Sonae Capital’s losses worsen to €14.36M with impact of pandemic
The company's losses worsened to 14.36 million euros in the first half of the year, compared to a negative 2.89 million euros in the same period.
Sonae Capital’s losses worsened to 14.36 million euros in the first half of the year, compared to a negative 2.89 million euros in the same period, due to the impact of the Covid-19 pandemic, said the company.
“The Covid-19 pandemic had a significant impact on most companies worldwide and Sonae Capital was no exception. The declaration of a State of Emergency in Portugal between March and May led to the suspension of several operations, namely in the Fitness, Hotel and Troia Operations segments, which was reflected in the operating and financial results of the first half of 2020. The month of June was marked by the progressive start of most operations, even though strongly conditioned by the pandemic,” the group said in a statement.
Nevertheless, the consolidated turnover of the company was 136.8 million euros in the first half of 2020, an increase of 72.8% compared to 79.2 million euros in the same period last year.
In turn, turnover of the business units was 129.3 million euros, up 91% on 67.7 million euros in the same period last year, a performance that benefited from the contribution of the trading and supply business, in the Energy segment, which was driven by the integration of Futura Energía Inversiones, a Spanish company acquired in the third quarter of 2019, Sonae Capital said.
Consolidated EBITDA (earnings before interest, taxes, depreciation, and amortisation) fell 68% in the first half to 5.26 million euros, the group said.
“Sonae Capital continued to develop its strategy, with gross investment reaching 12.8 million euros in the first half of 2020, due to ongoing investments in the Energy segment, namely in the final phase of the development of the biomass cogeneration plant in Mangualde, in the expansion plan of the Fitness segment and the refurbishment of the Porto Palácio Hotel and Aqualuz Tróia facilities,” the company said.
“In terms of financial strength, at the end of June Sonae Capital had liquidity and credit lines amounting to 81.3 million euros, which allows us to face the uncertain times that prevail with increased confidence,” the group said.
“As we anticipated, the second quarter of the year proved extremely challenging for Sonae Capital. The Fitness, Hotels and Troia Operations segments saw their operations suspended for most of the quarter and the Industrial Engineering and Real Estate segments saw, and will certainly continue to see, their activity affected by the climate of uncertainty on an overall scale. The Energy segment, the most resilient in our portfolio, has not recorded direct material impacts,” said the company’s CEO, Miguel Gil Mata, quoted in the same statement.