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The net results of the Jerónimo Martins Group in 2020 -excluding the application of IFRS16 standards- reached 361 million euros, 16.6% less than the previous year, according to a statement from the group sent to the Securities Market Commission of Portugal (CMVM). With IFRS 16, the net result amounts to 312 million euros, 19.9% below 2019, according to the same statement, which indicates that “EPS is 0.50 euros per share. Excluding other (unusual) gains and losses, EPS was 0.55 euros, 12.6% below the previous year, ”the statement explains.
Jerónimo Martins’ consolidated sales grew 3.5% to 19.3 billion euros (plus 6.7% at constant exchange rates) with a like-for-like (LfL) of 3.5% – LfL is the indicator of the sector that compares the same number of stores in operation during different periods, excluding closings and openings of new units from the analysis. In the fourth quarter, sales grew 2.4% to 5,100 million euros (plus 6.8% at constant exchange rates), reports JM in the statement sent to CMVM.
The EBITDA of the JM Group, excluding IFRS 16, amounts to 1,024 million euros. With IFRS 16, EBITDA decreased by 1.0% (or more than 1.9%, at constant exchange rates) to 1,423 million euros, says JM. In the fourth quarter of 2020, EBITDA grew 1.6% (6.2%, at constant exchange rates) to 394 million euros, according to the statement.
At the Polish chain Biedronka, EBITDA grew 5.7% (plus 9.3% in local currency), the company says, adding that the respective margin was 9.3% versus 9.4% in 2019. In the fourth quarter of 2020, EBITDA grew 5.6% ( plus 10.9% in local currency) with a 9.5% margin, in line with the fourth quarter of 2019, reports Grupo JM. In distribution in Portugal, JM Group’s EBITDA decreased 21.0%, according to the statement. The margin was 5.4% (compared to 6.5% in 2019), according to the same statement.
In the fourth quarter of 2020, EBITDA fell 20.1% and the margin was 5.3% (compared to 6.4% in the fourth quarter of 2019). In the Colombian Ara network, EBITDA reduced losses from -28 million euros to -20 million euros in 2020, which translated into an 18.9% improvement in local currency. In the fourth quarter of 2020, EBITDA was 2 million euros compared to -3 million euros in the fourth quarter of 2019, says the JM Group.
Grupo JM’s cash flow in 2020 was 516 million euros, compared to 494 million euros generated in 2019, and the net cash position in 2020 amounted to 509 million euros (compared to 196 million euros in 2019 ). Including the liabilities for capitalized operating leases, the net debt reached 1,752 million euros, the statement also indicates, detailing that the ROIC before taxes, calculated without applying IFRS 16, reached 29.7% and with IFRS 16 ROIC before tax was 16.5% 16.3% in 2019).
The group chaired by Pedro Soares dos Santos also reported that the Board of Directors will propose to the General Shareholders’ Meeting the distribution of 50% of the net result (without IFRS 16), corresponding to the payment of a dividend of 181 million euros, equivalent to 0.288 euros per share (gross), the statement concludes.
“Strong operating performance in the fourth quarter, with Biedronka growing at double digits and Ara substantially improving its EBITDA”, marked the results of JM Group in 2020, and in Portugal, “results of Pingo Doce and do Recheio were pressured Investment was increased by margin to mitigate the impact of the restrictions introduced and thus protect the value propositions ”, comments the JM Group.
“In a year marked by unprecedented demand caused by the Covid-19 pandemic, JM Group posted a solid operating performance and strengthened its balance sheet,” said JM Group CEO Pedro Soares dos Santos.
“It was a year of real improvement on the part of our teams, especially those who, working in stores and distribution centers, were at the forefront of operations. To all our people I leave, once again, a note of special appreciation. We knew how to rise to the difficult circumstances, aware of the social role that our business assumes and firm in our mission to provide our customers with quality food products and solutions at a low price. And we did it, respecting all stakeholders and advancing our commitments to the sustainable development goals, ”says Pedro Soares dos Santos.
“Never, like in 2020, do we feel called to be close to our consumers, our people, our suppliers, especially small producers in the primary sector and the communities our businesses serve. From the first moment we tried to respond to the multiple challenges that were posed to our businesses at the same time that we took the initiative to support efforts where it was most needed: in hospitals and nursing homes, in research funding and food aid ”, he says the CEO.
“We enter 2021 with renewed confidence in the ability of each brand to anticipate the impacts of the pandemic crisis that continues, and will continue, marking the operational context, with greater intensity in the first half of the year. Looking ahead, we feel capable, despite the added challenges, of continuing to grow profitably and sustainably. The strength of our balance sheet allows us to remain faithful to our long-term vision, while taking the necessary actions to guarantee competitiveness and consumer preference and protect profitability in all our brands ”, concludes Pedro Soares dos Santos.
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