Jeronimo Martins, SGPS S.A. · EURONEXT:JMT
Jeronimo Martins, SGPS — Jerónimo Martins — H1 2009 Earnings Presentation
22 slides from Jeronimo Martins, SGPS's earnings presentation, Jul 27, 2009
Slide 1: H1 2009 Results
H1 2009 Results July 27, 2009 1
Slide 2: Key Figures
H1 2009 RESULTS KEY FIGURES (Euro Mio) H1 09 H1 08 Δ% (Euro) Δ% (excl. f/x) Net Sales 3,380.6 3,171.7 +6.6% +21.6% EBITDA 219.6 199.4 +10.2% +26.0% Mg 6.5% 6.3% Net attr. Results 73.0 64.9 +12.5% Excl. Non recurr. 76.0 61.6 +23.3% Net Debt 942.0 765.1 Gearing 103.9% 88.3% 2 2
Slide 3: Income Statement
H1 2009 RESULTS INCOME STATEMENT Strong operational performance reflected both in Sales and Results (Euro Mio) H1 09 % H1 08 % Δ% Net Sales & Services 3,380.6 3,171.7 6.6% Total Margin 787.6 23.3% 718.3 22.6% 9.7% Operating Costs ‐568.0 ‐16.8% ‐518.9 ‐16.4% 9.5% EBITDA 219.6 6.5% 199.4 6.3% 10.2% EB
Slide 4: Consolidated Sales Performance
H1 2009 RESULTS CONSOLIDATED SALES PERFORMACE Sales growth driven by Pingo Doce, Biedronka and Recheio solid performance 541 20 1 3,858 127 3,381 3,172 ‐478 Net Sales (Euro Mio) +4.0% +17.0% +0.6% 0.0% +21.6% ‐15.1% +6.6% H1 08 JMR Biedronka Recheio Others H109 F/X H109 excl. F/X … solid LFL perform
Slide 5: Pingo Doce – Recent Developments
H1 2009 RESULTS PINGO DOCE – RECENT DEVELOPMENTS Relevant market position is delivering results Net Sales (Euro Mio) LFL Sales Growth 143 1,035 886 5 4.6% 0.6% Q109 +0.6% +16.2% +16.8% Q209 H109 H108 LFL New & H109 ‐3.6% Revamped stores • Healthy LFL performance with strong volume progression driven
Slide 6: Biedronka – Recent Developments
H1 2009 RESULTS BIEDRONKA – RECENT DEVELOPMENTS Solid sales performance Net Sales (PLN Mio) LFL Sales Growth 1.462 7.521 420 7.7% 8.1% 7.9% 5,639 +7.5% +25.9% +33.4% H108 LFL New / H109 Ravamped Q1 09 Q2 09 H1 09 stores • LFL sales growth reflecting: ‐ Strong LFL progression in food categories ‐ Poo
Slide 7: Recheio – Recent Developments
H1 2009 RESULTS RECHEIO – RECENT DEVELOPMENTS Sales growth fuelled by focusing in competitiveness Sales Breakdown LFL Sales Growth 2.6% 17.6% 2.2% 41.8% 1.8% 40.6% HoReCa Tradicional Others Q1 Q2 H1 • LFL sales growth reflecting: ‐ average ticket increase ‐ positive behaviour in both Traditional and
Slide 8: Manufacturing – Recent Developments
H1 2009 RESULTS MANUFACTURING – RECENT DEVELOPMENTS Protecting market shares Sales Breakdown 4.2% 21.0% 48.2% 26.7% Food Home & Personal Care Ice Cream Food Solutions • Positive volume progression in key categories as a result of increased competitiveness and innovation • Innovation supported mainly
Slide 9: EBITDA Performance
H1 2009 RESULTS EBITDA PERFORMANCE Strong EBITDA performance driven by scale and efficiency 33 1 3 251 16 220 199 ‐32 EBITDA (Euro Mio) +16.3% +0.4% +26.0% ‐15.8% +7.9% +1.4% +10.2% H1 08 JMR Biedronka Recheio Others H1 09 excl. F/X H1 09 F/X EBITDA Mg EBITDA H109 H108 growth Driven by… Retail Portu
Slide 10: Capex
H1 2009 RESULTS CAPEX Capex oriented to expansion plans • Capex reached Euro 103.6 million in H1 • Capex program: Pingo Doce: 4 new stores and 7 revampings (4 former Plus stores) Biedronka: 69 new stores and 32 revampings Capex per nature Capex per business area 14.7% 7.6% 57.0% 34.5% 57.9% 28.4% Bi
Slide 11: Balance Sheet
H1 2009 RESULTS BALANCE SHEET Keep focus on debt control (Euro Mio) H1 09 2008 YE Net Goodwi l l 712.8 734.1 Net Fi xed As s ets 1,942.5 1,967.5 Net Worki ng Ca pi ta l ‐944.7 ‐1,065.1 Others 137.7 140.5 Invested Capital 1,848.4 1,777.0 Net Debt 942.0 845.8 Mi nori ty Interes ts 273.3 281.3 Sha re C
Slide 12: Final Remarks
H1 2009 RESULTS FINAL REMARKS • Under the current macroeconomic environment, the Group maintains a prudent but positive view about the performance for the second semester of the year. • The resilience seen in the first semester of the year in main retail formats along with the permanent focus on eff
Slide 13: Disclaimer
H1 2009 RESULTS Disclaimer This presentation includes forward‐looking statements that involve risks and uncertainties. Actual results may differ materially from those stated in any forward‐ looking statement based on a number of factors. Jerónimo Martins assumes no obligation to update the informati
Slide 14: Appendix
Q))eronimo MARTINS A Pp P E N D IX
Slide 15: Group Structure
APPENDIX Group Structure 2008 YE (stores as at June 30, 2009) Jerónimo Martins, SGPS S.A. Market Cap. = Euro 3.0 bni) Sales 08FY= Euro 6,894 mn EBITDA 08FY = Euro 473 mn (6.9%) Inv. Capital 08 YE = Euro 1,777 mn Food Distribution Manufacturing Services Portugal Portugal 51% 100% 100% 45% Retail Whol
Slide 16: Store Network
APPENDIX STORE NETWORK NUMBER OF STORES Openings Closings Network 08 YE Q1 09 Q2 09 H1 09 H1 09 H1 08 JMR 343 1 3 5 342 332 Supermarkets 334 1 3 5 333 323 Hypers 9 0 0 0 9 9 Recheio 35 0 0 0 35 33 Madeira 15 0 0 0 15 15 Biedronka 1,359 27 42 20 1,408 1,090 SALES AREA (sqm) Openings Closings* Network
Slide 17: Sales Growth
APPENDIX SALES GROWTH SALES GROWTH Total Sales Growth LFL Sales Growth Q1 09 Q2 09 H1 09 Q1 09 Q2 09 H1 09 JMR 11.2% 12.8% 12.0% ‐4.6% 3.1% ‐0.7% Supermarkets 16.1% 17.4% 16.8% ‐3.6% 4.6% 0.6% Hypers * ‐12.9% ‐13.3% ‐13.1% ‐10.1% ‐8.4% ‐9.3% Recheio 5.2% 7.7% 6.5% 1.8% 2.6% 2.2% Madeira ‐4.3% 5.9% 0
Slide 18: Sales Breakdown H1
APPENDIX SALES BREAKDOWN H1 09 H1 09 H1 08 Δ% Eur Mio % total Eur Mio % total Pln Euro Retail Mainland 1,276.8 37.8% 1,141.4 36.0% 11.9% Cash & Carry Mainland 324.7 9.6% 304.8 9.6% 6.5% Madeira 60.8 1.8% 60.3 1.9% 0.8% Poland ‐ Biedronka 1,682.2 49.8% 1,618.8 51.0% 33.4% 3.9% Manufacturing 118.2 3.5
Slide 19: Sales Breakdown Q2
APPENDIX SALES BREAKDOWN Q2 09 Q2 09 Q2 08 Δ% Eur Mio % total Eur Mio % total Pln Euro Reta i l Ma i nl a nd 664.6 37.4% 591.1 35.5% 12.4% Ca s h & Ca rry Ma i nl a nd 171.1 9.6% 158.8 9.5% 7.7% Ma dei ra 32.2 1.8% 30.5 1.8% 5.9% Pol a nd ‐ Bi edronka 886.5 49.9% 862.2 51.7% 34.3% 2.8% Ma nufa cturi
Slide 20: Income Statement Q2
APPENDIX INCOME STATEMENT Q2 09 (Euro Mio) Q2 09 % Q2 08 % Δ% Net Sales & Services 1,775.4 1,667 6.5% Total Margin 411.7 23.2% 386.0 23.2% 6.7% Operating Costs ‐292.7 ‐16.5% ‐278.5 ‐16.7% 5.1% EBITDA 118.9 6.7% 107.5 6.4% 10.7% EBIT 78.0 4.4% 69.5 4.2% 12.3% Net Financial Results ‐17.6 ‐1.0% ‐19.3 ‐
Slide 21: EBITDA Breakdown
APPENDIX EBITDA BREAKDOWN EBITDA Margin H1 09 % total H1 08 % total Retail Mainland ‐store sales 5.9% 31.8% 5.1% 27.1% Cash & Carry Mainland 5.5% 8.1% 5.6% 8.5% Madeira 4.3% 1.2% 3.7% 1.1% Poland ‐ Biedronka 6.7% 51.0% 6.9% 55.8% Mkt, Repr. and Rest. Services 1.8% 0.3% 1.2% 0.2% Manufacturing 16.4%
Slide 22: Jerónimo Martins
°e JERONIMO MARTINS