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Altri SGPS Interim / Quarterly Report 2020

Sep 30, 2020

1914_ir_2020-09-30_a4d4997b-177c-4f78-8805-fe2833b8f5fd.pdf

Interim / Quarterly Report

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30 June 2020

INTRODUCTION
4
STOCK EXCHANGE EVOLUTION6
GROUP'S ACTIVITY8
FINANCIAL REVIEW
11
FUTURE PRESPECTIVES14
CORPORATE GOVERNANCE
15
LEGAL MATTERS
16
CLOSING REMARKS
18
STATEMENT UNDER THE TERMS OF ARTICLE 246, PARAGRAPH 1, C) OF THE SECURITIES
MARKET CODE
20
STATEMENT OF RESPONSIBILITY20

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO (This is a translation of a document originally issued in Portuguese. In the event of discrepancies, the Portuguese language version prevails – Note 21)

To the Shareholders

Pursuant to the legal requirements, the Board of Directors of Altri, SGPS, S.A. ("Altri") hereby presents its Management Report for the first half of 2020.

INTRODUCTION

Altri was incorporated in March 2005 and quickly became known and recognised as a leading European producer of bleached eucalyptus pulp and, more recently, of dissolving pulp. The company is now also a relevant player in the renewable energy sector, particularly in industrial cogeneration using black liquor and biomass, as its forestry strategy is based on the full use of all the components provided by the forest: pulp, black liquor and forest wastes.

All the shares representing Altri's share capital are admitted to trading on a regulated market - Euronext Lisbon integrating its main reference index, PSI-20.

Altri's success is due to a variety of factors, most notably the high level of investment made, especially in the last ten years and until 31 December 2019, when Altri invested more than 454 million Euro in industrial units in Portugal, equipping them with the most advanced technology available on the global market, adapting them, right from the start, to the conditions of the New BREF (Best Available Techniques – Reference Document for the Production of Pulp, Paper and Board). Therefore, Altri's industrial units are now national and international references in terms of best practices and environmental compliance.

Altri has three pulp mills in Portugal - Celulose Beira Industrial (Celbi), S.A., in Figueira da Foz, Celtejo – Empresa de Celulose do Tejo, S.A., in Vila Velha de Ródão and Caima – Indústria de Celulose, S.A., in Constância, with an installed capacity of production of eucalyptus pulp of more than 1 million tonnes per year in the three units as a whole. Additionally, Bioelétrica da Foz materializes the presence of Altri in the renewable energy sector, being currently composed by five biomass power plants which generates energy through forest biomass.

The forest is a strategic asset for Altri. At the end of 2019, Altri, through its subsidiary, Altri Florestal, S.A., managed 83,500 hectares of forest in Portugal. Altri Florestal, S.A.'s management practices are certified by the main sustainable forest management certification systems, a guarantee that the Company will achieve its goals, now and in the future.

In these lands, eucalyptus stands out as the main crop of Altri's forest, ensuring a self-supply that complements the supply provided by the wood and biomass market. These lands are fully certified by the Forest Stewardship Council® (FSC®) and the Programme for the Endorsement of Forest Certification (PEFC), two of the most renowned certification bodies worldwide.

Although Altri's forests are scattered across the country, they are mostly concentrated in Tejo's valley, a fact that makes them even more relevant due to their proximity to Altri's manufacturing units. This proximity is extremely relevant from the strategic point of view, because it allows optimising transportation costs, while ensuring a greater efficiency in the mobilisation of wood when compared to the production of wood located at farther distances.

The pursuit of Altri's industrial strategy is based on integrated forest management in Portugal, which aims at optimising the forest, guaranteeing that all its components are fully used. Thus, eucalyptus is processed in Altri's mills, producing paper pulp and electricity (cogeneration), while the bark, the branches and the forest waste are used to generate electricity using biomass.

Altri's development strategy is clearly based on the reinforcement of its operational efficiency and, at the same time, on the diversification of the sources of revenue for segments with higher added value and that enable an evolution in the value chain. Thus, in order to comfortably compete in the commodity market, and in a context marked by an adverse

REPORT AND ACCOUNTS 1H2020 I. Management Report

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO exchange rate, the Company must reduce its operating costs and, on the other hand, invest in the manufacture of products with higher added value, which will allow the Group to grow.

Altri aims to become the most efficient producer on a global scale providing a door-to-door service to its customers. With this goal in mind, Altri developed a strategy based on three pillars:

  • Cutting cash cost per tonne: the projects completed in recent years and those underway do not entail an increase in fixed costs, leading to a dilution of the cash cost per tonne;
  • Strategic location of the customer base: the prime location for Altri's customers is Western and Central Europe, where it is possible to optimise the balance between the quality of customer service and transportation costs;
  • Wood self-sufficiency: Altri has under its intervention around 87 thousand hectares of forest in Portugal, including 83.5 thousand hectares under own and certificated management, ensuring a potential level of wood self-sufficiency around 15 to 20%.

In pursuit of its continuous improvement goals, and in particular regarding the valorisation of forest resources, in 2005, Altri acquired 50% of EDP Produção - Bioeléctrica, S.A. to generate electricity from forest biomass in partnership with EDP. This company is the leader in its market segment, with a 50% share of licenses for generating electricity from forest biomass. In 2018, Altri reached an agreement with EDP to acquire, directly and through its subsidiary Caima - Indústria de Celulose, S.A., the remaining 50%, thereby taking control of 100% of that Company (now Bioelétrica da Foz, S.A.). Following the Competition Authority's decision not to object to the proposal, the transaction took place at the end of November 2018 and the Group took control of the entire operation as of that date.

Hence, Altri, through its subsidiary Bioelétrica da Foz, S.A. (Bioelétrica) owns and manages currently five biomass power plants, which demonstrates its strong investment in the renewable energy sector and raised it to a prominent position in this market in Portugal.

Also, regarding the energy sector, Altri is also investing in generating electricity via renewable-based industrial cogeneration (a process based on the use of plant components with combustible properties).

Consequently, the new functional organisational structure of the Altri Group is as follows:

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO STOCK EXCHANGE EVOLUTION

(Note: in order to enable a better comparison of the stock fluctuations, the PSI 20 index has been considered as being equal in value to the opening price of the shares.)

Altri's share price closed in the first half of 2020 at 4.268 Euro per share, a decrease of 24.9% over the end of 2019. The market capitalization at the end of that period was around 875.5 million Euro.

During the first half of 2020, Altri's shares were traded at a maximum price of 6.260 Euro per share and at a minimum of 2.882 Euro per share. In total, 113 million shares were traded in the first half of the year.

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO The main events that marked the evolution of the Company's shares in the first half of 2020 can be described chronologically as follows:

  • ➢ As of 13 March 2020, the Group announced its financial performance for the year 2019, reaching a consolidated net profit of 100.8 million Euro. Total revenue1 amounted to 753.5 million Euro. Consolidated EBITDA2 amounted to 233.1 million Euro, being a record year in terms of production and pulp sales. On that date, shares closed at 3.292 Euro per share;
  • ➢ In the press release issued on May 4 th, 2020, Altri announced that dividends for the 2019 fiscal year, corresponding to 0.30 Euro per share, would be paid as from May 15th;
  • ➢ Through an announcement made on May 28th, the Group released the results for the first quarter of 2020. In that period, total revenue1 amounted to 165.7 million Euro, EBITDA2 reached about 33.1 million Euro, while the consolidated net profit recorded 6.8 million Euro.

2 EBITDA = Earnings before taxes - Gains / (losses) in investments + Financial expenses - Financial income + Amortisation and depreciation

1 Total revenues = Sales + Services rendered + Other income

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO GROUP'S ACTIVITY

Altri is a leading European producer of bleached eucalyptus pulp and, more recently, a producer of dissolving pulp. The Company is also a relevant player in the field of forest-based renewable energy, particularly in industrial cogeneration using black liquor and biomass.

The main financial holdings held and managed by the Altri Group are as follows:

  • Caima Indústria de Celulose (Constância) dissolving pulp producer and distributor;
  • Celulose Beira Industrial (Celbi) (Figueira da Foz) paper pulp producer and distributor;
  • Celtejo Empresa de Celulose do Tejo (Vila Velha de Ródão) also paper pulp producer and distributor;
  • Altri Florestal (Constância) the company that manages the Group's forestry resources;
  • Bioelétrica da Foz (Figueira da Foz) owns and manages biomass power plants in several parts of the country.

Altri's complete structure of participation as of 30 June 2020 is as follows:

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO Pulp market

Source: FOEX

According to data from the Pulp and Paper Products Council (PPPC), World Chemical Market Pulp Global 100 Report, June 2020, the cumulative total demand for the first six months of 2020 for hardwood pulp increased by 15.1% compared to the same period of 2019. The inventory days on hand at hardwood pulp producers were 41 days at the end of June 2020, which corresponds to a decrease of 24 days compared to the level of inventories that occurred a year ago.

Geographically, it is verified that consumption of hardwood pulp in Europe (Western Europe and Eastern Europe) decreased by 2.2% and the demand from China increased by 14.4%.

In terms of sales price, benchmark is stable at 680 USD/tad in Europe since November 2019. However, exchanging the price to EUR, the average price in the second quarter was 610 EUR/tad, the last price recorded (September 1st, 2020) was 575 EUR/tad and the average price recorded in the first quarter of 2020 was 616 EUR/tad.

Evolution of BHKP pulp price in Europe from 2003

During the first half of 2020, Altri's industrial units produced 551.8 thousand tons of pulp, from which 46.4 thousand tons were dissolving pulp, comparatively with 545.9 thousand tons produced in the same period of the previous year, which include 54.7 thousand tons of dissolving pulp.

In the first half, Altri sold 570.3 thousand tons of pulp, from which 58.6 thousand tons were dissolving pulp. When compared to the same period of 2019, when 551.6 thousand tons of pulp were sold, there was an increase of 3.4% on the quantity sold.

In terms of exports, during the first half of 2020, Altri exported 493.8 thousand tons, comparatively to the 480.7 thousand tons in the same period of 2019. In monetary terms, exports reached around 222.5 million Euro, in the first half of 2020.

It should also be noted that the production of renewable electric energy through forest biomass, in the half under analysis, reached about 366.4 GWh, which corresponds to a 70% growth compared to the first half of 2019. This was essentially due to the entry into operation of the second renewable energy production unit in Figueira da Foz (Sociedade Bioelétrica do Mondego, S.A.), in the second half of 2019.

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO FINANCIAL REVIEW

The consolidated financial information of Altri was prepared in accordance with the International Financial Reporting Standards, as adopted by the European Union (IFRS-EU).

The main indicators and data of Altri Group are as follows:

thousand Euro 1H 2020 1H 2019 1H 20 / 1H 19
Var%
Total revenues (a) 328,023 407,334 -19.5%
Cost of sales 161,776 151,050 7.1%
External supplies and services 83,393 91,371 -8.7%
Payroll expenses 19,616 19,011 3.2%
Other expenses 2,241 3,607 -37.9%
Provisions and impairment losses -2,010 0 -
Total expenses 265,016 265,040 0.0%
EBITDA (b) 63,007 142,294 -55.7%
EBITDA margin (c) 19.2% 37.3% -18.1 pp
Amortisation and depreciation -39,541 -37,155 6.4%
EBIT (d) 23,466 105,139 -77.7%
EBIT margin (e) 7.2% 29.6% -8.7 pp
Results related to investments 51 27 91.7%
Financial expenses -12,997 -13,649 -4.8%
Financial income 1,661 1,987 -16.4%
Financial results -11,285 -11,636 -3.0%
Profit before income tax 12,181 93,503 -87.0%
Income tax -2,950 -25,642 -88.5%
Consolidated net profit for the period
Attributable to:
Shareholders of the parent company 9,232 67,861 -86.4%
Non-controlling interest 0 - -

(a) Total revenues = Sales + Services rendered + Other income

(b) EBITDA = Profit before income tax - Results related to investments + Financial expenses - Financial income + Amortisation and depreciation

(c) EBITDA margin = EBITDA / Total revenues

(d) EBIT = EBITDA + Amortisation and depreciation

(e) EBIT margin = EBIT / Total revenues

Altri's total revenue amounted, in the first half of 2020, to 328.0 million Euro, which corresponds to a decrease of 19.5% over the same period of 2019.

In the first half of 2020, total costs excluding amortisation, financial expenses and taxes, amounted to around 265.0 million Euro.

On the other hand, EBITDA reached to 63.0 million Euro, which corresponds to a decrease of 55.7% over the first half of 2019. The half-year net result reached 9.2 million Euro.

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO

Key balance sheet indicators

thousand Euro 30.06.2020 31.12.2019 Var%
Biological assets 104,783 104,491 0%
Property, plant and equipment 532,988 555,289 -4%
Right-of-use assets 68,630 69,601 -1%
Goodw
ill
265,631 265,631 0%
Investments in associated companies 777 725 7%
Others 86,879 89,108 -3%
Non-current assets 1,059,687 1,084,846 -2%
Inventories 95,178 85,966 11%
Trade receivables 93,634 83,739 12%
Cash and cash equivalents 175,881 181,344 -3%
Others 35,282 46,557 -24%
Current assets 399,975 397,605 1%
Total assets 1,459,662 1,482,451 -2%
Equity and non-controlling interests 414,480 466,043 -11%
Bank loans 27,500 27,500 0%
Other loans 533,618 558,765 -5%
Reimbursable government grants 3,195 2,942 9%
Lease liabilities 71,686 70,392 2%
Others 79,725 82,337 -3%
Non-current liabilities 715,725 741,936 -4%
Bank loans 159 6,203 -97%
Other loans 148,038 102,651 44%
Reimbursable government grants 2,594 3,026 -14%
Lease liabilities 9,601 9,316 3%
Trade payables 120,983 102,378 18%
Others 48,081 50,898 -6%
Current liabilities 329,456 274,471 20%
Total liabilities and equity 1,459,662 1,482,451 -2%

The total net investment3 made during the first six months of 2020 by the Group's units amounted to approximately 15 million Euro.

Altri's nominal remunerated net debt on June 30, 2020 amounted to 532.3 million Euro. It should be noted that during the second quarter of 2020 Altri paid dividends, which amounted to approximately 61.5 million Euro.

3 Total net investment: Payments in the period related to the acquisition of property, plant and equipment related to the operational activity of the Pulp and Energy segments.

REPORT AND ACCOUNTS 1H2020 I. Management Report

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO Debt maturity profile

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO FUTURE PRESPECTIVES

The current context continues to be characterised by a high level of uncertainty, both in terms of demand and in terms of the evolution of the pulp sales prices, in addition to a depreciation of USD against the EUR.

Hence, the focus of the Altri Group is centered on the competitiveness of its production units, designing and implementing projects that seek to continuously reinforce the positioning of the Altri Group as the lowest cost European producer.

Generically, industrial projects have been based on digital transformation associated with continuous improvement. In concrete terms, in the case of Celtejo, the stoppage scheduled for the fourth quarter aims at consolidating the investment project that started about two years ago. On the other hand, Caima's intervention will focus on washing and bleaching lines.

The schedule for programmed maintenance stoppages is as follows:

Celtejo: October 2020 – 10 days Caima: October 2020 – 10 days

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO CORPORATE GOVERNANCE

According to legal provisions, the Company is not required to provided information relating to corporate governance, since it is compulsory only together with the annual management report. The detailed annual corporate governance report is part of the Annual Report and Accounts of 2019 and is available on the website (www.altri.pt).

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO LEGAL MATTERS

Own shares

Pursuant to the requirements of article 66 of the Portuguese Companies Act, the Directors inform as of 30 June 2020 that Altri had no treasury shares and did not acquire nor sell any treasury shares during this semester.

Shares held by Altri's corporate boards

Pursuant and for the purposes of Article 447 of the Portuguese Companies Act, we hereby inform that, on June 30, 2020, Altri's directors held the following shares:

Paulo Jorge dos Santos Fernandes (a) 26,616,874
João Manuel Matos Borges de Oliveira (b) 31,000,000
Domingos José Vieira de Matos (c) 26,519,010
Ana Rebelo de Carvalho Menéres de Mendonça (d) 38,295,053

(a) – The 26,616,874 shares correspond to the total of Altri, SGPS, S.A. shares held by the company ACTIUM CAPITAL, S.A., of which the director Paulo Jorge dos Santos Fernandes is director and majority shareholder.

(b) – The 31,000,000 shares correspond to the total of Altri, SGPS, S.A. shares held by the company CADERNO AZUL, S.A., of which the director João Manuel Matos Borges de Oliveira is director and shareholder.

(c) – The 26,519,010 shares correspond to the total of Altri, SGPS, S.A. shares held by the company LIVREFLUXO, S.A., of which the director Domingos José Vieira de Matos is director and majority shareholder.

(d) – The 38,295,053 shares correspond to the total of Altri, SGPS, S.A. shares held by the company PROMENDO INVESTIMENTOS, S.A., of which the director Ana Rebelo de Carvalho Menéres de Mendonça is director and majority shareholder.

As of 30 June 2020, the Statutory Auditor, the members of the Supervisory Board and the members of the Board of the General Shareholders' Meeting held no shares of Altri.

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO Participation in the Company's share capital

Pursuant to and for the purposes of the provisions of Articles 16 and 20 of the Securities Code and Article 448 of the Portuguese Companies Act, the Company informs that the companies and/or natural persons with qualifying holdings exceeding 2%, 5%, 10%, 20%, 33% and 50% of the voting rights, according to the notifications received at Altri's registered office reported on June 30, 2020 are as follows:

No. of shares
held on
% Share capital
with voting
Norges Bank 30-Jun-2020 rights
Directly 4,823,496 2.35%
Total attributable 4,823,496 2.35%
1 Thing, Investments, S.A. No. of shares
held on
30-Jun-2020
% Share capital
with voting
rights
Directly (a) 20,541,284 10.01%
Total attributable 20,541,284 10.01%
(a) - The 20,541,284 shares represent Altri, SGPS, S.A. total shares held directly by 1 THING, INVESTMENTS, S.A.
w
hose board of directors includes Altri's director Pedro Miguel Matos Borges de Oliveira
No. of shares
held on
% Share capital
with voting
Domingos José Vieira de Matos 30-Jun-2020 rights
Through Livrefluxo, S.A. (of which he is dominant shareholder and director) 26,519,010 12.93%
Total attributable 26,519,010 12.93%
No. of shares
held on
% Share capital
with voting
Paulo Jorge dos Santos Fernandes 30-Jun-2020 rights
Through Actium Capital, S.A. (of which he is dominant shareholder and director) 26,616,874 12.98%
Total attributable 26,616,874 12.98%
No. of shares % Share capital
held on with voting
João Manuel Matos Borges de Oliveira 30-Jun-2020 rights
Through Caderno Azul, S.A. (of which he is shareholder and director) 31,000,000 15.11%
Total attributable 31,000,000 15.11%
No. of shares
held on
% Share capital
with voting
Promendo Investimentos, S.A. 30-Jun-2020 rights
Directly (a) 38,295,053 18.67%

Through its director José Manuel de Almeida Archer 11,500 0.01% Total attributable 38,306,553 18.67% (a) - The 38,295,053 shares represent Altri, SGPS, S.A. total shares held by Promendo Investimentos, S.A. that are considered equally attributable to

Ana Rebelo de Carvalho Menéres de Mendonça, director and dominant shareholder of Promendo Investimentos, S.A. and director of Altri, SGPS, S.A.

Altri was not informed of any holdings exceeding 33% of the voting rights.

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO CLOSING REMARKS

The Board of Directors concludes by expressing a vote of gratitude to all of the Group's Stakeholders, for the trust demonstrated in our organization. We would like to express our appreciation to all our employees for their dedication and commitment.

Oporto, September 10, 2020

The Board of Directors

Alberto João Coraceiro de Castro

__________________________________

__________________________________

Paulo Jorge dos Santos Fernandes

__________________________________ João Manuel Matos Borges de Oliveira

__________________________________

__________________________________

Domingos José Vieira de Matos

Laurentina da Silva Martins

__________________________________ Pedro Miguel Matos Borges de Oliveira

__________________________________ Ana Rebelo Carvalho Menéres Mendonça

__________________________________

Maria do Carmo Guedes Oliveira

__________________________________ Paula Simões de Figueiredo Pimentel Freixo

__________________________________

__________________________________

José Armindo Farinha Soares de Pina

José António Nogueira dos Santos

__________________________________ Carlos Alberto Sousa Van Zeller e Silva

DO CONSELHO DE AD

MINISTRAÇÃO

STATEMENT UNDER THE TERMS OF ARTICLE 246, PARAGRAPH 1, C) OF THE SECURITIES MARKET CODE

The signatories individually declare that, to the best of their knowledge, the Management Report, the Individual and Consolidated Financial Statements and other accounting documents required by law or regulation were prepared in accordance with the International Financial Reporting Standards ("IFRS") as adopted by the European Union, presenting a true and fair view of the assets and liabilities, the financial position and the consolidated and individual results of Altri, SGPS, S.A. and of the companies included in the consolidation perimeter and that the Management Report faithfully describes the business evolution, performance and financial position of Altri, SGPS, S.A. and of its subsidiaries included in the consolidation perimeter, contains a description of the major risks and uncertainties that they face.

STATEMENT OF RESPONSIBILITY

The members of the Board of Directors of Altri, SGPS, S.A. declare that they assume responsibility for this information and affirm that the items included herein are true and that, to the best of their knowledge, there are no omissions.

As required by article 8 paragraph 3 of the Securities Market Code, the Board of Directors informs that these condensed consolidated financial statements were not subject to a limited review.

As required by article 210 of the Social Security Contributions Plan Code (approved by Law 110/2009 of 16 September), the Board of Directors informs that there are no overdue debts to the State, namely with respect to Social Security.

DO CONSELHO DE AD

MINISTRAÇÃO Article 447 of the Portuguese Companies Act, Article 14(7) of the CMVM Regulation no. 05/2008 and Article 19 of Regulation (EU) no. 596/2014 of European Parliament and of the Council of 16 April 2014

Disclosure of shares and other securities held by members of the Board of Directors and by those discharging managerial responsibilities, as well as by people closely connected with them (article 248-B of the Portuguese Securities Code), and disclosure of the respective transactions during the first semester involving such shares and other securities:

Shares held on Shares held on
Members of the Board of Directors 31-Dec-2019 Acquisitions Disposals 30-Jun-2020
Paulo Jorge dos Santos Fernandes (imputation through ACTIUM CAPITAL, S.A.) 26,229,874 387,000 - 26,616,874
João Manuel Matos Borges de Oliveira (imputation through CADERNO AZUL, S.A.) 30,000,000 1,000,000 - 31,000,000
Domingos José Vieira de Matos (imputation through LIVREFLUXO, S.A.) 24,850,110 1,668,900 - 26,519,010
Pedro Miguel Matos Borges de Oliveira (imputation through 1 THING INVESTMENTS, S.A.) 17,292,073 3,249,211 - 20,541,284
Ana Rebelo Carvalho Menéres de Mendonça (imputation through PROMENDO INVESTIMENTOS, S.A.) 42,545,053 - 4,250,000 38,295,053

Paulo Jorge dos Santos Fernandes (imputation through ACTIUM CAPITAL, S.A.)

Date Type Volume Price (€) Place No. of shares
31-Dec-19 - - - - 26,229,874
16-Jan-20 Acquisition 1,136 5.810000 Euronext Lisbon 26,231,010
16-Jan-20 Acquisition 543 5.810000 Euronext Lisbon 26,231,553
16-Jan-20 Acquisition 778 5.810000 Euronext Lisbon 26,232,331
16-Jan-20 Acquisition 1,126 5.810000 Euronext Lisbon 26,233,457
16-Jan-20 Acquisition 295 5.810000 Euronext Lisbon 26,233,752
16-Jan-20 Acquisition 338 5.810000 Euronext Lisbon 26,234,090
16-Jan-20 Acquisition 874 5.810000 Euronext Lisbon 26,234,964
16-Jan-20 Acquisition 184 5.810000 Euronext Lisbon 26,235,148
16-Jan-20 Acquisition 192 5.810000 Euronext Lisbon 26,235,340
16-Jan-20 Acquisition 209 5.820000 Euronext Lisbon 26,235,549
16-Jan-20 Acquisition 609 5.820000 Euronext Lisbon 26,236,158
16-Jan-20 Acquisition 385 5.820000 Euronext Lisbon 26,236,543
16-Jan-20 Acquisition 455 5.820000 Euronext Lisbon 26,236,998
16-Jan-20 Acquisition 442 5.825000 Euronext Lisbon 26,237,440
16-Jan-20 Acquisition 550 5.825000 Euronext Lisbon 26,237,990
16-Jan-20 Acquisition 588 5.825000 Euronext Lisbon 26,238,578
16-Jan-20 Acquisition 350 5.830000 Euronext Lisbon 26,238,928
16-Jan-20 Acquisition 350 5.830000 Euronext Lisbon 26,239,278
16-Jan-20 Acquisition 2,000 5.830000 Euronext Lisbon 26,241,278
16-Jan-20 Acquisition 468 5.830000 Euronext Lisbon 26,241,746
16-Jan-20 Acquisition 472 5.835000 Euronext Lisbon 26,242,218
16-Jan-20 Acquisition 10,000 5.835000 Euronext Lisbon 26,252,218
16-Jan-20 Acquisition 500 5.835000 Euronext Lisbon 26,252,718
16-Jan-20 Acquisition 6,267 5.835000 Euronext Lisbon 26,258,985
16-Jan-20 Acquisition 807 5.835000 Euronext Lisbon 26,259,792
16-Jan-20 Acquisition 443 5.835000 Euronext Lisbon 26,260,235
16-Jan-20 Acquisition 443 5.835000 Euronext Lisbon 26,260,678
16-Jan-20 Acquisition 807 5.835000 Euronext Lisbon 26,261,485

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
16-Jan-20 Acquisition 443 5.835000 Euronext Lisbon 26,261,928
16-Jan-20 Acquisition 807 5.835000 Euronext Lisbon 26,262,735
16-Jan-20 Acquisition 443 5.835000 Euronext Lisbon 26,263,178
16-Jan-20 Acquisition 1,250 5.835000 Euronext Lisbon 26,264,428
16-Jan-20 Acquisition 1,250 5.835000 Euronext Lisbon 26,265,678
16-Jan-20 Acquisition 1,250 5.835000 Euronext Lisbon 26,266,928
16-Jan-20 Acquisition 547 5.835000 Euronext Lisbon 26,267,475
16-Jan-20 Acquisition 524 5.835000 Euronext Lisbon 26,267,999
16-Jan-20 Acquisition 34 5.835000 Euronext Lisbon 26,268,033
16-Jan-20 Acquisition 145 5.835000 Euronext Lisbon 26,268,178
16-Jan-20 Acquisition 2,000 5.830000 Euronext Lisbon 26,270,178
16-Jan-20 Acquisition 557 5.830000 Euronext Lisbon 26,270,735
16-Jan-20 Acquisition 2,100 5.835000 Euronext Lisbon 26,272,835
16-Jan-20 Acquisition 433 5.835000 Euronext Lisbon 26,273,268
16-Jan-20 Acquisition 1,221 5.835000 Euronext Lisbon 26,274,489
16-Jan-20 Acquisition 29 5.835000 Euronext Lisbon 26,274,518
16-Jan-20 Acquisition 2,376 5.840000 Euronext Lisbon 26,276,894
16-Jan-20 Acquisition 1,000 5.840000 Euronext Lisbon 26,277,894
16-Jan-20 Acquisition 717 5.840000 Euronext Lisbon 26,278,611
16-Jan-20 Acquisition 750 5.840000 Euronext Lisbon 26,279,361
16-Jan-20 Acquisition 434 5.840000 Euronext Lisbon 26,279,795
16-Jan-20 Acquisition 301 5.840000 Euronext Lisbon 26,280,096
16-Jan-20 Acquisition 468 5.840000 Euronext Lisbon 26,280,564
16-Jan-20 Acquisition 9,310 5.840000 Euronext Lisbon 26,289,874
16-Jan-20 Acquisition 1,920 5.870000 Euronext Lisbon 26,291,794
16-Jan-20 Acquisition 2,044 5.870000 Euronext Lisbon 26,293,838
16-Jan-20 Acquisition 4,150 5.890000 Euronext Lisbon 26,297,988
16-Jan-20 Acquisition 500 5.890000 Euronext Lisbon 26,298,488
16-Jan-20 Acquisition 300 5.890000 Euronext Lisbon 26,298,788
16-Jan-20 Acquisition 646 5.890000 Euronext Lisbon 26,299,434
16-Jan-20 Acquisition 451 5.890000 Euronext Lisbon 26,299,885
16-Jan-20 Acquisition 661 5.890000 Euronext Lisbon 26,300,546
16-Jan-20 Acquisition 1,161 5.890000 Euronext Lisbon 26,301,707
16-Jan-20 Acquisition 38 5.890000 Euronext Lisbon 26,301,745
16-Jan-20 Acquisition 400 5.890000 Euronext Lisbon 26,302,145
16-Jan-20 Acquisition 1,062 5.890000 Euronext Lisbon 26,303,207
16-Jan-20 Acquisition 1,004 5.890000 Euronext Lisbon 26,304,211
16-Jan-20 Acquisition 496 5.890000 Euronext Lisbon 26,304,707
16-Jan-20 Acquisition 1,004 5.890000 Euronext Lisbon 26,305,711
16-Jan-20 Acquisition 496 5.890000 Euronext Lisbon 26,306,207
16-Jan-20 Acquisition 1,004 5.890000 Euronext Lisbon 26,307,211
16-Jan-20 Acquisition 496 5.890000 Euronext Lisbon 26,307,707
16-Jan-20 Acquisition 1,500 5.890000 Euronext Lisbon 26,309,207
16-Jan-20 Acquisition 667 5.890000 Euronext Lisbon 26,309,874
16-Jan-20 Acquisition 494 5.860000 Euronext Lisbon 26,310,368

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
16-Jan-20 Acquisition 756 5.860000 Euronext Lisbon 26,311,124
16-Jan-20 Acquisition 1,128 5.860000 Euronext Lisbon 26,312,252
16-Jan-20 Acquisition 122 5.860000 Euronext Lisbon 26,312,374
16-Jan-20 Acquisition 1,128 5.860000 Euronext Lisbon 26,313,502
16-Jan-20 Acquisition 400 5.885000 Euronext Lisbon 26,313,902
16-Jan-20 Acquisition 1,158 5.885000 Euronext Lisbon 26,315,060
16-Jan-20 Acquisition 87 5.885000 Euronext Lisbon 26,315,147
16-Jan-20 Acquisition 750 5.890000 Euronext Lisbon 26,315,897
16-Jan-20 Acquisition 5,000 5.890000 Euronext Lisbon 26,320,897
16-Jan-20 Acquisition 8,977 5.890000 Euronext Lisbon 26,329,874
16-Jan-20 Acquisition 5,000 5.900000 Euronext Lisbon 26,334,874
16-Jan-20 Acquisition 2,800 5.900000 Euronext Lisbon 26,337,674
16-Jan-20 Acquisition 2,200 5.900000 Euronext Lisbon 26,339,874
16-Jan-20 Acquisition 600 5.900000 Euronext Lisbon 26,340,474
16-Jan-20 Acquisition 523 5.900000 Euronext Lisbon 26,340,997
16-Jan-20 Acquisition 1,221 5.915000 Euronext Lisbon 26,342,218
16-Jan-20 Acquisition 1,285 5.945000 Euronext Lisbon 26,343,503
16-Jan-20 Acquisition 503 5.945000 Euronext Lisbon 26,344,006
16-Jan-20 Acquisition 750 5.945000 Euronext Lisbon 26,344,756
16-Jan-20 Acquisition 250 5.945000 Euronext Lisbon 26,345,006
16-Jan-20 Acquisition 228 5.945000 Euronext Lisbon 26,345,234
16-Jan-20 Acquisition 250 5.945000 Euronext Lisbon 26,345,484
16-Jan-20 Acquisition 246 5.945000 Euronext Lisbon 26,345,730
16-Jan-20 Acquisition 260 5.960000 Euronext Lisbon 26,345,990
16-Jan-20 Acquisition 44 5.960000 Euronext Lisbon 26,346,034
16-Jan-20 Acquisition 719 5.960000 Euronext Lisbon 26,346,753
16-Jan-20 Acquisition 210 5.960000 Euronext Lisbon 26,346,963
16-Jan-20 Acquisition 534 5.960000 Euronext Lisbon 26,347,497
16-Jan-20 Acquisition 802 5.960000 Euronext Lisbon 26,348,299
16-Jan-20 Acquisition 1,150 5.960000 Euronext Lisbon 26,349,449
16-Jan-20 Acquisition 750 5.945000 Euronext Lisbon 26,350,199
16-Jan-20 Acquisition 54 5.945000 Euronext Lisbon 26,350,253
16-Jan-20 Acquisition 1,355 5.945000 Euronext Lisbon 26,351,608
16-Jan-20 Acquisition 1,139 5.950000 Euronext Lisbon 26,352,747
16-Jan-20 Acquisition 750 5.950000 Euronext Lisbon 26,353,497
16-Jan-20 Acquisition 522 5.950000 Euronext Lisbon 26,354,019
16-Jan-20 Acquisition 451 5.950000 Euronext Lisbon 26,354,470
16-Jan-20 Acquisition 750 5.955000 Euronext Lisbon 26,355,220
16-Jan-20 Acquisition 508 5.955000 Euronext Lisbon 26,355,728
16-Jan-20 Acquisition 451 5.955000 Euronext Lisbon 26,356,179
16-Jan-20 Acquisition 750 5.955000 Euronext Lisbon 26,356,929
16-Jan-20 Acquisition 530 5.960000 Euronext Lisbon 26,357,459
16-Jan-20 Acquisition 750 5.960000 Euronext Lisbon 26,358,209
16-Jan-20 Acquisition 438 5.960000 Euronext Lisbon 26,358,647
16-Jan-20 Acquisition 732 5.960000 Euronext Lisbon 26,359,379

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
16-Jan-20 Acquisition 2,702 5.960000 Euronext Lisbon 26,362,081
16-Jan-20 Acquisition 1,043 5.960000 Euronext Lisbon 26,363,124
16-Jan-20 Acquisition 1,043 5.960000 Euronext Lisbon 26,364,167
16-Jan-20 Acquisition 960 5.960000 Euronext Lisbon 26,365,127
16-Jan-20 Acquisition 2,315 5.960000 Euronext Lisbon 26,367,442
16-Jan-20 Acquisition 682 5.960000 Euronext Lisbon 26,368,124
16-Jan-20 Acquisition 202 5.960000 Euronext Lisbon 26,368,326
16-Jan-20 Acquisition 5,000 5.935000 Euronext Lisbon 26,373,326
16-Jan-20 Acquisition 5,000 5.935000 Euronext Lisbon 26,378,326
16-Jan-20 Acquisition 46 5.935000 Euronext Lisbon 26,378,372
16-Jan-20 Acquisition 4,200 5.935000 Euronext Lisbon 26,382,572
16-Jan-20 Acquisition 800 5.935000 Euronext Lisbon 26,383,372
16-Jan-20 Acquisition 720 5.935000 Euronext Lisbon 26,384,092
16-Jan-20 Acquisition 837 5.935000 Euronext Lisbon 26,384,929
16-Jan-20 Acquisition 2,360 5.935000 Euronext Lisbon 26,387,289
16-Jan-20 Acquisition 888 5.935000 Euronext Lisbon 26,388,177
16-Jan-20 Acquisition 320 5.945000 Euronext Lisbon 26,388,497
16-Jan-20 Acquisition 243 5.945000 Euronext Lisbon 26,388,740
16-Jan-20 Acquisition 366 5.945000 Euronext Lisbon 26,389,106
16-Jan-20 Acquisition 750 5.950000 Euronext Lisbon 26,389,856
16-Jan-20 Acquisition 450 5.950000 Euronext Lisbon 26,390,306
16-Jan-20 Acquisition 438 5.950000 Euronext Lisbon 26,390,744
16-Jan-20 Acquisition 478 5.950000 Euronext Lisbon 26,391,222
16-Jan-20 Acquisition 1,331 5.950000 Euronext Lisbon 26,392,553
16-Jan-20 Acquisition 4,280 5.950000 Euronext Lisbon 26,396,833
16-Jan-20 Acquisition 43 5.950000 Euronext Lisbon 26,396,876
16-Jan-20 Acquisition 21 5.950000 Euronext Lisbon 26,396,897
16-Jan-20 Acquisition 27 5.950000 Euronext Lisbon 26,396,924
16-Jan-20 Acquisition 1,402 5.960000 Euronext Lisbon 26,398,326
16-Jan-20 Acquisition 490 5.950000 Euronext Lisbon 26,398,816
16-Jan-20 Acquisition 228 5.950000 Euronext Lisbon 26,399,044
16-Jan-20 Acquisition 159 5.950000 Euronext Lisbon 26,399,203
16-Jan-20 Acquisition 233 5.950000 Euronext Lisbon 26,399,436
16-Jan-20 Acquisition 750 5.955000 Euronext Lisbon 26,400,186
16-Jan-20 Acquisition 1,200 5.955000 Euronext Lisbon 26,401,386
16-Jan-20 Acquisition 419 5.955000 Euronext Lisbon 26,401,805
16-Jan-20 Acquisition 750 5.955000 Euronext Lisbon 26,402,555
16-Jan-20 Acquisition 472 5.955000 Euronext Lisbon 26,403,027
16-Jan-20 Acquisition 1,105 5.955000 Euronext Lisbon 26,404,132
16-Jan-20 Acquisition 750 5.960000 Euronext Lisbon 26,404,882
16-Jan-20 Acquisition 402 5.960000 Euronext Lisbon 26,405,284
16-Jan-20 Acquisition 472 5.960000 Euronext Lisbon 26,405,756
16-Jan-20
16-Jan-20
Acquisition
Acquisition
1,500
1,373
5.960000
5.960000
Euronext Lisbon
Euronext Lisbon
26,407,256
26,408,629
16-Jan-20 Acquisition 127 5.960000 Euronext Lisbon 26,408,756

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
16-Jan-20 Acquisition 1,373 5.960000 Euronext Lisbon 26,410,129
16-Jan-20 Acquisition 139 5.960000 Euronext Lisbon 26,410,268
16-Jan-20 Acquisition 1,361 5.960000 Euronext Lisbon 26,411,629
16-Jan-20 Acquisition 139 5.960000 Euronext Lisbon 26,411,768
16-Jan-20 Acquisition 682 5.960000 Euronext Lisbon 26,412,450
16-Jan-20 Acquisition 818 5.960000 Euronext Lisbon 26,413,268
16-Jan-20 Acquisition 357 5.960000 Euronext Lisbon 26,413,625
16-Jan-20 Acquisition 1,500 5.960000 Euronext Lisbon 26,415,125
16-Jan-20 Acquisition 1,000 5.960000 Euronext Lisbon 26,416,125
16-Jan-20 Acquisition 500 5.960000 Euronext Lisbon 26,416,625
16-Jan-20 Acquisition 249 5.960000 Euronext Lisbon 26,416,874
2-Jun-20 Acquisition 700 4.116000 Euronext Lisbon 26,417,574
2-Jun-20 Acquisition 800 4.116000 Euronext Lisbon 26,418,374
2-Jun-20 Acquisition 700 4.116000 Euronext Lisbon 26,419,074
2-Jun-20 Acquisition 800 4.116000 Euronext Lisbon 26,419,874
2-Jun-20 Acquisition 800 4.116000 Euronext Lisbon 26,420,674
2-Jun-20 Acquisition 614 4.116000 Euronext Lisbon 26,421,288
2-Jun-20 Acquisition 86 4.116000 Euronext Lisbon 26,421,374
2-Jun-20 Acquisition 500 4.116000 Euronext Lisbon 26,421,874
2-Jun-20 Acquisition 392 4.136000 Euronext Lisbon 26,422,266
2-Jun-20 Acquisition 56 4.136000 Euronext Lisbon 26,422,322
2-Jun-20 Acquisition 1,052 4.136000 Euronext Lisbon 26,423,374
2-Jun-20 Acquisition 56 4.136000 Euronext Lisbon 26,423,430
2-Jun-20 Acquisition 1,108 4.136000 Euronext Lisbon 26,424,538
2-Jun-20 Acquisition 392 4.136000 Euronext Lisbon 26,424,930
2-Jun-20 Acquisition 716 4.136000 Euronext Lisbon 26,425,646
2-Jun-20 Acquisition 392 4.136000 Euronext Lisbon 26,426,038
2-Jun-20 Acquisition 556 4.176000 Euronext Lisbon 26,426,594
2-Jun-20 Acquisition 280 4.176000 Euronext Lisbon 26,426,874
2-Jun-20 Acquisition 1,500 4.190000 Euronext Lisbon 26,428,374
2-Jun-20 Acquisition 77 4.190000 Euronext Lisbon 26,428,451
2-Jun-20 Acquisition 1,423 4.190000 Euronext Lisbon 26,429,874
2-Jun-20 Acquisition 541 4.190000 Euronext Lisbon 26,430,415
2-Jun-20 Acquisition 959 4.190000 Euronext Lisbon 26,431,374
2-Jun-20 Acquisition 500 4.190000 Euronext Lisbon 26,431,874
2-Jun-20 Acquisition 1,500 4.190000 Euronext Lisbon 26,433,374
2-Jun-20 Acquisition 1,500 4.190000 Euronext Lisbon 26,434,874
2-Jun-20 Acquisition 2,000 4.190000 Euronext Lisbon 26,436,874
2-Jun-20 Acquisition 1,500 4.190000 Euronext Lisbon 26,438,374
2-Jun-20 Acquisition 1,500 4.190000 Euronext Lisbon 26,439,874
2-Jun-20 Acquisition 1,500 4.190000 Euronext Lisbon 26,441,374
2-Jun-20 Acquisition 500 4.190000 Euronext Lisbon 26,441,874
2-Jun-20
2-Jun-20
Acquisition
Acquisition
1,500
500
4.190000
4.190000
Euronext Lisbon
Euronext Lisbon
26,443,374
26,443,874
2-Jun-20 Acquisition 1,000 4.190000 Euronext Lisbon 26,444,874

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
2-Jun-20 Acquisition 100 4.190000 Euronext Lisbon 26,444,974
2-Jun-20 Acquisition 700 4.190000 Euronext Lisbon 26,445,674
2-Jun-20 Acquisition 700 4.190000 Euronext Lisbon 26,446,374
2-Jun-20 Acquisition 700 4.190000 Euronext Lisbon 26,447,074
2-Jun-20 Acquisition 400 4.190000 Euronext Lisbon 26,447,474
2-Jun-20 Acquisition 400 4.190000 Euronext Lisbon 26,447,874
2-Jun-20 Acquisition 300 4.190000 Euronext Lisbon 26,448,174
2-Jun-20 Acquisition 1,400 4.190000 Euronext Lisbon 26,449,574
2-Jun-20 Acquisition 100 4.190000 Euronext Lisbon 26,449,674
2-Jun-20 Acquisition 2,200 4.190000 Euronext Lisbon 26,451,874
2-Jun-20 Acquisition 600 4.178000 Euronext Lisbon 26,452,474
2-Jun-20 Acquisition 738 4.178000 Euronext Lisbon 26,453,212
2-Jun-20 Acquisition 162 4.178000 Euronext Lisbon 26,453,374
2-Jun-20 Acquisition 600 4.178000 Euronext Lisbon 26,453,974
2-Jun-20 Acquisition 600 4.178000 Euronext Lisbon 26,454,574
2-Jun-20 Acquisition 300 4.178000 Euronext Lisbon 26,454,874
2-Jun-20 Acquisition 1,500 4.176000 Euronext Lisbon 26,456,374
2-Jun-20 Acquisition 500 4.176000 Euronext Lisbon 26,456,874
2-Jun-20 Acquisition 1,400 4.170000 Euronext Lisbon 26,458,274
2-Jun-20 Acquisition 100 4.170000 Euronext Lisbon 26,458,374
2-Jun-20 Acquisition 1,400 4.170000 Euronext Lisbon 26,459,774
2-Jun-20 Acquisition 100 4.170000 Euronext Lisbon 26,459,874
2-Jun-20 Acquisition 1,400 4.170000 Euronext Lisbon 26,461,274
2-Jun-20 Acquisition 600 4.170000 Euronext Lisbon 26,461,874
2-Jun-20 Acquisition 1,500 4.160000 Euronext Lisbon 26,463,374
2-Jun-20 Acquisition 588 4.160000 Euronext Lisbon 26,463,962
2-Jun-20 Acquisition 912 4.160000 Euronext Lisbon 26,464,874
2-Jun-20 Acquisition 2,000 4.160000 Euronext Lisbon 26,466,874
2-Jun-20 Acquisition 1,500 4.150000 Euronext Lisbon 26,468,374
2-Jun-20 Acquisition 1,500 4.150000 Euronext Lisbon 26,469,874
2-Jun-20 Acquisition 2,000 4.150000 Euronext Lisbon 26,471,874
2-Jun-20 Acquisition 757 4.158000 Euronext Lisbon 26,472,631
2-Jun-20 Acquisition 35 4.158000 Euronext Lisbon 26,472,666
2-Jun-20 Acquisition 300 4.158000 Euronext Lisbon 26,472,966
2-Jun-20 Acquisition 700 4.158000 Euronext Lisbon 26,473,666
2-Jun-20 Acquisition 208 4.158000 Euronext Lisbon 26,473,874
2-Jun-20 Acquisition 1,500 4.170000 Euronext Lisbon 26,475,374
2-Jun-20 Acquisition 1,000 4.170000 Euronext Lisbon 26,476,374
2-Jun-20 Acquisition 500 4.170000 Euronext Lisbon 26,476,874
2-Jun-20 Acquisition 1,500 4.170000 Euronext Lisbon 26,478,374
2-Jun-20 Acquisition 500 4.170000 Euronext Lisbon 26,478,874
2-Jun-20 Acquisition 561 4.180000 Euronext Lisbon 26,479,435
2-Jun-20 Acquisition 552 4.180000 Euronext Lisbon 26,479,987
2-Jun-20 Acquisition 154 4.180000 Euronext Lisbon 26,480,141
2-Jun-20 Acquisition 700 4.180000 Euronext Lisbon 26,480,841

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
2-Jun-20 Acquisition 700 4.180000 Euronext Lisbon 26,481,541
2-Jun-20 Acquisition 100 4.180000 Euronext Lisbon 26,481,641
2-Jun-20 Acquisition 700 4.180000 Euronext Lisbon 26,482,341
2-Jun-20 Acquisition 700 4.180000 Euronext Lisbon 26,483,041
2-Jun-20 Acquisition 800 4.180000 Euronext Lisbon 26,483,841
2-Jun-20 Acquisition 1,100 4.180000 Euronext Lisbon 26,484,941
2-Jun-20 Acquisition 400 4.180000 Euronext Lisbon 26,485,341
2-Jun-20 Acquisition 127 4.186000 Euronext Lisbon 26,485,468
2-Jun-20 Acquisition 497 4.186000 Euronext Lisbon 26,485,965
2-Jun-20 Acquisition 815 4.186000 Euronext Lisbon 26,486,780
2-Jun-20 Acquisition 685 4.182000 Euronext Lisbon 26,487,465
2-Jun-20 Acquisition 800 4.182000 Euronext Lisbon 26,488,265
2-Jun-20 Acquisition 700 4.182000 Euronext Lisbon 26,488,965
2-Jun-20 Acquisition 70 4.182000 Euronext Lisbon 26,489,035
2-Jun-20 Acquisition 1,500 4.182000 Euronext Lisbon 26,490,535
2-Jun-20 Acquisition 1,500 4.182000 Euronext Lisbon 26,492,035
2-Jun-20 Acquisition 1,500 4.182000 Euronext Lisbon 26,493,535
2-Jun-20 Acquisition 1,500 4.182000 Euronext Lisbon 26,495,035
2-Jun-20 Acquisition 1,100 4.182000 Euronext Lisbon 26,496,135
2-Jun-20 Acquisition 400 4.182000 Euronext Lisbon 26,496,535
2-Jun-20 Acquisition 1,500 4.180000 Euronext Lisbon 26,498,035
2-Jun-20 Acquisition 498 4.180000 Euronext Lisbon 26,498,533
2-Jun-20 Acquisition 341 4.180000 Euronext Lisbon 26,498,874
2-Jun-20 Acquisition 2,400 4.178000 Euronext Lisbon 26,501,274
2-Jun-20 Acquisition 537 4.180000 Euronext Lisbon 26,501,811
2-Jun-20 Acquisition 63 4.180000 Euronext Lisbon 26,501,874
2-Jun-20 Acquisition 1,500 4.174000 Euronext Lisbon 26,503,374
2-Jun-20 Acquisition 1,001 4.174000 Euronext Lisbon 26,504,375
2-Jun-20 Acquisition 670 4.174000 Euronext Lisbon 26,505,045
2-Jun-20 Acquisition 830 4.174000 Euronext Lisbon 26,505,875
2-Jun-20 Acquisition 1,500 4.174000 Euronext Lisbon 26,507,375
2-Jun-20 Acquisition 150 4.174000 Euronext Lisbon 26,507,525
2-Jun-20 Acquisition 603 4.176000 Euronext Lisbon 26,508,128
2-Jun-20 Acquisition 37 4.180000 Euronext Lisbon 26,508,165
2-Jun-20 Acquisition 336 4.180000 Euronext Lisbon 26,508,501
2-Jun-20 Acquisition 502 4.180000 Euronext Lisbon 26,509,003
2-Jun-20 Acquisition 159 4.176000 Euronext Lisbon 26,509,162
2-Jun-20 Acquisition 613 4.180000 Euronext Lisbon 26,509,775
2-Jun-20 Acquisition 1,439 4.174000 Euronext Lisbon 26,511,214
2-Jun-20 Acquisition 61 4.174000 Euronext Lisbon 26,511,275
2-Jun-20 Acquisition 1,100 4.174000 Euronext Lisbon 26,512,375
2-Jun-20 Acquisition 400 4.174000 Euronext Lisbon 26,512,775
2-Jun-20 Acquisition 833 4.174000 Euronext Lisbon 26,513,608
2-Jun-20 Acquisition 1,500 4.174000 Euronext Lisbon 26,515,108
2-Jun-20 Acquisition 1,000 4.174000 Euronext Lisbon 26,516,108

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
2-Jun-20 Acquisition 500 4.174000 Euronext Lisbon 26,516,608
2-Jun-20 Acquisition 1,500 4.174000 Euronext Lisbon 26,518,108
2-Jun-20 Acquisition 909 4.176000 Euronext Lisbon 26,519,017
2-Jun-20 Acquisition 504 4.176000 Euronext Lisbon 26,519,521
2-Jun-20 Acquisition 69 4.176000 Euronext Lisbon 26,519,590
2-Jun-20 Acquisition 213 4.176000 Euronext Lisbon 26,519,803
2-Jun-20 Acquisition 1,406 4.176000 Euronext Lisbon 26,521,209
2-Jun-20 Acquisition 365 4.176000 Euronext Lisbon 26,521,574
2-Jun-20 Acquisition 600 4.170000 Euronext Lisbon 26,522,174
2-Jun-20 Acquisition 700 4.170000 Euronext Lisbon 26,522,874
2-Jun-20 Acquisition 200 4.170000 Euronext Lisbon 26,523,074
2-Jun-20 Acquisition 150 4.170000 Euronext Lisbon 26,523,224
2-Jun-20 Acquisition 700 4.170000 Euronext Lisbon 26,523,924
2-Jun-20 Acquisition 550 4.170000 Euronext Lisbon 26,524,474
2-Jun-20 Acquisition 100 4.170000 Euronext Lisbon 26,524,574
2-Jun-20 Acquisition 3,250 4.170000 Euronext Lisbon 26,527,824
2-Jun-20 Acquisition 550 4.170000 Euronext Lisbon 26,528,374
2-Jun-20 Acquisition 550 4.170000 Euronext Lisbon 26,528,924
2-Jun-20 Acquisition 400 4.170000 Euronext Lisbon 26,529,324
2-Jun-20 Acquisition 550 4.170000 Euronext Lisbon 26,529,874
2-Jun-20 Acquisition 1,500 4.170000 Euronext Lisbon 26,531,374
2-Jun-20 Acquisition 250 4.170000 Euronext Lisbon 26,531,624
2-Jun-20 Acquisition 1,000 4.170000 Euronext Lisbon 26,532,624
2-Jun-20 Acquisition 500 4.170000 Euronext Lisbon 26,533,124
2-Jun-20 Acquisition 1,500 4.170000 Euronext Lisbon 26,534,624
2-Jun-20 Acquisition 1,500 4.162000 Euronext Lisbon 26,536,124
2-Jun-20 Acquisition 750 4.162000 Euronext Lisbon 26,536,874
2-Jun-20 Acquisition 611 4.160000 Euronext Lisbon 26,537,485
2-Jun-20 Acquisition 362 4.160000 Euronext Lisbon 26,537,847
2-Jun-20 Acquisition 227 4.160000 Euronext Lisbon 26,538,074
2-Jun-20 Acquisition 432 4.160000 Euronext Lisbon 26,538,506
2-Jun-20 Acquisition 768 4.160000 Euronext Lisbon 26,539,274
2-Jun-20 Acquisition 1,200 4.160000 Euronext Lisbon 26,540,474
2-Jun-20 Acquisition 1,400 4.160000 Euronext Lisbon 26,541,874
2-Jun-20 Acquisition 700 4.158000 Euronext Lisbon 26,542,574
2-Jun-20 Acquisition 700 4.158000 Euronext Lisbon 26,543,274
2-Jun-20 Acquisition 100 4.158000 Euronext Lisbon 26,543,374
2-Jun-20 Acquisition 1,010 4.158000 Euronext Lisbon 26,544,384
2-Jun-20
2-Jun-20
Acquisition
Acquisition
490
520
4.158000
4.158000
Euronext Lisbon
Euronext Lisbon
26,544,874
26,545,394
2-Jun-20 Acquisition 207 4.158000 Euronext Lisbon 26,545,601
2-Jun-20 Acquisition 700 4.158000 Euronext Lisbon 26,546,301
2-Jun-20 Acquisition 573 4.158000 Euronext Lisbon 26,546,874
2-Jun-20 Acquisition 520 4.166000 Euronext Lisbon 26,547,394
2-Jun-20 Acquisition 649 4.166000 Euronext Lisbon 26,548,043

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
2-Jun-20 Acquisition 1,725 4.166000 Euronext Lisbon 26,549,768
2-Jun-20 Acquisition 1,100 4.168000 Euronext Lisbon 26,550,868
2-Jun-20 Acquisition 218 4.168000 Euronext Lisbon 26,551,086
2-Jun-20 Acquisition 826 4.190000 Euronext Lisbon 26,551,912
2-Jun-20 Acquisition 477 4.190000 Euronext Lisbon 26,552,389
2-Jun-20 Acquisition 454 4.190000 Euronext Lisbon 26,552,843
2-Jun-20 Acquisition 700 4.190000 Euronext Lisbon 26,553,543
2-Jun-20 Acquisition 500 4.190000 Euronext Lisbon 26,554,043
2-Jun-20 Acquisition 500 4.190000 Euronext Lisbon 26,554,543
2-Jun-20 Acquisition 500 4.190000 Euronext Lisbon 26,555,043
2-Jun-20 Acquisition 200 4.190000 Euronext Lisbon 26,555,243
2-Jun-20 Acquisition 300 4.190000 Euronext Lisbon 26,555,543
2-Jun-20 Acquisition 331 4.190000 Euronext Lisbon 26,555,874
2-Jun-20 Acquisition 5,000 4.200000 Euronext Lisbon 26,560,874
2-Jun-20 Acquisition 6,250 4.200000 Euronext Lisbon 26,567,124
2-Jun-20 Acquisition 157 4.206000 Euronext Lisbon 26,567,281
2-Jun-20 Acquisition 609 4.206000 Euronext Lisbon 26,567,890
2-Jun-20 Acquisition 560 4.208000 Euronext Lisbon 26,568,450
2-Jun-20 Acquisition 5,000 4.210000 Euronext Lisbon 26,573,450
2-Jun-20 Acquisition 4,833 4.210000 Euronext Lisbon 26,578,283
2-Jun-20 Acquisition 600 4.200000 Euronext Lisbon 26,578,883
2-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,579,283
2-Jun-20 Acquisition 1,000 4.200000 Euronext Lisbon 26,580,283
2-Jun-20 Acquisition 527 4.200000 Euronext Lisbon 26,580,810
2-Jun-20 Acquisition 700 4.200000 Euronext Lisbon 26,581,510
2-Jun-20 Acquisition 300 4.200000 Euronext Lisbon 26,581,810
2-Jun-20 Acquisition 1,473 4.200000 Euronext Lisbon 26,583,283
2-Jun-20 Acquisition 656 4.202000 Euronext Lisbon 26,583,939
2-Jun-20 Acquisition 720 4.202000 Euronext Lisbon 26,584,659
2-Jun-20 Acquisition 560 4.202000 Euronext Lisbon 26,585,219
2-Jun-20 Acquisition 625 4.204000 Euronext Lisbon 26,585,844
2-Jun-20 Acquisition 347 4.204000 Euronext Lisbon 26,586,191
2-Jun-20 Acquisition 720 4.204000 Euronext Lisbon 26,586,911
2-Jun-20 Acquisition 942 4.204000 Euronext Lisbon 26,587,853
2-Jun-20 Acquisition 21 4.204000 Euronext Lisbon 26,587,874
2-Jun-20 Acquisition 1,750 4.210000 Euronext Lisbon 26,589,624
2-Jun-20 Acquisition 23 4.210000 Euronext Lisbon 26,589,647
2-Jun-20 Acquisition 227 4.210000 Euronext Lisbon 26,589,874
2-Jun-20 Acquisition 1,000 4.210000 Euronext Lisbon 26,590,874
2-Jun-20 Acquisition 700 4.200000 Euronext Lisbon 26,591,574
2-Jun-20 Acquisition 667 4.202000 Euronext Lisbon 26,592,241
2-Jun-20 Acquisition 667 4.204000 Euronext Lisbon 26,592,908
2-Jun-20 Acquisition 1,100 4.206000 Euronext Lisbon 26,594,008
2-Jun-20 Acquisition 667 4.206000 Euronext Lisbon 26,594,675
2-Jun-20 Acquisition 199 4.206000 Euronext Lisbon 26,594,874

DO CONSELHO DE AD

II. Appendixes to the management report

MINISTRAÇÃO
Date Type Volume Price (€) Place No. of shares
2-Jun-20 Acquisition 160 4.200000 Euronext Lisbon 26,595,034
2-Jun-20 Acquisition 310 4.202000 Euronext Lisbon 26,595,344
2-Jun-20 Acquisition 1,035 4.204000 Euronext Lisbon 26,596,379
2-Jun-20 Acquisition 60 4.206000 Euronext Lisbon 26,596,439
2-Jun-20 Acquisition 154 4.206000 Euronext Lisbon 26,596,593
2-Jun-20 Acquisition 511 4.206000 Euronext Lisbon 26,597,104
2-Jun-20 Acquisition 654 4.206000 Euronext Lisbon 26,597,758
2-Jun-20 Acquisition 667 4.206000 Euronext Lisbon 26,598,425
2-Jun-20 Acquisition 717 4.206000 Euronext Lisbon 26,599,142
2-Jun-20 Acquisition 260 4.208000 Euronext Lisbon 26,599,402
2-Jun-20 Acquisition 649 4.208000 Euronext Lisbon 26,600,051
2-Jun-20 Acquisition 870 4.208000 Euronext Lisbon 26,600,921
2-Jun-20 Acquisition 953 4.208000 Euronext Lisbon 26,601,874
2-Jun-20 Acquisition 700 4.206000 Euronext Lisbon 26,602,574
2-Jun-20 Acquisition 1,100 4.206000 Euronext Lisbon 26,603,674
2-Jun-20 Acquisition 534 4.206000 Euronext Lisbon 26,604,208
2-Jun-20 Acquisition 10 4.206000 Euronext Lisbon 26,604,218
2-Jun-20 Acquisition 197 4.206000 Euronext Lisbon 26,604,415
2-Jun-20 Acquisition 3,459 4.206000 Euronext Lisbon 26,607,874
2-Jun-20 Acquisition 6,000 4.218000 Euronext Lisbon 26,613,874
2-Jun-20 Acquisition 644 4.218000 Euronext Lisbon 26,614,518
2-Jun-20 Acquisition 2,000 4.218000 Euronext Lisbon 26,616,518
2-Jun-20 Acquisition 162 4.218000 Euronext Lisbon 26,616,680
2-Jun-20 Acquisition 124 4.218000 Euronext Lisbon 26,616,804
2-Jun-20 Acquisition 70 4.220000 Euronext Lisbon 26,616,874
30-Jun-20 - - - - 26,616,874

João Manuel Matos Borges de Oliveira (imputation through CADERNO AZUL, S.A.)

Date Type Volume Price (€) Place No. of shares
31-Dec-19 - - - - 30,000,000
24-Jan-20 Acquisition 1,000,000 5.800000 Euronext Lisbon 31,000,000
30-Jun-20 - - - - 31,000,000

DO CONSELHO DE AD

MINISTRAÇÃO

Date Type Volume Price (€) Place No. of shares
31-Dec-19 - - - - 24,850,110
29-Jan-20 Acquisition 1,000,000 5.840000 Euronext Lisbon 25,850,110
16-Mar-20 Acquisition 750 3.182000 Euronext Lisbon 25,850,860
16-Mar-20 Acquisition 1,682 3.182000 Euronext Lisbon 25,852,542
16-Mar-20 Acquisition 556 3.182000 Euronext Lisbon 25,853,098
16-Mar-20 Acquisition 552 3.184000 Euronext Lisbon 25,853,650
16-Mar-20 Acquisition 564 3.184000 Euronext Lisbon 25,854,214
16-Mar-20 Acquisition 1,194 3.184000 Euronext Lisbon 25,855,408
16-Mar-20 Acquisition 3,600 3.190000 Euronext Lisbon 25,859,008
16-Mar-20 Acquisition 951 3.190000 Euronext Lisbon 25,859,959
16-Mar-20 Acquisition 1,002 3.190000 Euronext Lisbon 25,860,961
16-Mar-20 Acquisition 1,021 3.190000 Euronext Lisbon 25,861,982
16-Mar-20 Acquisition 500 3.192000 Euronext Lisbon 25,862,482
16-Mar-20 Acquisition 610 3.196000 Euronext Lisbon 25,863,092
16-Mar-20 Acquisition 19,535 3.198000 Euronext Lisbon 25,882,627
16-Mar-20 Acquisition 500 3.200000 Euronext Lisbon 25,883,127
16-Mar-20 Acquisition 1,600 3.202000 Euronext Lisbon 25,884,727
16-Mar-20 Acquisition 236 3.204000 Euronext Lisbon 25,884,963
16-Mar-20 Acquisition 1,720 3.206000 Euronext Lisbon 25,886,683
16-Mar-20 Acquisition 750 3.210000 Euronext Lisbon 25,887,433
16-Mar-20 Acquisition 1,000 3.210000 Euronext Lisbon 25,888,433
16-Mar-20 Acquisition 6,189 3.214000 Euronext Lisbon 25,894,622
16-Mar-20 Acquisition 1,140 3.218000 Euronext Lisbon 25,895,762
16-Mar-20 Acquisition 5,000 3.220000 Euronext Lisbon 25,900,762
16-Mar-20 Acquisition 750 3.222000 Euronext Lisbon 25,901,512
16-Mar-20 Acquisition 2,000 3.222000 Euronext Lisbon 25,903,512
16-Mar-20 Acquisition 1,854 3.190000 Euronext Lisbon 25,905,366
16-Mar-20 Acquisition 1,112 3.190000 Euronext Lisbon 25,906,478
16-Mar-20 Acquisition 617 3.190000 Euronext Lisbon 25,907,095
16-Mar-20 Acquisition 1,051 3.190000 Euronext Lisbon 25,908,146
16-Mar-20 Acquisition 2,564 3.192000 Euronext Lisbon 25,910,710
16-Mar-20 Acquisition 954 3.198000 Euronext Lisbon 25,911,664
16-Mar-20 Acquisition 500 3.200000 Euronext Lisbon 25,912,164
16-Mar-20 Acquisition 970 3.212000 Euronext Lisbon 25,913,134
16-Mar-20 Acquisition 527 3.212000 Euronext Lisbon 25,913,661
16-Mar-20 Acquisition 675 3.212000 Euronext Lisbon 25,914,336
16-Mar-20 Acquisition 1,077 3.212000 Euronext Lisbon 25,915,413
16-Mar-20 Acquisition 750 3.218000 Euronext Lisbon 25,916,163
16-Mar-20 Acquisition 669 3.222000 Euronext Lisbon 25,916,832
16-Mar-20 Acquisition 500 3.224000 Euronext Lisbon 25,917,332
16-Mar-20 Acquisition 19,535 3.226000 Euronext Lisbon 25,936,867
16-Mar-20 Acquisition 39 3.196000 Euronext Lisbon 25,936,906
16-Mar-20 Acquisition 961 3.196000 Euronext Lisbon 25,937,867
16-Mar-20 Acquisition 961 3.196000 Euronext Lisbon 25,938,828
16-Mar-20 Acquisition 39 3.196000 Euronext Lisbon 25,938,867

Domingos José Vieira de Matos (imputation through LIVREFLUXO, S.A.)

DO CONSELHO DE AD

MINISTRAÇÃO
Date Type Volume Price (€) Place No. of shares
16-Mar-20 Acquisition 922 3.196000 Euronext Lisbon 25,939,789
16-Mar-20 Acquisition 1,000 3.196000 Euronext Lisbon 25,940,789
16-Mar-20 Acquisition 464 3.196000 Euronext Lisbon 25,941,253
16-Mar-20 Acquisition 372 3.196000 Euronext Lisbon 25,941,625
16-Mar-20 Acquisition 164 3.196000 Euronext Lisbon 25,941,789
16-Mar-20 Acquisition 1,000 3.196000 Euronext Lisbon 25,942,789
16-Mar-20 Acquisition 1,000 3.196000 Euronext Lisbon 25,943,789
16-Mar-20 Acquisition 1,000 3.196000 Euronext Lisbon 25,944,789
16-Mar-20 Acquisition 2,078 3.196000 Euronext Lisbon 25,946,867
16-Mar-20 Acquisition 1,500 3.188000 Euronext Lisbon 25,948,367
16-Mar-20 Acquisition 371 3.208000 Euronext Lisbon 25,948,738
16-Mar-20 Acquisition 1,390 3.208000 Euronext Lisbon 25,950,128
16-Mar-20 Acquisition 745 3.208000 Euronext Lisbon 25,950,873
16-Mar-20 Acquisition 294 3.208000 Euronext Lisbon 25,951,167
16-Mar-20 Acquisition 509 3.212000 Euronext Lisbon 25,951,676
16-Mar-20 Acquisition 371 3.212000 Euronext Lisbon 25,952,047
16-Mar-20 Acquisition 767 3.218000 Euronext Lisbon 25,952,814
16-Mar-20 Acquisition 500 3.218000 Euronext Lisbon 25,953,314
16-Mar-20 Acquisition 1,078 3.218000 Euronext Lisbon 25,954,392
16-Mar-20 Acquisition 750 3.220000 Euronext Lisbon 25,955,142
16-Mar-20 Acquisition 828 3.224000 Euronext Lisbon 25,955,970
16-Mar-20 Acquisition 19,535 3.224000 Euronext Lisbon 25,975,505
16-Mar-20 Acquisition 500 3.226000 Euronext Lisbon 25,976,005
16-Mar-20 Acquisition 518 3.240000 Euronext Lisbon 25,976,523
16-Mar-20 Acquisition 1,236 3.240000 Euronext Lisbon 25,977,759
16-Mar-20 Acquisition 368 3.240000 Euronext Lisbon 25,978,127
16-Mar-20 Acquisition 750 3.246000 Euronext Lisbon 25,978,877
16-Mar-20 Acquisition 1,000 3.250000 Euronext Lisbon 25,979,877
16-Mar-20 Acquisition 350 3.250000 Euronext Lisbon 25,980,227
16-Mar-20 Acquisition 500 3.250000 Euronext Lisbon 25,980,727
16-Mar-20 Acquisition 1,150 3.250000 Euronext Lisbon 25,981,877
16-Mar-20 Acquisition 500 3.250000 Euronext Lisbon 25,982,377
16-Mar-20 Acquisition 1,500 3.234000 Euronext Lisbon 25,983,877
16-Mar-20 Acquisition 1,500 3.234000 Euronext Lisbon 25,985,377
16-Mar-20 Acquisition 1,500 3.234000 Euronext Lisbon 25,986,877
16-Mar-20 Acquisition 915 3.234000 Euronext Lisbon 25,987,792
16-Mar-20 Acquisition 585 3.234000 Euronext Lisbon 25,988,377
16-Mar-20 Acquisition 73 3.234000 Euronext Lisbon 25,988,450
16-Mar-20 Acquisition 750 3.234000 Euronext Lisbon 25,989,200
16-Mar-20 Acquisition 750 3.234000 Euronext Lisbon 25,989,950
16-Mar-20 Acquisition 1,000 3.234000 Euronext Lisbon 25,990,950
16-Mar-20 Acquisition 500 3.234000 Euronext Lisbon 25,991,450
16-Mar-20 Acquisition 750 3.234000 Euronext Lisbon 25,992,200
16-Mar-20 Acquisition 750 3.234000 Euronext Lisbon 25,992,950
16-Mar-20 Acquisition 1,500 3.234000 Euronext Lisbon 25,994,450

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
16-Mar-20 Acquisition 658 3.234000 Euronext Lisbon 25,995,108
16-Mar-20 Acquisition 842 3.234000 Euronext Lisbon 25,995,950
16-Mar-20 Acquisition 1,300 3.234000 Euronext Lisbon 25,997,250
16-Mar-20 Acquisition 200 3.234000 Euronext Lisbon 25,997,450
16-Mar-20 Acquisition 17 3.234000 Euronext Lisbon 25,997,467
16-Mar-20 Acquisition 1,483 3.234000 Euronext Lisbon 25,998,950
16-Mar-20 Acquisition 1,500 3.234000 Euronext Lisbon 26,000,450
16-Mar-20 Acquisition 126 3.234000 Euronext Lisbon 26,000,576
16-Mar-20 Acquisition 1,500 3.234000 Euronext Lisbon 26,002,076
16-Mar-20 Acquisition 126 3.234000 Euronext Lisbon 26,002,202
16-Mar-20 Acquisition 175 3.234000 Euronext Lisbon 26,002,377
16-Mar-20 Acquisition 27 3.224000 Euronext Lisbon 26,002,404
16-Mar-20 Acquisition 1,973 3.224000 Euronext Lisbon 26,004,377
16-Mar-20 Acquisition 2,000 3.224000 Euronext Lisbon 26,006,377
16-Mar-20 Acquisition 2,000 3.224000 Euronext Lisbon 26,008,377
16-Mar-20 Acquisition 2,000 3.224000 Euronext Lisbon 26,010,377
16-Mar-20 Acquisition 493 3.224000 Euronext Lisbon 26,010,870
16-Mar-20 Acquisition 1,507 3.224000 Euronext Lisbon 26,012,377
16-Mar-20 Acquisition 422 3.228000 Euronext Lisbon 26,012,799
16-Mar-20 Acquisition 419 3.230000 Euronext Lisbon 26,013,218
16-Mar-20 Acquisition 750 3.232000 Euronext Lisbon 26,013,968
16-Mar-20 Acquisition 1,009 3.234000 Euronext Lisbon 26,014,977
16-Mar-20 Acquisition 750 3.238000 Euronext Lisbon 26,015,727
16-Mar-20 Acquisition 909 3.238000 Euronext Lisbon 26,016,636
16-Mar-20 Acquisition 500 3.240000 Euronext Lisbon 26,017,136
16-Mar-20 Acquisition 435 3.242000 Euronext Lisbon 26,017,571
16-Mar-20 Acquisition 750 3.244000 Euronext Lisbon 26,018,321
16-Mar-20 Acquisition 500 3.246000 Euronext Lisbon 26,018,821
16-Mar-20 Acquisition 19,535 3.252000 Euronext Lisbon 26,038,356
16-Mar-20 Acquisition 9,032 3.252000 Euronext Lisbon 26,047,388
16-Mar-20 Acquisition 232 3.252000 Euronext Lisbon 26,047,620
16-Mar-20 Acquisition 21,494 3.252000 Euronext Lisbon 26,069,114
16-Mar-20 Acquisition 2,086 3.252000 Euronext Lisbon 26,071,200
16-Mar-20 Acquisition 660 3.252000 Euronext Lisbon 26,071,860
16-Mar-20 Acquisition 3,005 3.252000 Euronext Lisbon 26,074,865
16-Mar-20 Acquisition 1,934 3.252000 Euronext Lisbon 26,076,799
16-Mar-20 Acquisition 21,806 3.252000 Euronext Lisbon 26,098,605
16-Mar-20 Acquisition 1,000 3.252000 Euronext Lisbon 26,099,605
16-Mar-20 Acquisition 492 3.252000 Euronext Lisbon 26,100,097
16-Mar-20 Acquisition 12,280 3.252000 Euronext Lisbon 26,112,377
16-Mar-20 Acquisition 227 3.244000 Euronext Lisbon 26,112,604
16-Mar-20 Acquisition 1,418 3.244000 Euronext Lisbon 26,114,022
16-Mar-20 Acquisition 654 3.246000 Euronext Lisbon 26,114,676
16-Mar-20 Acquisition 686 3.246000 Euronext Lisbon 26,115,362
16-Mar-20 Acquisition 245 3.246000 Euronext Lisbon 26,115,607

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
16-Mar-20 Acquisition 750 3.250000 Euronext Lisbon 26,116,357
16-Mar-20 Acquisition 3,753 3.250000 Euronext Lisbon 26,120,110
16-Mar-20 Acquisition 500 3.246000 Euronext Lisbon 26,120,610
16-Mar-20 Acquisition 804 3.246000 Euronext Lisbon 26,121,414
16-Mar-20 Acquisition 262 3.246000 Euronext Lisbon 26,121,676
16-Mar-20 Acquisition 251 3.246000 Euronext Lisbon 26,121,927
16-Mar-20 Acquisition 442 3.246000 Euronext Lisbon 26,122,369
16-Mar-20 Acquisition 429 3.248000 Euronext Lisbon 26,122,798
16-Mar-20 Acquisition 703 3.248000 Euronext Lisbon 26,123,501
16-Mar-20 Acquisition 1,179 3.248000 Euronext Lisbon 26,124,680
16-Mar-20 Acquisition 890 3.248000 Euronext Lisbon 26,125,570
16-Mar-20 Acquisition 820 3.250000 Euronext Lisbon 26,126,390
16-Mar-20 Acquisition 5,000 3.250000 Euronext Lisbon 26,131,390
16-Mar-20 Acquisition 262 3.250000 Euronext Lisbon 26,131,652
16-Mar-20 Acquisition 8,458 3.242000 Euronext Lisbon 26,140,110
17-Mar-20 Acquisition 200 3.150000 Euronext Lisbon 26,140,310
17-Mar-20 Acquisition 400 3.150000 Euronext Lisbon 26,140,710
17-Mar-20 Acquisition 1,400 3.150000 Euronext Lisbon 26,142,110
17-Mar-20 Acquisition 2,000 3.150000 Euronext Lisbon 26,144,110
17-Mar-20 Acquisition 2,000 3.150000 Euronext Lisbon 26,146,110
17-Mar-20 Acquisition 1,789 3.150000 Euronext Lisbon 26,147,899
17-Mar-20 Acquisition 211 3.150000 Euronext Lisbon 26,148,110
17-Mar-20 Acquisition 683 3.150000 Euronext Lisbon 26,148,793
17-Mar-20 Acquisition 1,317 3.150000 Euronext Lisbon 26,150,110
17-Mar-20 Acquisition 400 3.140000 Euronext Lisbon 26,150,510
17-Mar-20 Acquisition 109 3.140000 Euronext Lisbon 26,150,619
17-Mar-20 Acquisition 325 3.140000 Euronext Lisbon 26,150,944
17-Mar-20 Acquisition 927 3.140000 Euronext Lisbon 26,151,871
17-Mar-20 Acquisition 239 3.140000 Euronext Lisbon 26,152,110
17-Mar-20 Acquisition 400 3.140000 Euronext Lisbon 26,152,510
17-Mar-20 Acquisition 1,400 3.140000 Euronext Lisbon 26,153,910
17-Mar-20 Acquisition 200 3.140000 Euronext Lisbon 26,154,110
17-Mar-20 Acquisition 90 3.140000 Euronext Lisbon 26,154,200
17-Mar-20 Acquisition 1,019 3.140000 Euronext Lisbon 26,155,219
17-Mar-20 Acquisition 891 3.140000 Euronext Lisbon 26,156,110
17-Mar-20 Acquisition 354 3.140000 Euronext Lisbon 26,156,464
17-Mar-20 Acquisition 1,646 3.140000 Euronext Lisbon 26,158,110
17-Mar-20 Acquisition 2,000 3.140000 Euronext Lisbon 26,160,110
17-Mar-20 Acquisition 400 3.140000 Euronext Lisbon 26,160,510
17-Mar-20 Acquisition 689 3.140000 Euronext Lisbon 26,161,199
17-Mar-20 Acquisition 911 3.140000 Euronext Lisbon 26,162,110
17-Mar-20 Acquisition 966 3.140000 Euronext Lisbon 26,163,076
17-Mar-20 Acquisition 400 3.140000 Euronext Lisbon 26,163,476
17-Mar-20 Acquisition 400 3.140000 Euronext Lisbon 26,163,876
17-Mar-20 Acquisition 400 3.140000 Euronext Lisbon 26,164,276

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
17-Mar-20 Acquisition 400 3.140000 Euronext Lisbon 26,164,676
17-Mar-20 Acquisition 400 3.140000 Euronext Lisbon 26,165,076
17-Mar-20 Acquisition 1,600 3.140000 Euronext Lisbon 26,166,676
17-Mar-20 Acquisition 400 3.140000 Euronext Lisbon 26,167,076
17-Mar-20 Acquisition 750 3.140000 Euronext Lisbon 26,167,826
17-Mar-20 Acquisition 793 3.140000 Euronext Lisbon 26,168,619
17-Mar-20 Acquisition 457 3.140000 Euronext Lisbon 26,169,076
17-Mar-20 Acquisition 366 3.140000 Euronext Lisbon 26,169,442
17-Mar-20 Acquisition 457 3.140000 Euronext Lisbon 26,169,899
17-Mar-20 Acquisition 211 3.140000 Euronext Lisbon 26,170,110
17-Mar-20 Acquisition 1,500 3.130000 Euronext Lisbon 26,171,610
17-Mar-20 Acquisition 621 3.130000 Euronext Lisbon 26,172,231
17-Mar-20 Acquisition 879 3.130000 Euronext Lisbon 26,173,110
17-Mar-20 Acquisition 1,013 3.130000 Euronext Lisbon 26,174,123
17-Mar-20 Acquisition 487 3.130000 Euronext Lisbon 26,174,610
17-Mar-20 Acquisition 1,234 3.130000 Euronext Lisbon 26,175,844
17-Mar-20 Acquisition 266 3.130000 Euronext Lisbon 26,176,110
17-Mar-20 Acquisition 167 3.130000 Euronext Lisbon 26,176,277
17-Mar-20 Acquisition 1,333 3.130000 Euronext Lisbon 26,177,610
17-Mar-20 Acquisition 167 3.130000 Euronext Lisbon 26,177,777
17-Mar-20 Acquisition 400 3.150000 Euronext Lisbon 26,178,177
17-Mar-20 Acquisition 873 3.150000 Euronext Lisbon 26,179,050
17-Mar-20 Acquisition 227 3.150000 Euronext Lisbon 26,179,277
17-Mar-20 Acquisition 1,500 3.150000 Euronext Lisbon 26,180,777
17-Mar-20 Acquisition 1,500 3.150000 Euronext Lisbon 26,182,277
17-Mar-20 Acquisition 1,500 3.150000 Euronext Lisbon 26,183,777
17-Mar-20 Acquisition 1,500 3.150000 Euronext Lisbon 26,185,277
17-Mar-20 Acquisition 1,500 3.150000 Euronext Lisbon 26,186,777
17-Mar-20 Acquisition 347 3.150000 Euronext Lisbon 26,187,124
17-Mar-20 Acquisition 500 3.150000 Euronext Lisbon 26,187,624
17-Mar-20 Acquisition 653 3.150000 Euronext Lisbon 26,188,277
17-Mar-20 Acquisition 283 3.150000 Euronext Lisbon 26,188,560
17-Mar-20 Acquisition 1,500 3.150000 Euronext Lisbon 26,190,060
17-Mar-20 Acquisition 1,500 3.150000 Euronext Lisbon 26,191,560
17-Mar-20 Acquisition 814 3.150000 Euronext Lisbon 26,192,374
17-Mar-20 Acquisition 500 3.150000 Euronext Lisbon 26,192,874
17-Mar-20 Acquisition 500 3.150000 Euronext Lisbon 26,193,374
17-Mar-20 Acquisition 500 3.150000 Euronext Lisbon 26,193,874
17-Mar-20 Acquisition 1,500 3.150000 Euronext Lisbon 26,195,374
17-Mar-20 Acquisition 1,500 3.150000 Euronext Lisbon 26,196,874
17-Mar-20 Acquisition 1,500 3.150000 Euronext Lisbon 26,198,374
17-Mar-20 Acquisition 1,500 3.150000 Euronext Lisbon 26,199,874
17-Mar-20 Acquisition 236 3.150000 Euronext Lisbon 26,200,110
17-Mar-20 Acquisition 1,000 3.146000 Euronext Lisbon 26,201,110
17-Mar-20 Acquisition 1,200 3.146000 Euronext Lisbon 26,202,310

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
17-Mar-20 Acquisition 1,200 3.146000 Euronext Lisbon 26,203,510
17-Mar-20 Acquisition 1,000 3.146000 Euronext Lisbon 26,204,510
17-Mar-20 Acquisition 200 3.146000 Euronext Lisbon 26,204,710
17-Mar-20 Acquisition 323 3.146000 Euronext Lisbon 26,205,033
17-Mar-20 Acquisition 800 3.146000 Euronext Lisbon 26,205,833
17-Mar-20 Acquisition 1,077 3.146000 Euronext Lisbon 26,206,910
17-Mar-20 Acquisition 323 3.146000 Euronext Lisbon 26,207,233
17-Mar-20 Acquisition 2,200 3.146000 Euronext Lisbon 26,209,433
17-Mar-20 Acquisition 600 3.146000 Euronext Lisbon 26,210,033
17-Mar-20 Acquisition 934 3.146000 Euronext Lisbon 26,210,967
17-Mar-20 Acquisition 1,266 3.146000 Euronext Lisbon 26,212,233
17-Mar-20 Acquisition 2,200 3.146000 Euronext Lisbon 26,214,433
17-Mar-20 Acquisition 2,200 3.146000 Euronext Lisbon 26,216,633
17-Mar-20 Acquisition 331 3.146000 Euronext Lisbon 26,216,964
17-Mar-20 Acquisition 1,869 3.146000 Euronext Lisbon 26,218,833
17-Mar-20 Acquisition 1,021 3.146000 Euronext Lisbon 26,219,854
17-Mar-20 Acquisition 2,003 3.146000 Euronext Lisbon 26,221,857
17-Mar-20 Acquisition 197 3.146000 Euronext Lisbon 26,222,054
17-Mar-20 Acquisition 1,022 3.146000 Euronext Lisbon 26,223,076
17-Mar-20 Acquisition 1,178 3.146000 Euronext Lisbon 26,224,254
17-Mar-20 Acquisition 1,178 3.146000 Euronext Lisbon 26,225,432
17-Mar-20 Acquisition 1,022 3.146000 Euronext Lisbon 26,226,454
17-Mar-20 Acquisition 156 3.146000 Euronext Lisbon 26,226,610
17-Mar-20 Acquisition 2,200 3.146000 Euronext Lisbon 26,228,810
17-Mar-20 Acquisition 2,200 3.146000 Euronext Lisbon 26,231,010
17-Mar-20 Acquisition 1,786 3.146000 Euronext Lisbon 26,232,796
17-Mar-20 Acquisition 199 3.146000 Euronext Lisbon 26,232,995
17-Mar-20 Acquisition 215 3.146000 Euronext Lisbon 26,233,210
17-Mar-20 Acquisition 199 3.146000 Euronext Lisbon 26,233,409
17-Mar-20 Acquisition 2,200 3.146000 Euronext Lisbon 26,235,609
17-Mar-20 Acquisition 2,200 3.146000 Euronext Lisbon 26,237,809
17-Mar-20 Acquisition 2,200 3.150000 Euronext Lisbon 26,240,009
17-Mar-20 Acquisition 2,200 3.150000 Euronext Lisbon 26,242,209
17-Mar-20 Acquisition 174 3.150000 Euronext Lisbon 26,242,383
17-Mar-20 Acquisition 2,000 3.150000 Euronext Lisbon 26,244,383
17-Mar-20 Acquisition 200 3.150000 Euronext Lisbon 26,244,583
17-Mar-20 Acquisition 1,400 3.150000 Euronext Lisbon 26,245,983
17-Mar-20 Acquisition 2,200 3.150000 Euronext Lisbon 26,248,183
17-Mar-20 Acquisition 374 3.150000 Euronext Lisbon 26,248,557
17-Mar-20 Acquisition 1,553 3.150000 Euronext Lisbon 26,250,110
17-Mar-20 Acquisition 2,500 3.140000 Euronext Lisbon 26,252,610
17-Mar-20 Acquisition 796 3.140000 Euronext Lisbon 26,253,406
17-Mar-20 Acquisition 1,704 3.140000 Euronext Lisbon 26,255,110
17-Mar-20 Acquisition 1,704 3.140000 Euronext Lisbon 26,256,814
17-Mar-20 Acquisition 796 3.140000 Euronext Lisbon 26,257,610

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
17-Mar-20 Acquisition 908 3.140000 Euronext Lisbon 26,258,518
17-Mar-20 Acquisition 577 3.140000 Euronext Lisbon 26,259,095
17-Mar-20 Acquisition 1,600 3.140000 Euronext Lisbon 26,260,695
17-Mar-20 Acquisition 323 3.140000 Euronext Lisbon 26,261,018
17-Mar-20 Acquisition 323 3.140000 Euronext Lisbon 26,261,341
17-Mar-20 Acquisition 323 3.140000 Euronext Lisbon 26,261,664
17-Mar-20 Acquisition 323 3.140000 Euronext Lisbon 26,261,987
17-Mar-20 Acquisition 323 3.140000 Euronext Lisbon 26,262,310
17-Mar-20 Acquisition 1,200 3.140000 Euronext Lisbon 26,263,510
18-Mar-20 Acquisition 1,665 2.956000 Euronext Lisbon 26,265,175
18-Mar-20 Acquisition 564 2.956000 Euronext Lisbon 26,265,739
18-Mar-20 Acquisition 1,162 2.956000 Euronext Lisbon 26,266,901
18-Mar-20 Acquisition 1,000 2.956000 Euronext Lisbon 26,267,901
18-Mar-20 Acquisition 4,000 2.956000 Euronext Lisbon 26,271,901
18-Mar-20 Acquisition 524 2.956000 Euronext Lisbon 26,272,425
18-Mar-20 Acquisition 1,373 2.956000 Euronext Lisbon 26,273,798
18-Mar-20 Acquisition 1,000 2.956000 Euronext Lisbon 26,274,798
18-Mar-20 Acquisition 1,000 2.956000 Euronext Lisbon 26,275,798
18-Mar-20 Acquisition 1,627 2.956000 Euronext Lisbon 26,277,425
18-Mar-20 Acquisition 373 2.956000 Euronext Lisbon 26,277,798
18-Mar-20 Acquisition 1,400 2.956000 Euronext Lisbon 26,279,198
18-Mar-20 Acquisition 3,600 2.956000 Euronext Lisbon 26,282,798
18-Mar-20 Acquisition 712 2.956000 Euronext Lisbon 26,283,510
18-Mar-20 Acquisition 1,600 2.950000 Euronext Lisbon 26,285,110
18-Mar-20 Acquisition 1,600 2.950000 Euronext Lisbon 26,286,710
18-Mar-20 Acquisition 1,600 2.950000 Euronext Lisbon 26,288,310
18-Mar-20 Acquisition 200 2.950000 Euronext Lisbon 26,288,510
18-Mar-20 Acquisition 1,600 2.950000 Euronext Lisbon 26,290,110
18-Mar-20 Acquisition 3,177 2.950000 Euronext Lisbon 26,293,287
18-Mar-20 Acquisition 500 2.950000 Euronext Lisbon 26,293,787
18-Mar-20 Acquisition 750 2.982000 Euronext Lisbon 26,294,537
18-Mar-20 Acquisition 648 2.982000 Euronext Lisbon 26,295,185
18-Mar-20 Acquisition 748 2.982000 Euronext Lisbon 26,295,933
18-Mar-20 Acquisition 6,519 2.982000 Euronext Lisbon 26,302,452
18-Mar-20 Acquisition 255 2.982000 Euronext Lisbon 26,302,707
18-Mar-20 Acquisition 750 2.988000 Euronext Lisbon 26,303,457
18-Mar-20 Acquisition 500 2.990000 Euronext Lisbon 26,303,957
18-Mar-20 Acquisition 53 2.990000 Euronext Lisbon 26,304,010
24-Jun-20 Acquisition 1,751 4.200000 Euronext Lisbon 26,305,761
24-Jun-20 Acquisition 100 4.200000 Euronext Lisbon 26,305,861
24-Jun-20 Acquisition 375 4.200000 Euronext Lisbon 26,306,236
24-Jun-20 Acquisition 1,400 4.200000 Euronext Lisbon 26,307,636
24-Jun-20 Acquisition 1,374 4.200000 Euronext Lisbon 26,309,010
24-Jun-20 Acquisition 774 4.200000 Euronext Lisbon 26,309,784
24-Jun-20 Acquisition 248 4.200000 Euronext Lisbon 26,310,032

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
24-Jun-20 Acquisition 2,800 4.200000 Euronext Lisbon 26,312,832
24-Jun-20 Acquisition 1,178 4.200000 Euronext Lisbon 26,314,010
24-Jun-20 Acquisition 6,232 4.200000 Euronext Lisbon 26,320,242
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,320,642
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,321,042
24-Jun-20 Acquisition 762 4.200000 Euronext Lisbon 26,321,804
24-Jun-20 Acquisition 1,531 4.200000 Euronext Lisbon 26,323,335
24-Jun-20 Acquisition 523 4.200000 Euronext Lisbon 26,323,858
24-Jun-20 Acquisition 1,384 4.200000 Euronext Lisbon 26,325,242
24-Jun-20 Acquisition 1,260 4.200000 Euronext Lisbon 26,326,502
24-Jun-20 Acquisition 1,400 4.200000 Euronext Lisbon 26,327,902
24-Jun-20 Acquisition 1,400 4.200000 Euronext Lisbon 26,329,302
24-Jun-20 Acquisition 940 4.200000 Euronext Lisbon 26,330,242
24-Jun-20 Acquisition 1,400 4.200000 Euronext Lisbon 26,331,642
24-Jun-20 Acquisition 1,400 4.200000 Euronext Lisbon 26,333,042
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,333,442
24-Jun-20 Acquisition 370 4.200000 Euronext Lisbon 26,333,812
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,334,212
24-Jun-20 Acquisition 387 4.200000 Euronext Lisbon 26,334,599
24-Jun-20 Acquisition 201 4.200000 Euronext Lisbon 26,334,800
24-Jun-20 Acquisition 442 4.200000 Euronext Lisbon 26,335,242
24-Jun-20 Acquisition 8,161 4.200000 Euronext Lisbon 26,343,403
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,343,803
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,344,203
24-Jun-20 Acquisition 4,200 4.200000 Euronext Lisbon 26,348,403
24-Jun-20 Acquisition 1,100 4.200000 Euronext Lisbon 26,349,503
24-Jun-20 Acquisition 503 4.200000 Euronext Lisbon 26,350,006
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,350,406
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,350,806
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,351,206
24-Jun-20 Acquisition 2,197 4.200000 Euronext Lisbon 26,353,403
24-Jun-20 Acquisition 1,224 4.200000 Euronext Lisbon 26,354,627
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,355,027
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,355,427
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,355,827
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,356,227
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,356,627
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,357,027
24-Jun-20 Acquisition 400 4.200000 Euronext Lisbon 26,357,427
24-Jun-20 Acquisition 976 4.200000 Euronext Lisbon 26,358,403
24-Jun-20 Acquisition 5,381 4.200000 Euronext Lisbon 26,363,784
24-Jun-20
24-Jun-20
Acquisition
Acquisition
263
6,354
4.200000
4.200000
Euronext Lisbon
Euronext Lisbon
26,364,047
26,370,401
24-Jun-20 Acquisition 5,055 4.200000 Euronext Lisbon 26,375,456
24-Jun-20 Acquisition 1,155 4.200000 Euronext Lisbon 26,376,611

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
24-Jun-20 Acquisition 1,641 4.200000 Euronext Lisbon 26,378,252
24-Jun-20 Acquisition 1,625 4.200000 Euronext Lisbon 26,379,877
24-Jun-20 Acquisition 607 4.200000 Euronext Lisbon 26,380,484
24-Jun-20 Acquisition 2,648 4.200000 Euronext Lisbon 26,383,132
24-Jun-20 Acquisition 821 4.200000 Euronext Lisbon 26,383,953
24-Jun-20 Acquisition 249 4.200000 Euronext Lisbon 26,384,202
24-Jun-20 Acquisition 1,142 4.200000 Euronext Lisbon 26,385,344
24-Jun-20 Acquisition 915 4.200000 Euronext Lisbon 26,386,259
24-Jun-20 Acquisition 2,000 4.200000 Euronext Lisbon 26,388,259
24-Jun-20 Acquisition 500 4.200000 Euronext Lisbon 26,388,759
24-Jun-20 Acquisition 1,642 4.200000 Euronext Lisbon 26,390,401
24-Jun-20 Acquisition 1,115 4.200000 Euronext Lisbon 26,391,516
25-Jun-20 Acquisition 721 4.194000 Euronext Lisbon 26,392,237
25-Jun-20 Acquisition 2,300 4.194000 Euronext Lisbon 26,394,537
25-Jun-20 Acquisition 120 4.194000 Euronext Lisbon 26,394,657
25-Jun-20 Acquisition 721 4.194000 Euronext Lisbon 26,395,378
25-Jun-20 Acquisition 1,157 4.194000 Euronext Lisbon 26,396,535
25-Jun-20 Acquisition 1,027 4.194000 Euronext Lisbon 26,397,562
25-Jun-20 Acquisition 2,050 4.194000 Euronext Lisbon 26,399,612
25-Jun-20 Acquisition 256 4.194000 Euronext Lisbon 26,399,868
25-Jun-20 Acquisition 134 4.194000 Euronext Lisbon 26,400,002
25-Jun-20 Acquisition 168 4.194000 Euronext Lisbon 26,400,170
25-Jun-20 Acquisition 134 4.194000 Euronext Lisbon 26,400,304
25-Jun-20 Acquisition 168 4.194000 Euronext Lisbon 26,400,472
25-Jun-20 Acquisition 134 4.194000 Euronext Lisbon 26,400,606
25-Jun-20 Acquisition 168 4.194000 Euronext Lisbon 26,400,774
25-Jun-20 Acquisition 148 4.194000 Euronext Lisbon 26,400,922
25-Jun-20 Acquisition 134 4.194000 Euronext Lisbon 26,401,056
25-Jun-20 Acquisition 75 4.194000 Euronext Lisbon 26,401,131
25-Jun-20 Acquisition 2,879 4.194000 Euronext Lisbon 26,404,010
26-Jun-20 Acquisition 1,542 4.140000 Euronext Lisbon 26,405,552
26-Jun-20 Acquisition 544 4.140000 Euronext Lisbon 26,406,096
26-Jun-20 Acquisition 2,914 4.140000 Euronext Lisbon 26,409,010
26-Jun-20 Acquisition 3,354 4.140000 Euronext Lisbon 26,412,364
26-Jun-20 Acquisition 1,646 4.140000 Euronext Lisbon 26,414,010
26-Jun-20 Acquisition 2,263 4.140000 Euronext Lisbon 26,416,273
26-Jun-20 Acquisition 536 4.140000 Euronext Lisbon 26,416,809
26-Jun-20 Acquisition 631 4.140000 Euronext Lisbon 26,417,440
26-Jun-20 Acquisition 3,833 4.140000 Euronext Lisbon 26,421,273
26-Jun-20 Acquisition 76 4.140000 Euronext Lisbon 26,421,349
26-Jun-20 Acquisition 958 4.140000 Euronext Lisbon 26,422,307
26-Jun-20 Acquisition 1,399 4.140000 Euronext Lisbon 26,423,706
26-Jun-20 Acquisition 68 4.198000 Euronext Lisbon 26,423,774
26-Jun-20 Acquisition 57 4.198000 Euronext Lisbon 26,423,831
26-Jun-20 Acquisition 900 4.198000 Euronext Lisbon 26,424,731

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
26-Jun-20 Acquisition 625 4.198000 Euronext Lisbon 26,425,356
26-Jun-20 Acquisition 869 4.198000 Euronext Lisbon 26,426,225
26-Jun-20 Acquisition 3,000 4.200000 Euronext Lisbon 26,429,225
26-Jun-20 Acquisition 613 4.200000 Euronext Lisbon 26,429,838
26-Jun-20 Acquisition 5,000 4.200000 Euronext Lisbon 26,434,838
26-Jun-20 Acquisition 868 4.200000 Euronext Lisbon 26,435,706
26-Jun-20 Acquisition 1,728 4.140000 Euronext Lisbon 26,437,434
26-Jun-20 Acquisition 131 4.140000 Euronext Lisbon 26,437,565
26-Jun-20 Acquisition 784 4.140000 Euronext Lisbon 26,438,349
26-Jun-20 Acquisition 784 4.140000 Euronext Lisbon 26,439,133
26-Jun-20 Acquisition 784 4.140000 Euronext Lisbon 26,439,917
26-Jun-20 Acquisition 765 4.140000 Euronext Lisbon 26,440,682
26-Jun-20 Acquisition 1,116 4.140000 Euronext Lisbon 26,441,798
26-Jun-20 Acquisition 157 4.140000 Euronext Lisbon 26,441,955
26-Jun-20 Acquisition 349 4.140000 Euronext Lisbon 26,442,304
26-Jun-20 Acquisition 1,045 4.140000 Euronext Lisbon 26,443,349
26-Jun-20 Acquisition 853 4.140000 Euronext Lisbon 26,444,202
26-Jun-20 Acquisition 1,409 4.140000 Euronext Lisbon 26,445,611
26-Jun-20 Acquisition 1,116 4.140000 Euronext Lisbon 26,446,727
26-Jun-20 Acquisition 1,622 4.140000 Euronext Lisbon 26,448,349
26-Jun-20 Acquisition 1,116 4.140000 Euronext Lisbon 26,449,465
26-Jun-20 Acquisition 1,186 4.140000 Euronext Lisbon 26,450,651
26-Jun-20 Acquisition 180 4.140000 Euronext Lisbon 26,450,831
26-Jun-20 Acquisition 184 4.140000 Euronext Lisbon 26,451,015
26-Jun-20 Acquisition 149 4.140000 Euronext Lisbon 26,451,164
26-Jun-20 Acquisition 250 4.140000 Euronext Lisbon 26,451,414
26-Jun-20 Acquisition 1,935 4.140000 Euronext Lisbon 26,453,349
26-Jun-20 Acquisition 583 4.140000 Euronext Lisbon 26,453,932
26-Jun-20 Acquisition 1,632 4.140000 Euronext Lisbon 26,455,564
26-Jun-20 Acquisition 1,116 4.140000 Euronext Lisbon 26,456,680
26-Jun-20 Acquisition 2,252 4.140000 Euronext Lisbon 26,458,932
26-Jun-20 Acquisition 5,000 4.140000 Euronext Lisbon 26,463,932
26-Jun-20 Acquisition 165 4.140000 Euronext Lisbon 26,464,097
26-Jun-20 Acquisition 643 4.140000 Euronext Lisbon 26,464,740
26-Jun-20 Acquisition 155 4.140000 Euronext Lisbon 26,464,895
26-Jun-20 Acquisition 1,442 4.140000 Euronext Lisbon 26,466,337
26-Jun-20 Acquisition 1,277 4.140000 Euronext Lisbon 26,467,614
26-Jun-20 Acquisition 370 4.140000 Euronext Lisbon 26,467,984
26-Jun-20 Acquisition 948 4.140000 Euronext Lisbon 26,468,932
26-Jun-20 Acquisition 152 4.140000 Euronext Lisbon 26,469,084
26-Jun-20 Acquisition 1,116 4.140000 Euronext Lisbon 26,470,200
26-Jun-20 Acquisition 173 4.140000 Euronext Lisbon 26,470,373
26-Jun-20 Acquisition 3,711 4.140000 Euronext Lisbon 26,474,084
26-Jun-20 Acquisition 130 4.140000 Euronext Lisbon 26,474,214
26-Jun-20 Acquisition 237 4.140000 Euronext Lisbon 26,474,451

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
26-Jun-20 Acquisition 2,047 4.140000 Euronext Lisbon 26,476,498
26-Jun-20 Acquisition 950 4.140000 Euronext Lisbon 26,477,448
26-Jun-20 Acquisition 574 4.140000 Euronext Lisbon 26,478,022
26-Jun-20 Acquisition 292 4.140000 Euronext Lisbon 26,478,314
26-Jun-20 Acquisition 176 4.140000 Euronext Lisbon 26,478,490
26-Jun-20 Acquisition 237 4.140000 Euronext Lisbon 26,478,727
26-Jun-20 Acquisition 237 4.140000 Euronext Lisbon 26,478,964
26-Jun-20 Acquisition 120 4.140000 Euronext Lisbon 26,479,084
26-Jun-20 Acquisition 3,503 4.140000 Euronext Lisbon 26,482,587
26-Jun-20 Acquisition 237 4.140000 Euronext Lisbon 26,482,824
29-Jun-20 Acquisition 961 4.140000 Euronext Lisbon 26,483,785
29-Jun-20 Acquisition 1,704 4.140000 Euronext Lisbon 26,485,489
29-Jun-20 Acquisition 8 4.140000 Euronext Lisbon 26,485,497
29-Jun-20 Acquisition 42 4.140000 Euronext Lisbon 26,485,539
29-Jun-20 Acquisition 2,285 4.140000 Euronext Lisbon 26,487,824
29-Jun-20 Acquisition 129 4.140000 Euronext Lisbon 26,487,953
29-Jun-20 Acquisition 110 4.140000 Euronext Lisbon 26,488,063
29-Jun-20 Acquisition 117 4.140000 Euronext Lisbon 26,488,180
29-Jun-20 Acquisition 13 4.140000 Euronext Lisbon 26,488,193
29-Jun-20 Acquisition 4,987 4.140000 Euronext Lisbon 26,493,180
29-Jun-20 Acquisition 616 4.140000 Euronext Lisbon 26,493,796
29-Jun-20 Acquisition 1,216 4.140000 Euronext Lisbon 26,495,012
29-Jun-20 Acquisition 3,168 4.140000 Euronext Lisbon 26,498,180
29-Jun-20 Acquisition 3,168 4.140000 Euronext Lisbon 26,501,348
29-Jun-20 Acquisition 507 4.140000 Euronext Lisbon 26,501,855
29-Jun-20 Acquisition 1,141 4.140000 Euronext Lisbon 26,502,996
29-Jun-20 Acquisition 184 4.140000 Euronext Lisbon 26,503,180
29-Jun-20 Acquisition 400 4.140000 Euronext Lisbon 26,503,580
29-Jun-20 Acquisition 562 4.140000 Euronext Lisbon 26,504,142
29-Jun-20 Acquisition 1,540 4.140000 Euronext Lisbon 26,505,682
29-Jun-20 Acquisition 498 4.140000 Euronext Lisbon 26,506,180
29-Jun-20 Acquisition 1,225 4.140000 Euronext Lisbon 26,507,405
29-Jun-20 Acquisition 775 4.140000 Euronext Lisbon 26,508,180
29-Jun-20 Acquisition 400 4.140000 Euronext Lisbon 26,508,580
29-Jun-20 Acquisition 861 4.140000 Euronext Lisbon 26,509,441
29-Jun-20 Acquisition 198 4.140000 Euronext Lisbon 26,509,639
29-Jun-20 Acquisition 2,724 4.140000 Euronext Lisbon 26,512,363
29-Jun-20 Acquisition 430 4.140000 Euronext Lisbon 26,512,793
29-Jun-20 Acquisition 387 4.140000 Euronext Lisbon 26,513,180
29-Jun-20 Acquisition 1,658 4.140000 Euronext Lisbon 26,514,838
29-Jun-20 Acquisition 314 4.140000 Euronext Lisbon 26,515,152
29-Jun-20 Acquisition 400 4.140000 Euronext Lisbon 26,515,552
29-Jun-20 Acquisition 458 4.140000 Euronext Lisbon 26,516,010
29-Jun-20 Acquisition 116 4.128000 Euronext Lisbon 26,516,126
29-Jun-20 Acquisition 378 4.128000 Euronext Lisbon 26,516,504

DO CONSELHO DE AD

II.
Appendixes to the management report
-------------------------------------------- --
MINISTRAÇÃO
Date Type Volume Price (€) Place No. of shares
29-Jun-20 Acquisition 750 4.138000 Euronext Lisbon 26,517,254
29-Jun-20 Acquisition 800 4.140000 Euronext Lisbon 26,518,054
29-Jun-20 Acquisition 658 4.140000 Euronext Lisbon 26,518,712
29-Jun-20 Acquisition 298 4.142000 Euronext Lisbon 26,519,010
30-Jun-20 - - - - 26,519,010

Ana Rebelo Menéres de Mendonça (imputation through PROMENDO INVESTIMENTOS, S.A.)

Date Type Volume Price (€) Place No. of shares
31-Dec-19 - - - - 42,545,053
23-Jan-20 Disposal 1,250,000 5.800000 Euronext Lisbon 41,295,053
24-Jan-20 Disposal 1,000,000 5.800000 Euronext Lisbon 40,295,053
24-Jan-20 Disposal 1,000,000 5.800000 Euronext Lisbon 39,295,053
29-Jan-20 Disposal 1,000,000 5.800000 Euronext Lisbon 38,295,053
30-Jun-20 - - - - 38,295,053

Pedro Miguel Matos Borges de Oliveira (imputation through 1 THING, INVESTMENTS, S.A.)

Date Type Volume Price (€) Place No. of shares
31-Dec-19 - - - - 17,292,073
3-Jan-20 Acquisition 2,000 5.700000 Euronext Lisbon 17,294,073
3-Jan-20 Acquisition 1,600 5.700000 Euronext Lisbon 17,295,673
3-Jan-20 Acquisition 400 5.700000 Euronext Lisbon 17,296,073
3-Jan-20 Acquisition 445 5.700000 Euronext Lisbon 17,296,518
3-Jan-20 Acquisition 1,600 5.700000 Euronext Lisbon 17,298,118
3-Jan-20 Acquisition 400 5.700000 Euronext Lisbon 17,298,518
3-Jan-20 Acquisition 2,800 5.700000 Euronext Lisbon 17,301,318
3-Jan-20 Acquisition 755 5.700000 Euronext Lisbon 17,302,073
3-Jan-20 Acquisition 400 5.700000 Euronext Lisbon 17,302,473
3-Jan-20 Acquisition 817 5.700000 Euronext Lisbon 17,303,290
3-Jan-20 Acquisition 783 5.700000 Euronext Lisbon 17,304,073
3-Jan-20 Acquisition 378 5.700000 Euronext Lisbon 17,304,451
3-Jan-20 Acquisition 400 5.700000 Euronext Lisbon 17,304,851
3-Jan-20 Acquisition 1,222 5.700000 Euronext Lisbon 17,306,073
3-Jan-20 Acquisition 500 5.700000 Euronext Lisbon 17,306,573
3-Jan-20 Acquisition 1,500 5.700000 Euronext Lisbon 17,308,073
3-Jan-20 Acquisition 688 5.700000 Euronext Lisbon 17,308,761
3-Jan-20 Acquisition 1,312 5.700000 Euronext Lisbon 17,310,073
3-Jan-20 Acquisition 165 5.700000 Euronext Lisbon 17,310,238
3-Jan-20 Acquisition 400 5.700000 Euronext Lisbon 17,310,638
3-Jan-20 Acquisition 400 5.700000 Euronext Lisbon 17,311,038
3-Jan-20 Acquisition 1,035 5.700000 Euronext Lisbon 17,312,073
3-Jan-20 Acquisition 369 5.680000 Euronext Lisbon 17,312,442
3-Jan-20 Acquisition 400 5.680000 Euronext Lisbon 17,312,842
3-Jan-20 Acquisition 330 5.680000 Euronext Lisbon 17,313,172
3-Jan-20 Acquisition 1,685 5.680000 Euronext Lisbon 17,314,857
3-Jan-20 Acquisition 216 5.680000 Euronext Lisbon 17,315,073
3-Jan-20 Acquisition 1,384 5.680000 Euronext Lisbon 17,316,457
3-Jan-20 Acquisition 867 5.680000 Euronext Lisbon 17,317,324
3-Jan-20 Acquisition 1,600 5.680000 Euronext Lisbon 17,318,924

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
3-Jan-20 Acquisition 533 5.680000 Euronext Lisbon 17,319,457
3-Jan-20 Acquisition 1,368 5.680000 Euronext Lisbon 17,320,825
3-Jan-20 Acquisition 1,248 5.680000 Euronext Lisbon 17,322,073
3-Jan-20 Acquisition 400 5.675000 Euronext Lisbon 17,322,473
3-Jan-20 Acquisition 1,600 5.675000 Euronext Lisbon 17,324,073
3-Jan-20 Acquisition 1,000 5.675000 Euronext Lisbon 17,325,073
3-Jan-20 Acquisition 1,600 5.675000 Euronext Lisbon 17,326,673
3-Jan-20 Acquisition 1,000 5.675000 Euronext Lisbon 17,327,673
3-Jan-20 Acquisition 469 5.675000 Euronext Lisbon 17,328,142
3-Jan-20 Acquisition 1,000 5.675000 Euronext Lisbon 17,329,142
3-Jan-20 Acquisition 531 5.675000 Euronext Lisbon 17,329,673
3-Jan-20 Acquisition 1,697 5.675000 Euronext Lisbon 17,331,370
3-Jan-20 Acquisition 400 5.675000 Euronext Lisbon 17,331,770
3-Jan-20 Acquisition 303 5.675000 Euronext Lisbon 17,332,073
3-Jan-20 Acquisition 1,078 5.650000 Euronext Lisbon 17,333,151
3-Jan-20 Acquisition 400 5.650000 Euronext Lisbon 17,333,551
3-Jan-20 Acquisition 400 5.650000 Euronext Lisbon 17,333,951
3-Jan-20 Acquisition 400 5.650000 Euronext Lisbon 17,334,351
3-Jan-20 Acquisition 5,000 5.650000 Euronext Lisbon 17,339,351
3-Jan-20 Acquisition 730 5.650000 Euronext Lisbon 17,340,081
3-Jan-20 Acquisition 400 5.650000 Euronext Lisbon 17,340,481
3-Jan-20 Acquisition 1,592 5.650000 Euronext Lisbon 17,342,073
3-Jan-20 Acquisition 794 5.650000 Euronext Lisbon 17,342,867
3-Jan-20 Acquisition 1,857 5.650000 Euronext Lisbon 17,344,724
3-Jan-20 Acquisition 300 5.650000 Euronext Lisbon 17,345,024
3-Jan-20 Acquisition 1,472 5.650000 Euronext Lisbon 17,346,496
3-Jan-20 Acquisition 2,491 5.650000 Euronext Lisbon 17,348,987
3-Jan-20 Acquisition 3,086 5.650000 Euronext Lisbon 17,352,073
3-Jan-20 Acquisition 341 5.680000 Euronext Lisbon 17,352,414
3-Jan-20 Acquisition 518 5.680000 Euronext Lisbon 17,352,932
3-Jan-20 Acquisition 4 5.680000 Euronext Lisbon 17,352,936
3-Jan-20 Acquisition 1,003 5.685000 Euronext Lisbon 17,353,939
3-Jan-20 Acquisition 201 5.685000 Euronext Lisbon 17,354,140
3-Jan-20 Acquisition 448 5.685000 Euronext Lisbon 17,354,588
3-Jan-20 Acquisition 400 5.690000 Euronext Lisbon 17,354,988
3-Jan-20 Acquisition 1,411 5.690000 Euronext Lisbon 17,356,399
3-Jan-20 Acquisition 802 5.690000 Euronext Lisbon 17,357,201
3-Jan-20 Acquisition 418 5.690000 Euronext Lisbon 17,357,619
3-Jan-20 Acquisition 1,969 5.690000 Euronext Lisbon 17,359,588
3-Jan-20 Acquisition 418 5.690000 Euronext Lisbon 17,360,006
3-Jan-20 Acquisition 284 5.720000 Euronext Lisbon 17,360,290
3-Jan-20 Acquisition 42 5.720000 Euronext Lisbon 17,360,332
3-Jan-20 Acquisition 439 5.720000 Euronext Lisbon 17,360,771
3-Jan-20 Acquisition 5,020 5.720000 Euronext Lisbon 17,365,791
3-Jan-20 Acquisition 350 5.720000 Euronext Lisbon 17,366,141

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
3-Jan-20 Acquisition 813 5.720000 Euronext Lisbon 17,366,954
3-Jan-20 Acquisition 783 5.725000 Euronext Lisbon 17,367,737
3-Jan-20 Acquisition 360 5.725000 Euronext Lisbon 17,368,097
3-Jan-20 Acquisition 30 5.725000 Euronext Lisbon 17,368,127
3-Jan-20 Acquisition 750 5.730000 Euronext Lisbon 17,368,877
3-Jan-20 Acquisition 474 5.730000 Euronext Lisbon 17,369,351
3-Jan-20 Acquisition 5,100 5.730000 Euronext Lisbon 17,374,451
3-Jan-20 Acquisition 215 5.730000 Euronext Lisbon 17,374,666
3-Jan-20 Acquisition 320 5.730000 Euronext Lisbon 17,374,986
3-Jan-20 Acquisition 350 5.730000 Euronext Lisbon 17,375,336
3-Jan-20 Acquisition 2,257 5.730000 Euronext Lisbon 17,377,593
3-Jan-20 Acquisition 2,743 5.730000 Euronext Lisbon 17,380,336
3-Jan-20 Acquisition 242 5.730000 Euronext Lisbon 17,380,578
3-Jan-20 Acquisition 2,765 5.730000 Euronext Lisbon 17,383,343
3-Jan-20 Acquisition 1,165 5.730000 Euronext Lisbon 17,384,508
3-Jan-20 Acquisition 828 5.730000 Euronext Lisbon 17,385,336
3-Jan-20 Acquisition 772 5.730000 Euronext Lisbon 17,386,108
3-Jan-20 Acquisition 448 5.730000 Euronext Lisbon 17,386,556
3-Jan-20 Acquisition 3,417 5.730000 Euronext Lisbon 17,389,973
3-Jan-20 Acquisition 1,135 5.730000 Euronext Lisbon 17,391,108
3-Jan-20 Acquisition 1,630 5.730000 Euronext Lisbon 17,392,738
3-Jan-20 Acquisition 1,993 5.730000 Euronext Lisbon 17,394,731
3-Jan-20 Acquisition 605 5.730000 Euronext Lisbon 17,395,336
3-Jan-20 Acquisition 750 5.730000 Euronext Lisbon 17,396,086
3-Jan-20 Acquisition 466 5.730000 Euronext Lisbon 17,396,552
3-Jan-20 Acquisition 750 5.730000 Euronext Lisbon 17,397,302
3-Jan-20 Acquisition 557 5.730000 Euronext Lisbon 17,397,859
3-Jan-20 Acquisition 59 5.730000 Euronext Lisbon 17,397,918
3-Jan-20 Acquisition 43 5.730000 Euronext Lisbon 17,397,961
3-Jan-20 Acquisition 732 5.730000 Euronext Lisbon 17,398,693
3-Jan-20 Acquisition 337 5.730000 Euronext Lisbon 17,399,030
3-Jan-20 Acquisition 565 5.750000 Euronext Lisbon 17,399,595
3-Jan-20 Acquisition 4,435 5.750000 Euronext Lisbon 17,404,030
3-Jan-20 Acquisition 1,088 5.750000 Euronext Lisbon 17,405,118
3-Jan-20 Acquisition 2,720 5.750000 Euronext Lisbon 17,407,838
3-Jan-20 Acquisition 1,192 5.750000 Euronext Lisbon 17,409,030
3-Jan-20 Acquisition 1,600 5.750000 Euronext Lisbon 17,410,630
3-Jan-20 Acquisition 3,400 5.750000 Euronext Lisbon 17,414,030
3-Jan-20 Acquisition 542 5.750000 Euronext Lisbon 17,414,572
3-Jan-20 Acquisition 1,006 5.750000 Euronext Lisbon 17,415,578
3-Jan-20 Acquisition 497 5.750000 Euronext Lisbon 17,416,075
3-Jan-20
3-Jan-20
Acquisition
Acquisition
1,025
1,763
5.750000
5.750000
Euronext Lisbon
Euronext Lisbon
17,417,100
17,418,863
3-Jan-20 Acquisition 709 5.750000 Euronext Lisbon 17,419,572
3-Jan-20 Acquisition 710 5.750000 Euronext Lisbon 17,420,282

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
3-Jan-20 Acquisition 1,600 5.750000 Euronext Lisbon 17,421,882
3-Jan-20 Acquisition 617 5.750000 Euronext Lisbon 17,422,499
3-Jan-20 Acquisition 1,212 5.750000 Euronext Lisbon 17,423,711
3-Jan-20 Acquisition 861 5.750000 Euronext Lisbon 17,424,572
3-Jan-20 Acquisition 1,123 5.750000 Euronext Lisbon 17,425,695
3-Jan-20 Acquisition 1,818 5.750000 Euronext Lisbon 17,427,513
3-Jan-20 Acquisition 1,517 5.750000 Euronext Lisbon 17,429,030
3-Jan-20 Acquisition 237 5.750000 Euronext Lisbon 17,429,267
3-Jan-20 Acquisition 750 5.750000 Euronext Lisbon 17,430,017
3-Jan-20 Acquisition 272 5.750000 Euronext Lisbon 17,430,289
3-Jan-20 Acquisition 638 5.750000 Euronext Lisbon 17,430,927
3-Jan-20 Acquisition 1,100 5.750000 Euronext Lisbon 17,432,027
3-Jan-20 Acquisition 383 5.750000 Euronext Lisbon 17,432,410
3-Jan-20 Acquisition 390 5.750000 Euronext Lisbon 17,432,800
3-Jan-20 Acquisition 1,121 5.750000 Euronext Lisbon 17,433,921
3-Jan-20 Acquisition 1,122 5.750000 Euronext Lisbon 17,435,043
3-Jan-20 Acquisition 1,266 5.750000 Euronext Lisbon 17,436,309
3-Jan-20 Acquisition 5,000 5.740000 Euronext Lisbon 17,441,309
3-Jan-20 Acquisition 1,700 5.740000 Euronext Lisbon 17,443,009
3-Jan-20 Acquisition 2,434 5.740000 Euronext Lisbon 17,445,443
3-Jan-20 Acquisition 866 5.740000 Euronext Lisbon 17,446,309
3-Jan-20 Acquisition 202 5.740000 Euronext Lisbon 17,446,511
3-Jan-20 Acquisition 4,798 5.740000 Euronext Lisbon 17,451,309
3-Jan-20 Acquisition 941 5.740000 Euronext Lisbon 17,452,250
3-Jan-20 Acquisition 4,010 5.740000 Euronext Lisbon 17,456,260
3-Jan-20 Acquisition 49 5.740000 Euronext Lisbon 17,456,309
3-Jan-20 Acquisition 102 5.745000 Euronext Lisbon 17,456,411
3-Jan-20 Acquisition 359 5.750000 Euronext Lisbon 17,456,770
3-Jan-20 Acquisition 256 5.750000 Euronext Lisbon 17,457,026
3-Jan-20 Acquisition 780 5.750000 Euronext Lisbon 17,457,806
3-Jan-20 Acquisition 102 5.750000 Euronext Lisbon 17,457,908
3-Jan-20 Acquisition 452 5.750000 Euronext Lisbon 17,458,360
3-Jan-20 Acquisition 750 5.750000 Euronext Lisbon 17,459,110
3-Jan-20 Acquisition 1,400 5.750000 Euronext Lisbon 17,460,510
3-Jan-20 Acquisition 853 5.750000 Euronext Lisbon 17,461,363
3-Jan-20 Acquisition 638 5.750000 Euronext Lisbon 17,462,001
6-Jan-20 Acquisition 380 5.650000 Euronext Lisbon 17,462,381
6-Jan-20 Acquisition 400 5.650000 Euronext Lisbon 17,462,781
6-Jan-20 Acquisition 400 5.650000 Euronext Lisbon 17,463,181
6-Jan-20 Acquisition 3,820 5.650000 Euronext Lisbon 17,467,001
6-Jan-20 Acquisition 4,820 5.650000 Euronext Lisbon 17,471,821
6-Jan-20 Acquisition 180 5.650000 Euronext Lisbon 17,472,001
6-Jan-20
6-Jan-20
Acquisition
Acquisition
200
1,600
5.650000
5.650000
Euronext Lisbon
Euronext Lisbon
17,472,201
17,473,801
6-Jan-20 Acquisition 1,600 5.650000 Euronext Lisbon 17,475,401

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
6-Jan-20 Acquisition 1,600 5.650000 Euronext Lisbon 17,477,001
6-Jan-20 Acquisition 2,090 5.600000 Euronext Lisbon 17,479,091
6-Jan-20 Acquisition 890 5.600000 Euronext Lisbon 17,479,981
6-Jan-20 Acquisition 483 5.600000 Euronext Lisbon 17,480,464
6-Jan-20 Acquisition 453 5.600000 Euronext Lisbon 17,480,917
6-Jan-20 Acquisition 1,084 5.600000 Euronext Lisbon 17,482,001
6-Jan-20 Acquisition 354 5.600000 Euronext Lisbon 17,482,355
6-Jan-20 Acquisition 400 5.600000 Euronext Lisbon 17,482,755
6-Jan-20 Acquisition 400 5.600000 Euronext Lisbon 17,483,155
6-Jan-20 Acquisition 688 5.600000 Euronext Lisbon 17,483,843
6-Jan-20 Acquisition 3,158 5.600000 Euronext Lisbon 17,487,001
6-Jan-20 Acquisition 621 5.600000 Euronext Lisbon 17,487,622
6-Jan-20 Acquisition 685 5.600000 Euronext Lisbon 17,488,307
6-Jan-20 Acquisition 2,309 5.600000 Euronext Lisbon 17,490,616
6-Jan-20 Acquisition 1,385 5.600000 Euronext Lisbon 17,492,001
6-Jan-20 Acquisition 5,000 5.580000 Euronext Lisbon 17,497,001
6-Jan-20 Acquisition 5,000 5.580000 Euronext Lisbon 17,502,001
6-Jan-20 Acquisition 1,668 5.580000 Euronext Lisbon 17,503,669
6-Jan-20 Acquisition 3,200 5.580000 Euronext Lisbon 17,506,869
6-Jan-20 Acquisition 132 5.580000 Euronext Lisbon 17,507,001
6-Jan-20 Acquisition 400 5.550000 Euronext Lisbon 17,507,401
6-Jan-20 Acquisition 4,600 5.550000 Euronext Lisbon 17,512,001
6-Jan-20 Acquisition 750 5.550000 Euronext Lisbon 17,512,751
6-Jan-20 Acquisition 1,600 5.550000 Euronext Lisbon 17,514,351
6-Jan-20 Acquisition 1,050 5.550000 Euronext Lisbon 17,515,401
6-Jan-20 Acquisition 1,600 5.550000 Euronext Lisbon 17,517,001
6-Jan-20 Acquisition 1,600 5.550000 Euronext Lisbon 17,518,601
6-Jan-20 Acquisition 722 5.550000 Euronext Lisbon 17,519,323
6-Jan-20 Acquisition 2,678 5.550000 Euronext Lisbon 17,522,001
6-Jan-20 Acquisition 195 5.530000 Euronext Lisbon 17,522,196
6-Jan-20 Acquisition 202 5.530000 Euronext Lisbon 17,522,398
6-Jan-20 Acquisition 1,600 5.530000 Euronext Lisbon 17,523,998
6-Jan-20 Acquisition 1,605 5.530000 Euronext Lisbon 17,525,603
6-Jan-20 Acquisition 1,398 5.530000 Euronext Lisbon 17,527,001
6-Jan-20 Acquisition 202 5.530000 Euronext Lisbon 17,527,203
6-Jan-20 Acquisition 1,600 5.530000 Euronext Lisbon 17,528,803
6-Jan-20 Acquisition 1,600 5.530000 Euronext Lisbon 17,530,403
6-Jan-20 Acquisition 750 5.530000 Euronext Lisbon 17,531,153
6-Jan-20 Acquisition 1,050 5.530000 Euronext Lisbon 17,532,203
6-Jan-20 Acquisition 550 5.530000 Euronext Lisbon 17,532,753
6-Jan-20 Acquisition 1,800 5.530000 Euronext Lisbon 17,534,553
6-Jan-20 Acquisition 726 5.530000 Euronext Lisbon 17,535,279
6-Jan-20 Acquisition 400 5.530000 Euronext Lisbon 17,535,679
6-Jan-20 Acquisition 400 5.530000 Euronext Lisbon 17,536,079
6-Jan-20 Acquisition 400 5.530000 Euronext Lisbon 17,536,479

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
6-Jan-20 Acquisition 522 5.530000 Euronext Lisbon 17,537,001
6-Jan-20 Acquisition 1,750 5.575000 Euronext Lisbon 17,538,751
6-Jan-20 Acquisition 466 5.575000 Euronext Lisbon 17,539,217
6-Jan-20 Acquisition 281 5.580000 Euronext Lisbon 17,539,498
6-Jan-20 Acquisition 622 5.585000 Euronext Lisbon 17,540,120
6-Jan-20 Acquisition 612 5.590000 Euronext Lisbon 17,540,732
6-Jan-20 Acquisition 435 5.590000 Euronext Lisbon 17,541,167
6-Jan-20 Acquisition 11,771 5.590000 Euronext Lisbon 17,552,938
6-Jan-20 Acquisition 500 5.590000 Euronext Lisbon 17,553,438
6-Jan-20 Acquisition 1,656 5.590000 Euronext Lisbon 17,555,094
6-Jan-20 Acquisition 750 5.595000 Euronext Lisbon 17,555,844
6-Jan-20 Acquisition 1,157 5.595000 Euronext Lisbon 17,557,001
6-Jan-20 Acquisition 380 5.575000 Euronext Lisbon 17,557,381
6-Jan-20 Acquisition 401 5.575000 Euronext Lisbon 17,557,782
6-Jan-20 Acquisition 804 5.580000 Euronext Lisbon 17,558,586
6-Jan-20 Acquisition 466 5.580000 Euronext Lisbon 17,559,052
6-Jan-20 Acquisition 653 5.585000 Euronext Lisbon 17,559,705
6-Jan-20 Acquisition 750 5.590000 Euronext Lisbon 17,560,455
6-Jan-20 Acquisition 406 5.590000 Euronext Lisbon 17,560,861
6-Jan-20 Acquisition 631 5.590000 Euronext Lisbon 17,561,492
6-Jan-20 Acquisition 500 5.595000 Euronext Lisbon 17,561,992
6-Jan-20 Acquisition 682 5.595000 Euronext Lisbon 17,562,674
6-Jan-20 Acquisition 670 5.600000 Euronext Lisbon 17,563,344
6-Jan-20 Acquisition 462 5.600000 Euronext Lisbon 17,563,806
6-Jan-20 Acquisition 11,899 5.600000 Euronext Lisbon 17,575,705
6-Jan-20 Acquisition 380 5.580000 Euronext Lisbon 17,576,085
6-Jan-20 Acquisition 500 5.585000 Euronext Lisbon 17,576,585
6-Jan-20 Acquisition 401 5.585000 Euronext Lisbon 17,576,986
6-Jan-20 Acquisition 390 5.585000 Euronext Lisbon 17,577,376
6-Jan-20 Acquisition 498 5.590000 Euronext Lisbon 17,577,874
6-Jan-20 Acquisition 803 5.590000 Euronext Lisbon 17,578,677
6-Jan-20 Acquisition 750 5.600000 Euronext Lisbon 17,579,427
6-Jan-20 Acquisition 500 5.600000 Euronext Lisbon 17,579,927
6-Jan-20 Acquisition 326 5.620000 Euronext Lisbon 17,580,253
6-Jan-20 Acquisition 1,230 5.620000 Euronext Lisbon 17,581,483
6-Jan-20 Acquisition 230 5.620000 Euronext Lisbon 17,581,713
6-Jan-20 Acquisition 750 5.625000 Euronext Lisbon 17,582,463
6-Jan-20 Acquisition 327 5.625000 Euronext Lisbon 17,582,790
6-Jan-20 Acquisition 750 5.630000 Euronext Lisbon 17,583,540
6-Jan-20 Acquisition 328 5.630000 Euronext Lisbon 17,583,868
6-Jan-20 Acquisition 1,689 5.630000 Euronext Lisbon 17,585,557
6-Jan-20 Acquisition 380 5.650000 Euronext Lisbon 17,585,937
6-Jan-20 Acquisition 721 5.650000 Euronext Lisbon 17,586,658
6-Jan-20 Acquisition 786 5.670000 Euronext Lisbon 17,587,444
6-Jan-20 Acquisition 720 5.670000 Euronext Lisbon 17,588,164

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
6-Jan-20 Acquisition 750 5.680000 Euronext Lisbon 17,588,914
6-Jan-20 Acquisition 1,100 5.680000 Euronext Lisbon 17,590,014
6-Jan-20 Acquisition 470 5.680000 Euronext Lisbon 17,590,484
6-Jan-20 Acquisition 470 5.685000 Euronext Lisbon 17,590,954
6-Jan-20 Acquisition 574 5.685000 Euronext Lisbon 17,591,528
6-Jan-20 Acquisition 3,353 5.685000 Euronext Lisbon 17,594,881
6-Jan-20 Acquisition 750 5.690000 Euronext Lisbon 17,595,631
6-Jan-20 Acquisition 470 5.690000 Euronext Lisbon 17,596,101
6-Jan-20 Acquisition 667 5.690000 Euronext Lisbon 17,596,768
6-Jan-20 Acquisition 5,000 5.675000 Euronext Lisbon 17,601,768
6-Jan-20 Acquisition 73 5.675000 Euronext Lisbon 17,601,841
6-Jan-20 Acquisition 329 5.675000 Euronext Lisbon 17,602,170
6-Jan-20 Acquisition 400 5.675000 Euronext Lisbon 17,602,570
6-Jan-20 Acquisition 547 5.675000 Euronext Lisbon 17,603,117
6-Jan-20 Acquisition 559 5.675000 Euronext Lisbon 17,603,676
6-Jan-20 Acquisition 2,341 5.675000 Euronext Lisbon 17,606,017
6-Jan-20 Acquisition 751 5.675000 Euronext Lisbon 17,606,768
6-Jan-20 Acquisition 751 5.675000 Euronext Lisbon 17,607,519
6-Jan-20 Acquisition 751 5.675000 Euronext Lisbon 17,608,270
6-Jan-20 Acquisition 400 5.675000 Euronext Lisbon 17,608,670
6-Jan-20 Acquisition 400 5.675000 Euronext Lisbon 17,609,070
6-Jan-20 Acquisition 883 5.675000 Euronext Lisbon 17,609,953
6-Jan-20 Acquisition 400 5.675000 Euronext Lisbon 17,610,353
6-Jan-20 Acquisition 750 5.700000 Euronext Lisbon 17,611,103
6-Jan-20 Acquisition 350 5.700000 Euronext Lisbon 17,611,453
6-Jan-20 Acquisition 22,285 5.700000 Euronext Lisbon 17,633,738
6-Jan-20 Acquisition 640 5.700000 Euronext Lisbon 17,634,378
6-Jan-20 Acquisition 750 5.685000 Euronext Lisbon 17,635,128
6-Jan-20 Acquisition 789 5.685000 Euronext Lisbon 17,635,917
6-Jan-20 Acquisition 5,000 5.690000 Euronext Lisbon 17,640,917
6-Jan-20 Acquisition 84 5.690000 Euronext Lisbon 17,641,001
6-Jan-20 Acquisition 615 5.690000 Euronext Lisbon 17,641,616
6-Jan-20 Acquisition 462 5.690000 Euronext Lisbon 17,642,078
6-Jan-20 Acquisition 308 5.720000 Euronext Lisbon 17,642,386
6-Jan-20 Acquisition 900 5.720000 Euronext Lisbon 17,643,286
6-Jan-20 Acquisition 390 5.720000 Euronext Lisbon 17,643,676
6-Jan-20 Acquisition 457 5.725000 Euronext Lisbon 17,644,133
6-Jan-20 Acquisition 100 5.725000 Euronext Lisbon 17,644,233
6-Jan-20 Acquisition 900 5.725000 Euronext Lisbon 17,645,133
6-Jan-20 Acquisition 700 5.730000 Euronext Lisbon 17,645,833
6-Jan-20 Acquisition 4,000 5.730000 Euronext Lisbon 17,649,833
6-Jan-20 Acquisition 457 5.730000 Euronext Lisbon 17,650,290
6-Jan-20 Acquisition 666 5.730000 Euronext Lisbon 17,650,956
6-Jan-20 Acquisition 400 5.705000 Euronext Lisbon 17,651,356
6-Jan-20 Acquisition 400 5.705000 Euronext Lisbon 17,651,756

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
6-Jan-20 Acquisition 400 5.705000 Euronext Lisbon 17,652,156
6-Jan-20 Acquisition 400 5.705000 Euronext Lisbon 17,652,556
6-Jan-20 Acquisition 129 5.705000 Euronext Lisbon 17,652,685
6-Jan-20 Acquisition 51 5.705000 Euronext Lisbon 17,652,736
6-Jan-20 Acquisition 3,220 5.705000 Euronext Lisbon 17,655,956
6-Jan-20 Acquisition 518 5.705000 Euronext Lisbon 17,656,474
6-Jan-20 Acquisition 3,200 5.705000 Euronext Lisbon 17,659,674
6-Jan-20 Acquisition 1,282 5.705000 Euronext Lisbon 17,660,956
6-Jan-20 Acquisition 1,918 5.705000 Euronext Lisbon 17,662,874
6-Jan-20 Acquisition 1,903 5.705000 Euronext Lisbon 17,664,777
6-Jan-20 Acquisition 1,903 5.705000 Euronext Lisbon 17,666,680
6-Jan-20 Acquisition 1,194 5.705000 Euronext Lisbon 17,667,874
6-Jan-20 Acquisition 406 5.705000 Euronext Lisbon 17,668,280
6-Jan-20 Acquisition 5,000 5.705000 Euronext Lisbon 17,673,280
6-Jan-20 Acquisition 1,600 5.705000 Euronext Lisbon 17,674,880
6-Jan-20 Acquisition 400 5.705000 Euronext Lisbon 17,675,280
6-Jan-20 Acquisition 400 5.705000 Euronext Lisbon 17,675,680
7-Jan-20 Acquisition 400 5.735000 Euronext Lisbon 17,676,080
7-Jan-20 Acquisition 3,168 5.735000 Euronext Lisbon 17,679,248
7-Jan-20 Acquisition 400 5.735000 Euronext Lisbon 17,679,648
7-Jan-20 Acquisition 1,032 5.735000 Euronext Lisbon 17,680,680
7-Jan-20 Acquisition 1,800 5.735000 Euronext Lisbon 17,682,480
7-Jan-20 Acquisition 400 5.735000 Euronext Lisbon 17,682,880
7-Jan-20 Acquisition 400 5.735000 Euronext Lisbon 17,683,280
7-Jan-20 Acquisition 400 5.735000 Euronext Lisbon 17,683,680
7-Jan-20 Acquisition 400 5.735000 Euronext Lisbon 17,684,080
7-Jan-20 Acquisition 400 5.735000 Euronext Lisbon 17,684,480
7-Jan-20 Acquisition 400 5.735000 Euronext Lisbon 17,684,880
7-Jan-20 Acquisition 800 5.735000 Euronext Lisbon 17,685,680
7-Jan-20 Acquisition 3,800 5.735000 Euronext Lisbon 17,689,480
7-Jan-20 Acquisition 683 5.735000 Euronext Lisbon 17,690,163
7-Jan-20 Acquisition 400 5.735000 Euronext Lisbon 17,690,563
7-Jan-20 Acquisition 117 5.735000 Euronext Lisbon 17,690,680
7-Jan-20 Acquisition 241 5.775000 Euronext Lisbon 17,690,921
7-Jan-20 Acquisition 45 5.795000 Euronext Lisbon 17,690,966
7-Jan-20 Acquisition 1,773 5.800000 Euronext Lisbon 17,692,739
7-Jan-20 Acquisition 460 5.800000 Euronext Lisbon 17,693,199
7-Jan-20 Acquisition 1,064 5.800000 Euronext Lisbon 17,694,263
7-Jan-20 Acquisition 1,445 5.800000 Euronext Lisbon 17,695,708
7-Jan-20 Acquisition 213 5.800000 Euronext Lisbon 17,695,921
7-Jan-20 Acquisition 750 5.800000 Euronext Lisbon 17,696,671
7-Jan-20 Acquisition 213 5.800000 Euronext Lisbon 17,696,884
7-Jan-20
7-Jan-20
Acquisition
Acquisition
47
310
5.800000
5.800000
Euronext Lisbon
Euronext Lisbon
17,696,931
17,697,241
7-Jan-20 Acquisition 2,835 5.800000 Euronext Lisbon 17,700,076

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
7-Jan-20 Acquisition 26 5.800000 Euronext Lisbon 17,700,102
7-Jan-20 Acquisition 197 5.800000 Euronext Lisbon 17,700,299
7-Jan-20 Acquisition 31 5.800000 Euronext Lisbon 17,700,330
7-Jan-20 Acquisition 498 5.800000 Euronext Lisbon 17,700,828
7-Jan-20 Acquisition 93 5.800000 Euronext Lisbon 17,700,921
7-Jan-20 Acquisition 990 5.800000 Euronext Lisbon 17,701,911
7-Jan-20 Acquisition 390 5.800000 Euronext Lisbon 17,702,301
7-Jan-20 Acquisition 5 5.800000 Euronext Lisbon 17,702,306
7-Jan-20 Acquisition 3,488 5.800000 Euronext Lisbon 17,705,794
7-Jan-20 Acquisition 127 5.800000 Euronext Lisbon 17,705,921
7-Jan-20 Acquisition 400 5.800000 Euronext Lisbon 17,706,321
7-Jan-20 Acquisition 400 5.800000 Euronext Lisbon 17,706,721
7-Jan-20 Acquisition 3,168 5.800000 Euronext Lisbon 17,709,889
7-Jan-20 Acquisition 400 5.800000 Euronext Lisbon 17,710,289
7-Jan-20 Acquisition 308 5.800000 Euronext Lisbon 17,710,597
7-Jan-20 Acquisition 324 5.800000 Euronext Lisbon 17,710,921
7-Jan-20 Acquisition 38 5.800000 Euronext Lisbon 17,710,959
7-Jan-20 Acquisition 1,762 5.800000 Euronext Lisbon 17,712,721
7-Jan-20 Acquisition 3,200 5.800000 Euronext Lisbon 17,715,921
7-Jan-20 Acquisition 3,214 5.800000 Euronext Lisbon 17,719,135
7-Jan-20 Acquisition 781 5.800000 Euronext Lisbon 17,719,916
7-Jan-20 Acquisition 1,005 5.800000 Euronext Lisbon 17,720,921
7-Jan-20 Acquisition 595 5.800000 Euronext Lisbon 17,721,516
7-Jan-20 Acquisition 3,200 5.800000 Euronext Lisbon 17,724,716
7-Jan-20 Acquisition 1,800 5.800000 Euronext Lisbon 17,726,516
7-Jan-20 Acquisition 1,080 5.800000 Euronext Lisbon 17,727,596
7-Jan-20 Acquisition 393 5.800000 Euronext Lisbon 17,727,989
7-Jan-20 Acquisition 408 5.800000 Euronext Lisbon 17,728,397
7-Jan-20 Acquisition 631 5.800000 Euronext Lisbon 17,729,028
7-Jan-20 Acquisition 1,893 5.800000 Euronext Lisbon 17,730,921
7-Jan-20 Acquisition 300 5.795000 Euronext Lisbon 17,731,221
7-Jan-20 Acquisition 992 5.795000 Euronext Lisbon 17,732,213
7-Jan-20 Acquisition 564 5.795000 Euronext Lisbon 17,732,777
7-Jan-20 Acquisition 434 5.800000 Euronext Lisbon 17,733,211
7-Jan-20 Acquisition 852 5.800000 Euronext Lisbon 17,734,063
7-Jan-20 Acquisition 1,197 5.800000 Euronext Lisbon 17,735,260
7-Jan-20 Acquisition 900 5.800000 Euronext Lisbon 17,736,160
7-Jan-20 Acquisition 564 5.800000 Euronext Lisbon 17,736,724
8-Jan-20 Acquisition 3,399 5.750000 Euronext Lisbon 17,740,123
8-Jan-20 Acquisition 273 5.750000 Euronext Lisbon 17,740,396
8-Jan-20 Acquisition 1,328 5.750000 Euronext Lisbon 17,741,724
8-Jan-20 Acquisition 273 5.750000 Euronext Lisbon 17,741,997
8-Jan-20 Acquisition 1,601 5.750000 Euronext Lisbon 17,743,598
8-Jan-20 Acquisition 470 5.750000 Euronext Lisbon 17,744,068
8-Jan-20 Acquisition 1,601 5.750000 Euronext Lisbon 17,745,669

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
8-Jan-20 Acquisition 1,328 5.750000 Euronext Lisbon 17,746,997
8-Jan-20 Acquisition 1,372 5.750000 Euronext Lisbon 17,748,369
8-Jan-20 Acquisition 2,500 5.750000 Euronext Lisbon 17,750,869
8-Jan-20 Acquisition 1,128 5.750000 Euronext Lisbon 17,751,997
8-Jan-20 Acquisition 4,727 5.750000 Euronext Lisbon 17,756,724
8-Jan-20 Acquisition 400 5.725000 Euronext Lisbon 17,757,124
8-Jan-20 Acquisition 400 5.725000 Euronext Lisbon 17,757,524
8-Jan-20 Acquisition 400 5.725000 Euronext Lisbon 17,757,924
8-Jan-20 Acquisition 3,168 5.725000 Euronext Lisbon 17,761,092
8-Jan-20 Acquisition 632 5.725000 Euronext Lisbon 17,761,724
8-Jan-20 Acquisition 632 5.725000 Euronext Lisbon 17,762,356
8-Jan-20 Acquisition 632 5.725000 Euronext Lisbon 17,762,988
8-Jan-20 Acquisition 632 5.725000 Euronext Lisbon 17,763,620
8-Jan-20 Acquisition 632 5.725000 Euronext Lisbon 17,764,252
8-Jan-20 Acquisition 632 5.725000 Euronext Lisbon 17,764,884
8-Jan-20 Acquisition 750 5.750000 Euronext Lisbon 17,765,634
8-Jan-20 Acquisition 438 5.750000 Euronext Lisbon 17,766,072
8-Jan-20 Acquisition 751 5.750000 Euronext Lisbon 17,766,823
8-Jan-20 Acquisition 332 5.750000 Euronext Lisbon 17,767,155
8-Jan-20 Acquisition 988 5.750000 Euronext Lisbon 17,768,143
8-Jan-20 Acquisition 1,741 5.750000 Euronext Lisbon 17,769,884
8-Jan-20 Acquisition 2,730 5.750000 Euronext Lisbon 17,772,614
8-Jan-20 Acquisition 385 5.750000 Euronext Lisbon 17,772,999
8-Jan-20 Acquisition 1,885 5.750000 Euronext Lisbon 17,774,884
8-Jan-20 Acquisition 385 5.750000 Euronext Lisbon 17,775,269
8-Jan-20 Acquisition 1,400 5.750000 Euronext Lisbon 17,776,669
8-Jan-20 Acquisition 1,330 5.750000 Euronext Lisbon 17,777,999
8-Jan-20 Acquisition 2,270 5.750000 Euronext Lisbon 17,780,269
8-Jan-20 Acquisition 2,500 5.750000 Euronext Lisbon 17,782,769
8-Jan-20 Acquisition 2,115 5.750000 Euronext Lisbon 17,784,884
8-Jan-20 Acquisition 280 5.745000 Euronext Lisbon 17,785,164
8-Jan-20 Acquisition 61 5.745000 Euronext Lisbon 17,785,225
8-Jan-20 Acquisition 756 5.745000 Euronext Lisbon 17,785,981
8-Jan-20 Acquisition 1,122 5.745000 Euronext Lisbon 17,787,103
8-Jan-20 Acquisition 1,376 5.745000 Euronext Lisbon 17,788,479
8-Jan-20 Acquisition 1,151 5.745000 Euronext Lisbon 17,789,630
8-Jan-20 Acquisition 261 5.750000 Euronext Lisbon 17,789,891
8-Jan-20 Acquisition 472 5.750000 Euronext Lisbon 17,790,363
8-Jan-20 Acquisition 175 5.750000 Euronext Lisbon 17,790,538
8-Jan-20 Acquisition 2,800 5.750000 Euronext Lisbon 17,793,338
8-Jan-20 Acquisition 2,200 5.750000 Euronext Lisbon 17,795,538
8-Jan-20 Acquisition 3,200 5.750000 Euronext Lisbon 17,798,738
8-Jan-20 Acquisition 1,800 5.750000 Euronext Lisbon 17,800,538
8-Jan-20 Acquisition 1,512 5.750000 Euronext Lisbon 17,802,050
8-Jan-20 Acquisition 2,834 5.750000 Euronext Lisbon 17,804,884

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
8-Jan-20 Acquisition 290 5.740000 Euronext Lisbon 17,805,174
8-Jan-20 Acquisition 467 5.740000 Euronext Lisbon 17,805,641
8-Jan-20 Acquisition 1,612 5.740000 Euronext Lisbon 17,807,253
8-Jan-20 Acquisition 442 5.740000 Euronext Lisbon 17,807,695
8-Jan-20 Acquisition 453 5.740000 Euronext Lisbon 17,808,148
8-Jan-20 Acquisition 265 5.740000 Euronext Lisbon 17,808,413
8-Jan-20 Acquisition 750 5.745000 Euronext Lisbon 17,809,163
8-Jan-20 Acquisition 477 5.745000 Euronext Lisbon 17,809,640
8-Jan-20 Acquisition 250 5.745000 Euronext Lisbon 17,809,890
8-Jan-20 Acquisition 464 5.750000 Euronext Lisbon 17,810,354
8-Jan-20 Acquisition 433 5.750000 Euronext Lisbon 17,810,787
8-Jan-20 Acquisition 267 5.750000 Euronext Lisbon 17,811,054
8-Jan-20 Acquisition 250 5.750000 Euronext Lisbon 17,811,304
8-Jan-20 Acquisition 261 5.750000 Euronext Lisbon 17,811,565
8-Jan-20 Acquisition 1,036 5.750000 Euronext Lisbon 17,812,601
8-Jan-20 Acquisition 338 5.750000 Euronext Lisbon 17,812,939
8-Jan-20 Acquisition 572 5.725000 Euronext Lisbon 17,813,511
8-Jan-20 Acquisition 1,268 5.725000 Euronext Lisbon 17,814,779
8-Jan-20 Acquisition 4 5.725000 Euronext Lisbon 17,814,783
8-Jan-20 Acquisition 56 5.725000 Euronext Lisbon 17,814,839
8-Jan-20 Acquisition 3,100 5.725000 Euronext Lisbon 17,817,939
8-Jan-20 Acquisition 1,844 5.725000 Euronext Lisbon 17,819,783
8-Jan-20 Acquisition 701 5.725000 Euronext Lisbon 17,820,484
8-Jan-20 Acquisition 810 5.725000 Euronext Lisbon 17,821,294
8-Jan-20 Acquisition 3,168 5.725000 Euronext Lisbon 17,824,462
8-Jan-20 Acquisition 317 5.725000 Euronext Lisbon 17,824,779
8-Jan-20 Acquisition 400 5.710000 Euronext Lisbon 17,825,179
8-Jan-20 Acquisition 1,230 5.710000 Euronext Lisbon 17,826,409
8-Jan-20 Acquisition 116 5.710000 Euronext Lisbon 17,826,525
8-Jan-20 Acquisition 160 5.710000 Euronext Lisbon 17,826,685
8-Jan-20 Acquisition 9 5.710000 Euronext Lisbon 17,826,694
8-Jan-20 Acquisition 2,271 5.710000 Euronext Lisbon 17,828,965
8-Jan-20 Acquisition 814 5.710000 Euronext Lisbon 17,829,779
8-Jan-20 Acquisition 2,271 5.710000 Euronext Lisbon 17,832,050
8-Jan-20 Acquisition 3,721 5.710000 Euronext Lisbon 17,835,771
8-Jan-20 Acquisition 1,088 5.710000 Euronext Lisbon 17,836,859
8-Jan-20 Acquisition 191 5.710000 Euronext Lisbon 17,837,050
8-Jan-20 Acquisition 1,090 5.710000 Euronext Lisbon 17,838,140
8-Jan-20 Acquisition 467 5.710000 Euronext Lisbon 17,838,607
8-Jan-20 Acquisition 1,230 5.710000 Euronext Lisbon 17,839,837
8-Jan-20 Acquisition 1,620 5.710000 Euronext Lisbon 17,841,457
8-Jan-20 Acquisition 696 5.710000 Euronext Lisbon 17,842,153
8-Jan-20 Acquisition 987 5.710000 Euronext Lisbon 17,843,140
8-Jan-20 Acquisition 400 5.710000 Euronext Lisbon 17,843,540
8-Jan-20 Acquisition 1,239 5.710000 Euronext Lisbon 17,844,779

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
8-Jan-20 Acquisition 3,213 5.685000 Euronext Lisbon 17,847,992
8-Jan-20 Acquisition 1,787 5.685000 Euronext Lisbon 17,849,779
8-Jan-20 Acquisition 1,400 5.685000 Euronext Lisbon 17,851,179
8-Jan-20 Acquisition 290 5.685000 Euronext Lisbon 17,851,469
8-Jan-20 Acquisition 1,787 5.685000 Euronext Lisbon 17,853,256
8-Jan-20 Acquisition 387 5.685000 Euronext Lisbon 17,853,643
8-Jan-20 Acquisition 1,136 5.685000 Euronext Lisbon 17,854,779
8-Jan-20 Acquisition 750 5.730000 Euronext Lisbon 17,855,529
8-Jan-20 Acquisition 4,000 5.730000 Euronext Lisbon 17,859,529
8-Jan-20 Acquisition 240 5.730000 Euronext Lisbon 17,859,769
8-Jan-20 Acquisition 391 5.730000 Euronext Lisbon 17,860,160
8-Jan-20 Acquisition 1,140 5.730000 Euronext Lisbon 17,861,300
8-Jan-20 Acquisition 371 5.730000 Euronext Lisbon 17,861,671
8-Jan-20 Acquisition 346 5.730000 Euronext Lisbon 17,862,017
8-Jan-20 Acquisition 150 5.730000 Euronext Lisbon 17,862,167
8-Jan-20 Acquisition 700 5.730000 Euronext Lisbon 17,862,867
8-Jan-20 Acquisition 303 5.730000 Euronext Lisbon 17,863,170
8-Jan-20 Acquisition 1,067 5.730000 Euronext Lisbon 17,864,237
8-Jan-20 Acquisition 100 5.730000 Euronext Lisbon 17,864,337
8-Jan-20 Acquisition 885 5.725000 Euronext Lisbon 17,865,222
8-Jan-20 Acquisition 1,492 5.740000 Euronext Lisbon 17,866,714
8-Jan-20 Acquisition 1,400 5.740000 Euronext Lisbon 17,868,114
8-Jan-20 Acquisition 2,354 5.750000 Euronext Lisbon 17,870,468
8-Jan-20 Acquisition 267 5.750000 Euronext Lisbon 17,870,735
8-Jan-20 Acquisition 1,100 5.750000 Euronext Lisbon 17,871,835
8-Jan-20 Acquisition 433 5.750000 Euronext Lisbon 17,872,268
8-Jan-20 Acquisition 846 5.750000 Euronext Lisbon 17,873,114
8-Jan-20 Acquisition 848 5.730000 Euronext Lisbon 17,873,962
8-Jan-20 Acquisition 179 5.730000 Euronext Lisbon 17,874,141
8-Jan-20 Acquisition 446 5.730000 Euronext Lisbon 17,874,587
8-Jan-20 Acquisition 2,259 5.730000 Euronext Lisbon 17,876,846
8-Jan-20 Acquisition 1,268 5.730000 Euronext Lisbon 17,878,114
8-Jan-20 Acquisition 2,685 5.725000 Euronext Lisbon 17,880,799
8-Jan-20 Acquisition 1,400 5.725000 Euronext Lisbon 17,882,199
8-Jan-20 Acquisition 30 5.725000 Euronext Lisbon 17,882,229
8-Jan-20 Acquisition 2,684 5.725000 Euronext Lisbon 17,884,913
8-Jan-20 Acquisition 2,316 5.725000 Euronext Lisbon 17,887,229
8-Jan-20 Acquisition 149 5.725000 Euronext Lisbon 17,887,378
8-Jan-20 Acquisition 2,683 5.725000 Euronext Lisbon 17,890,061
8-Jan-20 Acquisition 2,168 5.725000 Euronext Lisbon 17,892,229
8-Jan-20 Acquisition 2,111 5.725000 Euronext Lisbon 17,894,340
8-Jan-20 Acquisition 454 5.750000 Euronext Lisbon 17,894,794
8-Jan-20 Acquisition 875 5.750000 Euronext Lisbon 17,895,669
8-Jan-20 Acquisition 44 5.750000 Euronext Lisbon 17,895,713
8-Jan-20 Acquisition 3,627 5.750000 Euronext Lisbon 17,899,340

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
8-Jan-20 Acquisition 3,571 5.750000 Euronext Lisbon 17,902,911
8-Jan-20 Acquisition 1,429 5.750000 Euronext Lisbon 17,904,340
8-Jan-20 Acquisition 1,418 5.750000 Euronext Lisbon 17,905,758
8-Jan-20 Acquisition 1,000 5.750000 Euronext Lisbon 17,906,758
8-Jan-20 Acquisition 1,000 5.750000 Euronext Lisbon 17,907,758
8-Jan-20 Acquisition 1,000 5.750000 Euronext Lisbon 17,908,758
8-Jan-20 Acquisition 582 5.750000 Euronext Lisbon 17,909,340
8-Jan-20 Acquisition 5,000 5.750000 Euronext Lisbon 17,914,340
8-Jan-20 Acquisition 3,000 5.750000 Euronext Lisbon 17,917,340
8-Jan-20 Acquisition 760 5.750000 Euronext Lisbon 17,918,100
8-Jan-20 Acquisition 264 5.750000 Euronext Lisbon 17,918,364
8-Jan-20 Acquisition 736 5.750000 Euronext Lisbon 17,919,100
8-Jan-20 Acquisition 1,938 5.750000 Euronext Lisbon 17,921,038
8-Jan-20 Acquisition 468 5.750000 Euronext Lisbon 17,921,506
8-Jan-20 Acquisition 126 5.750000 Euronext Lisbon 17,921,632
13-Jan-20 Acquisition 750 5.775000 Euronext Lisbon 17,922,382
13-Jan-20 Acquisition 285 5.775000 Euronext Lisbon 17,922,667
13-Jan-20 Acquisition 401 5.775000 Euronext Lisbon 17,923,068
13-Jan-20 Acquisition 1,830 5.775000 Euronext Lisbon 17,924,898
13-Jan-20 Acquisition 360 5.780000 Euronext Lisbon 17,925,258
13-Jan-20 Acquisition 285 5.780000 Euronext Lisbon 17,925,543
13-Jan-20 Acquisition 750 5.785000 Euronext Lisbon 17,926,293
13-Jan-20 Acquisition 299 5.785000 Euronext Lisbon 17,926,592
13-Jan-20 Acquisition 447 5.785000 Euronext Lisbon 17,927,039
13-Jan-20 Acquisition 370 5.790000 Euronext Lisbon 17,927,409
13-Jan-20 Acquisition 12,235 5.790000 Euronext Lisbon 17,939,644
13-Jan-20 Acquisition 461 5.790000 Euronext Lisbon 17,940,105
13-Jan-20 Acquisition 3,371 5.790000 Euronext Lisbon 17,943,476
13-Jan-20 Acquisition 1,159 5.790000 Euronext Lisbon 17,944,635
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,945,035
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,945,435
13-Jan-20 Acquisition 640 5.760000 Euronext Lisbon 17,946,075
13-Jan-20 Acquisition 3,560 5.760000 Euronext Lisbon 17,949,635
13-Jan-20 Acquisition 315 5.760000 Euronext Lisbon 17,949,950
13-Jan-20 Acquisition 3,560 5.760000 Euronext Lisbon 17,953,510
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,953,910
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,954,310
13-Jan-20 Acquisition 325 5.760000 Euronext Lisbon 17,954,635
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,955,035
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,955,435
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,955,835
13-Jan-20 Acquisition 124 5.760000 Euronext Lisbon 17,955,959
13-Jan-20 Acquisition 3,374 5.760000 Euronext Lisbon 17,959,333
13-Jan-20 Acquisition 302 5.760000 Euronext Lisbon 17,959,635
13-Jan-20 Acquisition 70 5.760000 Euronext Lisbon 17,959,705

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
13-Jan-20 Acquisition 302 5.760000 Euronext Lisbon 17,960,007
13-Jan-20 Acquisition 611 5.760000 Euronext Lisbon 17,960,618
13-Jan-20 Acquisition 302 5.760000 Euronext Lisbon 17,960,920
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,961,320
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,961,720
13-Jan-20 Acquisition 602 5.760000 Euronext Lisbon 17,962,322
13-Jan-20 Acquisition 2,313 5.760000 Euronext Lisbon 17,964,635
13-Jan-20 Acquisition 2,313 5.760000 Euronext Lisbon 17,966,948
13-Jan-20 Acquisition 503 5.760000 Euronext Lisbon 17,967,451
13-Jan-20 Acquisition 470 5.760000 Euronext Lisbon 17,967,921
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,968,321
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,968,721
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,969,121
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,969,521
13-Jan-20 Acquisition 114 5.760000 Euronext Lisbon 17,969,635
13-Jan-20 Acquisition 400 5.760000 Euronext Lisbon 17,970,035
13-Jan-20 Acquisition 5,000 5.800000 Euronext Lisbon 17,975,035
13-Jan-20 Acquisition 1,373 5.800000 Euronext Lisbon 17,976,408
13-Jan-20 Acquisition 3,627 5.800000 Euronext Lisbon 17,980,035
13-Jan-20 Acquisition 1,373 5.800000 Euronext Lisbon 17,981,408
13-Jan-20 Acquisition 3,627 5.800000 Euronext Lisbon 17,985,035
13-Jan-20 Acquisition 1,373 5.800000 Euronext Lisbon 17,986,408
13-Jan-20 Acquisition 2,254 5.800000 Euronext Lisbon 17,988,662
14-Jan-20 Acquisition 2,450 5.790000 Euronext Lisbon 17,991,112
14-Jan-20 Acquisition 2,550 5.790000 Euronext Lisbon 17,993,662
14-Jan-20 Acquisition 1,572 5.790000 Euronext Lisbon 17,995,234
14-Jan-20 Acquisition 1,400 5.790000 Euronext Lisbon 17,996,634
14-Jan-20 Acquisition 1,400 5.790000 Euronext Lisbon 17,998,034
14-Jan-20 Acquisition 628 5.790000 Euronext Lisbon 17,998,662
14-Jan-20 Acquisition 4,372 5.790000 Euronext Lisbon 18,003,034
14-Jan-20 Acquisition 646 5.790000 Euronext Lisbon 18,003,680
14-Jan-20 Acquisition 2,742 5.790000 Euronext Lisbon 18,006,422
14-Jan-20 Acquisition 344 5.790000 Euronext Lisbon 18,006,766
14-Jan-20 Acquisition 1,268 5.790000 Euronext Lisbon 18,008,034
14-Jan-20 Acquisition 628 5.790000 Euronext Lisbon 18,008,662
14-Jan-20 Acquisition 750 5.800000 Euronext Lisbon 18,009,412
14-Jan-20 Acquisition 260 5.800000 Euronext Lisbon 18,009,672
14-Jan-20 Acquisition 439 5.800000 Euronext Lisbon 18,010,111
14-Jan-20 Acquisition 967 5.800000 Euronext Lisbon 18,011,078
14-Jan-20 Acquisition 2,584 5.800000 Euronext Lisbon 18,013,662
14-Jan-20 Acquisition 3,865 5.800000 Euronext Lisbon 18,017,527
14-Jan-20 Acquisition 1,135 5.800000 Euronext Lisbon 18,018,662
14-Jan-20 Acquisition 417 5.800000 Euronext Lisbon 18,019,079
14-Jan-20 Acquisition 400 5.800000 Euronext Lisbon 18,019,479
14-Jan-20 Acquisition 400 5.800000 Euronext Lisbon 18,019,879

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
14-Jan-20 Acquisition 59 5.800000 Euronext Lisbon 18,019,938
14-Jan-20 Acquisition 4,141 5.800000 Euronext Lisbon 18,024,079
14-Jan-20 Acquisition 5,000 5.800000 Euronext Lisbon 18,029,079
14-Jan-20 Acquisition 2,502 5.800000 Euronext Lisbon 18,031,581
14-Jan-20 Acquisition 467 5.800000 Euronext Lisbon 18,032,048
14-Jan-20 Acquisition 4,533 5.800000 Euronext Lisbon 18,036,581
14-Jan-20 Acquisition 2,081 5.800000 Euronext Lisbon 18,038,662
14-Jan-20 Acquisition 1,000 5.785000 Euronext Lisbon 18,039,662
14-Jan-20 Acquisition 554 5.785000 Euronext Lisbon 18,040,216
14-Jan-20 Acquisition 1,400 5.785000 Euronext Lisbon 18,041,616
14-Jan-20 Acquisition 1,400 5.785000 Euronext Lisbon 18,043,016
14-Jan-20 Acquisition 646 5.785000 Euronext Lisbon 18,043,662
14-Jan-20 Acquisition 998 5.785000 Euronext Lisbon 18,044,660
14-Jan-20 Acquisition 4,002 5.785000 Euronext Lisbon 18,048,662
14-Jan-20 Acquisition 1,063 5.785000 Euronext Lisbon 18,049,725
14-Jan-20 Acquisition 3,200 5.785000 Euronext Lisbon 18,052,925
14-Jan-20 Acquisition 865 5.785000 Euronext Lisbon 18,053,790
14-Jan-20 Acquisition 735 5.785000 Euronext Lisbon 18,054,525
14-Jan-20 Acquisition 200 5.785000 Euronext Lisbon 18,054,725
14-Jan-20 Acquisition 1,265 5.785000 Euronext Lisbon 18,055,990
14-Jan-20 Acquisition 588 5.785000 Euronext Lisbon 18,056,578
14-Jan-20 Acquisition 346 5.795000 Euronext Lisbon 18,056,924
14-Jan-20 Acquisition 355 5.795000 Euronext Lisbon 18,057,279
14-Jan-20 Acquisition 1,383 5.795000 Euronext Lisbon 18,058,662
14-Jan-20 Acquisition 3,921 5.785000 Euronext Lisbon 18,062,583
14-Jan-20 Acquisition 1,079 5.785000 Euronext Lisbon 18,063,662
14-Jan-20 Acquisition 3,921 5.785000 Euronext Lisbon 18,067,583
14-Jan-20 Acquisition 661 5.800000 Euronext Lisbon 18,068,244
14-Jan-20 Acquisition 531 5.800000 Euronext Lisbon 18,068,775
14-Jan-20 Acquisition 1,137 5.800000 Euronext Lisbon 18,069,912
14-Jan-20 Acquisition 1,461 5.800000 Euronext Lisbon 18,071,373
14-Jan-20 Acquisition 470 5.800000 Euronext Lisbon 18,071,843
14-Jan-20 Acquisition 1,406 5.795000 Euronext Lisbon 18,073,249
14-Jan-20 Acquisition 357 5.795000 Euronext Lisbon 18,073,606
14-Jan-20 Acquisition 1,166 5.795000 Euronext Lisbon 18,074,772
14-Jan-20 Acquisition 997 5.795000 Euronext Lisbon 18,075,769
14-Jan-20 Acquisition 1,074 5.795000 Euronext Lisbon 18,076,843
15-Jan-20 Acquisition 420 5.800000 Euronext Lisbon 18,077,263
15-Jan-20 Acquisition 2,516 5.800000 Euronext Lisbon 18,079,779
15-Jan-20 Acquisition 1,373 5.800000 Euronext Lisbon 18,081,152
15-Jan-20 Acquisition 691 5.800000 Euronext Lisbon 18,081,843
15-Jan-20 Acquisition 1,373 5.800000 Euronext Lisbon 18,083,216
15-Jan-20 Acquisition 1,105 5.800000 Euronext Lisbon 18,084,321
15-Jan-20 Acquisition 1,275 5.800000 Euronext Lisbon 18,085,596
15-Jan-20 Acquisition 1,203 5.800000 Euronext Lisbon 18,086,799

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
15-Jan-20 Acquisition 1,105 5.800000 Euronext Lisbon 18,087,904
15-Jan-20 Acquisition 11 5.800000 Euronext Lisbon 18,087,915
15-Jan-20 Acquisition 301 5.800000 Euronext Lisbon 18,088,216
15-Jan-20 Acquisition 2,938 5.800000 Euronext Lisbon 18,091,154
15-Jan-20 Acquisition 2,062 5.800000 Euronext Lisbon 18,093,216
15-Jan-20 Acquisition 2,973 5.800000 Euronext Lisbon 18,096,189
15-Jan-20 Acquisition 400 5.800000 Euronext Lisbon 18,096,589
15-Jan-20 Acquisition 254 5.800000 Euronext Lisbon 18,096,843
15-Jan-20 Acquisition 5,000 5.795000 Euronext Lisbon 18,101,843
15-Jan-20 Acquisition 538 5.795000 Euronext Lisbon 18,102,381
15-Jan-20 Acquisition 4,462 5.795000 Euronext Lisbon 18,106,843
15-Jan-20 Acquisition 1,400 5.795000 Euronext Lisbon 18,108,243
15-Jan-20 Acquisition 1,400 5.795000 Euronext Lisbon 18,109,643
15-Jan-20 Acquisition 1,400 5.795000 Euronext Lisbon 18,111,043
15-Jan-20 Acquisition 800 5.795000 Euronext Lisbon 18,111,843
15-Jan-20 Acquisition 6,200 5.795000 Euronext Lisbon 18,118,043
15-Jan-20 Acquisition 400 5.795000 Euronext Lisbon 18,118,443
15-Jan-20 Acquisition 400 5.795000 Euronext Lisbon 18,118,843
15-Jan-20 Acquisition 2,778 5.795000 Euronext Lisbon 18,121,621
15-Jan-20 Acquisition 400 5.795000 Euronext Lisbon 18,122,021
15-Jan-20 Acquisition 400 5.795000 Euronext Lisbon 18,122,421
15-Jan-20 Acquisition 622 5.795000 Euronext Lisbon 18,123,043
15-Jan-20 Acquisition 217 5.795000 Euronext Lisbon 18,123,260
15-Jan-20 Acquisition 746 5.795000 Euronext Lisbon 18,124,006
15-Jan-20 Acquisition 2,800 5.795000 Euronext Lisbon 18,126,806
15-Jan-20 Acquisition 1,237 5.795000 Euronext Lisbon 18,128,043
15-Jan-20 Acquisition 163 5.795000 Euronext Lisbon 18,128,206
15-Jan-20 Acquisition 1,400 5.795000 Euronext Lisbon 18,129,606
15-Jan-20 Acquisition 858 5.795000 Euronext Lisbon 18,130,464
15-Jan-20 Acquisition 1,379 5.795000 Euronext Lisbon 18,131,843
15-Jan-20 Acquisition 21 5.795000 Euronext Lisbon 18,131,864
15-Jan-20 Acquisition 1,600 5.795000 Euronext Lisbon 18,133,464
15-Jan-20 Acquisition 1,400 5.795000 Euronext Lisbon 18,134,864
15-Jan-20 Acquisition 400 5.795000 Euronext Lisbon 18,135,264
15-Jan-20 Acquisition 400 5.795000 Euronext Lisbon 18,135,664
15-Jan-20 Acquisition 1,179 5.795000 Euronext Lisbon 18,136,843
15-Jan-20 Acquisition 750 5.795000 Euronext Lisbon 18,137,593
15-Jan-20 Acquisition 3,374 5.795000 Euronext Lisbon 18,140,967
15-Jan-20 Acquisition 400 5.795000 Euronext Lisbon 18,141,367
15-Jan-20 Acquisition 110 5.795000 Euronext Lisbon 18,141,477
15-Jan-20 Acquisition 366 5.795000 Euronext Lisbon 18,141,843
15-Jan-20 Acquisition 1,800 5.795000 Euronext Lisbon 18,143,643
15-Jan-20 Acquisition 400 5.795000 Euronext Lisbon 18,144,043
15-Jan-20 Acquisition 107 5.795000 Euronext Lisbon 18,144,150
15-Jan-20 Acquisition 400 5.795000 Euronext Lisbon 18,144,550

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
15-Jan-20 Acquisition 400 5.795000 Euronext Lisbon 18,144,950
15-Jan-20 Acquisition 1,893 5.795000 Euronext Lisbon 18,146,843
15-Jan-20 Acquisition 14 5.795000 Euronext Lisbon 18,146,857
15-Jan-20 Acquisition 400 5.795000 Euronext Lisbon 18,147,257
15-Jan-20 Acquisition 436 5.795000 Euronext Lisbon 18,147,693
15-Jan-20 Acquisition 1,008 5.795000 Euronext Lisbon 18,148,701
15-Jan-20 Acquisition 1,152 5.795000 Euronext Lisbon 18,149,853
15-Jan-20 Acquisition 1,270 5.800000 Euronext Lisbon 18,151,123
15-Jan-20 Acquisition 3,730 5.800000 Euronext Lisbon 18,154,853
15-Jan-20 Acquisition 4,834 5.800000 Euronext Lisbon 18,159,687
15-Jan-20 Acquisition 166 5.800000 Euronext Lisbon 18,159,853
15-Jan-20 Acquisition 4,668 5.800000 Euronext Lisbon 18,164,521
15-Jan-20 Acquisition 332 5.800000 Euronext Lisbon 18,164,853
15-Jan-20 Acquisition 862 5.800000 Euronext Lisbon 18,165,715
15-Jan-20 Acquisition 100 5.800000 Euronext Lisbon 18,165,815
15-Jan-20 Acquisition 1,726 5.800000 Euronext Lisbon 18,167,541
15-Jan-20 Acquisition 2,220 5.800000 Euronext Lisbon 18,169,761
15-Jan-20 Acquisition 2,390 5.800000 Euronext Lisbon 18,172,151
15-Jan-20 Acquisition 1,936 5.795000 Euronext Lisbon 18,174,087
15-Jan-20 Acquisition 54 5.795000 Euronext Lisbon 18,174,141
15-Jan-20 Acquisition 5,000 5.795000 Euronext Lisbon 18,179,141
15-Jan-20 Acquisition 570 5.795000 Euronext Lisbon 18,179,711
15-Jan-20 Acquisition 4,430 5.795000 Euronext Lisbon 18,184,141
15-Jan-20 Acquisition 1,021 5.795000 Euronext Lisbon 18,185,162
15-Jan-20 Acquisition 70 5.795000 Euronext Lisbon 18,185,232
15-Jan-20 Acquisition 400 5.795000 Euronext Lisbon 18,185,632
15-Jan-20 Acquisition 1,054 5.795000 Euronext Lisbon 18,186,686
15-Jan-20 Acquisition 400 5.795000 Euronext Lisbon 18,187,086
15-Jan-20 Acquisition 336 5.795000 Euronext Lisbon 18,187,422
15-Jan-20 Acquisition 889 5.795000 Euronext Lisbon 18,188,311
15-Jan-20 Acquisition 830 5.795000 Euronext Lisbon 18,189,141
15-Jan-20 Acquisition 105 5.795000 Euronext Lisbon 18,189,246
15-Jan-20 Acquisition 3,374 5.795000 Euronext Lisbon 18,192,620
15-Jan-20 Acquisition 1,521 5.795000 Euronext Lisbon 18,194,141
15-Jan-20 Acquisition 862 5.800000 Euronext Lisbon 18,195,003
15-Jan-20 Acquisition 381 5.800000 Euronext Lisbon 18,195,384
15-Jan-20 Acquisition 1,017 5.800000 Euronext Lisbon 18,196,401
15-Jan-20 Acquisition 439 5.800000 Euronext Lisbon 18,196,840
15-Jan-20 Acquisition 359 5.800000 Euronext Lisbon 18,197,199
15-Jan-20 Acquisition 410 5.800000 Euronext Lisbon 18,197,609
15-Jan-20 Acquisition 242 5.800000 Euronext Lisbon 18,197,851
15-Jan-20 Acquisition 387 5.800000 Euronext Lisbon 18,198,238
15-Jan-20 Acquisition 557 5.795000 Euronext Lisbon 18,198,795
15-Jan-20 Acquisition 1,077 5.795000 Euronext Lisbon 18,199,872
15-Jan-20 Acquisition 2 5.795000 Euronext Lisbon 18,199,874

DO CONSELHO DE AD

MINISTRAÇÃO
Date
Type Volume Price (€) Place No. of shares
15-Jan-20 Acquisition 418 5.795000 Euronext Lisbon 18,200,292
15-Jan-20 Acquisition 836 5.795000 Euronext Lisbon 18,201,128
15-Jan-20 Acquisition 469 5.795000 Euronext Lisbon 18,201,597
15-Jan-20 Acquisition 257 5.795000 Euronext Lisbon 18,201,854
15-Jan-20 Acquisition 1,183 5.795000 Euronext Lisbon 18,203,037
15-Jan-20 Acquisition 201 5.795000 Euronext Lisbon 18,203,238
15-Jan-20 Acquisition 168 5.795000 Euronext Lisbon 18,203,406
15-Jan-20 Acquisition 1,672 5.795000 Euronext Lisbon 18,205,078
15-Jan-20 Acquisition 3,328 5.795000 Euronext Lisbon 18,208,406
15-Jan-20 Acquisition 1,008 5.795000 Euronext Lisbon 18,209,414
15-Jan-20 Acquisition 814 5.795000 Euronext Lisbon 18,210,228
15-Jan-20 Acquisition 538 5.795000 Euronext Lisbon 18,210,766
15-Jan-20 Acquisition 1,615 5.795000 Euronext Lisbon 18,212,381
15-Jan-20 Acquisition 705 5.795000 Euronext Lisbon 18,213,086
15-Jan-20 Acquisition 152 5.795000 Euronext Lisbon 18,213,238
15-Jan-20 Acquisition 862 5.795000 Euronext Lisbon 18,214,100
15-Jan-20 Acquisition 107 5.795000 Euronext Lisbon 18,214,207
15-Jan-20 Acquisition 105 5.795000 Euronext Lisbon 18,214,312
15-Jan-20 Acquisition 41 5.795000 Euronext Lisbon 18,214,353
15-Jan-20 Acquisition 419 5.795000 Euronext Lisbon 18,214,772
15-Jan-20 Acquisition 1,298 5.795000 Euronext Lisbon 18,216,070
15-Jan-20 Acquisition 1,336 5.795000 Euronext Lisbon 18,217,406
15-Jan-20 Acquisition 2,484 5.795000 Euronext Lisbon 18,219,890
15-Jan-20 Acquisition 499 5.795000 Euronext Lisbon 18,220,389
15-Jan-20 Acquisition 1,229 5.795000 Euronext Lisbon 18,221,618
15-Jan-20 Acquisition 457 5.795000 Euronext Lisbon 18,222,075
15-Jan-20 Acquisition 1,110 5.795000 Euronext Lisbon 18,223,185
15-Jan-20 Acquisition 53 5.795000 Euronext Lisbon 18,223,238
15-Jan-20 Acquisition 2,344 5.790000 Euronext Lisbon 18,225,582
15-Jan-20 Acquisition 2,656 5.790000 Euronext Lisbon 18,228,238
15-Jan-20 Acquisition 1,471 5.790000 Euronext Lisbon 18,229,709
15-Jan-20 Acquisition 1,293 5.790000 Euronext Lisbon 18,231,002
15-Jan-20 Acquisition 1,000 5.790000 Euronext Lisbon 18,232,002
15-Jan-20 Acquisition 519 5.790000 Euronext Lisbon 18,232,521
15-Jan-20 Acquisition 717 5.790000 Euronext Lisbon 18,233,238
15-Jan-20 Acquisition 979 5.790000 Euronext Lisbon 18,234,217
15-Jan-20 Acquisition 705 5.790000 Euronext Lisbon 18,234,922
15-Jan-20 Acquisition 1,000 5.790000 Euronext Lisbon 18,235,922
15-Jan-20 Acquisition 255 5.790000 Euronext Lisbon 18,236,177
15-Jan-20 Acquisition 385 5.790000 Euronext Lisbon 18,236,562
15-Jan-20 Acquisition 252 5.790000 Euronext Lisbon 18,236,814
15-Jan-20 Acquisition 1,000 5.790000 Euronext Lisbon 18,237,814
15-Jan-20
15-Jan-20
Acquisition
Acquisition
424
4,673
5.790000
5.780000
Euronext Lisbon
Euronext Lisbon
18,238,238
18,242,911
15-Jan-20 Acquisition 327 5.780000 Euronext Lisbon 18,243,238

DO CONSELHO DE AD

Date Type Volume Price (€) Place No. of shares
15-Jan-20 Acquisition 4,344 5.780000 Euronext Lisbon 18,247,582
15-Jan-20 Acquisition 656 5.780000 Euronext Lisbon 18,248,238
15-Jan-20 Acquisition 3,420 5.780000 Euronext Lisbon 18,251,658
15-Jan-20 Acquisition 251 5.780000 Euronext Lisbon 18,251,909
15-Jan-20 Acquisition 367 5.775000 Euronext Lisbon 18,252,276
15-Jan-20 Acquisition 403 5.775000 Euronext Lisbon 18,252,679
15-Jan-20 Acquisition 336 5.775000 Euronext Lisbon 18,253,015
15-Jan-20 Acquisition 223 5.775000 Euronext Lisbon 18,253,238
15-Jan-20 Acquisition 400 5.780000 Euronext Lisbon 18,253,638
15-Jan-20 Acquisition 554 5.780000 Euronext Lisbon 18,254,192
15-Jan-20 Acquisition 1,058 5.780000 Euronext Lisbon 18,255,250
15-Jan-20 Acquisition 640 5.780000 Euronext Lisbon 18,255,890
15-Jan-20 Acquisition 433 5.780000 Euronext Lisbon 18,256,323
15-Jan-20 Acquisition 520 5.780000 Euronext Lisbon 18,256,843
16-Jan-20 Acquisition 5,000 5.795000 Euronext Lisbon 18,261,843
16-Jan-20 Acquisition 640 5.795000 Euronext Lisbon 18,262,483
16-Jan-20 Acquisition 4,360 5.795000 Euronext Lisbon 18,266,843
16-Jan-20 Acquisition 4,360 5.795000 Euronext Lisbon 18,271,203
16-Jan-20 Acquisition 264 5.795000 Euronext Lisbon 18,271,467
16-Jan-20 Acquisition 376 5.795000 Euronext Lisbon 18,271,843
16-Jan-20 Acquisition 1,382 5.795000 Euronext Lisbon 18,273,225
16-Jan-20 Acquisition 628 5.795000 Euronext Lisbon 18,273,853
16-Jan-20 Acquisition 1,100 5.795000 Euronext Lisbon 18,274,953
16-Jan-20 Acquisition 1,546 5.800000 Euronext Lisbon 18,276,499
16-Jan-20 Acquisition 1,003 5.800000 Euronext Lisbon 18,277,502
16-Jan-20 Acquisition 2,451 5.800000 Euronext Lisbon 18,279,953
16-Jan-20 Acquisition 168 5.800000 Euronext Lisbon 18,280,121
16-Jan-20 Acquisition 3,051 5.800000 Euronext Lisbon 18,283,172
16-Jan-20 Acquisition 1,234 5.800000 Euronext Lisbon 18,284,406
16-Jan-20 Acquisition 547 5.800000 Euronext Lisbon 18,284,953
16-Jan-20 Acquisition 53 5.800000 Euronext Lisbon 18,285,006
16-Jan-20 Acquisition 1,652 5.800000 Euronext Lisbon 18,286,658
16-Jan-20 Acquisition 36 5.800000 Euronext Lisbon 18,286,694
16-Jan-20 Acquisition 2,920 5.800000 Euronext Lisbon 18,289,614
16-Jan-20 Acquisition 392 5.800000 Euronext Lisbon 18,290,006
16-Jan-20 Acquisition 1,278 5.800000 Euronext Lisbon 18,291,284
23-Jan-20 Acquisition 1,250,000 5.800000 Euronext Lisbon 19,541,284
24-Jan-20 Acquisition 1,000,000 5.800000 Euronext Lisbon 20,541,284
30-Jun-20 - - - - 20,541,284

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 3O JUNE 2020 AND 31 DECEMBER 2019

(Translation of financial statements originally issued in Portuguese - Note 21) (Amounts expressed in Euros)

ASSETS Notes 30.06.2020 31.12.2019
NON-CURRENT ASSETS:
Biological assets 104,782,724 104,491,065
Property, plant and equipment 532,987,888 555,289,032
Right-of-use assets 68,629,540 69,601,105
Investment properties 113,310 113,310
Goodwill 265,630,973 265,630,973
Intangible assets 50,551,857 52,042,671
Investments in associated companies
Other investments
5 776,872
171,494
725,472
239,987
Other non-current assets 3,210,260 3,210,260
Derivative financial instruments 12 278,188 -
Deferred tax assets 32,554,294 33,501,991
Total non-current assets 1,059,687,400 1,084,845,866
CURRENT ASSETS:
Inventories 95,177,772 85,965,748
Trade receivables 93,634,249 83,738,646
Assets associated with contracts with customers 9,296,389 7,365,847
Other debts from third parties 10,625,888 18,317,337
Income tax 8,487,338 12,658,843
Other current assets 5,998,901 6,657,394
Derivative financial instruments 12 873,283 1,557,085
Cash and cash equivalents 7 175,880,738 181,343,914
Total current assets 399,974,558 397,604,814
Total assets 1,459,661,958 1,482,450,680
EQUITY AND LIABILITIES 30.06.2020 31.12.2019
EQUITY:
Share capital 9 25,641,459 25,641,459
Legal reserve 5,128,292 5,128,292
Hedging reserve (1,755,248) (2,493,790)
Other reserves 376,220,644 336,927,499
Consolidated net profit/(loss) for the period 9,232,077 100,826,022
Total equity attributable to shareholders of the Parent Company 414,467,224 466,029,482
Non-controlling interests 13,215 13,453
Total equity 414,480,439 466,042,935
LIABILITIES:
NON-CURRENT LIABILITIES:
Bank loans 10 27,500,000 27,500,000
Other loans 10 533,618,357 558,764,714
Reimbursable government grants 10 3,195,096 2,942,267
Lease liabilities 71,686,468 70,392,159
Other non-current liabilities 12,327,296 14,448,082
Deferred tax liabilities 44,726,885 44,894,324
Pension liabilities 4,768,530 4,768,530
Provisions 11 16,640,814 17,307,171
Derivative financial instruments 12 1,261,729 919,120
Total non-current liabilities 715,725,175 741,936,367
CURRENT LIABILITIES:
Bank loans 10 158,715 6,202,715
Other loans 10 148,037,506 102,650,962
Reimbursable government grants 10 2,594,349 3,026,144
Lease liabilities 9,601,247 9,316,241
Trade payables 120,983,265 102,377,748
Liabilities associated with contracts with customers 3,439,267 3,568,671
Other debts to third parties 11,095,597 20,505,050
Income tax 4,125,532 4,125,532
Other current liabilities 28,426,400 20,817,950
Derivative financial instruments 12 994,466 1,880,365
Total current liabilities 329,456,344 274,471,378
Total liabilities and equity 1,459,661,958 1,482,450,680

The accompanying notes are an integral part of the condensed consolidated financial statements.

CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE SIX AND THREE MONTHS PERIODS ENDED 3O JUNE 2020 AND 2019

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO

(Translation of financial statements originally issued in Portuguese - Note 21) (Amounts expressed in Euros)

Notes HALF ENDED AT QUARTER ENDED AT
30.06.2020 30.06.2019 30.06.2020 30.06.2019
Sales 323,152,386 401,716,643 159,719,770 197,091,222
Services rendered 2,022,743 2,163,665 1,008,424 1,097,646
Other income 15 2,848,010 3,453,792 1,634,586 1,791,208
Costs of sales (161,775,898) (151,050,416) (80,738,174) (73,583,189)
External supplies and services (83,393,310) (91,370,970) (40,445,793) (47,285,594)
Payroll expenses (19,616,125) (19,011,296) (10,423,592) (9,742,374)
Amortisation and depreciation (39,541,003) (37,155,423) (19,774,979) (18,229,065)
Provisions and impairment losses 11 2,010,132 - 152,962 159,401
Other expenses (2,241,050) (3,607,098) (1,048,292) (1,771,939)
Results related to investments 5 51,400 26,814 (68,491) 25,426
Financial expenses 13 (12,997,033) (13,649,304) (7,191,014) (7,460,290)
Financial income 13 1,661,100 1,986,841 384,527 593,684
Profit before income tax 12,181,352 93,503,248 3,209,934 42,686,136
Income tax (2,949,513) (25,641,749) (793,638) (11,549,065)
Consolidated net profit for the period 9,231,839 67,861,499 2,416,296 31,137,071
Attributable to:
Holders of equity in the parent company 9,232,077 67,861,499 2,416,296 31,137,071
Non-controlling interests (238) - - -
9,231,839 67,861,499 2,416,296 31,137,071
Earnings per share
Basic 14 0.05 0.33 0.01 0.15
Diluted 14 0.05 0.33 0.01 0.15

The accompanying notes are an integral part of the condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE SIX AND THREE MONTHS PERIODS ENDED 30 JUNE 2020 AND 2019

RELATÓRIO DO CONSELHO DE ADMINISTRAÇÃO

(Translation of financial statements originally issued in Portuguese - Note 21)

(Amounts expressed in Euros)

HALF ENDED AT QUARTER ENDED AT
Notes 30.06.2020 30.06.2019 30.06.2020 30.06.2019
Consolidated net profit/(loss) for the financial year 9,231,839 67,861,499 2,416,296 31,137,071
Other comprehensive income:
Items that may be reclassified to profit or loss in the future
Changes in fair value of cash flow hedging derivatives - gross amount 12 1,025,916 1,482,048 3,631,496 4,161,668
Changes in fair value of cash flow hedging derivatives - deferred tax (287,374) (436,508) (957,488) (1,137,908)
Change in exchange rate reserve 6,625 9,370 (2,637) 4,627
Others - 51,921 - 51,921
745,167 1,106,831 2,671,371 3,080,308
Other comprehensive income for the period 745,167 1,106,831 2,671,371 3,080,308
Total consolidated comprehensive income for the period 9,977,006 68,968,330 5,087,667 34,217,379
Attributable to:
Shareholders in the Parent Company
Non-controlling interests
9,977,244
(238)
68,968,330
-
5,087,809
(142)
34,217,379
-

The accompanying notes are an integral part of the condensed consolidated financial statements.

DO CONSELHO DE ADMINISTRAÇÃO

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2020 AND 2019

(Translation of financial statements originally issued in Portuguese - Note 21) (Amounts expressed in Euros)

Attributable to shareholders in the Parent Company
Hedging
Profit and loss
Non-controlling
Notes Share capital Legal reserve reserves Other reserves result Total interest Total equity
Balance as at 1 January 2019 9 25,641,459 5,128,292 (2,502,304) 298,832,349 194,497,353 521,597,149 - 521,597,149
Appropriation of the consolidated result from 2018 - - - 194,497,353 (194,497,353) - - -
Impact of application of IFRS 16 - - - (7,239,153) - (7,239,153) - (7,239,153)
Dividends distribution - - - (147,694,804) - (147,694,804) - (147,694,804)
Entry of new companies - - - - - - 10,000 10,000
Total consolidated comprehensive income for the period - - 1,045,540 61,291 67,861,499 68,968,330 - 68,968,330
Balance as at 30 June 2019 9 25,641,459 5,128,292 (1,456,764) 338,457,036 67,861,499 435,631,522 10,000 435,641,522
Balance as at 1 January 2020 9 25,641,459 5,128,292 (2,493,790) 336,927,499 100,826,022 466,029,482 13,453 466,042,935
Appropriation of the consolidated result from 2019 - - - 100,826,022 (100,826,022) - - -
Dividends distribution - - - (61,539,502) - (61,539,502) - (61,539,502)
Total consolidated comprehensive income for the period - - 738,542 6,625 9,232,077 9,977,244 (238) 9,977,006
Balance as at 30 June 2020 9 25,641,459 5,128,292 (1,755,248) 376,220,644 9,232,077 414,467,224 13,215 414,480,439

The accompanying notes are an integral part of the condensed consolidated financial statements.

DO CONSELHO DE ADMINISTRAÇÃO

CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX AND THREE MONTHS PERIODS ENDED 30 JUNE 2020 AND 2019

Demonstrações financeiras consolidadas condensadas e notas anexas

(Translation of financial statements originally issued in Portuguese - Note 21) (Amounts expressed in Euros)

HALF ENDED AT QUARTER ENDED AT
Notes 30.06.2020 30.06.2019 30.06.2020 30.06.2019
Operating activities:
Cash flows generated by operating activities (1) 76,198,398 121,811,129 33,213,817 55,125,600
Investment activities:
Receipts arising from:
Investments 106,200 103,209 58,200 96,000
Property, plant and equipment 25,096 77,586 8,955 28,795
Investment grants 45,140 1,747,075 - 1,747,075
Interest and similar income 369,846 1,432,341 245,672 785,613
Dividends - - - -
Payments relating to:
Investments - (32,075) - (32,075)
Loans conceded - (4,390,817) - (4,390,817)
Property, plant and equipment (14,862,977) (39,358,267) (6,828,983) (16,430,800)
Intangible assets - (555,999) - -
Investment grants - (1,818,121) - (1,818,121)
Cash flows generated by investment activities (2) (14,316,695) (42,795,068) (6,516,156) (20,014,330)
Financing activities:
Receipts arising from:
Loans obtained 165,000,000 100,570,975 - 49,682,129
Other financing transactions - - - -
Payments relating to:
Interest and similar expenses (6,952,451) (10,458,438) (2,898,969) 7,659,219
Distributed dividends (61,539,502) (147,694,804) (61,539,502) (147,694,804)
Loans obtained (151,178,967) (53,942,602) (159,091) (48,921,640)
Lease liabilities (9,593,849) - (1,156,122) -
Other financing transactions (3,080,111) (4,321,111) (1,805,185) (1,303,122)
Cash flows generated by financing activities (3) (67,344,880) (115,845,980) (67,558,868) (140,578,218)
Cash and cash equivalents at the beginning of the period 181,343,914 240,476,078 216,741,945 309,113,107
Cash and cash equivalents variation: (1)+(2)+(3) (5,463,176) (36,829,919) (40,861,207) (105,466,948)
Cash and cash equivalents at the end of the period 7 175,880,738 203,646,159 175,880,738 203,646,159

The accompanying notes are an integral part of the condensed consolidated financial statements.

1. INTRODUCTORY NOTE

Altri, SGPS, S.A. ('Altri' or 'the Company') is a public company incorporated on 1 March 2005, whose head office is located at Rua Manuel Pinto de Azevedo, 818, in Oporto, and its main activity involves managing shareholdings, while its shares are listed at Euronext Lisbon.

Altri is dedicated to managing shareholdings primarily in the industrial sector, as the parent company of the group of companies shown under Note 5 and referred to as the Altri Group. There is no other company above it that includes these consolidated financial statements. The Altri Group's current activities focus on producing bleached eucalyptus pulp at three production plants and on generating electricity via waste consumption and forest biomass through its five power plants.

Faced with this reality in the Altri Group, its Board of Directors considers there are two business segments, namely, production and commercialization of bleached eucalyptus pulp and electricity generation via waste consumption and forest biomass, being management information also prepared and examined on that basis (Note 16).

The Altri Group's condensed consolidated financial statements are shown in Euros, in amounts rounded off to the nearest Euro. This is the currency used by the Group in its transactions and, as such, is deemed to be the functional currency.

2. MAIN ACCOUNTING POLICIES AND BASIS OF PRESENTATION

DO CONSELHO DE ADMINISTRAÇÃO

The condensed consolidated financial statements, for the six months period ended on 30 June 2020, were prepared in accordance with IAS 34 – Interim Financial Reporting and include the condensed consolidated statement of financial position, the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows, as well as, the selected explanatory notes. These condensed consolidated financial statements do not include all the information required to be published on the annual financial statements, and should, therefore, be read together with the consolidated financial statements of the Altri Group for the financial year ended 31 December 2019.

The accounting policies adopted for preparation of the attached condensed consolidated financial statements were consistently applied during the periods being compared.

The Board of Directors assessed the capacity of the Company, its subsidiaries and associates to operate on a going concern basis, based on the entire relevant information, facts and circumstances, of financial, commercial or other nature, including events subsequent to the condensed consolidated financial statements' reference date, as available regarding the future. As a result of the assessment conducted, the Board of Directors concluded that it has adequate resources to keep up its operations, which it does not intend to cease in the short term. Therefore, it was considered appropriate to use the going concern basis in preparing the condensed consolidated financial statements.

The attached condensed consolidated financial statements were prepared based on the accounting books and records of the company, its subsidiaries, and associates, adjusted in the consolidation process, in the assumption of going concern basis. When preparing the condensed consolidated financial statements, the Group used historical cost as its basis, modified, where applicable, via fair value measurement of i) biological assets measured at fair value, and ii) certain financial instruments, which are recorded at their fair value.

The preparation of condensed consolidated financial statements requires the use of estimates, assumptions and critical judgements in the process of determining accounting policies to be adopted by the Group, with significant impact on the book value of assets and liabilities, as well as on income and expenses for the period. Although these estimates are based on the best experience of the Board of Directors and on its best expectations regarding current and future events and actions, current and future results may differ from these estimates. Areas involving a higher degree of judgement or complexity, or areas with significant assumptions and estimates are disclosed in Note 2.4 of the accompanying notes to the consolidated financial statements of the Group for the financial year ended 31 December 2019.

DO CONSELHO DE ADMINISTRAÇÃO

3. CHANGES IN ACCOUNTING POLICIES AND COMPARABILITY OF THE CONSOLIDATED FINANCIAL STATEMENTS

During the period, there were no changes in accounting policies. Likewise, no material errors were recognised in relation to previous financial years.

New accounting standards and their impact in these condensed consolidated financial statements:

Up to the date of approval of these financial statements, the European Union endorsed the following accounting standards, interpretations, amendments and revisions, mandatorily applied to the financial year beginning on 1 January 2020:

Effective date
(financial years
begun on or after)
Amendments to references to the Conceptual Framework in IFRS
Standards
01 Jan 2020
Amendment to IFRS 3 - Business combinations 01 Jan 2020
Amendment to IAS 1 and IAS 8 - Definition of material 01 Jan 2020
Amendments to standards IFRS 9, IAS 39 and IFRS 7 - Interest rate
Benchmark reform (IBOR Reform)
01 Jan 2020

The adoption of these standards and interpretations had no relevant impact on the Group's financial statements.

On the approval date of these financial statements, the following accounting standards, amendments and interpretations were not yet endorsed by the European Union:

Effective date
(financial years
begun on or after)
IFRS 16 (Amendments) - Covid 19 - Related Rent Concessions 01 Jun 2020
IFRS 4 (Amended) - Deferral of effective dates to apply two optional
solutions (temporary exemption from IFRS 9 and overlay approach).
01 Jan 2021
IFRS 3 (Amended) - Reference to the Conceptual Framework 01 Jan 2022
IAS 16 (Amended) - Proceeds before Intended Use 01 Jan 2022
IAS 37 (Amended) - Onerous Contracts – Cost of Fulfilling a Contract 01 Jan 2022
Annual Improvement Project 2018-2020 01 Jan 2022
IAS 1 (Amended) - Classification of Liabilities as Current or Non-current 01 Jan 2023

DO CONSELHO DE ADMINISTRAÇÃO IFRS 17 - Insurance Contracts; including amendments 01 Jan 2023

The Group has not adopted any standard, amendment or interpretation that has been issued but not yet effective, for the preparation of the consolidated financial statements for the period ending 30 June 2020, given that application is not mandatory. The impact of the referred standards is currently being assessed.

4. SIGNIFICANT EVENTS: COVID-19

Since the beginning of the pandemic, the Altri Group implemented a set of measures for the prevention, control and surveillance, with prevention / contingency plans being developed that cover the entire organisation, from the operational areas to the central structures, in all the Group's businesses.

During the second quarter, Altri Group maintained its process of monitorisation and assessing of the implemented measures, in order to give answers to the demands arising from the COVID-19 pandemic. From all the actions implemented within the scope of the monitoring and evaluation of pandemic developments, we highlight the following:

  • The Altri Group implemented a set of measures for the prevention, control and surveillance of this infection. As a result of the various measures implemented by the Group, on June 30, 2020, a negative impact on the income statement is estimated in the amount of approximately 650 thousand Euro (including personnel expenses, namely extra shifts and hours, as well as travel expenses, donations, protective equipment, expenses with hiring companies specialized in disinfecting spaces, among others).
  • The Altri Group kept proceeding cautiously with an internal review and evaluation process on the investments it had planned for the 2020 financial year, reassessing the cost-benefit of these portfolio projects, as well as their feasibility, considering the current reality. From this review it was decided to reschedule the implementation of some projects in the amount of approximately 9 million Euro.
  • With regard to liquidity risk management, the Group maintained a liquidity reserve in the form of credit lines with its relationship banks, in order to ensure the ability to meet its commitments, without having to refinance in unfavorable conditions. As of June 30, 2020, the amount of consolidated loans1 maturing in the next 12 months is approximately 160 million Euro. On the same date, the Group has consolidated credit lines available (namely bank overdrafts, pledged current accounts and not used commercial paper programs) in the amount of approximately 88 million Euro. Additionally, the Group's 'Cash and cash equivalents' reach approximately 176 million Euro, representing approximately 53% of its current liabilities.

Within Altri Group, the three plants continue to produce fully, as well as the power plants. During this period, and until today, operations at all units that make up the Altri Group's business universe were carried out at the usual pace, with no disruptions. Given the operational activity of the Altri Group, the assessment and conclusions with reference to 31 December 2019, with respect to the hedging derivative instruments' accounting, remains valid at 30 June 2020.

It is worth mentioning that based on the results of the Altri Group, reinforced by the performance of its operating segments during the six months period ended 30 June 2020, and considering the information available up to this date, the conclusions in the preparation of the annual financial statements at 31 December 2019, regarding recoverability of the financial and non-financial assets, namely with regard to the potential impacts of the COVID-19 pandemic, remain unchanged. The sensitivity analyses were disclosed in the notes to the financial statements for the year ended 31 December 2019.

Nevertheless, circumstances of extended social and macroeconomic conditions with negative impact on the value chain could result in negative effects on the results of the Altri Group with a consequence on the recoverable value of its assets.

1 Consolidated loans: Bank loans + Other loans + Reimbursable government grants + Lease liabilities

Despite the measures mentioned above, and at this stage, which is characterised by widespread uncertainty in the social and economic context, the Altri Group will remain attentive and careful in the management of its business, and in the evaluation and monitoring of the actions already implemented and / or to be implemented, in order to manage and anticipate, as far as possible, the impacts of this pandemic on its operational and financial performance.

With regard to short-term impacts, the following should be noted:

DO CONSELHO DE ADMINISTRAÇÃO

Pulp segment:

The first quarter of 2020, despite the pandemic, started positively in commercial terms, with regard to the demand for pulp, which is the raw material for tissue production. The high demand from Customers is explained by the increased consumption of paper products for domestic use, as well as for hygiene and protection use, also explained by the pandemic.

During the second quarter of 2020, there was a stabilisation in the levels of demand for tissue and a gradual recovery in the demand for graphic paper (printing and writing) explained by the cessation of mandatory containment measures.

Stoppage of production facilities for maintenance purposes in the pulp industry were generally postponed to the second semester. Several of these stops may coincide, which may imply a reduction in the supply of pulp in the market.

The production of tissue has been considered an essential activity and, as such, the raw material used in its production (paper pulp) was also considered an essential good. For this reason, the Altri Group maintains its activity as part of this supply chain.

Given the strong partnership with its Suppliers, no constraint in the supply chain and supply of raw materials has occurred up to this date.

In the beginning of the current financial year, the spread of COVID-19 did not allow the increase of the sales price, which was already being anticipated in the market at the end of 2019. During the first semester of 2020, however, we noticed a stabilization of the selling price of the BHKP pulp, recorded by the PIX in USD, in comparison to the values at 31 December 2019. At this date, there is an expectation in the market that the increase in the selling price will take place gradually until the end of 2020.

The European Commission has implemented a "free transit" operation at borders and for this reason, up to this date, no constraints in the movement of products for export have occurred.

Despite the fact that the Altri Group maintained the credit insurance levels in its pulp sales, even under a pandemic situation, there has been no relevant difficulties in terms of collection up to this date. Additionally, there were no contractual defaults or changes to existing contracts with customers.

Energy segment:

Given the business model of this segment, up to this date, turnover has not been significantly impacted as a result of the pandemic, with all sales made to the public grid. Likewise, there hasn't been any relevant difficulties in terms of collection or in terms of other important operational issues.

Employees:

Ensuring the permanent well-being of all Employees, their families and the community has always been and will continue to be a priority of the Altri Group.

The Altri Group put in place a set of additional preventive measures to protect the health and safety of its Employees, based on the recommendations of the Portuguese Health Authority to deal with the pandemic.

The human resources department, based on the recommendations of the Portuguese Health Authority, proceeded with the elaboration of a Group's COVID-19 Contingency Plan. This plan has been continuously adjusted considering the evolution of the pandemic, being essential for the purposes of containing the impacts of the pandemic between our employees and the local community.

Several measures have been implemented, namely:

DO CONSELHO DE ADMINISTRAÇÃO

  • Following the most recent recommendations of the Government and the national health authorities, which highlight the convenience of widespread use of masks in the community, the Altri Group has made the use of masks mandatory from the entry point in each subsidiary;
  • Still as a contingency measure in the fight against COVID-19, thermal cameras with thermographic technology were installed in the main entries of the subsidiaries Caima, Celbi and Celtejo;
  • PROTOCOL Altri COVID Free the Altri Group has been carrying a serological test to all Employees, a fast and effective way to screen for COVID-19;
  • Conducting tests on employees with extended absences;
  • Disinfection with hypochlorite This equipment is normally used against forest pests, having been adapted to protect the health of the Employees;
  • Within the scope of the continuous dissemination of the Contingency Plan to employees, there has been regular communication on several topics, of which the following stand out: communication of risk behaviors to be avoided, the five most common mistakes in the use of masks, among others.

Altri's Board of Directors wants to formally address a special thanks to all its Employees, for the absolutely exemplary and noteworthy way in which they all endeavored to overcome this phase that we are going through.

5. INVESTMENTS

5.1 INVESTMENTS IN SUBSIDIARIES

The companies included in the consolidation by the full consolidation method, respective registered offices, proportion of capital held and main activity as at 30 June 2020 and 31 December 2019 are as follows:

FINANCIAL INFORMATION 1H2020

Condensed consolidated financial statements and notes

Demonstrações financeiras consolidadas condensadas e notas anexas

DO CONSELHO DE ADMINISTRAÇÃO

Company Registered office Effective held percentage Main activity
30.06.2020 31.12.2019
Parent company:
Altri, SGPS, S.A. Porto Holding (company)
Subsidiaries:
Altri Abastecimento de Madeira, S.A. Figueira da Foz 100% 100% Timber commercialization
Altri Florestal, S.A. Figueira da Foz 100% 100% Forest management
Altri Sales, S.A. Nyon,
Switzerland
100% 100% Group management support services
Altri, Participaciones Y Trading, S.L. Pontevedra,
Spain
100% 100% Commercialization of Eucalyptus pulp
Caima Energia – Empresa de Gestão e Exploração de Energia, S.A. Constância 100% 100% Generation of thermal energy and electricity
Caima – Indústria de Celulose, S.A. Constância 100% 100% Production and commercialization of Eucalyptus pulp
Captaraíz Unipessoal, Lda. Figueira da Foz 100% 100% Real estate
Celtejo – Empresa de Celulose do Tejo, S.A. Vila Velha de
Ródão
100% 100% Production and commercialization of Eucalyptus pulp
Celulose Beira Industrial (Celbi), S.A. Figueira da Foz 100% 100% Production and commercialization of Eucalyptus pulp
Inflora – Sociedade de Investimentos Florestais, S.A. Figueira da Foz 100% 100% Forest management
Sociedade Imobiliária Porto Seguro – Investimentos Imobiliários, S.A. Porto 100% 100% Real estate
Viveiros do Furadouro Unipessoal, Lda. Óbidos 100% 100% Plant production in nurseries and services related with
forest and landscapes
Florestsul, S.A. Figueira da Foz 100% 100% Forest management
Sociedade de Energia Solar do Alto Tejo (SESAT), Lda. Nisa 80% 80% Renewable energy sources
Bioelétrica da Foz, S.A. Figueira da Foz 100% 100% Electricity generation using waste and biomass
sources
Bioródão, S.A. Figueira da Foz 100% 100% Electricity generation using waste and biomass
sources
Ródão Power - Energia e Biomassa do Ródão, S.A. Vila Velha de
Ródão
100% 100% Production and commercialization of electric and
thermal energy through cogeneration
Sociedade Bioelétrica do Mondego, S.A. Figueira da Foz 100% 100% Electricity generation using waste and biomass
sources
Ribatejo Green, Lda Algés 70% 70% Electricity generation
Amieira Green, Lda Algés 70% 70% Electricity generation
Paraimo Green, Lda Algés 70% 70% Electricity generation
Piara Solar, Lda Algés 70% 70% Electricity generation
Maior Green, Lda Algés 70% 70% Electricity generation

All entities above were included in the Altri Group's condensed consolidated financial statements using the full consolidation method.

5.2 INVESTMENT IN ASSOCIATED COMPANIES

Associated companies and proportion of capital held as at 30 June 2020 and 31 December 2019 are as follows:

Company Statement of financial position Effective shareholding
percentage
30.06.2020 31.12.2019 30.06.2020 31.12.2019
Associated companies:
Operfoz – Operadores do Porto da Figueira da Foz, Lda. 776,872 725,472 33.33% 33.33%
776,872 725,472

Operfoz has its registered office at Figueira da Foz and its main activity is operation of ports. This entity was included in the Altri Group's consolidated financial statements using the equity method.

DO CONSELHO DE ADMINISTRAÇÃO Demonstrações financeiras consolidadas condensadas e notas anexas The movements in the balance of this caption in the periods ended 30 June 2020 and 31 December 2019 are detailed as follows:

Statement of financial position
30.06.2020 31.12.2019
Opening balance 725,472 696,660
Equity method:
Effects on gains and losses related to associated
companies
51,400 28,812
Closing balance 776,872 725,472

The accounting policies used by the associated company are not significantly different from those used by the Altri Group, and as such no harmonization of the accounting policies was necessary.

6. CHANGES IN THE CONSOLIDATION PERIMETER

During the six months period ended on 30 June 2020, there were no changes in the consolidation perimeter compared to 31 December 2019.

7. CASH AND CASH EQUIVALENTS

As at 30 June 2020 and 2019, Cash and cash equivalents are as follows:

30.06.2020 30.06.2019
Cash 38,950 31,896
Bank deposits 175,841,789 203,983,314
Cash and cash equivalents on the statement of financial position 175,880,738 204,015,210
Bank overdrafts (Note 10) - (369,051)
Cash and cash equivalents on the statement of cash flows 175,880,738 203,646,159

DO CONSELHO DE ADMINISTRAÇÃO Demonstrações financeiras consolidadas condensadas e notas anexas 8. CURRENT AND DEFERRED TAXES

According to current legislation, tax returns are subject to review and correction by the tax authorities during a period of four years (five years for Social Security), except when there have been tax losses, tax benefits granted, or when inspections, complaints or challenges are in progress, in which cases, depending on the circumstances, the deadlines are extended or suspended. Therefore, the Group's tax returns since 2016 may still be subject to review.

The Board of Directors of Altri believes that any potential corrections resulting from reviews/inspections of these tax returns by the tax authorities will not have a significant effect on the condensed consolidated financial statements as of 30 June 2020.

9. SHARE CAPITAL

As at 30 June 2020 and 31 December 2019, the Company's share capital was fully subscribed and paid up, consisting of 205,131,672 shares with a nominal value of 12.5 cents of Euro each.

10. BANK LOANS, OTHER LOANS AND REIMBURSABLE GOVERNMENT GRANTS

As at 30 June 2020 and 31 December 2019, 'Bank loans', 'Other loans' and 'Reimbursable government grants' can be detailed as follows:

30.06.2020
Nominal value Book value
Current Non-current Total Current Non-current Total
Bank loans - 27,500,000 27,500,000 158,715 27,500,000 27,658,715
Bank overdrafts - - - - - -
Bank loans - 27,500,000 27,500,000 158,715 27,500,000 27,658,715
Commercial paper 145,000,000 40,000,000 185,000,000 145,248,777 40,000,000 185,248,777
Bond loans - 495,600,000 495,600,000 2,692,729 493,618,357 496,311,086
Other loans 96,000 - 96,000 96,000 - 96,000
Other loans 145,096,000 535,600,000 680,696,000 148,037,506 533,618,357 681,655,863
Reimbursable government
grants
2,594,349 3,195,096 5,789,445 2,594,349 3,195,096 5,789,445
147,690,349 566,295,096 713,985,445 150,790,570 564,313,453 715,104,023
31.12.2019
Nominal value Book value
Current Non-current Total Current Non-current Total
Bank loans 6,000,000 27,500,000 33,500,000 6,202,715 27,500,000 33,702,715
Bank overdrafts - - - - - -
Bank loans 6,000,000 27,500,000 33,500,000 6,202,715 27,500,000 33,702,715
Commercial paper 100,000,000 65,000,000 165,000,000 100,098,828 65,000,000 165,098,828
Bond loans - 495,700,000 495,700,000 2,360,134 493,764,714 496,124,848
Other loans 192,000 - 192,000 192,000 - 192,000
Other loans 100,192,000 560,700,000 660,892,000 102,650,962 558,764,714 661,415,676
Reimbursable government
grants
3,026,144 2,942,267 5,968,411 3,026,144 2,942,267 5,968,411
109,218,144 591,142,267 700,360,411 111,879,821 589,206,981 701,086,802

The book value includes accrued interests and the expenditures with the issuance of the loans. These expenses were deducted from its nominal value and are being recognised as financial expenses along the life period of the loan (Note 13).

DO CONSELHO DE ADMINISTRAÇÃO 11. ACCUMULATED PROVISIONS AND IMPAIRMENT LOSSES

The movement occurred under provisions and impairment losses in the six months periods ended 30 June 2020 and 2019 can be detailed as follows:

30.06.2020
Provisions Impairment losses
in receivables
Impairment losses
in inventories
Total
Opening balance 17,307,171 3,624,622 14,837,369 35,769,162
Increases 53,394 - - 53,394
Utilizations (713,649) - - (713,649)
Reversals - (2,962) (2,007,170) (2,010,132)
Transfers (6,102) - - (6,102)
Closing balance 16,640,814 3,621,660 12,830,199 33,092,673
30.06.2019
Provisions Impairment losses
in receivables
Impairment losses
in inventories
Total
Opening balance 14,390,330 3,630,547 8,336,698 26,357,575
Increases - - - -
Utilizations (349) - - (349)
Closing balance 14,389,981 3,630,547 8,336,698 26,357,226

The amount recorded under 'Provisions' includes the dismantling provision of the power generation plants operated by Bioelétrica da Foz and its subsidiaries.

The increase recorded in the six months period ended 30 June 2020 refers to the unwinding of the discount. This discount that results from the passage of time is recorded against the caption 'Financial expenses'.

The amount recorded under the caption 'Provisions' is the best estimate from the Board of Directors in order to address the entirety of losses to be incurred with currently ongoing legal proceedings.

12. DERIVATIVE FINANCIAL INSTRUMENTS

As at 30 June 2020 and 31 December 2019, the Altri Group had in force derivative financial instrument contracts associated with hedging interest rate changes and derivative financial instrument contracts associated with hedging exchange rate changes. All these instruments are recorded at fair value.

Altri Group subsidiaries only use derivatives to hedge cash flows associated with operations generated by their activity.

As at 30 June 2020 and 31 December 2019, the fair value of derivative financial instruments is as follows:

30.06.2020 31.12.2019
Asset Liability Asset Liability
Current Non-current Current Non-current Current Non-current Current Non-current
Interest rate derivatives
Exchange rate derivatives
873,283 -
-
278,188
-
994,466
1,190,244
71,485
1,557,085 -
-
-
111,003
1,769,362
919,120
-
873,283 278,188 994,466 1,261,729 1,557,085 - 1,880,365 919,120

DO CONSELHO DE ADMINISTRAÇÃO Demonstrações financeiras consolidadas condensadas e notas anexas The movement in the fair value of the derivative financial instruments during the six months period ended 30 June 2020 can be broken down as follows:

Interest rate
derivatives
Exchange rate
derivatives
Total
Opening balance (1,030,123) (212,277) (1,242,400)
Change in fair value
Effects on equity (164,104) 1,190,020 1,025,916
Effects on the income statement (107,115) (3,389,167) (3,496,282)
Effects on the statement of financial position 111,098 2,496,944 2,608,042
Closing balance (1,190,244) 85,520 (1,104,724)

13. FINANCIAL RESULTS

The financial results for the six months periods ended 30 June 2020 and 2019 are detailed as follows:

30.06.2020 30.06.2019
Financial expenses
Interest expenses 7,091,982 7,811,660
Other financial expenses and losses 5,905,051 5,837,644
12,997,033 13,649,304
Financial income
Interest income 24,791 196,380
Other financial income and gains 1,636,309 1,790,461
1,661,100 1,986,841

During the six months period ended on 30 June 2020, the caption 'Other financial expenses and losses' includes, among others, expenses incurred with loans, which are being recognised as an expense over the life of the respective loan (Note 10) and the expenses on exchange rate derivatives (Note 12). The caption 'Other financial income and gains' includes, mainly, exchange rate gains.

14. EARNINGS PER SHARE

Earnings per share for the six months period ended 30 June 2020 and 2019 were calculated based on the following amounts:

30.06.2020 30.06.2019
Number of shares for basic and diluted earning calculation 205,131,672 205,131,672
Result for the purpose of calculating earnings per share 9,231,839 67,861,499
Earnings per share
Basic 0.05 0.33
Diluted 0.05 0.33

15. OTHER INCOME

As at 30 June 2020 and 2019, the caption 'Other Income' is detailed as follows:

DO CONSELHO DE ADMINISTRAÇÃO

Condensed consolidated financial statements and notes

Demonstrações financeiras consolidadas condensadas e notas anexas

30.06.2020 30.06.2019
Investment and exploration subsidies
Gains on sales of assets
2,337,569
57,099
2,419,735
118,452
Others 453,342 915,605
2,848,010 3,453,792

16. INFORMATION BY SEGMENTS

The Altri Group shows the following reportable segments:

i) Pulp

Comprising essentially the three pulp mills in Portugal: Celulose Beira Industrial (Celbi), S.A., in Figueira da Foz; Celtejo – Empresa de Celulose do Tejo, S.A., in Vila Velha de Ródão; and Caima – Indústria de Celulose, S.A., located in Constância, and the forestry activity; and

ii) Energy

Consisting of Bioelétrica da Foz, S.A. and its subsidiaries, comprising five power plants generating energy from forest biomass, for sale to the public grid.

The Group identified these two reportable segments, considering that these are Group facilities that carry on business where revenues and expenses can be separately identified and relative to which separate financial information is produced. Compared to 31 December 2019, the Group revised its method of monitoring operations, not distinguishing the other segment from the pulp segment. The identification of the reportable segments made by the Group is consistent with the way the Board of Directors conducts and controls them, and on which it makes decisions.

The contribution of the business segments to the consolidated income statement for the six months period ended 30 June 2020 is as follows:

Energy Pulp Total Eliminations Consolidated
Sales 43,384,957 279,767,429 323,152,386 - 323,152,386
Sales - intersegmental 3,013,987 205,640,437 208,654,424 (208,654,424) 0
Services rendered - 2,022,743 2,022,743 - 2,022,743
Services rendered - intersegmental - 25,319,823 25,319,823 (25,319,823) 0
Other income 111,206 2,736,804 2,848,010 - 2,848,010
Other income - intersegmental 0 673,104 673,105 (673,105) -
Total operating income 46,510,150 516,160,341 562,670,492 (234,647,352) 328,023,140
Cost of sales (21,490,355) (345,661,872) (367,152,227) 205,376,329 (161,775,898)
External supplies and services (9,232,444) (102,913,294) (112,145,738) 28,752,428 (83,393,310)
Payroll expenses - (19,619,718) (19,619,718) 3,593 (19,616,125)
Amortisation and depreciation (7,339,229) (32,201,774) (39,541,003) - (39,541,003)
Provisions and impairment losses - 2,010,132 2,010,132 - 2,010,132
Other expenses (98,945) (2,362,143) (2,461,088) 220,038 (2,241,050)
Total operating expenses (38,160,973) (500,748,669) (538,909,642) 234,352,388 (304,557,254)
Operating results 8,349,177 15,411,672 23,760,850 (294,964) 23,465,886
Results related to investments 51,400
Financial results (11,335,933)
Profit/(loss) before income tax 12,181,353
Income tax (2,949,513)
Net profit/(loss) 9,231,840
Attributable to:
Holders of equity in the parent company 9,232,077
Non-controlling interests (238)
9,231,839

DO CONSELHO DE ADMINISTRAÇÃO The contribution of the business segments to the consolidated income statement for the six months period ended 30 June 2019 is as follows:

Demonstrações financeiras consolidadas condensadas e notas anexas

Energy Pulp Total Eliminations Consolidated
Sales 25,945,614 375,771,029 401,716,643 - 401,716,643
Sales - intersegmental - 165,631,915 165,631,915 (165,631,915) -
Services rendered - 2,163,665 2,163,665 - 2,163,665
Services rendered - intersegmental - 27,177,436 27,177,436 (27,177,436) -
Other income 82,540 3,371,252 3,453,792 - 3,453,792
Other income - intersegmental 0 1,046,618 1,046,619 (1,046,619) -
Total operating income 26,028,154 575,161,915 601,190,070 (193,855,970) 407,334,100
Cost of sales (10,186,380) (302,695,273) (312,881,653) 161,831,237 (151,050,416)
External supplies and services (7,448,135) (115,007,371) (122,455,506) 31,084,535 (91,370,970)
Payroll expenses - (19,017,314) (19,017,314) 6,018 (19,011,296)
Amortisation and depreciation (3,932,779) (33,222,644) (37,155,423) - (37,155,423)
Provisions and impairment losses - - - - -
Other expenses (25,218) (4,336,730) (4,361,948) 754,850 (3,607,098)
Total operating expenses (21,592,512) (474,279,332) (495,871,843) 193,676,640 (302,195,203)
Operating results 4,435,643 100,882,584 105,318,226 (179,329) 105,138,897
Results related to investments 26,814
Financial results (11,662,463)
Profit/(loss) before income tax 93,503,248
Income tax (25,641,749)
Net profit/(loss) 67,861,499
Attributable to:
Holders of equity in the parent company 67,861,499
Non-controlling interests -
67,861,499

17. RELATED PARTIES

Altri Group subsidiary companies have relationships with each other that qualify as transactions with related parties, which were carried out at market prices.

In the consolidation procedures, transactions between companies included in the consolidation using the full consolidation method are eliminated, since the consolidated financial statements show information on the holder and its subsidiaries as if it were a single company, and so they are not disclosed under this note.

During the six months periods ended 30 June 2020 and 2019, there were no transactions with the Board of Directors, nor were they granted loans.

As at 30 June 2020 and 2019, balances and transactions with related entities during the six months periods ended on those dates can be summarised as follows:

Purchases and acquired services Sales and services rendered
30.06.2020 30.06.2019 30.06.2020 30.06.2019
Transactions
Associated companies (a) 1,960,098 1,007,583 - -
Other related parties (b) 2,401,370 1,004,715 - -
4,361,468 2,012,298 - -
Payables Receivables
30.06.2020 30.06.2019 30.06.2020 30.06.2019
Balances
Associated companies (a) 563,384 341,413 - 29,838
Other related parties (b) 36,333 220,426 - -
599,717 561,839 - 29,838

  • DO CONSELHO DE ADMINISTRAÇÃO (a) Entities included in the consolidation using the equity method as at 30 June 2020 and 2019 (Note 5.2)
    • (b) The companies listed below were considered as other related parties

Along with the companies included in the consolidation (Note 5), entities deemed related as at 30 June 2020 can be shown as follows:

  • Actium Capital, S.A.
  • A Nossa Aposta Jogos e Apostas On-line, S.A.
  • Caderno Azul, S.A.
  • Cofihold, S.A.
  • Cofihold II, S.A.
  • Cofina Media, S.A.
  • Cofina, SGPS, S.A.
  • Elege Valor, Lda.
  • Expeliarmus Consultoria, Lda.
  • F. Ramada II, Imobiliária, S.A.
  • Ramada Investimentos e Indústria, S.A.
  • Grafedisport Impressão e Artes Gráficas, S.A
  • Livrefluxo, S.A.
  • Mercados Globais Publicação de Conteúdos, Lda.
  • Planfuro Global, S.A.
  • Préstimo Prestígio Imobiliário, S.A.
  • Promendo Investimentos, S.A.
  • Ramada Aços, S.A.
  • Socitrel Sociedade Industrial de Trefilaria, S.A.
  • Universal Afir, S.A.
  • Valor Autêntico, S.A.
  • VASP Sociedade de Transportes e Distribuições, Lda.
  • 1 Thing, Investments, S.A.

18. APPROPRIATION OF NET PROFIT

Regarding the 2019 financial year, the Board of Directors proposed in its annual report, which was approved in the General Meeting held on April 30, 2020, that the individual net profit of Altri, SGPS, S.A. in the amount of EUR 114,428,315, should be allocated as follows:

Free reserves EUR 52,888,813
Dividends EUR 61,539,502

The distribution of profits for the financial year results in the payment of a gross dividend of EUR 0.30 per share.

19. SUBSEQUENT EVENTS

From 30 June 2020 to the date of issue of this report, there were no other relevant facts that could materially affect the financial position and future results of the Altri Group and its subsidiary and associated companies included in the consolidation.

20. APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2020.

21. TRANSLATION NOTE

DO CONSELHO DE ADMINISTRAÇÃO

These consolidated financial statements are a translation of the financial statements originally issued in Portuguese in accordance with IAS 34 – Interim Financial Reporting and with the International Financial Reporting Standards as adopted by the European Union, some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.

The Board of Directors

Alberto João Coraceiro de Castro

Paulo Jorge dos Santos Fernandes

João Manuel Matos Borges de Oliveira

Domingos José Vieira de Matos

Laurentina da Silva Martins

Pedro Miguel Matos Borges de Oliveira

Ana Rebelo de Carvalho Menéres de Mendonça

Maria do Carmo Guedes Oliveira

Paula Simões de Figueiredo Pimentel Freixo

José Armindo Farinha Soares de Pina

José António Nogueira dos Santos

Carlos Alberto Sousa Van Zeller e Silva

DO CONSELHO DE ADMINISTRAÇÃO

ALTRI, SGPS, S.A.

Rua Manuel Pinto de Azevedo, 818 4100 – 320 Oporto PORTUGAL Tel: + 351 22 834 65 02

www.altri.pt