Sonae Sgps Sa · EURONEXT:SON
Sonae Sgps Sa — Investor Presentation (November 2002)
86 slides from Sonae Sgps Sa's investor presentation, November 2002
Slide 1: Sonae SGPS
sonae sgps NOVEMBER 2002 * www.sonae.pt * Data as of 30 September 2002
Slide 2: Sonae SGPS Business Portfolio
SONAE SGPS BUSINESS PORTFOLIO SONAE SGPS 95.41% 50.01% 75.28% * 67.04% 82.79% 100% Sonae Modelo SonaeCom Sonae Indústria Continente Sonae Imobiliária Capital Wood Based Panels Food Retail Shopping Centres Telecommunications Tourism Non Food Retail Services Packaging Pulp&Paper S. I. PROPERTY S. I. D
Slide 3: Sonae SGPS Vision and Mission
SONAE SGPS VISION AND MISSION Sonae SGPS manages a portfolio of diversified businesses by setting strategic guidelines and objectives, monitoring their performance, fostering synergies between them and identifying new business opportunities. Each business is run by a fully dedicated management team
Slide 4: Sonae SGPS Worldwide Presence
SONAE SGPS WORLDWIDE PRESENCE North America Europe Canada Portugal Spain U.K. France Germany Greece Italy South America Africa Brazil South Africa Mozambique Assets (factories, stores, shopping centres,…) Gabon Admin. and sales offices 62 thousand people 18 countries #4
Slide 5: Business Portfolio Configuration
SONAE SGPS BUSINESS PORTFOLIO CONFIGURATION SONAE takes an active role configuring its business portfolio in three horizons Horizon 3: New businesses Horizon 2: Growth businesses Options for potential Horizon 1: future development Mature businesses High growth businesses with potential for strong pr
Slide 6: Current Sectorial Strategy
SONAE SGPS CURRENT SECTORIAL STRATEGY To concentrate resources on businesses with the highest value creation potential and where SONAE has or can achieve competitive leadership . Conclusion of the long and intensive investment plan Wood Based Panels . Improve operational margins in the countries whe
Slide 7: Business Portfolio Development: Capital Employed by Sector
SONAE SGPS BUSINESS PORTFOLIO DEVELOPMENT Euro millions Prospective Capital Employed 2002 - 2007 by Sector 4,483 6,560 C.A.G.R. ∆ CE (2002-2007) Tourism 2% 5% 197 ( + 23%) Telecoms 9% 11% • 8% C.A.G.R. in capital 324 ( + 12%) employed Wood Based 38% 29% 207 ( + 2%) • Strong increase in exposure Pane
Slide 8: Business Portfolio Development: Capital Employed by Geography
SONAE SGPS BUSINESS PORTFOLIO DEVELOPMENT Euro millions Prospective Capital Employed 2002 - 2007 by Geography C.A.G.R. 4,483 6,560 ∆ CE (2002-2007) Rest of the World 4% 3% 15 ( + 1%) 23% 18% Brazil 138 ( + 3%) • Increase in exposure in Other European countries 18% 23% 685 ( + 13%) Other Europe • Inc
Slide 9: Consolidated Results
SONAE SGPS CONSOLIDATED RESULTS Euro millions Nine months ended on 30 September 2002 30.09.02 30.09.01 Turnover 4,647.9 4,650.6 Operating Profit (EBIT) 127.2 125.5 Net Financial Charges (191.4) (131.3) Profit on Ordinary Activities (64.2) (5.8) Extraordinary Profits (7.2) 37.8 Associated Companies 5
Slide 10: Turnover – Nine Months 2002
SONAE SGPS TURNOVER – Nine months ended on 30 September 2002 Euro millions CONTRIBUTION BY SECTOR AND BY GEOGRAPHICAL AREA 6,386 5,751 Retailing 5,202 56% Brazil Portugal 19% 60% 4,651 4,648 Shopping 3,075 Centres 2,585 4% Rest of 2,255 Europe Telecoms 14% 12% Rest of the Wood Sonae World Based Capi
Slide 11: EBITDA – Nine Months 2002
SONAE SGPS EBITDA – Nine months ended on 30 September 2002 Euro millions CONTRIBUTION BY SECTOR 16.7 (8.0) 446.8 68.4 54.9 Brazil 30.6 Portugal 155.8 128.4 Wood Based Retailing Shopping Telecoms Sonae Capital Holding & TOTAL Panels Centres Others # 11
Slide 12: Profit Before Minority Interests
SONAE SGPS PROFIT BEFORE MIN. INTEREST Euro millions Nine months ended on 30 September 2002 CONTRIBUTION BY SECTOR (59.4) 16.2 3.2 (9.4) 44.5 (67.3) (72.2) Wood Based Retailing Shopping Telecoms Sonae Capital Holding & TOTAL Panels Centres Others # 12
Slide 13: Balance Sheet
SONAE SGPS BALANCE SHEET Euro millions Nine months ended on 30 September 2002 30.09.02 30.09.01 Fixed Assets * 5,261.9 5,228.9 Stocks 666.1 757.4 Debtors 1,040.7 946.4 Cash and short term investments 302.6 349.5 Accrued income and prepayments 583.1 563.5 Total Assets 7,854.4 7,845.7 Shareholders’ Fu
Slide 14: Total Assets – 30 September 2002
SONAE SGPS TOTAL ASSETS – 30 SEPTEMBER 2002 Euro millions 8,281 Shopping 7,874 7,854 Centres 13% 5,925 Retailing 25% Telecoms 4,944 19% Wood Based Holding & Panels Others 30% 13% 805 850 ** 1998 * 1999 * 2000 2001 3Q 2002 * Pro-forma accounts considering the merger between Sonae Investimentos and In
Slide 15: Gross Investment
SONAE SGPS GROSS INVESTMENT Euro millions Nine months ended on 30 September 2002 CONTRIBUTION BY SECTOR AND GEOGRAPHICAL AREA 42 10 588 106 Brazil 6% 260 Rest of Europe 44% 89 Portugal 80 49% Rest of the World 1% Wood Based Retailing Shopping Telecoms Sonae Capital Holding & TOTAL Panels Centres Oth
Slide 16: Net Debt – September 2002
SONAE SGPS NET DEBT – 30 SEPTEMBER 2002 Euro millions CONTRIBUTION BY SECTOR 909 3,692 82 562 506 925 706 Wood Based Retailing Shopping Telecoms Sonae Capital Holding & TOTAL Panels Centres Others # 16
Slide 17: Consolidated Financial Structure: Net Debt and Gearing
SONAE SGPS CONSOLIDATED FINANCIAL STRUCTURE Net Debt Net Gearing (values in Euro million) Net Debt / (Shareholders’ Funds + Minority Interests) 191% 187%215% 239% 282% 175% 171% 3,900 172% 3,692 159% 3,528 153% 3,377 3,497 149% 3,173 135% 131% 3,071 2,851 121% 124% 2,501 2,428 95% 93% 2,148 83% 1Q 2
Slide 18: Consolidated Financial Structure: Net Debt/EBITDA and Interest Cover
SONAE SGPS CONSOLIDATED FINANCIAL STRUCTURE Net Debt / EBITDA (a) Interest Cover (EBITDA / Interest Paid) 6.1x 6.0x 6.1x 5.8x 5.6x 5.6x 5.6x 5.7x 4.7x 4.5x 4.4x 3.6x 3.7x 3.0x 3.1x 3.0x 3.1x 2.3x 2.5x 2.4x 2.5x 2.1x 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Year 2000 Year 200
Slide 19: Consolidated Financial Structure by Business
SONAE SGPS CONSOLIDATED FINANCIAL STRUCTURE Euro millions To analyse Sonae’s debt position correctly it is not sufficient to simply look at the consolidated figures. The adequacy of the capital structure in each business of its portfolio can be summarised, as follows: Net Debt EBITDA (a) Net Debt /
Slide 20: Sonae Indústria
sonae indústria
Slide 21: Sonae Indústria Business Portfolio
SIR 100% Eurresinas PORTUGAL Poliface Resoflex 100% Tafiber Tafisa Espanha Taiber 100% Tafisa France SONAE INDÚSTRIA 98% Glunz AG 100% Tafisa UK TAFISA BUSINESS PORTFOLIO 91.23% (a) 67% Tafisa Canada SONAE INDUSTRIA 63% Tafisa Brasil 100% Tafisa South Ifloma Africa 50% Gescartão (65%) IMOCAPITAL # 2
Slide 22: Indústria Vision and Mission
SONAE INDÚSTRIA VISION AND MISSION Sonae Indústria is the one of the worldwide leading companies in the wood based panels industry. After concluding a long and intensive investment plan in 2001, 2002 has been the year of consolidation, towards the best capacity installed usage. Sonae Indústria promo
Slide 23: Development and Investment – Main Drivers
SONAE INDÚSTRIA DEVELOPMENT AND INVESTMENT - MAIN DRIVERS Main drivers of turnover growth and improvement in operational margins: – New production capacity 9 – Developing operational synergies 9 – Capacity usage optimisation and cost control 9 – Increase market share in high value added products mar
Slide 24: Indústria Global Presence
SONAE INDÚSTRIA GLOBAL PRESENCE Europe North America Portugal Canada Spain UK France Germany South America Africa South Africa Brazil Mozambique Gabon 39 Industrial sites in 10 Countries # 24
Slide 25: Wood Based Panels Production Capacity
SONAE INDÚSTRIA WOOD BASED PANELS PRODUCTION CAPACITY (‘000 cbm/year) 8,471 7,603 7,276 5,661 + 34% 1999 2000 2001 2002E # 25
Slide 26: Indústria Turnover by Product and Market
SONAE INDÚSTRIA TURNOVER – Nine months ended on 30 September 2002 By Product By Market Others Rest of the World Plywood 18% Portugal 7% 8% Value Added 13% Products 15% South Africa MDF Spain Hardboard 4% 23% 17% 2% South America 4% North America Surfaced Particleboard France 7% 25% 15% 14% UK OSB 7%
Slide 27: EBITDA Margin – Iberia and Rest of Europe
SONAE INDÚSTRIA EBITDA MARGIN – IBERIA AND REST OF EUROPE Iberia * France 18% 17% 17% 17% 16% 16% 16% 15% 15% 15% 14% 5% 4% 2% 1% 0,4% -2% -1% -1% -1% -1% -1% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Year 2000 Year 2001 Year 2002 Year 2000 Year 2001 Year 2002 UK Germany 11%
Slide 28: EBITDA Margin – Rest of the World
SONAE INDÚSTRIA EBITDA MARGIN – REST OF THE WORLD Canada Brazil 48% 44% 40% 38% 35% 32% 32% 32% 32% 29% 25% 23% 22% 20% 18% 22% 20% 20% 19% 17% 15% 13% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Year 2000 Year 2001 Year 2002 Year 2000 Year 2001 Year 2002 South Africa 27% 29% 2
Slide 29: Indústria Net Debt and Gearing
SONAE INDÚSTRIA CONSOLIDATED FINANCIAL STRUCTURE Net Debt Net Gearing (values in Euro million) Net Debt / (Shareholders’ Funds + Minority Interests) 243% 904 867 872 170% 806 822 159% 164% 768 777 148% 151% 151% 748 756 143% 706 131% 126% 121% 595 112% 111% 112% 107% 107% 96% 70% 1Q 2Q 3Q 4Q 1Q 2Q 3
Slide 30: Indústria Net Debt/EBITDA and Interest Cover
SONAE INDÚSTRIA CONSOLIDATED FINANCIAL STRUCTURE Net Debt / EBITDA (a) Interest Cover (EBITDA / Interest Paid) 6.8x 6.5x 5.9x 6.1x 5.6x 5.6x 5.3x 4.7x 4.3x 4.4x 4.1x 3.4x 3.1x 3.1x 2.8x 2.5x 2.4x 2.2x 2.3x 1.9x 2.1x 1.6x 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Year 2000 Yea
Slide 31: Sonae Produtos e Derivados Florestais
sonae produtos e derivados florestais
Slide 32: Produtos e Derivados Florestais – Pulp & Paper
SONAE PRODUTOS E DERIVADOS FLORESTAIS PUPL & PAPER SPDF * 100% SONAE WP 29.18% PORTUCEL, SA Main Operational Indicators of Portucel: - Produces BEKP (Bleached Eucalyptus Kraft Pulp) pulp and paper - Total pulp production capacity is approximately 1,220,000 tonnes/year. - Total uncoated woodfree pape
Slide 33: Sonae Distribuição
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Slide 34: Distribuição Business Portfolio
SONAE DISTRIBUIÇÃO BUSINESS PORTFOLIO MODELO CONTINENTE 100% 89.9% 100% Modelo SONAE Modelo DISTRIB. Continente BRASIL Continente Food Retail Portugal Food and Non-Food Retail Brazil Non-Food Retail BIG Continente Modalfa BIG Eletroeletrónico Modelo Worten Cândia (S.Paulo) Modelo Bonjour Max Mat (50
Slide 35: Distribuição Vision and Mission
SONAE DISTRIBUIÇÃO VISION AND MISSION Modelo Continente is the market leader in Portugal in food retail (hyper and mini-hyper formats). In Brazil, Modelo Continente is the leader in the Southern market and number 3 in the national ranking. Modelo Continente aims to expand its business frontiers, tak
Slide 36: Business Strategy – Value Creation
SONAE DISTRIBUIÇÃO BUSINESS STRATEGY – VALUE CREATION GROWTH VALUE PROPOSAL PORTUGAL Market share consolidation in hypers Supply chain integration and mini-hypers Category management Development of neighbourhood and more convenience formats Information systems development Synergic develo
Slide 37: Distribuição Current Position – September 2002
SONAE DISTRIBUIÇÃO CURRENT POSITION – 30 September 2002 Brazil y Hypers and Supers y South Region Market Leader (3rd National) y 178 stores (449,000 sqm) Portugal y 991 M.€ Gross Sales (2,395 M.R$) y Hypers and Supers y EBITDA/Net Sales 3.6% y Non food formats y Market Leader y 257 stores (414,000 s
Slide 38: Distribuição Business Portfolio by Format
SONAE DISTRIBUIÇÃO BUSINESS PORTFOLIO Nine months ended on 30 September 2002 Portugal Brazil 105 stores 298,000 sqm 1,654 M. € gross sales Continente Rio Grande do Sul Bonjour Paraná S. Paulo Modelo 165 stores Food based 439,000 sqm S. Catarina formats 975 M. € gross sales Worten BIG Eletroelectróni
Slide 39: Portugal – Modern Retail Market
SONAE DISTRIBUIÇÃO PORTUGAL – MODERN RETAIL MARKET Food based formats – Relative Market Share 32% 20% 12% 11% 11% 8% Sonae JM Intermarché Auchan Carrefour Lidl and Minipreço Source: UCDR’s Market Share; Modelo Continente estimates 12 month average, as of September 2002 Food based formats – Market Dy
Slide 40: Portugal – Portfolio Analysis
SONAE DISTRIBUIÇÃO PORTUGAL – PORTFOLIO ANALYSIS (a) Gross sales (M. €) Sales Area (´000 sqm) EBITDA Margin (%) 9.5% 2,657 402 2,467 9.1% 414 387 327 8.8% 8.8% 1,982 1,886 2000 2001 3Q 2002 2000 2001 3Q 2002 2000 2001 3T 2002 (a) Maxmat is accounted for by the equity method of accounting. Thus its s
Slide 41: Portugal – Food and Non Food Formats
SONAE DISTRIBUIÇÃO PORTUGAL – PORTFOLIO ANALYSIS Gross sales (M. €) Sales area (´000 sqm) EBITDA margin (%) 9.4% 9.7% Food formats 2,235 293 2,119 9.1% 9.1% 262 298 283 1,620 1,654 2000 2001 3Q 2002 2000 2001 3Q 2002 2000 2001 3Q 2002 Non food formats 8.8% 422 109 6.6% 348 116 7.4% 105 7.1% 65 327 2
Slide 42: Brazil – Retail Market
SONAE DISTRIBUIÇÃO BRAZIL – RETAIL MARKET BRAZIL Total Area (‘000 km2) 8,514 Population (‘000) 169,799 GDP 2001 (b EUR) 564 per capita GDP (EUR) 3,320 North SÃO PAULO • Total Area (´000 km2) 248 • Population (´000) 37,032 (22% total) • GDP 2001 (b EUR) 197 (36% total) • per capita GDP (EUR)
Slide 43: Brazil – Relative Market Share
SONAE DISTRIBUIÇÃO BRAZIL – PORTFOLIO ANALYSIS Relative market share (3rd Quarter 2002) Rio Grande do Sul Paraná 338% 8% 21% 10% 35% 35% 15% 14% Sonae 2nd 3rd Sonae 2nd 3rd Santa Catarina São Paulo 36% 16% 16% 10% 38% 19% (…) 4% 4% 1st Sonae 3rd 1st 2nd Sonae (4th) # 43 MC estimates
Slide 44: Brazil – Portfolio Analysis
SONAE DISTRIBUIÇÃO BRAZIL – PORTFOLIO ANALYSIS Gross sales (M. €) Sales Area (´000 sqm) EBITDA Margin (%) 1,671 1,651 445 449 402 444 7.7% 7.4% 1,204 6.9% 991 3.6% 2000 2001 3Q 2002 2000 2001 3Q 2002 2000 2001 3Q 2002 # 44
Slide 45: Distribuição Net Debt and Gearing
SONAE DISTRIBUIÇÃO CONSOLIDATED FINANCIAL STRUCTURE Net Debt Net Gearing (values in Euro million) Net Debt / (Shareholders’ Funds + Minority Interests) 1,101 933 925 381% 884 897 860 789 316% 764 297% 728 284% 266% 643 524 204% 193% 96% 93% 91% 70% 75% 77% 82% 80% 64% 64% 43% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Slide 46: Distribuição Net Debt/EBITDA and Interest Cover
SONAE DISTRIBUIÇÃO CONSOLIDATED FINANCIAL STRUCTURE Net Debt / EBITDA (a) Interest Cover (EBITDA / Interest Paid) 5.1x 4.9x 4.5x 4.4x 4.0x 4.0x 3.8x 3.5x 3.5x 3.3x 3.1x 2.8x 2.9x 2.8x 2.9x 2.7x 2.5x 2.5x 2.4x 2.2x 2.4x 1.7x 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Year 2000
Slide 47: Business Strategy – Outlook
SONAE DISTRIBUIÇÃO BUSINESS STRATEGY – OUTLOOK GROWTH VALUE PROPOSAL Strengthening of leadership Increase in operational in the food based market efficiency Take advantage of the Turn the customer potential of non food based relationship into a competitive formats advantage # 47
Slide 48: Sonae Imobiliária
SONAE IMOBILIARIA sonae ile dilelar:
Slide 49: Business Portfolio – Iberia
SONAE IMOBILIÁRIA BUSINESS PORTFOLIO – IBERIA SONAE IMOBILIÁRIA Shopping Shopping Centres Centres Portugal Spain CascaiShopping1 (65)2 Centro Colombo1 (120)2 Parque Principado - Oviedo (25%) (70)2 CoimbraShopping (26)2 MaiaShopping (31)2 Plaza Mayor - Málaga (75%) (27)2 3 GaiaShopping1 (56)2 NorteSh
Slide 50: Business Portfolio – Rest of Europe and Brazil
SONAE IMOBILIÁRIA BUSINESS PORTFOLIO – REST OF EUROPE AND BRAZIL SONAE IMOBILIÁRIA Shopping Shopping Shopping Centres Centres Centres Southern Germany Brazil Europe Austria Shopping Penha (14%) Aegean – Greece (under dev.) - 2004 (60)1 3 DO Dortmund (90%) - 2005 (55)1 Shopping Franca (31%) Pylea Cen
Slide 51: Imobiliária Vision and Mission
SONAE IMOBILIÁRIA VISION AND MISSION Sonae Imobiliária is the dominant leader in the Portuguese market, in Shopping Centres development, management and investment. Focus efforts on other markets where it already operates, namely Spain, Greece, Italy, Germany, Austria and Brazil. Maintain a partnersh
Slide 52: Imobiliária Global Strategy
SONAE IMOBILIÁRIA GLOBAL STRATEGY Sonae Imobiliária is an international company with an emphasis in Europe and a strategy built around two vectors: FOCUS GROWTH Integrated view of the Shopping Maintain policy of joint-ventures and Leisure Centre industry and international diversification of acti
Slide 53: Imobiliária Shopping Centres
SONAE IMOBILIÁRIA SHOPPING CENTRES Number GLA ( ‘000 sqm) Shopping Centres in operation 13 597 Portugal Spain 6 302 Brazil 6 224 25 1,123 Shopping Centres under development Portugal 4 71 Spain 5 146 Greece 2 107 Rest of Europe 3 109 Brazil 1 22 15 455 Shopping Centres under management Portugal 866 S
Slide 54: Partnership Approach – Portugal
SONAE IMOBILIÁRIA PARTNERSHIP APPROACH - PORTUGAL With the objective of sharing risk and return but also know-how, Sonae Imobiliária has adopted a partnership approach and has established joint-ventures for the development and investment in properties: % Sonae Centers Partners Countries Imobiliária
Slide 55: Partnership Approach – Spain
SONAE IMOBILIÁRIA PARTNERSHIP APPROACH - SPAIN % Sonae Centers Partners Countries Imobiliária Plaza Mayor, Malaga, Spain 75% Castle Management (25%) UK Grupo LAR Grosvenor (25%) Spain Parque Principado, Oviedo, Spain 25% Whitehall Fund (50%) USA Avenida M 40, Madrid, Spain 60% Grupo Eroski Spain Tol
Slide 56: Partnership Approach – Rest of Europe and Brazil
SONAE IMOBILIÁRIA PARTNERSHIP APPROACH – REST OF EUROPE AND BRAZIL % Sonae Centers Partners Countries Imobiliária Parque D. Pedro, SP, Brazil 97.6% Enplanta Engenharia Brazil 3DO, Dortmund, Germmany 90% Westdeutsche Immobilien Bank Germany Bautrager Austria Immobilien (BAI) Vienna Mitte, Vienna, Aus
Slide 57: Development – Portugal
SONAE IMOBILIÁRIA DEVELOPMENT - PORTUGAL The total of projects under development as at 30/09/2002 corresponds to an investment of 1,175 M.€, of which 844 M.€ are attributable to Sonae Imobiliária, as follows: 71 M.€ , in Portugal, Setúbal Retail Coimbra Retail CascaiShopping Estação Viana Parque Atl
Slide 58: Development – Spain
SONAE IMOBILIÁRIA DEVELOPMENT - SPAIN 144 M.€ , in Spain, Avenida SPAIN Málaga Outlet Pinto Toledo Shopping Zubiarte M 40 Location Málaga Madrid Madrid Toledo Bilbao Opening Date Spring 2004 Spring 2003 Spring 2003 Spring 2004 Spring 2004 GLA (sqm) 16,700 45,500 47,095 35,000 21,600 Gross Investment
Slide 59: Development – Rest of Europe
SONAE IMOBILIÁRIA DEVELOPMENT - REST OF THE EUROPE 600 M.€, in the rest of Europe,... Aegean Pylea 3 DO OTHER EUROPEAN MARKETS Brescia Centre Vienna Mitte Park Centre Dortmund Dortmund, Location Athens, Greece Salonica, Greece Brescia, Italy Vienna, Austria Germany Opening Date Spring 2004 Spring 20
Slide 60: Development – Brazil
SONAE IMOBILIÁRIA DEVELOPMENT - BRAZIL and 29 M.€ in Brazil. BRAZIL Boavista Shopping Location Campinas (SP), Brazil Opening Date October 2003 GLA (sqm) 22,000 Gross Investment (Euro) 30.0 million Sonae Imobiliária’s shareholding 97.5% # 60
Slide 61: Shopping Centre Performance
SONAE IMOBILIÁRIA SHOPPING CENTRE PERFORMANCE Gross Lettable Area (000 sqm) Average Monthly Sales per sqm YTD (EUR) 120 Centro Colombo 435 110 Parque Dom Pedro * 242 72 NorteShopping 425 65 CascaiShopping 442 57 Arrábida Shopping * 438 56 GaiaShopping 274 48 Vasco da Gama 418 42 AlgarveShopping 280
Slide 62: Sales Growth YTD
SONAE IMOBILIÁRIA SALES GROWTH YTD Nine months ended on 30 September 2002 GuimarãesShopping 16% NorteShopping 14% Sintra Retail Park 17% Viacatarina 15% MaiaShopping 12% CascaiShopping 5% GaiaShopping 11% CoimbraShopping 5% Vasco da Gama 5% Centro Colombo 3% # 62
Slide 63: Imobiliária Management
SONAE IMOBILIÁRIA MANAGEMENT Sonae Imobiliária manages 1,529 thousand sqm of GLA in Portugal, Spain and Brazil: a growth of 46.7% compared to 2001 Managed GLA trend (000's sqm) GLA under management by geographical area Average increase of 1,529 154 thousand sqm of GLA / Year Brazil 15% 1,128 959 893
Slide 64: NAV of Total Properties and Loan to Value
SONAE IMOBILIÁRIA CONSOLIDATED FINANCIAL STRUCTURE NAV of Total Properties Loan / Value (values in Euro million) (NAV of Sonae Imobiliária’s share) 934 958 752 36% 35% 643 29% 459 22% 379 13% 12% 1997 1998 1999 2000 2001 1H 2002 1997 1998 1999 2000 2001 3Q 2002 # 64
Slide 65: Imobiliária Net Debt and Gearing
SONAE IMOBILIÁRIA CONSOLIDATED FINANCIAL STRUCTURE (a) Net Debt Net Gearing (values in Euro million) Net Debt / (Shareholders’ Funds + Minority Interests) 600 217% 469 467 160% 436 153% 424 420 148% 141% 406 141% 130% 119% 336 112% 319 105% 289 97% 258 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q
Slide 66: Imobiliária Net Debt/EBITDA and Interest Cover
SONAE IMOBILIÁRIA CONSOLIDATED FINANCIAL STRUCTURE (a) Net Debt / EBITDA (b) Interest Cover (EBITDA / Interest Paid) 8.2x 6.8x 6.1x 5.8x 5.7x 5.6x 5.7x 5.6x 5.4x 5.0x 5.1x 3.6x 3.5x 3.6x 3.4x 3.1x 3.0x 3.0x 2.9x 2.7x 2.5x 2.6x 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Year 20
Slide 67: Sonae Com
sonae com
Slide 68: SonaeCom Business Portfolio
SONAE COM BUSINESS PORTFOLIO SONAECOM (1) 45.89% 56.67% 100% 100% Software Multimedia and Mobile Fixed and Internet Systems Integration Optimus Novis Publico We Do Consulting (100%) Clix (56.67%) Enabler (100%) 20.00% 43.33% 43.33% France Telecom (1) 51.88% of voting rights # 68
Slide 69: SonaeCom Vision and Mission
SONAE COM VISION AND MISSION SonaeCom aims to be the recognized expert leading alternative communications services provider in Portugal to corporate, SME, residential and wholesale customers offering mobile, fixed and internet access as well as applications and content. To achieve this goal and to s
Slide 70: SonaeCom Current Position of Business
SONAE COM CURRENT POSITION OF BUSINESS Optimus - is the third mobile operator to start business in Portugal with a market share of 22.3%. Optimus aims to lead the development of new mobile data and content markets. Novis - is concentrating its efforts on winning new customers equally between direct
Slide 71: SonaeCom Looking Forward
SONAE COM LOOKING FORWARD CONTEXT STRATEGIC GUIDELINES . Entrance of a 4th mobile operator . SonaeCom will achieve growth in turnover and improve operating profitability . Changes in interconnect rates . SonaeCom will continue to seek . Effective competition in fixed market ways of reducing costs wi
Slide 72: SonaeCom Active Customers
SONAE COM SONAECOM – ACTIVE CUSTOMERS Active customers continue to grow quarter on quarter. At the end of 3Q 02, SonaeCom’s total client base amounted to circa 2.5 million active customers. 2,487 2,405 2,432 2,326 60 51 56 Clix Público 2,153 54 233 236 244 2% 1,971 56 232 128 10% 140 143 1,814 216 1
Slide 73: SonaeCom Total Traffic Data
SONAE COM SONAECOM – TOTAL TRAFFIC DATA Between mobile and fixed voice, Internet and data traffic, SonaeCom generated more than 3.8 billion minutes of traffic in the first nine months of 2002. 1,323 1,258 1,287 1,221 1,173 1,105 473 Clix 425 987 463 33% 433 469 417 395 167 212 129 168 130 Optimus 12
Slide 74: Optimus – Subscriber Growth and Market Share
SONAE COM OPTIMUS – SUBSCRIBER GROWTH AND MARKET SHARE Optimus subscribers, EOP (000’s) Overall market share, EOP (000’s) Optimus Vodafone TMN 2,063 1,970 2,000 1,916 1,791 4,223 4,671 4,931 5,193 5,768 6,664 7,136 7,561 8,083 8,608 8,790 8,956 9,245 1,650 1,511 1,410 46% 45% 45% 45% 45% 44% 44% 44%
Slide 75: Optimus – ARPU
SONAE COM OPTIMUS – ARPU 40 ARPU (Euro/sub/month) 36 32 Optimus Euros Vodafone 28 TMN 24 20 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Year 1999 Year 2000 Year 2001 Year 2002 Year 1999 Year 2000 Year 2001 Year 2002 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Optimus 31.0 30.2 29.5 31.9 33.3 33.9 29.7 2
Slide 76: Novis – Network and Market Penetration
SONAE COM NOVIS – NETWORK AND MARKET PENETRATION Altnet Market Share Business Segment Current Network Roll-Out Total Novos Operadores Novis Jazztel Oni Vodafone Outras 24,4 Fibre Backbone Kms (EOP) 23,4 23,5 19,4 19,2 19,9 Extension 1,525 18,9 18,8 17,4 Fibre Pairs Installed 4,043 14,8 11,8 8,3 MAN
Slide 77: Novis – Traffic on Novis Network
SONAE COM NOVIS – TRAFFIC ON NOVIS NETWORK (million of minutes) 685 Internet Voice 631 598 592 2,194 563 544 254 1,908 489 379 1,435 56 1,940 1,529 1,378 Year 2000 Year 2001 3Q 2002 1Q 2Q 3Q 4Q 1Q 2Q 3Q Year 2001 Year 2002 Novis generates 600 million minutes of traffic on its network every quarter.
Slide 78: Matrix – Internet and Multimedia
SONAE COM MATRIX – INTERNET AND MULTIMEDIA Clix Active Dial-up users and connection time Pageviews per month (millions) Active Dial-up users Total minutes connection time 250 500 Clix Publico.pt 473 469 463 12 433 425 450 417 232 244 233 12 12 395 12 200 216 400 370 236 12 203 189 12 350 306 309 177
Slide 79: Financial Progress – Turnover
SONAE COM FINANCIAL PROGRESS Euro millions Turnover – Stand alone Accounts Optimus 171 Novis 40 39 166 161 155 37 37 146 143 131 134 125 109 25 93 23 21 19 10 7 6 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Year 2000 Year 2001 Year 2002 Year 2000 Year 2001 Year 2002 Clix * Publ
Slide 80: Financial Progress – EBITDA
SONAE COM FINANCIAL PROGRESS Euro millions EBITDA Eliminating SAC deferral – Stand alone Accounts Optimus Novis 41 34 33 24 21 17 17 -4 15 16 -5 12 -8 -7 -8 5 -11 -11 -12 -12 -14 -14 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Year 2000 Year 2001 Year 2002 Year 2000 Year 2001 Y
Slide 81: Financial Progress – CAPEX
SONAE COM FINANCIAL PROGRESS Euro millions CAPEX (excl. capitalised costs) * Optimus Novis Matrix 131 ** 16 11 11 11 3.4 10 54 8 8 2.4 2.4 2.1 6 5 4 1.5 32 25 26 27 23 1.0 21 19 20 21 3 1.0 0.9 0.5 0.1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Ye
Slide 82: SonaeCom Net Debt and Gearing
SONAE COM CONSOLIDATED FINANCIAL STRUCTURE Net Debt Net Gearing (values in Euro million) Net Debt / (Shareholders’ Funds + Minority Interests) 548 572 513 472 467 129% 457 124% 429 115% 116% 380 100% 104% 348 95% 86% 91% 89% 82% 86% 79% 81% 74% 58% 216 35% 142 23% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q
Slide 83: SonaeCom Net Debt/EBITDA and Interest Cover
SONAE COM CONSOLIDATED FINANCIAL STRUCTURE Net Debt / EBITDA (a) Interest Cover (EBITDA / Interest Paid) 10.8x 9.5x 9.2x 8.2x 8.2x 7.7x 6.5x 5.1x 4.9x 4.2x 4.2x 3.7x 3.7x 3.1x 3.2x 2.5x 2.6x 1.9x 2.1x 1.5x 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Year 2000 Year 2001 Year 2002 Year
Slide 84: Sonae Capital
sonae capital
Slide 85: Sonae Capital Business Portfolio
SONAE CAPITAL BUSINESS PORTFOLIO SONAE CAPITAL Spred Spinveste Choice Car Invicta Capitais Turismo Privados Hotel Management Joint -Ventures Construction, Car Hire Transport Resort Manag. & & Risk Capital Real Estate & Retailing & Services Develop. & Engineering Leisure Fitness & Sport Travel Solinc
Slide 86: Sonae Capital Vision and Mission
SONAE CAPITAL VISION AND MISSION Sonae Capital concentrates its strategic investments within sectors undergoing consolidation. Sonae Capital develops businesses to take a leading role in their industries. Sonae Capital generates options and future opportunities OBJECTIVE Add value and take advantage