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Sonae Capital - Key Takeaways from 4Q17 Results

5 Mar 2018


Sonae Capital disclosed on Friday after market close its 4Q17 results. Revenues fell by 11.1% y/y to €51.7mn, reflecting the Real Estate Assets (-58.3% y/y, due to the sale of UNOPs 7/8/9 in 2016). Energy (+28.5% y/y, driven by the evolution of energy and gas price indexes, as well as the contribution of the operations acquired), Fitness (+21.8% y/y, on the back of an increase in the number of active members, and the two clubs opened), Hospitality (+10.3% y/y, reflecting the improvement in occupancy rate and RevPar), and Refrigeration & HVAC (+5.5% y/y, which represents a recovery when compared to previous quarters) recorded solid increases y/y.

10 deeds of residential units in Troia Resort were signed in 4Q17 (29 deeds in FY17), above the 9 deeds registered in 4Q16. Since the beginning of the year, 5 additional deeds have already been closed, while 7 promissory purchase and sale agreements & reserves corresponding to €4.7mn remain in stock. Regarding other Real Estate Assets, promissory purchase and sale agreements on a diverse range of assets remain in the pipeline, totalling €4.5mn.

EBITDA stood at €2.7mn, against €17.2mn in 4Q16, reflecting the y/y decline in Real Estate Assets (€1.5mn in 4Q17 vs. €16.7mn in 4Q16). Energy (+81.8% y/y) showed a strong improvement in profitability, while Fitness were negatively impacted by the recent opened clubs. EBITDA margin reached 5.2% (vs. 29.5% in 4Q16).

Net losses reached €6.0mn in 4Q17 vs. a net profit of €5.3mn in 4Q16, reflecting the EBITDA performance (capital gains generated by Real Estate Assets sales in 2016), notwithstanding the increase in investment income and the improved financial results. Financial results improved by €0.1mn y/y in 4Q17, reflecting lower net debt and financing costs.

Net debt amounted to €109.4mn in 4Q17, up by €2.1mn q/q. 4Q17 capex stood at €3mn.