1st Quarter results
13 May 2016
Sonae’s first quarter 2016 was marked by the growth in the activity levels of the largest business units (Retail - 6% and Telecommunications - 8%), along with a significant increase in sales productivity on a Like-for-like basis.
Even after taking into consideration the favourable effect of an early Easter and the leap year, the results are very positive in view of the slowdown in economic growth in the Iberian Peninsula and the highly aggressive competitive environment prevalent in these sectors.
Equally important was the conclusion of the sales operations of real estate assets in the amount of approximately 400 million euros, in line with the capital recycling strategy of Sonae Sierra and Sonae RP so as to strengthen the development efforts of the new projects.
Additionally, an increased international exposure is evident by the 18% growth in sales outside of Portugal and by the growing weight of capital employed in external markets, which now represents almost 20% of total.
Despite the strong increase in investment, consolidated debt fell by nearly 170 million euros in relation to the same quarter last year, a period in which our team grew by more than 1,800 people.
Co-CEO da Sonae