Balance Sheet Jerónimo Martins, SGPS, S.A.

Equities

JMT

PTJMT0AE0001

Food Retail & Distribution

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Jul. 25	JERONIMO MARTINS : Poor Q2 performance, pinned down by Biedronka and Ara!
Jul. 25	Transcript : Jerónimo Martins, SGPS, S.A., H1 2024 Earnings Call, Jul 25, 2024

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Published financial data: JERÓNIMO MARTINS, SGPS, S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	18.64B	19.29B	20.89B	25.38B	30.61B
Total Revenues	18.64B	19.29B	20.89B	25.38B	30.61B
Cost of Goods Sold, Total	14.56B	15.07B	16.39B	20.05B	24.36B
Gross Profit	4.08B	4.23B	4.5B	5.33B	6.25B
Selling General & Admin Expenses, Total	3.35B	3.54B	3.66B	4.26B	4.98B
Other Operating Expenses	2.94M	5.58M	-2M	11M	11M
Other Operating Expenses, Total	3.36B	3.54B	3.66B	4.27B	5B
Operating Income	719M	684M	842M	1.06B	1.26B
Interest Expense, Total	-159M	-148M	-147M	-165M	-237M
Interest And Investment Income	3.6M	2.21M	1M	15M	48M
Net Interest Expenses	-156M	-146M	-146M	-150M	-189M
Income (Loss) On Equity Invest.	-2K	114K	-	-	-1M
Currency Exchange Gains (Loss)	2.48M	-29.7M	-1M	-6M	26M
Other Non Operating Income (Expenses)	-5.65M	-4.71M	-7M	-8M	-11M
EBT, Excl. Unusual Items	560M	503M	688M	896M	1.08B
Restructuring Charges	-6.83M	-22.79M	-14M	-12M	-20M
Gain (Loss) On Sale Of Investments	1.9M	144K	-	2M	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-4.83M	-827K	-2M	-1M	-11M
Legal Settlements	-1.24M	-1.94M	-1M	-26M	-14M
Other Unusual Items	-	-19.14M	-19M	-45M	-24M
EBT, Incl. Unusual Items	549M	459M	652M	814M	1.01B
Income Tax Expense	128M	136M	168M	207M	239M
Earnings From Continuing Operations	421M	323M	484M	607M	772M
Net Income to Company	421M	323M	484M	607M	772M
Minority Interest	-30.9M	-10.59M	-21M	-17M	-16M
Net Income - (IS)	390M	312M	463M	590M	756M
Net Income to Common Incl Extra Items	390M	312M	463M	590M	756M
Net Income to Common Excl. Extra Items	390M	312M	463M	590M	756M
Per Share Items
Net EPS - Basic	0.62	0.5	0.74	0.94	1.2
Basic EPS - Continuing Operations	0.62	0.5	0.74	0.94	1.2
Basic Weighted Average Shares Outstanding	628M	628M	628M	628M	628M
Net EPS - Diluted	0.62	0.5	0.74	0.94	1.2
Diluted EPS - Continuing Operations	0.62	0.5	0.74	0.94	1.2
Diluted Weighted Average Shares Outstanding	628M	628M	628M	628M	628M
Normalized Basic EPS	0.51	0.48	0.65	0.86	1.05
Normalized Diluted EPS	0.51	0.48	0.65	0.86	1.05
Dividend Per Share	0.21	0.29	0.78	0.55	0.66
Payout Ratio	52.39	69.46	39.09	83.73	45.77
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	1.11B	1.09B	1.26B	1.5B	1.76B
EBITA	727M	690M	847M	1.06B	1.26B
EBIT	719M	684M	842M	1.06B	1.26B
EBITDAR	1.11B	1.1B	1.26B	1.5B	1.76B
Effective Tax Rate - (Ratio)	23.39	29.64	25.77	25.43	23.64
Total Current Taxes	158M	168M	181M	204M	246M
Total Deferred Taxes	-28.46M	-32.2M	-12M	-3M	-8M
Normalized Net Income	319M	304M	409M	543M	659M
Interest on Long-Term Debt	133M	127M	130M	140M	180M
Non-Cash Pension Expense	11.17M	5.56M	6M	7M	13M
Supplemental Operating Expense Items
Advertising Expense	110M	96.53M	112M	118M	139M
Selling and Marketing Expenses	3.03B	3.2B	3.31B	3.85B	4.49B
General and Administrative Expenses	322M	334M	351M	411M	495M
Research And Development Expense From Footnotes	2.94M	3.5M	4M	-	-
Net Rental Expense, Total	7.92M	2.55M	-2M	-1M	-1M
Imputed Operating Lease Interest Expense	5.37M	1.02M	-833K	-440K	-520K
Imputed Operating Lease Depreciation	2.55M	1.53M	-1.17M	-560K	-480K

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	929M	1.04B	1.49B	1.78B	1.94B
Short Term Investments	-	-	33M	21M	135M
Trading Asset Securities, Total	-	1.61M	-	2M	6M
Total Cash And Short Term Investments	929M	1.04B	1.53B	1.8B	2.08B
Accounts Receivable, Total	64.19M	42.83M	52M	66M	71M
Other Receivables	372M	368M	417M	541M	709M
Total Receivables	436M	410M	469M	607M	780M
Inventory	1.04B	974M	1.11B	1.49B	1.79B
Other Current Assets, Total	5.56M	6.79M	8M	13M	19M
Total Current Assets	2.41B	2.43B	3.11B	3.92B	4.67B
Gross Property Plant And Equipment	9.74B	9.86B	10.67B	11.8B	14.33B
Accumulated Depreciation	-3.43B	-3.87B	-4.43B	-4.94B	-5.88B
Net Property Plant And Equipment	6.3B	5.98B	6.24B	6.87B	8.45B
Long-term Investments	6.52M	6.92M	15M	33M	82M
Goodwill	641M	620M	618M	613M	635M
Other Intangibles, Total	146M	129M	132M	142M	155M
Deferred Tax Assets Long-Term	138M	163M	175M	201M	230M
Deferred Charges Long-Term	9.49M	11.37M	10M	3M	3M
Other Long-Term Assets, Total	96.65M	79.31M	65M	70M	73M
Total Assets	9.75B	9.43B	10.37B	11.84B	14.3B
Liabilities
Accounts Payable, Total	3.32B	3.26B	3.66B	4.58B	5.22B
Accrued Expenses, Total	523M	612M	711M	785M	942M
Short-term Borrowings	34.1M	-	-	-	-
Current Portion of Long-Term Debt	390M	160M	113M	232M	485M
Current Portion of Leases	385M	377M	394M	430M	530M
Current Income Taxes Payable	52.14M	50.21M	47M	55M	94M
Unearned Revenue Current, Total	3.63M	6.88M	11M	15M	16M
Other Current Liabilities	338M	280M	394M	429M	536M
Total Current Liabilities	5.05B	4.74B	5.32B	6.52B	7.83B
Long-Term Debt	309M	364M	347M	238M	280M
Long-Term Leases	2B	1.9B	1.99B	2.25B	2.85B
Pension & Other Post Retirement Benefits	69.67M	70.08M	70M	69M	78M
Deferred Tax Liability Non Current	70.68M	65.81M	66M	90M	104M
Other Non Current Liabilities	28.54M	33.61M	35M	90M	88M
Total Liabilities	7.52B	7.17B	7.84B	9.26B	11.23B
Common Stock, Total	629M	629M	629M	629M	629M
Additional Paid In Capital	22.45M	22.45M	22M	22M	22M
Retained Earnings	1.4B	1.49B	1.77B	1.87B	2.28B
Treasury Stock	-6.06M	-6.06M	-6M	-6M	-6M
Comprehensive Income and Other	-67.01M	-129M	-140M	-183M	-109M
Total Common Equity	1.97B	2.01B	2.28B	2.33B	2.81B
Minority Interest	254M	249M	254M	254M	253M
Total Equity	2.23B	2.26B	2.53B	2.58B	3.07B
Total Liabilities And Equity	9.75B	9.43B	10.37B	11.84B	14.3B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	628M	628M	628M	628M	628M
ECS Total Common Shares Outstanding	628M	628M	628M	628M	628M
Book Value / Share	3.14	3.2	3.62	3.71	4.48
Tangible Book Value	1.19B	1.26B	1.53B	1.58B	2.02B
Tangible Book Value Per Share	1.89	2	2.43	2.51	3.22
Total Debt	3.12B	2.8B	2.85B	3.15B	4.15B
Net Debt	2.19B	1.75B	1.32B	1.34B	2.07B
Debt Equivalent Oper. Leases	63.32M	20.43M	-16M	-8M	-8M
Minority Interest, Total (Incl. Fin. Div)	254M	249M	254M	254M	253M
Equity Method Investments, Total	5.19M	5.59M	13M	16M	80M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	10.35M	13.54M	13M	17M	18M
Inventories - Work In Process, Total	1.9M	1.64M	2M	3M	9M
Inventories - Finished Goods, Total	1.11B	1.08B	1.2B	1.6B	1.92B
Land - (BS)	528M	518M	525M	4.99B	5.77B
Buildings, Total	3.92B	3.99B	4.17B	-	-
Machinery, Total	2.4B	2.46B	2.65B	2.84B	3.35B
Full Time Employees	102K	99.3K	104K	111K	114K
Part Time Employees	13.85K	18.91K	19.07K	19.77K	20.25K
Accumulated Allowance for Doubtful Accounts (Supple)	17.77M	18.36M	17M	15M	14M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	390M	312M	463M	590M	756M
Depreciation & Amortization - CF	701M	721M	733M	769M	889M
Amortization of Goodwill and Intangible Assets - (CF)	7.74M	6.44M	5M	4M	3M
Depreciation & Amortization, Total	709M	727M	738M	773M	892M
Amortization of Deferred Charges, Total - (CF)	6.4M	6.85M	7M	9M	10M
Minority Interest in Earnings - (CF)	30.9M	10.59M	21M	17M	16M
(Gain) Loss From Sale Of Asset	6.07M	4.92M	4M	4M	15M
(Gain) Loss on Sale of Investments - (CF)	-1.9M	-144K	-	-	1M
(Income) Loss On Equity Investments - (CF)	2K	-114K	-	-	-
Other Operating Activities, Total	166M	199M	147M	167M	159M
Change In Accounts Receivable	-5.77M	22M	-4M	-11M	-16M
Change In Inventories	-84.78M	-30.96M	-148M	-421M	-190M
Change In Accounts Payable	276M	198M	527M	931M	384M
Change in Other Net Operating Assets	-	-	1M	36M	-2M
Cash from Operations	1.49B	1.45B	1.76B	2.1B	2.02B
Capital Expenditure	-576M	-514M	-584M	-887M	-1.08B
Sale of Property, Plant, and Equipment	1.83M	3.82M	6M	57M	3M
Cash Acquisitions	-	-	-6M	-4M	-48M
Divestitures	-	-	-	-	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	2.99M	-350K	-33M	-6M	-108M
Other Investing Activities, Total	3.71M	21.94M	0	15M	49M
Cash from Investing	-567M	-488M	-617M	-825M	-1.18B
Long-Term Debt Issued, Total	99.94M	-	-	52M	198M
Total Debt Issued	99.94M	-	-	52M	198M
Long-Term Debt Repaid, Total	-264M	-420M	-326M	-321M	-348M
Total Debt Repaid	-264M	-420M	-326M	-321M	-348M
Common Dividends Paid	-204M	-217M	-181M	-494M	-346M
Common & Preferred Stock Dividends Paid	-204M	-217M	-181M	-494M	-346M
Other Financing Activities, Total	-181M	-171M	-169M	-187M	-256M
Cash from Financing	-549M	-807M	-676M	-950M	-752M
Foreign Exchange Rate Adjustments	7.69M	-41.12M	-10M	-33M	68M
Net Change in Cash	383M	112M	453M	287M	157M
Supplemental Items
Cash Interest Paid	166M	155M	152M	170M	241M
Cash Income Tax Paid (Refund)	155M	174M	174M	208M	254M
Levered Free Cash Flow	825M	611M	1.02B	971M	931M
Unlevered Free Cash Flow	925M	704M	1.11B	1.07B	1.08B
Change In Net Working Capital	-336M	-56.28M	-420M	-517M	-473M
Net Debt Issued / Repaid	-164M	-420M	-326M	-269M	-150M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.48	4.46	5.32	5.96	6
Return on Total Capital	11.23	8.22	10.09	11.92	12.12
Return On Equity %	19.82	14.39	20.21	23.72	27.32
Return on Common Equity	20.78	15.67	21.61	25.6	29.39
Margin Analysis
Gross Profit Margin %	21.87	21.91	21.53	21	20.42
SG&A Margin	17.99	18.34	17.51	16.79	16.29
EBITDA Margin %	5.93	5.67	6.03	5.9	5.74
EBITA Margin %	3.9	3.58	4.05	4.19	4.11
EBIT Margin %	3.86	3.54	4.03	4.18	4.1
Income From Continuing Operations Margin %	2.26	1.67	2.32	2.39	2.52
Net Income Margin %	2.09	1.62	2.22	2.32	2.47
Net Avail. For Common Margin %	2.09	1.62	2.22	2.32	2.47
Normalized Net Income Margin	1.71	1.58	1.96	2.14	2.15
Levered Free Cash Flow Margin	4.43	3.17	4.86	3.83	3.04
Unlevered Free Cash Flow Margin	4.96	3.65	5.3	4.23	3.53
Asset Turnover
Asset Turnover	2.27	2.01	2.11	2.29	2.34
Fixed Assets Turnover	3.73	3.14	3.42	3.87	4
Receivables Turnover (Average Receivables)	304.04	360.58	439.77	430.25	446.83
Inventory Turnover (Average Inventory)