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Annual Report       PRESENT IN A BETTER FUTURE ANNUAL REPORT PRESENT IN A BETTER 04 06 104 FUTURE MESSAGE FROM THE CEO MANAGEMENT TEAM APPENDIX In this Integrated Annual Report, Sonae MC sought to bring together fi nancial and non-fi nancial disclosures, with respect to the development of its business activities throughout 2020. The present document is organized in four main sections. 08 THE YEAR IN REVIEW The fi rst section, contextualizes the year's most notable events. It 1. Sonae MC at a glance 10 starts by presenting a brief outlook over Sonae MC today's Businesses, 2. Our response to COVID-19 12 followed by the details on the Company's response to the COVID-19 3. Our market 16 pandemic, as well as other aspects related to market evolution and 4. Our strategic pillars 18 consumption trends. At last, it summarizes the medium and long term 5. Our model of value creation 20 strategic guidelines, the value creation model and the performance 6. 2020 performance 22 achieved throughout the exercise. The second section presents the initiatives developed and the 70 progresses made in the sustainability area, within the activity pillars FINANCIAL STATEMENTS of Environment, Community and People. It ends with the GRI reporting 28 1. Consolidated fi nancial statements 74 standards. SUSTAINABLE 2. Separated fi nancial statements 76 DEVELOPMENT 3. Statutory Audit report 78 1. Our stakeholders 30 The third and fourth sections publish, respectively, the year's 4. Report and opinion of the Statutory Audit Board 86 consolidated and separated fi nancial statements and the Corporate 2. Our compromise with sustainability 32 Governance's essential principles and practices. 3. Our progresses 34 4. Key pillars of activity 36 This Report refers to activities carried out during the 2020 fi nancial 5. GRI reporting standards 62 90 year (1st January to 31st December). CORPORATE GOVERNANCE PRINCIPLES AND PRACTICES 1. Corporate governance model 92 2. Remuneration policy 94 3. Intern control and risk management 96 Translation adapted from the Portuguese original. In the event of any discrepancy the Portuguese version shall prevail. 02|03 A YEAR OF RESILIENCE The year 2020 will go down in history on account of one of the biggest With regards to operating profi t, the Company maintained international We also maintained an active role in supporting national production, challenges modern societies have ever had to face. In a sudden benchmark levels, preserving a stable and resilient margin. Against promoting a more transparent and sustainable supply chain, and raising and unexpected way, the COVID-19 virus spread across the globe, an adverse backdrop, we also remained on track with strengthening awareness regarding conscientious choices. Furthermore, the support shattering beliefs, and profoundly affecting people, companies, and our capital structure, which remained solid. We ensured a signifi cant we provided to local Communities was one of the cornerstones of our nations. The momentous public health crisis which ensued brought liquidity cushion which guarantees enhanced fl exibility in managing and crisis response. It was led by Missão Continente (Continente Mission) unimaginable hardships, requiring phenomenal resilience from all. developing our Businesses in the future. and complemented by other unprecedented large-scale campaigns. In light of such an emergency, the food retail sector led the way in Throughout 2020, we sought to fi nd a balance between a tactical Our People remained at the forefront of our concerns, and 2020 was responding to the health and economic crisis. Sonae MC rose to the response to sudden changes in the environment in which we operate punctuated by several initiatives to protect and offer direct aid to our challenge and took charge of its responsibilities with earnestness and and fulfi lling our strategic priorities guided by a medium to long-term workforce, namely teams who worked on the front lines. We sustained determination by implementing substantial changes to its operating transformation which is expected to occur in this industry. In this the momentum of developing initiatives to stimulate an increasingly model to guarantee the safety of its Employees and Customers, sense, we remained focused on developing an increasingly distinctive more inclusive and diverse work environment and culture in line safeguard the supply chain, and secure continuity of its Businesses in value proposition, seizing new profi table growth opportunities, with our Employees’ values and expectations and enhance individual addition to supporting its partners and local Communities. expanding the Business portfolio with formats complementary to each capabilities to promote the common good. other, digital transformation, and the consolidation of our omnichannel Under extremely strenuous conditions, our teams were relentless in presence in addition to optimising our operating model with a view to In closing, at the beginning of 2021, Portugal began a new total their commitment to providing excellent service and ensuring access to maintaining best-in-class effi ciency levels. lockdown, and the coming months will continue to be challenging. We food and essential items in a safe environment. The vital role we took remain optimistic and circumspect, mindful of the fact that uncertainty on in supporting Portuguese families was commended and rewarded On another note, the pandemic became a defi ning moment and continues to loom on the horizon and that the pandemic has not yet through unfaltering confi dence and reinforced Customer recognition. magnifi ed the importance of values and purpose in organisations. Of reached its turning point. For now, we will continue to prioritise the even greater signifi cance, our priorities within the scope of sustainable safety of our Employees and Customers, notwithstanding keeping a In 2020, Sonae MC managed to maintain the positive momentum of development were top of our agenda and at the centre of our decision- watchful eye on the direction in which our industry is heading. recent years and achieved the highest growth fi gures of the past years. making processes, evidenced in various initiatives spanning our three The company also gained market share and cemented its unequivocal priority areas of intervention: Environment, Community, and People. We We look ahead at 2021 with a feeling of motivation and confi dence. leadership status. The performance during the period secured a believe this is the only way in which we can create a common alignment The Company is committed to remaining at the forefront of innovation, turnover which for the fi rst time exceeded the 5 billion Euro mark, amongst our stakeholders, sharing economic, social, and natural value revolutionising the food retail sector in Portugal, and making a supported by excellent like-for-like sales, namely in the food retail while contributing to ever-lasting results. difference in Portuguese families' lives. formats, fulfi lment of our expansion plans, and unparalleled growth in our online channel. In 2020, we remained on course with our initiatives centred on the Together, we Stand in Resilience. Leading the way towards a better decarbonization of the energy matrix in reducing the environmental future. impacts of our business activities and transitioning to a circular economy. LUÍS MOUTINHO CEO 04|05 MANAGEMENT Luís Moutinho Rui Almeida CEO CFO AND EXPANSION TEAM Sonae MC leadership team is responsible for the current management of the Businesses. David Alves Isabel Barros NON-FOOD TRADE AND E-COMMERCE HUMAN RESOURCES AND SUSTAINABILITY João Afonso José Fortunato FOOD TRADE STORE OPERATIONS, MARKETING AND DIGITAL Miguel Águas Miguel Moreira LOGISTICS AND HEALTH, WELLNESS & BEAUTY IT 06|07 08 STRENGTHENED SONAE MC LEADERSHIP We strive to be at the innovation forefront, predicting tendencies and leading the way in I. A GLANCE AT the retail industry's revolution. This modus operandi enables us to continuously adapt our value proposition to our Customers' expectations and preferences, evolving recurrently. We affi rm our leadership status via our banners and reference brands which are appreciated and loved by Portuguese families. SONAE MC FOOD RETAIL AT A GLANCE URBAN LARGE PROXIMITY HYPERMARKETS SUPERMARKETS SUPERMARKETS 41 STORES 142 STORES 131 STORES Sonae MC opened its fi rst hypermarket in 1985, thus setting the stage to become the leader in Portugal's food + YEARS retail sector. The Company has capitalized on a 35-year 35 EXPERIENCE IN RETAIL SECTOR track record of sound and sustained growth. E-COMMERCE PLATFORM FRANCHISED 157 CLICK&GO PROXIMITY STORES Today, Sonae MC operates across several Business COLLECTION POINTS 289 STORES segments that complement each other through a multi- + format and omnichannel portfolio of reference formats. HEALTH, WELL-BEING AND BEAUTY 1.300STORES The Company's value proposition centres on food retail solutions. It is complemented by an array of other + development avenues such as health, well-being, and HEALTH, WELLBEING, DENTAL AND AESTHETIC ORGANIC SUPERMARKETS PARA-PHARMACY 35.000EMPLOYEES beauty, to name a few, thus offering Customers an all- BEAUTY AND OPTIC MEDICINE AND RESTAURANTS AND PERFUMERY 281 STORES 22 CLINICS 12 STORES 54 STORES encompassing offering. 37 RESTAURANTS + M€ Sonae MC operates more than 1,300 stores throughout NEW GROWTH BUSINESSES 5.100 TURNOVER Portugal and northern Spain. Its mission is to serve families daily by providing a responsible and comprehensive product offerings and quality services at competitive
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