Jerónimo Martins, SGPS, S.A. (JRONF) Q1 2023 Profits Name Transcript

Jerónimo Martins, SGPS, S.A. (OTCPK:JRONF) Q1 2023 Effects Convention Name April 27, 2023 4:00 AM ET

Corporate Contributors

Ana Luisa Virginia – CFO

Convention Name Contributors

Joao Pinto – JB Capital

William Woods – Bernstein

Jose Rito – CaixaBank

Nick Coulter – Citi

Nicolas Champ – Barclays

Ana Luisa Virginia

Just right morning, girls and gents and thanks for becoming a member of this name to Provide First Quarter 2023 Effects. In our company web page assessed fabrics is to be had. Comprising the discharge, a slide presentation and impact sheet.

Q1 figures certainly mirror a excellent begin to the yr. All banners leveraged the sturdy aggressive positions held at year-end to proceed fueling enlargement in 1 / 4 when meals inflation stays a key function of the efficiency. With customers regularly extra harassed, our strategic center of attention stays unchanged with worth competitiveness because the important software to force enlargement, give protection to volumes and mitigate up to conceivable buying and selling down results.

The result of this strategic choice was once in particular exceptional in Poland, the place regardless of the demanding situations Biedronka delivered an excellent efficiency. Workforce gross sales grew via 23.4% to achieve €6.8 billion. And you will need to flag that foreign money devaluation was once a headwind to enlargement. At consistent alternate charges, crew gross sales grew via 26.5%. The sturdy gross sales efficiency led EBITDA to develop via 20.1% to achieve €446 million. EBITDA margin declined 18 foundation issues to six.6%. Money waft technology was once adverse in €226 million, displays seasonal operating capital outflow of the trade within the first quarter.

Our monetary scenario stays extraordinarily forged. By means of the tip of March, web money place except capitalized running rentals, was once at €1 billion. We entered 2023 with continual top meals inflation additionally reflecting the comps as inflation sped up in Poland and Portugal from Q2 2022 onwards, when the warfare exacerbated the drive on meals and effort costs.

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