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§ Jumbo posted a strong set of results in line with estimates and scores another record for first half results across the board.
§ FCF came at €135m, increasing net cash position at 392m or 2.88 eur/share.
§ Net profits of €98.7 in H1:18 point to €160m for FY:18/19.
§ Management said that at the 8-month level, from July 2018 until February 2019, the Group’s sales have been increased by + 7%. It is to be noted that this year, the Carnival and Easter celebrations are later than last year and, therefore, sales figures are not directly comparable.
The following table summarize results vs our estimates:
Period
H1:18
H1:19
Y-o-Y (%)
H1:19 Est.
Vs Est.
Greece
283.3
291.5
2.90%
291.5
On Total Sales (%)
64.00%
61.20%
61.20%
International Sales
159.7
185.2
16%
185.2
On Total Sales (%)
36.00%
38.80%
38.80%
Cyprus
49.4
50.4
2%
50.4
On Total Sales (%)
11.20%
10.60%
10.60%
Bulgaria
49.3
53.7
9%
53.7
On Total Sales (%)
11.10%
11.30%
11.30%
Romania
61
81.1
33%
81.1
On Total Sales (%)
13.80%
17.00%
24%
17.00%
Group Sales
443
476.7
7.60%
476.7
(Ex- Romania)
382
395.6
3.60%
395.6
Gross Profits
222
242.14
7.66%
239
1.31%
Gross Profit Margin (%)
50.11%
50.80%
+68 bps
50.14%
+66 bps
EBITDA
130
140.35
6.92%
137.5
2.07%
EBITDA Margin (%)
29.35%
29.44%
+10 bps
29.30%
+14 bps
Net Profits
90.4
98.74
8.30%
97.9
0.86%
Net Margin (%)
20.41%
20.71%
+31 bps
20.54%
+17 bps
Manos Chatzidakis – Head of research
Jumbo- 1st half – posted a strong set of results and scores another record
Jumbo H1:18/19 1st GLimpse: Jumbo delivers another strong set – Net cash end 2019 at €392m – interim dividend of 0.19 eur/share