Jeronimo Martins, Sgps S.a. · EURONEXT:JMT
Jeronimo Martins, Sgps — Jerónimo Martins — FY2009 Earnings Presentation
25 slides from Jeronimo Martins, Sgps's earnings presentation, Mar 3, 2010
Slide 1: 2009 Results Presentation
09 RESULTS PRESENTATION March 3rd, 2010
Slide 2: Highlights
Highlights • Solid Sales Performance across Different Banners • Sound Profits • Strong Balance Sheet – Prepared for New Growth Opportunities • Growth Potential Remains Strong in Current Geographies • Committed to Study New Regions 2
Slide 3: Results 2009 | Key Figures
Results 2009 | Key Figures (Euro mn) 2008 2009 Net Sales 6,893.7 +6.1 % 7,317.1 EBITDA 473.0 +11.6 % 528.0 Net attr. Results 163.2 +22.8 % 200.3 EPS (Euro) 0.26 0.32 Net Debt 845.9 692.0 Gearing 90.8% 64.9% Gross Dividend 0.11 +30.0 % 0.143 Proposal (Euro) 3
Slide 4: 2009 | A Tough Macroeconomic Environment
2009 | A Tough Macroeconomic Environment PORTUGAL POLAND ‘08 ‘09 ‘08 ‘09 +0.0% ‐2.7% Δ% GDP +4.9% +1.7% +2.6% ‐0.8% CPI +4.2% +3.5% +7.6% +9.5% Unemployment +9.8% +11.0% Sources: Bank of Portugal, INE (Portuguese Statistical Institute) and GUS (Polish Central Statistical Office) 4
Slide 5: A Tough Environment | Required Increased Strategic Focus
A Tough Environment | Required Increased Strategic Focus Prepared to Give Immediate Response to New Market Habits… Differentiated value propositions Fine‐tuned value retailing formats Competitive prices – price leadership LCO (Lowest Cost Operator) Internal tools for permanent market monitoring Flex
Slide 6: Fine-tuned Value Retailing Formats | Strong Top Line Performance
Fine-tuned Value Retailing Formats | Strong Top Line Performance Consolidated sales grew +6.1% (+18.4% excluding F/X) driven by… 1,049 8 ,163 7,317 (Euro mn) 6,894 191 34 ‐5 ‐846 +2.8% ‐ 0.5% ‐ 0.1% +15.2% +18.4% ‐ 12.3% +6.1% 2008 JMR Recheio Others Biedronka 2009 exc. F/X F/X 2009 … Healthy +4.4%
Slide 7: Flexibility to Adjust to New Habits | Pingo Doce
Flexibility to Adjust to New Habits | Pingo Doce Total sales grew +12.8% driven by LFL and Plus contribution 9 Total Sales Evolution (Euro mn) 9 LFL Sales Evolution: +8% (FY) in volumes 199 2,194 6.0% 1,944 50 4.6% 2.7% 2.7% +2.6% +10.2% +12.8% Q109 Q209 Q309 Q409 09FY 2008 LFL New stores / 2009 Plu
Slide 8: Flexibility to Adjust to New Habits | Biedronka
Flexibility to Adjust to New Habits | Biedronka Total sales grew +29.8% in PLN driven by LFL and new stores 9 Total Sales Evolution (PLN mn) 9 LFL Sales Evolution 9.4% 2,723 16,067 8.1% 7.9% 8.3% 7.7% 964 12,380 +7.8% +22.0% +29.8% 2008 LFL New stores 2009 / Plus / Q109 Q209 Q309 Q409 09FY Revamping
Slide 9: Flexibility to Adjust to New Habits | Recheio
Flexibility to Adjust to New Habits | Recheio Total sales grew +5.2% driven by growth in both Traditional and HoReCa 9 LFL Sales Evolution: +4%(FY) in volumes 9 Sales Breakdown 2.6% HoReCa 1.8% 43% 1.7% 1.7% Retail 41% 0.8% Others Q109 Q209 Q309 Q409 09FY 17% Specialised and very competitive offer t
Slide 10: Maintain Focus on The Market | Manufacturing
Maintain Focus on The Market | Manufacturing Sales Breakdown 9 Marketing support to key brands in the portfolio to defend leadership Food Solutions Ice cream 3.6% 18.3% 33.6% 9 Innovation to areas where the market share Food is strong 19.2% 9 Volumes with positive evolution in several Olive Oil and
Slide 11: Value Retailing Formats | Efficiently Managing the Challenges
Value Retailing Formats | Efficiently Managing the Challenges Total EBITDA grew +11.6% (+24.8% excluding F/X) Consolidated EBITDA (Euro mn) Formats were well prepared to adapt to new challenges, without compromising their profitability: 9Relevant scale: organic growth and acquisitions in 528 recent
Slide 12: Solid & Flexible Business Models | 2009 - A Strong Year
Solid & Flexible Business Models | 2009 - A Strong Year (Euro mn) 2009 % 2008 % Δ% Net Sales & Services 7,317.1 6,893.7 6.1% EBITDA 528.0 7.2% 473.0 6.9% 11.6% Depreciation ‐168.3 ‐2.3% ‐157.6 ‐2.3% 6.8% EBIT 359.7 4.9% 315.4 4.6% 14.1% Net Financial Results ‐70.4 ‐1.0% ‐85.3 ‐1.2% ‐17.5% Non Recurr
Slide 13: Maintaining the Long Term Vision | Execution of Expansion Plan
Maintaining the Long Term Vision | Execution of Expansion Plan Increasing Capex Discipline not Compromising Strategic Priorities 9 Biedronka expansion remained top priority inside the investment plan ‐ 163 new stores 9Pingo Doce prioritising projects, focusing on former Plus stores conversion (20 lo
Slide 14: Maintaining the Long Term Vision | Strengthening the Balance Sheet
Maintaining the Long Term Vision | Strengthening the Balance Sheet Strong Balance Sheet, Gearing Back on Track. Prepared for New Growth (Euro mn) 2009 2008 (Euro mn) 1000 200% Net Goodwill 736.6 734.1 846 Net Fixed Assets 2,101.6 1,967.5 800 692 150% Net Working Capital ‐1,201.5 ‐1,065.1 Others 121.
Slide 15: 2010 Outlook | Promising Year Ahead
2010 Outlook | Promising Year Ahead • The Group’s formats have started 2010 with positive sales trend • Formats’ strength and competitive positioning anticipate solid evolution in sales and results for 2010 • Top priority will given to increase market share in LFL terms • Biedronka to open c.170 new
Slide 16: Q&A
Q&A 16
Slide 17: Appendix
APPENDIX 17
Slide 18: Group Structure by Business
GROUP STRUCTURE Sales EBITDA Nr. Sales Area Sales/ LFL Ow nership Consolidation (Million Euro) Margin Stores (sqm) sqm * Δ% 09 08 D% 09 08 09 09 09 09/08 Supermarkets (Leader) ** 51% I 2,193.6 1,944.6 12.8% 334 352,276 6.3 2.7% Portugal Mainland 7.0% 6.7% rd Hypermarkets (3 Player) ** 51% I 307.2 36
Slide 19: Group Structure 2009 YE
GROUP STUCTURE 2009 YE Jerónimo Martins, SGPS S.A. Market Cap. = Euro 4.4 bn* Sales 09FY= Euro 7,317 mn EBITDA 09FY = Euro 528 mn (7.2%) Inv. Capital 09 YE = Euro 1,758 mn Food Distribution Manufacturing Services Portugal Portugal 51% 100% 100% 45% Retail Unilever Wholesale Retail 100% JMD (Agency a
Slide 20: Sales Breakdown
SALES BREAKDOWN 2009 2008 Δ% Tho. Euro % total Tho. Euro % total Pln Euro Retail Mainland 2,708,312 37.0% 2,503,354 36.3% 8.2% Cash & Carry Mainland 688,544 9.4% 654,484 9.5% 5.2% Madeira 131,552 1.8% 128,387 1.9% 2.5% Poland ‐ Biedronka 3,724,684 50.9% 3,520,934 51.1% 29.8% 5.8% Manufacturing 237,7
Slide 21: Sales Growth
SALES GROWTH Total Sales Growth LFL Sales Growth Q1 09 Q2 09 Q3 09 Q4 09 09 FY Q1 09 Q2 09 Q3 09 Q4 09 09 FY JMR 11.2% 12.8% 4.1% 6.0% 8.3% ‐4.6% 3.1% 0.7% 3.9% 0.9% Superma rkets 16.1% 17.4% 8.4% 10.4% 12.8% ‐3.6% 4.6% 2.7% 6.0% 2.7% Hypers * ‐12.9% ‐13.3% ‐20.3% ‐16.0% ‐16.0% ‐10.1% ‐8.4% ‐13.9% ‐
Slide 22: Store Network
STORE NETWORK NUMBER OF STORES Openings Closings Network 08 YE Q1 09 Q2 09 Q3 09 Q4 09 09 FY Q1 09 H1 09 9M 09 09 FY JMR 343 1 3 4 2 10 344 342 342 343 Supermarkets 334 1 3 4 2 10 335 333 333 334 Hypers 9 0 0 0 0 0 9 9 9 9 Recheio 35 0 0 0 0 0 35 35 35 35 Madeira 15 0 0 0 0 0 15 15 15 15 Biedronka 1
Slide 23: EBITDA Breakdown
EBITDA BREAKDOWN EBITDA Margin 2009 % total 2008 % total Reta i l Ma i nl a nd ‐s tore s a l es 7.0% 33.3% 6.7% 32.7% Ca s h & Ca rry Ma i nl a nd 6.0% 7.8% 6.1% 8.5% Ma dei ra 4.8% 1.2% 3.6% 1.0% Pol a nd ‐ Bi edronka 7.3% 51.4% 6.9% 51.2% Mkt, Repr. a nd Res t. Servi ces 1.6% 0.3% 1.3% 0.2% Ma nuf
Slide 24: Disclaimer
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 information contained in t
Slide 25: 25
25