Presentation of Jumbo at the Hellenic Fund and Asset management Association
At the Annual Analysts’ Presentation that took place on 12.04.2023 at the Hellenic Fund and Asset management Association in Athens through teleconference, the management presented the Group’s activities, the financial results of the Jumbo Group for 2022 as well as the prospective of the financial year started in January 2023.
2022 Figures
• Sales increased by 14,12% y-o-y and stood at EUR 949,38 million.
• Gross profit margin reached 55,92% vs 55,66% in 2021
• EBITDA for the Group landed at EUR 336,75 million form EUR 304,99 million in 2021, increased by 10% y-o-y.
• The Group’s net income increased by 14.78% y-o-y at EUR 248,60 million
Liquidity
As at 31 December 2022, the Group was net cash positive by EUR 522,48 million versus EUR 549,14 million as at 31.12.2021.
During 2022, the Company paid via extraordinary cash distributions a gross amount of 1,1550 EUR/share. In 2021 it had paid 0,77 EUR / share gross.
2023 figures
Group sales in March 2023, increased by 22% y-o-y. As a result, sales for the first three months of 2023, recorded an increase of 33% y-o-y.
Sales performance by country:
Greece:
In March 2023, sales - excluding intragroup – increased by c. 26% y-o-y. Overall for the first quarter of 2023, the net sales of the parent company - excluding intragroup - increased by c. 35,5% y-o-y.
Cyprus:
Sales in March 2023 increased by c. 18% y-o-y. For the first quarter of 2023, sales in Cyprus - increased by c 30% y-o-y.
Bulgaria:
Sales in March 2023 increased by c. 17% y-o-y. For the first quarter of 2023, sales in Bulgaria increased by c 33% y-o-y.
Romania:
Sales in March 2023 increased by c. 18% y-o-y. For the first quarter of 2023, sales in Romania increased by c. 29% y-o-y.
2023 Budget
Considering the strong start of the year, management estimates that in 2023:
• Sales may increase by 15% y-o-y.
• Gross profit margin could land at 54%
• If the above-mentioned sales performance is confirmed, the Group’s net earnings may range in 2023 between EUR 270mil and EUR 275 mil.
We highlight during the first quarter of 2023, the Company proceeded with a cash distribution of 1,1550 EUR / share (gross), to match 2022’s distribution.
The Company, capitalizing its strong financial position, believes it is prudent to proceed with the prepayment of the entire bond loan of EUR 200m, issued in 2018 and maturing in 2026, on zero additional cost.
The company will complete the legal process to prepay the loan before the next interest payment period (May 2023).
As at 31η December 2022, JUMBO Group operated 83 stores:
• 53 in Greece,
• 5 in Cyprus,
• 9 in Bulgaria,
• 16 in Romania.
Moreover, in Greece and Cyprus the online store www.e-jumbo.gr is available.
2023 rollout plan:
• Leased hyper-store at Plovdiv, Bulgaria
• Owned hyper-store at Iasi, Romania
• Online store in Romania
• Hyper- store in Nicosia Cyprus, or in the first four months of 2024.
The Company, through collaborations, has presence, with 33 stores operating under the JUMBO brand, in 7 countries (Albania, Kosovo, Serbia, North Macedonia, Bosnia and Montenegro and Israel).
2022 Figures
• Sales increased by 14,12% y-o-y and stood at EUR 949,38 million.
• Gross profit margin reached 55,92% vs 55,66% in 2021
• EBITDA for the Group landed at EUR 336,75 million form EUR 304,99 million in 2021, increased by 10% y-o-y.
• The Group’s net income increased by 14.78% y-o-y at EUR 248,60 million
Liquidity
As at 31 December 2022, the Group was net cash positive by EUR 522,48 million versus EUR 549,14 million as at 31.12.2021.
During 2022, the Company paid via extraordinary cash distributions a gross amount of 1,1550 EUR/share. In 2021 it had paid 0,77 EUR / share gross.
2023 figures
Group sales in March 2023, increased by 22% y-o-y. As a result, sales for the first three months of 2023, recorded an increase of 33% y-o-y.
Sales performance by country:
Greece:
In March 2023, sales - excluding intragroup – increased by c. 26% y-o-y. Overall for the first quarter of 2023, the net sales of the parent company - excluding intragroup - increased by c. 35,5% y-o-y.
Cyprus:
Sales in March 2023 increased by c. 18% y-o-y. For the first quarter of 2023, sales in Cyprus - increased by c 30% y-o-y.
Bulgaria:
Sales in March 2023 increased by c. 17% y-o-y. For the first quarter of 2023, sales in Bulgaria increased by c 33% y-o-y.
Romania:
Sales in March 2023 increased by c. 18% y-o-y. For the first quarter of 2023, sales in Romania increased by c. 29% y-o-y.
2023 Budget
Considering the strong start of the year, management estimates that in 2023:
• Sales may increase by 15% y-o-y.
• Gross profit margin could land at 54%
• If the above-mentioned sales performance is confirmed, the Group’s net earnings may range in 2023 between EUR 270mil and EUR 275 mil.
We highlight during the first quarter of 2023, the Company proceeded with a cash distribution of 1,1550 EUR / share (gross), to match 2022’s distribution.
The Company, capitalizing its strong financial position, believes it is prudent to proceed with the prepayment of the entire bond loan of EUR 200m, issued in 2018 and maturing in 2026, on zero additional cost.
The company will complete the legal process to prepay the loan before the next interest payment period (May 2023).
As at 31η December 2022, JUMBO Group operated 83 stores:
• 53 in Greece,
• 5 in Cyprus,
• 9 in Bulgaria,
• 16 in Romania.
Moreover, in Greece and Cyprus the online store www.e-jumbo.gr is available.
2023 rollout plan:
• Leased hyper-store at Plovdiv, Bulgaria
• Owned hyper-store at Iasi, Romania
• Online store in Romania
• Hyper- store in Nicosia Cyprus, or in the first four months of 2024.
The Company, through collaborations, has presence, with 33 stores operating under the JUMBO brand, in 7 countries (Albania, Kosovo, Serbia, North Macedonia, Bosnia and Montenegro and Israel).