first nine months of 2018, Sonae continued to deliver a solid set of results
across its portfolio of businesses. Consolidated turnover growth stood at 7%
year-on-year, with positive contributions from all business units, and
underlying EBITDA increased 3.5% to 233 million euros. Net income grew 50% to
200 million euros driven by a strong increase in indirect income.
third quarter, Sonae MC continues to be worth highlighting, both due to the
strong turnover growth and to profitability stabilizing at benchmark levels.
During this period, the reorganization of participations and restructuring of
the new perimeter of this business unit was completed, achieving the objectives
of autonomy and agility, and allowing it to operate with a governance model
fully aligned with the best practices of listed companies. Unfortunately, Sonae
chose in October to withdraw its intention to float Sonae MC, due to
particularly adverse market conditions.
relevant and also in this quarter, Sonae completed the 20% stake acquisition of
Sonae Sierra, an important milestone to increase the international profile of
the group by reinforcing its participation and influence over this leading
player in the retail real estate sector. Notwithstanding this acquisition and
the consolidation of Sonae Sierra’s balance sheet, Sonae continued to
strengthen its capital structure and reduce its gearing levels.