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 |