Sonae Sgps Sa · EURONEXT:SON
Sonae Sgps Sa — Sonae — Madrid, ESI Iberian Event 2009
29 slides from Sonae Sgps Sa's conference presentation, January 2009
Slide 1: Sonae Investor Presentation
SONAE INVESTOR PRESENTATION Madrid, ESI Iberian Event January 2009
Slide 2: Index
Index 1 2 3 4 Sonae Business Latest 9M 2008 Portfolio Corporate Results profile Developments
Slide 3: 1. Sonae Profile In a Snap Shot
1. Sonae Profile \ In a Snap Shot
Slide 4: Sonae Profile: Corporate structure
1. Sonae Profile \ Corporate structure NON-LISTED NON-LISTED LISTED SONAE SONAE SONAECOM DISTRIBUIÇÃO SIERRA NON-LISTED NON-LISTED LISTED FOOD & NON FOOD SHOPPING TELECOMS RETAIL CENTRES Market leader in food Market leader in Leading integrated retail and various non shopping centre alternative tele
Slide 5: Sonae Profile: International Foothold
1. Sonae Profile \ International Foothold
Slide 6: Sonae Profile: Financial highlights
1. Sonae Profile \ Financial highlights g g 5% 1% 1% 0% 0% 10% 20% 19% 32% 32% 20% 35% 3% 3% 3% 13% 13% 13% 73% 76% 67% 52% 56% 56% 2005 2006 2007 2005 2006 2007 Retail Scentres Telecoms Holding&Others Retail Scentres Telecoms Holding&Others EBITDA excludes value created on investment properties
Slide 7: Business Portfolio
Index 1 2 3 4 Sonae Business Latest 9M 2008 Profile Corporate Results Portfolio Developments
Slide 8: Retail: Composition
2. Business Portfolio\ Retail Composition Consumer Elect. Hypermarkets (Average sales area = 8,000 m2) Computers Bookstore Mobile equipment Sports Goods Travel Agencies Hypermarkets (Average sales area = 2,000 m2) Apparel DIY DIY Kids apparel Para-pharmarcy Footwear
Slide 9: Retail: Key figures
2 Business Portfolio\ Retail 2. Key figures 3.385 299 3.091 254 2 745 2.745 235 2005 2006 2007 2005 2006 2007 2005 figures exclude Brazil operation, sold at end 2005
Slide 10: Retail: Strategic goals
2. Business Portfolio\ Retail Strategic goals •Turnover growth • Strengthen presence in • Maintenance of recurrent above 20% in 2008; Spain EBITDA margin at 8.5% for 2008 • Total sales area • Ambition to be present increase by 60,000 m2 with 4 formats in 4 • Ongoing focus on cost in 2008 countries u
Slide 11: Shopping Centres: Composition
2. Business Portfolio\ Shopping Centres Composition Portugal #20 Germany #2 Romania #1 B il Brazil #9 Greece #2 Spain #12 Italy #4
Slide 12: Shopping Centres: Key figures
2. Business Portfolio\ Shopping pp g Centres Key figures 1.713 156 149 1.490 126 1.265 2005 2006 2007 2005 2006 2007 2006 figures restated to reflect the asset management services rendered
Slide 13: Shopping Centres: Strategic goals
2. Business Portfolio\ Shopping Centres Strategic goals • 28 projects in pipeline • Decrease exposure to the • Allocate knowledge and with estimated Iberian peninsula; resources to develop, own and CAPEX of 3,300M€; , ; manage shopping centres; • 78% of investment pipeline • 15 projects under outsid
Slide 14: Telecoms: Composition
2. Business Portfolio\ Telecoms Composition Voice Broadband Pay TV Fixed 9 9 9 Mobile 9 9 9
Slide 15: Telecoms: Key figures
2. Business Portfolio\ Telecoms Key figures 893 162 157 830 822 155 2005 2006 2007 2005 2006 2007 Figures restated to exclude Enabler contribution, a company sold at end 1H06
Slide 16: Telecoms: Strategic goals
2. Business Portfolio\ Telecoms Strategic goals L d iinnovation •Lead ti iin •Accelerate investments • Integrated middleware products and services in network; (IT/IS & Customer Service); •Consolidate Consolidate mobile •Improve p Customer • Integrated networks & technical team; broadband market Mana
Slide 17: Latest Corporate Developments
Index 1 2 3 4 Sonae Business Latest 9M 2008 Profile Portfolio Results Corporate Develop ments t
Slide 18: Latest Developments: Carrefour acquisition, internationalization, FTTH
3. Latest Corporate Developments Acquisition of Internationalization Fibre to the Carrefour of non-food retail Home investment P t Portugall formats plan • Entrance in the Spanish • 240 million euros; •12 stores in operation; Market; • 3 years plan; • 9 petrol stations; • Operation of 4 Sportzone st
Slide 19: Latest Developments: Telecom products and Sierra Portugal Fund
3. Latest Corporate Developments New innovative Launch of Sierra telecoms Portugal Fund products d t • 300 million€ equity fund; •Launch of TAG, a mobile offer aimed at • Life Lif span = until til 2018 2018; the youth market; • Seeded with 8 Portuguese • IPhone3G: launch in Shopping centres and a P
Slide 20: 9M 2008 Results
Index 1 2 3 4 Sonae Business Latest 9M 2008 Profile Portfolio Corporate Developments Results
Slide 21: Strong top line growth and recurrent profitability
4. 9M 2008 Results Strong top line growth and recurrent profitability driven by acquisitions and organic expansion: expansion: € million vs LY Growth driven by acquisitions and organic expansion both at Retail and Turnover 3.833 +22% Telco and by new assets under management at Shopping Centres; High
Slide 22: Retail and Telco pushing top line growth
4. 9M 2008 Results Retail and Telco pushing top line growth growth… … Retail: 21 833 ‐2 Carrefour ((+10%);); Petrol stations (+5%); 598 Organic growth (+9%); Like for like (+1%). Shopping: Revenue growth driven by increase in 3.833 rental income, due to a combination of 3.134 acquisitions of additio
Slide 23: Direct EBITDA growing at all business segments
4. 9M 2008 Results Direct EBITDA growing at all business segments segments... ... 13 Retail: 2 3 277 EBITDA g growingg 14% ((+27m),), reflecting the strong expansion plan over the last 12 months combined with the integration of the stores acquired. i d Shopping: 411 EBITDA excl. VCIP growing 12m or
Slide 24: Net Financial Activity penalized by higher Net Debt and EURIBOR
4. 9M 2008 Results Net Financial Activity penalized by higher average Net Debt and the increase on EURIBOR market i t t rates... interest t ... rates Retail: The acquisition q of Carrefour stores and the strong programme of organic growth and store refurbishment led to a significant increase in Net
Slide 25: Net Income evolution
4. 9M 2008 Results Yields increase, higher interest expenses and depreciations and lower investment income, explain N t Income Net I l ti : evolution: evolution Retail: Higher depreciations and interest ‐19 expenses. Shopping: Yields increase and higher interest ‐67 costs. Telecom: 162 Higher deprec
Slide 26: Sonae Distribuição financial ratios
4. 9M 2008 Results Sonae Distribuição financial ratios reflect the Carrefour acquisition and the EURIBOR market interest i t t rates t increase i increase: : 14,6 Sonae Distribuição ç financial ratios 13,1 11,4 10 5 10,5 7,9 67 6,7 5,7 4,2 4,4 3,9 2,1 2,1 2,0 1,8 1Q07 2Q07 3Q07 FY07 1Q08 2Q08 3Q08 I
Slide 27: Sierra Loan-to-value
4. 9M 2008 Results Sonae Sierra with a strong balance sheet, sustaining a conservative LTV ratio: ratio: Sierra Loan‐to‐value 41% 43% 42% 43% % 40% 40% 35% 35% 4Q06 1Q07 2Q07 3Q07 FY07 1Q08 2Q08 3Q08
Slide 28: Sonaecom financial ratios
4. 9M 2008 Results Sonaecom financial structure remains stable, and interest cover improving due to lower interest charges: charges h : Sonaecom financial ratios 8,5 80 8,0 80 8,0 6,2 5,9 4,8 8 4,6 ,4 2,4 23 2,3 2,4 ,4 1,8 2,2 1,9 2,1 1Q07 2Q07 3Q07 FY07 1Q08 2Q08 3Q08 Interest cover Net debt to EBI
Slide 29: SONAE
SONAE