2006 FY Results. Focus on growth and returns

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1 2006 FY Results Focus on growth and returns

2 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 this presentation or to notify a reader in the event that any matter stated herein changes or becomes inaccurate. 2

3 Group Structure Jerónimo Martins, SGPS (as at Jan. 07) Food Distribution 51% 100% 100% Retail Wholesale Retail Portugal Portugal Poland Pingo Doce Supermarkets Recheio Biedronka (189 stores) Cash & Carry Discount Feira Nova (33 stores) (905 stores) Hypermarkets (9 hypers) (29 compacts) Manufacturing Portugal 45% Unilever Jerónimo Martins Fima/Lever/Olá 100% 100% 51% Services Portugal JMD (Agency and Marketing Services) JM Restauração (Specialised Retail) Hussel (Specialised Retail Sweets and Chocolates) 3

4 2006 FY Results Net Sales increased 15.1% (+13.8% ex-currency) Net Sales (Euro Million) +15.1% 4,407 Consolidated Sales breakdown FY2006 3, % +27.3% Biedronka 39% Manuf. & Serv. 6% Retail Port. 38% 1,538 1,707 1,348 1, % % +5.6% Retail Portugal C&C Madeira Poland Manuf. & Services JM Madeira 3% C&C 14%

5 2006 FY Results EBITDA reached Euro million (+3.4% on 2005) Euro Million EBITDA Mg FY JMR 8.2% C&C 6.0% % 8.1% Madeira 5.5% Poland 5.3% Manuf. & Serv. 14.2% Retail Portugal C&C Madeira Poland Others JM Group 06 JM Group 05 JM 7.2% 5

6 2006 FY Results Profit & Loss Account Eur Mio. % Eur Mio. % Δ% Net Sales & Services 4,407 3, % Gross Margin 1, % % 10.6% Operating Costs % % 14.0% Provisions % % 116.6% EBITDA % % 3.4% EBIT % % 1.5% Net Financial Results % % -8.6% Non Recurrent Items % 9 0.2% n.a. EBT % % 10.6% Net Profit % % 3.5% Net Profit attr. to JM % % 5.2% EPS (euro) % Cash Flow per share (euro) % 6

7 2006 FY Results Balance Sheet Eur Mio Net Goodwill Net Fixed Assets 1,364 1,128 Net Working Capital Others Invested Capital 1,273 1,168 Net Debt Minority Interests Share Capital Retained Earnings Shareholders Funds Gearing 66.0% 74.2% 7

8 2006 FY Results Pingo Doce Outstanding sales performance Solid LFL sales evolution (+11.2% growth in the year) 10 new stores (+8.1% new space) 25 stores revamped Sales of private brands grew by 38% 13,5% 13,0% 11,1% LFL sales growth: quarterly evolution 5,7% 4,8% 3,5% 4,4% 6,9% 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 8

9 2006 FY Results Feira Nova Strong expansion of the compact format Healthy LFL sales growth in compacts: +2.1% in new compact hypermarkets (+14.9% new space of Feira Nova) Perishables as one key axis (+36% increase in compacts) Market share increasing (+20bp YoY according to APED* December 2006) *APED Associação Portuguesa de Empresas de Distribuição (Organized Retailers Association) 9

10 2006 FY Results JMR Taking the opportunity to grow Store sales grew 11.0% in 2006 EBITDA margin at 8.2% of sales Continuous improvement of competitive position (c.2.5% deflation in Pingo Doce) Opening of 9 stores in Q4 (impact on cost structure) Strong revamping program (stores closed for an average period of one month each) Increase of 45% of electricity costs (+31bp) Focus remained on sales growth 10

11 2006 FY Results Recheio New business direction starts to show results Acceleration of sales growth in the HoReCa segment in 2006 (+5.7% LFLs) The Food Specialist : focus on perishables (+17% sales growth) food safety (HACCP Certification) Strong growth (+25%) in private brands Market share gains in the traditional segment EBITDA margin sustained at 6.0% of sales HoReCa is now the largest and fastest growing segment in Recheio sales mix 11

12 2006 FY Results Biedronka Solid contribution to Group s earnings LFL growth outperforming the Polish food retail sector: +11.8% 116 new stores and 16 closures (+14.8% net new space) Cash EBITDA growing faster than sales (+31.8%) New DC began to operate in October 12 th EBITDA margin increased 20bp to 5.3% of sales 15,9% 13,4% 11,4% 7,6% LFL sales growth: quarterly evolution 2,9% 5,0% 6,0% 6,4% 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 12

13 2006 FY Results Manufacturing Enlarging leadership Sales grew 5.0% in 2006 to Euro 253 million, even after the disposal of frozen food business Flexibility in prices drove volumes growth allowed to improve market shares in key categories Strong investments in marketing campaigns High pace of innovation (e.g. Knorr Vie, Ben&Jerry, Dove Self Tanning Lotion) EBITDA margin increased to 17.8% of sales in 2006 (+10bp on 2005) 13

14 Group Outlook 07

15 Outlook 2007 Key Issues Jerónimo Martins Group Towards a new stage of earnings growth Improve competitive positioning Double digit sales growth (growing at a higher pace than net earnings) Sustainability of cash EBITDA will also be a key target Group s margin reflecting heavy expansion plan and revamping program Capital turnover improvements expected to offset margin dilution Group s ROIC above 15% Capex program to surpass Euro 300 million Focus on value creation for JM shareholders 15

16 Outlook 2007 Key Issues Pingo Doce & Feira Nova Maintain Price Competitiveness Deflation on Average Basket Enhancing Differentiation + + Private Brands Perishables Cost Control Positive LFL sales + Organic growth Improve efficiency of invested capital (Capital Turnover) Bigger focus on margins as sales targets are achieved 16

17 Outlook 2007 Key Issues Pingo Doce & Feira Nova Taking the opportunity to grow Pingo Doce Minimum of 20 new stores (mainly to be opened in the 1H07) At least 25 stores revamped Expected sound LFL growth (c.5%) Focus on sales growth and market share gains Feira Nova Minimum of 7-8 new stores Gradually improving use and efficiency of invested capital and results Focus on the strengths of compact hypermarkets 17

18 Outlook 2007 Key Issues Recheio Segmentation - Increasing HoReCa weight Market share gains in both segments Developing Food Service Working on market consolidation FY target more weight on HoReCa than on Traditional Segment sales 18

19 Outlook 2007 Key Issues Biedronka Reinforcing Leadership Minimum of 120 new stores Expected LFL sales growth (a minimum of 5%) Fine tuning business model EBITDA mg to increase slightly Developing more Non Food and Perishables Increasing Exclusive Brands on total sales Value creation through optimization of invested capital 19

20 Outlook 2007 Key Issues Manufacturing Solid Leadership Strong promotional support of key brands Margins and Returns maintained Solid contribution to Group earnings 20

21 Outlook 2007 The Board of Directors of Jerónimo Martins SGPS, SA will propose in its next AGM (to be held on 30 th March 2007): Distribution of a gross dividend of Euro 0.44 per share (+4.8% versus previous year) Split the unitary value of its shares from 5 to 1 euro each Change in by-laws following recent changes in Commercial Companies Code 21

22 Group Outlook 08-09

23 Outlook Key Principles Remain focused on sales growth and client needs Consolidating market positions to deliver better returns Look for consolidation in those businesses where opportunities arise New geographic areas are under analysis for our best formats Maximum focus on increasing value for Shareholders 23

24 Outlook Group Guidance Target of Euro 6 billion sales by 2009 maintained Double digit sales growth (ex-currency) in the period Solid evolution of earnings following sales Capex program of c.euro 700 million over Dividend pay-out ratio in the 40-50% range 24

25 Appendix

26 Group Structure Ownership Consolidation Sales (Million euro) EBITDA Margin Δ% Nr. Stores 06 Sales Area (sqm) 06 Sales/ sqm * 06 LFL Δ% 06/05 F O O D D I S T R I B U T I O N Portugal Mainland Portugal Madeira Poland Supermarkets (Leader) 51% I % , % 8.2% 9.7% Hypermarkets (3 rd Player) 51% I % , % Cash & Carry (Leader) 100% I % 6.0% 6.7% , % (Lidosol) Supermarkets 13 10, % 75.5% I % 5.5% 8.0% (J.G.Camacho) Cash & Carry 2 3, % Retail Stores (Leader) 100% I 1, , % 5.3% 5.1% , % M A N U F A C T U R I N G Portugal Margarine, Olive Oil, Seed Oil 51% P Ready to Drink Tea & Savoury Home Care & Personal Care 40% P Ice Cream 26% P Representation & Marketing Services 100 I Chocolats 51% I % 14.2% 14.2% CONSOLIDATED 4, , % 7.2% 8.1% * in local currency ('000) I - Integral P - Proportional 26

27 2006 in Figures (Euro million) JM Sales = 4,407 JM EBITDA = 319 JM Inv. Capital = 1,274 Biedronka 1,715 Biedronka 90 Biedronka 178 Pingo Doce 968 Retail Portugal 141 Retail Portugal 819 Feira Nova 740 Recheio Manufacturing Others Recheio Manufacturing Others Recheio Manuf. & Others

28 2006 FY Results Consolidated Sales Δ % Eur Mio. % total Eur Mio. % total Pln Euro Retail Mainland 1, % 1, % n.a. 11.6% Cash & Carry Mainland % % n.a. 4.1% Madeira % % n.a. 5.7% Poland - Biedronka 1, % 1, % 23.4% 27.3% Manufacturing % % n.a. 5.0% Mkt, Repr. and Rest. Services % % n.a. 7.7% Total JM 4, % 3, % n.a. 15.1% p.m. Store Sales 1, % 1, % n.a. 11.0% 28

29 2006 FY Results Capex Million Euro Expansion Remodellling & Others Total Distribution in Portugal Distribution in Poland Manufacturing & Others Total Capex

30 Group Profile Pingo Doce Supermarkets The Format Price + Convenience + Perishables + Private Brand Leader in the supermarket segment in Portugal Network of 189 stores by December 06 Assortment of 5,000 SKU's Private brands +33% of total sales (excl. perishables) Prime proximity locations The best operator of perishables in the Portuguese market Lowest prices in dry grocery 30

31 Group Profile Feira Nova Hypermarkets The Format Price + Assortment + Perishables A leading hypermarket operator in Portugal Network of 9 hypers + 29 compact-hypers by December 2006 Average sales area: Hypers 9,200 sq.m. Compact-Hypers 2,300 sq.m. Full assortment (one-stop-shopping) High quality of perishables Non-food representing 23% of sales 31

32 Group Profile Recheio Cash&Carry The Format Leader in the market Network of 33 stores by December 2006 Two food service platforms Average sales area = 3,300 sq.m. Two different clients: Traditional Retailers sales under pressure, stores closing HoReCa high potential, without specialised competition in the Portuguese market 32

33 Group Profile Biedronka Discount The Format Price Leadership + Convenience + Exclusive Brands Leader in its segment in Poland Network of 905 stores by December 2006 Average sales area = 500 sq.m. Proximity locations EDLP Assortment of 815 SKU's Exclusive brands representing 60% of sales 33

34 Group Profile Biedronka 6 Years of Strong Growth No. Stores Customers Evolution ,2% LFL sales growth (%) 17,1% 11,7% 9,4% 11,8% Net Sales '000 PLN 2.946, , , , , ,7 5,4%

35 Group Profile Manufacturing A Solid Joint Venture A JV with more than 50 years It represents 6% of consolidated sales and 14% of consolidated EBITDA Leading brands in their markets Adjusting our strategy to a new competitive environment (private brand pre-eminence and a more price oriented customer) Innovation and competitive prices 35

36

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