Operating cash flow (EBITDA) exceeded Euro 247 million, rising 27.5% on 2000;

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1 2001 ( NON AUDITED) HIGHLIGHTS Consolidated turnover reached Euro 4.2 billion, 7.3% growth from last year. Particularly remarkable was the like for like sales increase in Biedronka, more than 26%. Operating cash flow (EBITDA) exceeded Euro 247 million, rising 27.5% on 2000; The 8.4% increase in financial expenses was exclusively due to the adjustment resulting from the application of the IAS 39 to the hedging operation of the Brazilian assets, denominated in US dollars; excluding this effect financial expenses would have decreased by c. 3.5%. Net debt decreased by Euro 200 million in the 4th quarter due to the continued effort to reduce investments in working capital, particularly at the inventory level, to the disposal of non-core assets and to business seasonality; full year net debt declined by approximately Euro 300 million. The net income attributable to Jerónimo Martins amounting to a loss of Euro 86.5 million includes a series of non-recurrent items: impairment of assets and elimination of deferred taxes at Lillywhites and capital gains deriving from the disposal of VMPS (Water Business). Cash flow per share rose by 21% reflecting the Group s prime effort to reduce indebtedness.

2 PERFORMANCE PER COUNTRY Portugal Competitive pressures in food retail and good performances from the wholesale and manufacturing businesses Despite the reduced number of openings, consolidated sales of Pingo Doce and Feira Nova rose by 4.1% in However, as a result of several factors: the economic slowdown, the increase in competitive pressure, namely from convenience formats, and a weaker Christmas campaign, like for like sales in the last quarter were below 2000 figures. Nonetheless, Feira Nova mini-hypers experienced a positive change in accumulated like for like sales whilst the EBITDA margin of the retail business remained at the level of the previous years, representing roughly 10% of sales. On the other hand, the cash & carry business continued to perform favourably, in line with previous quarters. In 2001, sales grew by approximately 4.3% whilst the operating cash flow margin rose by 4%, as a result of the cost cutting policy started at the beginning of the year. Worth mentioning is the working capital decrease in the retail and wholesale areas in Portugal, due to a more efficient stock management, and the successful adaptation of information systems to the Euro. Finally, we point out the excellent performance in the manufacturing areas (still including the water business) where sales and operating results rose in spite of a less favourable economic situation. Poland Discount format proves successful JM sales in Poland exceeded Euro 1.2 billion, accounting for 29% of the Group s turnover. The Biedronka chain was the sole format responsible for this growth, with like for like sales increasing 26.2% in accumulated terms. Biedronka consolidated its leadership in the discount format, confirming the results of market surveys that appoint the chain as the most well known brand in the Polish market. The performance in the discount format is all the more remarkable taking into account that the Polish economy recorded the lowest growth rate of the last six years. On the other hand, the food retail market as far as supply is concerned, continued to show a remarkable dynamic, with the number of stores of international operators increasing at considerable pace. This greater competitive pressure was particularly noticeable in the hypermarket format. Regarding the cash & carry business, sales decreased as a result of a significant change in the commercial policy, in line with what had occurred in Portugal in 2000 with Recheio. From the 2 nd half of the year onwards, sales to traders were cancelled and the granting of credit was reduced. 2

3 The EBITDA margin stood quite close to break-even, due to the positive contribution of Biedronka that registered 3.1% operating cash flow margin. Brazil Economic instability increases competitive pressure Following a positive beginning to the year, the Brazilian economy started to slow down reflecting fears of a possible spread of Argentina s recession, the energetic rationing and the downturn of the world economy. Consumption fell steeply leading to competitive pressures particularly in the food retail sector in the State of S. Paulo. The consumer showed a clear preference for cheaper products as well as for low-margin goods. Therefore, although sales of the Sé chain did increase by 13% (in BRL), like for like sales deteriorated in the last quarter, and the company was unable to follow the extraordinary promotions carried out by some of its competitors at the end of the year. On the other hand, the cost structure remained extremely rigid. Aggravated by an inflation higher than retail sales inflation and by a late implementation of corrective measures, operating expenses grew above sales, with EBITDA posting a negative figure. To correct this situation, the Company is starting to implement an intervention plan at cost structure level, and in order to increase competitiveness, it is improving purchase and sourcing processes, including joint purchases with Ahold. DEBT AND FINANCIAL RESULTS In 2001, consolidated debt was reduced by Euro 300 million, due to: Disposal of non-core business areas and non operating real estate assets; Decrease in invested capital in stocks, namely in the retail areas (Portugal and Poland); Decrease in the capital expenditure level, compared to previous years % Tho. Eur Tho. Eur Quasi Equity 159, , % MLT EUR (inc. CCS Eur leg) 407, , % ST EUR 243, , % ST USD 58,368 47, % ST GBP 27,617 91, % ST & MLT BRL 61, , % ST PLN % CCS - USD amount 221, , % CCS - PLN amount 120, , % Financial debt * 1,300,219 1,593, % * including leasings FINANCIAL DEBT 3

4 The evolution of financial results should be analysed considering the different headings. Thus, the net interest figure almost did not change, given that the highest level at which average debt stood and the spreads applied were offset by the decrease in reference rates throughout the year. Except for the financial discounts and the POS s commissions, which vary according to sales, the remaining financial headings did not experience changes worthy of mention. However, adjustments had to be made in the profit and loss account relating to non-qualified currency hedging operations. The adoption of the international accounting standard no. 39 had an impact of Euro 14.4 million resulting almost exclusively from the foreign exchange adjustment made to the debt figure, which is denominated in US dollars. Excluding this impact, financial expenses would have decreased 3.5%. FINANCIAL RESULTS % Tho. Eur Tho. Eur Financial Discounts 26,626 21, % POS's Expenses -16,018-13, % Dividends 0 1, % Net Interest -114, , % Exchange Differences 831-1, % Others -13,249-13, % IAS 39-14,427 0 n.a. Total -130, , % INCOME TAX The significant increase in the income tax was recorded mainly in the deferred tax provision heading and was due to two factors: firstly, the adoption of a more conservative policy for calculating deferred taxes, namely of companies the tax credit of which is not to be used in the short term. Secondly, the elimination of the deferred tax at Lillywhites, Ltd and some of the companies which had posted losses in 2000 and have already used a part of the tax credit in PROSPECTS During 2002, the Group s prime goal will continue to be the reduction of financial debt in order to rebalance its funding structure. 4

5 In this light, JM intends to: Sell non-strategic assets, including non operational real estate (in March 12, it sold its shareholding in Lillywhites, Ltd); Improve working capital, namely at stock level; Undertake a more strict evaluation of new investments in all business areas Additionally, the Group is taking a series of measures aiming at improving the competitiveness and efficiency of operations in each business area: Re-positioning the Portuguese chains; Expansion of the partnership with Ahold, namely as concerns sourcing activities both in Portugal and Brazil; Centralization of logistics at Feira Nova and Biedronka; Re-definition of the cost structure, in Portugal and Brazil; Strengthening of the Biedronka brand leadership, based on a sustained growth of like for like sales, which should maintain their double digit figure. SHAREHOLDERS GENERAL MEETING The Shareholders General Meeting convened to approve the accounts will be held on the first half of May, at Jerónimo Martins head-office. The exact date will be announced shortly. ESTIMATED DATES OF RELEASE OF RESULTS FOR Jerónimo Martins expects to release its quarterly results for 2002 on the following dates: 1st quarter: 30th April nd quarter: 2nd September rd quarter: 28th October 2002 DEFINITIONS OF TERMS Like for like sales: sales of the stores that operated under the same conditions in both years. Excludes the openings, closings and remodellings occurred during one of the periods. Operating cash flow (EBITDA) per business area: operating result + depreciation and amortisation + financial discounts - POS s expenses + statutory extraordinary results (except for non-recurrent items). Cash flow per share: net earnings + provisions + depreciation and amortisation + deferred tax + IAS 39 on financial results. Interest cover: [operating results + financial discounts POS s expenses + statutory extraordinary results (except for non-recurrent items)] / [financial results financial discounts + POS s expenses shareholders interest zero coupon bonds interest IAS 39] 5

6 EXHIBITS 1. Statutory Consolidated Results 2. Consolidated revenues 3. Statistical data 4. Operating margins 5. Balance Sheet 6

7 STATUTORY CONSOLIDATED RESULTS Tho. Eur % S&S Tho. Eur % S&S % 01/00 Net sales & services 4,200,224 3,915,022 Total margin 1,140, % 1,075, % 6.1% Oper.Costs exclud. depreciation, amortisation & provisions -872, % -825, % 5.8% Provisions -20, % -56, % -63.8% EBITDA 247, % 194, % 27.5% Depreciation -144, % -121, % 19.0% EBITA 103, % 72, % 41.7% Goodwill amortisation -30, % -32, % -5.6% EBIT 72, % 40, % 79.6% Financial Results -130, % -120, % -8.4% EBT -58, % -80, % 27.3% Extraordinary result 21, % 15, % 33.2% Income tax -20, % -19, % 2.3% Deferred tax -15, % 25, % % Net income -72, % -59, % -23.5% Minority interests -13, % -4, % 181.7% Net income attr. to JM -86, % -63, % -35.4% Earnings per share (Euro) % Cash Flow per share (Euro) % CONSOLIDATED REVENUES % Tho. Eur % total Tho. Eur % total L.Currency Euro Portugal Retail mainland 1,531, % 1,471, % 4.1% Cash & carry mainland 542, % 519, % 4.3% Madeira 94, % 94, % 0.3% Manufacturing & services 438, % 421, % 4.0% Other operations and consolidation adj. -107, % -100, % 6.5% Total Portugal 2,499, % 2,406, % 3.9% Other Countries Poland - Biedronka 805, % 558, % 31.7% 44.2% Poland - Eurocash 297, % 321, % -15.3% -7.3% Poland - Jumbo 100, % 88, % 3.4% 13.2% JMD Brasil 412, % 450, % 13.0% -8.4% JM & Martins (50%) 36, % 39, % 6.8% -7.4% Lillywhites 48, % 50, % -1.7% -3.5% Total Other Countries 1,701, % 1,508, % 12.7% 12.7% Total Consolidated Revenues 4,200, % 3,915, % 7.3% 7.3% 7

8 STATISTICAL DATA Number of Stores Sales Area % Like for Lilke Supermarkets * , , % Feira Nova (HIP.) ,916 71, % Feira Nova (MH.) ,353 38, % Feira Nova Total , , % Cash & Carry * ,073 99, % Sé (SUPERS) ,972 54, % Sé (MH) ,061 34, % Sé Total ,033 89, % Apoio (C&C) ,341 20, % Biedronka ** , , % Jumbo ,800 28,800 n.a. Eurocash , , % *including Madeira stores ** openings 2001 = 35 stores OPERATING MARGINS EBITDA Retail Mainland 10.1% 8.7% Cash&Carry Mainland 6.5% 2.5% Madeira 10.0% 10.8% JMD Brazil -2.7% 3.7% Poland -0.3% -2.6% Agency 2.9% 4.2% Manufacturing 17.5% 15.9% JM management margins 6.2% 5.3% - Financial discounts -0.6% -0.6% + POS expenses 0.4% 0.4% - Statutory extraordinary results -0.5% -0.4% + Non recurrent extraordinary items 0.5% 0.2% JM statutory margins 5.9% 5.0% 8

9 BALANCE SHEET Tho. Eur Tho. Eur Operating Invested Capital 1,680,626 1,973,200 Non operating Invested Capital (*1) 8,717 36,366 Invested Capital 1,689,343 2,009,566 Financial Debt (*2) 1,301,091 1,594,268 Marketable Securities ,392 Net Debt 1,300,700 1,592,876 Shareholders loans 109,025 26,885 Minority interests 87, ,892 Equity 192, ,913 Shareholders Funds 388, ,690 Gearing 334.7% 382.3% Interest cover (*1) Financial investments, goodwill accumulated amortisation, income tax provision and deferred tax provision (*2) Including leasings 9

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