Earnings Release • Nov 8, 2016
Earnings Release
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SHOOD AS COM
The consolidated financial information disclosed in this report is based on unaudited financial statements, prepared in accordance with the
International Financial Reporting Standards (IAS/IFRS), issued by the Internationa
Consolidated turnover decreasing 1.6% y.o.y but with Service Revenues increasing 2.6% q.o.q, fuelled by technology area
At NOS, strong y.o.y growth in core telco operating revenues and EBITDA
Turnover of 87.9 million euros at the Technology area with international markets representing 52.6%
Positive Cash Flow of €91.6m driven by dividends and the sale of the 2.14% direct stake on NOS to ZOPT
Telecommunications area, which includes a 50% stake in ZOPT - consolidated through the equity method - now with a 52.15% stake in NOS post the sale of Sonaecom's 2.14% direct stake, in June 2016, continues with a strong performance.
In the Technology area, portfolio expansion initiatives continued to be deployed. The creation of Bright Pixel, launched in April, positioned as a company builder studio, represents a significant reinforcement targeting early stage investment opportunities. During the first semester, Sonae IM and S21sec strengthened their position in European cybersecurity markets through the acquisition of SysValue. This acquisition means that Sonae IM now holds, through its portfolio companies, the leading pure play cybersecurity position in Portugal, and is able to leverage significant synergies between Grupo S21sec Gestión and SysValue. In July, it was announced the acquisition of InovRetail, a data analytics company that supports the retailer's decision-making process and, in August, it was announced an agreement with Novo Banco, S.A. to be the leading investor in a transaction involving the acquisition of the participation units in 3 venture capital funds, being the completion of this agreement conditional to the necessary approval from Banco de Portugal. This last transaction will reinforce the portfolio with sizeable stakes in leading edge companies such as Outsystems and Feedzai.
Consolidated turnover in 9M16 reached 98.1 million euros, decreasing 1.6% when compared to 9M15. This reduction was driven by a 1.4% decrease in service revenues and a 1.9% decrease in sales. However, it should be highlighted that, for the second consecutive quarter, the service revenues presented positive evolution, when compared to the same quarter last year.
Operating costs amounted to 98.4 million euros, 1.0% above 9M15. Personnel costs grew 1.5% driven by the increase in the average number of employees. Commercial costs decreased 1.5% to 28.5 million euros, driven by the decrease in cost of goods sold, aligned with the lower level of sales. The increase in other operating costs is mainly explained by the higher level of Outsourcing services.
Total EBITDA stood at 16.5 million euros, 16.6% below 9M15, on the back of underlying EBITDA decrease but also driven by the 2.5% decrease at equity results, which are mostly impacted by ZOPT contribution, which in turn depends on NOS net income evolution.
Sonaecom's EBIT decreased 40.1% to 8.5 million euros, explained by the lower level of EBITDA and the higher level of depreciations. Net financial results reached negative 5.2 million euros in 9M16, negatively impacted by NOS direct stake fair value adjustment at market price until its sale, amounting to negative 15.7 million euros, and positively impacted by both the 1.8 million euros of dividend received and the capital gain generated by the sale to ZOPT of the 2.14% direct stake in NOS. In 9M15, the fair value adjustment was positive by 23.5 million euros and the dividend received was 1.5 million euros.
Sonaecom's earnings before tax (EBT) decreased to 3.3 million euros, mainly driven by the lower net financial results. Net results group share stood at 6.0 million euros, which compares with 40.3 million euros in 9M15.
Sonaecom's operating CAPEX increased to 8.2 million euros, reaching 8.3% of turnover, 2.2 p.p. above 9M15.
The cash position increased 73.3 million euros since December 2015 reaching 242.4 million euros. This performance in 9M16 was mainly driven by the sale of the 2.14% direct stake on NOS, by 82.8 million euros, to ZOPT, that contracted debt to finance this acquisition, but also driven by the 20.1 million euros of dividends received from NOS and ZOPT, partially offset by the 17.7 million euros of dividends paid.
NOS operating revenues were 1,124.1 million euros in 9M16, growing 5.3% y.o.y. EBITDA reached 431.8 million euros, increasing 5.3% when compared to 9M15 and representing a 38.4% EBITDA margin. CAPEX amounted to 292.6 million euros in 9M16, a decrease of 0.7% y.o.y. As a consequence of EBITDA and CAPEX evolution, EBITDA-CAPEX increased 20.8%.
Net Financial Debt to EBITDA stood at 2.0x at the end of 9M16 and the average maturity of the company's net financial debt reached 3.3 years.
NOS published its 9M16 results on 7th November, 2016, which are available at www.nos.pt.
During 9M16, the NOS share price decreased 16.4% from €7.246 to €6.057, whilst PSI20 decreased by 13.5%.
| Operational Indicators ('000) | 3Q15 | 3016 | $\Delta$ 16/15 | 2016 | q.o.q. | 9M15 | 9M16 | $\Delta$ 16/15 |
|---|---|---|---|---|---|---|---|---|
| Total RGUs | 8 2 7 6 .7 | 8 9 4 1.5 | 8.0% | 8746.4 | 2.2% | 8 2 7 6.7 | 8 941.5 | 8.0% |
| Convergent RGUs | 2665.0 | 3 271.0 | 22.7% | 3 156.8 | 3.6% | 2665.0 | 3 271.0 | 22.7% |
| IRIS & UMA subscribers | 825.1 | 955.1 | 15.8% | 927.3 | 3.0% | 825.1 | 955.1 | 15.8% |
| 3.4 and 5P subscribers | 936.7 | 1040.0 | 11.0% | 1018.2 | 2.1% | 936.7 | 1040.0 | 11.0% |
| Financial indicators NOS HIGHLIGHTS |
3015 | 3016 | $\Delta$ 16/15 | 2016 | q.o.q. | 9M15 | 9M16 | $\Delta$ 16/15 |
| Operating Revenues | 367.9 | 381.0 | 3.5% | 372.8 | 2.2% | 1067.9 | 1124.1 | 5.3% |
| EBITDA | 143.5 | 145.2 | 1.2% | 148.7 | $-2.3%$ | 409.8 | 431.8 | 5.3% |
| EBITDA margin (%) | 39.0% | 38.1% | $-0.9$ pp | 39.9% | $-1.8$ pp | 38.4% | 38.4% | 0.0 pp |
| Net Income | 26.2 | 27.5 | 4.8% | 26.5 | 3.8% | 73.5 | 78.4 | 6.6% |
| CAPEX | 97.9 | 96.6 | $-1.4%$ | 101.0 | $-4.3%$ | 294.6 | 292.6 | $-0.7%$ |
| EBITDA-CAPEX | 45.6 | 48.7 | 6.8% | 47.7 | 2.0% | 115.2 | 139.2 | 20.8% |
The Technology area pursuing its active portfolio strategy, aiming at strengthening its position as a technological reference at an international scale, in selected IT areas, managed to launch Bright Pixel and to close Sysvalue and InovRetail acquisitions in the 9M16. This area currently comprises six companies in the IT/IS sector that generated circa 52.6% of its revenues outside the Portuguese market with 42% out of the total 998 employees based abroad.
WeDo Technologies is a worldwide leader in Revenue Assurance and Fraud Management software that works with more than 190 telecommunications operators from more than 90 countries. 77.4% of its turnover is generated in the international market.
During the 9M16, WeDo was present and hosted some events in which it revealed details of its new RAID solutions and features. WeDo was present in: (i) NRF's Annual Convention in New York, (ii) Mobile World Congress in Barcelona and (iii) the 4th Annual Revenue Assurance Forum for Utilities in London; and organized (i) its first Conference in Kuala Lumpur (counted more than 11 CSPs and 79 delegates), (ii) its first Conference in Santiago (Chile) (more than 55 guests from 6 Latin American countries and 5 telecom operators), (iii) the 2nd edition of the North America WeDo Conferences in Miami (58 delegates, 14 operators and 6 countries represented), and (iv) its 11th annual Worldwide User Group and Summit in May, attracting over 450 attendees and 55 operators, including a large community of Revenue Assurance (RA) and Fraud Management (FM) managers, representing more than 45 countries around the world.
During this period, the company won nine new telecom customers (4 in Europe, 1 in Asia Pacific, 2 in North America, 1 in the Caribbean's and 1 in Africa), enlarging its global footprint in three new countries: Tunisia, Cyprus and Bahamas. From these new customers, 80% were related to sales from Revenue Assurance and Fraud Management software. The number of Software installations under active Software Maintenance contracts has also increased from 150 (end of 2015) to 164. Almost all are related to RAID Revenue Assurance and Fraud Management software but also to its Broker Family (Incentives Broker). It is also worth to note that WeDo' activity obtained the renewal of ISO 27001 certification during this period.
S21Sec is a leading multinational cybersecurity player, focused exclusively on providing security services and technologies. Since its foundation, the company has grown through constant investment in innovation and today works with a global customer base, leveraging its teams in Spain, Portugal, Mexico and UK, together with a network of selected partners that ensure local support and touch points in other key markets. During the 9M16, S21sec launched its new brand strategy, with the corporate claim "S21sec, Your Cybersecurity Company", giving emphasis to the company's unfettered customer focus, long range experience and deep expertise in the market. S21sec also introduced ESigma21, its revamped and unique services portfolio which integrate, on a single Delivery platform, the company's Advanced Cybersecurity Services (ACS), SOC-CERT and Professional Services. The company also used the opportunity to launch a new addition to its Lookwise product portfolio: Lookwise Compliance Manager (LCM) for PCI-DSS, which is a solution that addresses the common pain points that companies experience when obtaining or maintaining this certification.
A new website and social media have also been used as a platform to communicate the re-launch of the company's security training offering: S21sec Academy. As the company continues to enhance its touch points with customers, S21sec has introduced a 24x7x365 Emergency Contact, which companies that have experienced, or are in the process of experiencing, a cyber incident, can contact and receive immediate expert support. During this period, S21sec also strengthened its international reach by formalising a distributor agreement with Sphere Alliance International, a group of specialised ATM spare parts and services companies with activities in the Americas, Europe and Asia, and signed strategic agreements to distribute its flagship product, Lookwise Device Manager for ATM, with Prosegur and Eurotechzam. S21sec also continued to demonstrate its commitment to the government sector and its collaboration with law enforcement agencies by becoming a founding member of the European Cyber Security Organisation (ESCO), a public-private partnership with the European Commission, and by working with Europol to run expert banking fraud training. The company also launched the latest version of its Lookwise Device Manager (LDM) product for the ATM market.
Saphety is a solutions provider for business processes optimization that has a strong position in electronic invoicing and EDI (Electronic Data Interchange) market, as well as in data synchronization for GS1 worldwide organizations.
This period has been marked by a good business development activity, with some important new contracts including Validoo Sweeden (GS1), ADIF Spain, Serviços Partilhados do Ministério da Saúde, Brisa and several operators in the healthcare cluster. Saphety's customer base has now over 8,500 customers and 130,000 users in about 26 countries. As a result of this commercial activity, international revenues increased more than 43.5% when compared to the same period of 2015, namely on Saphety SYNC line of business (+27%), with international markets representing circa 44.0% of total revenues. Also relevant, the profitability (EDITDA) grew 15% when compared to 9M15. Saphety's activity was also certified in ISO27001 standard, reinforcing its commitment with the worldwide best practices.
Bizdirect is a technology company specialized in IT solutions commercialization, consulting and management of corporate software licensing contracts and Microsoft solutions integration.
During the 9M16, its Licensing business unit, focused in Microsoft contract management, grew 15% in revenues versus 9M15 with 24 new customers and its Nearshore business model, supported by Bizdirect Competence Center in Viseu, has duplicated the turnover compared to the same period of 2015.
International revenues represented 9.0% of total Turnover and Bizdirect notoriety in European market is growing with new target countries being achieved: Germany, France, Ireland, Hungary and Switzerland. Nearshore already counts with 23 international customers from 15 countries.
InovRetail is a company whose core business is the development of advanced analytics tools, aiming to assist retailers in improving performance, by making more informed decisions. The company's main product is the predictive analytics engine, Smart Measure, that provides highly reliable forecasts of sales, promotions impacts and stock levels, based on machine learning algorithms that combine data from the retailers' stores and sales, as well as from over 100 external sources. The next steps include accelerating growth in existing markets, as well as penetrating new ones, through the investment in building up the team, improving the SaaS platform and reinforcing R&D.
Bright Pixel, publicly launched in April, is a company builder studio that counts with a group of experienced builders, creative thinkers and investors whose goal is to transform the creation of new ventures and the way companies address innovation. Bright Pixel is managing a venture lifecucle going from experimentation and lab phases that has the objective to identify ideas and projects that should be brewed in its incubation programme. Bright Pixel invests and supports the development of internally brewed projects as well as assisting their first batch of invited startups in their product development roadmap and market rollout. Currently, we can highlight Probe.ly and Graf.ly, two internal projects that have been selected to Lisbon Challenge and Web Summit, as well as, Eat Tasty and Meshapp, now rolling out their projects to several geographies. Bright Pixel is also investing in events, like the recently held Pixels Camp, to link its activity to the tech community, as well as promoting a close relationship with its partners by developing quick proof of concepts aimed at resolving technology and business needs in themes such as retail, media, cuber-security and telecommunications.
In October, a €3.8m funding from IFD (Instituição Financeira de Desenvolvimento) to venture capital funds was approved (still on a preliminary report) to Bright Ventures Capital, an affiliate of Bright Pixel.
| TECHNOLOGY AREA | 3Q15 | 3016 | $\Delta$ 16/15 | 2016 | q.o.q. | 9M15 | 9M16 | $\Delta$ 16/15 |
|---|---|---|---|---|---|---|---|---|
| Turnover | 29.1 | 27.3 | $-6.3%$ | 34.1 | $-19.9%$ | 88.6 | 87.9 | $-0.8%$ |
| Service Revenues | 20.0 | 20.6 | 2.8% | 22.7 | $-9.5%$ | 63.4 | 62.6 | $-1.3%$ |
| Sales | 9.1 | 6.7 | $-26.3%$ | 11.3 | $-40.6%$ | 25.2 | 25.3 | 0.5% |
| Other Revenues | 0.3 | 0.1 | $-51.2%$ | 0.2 | $-21.1%$ | 0.9 | 0.6 | $-34.6%$ |
| Operating Costs | 27.1 | 26.2 | $-3.1%$ | 32.9 | $-20.3%$ | 83.2 | 85.4 | 2.6% |
| Personnel Costs | 9.9 | 11.0 | 11.5% | 9.7 | 13.3% | 29.5 | 30.7 | 4.3% |
| Commercial Costs (1) | 9.4 | 6.5 | $-31.1%$ | 11.8 | $-45.5%$ | 25.8 | 25.6 | $-0.8%$ |
| Other Operating Costs (2) | 7.8 | 8.8 | 12.0% | 11.3 | $-22.7%$ | 27.9 | 29.0 | 4.1% |
| EBITDA | 2.3 | 1.2 | -46.9% | $1.4^{\circ}$ | $-9.4%$ | 6.2 | 3.1 | -49.4% |
| Underlying $EBITDA(3)$ | 2.4 | 1.2 | $-48.2%$ | 1.4 | $-9.4%$ | 6.3 | 3.1 | $-50.6%$ |
| Underlying EBITDA Margin (%) | 8.2% | 4.5% | $-3.7pp$ | 4.0% | 0.5 pp | 7.1% | 3.6% | $-3.6pp$ |
| Operating CAPEX (4) | 1.6 | 3.0 | 86.0% | 2.8 | 8.0% | 5.2 | 7.6 | 45.3% |
| Operating CAPEX as % of Turnover | 5.6% | 11.0% | 5.5 pp | 8.2% | 2.8 pp | 5.9% | 8.6% | 2.7 pp |
| Underlying EBITDA - Operating CAPEX | 0.8 | $-1.8$ | $-1.4$ | $-24.5%$ | 1.1 | $-4.4$ | ||
| Total CAPEX | 1.6 | 4.6 | 185.6% | 3.7 | 24.0% | 5.2 | 10.1 | 94.3% |
(1) Commercial Costs = COGS + Mktg& Sales; (2) Other Operating Costs = Outsourcing Services + G&A + Provisions + others;
(3) Includes the businesses fully consolidated at Technology area; (4) Operating CAPEX excludes Finan
Turnover decreased 0.8% y.o.y., to 87.9 million euros. Service Revenues decreased 1.3% to 62.6 million euros while Sales increased by 0.5% to 25.3 million euros. However, it should be highlighted the 2.8% positive evolution of Service Revenues when compared to 3015.
Operating costs increased 2.6%, reaching 85.4 million euros, driven by higher staff and other operating costs. Staff costs increased 4.3% driven by the growth in the number of employees. Commercial costs decreased 0.8% driven by cost of goods sold that, despite the higher level of sales, decreased generating higher margins.
Underlying EBITDA reached 3.1 million euros, falling 50.6% y.o.y., and reaching a margin of 3.6%.
Underlying EBITDA-operating CAPEX stood at negative 4.4 million euros, decreasing when compared to 9M15, explained by the lower level of underlying EBITDA and the higher level of CAPEX.
During the 9M16, Público continued to follow its digital strategy, reinforcing its digital skills and presence in online platforms and continued to
be recognized by SDN (Society for News Design), that already attributed 6 received a special mention in the infographic category while the online version was awarded with 5 special mentions to digital works, being the only Portuguese media agent in the winners list.
This period was also marked by the reinforcement of Público's presence at Brazil, through the co-organization of an event with Globo, by the news coverage of Euro 2016 and, recently, by a new Editorial Direction that started its functions in October.
The positive performance of online revenues (both in advertising and subscriptions) coupled with the cost reduction, resulting from the restructuring initiatives implemented at the end of 2015, positively impacted the EBITDA, that, despite negative of 1.9 million euros, increased 1.3% y.o.y..
| Million euros | ||||||||
|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED INCOME STATEMENT | 3Q15 | 3016 | $\Delta$ 16/15 | 2016 | q.o.q. | 9M15 | 9M16 | $\Delta$ 16/15 |
| Turnover | 32.6 | 30.5 | $-6.3%$ | 37.8 | $-19.3%$ | 99.7 | 98.1 | $-1.6%$ |
| Service Revenues | 21.2 | 21.7 | 2.6% | 24.5 | $-11.3%$ | 67.7 | 66.7 | $-1.4%$ |
| Product Sales | 11.4 | 8.8 | $-22.9%$ | 13.3 | $-33.9%$ | 32.0 | 31.4 | $-1.9%$ |
| Other Revenues | 0.5 | 0.2 | $-55.4%$ | 0.3 | $-20.1%$ | 1.3 | 0.9 | $-28.7%$ |
| Operating Costs | 31.6 | 30.6 | $-3.2%$ | 37.2 | $-17.5%$ | 97.5 | 98.4 | 1.0% |
| Personnel Costs | 12.5 | 13.5 | 8.1% | 11.9 | 13.7% | 37.3 | 37.8 | 1.5% |
| Commercial Costs (1) | 10.3 | 7.4 | $-28.3%$ | 12.8 | $-42.3%$ | 29.0 | 28.5 | $-1.5%$ |
| Other Operating Costs (2) | 8.8 | 9.7 | 10.3% | 12.5 | $-21.8%$ | 31.3 | 32.1 | 2.6% |
| EBITDA | 7.1 | 5.8 | $-18.2%$ | 6.3 | $-8.1%$ | 19.8 | 16.5 | $-16.6%$ |
| Underlying EBITDA (3) | 1.4 | 0.1 | $-92.6%$ | 0.9 | $-88.6%$ | 3.5 | 0.6 | $-82.8%$ |
| Equity method (4) | 5.6 | 5.7 | 0.7% | 5.4 | 5.7% | 16.3 | 15.9 | $-2.5%$ |
| Underlying EBITDA Margin (%) | 4.4% | 0.3% | $-4.1$ pp | 2.4% | $-2.1$ pp | 3.5% | 0.6% | $-2.9pp$ |
| Depreciation & Amortization | 1.9 | 3.4 | 75.7% | 2.2 | 56.8% | 5.6 | 8.0 | 43.8% |
| EBIT | 5.1 | 2.4 | $-53.4%$ | 4.1 | $-42.0%$ | 14.3 | 8.5 | $-40.1%$ |
| Net Financial Results | 1.8 | $-0.2$ | 10.9 | 25.2 | $-5.2$ | |||
| Financial Income | 2.9 | 1.4 | $-52.6%$ | 11.7 | $-88.4%$ | 27.6 | 14.2 | $-48.5%$ |
| Financial Expenses | 1.1 | 1.5 | 41.6% | 0.8 | 84.9% | 2.4 | 19.5 | |
| EBT | 6.9 | 2.2 | $-68.1%$ | 15.0 | $-85.3%$ | 39.5 | 3.3 | $-91.6%$ |
| Tax results | $-0.4$ | 0.3 | 0.9 | $-61.4%$ | $-0.5$ | 2.3 | ||
| Net Results | 6.5 | 2.5 | $-61.1%$ | 15.9 | $-84.0%$ | 39.0 | 5.7 | $-85.5%$ |
| Group Share | 6.8 | 2.5 | $-63.0%$ | 15.9 | $-84.1%$ | 40.3 | 6.0 | $-85.1%$ |
| Attributable to Non-Controlling Interests | $-0.3$ | 0.0 | 0.0 | $-1.3$ | $-0.3$ | 73.6% |
(1) CommercialCosts = COGS + Mktg& SalesCosts; (2) Other OperatingCosts = Outsourcing Services + G&A + Provisions + others;
(3) Includesthe businesses fully consolidatedby Sonaecom;
(4) Includesthe 50% holding in Unipress,
| CONSOLIDATED BALANCE SHEET | 3015 | 3016 | $\Delta$ 16/15 | 2016 | q.o.q. | 9M15 | 9M16 | $\Delta$ 16/15 |
|---|---|---|---|---|---|---|---|---|
| Total Net Assets | 1,114.3 | 1,053.7 | $-5.4%$ | 1,058.0 | $-0.4%$ | 1,114.3 | 1,053.7 | $-5.4%$ |
| Non Current Assets | 792.5 | 741.5 | $-6.4%$ | 744.0 | $-0.3%$ | 792.5 | 741.5 | $-6.4%$ |
| Tangible and Intangible Assets | 29.1 | 30.8 | 5.7% | 29.3 | 5.0% | 29.1 | 30.8 | 5.7% |
| Goodwill | 29.3 | 27.6 | $-5.7%$ | 27.2 | 1.5% | 29.3 | 27.6 | $-5.7%$ |
| Investments | 725.6 | 676.3 | $-6.8%$ | 681.1 | $-0.7%$ | 725.6 | 676.3 | $-6.8%$ |
| Deferred Tax Assets | 8.2 | 6.5 | $-20.2%$ | 6.1 | 7.0% | 8.2 | 6.5 | $-20.2%$ |
| Others | 0.3 | 0.3 | 4.2% | 0.3 | 5.2% | 0.3 | 0.3 | 4.2% |
| Current Assets | 321.8 | 312.2 | $-3.0%$ | 313.9 | $-0.6%$ | 321.8 | 312.2 | $-3.0%$ |
| Trade Debtors | 34.4 | 40.1 | 16.7% | 46.5 | $-13.8%$ | 34.4 | 40.1 | 16.7% |
| Liquidity | 181.9 | 248.9 | 36.8% | 240.7 | 3.4% | 181.9 | 248.9 | 36.8% |
| Others | 105.5 | 23.2 | $-78.0%$ | 26.7 | $-13.3%$ | 105.5 | 23.2 | $-78.0%$ |
| Shareholders' Funds | 1,046.7 | 989.9 | $-5.4%$ | 987.7 | 0.2% | 1,046.7 | 989.9 | $-5.4%$ |
| Group Share | 1,048.2 | 991.5 | $-5.4%$ | 989.3 | 0.2% | 1,048.2 | 991.5 | $-5.4%$ |
| Non-Controlling Interests | $-1.5$ | $-1.6$ | $-5.6%$ | $-1.6$ | 1.1% | $-1.5$ | $-1.6$ | $-5.6%$ |
| Total Liabilities | 67.6 | 63.8 | $-5.6%$ | 70.3 | $-9.3%$ | 67.6 | 63.8 | $-5.6%$ |
| Non Current Liabilities | 14.5 | 11.0 | $-23.7%$ | 9.1 | 20.9% | 14.5 | 11.0 | $-23.7%$ |
| Bank Loans | 9.1 | 4.4 | $-51.4%$ | 4.4 | $-0.2%$ | 9.1 | 4.4 | $-51.4%$ |
| Provisions for Other Liabilities and Charges | 3.4 | 4.2 | 23.9% | 3.1 | 37.9% | 3.4 | 4.2 | 23.9% |
| Others | 2.0 | 2.4 | 21.1% | 1.7 | 46.1% | 2.0 | 2.4 | 21.1% |
| Current Liabilities | 53.1 | 52.8 | $-0.7%$ | 61.2 | $-13.8%$ | 53.1 | 52.8 | $-0.7%$ |
| Loans | 2.1 | 1.1 | $-48.2%$ | 1.1 | $-4.9%$ | 2.1 | 1.1 | $-48.2%$ |
| Trade Creditors | 17.3 | 19.0 | 9.9% | 26.4 | $-27.8%$ | 17.3 | 19.0 | 9.9% |
| Others | 33.7 | 32.6 | $-3.2%$ | 33.7 | $-3.0%$ | 33.7 | 32.6 | $-3.2%$ |
| Operating CAPEX (1) | 1.8 | 3.3 | 80.4% | 3.0 | 10.9% | 6.1 | 8.2 | 33.8% |
| Operating CAPEX as % of Turnover | 5.7% | 10.9% | 5.2pp | 7.9% | 3.0pp | 6.1% | 8.3% | 2.2pp |
| Total CAPEX | 1.8 | 4.9 | 167.9% | 3.9 | 25.4% | 6.1 | 10.7 | 75.6% |
| Underlying EBITDA - Operating CAPEX | $-0.4$ | $-3.2$ | $-2.1$ | $-55.2%$ | $-2.6$ | $-7.6$ | $-188.1%$ | |
| Gross Debt | 12.3 | 6.5 | $-47.4%$ | 6.6 | $-2.2%$ | 12.3 | 6.5 | $-47.4%$ |
| Net Debt | $-169.6$ | $-242.4$ | $-42.9%$ | $-234.0$ | $-3.6%$ | $-169.6$ | $-242.4$ | $-42.9%$ |
| (1) Onerating ΓΔΡΕΧ evcludes Financial Investments |
(1) Operating CAPEX excludes Financial Investments.
| LEVERED FREE CASH FLOW | 3Q15 | 3016 | $\Delta$ 16/15 | 2016 | q.o.q. | 9M15 | 9M16 | $\Delta$ 16/15 |
|---|---|---|---|---|---|---|---|---|
| Underluing EBITDA-Operating CAPEX | $-0.4$ | $-3.2$ | $-2.1$ | -55.2% | $-2.6$ | -7.6 | $-188.1%$ | |
| Change in WC | $-1.4$ | 3.4 | $-4.6$ | $-2.6$ | -0.5 | 80.4% | ||
| Non Cash Items & Other | $-0.1$ | $-0.7$ | $-0.1$ | 2.7 | $-0.8$ | |||
| Operating Cash Flow | $-1.9$ | $-0.5$ | 72.5% | $-6.7$ | 92.2% | $-2.5$ | $-8.9$ | $\overline{\phantom{a}}$ |
| Investments | 0.0 | $-0.7$ | 82.4 | 0.0 | 81.7 | |||
| Dividends | 8.5 | 10.3 | 21.3% | 9.8 | 5.6% | 17.4 | 20.1 | 15.7% |
| Financial results | $-0.9$ | $-0.3$ | 63.4% | 0.1 | ۰ | 0.9 | $-1.4$ | |
| Income taxes | $-1.1$ | -0.1 | 86.7% | 0.4 | $-1.9$ | 0.1 | ||
| $FCF^{(1)}$ | 4.6 | 8.6 | 85.7% | 86.0 | -90.0% | 13.8 | 91.6 |
(1) FCF Levered after Financial Expenses but before Capital Flows and Financing related up-front Costs.
Sonaecom SGPS is listed on the Euronext Stock Exchange. Information is available on Reuters under the symbol SNC.LS and on Bloomberg under the symbol SNC:PL.
This document may contain forward-looking information and statements, based on management's current expectations or beliefs. Forward-looking statements are statements that are not historical facts.
These forward-looking statements are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including, but not limited to, changes in regulation, the telecommunications industry and economic conditions; and the effects of competition. Forwa "future" or similar expressions.
Although these statements reflect our current expectations, which we believe are reasonable, investors, analysts and, generally, the recipients of this document are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause
actual results and developments to differ materially from those expressed in, or implied or project
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