Earnings Release • May 13, 2020
Earnings Release
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31 MARCH 2020
On 19 November 2019, Sonae Capital sold its entire participation in the share capital of RACE, S.A., its Refrigeration and HVAC segment. In order to ensure comparability between the information reported in 2020 and the information for the same period in 2019, the Consolidated Income Statement for the year 2019 was restated and excludes the contribution of RACE, S.A. up to Net Results – Continued Operations. Therefore, the contribution of RACE, S.A. is now only recognised in Net Income - Discontinued Operations line.
At the same time, the perimeters of Tróia Operations and Real Estate Assets (Tróia) were adjusted in order to include, in the perimeter of Tróia Operations, the Real Estate assets linked to the Operations of the Resort. For this reason, the 2019 information in these businesses was also restated.
"As we know, the first quarter 2020 ended in a very particular context, which brought an unprecedented challenge for the Society, Governments, Companies or Individuals.
Nonetheless, Sonae Capital Business Units were able to deliver a positive performance, both in Turnover and EBITDA. In the Real Estate Assets unit, we completed sales deeds in the amount of 3.8 million euros, at the same time we have a stock of PPSAs and Reserves of 38.3 million euros, thus continuing to implement the asset monetisation plan in course.
Specifically regarding Sonae Capital portfolio, our Energy segment was not materially impacted by the Covid-19 pandemic, but other segments, namely Industrial Engineering and Real Estate Assets, registered a slowdown in activity levels; while other segments, such as Fitness, Hospitality and Tróia Operations, saw their operations suspended from mid-March. Accordingly, the Results we announce today are partially impacted by the pandemic, but we anticipate that the impact will be more severe in the second quarter, as it encompasses months of complete suspension. On the other hand, we are actively and carefully ensuring all the conditions for a prompt and safe reopening, both for our employees and our customers.
Yet, the first two months of the year were quite positive in most segments and we registered an EBIT growth of 66% in the Business Units, when compared to the same period in 2019. We ended March 2020 with a Net Financial Debt of 159 million euros, 17.8 million euros above the end of last year. As of today, counting with the refinancing operations we have been completing, our cash and avaliable credit lines reached 72.5 million euros, contributing to improve the resilience of our Balance Sheet, which, given the current context, allows facing the coming months with confidence, and pursuing the Group's strategic objectives.
I can only thank all our people for the tenacity they have been showing, not only facing the challenges that this pandemic has imposed on us, but also making a difference in situations that go well beyond the scope of their functions, as is the case of our teams in Hospitality, who have received in our Hotels health professionals working in the front line, or our teams in CapWatt and ADIRA, who collaborate in a project of manufacturing of ventilators promoted by CEiiA. It is at times like these that people and organisations reinvent themselves and make a difference, ensuring the conditions to prepare for a future where, I am convinced, everyone will be much stronger."
Miguel Gil Mata
At Sonae Capital, the Covid-19 pandemic impacted the majority of the operations since the beginning of March, with special emphasis on Fitness, Hospitality and Tróia Operations segments. Thus, and even if only partially, the results for the first quarter of 2020 already reflect this effect.
Since the beginning of this exceptional period, Sonae Capital's priority has been, above all, the well-being of its employees, customers, suppliers and the community in general. Along with the transition to remote work of all the functions that allow it, we proceeded to the preventive suspension of the operation of all the Clubs (in the Fitness segment), all the Hotel Units (in the Hospitality segment), as well as the most part of our Operations in Tróia. In the remaining segments, namely Energy, Industrial Engineering and Real Estate Assets, we adopted all the necessary security measures and the teams have been working in order to ensure the normal functioning of the operations, within all existing restrictions.
In this context, we have been working to protect the resilience levels of all segments, acting both at the level of Fixed Costs and CAPEX. In the case of Fixed Costs, real estate rents referring to the Fitness and Hospitality segments are of particular importance, and so we have negotiations underway to temporarily suspend or reduce rental charges. At the same time, considering not only the impact the pandemic is having across most of the segments, but also the level of uncertainty regarding its duration and the respective response measures, some of our segments adopted the simplified layoff regime, the legal figure created by the Government. Thus, in order to protect our operations and, above all, our employee's jobs, this regime has been implemented since 10 April 2020, business by business, and in a phased and transversal manner. The only exception is the Energy segment, which maintains its regular operational activity.
Also at the CAPEX level, all investment decisions not yet committed have been analysed on a case-by-case basis, in order to achieve a balance that we consider essential between two dimensions: on the one hand, the investment necessary to ensure the growth strategy of our businesses and, on the other hand, the protection of Sonae Capital liquidity. Due to its strategic relevance, the development of Mangualde Biomass fired cogeneration plant, in Energy, and the Hotel Unit of Santa Apolónia, in Hospitality, are progressing as planned.
Since the end of 2019, Sonae Capital has been working extensively on its debt refinancing (in order to optimise the average maturity and the cost of debt) aimed at reinforcing available liquidity. Accordingly, to date, the amount of cash and credit lines available is at 72.5M€, ensuring all financing needs scheduled for 2020.
The status of our operations remained practically unchanged from the end of the first quarter 2020 to the date of this report: (i) the Fitness and Hospitality segments kept their operations suspended and Tróia keeps the majority of the operations closed, with the exception of some careers at Atlantic Ferries, Meu Super and the Marina; (ii) ADIRA commercial activity had a promising start, but the number of orders has been experiencing a significant slowdown since the end of March; and (iii) the Real Estate Assets unit has been impacted by constraints related to the contractual closing of processes, which should be added to the natural uncertainty surrounding the sector. We expect that our results in 2020, particularly in the second quarter, will remain significantly impacted by the Covid-19 pandemic. The Energy segment, where the Biomass-fired cogeneration plant is due to start operating in June, has been the most resilient segment within Sonae Capital portfolio, and so no major changes are expected for the Production business. In the Retail & Trade business, the increased volatility of the markets in which it operates - CO2 emission licenses, electricity and natural gas - has led to a preventive slowdown in activity, in order to protect the natural liquidity (working capital) requirements.
The State of Emergency ended in Portugal on 3 May 2020, and the resumption of some activities has been taking place gradually and progressively. At this stage, it is not possible to determine the exact date on which our suspended activities will resume, or under what conditions they will operate when it happens. However, there is a certainty that Sonae Capital has been carefully preparing that, as soon as the reopening is possible, all its operations are ready to face the challenges ahead, which for sure will be overcomed.
| Consolidated Profit and Loss Statement | |||
|---|---|---|---|
| Million euro | 1Q 2020 | 1Q 2019 R | D 20/19 |
| Turnover | |||
| Business Units | 97.80 | 31.26 | >100% |
| Energy | 80.47 | 14.02 | >100% |
| Industrial Engineering | 2.79 | 2.58 | +8.0% |
| Fitness | 10.65 | 10.02 | +6.2% |
| Hospitality Troia Resort - Operations |
2.30 1.59 |
3.02 1.62 |
-23.8% -1.7% |
| Real Estate Assets | 5.48 | 4.55 | +20.5% |
| Troia Resort | 2.40 | 3.08 | -22.1% |
| Other Real Estate Assets | 3.09 | 1.47 | >100% |
| Eliminations & Adjustments | -1.44 | -1.87 | +23.3% |
| Consolidated Turnover Other Operational Income |
101.85 0.44 |
33.94 0.73 |
>100% -40.1% |
| Total Operational Income | 102.28 | 34.66 | >100% |
| EBITDA | |||
| Business Units | 5.24 | 4.94 | +6.2% |
| Energy | 3.83 | 3.60 | +6.2% |
| Industrial Engineering | -0.36 | -0.66 | +45.3% |
| Fitness | 3.28 | 3.22 | +1.8% |
| Hospitality Troia Resort - Operations |
-1.12 -0.38 |
-0.86 -0.37 |
-31.0% -2.3% |
| Real Estate Assets | 0.76 | 0.82 | -6.4% |
| Troia Resort | 0.39 | 0.03 | >100% |
| Other Real Estate Assets | 0.37 | 0.78 | -52.6% |
| Eliminations & Adjustments | -2.05 | -1.78 | -15.2% |
| Consolidated EBITDA | 3.96 | 3.97 | -0.4% |
| Amortizations & Depreciations Provisions & Impairment Losses |
7.73 -0.14 |
7.33 -0.01 |
+5.5% <-100% |
| Recurrent EBIT | |||
| Business Units | -1.88 | -1.72 | -9.1% |
| Energy | 1.42 | 1.29 | +10.3% |
| Industrial Engineering | -0.69 | -0.88 | +21.7% |
| Fitness Hospitality |
0.83 -2.38 |
1.03 -2.10 |
-19.3% -13.0% |
| Troia Resort - Operations | -1.07 | -1.06 | -0.7% |
| Real Estate Assets | -0.62 | -0.74 | +16.4% |
| Eliminations & Adjustments | -1.13 | -0.88 | -29.1% |
| Consolidated Recurrent EBIT | -3.63 | -3.34 | -8.7% |
| Non-recurrent costs/income (1) | 0.21 | 0.00 | - |
| Consolidated EBIT | -3.84 | -3.34 | -15.0% |
| Net Financial Expenses Investment Income and Results from Assoc. Undertakings |
-1.56 0.10 |
-2.12 0.47 |
+26.6% -77.8% |
| EBT | -5.30 | -4.99 | -6.1% |
| Taxes | 0.08 | 0.01 | >100% |
| Net Profit - Continued Businesses | -5.37 | -5.01 | -7.3% |
| Net Profit - Discontinued Businesses | -0.03 | -0.06 | +53.6% |
| Net Profit - Total | -5.40 | -5.07 | -6.6% |
| Attributable to Equity Holders of Sonae Capital | -5.62 | -5.27 | -6.7% |
| Attributable to Non-Controlling Interests | 0.22 | 0.20 | +8.0% |
(i) an increase of 0.4M€ in Amortisations & Depreciations (0.2M€ referred to IFRS 16 Amortisations and 0.2M€ driven by the investment plan in place, namely in the Energy segment);
(ii) an increase of 0.2M€ in Non-Recurrent costs (mostly at ADIRA, following the ongoing restructuring plan);
Notwithstanding:
(iv) an increase of 0.5M€ in Net Financial Expenses (including 0.3M€ related with the capitalisation of interest incurred in the development of the Mangualde Biomass-fired cogeneration plant).
| Capital Structure/Capex/Ratios | |||
|---|---|---|---|
| Million euro | Mar 2020 | Dec 2019 | D 20/19 |
| Net Capital Employed | 437.80 | 422.53 | +3.6% |
| Fixed Assets o.w. Rights of Use (IFRS16) Non-Current Investments (net) Working Capital |
372.56 53.51 12.48 45.75 |
369.99 50.92 8.99 41.32 |
+0.7% +5.1% +38.8% +10.7% |
| Capex (end of period) % Fixed Assets CAPEX (L12M) / Depreciations |
7.62 12.8% 1.30x |
51.73 13.9% 2.07x |
-85.3% -1.1 pp -0.77x |
| Net Debt | |||
| Financial Net Debt Net Debt Total % Net Capital Employed Debt to Equity |
158.99 225.08 51.4% 105.8% |
141.21 204.55 48.4% 93.8% |
+12.6% +10.0% +3.0 pp +12.0 pp |
| Capital Structure Ratios | |||
| Loan to Value (Real Estate Assets) Net Debt/EBITDA (recurrent without IFRS16) Net Debt/EBITDA (recurrent with IFRS16) |
26.3% 3.47x 3.89x |
23.9% 3.00x 3.55x |
+2.4 pp +0.47x +0.34x |
4.1 ENERGY
| Operational and Financial Information - Energy | |||
|---|---|---|---|
| Million euro | 1Q 2020 | 1Q 2019 | D 20/19 |
| Total Operational Income | 80.53 | 14.03 | >100% |
| Turnover | 80.47 | 14.02 | >100% |
| Production | 12.48 | 14.02 | -11.0% |
| Retail & Trade | 68.78 | 0.00 | - |
| Other Operational Income | 0.06 | 0.01 | >100% |
| Total Operational Costs | 76.71 | 10.43 | >100% |
| Cost of Goods Sold | 73.69 | 7.76 | >100% |
| External Supplies and Services | 1.69 | 1.54 | +9.9% |
| Staff Costs | 1.16 | 0.86 | +34.2% |
| Other Operational Expenses | 0.17 | 0.27 | -36.8% |
| EBITDA | 3.83 | 3.60 | +6.2% |
| Production | 3.53 | 3.60 | -2.1% |
| Retail & Trade | 0.30 | 0.00 | - |
| EBITDA Margin (% Turnover) - [Production] | 28.2% | 25.7% | +2.6 pp |
| Depreciations IFRS16 | 0.16 | 0.12 | +36.3% |
| Amortizations & Depreciations | 2.25 | 2.20 | +2.2% |
| Provisions & Impairment Losses | 0.00 | 0.00 | - |
| Recurrent EBIT | 1.42 | 1.29 | +10.3% |
| Production | 1.14 | 1.29 | -11.2% |
| Retail & Trade | 0.28 | 0.00 | - |
| Recurrent EBIT Margin (% Turnover) - [Production] | 9.2% | 9.2% | -0.0 pp |
| Capex | 3.63 | 10.36 | -65.0% |
| EBITDA-Capex | 0.20 | -6.76 | - |
| Total Capacity (MW) | 80.8 | 77.7 | +4.0% |
| Owned & Operated | 64.6 | 63.9 | 1.1% |
| Operated (not consolidated) | 3.2 | 3.2 | 0.0% |
| Projects in progress (MW) | 13.0 | 10.6 | 22.6% |
| Operational and Financial Information - Industrial Engineering | |||
|---|---|---|---|
| Total Operational Income | 2.85 | 2.77 | +3.1% |
| Turnover | 2.79 | 2.58 | +8.0% |
| Other Operational Income | 0.06 | 0.19 | -65.8% |
| Total Operational Costs | 3.21 | 3.43 | -6.3% |
| Cost of Goods Sold | 1.60 | 1.65 | -2.6% |
| External Supplies and Services | 0.53 | 0.55 | -2.9% |
| Staff Costs | 0.97 | 1.00 | -2.8% |
| Other Operational Expenses | 0.11 | 0.23 | -54.6% |
| EBITDA | -0.36 | -0.66 | +45.3% |
| EBITDA Margin (% Turnover) | -13.0% | -25.7% | +12.7 pp |
| Depreciations IFRS16 | 0.02 | 0.01 | +80.8% |
| Amortizations & Depreciations | 0.31 | 0.20 | +49.4% |
| Provisions & Impairment Losses | 0.00 | 0.00 | - |
| Recurrent EBIT | -0.69 | -0.88 | +21.7% |
| Recurrent EBIT Margin (% Turnover) | -24.6% | -34.0% | +9.4 pp |
| Capex | 0.60 | 0.21 | >100% |
| EBITDA-Capex | -0.96 | -0.87 | -10.4% |
| Million euro | 1Q 2020 | 1Q 2019 | D 20/19 |
|---|---|---|---|
| Total Operational Income | 2.85 | 2.77 | +3.1% |
| Turnover | 2.79 | 2.58 | +8.0% |
| Other Operational Income | 0.06 | 0.19 | -65.8% |
| Total Operational Costs | 3.21 | 3.43 | -6.3% |
| Cost of Goods Sold | 1.60 | 1.65 | -2.6% |
| External Supplies and Services | 0.53 | 0.55 | -2.9% |
| Staff Costs | 0.97 | 1.00 | -2.8% |
| Other Operational Expenses | 0.11 | 0.23 | -54.6% |
| EBITDA | -0.36 | -0.66 | +45.3% |
| EBITDA Margin (% Turnover) Depreciations IFRS16 |
-13.0% 0.02 |
-25.7% 0.01 |
+12.7 pp +80.8% |
| Amortizations & Depreciations | 0.31 | 0.20 | +49.4% |
| Provisions & Impairment Losses | 0.00 | 0.00 | |
| Recurrent EBIT | -0.69 | -0.88 | +21.7% |
| Recurrent EBIT Margin (% Turnover) | -24.6% | -34.0% | +9.4 pp |
| Capex | 0.60 | 0.21 | >100% |
| EBITDA-Capex | -0.96 | -0.87 | -10.4% |
| The EBITDA registered an increase of 45.3% in 1Q20, totaling negative 0.4M€. As previously reported, ADIRA signed a contract with Mitsubishi for the exclusive supply of bending and cutting machines in the USA, Canada and Mexico, which will guarantee a significant increase in the number of machines produced, at cruising speed. At |
|||
| FITNESS | |||
| 1Q 2020 | 1Q 2019 | D 20/19 | |
| 10.84 | 10.09 | ||
| 10.65 | 10.02 | ||
| 0.19 | 0.07 | ||
| 7.56 | 6.87 | ||
| 0.04 | 0.05 | ||
| 3.39 3.57 |
3.28 3.02 |
||
| 0.56 | 0.53 | ||
| 3.28 | 3.22 | ||
| 30.8% | 32.1% | ||
| 1.51 | 1.37 | ||
| 0.94 | 0.82 | ||
| 0.00 | 0.00 | ||
| 0.83 | 1.03 | ||
| 7.8% 1.44 |
10.3% 0.10 |
||
| 1.84 | 3.12 | ||
| the same time, this contract will become an entry lever in these markets, where ADIRA penetration is not significant. Operational and Financial Information - Fitness Million euro Total Operational Income Turnover Other Operational Income Total Operational Costs Cost of Goods Sold External Supplies and Services Staff Costs Other Operational Expenses EBITDA EBITDA Margin (% Turnover) Depreciations IFRS16 Amortizations & Depreciations Provisions & Impairment Losses Recurrent EBIT Recurrent EBIT Margin (% Turnover) Capex EBITDA-Capex # Average number of active members # Clubs in Operation |
104 955 37 |
89 113 30 |
+7.4% +6.2% >100% +10.0% -19.1% +3.5% +18.3% +6.0% +1.8% -1.3 pp +9.9% +14.7% -19.3% -2.5 pp >100% -41.1% 17.8% +7 |
| 4.4 HOSPITALITY |
||||
|---|---|---|---|---|
| Operational and Financial Information - Hospitality | ||||
| Million euro | 1Q 2020 | 1Q 2019 | D 20/19 | |
| Total Operational Income | 2.39 | 3.11 | -23.2% | |
| Turnover Other Operational Income |
2.30 0.09 |
3.02 0.09 |
-23.8% -2.0% |
|
| Total Operational Costs | 3.51 | 3.97 | -11.5% | |
| Cost of Goods Sold External Supplies and Services Staff Costs |
0.16 1.56 1.60 |
0.25 1.82 1.65 |
-35.8% -14.7% -3.0% |
|
| Other Operational Expenses EBITDA |
0.19 -1.12 |
0.24 -0.86 |
-20.3% -31.0% |
|
| EBITDA Margin (% Turnover) Depreciations IFRS16 Amortizations & Depreciations Provisions & Impairment Losses |
-48.8% 1.09 0.16 0.00 |
-28.4% 1.08 0.16 0.00 |
-20.4 pp +0.8% -1.1% - |
|
| Recurrent EBIT | -2.38 | -2.10 | -13.0% | |
| Recurrent EBIT Margin (% Turnover) | -103.3% | -69.7% | -33.7 pp | |
| Capex | 0.61 | 0.11 | >100% | |
| EBITDA-Capex | -1.73 | -0.97 | -79.2% | |
| # Units | 6 | 6 | +0 |
| Operational and Financial Information - Troia Resort Operations | |||
|---|---|---|---|
| Million euro | 1Q 2020 | 1Q 2019 R | D 20/19 |
| Total Operational Income | 1.82 | 1.85 | -1.9% |
| Turnover | 1.59 | 1.62 | -1.7% |
| Other Operational Income | 0.22 | 0.23 | -3.0% |
| Total Operational Costs | 2.19 | 2.22 | -1.2% |
| Cost of Goods Sold | 0.08 | 0.09 | -10.9% |
| External Supplies and Services | 1.11 | 1.12 | -1.0% |
| Staff Costs | 0.87 | 0.82 | +6.1% |
| Other Operational Expenses | 0.14 | 0.19 | -28.9% |
| EBITDA | -0.38 | -0.37 | -2.3% |
| EBITDA Margin (% Turnover) | -23.7% | -22.8% | -0.9 pp |
| Depreciations IFRS16 | 0.06 | 0.05 | +14.0% |
| Amortizations & Depreciations | 0.63 | 0.64 | -0.9% |
| Provisions & Impairment Losses | 0.00 | 0.00 | -48.8% |
| Recurrent EBIT | -1.07 | -1.06 | -0.7% |
| Recurrent EBIT Margin (% Turnover) | -66.9% | -65.3% | -1.6 pp |
| Capex | 0.49 | 0.14 | >100% |
| EBITDA-Capex | -0.87 | -0.51 | -70.4% |
On 31 March 2020, the value of Sonae Capital Real Estate Assets portfolio was at 318.3M€, including the Real Estate Assets valued by Cushman & Wakefield (C&W), in the amount of 246.9M€, and the WTC Fund, with a market value of 71.4M€. On the same date, the capital employed in this group of Real Estate Assets amounted to 193.5M€.
This segment includes, in the Peninsula of Tróia, developed touristic residential units for sale, as well as plots for construction. Out of 546 touristic residential units developed, we had 57 units available for sale at the date of this report (considering the stock of Reserves and PPSAs).
The turnover reached 2.4M€ in 1Q20, showing a decrease of 22.1% y.o.y., on the back of the following contributions:
Up to the date of this report, we had in stock 7 promissory purchase and sale agreements and reserves totalling 3.8M€. It should be noted that the PPSAs in stock are not included in the results reported (namely the PPSA of UNOP 3, signed in 2Q18, for 20M€).
The Other Real Estate Assets unit registered a turnover of 3.1M€ in 1Q20, more than doubling when compared to 1Q19. This includes the rents received from assets under management, as well as sales deeds of 1.8M€ (including the sales deed of Casa da Ribeira, in the amount of 1.5M€).
At the date of this report, there are still in stock Reserves and PPSAs in the global amount of 14.5M€, of which: (i) 8.0M€ of Maia Country Club; (ii) 4.8M€ of Costa D'Oiro Allotment; and (iii) 1.4M€ of Quinta da Malata.
| Consolidated Balance Sheet | |||
|---|---|---|---|
| Million euro | Mar 2020 | Dec 2019 | D 20/19 |
| Total Assets | 611.11 | 558.93 | +9.3% |
| Tangible and Intangible Assets o.w. Rights of Use (IFRS16) Goodwill Non-Current Investments Other Non-Current Assets Stocks Trade Debtors and Other Current Assets Financial Instruments o.w. Other Financial Assets Cash and Cash Equivalents Assets held for sale |
338.92 53.51 33.64 2.24 30.59 48.30 107.39 29.87 8.31 20.12 0.05 |
336.36 50.92 33.64 2.12 30.63 49.14 83.57 15.82 5.69 7.59 0.05 |
+0.8% +5.1% +0.0% +5.4% -0.1% -1.7% +28.5% +88.8% +46.1% >100% -3.8% |
| Total Equity | 212.72 | 217.98 | -2.4% |
| Total Equity attributable to Equity Holders of Sonae Capital Total Equity attributable to Non-Controlling Interests |
210.34 2.38 |
215.79 2.18 |
-2.5% +8.9% |
| Total Liabilities | 398.39 | 340.95 | +16.8% |
| Non-Current Liabilities Non-Current Borrowings Non-Current Borrowings - IFRS16 Deferred Tax Liabilities Other Non-Current Liabilities Current Liabilities Current Borrowings Current Borrowings - IFRS16 Trade Creditors and Other Current Liabilities Financial Instruments o.w. Other Financial Liabilities Liabilities associated to assets held for sale |
219.03 140.25 58.84 12.31 7.63 179.37 43.47 7.25 109.94 18.23 3.70 0.46 |
161.04 88.40 49.29 12.43 10.91 179.91 64.43 14.05 91.40 9.57 1.66 0.47 |
+36.0% +58.7% -1.0% -30.1% -0.3% -32.5% +20.3% +90.6% >100% -1.5% |
| Total Equity and Liabilities | 611.11 | 558.93 | +9.3% |
Note: Trade Debtors and Other Current Assets and Trade Creditors and Other Current Liabilities include a balance of 65.0M€ and 11.3M€, respectively, related with the consolidation of Futura Energía Inversiones. The Financial Instruments line reflects the mark-to-market of swaps and options referred to the outstanding positions in Futura Energía Inversiones' subsidiaries, at the end of March 2020. These positions are related to risk coverage of the corresponding underlying assets, as Futura Energía Inversiones policy involves managing assets and liabilities in order to cover almost all the risks involved.
No material corporate events to announce.
On 6 April 2020, Sonae Capital informed about the Board of Directors resolution, revoking the decision previously taken, on 21 February 2020, regarding a proposal for shareholder remuneration at the 2020 Shareholders Annual General Meeting. This decision was taken for prudency reasons, with the objective of ensuring Sonae Capital increased financial stability, essential to guarantee its resilience in the most disruptive scenarios that the current situation leads to address. The Board of Directors also informed that it considers re-evaluating this decision when there is greater visibility about the future, the normality of all the operations is resumed and, above all, taking into account the adequacy of the capital structure to the type of assets and businesses held by Sonae Capital.
On the same day, Sonae capital released the notice of meeting and proposals for the Shareholders Annual General Meeting, to be held on 29 April 2020 by telematic means.
On 29 April 2020, following the Shareholders Annual General Meeting, Sonae Capital disclosed the resolutions taken by the Shareholders. All proposals on the agenda were approved unanimously.
| Consolidated Profit and Loss Statement | ||||
|---|---|---|---|---|
| Million uro | 1Q 2019 | 2Q 2019 | 3Q 2019 | 4Q 2019 |
| Turnover | ||||
| Business Units | 31.26 | 36.41 | 68.44 | 99.79 |
| Energy | 14.02 | 14.31 | 35.84 | 79.86 |
| Industrial Engineering | 2.58 | 1.49 | 2.17 | 3.54 |
| Fitness | 10.02 | 10.12 | 10.88 | 10.22 |
| Hospitality | 3.02 | 7.34 | 13.04 | 4.33 |
| Troia Resort - Operations | 1.62 | 3.15 | 6.52 | 1.84 |
| Real Estate Assets | 4.55 | 11.27 | 9.15 | 14.67 |
| Troia Resort | 3.08 | 5.28 | 6.87 | 4.45 |
| Other Real Estate Assets | 1.47 | 5.99 | 2.28 | 10.22 |
| Eliminations & Adjustments | -1.87 | -2.45 | -3.76 | -1.70 |
| Consolidated Turnover | 33.94 | 45.24 | 73.84 | 112.77 |
| Other Operational Income | 0.73 | 0.69 | 0.52 | 1.56 |
| Total Operational Income | 34.66 | 45.92 | 74.36 | 114.32 |
| EBITDA | ||||
| Business Units | 4.94 | 9.31 | 14.84 | 4.34 |
| Energy | 3.60 | 4.87 | 4.36 | 2.95 |
| Industrial Engineering | -0.66 | -0.95 | -1.01 | -0.99 |
| Fitness | 3.22 | 3.03 | 3.64 | 2.81 |
| Hospitality | -0.86 | 2.05 | 5.32 | 0.18 |
| Troia Resort - Operations | -0.37 | 0.31 | 2.53 | -0.62 |
| Real Estate Assets | 0.82 | 5.09 | 2.68 | 1.40 |
| Troia Resort | 0.03 | 0.92 | 1.90 | 0.92 |
| Other Real Estate Assets | 0.78 | 4.17 | 0.78 | 0.48 |
| Eliminations & Adjustments | -1.78 | -1.96 | -1.91 | -1.65 |
| Consolidated EBITDA | 3.97 | 12.44 | 15.61 | 4.09 |
| Amortizations & Depreciations | 7.33 | 8.15 | 8.71 | 7.61 |
| Provisions & Impairment Losses | -0.01 | 0.02 | -0.21 | -0.35 |
| Recurrent EBIT | ||||
| Business Units | -1.72 | 1.79 | 6.81 | -2.56 |
| Energy | 1.29 | 1.71 | 0.94 | 0.52 |
| Industrial Engineering | -0.88 | -1.16 | -1.22 | -1.22 |
| Fitness | 1.03 | 0.82 | 1.18 | 0.57 |
| Hospitality | -2.10 | 0.80 | 4.08 | -1.07 |
| Troia Resort - Operations | -1.06 | -0.37 | 1.83 | -1.36 |
| Real Estate Assets | -0.74 | 3.53 | 1.30 | 0.20 |
| Troia Resort | -0.74 | 0.17 | 1.10 | 0.15 |
| Other Real Estate Assets | 0.00 | 3.36 | 0.21 | 0.05 |
| Eliminations & Adjustments | -0.88 | -1.05 | -1.00 | -0.81 |
| Consolidated Recurrent EBIT | -3.34 | 4.27 | 7.11 | -3.17 |
| Non-recurrent costs/income (1) | 0.00 | 0.01 | -0.06 | 1.50 |
| Consolidated EBIT | -3.34 | 4.26 | 7.16 | -4.67 |
| Net Financial Expenses | -2.12 | -1.74 | -1.30 | -1.44 |
| Investment Income and Results from Assoc. Undertakings | 0.47 | 0.00 | 0.17 | -10.44 |
| EBT | -4.99 | 2.52 | 6.04 | -16.54 |
| Taxes | 0.01 | 0.27 | 0.07 | 0.38 |
| Net Profit - Continued Businesses | -5.01 | 2.25 | 5.97 | -16.92 |
| Net Profit - Discontinued Businesses | -0.06 | -0.07 | 0.58 | 0.97 |
| Net Profit - Total | -5.07 | 2.18 | 6.54 | -15.95 |
| Attributable to Equity Holders of Sonae Capital | -5.27 | 1.98 | 6.03 | -16.33 |
| Attributable to Non-Controlling Interests | 0.20 | 0.19 | 0.51 | 0.38 |
(1) Non-recurrent items mainly related to restructuring costs and one-off income.
The consolidated financial information presented in this report is unaudited and has been prepared in accordance with the International Financial Reporting Standards ("IAS / IFRS"), issued by the International Accounting Standards Board ("IASB"), as adopted by the European Union.
| CAPEX | Investment in Tangible and Intangible Assets |
|---|---|
| EBITDA | Operational Profit (EBIT) + Amortization and Depreciation + Provisions and Impairment Losses + Impairment Losses of Real Estate Assets in Stocks (included in Costs of Goods Sold) – Reversal of Impairment Losses and Provisions (including in Other Operation Income) |
| EBITDAR | EBITDA + Building Rents |
| Gearing: Debt to Equity |
Net Debt / Equity |
| HVAC | Heating, Ventilation and Air Conditioning |
| Loan to Value | Net Debt of real estate assets / Real estate assets Valuation |
| Net Debt | Net Debt + IFRS 16 Impact |
| Net Financial Debt |
Non-Current Loans + Current Loans – Cash and Cash Equivalents – Current Investments |
| Operational Cash Flow |
EBITDA - Capex |
| PPSA | Promissory Purchase and Sale Agreement |
| RevPar | Revenue Per Available Room |
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Market Relations Representative E-mail: [email protected] Tel.: +351 22 012 9528 Fax: +351 22 010 7900
Investor Relations Officer E-mail: [email protected] Tel.: +351 22 010 7903 Fax: +351 22 010 7935
Lugar do Espido, Via Norte Apartado 3053 4471 – 907 Maia Portugal
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