Sonae Sgps Sa · EURONEXT:SON
Sonae Sgps Sa — Investor Presentation (July 2002)
83 slides from Sonae Sgps Sa's investor presentation, July 2002
Slide 1: Sonae SGPS
sonae sgps JULY 2002 * www.sonae.pt * Data as of 31 March 2002
Slide 2: Sonae SGPS Business Portfolio
SONAE SGPS BUSINESS PORTFOLIO SONAE SGPS 94.62% * 50.01% 55.02% * 67.04% 79.17% 100% Sonae Modelo SonaeCom Sonae Indústria Continente Sonae Imobiliária Capital Wood Based Panels Food Retail Shopping Centres Telecommunications Tourism Non Food Retail Services Packaging Pulp&Paper S. I. PROPERTY S. I.
Slide 3: Sonae SGPS Vision and Mission
SONAE SGPS VISION AND MISSION Sonae SGPS manages a portfolio of diversified businesses by setting strategic guidelines and objectives, monitoring their performance, fostering synergies between them and identifying new business opportunities. Each business is run by a fully dedicated management team
Slide 4: Sonae SGPS Worldwide Presence
SONAE SGPS WORLDWIDE PRESENCE North America Europe Canada Portugal Spain U.K. France Germany Greece Italy South America Africa Brazil South Africa Mozambique Assets (factories, stores, shopping centres,…) Gabon Admin. and sales offices 62 thousand people 18 countries #4
Slide 5: Business Portfolio Configuration
SONAE SGPS BUSINESS PORTFOLIO CONFIGURATION SONAE takes an active role configuring its business portfolio in three horizons Horizon 3: New businesses Horizon 2: Growth businesses Options for potential Horizon 1: future development Mature businesses High growth businesses with potential for strong pr
Slide 6: Current Sectorial Strategy
SONAE SGPS CURRENT SECTORIAL STRATEGY To concentrate resources on businesses with the highest value creation potential and where SONAE has or can achieve competitive leadership . Conclusion of the long and intensive investment plan Wood Based Panels . Improve operational margins in the countries whe
Slide 7: Business Portfolio Development by Sector
SONAE SGPS BUSINESS PORTFOLIO DEVELOPMENT Euro millions Prospective Capital Employed 2001 - 2006 by Sector ∆ CE ( ) C.A.G.R. 4.326 6.765 (2001-2006) Tourism 3% 5% 222 ( + 23%) • 9% C.A.G.R. in capital 10% 13% employed Telecoms 447 ( + 15%) Wood Based 40% 28% • Strong increase in exposure Panels 174
Slide 8: Business Portfolio Development by Region
SONAE SGPS BUSINESS PORTFOLIO DEVELOPMENT Euro millions Prospective Capital Employed 2001 - 2006 by Region 4.326 6.765 ∆ CE ( ) C.A.G.R. (2001-2006) Rest of the World 4% 3% • Strong increase in exposure Brazil 22% 20% 373 ( + 7%) to other EU countries Other Europe 20% 29% 1,086 ( + 18%) • Decrease o
Slide 9: Consolidated Results – 1st Quarter 2002
SONAE SGPS CONSOLIDATED RESULTS – 1st QUARTER 2002 Euro millions 1Q 02 1Q 01 ∆ Turnover 1,540.0 1,436.0 + 7% Operating Profit (EBIT) 28.6 18.7 + 53% Net Financial Charges (42.7) (33.7) + 27% Profit on Ordinary Activities (14.0) (15.0) - 7% Extraordinary Profits (1.2) 2.5 Associated Companies 1.5 (0.
Slide 10: Turnover – 1st Quarter 2002
SONAE SGPS TURNOVER – 1st QUARTER 2002 Euro millions CONTRIBUTION BY SECTOR AND BY GEOGRAPHICAL AREA 6,386 Retailing 5,751 57% Brazil 5,202 Portugal 23% 56% 3,075 Shopping 2,585 Centres Rest of 2,255 4% Europe 14% Telecoms 11% 1,436 1,540 Rest of the Wood Sonae World Based Capital 7% 1996 1997 1998
Slide 11: EBITDA – 1st Quarter 2002
SONAE SGPS EBITDA – 1st QUARTER 2002 Euro millions CONTRIBUTION BY SECTOR 18.3 (1.6) (1.8) 135.2 15.7 14.4 Brazil Portugal 42.3 47.9 Wood Based Retailing Shopping Telecoms Sonae Capital Holding & TOTAL Panels Centres Others # 11
Slide 12: Profit Before Minority Interests – 1st Quarter 2002
SONAE SGPS PROFIT BEFORE MIN. INTERESTS – 1st QUARTER 2002 Euro millions CONTRIBUTION BY SECTOR 6.5 (26.3) 10.5 (7.0) (5.8) 4.4 (17.7) Wood Based Retailing Shopping Telecoms Sonae Capital Holding & TOTAL Panels Centres Others # 12
Slide 13: Balance Sheet – March 2002
SONAE SGPS BALANCE SHEET – 31 MARCH 2002 Euro millions 1Q 02 1Q 01 Fixed Assets 5,553.8 4,868.7 Stocks 807.7 771.9 Debtors 939.6 811.0 Cash and short term investments 459.7 134.5 Accrued income and prepayments 616.8 517.1 Total Assets 8,377.6 7,103.2 Shareholders’ Funds 910.4 986.1 Minority Interest
Slide 14: Gross Investment – 1st Quarter 2002
SONAE SGPS GROSS INVESTMENT – 1st QUARTER 2002 Euro millions CONTRIBUTION BY SECTOR AND GEOGRAPHICAL AREA 15.8 0.3 207.7 35.9 Portugal 59% 76.5 Brazil 21% 47.7 Rest of Europe 19% 31.5 Rest of the World 1% Wood Based Retailing Shopping Telecoms Sonae Capital Holding & TOTAL Panels Centres Others # 14
Slide 15: Net Debt – March 2002
SONAE SGPS NET DEBT – 31 MARCH 2002 Euro millions CONTRIBUTION BY SECTOR 948 3,900 559 88 382 1,101 822 Wood Based Retailing Shopping Telecoms Sonae Capital Holding & TOTAL Panels Centres Others # 15
Slide 16: Consolidated Financial Structure
SONAE SGPS CONSOLIDATED FINANCIAL STRUCTURE Net Debt Net Gearing (values in Euro million) Net Debt / (Shareholders’ Funds + Minority Interests) 191% 187% 215% 3,377 3,497 3,900 172% 175% 3,071 3,173 159% 2,851 149% 135% 131% 2,501 2,428 121% 124% 2,148 95% 93% 83% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q
Slide 17: Consolidated Financial Structure
SONAE SGPS CONSOLIDATED FINANCIAL STRUCTURE Net Debt / EBITDA (a) Interest Cover (EBITDA / Interest Paid) 6.1x 6.0x 6.1x 5.8x 5.6x 5.6x 4.7x 4.5x 4.4x 3.6x 3.7x 3.0x 3.1x 3.0x 3.1x 2.5x 2.3x 2.1x 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Year 2000 Year 2001 2002 Year 2000 Year 2001 2002
Slide 18: Consolidated Financial Structure
SONAE SGPS CONSOLIDATED FINANCIAL STRUCTURE Euro millions To analyse Sonae’s debt position correctly it is not sufficient to simply look at the consolidated figures. The adequacy of the capital structure in each business of its portfolio can be summarised, as follows: Net Debt (a) EBITDA (b) Net Deb
Slide 19: Sonae Indústria
sonae indústria
Slide 20: Indústria Business Portfolio
(a) Euroresinas 100% Poliface SIR Resoflex 94.69% of voting rights 100% Tafiber Tafisa Espanha Taiber 100% Tafisa France SONAE INDÚSTRIA 98% Glunz 100% Tafisa UK TAFISA BUSINESS PORTFOLIO 91.23% (a) 67% Tafisa Canada SONAE INDUSTRIA 63% Tafisa Brasil 100% Tafisa South Ifloma Africa 50% Gescartão (65
Slide 21: Indústria Vision and Mission
SONAE INDÚSTRIA VISION AND MISSION Sonae Indústria is the world leader in the wood based panels industry, creating value for its shareholders. After concluding a long and intensive investment plan in 2001, 2002 will be the year of consolidation, maximizing the use of capacity installed. Sonae Indúst
Slide 22: Development and Investment – Main Drivers
SONAE INDÚSTRIA DEVELOPMENT AND INVESTMENT - MAIN DRIVERS Main drivers of turnover growth and improvement in operational margins: – Investment in new production capacity 9 – Restructuring 9 – Developing operational synergies 9 2001: 2002: Investment Plan Business Completion Consolidation # 22
Slide 23: Indústria Global Presence
SONAE INDÚSTRIA GLOBAL PRESENCE Europe North America Portugal Canada Spain UK France Germany South America Africa South Africa Brazil Mozambique Gabon 44 Industrial sites in 10 Countries # 23
Slide 24: Wood Based Panels Production Capacity
SONAE INDÚSTRIA WOOD BASED PANELS PRODUCTION CAPACITY (‘000 cum/year) 8,471 8,241 7,276 5,661 + 45% 1999 2000 2001 2002 # 24
Slide 25: Indústria Turnover – 1st Quarter 2002
SONAE INDÚSTRIA TURNOVER – 1st QUARTER 2002 By Product By Market Rest of the World Others Plywood 17% Portugal 9% 8% 12% Value Added Products 14% MDF South Africa Spain 21% 3% 17% Hardboard South America 2% 5% North America Particleboard France 8% Surfaced 15% 15% 25% UK OSB 7% Flooring 1% 5% German
Slide 26: EBITDA Margin – Iberia and Rest of Europe
SONAE INDÚSTRIA EBITDA MARGIN – IBERIA AND REST OF EUROPE Iberia France 17% 17% 17% 16% 16% 16% 15% 15% 15% 5% 4% 2% 0,4% -2% -1% -1% -1% -1% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Year 2000 Year 2001 2002 Year 2000 Year 2001 2002 UK Germany 11% 9% 7% 5% 5% 5% 5% 4% 3% 1% 1% 2% 2% 2%
Slide 27: EBITDA Margin – Canada, Brazil, South Africa
SONAE INDÚSTRIA EBITDA MARGIN – IBERIA AND REST OF EUROPE Canada Brazil 48% 44% 40% 38% 35% 32% 32% 32% 32% 29% 25% 23% 20% 18% 22% 19% 17% 13% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Year 2000 Year 2001 2002 Year 2000 Year 2001 2002 South Africa 27% 20% 21% 19% 15% 9% 4Q 1Q 2Q 3Q 4Q 1
Slide 28: Indústria Consolidated Financial Structure
SONAE INDÚSTRIA CONSOLIDATED FINANCIAL STRUCTURE Net Debt Net Gearing (values in Euro million) Net Debt / (Shareholders’ Funds + Minority Interests) 243% 904 867 872 806 822 159% 777 148% 151% 151% 768 748 143% 131% 126% 121% 595 112% 107% 107% 96% 70% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
Slide 29: Indústria Consolidated Financial Structure
SONAE INDÚSTRIA CONSOLIDATED FINANCIAL STRUCTURE Net Debt / EBITDA (a) Interest Cover (EBITDA / Interest Paid) 6.8x 6.5x 6.1x 5.9x 5.6x 5.6x 5.3x 4.7x 4.3x 3.4x 3.1x 3.1x 2.8x 2.5x 2.1x 2.2x 1.9x 1.6x 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Year 2000 Year 2001 2002 Year 2000 Year 2001
Slide 30: Sonae Produtos e Derivados Florestais
sonae produtos e derivados florestais
Slide 31: Produtos e Derivados Florestais – Pulp & Paper
SONAE PRODUTOS E DERIVADOS FLORESTAIS PUPL & PAPER SPDF * 100% SONAE WP 29.18% PORTUCEL, SA Main Operational Indicators of Portucel: - Produces BEKP (Bleached Eucalyptus Kraft Paper) pulp and paper - Total pulp production capacity is approximately 1,220,000 tonnes/year. - Total uncoated woodfree pap
Slide 32: Sonae Distribuição
ye SONAE DISTRIBUIGAO Je)at-(-5 GIStriIDUICAO
Slide 33: Distribuição Business Portfolio
SONAE DISTRIBUIÇÃO BUSINESS PORTFOLIO MODELO CONTINENTE 100% 90% 100% Modelo SONAE Modelo DISTRIB. Continente BRASIL Continente Food Retail Portugal Food and Non-Food Retail Brazil Non-Food Retail BIG Continente Modalfa BIG Eletroeletrónico Modelo Worten Cândia (S.Paulo) Modelo Bonjour Max Mat (50%)
Slide 34: Distribuição Vision and Mission
SONAE DISTRIBUIÇÃO VISION AND MISSION Modelo Continente is the market leader in Portugal in food retail (hyper and mini-hyper formats). In Brazil, Modelo Continente is the leader in the Southern market and number 3 in the national ranking. Modelo Continente aims to expand its business frontiers, tak
Slide 35: Business Strategy – Value Creation
SONAE DISTRIBUIÇÃO BUSINESS STRATEGY – VALUE CREATION GROWTH VALUE PROPOSAL PORTUGAL Market share consolidation in Supply chain integration hypers and mini-hypers Category management Development of neighbourhood and more convenience formats Information systems development Synergic develo
Slide 36: Current Position – 1st Quarter 2002
SONAE DISTRIBUIÇÃO CURRENT POSITION – 1st QUARTER 2002 Brazil y Hypers and Supers y South Region Market Leader (3rd National) y 178 stores (453,000 sqm) Portugal y 392 M.€ Gross Sales (818 M.R$) y Hypers and Supers y EBITDA/Net Sales 4.3% y Non food formats y Market Leader y 244 stores (404,000 sqm)
Slide 37: Business Portfolio – 1st Quarter 2002
SONAE DISTRIBUIÇÃO BUSINESS PORTFOLIO - 1st QUARTER 2002 Portugal Brazil 103 stores 295,000 sqm 509 M. € gross sales Continente Rio Grande do Sul Bonjour Paraná S. Paulo Modelo 167 stores Food based 444,000 sqm S. Catarina formats 380 M. € gross sales Worten BIG Eletroelectrónico Non food based Moda
Slide 38: Portugal – Modern Retail Market
SONAE DISTRIBUIÇÃO PORTUGAL – MODERN RETAIL MARKET Food based formats – Relative Market Share 32% 21% 12% 11% 11% 8% Sonae JM Intermarché Auchan Carrefour Lidl and Minipreço Source: UCDR’s Market Share; Modelo Continente estimates 12 month average, as of March 2002 Food based formats – Market Dynami
Slide 39: Portugal – Portfolio Analysis
SONAE DISTRIBUIÇÃO PORTUGAL – PORTFOLIO ANALYSIS Gross sales (M. €) Sales Area (´000 sqm) EBITDA Margin (%) 9.5% 2,657 404 9,1% 2,467 379 7.7% 327 7.6% (a) 610 552 2000 2001 1Q 2002 2000 2001 1Q 2002 2000 2001 1Q 2002 (a) Maxmat is accounted for by the equity method of accounting. Thus its sales are
Slide 40: Portugal – Portfolio Analysis
SONAE DISTRIBUIÇÃO PORTUGAL – PORTFOLIO ANALYSIS Gross sales (M. €) Sales area (´000 sqm) EBITDA margin (%) 293 295 Food formats 2,119 2,235 9.4% 9.7% 7.9% 262 7.8% 509 476 2000 2001 1Q 2002 2000 2001 1Q 2002 2000 2001 1Q 2002 Non food formats 86 86 8.8% 422 65 6.7% 6.6% 348 5.6% 101 76 2000 2001 1Q
Slide 41: Brazil – Retail Market
SONAE DISTRIBUIÇÃO BRAZIL – RETAIL MARKET BRAZIL Total Area (‘000 km2) 8,514 Population (‘000) 169,590 GDP (b EUR) 564 per capita GDP (EUR) 3,320 North SÃO PAULO • Total Area (´000 km2) 248 • Population (´000) 36,969 (22% total) • GDP (b EUR) 197 (36% total) • per capita GDP (EUR) 5,320 (1.6
Slide 42: Brazil – Portfolio Analysis
SONAE DISTRIBUIÇÃO BRAZIL – PORTFOLIO ANALYSIS Relative market share + 3 p.p. Rio Grande do Sul Paraná = Ï 39% 39% 20% 9% 35% 35% 13% 13% Sonae 2nd 3rd Sonae 2nd 3rd Santa Catarina São Paulo + 3 p.p. Ï Ï + 2 p.p. 36% 16% 16% 10% 35% 19% (…) 4% 4% 1st Sonae 3rd 1st 2nd Sonae (5th) # 42 MC estimates
Slide 43: Brazil – Portfolio Analysis
SONAE DISTRIBUIÇÃO BRAZIL – PORTFOLIO ANALYSIS Gross sales (M. €) Sales Area (´000 sqm) EBITDA Margin (%) 1,671 1,651 453 7.7% 445 7.4% 5.2% 4.3% 402 392 420 2000 2001 1Q 2002 2000 2001 1Q 2002 2000 2001 1Q 2002 # 43
Slide 44: Distribuição Consolidated Financial Structure
SONAE DISTRIBUIÇÃO CONSOLIDATED FINANCIAL STRUCTURE Net Debt Net Gearing (values in Euro million) Net Debt / (Shareholders’ Funds + Minority Interests) 1,101 316% 933 884 897 284% 266% 789 764 728 643 204% 193% 524 96% 89% 75% 77% 82% 70% 64% 64% 43% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4
Slide 45: Distribuição Consolidated Financial Structure
SONAE DISTRIBUIÇÃO CONSOLIDATED FINANCIAL STRUCTURE Net Debt / EBITDA (a) Interest Cover (EBITDA / Interest Paid) 5.1x 4.9x 4.5x 4.4x 4.0x 4.0x 3.8x 3.5x 3.5x 3.3x 2.8x 2.9x 2.5x 2.5x 2.4x 2.4x 2.2x 1.7x 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Year 2000 Year 2001 2002 Year 2000 Year 20
Slide 46: Business Strategy – Outlook
SONAE DISTRIBUIÇÃO BUSINESS STRATEGY – OUTLOOK GROWTH VALUE PROPOSAL Strengthening of leadership Increase in operational in the food based market efficiency Take advantage of the Turn the customer potential of non food based relationship into a competitive formats advantage # 46
Slide 47: Sonae Imobiliária
SONAE IMOBILIARIA sonae ile dilelar:
Slide 48: Imobiliária Business Portfolio
SONAE IMOBILIÁRIA BUSINESS PORTFOLIO SONAE IMOBILIÁRIA Shopping Shopping Shopping Shopping Centres Centres Centres Centres Portugal Southern Germany Brazil Europe Austria CascaiShopping1 (65)2 Centro Colombo1 (120)2 Parque Principado (25%) Shopping Penha (14%) (70)2 - Spain 3 DO Dortmund CoimbraShop
Slide 49: Imobiliária Vision and Mission
SONAE IMOBILIÁRIA VISION AND MISSION Sonae Imobiliária is the dominant leader in the Portuguese market, in Shopping Centres development, management and investment. Focus efforts on other markets where it already operates, namely Spain, Greece, Italy, Germany and Brazil. Maintain a partnership approa
Slide 50: Imobiliária Global Strategy
SONAE IMOBILIÁRIA GLOBAL STRATEGY Sonae Imobiliária is an international company with an emphasis in Europe and a strategy built around two vectors: FOCUS GROWTH maintaining an integrated view of the achieving growth by capitalising on the shopping and leisure centre industry key strengths of the
Slide 51: Imobiliária Shopping Centres
SONAE IMOBILIÁRIA SHOPPING CENTRES Number GLA ( ‘000 sqm) Shopping Centres in operation 13 597 Portugal Brazil 6 218 Spain 2 99 21 914 Shopping Centres under development Portugal 4 71 Spain 3 98 Greece 1 60 Rest of Europe 3 109 Brazil 1 22 12 360 Shopping Centres under management Portugal 860 Spain
Slide 52: Partnership Approach – Portugal
SONAE IMOBILIÁRIA PARTNERSHIP APPROACH - PORTUGAL With the objective of sharing risk and return but also know-how, Sonae Imobiliária has adopted a partnership approach and has established joint-ventures for the development and investment in properties: % Sonae Centers Partners Countries Imobiliária
Slide 53: Partnership Approach – International
SONAE IMOBILIÁRIA PARTNERSHIP APPROACH - INTERNATIONAL % Sonae Centers Partners Countries Imobiliária Plaza Mayor, Malaga, Spain 75% Castle Management (25%) UK Grupo LAR Grosvenor (25%) Spain Parque Principado, Oviedo, Spain 25% Whitehall Fund (50%) USA Avenida M 40, Madrid, Spain 60% Grupo Eroski S
Slide 54: Development – Portugal
SONAE IMOBILIÁRIA DEVELOPMENT - PORTUGAL The total of projects under development as at 31/03/2002 corresponds to an investment of 1,180 M.€, of which 927 M.€ are attributable to Sonae Imobiliária, as follows: 71 M.€ , in Portugal, Setúbal Retail Coimbra Retail CascaiShopping Viana Shopping Parque Aç
Slide 55: Development – Spain
SONAE IMOBILIÁRIA DEVELOPMENT - SPAIN 152 M.€ , in Spain, Plaza Avenida Toledo SPAIN Málaga Outlet Mayor M 40 Shopping Location Málaga Málaga Madrid Toledo Opening Date 18 April 2002 Spring 2004 Spring 2003 Spring 2004 GLA (sqm) 28,900 16,700 45,500 35,000 Gross Investment (Euro) 49.5 million 30.7 m
Slide 56: Development – Rest of Europe
SONAE IMOBILIÁRIA DEVELOPMENT - REST OF THE EUROPE 580 M.€, in the rest of Europe,... Aegean 3 DO OTHER EUROPEAN MARKETS Brescia Centre Vienna Mitte Park Dortmund Dortmund, Location Athens, Greece Brescia, Italy Vienna, Austria Germany Opening Date Spring 2004 Spring 2005 Spring 2006 Spring 2005 GLA
Slide 57: Development – Brazil
SONAE IMOBILIÁRIA DEVELOPMENT - BRAZIL and 124 M.€ in Brazil. BRAZIL Parque D. Pedro Center Sul Location Campinas (SP), Brazil Campinas (SP), Brazil Opening Date 18 March 2002 October 2003 GLA (sqm) 105,000 22,000 Gross Investment (Euro) 100.0 million 30.0 million Sonae Imobiliária’s shareholding 97
Slide 58: Shopping Centre Performance
SONAE IMOBILIÁRIA SHOPPING CENTRE PERFORMANCE Gross Lettable Area (000 sqm) Average Monthly Sales per sqm in 1Q 02 (EUR) 120 Colombo 415 72 NorteShopping 400 65 CascaiShopping 419 56 GaiaShopping 274 48 Vasco da Gama 395 42 AlgarveShopping 205 31 MaiaShopping 226 26 CoimbraShopping 533 27 210 Madeir
Slide 59: Sales Growth 1st Quarter 02/01
SONAE IMOBILIÁRIA SALES GROWTH 1st QUARTER 02/01 GuimarãesShopping 23% 21% NorteShopping Viacatarina 18% Sintra Retail Park 14% 13% MaiaShopping CascaiShopping 12% 11% GaiaShopping 9% CoimbraShopping Vasco da Gama 5% Centro Colombo 3% # 59
Slide 60: Imobiliária Management
SONAE IMOBILIÁRIA MANAGEMENT Sonae Imobiliária manages 1,128 thousand sqm of GLA in Portugal, Spain and Brazil: a growth of 18% compared to 2000 Managed GLA trend (000's sqm) GLA under management by geographical area Average increase of 123 thousand sqm 1,128 of GLA / Year 959 Brazil 893 10% Spain 6
Slide 61: Consolidated Financial Structure – NAV
SONAE IMOBILIÁRIA CONSOLIDATED FINANCIAL STRUCTURE NAV of Total Properties Loan / Value (values in Euro million) (NAV of Sonae Imobiliária’s share) 934 752 35% 643 29% 459 22% 379 13% 12% 1997 1998 1999 2000 2001 1997 1998 1999 2000 2001 # 61
Slide 62: Imobiliária Consolidated Financial Structure
SONAE IMOBILIÁRIA CONSOLIDATED FINANCIAL STRUCTURE (a) Net Debt Net Gearing (values in Euro million) Net Debt / (Shareholders’ Funds + Minority Interests) 153% 469 148% 141% 141% 436 424 420 130% 406 119% 112% 105% 336 97% 319 289 258 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Year 2000 Y
Slide 63: Imobiliária Consolidated Financial Structure
SONAE IMOBILIÁRIA CONSOLIDATED FINANCIAL STRUCTURE (a) Net Debt / EBITDA (b) Interest Cover (EBITDA / Interest Paid) 8.2x 6.1x 5.8x 5.7x 5.6x 5.7x 5.4x 5.0x 5.1x 3.6x 3.5x 3.6x 3.4x 3.1x 3.0x 3.0x 2.9x 2.5x 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Year 2000 Year 2001 2002 Year 2000 Year
Slide 64: SonaeCom
sonae com
Slide 65: SonaeCom Business Portfolio
SONAE COM BUSINESS PORTFOLIO SONAECOM (1) 45.89% 56.67% 100% 100% IS Mobile Fixed Data Multimedia and IT and Internet Integration Consulting Optimus Novis Publico We Do Consulting (100%) Clix (56.67%) Enabler (100%) 20.00% 43.33% 43.33% France Telecom (1) 51.88% of voting rights # 65
Slide 66: SonaeCom Vision and Mission
SONAE COM VISION AND MISSION SonaeCom aims to be the recognized expert leading alternative communications services provider in Portugal to corporate, SME, residential and wholesale customers offering mobile, fixed and internet access as well as applications and content. To achieve this goal and to s
Slide 67: Current Position of Business
SONAE COM CURRENT POSITION OF BUSINESS Optimus - is the third mobile operator to start business in Portugal. After 3 years of operations, Optimus has won a market share of 22.4%. Optimus aims to lead the development of new mobile data and content markets. Novis - is concentrating its efforts on winn
Slide 68: SonaeCom Looking Forward
SONAE COM LOOKING FORWARD CONTEXT STRATEGIC GUIDELINES . Entrance of a 4th mobile operator . SonaeCom will achieve growth in turnover and improve operating profitability . Changes in interconnect rates . SonaeCom will continue to seek . Effective competition in fixed market ways of reducing costs wi
Slide 69: SonaeCom – Active Customers
SONAE COM SONAECOM – ACTIVE CUSTOMERS Active customers continue to grow quarter on quarter. At the end of 1Q 02, SonaeCom had 2.4 million active customers spread across mobile, fixed and Internet. 2,405 2,326 Público 51 Clix 2,152 54 10% 2% 244 1,971 56 232 216 140 1,813 51 124 Novis 53 203 89 6% 18
Slide 70: SonaeCom – Total Traffic Data
SONAE COM SONAECOM – TOTAL TRAFFIC DATA Between mobile and fixed voice, Internet and data traffic, SonaeCom generated almost 4.5 billion minutes of traffic in 2001, up from 3 billion in 2000. 1,258 1,221 1,173 1,105 987 463 Clix 469 433 37% 417 395 168 Optimus 130 129 127 82% 94 610 623 627 561 498
Slide 71: Optimus – Subscriber Growth and Market Share
SONAE COM OPTIMUS – SUBSCRIBER GROWTH AND MARKET SHARE Optimus subscribers, EOP (000’s) Overall market share, EOP (000’s) Optimus Vodafone TMN 1,970 1,916 1,791 4,223 4,671 4,931 5,193 5,768 6,664 7,136 7,561 8,083 8,608 8,790 1,650 1,511 1,410 46% 45% 45% 45% 45% 44% 44% 44% 45% 45% 45% 1.153 1.002
Slide 72: Optimus – ARPU Evolution
SONAE COM OPTIMUS – ARPU EVOLUTION 40 ARPU evolution (Euro/sub/month) 36 32 Optimus Euros Vodafone 28 TMN 24 20 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Year 1999 Year 2000 Year 2001 Year 2002 Year 1999 Year 2000 Year 2001 Year 2002 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Optimus 31.0 30.2 29.5 31.9 33.3 33.
Slide 73: Novis – Customer Growth and Market Share
SONAE COM NOVIS – COSTUMER GROWTH AND MARKET SHARE Total Active costumers, EOP (000’s) Traffic on Novis Network (million of minutes) Total Indirect Access Active Customers (EoP) thousands 631 Pre-selected customers 598 563 544 139 489 124 115 89 94 67 60 51 55 23 12 4 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1
Slide 74: Novis – Network and Market Penetration
SONAE COM NOVIS – NETWORK AND MARKET PENETRATION Current Network Roll-Out Altnet Market Share Business Segment Total Altnet Market Share Novis Altnet #2 Altnet #3 Fibre Backbone Kms (EOP) 24.4% Extension 722 19.9% 19.4% 19.2% 18.9% 18.8% Fibre Pairs Installed 1,260 17.4% 14.8% 11.8% 8.4% MAN Kms Lis
Slide 75: Matrix – Internet and Multimedia
SONAE COM MATRIX – INTERNET AND MULTIMEDIA Clix Active Dial-up users and connection time Pageviews per month (millions) Active Dial-up users Total minutes connection time 250 500 Clix Publico.pt 469 463 12 433 450 417 232 244 12 395 12 200 216 400 370 203 189 350 12 306 309 177 13 150 300 262 148 16
Slide 76: SonaeCom Financial Progress – Turnover
SONAE COM FINANCIAL PROGRESS Euro millions Turnover – Stand alone Accounts Optimus 171 Novis 166 37 37 146 143 125 131 134 109 25 93 23 21 19 10 7 6 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Year 2000 Year 2001 2002 Year 2000 Year 2001 2002 Clix * Publico 10 10 10 9 8 8 8 8 8 7 5 4 2 2 4
Slide 77: SonaeCom Financial Progress – EBITDA
SONAE COM FINANCIAL PROGRESS Euro millions EBITDA Eliminating SAC deferral – Stand alone Accounts Optimus Novis 34 24 21 17 17 15 16 12 5 -7 -8 -8 -11 -11 -12 -12 -14 -14 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Year 2000 Year 2001 2002 Year 2000 Year 2001 2002 Clix Publico 2 -1,6 -1,7
Slide 78: SonaeCom Financial Progress – CAPEX
SONAE COM FINANCIAL PROGRESS Euro millions CAPEX (excl. capitalised costs) * Optimus Novis Matrix 131 ** 16 11 11 11 3.4 8 8 54 2.4 5 2.1 32 4 1.5 21 25 26 27 1.0 19 23 3 1.0 0.5 0.1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Year 2000 Year 2001 2002 Year 2000 Year
Slide 79: SonaeCom Consolidated Financial Structure
SONAE COM CONSOLIDATED FINANCIAL STRUCTURE Net Debt Net Gearing (values in Euro million) Net Debt / (Shareholders’ Funds + Minority Interests) 548 513 472 124% 457 429 115% 380 100% 104% 348 95% 86% 91% 82% 86% 79% 74% 58% 216 35% 142 23% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Year 20
Slide 80: SonaeCom Consolidated Financial Structure
SONAE COM CONSOLIDATED FINANCIAL STRUCTURE Net Debt / EBITDA (a) Interest Cover (EBITDA / Interest Paid) 10.8x 9.5x 9.2x 8.2x 8.2x 6.5x 3.7x 4.2x 3.7x 3.1x 3.2x 2.5x 2.6x 1.9x 2.1x 1.5x 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Year 2000 Year 2001 2002 Year 2000 Year 2001 2002 (a) Calculated o
Slide 81: Sonae Capital
sonae capital
Slide 82: Sonae Capital Business Portfolio
SONAE CAPITAL BUSINESS PORTFOLIO SONAE CAPITAL Spred Spinveste Choice Car Invicta Capitais Turismo Privados Hotel Management Joint -Ventures Construction, Car Hire Transport Resort Manag. & & Risk Capital Real Estate & Retailing & Services Develop. & Engineering Leisure Fitness & Sport Travel Solinc
Slide 83: Sonae Capital Vision and Mission
SONAE CAPITAL VISION AND MISSION Sonae Capital concentrates its strategic investments within sectors undergoing consolidation. Sonae Capital develops businesses to take a leading role in their industries. Sonae Capital generates options and future opportunities OBJECTIVE Add value and take advantage