Jerónimo Martins SGPS, S.A. First Quarter 2014 Results

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1 Jerónimo Martins SGPS, S.A. First Quarter 2014 In the first three months of the year, consolidated sales grew by 5.6% at constant exchange rates. This performance incorporates the negative calendar effect of a later Easter season. Consolidated Sales reached 2.9bn Biedronka sales grew 6.6% in local currency Pingo Doce sales increased 2.7%, excluding fuel In Poland and in Portugal market shares have increased Investments to strengthen our market positions and in the new businesses impacted the profit development Message from the Chairman and CEO Pedro Soares dos Santos (Million Euro) Q1 14 Q1 13 Δ% (Euro) Δ% (w/o F/X) Consolidated Sales 2, , EBITDA EBITDA Mg (%) Net Profit JM w/o non-recurrent EPS ( ) Net Debt Gearing (%) FINANCIAL CALENDAR H : 29 July M 2014 : 29 October 2014 Investor Relations Office investor.relations@jeronimo-martins.pt Cláudia Falcão Hugo Fernandes claudia.falcao@jeronimo-martins.pt hugo.fernandes@jeronimo-martins.pt Jerónimo Martins, SGPS, S.A. Public Company Head office: Largo Monterroio Mascarenhas, nº 1, 9º andar Lisboa Share Capital: Euro 629,293, Registered at the C.R.C. of Lisbon and Tax Number:

Key Performance Figures NET CONSOLIDATED PROFIT (Million Euro) Net Sales and Services Q1 14 2,912 Q1 13 2,772 5.1% Total Margin 623 21.4% 595 21.5% 4.7% Operating Costs -464-15.9% -428-15.4% 8.

2 Key Performance Figures NET CONSOLIDATED PROFIT (Million Euro) Net Sales and Services Q1 14 2,912 Q1 13 2, % Total Margin % % 4.7% Operating Costs % % 8.5% EBITDA % % -5.1% Depreciation % % 10.5% EBIT % % -14.0% Financial % % -18.5% Profit in Associated Companies 3 0.1% 2 0.1% 24.8% Non-Recurrent Items 0 0.0% % -56.3% EBT % % -12.3% Taxes % % -1.3% Net Profit % % -15.2% Non Controlling Interests % % 54.4% Net Profit attributable to JM % % -17.1% EPS ( ) % SALES EVOLUTION EBITDA EVOLUTION 2

Sales & Profit Analysis Consolidated sales reached 2,912m, a growth of 5.1% on the first three months of the previous year, including a small negative forex effect of -0.5%.

3 Sales & Profit Analysis Consolidated sales reached 2,912m, a growth of 5.1% on the first three months of the previous year, including a small negative forex effect of -0.5%. In line with the previous quarters, the food retail environment in Poland remained highly competitive with strong promotional activities by all major players. Although LFL traffic increased in the period by c. 1.5%, Biedronka s LFL sales declined 2.7%, impacted by a later Easter. In a more volatile pricing environment, Biedronka continued its strong promotional campaigns initiated in July 2013 and maintained its price leadership position. Biedronka s sales grew by 6.6% in local currency (+5.9% in Euro) to 1,953m. Expansion remains a strategic priority and the Company continues to invest in new and remodelled stores. In Portugal continuous promotions kept dominating the commercial strategies of all players. Pingo Doce continued to deliver strongly, driven by the very effective execution of its promotional programmes. Despite a strong price deflation, LFL sales, excluding fuel, grew 2.0% in Q1. Total sales of the Company reached 743m, a growth of 2.3% (excluding fuel, sales increased by 2.7%), and two new stores were opened in the quarter. Recheio's sales were in line with the same period last year, a solid performance in a difficult market. The new businesses of Ara and Hebe generated sales of 29m in the first three months compared with 13m in Q Consolidated EBITDA declined 5.1% to 158m. The EBITDA margin was 5.4%, 60bps down on the previous year s quarter due to calendar effect, the price investments in the main retail businesses and 2.4m of additional start-up costs in Ara and Hebe. In Poland, Biedronka's EBITDA margin declined by 70bps to 6.5%, mainly due to soft sales and price investments. The EBITDA margin of the Distribution businesses in Portugal at 5.2% was in line with the prior year s quarter, supported by the strong sales performance of Pingo Doce. Financial charges for the Group were 9m, slightly down on the same quarter last year partly as a result of a lower exchange rate impact from the zloty depreciation. Net Profit attributable to Jerónimo Martins was 13m lower at 62m (excluding the dilution of the new businesses was down by 8m). The Group capex was 109m in the quarter, of which 87% were invested in Biedronka. 3

4 The Free Cash Flow in the period was - 122m, after capex payments of 138m and the normal seasonality associated to working capital payments in Q1. Net Debt increased to 471m and Gearing was 27.6%. Outlook for 2014 In the current market conditions we will improve our efficiency and invest, as necessary, in commercial actions to maintain our competitive positions and grow sales ahead of the markets. Expansion will remain a key priority in our growth strategy and the capex programme is expected to be in the range of 600 to 700m, including c.300 new Biedronka stores. Disclaimer Statements in this release that are forward-looking statements are based on current expectations of future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties relate to factors that are beyond Jerónimo Martins ability to control or estimate precisely, such as general economic conditions, credit markets, foreign exchange fluctuations and regulatory developments. Except as required by any applicable law or regulation, Jerónimo Martins assumes no obligation to update the information contained in this release or to notify a reader in the event that any matter stated herein changes or becomes inaccurate. 4

5 Appendix INCOME STATEMENT BY FUNCTIONS (Million Euro) Q1 14 Q1 13 Net Sales and Services 2,912 2,772 Cost of Sales -2,290-2,177 Gross Profit Distribution Costs Administrative Costs Exceptional Operating Profit/Loss 0-1 Operating Profit Net Financial Costs Gains/Losses in other Investments 0 0 Profit in Associated Companies 3 2 Profit Before Taxes Income Taxes Profit Before Non Controlling Interests Non Controlling Interests -3-2 Net Profit attributable to JM Note: Non Recurrent Items in the Net Consolidated Profit table in page 2 of this report include the values in Exceptional Operating Profit/Loss and in Gains/Losses in other investments shown in the table above. SALES BREAKDOWN (Million Euro) Q1 14 Q1 13 % total % total Pln Euro Biedronka 1, % 1, % 6.6% 5.9% Pingo Doce (store sales) % % 2.3% Recheio % % -0.1% Mkt. Repr. and Rest. Serv % % -5.3% Others & Cons. Adjustments % 9 0.3% n.a. Total JM 2, % 2, % 5.1% SALES GROWTH Total Sales Growth LFL Sales Growth Q1 14 Q1 14 Biedronka Euro 5.9% PLN 6.6% -2.7% Pingo Doce 2.3% 1.1% Ex-Fuel 2.7% 2.0% Recheio -0.1% -1.0% 5

6 STORE NETWORK Number of Stores 2013 Openings Closings Network Q1 14 Q1 14 Q1 14 Q1 13 Biedronka 2, ,405 2,145 Pingo Doce Recheio Sales Area (sqm) 2013 Openings Closings/ Remodellings Network Q1 14 Q1 14 Q1 14 Q1 13 Biedronka 1,500,038 13,212-4,448 1,517,698 1,317,779 Pingo Doce 457,171 2,400 1, , ,771 Recheio 129, , ,295 EBITDA MARGIN BREAKDOWN (% of sales) Q1 14 % total Q1 13 % total Biedronka 6.5% 79.8% 7.2% 79.3% Distribution Portugal 5.2% 29.9% 5.2% 27.9% Others & Cons. Adjustments n.a. -9.6% n.a. -7.2% JM Consolidated 5.4% 100% 6.0% 100% BALANCE SHEET (Million Euro) Q Q1 13 Net Goodwill Net Fixed Assets 2,974 2,940 2,712 Total Working Capital -1,548-1,686-1,598 Others Invested Capital 2,182 1,995 1,831 Total Borrowings Leasings Accrued Interest Marketable Sec. & Bank Deposits Net Debt Non Controlling Interests Share Capital Reserves and Retained Earnings Shareholders Funds 1,711 1,649 1,560 Gearing 27.6% 21.0% 17.4% CASH FLOW (Million Euro) Q1 14 Q1 13 EBITDA Net Interest -5-5 Income Tax Funds From Operations Capex Payment Working Capital Movement Free Cash Flow

7 FINANCIAL COSTS BREAKDOWN (Million Euro) Q1 14 Q1 13 Net Interest -8-7 Exchange Differences 0-1 Others -1-2 Financial Definitions Like For Like (LFL) sales: sales made by stores that operated under the same conditions in the two periods. Excludes stores opened or closed in one of the two periods. Sales of stores that underwent profound remodelling are excluded for the remodelling period (store closure). Gearing: Net Debt / Shareholder Funds 7

Jerónimo Martins, SGPS, S.A. 2012 Full Year Results

Jerónimo Martins, SGPS, S.A. 2012 Full Year Results Lisbon, 27 February 2013 In a difficult macroeconomic environment, Jerónimo Martins has strengthened its competitiveness in all markets Consolidated