Earnings Release • Jul 30, 2015
Earnings Release
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SHOOD AS COM
1H15
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
Turnover growth of 14.9% with international markets representing 52.5% of turnover at SSI.
Underlying EBITDA decline of 14.4% despite the 16.8% L-f-L growth.
Net income of 33.5 million euros, 30.9 million above 1H14.
Consolidated turnover in 1H15 reached 67.1 million euros, increasing 14.9% when compared to 1H14, or 5.6% excluding S21Sec contribution1. This growth was driven both by a 15.2% increase in service revenues and a significant increase of 14.3% in sales. Excluding S21Sec contribution, Service Revenues increased by 3.0%.
Operating costs amounted to 65.8 million euros, 16.1% above 1H14, with all lines increasing. Personnel costs grew 19.9% driven by a 19.4% increase in the number of employees. Commercial costs grew 12.7% to 18.6 million euros, driven by SSI increase in cost of goods sold, aligned with sales evolution. The evolution in other operating costs is mainly explained by the outsourcing and G&A costs at S21Sec.
Total EBITDA stood at 12.8 million euros, 10.1% above 1H14, on the back of equity results that increased 19.3%. The equity results are mostly impacted by ZOPT contribution, which in turn depends on NOS net income evolution. On what concerns the underlying EBITDA, it stood at 2.0 million euros, 14.4% down when compared to 1H14, and corresponding to a margin of 3.0%, which compares to 4.1% in 1H14. Excluding S21Sec contribution, underlying EBITDA increased by 16.8%.
Sonaecom's EBIT increased 7.7% to 9.1 million euros, explained by the higher level of EBITDA.
Net financial results reached 23.5 million euros in 1H15, positively impacted by the fair value adjustment of NOS direct stake at market price, in the amount of 21.3million euros, and the corresponding 1.5 million euros of dividend received. In 1H14, the fair value adjustment was negative by 7.9 million euros and the dividend received was 1.3 million euros.
Sonaecom5 searnings before tax (EBT) increased to 32.6 million euros, driven by the higher EBITDA and the higher net financial results. Net results group share stood at 33.5 million euros, which compares with 2.6 million euros in 1H14.
Sonaecom's underlying operating CAPEX increased from 2.8 million euros to 4.3 million euros, reaching 6.3% of turnover, 1.5 p.p. above 1H14.
Cash position increased 8.0 million euros since 1H14 reaching 165.0 million euros.
<sup>1 S21Sec was acquired on July 2014 and is consolidated at Sonaecom since August 2014.
Pursuing its active portfolio management strategy, SSI currently comprises four companies in the IT/IS sector, focused on international expansion. Those companies generated circa 52.5% of its revenues outside the Portuguese market with 44% out of the total 872 employees located abroad.
WeDo Technologies is a worldwide market leader in enterprise business assurance software, which works with some of the world's leading blue chip companies from the retail, energy and finance industries, as well as more than 190 telecommunications operators from more than 90 countries.
At the end of semester, WeDo has announced the launch of SHAPE Telecom; software designed to provide CSPs with advanced knowledge to ascertain cost and determine profitability of customers, plans and services. SHAPE Telecom improves customer-base knowledge to critically determine marketing campaign effectiveness, enhance customer satisfaction and boost customer loyalty and retention.
In May 2015 WeDo had its first EBA Summit and 10th annual Worldwide User Group conferences, counting more than 400 attendees from the Telco, Retail, Utilities, Healthcare and Finance industries from all over the world- more than 45 countries were represented. Coupled with this customers' recognition, and after, being named, in 2014, by Stratecast (Frost & Sullivan) as the worldwide leader in Financial Assurance area, which comprises: Revenue Assurance, Fraud Management and Margin Assurance, WeDo technologies was now elected by Analysys Mason, a TMT (telecoms, media and technology) analyst firm, as the worldwide market leader in the Revenues Assurance and Fraud Management software space.
In February 2015, WeDo was present in the Mobile World Congress in Barcelona, where it revealed details of its new RAID Telecom software solution, as part of the re-defined RAID Enterprise Business Assurance (EBA) family.
It should also be highlighted that during 1H15, the company has won five new telecom customers (2 in USA, 1 in Mexico, 1 in Qatar and 1 in Azerbaijan) and three new ones in Portugal, one in the energy sector and two in healthcare, which clearly reflects the company's growth in enterprise business assurance market, both in Portugal and abroad. At the end of 1H15, 76.7% of its turnover was generated in the international market and almost 12% in non-telecom industries.
S21Sec is a multinational based in Spain, specialized in cuber security services and technologies, with the purpose of protecting organizations most critical and high-value digital assets: data, operations and corporate image. With its own products and platforms the company acts with a special focus on antifraud and e-crime in various segments like government, financial entities, telecommunications, energy and other critical infrastructures.
S21Sec, evolving through its restructuring process, attained relevant achievements in the 1H15. A memorandum of understanding was signed with Europol, being the first Spanish company to do that. The two organizations are now exchanging knowledge and expertise on cybercrime, and are cooperating to combat online fraud, while making the Internet a safer space. It was closed the first MOOC (Massive Open Online Courses) project about cybersecurity, with INCIBE (national institute of cybersecurity in Spain), and S21sec was recognized as a McAffe elite partner. Some important contracts were won in different sectors (financial, insurance, tourism, energy and industrial companies) and with different kind of services (from SOC to audit, digital fraud and forensic analysis). It is also important to highlight the participation in various events of the segment (Homesec in Spain, ETIS information security WG Meeting and IDC event dedicated to cybersecurity in the financial segment) and the recent expertise work done with DYRE (currently the busiest banking malware) and Ransomware Mobile (a malware that restricts access to the infected system, and demands a ransom paid to the creator of the malware for the restriction to be removed).
Saphety is a solutions provider for optimization of business processes that has a strong position in electronic invoicing and EDI (Electronic Data Interchange) market, as well as in data sunchronization for GS1 worldwide organizations. The semester was marked bu a significant improvement on revenues and profitability, coupled with a good commercial activity: 193 new customers and some important new contracts including, GS1 Egypt, Essilor, Sodecia, Cimpor, Quinta do Lago, Calzedonia or Laboratórios Vitória. Saphety's customer base has now over 8,200 customers and 120,000 users in about 20 countries. Importantly, in this period, international revenues increased when compared to
1H14 and represented more than 30.0% of total revenues. Also relevant, Saphety's SyncC as a Data Synchronization solution, has been certified by GDSN meaning that all new international standards defined by the regulator are now covered.
On what concerns Bizdirect, the improvement recorded in the IT market investments in hardware and software, coupled with a positive performance in the new solutions area, enabled the company to increase its turnover by 14.0% in 1H15. The Competence Center launched in Viseu to respond to the growing demand in the areas of CRM (Customer Relationship Management) and ECM (Enterprise Content Management), has increased the number of projects delivered and is growing its notoriety in the European market. International revenues represented more than 10.0% of total Turnover.
| SSI CONSOLIDATED INCOME STATEMENT | $2Q14^{(R)}$ | 2015 | $\Delta$ 15/14 | 1Q15 | q.o.q. | $1H14^{(R)}$ | 1H15 | $\Delta$ 15/14 |
|---|---|---|---|---|---|---|---|---|
| Turnover | 26.9 | 31.2 | 16.0% | 28.3 | 10.0% | 50.4 | 59.5 | 18.0% |
| Service Revenues | 19.3 | 22.5 | 16.6% | 20.9 | 7.5% | 37.3 | 43.4 | 16.4% |
| Sales | 7.6 | 8.7 | 14.5% | 7.4 | 17.1% | 13.2 | 16.1 | 22.5% |
| Other Revenues | 0.1 | 0.2 | 199.6% | 0.4 | $-45.7%$ | 0.3 | 0.6 | 134.0% |
| Operating Costs | 24.7 | 29.5 | 19.6% | 26.6 | 10.9% | 45.8 | 56.1 | 22.6% |
| Personnel Costs | 7.7 | 9.9 | 29.1% | 9.7 | 2.1% | 15.3 | 19.6 | 28.3% |
| Commercial Costs (1) | 8.3 | 8.8 | 6.2% | 7.7 | 14.8% | 13.9 | 16.5 | 18.3% |
| Other Operating Costs (2) | 8.7 | 10.8 | 23.9% | 9.2 | 16.9% | 16.6 | 20.0 | 20.8% |
| EBITDA | 2.4 | 1.8 | $-25.6%$ | 2.1 | $-13.5%$ | 5.2 | 3.9 | $-26.0%$ |
| Underlying EBITDA (3) | 2.2 | 1.9 | $-17.3%$ | 2.1 | $-11.5%$ | 4.9 | 4.0 | $-19.0%$ |
| Discontinued Operations (4) | 0.2 | 0.0 | $-100.0%$ | 0.0 | 0.3 | 0.0 | $-100.0%$ | |
| Underlying EBITDA Margin (%) | 8.4% | 6.0% | $-2.4$ pp | 7.4% | $-1.4$ pp | 9.7% | 6.6% | $-3.0pp$ |
| Operating CAPEX (5) | 1.2 | 2.0 | 63.5% | 1.6 | 19.4% | 2.6 | 3.6 | 37.7% |
| Operating CAPEX as % of Turnover | 4.5% | 6.3% | 1.8 pp | 5.8% | 0.5 pp | 5.2% | 6.0% | 0.9 pp |
| Underlying EBITDA - Operating CAPEX | 1.0 | $-0.1$ | $0.5\,$ | 2.3 | 0.4 | $-84.0%$ | ||
| Total CAPEX | 1.2 | 2.0 | 63.5% | 1.6 | 19.4% | 2.6 | 3.6 | 37.7% |
(1) CommercialCosts =COGS + Mktg& Sales (2) Other OperatingCosts = OutsourcingServices+ G&A+ Provisions+ others;
(3) Includes the businesses fully consolidated by SSI; (4) Includes Mainroad contribution until the sale;
(5)
Turnover continued to benefit from the international expansion of SSI companies and the active potfolio management, growing 18.0% y.o.y., to 59.5 million euros. Service Revenues increased 16.4% to 43.4 million euros while Sales increased by 22.5% to 16.1 million euros.
Excluding S21Sec contribution in 1H15, SSI turnover increased by 7.1% and Service Revenues by 3.2 %.
Operating costs increased 22.6%, reaching 56.1 million euros, impacted by higher commercial costs, higher staff costs and higher other operational costs. Staff costs increased 28.3% driven by a 22.4% growth in the number of employees (from 713 to 872). Commercial costs increased 18.3% when compared to 1H14, to 16.5 million euros, driven by a higher cost of goods sold, aligned with the higher level of sales. Other operating costs increased 20.8% explained by the enlarged portfolio.
Total EBITDA declined 26.0%, explained by discontinued operations in the 1H14 but also by the decrease of underlying EBITDA.
In the 1H15, underlying EBITDA reached 4.0 million euros, falling 19.0% y.o.y., reaching a margin of 6.6%, although showing an improving trend in the 2015.
Excluding S21Sec, underlying EBITDA in the 1H15 decreased by 0.2% and reached a 9.0% margin.
Underlying EBITDA-operating CAPEX stood at 0.4 million euros, decreasing when compared to 1H14, explained by the lower level of EBITDA and the higher level of CAPEX.
Besides the 25th Público's anniversary, the 1H15 was marked by the company good performance in paid circulation. According to APCT, Público was the daily generalist newspaper that presented higher growth. It should also be noted that in 2015 Público received 4 awards, including a special mention in the category of best news site by the European Digital Media Awards, only behind The Guardian.
Turnover reached 7.7 million euros, representing a slight increase when compared to 1H14 and, importantly, reverting the declining trend initiated in 2010. The increase at online advertising revenues compensated the decline at offline advertising revenues while content revenues increased and online subscriptions continued to present a good performance, contributing significantly to the circulation.
EBITDA, despite negative and impacted by some one-off downward effects, increased 6.1% to negative 1.2 million euros.
NOS operating revenues were 699.9 million euros in 1H15, growing 2.6% y.o.y.
EBITDA reached 266.4 million euros, increasing 1.1% when compared to 1H14 and representing a 38.1% EBITDA margin.
Recurrent CAPEX amounted to 140 EBITDA-Recurrent CAPEX decreased 9.4%.
Net Financial Debt to EBITDA (last 4 quarters) stood at 2.1x at the end of 1H15 and the average maturity of the company's net financial debt reached 3.8 years.
NOS published its 1H15 results on 28th July, 2015, which are available at www.nos.pt.
During 1H15, the NOS share price increased 37.0% from €5.236 to €7.174, whilst PSI20 increased its market capitalisation by 15.7%.
| Operational Indicators ('000) | 2014 | 2015 | ∆ 15/14 | 1015 | a.o.a. | 1H14 | 1H15 | ∆ 15/14 |
|---|---|---|---|---|---|---|---|---|
| Total RGUs | 295.6 | 8 010.2 | 9.8% | 761.8 | 3.2% | 295.6 | 8 010.2 | 9.8% |
| Convergent RGUs | 7 רמח ו | 2443.2 | 142.5% | 2 194.5 | L1.3% | .007.7 | 2 443.2 | 142.5% |
| IRIS subscribers | 561.3 | 784.2 | 39.7% | 742.6 | 5.6% | 561.3 | 784.2 | 39.7% |
| 3.4 and 5P subscribers | 810.7 | 904.9 | 11.6% | 878.1 | 3.0% | 810.7 | 904.9 | 11.6% |
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| NOS HIGHLIGHTS | 2014 | 2015 | $\Delta$ 15/14 | 1015 | q.0.0. | 1H14 | 1H15 | $\Delta$ 15/14 |
| Operating Revenues | 345.0 | 355.9 | 3.2% | 344.1 | 3.4% | 682.3 | 699.9 | 2.6% |
| EBITDA | 133.6 | 138.5 | 3.6% | 127.9 | 8.3% | 263.5 | 266.4 | 1.1% |
| EBITDA margin (%) | 38.7% | 38.9% | $+0.2$ pp | 37.2% | 1.7 pp | 38.6% | 38.1% | $-0.6$ pp |
| Net Income | 18.4 | 24.1 | 30.7% | 23.2 | 3.5% | 43.7 | 47.3 | 8.3% |
| CAPEX | 88.6 | 102.4 | 15.5% | 94.3 | 8.5% | 145.3 | 196.7 | 35.4% |
| EBITDA-CAPEX | 45.0 | 36.1 | $-19.7%$ | 33.6 | 7.6% | 118.2 | 69.7 | $-41.0%$ |
| RECURRENT CAPEX | 71.8 | 72.3 | 0.7% | 68.2 | 6.0% | 124.6 | 140.5 | 12.8% |
| EBITDA-RECURRENT CAPEX | 61.8 | 66.2 | 7.1% | 59.7 | 10.8% | 138.9 | 125.9 | $-9.4%$ |
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED INCOME STATEMENT | $2014^{(R)}$ | 2015 | $\Delta$ 15/14 | 1Q15 | q.o.q. | $1H14^{(R)}$ | 1H15 | $\Delta 15/14$ |
| Turnover | 30.8 | 35.1 | 14.0% | 32.0 | 9.9% | 58.4 | 67.1 | 14.9% |
| Service Revenues | 20.8 | 24.1 | 16.0% | 22.4 | 7.9% | 40.3 | 46.5 | 15.2% |
| Product Sales | 10.0 | 11.0 | 9.8% | 9.6 | 14.5% | 18.0 | 20.6 | 14.3% |
| Other Revenues | 0.4 | 0.3 | $-24.4%$ | 0.5 | $-34.7%$ | 0.7 | 0.8 | 8.7% |
| Operating Costs | 30.1 | 34.5 | 14.7% | 31.3 | 10.3% | 56.7 | 65.8 | 16.1% |
| Personnel Costs | 10.2 | 12.6 | 23.0% | 12.2 | 3.0% | 20.7 | 24.8 | 19.9% |
| Commercial Costs (1) | 9.6 | 9.9 | 3.0% | 8.7 | 13.9% | 16.5 | 18.6 | 12.7% |
| Other Operating Costs (2) | 10.3 | 12.0 | 17.3% | 10.4 | 16.0% | 19.5 | 22.4 | 14.9% |
| EBITDA | 5.1 | 6.5 | 28.6% | 6.2 | 5.6% | 11.6 | 12.8 | 10.1% |
| Underlying EBITDA (3) | 1.1 | 0.9 | $-18.9%$ | 1.1 | $-20.4%$ | 2.4 | 2.0 | $-14.4%$ |
| Equity method (4) | 3.9 | 5.6 | 43.6% | 5.1 | 11.4% | 9.0 | 10.7 | 19.3% |
| Discontinued Operations (5) | 0.0 | 0.0 | $-100.0%$ | 0.0 | 0.2 | 0.0 | $-100.0%$ | |
| Underlying EBITDA Margin (%) | 3.6% | 2.6% | $-1.0pp$ | 3.6% | $-1.0pp$ | 4.1% | 3.0% | $-1.0pp$ |
| Depreciation & Amortization | 1.9 | 1.7 | $-6.6%$ | 1.9 | $-7.9%$ | 3.1 | 3.6 | 16.6% |
| EBIT | 3.2 | 4.8 | 48.8% | 4.3 | 11.4% | 8.5 | 9.1 | 7.7% |
| Net Financial Results | $-8.5$ | 6.0 | 17.5 | $-65.9%$ | $-6.3$ | 23.5 | ||
| Financial Income | 0.3 | 6.8 | 18.0 | $-62.4%$ | 3.3 | 24.7 | ||
| Financial Expenses | 8.8 | 0.8 | $-91.0%$ | 0.5 | 66.3% | 9.5 | 1.3 | $-86.7%$ |
| EBT | $-5.3$ | 10.8 | 21.8 | $-50.6%$ | 2.2 | 32.6 | ||
| Tax results | 0.7 | 1.0 | 43.1% | $-1.1$ | 0.3 | $-0.1$ | ||
| Net Results | $-4.6$ | 11.7 | $\overline{\phantom{a}}$ | 20.7 | $-43.3%$ | 2.6 | 32.4 | $\blacksquare$ |
| Group Share | -4.6 | 12.2 | ٠ | 21.3 | $-42.8%$ | 2.6 | 33.5 | $\equiv$ |
| Attributable to Non-Controlling Interests | 0.0 | $-0.4$ | $\qquad \qquad -$ | $-0.6$ | 25.9% | 0.0 | $-1.0$ | $\overline{\phantom{a}}$ |
The values were adjusted in order torelled, from January 2014 onwards, Maintoad as a discontinued operation
(2) Includes the businesses fully consolidated by Sonaecom;
(4) Includes the 50% holdingin Unipress, the 45% holdi
| Million euros | ||
|---|---|---|
| CONSOLIDATED BALANCE SHEET | $2Q14^{(R)}$ | 2015 | $\Delta$ 15/14 | 1015 | q.o.q. | $1H14^{(R)}$ | 1H15 | $\Delta$ 15/14 |
|---|---|---|---|---|---|---|---|---|
| Total Net Assets | 1051.9 | 1124.9 | 6.9% | 1120.3 | 0.4% | 1051.9 | 1124.9 | 6.9% |
| Non Current Assets | 759.9 | 797.0 | 4.9% | 792.8 | 0.5% | 759.9 | 797.0 | 4.9% |
| Tangible and Intangible Assets | 21.7 | 29.3 | 34.8% | 28.9 | 1.5% | 21.7 | 29.3 | 34.8% |
| Goodwill | 28.6 | 29.0 | 1.4% | 29.1 | $-0.3%$ | 28.6 | 29.0 | 1.4% |
| Investments | 703.6 | 730.9 | 3.9% | 728.0 | 0.4% | 703.6 | 730.9 | 3.9% |
| Deferred Tax Assets | 5.9 | 7.6 | 29.0% | 6.6 | 15.0% | 5.9 | 7.6 | 29.0% |
| Others | 0.0 | 0.3 | 0.3 | $-0.1%$ | 0.0 | 0.3 | ||
| Current Assets | 292.0 | 327.8 | 12.3% | 327.5 | 0.1% | 292.0 | 327.8 | 12.3% |
| Trade Debtors | 42.3 | 43.1 | 1.9% | 40.6 | 6.1% | 42.3 | 43.1 | 1.9% |
| Liquidity | 174.6 | 176.7 | 1.2% | 180.2 | $-1.9%$ | 174.6 | 176.7 | 1.2% |
| Others | 75.2 | 108.0 | 43.6% | 106.7 | 1.2% | 75.2 | 108.0 | 43.6% |
| Shareholders' Funds | 973.3 | 1043.0 | 7.2% | 1047.3 | $-0.4%$ | 973.3 | 1043.0 | 7.2% |
| Group Share | 973.1 | 1044.3 | 7.3% | 1048.6 | $-0.4%$ | 973.1 | 1044.3 | 7.3% |
| Non-Controlling Interests | 0.2 | $-1.3$ | $-1.3$ | 1.2% | 0.2 | $-1.3$ | ||
| Total Liabilities | 78.6 | 81.8 | 4.1% | 73.0 | 12.1% | 78.6 | 81.8 | 4.1% |
| Non Current Liabilities | 8.9 | 14.7 | 65.0% | 13.7 | 7.4% | 8.9 | 14.7 | 65.0% |
| Bank Loans | 4.4 | 9.0 | 104.9% | 9.4 | $-4.9%$ | 4.4 | 9.0 | 104.9% |
| Provisions for Other Liabilities and Charges | 3.1 | 3.8 | 22.0% | 2.8 | 33.1% | 3.1 | 3.8 | 22.0% |
| Others | 1.4 | 2.0 | 35.3% | 1.4 | 38.8% | 1.4 | 2.0 | 35.3% |
| Current Liabilities | 69.7 | 67.2 | $-3.7%$ | 59.3 | 13.2% | 69.7 | 67.2 | $-3.7%$ |
| Loans | 12.7 | 1.5 | $-88.0%$ | 1.3 | 13.2% | 12.7 | 1.5 | $-88.0%$ |
| Trade Creditors | 24.8 | 26.7 | 7.5% | 23.7 | 12.5% | 24.8 | 26.7 | 7.5% |
| Others | 32.2 | 39.0 | 20.9% | 34.3 | 13.7% | 32.2 | 39.0 | 20.9% |
| Operating CAPEX (1) | 1.3 | 2.5 | 90.0% | 1.8 | 37.2% | 2.8 | 4.3 | 49.7% |
| Operating CAPEX as % of Turnover | 4.2% | 7.0% | 2.8 pp | 5.6% | 1.4 pp | 4.9% | 6.3% | 1.5 pp |
| Total CAPEX | 4.2 | 2.5 | $-41.9%$ | 1.8 | 37.2% | 8.4 | 4.3 | $-49.1%$ |
| Underlying EBITDA - Operating CAPEX | $-0.2$ | $-1.6$ | $-0.7$ | $-136.5%$ | $-0.5$ | $-2.2$ | ||
| Gross Debt | 17.6 | 11.8 | $-33.1%$ | 11.5 | 1.9% | 17.6 | 11.8 | $-33.1%$ |
| Net Debt $C \rightarrow D \rightarrow C$ (1) $\sim$ 1.0 $\pm$ |
$-157.0$ | $-165.0$ | $-5.1%$ | $-168.7$ | 2.2% | $-157.0$ | $-165.0$ | $-5.1%$ |
The Control of the Special Regime of Debt Adjustments
(R) Under the Special Regime of Debt Adjustments to the Fiscal Authorities and Social Security (Decree Law No. 248-A/2002 and Decree Law No. 151-A/2013), Sonae and Sona
| LEVERED FREE CASH FLOW | $2014^{(R)}$ | 2015 | $\Delta$ 15/14 | 1015 | q.o.q. | $1H14^{(R)}$ | 1H15 | $\Delta$ 15/14 |
|---|---|---|---|---|---|---|---|---|
| Underlying EBITDA-Operating CAPEX | $-0.2$ | $-1.6$ | $-0.7$ | $-136.5%$ | -0.5 | -2.2 | ||
| Change in WC | $-2.2$ | $-0.3$ | 87.9% | $-1.0$ | 72.9% | $-1.0$ | $-1.2$ | $-26.3%$ |
| Non Cash Items & Other | 2.2 | 4.3 | 94.0% | $-1.5$ | 2.6 | 2.8 | 7.9% | |
| Operating Cash Flow | $-0.2$ | 2.5 | -3.1 | - | 1.2 | $-0.6$ | $\overline{\phantom{a}}$ | |
| Investments | $-3.7$ | 0.0 | 100.0% | 0.0 | $-6.3$ | 0.0 | 100.0% | |
| Dividends | 1.4 | 8.9 | 0.0 | $\overline{\phantom{0}}$ | 1.4 | 8.9 | ||
| Financial results | 0.1 | -0.4 | 2.1 | $-1.3$ | 1.7 | |||
| Income taxes | $-0.2$ | $-0.1$ | 47.0% | $-0.7$ | 84.0% | $-0.4$ | $-0.8$ | $-98.1%$ |
| $FCF^{(1)}$ | $-2.5$ | 10.9 | $-1.7$ | $-5.4$ | 9.2 |
______________________________________
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
www.sonae.com
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