Sonae Sgps Sa · EURONEXT:SON
Sonae Sgps Sa — Sonae — 9M23 Earnings Presentation
18 slides from Sonae Sgps Sa's earnings presentation, Nov 16, 2023
Slide 1: 3Q/9M23 Conference Call
3Q/9M23 Conference Call November 16, 2023
Slide 2: Context
Context
Slide 3: Portuguese economy remained resilient
Portuguese economy remained resilient Inflation rate maintained Unemployment rate is GDP growth decelerated its downward trend at a record low yet remained positive Real, yoy 6.9% 10.2% 8.4% 10.0% 6.4% 6.4% 6.1% 8.0% 6.2% 3.4% 5.0% 2.5% 2.5% 5.7% 1.9% Portugal Eurozone 4.8% 4Q22 1Q23 2Q23 3Q23 4Q22
Slide 4: Portfolio
Portfolio
Slide 5: Active portfolio management during 9M23
Active portfolio management during 9M23 Acquisition of 10% Agreement with Agreement to merge Investment in six Sonaecom acquired JD group notification stake in Sierra, now Bankinter Druni and Arenal and new technology Sonae’s direct stake to acquire Sonae’s owning 100% Consumer Finance create the le
Slide 6: Vision
Vision Partner with the most inspiring entrepreneurs promoting innovative, healthier & sustainable food solutions More than €110m invested in: Ingredient.s Alternative.s Venture.s Focus Focus Focus Nutrition & Wellbeing, Food Alternative food products, Disruptive, early-stage and Animal Nutrition, t
Slide 7: Businesses continued to deliver positive operational performances in the 9M23
Businesses • Reinforced leadership position continued to • • +11.8% yoy Turnover (+10.4% LfL) 9.5% uEBITDA margin deliver positive • FCF €113m (+11% vs 2022) operational performances in • Reinforced market share the 9M23 • • Strong growth in new business +5.2% yoy Turnover (+4.1% LfL) • 5.1% uEBITDA
Slide 8: Businesses continued to deliver positive operational performances in the 9M23
Businesses continued to deliver positive • • Telco RGUs with healthy growth Best quarter ever in cinema ticket sales operational • • Strong top line performance (+5% yoy) Improved EBITDA margin to 46.7% performances in • Back to strong FCF generation the 9M23 • 6 new companies, over 40 in total • €3
Slide 9: Consolidated view
Consolidated view
Slide 10: Turnover surpassed €6.0bn, +10% yoy, in the 9M23
Turnover surpassed Turnover €6.0bn, +10% yoy, in €m +10.4% the 9M23 6,036 5,468 2,205 +8.3% 3Q 2,036 3,831 1H 3,432 9M22 9M23
Slide 11: Robust operational profitability with 8.4% uEBITDA margin
Robust operational uEBITDA profitability with 8.4% €m, (margin %) +13.4% uEBITDA margin 506 (8.4%) €m 446 (8.2%) 205 (9.3%) 3Q 182 (8.9%) 301 1H 264 7.3% margin 9M22 9M23
Slide 12: EBITDA stood at €581m fuelled by uEBITDA
EBITDA stood at EBITDA €581m fuelled by €m +7.0% uEBITDA 581 543 234 3Q 223 1H 347 319 9M22 R 9M23
Slide 13: Higher D&As and financial costs continued to impact Net result
Higher D&As and financial costs continued to impact Net result Direct Result Indirect Result Net Result (group share) €m €m €m -39 -75 206 210 167 -42 50 135 7 9M22 R 9M23 9M22 R 9M23 9M22 R 9M23
Slide 14: FCF stood once again above €200m
FCF stood once again above €200m fuelled by operational performance and portfolio moves L12M, €m +67 446 +244 +131 206 92 -221 -421 -41 EBITDA Working cap. Operational Operational Sale of assets M&A capex Net financial Dividends FCF bef. (inc. rents and others capex cash flow activity received divid
Slide 15: Net debt decreased and financial ratios remained solid
Net debt decreased and financial ratios remained solid and in line within targets Net Debt to Net debt EBITDA LTV holding €m % 2.9 2.8 8.9 1,022 6.6 982 -40 9M22 9M23 9M22 9M23 Net Fin. Debt to LTV gross % EBITDA AL 42.0 38.5 1.9 1.9 9M22 var 9M23 9M22 9M23 9M22 9M23
Slide 16: NAV amounted to €4.4bn driven by MC
NAV amounted to €4.4bn driven by MC €m, based on market references +4.0% +14 +5 4,411 +151 4,240 Jun-23 MC Real Estate Others Sep-23
Slide 17: Q&A
Q&A
Slide 18: Sonae
Sonae