Jeronimo Martins, Sgps S.a. · EURONEXT:JMT
Jeronimo Martins, Sgps — Jerónimo Martins — 9M 2014 Earnings Presentation
18 slides from Jeronimo Martins, Sgps's earnings presentation, Oct 30, 2014
Slide 1: 2014 First 9 Months Results
2014 FIRST 9MONTHS RESULTS October February 27, 30, 20132014
Slide 2: Index
2014FIRST9MONTHSRESULTS Index 1. KEY MESSAGES 2. KEY FIGURES 3. INCOME STATEMENT Separadores 4. CASH FLOW 5. BALANCE SHEET Lorem Ipsum 6. SALES PERFORMANCE 7. EBITDA PERFORMANCE 8. FINAL REMARKS & 2014 OUTLOOK 2
Slide 3: 1. Key Messages
2014FIRST9MONTHSRESULTS 1. KEY MESSAGES • Higher food deflation impacting sales value and profitability • Group sales increased 7.3% in Q3 and 7.3% in the first 9M • Volume LFL grew in all businesses in the third quarter • Market shares reinforced in all retail businesses • Consumer remains value an
Slide 4: 2. Key Figures
2014FIRST9MONTHSRESULTS 2. KEY FIGURES (Million €) 9M 13 9M 14 NET SALES 5,643 8,699 + 7.3% 7.2% 6,052 9,333 excluding F/X + 7.3% 6.9% EBITDA 573 - 4.5% 547 excluding F/X - 5.2% EBITDA MARGIN 6.6% 5.9% NET ATTRIBUTABLE RESULTS 281 - 15.5% 237 excluding non-recurrent 280 -15.1% 238 EPS 0.45 0.38 NET
Slide 5: 3.1. Income Statement Q3
2014FIRST9MONTHSRESULTS 3.1. INCOME STATEMENT Q3 (Million €) Q3 14 Q3 13 Change Consolidated Sales 3,281 3,056 7.3% Total Margin 694 21.1% 655 21.4% 5.9% Operating Costs -488 -14.9% -432 -14.1% 13.0% EBITDA 206 6.3% 224 7.3% -7.9% Depreciation -70 -2.1% -63 -2.1% 11.6% EBIT 136 4.1% 161 5.3% -15.5%
Slide 6: 3.2. Income Statement 9M
2014FIRST9MONTHSRESULTS 3.2. INCOME STATEMENT 9M (Million €) 9M 14 9M 13 Change Consolidated Sales 9,333 8,699 7.3% Total Margin 1,980 21.2% 1,862 21.4% 6.3% Operating Costs -1,432 -15.3% -1,289 -14.8% 11.2% EBITDA 547 5.9% 573 6.6% -4.5% Depreciation -205 -2.2% -185 -2.1% 11.0% EBIT 342 3.7% 388 4.
Slide 7: 4. Cash Flow
2014FIRST9MONTHSRESULTS 4. CASH FLOW (Million €) 9M 14 9M 13 EBITDA 547 573 Interest Payment -23 -23 Other Financial Items 16 10 Income Tax -85 -78 Funds From Operations 455 483 Capex Payment -348 -368 Working Capital Movement 0 89 Free Cash Flow 109 203 7
Slide 8: 5. Balance Sheet
2014FIRST9MONTHSRESULTS 5. BALANCE SHEET (Million €) 9M 14 2013 YE 9M 13 Net Goodwill 647 648 643 Net Fixed Assets 3,025 2,940 2,840 Total Working Capital -1,630 -1,686 -1,669 Others 99 92 76 Invested Capital 2,141 1,995 1,891 Net Debt 449 346 308 Non-Controlling Interests 271 267 300 Share Capital
Slide 9: 6. Sales Performance - Group
6. SALES PERFORMANCE 2014FIRST9MONTHSRESULTS Group • Sales growth of 7.3% in Q3 and in the 9M • Market shares increased both in Poland and Portugal * • Group LFL Q3 of -1.5% (-0.8% in 9M), impacted by strong basket deflation in the main markets • Ara and Hebe contributed €103m to the Group sales Con
Slide 10: 6. Sales Performance - Biedronka (i)
6. SALES PERFORMANCE 2014FIRST9MONTHSRESULTS Biedronka (i) • Biedronka sales increased €549m (+9.7%) to €6.2bn in the 9M • 149 new stores opened in the period • 87 stores remodelled in the 9M • Market share increased 1.2p.p. in the two month period (July and August) * SALES (Million €) 577 6,152 39
Slide 11: 6. Sales Performance - Biedronka (ii)
6. SALES PERFORMANCE 2014FIRST9MONTHSRESULTS Biedronka (ii) LFL SALES GROWTH FOOD INFLATION IN POLAND 8.8% 6% 5% 4% 4.0% 3% 2.0% 2.5% 2% 0.3% 1% 0% -1.3% -1% -2.7% -2% -3% Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 LFL Basket Inflation • Stronger impact of fo
Slide 12: 6. Sales Performance - Pingo Doce
6. SALES PERFORMANCE 2014FIRST9MONTHSRESULTS Pingo Doce • Q3 LFL in value impacted by higher deflation in the basket and the demanding comps • Strong volume progression • Market remains strongly promotional • Pingo Doce consistently increasing market share along the period • 5 new stores opened in t
Slide 13: 6. Sales Performance - Recheio
6. SALES PERFORMANCE 2014FIRST9MONTHSRESULTS Recheio • Positive volumes on a LFL basis in both Q3 and 9M despite HoReCa and Traditional Retail segments remaining under pressure • Strong commercial actions to support top line and clients basis pressuring basket deflation LFL SALES GROWTH SALES (Milli
Slide 14: 7. EBITDA Performance (i)
2014FIRST9MONTHSRESULTS 7. EBITDA PERFORMANCE (i) • EBITDA of €547m in the first nine months of the year • EBITDA evolution impacted by higher food deflation, continued commercial actions and the investment in the new businesses CONTRIBUTION TO CONSOLIDATED EBITDA GROWTH (Million €) 573 4 543 4 547
Slide 15: 7. EBITDA Performance (ii)
2014FIRST9MONTHSRESULTS 7. EBITDA PERFORMANCE (ii) EBITDA Margin • Strong food deflation impacting EBITDA margin in 8.0 7.0 6.6 all main businesses 5.7 5.6 5.9 • Group EBITDA margin evolution also reflects Biedronka Distribution Group dilution from the new Portugal businesses 9M 13 9M 14 15
Slide 16: 8. Final Remarks & 2014 Outlook
2014FIRST9MONTHSRESULTS 8. FINAL REMARKS & 2014 OUTLOOK • Summary of 9M Performance • Challenging deflationary environments in both Poland and Portugal pressuring sales and margins • Good volume progression in challenging markets • Market positioning strengthened • The months ahead • Confident about
Slide 17: Disclaimer
2014FIRST9MONTHSRESULTS Disclaimer Statements in this presentation that are forward-looking statements are based on current expectations of future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements
Slide 18: 2014 First 9 Months Results
2014 FIRST 9MONTHS RESULTS February 27, 2013