Sonae SGPS

Earnings Release • May 31, 2019

SONAE FIRST QUARTER RESULTS'19

Highlights and CEO's message

• Consolidated turnover reached €1,461 M in the 1Q19, +8.9% when compared to 1Q18
• Consolidated underlying EBITDA increased 15.6% y.o.y. to €105 M and EBITDA increased 33.4% y.o.y. to €136.1 M
• Net income group share improved 6.5% reaching €18.3 M

"Sonae has had a good start to the year, despite the adverse calendar effect of a later Easter period. Consolidated turnover in the first quarter increased by 8.9% y.o.y. reaching €1,461 M, with positive contributions from almost all businesses, particularly from Sonae MC and from Sonae Sierra, which is now fully consolidated into Sonae's accounts.

Regarding profitability, underlying EBITDA grew 15.6% y.o.y. to €105 M, driven by a solid performance of Sonae MC, and EBITDA reached €136.1 M, +€34 M when compared to 1Q18, fuelled by both equity method results (namely Sonae Sierra and ISRG), and the capital gain from the sale of Saphety by Sonae IM, which continues to create value by actively managing its portfolio.

In terms of portfolio management, this quarter marked the acquisition by Sonae MC of a 60% stake in Arenal, which we believe will significantly reinforce Sonae MC's position in the Health & Wellness segment, one of our growth avenues.

Despite a significant increase in our total investment level (+64% y.o.y.), mainly driven by the Arenal acquisition, our capital structure remains strong. Our gearing level continued to decrease y.o.y. and is now down to 0.5x, and our main businesses continue to show conservative balance sheets. Our debt now has a longer maturity profile and low funding costs, thus maintaining conditions to both support the growth strategies of our businesses and our shareholder remuneration policy. In my first CEO message, I would like to thank Paulo and Ângelo for all their support in the transition phase and for having the benefit of their wisdom as Chairman and Non-Executive Board member.

We are today over 53 thousand people at Sonae, committed to the development of a long-living company which creates economic and social value. We will only be able to achieve this goal by taking great care of all our stakeholders to whom we remain committed."

Cláudia Azevedo, Sonae CEO

Sonae consolidated performance

Sonae corporate structure
	stake	consolidation method
Sonae MC	100%	Full consolidation
Worten	100%	Full consolidation
Sonae Fashion	100%	Full consolidation
ISRG	30%	Equity method
Sonae FS	100%	Full consolidation
Sonae IM	90%	Full consolidation
Sonae Sierra	70%	Full consolidation
NOS	23%	Equity method

In 2019, Sonae begins reporting its business segments under a new structure, which now includes a new perimeter for Sonae MC (comprised of the historical Sonae MC segment, Maxmat and Sonae RP's operational assets). The former Sonae Sports & Fashion segment was split into Sonae Fashion and ISRG, given the different nature and independent management teams of both businesses. Finally, 2019 also marks the adoption of the IFRS 16 accounting standard. For comparable reasons, historical figures were restated to include all the abovementioned changes. Additionally, this will be the first full year of line-by-line consolidation of Sonae Sierra's accounts. 1Q18 figures still exclude this effect, as the acquisition of the additional 20% stake only happened in 3Q18.

Sonae consolidated results
Million euros	1Q18(1)	1Q19	y.o.y.
Turnover	1,341.1	1,460.7	8.9%
Underlying EBITDA	90.8	105.0	15.6%
margin	6.8%		7.2% 0.4 p.p.
Equity method results (2)	11.8	26.5	-
Non-recurrent items	-0.6	4.6	-
EBITDA	102.0	136.1	33.4%
margin	7.6%		9.3% 1.7 p.p.
Provisions and impairment losses	-0.4		-0.7 -78.6%
D&A	-49.1	-51.9	-5.6%
D&A - RoU	-22.8		-26.3 -15.1%
EBIT	29.7	57.3	92.8%
Net financial results - lease liabilities	-15.4		-18.3 -18.9%
Net financial results - financing	-7.5		-10.5 -39.9%
EBT	6.9	28.5	-
Taxes	2.2	4.3	91.1%
Direct results	9.1	32.8	-
Indirect results	9.3	-1.1	-
Net income	18.4	31.7	72.8%
Non-controlling interests	-1.2	-13.4	-
Net income group share	17.2	18.3	6.5%

(1) Restated figures due to: a) IFRS 16 accounting standard; and b) the discontinued operations namely Berg from Sonae Fashion and the sale of Saphety in Sonae IM.

(2) Equity method results: includes equity method results from Sonae Sierra statutory accounts, direct income related to investments consolidated by the equity method (mainly NOS/Zopt and ISRG) and discountinued operations results

In the 1Q19, Sonae's statutory turnover increased by 8.9% y.o.y to €1,461 M, mainly reflecting growth at Sonae MC (+€72 M) and the consolidation of Sonae Sierra's statutory revenues (€45 M)¹ . Underlying EBITDA grew +€14 M to €105 M (+15.6% y.o.y.), also driven by a solid performance of Sonae MC and by the full consolidation of Sonae Sierra.

EBITDA reached €136.1 M, +€34 M when compared to 1Q18, underpinned by the growth in underlying EBITDA and also by: (i) equity method results of €26.5 M, with a particularly positive note to Sonae Sierra and ISRG, and (ii) non-recurrent items of €4.6 M, mostly related to the capital gain from the sale of Saphety by Sonae IM. This good performance at the EBITDA level drove Direct Result to reach €32.8 M, +€24 M when compared to 2018, and consequently Net income group share increased 6.5% to €18.3 M.

1) Please see additional information on page 10

Sonae capital structure

Sonae net debt evolution (€M)

Sonae net invested capital
Million euros	1Q18(1)	1Q19	y.o.y.
Net invested capital	4,185	5,944	42.0%
Sonae shareholders funds	1,967	3,124	58.8%
Financial net debt	1,267	1,761	39.1%
Sonae net debt	1,266	1,701	34.4%
Lease liabilities	952	1,118	17.5%

(1) Restated figures according to IFRS16 accounting standard

1Q17	1018	1019
-- avg gearing (book value)		avg gearing (mkt value)

Sonae Capex			% of Turnover
Million euros	1Q18	1Q19	1Q18	1Q19
Capex	71	116	5.3%	7.9%
Sonae MC	56	101	5.7%	9.7%
Worten	4	5	1.7%	2.3%
Sonae Fashion	4	2	4.4%	2.2%
Sonae FS	0	0	5.0%	1.0%
Sonae IM	3	8	10.4%	19.1%
Sonae Sierra	0	4	n.a.	9.9%

On a LfL basis, Sonae Net Debt decreased by €99 M to €1,167 M, when compared to 1Q18.

Actual net debt reached €1,701 M following the acquisition of Arenal and the additional 20% stake in Sonae Sierra, impacted by: (i) the acquisition amount (€256 M), and (ii) the consolidation of Sonae Sierra's statutory net debt (€205 M).

Sonae's cost of debt was 1.3% at the end of 1Q19, and the average maturity profile was around 4 years. Excluding Sonae Sierra, i) Sonae was able to keep average cost of debt around 1% and ii) since the end of the 1Q19, has already refinanced €230 M in long term facilities, which enables Sonae to secure a comfortable average maturity profile of circa 4 years and maintain its practice of being fully financed for the coming 18 months.

Sonae's average gearing at book value decreased to 0.5x in 1Q19 compared to 0.6x in 1Q18, evidencing a reinforced capital structure. On the other hand, average gearing at market value increased up to 0.8x in 1Q19 vs 0.6x in 1Q18, mainly due to the share price performance in the period.

Total capex increased to €116 M in the 1Q19, mainly related with the Arenal acquisition by Sonae MC in the beginning of the year.

]

C Sonae MC

Turnover and

underlying EBITDA margin evolution (€M; %) For Sonae MC, 2019 begun with a strong top line growth, despite the negative calendar effect with Easter falling later than it did in the previous year. In the 1Q19, turnover increased by 7.4% y.o.y. to €1,048 M and surpassed the €1 Bn mark. This evolution benefited from: (i) the positive evolution of LfL of 1.1% in 1Q19, which evidenced an increase in volumes as food inflation remained at a low level (+0.9%); (ii) the steady expansion of the store network with 14 new company operated stores, including 3 Continente Bom Dia and 1 Continente Modelo (current freehold of 44%); and (iii) the completion of Arenal's acquisition, reinforcing Sonae MC's position in the Health & Wellness segment, one of its main strategic development pillars.

In terms of profitability, underlying EBITDA grew by 8.1% when compared with the same period of last year, reaching €81 M in 1Q19, corresponding to a stable margin of 7.7%. This solid performance benefited from the positive turnover evolution offsetting the pressure from the challenging competitive environment and the investments in the ongoing expansion program.

(For additional information please see document published with Sonae MC 1Q19 Results at www.sonae.pt)

Worten

Turnover and underlying EBITDA margin evolution (€M; %) During these first months of 2019, Worten reached turnover of €237 M, a reduction of 2% y.o.y., with similar trend in the LfL stores (tough comparing with 8.8% LfL in 1Q18). This top line performance was impacted by a later Easter season and atypical weather conditions. In Portugal, Worten was able to once again reinforce its market leadership, and, moreover, online continuing posing accelerated growth when compared with the offline channel, in line with its omnichannel strategy.

This top line performance, coupled with both the store expansion in the last 12 months and continued efforts towards digital transformation, led to an underlying EBITDA of €8.1 M.

Sonae Fashion

Turnover and underlying EBITDA margin evolution (€M; %)

Sonae Fashion continued to show a resilient performance and grew above market references. Total turnover increased 1% y.o.y., reaching €98 M at the end of 1Q19, supported by a strong omnichannel performance that compensated lower wholesale and franchising sales. Despite the adverse calendar effect of Easter, Sonae Fashion brands increased LfL by 4.4% in the 1Q19, supported by a strong online growth (+40% y.o.y.).

In terms of profitability, Sonae Fashion has been making important efforts in its cost structure, but in a quarter with a negative calendar effect, underlying EBITDA reached €8 M, decreasing €0.2 M and implying a margin of 8.4%.

Iberian Sports Retail Group (ISRG)

Turnover and

In the last quarter of its fiscal year¹ , ISRG continued to show a very positive performance, growing sales and improving its profitability. In the 4Q18, turnover grew 12% y.o.y. and reached €192 M, benefiting from the performance of JD and Sprinter. The top line performance fuelled EBITDA to €20 M in the 4Q18, +57.5% y.o.y., which led to a margin increase of 2.9 p.p. to 10.3%. Equity method results included in Sonae accounts in the 1Q19 stood at €2.9 M, €4.6 M above 1Q18.

1. Due to calendar reporting dates of JD Sports (the main shareholder of the JV), ISRG figures refer to Nov 3rd - Feb 2nd and are not according to IFRS 16.

Sonae FS

Sonae IM

Portfolio (at the end of 1Q19)
Controlling stakes	Minority stakes
WeDo Technologies	AVP Funds
S21Sec Nextel	Stylesage
Bizdirect	Probe.ly
InovRetail	Ometria
Bright Pixel	Arctic Wolf
Excellium	Secucloud
	Continuum Security
	Nextail
	Case on it
	Jscramber
	Reblaze
	ciValue
	Visenze
	CB4

Turnover and underlying EBITDA mg evolution (€M; %)

In the first quarter of 2019, Sonae FS maintained the positive evolution registered during 2018. Turnover increased by 16.7% in relation to 1Q18, amounting to €8.1 M in the 1Q19 and underlying EBITDA almost doubled to a total of €2 M, corresponding to a margin of 24.8%.

The Universo card was the main reason behind this good performance as it continued to enhance its role in the payments market: the number of cards reached 775 thousand subscribers at the end of March (+138k y.o.y.) and production grew 21.4% y.o.y. to €197 M. Moreover, market share grew 1.3 p.p. over the last 12 months, reaching 12.8% in March 2019.

During the 1Q19, Sonae IM reinforced its participation in some portfolio companies and invested in CB4, a company based in Israel that provides a patented Artificial Intelegence software solution for brick and mortar retailers to identify and correct critical operational issues at store, product level.

Also in the 1Q19, and aligned with its active portfolio management strategy, Sonae IM sold 100% of Saphety's shares to members of its management team, backed by Oxy Capital.

Regarding its operational performance, Sonae IM turnover, fuelled by the integration of Nextel and Excellium, increased more than 40% y.o.y. to €44 M in the 1Q19 and even on a comparable basis, turnover increased by 18.7% with positive contribution across almost all companies. Underlying EBITDA decreased €1.4 M, or €0.4 M on a comparable basis, to -€0.1 M in 1Q19 and EBITDA increased €4.0 M to €4.9 M, supported by the capital gain generated by Saphety's sale.

Sonae Sierra

Proportional basis - management accounts
Million euros	1Q18	1Q19	y.o.y.
Turnover	54	58	8.2%
EBIT	27	29	8.6%
EBIT margin	50.3%		50.5% 0.2 p.p.
Direct results	17	20	15.6%
Indirect results	-2	0	-70.0%
Net results	15	19	24.6%
… attributable to Sonae	8	13	74.5%
OMV and NAV evolution
Million euros	Mar-18		Dec-18 Mar-19
OMV attributable to Sonae Sierra	2,143	2,211	2,208
NAV	1,441	1,455	1,478

Operational Indicators
	1Q18	1Q19	y.o.y.
Footfall (million visitors)	107	107	-0.6%
Ocuppancy rate (%)	95.6%		96.5% 0.9 p.p.
LfL tenant sales	4.4%	2.3%
Tenant sales (M€)	1,035	1,018	-1.6%
Nº of SC owned and/or managed (EOP)	65	67	2
Nº of SC owned/co-owned (EOP)	45	41	-4
GLA under Management ('000 sqm)	2,440	2,482	1.7%

Please see additional information on page 10 for statutory accounts.

Regarding Sonae Sierra's management accounts (on a proportional basis), EBIT showed once again a good performance with +8.6% y.o.y. to €29 M. 1Q19 Direct results reached €20 M, +15.6% y.o.y, fuelled by both the European portfolio performance and services division. At the end of March, NAV stood at €1,478 M, a growth of 1.6% comparing to the value registered at the end of December, mainly due to the results in the period.

During the first 3 months of 2019, Sonae Sierra: continued the execution of its capital recycling strategy with the sale of Loop5 (Germany), opened its first shopping centre in Cucuta (Colombia), enhanced the role of its service division with the acquisition of a 50% stake in Balmain, a Polish services company, while improving its operational performance.

Looking to the operational indicators of Sonae Sierra in its owned or co-owned portfolio, it continues to deliver positive figures in both LfL tenant sales and occupancy rates, despite the Easter calendar effect.

NOS

Financial Indicators
Million euros	1Q18(1)	1Q19	y.o.y.
Operating revenues	383	385	0.6%
EBITDA	157	161	2.1%
EBITDA margin	41.1%	41.7%	0.6 p.p
Net results	35	43	21.5%
Capex	88	87	-0.4%
Total FCF bef. Dividends, Fin. Inv. + Own shares acq.	38	43	12.9%
(1) Restated figures according to IFRS16 accounting standard
Operational Indicators
('000)	1Q18	1Q19	y.o.y.
Total RGUs (Net adds)	41	-24	-
Convergent RGUs (Net adds)	103	19	-
Mobile (Net adds)	30	-18	-
Pay TV (Net adds)	-2	-7	-
Total RGUs	9,441	9,556	1.2%
Convergent RGUs	3,754	3,918	4.4%
Convergent customers	737	770	4.4%
ARPU/Unique subscriber with fixed access (euros)	44	44	-

NOS published its 1Q19 results on May 8th 2019, available on its website www.nos.pt.

In the 1Q19, Operating revenues reached €385 M, +0.6% when compared to last year, benefiting from a telco revenue growth of 1.1% which more than offset the performance of cinema & audiovisuals. Regarding profitability, the consolidated EBITDA growth, was higher than the top line growth reflecting cost discipline and operating leverage, reaching €161 M in the 1Q19. Net results increased more than 20% from €35 M in the 1Q18 to €43 M in 1Q19. Capex decreased by 0.4% y.o.y. to €87 M in 1Q19 and total Free Cash-Flow before Dividends, Financial investments and Own shares acquisition grew 12.9%, totalling €43 M.

The company's operating performance reflected a more mature market environment and high levels of service penetration. Even though, convergent RGUs increased by 4.4% to 3.9 million and convergent customers grew also by 4.4% y.o.y. to 770 thousand.

Corporate information

Main corporate events in the 1Q19

February 27th

Sonae informed on Efanor announcement - intention to propose at the upcoming electoral Shareholders General Meeting (April 2019) the new Board of Directors for the 2019/2022 mandate.

March 12th

Sonae informed on the resignation of a member of the Remuneration Committee.

March 22nd

Sonae informed on the announcement made by its subsidiary Sonae Sierra Brasil.

March 29th

Sonae announced on estimated impacts of IFRS 16.

Subsequent events

April 6th

Sonae informed on qualified shareholding.

April 10th

Sonae informs about bond issue and refinancing of medium and long-term debt.

April 29th

Sonae informed on qualified shareholding.

April 30th

Sonae informs on the resolutions taken at Sonae's Shareholders' Annual General Meeting. Sonae also informs on the appointment of the Chairman of the Board of Directors and of the members of the Executive Committee.

May 8th

Sonae informs on appointment of Chairman of the Board of Directors, Executive Committee, Company Secretary and Representative for Market Relations.

May 10th

Sonae informed on dividend payment.

May 10th

Sonae informed on qualified shareholding.

Additional information

Methodological notes

The consolidated financial information contained in this report was prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union. The financial information regarding quarterly and semi-annual figures was not subject to audit procedures.

Note: Sonae implemented the following changes in its reporting structure:

(i) Adoption of the IFRS 16 accounting standard in 2019 and 2018 restated for comparable reasons;

(ii) A new business structure, which now includes a new perimeter for Sonae MC (comprised of the historical Sonae MC segment, Maxmat and Sonae RP's operational assets). The former Sonae Sports & Fashion segment was split into Sonae Fashion and ISRG, given the different nature and independent management teams of both businesses;

(iii) Following the acquisition of a further 20% in Sonae Sierra in 2018, Sonae Sierra statutory balance sheet started to be fully consolidated in the 3Q18 and the statutory P&L in the 4Q18;

(iv) Discontinued operations, namely Berg, in Sonae Fashion in 2018 and Saphety following the sale from Sonae IM in 1Q19 was deconsolidated also in 2018 for comparable reasons.

1Q19 Sonae Sierra statutory accounts

Sonae Sierra statutory accounts
Million euros	1Q19
Turnover	44.8
Underlying EBITDA	16.4
margin	36.6%
Equity method results	15.5
Non-recurrent items	-0.1
EBITDA	31.8
margin	71.1%
Provisions and impairment losses	0.0
D&A	-1.0
EBIT	30.9
Net financial results	-2.7
EBT	28.2
Taxes	-1.3
Direct results	26.8
Indirect results	-1.2
Net income	25.6
Non-controlling interests	-6.5
Net income group share	19.1

Sonae balance sheet

Sonae statement of financial position
Million euros	1Q18(1)	1Q19	y.o.y.
TOTAL ASSETS	6,418	8,757	36.4%
Non current assets	5,057	7,073	39.9%
Net fixed assets	1,974	2,038	3.2%
Net Rights of Use	868	1,021	17.6%
Goodwill	631	825	30.8%
Investment properties	0	999	-
Other investments	1,490	2,030	36.3%
Deferred tax assets	74	78	5.3%
Others	21	84	-
Current assets	1,361	1,684	23.7%
Stocks	629	674	7.1%
Trade debtors	130	146	12.3%
Liquidity	347	582	67.5%
Others	255	282	10.6%
SHAREHOLDERS' FUNDS	1,967	3,124	- 58.8%
Equity holders	1,797	2,078	15.6%
Attributable to minority interests	170	1,046	-
LIABILITIES	4,451	5,633	26.6%
Non-current liabilities	2,371	3,025	27.6%
Bank loans	738	1,095	48.4%
Lease liabilities	822	973	18.4%
Other loans	648	515	-20.4%
Deferred tax liabilities	133	290	-
Provisions	19	41	-
Others	12	110	-
Current liabilities	2,079	2,608	25.4%
Bank loans	180	519	188.7%
Lease liabilities	130	145	11.5%
Other loans	61	215	-
Trade creditors	1,068	1,111	4.0%
Others	641	619	-3.4%
SHAREHOLDERS' FUNDS + LIABILITIES	6,418	8,757	36.4%

(1) Restated figures according to IFRS16 accounting standard

Glossary

Capex	Investments in tangible and intangible assets and investments in acquisitions.
Direct results	Results before non-controlling interests excluding contributions to indirect results.
(Direct) EBIT	Direct EBT - financial results.
EBITDA	Underlying EBITDA + equity method results + non-recurrent items.
EBITDA margin	EBITDA / turnover.
(Direct) EBT	Direct results before taxes.
EoP	End of period.
Financial net debt	Total net debt excluding shareholders' loans.
Gearing (book value)	Average of the last four quarters considering, for each quarter, total net debt (EoP) / total shareholders' funds (EoP).
Gearing (market value)	Average of the last four quarters considering, for each quarter, total net debt (EoP) / equity value considering the closing price of Sonae shares on the last day of each quarter.
GLA	Gross Lettable Area: equivalent to the total area available to be rented in the shopping centres.
Indirect results	Includes Sonae Sierra's results, net of taxes, arising from: (i) investment property valuations; (ii) capital gains (losses) on the sale of financial investments, joint ventures or associates; (iii) impairment losses of non-current assets (including goodwill) and (iv) provision for assets at risk. Additionally and concerning Sonae's portfolio, it incorporates: (i) impairments in retail real estate properties; (ii) reductions in goodwill; (iii) provisions (net of taxes) for possible future liabilities and impairments related with non core financial investments, businesses, assets that were discontinued (or in the process of being discontinued/repositioned); (iv) results from mark to market methodology of other current investments that will be sold or exchanged in the near future; and (v) other non-relevant issues.
Investment properties	Shopping centres in operation owned and co-owned by Sonae Sierra.
Lease Liabilities	Net present value of payments to use the asset
Like for Like sales (LfL)	Sales made by stores that operated in both periods under the same conditions. Excludes stores opened, closed or which suffered major upgrade works in one of the periods.
Net asset value (NAV)	Open market value attributable to Sonae Sierra - net debt - minorities + deferred tax liabilities.
Net debt	Bonds + bank loans + other loans + financial leases + shareholder loans – cash - bank deposits - current investments - other long-term financial applications.
Net invested capital	Total net debt + total shareholders' funds.
Open market value (OMV)	Fair value of properties in operation (% of ownership), provided by independent international entities and book value of development properties (% of ownership).
Other loans	Bonds, leasing and derivatives.
RGU	Revenue generating unit.
Right of use (RoU)	Lease liability at the beginning of the lease adjusted for, initial direct costs, advance rent payments and possible lease discounts

FINANCIAL STATEMENTS '1Q19

A DNA of a Sustainable Company

014 | Sonae _ Financial Statements '1Q19

Condensed consolidated financial statements

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2019 AND 2018 AND 31 DECEMBER 2018

(Amounts expressed in euro)

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

			31 Mar 2018	31 Dec 2018	01 Jan 2018
ASSETS	Notes	31 Mar 2019	Restated Note 3	Restated Note 3	Restated Note 3
NON-CURRENT ASSETS:
Property, plant and equipment	6	1,676,727,559	1,612,185,268	1,656,150,305	1,650,873,072
Intangible assets	7	360,866,340	361,614,042	365,568,045	367,924,247
Right of use assets	8	1,020,988,483	868,083,256	983,871,453	868,027,109
Investment properties		998,577,368	-	998,577,368	-
Goodwill	9	825,192,982	630,667,125	779,450,545	634,363,213
Investments in joint ventures and associates	10	1,975,807,808	1,468,384,371	1,984,596,708	1,407,506,282
Other investments	11	54,119,787	21,414,658	47,160,447	19,423,775
Deferred tax assets	14	77,503,910	73,582,563	73,372,923	71,883,593
Other non-current assets	12	83,684,638	20,835,820	80,286,911	22,667,618
Total Non-Current Assets		7,073,468,875	5,056,767,103	6,969,034,705	5,042,668,909
CURRENT ASSETS:
Inventories		674,202,012	629,250,369	671,321,594	713,253,625
Trade receivables and other current assets	13	339,439,190	307,993,529	305,662,624	248,968,728
Income tax assets		87,839,252	76,386,698	93,190,955	86,571,966
Investments	11	1,990,620	158,413	1,558,683	179,881
Cash and bank balances	15	580,149,838	347,290,481	696,243,071	364,589,115
Total Current Assets		1,683,620,912	1,361,079,490	1,767,976,927	1,413,563,315
Assets classified as held for sale		-	-	-	782,540
TOTAL ASSETS		8,757,089,787	6,417,846,593	8,737,011,632	6,457,014,764
EQUITY AND LIABILITIES
EQUITY:
Share capital	16	2,000,000,000	2,000,000,000	2,000,000,000	2,000,000,000
Own shares	16	(104,204,112)	(108,567,192)	(104,204,112)	(108,567,192)
Legal reserve		251,937,767	251,937,767	251,937,767	247,276,603
Reserves and retained earnings		(84,726,022)	(361,302,377)	(304,718,032)	(261,559,506)
Profit/(Loss) for the period attributable to the equity holders of the Parent Company		18,303,821	17,188,448	206,651,429	-
Equity attributable to the equity holders of the Parent Company		2,081,311,454	1,799,256,646	2,049,667,052	1,877,149,905
Equity attributable to non-controlling interests	17	- 1,042,764,147	- 167,993,703	- 1,129,260,451	- 165,696,664
TOTAL EQUITY		- 3,124,075,601	- 1,967,250,349	- 3,178,927,503	- 2,042,846,569
LIABILITIES:
NON-CURRENT LIABILITIES:
Loans	18	1,610,343,736	1,385,648,252	1,587,867,682	1,220,234,342
Lease liabilities	8	973,240,324	821,970,510	940,271,185	816,924,627
Other non-current liabilities	19	109,525,989	12,335,885	55,815,668	12,355,610
Deferred tax liabilities	14	290,326,384	132,539,864	285,988,650	132,200,898
Provisions	21	41,166,966	18,643,152	41,375,212	18,955,625
Total Non-Current Liabilities		3,024,603,399	2,371,137,663	2,911,318,397	2,200,671,102
CURRENT LIABILITIES:
Loans	18	733,515,240	240,767,271	500,708,655	269,078,453
Lease liabilities	8	144,968,051	130,063,288	137,594,256	129,834,184
Trade payables and other current liabilities	20	1,614,531,867	1,623,115,225	1,884,824,233	1,710,606,630
Income tax liabilities		110,032,828	80,518,797	117,715,566	98,367,443
Provisions	21	5,362,801	4,994,000	5,923,022	5,610,383
Total Current Liabilities		2,608,410,787	2,079,458,581	2,646,765,732	2,213,497,093
Liabilities directly associated with assets classified as held for sale		-	-	-	-
TOTAL LIABILITIES		5,633,014,186	4,450,596,244	5,558,084,129	4,414,168,195
TOTAL EQUITY AND LIABILITIES		8,757,089,787	6,417,846,593	8,737,011,632	6,457,014,764

The accompanying notes are part of these consolidated financial statements.

CONSOLIDATED INCOME STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2019 AND 2018

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

(Amounts expressed in euro)	Notes	31 Mar 2019	31 Mar 2018 Restated Note 3
Sales	5	1,354,577,869	1,288,779,248
Services rendered	5	106,148,655	52,365,424
Income or expense relaAng to investments		(107,665)	15,919
Financial income		3,880,521	2,457,234
Other income	22	24,419,540	24,316,606
Cost of goods sold and materials consumed		(981,249,792)	(926,846,488)
(Increase) /Decrease in prodution		(2,127,253)	(1,117,406)
External supplies and services		(157,943,534)	(136,990,233)
Employee benefits expense		(221,003,335)	(192,393,056)
Depreciation and amortisation expenses	6,7 and 8	(78,128,776)	(71,940,210)
Provisions and impairment losses		(789,510)	(1,730,933)
Financial expense		(32,635,100)	(25,319,429)
Other expenses		(18,049,392)	(16,967,595)
Share of results of joint ventures and associates	10.3	27,358,210	13,837,129
Profit/(Loss) before taxation from continuing operations		24,350,438	8,466,210
Income tax expense	23	2,522,818	2,230,335
Profit/(Loss) after taxation from continuing operations		26,873,256	10,696,545
Profit/(Loss) from discontinued operations after taxation	3	4,853,025	7,664,969
Consolidated profit/(Loss) for the period		31,726,281	18,361,514
Attributable to equity holders of the Parent Company:
Continuing operations		13,497,013	9,445,024
Discontinued operations		4,806,808	7,743,424
		18,303,821	17,188,448
Attributable to non-controlling interests
Continuing operations Discontinued operations		13,376,243 46,217	1,251,521 (78,455)
	17	13,422,460	1,173,066
Profit/(Loss) per share From continuing operations
Basic	25	0.007120	0.004987
Diluted	25	0.006635	0.004652
From discontinued operations
Basic	25	0.002536	0.004089
Diluted	25	0.002363	0.003814

The accompanying notes are part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED 31 MARCH 2019 AND 2018

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

(Amounts expressed in euro)	Notes	31 Mar 2019	31 Mar 2018 Restated Note 3
Net Profit / (Loss) for the period		31,726,281	18,361,514
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations		3,727,095	464,085
Share of other comprehensive income of joint ventures and associates	10.3	184,795	(6,171,586)
Changes value of financial assets at fair value		-	-
Changes in cash flow hedging reserve		431,344	56,399
Income tax relating to items that may be reclassified subsequently to profit or loss		-	810
Others		(222,922)	216,985
		4,120,312	(5,433,307)
Items that were reclassified subsequently to profit or loss:		-	-
Total other comprehensive income for the period		4,120,312	(5,433,307)
Total comprehensive income for the period		35,846,593	12,928,207
Attributable to:
Equity holders of parent company		21,390,502	11,981,472
Non controlling interests		14,456,091	946,735

The accompanying notes are part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIODS ENDED 31 MARCH 2019 AND 2018

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails.)

						Rese rves	and Ret aine d Ea	rnin gs
(Am ssed in e uro) ts e oun xpre	Not es	Sha re ital Cap	Own Sha res	l Lega Rese rve	Curr ency Tran ion Rese slat rve	Inve stm ents Fair Val ue Rese rve	Cash -flow Hed ging Rese rve	ion Prem Opt ium Con ible vert Bon ds N 16 ote	Oth er R ese rves and d Earn Ret aine ings	Tota l Re es and serv d Earn Ret aine ings	Net Prof it/(L oss)	Tota l	Non rolli cont ng Inte rest s (No 7) te 1	l Tota ity Equ
						Attr ibut able to E	quit y Ho lder s of	Pare nt C omp any
Bala t 1 J 2018 - Pu blis hed nce as a anu ary		2,00 0,00 0,00 0	(108 ,567 ,192 )	247, 276, 603	4,00 3,43 2	-	174, 419	22,3 13,0 00	(363 ,726 ,038 )	(337 ,235 ,187 )	165, 753, 915	1,96 7,22 8,13 9	167, 809, 994	2,13 5,03 8,13 3
f IFR licat Imp act o S 16 ion app	3	-	-	-	-	-	-	-	(90, 234) 078,	(90, 234) 078,	-	(90, 234) 078,	(2,1 30) 13,3	(92, 564) 191,
Bala t 1 J 2018 - Re ed stat nce as a anu ary		2,00 0,00 0,00 0	(108 ,567 ,192 )	247, 276, 603	4,00 3,43 2	-	174, 419	22,3 13,0 00	(453 ,804 ,272 )	(427 ,313 ,421 )	165, 753, 915	1,87 7,14 9,90 5	165, 696, 664	2,04 2,84 6,56 9
l com preh for t he p d Tota ive i erio ens nco me		-	-	-	485, 680	-	63,6 98	-	(5,7 54) 56,3	(5,2 76) 06,9	17,1 88,4 48	11,9 81,4 72	946, 735	12,9 28,2 07
n of fit o f 20 App iatio soli date d ne 17 t pro ropr con Tran sfer to l l res d re tain ed e arni ega erve s an ngs Divi den ds d istri bute d Inco dist ribu tion fro m in t fun ds vest me men Obl igat ion fulf ield by s hare ibut ion mpl attr to e oye es		- - - -	- - - -	4,66 1,16 4 - - -	- - - -	- - - -	- - - -	- - - -	161, 092, 751 (84, 000, 000) - 776, 199	161, 092, 751 (84, 000, 000) - 776, 199	(165 ) ,753 ,915 - - -	- (84, 000, 000) - 776, 199	- (16, 806) (120 ,104 ) 11,1 90	- (84, 016, 806) (120 ,104 ) 787, 389
Med ium and lon aria ble ratio licy g-te rm v rem une n po - recl assi ficat ion of e quit liab ilitie y to s		-	-	-	-	-	-	-	(578 ) ,200	(578 ) ,200	-	(578 ) ,200	-	(578 ) ,200
of s ubsi diar Vari atio n in ies cent per age Cha of t he c lida tion thod nge onso me Imp f IFR S 15 licat ion act o app Imp f IFR S 16 licat ion act o app Oth		- - - -	- - - -	- - - -	- - - -	- - - -	- - - -	- - - -	- - (285 ,344 ) (2,9 03) 53,0	- - (285 ,344 ) (2,9 03) 53,0	- - - -	- - (285 ,344 ) (2,9 03) 53,0	80,0 00 (1,2 39) 11,0 (73, 934) (152 ) ,554 1	80,0 00 (1,2 39) 11,0 (359 ,278 ) (3,1 57) 05,5
ers									(2,8 34,3 83)	(2,8 34,3 83)		(2,8 34,3 83)	2,83 3,55	(832 )
Bala ch 2 ated t 31 Mar 018 Rest nce as a		2,00 0,00 0,00 0	(108 ) ,567 ,192	251, 937, 767	4,48 9,11 2	-	238, 117	22,3 13,0 00	(388 ) ,342 ,606	(361 ) ,302 ,377	17,1 88,4 48	1,79 9,25 6,64 6	167, 993, 703	1,96 7,25 0,34 9
Bala t 1 j 2019 nce as a anu ary		2,00 0,00 0,00 0	(104 ,204 ,112 )	251, 937, 767	4,16 0,38 5	2,14 6,50 0	123, 615	22,3 13,0 00	(236 ,806 ,688 )	(208 ,063 ,188 )	221, 653, 131	2,16 1,32 3,59 8	1,12 7,49 3,09 0	3,28 8,81 6,68 8
f IFR licat Imp act o S 15 ion app		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Imp f IFR S 16 licat ion act o app	3	-	-	-	-	-	-	-	(96, 844) 654,	(96, 844) 654,	(15, 702) 001,	(111 ) ,656 ,546	1,76 7,36 1	(109 ) ,889 ,185
Bala t 1 J 2019 - Re ed stat nce as a anu ary		2,00 0,00 0,00 0	(104 ) ,204 ,112	251, 937, 767	4,16 0,38 5	2,14 6,50 0	123, 615	22,3 13,0 00	(333 ) ,461 ,532	(304 ) ,718 ,032	206, 651, 429	2,04 9,66 7,05 2	1,12 9,26 0,45 1	3,17 8,92 7,50 3
l com preh for t he p d Tota ive i erio ens nco me		-	-	-	530, 474	-	430, 932	-	2,12 5,27 5	3,08 6,68 1	18,3 03,8 21	21,3 90,5 02	14,4 27,9 12	35,8 18,4 14
n of soli date d ne fit o f 20 App iatio t pro 18 ropr con sfer to l l res d re ed e Tran tain arni ega erve s an ngs Divi den ds d istri bute d Inco dist ribu tion fro m in t fun ds vest me men Obl igat ion fulf ield by s hare ibut ion mpl attr to e oye es Aqu isiti of a ffili ated ies ons com pan	4.1	- - - - -	- - - - -	- - - - -	- - - - -	- - - - -	- - - - -	- - - - -	206, 651, 429 - - 790, 015 -	206, 651, 429 - - 790, 015 -	(206 ) ,651 ,429 - - - -	- - - 790, 015 -	- (98, 092) 870, (60, 052) 10,3 61 3,08 3,55 4	- (98, 092) 870, (60, 052) 800, 376 3,08 3,55 4
f IFR S 16 licat ion Imp act o app Oth ers	3	- -	- -	- -	- -	- -	- -	- -	4,03 0,45 7 5,43 3,42 8	4,03 0,45 7 5,43 3,42 8	- -	4,03 0,45 7 5,43 3,42 8	707, 976 (5,7 63) 95,9	4,73 8,43 3 (362 ) ,535
Bala ch 2 t 31 Mar 019 nce as a		2,00 0,00 0,00 0	(104 ) ,204 ,112	251, 937, 767	4,69 0,85 9	2,14 6,50 0	554, 547	22,3 13,0 00	(114 ) ,430 ,928	(84, 022) 726,	18,3 03,8 21	2,08 1,31 1,45 4	1,04 2,76 4,14 7	3,12 4,07 5,60 1

The accompanying notes are part of these consolidated financial statements.

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2019 AND 2018

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails)

(Amounts expressed in euro)	Notes	31 Mar 2019	31 Mar 2018 Restated Note 3
OPERATING ACTIVITIES
Receipts from customers Payments to supliers Cash paid to employees Cash flow generated by operations		1,457,114,275 (1,319,078,346) (210,313,798) (72,277,869)	1,370,792,904 (1,200,507,867) (182,840,023) (12,554,986)
Income taxes (paid) / received Other cash receipts and (payments) relating to operating activities Net cash flow from operating activities (1) INVESTMENT ACTIVITIES		10,942,633 (45,477,324) (106,812,560)	4,357,150 (28,480,195) (36,678,031)
Receipts arising from:
Investments Property, plant and equipment and intangible assets Interests and similar income Loans granted	26	20,078,711 933,024 558,029 -	28,628,150 937,747 78,844 532
Dividends Others	10.3 16	810,000 12,826,974	- -
		35,206,738	29,645,273
Payments arising from:
Investments Property, plant and equipment and intangible assets Loans granted	26	(66,860,099) (91,455,727) (861,253)	(28,841,705) (87,316,187) -
Others	16	(4,540,430)	(181,475)
		(163,717,509)	(116,339,367)
Net cash used in investment activities (2)		(128,510,771)	(86,694,094)
FINANCING ACTIVITIES
Receipts arising from: Loans obtained Investments Capital increase		2,254,053,783 - 3,829,261	1,148,803,860 14,339 -
Others		-	80,000
		2,257,883,044	1,148,898,199
Payments arising from: Lease contracts Loans obtained Investments Interests and similar charges Dividends and distributed reserves Others		(27,710,468) (2,079,530,335) - (7,260,016) (89,880,052) -	(27,144,178) (1,001,870,545) (271,570) (4,606,771) - (233,307)
		(2,204,380,871)	(1,034,126,371)
Net cash used in financing activities (3)		53,502,173	114,771,827
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)		(181,821,158)	(8,600,298)
Effect of foreign exchange rate Effect of discontinued operations Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period	3 15 15	(215,691) (676,276) 696,297,516 514,015,773	21,913 (6,062,386) 361,770,008 347,085,411

The accompanying notes are part of these financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2019

(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails)

(Amounts stated in euro)

1 Introduction

SONAE, SGPS, SA ("Sonae Holding") has its head-office at Lugar do Espido, Via Norte, Apartado 1011, 4470-909 Maia, Portugal, and is the parent company of a group of companies, as detailed in Notes 29 and 30 as Sonae Group ("Sonae"). Sonae's operations and operating segments are described in Note 5.

2 Principal accounting policies

The principal accounting policies adopted in preparing the accompanying consolidated financial statements are described below. These policies have been consistently applied in comparative periods, except as the resulting from the adoption of IFRS 9 and IFRS 15.

2.1 Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, issued by the International Accounting Standards Board ("IASB"), and interpretations issued by the IFRS Interpretations Committee ("IFRIC") or by the previous Standing Interpretations Committee ("SIC"), as adopted by the European Union as from the consolidated financial statementsissuance date.

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

The accompanying condensed consolidated financial statements have been prepared from the books and accounting records of the company and subsidiaries, adjusted in the consolidation process, on a going concern basis and under the historical cost convention, except for some financial instruments and properties investments which are stated at fair value.

New accounting standards and their impact in these consolidated financial statements:

Up to the date of approval of these consolidated financial statements, the European Union endorsed the following standards, interpretations, amendments and revisions some of which become mandatory during the year 2019:

With mandatory application during the year 2019:	Effective date (for financial years beginning on or after)
IFRS 9 (amendment)	Prepayment Features with Negative Compensation ((This amendment introduces the possibility of classifying financial assets with negative prepayment conditions at amortized cost, provided that specific conditions are met, instead of being classified at fair value through profit or loss).	01 Jan 2019
IFRS 16	Leases - (recognition and measurement principles)	01 Jan 2019
IFRIC 23	Uncertainly over income tax treatments (clarifies the accounting for uncertainties in income taxes)	01 Jan 2019
IAS 19 (amendment)	Employee benefits (Plan amendment, curtailment or settlement)	01 Jan 2019
IAS 28 (amendment)	Long-term interests in Associates and Joint ventures	01 Jan 2019
	Annual Improvements to international financial reporting standards (cycle 2015-2017)	01 Jan 2019

These standards were applied by the Group in 2019, however there were no significant impacts on these financial statements, apart from the IFRS 16 adoption.

2.2 IFRS 16 impact application

Sonae applied IFRS 16 using the full integral retrospetive approach, therefore, the information from the financial statements of 2018 were reexpressed, as if this standard had been applied since the beginning of the lease contracts, i.e. the accounting policy as from 1 January 2018 is in accordance with IFRS 16.

Recognition

Sonae recognize a right of use of an asset and a lease liability on the start date of the lease. The right of use of the asset is initially measured at the cost, comprising the initial value of the lease liability adjusted for any lease payments made on or before the start date, in addition to any initial direct costs incurred, as well as an estimate of the dismantling costs and removal of the underlying asset (if applicable), deducted from any incentive granted.

The lease responsibility is initially recognized by the present value of the rents not yet paid at the date of the lease, discounting the implied interest rate in the lease, or in the event that it is not possible to easily determine this rate, using the Group's incremental interest rate.

In general, Sonae uses its incremental interest rate as the discount rate to be applied. Lease payments included in the measurement of lease liabilities include fixed payments, deducted from any incentives already received.

The liability is measured at amortized cost, using the effective interest method, being remeasured when changes in future payments derived from a change in the rate or index are verified, as well as the possible modifications of lease agreements.

When the liability is remeasured, the value of the right of use is also adjusted, or if the carrying amount of the asset of the right of use was already reduced to zero, a profit or loss is recorded in the income statement.

Sonae presents the rights of use of assets and responsibilities for leases in duly segregated captions in the statement of the financial position.

Low-value asset leases, the Group does not recognize as rights of use assets or lease liability, just recognizes the expenditures associated with these locations, as an expense of the year during the lifetime of the contracts.

Depreciation

The right of use of the asset is depreciated using the linear depreciation method, based on the lease term.

The quantitative impacts of the application of this standard are detailed in note 3.

3 Restatement of Financial Statements

The restatement of the consolidated Financial Statements of the periods ended on 31 March 2018 and 31 December 2018, results from the following facts:

• Application of IFRS 16 as referred to in note 2; And

• In accordance with IFRS 5, changes were made to the consolidated income statement by nature for the periods ended on 31 March 2019 and 2018 to reflect in a single caption (Profit/loss from discontinued operations after taxation) profits or losses after taxes from discontinued operating units. Were considered as discontinued operations to Sport Zone, the Tlantic group, the Saphety group and some operations that are in the process of liquidation.

The consolidated financial statements on March 31, 2019 and December 31, 2018 is as follows:

	31 Mar 2018 Restated
Amounts in thousands of euro	Before the restatement	IFRS16 Adjustments	After the restatement
Assets
Property, plant and equipment and intagible assets	1,973,799	-	1,973,799
Right-of-use assets (Note 8)	-	868,083	868,083
Goodwill	630,667	-	630,667
Investments	1,496,440	(6,641)	1,489,799
Deferred tax assets	73,583	-	73,583
Other non-current assets	22,725	(1,889)	20,836
Non-current assets	4,197,214	859,553	5,056,767
Inventories	629,250	-	629,250
Trade receivables	129,746	-	129,746
Other receivables	263,514	(8,880)	254,634
Other investments	158	-	158
Cash and bank balances	347,290	-	347,290
Current assets	1,369,958	(8,880)	1,361,078
Total assets	5,567,172	850,673	6,417,845
Liabilities
Loans	1,385,648	-	1,385,648
Lease liabilities (Note 8)	-	821,971	821,971
Other non-current liabilities	13,707	(1,372)	12,335
Deferred tax liabilities	132,540	-	132,540
Provisions	18,643	-	18,643
Non current liabilities	1,550,538	820,599	2,371,137
Loans	240,767	-	240,767
Lease liabilities (Note 8)	-	130,063	130,063
Suppliers and other current liabilities	1,710,473	(1,846)	1,708,627
Current liabilities	1,951,240	128,217	2,079,457
Total liabilities	3,501,778	948,816	4,450,594
Shareholders' funds excluding non-controlling interests	1,897,921	(98,664)	1,799,257
Non-controlling interests	167,473	521	167,994
Total shareholders' funds	2,065,394	(98,143)	1,967,251
Total shareholders' funds and liabilities	5,567,172	850,673	6,417,845

	31 Dec 2018 Restated
Amounts in thousands of euro	Before the restatement	IFRS 16 Adjustments	After the restatement
Assets
Property, plant and equipment and intagible assets	2,021,718	-	2,021,718
Right-of-use assets (Note 8)	-	983,871	983,871
Investment properties	998,577	-	998,577
Goodwill	779,451	-	779,451
Investments	2,039,650	(7,893)	2,031,757
Deferred tax assets	73,373	-	73,373
Other non-current assets	82,828	(2,541)	80,287
Non-current assets	5,995,597	973,437	6,969,034
Inventories	671,322	-	671,322
Trade receivables	141,935	-	141,935
Other receivables	265,838	(8,920)	256,918
Other investments	1,559	-	1,559
Cash and bank balances	696,243	-	696,243
Current assets	1,776,897	(8,920)	1,767,977
Total assets	7,772,494	964,517	8,737,011
Liabilities
Loans	1,587,868	-	1,587,868
Lease liabilities (Note 8)	-	940,271	940,271
Other non-current liabilities	57,438	(1,623)	55,815
Deferred tax liabilities	285,989	-	285,989
Provisions	41,375	-	41,375
Non current liabilities	1,972,670	938,648	2,911,318
Loans	500,709	-	500,709
Lease liabilities (Note 8)	-	137,594	137,594
Suppliers and other current liabilities	2,010,298	(1,835)	2,008,463
Current liabilities	2,511,007	135,759	2,646,766
Total liabilities	4,483,677	1,074,407	5,558,084
Shareholders' funds excluding non-controlling interests	2,161,324	(111,657)	2,049,667
Non-controlling interests	1,127,493	1,767	1,129,260
Total shareholders' funds	3,288,817 -	(109,890) -	3,178,927 -
Total shareholders' funds and liabilities	7,772,494	964,517	8,737,011

	31 Mar 2018 Restated
Amounts in euro	Before the restatement	IFRS16	IFRS15	Discontinued operations	After the restatement
Sales	1,287,478	-	2,090	(789)	1,288,779
Services rendered	54,990	-	-	(2,625)	52,365
Income or expenses related to investments	16	-	-	-	16
Other income and financial income	2,424	-	-	33	2,457
Other income	24,665	-	-	(348)	24,317
Cost of good sold and materials consumed	(927,676)	-	-	830	(926,846)
Changes in stocks of finished goods	(1,117)	-	-	-	(1,117)
External supplies and service	(171,789)	35,052	(2,090)	1,837	(136,990)
Employee benefits expense	(194,617)	-	-	2,224	(192,393)
Depreciation and amortisation expenses	(49,478)	(22,830)	-	368	(71,940)
Provisions and impairment losses	(1,739)	-	-	8	(1,731)
Financial expenses	(10,353)	(15,370)	-	404	(25,319)
Other expenses	(16,674)	-	-	(294)	(16,968)
Gains or losses related to joint ventures and associated undertaking	13,533	304	-	-	13,837
Profit (loss) from continuing operations, before tax	9,663	(2,828)	-	1,648	8,466
Income tax expense	2,179	-	-	52	2,231
Consolidated profit (loss) for the period from continuing operations	11,842	(2,828)	-	1,700	10,697
Profit/(Loss) from discountinuing operations, after tax	9,365	-	-	(1,700)	7,665
Consolidated profit /(loss) for the period	21,207	(2,828)	-	-	18,362

The detail of discontinued activities can be analysed as follows:

	31 Mar 2019
Amounts expressed in euro	Sonae MC	Sonae Fashion	Sonae IM	Total discountinuing operations
Turnover	-	1,146	2,227	3,373
Other income	25	107	5	137
Cost of goods sold and materials consumed	-	(899)	-	(899)
External supplies and services	-	(221)	(695)	(916)
Employee benefits expense	-	(54)	(779)	(833)
Depreciation and amortisation expenses	-	(42)	(417)	(459)
Other expenses	(114)	(410)	(11)	(536)
Financial income	(239)	(3)	(48)	(291)
Profit/(Loss) before tax	(329)	(376)	280	(425)
Income tax expense	-	314	(67)	247
Profit/(Loss) after tax	(329)	(62)	213	(178)
Income or expenses related to loss control (note 4.2)	-	-	5,031	5,031
Profit/(Loss) for period from discountinuing operations	(329)	(62)	5,244	4,853
			31 Mar 2018 Restated
Amounts expressed in euro	Sonae MC	Sonae Fashion	Sonae IM	Others

Amounts expressed in euro	Sonae MC	Sonae Fashion	Sonae IM	Others	discountinuing operations
Turnover	-	20,453	1,914	1,583	23,950
Other income	12	710	119	55	896
Cost of goods sold and materials consumed	(1)	(13,307)	-	-	(13,308)
External supplies and services	(34)	(5,523)	(908)	(973)	(7,437)
Employee benefits expense	-	(3,644)	(812)	(1,046)	(5,501)
Depreciation and amortisation expenses	(7)	(917)	(226)	(94)	(1,244)
Other expenses	-	(399)	(14)	(86)	(499)
Financial income	(421)	(74)	(13)	14	(494)
Profit/(Loss) before tax	(450)	(2,701)	61	(546)	(3,637)
Income tax expense	-	257	(41)	(4)	211
Profit/(Loss) after tax	(450)	(2,445)	20	(551)	(3,426)
Income or expenses related to loss control (Note 10.3)	11,091	-	-	-	11,091
Profit/(Loss) for period from discountinuing operations	10,640	(2,445)	20	(551)	7,665

4 Changes in the consolidation scope

4.1 Acquisitions of subsidiaries in the period ended 31 March 2019

On September 28, 2018, Sonae SGPS, SA reported that its subsidiary Modelo Continente Hipermercados SA sucursal en España, concluded an agreement with Corpfin Capital in order to acquire 60% of the capital of Tomenider SL ("society"), which holds 100% of the Arenal Perfumeries SLU ("Arenal"). The Arenal is a retail company of pharmacies and perfumeries with a network of 41 stores in the north of Spain. Founded in 1971 by the Vázquez family, Arenal generated a turnover of 97 million euros in 2017.

On 11 December 2018, this transaction was approved by the competent competition authorities. The operation was completed in January 2019 and will allow Sonae MC to significantly enhance the combined assets and competences of Well's and Arenal, reinforcing its position in the Health & Wellness segment, one of its main development strategies pillars.

Total

The acquisitions of companies included in the consolidation by the full method can be analysed as follows:

		Proportion of voting equity interests acquired
		On the date of acquisition
COMPANY	Head Office	Direct	Total
Sonae MC
Arenal Perfumarias, S.L.U.	Lugo (Spain)	100,00%	60,00%
Tomenider, S.L.	Lugo (Spain)	60,00%	60,00%

The effects of these acquisitions on the consolidated financial statements can be analysed as follows:

Amounts in euro	On the date of acquisition	31 Mar 19
Net assets
Tangible and intangible assets (Notes 6 and 7)	19,258,447	19,826,387
Rights-of-use assets (Note 8)	43,149,710	43,149,710
Inventories	23,861,179	28,490,469
Other assets	10,054,933	6,801,667
Cash and cash equivalents	1,982,432	3,956,379
Bank loans short term	(67,601,107)	(43,456,127)
Trade payables and other current liabilities	(19,850,347)	(23,571,668)
Other liabilities	(3,638,640)	(2,056,687)
Total net assets acquired	7,216,607	33,140,130
Goodwill (Note 9)	45,250,519
Non- controlling interests (Note 17)	(3,083,553)
Acquisition cost	49,383,573
Net cash flow arising from acquisition (Note 28)
Cash payment	49,383,573
Cash and bank balances acquired	(1,982,432)

	Sonae MC
Valores em euros	From the date of acquisition	3 months
Sales and services	-	28,413,662
Other income	-	379,538
Cost of sales	-	(20,733,198)
Supplies and external services	-	(1,495,325)
Employee benefits expense	-	(3,285,435)
Depreciation and amortization	-	(1,756,726)
Others	-	(26,440)
Net financial income	-	(1,114,259)
Profit/loss before taxation	-	381,817
Income tax expense	-	-
Profit/(Loss) for the period	-	381,817

Following these acquisitions, the Group recognized Goodwill amounting to EUR 45,250,519. At the time of presentation of these financial statements it was not yet possible to finalize the analysis in order to allocate, in accounting terms, the fair value of identified assets and liabilities assumed, a part of the acquisition cost, being that component recognized as Goodwill and booked under the intangible assets caption. However, the allocation of the purchase price will be carried out until the end of the period of one year from the date of purchase, as permitted by IFRS 3 – Business Combinations.

47,401,141

Saphety is a group of three companies that provides services, training and consultancy in communication, processing and certification of electronic data; distribution, development and representation of software.

The disposed subsidiaries can be analysed as follows:

		At the disposal date
Company	Head Office	Direct	Total
Sonae IM
Saphety Level - Trusted Services, S.A.	Maia	86,99%	78,27%
Saphety Brasil Transações Eletrônicas Ltda.	São Paulo (Brazil)	100,00%	78,27%
Saphety - Transacciones Electronicas SAS	Bogotá (Colombia) 100,00%		78,27%

The effects of this transaction on the consolidated financial statements can be analysed as follows:

	Sonae IM
Amounts in euro	At the disposal date
Net assets acquired Tangible and intangible assets (Note 6 and 7) Rights of use (Note 8) Deferred tax assets Other assets Cash and cash equivalents Loans Deferred tax liabilities Other liabilities Total net assets acquired Non Controlling Interests Capital Gain on the disposal	2,583,502 1,477,923 123,408 3,776,310 257,712 (154,202) (662,099) (3,281,490) 4,121,064 (571,288) 5,031,033
Acquisition cost	8,580,809
Cash payment (Note 26) Cash and bank balances to be received	8,580,809 -
	8,580,809
Amounts in euro	At disposal date
Turnover Other operational income	2,226,843 4,876 2,231,719
Cost of good sold and materials consumed External supplies and service Amortisation Other operacional expenses	- (695,339) (463,932) (790,672) (1,949,943)
Income and financial income Financial expenses Financial results Profit/(Loss) before tax	15,522 (56,760) (41,238) 240,538
Income tax expense Consolidated profit /(loss) for the period	(67,485) 173,053
Other comprehensive income for the period	-
Total comprehensive income for the period	173,053

5 Segment information

Sonae has in its portfolio 8 business segments:

• Sonae MC is a food retail unit with insignis Continente, Continente Modelo, Continente Bom Dia, Go Natural, Well´s, and franchising stores Meu Super; and also covers the Maxmat and the operational assets of Sonae RP;
• Worten is one of the Iberian electronic players;
• Sonae Fashion with a network of own stores of sports and clothing products, combined with a franchising network store;
• Iberian Sports Retail Group (ISRG), a partnership with a network of sports stores in Spain and Portugal;
• Sonae IM has the objective of building and managing a portfolio of technology-based companies related to retail and telecommunications;
• Sonae FS aims to boost retail financial services;
• Sonae Sierra is the subsidiary dedicated to the activity of development and management of shopping malls;
• Nos is the partnership that the group holds through Zopt dedicated to telecommunications.

These operating segments have been identified taking into consideration that each of these segments have separate identifiable revenues and costs, separate financial information is produced, and its operating results are reviewed by management on which it makes decisions.

The list of Group companies and their businesses are detailed in Notes 29 and 30.

5.1 Financial information per business segment

The main operating segment information as at 31 March 2019 and 2018 can be detailed as follows:

31 Mar 2019	Turnover	Depreciation and amortisation (3)	Provisions and impairment losses (3)	EBIT (3)	Financial results (2)	Income tax (2)
Sonae MC	1,047,799,011	54,010,353	52,996	25,838,440	(18,853,601)	(3,648,716)
Worten	237,051,492	9,058,415	19,513	(4,291,216)	(1,330,303)	800,361
Sonae Fashion	97,749,381	9,343,430	289,529	(2,838,185)	(2,313,322)	(1,188,825)
Sonae IM	44,119,434	3,141,143	(82,100)	(3,195,203)	133,431	(1,938,625)
Sonae FS	8,056,197	312,872	-	549,072	29,052	(3,100)
Sonae Sierra	44,807,203	815,582	376,942	30,856,246	(2,659,356)	3,063,024
NOS	-	-	-	9,587,500	-	-
ISRG	-	-	-	2,896,829	-	-
Other business	6,703,767	1,446,981	-	(1,849,293)	(3,760,480)	(1,345,937)
Other, eliminations and adjustments (1)	(25,559,961)	-	-	(266,659)	-	-
Total consolidated - Direct	1,460,726,524	78,128,776	656,880	57,287,531	(28,754,579)	(4,261,818)

31 Mar 2018 Restated	Turnover	Depreciation and amortisation (3)	Provisions and impairment losses (3)	EBIT (3)	Financial results (2)	Income tax (2)
Sonae MC	975,376,492	50,351,179	89,051	22,441,170	(23,352,948)	10,438,820
Worten	242,186,073	8,572,372	10,319	(2,519,944)	(1,182,583)	(84,098)
Sonae Fashion	97,223,256	8,960,949	250,216	(3,227,616)	(2,197,725)	1,664,272
Sonae IM	31,379,653	2,725,358	9,194	(1,739,709)	(329,272)	(74,616)
Sonae FS	6,900,911	167,403	-	83,328	20,244	124,675
Sonae Sierra	-	-	-	8,480,464	-	-
NOS	-	-	-	8,628,769	-	-
ISRG	-	-	-	(1,725,471)	-	-
Other business	6,501,049	1,162,949	-	(2,526,591)	4,180,089	(14,299,388)
Other, eliminations and adjustments (1)	(18,422,762)	-	-	1,823,400	-	-
Total consolidated - Direct	1,341,144,672	71,940,210	358,780	29,717,800	(22,862,195)	(2,230,335)

	31 Mar 2019			31 Mar 2018 Restated
	Investment (CAPEX)	Invested capital	Financial net debt (2)	Investment (CAPEX)	Invested capital	Financial net debt (2)
Sonae MC	101,406,660	2,405,927,938	770,800,000	55,774,024	2,250,227,938	823,000,000
Worten	5,370,000	135,683,090	-	4,230,000	134,159,820	-
Sonae Fashion	2,166,605	367,523,775	-	4,237,612	368,887,964	-
Sonae IM	8,414,702	201,116,972	25,549,579	3,278,081	161,353,130	29,547,017
Sonae FS	81,000	13,412,820	-	342,491	19,770,894	-
Sonae Sierra	4,436,160	2,035,131,599	205,042,455	-	579,669,225	-
NOS	-	685,548,394	-	-	687,920,803	-
ISRG	-	77,477,360	-	-	78,085,756	-
Other, eliminations and adjustments (1)	(5,810,113)	21,744,175	699,890,097	2,778,667	(94,612,928)	413,631,429
Total consolidated	116,065,014	5,943,566,123	1,701,282,131	70,640,875	4,185,462,602	1,266,178,446

1) These captions are accompanied by management in more aggregated form, and not allocated to individual operating segments identified above;

• 2) Includes Sonae individual accounts;
• 3) Reconciled information in note 27.

The caption "Others, eliminations and adjustments" can be analyzed as follows:

	Investment		Invested capital
	31 Mar 2019	31 Mar 2018 Restated	31 Mar 2019	31 Mar 2018 Restated
Inter-segment intra-groups and contributions of entities non individualized entities as segments	(5,810,113)	2,778,667	114,138,471	93,087,072
Cash settled equity swap (4)	-	-	(92,394,296)	(103,700,000)
Distributed dividends	-	-	-	(84,000,000)
Other, eliminations and adjustments	(5,810,113)	2,778,667	21,744,175	(94,612,928)

4) Financial Instrument reported in Note 16

All performance measures are reconciled to the financial statements in Note 27.

Glossary:

Net Invested capital = Net debt + Shareholder funds;

Net Financial Debt = Bonds + bank loans + other loans + financial leases - cash, bank deposits, current investments, and other long term financial applications;

Others, eliminations and adjustments = Intra-groups + consolidation adjustments + contributions from other companies not included in the disclosed segments by do not fit in any reportable segment, ie are included in addition to Sonae SGPS companies identified as "Others" in Note 29;

Investments (CAPEX) = Gross investments in Property, Plant and equipement and intangible assets and investments in acquisitions.

6 Property, plant and equipments

During the periods ended as at 31 March 2019 and 2018, the movements in Property, plant and equipments as well accumulated depreciation and impairment losses are made up as follows:

			Others	Tangible	Total
	Land and	Plant and	tangible	assets	tangible
	buildings	machinery	assets	in progress	assets
Cost
Balance as at January 1, 2019	1,353,846,057	1,538,227,443	234,952,406	46,534,775	3,173,560,681
Acquisitions of subsidiaries (Note 4.1)	-	17,019,967	20,066,029	1,170,708	38,256,704
Additions	2,489,405	1,261,962	498,182	41,588,713	45,838,262
Disposals	(304,969)	(9,559,889)	(872,529)	(485,267)	(11,222,654)
Disposals of subsidiaries (note 4.2)	(410,886)	(32,828)	(128,367)	(3,239)	(575,320)
Effect of foreign currency exchanges differences	12,420	7,004	51,211	36	70,671
Transfers	7,484,521	40,267,040	5,288,236	(54,942,937)	(1,903,140)
Balance as at March, 31 2019	1,363,116,548	1,587,190,699	259,855,168	33,862,789	3,244,025,204
Accumulated depreciation and impairment
Balance as at January 1, 2019	422,744,884	917,106,778	177,403,560	155,154	1,517,410,376
Acquisitions of subsidiaries (Note 4.1)	-	7,939,120	11,648,573	-	19,587,693
Depreciation of the period	5,763,833	33,544,825	1,046,936	-	40,355,594
Disposals	-	(9,240,708)	(208,027)	-	(9,448,735)
Disposals of subsidiaries (note 4.2)	(146,180)	(149,096)	-	-	(295,276)
Effect of foreign currency exchanges differences	5,351	47,056	(466)	-	51,941
Transfers	337	(360,997)	(3,288)	-	(363,948)
Balance as at March, 31 2019	428,368,225	948,886,978	189,887,288	155,154	1,567,297,645
Carrying amount at 31 March 2019	934,748,323	638,303,721	69,967,880	33,707,635	1,676,727,559

			Others	Tangible	Total
	Land and	Plant and	tangible	assets	tangible
	buildings	machinery	assets	in progress	assets
Cost
Balance as at January 1, 2018	1,370,528,263	1,521,434,347	226,138,300	39,949,699	3,158,050,609
Discontinued operations	-	(110,473,385)	(8,013,217)		(712,317) (119,198,919)
Investment	2,924,319	1,784,230	360,233	52,955,060	58,023,842
Disposals	(165,185)	(6,462,803)	(1,007,983)	(562,230)	(8,198,201)
Effect of foreign currency exchanges differences	(431)	(3,411)	(69,627)	-	(73,469)
Transfers	7,123,499	44,504,407	4,975,692	(63,627,230)	(7,023,632)
Balance as at March, 31 2018	1,380,410,465	1,450,783,385	222,383,398		28,002,982 3,081,580,230
Accumulated depreciation and impairment
Balance as at 1 January 2018	415,435,082	920,710,779	170,898,687	132,989	1,507,177,537
Discontinued operations	-	(63,819,917)	(5,968,478)	-	(69,788,395)
Depreciation of the period	5,831,417	28,133,129	4,758,310	-	38,722,856
Disposals	(130,044)	(5,824,162)	(984,352)	-	(6,938,558)
Effect of foreign currency exchanges differences	(7,462)	(2,606)	(63,174)	-	(73,242)
Transfers	372,131	(13,623)	(63,744)	-	294,764
Balance as at March, 31 2018	421,501,124	879,183,600	168,577,249	132,989	1,469,394,962
Carrying amount at 31 March 2018	958,909,341	571,599,785	53,806,149	27,869,993	1,612,185,268

The investment includes the acquisition of assets of approximately 42 million euro (53 million euro in 2018), associated with the opening and remodeling of stores of Sonae retail operating segments.

The caption "Depreciation for the year" of Property, plant and equipment and intangible assets includes 0.3 million euro (1.3 million as at 31 March 2018) transferred to discontinued operations.

The most significant values under the caption "Property, plant and equipment in progress" refer to the following projects:

	31 Mar 2019	31 Mar 2018
Refurbishment and expansion of stores in the retail businesses located in Portugal	23,491,857	22,363,534
Refurbishment and expansion of stores in the retail businesses located in Spain	889,291	489,960
Projects of "Continente" stores for which advance payments were made	3,500,603	1,296,000
Others	5,825,884	3,720,499
	33,707,635	27,869,993

7 Intangible Assets

In the periods ended at 31 March 2018 and 2019, the movement occurred in intangible assets and in the corresponding accumulated amortisation and impairment losses, was as follows:

	Patents	Others	Intangible	Total
	and other	intangible	assets	intangible
	similar rights	assets	in progress	assets
Cost
Opening balance as at 1 January 2019	180,613,796	553,040,621	34,530,270	768,184,687
Acquisitions of subsidiaries (Note 4.1)	35,988	2,483,049	4,000	2,523,037
Investment	81,904	470,606	8,936,639	9,489,149
Disposals	-	(3,034,095)	(315,535)	(3,349,630)
Disposals of subsidiaries (note 4.2)	(628,449)	(10,375,991)	(157,151)	(11,161,591)
Effect of foreign currency exchanges differences	138,784	178,526	-	317,310
Transfers	(213,549)	7,546,494	(8,042,569)	(709,624)
Balance as at March, 31 2019	180,028,474	550,309,210	34,955,654	765,293,338
Accumulated depreciation and impairment
Opening balance as at 1 January 2019	44,923,144	357,693,498	-	402,616,642
Acquisitions of subsidiaries (Note 4.1)	35,988	1,897,613	-	1,933,601
Depreciation of the period	11,082,974	727,856	-	11,810,830
Disposals	-	(3,033,188)	-	(3,033,188)
Disposals of subsidiaries (note 4.2)	(551,581)	(8,306,552)	-	(8,858,133)
Effect of foreign currency exchanges differences	149,813	136,245	-	286,058
Transfers	(163,417)	(165,395)	-	(328,812)
Balance as at March, 31 2019	55,476,921	348,950,077	-	404,426,998
Carrying amount at 31 March 2019	124,551,553	201,359,133	34,955,654	360,866,340
	Patents	Others	Intangible	Total
	other similar rights	intangible assets	assets in progress	intangible assets
Gross assets:
Balance as at 1 January 2018	178,064,353	497,255,214	29,512,753	704,832,320
Discontinued operations	(2,312,244)	(5,688,233)	(2,794,741)	(10,795,218)
Investment	46,998	751,348	10,067,171	10,865,517
Disposals	(375)	(1,539,009)	(354,315)	(1,893,699)
Effect of foreign currency exchanges differences	(137,394)	(268,707)	(6,791)	(412,892)
Transfers	(3,474)	1,584,674	(1,771,700)	(190,500)
Balance as at March, 31 2018	175,657,864	492,095,287	34,652,377	702,405,528
Accumulated depreciation and impairment
Balance as at 1 January 2018	40,973,388	295,934,685	-	336,908,073
Discontinued operations	(2,230,423)	(3,651,529)	-	(5,881,952)
Depreciation of the period	576,759	11,054,700	-	11,631,459
Disposals	(256)	(1,512,080)	-	(1,512,336)
Effect of foreign currency exchanges differences Transfers	(139,367) (26,406)	(188,477) 492	- -	(327,844) (25,914)
Balance as at March, 31 2018	39,153,695	301,637,791	-	340,791,486
Carrying amount at 31 March 2018	136,504,169	190,457,496	34,652,377	361,614,042

As at 31 March 2019 the Investment related to intangible assets in progress includes 9 million euro related to IT projects and development software (10 million euro at 31 March 2018). Within that amount it is included 2.4 million euro of capitalizations of personnel costs related to own work (about 1.7 million euro in 31 March 2018) (Note 22).

8 Rights of use

During the period of three months ended on March 31, 2019 and 2018, the detail and the movement in the value of the rights of use, as well as in the respective depreciations, was as follows:

			Others	Total
	Land and	Plant and	tangible	tangible
	buildings	machinery	assets	assets
Cost
Balance as at January 1, 2019	1,333,148,522	23,684,858	515,522	1,357,348,902
Discontinued operations	(820,798)	(452,355)	(727,572)	(2,000,725)
Additions	55,600,619	11,492,503	1,577,427	68,670,549
Other effects	(16,454,420)	140,540	106	(16,313,774)
Balance as at March, 31 2019	1,371,473,923	34,865,546	1,365,483	1,407,704,952
Accumulated depreciation and impairment
Balance as at January 1, 2019	363,962,746	9,202,075	312,628	373,477,449
Discontinued operations	(29,702)	(173,369)	(310,475)	(513,546)
Depreciation of the period	20,562,194	5,000,390	710,506	26,273,090
Other effects	(13,089,017)	568,433	60	(12,520,524)
Balance as at March, 31 2019	371,406,221	14,597,529	712,719	386,716,469
Carrying amount at 31 March 2019	1,000,067,702	20,268,017	652,764	1,020,988,483
			Others	Total
	Land and	Plant and	tangible	tangible
	buildings	machinery	assets	assets
Cost
Balance as at January 1, 2018	1,147,440,810	22,068,097		502,888 1,170,011,795
Investment	21,860,852	1,067,530	-	22,928,382
Other effects	(249,412)	(931,305)	-	(1,180,717)
Balance as at March, 31 2018	1,169,052,250	22,204,322		502,888 1,191,759,460
Accumulated depreciation and impairment
Balance as at 1 January 2018	293,273,768	8,494,148	216,770	301,984,686
Depreciation of the period	21,295,178	1,513,981	20,996	22,830,155
Other effects	(209,535)	(931,305)	2,203	(1,138,637)
Balance as at March, 31 2018	314,359,411	9,076,824	239,969	323,676,204
Carrying amount at 31 March 2018	854,692,839	13,127,498	262,919	868,083,256

In the consolidated income statement, 26.3 million euros were recognised for depreciation of the period (22.8 million euros on March 31, 2018) and 18.3 million of euros of interest relating to the ajusted debt (EUR 15.4 million in 31 March 2018).

9 Goodwill

Goodwill is allocated to each operating segment and within each segment to each of the homogeneous groups of cash generating units as follows:

In Retail, Goodwill is allocated to each operating business segment, Sonae MC, Worten, Sonae Fashion and ISGR, being afterwards distributed by each homogenous group of cash generating units, namely to each insignia within each segment distributed by country and each of the properties in case of operating segment Sonae RP;

Sonae Sierra - the value of the Goodwill of this segment is allocated to the assets held; and

Sonae IM - In this segment the Goodwill is mainly related to the technology business.

As at 31 March 2019 and 31 December 2018, the caption "Goodwill" was made up as follows by insignia and country:

	31 Mar 2019
Insígnia	Portugal	Spain	Brazil	Other contries	Total
Sonae MC	497,451,096	45,250,519	-	-	542,701,615
Worten	65,283,532	-	-	-	65,283,532
Sonae Fashion	53,928,075	245,817	-	-	54,173,892
Sonae IM	2,686,758	2,141,824	7,090	23,569,114	28,404,786
Sonae Sierra	134,629,157	-	-	-	134,629,157
	753,978,618	47,638,160	7,090	23,569,114	825,192,982

	31 Dec 2018 Restated
Insígnia	Portugal	Spain	Brazil	Other contries	Total
Sonae MC	497,451,096	-	-	-	497,451,096
Worten	65,283,532	-	-	-	65,283,532
Sonae Fashion	53,928,075	245,817	-	-	54,173,892
Sonae IM	2,686,758	1,641,824	7,090	23,577,196	27,912,868
Sierra	134,629,157	-	-	-	134,629,157
	753,978,618	1,887,641	7,090	23,577,196	779,450,545

During the period ended in 31 March 2019 and 2018, movements occurred in Goodwill as well as in the corresponding impairment losses, are as follows:

	31 Mar 2019	31 Mar 2018 Restated
Gross value:
Opening balance	788,864,968	645,031,970
Discontinued operations	-	(5,082,341)
Goodwill generated in the period (Note 4.1)	45,250,519	-
Other variations	500,000	-
Effect of foreign currency exchange difference	40,025	(53,142)
Balance at end of period	834,607,405	639,896,487
Accumulated impairment losses:
Opening balance	9,414,423	10,668,757
Increases	-	(1,439,395)
Balance at end of period	9,414,423	9,229,362
Carrying amount	825,192,982	630,667,125

10 Joint ventures and associated companies

10.1 Detail of book value of investments in joint ventures and associates

The value of investments in joint ventures and associates can be analysed as follows:

Investments in joint ventures and associates	31 Mar 2019	31 Mar 2018 Restated
Investments in joint ventures	1,614,723,235	1,616,555,022
Investments in associates	361,084,573	368,041,686
Total	1,975,807,808	1,984,596,708

The detail by company is as follows:

COMPANY	31 Mar 2019	31 Dec 2018 Restated
Sonae MC
Sohi Meat Solutions - Distribuição de Carnes, SA	3,167,120	3,006,331
Sonae Sierra
Arrábidashopping- Centro Comercial, S.A.	29,462,960	30,393,218
DOC Malaga Holdings S.L	3,556,321	3,591,217
Gaiashopping I- Centro Comercial, S.A.	35,667,485	35,009,254
Harvey Dos Iberica, S.L.	4,425,115	4,395,212
Madeirashopping- Centro Comercial, S.A.	14,895,233	15,127,930
Norte Shopping Retail and Leisure Centre B.V.	162,931,808	161,222,523
Pantheon Plaza B.V.	10,128,781	10,263,665
Park Avenue Development of Shopping Centres S.A.	(465,672)	(463,459)
Parque Atlântico Shopping - Centro Comercial, S.A.	17,111,045	17,670,436
Proyecto Cúcuta S.A.S.	10,135,185	8,344,371
Pud Srl	5,815,492	5,987,801
SC Aegean B.V.	4,922,651	4,926,261
Shopping Centre Colombo Holding B.V.	236,261,699	255,362,940
Sierra Central S.A.S.	123,256	56,883
Solingen Shopping Centre GmbH	(3,993,394)	(4,157,349)
Sonae Sierra Brazil B.V. Sarl	247,622,220	241,178,416
VdG Holding BV	110,051,771	112,144,202
Via Catarina- Centro Comercial, S.A.	8,994,663	8,774,648
Sierra Balmain Asset Management sp. zo.o.	1,683,164	-
NOS
ZOPT, SGPS, S.A. (consolidated)	685,548,393	675,916,940
Sonae IM
Unipress - Centro Gráfico, Lda	654,573	618,102
Sonae FS
MDS SGPS, S.A.	25,242,330	26,246,269
Others
Marketplace	781,036	939,211
Investments in joint ventures	1,614,723,235	1,616,555,022

COMPANY	31 Mar 2019	31 Dec 2018 Restated
Sonae MC
Sempre a Postos - Produtos Alimentares e Utilidades, Lda	1,147,913	1,078,484
S2 Mozambique, SA	-	-
Ulabox, S.L.	-	-
ISRG - Iberian Sports Retail Group	- 77,477,360	- 74,580,531
Sonae IM
Armilar Venture Partners - Sociedade de Capital de Risco, SA	1	1
Fundo de Capital de Risco Armilar Venture Partners II	52,325,415	52,265,707
Fundo de Capital de Risco Armilar Venture Partners III	30,228,379	30,135,509
Fundo de Capital de Risco Espirito Santo Ventures Inovação e	17,427,590	16,978,359
Secucloud GMBH	3,571,764	3,833,921
Probe.Ly - Soluções de Cibersegurança, Lda	393,529	401,600
Alfaros SARL	5,482	17,715
Suricate	2,198	17,179
Sonae Sierra
3shoppings - Holding, SGPS, S.A.	11,936,244	11,730,360
ALEXA Asset GmbH & Co, KG	38,266,933	39,128,706
Area Sur Shopping, S.L.	7,739,989	7,655,180
Le Terrazze - Shopping Centre 1 Srl	8,326,061	8,236,533
Loop5 Shopping Centre GmbH & Co KG	-	10,423,800
Iberia Shop.C. Venture Coöperatief U.A. ("Iberia Coop")	23,381,932	23,368,651
Sierra Portugal Real Estate ("SPF")	46,416,902	45,506,314
Olimpo Real Estate SOCIMI, S.A.	7,887,338	7,768,532
Serra Shopping- Centro Comercial, S.A.	976,185	1,013,274
Trivium Real Estate Socimi, S.A.	31,595,668	31,895,992
Sierra Cevital Shopping Center, Spa	38,440	38,079
Zenata Commercial Project	1,939,250	1,967,259
Investment in associated companies	361,084,573	368,041,686

10.2 Financial indicators of participations

10.2.1 Joint ventures

Summary financial information of joint ventures of the group can be analysed as follows:

	31 Dec 2018 Restated
Joint ventures	Joint ventures of Sonae Sierra (Note 30.1)	ZOPT, SGPS, SA (consolidated)	MDS,SGPS,SA (consolidated)	Sohimeat, SA	Others
Assets
Investment properties	4,081,868,697	659,000	835,256	-	-
Property, plant and equipment	-	1,063,631,000	2,831,424	19,454,900	874,646
Intangible assets	-	2,173,982,000	37,256,681	789,101	981,823
Rights-of-use Assets	-	200,483,000	-	-	-
Other non-current assets	27,695,465	391,555,000	9,737,037	41,994	240,774
Non-current assets	4,109,564,162	3,830,310,000	50,660,398	20,285,995	2,097,243
Cash and bank balances	180,821,457	2,319,000	14,054,322	408,471	2,286,696
Other current assets	67,484,235	527,942,000	16,290,124	49,723,048	1,635,358
Current assets	248,305,692	530,261,000	30,344,446	50,131,519	3,922,054
Total assets	4,357,869,854	4,360,571,000	81,004,844	70,417,514	6,019,297
Liabilities
Loans	1,048,957,786	1,014,364,000	11,216,534	-	-
Other non-current liabilities	970,696,094	207,169,000	8,057,086	-	500,000
Non-current liabilities	2,019,653,880	1,221,533,000	19,273,620	-	500,000
Loans	75,441,328	283,061,000	9,496,077	-	-
Other current liabilities	114,774,245	558,006,000	25,766,741	65,021,799	2,652,142
Total current liabilities	190,215,573	841,067,000	35,262,818	65,021,799	2,652,142
Total liabilities	2,209,869,453	2,062,600,000	54,536,438	65,021,799	3,152,142
Attributable to owners of the Company	1,817,910,360	1,104,160,000	22,171,422	5,395,715	2,867,155
Non-controlling interests	330,090,041	2,297,970,000	4,296,984	-	-
Total equity	2,148,000,401	2,297,971,000	26,468,406	5,395,715	2,867,155
Total equity and liabilities	4,357,869,854	4,360,571,000	81,004,844	70,417,514	6,019,297

	31 Mar 2019
Joint ventures	Joint ventures of Sonae Sierra (Note 30.1)	ZOPT, SGPS, SA (consolidated)	MDS,SGPS,SA (consolidated)	Sohimeat, SA	Others
Turnover Other operating income	75,538,270 4,937,700 80,475,970	380,304,000 5,012,000 385,316,000	14,080,159 251,267 14,331,426	63,669,050 8,528,794 72,197,844	629,249 15 629,264
Cost of goods sold and materials consumed External supplies and services Amortisation Other operating costs	- (23,335,205) (112,193) (5,850,998) (29,298,396)	- (28,832,000) (102,506,000) (199,074,000) (330,412,000)	- (6,804,714) (991,027) (6,388,512) (14,184,253)	(61,835,635) (2,815,820) (1,240,958) (5,807,114) (71,699,527)	(127,262) (309,558) (59,002) (458,133) (953,955)
Financial income Financial expense Financial results	1,690,616 (11,120,798) (9,430,182)	3,000 (6,410,000) (6,407,000)	32,804 (168,726) (135,922)	- (100,630) (100,630)	- (1,917) (1,917)
Results of joint ventures and associated companies	232,863	(1,020,000)	(22,028)	-	-
Results before taxation Income taxation Consolidated net income/(loss) for the year	41,980,255 (10,521,285) 31,458,970	47,477,000 (9,847,000) 37,630,000	(10,777) (65,686) (76,463)	397,687 (76,109) 321,578	(326,608) 83,200 (243,408)
Attributable to: Equity holders of the Parent Company	27,376,041	19,666,000	(202,524)	321,578	(243,408)
Non-controlling interests Other comprehensive income for the period	4,082,929 31,458,970 6,838,430	17,964,000 37,630,000 (158,000)	126,061 (76,463) 411,724	- 321,578 -	- (243,408) -
Total comprehensive income for the period	38,297,400	37,472,000	335,261	321,578	(243,408)

	31 Mar 2018 Restated
Joint ventures	Sonae Sierra SGPS, SA (consolidated)	ZOPT, SGPS, SA (consolidated)	MDS,SGPS,SA (consolidated)	Sohimeat, SA	Others
Turnover	39,346,740	375,715,000	13,417,541	5,836,479	856,181
Other operating income	860,870	7,287,000	174,689	97,021	5,569
	40,207,610	383,002,000	13,592,230	5,933,500	861,750
Cost of goods sold and materials consumed	-	-	-	-	-
External supplies and services	(15,545,226)	(42,665,000)	(6,509,137)	(2,180,522)	(322,530)
Amortisation	(232,445)	(103,356,000)	(780,296)	(846,456)	(28,335)
Other operating costs	(13,642,638)	(184,447,000)	(5,460,185)	(2,752,967)	(382,333)
	(29,420,309)	(330,468,000)	(12,749,618)	(5,779,945)	(733,198)
Financial income	2,007,262	-	20,397	311,455	-
Financial expense	(3,199,076)	(13,933,000)	(153,355)	-	(1,283)
Financial results	(1,191,814)	(13,933,000)	(132,958)	311,455	(1,283)
Results of joint ventures and associated companies	15,790,188	-	24,777	-	-
Results before taxation	25,385,675	38,601,000	734,431	465,010	127,269
Income taxation	(2,782,841)	(6,752,000)	(122,702)	(77,579)	(329)
Consolidated net income/(loss) for the year	22,602,834	31,849,000	611,729	387,431	126,940
Attributable to:
Equity holders of the Parent Company	15,348,844	16,608,000	661,533	387,431	126,940
Non-controlling interests	7,253,990	15,241,000	(49,804)	-	-
	22,602,834	31,849,000	611,729	387,431	126,940
Other comprehensive income for the period	(7,898,000)	(26,257,000)	-	-	-
Total comprehensive income for the period	14,704,834	5,592,000	611,729	387,431	126,940

10.2.2 Associates

Summary financial information of associated companies of the Group can be analysed as follows:

	31 Mar 2019
		Sonae MC		Sonae Sierra
Associates	Sempre a Postos	S2 Mozambique	Ulabox	ISRG	Associates (Note 30.2)
Non-current assets Current assets	370,044 14,370,288	5,896,621 2,206,536	1,879,439 1,329,347	157,085,602 177,113,921	2,411,690,623 98,465,850
Non-current liabilities Current liabilities	555 10,148,128	- 5,589,119	1,953,540 1,883,258	30,749,170 174,932,948	914,979,951 67,353,758
Equity	4,591,649	2,514,038	(628,012)	128,517,405	1,527,822,764

	31 Dec 2018 Restated
		Sonae MC		Sonae Sierra
Associates	Sempre a Postos	S2 Mozambique	Ulabox	Others	ISRG	Associates (Note 30.2)
Non-current assets Current assets	678,593 2,356,130	725,966 10,326,802	1,868,023 1,133,210	1,646,086 1,376,188	179,079,284 154,465,538	2,638,142,452 123,490,357
Non-current liabilities Current liabilities	1,955,112 831,108	- 6,849,597	1,000,000 1,467,268	- 1,711,196	37,803,679 155,077,649	1,005,395,241 109,466,509
Equity	248,503	4,203,171	533,965	1,311,077	140,663,494	1,646,771,059

		31 Mar 2019 Sonae IM
Associates		Armilar II	Armilar III	AVP I+I	Others
Non-current assets		119,666,904	79,878,509	57,909,625	3,409,520
Current assets Non-current liabilities		1,708,147 17,697,993	3,113,414 -	82,990 11,387,179	1,372,969 274,041
Current liabilities		834,479	11,697,949	1,056,719	3,897,918
	Equity	102,842,579	71,293,974	45,548,717	610,530

	31 Dec 2018 Restated
	Sonae IM
Associates	Armilar II Armilar III AVP I+I Armilar Others
Non-current assets Current assets	91,385,627 1,356,789	66,583,123 3,111,491	32,012,958 46,268	19,431 4,889,088	1,696,324 4,321,426
Non-current liabilities Current liabilities	- 5,361,017	- 11,350,315	6,280,655 655,990	- 677,581	717,697 4,034,788
Equity	87,381,399	58,344,299	25,122,581	4,230,938	1,265,265

	31 Mar 2019
		Sonae MC		Sonae Sierra
Associates	Sempre a Postos	S2 Mozambique	Ulabox	ISRG	Associates (Note 30.2)
Turnover	13,344,211	-	2,968,300	603,007,342	43,147,808
Other operating income	692,585	-	122,148	1,290,543	86,571
Operating costs	(13,678,011)	-	(4,097,176)	(583,909,811)	(16,538,910)
Financial results	276	-	-	(14,470,473)	(6,036,436)
Results of joint ventures and associated companies	-	-	-	-	1,662,335
Income tax expense	(81,346)	-	-	(5,358,753)	(2,628,015)
Net income/(loss) for the year	277,715	-	(1,006,728)	558,848	19,693,353
Other comprehensive income for the period	-	-	-	-	(58,095)
Total comprehensive income for the period	277,715	-	(1,006,728)	558,848	19,635,258

	31 Mar 2018 Restated Sonae MC
Associates	APOR	Sempre a Postos	S2 Mozambique	Ulabox
Turnover	143,910	12,385,548	1,854,742	2,522,480
Other operating income	-	644,551	75,856	114,270
Operating costs	(155,810)	(12,866,826)	(2,717,990)	(3,513,978)
Financial results	688	1,064	(110,545)	-
Income tax expense	(23)	(38,404)	-	-
Net income/(loss) for the year	(11,235)	125,933	(897,937)	(877,228)
Other comprehensive income for the period	-	-	-	-
Total comprehensive income for the period	(11,235)	125,933	(897,937)	(877,228)

	31 Mar 2019
	Sonae IM
Associates	Armilar II	Armilar III	AVP I+I	Others
Turnover	-	-	-	411,413
Other operating income	45,991	512,585	1	347,171
Operating costs	66,626	(244,577)	(149,032)	(1,374,429)
Financial results	5,068	28,607	7,794	-
Income tax expense	-	-	-	(2,592)
Net income/(loss) for the year	117,685	296,615	(141,237)	(618,436)
Other comprehensive income for the period	-	-	-	-
Total comprehensive income for the period	117,685	296,615	(141,237)	(618,436)

	31 Mar 2018 Restated
	Sonae IM
Associates	Armilar II	Armilar III	AVP I+I	Armilar	Others
Turnover	-	-	-	496,227	167,968
Other operating income	1,640	-	-	-	20,000
Operating costs	(177,344)	(1,193,193)	(74,939)	(393,243)	(1,680,936)
Financial results	11,071	66,263	5,049	-	25
Income tax expense	-	-	-	(30,000)	-
Net income/(loss) for the year	(164,633)	(1,126,930)	(69,890)	72,984	(1,492,943)
Other comprehensive income for the period	-	-	-	-	-
Total comprehensive income for the period	(164,633)	(1,126,930)	(69,890)	72,984	(1,492,943)

During the period ended at 31 March 2019 and 2018, movements in investments in joint ventures and associates are as follows:

	31 Mar 2019				31 Mar 2018 Restated	Total investment 1,323,493,499 - (6,944,555)
	Proportion on equity	Goodwill	Total investment	Proportion on equity	Goodwill
Investments in joint ventures
Balance as at 1 January Published IFRS 16 Impact	1,100,659,691 (7,892,381)	523,787,735 -	1,624,447,426 (7,892,381)	757,716,434 (6,944,555)	565,777,065
Balance as at 1 January - Restated	1,092,767,310	523,787,735	1,616,555,045	750,771,879	565,777,065	1,316,548,944
Period acquisitions	30,550	1,688,610	1,719,160	-	-	-
Equity method
Gains or losses in joint ventures	22,169,803	-	22,169,803	15,434,430	-	15,434,430
Distributed dividends	(29,012,907)	-	(29,012,907)	(24,873,210)	-	(24,873,210)
Effect in equity capital and non-controlling interests	3,291,550	-	3,291,550	(5,895,887)	-	(5,895,887)
	1,089,246,305	525,476,345	1,614,722,650	735,437,212	565,777,065	1,301,214,277
Investments in associates companies
Balance as at 1 January	363,071,670	4,935,121	368,006,791	84,335,315	6,622,023	90,957,338
Capital increases during the period	379,363	-	379,363	-	-	-
Capital reduction in associated companies	(1,333,250)	-	(1,333,250)	-	-	-
Period disposals	(10,423,801)	-	(10,423,801)	-	-	-
Change in consolidation method due to loss of control	-	-	-	42,069,015	36,016,741	78,085,756
Equity method
Gains or losses in associates companies	5,309,215	-	5,309,215	(1,597,301)	-	(1,597,301)
Distributed dividends	(870,000)	-	(870,000)	-	-	-
Effect in equity capital and non-controlling interests	16,840	-	16,840	(275,699)	-	(275,699)
	356,150,037	4,935,121	361,085,158	124,531,330	42,638,764	167,170,094
Total	1,445,396,341	530,411,466	1,975,807,808	859,968,542	608,415,829	1,468,384,371

The effect on equity and non-controlled interests results fundamentally from the exchange rate conversion effect of companies with a different functional currency than the euro.

The amount of distributed dividends related to Investments in Joint Ventures refers to Sonae Sierra 29,012,907 euro (24,873,210 euro as at March 2018).

The value of the "Change of consolidation method by loss of control" on March 31, 2018 in the amount of 78,085,756 euros in the investments in associates is related to ISRG by the agreement signed in 2018 between Sonae and JD Group and since the end of January 2018 is included the participation in the new partnership, the Iberian Sports Retail Group, by the equity method.

The consolidated financial statements of ZOPT have a significant exposure to the African market, particularly through financial holdings that Group holds in associated companies operating in the Angolan and Mozambican markets, which are engaged in providing satellite and fiber television services. The net book value of the associates in the financial statements of ZOPT at 31 March 2019 amounts to approximately Euro 100 million.

During the last quarter of 2017, Angola was considered a hyperinflationary economy, and the individual financial statements of the investees in Angola were restated (for consolidation purposes) in accordance with IAS 29 - Financial Reporting in Hyperinflationary Economies. Effective at 1 January 2017, the financial participation (including implicit goodwill of 171.1 million euro) on the Angolan associates was adjusted by the effect of hyperinflation by a total of 140.5 million euro and reduced by 138.5 million euro of impairment losses on the holding. The net amount of approximately 2 million euro was recorded under 'Other reserves'. In the years 2017 and 2018, the effect of hyperinflation had a net impact of approximately 0.2 million euro (includes 68.9 million euro of impairment losses) and 3.4 million euro (includes 10 million euro of impairment losses), respectively, with both impacts being recorded under the caption 'Losses / gains) in investees'.

The Group made impairment tests for those assets, which are denominated in the currencies of those countries, Kwanzas and Meticals, respectively, considering the business plans (internal valuation using the discounted cash flow method, compared to researches) approved by the Board of Directors for a five years period, which include average growth rates of revenue for that period of 10.7% (Angola) and 3.2% (Mozambique). These revenue growth rates reflects: (i) the best estimate for the growth of the customer base, reflecting an expectation of new clients and chum estimated rates, when considered prudent, and (ii) an annual price increase which the nature of the activity carried out by the companies, especially in Angola, assumes it is not expected that companies will be able to reflect in their prices the total inflation in the country.

In 2018, following the recommendation of the INACOM (regulatory entity of the communication sector in Angola), the Angolan subsidiaries did not carry out any price increase. Business plans consider annual price growth of 16%, 11% and 8% in 2019, 2020 and 2021 to 2023 respectively.

The business plans consider yet a growth rate in perpetuity of 6.5% (Angola) and 5.0% (Mozambique) and a discount rate ('wacc') in perpetuity of 17.5% (Angola) and 21% (Mozambique). The discount rate, over the period 2018 to 2023 ranged from a maximum of 34.0% to a minimum of 17.5% (in 2023), for Angola, and from a maximum of 23.0% to a minimum of 21.0% (2023) in Mozambique, in line with the most appropriate inflation forecasts (source: International Monetary Fund (FMI)) and assumes the current structure of the market in terms of competition.

The impairment tests carried out, based on the assumptions above, disregarding the effect of the adjustment to the effects of hyperinflation in the amount of financial investment, support the value of the assets, so not result in additional impairments was recorded in relation to the effect of the hyperinflationary economy. However, that the current economic conditions of uncertainty in these markets, particularly in the foreign exchange market and the limitation of currency transfer, particularly in Angola, introduces an additional degree of variability to the assumptions, which could significantly impact of the estimates considered, in terms of of the rate of inflation and the ability to reflect the rate in price increases.

With respect to the Angolan associates intervals above the usual were used in the sensivity analyses, in which variations of 2pp in WACC and 0.5 pp in the perpetuity growth rate allow us to conclude that in extreme situations, with a high rate of inflation and a lower capacity of the company to reflect a higher price increase (analysed scenarios of price repercussion between 25% and 75% of the inflation rate, being this the most critical variable with impacts in variation of 54% and 133% of the book value), the valuation would not support the assets' value, varying between 50% and 157% of the book value.

At the end of January 2019, ZAP announced a price increase from 26 February 2019 on word. This increase in prices is higher than that used in the projections.

At 31 March 2019 it was understood that the assumptions made in the impairment tests carried out in 2018 did not change significantly.

The Board of Directors believes that the assumptions used in the business plans are the most prudent and appropriate, and that the situations of high inflation and lower capacity of the company to reflect a higher price increase correspond to non-expected extreme situations.

Armilar, Armilar II, Armilar III e Armilar I+I

In January 2019 an increase of Euro 360,393 in the capital of Fundo ESV I+I occurred, which corresponds to an increase of the participation of 0.71%.

During the year 2018, there was a change of Euro 712,649 in associates and jointly controlled companies, mainly due to the acquisition of two shares in the Armilar III Fund in the amount of Euro 652,756, resulting in a final participation of 42.70%. In addition, the variation can also be explained by the capital increase in Probely in the amount of Euro 25,000 and the entry of associated companies (Euro 17,179 in relation to Suricate Solutions and Euro 17,715 in Alfaros) held by the subsidiary Excellium Group in the scope of the acquisition occurred in the end of 2018.

11 Other investments

Other non-current investments, their head offices and book value as at 31 March 2019 and 31 December 2018, are as follows:

		Statment of financial position
Company	Head Office	31 Mar 2019	31 Dec 2018 Restated
Sonae MC Dispar - Distrib. de Participações, SGPS, SA Insco - Insular de Hipermerc., SA Other financial assets	Lisbon Ponta Delgada	9,976 5,252,372 14,560,866	9,976 5,252,372 13,831,312
Financial assets at fair value through profit or loss		19,823,214	19,093,660
Sonae IM Arctic Wolf Networks, Inc ViSenze Reblaze Nextail Labs, SL Ometria, Ltd. Case on IT ciValue StyleSage, Inc. Jscrambler Whitefantasy Other investments	Delaware Singapore St. Louis Madrid London Madrid Yokneam (Israel) Delaware Oporto Évora	7,751,174 9,628,958 2,352,438 2,300,000 2,228,028 2,930,744 1,970,097 2,842,334 1,250,000 640,804 401,997	7,751,174 4,384,811 2,352,438 2,300,000 2,228,029 2,280,000 1,970,097 1,848,578 1,250,000 640,804 1,060,856
Financial assets at fair value through other comprehensive income		34,296,573	28,066,787
		54,119,787	47,160,447

As at 31 March 2019 the caption "Other investments" includes, among others, 9,861,775 euro (9,872,807 euro in 31 December 2018) related to deposited amounts on an Escrow Account which is applied in investment funds with superior rating, which is a guarantee for contractual liabilities assumed in the disposal of a Brazil Retail business and for which provisions were recorded in the applicable situations (Note 21).

As at 31 March 2019 and 2018, the movements in "Other investments" made up as follows:

	31 Mar 2019		31 Mar 2018 Restated
	Non-current	Current	Non-current	Current
Other investments
Fair value (net of impairment losses) as at 1 January	47,195,342	-	19,423,775	-
Increases in the period	7,129,587	-	2,202,977	-
Decreases in the period	(205,142)	-	(148,135)	-
Increase/(Decrease) in fair value through profit & losses	-	-	(12,590)	-
Discontinued operations	-	-	(51,369)	-
Fair value (net of impairment losses) as at 31 March	54,119,787	-	21,414,658	-
Derivative financial instruments
Fair value as at 1 January	-	1,558,683	-	179,881
Increase/(Decrease) in fair value	-	431,937	-	1,378,802
Fair value as at 31 March	-	1,990,620	-	1,558,683
	54,119,787	1,990,620	21,414,658	1,558,683

12 Other non-current assets

As at 31 March 2019 and 31 December 2018, "Other non-current assets" are detailed as follows:

	31 Mar 2019		31 Mar 2018 Restated
	Gross Value	Accumulated impairment losses (Note 21)	Carrying Amount	Gross Value	Accumulated impairment losses (Note 21)	Carrying Amount
Loans granted to related parties	55,401,752	-	55,401,752	54,497,134	-	54,497,134
Trade accounts receivable and other debtors
Legal deposits	3,547,981	-	3,547,981	3,502,069	-	3,502,069
Cautions	5,083,925	-	5,083,925	4,163,529	-	4,163,529
Special regime for payment of tax and social security debts	4,527,309	-	4,527,309	4,527,309	-	4,527,309
Rent deposits from tenants	3,185,540	-	3,185,540	3,037,324	-	3,037,324
Financial investments debtors	5,900,000	-	5,900,000	5,900,000	-	5,900,000
Debt to receive related to Armilar Funds	1,274,358	-	1,274,358	1,274,358	-	1,274,358
Amount retained on acquisition of Salsa group	2,463,875	-	2,463,875	2,463,875	-	2,463,875
Others	1,821,537	-	1,821,537	428,824	-	428,824
	27,804,525	-	27,804,525	25,297,288	-	25,297,288
Reinsurer's' share of technical provisions	199,199	-	199,199	492,489	-	492,489
Other non-current assets	279,162	-	279,162	-	-	-
	83,684,638	-	83,684,638	80,286,911	-	80,286,911

The amount included in "Loans to related companies" relates almost entirely to supplies granted to joint ventures and associates of the Sonae Sierra. These supplies bear interest at normal market rates.

The amount disclosed as Special Regime for Payment of Tax and Social Security Debts corresponds to taxes paid, voluntarily, related to settlements of income tax on corporate income, which were already in judicial process. The judicial processes are still in progress, however the guarantees provided for the said processes were canceled. It is the Board of Directors understanding that the claims presented will have a favourable end to Sonae, reason why they were not object of provision.

The amounts included in "Reinsurer's share of technical provisions" refer to a Sonae's subsidiary whose activity is nonlife reinsurance. The amount of the provision is related to provisions for claims declared (Note 21).

13 Trade receivable and others current assets

As at 31 March 2019 and 31 December 2018, "Trade receivable" are detailed as follows:

	31 Mar 2019	31 Dec 2018 Restated
Trade receivable	167,394,268	163,523,677
Granted loans and other receivables to related companies	43,640,186	11,280,301
Other receivables
Trade creditors - debtor balances	25,260,919	27,831,663
Accounts receivable related to promotional activities partnerships	5,796,448	7,685,381
Disposal of financial investments	1,334,146	1,300,000
Disposal of tangible assets	736,420	1,489,845
Vouchers and gift cards	1,263,537	1,227,577
VAT recoverable on real estate assets and vouchers discounts	6,797,606	4,116,518
Advances to suppliers	12,277,327	9,517,585
Escrow account	2,250,246	2,224,210
Subsidies	2,037,738	2,730,669
Other current assets	18,683,242	23,171,348
	76,437,629	81,294,796
Other current assets
Invoices to be issued	15,095,356	12,726,484
Commercial income	27,158,826	36,866,309
Key money	320,822	320,822
Management fees to be received	2,228,556	1,970,601
Deferred costs - supplies and services	22,008,881	14,545,487
Deferred costs - rents	781,185	20,757
Insurance indemnities	-	67,020
Other current assets	14,784,917	13,484,497
	82,378,543	80,001,977
Accumulated impairment losses in receivables accounts (Note 21)	(30,411,436)	(30,438,127)
	339,439,190	305,662,624

The amount included in "Loans to related companies" relates almost entirely to supplies granted to joint ventures and associates of the Sonae Sierra. These supplies bear interest at normal market rates.

14 Deferred taxes

Deferred tax assets and liabilities as at 31 March 2019 and 31 December 2018 may be described as follows considering the different natures of temporary differences:

	Deferred tax assets		Deferred tax liabilities
	31 Mar 2019	31 Dec 2018 Restated	31 Mar 2019	31 Dec 2018 Restated
Difference between fair value and acquisition cost Temporary differences on tangible assets and intangible Temporary differences on Badwill and on Equity Method	5,247,517 1,183,541 -	5,247,517 1,437,193 -	180,977,370 70,176,213 13,957,969	179,858,651 68,518,308 13,930,732
Provisions and impairment losses not accepted for tax purposes Write off of deferred income relating entrance fees (key money) and expenses relating the opnening of shopping centres Impairment of assets Valuation of hedging derivatives	17,256,967 - 296,735 34,735	18,007,749 - - 39,451	- (815,572) 652,618 192,973	- (813,440) - 86,360
Temporary differences arising from the securitization of receivable operation	-	-	-	652,100
Amortisation of Goodwill for tax purposes in Spain Revaluation of tangible assets Tax losses carried forward Reinvested capital gains/(losses) Tax Benefits Others	- - 45,803,624 - 5,091,029 2,589,762	- - 36,903,134 - 9,248,776 2,489,103	23,557,453 722,661 - 258,462 - 646,237	22,103,283 748,212 - 265,898 - 638,546
	77,503,910	73,372,923	290,326,384	285,988,650

As at 31 March 2019 and 31 December 2018, the tax rate to be used in Portuguese companies, for the calculation of the deferred tax assets relating to tax losses is 21%. The tax rate to be used to calculate deferred taxes in temporary differences in Portuguese companies is 22.5% increased by the state surcharge in companies in which the expected reversal of those deferred taxes will occur when those rates will be applicable. For companies or branches located in other countries, rates applicable in each jurisdiction were used.

As at 31 March 2019 and 31 December 2018, and in accordance with the tax statements presented by companies that recorded deferred tax assets arising from tax losses carried forward and using exchange rates effective at that time, tax losses carried forward can be summarized as follows:

		31 Mar 2019			31 Dec 2018 Restated
	Country	Tax losses carried forward	Deferred tax assets	Time limit	Tax losses carried forward	Deferred tax assets	Time limit
With limited time use
Generated in 2014	Portugal	1,273,815	267,501	2026	1,273,815	267,501	2026
Generated in 2015	Portugal	604,830	127,014	2027	604,829	127,014	2027
Generated in 2016	Portugal	20,046,002	4,209,660	2028	20,046,006	4,209,661	2028
Generated in 2017	Portugal	24,622,425	5,170,709	2022	24,622,425	5,170,709	2022
Generated in 2018	Portugal	10,018,699	2,103,927	2023	10,018,691	2,103,925	2023
Generated in 2019	Portugal	52,206,317	10,963,325	2024	-	-
		108,772,088	22,842,136		56,565,766	11,878,810
With a time limit different from the above mentioned
	Spain	3,912,524	978,131	2028 to 2029	3,912,524	978,131	2028 to 2029
	United States of America	8,351,637	2,380,216	2030 to 2035	8,194,754	2,335,505	2030 to 2035
	Mexico	2,943,127	882,939	2021 to 2027	2,838,428	851,528	2021 to 2027
		15,207,288	4,241,286		14,945,706	4,165,164
Without limited time use
	Spain	74,848,866	18,710,254		83,396,849	20,849,212
	Italy	41,445	9,948		41,445	9,948
		74,890,311	18,720,202		83,438,294	20,859,160
		198,869,687	45,803,624		154,949,766	36,903,134

As at 31 March 2019 and 31 December 2018, the deferred taxes to be recognized arising from tax losses were evaluated. In the cases in which they originated deferred tax assets, they were only recorded to the extent that it is probable that future taxable income will occur that could be used to recover the tax losses or tax differences that reverted in the same period and considering the limit of compensation existing by law in the applicable cases. This assessment was based on the business plans of Sonae's companies, which are periodically reviewed and updated.

As at 31 March 2019, the Group had an amount of 13.1 million euro (13.1 million euro as at 31 December 2018) in the Retail segment of deferred tax assets related to tax losses for this and previous years of the Spanish Tax Group and which can be recovered by it in Spain. The Modelo Continente Hipermercados, SA branch in Spain was, on 31 March 2019 and 31 December 2018, the representative entity of the Tax Group in Spain, whose dominant entity is Sonae SGPS, S.A.

As at 31 March 2019, there are reportable tax losses in the amount of 607.9 million euro (581.3 million euro as at 31 December 2018), whose deferred tax assets are not recorded for prudence purposes.

		31 Mar 2019			31 Dec 2018 Restated
	Country	Tax losses carried forward	Deferred tax assets	Time limit	Tax losses carried forward	Deferred tax assets	Time limit
With limited time use
Generated in 2014	Portugal	9,409,740	1,976,045	2026	8,742,117	1,835,845	2026
Generated in 2015	Portugal	254,720	53,491	2027	254,720	53,491	2027
Generated in 2016	Portugal	121,243	25,461	2028	121,243	25,461	2028
Generated in 2017	Portugal	607,289	127,531	2022	607,289	127,531	2022
Generated in 2018	Portugal	-	-	2023	6,092,458	1,279,416	2023
Generated in 2019	Portugal	68,030	14,286	2024	-	-
		10,461,022	2,196,814		15,817,827	3,321,744
mentioned	With a time limit different from the above
	Spain	7,231,939	1,807,987	2020 to 2032	6,825,310	1,706,331	2020 to 2032
	Netherlands	114,311,302	25,996,642	2017 to 2025	114,543,040	26,200,843	2017 to 2025
	Mexico	4,308,551	1,292,564	2018 to 2027	4,011,385	1,203,416	2018 to 2027
	United States of America	2,116,759	603,276	2037 to 2038	2,076,996	591,944	2037 to 2038
	Greece	1,570,812	445,787	2018 to 2022	1,746,511	506,487	2019 to 2022
	Romenia	26,781,673	4,285,069	2018 to 2024	21,040,337	3,366,454	2019 to 2024
	Colombia	489,505	161,536	2019 to 2030	415,153	130,287	2019 to 2030
	Turkey	2,466,141	436,086	2019 to 2024	2,408,685	495,264	2019 to 2024
	Luxembourg	2,244,835	336,725	2019 to 2036	-	-
		161,521,517	35,365,672		153,067,417	34,201,026
Without limited time use
	Brazil	19,816,028	6,737,449		19,547,151	6,646,031
	Colombia	370,359	122,218		357,131	121,425
	Spain	338,151,352	84,537,838		315,060,069	78,765,017
	Malta	47,774	16,721		44,040	15,414
	United Kingdom	4,968,483	944,012		4,762,788	904,930
	Ireland	68,897	8,612		700,649	87,581
	Germany	31,895,372	9,916,911		33,199,773	10,326,663
	United States of America	1,096,880	312,611		262,923	74,933
	Romania	34,263,351	5,482,136		36,378,444	5,820,551
	Italy	3,136,904	752,857		2,131,056	511,453
	Luxembourg	2,134,105	571,944		-	-
		435,949,505	109,403,309		412,444,024	103,273,998
		607,932,044	146,965,795		581,329,268	140,796,768

15 Cash and cash equivalents

As at 31 March 2019 and 31 December 2018, Cash and cash equivalents are as follows:

	31 Mar 2019	31 Mar 2018 Restated
Cash at hand	11,241,159	10,750,265
Bank deposits	563,631,853	680,458,016
Bank deposits - guarantees by tenants	5,256,064	5,021,398
Treasury applications	20,761	13,392
Cash and cash equivalents on the statement of financial position	580,149,838	696,243,071
Bank overdrafts (Note 18)	(66,134,065)	(621,830)
Cash and cash equivalents on the statement of cash flows	514,015,773	695,621,241

The amount included in bank deposits, guarantees made by tenants, correspond to the guarantees provided by tenants in the Sonae Sierra segment. These amounts received from tenants are classified under "Other non-current liabilities" (Note 19).

Bank overdrafts are disclosed in the statement of financial position under "Loans".

The applications of treasury mentioned above are remunerated and, during the closed exercise in 31 December 2017, they won interest to a middle tax of 0,29 % being distributed, that one dates, for 2 financial institutions.

16 Share Capital

Share capital

As at 31 March 2019, the share capital, which is fully subscribed and paid for, is made up of 2,000,000,000 ordinary shares, which do not have the right to a fixed dividend, with a nominal value of 1 euro each.

Cash Settled Equity Swap

On 15th November 2007, Sonae Holding sold 132,856,072 Sonae Holding shares directly owned by the Company. The shares were sold in a market operation at the unit price of 2.06 euro per share and resulted on a cash inflow (net of brokerage commissions) of 273,398,877 euro.

On the same date, Sonae Investments, BV wholly owned by Sonae Holding entered into a derivative financial instrument - Cash Settled Equity Swap - over a total of 132,800,000 Sonae Holding shares, representative of 6.64% of its capital.

This transaction has strictly financial liquidation, without any duty or right for the Company or any of its associated companies in the purchase of these shares. This transaction allows Sonae Investments BV to totally maintain the economic exposure to the sold shares.

In this context, although legally all the rights and obligations inherent to these shares have been transferred to the buyer. Sonae Holding did not derecognize their own shares, recording a liability in the caption "Other current liabilities" (Note 20). According to the interpretation made by Sonae of the IAS 39, applied by analogy to own equity instruments, the derecognition of own shares is not allowed as the group maintains the risks and rewards arising on the instruments sold.

Consequently, Sonae maintains in its capital acquisition cost of the shares that remain covered by the contract.

In November 2014, was made a renewal for an additional period of one year renewable automatically, keeping the remaining conditions unchanged. During the year of 2018 the Group requested the partial termination of the Cash Settled Equity Swap for 4,195,875 Sonae SGPS shares which resulted receipts of 457,631 euro, included in the "Other" caption of the Investment Activities in the consolidated statement of cash flows. Additionally, the price variations of this instrument represented as at 31 March 2019 receipts of 12,826,974 euro and payments of 4,540,430 euro (4,167,689 euro of receipts and 19,823,616 euro in payments as at 31 December 2018) included also in the Investment Activities as "Others".

Considering the operations mentioned above, the liability recorded amounts to 92,394,296 euro (Note 20) (83.876.384 euro as at 31 December 2018) reflecting the market value of 100,210,733 Sonae Holding shares (100,210,733 shares as at 31 de December 2018).

The value of these liabilities is adjusted at the end of each month by the effect of Sonae Holding share price variation being recognized a current asset/liability in order to present the right/obligation related to the receipt/financial liquidation that occurs on a monthly basis.

Additionally, the costs related to the "floating amount" based on the Euribor 1 month are recognized in the income statement.

The value to get established on the basis of dividends and reserves distributed by Sonae is credited in equity to offset the charge of the distribution.

Capital Structure

As at 31 March 2019, the following entities held more than 20% of the subscribed share capital:

Company	%
Efanor Investimentos, SGPS, SA and subsidiaries	52,48

17 Non-controlling interest

As at 31 March 2019 and 31 December 2018, "Non-controlling interests" are detailed as follows:

	31 Mar 2019
	Equity	Profit/(Loss) for the period	Book value of non-controlling interests	Proportion in income attributable to non-controlling interests	Dividends attributable to non-controlling interests
Sonae Retail
Sonae MC	170,690,413	358,020	32,152,446	560,511	(2,037,078)
Worten	4,589,372	(521,434)	540,242	(732)	-
Sonae Fashion	53,968,858	(272,133)	24,870,997	(12,838)	(6,912,519)
Sonae IM
Sonaecom, SGPS, SA (consolidated)	1,055,113,628	11,251,744	107,904,852	789,528	(110,000)
Sonae Sierra
Sonae Sierra, SGPS, SA (consolidated)	1,733,402,747	25,294,869	877,744,192	12,146,326	(89,810,495)
Others	7,287,164	(608,131)	(448,582)	(60,335)	-
Total	3,025,052,182	35,502,935	1,042,764,147	13,422,460	(98,870,092)

	31 Dec 2018 Restated
	Equity	Profit/(Loss) for the period	Book value of non-controlling interests	Proportion in income attributable to non-controlling interests	Dividends attributable to non-controlling interests
Sonae Retail
Sonae MC	169,232,110	18,219,024	30,380,598	2,596,697	(10,084)
Worten	7,882,091	125,780	533,973	50,312	-
Sonae Fashion	72,341,296	4,968,123	32,472,101	2,740,675	(1,326,684)
Sonae IM
Sonaecom, SGPS, SA (consolidated)	1,052,581,562	72,276,818	110,880,676	6,905,314	(1,720,219)
Sonae Sierra
Sonae Sierra, SGPS, SA (consolidated)	1,767,934,495	44,092,872	954,489,375	21,103,162	(14,923,926)
Others	7,979,855	(4,415,763)	503,728	(497,264)	-
Total	3,077,951,409	135,266,854	1,129,260,451	32,898,896	(17,980,913)

Movements in non-controlling interests during the periods ended as at 31 March 2019 and 2018 are as follows:

	31 mar 2019
	Sonae MC	Worten	Sonae Fashion	Sonae IM	Sonae Sierra	Others	Total
Opening balance as at 1 January 2019	31,285,782	1,152,834	33,099,552	107,847,550	954,489,375	(382,003)	1,127,493,090
Effect of restatement	(905,184)	(618,861)	(627,451)	3,033,126	-	885,731	1,767,361
Opening balance as at 1 January 2019 Restated	30,380,598	533,973	32,472,101	110,880,676	954,489,375	503,728	1,129,260,451
Distributed dividends	(2,037,078)	-	(6,912,519)	(110,000)	(89,810,495)	-	(98,870,092)
Distributed income of Investment Funds	(60,052)	-	-	-	-	-	(60,052)
Acquisition of subsidiaries (Note 4.1)	3,083,554	-	-	-	-	-	3,083,554
Change in currency translation reserve	-	-	(238)	(72,630)	1,089,000	-	1,016,132
Impact of applying IFRS 16	265,207	7,001	279,341	48,978	107,451	-	707,978
Others	(40,294)	-	(954,850)	(3,631,700)	(277,465)	(891,975)	(5,796,284)
Profit for the period attributable to non-controlling interests	560,511	(732)	(12,838)	789,528	12,146,326	(60,335)	13,422,460
Close balance 31 March 2019	32,152,446	540,242	24,870,997	107,904,852	877,744,192	(448,582)	1,042,764,147

	31 mar 2018 Restated
	Sonae MC	Worten	Sonae Fashion	Sonae IM	Others	Total
Opening balance as at 1 January 2018 Disclosed	29,381,583	1,102,522	32,826,507	104,097,279	402,103	167,809,994
Effect of restatement	(374,276)	(532,321)	(516,073)	(690,660)	-	(2,113,330)
Opening balance as at 1 January 2018 Restated	29,007,307	570,201	32,310,434	103,406,619	402,103	165,696,664
Distributed income of Investment Funds	(136,910)	-	-	-	-	(136,910)
Change in currency translation reserve	-	-	-	(26,222)	4,626	(21,596)
Acquisition of subsidiaries	-	-	80,000	-	-	80,000
Changes in hedging reserves	27,473	-	(32,250)	(1,712)	-	(6,489)
Change in the consolidation method	-	-	(1,211,039)	-	-	(1,211,039)
Impact of applying IFRS 15	-	-	-	(73,934)	-	(73,934)
Impact of applying IFRS 16	(165,542)	-	(5,663)	18,651	-	(152,554)
Others	159,777	-	28,696	1,735,346	722,676	2,646,495
Profit for the period attributable to non-controlling interests	377,657	61,836	318,004	660,880	(245,311)	1,173,066
Close balance 31 March 2018	29,269,762	632,037	31,488,182	105,719,628	884,094	167,993,703

18 Loans

As at 31 March 2019 and 31 December 2018, loans are made up as follows:

	31 Mar 2019		31 Dec 2018 Restated
	Outstanding amount		Outstanding amount
	Current	Non current	Current	Non current
Bank loans
Sonae, SGPS, SA - commercial paper	206,500,000	179,750,000	182,500,000	213,750,000
Sonae SGPS, SA 2016/2023	-	50,000,000	-	50,000,000
Sonae Investimentos, SGPS,SA - commercial paper	125,500,000	325,000,000	15,500,000	313,000,000
Sonae Investimentos affiliated /2014/2023	-	50,000,000	-	50,000,000
Sonae Investimentos affiliated /2015/2023	-	20,000,000	-	20,000,000
Sonae Investimentos affiliated /2015/2019	30,000,000	-	30,000,000	-
Sonae Investimentos affiliated /2017/2025	3,333,333	16,666,667	-	20,000,000
Sonae Investimentos affiliated 2019	30,000,000	-	-	-
Sonae Holding affiliated /2014/2021	-	20,000,000	-	20,000,000
Sonae Holding affiliated /2019/2023	-	50,000,000	-	-
Sonae Holding affiliated - commercial paper	5,000,000	34,500,000	5,000,000	35,000,000
Sonae Sierra SGPS, SA - commercial paper	-	25,000,000	-	25,000,000
Sonae Sierra / 2018/2022	-	10,000,000	-	10,000,000
Sonae Sierra affiliated /2016/2023	2,100,000	65,275,000	2,100,000	65,800,000
Sonae Sierra affiliated /2016/2021	-	41,300,000	-	41,300,000
Sonae Sierra affiliated /2016/2023	2,100,000	65,275,000	2,100,000	65,800,000
Sonae Sierra affiliated /2008/2019	22,755,000	-	22,755,000	-
Sonae Sierra affiliated /2001/2019	13,102,064	-	13,102,064	-
Sonae Sierra affiliated /2003/2021	-	13,475,000	-	13,475,000
Sonae Sierra affiliated /2015/2023	5,200,000	122,200,000	5,200,000	123,500,000
Others	7,843,903	9,047,988	9,214,687	7,982,360
	453,434,300	1,097,489,655	287,471,751	1,074,607,360
Bank overdrafts (Note 15)	66,134,065	-	621,830	-
Up-front fees beard with the issuance of borrowings	(878,516)	(2,603,241)	(948,690)	(2,786,179)
Bank loans	518,689,849	1,094,886,414	287,144,891	1,071,821,181
Bonds:
Bonds Sonae SGPS/ 2015/2022	-	100,000,000	-	100,000,000
Bonds Sonae SGPS/ 2016/2023	-	60,000,000	-	60,000,000
Bonds Sonae Investments BV / 2014/2019	209,379,703	-	207,994,922	-
Bonds Sonae Investimentos / December 2015/2020	-	50,000,000	-	50,000,000
Bonds Sonae Investimentos / May 2015/2022	-	75,000,000	-	75,000,000
Bonds Sonae Investimentos / December 2015/2020	-	30,000,000	-	30,000,000
Bonds Sonae Investimentos / June 2016/2021	-	95,000,000	-	95,000,000
Bonds Sonae Investimentos / September 2016/2021	3,000,000	6,000,000	3,000,000	6,000,000
Bonds Sonae Sierra / 2018/2025	-	50,000,000	-	50,000,000
Bonds Sonae Sierra / 2018/2023	-	25,000,000	-	25,000,000
Bonds Sonae Sierra / 2018/2023	-	25,000,000	-	25,000,000
Up-front fees beard with the issuance of borrowings	(153,665)	(2,538,828)	(153,665)	(2,706,817)
Bonds	212,226,038	513,461,172	210,841,257	513,293,183
Other loans	1,658,185	1,597,428	1,664,567	2,217,506
Derivatives	129,246	-	184,427	-
Other loans	1,787,431	1,597,428	1,848,994	2,217,506
Obligations under finance leases	811,922	398,722	873,513	535,812
	733,515,240	1,610,343,736	500,708,655	1,587,867,682

In June 2014, a subsidiary of Sonae SGPS, SA issued bonds which may be convertible (Sonae Investments BV 2014/2019) in Sonae shares already issued and fully subscribed or to be later on issued.

The fair value of the Equity component of this compound instrument was valued at 22,313,000 euro at 31 December 2014 and it was determined by an independent entity from Sonae, taking into consideration the fair value of similar non- convertible financial instruments, having been estimated a market interest rate to establish the amortized cost of this financial liability. This process of measurement represents a Level 3 fair value measurement according to IAS 39. The liability component is recorded at the amortized cost based on the market rate.

The Bonds were issued at par with a nominal value of 100,000, (2.105 euro per bond) with a maturity of 5 years and with a fixed coupon of 1.625% per year, paid in arrears and semi-annually.

The bonds can be converted at the request of the bondholder when the Sonae SGPS, SA share price, in accordance with the technical data sheet, exceeds 1,636 euro per share. This price is subject to adjustments in accordance with the market practices, in particular when the dividend exceeds 0.0284 euro per share.

It is estimated that the book value of all loans does not differ significantly from its fair value, determined based on discounted cash flows methodology, with the exception the convertible bond loan into shares whose fair value is determined by the market price at the balance sheet date.

Bonds and bank loans bear an average interest rate of 0.95% as at 31 March 2019 (1.05% as at 31 December 2018). Most of the bonds and bank loans have variable interest rates indexed to Euribor.

The derivatives are recorded at fair value.

The loans face value, maturities and interests are as follows (including obligations under financial leases):

	31 Mar 2019	31 Dec 2018 Restated
N+1 a)	735,538,472	504,131,661
N+2	242,366,479	253,486,848
N+3	363,085,046	363,191,358
N+4	487,838,323	329,157,254
N+5	388,622,902	600,538,813
After N+5	133,573,053	46,986,404
	2,351,024,277	2,097,492,338

a) Includes amounts used from commercial paper programs when classified as current.

The maturities presented above were estimated according to the contractual clauses of the loans and taking into account Sonae's best expectation as to its amortization date.

As at 31 March 2019, Sonae has, as detailed below, cash and bank balance equivalents in the amount of 580 million euro (696 million euro as at 31 december 2018) and available credit lines as follows:

	31 Mar 2019		31 Dec 2018 Restated
	Commitments of less than one year	Commitments of more than one year	Commitments of less than one year	Commitments of more than one year
Unused credit facilities
Sonae Retail	40,839,401	245,000,000	94,000,000	202,000,000
Sonae Sierra	61,469,346	20,000,000	61,469,346	20,000,000
Holding & Others	48,221,348	44,500,000	75,000,000	8,620,000
	150,530,096	309,500,000	230,469,346	230,620,000
Agreed credit facilities
Sonae Retail	171,500,000	570,000,000	101,500,000	515,000,000
Sonae Sierra	61,469,346	45,000,000	61,469,346	45,000,000
Holding & Others	236,650,000	258,750,000	209,500,000	260,750,000
	469,619,346	873,750,000	372,469,346	820,750,000

19 Others non-currents liabilities

As at 31 March 2019 and 31 December 2018 "Other non-current liabilities" are made up as follows:

	31 Mar 2019	31 Dec 2018 Restated
Shareholders loans	3,822,836	3,943,666
Fixed assets suppliers	743,202	800,618
Creditors for acquisition of financial investments	14,300,000	14,000,000
Deposits received from Tenants	7,640,331	6,481,004
Deferral of the disposal of the extended warranties in the Worten segment	55,561,012	3,051,974
Charges made on the sale of real estate	20,343,000	20,453,191
Other accruals and deferrals	7,115,608	7,085,215
Other non-current liabilities	109,525,989	55,815,668

The caption "Shareholder loans" relates to loans in affiliated undertakings in the Sonae Sierra and Sonae IM operating segments. These liabilities do not have a defined vesting date and bear interests at variable market rates.

The value of 14 million euro is related to the debt value of the acquisition of Parklake and Plenerg payable in 2020.

The carrying amount of "Other non-current liabilities" is estimated to be approximately its fair value.

20 Trade payables and other payables

As at 31 March 2019 and 31 December 2018 Trade payables and other payables are as follows:

	31 Mar 2019	31 Dec 2018 Restated
Trade creditors Other creditors	1,110,869,727	1,287,490,385
Fixed asset suppliers	44,264,483	74,215,573
Related undertakings	13,550,135	3,763,846
Other debts	153,414,601	165,878,790
	211,229,219	243,858,209
Other current liabilities
Holiday pay and bonus	145,803,027	147,260,333
Other external supplies and services	48,759,014	53,109,581
Deferred Revenue of warranty extension	14,403,438	66,834,299
Marketing expenses	12,820,069	20,436,949
Fixed assets to be billed by third parties	12,585,677	12,815,192
Charges made on the sale of real estate	1,309,475	1,314,234
Advance receipts from Trade Receivables	13,067,219	14,871,112
Rentals	3,654,740	6,944,330
Fixed income charged in advance	5,380,172	4,456,265
Interest payable	5,637,343	4,001,727
Expenses on purchases	4,706,501	3,208,354
Municipal property tax	2,743,097	2,274,544
Others	21,563,149	15,948,720
	292,432,921	353,475,639
	1,614,531,867	1,884,824,233

The caption "Other payables" includes:

• 92,394,296 euro (83,876,384 euro as at 31 December 2018) relating to the fair value of the shares covered by Sonae Holding financial derivative referred to in Note 16;

• 11,060,239 euro (10,435,849 euro as at 31 December 2018) of attributed discounts not yet redeemed related to loyalty card "Cartão Cliente"

• 17,601,498 euro (21,446,519 euro as at 31 December 2018) related to vouchers, gift cards and discount tickets not yet redeemed;

• 3,120,872 euro (3,080,487 euro as at 31 December 2018) related to amounts payable to Sonae Distribuição Brasil. S.A. buyer as result of responsibilities assumed with that entity (Note 21);

21 Provisions and impairment losses

Movements in "Provisions and impairment losses" during the period ended 31 March 2019 and 2018 are as follows:

Caption	Saldo em 01 Jan 2019	Increase	Decrease	Discontinued operations	Balance as at 31 Mar 2019
Accumulated impairment losses on investments	6,721,124	-	-	-	6,721,124
Impairment losses on fixed tangible assets	111,944,361	-	(315,403)	-	111,628,958
Impairment losses on intangible assets	8,702,046	-	-	-	8,702,046
Accumulated impairment losses on trade account receivables and other debtors (Note 12)	30,438,127	1,256,174	(973,034)	(309,831)	30,411,436
Non current provisions	41,375,212	32,758	30,514	(271,518)	41,166,966
Current provisions	5,923,022	130,430	(690,651)	-	5,362,801
	205,103,892	1,419,362	(1,948,574)	(581,349)	203,993,331
Caption	Saldo em 01 Jan 2018	Increase	Decrease	Discontinued operations	Balance as at 31 Mar 2018 Restated
Accumulated impairment losses on investments	3 319 692	-	-	-	3 319 692
Impairment losses on fixed tangible assets	114 379 011	-	(113 138)	(4 510 175)	109 755 698
Impairment losses on intangible assets	2 396 643	-	-	-	2 396 643
Accumulated impairment losses on trade account receivables	19 746 469	383 218	(762 653)	-	19 367 034
Non current provisions	18 955 625	48 516	(360 989)	-	18 643 152
Current provisions	5 610 383	1 160 377	(1 776 760)	-	4 994 000

As at 31 March 2019 and 31 December 2018 increases in Provisions and impairment losses are as follows:

	31 Mar 2019	31 Dec 2018
Technical provisions on reinsurance	1,051,863	Restated 1,051,863
Incentive for the Armilar Fund	20,251,148	20,130,786
Future liabilities relating to subsidiaries of retail in Brazil sold	9,695,910	9,570,442
Judicial claims	2,359,836	2,469,889
Contingent liabilities related to subsidiaries acquired	7,811,959	7,811,959
Discontinued operation in Turkey	1,178,000	1,178,000
Indemnities	2,321,574	2,370,954
Clients guarantees	495,081	621,401
Others	1,364,396	2,092,940
	46,529,767	47,298,234

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

22 Other income

As at 31 March 2019 and 2018, the caption "Other Income" is made up as follow

	31 Mar 2019	31 Mar 2018 Restated
Supplementary income	7,439,497	6,128,271
Prompt payment discounts obtained	6,338,963	6,288,296
Foreign currency exchange gains	4,751,236	6,942,340
Own work capitalised (Note 7)	2,407,642	1,716,068
Gains on sales of assets	255,034	103,287
Impairment losses reversals	1,462,496	1,989,019
Others	1,764,671	1,149,325
	24,419,540	24,316,606

23 Income tax expense

As at 31 March 2019 and 2018, income tax is made up as follows:

	31 Mar 2019	31 Mar 2018 Restated
Current tax	1,080,777	4,630,528
Deferred tax	(3,603,595)	(6,860,863)
	(2,522,818)	(2,230,335)

24 Related parties

Balances and transactions with related parties during the periods ended 31 March 2019 and 2018 are as follows:

	Turnover and other income		Purchases and services obtained
Transactions	31 Mar 2019	31 Mar 2018 Restated	31 Mar 2019	31 Mar 2018 Restated
Parent Company	65,964	59,477	122,380	142,533
Jointly controlled companies	11,142,267	5,037,665	67,463,871	74,951,318
Associated companies	22,516,154	8,063,977	892,612	-
Related parties,shareholders and investees	12,018,536	13,780,505	3,179,286	3,681,672
	45,742,921	26,941,624	71,658,149	78,775,523

		Interest income	Interest expenses
Transactions	31 Mar 2019	31 Mar 2018 Restated	31 Mar 2019	31 Mar 2018 Restated
Parent Company	-	-	-	-
Jointly controlled companies	108,542	65	1,205,938	-
Associated companies	497,051	13,479	-	-
Other related parties	-	-	44,381	-
	605,593	13,545	1,250,319	-

		Accounts receivable	Accounts payable
Balances	31 Mar 2019	31 Dec 2018 Restated	31 Mar 2019	31 Dec 2018 Restated 564,227
Parent Company	30,283	32,998	99,890
Jointly controlled companies	15,830,719	13,527,883	74,507,725	80,068,951
Associated companies	16,448,728	19,040,984	1,549,264	5,374,965
Other related parties	9,018,607	16,561,221	7,828,833	11,572,936
	41,328,337	49,163,086	83,985,712	97,581,079

		Loans
		Obtained	Granted
Balances	31 Mar 2019	31 Dec 2018 Restated		31 Dec 2018 Restated
Jointly controlled companies Associated companies	3,763,846 63	3,763,846 -	15,940,680 78,682,942	14,672,564 49,944,871
Other related parties	3,822,805	3,944,638	2,240,000	2,160,000
	7,586,714	7,708,484	96,863,622	66,777,435

The related parties include subsidiaries and jointly controlled companies or associated companies of Sonae Sierra SGPS, SA, ZOPT SGPS, SA, Sonae Indústria, SGPS, SA and Sonae Capital, SGPS, SA, as well as other shareholders of subsidiaries or jointly controlled companies by Sonae, and other subsidiaries of the parent company Efanor Investimentos, SGPS, SA.

25 Earning per share

Earnings per share for the periods ended 31 March 2019 and 2018 were calculated taking into consideration the following amounts:

	31 Mar 2019		31 Mar 2018 Restated
	Continuing Operations	Discontinued Operations	Continuing Operations	Discontinued Operations
Net profit Net profit taken into consideration to calculate basic earnings per share (consolidated profit for the period)	13,497,013	4,806,808	9,445,024	7,743,424
Effect of dilutive potential shares Interest related to convertible bonds (net of tax)	- 2,082,268	- -	- 2,024,183	- -
Net profit taken into consideration to calculate diluted earnings per share	15,579,281	4,806,808	11,469,207	7,743,424
Number of shares
Weighted average number of shares used to calculate basic earnings per share	1,895,593,392	1,895,593,392	1,893,848,246	1,893,848,246
Effect of dilutive potential ordinary shares from convertible bonds	128,667,482	128,667,482	127,113,527	127,113,527
Outstanding shares related with share based payments	10,630,179	10,630,179	15,969,033	15,969,033
Shares related to performance bonus that can be bought at market price	(773,338)	(773,338)	(6,595,397)	(6,595,397)
Weighted average number of shares used to calculate diluted earnings per share	2,034,117,715	2,034,117,715	2,030,335,409	2,030,335,409
Earnings per share
Basic	0.007120	0.002536	0.004987	0.004089
Diluted	0.006635	0.002363	0.004652	0.003814

26 Cash receipts and cash payments of investments

As at 31 March 2019 and 2018, cash receipts and cash payments related to investments can be detailed as follows:

- Investments activities

Receipts	31 Mar 2019	31 Mar 2018 Restated
Disposal of Saphety (Note 4.2)	8,323,096	-
Disposal of Loop5	10,280,944	-
Share premium decrease of Trivium	548,250	-
Participation disposal of Sport Zone	-	28,628,150
Others	926,421	-
	20,078,711	28,628,150
Payments		31 Mar 2018
	31 Mar 2019	Restated
Acquisition of Arenal + Tomenider (Note 4.1)	47,401,141
Acquisition of Parklake - payment of value in debt	10,803,356
Participation and Capital Increase of Visenze	5,244,147
Acquisition of Balmain	1,313,160
Capitla Increase of Case on IT	650,744
Subscription of JD Sprinter shares	-	26,546,230
Others	1,447,551	2,295,475

27 Presentation of consolidated income statements

AIn the Management Report, and for the purposes of the purposes of calculating financial indicators as EBIT, EBITDA and Underlying EBITDA the consolidated income statement is divided between Direct Income and Indirect Income.

The Indirect Income includes the contribution of Sonae Sierra, net of taxes that result from: (i) valuation of investment properties; (ii) gains (losses) with the sale of financial investments, joint ventures or associates; (iii) impairment losses relating to non-current assets (including Goodwill) and (iv) provisions for assets at risk. Additionally and with regard to the portfolio of Sonae, it includes: (i) impairment of real estate assets for retail, (ii) decreases in Goodwill, (iii) negative Goodwill (net of taxes) related to acquisitions in the financial year, (iv) provisions (net of tax) for possible future liabilities, and impairments related to noncore investments, businesses and discontinued assets (or to be discontinued / repositioned), (v) valuation results based on the methodology "mark-to-market" of other current investments that will be sold or traded in the near future and (vi) other irrelevant issues.

The value of EBITDA and EBIT are calculated in the direct income component, i.e. excluding the indirect contributions.

The reconciliation between the two presentation formats for the consolidated income statement for the periods ended 31 March 2019 and 2018 can be summarized as follows:

	31 Mar 2019		31 Mar 2018 Restated
	Consolidated	Indirect Income	Direct Income	Consolidated	Indirect Income	Direct Income
Turnover	1,460,726,524	-	1,460,726,524	1,341,144,672	-	1,341,144,672
Investment income
Impairment losses	133	-	133	15,900	-	15,900
Others	(107,798)	-	(107,798)	19	-	19
Other income
Provisions for warranty extensions	258,950	-	258,950	1,669,280	-	1,669,280
Impairment losses reversal	771,846	-	771,846	319,739	-	319,739
Others	23,175,245	-	23,175,245	22,327,588	-	22,327,588
Total income	1,484,824,900	-	1,484,824,900	1,365,477,197	-	1,365,477,197
Total expenses	(1,378,886,110)	-	(1,378,886,110)	(1,273,392,058)	(425,156)	(1,272,966,902)
Depreciation and amortisation	(78,128,776)	-	(78,128,776)	(71,940,210)	-	(71,940,210)
Losses on tangible and intangible assets	(835,382)	-	(835,382)	(336,356)	-	(336,356)
Provisions and impairment
Provisions for warranty extensions	(132,630)	-	(132,630)	(1,372,153)	-	(1,372,153)
Others	(656,880)	-	(656,880)	(358,780)	-	(358,780)
Profit before financial results and share of results	26,185,122	-	26,185,122	18,077,641	(425,156)	18,502,797
in associated companies
Non-recurring Profit/(Loss)	(438,316)	(5,031,033)	4,592,718	(586,365)	-	(586,365)
Financial profit/(loss)	(28,754,579)	-	(28,754,579)	(22,862,195)	-	(22,862,195)
Share of results in joint ventures and associated
undertakings
Sonae Sierra	16,077,179	549,456	15,527,723	7,674,411	(806,053)	8,480,464
Armilar Venture Funds	121,055	121,055	-	(583,972)	(583,972)	-
ZOPT	9,587,500	-	9,587,500	8,628,770	-	8,628,770
Others	1,572,476	-	1,572,476	(1,882,080)	-	(1,882,080)
Profit before income tax	24,350,438	(4,360,522)	28,710,960	8,466,210	(1,815,181)	10,281,391
Income tax	2,522,818	(1,739,000)	4,261,818	2,230,335	-	2,230,335
Profit/(Loss) from continuing operations	26,873,256	(6,099,522)	32,972,778	10,696,545	(1,815,181)	12,511,726
Profit/(Loss) from discontinued operations	4,853,025	5,031,033	(178,008)	7,664,969	11,090,755	(3,425,786)
Net profit for the period	31,726,281	(1,068,489)	32,794,770	18,361,514	9,275,574	9,085,940
Attributable to equity holders of Sonae	18,303,821	(1,785,928)	20,089,749	17,188,448	9,275,574	7,912,874
Non-controlling interests	13,422,460	717,439	12,705,021	1,173,066	-	1,173,066
"Underlying" EBITDA (b)			105,034,181			90,818,404
Direct EBITDA (a)			136,136,723			102,033,407
Direct EBIT (c)			57,287,531			29,717,800

• (a) EBITDA = total direct income total direct expenses reversal of direct impairment losses + share of results in joint ventures and associated undertakings (Sonae Sierra direct results, Zopt and other participated) + provisions for extensions of guarantee + unusual results;
• (b) "Underlying" EBITDA = EBITDA effect of share result in joint ventures and associated undertakings non-recurrent results;
• (c) EBIT = EBT financial results dividends;
• (d) EBT = Direct results before non-controlling interests and taxes;
• (e) Direct income = Results excluding contributions to indirect results;

(f) Indirect income = Includes Sonae Sierra's results, net of taxes, arising from: (i) investment properties valuations; (ii) capital gains (losses) on the sale of financial investments, joint ventures or associates; (iii) impairment losses for non-current assets (including Goodwill) and; (iv) provision for assets at risk. Additionally and with regard to the portfolio of Sonae, it includes: (i) impairment of real estate assets for retail, (ii) decrease in goodwill, (iii) provisions (net of tax) for possible future liabilities and impairments related with non-core financial investments, businesses, discontinued assets (or be discontinued/ repositioned);(iv) valuation results based on the methodology "mark-to-market" of other current investments that will be sold or traded in the near future and (v) other irrelevant issues.

28 Approval of financial statements

The accompanying consolidated financial statements were approved by the Board of Directors on 14 May 2019.

29 Group companies included in the Consolidated financial statements

Group companies included in the consolidated financial statements, their head offices and percentage of share capital held by Sonae as at 31 March 2019 and 31 December 2018 are as follows:

				Percentage of capital held
			31 Mar 2019		31 Dec 2018
COMPANY		Head Office	Direct*	Total*	Direct*	Total*
Sonae - SGPS, S.A.		Maia	HOLDING	HOLDING	HOLDING	HOLDING
Sonae MC
Amor Bio, Mercado Biológico, Lda	a)	Lisbon (Portugal)	100.00%	100.00%	100.00%	100.00%
Arat Inmuebles, S.A.	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
Arenal Perfumerias S.L.U.	a)	Lugo (Spain)	100.00%	60.00%	-	-
Asprela Sociedade Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Azulino Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
BB Food Service, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Bertimóvel - Sociedade Imobiliária, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
Bom Momento - Restauração, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%

Brio - Produtos de Agricultura Biológica, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
Canasta - Empreendimentos Imobiliários, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Chão Verde - Sociedade de Gestão Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Citorres - Sociedade Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Contimobe - Imobiliária de Castelo de Paiva, S.A.	a)	Castelo de Paiva (Portugal)	100.00%	100.00%	100.00%	100.00%
Continente Hipermercados, S.A.	a)	Oeiras (Portugal)	100.00%	100.00%	100.00%	100.00%
Cumulativa - Sociedade Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Elergone Energias, Lda	a)	Matosinhos (Portugal)	75.00%	75.00%	75.00%	75.00%
Farmácia Selecção, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
Fozimo - Sociedade Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Fundo de Investimento Imobiliário Fechado Imosede	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Fundo de Investimento Imobiliário Imosonae Dois	a)	Maia (Portugal)	98.00%	98.00%	98.00%	98.00%
Go Well – Promoção de Eventos, Caterings e Consultoria, S.A.	a)	Lisbon (Portugal)	51.00%	51.00%	51.00%	51.00%
Igimo – Sociedade Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Iginha – Sociedade Imobiliária, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
Imoestrutura – Sociedade Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Imomuro – Sociedade Imobiliária, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
Imoresultado – Sociedade Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Imosistema – Sociedade Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Make Notes Design, Lda	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Marcas MC, zRT	a)	Budapest (Hungary)	100.00%	100.00%	100.00%	100.00%
MCCARE – Serviços de Saúde, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
MJLF - Empreendimentos Imobiliários, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Modelo - Distribuição de Materiais de Construção, S.A.	b)	Maia (Portugal)	50.00%	50.00%	50.00%	50.00%
Modelo Continente Hipermercados, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
Modelo Continente International Trade, S.A.	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
Modelo Continente SGPS, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
Modelo Hiper Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Pharmaconcept – Actividades em Saúde, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
Pharmacontinente - Saúde e Higiene, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
Ponto de Chegada – Sociedade Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Predicomercial - Promoção Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%

	Predilugar- Promoção Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
	SCBRASIL Participações, Ltda	a)	São Paulo (Brazil)	100.00%	100.00%	100.00%	100.00%
	Selifa - Empreendimentos Imobiliários de Fafe, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
	Sempre à Mão - Sociedade Imobiliária, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
	Sesagest - Proj.Gestão Imobiliária, S.A.	a)	Porto (Portugal)	100.00%	100.00%	100.00%	100.00%
	SIAL Participações, Ltda	a)	São Paulo (Brazil)	100.00%	100.00%	100.00%	100.00%
	SK – Skin Health Cosmetics	a)	Oeiras (Portugal)	100.00%	100.00%	100.00%	100.00%
	Socijofra - Sociedade Imobiliária, S.A.	a)	Gondomar (Portugal)	100.00%	100.00%	100.00%	100.00%
	Sociloures - Sociedade Imobiliária, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
	Soflorin, B.V.	a)	Amsterdam (Netherlands)	100.00%	100.00%	100.00%	100.00%
	Sonae MC – Serviços Partilhados, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
	Sonae MC S2 Africa Limited	a)	La Valletta (Malta)	100.00%	100.00%	100.00%	100.00%
	Sonae MC, SGPS, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
	Sonaerp - Retail Properties, S.A.	a)	Porto (Portugal)	100.00%	100.00%	100.00%	100.00%
	Sondis Imobiliária, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
	Sonvecap, B.V.	a)	Amsterdam (Netherlands)	100.00%	100.00%	100.00%	100.00%
1)	Tomenider, S.L.	a)	Lugo (Spain)	60.00%	60.00%	-	-
	Valor N, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
	Worten
	HighDome PCC Limited (Cell Europe)	a)	La Valletta (Malta)	100.00%	100.00%	100.00%	100.00%
	Infofield – Informática, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
2)	Worten Malta Holding Limited	a)	La Valletta (Malta)	100.00%	100.00%	100.00%	100.00%
	Worten Canárias, SL	a)	Tenerife (Spain)	60.00%	60.00%	60.00%	60.00%
	Worten - Equipamento para o Lar, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
	Worten España Distribución, S.L.	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
	Worten International Trade, S.A.	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
	Wrt Business – Distribuição de Eletrodomésticos, Eletrónica e Informática, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
	Sonae Fashion
	Bright Brands SportsGoods, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
	Comercial Losan, S.L.U.	a)	Zaragoza (Spain)	100.00%	100.00%	100.00%	100.00%
	Fashion Division, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%

	Fashion Division Canárias, SL	a)	Tenerife (Spain)	100.00%	100.00%	100.00%	100.00%
	Fashion International Trade, S.A.	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
	Irmãos Vila Nova, S.A.	b)	Vila Nova de Famalicão (Portugal)	100.00%	50.00%	100.00%	50.00%
	Irmãos Vila Nova III - Imobiliária, S.A.	b)	Vila Nova de Famalicão (Portugal)	100.00%	50.00%	100.00%	50.00%
	IVN – Serviços Partilhados, S.A.	b)	Vila Nova de Famalicão (Portugal)	50.00%	50.00%	50.00%	50.00%
	IVN Asia Limited	b)	Hong Kong (China)	100.00%	50.00%	100.00%	50.00%
	Losan Colombia, S.A.S	a)	Bogota (Colombia)	100.00%	100.00%	100.00%	100.00%
	Losan Overseas Textile, S.L.	a)	Zaragoza (Spain)	100.00%	100.00%	100.00%	100.00%
	Losan Rusia	a)	Moscow (Russia)	100.00%	100.00%	100.00%	100.00%
3)	Losan Tekstil Urunleri V e Dis Ticaret, L.S.	a)	Istanbul (Turkey)	100.00%	100.00%	100.00%	100.00%
	Modalfa - Comércio e Serviços, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
	Modalfa Canarias, SL	a)	Tenerife (Spain)	60.00%	30.00%	60.00%	30.00%
	Modalloop - Vestuário e Calçado, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
	Salsa Canarias	b)	Tenerife (Spain)	60.00%	30.00%	60.00%	30.00%
	Salsa DE Gmbh	b)	Dusseldorf (Germany)	100.00%	50.00%	100.00%	50.00%
	Salsa Distribution USA LLC	b)	New York (USA)	100.00%	50.00%	100.00%	50.00%
	Salsa France, S.A.R.L.	b)	Paris (France)	100.00%	50.00%	100.00%	50.00%
	Salsa Luxembourg, Sàrl	b)	Luxembourg	100.00%	50.00%	100.00%	50.00%
	SLS Salsa – Comércio e Difusão de Vestuário, S.A.	b)	Vila Nova de Famalicão (Portugal)	100.00%	50.00%	100.00%	50.00%
	SLS Salsa España – Comercio y Difusión de Vestuario, S.A.U.	b)	Pontevedra (Spain)	100.00%	50.00%	100.00%	50.00%
3)	Sport Zone spor malz.per.satis ith.ve tic.ltd.sti	a)	Istanbul (Turkey)	100.00%	100.00%	100.00%	100.00%
	Têxtil do Marco, S.A.	a)	Marco de Canaveses (Portugal)	92.76%	92.76%	92.76%	92.76%
	Usebti Textile México S.A. de C.V.	a)	City of Mexico (Mexico)	100.00%	100.00%	100.00%	100.00%
	Zippy - Comércio e Distribuição, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
	Zippy - Comércio Y Distribución, S.A.	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
3)	Zippy cocuk malz.dag.ith.ve tic.ltd.sti	a)	Istanbul (Turkey)	100.00%	100.00%	100.00%	100.00%
	Sonae IM
	Bright Development Studio, S.A.	a)	Lisbon (Portugal)	100.00%	89.97%	100.00%	89.97%
	Bright Ventures Capital SCR, S.A.	a)	Lisbon (Portugal)	100.00%	89.97%	100.00%	89.97%

	Cape Technologies Limited	a)	Dublin (Ireland)	100.00%	89.97%	100.00%	89.97%
	Digitmarket - Sistemas de Informação, S.A.	a)	Maia (Portugal)	75.00%	67.47%	75.00%	67.47%
	Excellium Group, S.A.	a)	Contem (Luxembourg)	59.20%	53.26%	59.20%	53.26%
	Excellium Services, S.A.	a)	Contem (Luxembourg)	59.20%	53.26%	59.20%	53.26%
	Excellium Services Belgium, S.A.	a)	Wavre (Belgium)	59.20%	53.26%	59.20%	53.26%
	Excellium Factory SARL	a)	Raouad Ariana (Tunisia)	59.20%	53.26%	59.20%	53.26%
	Fundo Bright Vector I	a)	Lisbon (Portugal)	50.13%	45.10%	50.13%	45.10%
	Inovretail, S.A.	a)	Porto (Portugal)	100.00%	89.97%	100.00%	89.97%
	Inovretail España, S.L.	a)	Madrid (Spain)	100.00%	89.97%	100.00%	89.97%
	Mxtel SA de CV	a)	City of Mexico (Mexico)	99.93%	72.78%	99.93%	72.78%
	Nextel, S.A.	a)	Bilbao (Spain)	100.00%	72.73%	100.00%	72.73%
	Praesidium Services Limited	a)	Berkshire (U.K.)	100.00%	89.97%	100.00%	89.97%
	S21SEC Portugal – Cybersecurity and Intelligence Services, S.A.	a)	Maia (Portugal)	100.00%	72.78%	100.00%	72.78%
	S21 Sec Brasil, Ltda	a)	São Paulo (Brazil)	99.99%	72.78%	99.99%	72.78%
	S21 Sec Gestion, S.A.	a)	Navarra (Spain)	80.90%	72.78%	80.90%	72.78%
	S21 Sec Information Security Labs, S.L.	a)	Navarra (Spain)	100.00%	72.78%	100.00%	72.78%
	S21 Sec, S.A. de CV	a)	City of Mexico (Mexico)	100.00%	72.78%	100.00%	72.78%
4)	Saphety – Transacciones Electronicas SAS	a)	Bogota (Colombia)	-	-	100.00%	78.27%
4)	Saphety Brasil Transações Electrônicas Lda	a)	São Paulo (Brazil)	-	-	100.00%	78.27%
4)	Saphety Level - Trusted Services, S.A.	a)	Maia (Portugal)	-	-	86.99%	78.27%
	Sonaecom-Cyber Security and Int., SGPS, S.A.	a)	Maia (Portugal)	100.00%	89.97%	100.00%	89.97%
	Sonaecom - Serviços Partilhados, S.A.	a)	Maia (Portugal)	100.00%	89.97%	100.00%	89.97%
	Sonaecom, SGPS, S.A.	a)	Maia (Portugal)	90.15%	89.97%	90.15%	89.97%
	Sonae Investment Management - Software and Technology, SGPS, S.A.	a)	Maia (Portugal)	100.00%	89.97%	100.00%	89.97%
	Taikai, Ltda	a)	Porto (Portugal)	99.01%	89.08%	99.01%	89.08%
	Tecnológica Telecomunicações, Ltda	a)	Rio de Janeiro (Brazil)	99.99%	89.87%	99.99%	89.87%
	We Do Brasil Soluções Informáticas, Ltda	a)	Rio de Janeiro (Brazil)	99.91%	89.88%	99.91%	89.88%
	We Do Consulting - Sistemas de Informação, S.A.	a)	Maia (Portugal)	100.00%	89.97%	100.00%	89.97%
	WE DO Technologies España, SL	a)	Madrid (Spain)	100.00%	89.97%	100.00%	89.97%
	We Do Technologies (UK) Limited	a)	Berkshire (U.K.)	100.00%	89.97%	100.00%	89.97%
	We Do Technologies Americas, Inc.	a)	Delaware (USA)	100.00%	89.97%	100.00%	89.97%

	We Do Technologies Australia PTY Limited	a)	Sydney (Australia)	100.00%	89.97%	100.00%	89.97%
	We Do Technologies Egypt Limited Liability Company	a)	Cairo (Egypt)	100.00%	89.97%	100.00%	89.97%
	We Do Technologies Mexico S. de RL	a)	City of Mexico (Mexico)	100.00%	89.97%	100.00%	89.97%
	We Do Tecnhologies B.V.	a)	Amsterdam (Netherlands)	100.00%	89.97%	100.00%	89.97%
	Sonae FS
	SFS Gestão e Consultoria, S.A.	a)	Maia (Portugal	100.00%	100.00%	100.00%	100.00%
	Sonae Financial Services, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
	Sonae Sierra
	ARP Alverca Retail Park, S.A.	a)	Maia (Portugal)	100.00%	70.00%	100.00%	70.00%
	Axnae Spain Holdings, S.L.	a)	Madrid (Spain)	100.00%	70.00%	100.00%	70.00%
	Cascaishopping-Centro Comercial, S.A.	a)	Maia (Portugal)	100.00%	40.07%	100.00%	40.07%
	CCCB Caldas da Rainha - Centro Comercial, S.A.	a)	Maia (Portugal)	100.00%	70.00%	100.00%	70.00%
	Coimbrashopping- Centro Comercial, S.A.	a)	Maia (Portugal)	100.00%	35.07%	100.00%	35.07%
	Dos Mares - Shopping Centre B.V.	a)	Amsterdam (Netherlands)	100.00%	35.07%	100.00%	35.07%
	Dos Mares-Shopping Centre, S.A.	a)	Madrid (Spain)	100.00%	35.07%	100.00%	35.07%
	Gli Orsi Shopping Centre 1 Srl	a)	Milan (Italy)	100.00%	70.00%	100.00%	70.00%
	Iberian Holdings Spain, S.L.	a)	Madrid (Spain)	100.00%	70.00%	100.00%	70.00%
	Ioannina Development of Shopping Centres, S.A.	a)	Athens (Greece)	100.00%	70.00%	100.00%	70.00%
	Land Retail B.V.	a)	Amsterdam (Netherlands)	100.00%	35.07%	100.00%	35.07%
	Microcom Doi, Srl	a)	Bucharest (Romania)	100.00%	70.00%	100.00%	50.00%
	Paracentro - Gestão de Galerias Comerciais, S.A.	a)	Maia (Portugal)	100.00%	70.00%	100.00%	50.00%
	Parklake Business Centre Srl	a)	Bucharest (Romania)	100.00%	70.00%	100.00%	70.00%
	Parklake Shopping, S.A.	a)	Bucharest (Romania)	100.00%	70.00%	100.00%	70.00%
	Parque de Famalicão - Empreendimentos Imobiliários, S.A.	a)	Maia (Portugal)	100.00%	70.00%	100.00%	70.00%
	Plaza Eboli – Centro Comercial S.A.	a)	Madrid (Spain)	100.00%	70.00%	100.00%	70.00%
	Plaza Mayor Parque de Ócio B.V.	a)	Amsterdam (Netherlands)	100.00%	35.07%	100.00%	35.07%
5)	Plaza Mayor Parque de Ócio, S.A.	a)	Madrid (Spain)	-	-	100.00%	35.07%
	Plaza Mayor Shopping, S.A.	a)	Madrid (Spain)	100.00%	35.07%	100.00%	35.07%
	Plenerg Srl	a)	Bucharest (Romania)	100.00%	70.00%	100.00%	70.00%

	Project Sierra 10 B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
	Project Sierra 11 B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
	Project Sierra 12 B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
	Project Sierra 2 B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
	Project Sierra Cúcuta B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
	Project Sierra Four, Srl	a)	Bucharest (Romania)	100.00%	70.00%	100.00%	70.00%
	Project Sierra Germany 4 (four) - Shopping Centre, GmbH	a)	Dusseldorf (Germany)	100.00%	70.00%	100.00%	70.00%
	Project Sierra Spain 1 B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
	Project Sierra Spain 2- Centro Comercial S.A.	a)	Madrid (Spain)	100.00%	70.00%	100.00%	70.00%
	River Plaza B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
	Shopping Centre Parque Principado B.V.	a)	Amsterdam (Netherlands)	100.00%	35.07%	100.00%	35.07%
6)	Sierra Berlin Holding B.V.	a)	Amsterdam (Netherlands)	-	-	100.00%	70.00%
	Sierra Developments Holding B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
	Sierra Developments, SGPS, S.A.	a)	Maia (Portugal)	100.00%	70.00%	100.00%	70.00%
	Sierra European Retail Real Estate Assets Holdings B.V.	a)	Amsterdam (Netherlands)	50.10%	35.07%	50.10%	35.07%
	Sierra Germany GmbH	a)	Dusseldorf (Germany)	100.00%	70.00%	100.00%	70.00%
	Sierra GP Limited	a)	Guernesey (U.K.)	100.00%	70.00%	100.00%	70.00%
	Sierra Investments (Holland) 1 B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
	Sierra Investments (Holland) 2 B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
	Sierra Investments Holdings B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
	Sierra Investments SGPS, S.A.	a)	Maia (Portugal)	100.00%	70.00%	100.00%	70.00%
	Sierra Italy Srl	a)	Milan (Italy)	100.00%	70.00%	100.00%	70.00%
	Sierra Management, SGPS, S.A.	a)	Maia (Portugal)	100.00%	70.00%	100.00%	70.00%
	Sierra Maroc, SARL	a)	Casablanca (Morocco)	100.00%	70.00%	100.00%	70.00%
	Sierra Maroc Services, SARL	a)	Casablanca (Morocco)	100.00%	70.00%	100.00%	70.00%
	Sierra Parma Project B.V.	a)	Amsterdam	100.00%	70.00%	100.00%	70.00%

(Netherlands)

Sierra Portugal, S.A.	a)	Lisbon (Portugal)	100.00%	70.00%	100.00%	70.00%
Sierra Project Nürnberg B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
Sierra Real Estate Greece B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
Sierra Retail Ventures B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
Sierra Romania Shopping Centers Services, SRL	a)	Bucharest (Romania)	100.00%	70.00%	100.00%	70.00%
Sierra Services Holland B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
Sierra Solingen Holding GmbH	a)	Dusseldorf (Germany)	100.00%	70.00%	100.00%	70.00%
Sierra Spain Malaga Holdings, S.L.	a)	Madrid (Spain)	100.00%	70.00%	100.00%	70.00%
Sierra Spain, Shopping Centers Services, S.A.	a)	Madrid (Spain)	100.00%	70.00%	100.00%	70.00%
Sierra Turkey Gayrimenkul Yönetim Pazarlama ve Danışmanlık Anonim Şirket	a)	Istanbul (Turkey)	100.00%	70.00%	100.00%	70.00%
Sierra Zenata Project B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
Sonae Sierra, SGPS, S.A.	a)	Maia (Portugal)	70.00%	70.00%	70.00%	70.00%
SPF - Sierra Portugal	a)	Luxembourg	100.00%	70.00%	100.00%	70.00%
Weiterstadt Shopping B.V.	a)	Amsterdam (Netherlands)	100.00%	70.00%	100.00%	70.00%
Other
Libra Serviços, Lda	a)	Funchal (Portugal)	100.00%	100.00%	100.00%	100.00%
Halfdozen Real Estate, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
PCJ-Público, Comunicação e Jornalismo, S.A.	a)	Maia (Portugal)	100.00%	89.97%	100.00%	89.97%
Público - Comunicação Social, S.A.	a)	Porto (Portugal)	100.00%	89.97%	100.00%	89.97%
Sonae Corporate, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%
Sonae Investments, B.V.	a)	Amsterdam (Netherlands)	100.00%	100.00%	100.00%	100.00%
Sonaecenter Serviços, S.A.	a)	Maia (Portugal)	100.00%	100.00%	100.00%	100.00%
Sonaegest-Soc.Gest.Fundos Investimentos, S.A.	a)	Maia (Portugal)	100.00%	94.00%	100.00%	94.00%
Sonae RE, S.A.	a)	Luxembourg	99.92%	99.92%	99.92%	99.92%
Sontel, B.V.	a)	Amsterdam (Netherlands)	100.00%	100.00%	100.00%	100.00%
SONAESR – Serviços e Logística, S.A.	a)	Matosinhos (Portugal)	100.00%	100.00%	100.00%	100.00%

*the percentage of capital held "Total" is the total percentage of interest held by the parent company's shareholders; the percentage of capital held "Direct" corresponds to the percentage that subsidiary(s) which hold(s) a participation, hold(s) this participation directly in the share capital of that company.

a) Control held by majority of voting rights which gives power of relevant activities;

b)Control held by majority of Board members;

1) Company acquired during the period;

• 2) Ex- Sonae SR Malta Holding Limited;
• 3) Company in liquidation process reason why it is classified in discontinued operations in the period;
• 4) Company sold during the period;
• 5) Company merged in Plaza Mayor Shopping, S.A.;
• 6) Company merged in Sierra Investments Holdings B.V..

These entities are consolidated using the full consolidation method.

30 Joint ventures and associates included in the Consolidated financial statement

Joint ventures and associates, their head offices and percentage of share capital held by Sonae as at 31 March 2019 and 31 December 2018 are as follows:

30.1 Joint ventures

		Percentage of capital held
			31 Mar 2019		31 Dec 2018
COMPANY	Head Office	Direct*	Total*	Direct*	Total*
Sonae MC
Sohi Meat Solutions – Distribuição de Carnes, S.A.	Santarém (Portugal)	50.00%	50.00%	50.00%	50.00%
Sonae Sierra
3shoppings - Holding, SGPS, S.A.	Maia (Portugal)	20.00%	14.00%	20.00%	14.00%
8ª Avenida Centro Comercial, S.A.	Maia (Portugal)	100.00%	15.75%	100.00%	15.75%
Aegean Park Constructions Real Estate and Development, S.A.	Athens (Greece)	100.00%	35.00%	100.00%	35.00%
ALBCC – Albufeirashopping – Centro Comercial, S.A.	Maia (Portugal)	100.00%	15.75%	100.00%	15.75%
ALBRP Albufeira Retail Park, Lda	Maia (Portugal)	100.00%	7.00%	100.00%	7.00%
Albufeira RP (Luxembourg) 1, SARL	Luxembourg	100.00%	7.00%	100.00%	7.00%
Albufeira RP (Luxembourg) 2, SARL	Luxembourg	100.00%	7.00%	100.00%	7.00%

ALEXA Asset GmbH & Co, KG	Dusseldorf (Germany)	9.00%	6.30%	9.00%	4.50%
Algarveshopping - Centro Comercial, S.A.	Maia (Portugal)	100.00%	7.00%	100.00%	7.00%
Area Sur Shopping, SL	Madrid (Spain)	15.00%	10.50%	15.00%	10.50%
Cascaishopping - Centro Comercial, S.A.	Maia (Portugal)	100.00%	40.07%	100.00%	40.07%
Centro Colombo - Centro Comercial, S.A.	Maia (Portugal)	100.00%	17.54%	100.00%	17.54%
Centro Vasco da Gama - Centro Comercial, S.A.	Maia (Portugal)	100.00%	17.54%	100.00%	17.54%
DOC Malaga Holdings S.L.	Madrid (Spain)	50.00%	17.54%	50.00%	17.54%
DOC Malaga SITECO S.L.U.	Madrid (Spain)	100.00%	17.54%	100.00%	17.54%
Freccia Rossa - Shopping Centre, Srl	Milan (Italy)	50.00%	35.00%	50.00%	35.00%
Fundo de Investimento Imobiliário Parque Dom Pedro Shopping Center	Rio de Janeiro (Brazil)	58.07%	14.48%	58.07%	14.48%
Fundo de Investimento Imobiliário Shopping Parque Dom Pedro	Rio de Janeiro (Brazil)	87.61%	22.09%	87.61%	22.09%
Gaiashopping I - Centro Comercial, S.A.	Maia (Portugal)	100.00%	17.54%	100.00%	17.54%
Gaiashopping II - Centro Comercial, S.A.	Maia (Portugal)	100.00%	17.54%	100.00%	17.54%
Harvey Dos Iberica, SL	Madrid (Spain)	50.00%	17.54%	50.00%	17.54%
Iberian Assets, S.A.	Madrid (Spain)	50.00%	17.54%	50.00%	17.54%
Larissa Development of Shopping Centres, S.A.	Athens (Greece)	100.00%	35.00%	100.00%	35.00%
Madeirashopping - Centro Comercial, S.A.	Funchal (Portugal)	50.00%	17.54%	50.00%	17.54%
Norte Shopping Retail and Leisure Centre, B.V.	Amsterdam (Netherlands)	50.00%	17.54%	50.00%	17.54%
Norteshopping - Centro Comercial, S.A.	Maia (Portugal)	100.00%	17.54%	100.00%	17.54%
Pantheon Plaza B.V.	Amsterdam (Netherlands)	50.00%	35.00%	50.00%	35.00%
Park Avenue Developement of Shopping Centers, S.A.	Atenas (Grécia)	50.00%	35.00%	50.00%	35.00%
Parque Atlântico Shopping - Centro Comercial, S.A.	Ponta Delgada (Portugal)	50.00%	17.54%	50.00%	17.54%
Parque D. Pedro 1, B.V. SARL	Luxembourg	100.00%	35.00%	100.00%	35.00%
Pátio Boavista Shopping, Ltda	São Paulo (Brazil)	100.00%	23.33%	100.00%	23.33%
Pátio Londrina Empreendimentos e Participações, Ltda	São Paulo (Brazil)	100.00%	23.33%	100.00%	23.33%
Pátio São Bernardo Shopping Ltda	São Paulo (Brazil)	100.00%	23.33%	100.00%	23.33%
Pátio Sertório Shopping, Ltda	Manaus (Brazil)	100.00%	23.33%	100.00%	23.33%
Pátio Uberlândia Shopping, Ltda	São Paulo (Brazil)	100.00%	23.33%	100.00%	23.33%
Proyecto Cúcuta S.A.S	Santiago de Cali (Colombia)	50.00%	35.00%	50.00%	35.00%
SC Aegean, B.V.	Amsterdam (Netherlands)	50.00%	35.00%	50.00%	35.00%

	Shopping Centre Colombo Holding, B.V.	Amsterdam (Netherlands)	50.00%	17.54%	50.00%	17.54%
	Shopping Centre Parque Principado, B.V.	Amesterdão (Holanda)	100.00%	35.07%	100.00%	35.07%
1)	Sierra Balmain Asset Management sp. z o.o.	Warsaw (Poland)	50.00%	35.00%	-	-
	Sierra Brazil 1, B.V.	Amsterdam (Netherlands)	100.00%	35.00%	100.00%	35.00%
	Sierra Central, S.A.S.	Santiago de Cali (Colombia)	50.00%	35.00%	50.00%	35.00%
	Sierra Investimentos Brasil Ltda	São Paulo (Brazil)	100.00%	23.33%	100.00%	23.33%
	Solingen Shopping Center GmbH	Dusseldorf (Germany)	50.00%	35.00%	50.00%	35.00%
	Sonae Sierra Brasil, S.A.	São Paulo (Brazil)	66.65%	23.33%	66.65%	23.33%
	Sonae Sierra Brazil, B.V. SARL	Luxembourg	50.00%	35.00%	50.00%	35.00%
	Unishopping Consultoria Imobiliária, Ltda	São Paulo (Brazil)	100.00%	23.33%	100.00%	23.33%
	VdG Holding B.V.	Amsterdam (Netherlands)	50.00%	17.54%	50.00%	17.54%
	Via Catarina - Centro Comercial, S.A.	Maia (Portugal)	50.00%	17.54%	50.00%	17.54%
	ZOPT (NOS)
	Big Picture 2 Films, S.A.	Oeiras (Portugal)	20.00%	4.69%	20.00%	4.69%
	Big Picture Films, SL	Madrid (Spain)	100.00%	4.69%	100.00%	4.69%
	Dreamia Holding B.V.	Amsterdam (Netherlands)	50.00%	11.73%	50.00%	11.73%
	Dreamia Serviços de Televisão, S.A.	Lisbon (Portugal)	100.00%	11.73%	100.00%	11.73%
	Empracine – Empresa Promotora de Atividades Cinematográficas, Lda	Lisbon (Portugal)	100.00%	23.46%	100.00%	23.46%
	FINSTAR – Sociedade de Investimentos e Participações, S.A.	Luanda (Angola)	30.00%	7.04%	30.00%	7.04%
	Lusomundo – Sociedade de Investimentos Imobiliários, SGPS, S.A.	Lisbon (Portugal)	99.87%	23.43%	99.87%	23.43%
	Lusomundo Imobiliária 2, S.A.	Lisbon (Portugal)	99.87%	23.43%	99.87%	23.43%
	Lusomundo Moçambique, Lda	Maputo (Mozambique)	100.00%	23.46%	100.00%	23.46%
	MSTAR, S.A.	Maputo (Mozambique)	30.00%	7.04%	30.00%	7.04%
	NOS Açores Comunicações, S.A.	Ponta Delgada (Portugal)	83.82%	19.66%	83.82%	19.66%
	NOS Communications Sàrl	Luxembourg	100.00%	23.46%	100.00%	23.46%
	NOS Comunicações, S.A.	Lisbon (Portugal)	100.00%	23.46%	100.00%	23.46%
	NOS Inovação, S.A.	Matosinhos (Portugal)	100.00%	23.46%	100.00%	23.46%
	NOS Internacional, SGPS, S.A.	Lisbon (Portugal)	100.00%	23.46%	100.00%	23.46%
	NOS Lusomundo Audiovisuais, S.A.	Lisbon (Portugal)	100.00%	23.46%	100.00%	23.46%
	NOS Lusomundo Cinemas, S.A.	Lisbon (Portugal)	100.00%	23.46%	100.00%	23.46%

	NOS Lusomundo TV, Lda	Lisbon (Portugal)	100.00%	23.46%	100.00%	23.46%
	NOS Madeira Comunicações, S.A.	Funchal (Portugal)	77.95%	18.29%	77.95%	18.29%
	NOS SGPS, S.A.	Lisbon (Portugal)	52.15%	23.46%	52.15%	23.46%
	NOS Sistemas España, SL	Madrid (Spain)	100.00%	23.46%	100.00%	23.46%
	NOS Sistemas, S.A.	Maia (Portugal)	100.00%	23.46%	100.00%	23.46%
	NOSPUB – Publicidade e Conteúdos, S.A.	Lisbon (Portugal)	100.00%	23.46%	100.00%	23.46%
	NOS Tecnhology – Concepção Construção e Gestão de Redes de Comunicação, S.A.	Matosinhos (Portugal)	100.00%	23.46%	100.00%	23.46%
	NOS Towering – Gestão de Torres de Telecomunicações, S.A.	Maia (Portugal)	100.00%	23.46%	100.00%	23.46%
	Per-Mar – Sociedade de Construções, S.A.	Maia (Portugal)	100.00%	23.46%	100.00%	23.46%
	Sontária – Empreendimentos Imobiliários, S.A.	Maia (Portugal)	100.00%	23.46%	100.00%	23.46%
	Sport TV Portugal, S.A.	Lisbon (Portugal)	25.00%	5.86%	25.00%	5.86%
	Teliz Holding, B.V.	Amstelveen (Netherlands)	100.00%	23.46%	100.00%	23.46%
	Upstar Comunicações, S.A.	Vendas Novas (Portugal)	30.00%	7.04%	30.00%	7.04%
	ZAP Cinemas, S.A.	Luanda (Angola)	100.00%	7.04%	100.00%	7.04%
	ZAP Media, S.A.	Luanda (Angola)	100.00%	7.04%	100.00%	7.04%
	ZAP Publishing, S.A.	Luanda (Angola)	100.00%	7.04%	100.00%	7.04%
	ZOPT, SGPS, S.A.	Porto (Portugal)	50.00%	44.99%	50.00%	44.99%
	Sonae IM
	Intelligent Big Data, SL	Gipuzcoa (Spain)	50.00%	36.39%	50.00%	44.99%
	Sonae FS
	838 Soluções, Ltda	São Paulo (Brazil)	51.00%	25.50%	51.00%	25.50%
	Accive Insurance – Corretor de Seguros, S.A.	Porto (Portugal)	70.00%	35.00%	70.00%	35.00%
1)	Bens Consultoria Ltda	Rio de Janeiro (Brazil)	100,00%	50,00%	-	-
	Brokerslink Management AG	Zug (Switzerland)	20.00%	10.00%	20.00%	10.00%
	BUZZEE Insure, Lda	Porto (Portugal)	100.00%	50.00%	100.00%	50.00%
1)	Duobens – Corretora de Seguros Ltda	Rio de Janeiro (Brazil)	100.00%	50.00%	-	-
	Filhet Allard EspañaCorreduria de Seguros S.L.	Madrid (Spain)	35.00%	17.50%	35.00%	17.50%
	Flexben, Lda	Porto (Portugal)	45.00%	22.50%	45.00%	22.50%
	Herco Consultoria de Risco e Corretora de Seguros, Ltda	Santa Catarina (Brazil)	100.00%	50.00%	100.00%	50.00%
	Herco, Consultoria de Risco, S.A.	Maia (Portugal)	100.00%	50.00%	100.00%	50.00%

HighDome PCC Limited	La Valletta (Malta)	100.00%	50.00%	100.00%	50.00%
Iberosegur – Sociedade Ibérica de Mediação de Seguros, Lda	Porto (Portugal)	60.00%	30.00%	60.00%	30.00%
ISEM – Corretora de seguros e resseguros, S.A.	Lisboa (Portugal)	50.00%	25.00%	50.00%	25.00%
Larim Corretora de Resseguros Ltda	Rio de Janeiro (Brazil)	99.99%	50.00%	99.99%	50.00%
Lazam/mds Correctora Ltda	São Paulo (Brazil)	100.00%	50.00%	100.00%	50.00%
MDS África, SGPS, S.A.	Porto (Portugal)	50.00%	25.00%	50.00%	25.00%
MDS - Corretor de Seguros, S.A.	Porto (Portugal)	100.00%	50.00%	100.00%	50.00%
MDS Auto - Mediação de Seguros, S.A.	Porto (Portugal)	50.01%	25.00%	50.01%	25.00%
MDS Link Solutions, Lda	Porto (Portugal)	50.00%	25.00%	50.00%	25.00%
MDS Malta Holding Limited	La Valletta (Malta)	100.00%	50.00%	100.00%	50.00%
MDS MG Corretora e Administradora de Seguros, Ltda	Minas Gerais (Brazil)	50.00%	25.00%	50.00%	25.00%
MDS Partners Corretor de Seguros, S.A.	Porto (Portugal)	100.00%	50.00%	100.00%	50.00%
MDS RE – Mediador de resseguros, SGPS, S.A.	Porto (Portugal)	100.00%	25.00%	100.00%	25.00%
MDS, SGPS, S.A.	Maia (Portugal)	50.00%	50.00%	50.00%	50.00%
Moneris Correctores de Seguros Limitada	Maputo (Mozambique)	50.00%	25.00%	50.00%	25.00%
Moneris. Seguros - Mediação de Seguros, Lda	Oeiras (Portugal)	60.00%	30.00%	60.00%	30.00%
Reinsurance Solutions, Soc. Corretora de Resseguros, S.A.	Luanda (Angola)	66.66%	33.33%	66.66%	33.33%
Win Broker – Mediação de Seguros, Lda	Porto (Portugal)	60.00%	30.00%	60.00%	30.00%
Others
MKTPLACE – Comércio Eletrónico, S.A.	Porto (Portugal)	50.00%	50.00%	50.00%	50.00%
Unipress - Centro Gráfico, Lda	Vila Nova de Gaia (Portugal)	50.00%	44.99%	50.00%	44.99%
SIRS – Sociedade Independente de Radiodifusão Sonora, S.A.	Porto (Portugal)	50.00%	44.99%	50.00%	44.99%

* the percentage of capital held "Total" is the total percentage of interest held by the parent company's shareholders; the percentage of capital held "Direct" corresponds to the percentage that subsidiary(s) which hold(s) a participation, hold(s) this participation directly in the share capital of that company.

1) Company acquired in the period.

30.2 Associates

			Percentage of capital held
			31 Mar 2019		31 Dec 2018
COMPANY	Head Office	Direct*	Total*	Direct*	Total*
Sonae MC
Sempre a Postos – Produtos Alimentares e Utilidades, Lda	Lisbon (Portugal)	25.00%	25.00%	25.00%	25.00%
Sonae S2 Africa Limited	La Valletta (Malta)	30.00%	30.00%	30.00%	30.00%
S2 Mozambique, S.A.	Maputo (Mozambique)	30.00%	30.00%	30.00%	30.00%
Ulabox, S.L.	Barcelona (Spain)	36.00%	36.00%	36.00%	36.00%
ISRG - Iberian Sports Retail Group, SL	Alicante (Spain)	30.00%	30.00%	30.00%	30.00%
Sonae IM
Alfaros SRAL	Tunisia	40.00%	21.30%	40.00%	21.30%
Fundo de Capital de Risco Armilar Venture Partners II	Lisbon (Portugal)	50.74%	45.65%	50.74%	45.65%
Fundo de Capital de Risco Armilar Venture Partners III	Lisbon (Portugal)	42.70%	38.42%	42.70%	38.42%
Fundo de Capital de Risco Espírito Santo Venture Partners Inovação e Internacionalização	Lisbon (Portugal)	37.54%	33.77%	37.54%	33.77%
MOVVO, S.A.	Porto (Portugal)	25.58%	25.58%	25.58%	25.58%
Probe.ly	Lisbon (Portugal	21.21%	19.08%	21.21%	19.08%
Secucloud Network GmbH	Hamburgo (Germany)	27.45%	24.70%	27.45%	24.70%
Suricate Solutions	Luxembourg	20.00%	10.65%	20.00%	10.65%
Sonae Sierra
3shoppings - Holding, SGPS, S.A.	Maia (Portugal)	20.00%	14.00%	20.00%	14.00%
8ª Avenida Centro Comercial, S.A.	Maia (Portugal)	100.00%	15.75%	100.00%	15.75%
ALBCC – Albufeirashopping – Centro Comercial, S.A.	Maia (Portugal)	100.00%	15.75%	100.00%	15.75%
ALBRP Albufeira Retail Park, Lda	Maia (Portugal)	100.00%	7.00%	100.00%	7.00%
Albufeira RP (Luxembourg) 1, SARL	Luxembourg	100.00%	7.00%	100.00%	7.00%
Albufeira RP (Luxembourg) 2, SARL	Luxembourg	100.00%	7.00%	100.00%	7.00%
ALEXA Asset GmbH & Co, KG	Dusseldorf (Germany)	9.00%	6.30%	9.00%	6.30%
Algarveshopping - Centro Comercial, S.A.	Maia (Portugal)	100.00%	7.00%	100.00%	7.00%
Area Sur Shopping, S.L	Madrid (Spain)	15.00%	10.50%	15.00%	10.50%
Arrábidashopping - Centro Comercial, S.A.	Maia (Portugal)	50.00%	7.88%	50.00%	7.88%

	Candotal Spain S,L,U,	Madrid (Spain)	100.00%	7.00%	100.00%	7.00%
	Estação Viana - Centro Comercial, S.A.	Viana do Castelo (Portugal)	100.00%	7.00%	100.00%	7.00%
	Gaiashopping I - Centro Comercial, S.A.	Maia (Portugal)	100.00%	7.88%	100.00%	7.88%
	Gaiashopping II - Centro Comercial, S.A.	Maia (Portugal)	100.00%	7.88%	100.00%	7.88%
	Guimarãeshopping - Centro Comercial, S.A.	Maia (Portugal)	100.00%	14.00%	100.00%	14.00%
	Iberia Shopping Centre Venture Cooperatief UA	Amsterdam (Netherlands	10.00%	7.00%	10.00%	7.00%
	Imoconti – Sociedade Imobiliária, S.A.	Maia (Portugal)	100.00%	7.00%	100.00%	7.00%
	LCC – Leiriashopping – Centro Comercial, S.A.	Maia (Portugal)	100.00%	15.75%	100.00%	15.75%
	Le Terrazze – Shopping Centre 1, Srl	Milan (Italy)	10.00%	7.00%	10.00%	7.00%
1)	Loop5 Shopping Centre GmbH & Co KG	Dusseldorf (Germany)	-	-	9.00%	6.30%
	Loureshopping – Centro Comercial, S.A.	Maia (Portugal)	50.00%	7.88%	50.00%	7.88%
	Luz del Tajo - Centro Comercial, S.A.	Madrid (Spain)	100.00%	7.00%	100.00%	7.00%
	Maiashopping - Centro Comercial, S.A.	Maia (Portugal)	100.00%	14.00%	100.00%	14.00%
	Olimpo Asset 1, S.A.	Maia (Portugal)	100.00%	2.63%	100.00%	2.63%
	Olimpo Asset 2, S.A.	Maia (Portugal)	100.00%	2.63%	100.00%	2.63%
	Olimpo Asset 3, S.A.	Maia (Portugal)	100.00%	2.63%	100.00%	2.63%
	Olimpo Asset 4, S.A.	Maia (Portugal)	100.00%	2.63%	100.00%	2.63%
	Olimpo Asset 5, S.A.	Maia (Portugal)	100.00%	2.63%	100.00%	2.63%
	Olimpo Asset 6, S.A.	Maia (Portugal)	100.00%	2.63%	100.00%	2.63%
	Olimpo Asset 7, S.A.	Maia (Portugal)	100.00%	2.63%	100.00%	2.63%
	Olimpo Asset 8, S.A.	Maia (Portugal)	100.00%	2.63%	100.00%	2.63%
	Olimpo Real Estate Socimi, S.A.	Madrid (Spain)	3.75%	2.63%	3.75%	2.63%
	PORTCC – Portimãoshopping – Centro Comercial, S.A.	Maia (Portugal)	100.00%	15.75%	100.00%	15.75%
	Project Guia, S.A.	Maia (Portugal)	100.00%	7.00%	100.00%	7.00%
	Project Sierra 8, B.V.	Amsterdam (Netherlands)	100.00%	7.00%	100.00%	7.00%
	Rio Sul – Centro Comercial, S.A.	Lisbon (Portugal)	50.00%	7.88%	50.00%	7.88%
	Serra Shopping – Centro Comercial, S.A.	Lisbon (Portugal)	5.00%	3.50%	5.00%	3.50%
	Sierra Cevital Shopping Center, Spa	Algeria	49.00 %	34.30%	49.00 %	34.30%
	SPF - Sierra Portugal Real Estate, SARL	Luxembourg	22.50%	15.75%	22.50%	15.75%
	Zenata Commercial Project, S.A.	Mohammedia (Morocco)	11.00%	7.7%	11.00%	7.7%

* the percentage of capital held "Total" is the total percentage of interest held by the parent company's shareholders; the percentage of capital held "Direct" corresponds to the percentage that subsidiary(s) which hold(s) a participation, hold(s) this participation directly in the share capital of that company.

1) Associated sold during the period;

Jointly controlled companies and associated companies were included in the consolidated financial statements by the equity method.

Approved at the Board of Directors meeting on 14 May 2019

The Board of Directors,

Duarte Paulo Teixeira de Azevedo Ângelo Gabriel Ribeirinho dos Santos Paupério José Manuel Neves Adelino Margaret Lorraine Trainer Marcelo Faria de Lima Carlos António Rocha Moreira da Silva Fuencisla Clamares Philippe Cyriel Elodie Haspeslagh Maria Cláudia Teixeira de Azevedo João Pedro Magalhães da Silva Torres Dolores

Sonae _ Financial Statements '18 | 075

Separate financial statements 1Q 2019

CONDENSED SEPARATE STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2019 AND 2018 AND AT 31 DECEMBER 2018

(Translation of condensed separate financial statements originally issued in Portuguese.In case of discrepancy the Portuguese version prevails)

(Amounts expressed in euro)	Notes	31 Mar 2019	31 Mar 2018	31 Dec 2018
ASSETS
NON-CURRENT ASSETS:
Tangible assets		44,997	61,802	47,575
Intangible assets		-	13	-
Right of use	3	257,655	-	-
Investments in subsidiaries, associates and joint ventures	4	4,472,705,724	3,824,883,407	4,472,705,724
Other investments		49,880	49,880	49,880
Deferred taxes		22,258,008	17,248,078	10,152,126
Other non-current assets	5	26,000,000	110,649,867	26,000,000
Total non-current assets		4,521,316,264	3,952,893,047	4,508,955,305
CURRENT ASSETS:
Trade account receivables and other current assets	6	469,562,393	72,840,121	448,335,229
Cash and cash equivalents	7	6,377,758	142,001	13,496,553
Total current assets		475,940,151	72,982,122	461,831,782
TOTAL ASSETS		4,997,256,415	4,025,875,169	4,970,787,087
EQUITY AND LIABILITIES
EQUITY:
Share capital	8	2,000,000,000	2,000,000,000	2,000,000,000
Reserves and retained earnings		1,722,496,702	1,400,267,671	1,400,586,321
Profit for the period		(2,019,650)	37,140,932	321,807,558
TOTAL EQUITY		3,720,477,052	3,437,408,603	3,722,393,879
LIABILITIES:
NON-CURRENT LIABILITIES:
Loans	9	388,704,768	304,854,850	422,630,024
Lease liabilities	3	42,587	-	-
Total non-current liabilities		388,747,355	304,854,850	422,630,024
CURRENT LIABILITIES:
Loans	9	206,500,000	108,049,000	182,500,000
Lease liabilities	3	191,631	-	-
Trade creditors and other current liabilities	10	681,340,377	175,562,716	643,263,184
Total current liabilities		888,032,008	283,611,716	825,763,184
TOTAL EQUITY AND LIABILITIES		4,997,256,415	4,025,875,169	4,970,787,087
	The accompanying notes are part of these condensed separate financial statements.

CONDENSED SEPARATE STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED 31 MARCH 2019 AND 2018

(Translation of condensed separate financial statements originally issued in Portuguese.In case of discrepancy the Portuguese version prevails)

(Amounts expressed in euro)	Notes	31 Mar 2019	31 Mar 2018
Services rendered		131,246	130,767
Gains or losses on investments	13	126,729	24,906,822
Financial income		804,486	480,429
Other income		438,160	426,343
External supplies and services		(746,898)	(946,917)
Staff costs		(494,316)	(415,829)
Depreciation and amortisation		(74,764)	(7,225)
Financial expense		(2,468,430)	(1,552,689)
Other expenses		(219,382)	(223,855)
Profit/(Loss) before taxation		(2,503,169)	22,797,846
Taxation		483,519	14,343,086
Profit/(Loss) after taxation		(2,019,650)	37,140,932
Profit/(Loss) per share
Basic	14	(0.001010)	0.018570
Diluted	14	(0.001009)	0.018566

The accompanying notes are part of these condensed separate financial statements.

CONDENSED INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED 31 MARCH 2019 AND 2018

(Translation of condensed separate financial statements originally issued in Portuguese.In case of discrepancy the Portuguese version prevails)

(Amounts expressed in euro)	31 Mar 2019	31 Mar 2018
Net Profit / (Loss) for the period Other comprehensive income for the period	(2,019,650) -	37,140,932 -
Total comprehensive income for the period	(2,019,650)	37,140,932

The accompanying notes are part of these condensed separate financial statements.

CONDENSED SEPARATE STATEMENTS OF CHANGES IN EQUITY FOR THE PERIODS ENDED 31 MARCH 2019 AND 2018

(Translation of condensed separate financial statements originally issued in Portuguese.In case of discrepancy the Portuguese version prevails)

			Oth er r ese rve s
(Am ) ed in e ts e oun xpr ess uro	Sha api tal re c	Leg al r ese rve	Sha re b d ase nts pay me res erv e	Fre e re ser ves	Tot al o the r res erv es	Ret ain ed nin ear gs	rof it/( s) Ne los t p	Tot al
Bal t 1 Jan y 2 018 anc e a s a uar	2,0 00, 000 ,00 0	247 ,27 6,6 03	1,0 13, 068	1,0 41, 889 ,38 9	1,0 42, 902 ,45 7	101 ,17 4,8 51	93, 223 ,27 0	3,4 84, 577 ,18 1
al c hen e fo r th d Tot sive inc erio om pre om e p	-	-	-	-	-	-	37, 140 ,93 2	37, 140 ,93 2
f p rof f 20 Ap pria tio it o 17: pro n o nsf o le l re Tra er t ser ve	-	4,6 61, 164	-	-	-	-	(4,6 ) 61, 164	-
ga nsf o f Tra er t ree re ser ves	-	-	-	4,5 62, 106	4,5 62, 106	-	(4,5 ) 62, 106	-
ide nds dis trib d Div ute	-	-	-	-	-	-	(84 00) ,00 0,0	(84 00) ,00 0,0
Sha bas ed cla ssif ica tio n fr pita l to lia bili ties nt - re- pay me re om ca	-	-	(57 00) 8,2	162 ,47 3	(41 27) 5,7	-	-	(41 27) 5,7
Sha bas ed nts re- pay me	-	-	106 ,21 7	-	106 ,21 7	-	-	106 ,21 7
Bal h 2 t 3 1 M 018 anc e a s a arc	2,0 00, 000 ,00 0	251 ,93 7,7 67	541 ,08 5	1,0 46, 613 ,96 8	1,0 47, 155 ,05 3	101 ,17 4,8 51	37, 140 ,93 2	3,4 37, 408 ,60 3
Bal t 1 Jan y 2 019 anc e a s a uar	2,0 00, 000 ,00 0	251 ,93 7,7 67	859 ,73 5	1,0 46, 613 ,96 8	1,0 47, 473 ,70 3	101 ,17 4,8 51	321 ,80 7,5 58	3,7 22, 393 ,87 9
al c hen sive inc e fo r th erio d Tot om pre om e p	-	-	-	-	-	-	(2,0 ) 19, 650	(2,0 ) 19, 650
Imp of IFR S 1 6 a lica tio act pp n	-	-	-	-	-	(1,6 69)	-	(1,6 69)
Pro fit of 201 8	-	-	-	-	-	321 ,80 7,5 58	(32 1,8 07, 558 )	-
Sha bas ed nts re- pay me	-	-	104 ,49 2	-	104 ,49 2	-	-	104 ,49 2
Bal h 2 t 3 1 M 019 anc e a s a arc	2,0 00, 000 ,00 0	251 ,93 7,7 67	964 ,22 7	1,0 46, 613 ,96 8	1,0 47, 578 ,19 5	422 ,98 0,7 40	(2,0 ) 19, 650	3,7 20, 477 ,05 2

The accompanying notes are part of these condensed separate financial statements.

Sonae _ Financial Statements '1Q19 | 079

CONDENSED SEPARATE CASH FLOW STATEMENTS FOR THE PERIODS ENDED 31 MARCH 2019 AND 2018

(Translation of condensed separate financial statements originally issued in Portuguese.In case of discrepancy the Portuguese version prevails)

(Amounts expressed in euro)	Notes	31 Mar 2019	31 Mar 2018
OPERATING ACTIVITIES
Net cash flow from operating activities (1)		272,559	(20,487)
INVESTMENT ACTIVITIES
Cash receipts arising from: Interest and similar income Loans granted		1,201,302 600,518,000	2,757,580 353,157,000
		601,719,302	355,914,580
Cash payments arising from: Tangible and intangible assets Loans granted		- (614,248,000) (614,248,000)	(111) (353,157,000) (353,157,111)
Net cash used in investment activities (2)		(12,528,698)	2,757,469
FINANCING ACTIVITIES
Cash receipts arising from: Loans obtained		1,662,423,000 1,662,423,000	579,676,000 579,676,000
Cash payments arising from:
Loans obtained Operating lease Interest and similar charges		(1,656,053,307) (46,858) (1,185,491)	(581,415,000) - (1,026,720)
		(1,657,285,656)	(582,441,720)
Net cash used in financing activities (3)		5,137,344	(2,765,720)
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)		(7,118,795)	(28,738)
Cash and cash equivalents at the beginning of the period		13,496,553	170,739
Cash and cash equivalents at the end of the period	7	6,377,758	142,001

The accompanying notes are part of these condensed separate financial statements.

NOTES TO THE CONDENSED SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2019

(Translation of the separate financial statements originally issued in Portuguese.

In case of discrepancy the Portuguese version prevails)

(Amounts expressed in euro)

1 Introduction

SONAE, SGPS, SA ("the Company" or "Sonae"), has its head-office at Lugar do Espido, Via Norte, apartado 1011, 4470- 909 Maia, Portugal.

2 Basis of preparation

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

3 Principal accounting policies

The accounting policies adopted are consistent with those described in the file of annual financial statements for the year ended 31 December 2018, except for the adoption of IFRS 16, whose impacts were immaterial, so that the separate financial statements were not restated.

4 Investments in subsidiaries, associates and joint ventures

As at 31 March 2019 and 31 December 2018 the company held investments in the following companies:

	31 Mar 2019
Companies Companies	% Held	Opening balance	Increase	Decrease	Impairment loss recognized during the period	Closing balance
Arat Inmuebles, SAU	100.00%	1,827,149	-	-	-	1,827,149
Fundo de Investimento Imobiliário Fechado Imosede	50.00%	76,047,995	-	-	-	76,047,995
Mktplace Comércio Eletrónico, SA	50.00%	1,389,604	-	-	-	1,389,604
SFS, Gestão e Consultoria, SA	100.00%	48,455,868	-	-	-	48,455,868
Sonae Corporate, SA	100.00%	6,062,634	-	-	-	6,062,634
Sonae Financial Services, SA	100.00%	45,700,000	-	-	-	45,700,000
Sonae Investments, BV	100.00%	835,700,000	-	-	-	835,700,000
Sonae MC, SGPS, SA	35.03%	630,473,743	-	-	-	630,473,743
Sonae RE, SA	100.00%	760,059	-	-	-	760,059
Sonae Sierra SGPS, SA	70.00%	746,049,989	-	-	-	746,049,989
Sonae Holdings, SA (Ex Sonaecenter, Serviços, SA)	100.00%	1,651,171,545	-	-	-	1,651,171,545
Sonaecom, SGPS, SA	26.02%	111,098,824	-	-	-	111,098,824
Sonaegest, SA	80.00%	973,215	-	-	-	973,215
Sontel, BV	35.87%	316,995,099	-	-	-	316,995,099
Total		4,472,705,724	-	-	-	4,472,705,724

5 Other non-current assets

As at 31 March 2019 and 31 December 2018 other non-current assets are as follows:

	31 Mar 2019	31 Dec 2018
Loans granted to group companies:
Sonae Investments, BV	25,000,000	25,000,000
Other debtors	1,000,000	1,000,000
Total	26,000,000	26,000,000

As at 31 March 2019 the loans granted to group companies, bear interest at market rates indexed to Euribor, have a long-term maturity and its fair value is similar to it carrying amount.

6 Trade accounts receivable and other current assets

As at 31 March 2019 and 31 December 2018 trade accounts receivable and other current assets are detailed as follows:

	31 Mar 2019	31 Dec 2018
Trade accounts receivable	-	533,735
Group companies:
Dividends	126,729	-
Loans	415,716,000	401,986,000
Interests	-	1,072,307
Taxes - Special regime for taxation of groups of companies	30,288,229	26,783,070
Taxes and contributions receivable	20,872,197	14,759,647
Accrued income and prepayments	2,349,919	2,959,900
Others	209,319	240,570
Total	469,562,393	448,335,229

The amount recorded in the caption taxes-special regime for taxation of groups corresponds to the tax estimate calculated by the companies taxed under the Special Regime for Taxation of Corporate Groups, of which the Company is the dominant company.

Loans granted to group companies return interest at variable market rates indexed to Euribor and have a maturity of less than one year.

7 Cash and cash equivalents

As at 31 March 2019 and 31 December 2018 cash and cash equivalents are detailed as follows:

	31 Mar 2019	31 Dec 2018
Cash at hand	1,407	1,255
Bank deposits	6,376,351	13,495,298
Cash and cash equivalents on the statement of financial position	6,377,758	13,496,553
Cash and cash equivalents on the cash flow statement	6,377,758	13,496,553

8 Share capital

As at 31 March 2019 and 31 December 2018 share capital consisted of 2,000,000,000 ordinary shares of 1 euro each.

9 Loans

As at 31 March 2019 and 31 December 2018, loans are made up as follows:

	31 Mar 2019	31 Dec 2018
Bonds Sonae, SGPS 2015/2022	100,000,000	100,000,000
Bonds Sonae, SGPS 2016/2023	60,000,000	60,000,000
Up-front fees not yet charged to income statement	(846,718)	(907,803)
Bonds	159,153,282	159,092,197
Sonae SGPS - Commercial paper	179,750,000	213,750,000
Sonae SGPS - bank loans	50,000,000	50,000,000
Up-front fees not yet charged to income statement	(198,514)	(212,173)
Bank loans	229,551,486	263,537,827
Non-current loans	388,704,768	422,630,024
Sonae SGPS - Commercial paper	206,500,000	182,500,000
Bank loans	206,500,000	182,500,000
Current loans	206,500,000	182,500,000

Under lines of credit and commercial paper programs with firm commitments, Sonae, SGPS had 83 million euro credit facilities available to meet its liquidity requirements as follows:

	Commitments of less than one year	Commitments of more than one year
Agreed credit facilities amounts	173,500,000	218,750,000
Available credit facilities amounts	44,000,000	39,000,000

The interest rate as at 31 March 2019 of bonds and bank loans was, in average 0.67% (0.68% as at 31 December 2018).

As at 31 March 2019 and 31 December 2018 the analysis of maturity of loans excluding the derived instruments having in consideration its nominal value is as follows:

	31 Mar 2019	31 Dec 2018
N+1	206,500,000	182,500,000
N+2	89,750,000	73,750,000
N+3	10,000,000	10,000,000
N+4	190,000,000	130,000,000
N+5	40,000,000	200,000,000
after N+5	60,000,000	10,000,000

10 Trade creditors and other current liabilities

As at 31 March 2019 and 31 December 2018, trade creditors and other current liabilities are detailed as follows:

	31 Mar 2019	31 Dec 2018
Trade creditors	170,520	292,578
Group companies:
Loans	616,501,083	600,131,390
Taxes - Special regime for taxation of groups of companies	51,600,334	31,383,078
Taxes and contributions payable	9,525,595	8,530,735
Accrued expenses	3,413,275	2,819,758
Others	129,570	105,645
Total	681,340,377	643,263,184

Loans obtained from group companies bear interest at rates indexed to the Euribor.

11 Contingent liabilities

As at 31 March 2019 and 31 December 2018, contingent liabilities are detailed as follows:

	31 Mar 2019	31 Dec 2018
Guarantees given:
on tax claims	196,974,371	196,974,371
on judicial claims	70,766	70,766
Guarantees given in favour of subsidiaries a)	374,453,368	374,453,368

(a) Guarantees given to Tax Authorities in favour of subsidiaries to defer tax claims. The main tax claims for which guarantees were issued are disclosed in consolidated financial statements.

12 Related parties

Balances and transactions with related parties are detailed as follows:

Balance	31 Mar 2019	31 Dec 2018
Subsidiaries	31,979,370	30,379,597
Jointly controlled companies	1,000,000	1,001,290
Other related parties	25,000	98,000
Accounts receivable	33,004,370	31,478,887
Parent company	99,890	563,852
Subsidiaries	53,653,217	32,665,803
Jointly controlled companies	-	23,018
Other related parties	7,193	6,664
Accounts payable	53,760,300	33,259,339
Subsidiaries	440,716,000	426,986,000
Loans granted	440,716,000	426,986,000
Subsidiaries	616,501,083	600,131,390
Loans obtained	616,501,083	600,131,390
Transactions	31 Mar 2019	31 Mar 2018
Subsidiaries	452,388	454,875
Jointly controlled companies	-	55,767
Other related parties	25,000	25,000
Services rendered and other income	477,387	535,642
Parent company	122,380	142,533
Subsidiaries	246,757	335,737
Jointly controlled companies	40,581	-
Other related parties	9,593	9,225
Purchases and services obtained	419,311	487,495
Subsidiaries	804,438	449,410
Interest income	804,438	449,410
Subsidiaries	967,560	216,982
Interest expenses	967,560	216,982
Subsidiaries	126,729	33,612
Jointly controlled companies	-	24,873,210
Dividend income (Note 13)	126,729	24,906,822

All Sonae, SGPS, SA subsidiaries, associates and joint ventures are considered related parties and are identified in Consolidated Financial Statements. All Efanor Investimentos, SGPS, SA (parent company), subsidiaries, including the ones of Sonae Indústria, SGPS, SA and of Sonae Capital, SGPS, SA are also considered related parties (other related parties).

13 Investments income

At 31 March 2019 investments income relates to dividends attributed by the subsidiary Sonaegest, SA in the amount of 126,729 euro (at 31 March 2018: Sonaegest, SA amounting to 33,612 euro and Sonae Sierra, SGPS, SA in the amount of 24,873,210 euro).

14 Earnings per share

Earnings per share for the period were calculated taking into consideration the following amounts:

	31 Mar 2019	31 Mar 2018
Net profit
Net profit taken into consideration to calculate basic earnings
per share (Net profit for the period)	(2,019,650)	37,140,932
Effect of dilutive potential shares	-	-
Interests related to convertible bonds (net of tax)	-	-
Net profit taken into consideration to calculate diluted earnings
per share:	(2,019,650)	37,140,932
Number of shares
Weighted average number of shares used to calculate basic
earnings	2,000,000,000	2,000,000,000
Effect of dilutive potential ordinary shares from convertible
bonds	-	-
Outstanting shares related with deferred performance bonus	1,776,169	1,195,751
Number of shares that could be acquired at average market price	(779,248)	(708,264)
Weighted average number of shares used to calculate diluted
earnings per share	2,000,996,921	2,000,487,486
Profit/(Loss) per share
Basic	(0.001010)	0.018570
Diluted	(0.001009)	0.018566

15 Subsequent events

On April 10th, 2019 Sonae SGPS informed that it has completed a bond issue, by private placement, of € 50,000,000 (fifty million euros), unsecured, with a final maturity of 7 years, arranged by Caixa – Banco de Investimento, S.A.

At the General Meeting of Shareholders held on 30 April 2019, the following resolution for the 2018 profit was taken:

"To approve the proposal for the application of the 2018 Net Profit, as follows: That the 2018 Net Profit of 321,807,558.32 euros, has the following appropriation:

• Legal Reserves: 16,090,378.46 euros;
• Dividends: 88,200,000.00 euros;
• Free Reserves: 217,517,179.86 euros.

The Board of Directors accordingly proposes that a gross dividend of 0.0441 euros per share, excluding of the total dividends of 88,200,000.00 euros, the amount of dividends that would be attributable to the shares that, at the dividends distribution date, are held by the Company or by any of its subsidiaries, which should be added to Free Reserves.

This dividend corresponds to a dividend yield of 5.4% considering the closing price of December 31st, 2018 and to a payout ratio of 42% considering the consolidated direct result attributable to Sonae's shareholders."

The amount to be paid is not considered in the present financial statements.

16 Approval of financial statements

The accompanying financial statements were approved by the Board of Directors and authorized for issue on 14 May 2019.

17 Information required by law

Decree-Law nr 318/94 art 5 nr 4

During the period ended 31 March 2019 short-term loan contracts were entered into with the following companies:

PCJ - Público, Comunicação e Jornalismo, SA

Público – Comunicação Social, SA

Sonae MC, SGPS, SA

Sonaecom – Serviços Partilhados, SA

Sonaecom, SGPS, SA

As at 31 March 2019, amounts owed by subsidiaries can be summarized as follows:

	Closing balance
Fashion Division, SA	155,416,000
Halfdozen Real Estate, SA	4,466,000
Modalfa - Comércio e Serviços, SA	14,704,000
Modalloop - Vestuário e Calçado, SA	1,204,000
Sonae Holdings, SA (Ex Sonaecenter, Serviços, SA)	85,582,000
Sonae Investments, BV	25,000,000
Sonae Corporate, SA	132,883,000
Zippy - Comércio e Distribuição, SA	21,461,000
Total	440,716,000

As at 31 March 2019, amounts owed to subsidiaries can be summarized as follows:

	Closing balance
Arat Inmuebles, SAU	510,000
Bright Brands SportsGoods, SA	2,242,000
Infofield - Informática, SA	740,000
Sesagest - Projectos e Gestão Imobiliária, SA	36,980,000
SFS, Gestão e Consultoria, SA	17,845,000
Sonae RE, SA	737,000
Sontel, BV	484,259,083
SonaeSR - Serviços e Logística, SA	9,604,000
Têxtil do Marco, SA	438,000
Worten - Equipamentos para o Lar, SA	63,098,000
WRT Business - Distribuição de Eletrodomésticos, Eletrónica e Informática, SA	48,000
Total	616,501,083

Approved at the meeting of the Board of Directors held on May 14th, 2019

The Board of Directors

Duarte Paulo Teixeira de Azevedo

Ângelo Gabriel Ribeirinho dos Santos Paupério

José Manuel Neves Adelino

Margaret Lorraine Trainer

Marcelo Faria de Lima

Carlos António Rocha Moreira da Silva

Fuencisla Clemares

Philippe Cyriel Elodie Haspeslagh

Maria Cláudia Teixeira de Azevedo

João Pedro Magalhães da Silva Torres Dolores

SAFE HARBOUR

This document may contain forward-looking information and statements, based on management's current expectations or beliefs. Forward-looking statements are statements that should not be regarded as historical facts.

These forward-looking statements are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including, but not limited to, changes in regulation, industry and economic conditions; and the effects of competition. Forward-looking statements may be identified by words such as "believes," "expects," "anticipates," "projects," "intends," "should," "seeks," "estimates," "future" or similar expressions.

Although these statements reflect our current expectations, which we believe are reasonable, investors and analysts, and generally all recipients of this document, are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. You are cautioned not to put undue reliance on any forward-looking information or statements. We do not undertake any obligation to update any forward-looking information or statements.

www.sonae.pt

Media and Investor Contacts

Report available at Sonae's institutional website

Patrícia Vieira Pinto Head of Investor Relations pavpinto@sonae.pt Tel.: + 351 22 010 4794

Catarina Oliveira Fernandes Head of Communications, Brand and Corporate Responsibility catarina.fernandes@sonae.pt Tel.: + 351 22 010 4775

Sonae Lugar do Espido Via Norte 4471-909 Maia Portugal Tel.: +351 22 948 7522

SONAE is listed on the Euronext Stock Exchange. Information may also be accessed on Reuters under the symbol SONP.IN and on Bloomberg under the symbol SON PL