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Release
Material Information
Under Article 248 of the Portuguese Securities Code, Jerónimo Martins, SGPS,
S.A. (Jerónimo Martins) informs that its subsidiary JMR – Gestão de Empresas
de Retalho SGPS, S.A. (JMR) and Jerónimo Martins, were notified by the
Portuguese Tax Authorities accordingly to Article 38 of the Portuguese General
Tax Law.
According to Tax Authorities, JMR and Jerónimo Martins should have restated,
for fiscal purposes, the dividends received in 2004 from their subsidiaries in
Madeira Free Zone and consider them as interests. Therefore, dividends
received by JMR and Jerónimo Martins, in an amount of Euro 38.4mn and Euro
6.5mn respectively, would be subject to income tax, contrary to the dividends
that are exempt.
In what concerns JMR, the restatement would imply a tax assessment of
approximately Euro 10.5mn plus eventual interests to be paid. In Jerónimo
Martins, considering the losses carried forward by the company the restatement
would only represent a correction to deferred tax heading of close to Euro
1.6mn plus eventual interests.
As in previous situations, JMR and Jerónimo Martins, supported by their legal
and tax advisors’ opinion, consider that the matters presented on Tax
Authorities’ reports are not valid neither have any legal grounds. JMR and
Jerónimo Martins will use every mean at their disposal to oppose to any
consequences that they may cause. Furthermore JMR and Jerónimo Martins,
believing that there are no legal grounds for those notifications, will not change
their financial statements.
Lisbon, 4th October 2007
Cláudia Falcão
(Company Representative for Market Relations)
Jerónimo Martins, SGPS, SA Sociedade Aberta
Sede: Rua Tierno Galvan, Torre 3, 9º Piso, Letra J – 1099-008 Lisboa
Capital Social: Eur Capital Social: Eur 629.293.220,00
Número comum de matrícula na C.R.C. de Lisboa e de Pessoa Colectiva: 500 100 144