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Sonaecom SGPS
Earnings Release • Nov 4, 2021
1921_iss_2021-11-04_b6f78e04-3419-4da5-ad71-011ce475fcf4.pdf
Earnings Release
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STHUACCOM
RESULTS ANNOUNCEMENT 9M21
The consolidated financial in this report is bosed on unaudited financial statements, web e with the with with with with with with Union.
1. Main Highlights
Consolidated Turnover increasing 5.5% to 53.7 million euros, with positive contributions from all portfolio companies.
Strong EBITDA performance, achieving 46.2 million euros. The capital sale of the Arctic Wolf stake, the sale of CB4 stake and the sale of Bizdirect, coupled with an improvement of ZOPT equity results and a profitability improvement across all Sonaecom business units, led to this impressive growth.
NOS presenting an acceleration of Telco operating performance and a recovery of Cinemas and Audiovisuals segment. 3Q as the highest quarter in terms of RGUs net growth in the last 5 years.
Net income (Group Share) reached 67.9 million euros, clearly above 9M20 and reflecting not only the positive performance at EBITDA level but also the portfolio valuations recorded at indirect results.
Capital Structure remains strong with a net cash position of 204.6 million euros.
2. Sonaecom Consolidated Results
Introductory notes:
In the 1H21, and following the greement signed with Claranet Portugal, S.A. to sell the entire share copital and voting rights of Bizdirect, which was announced on June 1ª, Bizdirect was considered a discontinued operation. In the 3Q21, on July 16", this transaction has been completed, following the approval from the competent authority and the conditions precedent agreed between the parties. All comparative periods were restated to include Bizdirect results as a discontinued operation in the profit and loss statement.
Telecommunications area, which includes a 50% stake in ZDPT - consolidated through the equity method - which owns 52.15% stake in NOS, presented a positive financial evolution, accelerating performance and recovering in Cinema & Audiovisuals segment with the return of spectators to cinema theatres.
On Telco area, RGUs net growth in the quarter reached the greatest level in the past five years and both residential and B2B segments presented positive revenues evolution, the last one diven by strategic partnerships and the launch of innovative IT, data and cloud solutions. On Cinema & Audiovisuals business, with the gradual easing of confinement measures in the return to the big screen of long-anticipated blockbusters, the audience in movie theatres began to increase month after month.
Investment levels continued to reflect the strategy of being leader in new generation networks, deploying FttH and preparing mobile network for 5G launch.
Finally, it is important to highlight that already in October and after more than 200 days of bidding, the allocation of the 55 frequencies ended, with NOS winning the largest fraction of the spectrum in all possible bands.
Regarding portfolio activity, Technology area (i) sold part of its stake in Artic Wolf for a gross amount of 36.4 million euros with a gross capital gain of 12.3 million euros; (i) entered in the share capital of Sellforte, a SaaS platform that measures of online and offline marketing investments; (iii) invested in Portainer.io, one of the most popular digital container management platforms globally; and, during the 3Q (i) completed the sale, jointly with the remaining share capital and voting rights of Bizdirect to Claranet Portugal, S.A., with a gross capital gain of 5.4 million euros; (ii) sold its stake in CB4 with a gross capital gain of 5.1 million euros; (iii) entered in the share capital of Citcon, a US- based leading mobiler; and (iv) reinforced its ownership in some portfolio companies.
9M21 was also marked by relevant achievements indirectly held through Armilar funds i J Feedza, that announced a series D round with an implicit valuation that turned the company into an unicorn; ii) Outsystems announced a 150 million dollars capital raise, co-led by Abdiel Capital at an underlying valuation of 9.5 billion dollars; and (iii) Safetypay that is expecting some regulatory approvals, to be acquired by Paysafe with an implicit valuation of 441 million dollars. Regarding Arctic Wolf, the company announced a financing round of 150 million dollars by existing and new investors, at an underlying valuation of 4.3 billion dollars. The rounds of Dutsystems and Arctic Wolf are a good sign of the companies' strong evolution and potential.
Turnover
Consolidated turnover in 9M21 reached 53.7 million euros, increasing 5.5%, when compared to 9M20. This positive evolution was driven by both Media and Technology area, the latter presenting a growth of 6.4% น.0.น.
Operating costs
Operating costs amounted to 60.4 million euros, 6.7% above 9M20. Employee benefits expenses increased 8.0% and Commercial costs decreased 1.6% to 11.1 million euros, mainly driver cost of goods sold, aligned with the lower level of Sales. Other expenses increased 10.6%, mainly explained by the higher level of Outsourcing costs.
EBITDA
Total EBITDA increasing from 8.0 million euros, mainly explained by non-recurrent itens and by the increase on equity results but also driven by portfolio profitability improvements.
In 9M21, the non-recurrent itens stood at 21.2 million euros, mainly driven by the capital gains generated with the sales of Arctic Wolf, CB4 and Bizdirect. In 9M20, the non-recurrent items stood at negative 9.6 million euros, mainly driven by the gross capital loss as a result of the redemption of participation units held in the Armilar Venture Partners II Fund.
The equity results, mostly driven by ZDPT contribution which, in turn, depends on NOS net income evolution, increased to 28,6 million euros.
Underlying EBITDA benefiting from positive evolutions in both Media and Technology area.
Net results
Sonaecom's EBIT increased to 40.8 million euros in 9M20, explained by the higher level of EBITDA and the lower level of depreciations.
Sonaecom's earnings before tax (EBT) increased from 0.9 million euros, driven by the higher EBIT and financial results. Indirect results reached 29.5 million euros, positively impacted by portfolio fair value adjustments, specially at Armilar Venture Funds, mainly related with Feedzai and Safetypay. The amount of 22.4 million euros in 9M2O, is mainly related with Arctic Wolf upward revision following its series E round that turned the company into a unicorn.
Net results group share stood at 67.9 million euros, above the 28.7 million euros presented in 9M20.
Operating CAPEX
Sonaecom's operating CAPEX increased to 4.4 million euros, reaching 8.1% of Turnover, 1.2 p.p. above 9M20. Excluding the IFRS 16 impact, operating CAPEX would be 2.2 million euros, 0.3 million euros below 9M20.
Capital Structure
The net cash position stood at 204.6 million euros, and excluding the decrease generated by the amount of liquidity already allocated to assets held for sale (Bizdirect), stood 2.1 million euros below the level of December 2020. Excluding leasings net cash position stood at 217.9 million euros below December 2020, mainly driven by 34.9 million euros of positive net inflow from investment activity, the 29.7 million euros of dividends distribution and the negative cash-flow, financials and taxes of 7.0 million euros.
2.1 Telecommunications
NOS operating revenues were 1,044.9 million euros in 9M21, increasing 3.1% y.o.y. EBITDA reached 477.7 million euros, increasing 1.4% when compared to 9M20 and representing a 45.7% EBITDA margin. CAPEX excluding leasings amounted to 310.1 million euros in 9M21, an increase of 15.0% your As a consequence of EBITDA and CAPEX evolution, EBITDA- CAPEX decreased 16.8%.
At the end of 9M21, total net debt including leasings and long-term contracts (according to FRS 16) amounted to 1,431,3 million euros. Net Financial Debt/EBITDA after lease payments (last 4 quarters) now stands at 1.7x EBITDA, and with an average maturity of 2.4 years.
NOS published its 9M21 results on 3ª November 2021, which are available at www.nos.pt.
During 9M21, NOS share price increased 21.7% from €2.858 to €3.478, whilst PSI20 increased by 11.5%.
Operational Indicators
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| Operational Indicators ('000) | 3020 | 3021 | A 21/20 | 2021 | q.o.q. | 9M20 | 9M21 | A 21/20 |
| Total RGUs | 9.871.8 | 10.147.1 | 2.8% - | 10.000.2 | 1.5% | 9.871.8 | 10.147.1 | 2.8% |
| Convergent + Integrated RGUs | 4.890.7 | 5.146.3 | 5.2% | 5.060.5 | 1.7% | 4.890.7 | 5.146.3 | 5.2% |
Financial indicators
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| NOS HIGHLIGHTS | 3020 | 3021 | Δ 21/20 | 2021 | 0.0.0. | 9M20 | 9M21 | |
| Operating Revenues | 346.9 | 366.5 | 5.6% | 341.0 | 7.5% | 1,013.6 | 1.044.9 | 3.1% |
| EBITDA | 160.6 | 1711 | 6.6% | 154.4 | 10.8% | 4712 | 477.7 | 14% |
| EBITDA margin (%) | 46.3% | 46.7% | 0.4pp | 45.3% | 1.4pp | 46.5% | 45.7% | -0.8pp |
| Net Income | 441 | 46.1 | 4.6% | 43.3 | 6.5% | 79.1 | 120.0 | 51.7% |
| CAPEX excluding Leasings | 97.8 | 110.0 | 174% | 104.1 | 5.6% | 269.6 | 310.1 | 15.0% |
| EBITDA-CAPEX excluding Leasings | 62.8 | 61.2 | -2.6% | 50.3 | 21.7% | 201.6 | 167.7 | -16.8% |
2.2 Technology
The Technology area aims to build and manage a portfolio of technology businesses around retail and telecommunications, as well as cybersecurity, with an international scale. This area currently comprises, alongside with minority stakes, Bright Pixel, Vector I and Bright Innovation funds, three controlled companies – S21Sec and Excellium (together the Maxive Cybersecurity Group) and Inovretail - that generated more than 85% of its revenues outside the Portuguese market with 80.4% out of the total 598 employees based abroad.
In terms of operational performance, Sonae IM continues to record improved top line and underlying EBITDA. In 9M21, total turnover increased by 6.4% y.o.y to 43 million euros and underlying EBITDA improved by 6.0%.
Controlled Companies
Maxive Cybersecurity is the strategic holding company that combines two of the leading cybers in Europe and is positioned as one of the largest MSSPs (Managed Security Services Provider) pure players and specialized personnel offering its customers a wide set of services and capabilities from both S21se and Excellium:
S21Sec is a reference multinational MSSP, focused on the delivery of cuber security services and development of proprietary supporting technologies, with a global customer base, leveraging its teams in Spain, Portugal and Mexico. Since June 2018, with the integration of Nextel, S21Sec is the most relevant "pure player" (company specializing exclusively in the cybersecurity sector) in Spain and Portugal in terms of turnover and number of cybersecurity experts.
Excellium is a market-leading managed security services provider from Luxembourg, with presence in Belgium and counting with more than 100 experts.
The significant European scale and cross-country presence of this group of cybersecurity companies will be key to address the increasingly challenging needs of all organizations and specially the requirements of those largenies operating in the European space, while ensuring agile and fast response from specialized teams close to the customer.
lnovRetail is a retail innovation company that provides data science solutions and digital tools that deliver quantifiable insights and actionable recommendations with direct and sustainable impact on retailer's key metrics. The company's main product is the Staff Empowerment Solution, a SaaS based solution that help reas like Sales Performance Enhancement; Customer Experience Optimisation and Advanced Planning & Scheduling.
Minority Stakes (non-exhaustive)
Armilar Venture Funds are the 3 Venture Capital funds in which Sonae M owns participation units acquired to Novo Banco. With this transaction, concluded in December 2016, Sonae IN reinforced its portfolio with sizeable stakes in leading edge companies such as Outsystems and Feedzai, both consistently presenting meaningful and sustainable levels of growth.
Arctic Wolf, a US based company, is a global pioneer in the SOC-as-a-Service market with cutting-edge managed detection and response (MDR), which provides a unique combination of technology and services for clients to quickly detect and contain threats. Sonae M, jointly with US technology investors Lightspeed Venture Partners and Redpoint, entered in 2017 in a series B round. During 2018, the Company closed a \$45M series C round and, at the end of 2019, the Company launched a \$60M Series D round. In October 2020, the company announced it has raised \$200 million in Series E funding at a valuation of \$1.3 billion. The funding round was led by Viking Global Investors, with additional participation from DTCP and existing investors. Sonae M participated in all rounds, reinforcing its stake.
Stylesage is a strategic analytics SaaS platform that helps fashion, home and brands with critical pre, in and post season decisions globally. Every day, StyleSage pulls product data from competitors' ecommerce websites from around. Then, with groundbreaking technology in machine and visual recognition, StyleSage cleans, organizes, and analyzes the massive amounts of collected data into a cloud-based that empowers brands and retailers to make informed, data-driven decisions in areas such line planning, markdown optimization, and global expansion.
Ometria is a London based Al powered customer maketing platform with the vision to become the central the communication between retailers and their customers was done by Sonae IM in the Series A round, alongside several strategic investors (including Summit Action, the US VC fund of the Summit Series) and was reinforced during series B round.
Reblaze is an Israeli company that proprietary security technologies in a unified platform, shielding assets from threats found on the Internet. The company raised a Series A round in which Sonae IM led jointly with JAL Ventures and Data Point Capital.
Visenze is a Singapore-based company that delivers image recognition solutions that shorten the path to action as consumers search and discover on the visual web. Retailers use ViSenze to convert images into immediate product search opportunities, improving conversion rates. Media companies use ViSenze to turn any image or video into an engagement opportunity, driving incremental revenue. Sonae IM co-led, with Gobi Partners, a \$20M Series C round to enable the artificial intelligence company to further invest in its penetration among smartphone manufacturers, as well as with consumer and social communication applications.
Daisy Intelligence is an Al-powered platform for retail merchandising teams focused on optimizing product and price mixes for dramatically improved business results. Sonae IM partners invested in a CS 10W (circa €7M) series A round.
Nextail is a Spanish company that has developed a cloud-based platform that combines artificial intelligence and prescriptive analytics to upgrade retailers' inventory management processes and store operations. The company raised a \$10.0 million Series A round led by London and Amsterdam based verture capital firm KEEN Venture Partners LLP ("KEEN"), together with Sonae IM and existing investor Nauta Capital. The new financing was to accelerate product development and double the size of the team, as it grows internationally.
Sixgill is a market leader in deep and dark web cyber threat intelligence. Sixgill helps Fortune 500 companies, financial institutions, governments, and law enforcement agencies protect their finances, networks and reputations from cuberthreats that lurk in the deep, dark and surface webs. The advanced cyber threat intelligence platform automates all phases of the intelligence cycle — collection, analysis and dissemination of data — providing organizations with unparalleled information and actionable insights to protect their various assets in the ever-evolving cyber threatscape. Sixgill raised \$15M in a second round led by Sonae IM and REV Venture Partners with participation by Our Crowd. Previous investors Elron and Terra Venture Partners also participate in the round.
Case on IT is a Spanish company that has developed Medux, a machine learning solution for the measurement, prediction and analusis of landline, mobile and television services quality. Medux measures the customer experience in markets that collectively serve over 600 million users worldwide.
CiValue is an Israeli company with offices in New York, and Tel Aviv, is a disruptive provider of cloud-based Precision Marketing and Supplier Advertising Platforms for Retailers. Sonae IM, coupled with Nielsen, led a \$6M Series A investment.
Cellwize is a leading provider of Mobile Network Automation solutions for telco, based in Israel. Cellwize offers modular solutions for an agile adoption of 'zero-touch' network automation capabilities on top of a virtualized service orchestration platform. It supports network open the increase in network density and complexity driven by 5G adoption. Sonae IM invested in a round of \$15M led by Deutsche Telekom Capital Partners. In November 2020, the company announced a \$32 million Series B funding round led by Intel Capital and Qualcomm Ventures LLC with participation from Ventures, Samsung Next, and existing shareholders.
lriusRisk (previously named Continuum Security) is a Spanish based company with an application to address vulnerabilities early in the development process. In order to realise their international growth plans raised an investment round of 1.5 million euros, which was led by Swarlaab Venture Factory and joined by JME Venture M. In September 2020, the company raised a series A round of 6.7 million dollars participated by Paladin, 360 CP, Swanlab JME Venture Capital and Sonae IM.
Iscrambler is a Portuguese startup that develops a security solution to protect Web and Mobile Applications (Javascript code). In 2018, the company raised a 2.3 million dollars in a financing round that was led by Sonae IM with the co-investment of Portugal Ventures. In 2021, the Company raised 10 million euros in a series A with the participation of Ace Capital Partners.
Probe.ly, having started as an internal project of Bright Pixel, won the Coixo Copital Empreed from WVP (Minimum Valuable Product) to an independent Web Application Security startup.
Sales Layer is a Spanish based company with a cloud-based Product Information Management (PM) platform, helping brands and retailers to transform their catalogs into a digital, enriched and multichannel control center. Sonae M recently led its series A round.
Deepfence is a leading US-based cloud-native workload protection platform that aims to provide a unified security platform for kubernetes, virtual machines and serverless worklass continuity in the face of persistent threats by detecting and disrupting sophisticated attacks targeting cloud-native technologies, the "glue" that keeps the current world connected. Deepfence raised \$9.5 million in Series A financing led by AllegisCyber, with participation from Sonae M, and existing investor Chiratae Ventures.
Weaveworks is a US company that helps teams to adopt cloud native infrastructure and applications quickly, reliably and at scale. Weaveworks announced a \$36.65 million round led by some of the world's leading public cloud and telecommunications companies, including first-time investors AMS), Ericsson, Drange Ventures, Sonae IM and Telekom Investment Pool (TIP). The round also included follow-on investments from Accel, GV, and Redline Capital.
Selforte, based in Helsinki, Finland, is a SaaS platform for Retailers, Brands and Telcos, which uses proprietary data science and Al to measure the effectiveness of online and offline marketing investments.
Portainer.io, based in New Zealand, is one of the most popular container management platforms universal tool unleashes the power of containerized applications for everyone.
Citcon, is a US-based leading mobile wallet payment provider with a fintech platform that enables seamless global commerce at scale by connecting the world's businesses with more than 100+ mobile wallets, local and alternative payment methods. Citcon raised \$30 million in Series C financing led by Norwest Venture Partners and Cota Capital with the participation of Sonae IN and Sierra Venture.
2.3 Media
Público continued to consolidate its position as the reference Portuguese speaking news organization focused on a digital strategy, reinforcing digital competencies and presence in online platforms.
The bet on the quality of journalism, combined with and digital image, has reinforced Público's prestige with direct positive impacts not only in the number of subscribers and online increasing value of the brand in the advertising market. During the last 9 months, digital revenues increased more than 20% and already represent 35% of total revenues, with strong performances in both subscriptions and advertising revenues. This positive performance contributed to a positive evolution at EBITDA level.
3. Subsequent Events
On October 27th the auction for allocation of 5G frequencies came to an end, with NDS winning the largest fraction of the spectrum released and investing the highest value of all the participants. This all the objectives outlined in NOS' strategy for the fifth generation of mobile networks.
4. Appendix
Consolidated income statement
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED INCOME STATEMENT | 3020 R | 3021 | A 21/20 | 2021 | q.o.q. | 9M20 R | 9M21 | മ 21/20 |
| Turnover | 18.0 | 17.9 | -0.2% | 19.0 | -5.6% | 50.9 | 53.7 | 5.5% |
| Services Rendered | 11.6 | 12.6 | 9.0% | 13.1 | -3.8% | 34.4 | 37.7 | 9.4% |
| Sales | 6.4 | 5.3 | -16.9% | 5.9 | -9.5% | 16.5 | 16.0 | -2.7% |
| Other Income | 0.3 | 0.5 | 62.2% | 0.5 | -6.3% | 14 | 1.6 | 11.2% |
| Operating Costs | 19.2 | 19.7 | 2.6% | 22.5 | -12.4% | 56.6 | 60.4 | 6.7% |
| Employee Benefits Expenses | 10.3 | 11.1 | 7.2% | 12.4 | -10.3% | 31.2 | 33.7 | 8.0% |
| Commercial Costs(1) | 45 | 3.7 | -18.7% | 4.2 | -12.6% | 11.3 | 11.1 | -1.6% |
| Other Expenses (2) | 44 | 5.0 | 13.5% | 6.0 | -16.5% | 14.1 | 15.6 | 10.6% |
| EBITDA | 0.6 | 20.2 | 19.8 | 2.2% | 8.0 | 46.2 | ||
| Underlying EBITDA(5) | -0.8 | -1.2 | -45.2% | -1.4 | 15.5% | -3.8 | -3.5 | 7.8% |
| Non recurrent itens | -92 | 10.4 | 108 | -3.4% | -9.6 | 21.2 | ||
| Equity method(4) | 10.7 | 11.0 | 29% | 10.7 | 3.5% | 211 | 28.6 | 35.2% |
| Discontinued Operations 51 | 0.0 | 0.0 | 100.0% | -0.2 | 100.0% | 0.3 | -0.1 | |
| Underlying EBITDA Margin (%) | -4.7% | -6.8% | -2.1pp | -7.6% | 0.8pp | -7.5% | -6.6% | 0.9pp |
| Depreciation & Amortization | 21 | 15 | -21.4% | 1.8 | -10.5% | 6.4 | 5.3 | -16.4% |
| EBIT | -1.4 | 18.6 | 18.0 | 3 5% | 1.6 | 40.8 | ||
| Net Financial Results | -0.2 | -0.1 | 53.6% | 0.1 | -0.6 | 0.2 | ||
| Financial Income | 0.4 | 0.6 | 57.4% | -0.3 | 2.0 | 0 d | -53.8% | |
| Financial Expenses | 0.5 | 0.6 | 21.4% | -0.3 | 2.6 | 0.8 | -70.9% | |
| EBT | -1.6 | 18.5 | 18.1 | 2.6% | 0.9 | 41.0 | ||
| Tax results | 2.5 | -0.8 | -2.8 | 70.4% | 4.1 | -3.2 | ||
| Direct Results | 0.9 | 17.7 | 15.3 | 16.1% | 5.0 | 37.8 | ||
| Indirect Results(b) | 24.5 | 10.5 | -57.2% | 13.6 | -22.6% | 22.4 | 29.5 | 31.4% |
| Net Income | 25.4 | 28.2 | 11.0% | 28.8 | -2.1% | 275 | 67.3 | 144.8% |
| Group Share | 25.7 | 27.9 | 8.6% | 29.4 | -4.9% | 28.7 | 67.9 | 136.5% |
| Attributable to Non-Controlling Interests | -0.3 | 0.3 | -0.6 | -1.2 | -0.6 | 49.4% |
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Consolidated balance sheet
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED BALANCE SHEET | 3020 R | 3021 | മ 21/20 | 2021 | q.o.q. | 9M20 R | 9M21 | മ 21/20 |
| Total Net Assets | 1,191.3 | 1,249.1 | 4.9% | 1,231.9 | 1.4% | 1,191.3 | 1,249.1 | 4.9% |
| Non Current Assets | 910.9 | 984.3 | 8.1% | ਰਵੰਦ ਰ | 3.0% | 910.9 | 984.3 | 8.1% |
| Tangible and Intangible Assets and Rights of Use | 19.2 | 18.4 | -4.1% | 18.0 | 2.5% | 19.2 | 18.4 | -4.1% |
| Goodwill | 145 | 145 | 0.0% | 14.5 | 0.0% | 14.5 | 145 | 0.0% |
| Investments | 863.2 | 928.4 | 7.5% | 900.6 | 3.1% | 863.2 | 928.4 | 7.5% |
| Deferred Tax Assets | 45 | 16.2 | 16.3 | -0.4% | 4.5 | 16.2 | ||
| Others | 94 | 6.7 | -28.7% | 6.6 | 19% | 94 | 6.7 | -28.7% |
| Current Assets | 280.4 | 264.9 | -5.6% | 256.0 | 3.5% | 280.4 | 264.9 | -5.6% |
| Trade Receivables | 19.9 | 10.0 | -49.8% | 11.1 | -9.7% | 199 | 10.0 | -49.8% |
| Liquidity | 233.1 | 222.8 | -4.4% | 221.7 | 0.5% | 233.1 | 222.8 | -4.4% |
| Others | 27.5 | 32.1 | 16.8% | 23.2 | 38.3% | 27.5 | 32.1 | 16.8% |
| Assets held for sale | 0.0 | 0.0 | 20.0 | -100.0% | 0.0 | 0.0 | ||
| Shareholders' Funds | 1,076.3 | 1,152.7 | 7.1% | 1,124.1 | 2.5% | 1,076.3 | 1,152.7 | 7.1% |
| Group Share | 1,072.1 | 1,141.4 | 6.5% | 1,111.9 | 2.7% | 1,072.1 | 1,141.4 | 6.5% |
| Non-Controlling Interests | 4.3 | 11.2 | 163.1% | 12.2 | -8.0% | 4.3 | 11.2 | 163.1% |
| Total Liabilities | 115.0 | 96.5 | -16.1% | 107.8 | -10.5% | 115.0 | 96.5 | -16.1% |
| Non Current Liabilities | 58.1 | 45.5 | -21.7% | 42.8 | 6.2% | 58.1 | 45.5 | -21.7% |
| Loans | 2.3 | 1.4 | -38.7% | 1.6 | -125% | 2.3 | 1.4 | -38.7% |
| Provisions | 22.6 | 0.6 | -97.3% | 0.7 | -11.9% | 22.6 | 0.6 | -97.3% |
| Others | 33.1 | 43.4 | 31.1% | 40.5 | 7.2% | 33.1 | 43.4 | 31.1% |
| Current Liabilities | 56.9 | 51.0 | -10.4% | 50.4 | 1.1% | 56.9 | 51.0 | -10.4% |
| Loans | 13 | 3.5 | 164.8% | 2.8 | 25.8% | 1.3 | 3.5 | 164.8% |
| Trade Payables | 17.4 | 7.6 | -56.1% | 8.6 | -11.4% | 17.4 | 7.6 | -56.1% |
| Others | 38.2 | ਤਰ ਰ | 4.4% | 39.0 | 2.2% | 38.2 | ਤਰ ਰ | 4.4% |
| Liabilities directly associated with the assets held for sale | 0.0 | 0.0 | 14.6 | -100.0% | 0.0 | 0.0 | ||
| Operating CAPEX(1) | 1.1 | 2.4 | 127.1% | 0.8 | 3.5 | 4.4 | 24.5% | |
| Operating CAPEX as % of Turnover | 6.0% | 13.6% | 7.6pp | 4.1% | 9.5pp | 6.9% | 8.1% | 1.2pp |
| Total CAPEX | 4.6 | 8.8 | 89.4% | 2.6 | 11.4 | 15.4 | 34.8% | |
| Underlying EBITDA - Operating CAPEX | -1.9 | -3.7 | -91.2% | -2.2 | -64.4% | -7.3 | -7.9 | -7.7% |
| Gross Debt | 16.6 | 18.2 | 9.1% | 17.4 | 4.2% | 16.6 | 18.2 | 9.1% |
| Net Debt | -216.4 | -204.6 | 5.4% | -204.3 | -0.2% | -216.4 | -204.6 | 5.4% |
R - Restatedaccording with introductory notes;
(1) OperatingCAPEX excludesFinancial Investments.
Consolidated levered FCF
Million euros
| LEVERED FREE CASH FLOW | 3020 R | 3021 | ﺔ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤ | 2021 | q.o.q. | 9M20 R | 9M21 | A 21/20 |
|---|---|---|---|---|---|---|---|---|
| Underlying EBITDA-Operating CAPEX | -1.9 | -3.7 | -91.2% | -2.2 | -64.4% | -7.3 | -7.9 | -7.7% |
| Change in WC | 15 | -8.7 | 8.2 | -3.1 | -15 | 51.9% | ||
| Non Cash Items & Other | 0.3 | 5.1 | -2.9 | 2.8 | 23 | -17.1% | ||
| Operating Cash Flow | -0.1 | -7.3 | 3.0 | -7.7 | -7.1 | 7.7% | ||
| Investments | 15.3 | 3.4 | -77.6% | 34.3 | -90.0% | 8.7 | 34 9 | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Financial results | -0.1 | 49 | 13 | -0.2 | 6.5 | |||
| Income taxes | -4.3 | -0.7 | 84.3% | -6.2 | 89.2% | -2.8 | -6.4 | -128.2% |
| FCF(+) | 10.8 | 0.4 | -96.4% | 324 | -98.8% | -2.0 | 27.9 |
R - Restated according withintroductory notes;
(1) FCF Levered after Financial Expenses but before CapitalFlows and Financing related up-front Costs.
Sonaecom SGPS is listed on the Euronext Stock Exchange. Information is available on Reuters under the symbol SNC.LS and on Bloomberg under the symbol SNC:PL.
SAFE HARBOUR
This document may contain forward-looking information and statements, based on management's current expectations or beliefs. Forward-looking statements are statements that are not historical facts.
These forward-looking statements are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including but not limited to, changes in regulation, the telecommunications industry and economic conditions; and the effects of competition. Forward-looking statements may be identified by words such as "believes", "expects", "projects", "intends", "should", "seeks", "estimates", "future" or similar expressions.
Although these statements reflect our current expectations, which we believe are reasonable, investors, and, generally, the recipients of this document are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. You are cautioned not to put undue reliance on any forward-looking information or statements. We do not undertake any obligation to update any forward-looking information or statements.
Report available on Sonaecom's corporate website www.sonaecom.pt
Investor Relations Contacts Tlf: +351 22 013 23 49