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... AND WHILE REDUCING NET DEBT DELTA VS. SQLY NET DEBT 335 3,221M€ 52 -79 -299 -258 Q2 Q3 Q4 Q1 Q2 14
4. PERFORMANCE OF THE BUSINESSES OF THE BUSINESSES 15
Page 1 and 2: GLOBAL CONSUMER & RETAIL CONFERENCE
Page 3 and 4: WE ARE A RETAIL COMPANY • Market
Page 5 and 6: 2. STRATEGIC DIRECTIONS DIRECTIONS
Page 7 and 8: WHAT ARE OUR STRATEGIC TARGETS? ROE
Page 9 and 10: WHAT ARE OUR STRATEGIC TARGETS? REA
Page 11 and 12: IN 1H10 WE CONTINUED TO DELIVER PRO
Page 13: WHILE INVESTING IN FUTURE GROWTH GR
Page 17 and 18: SONAE MC KEY ACTION DRIVERS CONSOLI
Page 19 and 20: LEADERSHIP HAS ENABLED GROWTH AND P
Page 21 and 22: PERFORMANCE REFLECTS THE STRONG AND
Page 23 and 24: PERFORMANCE REFLECTS OUR OPERATIONA
Page 25 and 26: 4.2. GROWTH AND INTERNATIONAL EXPAN
Page 27 and 28: SONAE SR KEY ACTION DRIVERS ... STR
Page 29 and 30: IN THIS 1H10 WE MAINTENED GROWTH AN
Page 31 and 32: INTERNATIONAL EXPANSION EFFORT IMPA
Page 33 and 34: 4.3. RETAIL REAL ESTATE ASSET MANAG
Page 35 and 36: 4.4. 4 GOOD PERFORMANCE OF THE CORE
Page 37 and 38: EBITDA GROWS 9% AND CASH FLOW IS PO
Page 39 and 40: TURNOVER GREW BY 6% WITH RETAIL UNI
Page 41 and 42: DIRECT NET PROFITS INCREASED BY 89%
Page 43 and 44: INVESTMENT TOTALED 191M€ REFLECTI
Page 45 and 46: MAJOR IMPROVEMENT IN DEBT RATIOS EB
Page 47 and 48: OUTLOOK FOR 2010 Continue profitabl
Page 49: SONAE AN ATTRACTIVE INVESTMENT OPPO

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