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
Company |
|
Current loans |
|
Non-current |
|
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
Company |
|
Current loans |
|
Non-current |
|
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
|
|
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.