REPORT AND ACCOUNTS

PART I REPORT OF THE BOARD OF DIRECTORS

"This was an important quarter in Sonae Capital's business portfolio reconfiguration with the conclusion of the road concessions shareholdings sale process, Norscut and Operscut. The correspondent cash-in during the quarter has allowed for another important Net Debt reduction. Additionally, the different business units continued to improve their competitive position and the process to sell nonstrategic assets is evolving according to our expectations.

It should be highlighted, in respect to the improvement of the competitive position, when compared to the same period last year, the Top Line growth registered by Fitness (+21.7%), Hospitality (+14.4%) and Ref. & HVAC (+51.9%) with the respective consequences also visible at the EBITDA level. It should also be pointed out that the most recent Hotel, opened in April, following a capital light approach and targeted to capture the growing Oporto touristic demand, has registered a positive contribution in the quarter. In fact, the Hospitality business experienced a quite positive quarter, showing an improved performance across all Hotels in the most critical business indicators, namely, Occupancy rate and Price. The businesses that support the Troia Resort, driven by the strong dynamism observed during the summer campaign, have also presented significant improvements allowing to partially offset the lower number of deeds as a result of the already announced Golden Visa market slowdown. Additionally, it's worth to point out the Fitness expansion plan that is being implemented, with the opening of a new club, during the 3Q16 (totalling 3 in 2016) and a few more openings are expected until the end of the year. On the other hand, Energy Top Line and EBITDA - as expected due to the reduction in the number of plants in operation - registered a decrease when compared to the same period last year.

It's important to highlight, once again, the positive cash flow generation and the 78.2M€ Net Debt reduction when compared to the same period last year, including the dividend distribution relative to 2015 exercise and paid in the 2Q16. At the end of the quarter, Net Debt stood at 106.4M€. The reinforcement of our Capital Structure, to conservative values, allows us to address, in a comfortable position, the materialization of our corporate strategy.

In conclusion, the promotion of each business competitive position, the on-going process to sell the real estate non-strategic assets and the development of new business opportunities that fit with the defined corporate strategy, will continue to be the Team focus.

Cláudia Azevedo, CEO

THIRD QUARTER NET RESULTS OF 3.4M€. PERFORMANCE SHOWS POSITIVE PROGRESSES IN THE MAJORITY OF THE BUSINESSES, VISIBLE IN THE 12.7% TOP

Consolidated TOP LINE stood at 52.3M€, registering a growth of 12.7%: It should be highlighted the continued improved performance of Fitness (+21.7%) and Hospitality (+14.4%) segments. It should also be pointed out the 51.9% improvement registered by Ref.&HVAC segment, following the
strategic repositioning conducted throughout 2015; Resorts Top Line reached 9.3M€. During the quarter there were celebrated 4 deeds of real estate residential units in Troia Resort and there are still 11
Promissory Purchase & Sale contracts and Reservation agreements in stock; As anticipated, driven by the discontinuity of a cogeneration plant in operation and the change of the licensing regime in another plant, both during 2015, and also the non favourable oil prices evolution, Energy Top Line registered a reduction of 29.1% to 8.3M€.
Consolidated EBITDA amounted to 8.0M€, being worth to point out: The growth registered by Fitness (+93.8%) and Hospitality (+51.7%); as well
as, Driven by the strong dynamism of the businesses that support Troia Resort, the growth experienced by Resorts (+1.1%) notwithstanding the lower
number of deeds when compared to last year; The Real Estate Assets segments (included in Other & Eliminations) has shown an improvement of 16.1% mainly due to the number of "City Flats"
sold during the period that have almost sold out the entire available stock; Energy segment, despite the 29.1% Top Line reduction, registered a decrease of only 12.9% and has continued to improve the quarterly YoY
variations (1Q, -26.7%; 2Q, -22.2%; and 3Q, -12.9%); Ref.&HVAC segment registered an EBITDA of 0.22M€, correspondent to a margin of 1.1%.

3Q16 Consolidated NET RESULTS amounted to positive 3.38M€, representing an improvement of 54.0% compared to the 3Q15. It should also be pointed out, driven by the on-going reductions of both the Net Debt level and the respective cost, the 0.32M€ Net Financial charges reduction.

THE FIRST NINE MONTHS RESULTS CONFIRM THE DEFINED STRATEGY WITH

TOP LINE grew 6.0% with the majority of the businesses showing a two-digit growth when compared to last year, notwithstanding the reductions in Energy (already explained) and Resorts, due to the slowdown of real estate sales in Troia.

Consolidated EBITDA amounted to 13.63M€, 33.8% below the same period last year, being worth to highlight, last year, the extraordinary contribution from the capital gain on the sale of an important real estate asset, "Duque de Loulé".

NET RESULTS stood at positive 13.20M€, registering a growth of 10.15M€ compared to the same period last year, driven by the performance of Results from Investment & Associated undertakings, correspondent to the capital gain relative to the sale of Norscut and Operscut shareholdings.

FREE CASH FLOW (levered) reached 58.0M€, 21.0% above last year, as a result of the business units operations cash flow and, importantly, from the sale of the shareholdings above-mentioned.

Consolidated NET DEBT, driven by the Levered Free Cash Flow performance and already considering the dividends distributed during the 2Q16, registered a decrease of 42.8M€ compared to YE 2015, to 106.4M€.

OVERALL PERFORMANCE The financial and operational performance during the 3Q16, when compared to the same period last year, brings out the dynamism of the Group in terms of Top Line and profitability, notwithstanding the Energy negative evolution – already expected – and the slowdown of the touristic real estate sales in Troia Resort. Net Results amounted to 3.38M€, a significant improvement over the previous year and Net Debt recorded another significant reduction to 106.4M€.

2.1. CONSOLIDATED PROFIT AND LOSS STATEMENT

Consolidated turnover in 3Q16 amounted to 52.27M€, registering an increase of 12.7% over the same period last year, driven by a mixed combination of several effects. On the positive side, it should be highlighted: (i) Refrigeration & HVAC (+51.9%), due to the increased activity levels and the delivery of important projects, namely a shopping center in Romania; (ii) Fitness (+21.7%), supported on the increased number of active members and higher average monthly fees; and (iii) Hospitality (+14.4%), following both the better performance of current operations and the contribution of the new operation, opened in April, 'The House Ribeira'. The performance shown by these segments more than offset the lower contributions of: (i) Energy (-29.1%) mainly driven by prices evolution and the reduction of cogeneration plants in operation at the end of 2015; and (ii) Resorts (-8.6%) due to a lower number of deeds signed compared to the same period last year, notwithstanding the overall improvement of operations that support the Resort due to the strong dynamism observed during the summer campaign; In fact, excluding the touristic real estate sales, Resorts' turnover improved 19.6%.

Consolidated EBITDA in 3Q16 amounted to 8.0M€, corresponding to a margin of 15.3%, registering a marginal increase of 0.2% when compared to the 3Q15. The comparison to the same period last year is penalized, as in previous quarters, by the Energy segment (although YoY quarterly variations are improving) and, this quarter, by a lower profitability performance posted by Refrigeration & HVAC

segment. On the other hand, it should be highlighted the good performance of the remaining segments, namely: (i) Fitness (+93.8%), driven by the Top Line performance; (ii) Hospitality, that registered an improvement of 51.7%; (iii) Resorts that, despite the lower touristic real estate sales, driven by the turnover growth of operations that support the Resort, generated an increase of 1.1% at EBITDA level; and (iv) Real Estate Assets, due mainly to the high number of City Flats sold during

the period, showed an improvement of 16.1%. 3Q16 Net Results were positive 3.38M€, registering a significant improvement of 54.0% when compared to the same period last year. The following contributions should be noted: (i) in addition to the already above-mentioned EBITDA performance; (ii) the contribution of Results from Investments of 1.81M€ (an improvement of 0.8M€ compared to 3Q15), driven by the capital gain related with the sale of Operscut; and (iii) the positive net financial charges contribution as a result of a combination of lower level of Net Debt and lower financing costs (0.32M€) and lower exchange differences (0.61M€).

2.2. CAPEX Capex in the first nine months amounted to 4.6M€, registering a decreased of 6.0M€ when compared to 9M15. The main investment projects in the period, in addition to the investments resulting from the normal activity of each businesses, are related to the implementation of the Fitness expansion plan (opening of new clubs) and Hospitality (opening of 'The House Ribeira'), both following a capital light approach.

2.3. CAPITAL STRUCTURE At the end of September, Net Debt stood at 106.4M€, 28.7% below the level registered at the end of 2015. This result was driven by the Business Units cash flow from operations and, importantly, the sale of Norscut and Operscut shareholdings, which completely offset the dividends payment related to 2015 exercise that

occurred in 2Q16. It should by highlighted that, when compared to the same period last year, Net

Debt shows a reduction of 78.2M€. Capital structure, due to the above-mentioned decrease in the Net Debt level, set the Debt to Equity ratio at 33.8%, 14.3pp lower than the level registered at the end

of 2015. Taking into consideration the different types of assets that are part of Sonae Capital's portfolio, capital structure should be evaluated considering the coexistence of businesses that generate recurrent EBITDA, measured by a Net Debt/EBITDA ratio and Real Estate Assets that should be evaluated according to its fair market value. Assuming the Group Real Estate Assets valuations, at the end of the period, the implied ratios of Loan to Value (LTV) and non real estate Net Debt/EBITDA businesses amounted to 13.6% and 2.32x, respectively, reflecting a conservative and comfortable capital structure considering Sonae Capital's business portfolio structure.

Consolidated Balance Sheet
Million euro	Sep 2016	Dec 2015	Δ Sep16/Dec15

Total Assets	553.3	574.0	$-3.6%$
Tangible and Intangible Assets	249.5	258.8	36%
Goodwill	609	60.9	$+0.0%$
Non-Current Investments	1.6 25.4	136	-885%
Other Non-Current Assets Stocks	120.6	31.5 126.8	$-19.2%$ -48%
Trade Debtors and Other Current Assets	46.3	47.2	$-1.8%$
Cash and Cash Equivalents	491	35.3	+389%
Total Equity	314.8	310.1	+1.5%

Total Equity attributable to Equity Holders of Sonae Capital	3052	2999 10 ₂	$+18%$
Total Equity attributable to Non-Controlling Interests	96		$-60%$
Total Liabilities	238.5	263.9	$-9.6%$
Non-Current Liabilities	147.7	121.0	+22.1%
Non-Current Borrowings	1305	103.9	$+256%$
Deferred Tax Liabilities	11.1	10.9	$+16%$
Other Non-Current Liabilities	61	61	$+0.0%$
Current Liabilities	90.7	142.9	-36.5%
Current Borrowings Trade Creditors and Other Current Liabilities	25.0 658	806 623	-690% +5.5%

Total Equity and Liabilities	5533	574.0	$-3.6%$

Net Capital Employed	421.2	459.3	$-8.3%$
Fixed Assets Non-Current Investments (net)	310.3 97	319.7 28.0	$-2.9%$ $-65.2%$
Working Capital	1011	111.6	$-9.4%$
Capex (end of period)	46	14.6	$-687%$
% Fixed Assets	15%	4.6%
Net Debt	106.4	149.2	$-28.7%$
% Net Capital Employed	25.3%	32.5%
Debt to Equity	33.8%	48.1%
Net Debt excluding Energy	90.1	126.2	$-28.6%$
Capital Structure Ratios
Loan to Value (Real Estate)	136%	21.8%
Net Debt/EBITDA (recurrent)	2.32x	2.20x

Net Capital Employed decreased 8.3% compared to YE2015, to 421.2M€. This performance was mainly driven by the Non-Current Investments decrease, as a result of the Norscut and Operscut shareholding participations.

3. SEGMENTS PERFORMANCE 3.1. RESORTS

Profit and Loss Account Million euro
Resorts	3Q 2016	3Q 2015	$\triangle$ 16/15	9M 2016	9M 2015	$\triangle$ 16/15
Total Operational Income	9.82	10.72	$-8.4%$	21.86	25.69	$-14.9%$
Turnover	9.33	10.20	$-8.6%$	20.42	23.91	$-14.6%$
Other Operational Income	0.49	0.52	$-61%$	1.43	1.78	-194%
Total Operational Costs	$-6.53$	$-739$	+11.6%	$-18.11$	$-20.44$	$+11.4%$
Cost of Goods Sold Change in Stocks of Finished Goods External Supplies and Services Staff Costs Other Operational Expenses	$-129$ $-0.84$ $-276$ $-113$ $-0.53$	139 143 -3.03 $-118$ $-0.36$	$+74%$ $+416%$ $+9.0%$ $+4.7%$ -46.6%	-3.05 $-382$ -6.84 $-2.94$ $-146$	$-368$ $-4.22$ -8.40 -296 $-1.18$	$+17.2%$ $+9.6%$ $+18.6%$ $+0.6%$ -24.3%
EBITDA excluding Guaranteed Income Provisions ⁽¹⁾	3.28	3.33	$-1.4%$	3.75	5.25	$-28.7%$
Provisions for Guaranteed Income	$-0.08$	$-0.16$	$+510%$	$-0.27$	$-0.81$	+670%
EBITDA	3.20	3.17	$+1.1%$	3.48	4.45	$-21.8%$
Capex EBITDA Capex	0.70 2.50	0.23 2.94	>100% $-14.8%$	0.97 2.50	0.79 3.65	+22 8% -31.4%

During 3Q16, 4 deeds of residential units in Troia Resort were signed (a reduction compared to the 7 deeds registered in 3Q15), amounting to 15 deeds in the first nine months of the year. Additionally, it should be added a stock of 11 promissory purchase/sale and reservation agreements with advance payments. As at 30 September 2016, a total of 366 deeds have been celebrated on residential units in

Troia Resort. Mainly driven by the number of signed deeds in the quarter, Top Line amounted to 9.33M€, showing a decrease of 8.6% when compared to 3Q15. It should be highlighted, due to the strong dynamism observed during the summer campaign, turnover excluding sales of real estate touristic apartments, grew 19.6% over the

same period last year. Consequently, EBITDA reached 3.20M€, an increase of 1.1% when compared to the same period last year, driven by the performance of the different businesses that

support the Resort's activity. Capex, in the first nine months of the year, amounted 0.97M€ and contributed, as well as EBITDA, to a reduction of EBITDA-Capex of 1.15M€ to 2.50M€.

3.2. FITNESS

The Fitness segment continues to consolidate the improvement of its competitive position, reflected in both turnover and profitability as a consequence of the 9.9% growth in the average number of active members when compared to 3Q15.

During 3Q16, Top Line grew 21.7% to 4.60M€, as a result of the above-mentioned growth in the number of active members and the positive average monthly fee performance, which has increased 7.9% when compared to 3Q15. EBITDA amounted to 0.78M€, an improvement of 93.8% when compared to the same period last year, correspondent to a margin of 17.0%, 6.3pp above the level achieved in 3Q15. It should be highlighted that during the 3Q16, one additional new club was opened (Oporto - Foz). It should be noted that the opening of new clubs is expected to negatively impact margins until they reach a cruising speed in with respect the

number of active members. Capex in 9M16 amounted to 0.95M€, significantly higher than in the same period last year, mainly as a result of implementation of the expansion plan, in particular the investments to support the opening of new clubs.

3.3. HOSPITALITY

In order to present comparable information, the contribution of the Lagos hotel operation (Aqualuz Lagos), was excluded from the 2015 segment results.

Compared to the 3Q15 and following the previously reported trend, Hospitality's segment Top Line showed, in the 3Q16, a growth of 14.4% to 7.35M€. This performance resulted mainly from the increase in occupancy rate across all units. In the same period, the number of room nights sold increased 11.2% in the total Group's operations and RevPar also revealed an improvement of 12.2%.

As a result of the positive business indicators performance and of the Top Line increase, combined with the optimization and cost rationalization measures implemented over the past few years, EBITDA, in 3Q16, showed an improvement of 51.7% over the same period last year. It should be noted that the quarter already includes the contribution of the new hotel "The House Ribeira Porto Hotel" (opened in April) and on a comparable basis, the EBITDA improvement amounted to 32.2%. It should be pointed out that the new Hotel, opened following a capital light approach, already presented positive contribution in the quarter, as a result of the

high occupancy rates. Excluding rents, it should be highlighted that the Hospitality segment EBITDAR, in 3Q16, was positive 2.41M€, an increase of 15.7% when compared to the same period last year. Pointing out the turnover seasonality, the first and fourth quarters usually register negative EBITDAR that are more than compensated by the positive results

of the second and, mainly, the third quarters' activity. Hospitality capex stood at controllable levels (0.04M€) and contributed, as well as the operational improvement, to the EBITDA-Capex increase of 54.1% when compared to 3Q15.

3.4. ENERGY

In 3Q16, Top Line of the Energy segment reported a decrease of 29.1% to 8.29M€. This performance is explained by: (i) the reduction of energy selling prices as a result of the evolution of oil price; and (ii) the lower number of cogeneration plants in operation, due to the discontinuation, in 4Q15, of a cogeneration plant and the

change, also in 4Q15, of the licensing framework in another one. As expected, EBITDA, in the period, registered a decrease of 12.9%, when compared

to the same period last year, to 1.73M€, registering a margin of 20.9%. In 9M16, turnover registered a reduction of 26.0% to 29.8M€ and EBITDA decreased 21.7% to 6.03M€ when compared to the same period last year, as a result of the

above-mentioned reasons that impacted Top Line. Capex remained at low levels and in the first nine months of the year amounted to 0.31M€, 93.4% lower than 9M15, contributing to an improvement of 2.67M€ to the EBITDA-Capex level.

3.5. REFRIGERATION & HVAC 3Q16 Top Line amounted to 20.28M€, a 51.9% increase over the same period last year, due to the improved domestic operation, namely the positive performance of the refrigeration segment. The Backlog of the Portuguese operation, at the end of the period, amounted to, approximately, 26.2M€, representing 6.9 months of

3Q16 EBITDA registered a reduction of 0.61M€, due mainly to the lower contribution of international operations, as in the previous quarters, and the HVAC operation driven by the implementation and development costs of an important international

project. Top Line of the first nine months of the year increased 32.0% to 49M€. International Top Line of Refrigeration & HVAC (consolidating exports and direct sales abroad) represented 51% of the consolidated turnover, 21pp above the level registered in

Profit and Loss Account Million euro
Refrigeration & HVAC	3Q 2016	3Q 2015	$\triangle$ 16/15	9M 2016	9M 2015	$\triangle$ 16/15
Total Operational Income	20.56	13 54	$+51.9%$	49.49	3753	+31.9%
Turnover	20 28	13.35	+51.9%	48 99	37.11	+32.0%
Other Operational Income	0.28	0.18	+52.0%	0.50	0.42	$+21.0%$
Total Operational Costs	$-20.34$	$-12.71$	-60.1%	$-47.82$	$-35.97$	-32.9%
Cost of Goods Sold	$-6.91$	$-711$	$+2.9%$	$-20.35$	$-16.50$	-23.3%
Change in Stocks of Finished Goods	$-0.82$	119		3.19	188	+69.5%
External Supplies and Services	$-9.31$	-379	$< 100\%$	$-21.01$	1215	72.9%
Staff Costs	-309	$-2.75$	12.6%	$-8.91$	$-8.75$	18%
Other Operational Expenses	$-0.22$	$-0.24$	$+11.2%$	$-0.73$	$-0.44$	-66.4%
EBITDA	0.22	0.83	-73.3%	1.67	1.56	$+7.5%$
Capex	0.00	0.02	$-94.7%$	0.06	0.14	-581%

EBITDA Capex	0.22	0.81	$-72.8%$	161	1.41	$+14.3%$

In order to present comparable information, the contribution of the General Maintenance business (UPK), subject to a Management Buy Out in 4Q15, was excluded from the 2015 segment results.

Due to the Top Line performance in Portugal, EBITDA in the 9M16 amounted to 1.67M€, registering an improvement of 7.5% when compared to 9M15 and reaching a margin of 3.4%. EBITDA in the domestic operation (excluding the discontinued operations) amounted to 2.26M€ in 9M16, a 1.05M€ improvement when compared to

the same period last year. Capex stood at low levels, 0.06M€ (58.1% lower than 9M15) and EBITDA-Capex positive evolution is a result of the EBITDA performance.

3.6. OTHER ASSETS Sonae Capital owns a set of non-strategic assets and thus available for sale,

including Real Estate Assets and Financial Shareholdings. Addressing current market trends and the demand profile for real estate assets included in current portfolio, during the 3Q16, 24 sales deeds regarding City Flats were signed and an additional 3 sales deeds were signed over a land plot and two real estate assets. In the first nine months of the year, a total of 68 sales deeds of

real estate assets were signed, of which 62 related to City Flats. As at 30 September 2016, capital employed in this set of real estate assets

amounted to 112.6M€. During 3Q16, the sale process of the shareholdings associated to road concessions (Norscut and Operscut) were concluded with the full reimbursement of the respective price of, approximately, 43M€.

4.1. CORPORATE INFORMATION - 3Q16 There was no corporate information to register.

Report of the Board of Directors

4.2. SUBSEQUENT CORPORATE EVENTS There were no subsequent corporate events to register.

METODOLOGICAL NOTES The consolidated financial statements presented in this report are non-audited and have been prepared in accordance with International Financial Reporting Standards ("IAS/IFRS"), issued by International Accounting Standards Board ("IASB"), as

adopted by European Union. With the aim of continuing to improve the quality and transparency of the information provided, not only at the Consolidated level, but also, at the Business Unit level, and aligned with the best market practices, the units sold during the year 2015, namely, the hotel operation of Lagos (Aqualuz Lagos) and business of General Maintenance (UPK) of Refrigeration & HVAC segment, are now reported as discontinued operations. In accordance the restated 2015 information is presented in appendix.

This document is a translation from the Portuguese original version.

GLOSSARY

HVAC = Heating, Ventilation and Air Conditioning.
Operational Cash Flow = EBITDA Capex.
EBITDA = Operational Profit (EBIT) + Amortization and Depreciation + Provisions and Impairment Losses + Impairment Losses of Real Estate Assets in Stocks (included in Costs of Goods Sold) – Reversal of Impairment Losses and
Provisions (including in Other Operation Income). EBITDA, excluding Guaranteed Income Provisions = EBITDA + Provisions related to the estimated present value of potential costs for the full period of the
Guaranteed Income from real estate sales at Troia Resort EBITDAR = EBITDA + Rents for buildings.
Net Debt = Non-Current Loans + Current Loans Cash and Cash Equivalents –
Current Investments. Capex = Investment in Tangible and Intangible Assets.
Gearing: Debt to Equity = Net Debt / Equity.
Loan to Value = Net Debt of real estate assets / Real estate assets Valuation.

APPENDIX

Consolidated Profit and Loss Account Million euro
	1Q 2015	2Q 2015	3Q 2015	4Q 2015	1Q 2016	2Q 2016	3Q 2016
Total Operational Income	41.85	46.54	47.23	45.65	38.14	43 36	53.29
Turnover	38.98	39.78	46 40	44 45	37.42	43 02	52.27
Resorts	6.44	7.27	10.20	5.77	3.88	7.21	9.33
Hospitality	182	3.91	642	2.33	2.10	434	7.35
Fitness	3.50	3.94	3.78	3.96	4,14	4 4 5	4.60
Energy	15.58	13.01	11.70	10.29	11.74	9.77	8.29
Refrigeration & HVAC	12.63	11.13	13.35	19.38	14.27	14.43	20.28
Others & Eliminations	100	0.52	0.94	2.72	1.28	2.81	242
Other Operational Income	2.87	6.76	0.84	1.20	0.72	0.35	1.02
EBITDA, excluding Guaranteed Income Provisions (1)	3.24	10.03	8.14	3.11	1.67	4.16	8.08
Resorts	104	0.88	3.33	$-1.08$	0.01	0.46	3.28
Hospitality	$-194$	$-0.56$	0.92	$-163$	$-1.76$	$-0.59$	1.40
Fitness	0.23	0.62	0.40	0.57	0.38	0.62	0.78
Energy	3.22	2.48	1.99	1.51	236	193	173
Refrigeration & HVAC	0.42	0.31	0.83	154	0.89	0.56	0.22
Others & Eliminations	0.26	6.30	0.67	2.19	$-0.21$	117	0.66
Provisions for Guaranteed Income	$-0.28$	$-0.37$	$-0.16$	$-0.18$	$-0.07$	$-0.12$	$-0.08$
EBITDA	295	9.67	798	2.92	159	4.04	8.00
Amortization & Depreciation	$-3.90$	$-3.90$	$-4.03$	$-3.89$	$-3.92$	$-3.99$	$-3.99$
Provisions & Impairment Losses	$-0.07$	$-0.08$	$-0.08$	0.23	$-0.01$	$-0.05$	0.00
Non-recurrent costs/income ⁽²⁾	0.76	$-0.39$	$-0.57$	0.27	$-0.38$	0.62	$-0.37$
EBIT	$-0.26$	5.29	330	$-0.47$	$-2.72$	0.63	364
Net Financial Expenses	$-2.20$	$-2.29$	$-2.58$	$-1.53$	$-2.38$	$-1.71$	$-164$
Investment Income and Results from Assoc. Undertakings	1.21	0.79	1.01	0.13	105	15.32	1.81
EBT	125	3.78	1.74	$-187$	$-4.04$	14 24	382
Taxation	$-0.86$	$-0.10$	0.16	0.39	016	$-0.54$	$-0.43$
Net Profit - Continued Businesses	$-211$	3.68	1.90	$-1.48$	-3.88	13.70	3.38
Net Profit - Discontinued Businesses	$-0.56$	$-0.15$	0.30	$-0.18$	0.00	0.00	0.00
Net Profit Total	$-2.68$	353	2.20	$-1.66$	$-3.88$	13.70	3.38
Attributable to Equity Holders of Sonae Capital	$-2.93$	3.12	186	$-2.35$	$-419$	13.33	3.12
Attributable to Non-Controlling Interests	0.25	0.41	0.34	0.69	0.31	0.37	0.26

PART II CONSOLIDATED FINANCIAL STATEMENTS

(Amounts expressed in euro)

ASSETS	Notes	30/09/2016	31/12/2015
NON-CURRENT ASSETS: Tangible assets	7	242,193,269	251,495,972
Intangible assets	7	7,262,798	7,338,337
Goodwill	8	60,892,528	60,892,528
Investments in associated companies and joint ventures	5	1,069,319	12,960,514
Other investments	6 e 9	487,668	597,515
Deferred tax assets	13	23,403,321	23,620,310
Other non-current assets	10	2,029,074	7,871,931
Total non-current assets		337,337,977	364,777,107

CURRENT ASSETS:
Inventories	11	120,615,426	126,761,744
Trade account receivables and other current assets Cash and cash equivalents	12 14	46,303,537 49,061,315	47,175,228 35,318,251
Total Current Assets		215,980,278	209,255,223
TOTAL ASSETS		553,318,255	574,032,330

EQUITY AND LIABILITIES
EQUITY:
Share capital	15	250,000,000	250,000,000
Own Shares	15	(1,404,226)	(1,426,791)
Reserves and retained earnings	15	44,357,210	51,609,194
Profit/(Loss) for the year attributable to the equity holders of Sonae Capital		12,262,588	(294,678)
Equity attributable to the equity holders of Sonae Capital		305,215,572	299,887,725
Equity attributable to non-controlling interests	16	9,632,604	10,247,125
TOTAL EQUITY		314,848,176	310,134,850
LIABILITIES:
NON-CURRENT LIABILITIES:
Loans	17	130,485,739	103,923,602
Other non current liabilities	19	3,035,412	3,033,619
Deferred tax liabilities	13	11,124,384	10,948,548
Provisions	22	3,079,824	3,079,824
Total Non-Current Liabilities		147,725,359	120,985,593
CURRENT LIABILITIES:
Loans	17	24,966,936	80,592,682
Trade creditors and other current liabilities	21	61,314,030	56,961,279
Provisions	22	4,463,754	5,357,926
Total Current Liabilities		90,744,720	142,911,887
TOTAL LIABILITIES		238,470,079	263,897,480

TOTAL EQUITY AND LIABILITIES 553,318,255 574,032,330

(Amounts expressed in euro)

	Notes	30/09/2016	30/09/2015

Sales		79,896,504	55,606,858
Services rendered		51,243,285	65,493,064
Other operating income		3,313,063	15,318,694
Cost of sales		(42,523,242)	(46,782,130)
Changes in stocks of finished goods and work in progress		(5,050,616)	(2,699,532)
External supplies and services		(44,841,950)	(35,824,418)
Staff costs		(25,242,307)	(24,447,126)
Depreciation and amortisation		(11,894,032)	(11,828,555)
Provisions and impairment losses (Increases/Decreases)		(604,573)	(29,733)
Other operating expenses		(2,738,361)	(6,474,226)
Operational profit/(loss)		1,557,771	8,332,896
Financial Expenses
Financial Income		(6,359,378)	(8,318,496)
		632,460	1,247,580
Net financial income / (expenses)		(5,726,918)	(7,070,916)
Profit/(Loss) in associated and jointly controlled companies	5	182,779	2,986,686
Investment income		17,995,113	17,246
Profit/(Loss) before taxation		14,008,745	4,265,912

taxation	26	(811,740)	(797,110)

Profit/(Loss) for the year - continued operations		13,197,005	3,468,802
Profit/(Loss) for the year - discontinued operations Profit/(Loss) for the year	27	- 13,197,005	(416,545) 3,052,257
Attributable to:
Equity holders of Sonae Capital		12,262,588	2,054,038
Non-controlling interests	16	934,417	998,219

Profit/(Loss) per share
Basic	29	0.049698	0.008338
Diluted	29	0.049698	0.008338

(Amounts expressed in euro)

	Notes	rd QUARTER 2016 1 3	rd QUARTER 2015 1 3

Sales		47,872,237	16,927,608
Services rendered		3,885,136	28,460,536
Other operating income		1,285,557	1,306,428
Cost of sales		(13,623,340)	(16,653,722)
Changes in stocks of finished goods and work in progress		(3,090,865)	(325,522)
External supplies and services		(18,492,113)	(12,630,308)
Staff costs		(8,857,992)	(8,166,296)
Depreciation and amortisation		(3,988,070)	(4,031,015)
Provisions and impairment losses (Increases/Decreases)		(35,835)	587,872
Other operating expenses		(1,312,422)	(2,172,562)
Operational profit/(loss)		3,642,293	3,303,019

Financial Expenses		(1,791,228)	(2,834,239)
Financial Income		154,195	257,822
Net financial income / (expenses)		(1,637,033)	(2,576,417)
Profit/(Loss) in associated and jointly controlled companies	5	71,380	891,110
Investment income		1,738,540	117,858
Profit/(Loss) before taxation		3,815,180	1,735,570
taxation	26	(434,694)	164,343

Profit/(Loss) for the year - continued operations		3,380,486	1,899,913
Profit/(Loss) for the year - discontinued operations		-	295,911
Profit/(Loss) for the year Attributable to:	27	3,380,486	2,195,824
Equity holders of Sonae Capital		3,123,085	1,857,632
Non-controlling interests	16	257,401	338,192

Profit/(Loss) per share
Basic	29	0.012657	0.007541
Diluted	29	0.012657	0.007541

The accompanying notes are part of these financial statements.

1 Prepared in accordance with IAS 34 - Interim Financial Reporting

SONAE CAPITAL, SGPS, SA
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016 AND 2015
(Amounts expressed in euro)

	30/09/2016	30/09/2015
Consolidated net profit/(loss) for the period	13,197,005	3,052,257
Items that may be reclassified subsequently to net profit / (loss):
Changes in the currency translation differences	101,705	188,382
Share of other comprehensive income of associates and joint ventures accounted for by the equity method (Note 5)	7,381,842	1,169,079
Change in the fair value of assets available for sale	-	841,904
Change in the fair value of cash flow hedging derivatives	13,890	222,404
Tax related to other comprehensive income captions	(2,917)	(265,833)
Other comprehensive income for the period	7,494,520	2,155,936

Total comprehensive income for the period	20,691,525	5,208,193


Attributable to:
Equity holders of Sonae Capital	19,761,166	4,172,698
Non-controlling interests	930,359	1,035,495

SONAE CAPITAL, SGPS, SA
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THIRD QUARTERS OF 2016 AND 2015
(Amounts expressed in euro)

	rd QUARTER 2016 1 3	rd QUARTER 2015 1 3

Consolidated net profit/(loss) for the period	3,380,486	2,195,824

Items that may be reclassified subsequently to net profit / (loss):

Changes in the currency translation differences	51,175	148,378
Share of other comprehensive income of associates and joint ventures
accounted for by the equity method (Note 5)	-	205,683

Tax related to other comprehensive income captions	(48)	(31,868)
Change in the fair value of cash flow hedging derivatives	(9,824)	8,709
Change in the fair value of assets available for sale	-	133,507

Other comprehensive income for the period 41,303 464,409

Total comprehensive income for the period	3,421,789	2,660,233
Attributable to:
Equity holders of Sonae Capital	3,167,169	2,291,238
Non-controlling interests	254,620	368,995

The accompanying notes are part of these financial statements.

1 Prepared in accordance with IAS 34 - Interim Financial Reporting

REPORT AND ACCOUNTS – SEPTEMBER 2016 Consolidated Financial Statements

SONAE CAPITAL, SGPS, SA CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016 AND 2015

(Amounts expressed in euro)

	Attributable to Equity Holders of Sonae Capital
	Share Capital	Own Shares	Demerger Reserve (Note 15)	Translation Reserves	Fair Value Reserves	Hedging Reserves	Other Reserves and Retained Earnings	Sub total	Net Profit/ (Loss)	Total	Non Controlling Interests	Total Equity
Balance as at 1 January 2015	250,000,000	(1,486,301)	132,638,253	(130,882)	(750,961)	(239,276)	(75,237,394)	56,279,740	(6,832,009)	297,961,430	9,375,864	307,337,294
Total consolidated comprehensive income for the	-	-	-	151,827	841,904	221,683	903,246	2,118,660	2,054,038	4,172,698	1,035,495	5,208,193
period Appropriation of profit of 2014:	-	-	-	-	-	-	-	-	-	-	-	-

Transfer to legal reserves and retained earnings	-	-	-	-	-	-	(6,832,009)	(6,832,009)	6,832,009	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	-	-	(1,078,352)	(1,078,352)
(Acquisition)/Sales of own shares Changes in the percentage of capital held in	- -	72,435 -	- -	- -	- -	- -	- (219,830)	- (219,830)	- -	72,435 (219,830)	- 219,830	72,435 -
affiliated companies
Other changes	-	-	-	-	-	-	729	729	-	729	-	729
Balance as at 30 September 2015	250,000,000	(1,413,866)	132,638,253	20,945	90,943	(17,593)	(81,385,258)	51,347,290	2,054,038	301,987,462	9,552,837	311,540,299
Balance as at 1 January 2016	250,000,000	(1,426,791)	132,638,253	(23,350)	-	(11,956)	(80,993,753)	51,609,194	(294,678)	299,887,725	10,247,125	310,134,850
Total consolidated comprehensive income for the	-	-	-	105,763	-	13,890	7,378,925	7,498,578	12,262,588	19,761,166	930,359	20,691,525
period
Appropriation of profit of 2015:	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to legal reserves and retained earnings	-	-	-	-	-	-	(294,678)	(294,678)	294,678	-	-	-
Dividends paid	-	-	-	-	-	-	(14,669,026)	(14,669,026)	-	(14,669,026)	(1,425,614)	(16,094,640)
(Acquisition)/Sales of own shares Changes in the percentage of capital held in	- -	22,565 -	- -	- -	- -	- -	- 119,266	- 119,266	- -	22,565 119,266	- (119,266)	22,565 -
affiliated companies Other changes	-	-	-	-	-	-	93,876	93,876	-	93,876	-	93,876
Balance as at 30 September 2016	250,000,000	(1,404,226)	132,638,253	82,413	-	1,934	(88,365,390)	44,357,210	12,262,588	305,215,572	9,632,604	314,848,176

The accompanying notes are part of these financial

SONAE CAPITAL, SGPS, SA
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016 AND 2015
(Amounts expressed in euro)	Notes	30/09/2016	30/09/2015	rd 3 QUARTER 1 2016	rd 3 QUARTER 20151

OPERATING ACTIVITIES:
Cash receipts from trade debtors		130,685,516	137,299,364	48,660,183	57,513,831
Cash receipts from trade creditors Cash paid to employees		(83,817,416) (24,250,824)	(79,859,846) (25,822,785)	(31,707,400) (8,398,857)	(27,131,247) (9,030,848)
Cash flow generated by operations		22,617,276	31,616,733	8,553,926	21,351,736

Income taxes (paid) / received Other cash receipts and (payments) relating to operating activities		(427,803) (695,719)	(224,686) (3,330,814)	(71,195) (1,144,652)	1,332,399 (3,413,700)
Net cash from operating activities (1)		21,493,754	28,061,233	7,338,079	19,270,435
INVESTMENT ACTIVITIES:
Cash receipts arising from:
Investments		38,827,634	23,884,334	38,226,852	298,620
Tangible assets		1,950,289	14,604,622	535,581	1,010,285
Intangible assets		226,089	-	177,000	-
Interest and similar income		417,933	1,106,226	254,550	278,089
Dividends		332,859	339,683	138,440	66,052
		47,666,204	39,934,865	45,243,823	1,653,046
Cash Payments arising from:
Investments		(148,446)	(25,863)	(10,217)	(7,824)
Tangible assets		(4,361,345)	(9,035,119)	(1,514,724)	(2,305,095)
Intangible assets		(427,992)	(287,348)	(234,581)	(219,896)
Loans granted		(58,007)	(1,015,588)	(16,504)	(27,791)
		(4,995,790)	(10,363,918)	(1,776,026)	(2,560,606)
Net cash used in investment activities (2)		42,670,414	29,570,947	43,467,797	(907,560)
FINANCING ACTIVITIES:
Cash receipts arising from:
Loans obtained		99,054,596	9,100,000	30,200,000	-
Sale of own shares		144,043	72,435	-	-
		99,198,639	9,172,435	30,200,000	-
Cash Payments arising from:
Loans obtained		(127,527,929)	(61,803,557)	(34,706,587)	(35,582,936)
Interest and similar charges		(5,830,270)	(7,181,864)	(1,626,374)	(2,210,395)
Dividends		(15,987,705)	(923,729)	-	(129,843)
		(149,345,904)	(69,909,150)	(36,332,961)	(37,923,174)
Net cash used in financing activities (3)		(50,147,265)	(60,736,715)	(6,132,961)	(37,923,174)

Net increase in cash and cash equivalents (4) = (1) + (2) + (3)		14,016,903	(3,104,535)	44,672,915	(19,560,299)
Effect of foreign exchange rate		285,171	218,048	(2,260)	140,568
Cash and cash equivalents at the beginning of the period	14	35,318,251	8,148,876	4,374,808	24,527,160
Cash and cash equivalents at the end of the period	14	49,049,983	4,826,293	49,049,983	4,826,293

The accompanying notes are part of these financial statements. 1

Prepared in accordance with IAS 34 - Interim Financial Reporting

SONAE CAPITAL, SGPS, SA

(Translation from the Portuguese Original) (Amounts expressed in Euro)

INTRODUCTION SONAE CAPITAL, SGPS, SA ("Company", "Group" or "Sonae Capital") whose headoffice is at Lugar do Espido, Via Norte, Apartado 3053, 4471-907 Maia, Portugal, is the parent company of a group of companies, as detailed in Notes 4 to 6 ("Sonae Capital Group") and was set up on 14 December 2007 as a result of the demerger of the shareholding in SC, SGPS, SA (previously named Sonae Capital, SGPS, SA) from Sonae, SGPS, SA, which was approved by the Board of Directors on 8 November 2007 and by the Shareholder's General Meeting held on 14 December
Reflecting the current management structure, the reporting segments were revised, addressing the strategic business areas identified in the Group:
Resorts; Hotels;
Fitness;
Energy,
Refrigeration & HVAC;
Other Assets.

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

MAIN ACCOUNTING POLICIES The main accounting policies adopted in preparing the accompanying consolidated financial statements are as follows:

Basis of preparation Interim financial statements were presented quarterly, in accordance with IAS 34 –

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

CHANGES IN ACCOUNTING POLICIES Changes to international accounting standards that came into force on or after 1 January 2016, did not have material impacts in the financial statements as at 30 September 2016.

4. GROUP COMPANIES INCLUDED IN THE

CONSOLIDATED FINANCIAL STATEMENTS Group companies included in the consolidated financial statements, their head offices and percentage of the share capital held by the Group as at 30 September

				Percentage of capital held
				30 September 2016			31 December 2015
	Company		Head Office	Direct	Total	Direct	Total
	Sonae Capital SGPS, SA		Maia	Holding	Holding	Holding	Holding
	Hotels
	Porto Palácio Hotel, SA	a)	Porto	100,00%	100,00%	100,00%	100,00%
3)	SC Hospitality, SGPS, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	The Artist Porto Hotel & Bistrô - Actividades Hoteleiras, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
4)	The House Ribeira Hotel – Exploração Hoteleira, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%

	Aqualuz Tróia, SA	a)	Grândola	100,00%	100,00%	100,00%	100,00%
	Resorts
	Atlantic Ferries-Tráf.Loc,Flu.e Marít,SA	a)	Grândola	95,77%	95,77%	95,77%	95,77%
	Golf Time-Golfe e Invest. Turísticos, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Imopenínsula - Sociedade Imobiliária, SA	a)	Grândola	100,00%	100,00%	100,00%	100,00%
	Imoresort - Sociedade Imobiliária, S.A.	a)	Grândola	100,00%	100,00%	100,00%	100,00%
	Marina de Tróia, SA.	a)	Grândola	100,00%	100,00%	100,00%	100,00%
	Marmagno-Expl.Hoteleira Imob.,SA	a)	Grândola	100,00%	100,00%	100,00%	100,00%
	Marvero-Expl.Hotel.Im.,SA	a)	Grândola	100,00%	100,00%	100,00%	100,00%
	SII - Soberana Invest. Imobiliários, SA	a)	Grândola	100,00%	100,00%	100,00%	100,00%
	Soltroia-Imob.de Urb.Turismo de Tróia,SA	a)	Lisbon	100,00%	100,00%	100,00%	100,00%
	Tróia Market, S.A.	a)	Grândola	100,00%	100,00%	100,00%	100,00%
	Tróia Natura, S.A.	a)	Grândola	100,00%	100,00%	100,00%	100,00%
	Troiaresort-Investimentos Turísticos, SA	a)	Grândola	100,00%	100,00%	100,00%	100,00%

1)	Troiaresort, SGPS, SA	a)	Matosinhos	100,00%	100,00%	100,00%	100,00%
	Tulipamar-Expl.Hoteleira Imob.,SA	a)	Grândola	100,00%	100,00%	100,00%	100,00%
	Fitness
	Solinca - Health & Fitness, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Energy
	Atelgen - Produção Energia, ACE	a)	Barcelos	51,00%	51,00%	51,00%	51,00%
	CAPWATT - Brainpower, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	CAPWATT - ACE, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Capwatt Colombo - Heat Power, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%

	Capwatt Engenho Novo - Heat Power, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Capwatt Hectare - Heat Power, ACE	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Capwatt II - Heat Power, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Capwatt III - Heat Power, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Capwatt Maia - Heat Power, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Capwatt Martim Longo - Solar Power, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Capwatt Vale do Caima - Heat Power, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Capwatt Vale do Tejo - Heat Power, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%

	CAPWATT - SCSGPS, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Carvemagere - Manutenção e Energias Renováveis, Lda	a)	Barcelos	65,00%	65,00%	65,00%	65,00%
	Companhia Térmica SERRADO, ACE	a)	Maia	70,00%	70,00%	70,00%	70,00%
	Companhia Térmica Tagol, Lda.	a)	Oeiras	100,00%	100,00%	100,00%	100,00%
	CTE - Central Termoeléctrica do Estuário, Lda	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Enerlousado - Recursos Energéticos, Lda.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Ronfegen - Recursos Energéticos, Lda.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Soternix - Produção de Energia, ACE	a)	Barcelos	51,00%	51,00%	51,00%	51,00%

	Refrigeration and HVAC QCE - Desenvolvimento e fabrico de Equipamentos, SA	a)	Matosinhos	100,00%	70,00%	100,00%	70,00%
	Sistavac, SA	a)	Matosinhos	100,00%	70,00%	100,00%	70,00%
	Sistavac, SGPS, SA	a)	Matosinhos	70,00%	70,00%	70,00%	70,00%
	Sistavac Sistemas HVAC-R do Brasil, Ltda	a)	São Paulo	100,00%	70,00%	100,00%	70,00%
	Sopair, S.A.	a)	Madrid	100,00%	70,00%	100,00%	70,00%
	Spinarq Moçambique, Lda	a)	Maputo	70,00%	70,00%	70,00%	70,00%
	Spinarq-Engenharia,Energia e Ambiente,SA	a)	Luanda	99,90%	99,90%	99,90%	99,90%

	Other Assets
	Bloco Q-Soc.Imobil.SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Casa da Ribeira-Sociedade Imobiliária, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Centro Residencial da Maia,Urban.,SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Cinclus Imobiliária,SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Contacto Concessões, SGPS, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Contry Club da Maia-Imobiliaria,SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Empreend.Imob.Quinta da Azenha,SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Fundo Esp.Inv.Imo.Fec. WTC	a)	Maia	99,99%	99,99%	99,82%	99,82%
	Imoclub-Serviços Imobilários,SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Imodivor - Sociedade Imobiliária, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Imohotel-Emp.Turist.Imobiliários,SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Imoponte - Sociedade Imobiliária, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Imosedas-Imobiliária e Seviços,SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Implantação - Imobiliária, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Inparvi SGPS, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Interlog-SGPS,SA	a)	Lisbon	98,98%	98,98%	98,98%	98,98%
	Porturbe-Edifícios e Urbanizações,SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Praedium - Serviços, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Praedium II-Imobiliária,SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Prédios Privados Imobiliária,SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Predisedas-Predial das Sedas,SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Promessa Sociedade Imobiliária, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	SC-Eng. e promoção imobiliária,SGPS,S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
2)	SC Assets, SGPS, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Sete e Meio Herdades-Inv. Agr. e Tur.,SA	a)	Grândola	100,00%	100,00%	100,00%	100,00%
	Société de Tranchage Isoroy SAS.	a)	Honfleur	100,00%	100,00%	100,00%	100,00%
	Soira - Soc. Imobiliária de Ramalde, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Sótaqua - Soc. de Empreend. Turisticos	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Spinveste - Promoção Imobiliária, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Spinveste-Gestão Imobiliária SGII,SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Urbisedas-Imobiliária das Sedas, SA Vistas do Freixo-Emp.Tur.Imobiliários,SA	a) a)	Maia Maia	100,00% 100,00%	100,00% 100,00%	100,00% 100,00%	100,00% 100,00%

	Others
	Imobeauty, S.A.	a)	Maia	100,00%	100,00%	100,00%	100,00%
	SC - Sociedade de Consultadoria, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	SC Finance BV	a)	Amsterdam	100,00%	100,00%	100,00%	100,00%
	SC For - Ser.Formação e Desenvolv.Recursos Humanos, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
5)	UP Invest, SGPS, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	SC, SGPS, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%
	Solinfitness - Club Málaga, S.L.	a)	Málaga	100,00%	100,00%	100,00%	100,00%
	Spred, SGPS, SA	a)	Maia	100,00%	100,00%	100,00%	100,00%

1) Ex-Imoareia - Invest. Turísticos, SGPS, SA; 2) Ex- Praedium, S.G.P.S., S.A;

3) Ex- Sonae Turismo, SGPS, SA;

4) Ex- The Artist Ribeira, SA; 5) Ex- SC Hospitality, SGPS, SA.

a) Majority of voting rights

5. INVESTMENTS IN ASSOCIATED AND JOINTLY

CONTROLLED COMPANIES Associated and jointly controlled companies included in the consolidated financial statements, their head offices and the percentage of share capital held by the Group as at 30 September 2016 and 31 December 2015 are as follows:

			Percentage of capital held

	Company	Head Office	30 September 2016 Direct	Total	31 December 2015 Direct	Total	Book Value 30 September 2016	31 December 2015
	Other Assets

1)	Andar - Sociedade Imobiliária, SA Sociedade de Construções do Chile, SA	Maia Maia	50.00% 100.00%	50.00% 50.00%	50.00% 100.00%	50.00% 50.00%	- -	- -
1)	Vastgoed One - Sociedade Imobiliária, SA	Maia	100.00%	50.00%	100.00%	50.00%	-	-
1)	Vastgoed Sun - Sociedade Imobiliária, SA	Maia	100.00%	50.00%	100.00%	50.00%	-	-
	Lidergraf - Artes Gráficas, Lda	Vila do Conde	24.50%	24.50%	24.50%	24.50%	1.042.996	975,156
2)	Norscut - Concessionária de Auto Estradas, SA	Lisbon	-	-	36.00%	36.00%	-	11,761,812
2)	Operscut - Operação e Manutenção de Auto-estradas, SA	Lisbon	-	-	15.00%	15.00%	-	24,000

	Energy Feneralt – Produção de Energia, ACE	Barcelos	25.00%	25.00%	25.00%	25.00%	26.323	199,546
	Total						1.069.319	12,960,514

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

of these investments; 2) Company sold in 30 September 2016.

Associated and jointly controlled companies are consolidated using the equity

method. As at 30 September 2016 and 31 December 2015, aggregate values of main financial indicators of jointly controlled companies can be resumed as follows:

	30 September 2016 31 December 2015
Total Assets	55,450,246	55,448,333
Total Liabilities	17,322,992	16,439,200
Income	-	97,288
Expenses	719,514	1,392,801

During the periods ended 30 September 2016 and 2015, movements in investments

of associated and jointly controlled companies may be summarized as follows:
	30 September 2016	30 September 2015
Opening balance as at 1 January	12,992,457	20,762,638
Acquisitions in the period	-	8,000
Disposals in the period	(19,168,575)	-
Equity method	7,564,620	4,155,765
Dividends received	(287,240)	(56,151)
Change in the consolidation method	-	-

Closing balance as at 30 September	1,101,262	24,870,252
Accumulated impairment losses (Note 22)	(31,943) 1,069,319	(31,943) 24,838,309

The amount shown under "Disposals in the period" related to Norscut –

Concessionária de Auto-Estradas, SA. The use of the equity method had the following impacts: 182,779 euro recorded on share of results of associated undertakings (2,986,686 euro at 30 September 2015), and 7,381,842 euro in changes in reserves (1.169.079 euro at 30 September 2015).

OTHER INVESTMENTS Group companies, jointly controlled companies and associated companies excluded from consolidation, their head offices, percentage of share capital held and book value as at 30 September 2016 and 31 December 2015 are as follows:

				Percentage of capital held
					30 September		31 December 2015
Company	Head Office	Direct	2016 Total	Direct	Total	30 September	31 December
Resorts						2016	2015
Infratroia – Emp. de Infraest. de Troia, E.N.	Grândola	25.90%	25.90%	25.90%	25.90%	64,747	64,747
Other Assets
Fundo de Investimento Imobiliário Imosonae Dois	Maia	-	-	0.06%	0.06%	-	124,892

Net, SA Fundo de Capital de Risco F	Lisbon Lisbon	0.98% 6.48%	0.98% 6.48%	0.98% 6.48%	0.98% 6.48%	23,034 250,950	23,034 250,950
HITEC Other investments						148,936	133,892
Total (Note 9)						487,668	597,515

TANGIBLE ASSETS AND INTANGIBLE ASSETS During the nine month period ended 30 September 2016, movements in tangible and intangible fixed assets as well as in amortisation and accumulated impairment

losses, are made up as follows:
			Tangible Assets
	Land and Buildings	Equipment	Other Tangible	Tangible Assets in	Total Tangible
Gross Cost:			Assets	progress	Assets
Opening balance as at 1 January 2016	224,435,722	192,766,256	2,081,623	14,715,753	433,999,354
Capital expenditure	228,692	282,228	939	3,551,229	4,063,088
Disposals	(851,718)	(6,277,183)	(42,804)	(150,754)	(7,322,459)
Exchange rate effect	-	(121,735)	6,208	-	(115,527)
Transfers	6,684,906	7,844,322	157,749	(15,379,732)	(692,755)
Closing balance as at 30 September 2016	230,497,602	194,493,888	2,203,715	2,736,496	429,931,701
Accumulated depreciation and impairment losses
Opening balance as at 1 January 2016	83,514,782	97,307,652	1,680,948	-	182,503,382
Charges for the period 1)	2,129,975	9,235,822	58,807	-	11,424,604
Disposals	(65,930)	(5,787,164)	(41,441)	-	(5,894,535)
Exchange rate effect	-	(80,743)	5,358	-	(75,385)
Transfers	(380)	(219,254)	-	-	(219,634)
Closing balance as at 30 September 2016	85,578,447	100,456,313	1,703,672	-	187,738,432
Carrying amount as at 1 January 2016	140,920,940	95,458,604	400,675	14,715,753	251,495,972
Carrying amount as at 30 September 2016	144,919,155	94,037,575	500,043	2,736,496	242,193,269

1) Includes impairment losses amounting to 62,111 euro

Pag. 28

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

31 December 2015
8,091,116
52,083
1,208,506
5,364,048 14,715,753
30 September 2016 2,278,414 - 288,768 169,314 2,736,496

	Patents and other similar	Software	Intangible Assets Other Intangible	Intangible Assets in	Total Intangible
Gross Cost:	rights		Assets	progress	Assets
Opening balance as at 1 January 2016	7,789,237	3,281,292	155,474	225,546	11,451,549
Capital expenditure	-	-	-	615,449	615,449
Disposals	-	(750)	-	-	(750)
Exchange rate effect	-	2,334	-	-	2,334
Transfers	-	444,037	(123,701)	(480,683)	(160,347)
Closing balance as at 30 September 2016	7,789,237	3,726,913	31,773	360,312	11,908,235
Accumulated depreciation and impairment losses
Opening balance as at 1 January 2016	1,522,646	2,581,146	9,421	-	4,113,213
Charges for the period	133,604	397,936	-	-	531,540
Disposals	-	(750)	-	-	(750)
Exchange rate effect	-	1,435	-	-	1,435
Transfers	-	-	-	-	-
Closing balance as at 30 September 2016	1,656,250	2,979,767	9,421	-	4,645,438
Carrying amount as at 1 January 2016	6,266,592	700,146	146,053	225,546	7,338,337
Carrying amount as at 30 September 2016	6,132,988	747,146	22,352	360,312	7,262,798

As at 30 September 2016 the net assets of Marina de Troia in Patents and other similar rights, amounts to 5,736,621 euro (5,849,778 euro at 31 December 2015).

GOODWILL During the periods ended 30 September 2016 and 31 December 2015, movements in goodwill, as well as in corresponding impairment losses, are as follows:

	30 September 2016	31 December 2015

Gross amount:
Opening balance	62,194,124	62,291,840
Decreases - disposals of affiliated companies	-	(97,716)
Closing balance	62,194,124	62,194,124
Accumulated impairment losses:
Opening balance Closing balance	1,301,596 1,301,596	1,301,596 1,301,596
Total	60,892,528	60,892,528

OTHER INVESTMENTS As at 30 September 2016 and 31 December 2015, movements in investments were

	30 September 2016		31 December 2015
	Non current	Current	Non current	Current
Investments at acquisition cost
Opening balance as at 1 January	889,353	-	879,446	-
Acquisitions in the period	15,045	-	9,907	-
Disposals in the period	(124,892)	-	-	-

Closing balance as at 30 September Accumulated impairment losses (Note 22)	779,506 (291,838)	- -	889,353 (291,838)	- -

	487,668	-	597,515	-
Investments held for sale
Fair value as at 1 January Disposals in the period	- -	- -	33,493,884 (34,244,847)	- -
Increase/(Decrease) in fair value	-	-	750,963	-
Fair value as at 30 September	-	-	-	-
Accumulated impairment losses (Note 22)	-	-	-	-
Fair value (net of impairment losses) as at 30 September	-	-	-	-

Other Investments	487,668	-	597,515	-

These investments are recorded at acquisition cost less impairment losses.

OTHER NON-CURRENT ASSETS As at 30 September 2016 and 31 December 2015, other non-current assets are

	30 September 2016	31 December 2015
Loans granted to related parties
Norscut - Concessionária de Scut Interior Norte, SA	-	5,911,400
Others	870,613	812,606
	870,613	6,724,006
Impairment losses (Note 22)	(34,916)	(34,916)
	835,697	6,689,090
Trade accounts receivable and other debtors
Others	1,193,377	1,182,841
Impairment losses (Note 22)	-	-
	1,193,377	1,182,841
Other non current assets	2,029,074	7,871,931

INVENTORIES Inventories as at 30 September 2016 and 31 December 2015 can be detailed as

	30 September 2016		31 December 2015
	Total	of which Real Estate Developments	Total	of which Real Estate Developments
Raw materials, by-products and consumables	1,251,435	-	1,441,888	-
Goods for sale	31,082,184	29,908,280	30,394,043	29,000,343
Finished goods	19,740,088	19,740,088	23,487,868	23,487,868
Work in progress	79,754,321	74,544,551	77,389,696	75,405,755
	131,828,028	124,192,919	132,713,495	127,893,966
Accumulated impairment losses on stocks	(11,212,601)	(11,202,026)	(5,951,751)	(5,939,087)
(Note 22)	120,615,426	112,990,893	126,761,744	121,954,879

12. TRADE ACCOUNTS RECEIVABLE AND OTHER

CURRENT ASSETS As at 30 September 2016 and 31 December 2015, trade accounts receivable and

	30 September 2016	31 December 2015

Trade accounts receivable	17,744,854	23,362,034
Accumulated impairment losses on trade debtors (Note 22)	(4,139,340)	(3,986,937)
	13,605,514	19,375,097
Taxes recoverable	10,439,576	12,626,936
Loans granted to and other amounts to be received from related parties	165,499	74,506
Other current assets
Suppliers with a debtor balance	481,513	458,365
Other debtors	4,284,683	4,369,117
Accounts receivable from the sale of financial investments	4,123,897	4,656,580
Accounts receivable from the sale of tangible assets	5,721	10,525
Interest receivable	13,071	42,156
Deferred costs - Rents	521,943	291,265
Deferred costs - External supplies and services	1,087,671	1,121,317
Other current assets	12,139,573	4,714,764
	22,658,072	15,664,089
Accumulated impairment losses on other current assets (Note 22)	(565,124)	(565,400)
Trade accounts receivable and other current assets	46,303,537	47,175,228

DEFERRED TAXES Deferred tax assets and liabilities as at 30 September 2016 and 31 December 2015 can be detailed as follows, splitted between the different types of temporary

				Deferred tax liabilities
	30 September	Deferred tax assets 31 December	30 September	31 December
	2016	2015	2016	2015

Amortisation and Depreciation harmonisation adjustments	563,960	592,345	3,980,186	3,754,439
Provisions and impairment losses of non-tax deductible	6,552,368	6,682,330	-	-
Write off of tangible and intangible assets	71,250	71,250	-	-
Write off of accruals	-	-	-	-
Revaluation of tangible assets	-	-	93,450	93,307
Tax losses carried forward	16,199,128	16,252,396	-	-
Financial instruments	-	-	-	-
Write off of stocks Taxable temporary differences arising from the fair value of	- -	- -	517,867 6,532,880	548,376 6,543,174
non-current liabilities Others	16,615	21,990	-	9,252
	23,403,321	23,620,310	11,124,384	10,948,548

In accordance with the tax statements presented by companies that recorded deferred tax assets arising from tax losses carried forward, as at 30 September 2016 and 31 December 2015, and using exchange rates effective at that time, tax

Tax losses carried	Deferred tax assets	Time limit	Tax losses carried	Deferred tax assets	Time limit

					2017
					2018
					2026
					2027
					2028

-	-		-	-

	forward 19,769,442 18,024,639 11,725,573 27,619,048 - 77,138,702	4,151,583 3,785,174 2,462,370 5,800,000 - 16,199,128	30 September 2016 2017 2018 2026 2027 2028	forward 20,023,107 18,024,639 11,725,573 27,619,048 - 77,392,368	31 December 2015 4,204,852 3,785,174 2,462,370 5,800,000 - 16,252,396 77,138,702 16,199,128 77,392,368 16,252,396

An analysis was made on the relevance of the recognition of deferred taxes, taking into account the possibility of them to be recovered in accordance with the

medium and long term prospects of the Group. Deferred tax assets arising from tax losses have been recorded only when it is likely to occur taxable income in the future.

As at 30 September 2016, tax losses carried forward amounting to 80,269,810 euro (75,631,592 euro as at 31 December 2015), have not originated deferred tax assets for prudential reasons and are detailed as follows:

		30 September 2016		31 December 2015
	Tax losses carried forward	Tax Credit	Time limit	Tax losses carried forward	Tax Credit	Time limit
With limited time use
Generated in 2012	13,872,225	2,913,167	2017	15,178,378	3,187,459	2017
Generated in 2013	26,109,276	5,482,948	2018	22,917,452	4,812,665	2018
Generated in 2014	1,832,844	384,897	2026	22,249	4,672	2026
Generated in 2015	20,217,225	4,245,617	2027	18,638,746	3,914,137	2027
Generated in 2016	6,271,367	1,316,987	2028	-	-	2028
	68,302,937	14,343,617		56,756,825	11,918,933

Without limited time use	11,564,052	2,891,013		-	-
With a time limit different from the above mentioned	402,821	93,359		18,874,767	4,758,800
	11,966,873	2,984,372		18,874,767	4,758,800
	80,269,810	17,327,989		75,631,592	16,677,733

CASH AND CASH EQUIVALENTS As at 30 September 2016 and 31 December 2015, cash and cash equivalents can be detailed as follows:

	30 September 2016	31 December 2015

Cash at hand	151,498	111,450
Bank deposits	48,901,112	35,201,904
Treasury applications	8,705	4,897
Cash and cash equivalents on the balance sheet	49,061,315	35,318,251
Bank overdrafts - (Note 17)	(11,332)	-
Cash and cash equivalents in the statement of cash-flows	49,049,983	35,318,251

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

EQUITY The share capital of Sonae Capital SGPS, SA is represented by 250,000,000 ordinary shares, which do not have the right to a fixed remuneration, with a

nominal value of 1 euro each. As at 30 September 2016, Sonae Capital SGPS, S.A. owns 5,516,226 own shares (5,914,571 own shares at 31 December 2015) booked for 1,404,226 euro (1,426,791 euro at 31 December 2015).

Other reserves includes amounts equal to the value of own shares held by the Group's parent company. This reserve should be unavailable while these shares are

kept by the company. The Reserves and retained earnings of Sonae Capital Group in the periods ended 30 September 2016 and 31 December 2015 are as follows:

	30 September 2016	31 December 2015

Demerger reserve	132,638,253	132,638,253
Translation reserves	105,763	(23,350)
Hedging reserves	13,890	(11,956)
Other reserves and retained earnings	(88,400,696)	(80,993,753)
Reserves and retained earnings	44,357,210	51,609,194

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

capital increases.

Translation reserves This reserves are comprised by the conversion into euro of the financial statements of the subsidiaries that have other functional currency.

Hedging Reserve The reserve is comprised by the fair value of hedging derivatives and the accrued interest of that hedging instrument, and it is transferred to profit and loss when the subsidiaries are sold or liquidated.

NON-CONTROLLING INTERESTS Movements in non-controlling interests in the periods ended 30 September 2016

	30 September 2016	31 December 2015
Opening balance as at 1 January	10,247,125	9,375,864
Changes in hedging reserves	-	721
Changes in the percentage of capital held in affiliated companies	(119,266)	219,830
Changes resulting from currency translation	(4,058)	38,920
Dividends paid	(1,425,614)	(1,079,240)

Others	-	(1)
Profit for the period attributable to minority interests Closing balance	934,417 9,632,604	1,691,031 10,247,125

The non-controlling interests are primarily from companies in the Refrigeration and HVAC segment.

BORROWINGS As at 30 September 2016 and 31 December 2015, Borrowings are made up as

30 September 2016 31 December 2015 Outstanding amount Outstanding amount Repayable on Current Non Current Current Non Current Bank loans 20,350,000 - - - Sonae Capital SGPS - commercial paper a) Mar/2018 - 17,300,000 - - Sonae Capital SGPS - commercial paper b) Aug/2019 - 10,000,000 - 30,000,000 Sonae Capital SGPS - commercial paper c) Dec/2017 - 8,250,000 8,250,000 - Sonae Capital SGPS - commercial paper d) Jun /2021 - - 3,290,000 9,047,500 Sonae Capital SGPS e) Sep/2019 - - 3,250,000 1,500,000 Sonae Capital SGPS - commercial paper f) May/2017 - - 1,200,000 4,800,000 Sonae Capital SGPS - commercial paper g) Mar/2020 - 20,000,000 - - Sonae Capital SGPS - commercial paper h) Jun/2021 - (483,890) - (255,080) Up-front fees 1,148,341 894,204 1,735,702 1,600,754 Others 21,498,341 55,960,314 17,725,702 46,693,174 11,332 - - - Bank overdrafts (Note 14) 21,509,673 55,960,314 17,725,702 46,693,174 Bank loans Bond Loans - 42,500,000 - 42,500,000 Sonae Capital 2014/2019 Bonds May/2019


















- 15,000,000 - -
Sonae Capital 2016/2021 Bonds Jul/2021 - - 10,000,000 -
Sonae Capital 2011/2016 Bonds Jan/2016 - - 50,000,000 -
SC, SGPS, S.A. 2008/2018 Bonds Mar/2018 - (427,098) (17,938) (376,402)
Up-front fees - 57,072,902 59,982,062 42,123,598 Bond Loans

Other loans 273,385 246,178 311,968 297,289
Derivatives (Note 18) 4,531 - 25,952 -
Obligations under finance leases 3,179,347 17,283,753 2,546,998 14,886,301
- (77,408) - (76,760) Up-front fees on finance leases 24,966,936 130,485,739 80,592,682 103,923,602

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

commitment of at least six months to a year, placed in relationship banks. b) Commercial paper programme, with subscription guarantee, issued on 31 March 2011 and valid up to August 2019, except if the reimbursement is anticipated under the contracted terms of the call/put option, in August 2016. This loan is

guaranteed by a mortgage on real estate assets. c) Commercial paper programme, with subscription guarantee, issued on 27 December 2012 and valid up to December

d) Commercial paper programme, with subscription guarantee, issued on 31 December 2013, with automatic annual

renewals up to 7 years and six months, unless denounciated by either party. e) Bank loan guaranteed by a mortgage on real estate, started on 2 June 2011 and valid up to September 2019, with quarterly payments. At the date of the financial statements, the bank loan was fully refunded.

f) Commercial paper programme, with subscription guarantee, issued on 7 May 2014 and valid for a 3 year period, with semiannual payments. At the date of the financial statements, the programme was fully refunded.

g) Commercial paper programme, with subscription guarantee, issued on 18 March 2015 and valid up to March 2020, with

annual payments. At the date of the financial statements, the programme was fully refunded. h) Commercial paper programme, with subscription guarantee, issued on 23 de June 2016 and valid for a 5 years period,

As at 30 September 2016, borrowings of the Group were as follows: Sonae Capital, SGPS, SA, 2014/2019 bond loan in the amount of 42,500,000 euro, with a 5 year maturity, and a sole reimbursement on 28 May 2019. This
bond loan bears interest every six months. Sonae Capital, SGPS, SA, 2016/2021 bond loan in the amount of 15,000,000 euro, with a 5 year maturity, and a sole reimbursement on 29 July 2021, except if the Issuer exercise the Call Option. This bond loan bears interest

every six months. The interest rate on bonds and bank loans in force on 30 September 2016 was on

average 2.36% (2.83% in December 2015) Bank loans pay interest rates that are indexed to the Euribor market rates of the

period, and its fair value is considered close to its book value. Other non-current loans include government refundable grants to group

companies, which do not bear interest. The Group has a loan covenant negotiated in accordance with market practices

and is in regular compliance at the present date. The repayment schedule of the nominal value of borrowings may be summarised

	30 September 2016		31 December 2015
	Nominal value	Interest	Nominal value	Interest
N+1 a)	24,805,245	3,442,151	80,584,669	4,867,436
	18,732,602	2,958,181	39,321,659	3,938,199
N+2	70,573,556	2,699,953	7,644,816	2,421,339
N+3	10,417,201	695,493	49,335,366	1,074,827
N+4	27,184,248	522,810	3,505,904	87,101
N+5	4,712,356	79,400	4,824,098	109,720
After N+5	156,425,208	10,397,988	185,216,512	12,498,622

a) Includes amounts drawn under commercial paper programmes. Of the total amount maturing in N+1, 82% concerns to commercial paper taken under lines of credit with commitment exceeding one year. Taking into account the policies and measures to manage liquidity risk, no risks that could jeopardize the continuity of operations are anticipated.

In the case of any Bank institution or commercial paper investor do not renew, at the maturity date, its respective loans, the Group has credit lines available to

18. DERIVATIVES Interest rate derivatives

Hedging instruments used by the Group as at 30 September 2016 were mainly interest rate options (cash-flow hedges) contracted with the goal of hedging interest rate risks on loans in the amount of 193,262 euro, whose fair value is 4,531 euro (25,952 euro at 31 December 2015) is recorded as liabilities in other loans (Note 17). As at 30 September 2016 and 31 December 2015, all derivatives are

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

determined using the Black-Scholes model and its variants. The fair value of derivatives is calculated using valuation models based on assumptions which are confirmed by market benchmarks, thus complying with level 2 requirements set on the IFRS 7.

Pag. 36

Risk coverage guidelines generally used by the Group in contractually arranged

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

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

and internationally.

Fair value of derivatives The fair value of derivatives is as follows:

	Assets		Liabilities
	30 September 2016	31 December 2015	30 September 2016	31 December 2015
Non-Hedge accounting derivatives
Interest rate	-	-	-	-
Hedge accounting derivatives
Interest rate (Note 17)	-	-	4,531	25,952
Other derivatives	-	-	-	-
	-	-	4,531	25,952

OTHER NON-CURRENT LIABILITIES As at 30 September 2016 and 31 December 2015 other current liabilities can be

	30 September 2016	31 December 2015
Loans and other amounts payable to related parties
Plaza Mayor Parque de Ocio, SA (Note 45)	1,851,581	1,928,510
Others	232,150	230,846
	2,083,731	2,159,356
Other creditors
Creditors in the restructuring process of Torralta	596,657	561,891
Others	-	-
	596,657	561,891
Deferred income
Obligations by share-based payments (Note 28)	355,024	312,372
	355,024	312,372
Other non-current liabilities	3,035,412	3,033,619

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

Group on the vesting date. As at 30 September 2016 and 31 December 2015, the market value of total liabilities arising from share-based payments, which have not yet vested, may be

	Year of grant	Vesting year	Number of participants	Fair Value 30 September 2016	31 December 2015
Shares
	2013	2016	7	-	579,291
	2014	2017	6	368,792	272,420
	2015	2018	6	465,273	335,036
	2016	2019	6	334,458	-
Total				1,168,523	1,186,747

As at 30 September 2016 and 31 December 2015, the financial statements include the following amounts corresponding to the period elapsed between the date of granting and those dates for each deferred bonus plan, which have not yet vested:

Other non current liabilities (Note 19)	30 September 2016 355,024	31 December 2015 312,372
Other current liabilities	338,060	579,291
Reserves	170,768	34,317
Staff Costs	522,316	857,346

TRADE ACCOUNTS PAYABLE As at 30 September 2016 and 31 December 2015 trade accounts payable can be

	30 September 2016	31 December 2015
Trade creditors	17,973,790	17,167,600
Loans granted by and other payables to related parties	444,564	318,490
Other current liabilities
Fixed assets suppliers	807,034	1,273,301
Advances from customers and down payments	7,653,734	8,291,899
Other creditors	2,757,759	1,678,532
Taxes and contributions payable	3,233,804	3,570,359
Accrued staff costs	6,399,100	5,902,111
Amounts invoiced for works not yet completed	3,741,701	3,219,828
Accrued expenses with purchases - Energy Segment	2,674,379	2,321,743

Interest payable	707,973	611,463
Investment aid Other liabilities	1,593,335 13,326,857	1,447,902 11,158,051
	42,895,676	39,475,189
Trade accounts payable and other current liabilities	61,314,030	56,961,279

22. PROVISIONS AND ACUMULATED IMPAIRMENT

LOSSES Movements in provisions and accumulated impairment losses over the period ended 30 September 2016 were as follows:

	Balance as at 1 January					Balance as at 30 September
Captions Accumulated impairment losses on:	2016	Increases	Decreases	Utilisations	Transfers	2016
Tangible Assets (Note 7)	39,129,797	62,111	-	-	-	39,191,908
Goodwill (Note 8)	1,301,596	-	-	-	-	1,301,596
Other Investments (Notes 5 and 9)	323,781	-	-	-	-	323,781
Other non current assets (Note 10)	34,916	-	-	-	-	34,916
Trade accounts receivable (Note 12)	3,986,937	698,046	(211,501)	(334,142)	-	4,139,340
Other current assets (Note 12)	565,400	26,012	(25,806)	(482)	-	565,124
Stocks (Note 11)	5,951,751	-	(10,081)	-	5,270,931	11,212,602
Non current provisions	3,079,824	-	-	-	-	3,079,824
Current provisions	5,357,926	509,236	(142,766)	(1,260,642)	-	4,463,754
	59,731,928	1,295,405	(390,154)	(1,595,266)	5,270,931	64,312,845

During an inventory of assets at 31 March 2016, it was detected that the posting of the impairment costs of previous years, in some assets, was made in the account

of the gross amount of the asset and not in the impairment account, as it should

have been. It was decided to transfer these amounts to the correct impairment account, and

disclose this event under transfers. As at 30 September 2016 and 31 December 2015 detail of other provisions was as

	30 September 2016	31 December 2015

Judicial claims Provision for secured income	2,088,770 2,862,159	2,033,391 3,838,298
Others	2,592,649	2,566,061

	7,543,578	8,437,750

The amount in provision for guaranteed income is the estimate of the difference between the amount to be charged through the properties sold in "Tróia" and the guaranteed income to property owners. The amount to be charged through the operation of these assets is estimated based on the average of the values obtained in previous years.

OTHER OPERATIONAL INCOME Other operational income for the period ended 30 September 2016 and 2015 was

	30 September 2016	30 September 2015

Own work capitalised	6,794	1,897,491
Gains on sales of assets	613,457	8,559,199
Supplementary income	488,274	466,161
Others	2,204,538	4,337,974
Total	3,313,063	15,260,825

Discontinued Operations	-	57,869

Continued Operations	3,313,063	15,318,694

CONTINGENT ASSETS AND LIABILITIES As at 30 September 2016 and 31 December 2015 the most important contingent liabilities referred to guarantees given and were made up as follows:

	30 September 2016	31 December 2015
Guarantees given:
on VAT reimbursements	5,199,346	5,105,475
on tax claims	17,657,443	9,956,905
on municipal claims	1,134,224	1,134,224
Others	10,415,516	12,082,176

Others include the following guarantees: 6,116,323 euro as at 30 September 2016 (6,114,365 euro as at 31 December
2015) of guarantees on construction works given to clients; 3,787,430 euro as at 30 September 2016 (5.264.966 euro as at 31 December 2015) of guarantees given concerning building permits in the Resorts

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

INVESTMENT INCOME As at 30 September 2016 and 30 September 2015, Investment income was made up as follows:

	30 September 2016		30 September 2015
Dividends		105,147		205,830
Adjustment to the selling price of "Box Lines Navegação"	67,144
Gains on disposal of investments in group companies		67,144		83,877
Capital gain associated to the sale of Norscut - Concessionária de Scut Interior Norte, SA and	17,831,750		-
Sale of investment units from Fundo de Investimento Imobiliário Fechado Imosede	(22,325)		(260,802)

Income from "Fundo de Investimento Imobiliário Imosonae Dois"	14,050		22,086
Gains/(Losses) on sale of other investments Others		17,823,475 (653)		(238,716) (1,596)
Investment Income	-	17,995,113	-	49,395
Discontinued Operations	-	-	-	(32,149)
Total Operations	-	17,995,113	-	17,246

TAXATION As at 30 September 2016 and 2015, Taxation was made up as follows:

	30 September 2016	30 September 2015

Current tax Deferred tax	421,976 389,764	1,866,900 (1,058,932)
Taxation	811,740	807,968
Discontinued Operations	-	(10,858)
Continued Operations	811,740	797,110

RECONCILIATION OF CONSOLIDATED NET PROFIT As at 30 September 2016 and 2015, the reconciliation of consolidated net profit

	30 September 2016	30 September 2015
Aggregate net profit	81,525,583	(27,038,742)

Harmonisation adjustments	(848,715)	(2,629,364)
Elimination of intragroup dividends	(454,096,129)	(38,704,743)
Share of gains/(losses) of associated undertakings	(104,461) -	2,930,536 82,573,807
Elimination of intragroup capital gains/(losses)	392,244,800	(64,532,924)
Elimination of intragroup impairment	-	4,142,033
Adjustments of gains/(losses) on assets disposals	(5,524,073)	46,311,654
Adjustments of gains/(losses) of financial shareholdings sale	13,197,005	3,052,257
Consolidated net profit for the year

RELATED PARTIES Balances and transactions with related parties are detailed as follows:

Transactions	Sales and services rendered 30 September	30 September	Purchases and services obtained 30 September	30 September
	2016	2015	2016	2015
Parent company (a)	-	-	-	-
Associated companies Other partners and Group companies (b)	44,931 27,771,556	250,112 22,669,191	24,901 3,545,534	21,109 4,063,056
	27,816,487	22,919,303	3,570,435	4,084,165

			Interest expenses
Transactions	Interest income 30 September	30 September	30 September	30 September
Parent company (a)	2016 -	2015 -	2016 -	2015 -
Associated companies	246,402	759,976	-	-
Other partners and Group companies (b)	-	-	72,982	83,394
	246,402	759,976	72,982	83,394

			Accounts payable
Balances	Accounts receivable 30 September 2016	31 December 2015	30 September 2016	31 December 2015

Parent company (a)	-	-	-	-
Associated companies Other partners and Group companies (b)	106,964 8,307,668	79,083 10,106,073	15,391 8,716,714	6,302 8,946,752

8,414,632 10,185,156 8,732,105 8,953,054

			Loans granted
Balances	Loans obtained 30 September	31 December	30 September	31 December
	2016	2015	2016	2015
Parent company (a)	-	-	-	-
Associated companies	-	-	835,697	6,689,090
Other partners and Group companies (b)	1,851,581	1,928,510	-	-
	1,851,581	1,928,510	835,697	6,689,090

a) The parent company is Efanor Investimentos, SGPS, SA; b) Balances and transactions with Group Sonae, SGPS and Group Sonae Indústria, SGPS, SA are included under Other partners in Group companies.

EARNINGS PER SHARE Earnings per share for the periods ended 30 September 2016 and 30 September

	30 September	30 September
Net profit	2016	2015
Net profit taken into consideration to calculate basic earnings per share (Net profit for the period )	12,262,588	2,054,038
Net profit taken into consideration to calculate diluted earnings per share	12,262,588	2,054,038
Number of shares
Weighted average number of shares used to calculated basic earnings per share	246,740,156	246,333,805
Weighted average number of shares used to calculated diluted earnings per share	246,740,156	246,333,805
Earnings per share (basic and diluted)	0.049698	0.008338

There are no convertible instruments included in the shares of Sonae Capital, SGPS, SA, hence there is no dilutive effect.

SEGMENTS INFORMATION In 30 September 2016 and 31 December 2015, the following were identified as
segments: Resorts
Hotels
Fitness
Energy
Refrigeration and HVAC
Other Assets

The contribution of the business segments to the income statement of the periods ended 30 September 2016 and 2015 can be detailed as follows:

Resorts	Hotels	Fitness	Energy	Refrigeration and HVAC	Other Assets	Intersegment Adjustments	Consolidated
18,855,072	13,790,029	13,195,807	29,798,950	48,988,518	14,854,589	-8,343,176	131,139,789

1,934,418	442,490	240,742	877,253	503,070	377,363	-1,062,275	3,313,061

20,789,490				49,491,588	15,231,952	-9,405,451	134,452,850

3,479,463	-941,990	1,788,358	6,025,362	1,674,186	1,609,799	-199	13,634,979
				30 September 2016 14,232,519 13,436,549 30,676,203

Profit and Loss Account	Resorts	Hotels	Fitness	30 September 2015 Energy	Refrigeration and HVAC	Other Assets	Intersegment Adjustments	Consolidated
Turnover	19,857,431	12,155,010	11,229,456	40,295,086	37,111,844	10,584,890	-10,133,795	121,099,922

Other operational income	6,030,607	363,361	303,025	786,032	417,576	6,670,416	747,677	15,318,694

Total operational income	25,888,038	12,518,371	11,532,481	41,081,118	37,529,420	17,255,306	-9,386,118	136,418,616

Operational cash-flow (EBITDA)		4,447,231 -1,580,482	1,258,186	7,690,422	1,556,798	7,233,657	-	20,605,812

The contribution of the business segments to the Balance sheets as at 30 September 2016 and 31 December 2015 can be detailed as follows:

Balance Sheet	Resorts	Hotels	Fitness	30 September 2016 Energy	Refrigeration and HVAC	Other Assets	Intersegment Adjustments	Consolidated
Fixed Assets Tangible, Intangible and	145,584,083	12,898,140	8,719,240	24,410,419	9,879,377	133,403,819	-24,546,482	310,348,596
Goodwill Investments	46,712,037	10,695,855	20,599	28,214	8,142	350,845,555	-406,753,415	1,556,987
Other Assets	66,011,524	6,832,342	2,468,836	6,913,496	46,482,398	602,811,721	-490,107,644	241,412,673
Total Assets		258,307,645 30,426,337 11,208,675		31,352,129		56,369,917 1,087,061,095	-921,407,541	553,318,256
Total Liabilities	229,195,837	25,788,411		7,422,624 26,818,684	22,224,208	417,603,253	-490,582,937	238,470,080
Technical investment	974,957	1,234,205	1,125,019	307,605	60,408	863,134	-10,490	4,554,837
Gross Debt	12,297,764	-	165,373	10,122,652	350,562	132,516,325	-	155,452,675
Net Debt	11,181,596	-73,366	83,256	9,855,688	-307,679	85,651,865	-	106,391,360

Balance Sheet	Resorts	Hotels	Fitness	31 December 2015 Energy	Refrigeration and HVAC	Other Assets	Intersegment Adjustments	Consolidated
Fixed Assets Tangible, Intangible	149,956,529	12,436,077	9,005,028	26,895,189	9,993,052	111,446,972	-6,010	319,726,837
and Goodwill Investments	41,797,580	10,705,291	27,638	213,433	4,283	360,907,202	-400,097,398	13,558,029
Other Assets	76,197,823	8,070,031	2,747,073	10,745,078	42,435,788	593,656,434	-493,104,764	240,747,465
Total Assets	267,951,933	31,211,399	11,779,739	37,853,700	52,433,123	1,066,010,608	-893,208,172	574,032,331

Total Liabilities	231,646,193	29,764,342	9,121,409	35,009,190	18,086,642	433,849,763	-493,580,059	263,897,480

Technical investment	1,437,829	575,136	1,312,420	6,242,443	191,289	4,805,144	-	14,564,262

Gross Debt	13,654,719	-	261,161	6,693,808	684,942	163,221,655	-	184,516,284

Net Debt	13,471,474	-104,405	221,797	6,306,008	-813,557	130,116,717	-	149,198,033

SUBSEQUENT EVENTS No significant events, requiring further disclosure, have occurred after 30 September 2016.
APPROVAL OF THE FINANCIAL STATEMENTS These consolidated financial statements were approved by the Board of Directors and authorized for issue on 4 November 2016.

PART III INDIVIDUAL FINANCIAL STATEMENTS

INDIVIDUAL BALANCE SHEET AS AT 30 SEPTEMBER 2016 AND 31 DECEMBER 2015

(Amounts expressed in euro)

ASSETS	Notes	30-09-2016	31-12-2015
NON-CURRENT ASSETS:		28,673	29,790
Tangible assets	4	347,145,722	352,789,105
Investments	7	8,275,218	8,275,218
Deferred tax assets	5	374,301,850	376,801,628
Other non-current assets		729,751,463	737,895,741
Total non-current assets
CURRENT ASSETS:
Taxes recoverable	6	1,987,366	1,525,643
Other current assets	6	40,813,349	49,145,079
Cash and cash equivalents		42,732,183	30,562,977
Total Current Assets		85,532,898	81,233,698
TOTAL ASSETS		815,284,361	819,129,439

EQUITY AND LIABILITIES
EQUITY:
Share capital	9	250,000,000	250,000,000
Own Shares	9	(1,404,226)	(1,426,791)
Reserves and retained earnings	10	316,888,259	319,139,671
Profit/(Loss) for the year		36,326,929	12,198,782
TOTAL EQUITY		601,810,961	579,911,662
LIABILITIES:
NON-CURRENT LIABILITIES:
Bank Loans	11	55,093,422	45,125,994
Bonds	11	57,072,902	42,123,598
Other non current liabilities		275,494	107,760
Total Non-Current Liabilities		112,441,818	87,357,352
CURRENT LIABILITIES:
Trade creditors		115,596	101,559
Bank Loans	11	20,350,000	25,990,000
Other creditors	12	79,143,128	124,763,497
Other current liabilities	13	1,422,857	1,005,369
Total Current Liabilities		101,031,581	151,860,425
TOTAL LIABILITIES		213,473,399	239,217,777

TOTAL EQUITY AND LIABILITIES		815,284,361	819,129,439

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016 AND 2015

(Amounts expressed in euro)

	Notes	30-09-2016	30-09-2015

Operational profit
Other operating income		85,032	17,443
Operational profit total		85,032	17,443
Operational loss
External supplies and services	14	(766,133)	(771,984)
Staff costs	15	(1,113,497)	(1,016,475)
Depreciation and amortisation		(1,116)	(1,662)

Other operating expenses Operational profit/(loss)		(98,887)	(92,665)
Financial Expenses	16	(1,894,601) (5,046,101)	(1,865,343) (7,328,620)
Financial Income	16	14,079,409	25,454,818
Net financial income / (expenses)		9,033,308	18,126,198

Investment income Profit/(Loss) before taxation	16	28,824,170	(2,394,157)
		35,962,877	13,866,698
taxation Profit/(Loss) for the year	17	364,052 36,326,929	2,200,169 16,066,867
Profit/(Loss) per share

INDIVIDUAL INCOME STATEMENTS BY NATURE
FOR THE THIRD QUARTERS OF 2016 AND 2015
(Amounts expressed in euro)

	3º Quarter 16 1	3º Quarter 15 1

Operational profit
Other operating income	30,996	5,722
Operational profit total	30,996	5,722
Operational loss
External supplies and services	(279,642)	(279,650)
Staff costs	(465,801)	(320,962)
Depreciation and amortisation	(362)	(226)
Other operating expenses	(6,154)	(46,889)
Operational loss total	(751,959)	(647,727)
Operational profit/(loss)	(720,963)	(642,005)
Financial Expenses	(1,493,465)	(2,413,149)
Financial Income	4,631,533	9,107,394
Net financial income / (expenses)	3,138,068	6,694,245
Investment income	(444)	(5,894,795)
Profit/(Loss) before taxation	2,416,661	157,445
taxation	221,263	1,525,060
Profit/(Loss) for the year	2,637,924	1,682,505
Profit/(Loss) per share
Basic and Diluted	0.010691	0.006830

SONAE CAPITAL, SGPS, SA
INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016 AND 2015
(Amounts expressed in euro)

	30-09-2016	30-09-2015

Individual net profit/(loss) for the period	36,326,929	16,066,867

Items that may be reclassified subsequently to net profit / (loss):

Changes in the currency translation differences
Share of other comprehensive income of associates and joint ventures accounted for by the
equity method (Note 5)	-	-

Change in the fair value of assets available for sale	-	-
Change in the fair value of cash flow hedging derivatives	-	-

Tax related to other comprehensive income captions	-	-
	-	-
Other comprehensive income for the period
Total comprehensive income for the period	36,326,929	16,066,867

SONAE CAPITAL, SGPS, SA
INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

FOR THE THIRD QUARTERS OF 2016 AND 2015
(Amounts expressed in euro)

Individual net profit/(loss) for the period	3º Quarter 16 2,637,924	3º Quarter 15 1,682,506
Items that may be reclassified subsequently to net profit / (loss):
Changes in the currency translation differences
Share of other comprehensive income of associates and joint ventures accounted for by the equity method (Note 5)	-	-
Change in the fair value of assets available for sale	-	-
Change in the fair value of cash flow hedging derivatives	-	-
Tax related to other comprehensive income captions	-	-
Other comprehensive income for the period	-	-

Total comprehensive income for the period	2,637,924	1,682,506

(Amounts expressed in euro)

	Share Capital	Own Shares	Fair Value Reserves	Other Reserves	Retained Earnings	Sub total	Net Profit/(Loss)	Total Equity
Balance as at 1 January 2015	250,000,000	(1,486,301)	8,611,464	293,493,001	-	302,104,465	17,035,205	567,653,369
Total individual comprehensive income for the period	-	-	-	-	-	-	16,066,867	16,066,867
Appropriation of profit of 2014:	-	-	-	-	-	-	-	-
Transfer to legal reserves and retained earnings	-	-	851,760	16,183,445	-	17,035,205	(17,035,205)	-
Dividends paid	-	-	-	-	-	-	-	-
(Acquisition)/Sales of own shares	-	72,435	-	-	-	-	-	72,435
Other changes	-	-	-	-	-	-	-	-
Balance as at 30 September 2015	250,000,000	(1,413,866)	9,463,224	309,676,446	-	319,139,670	16,066,867	583,792,671
Balance as at 1 January 2016	250,000,000	(1,426,791)	9,463,225	309,676,446	-	319,139,671	12,198,782	579,911,662

Total individual comprehensive income for the period	-	-	-	-	-	-	36,326,929	36,326,929
Appropriation of profit of 2015:	-	-	-	-	-	-	-	-
Transfer to legal reserves and retained earnings	-	-	609,939	-	11,588,843	12,198,782	(12,198,782)	-
Dividends paid	-	-	-	(3,080,184)	(11,588,843)	(14,669,027)	-	(14,669,027)
(Acquisition)/Sales of own shares Other changes	- -	22,565 -	- -	218,832 -	- -	218,832 -	- -	241,397 -
Balance as at 30 September 2016	250,000,000	(1,404,226)	10,073,164	306,815,094	-	316,888,258	36,326,929	601,810,961

SONAE CAPITAL, SGPS, SA

(Amounts expressed in euro)

	Notes	30-09-2016	30-09-2015	3º Quarter 16	3º Quarter 15

OPERATING ACTIVITIES:
Cash receipts from trade debtors		9.512	-	-	-
Cash receipts from trade creditors		795.508	771.018	254.825	253.459
Cash paid to employees		689.942	1.114.308	276.385	220.018
Cash flow generated by operations		(1.475.938)	(1.885.326)	(531.210)	(473.477)
Income taxes (paid) / received Other cash receipts and (payments) relating to operating activities		262.439 124.049	(3.443.231) (192.577)	30.315 460.701	(3.443.750) (195.478)
Net cash from operating activities (1)		(1.614.328)	1.365.328	(100.824)	2.774.794
INVESTMENT ACTIVITIES:

Cash receipts arising from:
Investments		2.484	394.573.565	2.102	48.030.853
Tangible assets Interest and similar income		5.000 25.008.205	- 16.205.629	5.000 8.765.688	- 10.708.974
Dividends	16	34.791.098	22.184.180	6.744.800	-
Others		777.933	-	-	-
Loans granted		-	594.439	-	594.439
		60.584.720	433.557.813	15.517.590	59.334.266
Cash Payments arising from:
Investments		1.103.963	-	-	-
Tangible assets		1.250	11.003	-	1.488
Loans granted		1.371.028	346.654.649	(1.959.940)	(6.298.123)
		2.476.241	346.665.652	(1.959.940)	(6.296.636)
Net cash used in investment activities (2)		58.108.479	86.892.161	17.477.530	65.630.901
FINANCING ACTIVITIES:
Cash receipts arising from:
Sale of own shares		144.043	72.435	-	-
Loans obtained		93.850.000	9.100.000	30.200.000	(3.518.574)
		93.994.043	9.172.435	30.200.000	(3.518.574)

Cash Payments arising from:
Interest and similar charges		5.004.703	5.361.590	1.410.979	1.456.527
Dividends		14.665.371	-	-	-
Loans obtained		118.648.915 138.318.989	97.350.754 102.712.344	3.440.479 4.851.458	74.901.954 76.358.481
Net cash used in financing activities (3)		(44.324.946)	(93.539.910)	25.348.542	(79.877.055)

Net increase in cash and cash equivalents (4) = (1) + (2) + (3)		12.169.205	(5.282.421)	42.725.248	(11.471.359)
Cash and cash equivalents at the beginning of the period	8	30.562.977	5.112.291	6.936	11.301.230

Cash and cash equivalents at the end of the period 8 42.732.183 (170.129) 42.732.183 (170.129)

SONAE CAPITAL, SGPS, SA

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016

(Translation from the Portuguese Original) (Amounts expressed in Euro)

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

a) of article 118 of the Commercial Companies Code. The Company's financial statements are presented as required by the Commercial Companies Code. According to Decree-Law 158/2009 of 13 July of 2009, the Company's financial statements have been prepared in accordance with International Financial Reporting Standards

MAIN ACCOUNTING POLICIES The main accounting policies adopted in preparing the accompanying individual financial statements are consisting with those used in the financial statements presented for the year ended 31 December 2015.

Basis of preparation Interim financial statements are presented quarterly, in accordance with IAS 34 –

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

CHANGES IN ACCOUNTING POLICIES During the period there were no changes in accounting policies or prior period errors.
FINANCIAL INVESTMENTS As at 30 September 2016 and 31 December 2015 Investments are detailed as follows:

	30 September 2016	31 December 2015
Investments in affiliated and associated undertakings	361,968,778	360,864,815
Investments in other companies
Sonae RE - (0,04%)	1,200	1,200
Fundo Invest. Imob. Imosonae Dois - (0,001%)	-	2,546
Matadouro Alto Alentejo, SA - (0,89%)	1	1
NET Novas Tecnologias, SA - (0,98%)	23,034	23,034
Fundo F HITEC - (6,48%)	250,950	250,950
	362,243,963	361,142,546
Impairment	(15,098,241)	(8,353,441)
	347,145,722	352,789,105

4.1 Investments in affiliated and associated undertakings As at 30 September 2016 and 31 December 2015, the detail of Investments in Affiliated and Associated Companies is as shown in the table below:

Sociedade	% Held	Book Value	Equity	Profit / (Loss) for the
				period
CAPWATT, S.G.P.S., S.A.	100.00%	2,725,000	8,019,049	5,291,138
Fundo Esp de Invest. Imob Fechado WTC	59.87%	42,268,382	73,444,868	2,432,291
Troiaresort, SGPS, S.A.	100.00%	167,132,793	79,953,946	(1,590,994)
Interlog - SGPS, S.A.	98.94%	21,658,210	21,846,189	23,362
Lidergraf - Artes Gráficas, SA.	24.50%	1,125,301	7,157,537	845,825
SC Assets S.G.P.S., SA	100.00%	25,577,659	28,248,151	10,949,678
SC Hospitality, S.G.P.S., S.A.	100.00%	5,857,175	6,719,852	278,567
SC Finance B.V.	100.00%	263,698	(10,658,548)	(786,274)
SC-Eng. e Promoção imobiliária, S.G.P.S., S.A.	100.00%	34,575,100	13,872,349	12,672,349
Sistavac, SGPS, S.A.	70.00%	32,492,436	40,865,462	(24,871)
Solinca - Health & Fitness, S.A.	100.00%	14,446,494	3,795,741	238,143
Spred, S.G.P.S., S.A.	100.00%	13,846,529	199,261	56,287

Perdas por imparidade

SC Assets S.G.P.S., SA	3,469,412
Spred, S.G.P.S., S.A.	11,628,829
Total	15,098,241

Total 361,968,778

Sociedade	% Held	Book Value	Equity	Profit / (Loss) for the
				period
CAPWATT, S.G.P.S., S.A.	100.00%	2,725,000	2,727,911	22,523
Fundo Esp de Invest. Imob Fechado WTC	59.57%	42,057,274	71,930,258	2,803,517
Troiaresort, SGPS, S.A.	100.00%	167,132,793	81,544,939	(1,267,436)
Interlog - SGPS, S.A.	98.94%	21,658,210	21,822,827	69,173
Lidergraf - Artes Gráficas, SA.	24.50%	1,125,301	5,657,875	920,936
SC Assets S.G.P.S., SA	100.00%	25,577,659	17,298,473	(2,965,535)
Sonae Turismo, S.G.P.S., S.A.	100.00%	5,857,175	6,441,284	(8,964,192)
SC Finance B.V.	100.00%	263,698	(9,872,274)	(10,166,776)
SC-Eng. e Promoção imobiliária, S.G.P.S., S.A.	100.00%	34,575,100	28,471,076	1,353,511
Sistavac, SGPS, S.A.	70.00%	32,492,436	41,890,333	742,129
Solinca - Health & Fitness, S.A.	100.00%	13,553,639	327,590	(892,854)
Spred, S.G.P.S., S.A. Total	100.00%	13,846,529 360,864,815	6,887,774	(1,923,514)

Total	8,353,441
Spred, S.G.P.S., S.A.	4,884,029
SC Assets S.G.P.S., SA	3,469,412

Perdas por imparidade

Investments carried at cost correspond to those in unlisted companies and for

which a fair value cannot be reliably estimated. In 2015, impairment tests on financial investments were performed, based on external valuations of the real estate of group companies or DCF methodology, to

assess the fair value of such investments. These assessments use discount rates that correspond to the weighted average rates of the cost of capital (WACC), calculated on the basis of the business type in which they operate and its target capital structures, and are in the range [6.98% - 11.86%]. There were considered five-year projections and considering no growth in perpetuity.

As at 30 September 2016 and 31 December 2015, the detail of Impairments on Investments in Affiliated and Associated Companies is as shown in the table below:

	Variation
	(6,744,800)
	-
	(6,744,800)
30 September 2016 (11,628,829) (3,469,412)	31 December 2015 (4,884,029) (3,469,412) (15,098,241) (8,353,441)

OTHER NON-CURRENT ASSETS As at 30 September 2016 and 31 December 2015, other non-current assets are detailed as follows:

	30 September 2016	31 December 2015

Loans granted to group companies: SC Assets, SGPS, SA	180,647,991	181,059,991
Troiaresort, S.G.P.S., SA	186,861,637	186,861,637
SC Finance BV	5,885,000	5,885,000

Solinca - Health & Fitness, SA	907,222 374,301,850	2,995,000 376,801,628

These assets were not due or impaired as at 30 September 2016. The fair value of

loans granted to Group companies is basically the same as their book value. Loans to group companies interest at market rates and are repayable within a period exceeding one year. The interest rate as at 30 September 2016 stood, in average, at approximately 4.472%.

OTHER CURRENT ASSETS and INCOME TAX As at 30 September 2016 and 31 December 2015, other current assets and Income tax are made up as follows:

OTHER CURRENT ASSETS

	30 September 2016	31 December 2015

Trade debtors Other Debtors - Group	- 568	9,512 1,097,451
Loans granted	35,153,806	31,283,000
Other Debtors	2,893	28,188
Accrued income	5,372,636	16,240,101

Deferred costs	283,447 40,813,349	486,827 49,145,079

Income tax withheld	1,987,366	1,525,643
	42,800,715	50,670,722

The balance registered at Shareholding, other Operations is related to the values transferred from subsidiaries under the IRC regime (RETGS).

As at 30 September 2016 and 31 December 2015, the item Loans Granted is related to financial operations with the following subsidiaries:

	30 September 2016	31 December 2015
SC Assets, SGPS, SA	1,837,290	10,000
SC Sociedade de Consultadoria, SA	-	5,000
SC Hospitality, SGPS, SA	6,198,954	5,341,000
CAPWATT, SGPS, S.A.	6,457,600	16,711,000
Inparvi SGPS, SA	94,314	108,000
SC Finance BV	-	5,748,000
SC, SGPS, S.A.	13,678,641	-
Solinca - Health & Fitness, SA	1,617,114	1,147,000
Spred SGPS SA	2,489,422	-
Troiaresort, S.G.P.S., SA	2,780,472	2,213,000
	35,153,806	31,283,000

Loans to group companies interest at market rates and are repayable within a period inferior to one year. The interest rate as at 30 September 2016 stood, in average, at approximately 3.165%.

As at 30 September 2016 and 31 December 2015, the item Income tax is made up as follows:

	30 September 2016	31 December 2015
Income tax withheld	231,984	576,441
Income tax (advanced payment)	1,008,307	1,570,680

Income tax	747,074 1,987,366	(621,478) 1,525,643

The amount registered in Accrued Income includes 5,923,504 euro relative to interest o loan granted to subsidiaries.

Deferred Costs includes 232,548 euros relative to bank commissions that are deferred for the loan period.

DEFERRED TAXES Deferred tax assets and liabilities as at 30 September 2016 and 31 December 2015, can be detailed as follows, split between the different types of temporary

	Deferred tax assets		Deferred tax liabilities
	30 September 2016	31 December 2015	30 September 2016	31 December 2015
Tax losses carried forward	8,275,218	8,275,218	-	-
Others	-	-	-	-

During the periods ended 30 September 2016 and 31 December 2015, movements in deferred tax are as follows:

	Deferred tax assets		Deferred tax liabilities

				-

				-
				-
				-
				-
Closing balance	8,275,218	8,275,218	-	-

In accordance with the tax statements presented by companies that recorded deferred tax assets arising from tax losses carried forward, as at 30 September 2016 and 31 December 2015, tax losses carried forward can be summarized as follows:

	30 September 2016				31 December 2015
	Prejuízo fiscal	Deferred tax assets	To be used until	Prejuízo fiscal	Deferred tax assets	To be used until

	61,175	12,847	2018	61,175	12,847	2018
Generated in 2013	11,725,573	2,462,370	2026	11,725,573	2,462,370	2026
Generated in 2014	27,619,048	5,800,000	2028	27,619,048	5,800,000	2028
Generated in 2015	39,405,796	8,275,217		39,405,796	8,275,217

The constitution of deferred tax assets was based on the analysis of the relevance of its recognition, notably as regards the possibility of their recovered, given the

prospects for medium and long term of the company. The deferred tax assets recognized resulting from fiscal losses are recorded to the

extent that it is probable that taxable profit will occur in the future. The valuation of deferred tax assets is based on the business plans of the Group

companies, periodically reviewed and updated. Since fiscal year 2014, most of the Group's subsidiaries, based in Portugal, are part of the perimeter of the taxed Corporate Group in accordance with the Special Taxation Regime for Company Groups (RETGS), whose parent company is the Sonae Capital,

SGPS, SA. The analysis carried out on 30 September 2016, resulted that there is reasonable expectation of recovery of deferred tax assets recorded before their date of expiry.

CASH AND CASH EQUIVALENTS As at 30 September 2016 and 31 December 2015, cash and cash equivalents can be detailed as follows:

	30 September 2016	31 December 2015
	-	-
Cash	42,732,183	30,562,977
Bank deposits	42,732,183	30,562,977
Cash and cash equivalents in the balance sheet
Bank overdrafts	-	-
Cash and cash equivalents in the cash flow statement	42,732,183	30,562,977

EQUITY The share capital of Sonae Capital SGPS, SA both in September 2016 and December 2015 is represented by 250,000,000 ordinary shares, which do not have the right to

a fixed remuneration, with a nominal value of 1 euro each. As at 30 September 2016, Sonae Capital SGPS, SA holds 5,516,226 own shares representing 2.206% of the share capital (5,914,571 shares at 31 December 2015), recorded by 1,404,226 euros (1,426,791 euros at 31 December 2015) (Note 10).

RESERVES As at 30 September 2016 and 31 December 2015 the caption Other Reserves can be detailed as follows:

	30 September 2016	31 December 2015
	172,772,616	175,611,402
Free reserves	132,638,253	132,638,253
Demerger reserve	1,404,226	1,426,791
Own shares reserve
	306,815,095	309,676,446

Free Reserves: These reserves result from the transfer of the positive results obtained in retained exercises and can be distributed to shareholders provided they are not required to cover losses.

The overall value of the demerger reserve (Note 1), representing the difference between the book value of the stake in SC, SGPS, SA (382,638,252 euro) which was highlighted Sonae, SGPS, SA for the Company and the amount of capital social Society (250,000,000 euros) which is comparable to the legal Reserve, according to the Companies Code, may not be distributed to the shareholders except in the event of liquidation of the Company, but may be used to absorb accumulated losses, after

other reserves are exhausted, or can be incorporated into capital. Legal Reserve: Under the law, at least 5% of annual net profit is positive, should be allocated to the legal reserve until it represents 20% of the share capital. This reserve is not distributable except in the event of liquidation of the company, but can be used to absorb losses after the other reserves, or increase capital. On 30 September

2016 the value of this item amounts to 10,073,164 Euros. Reserve own shares: This reserve, established in accordance with article 342 of the CSC, is the same amount of the own shares value held by the company. This reserve is unavailable while the own shares are in possession of the company.

LOANS As at 30 September 2016 and 31 December 2015 this caption included the following loans:

	30 September 2016		31 December 2015
	Current	Non Current	Current	Non Current
Bank loans
Sonae Capital SGPS - commercial paper a)	20,350,000	-	-	-
Sonae Capital SGPS - commercial paper d)	-	8,250,000	8,250,000	-
Sonae Capital SGPS - commercial paper b)	-	17,300,000	-	-
Sonae Capital SGPS - commercial paper c)	-	10,000,000	-	30,000,000
	-	-	3,290,000	9,047,500
Sonae Capital SGPS e)	-	-	3,250,000	1,500,000
Sonae Capital SGPS - commercial paper g)	-	-	1,200,000	4,800,000
Sonae Capital SGPS - commercial paper i)	-	20,000,000	-	-
Sonae Capital SGPS - commercial paper j) Up-front fees not yet charged to income statement	-	(456,578)	-	(221,506)
	20,350,000	55,093,422	15,990,000	45,125,994
Bank overdrafts (Note 8)	-	-	-	-
	20,350,000	55,093,422	15,990,000	45,125,994
Bond Loans
	-	-	10,000,000	-
Obrigações Sonae Capital 2011/2016 f)	-	42,500,000	-	42,500,000
Obrigações Sonae Capital 2014/2019 h)	-	15,000,000	-	-
Obrigações Sonae Capital 2016/2021 k) Up-front fees not yet charged to income statement	-	(427,098)	-	(376,402)
	-	57,072,902	10,000,000	42,123,598

	20,350,000	112,166,324	25,990,000	87,249,592

a) Short term commercial paper programme, issued on 28 March 2008 and valid for a 10 year period, which may be extended at the option of Sonae Capital. Placed in investors or financial institutions and guaranteed by credit lines, with commitment of at least six months to a year,
placed in relationship banks. b) Commercial paper programme, with subscription guarantee, issued on 31 March 2011 and valid up to August 2018, except if the reimbursement is anticipated under the contracted terms of
the call/put option, in August 2016. This loan is guaranteed by a mortgage on real estate assets c) Commercial paper programme, with subscription guarantee, issued on 27 December 2012 and
valid up to December 2017. d) Commercial paper programme, with subscription guarantee, issued on 31 December 2015, with
annual renewals up to 3 years. e) Bank loan guarantee by a mortgage on real estate, started on 2 June 2011 and valid up to
September 2019, with quarterly payments. f) Bond loan Sonae Capital, SGPS 2011/2016, repayable after 5 years, in one instalment, on 17
January 2016. This bond issue pays interest every six months. g) Commercial paper programme, with subscription guarantee, issued on 7 May 2014 and valid for
a 3 year period, with semi-annual payments. h) Bond loan Sonae Capital, SGPS 2014/2019, repayable after 5 years, in one instalment, on 28 May
1. This bond issue pays interest every six months. i) Commercial paper programme, with subscription guarantee, issued on 18 March 2015 and valid
up to March 2020, with annual payments. j) Commercial paper programme, with subscription guarantee, issued on 23 June 2016 and valid
for a 5 year period, with annual payments. k) Bond loan Sonae Capital, SGPS 2016/2021, repayable after 5 years, in one instalment, on 29 July 2021. This bond issue pays interest every six months.

The interest rate on bank loans and bonds in force on 30 September 2016 was on

average 2.419% Bank loans pay interest rates that are indexed to the Euribor market rates of the

period, and its fair value is considered close to its book value. In case of any Bank institution or commercial paper investor do not renew, at the maturity date, its respective loans, the Group has credit lines available to overcome such renewables

No derivatives instruments.

OTHER CREDITORS As at 30 September 2016 and 31 December 2015 other creditors can be detailed as follows:

	30 September 2016	31 December 2015

Other creditors	78,552,350	122,913,765
Group companies - Short term loans	590,778	1,849,732
Other creditors	79,143,128	124,763,497

As at 30 September 2016 and 31 December 2015 the caption loans granted is relative to financial operations granted to the following subsidiaries:

	30 September 2016	31 December 2015

Group companies - Short term loans:	21,810,400	21,836,500
Interlog-SGPS,SA	-	5,885,051
SC Finance BV	-	48,703,000
SC, SGPS, SA	37,872,000	21,292,214
SC-Eng. e Promoção Imobiliária,SGPS,S.A.	23,200	14,000
SC For - Serv. de For. e Desenv. de Recur. Hum., Unipe., Lda	18,846,750	21,002,000
Sistavac, SGPS, S.A.	-	4,181,000
Spred, SGPS, SA	78,552,350	122,913,765

Loans obtained from group companies bear interest at market rates and are repayable within one year. The interest rate as at 30 September 2016 was, in

average, approximately 0.234%. The item Other Creditors - other, there are included 578,015 euros regarding transfers from subsidiaries of tax estimates under the special regime RETGS.

SUPLIERS, TAXES AND OTHER CURRENT LIABILITIES As at 30 September 2016 and 31 December 2015 these items were as follows:

	30 September 2016	31 December 2015

Trade creditors	115,596	101,559
Taxes payable - income tax	-	-
Taxes payable - other taxes	50,635	58,272
Other current liabilities
Accruals:
Staff costs	524,028	378,224
Interest payable	795,051	449,038
Other accruals	-	115,543
Deferred income	53,143	4,292
	1,422,857	1,005,369

As at 30 September 2016 and 31 December 2015 the Other taxes can be detailed as follows:

	30 September 2016	31 December 2015
	-	-
Income taxation	26,369
Income taxation - amounts withheld	78	39,568
VAT	24,187	462
Social security contributions	-	18,242 -
Stamp tax	50,635	58,272

EXTERNAL SUPPLIES AND SERVICES As at 30 September 2016 and 2015 External Supplies and services can be detailed as follows:

30 September 2015
(31,987)
(37,501)
(18,490)
(637,729)
(46,277)
(771,984)
30 September 2016 (11,166) (32,657) (29,456) (663,043) (29,811) (766,133)

STAFF COSTS As at 30 September 2016 and 2015, staff costs were made up as follows:

	30 September 2016	30 September 2015
	(880,509)	(848,646)
Governing bodies' remunerations	(102,458)	-
Staff and other sectors remunerations	(122,539)	(90,306)
Social security contributions	(7,991)	(77,523)
Other staff costs	(1,113,497)	(1,016,475)

NET FINANCIAL EXPENSES AND INVESTMENT INCOME As at 30 September 2016 and 2015, Net Financial Expenses and Investment Income can be detailed as follows:

	30 September 2016	30 September 2015
Interest payable and similar expenses
Interest arising from:
	(1,650,038)	(2,187,220)
Bank loans	(1,343,688)	(1,670,827)
Bonds	(116,551)	(1,561,904)
Other	(1,935,823)	(1,908,669)
Other financial expenses	(5,046,101)	(7,328,620)

Interest receivable and similar income	14,079,409	25,454,818
Interest income	14,079,409	25,454,818
	9,033,308	18,126,198
Net financial expenses
	(6,744,800)	60,653,147
Reversal of /and Impairment losses (Note 4.1)	34,791,098	22,184,180
Dividends received		(85,231,483)
Other income	777,871 28,824,170	(2,394,157)
Investment income

As at 30 September 2016, the amount mentioned in "Interest arising from Other" refers in its entirety the interest incurred with current loans obtained from group companies.

As at 30 September 2016, the amount of dividends received from affiliated company can be detailed as follows:

Lidergraf, SA	75,222
SC EPI SGPS, SA	27,271,077
Sistavac SGPS, SA	700,000
Spred SGPS	6,744,800
	34,791,098

As at 30 September 2016 the amount recorded under Other income regards to income earned from the WTC Fund.

TAXATION As at 30 September 2016 and 2015, Taxation was made up as follows:

	30 September 2016	30 September 2015
Current tax	(364,052)	2,050,412
	-	149,757
Deferred tax (Note 7)	(364,052)	2,200,169

Sonae capital is taxable according to the RETGS.

EARNINGS PER SHARE Earnings per share for the periods ended at 30 September 2016 and 2015 were calculated taking into consideration the following amounts:

	30 September 2016	30 September 2015
Net profit
Net profit taken into consideration to calculate basic
earnings per share (Net profit for the period )	36,326,929	16,066,867
Effect of dilutive potential shares	-	-
Net profit taken into consideration to calculate
diluted earnings per share	36,326,929	16,066,867

Number of shares
Weighted average number of shares used to calculate
basic earnings per share	246,740,156	246,333,804

Weighted average number of shares used to calculate
	246,740,156	246,333,804
diluted earnings per share
	0.147227	0.065224

COMPLIANCE WITH LEGAL REQUIREMENTS Art 5 nr 4 of Decree-Law nr 495/88 of 30 December changed by art 1 of Decree-

Law nr 318/94 of 24 December. In the period ended 30 September 2016 there was no shareholders' loan contracts entered.

In the period ended 30 September 2016 short-term loan contracts were entered with the companies Solinca-Health and Fitness,SA, SC Engª. Promoção Imobiliária, SA, SC For – Serv. De Formação e Desenv. De Recur. Hum., Unipessoal, Lda, Spred SGPS, S.A. and SC, SGPS, S.A.

As at 30 September 2016 amounts due by affiliated companies can be summarized

Loans and Short term loans granted

Earnings per share (basic and diluted)

Companies	Closing Balance
SC Assets, SGPS, SA	182,485,281
SC Hospitality, SGPS, SA	6,198,954
CAPWATT, SGPS, S.A.	6,457,600
Inparvi SGPS, SA	94,314
SC Finance BV	5,885,000
SC, SGPS, S.A.	13,678,641
Solinca - Health & Fitness, SA	2,524,335
Troiaresort, S.G.P.S., SA	189,642,109

Spred SGPS SA	2,489,422 409,455,656

As at 30 September 2016 amounts due to affiliated companies can be summarized

Companies	Closing Balance
SC For - Serv. de For. e Desenv. de Recur. Hum., Unipe., Lda	23,200
SC - Engª e Prom. Imobiliária SA	37,872,000
Sistavac, SGPS, S.A.	18,846,750

Interlog-SGPS,SA	21,810,400 78,552,350

SUBSEQUENT EVENTS No significant events, requiring further disclosure, have occurred after 30 September 2016.
APPROVAL OF THE FINANCIAL STATEMENTS These financial statements were approved by the Board of Directors and authorized for issue on 04 November 2016.

Board of Directors

REPORT AND ACCOUNTS 30 September 2016

Anabela Nogueira de Matos Representative for Capital Markets Relations E-mail: [email protected] Tel.: +351 220129528

Nuno Parreiro Investor Relations Officer E-mail: [email protected] Tel.: +351 220107903

Sonae Capital, SGPS, SA Lugar do Espido, Via Norte Apartado 3053 4471 – 907 Maia Portugal

www.sonaecapital.pt

AI Terminal

Sonae SGPS

1901_10-q_2016-11-29_38e97139-5d8d-4de1-bd02-271f0b4b2d8d.pdf

REPORT AND ACCOUNTS

PART I REPORT OF THE BOARD OF DIRECTORS

THIRD QUARTER NET RESULTS OF 3.4M€. PERFORMANCE SHOWS POSITIVE PROGRESSES IN THE MAJORITY OF THE BUSINESSES, VISIBLE IN THE 12.7% TOP

THE FIRST NINE MONTHS RESULTS CONFIRM THE DEFINED STRATEGY WITH

3. SEGMENTS PERFORMANCE 3.1. RESORTS

GLOSSARY

APPENDIX

PART II CONSOLIDATED FINANCIAL STATEMENTS

SONAE CAPITAL, SGPS, SA CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016 AND 2015

SONAE CAPITAL, SGPS, SA

4. GROUP COMPANIES INCLUDED IN THE

5. INVESTMENTS IN ASSOCIATED AND JOINTLY

12. TRADE ACCOUNTS RECEIVABLE AND OTHER

capital increases.

18. DERIVATIVES Interest rate derivatives

and internationally.

22. PROVISIONS AND ACUMULATED IMPAIRMENT

PART III INDIVIDUAL FINANCIAL STATEMENTS

SONAE CAPITAL, SGPS, SA

SONAE CAPITAL, SGPS, SA

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2016

More from Sonae SGPS

Talk to a Data Expert