"The results achieved during the first nine months of 2014 witness our commitment and effort on implementing the strategy defined at the end of 2013. Growing and improving each Business Units competitive position, releasing cash from nonstrategic assets to support new business opportunities and, primarily, to reduce debt, have been our core tasks and the team's main effort during 2014. In fact, the nine months results showed significant improvements across all key financial indicators: Consolidated Top Line grew 44% and, at the same time, EBITDA posted an improvement of 84% reaching a margin of 7.6%, registering homologous growth in all quarters of the year. Analysing by segment, with the exception of SISTAVAC that is dealing with an important reorganization process, all business units have been presenting better operational results. Also, at the Net Results level, despite negative, it should be noted the improvement of 6.37M€ when compared to last year.

Net Debt reached 238M€, the lowest level since the spin-off, already including the acquisition of a set of Cogeneration operations, during the 1Q14. This result materializes and reinforces the team's commitment and effort on continuing with the implementation of the defined corporate strategy".

Cláudia Azevedo, CEO

3Q14 RESULTS CONFIRM THE POSITIVE OPERATIONAL AND FINANCIAL INDICATORS TREND EVOLUTION, HAVING BEEN ONE OF THE BEST QUARTERS

The Energy segment growth, from 3.5M€ to 13.2M€, driven mainly by the consolidation of the new cogeneration plants acquired during the 1Q14 and the Martim Longo photovoltaic operation that began production during the
quarter; Real Estate at troiaresort maintained a positive rhythm of sales, achieving one of best quarters to date: +40.1%, to 13.5M€. During 3Q14 it were signed 13 deeds regarding real estate residential units in troiaresort, to which we should add a stock of 17 promissory purchase agreements and 7 reservation agreements; During the 9M14 it were signed 40 deeds regarding real estate residential units in troiaresort that adding to the 24 promissory purchase and reserve agreements, totals 64 commercialized units, compared to 67
throughout the full year of 2013; and Fitness grew 21% and Hospitality improved 10.8%, consolidating the positive trend seen in previous quarters.

… Consolidated EBITDA , not including Guaranteed Income Provisions, amounted to 6.78M€, a significant improvement of 1.46M€ or 27.5% compared to 3Q13:

Driven by all Tourism segments expressive operational improvement;
The growing Energy contribution both on a comparable basis and when
considering the 1.43M€ relative to the new cogeneration operations; Including the provision related to the estimated present value of potential costs for the period of the guaranteed income in real estate sales in

¹ EBITDA not including the estimated present value of potential costs for the full period of the guaranteed

troiaresort, consolidated EBITDA amounted to 5.97M€, growing 26.3% or

1.24M€ compared to 3Q13; Excluding the recognition of a non-recurrent operational cost accounted for under the SISTAVAC restructuring process in course, EBITDA would have been 7.15M€, growing 51.2% or 2.42M€ compared to 3Q13;

Net Results in 3Q14 amounted to negative 0.61M€, negatively impacted by the nonrecurrent operational cost referred above. Nevertheless, driven by the operational improvement across the majority of the businesses and the traditional Hospitality positive seasonality effect, this was the best result of the year, representing an improvement of 1.62M€ compared to 3Q13.

THE POSITIVE PERFORMANCE WITNESSED IN ALL QUARTERS OF THE YEAR, LED TO 9M14 CUMULATIVE CONSOLIDATED RESULTS WELL ABOVE LAST

Consolidated TOP LINE amounted to 130.57M€, registering an improvement of 43.9% when compared to last year with the majority of the business
contributing favourably; Consolidated EBITDA¹ totalled 12.85M€ (or 9.95M€ considering the Guaranteed income Provisions), reaching a margin of 9.8%, which compares to the 6.0M€
and a margin of 6.6% registered in 9M13; ^o Excluding the above mentioned non-recurrent operational cost, recognised during the 3Q14 in Refrigeration & HVAC segment, EBITDA would have reached 14.04M€ (or 11.13M€ considering the
Guaranteed income Provisions), reaching a margin of 10.8% NET RESULTS improved 45.0% to negative 7.79M€, compared to the
negative 14.16M€ achieved last year; FREE CASH FLOW (levered), including the net impact relative to the acquisition of the new cogeneration operations during the 1Q14, stood at 8.1M€, above last year by 2.7M€, benefiting from the improved operational performance across the majority of the segments, particularly, from the real
estate sales at troiaresort, which has led... ... to a significant Net Debt reduction of 7.8M€ compared to end of 2013, to
238.2M€, the lowest value since the spin-off; ^o It should be noted that, compared to same period last year, Net
- Debt reduced by 13.1M€, driven by the FCF generation in the period; ^o Excluding the Energy segment, where the majority of the Group investments are concentrated, Net Debt showed a reduction of 17.4M€ compared to the end of 2013, in line with our debt reduction strategic intent.
OVERALL PERFORMANCE The financial and operational performance throughout the 9M14 was globally positive, showing growth across all major financial indicators, namely, a consolidated Top Line growth of 43.9%, an 84.0% improvement at the EBITDA level and a Net Results growth of 45.0%. Also at the EBITDA-Capex level, that amounted to 4.04M€ in the 9M14, there was an improvement with the respective positive impact at the FCF generation being visible on the reduction of the Net Debt.

2.1. CONSOLIDATED PROFIT & LOSS STATEMENT

Consolidated Top Line in 3Q14 amounted to 54.34M€, registering a growth of 34.8% compared to 3Q13 with the majority of the segments showing favourably evolutions. It should be noted the performance registered by Resorts (+40.1%), Hospitality (+10.8%) and Energy (+3.8x) that have achieved one of the highest levels ever, benefiting, in the case of Hospitality from a positive seasonality effect. Refrigeration & HVAC, notwithstanding below the level verified in 3Q13, registered

the best performance of the year. Driven by the growth registered in the three quarters of the year, the 9M14 Consolidated Top Line registered a growth of 43.9% to 130.57M€, with all segments, with the exception of Refrigeration & HVAC, showing positive evolutions: (i) Resorts, +116%, leveraging on the increasing number of real estate sales deeds at troiaresort; (ii) Hospitality, +7.9%, driven by the improved occupancy rate; (iii) Fitness, +22.1%, resulting from the 34% active members growth rate; (iv) Energy, +3.3x, driven primarily by the consolidation of the new cogeneration operations and by the beginning, in 3Q14, of Martim Longo photovoltaic production; and (v) notwithstanding the 8.0% decrease registered in Refrigeration & HVAC, despite the

17% pipeline growth when compared to the end of 2013. With respect to segment "Others", the positive variation of 29.9% translates our effort and commitment in releasing cash from non-strategic assets, namely real estate sales.

3Q14 consolidated EBITDA, not including Guaranteed Income Provisions, amounted to 6.78M€, correspondent to a margin of 12.5% and registering a growth of 27.5% or 1.46M€, with positive evolutions across all segments with the exception of Refrigeration & HVAC, driven by both the top line performance and the recognition

of a non-recurrent operational cost. It should be highlighted that, as in Top Line, Resorts performance, driven by a favourably sales mix and Hospitality, benefiting from a positive seasonality effect, as a result of the increased occupation rates and, consequently, RevPar, was one the best ever in Sonae Capital history.

3Q14 consolidated EBITDA including, for conservative reasons, the estimated present value of the potential costs for the full period of the guaranteed income in real estate sales at troiaresort, amounted to 5.97M€ registering, however, a growth of 26.3% or 1.24M€ when compared to last year. Excluding the above-mentioned non-recurrent operational cost recognised in Refrigeration & HVAC segment, as to highlight a better judgement of Group's performance, EBITDA would have reached 7.15M€, correspondent to a margin of 13.2% and a growth of 2.42M€ compared to the same period last year.

During the 9M14, consolidated EBITDA amounted to 9.95M€, correspondent to a margin of 7.6%, registering a growth of 4.54M€ when compared to the 5.41M€ and the margin of 6.0% achieved last year.

3Q14 Net Results, driven by the improved operational performance across the majority of the segments, was negative 0.61M€. In YTD terms, Net Results remained in negative levels of 7.79M€, although 45.0% or 6.37M€ better than the achieved in 9M13. For this positive evolution it should be highlighted, besides the EBITDA performance, the 20.5% growth registered in Results from Associated Undertakings/Investments, mostly due to the contribution of Norscut and the two new cogeneration operations where the group does not hold a majority shareholding.

2.2. CAPEX

Capex (excluding the investment related to the acquisition of the new cogeneration operations) in the period 9M14 amounted to 5.9M€, correspondent to a Capex/sales ratio of 4.5%, below the 6.4% registered in the period 9M13. Resorts and Hospitality (driven by the opening of the new concept Hotel in Porto, a partnership with "Escola de Hotelaria e Turismo do Porto") segments drove the bulk of Capex. It should also be noted the growth registered in Fitness, driven by the opening of new clubs. Regarding the Energy business, Capex was mainly driven by the launch of Martim Longo operation (photovoltaic park - 2MW).

2.3. CAPITAL STRUCTURE

At the end of 9M14, Net Debt amounted to 238.2M€, and as referred above, the lowest level since the spin-off, in 2007, stood 7.8M€ below the level registered at

the end of 2013. This result was driven by the FCF performance notwithstanding

the acquisition of cogeneration operations during the 1Q14. It should be noted that the favourable FCF performance and, consequently, Net Debt has primarily resulted from the 3Q14 performance. In fact, during the 3Q14, Net Debt reduced by 15.8M€ as consequence of the strong FCF generation. It should be highlighted that, in the quarter, as anticipated in previous earnings announcement, it was registered a recovery from the traditional 2Q working capital investment and, importantly, it also incorporates the sale of an Imosede fund stake

by 5.0M€. It should also be noted that when compared to the same period last year, Net Debt

presented a reduction of 13.1M€.
Consolidated Balance Sheet Million euro
	Sep 2014	Dec 2013	D Sep14/Dec13

Total Assets	633.9	633.4	+0.1%
Tangible and Intangible Assets	246.4	246.3	+0.0%
Goodwill	61.0	61.0	+0.0%
Non-Current Investments	52.4	52.0	+0.7%
Other Non-Current Assets	46.5	45.8	+1.7%
Stocks	164.2	178.9	-8.2%
Trade Debtors and Other Current Assets	58.2	46.5	+25.3%
Cash and Cash Equivalents	5.2	3.0	+73.5%
Total Equity	306.2	313.2	-2.2%
Total Equity attributable to Equity Holders of Sonae Capital	297.2	304.3	-2.4%
Total Equity attributable to Non-Controlling Interests	9.0	8.9	+2.2%
Total Liabilities	327.7	320.3	+2.3%
Non-Current Liabilities	204.4	171.9	+18.9%
Non-Current Borrowings	185.0	153.0	+21.0%
Deferred Tax Liabilities	13.2	12.6	+4.6%
Other Non-Current Liabilities	6.2	6.3	-1.7%
Current Liabilities	123.3	148.4	-16.9%
Current Borrowings	58.4	96.1	-39.2% +24.0%
Trade Creditors and Other Current Liabilities	64.9	52.3
Total Equity and Liabilities	633.9	633.4	+0.1%

Net Capital Employed Fixed Assets	544.4 307.4	559.2 307.3	-2.6% +0.0%
Non-Current Investments (net)	79.5	78.8	+0.9%
Working Capital	157.5	173.1	-9.0%
Capex (6M period) % Fixed Assets	5.9 1.9%	5.8 1.9%	+1.5%

Net Debt % Net Capital Employed	238.2 43.8%	246.0 44.0%	-3.2%
Gearing	77.8%	78.6%
Net Debt excluding Energy	212.8	230.2	-7.6%

Capital employed decreased by 2.6% compared to end of 2013 despite of the new cogeneration operations acquired during the 1Q14. This performance resulted mainly from the decrease in working capital investment of 15.6M€.

3.1. TOURISM

Million euro
Tourism	3Q 2014	3Q 2013	$\triangle$ 14/13	9M 2014	9M 2013	$\triangle$ 14/13
Total Operational Income	24.47	17.27	$+41.7%$	52.16	30.15	+73.0%
Turnover	23.80	18.69	$+27.3%$	53.61	34.27	+56.5%
Resorts Hospitality Fitness	13.48 7.10 3.22	9.62 6.41 266	$+40.1%$ $+10.8%$ $+21.0%$	30.93 12.55 1013	14.34 11.63 8.30	>100% $+7.9%$ $+22.1%$
Other Operational Income	0.67	$-142$		145	$-412$	$+64.8%$
Total Operational Costs	$-19.97$	14.26	-40.0%	-47.05	-31.09	$-51.3%$
Cost of Goods Sold Change in Stocks of Finished Goods External Supplies and Services Staff Costs Other Operational Expenses	144 $-4.49$ 839 340 $-2.24$	-160 $-2.74$ 6.23 336 $-0.34$	$+10.3%$ 64 3% 34.7% $-13%$ < 100%	244 $-12.15$ 1953 $-9.25$ $-3.67$	288 4.06 -14.33 $-8.91$ $-0.91$	$+15.1%$ < 100% -36.3% $-3.8%$ $< 100\%$
EBITDA before Guaranteed Income Provisions * Resorts Hospitality Fitness	4.50 3.43 0.74 O.17	3.01 233 0.60 $-0.01$	$+49.8%$ $+47.1%$ $+23.5%$	5.11 6.55 $-2.71$ 110	$-0.94$ 160 $-2.98$ 0.26	$>100\%$ $+9.0%$ >100%
Provisions for Guaranteed Income	$-0.81$	$-0.59$	-37.6%	$-2.90$	$-0.59$	$< 100\%$
EBITDA	3.70	242	$-52.8%$	2.21	$-1.53$	۰.
Capex EBITDA Capex	1.17 2.53	0.58 183	+99 3% +38.0%	2.72 $-0.51$	1.27 $-2.80$	>100% $+81.7%$

During the 3Q14 it were celebrated 13 deeds from the troiaresort residential units which adding to the 21 and 6 celebrated in 1Q14 and 2Q14, total a cumulative number for the 9M14 of 40 deeds (compared to the 39 celebrated in the full year 2013). On top of that, we should add 17 promissory purchase agreements and reservation agreements (with advanced payment) for additional 7 units. As at 30th September

2014, there were 307 sales deeds signed on troiaresort residential units. Driven by the enlarged number of deeds celebrated in the quarter and also benefitting from a positive sales mix effect, Turnover reached 13.48M€, one of the best ever, registering a growth of 40.1%. In cumulative terms, Turnover amounted to 30.93M€, 2.2x higher than the registered in the same period last year.

Additionally, benefiting from the positive mix sales effect, EBITDA not including guaranteed income provisions, reached in the quarter, 3.43M€ achieving a growth of 47.1% compared to 3Q13. In the 9M14, totalled 6.55M€, 4.95M€ above that verified in

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 the expected commercial operation). Driven by the sales deeds registered during the 9M14, the value amounted to 2.9M€, reflecting a level of EBITDA of 3.64M€, 2.64M€ above the level registered last year.

The dynamism and the improving trend in turnover and profitability observed since the end of 2013 has remained during the 3Q14 with the average number of active members registering a growth of 34% when compared to the 3Q13.

In 3Q14 Turnover grew 21.0% to 3.22M€ driven by the mentioned increase number of active members, notwithstanding the lower market average monthly fees. As a result of the Top Line performance on one hand, and the optimization and

rationalization cost measures implemented, on the other hand, EBITDA amounted to 0.17M€, an increase of 0.18M€ when compared to last year. In the 9M14, EBITDA totalled 1.10M€, correspondent to a margin of 10.8%, 7.4pp above the registered last year.

During the 3Q14, Hospitality Turnover showed a growth of 10.8% when compared to 3Q13, to 7.1M€, achieving one of the best quarters ever. This performance resulted from the 13pp increase level of occupation rate. In the same period, the number of nights sold grew 20.5% in the total Group's hotel properties and RevPar has also

shown an improvement of 11.6%. In the 9M14, Turnover amounted to 12.55M€, correspondent to a growth of 7.9%

driven by the improved majority of operational indicators. Due to the increased Top Line level and the optimization and rationalisation cost measures implemented over the past years, 3Q14 and 9M14 EBITDA increased 23.5%

and 9.0%, respectively. Excluding rents, it should be highlighted that the Hospitality segment EBITDAR in the period 9M14 ascended to positive 1.53M€, registering a margin of 21.3%, an improvement of 7.0% when compared to the positive 1.43M€ achieved in the same period last year.

Profit and Loss Account Million euro
Energy	3Q 2014	3Q 2013	D 14/13	9M 2014	9M 2013	D 14/13
Total Operational Income	13.77	3.50	>100%	34.37	10.26	>100%

Turnover Other Operational Income	13.23 0.54	3.47 0.03	>100% >100%	33.42 0.94	10.11 0.15	>100% >100%
Total Operational Costs	-11.14	-2.69	<-100%	-27.34	-7.72	<-100%
Cost of Goods Sold Change in Stocks of Finished Goods	-8.99 0.00	-2.13 0.00	<-100% - <-100%	-22.86 0.00	-6.05 0.00	<-100% - <-100%
External Supplies and Services Staff Costs	-1.10 -0.50	-0.35 -0.21	<-100%	-2.58 -1.34	-1.04 -0.62	<-100%
Other Operational Expenses	-0.55	0.00	<-100%	-0.56	0.00	<-100%
EBITDA	2.62	0.81	>100%	7.02	2.54	>100%
Capex EBITDA-Capex	0.37 2.26	0.63 0.18	-41.9% >100%	1.30 5.72	2.25 0.30	-42.3% >100%

Energy segment Top Line, during the 3Q14, grew 3.8x to 13.23M€, including the contribution of the new cogeneration operations acquired at the end of 1Q14. Importantly, excluding that contribution (9.28M€ in 3Q14 and 22.51M€ in 9M14), Top Line would have grown 14.0%. EBITDA in the period has also shown a significant growth of 3.3x to 2.62M€, achieving a margin of 19.8%. Excluding the contribution of the acquired operations, (1.43M€ and 3.49M€ in 3Q14 and 9M14, respectively), EBITDA would have grown 48.5% in the quarter and 39.1% in the 9M14 when compared to the 9M13.

Capex, excluding the cogeneration acquisitions, remained in controlled levels and contributed, besides EBITDA, for the improvement of the operational cash flow.

With the fully operational photovoltaic project since June, the capacity under management ascends to 53 MW (50MW Cogeneration and 3MW Photovoltaic) or

62.3 MW, considering the non-fully held operations, a growth of 3.0 times when

compared to the end of 2013. During the 1Q14 it was announced the acquisition of a set of shareholdings and interests held by subsidiaries of Enel Green Power, S.p.A. in cogeneration plants located in Portugal. This acquisition of 44 MW (10 units, 8 majority held) is part of the expansion plan for the Energy segment, one of the strategic pillars of the growth and development of Sonae Capital's portfolio, allowing the Group to: (i) Speed up the planned Portuguese Portfolio growth; (ii) Internalize a backlog of repowering projects in Portugal; and (iii) Reinforce the Energy segment team with experienced and valuable new members, required to implement the outlined development roadmap.

Profit and Loss Account
Million euro			D 14/13			D 14/13
Refrigeration & HVAC Total Operational Income	3Q 2014 16.99	3Q 2013 17.14	-0.9%	9M 2014 41.61	9M 2013 43.89	-5.2%
Turnover	16.46	17.30	-4.9%	40.60	44.10	-8.0%

Total Operational Costs	-17.12	-15.97	-7.1%	-41.07	-41.30	+0.6%
Cost of Goods Sold	-7.55	-6.72	-12.4%	-15.19	-17.10	+11.2%
Change in Stocks of Finished Goods	-1.12	0.77	-	-1.72	3.53	-
External Supplies and Services	-5.11	-5.99	+14.8%	-13.54	-14.77	+8.3%
Staff Costs Other Operational Expenses/Income	-3.47 0.13	-3.41 -0.62	-1.7% -	-10.92 0.30	-11.65 -1.31	+6.3% -
EBITDA	-0.66	1.33	-	-0.47	2.81	-

Capex	0.09	0.15	-34.9%	0.27	0.23	+17.4%
EBITDA-Capex	-0.75	1.18	-	-0.75	2.57	-

During 3Q14, Top Line amounted to 16.46M€, the best performance of the year, notwithstanding 4.9% below the level registered in 3Q13 (a yoy improvement compared to -8.3% in 1Q and -11.3% in 2Q vs. LY). Backlog at the end of the period mounted to, approximately, 29M€, having remained relatively stable compared to the previous quarter, representing circa 6.5 months of Turnover.

In YTD terms (9M14), Top Line totalled 40.6M€, a decrease of 8.0% compared to last year. International Top Line (consolidating exports and direct sales abroad), driven by the lower level of international activity following some delays in the launch of important projects, represented 20% of the consolidated Turnover.

In 3Q14, under the restructuring process that is being implemented, it were recognised a bulk of non-recurrent operational costs amounting to 1.19M€ that have penalised both the segment and overall Sonae Capital Group results.

Despite of the on-going implementation of measures leading to rationalize and variable the cost structure to the new benchmark, and excluding the above nonrecurrent operational cost, 9M14 EBITDA amounted to only 0.72M€, registering a significant decrease when compared to same period last year.

EBITDA in the domestic operation amounted to 0.71M€ in the 9M14 period and 0.5M€ in the 3Q14, registering a decrease of 53% and 28%, respectively when compared to last year.

Capex remained at low levels and the large majority of the lower operational cash flow was driven by the negative EBITDA evolution.

Sonae Capital Group owns a set of non-strategic assets and thus available for sale, including Real Estate assets (excluding Tourism assets) and Financial Shareholdings.

During the period it was sold a stake of the Imosede Fund for 5.0M€. There were no

other material operations to highlight. With respect to Real Estate assets, during the 9M14, it were celebrated sales deeds

over a disperse set of assets amounting to 0.87M€. As at 30 September 2014, Capital Employed in this set of assets (real estate)

There was no corporate information to register.

There were no subsequent corporate events to register.

The consolidated financial statements presented in this report is 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.

In 1Q14 it was changed the reporting template for the Net Debt of the Energy segment. Since the growth of this segment is being performed primarily through Intercompany Debt, we decided to report the Debt of the segment with the total Debt rather than the contribution to Sonae Capital Group as was until now. We believe that this change contributes to increase the quality and transparency of the information reported to the market.

With the aim of continuing improve the quality and transparency of the information provided, from the 2Q14 onwards, discontinued operations are reported on a specific line of the Profit & Loss statement.

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 = Net Debt / Equity

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

CONSOLIDATED FINANCIAL STATEMENTS

30 SEPTEMBER 2014

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2014 AND 31 DECEMBER 2013

(Amounts expressed in euro)

NON-CURRENT ASSETS: Tangible assets 8 238,519,783 238,552,228 8 Intangible assets 7,890,827 Goodwill 9 60,990,244 60,982,213 5 Investments in associated companies 17, 194, 828 12,458,452 35, 187, 331 Other Investments 6 and 10 39,540,098 Deferred tax assets 14 25,859,453 26, 186, 529 11 19,570,690 Other non-current assets 20,673,507 406, 315, 973 405,036,036 Total non-current assets CURRENT ASSETS: Stocks 12 164, 200, 169 178,930,013 Trade account receivables and other current assets 13 58, 207, 303 46,472,406 15 Cash and cash equivalents 5,201,020 2,997,963	31.12.2013

	7,745,826








Total Current Assets
227,608,992 228,400,382
TOTAL ASSETS 633,436,418 633, 924, 965
EQUITY AND LIABILITIES
EQUITY:
Share capital 16 250,000,000 250,000,000
Own Shares 16 (1,486,301) (1, 124, 125)
Reserves and retained earnings 56,570,056 68,634,546
Profit/(Loss) for the year attributable to the equity holders of Sonae (7,930,747) (13, 200, 373)
Equity attributable to the equity holders of Sonae Capital 297, 153, 008 304,310,048
Equity attributable to non-controlling interests 17 9,045,958 306, 198, 966 TOTAL EQUITY 313,160,339	8,850,291

LIABILITIES: NON-CURRENT LIABILITIES:
18 Loans 185,041,297 152,968,701
20 Other non current liabilities 3,146,646	3,256,871
Deferred tax liabilities 14 13, 158, 137 12,581,859
Provisions 23 3,079,824	3,079,824
204, 425, 904 171,887,255 Total Non-Current Liabilities
CURRENT LIABILITIES:
18 58, 384, 664 96,050,940 Loans Trade creditors and other current liabilities 22 59,452,177 49,380,171
23 Provisions 5,463,254	2,957,713
123,300,095 Total Current Liabilities 148,388,824
TOTAL LIABILITIES 327,725,999 320,276,079
633, 924, 965 633,436,418 TOTAL EQUITY AND LIABILITIES

The accompanying notes are part of these financial statements.

CONSOLIDATED INCOME STATEMENTS BY NATURE

FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2014 AND 2013

(Amounts expressed in euro)

	Notes	30.09.2014	30.09.2013

Sales		65,631,246	43,618,251
Services rendered		66,279,177	54, 108, 957
Other operating income		8,668,656	5,751,397
Cost of sales		(42, 164, 098)	(30,637,917)
Changes in stocks of finished goods and work in progress		(14, 433, 677)	(1, 584, 388)
External supplies and services		(39, 946, 484)	(36, 997, 708)
Staff costs		(25, 449, 432)	(26, 646, 362)
Depreciation and amortisation	8	(10, 902, 965)	(10,002,029)
Provisions and impairment losses		(4, 162, 028)	(1, 577, 485)
Other operating expenses		(4, 845, 897)	(1, 559, 738)
Operational profit/(loss)		(1, 325, 502)	(5, 527, 022)
Financial Expenses		(10,067,045)	(9, 242, 156)
Financial Income		1,004,311	820,269
Profit/(Loss) in associated and jointly controlled companies	5	4,549,523	3,671,861
Investment income		569,899	575,658
Profit/(Loss) before taxation		(5, 268, 814)	(9, 701, 390)
Taxation	26	(2,524,104)	(4, 454, 804)
Profit/(Loss) for the year	27	(7, 792, 918)	(14, 156, 194)

Attributable to: Equity holders of Sonae Capital
		(7,930,747)	(14, 455, 259)
Non-controlling interests	17	137,829	299,065
Profit/(Loss) per share
Basic	28	(0.032.212)	(0.058369)
Diluted	28	(0.032.212)	(0.058369)

The accompanying notes are part of these financial statements.

CONSOLIDATED INCOME STATEMENTS BY NATURE

FOR THE 3^rd QUARTERS OF 2014 AND 2013

(Amounts expressed in euro)

Notes	3 ^rd Quarter 14 ¹	3rd Quarter 13 ¹

Sales	25,887,373	20,485,801
Services rendered	28,444,983	22,642,983
Other operating income	4,411,386	2,266,556
Cost of sales	(18,014,124)	(12,654,518)
Changes in stocks of finished goods and work in progress	(5,677,243)	(2,882,322)
External supplies and services	(15,966,162)	(15, 169, 006)
Staff costs	(8,664,651)	(8,855,790)
Depreciation and amortisation	(3,851,556)	(3,288,971)
Provisions and impairment losses	(1,658,211)	(992, 658)
Other operating expenses	(2, 787, 283)	(584, 216)
Operational profit/(loss)	2.124.512	967,859
Financial Expenses	(3,225,192)	(3,331,423)
Financial Income	270,918	221,659
Profit/(Loss) in associated and jointly controlled companies	1,662,656	1,229,325
Investment income	180,531	62,053
Profit/(Loss) before taxation	1,013,425	(850, 527)
Taxation	(1,620,451)	(1,378,840)
Profit/(Loss) for the period	(607,026)	(2,229,367)
Attributable to:
Equity holders of Sonae Capital	(569, 126)	(2,526,127)
Non-controlling interests	(37,900)	296,760
Profit/(Loss) per share
Basic	(0.002310)	(0.010277)
Diluted	(0.002310)	(0.010277)

The accompanying notes are part of these financial statements.

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

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2014 AND 2013

(Amounts expressed in euro)

	30.09.2014	30.09.2013
Consolidated net profit/(loss) for the period	(7, 792, 918)	(14, 156, 194)
Items that may be reclassified subsequently to net profit / (loss):
Changes in the currency translation differences	88,286	(150, 113)
Share of other comprehensive income of associates and joint ventures accounted for by the equity method (Note 5)	(292, 285)	2,193,407
Change in the fair value of assets available for sale	904,216	1,252,774
Change in the fair value of cash flow hedging derivatives	635,193	906,501
Tax related to other comprehensive income captions	(129, 268)	(320, 896)
Other comprehensive income for the period	1,206,142	3,881,673
Total comprehensive income for the period	(6, 586, 776)	(10, 274, 521)
Attributable to: Equity holders of Sonae Capital Non-controlling interests	(6, 754, 398) 167,622	(10, 543, 600) 269,079

The accompanying notes are part of these financial statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 3rd QUARTERS OF 2014 AND 2013

(Amounts expressed in euro)

	3 ^rd Quarter 14 ¹	$3rd$ Quarter 13 ¹
Consolidated net profit/(loss) for the period	(607, 026)	(2, 229, 367)
Items that may be reclassified subsequently to net profit / (loss):
Changes in the currency translation differences	(29, 087)	(76, 603)
Share of other comprehensive income of associates and joint ventures accounted for by the equity method (Note 5)	58,891	488,737
Change in the fair value of assets available for sale	132,076	419,084
Change in the fair value of cash flow hedging derivatives	92,380	192,132
Tax related to other comprehensive income captions	46,895	(104, 771)
Other comprehensive income for the period	301,155	918,579
Total comprehensive income for the period	(305, 871)	(1, 310, 788)
Attributable to: Equity holders of Sonae Capital Non-controlling interests	(256, 623) (49,248)	(1, 587, 438) 276,650

The accompanying notes are part of these financial statements.

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

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

(Amounts expressed in Euro)

			Att ribu tab le t	o E ity Hol qu	der s of So nae	Ca ital p
	Sha re Cap ital	Ow n Sha res	Dem erg er Res erv e (No 6) te 1	Tra nsla tion Res erv es	Fai r Val ue Res erv es	Hed ing g Res erv es	Oth er Res nd erv es a ain ed Ret Ear nin gs	Sub al tot	Net Pro fit/ (Lo ss)	al Tot	Non - Con llin tro g Inte ts res	al E ity Tot qu
Bal 1 J s at 20 13 anc e a anu ary	250 ,00 0,0 00	(26 05) 4,7	132 ,63 8,2 53	(11 6) ,48	153 ,08 2	(2,3 ) 37, 176	(53 04) ,83 6,5	76, 606 ,16 9	(11 03) ,09 2,0	315 ,24 9,4 61	8,7 07, 639	323 ,95 7,1 00
Tot al c olid ate d c hen sive inc e fo r th erio d ons om pre om e p	-	-	-	(10 09) 7,6	1 ,25 2,7 74	893 ,98 3	1,8 72, 511	3,9 11, 659	(14 59) ,45 5,2	(10 00) ,54 3,6	269 ,07 9	(10 21) ,27 4,5
App riat ion of fit of 2 012 rop pro : Tra nsf er t o le l re d re tain ed nin ga ser ves an ear gs Div ide nds id pa Acq uisi tion of n sh ow are s Cha s in the of c ital he ld i ffil iate d nta nge pe rce ge ap n a Oth han er c ges	- - - - -	- - (50 48) 1,3 - -	- - - - -	- - - - -	- - - - -	- - - - -	(11 03) ,09 2,0 - - 750 (1,4 90)	( 3) 11, 092 ,00 - - 750 (1,4 90)	11, 092 ,00 3 - - - -	- - (50 48) 1,3 750 (1,4 90)	- (30 00) 0,0 - (75 0) (1 )	- (30 00) 0,0 (50 48) 1,3 - (1,4 91)
Bal s at 30 Se pte mb er 2 013 anc e a	250 ,00 0,0 00	(76 53) 6,0	132 ,63 8,2 53	(11 95) 9,0	1,4 05, 856	( ) 1,4 43, 193	(63 36) ,05 6,7	69, 425 ,08 5	(14 59) ,45 5,2	304 ,20 3,7 73	8,6 75, 967	312 ,87 9,7 40
Bal s at 1 J 20 14 anc e a anu ary	250 ,00 0,0 00	(1,1 ) 24, 125	132 ,63 8,2 53	(18 22) 9,6	(59 56) 0,8	( ) 1,1 66, 854	(62 75) ,05 6,3	68, 634 ,54 6	(13 73) ,20 0,3	304 ,31 0,0 48	8,8 50, 291	313 ,16 0,3 39
Tot al c olid d c hen sive inc e fo r th erio d ate ons om pre om e p	-	-	-	67, 320	904 ,21 6	626 ,36 6	(42 53) 1,5	1,1 76, 349	(7,9 ) 30, 747	(6,7 ) 54, 398	167 ,62 2	(6,5 ) 86, 776
App riat ion of fit of 2 013 rop pro : nsf o le l re d re tain ed nin Tra er t ga ser ves an ear gs ide nds id Div pa Acq uisi tion of n sh ow are s Cha s in the nta of c ital he ld i ffil iate d nge pe rce ge ap n a Oth han er c ges	- - - - -	- - (36 76) 2,1 - -	- - - - -	- - - - -	- - - - -	- - - - -	(13 73) ,20 0,3 - - - (40 6) ,46	( 3) 13, 200 ,37 - - - (40 6) ,46	13, 200 ,37 3 - - - -	- - (36 76) 2,1 - (40 6) ,46	- (64 27) 9,9 - 677 ,89 0 82	- (64 27) 9,9 (36 76) 2,1 677 ,89 0 (40 4) ,38
Bal s at 30 Se pte mb er 2 014 anc e a	250 ,00 0,0 00	(1,4 86, 301 )	132 ,63 8,2 53	(12 2,3 02)	313 ,36 0	(54 0,4 88)	(75 ,71 8,7 67)	56, 570 ,05 6	(7,9 30, 747 )	297 ,15 3,0 08	9,0 45, 958	306 ,19 8,9 66

The accompanying notes are part of these financial statements.

CONSOLIDATED STATMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

(Amounts expressed in Euro)

	Notes	30.09.2014	30.09.2013	3 ^nd Quarter 14 ¹	3 ^nd Quarter 13 ¹
OPERATING ACTIVITIES:
Cash receipts from trade debtors		134,810,744	99,229,381	55,886,053	47,210,961
Cash receipts from trade creditors		(80, 567, 933)	(63, 807, 381)	(25,610,711)	(24,090,777)
Cash paid to employees		(24, 729, 821)	(25,687,886)	(8,082,947)	(9,024,416)
Cash flow generated by operations		29,512,990	9,734,114	22, 192, 395	14,095,768
Income taxes (paid) / received		(3,866,108)	(1, 483, 227)	39,399	382,756
Other cash receipts and (payments) relating to operating activities		(5, 174, 651)	(2, 161, 629)	(8, 357, 629)	(4,057,780)
Net cash flow from operating activities (1)		20,472,231	6,089,258	13,874,165	10,420,744
INVESTMENT ACTIVITIES:
Cash receipts arising from:
Investments		8,125,183	12,860,404	8,005,002	2,466,542
Tangible assets		1,083,926	1,092,356	748,163	322,289
Intangible assets			9,417
Interest and similar income		1,243,050	207,082	103,670	176,629
Dividends		868,687	220,681	72,320	62,053
		11,320,846	14,389,940	8,929,155	3,027,513
Cash Payments arising from:
Investments		(3, 341, 003)	(69, 325)	(16, 411)	(41, 075)
Tangible assets		(5, 196, 640)	(4, 550, 598)	(1, 764, 143)	(2, 149, 743)
Intangible assets		(851, 121)	(122, 850)	(362, 328)	(58, 246)
Loans granted		(969, 509)	(476, 203)	(32, 583)	(10, 318)
		(10, 358, 273)	(5, 218, 976)	(2, 175, 465)	(2, 259, 382)
Net cash used in investment activities (2)		962,573	9,170,964	6,753,690	768,131
FINANCING ACTIVITIES:
Cash receipts arising from:
Loans obtained		71,151,000	23,706,279	6,951,800	5,325,801
Capital increases, additional paid in capital and share premiums		25,393		25,393
Sale of own shares		42,606
		71,218,999	23,706,279	6,977,193	5,325,801
Cash Payments arising from:
Loans obtained		(77,607,469)	(26, 885, 100)	(39,068,286)	(12, 938, 138)
Interest and similar charges		(11, 510, 973)	(10,652,947)	(4, 774, 082)	(4,021,752)
Reimbursement of capital and paid in capital		(28, 385)
Dividends		(1, 597, 370)	(300,000)	(593, 336)	(300,000)
Purchase of own shares		(404, 783)	(501, 348)		(240, 668)
		(91, 148, 980)	(38, 339, 395)	(44, 435, 704)	(17, 500, 558)
Net cash used in financing activities (3)		(19, 929, 981)	(14, 633, 116)	(37, 458, 511)	(12, 174, 757)
Net increase in cash and cash equivalents $(4) = (1) + (2) + (3)$		1,504,823	627,106	(16, 830, 656)	(985, 882)
Effect of foreign exchange rate		(32, 761)	48,462	(17, 938)	38,603
Cash and cash equivalents at the beginning of the period	15	2,922,307	2,609,152	21,272,609	4,212,281
Cash and cash equivalents at the end of the period	15	4,459,891	3,187,796	4,459,891	3, 187, 796

The accompanying notes are part of these financial statements.

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014

(Translation from the Portuguese Original)

(Amounts expressed in Euro)

$1₁$ INTRODUCTION

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

Reflecting the Group's current strategic quideline, three business areas are identified:

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

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

On March 6 2014, Sonae Capital acquired a group of shareholdings and equity in cogeneration plants located in Portugal, precisely 10 new units (8 majority held) following the expansion plan of the Energy segment.

MAIN ACCOUNTING POLICIES $\mathcal{P}$

The accounting policies adopted are consistent with those used in the financial statements presented for the year ended 31 December 2013.

Basis of preparation

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

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

$3₁$ CHANGES IN ACCOUNTING POLICIES

Changes to international accounting standards that came into force on or after 1 January 2014, did not have material impacts in the financial statements as at 30 September 2014.

GROUP COMPANIES INCLUDED IN THE CONSOLIDATED $\overline{4}$ . FINANCIAL STATEMENTS

Group companies included in the consolidated financial statements, their head offices and percentage of the share capital held by the Group as at 30 September 2014 and 31 December 2013, are as follows:

			Percentage of capital held
					30 September 2014		31 December 2013
	Company		Head Office	Direct	Total	Direct	Total
	Sonae Capital SGPS, SA		Maia	Holding	Holding	Holding	Holding
	Tourism
	Aqualuz - Turismo e Lazer, Lda	a)	Lagos	100.00%	100.00%	100.00%	100.00%
	Atlantic Ferries - Traf.Loc.Flu.e Marit., SA	a)	Grândola	83.41%	83.41%	83.41%	83.41%
1)	The Artist Hotel & Bistro - Actividades Hotelaria, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	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%
	Solinca - Health & Fitness, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Solinca-Investimentos Turísticos, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	Solinfitness - Club Málaga, SL	a)	Malaga (Spain)	100.00%	100.00%	100.00%	100.00%
7)	Solswim - Gestão e Expl. de Equip. Aquáticos, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Soltroia-Imob.de Urb. Turismo de Tróia, SA	a)	Lisbon	100.00%	100.00%	100.00%	100.00%
	Sonae Turismo - SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Sontur, BV	a)	Amsterdam (The Netherlands)	100.00%	100.00%	100.00%	100.00%
	Tróia Market, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Tróia Natura, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Troiaresort - Investimentos Turísticos, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Troiaverde-Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Tulipamar-Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%

Energy

2)	Atelgen - Produção de Energia, ACE	a)	Barcelos	51.00%	51.00%
2)	Carvemagere - Manutenção e Energias Renováveis, Lda	a)	Barcelos	65.00%	65.00%
2)	Companhia Térmica Hectare ACE	a)	Alcochete	100.00%	100.00%
9)	Companhia Térmica do Serrado ACE	a)	Maia	70.00%	70.00%
2)	Companhia Térmica Tagol, Lda	a)	Oeiras	100.00%	100.00%
2)	C.T.E. - Central Termoeléctrica, Lda	a)	Maia	100.00%	100.00%
	Ecociclo II - Energias, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
2)	Enerlousado - Recursos Energéticos, Lda	a)	Maia	100.00%	100.00%
	Integrum Colombo - Energia, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
3)	Integrum ACE, SA	a)	Maia	100.00%	100.00%
	Integrum-Energia, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
3)	Integrum - Engenho Novo - Energia, SA	a)	Maia	100.00%	100.00%
	Integrum Martim Longo - Energia, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Integrum Vale do Caima- Energia, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
3)	Integrum II- Energia, SA	a)	Maia	100.00%	100.00%
3)	Integrum III- Energia, SA	a)	Maia	100.00%	100.00%
	Integrum Vale do Tejo - Energia, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
2)	Ronfegen - Recursos Energéticos, Lda	a)	Maia	100.00%	100.00%
2)	Soternix - Produção de Energia ACE	a)	Barcelos	51.00%	51.00%
	Refrigeration and HVAC
				100.00%	70.00%	100.00%	70.00%
	PJP - Equipamento de Refrigeração, Lda Sopair, SA	a) a)	Matosinhos Madrid (Spain)	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 (Brazil)	100.00%	70.00%	100.00%	70.00%
	Sistavac, SA	a)	Matosinhos	100.00%	70.00%	100.00%	70.00%
8)	Spinarq-Engenharia, Energia e Ambiente, SA	a)	Luanda (Angola)	99.90%	99.90%	99.90%	99.90%
8)	Spinarq-Moçambique, Lda	a)	Maputo (Mozambique)	70.00%	70.00%	100.00%	100.00%
4)	SC - Central de Distribuição para Refrigeração e Climatização, SA	a)	Matosinhos	100.00%	70.00%	100.00%	70.00%
	Other Assets
	Bloco Q-Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
5)	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%
7)	Imobiliária da Cacela, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imoclub-Serviços Imobiliários, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%

Imodivor - Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Imobeauty, 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%
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	a)	Maia	100.00%	100.00%	100.00%	100.00%
Promessa Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
SC Assets, SGPS, SA	a)	Maia	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 e Turismo, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Société de Tranchage Isoroy SAS	a)	Honfleur (France)	100.00%	100.00%	100.00%	100.00%
Soconstrução, BV	a)	Amsterdam (The Netherlands)	100.00%	100.00%	100.00%	100.00%
Soira-Soc. Imobiliária de Ramalde, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Sótaqua - Soc. de Empreendimentos Turísticos, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Spinveste - Promoção Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Spinveste-Gestão Imobiliária SGII, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Spred SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Torre São Gabriel-Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Urbisedas-Imobiliária das Sedas, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Vistas do Freixo-Emp. Tur. imobiliários, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
World Trade Center Porto, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
Others
Interlog-SGPS, SA	a)	Lisbon	98.98%	98.98%	98.98%	98.98%
SC - Sociedade de Consultadoria, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
SC-SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
SC Finance, BV	a)	Amsterdam (The Netherlands)	100.00%	100.00%	100.00%	100.00%
SC FOR - Ser. Formação e Desenvolvimento de Recursos Humanos, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%

a) Majority of voting rights.

$1)$ Ex-Casa da Ribeira - Hotelaria e Turismo, SA;

$2)$ Company adquired in March 2014;

Company incorporated in the period; $3)$

$4)$ Ex-SKK- Central de Distr., SA;

Ex-Bloco W Sociedade Imobiliária, SA; $5)$
$6)$ Ex-SKKFOR - Ser.For.e Desen.de Recursos, SA;

$7)$

$6)$

$7)$ Company dissolved in the period;
8) Company included in the Other Assets segment in 2013;
9) Company adquired in September 2014.

$5₁$ INVESTMENTS IN ASSOCIATED AND JOINTLY CONTROLLED COMPANIES

Associated and jointly controlled companies included in the consolidated financial statements, their head offices and the percentage of share capital held by the Group as at 30 September 2014 and 31 December 2013 are as follows:

			Percentage of capital held
			30 September
			2014			31 December 2013		Book Value
	Company	Head Office	Direct	Total	Direct	Total	30 September 2014	31 December 2013
	Other Assets
	Andar - Sociedade Imobiliária, SA	Maia	50.00%	50.00%	50.00%	50.00%	102,456	357,859
1)	Sociedade de Construções do Chile, SA	Maia	100.00%	50.00%	100.00%	50.00%
1)	Vastgoed One - Sociedade Imobiliária, SA	Maia	100.00%	50.00%	100.00%	50.00%
1)	Vastgoed Sun - Sociedade Imobiliária, SA	Maia	100.00%	50.00%	100.00%	50.00%
	Lidergraf - Artes Gráficas, Lda	Vila do Conde	24.50%	24.50%	24.50%	24.50%	846,752	690,582
	Norscut - Concessionária de Scut Interior Norte, SA	Lisbon	36.00%	36.00%	36.00%	36.00%	15,425,675	11,386,011
	Operscut - Operação e Manutenção de Auto-estradas, SA	Lisbon	15.00%	15.00%	15.00%	15.00%	24,000	24,000
	Energy
2)	Feneralt - Produção de Energia, ACE	Barcelos	25.00%	25.00%			107,255
2)	Powercer - Sociedade de Cogeração da Vialonga, SA	Lisbon	30.00%	30.00%			688,690
	Total						17, 194, 828	12,458,452

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

2) Company acquired in March 2014.

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

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

As at 30 September 2014 and 31 December 2013, aggregate values of main financial indicators of associated and jointly controlled companies can be analyzed as follows:

	30 September 2014	31 December 2013
Total Assets	108,315,155	668,902,549
Total Liabilities	588,533,246	590,182,432
Income	108,315,155	128,281,701
Expenses	92,533,372	112,365,691

During the periods ended 30 September 2014 and 30 September 2013, movements in investments of associated and jointly controlled companies may be summarized as follows:

	30 September 2014	30 September 2013
Opening balance as at 1 January	12,490,395	4,697,978
Acquisitions in the period	1,249,300	37,000
Disposals in the period
Equity method	3,513,562	5,865,268
Dividends received	(26, 486)
Change in the consolidation method
Closing balance as at 30 September	17,226,771	10,600,246
Accumulated impairment losses	(31, 943)	(31, 943)
	17, 194, 828	10,568,303

The use of the equity method had the following impacts: 3,779,361 euro recorded on share of results of associated undertakings (3,671,861 euro at 30 September 2013), and -292,285 euro in changes in reserves (2,193,407 euro at 30 September 2013).

OTHER INVESTMENTS $6.$

Group companies, jointly controlled companies and associated companies excluded from consolidation, their head offices, percentage of share capital held and book value as at 30 September 2014 and 31 December 2013 are made up as follows:

		Percentage of capital held
			30 September 2014		31 December 2013
	Head					30	31 December
Company	Office	Direct	Total	Direct	Total	September	2013
Tourism
Infratroia - Emp. de Infraest. de Troia, E.N.	Grândola	25.90%	25.90%	25.90%	25.90%	64,747	64,747
Other Assets
Fundo de Investimento Imobiliário Fechado Imosede	Maia	25.85%	25.85%	25.85%	25.85%	34,558,205	38,654,123
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%	11,132	11,132
Fundo de Capital de Risco F-HITEC	Lisbon	6.48%	6.48%	6.48%	6.48%	250,000	250,000
Other investments						178,313	435,204
Total (Note 10)						35, 187, 331	39,540,098

Additions in the consolidation perimeter by acquisition:

		Percentage of capital held
		At acquisition date
Company	Head Office	Direct	Total
Atelgen - Produção de Energia, ACE	Barcelos	51.00%	51.00%
Carvemagere - Manutenção e Energias Renováveis, Lda	Barcelos	65.00%	65.00%
Companhia Térmica Hectare ACE	Alcochete	100.00%	100.00%
Companhia Térmica do Serrado ACE	Maia	70.00%	70.00%
Companhia Térmica Tagol, Lda	Oeiras	95.00%	95.00%
C.T.E. - Central Termoeléctrica, Lda	Maia	100.00%	100.00%
Enerlousado - Recursos Energéticos, Lda	Maia	100.00%	100.00%
Ronfegen - Recursos Energéticos, Lda	Maia	100.00%	100.00%
Soternix - Produção de Energia ACE	Barcelos	51.00%	51.00%

The acquisitions that occurred in the nine month period ended 30 September 2014 had the following impact in the consolidated financial statements:

Acquisition Date	30 September 2014

6,315,082	5, 177, 148
10,235,315	6,755,810
6,318,519	1,268,335
(14, 326, 852)	(9, 432, 278)
8,542,064	3,769,014
8,031
279,690
8,270,405
8,270,405

8,270,405
(6, 318, 519)
1,951,886

TANGIBLE AND INTANGIBLE ASSETS 8.

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

	Tangible Assets
	Land and Buildings	Equipment	Other Tangible Assets	Tangible Assets in progress	Total Tangible Assets
Gross Cost:
Opening balance as at 1 January 2014	224,681,479	146,714,608	1,916,702	16,042,362	389, 355, 151
Changes in consolidation perimeter	1,640,691	24,542,530	248,629		26,431,850
Capital expenditure	348,594	203,758	13,387	4,318,344	4,884,083
Disposals	(3,919,745)	(1, 570, 380)	(10, 293)		(5,500,418)
Exchange rate effect		52,377	5,450		57,827
Transfers	(86, 418)	9,745,912	44,155	(9,674,868)	28,781
Closing balance as at 30 September 2014	222,664,601	179,688,805	2,218,030	10,685,838	415, 257, 274
Accumulated depreciation and impairment losses
Opening balance as at 1 January 2014	86, 377, 115	62,883,216	1,542,592		150,802,923
Changes in consolidation perimeter	1,419,542	18,628,133	178,843		20,226,518
Charges for the period 1)	2,136,001	8,441,523	62,870		10,640,394
Disposals	(3, 498, 755)	(1, 322, 511)	(10, 224)		(4,831,490)
Exchange rate effect		27,878	2,347		30,225
Transfers	(80, 618)	(50, 276)	(185)		(131, 079)
Closing balance as at 30 September 2014	86, 353, 285	88,607,963	1,776,243	$\blacksquare$	176,737,491
Carrying amount as at 1 January 2014	138, 304, 364	83,831,392	374,110	16,042,362	238,552,228
Carrying amount as at 30 September 2014	136, 311, 316	91,080,842	441,787	10,685,838	238,519,783

1) Includes impairment losses amounting to 261.520 euro (229,832 euro at December 2013)

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

	30 September 2014	31 December 2013
Tróia	8,202,450	7,322,147
Photovoltaic Project	24,585	7,412,790
Others	2,458,803	1,307,425
	10,685,838	16,042,362

			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 2014	7,834,037	2,211,797	9,422	435,656	10,490,912
Changes in consolidation perimeter			208,361		208,361
Capital expenditure		8,776	171,855	413,595	594,226
Disposals		(43, 550)	(163, 541)		(207, 091)
Exchange rate effect		1,639			1,639
Transfers	1,659	637,215	124,960	(659, 619)	104,215
Closing balance as at 30 September 2014	7,835,696	2,815,877	351,057	189,632	11, 192, 262
Accumulated depreciation and impairment losses
Opening balance as at 1 January 2014	1,207,452	1,528,846	8,788		2,745,086
Changes in consolidation perimeter			98,610		98,610
Charges for the period	146,020	377,393	475		523,888
Disposals		(43, 548)			(43, 548)
Exchange rate effect		1,054			1,054
Transfers	(23, 655)				(23, 655)
Closing balance as at 30 September 2014	1,329,817	1,863,745	107,873		3,301,435
Carrying amount as at 1 January 2014	6,626,585	682,951	634	435,656	7,745,826
Carrying amount as at 30 September 2014	6,505,879	952,132	243,184	189,632	7,890,827

As at September 2014 net assets of Marina de Tróia amount to 6,031,207 euro (6,141,720 euro at 31 December 2013).

GOODWILL 9.

During the periods ended 30 September 2014 and 31 December 2013, movements in goodwill, as well as in corresponding impairment losses, are as follows:

	30 September 2014	31 December 2013
Gross amount:
Opening balance	62.283.809	62,290,239
Increases - acquisition of affiliated companies	8,031
Decreases - disposals of affiliated companies		(6, 430)
Closing balance	62,291,840	62,283,809
Accumulated impairment losses:
Opening balance	1,301,596	1,301,596
Closing balance	1,301,596	1,301,596
Total	60.990.244	60,982,213

10. OTHER INVESTMENTS

As at 30 September 2014, movements in investments were as follows:

	30 September 2014		31 December 2013
	Non current	Current	Non current	Current
Investments at acquisition cost
Opening balance as at 1 January	8,071,101		8,223,418
Acquisitions in the period	14,601		122
Disposals in the period	(7, 499, 512)		(152, 525)
Transfers			86
Closing balance as at 30 September	586,190		8,071,101
Accumulated impairment losses (Note 23)	(258, 264)		(7, 707, 935)
	327,926		363,166
Investments held for sale
Fair value as at 1 January	39, 305, 931		49,938,723
Acquisitions in the period
Disposals in the period	(5, 221, 742)		(9,919,661)
Increase/(Decrease) in fair value	904,216		(713, 131)
Fair value as at 30 September	34,988,404		39,305,931
Accumulated impairment losses (Note 23)	(128, 999)		(128, 999)
Fair value (net of impairment losses) as at 30 September	34,859,405		39,176,932
Other Investments	35, 187, 331		39,540,098

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

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

These investments are recorded at acquisition cost less impairment losses.

11. OTHER NON-CURRENT ASSETS

As at 30 September 2014 and 31 December 2013, other non-current assets are detailed as follows:

	30 September 2014	31 December 2013
Loans granted to related parties
Norscut - Concessionária de Scut Interior Norte, SA	18,647,695	17,740,756
Others	754,075	691,505
	19,401,770	18,432,261
Impairment losses (Note 23)	(34, 916)	(34, 916)
	19,366,854	18,397,345
Trade accounts receivable and other debtors
Others	1,306,653	1,173,345
Impairment losses (Note 23)
	1,306,653	1,173,345
Other non current assets	20,673,507	19,570,690

12. INVENTORIES

Inventories as at 30 September 2014 and 31 December 2013 can be detailed as follows, highlighting the value attributable to real estate developments:

		30 September 2014	31 December 2013
	Total	of which Real Estate Developments	Total	of which Real Estate Developments
Raw materials, by-products and consumables	1,302,236		1,162,725
Goods for sale	31,280,846	29,892,598	32, 155, 488	30,045,640
Finished goods	56,297,024	56,297,024	68,373,552	68,373,552
Work in progress	78,765,781	76,628,201	80.964.110	77, 147, 748
	167,645,887	162,817,823	182,655,875	175,566,940
Accumulated impairment losses on stocks (Note 23)	(3, 445, 218)	(3, 434, 621)	(3, 725, 862)	(3, 434, 621)
	164,200,669	159, 383, 202	178,930,013	172, 132, 319

13. ACCOUN TS RECEIV VABLE AN _____ ND OTHER R CURREN NT ASSETS S_

31,242 2,837 (4,613, 266)	26,911,545

	(6,039,005)
26,629 9,571	20,872,540
14,141 ,401	12,841,371
26 6,623	70,058

797 7,440	850,602
10,517 7,404	10,923,538
2,103 3,910	4,804,214
29 9,504	9,678
737 7,739	965,460
338 8,560	264,345
1,468 8,082	895,653
7,743 3,773	1,681,955
23,736 6,412	20,395,445
(6,326, 704)	(7,707,008)
58,207 7,303	46,472,406

14. DEFERRED TAXES

Deferred tax assets and liabilities as at 30 September 2014 and 31 December 2013 can be detailed as follows, split between the different types of temporary differences:

	Deferred tax assets		Deferred tax liabilities
	30 September 2014	31 December 2013	30 September 2014	31 December 2013
Amortisation and Depreciation harmonisation adjustments	847,009	884,314	3,268,769	2,783,003
Provisions and impairment losses of non-tax deductible	8,912,229	8,934,857
Write off of tangible and intangible assets	139,494	325,774
Write off of accruals	38,303	126,853
Revaluation of tangible assets			102,697	103,166
Tax losses carried forward	15,845,567	15,843,605
Financial instruments			1,419,686	1,276,624
Write off of stocks			906,974	931,724
Taxable temporary differences arising from the fair value of non-current liabilities			7,141,626	7,150,724
Others	76,851	71,126	318,385	336,618
	25,859,453	26, 186, 529	13, 158, 137	12,581,859

In accordance with the tax statements presented by companies that recorded deferred tax assets arising from tax losses carried forward, as at 30 September 2014 and 31 December 2013, and using exchange rates effective at that time, tax losses carried forward can be summarized as follows:

	30 September 2014			31 December 2013
	Tax losses carried forward	Deferred tax assets	Time limit	Tax losses carried forward	Deferred tax assets	Time limit
With limited time use
Generated in 2008	754,049	173,431	2014	1,105,341	254,228	2014
Generated in 2009	6,379,907	1,467,379	2015	6,379,907	1,467,379	2015
Generated in 2010	2,245,419	516,446	2014	18,328,751	4,215,613	2014
Generated in 2011	17,938,869	4,125,940	2015	17,938,869	4,125,940	2015
Generated in 2012	16,006,259	3,681,440	2017	16,006,259	3,681,440	2017
Generated in 2013	9,134,645	2,100,968	2018	9,126,112	2,099,006	2018
Generated in 2014	16,434,622	3,779,963	2026
	68,893,770	15,845,567		68,885,239	15,843,605
With a time limit different from the above mentioned
	68,893,770	15,845,567		68,885,239	15,843,605

As at 30 September 2014 and 31 December 2013, 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. This assessment was based in the Group business plans which are regularly updated.

As at 30 September 2014, tax losses carried forward amounting to 194,186,316 euro (175,288,767 euro as at 31 December 2013), have not originated deferred tax assets for prudential reasons and are detailed as follows:

	30 September 2014				31 December 2013
	Tax losses carried forward	Tax Credit	Time limit	Tax losses carried forward	Tax Credit	Time limit
With limited time use
Generated in 2008	32,809,905	7,546,278	2014	33,053,902	7,602,397	2014
Generated in 2009	35,674,539	8,205,144	2015	35,694,882	8,209,823	2015
Generated in 2010	32,477,235	7,469,764	2014	16,443,812	3,782,077	2014
Generated in 2011	17,563,037	4,039,498	2015	18,024,594	4,145,657	2015
Generated in 2012	19,461,343	4,476,109	2017	19,508,597	4,486,977	2017
Generated in 2013	37,067,762	8,525,586	2018	36,378,392	8,367,030	2018
Generated in 2014	60,737	13,969	2026
	175, 114, 558	40,276,348		159, 104, 179	36,593,961
Without limited time use				1,186,715	395,532
With a time limit different from the above mentioned	19,071,758	5,449,287		14,997,872	4,318,664
	19,071,758	5,449,287		16, 184, 587	4,714,196
	194, 186, 316	45,725,635		175,288,767	41,308,157

15. CASH AND CASH EQUIVALENTS

As at 30 September 2014 and 31 December 2013, cash and cash equivalents can be detailed as follows:

	30 September 2014	31 December 2013
Cash at hand	79,638	84,252
Bank deposits	5,112,677	2,901,739
Treasury applications	8,705	11,972
Cash and cash equivalents on the balance sheet	5,201,020	2,997,963
Bank overdrafts - (Note 18)	(741, 129)	(75, 657)
Cash and cash equivalents in the statement of cash-flows	4,459,891	2,922,307

Bank overdrafts include creditor balances of current accounts in financial institutions, and are disclosed in the balance sheet under current bank loans (Note 18).

16. FOUITY

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

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

As at 30 September 2014, Sonae Capital SGPS, S.A. owns 6,068,850 own shares (5,119,562 own shares at 31 December 2013) booked for 1,486,301 euro (1,124,125 euro at 31 December $2013$ ).

17. NON CONTROLLING INTERESTS

Movements in non-controlling interests in the periods ended 30 September 2014 and 31 December 2013 are as follows:

	30 September 2014	31 December 2013
Opening balance as at 1 January	8,850,291	8,707,639
Changes in hedging reserves	8.827	16,215
Changes in the percentage of capital held in affiliated companies	677,890	548,518
Changes resulting from currency translation	20.966	(68, 547)
Dividends paid	(649.927)	(304, 254)
Others	82
Profit for the period attributable to minority interests	137.829	(49, 280)
Closing balance	9,045,958	8.850.291

18. BORROWINGS

As at 30 September 2014 and 31 December 2013, Borrowings are made up as follows:

	30 September 2014		31 December 2013
		Outstanding amount		Outstanding amount
	Current	Non Current	Current	Non Current
Bank loans
Sonae Capital SGPS - commercial paper ^a)	28,050,000		75,000,000		Mar/2018
Sonae Capital SGPS - commercial paper d)	8,250,000		8,250,000		Jan/2015
Sonae Capital SGPS - commercial paper ^b)		10,950,000		12,650,000	Aug/2016
Sonae Capital SGPS - commercial paper ^c)		30,000,000		30,000,000	Dec/2017
Sonae Capital SGPS - commercial paper ^f)	3,500,000	6,500,000			May/2017
Sonae Capital SGPS - commercial paper ⁹⁾	8,000,000				Feb/2016
Sonae Capital SGPS ^e)	3,290,000	13,160,000	7,000,000	24,000,000	Sep/2019
Up-front fees		(418, 838)		(552, 029)
Others	2,376,159	2,866,922	2,080,029	2,863,444
	53,466,159	63,058,084	92,330,029	68,961,416
Bank overdrafts (Note 15)	741,129		75,657
Bank loans	54,207,288	63,058,084	92,405,686	68,961,416
Bond Loans
Sonae Capital 2011/2016 Bonds		10,000,000		10,000,000	Jan/2016
Sonae Capital 2014/2019 Bonds		50,000,000			Jun/2019
SC, SGPS, S.A. 2008/2018 Bonds		42,500,000		50,000,000	Mar/2018
Up-front fees		(662, 741)		(226, 532)
Bond Loans		101,837,259		59,773,468
Other Ioans	686,968	585,352	686,968	1,116,336
Derivatives (Note 19)	643,513		101,543	1,433,909
Obligations under finance leases	2,846,895	19,652,745	2,856,743	21,785,159
Up-front fees on finance leases		(92, 144)		(101, 587)
	58,384,664	185,041,297	96,050,940	152,968,701

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 li a)

Commercial paper programme, with subscription guarantee, issued on 31 March 2011 and valid up to August 2018, except if $b)$ 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.

Commercial paper programme, with subscription guarantee, issued on 27 December 2012 and valid up to December 2017. c)

$\overline{d}$ Commercial paper programme, with subscription guarantee, issued on 31 December 2013, with annual renewals up to 3

-
Bank loan guarantee by a mortgage on real estate, started on 2 June 2011 and valid till September 2019, with quarter $\Theta$ payments.

$f$ ) Commercial paper programme, with subscription guarantee, issued on 7 May 2014, valid for a 3 year period, with payments every six months.

Short term commercial paper programme, with subscription guarantee, issued on 17 February 2011, with one year term $g)$ and automatic annual renewals up to 5 years.

As at 30 September 2014, borrowings of the Group were as follows:

$\circ$ SC, SGPS, SA, 2008/2018 bond loan in the amount of 50,000,000 euro, with a 10 year maturity, and a sole reimbursement on 3 March 2018, except if the reimbursement is anticipated, fully or partially, which can happen on 3 March 2016. This bond loan bears interest every six months.
Sonae Capital SGPS 2011/2016 bond loan in the amount of 10,000,000 euro, $\circ$ with a 5 year maturity, and a sole reimbursement on 17 January 2016. This bond loan bears interest every six months.
o Sonae Capital SGPS 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 bank and bond loans in force on 30 September 2014 was on average 3.087%

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

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

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

	30 September 2014		31 December 2013
	Nominal value	Interest	Nominal value	Interest
$N+1$ ^a)	57,741,151	7,841,613	95.949.397	8,582,090
$N+2$	24,775,799	5,255,321	11,417,824	6,548,639
$N+3$	13,750,045	4,611,559	25,082,672	4,290,860
$N+4$	90.372.434	2.836.658	47.689.566	2,861,554
$N+5$	49,239,157	2.179.921	57.636.739	2,140,898
After N+5	8.077.585	268,115	10,588,138	415,871
	243,956,171	22,993,187	248,364,336	24,839,912

a) Includes amounts drawn under commercial paper programmes. Of the total amount maturing in N+1, 72% 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 event of, upon maturity, any Bank or investor of commercial paper issued is not renewed, the Group has credit lines available to cope with these non renewals.

19. DERIVATIVES

Interest rate derivatives

Hedging instruments used by the Group as at 30 September 2014 were mainly interest rate options (cash-flow hedges) contracted with the goal of hedging interest rate risks on loans in the amount of 55,000,000 euro, whose fair value of 643,513 euro (1,535,452 euro at 31 December 2013) is recorded as liabilities. As at 30 September 2014 and 31 December 2013, all derivatives are hedging derivatives.

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

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

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

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

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

Fair value of derivatives

The fair value of derivatives is as follows:

		Liabilities
30 September 2014	31 December 2013	30 September 2014	31 December 2013



		643,513	1,535,452
-	-
-		643,513	1,535,452
		Assets

20. OTHER NON-CURRENT LIABILITIES

As at 30 September 2014 and 31 December 2013 other current liabilities can be detailed as follows:

	30 September 2014	31 December 2013
Loans and other amounts payable to related parties
Plaza Mayor Parque de Ocio, SA	2,036,779	2,092,131
Others	216,645	216,645
	2,253,424	2,308,776
Other creditors
Creditors in the restructuring process of Torralta	534,454	456,039
	534,454	456,039
Deferred income
Obligations by share-based payments (Note 21)	358,768	492,056
	358,768	492,056
Other non current liabilities	3,146,646	3,256,871

21. SHARE-BASED PAYMENTS

In 2013 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 2014 and 31 December 2013, 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	Number of	Fair Value
		year	participants	30 September 2014	31 December 2013
Shares
	2011	2014	2	$\overline{\phantom{a}}$	106,579
	2012	2015	7	420,897	467,581
	2013	2016	8	523,829	535,181
	2014	2017	7	189,507
Total				1,134,233	1,109,341

As at 30 September 2014 and 31 December 2013, the financial statements include the following amounts corresponding to the period elapsed between the date of granting and those dates for each deferred bonus plan, which have not yet vested:

	30 September 2014	31 December 2013
Other non current liabilities (Note 20)	358,768	492,056
Other current liabilities	380,483	106,579
Reserves	391.028	110,935
Staff Costs	348,223	487,700

22. TRADE ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES

As at 30 September 2014 and 31 December 2013 trade accounts payable can be detailed as follows:

	30 September 2014	31 December 2013
Trade creditors	19,154,899	15,756,800
Loans granted by and other payables to related parties Other current liabilities	837,811	107,740
Fixed assets suppliers	1,259,516	2,494,318
Advances from customers and down payments	4,064,510	3,203,979
Other creditors	1,762,847	1,197,491
Taxes and contributions payable	6,687,959	7,007,231
Staff costs	6,181,301	5,610,334
Deferred income for services rendered	1,355,082	2,777,135
Interest payable	1,430,475	1,339,963
Investment aid	1,642,221	1,604,523
Other liabilities	15,075,556	8,280,657
	39,459,467	33,515,631
Trade accounts payable and other current liabilities	59,452,177	49,380,171

23. PROVISIONS AND ACUMULATED IMPAIRMENT LOSSES

Movements in provisions and accumulated impairment losses over the period ended 30 September 2014 were as follows:

Captions	Balance as at 1 January 2014	Increases	Decreases	Utilisations	Balance as at 30 September 2014
Accumulated impairment losses on:
Other Investments (Notes 5 and 10)	7,868,876	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	(7, 449, 670)	419,206
Other non current assets (Note 11)	34,916	$\overline{\phantom{0}}$	$\overline{\phantom{a}}$		34,916
Trade accounts receivable (Note 13)	6,039,005	634,994	(367, 528)	(1,693,205)	4,613,266
Other current assets (Note 13)	7,707,009	30,344	(34, 543)	(1, 376, 106)	6,326,704
Stocks (Note 12)	3,725,862	$\overline{\phantom{a}}$	(280, 644)	$\overline{a}$	3,445,218
Non current provisions	3,079,824				3,079,824
Current provisions	2,957,712	3,650,098	(309, 448)	(835, 108)	5,463,254
	31,413,204	4,315,436	(992, 163)	(11, 354, 089)	23,382,388

As at 30 September 2014 and 31 December 2013 detail of other provisions was as follows:

	30 September 2014	31 December 2013

Judicial claims	1,740,595	1,824,313
Others	6,802,483	4,213,223
	8,543,078	6,037,537

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

24. CONTINGENT ASSETS AND LIABILITIES

As at 30 September 2014 and 31 December 2013 the most important contingent liabilities referred to guarantees given and were made up as follows:

	30 September 2014	31 December 2013
Guarantees given:
on VAT reimbursements	5,065,159	5,065,159
on tax claims	6,880,883	4,015,535
on municipal claims	1,134,224	2,884,505
Others	18,501,767	14,905,311

Others include the following guarantees:

11,658,308 euro as at 30 September 2014 (7,862,436 euro as at 31 December 2013) of guarantees on construction works given to clients;
5,581,280 euro as at 30 September 2014 of guarantees given concerning building permits in the Tourism business.

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

25. RELATED PARTIES

Balances and transactions with related parties are detailed as follows:

	Sales and services rendered		Purchases and services obtained
Transactions	30 September 2014	30 September 2013	30 September 2014	30 September 2013
Parent company (a)
Associated companies	209,830		20,037
Other partners and Group companies (b)	23,200,960	22,560,604	4,275,308	5,396,925
	23,410,790	22,560,604	4,295,345	5,396,925
	Interest income			Interest expenses
Transactions	30 September 2014	30 September 2013	30 September 2014	30 September 2013
Parent company (a)
Associated companies	763,779	702,855		459,982
Other partners and Group companies (b)			96,200
	763,779	702,855	96,200	459,982
	Accounts receivable			Accounts payable
Balances	30 September 2014	31 December 2013	30 September 2014	31 December 2013
Parent company (a)
Associated companies	971,117	937,076	4,187	1,812
Other partners and Group companies (b)	12,400,387	8,463,343	3,455,764	2,415,720
	13,371,504	9,400,419	3,459,951	2,417,532
	Loans obtained			Loans granted
Balances	30 September 2014	31 December 2013	30 September 2014	31 December 2013
Parent company (a)
Associated companies			19,366,854	18,397,346
Other partners and Group companies (b)	2,036,779	2,092,131
	2,036,779	2,092,131	19,366,854	18,397,346

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

26. TAXATION

As at 30 September 2014 and 2013, Taxation was made up as follows:

30 September 2014	30 September 2013
1,749,195	4,970,500
774,909	(515, 696)
2,524,104	4,454,804

27. RECONCILIATION OF CONSOLIDATED NET PROFIT

As at 30 September 2014 and 2013, the reconciliation of consolidated net profit can be analysed as follows:

	30 September 2014	30 September 2013

Aggregate net profit	4,627,335	(4,049,943)
Harmonisation adjustments	(750, 314)	(888, 816)
Elimination of intragroup dividends	(27, 729, 470)	(16, 419, 321)
Share of gains/(losses) of associated undertakings	3,779,361	3,671,861
Elimination of intragroup capital gains/(losses)	11,590,777	(4, 257)
Elimination of intragroup impairment	(920, 029)	3,792
Adjustments of gains/(losses) on assets disposals
Adjustments of gains/(losses) of financial shareholdings sale	1,329,732	3,530,490
Others	279,690
Consolidated net profit for the year	(7, 792, 918)	(14, 156, 194)

28. EARNINGS PER SHARE

Earnings per share for the periods ended 30 September 2014 and 30 September 2013 were calculated taking into consideration the following amounts:

	30 September 2014	30 September 2013
Net profit
Net profit taken into consideration to calculate basic earnings per share (Net profit for the period)	(7,930,747)	(14, 455, 259)
Net profit taken into consideration to calculate diluted earnings per share	(7,930,747)	(14, 455, 259)
Number of shares
Weighted average number of shares used to calculated basic earnings per share	246, 204, 451	247,652,318
Weighted average number of shares used to calculated diluted earnings per share	246,204,451	247,652,318
Earnings per share (basic and diluted)	(0.032212)	(0.058369)

29. SEGMENT INFORMATION

In 30 September 2014 and 30 September and 31 December 2013, the following were identified as segments:

Tourism: $\overline{a}$
Resorts $\Delta \sim 10^4$
$\mathcal{L}^{\mathcal{A}}$ Hotels
Fitness $\sim$
Other $\omega_{\rm c}$
Energy $\overline{a}$

$\sim$

Refrigeration and HVAC
Other Assets $\overline{a}$
Real Estate Assets $\Box$
Financial Assets $\mathbb{Z}^{\mathbb{Z}}$
Holding and Others $\overline{a}$

The contribution of the business segments to the income statement of the periods ended 30 September 2014 and 2013 can be detailed as follows:

30 September 2014
Profit & Loss Account	Sales	Services rendered	Other operational income	Total operational income	Operational cash-flow (EBITDA)
Resorts	24, 266, 354	8,279,847	3,910,867	36,457,068	3,643,507
Hotels	35,173	12,714,862	360,357	13,110,392	(2, 726, 393)
Fitness	153,690	10,021,258	370,067	10,545,015	1,033,179
Other		673,418	542,610	1,216,028	502,863
Intersegment Adjustments	(545)	(2, 519, 757)	(759,446)	(3, 279, 748)	16,466
Tourism	24,454,672	29,169,628	4,424,455	58,048,755	2,469,622
Energy	33,168,685	355,570	1,272,719	34,796,974	7,021,934
Refrigeration and HVAC	6,434,931	36,401,655	753,638	43,590,224	(629, 180)
Real Estate Assets	627,261	5,433,364	265,599	6,326,224	2,770,561
Financial Assets			8,562	8,562	(330, 212)
Intersegment Adjustments
Total Other Assets	627,261	5,433,364	274,161	6,334,786	2,440,349
Holding & Others		4,678,673	45,321	4,723,994	(1, 323, 445)
Discontinued Operations	1,554,845	233,322	170,512	1,958,679	(212,292)
Intersegment Adjustments	(609, 148)	(9,993,035)	1,727,850	(8, 874, 333)	(20, 650)
Consolidated	65,631,246	66,279,177	8,668,656	140,579,079	9,746,338

30 September 2013
Profit & Loss Account	Sales	Services rendered	Other operational income	Total operational income	Operational cash-flow (EBITDA)
Resorts	8,505,785	7,450,502	1,263,460	17,219,747	907,810
Hotels	41,317	11,760,831	446,310	12,248,458	(2,981,966)
Fitness	112,548	8,245,396	426,692	8,784,636	244,943
Other		880,297	232,672	1,112,969	178,389
Intersegment Adjustments	(525)	(2,701,961)	(743,472)	(3, 445, 958)	6,159
Tourism	8,659,125	25,635,065	1,625,662	35,919,852	(1,644,665)
Energy	10,111,447	106,103	262,657	10,480,207	2,541,225
Refrigeration and HVAC	21,397,124	24, 262, 240	835,424	46,494,788	2,564,568
Real Estate Assets	219,858	5,503,813	120,706	5,844,377	3,069,165
Financial Assets	744	25,332	626,371	652,447	(82, 678)
Intersegment Adjustments
Total Other Assets	220,602	5,529,145	747,077	6,496,824	2,986,487
Holding & Others		4,199,269	91,451	4,290,720	(1,807,921)
Discontinued Operations	5,657,005	3,791,649	487,312	9,935,966	(284, 086)
Intersegment Adjustments	(2, 427, 052)	(9, 414, 514)	1,701,814	(10, 139, 751)	(16, 934)
Consolidated	43,618,251	54,108,957	5,751,397	103,478,606	4,338,674

The contribution of the business segments to the Balance sheets as at 30 September 2014 and 31 December 2013 can be detailed as follows:

30 September 2014
Balance Sheet	Fixed Assets Tangible and Intangible	Investments	Other Assets	Total Assets	Total Liabilities	Technical investment	Gross Debt	Net Debt
Resorts	102, 139, 111	114,064	133,693,739	235,946,915	136,537,400	1,047,791	16,482,083	16,396,730
Hotels	477,288	9,879	11,365,882	11,853,049	22,046,327	175,046		(85, 073)
Fitness	9,498,428	21,229	1,965,511	11,485,168	8,869,891	1,077,241	852,679	777,943
Other	258,801	119,875	100,144,920	100,523,597	250,089,871	281,917	(0)	(7,672)
Intersegment Adjustments			(117, 932, 402)	(117, 932, 402)	(117, 931, 269)
Tourism	112,373,629	265,048	129,237,650	241,876,327	299,612,220	2,581,995	17,334,762	17,081,929
Energy	26,306,693	109,879	18,272,748	44,689,320	43,770,773	994,390	10,856,680	9,544,003
Refrigeration and HVAC	641,852	319	51,304,519	51,946,690	20,636,421	274,078	1,258,169	590,380
Real Estate Assets	106,015,794	15,278,925	104,400,808	225,695,526	150, 372, 119	1,039,324	172,305	(2, 303, 772)
Financial Assets	0	17,260,026	43,637,340	60,897,366	18,559,597		107,491	93,461
Intersegment Adjustments			4,711,371	4,711,371
Total Other Assets	106,015,794	32,538,950	152,749,519	291,304,263	168,931,716	1,039,324	279,796	(2, 210, 311)
Holding & Others	1,072,642	19,467,963	418,078,702	438,619,307	230,950,257	596,552	213,696,554	213,287,043
Discontinued Operations			1,864,769	1,864,769	11,513,034			(68, 103)
Intersegment Adjustments			(436, 375, 711)	(436, 375, 711)	(447, 688, 422)
Consolidated	246,410,610	52,382,159	335, 132, 196	633,924,965	327,725,999	5,486,339	243,425,961	238,224,941

				31 December 2013
Balance Sheet	Fixed Assets Tangible and Intangible	Investments	Other Assets	Total Assets	Total Liabilities	Technical investment	Gross Debt	Net Debt
Resorts	105,481,311	162,441	154, 102, 824	259,746,576	156,927,406	617,795	18,335,737	18,238,655
Hotels	1,075,954	7,647	11,789,571	12,873,172	24,015,098	173,498	277	(56, 961)
Fitness	9,404,573	20,098	1,761,853	11,186,524	9,887,446	502,800	1,240,792	1,198,570
Other	4,489	341,450	123,672,141	124,018,080	243,598,480		24,296	(6,689)
Intersegment Adjustments			(138, 720, 005)	(138, 720, 005)	(138, 712, 020)
Tourism	115,966,327	531,637	152,606,384	269, 104, 348	295,716,410	1,294,093	19,601,101	19,373,576
Energy	21,611,730	2,546	7,349,632	28,963,908	25, 241, 374	4,541,284	10,539,415	10,535,939
Refrigeration and HVAC	374,001	13	46,312,512	46,686,526	15,481,189	38,657	767,756	430,279
Real Estate Assets	107,375,160	20,084,089	103,624,966	231,084,215	160,459,401	371,489	50,035	(1,062,597)
Financial Assets	234,843	12,366,945	50,785,054	63,386,842	20,803,840	159,677	455,459	283,541
Intersegment Adjustments			4, 164, 013	4,164,013
Total Other Assets	107,610,003	32,451,034	158,574,033	298,635,070	181, 263, 241	531,166	505,494	(779, 056)
Holding & Others	735,993	19,013,320	416,120,995	435,870,308	243,563,946	433,778	217,605,606	216,812,506
Discontinued Operations			4,638,546	4,638,546	13,108,607	1,355	268	(351, 566)
Intersegment Adjustments			(450, 462, 288)	(450, 462, 288)	(454,098,688)
Consolidated	246,298,054	51,998,550	335, 139, 814	633,436,418	320,276,079	6,840,333	249,019,641	246,021,678

Net debt of the Holding can be analysed as follows:

	30 September 2014
Inflows
Gross Bank Debt	213,696,554
Cash and Cash Equivalents	392,016
Net bank debt	213,304,538
Other Assets	9,226,364
Intercompany ST Loans Obtained	9,226,364
Total Inflows	222,530,902
Outflows
Tourism	240,412,408
Other Assets	143,782,802
Intercompany Loans Granted	384, 195, 210

30. SUBSEQUENT EVENTS

No significant events, requiring further disclosure, have occurred after 30 September 2014.

31. APPROVAL OF THE FINANCIAL STATEMENTS

These consolidated financial statements were approved by the Board of Directors and authorized for issue on 30 October 2014.

INDIVIDUAL FINANCIAL STATEMENTS

30 SEPTEMBER 2014

INDIVIDUAL BALANCE SHEETS AS AT 30 SEPTEMBER 2014 AND 31 DECEMBER 2013

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

(Amounts expressed in euro)

	ASSETS	Notes	30 September 2014	31 December 2013
NON CURRENT ASSETS:
Tangible assets			3,522	4,668
Investments		4	577,699,272	576,779,243
Deferred tax assets		7	4,062,004	407,059
Other non current assets		5	148,750,495	153,051,695
	Total Non Current Assets		730,515,293	730,242,665
CURRENT ASSETS:
Other current assets		6	14,890,997	6,970,428
Cash and cash equivalents		8	391,617	786,250
	Total Current Assets		15,282,614	7,756,678
TOTAL ASSETS			745,797,907	737,999,343
	EQUITY AND LIABILITIES
EQUITY:
Share Capital		9	250,000,000	250,000,000
Own shares		9	(1,486,301)	(1, 124, 125)
Legal reserve		10	8,611,464	8,307,376
Other reserves		10	293,493,001	287,715,325
Profit / (Loss) for the period			20,409,188	6,081,764
TOTAL EQUITY			571,027,352	550,980,341
LIABILITIES:
NON CURRENT LIABILITIES:
Bank loans Bonds		11	60,235,181	66, 148, 229
		11	51,985,322	9,999,265
Other non current liabilities Deferred tax liabilities		$\overline{7}$	168,568	167,556
	Total Non Current Liabilities		112,389,071	76,315,050
CURRENT LIABILITIES
Suppliers			122,908	229,793
Bank loans		11	51,090,000	90,250,000
Other creditors		12	9,247,021	18,798,082
Other current liabilities		13	1,921,555	1,426,077
	Total Current Liabilities		62,381,484	110,703,952
TOTAL EQUITY AND LIABILITIES			745,797,907	737,999,343

The accompanying notes are an integral part of these financial statements

INDIVIDUAL INCOME STATEMENTS BY NATURE

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

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

(Amounts expressed in euro)

	Notes	30 September 2014	30 September 2013
Operational income
Other operational income		21,475	14,246
Total operational income		21,475	14,246
Operational expenses
External supplies and services	14	(331, 145)	(1, 159, 690)
Staff costs	15	(859, 642)	(615, 931)
Depreciation and amortisation		(2,760)	(1, 458)
Other operational expenses		(15, 406)	(61, 675)
Total operational expenses		(1, 208, 953)	(1,838,754)
Operational profit/(loss)		(1, 187, 478)	(1,824,508)
Financial income	16	7,826,161	7,069,062
Financial expenses	16	(7, 755, 996)	(7, 259, 190)
Net financial income/(expenses)		70,165	(190, 128)
Investment income	16	15,790,815	13,482,306
Profit/(loss) before taxation		14,673,502	11,467,670
Taxation	17	5,735,686	497,492
Profit/(loss) for the period		20,409,188	11,965,162
Profit/(loss) per share
Basic and diluted	18	0.082895	0.048314

The accompanying notes are an integral part of these financial statements

INDIVIDUAL INCOME STATEMENT BY NATURE

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

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

(Amounts expressed in euro)

	$3^{\text{rd}}$ Quarter 2014	3rd Quarter 2013
	(Unaudited)	(Unaudited)
Operational income:
Other operational income	1,138	6,641
Total operational income	1,138	6,641
Operational expenses:
External supplies and services	(112, 271)	(692, 570)
Staff costs	(217, 868)	(225, 186)
Depreciation and amortisation	(1,010)	(875)
Other operational expenses	(3,692)	(36, 727)
Total operational expenses	(334,841)	(955,357)
Operational profit/(loss)	(333,703)	(948, 716)
Financial income	2,389,703	2,510,101
Financial expenses	(2, 517, 956)	(2,592,385)
Net financial income/(expenses)	(128,253)	(82, 284)
Investment income	144,860	369,180
Profit/(loss) before taxation	(317,096)	(661,820)
Taxation	1,277,235	527,369
Profit/(loss) for the period	960,139	(134,451)
Profit/(loss) per share
Basic and diluted	0.003900	(0.000542)

The accompanying notes are part of these financial statements

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

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

(Amounts expressed in euro)

	30 September 2014	30 September 2013
Net profit for the period	20,409,188	11,965,162
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 method
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	20,409,188	11,965,162

The accompanying notes are an integral part of these financial statements

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

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

(Amounts expressed in euro)

	3rd Quarter 2014 (Unaudited)	3rd Quarter 2013 (Unaudited)
Net profit for the period	960,139	(134, 451)
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	960.139	(134,451)

The accompanying notes are part of these financial statements

INDIVIDUAL STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

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

(Amounts expressed in euro)

	Share Capital	Own Shares	Legal Reserve	Other Reserves	Sub total	Net profit / (loss)	Total Equity
Balance as at 1 January 2013	250,000,000	(264, 705)	8,307,376	288,710,416	297,017,792	(995, 091)	545,757,996
Total comprehensive income for the period					٠	11,965,162	11,965,162
Appropriation of profits 2012 Transfer to legal reserve and retained earnings Acquisition/(disposal) of own shares		(501, 348)		(995,091)	(995,091)	995,091	(501, 348)
Balance as at 30 September 2013	250,000,000	(766, 053)	8,307,376	287,715,325	296,022,701	11,965,162	557,221,810
Balance as at 1 January 2014	250,000,000	(1, 124, 125)	8,307,376	287,715,325	296,022,701	6,081,764	550,980,341
Total comprehensive income for the period					٠	20,409,188	20,409,188
Appropriation of profits 2013 Transfer to other reserves and legal reserve Acquisition/(disposal) of own shares		(362, 177)	304,088	5,777,676	6.081.764	(6,081,764)	(362, 177)
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

The accompanying notes are an integral part of these financial statements

INDIVIDUAL CASH FLOW STATEMENTS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

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

(Amounts expressed in euro)

		30 September 2014	30 September 2013
OPERATING ACTIVITIES
Cash paid to trade creditors		403,094	1,219,298
Cash paid to employees		541,811	552,464
Cash flow generated by operations		(944, 905)	(1,771,762)
Income taxes (paid)/received		(836, 509)	(175, 402)
Other cash receipts/(payments) relating to operating activities		(367, 240)	(660, 495)
Net cash flow from operating activities [1]		(475, 636)	(2, 256, 855)
INVESTMENT ACTIVITIES
Cash receipts arising from:
Interest and similar income		10,112,082	8,962,910
Dividends		14,870,786	12,355,245
Loans granted		42,368,634	12,543,787
		67,351,502	33,861,942
Cash payments arising from:
Tangible assets		1,614	7,000
Loans granted		46,758,409	19,599,500
Net cash flow from investment activities [2]		46,760,023	19,606,500
		20,591,479	14,255,442
FINANCING ACTIVITIES
Cash receipts arising from:
Sale of own shares		42,606
Loans obtained		71,000,000	19,600,000
		71,042,606	19,600,000
Cash Payments arising from:
Interest and similar costs		7,878,493	7,316,483
Acquisition of own shares		404,783	501,348
Loans obtained		83,269,806	23,804,800
		91,553,082	31,622,631
Net cash flow from financing activities [3]		(20, 510, 476)	(12, 022, 631)
Net increase/(decrease) in cash and cash equivalents $[4] = [1]+[2]+[3]$		(394, 633)	(24, 044)
Cash and cash equivalents at the beginning of the period	8	786,250	373,019
Cash and cash equivalents at the end of the period	8	391,617	348,975

The accompanying notes are an integral part of these financial statements

INDIVIDUAL STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

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

(Amounts expressed in euro)

	3rd Quarter 2014 (Unaudited)	3 ^rd Quarter 2013 (Unaudited)
OPERATING ACTIVITIES
Cash paid to trade creditors	12,318	713,694
Cash paid to employees	33,187	195,863
Cash flow generated by operations	(45, 505)	(909, 557)
Income taxes (paid)/received	(837, 736)	(175, 912)
Other cash receipts/(payments) relating to operating activities	(407, 067)	(232, 259)
Net cash flow from operating activities [1]	385,164	(965, 904)
INVESTMENT ACTIVITIES
Cash receipts arising from:
Investments
Interest and similar income	5,132,879	3,911,725
Dividends
Others
Loans granted	27,410,700	12,543,787
	32,543,579	16,455,512
Cash payments arising from:
Investments
Tangible assets	1,614
Loans granted	17,043,795	6,399,300
	17,045,409	6,399,300
Net cash flow from investment activities [2]	15,498,170	10,056,212
FINANCING ACTIVITIES
Cash receipts arising from:
Sale of own shares
Loans obtained	28,500,000	2,400,000
	28,500,000	2,400,000
Cash Payments arising from:
Interest and similar costs	2,190,855	2,818,081
Acquisition of own shares		240,668
Loans obtained	57,585,500	8,318,300
	59,776,355	11,377,049
Net cash from financing activities [3]	(31, 276, 355)	(8,977,049)
Net increase/(decrease) in cash and cash equivalents $[4] = [1]+[2]+[3]$	(15, 393, 021)	113,259
Cash and cash equivalents at the beginning of the period	15,784,638	235,716
Cash and cash equivalents at the end of the period	391,617	348,975

The accompanying notes are an integral part of these financial statements

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014

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

INTRODUCTION $1_{-}$

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.

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.

PRINCIPAL ACCOUNTING POLICIES $2₁$

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 2013.

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 $3₁$

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

INVESTMENTS $4.$

				As at 30 September 2014 and 31 December 2013 Investments are detailed as follows:
--	--	--	--	-----------------------------------------------------------------------------------

	30 September 2014	31 December 2013
Investments in affiliated and associated undertakings	584, 195, 526	584, 195, 526
Investments in other companies
Sonae RE - (0,04%)	1,200	1,200
Fundo Invest. Imob. Imosonae Dois - (0,001%)	2,546	2,546
	584, 199, 272	584,199,272
Impairment	(6,500,000)	(7,420,029)
	577,699,272	576,779,243

4.1 Investments in affiliated and associated undertakings

As at 30 September 2014 and 31 December 2013, the detail of Investments in Affiliated and Associated Companies is as shown in the table below:

	30 September 2014			31 December 2013
Company	% Held	Fair	Book Value	Fair Value	% Held	Fair	Book Value	Fair Value
		Value		Reserve		Value		Reserve
SC, SGPS, SA	100.00	$\overline{\phantom{a}}$	382,638,253		100.00	۰	382,638,253	٠
Spred, SGPS, SA	54.05	٠	40,000,000		54.05	٠	40,000,000
SC Assets, SGPS, SA	76.64	٠	82,000,000		76.64	۰	82,000,000
Sonae Turismo, SGPS, SA	23.08	$\overline{\phantom{a}}$	37,500,000		23.08	۰	37,500,000
Fundo Esp.Inv.Imo.Fec. WTC	59.57	$\overline{\phantom{a}}$	42,057,273		59.57		42,057,273
Total		٠	584,195,526	$\overline{\phantom{a}}$		۰	584, 195, 526

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

Impairment tests on financial investments were performed in 2013, based on external valuations of the real estate of group companies, to assess the fair value of such investments.

As at 30 September 2014 and 31 December 2013, the detail of Impairments on Investments in Affiliated and Associated Companies is as shown in the table below:

	30 September 2014	31 December 2013
Fundo Esp.Inv.Imo.Fec. WTC		(920, 029)
Sonae Turismo, SGPS, SA	(6,500,000)	(6,500,000)
	(6,500,000)	(7,420,029)

As at follow t 30 Septem ws: mber 2014 an nd 31 Decem mber 2013 O Other Non C urrent Asset ts are detail led as

	30 Septem mber 2014	31 Decem mber 2013
Loans s granted to g group compa nies:
SC, , SGPS, SA	99,160,518	1 121,338,653
SC Assets, SGPS , SA	43,416,977	31,713,043
Son nae Turismo, SGPS, S.A	6,173,000	-
	1 148,750,495	1 153,051,695

These grant e assets we ted to Group re not due p companies or impaired is basically t d as at 30 S the same as September 2 their book v 2014. The fa value. air value of loans

Loans excee s to group eding one ye companies ear. interest at market rat tes and are e repayable within a p period

6. OTHER CURREN NT ASSET TS

As at follow t 30 Septem ws: mber 2014 an nd 31 Decem mber 2013 O Other Curre nt Assets ca an be detail led as

	30 Septem mber 2014	31 Decem mber 2013
Grou p companies - Short term loans:
SC, , SGPS, SA	3,195,305	232,300
SC Assets SGPS, SA	6,055,470	327,500
Incom me tax withhe eld	2,136,679	847,476
Othe er Debtors	34,513	81,727
Accru ued income	2,697,676	4,984,735
Defer rred costs	771,354	496,690
	14,890,997	6,970,428

Loans year. s granted to group comp panies bear i nterest at m market rates and are rep payable withi in one

The a to gro amount reco oup compani orded as accr ies. rued income e includes EU UR 2,694,471 for interest t on loans gr ranted

Unde er the headin ng deferred c costs include e EUR 719,64 44 relating to o bank charg ges.

DEFERRED TAXES $7₁$

Deferred tax assets and liabilities as at 30 September 2014 and 31 December 2013 can be detailed as follows, split between the different types of temporary differences:

	Deferred tax assets		Deferred tax liabilities
	30 September 2014 31 December 2013		30 September 2014 31 December 2013
Tax losses carried forward	4.062.004	407,059	$\overline{\phantom{a}}$

During the periods ended 30 September 2014 and 31 December 2013, movements in Deferred tax are as follows:

	Deferred tax assets		Deferred tax liabilities
	30 September 2014 31 December 2013		30 September 2014	31 December 2013
Opening balance	407,059	429,213		778
Effect in results (Nota 17):
Tax losses carried forward	3,654,945	12,108
Others		(34, 262)		(778)
	4,062,004	407,059
Effect in reserves:			۰
Closing balance	4,062,004	407,059

CASH AND CASH EQUIVALENTS 8.

As at 30 September 2014 and 31 December 2013 Cash and Cash Equivalents can be detailed as follows:

30 September 2014	31 December 2013
4	1,004
391,613	785,247
391,617	786,250
$\overline{\phantom{0}}$
391,617	786,250

As at 30 September 2014 Share Capital consisted of 250,000,000 ordinary shares of 1 euro each.

In 2014, Sonae Capital SGPS, S.A. bought 1,034,500 own shares on the stock market, representing 0.4138% of its share capital, for a total consideration of 404,782.67 euro, and sold 85,212 shares for a total amount of 42,606 euros. As at 30 September 2014, the total of own shares held by the company is 6,068,850, representing 2,428% of its share capital.

$10₁$ RESERVES

As at 30 September 2014, and 31 December 2013 the caption Other Reserves can be detailed as follows:

	30 September 2014	31 December 2013
Free reserves	159,368,447	153,952,948
Demerger reserve	132,638,252	132,638,252
Own shares reserve	1,486,301	1,124,125
	293,493,001	287,715,325

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 2014 the value of this caption is 8,611,464 euro.

11. LOANS

As at 30 Septemb ber 2014 and 31 Decembe er 2013 this caption incl	uded the fol llowing loans s:
-----------------------------------------------------------------------------------	-------------------------------------

	30 Septe ember 2014		31 December 2013
	Current	Non Curre ent	Curren nt	Non Cu urrent
Bank L Loans
Sonae Capital SGPS - Co ommercial paper r a)	28,050,00 00	-	75,000 0,000	-
Sonae Capital SGPS - Co ommercial paper r d)	8,250,00 00	-	8,250 0,000	-
Sonae Capital SGPS - Co ommercial paper r b)	-	10,950, 000	-	12, ,650,000
Sonae Capital SGPS - Co ommercial paper r c)	-	30,000, 000	-	30, ,000,000
Sonae Capital SGPS - T Term loan e)	3,290,00 00	13,160, 000	7,000 0,000	24, ,000,000
Sonae Capital SGPS - Co ommercial paper r g)	3,500,00 00	6,500, 000	-	-
Sonae Capital SGPS - Co ommercial paper r i)	8,000,00 00	-	-	-
Up-fro nt fees not yet c charged to incom me statement	-	(374,8 819)	-	(5 501,771)
	51,090,00 00	60,235, 181	90,250 0,000	66, ,148,229
Bank o overdrafts (Nota 8 8)	-	-	-	-
	51,090,00 00	60,235, 181	90,250 0,000	66, ,148,229
Bond L Loans
Nomina al value of bonds s Sonae Capital 2 2011/2016 f)	-	10,000, 000	-	10, ,000,000
Nomina al value of bonds s Sonae Capital 2 2014/2019 h)	-	42,500, 000	-	-
Up-fro nt fees not yet c charged to incom me statement	-	(514,6 678)	-	(735)
	-	51,985, 322	-	9, ,999,265
	51,090,00 00	112,220, 503	90,250 0,000	76, ,147,494

a) Commer for a pe investor six mont rcial paper pro eriod of 10 ye s or financial ths to a year, ogramme issu ears, which m institutions a placed in rela ued on 28 Mar may be extend and guarantee ationship bank rch 2008 witho ded at the op d by credit lin ks; out subscripti ption of the C nes, with com ion guarantee Company. Pla mmitment of a e, valid aced in at least
b) Commer till Augu Call / P properti rcial paper pro ust 2018 for a Put Option on es; ogramme issu a period of 5 n August 201 ued on 31 Mar years. Early 6. This loan rch 2011 with repayment ca is guarantee subscription g an occur unde d by a mortg guarantee and er the terms gage of inves d valid of the stment
c) Commer valid for rcial paper pr r a period of 5 rogramme issu 5 years; ued on 27 Dec cember 2012 with subscrip ption guarante ee and
d) Commer valid for rcial paper Pr r a period of 3 rogramme issu 3 years; ued on 31 Dec cember 2013 with subscrip ption guarante ee and
e) Bank lo instalme an started o ents. This loan on 2 June 20 n is guarantee 011 valid till ed by a mortga September age of investm 2019 and re ment propertie payable in q es; quarter
f) Sonae C 2016. Th Capital, SGPS his bond issue 2011/2016, r pays interest repayable afte t every six mo er 5 years, in onths. n one instalm ment, on 17 Ja anuary
g) Commer for a per rcial paper pr riod of 3 year rogramme issu s. This Progra ued on 07 Ma amme pays int ay 2014 with s terest every si subscription g ix months. guarantee and d valid
h) Sonae C This bon apital, SGPS 2 nd issue pays i 2014/2019, re nterest every epayable afte y six months. r 5 years, in one instalmen nt, on 28 May y 2019.
i) Short te guarante maximum erm Commerc ee, valid for m of five year cial paper pr a period of rs; rogramme iss 1 year, auto sued on 17 F omatically ren February 2011 newable for 1 with subsc equal period ription s to a

The a average inte rest rate of these bank a and bond loa ans as at 30 S September 2 2014 was 4.0 015%. The bank loans mentioned above bear interest at market rates, indexed to the Euribor of each issue period.

In the event of, upon maturity, any Bank or investor of commercial paper issued is not renewed, the Group has credit lines available to cope with these non renewals.

There are no Derivatives.

12. OTHER CREDITORS

As at 30 September 2014 and 31 December 2013, these captions were made up as follows:

	30 September 2014	31 December 2013
Other creditors
Group companies - Short term loans:
Spred, SGPS, SA	9,226,364	18,796,170
Other creditors	20,657	1.912
	9,247,021	18,798,082

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

13. OTHER CURRENT LIABILITIES

As at 30 September 2014 and 31 December 2013, these captions were made up as follows:

	30 September 2014	31 December 2013
Other current liabilities
Taxes payable	71,540	80,830
Accruals:
Staff costs	380,695	235,119
Interest payable	1,404,002	1,101,139
Other accruals	65,317	4,410
Deferred income		4,578
	1,921,555	1,426,077

As at 30 September 2014 and 30 September 2013, External Supplies and Services can be detailed as follows:

30 September 2014	30 September 2013
34,025	27,132
37,651	36,067
21,126	18,967
189,482	1,051,954
48,862	25,569
331,145	1,159,690

15. STAFF COSTS

As at 30 September 2014 and 30 September 2013, Staff Costs are made up as follows:

	30 September 2014	30 September 2013
Governing bodies' remunerations	737,354	548,573
Social security contributions	100,149	32,816
Other staff costs	22,140	34,542
	859,642	615,931

16. NET FINANCIAL EXPENSES AND INVESTMENT INCOME

			As at 30 September 2014 and 30 September 2013, Net Financial Expenses and Investment
	Income can be detailed as follows:

	30 September 2014	30 September 2013
Interest payable and similar expenses
Interest arising from:
Bank loans	(4,676,992)	(5,507,887)
Bonds	(1,014,018)	(359, 333)
Other	(92, 127)	(58, 603)
Other financial expenses	(1,972,859)	(1, 333, 367)
	(7,755,996)	(7, 259, 190)
Interest receivable and similar income
Interest income	7,826,161	7,069,062
	7,826,161	7,069,062
Net financial expenses	70,165	(190, 128)
Reversal of Impairment losses (Note 4.1)	920,029	1,127,061
Dividends received	14,870,786	12,355,245
Other income
Investment income	15,790,815	13,482,306

As at 30 September 2014, the amount of dividends received from affiliated companies was as follows:

SC ASSETS, SGPS, SA	2,184,535
SC. SGPS. SA	11,576,947
SPRED, SGPS, SA	1,109,304
	14,870,786

17. TAXATION

As at 30 September 2014 and 30 September 2013, Taxation is made up as follows:

	30 September 2013
2,080,742	(6,258)
3,654,945	503,750
5,735,686	497,492
	30 September 2014

18. EARNINGS PER SHARE

Earnings per share for the three months periods ended 30 September 2014 and 2013 were calculated taking into consideration the following amounts:

	30 September 2014	30 September 2013
Net profit
Net profit taken into consideration to calculate basic
earnings per share (Net profit for the period)	20,409,188	11,965,162
Effect of dilutive potential shares
Net profit taken into consideration to calculate
diluted earnings per share	20,409,188	11,965,162
Number of shares
Weighted average number of shares used to calculate
basic earnings per share	246,204,451	247,652,318
Weighted average number of shares used to calculate
diluted earnings per share	246,204,451	247,652,318
Earnings per share (basic and diluted)	0.082895	0.048314

19. INFORMATION REQUIRED BY LAW

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

In the period ended 30 September 2014 shareholders' loan contracts were entered with the companies SC Assets SGPS, SA, Sonae Turismo SGPS, SA and SC SGPS, SA.

In the period ended 30 September 2014 short-term loan contracts were entered with the company Spred, SGPS, SA.

As at 30 September 2014 amounts due by affiliated companies can be summarized as follows:

Loans and Short term loans granted

Companies	Closing Balance
SC, SGPS, SA	102,355,823
SC Assets, SGPS, SA	49,472,447
Sonae Turismo, SGPS, S.A.	6,173,000
	158,001,270

As at 30 September 2014 amounts due to affiliated companies can be summarized as follows:

Short term loans obtained

Companies	Closing Balance
Spred, SGPS, SA	9,226,364
	9,226,364

20. SUBSEQUENT EVENTS

No significant events, requiring further disclosure, have occurred after 30 September 2014.

21. APPROVAL OF THE FINANCIAL STATEMENTS

The accompanying financial statements were approved by the Board of Directors and authorized for issue on 30 October 2014.

AI Terminal

Samba Digital SGPS S.A

6003_10-q_2014-11-28_95dcf037-ed47-4515-8cdb-d0e0e8f6a1a9.pdf

3Q14 RESULTS CONFIRM THE POSITIVE OPERATIONAL AND FINANCIAL INDICATORS TREND EVOLUTION, HAVING BEEN ONE OF THE BEST QUARTERS

THE POSITIVE PERFORMANCE WITNESSED IN ALL QUARTERS OF THE YEAR, LED TO 9M14 CUMULATIVE CONSOLIDATED RESULTS WELL ABOVE LAST

2.2. CAPEX

2.3. CAPITAL STRUCTURE

3.1. TOURISM

GLOSSARY

www.sonaecapital.pt

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2014 AND 31 DECEMBER 2013

CONSOLIDATED INCOME STATEMENTS BY NATURE

FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2014 AND 2013

CONSOLIDATED INCOME STATEMENTS BY NATURE

FOR THE 3rd QUARTERS OF 2014 AND 2013

(Amounts expressed in euro)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2014 AND 2013

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 3rd QUARTERS OF 2014 AND 2013

(Amounts expressed in euro)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

(Amounts expressed in Euro)

CONSOLIDATED STATMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014

(Translation from the Portuguese Original)

$11$ INTRODUCTION

MAIN ACCOUNTING POLICIES $\mathcal{P}$

Basis of preparation

$31$ CHANGES IN ACCOUNTING POLICIES

GROUP COMPANIES INCLUDED IN THE CONSOLIDATED $\overline{4}$ . FINANCIAL STATEMENTS

Energy

$51$ INVESTMENTS IN ASSOCIATED AND JOINTLY CONTROLLED COMPANIES

OTHER INVESTMENTS $6.$

TANGIBLE AND INTANGIBLE ASSETS 8.

GOODWILL 9.

10. OTHER INVESTMENTS

11. OTHER NON-CURRENT ASSETS

12. INVENTORIES

13. ACCOUN TS RECEIV VABLE AN _______ ND OTHER R CURREN NT ASSETS S___

14. DEFERRED TAXES

15. CASH AND CASH EQUIVALENTS

16. FOUITY

17. NON CONTROLLING INTERESTS

18. BORROWINGS

19. DERIVATIVES

Interest rate derivatives

Fair value of derivatives

20. OTHER NON-CURRENT LIABILITIES

21. SHARE-BASED PAYMENTS

22. TRADE ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES

23. PROVISIONS AND ACUMULATED IMPAIRMENT LOSSES

24. CONTINGENT ASSETS AND LIABILITIES

25. RELATED PARTIES

Balances and transactions with related parties are detailed as follows:

26. TAXATION

27. RECONCILIATION OF CONSOLIDATED NET PROFIT

28. EARNINGS PER SHARE

29. SEGMENT INFORMATION

The contribution of the business segments to the Balance sheets as at 30 September 2014 and 31 December 2013 can be detailed as follows:

30. SUBSEQUENT EVENTS

31. APPROVAL OF THE FINANCIAL STATEMENTS

INDIVIDUAL FINANCIAL STATEMENTS

INDIVIDUAL BALANCE SHEETS AS AT 30 SEPTEMBER 2014 AND 31 DECEMBER 2013

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

(Amounts expressed in euro)

INDIVIDUAL INCOME STATEMENTS BY NATURE

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

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

(Amounts expressed in euro)

INDIVIDUAL INCOME STATEMENT BY NATURE

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

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

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2014 AND 2013

FOR THE 3^rd QUARTERS OF 2014 AND 2013

$1₁$ INTRODUCTION

$3₁$ CHANGES IN ACCOUNTING POLICIES

$5₁$ INVESTMENTS IN ASSOCIATED AND JOINTLY CONTROLLED COMPANIES

13. ACCOUN TS RECEIV VABLE AN _____ ND OTHER R CURREN NT ASSETS S_

PRINCIPAL ACCOUNTING POLICIES $2₁$

CHANGES IN ACCOUNTING POLICIES $3₁$

DEFERRED TAXES $7₁$

$10₁$ RESERVES