Patris Investimentos

Quarterly Report • Nov 30, 2015

SONAE INVESTIMENTOS, SGPS, SA

Head Office: Rua João Mendonça, 529 – 4464-501 Senhora da Hora

Share Capital 1,000,000,000 Euro

Porto Commercial Registry and Fiscal Number 501 532 927

REPORT AND ACCOUNTS

30 September 2015

Management Report Sonae Investimentos – S.G.P.S., S.A.

In accordance with Portuguese Law and the company's articles of association, we hereby present the management report of Sonae Investimentos ‐ S.G.P.S., S.A. for the first nine months of 2015.

Activity evolution for the period

During the course of the first nine months of 2015, the consolidated turnover of Sonae Investimentos totalled 3 524 million euros, which corresponds to an increase of 0.8% when compared to the same period in the previous year.

The Company's operating cash‐flow (EBITDA) reached 247 million euros, which represents a 4.4% increase versus last year (+10 million euros). This includes a reduction of the contribution of Sonae MC, negatively affected by the highly competitive market environment in food retail, and of Sonae SR, where, it should be noted that operating costs were negatively affected by adverse exchange‐rate effects related to raw‐materials purchased in dollars.

This EBITDA performance is impacted by the development of the real estate assets monetisation strategy, namely the four sale and leaseback transactions in 1H15 which totalled 185 million euros, and generated capital gains of 40 million euros. Notwithstanding the completion of these transactions, Sonae RP continues to be focused on monetising additional assets.

Overall, EBITDA margin stood at 7.0% of turnover (+0.2pp above the first nine months of 2014).

Operating results (EBIT), increased to 121 million euros in the period, and increase of 8 million euros when compared to the first nine months of 2014. This performance implies that operational results margin amounted to 3.4% of turnover, increasing 0.2pp over last year's.

Sonae Investimentos consolidated net result in the first nine months of 2015 totalled 61 million euros, 15 million euros above the comparable period of 2014.

At the end of June, Sonae Investimentos detained an overall portfolio of 1,320 stores1, corresponding to a sales area of 1,091 thousand m21. During the period, the company continued to evolve its store network in both national and international markets. Sonae SR continued to consolidate its store networks and had, in particular, a total of 168 stores outside of Portugal, including 62 under franchising agreements.

Sonae MC also continued to further develop its store network, opening 1 Continente Modelo, 5 Continente Bom Dia, 51 Meu Super Stores (all under franchise agreements), 9 Well's (5 of which under franchise

¹ Excludes Geostar

agreements), 7 Bom Bocado / Bagga (1 under franchise agreement) and 7 note! (4 under franchise agreement).

In parallel to the expansion effort, the company carried out a refurbishment programme in a number of retail units so as to ensure they remain as a reference in their respective catchment areas. Total investment amounted to 164 million euros during the first nine months of the year (125 million euros in 2014 comparable period).

Outlook

Sonae Investimentos strategic guidelines privilege growth and the strengthening of the value proposition based on a continued investment in efficiency and innovation. This positioning, consistently adopted by the Company, has allowed for the combination of strong growth rhythms with strong profitability benchmarks, and once again will be at the basis of the Company´s performance during the course of the next months.

Methodological note

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

Maia, 2 of November 2015

The Board of Directors,

Duarte Paulo Teixeira de Azevedo

Ângelo Gabriel Ribeirinho dos Santos Paupério

Glossary

Turnover (t)

sale of articles + services rendered.

Operating Cash‐flow (EBITDA)

turnover + other income ‐ negative goodwill ‐ reversal of impairment loses ‐ operational costs + gains / losses on sales of assets ‐ provision for extensions of guarantees + results of companies consolidated via equity method.

Operating results (EBIT)

EBITDA – amortisations and impairment losses.

Net Investment

increase in gross fixed assets (tangible and intangible) + changes in perimeter (as a result of acquisitions and disposals) ‐ disposals in gross fixed assets (tangible and intangible) + increases in goodwill.

Net debt

current borrowings + noncurrent borrowings + financial leasing creditors – cash and cash equivalents – other current financial investments

Gearing

ratio between net financial debt and shareholders' funds

Net Capital Employed

gross fixed assets (tangible and intangible) + other gross real estate assets (including goodwill) ‐ amortisations and impairment losses + financial investments + working capital

Condensed consolidated

financial statements

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2015 AND 2014 AND 31 DECEMBER 2014

(Amounts expressed in euro)

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

ASSETS	Notes	30 September 2015	30 September 2014 Restated Note 4	31 December 2014 Restated Note 4	1 January 2014 Restated Note 4
NON-CURRENT ASSETS:
Tangible assets	9	1,650,442,539	1,785,664,227	1,798,574,339	1,820,583,824
Intangible assets	10	199,529,913	177,888,146	185,442,788	163,731,471
Goodwill	11	498,933,536	498,186,402	498,166,236	498,186,402
Investments in joint ventures and associates	6	39,036,552	40,819,956	40,703,708	51,797,067
Other investments	7 and 12	11,971,443	11,571,873	11,572,032	13,401,237
Deferred tax assets	15	89,783,552	119,751,622	81,753,780	117,412,133
Other non-current assets	13	27,057,006	23,358,117	29,450,786	23,103,739
Total Non-Current Assets		2,516,754,541	2,657,240,343	2,645,663,669	2,688,215,873
CURRENT ASSETS:
Inventories		590,380,776	559,091,636	601,898,771	588,396,336
Trade account receivable and other current assets	14	337,494,997	339,588,151	255,835,519	240,029,563
Investments	12	533,158	5,048,408	4,001,344	42,105
Cash and cash equivalents	16	60,264,493	65,082,487	101,826,265	71,510,332
Total Current Assets		988,673,424	968,810,682	963,561,899	899,978,336
Assets held for sale	17	4,525,381	-	-	-
TOTAL ASSETS		3,509,953,346	3,626,051,025	3,609,225,568	3,588,194,209
EQUITY AND LIABILITIES
EQUITY:
Share capital	18	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000
Own shares		(320,000,000)	(320,000,000)	(320,000,000)	(320,000,000)
Reserves and retained earnings		(86,507,839)	(110,866,065)	(111,463,435)	10,429,313
Profit/(Loss) for the period attributable to the equity holders of the Parent Company		61,364,991	46,623,395	70,697,244	(84,265,323)
Equity attributable to the equity holders of the Parent Company		654,857,152	615,757,330	639,233,809	606,163,990
Equity attributable to non-controlling interests	19	62,050,702	82,922,942	80,234,962	84,312,167
TOTAL EQUITY		716,907,854	698,680,272	719,468,771	690,476,157
LIABILITIES:
NON-CURRENT LIABILITIES:
Loans	20	560,654,545	405,511,333	388,725,787	768,686,701
Other non-current liabilities	22	441,862,997	452,445,667	437,747,822	444,708,892
Deferred tax liabilities	15	87,729,224	126,689,041	91,057,069	116,937,919
Provisions	25	14,877,612	22,196,688	22,396,928	29,588,227
Total Non-Current Liabilities		1,105,124,378	1,006,842,729	939,927,606	1,359,921,739
CURRENT LIABILITIES:
Loans Trade creditors and other current liabilities	20 24	197,360,586	485,802,690	407,205,050	72,398,603
		1,487,122,271	1,432,011,595	1,539,185,884	1,462,679,721
Provisions	25	3,438,257	2,713,739	3,438,257	2,717,989
Total Current Liabilities		1,687,921,114	1,920,528,024	1,949,829,191	1,537,796,313
TOTAL LIABILITIES		2,793,045,492	2,927,370,753	2,889,756,797	2,897,718,052
TOTAL EQUITY AND LIABILITIES		3,509,953,346	3,626,051,025	3,609,225,568	3,588,194,209

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

SONAE INVESTIMENTOS, SGPS, SA

CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)	Notes	3rd Quarter 2015	3 rd Quarter 2014		30 September 2015 30 September 2014
Sales	31	1,257,476,339	1,253,326,091	3,481,508,718	3,461,544,552
Services rendered	31	15,467,211	13,596,167	42,669,570	36,312,124
Investment income investments recorded at fair value through profit		151,242	(10,093,667)	(4,583,838)	(9,521,831)
Financial income		2,358,799	1,764,693	7,850,361	4,838,002
Other income	27	153,985,618	122,473,604	508,119,538	379,508,273
Cost of goods sold and materials consumed		(1,030,322,161)	(978,398,219)	(2,852,134,016)	(2,739,170,593)
Changes in stocks of finished goods and work in progress		(106,730)	(47,318)	(91,583)	44,512
External supplies and services		(152,440,145)	(147,321,692)	(428,954,973)	(415,975,744)
Staff costs		(144,334,872)	(142,386,377)	(449,059,739)	(436,527,765)
Depreciation and amortisation	9, 10 and 31	(40,017,654)	(39,684,036)	(120,133,629)	(118,664,820)
Provisions and impairment losses	31	(307,970)	(106,504)	(2,309,152)	(1,465,779)
Financial expense		(17,763,878)	(18,186,425)	(54,295,726)	(55,480,887)
Other expenses		(18,165,036)	(18,958,992)	(59,922,895)	(40,987,665)
Share of results of joint ventures and associetad companies	6	(257,881)	(137,759)	(1,264,846)	(1,776,985)
Profit/(Loss) before taxation		25,722,882	35,839,565	67,397,790	62,675,393
Taxation	29	6,229,330	(10,507,481)	(3,429,133)	(13,949,306)
Profit/(Loss) after taxation		31,952,212	25,332,084	63,968,657	48,726,087
Attributable to:
Equity holders of the Parent Company		30,570,187	23,681,543	61,364,991	46,623,395
Non-controlling interests	19	1,382,025	1,650,541	2,603,666	2,102,692
Profit/(Loss) per share
Basic	30	0.033967	0.026313	0.068183	0.051804
Diluted	30	0.033967	0.026313	0.068183	0.051804

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

SONAE INVESTIMENTOS, SGPS, SA

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)	3rd Quarter 2015	3rd Quarter 2014	30 September 2015	30 September 2014
Net Profit / (Loss) for the period	31,952,212	25,332,084	63,968,657	48,726,087
Items that maybe reclassified subsequently to profit or loss:
Exchange differences arising on translation of foreign operations	135,829	(33,201)	204,691	(143,250)
Participation in other comprehensive income (net of tax) related to joint ventures and associated companies included in consolidation by the equity method (Note 6.3)	(2,320,596)	(358,841)	(3,106,048)	609,907
Changes in hedge and fair value reserves	532,875	2,584,713	(2,209,051)	3,710,517
Deferred taxes related with other components of comprehensive income	(133,413)	(765,882)	541,767	(1,104,934)
Others	265,519	-	265,519	-
Other comprehensive income for the period	(1,519,786)	1,426,789	(4,303,122)	3,072,240
Total comprehensive income for the period	30,432,426	26,758,873	59,665,535	51,798,327
Attributable to:
Equity holders of parent company	29,090,527	25,159,056	57,151,032	49,753,714
Non controlling interests	1,341,899	1,599,817	2,514,503	2,044,613

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

The Board of Directors

Page 8 12.11.2015

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIODS ENDED 30 SEPTEMBER 2015 AND 2014

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

			and tain ed ning Res Re Ear erv es s
	Sha re C apit al	Ow n S har es	Leg al R ese rve	Cur ren cy tran slat ion Res erv e	Hed ging Res erv e	al R Leg ese rve s in a rda cco nce wit h a rtic le 342 º C SC	Oth er R ese rve s and Re tain ed Ear ning s	Tot al	fit/ (Los Net Pro s)	Tot al	Non lling ntro co Con toll ing Inte rest s (No 9) te 1	Tot al E quit y
(Am ed in e ) ts e oun xpr ess uro				Att ribu	tab le t o E quit y H	olde f Pa t Co rs o ren	mpa ny
Bala 1 Ja ry 2 014 - Re ted at sta nce as nua	1,0 00, 000 ,00 0	(32 0,0 00, 000 )	140 2,4 69 ,64	628 3 ,57	(43 9,4 33)	320 ,00 0,0 00	(45 0,4 02, 296 )	10, 429 ,31 3	(84 ,26 5,3 23)	606 3,9 90 ,16	84, 312 ,16 7	690 ,47 6,1 57
Tot al c nsiv e in e fo r th erio d omp ree com e p	-	-	-	(85 ,17 1)	2,6 05, 583	-	609 ,90 7	3,1 30, 319	46, 623 ,39 5	49, 753 ,71 4	2,0 44, 613	51, 798 ,32 7
App riat ion of p rofi t of 20 13 rop Tra nsfe leg al r nd ined rnin r to reta ese rve s a ea gs Divi den ds d istr ibut ed Oth ers	- - -	- - -	595 ,34 7 - -	- - -	- - -	- - -	(84 ,86 0,6 70) (40 ,00 0,0 00) (16 74) 0,3	(84 ,26 5,3 23) (40 ,00 0,0 00) (16 74) 0,3	84, 265 ,32 3 - -	- (40 ,00 0,0 00) (16 75) 0,3	- - (3, 8) 433 ,83	- (40 ,00 0,0 00) (3, 2) 594 ,21
Bala 0 S emb - R d at 3 ept er 2 014 est ate nce as	1,0 00, 000 ,00 0	(32 ) 0,0 00, 000	7,8 141 ,23 16	543 ,40 2	2,1 66, 150	320 ,00 0,0 00	(57 4,8 ) 13, 433	(11 0,8 65) 66,0	46, 623 ,39 5	615 ,75 7,3 30	82, 922 ,94 2	698 ,68 0,2 72
Bala at 1 Ja ry 2 015 - R est ate d nce as nua	1,0 00, 000 ,00 0	(32 ) 0,0 00, 000	141 ,23 7,8 16	436 ,04 5	1,3 66, 865	320 ,00 0,0 00	(57 ) 4,5 04, 161	(11 ) 1,4 63, 435	70, 697 ,24 4	639 ,23 3,8 09	80, 234 ,96 2	719 ,46 8,7 71
Tot al c reh ive inco for the riod omp ens me pe	-	-	-	255 ,24 4	(1, 4) 628 ,67	-	(2, 9) 840 ,52	(4, 9) 213 ,95	61, 364 ,99 1	57, 151 ,03 2	2,5 14, 503	59, 665 ,53 5
App riat ion of p rofi t of 20 14 rop nsfe leg al r nd ined rnin Tra r to reta ese rve s a ea gs Divi den ds d istr ibut ed tial disp l or isiti of affi liate d c anie Par osa aqu ons omp s Oth ers	- - - -	- - - -	29, 702 ,45 0 - - -	- - - -	- - - -	- - - -	40, 994 ,79 4 (40 00) ,00 0,0 (1, 9) 527 ,68 -	70, 697 ,24 4 (40 00) ,00 0,0 (1, 9) 527 ,68 -	(70 44) ,69 7,2 - - -	- (40 00) ,00 0,0 (1, 9) 527 ,68 -	- (87 29) 3,3 (19 68) ,82 5,4 34	- (40 29) ,87 3,3 (21 57) ,35 3,1 34
Bala at 3 0 S ept emb er 2 015 nce as	1,0 00, 000 ,00 0	(32 ) 0,0 00, 000	170 ,94 0,2 66	691 ,28 9	(26 9) 1,80	320 ,00 0,0 00	(57 ) 7,8 77, 585	(86 39) ,50 7,8	61, 364 ,99 1	654 ,85 7,1 52	62, 050 ,70 2	716 ,90 7,8 54

The accompanying notes are part of these condensed consolidated financial statements. The Board of Directors

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 SEPTEMBER 2015 AND 2014
(Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails)
(Amounts expressed in euro)	Notes	3rd Quarter 2015	3rd Quarter 2014	30 September 2015	30 September 2014
OPERATING ACTIVITIES
Net cash flow from operating activities (1)		156,213,091	209,497,467	50,873,847	117,906,760
INVESTMENT ACTIVITIES
Cash receipts arising from:
Investments		550,056	414,829	1,125,403	4,476,734
Tangible assets and investment properties	9	727,645	5,708,949	184,350,256	12,090,352
Interests and similar income		382,609	238,833	1,025,421	870,786
Loans granted		56,739,000	3,136,369	61,239,000	492,687,308
Dividends		151,243	-	448,086	166,727
		58,550,553	9,498,980	248,188,166	510,291,907
Cash Payments arising from:
Investments		(200,123)	(5,850,140)	(29,173,362)	(5,850,180)
Tangible assets and investment properties		(48,851,714)	(39,031,137)	(154,196,468)	(124,383,280)
Loans granted		(57,316,000)	(3,174,749)	(61,762,948)	(491,987,308)
		(106,367,837)	(48,056,026)	(245,132,778)	(622,220,768)
Net cash used in investment activities (2)		(47,817,284)	(38,557,046)	3,055,388	(111,928,861)
FINANCING ACTIVITIES
Cash receipts arising from:
Loans obtained		1,068,348,311	1,452,183,000	3,099,242,750	2,728,186,329
		1,068,348,311	1,452,183,000	3,099,242,750	2,728,186,329
Cash Payments arising from:
Loans obtained		(1,237,232,098)	(1,606,512,198)	(3,165,421,294)	(2,714,475,994)
Interests and similar charges		(3,996,426)	(6,434,864)	(18,748,922)	(23,889,043)
Dividends		(40,644,560)	(40,000,000)	(40,757,859)	(40,132,874)
Others		(745,712)	(680,643)	(1,684,489)	(1,699,348)
		(1,282,618,796)	(1,653,627,705)	(3,226,612,564)	(2,780,197,259)
Net cash used in financing activities (3)		(214,270,485)	(201,444,704)	(127,369,814)	(52,010,930)
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)		(105,874,678)	(30,504,283)	(73,440,579)	(46,033,031)
Effect of foreign exchange rate		(1,636,812)	82,376	(1,944,651)	26,049
Cash and cash equivalents at the beginning of the period	16	134,440,029	55,635,369	101,698,092	71,107,790
Cash and cash equivalents at the end of the period	16	30,202,164	25,048,710	30,202,164	25,048,710

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

SONAE INVESTIMENTOS, SGPS, SA

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2015

(Amounts expressed in euro)

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

1 INTRODUCTION

Sonae Investimentos, SGPS, SA, has its head‐office at Rua João Mendonça nº 529, 4464‐501 Senhora da Hora, Portugal, and is the parent company of a group of companies, as detailed in Notes 5 to 7 the Sonae Investimentos Group ("Sonae Investimentos"). Sonae Investimentos's operations and operating segments are described in Note 31.

2 PRINCIPAL ACCOUNTING POLICIES

The accounting policies adopted are consistent with those used in the preparation of the consolidated financial statements for the period ended as at 31 December 2014.

Basis of preparation

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

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

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

New accounting standards and their impact on the consolidated financial statements:

Up to the financial statements approval date, the following Standards and Interpretations, some of which become effective in 2015, have been endorsed by the European Union:

With mandatory application from 1 January 2015:	Effective Date (for financial years beginning on or after)
IAS 19 (Amendment) – (Employee Benefits)	01 Jul 2014
Improvements of international financial reporting standards (2010‐2012 cycle and 2011‐ 2013 cycle)	01 Jul 2014
IFRIC 21 – (Levies)	17 Jun 2014

These standards were first applied by the Group in 2015. The application of these standards and interpretations had no material effect on the financial statements of the Group as at 30 September 2015.

The following standards, interpretations, amendments and revisions haven't been until the date of approval of these financial statements, endorsed by the European Union, whose application is mandatory in future financial years.

	Effective Date (for
With mandatory application after 2015:	financial years
	beginning on or after)

IFRS 9 ‐ (Financial instruments – classification and measurement)	01 Jan 2018
IFRS 10, IFRS 12 and IAS 28 (Amendement) – Investment Entities – Applying the Consolidation Exception	01 Jan 2016
IFRS 11 (Amendment) – (Accounting for Acquisitions of Interests in Joint Operations)	01 Jan 2016
IAS 16 and IAS 38 (Amendment) – (Clarification of Acceptable Methods of Depreciation and Amortisation)	01 Jan 2016
IAS 27 (Amendment) – (Equity Method in Separate Financial Statements)	01 Jan 2016
IFRS 15 – (Revenues from Contracts with Customers )	01 Jan 2018
Improvements of internacional financial reporting standards (2012‐ 2014 cycle)	01 Jan 2016

The Group did not proceed to earlier adoption of any of these standards on the financial statements for the period ended on the 30 September 2015, since their application is not yet mandatory. The impacts of the above mentioned standards are being analysed by the Group, and with the exception of IFRS 9 and IFRS 15, important impacts are not to be expected.

3 CHANGES IN ACCOUNTING POLICIES

During the period it was adopted a set of accounting standards, interpretations, amendments and revisions issued in previous periods and whose implementation became mandatory after 1ST January 2015 as disclosed in Note 2 and which didn't have any significant impacts on the financial statements as at 30 September 2015.

4 RESTATMENT OF FINANCIAL STATEMENTS

Under the "Special Regime of Debt Adjustments to the Fiscal Authorities and Social Security (Decree Law No. 248‐A/2002 (PMFL) and Decree Law No. 151‐A/2013 (RERD)), Sonae Investimentos has made voluntarily payments in the past years (2002 and 2013) to the State relating to additional tax assessments of previous years, for which, had already appealed to the competent courts.

Until the time of those payments the assessment made, and not changed since then, is that these claims correspond to contingencies which probability of being decided against Sonae Investimentos intents is remote and that such claims are motivated by different interpretations of the applicable tax legislation, hence corresponding to uncertain tax positions. As a result of this assessment, the claims were disclosed in the financial statements as they correspond to contingent liabilities.

Amounts paid under those schemes were recognized as assets under the caption "Other debtors", according to the "IAS 12 ‐ Income taxes" in the case of amounts related to IRC. In respect of payments of other taxes, and considering that applicable accounting rules are silent in relation with those, Sonae Investimentos used a similar accounting policy, meaning the payments were also recognized as assets.

However CMVM disagreed with Sonae Investimentos´s interpretation and requested the restatement of the financial statements regarding to payments made of taxes arguing that the tax payments which exclude income tax should be considered contingent assets. Although disagreeing with the CMVM's position, Sonae Investimentos performed the restatement of financial statements, which impact is nil in the income statement and immaterial in the statement of financial position.

The impact of the restatement in the statement of financial position can be analysed as follows:

		31 December 2014			30 September 2014		01 January 2014
Amounts in thousands of euros	Before the restatement	Restated of PMFL and RERD	After the restatement	Before the restatement	Restated of PMFL and RERD	After the restatement	Before the restatement	Restated of PMFL and RERD	After the restatement
Assets
Tangible and Intangible assets	1,984,017	‐	1,984,017	1,963,552	‐	1,963,552	1,984,315	‐	1,984,315
Goodwill	498,166	‐	498,166	498,186	‐	498,186	498,186	‐	498,186
Investments	52,276	‐	52,276	52,392	‐	52,392	65,198	‐	65,198
Deferred tax assets	81,754	‐	81,754	119,752	‐	119,752	117,412	‐	117,412
Other non‐current assets	45,288	(15,837)	29,451	23,358	‐	23,358	23,104	‐	23,104
Non‐current assets	2,661,501	(15,837)	2,645,664	2,657,240	‐	2,657,240	2,688,215	‐	2,688,215
Current assets	963,562	‐	963,562	984,648	(15,837)	968,811	915,816	(15,837)	899,979
Total assets	3,625,063	(15,837)	3,609,226	3,641,889	(15,837)	3,626,052	3,604,031	(15,837)	3,588,194
Liabilities	‐
Loans	388,726	‐	388,726	405,511	‐	405,511	768,687	‐	768,687
Other non‐current liabilities	551,202	‐	551,202	601,331	‐	601,331	591,235	‐	591,235
Non‐current liabilities	939,928	‐	939,928	1,006,843	‐	1,006,843	1,359,922	‐	1,359,922
Loans	510,624	‐	510,624	485,803	‐	485,803	72,399	‐	72,399
Other current liabilities	1,439,205	‐	1,439,205	1,434,725	‐	1,434,725	1,465,397	‐	1,465,397
Total current liabilities	1,949,829	‐	1,949,829	1,920,528	‐	1,920,528	1,537,796	‐	1,537,796
Total liabilities	2,889,757	‐	2,889,757	2,927,371	‐	2,927,371	2,897,718	‐	2,897,718
Shareholders' funds excluding non‐controlling interests	655,071	(15,837)	639,234	631,595	(15,837)	615,758	622,001	(15,837)	606,164
Non‐controlling interests	80,235	‐	80,235	82,923	‐	82,923	84,312	‐	84,312
Total shareholders' funds	735,306	(15,837)	719,469	714,518	(15,837)	698,681	706,313	(15,837)	690,476
Total shareholders' funds and liabilities	3,625,063	(15,837)	3,609,226	3,641,889	(15,837)	3,626,052	3,604,031	(15,837)	3,588,194

5 GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

The subsidiaries included in the consolidated financial statements, its head offices and percentage of capital held as at 30 September 2015 and 31 December 2014 are as follows:

					Percentage of capital held
				30 September 2015		31 December 2014
	COMPANY		Head Office	Direct*	Total*	Direct*	Total*
	Sonae Investimentos, SGPS, SA		Matosinhos	Holding	Holding	Holding	Holding
	Sonae MC
	BB Food Service, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Bom Momento – Restauração, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Contibomba ‐ Comércio e Distribuição de Combustíveis, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Continente Hipermercados. SA	a)	Lisboa	100.00%	100.00%	100.00%	100.00%
	Farmácia Selecção. SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
1)	MJB – Design, Lda	a)	Maia	100.00%	100.00%	‐	‐
	Modelo.com ‐ Vendas p/Correspond., SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Modelo Continente Hipermercados, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Modelo Continente International Trade, SA	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%

SONAE INVESTIMENTOS, SGPS, SA

Pharmacontinente ‐ Saúde e Higiene, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Pharmaconcept – Actividades em Saúde, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Sonae MC – Modelo Continente. SGPS, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Sonae SR
Discovery Sports, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Fashion Division, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Fashion Division Canárias, SL	a)	Tenerife (Spain)	100.00%	100.00%	100.00%	100.00%
HighDome PCC Limited (Cell Europe)	a)	Valeta (Malta)	100.00%	100.00%	100.00%	100.00%
Infofield – Informática, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Modalfa ‐ Comércio e Serviços, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Modalloop – Vestuário e Calçado, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
SDSR – Sports Division SR, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Sonae Retalho España ‐ Servicios Generales, SA	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
Sonae SR Malta Holding Limited	a)	Valeta (Malta)	100.00%	100.00%	100.00%	100.00%
Sonae SR – Serviços e Logística, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Sonae Specialized Retail. SGPS, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Sport Zone Canarias, SL	a)	Tenerife (Spain)	60.00%	60.00%	51.00%	51.00%
Sport Zone España ‐ Comércio de Articulos de Deporte, SA	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
Sport Zone Sport Maiz.Per.Satis.Ith.Ve tic Ltd Sti	a)	Istambul (Turquey)	100.00%	100.00%	100.00%	100.00%
Têxtil do Marco, SA	a)	Marco de Canaveses	92.76%	92.76%	92.76%	92.76%
Worten Canarias, S.L.	a)	Tenerife (Spain)	60.00%	60.00%	51.00%	51.00%
Worten – Equipamento para o Lar, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Worten España Distribución, S.L.	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
Zippy – Comércio e Distribuição, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Zippy ‐ Comércio Y Distribución, SA	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
Zippy Cocuk Malz.Dag.Ith.Ve Tic Ltd.Sti	a)	Istambul (Turquey)	100.00%	100.00%	100.00%	100.00%
ZYEvolution‐ Investig.e Desenvolvimento, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%

SONAE INVESTIMENTOS, SGPS, SA

Sonae RP

Arat Inmuebles, SA	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
Azulino Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Bertimóvel ‐ Sociedade Imobiliária, SA	a)	Matosinhos	100,00%	100,00%	100,00%	100,00%
Canasta ‐ Empreendimentos Imobiliários, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Chão Verde ‐ Sociedade de Gestão Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Citorres ‐ Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Contimobe ‐ Imobiliária de Castelo de Paiva, SA	a)	Castelo de Paiva	100.00%	100.00%	100.00%	100.00%
Cumulativa ‐ Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Fozimo ‐ Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Fundo de Investimento Imobiliário Fechado Imosede	a)	Maia	72.87%	72.87%	57.82%	57.82%
Fundo de Investimento Imobiliário Fechado Imosonae Dois	a)	Maia	97.94%	97.94%	98.55%	98.55%
Igimo ‐ Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Iginha ‐ Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Imoconti ‐ Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Imoestrutura ‐ Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Imomuro ‐ Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Imoresultado ‐ Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Imosistema ‐ Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
MJLF ‐ Empreendimentos Imobiliários, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Modelo Hiper Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Ponto de Chegada ‐ Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Predicomercial ‐ Promoção Imobiliária, SA	a)	Maia	100.00%	100,00%	100.00%	100.00%
Predilugar ‐ Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Selifa ‐ Empreendimentos Imobiliários, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Sempre à Mão ‐ Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Sesagest ‐ Proj.Gestão Imobiliária, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
Socijofra ‐ Sociedade Imobiliária, SA	a)	Gondomar	100.00%	100.00%	100.00%	100.00%

SONAE INVESTIMENTOS, SGPS, SA

Sociloures ‐ Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Sonaerp – Retail Properties, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
Sondis Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Valor N, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Others
Marcas MC, zRT	a)	Budapest (Hungary)	100.00%	100.00%	100.00%	100.00%
Modelo ‐ Distribuição de Materiais de Construção, SA	b)	Maia	50.00%	50.00%	50.00%	50.00%
SIAL Participações, Ltda	a)	São Paulo (Brazil)	100.00%	100.00%	100.00%	100.00%
Soflorin, BV	a)	Amesterdam (Netherlands)	100.00%	100.00%	100.00%	100.00%
Sonae Capital Brasil, Lda	a)	São Paulo (Brazil)	100.00%	100.00%	100.00%	100.00%
Sonae Financial Services, SA	a)	Maia	100.00%	100,00%	100.00%	100.00%
Sonaecenter Serviços II, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Sonaegest‐ Sociedade Gestora de Fundos de Investimento, SA	a)	Maia	60.00%	60.00%	60.00%	60.00%
Sonvecap, BV	a)	Amesterdam (Netherlands)	100.00%	100.00%	100.00%	100.00%
Tlantic, BV	a)	Amesterdam (Netherlands)	77.66%	77.66%	77.66%	77.66%
Tlantic Portugal ‐ Sistemas de Informação, SA	a)	Matosinhos	100.00%	77.66%	100.00%	77.66%
Tlantic Sistemas de Informação, Ltda	a)	Porto Alegre (Brazil)	100.00%	77.66%	100.00%	77.66%

*the percentage of ownership" total" represents the total percentage of interest held by the Group; the percentage of capital held "direct" corresponds to the percentage (s) subsidiary which owns the stake in question holds the share capital of this company.

a) Control held by majority of voting rights which confer power of relevant activities that influence;

b) Control held by management control.

1) Company acquired during the period.

These entities are consolidated using the full consolidation method, considering that they are controlled by Sonae Investimentos SGPS. S.A..

6 JOINT VENTURES AND ASSOCIATED COMPANIES

6.1 Detail of book value of Investment in joint ventures and associates

Jointly controlled entities and associated companies included in the consolidated financial statements, their head offices and the percentage of share capital held at 30 September 2015 and 31 December 2014 are as follows:

				Percentage of capital held
			30 September 2015	31 December 2014 Restated			Statment of financial position
Company	Head Office	Direct*	Total*	Direct*	Total*	30 September 2015	31December 2014 Restated
Raso SGPS, SA (consolidated) 1)	Lisbon	100.00%	100.00%	100.00%	50.00%	‐	‐
Investmentsin joint ventures						‐	‐
MDS SGPS, SA (consolidated)	Maia	46.92%	46.92%	46.92%	46.92%	34,721,865	39,105,848
Sempre a Postos ‐ Produtos Alimentares e Utilidades, Lda	Lisbon	25.00%	25.00%	25.00%	25.00%	1,253,121	1,180,061
APOR‐ Agência para a Modernização do Porto, SA	Porto	22.75%	22.75%	22.75%	22.75%	389,361	417,799
2) Ulabox, S.L.	Barcelona	28.57%	28.57%	‐	‐	2,672,205	‐
Investmentsin associated companies						39,036,552	40,703,708
Total						39,036,552	40,703,708

* the percentage of ownership "total" represents the total percentage of interest held by the Group; the percentage of capital held "direct" corresponds to the percentage (s) subsidiary which owns the stake in question holds the share capital of this company.

1) In June 29, 2015, the Group acquired the remaining 50% of Raso SGPS, SA and classified this investment as a non‐current asset held for sale (Note 17);

2) Associated acquired during the period.

Joint ventures and associated companies were included in the consolidated financial statements by the equity method.

6.2 Financial indicators of participations

As at 30 September 2015 and 2014 and 31 December 2014, financial information of associated companies can be analysed as follows:

	30 September 2015				31 December 2014 Restated
Associated Companies	MDS SGPS, SA (Consolidated)	Sempre a Postos	Ulabox	Others	MDS SGPS, SA (Consolidated)	Sempre a Postos	Others
Non‐current assets	65,607,414	1,933,080	1,270,286	19,054	79,408,394	2,407,921	3,862
Current assets	19,299,396	10,912,168	3,607,207	1,766,897	20,903,270	9,551,507	1,935,474
Non‐current liabilities	43,774,881	8,594	‐	‐	47,199,037	17,263	‐
Total current liabilities	25,542,337	7,824,175	269,211	74,471	28,667,592	7,221,923	50,580
Shareholders' funds excluding non‐controlling interests	15,589,592	5,012,479	4,608,282	1,711,479	24,445,035	4,720,242	1,888,757

SONAE INVESTIMENTOS, SGPS, SA

		30 September 2015				30 September 2014
Associated Companies	MDS SGPS, SA (Consolidated)	Sempre a Postos	Ulabox	Others	MDS SGPS, SA (Consolidated)	Sempre a Postos	Others
Turnover	32,134,990	39,050,382	2,865,962	53,259	31,189,771	37,113,244	‐
Other operational income	492,482	3,378,879	107,856	‐	358,885	3,449,007	‐
Operational expenses	(33,170,305)	(40,500,625)	(4,348,940)	(204,534)	(32,669,293)	(39,290,383)	‐
Net finantial expense	(1,934,607)	10,445	‐	26,301	(2,390,948)	(8,348)	‐
Taxation	251,529	(460,609)	‐	(28)	433,786	(312,233)	‐
Consolidated net income/(loss) for the year	(2,225,812)	1,478,482	(1,375,122)	(125,001)	(2,927,668)	951,292	‐
Other comprehensive income for the period	‐	‐	‐	‐	‐	‐	‐
Total comprehensive income for the period	(2,225,812)	1,478,482	(1,375,122)	(125,001)	(2,927,668)	951,292	‐

6.3 Movements occurred in the period

During the period ended at 30 September 2015 and 2014, movements in investments in joint ventures and associated companies are as follows:

		30 September 2015			30 September 2014
	Proportion on equity	Goodwill	Total investment	Proportion on equity	Goodwill	Total investment
Joint ventures
Initial balance as at January,1 Equity method:	‐	‐	‐	1,629,998	8,520,204	10,150,202
Effect in gain or losses in joint ventures	‐	‐	‐	(56,614)	‐	(56,614)
Accumulated impairment losses	‐	‐	‐	(1,573,384)	(8,520,204)	(10,093,588)
	‐	‐	‐	‐	‐	‐
Associated companies
Initial balance as at January,1	6,493,202	34,210,506	40,703,708	7,436,359	34,210,506	41,646,865
Acquisitions during the period Equity method:	1,599,541	1,400,759	3,000,300	300,000	‐	300,000
Effect in gain or losses in associated companies	(1,264,846)	‐	(1,264,846)	(1,720,370)	‐	(1,720,370)
Distributed dividends	(296,562)	‐	(296,562)	(16,446)	‐	(16,446)
Other effects on reserves	(3,106,048)	‐	(3,106,048)	609,907	‐	609,907
	3,425,287	35,611,265	39,036,552	6,609,450	34,210,506	40,819,956
Total	3,425,287	35,611,265	39,036,552	6,609,450	34,210,506	40,819,956

7 OTHER NON‐CURRENT INVESTMENTS

Other non‐current investments, their head offices, percentage of share capital held and book value as at 30 September 2015 and 31 December 2014 are as follows:

			Percentage of capital held
		30 September 2015			31 December 2014 Restated	Statment of financial position
Company	Head Office	Direct	Total	Direct	Total	30 September 2015	31December 2014 Restated
Dispar ‐ Distrib. de Participações, SGPS, SA	Lisbon	14.28%	14.28%	14.28%	14.28%	9,976	9,976
Insco ‐ Insular de Hipermerc., SA	Ponta Delgada	10.00%	10.00%	10.00%	10.00%	898,197	898,197
Solferias‐ Operadores Turísticos, SA	Lisbon	11.11%	11.11%	11.11%	11.11%	133,162	133,162
MOVVO, SA	Porto	16.00%	16.00%	9.09%	9.09%	800,000	400,000
Other investments						10,130,108	10,130,697
						11,971,443	11,572,032

On 30 September 2015, are included in "Other Investments", among others 9,998,825 euro (10,000,046 euro as at 31 December 2014) related to deposited amounts on an Escrow Account which is invested in investment funds with superior rating and contractual liability guarantees assumed in the disposal of a Sonae Distribuição Brazil and for which provisions were recorded in the applicable situations (Note 24 and 25).

Although in accordance with the deadlines contractually established, the Escrow Account should have already been released by the buyer, that didn't happen as there are some points of disagreement on the use of the Escrow Account, namely as whether or not, to retain the Escrow Account for on‐going fiscal procedures that have not yet been decided (Note 24). It is the understanding of the Board of Directors, based on legal opinions of Brazilian and Portuguese lawyers that the reason attends to Sonae Investimentos.

The Other Investments are recorded at acquisition cost net of impairment losses. It is Sonae Investimentos understanding that no reliable fair value estimate can be made as there is no market data available for these investments.

8 CHANGES IN CONSOLIDATION PERIMETER

The acquisition occurred in the period ended as at 30 September 2015 was as follows:

COMPANY	Head Office	Direct	Total
Sonae MC
MJB ‐ Design, Lda	Maia	100.00%	100.00%

The effects of this acquisition in the consolidated financial statements can be analyzed as follows:

	On the date of acquisition	30 September 2015
Net assets
Tangible and intangible assets (Note 9 and 10)	24,793	24,137
Other assets	166,487	584,709
Cash and cash equivalents	28,531	6,341
Other liabilities	(70,987)	(420,522)
	148,824	194,665
Goodwill (Note 11)	767,300
Acquisition cost	916,124
Effective cash payment	916,124
	916,124
Net cash‐flow arising from acquisition
Effective cash payment	916,124
Cash and cash equivalents acquired	(28,531)
	887,593

	On the date of acquisition	9months
Sales	395,175	576,770
Other income	129	11,621
Cost of goods sold and materials consumed	(178,127)	(273,722)
External supplies and services	(65,972)	(115,266)
Other expenses	(88,064)	(144,454)
Net financial expenses	(2,807)	(2,807)
Profit/(Loss) before taxation	60,334	52,142
Profit/(Loss) before taxation	(14,493)	(14,493)
Profit/(Loss) after taxation	45,841	37,649

9 TANGIBLE ASSETS

During the nine months period ended at 30 September 2015 and 2014, movements in tangible assets as well as depreciation and accumulated impairment losses, are made up as follows:

			Tangible assets
	Land and	Plant and	Other tangible	Tangible assets	Total tangible
	buildings	machinery	assets	in progress	assets
Gross assets:
Opening balance as at 1 January 2015	1,669,407,572	1,273,732,256	168,118,559	27,211,209	3,138,469,596
Acquisitions	5,073,285	1,031,799	104,164	96,544,502	102,753,750
Acquisitions of subsidiaries (Note 8)	24,896	1,674	18,033	‐	44,603
Disposals	(171,280,431)	(44,451,718)	(6,363,877)	(2,786,149)	(224,882,175)
Exchange rate effect	(271,170)	‐	(272,624)	‐	(543,794)
Transfers	5,937,616	74,148,260	12,711,308	(93,956,333)	(1,159,149)
Closing balance as at 30 September 2015	1,508,891,768	1,304,462,271	174,315,563	27,013,229	3,014,682,831
Accumulated depreciation
and impairment losses
Opening balance as at 1 January 2015	433,631,117	771,959,695	134,304,445	‐	1,339,895,257
Depreciation of the period	18,130,889	77,820,619	9,662,524	‐	105,614,032
Impairment losses for the period (Note 25)	‐	44,502	‐	‐	44,502
Acquisitions of subsidiaries (Note 8)	7,396	474	12,940	‐	20,810
Disposals	(37,419,862)	(36,502,886)	(6,090,298)	‐	(80,013,046)
Exchange rate effect	(261,537)	‐	(211,155)	‐	(472,692)
Transfers	(2,643)	(479,663)	(366,265)	‐	(848,571)
Closing balance as at 30 September 2015	414,085,360	812,842,741	137,312,191	‐	1,364,240,292
Carrying amount as at 30 September 2015	1,094,806,408	491,619,530	37,003,372	27,013,229	1,650,442,539

SONAE INVESTIMENTOS, SGPS, SA

	Tangible assets
	Land and buildings	Plant and machinery	Other tangible assets	Tangible assets in progress	Total tangible assets
Gross assets:
Opening balance as at 1 January 2014	1,657,183,620	1,234,317,728	161,976,772	30,494,978	3,083,973,098
Acquisitions	5,391,941	1,128,707	276,378	81,262,364	88,059,390
Disposals of subsidiaries	(2,758,249)	(397,643)	(3,492)	‐	(3,159,384)
Disposals	(7,513,463)	(31,694,740)	(3,901,792)	(3,986,892)	(47,096,887)
Exchange rate effect	5,762	48,994	46,113	‐	100,869
Transfers	14,021,667	58,879,674	8,527,203	(80,360,681)	1,067,863
Closing balance as at 30 September 2014	1,666,331,278	1,262,282,720	166,921,182	27,409,769	3,122,944,949
Accumulated depreciation
and impairment losses
Opening balance as at 1 January 2014	409,051,726	725,545,159	128,792,389	‐	1,263,389,274
Depreciation of the period	18,944,232	75,837,808	9,784,253	‐	104,566,293
Disposals of subsidiaries	(210,643)	(168,610)	(3,492)	‐	(382,745)
Disposals	(849,128)	(24,552,834)	(3,714,628)	‐	(29,116,590)
Exchange rate effect	5,441	44,534	27,122	‐	77,097
Transfers	1,193,054	(1,626,448)	(819,213)	‐	(1,252,607)
Closing balance as at 30 September 2014	428,134,682	775,079,609	134,066,431	‐	1,337,280,722
Carrying amount as at 30 September 2014	1,238,196,596	487,203,111	32,854,751	27,409,769	1,785,664,227

The value of disposals in "Tangible assets" includes the sale and leaseback transactions of 15 food retail assets located in Portugal. These operations amounted 184.7 million euro, corresponding to assets with a net book value of about 134 million euro, generating a capital gain of approximately 40 million euro (Note 27).

The most significant values included in the caption "Tangible assets in progress" refer to the following projects:

	30 September 2015 30 September 2014
Refurbishment and expansion of stores located in Portugal 16,270,489	17,533,331
Refurbishment and expansion of stores located in Spain 1,041,222	639,546
Projects of stores for which advance payments were made 9,359,900	8,879,900
Others 341,618	356,992
27,013,229	27,409,769

10 INTANGIBLE ASSETS

During the nine months period ended at 30 September 2015 and 2014, movements in intangible assets as well as depreciation and accumulated impairment losses, are made up as follows:

		Intangible assets
	Patents and other similar rights	Other intangible assets	Intangible assets in progress	Total intangible assets
Gross assets
Opening balance as at 1 January 2015	103,463,568	234,715,645	36,352,643	374,531,856
Acquisitions	36,990	56,834	29,244,982	29,338,806
Acquisitions of subsidiaries (Note 8)	1,000	‐	‐	1,000
Disposals	(63,330)	(661,786)	(362,165)	(1,087,281)
Exchange rate effect	(70,441)	(230,091)	‐	(300,532)
Transfers	497,283	20,500,398	(21,082,688)	(85,007)
Closing balance as at 30 September 2015	103,865,070	254,381,000	44,152,772	402,398,842
Accumulated depreciation
and impairment losses
Opening balance as at 1 January 2015	25,933,771	163,155,297	‐	189,089,068
Depreciation of the period	912,568	13,607,029	‐	14,519,597
Acquisitions of subsidiaries (Note 8)	‐	‐	‐	‐
Disposals	(61,994)	(508,216)	‐	(570,210)
Exchange rate effect	(47,742)	(121,761)	‐	(169,503)
Transfers	(23)	‐	‐	(23)
Closing balance as at 30 September 2015	26,736,580	176,132,349	‐	202,868,929
Carrying amount as at 30 September 2015	77,128,490	78,248,651	44,152,772	199,529,913

		Intangible assets
	Patents	Other	Intangible	Total
	and other	intangible	assets	intangible
	similar rights	assets	in progress	assets
Gross assets
Opening balance as at 1 January 2014	103,163,864	204,395,830	27,711,325	335,271,019
Acquisitions	27,267	313,306	28,815,416	29,155,989
Disposals of subsidiaries	(741)	‐	‐	(741)
Disposals	(436,064)	(775,799)	(423,110)	(1,634,973)
Exchange rate effect	9,146	42,897	‐	52,043
Transfers	367,415	18,064,702	(18,941,730)	(509,613)
Closing balance as at 30 September 2014	103,130,887	222,040,936	37,161,901	362,333,724
Accumulated depreciation and impairment losses
Opening balance as at 1 January 2014	24,647,476	146,892,072	‐	171,539,548
Depreciation of the period	1,343,263	12,755,264	‐	14,098,527
Disposals	(433,032)	(773,785)	‐	(1,206,817)
Exchange rate effect	5,300	15,836	‐	21,136
Transfers	(244)	(6,572)	‐	(6,816)
Closing balance as at 30 September 2014	25,562,763	158,882,815	‐	184,445,578

Carrying amount as at 30 September 2014 77,568,124 63,158,121 37,161,901 177,888,146

11 GOODWILL

On 30 September 2015 and 31 December 2014, the movements in the caption goodwill as well as in the corresponding impairment losses, are as follows:

	30 September 2015	31 December 2014 Restated
Gross value:
Opening balance	505,807,904	505,807,904
Goodwill generated in the period (Note 8)	767,300	‐
Closing balance	506,575,204	505,807,904
Accumulated impairment
losses:
Opening balance	7,641,668	7,621,502
Increases	‐	20,166
Closing balance	7,641,668	7,641,668
Carrying amount	498,933,536	498,166,236

12 OTHER CURRENT AND ON CURRENT INVESTMENTS

During the nine months period ended at 30 September 2015 and 30 September 2014, the movements in the caption "Other Investments" can be detailed as follows:

	30 September 2015		30 September 2014
	Non Current	Current	Non Current	Current
Other investments:
Opening balance as at 1 January	11,572,032	6,123	13,401,237	6,106
Increases in the period	400,631	147	550,029	17
Decreases in the period	‐	(6,270)	(2,512,555)	‐
Increase/(Decrease) in fair value	(1,221)	‐	‐	‐
Others	‐	‐	133,162	‐
Closing balance as at 30 September	11,971,443	‐	11,571,873	6,123
Derivative financial instruments
Fair value as at 1 January	‐	3,995,221	‐	35,999
Acquisitions in the period	‐	‐	‐	4,678,300
Increase/(Decrease) in fair value	‐	(3,462,063)	‐	327,986
Fair value as at 30 September (Note 21)	‐	533,158	‐	5,042,285
Total of OtherInvestments	11,971,443	533,158	11,571,873	5,048,408

In other financial investments non‐current, are recorded 9,998,825 euro (10,000,046 euro as at 31 December 2014), related to deposited amounts on an Escrow Account (Note 7).

13 OTHER NON‐CURRENT ASSETS

As at 30 September 2015 and 31 December 2014, "Other non‐current assets" are detailed as follows:

	30 September 2015	31 December 2014 Restated
Loans granted to related parties	9,291,632	9,014,061
Trade accountsreceivable and other debtors
Bails (a)	4,684,690	5,173,020
Legal deposits (b)	582,465	823,044
Recognition of the value to be received Wall Mart ( c)	5,712,879	7,948,165
Special regime for payment of tax and social security debts (d)	5,202,341	5,202,341
Amount receivable forselling the Modelo Cont.Seguros	2,450,000	2,450,000
	27,924,007	30,610,631
Accumulated impairment losses in other debtors (Note 25)	(2,450,000)	(2,450,000)
	25,474,007	28,160,631
Other non‐current assets	1,582,999	1,290,155
	27,057,006	29,450,786

"Loans granted to associated companies" refer to MDS SGPS, SA 9,291,632 euro (9,014,061 euro as at 31 December 2014). This loan bears interests at usual market rates and do not have a defined maturity.

Most significant values included in "Trade accounts receivable and other debtors" refers to:

• a) Amounts related with guarantees of lease contracts in group stores located in Spain, which have not matured until this date;
• b) Amounts related to legal deposits made by a Brazilian subsidiary, for which are recorded the correspondent liabilities in the caption "Other non‐current liabilities" (Note 22), with no defined maturity;
• c) As a result of agreements signed in 2005 by former subsidiary ‐ Sonae Distribuição Brasil. SA (sold to Wal‐Mart in 2005) with Carrefour Comércio e Indústria Ltda. Sonae Investimentos assumed the responsibility to compensate Carrefour for the expenses that would arise from the 10 stores licensing process in the Brazilian state of São Paulo that were sold to that entity. During 2010, Carrefour triggered a bank warranty "on first demand" amounting to 25.340.145.80 Brazilian real (approximately 5.7 million euro) for alleged expenses incurred with the mentioned stores and that allegedly, arose from the need to remedy deficiencies cited by competent authorities for the licensing process. However no evidence of those expenses was presented to Sonae Investimentos, or proof of necessity of carrying out such costs for the licensing process as established on the mentioned agreement. The variation in the period is explained by the evolution of the exchange rate of the real against the euro. During 2014 Carrefour made a proposition to pay the above mentioned amount having the agreement already been signed in February 2015, for an amount of 35 million Brazilian real.
• d) The amount disclosed as 'Special regime for payment of tax and social security debts' corresponds to taxes voluntarily paid which were previously disputed and subject to reimbursement claims. The tax litigations are still in progress, although following the payment of guarantees previously given where canceled. No impairment loss was recorded since it's the Board of Directors understanding that the decisions over the appeals will be in favour of Sonae Investimentos (Note 4).

14 TRADE ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS

As at 30 September 2015 and 31 December 2014, "Trade accounts receivable and other current assets" are detailed as follows:

	30 September 2015	31 December 2014 Restated
Trade accounts receivable	50,634,354	44,013,595
Taxes recoverable	65,932,665	39,712,092
Granted loans to related companies	57,546,603	30,199,099
Other debtors
Trade suppliers ‐ debtor balances	38,592,151	48,134,288
VAT recoverable on real estate assets	1,372,979	3,313,110
Vouchers and gift cards	1,073,234	2,222,783
Other debtors	25,044,872	18,067,637
	66,083,236	71,737,818
Other current assets
Commercial discounts	85,990,558	59,032,254
Interests to be received	1,404,617	1,122,067
Commissions to be received	3,587,196	2,485,123
Prepayments ‐ Rents	6,215,235	6,201,118
Condominiums management fee's	811,363	729,311
Insurance premiums paid in advance	10,425,785	7,536,483
Software licenses	2,783,677	2,080,744
Other current assets	9,943,870	9,332,437
	121,162,301	88,519,537
Accumulated impairment losses (Note 25)	(23,864,162)	(18,346,622)
	337,494,997	255,835,519

In other accounts receivable from related companies are included about 48.4 million euro of amount receivable from the Sonae SGPS, SA resulting of companies inclusion in Special Regime of Taxing Groups of Companies.

15 DEFERRED TAX

Deferred tax assets and liabilities as at 30 September 2015 and 31 December 2014 are as follows, taking into consideration its temporary differences:

		Deferred tax assets		Deferred tax liabilities
	30 September 2015	31 December 2014 Restated	30 September 2015	31 December 2014 Restated
Difference between fair value and acquisition cost	6,216,291	6,216,291	20,865,355	20,787,861
Temporary differences on tangible and intangible assets	1,658,588	1,816,225	44,834,311	46,765,062
Provisions and impairment losses not accepted for tax purposes	7,922,114	10,280,290	‐	‐
Write off of tangible and intangible assets	73,396	73,395	‐	‐
Valuation of hedging derivatives	139,138	73,443	85,676	574,288
Amortisation of goodwill for tax purposes	‐	‐	18,613,423	18,613,423
Revaluation of tangible assets	‐	‐	1,196,971	1,285,047
Tax losses carried forward	69,994,099	60,687,594	‐	‐
Reinvested capital gains/(losses)	‐	‐	591,960	1,256,610
Tax benefits	1,008,159	1,478,439	‐	‐
Others	2,771,767	1,128,103	1,541,528	1,774,778
	89,783,552	81,753,780	87,729,224	91,057,069

In accordance with the tax statements and tax estimates presented by companies that recorded deferred tax assets arising from tax losses carried forward, as at 30 September 2015 and 31 December 2014, and using exchange rates effective at that time, tax losses carried forward can be summarized as follows:

	30 September 2015			31 December 2014 Restated
	Tax losses carried forward	Deferred tax assets	Time limit	Tax losses carried forward	Deferred tax assets	Time limit
With limited time use
Generated in 2011	8,032	1,687	2015	65,786	13,815	2015
Generated in 2014	1,194,236	250,790	2026	1,194,236	250,790	2026
	1,202,268	252,477		1,260,022	264,605
With a time limit different from the above mentioned (a)	278,966,491	69,741,622		241,691,949	60,422,989
	280,168,759	69,994,099		242,951,971	60,687,594

a) Includes, in 30 September 2015, 65.1 million euro (60 million euro in 31 December 2014) related to deferred tax assets for which the carry forward period count hasn´t started.

As at 30 September 2015 and 31 December 2014, deferred tax assets resulting from tax losses carried forward were assessed against each company's business plans, which are regularly updated, and available tax planning opportunities. Deferred tax assets have only been recorded to the extent that future taxable profits will arise which may be offset against available tax losses or against deductible temporary differences. This evaluation centered on the business plan of Sonae Investimentos entities, which were reviewed and updated periodically and on the available and identified fiscal opportunities.

As at 30 September 2015, there was tax losses carried forward, amounting to 184.9 million euro (188.0 million euro as at 31 December 2014) for which no deferred tax assets were recognized due to uncertainties of their future use. These may be summarised as follows:

		30 September 2015			31 December 2014 Restated
	Tax losses carried forward	Deferred tax credit	Time limit	Tax losses carried forward	Deferred tax credit	Time limit
With limited time use
Generated in 2009	4,854,323	1,019,408	2015	4,852,429	1,019,010	2015
Generated in 2011	4,292,265	901,376	2015	4,292,265	901,376	2015
Generated in 2012	3,495,558	734,067	2017	3,495,558	734,067	2017
Generated in 2013	809,338	169,961	2018	809,338	169,961	2018
	13,451,484	2,824,812		13,449,590	2,824,414
Without limited time use	11,311,487	3,845,906		14,134,893	4,805,864
With a time limit different from the above mentioned	160,145,848	40,035,158		160,508,588	40,125,966
	184,908,819	46,705,876		188,093,071	47,756,244

16 CASH AND CASH EQUIVALENTS

As at 30 September 2015 and 31 December 2014 "Cash and cash equivalents" can be detailed as follows:

	30 September 2015	31December 2014 Restated
Cash at hand	7,481,531	7,728,910
Bank deposits	52,775,046	94,097,355
Treasury applications	7,916	‐
Cash and cash equivalents on the statement of financial position	60,264,493	101,826,265
Bank overdrafts (Note 20)	(30,062,329)	(128,173)
Cash and cash equivalents on the statement of cash flows	30,202,164	101,698,092

Bank overdrafts are disclosed in the statement of financial position under Current bank loans.

17 NON ‐ CURRENT ASSETS HELD FOR SALE

As at 30 June 2015 the Raso, SGPS, SA investment was classified as non‐current asset held for sale. The valuation of this asset was based on the assessment made for the acquisition on June 29, 2015, of the remaining 50% Raso share capital. A reinforcement of impairment losses of about 4.7 million was recorded based on this valuation. In October 2015, Sonae Investimentos SGPS, SA has completed the sale of this investment to Springwater Tourism Group, SGPS, SA.

18 SHARE CAPITAL

As at 30 September 2015, the share capital, which is fully subscribed and paid for, is made up by 1,000,000,000 ordinary shares which do not hold right to any fixed income, with a nominal value of 1 Euro each.

As at 30 September 2015, the subscribed share capital was held as follows:

Entity	%
Sonae, SGPS, S.A.	25.029%
Sonae Center Serviços, S.A.	51.827%
Sonae Investments, BV	13.142%
Sonae MC – Modelo Continente. SGPS. S.A.	10.000%
Libra Serviços, Lda	0.002%

As at 30 September 2015, Efanor Investimentos, SGPS, S.A. and its subsidiaries held 52.48% of the share capital of Sonae, SGPS, S.A., which holds directly and indirectly 100% of the others entities who hold the company's share capital.

19 NON‐CONTROLLING INTERESTS

As at 30 September 2015 and 31 December 2014, non‐controlling interests are detailed as follows:

		30 September 2015
	Equity	Net Profit/ (Loss)	Statment of financial position	Proportion in income	Dividends/ Income received
Investments Funds	282,558,520	24,219,773	41,990,623	2,012,915	(873,330)
Others	44,944,238	1,535,697	20,060,079	590,751	‐
Total	327,502,758	25,755,470	62,050,702	2,603,666	(873,330)
		31 December 2014 Restated
	Equity	Net Profit/ (Loss)	Statment of financial position	Proportion in income	Dividends/ Income received
Investments Funds	295,586,722	16,053,883	60,859,308	2,394,929	3,297,690
Others	41,150,631	81,619	19,375,654	(128,629)	‐
Total	336,737,353	16,135,502	80,234,962	2,266,300	3,297,690

Movements in non‐controlling interests during the periods ended as at 30 September 2015 and 2014 are as

follows:

		30 September 2015
	Investments Funds	Others	Total
Balance as at 1 January	60,859,308	19,375,654	80,234,962
Dividends distributed	(873,296)	‐	(873,296)
Changes in shareholding interests	(19,825,468)	‐	(19,825,468)
Exchange rate effect	‐	(50,553)	(50,553)
Changes in hedge reserves	‐	(38,610)	(38,610)
Profit for the period attributable to non‐controlling interests	2,012,916	590,751	2,603,667
Closing balance	42,173,460	19,877,242	62,050,702
	30 September 2014
	Investments Funds	Others	Total
Balance as at 1 January	64,854,284	19,457,883	84,312,167
Dividends distributed	(132,874)	‐	(132,874)
Additional paid in capital	(3,433,088)	‐	(3,433,088)
Exchange rate effect	‐	15,964	15,964
Changes in hedge reserves	‐	58,079	58,079
Profit for the period attributable to non‐controlling interests	1,883,173	219,521	2,102,694
Closing Balance	63,171,495	19,751,447	82,922,942

During the period ended as at 30 September 2015 were acquired units of real estate investment fund "Imosede" in the amount of 22,593,997 euro (5,000,134 euro as at 31 December 2014).

The acquisition mentioned above had the following impacts at the level of the financial statements:

	Imosede
Additional percentage acquired	15.05%
Share of the acquired equity	20,961,889
Aquisition cost	(22,593,997)
Impact on equity	(1,632,108)

20 LOANS

As at 30 September 2015 and 31 December 2014, "Loans" are made up as follows:

	30 September 2015			31December 2014 Restated
	Outstanding amount			Outstanding amount
	Current	Non Current	Current	Non Current
Bank loans
Sonae Investimentos, SGPS, S.A. ‐ commercial paper	111,837,000	155,000,000	‐	30,000,000
Subsidiary of Sonae Investimentos 2011/2016	‐	‐	20,000,000	35,000,000
Subsidiary of Sonae Investimentos 2014/2020	‐	50,000,000	‐	‐
Subsidiary of Sonae Investimentos 2015/2020	‐	55,000,000	‐	‐
Others	1,831,827	5,319,889	2,386,888	2,609,290
	113,668,827	265,319,889	22,386,888	67,609,290
Bank overdrafts (Note 16)	30,062,329	‐	128,173	‐
Up‐front fees beared with the issuance of loans	‐	(210,566)	(57,929)	(358,342)
Bank loans	143,731,156	265,109,323	22,457,132	67,250,948
Bonds
Bonds Sonae SGPS /August 2007 / 2015	‐	‐	200,000,000	‐
Bonds Sonae Investimentos / September 2007 / 2015	‐	‐	155,000,000	‐
Bonds Sonae Investimentos/ 2012/ 2017	50,000,000	120,000,000	25,000,000	145,000,000
Bonds Sonae Investimentos /June 2013/ 2018	‐	50,000,000	‐	50,000,000
Bonds Sonae Investimentos/ December 2013 / 2018	‐	‐	‐	75,000,000
Bonds Sonae Investimentos / 2014/2018	‐	50,000,000	‐	50,000,000
Bonds Sonae Investimentos / 2015/2020	‐	75,000,000	‐	‐
Up‐front fees beared with the issuance of loans	(37,920)	(2,154,273)	(275,266)	(2,779,285)
Bonds	49,962,080	292,845,727	379,724,734	317,220,715
Other loans	20,580	5,985	33,466	17,707
Derivative instruments (Note 21)	1,047,525	‐	582,869	‐
Other loans	1,068,105	5,985	616,335	17,707
Obligations under finance leases	2,599,245	2,693,510	4,406,849	4,236,417
	197,360,586	560,654,545	407,205,050	388,725,787

Under the credit facilities and commercial paper programs with firm commitments, the Group has 296 million euro credit facilities available to meet its liquidity requirements, as follows:

		30 September 2015		31 December 2014 Restated
	Commitments of less than one year	Commitments of more than one year	Commitments of less than one year	Commitments of more than one year
Unused credit facilities Agreed credit facilities	21,590,363 163,260,000	275,000,000 465,000,000	176,260,000 176,260,000	452,500,000 482,500,000

Additionally, as at 30 September 2015, Sonae Investimentos has, as detailed in Note 16 "Cash and cash equivalents", the value of 60,264,493 euro (101,826,265 euro on 31 December 2014).

The average interest rate at 30 September 2015 of bonds and loans was 2.86% (2.64% on 31 December 2014). These bonds and bank loans bear interests at variable interest rates indexed to Euribor.

The derivative instruments are recorded at fair value (Note 21).

The repayment schedule of the nominal value of borrowings (including bank loans and obligations under finance leases) is summarized as follows:

	30 September 2015	31December 2014 Restated
N+1	196,350,981	406,955,376
N+2	122,966,793	88,677,930
N+3	122,772,901	96,345,254
N+4	101,301,042	175,955,135
N+5	215,628,747	30,374,513
After N+5	349,902	510,582
	759,370,365	798,818,790

The maturities above were estimated in accordance with the contractual terms of loans and taking into account Sonae's best estimated regarding their reimbursement date.

21 DERIVATIVES

Exchange rate derivatives

In what concerns financial risk management policy, Sonae Investimentos essentially uses exchange rate derivatives to hedge future cash flows that occur in the next 12 months.

As at 30 September 2015, the fair value of the exchange rate derivatives, calculated taking into consideration the present market value of equivalent financial instruments, is estimated as follows:

	30 September 2015	31 December 2014 Restated
Assets (Note 12) Liabilities (Note 20)	533,158 (1,047,525)	3,995,221 (582,869)
	(514,367)	3,412,352

Gains and losses for the period associated with the change in market value of derivative instruments are recorded under the caption "Hedging reserve" when considered cash flow hedging and when considered as fair value hedging are recorded under the caption "Financial income" or " Financial expenses".

Interest rate derivatives

As at 30 September 2015, the Group had no financial instrument derivative on the interest rate.

22 OTHER NON‐CURRENT LIABILITIES

As at 30 September 2015 and 31 December 2014, the caption "Other non‐current liabilities" is detailed as follows:

	30 September 2015	31 December 2014 Restated
Shareholders loans	402,375,851	402,372,328
Fixed assets suppliers	1,000,000	1,037,500
Other non‐current liabilities	1,748,060	1,930,935
Share based payments (Note 23)	2,211,017	3,877,007
Deferred of revenue from the sale of warranties extention	31,769,537	25,905,981
Accruals and deferrals	2,017,102	2,624,071
Other non‐current liabilities	441,862,997	437,747,822

The caption "Shareholders loans" includes:

‐ a subordinate bond loan, with a fixed interest rate, repayable after 10 years issued by Sonae Investimentos at market conditions on 28 December 2010 amounting to 400,000,000 euro corresponding to 8,000 bonds with a nominal value of 50,000 euro each, with a flat rate of 7% and repayment at the end of the loan period. The fair value of this loan on 30 September 2015 is 55,375 euro (42,358 euro as at 31 December 2014) per obligation having been determined based on discounted cash flows method and using as reference stock market values and there is no indication of impairment of the loan ;

• loans in affiliated undertakings related to a shareholders' loan granted by a minority shareholder to a subsidiary that bears interest at usual market rate. The fair value of this loan is similar to its book value with no defined maturity.

As at 30 September 2015, the caption "Other non‐current liabilities" includes 481,265 euro (669,571 euro as at 31 December 2014) mainly refers to the estimated amounts to fulfil the legal and tax obligations of a Brazilian subsidiary which were considered appropriate to face up to future losses on lawsuits and for which legal deposits exist, which are recorded under the caption "Other non‐current assets" (Note 13).

23 SHARE BASED PAYMENT PLANS

In 2015 and in previous years, Sonae Investimentos Group granted deferred performance bonuses to its directors and eligible employees. These are based on shares to be acquired at nil cost or with discount, three years after they were attributed to the employee. The purchase can be exercised during the period between the third anniversary of the grant date and the end of that year. The company has the choice to settle its responsibilities in cash instead of shares. The option can only be exercised if the employee still works for Sonae Group on the vesting date.

Liabilities arising from deferred performance bonuses as at 30 September 2015 and 31 December 2014 are made up as follows:

				Number of shares		Fair Value
	Grant year	Vesting year	Number of participants	30 September 2015	31 December 2014 Restated	30 September 2015	31 December 2014 Restated
Shares
	2012	2015	‐	‐	5,735,577	‐	6,783,117
	2013	2016	74	4,087,212	3,848,897	4,473,991	4,291,364
	2014	2017	63	2,470,191	2,333,654	2,717,210	2,517,631
	2015	2018	77	2,276,282	‐	2,503,910	‐
Total				8,833,685	11,918,128	9,695,111	13,592,112

As at 30 September 2015 and 31 December 2014 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 has not yet vested:

	30 September 2015	31 December 2014 Restated
Staff costs	4,173,389	5,342,316
Recorded in previous years	2,138,786	5,541,540
	6,312,175	10,883,856
Other non‐current liabilities (Note 22)	2,211,017	3,877,007
Other current liabilities (Note 24)	4,101,158	7,006,849
	6,312,175	10,883,856

The share based payment plan costs are recognized during the years between the grant and vesting date as staff costs.

24 TRADE CREDITORS AND OTHER CURRENT LIABILITIES

As at 30 September 2015 and 31 December 2014 the caption "Trade creditors and other current liabilities" can be detailed as follows:

	30 September 2015	31 December 2014
		Restated
Trade creditors	1,038,915,819	1,131,212,718
Taxes payable	63,275,448	73,715,530
Other creditors
Tangible asset suppliers	26,786,667	52,005,243
Related undertakings	66,005,795	28,419,911
Other debts	50,600,080	47,675,331
	143,392,542	128,100,485
Other current liabilities
Holiday pay and bonuses	115,934,505	100,364,020
Interest payable to parent companies	24,622,222	355,556
Interest payable to Others	6,540,960	3,318,433
Marketing expenses	10,416,163	12,814,640
Other external supplies and services	39,417,453	46,456,469
Accrued income ‐ rents	6,079,522	9,087,161
Real estate municipality tax	2,613,878	2,587,623
Deferred of revenue from the sale of warranties extention	18,346,379	17,120,641
Share based payments (Note 23)	4,101,158	7,006,849
Responsabilities assumed on sale of real state	10,406,000	‐
Others	3,060,222	7,045,759
	241,538,462	206,157,151
	1,487,122,271	1,539,185,884

The caption "Related undertakings" includes:

‐ about 66 million euro related to amount payable to Sonae SGPS, SA result of the inclusion companies in Special Regime of Taxing Groups of Companies.

The caption "Other debts" includes:

‐ 20,855,560 euro (22,150,238 euro as at 31 December 2014), of attributed discounts not yet redeemed related to loyalty card "Cartão Cliente";

‐ 10,547,902 euro (14,150,325 euro as at 31 December 2014) related to means of payments owned by clients as vouchers, gift cards and discount tickets owned by clients; and

‐ 3,056,946 euro (4,253,041 euro as at 31 December 2014) related to amounts payable to Sonae Distribuição Brasil, SA buyer as a result of responsibilities assumed with that entity.

25 PROVISIONS AND ACCUMULATED IMPAIRMENT LOSSES

Movements in "Provisions and impairment losses", for the nine months period ended as at 30 September 2015 and 2014, were as follows:

Caption	Balance as at 1 January 2015	Increase	Decrease	Transfers 1)	Balance as at 30 September 2015
Accumulated impairment losses on investments (Note 17)	10,031,409	‐	(2,262,691)	(7,768,718)	‐
Accumulated impairment losses on tangible assets	144,059,960	44,502	(6,363,462)	‐	137,741,000
Accumulated impairment losses on intangible assets	1,497,101	‐	(77)	‐	1,497,024
Accumulated impairment losses on other non current assets (Note 13)	2,450,000	‐	‐	‐	2,450,000
Accumulated impairment losses on trade accounts receivable and other debtors (Note 14)	18,346,622	8,861,992	(3,344,452)	‐	23,864,162
Non current provisions	22,396,928	‐	(7,519,316)	‐	14,877,612
Current provisions	3,438,257	‐	‐	‐	3,438,257
	202,220,277	8,906,494	(19,489,998)	(7,768,718)	183,868,055
Caption	Balance as at 1 January 2014	Increase	Decrease	Balance as at 30 September 2014
Accumulated impairment losses on investments	2,101,337	10,093,588	(2,101,337)	10,093,588
Accumulated impairment losses on tangible assets	153,320,202	‐	(5,989,686)	147,330,516
Accumulated impairment losses on intangible assets Accumulated impairment losses on other non current assets	1,497,119 2,423,530	‐ 26,470	(18) ‐	1,497,101 2,450,000
(Note 13) Accumulated impairment losses on trade accounts receivable and other debtors	17,025,625	1,439,309	(1,393,168)	17,071,766

1) Amounts transferred to "Non‐current assets held for sale" (Note 17).

The caption "Non‐current Provisions" and "Current Provisions" includes:

‐ 9,045,672 euro (12,584,983 euro as at 31 December 2014) relating to non‐current contingencies assumed by the company, when selling its subsidiary Sonae Distribuição Brasil, S.A. in 2005. This provision is being used as costs are incurred and its recorded taking into account the best estimate of costs to be incurred which results from a significant number of civil and labour lawsuits of reduced amount; and

208,674,029 11,559,367 (16,879,998) 203,353,398

Non current provisions 29,588,227 ‐ (7,391,539) 22,196,688 Current provisions 2,717,989 ‐ (4,250) 2,713,739

‐ the estimated liabilities incurred by the Group on the sale of warranty extension programs on products traded by the Sonae SR operating segment in the amount of 5,031,739 euro (8,773,796 euro as at 31 December 2014). These extensions are granted for a period of one to three years after the end of the legal mandatory warranty provided by the manufacturers.

26 CONTINGENT ASSETS AND LIABILITIES

As at 30 September 2015 and 31 December 2014, the major "Contingent liabilities" were guarantees given, which can be detailed as follows:

Garantees and sureties given	30 September 2015	31 December 2014 Restated
on tax claims	900,855,816	867,059,310
on judicial claims	147,919	285,654
on municipal claims	7,217,222	6,383,942
for proper agrement fulfillment	17,337,270	15,044,279
other guarantees	5,110,458	4,994,628

a) Tax claims

The main tax claims, for which bank guarantees or sureties were provided, can be detailed as follows:

‐ Some retail operating segment subsidiaries of the Company granted guarantees or securities in favour of the Portuguese Tax Administration, associated with tax claims for additional VAT payment amounting to 485.4 million euro (466.1 million euro as at 31 December 2014) related to the period from 2004 to 2012, which the Company has presented, or has the intention of presenting, a tax appeal. Portuguese tax authorities claim that the Company should have invoiced VAT related to promotional discounts invoiced to suppliers which depend on the purchases made by the Group during the year, as it considers that the discounts correspond to services rendered by the company. Tax authorities also claim that the company should not have deducted VAT from discount vouchers used by its non‐corporate clients;

‐ Sureties in the amount of, approximately, 60 million euro as a result of a tax appeal presented by the Company concerning an additional tax assessment by Tax authorities, relating to 31 December 2005, following the correction of taxable income for that period as Tax authorities did not accept the recognition of tax losses incurred after the liquidation of a subsidiary of Sonae Investimentos, since it considered that the cover of losses in that subsidiary should not be part of its acquisition cost, which is not in accordance with previous assessments of Tax Authorities;

‐ Sureties in the amount of, approximately 50 million euro, following a tax appeal presented by the Company concerning additional tax assessments made by Tax authorities, relating to 31 December 2002, which refer to the non‐acceptance by Tax authorities of tax losses arising on the sale and liquidation of a subsidiary of the Group;

‐ Fiscal lawsuit related to rent tax, concerning a subsidiary of the Company in Brazil, in the amount of, approximately, 14.6 million euro (65.6 million Brazilian real), which is being judged by a tax court, for which there were granted guarantees in the amount of 30.9 million euro (138.6 million Brazilian real). The difference between the value of the contingency and the value of the guarantee relates with the update of the related responsibility.

b) Contingent liabilities related to tax claims paid under regularization programs of tax debts

Within the framework of regularization of tax debts to Tax Authorities, (Outstanding Debts Settlement of Tax and Social Security ‐ Decree of Law 151‐A/2013 (RERD) e Decree of Law 248‐A/2002 (PMFL)), the Group made voluntarily tax payments in the amount of, approximately, 22 million euro, having the respective guarantees been eliminated. The related tax appeals continue in courts, having the maximum contingencies been reduced through the elimination of fines and interests related with these tax assessments.

As permitted by law, the Group maintains the legal proceedings, in order to establish the recovery of those amounts, having recorded as an asset the amount paid under those plans, in accordance with the policy adopted by the Group.

However CMVM disagreed with the interpretation of Sonae Investimentos and requested the retrospective correction of the financial statements, arguing that the payments made in respect of other taxes than income tax should be considered as contingent assets. While not agreeing with the position of CMVM, Sonae made the restatement of financial statements. The impact of this change is nil in the income statement and immaterial in the statement of financial position (Note 4).

c) Contingent liabilities related to discontinued activities in subsidiaries in Brazil

In addition to the previously disclosed guarantees, as a consequence of the sale of a subsidiary in Brazil, Sonae Investimentos guaranteed to the buyer of the subsidiary all the losses incurred by that company arising on unfavourable decisions not open for appeal, concerning tax lawsuits on transactions that took place before the sale date (13 December 2005) and that exceed 40 million euro. As at 31 December 2013, the amount claimed by the Brazilian Tax Authorities, concerning the tax lawsuits still in progress, which the company's lawyers assess as having a high probability of loss, plus the amounts already paid (28.3 million euro) related to programmes for the Brazilian State of tax recovery, amount to near 39.8 million euro as at 31 December 2014). Furthermore, there are other tax assessments totalling 86.37 million euro as at 31 December 2014) for which the Board of Directors, based on its lawyers' assessment, understands will not imply future losses to the former subsidiary.

No provision has been recorded to face risks arising from events related to guarantees given, as the Board of Directors considers that no liabilities will result for Sonae Investimentos.

27 OTHER OPERATIONAL INCOME

As at 30 September 2015 and 2014, "Other operational income" is as follows:

	30 September 2015	30 September 2014
Supplementary income	409,948,493	331,701,684
Prompt payment discounts received	17,708,418	16,983,500
Exchange differences	22,919,212	8,364,540
Own work capitalised	7,303,863	4,999,670
Insurance claims	‐	4,100,000
Gains on disposal of assets	42,089,565	2,291,531
Impairment losses and provisions reversals	7,369,956	7,016,396
Others	780,031	4,050,952
	508,119,538	379,508,273

Under the caption "Gains on disposal of assets" are included 40 million euro related to the sale and leaseback transactions of 15 food retail assets located in Portugal (Note 9).

28 RELATED PARTIES

Balances and transactions with related parties are detailed as follows:

		Sales and services rendered	Purchases and services obtained
Transactions	30 September 2015	30 September 2014	30 September 2015	30 September 2014
Shareholders	962,876	950,967	1,329,757	2,418,803
Subsidiaries (Note 17)	964,035	935,113	4,630,921	4,119,060
Associated companies	28,571,444	26,969,208	171,507	206,580
Other related parties (1)	46,450,785	46,271,639	51,251,332	52,064,062
	76,949,140	75,126,927	57,383,517	58,808,505
		Interest income		Interest expenses
Transactions	30 September 2015	30 September 2014	30 September 2015	30 September 2014
Shareholders	1,661	‐	25,451,881	24,382,679
Subsidiaries (Note 17)	331,132	318,740	‐	‐
Associated companies	202,980	242,519	‐	‐
Other related parties (1)	‐	‐	83,344	3,362,926
	535,773	561,259	25,535,225	27,745,605
		Accounts receivable	Accounts payable
		31December 2014		31 December 2014
Balances	30 September 2015	Restated	30 September 2015	Restated
Shareholders (Note 14 and 24)	48,474,509	21,582,787	94,049,185	31,745,702
Subsidiaries (Note 17)	2,661,402	617,990	1,118,804	697,077
Associated companies	6,383,696	5,128,639	3,285,189	1,090,674
Other related parties (1)	21,996,664	21,144,252	13,191,996	26,057,886
	79,516,271	48,473,668	111,645,174	59,591,339
	Loans
		Obtained		Granted
Balances	30 September 2015	31 December 2014 Restated	30 September 2015	31 December 2014 Restated
Shareholders (Note 22)	400,000,000	400,000,000	‐	‐
Subsidiaries (Note 17)	‐	‐	9,160,408	8,768,402
Associated companies	‐	‐	9,291,632	9,155,593
Other related parties (1)	2,375,851	2,541,268	‐	‐
	402,375,851	402,541,268	18,452,040	17,923,995

(1) Other related parties are considered to be related party affiliates or companies under joint control of Efanor SGPS. SA those are not included in Sonae Investimentos, including companies belonging to the Sonae Group, Sonae Indústria and Sonae Capital and minority shareholders of subsidiaries and affiliates of the Group.

The amounts recorded as loans granted from other relating parties represent borrowings from shareholders of subsidiary companies which bear interests at market rates.

Granted loans to associated companies, refer to values of loans granted to associate company MDS, SGPS, SA.

Granted loans to subsidiaries, refers to Raso SGPS, S.A. for which impairment was created totalling 6,998,052 euros (Note 25).

29 INCOME TAX

Income tax for the nine months period ended on 30 September 2015 and 2014 is detailed as follows:

	30 September 2015	30 September 2014
Current tax	14,491,591	8,388,504
Deferred tax	(11,062,458)	5,560,802
	3,429,133	13,949,306

30 EARNINGS PER SHARE

Earnings per share for the nine months period ended on 30 September 2015 and 2014 were calculated taking into consideration the following amounts:

	30 September 2015	30 September 2014
Net profit
Net profit taken into consideration to calculate basic earnings pershare (consolidated profit for the period)	61,364,991	46,623,395
Net profit taken into consideration to calculate diluted earnings pershare	61,364,991	46,623,395
Number of shares
Weighted average number of shares used to calculated basic earnings pershare	900,000,000	900,000,000
Weighted average number of shares used to calculated diluted earnings pershare	900,000,000	900,000,000
Earnings pershare (basic and diluted)	0.068183	0.051804

On 30 September 2015 and 2014 there is no dilutive effect on the number of shares outstanding.

31 SEGMENT INFORMATION

Sonae Investimentos is a group of retail and has three segments:

‐ Sonae MC is our food retail unit, operating 493 stores and 214 stores operated under franchise and joint venture agreements under Continente, Continente Modelo, Continente Bom Dia, Meu Super business concepts and even some adjacent business concepts Bom Bocado, note! and Wells;

‐ Sonae SR is our specialised retail unit, with a presence in the electronics, sports and fashion market operating 508 stores and 75 stores operated under franchise agreements under the Worten, Sport Zone, MO and Zippy business concepts;

‐ Sonae RP is our retail real estate unit which actively manages retail real estate properties of Sonae, composed principally of stores operating under the brand Continente and under other brands of Sonae SR;

‐ Sonae IM includes a company that operates in the retail DIY products, building and garden (Maxmat) and insurance brokers (MDS), nevertheless the Group decided to include this operating segment in "Others, eliminations and adjustments".

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

The main operating segment information for the periods ended 30 September 2015 and 2014 can be detailed as follows:

Turnover	30 September 2015	Inter‐segment 30 September 2014 income		Inter‐segment income
Sonae MC	2,549,400,554	(1,237,817)	2,537,121,820	(4,865,844)
Sonae SR	916,939,830	(20,056,277)	913,255,504	(20,668,291)
Sonae RP	92,167,151	(86,683,869)	94,507,337	(73,568,314)
Others, eliminations and adjustments	(34,329,247)	‐	(47,027,985)	‐
Total consolidated	3,524,178,288	(107,977,962)	3,497,856,676	(99,102,449)

	Depreciation and amortisation		Provisions and impairment losses		EBIT
	30 September 2015	30 September 2014	30 September 2015	30 September 2014	30 September 2015	30 September 2014
Sonae MC	64,109,495	62,829,513	1,505,739	963,871	81,391,305	104,591,880
Sonae SR	33,303,819	32,247,314	797,716	468,955	(52,284,960)	(44,324,476)
Sonae RP	20,918,161	21,789,239	‐	‐	101,690,127	64,724,124
Others, eliminations and adjustments	1,802,154	1,798,754	5,697	32,953	(9,709,769)	(11,823,531)
Total consolidated	120,133,629	118,664,820	2,309,152	1,465,779	121,086,703	113,167,997

	Investment (CAPEX)		Invested capital
	30 September 2015 30 September 2014		30 September 2015	31 December 2014 Restated
Sonae MC	74,224,811	62,438,636	474,683,573	485,808,706
Sonae SR	47,285,613	40,684,404	189,356,163	115,932,567
Sonae RP	36,373,086	18,812,327	1,044,731,775	1,212,504,100
Others, eliminations and adjustments	5,613,711	2,851,533	85,698,931	53,558,752
Total consolidated	163,497,221	124,786,900	1,794,470,442	1,867,804,125

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

	Turnover		EBIT
	30 September 2015	30 September 2014	30 September 2015	30 September 2014
Inter‐segment income	(107,977,962)	(99,102,449)	‐	‐
Equity method	‐	‐	(1,264,846)	(1,776,985)
Others	73,648,715	52,074,463	(8,444,923)	(10,046,546)
Others, eliminations and adjustments	(34,329,247)	(47,027,985)	(9,709,769)	(11,823,531)
	Investment (Capex)		Invested capital
	30 September 2015	30 September 2014	30 September 2015	31 December 2014 Restated
Investments and loans granted to associated companies	‐	‐	48,328,184	49,717,769
Dividends	‐	‐	(40,113,299)	‐
Investment acquisiton	2,500,557	‐	‐	‐
Others	3,113,154	2,851,533	77,484,046	3,840,983
Others, eliminations and adjustments	5,613,711	2,851,533	85,698,931	53,558,752

Glossary:

Net Invested capital = Total net debt + total shareholder funds;

Other eliminations and adjustments = Intra‐groups + consolidation adjustments + contributions from other companies not included in the disclosed segments by do not fit in any reportable segment;

Investments (CAPEX) = Investments in tangible and intangible assets and investments in acquisitions.

32 PRESENTATION OF CONSOLIDATED INCOME STATEMENT

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

The Indirect Income includes: (i) impairment of real estate assets for retail, (ii) decreases in goodwill, (iii) provisions (net of tax) for possible future liabilities, and impairments related to non‐core investments, businesses and discontinued assets (or to be discontinued / repositioned), (iv) valuation results based on the methodology "mark‐to‐market" of other current investments that will be sold or traded in the near future and (v) other irrelevant issues. The value of EBITDA is only calculated in the direct income component, excluding the indirect contributions.

The reconciliation between consolidated income and direct‐indirect income for the periods ended 30 September 2015 and 2014 can be summarised as follows:

SONAE INVESTIMENTOS, SGPS, SA

		30 September 2015		30 September 2014
	Consolidated	Indirect	Direct	Consolidated	Indirect	Direct
	accounts	income	income	accounts	income	income
Turnover	3,524,178,288	‐	3,524,178,288	3,497,856,676	‐	3,497,856,676
Investment income
Dividends and other adjustments	151,524	151,524	‐	150,282	150,282	‐
Others	(4,735,362)	(4,735,362)	‐	421,476	‐	421,476
Other income
Impairment losses reversal	3,651,384	‐	3,651,384	1,453,723	‐	1,453,723
Others	464,638,676	‐	464,638,676	378,054,550	‐	378,054,550
Total income	3,987,884,510	(4,583,838)	3,992,468,348	3,877,936,706	150,282	3,877,786,425
Total expenses	(3,771,546,368)	(2,659,710)	(3,768,886,658)	(3,626,125,704)	‐	(3,626,125,704)
Depreciation and amortisation	(120,133,629)	‐	(120,133,629)	(118,664,820)	‐	(118,664,820)
Losses on tangible and intangible assets	(7,116,222)	‐	(7,116,222)	(4,735,532)	‐	(4,735,532)
Provisions and impairment:	(2,309,152)	‐	(2,309,152)	(1,465,779)	‐	(1,465,779)
Profit before financial results and share of
results in joint ventures and associated	86,779,139	(7,243,548)	94,022,688	126,944,871	150,282	126,794,589
companies
Non recorrent items	28,328,862	‐	28,328,862	(11,849,608)	‐	(11,849,608)
Financial profit/(loss)	(46,445,365)	‐	(46,445,365)	(50,642,885)	‐	(50,642,885)
Share of results in joint ventures and associated
undertakings
MDS	(1,277,934)	‐	(1,277,934)	(1,958,194)	‐	(1,958,194)
Raso	‐	‐	‐	(56,615)	‐	(56,615)
Others	13,088	‐	13,088	237,824	‐	237,824
Profit before taxation	67,397,790	(7,243,548)	74,641,338	62,675,393	150,282	62,525,112
Income tax	(3,429,133)	‐	(3,429,133)	(13,949,306)	‐	(13,949,306)
Profit/(Loss) after taxation	63,968,657	(7,243,548)	71,212,205	48,726,087	150,282	48,575,806
Attributable to equity holders of Sonae	61,364,991	(7,243,548)	68,608,539	46,623,395	150,282	46,473,114
Non‐controlling interests	2,603,666	‐	2,603,666	2,102,692	‐	2,102,692
"Underlying" EBITDA (b)			219,930,306			250,206,998
Direct EBITDA (a)			246,994,322			236,580,405
Direct EBIT (c)			121,086,703			113,167,997

(a) Direct EBITDA = total direct income ‐ total direct expenses ‐ reversal of direct impairment losses + Share of results in joint ventures and associated undertakings +unusual results;

(b) "Underlying EBITDA" = Direct EBITDA ‐ effect of share result in joint ventures and associated undertakings – non recurrent results;

(c) Direct EBIT = Direct EBT ‐ financial results;

(d) Direct EBT = Direct results before non‐controlling interests and taxes;

(e) Direct income = Results excluding contributions to indirect income;

(f) Indirect income = Includes results arising from: (i) impairment of real estate assets for retail; (ii) decrease in goodwill; (iii) provisions (net of tax) for possible future liabilities and impairments related with non‐core financial investments, Businesses, discontinued assets (or be discontinued / repositioned); (iv) valuation results based on the methodology "mark‐to‐market" of other current investments that will be sold or traded in the near future and (v) other irrelevant issues.

33 SUBSEQUENT EVENTS

On 21 October 2015, Sonae Investimentos SGPS, SA finalized the sale of 100 % of Group Raso SGPS, SA to Springwater Tourism Group, SGPS, SA.

On October 27 2015, Sonae Investimentos signed an affiliation agreement with the central purchasing IFA. IFA is a purchasing group made up of over 30 Spaniards members, who numbered in 2014 with an aggregate turnover of 10 billion euros. With effect from January 1, 2016, this agreement aims at joint potentiation of relevant opportunities to trade, purchase and development in the commercial area.

34 APPROVAL OF THE FINANCIAL STATEMENTS

The accompanying consolidated financial statements were approved by the Board of Directors and authorized for issue on 2 November 2015.

The Board of Directors,

Duarte Paulo Teixeira de Azevedo

Ângelo Gabriel Ribeirinho dos Santos Paupério

Condensed individual financial statements

CONDENSED INDIVIDUAL STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2015 AND 2014 AND 31 DECEMBER 2014

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

(Amounts expressed in euro)

ASSETS		Notes 30.September.2015	30.September.2014 Restated (note 4)	31.December.2014 Restated (note 4)	01.January.2014 Restated (note 4)
NON‐CURRENT ASSETS:
Tangible assets		‐	13	8	30
Intangible assets		502	285	228	455
Investments	5	1,803,578,745	2,376,624,241	760,698,747	2,388,661,291
Deferred tax assets		‐	‐	‐	6,485
Other non‐current assets	6	685,943,506	1,072,328,349	699,808,123	1,186,256,030
Total non‐current assets		2,489,522,753	3,448,952,888	1,460,507,106	3,574,924,291
CURRENT ASSETS:
Trade account receivables and other current assets	7	2,784,769,053	308,864,962	2,978,216,657	202,291,545
Cash and cash equivalents	8	10,678	62,990	40,614,996	6,623,141
Total current assets		2,784,779,731	308,927,952	3,018,831,653	208,914,686
Non ‐ current assets held forsale	9	4,525,381	‐	‐	‐
TOTAL ASSETS		5,278,827,865	3,757,880,840	4,479,338,759	3,783,838,977
EQUITY AND LIABILITIES
EQUITY:
Share capital	10	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000
Reserves and retained earnings		1,818,831,465	1,264,782,645	1,264,782,645	1,292,875,706
Profit for the period		29,067,077	(14,733,114)	594,048,820	11,906,939
TOTAL EQUITY		2,847,898,543	2,250,049,531	2,858,831,465	2,304,782,645
LIABILITIES:
NON‐CURRENT LIABILITIES:
Loans	11	447,845,727	362,461,192	347,220,715	712,974,210
Other non‐current liabilities	12	400,000,000	400,000,000	400,000,000	400,000,000
Deferred tax liabilities		26	‐	‐	‐
Total non‐current liabilities		847,845,753	762,461,192	747,220,715	1,112,974,210
CURRENT LIABILITIES:
Loans	11	191,631,010	461,108,031	381,395,664	45,815,788
Trade creditors and other current liabilities	13	1,391,452,560	284,262,086	491,890,915	320,266,334
Total current liabilities		1,583,083,569	745,370,117	873,286,579	366,082,122
TOTAL EQUITY AND LIABILITIES		5,278,827,865	3,757,880,840	4,479,338,759	3,783,838,977

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

CONDENSED INDIVIDUAL INCOME STATEMENTS FOR THE PERIODS ENDED 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)

	Notes	rd quarter 2015 3	3rd quarter 2014	30.September.2015	30.September.2014
Services rendered		‐	165,928	‐	459,196
Gains or losses on investments	16	37,656,714	(15,474,080)	33,034,651	1,585,928
Financial income	17	7,068,451	11,895,302	60,035,288	36,151,557
Other income		163,777	182,302	369,793	556,618
External supplies and services		(700,476)	(1,019,322)	(2,300,297)	(3,260,966)
Staff costs		(15,488)	(21,315)	(34,086)	(30,873)
Depreciation and amortisation		(25)	(62)	(121)	(186)
Provisions and impairment losses		‐	‐	‐	(26,470)
Financial expenses	17	(15,529,526)	(17,533,276)	(49,739,391)	(52,906,491)
Other expenses		(10,916)	(40,167)	(134,105)	(87,727)
Profit/(Loss) before taxation		28,632,511	(21,844,690)	41,231,732	(17,559,414)
Taxation		(7,624,546)	1,470,945	(12,164,655)	2,826,300
Profit/(Loss) after taxation		21,007,965	(20,373,745)	29,067,077	(14,733,114)
Profit/(Loss) pershare	18	0.0233	(0.0226)	0.0323	(0.0164)

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

CONDENSED INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)

	rd quarter 2015 3	3rd quarter 2014	30.September.2015	30.September.2014
Net Profit / (Loss) for the period	21,007,965	(20,373,745)	29,067,077	(14,733,114)
Total comprehensive income for the period	21,007,965	(20,373,745)	29,067,077	(14,733,114)

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

CONDENSED INDIVIDUAL STATEMENTS OF CHANGES INEQUITY FOR THE PERIODS ENDED AS AT 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)

	Sh l ita are c ap	al r Leg ese rve	he Ot r re ser ve s	tal To re ser ve s d d ine eta an r rni ea ngs	rof / ( s) Ne P it Los t	tal To
Bal d t 1 J 201 4 r est ate an ce a s a an ua ry	1, 000 000 000 , ,	14 0, 642 469 ,	1, 152 233 237 , ,	1, 292 875 706 , ,	11, 906 939 ,	2, 304 782 645 , ,
tal reh for the d To siv inc rio co mp en e om e pe	‐	‐	‐	‐	( ) 14, 733 114 ,	( ) 14, 733 114 ,
of fit of Ap iat ion 201 3: pro pr pro
nsf leg al r nd oth Tra to er ese rve s a er res erv es	‐	595 347 ,	‐	595 347 ,	( ) 595 347 ,	‐
ide nd dis trib d Div ute s	‐	‐	( ) 28, 688 408 ,	( ) 28, 688 408 ,	( ) 11, 311 592 ,	( ) 40, 000 000 ,
Bal be ed t 3 S 0 r 2 014 tem tat an ce a s a ep res	1, 000 000 000 , ,	14 1, 237 816 ,	1, 123 544 829 , ,	1, 264 782 645 , ,	( ) 14, 733 114 ,	2, 250 049 531 , ,
Bal d t 1 J 201 5 r est ate an ce a s a an ua ry	1, 000 000 000 , ,	14 1, 237 816 ,	1, 123 544 829 , ,	1, 264 782 645 , ,	594 048 820 , ,	2, 858 831 465 , ,
tal reh siv inc for the rio d To co mp en e om e pe	‐	‐	‐	‐	29, 067 077 ,	29, 067 077 ,
iat ion of fit of Ap 201 4: pro pr pro
nsf leg al r nd oth Tra to er ese rve s a er res erv es	‐	29, 702 450 ,	524 346 370 , ,	554 048 820 , ,	( ) 554 048 820 , ,	‐
Div ide nd dis trib d ute s	‐	‐	‐	‐	( ) 40, 000 000 ,	( ) 40, 000 000 ,
Bal t 3 S 0 be r 2 015 ed tem tat an ce a s a ep res	1, 000 000 000 , ,	17 0, 940 266 ,	1, 647 891 199 , ,	1, 818 831 465 , ,	29, 067 077 ,	2, 847 898 542 , ,

Theaccompanying notes are part of these condensed individual financial statements.

CONDENSED INDIVIDUAL STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)

	Notes	rd quarter 2015 3	3rd quarter 2014		30.September.2015 30.September.2014
OPERATING ACTIVITIES
Net cash flow from operating activities (1)		(5,699,428)	5,157,478	(3,050,137)	7,323,659
INVESTMENT ACTIVITIES
Cash receipts arising from:
Investments		‐	(80)	1,435,757,800	2,973,234
Interest and similar income		332,696	206,927	21,988,389	17,949,932
Dividends		‐	‐	113,299	16,758,860
Others	27	37,656,714	‐	37,656,714	‐
Loans granted		2,328,706,359	547,163,317	2,791,203,370	1,776,618,255
		2,366,695,769	547,370,164	4,286,719,572	1,814,300,281
Cash payments arising from:
Investments		(1,017,761,000)	(5,700,134)	(1,045,142,687)	(6,100,134)
Loans granted		(2,072,835,010)	(437,514,306)	(4,001,371,792)	(1,756,164,359)
		(3,090,596,010)	(443,214,440)	(5,046,514,479)	(1,762,264,493)
Net cash used in investment activities (2)		(723,900,241)	104,155,724	(759,794,907)	52,035,788
FINANCING ACTIVITIES
Cash receipts arising from:
Loans obtained		2,671,507,370	1,142,742,791	6,149,012,990	4,125,511,778
		2,671,507,370	1,142,742,791	6,149,012,990	4,125,511,778
Cash payments arising from:
Loans obtained		(1,905,501,743)	(1,242,235,110)	(5,400,635,012)	(4,168,454,340)
Interest and similar charges		(3,092,084)	(7,140,198)	(15,963,960)	(22,714,951)
Dividends		(40,000,000)	(40,000,000)	(40,000,000)	(40,000,000)
		(1,948,593,827)	(1,289,375,308)	(5,456,598,972)	(4,231,169,291)
Net cash used in financing activities (3)		722,913,543	(146,632,517)	692,414,018	(105,657,513)
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)		(6,686,126)	(37,319,315)	(70,431,026)	(46,298,066)
Cash and cash equivalents at the beginning of the period	8	(23,135,126)	(2,355,610)	40,609,774	6,623,141
Cash and cash equivalents at the end of the period	8	(29,821,252)	(39,674,925)	(29,821,252)	(39,674,925)

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

SONAE INVESTIMENTOS, SGPS, SA

NOTES TO THE CONDENSED INDIVIDUAL FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2015

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

(Amounts expressed in euro)

1 INTRODUCTION

SONAE INVESTIMENTOS, SGPS, SA, "the Company" or "Sonae Investimentos" it's a Portuguese Corporation, with head‐office in Rua João Mendonça nº 529, 4464‐501 Senhora da Hora, Matosinhos, Portugal.

The Company's main activity is the management of shareholdings (Note 5).

2 BASIS OF PREPARATION

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

3 PRINCIPAL ACCOUNTING POLICIES

The accounting policies adopted are consistent with those described in the file of the annual financial statements for the year ended 31 December 2014.

4 RESTATEMENT OF FINANCIAL STATEMENTS

Under the Special Regime of Debt Adjustments to the Fiscal Authorities and Social Security (Decree Law No. 248‐A/2002 (PMFL) and Decree Law No. 151‐A/2013 (RERD)), Sonae Investimentos has voluntarily made payments in the past years to the State relating to additional tax assessments of previous years, for which, at the time of such payments, Sonae had already appealed to the competent courts.

Until the time of those payments the assessment made, and not changed since then, is that these claims correspond to contingencies which probability of being decided against Sonae intents is remote and that such claims are motivated by different interpretations of the applicable tax legislation, hence corresponding to uncertain tax positions. As a result of this assessment, the claims were disclosed in the financial statements as they correspond to contingent liabilities.

Amounts paid under those schemes were recognized as assets under the caption "Other debtors", according to the "IAS 12 ‐ Income taxes" in the case of amounts related to IRC. In respect of payments of other taxes, and considering that applicable accounting rules are silent in relation with those, Sonae Investimentos used a similar accounting policy, meaning the payments were also recognized as assets.

However CMVM disagreed with the interpretation of Sonae Investimentos and requested the restatement of the financial statements, arguing that the payments made in respect of taxes other than income tax should be considered contingent assets. While not agree in with the CMVM's position, Sonae Investimentos performed the restatement of financial statements, which impact is nil in the income statement and immaterial in the statement of financial position.

The amount of 2,200,320 euros was reclassified from other debtors to retained earnings.

5 INVESTMENTS

As at 30 September 2015 and 31 December 2014, the investments caption is made up as follows:

Company	30.September.2015			31.December.2014 Restated (note 4)
	% held	Final balance	% held	Final balance
Apor ‐ Agência para a Modernização do Porto, SA	22.75%	300,000	22.75%	300,000
Azulino ‐ Imobiliária, SA	100.00%	498,025	100.00%	498,025
Bertimóvel ‐ Sociedade Imobiliária, SA	100.00%	1,565,000	100.00%	1,565,000
Canasta ‐ Empreendimentos Imobiliários, SA	100.00%	112,000	100.00%	112,000
Chão Verde ‐ Sociedade de Gestão Imobiliária, SA	100.00%	‐	100.00%	‐
Citorres ‐ Sociedade Imobiliária, SA	100.00%	477,848	100.00%	477,848
Cumulativa ‐ Sociedade Imobiliária, SA	100.00%	1,445,000	100.00%	1,445,000
Fozimo ‐ Sociedade Imobiliária, SA	100.00%	24,940	100.00%	24,940
Fundo de Investimento Imobiliário Fechado Imosede	72.87%	92,009,153	57.82%	69,415,155
Fundo de Investimento Imobiliário Imosonae Dois	74.94%	108,760,470	74.94%	108,760,470
Iginha ‐ Sociedade Imobiliária, SA	100.00%	1,359,000	100.00%	1,359,000
Imoestrutura ‐ Sociedade Imobiliária,SA	100.00%	24,940	100.00%	24,940
Imomuro ‐ Sociedade Imobiliária, SA	100.00%	1,053,885	100.00%	923,885
Imoresultado ‐ Sociedade Imobiliária, SA	100.00%	109,736	100.00%	109,736
MDS, SGPS, SA	46.92%	51,000,000	46.92%	51,000,000
MJLF ‐ Empreendimentos Imobiliários, SA	100.00%	190,000	100.00%	190,000
Modelo ‐ Distribuição de Materiais de Construção, SA	50.00%	21,510,614	50.00%	21,510,614
Modelo Hiper Imobiliária, SA	100.00%	10,012,648	100.00%	10,012,648
MOVVO, SA	16.00%	800,000	9.09%	400,000
Ponto de Chegada ‐ Promoção Imobiliária, SA	100.00%	50,000	100.00%	50,000
Predicomercial ‐ Promoção Imobiliária, SA	100.00%	6,372,293	100.00%	6,372,293
Predilugar ‐ Sociedade Imobiliária, SA	100.00%	50,000	100.00%	50,000
Selifa ‐ Sociedade de Empreendimentos Imobililiários, SA	100.00%	565,000	100.00%	565,000
Socijofra ‐ Sociedade Imobiliária, SA	100.00%	550,000	100.00%	550,000
Soliférias ‐ Operadores Turísticos, SA	11.12%	133,162	11.12%	133,162
Sonae Capital Brasil, Ltda	37.00%	296,770	37.00%	296,770
Sonae Center Serviços II, SA	100.00%	58,032,319	100.00%	58,032,319
Sonae MC ‐ Modelo Continente, SGPS, SA	100.00%	1,438,804,275	41.96%	423,698,275
Sonae Financial Services, SA	100.00%	5,000,000	100.00%	350,000
Sonae SR Malta Holding Limited	‐	1	‐	1
Sonaegest ‐ Soc. Gest. de Fundos de Investimentos, SA	40.00%	384,351	40.00%	384,351
Valor N, SA	100.00%	2,087,315	100.00%	2,087,315
Total		1,803,578,745		760,698,747

6 OTHER NON‐CURRENT ASSETS

As at 30 September 2015 and 31 December 2014 the non‐current assets were as follows:

	30.September.2015	31.December.2014 Restated
		(note 4)
Loans granted	685,943,506	699,808,123
	685,943,506	699,808,123

The loans granted have a long term maturity, bear interests at market rates indexed to Euribor and their fair value is similar to their carrying amount.

As at 30 September 2015 and 31 December 2014 the loans granted are no past due or impaired.

7 TRADE ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS

As at 30 September 2015 and 31 December 2014 the current assets were as follows:

	30.September.2015	31.December.2014 Restated
		(note 4)
Group company: Short term loans	2,691,225,211	1,473,912,654
Interests charged but not received	38,011	21,747,999
Taxes ‐ Special Regime for taxation of groups of companies	5,755,505	25,643,546
Receivables on the sale of investments	‐	1,435,757,800
Aditional tax assessments	1,578,116	1,578,116
Special regime for payment of tax and social securaty debts (DL 248‐ A/2002, 14 November)	2,795,019	2,795,019
Special regime for payment of tax and social securaty debts (DL 151‐ A/2013, 31October)	788,298	788,298
Others	112,560	457,088
Taxes recoverable	18,301,163	10,506,101
Other current assests	64,175,170	5,030,036
	2,784,769,053	2,978,216,657

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

The amount disclosed as 'Special regime for payment of tax and social security debts' (DL 248‐ A/2002, of 14 November and DL 151‐A/2013, of 31 October) relates to taxes paid which were previously disputed and subject to reimbursement claims. The tax litigations are still in progress, although, following the payment, the guarantees previously given were canceled. As mentioned in note 4 the amount of 2,200,320 euro was transferred to retained earnings.

The caption other current assets includes mainly receivables relating to interest, from loans granted to group companies.

8 CASH AND CASH EQUIVALENTS

As at 30 September 2015 and 31 December 2014, cash and cash equivalents can be detailed as follows:

	30.September.2015	31.December.2014 Restated (note 4)
Cash in hand	‐	550
Bank deposits	10,678	40,614,446
Cash and cash equivalents on the balance sheet	10,678	40,614,996
Bank overdrafts	(29,831,930)	(5,222)
Cash and cash equivalents on the cash flow statement	(29,821,252)	40,609,774

Bank overdrafts are disclosed in the statement of financial position under the caption short term bank loans.

9 NON‐CURRENT ASSETS HELD FOR SALE

As at 30 June 2015 the Raso, SGPS, SA investment was classified as non‐current asset held for sale. The valuation of this asset was based on the assessment made for the acquisition on June 29, 2015, of the remaining 50% Raso share capital. A reinforcement of impairment losses of about 4.7 million was recorded based on this valuation.

In October 2015 this investment was sold to the company Springwater Tourism Group, SGPS, SA.

10 SHARE CAPITAL

As at 30 September 2015 and 31 December 2014, the share capital, which is fully subscribed and paid for, is made up by 1,000,000,000 ordinary shares, with a nominal value of 1 euro each.

A subsidiary company Sonae MC – Modelo Continente, SGPS, SA owns 100,000,000 shares of Sonae Investimentos. These shares are considered as treasury shares under the Commercial Companies Code, reason why the underlying rights to these shares are suspended.

As at 30 September 2015 and 31 December 2014, the subscribed share capital was held as follows:

	30.September.2015	31.December.2014 Restated
		(note 4)
Sonae, SGPS, SA	25.0287%	25.0287%
Sonae Investments BV	13.1419%	13.1419%
Sonae MC ‐ Modelo Continente, SGPS, SA	10.0000%	10.0000%
Sonaecenter Serviços, SA	51.8269%	51.8269%
Libra Serviços, Sociedade Unipessoal, Lda	0.0025%	0.0025%

11 BORROWINGS

As at 30 September 2015 and 31 December 2014, this caption included the following loans:

		31.December.2014
	30.September.2015	Restated
		(note 4)
Bonds Sonae Investimentos / 2012/2017	120,000,000	145,000,000
Bonds Sonae Investimentos / junho 2013/2018	50,000,000	50,000,000
Bonds Sonae Investimentos / dezembro 2013/2018	‐	75,000,000
Bonds Sonae Investimentos / 2014/2018	50,000,000	50,000,000
Bonds Sonae Investimentos / 2015/2020	75,000,000	‐
Up‐front fees not yet charged to income statement	(2,154,273)	(2,779,285)
Bond loans	292,845,727	317,220,715
Commercial paper	155,000,000	30,000,000
Bank loans	155,000,000	30,000,000
Non‐current loans	447,845,727	347,220,715
Bonds Sonae Investimentos / agosto 2007/2015	‐	200,000,000
Bonds Sonae Investimentos / setembro 2007/2015	‐	155,000,000
Bonds Sonae Investimentos / 2012/2017	50,000,000	25,000,000
Up‐front fees not yet charged to income statement	(37,920)	(275,266)
Bond loans	49,962,080	379,724,734
Commercial paper	111,837,000	‐
Other bank loans	‐	1,666,667
Up‐front fees not yet charged to income statement	‐	(959)
Bank overdrafts	29,831,930	5,222
Bank loans	141,668,930	1,670,930
Current loans	191,631,010	381,395,664

Under lines of credit and commercial paper programs with firm commitments, the company had 296 million euro credit facilities available to meet its liquidity requirements, as follows:

	Less than 1 year	Over 1 year
Amount contracted lines	163,000,000	430,000,000
Amount available lines	21,330,363	275,000,000

The interest rate as at 30 September 2015 of the bonds and bank loans was, on average, 3.10% (2.62% as at 31 December 2014).

12 OTHER NON‐CURRENTS LIABILITIES

As at 30 September 2015 and 31 December 2014 this caption includes a subordinate bond loan, repayable in 10 years issued by Sonae Investimentos at market conditions. This loan was fully subscribed and paid for Sonae SGPS, SA on 28 December 2010 amounting to 400,000,000 euro, relating 8,000 bonds with nominal value of 50,000 euro each.

At 30 September 2015 the fair value of this bond loan is 55,375 euro (42,358 euro on 31 December 2014) per bond, and was determined based on discounted cash flows method.

As at 30 September 2015 and 31 December 2014 Sonae, SGPS, SA and Sonae Investments, BV held 6,948 and 1,052 bonds, respectively.

13 TRADE ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES

As at 30 September 2015 and 31 December 2014, this heading is made up as follows:

	30.September.2015	31.December.2014 Restated (note 4)
Suppliers	37,745	37,010
Group companies:
Short term loans	1,327,609,262	459,401,618
Taxes ‐ Special Regime for taxation of groups	21,018,079	21,042,656
Others	859,661	614,080
Taxes and contributions payable	1,900,589	2,161,371
Other current liabilities	40,027,224	8,634,180
	1,391,452,560	491,890,915

The caption other current liabilities includes mainly accrued interests not yet due relating to loans obtained.

14 CONTINGENT LIABILITIES

As at 30 September 2015 and 31 December 2014 the contingent liabilities were detailed as follows:

	30.September.2015	31.December.2014 Restated (note 4)
Guarantees rendered:
related to tax claims awaiting outcome
Guarantees provided by financial institutions	86,763,780	88,025,158
Guarantees provided by parent company	235,312,229	219,575,261
related to local and municipal claims awaiting outcome	28,938	28,938
others	10,633,113	10,633,113
Guarantees given in favour of subsidiaries (a)	62,926,569	62,958,018

a) Guarantees given to Tax Authorities in favour of subsidiaries to suspend claims from tax authorities.

The caption Guarantees provided on tax claims includes guarantees granted to Tax Authorities regarding income tax. The most significant amounts relate to an additional tax assessment made by Tax Authorities, relating the taxable period ending 2005, regarding the covering of losses made by the Company in a subsidiary, having Tax Authorities not considered the usage of taxable losses on this operation and subsequent liquidation of the Company's subsidiary, which is not in accordance with previous assessments made by Tax Authorities. The Company has presented an appeal against this tax claim, being the Board of Directors understanding, based on its advisors assessment, that such appeal will be favorable.

No provision has been recorded for these additional tax assessments, to which some guarantees were provided, as the Board of Directors considers that their outcome will be favorable, therefore with no additional liabilities to the Company.

Following the disposal of a Brazilian subsidiary company, the group guaranteed to that subsidiary company buyer all the losses it will have as consequence of tax additional assessments as it is described in the Note of Contingent assets and liabilities in the Consolidated financial statements.

15 RELATED PARTIES

Balances and main transactions with related parties are detailed as follows:

		31.December
	30.September.2015	Restated
		(note 4)
Balance:
Shareolders	4,142,368	4,219,330
Subsidiaries	63,695,910	1,482,009,644
Jointly controlled companies	‐	133,402
Associated companies	100,958	230,233
Accounts receivable	67,939,236	1,486,592,609
Shareolders	38,169,580	2,701,597
Subsidiaries	16,676,310	23,586,741
Associated companies	544,719	291,896
Other related parties	191	46,947
Accounts payable	55,390,800	26,627,181
Subsidiaries	3,372,566,993	2,153,763,572
Jointly controlled companies	‐	8,635,000
Associated companies	11,599,776	11,322,205
Loans granted	3,384,166,769	2,173,720,777
Shareolders	400,000,000	400,000,000
Subsidiaries	1,327,609,262	459,401,618
Loans obtained	1,727,609,262	859,401,618
	30.September.2015	30.September.2014
Transactions:
Associated companies	‐	459,196
Services rendered	‐	459,196
Shareolders	1,004,050	1,855,588
Subsidiaries	320	375
Jointly controlled companies	‐	5,692
Associated companies	16,797	30,664
Other related parties	106	116
Purchases and services obtained	1,021,273	1,892,435
Shareolders	50,912	98,854
Subsidiaries	275,621	438,015
Associated companies	69	567
Other income	326,602	537,436
Shareolders	1,661	‐
Subsidiaries	59,581,091	35,380,767
Jointly controlled companies	‐	318,740
Associated companies	262,116	368,837
Interest income	59,844,868	36,068,343
Shareolders	25,451,880	27,573,746
Subsidiaries	5,759,009	3,787,636
Other related parties	24,208	45,542
Interest expenses	31,235,097	31,406,924
Subsidiaries	113,299	16,758,860
Dividend income	113,299	16,758,860
Subsidiaries	37,656,714	‐
Income from Investment Fund Participation Units	37,656,714	‐

All Sonae, SGPS, S.A. and Efanor Investimentos SGPS, SA subsidiaries, associates and joint ventures are considered related parties and are identified in Consolidated Financial Statements.

During the 9 months ended as at September 2015 and 2014 did not occur any transactions including granted loans to the Company's Directors.

16 INVESTMENT INCOME

As at 30 September 2015 and 2014 investment income is as follows:

	30.September.2015	30.September.2014
Dividends received	113,299	16,758,860
Income from financial investements	37,656,714	‐
Reverse of impairment losses	2,262,690	4,349,891
Impairment losses	(6,998,052)	(15,474,000)
Losses on investments sales	‐	(4,048,823)
	33,034,651	1,585,928

17 FINANCIAL INCOME / EXPENSES

As at 30 September 2015 and 2014, net financial expenses are as follows:

	30.September.2015	30.September.2014
Interest receivable
related to bank deposits	7,735	83,214
related to loans granted	59,844,869	36,041,873
Others	173,450	26,470
Other financial income	9,234	‐
Financial income	60,035,288	36,151,557
Interest payable
related to bank deposits and overdrats	(1,071,322)	(2,078,022)
related to non convertible bonds	(12,934,955)	(13,937,819)
related to loans obtained	(31,235,099)	(31,406,924)
Other financial expenses
Up front fees on the issuance of debt	(3,567,311)	(5,475,571)
Others	(930,704)	(8,155)
Financial expenses	(49,739,391)	(52,906,491)

18 EARNINGS PER SHARE

Earnings per share for the periods ended 30 September 2015 and 2014 were calculated taking into consideration the following amounts:

	30.September.2015	30.September.2014
Net Profit
Net profit taken into consideration to calculate basic earnings pershare (Net profit for the period)	29,067,077	(14,733,114)
Net profit taken into consideration to calculate diluted earnings pershare	29,067,077	(14,733,114)
Number of shares
Weighted average number of shares used to calculate basic earnings pershare	900,000,000	900,000,000
Weighted average number of shares used to calculate diluted earnings pershare	900,000,000	900,000,000
Earnings pershare (basic and diluted)	0.0323	(0.0164)

19 SUBSEQUENT EVENTS

As at 21 October 2015 the company sold 100% of the share capital held in Raso, SGPS, SA to Springwater Tourism Group, SGPS, SA.

20 APPROVAL OF THE FINANCIAL STATEMENTS

The accompanying financial statements were approved by the Board of Directors and authorized for issue on 2 November 2015.

21 INFORMATION REQUIRED BY LAW

Decree‐Law ner 318/94 art. 5th ner 4th

During the period ended as at 30 September 2015 shareholders' loan contracts were signed with the following companies:

Fozimo – Sociedade Imobiliária, SA MDS SGPS, SA Selifa ‐ Sociedade de Empreendimentos Imobiliários, SA Socijofra ‐ Sociedade Imobiliária, SA Sonae Capital Brasil, Ltda Valor N, SA

During the period ended as at 30 September 2015, treasury application agreements were signed with the following companies:

Efanor Investimentos, SGPS, SA Fashion Division, SA MJB ‐ Design, Lda Pharmacontinente – Saúde e Higiene, SA Sonae Financial Services, SA Sonae, SGPS, SA

The amounts due to group companies as at 30 September 2015 related to the mentioned contracts were the following:

Company	30.September.2015
BB Food Service, SA	5,056,417
Bom Momento ‐ Comercio Retalhista, SA	355,640
Continente Hipermercados, S.A.	117,441,282
Contibomba ‐ Comércio e Distribuição de Combustíveis, SA	1,054,640
Fashion Division, SA	3,887,140
Modelo Continente Hipermercados, SA	89,066,941
Modelo Hiper Imobiliária, SA	3,992,640
Modelo.Com ‐ Vendas por Correspondência, SA	10,835,640
Pharmacontinente ‐ Saúde e Higiene, SA	2,171,522
Sesagest ‐ Projectos e Gestão Imobiliária, SA	61,624,641
Sonae ‐ Specialized Retail, SGPS, SA	886,797,640
SonaeSR ‐ Serviços e Logística, SA	892,000
Têxtil do Marco, SA	1,188,640
Tlantic Portugal ‐ Sistemas de Informação, SA	876,939
Worten ‐ Equipamentos para o Lar, SA	142,367,540
	1,327,609,262

As at 30 September 2015 amounts owed by subsidiaries can be detailed as follows:

Company	30.September.2015
Azulino ‐ Imobiliária, SA	3,477,534
Bertimóvel ‐ Sociedade Imobiliária, SA	10,369,769
Canasta ‐ Empreendimentos Imobiliários, SA	898,966
Chão Verde ‐ Sociedade de Gestão Imobiliária, SA	13,118,298
Citorres ‐ Sociedade Imobiliária, SA	1,727,808
Contimobe ‐ Imobiliária do Castelo de Paiva, SA	5,161,279
Cumulativa ‐ Sociedade Imobiliária, SA	925,091
Discovery Sports, SA	3,110,360
Farmácia Selecção, SA	98,360
Fozimo – Sociedade Imobiliária, SA	1,111,060
Igimo – Sociedade Imobiliária, SA	872,298
Iginha – Sociedade Imobiliária, SA	13,730,361
Imoconti – Sociedade Imobiliária, SA	364,360
Imoestrutura ‐ Sociedade Imobiliária, SA	233,003
Imomuro ‐ Sociedade Imobiliária, SA	10,511,218
Imoresultado – Sociedade Imobiliária, SA	509,954
Imosistema ‐ Sociedade Imobiliária, SA	51,504
Infofield ‐ Informática, S.A.	99,360
MJB ‐ Design, Lda	204,000
MJLF ‐ Empreendimentos Imobiliários, SA	2,216,945
Modalfa ‐ Comércio e Serviços, S.A.	15,430,360
Modalloop ‐ Vestuário e Calçado, SA	900,360
Modelo ‐ Distribuição de Materiais de Construção, SA	2,308,144
MDS SGPS, SA	9,291,631
Pharmaconcept ‐ Actividades em Saúde, SA	3,360
Ponto de Chegada ‐ Promoção Imobiliária, SA	2,544,000
Predicomercial ‐ Promoção Imobiliária, SA	1,301,068
Predilugar ‐ Sociedade Imobiliária, SA	6,602,000
Raso, SGPS, SA	2,160,896
Selifa ‐ Sociedade de Empreendimentos Imobiliários, SA	1,978,734
SDSR ‐ Sports Division SR, SA	18,088,360
Sempre à Mão ‐ Sociedade Imobiliária, SA	709,789
Socijofra ‐ Sociedade Imobiliária, SA	4,104,138
Sociloures ‐ Sociedade Imobiliária, SA	73,772
Sonae Capital Brasil, Ltda	4,164,077
Sonae Center Serviços II, SA	41,100,972
Sonae Financial Services, SA	1,656,000
Sonae MC ‐ Modelo Continente, SGPS, SA	3,140,431,026
Sonaerp ‐ Retail Properties, SA	46,373,865
Sondis Imobiliária, SA	711,716
Valor N, SA	2,536,201
Zippy ‐ Comércio e Distribuição, S.A.	5,140,360
Zyevolution Investigação e Desenvolvimento, SA	766,360
	3,377,168,717

The Board of Directors,

Duarte Paulo Teixeira de Azevedo

Ângelo Gabriel Ribeirinho dos Santos Paupério