Annual Report 2024

26. Related parties

Transactions with related parties are always carried out at market prices.

26.1. Transactions with related parties (shareholders)

JMH is owned 56.136% by Sociedade Francisco Manuel dos Santos B.V., being Sociedade Francisco Manuel dos Santos, N.V. the ultimate parent company of the Group. There were no direct transactions between these companies and JMH in 2024, nor are there any open amounts between them as at 31 December 2024.

26.2. Transactions with other related parties

26.2.1. Technical and administrative services provided

As the Group’s Holding Company and Corporate Center, JMH co-ordinates and provides consultancy services to its subsidiaries. The Functional Divisions of support to the Group are described in Point 21 of Chapter 4, related with Corporate Governance. The turnover from these services in 2024 was €45,467 thousand (2023: €36,572 thousand).

26.2.2. Lease of property

JMH develops part of its activity in premises rented from related parties, which represented in 2024 costs of €1,056 thousand (2023: €945 thousand).

As mentioned in note 12, JMH owns a property which is partially rented out to a Group company, and generated profits in 2024 in the amount of €211 thousand (2023: €203 thousand).

26.2.3. Treasury operations (current loans)

JMH granted treasury operations to subsidiaries, which generated interest in 2024 in the amount of €17,056 thousand (2023: €11,677 thousand). The increase in interest obtained results from the combined effect of the increase in loan capital amounts and interest rates.

26.2.4. Staff related costs

As a Group, Jerónimo Martins takes advantage of the synergies existing between various companies, and frequently transfers staff from one company to another according to the needs of the various businesses. In 2024 total costs incurred with services rendered by personnel from other companies amounted to €19,775 thousand (2023: €25,695 thousand).

26.2.5. Open balances as at 31 December 2024

Open balances as at 31 December 2024

Company

 

Current loans
granted

 

Non-current
loans granted

 

Accounts receivable and accrued income

 

Accounts payable, deferred income and accrued costs

Subsidiary companies

 

 

 

 

 

 

 

 

Best-Farmer – Actividades Agro-Pecuárias, S.A.

 

17,600

 

 

 

143

 

1,279

Desimo, Lda.

 

 

 

650

 

2

 

–

Escola de Formação Jerónimo Martins, S.A.

 

–

 

–

 

2

 

–

Hussel Ibéria – Chocolates e Confeitaria, S.A.

 

–

 

–

 

–

 

10

Imocash – Imobiliário de Distribuição, S.A.

 

–

 

–

 

124

 

–

Imoretalho – Gestão de Imóveis, S.A.

 

–

 

–

 

7

 

91

João Gomes Camacho, S.A.

 

–

 

–

 

802

 

–

Jerónimo Martins – Agro-Alimentar, S.A.

 

–

 

–

 

372

 

65

Jeronimo Martins Colombia, S.A.S.

 

–

 

–

 

785

 

–

Jeronimo Martins Drogerie i Farmacja Sp. z. o.o.

 

–

 

–

 

216

 

–

Jeronimo Martins Polska S.A.

 

–

 

–

 

21,179

 

205

JM Nieruchomości Bis Sp. z o.o.

 

–

 

–

 

1

 

–

Jeronimo Martins Slovensko s.r.o.

 

–

 

5,500

 

–

 

–

Jerónimo Martins – Restauração e Serviços, S.A.

 

9,010

 

–

 

418

 

288

Jerónimo Martins Inovação, S.A.

 

–

 

–

 

–

 

1

Jerónimo Martins Serviços, S.A.

 

–

 

–

 

2

 

8,283

JMR – Gestão Empresas Retalho, SGPS, S.A.

 

290,800

 

–

 

826

 

645

JMR – Prestação Serviços para a Distribuição, S.A.

 

–

 

–

 

22,689

 

388

Larantigo – Sociedade de Construções, S.A.

 

–

 

21,210

 

–

 

15

Lidinvest – Gestão de Imóveis, S.A.

 

–

 

–

 

1

 

–

Lido Sol II – Distrib. Produtos Alimentares, S.A.

 

–

 

–

 

114

 

8

New World Investments B.V.

 

–

 

1,047,350

 

–

 

–

Origins – Agro Business Investments B.V.

 

–

 

442,795

 

–

 

–

Ovinos da Tapada – Agropecuária, Lda.

 

740

 

–

 

13

 

326

Outro Chão – Agricultura Biológica, Lda.

 

–

 

–

 

4

 

224

Pingo Doce – Distribuição Alimentar, S.A.

 

–

 

–

 

2,639

 

68

Recheio – Cash & Carry, S.A.

 

–

 

–

 

11,840

 

27

Recheio Masterchef, Lda.

 

–

 

–

 

250

 

–

Recheio, SGPS, S.A.

 

9,030

 

–

 

1,918

 

24

Santa Maria Manuela Turismo, S.A.

 

–

 

–

 

–

 

503

Seaculture – Aquicultura, S.A.

 

–

 

–

 

28

 

315

Terra Alegre – Lacticínios, S.A.

 

6,630

 

–

 

96

 

1,021

Trade Wings, S.A.

 

7,990

 

25,000

 

24

 

2,113

Warta – Retail & Services Investments B.V.

 

–

 

749,580

 

–

 

–

 

 

 

 

 

 

 

 

 

Subtotal

 

341,800

 

2,292,085

 

64,495

 

15,899

 

 

 

 

 

 

 

 

 

Other related parties

 

 

 

 

 

 

 

 

JMDB – Repr. e Distribuição Marcas, Lda.

 

–

 

–

 

1

 

–

Unilever Fima, Lda

 

–

 

–

 

–

 

125

 

 

 

 

 

 

 

 

 

Subtotal

 

–

 

–

 

1

 

125

Total

 

341,800

 

2,292,085

 

64,496

 

16,024

26.2.6. Open balances as at 31 December 2023

Open balances as at 31 December 2023

Company

 

Current loans
granted

 

Non-current
loans granted

 

Accounts receivable and accrued income

 

Accounts payable, deferred income and accrued costs

Subsidiary companies

 

 

 

 

 

 

 

 

Best-Farmer – Actividades Agro-Pecuárias, S.A.

 

31,520

 

–

 

179

 

854

Desimo, Lda.

 

–

 

–

 

2

 

–

Hussel Ibéria – Chocolates e Confeitaria, S.A.

 

–

 

–

 

41

 

–

Imocash – Imobiliário de Distribuição, S.A.

 

–

 

–

 

52

 

–

Imoretalho – Gestão de Imóveis, S.A.

 

–

 

–

 

43

 

65

João Gomes Camacho, S.A.

 

–

 

–

 

638

 

–

Jerónimo Martins – Agro-Alimentar, S.A.

 

–

 

–

 

266

 

431

Jeronimo Martins Colombia, S.A.S.

 

–

 

–

 

41

 

–

Jeronimo Martins Drogerie i Farmacja Sp. z. o.o.

 

–

 

–

 

20

 

–

Jeronimo Martins Polska S.A.

 

–

 

–

 

6,963

 

213

Jeronimo Martins Slovensko s.r.o.

 

–

 

500

 

–

 

–

Jerónimo Martins – Restauração e Serviços, S.A.

 

6,125

 

–

 

73

 

127

Jerónimo Martins Inovação, S.A.

 

–

 

–

 

–

 

1

Jerónimo Martins Serviços, S.A.

 

–

 

–

 

155

 

9,943

JMR – Gestão Empresas Retalho, SGPS, S.A.

 

131,380

 

–

 

538

 

–

JMR – Prestação Serviços para a Distribuição, S.A.

 

–

 

–

 

1,379

 

495

Larantigo – Sociedade de Construções, S.A.

 

–

 

–

 

–

 

13

Lidinvest – Gestão de Imóveis, S.A.

 

–

 

–

 

1

 

–

New World Investments B.V.

 

–

 

926,950

 

–

 

–

Origins – Agro Business Investments B.V.

 

–

 

349,795

 

–

 

–

Ovinos da Tapada – Agropecuária, Lda.

 

–

 

–

 

9

 

353

Outro Chão – Agricultura Biológica, Lda.

 

–

 

–

 

1

 

150

Pingo Doce – Distribuição Alimentar, S.A.

 

–

 

–

 

5,521

 

637

Recheio – Cash & Carry, S.A.

 

–

 

–

 

11,822

 

98

Recheio Masterchef, Lda.

 

–

 

–

 

274

 

–

Recheio, SGPS, S.A.

 

–

 

–

 

1,719

 

–

Santa Maria Manuela Turismo, S.A.

 

–

 

–

 

–

 

520

Seaculture – Aquicultura, S.A.

 

4,470

 

–

 

35

 

809

Terra Alegre – Lacticínios, S.A.

 

5,590

 

–

 

83

 

2,923

Trade Wings, S.A.

 

4,950

 

25,000

 

79

 

1,767

Warta – Retail & Services Investments B.V.

 

–

 

784,580

 

–

 

–

 

 

 

 

 

 

 

 

 

Subtotal

 

184,035

 

2,086,825

 

29,936

 

19,398

 

 

 

 

 

 

 

 

 

Other related parties

 

 

 

 

 

 

 

 

JMDB – Repr. e Distribuição Marcas, Lda.

 

–

 

–

 

4

 

–

Marismar Aquicultura Marinha S.A.

 

–

 

–

 

–

 

2

Unilever Fima, Lda

 

–

 

–

 

–

 

15

 

 

 

 

 

 

 

 

 

Subtotal

 

–

 

–

 

4

 

17

Total

 

184,035

 

2,086,825

 

29,939

 

19,415

26.2.7. Remuneration paid to Directors

Remuneration paid to Directors

 

 

2024

 

2023

Salaries and cash awards

 

2,495

 

2,397

Retirement benefits

 

1,050

 

980

Total

 

3,545

 

3,377

The Board of Directors of the Company consists of 11 Members (2023: 11 Members). The remuneration shown includes also the amounts paid to the members which, being part of the Board of Directors, work on the Audit Committee, that in the year was €75 thousand (2023: €75 thousand).

The remuneration policy of the Members of the Board of Directors and of the Supervisory Board is stated in the Corporate Governance Chapter.

The retirement benefits granted to the Directors correspond to post-employment benefits and are part of the plans described in note 5.2 from the Consolidated Financial Statements.

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