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MarketScreener Homepage  >  Equities  >  Euronext Lisbonne  >  Sonae    SON   PTSON0AM0001

SONAE

(SON)
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Sonae : First quarter of 2019 brings growth to Sonae

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05/15/2019 | 07:13pm EDT

MAIN HIGHLIGHTS OF FIRST QUARTER OF 2019

  • Sonae consolidated turnover grew 8.9% to €1,461 M
  • Profitability improved, as underlying EBITDA grew 15.6% to €105 M and EBITDA grew 33.4% to €136 M
  • Net income group share improved 6.5% reaching €18.3 M, translating increased sales and profitability
  • Investment reached €116 M in the quarter, growing 64%, driven by organic expansion and acquisitions
  • Net debt decreased €99 M on a comparable basis

Cláudia Azevedo, CEO of Sonae, states, 'Sonae has had a good start to the year, despite the adverse calendar effect of a later Easter period. Consolidated turnover in the first quarter increased by 8.9% y.o.y. reaching €1,461 M, with positive contributions from almost all businesses, particularly from Sonae MC and from Sonae Sierra, which is now fully consolidated into Sonae's accounts.

Regarding profitability, underlying EBITDA grew 15.6% y.o.y. to €105 M, driven by a solid performance of Sonae MC, and EBITDA reached €136.1 M, +€34 M when compared to 1Q18, fuelled by both equity method results (namely Sonae Sierra and ISRG), and the capital gain from the sale of Saphety by Sonae IM, which continues to create value by actively managing its portfolio.

In terms of portfolio management, this quarter marked the acquisition by Sonae MC of a 60% stake in Arenal, which we believe will significantly reinforce Sonae MC's position in the Health & Wellness segment, one of our growth avenues.

Despite a significant increase in our total investment level (+64% y.o.y.), mainly driven by the Arenal acquisition, our capital structure remains strong. Our gearing level continued to decrease y.o.y. and is now down to 0.5x, and our main businesses continue to show conservative balance sheets. Our debt now has a longer maturity profile and low funding costs, thus maintaining conditions to both support the growth strategies of our businesses and our shareholder remuneration policy.

In my first CEO message, I would like to thank Paulo and Ângelo for all their support in the transition phase and for having the benefit of their wisdom as Chairman and Non-Executive Board member.

We are today over 53 thousand people at Sonae, committed to the development of a long-living company which creates economic and social value. We will only be able to achieve this goal by taking great care of all our stakeholders to whom we remain committed.'

See full press release attached

Disclaimer

Sonae SGPS SA published this content on 15 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 May 2019 23:12:04 UTC

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Financials (€)
Sales 2019 6 275 M
EBIT 2019 216 M
Net income 2019 182 M
Debt 2019 1 293 M
Yield 2019 4,87%
P/E ratio 2019 9,24
P/E ratio 2020 8,36
EV / Sales 2019 0,49x
EV / Sales 2020 0,46x
Capitalization 1 793 M
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 1,29 €
Spread / Average Target 44%
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Managers
NameTitle
Ângelo Gabriel Ribeirinho dos Santos Paupério Co-Chief Executive Officer & Executive Director
Duarte Paulo Teixeira de Azevedo Executive Chairman & Co-Chief Executive Officer
Miguel Páscoa Vieira Águas Chief Financial Officer
Christine Cross Independent Non-Executive Director
José Manuel Trindade Neves Adelino Independent Non-Executive Director
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