf
Interim / Quarterly Report
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This release includes, in Appendix 1, for comparison purposes, the Financial Statements excluding the effect of the IFRS16.
Financial Calendar: Dividend Payment: 15 May H1 Results: 24 July* 9M Results: 30 October*
* to be published after the closing of the market
INVESTOR RELATIONS OFFICE
+351 21 752 61 05 [email protected] Cláudia Falcão: [email protected] Hugo Fernandes: [email protected]
MEDIA RELATIONS OFFICE
+351 21 752 61 80 [email protected] Rita Fragoso: [email protected] Nuno Abreu: [email protected]
Jerónimo Martins, SGPS, S.A. | Head office: Rua Actor António Silva, n. º7, 1649-033 Lisboa | Share Capital: Euro 629.293.220,00 | Registered at the C.R.C. of Lisbon and Tax Number: 500 100 144 | www.jeronimomartins.com
VOLUME INCREASE IN ALL BANNERS AND SALES GROWTH IN A QUARTER MARKED BY FOOD DEFLATION
FIRST QUARTER 2024 | KEY FIGURES
- Sales grew 18.6% to €8.1 BN (+9.9% at constant exchange rates).
- EBITDA increased 13.9% to €508 BN (+5.1% at constant exchange rates), with the EBITDA margin at 6.3% (6.6% in Q1 23).
- Net Earnings reached €97 MN, after the initial 40 million euros endowment of the recently established Jerónimo Martins Foundation.
- Cash Flow in Q1 24 was €-168 MN, with the seasonality effect being mitigated by the Easter calendar effect.
- Net Debt stood at €2.6 BN. Excluding IFRS16, the Group posted a net cash position of €1 BN by the end of March.
PERFORMANCE OVERVIEW & KEY DRIVERS
We started 2024 with strong market positions and determined to maintain price competitiveness and the quality of the offer to guarantee consumer preference and grow sales volume.
This determination and consistency were pivotal in a challenging context where our largest banners operated with basket deflation. This environment differed markedly from the first quarter of 2023, when food inflation surpassed 20%.
Our intense promotional activity provided saving opportunities to families in all our geographies, leading to LFL volume growth in all banners. The quarter's performance was primarily driven by the increase in number of clients. This performance was further supported by a positive calendar effect created by the leap year and the earlier Easter season.
At the Group level, sales increased by 18.6% (+9.9% excluding the effect of the strong appreciation of the zloty and the Colombian peso).
This sales performance led consolidated EBITDA to grow by 13.9% (+5.1% at constant exchange rates). As anticipated, the EBITDA margin was pressured by price investment and cost inflation, having declined 26 b.p. vs. Q1 23.
The effective implementation of our strategy ensured that the net earnings for Q1 24 were in line with those of Q1 23, once other non-recurring profits and losses were excluded.
At the end of March, the Group's balance sheet included a net cash position (excluding IFRS16) of 1 billion euros.
The General Shareholders' Meeting, held on 18 April, approved the Board of Directors' proposal to distribute a dividend of 0.655 euros per share (gross value), for a total amount of 411.6 million euros, that will be paid on 15 May.
MESSAGE FROM THE CHAIRMAN AND CEO
PEDRO SOARES DOS SANTOS
'We entered 2024 aware that the combination of food deflation and cost inflation would further increase competition, particularly in Poland. As such, we maintained an unwavering focus on price leadership to continue to grow volumes and reinforce our competitive positions.
The consistent implementation of this strategy led all Group banners to achieve LFL sales growth that went beyond the positive calendar effect despite operating with negative or neutral inflation in their baskets in the first quarter of the year.
The challenge of operating with food deflation and high cost inflation will persist. Therefore, our two priorities remain unchanged. First, be the consumers' first choice and grow sales by investing in price, in the overall quality of our value propositions, and in expanding the store network. Second, reinforce efficiency on all fronts.
At the same time, we will keep investing in our teams, whose dedication and commitment have been crucial to our success, and continue to positively impact the communities where we operate.'
OUTLOOK 2024
PERFORMANCE ANALYSIS BY BANNER
We reaffirm the outlook provided in our March 6, 2024 release.
POLAND
In Poland, food inflation continued to fall rapidly, reaching 0.3% in March and averaging 2.6% in Q1 24 (vs. 22.9% in Q1 23).
Consumers remain cautious, extremely sensitive to prices, and heavily influenced by promotions.
The combination of very low food inflation, a sharp rise in labour costs, and a consumer whose spending does not yet reflect the rise in real income, has intensified competition in the food retail market.
In a market that is more promotional than ever with a heightened focus on price communication, Biedronka maintained its price leadership. The banner's basket inflation was negative in Q1 24, maintaining a significant gap relative to the country's food inflation.
Consumers responded by preferring the savings opportunities offered by Biedronka, leading to sound volume growth and a stronger market share.
Sales grew by 9.3% in local currency, with LFL at 4.6%. In euros, sales reached 5.8 billion, 18.8% above Q1 23. The quarter's growth also benefited from a positive calendar effect due to the leap year and Easter season, which in 2023 took place in the second quarter of the year.
Sales growth partially offset the pressure from price investments and the substantial increase in labour costs, driving growth in EBITDA of 13.6% (+4.5% in local currency). The EBITDA margin was 7.7% (8.1% in Q1 23).
Biedronka opened 28 stores in the quarter (27 net additions) and remodelled 62 locations.
Hebe grew sales, in local currency, by 28%, with LFL standing at 18.2%. In euros, sales totalled 130 million, 39.2% above Q1 23.
The strong sales performance reflects the strength of Hebe's value proposition and the investment in growing the online channel, which represented about 20% of sales in the quarter.
Following the strong sales evolution, EBITDA grew 47.8% (+36% in local currency), with the respective margin reaching 5.4% (5.1% in Q1 23).
Hebe opened seven stores in Poland, ending the period with a total of 350 locations in Poland and two in the Czech Republic.
PORTUGAL
In Portugal, food inflation was 1.2% in Q1 24, having slowed to zero in March.
The consumer remained cautious and receptive to promotional activities.
Pingo Doce implemented an intense promotional strategy and registered robust sales growth, which was boosted by the meal solutions category. Volume growth and the positive calendar effect more than compensated for the basket deflation.
Sales grew 8.3% to 1.2 billion euros, with LFL at 9.5% (excluding fuel).
The remodelling programme, pivotal to the brand's strategic differentiation, continued to advance, covering 19 locations in Q1 24.
Pingo Doce opened one new store in the first quarter.
Recheio overcame the demanding comparison offered by the Q1 23 performance and registered sales of 303 million euros, 2.7% ahead of Q1 23, with LFL at 3.4%.
EBITDA for Distribution in Portugal reached 78 million euros, 1.7% above Q1 23. The EBITDA margin was 5.3% (5.6% in Q1 23), pressured by the investment in price and the inflation in costs.
COLOMBIA
In Colombia, food inflation fell to 2.2% in Q1 24, but food prices remain elevated. The strain of these high prices on families is evident. There are no signs of improvement in the volume or composition of food baskets.
Ara focused on executing an intense and assertive commercial strategy, offering the best value for consumers and gaining their preference in a challenging economic environment.
Sales in local currency grew 20%, with LFL at 5.8%. Sales reached 711 million in euros, 43.9% above Q1 23.
The banner opened 27 stores in Q1 and ended March with a network of 1,317 locations. Ara reinforced its logistic infrastructure in January by opening a new distribution centre.
EBITDA was 18 million euros, 24.3% higher than in Q1 23 (+3.6% in local currency). The EBITDA margin was 2.5% (2.9% in Q1 23). The margin pressure reflects the tough comparison with Q1 23 and the impact of price investment and trading down on the margin mix.
CONSOLIDATED FINANCIAL HEADINGS
Net Financial Costs were -61 million euros. The increase in net interest reflects the decision to increasingly fund Ara in Colombian pesos, as established by the Group's financing policy. As much as possible, businesses are to be financed in the currency in which they invest and generate cash flow.
Other Losses and Gains were -49 million euros, including 40 million euros for the creation, in March of this year, of the Jerónimo Martins Foundation. This foundation, which is still pending official recognition, intends to develop its mission among the Group's employees and their families and, in addition, the community in general, especially in response to situations of socioeconomic vulnerability.
The Investment Programme reached 176 million euros.
The Cash Flow generated in Q1 24 was negative by 168 million euros, with the effects of business seasonality after the Christmas season and deflation being mitigated by the positive impact of Easter at the end of the quarter.
KEY PERFORMANCE
CONSOLIDATED RESULTS
| FIGURES | (€ Million) | Q1 24 | Q1 23 | ∆ | ||
|---|---|---|---|---|---|---|
| Net Sales and Services | 8,066 | 6,804 | 18.6% | |||
| Gross Profit | 1,650 | 20.5% | 1,414 | 20.8% | 16.7% | |
| Operating Costs | -1,142 -14.2% | -967 -14.2% | 18.0% | |||
| EBITDA | 508 | 6.3% | 446 | 6.6% | 13.9% | |
| Depreciation | -251 | -3.1% | -207 | -3.0% | 21.1% | |
| EBIT | 258 | 3.2% | 239 | 3.5% | 7.7% | |
| Net Financial Costs | -61 | -0.8% | -41 | -0.6% | 47.2% | |
| Gains/Losses in Joint Ventures and Associates | 0 | 0.0% | 0 | 0.0% | n.a. | |
| Other Profits/Losses | -49 | -0.6% | -6 | -0.1% | n.a. | |
| EBT | 148 | 1.8% | 192 | 2.8% | -23.0% | |
| Income Tax | -50 | -0.6% | -50 | -0.7% | 0.2% | |
| Net Profit | 98 | 1.2% | 142 | 2.1% | -31.1% | |
| Non-Controlling Interests | -1 | 0.0% | -2 | 0.0% | -56.9% | |
| Net Profit Attributable to JM | 97 | 1.2% | 140 | 2.1% | -30.7% | |
| EPS (€) | 0.15 | 0.22 | -30.7% | |||
| EPS without Other Profits/Losses (€) | 0.23 | 0.23 | -0.6% | |||
BALANCE SHEET
| (€ Million) | Q1 24 | 2023 | Q1 23 |
|---|---|---|---|
| Net Goodwill | 637 | 635 | 613 |
| Net Fixed Assets | 5,587 | 5,533 | 4,681 |
| Net Rights of Use (RoU) | 3,371 | 3,074 | 2,589 |
| Total Working Capital | -4,086 | -4,314 | -3,545 |
| Others | 224 | 235 | 143 |
| Invested Capital | 5,733 | 5,163 | 4,482 |
| Total Borrowings | 790 | 765 | 477 |
| Financial Leases | 110 | 102 | 82 |
| Capitalised Operating Leases | 3,588 | 3,280 | 2,772 |
| Accrued Interest | 35 | 22 | 26 |
| Cash and Cash Equivalents | -1,940 | -2,074 | -1,583 |
| Net Debt | 2,583 | 2,097 | 1,774 |
| Non-Controlling Interests | 236 | 252 | 239 |
| Share Capital | 629 | 629 | 629 |
| Reserves and Retained Earnings | 2,284 | 2,184 | 1,840 |
| Shareholders Funds | 3,150 | 3,066 | 2,708 |
CASH FLOW
| (€ Million) | Q1 24 | Q1 23 |
|---|---|---|
| EBITDA | 508 | 446 |
| Capitalised Operating Leases Payment | -94 | -81 |
| Interest Payment | -65 | -38 |
| Other Financial Items | 0 | 0 |
| Income Tax | -58 | -49 |
| Funds From Operations | 292 | 278 |
| Capex Payment | -267 | -261 |
| Change in Working Capital | -191 | -241 |
| Others | -2 | -3 |
| Cash Flow | -168 | -226 |
DISCLAIMER
This release's forward-looking statements are based on current expectations of future events. They are subject to risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties, which have increased as a result of the war in Ukraine and of the conflict in the Middle East, relate to factors that are beyond Jerónimo Martins' ability to control or estimate precisely and include but are not limited to general economic conditions, actions taken by governmental authorities and their impacts over the economy, competition, industry trends, credit markets, foreign exchange fluctuations, and regulatory developments.
The forward-looking statements herein refer only to this document and its publication date. Unless required by applicable law or regulation, Jerónimo Martins assumes no obligation to update the information contained in this release or notify a reader if any matter stated herein changes or becomes inaccurate.
APPENDIX
1. Financial Statements
INCOME STATEMENT BY FUNCTIONS
| (€ Million) | IFRS16 | Excl. IFRS16 | |||
|---|---|---|---|---|---|
| Q1 24 | Q1 23 | Q1 24 | Q1 23 | ||
| Net Sales and Services | 8,066 | 6,804 | 8,066 | 6,804 | |
| Cost of Sales | -6,416 | -5,390 | -6,416 | -5,390 | |
| Gross Profit | 1,650 | 1,414 | 1,650 | 1,414 | |
| Distribution Costs | -1,249 | -1,045 | -1,290 | -1,076 | |
| Administrative Costs | -143 | -130 | -144 | -130 | |
| Other Operating Profits/Losses | -49 | -6 | -49 | -6 | |
| Operating Profit | 209 | 233 | 168 | 201 | |
| Net Financial Costs | -61 | -41 | -10 | -4 | |
| Gains/Losses in Other Investments | 0 | 0 | 0 | 0 | |
| Gains/Losses in Joint Ventures and Associates | 0 | 0 | 0 | 0 | |
| Profit Before Taxes | 148 | 192 | 158 | 198 | |
| Income Tax | -50 | -50 | -51 | -51 | |
| Profit Before Non Controlling Interests | 98 | 142 | 106 | 147 | |
| Non-Controlling Interests | -1 | -2 | -2 | -3 | |
| Net Profit Attributable to JM | 97 | 140 | 105 | 144 | |
INCOME STATEMENT (Management View)
| (€ Million) | (Excl. IFRS16) | ||||
|---|---|---|---|---|---|
| Q1 24 | Q1 23 | ∆ | |||
| Net Sales and Services | 8,066 | 6,804 | 18.6% | ||
| Gross Profit | 1,650 | 20.5% | 1,414 | 20.8% | 16.7% |
| Operating Costs | -1,288 | -16.0% | -1,086 | -16.0% | 18.5% |
| EBITDA | 363 | 4.5% | 327 | 4.8% | 10.8% |
| Depreciation | -146 | -1.8% | -120 | -1.8% | 21.8% |
| EBIT | 217 | 2.7% | 207 | 3.0% | 4.4% |
| Net Financial Costs | -10 | -0.1% | -4 | -0.1% | 166.1% |
| Gains/Losses in Joint Ventures and Associates | 0 | 0.0% | 0 | 0.0% | n.a. |
| Other Profits/Losses | -49 | -0.6% | -6 | -0.1% | n.a. |
| EBT | 158 | 2.0% | 198 | 2.9% | -20.3% |
| Income Tax | -51 | -0.6% | -51 | -0.7% | 0.9% |
| Net Profit | 106 | 1.3% | 147 | 2.2% | -27.6% |
| Non-Controlling Interests | -2 | 0.0% | -3 | 0.0% | -44.3% |
| Net Profit Attributable to JM | 105 | 1.3% | 144 | 2.1% | -27.3% |
| EPS (€) | 0.17 | 0.23 | -27.3% | ||
| EPS without Other Profits/Losses (€) | 0.24 | 0.23 | 1.9% |
BALANCE SHEET
| (€ Million) | (Excl. IFRS16) | |||
|---|---|---|---|---|
| Q1 24 | 2023 | Q1 23 | ||
| Net Goodwill | 637 | 635 | 613 | |
| Net Fixed Assets | 5,587 | 5,533 | 4,681 | |
| Total Working Capital | -4,080 | -4,309 | -3,540 | |
| Others | 190 | 203 | 114 | |
| Invested Capital | 2,334 | 2,061 | 1,868 | |
| Total Borrowings | 790 | 765 | 477 | |
| Financial Leases | 110 | 102 | 82 | |
| Accrued Interest | 35 | 22 | 26 | |
| Cash and Cash Equivalents | -1,940 | -2,074 | -1,583 | |
| Net Debt | -1,004 | -1,184 | -998 | |
| Non-Controlling Interests | 250 | 265 | 250 | |
| Share Capital | 629 | 629 | 629 | |
| Reserves and Retained Earnings | 2,459 | 2,350 | 1,986 | |
| Shareholders Funds | 3,338 | 3,245 | 2,865 |
CASH FLOW
| (€ Million) | (Excl. IFRS16) | |||
|---|---|---|---|---|
| Q1 24 | Q1 23 | |||
| EBITDA | 363 | 327 | ||
| Interest Payment | -12 | 1 | ||
| Other Financial Items | 0 | 0 | ||
| Income Tax | -58 | -49 | ||
| Funds From Operations | 293 | 279 | ||
| Capex Payment | -267 | -261 | ||
| Change in Working Capital | -192 | -242 | ||
| Others | -2 | -3 | ||
| Cash Flow | -168 | -226 |
EBITDA BREAKDOWN
| (€ Million) | IFRS16 | Excl. IFRS16 | ||||||
|---|---|---|---|---|---|---|---|---|
| Q1 24 | Mg | Q1 23 | Mg | Q1 24 | Mg | Q1 23 | Mg | |
| Biedronka | 444 | 7.7% | 390 | 8.1% | 344 | 6.0% | 309 | 6.4% |
| Hebe | 7 | 5.4% | 5 | 5.1% | -1 | n.a. | -2 | n.a. |
| Distribution Portugal | 78 | 5.3% | 77 | 5.6% | 59 | 4.0% | 59 | 4.3% |
| Ara | 18 | 2.5% | 14 | 2.9% | 0 | 0.0% | 3 | 0.5% |
| Others & Cons. Adjustments | -38 | n.a. | -40 | n.a. | -39 | n.a. | -41 | n.a. |
| JM Consolidated | 508 | 6.3% | 446 | 6.6% | 363 | 4.5% | 327 | 4.8% |
NET FINANCIAL COSTS
| (€ Million) | IFRS16 | Excl. IFRS16 | |||
|---|---|---|---|---|---|
| Q1 24 | Q1 23 | Q1 24 | Q1 23 | ||
| Net Interest | -8 | 1 | -8 | 1 | |
| Interests on Capitalised Operating Leases | -53 | -38 | - | - | |
| Exchange Differences | 3 | -1 | 1 | -2 | |
| Others | -3 | -3 | -3 | -3 | |
| Net Financial Costs | -61 | -41 | -10 | -4 |
SALES BREAKDOWN
| (€ Million) | Q1 24 | Q1 23 | ∆ % | ||||
|---|---|---|---|---|---|---|---|
| % total | % total | excl. FX | Euro | ||||
| Biedronka | 5,751 | 71.3% | 4,841 | 71.1% | 9.3% | 18.8% | |
| Hebe | 130 | 1.6% | 93 | 1.4% | 28.0% | 39.2% | |
| Pingo Doce | 1,166 | 14.5% | 1,077 | 15.8% | 8.3% | ||
| Recheio | 303 | 3.8% | 295 | 4.3% | 2.7% | ||
| Ara | 711 | 8.8% | 494 | 7.3% | 20.0% | 43.9% | |
| Others & Cons. Adjustments | 6 | 0.1% | 3 | 0.0% | 71.4% | ||
| Total JM | 8,066 | 100% | 6,804 | 100% | 9.9% | 18.6% |
SALES GROWTH
| Total Sales Growth | LFL Growth | |
|---|---|---|
| Q1 24 | Q1 24 | |
| Biedronka | ||
| Euro | 18.8% | |
| PLN | 9.3% | 4.6% |
| Hebe | ||
| Euro | 39.2% | |
| PLN | 28.0% | 18.2% |
| Pingo Doce | 8.3% | 9.1% |
| Excl. Fuel | 8.7% | 9.5% |
| Recheio | 2.7% | 3.4% |
| Ara | ||
| Euro | 43.9% | |
| COP | 20.0% | 5.8% |
| Total JM | ||
| Euro | 18.6% | |
| Excl. FX | 9.9% | 5.5% |
STORE NETWORK
| Number of Stores | 2023 | Openings | Closings | Q1 24 | Q1 23 | |
|---|---|---|---|---|---|---|
| Q1 24 | Q1 24 | |||||
| Biedronka * | 3,569 | 28 | 1 | 3,596 | 3,404 | |
| Hebe ** | 345 | 7 | 0 | 352 | 315 | |
| Pingo Doce | 482 | 1 | 0 | 483 | 474 | |
| Recheio | 43 | 0 | 0 | 43 | 43 | |
| Ara *** | 1,290 | 27 | 0 | 1,317 | 1,156 |
| Sales Area (sqm) | 2023 | Openings Q1 24 |
Closings Remodellings Q1 24 |
Q1 24 | Q1 23 |
|---|---|---|---|---|---|
| Biedronka * | 2,525,397 | 18,522 | -9,878 | 2,553,797 | 2,388,115 |
| Hebe ** | 88,379 | 1,800 | 0 | 90,179 | 80,930 |
| Pingo Doce | 564,903 | 127 | -3,082 | 568,112 | 553,589 |
| Recheio | 145,269 | 0 | 399 | 144,870 | 139,381 |
| Ara *** | 446,493 | 10,112 | 0 | 456,605 | 397,474 |
* Excluding the stores and selling area related to 18 Micro Fulfilment Centres (MFC) to supply Biek's operation (ultra-fast delivery)
** Includes 2 stores outside Poland
*** Includes 63 Bodegas del Canasto (B2B)
CAPEX
| (€ Million) | Q1 24 Weight | Q1 23 Weight | ||
|---|---|---|---|---|
| Biedronka | 61 | 35% | 72 | 35% |
| Distribution Portugal | 77 | 44% | 44 | 22% |
| Ara | 30 | 17% | 79 | 39% |
| Others | 8 | 5% | 10 | 5% |
| Total CAPEX | 176 | 100% | 206 | 100% |
- Note Like For Like (LFL) sales: sales made by stores that operated under the same conditions in the two periods. Excludes stores opened or closed in one of the two periods. Sales of stores that underwent profound remodelling are excluded during the period of the remodelling (store closure).
3.
INCOME STATEMENT
Reconciliation notes
Following ESMA guidelines on Alternative Performance Measures from October 2015
| Income Statement in this Release (Management View) |
Consolidated Income Statement by Functions (in Consolidated Annual Report) First Quarter 2024 Results |
|---|---|
| Net Sales and Services | Net sales and services |
| Gross Profit | Gross profit |
| Operating Costs | Includes headings of Distribution costs; and Administrative costs, excluding €-251 million related with Depreciations and amortisations (note - Segments Reporting) |
| EBITDA | |
| Depreciation | Value reflected in the note - Segments Reporting |
| EBIT | |
| Net Financial Costs | Net financial costs |
| Gains/Losses in Joint Ventures and Associates |
Gains (losses) in joint ventures and associates |
| Other Profits/Losses | Includes headings of Other operating profits/losses; Gains (losses) on disposal of business (when applicable); and Gains (losses) in other investments (when applicable) |
| EBT | Profit before taxes |
| Income Tax | Income tax |
| Net Profit | Profit before non-controlling interests |
| Non-Controlling Interests | Non-Controlling interests |
| Net Profit Attributable to JM | Net profit attributable to Jerónimo Martins Shareholders |
BALANCE SHEET
Following ESMA guidelines on Alternative Performance Measures from October 2015
| Balance Sheet in this Release |
Consolidated Balance Sheet at 31 March 2024 (in Consolidated Annual Report) |
|---|---|
| Net Goodwill | Amount reflected in the heading Intangible assets |
| Net Fixed Assets | Includes the headings Tangible and Intangible assets (excluding the Net goodwill of €637 million); and adding the Financial leases (€130 million) |
| Net Rights of Use (RoU) | Includes the heading of Net rights of use excluding the Financial leases (€130 million) |
| Total Working Capital | Includes the headings Current trade debtors, accrued income and deferred costs; Inventories; Biological assets; Trade creditors, accrued costs and deferred income; Employee benefits; and also, €-47 million related to 'Others' due to its operational nature. Excludes €39 million of short-term investments that do not qualify as cash equivalents (note - Debtors, accruals and deferrals); €-9 million related with Interest accruals and deferrals heading (note - Net financial debt); and €-17 million related with dividends attributable to non-controlling interests |
| Others | Includes the headings Investment property; Investments in joint ventures and associates; Other financial investments; Non-Current trade debtors, accrued income and deferred costs; Deferred tax assets and liabilities; Income tax receivable and payable; Provisions for risks and contingencies; and €-17 million related with dividends attributable to non-controlling interests. Excludes €-47 million related to 'Others' due to its operational nature |
| Invested Capital | |
| Total Borrowings | Includes the heading Borrowings current and non-current |
| Financial Leases | Includes the heading of Financial leases (2024: €110 million; 2023: €102 million) according with IAS 17 in place before IFRS16 adoption |
| Capitalised Operating Leases | Amount in the heading of Lease liabilities current and non current, excluding Financial leases (heading above) |
| Accrued Interest | Includes the headings Derivative financial instruments and €-9 million related with Interest accruals and deferrals (note - Net financial debt) |
| Cash and Cash Equivalents | Includes the heading Cash and cash equivalents; and €39 million of Short-term investments that do not qualify as cash equivalents (note - Debtors, accruals and deferrals) |
| Net Debt | |
| Non-Controlling Interests | Non-Controlling interests |
| Share Capital | Share capital |
| Reserves and Retained Earnings |
Includes the headings Share premium; Own shares; Other reserves; and Retained earnings |
Shareholders' Funds
CASH FLOW
Following ESMA guidelines on Alternative Performance Measures from October 2015
| Cash Flow in this Release |
Consolidated Cash Flow Statement (in Consolidated Annual Report) First Quarter 2024 |
|---|---|
| EBITDA | Includes the headings Cash generated from operations before changes in working capital, including headings which did not generate cash flow, and excluding profit and losses that do not have operational nature (€2 million) |
| Capitalised Operating Leases Payment |
Included in the heading Leases paid, excluding €3 million related with the payment of financial leases according with previous accounting standards |
| Interest Payment | Includes the headings of Loans interest paid; Leases interest paid; and Interest received |
| Income Tax | Income tax paid |
| Funds from Operations | |
| Capex Payment | Includes the headings Disposal of tangible and intangible assets; Disposal of other financial investments and investment property; Acquisition of tangible and intangible assets; Acquisition of other financial investments and investment property; and Acquisition of businesses, net of cash acquired. It also includes acquisitions of tangible assets classified as finance leases under previous accounting standards (€-10 million) |
| Change in Working Capital | Includes Changes in working capital |
| Others | Includes the headings Disposal of business (when applicable); and Profit and losses which generated cash flow, although not having operational nature (€-2 million) |
| Cash Flow | Corresponds to the Net change in cash and cash equivalents, deducted from Dividends paid; Acquisition of subsidiaries to non-controlling interests; Net change in loans; and Net change in Short-term investments that do not qualify as cash. It also includes acquisitions of tangible assets classified as finance leases (€-10 million); and deducted from the payment of financial leases (€3 million), both according with previous accounting standards |
GABINETE DE RELAÇÕES COM INVESTIDORES
+351 21 752 61 05
FIRST QUARTER 2024 RESULTS | RELEASE
Cláudia Falcão: [email protected]
Hugo Fernandes: [email protected]
GABINETE DE RELAÇÕES COM OS MEDIA
+351 21 752 61 80
Rita Fragoso: [email protected]
Nuno Abreu: [email protected]
Jerónimo Martins, SGPS, S.A. | Sede: Rua Actor António Silva, n. º7, 1649-033 Lisboa
26 April, 2024 | 15 Capital Social: Euro 629.293.220,00 | Número único de matrícula na C.R.C. de Lisboa e de Pessoa Coletiva: 500 100 144
www.jeronimomartins.com