Sonae Sgps Sa · EURONEXT:SON

Sonae Sgps Sa — Sonae — FY2008 Earnings Presentation

32 slides from Sonae Sgps Sa's earnings presentation, 2009

  1. Slide 1: Full Year 2008 Accounts Presentation

    SONAE FULL YEAR 2008 ACCOUNTS PRESENTATION

  2. Slide 2: Full Year 2008 Accounts Presentation

    SONAE FULL YEAR 2008 ACCOUNTS PRESENTATION

  3. Slide 3: Main Financial Indicators

    MAIN FINANCIAL INDICATORS SONAE CONTINUES TO GROW: +21% AND INCREASING OPERATIONAL CASH-FLOW: +15% DEMONSTRATING ITS OUTSTANDING EXECUTION CAPABILITY

  4. Slide 4: Main Financial Indicators: Turnover and EBITDA

    MAIN FINANCIAL INDICATORS Turnover EBITDA EUR million 5,353 617 4,417 +21% 536 +15% 2007 2008 2007 2008

  5. Slide 5: Turnover: Growing Contribution from All Businesses

    TURNOVER GROWING CONTRIBUTION FROM ALL BUSINESSES: RETAIL: +25% SHOPPING CENTRES: +16% TELECOMS: +9% Full delivering g on initial market g guidance

  6. Slide 6: Turnover: Sonae Distribuição

    TURNOVER SONAE DISTRIBUIÇÃO EUR million 4,211 • Successful integration of the acquired operating units 3 376 3,376 +25% 25% • Implementation of a strong organic growth plan in Portugal • Strong investment made in the development of private and exclusive label programmes • Solid growth posted by our

  7. Slide 7: Turnover: Growing Contribution from All Businesses

    TURNOVER GROWING CONTRIBUTION FROM ALL BUSINESSES: RETAIL: +25% SHOPPING CENTRES: +16% TELECOMS: +9% Full delivering g on initial market g guidance

  8. Slide 8: Turnover: Sonae Sierra

    TURNOVER SONAE SIERRA EUR million 169 145 +16% • 5% like for like growth of rents • Increase of fixed rents (+17%) and turnover rents ((+11%)) • New openings in 2007 (+3) and 2008 (+3) 2007 2008

  9. Slide 9: Turnover: Growing Contribution from All Businesses

    TURNOVER GROWING CONTRIBUTION FROM ALL BUSINESSES: RETAIL: +25% SHOPPING CENTRES: +16% TELECOMS: +9% Full delivering g on initial market g guidance

  10. Slide 10: Turnover: Sonaecom

    TURNOVER SONAECOM EUR million • Successful integration of Tele2 and ONI 954 • Benefits from investments in network extension and capacity 877 +9% • Successful commercial initiatives, brand ppromotion, strengthening g g of the distribution network and improvement of customer service • Good operationa

  11. Slide 11: Operational Cash-Flow: Growing Contribution from All Businesses

    OPERATIONAL CASH-FLOW GROWING CONTRIBUTION FROM ALL BUSINESSES FOR CONSOLIDATED EBITDA: RETAIL: +18% SHOPPING CENTRES: +29% TELECOMS: +4% Fullyy delivering g on initial market g guidance

  12. Slide 12: Operational Cash-Flow: Sonae Distribuição

    OPERATIONAL CASH-FLOW SONAE DISTRIBUIÇÃO EUR million 354 • Recurrent EBITDA margin of 8,5%, on an ex ex-fuel fuel basis 300 +18% • Synergies resulting from the successful integration of the acquired operating units • Implementation of operational efficiency improvement programmes 2007 2008

  13. Slide 13: Operational Cash-Flow: Growing Contribution from All Businesses

    OPERATIONAL CASH-FLOW GROWING CONTRIBUTION FROM ALL BUSINESSES FOR CONSOLIDATED EBITDA: RETAIL: +18% SHOPPING CENTRES: +29% TELECOMS: +4% Fullyy delivering g on initial market g guidance

  14. Slide 14: Operational Cash-Flow: Sonae Sierra

    OPERATIONAL CASH-FLOW SONAE SIERRA EUR million 90 • Larger asset base under management (openings and acquisitions) 69 +29% • Good operational performance of the portfolio 2007 2008

  15. Slide 15: Operational Cash-Flow: Growing Contribution from All Businesses

    OPERATIONAL CASH-FLOW GROWING CONTRIBUTION FROM ALL BUSINESSES FOR CONSOLIDATED EBITDA: RETAIL: +18% SHOPPING CENTRES: +29% TELECOMS: +4% Fullyy delivering g on initial market g guidance

  16. Slide 16: Operational Cash-Flow: Sonaecom

    OPERATIONAL CASH-FLOW SONAECOM EUR million • Successful investment 179 for growth strategy; 173 +4% • Continued improvement of operational p efficiency; y • Focus on delivering greater value to the existing wireline customer base. 2007 2008

  17. Slide 17: Direct Net Income: 159 M€

    DIRECT NET INCOME I GROUP SHARE DIRECT NET INCOME: 159 M€ On a year of record high interest rates and high pace of investment for growth

  18. Slide 18: Direct Net Income, Group Share

    DIRECT NET INCOME I GROUP SHARE Direct net income EUR million • Improved direct Net Income 199 4 at the retail business, in spite of high g investment p pace; -7 7 159 -32 -4 • Increased operational efficiency of shopping centres, ppartially y compensated increased financial costs; • Improvement p o

  19. Slide 19: Indirect Net Income: Improved Cash-Flow

    DIRECT NET INCOME I GROUP SHARE IMPROVED CASH-FLOW CASH FLOW PROFILE: +65 M€ NEW OPENINGS: +19 M€ YIELDS INCREASE ACROSS EUROPE: -205 M€ Non-cash effect

  20. Slide 20: Indirect Net Income, Group Share

    INDIRECT NET INCOME I GROUP SHARE Indirect net income EUR million 19 • Improved p operational p 65 -205 efficiency of shopping centres owned; • Three new shopping pp g centres and one expansion in 2008; • Average yield increasing -121 57bps p Cash-flow Openings Yields Indirect net profile income

  21. Slide 21: Continued Investment for Future Growth: 902 M€

    INVESTMENT CONTINUED INVESTMENT FOR FUTURE GROWTH: 902 M€

  22. Slide 22: Investment

    INVESTMENT Investimento EUR million Retail Shoppings • Strong expansion of the retail T l Telecoms business (organic growth and Other 185 acquisitions) 299 • Development of new shopping centres 388 30 • Investment in network extension and capacity; initial development of the fibre optics network

  23. Slide 23: Adequate Capital Structure

    CAPITAL STRUCTURE ADEQUATE CAPITAL STRUCTURE At each business, supporting future development plans

  24. Slide 24: Net Debt/EBITDA

    CAPITAL STRUCTURE NET DEBT/EBITDA RETAIL: 3.5X 3 5X TELECOMS: 2.5X

  25. Slide 25: Adequate Capital Structure

    CAPITAL STRUCTURE ADEQUATE CAPITAL STRUCTURE At each business, supporting future development plans

  26. Slide 26: Loan to Value

    CAPITAL STRUCTURE LOAN TO VALUE SHOPPING CENTRES: 47% HOLDING: 23%

  27. Slide 27: Maintenance of Last Year's Dividend Policy

    DIVIDENDS MAINTENANCE OF LAST YEAR’S DIVIDEND POLICY DIVIDEND PER SHARE: 3 CENTS

  28. Slide 28: Dividend Yield: 6,9%

    DIVIDENDS DIVIDEND YIELD: 6,9% CONSIDERING 2008 2008.12.31 12 31 SHARE PRICE

  29. Slide 29: Investment Portfolio Valuation

    INVESTMENT PORTFOLIO VALUATION ANALYSTS CONSENSUS 144% ABOVE SHARE PRICE MARKET MULTIPLES VALUATION 139% ABOVE SHARE PRICE SONAE CONSIDERED “TOP TOP PICK PICK” FOR 2009 BY SEVERAL MARKET ANALYSTS

  30. Slide 30: Share Price vs Consensus and Market Multiples

    INVESTMENT PORTFOLIO VALUATION Share price vs Consensus Share price vs Market multiples EUR 1.07 1.05 0.44 +144% 0.44 +139% Share Consensus Share Market price price multiples

  31. Slide 31: Apresentação de Resultados Anuais 2008

    SONAE APRESENTAÇÃO DE RESULTADOS ANUAIS 2008

  32. Slide 32: Apresentação de Resultados Anuais 2008

    SONAE APRESENTAÇÃO DE RESULTADOS ANUAIS 2008

Sonae — FY2008 Earnings Presentation on 6ix