2020 | H1 Results
July 30, 2020
Introductory note
The performance analysis in this presentation is presented under IFRS16.
The Financial Statements excluding the effect of the IFRS16 are presented in the Appendix of this presentation.
2
INDEX
- 2020 H1 HIGHLIGHTS
- UPDATE Q2 2020 | COVID- 19 IMPACT
- KEY FIGURES
- Overview
- Income Statement
- Cash Flow
- Balance Sheet
- Capex
- SALES PERFORMANCE
- Group
- Biedronka
- Hebe
- Pingo Doce
- Recheio
- Ara
- EBITDA
- EBITDA Performance
- EBITDA Margin
- 2020 H1 SUMMARY
- OUTLOOK
APPENDIX
FINANCIAL STATEMENTS
3
1. 2020 H1 HIGHLIGHTS
Operating landscape marked by the pandemic's disruptive effects in every market Biedronka remained impressively strong
All our teams responded with extraordinary resilience, determination and commitment
- Superior execution from Biedronka driving strong outperformance of the market despite the operational challenges raised by the health crisis
- In Portugal, our banners, after a difficult month of April have been adapting their action plans to the lifting of the lockdown measures. Existing restrictions to number of people inside store, subdued tourism and weak consumer demand hampered the performance
- Lockdown measures imposed in Colombia in the beginning of April were in force throughout the second quarter, heavily affecting the economic activity. Ara's trading hours were reduced c.30%
- Biedronka was able to protect profitability despite strong commercial dynamics and mitigated, on Group EBITDA, the impact of operational deleverage in Portugal and Colombia, the additional costs related to COVID-19 and the zloty devaluation
4
2.1. UPDATE Q2 2020 | COVID-19 IMPACT (1/2)
Different epidemiological situations in each geography required different confinement measures and impacted each market differently
Our teams designed specific action plans to respond to each of the circumstances
- Group's Executive Team's permanent support to the operations was pivotal to streamlining the decision-making process and allowing for quick adaptation of short-term action plans
- Poland is ahead with regards to the lifting of the restrictive measures to the economic activity, Portugal is progressively reopening and Colombia is still in lockdown
- Changes in consumer behaviour driven by the pandemic vary from market to market depending on the impacts on the countries economies
- Costs related to the higher frequency of cleaning of infrastructures, safety equipment to our teams, special bonus paid to employees and increase of provisions in the context of the pandemic amounted to €32 mn (of which €29 mn directly impacted EBITDA)
5
2.2. UPDATE Q2 2020 | COVID-19 IMPACT (2/2)
POLAND | PORTUGAL |
COLOMBIA
- Confinement measures eased progressively from May
- Reopening of economic activities throughout the last two months of the period
- People movement gradually increasing
- Limitation to number of people inside stores lifted in June from 3 people per checkout until April 19 and 1 person per 15sqm between April 20 and May 29
- Preference for proximity shopping maintained its positive trend
- State of Emergency in force until May 2 was reduced to alert situation
- Slow reopening of hotels and restaurants from May 18
- Consumers showing signs of trading down
- Number of people inside stores limited to 5 people per 100sqm (4 people per 100sqm until May 3)
- Concerns about the evolution of the pandemic driving consumers to reduce the frequency of purchase and to give preference to stores with more space and fewer customers
• Confinement measures imposed in April and in force until the end of July
- Economic activities strongly impacted by lockdown measures
- Curfew hours and trading bans on certain days of the week heavily impacting retail activity
6
3.1. KEY FIGURES | OVERVIEW
(Million Euro) | H1 19 |
Net Sales & Services | 8,908 | +4.6% |
Excl. FX | +7.3% | |
EBITDA | 667 | -4.9% |
Excl. FX | -2.7% | |
Margin | 7.5% | |
Net attributable Results | 163 | -36.2% |
Excl. Other Profits/Losses | 165 | -28.1% |
EPS (€) | 0.26 | |
Excl. Other Profits/Losses (€) | 0.26 | |
Net Debt | 2,513 | |
Excl. capitalized operating | 154 | |
leases |
H1 20
9,317
635
6.8%
104
119
0.17
0.19
2,150 -99
7
3.2. KEY FIGURES | INCOME STATEMENT Q2
(Million Euro) | Q2 20 | Q2 19 | ∆ | ||
Net Sales and Services | 4 601 | 4 661 | -1.3% | ||
Gross Profit | 991 | 21.5% | 1 006 | 21.6% | -1.4% |
Operating Costs | -666 | -14.5% | -648 | -13.9% | 2.7% |
EBITDA | 325 | 7.1% | 357 | 7.7% | -8.8% |
Depreciation | -179 | -3.9% | -178 | -3.8% | 0.7% |
EBIT | 147 | 3.2% | 179 | 3.8% | -18.3% |
Net Financial Costs | -33 | -0.7% | -37 | -0.8% | -12.1% |
Gains in Joint Ventures and Associates | 0 | 0.0% | 0 | 0.0% | n.a. |
Other Profits/Losses | -16 | -0.3% | -3 | -0.1% | n.a. |
EBT | 98 | 2.1% | 139 | 3.0% | -29.6% |
Income Tax | -32 | -0.7% | -32 | -0.7% | 0.6% |
Net Profit | 66 | 1.4% | 108 | 2.3% | -38.6% |
Non-Controlling Interests | 3 | 0.1% | -6 | -0.1% | n.a. |
Net Profit Attributable to JM | 69 | 1.5% | 101 | 2.2% | -31.5% |
EPS (€) | 0.11 | 0.16 | -31.5% | ||
EPS without Other Profits/Losses (€) | 0.13 | 0.16 | -21.1% |
8
3.2. KEY FIGURES | INCOME STATEMENT H1
(Million Euro) | H1 20 | H1 19 | ∆ | ||
Net Sales and Services | 9 317 | 8 908 | 4.6% | ||
Gross Profit | 2 032 | 21.8% | 1 932 | 21.7% | 5.1% |
Operating Costs | -1 397 | -15.0% | -1 265 | -14.2% | 10.4% |
EBITDA | 635 | 6.8% | 667 | 7.5% | -4.9% |
Depreciation | -362 | -3.9% | -352 | -3.9% | 2.7% |
EBIT | 273 | 2.9% | 315 | 3.5% | -13.4% |
Net Financial Costs | -96 | -1.0% | -78 | -0.9% | 22.9% |
Gains in Joint Ventures and Associates | 0 | 0.0% | 0 | 0.0% | n.a. |
Other Profits/Losses | -20 | -0.2% | -4 | 0.0% | n.a. |
EBT | 157 | 1.7% | 234 | 2.6% | -32.8% |
Income Tax | -54 | -0.6% | -60 | -0.7% | -9.7% |
Net Profit | 103 | 1.1% | 174 | 2.0% | -40.7% |
Non-Controlling Interests | 1 | 0.0% | -11 | -0.1% | n.a. |
Net Profit Attributable to JM | 104 | 1.1% | 163 | 1.8% | -36.2% |
EPS (€) | 0.17 | 0.26 | -36.2% | ||
EPS without Other Profits/Losses (€) | 0.19 | 0.26 | -28.1% |
9
3.3. KEY FIGURES | CASH FLOW
(Million Euro) | H1 20 | H1 19 |
EBITDA | 635 | 667 |
Capitalised Operating Leases Payment | -136 | -130 |
Interest Payment | -77 | -79 |
Other Financial Items | 0 | 0 |
Income Tax | -97 | -86 |
Funds From Operations | 325 | 371 |
Capex Payment | -289 | -262 |
Change in Working Capital | -137 | 45 |
Others | -17 | -2 |
Cash Flow | -118 | 152 |
10
3.4. KEY FIGURES | BALANCE SHEET
(Million Euro) | H1 20 | 2019 | H1 19 |
Net Goodwill | 627 | 641 | 641 |
Net Fixed Assets | 3 914 | 4 140 | 3 918 |
Net Rights of Use (RoU) | 2 167 | 2 318 | 2 341 |
Total Working Capital | -2 416 | -2 793 | -2 504 |
Others | 7 | 94 | 98 |
Invested Capital | 4 299 | 4 400 | 4 495 |
Total Borrowings | 734 | 732 | 677 |
Financial Leases | 14 | 17 | 19 |
Capitalised Operating Leases | 2 249 | 2 368 | 2 359 |
Accrued Interest | 1 | 3 | 4 |
Cash and Cash Equivalents | -848 | -949 | -546 |
Net Debt 1 | 2 150 | 2 172 | 2 513 |
Non-Controlling Interests | 238 | 254 | 234 |
Share Capital | 629 | 629 | 629 |
Reserves and Retained Earnings | 1 283 | 1 346 | 1 118 |
Shareholders Funds | 2 150 | 2 229 | 1 982 |
1 Net Debt amount was restated in 2019. Cash in hand previously considered in Total Working Capital was restated to Cash and Cash Equivalents heading.
DIVIDENDS in
the amount of €130.1 million paid in July 15
11
3.5. KEY FIGURES | CAPEX
Capex of €142 mn in H1 20
- New Stores
34 Biedronka (29 net)
11 Hebe
3 Pingo Doce
23 Ara (15 net)
- Revamping 71 Biedronka
6 Pingo Doce
19% | Biedronka | |
6% | 43% | Distribution |
Portugal
Ara
Others
32%
12
4.1. SALES PERFORMANCE | GROUP
Contribution to Group Sales Growth (Mn €)
8,908 | 659 | 119 | 1 | 9,559 | 9,317 | |
-55 | -67 | -6 | -243 | |||
7.3% 4.6%
Sales by banner (Bn €)
7 | +7.8% | H1 19 | H1 20 | |||||
6 | ||||||||
5 | ||||||||
4 | ||||||||
3 | -2.9% | |||||||
2 | ||||||||
1 | -14.4% | +18.8% | -1.7% | |||||
0 | ||||||||
Biedronka Pingo Doce Recheio | Ara | Hebe | ||||||
- Strong Biedronka delivery throughout the entire period more than compensating for the market restrictions pressure in Portugal in the context of COVID-19 and currencies devaluation
- Currency devaluation effects impacted sales growth in euros in c.3p.p.
- Group LFL at 4.2% in H1 (-0.7% in Q2)
13
4.2. SALES PERFORMANCE | BIEDRONKA
LFL SALES GROWTH | SALES (Mn €) | ||||||||||||||||||||||||||||
11.1% | 459 | 200 | 6,723 | 6,536 | |||||||||||||||||||||||||
6,064 | |||||||||||||||||||||||||||||
-187 | |||||||||||||||||||||||||||||
8.6% | 7.8% | 7.7% | |||||||||||||||||||||||||||
4.8% | |||||||||||||||||||||||||||||
+10.9% | +7.8% | ||||||||||||||||||||||||||||
-1.1% | Q2 | Q3 | Q4 | Q1 | Q2 | ||||||||||||||||||||||||
Q1 | |||||||||||||||||||||||||||||
2019 | 2020 | ||||||||||||||||||||||||||||
- Solid performance reflects agility, flexibility and resourcefulness in the response to the challenges raised by the pandemic
- Basket inflation slowing down across the period, was at 3.9% in H1 (2.7% in Q2)
- 34 new stores (29 net additions to a total network of 3,031 locations). 71 stores remodelled over the period
- Strong market share gains accelerated in Q2 and were more than 2p.p. in H1
14
4.3. SALES PERFORMANCE | HEBE
SALES (Mn €) | STORE NETWORK | |||||||||||||||||||||
117 | 18 | 118 | 115 | 273 | 281 | 284 | ||||||||||||||||
247 | 255 | |||||||||||||||||||||
-3 | 238 | |||||||||||||||||||||
-17 | ||||||||||||||||||||||
+1.2% | -1.7% | |||||||||||||||||||||
Q1 19 | H1 19 | 9M 19 | 2019YE | Q1 20 | H1 20 |
- Sales performance heavily impacted by the pandemic
- Signs of negative pressure easing towards the end of June
- Online sales in Q2 increased c.80% over Q1
- 11 new stores opened in the period
- Hebe will close the 48 pharmacies it runs, 20 of which are inside Hebe's stores
15
4.4. SALES PERFORMANCE | PINGO DOCE
LFL SALES GROWTH (EXCL. FUEL)
5.1% | 3.5% | ||||
2.7% | |||||
1.6% | 0.6% | ||||
-8.5% | |||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 |
2019 | 2020 |
SALES (Mn €)
1,893 | 1,838 |
-50 | -6 |
-2.9%
* Includes fuel sales
- Restriction measures to traffic impacted the historically high number of visits
- April was the most challenging month. The banner fought in May and June to mitigate the impact of the restriction measures and start to adapt to gradual easing
- Three new stores opened; Six stores were refurbished
16
4.5. SALES PERFORMANCE | RECHEIO
LFL SALES GROWTH | SALES (Mn €) | |||||||||
467 | ||||||||||
3.7% | 3.2% | 3.4% | 2.4% | 0 | 400 | |||||
0.1% | ||||||||||
-67 | ||||||||||
-14.4%
-26.9% | |||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 |
2019 2020
* Includes export activity
- Performance strongly impacted by the closure of HoReCa in April and May. HoReCa represented more than 35% of Recheio sales
- Soft opening of hotels and restaurants throughout June with majority of hotel activity only starting in July
- Traditional segment performing well
17
4.6. SALES PERFORMANCE | ARA
SALES (Mn €) | STORE NETWORK | 631 | ||||||||||||||||||||
60 | 475 | 628 | ||||||||||||||||||||
423 | 616 | |||||||||||||||||||||
59 | ||||||||||||||||||||||
356 | -52 | 578 | ||||||||||||||||||||
557 | ||||||||||||||||||||||
+33.4% | +18.8% | 541 | ||||||||||||||||||||
Q1 19 | H1 19 | 9M 19 | 2019YE | Q1 20 | H1 20 |
- Pandemic situation pressuring the economy and consumer demand
- Confinement measures imposed reduced Ara's trading hours by c.30% in Q2
- Ara continues to adapt to the challenging circumstances while protecting its competitive position
- 23 stores opened over the period (15 net additions)
18
5.1. EBITDA PERFORMANCE
CONTRIBUTION TO CONSOLIDATED EBITDA GROWTH (Mn €)
46 | |||||
667 | 649 | 635 | |||
-25 | -14 | -2 | |||
-23 | |||||
-15 | |||||
-2.7%-4.9%
- Biedronka performance mitigated the pressure from additional pandemic related costs, from operating deleveraging in Portugal and Colombia and from zloty devaluation
- Additional costs related to COVID-19 impacted EBITDA by c. €29 mn in H1
- EBITDA from Ara and Hebe at €-15 mn, in line with H1 19
19
5.2. EBITDA MARGIN
• | Biedronka | EBITDA | margin | |||||||
under | pressure | from | costs | |||||||
related | to | the | pandemic | |||||||
9.2% | 9.0% | situation incurred in Q1. In Q2 | ||||||||
and | despite | maintaining | ||||||||
7.5% | strong | commercial | dynamics, | |||||||
6.3% | 6.8% | EBITDA | margin | was | stable, | |||||
5.1% | 5.7% | driven | by | increased | costs | |||||
discipline | ||||||||||
+12.2% | ||||||||||
3.1% | +7.5% | |||||||||
• | EBITDA | margin | in | Portugal | ||||||
impacted by wage | inflation, | |||||||||
costs related to COVID-19 and | ||||||||||
negative top line performance | ||||||||||
Biedronka | Pingo Doce | Recheio | JM | |||||||
H1 19 | H1 20 | |
- Deleveraging in Colombia also pressured Group EBITDA margin
20
6. 2020 H1 SUMMARY
Good Biedronka performance over the six months and strong cash position by the end of the period
Poland was the first market to lift the restrictions and is ahead in the reactivation of economic activities
Biedronka was flexible and innovative to address the market circumstances and delivered well on sales and profitability, strengthening its market positioning
+7.5%+12.2%
Portugal is progressively lifting restrictions but the economy already reflects the absence of tourism until June
Colombia under strict lockdown the entire second quarter with the economy already heavily impacted by the health crisis impact
Investment in the commercial offer maintained
After a tough month of April, Pingo Doce is adapting to mitigate the impact of restrictive measures
Recheio is being very impacted by the poor performance of HoReCa
Ara strongly impacted by restrictions over trading hours and the weak consumer environment
21
7. OUTLOOK
Biedronka's confirmed strength and a healthy balance sheet makes us confident about our capacity to navigate the next months that we know will continue to be challenging
The mission of guaranteeing access to quality essential food products, at low prices, on proximity, and in a safe shopping environment, will remain the guiding thread of all our decisions
Biedronka is well prepared to perform in a competitive and value-oriented market and will maintain an active commercial dynamic offering attractive and+7quality.5% products at good+12prices,.2% managing in detail sales mix and cost efficiency to drive profitability
In Portugal, Pingo Doce and Recheio have strong value propositions and are well prepared as the economy opens and a more value sensitive consumer emerges. The next months will be critical to understand the extent of the economic impact of the health crisis
In Colombia, Ara protected its value perception for the last months and will adjust the operations to the circumstances to reduce the impacts over profitability
The uncertainty about the development of the pandemic remains very high, being too early to estimate the real impact it will have on the world economy and on each of the countries where we operate. We thus do not restate guidance for 2020
22
APPENDIX
FINANCIAL STATEMENTS
23
APPENDIX | |||||||||||||
FINANCIAL STATEMENTS (1/11) | |||||||||||||
INCOME STATEMENT | |||||||||||||
(Excl. IFRS16) | (Excl. IFRS16) | ||||||||||||
(Million Euro) | H1 20 | H1 19 | ∆ | Q2 20 | Q2 19 | ∆ | |||||||
Net Sales and Services | 9 317 | 8 908 | 4.6% | 4 601 | 4 661 | -1.3% | |||||||
Gross Profit | 2 032 | 21.8% | 1 932 | 21.7% | 5.1% | 991 | 21.5% | 1 006 | 21.6% | -1.4% | |||
Operating Costs | -1 597 | -17.1% | -1 461 | -16.4% | 9.3% | -764 | -16.6% | -748 | -16.0% | 2.1% | |||
EBITDA | 435 | 4.7% | 471 | 5.3% | -7.7% | 227 | 4.9% | 257 | 5.5% | -11.8% | |||
Depreciation | -205 | -2.2% | -195 | -2.2% | 5.2% | -102 | -2.2% | -98 | -2.1% | 3.6% | |||
EBIT | 230 | 2.5% | 276 | 3.1% | -16.8% | +7125.5%2.7% | 159 | 3.4% | -21.3%+12.2% | ||||
Net Financial Costs | -18 | -0.2% | -16 | -0.2% | 14.5% | -9 | -0.2% | -8 | -0.2% | 11.2% | |||
Gains in Joint Ventures and Associates | 0 | 0.0% | 0 | 0.0% | n.a. | 0 | 0.0% | 0 | 0.0% | n.a. | |||
Other Profits/Losses | -20 | -0.2% | -4 | 0.0% | n.a. | -16 | -0.3% | -3 | -0.1% | n.a. | |||
EBT | 192 | 2.1% | 257 | 2.9% | -25.4% | 101 | 2.2% | 149 | 3.2% | -32.1% | |||
Income Tax | -60 | -0.6% | -63 | -0.7% | -5.9% | -33 | -0.7% | -33 | -0.7% | -2.1% | |||
Net Profit | 132 | 1.4% | 193 | 2.2% | -31.8% | 68 | 1.5% | 116 | 2.5% | -40.8% | |||
Non-Controlling Interests | 0 | 0.0% | -12 | -0.1% | n.a. | 3 | 0.1% | -7 | -0.1% | n.a. | |||
Net Profit Attributable to JM | 132 | 1.4% | 181 | 2.0% | -27.2% | 71 | 1.5% | 109 | 2.3% | -34.5% | |||
EPS (€) | 0.21 | 0.29 | -27.2% | 0.11 | 0.17 | -34.5% | |||||||
EPS without Other Profits/Losses (€) | 0.23 | 0.29 | -20.1% | 0.13 | 0.17 | -24.8% | |||||||
24
APPENDIX
FINANCIAL STATEMENTS (2/11)
CASH FLOW
(Excl. IFRS16) | ||||
(Million Euro) | H1 20 | H1 19 | ||
EBITDA | 435 | 471 | ||
Interest Payment | -14 | -13 | ||
Other Financial Items | 0 | 0 | ||
Income Tax | -97 | -86 | +7.5% | +12.2% |
Funds From Operations | 325 | 372 | ||
Capex Payment | -289 | -262 | ||
Change in Working Capital | -137 | 45 | ||
Others | -17 | -2 | ||
Cash Flow | -118 | 152 | ||
25
APPENDIX
FINANCIAL STATEMENTS (3/11)
BALANCE SHEET
(Excl. IFRS16) | ||||||
(Million Euro) | H1 20 | 2019 | H1 19 | |||
Net Goodwill | 627 | 641 | 641 | |||
Net Fixed Assets | 3 914 | 4 140 | 3 918 | |||
Total Working Capital | -2 411 | -2 788 | -2 499 | |||
Others | -7 | 86 | 95 | |||
Invested Capital | 2 123 | 2 079 | 2 155 | +12.2% | ||
Total Borrowings | 734 | 732 | +7677.5% | |||
Financial Leases | 14 | 17 | 19 | |||
Accrued Interest | 1 | 3 | 4 | |||
Cash and Cash Equivalents | -848 | -949 | -546 | |||
Net Debt 1 | -99 | -196 | 154 | |||
Non-Controlling Interests | 242 | 257 | 236 | |||
Share Capital | 629 | 629 | 629 | |||
Reserves and Retained Earnings | 1 351 | 1 389 | 1 136 | |||
Shareholders Funds | 2 222 | 2 275 | 2 001 |
1 Net Debt amount was restated in 2019.
Cash in hand previously considered in Total Working Capital was restated to Cash and Cash Equivalents heading.
26
APPENDIX
FINANCIAL STATEMENTS (4/11)
EBITDA BREAKDOWN
(Million Euro) | IFRS16 | Excl. IFRS16 | |||||||||||
H1 20 | Mg | H1 19 | Mg | H1 20 | Mg | H1 19 | Mg | ||||||
Biedronka | 589 | 9.0% | 560 | 9.2% | 453 | 6.9% | 428 | 7.1% | |||||
Pingo Doce | 94 | 5.1% | 118 | 6.3% | 62 | 3.4% | 86 | 4.5% | |||||
Recheio | 13 | 3.1% | 27 | 5.7% | 10 | 2.5% | 23 | 5.0% | |||||
Ara | -19 | n.a. | -20 | n.a. | +7.5% | -36 | n.a. | -37 | n.a. | ||||
Hebe | 4 | 3.4% | 4 | 3.8% | -7 | n.a. | -5 | +12.2% | |||||
n.a. | |||||||||||||
Others & Cons. Adjustments | -46 | n.a. | -23 | n.a. | -47 | n.a. | -24 | n.a. | |||||
JM Consolidated | 635 | 6.8% | 667 | 7.5% | 435 | 4.7% | 471 | 5.3% |
27
APPENDIX | |||||||||
FINANCIAL STATEMENTS (5/11) | |||||||||
FINANCIAL RESULTS | |||||||||
(Million Euro) | IFRS16 | Excl. IFRS16 | |||||||
H1 20 | H1 19 | H1 20 | H1 19 | ||||||
Net Interest | -11 | -12 | -11 | -12 | |||||
Interests on Capitalised Operating Leases | -63 | -66 | - | - | |||||
Exchange Differences | -19 | 3 | .5% | -4 | -1 | +12.2% | |||
+7 | |||||||||
Others | -3 | -3 | -3 | -3 | |||||
Financial Results | -96 | -78 | -18 | -16 | |||||
28
APPENDIX
FINANCIAL STATEMENTS (6/11)
SALES BREAKDOWN
(Million Euro) | H1 20 | H1 19 | ∆ % | Q2 20 | Q2 19 | ∆ % | ||||||
% total | % total excl. FX | Euro | % total | % total excl. FX | Euro | |||||||
Biedronka | 6 536 | 70.2% | 6 064 | 68.1% | 10.9% | 7.8% | 3 274 | 71.1% | 3 167 | 67.9% | 8.7% | 3.4% |
Pingo Doce | 1 838 | 19.7% | 1 893 | 21.3% | -2.9% | 902 | 19.6% | 988 | 21.2% | -8.8% | ||
Recheio | 400 | 4.3% | 467 | 5.2% | -14.4% | 185 | 4.0% | 253 | 5.4% | -26.7% | ||
Ara | 423 | 4.5% | 356 | 4.0% | 33.4% | 18.8% | 188 | 4.1% | 187 | 4.0% | 16.7% | 0.5% |
Hebe | 115 | 1.2% | 117 | 1.3% | 1.2% | -1.7% | +7.5% | 61 | 1.3% | +12.2% | ||
51 | 1.1% | -11.8% | -16.6% | |||||||||
Others & Cons. Adjustments | 6 | 0.1% | 11 | 0.1% | -51.8% | 2 | 0.0% | 6 | 0.1% | -63.5% | ||
Total JM | 9 317 | 100% | 8 908 | 100% | 7.3% | 4.6% | 4 601 | 100% | 4 661 | 100% | 3.1% | -1.3% |
29
APPENDIX
FINANCIAL STATEMENTS (7/11)
SALES GROWTH
Total Sales Growth | LFL Growth | ||||||||
Q1 20 | Q2 20 | H1 20 | Q1 20 | Q2 20 | H1 20 | ||||
Biedronka | |||||||||
Euro | 12.6% | 3.4% | 7.8% | ||||||
PLN | 13.2% | 8.7% | 10.9% | 11.1% | 4.8% | 7.8% | |||
Hebe | +7.5% | +12.2% | |||||||
Euro | 14.6% | -16.6% | -1.7% | ||||||
PLN | 15.2% | -11.8% | 1.2% | -1.7% | -26.6% | -14.8% | |||
Pingo Doce | 3.5% | -8.8% | -2.9% | 2.8% | -10.2% | -4.0% | |||
Excl. Fuel | 4.3% | -7.1% | -1.6% | 3.5% | -8.5% | -2.8% | |||
Recheio | 0.2% | -26.7% | -14.4% | 0.1% | -26.9% | -14.5% | |||
Ara | |||||||||
Euro | 38.9% | 0.5% | 18.8% | ||||||
COP | 52.3% | 16.7% | 33.4% | 34.3% | 1.1% | 16.6% | |||
Total JM | |||||||||
Euro | 11.0% | -1.3% | 4.6% | ||||||
Excl. FX | 12.0% | 3.1% | 7.3% | 9.5% | -0.7% | 4.2% |
30
APPENDIX
FINANCIAL STATEMENTS (8/11)
STORE NETWORK
Number of Stores | 2019 | Openings | Closings | H1 20 | H1 19 | ||||
Q1 20 | Q2 20 | H1 20 | |||||||
Biedronka | 3 002 | 11 | 23 | 5 | 3 031 | 2 916 | |||
Hebe * | 273 | 8 | 3 | 0 | 284 | 247 | |||
Pingo Doce | 441 | 1 | 2 | 0 | 444 | 436 | |||
Recheio | 42 | 0 | 0 | 0 | 42 | 42 | |||
Ara | 616 | 19 | 4 | 8 | 631 | 557 | +12.2% | ||
+7.5% | |||||||||
* H1 20: 284 stores: 28 pharmacies and 256 drugstores (21 of which include a pharmacy) | |||||||||
Openings | Closings | ||||||||
Sales Area (sqm) | 2019 | Remodellings | H1 20 | H1 19 | |||||
Q1 20 | Q2 20 | H1 20 | |||||||
Biedronka | 2 021 345 | 8 394 | 16 694 | -127 | 2 046 559 | 1 949 632 | |||
Hebe | 66 805 | 2 109 | 703 | 0 | 69 617 | 59 826 | |||
Pingo Doce | 513 272 | 102 | 2 496 | 0 | 515 870 | 510 035 | |||
Recheio | 133 826 | 0 | 0 | 0 | 133 826 | 133 826 | |||
Ara | 207 982 | 6 235 | 1 502 | 3 001 | 212 718 | 189 316 |
31
APPENDIX
FINANCIAL STATEMENTS (9/11)
CAPEX
(Million Euro) | H1 20 | Weight | H1 19 | Weight | ||
Biedronka | 61 | 43% | 114 | 48% | ||
Distribution Portugal | 45 | 32% | +7.5% 75 | 32% | +12.2% | |
Ara | 9 | 6% | 37 | 15% | ||
Others | 27 | 19% | 13 | 5% | ||
Total CAPEX | 142 | 100% | 238 | 100% | ||
32
APPENDIX
FINANCIAL STATEMENTS (10/11)
WORKING CAPITAL
(Million Euro) | IFRS16 | Excl. IFRS16 | |||||
H1 20 | H1 19 | H1 20 | H1 19 | ||||
Inventories | 1 023 | 949 | 1 023 | 949 | |||
in days of sales | 20 | 19 | 20 | 19 | |||
Customers | 35 | 58 | 35 | 58 | |||
in days of sales | 1 | 1 | 1 | 1 | +12.2% | ||
+7.5% | |||||||
Suppliers | -2 873 | -2 925 | -2 873 | -2 925 | |||
in days of sales | -56 | -59 | -56 | -59 | |||
Trade Working Capital | -1 814 | -1 918 | -1 814 | -1 918 | |||
in days of sales | -35 | -39 | -35 | -39 | |||
Others | -601 | -586 | -597 | -580 | |||
Total Working Capital 1 | -2 416 | -2 504 | -2 411 | -2 499 | |||
in days of sales | -47 | -51 | -47 | -51 |
1 Cash in hand previously considered in Total Working Capital was restated to Cash and Cash Equivalents heading.
33
APPENDIX
FINANCIAL STATEMENTS (11/11)
TOTAL BORROWINGS
(Million Euro) | H1 20 | H1 19 | |
Long Term Borrowings | 211 | 296 | |
as % of Total Borrowings | 28.8% | 43.7% | |
Average Maturity (years) | 3.6 | +7.5% 2.2 | +12.2% |
Short Term Borrowings | 523 | 381 | |
as % of Total Borrowings | 71.2% | 56.3% | |
Total Borrowings | 734 | 677 | |
Average Maturity (years) | 1.7 | 1.3 | |
% Total Borrowings in Euros | 9.5% | 7.4% | |
% Total Borrowings in Zlotys | 46.4% | 44.8% | |
% Total Borrowings in Colombian Pesos | 44.1% | 47.8% |
34
DISCLAIMER
All guidance is provided excluding IFRS16 basis.
Statements in this presentation that are forward-looking 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. The risks and uncertainties relate to factors that are beyond Jerónimo
+7.5%+12.2%
Martins' ability to control or estimate precisely, such as general economic conditions, credit markets, foreign exchange fluctuations and regulatory developments.
Except as required by any applicable law or regulation, Jerónimo Martins assumes no obligation to update the information contained in this presentation or to notify a reader in the event that any matter stated herein changes or becomes inaccurate.
35
Jerónimo Martins, SGPS, SA
Rua Actor António Silva, 7, 1649-033 Lisboa • Portugal • T.: +351 21 753 20 00
www.jeronimomartins.com
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Jeronimo Martins SGPS SA published this content on 30 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2020 14:56:08 UTC