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Jerónimo Martins, SGPS, S.A. (JRONF) CEO Pedro Soares dos Santos on Q4 2020 Results - Earnings Call Transcript

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Jerónimo Martins, SGPS, S.A. (OTCPK:JRONF) Q4 2020 Earnings Conference Call March 4, 2021 4:00 AM ET

Company Participants

Ana Virgínia - CFO

Pedro Soares dos Santos - Chairman and CEO

Conference Call Participants

Rob Joyce - Goldman Sachs

Xavier Le Mene - BofA

Andrew Gwynn - Exane BNP Paribas

James Grzinic - Jefferies International

José Rito - CaixaBank BPI

Joao Pinto - JB Capital

Cedric Lecasble - Stifel

Nicolas Champ - Barclays Capital

Nick Coulter - Citi Group

Antonio Seladas - AS Independent Research

Ana Virgínia

Good morning, ladies and gentlemen, and thank you for joining this call. Before I invite you to go through the Jeronimo Martins' 2020 full year results, I will give the floor to our Chairman and CEO, Pedro Soares dos Santos. Mr. Pedro, the floor is yours.

Pedro Soares dos Santos

2020 was a very tough year for everyone, everywhere and also for Jeronimo. The COVID-19 pandemic hit hard all the countries where we have operations. However, it was for in Portugal that the damage to the business was more material. In fact, Portugal is, in our portfolio, the country with the highest dependence on tourism and where restaurants, café and food service are strategic pillars of our business.

Therefore, and despite all the efforts made by Pingo Doce, it was not possible severe impact on sales of lockdowns and sharp drop in the people circulation.

Driving mostly by 2 digits growth of Biedronka turnover in local currency, Jeronimo posted a 3.5% increase in consolidated sales. At the same time, costs discipline and focus on efficiency allowed the group to decrease EBITDA only slight by 1%, even after incorporating 41.3 million of pandemic related extra costs and also increasing minimum salaries and bonus in the 3 countries. All the teams, regardless of the company's respective results, fought hard and live up to the

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