For Sonae 2016 was a year of
significant progress in the implementation of corporate strategy and in the
diverse areas of activity, culminating in important results in terms of growth
and strengthening of competitive positions in main businesses.
Considering the companies we
control or co-control, the turnover reached 7,100 million euros, growing more
than 6% y.o.y., and EBITDA surpassed 1,000 million euros, increasing 4,2% when
compared to the previous year. Total Capex reached almost 900 million euros.
We evolved towards an
organisation of more autonomous, agile, and focused business areas, capable of
better responding to the speed of change in the markets in which they operate.
We paid particular attention to the strengthening of retail businesses,
shopping centres and telecommunications, never, however, neglecting investment
in avenues of growth that capitalise on the existing asset base and which
further the development of competencies aligned with trends and needs of the
markets of the future.
In retail, we surpassed 5,000
million euros in turnover for the first time, enjoying positive contributions
from all businesses (even excluding acquisitions), and we increased the quality
of the portfolio with the inclusion of Salsa and Go Natural, as well as with
other participations of smaller dimension, which, however, bring with them high
levels of competence in e-commerce, data analytics or energy management.
Furthermore, it was also possible to negotiate an agreement with JD Sports for
the creation of a strong Iberian sports operator, which will benefit from the
dimension and strongly complementary contributions of each of the integrating
At Sonae Sierra, we
successfully continued the strategy of reducing capital allocated to mature
assets for further investment in new shopping centres and acquisition of
minority participations in funds that enhance our services business and the
growth in the number of shopping centres under management. In this context, we
highlight the opening of ParkLake Plaza shopping centre, with an innovative and
outstanding concept that has introduced new standards in the Romanian market
and received significant international recognition.
At NOS, we maintained our
capacity to grow and improve profitability while simultaneously continuing to
lead the evolution of telecommunications in Portugal, promoting valuable
solutions for our customers and the entire value chain in this sector of
crucial importance for the competitiveness of any country.
In the Investment Management
division, we acquired relevant positions in three important investment funds
with participations in some of the most promising Portuguese companies in the
technology sector, such as Outsystems or Feedzai, while at the same time we
further created an organisation capable of managing companies in diverse phases
of their business life-cycle and in which the participation in global market
consolidation movements presents a solid promise of value generation.
All this was achieved in a
year in which we continued to reinforce our capital structure, as net debt was
again reduced, along with the reduction of its cost and increased maturity.
We are thus fully aware that we enter 2017 as a
better, stronger company, enjoying an improved portfolio and increasingly
comfortable with our strategy. However, we know that our greatest confidence
lies in the quality and dedication of our people who, every day, assuming with
ease the values of Sonae, dedicate themselves to the accomplishment of the
mission which inspires us.
Co-CEO of Sonae