Annual Report • Mar 3, 2019
Annual Report
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31 DECEMBER 2018
"The results we announce today are the outcome of a year where we achieved important milestones in our corporate strategy, thanks to the efforts of all the people that are part of Sonae Capital universe. Today we can say that we are a bigger company, with an increasingly consolidated business portfolio. The turnover of our Business Units continued to grow and reached 183.5 million euros in 2018, 16.3% above 2017, with an EBITDA of 20.6 million euros, corresponding to an increase of 18.6% when compared to the previous year.
The Real Estate unit, which is key to our corporate strategy financing, continued to perform in line with expectations. In 2018, we highlight the sale, for 30 million euros, of one of the most emblematic assets in our portfolio, the EFANOR Allotment, in addition to the PPSA of Unop 3, in Tróia, and Edifício Metrópolis, in Porto. Regarding the Residential Tourist Units in Tróia, we signed 38 sales deeds amounting to 14.7 million euros (plus 5 sales deeds in the amount of 2.3M€, already in the beginning of 2019), with a sales rhythm we were not able to achieve since 2014.
We are glad to announce that our Business Units remain in a continuous logic of growth, although with expected differences in rhythm and ambition. In Energy, 2018 was the year in which we established the foundations to explore a new market, the Mexican, essentially through the cogeneration technology, where we have the adequate know-how and experience. In Fitness, we have successfully integrated Pump Fitness chain and Lagoas Park Club, while at the same time we opened three new Clubs, which means we are ending the year with thirty clubs in our portfolio. In Hospitality, we won the concession to open a new unit in the iconic building of Santa Apolónia Railway Station, which will allow us to start our activity in Lisbon, a destination of undisputable potential. In Refrigeration & HVAC, we continued to improve the profitability and sustainability of the operation.
In Adira, we proceeded with a series of profound operational and structural transformations during 2018, virtually in all areas of the company. Notwithstanding the unavoidable impact in operational profitability under a short-term horizon, these changes aim to provide Adira with the resources and processes that are required to put the operation at higher levels, both in volume and profitability, in line with the potential that (we would like to reaffirm), the company has.
After closing the year with net debt at 119.8 million euros, we maintain an adequate capital structure when considering the type of businesses and assets held by the Group, even considering the dividend distribution in the amount of 15 million euros, last May, and the 32.6 million euros investment - essential for the path of steady growth we want to pursue.
I have no doubt that the challenges will always remain, but we also know the way forward to overcome them. We aim for an Energy business that also grows outside Portugal, and for a Fitness business that leads the market. We are confident that the Hospitality business will be able to capture the potential of the sector in all its locations and we desire a more profitable Refrigeration & HVAC business, not forgetting the operation in Tróia, in which we see the potential to keep establishing itself as a touristic destination of excellence. Finally, we are determined to create all the conditions for Adira to demonstrate its intrinsic potential, thus fulfilling its role as the seed of a new business area in Sonae Capital.
Given this set of results, in which I would like to highlight the positive Net Profit (Continued Businesses), as well as the evolution trends more and more evident, it seems clear to me that we should face 2019 with optimism."
Miguel Gil Mata
| Consolidated Profit and Loss Account | ||||||
|---|---|---|---|---|---|---|
| Million euro | 4Q 2018 | 4Q 2017 | D 18/17 | FY 2018 | FY 2017 | D 18/17 |
| Turnover | ||||||
| Business Units | 46.88 | 42.39 | +10.6% | 183.53 | 157.85 | +16.3% |
| Energy | 12.84 | 10.84 | +18.5% | 52.55 | 45.22 | +16.2% |
| Industrial Engineering | 3.06 | 3.08 | -0.4% | 11.91 | 4.27 | >100% |
| Fitness | 9.81 | 5.96 | +64.7% | 36.12 | 23.25 | +55.4% |
| Hospitality | 3.93 | 3.72 | +5.5% | 23.84 | 22.96 | +3.8% |
| Refrigeration & HVAC | 15.61 | 17.06 | -8.5% | 47.70 | 51.24 | -6.9% |
| Troia Resort - Operations | 1.63 | 1.74 | -6.3% | 11.41 | 10.92 | +4.6% |
| Real Estate Assets | 39.12 | 10.68 | >100% | 59.63 | 32.12 | +85.6% |
| Troia Resort | 4.09 | 5.14 | -20.5% | 18.54 | 15.46 | +19.9% |
| Other Real Estate Assets | 35.03 | 5.54 | >100% | 41.09 | 16.65 | >100% |
| Eliminations & Adjustments | -1.29 | -1.34 | +4.0% | -7.79 | -7.64 | -2.0% |
| Consolidated Turnover | 84.71 | 51.73 | +63.7% | 235.37 | 182.33 | +29.1% |
| Other Operational Income | 2.61 | 1.90 | +37.1% | 5.01 | 5.08 | -1.5% |
| Total Operational Income | 87.32 | 53.64 | +62.8% | 240.38 | 187.42 | +28.3% |
| EBITDA | ||||||
| Business Units | 3.82 | 1.96 | +95.3% | 20.64 | 17.41 | +18.6% |
| Energy | 3.92 | 3.24 | +20.9% | 15.12 | 14.19 | +6.5% |
| Industrial Engineering | -0.97 | -0.34 | <-100% | -1.83 | -0.59 | <-100% |
| Fitness | 1.15 | -0.00 | - | 4.50 | 1.79 | >100% |
| Hospitality | -1.23 | -1.22 | -0.2% | 0.05 | -0.26 | - |
| Refrigeration & HVAC | 1.65 | 1.01 | +64.5% | 2.15 | 1.48 | +45.1% |
| Troia Resort - Operations | -0.71 | -0.72 | +1.0% | 0.64 | 0.80 | -19.7% |
| Real Estate Assets | 4.56 | 1.54 | >100% | 8.48 | 6.52 | +30.0% |
| Troia Resort Other Real Estate Assets |
-0.89 5.45 |
0.56 0.98 |
- >100% |
0.57 7.91 |
2.37 4.16 |
-75.8% +90.3% |
| Eliminations & Adjustments | -1.04 | -0.81 | -29.2% | -2.46 | -3.05 | +19.2% |
| Consolidated EBITDA | 7.34 | 2.69 | >100% | 26.66 | 20.88 | +27.7% |
| Amortizations & Depreciations | 6.46 | 5.72 | +12.9% | 24.38 | 19.44 | +25.4% |
| Provisions & Impairment Losses | -2.08 | 0.05 | - | -2.01 | -0.18 | <-100% |
| Non-recurrent costs/income (1) | -0.59 | 0.28 | - | 0.18 | 0.35 | -48.8% |
| EBIT | ||||||
| -0.61 | -2.04 | +70.2% | 3.35 | 5.55 | -39.6% | |
| Business Units Real Estate Assets |
5.77 | 0.09 | >100% | 5.77 | 1.03 | >100% |
| Eliminations & Adjustments | -1.66 | -1.41 | -17.7% | -5.02 | -5.31 | +5.4% |
| Consolidated EBIT | 3.51 | -3.36 | - | 4.11 | 1.26 | >100% |
| Net Financial Expenses | -0.80 | -1.07 | +24.7% | -3.82 | -4.25 | +10.0% |
| Investment Income and Results from Assoc. Undertakings | 0.43 | 0.41 | +3.6% | 0.73 | 2.41 | -69.8% |
| EBT | 3.13 | -4.02 | - | 1.01 | -0.58 | - |
| Taxes | 0.22 | -0.50 | - | -0.81 | -1.90 | +57.7% |
| Net Profit - Continued Businesses | 3.36 | -4.52 | - | 0.21 | -2.48 | - |
| Net Profit - Discontinued Businesses | -0.21 | -1.37 | +84.9% | -3.47 | -2.92 | -18.8% |
| Net Profit - Total | 3.15 | -5.89 | - | -3.26 | -5.40 | +39.7% |
| Attributable to Equity Holders of Sonae Capital Attributable to Non-Controlling Interests |
2.45 0.71 |
-6.01 0.12 |
- >100% |
-3.86 0.60 |
-6.51 1.11 |
+40.7% -45.7% |
(1) Non-recurrent items mainly related to restructuring costs and one-off income
Business Units' turnover stood at 183.5M€ in 2018, showing an increase of 16.3% y.o.y.. In the same period, consolidated turnover reached 235.4M€, which represents an increase of 29.1% compared to the previous year. Consolidated turnover benefited both from the Business Units performance and the Real Estate business.
Notwithstanding:
| Capital Structure/Capex/Ratios | Capex totalled 32.6M€ |
|||
|---|---|---|---|---|
| Million euro | Dec 2018 | Dec 2017 | D 18/17 | in 2018, mostly as a consequence of the |
| Net Capital Employed | 387.81 | 400.74 | -3.2% | acquisition of Pump |
| Fixed Assets Non-Current Investments (net) Working Capital Capex (end of period) % Fixed Assets |
328.98 20.12 43.66 32.62 9.9% |
322.63 8.64 71.85 61.62 19.1% |
+2.0% >100% -39.2% -47.1% -9.2 pp |
Fitness chain (8.4M€), the acquisition of Lagoas Park Club (0.26M€) and in the |
| Net Debt/EBITDA | 119.78 | 109.37 | +9.5% | biomass-fuelled |
| % Net Capital Employed Debt to Equity |
30.9% 44.7% |
27.3% 37.5% |
+3.6 pp +7.2 pp |
cogeneration project development |
| Capital Structure Ratios | (13.2M€), in the |
|||
| Loan to Value (Real Estate) Net Debt/EBITDA (recurrent) |
21.1% 2.49x |
15.9% 2.67x |
+5.2 pp (0.2x) |
Energy segment. |
| Profit and Loss Account - Energy | ||||||
|---|---|---|---|---|---|---|
| Million euro | 4Q 2018 | 4Q 2017 | D 18/17 | FY 2018 | FY 2017 | D 18/17 |
| Total Operational Income | 14.78 | 11.95 | +23.7% | 55.14 | 46.60 | +18.3% |
| Turnover | 12.84 | 10.84 | +18.5% | 52.55 | 45.22 | +16.2% |
| Other Operational Income | 1.94 | 1.12 | +73.7% | 2.59 | 1.38 | +87.7% |
| Total Operational Costs | -10.86 | -8.71 | -24.7% | -40.03 | -32.41 | -23.5% |
| Cost of Goods Sold | -7.60 | -5.61 | -35.3% | -28.03 | -23.18 | -20.9% |
| External Supplies and Services | -2.14 | -1.50 | -42.1% | -6.93 | -5.09 | -36.1% |
| Staff Costs | -0.72 | -0.87 | +17.6% | -2.95 | -2.64 | -11.9% |
| Other Operational Expenses | -0.41 | -0.72 | +43.9% | -2.12 | -1.50 | -40.9% |
| EBITDA | 3.92 | 3.24 | +21.0% | 15.12 | 14.19 | +6.5% |
| EBITDA Margin (% Turnover) | 30.5% | 29.9% | +0.6 pp | 28.8% | 31.4% | -2.6 pp |
| EBIT | 1.42 | 0.86 | +65.2% | 5.22 | 7.23 | -27.8% |
| EBIT Margin (% Turnover) | 11.1% | 7.9% | +3.1 pp | 9.9% | 16.0% | -6.0 pp |
| Capex | 4.19 | 1.79 | >100% | 15.00 | 38.99 | -61.5% |
| EBITDA-Capex | -0.27 | 1.45 | - | 0.12 | -24.80 | - |
| Total Capacity (MW) | 69.5 | 65.5 | +6.1% | 69.5 | 65.5 | +6.1% |
| Owned & Operated | 66.3 | 62.3 | +6.4% | 66.3 | 62.3 | +6.4% |
| Operated (not consolidated) | 3.2 | 3.2 | 3.2 | 3.2 |
| Profit and Loss Account - Industrial Engineering | ||||||
|---|---|---|---|---|---|---|
| Million euro | 4Q 2018 | 4Q 2017 | D 18/17 | FY 2018 | FY 2017 | D 18/17 |
| Total Operational Income | 3.40 | 3.13 | +8.6% | 12.65 | 4.37 | - |
| Turnover | 3.06 | 3.08 | -0.6% | 11.91 | 4.27 | - |
| Other Operational Income | 0.34 | 0.05 | >100% | 0.74 | 0.10 | - |
| Total Operational Costs | -4.37 | -3.47 | -25.8% | -14.48 | -4.96 | - |
| Cost of Goods Sold | -2.34 | -2.13 | -9.9% | -8.18 | -2.90 | - |
| External Supplies and Services | -0.62 | -0.37 | -67.3% | -1.86 | -0.69 | - |
| Staff Costs | -0.91 | -0.90 | -1.7% | -3.67 | -1.24 | - |
| Other Operational Expenses | -0.49 | -0.07 | <-100% | -0.76 | -0.13 | - |
| EBITDA | -0.97 | -0.34 | <-100% | -1.83 | -0.59 | - |
| EBITDA Margin (% Turnover) | -31.8% | -11.2% | -20.6 pp | -15.3% | -13.8% | -1.5 pp |
| EBIT | -1.52 | -0.59 | <-100% | -3.09 | -0.99 | - |
| EBIT Margin (% Turnover) | -49.6% | -19.1% | -30.5 pp | -25.9% | -23.2% | -2.7 pp |
| Capex | 0.44 | 0.03 | >100% | 1.10 | 16.20 | - |
| EBITDA-Capex | -1.41 | -0.37 | <-100% | -2.92 | -16.79 | - |
| DOlinca SMART FITNESS |
WELLNESS CLUB COLLECTION |
|---|---|
| Profit and Loss Account - Fitness | ||||||
|---|---|---|---|---|---|---|
| Million euro | 4Q 2018 | 4Q 2017 | D 18/17 | FY 2018 | FY 2017 | D 18/17 |
| Total Operational Income | 9.65 | 6.17 | +56.2% | 36.42 | 23.62 | +54.2% |
| Turnover | 9.81 | 5.96 | +64.7% | 36.12 | 23.25 | +55.4% |
| Other Operational Income | -0.16 | 0.22 | - | 0.30 | 0.38 | -19.9% |
| Total Operational Costs | -8.49 | -6.18 | -37.5% | -31.92 | -21.84 | -46.2% |
| Cost of Goods Sold External Supplies and Services Staff Costs Other Operational Expenses |
-0.08 -4.96 -2.81 -0.64 |
-0.03 -3.58 -2.08 -0.49 |
<-100% -38.6% -35.2% -31.7% |
-0.25 -18.89 -11.03 -1.74 |
-0.14 -13.12 -7.34 -1.24 |
-76.6% -44.0% -50.3% -40.8% |
| EBITDA | 1.15 | -0.00 | - | 4.50 | 1.79 | >100% |
| EBITDA Margin (% Turnover) | 11.7% | 0.0% | +11.8 pp | 12.5% | 7.7% | +4.8 pp |
| EBIT | 0.35 | -0.53 | - | 1.04 | 0.06 | >100% |
| EBIT Margin (% Turnover) | 3.6% | -9.0% | +12.6 pp | 2.9% | 0.2% | +2.6 pp |
| Capex | 0.87 | 1.70 | -48.9% | 12.62 | 3.23 | >100% |
| EBITDA-Capex | 0.28 | -1.71 | - | -8.12 | -1.45 | <-100% |
| # Health Clubs in Operation | 30 | 19 | +11 | 30 | 19 | +11 |
| 4.4 HOSPITALITY |
||||||
|---|---|---|---|---|---|---|
| Profit and Loss Account - Hospitality | ||||||
| Million euro | 4Q 2018 | 4Q 2017 | D 18/17 | FY 2018 | FY 2017 | D 18/17 |
| Total Operational Income | 3.80 | 3.87 | -1.7% | 24.28 | 23.52 | +3.2% |
| Turnover | 3.93 | 3.72 | +5.5% | 23.84 | 22.96 | +3.8% |
| Other Operational Income | -0.12 | 0.15 | - | 0.44 | 0.56 | -20.1% |
| Total Operational Costs | -5.03 | -5.10 | +1.4% | -24.22 | -23.78 | -1.8% |
| Cost of Goods Sold External Supplies and Services Staff Costs Other Operational Expenses |
-0.57 -2.44 -1.81 -0.21 |
-0.56 -2.70 -1.61 -0.23 |
-3.1% +9.7% -12.7% +11.7% |
-3.26 -13.17 -7.08 -0.71 |
-3.02 -13.27 -6.70 -0.79 |
-7.9% +0.8% -5.7% +9.8% |
| EBITDA | -1.23 | -1.22 | -0.2% | 0.05 | -0.26 | - |
| EBITDA Margin (% Turnover) | -31.2% | -32.9% | +1.7 pp | 0.2% | -1.2% | +1.4 pp |
| EBIT | -1.36 | -1.33 | -2.7% | -0.39 | -0.65 | +39.2% |
| EBIT Margin (% Turnover) | -34.7% | -35.7% | +1.0 pp | -1.6% | -2.8% | +1.2 pp |
| Capex | 0.26 | 0.05 | >100% | 1.28 | 0.80 | +60.9% |
| EBITDA-Capex | -1.49 | -1.27 | -17.4% | -1.23 | -1.06 | -15.8% |
| # Units | 5 | 5 | 5 | 5 |
| Profit and Loss Account - Refrigeration & HVAC | ||||||
|---|---|---|---|---|---|---|
| Million euro | 4Q 2018 | 4Q 2017 | D 18/17 | FY 2018 | FY 2017 | D 18/17 |
| Total Operational Income | 15.70 | 17.16 | -8.5% | 47.88 | 51.36 | -6.8% |
| Turnover | 15.61 | 17.06 | -8.5% | 47.70 | 51.24 | -6.9% |
| Other Operational Income | 0.09 | 0.10 | -4.0% | 0.18 | 0.12 | +51.2% |
| Total Operational Costs | -14.05 | -16.15 | +13.0% | -45.72 | -49.88 | +8.3% |
| Cost of Goods Sold | -10.29 | -12.08 | +14.8% | -31.51 | -34.81 | +9.5% |
| External Supplies and Services | -1.30 | -1.43 | +9.4% | -4.94 | -5.41 | +8.7% |
| Staff Costs | -2.35 | -2.11 | -11.5% | -8.89 | -8.43 | -5.5% |
| Other Operational Expenses | -0.10 | -0.53 | +80.2% | -0.39 | -1.23 | +68.5% |
| EBITDA | 1.65 | 1.01 | +64.5% | 2.15 | 1.48 | +45.1% |
| EBITDA Margin (% Turnover) | 10.6% | 5.9% | +4.7 pp | 4.5% | 2.9% | +1.6 pp |
| EBIT | 1.62 | 0.70 | >100% | 1.64 | 0.89 | +83.7% |
| EBIT Margin (% Turnover) | 10.4% | 4.1% | +6.3 pp | 3.4% | 1.7% | +1.7 pp |
| Capex | 0.04 | 0.00 | >100% | 0.14 | 0.10 | +40.8% |
| EBITDA-Capex | 1.61 | 1.00 | +60.7% | 2.01 | 1.38 | +45.4% |
| Profit and Loss Account - Troia Resort - Operations | ||||||
|---|---|---|---|---|---|---|
| Million euro | 4Q 2018 | 4Q 2017 | D 18/17 | FY 2018 | FY 2017 | D 18/17 |
| Total Operational Income | 1.88 | 1.83 | +3.0% | 12.27 | 11.70 | +4.9% |
| Turnover | 1.63 | 1.74 | -6.3% | 11.41 | 10.92 | +4.6% |
| Other Operational Income | 0.25 | 0.08 | >100% | 0.85 | 0.78 | +9.1% |
| Total Operational Costs | -2.62 | -2.55 | -2.9% | -11.66 | -10.90 | -7.0% |
| Cost of Goods Sold External Supplies and Services Staff Costs Other Operational Expenses |
-0.16 -1.37 -0.89 -0.20 |
-0.12 -1.14 -0.86 -0.43 |
-32.7% -20.4% -3.5% +53.3% |
-1.56 -5.86 -3.47 -0.78 |
-1.44 -4.93 -3.65 -0.88 |
-8.0% -18.9% +5.1% +11.7% |
| EBITDA | -0.71 | -0.72 | +1.0% | 0.64 | 0.80 | -19.7% |
| EBITDA Margin (% Turnover) | -43.5% | -41.2% | -2.3 pp | 5.6% | 7.3% | -1.7 pp |
| EBIT | -1.12 | -1.16 | +3.2% | -1.07 | -0.99 | -8.6% |
| EBIT Margin (% Turnover) | -68.8% | -66.6% | -2.2 pp | -9.4% | -9.1% | -0.3 pp |
| Capex | 0.03 | 0.24 | -85.2% | 0.38 | 0.62 | -39.2% |
| EBITDA-Capex | -0.75 | -0.95 | +21.7% | 0.26 | 0.18 | +48.9% |
Sonae Capital real estate portfolio includes assets with different licensing and construction stages, namely land plots (with and without construction viability), residential units, construction projects, offices, industrial premises and commercial areas, with wide geographical dispersion.
Aligned with our commitment to disclose complete and reliable information, we update the valuation of our portfolio with the support of the independent entity Cushman & Wakefield every two years. According to the valuation made in November 30th 2018, the global value of the portfolio reached 287.4M€, which compares with 283.6M€ in November 30th 2016.
Accordingly, in December 31st 2018, Sonae Capital real estate portfolio amounted to 353.8M€, including the real estate assets valued by Cushman & Wakefield and the WTC Fund valuation, with a market value of 71.2M€. In the same date, the capital employed in this group of real estate assets, excluding touristic residential units in Tróia and the WTC Fund, remained at 145.6M€.
This segment includes, in the Peninsula of Tróia, developed touristic residential units for sale, as well as plots for construction. Out of 546 touristic residential units developed, we had 84 units available for sale at the date of this report (already excluding Reserves and PPSAs).
The turnover reached 18.5M€ in 2018, 19.9% above 2017, on the back of the following contributions:
Already in 2019 and up to the date of this report, we signed 5 additional deeds (in the amount of 2.3M€) and there are still in stock 12 promissory purchase and sale agreements and reserves totalling 5.8M€. It should be noted that the PPSA of UNOP 3, for 20M€, which was signed in 2Q18, is not yet reflected in the results. We expect the sales deed to take place in the coming months.
The other real estate assets unit registered a turnover of 41.1M€ in 2018. This includes the rents coming from assets under management and sales deeds of 35.7M€, namely the sales deed of EFANOR Allotment, one of the most valuable assets in the portfolio, and Lote 11, in Matosinhos.
Already in 2019 and up to the date of this report, there is still a group of promissory purchase and sale agreements and reserves in the amount of 10.6M€, providing good prospects over the coming months. We would like to highlight that Edifício Metrópolis is included in this set of assets.
In the course of 2019, we will keep the Real Estate Assets monetisation plan, one of the major drivers for the effective implementation of Corporate Strategy.
In Energy, we will remain focused on growth, which will involve strengthening our cogeneration operation, exploring possible opportunities in the Portuguese market, and also in new geographies, namely in Mexico. In 2019, we intend to complete the ongoing investment in the biomass-fired cogeneration plant in Mangualde, which, at cruising speed, will generate a considerable and stable flow of cash.
In Fitness, pursuing the market leadership goal, we will continue the expansion plan through a multi-segment strategy based on Pump, Solinca and ONE brands. We expect not only to open further clubs, but also to explore new acquisition opportunities.
As Hospitality is concerned, and now counting with the integration of Aqualuz Suite Hotel Lagos, we start 2019 with six units in operation. At the same time, we won the concession for a new unit in Santa Apolónia Railway Station in Lisbon, which we consider to have extremely high potential. We are creating a more balanced portfolio and, above all, a portfolio with more scale to face coming years with sustained positive profitability. At the same time, we will continue to monitor the market dynamics, both in terms of price and demand, and in terms of potential consolidation movements.
In the Refrigeration & HVAC business, with the appropriate suitability to the nature and maturity of the business, we focus on improving the profitability profile, always keeping in mind the evolution of the sector.
Lastly, in the Industrial Engineering business, Adira is expected to conclude the ongoing transformational process throughout the year, which is leveraged on the definition and implementation of an adequate commercial strategy, a requirement to achieve results that meet our ambition. We expect that 2020 will already be a year at cruising speed, with a completely redesigned Adira.
In the future, following our Corporate Strategy, we will continue to invest in the creation of a cluster of technology-based companies, with strong exporting vocation and leveraged on Portuguese engineering competencies.
Given the results reached in 2018, particularly in the Real Estate Assets unit, and assuring the maintenance of an adequate capital structure when considering the type of businesses and assets held by the Group, the Board of Directors will propose at the next Annual General Meeting the distribution of 18.5 million euros in dividends, equivalent to a gross dividend of 0.074 euros per share. This dividend corresponds to a dividend yield of 8.7%, considering the closing price on 31 December 2018 (0.849€).
| Consolidated Balance Sheet | |||||
|---|---|---|---|---|---|
| Million euro | Dec 2018 | Dec 2017 | D 18/17 | ||
| Total Assets | 501.93 | 516.13 | -2.8% | ||
| Tangible and Intangible Assets | 276.96 | 275.25 | +0.6% | ||
| Goodwill | 52.02 | 47.38 | +9.8% | ||
| Non-Current Investments | 2.29 | 2.00 | +14.9% | ||
| Other Non-Current Assets | 35.20 | 34.38 | +2.4% | ||
| Stocks | 63.26 | 94.40 | -33.0% | ||
| Trade Debtors and Other Current Assets | 63.96 | 53.00 | +20.7% | ||
| Cash and Cash Equivalents | 7.56 | 7.31 | +3.4% | ||
| Assets held for sale | 0.67 | 2.42 | -72.3% | ||
| Total Equity | 268.03 | 291.37 | -8.0% | ||
| Total Equity attributable to Equity Holders of Sonae Capital | 258.59 | 280.45 | -7.8% | ||
| Total Equity attributable to Non-Controlling Interests | 9.44 | 10.92 | -13.5% | ||
| Total Liabilities | 233.90 | 224.76 | +4.1% | ||
| Non-Current Liabilities | 76.80 | 116.20 | -33.9% | ||
| Non-Current Borrowings | 59.43 | 88.47 | -32.8% | ||
| Deferred Tax Liabilities | 12.98 | 21.64 | -40.0% | ||
| Other Non-Current Liabilities | 4.39 | 6.10 | -27.9% | ||
| Current Liabilities | 157.10 | 108.55 | +44.7% | ||
| Current Borrowings | 67.91 | 28.21 | >100% | ||
| Trade Creditors and Other Current Liabilities | 83.57 | 75.55 | +10.6% | ||
| Liabilities associated to assets held for sale | 5.62 | 4.79 | +17.2% | ||
| Total Equity and Liabilities | 501.93 | 516.13 | -2.8% |
On 15 November 2018, Sonae Capital informed that, through its subsidiary SC ASSETS, SGPS, S.A., it has executed an agreement with Grandavenue72 – Sociedade Imobiliária, S.A., pursuant to which it sold 100% of the share capital and voting rights of Prédios Privados – Imobiliária, S.A., for the global amount of 30 million euros. Prédios Privados – Imobiliária, S.A. was the sole owner of the "Efanor Allotment", located in Matosinhos, in the Metropolitan area of Porto. The 30 million euros was divided into three instalments totalling 10 million euros each. The first instalment was paid in the date of the contract, the second and third instalments will be paid up to one year and two years respectively from the date of the transaction.
On 21 January 2019, Sonae Capital informed that, in the context of a tender launched by IP Património – Administração e Gestão Imobiliária, S.A., its subsidiary The House Ribeira Hotel – Exploração Hoteleira, S.A. was awarded with the sub-concession for the creation and operation of a Hotel Unit in Santa Apolónia Railway Station Building, in Lisbon. The sub-concession will have a duration of thirty-five years, with an exception from rent payment for the first two years. The opening of the unit is scheduled for the first half of 2021.
On 6 February 2019, Sonae Capital informed that, following Efanor's intention to sell, it has acquired for 1 euro the operation of "Aqualuz Suite Hotel Lagos". Up to the date of the transaction, the "Aqualuz Suite Hotel Lagos" Hotel operation was fully owned by Aqualuz – Turismo e Lazer, Lda (a subsidiary from Efanor Investimentos, SGPS, S.A.). This transaction had effect from January 1st 2019.
The quarterly consolidated financial information presented in this report is audited and has been prepared in accordance with the International Financial Reporting Standards ("IAS / IFRS"), issued by the International Accounting Standards Board ("IASB"), as adopted by the European Union.
With the aim of continuing to provide the best financial information not only at the Consolidated level, but also, at each Business Unit level and aligning with the best market practices, the international operations (Mozambique and Brazil) of the Refrigeration & HVAC segment are considered as assets held for sale and therefore their contribution to the consolidated results is recognized as discontinued operations.
| CAPEX | Investment in Tangible and Intangible Assets |
|---|---|
| EBITDA | Operational Profit (EBIT) + Amortization and Depreciation + Provisions and Impairment Losses + Impairment Losses of Real Estate Assets in Stocks (included in Costs of Goods Sold) – Reversal of Impairment Losses and Provisions (including in Other Operation Income) |
| EBITDAR | EBITDA + Building Rents |
| Gearing: Debt to Equity |
Net Debt / Equity |
| HVAC | Heating, Ventilation and Air Conditioning |
| Loan to Value | Net Debt of real estate assets / Real estate assets Valuation |
| Net Debt | Non-Current Loans + Current Loans – Cash and Cash Equivalents – Current Investments |
| Operational Cash Flow |
EBITDA - Capex |
| PPSA | Promissory Purchase and Sale Agreement |
| RevPAR | Revenue Per Available Room |
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Representative for Market Relations E-mail: [email protected]
E-mail: [email protected]
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