Sonae Sgps Sa · EURONEXT:SON
Sonae Sgps Sa — Sonae — Investor Presentation (September 2023)
29 slides from Sonae Sgps Sa's investor presentation, September 2023
Slide 1: Investor presentation
Investor presentation Investor Relations, September 2023
Slide 2: Who we are
Who we are A trust-based A long-living group An active parent organisation with in an ambitious company, always deep rooted values quest for a superior looking to ensure that and a purpose and sustainable our businesses have which will lead us growth and value the ability to reinvent into the future
Slide 3: A unique corporate culture with a clear mission
A unique corporate culture with a clear mission We create long-term economic and social value, taking the benefits of progress and innovation to an ever-increasing number of people. 3
Slide 4: A stable shareholder structure which enables a long-term view
A stable shareholder Shareholder structure structure which enables a long-term view of economic and social value creation 38.5% Reference shareholder, Efanor, a 53.0% family holding company Efanor Criteria 3.5% Own shares 5.0% Free Float Market cap of €1.9bn 4 Notes: The information above refers to
Slide 5: Best corporate governance practice
Best corporate governance practice including a diverse and experienced Board of Directors Paulo Ângelo José Neves Lorraine Marcelo Faria de Carlos Moreira da 12 Board Members Azevedo Paupério Adelino Trainer Lima Silva Chair Non-Executive Non-Executive Non-executive Non-Executive Non-Executive Indep
Slide 6: Relevant network
Relevant network Sonae and its companies are members of important international organizations International organizations EuroCommerce European Round WEF World Business Council UN Global Table for Industry for Sustainable Compact Development 6 *non exhaustive list
Slide 7: Active portfolio management
Active portfolio management underpinned by a disciplined approach to capital allocation Relative invested capital by industry Portfolio management activity during the L12M % of total invested capital • JD notified its intention to acquire the remaining stake in ISRG with Other an equity value of one
Slide 8: Portfolio overview
Portfolio overview 8 Sonae
Slide 9: Portfolio
Retail Telco & Tech Portfolio Food Omnichannel Telecom Investment and Health, Wellness & retail with Management Beauty Retail electronics as core 75%* 100%* 37%* 90%* €4.2bn NAV 3% Real Estate Other businesses 22% 51% 24% Integrated Sports Fashion Financial Retail Real Estate retail retail services
Slide 10: Retail: €6.3bn turnover, €600m EBITDA, €260m capex
Retail L12M, 1H23 Turnover €6.3bn +9.6% LfL in FY22 +11.4% LfL in 1H23 Benchmark performance underlying EBITDA €600m 9.5% reinforcing the strong commitment to €260m Portuguese families total \ capex +60 company operated stores to 1,051 10
Slide 11: Retail: €1.3bn turnover, €202m online sales, €76m EBITDA
Retail L12M, 1H23 Turnover €1.3bn +8.1% Enhanced leadership Online sales €202m reinforced omnichannel value proposition, with a continuous focus on digital, services and underlying EBITDA €76m new categories 6.0% 11
Slide 12: Real Estate: Stellar recovery
Real Estate 1H23 Tenant sales +15% Stellar recovery Services growth +20% and value creation in a new strategic cycle INREV NAV €1,031m +6% vs YE22 12
Slide 13: Telco & Tech: €1.6bn turnover, €220m net result
Telco & Tech L12M, 1H23 Turnover €1.6bn +356k RGUs Solid growth Net Result €220m +41% with a strong level of investment and success in leading 5G Total capex €447m 13
Slide 14: Telco & Tech: Active portfolio
Telco & Tech NAV Active portfolio €331m 1H23 Active Value created in >€50m portfolio 2022 management with strong value creation Sekoia.io Picnic Seldon through stakes in more New than 40 companies investments including 3 unicorns* Mayan Habit 14 * - Outsystems, Feedzai and Arctic Wolf
Slide 15: Other investments
Other investments Recovered performance in a Strong top line growth and a solid Improved operational challenging environment profitability performance L12M, 1H23 Turnover €385m Turnover €1.4bn Production €1.0bn +0.3% +20% +5% Online €35m Online >€230m # clients 1,042k Universo sales +50% vs 2019 sal
Slide 16: Our Financial results
Our Financial results 16 Sonae
Slide 17: A long-standing history of economic value creation
A long-standing NAV evolution history of € bn economic value creation 4.2 +1.5 2.7 Dec.11 Jun.23 17
Slide 18: Track Record of resilience and growth
Track Record of resilience and growth Turnover EBITDA €bn €m 8.1 7.7 +12% yoy +5% 927 957 +25% 4.7 +7% yoy 469 12 13 14 15 16 17 18 19 20 21 22 L12M 12 13 14 15 16 17 18 19 20 21 22 L12M @Jun.23 @Jun.23 18
Slide 19: Solid capital structure
Solid capital structure comfortable level of debt and long maturities Net debt Holding LTV €bn -70% 1.8 9.4% Significant 7.0% liquidity levels Solid debt 0.5 maturity profile 4 years 12 13 14 15 16 17 18 19 20 21 22 1H22 1H23 19
Slide 20: Steady dividend policy
Steady dividend policy Dividend per share €cents 5.37 +5% Dividend yield* 5.7% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Y 3Y 5Y 10Y Total Shareholder return (1) -2% 7% 2% 8% (1) Source: Bloomberg (as of 31 December 2022). 20 * Considering the share price at year-end 2022. Assuming own
Slide 21: Consistent NAV growth and significant upside potential
Consistent NAV growth and significant upside potential NAV and Analyst’s Market cap identified upside €bn Price Target Potential Analyst Research House 4.2 (€/share) note date Buy upside 1 Saïma Hussain AlphaValue 1.41 48% Aug.23 Buy 79% 2.3 João Pinto JBCM 1.70 Jul.23 Buy 1.9 António Seladas AS Ind
Slide 22: Our Social and Environmental Commitment
Our Social and Environmental Commitment 22
Slide 23: Remarkable results in the natural front
Remarkable results in the natural front New commitment -24% GHG 80% plastic A- Zero emissions vs packaging Climate 2018(1) recyclability(2) rating Deforestation by 2030 Carbon 100% neutral 2025 2040 23 (1) scope 1+2; (2) recyclable packaging according to Sociedade Ponto Verde recyclability matrix.
Slide 24: Remarkable impact in the social front
Remarkable impact in the social front 39% leadership >€30m positions held by investment in women communities One year 85.6% +47% ahead of score yoy target! 24
Slide 25: Recognised by prestigious rating agencies
Recognised prestigious rating agencies (only invited companies) Scale: 1 - 10 Scale: 0 - 100 Scale: D- - A E: 1 Climate: A- 2022 S&P Global CSA (score date: June 2023) 59 2022 Forest: B As of August 2023. S: 2 G: 4 Scale: D- - A+ Scale: 0 – 40 Scale: CCC - AAA As of August 2023, Sonae As of Septembe
Slide 26: In a nutshell, Sonae has…
In a nutshell, Sonae has… A unique corporate culture with a clear mission and a robust set of Strong track record of values operational and financial performance A stable shareholder Solid capital structure which enables a structure with decreasing long-term view of economic leverage levels and low
Slide 27: Reinventing today's success to shape tomorrow's world
It is clear to see what the future for Sonae will be: an unstoppable, insatiable and unshakable quest for success based on innovation and sustainable growth. A journey of reinventing today’s success to shape tomorrow’s world. A journey always rooted in the same corporate responsibility values. A jou
Slide 28: Shaping tomorrow
Shaping / _ tomorrow, QW
Slide 29: Slide 29