Sonae Capital, SGPS, SA Lugar do Espido, Via Norte T (+351) 22 010 79 03 Share Capital 250,000,000 euro Sociedade Aberta Apartado 3053 – 4471-937 Maia F (+351) 22 010 79 35 Maia Commercial Registry and Portugal www.sonaecapital.pt Fiscal Nr. 508 276 756

INDEX

	REPORT OF THE BOARD OF DIRECTORS	3
	1. HIGHLIGHTS	4
	2. OVERALL PERFORMANCE	5
	3. SEGMENT PERFORMANCE	7
	4. INDIVIDUAL FINANCIAL STATEMENTS	10
	4. OWN SHARES	10
	GLOSSARY	11
	APPENDIX TO THE REPORT OF THE BOARD OF DIRECTORS	12
	CONSOLIDATED FINANCIAL STATEMENTS	17
	INDIVIDUAL FINANCIAL STATEMENTS	52
	LIMITED REVIEW REPORT	72

30 JUNE 2013

1. HIGHLIGHTS

OPERATIONAL PERFORMANCE IN THE SECOND QUARTER OF THE YEAR DENOTES SIGNIFICANT IMPROVEMENT…

Turnover grew 12.0%, to 30.0 M.€, driven by,
► Growth in Sistavac Group, namely in international operations (Brazil and export market)
► Increase in the number of rooms nights sold in troiaresort hotel units (+52%, mostly from international golf and groups segments occupancy) and Porto Palácio Hotel (+20%, mainly driven by MICE and corporate segments)
► Increased contribution from the Energy business (3 cogeneration facilities in 1H13 vs. 2 facilities in 1H12)
Positive 1.0 M.€ EBITDA (nil in 2Q12), following,
► Overall improvement in the Group's operational business segments, through increase in activity levels
► Efforts towards the optimization of cost structures, particularly in Sistavac Group, Hotels and Fitness (which continues to deliver positive EBITDA contribution in the quarter)

… AND CONTRIBUTES TO HALF YEAR RESULTS POSITIVE TREND COMPARED TO PREVIOUS YEAR

Turnover reaches 54.6 M.€, representing a 5.2% growth
EBITDA reaches positive 0.1 M.€, compared to -3.2 M.€ in 1H12
Net Financial Expenses improved 5.5%, to -5.3 M.€
Net Profit improved 6.8%, to -11.9 M.€

We highlight that as at the date of this report, and since the beginning of the year, sales efforts in troiaresort translated into 13 sales deeds, 9 promissory purchase agreements and 5 reservation agreements regarding real estate units, totaling 27 units.

2. OVERALL PERFORMANCE

Consolidated Profit and Loss
Million euro
			2Q13 2Q12 D 13/12 6M13 6M12 D 13/12
Total Operational Income			31,8 29,1 +9,5% 58,1 55,6 +4,5%
Turnover Other Operational Income	1,8		30,0 26,8 +12,0% 2,3 -20,0%	3,5		54,6 51,9 +5,2% 3,7 -5,4%
Total Operational Expenses			-30,4 -29,1 -4,4% -57,3 -58,5 +2,2%
Cost of Goods Sold Change in Stocks of Finished Goods External Supplies and Services Staff Costs Other Operational Expenses	-10,7 1,7 -8,9 -0,6	-0,9	-8,1 -32,1% -18,0 -16,0 -12,7% - -11,8 -10,7 -11,0% -21,8 -20,9 -4,3% -8,6 -3,5% -17,8 -18,4 +3,4% -0,8 +24,2%	1,3 -1,0	-1,9	- -1,3 +27,2%
EBITDA		1,0 0,0	-		0,1 -3,2	-
EBIT			-2,4 -3,7 +35,3% -6,5 -10,3 +36,7%
Net Financial Expenses Investment Income and Results from Assoc. Undertakings	-2,9 1,4	0,1	-2,4 -17,1% -	-5,3 3,0		-5,6 +5,5% 2,0 +48,1%
EBT			-3,8 -6,0 +35,8% -8,9 -13,9 +36,3%
Taxation	-1,6	0,1	-	-3,1		1,1 -
NET PROFIT			-5,5 -5,9 +6,7% -11,9 -12,8 +6,8%
Attributable to Equity Holders of Sonae Capital Attributable to Non-Controlling Interests	-5,7 0,2	-0,1	-5,8 +2,5% -11,9 -12,5 +4,2% -	0,0	-0,3	-

Consolidated Balance Sheet

Million euro
	6M13	2012	D 13/12
Total Assets	647.4	657.4	-1.5%
Tangible and Intangible Assets	249.3	253.9	-1.8%
Goodwill	61.0	61.0	-
Non-Current Investments	49.9	55.0	-9.2%
Other Non-Current Assets	49.6	48.3	+2.6%
Stocks	189.1	187.8	+0.7%
Trade Debtors and Other Current Assets	44.1	48.1	-8.4%
Cash and Cash Equivalents	4.3	3.2	+33.1%
Total Equity	314.4	324.0	-2.9%
Total Equity attributable to Equity Holders of Sonae Capital	306.0	315.2	-2.9%
Total Equity attributable to Non-Controlling Interests	8.4	8.7	-3.4%
Total Liabilities	332.9	333.5	-0.2%
Non-Current Liabilities	151.8	180.1	-15.7%
Non-Current Borrowings	130.9	158.7	-17.5%
Deferred Tax Liabilities	13.8	14.3	-3.5%
Other Non-Current Liabilities	7.1	7.1	0.5%
Current Liabilities	181.1	153.4	+18.1%
Current Borrowings	132.2	100.6	+31.4%
Trade Creditors and Other Current Liabilities	48.9	52.7	-7.3%
Total Equity and Liabilities	647.4	657.4	-1.5%

Turnover reached 54.6 M.€ in the half year, representing a 5.2% growth over the comparable period,

driven by the Sistavac Group and the Energy business.

Following this increase (and positively impacted by a 2.2% reduction in operational expenses), consolidated EBITDA reached positive 0.1 million euro in the half year, a significant improvement over the -3.2 million euro from the same period last year,

comprising an overall improvement in all business segments, and positive contributions from the Energy business (1.7 million euro), Sistavac Group (0.9 million euro) and Fitness (0.3 million euro).

Net profit in the half year was negative 11.9 million euro, corresponding to a 6.8% year-onyear improvement,

Net Profit 1H12	EBITDA	D&A	Net Fin. Expenses	Associated Undert./ Invest. Income	Taxation	Net Profit 1H13
-12.8	+3.3	+0.5	+0.3	+1.0	-4.2	-11.9

including a 1.0 million euro increase in results from associated undertakings / investments, mainly explained by Norscut contribution.

Net Capital Employed Million Euro
	6M13	2012	2011
Net Capital Employed	573.2	580.0	598.0
Capex in the Period	2.3	12.1	11.0
Working Capital	184.3	183.2	208.8
Equity	314.4	324.0	336.9
Net Debt	258.8	256.1	261.1
Net Debt / Capital Employed		45.15% 44.15% 43.66%
Gearing		82.30% 79.04% 77.50%

Capex amounted to 2.3 million euro in the first half of the year, and is mostly explained by the Energy business,

which contribution includes circa 1.3 million euro investment in a photovoltaic plant that will start operations in the last quarter of the year.

As at 30 June 2013, Net Debt was 258.8 million euro (243.5 million euro excluding debt from the Energy business),

with the Group proceeding with the objective of reducing the level of structural debt.

The 5.5% improvement in half year net financial expenses reflects the reduction in the funding cost and in the average debt level.

Following the policies and measures implemented to manage liquidity and bank relationship risks, the Group does not foresee any risks which may affect businesses as a going concern.

3. SEGMENT PERFORMANCE

SONAE TURISMO

Sonae Turismo's turnover reached 15.6 million euro, posting a marginal decrease (1%) compared to the first half of 2012 and diverse performance in each business segment.

EBITDA was negative 3.9 million euro, with improved contributions from all operational business segments, consistent with the previous quarter's trend.

1H12		Resorts Fitness	Hotels	Others	1H13
-6.0	+0.8	+0.8	+0.9	-0.3	-3.9

RESORTS

As at the date of this report, real estate contracts signed regarding residential units in troiaresort include 13 sales deeds (9 until 30 June),

9 promissory purchase agreements, and 5 reservation agreements (the latter including the payment of a reservation fee).

FITNESS

First half results confirm the success of the Solinca's brand repositioning strategy and of the more competitive commercial approach (covering, among other initiatives, cross-selling campaigns).

Recent business strategic options led to a 38% increase in the number of active members, compared to the same period in the previous year, and to positive 0.3 million euro EBITDA in the first half (0.2 million euro in second quarter), which compares with -0.5 million euro in the first half of 2012, leading to an improved EBITDA margin.

The Fitness business strategic roadmap will continue to focus on strengthening the membership base, increasing the scale of operation, and growing average profitability.

HOTELS

The turnover performance of the hotel segment reflects a 30.1% increase in the number of room nights sold in the half year, particularly in troiaresort units (mainly driven by international markets – golf and groups segment) and Porto Palácio Hotel (through growth in MICE and corporate segments).

The recent cost structure optimization, together with the improvement in occupancy rates, led to a 0.8 million euro increase in the business contribution to the Group's EBITDA.

ENERGY

Growth in turnover and EBITDA of the Energy business reflects the contribution of the new cogeneration plant in Vale de Cambra, which was not yet in operation in the first half of 2012.

As at 30 June 2013, the Energy business continues to post, in absolute terms, the most significant EBITDA contribution within the Group's business portfolio.

Once the new photovoltaic park starts operations (scheduled for the last quarter of the year), the power under management will rise to 19.3 MW.

REFRIGERATION, HVAC

In the second quarter of the year, the Sistavac Group increased its exposure to international markets (through exports and direct local sales), contributing to the 2.6 million euro growth in international turnover from the first half of the year (mainly in refrigeration and HVAC business segments).

The EBITDA performance in Portugal continued to reflect the fixed costs optimization efforts which are being pursued in order to adjust the structure to the decrease experienced in activity levels. Internationally, growth in EBITDA is mainly explained by increased activity in the Brazilian operation.

This business area still encloses potential for additional efficiency gains.

As at 30 June, capital employed in real estate assets (ex-tourism assets) amounted to 129.2 million euro:

(note: external evaluation reported at 31 December 2011 - Cushman & Wakefield)

FINANCIAL SHAREHOLDINGS

Major assets:

Asset % Shareholding
Norscut	36.00%
Imosede Fund	25.85%
Saúde Atlântica (Healthcare)	50.00%
Lidergraf	24.50%

In the reporting period, the main change in this segment regards the sale of 6.51% stake in Imosede Real Estate Investment Fund, which occurred in March 2013, generating a 10 million euro cash inflow.

The Group proceeds with efforts aimed at selling non-strategic assets, in order to foster deleveraging and support future growth plans.

OTHER ASSETS

Non-strategic assets, which are available for sale, include:

REAL ESTATE ASSETS (ex-tourism assets)

During the first half of the year, and following the sales guidance set for this group of assets, sales deeds signed amounted to 0.2 million euro.

Addressing current market trends and the demand profile for such type of assets, 50 rental contracts regarding City Flats were signed up to today (with 58 apartments remaining available for sale/rental).

4. OTHER RELEVANT INFORMATION

INDIVIDUAL FINANCIAL STATEMENTS

Sonae Capital, SGPS, SA, the Group's holding company, posted a 12,371,328 euro net profit in the half year, compared to a net profit of 813,827 euro in the same period last year, including the significant 12.4 million euro impact from dividends paid by associated undertakings.

OWN SHARES

As a result of Sonae Capital's share performance during the first half of the year, and in accordance with the approval given at the last Shareholders' General Meeting, Sonae Capital acquired, from 2 January to 24 June 2013, 1,401,405 own shares on NYSE Euronext Lisbon Stock Exchange, at an average price of 0.185 euro per share.

After these transactions, as at 30 June 2013, Sonae Capital held 3,019,115 own shares, representing circa 1.208% of its share capital.

Maia, 30 July 2013 The Board of Directors

GLOSSARY

HVAC = Heating, Ventilation and Air Conditioning.
EBITDA = Operational Profit (EBIT) + Amortization and Depreciation + Provisions and Impairment Losses (excluding those regarding receivables) + Impairment Losses of Real Estate Assets in Stocks (included in Costs of Goods Sold) – Reversal of Impairment Losses and Provisions (included in Other Operating Income, excluding those regarding receivables).
Net Debt = Non-Current Loans + Current Loans – Cash and Cash Equivalents – Current Investments.
Capex = Investment in Tangible and Intangible Assets.
Gearing Ratio = Net Debt / Equity.

APPENDIX TO THE REPORT OF THE BOARD OF DIRECTORS

30 JUNE 2013

STATEMENT

Under the terms of Article 245, paragraph 1, c) of the Portuguese Securities Code

(Translation of a Statement originally issued in Portuguese)

The signatories individually declare that, to their knowledge, the Report of the Board of Directors, the Consolidated and Individual Financial Statements and other accounting documents required by law or regulation were prepared in accordance with applicable International Financial Reporting Standards, and give a true and fair view, in all material respects, of the assets and liabilities, financial position and the consolidated and individual results of Sonae Capital, SGPS, SA, and of the companies included in the consolidation perimeter, where appropriate, and that the Report of the Board of Directors faithfully describes major events that occurred during the first half of 2013 and their impacts, if any, in the business performance and financial position of Sonae Capital, SGPS, SA and of the companies included in the consolidation perimeter, and contains an appropriate description of the major risks and uncertainties that they face.

Maia, 30 July 2013

Belmiro Mendes de Azevedo Ivone Pinho Teixeira Chairman of the Board of Directors Member of the Board of Directors

Maria Cláudia Teixeira de Azevedo Francisco de La Fuente Sánchez Member of the Board of Directors Member of the Board of Directors

Álvaro Carmona e Costa Portela Paulo José Jubilado Soares de Pinho Member of the Board of Directors Member of the Board of Directors

GOVERNING BODIES

(Article 447 of the Portuguese Companies Act and nr.7 of Article 14 of CMVM Regulation nr.5/2008)

Disclosure of shares and other securities held by Members of the Board of Directors and Fiscal Board and of transactions during the first half 2013 involving shares and other securities:

			Purchases		Sales	Balance as at 30.06.2013
	Date	Quantity	Av. Price €	Quantity	Av. Price €	Quantity
Belmiro Mendes de Azevedo
Efanor Investimentos, SGPS, SA (1)						49,999,997
(includes 1 share owned by the spouse)
Sonae Capital, SGPS, SA (a)						838,862
Maria Cláudia Teixeira de Azevedo
Efanor Investimentos, SGPS, SA (1)						1
Linhacom, SGPS, SA (2)						99,996
Álvaro Carmona e Costa Portela
Sonae Capital, SGPS, SA						3,242
Paulo José Jubilado Soares de Pinho
Sonae Capital, SGPS, SA (b)						20,775

		Purchases		Sales		Balance as at 30.06.2013
	Date	Quantity	Av. Price €	Quantity	Av. Price €	Quantity
(1) Efanor Investimentos, SGPS, SA
Sonae Capital, SGPS, SA						88,859,200
Pareuro, BV (3)						2,000,000
(2) Linhacom, SGPS, SA
Sonae Capital, SGPS, SA						43,912
Imparfin, SGPS, SA (4)						150,000
(3) Pareuro, BV
Sonae Capital, SGPS, SA						66,600,000
(4) Imparfin, SGPS, SA
Sonae Capital, SGPS, SA						513,160

(a) Includes 1,862 shares owned by the spouse.

(b) Includes 8,125 shares owned by Change Partners, SCR, SA, company where Paulo José Jubilado Soares de Pinho is member of the Board of Directors.

APPENDIX REQUIRED BY ARTICLE 448 OF THE PORTUGUESE COMPANIES ACT

Number of shares held by shareholders owning more than 10%, 33% or 50% of the company's share capital:

Number of shares as at 30.06.2013

Efanor Investimentos, SGPS, SA (1)
Sonae Capital, SGPS, SA	88,859,200
Pareuro, BV	2,000,000
Pareuro, BV

Sonae Capital, SGPS, SA 66,600,000

(1) Belmiro Mendes de Azevedo is, under the terms of paragraph b number 1 of Article 20 and number 1 of Article 21 of the Portuguese Securities Code, the ultimate beneficial owner, as he holds around 99% of the share capital and voting rights of Efanor Investimentos SGPS, SA, which entirely controls Pareuro BV.

QUALIFIED SHAREHOLDINGS

As required by number 1, c) of article 9 of CMVM Regulation Nr. 05/2008, the following shareholders held more than 2% of the company's share capital as at 30 June 2013:

Shareholder	Nr. of Shares	% of Share Capital	% of Voting Rights
Efanor Investimentos, SGPS, S.A. (1)
Directly Owned	88,859,200	35.544%	35.544%
Through Pareuro, BV (controlled by Efanor)	66,600,000	26.640%	26.640%
Through Belmiro Mendes de Azevedo (Chairman of the Board of Directors of Efanor)	837,000	0.335%	0.335%
Through Maria Margarida Carvalhais Teixeira de Azevedo (Member of the Board of Directors of Efanor)	1,862	0.001%	0.001%
Through Linhacom, SGPS, S.A. (controlled by the Member of the Board of Directors of Efanor Maria Cláudia Teixeira de Azevedo)	43,912	0.018%	0.018%
Through Migracom, SGPS, S.A. (controlled by the Member of the Board of Directors of Efanor Duarte Paulo Teixeira de Azevedo)	161,250	0.065%	0.065%
Through descendents of Duarte Paulo Teixeira de Azevedo (Member of the Board of Directors of Efanor)	411	0.000%	0.000%
Through descendents of Nuno Miguel Teixeira de Azevedo (Member of the Board of Directors of Efanor)	1,312	0.001%	0.001%
Total attributable	156,504,947	62.602%	62.602%
CAIXA GEST - Técnicas de Gestão de Fundos, SA Through CXG ACC Portugal Fund (controlled by Caixa Gest)	3,566,421	1.427%	1.427%
Through CXG PPA Fund (controlled by Caixa Gest)	1,438,218	0.575%	0.575%
Total attributable	5,004,639	2.002%	2.002%
Santander Asset Management - Sociedade Gestora de Fundos de Investimento Mobiliários, S A
Through Santander Acções Portugal Fund (managed by Santander Asset Management)	5,214,974	2.086%	2.086%
Through Santander PPA Fund (managed by Santander Asset Management)	484,869	0.194%	0.194%
Total attributable	5,699,843	2.280%	2.280%
Blueshore Global Equity Fund	5,000,000	2.000%	2.000%
Total attributable	5,000,000	2.000%	2.000%

CONSOLIDATED FINANCIAL STATEMENTS

30 JUNE 2013

CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2013 AND 31 DECEMBER 2012

(Amounts expressed in euro)

ASSETS	Notes	30.06.2013	31.12.2012
NON-CURRENT ASSETS:
Tangible assets	7	241,738,868	246,117,450
Intangible assets	7	7,609,693	7,831,062
Goodwill	8	60,988,643	60,988,643
Investments in associated companies	5	8,820,241	4,666,035
Other investments	6 and 9	41,119,970	50,325,207
Deferred tax assets	13	27,585,939	27,849,077
Other non-current assets	10	22,025,734	20,481,928
Total non-current assets		409,889,088	418,259,402
CURRENT ASSETS:
Stocks	11	189,093,324	187,800,644
Trade account receivables and other current assets	12	44,005,787	48,109,558
Cash and cash equivalents	14	4,318,092	3,244,695
Total Current Assets		237,417,203	239,154,897
TOTAL ASSETS		647,306,291	657,414,299

EQUITY AND LIABILITIES
EQUITY:
Share capital	15	250,000,000	250,000,000
Own Shares	15	(525,385)	(264,705)
Reserves and retained earnings		68,488,225	76,606,169
Profit/(Loss) for the year attributable to the equity holders of Sonae		(11,929,132)	(11,092,003)
Capital Equity attributable to the equity holders of Sonae Capital		306,033,708	315,249,461
Equity attributable to non-controlling interests	16	8,407,418	8,707,639
TOTAL EQUITY		314,441,126	323,957,100
LIABILITIES:
NON-CURRENT LIABILITIES:
Loans	17	130,883,977	158,675,673
Other non current liabilities	19	4,033,217	3,997,310
Deferred tax liabilities	13	13,841,314	14,344,526
Provisions	22	3,079,824	3,079,824
Total Non-Current Liabilities		151,838,332	180,097,333
CURRENT LIABILITIES:
Loans	17	132,218,382	100,639,248
Trade creditors and other current liabilities	21	47,640,503	51,565,511
Provisions	22	1,167,948	1,155,107
Total Current Liabilities		181,026,833	153,359,866
TOTAL LIABILITIES		332,865,165	333,457,199
TOTAL EQUITY AND LIABILITIES		647,306,291	657,414,299

The accompanying notes are part of these financial statements.

CONSOLIDATED INCOME STATEMENTS BY NATURE

FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2013 AND 2012

(Amounts expressed in euro)

	Notes	30.06.2013	30.06.2012
Sales		23,132,450	23,700,417
Services rendered		31,465,974	28,207,696
Other operating income		3,484,841	3,685,390
Cost of sales		(17,983,399)	(15,955,446)
Changes in stocks of finished goods and work in progress		1,297,934	(1,893,209)
External supplies and services		(21,828,702)	(20,937,930)
Staff costs		(17,790,572)	(18,421,420)
Depreciation and amortisation	7	(6,713,058)	(7,175,672)
Provisions and impairment losses		(584,827)	(126,910)
Other operating expenses		(975,522)	(1,340,437)
Operational profit/(loss)		(6,494,881)	(10,257,521)
Financial Expenses		(5,910,733)	(6,498,152)
Financial Income		598,610	874,677
Profit/(Loss) in associated undertakings	5	2,442,536	3,076,303
Investment income		513,605	(1,080,763)
Profit/(Loss) before taxation		(8,850,863)	(13,885,456)
Taxation	25	(3,075,964)	1,090,274
Profit/(Loss) for the year	26	(11,926,827)	(12,795,182)
Attributable to:
Equity holders of Sonae Capital		(11,929,132)	(12,450,477)
Non-controlling interests	16	2,305	(344,705)
Profit/(Loss) per share
Basic	27	(0.048092)	(0.049882)
Diluted	27	(0.048092)	(0.049882)

The accompanying notes are part of these financial statements.

CONSOLIDATED INCOME STATEMENTS BY NATURE

FOR THE 2nd QUARTERS OF 2013 AND 2012

(Amounts expressed in euro)

	nd Quarter 13 1 2	nd Quarter 12 1 2

Sales	16,250,249	12,073,927
Services rendered	13,782,753	14,733,382
Other operating income	1,804,530	2,256,438
Cost of sales	(10,713,892)	(8,113,136)
Changes in stocks of finished goods and work in progress	1,688,708	(919,069)
External supplies and services	(11,830,344)	(10,656,057)
Staff costs	(8,909,468)	(8,609,558)
Depreciation and amortisation	(3,333,024)	(3,608,985)
Provisions and impairment losses	(516,987)	(34,487)
Other operating expenses	(588,775)	(776,981)
Operational profit/(loss)	(2,366,250)	(3,654,526)
Financial Expenses	(3,161,335)	(2,846,763)
Financial Income	298,492	402,390
Profit/(Loss) in associated undertakings	1,189,829	1,184,243
Investment income	189,435	(1,083,110)
Profit/(Loss) before taxation	(3,849,829)	(5,997,766)
Taxation	(1,643,144)	108,395
Profit/(Loss) for the period	(5,492,973)	(5,889,371)
Attributable to:
Equity holders of Sonae Capital	(5,679,648)	(5,826,596)
Non-controlling interests	186,675	(62,775)
Profit/(Loss) per share
Basic	(0.022913)	(0.023346)
Diluted	(0.022913)	(0.023346)

The accompanying notes are part of these financial statements.

¹Prepared in accordance with IAS 34 - Interim Financial Reporting and unaudited.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2013 AND 2012

(Amounts expressed in euro)

	30.06.2013	30.06.2012
Consolidated net profit/(loss) for the period	(11,926,827)	(12,795,182)
Items that may be reclassified subsequently to net profit / (loss):
Changes in the currency translation differences	(73,510)	1,193,096
Share of other comprehensive income of associates and joint ventures accounted for by the equity method (Note 5)	1,704,670	41,262
Change in the fair value of assets available for sale	833,690	-
Change in the fair value of cash flow hedging derivatives	714,369	(353,147)
Tax related to other comprehensive income captions	(216,125)	-
Other comprehensive income for the period	2,963,094	881,211
Total comprehensive income for the period	(8,963,733)	(11,913,971)
Attributable to:
Equity holders of Sonae Capital Non-controlling interests	(8,956,162) (7,571)	(11,549,418) (364,553)

The accompanying notes are part of these financial statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 2nd QUARTERS OF 2013 AND 2012

(Amounts expressed in euro)

	nd Quarter 13 1 2	nd Quarter 12 1 2
Consolidated net profit/(loss) for the period	(5,492,973)	(5,889,371)
Items that may be reclassified subsequently to net profit / (loss):
Changes in the currency translation differences	(112,159)	1,201,884
Share of other comprehensive income of associates and joint ventures accounted for by the equity method (Note 5)	1,190,978	511,923
Change in the fair value of assets available for sale	360,926	-
Change in the fair value of cash flow hedging derivatives	330,497	(53,468)
Tax related to other comprehensive income captions	(97,934)	-
Other comprehensive income for the period	1,672,308	1,660,339
Total comprehensive income for the period	(3,820,665)	(4,229,032)
Attributable to:
Equity holders of Sonae Capital Non-controlling interests	(3,981,615) 160,950	(4,148,448) (80,584)

The accompanying notes are part of these financial statements.

1 Prepared in accordance with IAS 34 - Interim Financial Reporting and unaudited.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2013 AND 2012

(Amounts expressed in Euro)

Attributable to Equity Holders of Sonae Capital
	Share Capital	Own Shares	Demerger Reserve (Note 16)	Translation Reserves	Fair Value Reserves	Hedging Reserves	Other Reserves and Retained Earnings	Sub total	Net Profit/(Loss)	Total	Non Controlling Interests	Total Equity
Balance as at 1 January 2012	250,000,000	(36,143)	132,638,253	(1,179,502)	-	(1,737,980)	(55,049,957)	74,670,814	2,994,272	327,628,943	9,241,777	336,870,720
Total consolidated comprehensive income for the period	-	-	-	1,206,031	-	(346,234)	41,262	901,059	(12,450,477)	(11,549,418)	(364,553)	(11,913,971)
Appropriation of profit of 2011:
Transfer to legal reserves and retained earnings	-	-	-	-	-	-	2,994,272	2,994,272	(2,994,272)	-	-	-
Acquisition of own shares	-	(62,928)	-	-	-	-	-	-	-	(62,928)	-	(62,928)
Changes in the percentage of capital held in affiliated companies	-	-	-	-	-	-	-	-	-	-	-	-
Other changes	-	-	-	309,716	-	-	(301,098)	8,618	-	8,618	-	8,618
Balance as at 30 June 2012	250,000,000	(99,071)	132,638,253	336,245	-	(2,084,214)	(52,315,521)	78,574,763	(12,450,477)	316,025,215	8,877,224	324,902,439
Balance as at 1 January 2013	250,000,000	(264,705)	132,638,253	(11,486)	153,082	(2,337,176)	(53,836,504)	76,606,169	(11,092,003)	315,249,461	8,707,639	323,957,100
Total consolidated comprehensive income for the period	-	-	-	(51,196)	617,565	701,931	1,704,670	2,972,970	(11,929,132)	(8,956,162)	(7,571)	(8,963,733)
Appropriation of profit of 2012:
Transfer to legal reserves and retained earnings	-	-	-	-	-	-	(11,092,003)	(11,092,003)	11,092,003	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	-	-	(291,900)	(291,900)
Acquisition of own shares	-	(260,680)	-	-	-	-	-	-	-	(260,680)	-	(260,680)
Changes in the percentage of capital held in affiliated companies	-	-	-	-	-	-	750	750	-	750	(750)	-
Other changes	-	-	-	-	-	-	339	339	-	339	-	339
Balance as at 30 June 2013	250,000,000	(525,385)	132,638,253	(62,682)	770,647	(1,635,245)	(63,222,748)	68,488,225	(11,929,132)	306,033,708	8,407,418	314,441,126

The accompanying notes are part of these financial statements.

CONSOLIDATED STATMENTS OF CASH FLOWS

FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2013 AND 2012

(Amounts expressed in Euro)

	Notes	30.06.2013	30.06.2012	nd Quarter 13 1 2	nd Quarter 12 1 2
OPERATING ACTIVITIES:
Cash receipts from trade debtors		52,018,420	52,418,213	23,512,934	24,190,921
Cash receipts from trade creditors		(39,716,604)	(33,132,608)	(18,132,583)	(13,893,472)
Cash paid to employees		(16,663,470)	(18,719,120)	(9,087,557)	(9,989,555)
Cash flow generated by operations		(4,361,654)	566,485	(3,707,206)	307,894
Income taxes (paid) / received		(1,865,983)	(467,785)	(1,734,027)	(313,117)
Other cash receipts and (payments) relating to operating activities		1,896,151	935,198	1,998,149	(557,227)
Net cash flow from operating activities (1)		(4,331,486)	1,033,898	(3,443,084)	(562,450)
INVESTMENT ACTIVITIES:
Cash receipts arising from:
Investments		10,393,862	19,485	-	-
Tangible assets		770,067	168,570	505,786	163,063
Intangible assets		9,417	-	9,417	-
Interest and similar income		30,453	130,543	9,779	32,540
Dividends		158,628	147,387	158,628	147,387
		11,362,427	465,985	683,610	342,990
Cash Payments arising from:
Investments		(28,250)	(264,718)	-	(264,718)
Tangible assets		(2,400,855)	(5,936,261)	(525,421)	(3,235,749)
Intangible assets		(64,604)	(12,176)	(37,440)	1,034
Loans granted		(465,885)	-	(459,000)	3,600
		(2,959,594)	(6,213,155)	(1,021,861)	(3,495,833)
Net cash used in investment activities (2)		8,402,833	(5,747,170)	(338,251)	(3,152,843)
FINANCING ACTIVITIES:
Cash receipts arising from:
Loans obtained		18,380,478	33,603,424	10,677,204	12,249,861
		18,380,478	33,603,424	10,677,204	12,249,861
Cash Payments arising from:
Loans obtained		(13,946,962)	(21,929,669)	(3,031,351)	(5,287,959)
Interest and similar charges		(6,631,195)	(6,601,948)	(2,850,009)	(1,711,587)
Purchase of own shares		(260,680)	(62,927)	(55,959)	(8,011)
		(20,838,837)	(28,594,544)	(5,937,319)	(7,007,557)
Net cash used in financing activities (3)		(2,458,359)	5,008,880	4,739,885	5,242,304
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)		1,612,988	295,608	958,550	1,527,011
Effect of foreign exchange rate		9,859	(15,712)	24,009	(36,950)
Cash and cash equivalents at the beginning of the period	14	2,609,152	2,986,070	3,277,740	1,733,429
Cash and cash equivalents at the end of the period	14	4,212,281	3,297,390	4,212,281	3,297,390

The accompanying notes are part of these financial statements.

The Board of Directors

1 Prepared in accordance with IAS 34 - Interim Financial Reporting and unaudited.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2013

(Translation from the Portuguese Original)

(Amounts expressed in Euro)

1.INTRODUCTION

SONAE CAPITAL, SGPS, SA ("Company", "Group" or "Sonae Capital") whose head-office is at Lugar do Espido, Via Norte, Apartado 3053, 4471-907 Maia, Portugal, is the parent company of a group of companies, as detailed in Notes 5 to 7 ("Sonae Capital Group") and was set up on 14 December 2007 as a result of the demerger of the shareholding in SC, SGPS, SA (previously named Sonae Capital, SGPS, SA) from Sonae, SGPS, SA, which was approved by the Board of Directors on 8 November 2007 and by the Shareholder's General Meeting held on 14 December 2007.

Reflecting the current management structure, the reporting segments were revised, addressing the three strategic business areas identified in the Group:

Sonae Turismo, includes businesses in tourism, through the development and management of tourism resorts, in hotels, through management of hotels and services, and in health and fitness, through management of health clubs;
Energy, includes energy services in the areas of cogeneration, solar thermal and photovoltaic;
Refrigeration and HVAC.

The non-strategic assets (including non-tourism real estate assets and financial shareholdings) are included in the segment "Other assets".

2. MAIN ACCOUNTING POLICIES

The accounting policies adopted are consistent with those used in the financial statements presented for the year ended 31 December 2012.

Basis of preparation

Interim financial statements were presented quarterly, in accordance with IAS 34 – "Interim Financial Reporting".

The accompanying consolidated financial statements have been prepared from the books and accounting records of the Company and of its affiliated undertakings (Notes 4 to 6), on a going concern basis and under the historical cost convention, except for derivative financial instruments which are stated at fair value.

3. CHANGES IN ACCOUNTING POLICIES

Changes to international accounting standards that came into force on or after 1 January 2013, did not have material impacts in the financial statements as at 30 June 2013.

4. GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

Group companies included in the consolidated financial statements, their head offices and percentage of the share capital held by the Group as at 30 June 2013 and 31 December 2012, are as follows:

			Percentage of capital held
				30 June 2013	31 December 2012
Company		Head Office	Direct	Total	Direct	Total
Sonae Capital SGPS, SA		Maia	Holding	Holding	Holding	Holding
Sonae Turismo
Aqualuz - Turismo e Lazer, Lda	a)	Lagos	100.00%	100.00%	100.00%	100.00%
Atlantic Ferries - Traf.Loc.Flu.e Marit., SA	a)	Grândola	83.41%	83.41%	83.41%	83.41%
Casa da Ribeira - Hotelaria e Turismo, SA	a)	Marco de Canaveses	100.00%	100.00%	100.00%	100.00%
Golf Time - Golfe e Inv.Turisticos, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
Imoareia Investimentos Turísticos,SGPS, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Imopenínsula - Sociedade Imobiliária, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Imoresort - Sociedade Imobiliária, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Marina de Tróia, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Marmagno-Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Marvero-Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Sete e Meio-Investimentos e Consultadoria,SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
SII - Soberana Investimentos Imobiliários, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Solinca - Health & Fitness, SA	a)	Lisbon	100.00%	100.00%	100.00%	100.00%
Solinca-Investimentos Turísticos, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
Solinfitness - Club Málaga, SL	a)	Malaga (Spain)	100.00%	100.00%	100.00%	100.00%

	Solswim – Gestão e Expl.de Equip. Aquáticos, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Soltroia-Imob.de Urb.Turismo de Tróia, SA	a)	Lisbon	100.00%	100.00%	100.00%	100.00%
	Sonae Turismo - SGPS, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	Sontur, BV	a)	Amsterdam (The Netherlands)	100.00%	100.00%	100.00%	100.00%
	Tróia Market, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Tróia Natura, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Troiaresort - Investimentos Turísticos, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Troiaverde-Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Tulipamar-Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Energy
	Ecociclo II – Energias, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Integrum Colombo – Energia, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Integrum-Energia, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Integrum Martim Longo - Energia, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Integrum Vale do Caima- Energia, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Refrigeration, HVAC
	Friengineering, SA	a)	São Paulo (Brazil)	100.00%	70.00%	100.00%	70.00%
	PJP - Equipamento de Refrigeração, Lda	a)	Matosinhos	100.00%	70.00%	100.00%	70.00%
	Sistavac, SGPS, SA	a)	Matosinhos	70.00%	70.00%	70.00%	70.00%
	Sistavac, SA	a)	Matosinhos	100.00%	70.00%	100.00%	70.00%
	SKK-Central de Distr., SA	a)	Porto	100.00%	70.00%	100.00%	70.00%
	Sopair, SA	a)	Madrid (Spain)	100.00%	70.00%	100.00%	70.00%
	Other Assets
	Bloco Q-Sociedade Imobiliária, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	Bloco W-Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Centro Residencial da Maia,Urban., SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Cinclus Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Contacto Concessões, SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Country Club da Maia-Imobiliaria, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Cronosaúde – Gestão Hospitalar, SA	a)	Porto	100.00%	50.00%	100.00%	50.00%
	Empreend.Imob.Quinta da Azenha, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
1)	Fundo Especial de Investimento Imobiliário Fechado WTC	a)	Maia	99.82%	99.82%	99.82%	99.82%
	Imobiliária da Cacela, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imoclub-Serviços Imobiliários, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imodivor - Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
1)	Imoferro-Soc.Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imohotel-Emp.Turist.Imobiliários, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imoponte-Soc.Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imosedas-Imobiliária e Serviços, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Implantação – Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%

	Inparvi SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Invesaude – Gestão Hospitalar, SA	a)	Maia	100.00%	50.00%	100.00%	50.00%
	Martimope - Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Porturbe-Edificios e Urbanizações, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Praedium – Serviços, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Praedium II-Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Praedium-SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Prédios Privados Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Predisedas-Predial das Sedas, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Promessa Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Saúde Atlântica - Gestão Hospitalar, SA	a)	Maia	50.00%	50.00%	50.00%	50.00%
	SC Assets, SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	SC – Eng. e Promo Imobiliária,SGPS,SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	Sete e Meio Herdades - Investimentos Agrícolas e Turismo, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Société de Tranchage Isoroy SAS	a)	Honfleur (France)	100.00%	100.00%	100.00%	100.00%
	Soconstrução, BV	a)	Amsterdam (The Netherlands)	100.00%	100.00%	100.00%	100.00%
	Soira-Soc.Imobiliária de Ramalde, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Sótaqua - Soc. de Empreendimentos Turísticos, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Spinarq–Engenharia, Energia e Ambiente,SA	a)	Luanda (Angola)	99.90%	99.90%	99.90%	99.90%
	Spinveste - Promoção Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Spinveste-Gestão Imobiliária SGII, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Spred SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Torre São Gabriel-Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Urbisedas-Imobiliária das Sedas, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Vistas do Freixo-Emp.Tur.imobiliários,SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
1)	World Trade Center Porto, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	Others
	Interlog-SGPS, SA	a)	Lisbon	98.98%	98.98%	98.98%	98.98%
	SC – Sociedade de Consultadoria, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	SC-SGPS, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	SC Finance, BV	a)	Amsterdam (The Netherlands)	100.00%	100.00%	100.00%	100.00%
2)	SKKFOR - Ser.For.e Desen. de Recursos, SA	a)	Maia	100.00%	100.00%	100.00%	70.00%

a) Majority of voting rights.

1) Company included in the Sonae Turismo segment in 2012.

2) Company transferred from Sistavac segment to Others segment.

5. INVESTMENTS IN ASSOCIATED AND JOINTLY CONTROLLED COMPANIES

Associated and jointly controlled companies included in the consolidated financial statements, their head offices and the percentage of share capital held by the Group as at 30 June 2013 and 31 December 2012 are as follows:

					Percentage of capital held
			30 June 2013		31 December 2012			Book Value
	Company	Head Office	Direct	Total	Direct	Total	30 June 2013	31 December 2012
	Other Assets
	Andar - Sociedade Imobiliária, SA	Maia	50.00%	50.00%	50.00%	50.00%	471,690	637,735
1)	Sociedade de Construções do Chile, SA	Maia	100.00%	50.00%	100.00%	50.00%	-	-
1)	Vastgoed One - Sociedade Imobiliária, SA	Maia	100.00%	50.00%	100.00%	50.00%	-	-
1)	Vastgoed Sun - Sociedade Imobiliária, SA	Maia	100.00%	50.00%	100.00%	50.00%	-	-
	Lidergraf - Artes Gráficas, Lda	Vila do Conde	24.50%	24.50%	24.50%	24.50%	551,326	510,194
	Norscut - Concessionária de Scut Interior Norte, SA	Lisbon	36.00%	36.00%	36.00%	36.00%	7,773,225	3,494,106
	Operscut - Operação e Manutenção de Auto estradas, SA	Lisbon	15.00%	15.00%	15.00%	15.00%	24,000	24,000
	Total						8,820,241	4,666,035

1) Null investment values result from the adoption of the equity method in Andar – Sociedade Imobiliária, SA, holder of all of these investments.

Associated and jointly controlled companies are consolidated using the equity method.

Nil balances shown result from the reduction to acquisition cost of amounts determined by the equity method, discontinuing the recognition of its part of additional losses under the terms of IAS 28.

As at 30 June 2013 and 31 December 2012, aggregate values of main financial indicators of associated and jointly controlled companies can be analyzed as follows:

	30 June 2013	31 December 2012
Total Assets	672,947,527	684,639,926
Total Liabilities	605,044,322	628,141,343
Income	61,661,590	123,046,279
Expenses	54,058,390	114,807,275

During the periods ended 30 June 2013 and 2012, movements in investments and associated companies may be summarized as follows:

	30 June 2013	30 June 2012
Opening balance as at 1 January	4,697,978	60,092,179
Acquisitions in the period	7,000	195,600
Equity method	4,147,206	3,117,565
Closing balance as at 30 June	8,852,184	63,405,344
Accumulated impairment losses (Note 22)	(31,943)	(31,943)
	8,820,241	63,373,401

The use of the equity method had the following impacts: 2,442,536 euro recorded on share of results of associated undertakings (3.076.303 euro at 30 June 2012), and 1,704,670 euro in changes in reserves (41,262 euro at 30 June 2012).

The significant change in the value of this caption between 30 June 2012 and 30 June 2013, is due to Sonae Capital's loss of significant influence in the Imosede Fund after 1 July 2012, date from which it is accounted as an available for sale financial asset.

6. OTHER INVESTMENTS

Group companies, jointly controlled companies and associated companies excluded from consolidation, their head offices, percentage of share capital held and book value as at 30 June 2013 and 31 December 2012 are made up as follows:

					Percentage of capital held
			30 June 2013		31 December 2012
	Company	Head Office	Direct	Total	Direct	Total	30 June 2013	31 December 2012
	Tourism
	Infratroia – Emp. de Infraest. de Troia, E.N.	Grândola	25,90%	25,90%	25,90%	25,90%	64,747	64,747
	Other Assets
	Fundo de Investimento Imobiliário Fechado Imosede	Maia	25,85%	25,85%	32,36%	32,36%	40,231,751	49,286,915
	Fundo de Investimento Imobiliário Imosonae Dois	Maia	0,06%	0,06%	0,06%	0,06%	124,934	124,934
	Net, SA	Lisbon	2,80%	2,80%	2,80%	2,80%	11,132	11,132
1)	Sear - Sociedade Europeia de Arroz, SA	Santiago do Cacém	-	-	15,00%	15,00%	-	150,031
	Fundo de Capital de Risco F-HITEC	Lisbon	7,14%	7,14%	7,14%	7,14%	250,000	250,000
	Other investments						437,406	437,448
	Total (Note 9)						41,119,970	50,325,207

1) Company disposed in the period.

Null balances shown above result from deduction of impairment losses from related investments.

During the six months period ended 30 June 2013, movements in tangible and intangible fixed assets as well as in depreciation and accumulated impairment losses, are made up as follows:

			Tangible Assets
	Land and Buildings	Equipment	Other Tangible Assets	Tangible Assets in progress	Total Tangible Assets
Gross Cost:
Opening balance as at 1 January 2013	224,267,701	150,245,365	2,416,107	12,105,832	389,035,005
Changes in consolidation perimeter	-	-	-	-	-
Capital expenditure	56,682	64,181	13,172	2,147,218	2,281,253
Disposals	(165,076)	(1,366,421)	(18,312)	-	(1,549,809)
Exchange rate effect	-	(3,101)	(3,942)	-	(7,043)
Transfers	3,273	775,134	(482,934)	(1,053,212)	(757,739)
Closing balance as at 30 June 2013	224,162,580	149,715,158	1,924,091	13,199,838	389,001,667
Accumulated depreciation and impairment losses
Opening balance as at 1 January 2013	83,711,012	57,189,806	2,016,737	-	142,917,555
Changes in consolidation perimeter	-	-	-	-	-
Charges for the period	1,261,467	5,163,070	32,368	-	6,456,905
Disposals	(20,935)	(1,264,645)	(18,341)	-	(1,303,921)
Exchange rate effect	-	(2,794)	(2,331)	-	(5,125)
Transfers	-	(315,925)	(486,690)	-	(802,615)
Closing balance as at 30 June 2013	84,951,544	60,769,512	1,541,743	-	147,262,799
Carrying amount as at 1 January 2013	140,556,689	93,055,559	399,370	12,105,832	246,117,450
Carrying amount as at 30 June 2013	139,211,036	88,945,646	382,348	13,199,838	241,738,868

Major amounts included in the caption Tangible assets in progress, refer to the following projects:

	30 June 2013	31 December 2012
Tróia	7,374,064	7,316,889
Photovoltaic Project	4,550,498	3,260,000
Others	1,275,276	1,528,943
	13,199,838	12,105,832

			Intangible Assets
	Patents and other similar rights	Software	Other Intangible Assets	Intangible Assets in progress	Total Intangible Assets
Gross Cost:
Opening balance as at 1 January 2013	7,988,257	1,607,278	9,422	645,440	10,250,397
Changes in consolidation perimeter	-	-	-	-	-
Capital expenditure	-	1,257	-	44,747	46,004
Disposals	(15,868)	(11,639)	-	-	(27,507)
Exchange rate effect	-	(1,209)	-	-	(1,209)
Transfers	3,117	553,438	-	(552,846)	3,709
Closing balance as at 30 June 2013	7,975,506	2,149,126	9,422	137,341	10,271,395
Accumulated depreciation and impairment losses
Opening balance as at 1 January 2013	1,172,261	1,238,920	8,155	-	2,419,336
Changes in consolidation perimeter	-	-	-	-	-
Charges for the period	98,503	157,332	317	-	256,152
Disposals	(6,669)	(6,390)	-	-	(13,060)
Exchange rate effect	-	(726)	-	-	(726)
Transfers	-	-	-	-	-
Closing balance as at 30 June 2013	1,264,095	1,389,135	8,472	-	2,661,702
Carrying amount as at 1 January 2013	6,815,996	368,359	1,267	645,440	7,831,062

As at 30 June 2013 net assets of Troia Marina amount to 6,216,130 euro (6,290,637 euro as at 31 December 2012).

Carrying amount as at 30 June 2013 6,711,411 759,991 950 137,341 7,609,693

8.GOODWILL

During the periods ended 30 June 2013 and 31 December 2012, movements in goodwill, as well as in corresponding impairment losses, are as follows:

	30 June 2013	31 December 2012
Gross amount:
Opening balance	62,290,239	62,330,108
Decreases - disposals of affilieted companies	-	(39,869)
Closing balance	62,290,239	62,290,239
Accumulated impairment losses:
Opening balance	1,301,596	1,301,596
Closing balance	1,301,596	1,301,596
Total	60,988,643	- 60,988,643

9. OTHER INVESTMENTS

As at 30 June 2013, movements in investments were as follows:

	30 June 2013
	Non current	Current
Investiments recorded at cost
Opening balance as at 1 January	8,223,418	-
Disposals in the period	(150,031)	-
Transfers	(42)	-
Closing balance as at 30 June	8,073,345	-
Accumulated impairment losses (Note 22)	(7,707,935)	-
	365,410	-
Investments held for sale
Fair value as at 1 January	49,938,723	-
Disposals in the period	(9,919,661)	-
Increase/(Decrease) in fair value	864,497	-
Transfers	-	-
Fair value as at 30 June	40,883,559	-
Accumulated impairment losses (Note 22)	(128,999)	-
Fair value (net of impairment losses) as at 30 June	40,754,560	-
Other Investments (Note 6)	41,119,970	-

The amounts shown under fair value related to the Imosede Fund.

The Imosede Fund is accounted as an available for sale asset, measured at fair value. For the remaining investment under this heading, the Group considers that it is not reasonable to estimate a fair value, as there is no observable market data.

These investments are recorded at acquisition cost less impairment losses.

10.OTHER NON-CURRENT ASSETS

As at 30 June 2013 and 31 December 2012, other non-current assets are detailed as follows:

	30 June 2013	31 December 2012
Loans granted to related parties
Norscut - Concessionária de Scut Interior Norte, SA	17,740,756	16,646,298
Others	618,188	215,303
	18,358,944	16,861,601
Impairment losses (Note 22)	(34,916)	(34,916)
	18,324,028	16,826,685
Trade accounts receivable and other debtors
Sale of financial investments	2,457,493	2,457,493
Others	1,244,213	1,197,750
Impairment losses (Note 22)	-	-
	3,701,706	3,655,243
Other non current assets	22,025,734	20,481,928

11.STOCKS

Stocks as at 30 June 2013 and 31 December 2012 can be detailed as follows, highlighting the value attributable to real estate developments:

	30 June 2013			31 December 2012
	Total	of which Real Estate Developments	Total	of which Real Estate Developments
Raw materials, by-products and consumables	2,010,837	-	1,268,569	-
Goods for sale	32,303,817	30,684,172	33,039,474	30,781,226
Finished goods	75,022,178	75,022,178	76,347,355	76,347,355
Work in progress	83,203,870	78,121,573	80,592,327	78,222,630
Payments on account	68,459	-	68,459	-
	192,609,161	183,827,923	191,316,184	185,351,211
Accumulated impairment losses on stocks (Note 22)	(3,515,837)	(3,434,621)	(3,515,540)	(3,434,621)
	189,093,324	180,393,302	187,800,644	181,916,590

12. TRADE ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS

As at 30 June 2013 and 31 December 2012, trade accounts receivable and other current assets are detailed as follows:

	30 June 2013	31 December 2012
Trade accounts receivable	26,389,740	28,916,378
Accumulated impairment losses on trade debtors (Note 22)	(5,746,040)	(5,441,095)
	20,643,700	23,475,283
Taxes recoverable	10,655,075	12,380,617
Loans granted to and other amounts to be received from related parties	119,077	68,102
Other current assets
Suppliers with a debtor balance	953,086	1,240,239
Other debtors	10,345,868	10,042,786
Accounts receivable from the sale of financial investments	24,203,831	24,203,831
Accounts receivable from the sale of tangible assets	11,329	14,720
Interest receivable	660,366	1,195,981
Deferred costs - Rents	240,400	292,513
Deferred costs - External supplies and services	753,257	756,891
Other current assets	3,285,664	2,304,951
	40,453,801	40,051,912
Accumulated impairment losses on other current assets (Note 22)	(27,865,866)	(27,866,356)
Trade accounts receivable and other current assets	44,005,787	48,109,558

13. DEFERRED TAXES

Deferred tax assets and liabilities as at 30 June 2013 and 31 December 2012 can be detailed as follows, split between the different types of temporary differences:

	Deferred tax assets			Deferred tax liabilities
	30 June 2013	31 December 2012	30 June 2013	31 December 2012
Amortisation and Depreciation harmonisation adjustments	1,000,029	1,019,814	2,768,239	2,440,744
Provisions and impairment losses of non-tax deductible	9,806,305	9,907,502	40,234	40,234
Write off of tangible and intangible assets	486,126	620,196	-	-
Write off of accruals	209,947	273,593	-	-
Revaluation of tangible assets	-	-	113,021	113,359
Tax losses carried forward	15,874,393	15,800,521	-	-
Financial instruments	-	-	1,782,042	2,590,303
Write off of stocks	-	-	1,020,906	1,020,906
Taxable temporary differences arising from the fair value of non-current liabilities	-	-	7,743,554	7,746,432
Others	209,139	227,451	373,318	392,548
	27,585,939	27,849,077	13,841,314	14,344,526

In accordance with the tax statements presented by companies that recorded deferred tax assets arising from tax losses carried forward, as at 30 June 2013 and 31 December 2012, and using exchange rates effective at that time, tax losses carried forward can be summarized as follows:

	30 June 2013				31 December 2012
	Tax losses carried forward	Deferred tax assets	Time limit	Tax losses carried forward	Deferred tax assets	Time limit
With limited time use
Generated in 2007	1,319,229	329,807	2013	1,416,550	354,137	2013
Generated in 2008	1,426,557	356,639	2014	1,426,557	356,639	2014
Generated in 2009	6,448,363	1,612,091	2015	6,448,363	1,612,091	2015
Generated in 2010	18,344,038	4,586,009	2014	18,343,706	4,585,927	2014
Generated in 2011	18,076,637	4,519,159	2015	18,076,637	4,519,159	2015
Generated in 2012	16,115,902	4,028,976	2017	16,718,251	4,179,563	2017
Generated in 2013	994,825	248,706	2018	-	-
	62,725,551	15,681,387		62,430,063	15,607,516
With a time limit different from the above mentioned	569,640	193,005		569,640	193,005
	63,295,191	15,874,392		62,999,704	15,800,521

As at 30 June 2013 and 31 December 2012, deferred tax assets resulting from tax losses carried forward were re-assessed. Deferred tax assets have only been recorded to the extent that future profits will arise which may be offset against available tax losses or against deductible temporary differences.

As at 30 June 2013, tax losses carried forward amounting to 178,952,188 euro (177,450,385 euro as at 31 December 2012), have not originated deferred tax assets for prudential reasons and are detailed as follows:

	30 June 2013				31 December 2012
	Tax losses carried forward	Tax Credit	Time limit	Tax losses carried forward	Tax Credit	Time limit
With limited time use
Generated in 2007	15,307,273	3,826,818	2013	17,895,099	4,473,774	2013
Generated in 2008	34,158,135	8,539,534	2014	37,294,794	9,323,699	2014
Generated in 2009	35,717,928	8,929,482	2015	42,270,653	10,567,664	2015
Generated in 2010	16,425,618	4,106,656	2014	17,922,419	4,480,605	2014
Generated in 2011	18,110,478	4,527,619	2015	19,698,860	4,924,715	2015
Generated in 2012	19,612,047	4,903,011	2017	22,854,282	5,713,579	2017
Generated in 2013	19,524,520	4,881,130	2018	-	-
	158,855,999	39,714,250		157,936,107	39,484,036
Without limited time use	1,186,715	395,532		1,186,715	395,532
With a time limit different from the above mentioned	18,909,474	5,583,967		18,327,563	5,427,546
	20,096,189	5,979,499		19,514,278	5,823,079
	178,952,188	45,693,749		177,450,385	45,307,115

14. CASH AND CASH EQUIVALENTS

As at 30 June 2013 and 31 December 2012, cash and cash equivalents can be detailed as follows:

	30 June 2013	31 December 2012
Cash at hand	227,613	161,516
Bank deposits	4,090,479	3,083,179
Treasury applications	-	-
Cash and cash equivalents on the balance sheet	4,318,092	3,244,695
Bank overdrafts - (Note 17)	(105,811)	(135,542)
Guarantee deposit	-	(500,000)
Cash and cash equivalents in the statement of cash-flows	4,212,281	2,609,152

Bank overdrafts include creditor balances of current accounts in financial institutions, and are disclosed in the balance sheet under current bank loans (Note 17).

15.EQUITY

The share capital of Sonae Capital SGPS, SA is represented by 250,000,000 ordinary shares, which do not have the right to a fixed remuneration, with a nominal value of 1 euro each.

The demerger originated a reserve in the amount of 132,638,253 euro, which has a treatment similar to that of a Legal Reserve. According to Company Law, it cannot be distributed to shareholders, unless the company is liquidated, but can be used to make good prior year losses, once other reserves have been used fully, or for capital increases.

As at 30 June 2013, Sonae Capital SGPS, S.A. owns 3,001,715 own shares (1,600,310 own shares at 31 December 2012) booked for 525,385 euro (264,705 euro at 31 December 2012).

16.NON CONTROLLING INTERESTS

Movements in non-controlling interests in the periods ended 30 June 2013 and 31 December 2012 are as follows:

	30 June 2013	31 December 2012
Opening balance as at 1 January	8,707,639	9,241,777
Changes in hedging reserves	12,438	9,230
Changes in the percentage of capital held in affiliated companies	-	119,556
Changes resulting from currency translation	(22,314)	(23,677)
Dividends paid	(291,900)	-
Others	(750)	(4,431)
Profit for the period attributable to minority interests	2,305	(634,816)
Closing balance	8,407,418	8,707,639

17.BORROWINGS

As at 30 June 2013 and 31 December 2012, Borrowings are made up as follows:

	30 June 2013		31 December 2012
	Outstanding amount		Outstanding amount		Repayable on
	Current	Non Current	Current	Non Current
Bank loans
Sonae Capital SGPS - commercial paper a)	-	-	10,000,000	-	Mar/2013
Sonae Capital SGPS - commercial paper b)	68,500,000	-	58,450,000	-	Mar/2018
Sonae Capital SGPS - commercial paper e)	8,250,000	-	-	8,250,000	Jan/2014
Sonae Capital SGPS - commercial paper c)	29,700,000	-	23,950,000	-	Aug/2016
Sonae Capital SGPS - commercial paper f)	3,400,000	-	2,000,000	-	Feb/2016
Sonae Capital SGPS - commercial paper d)	-	30,000,000	-	30,000,000	Dec/2017
Sonae Capital SGPS g)	7,000,000	24,000,000	2,000,000	31,000,000	Jun/2017
Up-front fees	-	(262,363)	-	(317,336)
Others	1,616,215	970,982	401,786	1,207,589
	118,466,215	54,708,619	96,801,786	70,140,254
Bank overdrafts (Note 14)	105,811	-	135,542	-
Bank loans	118,572,026	54,708,619	96,937,328	70,140,254
Bond Loans
Sonae Capital 2011/2016 Bonds	10,000,000	-	-	10,000,000	Jan/2016
SC, SGPS, S.A. 2008/2018 Bonds	-	50,000,000	-	50,000,000	Mar/2018
Up-front fees	(7,719)	(277,903)	-	(344,029)
Bond Loans	9,992,281	49,722,097	-	59,655,971
Other loans	686,968	1,459,820	689,568	1,803,305
Derivatives (Note 18)	123,694	1,881,801	199,115	2,532,557
Obligations under finance leases	2,843,413	23,219,580	2,813,237	24,657,747
Up-front fees on finance leases	-	(107,941)	-	(114,159)
	132,218,382	130,883,977	100,639,248	158,675,674

a) Commercial paper programme, with subscription guarantee, issued on 14 March 2008 and valid for a 5 year period.

b) Short term commercial paper programme, issued on 28 March 2008 and valid for a 10 year period, which may be extended at the option of Sonae Capital. Placed in investors or financial institutions and guaranteed by credit lines, with commitment of at least six months to a year, placed in relationship banks.

c) Commercial paper programme, with subscription guarantee, issued on 31 March 2011 and valid up to August 2016.

d) Commercial paper programme, with subscription guarantee, issued on 27 December 2012 and valid up to December 2017. e) Short term commercial paper programme, with subscription guarantee, issued on 30 December 2010, with annual renewals up to 3

years.

f) Short term commercial paper programme, with subscription guarantee, issued on 17 February 2011, with annual renewals up to a maximum of 5 years.

g) Bank loan guarantee by a mortgage on real estate, started on 2 June 2011 and valid for a 6 year period, with annual payments.

As at 30 June 2013, borrowings of the Group were as follows:

SC, SGPS, SA, 2008/2018 bond loan in the amount of 50,000,000 euro, with a 10 year maturity, and a sole reimbursement on 3 March 2018, except if the reimbursement is anticipated, fully or partially, which can happen on 3 March 2016. This bond loan bears interest every six months.
Sonae Capital SGPS - 2011/2016 bond loan in the amount of 10,000,000 euro, with a 5 year maturity, and a sole reimbursement on 17 January 2016, except if the reimbursement is anticipated, fully or partially, which can happen on 17 January 2014. This bond loan bears interest every six months.

The interest rate on bonds in force on 30 June 2013 was on average 3.495%.

Bank loans pay interest rates that are indexed to the Euribor market rates of the period, and its fair value is considered close to its book value.

Other non-current loans include reimbursable grants to affiliated undertakings, which do not bear interest.

Other current loans include bills receivable not yet due.

The repayment schedule of the nominal value of borrowings may be summarised as follows:

	30 June 2013		31 December 2012
	Nominal value	Interest	Nominal value	Interest
N+1 a)	132,102,407	7,640,858	100,440,133	8,393,490
N+2	11,023,522	5,693,167	19,279,012	7,208,617
N+3	10,770,698	4,080,764	11,002,099	5,941,516
N+4	13,250,470	3,098,495	20,447,129	3,713,646
N+5	82,968,298	2,435,212	43,053,564	2,875,583
After N+5	11,637,395	508,624	63,136,837	1,010,080
	261,752,790	23,457,120	257,358,774	29,142,932

a) Includes amounts drawn under commercial paper programmes. Of the total amount maturing in N+1, 31% concerns to commercial paper taken under lines of credit with commitment exceeding one year. Taking into account the policies and measures to manage liquidity risk, no risks that could jeopardize the continuity of operations are anticipated.

18.DERIVATIVES

Interest rate derivatives

Hedging instruments used by the Group as at 30 June 2013 were mainly interest rate options (cashflow hedges) contracted with the goal of hedging interest rate risks on loans in the amount of 55,000,000 euro, whose fair value of 2,005,405 euro (2,731,672 euro at 31 December 2012) is recorded as liabilities. As at 30 June 2013 and 31 December 2012, all derivatives are hedging derivatives.

These interest rate hedging instruments are valued at fair value as at the balance sheet date, determined by valuations made by the Group using derivative valuation calculation schedules and external valuations when these schedules do not permit the valuation of certain instruments. For options, fair value is determined using the Black-Scholes model and its variants.

The fair value of derivatives is calculated using valuation models based on assumptions which are confirmed by market benchmarks, thus complying with level 2 requirements set on the IFRS 7.

Risk coverage guidelines generally used by the Group in contractually arranged hedging instruments are as follows:

Matching between cash-flows received and paid, i.e., there is a perfect match between the dates of the re-fixing of interest rates on financing contracted with the bank and the dates of the re-fixing of interest rates on the derivative;
Perfect matching between indices: the reference index for the hedging instrument and that for the financing to which the underlying derivative relates are the same;
In the case of extreme rises in interest rates, the maximum cost of financing is limited.

Counterparts for derivatives are selected based on their financial strength and credit risk profile, with this profile being generally measured by a rating note attributed by rating agencies of recognized merit. Counterparts for derivatives are top level, highly prestigious financial institutions which are recognized nationally and internationally.

Fair value of derivatives

The fair value of derivatives is as follows:

		Assets		Liabilities
	30 June 2013	31 December 2012	30 June 2013	31 December 2012
Non-Hedge accounting derivatives
Interest rate	-	-	-	-
Hedge accounting derivatives
Interest rate (Note 17)	-	-	2,005,495	2,731,672
Other derivatives	-	-	-	-
	-	-	2,005,495	2,731,672

19.OTHER NON-CURRENT LIABILITIES

As at 30 June 2013 and 31 December 2012 other current liabilities can be detailed as follows:

	30 June 2013	31 December 2012
Loans and other amounts payable to related parties
Plaza Mayor Parque de Ocio, SA	2,123,454	2,153,861
Others	1,314,645	1,314,645
	3,438,099	3,468,506
Other creditors
Creditors in the restructuring process of Torralta	432,948	410,844
Others	-	-
	432,948	410,844
Deferred income
Obligations by share-based payments (Note 20)	162,170	117,960
	162,170	117,960
Other non current liabilities	4,033,217	3,997,310

20.SHARE-BASED PAYMENTS

In 2012 and in previous years, the Sonae Capital Group granted deferred performance bonuses to employees, based on shares of Sonae Capital SGPS, SA to be acquired at nil cost, three years after they were attributed to the employee. In any case, the acquisition can be exercised during the period commencing on the third anniversary of the grant date and the end of that year. The company has the choice to settle in cash instead of shares. The option can only be exercised if the employee still works for the Sonae Capital Group on the vesting date.

As at 30 June 2013 and 31 December 2012, the market value of total liabilities arising from sharebased payments, which have not yet vested, may be summarised as follows:

	Year of	Vesting	Number of		Fair Value
	grant	year	participants	30 June 2013	31 December 2012
Shares
	2010	2013	-	-	24,585
	2011	2014	2	58,347	42,203
	2012	2015	8	243,699	195,897
	2013	2016	8	275,699	-
Total				577,745	262,685

As at 30 June 2013 and 31 December 2012, the financial statements include the following amounts corresponding to the period elapsed between the date of granting and those dates for each deferred bonus plan, which have not yet vested:

	30 June 2013	31 December 2012
Other non current liabilities	162,171	117,960
Other current liabilities	58,347	30,794
Reserves	110,935	129,184
Staff Costs	109,583	19,570

21.TRADE ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES

As at 30 June 2013 and 31 December 2012 trade accounts payable can be detailed as follows:

	30 June 2013	31 December 2012
Trade creditors Fixed assets suppliers Advances from customers and down payments Other creditors Taxes and contributions payable Staff costs Deferred income for services rendered Interest payable Investment aid Other liabilities	16,096,573	17,589,482
Loans granted by and other payables to related parties Other current liabilities	464,160	117,793
	253,756	1,096,072
	1,951,834	1,968,241
	1,577,751	1,267,761
	6,200,104	6,727,194
	6,054,578	5,256,361
	1,476,382	5,632,274
	1,056,543	1,009,851
	1,648,908	1,664,142
	10,859,914	9,236,340
	31,079,770	33,858,236
Trade accounts payable and other current liabilities	47,640,503	51,565,511

22.PROVISIONS AND ACUMULATED IMPAIRMENT LOSSES

Movements in provisions and accumulated impairment losses over the period ended 30 June 2013 were as follows:

Captions	Balance as at 1 January 2013	Increases	Decreases	Utilisations	Balance as at 30 June 2013
Accumulated impairment losses on:
Other Investments (Notes 5 and 9)	7,868,877	-	-	-	7,868,877
Other non current assets (Note 10)	34,916	-	-	-	34,916
Trade accounts receivable (Note 12)	5,441,095	571,986	(233,299)	(33,744)	5,746,037
Other current debtors (Note 12)	27,866,356	-	(490)	-	27,865,866
Stocks (Note 11)	3,515,540	592	(295)	-	3,515,837
Non current provisions	3,079,824	-	-	-	3,079,824
Current provisions	1,155,107	12,841	-	-	1,167,948
	48,961,714	585,419	(234,085)	(33,744)	49,279,304

As at 30 June 2013 and 31 December 2012 detail of other provisions was as follows:

	30 June 2013	31 December 2012

Judicial claims	1,792,273	1,792,273
Others	2,455,499	2,442,657
	4,247,772	4,234,930

Impairment losses are deducted from the book value of the corresponding asset.

23.CONTINGENT ASSETS AND LIABILITIES

As at 30 June 2013 and 31 December 2012 the most important contingent liabilities referred to guarantees given and were made up as follows:

	30 June 2013	31 December 2012
Guarantees given:
on VAT reimbursements	5,120,096	4,988,723
on tax claims	4,105,435	4,126,605
on municipal claims	2,884,505	3,100,248
Others	12,474,641	12,837,588
Others include the following guarantees:

5,452,632 euro as at 30 June 2013 (5,658,660 euro as at 31 December 2012) of guarantees on construction works given to clients;
5,581,280 euro as at 30 June 2013 and as at 31 December 2012 of guarantees given concerning building permits in the Tourism business.

The Group has not registered provisions for the events/disagreements for which these guarantees were given since the Group believes that the above mentioned events will not result in a loss for the Group.

24.RELATED PARTIES

Balances and transactions with related parties are detailed as follows:

	Sales and services rendered		Purchases and services obtained
Transactions	30 June 2013	30 June 2012	30 June 2013	30 June 2012

Parent company (a)	-	-	-	-
Associated companies	-	272,753	11,327	185,554
Other partners and Group companies (b)	11,878,841	9,287,045	3,028,860	3,255,452
	11,878,841	9,559,798	3,040,187	3,441,006

		Interest income	Interest expenses
Transactions	30 June 2013	30 June 2012	30 June 2013	30 June 2012
Parent company (a)	-	-	-	-
Associated companies	459,982	554,304	-	-
Other partners and Group companies (b)	-	-	70,311	71,517
	459,982	554,304	70,311	71,517

		Accounts receivable	Accounts payable
Balances	30 June 2013	31 December 2012	30 June 2013	31 December 2012
Parent company (a)	-	-	-	-
Associated companies	459,982	1,101,343	227,272	4,932
Other partners and Group companies (b)	6,711,298	13,671,174	1,973,908	2,673,449
	7,171,280	14,772,517	2,201,180	2,678,381

		Loans obtained	Loans granted
Balances	30 June 2013	31 December 2012	30 June 2013	31 December 2012
Parent company (a)	-	-	-	-
Associated companies	-	-	18,387,028	16,826,685
Other partners and Group companies (b)	2,123,550	2,153,861	-	-
	2,123,550	2,153,861	18,387,028	16,826,685

a) The parent company is Efanor Investimentos, SGPS, SA;

b) Balances and transactions with Sonae, SGPS, SA and Sonae Indústria, SGPS, SA are included under Other partners in Group companies.

25.TAXATION

Income tax for the six months periods ended 30 June 2013 and 2012 was made up as follows:

	30 June 2013	30 June 2012
Current tax	3,531,825	1,621,059
Deferred tax	(455,861)	(2,711,333)
Taxation	3,075,964	(1,090,274)

26.RECONCILIATION OF CONSOLIDATED NET PROFIT

As at 30 June 2013 and 2012, the reconciliation of consolidated net profit can be analysed as follows:

	30 June 2013	30 June 2012

Aggregate net profit	2,713,607	(8,865,459)
Harmonisation adjustments	(483,345)	(926,555)
Elimination of intragroup dividends	(16,400,420)	(5,188,146)
Share of gains/(losses) of associated undertakings	2,442,536	3,076,303
Elimination of intragroup capital gains/(losses)	(4,257)	-
Elimination of intragroup impairment	(444,917)	(6,568,503)
Adjustments of gains/(losses) of financial shareholdings sale	249,969	5,677,793
Others	-	(615)
Consolidated net profit for the year	(11,926,827)	(12,795,182)

27.EARNINGS PER SHARE

Earnings per share for the periods ended 30 June 2013 and 2012 were calculated taking into consideration the following amounts:

	30 June 2013	30 June 2012
Net profit
Net profit taken into consideration to calculate basic earnings per share (Net profit for the period )	(11,929,132)	(12,450,477)
Net profit taken into consideration to calculate diluted earnings per share	(11,929,132)	(12,450,477)
Number of shares
Weighted average number of shares used to calculated basic earnings per share	248,046,518	249,598,250

Weighted average number of shares used to calculated diluted earnings per share	248,046,518	249,598,250
Earnings per share (basic and diluted)	(0.048092)	(0.049882)

28.SEGMENT INFORMATION

In 30 June 2013 and 30 June and 31 December 2012, the following were identified as segments:

Sonae Turismo:
o Resorts
o Hotels
o Fitness
o Other
Energy
Refrigeration, HVAC
Other Assets
o Real Estate Assets
o Financial Assets
Holding and Others

The contribution of the business segments to the income statement of the periods ended 30 June 2013 and 2012 can be detailed as follows:

30 June 2013
Profit & Loss Account	Sales	Services rendered	Other operational income	Total operational income	Operational cash flow (EBITDA)
Resorts	2,212,854	3,505,566	881,480	6,599,900	(734,727)
Hotels	29,184	5,324,901	259,372	5,613,457	(3,581,036)
Fitness	70,325	5,606,122	520,543	6,196,990	299,090
Other	-	586,863	86,024	672,887	99,157
Intersegment Adjustments	(376)	(1,730,224)	(417,769)	(2,148,369)	1,078
Sonae Turismo	2,311,987	13,293,228	1,329,650	16,934,865	(3,916,438)
Energy	6,651,877	77,265	175,207	6,904,349	1,735,546
Refrigeration and HVAC	14,743,561	14,173,996	555,835	29,473,392	887,689
Real Estate Assets	100,203	3,616,136	213,616	3,929,955	2,005,931
Financial Assets	744	3,818,481	728,676	4,547,901	204,695
Intersegment Adjustments	-	-	-	-	-
Total Other Assets	100,947	7,434,617	942,292	8,477,856	2,210,626
Holding & Others	-	2,790,728	87,663	2,878,391	(809,557)
Intersegment Adjustments	(675,922)	(6,303,860)	394,194	(6,585,588)	(12,835)
Consolidated	23,132,450	31,465,974	3,484,841	58,083,265	95,031

30 June 2012

Profit & Loss Account	Sales	Services rendered	Other operational income	Total operational income	Operational cash flow (EBITDA)
Resorts	2,446,197	3,462,762	824,938	6,733,897	(1,490,419)
Hotels	31,956	4,336,708	612,928	4,981,592	(4,434,171)
Fitness	25,271	6,439,388	280,283	6,744,942	(521,397)
Other	-	1,181,544	360,870	1,542,414	416,882
Intersegment Adjustments	(1)	(1,884,413)	(753,714)	(2,638,128)	(238)
Sonae Turismo	2,503,423	13,535,989	1,325,305	17,364,717	(6,029,343)
Energy	5,819,023	327,527	302,954	6,449,504	1,525,842
Refrigeration and HVAC	17,157,945	9,161,194	110,221	26,429,360	22,065
Real Estate Assets	221,620	4,172,325	264,990	4,658,935	1,926,980
Financial Assets	27,704	4,290,708	344,702	4,663,114	(29,128)
Intersegment Adjustments	-	-	-	-	-
Total Other Assets	249,324	8,463,033	609,692	9,322,049	1,897,852
Holding & Others	-	2,328,307	32,535	2,360,842	(610,250)
Intersegment Adjustments	(2,029,298)	(5,608,354)	1,304,683	(6,332,969)	3,334
Consolidated	23,700,417	28,207,696	3,685,390	55,593,503	(3,190,500)

The contribution of the business segments to the Balance sheets as at 30 June 2013 and 31 December 2012 can be detailed as follows:

30 June 2013
Balance Sheet	Fixed Assets Tangible and Intangible	Investments	Other Assets	Total Assets	Total Liabilities	Technical investment	Gross Debt	Net Debt
Resorts	108,429,791	162,390	166,708,564	275,300,745	169,259,600	228,433	19,550,420	18,991,347
Hotels	1,519,151	7,638	18,127,646	19,654,435	28,073,817	8,685	-	(171,586)
Fitness	9,804,930	20,066	2,093,740	11,918,736	18,388,988	153,101	1,499,485	1,426,671
Other	5,208	341,450	137,841,237	138,187,895	254,358,124	-	-	(5,214)
Intersegment Adjustments	-	-	(153,776,562)	(153,776,562)	(159,552,573)	-	-	-
Sonae Turismo	119,759,081	531,544	170,994,625	291,285,250	310,527,956	390,219	21,049,906	20,241,218
Energy	19,127,061	2,546	6,232,147	25,361,754	22,336,650	1,650,987	8,619,826	8,572,970
Refrigeration and HVAC	473,204	-	53,706,462	54,179,667	19,852,946	17,371	451,286	(356,759)
Real Estate Assets	108,067,641	20,999,902	108,576,224	237,643,767	160,294,676	124,962	-	(1,946,260)
Financial Assets	1,501,849	8,617,270	51,629,249	61,748,368	26,623,663	109,975	797,525	331,931
Intersegment Adjustments	-	-	4,798,032	4,798,032	-	-	-	-
Total Other Assets	109,569,490 29,617,172		165,003,505	304,190,167	186,918,339	234,938	797,525	(1,614,329)
Holding & Others		419,724 19,788,949	420,369,980	440,578,653	256,948,130	33,742	232,183,816	231,941,168
Intersegment Adjustments	-	-	(468,289,200)	(468,289,200)	(463,718,856)	-	-	-
Consolidated	249,348,561 49,940,211		348,017,519	647,306,291	332,865,165	2,327,258	263,102,360	258,784,268

31 December 2012
Balance Sheet	Fixed Assets Tangible and Intangible	Investments	Other Assets	Total Assets	Total Liabilities	Technical investment	Gross Debt	Net Debt
Resorts	110,809,406	162,390	168,873,899	279,845,695	165,814,832	535,657	20,814,543	20,697,005
Hotels	2,131,901	7,638	21,182,410	23,321,949	31,558,815	159,574	-	(118,405)
Fitness	10,434,643	20,066	2,339,189	12,793,898	22,393,451	1,162,601	1,686,456	1,596,722
Other	5,946	341,450	137,595,825	137,943,221	245,193,579	-	17,575	3,508
Intersegment Adjustments	-	-	(154,981,577)	(154,981,577)	(160,763,217)	-	-	-
Sonae Turismo	123,381,897	531,544	175,009,745	298,923,187	304,197,460	1,857,832	22,518,574	22,178,831
Energy	18,363,784	2,546	6,189,031	24,555,361	21,811,393	8,632,381	9,154,806	9,137,748
Refrigeration and HVAC	566,282	-	54,027,362	54,593,644	20,256,144	397,830	5,651	(501,072)
Real Estate Assets	109,518,113	20,726,524	107,734,693	237,979,330	157,143,663	664,626	58,946	(1,539,993)
Financial Assets	1,662,998	4,447,050	51,084,792	57,194,840	26,694,523	156,437	54,771	(345,778)
Intersegment Adjustments	-	-	-	-	-	-	-	-
Total Other Assets	111,181,111 25,173,574		158,819,485	295,174,170	183,838,186	821,063	113,717	(1,885,771)
Holding & Others		455,437 29,283,577	403,934,943	433,673,957	256,268,090	431,691	227,522,174	227,140,491
Intersegment Adjustments	-	-	(449,506,019)	(449,506,019)	(452,914,074)	-	-	-
Consolidated	253,948,512 54,991,242		348,474,546	657,414,300	333,457,199	12,140,798	259,314,922	256,070,226

Net debt of the Holding can be analyzed as follows:

	30 June 2013
Inflows
Gross bank debt	232,183,816
Cash and cash equivalents	236,333
Net bank debt	231,947,483
Energy	-
Sistavac	-
SONAE Tourism	-
Other Assets	39,100,325
Intercompany ST Loans Obtained	39,100,325
Total Inflows	271,047,808
Outflows
Energy	-
Sistavac
SONAE Tourism	248,348,746
Other Assets	144,653,077
Intercompany Loans Granted	393,001,823

29.SUBSEQUENT EVENTS

No significant events, requiring further disclosure, have occurred after 30 June 2013.

30.APPROVAL OF THE FINANCIAL STATEMENTS

These consolidated financial statements were approved by the Board of Directors and authorized for issue on 30 July 2013.

INDIVIDUAL FINANCIAL STATEMENTS

30 JUNE 2013

SONAE CAPITAL, SGPS, SA

INDIVIDUAL BALANCE SHEETS AS AT 30 JUNE 2013 AND 31 DECEMBER 2012 (Translation of the individual financial statements originally issued in Portuguese)

(Translation of the individual financial statements originally issued in Portuguese) (Amounts expressed in euro)

(Amounts expressed in euro)

ASSETS NON CURRENT ASSETS:		30 June 2013	31 December 2012

			582,772,362
			429,213 582,772,362
			133,517,946 429,213
			716,719,521 133,517,946
Total Non Current Assets		734,293,541	716,719,521
	6	30,004,794	26,036,184
			374,001 26,036,184
			26,410,185 374,001
Total Current Assets		22,789,973	26,410,185
		757,083,514	743,129,706 743,129,706
EQUITY AND LIABILITIES

			250,000,000
	9	250,000,000	250,000,000
	9	(525,385)	(264,705) (264,705)
			8,307,376 8,307,376
			288,710,416 288,710,416
			- -
		12,371,328	(995,091) (995,091)
			545,757,996 545,757,996


	11	53,737,637	68,932,664 68,932,664
	11	-	9,985,411 9,985,411
		49,312	52,605
	7	-	52,605 778
Total Non Current Liabilities		53,786,949	778 78,971,458 78,971,458

		7,683	68,784
	11	43,747 116,850,000	68,784 96,400,981
	11	9,992,281	96,400,981 -
	12	17,261,043 9,988,827	20,748,477 -
	13	1,316,915 20,621,100	1,182,010 20,748,477
	12
Total Current Liabilities Total Current Liabilities	13	145,427,921 1,573,556 133,827,229	118,400,252 1,182,010 118,400,252
	Total Non Current Assets Total Current Assets EQUITY AND LIABILITIES Total Non Current Liabilities	Notes 4 7 4 5 7 5 8 6 8 9 9 10 10 10 10 11 11 7 11 11	583,181,509 6,417 539,961 583,530,244 138,721,946 674,434 722,443,417 150,082,446 105,317 22,554,257 30,110,111 235,716 752,553,528 250,000,000 (469,426) 8,307,376 8,307,376 287,715,325 287,715,325 - - 12,398,885 557,952,160 557,868,645 60,711,545 - 62,594 - 60,774,139 101,600,000

The accompanying notes are an integral part of these financial statements TOTAL EQUITY AND LIABILITIES 752,553,528 743,129,706

The Chief Accountant

SONAE CAPITAL, SGPS, SA Investments 4 583,181,509 582,772,362

ASSETS Notes 31 March 2013 31 December 2012

(Amounts expressed in euro)

(Translation of the individual financial statements originally issued in Portuguese)

INDIVIDUAL INCOME STATEMENTS BY NATURE Other non current assets 5 138,721,946 133,517,946

FOR THE SIX MONTHS ENDED 30 JUNE 2013 AND 2012

(Translation of the individual financial statements originally issued in Portuguese) Other current assets 6 30,004,794 26,036,184

(Amounts expressed in euro) Total Current Assets 30,110,111 26,410,185

EQUITY AND LIABILITIES	Notes	30 June 2013	30 June 2012
Operational income
Other operational income EQUITY:		7,605	2,705
Total operational income Share Capital	9	7,605 250,000,000	2,705 250,000,000
Own shares Operational expenses Legal reserve	9 10	(469,426) 8,307,376	(264,705) 8,307,376
Other reserves External supplies and services	10 14	287,715,325 (467,120)	288,710,416 (191,579)
Retained earnings Staff costs	15	- (390,745)	- (178,369)
Profit / (Loss) for the period Depreciation and amortisation		12,398,885 (583)	(995,091) -
TOTAL EQUITY Other operational expenses		557,952,160 (24,948)	545,757,996 (7)
Total operational expenses		(883,397)	(369,955)
LIABILITIES: Operational profit/(loss) NON CURRENT LIABILITIES:		(875,792)	(367,250)
Bank loans Financial income	11 16	60,711,545 4,558,961	68,932,664 6,037,004
Bonds Financial expenses	11 16	- (4,666,805)	9,985,411 (5,084,067)
Other non current liabilities Net financial income/(expenses)		62,594 (107,844)	52,605 952,937
Deferred tax liabilities Investment income Total Non Current Liabilities	7 16	- 13,113,126 60,774,139	778 382,921 78,971,458
Profit/(loss) before taxation		12,129,490	968,608
CURRENT LIABILITIES Taxation Suppliers	17	241,838 43,747	(154,781) 68,784
Bank loans Profit/(loss) for the period	11	101,600,000 12,371,328	96,400,981 813,827
Bonds Other creditors Profit/(loss) per share	11 12	9,988,827 20,621,100	- 20,748,477
Other current liabilities Basic and diluted Total Current Liabilities	13 18	1,573,556 0.049875 133,827,229	1,182,010 0.003261 118,400,252

The accompanying notes are an integral part of these financial statements TOTAL EQUITY AND LIABILITIES 752,553,528 743,129,706

The Chief Accountant

SONAE CAPITAL, SGPS, SA Total Non Current Assets 722,443,417 716,719,521

Investments 4 583,181,509 582,772,362

ASSETS Notes 31 March 2013 31 December 2012

INDIVIDUAL INCOME STATEMENT BY NATURE

FOR THE THREE MONTHS ENDED 30 JUNE 2013 AND 2012 Cash and cash equivalents 8 105,317 374,001

(Translation of the individual financial statements originally issued in Portuguese) TOTAL ASSETS 752,553,528 743,129,706

(Amounts expressed in euro)

EQUITY: Share Capital	nd Quarter 2013 2 (Unaudited) 9 250,000,000	nd Quarter 2012 2 (Unaudited) 250,000,000
Operational income: Own shares	9 (469,426)	(264,705)
Legal reserve Other operational income	10 8,307,376 2.870	8,307,376 (693)
Other reserves Total operational income	10 287,715,325 2.870	288,710,416 (693)
Retained earnings Operational expenses:		-
Profit / (Loss) for the period External supplies and services	12,398,885 (217.046)	(995,091) (80.527)
TOTAL EQUITY Staff costs	557,952,160 (168.910)	545,757,996 (16.263)
Depreciation and amortisation	(583)	-
LIABILITIES: Other operational expenses	(15.065)	(0)
NON CURRENT LIABILITIES: Total operational expenses	(401.604)	(96.790)
Bank loans Operational profit/(loss) Bonds	11 60,711,545 (398.734) 11	68,932,664 (97.483) 9,985,411 -
Other non current liabilities Financial income	2.295.278	62,594 52,605 3.095.421
Deferred tax liabilities Financial expenses	7 (2.405.497)	- (2.160.029)
Total Non Current Liabilities Net financial income/(expenses)	60,774,139 (110.218)	78,971,458 935.391
Investment income	348.734	-
CURRENT LIABILITIES Profit/(loss) before taxation	(160.218)	837.908
Suppliers Bank loans	11 101,600,000	43,747 68,784 96,400,981
Taxation Bonds	132.662 11 9,988,827	(215.502)
Profit/(loss) for the period Other creditors	(27.556) 12 20,621,100	622.406 20,748,477
Other current liabilities Profit/(loss) per share Total Current Liabilities	13 1,573,556 133,827,229	1,182,010 118,400,252
Basic and diluted	(0,000111)	0,002494
The Chief Accountant		The Board of Directors






















Sonae Capital, SGPS, SA

	Report and Accounts 30 June 2013

SONAE CAPITAL, SGPS, SA TOTAL ASSETS 752,553,528 743,129,706

Investments 4 583,181,509 582,772,362 Deferred tax assets 7 539,961 429,213 Other non current assets 5 138,721,946 133,517,946 Total Non Current Assets 722,443,417 716,719,521

Other current assets 6 30,004,794 26,036,184 Cash and cash equivalents 8 105,317 374,001

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2013 AND 2012

(Translation of the individual financial statements originally issued in Portuguese)

(Amounts expressed in euro) Own shares 9 (469,426) (264,705)

Retained earnings	30 June 2013 -	30 June 2012 -
Profit / (Loss) for the period Net profit for the period TOTAL EQUITY	12,398,885 12,371,328 557,952,160	(995,091) 813,827 545,757,996
Items that may subsequently be reclassified to net income:
LIABILITIES: Change in currency translation reserve NON CURRENT LIABILITIES:	-	-
Bank loans 11 Share of other comprehensive income of associated undertakings and joint ventures Bonds 11 accounted for by the equity method Other non current liabilities	60,711,545 - - 62,594	68,932,664 9,985,411 - 52,605
Deferred tax liabilities 7 Change in the fair value of assets available for sale	- -	778 -
Total Non Current Liabilities Change in the fair value of cash flow hedging derivatives	60,774,139 -	78,971,458 -
CURRENT LIABILITIES Income tax relating to components of other comprehensive income Suppliers Other comprehensive income for the period	- 43,747 -	- 68,784 -
Bank loans 11 Total comprehensive income for the period Bonds 11	101,600,000 12,371,328 9,988,827	96,400,981 813,827 -

The accompanying notes are an integral part of these financial statements

The Chief Accountant

NON CURRENT ASSETS: Tangible assets

SONAE CAPITAL, SGPS, SA Other current assets 6 30,004,794 26,036,184

Investments 4 583,181,509 582,772,362

ASSETS Notes 31 March 2013 31 December 2012

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME Total Current Assets 30,110,111 26,410,185

FOR THE THREE MONTHS ENDED 30 JUNE 2013 AND 2012 TOTAL ASSETS 752,553,528 743,129,706

(Translation of the individual financial statements originally issued in Portuguese) EQUITY AND LIABILITIES

(Amounts expressed in euro) Share Capital 9 250,000,000 250,000,000

Legal reserve Other reserves		10 2 10	8,307,376 nd Quarter 2013 287,715,325 (Unaudited)	8,307,376 nd Quarter 2012 2 288,710,416 (Unaudited)
Retained earnings Profit / (Loss) for the period TOTAL EQUITY	Net profit for the period		- 12,398,885 (27.556) 557,952,160	- (995,091) 622.406 545,757,996
LIABILITIES:	Exchange differences on translating foreign operations		-	-
NON CURRENT LIABILITIES: Bank loans Bonds Other non current liabilities Deferred tax liabilities CURRENT LIABILITIES Suppliers	Share of other comprehensive income of associates and joint ventures accounted by the equity method Change in the fair value of assets available for sale Change in the fair value of cash flow hedging derivatives Gains on property revaluation Total Non Current Liabilities Income tax relating to components of other comprehensive income Other comprehensive income for the period	11 11 7	60,711,545 - - - 62,594 - - - 60,774,139 - - 43,747	68,932,664 - 9,985,411 - 52,605 - 778 - 78,971,458 - - 68,784
Bank loans Bonds	Total comprehensive income for the period	11 11	(27.556) 101,600,000 9,988,827	622.406 96,400,981 -
Other creditors Other current liabilities TOTAL EQUITY AND LIABILITIES	The accompanying notes are part of these financial statements. Total Current Liabilities The accompanying notes are an integral part of these financial statements	12 13	20,621,100 1,573,556 133,827,229 752,553,528	20,748,477 1,182,010 118,400,252 743,129,706
	The Chief Accountant		The Board of Directors



	Sonae Capital, SGPS, SA	Report and Accounts 30 June 2013

SONAE CAPITAL SGPS, SA SONAE CAPITAL SGPS, SA

INDIVIDUAL STATEMENTS OF CHANGES IN EQUITY INDIVIDUAL STATEMENTS OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2013 AND 2012 FOR THE THREE MONTHS ENDED 31 MARCH 2013 AND 2012

(Translation of the individual financial statements originally issued in Portuguese) (Translation of the individual financial statements originally issued in Portuguese)

(Amounts expressed in euro) (Amounts expressed in euro)

Share Own	Share Legal Capital	Own Fair Value Shares	Legal Hedging Reserve	Fair Value Other Reserve	Hedging Retained Reserve	Other Sub total Reserves	Retained Earnings	Sub total Net	Net Total Equity profit / (loss)	Total Equity
Capital Shares Balance as at 1 January 2012	Reserve 250,000,000	Reserve (36,144)	Reserve 8,307,376	Reserves -	Earnings	- 289,628,622	-	profit / (loss) 297,935,998	(918,206)	546,981,648
Balance as at 1 January 2012 250,000,000 (36,144) Total comprehensive income for the period	8,307,376 -	- -	-	- 289,628,622 -	-	- -	297,935,998 -	(918,206) -	546,981,648 813,827	813,827
Total comprehensive income for the period - Appropriation of profits: Transfer to legal reserve and retained earnings Appropriation of profits: Dividends distributed Transfer to legal reserve and retained earnings - Acquisition/(disposal) of own shares Dividends distributed -	- - - - - - - - -	- - - - (62,927) -	- - - - - -	- - (918,206) -	- - - - -	- (918,206) - - - -	- - - (918,206) - -	191,421 (918,206) - 918,206 - -	191,421 918,206 - - - -	- - (62,927)
Acquisition/(disposal) of own shares - (54,916) Others	- -	- -	- -	-	- -	- -	- -	- -	(54,916) -	-
Others - Balance as at 30 June 2012	- - 250,000,000	- (99,071)	- 8,307,376	-	-	- - 288,710,416	- -	- 297,017,792	- 813,827	547,732,548
Balance as at 31 March 2012 250,000,000 (91,060) Balance as at 1 January 2013	8,307,376 250,000,000	- (264,705)	8,307,376	- 288,710,416 -		- - 288,710,416	297,017,792 -	191,421 297,017,792	547,118,153 (995,091)	545,757,996
Balance as at 1 January 2013 250,000,000 (264,705) Total comprehensive income for the period	8,307,376 -	- -	-	- 288,710,416 -	-	- -	297,017,792 -	(995,091) -	545,757,996 12,371,328	12,371,328
Total comprehensive income for the period - Appropriation of profits: Transfer to legal reserve and retained earnings Dividends distributed Appropriation of profits: Acquisition/(disposal) of own shares Transfer to legal reserve and retained earnings -	- - - - - - -	- - - (260,680) -	- - - - -	- - - (995,091)	- - - -	- (995,091) - - -	- - - - (995,091)	12,398,885 (995,091) - - 995,091	12,398,885 995,091 - - -	- - (260,680)
Dividends distributed - Others Acquisition/(disposal) of own shares - (204,721)	- - - -	- - -	- - -	-	- - -	- - -	- - -	- - -	- - (204,721)	-
Balance as at 30 June 2013 Others -	250,000,000 - -	(525,385) -	8,307,376 -	-	-	- 287,715,325 -	- -	296,022,701 -	12,371,328 -	557,868,645

The accompanying notes are an integral part of these financial statements Balance as at 31 March 2013 250,000,000 (469,426) 8,307,376 - - 287,715,325 - 296,022,701 12,398,885 557,952,160

The Chief Accountant The Board of Directors

SONAE CAPITAL, SGPS, SA ASSETS Notes 31 March 2013 31 December 2012

SONAE CAPITAL, SGPS, SA INDIVIDUAL BALANCE SHEETS AS AT 31 MARCH 2013 AND 31 DECEMBER 2012

(Amounts expressed in euro)

(Translation of the individual financial statements originally issued in Portuguese)

INDIVIDUAL CASH FLOW STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2013 AND 2012

(Translation of the individual financial statements originally issued in Portuguese) Deferred tax assets 7 539,961 429,213

(Amounts expressed in euro) Other non current assets 5 138,721,946 133,517,946 Total Non Current Assets 722,443,417 716,719,521

			30 June 2013	30 June 2012
	Other current assets OPERATING ACTIVITIES Cash and cash equivalents	6 8	30,004,794 105,317	26,036,184 374,001
	Total Current Assets Cash paid to trade creditors		30,110,111 505,604	26,410,185 1,763,312
	Cash paid to employees		356,601	317,922
TOTAL ASSETS	Cash flow generated by operations		752,553,528 (862,205)	743,129,706 (2,081,234)
	Income taxes (paid)/received		510	17,581
	Other cash receipts/(payments) relating to operating activities		(428,236)	(44,998)
	EQUITY AND LIABILITIES Net c as h flow from operat ing ac t ivit ies [ 1]		(1,290,951)	(2,143,813)
EQUITY:	INVESTMENT ACTIVITIES
Share Capital	Cash receipts arising from:	9	250,000,000	250,000,000
Own shares	Interest and similar income	9	(469,426) 5,051,185	(264,705) 5,200,990
Legal reserve	Dividends	10	8,307,376 12,355,245	8,307,376 382,921
	Other reserves Loans obtained	10	287,715,325 -	288,710,416 -
	Retained earnings		17,406,430 -	5,583,911 -
	Cash payments arising from: Profit / (Loss) for the period		12,398,885	(995,091)
	Tangible assets		7,000	-
TOTAL EQUITY	Loans granted		557,952,160 13,200,200	545,757,996 34,911,146
			13,207,200	34,911,146
LIABILITIES:	Net c as h flow from inves t ment ac t ivit ies [ 2]		4,199,230	(29,327,235)
Bank loans	NON CURRENT LIABILITIES: FINANCING ACTIVITIES	11	60,711,545	68,932,664
Bonds	Cash receipts arising from:	11	-	9,985,411
	Other non current liabilities Loans obtained		62,594 17,200,000	52,605 46,732,000
	Deferred tax liabilities	7	- 17,200,000	778 46,732,000
	Cash Payments arising from: Total Non Current Liabilities		60,774,139	78,971,458
	Interest and similar costs		4,498,402	4,447,325
	Acquisition of own shares CURRENT LIABILITIES		260,680	62,927
	Loans obtained		15,486,500	10,800,000
Suppliers			43,747 20,245,582	68,784 15,310,252
Bank loans Bonds	Net c as h flow from financ ing ac t ivit ies [ 3]	11 11	101,600,000 (3,045,582) 9,988,827	96,400,981 31,421,748 -
	Other creditors Net increase/(decrease) in cash and cash equivalents [4] = [1]+[2]+[3]	12	20,621,100 (137,303)	20,748,477 (49,300)
	Other current liabilities Cash and cash equivalents at the beginning of the period	13 8	1,573,556 373,019	1,182,010 350,634
	Cash and cash equivalents at the end of the period Total Current Liabilities	8	235,716 133,827,229	301,335 118,400,252

The accompanying notes are an integral part of these financial statements

The Chief Accountant

SONAE CAPITAL, SGPS, SA (Amounts expressed in euro)

SONAE CAPITAL, SGPS, SA INDIVIDUAL BALANCE SHEETS AS AT 31 MARCH 2013 AND 31 DECEMBER 2012

(Translation of the individual financial statements originally issued in Portuguese)

INDIVIDUAL STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED 30 JUNE 2013 AND 2012

(Translation of the individual financial statements originally issued in Portuguese)

(Amounts expressed in euro) Investments 4 583,181,509 582,772,362

Other non current assets	2nd Quarter 2013 5 138,721,946 (Unaudited)	2nd Quarter 2012 133,517,946 (Unaudited)
Total Non Current Assets OPERATING ACTIVITIES	722,443,417	716,719,521

CURRENT ASSETS: Cash paid to trade creditors	229.088	38.201
Other current assets Cash paid to employees	6 30,004,794 198.267	26,036,184 252.949
Cash and cash equivalents Cash flow generated by operations	8 105,317 (427.354)	374,001 (291.150)
Total Current Assets Income taxes (paid)/received	30,110,111 4	26,410,185 141
Other cash receipts/(payments) relating to operating activities	78.477	3.529
Net c as h flow from operat ing ac t ivit ies [ 1] TOTAL ASSETS	(348.881) 752,553,528	(287.762) 743,129,706
EQUITY AND LIABILITIES INVESTMENT ACTIVITIES

Cash receipts arising from: EQUITY:
Interest and similar income	17	564
Share Capital Dividends	9 250,000,000 12.355.245	250,000,000 382.921
Own shares Loans granted	9 (6.098.450) (469,426)	(264,705) -
Legal reserve	6.256.812 10 8,307,376	383.485 8,307,376
Cash payments arising from: Other reserves	10 287,715,325	288,710,416
Investments Retained earnings Tangible assets	- 7.000	- - -
Profit / (Loss) for the period Loans granted	12,398,885 7.996.200	(995,091) 4.089.300
TOTAL EQUITY	557,952,160 8.003.200	545,757,996 4.089.300
Net c as h flow from inves t ment ac t ivit ies [ 2]	(1.746.388)	(3.705.815)
LIABILITIES: FINANCING ACTIVITIES NON CURRENT LIABILITIES:
Bank loans Cash receipts arising from:	11 60,711,545	68,932,664
Bonds Loans obtained	11 10.250.000	9,985,411 - 751.000
Other non current liabilities	62,594 10.250.000	52,605 751.000
Deferred tax liabilities Cash Payments arising from:	7	-
Total Non Current Liabilities Interest and similar costs	60,774,139 2.607.373	78,971,458 1.413.320
Acquisition of own shares	55.959	8.011
Loans obtained CURRENT LIABILITIES	5.361.000	(4.950.000)
Suppliers	8.024.332 43,747	(3.528.669) 68,784
Net c as h from financ ing ac t ivit ies [ 3] Bank loans	2.225.668 11 101,600,000	4.279.669 96,400,981
Bonds Net increase/(decrease) in cash and cash equivalents [4] = [1]+[2]+[3]	11 9,988,827 130.399	286.092
Other creditors Cash and cash equivalents at the beginning of the period	12 20,621,100 105.317	20,748,477 15.242
Other current liabilities Cash and cash equivalents at the end of the period	13 1,573,556 235.716	1,182,010 301.335

Total Current Liabilities 133,827,229 118,400,252

The accompanying notes are an integral part of these financial statements.

The Chief Accountant

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

(Translation of the individual financial statements originally issued in Portuguese)

(Amounts expressed in euro)

1. INTRODUCTION

Sonae Capital, SGPS, SA ("the Company" or "Sonae Capital") whose registered office is at Lugar do Espido, Via Norte, Apartado 3053, 4471-907 Maia, Portugal, was set up on 14 December 2007 by public deed, following the demerger from Sonae, SGPS, SA of the whole of the shareholding in the company formerly named Sonae Capital, SGPS, SA, now named SC, SGPS, SA, in compliance with paragraph a) of article 118 of the Commercial Companies Code.

The Company's financial statements are presented as required by the Commercial Companies Code. According to Decree-Law 158/2009 of 13 July of 2009, the Company's financial statements have been prepared in accordance with International Financial Reporting Standards.

2. PRINCIPAL ACCOUNTING POLICIES

The principal accounting policies adopted in preparing the accompanying individual financial statements are consisting with those used in the financial statements presented for the year ended 31 December 2012.

Basis of preparation

Interim financial statements are presented quarterly, in accordance with IAS 34 – "Interim Financial Reporting".

The accompanying financial statements have been prepared from the books and accounting records on a going concern basis and under the historical cost convention, except for financial instruments which are stated at fair value.

Sonae Capital, SGPS, SA Report and Accounts 61

3. CHANGES IN ACCOUNTING POLICIES

During the period there were no changes in accounting policies or prior period errors.

4. INVESTMENTS

As at 30 June 2013 and 31 December 2012 Investments are detailed as follows:

	30 June 2013	31 December 2012
Investments in affiliated and associated undertakings	584,195,526	584,195,526
Investments in other companies
Sonae RE - (0,04%)	1,200	1,200
Fundo Invest. Imob. Imosonae Dois - (0,001%)	2,546	2,546
	584,199,272	584,199,272
Impairment	(669,028)	(1,426,910)
	583,530,244	582,772,362

4.1 Investments in affiliated and associated undertakings

As at 30 June 2013 and 31 December 2012, the detail of Investments in Affiliated and Associated Companies is as shown in the table below.

		30 June 2013			31 December 2012
Company	% Held	Book Value	Fair Value Reserve	% Held	Book Value	Fair Value Reserve
SC, SGPS, SA	100.00%	382,638,253	-	100.00%	382,638,253	-
Spred, SGPS, SA	54,05	40,000,000	-	54,05	40,000,000	-
SC Assets, SGPS, SA	76,64	82,000,000	-	76,64	82,000,000	-
Sonae Turismo, SGPS, SA	23,08	37,500,000	-	23,08	37,500,000	-
Fundo Esp.Inv.Imo.Fec. WTC	59,57	42,057,273	-	59,57	42,057,273	-
Total		584,195,526	-		584,195,526	-

Investments carried at cost correspond to those in unlisted companies and for which a fair value cannot be reliably estimated.

Impairment tests on financial investments were performed, based on external valuations of the real estate of group companies, to assess the fair value of such investments. Following this analysis, 757,882 euro, regarding an impairment accounted for in 2012 for the company Fund Esp.Inv.imob WTC, was reverted in the period.

Sonae Capital, SGPS, SA Report and Accounts 62

5. OTHER NON CURRENT ASSETS

As at 30 June 2013 and 31 December 2012 Other Non-Current Assets are detailed as follows:

	30 June 2013	31 December 2012
Loans granted to group companies:
SC, SGPS, SA	121,129,243	111,341,743
SC Assets, SGPS, SA	28,953,203	22,176,203
	150,082,446	133,517,946

These assets were not due or impaired as at 30 June 2013. The fair value of loans granted to Group companies is basically the same as their book value.

Loans to group companies interest at market rates and are repayable within a period exceeding one year.

6. OTHER CURRENT ASSETS

As at 30 June 2013 and 31 December 2012 Other Current Assets can be detailed as follows:

	30 June 2013	31 December 2012
Group companies - Short term loans:
SC, SGPS, SA	15,829,067	20,450,367
SC Assets SGPS, SA	1,512,130	255,130
Suppliers	23	5,213
Income tax withheld	176,443	189,194
Other Debtors	1,962	5,500
Accrued income	4,613,454	5,107,967
Deferred costs	421,178	22,812
	22,554,257	26,036,184

Loans granted to group companies bear interest at market rates and are repayable within one year.

7. DEFERRED TAXES

Deferred tax assets and liabilities as at 30 June 2013 and 31 December 2012 can be detailed as follows, split between the different types of temporary differences:

		Deferred tax assets		Deferred tax liabilities
	30 June 2013	31 December 2012	30 June 2013	31 December 2012
Tax losses carried forward	674,434	429,213		- -
Others	-	-		- 778

During the periods ended 30 June 2013 and 31 December 2012, movements in Deferred taxes are as follows:

	Deferred tax assets			Deferred tax liabilities
	30 June 2013	31 December 2012	30 June 2013	31 December 2012
Opening balance	429,213	451,247	778	11,699
Effect in results ( Nota 18):
Tax losses carried forward	245,222	(22,034)	-	-
Others	-	-	(778)	(10,921)
	674,434	429,213	-	778
Effect in reserves:	-	-	-	-
Closing balance	674,434	429,213	-	778

8. CASH AND CASH EQUIVALENTS

As at 30 June 2013 and 31 December 2012 Cash and Cash Equivalents can be detailed as follows:

	30 June 2013	31 December 2012
Cash	1.004	1.004
Bank deposits	234.713	372.997
Cash and cash equivalents in the balance sheet	235.716	374.001

Bank overdrafts	-	981
Cash and cash equivalents in the cash flow statement	235.716	373.019

9. SHARE CAPITAL

As at 30 June 2013 Share Capital consisted of 250,000,000 ordinary shares of 1 euro each.

In 2013, Sonae Capital SGPS, S.A. bought 1,401,405 own shares on the stock market, representing 0.5606% of its share capital, for a total consideration of 260,679 euro. As at 30 June 2013, the total of own shares bought by the company is 3,036,315, representing 1.215% of its share capital.

10. RESERVES

As at 30 June 2013 and 31 December 2012 the caption Other Reserves can be detailed as follows:

	30 June 2013	31 December 2012
Free reserves	154,551,688	155,807,458
Demerger reserve	132,638,252	132,638,252
Own shares reserve	525,385	264,705
	287,715,325	288,710,416

The demerger reserve (Note 1), corresponds to the difference between the book value of the shareholding in SC, SGPS, SA (382,638,252 euro) which was spun off from Sonae, SGPS, SA to the Company, and the value of the share capital of the Company (250,000,000 euro). This reserve, which has a treatment similar to that of a Legal Reserve, according to Company Law, it cannot be distributed to shareholders, unless the company is liquidated, but can be used to make good prior year losses, once other reserves have been used fully, or for capital increases.

Legal Reserve: According to the Company Law, at least 5% of the annual net profit must be transferred to the legal reserve until it represents 20% of share capital. This reserve cannot be distributed to shareholders, unless the company is liquidated, but can be used to cover prior year losses, once other reserves have been used fully, or for capital increases. As at 30 June 2013 the value of this caption is 8,307,376 euro.

11. LOANS

As at 30 June 2013 and 31 December 2012 this caption included the following loans:

	30 June 2013	31 December 2012
Bank loans - Commercial paper	30,000,000	38,250,000
Bank loans - Term loan	24,000,000	31,000,000
Up-front fees not yet charged to income statement	(262,363)	(317,336)
Bank loans - non current	53,737,637	68,932,664
Nominal value of bonds	-	10,000,000
Up-front fees not yet charged to income statement	-	(14,589)
Bond Loans	-	9,985,411
Non-current loans	53,737,637	78,918,075

Bank loans - Commercial paper	109,850,000	94,400,000
Bank loans - Term loan	7,000,000	2,000,000
Bond Loans	10,000,000	-
Up-front fees not yet charged to income statement	(7,719)	-
Bank overdrafts	-	981
Current bank loans	126,842,281	96,400,981

Non Current Bank Loans

The caption Non-Current Bank Loans relates to amounts issued detailed as follows:

i. Bank loan started on 2 June 2011 valid for six years and repayable in six annual instalments. This loan is guaranteed by a mortgage of investment properties and pays interest every three months;
ii. Commercial Paper Programme issued on 27 December 2012 with subscription guarantee and valid for a period of 5 years.

The bank loans mentioned above bear interest at market rates, indexed to the Euribor of each issue period.

The average interest rate of these bond loans as at 30 June 2013 was 4.362%.

Current Bank Loans

The caption Current Bank Loans relates to amounts issued, detailed as follows:

i. Commercial Paper Programme issued on 28 March 2008 without subscription guarantee, valid for a period of 10 years, which may be extended at the option of the Company. Issues placed with investors and / or financial institutions supported by committed credit lines maturities between 6 months and one year, engaged with relationship banks.
ii. Commercial Paper Programme issued on 31 March 2011 with subscription guarantee, valid until August 2016;
iii. Commercial Paper Programme issued on 17 February 2011 with subscription guarantee, valid for a period of 1 year, automatically renewable for equal periods to a maximum of five years;
iv. Commercial Paper Programme issued on 30 December 2010 with subscription guarantee and valid for a period of 3 years;
v. Sonae Capital, SGPS 2011/2016, amounting to 10,000,000 euro, repayable after 5 years, in one instalment, on 17 January 2016. Early repayment can occur under the terms of the Call / Put Option in Jan/2014. This bond issue pays interest every six months;

The above loans are not guaranteed, and their fair value is considered to be close to their book value, in view of the fact that interest payable on them is at variable market rates.

There are no Derivatives.

12. OTHER CREDITORS

As at 30 June 2013 and 31 December 2012, these captions were made up as follows:

	30 June 2013	31 December 2012
Other creditors
Group companies - Short term loans:
Spred, SGPS, SA	17,260,100	20,746,600
Other creditors	943	1,877
	17,261,043	20,748,477

Loans obtained from group companies bear interest at market rates and are repayable within one year.

13. OTHER CURRENT LIABILITIES

As at 30 June 2013 and 31 December 2012, these captions were made up as follows:

	30 June 2013	31 December 2012
Other current liabilities
Taxes payable	37,871	140,913
Accruals:
Staff costs	261,181	235,216
Interest payable	845,494	637,782
Other accruals	171,788	164,029
Deferred income	582	4,070
	1,316,915	1,182,010

14. EXTERNAL SUPPLIES AND SERVICES

As at 30 June 2013 and 30 June 2012, External Supplies and Services can be detailed as follows:

	30 June 2013	30 June 2012
Operational rents	18,737	18,619
Insurance costs	22,693	25,340
Travelling expenses	12,373	9,473
Services obtained	401,662	133,381
Other services	11,654	4,765
	467,120	191,579

15. STAFF COSTS

As at 30 June 2013 and 30 June 2012, Staff Costs are made up as follows:

	30 June 2013	30 June 2012
Governing bodies' remunerations	331,474	146,029
Social security contributions	28,924	23,448
Other staff costs	30,346	8,892
	390,745	178,369

30 June 2013

16. NET FINANCIAL EXPENSES AND INVESTMENT INCOME

As at 30 June 2013 and 30 June 2012, Net Financial Expenses and Investment Income can be detailed as follows:

	30 June 2013	30 June 2012
Interest payable and similar expenses
Interest arising from:
Bank loans	(3,582,898)	(3,207,876)
Bonds	(239,003)	(635,944)
Other	(54,642)	(186,296)
Other financial expenses	(790,261)	(1,053,952)
	(4,666,805)	(5,084,067)
Interest receivable and similar income
Interest income	4,558,961	6,037,004
	4,558,961	6,037,004
Net financial expenses	(107,844)	952,937
Reversal of Impairment losses (Note 4.1)	757,881	-
Dividends received	12,355,245	382,921
Investment income	13,113,126	382,921

As at 30 June 2013, the amount of dividends received from affiliated companies was as follows:

SC ASSETS, SGPS, SA	2,221,944
SC, SGPS, SA	9,500,000
SPRED, SGPS, SA	633,300
	12,355,245

17. TAXATION

As at 30 June 2013 and 30 June 2012, Taxation is made up as follows:

	30 June 2013	30 June 2012

Current tax	(4,162)	(46,317)
Deferred tax	246,000	(108,464)
	241,838	(154,781)

18. EARNINGS PER SHARE

Earnings per share for the six months periods ended 30 June 2013 and 2012 were calculated taking into consideration the following amounts:

	30 June 2013	30 June 2012
Net profit
Net profit taken into consideration to calculate basic
earnings per share (Net profit for the period )	12,371,328	813,827
Effect of dilutive potential shares	-	-
Net profit taken into consideration to calculate
diluted earnings per share	12,371,328	813,827

Number of shares
Weighted average number of shares used to calculate
basic earnings per share	248,046,518	249,598,250
Weighted average number of shares used to calculate
diluted earnings per share	248,046,518	249,598,250

Earnings per share (basic and diluted)	0.049875	0.003261

19. INFORMATION REQUIRED BY LAW

Art 5 nr 4 of Decree-Law nr 495/88 of 30 December changed by art 1 of Decree-Law nr 318/94 of 24 December

In the period ended 30 June 2013 shareholders' loan contracts were entered into with the companies SC, SGPS, SA and SC Assets, SGPS, SA.

In the period ended 30 June 2013 there was no short-term loan contracts entered into.

As at 30 June 2013 amounts due by affiliated companies can be summarized as follows: Loans and Short term loans granted

Companies	Closing Balance
SC, SGPS, SA	136,958,310
SC Assets, SGPS, SA	30,465,333
	167,423,643

As at 30 June 2013 amounts due to affiliated companies can be summarized as follows:

Short term loans obtained

Companies	Closing Balance
Spred, SGPS, SA	17,260,100
	17,260,100

20. APPROVAL OF THE FINANCIAL STATEMENTS

The accompanying financial statements were approved by the Board of Directors and authorized for issue on 30 July 2013.

The Board of Directors

Sonae Capital, SGPS, SA Report and Accounts 71

Limited Review Report Prepared by Auditor Registered with the Securities Market Commission (CMVM) on the Consolidated and Individual Half Year Information

(Free translation from the original in Portuguese)

Introduction

1 In accordance with the Portuguese Securities Market legislation ("Código dos Valores Mobiliários"), we present our Limited Review Report on the consolidated and individual information for the period of six months ended June 30, 2013 of Sonae Capital, SGPS, SA, included: in the management report, in the Consolidated and Individual balance sheet (which shows total assets of 647.306.291 Euros and 757.083.514 Euros, respectively, a total consolidated equity of 314.441.126 Euros, which includes non-controlling interests of 8.407.418 Euros and individual of 557.868.645 Euros, a net consolidated loss of 11.929.132 Euros and a net individual profit of 12.371.328 Euros), in the Consolidated and Individual income statement by nature, in the Consolidated and Individual statement of comprehensive income, in Consolidated and Individual statement of changes in equity, in the Consolidated and Individual cash flow statement for the period then ended, and in the corresponding notes.

2 The amounts in consolidated and individual financial statements, as well as those in the additional financial information, are derived from accounting records.

Responsabilities

3 It is the responsibility of the Company's Board of Directors: (a) to prepare consolidated and individual financial information that present fairly, in all material respects, the financial position of the company and its subsidiaries, the consolidated and individual results, the consolidated and individual comprehensive income of their operations, the changes in consolidated and individual equity, the consolidated and individual cash flows; (b) to prepare historic financial information in accordance with International Financial Reporting Standards as adopted by the EU, in particular with international accounting standard nº 34 – Interim Financial Reporting, and which is complete, true, timely, clear, objective and lawful, as required by the Portuguese Securities Market Code; (c) to adopt adequate accounting policies and criteria; (d) to maintain appropriate systems of internal control; and (e) to disclose any relevant matters which have influenced their activity, financial position or results.

4 Our responsibility is to verify the financial information included in the above mentioned documents, namely if it is complete, true, timely, clear, objective and lawful, as required by the Portuguese Securities Market Code, and to issue an independent and professional report based on our work.

PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda. o′Porto Bessa Leite Complex, Rua António Bessa Leite, 1430 - 5º, 4150-074 Porto, Portugal Tel +351 225 433 000 Fax +351 225 433 499, www.pwc.com/pt Matriculada na Conservatória do Registo Comercial sob o NUPC 506 628 752, Capital Social Euros 314.000

PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda. pertence à rede de entidades que são membros da PricewaterhouseCoopers International Limited, cada uma das quais é uma entidade legal autónoma e independente. Sede: Palácio Sottomayor, Rua Sousa Martins, 1 - 3º, 1069 - 316 Lisboa, Portugal Inscrita na lista das Sociedades de Revisores Oficiais de Contas sob o nº 183 e na Comissão do Mercado de Valores Mobiliários sob o nº 9077

Scope

5 Our work was performed with the objective of obtaining moderate assurance as to whether the financial information referred to above is free of material misstatement. Our work, which was performed in accordance with the Standards and Technical Recommendations approved by the Portuguese Institute of Statutory Auditors, was planned in accordance with that objective, and consisted, mainly, of in inquiries and analytical procedures to review: (i) the reliability of the assertions in the financial information; (ii) the adequacy of the accounting principles adopted considering the circumstances and their consistent application; (iii) the applicability, or otherwise, of the going concern basis of accounting; (iv) the presentation of the financial information; and (v) if the consolidated and individual financial information is complete, true, timely, clear, objective and lawful.

6 Our work also covered the verification of the consistency of the financial information included in the management report with the remaining documents referred to above.

7 We believe that our work provides a reasonable basis for issuing this report on half year financial information.

Opinion

8 Based on our work, which was performed with the objective of obtaining moderate assurance, nothing has come to our attention that leads us to conclude that the consolidated and individual financial information for the period of six months ended June 30, 2013 contains material misstatements that affect its conformity with the International Financial Reporting Standards (IFRS), as adopted in the EU, in particular with international accounting standard nº 34 – Interim Financial Reporting and that it is not complete, true, timely, clear, objective and lawful.

Report on other legal requirements

9 Based on our work, nothing has come to our attention that leads us to conclude that the information included in the management report is not consistent with the consolidated and individual financial information for the period.

August 2, 2013

PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda. Registered in the Comissão do Mercado de Valores Mobiliários with no. 9077 represented by:

Hermínio António Paulos Afonso, R.O.C.

AI Terminal

Samba Digital SGPS S.A

6003_ir_2013-08-26_0431c474-cd04-4458-b286-0393acd7a440.pdf

INDEX

1. HIGHLIGHTS

… AND CONTRIBUTES TO HALF YEAR RESULTS POSITIVE TREND COMPARED TO PREVIOUS YEAR

2. OVERALL PERFORMANCE

3. SEGMENT PERFORMANCE

SONAE TURISMO

RESORTS

FITNESS

HOTELS

ENERGY

REFRIGERATION, HVAC

As at 30 June, capital employed in real estate assets (ex-tourism assets) amounted to 129.2 million euro:

FINANCIAL SHAREHOLDINGS

OTHER ASSETS

REAL ESTATE ASSETS (ex-tourism assets)

4. OTHER RELEVANT INFORMATION

INDIVIDUAL FINANCIAL STATEMENTS

OWN SHARES

GLOSSARY

APPENDIX TO THE REPORT OF THE BOARD OF DIRECTORS

STATEMENT

Under the terms of Article 245, paragraph 1, c) of the Portuguese Securities Code

GOVERNING BODIES

APPENDIX REQUIRED BY ARTICLE 448 OF THE PORTUGUESE COMPANIES ACT

QUALIFIED SHAREHOLDINGS

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2013 AND 31 DECEMBER 2012

CONSOLIDATED INCOME STATEMENTS BY NATURE

FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2013 AND 2012

CONSOLIDATED INCOME STATEMENTS BY NATURE

FOR THE 2nd QUARTERS OF 2013 AND 2012

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2013 AND 2012

FOR THE 2nd QUARTERS OF 2013 AND 2012

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2013 AND 2012

(Amounts expressed in Euro)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2013

(Translation from the Portuguese Original)

(Amounts expressed in Euro)

1.INTRODUCTION

2. MAIN ACCOUNTING POLICIES

Basis of preparation

3. CHANGES IN ACCOUNTING POLICIES

4. GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

5. INVESTMENTS IN ASSOCIATED AND JOINTLY CONTROLLED COMPANIES

6. OTHER INVESTMENTS

8.GOODWILL

9. OTHER INVESTMENTS

10.OTHER NON-CURRENT ASSETS

11.STOCKS

12. TRADE ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS

13. DEFERRED TAXES

14. CASH AND CASH EQUIVALENTS

15.EQUITY

16.NON CONTROLLING INTERESTS

17.BORROWINGS

18.DERIVATIVES

Interest rate derivatives

Fair value of derivatives

19.OTHER NON-CURRENT LIABILITIES

20.SHARE-BASED PAYMENTS

21.TRADE ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES

22.PROVISIONS AND ACUMULATED IMPAIRMENT LOSSES

23.CONTINGENT ASSETS AND LIABILITIES

24.RELATED PARTIES

25.TAXATION

26.RECONCILIATION OF CONSOLIDATED NET PROFIT

27.EARNINGS PER SHARE

28.SEGMENT INFORMATION

29.SUBSEQUENT EVENTS

30.APPROVAL OF THE FINANCIAL STATEMENTS

INDIVIDUAL FINANCIAL STATEMENTS

INDIVIDUAL BALANCE SHEETS AS AT 30 JUNE 2013 AND 31 DECEMBER 2012 (Translation of the individual financial statements originally issued in Portuguese)

(Amounts expressed in euro)

SONAE CAPITAL, SGPS, SA Investments 4 583,181,509 582,772,362