Q2 2024 Sonae SGPS SA Earnings Call Transcript
Key Points
- Sonae SGPS SA (STU:YSON) reported a total turnover growth of 11% year-on-year to EUR4.3 billion, driven by strong performance in key segments.
- The company successfully completed significant acquisitions, including the integration of Mostkey and the acquisition of a majority stake in BCX Life Sciences, enhancing its portfolio.
- MC's underlying EBITDA margin improved by 10 basis points year-on-year to 9.3%, reflecting solid operational performance and efficiency gains.
- Worten achieved a 6.5% growth in total turnover, with a notable 14% increase in online sales year-on-year.
- Sierra's shopping center portfolio showed strong performance with tenant sales increasing by 5%, high occupancy rates above 98%, and footfall surpassing pre-pandemic levels.
- The company experienced a slight decrease in NAV this quarter due to lower market multiples in the ambient food retail sector.
- Worten's profitability was pressured in Q2, with underlying EBITDA remaining flat at EUR25 million and a 4.1% margin.
- Mostkey faced a challenging market context with a slowdown in demand, particularly in Finland, impacting its performance.
- Increased financing costs and higher taxes partially offset the positive operational performance, affecting the net result.
- The holding LTV reached 16%, slightly surpassing the desired cap of 15%, indicating a temporary increase in leverage.
Good morning. We welcome you to Sonae's First Half 2024 Results Conference Call. (Operator Instructions)
I will now hand the call over to Mr. Joao Dolores. Please go ahead, sir.
Good morning. Hi, everyone. Welcome to Sonae results conference call for the first half of 2024. And together with me, I have the Investor Relations team as usual, and also from red pixel from them about where from MP Louise, multiple axes from Sierra and power simulation from Barton.
I would like to start by giving you a brief update on our portfolio. Brief reminder of the number of transactions that were completed recently, we've made significant moves, as you know, in these first six months of the year and also ready and in Q three totaling more than EUR1 billion invested in new companies that have joined the portfolio in March. As you know, we integrated most key into our portfolio following the successful public tender offer launched at the end of 2023, which
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