Annual Report 2023

28. Interests in joint ventures and associates

Set out below are the joint ventures and associates of the Group, consolidated by the equity method:

Company

 

Business area

 

 

 

% Owned

Andfjord Laks AS

 

Saline brackish waters aquaculture

 

Andoya (Norway)

 

25.12

Andfjord Salmon AS

 

Business portfolio management

 

Andoya (Norway)

 

25.12

Finançor Distribuição Alimentar, Lda.

 

Retail sale in supermarkets

 

Ponta Delgada

 

20.00

Finançor Cash & Carry, Lda.

 

Wholesale of food and consumer goods

 

Ponta Delgada

 

20.00

Marismar – Aquicultura Marinha, Lda.

 

Saline brackish waters aquaculture

 

Funchal

 

50.00

Supreme Fruits, Lda.

 

Growing of citrus fruits

 

Beja

 

50.00

Tastyfruits, Lda.

 

Farming of crops

 

Lisboa

 

50.00

As described in note 11, in June 2023, JMA, through a private placement with Andfjord Salmon AS (Andfjord), started to hold a total stake of 25.1%.

In the last quarter of 2023, Andfjord was subject to a corporate restructuring, which aimed a split, followed by a triangular merger, with the operational business now being conducted by the subsidiary Andfjord Laks AS, 100% owned by Andfjord Salmon AS.

In July, Jerónimo Martins Agro-Alimentar, S.A. entered the capital of Supreme Fruits, Lda., with a 50% stake, under a partnership agreement with Grupo Luís Vicente, S.A. (see note 11).

The financial statements of joint ventures and associates integrated into the consolidated by the equivalence method, present the following values, which were adjusted for the accounting policies adopted by the Group:

 

 

Joint Ventures

 

Associates

 

 

2023

 

2022

 

2023

 

2022

Non-current assets

 

32

 

10

 

95

 

35

Current assets

 

11

 

5

 

64

 

14

Non-current liabilities

 

(16)

 

(10)

 

(6)

 

(0)

Current liabilities

 

(9)

 

(2)

 

(37)

 

(29)

Net assets

 

19

 

3

 

115

 

20

Sales and services rendered

 

6

 

6

 

97

 

76

Net result

 

(2)

 

(0)

 

(1)

 

1

Other comprehensive income

 

 

 

0

 

Total comprehensive income

 

(2)

 

(0)

 

(1)

 

1

The table below presents the reconciliation of the financial position of the joint ventures and associated companies with the value presented in Jerónimo Martins’ financial statements:

 

 

Joint Ventures

 

Associates

 

 

2023

 

2022

 

2023

 

2022

Net assets as at 1 January

 

3

 

2

 

20

 

14

Net result

 

(2)

 

(0)

 

(1)

 

1

Dividends

 

(0)

 

(0)

 

(1)

 

(1)

Other Increases/(reductions)

 

17

 

2

 

97

 

6

Other comprehensive income

 

 

 

0

 

Net assets as at 31 December

 

19

 

3

 

115

 

20

Interest in Joint ventures and associates (%)

 

50%

 

50%

 

20-25%

 

20-25%

 

 

9

 

2

 

28

 

4

Loans

 

14

 

9

 

 

Goodwill

 

 

 

29

 

2

Carrying value (note 11)

 

23

 

10

 

57

 

6

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