REPORT AND ACCOUNTS

Report of the Board of Directors

PART I REPORT OF THE BOARD OF DIRECTORS

"The results registered during the first 9 Months of 2015 witness our commitment and effort on implementing the defined strategy, with particular relevance the achievement of positive Net Results. The sale of diverse Financial and Real Estate assets, amounting to, approximately, 39M€, alongside with the operational performance of each Business Unit has allowed a significant Net Debt reduction (49.8M€).

Improving each Business unit competitive position has been and will continue to be one of our core goals and the team's main effort during 2015. As a result, the first nine months of the year continue showing significant improvements across major key financial indicators: total Operational Income grew 3.9% and EBITDA improved 10.43M€, (registering a margin of 15.7%), having reached a positive Net Result of 3.05M€, a growth of 10.84M€ compared to the same period of last year.

Net Debt reached 184.6M€, registering another quarterly decrease of 15.9M€ or 53.6M€ when compared to September 2014."

Cláudia Azevedo, CEO

THE RESULTS OF THE FIRST NINE MONTHS OF THE YEAR CONFIRM THE SOLID OPERATIONAL AND FINANCIAL PERFORMANCE OF THE GROUP, ACHIEVING POSITIVE NET RESULTS AND ANOTHER STRONG DECREASE AT THE NET DEBT

…CONSOLIDATED OPERATIONAL INCOME GREW 3.9%, with all business units showing positive performance when compared with the same period last year,

CONSOLIDATED EBITDA reached 20.38M€, more than twice the level reached in the 9M14, with all business units showing positive performance: Resorts, +22.0%; Hospitality, +39.0%; Fitness, +14.2%; Energy, +9.5%; and Refrigeration & HVAC, +1.88M€. It should also be highlighted the contribution of the non-core real estate sales, namely the capital gain of 6.0M€ related to the sale of "Duque

NET RESULTS of the period reached a positive 3.05M€, growing 10.84M€ when compared to last year, resulting from the EBITDA performance and, importantly, from a relevant decrease of Net Financial Expenses, driven by both lower levels of Net Debt and lower interest rates.

FREE CASH FLOW (levered), reached 47.9M€, representing an improvement of 40.2M€ compared to LY, benefiting from the improved Business Units operational contribution and, primarily, from the sale of 39M€ of non-core assets.

NET DEBT registered another significant drop of 49.8M€ compared to YE2014, to 184.6M€, the lowest level since the spin-off of the Group.

THIRD QUARTER PERFORMANCE CONTINUES SHOWING SIGNIFICANT PROGRESSES, BOTH AT THE CONSOLIDATED AND EACH BUSINESS UNIT LEVEL,

…CONSOLIDATED TOP LINE reached 48.9M€, a decrease of 10.1% based on…: A decrease of 27.5% in Resorts segment, to 10.20M€, due to a lower number of deeds despite the favourable sales mix. During the 3Q15 were registered 7 deeds of real estate residential units in troiaresort (compared with 13 deeds registered in 3Q2014), to which it should be added a stock of 17
promissory purchase and reserve agreements; Energy segment reached a Top Line of 11.7M€, with a decrease of 11.7% when compared to same period last year, due to: (i) lower selling energy prices, that more than cancelled the growth registered in energy production, and (ii) interruption of one cogeneration plant operations for
repowering works; Refrigeration & HVAC registered a decrease of 15.5% when compared to LY, due to the ongoing restructuring plan and the discontinuation of some of non-strategic business lines;
…on the other hand, with positive contributions, it should be highlighted: The continuous growth of Hospitality segment that has resulted in a Top
Line of 8.32M€ and a 16.3% growth when compared to last year; and On the Fitness growth of 15.6% to 3.78M€, strengthening the trend of previous quarters, leveraging on the increased number of active members.

CONSOLIDATED EBITDA amounted to 8.32M€, a significant improvement of 39.3%

(2.35M€) when compared to 3Q14: Hospitality business improved its performance by more than twice of the
value registered last year, to a EBITDA level of 1.53M€; Fitness, leveraging on the Top Line performance and materializing the
increased number of active members, improved 2.35x to 0.4M€; The Resorts segment, notwithstanding the lower number of deeds and consequently a lower Top Line, registered an improvement of 21.1% driven
by a favourable sales mix; Refrigeration & HVAC has also registered an improvement of 1.22M€, leveraging on the ongoing restructuring plan, with the aim of improving its efficiency and on the discontinuation of some of non-strategic business
lines; The Energy segment, now on a comparable basis, registered a decrease of 24.1% due to the Top Line performance, namely the lower selling energy prices and the interruption of a cogeneration plant operation for repowering

CONSOLIDATED NET RESULTS of the quarter amounted a positive 2.20M€, representing an improvement of 2.81M€ when compared to 3Q14.

OVERALL PERFORMANCE The financial and operational performance during the first nine months of 2015 was overall positive. Besides the improved Business Units' competitive position, the sale of non-core assets produced a significant positive impact at the Net Debt level that has reduced by 49.8M€ when compared to YE2014. The achievement of positive Net Results, both in the quarter (2.20M€) and the nine-month period (3.05M€) should also be highlighted.

2.1. CONSOLIDATED PROFIT & LOSS STATEMENT

Million euro
	3Q 2015	3Q 2014	$\triangle$ 15/14	9M 2015	9M 2014	$\triangle$ 15/14
Total Operational Income	49 48	56 11	118%	140.27	134 98	$+3.9%$
Turnover	48.87	54 34	10.1%	129 85	130 57	$-0.6%$
Resorts	10.20	14.06	-27.5%	23.91	32.55	$-26.5%$
Hospitality	8.32	715	$+16.3%$	14.64	12.75	$+14.8%$
Fitness	3.78	3.27	$+15.6%$	11.23	10.17	$+10.4%$
Energy	11.70	13.25	-11.7%	4030	33.52	$+20.2%$
Refrigeration & HVAC	14.64	17.33	-15.5%	40.83	42.82	$-4.7%$
Others & Eliminations	0.22	$-0.73$		105	124	$+15.4%$
Other Operational Income	0.62	1.77	65.2%	10.42	4.41	>100%
EBITDA, excluding Guaranteed Income Provisions (1)	8.48	6.78	+25.0%	21.19	12.85	+64.8%
Resorts	3.33	3.43	$-2.9%$	5.25	6.55	-19.8%
Hospitality	1.53	0.74	>100%	$-165$	$-2.71$	$+39.0%$
Fitness	0.40	0.17	>100%	1.26	110	$+14.2%$
Energy	1.99	2.62	-241%	769	7.02	$+9.5%$
Refrigeration & HVAC	0.56	$-0.66$		1.41	$-0.47$
Others & Eliminations	0.67	0.48	$+39.5%$	723	137	>100%
Provisions for Guaranteed Income	$-0.16$	$-0.81$	$+80.3%$	$-0.81$	$-2.90$	$+72.2%$
EBITDA	8.32	5.97	$+39.3%$	20.38	9.95	>100%
Amortization & Depreciation	$-4.05$	-3.85	$-5.1%$	$-11.88$	$-10.90$	$-9.0%$
Provisions & Impairment Losses	$-0.08$	0.00	< 100%	$-0.24$	$-0.17$	-41.5%
Non-recurrent costs/income ⁽²⁾	$-0.57$	0.07		$-0.21$	0.01
Discontinued Operations ⁽³⁾	0.00	$-0.07$		0.00	$-0.21$
EBIT	3.62	2.12	+70.4%	8.05	133
Net Financial Expenses	$-2.63$	-2.95	$+11.1%$	$-7.23$	$-9.06$	$+20.2%$
Investment Income and Results from Assoc. Undertakings	1.04	1.84	-43.5%	3.04	5.12	-40.7%
EBT	2.03	101	>100%	386	$-5.27$
Taxation	0.16	$-1.62$		$-0.81$	$-2.52$	+68.0%
Net Profit	2.20	$-0.61$		305	779
Attributable to Equity Holders of Sonae Capital	1.86	$-0.57$		2.05	-793
Attributable to Non-Controlling Interests	0.34	$-0.04$		100	0.14	>100%

Consolidated Total Operational Income reached in the 3Q15 49.48M€, a decrease of 11.8% over the same period last year. However, this decrease has not produced a negative impact on the consolidated EBITDA, which has registered, once more, an increase of 39.3% over the same period last year.

Resulting from a combination of several factors, the 3Q15 registered a decline in the Top Line: (i) Resorts: decrease of 27.5%, due to a lower number of signed deeds; in the 3Q15 were registered 7 deeds, compared to the 13 deeds registered over the same period last year; (ii) Energy: decrease of 11.7% due to lower selling energy prices and the operations' interruption of a cogeneration plant for repowering works, despite the higher production levels with higher heat energy consumption in main industrial operators; and (iii) Refrigeration & HVAC, decrease of 15.5%, due to the discontinuation of some of non-strategic business lines. On the other side, it should also be highlighted the positive contributions from the: (i) continuous growth of Hospitality business (+16.3%), based on the improvement of the main operational indicators such as occupancy rates and RevPar; and (ii) Fitness growth of 15.6% driven by the 10.0% increase on the average number of active members and 7.5% increase on the average monthly fees.

Top Line of the first nine months of 2015 stood in line with last year, penalized by a lower number of deeds in Troia and by the on-going restructuring plan and strategic focus at Refrigeration & HVAC business unit level. Significant growth in Top Line was registered in all the remainder Business Units.

3Q15 consolidated EBITDA reached 8.32M€, an increase of 39.3% or 2.35M€ when compared to the same period last year. Resorts was the main contribution to the Consolidated EBITDA, registering an improvement of 21.1% to 3.17M€, despite the lower number of deeds. Energy contributed with 1.99M€, showing a decrease of 24.1%, due to the lower selling energy prices and the interruption of one cogeneration plant for repowering works. Hospitality contribution should also be highlighted, with a meaningful improvement to 1.53M€. Refrigeration & HVAC registered a considerable improvement to 0.56M€, notwithstanding the restructuring plan already mentioned in previous announcements, confirming the merits of the on-going strategic realignment. Finally, Fitness also registered a twofold growth to 0.4M€, leveraging not only on the increased number of active members but also on higher average monthly fees.

9M15 Consolidated EBITDA reached 20.38M€, registering an increase of 10.43M€ when compared to last year, with all business units showing positive performance. Capital gains from real estate sale registered during the 2Q15 should also be highlighted.

3Q15 Net Results reached positive 2.02M€, with particular emphasis on: (i) the already noted growth at the EBITDA level (+2.35M€); (ii) the decrease of Net Financial Expenses in 0.32M€, driven by lower levels of Net Debt and lower financing costs; (iii) the lower tax charges, due to the recognition of the consolidated fiscal perimeter; and notwithstanding (iv) the higher costs with Depreciation and Amortization (0.20M€); (v) the decrease of 43.5% related to Results from Associated Companies / Investment Income, mainly explained by lower contributions from Energy operations acquired during the 1Q14 where the Group does not own the majority shareholding; and (vi) Non-recurrent costs/(gains) amounted to 0.57M€, related do an accounting capital loss from an

9M15 Net Results reached positive 3.05M€, an improvement of 10.84M€ when compared to last year, driven mainly by the EBITDA growth of 10.43M€.

2.2. CAPEX

CAPEX in 9M2015 amounted to 11.0M€, registering a growth of 5.5M€ when compared to the same period last year. The main Capex contributors were registered at the Energy (repowering plants' investments in order to increase their profitability) and Real Estate segment, namely the expansion and refurbishment of Aqualuz Lagos ApartHotel.

2.3. CAPITAL STRUCTURE

At the end of the 9M2015 period, Net Debt amounted to 184.6M€, 49.8M€ below the level registered at the end of 2014 and, as in previous reporting seasons, the lowest level since the group's spin-off in 2007. This result was mainly driven by the consolidated FCF performance that includes a cash in of 6.58M€ related to a

Promissory Purchase and Reserve agreement signed during the 3Q15, of one of the

non-core real estate assets. It should also be highlighted that, when compared to the same period last year, Net Debt presents a reduction of 53.6M€.

Consolidated Balance Sheet
Million euro	Sep 2015	Dec 2014	Δ
			Sep15/Dec14
Total Assets	589.3	636.0	$-7.3%$
Tangible and Intangible Assets	2428	2487	2.4%
Goodwill	61.0	61.0	0.0%
Non-Current Investments	36.9	54.8	-32.6%
Other Non-Current Assets	45.4	444	$+2.2%$
Stocks	150.1	1576	-48%
Trade Debtors and Other Current Assets	477	60.2	-20.7%
Cash and Cash Equivalents	5.4	9.3	$-42.2%$
Total Equity	3115	3073	$+14%$
Total Equity attributable to Equity Holders of Sonae Capital	302.0	2980	$+1.4%$
Total Equity attributable to Non-Controlling Interests	96	9.4	$+1.9%$
Total Liabilities	277.7	328.7	$-15.5%$
Non-Current Liabilities	118.3	217.4	-45.0%
Non-Current Borrowings	101.3	199.6	48.6%
Deferred Tax Liabilities	11 O	11.7	-6.4%
Other Non-Current Liabilities	61	6.2	12%
Current Liabilities	1594	111 2	$+42.2%$
Current Borrowings	888	44.2	$+981%$
Trade Creditors and Other Current Liabilities	70.6	670	$+5.4%$
Total Equity and Liabilities	589.3	636.0	$-7.3%$

Net Capital Employed	496.2	5418	$-84%$
Fixed Assets	303.8	309.7	19%
Non-Current Investments (net)	65.2	81.3	-19.8%
Working Capital	127.2	1508	$-15.6%$
Capex (9M period)	11 O	55	>100%
% Fixed Assets	3.6%	18%
Net Debt	184.6	234.5	$-21.2%$
% Net Capital Employed	37.2%	43 3%
Debt to Equity	593%	763%
Net Debt excluding Energy	165.2	211.3	-218%

Net Capital Employed reduced 8.4% compared to YE2014, to 496.2M€. This result was driven by a reduction in Non-Current Investments of 16.1M€, a reduction in Working Capital of 23.6M€ and another reduction in Net Fixed

3. SEGMENTS PERFORMANCE 3.1. RESORTS

Profit and Loss Account
Million euro
Resorts	3Q 2015	3Q 2014	$\triangle$ 15/14	9M 2015	9M 2014	$\Delta$ 15/14
Total Operational Income	10.72	14.90	-28.0%	25.69	34.00	24.4%
Turnover	10.20	14.06	27.5%	23.91	32.55	26.5%
Other Operational Income	0.52	0.83	-378%	1.78	1.45	$+22.4%$
Total Operational Costs	742	11 47	$+35.3%$	$-20.44$	$-27.45$	+25.5%
Cost of Goods Sold	$-1.39$	$-0.75$	848%	3.68	$-1.03$	$< 100\%$
Change in Stocks of Finished Goods	143	-4.49	$+68.2%$	$-4.22$	$-12.15$	$+65.2%$
External Supplies and Services	-3.03	$-4.36$	+30.5%	$-8.40$	$-9.91$	$+15.2%$
Staff Costs	118	103	$-14.7%$	2.96	$-2.62$	12.8%
Other Operational Expenses	$-0.38$	$-0.83$	+54.0%	$-1.18$	$-1.74$	$+32.3%$
EBITDA excluding Guaranteed Income Provisions *	333	343	29%	5.25	6.55	198%
Provisions for Guaranteed Income	$-0.16$	$-0.81$	+80.3%	$-0.81$	$-2.90$	$+72.2%$
EBITDA	317	2.62	$+211%$	4.45	3.64	+22.0%
Capex	0.23	0.20	$+177%$	0.79	105	24 2%
EBITDA Capex	2.94	2,42	$+21.4%$	3.65	2.60	+40.7%

During the 3Q15 were signed 7 deeds regarding residential units in troiaresort, with a total of 24 signed deeds for the first nine months of the year. Furthermore, it should be added a stock of 17 promissory purchase and reserve agreements (with advance payment). It should be pointed out the increase in the stock of promissory purchase and reserve agreements, when compared with previous quarters, mainly taking into consideration the slowdown of the 'Golden Visa' market, only partially mitigated with the domestic market recovery. As at 30th of September 2015, a total of 343 deeds had been celebrated on residential units in troiaresort.

Mainly driven by the number of signed deeds, Top Line in 3Q15 stood at 10.2M€, showing a decrease of 27.5% when compared to 3Q14, envisioning future recovery when taking into consideration the stock of promissory purchase and reserve agreements. However, benefiting from the positive sales mix and the general improvement of the operations that support the Resort, namely, hospitality (touristic apartments operation), EBITDA registered 3.17M€ in the 3Q15, with a positive performance of 21.1% when compared to the same period last year.

For prudence reasons and following the traditional conservative approach that should govern the accounting principles, it is accounted as Provisions, at the time of the sale, the present value of potential costs for the entire period of the guaranteed income from troiaresort real estate sales (the difference between the guaranteed rate of return and a conservative expectation on commercial operation). Driven by the sales registered in the 9M15 and the favourable sales mix, the value amounted

0.81M€. Considering year-to-date figures, performance is similar to the quarter, registering a decrease of 26.5% in Top Line, despite an improvement in the EBITDA level of 22.0%, driven by the favourable sales mix and the general improvement of the operations that support the Resorts segment.

CAPEX stood at controllable levels, below 9M14 and consequently contributing to an improvement of EBITDA – CAPEX of 1.05M€.

3.2. FITNESS

Fitness activity continues to show improvements on its competitive position, certified by the 10% growth in the number of active members.

In this regard, as mentioned in previous announcements, it should be noted a new club opening in 2Q15, in Alfragide (Oeiras). Presently the Solinca fitness club chain

manages 13 clubs. In 3Q15, Top Line increased 15.6%, to 3.78M€, as a result of the above-mentioned growth in the number of active members, being worth to note the positive performance of average monthly fees. EBITDA amounted 0.40M€, a significant improvement over the previous year, corresponding to a margin of 10.6%.

Profit and Loss Account Million euro
Fitness	3Q 2015	3Q 2014	$\triangle$ 15/14	9M 2015	9M 2014	$\triangle$ 15/14
Total Operational Income	3.87	3.34	$+15.9%$	11.47	10.39	+10.4%
Turnover	3.78	3.27	+15.6%	11.23	10.17	+10.4%
Other Operational Income	0.09	0.07	$+28.7%$	0.24	0.21	$+12.0%$
Total Operational Costs	347	3.17	$-9.4%$	10.21	$-9.28$	9.9%
Cost of Goods Sold External Supplies and Services Staff Costs Other Operational Expenses	$-0.03$ $-2.21$ 104 $-0.19$	$-0.03$ $-2.00$ $-0.96$ $-0.19$	$-8.7%$ 10.6% $-8.1%$ $-2.4%$	$-0.09$ $-6.41$ $-313$ $-0.58$	$-0.10$ $-5.94$ -2.83 $-0.42$	$+8.6%$ $-8.0%$ $-10.3%$ -39.5%
EBITDA	0.40	0.17	>100%	1.26	1.10	$+14.2%$
Capex EBITDA Capex	0.43 0.03	0.74 $-0.57$	41.5% +95.0%	0.64 0,61	1.24 $-0.14$	48.1%

Year-to-date Top Line increased 10.4% and EBITDA improved 14.2% to 1.26M€, corresponding to a margin of 11.2%.

CAPEX in the 9M15 amounted to 0.64M€, 48.1% below the level registered in 9M14, contributing to an improvement of EBITDA-CAPEX of 0.75M€ to 0.61M€, when compared to the same period last year.

3.3. HOSPITALITY

3Q15 Hospitality Top Line registered an improvement of 16.3% to 8.32M€, when compared to 3Q14. This performance resulted mainly from 4pp occupancy rate growth. In the same period, the number of room nights sold rose 10.1% in the total Group's hotel properties and RevPar also revealed an improvement of 17.4%.

Due to the increased Top Line and the optimization and rationalization cost measures implemented over the past years, 3Q15 EBITDA showed an improvement to more than the double when compared to last year, to 1.53M€.

Considering year-to-date figures, mainly driven mainly by 4pp increased level of occupancy rate, the increase of 11.3% in number of room nights sold and the growth of 20.0% in RevPar, Top Line and EBITDA showed an improvement of 14.8% and 39.0%, respectively.

Excluding rents, it should be highlighted that the Hospitality segment EBITDAR registered 2.83M€ positive in the period, an improvement of 88.5% or 1.33M€

compared to 9M14. Hospitality CAPEX levels continued to be kept under tight control, nevertheless the increase of 7.8% when compared to 9M14. Though, resulting from the operational performance, EBITDA-CAPEX showed in 9M15 an improvement of 32.3% compared with the same period last year.

3.4. ENERGY

Profit and Loss Account Million euro
Energy	3Q 2015	3Q 2014	$\triangle$ 15/14	9M 2015	9M 2014	$\triangle$ 15/14
Total Operational Income	11.75	13,68	14.1%	40.58	34.45	+17.8%
Turnover	11.70	13 25	$-11.7%$	40.30	33 52	$+20.2%$
Other Operational Income	0.05	0.42	-88.9%	0.28	0.93	-69.5%
Total Operational Costs	$-9.76$	1105	$+11.7%$	32.89	$-27.43$	-19.9%
Cost of Goods Sold External Supplies and Services Staff Costs Other Operational Expenses	785 $-110$ $-0.66$ $-0.15$	$-8.99$ $-1.26$ $-0.50$ $-0.30$	$+12.8%$ $+13.2%$ -33.0% +48.8%	2713 $-311$ $-2.13$ $-0.51$	-22.86 $-2.63$ $-1.35$ $-0.59$	-18.7% 18.5% -578% $+13.7%$
EBITDA	1.99	2.62	24.1%	7.69	7.02	+9.5%
Capex EBITDA Capex	3.37 138	0.21 2.42	>100%	4.64 305	1.14 5.88	>100% 48.2%

Energy Top Line decreased 11.7% during 3Q15 due to (i) lower selling energy prices, and (ii) the operations interruption of a cogeneration plant for repowering works, notwithstanding (iii) the growth registered in energy production levels. Following Top Line performance, EBITDA showed a decrease of 24.1%, registering a 17.0%

margin. Considering year-to-date figures and benefitting from the 9 month consolidation of the operations acquired in 2014 (when compared to the 7 months in the same period last year), Turnover and EBITDA registered a 20.2% and a 9.5% growth respectively. 9M15 EBITDA margin was of 19.1%, when compared to 20.9% registered last year.

Capex registered 4.64M€, 4.1x above that registered last year, mainly due to the repowering operations in progress, showing a reduction in EBITDA–CAPEX of 48.2%,

3.5. REFRIGERATION & HVAC 3Q15 Top Line amounted to 14.64M€, showing a decrease of 15.5% when compared to the same period last year. Backlog at the end of the period amounted to, approximately 42M€, an increase of 77% when compared to YE2014, leveraging on the Portuguese operations order backlog related to businesses abroad (i.e. exportation), consubstantiating the internationalization process in progress. At the EBITDA level a significant improvement was noted, amounting to 0.56M€, and with a margin of 3.8%.

Regarding year-to-date figures, 9M15 Top Line showed a decrease of 4.7% driven by the discontinuation of some of non-strategic business lines. International Top Line (consolidating exports from Portugal and direct sales abroad), represented 26% of the 9M15 Consolidated Top Line, 6pp above the level registered in 2014.

Under the continuous implementation of measures leading to a more balanced and flexible business cost structure adjusted to the new benchmark, and as a result of the restructuring process started in 2014 and still on-going, first results can be seen. EBITDA ascended to 1.41M€, showing an improvement of 1.88M€ when compared to

the 9M14, reaching a 3.5% margin.

Domestic operation EBITDA rose to 0.9M€ in 9M15, showing an increase of 26.6%

when compared to last year. CAPEX remained at low levels and majority of the EBITDA-CAPEX increase of 1.94M€ to 1.23M€, resulted from the EBITDA positive performance.

3.6. OTHER ASSETS Sonae Capital Group owns a set of non-strategic assets and thus available for sale, including Real Estate assets and Financial Shareholdings.

During the 3Q15, there were no significant sales registered. A promissory purchase and reserve agreement was signed with a 6.58M€ cash in, for a real estate asset (Plots 5 and 10 of Quinta das Sedas).

During 2015, important steps were taken in respect to Norscut financial asset, namely, to comply with almost all legal formalities for the implementation of the new concession agreement. As at the date of this announcement, it is only pending for the Court of Auditors approval (more information may be found at item 4.2).

As at 30th of September, Capital Employed in this set of assets (real estate) amounted to 118.8M€.

4.1. CORPORATE INFORMATION 3Q15 There was no corporate information to register.

4.2. SUBSEQUENT CORPORATE EVENTS On 27th of October 2015, Sonae Capital was informed on the Court of Auditors' decision made on 22nd of October 2015, regarding the dismissal of the previous supervision about the Norscut new concession agreement, with retroactively effect starting 1st of January 2014.

5. METHODOLOGICAL NOTES

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

With the aim of continuing improve the quality and transparency of the information provided, not only at the Consolidated level, but also, at the Business Unit level, from the 1Q15 onwards Sonae Capital reports Business Units' financial information on a consolidated basis and not as a contribution to the Sonae Capital Consolidated accounts as practice until last reporting season. At the EBITDA level there are no differences to the reported figures, both at the Consolidated and Business Unit level. The only change is reflected at the Business Units' Top Line (not affecting the reported Consolidated figures). To assure comparable information, we are disclosing in appendix a table with the 2014 quarterly information reflecting this new criteria.

The present document is a translation from the Portuguese original version.

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

Net Debt	245.63	254.00	238.22	234 46	228.53	200.59	184.65
Delta Net debt	$-0.39$	8.37	$-15.78$	$-3.76$	$-5.93$	$-27.94$	$-15.94$
Net Debt/Ebitda*	30.94x	23.90x	20.05x	19.83x	15.81x	10.08x	8.30x

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

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

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

www.sonaecapital.pt

PART II CONSOLIDATED FINANCIAL STATEMENTS

SONAE CAPITAL, SGPS, SA

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2015 AND 31 DECEMBER 2014

ASSETS	Notes	30.09.2015	31.12.2014

NON-CURRENT ASSETS:
Tangible assets	7	235,385,669	240,710,716
Intangible assets	7	7,401,973	8,024,620
Goodwill	8	60,990,243	60,990,244
Investments in associated companies and joint ventures	5	24,838,309	20,730,694
Other investments	6 and 9	12,080,279	34,081,492
Deferred tax assets	13	23,768,358	23,718,439
Other non-current assets	10	21,591,777	20,653,819
Total non-current assets		386,056,608	408,910,024

CURRENT ASSETS:
Stocks	11	150,070,861	157,562,294
Trade account receivables and other current assets	12	47,740,947	60,191,897
Cash and cash equivalents Total Current Assets	14	5,387,674 203,199,482	9,327,550 227,081,741

TOTAL ASSETS		589,256,090	635,991,765
EQUITY AND LIABILITIES

EQUITY:
Share capital	15	250,000,000	250,000,000
Own Shares	15	(1,413,866)	(1,486,301)
Reserves and retained earnings		51,347,290	56,279,740
Profit/(Loss) for the year attributable to the equity holders of Sonae Capital		2,054,038	(6,832,009)
Equity attributable to the equity holders of Sonae Capital		301,987,462	297,961,430
Equity attributable to non-controlling interests	16	9,552,837	9,375,864
TOTAL EQUITY		311,540,299	307,337,294
LIABILITIES:
NON-CURRENT LIABILITIES:
Loans	17	101,275,156	199,570,233
Other non current liabilities	19	2,997,453	3,073,863
Deferred tax liabilities	13
Provisions	22	10,965,387	11,709,284
Total Non-Current Liabilities		3,079,824 118,317,820	3,079,824 217,433,204

CURRENT LIABILITIES:
Loans	17	88,758,246	44,218,573
Trade creditors and other current liabilities	21	65,508,204	61,360,493
Provisions Total Current Liabilities	22	5,131,521 159,397,971	5,642,201 111,221,267

TOTAL LIABILITIES		277,715,791	328,654,471
TOTAL EQUITY AND LIABILITIES		589,256,090	635,991,765

SONAE CAPITAL, SGPS, SA

CONSOLIDATED INCOME STATEMENTS BY NATURE

FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2015 AND 2014

(Amounts expressed in euro)

	Notes	30.09.2015	30.09.2014


Sales		55,637,460	65,631,246
Services rendered		70,157,115	66,279,177
Other operating income		15,260,825	5,104,302
Cost of sales		(47,026,193)	(42,164,098)
Changes in stocks of finished goods and work in progress		(2,695,844)	(14,433,677)
External supplies and services		(37,764,342)	(39,946,484)
Staff costs		(27,103,063)	(25,449,432)
Depreciation and amortisation		(11,883,374)	(10,902,965)
Provisions and impairment losses (Increases/Decreases)		(49,615)	(597,674)
Other operating expenses Operational profit/(loss)		(6,479,449) 8,053,520	(4,845,897) (1,325,502)

Financial Expenses		(8,318,496)	(10,067,045)
Financial Income		1,089,120	1,004,311
Profit/(Loss) in associated and jointly controlled companies	5	2,986,686	4,549,523
Investment income Profit/(Loss) before taxation		49,395 3,860,225	569,899 (5,268,814)

Taxation	24	(807,968)	(2,524,104)
Profit/(Loss) for the year	25	3,052,257	(7,792,918)
Attributable to:
Equity holders of Sonae Capital Non-controlling interests	16	2,054,038 998,219	(7,930,747) 137,829

Profit/(Loss) per share
Basic Diluted	27 27	0.008338 0.008338	(0.032212) (0.032212)

SONAE CAPITAL, SGPS, SA

FOR THE 3rd QUARTERS OF 2015 AND 2014

(Amounts expressed in euro)

	rd Quarter 15 1 3	rd Quarter 14 1 3

Sales	16,933,568	25,887,373
Services rendered	30,922,587	28,444,983
Other operating income	1,087,025	2,156,894
Cost of sales	(16,749,858)	(18,014,124)
Changes in stocks of finished goods and work in progress	(319,195)	(5,677,243)

External supplies and services	(13,449,278)	(15,966,162)
Staff costs	(9,170,785)	(8,664,651)
Depreciation and amortisation	(4,049,082)	(3,851,556)
Provisions and impairment losses (Increases/Decreases)	587,827	596,280
Other operating expenses Operational profit/(loss)	(2,173,560) 3,619,249	(2,787,282) 2,124,512

Financial Expenses	(2,834,239)	(3,225,192)
Financial Income	206,656	270,918
Profit/(Loss) in associated and jointly controlled companies	891,110	1,662,656
Investment income Profit/(Loss) before taxation	150,007 2,032,783	180,531 1,013,425

Taxation	163,041	(1,620,451)
Profit/(Loss) for the period	2,195,824	(607,026)
Attributable to:
Equity holders of Sonae Capital Non-controlling interests	1,857,632	(569,126)
	338,192	(37,900)
Profit/(Loss) per share
Basic	0.007541	(0.002310)
Diluted	0.007541	(0.002310)

The accompanying notes are part of these financial statements.

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

SONAE CAPITAL, SGPS, SA

FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2015 AND 2014

(Amounts expressed in euro)

	30.09.2015	30.09.2014
Consolidated net profit/(loss) for the period	3,052,257	(7,792,918)
Items that may be reclassified subsequently to net profit / (loss):
Changes in the currency translation differences	188,382	88,286
Share of other comprehensive income of associates and joint ventures accounted for by the equity method (Note 5)	1,169,079	(292,285)
Change in the fair value of assets available for sale	841,904	904,216
Change in the fair value of cash flow hedging derivatives	222,404	635,193
Tax related to other comprehensive income captions	(265,833)	(129,268)
Other comprehensive income for the period	2,155,936	1,206,142
Total comprehensive income for the period	5,208,193	(6,586,776)
Attributable to:
Equity holders of Sonae Capital Non-controlling interests	4,172,698 1,035,495	(6,754,398) 167,622

SONAE CAPITAL, SGPS, SA

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 3rd QUARTERS OF 2015 AND 2014

(Amounts expressed in euro)

	rd Quarter 15 1 3	rd Quarter 14 1 3
Consolidated net profit/(loss) for the period	2,195,824	(607,026)
Items that may be reclassified subsequently to net profit / (loss):
Changes in the currency translation differences	148,378	(29,087)
Share of other comprehensive income of associates and joint ventures accounted for by the equity method (Note 5)	205,683	58,891
Change in the fair value of assets available for sale	133,507	132,076
Change in the fair value of cash flow hedging derivatives	8,709	92,380
Tax related to other comprehensive income captions	(31,868)	46,895
Other comprehensive income for the period	464,409	301,155
Total comprehensive income for the period	2,660,233	(305,871)
Attributable to: Equity holders of Sonae Capital Non-controlling interests	2,291,238 368,995	(256,623) (49,248)

The accompanying notes are part of these financial statements.

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

REPORT AND ACCOUNTS - SEPTEMBER 2015 Consolidated Financial Statements

SONAE CAPITAL, SGPS, SA

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

(Amounts expressed in Euro)

Attributable to Equity Holders of Sonae Capital
	Share Capital	Own Shares	Demerger Reserve (Note 15)	Translation Reserves	Fair Value Reserves	Hedging Reserves	Other Reserves and Retained Earnings	Sub total	Net Profit/(Loss)	Total	Non Controlling Interests	Total Equity
Balance as at 1 January 2014	250,000,000	(1,124,125)	132,638,253	(189,622)	(590,856)		(1,166,854) (62,056,375)	68,634,546	(13,200,373)	304,310,048	8,850,291	313,160,339
Total consolidated comprehensive income for the period	-	-	-	67,320	904,216	626,366	(421,553)	1,176,349	(7,930,747)	(6,754,398)	167,622	(6,586,776)

Appropriation of profit of 2013:
Transfer to legal reserves and retained earnings	-	-	-	-	-	-		(13,200,373) (13,200,373)	13,200,373	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	-	-	(649,927)	(649,927)
Acquisition of own shares	-	(362,176)	-	-	-	-	-	-	-	(362,176)	-	(362,176)
Changes in the percentage of capital held in affiliated companies Other changes	- -	- -	- -	- -	- -	- -	- (40,466)	- (40,466)	- -	- (40,466)	677,890 82	677,890 (40,384)
Balance as at 30 September 2014	250,000,000	(1,486,301)	132,638,253	(122,302)	313,360	(540,488)	(75,718,767)	56,570,056	(7,930,747)	297,153,008	9,045,958	306,198,966
Balance as at 1 January 2015	250,000,000	(1,486,301)	132,638,253	(130,882)	(750,961)		(239,276) (75,237,394)	56,279,740	(6,832,009)	297,961,430	9,375,864	307,337,294
Total consolidated comprehensive income for the period	-	-	-	151,827	841,904	221,683	903,246	2,118,660	2,054,038	4,172,698	1,035,495	5,208,193

Appropriation of profit of 2014:
Transfer to legal reserves and retained earnings	-	-	-	-	-	-	(6,832,009)	(6,832,009)	6,832,009	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	-	-	(1,078,352)	(1,078,352)
Acquisition of own shares	-	72,435	-	-	-	-	-	-	-	72,435	-	72,435
Changes in the percentage of capital held in affiliated companies Other changes	- -	- -	- -	- -	- -	- -	(219,830) 729	(219,830) 729	- -	(219,830) 729	219,830 -	- 729
Balance as at 30 September 2015
	250,000,000	(1,413,866)	132,638,253	20,945	90,943	(17,593)	(81,385,258)	51,347,290	2,054,038	301,987,462	9,552,837	311,540,299

CONSOLIDATED STATMENTS OF CASH FLOWS

(Amounts expressed in Euro)

	Notes	30.09.2015	30.09.2014	rd Quarter 15 1 3	rd Quarter 14 1 3
OPERATING ACTIVITIES:

Cash receipts from trade debtors		137,299,364	134,810,744	57,513,831	55,886,053
Cash receipts from trade creditors		(79,859,846)	(80,567,933)	(27,131,247)	(25,610,711)
Cash paid to employees Cash flow generated by operations		(25,822,785) 31,616,733	(24,729,821) 29,512,990	(9,030,848) 21,351,736	(8,082,947) 22,192,395

Income taxes (paid) / received Other cash receipts and (payments) relating to operating activities		(224,686) (3,330,814)	(3,866,108) (5,174,651)	1,332,399 (3,413,700)	39,399 (8,357,629)
Net cash flow from operating activities (1)		28,061,233	20,472,231	19,270,435	13,874,165
INVESTMENT ACTIVITIES:

Cash receipts arising from:
Investments		23,884,334	8,125,183	298,620	8,005,002
Tangible assets		14,604,622	1,083,926	1,010,285	748,163
Interest and similar income		1,106,226	1,243,050	278,089	103,670
Dividends		339,683 39,934,865	868,687 11,320,846	66,052 1,653,046	72,320 8,929,155

Cash Payments arising from:
Investments		(25,863)	(3,341,003)	(7,824)	(16,411)
Tangible assets		(9,035,119)	(5,196,640)	(2,305,095)	(1,764,143)
Intangible assets		(287,348)	(851,121)	(219,896)	(362,328)
Loans granted		(1,015,588)	(969,509)	(27,791)	(32,583)
Net cash used in investment activities (2)		(10,363,918) 29,570,947	(10,358,273) 962,573	(2,560,606) (907,560)	(2,175,465) 6,753,690
FINANCING ACTIVITIES:

Cash receipts arising from:
Loans obtained		9,100,000	71,151,000	-	6,951,800
Capital increases, additional paid in capital and share premiums		-	25,393	-	25,393
Sale of own shares		72,435	42,606	-	-
		9,172,435	71,218,999	-	6,977,193
Cash Payments arising from:
Loans obtained		(61,803,557)	(77,607,469)	(35,582,936)	(39,068,286)
Interest and similar charges		(7,181,864)	(11,510,973)	(2,210,395)	(4,774,082)
Reimbursement of capital and paid in capital		-	(28,385)	-	-
Dividends		(923,729)	(1,597,370)	(129,843)	(593,336)
Purchase of own shares		-	(404,783)	-	-
Net cash used in financing activities (3)		(69,909,150) (60,736,715)	(91,148,980) (19,929,981)	(37,923,174) (37,923,174)	(44,435,704) (37,458,511)

Net increase in cash and cash equivalents (4) = (1) + (2) + (3)		(3,104,535)	1,504,823	(19,560,299)	(16,830,656)
Effect of foreign exchange rate		218,048	(32,761)	140,568	(17,938)
Cash and cash equivalents at the beginning of the period	14	8,148,876	2,922,307	24,527,160	21,272,609
Cash and cash equivalents at the end of the period	14	4,826,293	4,459,891	4,826,293	4,459,891

The accompanying notes are part of these financial statements.

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

SONAE CAPITAL, SGPS, SA

(Translation from the Portuguese Original)

(Amounts expressed in Euro)

1. INTRODUCTION

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

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

Resorts; Hotels;
Fitness;
Energy,
Refrigeration and HVAC;
Other Assets.

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

The accounting policies adopted are consistent with those used in the financial statements presented for the year ended 31 December 2014.

Basis of preparation

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

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

Changes to international accounting standards that came into force on or after 1 January 2015, did not have material impacts in the financial statements as at 30 September 2015.

4. GROUP COMPANIES INCLUDED IN THE

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

					30 September 2015	Percentage of capital held	31 December 2014
	Company		Head Office	Direct	Total	Direct	Total
	Sonae Capital SGPS, SA		Maia	Holding	Holding	Holding	Holding

	Hotels
	Aqualuz - Turismo e Lazer, Lda	a)	Lagos	100.00%	100.00%	100.00%	100.00%
	Solinca-Investimentos Turísticos, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
1)	Sonae Turismo - SGPS, SA The Artist Hotel & Bistrô – Actividades Hotelaria,	a) a)	Maia Maia	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%
	SA Troiaverde-Expl. Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Resorts
	Atlantic Ferries - Traf.Loc.Flu.e Marit., SA	a)	Grândola	95.77%	95.77%	83.41%	83.41%
	Golf Time - Golfe e Inv.Turisticos, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imoareia - Investimentos Turísticos,SGPS, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Imopenínsula - Sociedade Imobiliária, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Imoresort - Sociedade Imobiliária, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Marina de Tróia, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Marmagno-Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Marvero-Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	SII - Soberana Investimentos Imobiliários, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Soltroia-Imob.de Urb.Turismo de Tróia, SA	a)	Lisbon	100.00%	100.00%	100.00%	100.00%
	Tróia Market, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Tróia Natura, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Troiaresort - Investimentos Turísticos, SA Tulipamar-Expl.Hoteleira Imob., SA	a) a)	Grândola Grândola	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%

	Fitness Solinca - Health & Fitness, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Energy
	Atelgen – Produção de Energia, ACE	a)	Barcelos	51.00%	51.00%	51.00%	51.00%
	CAPWATT – Brainpower, S.A.	a)	Maia	100.00%	100.00%	100.00%	100.00%
2)	Capwatt ACE, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
3)	Capwatt Colombo – Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
4)	Capwatt Engenho Novo – Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
5)	Capwatt Hectare – Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
6)	Capwatt II – Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
7)	Capwatt III – Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
8)	Capwatt Maia – Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
9)	Capwatt Martim Longo - Solar Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
10)	Capwatt Vale do Caima - Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
11)	Capwatt Vale do Tejo - Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	CAPWATT, SGPS, S.A. Carvemagere – Manutenção e Energias	a) a)	Maia Barcelos	100.00% 65.00%	100.00% 65.00%	100.00% 65.00%	100.00% 65.00%
	Renováveis, Lda
	Companhia Térmica SERRADO, ACE	a)	Maia	70.00%	70.00%	70.00%	70.00%
	Companhia Térmica Tagol, Lda	a)	Oeiras	100.00%	100.00%	100.00%	100.00%
	C.T.E. – Central Termoeléctrica do Estuário, Lda	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Enerlousado – Recursos Energéticos, Lda	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Ronfegen – Recursos Energéticos, Lda Soternix – Produção de Energia ACE	a) a)	Maia Barcelos	100.00% 51.00%	100.00% 51.00%	100.00% 51.00%	100.00% 51.00%

	Refrigeration and HVAC
16)	QCE – Desenvolvimento e fabrico de Equipamentos, SA	a)	Matosinhos	100.00%	70.00%	-	-
	Sistavac, SA	a)	Matosinhos	100.00%	70.00%	100.00%	70.00%
	Sistavac, SGPS, SA	a)	Matosinhos	70.00%	70.00%	70.00%	70.00%
	Sistavac Sistemas HVAC-R do Brasil, Lda	a)	São Paulo	100.00%	70.00%	100.00%	70.00%
	Sopair, SA	a)	Madrid	100.00%	70.00%	100.00%	70.00%
	Spinarq-Moçambique, Lda	a)	Maputo	70.00%	70.00%	100.00%	100.00%
	Spinarq–Engenharia, Energia e Ambiente,SA	a)	Luanda	99.90%	99.90%	99.90%	99.90%
16)	UPK – Gestão de Facilities e Manutenção, SA	a)	Matosinhos	100.00%	70.00%	-	-

	Other Assets Bloco Q-Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Casa da Ribeira – Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Centro Residencial da Maia,Urban., SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Cinclus Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Contacto Concessões, SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Country Club da Maia-Imobiliaria, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Empreend.Imob.Quinta da Azenha, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Fundo Especial de Investimento Imobiliário Fechado WTC	a)	Maia	99.82%	99.82%	99.82%	99.82%
	Imoclub-Serviços Imobiliários, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imodivor - Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imohotel-Emp.Turist.Imobiliários, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imoponte-Soc.Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imosedas-Imobiliária e Serviços, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Implantação – Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Inparvi SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Interlog-SGPS, SA	a)	Lisbon	98.98%	98.98%	98.98%	98.98%
14)	Martimope – Empreendimentos Turisticos, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Porturbe-Edificios e Urbanizações, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Praedium – Serviços, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Praedium II-Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Praedium-SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Prédios Privados Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Predisedas-Predial das Sedas, SA Promessa Sociedade Imobiliária, SA	a) a)	Maia Maia	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%
	SC – Eng. e Promo Imobiliária,SGPS,SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Sete e Meio Herdades - Investimentos Agrícolas	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	e Turismo, SA
	Société de Tranchage Isoroy SAS	a)	Honfleur	100.00%	100.00%	100.00%	100.00%
14)	Soconstrução, BV	a)	Amsterdam	100.00%	100.00%	100.00%	100.00%
	Soira-Soc.Imobiliária de Ramalde, SA Sótaqua - Soc. de Empreendimentos Turísticos,	a) a)	Maia Maia	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%
	SA
	Spinveste - Promoção Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Spinveste-Gestão Imobiliária SGII, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
14)	Torre São Gabriel-Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Urbisedas-Imobiliária das Sedas, SA Vistas do Freixo-Emp.Tur.imobiliários,SA	a) a)	Maia Maia	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%
	Others
	Imobeauty, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	SC – Sociedade de Consultadoria, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	SC Finance, BV	a)	Amsterdam	100.00%	100.00%	100.00%	100.00%
	SC For - Ser.Formação e Desenvolvimento de Recursos Humanos, Unipessoal, Lda.	a)	Maia	100.00%	100.00%	100.00%	100.00%
13)15)	SC Hospitality, SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	SC-SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
15)	Solinfitness – Club Málaga, S.L.	a)	Málaga	100.00%	100.00%	100.00%	100.00%
14)15)	Sontur BV	a)	Amesterdam	100.00%	100.00%	100.00%	100.00%
12)	Spred SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%

a) Majority of voting rights.

1) Ex-SC Assets, S.G.P.S., S.A.; 2) Ex-Integrum ACE, SA;
3) Ex-Integrum Colombo Energia, SA;
4) Ex-Integrum Engenho Novo Energia SA;
5) Ex-Companhia Térmica Hectare, SA;
6) Ex-Integrum II Energia, SA;
7) Ex-Integrum III Energia, SA; 8) Ex-EcocicloII – Energias, SA;
9) Ex-Integrum Martim Longo Energia, SA;
10) Ex-Integrum Vale do Caima Energia, SA;
11) Ex-Integrum Vale do Tejo Energia, SA;
12) Company included in the Other Assets segment in 2014;
13) Ex-Sonae Turismo, SGPS, SA; 14) Company dissolved in the period;
15) Company included in the Tourism segment in 2014;
16) Company demerged from Sistavac, SA.

5. INVESTMENTS IN ASSOCIATED AND JOINTLY

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

			Percentage of capital held

	Company	Head Office	30 September 2015 Direct	Total	31 December 2014 Direct	Total	Book Value 30 September 2015	31 December 2014
	Other Assets
	Andar - Sociedade Imobiliária, SA	Maia	50.00%	50.00%	50.00%	50.00%	-	53,344
1)	Sociedade de Construções do Chile, SA	Maia	100.00%	50.00%	100.00%	50.00%	-	-

1)	Vastgoed One - Sociedade Imobiliária, SA	Maia	100.00%	50.00%	100.00%	50.00%	- -	-
1)	Vastgoed Sun - Sociedade Imobiliária, SA Lidergraf - Artes Gráficas, Lda	Maia Vila do Conde	100.00% 24.50%	50.00% 24.50%	100.00% 24.50%	50.00% 24.50%	890,673	- 891,317
	Norscut - Concessionária de Scut Interior Norte, SA	Lisbon	36.00%	36.00%	36.00%	36.00%	23,746,754	19,654,903
	Operscut - Operação e Manutenção de Auto-estradas, SA	Lisbon	15.00%	15.00%	15.00%	15.00%	24,000	24,000
	Energy
	Feneralt – Produção de Energia, ACE	Barcelos	25.00%	25.00%	25.00%	25.00%	176,882	107,130
	Total						24,838,309	20.730,694

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

Associated and jointly controlled companies are consolidated using the equity

Nil balances shown result from the reduction to acquisition cost of amounts determined by the equity method, discontinuing the recognition of its part of

As at 30 September 2015 and 31 December 2014, aggregate values of main financial indicators of associated and jointly controlled companies can be summarized as follows:

	31 December 2014 688,065,258
	583,955,642
	115,284,242
	88,388,616
	30 September 2015 642,520,039 530,381,578 60,907,633 51,844,754

During the periods ended 30 September 2015 and 30 September 2014, movements in investments of associated and jointly controlled companies are as follows:

	30 September 2014

	12,490,395
	1,249,300
	-
	3,513,562 (26,486)
	-
	17,226,771
(31,943)	(31,943)
24,838,309	17,194,828
	30 September 2015 20,762,638 8,000 - 4,155,765 (56,151) - 24,870,252

The use of the equity method had the following impacts: 2,986,686 euro recorded on share of results of associated undertakings (3,779,361 euro at 30 September 2014), and 1,169,079 euro in changes in reserves (-292,285 euro at 30 September 2014).

6. OTHER INVESTMENTS

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

			Percentage of capital held
			30 September 2015		31 December 2014
						30 Sep	Book Value 31 December
Company Resorts	Head Office	Direct	Total	Direct	Total	2015	Value 2014
Infratroia – Infraestruturas de Troia, E.M.	Grândola	25.90%	25.90%	25.90%	25.90%	64,747	64,747
Other Assets
Fundo de Investimento Imobiliário Fechado Imosede	Maia	7.52%	7.52%	22.57%	22.57%	11,478,478	33,493,884
Fundo de Investimento Imobiliário Imosonae Dois	Maia	0.06%	0.06%	0.06%	0.06%	124,892	124,892
Net, SA	Lisbon	2.80%	2.80%	2.80%	2.80%	23,034	23,034
Fundo de Capital de Risco F-HITEC	Lisbon	6.48%	6.48%	6.48%	6.48%	250,950	250,950
Other investments						138,178	123,985
Total (Note 9)						12,080,279	34,081,492

Sonae Capital sold in 1 st half 2015 a total of 28,628 units of the Imosede Real Estate

TANGIBLE AND INTANGIBLE ASSETS During the nine months period ended 30 September 2015, movements in tangible and intangible assets as well as in amortisation and accumulated impairment losses, are made up as follows:

	Land and Buildings	Equipment	Tangible Assets Other Tangible	Tangible Assets in	Total Tangible
			Assets	progress	Assets
Gross Cost:
Opening balance as at 1 January 2015 Changes in consolidation perimeter	222,289,448 -	179,441,283 -	2,197,777 -	11,880,186 -	415,808,694 -

Capital expenditure	173,028	1,371,394	1,962	8,953,386	10,499,770
Disposals	(6,871,190)	(3,428,983)	(50,776)	-	(10,350,949)
Exchange rate effect	-	(144,477)	(15,010)	-	(159,487)
Transfers Closing balance as at 30 September 2015	1,051,798 216,643,084	4,524,604 181,763,821	53,117 2,187,070	(2,606,091) 18,227,480	3,023,428 418,821,455
Accumulated depreciation and
impairment losses Opening balance as at 1 January 2015	81,960,385	91,386,095	1,751,498	-	175,097,978
Changes in consolidation perimeter	-	-	-	-	-

Charges for the period 1)	2,248,245	9,233,741	65,904	-	11,547,890
Disposals	(1,340,669)	(1,718,652)	(46,076)	-	(3,105,397)
Exchange rate effect	-	(93,391)	(11,329)	-	(104,720)
Transfers Closing balance as at 30 September 2015	- 82,867,961	35 98,807,828	- 1,759,997	- -	35 183,435,786
Carrying amount as at 1 January 2015	140,329,063	88,055,188	446,279	11,880,186	240,710,716
Carrying amount as at 30 September 2015	133,775,123	82,955,993	427,073	18,227,480	235,385,669

1) Includes impairment losses amounting to 267,667 euro.

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

31 December 2014
7,624,730
1,555,061
1,825,022 875,373
11,880,186
30 September 2015 8,034,979 2,969,330 6,273,317 949,854 18,227,480

	Intangible Assets
	Patents and other similar rights	Software	Other Intangible Assets	Intangible Assets in progress	Total Intangible Assets
Gross Cost:
Opening balance as at 1 January 2015	7,846,758	2,877,589	466,858	217,498	11,408,703
Changes in consolidation perimeter	-	-	-	-	-
Capital expenditure	14,040	198	199,284	280,165	493,687
Disposals	-	(2,896)	(492,681)	-	(495,577)

Exchange rate effect	-	(8,745)	-	-	(8,745)
Transfers Closing balance as at 30 September 2015	(71,561) 7,789,237	443,926 3,310,072	(19,586) 153,875	(370,906) 126,757	(18,127) 11,379,941
Accumulated depreciation and impairment
losses Opening balance as at 1 January 2015	1,380,363	1,994,300	9,421	-	3,384,083
Changes in consolidation perimeter	-	-	-	-	-
Charges for the period	139,386	463,764	-	-	603,150
Disposals	-	(2,896)	-	-	(2,896)
Exchange rate effect	-	(6,370)	-	-	(6,370)
Transfers	(42,405)	42,405	-	-	-
Closing balance as at 30 September 2015	1,477,344	2,491,203	9,421	-	3,977,967
Carrying amount as at 1 January 2015	6,466,395	883,289	457,437	217,498	8,024,620
Carrying amount as at 30 September 2015	6,311,893	818,869	144,454	126,757	7,401,973

As at September 2015 net assets allocated to the concession of Marina de Troia and included in Patents and other similar rights amount to 5,886,825 euro (5,994,383 euro at 31 December 2014).

8. GOODWILL

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

	30 September 2015	31 December 2014

Gross amount:
Opening balance	62,291,840	62,283,809
Increases - acquisition of affiliated companies	-	8,031
Closing balance	62,291,840	62,291,840
Accumulated impairment losses:
Opening balance Closing balance	1,301,596 1,301,596	1,301,596 1,301,596
Total	60,990,244	- 60,990,244

As at 30 September 2015 and 31 December 2014, movements in investments were as

	30 September 2015 Non current	Current	31 December 2014 Non current	Current
Investments at acquisition cost
Opening balance as at 1 January	879,446	-	8,071,101	-
Acquisitions in the period	14,192	-	17,742	-
Disposals in the period	-	-	(7,652,356)	-
Transfers	-	-	442,959	-

Closing balance as at 30 September Accumulated impairment losses (Note 22)	893,638 (291,838)	- -	879,446 (291,838)	- -
	601,800	-	587,608	-

Investments held for sale Fair value as at 1 January	33,493,884	-	39,305,931	-
Disposals in the period	(22,510,231)	-	(5,221,742)	-
Transfers	-	-	(430,200)	-
Increase/(Decrease) in fair value	494,825	-	(160,105)	-

Fair value as at 30 September Accumulated impairment losses (Note 22)	11,478,478 -	- -	33,493,884 -	- -
Fair value (net of impairment losses) as at 30 September	11,478,478	-	33,493,884	-
Other Investments	12,080,278	-	34,081,492	-

The Imosede Fund is accounted as an available for sale asset, measured at fair value. For the remaining investment under this heading, the Group considers that it is not

These investments are recorded at acquisition cost less impairment losses.

As at 30 September 2015 and 31 December 2014, other non-current assets are

	30 September 2015	31 December 2014
Loans granted to related parties
Norscut - Concessionária de Scut Interior Norte, SA	19,604,752	18,647,695
Others	812,606	756,076
	20,417,358	19,403,771
Impairment losses (Note 22)	(34,916)	(34,916)
	20,382,442	19,368,855
Trade accounts receivable and other debtors
Sale of financial investments	-	-
Others	1,209,335	1,284,964
Impairment losses (Note 22)	-	-
	1,209,335	1,284,964
Other non current assets	21,591,777	20,653,819

Generally, values included in other non-current assets bear interest at market rates, and it is estimated that their fair value does not significantly differ from amounts in

INVENTORIES Inventories as at 30 September 2015 and 31 December 2014 can be detailed as follows, highlighting the value attributable to real estate developments:

		30 September 2015		31 December 2014
	Total	of which Real Estate	Total	of which Real Estate
Raw materials, by-products and consumables	1,513,636	Developments -	1,022,596	Developments -
Goods for sale	30,349,818	29,136,992	31,110,475	29,736,226
Finished goods	44,726,279	44,726,279	53,463,323	53,463,323
Work in progress	79,719,630	76,018,046	78,258,356	76,373,416
	156,309,363	149,881,317	163,854,750	159,572,965
Accumulated impairment losses on stocks (Note 22)	(6,238,502)	(6,226,549)	(6,292,456)	(6,242,656)
	150,070,861	143,654,768	157,562,294	153,330,309

12. TRADE ACCOUNTS RECEIVABLE AND OTHER

As at 30 September 2015 and 31 December 2014, trade accounts receivable and

	30 September 2015	31 December 2014

Trade accounts receivable	25,568,253	30,337,378
Accumulated impairment losses on trade debtors (Note 22)	(4,106,813)	(4,356,479)
	21,461,440	25,980,899
Taxes recoverable	11,487,567	16,676,255
Loans granted to and other amounts to be received from related parties	90,505	167,444
Other current assets
Suppliers with a debtor balance	686,740	610,343
Other debtors	9,266,689	11,077,668
Accounts receivable from the sale of financial investments	4,187,790	5,394,384
Accounts receivable from the sale of tangible assets	296,199	10,659
Interest receivable	732,838	988,617
Deferred costs - Rents	316,721	282,514
Deferred costs - External supplies and services	1,233,229	1,419,585
Other current assets	3,547,252	3,939,878
	20,267,458	23,723,648
Accumulated impairment losses on other current assets (Note 22)	(5,566,023)	(6,356,349)
Trade accounts receivable and other current assets	47,740,947	60,191,897

13. DEFERRED TAXES

Deferred tax assets and liabilities as at 30 September 2015 and 31 December 2014 can be detailed as follows, split between the different types of temporary

	Deferred tax assets		Deferred tax liabilities
	30 September	31 December 2014	30 September	31 December 2014
	2015		2015
Amortisation and Depreciation harmonisation adjustments	744,556	767,399	3,565,265	3,145,808

Provisions and impairment losses of non-tax deductible	6,705,639	6,762,992	-	-
Write off of tangible and intangible assets	71,250	71,250	-	-
Write off of accruals	-	-	-	-
Revaluation of tangible assets	-	-	93,450	94,169
Tax losses carried forward	16,213,444	16,063,686	-	-
Financial instruments	-	-	101,410	1,066,862
Write off of stocks Taxable temporary differences arising from the fair value of non-current liabilities	- -	- -	644,078 6,546,430	906,974 7,141,626
Others	33,469	53,111	14,753	(646,156)
	23,768,358	23,718,439	10,965,386	11,709,284

In accordance with the tax statements 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 tax rates effective at that time, tax losses carried

	30 September 2015				31 December 2014
	Tax losses carried	Deferred tax assets	Time limit	Tax losses carried	Deferred tax assets	Time limit
With limited time use	forward			forward
Generated in 2009	3,853,149	809,161	2015	3,853,149	809,161	2015
Generated in 2011	16,629,456	3,492,186	2015	16,629,456	3,492,186	2015
Generated in 2012	19,769,442	4,151,583	2017	19,769,442	4,151,583	2017
Generated in 2013	18,024,639	3,786,434	2018	18,088,306	3,798,545	2018
Generated in 2014	11,725,573	2,461,969	2026	18,153,387	3,812,211	2026
Generated in 2015	7,142,857	1,500,000	2027	-	-
	77,145,116	16,201,333		76,493,741	16,063,686
With a time limit different from the above mentioned	-	-		-	-
	77,145,116	16,201,333		76,493,741	16,063,686

As at 30 September 2015 and 31 December 2014, deferred tax assets resulting from tax losses carried forward were re-assessed. Deferred tax assets have only been recorded to the extent that future profits will arise which may be offset against available tax losses or against deductible temporary differences.

As at 30 September 2015 and 31 December 2014, tax losses carried forward amounting to 142,679,394 euro (109,866,615 euro as at 31 December 2014), have not originated deferred tax assets for prudential reasons and are detailed as follows:

	30 September 2015				31 December 2014
	Tax losses carried forward	Tax Credit	Time limit	Tax losses carried forward	Tax Credit	Time limit
With limited time use

Generated in 2009 Generated in 2011	37,970,832 18,369,951	7,973,875 3,857,690	2015 2015	37,739,388 16,920,254	7,925,271 3,553,253	2015 2015
Generated in 2012	15,178,378	3,187,459	2017	14,136,576	2,968,681	2017
Generated in 2013	27,230,338	5,718,436	2018	22,115,430	4,644,240	2018
Generated in 2014	22,249	4,672	2026	70,534	14,812	2026
Generated in 2015	24,684,372	5,183,718	2027	-	-
	123,456,119	25,925,850		90,982,182	19,106,258
Without limited time use	-	-		-	-
With a time limit different from the above mentioned	19,223,275	4,899,896		18,884,433	4,819,618
	19,223,275	4,899,896		18,884,433	4,819,618
	142,679,394	30,825,746		109,866,615	23,925,876

As at 30 September 2015 and 31 December 2014, cash and cash equivalents can be

	30 September 2015	31 December 2014

Cash at hand	125,122	132,458
Bank deposits	5,256,858	9,184,154
Treasury applications	5,694	10,938
Cash and cash equivalents on the balance sheet	5,387,674	9,327,550
Bank overdrafts - (Note 17)	(561,381)	(1,178,675)
Cash and cash equivalents in the statement of cash-flows	4,826,293	8,148,875

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

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

As at 30 September 2015, Sonae Capital SGPS, S.A. owns 5,885,471 own shares (6,068,850 own shares at 31 December 2014) booked for 1,413,866 euro (1,486,301 euro at 31 December 2014).

The Reserves and retained earnings of Sonae Capital Group in the periods ended 30 September 2015 and 31 December 2014 are as follows:

	30 September 2015	31 December 2014

Demerger reserve	132,638,253	132,638,253
Translation reserves	20,945	(130,882)
Fair value reserves Hedging reserves	90,943 (17,593)	(750,961) (239,276)
Other reserves and retained earnings	(81,385,258)	(75,237,394)
Reserves and retained earnings	51,347,290	56,279,740

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

Translation reserves The reserve is made up by the conversion into euro of the financial statements of the subsidiaries that have other functional currency.

Fair Value Reserves This reserve reflects the fair value of assets available for sale.

Pag. 35

Hedging Reserve This reserve is made up by the fair value of hedging derivatives and the respective

NON CONTROLLING INTERESTS Movements in non-controlling interests in the periods ended 30 September 2015 and

	30 September 2015	31 December 2014
Opening balance as at 1 January	9,375,864	8,850,291
Changes in hedging reserves	721	12,699
Changes in the percentage of capital held in affiliated companies	219,830	679,088
Changes resulting from currency translation	36,555	20,118
Dividends paid	(1,078,352)	(721,525)

Others	-	174
Profit for the period attributable to minority interests Closing balance	998,219 9,552,837	535,019 9,375,864

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

	30 September 2015		31 December 2014
		Outstanding amount		Outstanding amount	Repayable
	Current	Non Current	Current	Non Current	on
Bank loans
Sonae Capital SGPS - commercial paper a)	7,000,000	-	17,250,000	-	Mar/2018
Sonae Capital SGPS - commercial paper d)	8,250,000	-	8,250,000	-	Dec/2015
Sonae Capital SGPS - commercial paper b)	-	-	-	28,900,000	Aug/2016
Sonae Capital SGPS - commercial paper c)	-	29,000,000	-	30,000,000	Dec/2017
Sonae Capital SGPS - commercial paper f)	3,500,000	3,000,000	3,500,000	4,750,000	May/2017
Sonae Capital SGPS - commercial paper g)	-	-	4,000,000	-	Feb/2016
Sonae Capital SGPS e)	3,290,000	9,870,000	3,290,000	12,337,500	Sep/2019
Up-front fees	-	(303,835)	-	(415,978)
Others	1,755,233	1,704,258	2,524,257	2,652,051
	23,795,233	43,270,423	38,814,257	78,223,573
Bank overdrafts (Note 14)	561,381	-	1,178,675	-
Bank loans	24,356,614	43,270,423	39,992,932	78,223,573
Bond Loans
Sonae Capital 2011/2016 Bonds	10,000,000	-	-	10,000,000	Jan/2016
SC, SGPS, S.A. 2008/2018 Bonds	50,000,000	-	-	50,000,000	Mar/2018
Sonae Capital 2014/2019 Bonds	-	42,500,000	-	42,500,000	May/2019
Up-front fees	(44,134)	(404,239)	-	(608,709)
Bond Loans	59,955,866	42,095,761	-	101,891,291
Other loans	311,967	453,273	752,665	609,258
Derivatives (Note 18)	25,042	-	621,462	-
Obligations under finance leases	4,108,757	15,535,455	2,851,514	18,935,072
Up-front fees on finance leases	-	(79,756)	-	(88,961)
	88,758,246	101,275,156	44,218,573	199,570,233

a) Short term commercial paper programme, issued on 28 March 2008 and valid for a 10 year period, which may be extended at the option of Sonae Capital. Placed in investors or financial institutions and guaranteed by credit lines, with
commitment of at least six months to a year, placed in relationship banks. b) Commercial paper programme, with subscription guarantee, issued on 31 March 2011 and valid up to August 2018, except if the reimbursement is anticipated under the contracted terms of the call/put option, in August 2016. This loan is
guaranteed by a mortgage on real estate assets. c) Commercial paper programme, with subscription guarantee, issued on 27 December 2012 and valid up to December 2017. d) Commercial paper programme, with subscription guarantee, issued on 31 December 2013, with annual renewals up to 3
years. e) Bank loan guaranteed by a mortgage on real estate, started on 2 June 2011 and valid up to September 2019, with
quarterly payments. f) Commercial paper programme, with subscription guarantee, issued on 7 May 2014 and valid for a 3 year period, with
semi-annual payments. g) Short term commercial paper programme, with subscription guarantee, issued on 17 February 2011, with annual renewals up to a maximum of 5 years.

As at 30 September 2015, borrowings of the Group were as follows:

SC, SGPS, SA, 2008/2018 bond loan in the amount of 50,000,000 euro, with a 10 year maturity, and a sole reimbursement on 3 March 2018, except if the reimbursement is anticipated, fully or partially, which can happen on 3 March
1. This bond loan bears interest every six months. Sonae Capital SGPS - 2011/2016 bond loan in the amount of 10,000,000 euro, with a 5 year maturity, and a sole reimbursement on 17 January 2016. This
bond loan bears interest every six months. Sonae Capital SGPS, SA, 2014/2019 bond loan in the amount of 42,500,000 euro, with a 5 year maturity, and a sole reimbursement on 28 May 2019. This bond loan bears interest every six months.

The interest rate on bonds and bank loans in force on 30 September 2015 was on average 2.8%.

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

Other non-current loans include government reimbursable grants to group companies, which do not bear interest.

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

	30 September 2015		31 Dezembro 2014
	Nominal value	Interest	Nominal value	Interest
N+1 a)	88,767,338	4,686,871	43,597,111	6,730,136
	9,741,124	4,035,746	30,417,502	5,187,358
N+2	35,379,081	2,635,888	48,102,235	4,615,274
N+3	48,911,487	1,998,189	66,438,849	2,795,451
N+4	2,553,108	98,388	48,576,622	1,110,569
N+5	5,488,186	132,417	7,148,672	216,245
After N+5	190,840,324	13,587,499	244,280,992	20,655,033

a) Includes amounts drawn under commercial paper programmes. Of the total amount maturing in N+1, 21% concerns to commercial paper taken under lines of credit with commitment exceeding one year. Taking into account the policies and measures to manage liquidity risk, no risks that could jeopardize the continuity of operations are anticipated.

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

Interest rate derivatives

Hedging instruments used by the Group as at 30 September 2015 were mainly interest rate options (cash-flow hedges) contracted with the goal of hedging interest rate risks on loans in the amount of 579,787 euro, whose fair value of 25,042 euro (621,462 euro at 31 December 2014) is recorded as liabilities in other loans (Note 17). As at 30 September 2015 and 31 December 2014, all derivatives are hedging derivatives.

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

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

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

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

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

Fair value of derivatives

	Assets		Liabilities
	30 September 2015	31 December 2014	30 September 2015	31 December 2014
Non-Hedge accounting derivatives Interest rate	-	-	-	-
Hedge accounting derivatives

Interest rate (Note 18)	-	-	25,042	621,462
Other derivatives	- -	- -	- 25,042	- 621,462

As at 30 September 2015 and 31 December 2014 other non-current liabilities can be

	30 September 2015	31 December 2014

Loans and other amounts payable to related parties
Plaza Mayor Parque de Ocio, SA	1,951,297	2,017,783
Others	230,847	216,645
	2,182,144	2,234,428
Other creditors
Creditors in the restructuring process of Torralta	547,421	506,206
Others	42,283 589,704	- 506,206

Deferred income Obligations by share-based payments (Note 20)	- 225,605	- 333,229

	225,605	333,229
Other non current liabilities	2,997,453	3,073,863

In 2015 and in previous years, the Sonae Capital Group granted deferred performance bonuses to employees, based on shares of Sonae Capital SGPS, SA to be acquired at nil cost, three years after they were attributed to the employee. In any case, the acquisition can be exercised during the period commencing on the third anniversary of the grant date and the end of that year. The company has the choice to settle in cash instead of shares. The option can only be exercised if the employee still works for the Sonae Capital Group on the vesting date.

As at 30 September 2015 and 31 December 2014, the market value of total liabilities arising from share-based payments, which have not yet vested, may be summarised as follows:

	Year of grant	Vesting year	Fair Value 30 September 2015	31 December 2014

Shares
	2012	2015	62,623	341,223
	2013	2016	486,638	423,280
	2014	2017	254,710	153,131
Total	2015	2018	308,096 1,112,067	- 917,634

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 have not yet vested:

Other non current liabilities (Note 19)	30 September 2015 225,605	31 December 2014 333,230
Other current liabilities	508,708	341,223
Reserves	179,966	391,028
Staff Costs	554,346	283,426

21. TRADE ACCOUNTS PAYABLE AND OTHER CURRENT

As at 30 September 2015 and 31 December 2014 trade accounts payable can be

	30 September 2015	31 December 2014
Trade creditors	18,442,799	17,028,403
Loans granted by and other payables to related parties Other current liabilities	337,137	107,740
Fixed assets suppliers	2,787,116	1,296,713
Advances from customers and down payments	8,865,546	4,350,703
Other creditors	1,700,932	2,220,512
Taxes and contributions payable	5,615,272	9,567,955
Accrued staff costs	7,007,379	5,987,039
Amounts invoiced for works not yet completed	5,469,166	4,667,245
Accrued expenses with purchases - Energy Segment	2,747,287	4,126,642
Interest payable	882,314	821,515
Investment aid	1,476,339	1,601,914
Other liabilities	10,176,917	9,584,112
	46,728,268	44,224,350
Trade accounts payable and other current liabilities	65,508,204	61,360,493

22. PROVISIONS AND ACUMULATED IMPAIRMENT

Movements in provisions and accumulated impairment losses over the period ended 30 September 2015 were as follows:

	Balance as at 1				Balance as at 30
Captions Accumulated impairment losses on:	January 2015	Increases	Decreases	Utilisations	September 2015
Other Investments (Notes 5 and 9)	323,782	-	-	-	323,782
Other non current assets (Note 10)	34,916	-	-	-	34,916
Trade accounts receivable (Note 12)	4,356,479	470,792	(693,291)	(27,167)	4,106,813
Other current assets (Note 12)	6,356,349	85,434	(105,419)	(770,342)	5,566,023
Stocks (Note 11)	6,292,456	-	(53,953)	-	6,238,502
Non current provisions	3,079,824	-	-	-	3,079,824
Current provisions	5,642,201	1,049,826	(294,286)	(1,266,220)	5,131,521
	26,086,008	1,606,052	(1,146,949)	(2,063,729)	24,481,382

As at 30 September 2015 and 31 December 2014 detail of other provisions was as

	30 September 2015	31 December 2014


Judicial claims	2,023,264	1,802,697
Provision for secured income	3,891,072	4,350,846
Others	2,297,009	2,568,482
	8,211,345	8,722,025

Other operational income for the periods ended 30 September 2015 and 30 September 2014 was as follows:

	30 September 2015	30 September 2014

Own work capitalised	1,897,491	1,959,652
Gains on sales of assets	8,558,535	492,742
Supplementary income	466,161	872,405
Others	4,338,638	1,779,503
Total	15,260,825	5,104,302

As at 30 September 2015 and 31 December 2014 the most important contingent liabilities referred to guarantees given and were made up as follows:

	30 September 2015	31 December 2014

Guarantees given:
on VAT reimbursements	5,098,627	5,064,574
on tax claims	9,547,147	5,729,805
on municipal claims	1,134,224	1,134,224

Others include the following guarantees:

6,933,024 euro as at 30 September 2015 (7,507,705 euro as at 31 December
2014) of guarantees on construction works given to clients; 5,581,280 euro as at 30 September 2015 and as at 31 December 2014 of guarantees given concerning building permits in the Resorts segments.

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

As at 30 September 2015 and 2014, Taxation was made up as follows:

	30 September 2015	30 September 2014

Current tax Deferred tax	1,866,900 (1,058,932)	1,749,195 774,909
Taxation	807,968	2,524,104

As at 30 September 2015 and 2014, the reconciliation of consolidated net profit can be analysed as follows:

	30 September 2015	30 September 2014
Aggregate net profit	(27,038,742)	4,627,335
Harmonisation adjustments	(2,629,364)	(750,314)
Elimination of intragroup dividends	(38,704,743)	(27,729,470)
Share of gains/(losses) of associated undertakings	2,930,536	3,779,361
Elimination of intragroup capital gains/(losses)	82,573,807	11,590,777
Elimination of intragroup impairment	(64,532,924)	(920,029)
Adjustments of gains/(losses) on assets disposals	4,142,033	-
Adjustments of gains/(losses) of financial shareholdings sale	46,311,654	1,329,732
Others	-	279,690
Consolidated net profit for the year	3,052,257	(7,792,918)

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

			Purchases and services obtained
Transactions	30 September 2015	Sales and services rendered 30 September 2014	30 September 2015	30 September 2014
Parent company (a)	-	-	-	-

Associated companies Other partners and Group	250,112 22,669,191	209,830 23,200,960	21,109 4,063,056	20,037 4,275,308
companies (b)	22,919,303	23,410,790	4,084,165	4,295,345
				Interest expenses
Transactions	30 September 2015	Interest income 30 September 2014	30 September 2015	30 September 2014

Parent company (a)	-	-	-	-
Associated companies Other partners and Group	759,976 -	763,779 -	- 83,394	- 96,200
companies (b)

	Accounts receivable		Accounts payable
Balances	30 September 2015 31 December 2014		30 September 2015	31 December 2014

Parent company (a)	-	-	-	-
Associated companies	784,977	1,599,727	4,436	18,980
Other partners and Group	8,134,200	11,254,391	9,215,991	2,243,084
companies (b)	8,919,177	12,854,118	9,220,427	2,262,064

	Loans obtained		Loans granted
Balances	30 September 2015	31 December 2014	30 September 2015	31 December 2014

Parent company (a)	-	-	-	-
Associated companies	-	-	20,382,442	19,368,854
Other partners and Group companies (b)	1,951,297	2,017,783	-	-
	1,951,297	2,017,783	20,382,442	19,368,854

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

28. EARNINGS PER SHARE

Earnings per share for the periods ended 30 September 2015 and 30 September 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 per share (Net profit for the period )	2,054,038	(7,930,747)
Net profit taken into consideration to calculate diluted earnings per share	2,054,038	(7,930,747)
Number of shares
Weighted average number of shares used to calculated basic earnings per share	246,333,805	246,204,451
Weighted average number of shares used to calculated diluted earnings per share	246,333,805	246,204,451
Earnings per share (basic and diluted)	0.008338	(0.032212)

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

In 30 September 2015 and 2014 and 31 December 2014, the following were identified as segments:

Resorts;
Hotels;
Fitness;
Energy;
Refrigeration and HVAC;
Other Assets;
Holding and Others.

The contribution of the business segments to the income statement of the periods ended 30 September 2015 and 30 September 2014 can be detailed as follows:

Profit and Loss Account	Resorts	Hotels	Fitness	30 September 2015 Energy	Refrigeration and HVAC	Holding & Others	Intersegment Adjustments	Consolidated
Turnover	19,857,431	14,636,017	11,229,456	40,295,086	40,827,854	10,584,890	-11,636,159	125,794,575

Other operational income	6,030,607	328,339	303,025	786,032	414,129	6,670,416	728,277	15,260,825

Total operational income		25,888,038 14,964,356	11,532,481	41,081,118	41,241,983	17,255,306	-10,907,882	141,055,400

Operational cash-flow (EBITDA)	4,447,231	-1,654,694	1,258,186	7,690,422	1,406,451	7,233,657	-	20,381,253

Profit and Loss Account	Resorts	Hotels	Fitness	30 September 2014 Energy	Refrigeration and HVAC	Holding & Others	Intersegment Adjustments	Consolidated
Turnover	32,546,199	12,750,037	10,174,948	33,524,254	44,158,253	11,369,681	-12,612,949	131,910,423

Other operational income	1,470,622	365,127	278,705	1,021,413	478,159	560,602	929,673	5,104,301

Total operational income	34,016,821		13,115,164 10,453,653 34,545,667			44,636,412 11,930,283	-11,683,276	137,014,724

Operational cash-flow (EBITDA)		3,951,023 -2,743,925	1,032,041	7,018,290	-798,536	1,213,059	74,387	9,746,339

The contribution of the business segments to the Balance sheets as at 30 September 2015 and 31 December 2014 can be detailed as follows:

Balance Sheet	Resorts	Hotels	Fitness	30 September 2015 Energy	Refrigeration	Holding and	Intersegment	Consolidated
Fixed Assets Tangible and	133,120,962	13,385,606	8,736,953	26,280,574	and HVAC 10,106,667	Others 111,589,201	Adjustments 557,922	303,777,885
Intangible Investments	41,798,298	22,186,815	27,871	190,840	3,919	551,757,953	-579,047,108	36,918,588
Other Assets	95,890,023	10,845,144	3,141,102	9,966,473	42,892,229	560,927,409	-475,102,763	248,559,617
Total Assets	270,809,283 46,417,565 11,905,926			36,437,887			53,002,815 1,224,274,563 -1,053,591,949	589,256,090
Total Liabilities				227,974,125 43,285,192 8,988,903 34,409,924	20,404,107	418,231,598	-475,578,058	277,715,791
Technical investment	794,237	492,768	643,762	4,644,415	173,002	4,245,273	-	10,993,457
Gross Debt	14,228,995	0	379,464	8,823,162	737,577	165,864,205	-	190,033,402
Net Debt	13,606,958	-67,482	303,903	8,568,432	-378,598	162,612,516	-	184,645,728

Balance Sheet	Resorts	Hotels	Fitness	31 December 2014 Energy	Refrigeration and HVAC	Holding and Others	Intersegment Adjustments	Consolidated
Fixed Assets Tangible and Intangible	135,559,390	13,705,579	9,301,498	26,480,547	10,176,911	113,983,432	518,223	309,725,580

Investments	39,365,628	31,163,716	24,563	120,196	611	613,053,027	-628,915,555	54,812,186
Other Assets Total Assets	106,471,805 281,396,823	42,913,396	2,854,314 87,782,691 12,180,375	11,866,682 38,467,424	41,948,979 52,126,501	990,664,413 1,717,700,872	-925,265,587 -1,553,662,919	271,453,999 635,991,765
Total Liabilities	232,409,762	37,437,989	8,905,387	38,162,518	19,532,634	921,903,264	-929,697,083	328,654,472
Technical investment	1,768,152	470,708	1,285,193	2,637,973	311,956	2,484,157	-	8,958,139
Gross Debt	16,056,102	-	734,375	11,382,132	1,283,258	214,332,940	-	243,788,807
Net Debt	15,869,776	-119,991	683,804	10,986,752	-30,877	207,071,792	-	234,461,257

30. SUBSEQUENT EVENTS

No significant events, requiring further disclosure, have occurred after 30 September 2015.

APPROVAL OF THE FINANCIAL STATEMENTS These consolidated financial statements were approved by the Board of Directors and authorized for issue on 29 October 2015.

PART III INDIVIDUAL FINANCIAL STATEMENTS

SONAE CAPITAL, SGPS, SA

INDIVIDUAL BALANCE SHEETS AS AT 30 SEPTEMBER 2015 AND 31 DECEMBER 2014

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

	ASSETS	Notes		30 September 2015 31 December 2014
NON CURRENT ASSETS: Tangible assets Investments Deferred tax assets Other non current assets	Total Non Current Assets	4 7 5	28,812 361,142,580 4,219,485 537,826,596 903,217,473	28,987 434,115,996 4,069,727 197,085,531 635,300,241
CURRENT ASSETS: Other current assets Cash and cash equivalents TOTAL ASSETS	Total Current Assets	6 8	233,033,292 4 233,033,296 1,136,250,769	573,184,059 5,112,291 578,296,350 1,213,596,591
	EQUITY AND LIABILITIES
EQUITY: Share Capital Own shares Legal reserve Other reserves Profit / (Loss) for the period TOTAL EQUITY		9 9 1 0	250,000,000 (1,413,866) 9,463,225 309,676,446 16,066,867 583,792,671	250,000,000 (1,486,301) 8,611,464 293,493,001 17,035,205 567,653,369
LIABILITIES: NON CURRENT LIABILITIES: Bank loans Bonds Other non current liabilities	Total Non Current Liabilities	1 0 1 1	41,601,842 42,095,761 66,932 83,764,535	75,613,439 52,013,159 157,880 127,784,478
CURRENT LIABILITIES Suppliers Bank loans Other creditors Other current liabilities	Total Current Liabilities	1 1 1 1 1 2	81,624 32,210,132 433,481,306 2,920,501 468,693,563	107,498 36,293,800 476,548,040 5,209,406 518,158,744
TOTAL EQUITY AND LIABILITIES			1,136,250,769	1,213,596,591
	The accompanying notes are an integral part of these financial statements	1 3

SONAE CAPITAL, SGPS, SA

INDIVIDUAL INCOME STATEMENTS BY NATURE

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)

	Notes	30 September 2015	30 September 2014
Operational income
Other operational income Total operational income		17,443 17,443	21,475 21,475

Operational expenses
External supplies and services	14	(771,984)	(331,145)
Staff costs	15	(1,016,475)	(859,642)
Depreciation and amortisation		(1,662)	(2,760)
Other operational expenses		(92,665)	(15,406)
Total operational expenses Operational profit/(loss)		(1,882,786) (1,865,343)	(1,208,953) (1,187,478)

Financial income	16	25,454,818	7,826,161
Financial expenses	16	(7,328,620)	(7,755,996)
Net financial income/(expenses)		18,126,198	70,165
Investment income Profit/(loss) before taxation	16	(2,394,157) 13,866,698	15,790,815 14,673,502

Taxation Profit/(loss) for the period	17	2,200,169 16,066,867	5,735,686 20,409,188

Profit/(loss) per share

SONAE CAPITAL, SGPS, SA

INDIVIDUAL INCOME STATEMENT BY NATURE

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)

	rd Quarter 2015 3	rd Quarter 2014 3
	(Unaudited)	(Unaudited)
Operational income:
Other operational income	5,722	1,138
Total operational income	5,722	1,138
Operational expenses:
External supplies and services	(279,650)	(112,271)
Staff costs	(320,962)	(217,868)
Depreciation and amortisation	(226)	(1,010)
Other operational expenses	(46,889)	(3,692)
Total operational expenses Operational profit/(loss)	(647,727) (642,005)	(334,841) (333,703)

Financial income	9,107,394	2,389,703
Financial expenses	(2,413,149)	(2,517,956)
Net financial income/(expenses)	6,694,245	(128,253)
Investment income Profit/(loss) before taxation	(5,894,795) 157,445	144,860 (317,096)

Taxation Profit/(loss) for the period	1,525,060 1,682,505	1,277,235 960,139

Profit/(loss) per share

SONAE CAPITAL, SGPS, SA

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

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

	30 September 2015	30 September 2014
Net profit for the period	16,066,867	20,409,188
Items that may subsequently be reclassified to net income:
Change in currency translation reserve	-	-
Share of other comprehensive income of associated undertakings and joint ventures accounted for by the equity	-	-
Change in the fair value of assets available for sale	-	-
Change in the fair value of cash flow hedging derivatives	-	-
Income tax relating to components of other comprehensive income Other comprehensive income for the period	- -	- -
Total comprehensive income for the period	16,066,867	20,409,188

SONAE CAPITAL, SGPS, SA

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)

	rd Quarter 2015 3	rd Quarter 2014 3
Net profit for the period	(Unaudited) 1,682,505	(Unaudited) 960,139
Exchange differences on translating foreign operations	-	-
Share of other comprehensive income of associates and joint ventures accounted by the equity method Change in the fair value of assets available for sale Change in the fair value of cash flow hedging derivatives Gains on property revaluation Income tax relating to components of other comprehensive income	- - - - -	- - - - -
Other comprehensive income for the period Total comprehensive income for the period	- 1,682,505	- 960,139

REPORT AND ACCOUNTS – SEPTEMBER 2015 Individual Financial Statements

SONAE CAPITAL SGPS, SA

INDIVIDUAL STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)

	Share	Own	Legal	Other	Sub total	Net	Total Equity
Balance as at 1 January 2014	Capital 250,000,000	Shares (1,124,125)	Reserve 8,307,376	Reserves 287,715,325	296,022,701	profit / (loss) 6,081,764	550,980,341
Total comprehensive income for the period	-	-	-	-	-	20,409,188	20,409,188
Appropriation of profits: Transfer to legal reserve and retained earnings Dividends distributed	- -	- -	304,088 -	5,777,676 -	6,081,764 -	(6,081,764) -	- -
(Acquisition)/disposal of own shares	-	(362,177)	-	-	-	-	(362,177)
Others	-	-	-	-	-	-	-
Balance as at 30 September 2014	250,000,000	(1,486,301)	8,611,464	293,493,001	302,104,465	20,409,188	571,027,352
Balance as at 1 January 2015	250,000,000	(1,486,301)	8,611,464	293,493,001	302,104,465	17,035,205	567,653,369
Total comprehensive income for the period	-	-	-	-	-	16,066,867	16,066,867
Appropriation of profits: Transfer to legal reserve and retained earnings Dividends distributed	- -	- -	851,760 -	16,183,445 -	17,035,205 -	(17,035,205) -	- -
(Acquisition)/disposal of own shares Others	- -	72,435 -	- -	- -	- -	- -	72,435 -
Balance as at 30 September 2015	250,000,000	(1,413,866)	9,463,224	309,676,446	319,139,670	16,066,867	583,792,671

SONAE CAPITAL, SGPS, SA

INDIVIDUAL CASH FLOW STATEMENTS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)

OPERATING ACTIVITIES	Notes	30 September 2015	30 September 2014

Cash paid to trade creditors		771.018	403.094
Cash paid to employees		1.114.308	541.811
Cash flow generated by operations		(1.885.326)	(944.905)
Income taxes (paid)/received		(3.443.231)	(836.509)
Other cash receipts/(payments) relating to operating activities Net cash flow from operating activities [1]		(192.577) 1.365.328	(367.240) (475.636)
INVESTMENT ACTIVITIES

Cash receipts arising from:
Investments		394.573.565	-
Interest and similar income		16.205.629	10.112.082
Dividends		22.184.180	14.870.786
Loans obtained		594.439	42.368.634
		433.557.813	67.351.502
Cash payments arising from:
Tangible assets		11.003	1.614
Loans granted		346.654.649	46.758.409
Net cash flow from investment activities [2]		346.665.652 86.892.161	46.760.023 20.591.479
FINANCING ACTIVITIES

Cash receipts arising from:
Sale of own shares		72.435	42.606
Loans obtained		9.100.000	71.000.000
		9.172.435	71.042.606
Cash Payments arising from:
Interest and similar costs		5.361.590	7.878.493
Acquisition of own shares		-	404.783
Loans obtained		97.350.754	83.269.806
Net cash flow from financing activities [3]		102.712.344 (93.539.910)	91.553.082 (20.510.476)

Net increase/(decrease) in cash and cash equivalents [4] = [1]+[2]+[3]		(5.282.421)	(394.633)
Cash and cash equivalents at the beginning of the period	8	5.112.291	786.250
Cash and cash equivalents at the end of the period	8	(170.129)	391.617

SONAE CAPITAL, SGPS, SA

INDIVIDUAL STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED 30 JUNE 2015 AND 2014

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

	3rd Quarter 2015	3rd Quarter 2014
OPERATING ACTIVITIES	(Unaudited)	(Unaudited)

Cash paid to trade creditors	253,459	12,318
Cash paid to employees	220,018	33,187
Cash flow generated by operations	(473,477)	(45,505)
Income taxes (paid)/received	(3,443,750)	(837,736)
Other cash receipts/(payments) relating to operating activities Net cash flow from operating activities [1]	(195,478) 2,774,794	(407,067) 385,164

INVESTMENT ACTIVITIES
Cash receipts arising from:
Investments	48,030,853	-
Interest and similar income	10,708,974	5,132,879
Dividends	-	-
Loans granted	594,439	27,410,700
	59,334,266	32,543,579
Cash payments arising from:
Investments	-	-
Tangible assets	1,488	1,614
Loans granted	(6,298,123)	17,043,795
Net cash flow from investment activities [2]	(6,296,636) 65,630,901	17,045,409 15,498,170
FINANCING ACTIVITIES

Cash receipts arising from:
Sale of own shares	-	-
Loans obtained	(3,518,574) (3,518,574)	28,500,000 28,500,000
Cash Payments arising from:
Interest and similar costs	1,456,527	2,190,855
Acquisition of own shares	-	-
Loans obtained	74,901,954	57,585,500
	76,358,481	59,776,355
Net cash from financing activities [3]	(79,877,055)	(31,276,355)

Net increase/(decrease) in cash and cash equivalents [4] = [1]+[2]+[3]	(11,471,359)	(15,393,021)
Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period	11,301,230 (170,129)	15,784,638 391,617

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2015 (Translation from the Portuguese Original) (Amounts expressed in euro)

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

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

MAIN ACCOUNTING POLICIES The principal accounting policies adopted in preparing the accompanying individual financial statements are consisting with those used in the financial statements presented for the year ended 31 December 2014.

Basis of preparation

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

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

CHANGES IN ACCOUNTING POLICIES During the period there were no changes in accounting policies or prior period errors.

4.FINANCIAL INVESTMENTS As at 30 September 2015 and 31 December 2014 Investments are detailed as follows:

Investments in affiliated and associated undertakings	30 September 2015 360,864,814	31 December 2014 494,491,377
Investments in other companies
Sonae RE - (0,04%)	1,200	1,200
Fundo Invest. Imob. Imosonae Dois - (0,001%)	2,546	2,546
Matadouro Alto Alentejo, SA - (0,89%)	1	1
NET Novas Tecnologias, SA - (2,80%)	23,034	23,034
Saúde Atlântica - Gestão Hospitalar, SA (0,01%)	34	34
Fundo F HITEC - (6,46%)	250,950	250,950
	361,142,580	494,769,143
Impairment	-	(60,653,147)
	361,142,580	434,115,996

4.1 Investments in affiliated and associated undertakings As at 30 September 2015 and 31 December 2014, the detail of Investments in Affiliated

and Associated Companies is as shown in the table below:
Company	% Held	Fair Value	Book Value	30 September 2015 Fair Value Reserve	Equity	Profit/(Loss) for the period

CAPWATT, S.G.P.S., S.A.	100.00%	-	2,725,000	-	2,761,861	56,472
Fundo Esp de Invest. Imob Fechado WTC	59.57%	-	42,057,274	-	71,914,277	2,286,743
Imoareia - Invest. Turísticos, S.G.P.S., S.A.	100.00%	-	167,132,793	-	81,875,235	(937,141)
Interlog - SGPS, S.A.	98.938%	-	21,658,210	-	21,806,564	52,910
Lidergraf - Artes Gráficas, SA.	24.50%	-	1,125,301	-	5,313,045	576,106
Praedium SGPS, S.A.	100.00%	-	25,577,659	-	16,309,381	(3,954,627)
Sonae Turismo, S.G.P.S., S.A.	100.00%	-	5,857,175	-	8,385,061	(7,137,817)
SC Finance B.V.	100.00%	-	263,698	-	(9,077,067)	(9,371,569)
SC-Eng. e Promoção imobiliária, S.G.P.S., S.A.	100.00%	-	34,575,100	-	28,257,725	1,140,160
Sistavac, SGPS, S.A.	70.00%	-	32,492,436	-	41,374,073	225,868
Solinca - Health & Fitness, S.A.	100.00%	-	13,553,639	-	667,585	(552,859)
Spred, S.G.P.S., S.A. Total	100.00%	-	13,846,529 360,864,814	-	6,860,213	(1,951,075)

	31 December 2014
Company	% Held	Fair Value	Book Value	Fair Value Reserve	Equity	Profit/(Loss) for the period

CAPWATT, S.G.P.S., S.A.	100.00%	-	2,725,000	-	2,705,388	(19,612)
Fundo Esp de Invest. Imob Fechado WTC	59.57%	-	42,057,274	-	70,328,267	2,177,577
Imoareia - Invest. Turísticos, S.G.P.S., S.A.	100.00%	-	167,132,793	-	82,812,376	(428,587)
Interlog - SGPS, S.A.	98.938%	-	21,658,210	-	21,753,654	84,688
Lidergraf - Artes Gráficas, SA.	24.50%	-	1,125,301 25,577,659	- -	5,315,674 20,264,008	927,549 (2,512,717)
Praedium SGPS, S.A.	100.00%	-	93,714,351	-	53,056,218	(23,739,606)
Sonae Turismo, S.G.P.S., S.A.	100.00%	-
SC Finance B.V.	100.00%	-	263,698	-	294,502	16,205
SC-Eng. e Promoção imobiliária, S.G.P.S., S.A.	100.00%	-	34,575,100	-	27,117,565	(865,317)
Sistavac, SGPS, S.A.	70.00%	-	32,492,436	-	41,148,204	448,657
Solinca - Health & Fitness, S.A.	100.00%	-	13,553,639	-	1,220,444	(279,556)
Spred, S.G.P.S., S.A. Total	100.00%	-	59,615,917 494,491,377	-	40,939,316	23,292,661

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

Impairment tests on financial investments were performed, based on external valuations of the real estate of group companies or DCF methodology, to assess the fair value of

such investments. As at 30 September 2015 and 31 December 2014, the detail of Impairments on Investments in Affiliated and Associated Companies is as shown in the table below:

	30 September 2015	31 December 2014	Variation (Note 16)

Fundo Esp.Inv.Imo.Fec. WTC	-	(159,628)	159,628
Spred, SGPS, SA	-	(16,926,218)	16,926,218

Sonae Turismo, SGPS, SA	- -	(43,567,301) (60,653,147)	43,567,301 60,653,147

OTHER NON-CURRENT ASSETS As at 30 September 2015 and 31 December 2014, other non-current assets are detailed

	30 September 2015	31 December 2014

Loans granted to group companies:
Sonae Turismo, SGPS, SA	-	11,703,934
Praedium, SGPS, SA	85,134,991	85,134,991
Imoareia - Invest. Turísticos, S.G.P.S., SA	94,593,637	94,593,637
SC-Eng. e Promoção imobiliária, S.G.P.S., SA	2,788,000	2,788,000
Solinca - Health & Fitness, SA	2,864,968	2,864,968
SC Finance BV	352,445,000	-
	537,826,596	197,085,531

These assets were not due or impaired as at 30 September 2015. The fair value of loans granted to Group companies is basically the same as their book value.

Loans to group companies bear interest at market rates and are repayable within a period exceeding one year. The interest rate as at 30 September 2015 stood, in average, at approximately 4.70%.

OTHER CURRENT ASSETS As at 30 September 2015 and 31 December 2014, other current assets are made up as follows:

	30 September 2015	31 December 2014

Shareholding, other Operations	-	4,077,753
Loans granted	213,648,183	207,734,600
Other Debtors	564,475	347,371,160
Income tax withheld	2,921,145	7,519,432
Accrued income	15,206,198	5,948,878
Deferred costs	693,291	532,236
	233,033,292	573,184,059

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

As at 30 September 2015 and 31 December 2014, the item Loans Granted is related to financial operations with the following subsidiaries:

	30 September 2015	31 December 2014
Aqualuz - Turismo e Lazer, Lda	-	139,000
Bloco Q-Soc.Imobil.SA	-	310,000
Casa da Ribeira-Sociedade Imobiliária, S.A.	-	8,000
The Artist Porto Hotel & Bistrô - Activ. Hotel., S.A.	-	316,000
Contacto Concessões, SGPS, S.A.	-	1,041,000
Imoareia - Invest. Turísticos, SGPS, SA	89,022,643	87,537,900
Inparvi SGPS, SA	108,164	118,000
Martimope-Empreendimentos Turísticos, SA	-	214,000
Praedium SGPS, SA	92,722,641	100,050,000
Praedium II-Imobiliária,SA	-	5,000
SC-Eng. e promoção imobiliária,SGPS,S.A.	3,593,800	2,890,200
Sete e Meio Herdades-Inv. Agr. e Tur.,SA	-	1,000
Solinca - Health & Fitness, SA	1,075,800	1,162,000
Sótaqua - Soc. de Empreend. Turisticos	-	6,000
Sonae Turismo, SGPS, S.A.	16,343,134	-
Spinveste-Gestão Imobiliária SGII,SA	-	952,000
Spinveste - Promoção Imobiliária, SA	-	2,000
CAPWATT, SGPS, S.A.	10,782,000 213,648,183	12,982,500 207,734,600

Loans to group companies interest at market rates and are repayable within a period inferior to one year. The interest rate as at 30 September 2015 stood, in average, at approximately 3.58%.

As at 30 September 2015 and 31 December 2014, the item State & Other public Entities are made up as follows:

	30 September 2015	31 December 2014
Income tax withheld	177,409	2,359,147
Income tax (advanced payment)	999,501	2,028,682
Income tax	1,744,235	3,131,602
	2,921,145	7,519,431

The value registered for as Tax Income (IRC) refers to the tax saving driven by the

RETGS. The amount registered in Accrued Income includes 15,193,724 euro relative to interest of

loans granted to subsidiaries. Deferred Costs includes 637,663 euro relative to bank commissions that are deferred for the loan period.

DEFERRED TAXES Deferred tax assets and liabilities as at 30 September 2015 and 31 December 2014 can be detailed as follows, split between the different types of temporary differences:

	Deferred tax assets		Deferred tax liabilities
	30 September 2015 31 December 2014		30 September 2015 31 December 2014
Tax losses carried forward	4,219,485	4,069,727	-	-

During the periods ended 30 September 2015 and 31 December 2014, movements in

	Activos por impostos diferidos		Passivo por impostos diferidos
	30 September 2015 31 December 2014		30 September 2015 31 December 2014
Opening balance	4,069,727	407,059	-	-
Effect in results ( Nota 17):
Tax losses carried forward	149,757	3,687,193	-	-
Others	- 4,219,485	(24,525) 4,069,727	- -	- -
Effect in reserves:	-	-	-	-
Closing balance	4,219,485	4,069,727	-	-

In accordance with the tax statements presented by companies that recorded deferred tax assets arising from tax losses carried forward, tax losses carried forward can be

	30 September 2015
	Prejuízo fiscal	Deferred tax assets	To be used until	Prejuízo fiscal	31 December 2014 Deferred tax assets	To be used until


Generated in 2011	1,165,089	244,669	2015	1,165,089	244,669	2015
Generated in 2013	61,175	12,847	2018	61,175	12,847	2018
Generated in 2014	11,725,573	2,461,969	2018	18,153,387	3,812,211	2018
Generated in 2015	7,142,857	1,500,000	2028	-	-
	20,094,694	4,219,485		19,379,651	4,069,727

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 4	31 December 2014 4
Cash
Bank deposits Cash and cash equivalents in the balance sheet	- 4	5,112,287 5,112,291
	170,132	-
Bank overdrafts Cash and cash equivalents in the cash flow statement	(170,129)	5,112,291

EQUITY The share capital of Sonae Capital SGPS, SA both in September 2015 and December 2014 is represented by 250,000,000 ordinary shares, which do not have the right to a

As at 30 September 2015 Sonae Capital SGPS, S.A. owns 5,885,471 own shares representing 2.354% of its share capital (6,068,850 shares as at 31 December 2014), with the value of 1,413,866 euro (1,486,301 euro as at 31 December 2014) (Note 10).

RESERVES As at 30 September 2015, and 31 December 2014 the caption Other Reserves can be

	30 September 2015	31 December 2014

Free reserves	175,624,327	159,368,447
Demerger reserve	132,638,252	132,638,252
Own shares reserve	1,413,866	1,486,301
	309,676,446	293,493,001

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

Legal Reserve: According to the Company Law, at least 5% of the annual net profit must be transferred to the legal reserve until it represents 20% of share capital. This reserve cannot be distributed to shareholders, unless the company is liquidated, but can be used to cover prior year losses, once other reserves have been used fully, or for capital increases. As at 30 September 2015 the value of this caption is 9,463,225 euro.

Own shares reserve: This reserve, established in accordance with article 342 of the CSC, has the same amount of the value of own shares held by the company, and is unavailable as long as they are held by the company (Note 9).

LOANS As at 30 September 2015 and 31 December 2014 this caption included the following

	30 September 2015			31 December 2014

Bank loans	Current	Non Current	Current	Non Current
	7,000,000	-	17,253,800	-
Sonae Capital SGPS - commercial paper a)
Sonae Capital SGPS - commercial paper d)	8,250,000	-	8,250,000	-
Sonae Capital SGPS - commercial paper b)	-	-	-	28,900,000
Sonae Capital SGPS - commercial paper c)	-	29,000,000	-	30,000,000
Sonae Capital SGPS e)	3,290,000	9,870,000	3,290,000	12,337,500
Sonae Capital SGPS - commercial paper g)	3,500,000	3,000,000	3,500,000	4,750,000
Sonae Capital SGPS - commercial paper i)	-	-	4,000,000	-
Up-front fees not yet charged to income statement	-	(268,158)	-	(374,061)
	22,040,000	41,601,842	36,293,800	75,613,439
Bank overdrafts (Nota 8)	170,132 22,210,132	- 41,601,842	- 36,293,800	- 75,613,439

Bond Loans
Obrigações Sonae Capital 2011/2016 f)	10,000,000	-	-	10,000,000
Obrigações Sonae Capital 2014/2019 h)	-	42,500,000	-	42,500,000
Up-front fees not yet charged to income statement	- 10,000,000	(404,239) 42,095,761	- -	(486,841) 52,013,159
	32,210,132	83,697,603	36,293,800	127,626,597

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

b) Commercial paper programme, with subscription guarantee, issued on 31 March 2011 and valid up to August 2018, except if the reimbursement is anticipated under the contracted terms of the call/put option, in August 2016. This loan is guaranteed by a mortgage on real estate assets.
c) Commercial paper programme, with subscription guarantee, issued on 27 December 2012 and valid up to December
d) Commercial paper programme, with subscription guarantee, issued on 31 December 2014, with annual renewals up to 3 years.
e) Bank loan guarantee by a mortgage on real estate, started on 2 June 2011 and valid up to September 2019, with quarterly payments.
f) Bond loan Sonae Capital, SGPS 2011/2016, repayable after 5 years, in one instalment, on 17 January 2016. This bond issue pays interest every six months.
g) Commercial paper programme, with subscription guarantee, issued on 7 May 2014 and valid for a 3 year period, with semi-annual payments.
h) Bond loan Sonae Capital, SGPS 2014/2019, repayable after 5 years, in one instalment, on 28 May 2019. This bond issue pays interest every six months.
i) Short term commercial paper programme, with subscription guarantee, issued on 17 February 2011, with annual renewals up to a maximum of 5 years.

The interest rate on bank loans and bonds in force on 30 September 2015 was on

average 3.75% Bank loans pay interest rates that are indexed to the Euribor market rates of the period,

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

There are no derivative instruments.

As at 30 September 2015 and 31 December 2014 other creditors can be detailed as

	30 September 2015	31 December 2014

Other creditors
Group companies - Short term loans	432,477,544	472,356,998
Other creditors	1,003,762	4,191,042
	433,481,306	476,548,040

As at 30 September 2015 and 31 December 2014 the caption loans granted is relative to financial operations granted to the following subsidiaries:

	30 September 2015	31 December 2014
Group companies - Short term loans:
Imobeauty, S.A.	-	12,513,000
Interlog-SGPS,SA	21,741,300	21,774,000
Porturbe-Edifícios e Urbanizações,SA	-	13,000
SC Finance BV	112,000	263,000
Sonae Turismo, S.G.P.S., S.A.	-	16,030,513
SC, SGPS, SA	250,634,982	232,684,567
Sistavac, SGPS, S.A.	19,306,000 -	14,301,000 3,610,000
Solinca-Investimentos Turísticos,SA	-	9,000
Soltroia-Imob.de Urb.Turismo de Tróia,SA
SC For - Serviços de Formação e Desenv de Rec Humanos	16000 136,489,192	0 135,685,517
SC Hospitality, SGPS, S.A	4,178,070	35,473,400
Spred, SGPS, SA	432,477,544	472,356,998

Loans obtained from group companies bear interest at market rates and are repayable within one year. The interest rate as at 30 September 2015 was, in average, approximately 0.50%.

The item Other Creditors, includes 994,946 euro relating to transfers from subsidiaries of tax estimates under the special regime RETGS.

OTHER CURRENT LIABILITIES As at 30 September 2015 and 31 December 2014 other current liabilities can be detailed

	30 September 2015	31 December 2014

Other current liabilities
Taxes payable	51,763	4,170,928
Accruals:
Staff costs	333,964	339,294
Interest payable	2,448,668	657,638
Other accruals	79,975	37,253
Deferred income	6,131	4,292
	2,920,501	5,209,406

As at 30 September 2015 and 31 December 2014 the item Taxes payable can be detailed

	30 September 2015	31 December 2014
Income taxation	-	4,105,403
Income taxation - amounts withheld	28,446	42,766
VAT	69	69
Social security contributions	23,247	22,690
	51,763	4,170,928

EXTERNAL SUPPLIES AND SERVICES As at 30 September 2015 and 2014 External Supplies and services can be detailed as

	30 September 2015	30 September 2014

Operational rents	31,987	34,025
Insurance costs	37,501	37,651
Travelling expenses	18,490	21,126
Services obtained	637,729	189,482
Other services	46,277	48,862
	771,984	331,145

The item Services obtained includes, in 2015, 270 thousand euro of Holding costs that have not occur in 2014. On the other hand, the shared services fee was, in 2015, up about 96 thousand euro compared to 2014.

STAFF COSTS As at 30 September 2015 and 2014, staff costs were made up as follows:

	30 September 2015 848,646	30 September 2014 737,354
Governing bodies' remunerations
Social security contributions	90,306	100,149
Other staff costs	77,523	22,140
	1,016,475	859,642

16. NET FINANCIAL EXPENSES AND

INVESTMENT INCOME As at 30 September 2015 and 2014, Net Financial Expenses and Investment Income can be detailed as follows:

	30 September 2015	30 September 2014

Interest payable and similar expenses
Interest arising from:	(2,187,220)	(4,676,992)
Bank loans
Bonds	(1,670,827)	(1,014,018)
Other	(1,561,904)	(92,127)
Other financial expenses	(1,908,669)	(1,972,859)
	(7,328,620)	(7,755,996)
Interest receivable and similar income
Interest income	25,454,818	7,826,161
	25,454,818	7,826,161
Net financial expenses	18,126,198 18,126,198	70,165 70,165

	60,653,147	920,029
Reversal of Impairment losses (Note 4.1)	22,184,180	14,870,786
Dividends received
Gains and losses in Investments Investment income	(85,231,483) (2,394,157)	- 15,790,815

As at 30 September 2015, the amount of dividends received from group companies

Lidergraf, SA	56,152
Spred SGPS, SA	22,128,028

As at 30 September 2015, Gains and losses in investments include losses with capital reductions of the following subsidiaries:

22,184,180

85,826,562

Sonae Turismo, SGPS, SA	50,057,175
Spred SGPS, SA	35,769,387

TAXATION As at 30 September 2015 and 2014, Taxation was made up as follows:

	30 September 2015	30 September 2014

Current tax	2,050,412	2,080,742
Deferred tax (Note 7)	149,757	3,654,945
	2,200,169	5,735,686

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 per share (Net profit for the period)	16.066.867	20,409.188
Effect of dilutive potential shares
Net profit taken into consideration to calculate
diluted earnings per share	16.066.867	20.409.188

Number of shares
Weighted average number of shares used to calculate
diluted earnings per share	246,333,804	246,204,451

Earnings per share (basic and diluted)	0.065224	0.082895

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

In the period ended 30 September 2015 shareholders' loan contracts were entered into with SC Finance BV.

In the period ended 30 September 2015 short-term loan contracts were entered with the companies Spinveste Promoção Imobiliária, SC For - Serviços de Formação e Desenv de Rec Humanos, Capwatt SGPS, SC Finance BV, Sistavac SGPS, SA, and Spred SGPS SA.

As at 30 September 2015 amounts due by affiliated companies can be summarized as

Loans and Short term loans granted

Companies	Closing Balance
CAPWATT, SGPS, S.A.	10,782,000
Imoareia - Invest. Turísticos, S.G.P.S., SA	183,616,280
Inparvi SGPS, SA	108,164
Praedium, SGPS, SA	177,857,633
SC Finance BV	352,445,000 6,381,800
SC-Eng. e Promoção Imobiliária,SGPS,S.A.
Solinca - Health & Fitness, SA	3,940,768
Sonae Turismo, SGPS, SA	16,343,134 751,474,779

As at 30 September 2015 amounts due to affiliated companies can be summarized as

Companies	Closing Balance
SC For - Serv. de Formação e Desenv de Rec Humanos	16,000
Spred, SGPS, SA	4,178,070
Sistavac, SGPS, S.A.	19,306,000
Interlog-SGPS,SA	21,741,300
SC Finance BV	112,000
SC Hospitality, SGPS, S.A	136,489,192
SC, SGPS, SA	250,634,982
	432,477,544

SUBSEQUENT EVENTS No significant events, requiring further disclosure or adjusted, have occurred after 30 September 2015.

21. APPROVAL OF THE FINANCIAL

STATEMENTS These financial statements were approved by the Board of Directors and authorized for issue on 29 October 2015.

Board of Directors

AI Terminal

Sonae SGPS

1901_10-q_2015-11-29_d02eec14-9e9e-4831-9e25-f114b3644e57.pdf

REPORT AND ACCOUNTS

PART I REPORT OF THE BOARD OF DIRECTORS

THIRD QUARTER PERFORMANCE CONTINUES SHOWING SIGNIFICANT PROGRESSES, BOTH AT THE CONSOLIDATED AND EACH BUSINESS UNIT LEVEL,

2.1. CONSOLIDATED PROFIT & LOSS STATEMENT

2.2. CAPEX

2.3. CAPITAL STRUCTURE

3. SEGMENTS PERFORMANCE 3.1. RESORTS

3.2. FITNESS

3.4. ENERGY

5. METHODOLOGICAL NOTES

PART II CONSOLIDATED FINANCIAL STATEMENTS

SONAE CAPITAL, SGPS, SA

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2015 AND 31 DECEMBER 2014

SONAE CAPITAL, SGPS, SA

CONSOLIDATED INCOME STATEMENTS BY NATURE

FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2015 AND 2014

(Amounts expressed in euro)

SONAE CAPITAL, SGPS, SA

FOR THE 3rd QUARTERS OF 2015 AND 2014

(Amounts expressed in euro)

SONAE CAPITAL, SGPS, SA

FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2015 AND 2014

SONAE CAPITAL, SGPS, SA

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 3rd QUARTERS OF 2015 AND 2014

(Amounts expressed in euro)

SONAE CAPITAL, SGPS, SA

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

(Amounts expressed in Euro)

CONSOLIDATED STATMENTS OF CASH FLOWS

SONAE CAPITAL, SGPS, SA

1. INTRODUCTION

Basis of preparation

4. GROUP COMPANIES INCLUDED IN THE

a) Majority of voting rights.

5. INVESTMENTS IN ASSOCIATED AND JOINTLY

6. OTHER INVESTMENTS

8. GOODWILL

12. TRADE ACCOUNTS RECEIVABLE AND OTHER

13. DEFERRED TAXES

Interest rate derivatives

Fair value of derivatives

21. TRADE ACCOUNTS PAYABLE AND OTHER CURRENT

22. PROVISIONS AND ACUMULATED IMPAIRMENT

28. EARNINGS PER SHARE

30. SUBSEQUENT EVENTS

PART III INDIVIDUAL FINANCIAL STATEMENTS

SONAE CAPITAL, SGPS, SA

SONAE CAPITAL, SGPS, SA

INDIVIDUAL INCOME STATEMENTS BY NATURE

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)

SONAE CAPITAL, SGPS, SA

INDIVIDUAL INCOME STATEMENT BY NATURE

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)

SONAE CAPITAL, SGPS, SA

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

SONAE CAPITAL, SGPS, SA

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

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

SONAE CAPITAL SGPS, SA

INDIVIDUAL STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

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

(Amounts expressed in euro)

SONAE CAPITAL, SGPS, SA

INDIVIDUAL CASH FLOW STATEMENTS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2015 AND 2014

SONAE CAPITAL, SGPS, SA

INDIVIDUAL STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED 30 JUNE 2015 AND 2014