Sonae SGPS

Earnings Release • Nov 30, 2011

1HIGHLIGHTS

Market share gains mitigate declining consumption and enable profitability levels to be maintained

• Consolidated turnover¹ totalled 4,153 M€ in the 9M11, in line with the previous year
• Sonae's Recurrent EBITDA in the third quarter (185 M€) unchanged compared to last year
• Consolidated EBITDA for the 9M11 of 481 M€, representing an 11.5% margin on sales
• Net results group share for the period totalled 84 M€
• Sonae Sierra's direct income remains stable despite assets sales and the IPO in Brazil and Sonaecom's results continue to improve, in particular EBITDA and FCF performance

Strengthening of the capital structure

• Net Debt to EBITDA at our retail businesses down vs. same period last year to 3.2x
• Consolidated Net Debt reduced by 178M€ compared to the 3Q10
• Relative weight of leverage in the total invested capital down to 60%, the most conservative level since 2007

"The first nine months of 2011 were marked by the announcement of various austerity measures in Iberia, which have already translated into a significant decrease in private consumption, particularly pronounced in the non-food segments. Under these adverse conditions, Sonae strengthened its commitment to support the consumer, always seeking to offer the most attractive value proposition, namely by expanding the scope of our private label offers.

The gains in market share in Portugal, achieved as a result of the distinctive positioning of our formats and the capacity to respond to changes in consumer habits, together with the growing contribution from our international business, enabled us to maintain the level of consolidated turnover during this period.

In light of the real reductions in disposable income, we expect some deterioration of LfL sales during the fourth quarter in the Portuguese market. Nevertheless, we are confident that we will be able to continue to grow our market shares, to strengthen our capital structure and to implement our agreed strategic guidelines, namely that of pursuing the path of internationalisation, albeit at a slower pace than we had intended."

Paulo Azevedo, CEO Sonae

1 Ex-fuel sales

2OVERALL PERFORMANCE

Consolidated profit & loss account
Million euros
	9M10	9M11	Var
Turnover3	4.231	4.172	-1%
3 Turnover (ex-fuel)	4.156	4.153	0%
Recurrent EBITDA	480	471	-2%
Recurrent EBITDA m argin	11,3%	11,3%	-0,1 p.p
EBITDA	493	481	-2%
EBITDA m argin	11,6%	11,5%	-0,1 p.p
EBIT	260	230	-12%
Net financial activity	-78	-78	-1%
Other item s	0	0	-
EBT	183	151	-17%
Taxes	-42	-17	59%
Direct results	141	134	-5%
Group share	113	92	-18%
Indirect results	-24	-12	49%
Group share	-15	-8	44%
Net incom e	117	122	4%
Group share	98	84	-14%
Net invested capital
Million euros
	9M10	YE10	9M11
Net invested capital	4.899	4.714	4.898
Investm ent properties1	1.770	1.778	1.717
Technical investm ent2	3.189	3.191	3.109
Financial investm ent	44	35	33
Goodwill	734	741	738
W orking capital	-838	-1.032	-700
Total shareholders funds	1.764	1.862	1.940
Total net debt3	3.136	2.852	2.958
Net debt / Invested capital	64%	61%	60%
(1) Includes shopping centres accounted for as financial investments in the balance sheet; (2) Includes assets available forsale; (3) Financialnet debt +net shareholderloans.

Net invested capital Million euros
	9M10	YE10	9M11
Net invested capital	4.899	4.714	4.898
Investm ent properties1	1.770	1.778	1.717
Technical investm ent2	3.189	3.191	3.109
Financial investm ent	44	35	33
Goodwill	734	741	738
W orking capital	-838	-1.032	-700
Total shareholders funds	1.764	1.862	1.940
Total net debt3	3.136	2.852	2.958
Net debt / Invested capital	64%	61%	60%

• During the first nine months of 2011, Sonae has faced different macroeconomic environments in the countries where it operates. The growth attained in Brazil and the relatively stable environment in other European counties was off-set by the weak economic dynamism in the Iberian markets, particularly in Portugal, where the announcement of the new austerity measures have strongly impacted family consumption levels (private consumption is estimated to have fallen in the 3Q11 by 4%² ). Under this challenging environment, Sonae´s turnover remained stable at 4.15 billion Euros in the first nine months of 2011³ , an achievement only possible thanks to market share gains in the main business areas during the course of this period.
• In this period, recurrent EBITDA surpassed 471 M€, representing 11.3% of overall turnover. This figure was naturally impacted by Sonae SR's investments in internationalisation, but also by the effect of consumer retraction in the Iberian markets, which continues to be felt, particularly in the non-food categories. The efficiency measures and optimisation of cost structures have nevertheless enabled the maintenance of EBITDA margins at levels much similar to those of the same period last year.
• In 9M11, direct net result totalled 134 M€, 5% below the figure registered in the same period last year, essentially due to the EBIT evolution. In the same period, the indirect result, relative to Sonae Sierra´s shopping centres portfolio, was -12M€, a significant improvement compared to 9M10. Consequently, total net result for the period totalled 122 M€ (+4%), of which the share attributable to the Group corresponds to circa 84 M€.
• During 9M11, total investment for the group surpassed 235 M€, having essentially been allocated to the development of international operations and the remodelling and maintenance of assets in Portugal.
• As at 30th September, total net debt totalled 2,958 M€, which represents a reduction of 178M€ compared to 9M10. The company continues to strengthen its financial structure, with its debt decreasing sustainably and representing, at the end of September 2011, 60% of invested capital (vs. 64% one year ago).

² Source: Bank of Portugal – Monthly economic Indicators

³ The analysis excludes the sales relative to petrol stations (as during 2Q10 Sonae transferred the operation of 8 petrol stations to a third party), and incorporates the re-statement of Geostar´s 2010 turnover, taking into account

3TURNOVER

Turnover - ex-fuel

Turnover - Ex-fuel Million euros
9M09	9M10		9M11
3.932	4.156		4.153
					share)5
Turnover - ex-fuel
Million euros
		9M10	9M11	Var
Turnover4		4.231	4.172	-1%
4 Turnover (ex-fuel)		4.156	4.153	0%
Sonae MC		2.375	2.421	2%
Sonae SR		870	861	-1%
Sonae RP		95	89	-6%
Sonae Sierra		143	144	1%
Sonaecom		684	650	-5%
Investm ent m anagem ent		104	103	-1%
Elim inations & adjustm ents		-114	-115	-1%
Petrol stations		75	18	-75%
Turnover breakdown - 9M11 % total turnover ex-fuel 2% 15% 3% 2% 20%	57%		Sonae MC Sonae SR Sonae RP Sonae Sierra Sonaecom Investment
			management		4 5 6

Turnover breakdown - 9M11

During the first nine months 2011, Sonae registered a consolidated turnover of 4,153 M€⁴ , practically in line with 9M10. The most significant contributions for this evolution were the following:

• Sonae MC with 2,421 M€ (+2%). This figure incorporates a circa +1% sales growth on a comparable store universe basis, despite the continued effects of trading down carried out by consumers in Portugal. This positive evolution was made possible by the increase in sales volumes in store during 9M11. Sonae MC continues to strengthen its market leadership (+0.9 p.p. of market share)⁵ , with a strong contribution from its private label portfolio, which is currently representing circa 30% of sales in the relevant categories.
• Sonae SR with 861 M€ (-1%), reflecting the evolution of circa -13% of sales on a comparable store universe basis, in light of the significant decrease felt in its home markets during the course of 2011. Despite this less favourable evolution, we estimate that our formats behaved better in terms of sales performance than the market average, consequently, attaining new gains in market share.⁶
• Sonae Sierra with 144 M€ (+1%). Within a context of lower consumption levels across most European countries, Sonae Sierra once again demonstrated the quality of its assets by increasing the average occupation rates to 96.8%. Sierra is benefiting from its exposure to emerging markets, with a particular reference to the contribution from the Brazilian operations, in order to sustain the overall sales volume, on a LfL basis, of the shopping centres under its control.
• Sonaecom with 650 M€ (-5%). The reduction results exclusively from lower product sales (driven by the end of the "e-initiatives" programme) and by the decrease in regulated tariffs (mobile termination rates and roaming tariffs), as Optimus was able to maintain a positive evolution at the level of mobile customer revenues and grow its revenue market share, while SSI was able to increase its respective services revenues.

⁴ See note 3 on previous page

⁵ Source: A.C.Nielsen / Homescan: YTD evolution until 9th October 6 Source: GfK, with regards to the electronics market, internal estimates for

4RECURRENT EBITDA

Recurrent EBITDA

Million euros
	9M10	9M11	Var
Sonae	480	471	-2%
Sonae MC	149	152	2%
Sonae SR	16	-15	-192%
Sonae RP	85	81	-5%
Sonae Sierra	69	67	-3%
Sonaecom	149	164	10%
Investm ent m anagem ent	4	6	69%
Elim inations & adjustm ents	8	15	94%

Recurrent EBITDA

% of turnover
	9M10	9M11	Var
Sonae	11,3%	11,3%	-0,1 p.p
Sonae MC	6,3%	6,3%	0,0 p.p
Sonae SR	1,9%	-1,7%	-3,6 p.p
Sonae RP	89,5%	90,9%	1,4 p.p
Sonae Sierra	48,7%	47,0%	-1,7 p.p
Sonaecom	21,8%	25,2%	3,4 p.p
Investm ent m anagem ent	3,5%	6,0%	2,5 p.p

In consolidated terms, the Group´s recurrent EBITDA totalled 471 M€, representing a profitability margin of 11.3%, practically in line with the same period last year. In a difficult macroeconomic environment, this performance was supported by the widespread implementation of projects to improve the operating efficiency in our different business areas. In terms of performance per business, it is worth highlighting:

• Sonae MC with 152 M€ (+2%), representing a profitability of 6.3% of the respective turnover (completely in line with the same period last year). Sonae MC was able to sustain its competitiveness during this period via a combination of relevant promotional activities, leveraged on its customer loyalty card (which was involved in over 85% of sales in the period), a rigorous cost control, gains in efficiency and in the optimisation of its supply chain
• Sonae SR´s contribution totalled -15 M€, which compares with a figure of +16 M€ registered in the same period last year. This evolution essentially reflects the negative sales behaviour in the Iberian market, but is also a result of the costs incurred in terms of store openings, training and brand awareness, so as to constitute a relevant market position in Spain, and related to the entering into new geographies.
• Sonae RP with 81 M€. This figure is slightly below that of the same period last year (-4 M€ or -5%), solely due to the reduction of the asset portfolio, which resulted from the sales executed between the two periods.
• Sonae Sierra´s contribution to the Group´s consolidated results remained practically stable, despite the sales of assets in Spain, having reached 67 M€ in 9M11, which translated into profitability margin of 47% in this period. This performance was determined by the sustainability achieved in its operations and by the growth attained in Brazil.
• Still in the first nine months of 2011, Sonaecom´s contribution totalled 164 M€ (+10%), corresponding to an increase in sales margin of 3.4 p.p. (to 25.2%), resulting mainly from the optimisation of its cost structure but also from the positive performance in terms of mobile customer revenues.

5NET RESULTS

Consolidated direct results

Million euros
	9M10	9M11	Var
Recurrent EBITDA	480	471	-2%
Recurrent EBITDA m argin	11,3%	11,3%	-0,1 p.p
EBITDA	493	481	-2%
EBITDA m argin	11,6%	11,5%	-0,1 p.p
EBIT	260	230	-12%
Net financial activity	-78	-78	-1%
Other item s	0	0	-
EBT	183	151	-17%
Taxes	-42	-17	59%
Direct results	141	134	-5%
Group share	113	92	-18%

Indirect results

Million euros
	9M10	9M11	Var
Indirect results	-24	-12	49%
Group share	-15	-8	44%
VCPID1	4	0	-4
Other	-5	-4	1
Taxes	-14	-5	9

(1) Value created on investment and development properties; includes one-off investments. Management figures details

• In the first nine months of 2011, consolidated EBITDA reached 481 M€. This figure represents a decrease of only 2% in relation to the same period last year, essentially translating the evolution of the level of recurrent EBITDA. Non-recurring gains in 9M11 reached a figure of 10 M€ (in line with the previous year), mainly due to the capital gains registered by Sonae RP in the disposals of retail real estate assets completed in the beginning of the current year.
• In the same period, expenses relating to depreciations and amortizations stood at 231 M€ (+13 M€, driven by the growth in the asset base and the accelerated depreciation of the Modelo brand) and the net financial expenses totalled 78 M€. This last figure is practically in line with the amount registered in 9M10, despite the lower amount of average debt outstanding, as a result of the increase in effective interest costs, which was still mostly explained by the higher market rates (Euribor) but also by the anticipated increase in spreads.
• The direct income for the period (attributable to shareholders) totalled 92 M€, circa 18% below the figure registered in 9M10, basically translating the EBIT evolution described above.
• The contribution of indirect results (attributable to shareholders), relative to the shopping centres portfolio of Sonae Sierra, was negative by 8 M€ (which compares favourably with -15 M€ registered in the same period last year), mainly as a result an (average) yield expansion in Portugal of 31 bps (resulting in an accumulated increase since the beginning of 2008 of approximately 190 bps), which was partially compensated by the increase in the valuation of assets in Brazil, resulting exclusively by improvements in the operational activity.
• As a result of the above described evolution, total net result for the first nine months 2011 reached 122 M€ (+4%), of which the amount attributable to the Group was 84 M€.

6INVESTED CAPITAL

Capex Million euros
	9M10	9M11	% Turn.
Sonae	278	235	6%
Sonae MC	58	54	2%
Sonae SR	59	60	7%
Sonae RP	18	8	9%
Sonae Sierra	41	40	28%
Sonaecom	88	66	10%
Investm ent m anagem ent	11	6	6%
Em im ination & adjustm ents	4	0	-
Recurrent EBITDA - CAPEX	202	236	-

Net invested capital

Million euros
	9M10	YE10	9M11
Invested capital	4.899	4.714	4.898
Investm ent properties	1.770	1.778	1.717
Technical investm ent	3.189	3.191	3.109
Financial investm ent	44	35	33
Goodwill	734	741	738
W orking capital	-838	-1.032	-700

During the course of the first 9 months of 2011, Sonae carried out a total investment of 235 M€, essentially distributed amongst the following projects:

• selective opening of new retail stores in Portugal, including 1 Continente Modelo store and 9 new Sonae SR stores, with very positive return expectations;
• broadening of Sonae SR own store network in the Spanish market, with the opening of 32 thousand new sqm of sales area (reaching a total of 115 stores in Spain), thus pursuing this important internationalisation effort. Additionally, 2 new own stores were opened in Turkey (under the Zippy format);
• selective remodelling of a number of retail units so as to ensure that they remain as a reference in their respective areas of implementation
• actively manage the attractiveness of Sonae Sierra´s current shopping centres and pursue the new development projects in Italy (Le Terrazze), Germany (Solingen) and Brazil (Uberlândia, Londrina and Goiânia), which represent a total of more than 230 thousand sqm of GLA and with expected openings in the period between 2012 and 2014;
• selective strengthening of the coverage and capacity of Optimus´ network, a distinctive strategic asset of Sonaecom, so as to maintain its distinctive quality level.

The cash flow generation of the Sonae businesses continues to increase, as evidenced by the increase of +17% or +34 M€ at the level of (Recurrent EBITDA – Capex) registered during the first nine months of 2011.

As at 30th September, Sonae´s overall net capital employed was 4,898 M€. Sonae Sierra´s contribution to this total amount was 1,508 M€ (-73 M€ compared to the same period last year, resulting from stake reductions in 2 shopping centres in operation in Spain). Sonae RP´s overall asset portfolio was of 1,366 M€ (-95 M€, driven by the implementation of the sale & lease back programme of retail real estate assets).

7CAPITAL STRUCTURE

Net debt Million euros
	9M10	9M11	Var
Net debt including shareholder loans 3.136		2.958	-178
Net debt/Invested capital	64%	60%	-3,6 p.p
Net debt excluding shareholder loans 3.090		2.912	-179
Retail units	1.374	1.256	-118
Sonae Sierra	831	715	-115
Sonaecom	354	324	-30
Investm ent m anagem ent	5	24	19
Holding & other	528	593	66
Shareholder loans	45	46	1

Capital Structure

Loan-to-value (%) 9M09 9M10 9M11

As at the end of September 2011, Sonae´s total net debt amounted to 2,958 M€, translating in a significant reduction (178 M€ or -6%) over the course of the last 12 months. This evolution is all the more significant when considered over the last two years (a cumulative reduction of 479 M€), and within a context of a strong investment in international growth.

Sonae thus pursues its strategy of strengthening its capital structure, having already entered into negotiations for the refinancing of the remaining 2012 maturities. As at September 2011, consolidated net debt represented 60% of capital employed (which compares with 64% at the end of 9M10), the lowest level since the acquisition of Carrefour Portugal in 2007.

• As at end of September 2011, the retail units net debt totalled 1,256 M€, 118 M€ below the same period in 2010 and corresponding to a Net Debt to EBITDA ratio of 3.2x. The reduction in leverage against the 9M10 was driven by the combination of a strong cash-flow generation with the completion of a number of sale & leaseback transactions, which have reduced Sonae MC's level of freehold to approximately 78% (vs. 84% at the end of 9M10).
• Sonae Sierra´s net debt decreased by 115 M€ to 715 M€, benefitting from the sale of participations in the "Plaza Éboli" and "El Rosal" shopping centres (in Spain), and from the cash in-flow resulting from Sonae Sierra Brazil´s IPO. The combination of these operations reflects the implementation of the defined capital "recycling" strategy, which enables the continued development of its business, whilst reducing leverage, as evidenced by the evolution of the loan-to-value ratio (which went from 47% in the same period last year to 43% at the end of September 2011).
• Sonaecom´s net debt decreased by 30 M€ to 324 M€, mainly as a result of the increasing capacity of its businesses to generate positive free cash-flows and despite the dividends distributed in 2011 (the first in its history).

8CORPORATE INFORMATION

Outlook for 2011

Taking into account the expected reduction in disposable income, as a result, namely, of the extraordinary tax approved in Portugal, we expect that, in particular regarding the more cyclical segments, the overall retail market experiences a contraction in sales, namely over the Christmas season. We expect the remaining European markets and Brazil to perform in line with or slightly below the year-to-date performance.

As such, and so as to minimise the impacts on the Group´s solid profitability levels, the programmes which have the potential to improve productivity and efficiency levels will continue to be implemented. We will thus continue to guarantee the delivery of the best value propositions to the end consumer, allowing for the further strengthening of our competitive position over time.

Sonae will also continue to ensure a strong scrutiny over investment decisions and, despite the contraction of demand for Portuguese real estate assets, will continue to pursue its programme to free up invested capital in its retail real estate arm, whenever adequate opportunities arise, which reflect the high quality of the underlying assets.

3Q11 main corporate events

On 4th July, Sonae became the first Portuguese retailer to be recognised for its best practices by EuroCommerce, the European association for retailers and wholesalers. The institution distinguished a total of 10 Sonae corporate responsibility projects, placing it in the league of companies who adopt the best practices in their activities.

On 5th July and 22nd August, Sonae´s entry into Egypt and Kazakhstan (respectively) was announced, with the opening of the first Zippy stores in their respective capital cities. These expansions were carried out under a franchise regime, via a previously established partnership with the Fawaz Alhokair Group, thus following the strategy of diversification of investment styles.

At the end of July, Sonae´s corporate identity was distinguished at the "Red Dot Awards", a prestigious international festival which takes place in Germany, and rewards, on a yearly basis, the best design works. This is the second international distinction awarded to the Sonae brand, after having been awarded a "Gold Lion" in the Cannes festival back in June.

On 15th September, Sonae announced the strengthening of its international presence with the opening of a second Zippy store in Turkey (having entered into that market during the 2Q11). The new store is located in the largest shopping centre in Europe, in Istanbul, and will enable a more in-depth test of a market with a strong potential for its formats.

9 ADDITIONAL INFORMATION

Notes

The consolidated financial information contained in this report was prepared in accordance with International Financial Reporting Standards ("IFRS"), as adopted by the European Union. The financial information regarding quarterly figures and accumulated figures until 30 September was not audited.

In light of the IAS 18 clarification, the information pertaining to Geostar´s turnover now solely includes the component of services rendered and commissions earned. This methodological change implied the re-expression of historical financial figures with regards to turnover and costs, but does not imply any impact on the amount of cash-flow registered or balance sheet components.

Sonae consolidated turnover

Million euros
	1Q10	2Q10	3Q10	4Q10	FY10
As reported in 2010	1.358	1.418	1.509	1.628	5.914
According to the current m ethodology	1.344	1.400	1.487	1.614	5.845

Glossary

CAPEX	Investments in tangible and intangible assets, investment properties and acquisitions; Gross CAPEX, not including cash inflows from the sale of assets
Direct income	Direct income excludes contributions to indirect income
EBITDA	Turnover + other revenues -impairment reversal – negative goodwill- operating costs (based on direct net income) + provisions for warranties extensions + gain/losses from sales of companies
EBITDA margin	EBITDA / Turnover
Eliminations & others	Intra-groups + consolidation adjustments + contributions from other companies not included in the identified segments
EOP	End of period
Free Cash Flow (FCF)	EBITDA – operating capex-change in working capital-financial investments-financial results-income taxes
Financial net debt	Total net debt excluding shareholders loans
Indirect income	Indirect Income includes Sierra's contributions net of taxes to the consolidated income statement, arising from: (i) investment property valuations; (ii) capital gains (losses) on the sale of financial investments, joint ventures or associates; (iii) impairment losses (including goodwill) and; (iv) provision for assets at Risk; The data used for the analysis of indirect income was computed based on the proportional method for all companies owned by Sonae Sierra; for Sonae, the analysis was done using the consolidation method for each company, as stated in the consolidated financial accounts.

Net Invested capital	Total net debt + total shareholder funds
Investment properties	Shopping centres in operation owned by Sonae Sierra
Liquidity	Cash & equivalents + current investments
Like for Like sales ("LfL")	Sales made by stores that operated in both periods under the same conditions. Excludes stores opened, closed or which suffered major upgrade works in one of the periods
Loan to value Holding	Holding Net debt/ Investment Portfolio Gross Asset Value; gross asset value based on Market multiples, real estate NAV and market capitalization for listed companies
Loan to value Shopping Centres	Net debt / (investment properties + properties under Development)
Net asset value (NAV)	Open market value attributable to Sonae Sierra - net debt - minorities + deferred tax liabilities
Net Debt	Bonds + bank loans + other loans + financial leases + shareholder loans – cash, bank deposits, current investments and other long term financial applications
Other income	Share of results of associated undertakings + dividends
Other loans	Bonds, leasing and derivatives
Open market value (OMV)	Fair value of properties in operation and under development (100%), provided by an independent entity
RoIC (Return on invested capital)	EBIT(12 months) /Net invested capital
ROE (Return on Equity)	Total net income n (equity holders)/ Shareholders' Funds n-1 (equity holders)
Recurrent EBITDA	EBITDA excluding non-recurrent items, namely gains in sales of investments and other movements that distort comparability
Shopping Centre Services business	Asset management services + property management services
Technical investment	Tangible assets + intangible assets + other fixed assets – depreciations and amortizations
Value created on investment and development properties (VCIDP)	Increase (decrease) in the valuation of shopping centres in operation and under development; shopping centres under development are only included if a high degree of certainty concerning their conclusion and opening exists.

Consolidated Income Statement

Consolidated profit and loss account(1)
Million euros	9M10	9M11	Var	3Q10	3Q11	Var
Direct results
Turnover	4.231	4.172	-1,4%	1.487	1.468	-1,2%
Recurrent EBITDA (2)	480	471	-2,0%	185	185	0,0%
Recurrent EBITDA m argin	11,3%	11,3%	-0,1 p.p	12,4%	12,6%	0,1 p.p
EBITDA	493	481	-2,4%	188	182	-3,0%
EBITDA m argin	11,6%	11,5%	-0,1 p.p	12,6%	12,4%	-0,2 p.p
Provisions & im pairm ents (3)	-15	-21	-46,5%	-5	-8	-78,2%
Depreciations & am ortizations	-218	-231	-5,8%	-72	-77	-7,8%
EBIT	260	230	-11,6%	111	97	-12,5%
Net financial Activity	-78	-78	-0,8%	-27	-26	4,1%
Other item s (4)	0	0	-	0	0	-
EBT	183	151	-17,2%	84	72	-14,4%
Taxes	-42	-17	58,8%	-17	-5	73,3%
Direct results	141	134	-4,8%	67	67	0,5%
Group share	113	92	-17,9%	58	50	-13,5%
Minority interests	28	42	47,9%	9	17	88,3%
Shopping centers indirect results
Indirect results (5)	-24	-12	48,6%	1	-4	-
Group share	-15	-8	43,8%	-1	-1	28,2%
Minority interests	-9	-4	56,3%	2	-3	-
Net incom e
Net incom e	117	122	4,3%	68	64	-6,9%
Group share	98	84	-14,0%	57	49	-13,3%
Minority interests	19	38	99,6%	11	14	25,0%
(1) 9M figures are unaudited; (2) EBITDA excluiding extraordinary items; (3) Includes reversion o undertakings + dividends; (5) Statutory figures. For management purposes, Sonae uses the decomposition o financial statements.				f impairments and negative goodwill; (4) Share o f the Indirect Result according to the notes to the consolidated	f results o	f associated

Consolidated Balance Sheet

Balance sheet(1)

Million euros

	9M10	9M11	Var	YE10	Var
TOTAL ASSETS	7.382	7.475	1,3%	7.552	-1,0%
Non current assets	6.018	5.915	-1,7%	6.046	-2,2%
Tangible and intangible assets	3.189	3.109	-2,5%	3.182	-2,3%
Goodwill	734	738	0,5%	741	-0,4%
Investm ent properties in operation	1.617	1.564	-3,3%	1.631	-4,2%
Investm ent properties under developm ent	101	111	9,2%	102	8,8%
Other investm ents	96	109	13,9%	113	-3,7%
Deferred tax assets	235	233	-1,0%	221	5,5%
Others	45	52	14,9%	56	-6,5%
Current assets	1.364	1.559	14,3%	1.506	3,5%
Stocks	639	648	1,4%	682	-5,0%
Trade debtors	181	174	-3,8%	187	-7,0%
Liquidity	183	320	74,9%	263	21,5%
Others (2)	- 361 € €	- 417	15,6%	- 374 €	-11,8%
SHAREHOLDERS' FUNDS	1.764	1.940	10,0%	1.862	4,2%
Equity holders	1.257	1.331	5,8%	1.337	-0,5%
Attributable to m inority interests	506	609	20,3%	524	16,2%
LIABILITIES	5.618	5.535	-1,5%	5.690	-2,7%
Non-current liabilities	3.744	3.177	-15,2%	3.455	-8,1%
Bank loans	1.315	1.143	-13,1%	1.128	1,4%
Other loans	1.811	1.444	-20,2%	1.712	-15,6%
Deferred tax liabilities	369	380	3,0%	371	2,2%
Provisions	58	70	20,0%	63	10,9%
Others	191	140	-26,9%	181	-22,9%
Current liabilities	1.874	2.358	25,8%	2.235	5,5%
Bank loans	134	307	129,4%	165	86,5%
Other loans	13	370	-	100	-
Trade creditors	1.053	1.077	2,3%	1.265	-14,8%
Others	674	603	-10,5%	706	-14,5%
SHAREHOLDERS' FUNDS + LIABILITIES	7.382	7.475	1,3%	7.552	-1,0%

(1) 9M figures are unaudited; (2)Includes assets available for sale.

Maia, 22 November 2011

The Board of Directors

Belmiro Mendes de Azevedo

Michel Marie Bon

Álvaro Carmona e Costa Portela

José Neves Adelino

Álvaro Cuervo Garcia

Duarte Paulo Teixeira de Azevedo

Bernd Bothe

Ângelo Gabriel Ribeirinho dos Santos Paupério

Christine Cross

Nuno Manuel Moniz Trigoso Jordão

Condensed consolidated financial statements

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2011 AND 2010 AND AT 31 DECEMBER 2010

(Translation of condensed consolidated financial statements originally issued in Portuguese.

In case of discrepancy the Portuguese version prevails.)

(Amounts expressed in euro)

ASSETS	Notes	30 September 2011	30 September 2010	31 December 2010
NON-CURRENT ASSETS: Tangible assets	9	2,669,438,214	2,731,767,364	2,721,492,972
Intangible assets	10	439,329,787	457,295,105	460,368,523
Investment properties	11	1,674,272,327	1,717,990,241	1,733,205,596
Goodwill	12	738,102,997	734,272,294	740,738,759
Investments in associates	6	68,590,230	84,069,078	70,031,466
Other investments	7 and 13	40,658,842	11,824,326	43,468,060
Deferred tax assets	16	232,858,910	235,181,133	220,721,455
Other non-current assets Total Non-Current Assets	14	52,065,628 5,915,316,935	45,300,662 6,017,700,203	55,699,300 6,045,726,131
CURRENT ASSETS:
Inventories		647,928,850	639,067,374	682,103,957
Trade accounts receivable and other current assets	15	590,838,179	542,076,127	551,237,994
Investments	13	5,478,059	48,588,558	15,653,114
Cash and cash equivalents Total Current Assets	17	314,415,747 1,558,660,835	134,362,275 1,364,094,334	247,592,050 1,496,587,115
Assets available for sale		720,338	-	9,500,686
TOTAL ASSETS		7,474,698,108	7,381,794,537	7,551,813,932
EQUITY AND LIABILITIES
EQUITY:
Share capital	18	2,000,000,000	2,000,000,000	2,000,000,000
Own shares		(131,895,330)	(135,679,489)	(135,679,489)
Reserves and retained earnings		(621,379,906)	(704,852,897)	(694,787,895)
Profit/(Loss) for the period attributable to the equity holders of the Parent Company		84,113,508	97,852,873	167,940,582
Equity attributable to the equity holders of the Parent Company		1,330,838,272	1,257,320,487	1,337,473,198
Equity attributable to non-controlling interests	19	609,038,167	506,228,473	524,088,940
TOTAL EQUITY		1,939,876,439	1,763,548,960	1,861,562,138
LIABILITIES:
NON-CURRENT LIABILITIES:
Loans	20	2,587,645,272	3,126,358,370	2,839,950,773
Other non-current liabilities	22	139,737,656	191,214,931	181,359,120
Deferred tax liabilities	16	379,572,899	368,572,648	371,308,829
Provisions	25	69,681,332	58,070,949	62,823,444
Total Non-Current Liabilities		3,176,637,159	3,744,216,898	3,455,442,166
CURRENT LIABILITIES:
Loans	20	677,570,854	147,002,650	264,464,248
Trade creditors and other current liabilities	24	1,677,417,594	1,724,937,592	1,967,607,152
Provisions	25	3,196,062	2,088,437	2,738,228
Total Current Liabilities		2,358,184,510	1,874,028,679	2,234,809,628
TOTAL LIABILITIES		5,534,821,669	5,618,245,577	5,690,251,794
TOTAL EQUITY AND LIABILITIES		7,474,698,108	7,381,794,537	7,551,813,932
The accompanying notes are part of these condensed consolidated financial statements.
			The Board of Directors
16				22.11.2011

CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE PERIODS ENDED 30 SEPTEMBER 2011 AND 2010

(Translation of condensed consolidated financial statements originally issued in Portuguese.

In case of discrepancy the Portuguese version prevails.)

(Amounts expressed in euro)

	Notes	rd Quarter 2011 3	rd Quarter 2010 3	30 September 2011	30 September 2010 Note 1
Sales		1,199,253,697	1,212,544,279	3,373,046,671	3,422,308,853
Services rendered		269,233,240	274,259,127	798,523,227	808,746,276
Value created on investment properties	11	(373,970)	7,349,803	3,714,118	3,391,846
Investment income		(93,337)	1,000,427	36,984	5,890,703
Financial income		6,634,706	2,281,490	15,416,345	9,073,419
Other income		95,785,081	100,318,030	360,474,549	317,592,429
Cost of goods sold and materials consumed		(915,606,667)	(931,604,057)	(2,642,045,375)	(2,669,665,305)
Changes in stocks of finished goods and work in progress		31,655	(176,378)	397,922	120,119
External supplies and services		(269,633,845)	(274,738,275)	(807,873,296)	(814,867,121)
Staff costs		(170,565,452)	(167,381,192)	(532,146,595)	(511,516,888)
Depreciation and amortisation	9 and 10	(77,447,244)	(71,866,576)	(230,590,936)	(217,960,920)
Provisions and impairment losses		(11,976,922)	(7,610,094)	(31,480,358)	(25,080,145)
Financial expense		(32,254,663)	(28,987,259)	(94,873,643)	(86,892,611)
Other expenses		(21,775,152)	(24,635,753)	(61,309,422)	(59,589,594)
Share of results of associated undertakings	6	(923,508)	(528,801)	(4,040,840)	(803,418)
Profit/(Loss) before taxation		70,287,619	90,224,771	147,249,351	180,747,643
Taxation	28	(6,667,508)	(21,912,949)	(25,575,432)	(64,073,429)
Profit/(Loss) after taxation	-	63,620,111	68,311,822	121,673,919	116,674,214
Attributable to:
Equity holders of the Parent Company		49,372,412	56,913,700	84,113,508	97,852,873
Non-controlling interests	19	14,247,699	11,398,122	37,560,411	18,821,341
Profit/(Loss) per share
Basic	29	0.026358	0.030443	0.044905	0.052341
Diluted	29	0.026237	0.030314	0.044712	0.052147

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED 30 SEPTEMBER 2011 AND 2010

(Translation of condensed consolidated financial statements originally issued in Portuguese.

In case of discrepancy the Portuguese version prevails.)

(Amounts expressed in euro)

	3rd Quarter 2011	3rd Quarter 2010	30 September 2011	30 September 2010
Net Profit / (Loss) for the period	63,620,110	68,311,822	121,673,919	116,674,214
Exchange differences arising on translation of foreign operations	(29,644,015)	(9,395,378)	(32,787,255)	14,998,024
Participation in other comprehensive income (net of tax) related to associated companies included in consolidation by the equity method	(264,795)	(1,432,673)	3,214,668	(3,794,377)
Changes on fair value of available-for-sale financial assets	(996,000)	(664,000)	(2,656,000)	(6,474,000)
Changes in hedge and fair value reserves	(9,103,942)	(2,098,270)	4,679,013	(9,060,175)
Deferred related to changes in fair values reserves	1,439,019	(232,084)	(1,001,498)	69,239
Others	(888,515)	464,984	(606,248)	(297,916)
Other comprehensive income for the period	(39,458,248)	(13,357,421)	(29,157,320)	(4,559,205)
Total comprehensive income for the period	24,161,862	54,954,401	92,516,599	112,115,009
Attributable to:
Equity holders of parent company	20,868,282	46,644,022	63,007,712	93,847,109
Non controlling interests	3,293,580	8,310,379	29,508,887	18,267,900

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

SONAE, S.G.P.S., S.A.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE PERIODS ENDED 30 SEPTEMBER 2011 AND 2010

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

(Amounts expressed in euro)

	Attributable to Equity Holders of Parent Company
					Reserves and Retained Earnings
	Share Capital	Own Shares	Legal Reserve	Currency Translation Reserve	Hedging Reserve	Investments Fair Value Reserve	Other Reserves and Retained Earnings	Total	Net Profit/(Loss)	Total	Non controlling Interests (Note 19)	Total Equity
Balance as at 1 January 2010	2,000,000,000	(136,911,861)	163,229,582	27,670,569	11,801,654	(21,082,667)	(915,302,573)	(733,683,435)	93,760,817	1,223,165,521	477,968,755	1,701,134,276
Total compreensive income for the period	-	-	-	12,089,461	(6,474,000)	(7,155,146)	(2,466,079)	(4,005,764)	97,852,873	93,847,109	18,267,900	112,115,009
Appropriation of profit of 2009:
Transfer to legal reserves and retained earnings	-	-	4,586,452	-	-	-	89,174,365	93,760,817	(93,760,817)	-	-	-
Dividends distributed	-	-	-	-	-	-	(59,264,042)	(59,264,042)	-	(59,264,042)	(1,752,069)	(61,016,111)
Disposal of own shares/ attribution to employees	-	1,232,372	-	-	-	-	(693,484)	(693,484)	-	538,888	(57,894)	480,994
Partial Disposal of affiliated companies	-	-	-	-	-	-	748,000	748,000	-	748,000	(877,017)	(129,017)
Capital increase and share premium	-	-	-	-	-	-	-	-	-	-	15,287,888	15,287,888
Others	-	-	-	-	-	-	(1,714,989)	(1,714,989)	-	(1,714,989)	(2,609,090)	(4,324,079)
Balance as at 30 September 2010	2,000,000,000	(135,679,489)	167,816,034	39,760,030	5,327,654	(28,237,813)	(889,518,802)	(704,852,897)	97,852,873	1,257,320,487	506,228,473	1,763,548,960
Saldo em 1 de Janeiro de 2011	2,000,000,000	(135,679,489)	167,816,034	46,340,054	4,829,654	(18,288,904)	(895,484,733)	(694,787,895)	167,940,582	1,337,473,198	524,088,940	1,861,562,138
Total compreensive income for the period	-	-	-	(23,848,948)	(2,656,000)	3,855,419	1,543,733	(21,105,796)	84,113,508	63,007,712	29,508,887	92,516,599
Appropriation of profit of 2010:
Transfer to legal reserves and retained earnings	-	-	19,321,614	-	-	-	148,618,968	167,940,582	(167,940,582)	-	-	-
Dividends distributed	-	-	-	-	-	-	(66,200,000)	(66,200,000)	-	(66,200,000)	(9,816,968)	(76,016,968)
Disposal of own shares/ attribution to employees	-	3,784,159	-	-	-	-	4,786,468	4,786,468	-	8,570,627	-	8,570,627
Partial disposal or aquisitions of affiliated companies	-	-	-	(5,696,771)	-	-	(6,449,635)	(12,146,406)	-	(12,146,406)	65,351,146	53,204,740
Aquisitions of affiliated companies	-	-	-	-	-	-	-	-	-	-	282,237	282,237
Others	-	-	-	-	-	-	133,141	133,141	-	133,141	(376,075)	(242,934)
Balance as at 30 September 2011	2,000,000,000	(131,895,330)	187,137,648	16,794,335	2,173,654	(14,433,485)	(813,052,058)	(621,379,906)	84,113,508	1,330,838,272	609,038,167	1,939,876,439

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

19 22.11.2011

SONAE, S.G.P.S., S.A.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED 30 SEPTEMBER 2011 AND 2010

(Translation of condensed consolidated financial statements originally issued in Portuguese.

In case of discrepancy the Portuguese version prevails.)

(Amounts expressed in euro)

	Notes	3rd Quarter 2011	3rd Quarter 2010	30 September 2011	30 September 2010
OPERATING ACTIVITIES
Net cash flow from operating activities (1)		176,881,089	153,231,604	180,061,813	222,103,951
INVESTMENT ACTIVITIES
Cash receipts arising from:
Investments		593,446	3,214,294	11,872,506	59,242,424
Tangible, intangible assets and investments properties		1,163,041	35,976,477	134,852,030	63,811,802
Dividends		208,874	356,023	634,211	1,267,496
Others		4,487,515	1,034,842	19,958,249	17,234,629
		6,452,876	40,581,636	167,316,996	141,556,351
Cash Payments arising from:
Investments		(3,923,804)	(9,048,399)	(14,280,211)	(20,104,156)
Tangible, intangible assets and investments properties		(80,076,743)	(90,870,892)	(278,139,803)	(315,146,942)
Others		(33,458,977)	(484,805)	(35,649,137)	(846,596)
		(117,459,524)	(100,404,096)	(328,069,151)	(336,097,694)
Net cash used in investment activities (2)		(111,006,648)	(59,822,460)	(160,752,155)	(194,541,343)
FINANCING ACTIVITIES
Cash receipts arising from:
Loans obtained		1,734,012,485	1,150,124,478	2,995,180,346	4,500,305,077
Capital increases, shareholder's loans and share premiums		-	67,885	-	71,500
Others		-	-	49,967,319	-
		1,734,012,485	1,150,192,363	3,045,147,665	4,500,376,577
Cash Payments arising from:
Loans obtained		(1,720,021,815)	(1,193,222,401)	(2,832,451,221)	(4,401,625,689)
Interest and similar charges		(37,802,776)	(27,721,925)	(92,057,820)	(81,909,450)
Dividends		(504,894)	(431,774)	(76,145,590)	(64,742,809)
Others		(752,009)	13,452,456	(4,189,457)	(10,015,932)
		(1,759,081,494)	(1,207,923,644)	(3,004,844,088)	(4,558,293,880)
Net cash used in financing activities (3)		(25,069,009)	(57,731,281)	40,303,577	(57,917,303)
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)		40,805,432	35,677,863	59,613,235	(30,354,695)
Effect of foreign exchange rate		4,191,846	673,296	3,940,501	(976,082)
Cash and cash equivalents at the beginning of the period	17	256,533,081	84,083,073	237,473,933	148,466,253
Cash and cash equivalents at the end of the period	17	293,146,667	119,087,640	293,146,667	119,087,640

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

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS FOR THE PERIOD ENDED

30 SEPTEMBER 2011

(Amounts expressed in euro)

(Translation of condensed consolidated financial statements originally issued in Portuguese.

In case of discrepancies the Portuguese version prevails.)

1 INTRODUCTION

SONAE, SGPS, SA ("Sonae Holding"), has its head office at Lugar do Espido, Via Norte, Apartado 1011, 4471-909 Maia, Portugal, and is the parent company of a group of companies, as detailed in Notes 4 to 7 ("Sonae"). Sonae`s operations and operating segments are described in Note 31.

Revenue recognition Geostar business

According to the recent amendment to IAS 18, revenues must include the gross inflows of economic benefits received and receivable by the entity of its own. Amounts collected on behalf of third parties are not economic benefits which flow to the entity and are therefore excluded from revenue. This methodological change resulted in the restatement of turnover and related costs for the same period of 30 September 2010.

2 PRINCIPAL ACCOUNTING POLICIES

The accounting policies adopted are consistent with those followed in the preparation of annual financial statements for the year ended 31 December 2010.

2.1. Basis of preparation

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

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

3 CHANGES IN ACCOUNTING POLICIES

During the period were adopted a set of accounting standards, interpretations, amendments and revisions issued in previous years and whose implementation has become mandatory for the year 2011 as disclosed in financial statements for the year ended 31 December 2010, which did not have significant impacts on the financial statements 30 September 2011.

4 GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

Group companies included in the consolidated financial statements, their head offices and percentage of share capital held by Sonae as at 30 September 2011 and 31 December 2010 are as follows:

						31 December 2010
COMPANY		Head Office	Direct	Total	Direct	Total
Sonae - SGPS, S.A.		Maia	HOLDING	HOLDING	HOLDING	HOLDING
Retail
Arat Inmuebles, SA	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
Azulino Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
BB Food Service, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Bertimóvel - Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Best Offer - Prestação de Informações por	a)	Maia	100.00%	100.00%	100.00%	100.00%
Bikini, Portal de Mulheres, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Bom Momento - Comércio Retalhista, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Canasta - Empreendimentos Imobiliários, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Carnes do Continente - Indústria e Distribuição	a)	Santarém	100.00%	100.00%	100.00%	100.00%
Chão Verde - Sociedade de Gestão Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Citorres - Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Contibomba - Comércio e Distribuição de	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Contimobe - Imobiliária de Castelo de Paiva, SA	a)	Castelo de Paiva	100.00%	100.00%	100.00%	100.00%
Continente Hipermercados, SA	a)	Lisbon	100.00%	100.00%	100.00%	100.00%
Cumulativa - Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Discovery Sports, SA	a)	Matosinhos	100.00%	100.00%	-	-
Edições Book.it, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Efanor - Design e Serviços, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Estevão Neves - Hipermercados da Madeira, SA	a)	Madeira	100.00%	100.00%	100.00%	100.00%
Farmácia Selecção, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Fashion Division, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Internet, SA Carnes, SA Combustíveis, SA				30 September 2011	Percentage of capital held

1)	Fashion Division Canárias, SL	a)	Tenerife (Spain)	100.00%	100.00%	-	-
	Fozimo - Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Fozmassimo - Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Fundo de Investimento Imobiliário Fechado Imosede	a)	Maia	54.55%	54.55%	54.55%	54.55%
	Fundo de Investimento Imobiliário Imosonae Dois	a)	Maia	100.00%	100.00%	100.00%	100.00%
2)	Global S - Hipermercado, Lda	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
2)	Good and Cheap - Comércio Retalhista, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
2)	Hipotética - Comércio Retalhista, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Igimo - Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Iginha - Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Imoconti - Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Imoestrutura - Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imomuro - Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Imoresultado - Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imosistema - Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Infofield - Informática, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
4)	Just Sport - Comércio de Artigos de Desporto, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Marcas MC, zRT	a)	Budapest (Hungary)	100.00%	100.00%	100.00%	100.00%
	MJLF - Empreendimentos Imobiliários, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Modalfa - Comércio e Serviços, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Modalloop - Vestuário e Calçado, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Modelo Continente Hipermercados, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Modelo Hiper Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Modelo Continente International Trade, SA	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
	Modelo.com - Vendas p/Correspond., SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
4)	NA - Comércio de Artigos de Desporto, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
5)	NA - Equipamentos para o Lar, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Peixes do Continente - Indústria e Distribuição de Peixes, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Pharmacontinente - Saúde e Higiene, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Pharmaconcept – Actividades em Saúde, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Predicomercial - Promoção Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Selifa - Empreendimentos Imobiliários de Fafe, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Sempre à Mão - Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Sesagest - Proj.Gestão Imobiliária, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	SIAL Participações, Ltda	a)	São Paulo (Brazil)	100.00%	100.00%	100.00%	100.00%

	Socijofra - Sociedade Imobiliária, SA	a)	Gondomar	100.00%	100.00%	100.00%	100.00%
	Sociloures - Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Soflorin, BV	a)	Amesterdam (The Netherlands)	100.00%	100.00%	100.00%	100.00%
2)	Solaris Supermercados, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Sonae Capital Brasil, Lda	a)	São Paulo (Brazil)	100.00%	100.00%	100.00%	100.00%
	Sonae Center Serviços II, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Sonae Investimentos, SGPS, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Sonae MC – Modelo Continente SGPS, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Sonae Retalho España - Servicios Generales, SA	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
8)	Sonaegest-Soc.Gest.Fundos Investimentos, SA	a)	Maia	100.00%	90.00%	80.00%	70.00%
	Sonaerp - Retail Properties, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	Sport Zone Canárias, SL	a)	Tenerife (Spain)	51.00%	51.00%	51.00%	51.00%
	Sonae Specialized Retail, SGPS, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Sondis Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Sonvecap, BV	a)	Amesterdam (The Netherlands)	100.00%	100.00%	100.00%	100.00%
	Sport Zone - Comércio de Artigos de Desporto, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Sport Zone Espanã - Comércio de Articulos de Deporte, SA	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
1)	Sport Zone spor malz.per.satis ith.ve tic.ltd.sti	a)	Istanbul (Turkey)	100.00%	100.00%	-	-
	Têxtil do Marco, SA	a)	Marco de Canaveses	92.76%	92.76%	92.76%	92.76%
	Tlantic Portugal - Sistemas de Informação, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Tlantic Sistemas de Informação, Ltda	a)	Porto Alegre (Brazil)	100.00%	100.00%	100.00%	100.00%
	Todos os Dias - Com. Ret. Expl. C. Comer., SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Valor N, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
5)	Well W - Electrodomésticos e Equipamentos, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Worten - Equipamento para o Lar, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Worten España Distribución, S.L.	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
6)	Worten Canárias, SL	a)	Tenerife (Spain)	51.00%	51.00%	100.00%	100.00%
	Zippy – Comércio e Distribuição, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Zippy - Comércio Y Distribución, SA	a)	Madrid (Spain)	100.00%	100.00%	100.00%	100.00%
1)	Zippy cocuk malz.dag.ith.ve tic.ltd.sti	a)	Istanbul (Turkey)	100.00%	100.00%	-	-
1)	ZYEvolution-Invest.Desenv.,SA	a)	Matosinhos	100.00%	100.00%	-	-

Telecommunications

	Be Artis - Concepção, Construção e Gestão de Redes de Comunicações, SA Be Towering – Gestão de Torres de	a)	Maia	100.00%	54.51%	100.00%	54.54%
	Telecomunicações, SA	a)	Maia	100.00%	54.51%	100.00%	54.54%
	Cape Tecnologies Limited	a)	Dublin (Ireland)	100.00%	54.51%	100.00%	54.54%
	Digitmarket - Sistemas de Informação, SA	a)	Maia	75.10%	40.94%	75.10%	40.96%
	Lugares Virtuais, SA	a)	Maia	100.00%	54.51%	100.00%	54.54%
10)	M3G - Edições Digitais, SA	a)	Maia	100.00%	54.51%	100.00%	54.54%
	Magma - Operação de Titularização de Créditos	c)	Portugal	100.00%	54.51%	100.00%	54.54%
	Mainroad Serviços em Tecnologias de Informação, SA	a)	Maia	100.00%	54.51%	100.00%	54.54%
	Miauger - Org. Gestão Leilões Electrónicos, SA	a)	Maia	100.00%	54.51%	100.00%	54.54%
	Optimus - Comunicações, SA	a)	Maia	100.00%	54.51%	100.00%	54.54%
	PCJ-Público, Comunicação e Jornalismo, SA	a)	Maia	100.00%	54.51%	100,00%	54.54%
	Per-Mar - Sociedade de Construções, SA	a)	Maia	100.00%	54.51%	100.00%	54.54%
	Praesidium Services Limited	a)	Berkshire (U.K.)	100.00%	54.51%	100.00%	54.54%
	Público - Comunicação Social, SA	a)	Porto	100.00%	54.51%	100.00%	54.54%
	Saphety Level - Trusted Services, SA	a)	Maia	86.99%	47.42%	86.99%	47.45%
	Sonaecom BV	a)	Amesterdam (The Netherlands)	100.00%	54.51%	100.00%	54.54%
	Sonae Telecom, SGPS, SA	a)	Maia	100.00%	54.51%	100.00%	54.54%
	Sonaecom - Sistemas de Informação, SGPS, SA	a)	Maia	100.00%	54.51%	100.00%	54.54%
	Sonaecom - Sistemas de Información España, SL	a)	Madrid	100.00%	54.51%	100.00%	54.54%
	Sonaecom, SGPS, SA	a)	Maia	55.63%	54.51%	55.69%	54.54%
	Sonaetelecom, BV	a)	Amesterdam (The Netherlands)	100.00%	54.51%	100.00%	54.54%
	Sontária - Empreendimentos Imobiliários, SA	a)	Maia	100.00%	54.51%	100,00%	54.54%
	Tecnológica Telecomunicações, Ltda	a)	Rio de Janeiro (Brazil)	99.99%	54.46%	99.99%	54.49%
	We Do Consulting - Sistemas de Informação, SA	a)	Maia	100.00%	54.51%	100.00%	54.54%
	We Do Brasil Soluções Informáticas, Ltda	a)	Rio de Janeiro (Brazil)	99.91%	54.46%	99.91%	54.49%
	We Do Poland Sp.Z.o.o.	a)	Posnan (Poland)	100.00%	54.51%	100.00%	54.54%
	We Do Tecnologies Americas, Inc.	a)	Miami (USA)	100.00%	54.51%	100.00%	54.54%
	We Do Technologies Australia PTY Limited	a)	Australia	100.00%	54.51%	100.00%	54.54%
	We Do Tecnologies BV	a)	Amesterdam (The Netherlands)	100.00%	54.51%	100.00%	54.54%
	We Do Technologies Chile, SpA	a)	Santiago (Chile)	100.00%	54.51%	100.00%	54.54%
	We Do Technologies Egypt Limited Liability Company	a)	Cairo (Egypt)	100.00%	54.51%	100.00%	54.54%
	We Do Technologies Mexico S. de RL	a)	Mexico City	100.00%	54.51%	100.00%	54.54%
	We Do Technologies Panamá SA	a)	Panama City	100.00%	54.51%	100.00%	54.54%
	We Do Technologies Singapore PTE. LDT	a)	Singapore	100.00%	54.51%	100.00%	54.54%
			25				22.11.2011

	We Do Technologies (UK) Limited	a)	Berkshire (U.K.)	100.00%	54.51%	100.00%	54.54%
	Investment Management
	ADD Avaliações Engenharia de Avaliações e Perícias, Ltda	a)	Brazil	100.00%	50.00%	100.00%	50.00%
	ADDmakler Administração e Corretagem de Seguros, Ltda	a)	Brazil	99.98%	50.00%	99.98%	50.00%
	ADDmakler Administradora, Corretora de Seguros Partic. Ltda	a)	Brazil	100.00%	50.00%	100.00%	50.00%
	Fontana Corretora de Seguros Ltda	a)	Brazil	99.99%	50.01%	99.99%	50.01%
	Herco Consultoria de Risco e Corretora de Seguros, Ltda	a)	Brazil	100.00%	50.01%	100.00%	50.01%
	Larim Corretora de Resseguros Ltda	a)	Brazil	99.99%	50.01%	99.99%	50.01%
	Lazam/mds Correctora Ltda	a)	Brazil	100.00%	50.01%	100.00%	50.01%
11)	MDS Auto - Mediação de Seguros, SA	a)	Porto	50.01%	25.01%	50.00%	25.01%
	MDS - Corretor de Seguros, SA	a)	Porto	100.00%	50.01%	100.00%	50.01%
	MDS, SGPS, SA	a)	Maia	50.01%	50.01%	50.01%	50.01%
	MDS Consultores, SA	a)	Maia	100.00%	50.01%	100.00%	50.01%
1)	Mds Knowledge Centre, Unipessoal, Lda	a)	Lisboa	100.00%	100.00%	-	-
9)	MDS Affinity – Sociedade de Mediação, Lda	a)	Porto	100.00%	50.01%	100.00%	50.01%
	Miral Administração e Corretagem de Seguros, Ltda	a)	Brazil	100.00%	50.01%	100.00%	50.01%
7)	Polinsur - Mediação de Seguros, Lda	a)	Oeiras	100.00%	50.01%	-	-
	Modelo - Distribuição de Materiais de Construção, SA	b)	Maia	50.00%	50.00%	50.00%	50.00%
	Quorum Corretora de Seguros, Ltda	a)	Brazil	100.00%	50.01%	100.00%	50.01%
	RSI Corretora de Seguros, Ltda	a)	Brazil	100.00%	50.01%	100.00%	50.01%
7)	Serenitas - Soc. Mediação Seguros, Lda	a)	Lisboa	100.00%	50.01%	-	-
	Terra Nossa Corretora de Seguros, Ltda	a)	Brazil	100.00%	50.01%	100.00%	50.01%
	Others
	Libra Serviços, Lda	a)	Funchal	100.00%	100.00%	100.00%	100.00%
	Sonae Investments, BV	a)	Amesterdam (The Netherlands)	100.00%	100.00%	100.00%	100.00%
	Sonae RE, SA	a)	Luxembourg	99.92%	99.92%	99.92%	99.92%
	Sonaecenter Serviços, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Sontel, BV	a)	Amesterdam (The Netherlands)	100.00%	100.00%	100.00%	100.00%

a) Majority of voting rights;

b) Management control;

c) Control determined in accordance with SIC 12 - Special purpose entities.

1) Companies created during the period;

2) Companies merged into Modelo Continente Hipermercados, SA, at 1 January 2011;

• 3) Companies merged into Modalfa Comércio e Serviços, SA, at 1 January 2011;
• 4) Companies merged into Sport Zone- Comércio de Artigos de Desporto, SA, at 1 January 2011;
• 5) Companies merged into Worten Equipamentos para o Lar, SA, at 1 January 2011;
• 6) Capital increase in the subsidiary made by non-controlling interests resulting in a dilution of interests over the subsidiary;
• 7) Subsidiary acquired during the period;
• 8) Company previously included in "Others" Segment. Reclassified to "Investment Management" segment, by acquisition of 20%;
• 9) Ex- Modelo Continente Seguros Sociedade de Mediação, LDA;
• 10) Companies liquidated in the period;
• 11) Acquisition of shares in July 2011, rising thereafter to hold control of the subsidiary and it includes the full consolidation method.

These group companies are consolidated using the full consolidation method.

5 JOINTLY CONTROLLED COMPANIES

Jointly controlled companies included in the consolidated financial statements, their head offices and the percentage of share capital held by Sonae as at 30 September 2011 and 31 December 2010 are as follows:

		Percentage of capital held
		30 September 2011		31 December 2010
COMPANY	Head Office	Direct	Total	Direct	Total
Shopping Centres
3DO Shopping Centre GmbH	Dusseldorf (Germany)	100.00%	50.00%	100.00%	50.00%
3shoppings - Holding, SGPS, SA	Maia	100.00%	25.05%	100.00%	25.05%
Adlands BV	Amesterdam (The Netherlands)	100.00%	25.00%	50.00%	25.00%
Aegean Park, SA	Athens (Greece)	100.00%	25.00%	100.00%	25.00%
Airone - Shopping Centre, Srl	Milan (Italy)	100.00%	25.05%	100.00%	25.05%
ALEXA Administration GmbH	Berlin (Germany)	100.00%	25.00%	100.00%	25.00%
ALEXA Holding GmbH	Dusseldorf (Germany)	50.00%	25.00%	50.00%	25.00%
ALEXA Shopping Centre GmbH	Dusseldorf (Germany)	100.00%	25.00%	100.00%	25.00%
Algarveshopping - Centro Comercial, SA	Maia	100.00%	25.05%	100.00%	25.05%
ARP Alverca Retail Park, SA	Maia	50.00%	25.00%	50.00%	25.00%
Arrábidashopping - Centro Comercial, SA	Maia	50.00%	12.53%	50.00%	12.53%
Avenida M-40, BV	Amesterdam (The Netherlands)	100.00%	25.05%	100.00%	25.05%
Beralands BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%

Cascaishopping - Centro Comercial, SA	Maia	50.00%	12.53%	50.00%	12.53%
Cascaishopping Holding I, SGPS, SA	Maia	100.00%	25.05%	100.00%	25.05%
CCCB Caldas da Rainha - Centro Comercial,SA	Maia	100.00%	50.00%	100.00%	50.00%
Centro Colombo - Centro Comercial, SA	Maia	100.00%	12.53%	100.00%	12.53%
Centro Vasco da Gama - Centro Comercial, SA	Maia	50.00%	12.53%	50.00%	12.53%
Coimbrashopping - Centro Comercial, SA	Maia	100.00%	25.05%	100.00%	25.05%
Colombo Towers Holding, BV	The Hague (The Netherlands)	50.00%	25.00%	50.00%	25.00%
Craiova Mall BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
Dortmund Tower GmbH	Dusseldorf (Germany)	100.00%	50.00%	100.00%	50.00%
Dos Mares - Shopping Centre, BV	Amesterdam (The Netherlands)	100.00%	25.05%	100.00%	25.05%
Dos Mares - Shopping Centre, SA	Madrid (Spain)	100.00%	25.05%	100.00%	25.05%
El Rosal Shopping, SA	Madrid (Spain)	100.00%	50.00%	100.00%	50.00%
Estação Viana - Centro Comercial, SA	Viana do Castelo	100.00%	25.05%	100.00%	25.05%
Freccia Rossa - Shopping Centre, Srl	Milan (Italy)	50.00%	25.00%	50.00%	25.00%
Fundo Investimento Imob. Parque Dom Pedro Shopping Center, SA	São Paulo (Brazil)	15.97%	3.99%	15.97%	3.99%
Fundo Investimento Imob. Shopping Parque D. Pedro Shopping, SA	São Paulo (Brazil)	87.61%	16.90%	87.61%	21.27%
Gaiashopping I - Centro Comercial, SA	Maia	50.00%	12.53%	50.00%	12.53%
Gaiashopping II - Centro Comercial, SA	Maia	100.00%	12.53%	100.00%	12.53%
Gli Orsi 1 Shopping Centre, Srl	Milan (Italy)	100.00%	50.00%	100.00%	50.00%
Guimarãeshopping - Centro Comercial, SA	Maia	100.00%	25.05%	100.00%	25.05%
Harvey Dos Iberica, SL	Madrid (Spain)	50.00%	12.53%	50.00%	12.53%
Le Terrazze – Shopping Centre 1, Srl	Milan (Italy)	50.00%	25.00%	50.00%	25.00%
Iberian Assets, SA	Madrid (Spain)	49.80%	12.48%	49.80%	12.48%
Inparsa - Gestão de Galeria Comerc., SA	Maia	100.00%	50.00%	100.00%	50.00%
Ioannina Development of Shopping Centres, SA	Athens (Greece)	100.00%	50.00%	100.00%	50.00%
La Farga - Shopping Centre, SL	Madrid (Spain)	100.00%	12.48%	100.00%	12.48%
Larissa Development of Shopping Centres, SA	Athens (Greece)	100.00%	25.00%	100.00%	25.00%
Loop 5 - Shopping Centre Gmbh	Dusseldorf(Germany)	50.00%	25.00%	50.00%	25.00%
Luz del Tajo - Centro Comercial, SA	Madrid (Spain)	100.00%	25.05%	100.00%	25.05%
Luz del Tajo, BV	Amesterdam (The Netherlands)	100.00%	25.05%	100.00%	25.05%
Madeirashopping - Centro Comercial, SA	Funchal (Madeira)	50.00%	12.53%	50.00%	12.53%
Maiashopping - Centro Comercial, SA	Maia	100.00%	25.05%	100.00%	25.05%
Münster Arkaden, BV	Amesterdam (The Netherlands)	100.00%	25.05%	100.00%	25.05%
Norte Shopping Retail and Leisure Centre, BV	Amesterdam (The Netherlands)	50.00%	12.53%	50.00%	12.53%
Norteshopping - Centro Comercial, SA	Maia	100.00%	12.53%	100.00%	12.53%

28 22.11.2011

	Pantheon Plaza BV	Amesterdam (The Netherlands)	50.00%	25.00%	50.00%	25.00%
	Paracentro - Gestão de Galerias Comerciais, SA	Maia	100.00%	50.00%	100.00%	50.00%
	Park Avenue Developement of Shopping Centers, SA	Athens (Greece)	100.00%	25.00%	100.00%	25.00%
	Parque Atlântico Shopping - Centro Comercial SA	Ponta Delgada (Azores)	50.00%	12.53%	50.00%	12.53%
	Parque D. Pedro 1, BV Sarl	Luxembourg	100.00%	25.00%	100.00%	25.00%
	Parque de Famalicão - Empreendimentos Imobiliários, SA	Maia	100.00%	50.00%	100.00%	50.00%
	Parque Principado, SL	Madrid (Spain)	50.00%	12.53%	50.00%	12.53%
	Pátio Boavista Shopping, Ltda	São Paulo (Brazil)	100.00%	16.66%	100.00%	23.95%
	Pátio Goiânia Shopping, Ltda	São Paulo (Brazil)	100.00%	16.66%	100.00%	23.95%
	Pátio Londrina Empreendimentos e Participações, Ltda	São Paulo (Brazil)	100.00%	16.66%	100.00%	23.95%
	Pátio Penha Shopping, Ltda	São Paulo (Brazil)	100.00%	16.66%	100.00%	23.95%
	Pátio São Bernardo Shopping Ltda	São Paulo (Brazil)	100.00%	16.66%	100.00%	23.95%
	Pátio Sertório Shopping Ltda	São Paulo (Brazil)	100.00%	16.66%	100.00%	23.95%
	Pátio Uberlândia Shopping Ltda	São Paulo (Brazil)	100.00%	16.66%	100.00%	23.95%
	Plaza Eboli - Centro Comercial, SA	Madrid (Spain)	100.00%	50.00%	100.00%	50.00%
	Plaza Eboli, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Plaza Mayor Holding, SGPS, SA	Maia	100.00%	25.05%	100.00%	25.05%
	Plaza Mayor Parque de Ócio, BV	Amesterdam (The Netherlands)	100.00%	25.05%	100.00%	25.05%
	Plaza Mayor Parque de Ócio, SA	Madrid (Spain)	100.00%	25.05%	100.00%	25.05%
	Plaza Mayor Shopping, BV	Amesterdam (The Netherlands)	100.00%	25.05%	100.00%	25.05%
	Plaza Mayor Shopping, SA	Madrid (Spain)	75.00%	18.79%	75.00%	18.79%
3)	Ploi Mall BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
3)	Pridelease Investments, Ltd	Cascais	100.00%	50.00%	100.00%	50.00%
	Project 4, Srl	Milan (Italy)	100.00%	50.00%	100.00%	50.00%
	Project SC 1, BV	Amesterdam (The Netherlands)	50.00%	25.00%	50.00%	25.00%
	Project SC 2, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Project Sierra 2, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Project Sierra 6, BV	Amesterdam (The Netherlands)	50.00%	25.00%	50.00%	25.00%
	Project Sierra 7 BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Project Sierra 8 BV	Amesterdam (The Netherlands)	100.00%	25.05%	100.00%	25.05%
	Project Sierra 9 BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Project Sierra 10 BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Four SA	Bucharest (Romania)	100.00%	50.00%	100.00%	50.00%

	Project Sierra Germany 2 (two), Shopping Centre GmbH	Dusseldorf (Germany)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Germany 3 (three), Shopping Centre, GmbH	Dusseldorf (Germany)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Germany 4 (four), Shopping Centre, GmbH	Dusseldorf (Germany)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Germany Shopping Centre 1 BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Germany Shopping Centre 2 BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
3)	Project Sierra Italy 1 - Shopping Centre, Srl	Milan (Italy)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Italy 2 - Development of Shopping Centres, Srl	Milan (Italy)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Italy 3 - Shopping Centre, Srl	Milan (Italy)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Italy 5 - Development of Shopping Centres Srl	Milan (Italy)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Portugal VIII - Centro Comercial, SA	Maia	100.00%	50.00%	100.00%	50.00%
	Project Sierra Spain 1, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Spain 2 - Centro Comercial, SA	Madrid (Spain)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Spain 2, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Spain 3 - Centro Comercial, SA	Madrid (Spain)	50.00%	25.00%	50.00%	25.00%
	Project Sierra Spain 3, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
3)	Project Sierra Spain 6 - Centro Comercial, SA	Madrid (Spain)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Spain 6, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Spain 7 - Centro Comercial, SA	Madrid (Spain)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Spain 7, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Three Srl	Bucharest (Romania)	100.00%	50.00%	100.00%	50.00%
	Project Sierra Two Srl	Bucharest (Romania)	100.00%	50.00%	100.00%	50.00%
	River Plaza BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	River Plaza Mall, Srl	Bucharest (Romania)	100.00%	50.00%	100.00%	50.00%
	S.C. Microcom Doi Srl	Bucharest (Romania)	100.00%	50.00%	100.00%	50.00%
	SC Aegean, BV	Amesterdam (The Netherlands)	50.00%	25.00%	50.00%	25.00%
	SC Mediterranean Cosmos, BV	Amesterdam (The Netherlands)	50.00%	12.53%	50.00%	12.53%
	Shopping Centre Colombo Holding, BV	Amesterdam (The Netherlands)	50.00%	12.53%	50.00%	12.53%
	Shopping Centre Parque Principado, BV	Amesterdam (The Netherlands)	100.00%	25.05%	100.00%	25.05%
	Sierra Asset Management - Gestão de Activos, SA	Maia	100.00%	50.00%	100.00%	50.00%
	Sierra Brazil 1, BV	Amesterdam (The Netherlands)	100.00%	25.00%	100.00%	25.00%
	Sierra Central, S.A.S.	Santiago de Cali (Colombia)	50.00%	25.00%	50.00%	25.00%

	Sierra Charagionis Development of Shopping Centers, SA	Athens (Greece)	50.00%	25.00%	50.00%	25.00%
3)	Sierra Charagionis Property Management, SA	Athens (Greece)	50.00%	25.00%	50.00%	25.00%
	Sierra Corporate Services - Apoio à Gestão, SA	Lisbon	100.00%	50.00%	100.00%	50.00%
	Sierra Corporate Services Holland, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Sierra Development of Shopping Centres Greece, SA	Athens (Greece)	100.00%	50.00%	100.00%	50.00%
	Sierra Developments - Serviços de Promoção Imobiliária, SA	Maia	100.00%	50.00%	100.00%	50.00%
	Sierra Developments Germany GmbH	Dusseldorf (Germany)	100.00%	50.00%	100.00%	50.00%
	Sierra Berlin Holding BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Sierra Developments Holding, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Sierra Developments Iberia 1, Promoção Imobiliária, SA	Maia	100.00%	50.00%	100.00%	50.00%
	Sierra Developments Italy, Srl	Milan (Italy)	100.00%	50.00%	100.00%	50.00%
	Sierra Developments Romania SRL	Bucharest (Romania)	100.00%	50.00%	100.00%	50.00%
	Sierra Developments Spain - Promociones de Centros Comerciales, SL	Madrid (Spain)	100.00%	50.00%	100.00%	50.00%
	Sierra Developments, SGPS, SA	Maia	100.00%	50.00%	100.00%	50.00%
	Sierra Enplanta, Ltda	São Paulo (Brazil)	100.00%	16.66%	100.00%	23.95%
	Sierra European Retail Real Estate Assets Holdings, BV	Amesterdam (The Netherlands)	50.10%	25.05%	50.10%	25.05%
	Sierra GP, Limited	Guernesey (U.K.)	100.00%	49.99%	100.00%	49.99%
	Sierra Investimentos Brasil Ltda	São Paulo (Brazil)	100.00%	16.66%	100.00%	23.95%
	Sierra Investments (Holland) 1, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Sierra Investments (Holland) 2, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Sierra Investments Holding, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Sierra Investments SGPS, SA	Maia	100.00%	50.00%	100.00%	50.00%
	Sierra Italy Holding, BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Sierra Management Germany, GmbH	Dusseldorf (Germany)	100.00%	50.00%	100.00%	50.00%
	Sierra Management Italy, Srl	Milan (Italy)	100.00%	50.00%	100.00%	50.00%
	Sierra Management Portugal - Gestão de Centros Comerciais, SA	Lisbon	100.00%	50.00%	100.00%	50.00%
	Sierra Management Spain - Gestión de Centros Comerciales, SA	Madrid (Spain)	100.00%	50.00%	100.00%	50.00%
	Sierra Management, SGPS, SA	Maia	100.00%	50.00%	100.00%	50.00%
	Sierra Property Management Greece, SA	Athens (Greece)	100.00%	50.00%	100.00%	50.00%
	Sierra Property Management, Srl	Bucharest (Romania)	100.00%	50.00%	100.00%	50.00%
1)	Sierra Solingen Holding GmbH	Dusseldorf (Germany)	100.00%	50.00%	100.00%	50.00%
2)	Solingen Shopping Center GmbH	Dusseldorf (Germany)	100.00%	25.00%	-	-

	Sonae Sierra Brasil, SA	São Paulo (Brazil)	66.65%	16.66%	95.79%	23.95%
	Sonae Sierra Brazil, BV Sarl	Luxembourg	50.00%	25.00%	50.00%	25.00%
	Sonae Sierra, SGPS, SA	Maia	50.00%	50.00%	50.00%	50.00%
	SPF - Sierra Portugal	Luxembourg	100.00%	50.00%	100.00%	50.00%
	Torre Ocidente - Imobiliária, SA	Maia	50.00%	12.50%	50.00%	12.50%
	Unishopping Administradora, Ltda	São Paulo (Brazil)	100.00%	16.66%	100.00%	23.95%
	Unishopping Consultoria Imobiliária, Ltda	São Paulo (Brazil)	99.98%	16.66%	99.98%	23.95%
	Valecenter, Srl	Milan (Italy)	100.00%	25.05%	100.00%	25.05%
	Via Catarina - Centro Comercial, SA	Maia	50.00%	12.53%	50.00%	12.53%
	Vuelta Omega, S.L.	Madrid (Spain)	100.00%	12.53%	100.00%	12.53%
	Weiterstadt Shopping BV	Amesterdam (The Netherlands)	100.00%	50.00%	100.00%	50.00%
	Zubiarte Inversiones Inmobiliarias, SA	Madrid (Spain)	49.83%	12.48%	49.83%	12.48%
	Telecommunications
	Unipress - Centro Gráfico, Lda	Vila Nova de Gaia	50.00%	27.20%	50.00%	27.20%
	Investment Management
	Equador & Mendes - Agência de Viagens e Turismo, Lda	Lisbon	50.00%	37.50%	50.00%	37.50%
4)	MDS Auto – Mediação de Seguros, SA	Porto	50,00%	25,01%	50,00%	25,01%
	Marcas do Mundo - Viagens e Turismo, Sociedade Unipessoal, Lda	Lisbon	50.00%	50.00%	50.00%	50.00%
	Movimentos Viagens - Viagens e Turismo, Sociedade Unipessoal, Lda	Lisbon	50.00%	50.00%	50.00%	50.00%
	Nova Equador Internacional,Agência de Viagens e Turismo, Lda	Lisbon	50.00%	37.50%	50.00%	37.50%
	Puravida - Viagens e Turismo, Lda	Lisbon	50.00%	50.00%	50.00%	50.00%
	Nova Equador P.C.O. e Eventos, Sociedade Unipessoal, Lda	Lisbon	50.00%	37.50%	50.00%	37.50%
	Raso SGPS, SA	Lisbon	50.00%	50.00%	50.00%	50.00%
	Raso - Viagens e Turismo, SA	Lisbon	50.00%	50.00%	50.00%	50.00%
	Viagens y Turismo de Geotur España, S.L.	Madrid (Spain)	50.00%	50.00%	50.00%	50.00%

1) Ex- 3DO Holding GmbH;

• 2) Companies created in the period;
• 3) Companies liquidated in the period;
• 4) Acquisition of shares in July 2011, rising thereafter to hold control of the subsidiary and it includes the full consolidation method.

These entities are consolidated using the proportionate consolidation method.

Aggregate amounts, excluding intragroup eliminations, corresponding to the percentage of capital held in these jointly controlled companies included in the financial statements for the period, using the proportionate consolidation method, can be summarized as follows:

	30 September 2011	31 December 2010
Non-current assets	4,875,346,657	4,795,927,878
Current assets	408,526,719	402,831,446
Non-current liabilities	1,477,150,357	1,630,182,262
Current liabilities	440,124,212	480,960,660
	30 September 2011	30 September 2010 (Note 1)
Income	220,794,522	223,878,063
Expenses	190,573,123	210,404,467

6 INVESTMENTS IN ASSOCIATES

Associated companies, their head offices and the percentage of share capital held as at 30 September 2011 and 31 December 2010 are as follows:

		Percentage of capital held 30 September 2011 31 December 2010
	Head Office					Carrying amount in the statement of financial position
COMPANY		Direct	Total	Direct	Total	30 September	31 December 2010
						2011
Retail Sempre a Postos - Produtos Alimentares e Utilidades, Lda	Lisbon	25.00%	25.00%	25.00%	25.00%	1,006,690	1,246,672
Mundo Vip - Operadores Turísticos, S A	Lisbon	33.34%	33.34%	33.34%	33.34%	1,101,337	1,101,337
Shopping Centres
1) 8ª Avenida Centro Comercial, S A	Maia	100.00%	23.75%	100.00%	23.75%	-	-
Alexa Asset GmbH & Co	Dusseldorf (Germany)	9.00%	2.25%	9.00%	2.25%	3,727,631	3,550,247
1) Arrábidashopping - Centro Comercial, S A	Maia	50.00%	11.88%	50.00%	11.88%	-	-
Campo Limpo Lda	S. Paulo (Brazil)	20.00%	3.33%	20.00%	4.79%	2,496,410	2,305,574
1) Gaiashopping I - Centro Comercial, SA	Maia	50.00%	11.88%	50.00%	11.88%	-	-
1) Gaiashopping II - Centro Comercial, SA	Maia	50.00%	11.88%	50.00%	11.88%	-	-
1) Loureshopping - Centro Comercial, SA	Maia	100.00%	23.75%	100.00%	23.75%	-	-
1) PORTCC - Portimãoshopping - Centro Comercial, S A	Maia	50.00%	11.88%	50.00%	11.88%	-	-
1) Rio Sul - Centro Comercial, SA	Lisbon	50.00%	11.88%	50.00%	11.88%	-	-
1) Serra Shopping - Centro Comercial, SA	Covilhã	50.00%	11.88%	50.00%	11.88%	-	-
1) ALBCC - Albufeirashopping - Centro Comercial, SA	Maia	50.00%	11.88%	50.00%	11.88%	-	-
1) LCC - LeiriaShopping - Centro Comercial, S.A.	Maia	100.00%	23.75%	100.00%	23.75%	-	-
SPF - Sierra Portugal Real estate, Sarl	Luxembourg	47.50%	23.75%	47.50%	23.75%	39,585,272	41,872,289
Telecommunications
SIRS - Sociedade Independente de Radiodifusão Sonora, SA	Porto	45.00%	24.53%	45.00%	24.54%	-	-
Investment Management
Cooper Gay Swett & Crawford ltd	U.K.	25.10%	12.55%	25.10%	12.55%	20,672,890	19,955,347
Total						68,590,230	70,031,466

1) Nil balances result from the application of the equity method over the consolidated financial statements of Sierra Portugal Real estate, which holds these participations.

Associated companies are included in the consolidated financial statements using the equity method.

As at 30 September 2011 and 31 December 2010, aggregate values of main financial indicators of associated companies can be analysed as follows:

		30 September 2011 31 December 2010
Total Assets	1,276,580,058	1,296,791,695
Total Liabilities	985,117,085	1,002,483,753
	30 September 2011 30 September 2010
Income	325,946,188	245,361,872
Expenses	308,851,792	203,026,728

During the periods ended 30 September 2011 and 2010, movements in Investments in Associates, are made up as follows:

	30 September 2011			30 September 2010
	Proportion on equity	Goodwill	Total investment	Proportion on equity	Goodwill	Total investment
Investments in Associates
Initial balance as at January,1	28,183,811	41,847,655	70,031,466	33,224,083	41,425,310	74,649,393
Capital increase in associated companies	-	-	-	14,381,368	-	14,381,368
Capital reduction in associated companies	-	-	-	(2,310,176)	-	(2,310,176)
Change of consolidation method	-	-	-	1,366,260	190,680	1,556,940
Equity method
Share of result in associated companies	(4,040,840)	-	(4,040,840)	(803,418)	-	(803,418)
Other efects in the income statement	-	-	-	365,873	-	365,873
Distributed dividends	(401,711)	-	(401,711)	(897,450)	-	(897,450)
Effect in equity capital and non-controlling interests	670,666	2,330,649	3,001,315	(199,902)	(2,673,550)	(2,873,452)
	24,411,926	44,178,304	68,590,230	45,126,638	38,942,440	84,069,078

The effect in equity is mainly the effect of currency translation of equity and net income of associated Companies with a functional currency different from euro.

7 GROUP COMPANIES, JOINTLY CONTROLLED COMPANIES AND ASSOCIATED COMPANIES EXCLUDED FROM CONSOLIDATION AND OTHER NON-CURRENT INVESTMENTS

Group companies, jointly controlled companies and associated companies excluded from consolidation and other non-current investments, their head offices, percentage of share capital held and book value as at 30 September 2011 and 31 December 2010 are made up as follows:

Value in the statement of financial position
31 December 2010
9,976
748,197
23,949
197,344
42,488,594
43,468,060

As at 30 September 2011 the caption "Other investments" includes:

• 33,745,053 euro (33,732,640 euro at 31 December 2010) for amounts deposited in an Escrow Account which are invested in investments funds with high credit rating and guarantee contractual liabilities assumed on the past sale of Brazil retail operation for which provisions have been recognized (Note 25);
• Although in accordance with the deadlines contractually established, the Escrow Account should have already been released by the buyer. That didn't happen as there are some points of disagreement on the use of the Escrow Account, namely as whether or not, to retain the Escrow Account for ongoing tax additional assessments that have not yet been decided. It is the understanding of the Board of Directors, based on legal opinions of Brazilian and Portuguese lawyers, that the company is acting in accordance with the agreement and that this amount shall be entirely received, and that there are legal means that may be operated so as to compel the buyer to authorize the reimbursement of the Escrow account. There are negotiations currently under way between the two parties in order to release the above mentioned amount; And
• 4,150,000 euro (6,806,000 euro in 31 December 2010) corresponding to the fair value of Sonae Capital SGPS, S.A. shares which are measured at fair value in accordance with the market price at the date of the statement of consolidated financial position.

8 CHANGES TO THE CONSOLIDATION PERIMETER

8.1 Main acquisitions of Companies over the six month period ended 30 September 2011 are as follows:

COMPANY		Percentage of capital held At acquisition date
	Head Office	Direct	Total
Management investments
Serenitas - Soc. Mediação Seguros, Lda	Lisbon	100.00%	50.01%
Polinsur - Mediação de Seguros, Lda	Oeiras	100.00%	50.01%

Acquisitions mentioned above, had the following impact on the consolidated financial statements for the period ended 30 September 2011:

	Investment Management
	At acquisition date	30 September 2011
Acquired net assets
Tangible and intangible assets (Note 9)	651,036	635,469
Other assets	187,401	357,157
Cash and cash equivalents	471,712	740,933
Loans	(515,853)	(462,170)
Other liabilities	(258,434)	(687,966)
	535,862	583,423
Goodwill (Note 12)	2,332,375
Non-controlling interests (Note 19)	(282,237)
Acquisition price	2,586,000
Payments made accounted as investments	1,671,000
Accounts Payable	915,000
	2,586,000
Net cash outflow arising from acquisition
Cash consideration paid	1,671,000
Cash and cash equivalents acquired	(471,712)
	1,199,288

9 TANGIBLE ASSETS

During the nine months period ended 30 September 2011 and 2010, movements in Tangible assets as well as depreciation and accumulated impairment losses, are made up as follows:

			Tangible assets
				Tangible	Total
	Land and	Plant and		assets	Tangible
	Buildings	Machinery	Others	in progress	Assets
Gross costs:
Opening balance as at 1 January 2011	1,956,383,060	2,100,297,445	372,674,199	83,390,472	4,512,745,176
Capital expenditure	5,587,129	6,836,579	11,983,845	140,089,215	164,496,768
Acquisitions of subsidiaries (Note 8)	666,625	15,936	406,591	-	1,089,152
Change in method	763,887	-	223,269	-	987,156
Disposals	(32,520,086)	(59,291,618)	(11,613,973)	(1,681,750)	(105,107,427)
Exchange rate effect	(34,757)	(221,580)	(603,428)	(1,369)	(861,134)
Transfers	10,628,409	133,520,357	14,386,267	(161,589,249)	(3,054,216)
Closing balance as at 30 September 2011	1,941,474,267	2,181,157,119	387,456,770	60,207,319	4,570,295,475
Accumulated depreciation
and impairment losses
Opening balance as at 1 January 2011	383,552,541	1,107,784,559	299,915,104	-	1,791,252,204
Charge for the period	30,775,888	121,635,232	29,006,402	-	181,417,522
Acquisitions of subsidiaries (Note 8)	55,875	15,936	366,305	-	438,116
Change in method	222,913	-	207,911	-	430,824
Disposals	(6,300,959)	(51,293,581)	(11,337,329)	-	(68,931,869)
Exchange rate effect	(9,699)	(142,507)	(300,075)	-	(452,281)
Transfers	(21,952)	(2,988,201)	(287,102)	-	(3,297,255)
Closing balance as at 30 September 2011	408,274,607	1,175,011,438	317,571,216	-	1,900,857,261
Carrying amount
As at 30 September 2011	1,533,199,660	1,006,145,681	69,885,554	60,207,319	2,669,438,214
			Tangible assets
				Tangible	Total
	Land and	Plant and		assets	Tangible
	Buildings	Machinery	Others	in progress	Assets
Gross costs:
Opening balance as at 1 January 2010	1,986,853,135	1,909,707,144	356,672,971	192,384,479	4,445,617,729
Capital expenditure	7,497,313	4,941,055	13,251,883	168,961,914	194,652,165
Acquisitions of subsidiaries	763,887	-	711,975	-	1,475,862
Disposals	(35,190,999)	(36,638,578)	(7,690,348)	(1,286,237)	(80,806,162)
Disposals of subsidiaries	(30,071,609)	(250,482)	-	-	(30,322,091)
Exchange rate effect	26,168	148,845	217,782	27	392,822
Transfers Closing balance as at 30 September 2010	62,163,918 1,992,041,813	194,863,007 2,072,770,991	10,187,880 373,352,143	(275,884,463) 84,175,720	(8,669,658) 4,522,340,667
Accumulated depreciation
and impairment losses
Opening balance as at 1 January 2010	356,057,319	1,030,564,372	277,818,463	-	1,664,440,154
Charge for the period	29,266,608	111,379,503	31,125,768	-	171,771,879
Acquisitions of subsidiaries	212,913	-	436,722	-	649,635
Disposals	(2,588,091)	(30,586,331)	(7,079,557)	-	(40,253,979)
Disposals of subsidiaries	(4,622,572)	(68,612)	-	-	(4,691,184)
Exchange rate effect	16,705	65,948	98,531	-	181,184
Transfers	29,612	(1,374,586)	(179,412)	-	(1,524,386)
Closing balance as at 30 September 2010 Carrying amount	378,372,494	1,109,980,294	302,220,515	-	1,790,573,303

The value of net disposals in "Tangible assets" includes at 30 September 2011 25,748,719 euro related with the Sale & Leaseback operation performed of Retail segment Continente and Worten stores located in Centro Comercial Vasco da Gama The operation was followed by the beginning of operating lease for an initial period of 20 years, automatically renewable at the option of the lessee, for two consecutive periods of 10 years each.

During the periods ended 30 September 2011, the Board of Directors of the Group, reviewed the estimated useful life of a set of fixed and mobile telecommunications networks assets and of all UMTS network assets. These changes in estimates were recorded

prospectively from 1 January 2011. Such change in the estimates reduced the depreciation amounts for the period ended 30 September 2011 on approximately 7.2 million euro when compared with the 3 rd quarter of 2010 .

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

		30 September 2011 30 September 2010
Refurbishment and expansion of stores in the retail businesses located in Portugal	21,662,819	30,850,500
Refurbishment and expansion of stores in the retail businesses located in Spain	4,236,269	4,078,245
Projects of "Continente" stores for which advance payments were made	9,194,617	10,323,231
Deployment of fixed and mobile network	19,514,504	31,570,328
Construction in progress in Maia (Business Park)	-	4,451,620
Others	5,599,110	2,901,796
	60,207,319	84,175,720

10 INTANGIBLE ASSETS

During the nine month period ended 30 September 2011 and 2010, movements in Intangible assets as well as depreciation and accumulated impairment losses, are made up as follows:

		Intangible assets
			Intangible	Total
	Patents and other		assets	Intangible
	similar rights	Others	in progress	Assets
Gross costs:
Opening balance as at 1 January 2011	412,377,255	465,745,498	33,188,720	911,311,473
Capital expenditure	4,479,531	2,738,754	24,186,321	31,404,606
Disposals	(4,169)	(39,871)	(706,255)	(750,295)
Exchange rate effect	(11,977)	(4,402,806)	(12,731)	(4,427,514)
Transfers	3,979	34,359,331	(33,797,904)	565,406
Closing balance as at 30 September 2011	416,844,619	498,400,906	22,858,151	938,103,676
Accumulated depreciation
and impairment losses
Opening balance as at 1 January 2011	122,410,080	328,532,870	-	450,942,950
Charge for the period	15,634,090	33,539,324	-	49,173,414
Disposals	(3,441)	(9,933)	-	(13,374)
Exchange rate effect	(159)	(1,012,796)	-	(1,012,955)
Transfers	(188,205)	(127,941)	-	(316,146)
Closing balance as at 30 September 2011	137,852,365	360,921,524	-	498,773,889
Carrying amount
As at 30 September 2011	278,992,254	137,479,382	22,858,151	439,329,787

		Intangible assets
			Intangible	Total
	Patents and other		assets	Intangible
	similar rights	Others	in progress	Assets
Gross costs:
Opening balance as at 1 January 2010	404,407,706	392,398,702	31,279,161	828,085,569
Adquired Assets Fair Value	-	27,276,799	-	27,276,799
Reexpressed opening balance as at 1 January 2010	404,407,706	419,675,501	31,279,161	855,362,368
Capital expenditure	7,838,555	1,951,318	22,200,357	31,990,230
Disposals	(1,385,769)	(1,137,031)	(261,948)	(2,784,748)
Exchange rate effect	905	2,717,133	-	2,718,038
Transfers	886,997	29,219,468	(25,476,208)	4,630,257
Closing balance as at 30 September 2010	411,748,394	452,426,389	27,741,362	891,916,145
Accumulated depreciation
and impairment losses
Opening balance as at 1 January 2010	99,146,402	288,900,669	-	388,047,071
Charge for the period	17,442,469	28,746,572	-	46,189,041
Disposals	(3,235)	(1,024,826)	-	(1,028,061)
Exchange rate effect	69	270,922	-	270,991
Transfers	(46,780)	1,188,778	-	1,141,998
Closing balance as at 30 September 2010	116,538,925	318,082,115	-	434,621,040
Carrying amount
As at 30 September 2010	295,209,469	134,344,274	27,741,362	457,295,105

As at 30 September 2011 and 2010, Sonae kept recorded under the heading "Patents and other similar rights" the amounts of 184,066,702 euro and 193,628,608 euro, respectively, that correspond to the investments net of depreciations made in the development of the UMTS network, including: (i) 57,755,546 euro (amount of 60,755,834 euro in 2010) relating to the license; (ii) 19,298,245 euro (amount of 20,300,752 euro in 2010) related to the agreement signed in 2002 between Oni Way and the other three mobile telecommunication operators in Portugal with licenses; (iii) 5,927,074 euro (amount of 6,234,974 euro in 2010) related to a contribution to the Information Society Fund, established in 2007, under an agreement made between the Ministry of Public Works, Transport and Communications ("Ministério das Obras Públicas, Transportes e Comunicações") and the three mobile telecommunication operators in Portugal; and (iv) 96,151,171 euro (amount of 101,146,037 euro in 2010) relating to the "Iniciativas E" program, the latter relating to commitments assumed by Sonae in the "Fund for Information Society".

Additionally, this heading also includes the fair value attributed to a group of brands with indefinite useful lives, among which the "Continente" brand, 75,000,000 euro (the same amount as at 2010).

11 INVESTMENT PROPERTIES

Investment properties are recorded at fair value. These assets are owned by the shopping centres operating segment and are consolidated using the proportionate method.

As at 30 September 2011 and 31 December 2010, Investment properties are detailed as follows:

		30 September 2011 31 December 2010
Investment properties in operation	1,563,525,503	1,631,435,084
Investment properties in progress	110,746,824	101,770,512
	1,674,272,327	1,733,205,596

Investment properties in operation correspond to the fair value of the Sonae's share of shopping centres, which can be detailed as follows:

		30 September 2011		31 December 2010
	10 years "discount rate"	Yields	Amount	10 years "discount rate"	Yields	Amount
Portugal and Spain	8,30% e 12,35%	6,30% e 10,35%	993,171,326	8,45% e 11,75%	6,20% e 9,25%	1,070,321,495
Other European Countries	6,50% e 11,80%	6,00% e 9,00%	343,924,000	6,75% e 11,75%	6,00% e 9,00%	336,848,999
Brazil	12,75% e 14,00%	8,25% e 9,50%	226,430,177	12,75% e 14,00%	8,25% e 9,50%	224,264,590
			1,563,525,503			1,631,435,084

The fair value was determined by a valuation performed as at 30 September 2011 by an independent specialized entity, based on valuation criteria generally accepted in the real estate business.

The reduction on the amount of Investment properties in progress caption results mainly of the sale of two shopping centres in Spain, El Rosal and Plaza Eboli although the Group retained the management of those properties.

Value created on investment properties over the nine months periods ended 30 September 2011 and 2010 can be detailed as follows:

	30 September 2011	30 September 2010
Properties which were under development and were concluded during the period	3,131,513	2,021,543
Changes in fair value of investment properties in operation	5,285,598	1,689,795
Changes in fair value of investment properties in progress	(4,702,993)	(319,492)
	3,714,118	3,391,846

As at 30 September 2011 and 31 December 2010, Investment properties in progress can be detailed as follows:

		30 September 2011 31 December 2010
Investment Properties in progress at cost:
Portugal:
Alverca	3,072,737	3,068,353
Centro Bordalo	1,886,009	1,736,394
Parque de Famalicão	628,500	628,500
Others	8,830	3,375
Germany:
Alexa (Tower)	3,000,000	3,000,000
Garbsen	960,654	959,742
Solingen	6,163,443	-
Others	7,212	7,212
Brazil:
Goiânia Shopping	5,257,052	5,308,199
Others	160,265	126,586
Spain:
Dos Mares - expansion	215,000	1,404,902
Pulianas Shopping	103,105	103,105
Greece:
Ioannina	8,662,055	8,630,507
Aegean Park	5,019,639	4,981,339
Pantheon Plaza	889,064	889,064
Italy:
Le Terraze (Hypermarket)	-	3,653,700
Caldogno	3,974,000	4,957,922
Others	-	252,372
Romania:
Craiova Shopping	16,122,349	17,674,406
Ploiesti Shopping	7,195,451	7,317,640
	63,325,365	64,703,318
Impairment losses	(3,452,000)	(2,197,000)
	59,873,365	62,506,318
Investment Properties in progress at fair value:
Portugal:
Torres Oriente and Ocidente	-	6,137,875
Brazil: Uberlândia Shopping	15,765,645	11,038,042
Boulevard Londrina Shopping	13,265,064	6,323,777
Italy:
Le Terraze	21,842,750	15,764,500
	50,873,459	39,264,194
	110,746,824	101,770,512

As at 30 September 2011, the following investment properties were mortgaged:

Airone	Madeirashopping
Algarveshopping	Maiashopping
Alverca	Manauara Shopping
Arrabidashopping	Max Center
Cascaishopping	Munster Arkaden
Centro Colombo	Norteshopping
Centro Vasco da Gama	Parque Atlântico
Coimbrashopping	Parque Principado
Dos Mares	Pátio Boavista
Estação Viana	Pátio Londrina

• Freccia Rossa Pátio Uberlândia Gaiashopping Plaza Mayor Grancasa River Plaza Mall Guimarãeshopping Solingen La Farga Torre Ocidente Le Terrazze Valecenter Loop 5 Valle Real Luz del Tajo Viacatarina
• Gli Orsi Plaza Mayor Shopping Zubiarte

12 GOODWILL

During the nine month periods ended 30 September 2011 and 2010 movements in goodwill, as well as in corresponding impairment losses, were made up as follows:

		30 September 2011 30 September 2010
Gross value:
Opening balance	752,655,036	759,786,674
Re-allocation of Goodwill	-	(17,395,216)
Restated opening balance	752,655,036	742,391,458
New companies in the consolidation perimeter (Note 8)	2,332,375	3,243,892
Increases	2,613,686	1,408,752
Decreases	(1,812,921)	(1,928,177)
Transfers	-	(190,680)
Currency translation	(5,164,751)	2,793,032
Write-off	-	(1,529,706)
Closing balance	750,623,425	746,188,571
Accumulated impairment
losses:
Opening balance	11,916,277	13,445,983
Increases	604,151	-
Write-off	-	(1,529,706)
Closing balance	12,520,428	11,916,277
Carrying amount:	738,102,997	734,272,294

13 OTHER INVESTMENTS

During the nine months period ended 30 September 2011 and 2010 movements in other investments were made up as follows:

	30 September 2011		30 September 2010
	Non-current	Current	Non-current	Current
Investments in group companies, jointly controlled companies
or associated companies excluded from consolidation
Opening balance as at 1 January	393,447	-	925,769	-
Acquisitions in the period	-	-	-	-
Disposals in the period	-	-	-	-
Transfers	(60,000)	-	64,470	-
Closing balance as at 30 September	333,447	-	990,239	-
Accumulated impairment losses	-	-	-	-
	333,447	-	990,239	-
Other investments:
Fair value (net of impairment losses) as at 1 January	43,074,613	15,195,954	17,201,722	57,313,909
Acquisitions in the period	12,839	587,542	105,149	2,677,225
Disposals in the period	(106,057)	(12,604,795)	(249)	(11,402,745)
Increase/(Decrease) in fair value	(2,656,000)	-	(6,474,000)	-
Transfers	-	-	1,465	-
Fair value (net of impairment losses) as at 30 September	40,325,395	3,178,701	10,834,087	48,588,389
Other Investments (Note 7)	40,658,842	3,178,701	11,824,326	48,588,389
Derivative financial instruments (Note 21)
Fair value as at 1 January	-	457,160	-	365,122
Increase/(Decrease) in fair value	-	1,842,198	-	(364,953)
Fair value as at 30 September	-	2,299,358	-	169
	40,658,842	5,478,059	11,824,326	48,588,558

The financial investments in group companies, jointly controlled companies or associated companies excluded from consolidation are recorded at the acquisition cost net of impairment losses. It is Sonae understanding that no reliable fair value estimate could be made as there is no market data available for these investments. The heading of Other non-current investments includes 2,763,750 euro (3,530,087 euro as at 30 September 2010) of investments recorded at the cost net of impairment losses for the same reasons.

The investments available for sale are net of impairment losses (Note 25) amounting to 104,978 euro (31,757 euro as at 30 September 2010).

Under the caption other non-current financial investments is recorded an amount of 33,745,053 euro related to deposited amounts on an Escrow Account Note 7).

14 OTHER NON - CURRENT ASSETS

As at 30 September 2011 and 31 December 2010, Other non- current assets are detailed as follows:

	30 September 2011		31 December 2010
	Gross Value	Accumulated impairment losses	Carrying Amount	Gross Value	Accumulated impairment losses	Carrying Amount
Loans granted to related parties	8,805,366	(Note 25) -	8,805,366	8,862,867	(Note 25) -	8,862,867
Trade accounts receivable and other debtors
Legal deposits	820,983	-	820,983	927,976	-	927,976
Recognition of an amount receivable from Carrefour (a)	10,212,120	-	10,212,120	11,543,000	-	11,543,000
Cautions	5,879,932	-	5,879,932	4,660,630	-	4,660,630
Lisbon Town Council	3,888,477	-	3,888,477	3,888,477	-	3,888,477
Malaga Town Council	824,948	-	824,948	824,948	-	824,948
Rent deposits from tenants	3,172,022	-	3,172,022	4,089,802	-	4,089,802
Financial investments Disposals	2,249,779	-	2,249,779	2,367,815	-	2,367,815
Others	3,135,788	-	3,135,788	3,134,408	-	3,134,408
	30,184,049	-	30,184,049	31,437,056	-	31,437,056
Non-current derivatives (Note 21)	16,313	-	16,313	423,774	-	423,774
Reinsurer's' share of technical provisions	12,460,286	-	12,460,286	14,326,517	-	14,326,517
Other non-current assets	599,614	-	599,614	649,086	-	649,086
	52,065,628	-	52,065,628	55,699,300	-	55,699,300

a) As a result of the agreements signed in 2005 by the former subsidiary - Sonae Distribuição Brazil, SA (sold to Wal-Mart in 2005) with Carrefour Comércio e Indústria Ltda, Sonae assumed responsibility to compensate Carrefour for the expenses that would arise from the 10 stores licensing process, in the Brazilian state of São Paulo, that were sold to that entity. During 2010, Carrefour triggered a bank warranty "on first demand" amounting to 25,340,145.80 Brazilian real (approximately 10 million euro) for alleged expenses incurred with the mentioned stores and that, allegedly, arose from the need to remedy deficiencies cited by competent authorities for the licensing process. However no evidence of those expenses were presented to Sonae, or proof of the necessity of carrying out such costs for the licensing process as established on the mentioned agreements.

It is the understanding of the Board of Directors and the Group attorneys that the amount paid will be recovered. The company will start the legal proceedings against Carrefour Comércio e Indústria, Ltda. to recover the above mentioned amount. It's the Board of Directors and the Group attorneys understanding that the amount is recoverable, since Carrefour has never proved the existence of the costs that it claims and which validate the usage of the above mentioned warranty, or through the warranty expiration date (according with Brazilian law).

According to Group attorneys, the amount improperly received by Carrefour for which a reimbursement will be requested (25,340,145.80 Brazilian real), will earn interests at the SELIC rate, and it is the Board of Directors understanding that the legal proceedings will last up to 8 years.

15 TRADE ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS

As at 30 September 2011 and 31 December 2010, Trade account receivable and other current assets are detailed as follows:

	30 September 2011	31 December 2010
Trade accounts receivable	263,442,604	273,371,190
Taxes recoverable	116,344,257	96,469,674
Granted loans to related companies	8,386	41,489
Other debtors
Trade creditors - debtor balances	71,144,016	59,155,520
Special regime for payment of tax and social security debts	12,047,567	12,282,502
VAT recoverable on real estate assets and discount granted	5,716,817	6,308,923
Vouchers and gift cards	1,268,748	1,478,041
Accounts receivable from the disposal of fixed assets	738,120	2,648,223
"Iniciativas E" program	14,098,292	17,390,276
Advances for the acquisiton of a real estate project	7,967,500	7,967,500
Revocation of contracts for acquisition of stores	318,766	7,080,423
Advances to suppliers	6,819,421	17,663,045
Advances to agents	915,148	1,263,597
Reinsurance operations	12,080,057	4,960,287
Other current assets	25,328,389	29,298,593
	158,442,841	167,496,930
Other current assets
Invoices to be issued	62,268,975	59,169,355
Commercial Discounts	48,519,992	16,696,170
Commissions to be received	1,645,742	1,539,228
Prepayments - Rents	7,281,092	6,369,289
Prepayments of external supplies and services	26,307,507	19,205,197
Other current assets	17,193,439	16,664,201
	163,216,747	119,643,440
Accumulated impairment losses in receivables accounts (Note 25)	(110,616,656)	(105,784,729)
	590,838,179	551,237,994

16 DEFERRED TAX

Deferred tax assets and liabilities as at 30 September 2011 and 31 December 2010 can be detailed as follows, split between the different types of temporary differences:

	Deferred tax assets		Deferred tax liabilities
	30 September 2011	31 December 2010	30 September 2011	31 December 2010
Difference between fair value and acquisition cost	2,626,386	2,626,386	290,902,001	291,729,664
Harmonisation adjustments	7,048,718	7,147,763	55,455,746	50,215,050
Provisions and impairment losses not accepted for tax purposes	35,796,400	19,036,149	-	-
Write off of tangible and intangible assets	40,137,551	47,390,799	-	-
Write off of deferred costs	21,893,353	26,225,648	1,380,775	2,069,556
Valuation of hedging derivatives	4,733,248	5,450,779	442,882	158,914
Temporary differences arising from the securitization operation	7,245,000	9,660,000	-	-
Amortisation of Goodwill for tax purposes	-	-	26,175,060	20,940,048
Non taxed exchange differences	-	-	-	247,167
Revaluation of tangible assets	-	-	1,773,123	1,862,802
Tax losses carried forward	109,521,733	96,392,351	-	-
Reinvested capital gains/(losses)	-	-	1,931,029	2,050,170
Others	3,856,521	6,791,580	1,512,283	2,035,458
	232,858,910	220,721,455	379,572,899	371,308,829

In accordance with the tax statements and tax estimates presented by companies that recorded deferred tax assets arising from tax losses carried forward, as at 30 September 2011 and 31 December 2010, and using exchange rates effective at that time, tax losses carried forward can be summarised as follows:

	30 September 2011				31 December 2010
	Tax losses carried forward	Deferred tax assets	Time limit	Tax losses carried forward	Deferred tax assets	Time limit
With limited time use
Generated in 2005	296,604	74,151	2011	296,604	74,151	2011
Generated in 2006	296,731	74,183	2012	299,784	74,946	2012
Generated in 2007	1,740,323	435,081	2013	1,308,603	327,151	2013
Generated in 2008	3,541,103	885,276	2014	3,541,099	885,276	2014
Generated in 2009	34,627,364	8,656,841	2015	34,626,954	8,656,739	2015
Generated in 2010	1,302,932	325,733	2014	1,263,284	315,818	2014
Generated in 2011	13,851,791	3,462,949	2015	-	-
	55,656,848	13,914,214		41,336,328	10,334,081
Without limited time use	9,718,549	2,768,501		7,285,741	2,094,121
With a time limit different from the above mentioned	309,641,189	92,839,018		280,136,743	83,964,149
	319,359,738	95,607,519		287,422,484	86,058,270
	375,016,586	109,521,733		328,758,812	96,392,351

As at 30 September 2011 and 31 December 2010, deferred tax assets resulting from tax losses carried forward were re-assessed against each company's business plans, which are regularly updated, and available tax planning opportunities. Deferred tax assets have only been recognized to the extent that future taxable profits will arise which may be offset against available tax losses or against deductible temporary differences. This evaluation was based in the company's business plans, which are periodically reviewed and updated, and on identified and available tax planning opportunities.

As at 30 September 2011 there was tax losses carried forward tax losses carried forward, for which no deferred tax assets were recognized due to prudential reasons. These may be summarised as follows:

	30 September 2011			31 December 2010
	Tax losses carried forward	Deferred tax credit	Time limit	Tax losses carried forward	Deferred tax credit	Time limit
With limited time use
Generated in 2005	5,415,229	1,353,807	2011	17,295,106	4,323,777	2011
Generated in 2006	48,091,032	12,022,758	2012	53,377,911	13,344,477	2012
Generated in 2007	56,150,777	14,037,695	2013	60,528,122	15,132,031	2013
Generated in 2008	8,591,397	2,147,850	2014	13,577,675	3,394,420	2014
Generated in 2009	19,820,422	4,955,104	2015	27,961,443	6,990,387	2015
Generated in 2010	9,368,184	2,342,046	2014	16,800,963	4,200,239	2014
Generated in 2011	5,050,779	1,262,695	2015
	152,487,820	38,121,955		189,541,220	47,385,331
Without limited time use	68,488,956	17,672,928		56,081,477	13,834,353
With a time limit different from the above mentioned	335,619,582	85,148,049		333,736,403	85,332,332
	404,108,538	102,820,977		389,817,880	99,166,685
	556,596,358	140,942,932		579,359,100	146,552,016

17 CASH AND CASH EQUIVALENTS

As at 30 September 2011 and 31 December 2010, Cash and cash equivalents can be detailed as follows:

		30 September 2011 31 December 2010
Cash at hand	7,123,926	7,343,569
Bank deposits	120,466,059	217,226,030
Treasury applications	186,825,762	23,022,451
Cash and cash equivalents on the balance sheet	314,415,747	247,592,050
Bank overdrafts (Note 20)	(21,269,080)	(10,118,117)
Cash and cash equivalents on the statement of cash flows	293,146,667	237,473,933

Bank overdrafts are disclosed in the balance sheet under Current loans.

18 SHARE CAPITAL

As at 30 September 2011, the share capital, which is fully subscribed and paid for, is made up of 2,000,000,000 ordinary shares, which do not have the right to a fixed dividend, with a nominal value of 1 euro each.

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

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

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

In this context, although legally all the rights and obligations inherent to these shares have been transferred to the buyer, Sonae Holding did not derecognize their own shares, recording a liability in the caption "Other non-current liabilities" (Note 22). According to the interpretation made by Sonae of the IAS 39, applied by analogy to own equity instruments, the derecognition of own shares is not allowed as Sonae maintains the risks and rewards arising on the instruments sold.

Consequently, Sonae maintains the deduction from Equity amounting to the acquisition cost of the 132,800,000 shares (138,568,275 euro), and has accounted for the consideration received for the above mentioned sale of own shares in the caption "Other noncurrent liabilities" (273,568,000 euro).

Due to the detach of Sonae Capital SGPS, SA, as at 4 January 2008, demerger rights attributable to the 132,800,000 Sonae SGPS, SA shares subject to the above mentioned agreement, Sonae recognized an asset measured at its' fair value . This asset has not been derecognized as Sonae also entered into a Cash Settled Equity Swap over the Sonae Capital SGPS, SA shares, and therefore a liability was recognized.

On 23 April 2009, 10 March 2010 and 28 March 2011 Sonae Investments BV requested a partial cancellation of the Cash settled Equity Swap for 1,134,965, 1,185,144 and 3,639,140 shares of Sonae Holding respectively. Consequently the derivative underlying asset was updated to 126,840,751 Sonae Holding shares.

On 19 October 2010 Sonae Investments BV has agreed with a financial institution to extend the maturity of the Cash Settled Equity Swap over the 130,479,891 Sonae Holding´s shares. The renovation is done for a maximum of 3 additional years, until November 2013 and maintains the settlement mechanism of the transaction that remains strictly cash settled. The Cash Settled Equity Swap, over shares of Sonae Capital, was not subject to extension of maturity, and Sonae acquired 16,600,000 shares in the market representing 6.6% of the capital of Sonae Capital, in result of fair value.

Therefore and for the transactions described above, the value of liabilities at the date of 30 September 2011, is 66,591,394 euro on the market value of Sonae Holding (Note 22).

These liabilities are adjusted at the end of each month by the effect in Sonae Holding share price, being recognized a current asset/liability in order to present the right/obligation related to the cash settlement of the operation that resets monthly.

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

The receivable amount arising on dividends distributed by the Company is credited to Equity in order to offset the charge of the distribution. The amount of dividends attributable to the shares Sonae SGPS, SA during the period ended 30 September 2011, amounts to 4,198,429 euro (4,110,117 euro in 2010) which was credited to equity.

The number of shares taken into consideration to calculate earnings per share includes the shares referred to above as a deduction to the shares issued by the Company (Note 29).

At 30 September 2011, the following entities held more than 20% of the subscribed share capital:

Entity	%
Efanor Investimentos, SGPS, SA and subsidiaries	52.98

19 NON-CONTROLLING INTERESTS

Movements in non-controlling interests during the periods ended 30 September 2011 and 2010 are as follows:

	30 September 2011	30 September 2010
Opening balance as at 1 January	524,088,940	477,968,755
Dividends	(9,816,968)	(1,752,069)
Exchange rate effect	(7,647,148)	1,655,818
Acquisition of subsidiaries (Note 8)	282,237	(2,757,465)
Capital increase and share premium	1,276,562	15,287,888
Increase of capital with shareholding variation	61,734,261	-
Increased shareholding by acquisitions	2,340,323	(877,017)
Changes in hedge and fair value reserves	(760,814)	(1,835,790)
Others	(19,637)	(282,987)
Profit for the period attributable to non controlling interests	37,560,411	18,821,340
Closing balance	609,038,167	506,228,473

20 LOANS

As at 30 September 2011 and 31 December 2010, Loans are made up as follows:

		30 September 2011		31 December 2010
			Outstanding amount	Outstanding amount
		Current	Non Current	Current	Non Current
	Bank loans
	Sonae, SGPS, SA - commercial paper	93,500,000	-	61,000,000	-
	Sonae Investimentos, SGPS, S.A. - commercial paper	5,000,000	425,000,000	-	292,000,000
a)b)	Sonae Sierra affiliated companies	22,622,169	266,988,899	17,761,891	382,680,843
	a)b)c) Sonae Sierra affiliated companies	39,995,667	385,783,558	36,525,264	342,636,063
	a)b)d) Sonae Sierra affiliated companies	-	21,736,910	-	-
a)	Sonae Sierra affiliated companies	489,596	5,497,812	5,368,935	5,979,416
	a)c)d) Sonae Sierra affiliated companies	443,256	1,403,643	-	-
	Sonaecom SGPS, SA - commercial paper	121,140,916	-	28,250,000	85,000,000
	MDS, SGPS, SA - commercial paper	-	10,000,000	-	10,000,000
	Lazam, SA	-	20,345,430	-	-
	Others	3,844,855	10,168,700	6,497,903	13,844,568
		287,036,459	1,146,924,952	155,403,993	1,132,140,890
	Bank overdrafts (Note 17)	21,269,080	-	10,118,117	-
	Up-front fees beard with the issuance of borrowings	(1,068,792)	(3,766,960)	(769,792)	(4,465,330)
	Bank loans	307,236,747	1,143,157,992	164,752,318	1,127,675,560
Bonds
	Bonds Sonae / 05	-	100,000,000	-	100,000,000
	Bonds Sonae 2007/2014	-	150,000,000	-	150,000,000
	Bonds Sonae 2007/2015	-	250,000,000	-	250,000,000
e)	Bonds Modelo Continente / 2003	-	-	82,000,000	-
	Bonds Modelo Continente / 2005 / 2012	150,000,000	-	-	150,000,000
	Bonds Modelo Continente / 2007 / 2012	200,000,000	-	-	200,000,000
	Bonds Sonae Distribuição / 2007 / 2015	-	200,000,000	-	200,000,000
	Bonds Sonae Distribuição / 2007 / 2015	-	310,000,000	-	310,000,000
	Bonds Sonae Distribuição / 2009 / 2014	16,000,000	26,000,000	8,000,000	42,000,000
	Bonds Sonaecom / 2005/2013	-	150,000,000	-	150,000,000
	Bonds Sonaecom / 2010/2013	-	30,000,000	-	30,000,000
	Bonds Sonaecom / 2010/2015	-	40,000,000	-	40,000,000
	Bonds Sonaecom / 2011/2015	-	100,000,000	-	-
	Bonds Sonae Sierra / 2008/2013	-	37,500,000	-	37,500,000
	Up-front fees beard with the issuance of borrowings	(256,342)	(7,195,985)	(499,580)	(7,515,653)
Bonds		365,743,658	1,386,304,015	89,500,420	1,651,984,347
	Other loans	8,860	162,625	33,466	550,174
	Derivative instruments (Note 21)	85,986	33,103,561	5,245,380	33,272,397
	Other loans	94,846	33,266,186	5,278,846	33,822,571
	Obligations under finance leases	4,495,603	24,917,079	4,932,664	26,468,295
		677,570,854	2,587,645,272	264,464,248	2,839,950,773

a) These amounts are proportionate considering the percentage held by Sonae;

b) These loans are guaranteed by mortgages of investment properties held by those affiliated companies;

c) These loans are guaranteed by a pledge of shares held by those affiliated companies;

d) These loans are guaranteed by bank guarantees;

e) The group acquired all of the Bonds Modelo Continente in 2003, and proceeded to their amortization.

At 30 September 2011, Sonae has agreed lines of credit and commercial paper amounting to 1,449 million euro, of which 695 million with firm commitments with maturity not exceeding one year and 470 million euro with firm commitments with maturity over 1 year.

Under the above mentioned lines of credit and commercial paper programs with firm commitments, Group had 500 million credit facilities available to meet its liquidity requirements.

The interest rate as at 30 September 2011 of bonds and loans were in average 2.67% (2.04% 31 December 2010).

Bank loans bear interests at market rates based on Euribor for each interest payment term, therefore the fair value of bank loans are estimated to be similar to their market value.

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

The repayment schedule of the nominal value of loans can be summarised as follows:

		30 September 2011 31 December 2010
N+1 a)	678,810,002	260,488,240
N+2	548,383,337	506,287,216
N+3	569,924,804	556,923,415
N+4	847,402,534	548,918,015
N+5	229,948,241	742,517,918
After N+5	369,845,740	464,012,795
	3,244,314,658	3,079,147,599

a) Includes the amounts drawn under commercial paper programs.

The maturities above were estimated in accordance with the contractual terms of loans that do not include financial covenants.

21 DERIVATIVES

Exchange rate derivatives

Sonae uses exchange rate derivatives, essentially to hedge future cash flows.

Sonae contracted several exchange rate forwards and options in order to manage its exchange rate exposure.

As at 30 September 2011, the fair value of exchange rate derivatives which haven't been considered hedging instruments, calculated based on present market value of equivalent financial instruments of exchange rate, is null in liabilities as in the caption current investments (76,618 and zero euro as of 31 December 2010)

The computation of the fair value of these financial instruments was made taking into consideration the present value at balance sheet date of the forward settlement amount of the relevant contract. The settlement amount considered in the valuation, is equal to the reference currency notional amount (foreign currency) multiplied by the difference between the contracted forward exchange rate and the forward exchange market rate to the settlement date as at the valuation date.

Gains and losses in the period arising from changes in the fair value of instruments that do not qualify for hedging accounting treatment were recorded directly in the income statement in the caption "Net financial expenses".

Gains and losses for the period arising from fair value change of derivatives qualified as hedging instruments were recorded in the caption "Hedging reserve" of Comprehensive Income.

Interest rate derivatives

As at 30 September 2011, derivatives used by Sonae refer essentially to swaps and interest rate options ("cash flow hedges"). These were negotiated to hedge the interest rate risk of loans amounting to 1,006,234,394 euro (1,118,050,663 euro as at 31 December 2010). The fair value of these derivatives amounts to -33,087,248 euro (-37,139,105 euro as at 31 December 2010), and is disclosed as assets amounting to 16,313 euro (423,774 euro as at 31 December 2010) and as liabilities 33,103,561 euro (37,562,879 euro as at 31 de December de 2010).

Derivatives were valuated considering the estimated future cash-flows, assuming the exercise of the cancellation options by the counterparties when the forward interest rates are higher than the established fixed interest rate. Sonae intends to keep these derivatives until their expiration date, therefore, this valuation is considered to be the most appropriate to estimate the future cash flow of these instruments.

These interest rate derivatives are valued at fair value, at the balance sheet date, based on valuations performed by Sonae using specific software and on external valuations when this software does not deal with specific instruments. The fair value of swaps was calculated, at the balance sheet date, based on the discounted cash flow of the difference between the fixed interest rate of the fixed leg and the indexed variable interest rate inherent to the variable leg. The calculation of the fair value of options was based on the "Black-Scholes" and similar models.

Interest rate and exchange rate derivatives

As at 30 September 2011 no contracts existed related to interest rate and exchange rate derivatives.

Fair value of derivatives

The fair value of derivatives is detailed as follows:

	Assets		Liabilities
	30 September 2011	31 December 2010	30 September 2011	31 December 2010
Derivatives not qualified as hedging
Exchange rate (Note 13 and 20)	-	-	-	76,618
Hedging derivatives
Exchange rate (Note 13 and 20)	2,299,358	457,160	85,986	878,280
Interest rate (Note 14 and 20)	16,313	423,774	33,103,561	37,562,879
	2,315,671	880,934	33,189,547	38,517,777

22 OTHER NON - CURRENT LIABILITIES

As at 30 September 2011 and 31 December 2010, "Other non-current liabilities" is detailed as follows:

	30 September 2011	31 December 2010
Shareholders loans	40,800,727	39,351,233
Fixed assets suppliers	4,504,310	4,862,095
"Iniciativas E" program	2,253,107	2,253,107
Other non-current liabilities	90,503,545	133,574,695
Accruals and deferrals	1,675,967	1,317,990
Other non-current liabilities	139,737,656	181,359,120

The caption Shareholders loans relates to affiliated undertakings in the retail, shopping centres and investment management segments. These liabilities do not have a defined vesting date and bear interests at variable market rates.

The caption Other non-current liabilities includes the amount of 66,591,394 euro (101,774,315 euro as at 31 December 2010) related to the fair value of the derivative on Sonae Holding shares referred to in Note 18.

23 SHARE-BASED PAYMENTS

In 2011 and in previous years, Sonae granted deferred performance bonuses to its directors and eligible employees. These are either based on shares to be acquired at nil cost, three years after they were attributed to the employee, or based on share options with the exercise price equal to the share price at the grant date, to be exercised three years later. In both cases, the acquisition can be exercised during the period commencing on the third anniversary of the grant date and the end of that year.

Sonae Holding plans, are settled in shares therefore as at 30 September 2011, all Sonae Holding plans are recorded in the statement of financial position under the caption "Other reserves" with the corresponding cost being recorded as "Staff costs".

The plans that continue to be settled in cash, shall remain recorded in the balance sheet, in the figure other liabilities of the balance sheet, and staff costs in the income statement.

As at 30 September 2011 and 31 December 2010, the market value of total liabilities arising from share-based payments, which have not yet vested, may be summarised as follows:

	Grant	Vesting	Number of Fair value
	year	year	participants	30 September 2011	31 December 2010
Shares
	2008	2011	459	-	5,610,174
	2009	2012	480	9,072,759	8,300,686
	2010	2013	491	3,984,666	4,706,106
	2011	2014	488	4,482,461	-
Total				17,539,886	18,616,966

As at 30 September 2011 and 31 December 2010 the financial statements include the following amounts corresponding to the period elapsed between those dates and the date of granting deferred bonus plans, which have not yet vested:

	30 September 2011	31 December 2010
Staff costs	6,334,586	6,319,318
Recorded in previous years	8,392,211	7,572,574
	14,726,797	13,891,892
Recorded in other liabilities	5,072,079	7,238,557
Recorded value in Other reserves	9,654,718	6,653,335
	14,726,797	13,891,892

24 TRADE CREDITORS AND OTHER CURRENT LIABILITIES

As at 30 September 2011 and 31 December 2010, Trade creditors and other current liabilities were made up as follows:

		30 September 2011 31 December 2010
Trade creditors	1,077,256,546	1,264,689,283
Taxes payable	75,488,841	108,704,088
Other creditors
Fixed asset suppliers	49,968,719	101,063,532
Related undertakings	5,851,080	5,888,302
Other debts	75,851,750	83,339,503
	131,671,549	190,291,337
Other current liabilities
Property investments accruals	3,262,490	5,556,771
Fixed assets accrued costs	2,913,680	8,803,150
Holiday pay and bonuses	133,242,472	126,653,883
Interests payable	18,434,097	16,631,751
Invoices to be issued	41,325,346	43,994,715
Commissions	4,241,393	5,618,354
Marketing expenses	22,635,325	27,054,939
Information society	19,365,985	33,219,196
Other external supplies and services	61,447,630	58,979,060
Accrued income - trade debtors	35,359,979	34,025,665
Accrued income - rents	5,097,284	5,149,995
Others	45,674,977	38,234,965
	393,000,658	403,922,444
	1,677,417,594	1,967,607,152

25 PROVISIONS AND ACCUMULATED IMPAIRMENT LOSSES

Movements in Provisions and impairment losses over the nine months period ended 30 September 2011 and 2010 were as follows:

Caption	Balance as at 31 December 2010	Increase	Decrease	Balance as at 30 September 2011
Accumulated impairment losses on investments (Note 13)	26,769	78,718	(509)	104,978
Accumulated impairment losses on trade account receivables and other debtors (Note 15)	105,784,729	21,857,547	(17,025,620)	110,616,656
Accumulated impairment losses on inventories	35,596,931	15,271,852	(5,021,877)	45,846,906
Non-current provisions	62,823,444	9,643,708	(2,785,820)	69,681,332
Current provisions	2,738,228	1,481,344	(1,023,510)	3,196,062
	206,970,101	48,333,169	(25,857,336)	229,445,934

Caption	Balance as at 31 December 2009	Increase	Decrease	Balance as at 30 September 2010
Accumulated impairment losses on investments (Note 13)	67,925	535	(36,703)	31,757
Accumulated impairment losses on other non-current assets	141,988	-	-	141,988
Accumulated impairment losses on trade account receivables and other debtors	103,988,411	17,404,051	(15,545,579)	105,846,883
Accumulated impairment losses on inventories	31,644,772	7,042,754	(3,932,316)	34,755,210
Non-current provisions	50,607,367	7,905,526	(441,944)	58,070,949
Current provisions	2,617,751	270,708	(800,022)	2,088,437
	189,068,214	32,623,574	(20,756,564)	200,935,224

As at 30 September 2011 and 31 December 2010, Provisions can be analysed as follows:

		30 September 2011 31 December 2010
Technical provisions on reinsurance	8,318,224	8,069,284
Future liabilities relating to subsidiaries of retail sold in Brazil	9,605,187	10,856,969
Dismantling of telecommunication sites	22,825,571	22,729,081
Clients Guarantees	13,585,855	7,833,843
Judicial claims	7,832,177	7,744,369
Others	10,710,380	8,328,126
	72,877,394	65,561,672

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

26 CONTINGENT ASSETS AND LIABILITIES

As at 30 September 2011 and 31 December 2010, major contingent liabilities were guarantees given and can be detailed as follows:

	30 September 2011	31 December 2010
Guarantees given:
on tax claims	326,624,223	270,130,723
on judicial claims	614,885	575,115
on municipal claims	6,802,273	7,011,523
others	48,811,580	54,745,874

The caption "Others" includes 5,240,092 euro (13,194,442 euro as at 31 December 2010) to guarantee part of the debt of Sonae Sierra affiliates related with the purchase, sale and exchange of land.

Companies of Retail segment provided guarantees to the tax authorities associated with processes relating to VAT, amounting to 102,100,000 million euros, for which they were made or intends to submit their disputes. This processes is a understanding of Tax Administration that the Group should credit of Value Added Tax in respect of discounts given by suppliers and calculated based on values of purchases, the Tax Administration claims alleged match services to those entities, and the relative values for the regularization in debit in Value Added Tax in favor of the group related to loyalty programs discounts offer to customers.

In addition to guarantees above were made by Sonae SGPS, SA a pledge in favour of Sonae Investimentos, SGPS, SA amounting to 122,065,143 euro (71,485,070 as at 31 December.2010) for the purpose of suspension of tax cases. The most relevant of which, amounting to about 60 million, arising as a result of judicial review lodged by the Company in respect of adjustments made by the Tax Administration to income tax for the exercise ended at 31 December 2005, corresponding to a cover losses accumulated by the subsidiary, which was brought to the costs of participation, moreover, as is understanding already signed by the Tax Administration itself, and now understood that in this case should not consider the amount of the cost of participation, including therefore to cover losses when the liquidation of the subsidiary.

Guarantees given on tax claims include a guarantee granted by a company of the Retail segment in Brazil, of approximately 29.6 million euro (74,078,784 brazilian real as at 31 December 2010) , which is being judged by tax courts.

As a consequence of the sale of a subsidiary company in Brazil, Sonae guaranteed the buyer all the losses incurred by that company arising on unfavourable decisions not open for appeal, concerning tax lawsuits on transactions that took place before the sale date (13 December 2005) and that exceed 40 million euro. As at 31 December 2010, the amount claimed by the Brazilian Tax Authorities concerning the tax lawsuits still in progress, which the company's lawyers assess as having a high probability of loss plus the amounts already paid (27.6 million euro) related to programmes for the Brazilian State of tax recovery amount to near 39.8 million euro.

Furthermore, there are other tax lawsuits totalling 54.7 million euro for which the Board, based on the lawyers' assessment, understands will not imply future losses to the old subsidiary referred above.

At 31 December 2010, the Telecommunications segment, there are outstanding balances with national operators registered under the headings of customers and suppliers, amounting to 37,139,253 Euros and 29,913,608 euro respectively, as well as balances of "Other assets currents' in the amount of 411,649 euro, and "Other current liabilities" in the amount of 6,817,553 euro, resulting from a dispute remained essentially with the TMN-Mobile Telecommunications SA on the vagueness of the interconnection prices for the year 2001,

their costs and revenues were recorded in that year. The Group considered the financial statements more penalizing tariffs. First Instance in the sentence was wholly favourable to the Group. The Court of Appeal, on appeal, dismissed again rejected the attempts of TMN. However, TMN again appeal this decision, now before the Supreme Court, which upheld the Court of Appeal dismissing the thoughts of the TMN, thus concluding that the interconnection prices for 2001 were not defined. The settlement of outstanding amounts will depend on the price that will be established.

No provision has been recognized on possible risks related with the events / disputes for which guarantees were granted as in accordance with its best knowledge it is the Board understanding that the resolution of those events / disputes will not lead to any liabilities to Sonae.

27 RELATED PARTIES

Balances and transactions with related parties are detailed as follows:

		Sales and services rendered		Purchases and services obtained
Transactions	30 September 2011	30 September 2010	30 September 2011	30 September 2010
Parent Company	117,496	123,793	-	-
Jointly controlled companies	9,808,553	8,474,770	14,443,325	13,969,450
Associated companies	28,419,857	28,857,384	2,567,504	1,272,603
Other partners and Group companies	49,851,912	51,250,353	18,053,095	25,468,854
	88,197,818	88,706,300	35,063,924	40,710,907
				0
		Interest income		Interest expenses
Transactions	30 September 2011	30 September 2010	30 September 2011	30 September 2010
Parent Company	-	-	401,984	-
Jointly controlled companies	3,782	-	-	3,173
Associated companies	282,959	49	-	-
Other partners and Group companies	65,579	67,068	1,386,419	1,624,337
	352,320	67,117	1,788,403	1,627,510
		Accounts receivable		Accounts payable
Balances	30 September 2011	31 December 2010	30 September 2011	31 December 2010
Parent Company	16,729	102,607	401,984	-
Jointly controlled companies	6,311,672	2,697,745	5,205,030	5,641,691
Associated companies	5,084,375	4,152,235	1,533,714	2,443,183
Other partners and Group companies	15,481,140	19,311,222	11,481,086	15,664,418
	26,893,916	26,263,809	18,621,814	23,749,292
			Loans
		Obtained		Granted
Balances	30 September 2011	31 December 2010	30 September 2011	31 December 2010
Parent Company	-	-	-	-
Jointly controlled companies	-	-	88,812	85,763
Associated companies	-	-	7,450,244	7,528,812
Other partners and Group companies	44,644,225	44,819,198	262,819	248,393
	44,644,225	44,819,198	7,801,875	7,862,968

The caption "Other partners in Group companies" includes Sonae Indústria, SGPS, SA and Sonae Capital, SGPS, SA affiliated, associated and jointly controlled companies and also other shareholders of affiliated companies or jointly controlled companies of Sonae, as well as other affiliated companies of the parent company Efanor Investimentos, SGPS, SA.

28 INCOME TAX

As at 30 September 2011 and 2010, income tax is detailed as follows:

	30 September 2011	30 September 2010
Current tax	23,600,250	37,245,303
Deferred tax	1,975,182	26,828,126
	25,575,432	64,073,429

29 EARNINGS PER SHARE

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

		30 September 2011 30 September 2010
Net profit
Net profit taken into consideration t o calculate basic earnings per share (consolidated profit for the period)	84,113,508	97,852,873
Effect of dilutive potential shares Interest related to convertible bonds (net of tax)	- -	- -
Net profit taken into consideration to calculate diluted earnings per share	84,113,508	97,852,873
Number of shares
Weighted average number of shares used t o calculate basic earnings per share	1,873,159,249	1,869,520,109
Effect of dilutive potential ordinary shares from convertible bonds	-	-
Outstanding shares related with share based payments	13,302,296	12,050,889
Shares related to performance bonus that can be bought at market price	(5,237,227)	(5,101,577)
Weighted average number of shares used t o calculate diluted earnings per share	1,881,224,318	1,876,469,421
Earnings per share
Basic	0.044905	0.052341
Diluted	0.044712	0.052147

30 DIVIDENDS

In the Shareholders Annual General Meeting held on 27 April 2011, the payment of a gross dividend of 0.0331 euro per share (0.0315 euro per share in 2010) corresponding to a total of 66,200,000 euro (63,000,000 euro in 2010) was approved.

31 SEGMENT INFORMATION

As described with more detail in the Management Report the operating segments used by Sonae management are as follows:

• Food based retail
• Specialized retail
• Retail real estate
• Shopping Centres
• Telecommunications
• Investment Management

The amounts reported below, are calculated, when applicable, excluding contributions to indirect income as explained in Note 33.

Sonae's reportable segment information regarding the income statement in accordance with IFRS 8 can be analysed as follows:

Turnover Food based retail 2,439,257,793 (4,434,270) 2,449,257,147 Ex-Fuel 2,420,943,382 (4,434,270) 2,374,671,086 Fuel 18,314,411 - 74,586,061 Specialized retail 861,091,445 - 869,761,764 Retail real estate 89,361,575 (84,857,996) 95,228,485 Shopping centres 143,638,953 (10,020,317) 142,655,891 Telecommunications 650,308,824 (18,788,157) 684,127,676 Investment management 102,845,607 80,700 104,149,243 Eliminations and adjustments (114,934,299) (163,371) (114,125,077) Total direct consolidated 4,171,569,898 (118,183,411) 4,231,055,129 Operational cash-flow (EBITDA) Food based retail 149,151,527 149,034,592		30 September 2011	Inter-segment income	31 September 2010 (Note 1)	Inter-segment income
					(4,751,733)
					(4,751,733)
					-
					-
					(89,061,687)
					(9,891,646)
					(14,882,131)
					(501,548)
					(870,214)
					(119,958,959)
	Specialized retail	(15,841,034)		16,238,480
Retail real estate 97,502,294 97,047,664
Shopping centres 67,447,267 69,459,299
Telecommunications 164,017,079 148,988,549
Investment management 6,166,723 3,654,418
Eliminations and adjustments 12,317,677 8,251,042
Total direct consolidated 480,761,533 492,674,044
Operational profit/(loss) (EBIT)
Food based retail 81,028,690 89,901,154
Specialized retail (55,635,524) (15,983,043)
Retail real estate 74,493,004 72,998,732
Shopping centres 64,200,774 67,070,131
Telecommunications 70,263,893 50,798,688
Investment management (7,361) (1,811,199)
Eliminations and adjustments (4,454,588) (2,775,377)
Total direct consolidated 229,888,888 260,199,086
30 September 2011 30 September 2010 Investment (CAPEX)
Food based retail 53,958,857 57,737,134
Specialized retail 60,413,961 59,359,223
Retail real estate 8,260,245 17,762,053
Shopping centres 40,475,554 40,870,471
Telecommunications 65,880,000 87,522,758
Investment management 5,830,049 10,698,366
Eliminations and adjustments (1) (179,861) 4,218,500

Total consolidated 234,638,805 278,168,505

	30 September 2011	31 December 2010
Invested capital
Food based retail	618,867,218	479,204,374
Specialized retail	444,248,343	337,037,521
Retail real estate	1,366,238,564	1,418,165,276
Shopping centres	1,507,832,927	1,576,617,718
Telecommunications	811,860,198	781,749,152
Investment management	156,478,322	155,569,048
Eliminations and adjustments (1)	(7,877,380)	(34,500,775)
Total consolidated	4,897,648,192	4,713,842,314
Total net debt (2)
Retail businesses	1,237,469,959	1,046,670,860
Shopping centres	725,192,474	829,279,533
Telecommunications	323,646,414	348,085,829
Investment management	93,097,327	80,627,179
Holding (1)	578,365,587	547,616,771
Total consolidated	2,957,771,761	2,852,280,172

(1) Includes Sonae Individual accounts;

(2) Includes shareholders loans;

The caption "Eliminations and Adjustments" can be analysed as follows:

		Turnover		Operational cash-flow (EBITDA)	Operational profit/(loss) (EBIT)
				30 September 2011 30 September 2010 30 September 2011 30 September 2010 30 September 2011 30 September 2010
Inter-segment income	(118,183,411)	(119,958,959)	1,013,728	(707,870)	908,457	(259,480)
Adjustment on telecommunications provisions (3)	-	-	16,545,953	11,389,585	-	-
Others	3,249,112	5,833,882	(5,242,004)	(2,430,673)	(5,363,045)	(2,515,896)
Eliminations and adjustments	(114,934,299)	(114,125,077)	12,317,677	8,251,042	(4,454,588)	(2,775,377)

(3) The sub-holding considers provisions as EBITDA.

		Investment	Invested capital
		30 September 2011 30 September 2010 30 September 2011 31 December 2010
Inter-segment balances	236,624	4,046,805	48,624,195	67,339,294
Dividends	-	-	-	-
Cash settled equity swap (4)	-	-	(66,591,394)	(97,077,039)
Others	(416,485)	171,695	10,089,819	(4,763,030)
Eliminations and adjustments	(179,861)	4,218,500	(7,877,380)	(34,500,775)

(4) Financial Instrument reported in Note 18.

Glossary:

Invested capital = Gross real estate assets + other fixed assets (including Goodwill) - amortisations and impairment losses + financial investments + working capital (includes non-current assets and non-current liabilities excluding total net debt); all figures at book value with the exception of Shopping Centres building block;

Total Net debt = Bonds + bank loans + other loans + shareholders loans + finance leases + derivatives - cash, bank deposits and current investments-other long term applications;

EBITDA = Turnover + other revenues + negative Goodwill – reversion of impairment losses – operational costs - Provisions for warranty extensions + profit/losses on disposals of subsidiaries;

Eliminations and adjustments = Inter-segment + consolidation adjustments + contribution of companies not included in the segments;

CAPEX = Investments in tangible and intangible assets, investment properties and acquisitions of subsidiaries; less amounts generated over assets disposals;

Direct income - excludes contributions to indirect income;

Indirect Income - includes the Shopping Centre operating segment contributions net of taxes to consolidated income statement, arising from: (i) investment property valuations; (ii) capital gains (losses) on the sale of financial investments, joint ventures or associates; (iii) impairment losses (including goodwill) and; (iv) provision for Development Funds at Risk.

32 COMMITMENTS WITH "INFORMATION SOCIETY"

Under the agreed terms resulting from the grant of the UMTS License, Optimus – Comunicações, S.A. assumed commitments in the area of promotion of the Information Society, totalling 274 million euro, to be complied with up to the end of the licence period (2015)

In accordance with the Agreement established on 5 June 2007 with the Ministry of Public Works, Transports and Communications ("MOPTC"), a part of those commitments, up to 159 million euro, will be accomplished through its own projects as contributions to qualifying Information Society and incurred in the normal activity of Sonaecom - Communications Services (investment and networking technology that does not derive from the need for compliance with obligations relating to the allocation of the UMTS license and research activities, development and promotion services, content and applications), which must be recognized by MOPTC and entities set up especially for this purpose. As at 30 September 2010, the total amount was already incurred and validated by the above referred entities, so at this date there are no additional responsibilities related to these commitments. These charges were recorded in the financial statements at the moment the projects were carried out and the estimated costs became known.

The remaining commitments, up to the amount of around 116 million euro, will be fulfilled as agreed between Optimus – Comunicações, S.A.and MOPTC, through contributions to the "Iniciativas E" project (offer of modems, discounted rates, cash contributions, among others, relating to the widespread use of broadband internet by students and teachers), those e contributions being made through Information Society Fund ("Fundo para a Sociedade de Informação") now known as the "Fundação para as Comunicações Móveis" (Foundation for Mobile Communications), to be created by the three mobile operators operating in Portugal. The responsibilities were recorded, at 31 December 2010, as an added cost of the UMTS license, against an entry in the captions 'Other non-current liabilities' and 'Other current liabilities'. As at 30 September 2011 these responsibilities were all recorded in the financial statements.

At 30 September 2011, the caption "Patents and other similar rights", of intangible assets includes the amount of 111.5 million euro, that correspond to the present value of the estimated responsibility with "Iniciativas E" program, recorded in June 2008 and updated September 2009.

33 PRESENTATION OF CONSOLIDATED INCOME STATEMENT

In the Management Report, and for the purposes of calculating financial indicators as EBITDA, and as well for segments income presentation purposes, the income statement is divided between Direct Income and Indirect Income, according to common practice in the Shopping Centre business.

The Indirect Income includes the contribution of the Shopping Centre operating segment to the consolidated income statement, net of taxes, that result from: (i) valuation of investment properties; (ii) gains (losses) with the sale of financial investments, joint ventures or associates; (iii) impairment losses (including goodwill) and (iv) provisions for "Development Funds at Risk".

The value of the EBITDA is calculated only in the Direct Income, excluding the indirect contributions.

The reconciliation between consolidated income and direct/indirect income for the nine month periods ended 30 September 2011 and 2010 can be summarised as follows:

		30 September 2011			30 September 2010 (Note 1)
	Consolidated	Indirect income	Direct income	Consolidated	Indirect income	Direct income
Operational income
Sales	3,373,046,671	-	3,373,046,671	3,422,308,853	-	3,422,308,853
Services rendered	798,523,227	-	798,523,227	804,746,276	-	804,746,276
Value created on investment properties	3,714,118	3,714,118	-	3,391,846	3,391,846	-
Investment income	-	-	-	-	-	-
Dividends	232,500	-	232,500	405,263	-	405,263
Other	(195,516)	-	(195,516)	5,485,440	(949,478)	6,434,918
Other income
Badwill	988,475	-	988,475	-	-	-
Reversion of impairment losses	2,599,010	-	2,599,010	3,762,961	-	3,762,961
Other	357,284,986	2,012,732	355,272,254	313,949,587	-	313,949,587
Total income	4,536,193,471	5,726,850	4,530,466,621	4,554,050,226	2,442,368	4,551,607,858
Total cost (a)	4,305,445,982	5,100,749	4,300,345,233	4,294,679,973	3,676,463	4,291,003,510
Depreciation and amortisation	230,590,936	-	230,590,936	217,960,920	-	217,960,920
Provisions and impairment losses	-	-	-	-	-	-
Provisions for warranty extensions	5,752,012	-	5,752,012	4,199,645	-	4,199,645
Others	25,728,346	1,859,151	23,869,195	20,880,500	2,603,500	18,277,000
Profit before financial results and share of results of associated	230,747,489	626,101	230,121,388	259,370,253	(1,234,095)	260,604,348
Financial profit/(loss)	(79,457,298)	(1,004,869)	(78,452,429)	(77,819,192)	-	(77,819,192)
Share of results of associated undertakings	(4,040,840)	(3,744,058)	(296,782)	(803,418)	(776,017)	(27,401)
Profit before income tax	147,249,351	(4,122,826)	151,372,177	180,747,643	(2,010,112)	182,757,755
Income tax	(25,575,432)	(8,278,918)	(17,296,514)	(64,073,429)	(22,126,027)	(41,947,402)
Net profit for the period	121,673,919	(12,401,744)	134,075,663	116,674,214	(24,136,139)	140,810,353
- attributable to equity holders of Sonae	84,113,508	(8,331,296)	92,444,804	97,852,873	(14,811,429)	112,664,302
- attributable to non controlling interests	37,560,411	(4,070,448)	41,630,859	18,821,341	(9,324,710)	28,146,051
Operational cash-flow (EBITDA) (b)			480,761,534			- 492,674,044

(a) The amount recorded in Indirect income relates mainly to the reduction of investment properties value, accruals for "DevelopmentFunds at Risk" and recognized impairment losses;

(b) EBITDA is computed as Turnover + Other Income + Negative goodwill – Impairment losses reversal – Operational expenses - Provisions for warranty extensions + Gains/(losses) in disposals.

34 APPROVAL OF THE FINANCIAL STATEMENTS

The accompanying consolidated financial statements were approved by the Board of Directors and authorized for issue on 22 November 2011.

The Board of Directors

Belmiro Mendes de Azevedo

Álvaro Carmona e Costa Portela

Álvaro Cuervo Garcia

Bernd Bothe

Christine Cross

Michel Marie Bon

José Neves Adelino

Duarte Paulo Teixeira de Azevedo

Ângelo Gabriel Ribeirinho dos Santos Paupério

Nuno Manuel Moniz Trigoso Jordão

Condensed individual financial statements

CONDENSED INDIVIDUAL STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2011 AND 2010 AND AS AT 31 DECEMBER 2010

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

(Amounts expressed in euro)

ASSETS	Notes		30.September.2011 30.September.2010	31.December.2010
NON-CURRENT ASSETS:
Tangible assets		198,348	242,802	225,499
Intangible assets		94,382	1,192	118,252
Investments in affiliated companies	4	3,645,328,932	3,019,380,722	3,177,377,209
Other investments	5	46,679,880	61,767,380	63,795,880
Other non-current assets	6	428,047,946	553,578,871	808,550,697
Total non-current assets		4,120,349,488	3,634,970,967	4,050,067,537
CURRENT ASSETS:
Trade account receivables and other current assets	7	21,851,992	4,487,563	60,651,789
Cash and cash equivalents	8	229,622	81,982	307,130
Total current assets		22,081,614	4,569,545	60,958,919
TOTAL ASSETS		4,142,431,102	3,639,540,512	4,111,026,456
EQUITY AND LIABILITIES
EQUITY:
Share capital	9	2,000,000,000	2,000,000,000	2,000,000,000
Reserves and retained earnings		1,434,579,192	1,032,798,538	1,147,143,401
Profit for the period		23,619,926	64,946,032	386,432,293
TOTAL EQUITY		3,458,199,118	3,097,744,570	3,533,575,694
LIABILITIES:
NON-CURRENT LIABILITIES:
Loans	1 0	510,072,851	514,018,887	511,140,968
Other non-current liabilities		-	-	71,727
Total non-current liabilities		510,072,851	514,018,887	511,212,695
CURRENT LIABILITIES:
Loans	1 0	93,505,847	21,298,859	61,000,000
Trade creditors and other current liabilities	1 1	80,653,286	6,478,196	5,238,067
Total current liabilities		174,159,133	27,777,055	66,238,067
TOTAL EQUITY AND LIABILITIES		4,142,431,102	3,639,540,512	4,111,026,456

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

CONDENSED INDIVIDUAL INCOME STATEMENTS FOR THE PERIODS ENDED 30 SEPTEMBER 2011 AND 2010

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

(Amounts expressed in euro)

Notes	th Quarter 2011 3	th Quarter 2010 3	30.September.2011	30.September.2010
				262,500
				71,616,617
				11,966,199
				640,503
				(2,050,164)
				(1,615,728)
				(35,925)
				(15,251,332)
				(586,638)
	3,761,382	(2,411,736)	24,685,245	64,946,032
				-
	3,010,382	(2,411,736)	23,619,926	64,946,032
				0.032473
1 5	0.003612	(0.001205)	0.011805	0.032461
	1 4 1 5	101,150 - 11,188,066 11,125 (496,324) (554,542) (24,788) (6,406,985) (56,320) (751,000) 0.003615	262,500 - 3,951,583 102,663 (640,975) (520,370) (10,276) (5,512,976) (43,885) - (0.001206)	303,450 11,993,439 33,471,121 360,953 (1,559,872) (1,676,292) (76,212) (17,622,149) (509,193) (1,065,319) 0.011810

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

CONDENSED INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED AT 30 SEPTEMBER 2011 AND 2010

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

(Amounts expressed in euro)

	th Quarter 2011 3	th Quarter 2010 3	30.September.2011	30.September.2010
Net Profit / (Loss) for the period	3,010,382	(2,411,736)	23,619,926	64,946,032
Changes on fair value of available-for-sale financial assets	(18,580,850)	1,676,327	(34,432,252)	12,026,107
Changes in hedge and fair value reserves	(2,973,517)	855,717	1,635,522	(4,566,166)
Other comprehensive income for the period	(21,554,367)	2,532,044	(32,796,730)	7,459,941
Total comprehensive income for the period	(18,543,985)	120,308	(9,176,804)	72,405,973

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

CONDENSED INDIVIDUAL STATEMENTS OF CHANGES IN EQUITY FOR THE PERIODS ENDED AT 30 SEPTEMBER 2011 AND 2010

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

(Amounts expressed in euro)

			Reserves and retained earnings
	Share capital	Own shares	Legal reserve		Fair value reserve Hedging reserve	Other reserves and retained earnings	Total reserves and retained earnings	Net profit/(loss)	Total
Balance as at 1 January 2010	2,000,000,000	-	163,229,582	488,904,537	(5,807,343)	350,006,260	996,333,036	91,729,048	3,088,062,084
Total comprehensive income for the period	-	-	-	12,026,107	(4,566,166)	-	7,459,941	64,946,032	72,405,973
Appropriation of profit of 2009: Transfer to legal reserves and retained earnings	-	-	4,586,452	-	-	24,142,596	28,729,048	(28,729,048)	-
Dividends distributed Share based payments	- -	- -	- -	- -	- -	- 276,513	- 276,513	(63,000,000) -	(63,000,000) 276,513
Balance as at 30 September 2010	2,000,000,000	-	167,816,034	500,930,644	(10,373,509)	374,425,369	1,032,798,538	64,946,032	3,097,744,570
Balance as at 1 January 2011	2,000,000,000	-	167,816,034	612,472,662	(7,662,771)	374,517,476	1,147,143,401	386,432,293	3,533,575,694
Total comprehensive income for the period	-	-	-	(34,432,252)	1,635,522	-	(32,796,730)	23,619,926	(9,176,804)
Appropriation of profit of 2010:
Transfer to legal reserves and retained earnings Dividends distributed	- -	- -	19,321,614 -	- -	- -	300,910,679 -	320,232,293 -	(320,232,293) (66,200,000)	- (66,200,000)
Purchase of own shares	-	(289,862)	-	-	-	-	-	-	(289,862)
Share based payments	-	289,862	-	-	-	228	228	-	290,090
Balance as at 30 September 2011	2,000,000,000	-	187,137,648	578,040,410	(6,027,249)	675,428,383	1,434,579,192	23,619,926	3,458,199,118

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

The Board of Directors

66 22.11.2011

CONDENSED INDIVIDUAL CASH FLOW STATEMENTS FOR THE PERIODS ENDED 30 SEPTEMBER 2011 AND 2010

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

(Amounts expressed in euro)

	Notes	th Quarter 2011 3	th Quarter 2010 3	30.September.2011	30.September.2010
OPERATING ACTIVITIES
Net cash flow from operating activities (1)		(102,967)	(1,362,593)	(2,892,410)	(2,231,637)
INVESTMENT ACTIVITIES
Cash receipts arising from:
Investments		4,720,000	4,887,500	14,749,954	15,722,500
Tangible and intangible assets		5 0	80,795	1,917	659,186
Interest and similar income		7,363,912	6,832,685	30,660,756	14,593,577
Dividends		-	-	107,599	71,616,617
Loans granted		625,773,678	397,589,302	1,188,933,177	802,347,750
		637,857,640	409,390,282	1,234,453,403	904,939,630
Cash Payments arising from:
Investments		(499,999,699)	(142,877)	(499,999,699)	(142,877)
Tangible and intangible assets		(13,900)	(15,460)	(24,395)	(77,599)
Loans granted		(254,688,000)	(393,711,001)	(755,488,000)	(825,482,267)
		(754,701,599)	(393,869,338)	(1,255,512,094)	(825,702,743)
Net cash used in investment activities (2)		(116,843,959)	15,520,944	(21,058,691)	79,236,887
FINANCING ACTIVITIES
Cash receipts arising from:
Loans obtained		865,825,000	454,060,000	1,333,482,000	1,018,825,000
		865,825,000	454,060,000	1,333,482,000	1,018,825,000
Cash Payments arising from:
Loans obtained		(745,565,000)	(465,885,000)	(1,229,627,000)	(1,022,350,000)
Interest and similar charges		(3,611,926)	(3,077,393)	(13,500,927)	(13,330,649)
Dividends		-	-	(66,196,465)	(62,986,476)
Purchase of own shares		-	-	(289,862)	-
		(749,176,926)	(468,962,393)	(1,309,614,254)	(1,098,667,125)
Net cash used in financing activities (3)		116,648,074	(14,902,393)	23,867,746	(79,842,125)
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)		(298,852)	(744,042)	(83,355)	(2,836,875)
Cash and cash equivalents at the beginning of the period		522,627	677,165	307,130	2,769,998
Cash and cash equivalents at the end of the period	8	223,775	(66,877)	223,775	(66,877)

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

NOTES TO THE CONDENSED INDIVIDUAL

FINANCIAL STATEMENTS FOR THE PERIOD ENDED

30 SEPTEMBER 2011

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

(Amounts expressed in euro)

1 INTRODUCTION

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

2 BASIS OF PREPARATION

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

3 PRINCIPAL ACCOUNTING POLICIES

The accounting policies adopted are consistent with those described in the file of annual financial statements for the year ended 31 December 2010.

4 INVESTMENTS IN AFFILIATED COMPANIES

As at 30 September 2011 and 31 December 2010 the company held investments in the following affiliated companies:

	30.September.2011
Company	% Held	Carrying amount	Acquisition cost	Fair value reserve
Sonae Investimentos SGPS, SA (a)	76.86%	1,893,270,729	1,416,192,180	477,078,549
Sonae Sierra SGPS, SA (b)	50.00%	593,814,000	490,113,339	103,700,661
Sonaecom, SGPS, SA	0.18%	733,199	650,000	83,199
Sontel BV	42.86%	405,641,099	405,641,099	-
Sonae Investments BV	100.00%	835,700,000	835,700,000	-
Others	-	4,669,905	4,669,905	-
Impairment		(88,500,000)	-	-
Total		3,645,328,932	3,152,966,523	580,862,409

Company	% Held	Carrying amount	Acquisition cost	Fair value reserve
Sonae Investimentos SGPS, SA (a)	76.86%	1,893,270,729	1,416,192,180	477,078,549
Sonae Sierra SGPS, SA (b)	50.00%	625,463,000	490,113,339	135,349,661
Sonaecom, SGPS, SA	0.23%	1,132,175	921,724	210,452
Sontel BV	42.86%	191,341,400	191,341,400	-
Sonae Investments BV	100.00%	550,000,000	550,000,000	-
Others	-	4,669,905	4,669,905	-
Impairment		(88,500,000)	-	-
Total		3,177,377,209	2,653,238,548	612,638,662

• (a) The value of this investment is the price paid in the public tender offer for the de-listing occurred in 2006. Since that date no change in the value of the investment was recorded.
• (b) Market value was determined based on an independent valuation for the period of assets held by this affiliated company, after deduction of associated net debt and of the share attributable to non-controlling interests.

5 OTHER INVESTMENTS

As at 30 September 2011 and 31 December 2010 other investments are as follows:

		30.September.2011
	Carrying amount	Acquisition cost	Fair value reserve
Magma No. 1 Securitisation Notes	42,480,000	42,480,000	-
Sonae Capital, SGPS, SA	4,150,000	6,972,000	(2,822,000)
Outros	49,880	49,880	-
Total	46,679,880	49,501,880	(2,822,000)

	Carrying amount	Acquisition cost	Fair value reserve
Magma No. 1 Securitisation Notes	56,940,000	56,940,000	-
Sonae Capital, SGPS, SA	6,806,000	6,972,000	(166,000)
Outros	49,880	49,880	-
Total	63,795,880	63,961,880	(166,000)

6 OTHER NON-CURRENT ASSETS

As at 30 September 2011 and 31 December 2010 other non-current assets are detailed as follows:

	30.September.2011	31.December.2010
Loans granted to group companies	428,047,946	808,550,697

This caption includes a subordinate bond loan, repayable in 10 years issued by Sonae Investimentos, SGPS, SA at market conditions. This loan was fully subscribed and paid by Sonae SGPS, SA on 28 December 2010 amounting to 400,000,000 euro, relating 8,000 bonds with nominal value of 50,000 euro each. As at 30 September 2011 it's estimated that the carrying amount of the loan it's approximately its fair value.

7 TRADE ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS

As at 30 September 2011 and 31 December 2010 trade accounts receivable and other current assets are detailed as follows:

	30.September.2011	31.December.2010
Trade accounts receivable	2,084	497,176
Group companies	11,925,184	58,499,980
Taxes and contributions receivable	602,385	924,706
Accrued income and prepayments	9,050,050	470,643
Others	272,289	259,284
Total	21,851,992	60,651,789

The caption "Accrued income and prepayments" mainly includes receivables relating to interests from loans granted to group companies (Note 6).

8 CASH AND CASH EQUIVALENTS

As at 30 September 2011 and 31 December 2010 cash and cash equivalents are detailed as follows:

	30.September.2011	31.December.2010
Cash at hand	89	89
Bank deposits	229,533	307,041
Cash and cash equivalents on the balance sheet	229,622	307,130
Bank overdrafts Cash and cash equivalents on the cash flow	5,847	-
statement	223,775	307,130

9 SHARE CAPITAL

As at 30 September 2011 and 31 December 2010 share capital consisted of 2,000,000,000 ordinary shares of 1 euro each.

10 LOANS

As at 30 September 2011 and 31 December 2010 this caption included the following loans:

	30.September.2011	31.December.2010
Nominal value of bonds	500,000,000	500,000,000
Up-front fees not yet charged to income statement	(2,214,210)	(2,849,786)
Bonds	497,785,790	497,150,214
Derivatives	12,287,061	13,990,754
Non-current loans	510,072,851	511,140,968
Commercial paper	93,500,000	61,000,000
Bank overdrafts	5,847	-
Current loans	93,505,847	61,000,000

Non-current loans

Bonds Sonae / 05 amounting to 100,000,000 euro, repayable after 8 years, in one installment, on 31 March 2013. Interest rate is variable, indexed to Euribor 6 months, with interest paid half-yearly.

Bonds Sonae 2007/2014 amounting to 150,000,000 euro, repayable after 7 years, in one installment, on 11 April 2014. Interest rate is variable, indexed to Euribor 6 months, with interest paid half-yearly. The company has the option to make whole or partial reimbursements, with no extra cost, on the date of the 10th and 12th coupons.

Bonds Sonae 2010/2015 amounting to 250,000,000 euro, repayable after 5 years, in one installment, on 16 April 2015. Interest rate is variable, indexed to Euribor 6 months, with interest paid half-yearly.

Current loans

Commercial paper - Program of issuance of short-term commercial paper, by private subscription, released on August 23, 2004, valid for a period of 10 years with an extension possibility by Company's initiative, with a maximum of 350,000,000 euro.

The above mentioned loans are unsecured and its estimated fair value is considered to be near its carrying amount, as they bear interests at variable market rates.

Interest rate as at 30 September 2011 of the bonds and bank loan was, on average, 3.1% (2.5% as at 31 December 2010).

Maturity of Borrowings

As at 30 September 2011 and 31 December 2010 the analysis of the maturity of loans is as follows:

	30.September.2011	31.December.2010
N+1	93,505,847	61,000,000
N+2	100,000,000	-
N+3	150,000,000	100,000,000
N+4	250,000,000	150,000,000
N+5	-	250,000,000

11 TRADE CREDITORS AND OTHER CURRENT LIABILITIES

As at 30 September 2011 and 31 December 2010, trade creditors and other current liabilities are detailed as follows:

	30.September.2011	31.December.2010
Trade creditors	757,880	1,193,408
Group companies	71,760,000	405,000
Taxes and contributions payable	1,114,741	153,684
Accrued expenses	6,937,321	3,412,195
Others	83,344	73,780
Total	80,653,286	5,238,067

12 CONTINGENT LIABILITIES

As at 30 September 2011 and 31 December 2010, contingent liabilities are detailed as follows:

	30.September.2011	31.December.2010
Guarantees given:
on tax claims	307,664	307,664
on judicial claims	145,256	145,256
Guarantees given in favour of subsidiaries	a) 124,909,412	74,329,339

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

13 RELATED PARTIES

Transactions and balances with related parties are detailed as follows:

Transactions	30.September.2011	30.September.2010
Group companies	123,246	534,355
Jointly controlled companies	153,450	150,000
Other partners in group companies	75,069	75,000
Services rendered and other income	351,765	759,355
Group companies	846,259	914,772
Jointly controlled companies	25,033	31,783
Other partners in group companies	33,503	105,699
Purchases and services obtained	904,795	1,052,254
Group companies	31,603,252	9,698,909
Interest income	31,603,252	9,698,909
Parent company	401,984	-
Group companies	240,441	331,063
Interest expenses	642,425	331,063
Group companies	107,599	57,960,737
Jointly controlled companies	11,867,610	13,655,880
Dividend income (N o te 14)	11,975,209	71,616,617
Group companies	289,954	-
Disposal of investments	289,954	-
Balance	30.September.2011	31.December.2010
Group companies	8,836,494	6,107,634
Jointly controlled companies	12,021,060	219,976
Other partners in group companies	78,445	146,536
Accounts receivable	20,935,999	6,474,146
Parent company	401,984	-
Group companies	947,651	1,041,762
Jointly controlled companies	997	-
Other partners in group companies	12,011	13,938
Accounts payable	1,362,643	1,055,700
Group companies	428,105,519	861,550,697
Loans granted	428,105,519	861,550,697
Group companies	71,760,000	405,000
Loans obtained	71,760,000	405,000

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

14 INVESTMENTS INCOME

As at 30 September 2011 and 30 September 2010, investment income can be detailed as follows:

	30.September.2011	30.September.2010
Dividends	11,975,209	71,616,617
Gains / (losses) on sale investments	18,230	-
	11,993,439	71,616,617

The dividends mentioned above were distributed by the affiliates Sonae Sierra, SGPS, SA (11,867,610 euro), Sonaegest, SA (75,099 euro) and Sonaecom, SGPS, SA (32,500 euro).

15 EARNINGS PER SHARE

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

	30.September.2011	30.September.2010
Net profit
Net profit taken into consideration to calculate basic earnings per share (Net profit for the period)	23,619,926	64,946,032
Effect of dilutive potential shares	-	-
Interests related to convertible bonds (net of tax)	-	-
Net profit taken into consideration to calculate diluted earnings per share:	23,619,926	64,946,032
Number of shares
Weighted average number of shares used to calculate basic earnings	2,000,000,000	2,000,000,000
Effect of dilutive potential ordinary shares from convertible bonds	-	-
Outstanting shares related with deferred performance bonus	1,407,223	1,322,666
Number of shares that could be acquired at average market price	(569,446)	(554,327)
Weighted average number of shares used to calculate diluted earnings per share	2,000,837,777	2,000,768,339
Profit/(Loss) per share
Basic	0.011810	0.032473
Diluted	0.011805	0.032461

16 APPROVAL OF FINANCIAL STATEMENTS

The accompanying financial statements were approved by the Board of Directors and authorized for issue on 22 November 2011.

17 INFORMATION REQUIRED BY LAW

Decree-Law nr 318/94 art 5 nr 4

During the period ended 30 September 2011 shareholders' loan contracts were entered into with the following companies:

Sonae Investments, BV

Sontel, BV

During the period ended 30 September 2011 short-term loan contracts were entered into with the following companies:

Efanor Investimentos, SGPS, SA

Sonae Investments, BV

Sonae Specialized Retail, SGPS, SA

Sonaecenter Serviços, SA

Sonaecom, SGPS, SA

As at 30 September 2011 amounts owed by affiliated undertakings can be summarized as follows:

Companies	Closing Balance
Sonae Investments, BV	27,262,933
Sonaecenter Serviços, SA	57,574
Sontel, BV	785,012
Total	28,105,519

As at 30 September 2011 amounts owed from affiliated undertakings can be summarized as follows:

Companies	Closing Balance
Sonae Investments, BV	71,760,000
Total	71,760,000

The Board of Directors

Belmiro Mendes de Azevedo

Álvaro Carmona e Costa Portela

Álvaro Cuervo Garcia Bernd Bothe Christine Cross Michel Marie Bon José Neves Adelino Duarte Paulo Teixeira de Azevedo Ângelo Gabriel Ribeirinho dos Santos Paupério

Nuno Manuel Moniz Trigoso Jordão

SAFE HARBOUR

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

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

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

Report available at Sonae's institutional website www.sonae.pt

Media and Investor Contacts

António Castro Head of Investor Relations antonio.gcastro@sonae.pt Tel.: + 351 22 010 4794

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

Andreia Gomes External Communication asgomes@sonae.pt Tel: + 351 22 010 4763

Sonae Lugar do Espido Via Norte 4471-909 Maia Portugal Tel.: +351 229487522 Fax: +351 229404634

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