Earnings Release • Nov 6, 2019
Earnings Release
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SHOOD AS COM
The consolidated financial information disclosed in this report is based on unaudited financial statements, prepared in accordance with the
International Financial Reporting Standards (IAS/IFRS), issued by the Internationa
Consolidated turnover of 102.6 million euros increasing 30.8% y.o.y, or 11.1% on a comparable basis
NOS presenting 1.5% y.o.y consolidated revenues growth and a strong FCF generation in the quarter of 44.4 million euros
Technology revenues reaching 90.3 million euros, growing 35.9% y.o.y, or 12.3%, on a comparable basis, and with International markets weighting almost 40%
Total EBITDA reaching 37.4 million euros, positively impacted by the capital gain generated with WeDo and Saphety's sale
As from 1Q19, Sonaecom's accounts are reported applying IFRS 16, primarily affecting the accounting of operating lease contracts. Restated values for the corresponding periods in 2018 are presented in this report.
On March and August, Sonae IM sold the total share capital of Saphety and WeDo, respectively. Subsequent to these operations, Sonaecom adjusted the 2018 and the 1H19 profit and loss statements on a pro-forma basis, assuming Saphety and WeDo contribution as a discontinued operation since January 2018.
Telecommunications area, which includes a 50% stake in ZOPT - consolidated through the equity method - which owns 52.15% stake in NOS, presented, in the 3Q19, an increase in u.o.y consolidated revenues growth, led by solid telco performance and a record quarter for Cinema exhibition. RGU growth accelerated in 3019 driven by seasonal pick-up in mobile subscribers, increased traction in Pay TV services and increased penetration of integrated and convergent offers. The quarter presented a strong FCF generation of 44.4 million euros, although declining versus 3018 due to non-recurrent impact of legal settlement in same quarter last year.
During the 9M19, Technology area, besides reinforcing its participation in some portfolio companies, has entered in the capital of six new companies, three of which in early stage.
Also in 9M19, and aligned with its active portfolio management strategy, Sonae IM sold 100% of its Saphety's shares to members of management team, backed by Oxy Capital and sold 100% of its WeDo's shares to Mobileum, Inc..
Consolidated turnover in 9M19 reached 102.6 million euros, increasing 30.8%, when compared to 9M18, or 11.1%, on a comparable basis, assuming the same portfolio companies in both periods.
This positive evolution was driven by both Media and Technology area, the latter presenting a growth of 35.9% y.o.y, or 12.3%, on a comparable basis.
Operating costs amounted to 110.9 million euros, 33.2% above 9M18. Personnel costs grew 52.1% reflecting the increase in the average number of employees, driven by the consolidation of Nextel and Excellium. Commercial costs increased 26.3% to 59.8 million euros, mainly driven by the higher cost of goods sold, aligned with the higher level of sales. Other operating costs increased 25.7%, mainly explained by the higher level of Outsourcing costs, also explained by the consolidation of Nextel and Excellium.
Total EBITDA stood at 37.4 million euros, or 23.8 million euros excluding non-recurrent itens that correspond to the net capital gain generated by Saphety and WeDo's sale.
The capital gain generated with WeDo is based only on the fixed amount of 70 million USD and deducted from transaction related costs. The total price also includes a variable and deferred component depending on the performance of the combined businesses, until 31 December 2021, with a maximum value of 27 million USD.
In 9M18, the non-recurrent items stood at 38.3 million euros, driven by the capital gain generated with Outsystems financing round.
The equity results, mostly driven by ZOPT contribution which, in turn, depends on NOS net income evolution, increased to 31.4 million euros. Underlying EBITDA stood at negative 6.6 million euros, decreasing 2.7 million euros versus 9M18, strongly impacted by the negative contribution of the new consolidated companies.
Sonaecom's EBIT decreased to 31.1 million euros, from 60.7 million in 9M18, explained by the lower level of EBITDA and the higher level of depreciations.
Net financial results stood at 0.02 million euros in 9M19 that compares with 0.3 million in the previous year.
Sonaecom's earnings before tax (EBT) decreased from 61.0 million to 31.1 million euros, driven by the lower EBIT and financial results.
Indirect results reached negative 0.5 million euros, that compare with positive 6.8 million euros in 9M18, impacted by Armilar Venture Funds' portfolio fair value adjustments.
Net results group share stood at 33.9 million euros, below the 57.8 million euros presented in 9M18.
Sonaecom's operating CAPEX increased to 5.7 million euros, reaching 5.5% of turnover, 1.2 p.p. above 9M18. Excluding the IFRS 16 impact, operating CAPEX would be 2.9 million euros, 0.6 million euros above 9M18, also without IFRS 16.
The net cash position stood at 250.8 million euros, increasing 44.0 million euros since December 2018. Excluding IFRS 16 impacts, Net cash position stood at 262.9 million euros, 43.3 million above December 2018, driven by the 47.0 million euros of dividends from ZOPT and the 48.2 million of positive net inflow from investment activity, and despite the 34.2 million euros of dividends distribution and the negative operating cash flow of 18.5 million euros.
NOS operating revenues were 1,185.2 million euros in 9M19, growing 1.5% y.o.y..
EBITDA reached 505,3 million euros, increasing 2.8% when compared to 9M18 and representing a 42.6% EBITDA margin. CAPEX excluding leasings amounted to 274.7 million euros in 9M19, a decrease of 1.7% y.o.y. As a consequence of EBITDA and CAPEX evolution, EBITDA- CAPEX increased 8.7%.
At the end of 9M19, total net debt including leasings and long-term contracts (according to IFRS 16) amounted to 1,329.1 million euros. Net Financial Debt/EBITDA after lease payments (last 4 quarters) now stands at 1.9x EBITDA, and with an average maturity of 3.1 years.
NOS published its 9M19 results on 6th November 2019, which are available at www.nos.pt.
During 9M19, NOS share price decreased 5.4% from €5.295 to €5.010, whilst PSI20 increased by 5.1%.
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| Operational Indicators ('000) | 3Q18 (h) | 3019 | $\triangle$ 19/18 | 2019 | a.o.a. | 9M18 (K) | 9M19 | ∆ 19/18 |
| Total RGUs | 9.548.9 | 9.652.9 | 1.1% | 9.583.8 | 0.7% | 9.548.9 | 9.652.9 | 1.1% |
| Convergent + Integrated RGUs | 4.432.8 | 4.622.1 | 4.3% | 4.574.9 | 1.0% | 4.432.8 | 4.622.1 | 4.3% |
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| NOS HIGHLIGHTS | 3Q18 (R) | 3019 | $\Delta$ 19/18 | 2019 | q.o.q. | 9M18 (R) | 9M19 | $\Delta$ 19/18 |
| Operating Revenues | 395.0 | 403.4 | 2.1% | 396.4 | 1.8% | 1.167.3 | 1185.2 | 1.5% |
| EBITDA | 167.7 | 173.4 | 3.4% | 171.2 | 1.3% | 491.7 | 505.3 | 2.8% |
| EBITDA margin (%) | 42.5% | 43.0% | 0.5 pp | 43.2% | $-0.2$ pp | 42.1% | 42.6% | 0.5 pp |
| Net Income | 45.3 | 47.9 | 5.7% | 47.7 | 0.3% | 125.1 | 138.1 | 10.4% |
| CAPEX excluding Leasings | 100.2 | 92.2 | $-8.0%$ | 95.2 | $-3.2%$ | 279.6 | 274.7 | $-1.7%$ |
| EBITDA-CAPEX excluding Leasings | 67.5 | 81.2 | 20.2% | 76.1 | 6.7% | 212.2 | 230.7 | 8.7% |
(R) The values were restated in order to reflect IFRS16 application impacts.
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 and Vector I fund, four controlled companies - S21Sec, Bizdirect, Inovretail and Excellium-that generated circa 37.6% of its revenues outside the Portuguese market with 70.3% out of the total 676 employees based abroad.
S21Sec is a reference multinational MSSP (Managed Security Services Provider), focused on the delivery of cyber 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. Sonae IM investment, at the end of 2018, was aimed both at accelerating growth through a capital raise and acquisition of a majority stake.
This investment, together with the stake on S21sec, turns Sonae IM's cybersecurity group as one of the most relevant cybersecurity services pure players in Europe, counting with more than 500 professionals and direct presence in 13 cities across 6 countries.
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 large and multi-national companies operating in the European space, while ensuring agile and fast response from specialized teams close to the customer.
Bizdirect is a technology company specialized in IT solutions commercialization, consulting and management of corporate software licensing contracts and Microsoft solutions integration.
During 9M19, the cloud business unit continued to improve its presence on helping customers in digital transformation and the solutions business unit achieved important new customer references. Bizdirect Competence Center, in Viseu, contributed to the international revenues that already represent 6.6% of total revenues.
InovRetail is a retail innovation company that provide 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 retailers in three key areas like Sales Performance Enhancement; Customer Experience Optimisation and Advanced Planning & Scheduling.
Bright Pixel is a company builder studio whose goal is to transform the creation of new ventures and the way companies address innovation. Bright Pixel is managing a venture lifecycle going from experimentation and lab phases that have the objective to identify ideas and projects that should be brewed in its incubation program. Bright Pixel invests and supports the development of internally brewed projects as well as assisting their first batch of invited startups in their product development roadmap and market rollout.
Bright Pixel is also investing in events, like Pixels Camp, to link its activity to the tech community as well as promoting a close relationship with its partners, by developing quick proof of concepts aimed at resolving technology and business needs in themes such as retail, media, cyber-security and telecommunications.
Probe.ly, having started as an internal project of Bright Pixel, won the Caixa Capital Empreender Award 2017, has stepped from MVP (minimum valuable product) to an independent Web Application Security startup.
Armilar Venture Funds are the 3 Venture Capital funds in which Sonae IM owns participation units acquired to Novo Banco. With this transaction, concluded in December 2016, Sonae IM reinforced its portfolio with sizeable stakes in leading edge companies such as Outsystems and Feedzai, both consistently presenting meaningful and sustainable levels of growth. During 2018, Sonae IM recorded a significant capital gain with the AVP II Fund capital distribution subsequent to the partial sale of Outsystems.
Stylesage is a strategic analytics SaaS platform that helps fashion, home and beauty retailers and brands with critical pre, in and post season decisions globally. Every day, StyleSage pulls product data from competitors' ecommerce websites from around the world. Then, with groundbreaking technology in machine learning and visual recognition, StyleSage cleans, organizes, and analyzes the massive amounts of collected data into a cloud-based dashboard 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 AI powered customer marketing platform with the vision to become the central hub that powers all the communication between retailers and their customers. This investment 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 recently reinforced during series B round.
Secucloud is a Germany based company that provides a cloud security platform for protecting all devices (subscriber endpoints) and operating systems with no installation required, offered to Telcos & ISPs as a white label solution. Sonae IM totally subscribed the multi million Series B financing round.
ArcticWolf, a US based campany, 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. US technology investors Lightspeed Venture Partners and Redpoint were joined by Sonae IM and Knollwood Investment Advisory in the series B round. During 2018, the Company closed a \$45M Series C round at a significant higher valuation, in which Sonae IM participated reinforcing its stake.
Continuum Security is a Spanish based company with an application security platform to address vulnerabilities early in the development process. In order to realise their international growth plans, the company has raised an investment round of 1.5million euros, which was led by Swaanlaab Venture Factory and joined by JME Venture Capital and Sonae IM.
Jscrambler is a Portuguese startup that develops a security solution to protect Web and Mobile Applications (Javascript code). The company raised a 2.3 million dollars in a series A financing round that was led by Sonae IM with the co-investment of Portugal Ventures.
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 venture capital firm KEEN Venture Partners LLP ("KEEN"), together with Sonae IM and existing investor Nauta Capital. The new financing is being used to accelerate product development and double the size of the team, as it grows internationally.
Case on IT is a Spanish company that has developed Medux, a machine learning solution for the measurement, prediction and analysis of landline, mobile and television services quality. Medux measures the customer experience in markets that collectively serve over 600 million users worldwide. The company raised a Series B round of international fund with Sonae IM.
Reblaze is an Israeli company that provides 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.
CiValue is an Israeli company with offices in New York, Paris, 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.
Visenze is a Singapore-based company that delivers intelligent 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 that will enable the artificial intelligence company to further invest in its penetration among smartphone manufacturers, as well as with consumer and social communication applications.
CB4 is a company based in Israel that provides a patented AI software solution for brick and mortar retailers to identify and correct critical operational issues at store, product level. The investment was part of a series B \$16M round, led by Octopus Ventures with Sonae IM joining. Existing investors Sequoia Capital and Pereg Ventures also participated in the round.
Cellwize is a leading provider of Mobile Network Automation and Orchestration 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 operations, especially given the increase in network density and complexity driven by 5G adoption. Sonae IM invested in a series B round of \$15M led by Deutsche Telekom Capital Partners.
Daisu Intelligence is an Al-powered platform for retail merchandising teams focused on optimizing promotional product and price mixes for dramatically improved business results. Sonae IM partnered with Framework Venture Partners invested in a C\$ 10M (circa €7M) series A round.
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| TECHNOLOGY AREA | 3Q18 $^{(R)}$ | 3019 | $\Delta$ 19/18 | 2019 (R) | q.o.q. | 9M18 (R) | 9M19 | $\Delta$ 19/18 |
| Turnover | 20.9 | 24.0 | 14.8% | 35.6 | $-32.7%$ | 66.5 | 90.3 | 35.9% |
| Service Revenues | 8.1 | 11.1 | 37.5% | 10.4 | 6.7% | 19.8 | 31.4 | 58.7% |
| Sales | 12.8 | 12.9 | 0.4% | 25.2 | $-49.0%$ | 46.7 | 58.9 | 26.2% |
| Other Revenues | 0.2 | 0.4 | 95.6% | 0.3 | 53.5% | 0.3 | 1.0 | |
| Operating Costs | 22.0 | 26.0 | 18.4% | 37.4 | $-30.4%$ | 68.1 | 96.0 | 40.9% |
| Personnel Costs | 6.2 | 9.4 | 51.5% | 8.9 | 6.0% | 15.2 | 26.8 | 76.6% |
| Commercial Costs (1) | 12.2 | 12.2 | 0.0% | 24.5 | $-50.1%$ | 44.6 | 57.0 | 27.9% |
| Other Operating Costs (2) | 3.6 | 4.4 | 23.5% | 4.1 | 8.1% | 8.3 | 12.1 | 45.6% |
| Underlying EBITDA (3) | $-0.9$ | $-1.7$ | $-85.1%$ | $-1.5$ | $-10.0%$ | $-1.4$ | $-4.7$ | |
| Underlying EBITDA Margin (%) | $-4.3%$ | $-6.9%$ | $-2.6$ pp | $-4.2%$ | $-2.7$ pp | $-2.1%$ | $-5.2%$ | $-3.1$ pp |
| Operating CAPEX (4) | 0.8 | 0.8 | 2.5% | 1.0 | $-19.3%$ | 2.7 | 4.1 | 51.8% |
| Operating CAPEX as % of Turnover | 3.6% | 3.3% | $-0.4$ pp | 2.7% | 0.5 pp | 4.1% | 4.5% | 0.5 pp |
| Underlying EBITDA - Operating CAPEX | $-1.7$ | $-2.4$ | $-47.2%$ | $-2.5$ | 1.4% | $-4.1$ | $-8.8$ | $-115.6%$ |
| Total CAPEX | 5.9 | 8.1 | 37.6% | 7.2 | 13.2% | 17.5 | 25.1 | 43.2% |
(1) Commercial Costs = COGS + Mktg& Sales; (2) Other Operating Costs = Outsourcing Services + G&A + Provisions + others; (3) Includes the businesses fully consolidated at Technology area; (4)
Operating CAPEX excludes Finan
Turnover increased 35.9% y.o.y., fuelled by the integration of Nextel and Excellium. On a comparable basis, assuming the same portfolio companies in both periods, Turnover increased by 12.3%.
Operating costs increased 40.9% to 96.0 million euros. Staff costs increased 76.6% driven by the growth in the number of employees, mainly driven by Nextel and Excellium consolidation. Commercial costs increased 27.9% mainly driven by cost of goods sold, aligned with the higher level of sales. Other operating costs increased 45.6%, mainly explained by the higher level of Outsourcing Costs, also explained by the enlarged portfolio.
Underlying EBITDA stood at negative 4.7 million euros versus negative 1.4 million euros presented in 9M18, significantly impacted by the consolidation of the new cybersecurity companies.
Underlying EBITDA-operating CAPEX stood at negative 8.8 million euros, decreasing when compared to 9M18, mainly explained by the higher
Ievel of Operating CAPEX but also driven by the lower EBITDA. Excluding the IFRS 16 im million euros, 0.5 million euros above 9M18, also without IFRS 16.
During 9M19, Público continued to pursue its digital strategy reinforcing digital competencies and presence in online platforms and continued
to implement important initiatives aimed at strengthening Público as the referen
The positive performance of online subscriptions, newspaper sales and advertising online translated into an overall 5.6% revenue growth, when compared to 9M18.
9M19
$102.6$
36.9
65.7
$\Delta$ 19/18
30.8%
47.3%
23.1%
9M18(R)
$78.4$
$25.0$
53.4
| Million euros | |
|---|---|
| CONSOLIDATED INCOME STATEMENT | 3018 |
| Turnover | 24.8 |
| Service Revenues | 95 |
| Sales | 15.3 |
| Other Revenues | 0.4 |
| Operating Costs | 27.0 |
| Personnel Costs | 88 |
| Commercial Costs (1) | 13.1 |
| Other Operating Costs (2) | 5.1 |
| EBITDA | 8.6 |
| Underlying EBITDA (3) | $-19$ |
| Other Revenues | 0.4 | 0.6 | 62.7% | 0.4 | 40.4% | 0.8 | 1.6 | 95.1% |
|---|---|---|---|---|---|---|---|---|
| Operating Costs | 27.0 | 31.1 | 15.0% | 42.4 | $-26.8%$ | 83.2 | 110.9 | 33.2% |
| Personnel Costs | 8.8 | 11.9 | 35.4% | 11.2 | 6.0% | 22.5 | 34.3 | 52.1% |
| Commercial Costs (1) | 13.1 | 13.2 | 0.5% | 25.5 | $-48.1%$ | 47.3 | 59.8 | 26.3% |
| Other Operating Costs (2) | 5.1 | 6.0 | 17.0% | 5.8 | 3.9% | 13.4 | 16.8 | 25.7% |
| EBITDA | 8.6 | 17.3 | 102.0% | 8.5 | 105.0% | 63.9 | 37.4 | $-41.5%$ |
| Underlying EBITDA (3) | $-1.9$ | $-2.4$ | $-29.6%$ | $-1.9$ | $-27.2%$ | $-4.0$ | $-6.6$ | $-66.9%$ |
| Non recurrent itens (4) | 0.0 | 8.5 | 0.0 | 38.3 | 13.6 | $-64.6%$ | ||
| Equity method (5) | 10.4 | 11.2 | 8.1% | 10.8 | 3.7% | 29.2 | 31.4 | 7.5% |
| Discontinued Operations (6) | 0.1 | 0.0 | $-96.5%$ | $-0.5$ | 0.4 | $-1.0$ | ||
| Underlying EBITDA Margin (%) | $-7.5%$ | $-8.6%$ | $-1.1$ pp | $-4.7%$ | $-3.9$ pp | $-5.1%$ | $-6.5%$ | $-1.4$ pp |
| Depreciation & Amortization | 1.4 | 2.1 | 51.8% | 2.4 | $-12.4%$ | 3.2 | 6.3 | 95.6% |
| EBIT | 7.2 | 15.3 | 111.5% | 6.1 | 151.2% | 60.7 | 31.1 | $-48.7%$ |
| Net Financial Results | 0.3 | 0.0 | $-0.1$ | 97.4% | 0.3 | 0.0 | -94.8% | |
| Financial Income | 0.4 | 0.6 | 42.9% | 0.4 | 66.9% | 1.7 | 1.5 | $-7.3%$ |
| Financial Expenses | 0.2 | 0.6 | 0.5 | 26.5% | 1.3 | 1.5 | 14.4% | |
| EBT | 7.5 | 15.3 | 103.6% | 6.0 | 156.3% | 61.0 | 31.1 | -49.0% |
| Tax results | 0.5 | 0.4 | $-33.9%$ | 0.3 | 18.5% | $-10.0$ | 1.7 | |
| Direct Results | 8.0 | 15.6 | 94.4% | 6.2 | 149.7% | 51.0 | 32.8 | $-35.8%$ |
| Indirect Results (7) | $-0.1$ | 0.2 | $-0.9$ | 6.8 | $-0.5$ | |||
| Net Income | 7.9 | 15.8 | 5.4 | 57.8 | 32.2 | $-44.3%$ | ||
| Group Share | 8.0 | 16.5 | 104.9% | 6.2 | 166.4% | 57.8 | 33.9 | $-41.4%$ |
| Attributable to Non-Controlling Interests | $-0.1$ | $-0.6$ | $-0.8$ | 21.8% | 0.0 | $-1.7$ |
3019
$28.1$
12.7
15.4
$\triangle 19/18$
13.1%
32.9%
0.8%
$2019^{(R)}$
$40.1$
12.7
27.4
$q.o.q.$
$-30.0%$
$-0.6%$
$-43.7%$
— Actribution Controllers (SOS + Mkg& Sales Costs;
(2) Other Operating Costs = Outsourcing Services + G&A + Provisions + others;
(2) Includes the businesses fully consolidated by Sonacom;
(4) Includes the capitalgain in Ou
The provision recorded in 4018 related to the incentive in favour of Armilar, as the funds have exceeded the defined return barrier, was partially reclassified to 2018 and 3018, impacting indirect results and
From the tota
| Million euros | |
|---|---|
| CONSOLIDATED BALANCE SHEET | 3Q18 (R) | 3019 | $\Delta$ 19/18 | 2019 (R) | q.0.q. | 9M18 (R) | 9M19 | $\Delta$ 19/18 |
|---|---|---|---|---|---|---|---|---|
| Total Net Assets | 1,166.5 | 1,168.5 | 0.2% | 1,189.8 | $-1.8%$ | 1,166.5 | 1,168.5 | 0.2% |
| Non Current Assets | 855.3 | 856.5 | 0.1% | 897.0 | $-4.5%$ | 855.3 | 856.5 | 0.1% |
| Tangible and Intangible Assets | 34.0 | 22.6 | $-33.4%$ | 44.2 | $-48.9%$ | 34.0 | 22.6 | $-33.4%$ |
| Goodwill | 25.6 | 14.8 | $-42.4%$ | 36.3 | $-59.4%$ | 25.6 | 14.8 | $-42.4%$ |
| Investments | 782.2 | 805.6 | 3.0% | 799.6 | 0.8% | 782.2 | 805.6 | 3.0% |
| Deferred Tax Assets | 10.8 | 5.5 | $-48.9%$ | 11.0 | $-49.8%$ | 10.8 | 5.5 | $-48.9%$ |
| Others | 2.8 | 8.0 | 189.0% | 5.8 | 36.7% | 2.8 | 8.0 | 189.0% |
| Current Assets | 311.2 | 312.0 | 0.3% | 292.8 | 6.5% | 311.2 | 312.0 | 0.3% |
| Trade Debtors | 33.7 | 17.2 | $-48.8%$ | 48.7 | $-64.7%$ | 33.7 | 17.2 | $-48.8%$ |
| Liquidity | 245.2 | 271.2 | 10.6% | 211.0 | 28.5% | 245.2 | 271.2 | 10.6% |
| Others | 32.3 | 23.6 | $-27.0%$ | 33.1 | $-28.8%$ | 32.3 | 23.6 | $-27.0%$ |
| Shareholders' Funds | 1,055.8 | 1,063.9 | 0.8% | 1,048.8 | 1.4% | 1,055.8 | 1,063.9 | 0.8% |
| Group Share | 1,057.2 | 1,064.1 | 0.7% | 1,048.3 | 1.5% | 1,057.2 | 1,064.1 | 0.7% |
| Non-Controlling Interests | $-1.4$ | $-0.2$ | 86.2% | 0.5 | $-1.4$ | $-0.2$ | 86.2% | |
| Total Liabilities | 110.7 | 104.6 | $-5.5%$ | 141.0 | $-25.8%$ | 110.7 | 104.6 | $-5.5%$ |
| Non Current Liabilities | 41.3 | 55.7 | 34.8% | 59.6 | $-6.7%$ | 41.3 | 55.7 | 34.8% |
| Bank Loans | 3.7 | 4.9 | 33.3% | 2.7 | 83.5% | 3.7 | 4.9 | 33.3% |
| Provisions for Other Liabilities and Charges | 20.6 | 20.9 | 1.4% | 22.4 | $-7.0%$ | 20.6 | 20.9 | 1.4% |
| Others | 17.0 | 29.9 | 75.4% | 34.5 | $-13.4%$ | 17.0 | 29.9 | 75.4% |
| Current Liabilities | 69.4 | 48.9 | $-29.5%$ | 81.4 | $-39.9%$ | 69.4 | 48.9 | $-29.5%$ |
| Loans | 3.9 | 2.8 | $-27.4%$ | 4.0 | $-29.4%$ | 3.9 | 2.8 | $-27.4%$ |
| Trade Creditors | 13.5 | 10.0 | $-26.1%$ | 23.8 | $-58.2%$ | 13.5 | 10.0 | $-26.1%$ |
| Others | 52.0 | 36.1 | $-30.6%$ | 53.5 | $-32.5%$ | 52.0 | 36.1 | $-30.6%$ |
| Operating CAPEX (1) | 0.9 | 1.1 | 26.3% | 1.3 | $-14.6%$ | 3.4 | 5.7 | 68.1% |
| Operating CAPEX as % of Turnover | 3.6% | 4.1% | 0.4 pp | 3.3% | 0.7 pp | 4.3% | 5.5% | 1.2 pp |
| Total CAPEX | 6.0 | 8.5 | 40.3% | 7.5 | 12.5% | 18.2 | 26.7 | 46.6% |
| Underluing EBITDA - Operating CAPEX | $-2.8$ | $-3.6$ | $-28.5%$ | $-3.2$ | $-9.9%$ | $-7.4$ | $-12.3$ | $-67.5%$ |
| Gross Debt | 15.7 | 20.4 | 29.9% | 23.9 | $-14.9%$ | 15.7 | 20.4 | 29.9% |
| Net Debt (1) Onerating CAPEX evoludes Einancial Investments: |
$-229.5$ | $-250.8$ | $-9.3%$ | $-187.0$ | $-34.1%$ | $-229.5$ | $-250.8$ | $-9.3%$ |
(1) Operating CAPEX excludes Financial Investments
(R) The values were restated in order to reflect IFRST6 applicationimpacts and Sonaecom structure after Saphetyand WeDo sale.
The Balance Sheet of 2018 and 1019 was adjust
| LEVERED FREE CASH FLOW | 3Q18 (R) | 3019 | $\Delta$ 19/18 | $2Q19$ (R) | q.o.q. | 9M18 (R) | 9M19 | $\Delta$ 19/18 |
|---|---|---|---|---|---|---|---|---|
| Underlying EBITDA-Operating CAPEX | $-2.8$ | -3.6 | -28.5% | $-3.2$ | $-9.9%$ | $-7.4$ | $-12.3$ | $-67.5%$ |
| Change in WC | 8.4 | 0.3 | $-96.8%$ | $-4.2$ | 3.6 | $-3.7$ | ۰. | |
| Non Cash Items & Other | 0.4 | $-4.6$ | 0.9 | 6.0 | $-2.5$ | $\sim$ | ||
| Operating Cash Flow | 6.0 | $-7.8$ | $-6.6$ | $-19.7%$ | 2.3 | $-18.5$ | ||
| Investments | $-5.1$ | 52.9 | $\sim$ | $-6.3$ | $\sim$ | 40.3 | 48.2 | 19.4% |
| Dividends | 2.5 | 11.5 | $\sim$ | 35.5 | $-67.6%$ | 19.8 | 47.0 | 137.9% |
| Financial results | 0.3 | 0.3 | $-11.2%$ | -0.2 | 0.6 | 0.5 | $-24.5%$ | |
| Income taxes | $-10.6$ | 0.9 | 0.2 | $-10.3$ | 1.6 | |||
| $F\Gamma F^{(1)}$ | $-6.8$ | 57.7 | - | 22.8 | 153.8% | 52.7 | 78.8 | 49.5% |
.
(1) FCF Levered after Financial Expenses but before CapitalFlows and Financing related up-front Costs;
(R) The values were restated in order to reflect IFRS16 application impacts and Sonaecom structure after Saphety and
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.
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. Forwa "future" or similar expressions.
Although these statements reflect our current expectations, which we believe are reasonable, investors, analysts 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 project
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