Sonae Sgps Sa · EURONEXT:SON
Sonae Sgps Sa — Sonae — London, European Mid Cap Conference 2008
29 slides from Sonae Sgps Sa's conference presentation, December 2008
Slide 1: Sonae Investor Presentation
SONAE INVESTOR PRESENTATION London, European Mid Cap Conference December 2008
Slide 2: Index
Index 1 2 3 4 9M 2008 Sonae Business Latest Portfolio Corporate Results profile Developments
Slide 3: 1. Sonae Profile \ In a Snap Shot
1. Sonae Profile \ In a Snap Shot
Slide 4: 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: International Foothold
1. Sonae Profile \ International Foothold
Slide 6: Financial highlights
1. Sonae Profile \ Financial highlights 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 Key figures 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 Brazil #9 Greece #2 Spain #12 Italy #4
Slide 12: Shopping Centres: Key figures
2. Business Portfolio\ Shopping Centres Key figures 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 outside th
Slide 14: Telecoms: Composition
2. Business Portfolio\ Telecoms Composition Voice Broadband Pay TV Fixed Mobile
Slide 15: Telecoms: Key figures
2. Business Portfolio\ Telecoms Key figures Figures restated to exclude Enabler contribution, a company sold at end 1H06
Slide 16: Telecoms: Strategic goals
2. Business Portfolio\ Telecoms Strategic goals •Lead innovation in •Accelerate investments • Integrated middleware products and services in network; (IT/IS & Customer Service); •Consolidate mobile •Improve Customer • Integrated networks & technical team; broadband market Management; share; • Integr
Slide 17: Latest Corporate Developments
Index 1 2 3 4 Sonae Business Latest 9M 2008 Profile Portfolio Results Corporate Develop ments
Slide 18: Acquisition of Carrefour Portugal
3. Latest Corporate Developments Acquisition of Internationalization Fibre to the Carrefour of non-food retail Home investment Portugal formats plan • Entrance in the Spanish • 240 million euros; •12 stores in operation; Market; • 3 years plan; • 9 petrol stations; • Operation of 4 Sportzone stores;
Slide 19: New innovative telecoms products; Launch of Sierra Portugal Fund
3. Latest Corporate Developments New innovative Launch of Sierra telecoms Portugal Fund products • 300 million€ equity fund; •Launch of TAG, a mobile offer aimed at • Life span = until 2018; the youth market; • Seeded with 8 Portuguese • IPhone3G: launch in Shopping centres and a Portugal and first
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: € 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; Higher Direct E
Slide 22: Retail and Telco pushing top line growth
4. 9M 2008 Results Retail and Telco pushing top line growth… Retail: Carrefour (+10%); Petrol stations (+5%); Organic growth (+9%); Like for like (+1%). Shopping: Revenue growth driven by increase in rental income, due to a combination of acquisitions of additional properties, organic growth of the
Slide 23: Direct EBITDA growing at all business segments
4. 9M 2008 Results Direct EBITDA growing at all business segments... Retail: EBITDA growing 14% (+27m), reflecting the strong expansion plan over the last 12 months combined with the integration of the stores acquired. Shopping: EBITDA excl. VCIP growing 12m or 24% vs. LY, with scale benefits genera
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 interest rates... Retail: The acquisition of Carrefour stores and the strong programme of organic growth and store refurbishment led to a significant increase in Net Debt. Shopping: The
Slide 25: Net Income evolution
4. 9M 2008 Results Yields increase, higher interest expenses and depreciations and lower investment income, explain Net Income evolution: Retail: Higher depreciations and interest expenses. Shopping: Yields increase and higher interest costs. Telecom: Higher depreciation and lower investment income
Slide 26: Sonae Distribuição financial ratios
4. 9M 2008 Results Sonae Distribuição financial ratios reflect the Carrefour acquisition and the EURIBOR market interest rates increase:
Slide 27: Sonae Sierra balance sheet and LTV ratio
4. 9M 2008 Results Sonae Sierra with a strong balance sheet, sustaining a conservative LTV ratio:
Slide 28: Sonaecom financial structure
4. 9M 2008 Results Sonaecom financial structure remains stable, and interest cover improving due to lower interest charges:
Slide 29: SONAE
SONAE