Interim / Quarterly Report • Nov 29, 2021
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
MANAGEMENT REPORT & ACCOUNTS
9M21
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 Union.
| I MANAGEMENT REPORT | ||
|---|---|---|
| 1. Main Highlights | 3 | |
| 2. Sonaecom Consolidated Results | 3 | |
| 2.1 Telecommunications | 5 | |
| 2.2 Technology | 5 | |
| 2.3 Media | 8 | |
| 3. Subsequent Events | 8 | |
| 4. Appendix | 9 | |
| II FINANCIAL STATEMENTS | ||
| 5. Financial Information | 12 | |
| 5.1. Sonaecom condensed consolidated financial statements | 12 | |
| 5.2. Notes to the condensed consolidated financial statements of Sonaecom | 17 | |
MANAGEMENT REPORT & ACCOUNTS 2021
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 gains generated with the partial 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.
In the 1H21, and following the agreement signed with Claranet Portugal, S.A. to sell the entire share capital and voting rights of Bizdirect, which was announced on June 1st, Bizdirect was considered a discontinued operation. In the 3Q21, on July 16th, this transaction has been completed, following the approval from the competent authority and the verification of 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 ZOPT - consolidated through the equity method - which owns 52.15% stake in NOS, presented a positive financial evolution, accelerating Telco operating 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 driven 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 summer and 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 auction for the allocation of the 5G frequencies ended, with NOS winning the largest fraction of the spectrum released and acquiring spectrum in all possible bands.
Regarding portfolio activitu, 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; (ii) entered in the share capital of Sellforte, a SaaS platform that measures the effectiveness of online and offline marketing investments; (iii) invested in Portainer.io, one of the mo 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 mobile wallet payment provider, and (iv) reinforced its ownership in some portfolio companies.
9M21 was also marked by relevant achievements in some of its minority investments indirectly held through Armilar funds: i) Feedzai, 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 and Tiger Global, 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 Outsustems and Arctic Wolf are a good sign of the companies' strong evolution and potential.
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% y.o.y..
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 driven by the lower 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.
Total EBITDA increasing from 8.0 million euros to 46.2 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 ZOPT 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.
Sonaecom's EBIT increased to 40.8 million euros, from 1.6 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 to 41.0 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 9M20, is mainly related with Arctic Wolf upward required the matter of the company into a unicon-
Net results group share stood at 67.9 million euros, above the 28.7 million euros presented in 9M20.
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.
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, 3.3 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 operating cash-flow, financials and taxes of 7.0 million euros.
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% u.o.y. 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 IFRS 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 3rd 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%.
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| Operational Indicators ('000) | 3020 | 3021 | $\triangle$ 21/20 | 2021 | a.o.a. | 9M20 | 9M21 | ∆ 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% |
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| NOS HIGHLIGHTS | 3020 | 3Q21 | $\triangle$ 21/20 | 2021 | q.o.q. | 9M20 | 9M21 | △ 21/20 |
| Operating Revenues | 346.9 | 366.5 | 5.6% | 341.0 | 7.5% | 1.013.6 | 1.044.9 | 3.1% |
| EBITDA | 160.6 | 171.1 | 6.6% | 154.4 | 10.8% | 471.2 | 477.7 | 1.4% |
| EBITDA margin (%) | 46.3% | 46.7% | 0.4 pp | 45.3% | 1.4pp | 46.5% | 45.7% | $-0.8$ pp |
| Net Income | 44.1 | 46.1 | 4.6% | 43.3 | 6.5% | 79.1 | 120.0 | 51.7% |
| CAPEX excluding Leasings | 97.8 | 110.0 | 12.4% | 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 | $-16.8%$ |
The Technology area aims to build and manage a portfolio of technology businesses around retail and telecommunications, as well as cubersecuritu, 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%.
Maxive Cybersecurity is the strategic holding company that combines two of the leading cybersecurity pure players in Europe and is positioned as one of the largest MSSPs (Managed Security Services Provider) pure players both in terms of business and specialized personnel offering its customers a wide set of services combining best practices and capabilities from both S21sec and Excellium:
S21Sec is a reference multinational MSSP, 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 cubersecurity sector) in Spain and Portugal in terms of turnover and number of cubersecurity 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 large and multi-national companies operating in the European space, while ensuring agile and fast response from specialized teams close to the customer.
InovRetail 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 retailers in three key areas like Sales Performance Enhancement; Customer Experience Optimisation and Advanced Planning & Scheduling.
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.
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 IM, jointly with US technology investors Lightspeed Venture Partners and Redpoint, entered in the company's cap table 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 IM participated in all rounds, reinforcing its stake.
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 reinforced during series B round.
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.
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 S20M 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 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.
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 was to be used 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 cuber threat intelligence platform automates all phases of the intelligence cycle - collection, analusis 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 analysis 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, 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 S6M Series A investment.
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 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 Verizon Ventures, Samsung Next, and existing shareholders.
IriusRisk (previously named 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 1.5 million euros, which was led by Swanlaab Venture Factory and joined by JME Venture Capital and Sonae IM. In September 2020, the company raised a series A round of 6.7 million dollars participated by Paladin, 360 CP, Swanlaab JME Venture Capital and Sonae IM.
Jscrambler 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 Caixa Capital Empreender Award 2017, has stepped from MVP (Minimum Valuable Product) to an independent Web Application Security startup.
Sales Layer is a Spanish based company with a cloud-based Product Information Management (PIM) platform, helping brands and retailers to transform their catalogs into a digital, enriched and multichannel control center. Sonae IM 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 workloads. Deepfence ensures business 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 IM, and existing investor Chiratae Ventures.
Weaveworks is a US company that helps teams to adopt cloud native computing, managing cloud native infrastructure and applications quickly, reliably and at scale. Weaveworks announced a \$36.65 million Series C funding round led by some of the world's leading public cloud and telecommunications companies, including first-time investors Amazon Web Services (AWS), Ericsson, Orange Ventures, Sonae IM and Telekom Investment Pool (TIP). The round also included follow-on investments from Accel, GV, and Redline Capital.
Sellforte, based in Helsinki, Finland, is a SaaS platform for Retailers, Brands and Telcos, which uses proprietary data science and AI 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 globally. Portainer's 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 bu connecting the world's businesses with more than 100 mobile wallets, local and alternative paument methods. Citcon raised \$30 million in Series C financing led by Norwest Venture Partners and Cota Capital with the participation of Sonae IM and Sierra Venture.
Público continued to consolidate its position as the reference Portuguese speaking news organization focused on a digital strategu, reinforcing digital competencies and presence in online platforms.
The bet on the quality of journalism, combined with an innovative and digital image, has reinforced Público's prestige with direct positive impacts not only in the number of subscribers and online users but also in the 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.
On October 27th, the auction for allocation of 5G frequencies came to an end, with NOS winning the largest fraction of the spectrum released and investing the highest value of all the participants. This completely fulfils all the objectives outlined in NOS' strategy for the fifth generation of mobile networks.
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED INCOME STATEMENT | 3020 R | 3021 | $\triangle$ 21/20 | 2021 | q.o.q. | 9M20R | 9M21 | $\triangle$ 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 | $-6.3%$ | 1.4 | $1.6\,$ | 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) | 4.5 | 3.7 | $-18.7%$ | 4.2 | $-12.6%$ | 11.3 | 11.1 | $-1.6%$ |
| Other Expenses (2) | 4.4 | 5.0 | 13.5% | 6.0 | $-16.5%$ | 14.1 | 15.6 | 10.6% |
| EBITDA | 0.6 | 20.2 | $\overline{a}$ | 19.8 | 2.2% | 8.0 | 46.2 | |
| Underlying EBITDA (3) | $-0.8$ | $-1.2$ | $-45.2%$ | $-1.4$ | 15.5% | $-3.8$ | $-3.5$ | 7.8% |
| Non recurrent itens | $-9.2$ | 10.4 | 10.8 | $-3.4%$ | $-9.6$ | 21.2 | ||
| Equity method (4) | 10.7 | 11.0 | 2.9% | 10.7 | 3.5% | 21.1 | 28.6 | 35.2% |
| Discontinued Operations (5) | 0.0 | $0.0\,$ | 100.0% | $-0.2$ | 100.0% | 0.3 | $-0.1$ | |
| Underlying EBITDA Margin (%) | $-4.7%$ | $-6.8%$ | $-2.1$ pp | $-7.6%$ | 0.8 pp | $-7.5%$ | $-6.6%$ | 0.9 pp |
| Depreciation & Amortization | 2.1 | 1.6 | $-21.4%$ | $1.8\,$ | $-10.5%$ | 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 | 0.9 | $-53.8%$ | |
| 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 | $-0.8$ | $\sim$ | $-2.8$ | 70.4% | 4.1 | $-3.2$ | |
| Direct Results | 0.9 | 17.7 | $\blacksquare$ | 15.3 | 16.1% | 5.0 | 37.8 | |
| Indirect Results (6) | 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 | $-2.1%$ | 27.5 | 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% |
Franchiscore Coronal Controller Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Coronal Corona
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED BALANCE SHEET | 3Q20 R | 3021 | $\triangle$ 21/20 | 2Q21 | q.o.q. | 9M20R | 9M21 | $\triangle$ 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% | 955.9 | 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 | 14.5 | 14.5 | 0.0% | 14.5 | 0.0% | 14.5 | 14.5 | 0.0% |
| Investments | 863.2 | 928.4 | 7.5% | 900.6 | 3.1% | 863.2 | 928.4 | 7.5% |
| Deferred Tax Assets | 4.5 | 16.2 | 16.3 | $-0.4%$ | 4.5 | 16.2 | ||
| Others | 9.4 | 6.7 | $-28.7%$ | 6.6 | 1.9% | 9.4 | 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 | $-9.7%$ | 19.9 | 10.0 | $-49.8%$ |
| Liquiditu | 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 | $-12.5%$ | 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 | 1.3 | 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 | 39.9 | 4.4% | 39.0 | 2.2% | 38.2 | 39.9 | 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% | 9.5 pp | 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 - Restated according with introductory notes;
(1) Operating CAPEX excludesFinancial Investments.
| LEVERED FREE CASH FLOW | 3Q20R | 3Q21 | $\triangle$ 21/20 | 2021 | q.o.q. | 9M20R | 9M21 | $\triangle$ 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 | 1.5 | $-8.7$ | $\sim$ | 8.2 | $-3.1$ | -1.5 | 51.9% | |
| Non Cash Items & Other | 0.3 | 5.1 | $-2.9$ | 2.8 | 2.3 | $-17.1%$ | ||
| 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 | $\sim$ |
| Dividends | 0.0 | 0.0 | $\sim$ | 0.0 | 0.0 | 0.0 | ۰ | |
| Financial results | $-0.1$ | 4.9 | $\sim$ | 1.3 | $\overline{\phantom{0}}$ | $-0.2$ | 6.5 | $\sim$ |
| Income taxes | $-4.3$ | $-0.7$ | 84.3% | $-6.2$ | 89.2% | $-2.8$ | $-6.4$ | $-128.2\%$ |
| $FCF^{(1)}$ | 10.8 | 0.4 | $-96.4%$ | 32.4 | -98.8% | $-2.0$ | 27.9 | $\sim$ |
R - Restatedaccording with introductory notes;
(1) FCF Levered after Financial Expenses but before Capital Flows and Financingrelated up-front Costs.
MANAGEMENT REPORT & ACCOUNTS 2021
For periods ended on 30 September 2021 and 31 December 2020
| (Amounts expressed in Euro) | Notes | September 2021 (not audited) |
December 2020 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 1,807,030 | 2,034,408 | |
| Intangible assets | 7,225,002 | 8,240,910 | |
| Right of use | 9,396,027 | 10,609,677 | |
| Goodwill | 14,520,952 | 14.520.952 | |
| Investments in joint ventures and associated companies | 6 | 838,844,900 | 807.795.660 |
| Financial assets at fair value through other comprehensive income | $\overline{7}$ | 7,601,859 | 7,299,791 |
| Financial assets at fair value through profit or loss | 8 | 81,930,575 | 92,324,063 |
| Deferred tax assets | 16,231,938 | 16,380,468 | |
| Other non-current assets | 6,703,344 | 7,602,700 | |
| Total non-current assets | 984,261,627 | 966,808,629 | |
| Current assets | |||
| Inventories | 136,126 | 251.827 | |
| Trade receivables | 9,989,126 | 22.616.717 | |
| Other receivables | 16,538,642 | 8,314,544 | |
| Income tax assets | 2,025,670 | 1,819,652 | |
| Other current assets | 13,378,096 | 13,971,930 | |
| Cash and cash equivalents | 222,788,193 | 233,707,494 | |
| Total current assets | 264,855,853 | 280,682,164 | |
| Total assets | 1,249,117,480 | 1,247,490,793 | |
| Shareholders' funds and liabilities | |||
| Shareholders' funds | |||
| Share capital | 230,391,627 | 230,391,627 | |
| Own shares | (7,686,952) | (7.686.952) | |
| Reserves and retained earnings | 850,838,382 | 818,589,511 | |
| Consolidated net income/(loss) for the period | 67,888,047 | 60.125.890 | |
| 1,141,431,104 | 1101,420,076 | ||
| Non-controlling interests | 11,234,351 | 13.080.206 | |
| Total Shareholders' funds | 1,152,665,455 | 1,114,500,282 | |
| Liabilities | |||
| Non-current liabilities | |||
| Loans | 1,408,729 | 2.146,527 | |
| Lease liabilities | 9,959,386 | 11,072.814 | |
| Provisions | 608,660 | 30,007,840 | |
| Deferred tax liabilities | 33,077,707 | 28,054,313 | |
| Other non-current liabilities | 399,312 | 264.105 | |
| Total non-current liabilities | 45,453,794 | 71,545,599 | |
| Current liabilities | |||
| Loans | 3,504,878 | 1.546.801 | |
| Trade payables | 7,622,182 | 16,886.338 | |
| Lease liabilities | 3,278,653 | 3.408.625 | |
| Other payables | 14,226,417 | 9,639,257 | |
| Income tax liabilties | 1,852 | ||
| Other current liabilities | 22,364,249 | 29,963,891 | |
| Total current liabilities | 50,998,231 | 61,444,912 | |
| Total Liabilities | 96,452,025 | 132,990,511 | |
| Total Shareholders' funds and liabilities | 1,249,117,480 | 1.247.490.793 |
The notes are an integral part of the condensed consolidated financial statements.
For periods of 9 months ended on 30 September 2021 and 2020 (restated)
| (Amounts expressed in Euro) | Notes | September 2021 (not audited) |
September 2020 (not audited and restated) |
|---|---|---|---|
| Sales | 9 | 16,011,147 | 16,461,285 |
| Services rendered | 9 | 37,682,945 | 34,445,004 |
| Other income | 1,555,686 | 1,399,085 | |
| 55,249,778 | 52,305,374 | ||
| Cost of sales | (10, 083, 656) | (10,300,244) | |
| External supplies and services | (15, 810, 174) | (14, 645, 344) | |
| Employee benefits expense | (33,709,448) | (31,213,372) | |
| Amortisation and depreciation | (5,341,661) | (6,393,222) | |
| Provisions | (66, 150) | (116, 612) | |
| Impairment losses | (108, 346) | (65,786) | |
| Other expenses | (611, 596) | (252, 621) | |
| (65, 731, 031) | (62.987.201) | ||
| Gains and losses in joint ventures and associated companies | 6 | 59,999,463 | 12,312,673 |
| Gains and losses on assets at fair value through profit or loss | 8 | 23,847,179 | 29,345,076 |
| Financial expenses | (1,510,216) | (2,645,731) | |
| Financial income | 1,667,708 | 2,006,017 | |
| Current income / (loss) | 73,522,881 | 30,336,208 | |
| Income taxation | (11, 529, 262) | (3,115,331) | |
| Consolidated net income/(loss) for the period of continued operations | 61,993,619 | 27,220,877 | |
| Consolidated net income/(loss) for the period of discontinued operations | 10 | 5,271,108 | 253,423 |
| Consolidated net income/(loss) for the period | 67,264,727 | 27,474,300 | |
| Attributed to: | |||
| Shareholders of parent company | 67,888,047 | 28,707,347 | |
| Non-controlling interests | (590, 615) | (1,296,149) | |
| Non-controlling interests (discontinued operations) | (32,705) | 63.102 | |
| Earnings per share | |||
| Including discontinued operations | |||
| Basic | 0.22 | 0.09 | |
| Diluted | 0.22 | 0.09 | |
| Excluding discontinued operations | |||
| Basic | 11.23 | 5.12 | |
| Diluted | 11.23 | 5.12 | |
The notes are an integral part of the condensed consolidated financial statements.
The Certified Accountant
For periods of 9 months ended on 30 September 2021 and 2020 (restated)
| (Amounts expressed in Euro) | Notes | September 2021 (not audited) |
September 2020 (not audited and restated) |
|---|---|---|---|
| Consolidated net income / (loss) for the period | 67.264.727 | 27.474.300 | |
| Components of other consolidated comprehensive income, net of tax, that will be reclassified | |||
| subsequently to profit or loss: | |||
| Changes in reserves resulting from the application of equity method | 1,895,548 | (3.817.322) | |
| Changes in currency translation reserve and other | (9,477) | 210.100 | |
| Components of other consolidated comprehensive income, net of tax, that will not be reclassified | |||
| subsequently to profit or loss: | |||
| Changes in reserves resulting from the application of equity method | (419, 547) | (1.134.263) | |
| Changes in fair value of financial assets at fair value through other comprehensive income net of taxes (restated) | 274,775 | 331.483 | |
| Consolidated comprehensive income for the period | 69.006.026 | 22.732.815 | |
| Attributed to: | |||
| Shareholders of parent company | 69.612.034 | 23.890.650 | |
| Non-controlling interests | (606,008) | (1,157,836) |
The notes are an integral part of the condensed consolidated financial statements.
For periods of 9 months ended on 30 September 2021 and 2020 (restated)
| Reserves | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Reserves of own | Non-controlling | Net | ||||||||
| (Amounts expressed in Euro) | Share capital | Own shares | Share premium | Legal reserves | shares | Other reserves | Total reserves | interests | income / (loss) | Total |
| 2021 | ||||||||||
| Balance on 31 December 2020 | 230,391,627 | (7,686,952) | 775,290,377 | 20,683,925 | 7,686,952 | 14,928,257 | 818,589,511 | 13,080,206 | 60,125,890 | 1,114,500,282 |
| Appropriation of the consolidated net result of 2020 | ||||||||||
| Transfers to other reserves | 153,812 | 59.972.078 | 60,125,890 | (60, 125, 890) | ||||||
| Dividend Distribution | (29,659,595) | (29,659,595) | (29,659,595) | |||||||
| Percentage change in subsidiaries | (1,241,726) | (1,241,726) | ||||||||
| Consolidated comprehensive income for the period ended on 30 September 2021 | 1,721,935 | 1,721,935 | (606,008) | 67,888,047 | 69,003,974 | |||||
| Other changes | 60.641 | 60,641 | 1,879 | 62,520 | ||||||
| Balance on 30 September 2021 | 230,391,627 | (7,686,952) | 775,290,377 | 20,837,737 | 7,686,952 | 47,023,316 | 850,838,382 | 11,234,351 | 67,888,047 | 1,152,665,455 |
| Reserves | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Reserves of own | Non-controlling | Net | ||||||||
| (Amounts expressed in Euro) | Share capital | Own shares | Share premium | Legal reserves | shares | Other reserves | Total reserves | interests | income / (loss) | Total |
| 2020 | ||||||||||
| Balance on 31 December 2019 (restated) | 230,391,627 | (7,686,952) | 775,290,377 | 18.545.192 | 7.686.952 | (3,246,742) | 798,275,779 | (636, 155) | 52,168,120 | 1.072.512.419 |
| Appropriation of the consolidated net result of 2019 | ||||||||||
| Transfers to other reserves | 2.138.733 | 50,029,387 | 52,168,120 | (52,168,120) | ||||||
| Dividend Distribution | (25.378.829) | (25.378.829) | (175,000) | (25,555,829) | ||||||
| Percentage change in subsidiaries | 6,000,000 | 6,000,000 | ||||||||
| Consolidated comprehensive income for the period ended on 30 September 2020 (restated) | (4,485,214) | (4,485,214) | (1,157,836) | 28,707,347 | 23.064.297 | |||||
| Other changes | 84,695 | 84,695 | 238,236 | 322.931 | ||||||
| Balance on 30 September 2020 | 230,391,627 | 7,686,952 | 775,290,377 | 20.683.925 | 7.686.952 | 17.003.297 | 820.664.551 | 4,269,245 | 28,707,347 | 1.076.345.818 |
The notes are an integral part of the condensed consolidated financial statements.
| (Amounts expressed in Euro) | September 2021 (not audited) |
September 2020 (not audited) |
||
|---|---|---|---|---|
| Operating activities | ||||
| Receipts from trade debtors | 77,689,038 | 107,910,317 | ||
| Payments to trade creditors | (46, 036, 022) | (73,806,887) | ||
| Pauments to emplouees | (37, 167, 967) | (33,259,636) | ||
| Cash flows generated by operations | (5,514,951) | 843,794 | ||
| Payments / receipts relating to income taxes | (623, 870) | (5,594,481) | ||
| Other receipts / payments relating to operating activities | (2,504,051) | (3,847,646) | ||
| Cash flows from operating activities (1) | (8,642,872) | (8,598,333) | ||
| Investing activities | ||||
| Receipts from: | ||||
| Financial investmens | 37,755,532 | |||
| Tangible assets | 25,759 | 23,313 | ||
| Intangible assets | 573,807 | |||
| Dividends | 50 | |||
| Interest and similar income | 348.139 | 327,540 | ||
| Others | 1,499,916 | 18,907,195 | ||
| Pauments for: | ||||
| Financial investments | (9,539,098) | (7,935,010) | ||
| Tangible assets | (478, 799) | (595,509) | ||
| Intangible assets | (425, 301) | (1,216,849) | ||
| Variation in loans granted | (249.932) | |||
| Cash flows from investing activities (2) | 29.186.198 | 9.834.555 | ||
| Financing activities | ||||
| Receipts from: | ||||
| Capital increases, supplementary capital and share premium | 6,000,000 | |||
| Loans obtained | 1,191,024 | 500.000 | ||
| Pauments for: | ||||
| Leasing | (2,711,833) | (3,012,919) | ||
| Interest and similar expenses | (289, 265) | (239,652) | ||
| Dividends | (29,659,595) | (25,555,829) | ||
| Loans obtained | (1,710,881) | |||
| Cash flows from financing activities (3) | (31,469,669) | (24,017,281) | ||
| Net cash flows $(4)=(1)+(2)+(3)$ | (10, 926, 343) | (22,781,059) | ||
| Effect of the foreign exchanges | 7,042 | (34.951) | ||
| Cash and cash equivalents at the beginning of the period | 233,707,494 | 255,876,971 | ||
| Cash and cash equivalents at the end of the period | 222,788,193 | 233,060,961 |
The notes are an integral part of the condensed consolidated financial statements.
SONAECOM, SGPS, S.A. (hereinafter referred to as 'the Company' or 'Sonaecom') was established on 6 June 1988, under the name Sonae - Tecnologias de Informação, S.A. and has its head office at Lugar de Espido, Via Norte, Maia - Portugal. It is the parent company of the Group of companies listed in note 4 and 5 ('the Group').
On 1 June 2000, the company was admitted to trading on Euronext Lisbon, however, with effect from February 24, 2014, it was excluded from the PSI-20.
Sonaecom SGPS, S.A. is owned directly by Sontel BV and Sonae SGPS, SA and Efanor Investimentos SGPS, S.A. is the ultimate controlling company.
In addition to the holding activity, the group's businesses essentially consist of media and technology activities. The Group operates in Portugal and has subsidiaries from the information systems consultancy segment operating in about 4 countries.
The condensed consolidated financial statements are presented in euros, rounded to the unit, except when were referred, being the Group's main currency. Foreign currency transactions are translated into the functional currency of each entity at the exchange rate on the date of the transaction. The financial statements of subsidiaries with another currency have been converted into euros using the average exchange rates at the reporting date.
On 7 January 2021, following the worsening pandemic situation it was formally declared a new state of emergency and a new national lock-down which marked almost the full first quarter in Portugal. The evolution of cases numbers worldwide continued to trend up in second quarter with Europe and USA being regions strongly affected by the second wave. Since April with the vaccination process speeding-up in Europe and USA, we have been experiencing a progressive deconfinement and reopening of economu.
The Board of Directors continued to follow in detail and with great concern all the pandemic developments, following closely the position of the competent international entities, namely the World Health Organization and the European Centre for Disease Prevention and Control, as well as the Portuguese Directorate-General of Health.
Aligned with the Group's Risk Management Policies, contingency plans with correspondent mitigation actions were constantly updated and actioned across all companies and departments, allowing to keep our employees protected and to face this turmoil period with the less loss of value.
In the nine months ended on 30 September 2021, the financial and operational impacts continued to be different across segments:
In terms of projecting future impacts, these will depend on the extent, namely temporal, of the spread of the virus and the respective measures to control the epidemiological situation and the intervention of Governments, both with regard to compliance with vaccination plans, and with regard to respect to the support made available to economic agents, it being difficult to predict the size of the impact.
However, given the company's capital structure, with a significant amount in cash and bank deposits and a low amount of remunerated debt, no material changes in the Company's liquidity are expected. Furthermore, Sonaecom will continue to implement all measures deemed appropriate to minimize their impacts, in line with the recommendation of the competent entities and in the best interest of all our stakeholders.
The condensed consolidated financial statements for the period ended on 30 September 2021, were prepared in accordance with IAS 34 - Interim Financial Reporting. Consequently, these financial statements do not include all the information required by the International Financial Reporting Standards ('IFRS'), so they should be read with the consolidated financial statements for the year end on 31 December 2020. The accounting policies and measurement criteria, adopted by the Group on 30 September 2021 are consistent with those used in the preparation of 31 December 2020 financial statements, except for the calculation of tax on the period, in accordance with IAS 34.
The condensed consolidated financial statements of Sonaecom Group were prepared on the assumption of continuity of operations, based on the books and accounting records of the companies included in the consolidation, which were prepared in accordance with the International Financial Reporting Standards ('IFRS') as adopted and effective in the European Union and, based on historical cost, except for the revaluation of certain financial instruments.
During the period there were no changes in accounting policies, except for the adoption of new standards whose application became effective on 1 January 2021 which had no material impact on the Group's condensed financial statements.
The following standards, interpretations, amendments and revisions have been approved (endorsed) by the European Union and had mandatory application to the financial years beginning on or after 1 January 2021 and were first adopted in the period ended on 30 September 2021:
The Group concluded that the application of these standards did not have a materially effect on the financial statements.
The following standards, interpretations, amendments and revisions, until the period ended on 30 September 2021, have not been approved ('endorsed') by the European Union:
To ensure the comparability of the financial statements, the condensed consolidated financial statements for the period ended on 30 September 2020 were restated by the effects described below:
In the year ended 31 December 2020, a review of the classification of minority investments in the subsidiaries SonaelM, Bright Development and Bright Vector I, recorded in the Group to date in accordance with IFRS 9 at fair value through other comprehensive income, was made. As a result of this review, the Group concluded that it had a significant influence on the majority of these investments. Accordingly, and, considering that the investment activity carried out by the referred subsidiaries fits, for the purposes of the exemption provided for in paragraph 18 of IAS 28, as a venture capital activity, the Group opted for the exemption from application of the equity method, starting to measure, the minority investments held by them, at fair value through profit or loss in accordance with IFRS 9.
The financial statements for the period ended on 30 September 2020 were restated in order to incorporate the changes described above.
On 16 July 2021, the entire share capital and voting rights of Digitmarket Sistemas de Informação S.A. (75% held by Sonae Investment Management-Software and Technology, SGPS, S.A., 15% by AITEC Capital, SGPS, S.A. and 10% by Banco BPI, S.A.), was sold to Claranet Portugal, S.A. For presentation purposes, Digitmarket was classified as a discontinued operating unit.
As provided for bu IFRS 5, changes were made to the 'Condensed consolidated statement of income bu nature' for the period ended on 30 September 2020 to consider in a one heading ('Net income for the period from discontinued operations'), in the 'Statement results', the profits or losses after taxes of discontinued operations.
| (Amounts expressed in Euro) | (reported) | September 20 Restatement of classification of minority interests |
Restatement of Digitmarket's contribution to discontinued units |
September 20 (restated) |
|---|---|---|---|---|
| BALANCE SHEET | ||||
| Non-current assets | ||||
| Investments in joint ventures and associated companies (note 6) | 767.661.728 | 157.890 | 767,819,618 | |
| Financial assets at fair value through other comprehensive income (note 7) | 95,802,232 | (86, 984, 283) | 8.817.949 | |
| Financial assets at fair value through profit or loss (note 8) | 86,584,284 | 86,584,284 | ||
| Shareholders' funds | ||||
| Reserves and retained earnings | 842,876,111 | (22, 211, 560) | 820,664,551 | |
| STATEMENT OF COMPREHENSIVE INCOME | ||||
| Total Revenues | 100,907,762 | (48,602,388) | 52,305,374 | |
| Cost of sales | (53, 570, 517) | 43,270,273 | (10,300,244) | |
| External supplies and services | (16,960,984) | 2,315,640 | (14, 645, 344) | |
| Employee benefits expense | (33,595,725) | 2,382,353 | (31, 213, 372) | |
| Depreciation and amortisation | (6,634,061) | 240,839 | (6,393,222) | |
| Other expenses | (256,990) | 4.369 | (252, 621) | |
| Financial expenses | (2,690,529) | 44,798 | (2,645,731) | |
| Financial income | 2,233,576 | (218, 117) | (9,442) | 2,006,017 |
| Gains and losses in joint ventures and associated companies (note 6) | 12,336,666 | (23, 993) | 12,312,673 | |
| Gains and losses on assets at fair value through profit or loss (note 8) | 29.345.076 | 29,345,076 | ||
| Income taxation | 3,918,049 | (7, 133, 515) | 100.135 | (3, 115, 331) |
| Consolidated net income/(loss) for the period of continued operations | 5,504,849 | 21.969.451 | (253, 423) | 27,220,877 |
| Consolidated net income/(loss) for the period of discontinued operations | 253,423 | 253,423 | ||
| Non-controlling interests | (1,233,047) | (63,102) | (1,296,149) | |
| Non-controlling interests (discontinued operations) | 63,102 | 63,102 |
Group companies included in the consolidation through full consolidation method, their head offices, main activities, shareholders and
percentage of share capital held on 30 September 2021 and 2020, are as follows: .
امامط احانودی
| Percentage of share capital held | |||||||
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||
| Company (Commercial brand) | Head office | Main activity | Shareholder | Direct | Effective* | Direct | Effective* |
| Parent company SONAECOM, S.G.P.S., S.A. ('Sonaecom') |
Maia | Management of shareholdings | |||||
| Subsidiaries | |||||||
| Bright Developement Studio, S.A. ('Bright') | Lisbon | Research, development and commercialization of projects and service solutions in the area of information technology, communications and retail, and consulting activities for business and management. |
Sonae IM | 100% | 100% | 100% | 100% |
| Bright Ventures Capital, SCR, S.A. | Lisbon | Realization of investment in venture capital, management of venture capital funds and investment in venture capital fund units. |
Bright | 100% | 100% | 100% | 100% |
| Digitmarket - Sistemas de Informação, S.A. ('Digitmarket' - using the brand 'Bizdirect') (a) |
Maia | Development of management platforms and commercialisation of products, services and information, with the internet as its main support. |
Sonae IM | Alienated | 75% | 75% | |
| Excellium Group, S.A. ('Excellium') | Contern | Excellium assist enterprises to perform business and risk assessments, define security policies and procedures, respond to security incidents and deliver computer forensics services. |
Maxive | 59.20% | 59.20% | 59.20% | 59.20% |
| Excellium Services, S.A. ('Excellium Services') | Contern | Provide services within the IT and cibersecurity domain mainly to Luxembourgish institutions, banks and insurance companies. |
Excellium | 100% | 59.20% | 100% | 59.20% |
| Excellium Services Belgium, S.A. ('Excellium Services Belgium') |
Wavre | Provide services within the IT and cibersecurity domain mainly to Belgium institutions, banks and insurance companies. |
Excellium | 100% | 59.20% | 100% | 59.20% |
| Excellium Factory SARL ('Excellium Factory') (b) | Raouad - Ariana | Vehicle for the Excellium product development in Africa. | Excellium | Liquidated | 80% | 47.36% | |
| Inovretail, S.A. | Oporto | Industry and trade of electronic equipment and software; development, installation, implementation, training and maintenance of systems and software products; rental equipment, sale of software use license; consulting business, advisory in retail segments, industry and services. |
Sonae IM | 100% | 100% | 100% | 100% |
| Inovretail España, SL ('Inovretail España') | Madrid | Industry and trade of electronic equipment and software; development, installation, implementation, training and maintenance of systems and software products; rental equipment, sale of software use license; consulting business, advisory in retail segments, industry and services. |
Inovretail | 100% | 100% | 100% | 100% |
| Fundo Bright Vector I ('Bright Vector I') | Lisbon | Venture Capital Fund | Sonae IM | 50.13% | 50.13% | 50.13% | 50.13% |
| Sonaecom Sonae IM |
10% 10% |
25% 25% |
25% 25% |
||||
| Fundo Bright Tech Innovation I ('Bright Tech Innovation I') (c) |
Maia | Venture Capital Fund | Bright PCJ Sonaecom SP |
10% 10% 10% |
50% | ||
| Maxive- Cybersecutiry, SGPS.S.A ('Maxive') (d) | Maia | Management of shareholdings. | Sonae IM | 100% | 100% | 100% | 100% |
| Mxtel, S.A. de CV (Mxtel) | Mexico City | Rendering of engineering and IT consulting services specializing in information security and management of telecommunications services. |
S21 Sec Gestion | 99.93% | 80.90% | 99.93% | 80.90% |
| PCJ - Público, Comunicação e Jornalismo, S.A. ('PCJ') | Maia | Editing, composition and publication of periodical and non-periodical material and the exploration of radio and TV stations and studios. |
Sonaecom | 100% | 100% | 100% | 100% |
| Praesidium Services Limited ('Praesidium Services') | London | Rendering of consultancy services in the area of information systems. | Sonae IM | 100% | 100% | 100% | 100% |
| Público - Comunicação Social, S.A. ('Público') | Oporto | Editing, composition and publication of periodical and non-periodical material. |
Sonaecom | 100% | 100% | 100% | 100% |
| S21Sec Portugal Cybersecurity Services, S.A. ('S21 Sec Portugal') |
Maia | Commercialization of products and management services, implementation and consulting in information systems and technologies areas. |
S21 Sec Gestion | 100% | 80.90% | 100% | 80.90% |
| S21 Sec Gestion, S.A. ('S21 Sec Gestion') | Guipuzcoa | Consulting, advisory, audit and maintenance of all types of facilities and advanced communications services and security systems. Purchase and installation of advanced communications and security systems produced by others. |
Maxive | 80.90% | 80.90% | 80.90% | 80.90% |
| S21 Sec Information Security Labs, S.L. ('S21 Sec Labs') |
Navarra | Research, development and innovation, as well as consulting, maintenance and audit for products, systems, facilities and communication and security services. |
S21 Sec Gestion | 100% | 80.90% | 100% | 80.90% |
| S21 Sec, S.A. de CV ('S21 Sec, S.A. de CV') | Mexico City | Computer consulting services | S21 Sec Gestion S21 Sec Labs |
99.9996% 0.0004% |
80.90% | 99.9996% 0.0004% |
80.90% |
| Sonaecom - Serviços Partilhados, S.A. ('Sonaecom SP') |
Maia | Support, management consulting and administration, particularly in the areas of accounting, taxation, administrative procedures, logistics, human Sonaecom resources and training. |
100% | 100% | 100% | 100% | |
| Sonae Investment Management - Software and Technology, SGPS, S.A. ('Sonae IM') |
Maia | Management of shareholdings in the area of corporate ventures and joint ventures. |
Sonaecom | 100% | 100% | 100% | 100% |
| * Sonaecom effective participation |
(a) On 16 July 2021, Sonae IM sold the entire share capital and voting rights of Digitmarket Sistemas de Informação S.A
(b) Company liquidated in June 2021.
(c) Fund constitued in June 2020 with full subscription of partic
All the above companies were included in the consolidation in accordance with the full consolidation method under the terms of IFRS 10
- 'Consolidated Financial Statements'.
During the periods ended on 30 September 2021 and 2020, the following changes occurred in the composition of the Group:
| Shareholder | Subsidiary, | Date |
|---|---|---|
| 2021 | ||
| Bright Vector I | Automaise, Lda ('Automaise') (note 8) - increase | $Jan-21$ |
| Sonae IM | Sellforte Solutions Oy ('Sellforte') (note 8) | Feb-21 |
| Sonae IM | Aruaka Networks ('Aruaka') (note 8) | Apr-21 |
| Sonae IM | Portainer.io Limited ('Portainer') (note 8) | Apr-21 |
| Bright Vector I | Habit Analutics PT (note 8) - increase | $Jul-21$ |
| Bright Vector I | Taikai, Lda. ('Taikai') (note 8) | Aug-21 |
| Bright Tech Innovation I | Reckon.AI, S.A. ('Reckon.AI') (note 8) | Aug-21 |
| Sonae IM | Citcon Limited ('Citcon') (note 8) | Aug-21 |
| Sonae IM | Jscrambler, S.A. ('Jscrambler') (note 8) - increase | Sep-21 |
| Sonae IM | Replai (note 8) | Sep-21 |
| Shareholder | Subsidiary | Date |
|---|---|---|
| 2020 | ||
| Sonae IM | Sales Layer Tech, S.L. (note 8) | Mar-20 |
| Bright Vector I | Replai (note 8) | Jun-20 |
| Sonae IM | Deepfence Inc ('Deepfence') (note 7) | Set-20 |
| Sonae IM | IriuskRisk (note 7)- increase | Set-20 |
| Shareholder | Subsidiaru | Jate |
|---|---|---|
| 2020 | ||
| Sonae IM and Sonaecom | Bright Tech Innovation I | Jun-20 |
| Shareholder | Subsidiaru | Date |
|---|---|---|
| 2021 | ||
| Sonae IM | Secucloud Network GmbH ('Secucloud') (note 6) | Apr-21 |
| Sonae IM | Digitmarket - Sistemas de Informação S.A ('Digitmarket') (note 10) | $Jul-21$ |
| Sonae IM | Context-Based 4 Casting (C-B4) LTD ('CB4') (note 8) | $Sen-21$ |
In July 2021, with effects from 30 June 2021, Digitmarket - Sistemas de Informação S.A. was alienated by the amount of EUR 9,127,104
to Claranet Portugal, S.A.. As a result of the value of sale and the derecognition of the 5,401,927 was registered, as detailed below:
| (Amounts expressed in Euro) | June 2021 |
|---|---|
| Assets | |
| Assets derecognised | |
| Property, plant and equipment, intangible assets and Right of use | 905,739 |
| Deferred tax assets | 155,564 |
| Other non-current assets | 61,338 |
| Inventories | 198,413 |
| Trade receivables | 8,048,295 |
| Other current assets | 2,965,334 |
| Cash and cash equivalents | 7,789,491 |
| 20,124,174 | |
| Liabilities derecognised | |
| Lease liabilities | (830, 923) |
| Provisions | (12,661) |
| Trade payables | (8,333,256) |
| Other current liabilities | (5,980,431) |
| (15, 157, 271) | |
| Total net assets derecognised | 4,966,902 |
| Total net assets of non-controlling interests derecognised | (1, 241, 726) |
| Total net assets after non-controlling interests derecognised | 3,725,177 |
| Amount received | 9,127,104 |
| Gain/ (loss) on the sale | 5,401,927 |
| Shareholder | Subsidiary | Date: |
|---|---|---|
| 2021 | ||
| Excellium | Excellium Factory SARL ('Excellium Factory') | Jun-, |
The associated companies and the companies jointly controlled, their head offices, percentage of ownership and value in profit and loss statement on 30 September 2021 and 2020 are as follows:
| Percentage of ownership | Value in profit and loss statement | ||||||
|---|---|---|---|---|---|---|---|
| 30 September 2021 | 30 September 2020 | 30 September 2021 | 30 September 2020 | ||||
| Head Office | Direct | Total | Direct | Total | (restated) | ||
| ZOPT, SGPS, S.A. ('ZOPT') (a) | Oporto | 50.00% | 50.00% | 50.00% | 50.00% | 28,629,776 | 21,387,528 |
| Unipress - Centro Gráfico, Lda. ('Unipress') | Vila Nova de Gaia | 50.00% | 50.00% | 50.00% | 50.00% | 826 | (6,670) |
| SIRS - Sociedade Independente de Radiodifusão Sonora, S.A. ('Rádio Nova') |
Oporto | 50.00% | 50.00% | 50.00% | 50.00% | (16, 490) | (39,030) |
| Intelligent Big Data, S.L. ('Big Data') (b) | Gipuzcoa | 50.00% | 50.00% | 2,657 | |||
| Fundo de Capital de Risco Armilar Venture Partners II (Armilar II) |
Lisbon | 44.33% | 44.33% | 50.74% | 50.74% | 556,630 | (8,156,114) |
| Fundo de Capital de Risco Armilar Venture Partners III (Armilar III) |
Lisbon | 42.80% | 42.80% | 42.80% | 42.80% | 27,799,549 | 7,444 |
| Fundo de Capital de Risco Armilar Venture Partners Inovação e Internacionalização (Armilar I+I) |
Lisbon | 38.25% | 38.25% | 38.25% | 38.25% | 2,984,734 | (677, 584) |
| Secucloud Network GmbH ('Secucloud') (c) | Hamburg | $\overline{\phantom{a}}$ | 27.45% | 27.45% | 70,511 | (185,950) | |
| Probe.lu | Lisbon | 21.21% | 21.21% | 21.21% | 21.21% | (26, 073) | (19,608) |
| Suricate Solutions | Luxembourg | 20.00% | 11.84% | 20.00% | 11.84% | ||
| Alfaros SAR | Tunisia | 40.00% | 23.68% | 40.00% | 23.68% | $\sim$ | |
| Total | 59,999,463 | 12,312,673 |
(a) Includes the incorporation of the results of the subsidiaries in proportion to the capital held
(b) Company liquidated in november 2020 (c) Company sold in April 2021
In case of investments in associates that are venture capital organizations, IAS 28 contains an option to keep these investments held by them measured at fair value. The Group made this option, applying the equity method to Armilar Funds.
In accordance with IFRS 11, the classification of investments in joint ventures is determined based on the existence of an agreement that clearly demonstrate and regulate the joint control. The Group held associated and jointly controlled companies, as decomposed below.
The division by company of the amount included in the investments in associated companies and joint ventures on 30 September 2021 and 31 December $2020$ is as follows:
| 30 September 2021 | 31 December 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Ownership value | Goodwill | Total investment | Ownership value | Goodwill | Total investment | ||
| Investments in companies jointly controlled | |||||||
| Zopt | 605.561.462 | 87,527,500 | 693,088,962 | 575,455,685 | 87,527,500 | 662,983,185 | |
| Unipress | 405,961 | 321,700 | 727,661 | 405,135 | 321,700 | 726,835 | |
| SIRS | 3,240 | 3,240 | 19,730 | 19,730 | |||
| 553,392,312 | 87,849,200 | 693,819,863 | 575,880,550 | 87,849,200 | 663,729,750 | ||
| Investments in associated companies | |||||||
| Armilar II | 76,826,314 | 76,826,314 | 96,578,405 | 96,578,405 | |||
| Armilar III | 52,841,378 | - | 52,841,378 | 31,302,286 | 31,302,286 | ||
| Armilar I+I | 15,224,031 | 15,224,031 | 16,025,832 | 16,025,832 | |||
| Secucloud | (2,499,722) | 2,499,722 | |||||
| Probe.lu | (189, 344) | 297,168 | 107,824 | (163,271) | 297,168 | 133,897 | |
| Suricate Solutions | 20.953 | 20.953 | 20,953 | 20,953 | |||
| Alfaros SARL | 4,537 | 4,537 | 4,537 | 4,537 | |||
| 141,741,429 | 4,716,910 | 145,025,037 | 141,269,020 | 2,796,890 | 144,065,910 | ||
| Total | 695.133.741 | 92,566,110 | 838,844,900 | 717149,570 | 90,646,090 | 807,795,660 |
In the period ended on 30 September 2021, due to changes to the Armilar Funds Regulation, the amount related to the contractual incentive (Incentive Scheme) to be paid to the Fund' Management Company, recorded in "Provisions" in the amount of EUR 28,781,304, was reclassified to "Investments in joint ventures and associated companies".
The amount on the income statement related to Zopt results from net income of NOS, the net income of Zopt and the impact on results of the process of allocating the fair value to the assets and liabilities acquired by Zopt.
On 30 September 2021, it was considered that the assumptions made in the impairment tests carried out in 2020 did not have significant variations.
With regard to ZOPT's financial participations in Finstar and ZAP Media (Finstar consolidated), the Board of Directors of NOS and ZOPT is certain that the patrimony seizure to Mrs. Isabel dos Santos, in the specific case of the shares held by her in Finstar and ZAP Media (where she holds 70% of the capital), does not change the control profile, in this case joint control as defined in IFRS 11, it is not expected to have relevant consequences for the operational management of companies, in addition to restrictions on the distribution of dividends in these companies.
On 4 April 2020, SONAECOM, was informed by its subsidiary ZOPT of the communication received from the Lisbon Central Criminal Instruction Court ('Court') to proceed to the preventive arrest of 26.075% of NOS' share capital, corresponding to half the shareholding in NOS held by ZOPT and, indirectly, by the companies Unitel International Holdings, BV and Kento Holding Limited, controlled by Mrs. Isabel dos Santos. Under the terms of the communication, the arrested shares (134,322,268.5 shares) are deprived of the right to vote and the right to receive dividends, which must be deposited with Caixa Geral de Depósitos, S.A. (CGD) at the order of the court. The other half of ZOPT's participation in NOS' share capital, corresponding to an identical percentage of 26.075% - and which, at least in line with the criterion used by the Court, embodies the 50% held in ZOPT by SONAECOM-was not subject to arrest, nor the rights attached to it were subject to any limitation.
It is the understanding of the Board of Directors of ZOPT and SONAECOM that the measure of arrest imposed is illegitimate and offends several fundamental rights of ZOPT-third in relation to the decreed arrest-, no being legally liable to determine the deprivation of voting rights, not even to inhibit the holder of the arrested shares from continuing to exercise those rights, which deprivation we understand for this reason, be null and without any effect. Thereafter, ZOPT has deducted third-party embargoes.
On 12 June 2020, ZOPT was notified of the order issued by the Lisbon Central Criminal Investigation Court, which authorizes it to exercise the voting right corresponding to the 26.075% of NOS share capital preventively seized under the aforementioned Court order. For this reason, the Boards of Directors of ZOPT and SONAECOM consider that the conditions of control of ZOPT over NOS are met, and the measure does not have material effects on the control of this company. Also in June 2020, the Investigating Judge rejected the thirdparty embargoes deducted by ZOPT based on the Portuguese courts' inability to assess and decide upon them, a decision which, having been appealed by ZOPT, was revoked by the Court of Appeal already in 2021 awaiting further developments, namely the judicial pronouncement on the seizures.
On 19 August 2020, Sonaecom communicated the intention of the shareholders of ZOPT (Sonaecom, Unitel International Holdings, BV and Kento Holding Limited) to liquidate the company, maintaining Sonaecom as the reference shareholder of NOS. To date, the efforts to dissolve the ZOPT have not yet been carried out.
In the last quarter of 2020, the seizure of 233,790,325 shares corresponding to 32.65% of capital of ZOPT held by UNITEL was also decreed, with deprivation of the exercise of voting rights and the right to receive dividends, and 124,234,675 shares corresponding to 17.35% of capital of ZOPT held by KENTO, also with no exercise of the right to vote and the right to receive dividends. Additionally, in January 2021, ZOPT was also notified by Caixa Geral de Depósitos (CGD), as the beneficiary of the pledge of the shares held by Kento in ZOPT, referring to being vested with the power to exercise the voting rights inherent in the shares, and all other inherent rights, and that Kento was deprived of exercising such rights without the prior, express and written authorization of CGD It is the understanding of the Board of Directors of ZOPT, that whenever there is no question of protecting the economic value of the shares, in the exercise of voting rights, CGD as Kento's pledge creditor, must act in accordance with Kento's instructions, which means voting in the sense defined by Kento.
Despite the facts described above considering that, no steps have yet been taken to liquidation of ZOPT, that there has been no change in the board of directors of ZOPT and that decisions on the operating activity of the investee company continue to be taken in accordance with what was being done, we concluded that the profile of joint control over the ZOPT has not changed.
The evolution in provisions occurred during the first 9 months of 2021 compared to 31 December 2020 was as follows:
The court ruled on 16 March 2021 and disregarded the remaining pre-scheduled dates for the final hearing. On the present date, we await the scheduling of new dates for the hearing. It is the understanding of the Board of Directors, corroborated by the attorneys accompanying the process, that it is, in formal and substantive terms, likely that NOS SA will be able to win the lawsuit, due to MEO already having been convicted for the same offences by ANACOM.
On 30 September 2021, there are accounts receivable and accounts payable include EUR 37,139,253 and EUR 43,475,093, respectively, resulting from a dispute between the subsidiary NOS SA and, essentially, the operator MEO - Serviços de Comunicação e Multimédia, S.A. (previously named TMN - Telecomunicações Móveis Nacionais, S.A.), in relation to the non-definition of interconnection tariffs of 2001. In what concerns to that dispute with MEO, the result was totally favourable to NOS S.A., having already become final. In March 2021, MEO filed a new lawsuit against NOS, in which it claimed the price of interconnection services between TMN and Optimus for 2001 at 55\$00 (EUR 0.2743) per minute. NOS filed a defense at the beginning of June challenging the petition by MEO and at this moment, the deadline for carrying out the other procedural steps is currently running.
With the emergence, spread and infection of the new coronavirus COVID-19, several measures were taken to contain the virus with very significant estimated impacts on the Portuguese economy, as well as in other economies, namely, limitations on travel rights and closure of several facilities and establishments.
In the uncertainty of this threat, it is essential that companies design and implement, in a timely manner, structured and efficient contingency plans that guarantee employee protection and business continuity or that, at least, mitigate the resulting effects.
This is a situation of uncertainty and very dynamic, which makes it extremely difficult to estimate impacts, which always have to consider several scenarios and countless variables. Evidence of this difficulty is the historical drops and sharp volatility of exchanges, all over the World; the great variations that occurred in the last quarters of the future projections of macroeconomic indicators, as well as the disparity of these projections between the several entities.
NOS is committed to support their customers during the current COVID-19 public health crisis. At a time when many Portugueses are changing their habits and routines and working remotely, keeping customers connected is the main objective of NOS. To this end, NOS facilitate access to services, through data offers, suspension of monthly payment of premium sports channels, reinforcement of the ability to implement business services and guaranteeing a safe and secure service in our stores, in order to safeguard customers, employees and partners. The NOS Telecommunications Network supports a set of basic services of our society, which include our National Health System. In this context of global health emergency, the maintenance of Portuguese communications is a fundamental task.
The impacts on ZOPT through participation in NOS were felt in the results of the year 2020, with a drop in Revenues, EBITDA and operational Cash-Flows of - 6.2% (EUR - 90.5 million); - 5.7% (EUR - 36.8 million) and - 33.8% (EUR -65.2 million), respectively, which shows a reduction in activity in:
$\ddot{\mathbf{h}}$ . Roaming and international calls: traffic and revenues impacted by restrictions imposed on international travel;
Equipment sales: with the closure of shopping centers and travel restrictions, there was a reduction in the sale of mobile iii. phones and equipment, which is partially offset by the increase in online sales (in the long run there may be a positive effect on the evolution customer take-up of digital channels);
On the other hand, the projections made for the Portuguese economy, led to a reassessment of NOS projections and estimates, which resulted in the reinforcement, in the first half of 2020, of impairments, of accounts receivable (27.9 million euros) and other costs recognised, related to onerous contracts (10.8 million euros), as well as the recording of impairments in the item "Losses / (Gains) in subsidiaries", in the amount of 9.5 million euros. In line with the current recommendations, NOS proceeded to sensitivity analysis to the assumptions used in the impairment tests to Goodwill conducted in the end of 2020, with no evidence of impairment being concluded. The most affected segment by COVID-19 was the cinemas one, with a recovery estimation to pre-pandemic values in 2023.
In the nine months ended on 30 September 2021, the impacts on NOS were felt particularly in the Cinemas and Audiovisuals activity with the closure of movie theatres since mid-January 2021 until April 2021 and in the Telco segment with impacts in terms of roaming revenues.
Prudent liquidity risk management implies maintaining an adequate level of cash and cash equivalents to meet assumed liabilities, associated with the negotiation of credit lines with financial institutions.
On 30 September 2021, the average maturity of the NOS group's financing is 2.4 years, with no non-compliance with the covenants due to the reduction in results projected for this year, being expected.
Credit risk is essentially related to credit for services provided to customers, monitored on a regular business basis and for which expected credit losses are determined considering: i) the customer's risk profile; ii) the average receipt period; iii) the client's financial condition; and iv) future perspective of the evolution of the collections.
In terms of the projection of future impacts at NOS, these will depend on the extent, namely timing, of the spread of the virus and the respective containment measures, making it difficult to predict the scale of the impact, in the knowledge, however, that it will occur in the areas mentioned above. NOS 'capital structure is within the 2x Net Financial Debt / EBITDA After Leasings Payments (EBITDA -Leasings Payments (Capital and Interest)) threshold, so the Board of Directors of NOS believes that the company will overcome the negative impacts caused by this crisis, without jeopardizing business continuity, this conviction is demonstrated with the maintenance of the shareholders' remuneration policy.
On 30 September 2021 and 31 December 2020, this caption was composed as follows:
| 30 September 2021 | 31 December 2020 | |
|---|---|---|
| Deepfence | 2,159,075 | 2,037,325 |
| Nextail | 1,628,760 | 1,628,760 |
| Style Sage | 1,520,136 | 1,378,547 |
| Iriusrisk | 1,416,514 | 1,416,514 |
| Sensei | 405,900 | 405,900 |
| Others | 471,474 | 432,745 |
| 7,601,859 | 7,299,791 |
On 30 September 2021, these investments correspond to shareholdings in unlisted companies in which the Group has no significant influence.
According to IFRS 9 these investments are defined as 'Investments at fair value through other comprehensive income' as theu are held as long-term strategic investments and there is no expectation that these investments will be sold in the short and medium term, and, so, were irrevocably designated as investments at fair value through other comprehensive income. For investments with a maturity of less than a year the acquisition costs were considered as a reasonable approximation of their fair value. For investments with a maturity greater than a year the subsequent changes in fair value are presented through other comprehensive income. The fair value of the investments is calculated in the currency of the country of the investment and converted to euros at the end of the reporting period.
In the periods ended on 30 September 2021 and 2020, the change in investments at fair value through other comprehensive income was as follows:
| 30 September 2021 | 30 September 2020 (restated) |
|
|---|---|---|
| Opening balance | 7,299,791 | 5,344,811 |
| Acquisitions/Capital Increases | 2,925,306 | |
| Fair value | 302,169 | 547,832 |
| Others | (101) | |
| Closing balance | 7,601,859 | 8,817,949 |
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.
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 internationallu.
IriusRisk (previously named 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 EUR 1.5 million, which was led by Swanlaab Venture Factory and joined by JME Venture Capital and Sonae IM. In September 2020, the company raised a series A round of \$6.7 million participated by Paladin, 360 CP, Swanlaab JME Venture Capital and Sonae IM.
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 workloads. Deepfence ensures business 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 IM, and existing investor Chiratae Ventures.
On 30 September 2021 and 31 December 2020, this caption was composed as follows:
| 30 September 2021 | 31 December 2020 | |
|---|---|---|
| Arctic Wolf | 24,442,888 | 46,129,113 |
| Cellwise | 8,452,792 | 7,976,141 |
| Ometria | 8,007,892 | 7,664,993 |
| Sixgill | 5,181,780 | 4,889,580 |
| Citcon | 4,318,150 | $\sim$ |
| Weaveworks | 4,318,149 | 4,074,649 |
| Jscrambler | 3,828,724 | 1,550,000 |
| Visenze | 2,520,766 | 2,378,620 |
| Sales Layer | 2,500,358 | 2,500,358 |
| Sellforte | 2,500,000 | |
| Reblaze | 2,374,983 | 2,241,058 |
| Replai | 2,293,897 | 600,000 |
| Case on IT | 2,244,546 | 4,402,087 |
| CiValue | 1,934,531 | 1,825,443 |
| Taikai | 1,836,895 | 350,000 |
| Aryaka | 1,369,362 | $\sim$ |
| Daisy Intelligence | 1,124,363 | 1,050,496 |
| CB4 | 3,278,059 | |
| Others | 2,680,498 | 1,413,466 |
| 81,930,575 | 92,324,063 |
Investments not irrevocably designated in the initial recognition as 'Financial Assets at fair value for other comprehensive income', are classified as 'Investments at fair value through profit or loss' in accordance with IFRS 9. Are also included in this caption the investments in associated companies, held by a venture capital organization or equivalent, in which the Group opted, in the initial recognition to measure at fair value through results in accordance with IFRS 9. In the case of the investments of less than 1 year, their acquisition cost was considered a reasonable approximation of their respective fair value. For investments over 1 year, subsequent changes in fair value are presented through profit or loss. The fair value of the investments is calculated in the currency of the country of the investment and converted to euros at the end of the reporting period.
In the periods ended on 30 September 2021 and 2020, the change in investments through profit and loss was as follows:
| 30 September 2021 | 30 September 2020 (restated) |
|
|---|---|---|
| Opening balance | 92,324,063 | 53,022,211 |
| Acquisitions/Capital Increases | 10,687,262 | 4,216,997 |
| Fair value | 6.469.315 | 29,345,076 |
| Exits | (27,550,065) | |
| Closing balance | 81,930,575 | 86,584,284 |
On 30 September 2021, the heading "Exits" is related to the partial sale of Sonae IM 's stake in Arctic Wolf for the amount of EUR 36.4 million, which generated a capital gain of EUR 12.3 million and to the sale of the entire participation of Sonae IM in CB4 for the amount of EUR 8.5 million, which generated a capital gain of EUR 5.1 million.
In the periods ended on 30 September 2021 and 2020, the movement in net income was as follows:
| 30 September 2021 | 30 Sentembe | |
|---|---|---|
| Gains and losses on assets at fair value through profit or loss | 23.847.179 | 29.345.076 |
| 23.847.179 | 29.345.076 |
On 30 September 2021, the heading 'Gains and losses on assets at fair value through profit or loss' includes the amounts relating to the capital gains mentioned above.
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 IM, jointly with US technologu investors Lightspeed Venture Partners and Redpoint, entered in the companu's cap table in 2017 in a series B round. During 2018, the Company closed a \$45 million series C round and, at the end of 2019, the Company launched a \$60 million 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 IM participated in all rounds, reinforcing its stake.
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.
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 \$16 million round, led by Octopus Ventures with Sonae IM joining. Existing investors Sequoia Capital and Pereg Ventures also participated in the round.
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.
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 \$20 million 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.
Daisy Intelligence is an AI-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\$10 million (circa EUR 7 million) series A round.
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 cyberthreats 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 \$15 million 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 analysis 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, 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 \$6 million Series A investment.
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 round of \$15 million 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 Verizon Ventures, Samsung Next, and existing shareholders.
Iscrambler is a Portuguese startup that develops a security solution to protect Web and Mobile Applications (Javascript code). The company raised a \$2.3 million in a series A financing round that was led by Sonae IM with the co-investment of Portugal Ventures. In 2021, the Companu raised 10 million euros in a series A with the participation of Ace Capital Partners.
Sales Layer is a Spanish based company with a cloud-based Product Information Management (PIM) platform, helping brands and retailers to transform their catalogs into a digital, enriched, and multichannel control center. Sonae IM recently led its series A round.
Weaveworks is a US company that helps teams to adopt cloud native computing, managing cloud native infrastructure and applications quickly, reliably and at scale. Weaveworks announced a \$36.65 million Series C funding round led by some of the world's leading public cloud and telecommunications companies, including first-time investors Amazon Web Services (AWS), Ericsson, Orange Ventures, Sonae IM and Telekom Investment Pool (TIP). The round also included follow-on investments from Accel, GV, and Redline Capital.
Sellforte, based in Helsinki, Finland, is a SaaS platform for Retailers, Brands and Telcos, which uses proprietary data science and AI to measure the effectiveness of online and offline marketing investments.
New Zealand-based Portainer.io is one of the world's most popular container management platforms. Portainer's universal platform makes it easy to manage applications in container environments.
Aryaka, founded in 2009, is a pioneer in offering long-distance connectivity in a service model, taking on the mission of connecting organizations globally while maintaining application performance as well as operational simplicity.
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 IM and Sierra Venture.
On 30 September 2021 and 2020, this caption was composed as follows:
| 30 September 2021 | 30 September 2020 (restated |
|
|---|---|---|
| Technologies | 42,939,214 | 40,497,710 |
| Media and others | 10,754,878 | 10,408,579 |
| 53,694,092 | 50,906,289 |
The detail of unrecognised revenue related to performance obligations of contracts with customers not satisfied in the period ended on 30 September 2021, by type of contract and according to its duration, is as follows:
| Contract with customer duration | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | >2023 | Total | |||||
| Technologies: | |||||||||
| Cybersecurity | 4,116,778 | 9,939,678 | 7,076,783 | 1,319,016 | 22,452,255 | ||||
| Total revenue from contracts with customers | 4,116,778 | 1,319,016 22,452,255 |
In the periods ended on 30 September 2021 and 2020, the net income and cash flows from discontinued operations can be detailed as follows:
| (Amounts expressed in Euro) | June 2021 | September 2020 (restated) |
|---|---|---|
| Sales | 20,678,415 | 44,506,149 |
| Services rendered | 2,574,960 | 4,090,614 |
| Other income | 10,861 | 5,625 |
| 23,264,236 | 48,602,388 | |
| Cost of sales | (19, 715, 473) | (43,270,273) |
| External supplies and services | (1,773,679) | (2,315,640) |
| Employee benefits expense | (1,780,393) | (2,382,353) |
| Depreciation and amortisation | (150, 359) | (240, 839) |
| Other expenses | (5,823) | (4,369) |
| (23, 425, 727) | (48,213,474) | |
| Other financial expenses | (15, 575) | (44,798) |
| Other financial income | 18,685 | 9.442 |
| Current income / (loss) | (158, 381) | 353,558 |
| Income taxation | 27,562 | (100, 135) |
| Consolidated net income/(loss) for the period of discontinued operations | (130, 819) | 253,423 |
| Gain/ (loss) resulting from the alienation | 5,401,927 | |
| Attributed to: | ||
| Non-controlling interests (discontinued operations) | (32,705) | 63,102 |
| Cash flows from operating activities (1) | (903, 596) | 2,803,896 |
| Cash flows from investment activities (2) | (14, 112) | (38,172) |
| Cash flows from financing activities (3) | (118, 474) | (879,573) |
| Net cash flows $(4)=(1)+(2)+(3)$ | (1,036,181) | 1,886,151 |
The net result for the period ended on 30 June 2021 corresponds to the net result generated by Digitmarket in the amount of negative EUR 130,819 and to the gain resulting from its sale in the amount of EUR 5,401,927 (Note 5.c).
During the periods ended on 30 September 2021 and 2020, the balances and transactions maintained with related parties were mainly associated with the normal operational activity of the Group and to the concession and obtainment of loans.
The balances and transactions with related parties during the periods ended on 30 September 2021 and 2020 were as follows:
| Balances at 30 September 2021 |
|||||
|---|---|---|---|---|---|
| Accounts receivable | Accounts payable | Treasury applications | Other assets | Other liabilities | |
| Parent Company (Sonae SGPS) | 2,724,611 | 9,612,009 | 380,730 | 18,420 | |
| Companies jointly controlled | 493.749 | 317,088 | $\,$ | 260,245 | 217,619 |
| Associated companies | 152,385 | 8,250 | $\overline{a}$ | 2,055,918 | 1,362,137 |
| Others related parties | 2,450,402 | 90.627 | 137,245 | 236,128 | |
| 5,821,147 | 10.027.975 | 2,834,138 | 1,834,304 |
| Balances at 30 September 2020 (restated) |
|||||
|---|---|---|---|---|---|
| Accounts receivable | Accounts payable | Treasury applications | Other assets | Other liabilities | |
| Parent Company (Sonae SGPS) | 2,683,654 | 660,673 | 979,627 | 18,492 | |
| Companies jointly controlled | 1,176,165 | 453,787 | 5.638 | 1,273,285 | 1,039,475 |
| Associated companies | 3,927 | 4,149,804 | |||
| Others related parties | 1,855,821 | 211,357 | 205,302 | 196,367 | |
| 5,715,639 | 1,329,744 | 5.638 | 6,608,018 | 1,254,333 |
| Transactions at 30 September 2021 |
|||||
|---|---|---|---|---|---|
| Sales and services | Supplies and services | Interest and similar | Interest and similar | Supplementary | |
| rendered | received | income | expense | income | |
| Parent Company (Sonae SGPS) | 75 | 247,083 | 320,569 | ||
| Companies jointly controlled | 1,960,889 | 578,031 | 165,072 | ||
| Associated companies | 53.830 | 38.370 | 5,100 | ||
| Others related parties | 1,451,187 | 620,744 | . | 68.442 | $\sim$ |
| 3 412 151 | PRA PPA 1 | 358 938 | 68442 | 170 172 |
| Transactions at 30 September 2020 (restated) |
|||||
|---|---|---|---|---|---|
| Sales and services rendered |
Supplies and services received |
Interest and similar income |
Interest and similar expense |
Supplementary income |
|
| Parent Company (Sonae SGPS) | 42.755 | 244.421 | 420.188 | ||
| Companies jointly controlled | 2.177.288 | 482,665 | 68 | 175,500 | |
| Associated companies | 332 | 87,693 | 48,037 | ||
| Others related parties | 1,073,074 | 754.524 | 15,371 | ||
| 3.293.117 | 1.481.942 | 507.950 | 15.371 | 223.537 |
During the period ended on 30 September 2021, the company distributed as dividends the amount of EUR 7,859,228 to Sonae (EUR 6,724,906 in 2020) and EUR 18,824,123 to Sontel BV (EUR 16,107,239 in 2020).
The transactions between Group companies were eliminated in consolidation, and therefore are not disclosed in this note.
All the above transactions were made at market prices.
Both accounts receivable and payable with related parties will be paid in cash and have no guaranties attached.
During the periods ended at 30 September 2021 and 2020, no impairment losses have been recognised as accounts receivables of related parties.
In the periods ended on 30 Sepetmber 2021 and 2020, the following business segments were identified:
Media:
Technologies; and
Holding activities.
These segments were identified taking into consideration the following criteria/conditions: the fact of being group units that develop activities where we can separately identify revenues and expenses, for which financial information is separately developed and their operating results are regularly reviewed by management and over which decisions are made. For example, decisions about allocation of resources, for having similar products/services and also taking into consideration the quantitative threshold (in accordance with IFRS 8).
The segment 'Holding activities' includes all the operations of the parent company that have as their main activity the management of shareholdings.
Excluding the ones mentioned above, the remaining activities of the Group have been classified as unallocated.
Inter-segment transactions during the years ended on 30 September 2021 and 2020 were eliminated in the consolidation process. All these transactions were made at market prices.
Inter-segment transfers or transactions were entered under the normal commercial terms and conditions that would also be available to unrelated third parties and were mainly related to interest on treasury applications and management fees.
Overall information by business segment on 30 September 2021 and 2020, prepared in accordance with the same accounting policies and measurement criteria
adopted in the preparation of the consolidated financial statements,
| Media | Technologie: | Holding Activities | Subtotal | Eliminations and others | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 21 | September 2020 | September 21 | September 2020 (restated) |
September 21 | September 2020 | September 21 | September 2020 (restated) |
September 21 | September 2020 (restated) |
September 21 | September 2020 (restated) |
|
| Revenues: | ||||||||||||
| Sales and services rendered | 10,577,319 | 9,938,488 | 42.939.214 | 40.351.710 | 292,500 | 256,875 | 53.809.033 | 50,547,073 | (114, 941) | 359.215 | 53.694.092 | 50,906,288 |
| Other income | 406.581 | 333.540 | 1,011,548 | 999212 | 128,283 | 20.444 | 1,546,412 | 1353196 | 9.274 | 45.889 | 1,555,686 | 1399,089 |
| Total revenues | 10,983,900 | 10,272,028 | 43,950,762 | 41,350,922 | 420,783 | 277,319 | 55,355,445 | 51,900,269 | (105, 667) | 405.104 | 55,249,778 | 52,305,373 |
| Depreciation and amortisation | (509, 346) | (911.760) | (4, 554, 307) | (5,153,400) | (26, 476) | (23,586) | (5,090,129) | (6.088.746) | (251, 532) | (304.476) | (5, 341, 661) | (6,393,222) |
| Provisions and impairment losses | (162.416) | (118,259) | (12.080) | (64, 138) | (174.496) | (182.398) | (174.496) | (182, 398) | ||||
| Net operating income / (loss) for the segment | (1,702,949) | (2.751.701) | (7, 554, 734) | (7,475,769) | (1, 290, 157) | (1.033.693) | (10, 547, 840) | (11.261.163) | 66,587 | 579.336 | (10, 481, 253) | (10,681,827) |
| Interest income | 11,054 | 12,793 | 119.170 | 145,181 | 783.508 | 710,364 | 913,732 | 868,338 | (450, 497) | (268, 450) | 463.235 | 599,888 |
| Interest expenses | (24, 504) | (12.298) | (698, 378) | (657,217) | (1, 201) | (1.402) | (724, 083) | (670.917) | 456,470 | 249.699 | (267, 613) | (421,218) |
| Gains and losses on financial assets at fair value through profit or loss | $\sim$ | 23,847,179 | 29.345.076 | $\sim$ | 23,847,179 | 29.345.076 | 23,847,179 | 29.345.076 | ||||
| Gains and losses in joint ventures and associated companies | (15, 664) | (45.700) | 31, 385, 351 | (9.029.155) | 28,629,776 | 21387.528 | 59.999.463 | 12.312.673 | 59.999.463 | 12.312.673 | ||
| Other financial results | (10, 550) | (8.985) | 16.974 | (759.022) | (2,010,098) | (1822.779) | (2,003.674) | (2.590.786) | 1,965.544 | 1772,402 | (38.130) | (818.384) |
| Income taxation | 531,101 | 626,929 | (12, 237, 049) | (3.846.826) | 103.776 | 68,803 | (11,602,172) | (3,151,094) | 72,910 | 35.763 | (11, 529, 262) | (3.115.331 |
| Consolidated net income/(loss) for the period | (1, 211, 512) | (2.178.962) | 34.878.513 | 7,722,268 | 26,215,604 | 19,308,821 | 59,882,605 | 24.852.127 | 2,111,014 | 2,368,750 | 61,993.619 | 27,220,877 |
| Consolidated net income/(loss) for the period of discontinued operations | ٠ | - - | 5,254,859 | 287,293 | . . | $\sim$ | 5,254,859 | 287,293 | 16,249 | (33,870) | 5,271,108 | 253.423 |
| Attributable to: | ||||||||||||
| Shareholders of parent company | (1, 211, 512) | (2.178.962) | 40.910.806 | 9,246,822 | 26.215.604 | 19.308,821 | 65,914,898 | 26,376,681 | 2,126,683 | 2.330,666 | 67.888.047 | 28,707.347 |
| Non-controlling interests | (744, 152) | (1.165.725) | (744, 152) | (1.165.725) | 153,537 | (130.424) | (590, 615) | (1,296,149) | ||||
| Non-controlling interests (discontinued operations) | (33, 285) | (71.536) | (33, 285) | (71.536) | 580 | 134.638 | (32,705) | 63,102 | ||||
| September 2021 | December 2020 | September 2021 | December 2020 | September 2021 | December 2020 | September 2021 | December 2020 | September 2021 | December 2020 | September 2021 |
December 2020 | |
| Assets: | ||||||||||||
| Tangible, intangible assets, Right of use and goodwill | 2,866,806 | 2.948.598 | 27,694,669 | 29,755,984 | 78,239 | 70,200 | 30.639.714 | 32.774.782 | 2.309.297 | 2.631.165 | 32,949.011 | 35,405,947 |
| Inventories | 136,126 | 194.413 | 57,414 | 136,126 | 251,827 | 136.126 | 251,827 | |||||
| Investments in joint ventures and associated companies (restated) | 677,955 | 693,619 | 145,007,335 | 144,065,913 | 693,088,962 | 662,983,184 | 838,774,252 | 807,742,716 | 70,648 | 52.944 | 838,844,900 | 807,795,660 |
| Financial assets at fair value through other comprehensive income (restated) |
3,047,947 | 3.047.949 | 7.571.615 | 7,251,842 | $\overline{\phantom{a}}$ | 10.619.562 | 10,299.791 | (3,017,703) | (3,000,000) | 7,601,859 | 7,299,791 | |
| Financial assets at fair value through profit or loss (restated) | 81,930,575 | 92.324.063 | $\overline{\phantom{a}}$ | 81,930,575 | 92.324.063 | 81,930,575 | 92.324.063 | |||||
| Other non-current assets and deferred tax assets | 3.070.710 | 2.924.374 | 12.369.332 | 13,714,766 | 149,731,553 | 176,955,566 | 165,171,595 | 193.594.706 | (142, 236, 313) | (169,611,538) | 22,935,282 | 23,983,168 |
| Other current assets of the segment | 10.340.498 | 11,957,020 | 66,947,802 | 73,224,153 | 182,889,835 | 187,926,829 | 260,178,135 | 273,108,002 | 4.541.592 | 7.322.335 | 264,719,727 | 280,430,337 |
| Liabilities | ||||||||||||
| Liabilities of the segment | 10,072,793 | 10,487,209 | 105.208.453 | 137,985,308 | 2,247,860 | 2.427.059 | 117,529,106 | 150.899.576 | (21,077,081) | (17,909,065) | 96,452,025 | 132,990,511 |
| CAPEX | 436.924 | 6.093.911 | 14.981.920 | 24,885,132 | 11,697,925 | 46,518,317 | 27,116,769 | 77,497,360 | (11,749,891) | (49,428,786) | 15,366,878 | 28,068,574 |
During the period ended on 30 September 2021 and 2020, the inter-segments sales and services were as follows:
| Media | Technologies | Holding Activities | |
|---|---|---|---|
| 2021 | |||
| Media | 138,732 | ||
| Technologies | 56,250 | ||
| Holding Activities | |||
| External trade debtors | 10,577,319 | 42,939,214 | 97,518 |
| 10,577,319 | 42,939,214 | 292,500 | |
| 2020 (restated) | |||
| Media | $\overline{\phantom{a}}$ | ||
| Technologies | 120,000 | ||
| Holding Activities | |||
| External trade debtors | 9,938,488 | 40,351,710 | 136,875 |
| 9,938,488 | 40.351.710 | 256,875 |
During the periods ended on 30 September 2021 and 2020, sales and services rendered in the Media and Holding Activities segments were obtained predominantly in the Portuguese market, with this market representing approximately 95% and 100% (97% and 100% in 2020), respectively.
During the period ended on 30 September 2021, for the Technologies segment, the Spanish market is dominant, representing 49% of revenue (52% in 2020).
On 27 October 2021, the auction for the allocation of 5G frequencies ended and NOS was the company that invested the most and acquired the most spectrum, completely fulfilling all the objectives outlined in its strategy for the fifth generation of mobile networks.
NOS' total investment in the acquired spectrum bands represents a total value of ap of this amount for a maximum period of 7 years, and NOS may anticipate the payment of deferred amounts, benefiting from an update financial.
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 "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.sonaecom.pt
Tlf: +351 22 013 23 49
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.