Samba Digital SGPS S.A

Quarterly Report • Nov 25, 2010

SONAE CAPITAL, SGPS, SA Head Office: Lugar do Espido, Via Norte, Maia Share Capital: 250,000,000 Euro Maia Commercial Registry and Fiscal Number 508 276 756 Sociedade Aberta

REPORT AND ACCOUNTS 30 SEPTEMBER 2010

(Translation from the Portuguese Original)

Index

I. Report of the Board of Directors

1.	Executive Summary	4
2.	Selected Main Events	6
3.	Consolidated Financial Statements Review	7
4.	Appendix	14
5.	Share Price Performance	16
	- Glossary	17

II. Consolidated Financial Statements 19

III. Individual Financial Statements	57

REPORT OF THE BOARD OF DIRECTORS 30 SEPTEMBER 2010

(Translation from the Portuguese Original)

Report of the Board of Directors 30 September 2010

(Translation from the Portuguese original)

Disclaimer:

Unless otherwise stated, comparable figures (presented within brackets), percent or absolute changes mentioned in this report refer to the comparable period of the previous year for performance figures and to the year 2009 for financial position figures.

Following the sale of the shareholding in Box Lines, which became effective on 16 September 2010, this business unit's contribution to performance figures is disclosed under discontinued operations in both 2010 and 2009, together with those of the Plysorol Group and Elmo in 2009, and are no longer included in the consolidated financial position of the company as at 30 September 2010.

Following the internal reorganization process carried out during 2009, SC Assets, SGPS, SA was made independent from Sonae Turismo, SGPS, SA at the beginning of 2010, and is now responsible for real estate investments and for property management of real estate assets. Comparable figures presented in this report for the year 2009, were restated to reflect the new business portfolio configuration made up of the three current sub‐holdings: Sonae Turismo, SGPS, SA, SC Assets, SGPS, SA and Spred, SGPS, SA.

1. Executive Summary

The results for the first nine months of 2010 have been impacted by the economic slowdown and, overall and as expected, remain below last year's comparable figures.

Consolidated turnover amounted to 138.1 million euro (219.9 million euro) for the nine months period, with the performance of the third quarter reflecting the seasonal effect of the vacation period as far as Tourism Operations were concerned (excluding Resort Development).

Consolidated operational cash‐flow (EBITDA) for the period was 3.6 million euro (49.6 million euro). In addition to the Fitness business, which made a 2.6 million euro contribution (1.9 million euro), the Energy and Environment business improved its operational performance, delivering a positive 0.6 million euro contribution to consolidated operational cash‐flow (EBITDA), up from negative 0.2 million euro in the same period of last year.

In the third quarter, 4 new sales deeds for residential units at troiaresort (3 Beach apartments and 1 troiavillage townhouse) were signed, with year to date sales deeds totalling 20 units. Resort Development thus posted an 11.4 million euro turnover and negative 0.3 million euro operational cash‐flow (EBITDA) in the nine months.

Selfrio Group's performance continued to be affected by the construction industry slowdown and by the postponement of investment projects in the retail sector. Selfrio contributed 54.3 million euro (61.4 million euro) to consolidated turnover and 3.7 million euro (5.6 million euro) to consolidated operational cash‐flow (EBITDA).

Net profit for the nine months period was close to zero, and included a 6.6 million euro capital gain on the sale of Box Lines and positive 2.4 million euro of profits from associated undertakings (mostly TP and Imosede Fund).

Values in 106 Selected Financial data euro
		3Q			9M
	2010	2009	% Chg.	2010	2009	% Chg.
Turnover	48.9	57.5	‐15.1%	138.1	219.9	‐37.2%
EBITDA	1.6	6.0	‐73.3%	3.6	49.6	‐92.8%
EBIT	‐0.6	2.2	‐	‐7.3	37.2	‐
Net Financial Expenses	‐1.9	‐2.3	+17.3%	‐5.9	‐8.5	+30.5%
Investment Income	6.2	8.0	‐22.6%	5.7	10.2	‐43.6%
Net Profit	5.4	8.3	‐35.6%	0.0	30.2	‐

	30.09.10	31.12.09	% Chg.
Capex	4.4	46.6	‐90.6%
Net Debt	278.3	277.9	+0.1%

Main Contributions to Consolidated Turnover (M.€)

Main Contributions to Consolidated EBITDA

2. Selected Main Events

During the first nine months of the year, the following events were announced to the market:

Asset disposals

14 April 2010

Sonae Capital, SGPS, SA informed about the sale of 100% of the share capital of Societé des Essences Fines Isoroy, as well as loans to Essences Fines, for 2 euro, to Essences Fines Holding, SAS, a French company owned by third parties. The positive impact of this transaction on the 2010 consolidated results amounted to 1.5 million euro.

5 August 2010

Sonae Capital, SGPS, SA informed about the agreement signed with Via Marítima – SGPS, Lda, a company owned by the Sousa Investimentos Group, regarding the terms of the sale of the whole of the share capital of Box Lines – Navegação, SA. This transaction results in a cash inflow of around 10.5 million euro, with a positive impact of 6.6 million euro on the 2010 consolidated results of Sonae Capital.

17 September 2010

Sonae Capital, SGPS, SA informed about the decision of non opposition by the Competition Authority to the sale of the its entire shareholding in Box Lines, on 16 September 2010, with the contractual terms for the sale becoming effective as from that date.

3. Consolidated Financial Statements Review

Notes:

The consolidated financial statements of Sonae Capital as at 30 September 2009, include the following contributions from the Plysorol Group (plywood business) and Elmo (sole shareholder of Plysorol) under discontinued operations:

• 9 months income statement from Elmo;
• the consolidated financial position of Elmo as at 30 September 2009 and that of Plysorol as at 30 September 2008 (last available information).

Following the sale, on 30 December 2009, of the shareholding in Elmo (sole shareholder of Plysorol) and the subsequent loss of control over the Plysorol Group (plywood business) these businesses are no longer included in the consolidated financial position of Sonae Capital as at 30 September 2010.

Following the sale of the shareholding in Box Lines, which became effective in September 2010, the 9 month contribution of this company to the 2010 and 2009 consolidated income statements are shown under discontinued operations, in addition to those of Elmo and the Plysorol Group in 2009. The consolidated balance sheet of Sonae Capital as at 30 September does not include Box Lines, while that as at 31 December 2009 does (again disclosed under discontinued operations for the purposes of this report).

3.1. Consolidated Profit and Loss Statement

						Values in 103 euro
	9M 10	9M 10	9M 10	9M 09	9M 09	9M 09
	Total	Discontinued	Continued	Total	Discontinued	Continued
	Operations	Operations	Operations	Operations	Operations	Operations
Turnover	138,142.9	26,713.8	111,429.2	219,918.1	28,920.5	190,997.6
Other Operational Income	7,480.2	93.9	7,386.3	16,571.9	218.4	16,353.6
Total Operational Income	145,623.1	26,807.7	118,815.5	236,490.1	29,138.9	207,351.2
Cost of Goods Sold	‐27,823.5	1.6	‐27,825.1	‐37,423.1	10.5	‐37,433.6
Change in Stocks of Finished Goods	‐8,090.5	0.0	‐8,090.5	‐9,573.0	0.0	‐9,573.0
External Supplies and Services	‐66,137.4	‐24,513.4	‐41,624.0	‐100,820.9	‐26,850.4	‐73,970.5
Staff Costs	‐32,572.3	‐1,131.4	‐31,440.9	‐35,876.5	‐1,778.2	‐34,098.4
Other Operational Expenses	‐4,492.5	‐141.7	‐4,350.8	‐2,756.1	‐149.4	‐2,606.7
Total Operational Expenses	‐139,116.1	‐25,784.9	‐113,331.2	‐186,449.6	‐28,767.4	‐157,682.2
Operational Cash‐Flow (EBITDA)	3,572.1	1,022.7	2,549.3	49,610.6	0.0	49,610.6
Amortisation and Depreciation	‐10,263.6	‐160.5	‐10,103.1	‐9,054.7	‐158.2	‐8,896.5
Provisions and Impairment Losses	‐3,547.8	‐12.2	‐3,535.6	‐3,819.2	‐44.2	‐3,775.0
Operational Profit/(Loss) (EBIT)	‐7,304.3	850.1	‐8,154.4	37,166.6	169.1	36,997.5
Net Financial Expenses	‐5,887.3	‐9.1	‐5,878.3	‐8,468.8	‐1,323.1	‐7,145.7
Share of Results of Associated Undertakings	2,382.5	0.0	2,382.5	1,713.8	0.0	1,713.8
Investment Income	5,742.9	6,640.0	‐897.1	10,181.3	0.0	10,181.3
Profit before Taxation	‐5,066.2	7,481.0	‐12,547.3	40,592.8	‐1,154.0	41,746.8
Taxation	5,055.7	‐54.5	5,110.1	‐10,382.4	154.5	‐10,536.9
Net Profit	‐10.6	7,426.6	‐7,437.1	30,210.5	‐999.4	31,209.9
Attributable to Equity Holders of Sonae Capital	‐400.7	7,426.6	‐7,827.3	29,036.6	‐999.4	30,036.1
Attributable to Non‐Controlling Interests	390.1	0.0	390.1	1,173.8	0.0	1,173.8

3.1.1. Year to Date Profit and Loss Statement

During the first nine months of the year, the contributions of the businesses to the Group's 138.1 million euro (219.9 million euro) of consolidated turnover were as follows:

Compared to the same period of last year, turnover for the first nine months of 2010 continued to be impacted primarily by the slowdown in real estate sales at troiaresort. Resort development contribution was 11.4 million euro (78.7 million euro), reflecting the 20 sales deeds signed in the reporting period, compared to 143 signed in the first nine months of 2009 (most of which relate to promissory purchase agreements signed between the fourth quarter of 2008 and the first half of 2009).

On a like for like basis, i.e., excluding the contribution of the catering business which was discontinued in 2010, at both the Porto Palácio Hotel and Tróia (2.2 million euro and 0.4 million euro, respectively, in the first nine months of 2009), contributions to consolidated turnover improved in all hotel units. Porto Palácio Hotel increased turnover by 0.1 million euro (2%) to 5.4 million euro, with a 2.3 p.p. increase in occupancy rates and an average daily revenue of 90.8 euro. Turnover at Aqualuz Lagos grew 12% to 1.6 million euro, although it includes only 8 months of operation in the period, since the aparthotel was closed in January for annual maintenance. The occupancy rate grew 7.6 p.p. with average daily revenue reaching 64.0 euro. The results for the summer season at Aqualuz troiaresort aparthotels demonstrate how its position as a beach and sun destination has been consolidated: its turnover grew 0.2 million euro, to 4.3 million euro, with average daily revenue increasing 5% to 104.1 euro and occupancy rates slightly above the same period last year.

Personal trainer value added services drove a 0.3 million euro increase in Fitness turnover, which amounted to 13.9 million euro in the year to date period.

Excluding the impact of the Imosede Fund (accounted for using the equity method since June 2009), the contribution from SC Assets to consolidated turnover increased 2.0 million euro, to 5.5 million euro, mostly due to higher sales of real estate assets, reflecting the Group's strategy to sell non‐core assets. During the first nine months of 2010, 5 sales deeds for City Flats / City Lofts apartments were signed (3 in the same period last year) and one was exchanged for an apartment in another of SC Assets' residential condominium, leading to a 0.9 million euro increase in Residential Property Development turnover, to 1.6 million euro.

The Selfrio Group was the main contributor to consolidated turnover, with 54.3 million euro, 12% less than in the same period last year. This decrease was due entirely to the Cold Engineering business, whose turnover decreased by 7.2 million euro. Meanwhile, HVAC's turnover was 26.0 million euro, while that of General Maintenance services grew 2% to 4.6 million euro.

The Energy and Environment business contributed 3.8 million euro to consolidated turnover, a 3.5 million euro increase driven by the cogeneration unit acquired in September 2009.

Other businesses include Atlantic Ferries, where turnover decreased 0.3 million euro to 3.9 million euro due to a 15% decrease in vehicle traffic. This impact was partially offset by an 11% increase in passenger traffic. No significant changes occurred in turnover levels for the Resort Management businesses (golf, marina and supermarket).

The main contributors to consolidated operational cash‐flow (EBITDA) for the first nine months of the year, totalling 3.6 million euro (49.6 million euro), were as follows:

Resort Development generated negative 0.3 million euro consolidated operational cash‐flow (EBITDA), compared to positive 39.8 million euro in the same period of last year. The decrease is explained by the pattern of property sales deeds completed to date, the majority of them having been signed in the first half of 2009 and originated in previous periods.

Operational cash‐flow (EBITDA) of the Hotel business was negative 3.8 million euro, a 0.2 million euro improvement, due to cost efficiency programmes which are being implemented through a centralized management structure set up to manage all hotel units. The Porto Palácio Hotel and Aqualuz troiaresort aparthotels each improved their operational performance by around 0.2 million euro to negative 1.3 million euro and negative 1.9 million euro, respectively, while that of Aqualuz Lagos decreased 0.2 million euro to negative 0.7 million euro.

As a result of increasing turnover of value added services (namely personal trainer) and tighter cost control, Fitness posted a 34% increase in profitability, making a contribution to consolidated operational cash‐flow (EBITDA) of 2.6 million euro.

SC Assets' operational cash‐flow (EBITDA) was 1.1 million euro, a decrease of 7.3 million euro, basically corresponding to the contribution from the Imosede Fund in the first five months of 2009 (since June 2009, the Fund has been accounted for using the equity method).

Selfrio Group's operational cash‐flow (EBITDA) in the period decreased 1.9 million euro to 3.7 million euro (5.6 million euro), generating a 7% margin (9%). In contrast to General Maintenance services, which posted a 0.2 million euro increase in operational cash‐flow (EBITDA), to 0.3 million euro, margins in the Cold Engineering and HVAC businesses decreased compared to the same period last year, because of tougher competition driven by the adverse macroeconomic environment, making contributions to operational cash‐flow (EBITDA) of 1.0 million euro and 2.0 million euro, respectively.

The Energy and Environment business contributed positive 0.6 million euro to consolidated operational cash‐flow (EBITDA) (negative 0.2 million euro), due mainly to the performance of the new cogeneration unit acquired in September 2009.

Among other businesses, a significant contribution came from Atlantic Ferries, which posted operational cash‐flow (EBITDA) of 0.4 million euro, an improvement over the 0.2 million euro for the same period last year, mainly as a result of cost savings made possible by changes in transport schedules.

Depreciation and amortisation totalled 10.3 million euro, an increase of 1.2 million euro due to the impact of full period contributions from new assets which recently entered service, namely:

• Aparthotel units at troiaresort (opened in January and March 2009);
• The two new Atlantic Ferries catamarans (which began operating at the end of July 2009), and;
• Ecociclo II, a cogeneration unit acquired in September 2009.

Provisions and impairment losses for the period include costs relating to the overall upgrade of troiaresort infrastructure built during the development phase and apportioned to real estate projects for sale in the Central and Beach areas (UNOP's 1 and 2), which will be expensed as the revenue from sales of those residential units is recorded. Thus, the amount of provisions and impairment losses recorded in the nine months includes 1.2 million euro relating to assets for which impairment losses had already been recorded in previous quarters (expensed following the sale of 20 residential units in the first nine months of 2010) and 1.0 million euro relating to assets for which impairment losses were recorded for the first time (expensed following the sale of 219 residential units up to the end of September 2010). Around 0.7 million euro were booked in the period as provisions and impairment losses for other real estate assets.

Net financial expenses continued to fall as a result of the decrease in the average cost of debt following the sharp fall that has taken place in market interest rates. The total for the period was 5.9 million euro (8.5 million euro).

Profits from associated undertakings increased 0.7 million euro to 2.4 million euro, and include 1.4 million euro from TP and 1.7 million euro from the Imosede Fund.

Investment income for the period of 5.7 million euro includes capital gains from the sale of Essences Fines (1.5 million euro) and Box Lines (6.6 million euro), partially offset by 2.1 million euro of impairment losses on shareholdings in associated undertakings.

The net profit for the period was 0.0 million euro (net profit of 30.2 million euro in the first nine months of 2009), and includes the impact of lower current taxes and of higher deferred tax assets arising from impairment losses and from tax losses carried forward.

3.1.2. Quarterly Profit and Loss Statement

Values in 10³ euro

	3Q 10	3Q 10	3Q 10	3Q 09	3Q 09	3Q 09
	Total	Discontinued	Continued	Total	Discontinued	Continued
	Operations	Operations	Operations	Operations	Operations	Operations
Turnover	48,855.8	9,173.9	39,681.9	57,533.4	10,018.7	47,514.7
Other Operational Income	3,512.0	187.4	3,324.6	1,179.1	244.2	934.9
Total Operational Income	52,367.8	9,361.3	43,006.5	58,712.6	10,262.9	48,449.6
Cost of Goods Sold	‐10,468.3	1.6	‐10,469.9	‐11,945.8	10.5	‐11,956.3
Change in Stocks of Finished Goods	‐2,881.3	0.0	‐2,881.3	‐979.3	0.0	‐979.3
External Supplies and Services	‐22,731.2	‐8,252.8	‐14,478.3	‐27,299.1	‐9,162.6	‐18,136.5
Staff Costs	‐10,118.9	‐381.2	‐9,737.7	‐11,835.3	‐441.7	‐11,393.5
Other Operational Expenses	‐2,360.7	18.1	‐2,378.8	‐523.0	‐67.8	‐455.1
Total Operational Expenses	‐48,560.3	‐8,614.3	‐39,946.1	‐52,582.4	‐9,661.7	‐42,920.7
Operational Cash‐Flow (EBITDA)	1,613.0	755.3	857.7	6,043.0	650.9	5,392.2
Amortisation and Depreciation	‐3,417.6	‐51.6	‐3,366.0	‐3,162.6	‐55.1	‐3,107.5
Provisions and Impairment Losses	‐953.6	0.0	‐953.6	‐743.4	‐4.0	‐739.4
Operational Profit/(Loss) (EBIT)	‐563.7	695.4	‐1,259.1	2,224.1	542.1	1,682.0
Net Financial Expenses	‐1,941.0	‐14.0	‐1,927.1	‐2,346.0	‐361.7	‐1,984.4
Share of Results of Associated Undertakings	877.0	0.0	877.0	721.6	0.0	721.6
Investment Income	6,220.8	6,640.0	‐419.2	8,040.6	0.0	8,040.6
Profit before Taxation	4,593.0	7,321.4	‐2,728.4	8,640.3	180.5	8,459.8
Taxation	775.8	‐38.1	813.9	‐298.0	‐151.0	‐147.1
Net Profit	5,368.9	7,283.3	‐1,914.5	8,342.3	29.5	8,312.7
Attributable to Equity Holders of Sonae Capital	5,025.5	7,283.4	‐2,257.8	8,160.5	29.5	8,130.9
Attributable to Non‐Controlling Interests	343.3	0.0	343.3	181.8	0.0	181.8

Quarterly consolidated turnover decreased 8.7 million euro to 48.8 million euro, 5.2 million euro explained by the lower number of property sales deeds at troiaresort signed in the quarter (4 deeds yielding 2.1 million euro in turnover, compared to 15 signed in the same period last year).

The Selfrio Group's quarterly turnover totalled 19.0 million euro, down 8% due to decreases of 2.9 million euro and 0.2 million euro in Cold Engineering and General Maintenance services, respectively.

On a like for like basis, i.e., excluding the catering operation which was discontinued in 2010, turnover from Hotel Operations grew by 0.3 million euro to 5.8 million euro. Every hotel unit increased its contribution to turnover by 0.2 million euro, with units at troiaresort benefiting from stronger promotional activity by tour operators, the impact of which was not significant in 2009.

Higher turnover (0.3 million euro) from SC Assets reflects the higher level of sales of real estate assets in the quarter.

The cogeneration business, acquired in September 2009, explains most of the growth in the Energy and Environment contribution to turnover, from 0.1 million euro in the third quarter of 2009 to 1.3 million euro in the same period in 2010.

There were no other significant changes among other businesses in turnover in comparison to the third quarter of 2009.

Consolidated operational cash‐flow (EBITDA) for the quarter amounted to 1.6 million euro (6.0 million euro). Most of the decrease compared to third quarter 2009 was due to lower sales volumes and recurrent maintenance and promotion costs at troiaresort. Resort Development contributed negative 1.5 million euro in the quarter (positive 1.6 million euro), while Hotel Operations made a zero contribution, down 0.1 million euro on a like for likes basis (i.e. excluding the catering business from the 2009 figures). The Selfrio Group also saw its contribution to consolidated operational cash‐flow (EBITDA) decrease 0.4 million euro to 1.5 million euro, with profitability in the Cold Engineering and HVAC business segments impacted by difficult market conditions.

The highest rate of growth in operational cash‐flow (EBITDA) contribution came from the Energy and Environment business, with a 0.3 million euro increase to positive 0.2 million euro.

The 0.2 million euro increase in the share of results of associated undertakings in the quarter is mostly explained by the higher contribution in the quarter from TP, at 0.4 million euro.

Investment income for the period includes a 6.6 million euro capital gain from the sale of Box Lines. It should be noted that in the third quarter of 2009, investment income included a capital gain of around 8 million euro from the sale of the shareholding in Sonae Indústria.

			Values in 103 euro
	30.09.2010	31.12.2009	∆
Tangible and Intangible Assets	265,242.7	291,421.5	‐9.0%
Goodwill	61,133.3	61,350.0	‐0.4%
Non‐Current Investments	72,500.8	71,837.9	+0.9%
Other Non‐Current Assets	34,384.4	36,243.0	‐5.1%
Stocks	229,842.3	227,548.6	+1.0%
Trade Debtors and Other Current Assets	63,218.1	78,560.6	‐19.5%
Cash and Cash Equivalents	4,385.5	2,805.3	+56.3%
Total Assets	730,707.2	769,766.7	‐5.1%
Total Equity attributable to Equity Holders of Sonae
Capital	332,122.1	333,620.1	‐0.4%
Total Equity attributable to Non‐Controlling
Interests	11,719.1	11,319.2	+3.5%
Total Equity	343,841.1	344,939.4	‐0.3%
Non‐Current Borrowings	161,774.7	235,922.5	‐31.4%
Deferred Tax Liabilities	3,265.7	3,143.0	+3.9%
Other Non‐Current Liabilities	40,387.6	40,815.6	‐1.0%
Non‐Current Liabilities	205,428.1	279,881.1	‐26.6%
Current Borrowings	120,944.7	44,800.6	>100%
Trade Creditors and Other Current Liabilities	59,099.1	97,766.6	‐39.6%
Provisions	1,394.1	2,379.0	‐41.4%
Current Liabilities	181,437.9	144,946.2	+25.2%
Total Liabilities	386,866.0	424,827.3	‐8.9%
Total Equity and Liabilities	730,707.2	769,766.7	‐5.1%

3.2 Consolidated Balance Sheet

Capex for the period amounted to 4.4 million euro, significantly below levels of previous years as a result of restrictions imposed by the Group's investment policy given the current challenging environment. troiaresort accounted for around 1.4 million euro of consolidated capex and Fitness

circa 0.5 million euro. Spred accounted for 1.6 million euro, of which Energy and Environment made up 1.1 million euro and Atlantic Ferries and the Selfrio Group 0.2 million euro each.

Investment, recorded as changes in work in progress for real estate projects under development, amounted to 1.3 million euro (0.9 in troiaresort and 0.4 in Efanor), with the conclusion of the Ácala building being the most significant event during the period.

As at 30 September 2010, Net Debt amounted to 278.3 million euro, an increase of 0.4 million euro up on Net Debt as at 31 December 2009.

Gearing was 80.9% (80.6% as at 31 December 2009) and interest cover for the last 12 months was 0.8 (5.6 as at 31 December 2009).

4. Appendix

4.1. Contributions Per Business Area

Turnover	3Q 10	3Q 09		9M 10	9M 09	
Tourism Operations	14,189.2	19,925.2	‐28.8%	40,531.5	109,352.2	‐62.9%
Resort Development	2,118.1	7,260.2	‐70.8%	11,387.2	78,658.9	‐85.5%
Resort Management (Golf, Marina and Market)	1,245.4	1,122.6	+10.9%	1,930.2	1,864.5	+3.5%
Hotels	5,798.5	6,621.6	‐12.4%	11,400.6	13,463.8	‐15.3%
Fitness	4,329.2	4,238.2	+2.1%	13,935.3	13,527.6	+3.0%
Entertainment	697.9	682.5	+2.3%	1,878.2	1,837.4	+2.2%
Other	0.5	4.8	‐90.1%	1.6	7.6	‐78.7%
Turismo's contribution	14,189.7	19,930.0	‐28.8%	40,533.1	109,359.8	‐62.9%
Residential Property Development	310.8	316.2	‐1.7%	1,640.9	659.2	>100%
Efanor	26.7	36.3	‐26.6%	106.7	105.3	+1.3%
City Flats	163.4	121.5	+34.5%	899.6	371.7	>100%
Other	120.7	158.3	‐23.8%	634.6	182.3	>100%
Other Real Estate Assets	1,664.6	1,335.9	+24.6%	3,874.2	2,793.2	+38.7%
Other	0.0	‐1.3	‐	0.0	2,736.5	‐
SC Assets's contribution	1,975.5	1,650.8	+19.7%	5,515.1	6,188.9	‐10.9%
Atlantic Ferries	2,279.5	2,097.3	+8.7%	3,861.2	4,126.5	‐6.4%
Box Lines	9,324.7	10,236.6	‐8.9%	26,864.6	29,138.4	‐7.8%
Selfrio Group	19,000.7	20,760.2	‐8.5%	54,303.9	61,411.5	‐11.6%
Energy and Environment	1,317.3	97.4	>100%	3,773.2	293.1	>100%
Other	734.8	2,727.4	‐73.1%	3,196.8	9,234.1	‐65.4%
Spred's contribution	32,657.0	35,918.9	‐9.1%	91,999.7	104,203.6	‐11.7%

Values in 10³ euro

Values in 10³ euro

Operational Cash‐Flow (EBITDA)	3Q 10	3Q 09		9M 10	9M 09	
Tourism Operations	‐746.2	2,501.2	‐	‐2,013.4	37,003.7	‐
Resort Development	‐1,315.2	1,625.1	‐	‐348.5	39,762.7	‐
Resort Management (Golf, Marina and Market)	‐93.9	‐160.9	+41.6%	‐572.7	‐701.1	+18.3%
Hotels	‐10.1	464.2	‐	‐3,821.1	‐4,010.1	+4.7%
Fitness	603.7	477.6	+26.4%	2,602.3	1,943.7	+33.9%
Entertainment	69.4	95.2	‐27.1%	126.6	8.6	>100%
Other	‐455.3	57.9	‐	‐94.3	‐26.8	<‐100%
Turismo's contribution	‐1,201.4	2,559.1	‐	‐2,107.6	36,977.0	‐
Residential Property Development	‐214.4	‐274.2	+21.8%	‐745.3	‐852.1	+12.5%
Efanor	‐231.2	‐56.4	<‐100%	‐452.7	‐180.1	<‐100%
City Flats	45.3	‐5.1	‐	218.4	11.8	>100%
Other	‐28.5	‐212.6	+86.6%	‐511.0	‐683.8	+25.3%
Other Real Estate Assets	800.6	1,039.8	‐23.0%	2,745.3	6,788.5	‐59.6%
Other	‐853.3	6.7	‐	‐874.2	2,394.9	‐
SC Assets's contribution	‐267.1	772.3	‐	1,125.8	8,331.3	‐86.5%
Atlantic Ferries	1,005.8	883.2	+13.9%	350.5	165.4	>100%
Box Lines	747.0	603.2	+23.8%	1,022.8	376.0	>100%
Selfrio Group	1,475.4	1,909.2	‐22.7%	3,669.6	5,576.8	‐34.2%
Energy and Environment	245.1	‐97.1	‐	603.4	‐223.7	‐
Other	‐18.0	‐192.6	+90.7%	‐150.1	‐742.1	+79.8%
Spred's contribution	3,455.3	3,105.8	+11.3%	5,496.1	5,152.4	+6.7%

4.2. Operational Data

Sales data troiaresort sales information as at 16 November 2010
		Promissory Purchase Agreements			# Deeds		Total # Units	% of Total
	1 #	Area2	Price3	#	Area2	Price3	(Sold + Pre Sold)
Beach Apartments [211 uni ts ]	1	119.9	4,337	140	125.4	4,087	141	67%
Marina Apartments [78 uni ts ]	0	0.0	0	45	82.3	3,949	45	58%
Beach, Lake and Golf Land Plots4
[96 uni ts ]	1	343.8	2,164	31	343.8	3,227	32	33%
Aqualuz troiamar [35 uni ts ]	0	0.0	0	1	87.7	4,002	1	3%
Aqualuz troialagoa [40 uni ts ]	0	0.0	0	1	171.0	4,678	1	3%
troiaresort Village
[90 uni ts ]	0	0.0	0	1	159.0	3,646	1	3%
Ácala Building
[71 uni ts ]	0	0.0	0	0	0.0	0	0	0%

¹ Number of pre sold units (Promissory Purchase Agreement) net of units with deeds already signed.

² Average areas (m2 ), including indoor areas as well as balcony and terrace areas.

³ Average sales price (€/m2 ).

⁴ Average sales price of the plot of land, since the buyer is responsible for construction. All plots have an approved GCA of 343.8 m2 .

Since the last reporting date (24 August 2010) and up to 16 November 2010, a buyer made a request to exchange a Marina apartment for a Beach apartment, which was accepted.

As at 16 November 2010, there were 4 open reservations for units at troiaresort, 3 for troiavillage townhouses and for 1 Ácala Building apartment.

Sales data			Residential Development sales information as at 16 November 2010
	Apartments Sold1	Average Area (m2 2 )	Average sales price (€/m2 )	Rentals3
City Flats / Lofts [212 uni ts ] Efanor ‐ Delfim Pereira da Costa Building [40 uni ts ]	101 0	51.0 0	2,000 0	n.a.
1 98 sales deeds already signed. 2 Includes indoor area as well as balcony and terrace areas. 3 5 of these rental contracts have an embedded purchase option. n.a. ‐ not applicable.
Selected Operational Data (16November 2010)			Sales informa tion
		Total # Units (Sold + Pre Sold)	Total # Available Units
Total troiaresort		221	400
City Flats/Lofts		101	111

Efanor ‐ Delfim Pereira da Costa Building 0 40

Rental yields	30 September2010	Capital employed in Other Real Estate Assets (M.€)	30 September 2010
	Yield		Capital employed
Warehouses	5.5%	Assets forsale	29.5
Offices	12.4%	Assets under operation	197.0
Retail	6.0%	Real estate projects	121.6
Parking	0.6%	Other assets	33.1
Residential*	6.6%
Hotels	5.2%	Total	381.2

* Excluding the Duque de Loulé project, where rental activi ty is being discontinued.

5. Share Price Performance

The share price of Sonae Capital (SONAC LS; SONC.PL) decreased 47.0% since the beginning of the year up until 30 September 2010, compared to a 11.3% decrease in the Portuguese Stock Market reference index (PSI‐20). Up to 16 November 2010, Sonae Capital's share price decreased 48.2%, closing at 0.43€, compared to a 8.1% decrease in the PSI‐20.

Performance of Sonae Capital's share price and volumes traded in the period, in Euronext Lisbon, was as follows:

Maia, 17 November 2010

Glossary

• Average Daily Revenue = Lodging Revenues / Number of rooms sold.
• Capex = Investment in Tangible and Intangible Assets.
• GCA (Gross Construction Area) = Area measured by the exterior perimeter of the exterior walls.
• Gearing = Net Debt / Equity.
• HVAC = Heating, Ventilation and Air Conditioning.
• Interest Cover Ratio = EBITDA (last 12 months) / Financial Charges.
• Net Debt = Non Current Loans + Current Loans Cash and Cash Equivalents Current Investments.
• Operational Cash‐Flow (EBITDA) = Operational Profit (EBIT) + Amortisation and Depreciation + Provisions and Impairment Losses + Impairment Losses of Real Estate Assets in Stocks (included in Cost of Goods Sold) – Reversal of Impairment Losses and Provisions (included in Other Operating Income).
• PPA = Promissory Purchase Agreement.
• UNOP (Operational Planning Unit) = Planning and management operational units as specified in the Tróia Urbanisation Plan approved by the Portuguese Government Cabinet Resolution nr. 23/2000.
• Yield = Annual Rents / Capital Employed.

CONSOLIDATED FINANCIAL STATEMENTS 30 SEPTEMBER 2010

(Translation from the Portuguese Original)

CONSOLIDATED BALANCE SHEETS AS AT 30 SEPTEMBER 2010 AND 31 DECEMBER 2009

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

(Amounts expressed in euro)

		30 September 2010			31 December 2009
ASSETS	Notes	Total Operations	Continued Operations	Total Operations	Continued Operations
NON-CURRENT ASSETS:
Tangible assets	8	257,941,002	257,941,002	283,922,679	283,431,775
Intangible assets	8	7,301,723	7,301,723	7,498,780	7,473,266
Goodwill	9	61,133,327	61,133,325	61,349,970	61,133,321
Investments in associated companies	5	71,163,902	71,163,902	69,233,729	69,233,729
Other investments	6 and 10	1,336,910	1,336,911	2,604,144	2,604,145
Deferred tax assets	14	18,301,656	18,301,656	10,643,346	10,637,262
Other non-current assets	11	16,082,785	16,082,785	25,599,607	25,599,607
Total Non-Current Assets		433,261,305	433,261,304	460,852,255	460,113,105
CURRENT ASSETS:
Stocks	12	229,842,255	229,842,255	227,548,617	227,548,617
Trade account receivables and other current assets	13	63,218,121	63,218,121	78,560,576	78,518,061
Investments held for trading		-	-	-	-
Cash and cash equivalents	15	4,385,471	4,385,471	2,805,280	2,571,748
Total Current Assets		297,445,847	297,445,847	308,914,473	308,638,426
TOTAL ASSETS		730,707,152	730,707,151	769,766,728	768,751,531
EQUITY AND LIABILITIES
EQUITY:
Share capital	16	250,000,000	250,000,000	250,000,000	250,000,000
Reserves and retained earnings		82,522,796	89,949,350	60,545,880	67,664,472
Profit/(Loss) for the year attributable to the equity holders of Sonae Capital		(400,719)	(7,827,275)	23,074,268	22,382,235
Equity attributable to the equity holders of Sonae Capital		332,122,077	332,122,075	333,620,148	340,046,707
Equity attributable to non-controlling interests	17	11,719,060	11,719,060	11,319,241	11,319,231
TOTAL EQUITY		343,841,137	343,841,135	344,939,389	351,365,938
LIABILITIES:
NON-CURRENT LIABILITIES:
Bank Loans	18	161,774,713	161,774,713	235,922,518	235,922,518
Other non-current liabilities	20	37,201,633	37,201,634	36,820,270	36,820,270
Deferred tax liabilities	14	3,265,744	3,265,744	3,142,990	3,141,123
Provisions Total Non-Current Liabilities	23	3,185,974 205,428,064	3,185,975 205,428,066	3,995,369 279,881,147	3,995,370 279,879,281
CURRENT LIABILITIES: Bank Loans	18	120,944,740	120,944,740	44,800,559	44,800,559
Trade creditors and other non-current liabilities	22	59,099,062	59,099,061	97,766,631	90,326,751
Provisions	23	1,394,149	1,394,149	2,379,002	2,379,002
Total Current Liabilities		181,437,951	181,437,950	144,946,192	137,506,312
TOTAL LIABILITIES		386,866,015	386,866,016	424,827,339	417,385,593
TOTAL EQUITY AND LIABILITIES		730,707,152	730,707,151	769,766,728	768,751,531

The accompanying notes are part of these financial statements.

CONSOLIDATED INCOME STATEMENTS BY NATURE

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2010 AND 2009

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

(Amounts expressed in euro)

			30 September 2010		30 September 2009
	Notes	Total Operations	Discontinued Operations	Continued Operations	Total Operations	Discontinued Operations	Continued Operations
Operational income
Sales		62,947,937	-	62,947,937	139,022,579	-	139,022,579
Services rendered		75,194,991	26,713,773	48,481,218	80,895,552	28,920,547	51,975,005
Other operational income	8	7,480,212	93,909	7,386,303	16,571,930	218,356	16,353,574
Total operational income		145,623,140	26,807,682	118,815,458	236,490,061	29,138,903	207,351,158
Operational expenses
Cost of goods sold and materials consumed		(27,823,495)	1,627	(27,825,122)	(37,423,063)	10,516	(37,433,579)
Changes in stocks of finished goods and work in progress		(8,090,508)	-	(8,090,508)	(9,572,972)	-	(9,572,972)
External supplies and services		(66,137,364)	(24,513,409)	(41,623,955)	(100,820,900)	(26,850,416)	(73,970,484)
Staff costs		(32,572,269)	(1,131,418)	(31,440,851)	(35,876,519)	(1,778,150)	(34,098,369)
Depreciation and amortisation	8	(10,263,554)	(160,453)	(10,103,101)	(9,054,724)	(158,210)	(8,896,514)
Provisions and impairment losses	8	(3,547,767)	(12,194)	(3,535,573)	(3,819,195)	(44,172)	(3,775,023)
Other operational expenses		(4,492,490)	(141,732)	(4,350,758)	(2,756,109)	(149,362)	(2,606,747)
Total operational expenses		(152,927,447)	(25,957,579)	(126,969,868)	(199,323,482)	(28,969,794)	(170,353,688)
Operational profit/(loss)		(7,304,307)	850,103	(8,154,410)	37,166,579	169,109	36,997,470
Financial Expenses		(7,071,479)	(12,409)	(7,059,070)	(10,580,998)	(1,324,263)	(9,256,735)
Financial Income		1,184,153	3,352	1,180,801	2,112,196	1,176	2,111,020
Net financial expenses		(5,887,326)	(9,057)	(5,878,269)	(8,468,802)	(1,323,087)	(7,145,715)
Share of results of associated undertakings	5	2,382,469	-	2,382,469	1,713,751	-	1,713,751
Investment income		5,742,921	6,639,998	(897,077)	10,181,319	(1)	10,181,320
Profit/(Loss) before taxation		(5,066,243)	7,481,044	(12,547,287)	40,592,847	(1,153,979)	41,746,826
Taxation	26	5,055,653	(54,488)	5,110,141	(10,382,366)	154,540	(10,536,906)
Profit/(Loss) for the year	27	(10,590)	7,426,556	(7,437,146)	30,210,481	(999,439)	31,209,920
Attributable to:
Equity holders of Sonae Capital		(400,719)	7,426,556	(7,827,275)	29,036,632	(999,439)	30,036,071
Non-controlling interests	17	390,129	-	390,129	1,173,849	-	1,173,849
Profit/(Loss) per share
Basic	28	(0.001603)	0.029706	(0.031309)	0.116147	(0.003998)	0.120144
Diluted	28	(0.001603)	0.029706	(0.031309)	0.116147	(0.003998)	0.120144

The accompanying notes are part of these financial statements.

CONSOLIDATED INCOME STATEMENTS BY NATURE

FOR THE 3rd QUARTERS OF 2010 AND 2009

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

(Amounts expressed in euro)

	Total Operations		Continued Operations
Notes	3rd Quarter 10 1	3rd Quarter 09 1	3rd Quarter 10 1	3rd Quarter 09 1
Operational income:
Sales	20,510,616	27,650,423	20,510,616	27,650,423
Services rendered	28,345,162	29,883,009	19,171,254	19,864,273
Other operational income	3,511,983	1,179,147	3,324,629	934,945
Total operational income	52,367,761	58,712,579	43,006,499	48,449,641
Operational expenses
Cost of goods sold and materials consumed	(10,468,304)	(11,945,772)	(10,469,931)	(11,956,288)
Changes in stocks of finished goods and work in progress	(2,881,334)	(979,259)	(2,881,334)	(979,259)
External supplies and services	(22,731,161)	(27,299,134)	(14,478,326)	(18,136,498)
Staff costs	(10,118,866)	(11,835,275)	(9,737,672)	(11,393,540)
Depreciation and amortisation	(3,417,589)	(3,162,630)	(3,366,006)	(3,107,507)
Provisions and impairment losses	(953,583)	(743,398)	(953,583)	(739,417)
Other operational expenses	(2,360,655)	(522,967)	(2,378,792)	(455,138)
Total operational expenses	(52,931,492)	(56,488,435)	(44,265,644)	(46,767,647)
Operational profit/(loss)	(563,731)	2,224,144	(1,259,145)	1,681,994
Financial Expenses	(2,217,882)	(3,050,404)	(2,202,279)	(2,688,732)
Financial Income	276,845	704,359	275,220	704,338
Net financial expenses	(1,941,037)	(2,346,045)	(1,927,059)	(1,984,394)
Share of results of associated undertakings	877,044	721,626	877,044	721,626
Investment income	6,220,758	8,040,582	(419,240)	8,040,582
Profit/(Loss) before taxation	4,593,034	8,640,307	(2,728,400)	8,459,808
Taxation	775,843	(298,024)	813,925	(147,068)
Profit/(Loss) for the period	5,368,877	8,342,283	(1,914,475)	8,312,740
Attributable to:
Equity holders of Sonae Capital	5,025,530	8,160,465	(2,257,822)	8,130,922
Non-controlling interests	343,347	181,818	343,347	181,818
Profit/(Loss) per share
Basic	0.020102	0.032642	(0.009031)	0.032524
Diluted	0.020102	0.032642	(0.009031)	0.032524

The accompanying notes are part of these financial statements.

¹ Prepared in accordance with IAS 34 - Interim Financial Reporting. Not subject to limited review.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2010 AND 2009

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

(Amounts expressed in euro)

Total Operations	Discontinued	Continued
	Operations	Operations	Total Operations	Discontinued Operations	Continued Operations
(10,590)	7,426,556	(7,437,146)	30,210,481	(999,439)	31,209,920
106,114	-	106,114	616,970	-	616,970
17,772	-	17,772	-	-	-
-	-	-	(1,952,931)	-	(1,952,931)
(1,559,848)	-	(1,559,848)	304,749	-	304,749
(1,435,962)	-	(1,435,962)	(1,031,212)	-	(1,031,212)
(1,446,552)	7,426,556	(8,873,108)	29,179,269	(999,439)	30,178,708
(1,848,481)	7,426,556	(9,275,037)	27,917,887	(999,439)	28,917,326 1,261,382
	401,929	-	401,929		1,261,382 -

The accompanying notes are part of these financial statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 3rd QUARTERS OF 2010 AND 2009

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

(Amounts expressed in euro)

		3rd Quarter 10 1			3rd Quarter 09 1
	Total Operations	Discontinued Operations	Continued Operations	Total Operations	Discontinued Operations	Continued Operations
Consolidated net profit/(loss) for the period	5,368,877	7,283,352	(1,914,475)	8,342,283	29,543	8,312,740
Exchange differences on translating foreign operations	(51,716)	-	(51,716)	73,251	-	73,251
Share of other comprehensive income of associates and joint ventures accounted for by the equity method (Note 5)	-	-	-	-	-	-
Change in the fair value of assets available for sale	-	-	-	(8,632,145)	-	(8,632,145)
Change in the fair value of cash flow hedging derivatives	(403,697)	-	(403,697)	-	-	-
Other comprehensive income for the period	(455,413)	-	(455,413)	(8,558,894)	-	(8,558,894)
Total comprehensive income for the period	4,913,464	7,283,352	(2,369,888)	(216,611)	29,543	(246,154)
Attributable to: Equity holders of Sonae Capital Non-controlling interests	4,589,919 323,545	7,283,352 -	(2,693,433) 323,545	(420,142) 203,531	29,543 -	(449,685) 203,531

The accompanying notes are part of these financial statements.

¹ Prepared in accordance with IAS 34 - Interim Financial Reporting. Not subject to limited review.

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

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2010 AND 2009

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

(Amounts expressed in Euro)

					Att ribu tab le to Eq	uity Ho lder s o	f So Ca pita l nae
	Not es	Sha re Cap ital	Dem er Res erg erve (No te 1 6)	Tra nsla tion Res erve s	Fai lue Res r Va erve s	Hed ging Res erve s	Oth er R ese rves and ed Ear Re tain ning s	Sub al tot	Net Pro fit/( Los s)	Tot al	-Co Non ntro lling Inte rest s	Tot al E quit y
Bal t 1 Jan 20 09 anc e a s a uary		250 ,000 ,000	132 ,638 ,253	(1,8 01, 935 )	1,9 52, 931	(30 4,7 49)	(97 ,032 ,344 )	285 ,452 ,156	21, 393 ,605	306 ,845 ,76 1	49, 319 ,413	356 ,165 ,174
Tot al c olid d c hen sive inc e fo r th erio d ate ons om pre om e p		-	-	529 ,437	(1,9 ) 52, 931	304 ,749	-	(1,1 45) 18,7	29, 036 ,632	27, 917 ,887	1,2 61, 382	29, 179 ,269
App riat ion of p rofit of 200 8: rop Tra nsfe leg al r d re tain ed ning r to ese rves an ear s Divi den ds Oth han er c ges		- - -	- - -	- - -	- - -	- - -	21, 393 ,605 - 202 ,020	21, 393 ,605 - 202 ,020	(21 ,393 ,605 ) - -	- - 202 ,020	- - (47 ,789 ,708 )	- - (47 ,587 ,688 )
Bal Se mb t 30 pte er 2 009 anc e a s a		250 ,000 ,000	132 ,638 ,253	(1,2 ) 72, 498	-	-	(75 ) ,436 ,719	305 ,929 ,036	29, 036 ,632	334 ,965 ,668	2,7 91, 087	337 ,756 ,755
Bal t 1 Jan 20 10 anc e a s a uary		250 ,000 ,000	132 ,638 ,253	(1,2 39, 053 )	-	-	(70 ,853 ,320 )	310 ,545 ,880	23, 074 ,268	333 ,620 ,148	11, 319 ,24 1	344 ,939 ,389
Tot al c olid d c hen sive inc e fo r th erio d ate ons om pre om e p		-	-	74, 280	-	(1,5 39, 814 )	17, 772	(1,4 47, 762 )	(40 0,7 19)	(1,8 48, 481 )	401 ,929	(1,4 46, 552 )
App riat ion of p rofit of 200 9 rop Tra nsfe r to leg al r d re tain ed ning ese rves an ear s Divi den ds Oth han er c ges		- - -	- - -	- - -	- - -	- - -	23, 074 ,268 - 350 ,410	23, 074 ,268 - 350 ,410	(23 ) ,074 ,268 - -	- - 350 ,410	- - (2,1 10)	- - 348 ,300
Bal t 30 Se mb er 2 010 pte anc e a s a		250 ,000 ,000	132 ,638 ,253	(1,1 64, 773 )	-	(1,5 39, 814 )	(47 ,410 ,870 )	332 ,522 ,796	(40 0,7 19)	332 ,122 ,077	11, 719 ,060	343 ,84 1,13 7

The accompanying notes are part of these consolidated financial statements.

CONSOLIDATED STATMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2010 AND 2009

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

(Amounts expressed in Euro)

	Notes	30.09.2010	30.09.2009	3rd quarter 10 1	3rd quarter 09 1
OPERATING ACTIVITIES:
Cash receipts from trade debtors Cash receipts from trade creditors Cash paid to employees		140,591,919 (113,728,686) (32,457,099)	204,228,906 (128,346,379) (34,751,813)	48,193,944 (34,006,621) (10,045,953)	62,964,874 (42,870,319) (11,396,590)
Cash flow generated by operations		(5,593,866)	41,130,714	4,141,370	8,697,965
Income taxes (paid) / received Other cash receipts and (payments) relating to operating activities		(6,859,329) 5,279,483	(2,686,603) (5,374,581)	(2,042,275) 2,409,101	1,052,934 (3,964,708)
Net cash flow from operating activities (1)		(7,173,712)	33,069,530	4,508,196	5,786,191
INVESTMENT ACTIVITIES:
Cash receipts arising from:
Investments		4,466,643	23,538,062	4,078,095	21,911,388
Tangible assets		5,197,683	733,766	4,003,337	(10,269,028)
Intangible assets		-	117	-	-
Grants		-	2,349,358	-	1,372,868
Interest and similar income		272,022	1,123,415	130,003	1,119,380
Loans granted		11,425,369	13,359	23,909	13,359
Dividends		228,233 -	233,223 48	- -	- 48
Others		21,589,950	27,991,348	8,235,344	14,148,015
Cash Payments arising from:
Investments		(1,073,476)	(7,647,535)	(96,902)	(7,298,935)
Tangible assets		(5,106,486)	(31,879,282)	(2,128,129)	(6,548,841)
Intangible assets		(46,804)	(162,262)	(15,529)	(31,722)
Loans granted		(108,856)	(2,009,749)	(96,856)	-
Others		-	(625,402)	-	-
		(6,335,622)	(42,324,230)	(2,337,416)	(13,879,498)
Net cash used in investment activities (2)		15,254,328	(14,332,882)	5,897,928	268,517
FINANCING ACTIVITIES:
Cash receipts arising from: Loans obtained		2,620,499	96,629,410	(7,023,747)	91,187,423
Capital increases, additional paid in capital and share premiums		-	132,531	-	-
		2,620,499	96,761,941	(7,023,747)	91,187,423
Cash Payments arising from:
Loans obtained		(3,712,007)	(115,735,403)	(1,345,664)	(93,463,614)
Interest and similar charges		(6,716,436) -	(11,970,938) (1,889,837)	(3,294,548) 292,784	(4,780,752) (971,614)
Others
		(10,428,443)	(129,596,178)	(4,347,428)	(99,215,980)
Net cash used in financing activities (3)		(7,807,944)	(32,834,237)	(11,371,175)	(8,028,557)
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)		272,672	(14,097,589)	(965,051)	(1,973,849)
Effect of foreign exchange rate		(30,392)	(111,420)	6,711	(25,132)
Cash and cash equivalents at the beginning of the period	15	1,943,023	16,960,563	3,217,849	4,923,112
Cash and cash equivalents at the end of the period	15	2,246,087	2,974,394	2,246,087	2,974,394

The accompanying notes are part of these financial statements.

¹ Prepared in accordance with IAS 34 - Interim Financial Reporting. Not subject to limited review.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2010 AND 2009

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

(Amounts expressed in euro)

1. INTRODUCTION

SONAE CAPITAL, SGPS, SA ("Company", "Group" or "Sonae Capital") whose head‐office is at Lugar do Espido, Via Norte, Apartado 3053, 4471‐907 Maia, Portugal, is the parent company of a group of companies, as detailed in Notes 4 to 6 ("Sonae Capital Group") and was set up on 14 December 2007 as a result of the demerger of the shareholding in SC, SGPS, SA (previously named Sonae Capital, SGPS, SA) from Sonae, SGPS, SA, which was approved by the Board of Directors on 8 November 2007 and by the Shareholder's General Meeting held on 14 December 2007.

Sonae Capital's business portfolio was reorganized according to its strategic objective, set on the development of three distinct and autonomous business areas:

• The first business area, headed by Sonae Turismo, SGPS, SA, includes businesses in tourism, through the development and management of tourism resorts, in hotels, through management of hotels with an integrated offer of services (SPA, congress centre and food court), and in health and fitness, through management of health clubs;
• The second business area, headed by SC Assets, SGPS, SA, which became autonomous from Sonae Turismo, SGPS, SA in the beginning of 2010, is focused on investment and management of real estate property, comprising the ownership and management of real estate assets for the development of both tourism resorts and residential property, and services regarding land and buildings, among which management of leased buildings, technical management of buildings and condominium management;
• The third business area, headed by Spred, SGPS, SA, includes businesses in three segments: mature businesses with generation of steady cash‐flows in refrigeration, air conditioning and maintenance segments; energy and environment businesses (cogeneration, energy efficiency and sustainable buildings); identifying new business opportunities in emerging sectors or sectors undergoing restructuring and management of a financial portfolio.

To ensure compatibility between 2010 and 2009, consolidated financial statements as at 31 December 2009 and 30 September 2009, include impacts of the sales of Box Lines Navegação, SA and of Elmo, SGPS, SA and its affiliates.

2. MAIN ACCOUNTING POLICIES

The accounting policies adopted are consistent with those used in the financial statements presented for the year ended 31 December 2009, except for the changes described in Note 3.

Basis of preparation

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

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

3. CHANGES IN ACCOUNTING POLICIES

During the period amendments to IFRS 3 – Business combinations and IAS 27 – Consolidated and separated financial statements (2008 revision) were adopted for the first time.

These amendments introduced changes regarding the accounting of business combinations, namely: (a) goodwill calculation; (b) measurement of non‐controlling interests (formerly known as minority interests); (c) recognition and subsequent measurement of contingent consideration; (d) treatment of acquisition‐related costs; (e) accounting for acquisitions in entities already controlled and for changes in a parent's ownership interests that result in the loss of control and (f) calculation of the result of changes in a parent's ownership interests that result in loss of control and lead to remeasuring remaining controlling interests; these amendments had no significant impact in the first nine months of 2010 financial statements.

4. GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

Group companies included in the consolidated financial statements, their head offices and percentage of the share capital held by the Group as at 30 September 2010 and 31 December 2009, are as follows:

				Percentage of capital held
			30 September 2010		31 December 2009
Company		Head Office	Direct	Total	Direct	Total
Sonae Capital SGPS, SA		Maia	Mãe	Mãe	Mãe	Mãe
Tourism
Aqualuz ‐ Turismo e Lazer, Lda	a)	Lagos	100.00%	100.00%	100.00%	100.00%
Casa da Ribeira ‐ Hotelaria e Turismo, SA	a)	Marco de Canaveses	100.00%	100.00%	100.00%	100.00%
Golf Time ‐ Golfe e Inv.Turisticos, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
Imoareia Investimentos Turísticos, SGPS, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Imopenínsula ‐ Sociedade Imobiliária, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Imoresort ‐ Sociedade Imobiliária, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Investalentejo, SGPS, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Marimo ‐Exploração Hoteleira Imobiliária, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Marina de Tróia, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Marina Magic ‐ Exploração de Centros Lúd, SA	a)	Lisboa	100.00%	100.00%	100.00%	100.00%
Marmagno‐Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Martimope ‐ Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Marvero‐Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Modus Faciendi – Gestão e Serviços, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
SII ‐ Soberana Investimentos Imobiliários, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Sete e Meio ‐ Investimentos e Consultadoria, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Solinca ‐ Health & Fitness, SA	a)	Lisbon	100.00%	100.00%	100.00%	100.00%
Solinca‐Investimentos Turísticos, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
Solinfitness ‐ Club Málaga, SL	a)	Malaga (Spain)	100.00%	100.00%	100.00%	100.00%
Soltroia‐Imob.de Urb.Turismo de Tróia, SA	a)	Lisbon	100.00%	100.00%	100.00%	100.00%
Sonae Turismo ‐ SGPS, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
Sontur, BV	a)	Amsterdam (The Netherlands)	100.00%	100.00%	100.00%	100.00%
Tróia Market, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Tróia Natura, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Troiaresort ‐ Investimentos Turísticos, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Troiaverde‐Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Tulipamar‐Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
Assets
Bloco Q‐Sociedade Imobiliária, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
Bloco W‐Sociedade Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
Empreend.Imob.Quinta da Azenha, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
Centro Residencial da Maia,Urban., SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
Sonae Capital, SGPS, SA		Report and	Accounts			28

30 September 2010

1)	Cinclus Imobiliária, SA	a)	Porto	100.00%	87.74%	100.00%	87.74%
1)	Country Club da Maia‐Imobiliaria, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
1)	Imobiliária da Cacela, SA	a)	Matosinhos	100.00%	87.74%	100.00%	87.74%
1)	Imoclub‐Serviços Imobiliários, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
1)	Imodivor ‐ Sociedade Imobiliária, SA	a)	Maia	100.00%	87.74%	100.00%	87.74%
1)	Imoferro‐Soc.Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
1)	Imohotel‐Emp.Turist.Imobiliários, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
1)	Imoponte‐Soc.Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
1)	Imosedas‐Imobiliária e Serviços, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
1)	Implantação – Imobiliária, SA	a)	Matosinhos	100.00%	87.74%	100.00%	87.74%
1)	Porturbe‐Edificios e Urbanizações, SA	a)	Maia	100.00%	87.74%	100.00%	87.74%
1)	Praedium II‐Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
1)	Praedium – Serviços, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
1)	Praedium‐SGPS, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
1)	Prédios Privados Imobiliária, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
1)	Predisedas‐Predial das Sedas, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
1)	Promessa Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
1)	SC Assets, SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
1)	Sete e Meio Herdades ‐ Investimentos Agrícolas e Turismo, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
1)	Soconstrução, BV	a)	Amsterdam (The Netherlands)	100.00%	100.00%	100.00%	100.00%
1)	Soira‐Soc.Imobiliária de Ramalde, SA	a)	Porto	100.00%	87.74%	100.00%	87.74%
1)	Sótaqua ‐ Soc. de Empreendimentos Turísticos, SA	a)	Maia	100.00%	87.74%	100.00%	87.74%
1)	Spinveste ‐ Promoção Imobiliária, SA	a)	Porto	87.74%	87.74%	87.74%	87.74%
1)	Spinveste‐Gestão Imobiliária SGII, SA	a)	Porto	87.74%	87.74%	87.74%	87.74%
1)	Torre São Gabriel‐Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
1)	Urbisedas‐Imobiliária das Sedas, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
1)	Venda Aluga‐Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
1)	Vistas do Freixo‐Emp.Tur.imobiliários,SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
1)	World Trade Center Porto, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	Spred
	Atlantic Ferries ‐ Traf.Loc.Flu.e Marit., SA	a)	Grândola	80.00%	80.00%	80.00%	80.00%
2)	Box Lines Navegação, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	Contacto Concessões, SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Cronosaúde – Gestão Hospitalar, SA	a)	Porto	100.00%	50.00%	100.00%	50.00%
	Ecociclo II – Energias, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Edifícios Saudáveis Consultores ‐ Ambiente e Energia em Edifícios, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	Friengineering, SA	a)	Sao Paulo (Brazil)	100.00%	70.00%	100.00%	70.00%
	Inparvi SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
3)	Integrum Colombo – Energia, SA	a)	Maia	100.00%	100.00%	‐	‐
	Integrum‐Energia, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Integrum‐Serviços Partilhados, SA	a)	Maia	100.00%	70.00%	100.00%	70.00%
	Invsaúde – Gestão Hospitalar, SA	a)	Maia	100.00%	50.00%	100.00%	50.00%
	PJP ‐ Equipamento de Refrigeração, Lda	a)	Matosinhos	100.00%	70.00%	100.00%	70.00%

	Saúde Atlântica ‐ Gestão Hospitalar, SA	a)	Maia	50.00%	50.00%	50.00%	50.00%
	SC ‐ Engenharia e Promoção Imobiliária, SGPS, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	Selfrio, SGPS, SA	a)	Matosinhos	70.00%	70.00%	70.00%	70.00%
	Selfrio‐Engenharia do Frio, SA	a)	Matosinhos	100.00%	70.00%	100.00%	70.00%
	Sistavac‐Sist.Aquecimento,V.Ar C., SA	a)	Matosinhos	100.00%	70.00%	100.00%	70.00%
	SKK Distribucion de Refrigeración, S.R.L.	a)	Spain	100.00%	70.00%	100.00%	70.00%
	SKK‐Central de Distr., SA	a)	Porto	100.00%	70.00%	100.00%	70.00%
	SKKFOR ‐ Ser. For. e Desen. de Recursos, SA	a)	Maia	100.00%	70.00%	100.00%	70.00%
	SMP‐Serv. de Manutenção Planeamento, SA	a)	Matosinhos	100.00%	70.00%	100.00%	70.00%
	Société de Tranchage Isoroy SAS	a)	Honfleur (France)	100.00%	100.00%	100.00%	100.00%
2)	Société des Essences Fines Isoroy	a)	Honfleur (France)	100.00%	100.00%	100.00%	100.00%
	Sopair, SA	a)	Madrid (Spain)	100.00%	70.00%	100.00%	70.00%
	Spred SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Others
	Interlog‐SGPS, SA	a)	Lisbon	98.98%	98.98%	98.98%	98.98%
	Rochester Real Estate, Ltd	a)	Kent (U.K.)	100.00%	100.00%	100.00%	100.00%
	SC – Sociedade de Consultadoria, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	SC‐SGPS, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
	SC Finance, BV	a)	Amsterdam (The Netherlands)	100.00%	100.00%	100.00%	100.00%

a) Majority of voting rights

1) Company incorporated in the Tourism segment in 2009

2) Company sold in the period

3) Company incorporated in the period

5. INVESTMENTS IN ASSOCIATED AND JOINTLY CONTROLLED COMPANIES

Associated and jointly controlled companies included in the consolidated financial statements, their head offices and the percentage of share capital held by the Group as at 30 September 2010 and 31 December 2009 are as follows:

				Percentage of capital held
		30 September 2010			31 December 2009	Book Value
Company	Head Office	Direct	Total	Direct	Total	30 September 2010	31 December 2009
Tourism
Andar ‐ Sociedade Imobiliária, SA	Maia	50.00%	50.00%	50.00%	50.00%	974,870	1,023,043
Sociedade de Construções do Chile, SA	Lisbon	100.00%	50.00%	100.00%	50.00%	‐	‐
Fundo de Investimento Imobiliário Fechado Imosede	Maia	45.45%	45.45%	45.45%	45.45%	54,524,812	52,802,751
Sociedade Imobiliária Tróia ‐ B3, SA	Grândola	20.00%	20.00%	20.00%	20.00%	439,854	440,476

Vastgoed One ‐ Sociedade Imobiliária, SA	Maia	100.00%	50.00%	100.00%	50.00%	‐	‐
Vastgoed Sun ‐ Sociedade Imobiliária, SA	Maia	100.00%	50.00%	100.00%	50.00%	‐	‐
Spred
Cinclus‐Plan. e Gestão de Projectos, SA	Porto	25.00%	25.00%	25.00%	25.00%	749,156	662.209
Change, SGPS, SA	Porto	50.00%	50.00%	50.00%	50.00%	32,880	1.186.964
Lidergraf ‐ Artes Gráficas, Lda	Vila do Conde	24.50%	24.50%	24.50%	24.50%	537,343	597.067
Norscut ‐ Concessionária de Scut Interior Norte, SA	Lisbon	36.00%	36.00%	36.00%	36.00%	‐	‐
Operscut ‐ Operação e Manutenção de Auto‐estradas, SA	Lisbon	15.00%	15.00%	15.00%	15.00%	24,000	24.000
Sodesa, SA	Lisbon	50.00%	50.00%	50.00%	50.00%	14,782	24.890
TP ‐ Sociedade Térmica, SA	Porto	50.00%	50.00%	50.00%	50.00%	13,866,205	12.472.327
Total						71,163,902	69,233,729

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

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

Investments in associated and jointly controlled companies include 624,760 euro of impairment losses.

As at 30 September 2010 and 31 December 2009, aggregate values of main financial indicators of associated and jointly controlled companies can be analysed as follows:

	30 September 2010	31 December 2009
Total Assets	1,001,999,629	1,650,136,557
Total Liabilities	851,684,470	1,468,288,692
Income	131,168,091	182,413,148
Expenses	119,070,959	190,184,798

During the periods ended 30 September 2010 and 2009, movements in investments in associated companies may be summarised as follows:

	30 September 2010	31 September 2009
Opening balance as at 1 January	69,233,729	14,882,648
Changes in the consolidation method during the period	‐	51,468,593
Acquisitions in the period	149,235	292,000
Impairments in the period	(592,817)	‐
Disposals in the period	‐	‐
Equity method	2,400,241	1,713,751
Dividends received	(26,486)	(107,133)
Transfers	‐	‐
Closing balance as at 30 September	71,163,902	68,249,859

The use of the equity method had the following impacts: 2,382,469 euro are recorded in Share of results of associated undertakings (1,713,751 euro at 30 September 2009) and 17,772 of other changes recorded in Reserves (no changes were recorded in Reserves as at 30 September 2009).

6. GROUP COMPANIES, JOINTLY CONTROLLED COMPANIES AND ASSOCIATED COMPANIES EXCLUDED FROM CONSOLIDATION AND INVESTMENTS HELD FOR SALE

Group companies, jointly controlled companies and associated companies excluded from consolidation, their head offices, percentage of share capital held and book value as at 30 September 2010 and 31 December 2009 are made up as follows:

				Percentage of capital held
				30 September 2010		31 December 2009
Company	Reason for exclusion	Head Office	Direct	Total	Direct	Total	30 September 2010	31 December 2009
Tourism
Delphinus – Soc. de Tur. e Div. de Tróia, SA	a)	Grândola	79.00%	79.00%	79.00%	79.00%	‐	‐
Infratroia – Emp. De Infraest. De Troia, E.N.	a)	Grândola	25.90%	25.90%	25.90%	25.90%	64,747	64,747
Spidouro S.P.E.I. Douro e Trás‐os‐Montes, SA		Vila Real	8.30%	8.30%	8.30%	8.30%	‐	‐
Spred
Net, SA		Lisbon	2.80%	2.80%	2.80%	2.80%	11,132	11,132
Sear ‐ Sociedade Europeia de Arroz, SA		Santiago do Cacém	15.00%	15.00%	15.00%	15.00%	150,031	150,031
Real Change FCR ‐ Fundo		Porto	13.33%	13.33%	13.33%	13.33%	267,000	1,706,667
Fundo de Capital de Risco F‐HITEC		Lisbon	7.14%	7.14%	7.14%	7.14%	250,000	250,000
Sonae Capital, SGPS, SA			Report and	Accounts				32

30 September 2010

Spinarq – Engenharia, Energia e Ambiente, SA	a)	Luanda	99.90%	99.90%	‐	‐	191,507	‐
Other investments							402,493	421,567
Total (Note 10)							1,336,910	2,604,144

a) Group company, jointly controlled company or associated company for which, at the date of the issuance of these financial statements, complete financial information was not available.

Nil balances shown above result from deduction of impairment losses.

7. CHANGES TO THE CONSOLIDATION PERIMETER

Disposals of companies over the nine months period ended 30 September 2010 were as follows:

		Percentage of capital held
		At the date of disposal of
Company	Head Office	Direct	Total
Spred
Box Lines Navegação, SA	Porto	100.00%	100.00%
Société des Essences Fines Isoroy	Honfleur (France)	100.00%	100.00%

Net assets of the affiliated company at the exclusion date are the following:

	Date of disposal of shareholding	31 December 2009
Net assets excluded
Tangible and intangible fixed assets (Note 8)	368,536	516,419
Stocks	1,246,393	1,316,823
Other assets	10,889,652	8,667,031
Cash and cash equivalents	960,222	245,380
Other liabilities	(14,959,396)	(10,344,306)
	(1,494,593)	401,347
Impairment of assets	3,560,012	3,560,012
Goodwill (Note 9)	216,643	‐
	2,282,062	3,961,359
Gain/(Loss) on exclusion	8,167,940	‐
	10,450,002	3,961,359

Impacts in the consolidated profit and loss at the exclusion date were as follows:

	Date of disposal of shareholding	31 December 2009
Sales and services rendered	27,757,763	44,650,721
Other operational income	‐	170,411
Other operational expenses	(27,180,306)	(45,507,362)
Net financial expenses	(38,884)	(87,356)
Profit/(Loss) before taxation	538,573	(773,586)
Taxation	(54,488)	221,726
Profit/(Loss) for the period	484,085	(551,860)

8. TANGIBLE AND INTANGIBLE FIXED ASSETS

During the nine months period ended 30 September 2010, movements in tangible and intangible fixed assets, as well as in amortisation and accumulated impairment losses, are made up as follows:

			Tangible assets
	Land and Buildings	Equipment	Other Tangible Assets	Assets in progress	Total Tangible Assets
Gross Cost:
Opening balance as at 1 January 2010	206,122,259	126,089,177	3,764,326	30,525,157	366,500,919
Changes in consolidation perimeter (Note 7)	(4,459,919)	(5,439,405)	(113,317)	‐	(10,012,641)
Capital expenditure	137,286	428,356	5,713	3,758,174	4,329,529
Disposals	(5,232,512)	(1,362,746)	(7,862)	(193,688)	(6,796,808)
Exchange rate effect	27,054	4,108	4,512	‐	35,674
Transfers	3,013,854	4,282,118	(195,247)	(20,226,286)	(13,125,561)
Closing balance as at 30 September 2010	199,608,022	124,001,608	3,458,125	13,863,357	340,931,112
Accumulated depreciation and impairment losses:
Opening balance as at 1 January 2010	45,544,496	34,326,952	2,706,792	‐	82,578,240
Changes in consolidation perimeter (Note 7)	(4,459,919)	(5,089,369)	(105,606)	‐	(9,654,894)
Charge for the period 1)	4,249,609	7,688,649	167,052	‐	12,105,310
Disposals 2)	(1,425,363)	(449,939)	(7,334)	‐	(1,882,636)
Exchange rate effect	6,062	3,135	2,919	‐	12,116
Transfers	1,256	(3,419)	(165,863)	‐	(168,026)
Closing balance as at 30 September 2010	43,916,141	36,476,009	2,597,960	‐	82,990,110
Carrying amount as at 30 September 2010	155,691,881	87,525,599	860,165	13,863,357	257,941,002

1) Includes impairment losses amounting to 2,138,893 euro.

2) Includes reversal of impairment losses amounting to 850,017 euro.

Transfers from Tangible assets in progress include transfers to stocks of amounts related with real estate projects under commercialization at Troia, in the amount of 11,555,512 euro.

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

	30 September 2010
Tróia	7,997,744
Infrastructures in Setúbal piers and other related with the ferry crossing to Tróia	156,665
Boavista complex refurbishment	1,468,699
Ecoresort Project (Tróia)	2,096,807
Cogeneration Project Integrum Colombo	1,003,125
Others	1,140,317
	13,863,357

			Intangible assets
	Patents and other similar rights	Software	Other intangible assets	Assets in progress	Total intangible assets
Gross cost:
Opening balance as at 1 January 2010	7,446,843	2,716,769	37,262	100,915	10,301,789
Changes in consolidation perimeter (Note 7)	(2,138)	(455,508)	(956)	‐	(458,602)
Capital expenditure	‐	6,653	‐	40,151	46,804
Disposals	(1,613)	‐	(23,864)	‐	(25,477)
Exchange rate effect	‐	1,568	‐	‐	1,568
Transfers	(15,718)	363,438	‐	(130,298)	217,422
Closing balance as at 30 September 2010	7,427,374	2,632,920	12,442	10,768	10,083,504
Accumulated amortization and impairment losses:
Opening balance as at 1 January 2010	692,598	2,073,376	37,035	‐	2,803,009
Changes in consolidation perimeter (Note 7)	(2,138)	(444,719)	(956)	‐	(447,813)
Amortizations and impairment losses of the period	122,266	174,644	227	‐	297,137
Disposals	(1,613)		(23,864)	‐	(25,477)
Exchange rate effect	‐	891	‐	‐	891
Transfers	(15,843)	169,877	‐	‐	154,034
Closing balance as at 30 September 2010	795,270	1,974,069	12,442	‐	2,781,781
Carrying amount as at 30 September 2010	6,632,104	658,851	‐	10,768	‐ 7,301,723

9. GOODWILL

During the nine months period ended 30 September 2010, movements in goodwill, as well as in corresponding impairment losses, are as follows:

	30 September 2010
Gross amount:
Opening balance	62,651,566
Increases	‐
Decreases (Note 7)	(216,643)
Closing balance	62,434,923
Accumulated impairment losses:
Opening balance	1,301,596
Increases	‐
Decreases	‐
Closing balance	1,301,596
Carrying amount:	61,133,327

10. INVESTMENTS

As at 30 September 2010 this caption can be detailed as follows:

	30 September 2010
	Non current	Current
Investments in group companies, jointly controlled companies or
associated companies excluded from consolidation
Opening balance as at 1 January	8,229,277	‐
Acquisitions in the period	734,652	‐
Disposals in the period	(639,680)	‐
Transfers	‐	‐
Closing balance as at 30 September	8,324,249	‐
Accumulated impairment losses (Note 23)	(7,707,935)	‐
	616,314	‐
Investments held for sale
Fair value as at 1 January	2,289,261	‐
Acquisitions in the period	‐	‐
Disposals in the period	‐	‐
Increase/(decrease) in fair value	‐	‐
Liquidations in the period	‐	‐
Fair value as at 30 September	2,289,261	‐
Accumulated impairment losses (Note 23)	(1,568,665)	‐
Fair value (net of impairment losses) as at 30 September	720,596	‐
Other investments (Note 6)	1,336,910	‐

Investments in group companies, jointly controlled companies or associated companies excluded from consolidation and investments held for sale are recorded at acquisition cost less impairment losses. The Group considers that it is not reasonable to estimate a fair value for these investments as there is no visible market data.

11. OTHER NON CURRENT ASSETS

As at 30 September 2010 and 31 December 2009, Other non current assets are detailed as follows:

	30 September 2010	31 December 2009
Loans granted to related parties
Norscut ‐ Concessionária de Scut Interior Norte, SA	14,564,633	23,837,775
Others	132,318	238,225
	14,696,951	24,076,000
Impairment losses (Note 23)	(75,616)	(34,916)
	14,621,335	24,041,084
Trade accounts receivable and other debtors
Others	1,461,450	1,558,523
	1,461,450	1,558,523
Impairment losses (Note 23)	‐	‐
	1,461,450	1,558,523
Other non current assets	16,082,785	25,599,607

12. STOCKS

Stocks as at 30 September 2010 and 31 December 2009 can be detailed as follows, highlighting the value attributable to real estate developments:

	30 September 2010			31 December 2009
	Total	of which Real Estate Developments	Total	of which Real Estate Developments
Raw materials, by‐products and consumables	1,055,939	‐	2,371,413	‐
Goods for sale	45,409,706	43,275,363	45,133,938	42,966,231
Finished products	119,840,971	119,840,971	104,620,642	104,502,986
Work in progress	71,199,476	66,358,819	83,212,537	76,428,112
Payments on account	68,459	‐	68,459	‐
	237,574,551	229,475,153	235,406,989	223,897,329
Accumulated impairment losses on stocks (Note 23)	(7,732,296)	(7,663,837)	(7,858,372)	(7,674,640)
Stocks	229,842,255	221,811,316	227,548,617	216,222,689

13. TRADE ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS

As at 30 September 2010 and 31 December 2009, Trade accounts receivable and Other current assets are detailed as follows:

	30 September 2010	31 December 2009
Trade accounts receivable	33,235,175	47,929,830
Taxes recoverable	10,497,718	13,276,150
Loans granted and other accounts receivable from related
parties
Sit B3	2,559,889	2,559,886
TP	‐	2,000,000
Change, SGPS, SA	2,064,000	2,052,000
Others	151,399	230,381
	4,775,288	6,842,267
Other current assets
Suppliers with debtor balances	1,041,460	1,137,398
Other debtors	9,850,183	12,746,812
Accounts receivable from the sale of financial investments	31,746,339	27,041,348
Accounts receivable from the sale of tangible assets	114,644	124,232
Interest receivable	976,452	18,716
Deferred costs ‐ rents	138,307	256,528
Deferred costs ‐ external supplies and services	834,781	1,688,111
Other current assets	2,249,407	1,534,041
	46,951,573	44,547,186
Accumulated impairment losses (Note 23)	(32,241,633)	(34,034,857)
Trade accounts receivable and other current assets	63,218,121	78,560,576

14. DEFERRED TAXES

Deferred tax assets and liabilities as at 30 September 2010 and 31 December 2009, split between the different types of temporary differences, can be detailed as follows:

	Deferred tax assets		Deferred tax liabilities
	30 September 2010	31 December 2009	30 September 2010	31 December 2009
Amortisation and Depreciation harmonisation adjustments	1,383,762	1,249,564	1,342,313	1,031,460
Provisions and impairment losses of non‐tax deductible	3,012,766	‐	‐	‐
Write off of tangible and intangible assets	2,783	1,446,714	‐	‐
Write off of accruals	‐	636,463	‐	‐
Revaluation of tangible assets	‐	‐	579,706	741,120

Tax losses carried forward	12,203,866	7,305,682	36,510	‐
Write off of stocks	‐	‐	1,138,642	1,138,330
Others	1,698,479	4,923	168,573	232,080
	18,301,656	10,643,346	3,265,744	3,142,990

In accordance with the tax statements presented by companies that recorded deferred tax assets arising from tax losses carried forward, as at 30 September 2010 and 31 December 2009, and using exchange rates effective at that time, tax losses carried forward can be summarised as follows:

		30 September 2010			31 December 2009
	Tax losses carried forward	Deferred tax assets	Time limit	Tax losses carried forward	Deferred tax assets	Time limit
With limited time use
Generated in 2004	58,171	14,543	2010	317,411	79,353	2010
Generated in 2005	3,575,048	893,762	2011	4,289,549	1,072,387	2011
Generated in 2006	7,098,052	1,774,513	2012	7,098,052	1,774,513	2012
Generated in 2007	2,832,608	708,152	2013	2,851,068	712,767	2013
Generated in 2008	6,940,535	1,735,134	2014	6,940,535	1,735,134	2014
Generated in 2009	11,157,419	2,789,355	2015	7,770,683	1,906,161	2015
Generated in 2010	16,991,138	4,247,784	2014	‐	‐
	48,652,971	12,163,243		29,267,298	7,280,315
With a time limit different from the above mentioned	162,554	40,623		101,535	25,367
	162,554	40,623		101,535	25,367
	48,815,525	12,203,866		29,368,833	7,305,682

As at 30 September 2010 and 31 December 2009, Deferred tax assets resulting from tax losses carried forward were re‐assessed against each company's business plans, which are regularly updated, and available tax planning opportunities. Deferred tax assets have only been recorded to the extent that future profits will arise which may be offset against available tax losses or against deductible temporary differences.

As at 30 September 2010, tax losses carried forward amounting to 155,669,009 euro (150.762.305 euro as at 31 de December 2009), have not originated deferred tax assets for prudential reasons:

	30 September 2010				31 December 2009
	Tax losses carried forward	Tax Credit	Time limit	Tax losses carried forward	Tax Credit	Time limit
With limited time use
Generated in 2004	2,711,072	643,068	2010	2,905,101	712,395	2010
Generated in 2005	5,362,398	1,182,865	2011	5,733,190	1,370,204	2011
Generated in 2006	10,732,844	2,242,265	2012	11,126,174	2,605,166	2012
Generated in 2007	18,871,614	4,443,007	2013	21,669,751	5,305,437	2013
Generated in 2008	31,452,195	7,282,056	2014	31,452,496	7,630,728	2014
Generated in 2009	51,909,648	12,692,734	2015	53,480,303	13,256,163	2015
Generated in 2010	10,050,835	2,190,141	2014	‐	‐
	131,090,606	30,676,136		126,367,015	30,880,093
Without limited time use	1,186,715	395,532		5,607,982	1,869,140
With a time limit different from the above mentioned	23,391,688	6,394,713		18,787,308	5,418,039
	24,578,403	6,790,245		24,395,290	7,287,179
	155,669,009	37,466,381		150,762,305	38,167,272

15. CASH AND CASH EQUIVALENTS

As at 30 de September 2010 and 31 December 2009, Cash and Cash equivalents can be detailed as follows:

	30 September 2010	31 December 2009
Cash at hand	188,592	202,538
Bank deposits	4,186,879	2,196,282
Treasury applications	10,000	406,460
Cash and cash equivalents in the balance sheet	4,385,471	2,805,280
Bank overdrafts (Note 18)	(1,639,383)	(362,257)
Guarantee deposit	(500,000)	(500,000)
Cash and cash equivalents in the statement of cash‐flows	2,246,087	1,943,023

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

16. SHARE CAPITAL

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

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

17. NON‐CONTROLLING INTERESTS

Movements in Non‐controlling interests in the periods ended 30 September 2010 and 31 December 2009 are as follows:

	30 September 2010	31 December 2009
Opening balance as at 1 January	11,319,241	49,319,413
Change in consolidation method	‐	(47,911,935)
Changes in percentage by acquisition / increase capital	‐	14,006
Changes by disposals	‐	7,135,202
Changes in percentage by sale of shares	‐	1,115,855
Changes resulting from currency translation	31,834	102,101
Other changes	(22,144)	197,227
Profit for the period attributable to non‐controlling interests	390,129	1,347,372
Closing balance	11,719,060	11,319,241

18. BORROWINGS

As at 30 September 2010 and 31 December 2009, Borrowings are made up as follows:

	30 September 2010		31 December 2009
	Outstanding amount		Outstanding amount		Repayable
	Current	Non current	Current	Non current
Bank loans
Sonae Capital SGPS ‐ commercial paper a)	‐	30,000,000	‐	30,000,000	Mar/2013
Sonae Capital SGPS ‐ commercial paper b) e)	38,100,000	‐	39,100,000	‐	2011
Sonae Capital SGPS ‐ commercial paper c) d)	49,500,000	‐	‐	48,550,000	Aug/2011
Sonae Capital SGPS ‐ commercial paper d)	24,800,000	‐	‐	24,250,000	Aug/2011
Invesaúde	296,920	‐	500,000	‐	Aug/2010
Selfrio Engenharia ‐ commercial paper	1,400,000	1,400,000	1,400,000	2,100,000	May/2012
Up‐front fees	‐	(38,231)	‐	(49,893)
Others	1,785,578	‐	‐	‐
	115,882,498	31,361,769	41,000,000	104,850,107
Bank overdrafts (Note 15)	1,639,383	‐	362,257	‐
Bank loans	117,521,881	31,361,769	41,362,257	104,850,107
Bond loans
Sonae Capital 2007/2012 Bonds	‐	20,000,000	‐	20,000,000	Dec/2012
Sonae Capital 2007/2012 Bonds	‐	30,000,000	‐	30,000,000	Dec/2012
SC, SGPS, S.A. 2008/2018 Bonds	‐	50,000,000	‐	50,000,000	Mar/2018
Up‐front fees	‐	(634,682)	‐	(756,745)
Bond loans	‐	99,365,318	‐	99,243,255
Other loans	43,334	2,986,459	131,532	2,986,459
Derivatives (Note 19)	‐	1,613,585	‐	‐
Obligations under finance leases	3,379,525	26,584,734	3,306,770	28,987,580
Up‐front fees on finance leases	‐	(137,152)	‐	(144,883)
	120,944,740	161,774,713	44,800,559	235,922,518

a) Commercial paper programme, with subscription guarantee, issued on 14 March 2008 and valid for a 5 year period.

b) Short term commercial paper programme, issued on 28 March 2008 and valid for a 10 year period.

c) Sonae Turismo, SGPS, SA is a co-guarantor in this loan.

d) Commercial paper programme, issued on 28 August 2009 and valid up to 29 August 2011.

e) Commercial paper programme, with short term subscription guarantee, issued on 22 December 2008, with annual renewals up to a maximum of 3 years.

As at 30 September 2010, Bond loans of the Group were as follows:

• Sonae Capital SGPS ‐ 2007/2012 Bond loan 1st emission in the amount of 20,000,000 euro, with a 5 year maturity, and a sole reimbursement on 31 December 2012, except if the reimbursement is anticipated, fully or partially, which can happen on 31 December 2010.
• Sonae Capital SGPS ‐ 2007/2012 Bond loan 2nd emission in the amount of 30,000,000 euro, with a 5 year maturity, and a sole reimbursement on 31 December 2012.
• SC, SGPS, SA, 2008/2018 Bond loan in the amount of 50,000,000 euro, with a 10 year maturity, and a sole reimbursement on 3 March 2018, except if the reimbursement is anticipated, fully or partially, which can happen on 3 March 2016.

These bond loans bear interest every six months at 6 months Euribor interest rates plus spreads that range between 0.50% and 0.95%.

In spite of Bond loans in the amount of 20,000,000 euro containing call / put options, they are disclosed at the latest maturity date on the assumption that the Group will be able to refinance those loans if the options are exercised, thus maintaining its capital structure.

Other loans include reimbursable grants to affiliated undertakings, which do not bear interest.

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

	30 September 2010		31 December 2009
	Nominal value	Interest	Nominal value	Interest
N+1 a)	120,949,708	5,985,240	44,800,559	6,395,144
N+2	4,453,913	2,979,260	77,707,366	4,052,843
N+3	82,939,571	2,475,263	53,447,792	3,133,980
N+4	3,055,813	1,522,540	32,986,141	1,869,353
N+5	3,035,578	1,467,000	3,034,952	1,373,606
After N+5	67,473,406	4,083,365	69,697,789	4,944,349
	281,907,989	18,512,668	281,674,599	21,769,275

a) Includes amounts drawn under commercial paper programmes.

19. DERIVATIVES

Interest rate derivatives

The hedging instruments used by the Group as at 30 September 2010 were mainly interest rate options ("cash flow hedges") contracted with the goal of hedging interest rate risks on loans in the amount of 55,000,000 euro, whose net fair value was negative 1,613,585 euro. As at 30 September 2010 all derivatives are hedging derivatives.

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

The risk cover principles generally used by the Group to contractually arrange hedging instruments are as follows:

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

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

Fair value of derivatives

The fair value of derivatives is as follows:

	Assets		Liabilities
	30 September 2010	31 December 2009	30 September 2010	31 December 2009
Non‐Hedge accounting derivatives
Interest rate	‐	‐	‐	‐
Hedge accounting derivatives
Interest rate (Note 18)	‐	‐	1,613,585	‐
Other derivatives	‐	‐	‐	‐
	‐	‐	1,613,585	‐

20. OTHER NON CURRENT LIABILITIES

As at 30 September 2010 and 31 December 2009 Other non current liabilities can be detailed as follows:

	30 September 2010	31 December 2009
Loan and other amounts payable to related parties
Plaza Mayor Parque de Ocio, SA	2,261,529	2,288,446
Others	1,098,000	960,002
	3,359,529	3,248,448
Others creditors
Creditors in the restructuring process of Torralta	30,141,462	30,141,462
Fixed assets suppliers	‐	‐
Others	548,653	12,553
	30,690,115	30,154,015
Deferred income	3,151,989	3,281,604
Pension fund liabilities	‐	136,203
Other non current liabilities	37,201,633	36,820,270

Other creditors include 30,141,462 euro payable to creditors of an affiliated undertaking under the terms of a judicial restructuring process. The court decision dated 27 November 1997 (which confirms the terms approved in the creditors meeting of 23 September 1997) states that these credits will be payable 50 years from the date that the decision was confirmed (30 January 2003).

21. SHARE‐BASED PAYMENTS

In 2010 and in previous years, the Sonae Capital Group granted deferred performance bonuses to employees, based on shares (until 2007 based on Sonae SGPS, SA shares) to be acquired at nil cost, three years after they were attributed to the employee. In any case, the acquisition can be exercised during the period commencing on the third anniversary of the grant date and the end of that year. The company has the choice to settle in cash instead of shares. The option can only be exercised if the employee still works for the Sonae Capital Group on the vesting date. On 28 January 2008 existing liabilities based on Sonae, SGPS, SA's shares have been recalculated to reflect liabilities based on Sonae Capital, SGPS, SA's shares. Closing share prices as at that date were used in this recalculation.

	Year of		Number of	Fair value
	grant	Vesting year	participants	30 September 2010	31 December 2009
Shares
	2007	2010	‐	‐	75,080
	2008	2011	4	49,797	207,760
	2009	2012	5	179,664	420,165
	2010	2013	5	176,962	‐
Total				406,423	703,005

As at 30 September 2010 and 31 December 2009, the market value of total liabilities arising from share‐based payments, which have not yet vested, may be summarised as follows:

As at 30 September 2010 and 31 December 2009, the financial statements include the following amounts corresponding to the period elapsed between the date of granting and those dates for each deferred bonus plan, which have not yet vested:

	30 September 2010	31 December 2009
Other non current liabilities	149,045	278,562
Other current liabilities	45,647	75,080
Reserves	293,939	37,509
Staff costs	(99,248)	316,133

22. TRADE ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES

As at 30 September 2010 and 31 December 2009, Trade accounts payable and Other current liabilities can be detailed as follows:

	30 September 2010	31 December 2009
Trade creditors	25,089,310	50,444,177
Loans granted by and other payables related parties	201,741	209,181
Other current liabilities
Fixed assets suppliers	819,670	2,553,533
Advances from customers and down payments	2,519,831	5,081,527
Other creditors	1,464,499	3,572,044
Taxes and contributions payable	4,589,019	10,622,710
Staff costs	7,184,814	6,975,657
Amounts invoiced for works not yet completed	6,191,017	6,821,540
Other external supplies and services	2,149,685	1,143,909
Interest payable	1,093,032	1,329,796

Expenses with construction contracts	1,036,922	1,534,444
Investment aid	1,779,303	2,278,884
Other liabilities	4,980,219	5,199,229
	33,808,011	47,113,273
Trade accounts payable and other current liabilities	59,099,062	97,766,631

23. PROVISIONS AND ACCUMULATED IMPAIRMENT LOSSES

Movements in provisions and accumulated impairment losses over the period ended 30 September 2010 were as follows:

Captions	Balance as at 1 January 2010	Increases	Decreases	Balance as at 30 September 2010
Accumulated impairment losses on:
Investments (Notes 5 and 10)	7,946,337	2,032,483	(77,460)	9,901,360
Other non current assets (Note 11)	34,916	64,596	(23,896)	75,616
Trade accounts receivable (Note 13)	5,073,127	134,591	(958,143)	4,249,575
Other current debtors (Note 13)	28,961,730	1,060,512	(2,030,184)	27,992,058
Stocks (Note 12)	7,858,373	‐	(126,077)	7,732,296
Non current provisions	3,995,369	1,280,000	(2,089,395)	3,185,974
Current provisions	2,379,002	215,147	(1,200,000)	1,394,149
	56,248,854	4,787,329	(6,505,155)	54,531,028

As at 30 September 2010 and 31 December 2009, detail of other provisions was as follows:

	30 September 2010	31 December 2009
Judicial claims	1,847,148	2,709,600
Others	2,732,975	3,664,771
	4,580,123	6,374,371

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

24. CONTINGENT ASSETS AND LIABILITIES

As at 30 September 2010 and 31 December 2009 the most important contingent liabilities referred to guarantees given and were made up as follows:

	30 September 2010	31 December 2009
Guarantees given:
on VAT reimbursements	4,280,908	691,424
on tax claims	2,718,057	2,547,537
on judicial claims	1,897,406	1,897,406
on municipal claims	3,175,168	3,175,167
Others	18,584,462	46,176,125

Other include the following guarantees:

• 8,374,048 euro (7,019,255 euro as at 31 December 2009) of guarantees on construction works given to clients;
• 10,139,510 euro (37,406,741 euro as at 31 December 2009) of guarantees given concerning building permits in the Tourism business.

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

25. RELATED PARTIES

Balances and transactions during the periods ended 30 September 2010 and 2009 with related parties are detailed as follows:

	Sales and services rendered			Purchases and services obtained
Transactions	30 September 2010	30 September 2009	30 September 2010	30 September 2009
Parent company and group companies excluded from consolidation (a)	‐	235,747	‐	172,619
Associated companies	901,911	3,447	390,778	72,980
Other partners and shareholders	40,298,027	55,493,674	5,372,892	7,808,887
	41,199,938	55,732,868	5,763,670	8,054,486
		Interest income		Interest expense
Transactions	30 September 2010	30 September 2009	30 September 2010	30 September 2009
Parent company and group companies excluded from consolidation (a)	‐	‐	‐	‐
Associated companies	966,799	1,339,083	‐	‐
Other partners and shareholders	1,645	‐	115,243	116,843
	968,444	1,339,083	115,243	116,843
		Accounts receivable		Accounts payable
Balances	30 September 2010	31 December 2009	30 September 2010	31 December 2009
Parent company and group companies excluded from consolidation (a)	‐	212,491	115	115
Associated companies	1,191,855	2,240,393	39,122	39,774
Other partners and shareholders	10,755,181	14,753,864	5,233,707	4,391,160
	11,947,036	17,206,748	5,272,944	4,431,049
		Loans obtained		Loans granted
Balances	30 September 2010	31 December 2009	30 September 2010	31 December 2009
Parent company and group companies excluded from consolidation (a)	‐	‐	‐	‐
Associated companies	‐	‐	16,727,191	28,262,784
Other partners and shareholders	2,261,529	2,295,977	‐	‐
	2,261,529	2,295,977	16,727,191	28,262,784

((a) The parent company is Efanor Investimentos, SGPS, SA; balances and transactions with Sonae, SGPS, SA and with Sonae Industria, SGPS, SA are included on Other partners and shareholders.

26. TAXATION

Income tax for the nine months periods ended 30 September 2010 and 2009 was made up as follows:

	30 September 2010	30 September 2009
Current tax	2,352,520	13,313,847
Deferred tax	(7,408,173)	(2,931,481)
	(5,055,653)	10,382,366

27. RECONCILIATION OF CONSOLIDATED NET PROFIT

As at 30 September 2010 and 2009, the reconciliation of consolidated net profit can be analysed as follows:

	30 September 2010	30 September 2009
Agregate net profit	(7,973,701)	138,643,554
Harmonisation adjustments	1,831,147	1,341,552
Elimination of intra‐group dividends	(45,114,978)	(179,009,882)
Equity Method (Note 5)	2,355,983	1,606,619
Elimination of intra‐group capital gains/(losses)	27,251,640	512,581
Elimination of intra‐group impairments	(6,049,011)	12,378,559
Reversal of impairments	3,457,708	‐
Adjustments of gains/(losses) on the sale of assets	‐	3,604,856
Adjustments of gains/(losses) on the sale of financial shareholdings	24,196,084	51,121,815
Others	34,538	10,827
Consolidated net profit for the period	(10,590)	30,210,481

28. EARNINGS PER SHARE

Earnings per share for the periods ended 30 September 2010 and 2009 were calculated taking into consideration the following amounts:

	30 September 2010	30 September 2009
Net Profit
Net profit taken into consideration to calculate basic earnings per share (net profit for the period)	(400,719)	29,036,632
Effect of dilutive potential shares Interest related to convertible bond (net of tax)	‐ ‐	‐ ‐
Net profit taken into consideration to calculate diluted earnings per share	(400,719)	29,036,632
Number of shares
Weighted average number of shares used to calculate basic earnings per share	250,000,000	250,000,000
Effect of dilutive potential ordinary shares from convertible bonds	‐	‐
Weighted average number of shares used to calculate diluted earnings per share	250,000,000	250,000,000
Earnings per share (basic and diluted)	(0.001603)	0.116147

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

29. SEGMENT INFORMATION

In the periods ended 30 September 2010 and 2009, the following were identified as segments:

• Sonae Turismo:
• ‐ Tourism Operations
• ‐ Other
• SC Assets:
• ‐ Residential Development
• ‐ Other Real Estate Assets
• ‐ Other
• Spred:
• ‐ Atlantic Ferries
• ‐ Box Lines
• ‐ Selfrio Group
• ‐ Other
• Holding and Others

No secondary business segments were disclosed since Group activities are almost all carried out in Portugal. Foreign activities are not significant enough to justify disclosure of a different geographical segment.

The contribution of the business segments to the income statement for the nine months period ended on 30 September 2010 and 2009 can be detailedas follows:

								30 S ber ept em	201 0
Pro fit & Los s A unt cco	Tou rism Ope ratio ns	Othe r	Inter t Inco seg men me	Tot al T ism our	Res tial Prop iden erty Dev elop t men	al Esta Othe r Re te A sset s	Othe r	Inter t Inco seg men me	Tot al S C A ts sse	Atla ntic Ferr ies	Box Line s	Self rio Gro up	Othe r	Inter t Inco seg men me	Tot al S d pre	Hold & Oth ing ers	Inte ent Inco rse gm me	Con soli date d
Ope ratio nal I nco me
Sale s	12,4 01,3 61	-	-	12,4 01,3 61	1,18 2,65 0	1,51 3,86 2	-	-	2,69 6,51 2	-	-	44,0 22,5 25	4,03 9,29 3	-	48,0 61,8 18	-	(211 ,754 )	62,9 47,9 37
Serv ices dere d ren	28,1 87,8 27	2,19 4,01 1	(1,8 11) 99,5	28,4 82,3 27	883 ,962	5,27 6,98 4	-	(242 ) ,710	5,91 8,23 6	3,86 1,34	6 2 6,89 7,08 2	11,0 39,2 35	3,06 7,72 2	(55, ) 994	44,8 09,3 91	3,30 8,79 9	(7,3 23,7 62)	75,1 94,9 91
Othe iona l inc erat r op ome	4,04 5,75 6	1,62 7,90 2	(189 ) ,594	5,48 4,06 4	252 ,906	959 ,437	-	-113 ,889	1,09 8,45 4	32,5 64	116 ,613	455 ,323	582 ,669	(422 )	1,18 6,74 7	330 ,148	(619 ,201 )	7,48 0,21 2
	44,6 34,9 44	3,82 1,91 3	(2,0 05) 89,1	46,3 67,7 52	2,31 9,51 8	7,75 0,28 3	-	-356 ,599	9,71 3,20 2	3,89 3,91	0 2 7,01 3,69	5 5 5,51 7,08 3	7,68 9,68 4	(56, ) 416	94,0 57,9 56	3,63 8,94 7	(8,1 54,7 17)	145 ,623 ,140
Ope ratio nal h-flo w (E BITD A) cas	(2,1 47,0 21)	38,6 36	(1,8 65)	(2,1 10,2 50)	(766 ,685 )	1,88 5,34 0	(14, 241 )	16,1 70	1,12 0,58 4	350 ,507	1,02 2,75 2	3,66 7,37 1	453 ,292	1,21 5	5,49 5,13 7	(942 ,232 )	8,83 1	3,57 2,07 0

								30 S epte mbe	r 20 09
Pro fit a nd L Acc t oss oun	Tou rism Ope ratio ns	Othe r	Inter t Inco seg men me	Tota l To uris m	Res tial Prop iden erty Dev elop t men	al Esta Othe r Re te A sset s	Othe r	Inter t Inco seg men me	Tota l SC As sets	Atla ntic Ferr ies	Box Line s	Self rio Gro up	Othe r	Inter t Inco seg men me	Tota l Sp red	Hold & Oth ing ers	Inter t Inco seg men me	Con soli date d
Ope ratio nal I ncom e
Sale s	79,9 77,3 00	-	-	79,9 77,3 00	312 ,500	601 ,650	-	-	914 ,150	-	-	53,1 81,2 66	6,09 8,10 5	-	59,2 79,3 71	-	(1,1 42) 48,2	139 ,022 ,579
Serv ices dere d ren	29,4 33,2 23	2,03 0,50 0	(1,8 61,0 94)	29,6 02,6 29	762 ,656	4,96 1,39 1	2,87 2,69 4	(437 ,714 )	8,15 9,02 7	4,12 6,49	2 2 9,20 5,56	3 1 0,29 1,64 7	3,49 2,11 6	(90, 723)	47,0 25,0 95	3,58 1,26 4	(7,4 72,4 63)	80,8 95,5 52
Othe iona l inc erat r op ome	9,72 2,98 8	279 ,038	(245 ,409 )	9,75 6,61 7	16,5 42	4,48 6,21 3	39,1 82	(1,1 01,3 43)	3,44 0,59 4	23,1 83	236 ,601	804 ,544	445 ,135	-	1,50 9,46 3	169 ,136	1,69 6,12 0	16,5 71,9 30
	119, 133, 511	2,30 9,53 8	(2,1 06,5 03)	119, 336 ,546	1,09 1,69 8	10,0 49,2 54	2,91 1,87 6	-1,5 39,0 57	12,5 13,7 71	4,14 9,67	5 2 9,44 2,16	4 6 4,27 7,45 7 1	0,03 5,35 6	(90, 723)	107, 813 ,929	3,75 0,40 0	-6,9 24,5 85	236 ,490 ,061
Ope ratio nal c ash- flow (EB ITDA )	36,8 45,1 00	118 ,278	(1,3 84)	36,9 61,9 94	(855 ,364 )	6,78 8,44 4	2,39 4,92 0	(1,0 51,3 83)	7,27 6,61 7	165, 422	375 ,957	7,79 3 5,57	(970 ,272 )	(1,7 99)	5,14 7,10 1	(850 ,571 )	1,07 0,46 8	49,6 05,6 09

The contributionof the business segments to the balance sheets as at 30 September 2010 and 31 December 2009 can be detailed as follows:

							30 S	epte mbe r 20	10
Bala She et nce	Tou rism Ope ratio ns	Othe r	Inter ent Adju segm stme nts	Tota l To uris m	Res tial Prop iden erty Dev elop t men	al Esta Othe r Re te A sset s	Othe r	Inter ent Adju segm stme nts	Tota l SC Ass ets	Atla ntic Ferr ies	Self rio G roup	Othe r	Inter ent Adju segm stme nts	Tota l Sp red	Hold ing & O the rs	Inte nt Adj rse gme ustm ents	Con soli date d
Tang ible and Intan gible Fixe d As sets	148, 705 ,231	543 ,692	-	149, 248, 923	28,7 41	79,4 90,6 86	-	-	79,5 19,4 27	26,3 76,3 00	730 ,220	9,23 4,56 9	-	36,3 41,0 89	133 ,285	(0)	265 ,242 ,725
Inve stme nts	699 ,172	152 ,393	-	851, 565	-	974 ,870	54,5 24,8 12	-	55,4 99,6 82	-	0	1,50 0,07 7	-	1,50 0,07 7	14,6 49,4 88	-	72,5 00,8 12
Othe r As sets	176 ,014 ,627	155 ,383 ,287	(154 ,570 ,211 )	176, 827, 703	46,8 61,4 81	109 ,310 ,102	155 ,500 ,610	(187 ,244 ,954 )	124, 427, 240	1,79 0,95 3	58,4 70,7 00	54,4 54,4 89	(24, 332 ,363 )	90,3 83,7 80	397 ,476 ,029	(396 ,151 ) ,136	,615 392 ,963
Tota l As sets	325 ,419 ,030	156 ,079 ,372	(154 ,570 ,211 )	326 ,928 ,191	46,8 90,2 22	189 ,775 ,658	210 ,025 ,422	(187 ,244 ,954 )	259 ,446 ,349	28,1 67,2 53	59,2 00,9 21	65,1 89,1 35	(24, 332, 363)	128 ,224 ,946	412 ,258 ,802	(396 ,151 ,136 )	730 ,707 ,152
Tota l Lia bilit ies	237 ,873 ,699	188 ,393 ,532	(154 ,566 ,984 )	271 ,700 ,247	46,2 56,1 11	146 ,336 ,561	175 ,035 ,350	(187 ,244 ,720 )	180 ,383 ,302	23,9 57,6 62	28,6 74,4 73	35,8 66,6 49	(21, 112, 382)	67,3 86,4 02	276 ,785 ,348	(409 ,389 ,285 )	386 ,866 ,014
Tec hnic al in tme nt ves	2,15 8,27 2	311 ,997	-	2,47 0,26 9	57,9 90	185 ,718	-	-	243, 708	,658 231	,592 192	1,16 0,33 0	-	1,58 4,58 0	56,8 90	20,8 84	4,37 6,33 2
Gro ss D ebt	4,01 8,18 1	(0)	-	4,01 8,18 1	93,1 57	1,03 3,32 8	-	-	1,12 6,48 5	22,0 96,6 70	5,48 9,73 4	6,73 9,98 1	-	34,3 26,3 85	243 ,248 ,402	-	282 ,719 ,452
Net Deb t	3,71 0,38 9	(48, 384)	-	3,66 2,00 5	(461 ,116 )	971 ,838	(23, 387)	-	487 ,335	22,0 33,5 61	4,64 2,00 9	6,63 2,88 2	-	33,3 08,4 52	240 ,876 ,190	-	278 ,333 ,982

								31 D mbe ece	r 20 09
She Bala et nce	ism Ope Tour ratio ns	Othe r	Inter ent segm Adju stme nts	uris Tota l To m	Resi ial Prop dent erty Deve lopm ent	Othe al Esta r Re te A sset s	Othe r	Inter ent segm Adju stme nts	l SC Tota Ass ets	Atla ntic Ferr ies	Box Line s	Self rio G roup	Othe r	Inter ent segm Adju stme nts	l Sp Tota red	ing Hold & Ot hers	Inte t rseg men Adju stm ents	Con soli date d
Tang ible a nd In ible F ixed Ass tang ets	166, 749, 384	822 ,600	-	571, 167, 984	4,02 7,78 9	81,5 33,7 67	(0)	-	85,5 61,5 56	27,4 12,9 37	516 ,419	716 ,407	9,51 1,89 5	-	57,6 58 38,1	130, 262	-	459 291, 421,
Inve stme nts	635 ,044	217 ,143	-	852, 187	-	-	53,8 25,7 93	-	53,8 25,7 93	-	-	-	2,83 7,14 6	-	2,83 7,14 6	14,3 22,7 47	-	71,8 37,8 73
Othe r As sets	188 ,538 ,286	357 ,554 ,871	(184 ,115 ,649 )	361, 977, 508	46,7 47,2 90	63,2 54,2 70	84,4 39,4 22	(81, 847, 246)	112, 593, 736	3,30 3,96 9	11,9 00,8 24	73,1 96,6 61	33,3 11,2 47	(7,0 08,3 88)	114, 704, 313	564, 154, 191	(746 ,922 ,353 )	406, 507, 395
Tota l As sets	355, 922, 713	358, 594, 614	(184 ,115 ,649 )	530, 401, 678	50,7 75,0 79	144, 788, 037	138, 265, 215	(81, 847, 246)	251, 981, 085	30,7 16,9 06	12,4 17,2 43	73,9 13,0 68	45,6 60,2 89	(7,0 08,3 88)	155, 699, 117	578, 607, 200	(746 ,922 ,353 )	769, 766, 727
Tota l Lia bilit ies	261, 844, 584	549, 141, 750	(184 ,116 ,684 )	626, 869, 650	56,6 70,6 63	92,1 44,0 89	130, 004, 022	(81, 847, 010)	196, 971, 764	25,1 37,6 27	8,39 3,79 8	31,2 90,6 72	62,4 28,9 83	(7,0 09,0 61)	120, 242, 019	248, 508, 586	(767 ,764 ,680 )	424, 827, 339
Tec hnic al in tme nt ves	17,4 80,1 27	73,6 88	-	17,5 53,8 14	37,3 46	1,28 7,81 3	25,1 72,6 31	-	26,4 97,7 90	1,28 0,04 7	292, 710	132, 270	674, 605	-	2,37 9,63 3	135, 300	-	46,5 66,5 37
Gro ss D ebt	3,92 3,48 2	23,6 42	-	3,94 7,12 4	-	1,35 7,56 0	-	-	1,35 7,56 0	23,1 07,6 44	-	3,50 3,36 0	7,70 4,36 7	-	34,3 15,3 71	241, 103, 022	-	280, 723, 077
Net Deb t	3,53 7,89 1	10,0 33	-	3,54 7,92 4	(505 ,501 )	1,33 1,43 1	(17, 282)	-	808, 648	23,0 54,9 52	(233 ,532 )	2,40 9,03 1	7,64 6,25 0	-	32,8 76,7 01	240, 684, 524	-	277, 917, 797

30. SUBSEQUENT EVENTS

No significant events, requiring further disclosure, have occurred after 30 September 2010.

31. APPROVAL OF THE FINANCIAL STATEMENTS

These consolidated financial statements were approved by the Board of Directors and atuthorized for issue on 17 November 2010.

INDIVIDUAL FINANCIAL STATEMENTS 30 SEPTEMBER 2010

(Translation from the Portuguese Original)

INDIVIDUAL BALANCE SHEETS AS AT 30 SEPTEMBER 2010 AND 31 DECEMBER 2009

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

(Amounts expressed in euro)

ASSETS		Notes	30 September 2010	31 December 2009
NON CURRENT ASSETS: Tangible assets			661	2,643
Investments Deferred tax assets		4	542,139,453 237,781	382,639,453 -
Other non current assets		5	198,681,043	343,547,500
	Total Non Current Assets		741,058,938	726,189,596
CURRENT ASSETS
Other current assets		6	27,518,588	12,860,560
Cash and cash equivalents		7	2,355,334	55,597
	Total Current Assets		29,873,922	12,916,157
TOTAL ASSETS			770,932,860	739,105,753
EQUITY AND LIABILITIES
EQUITY:
Share Capital		8	250,000,000	250,000,000
Legal Reserve			8,191,127	-
Other reserves		9	287,419,883	132,638,253
Retained earnings			-	(849,780)
Profit / (Loss) for the period			2,107,926	163,822,537
TOTAL EQUITY			547,718,936	545,611,010
LIABILITIES: NON CURRENT LIABILITIES
Bank loans		10	29,961,769	102,750,107
Bonds		10	49,929,096	49,884,766
Other non current liabilities			86,592	140,821
Deferred tax liabilities			27,293	41,282
	Total Non Current Liabilities		80,004,750	152,816,976
CURRENT LIABILITIES
Suppliers			31,702	54,384
Bank overdrafts		10	112,400,000	39,100,000
Other creditors		11	27,538,949	2,350
Other current liabilities		12	3,238,523	1,521,033
	Total Current Liabilities		143,209,174	40,677,767
TOTAL EQUITY AND LIABILITIES			770,932,860	739,105,753

The accompanying notes are part of these financial statements

INDIVIDUAL INCOME STATEMENTS BY NATURE

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2010 AND 30 SEPTEMBER 2009

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

(Amounts expressed in euro)

	Notes	30 September 2010	30 September 2009
Operational income:
Other operational income		55,838	7,931
Total operational income		55,838	7,931
Operational expenses:
External supplies and services	13	(228,771)	(364,489)
Staff costs	14	(835,290)	(858,911)
Depreciation and amortisation		(1,982)	(1,981)
Other operational expenses		(178,601)	(51,252)
Total operational expenses		(1,244,644)	(1,276,633)
Operational profit/(loss)		(1,188,806)	(1,268,702)
Financial income	15	6,803,664	7,075,345
Financial expenses	15	(6,624,322)	(6,305,750)
Net financial income/(expenses)		179,342	769,595
Investment income		2,871,845	162,500,000
Profit/(loss) before taxation		1,862,381	162,000,893
Taxation	16	245,545	53,844
Profit/(loss) for the period		2,107,926	162,054,737
Profit/(loss) per share
Basic	17	0.008432	0.648219

The accompanying notes are part of these financial statements

INDIVIDUAL INCOME STATEMENTS BY NATURE

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2010 AND 30 SEPTEMBER 2009

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

(Amounts expressed in euro)

	3rd Quarter 2010 (Unaudited)	3rd Quarter 2009 (Unaudited)
Operational income:
Other operational income	2,263	840
Total operational income	2,263	840
Operational expenses:
External supplies and services	(66,889)	(52,955)
Staff costs	(228,712)	(399,851)
Depreciation and amortisation	(661)	(660)
Other operational expenses	(80,354)	(5,948)
Total operational expenses	(376,616)	(459,414)
Operational profit/(loss)	(374,353)	(458,574)
		2,634,088
Financial expenses	(1,862,872)	(2,766,834)
Net financial income/(expenses)	(156,313)	(132,746)
Investment income	-	-
Profit/(loss) before taxation	(530,666)	(591,320)
		79,900
Profit/(loss) for the period	(400,598)	(511,420)
Profit/(loss) per share
Basic	-0.001602	-0.002046
Financial income Taxation	1,706,559 130,068

The accompanying notes are part of these financial statements

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2010 AND 30 SEPTEMBER 2009

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

(Amounts expressed in euro)

	30 September 2010	30 September 2009
Net profit for the period	2,107,926	162,054,737
Exchange differences on translating foreign operations	-	-
Share of other comprehensive income of associates and joint
ventures accounted for by the equity method	-	-
Change in the fair value of assets available for sale	-	-
Change in the fair value of cash flow hedging derivatives	-	304,749
Gains on property revaluation	-	-
Income tax relating to components of other comprehensive income	-	-
Other comprehensive income for the period	-	304,749
Total comprehensive income for the period	2,107,926	162,359,486

The accompanying notes are part of these financial statements

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2010 AND 30 SEPTEMBER 2009

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

(Amounts expressed in euro)

	3rd Quarter 2010 (Unaudited)	3rd Quarter 2009 (Unaudited)
Net profit for the period	(400,598)	(511,420)
Exchange differences on translating foreign operations	-	-
Share of other comprehensive income of associates and joint
ventures accounted for by the equity method	-	-
Change in the fair value of assets available for sale	-	-
Change in the fair value of cash flow hedging derivatives	-	-
Gains on property revaluation	-	-
Income tax relating to components of other comprehensive income	-	-
Other comprehensive income for the period	-	-
Total comprehensive income for the period	(400,598)	(511,420)

The accompanying notes are part of these financial statements

INDIVIDUAL STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2010 AND 30 SEPTEMBER 2009

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

(Amounts expressed in euro)

	Sha re	Ow n	Leg al	Con ion vers	Res erve s Fai r Va lue	Hed ging	Oth er	Ret aine d	Sub tot al	fit / Net (los s) pro	Tot al E quit y
	Cap ital	Sha res	Res erve	Res erve	Res erve	Res erve	Res erve s	Ear ning s
Bala Jan at 1 20 09 nce as uary	250 ,000 ,000	-	-	-	(304 ) ,749	-	132 ,638 ,253	(1,5 09)	132 ,331 ,995	(84 1) 8,27	381 ,483 ,724
Tota l co ehe nsiv e in e fo r the riod mpr com pe	-	-	-	-	304 ,749	-	-	-	304 ,749	162 ,054 ,737	162 ,359 ,486
App iatio n of fits: ropr pro Tran sfer lega l res and aine d ea rnin to ret erve gs Divi den ds d istri bute d	-	-	-	-	-	-	-	(84 1) 8,27	(84 1) 8,27	848 ,271	-
Acq uisi tion /(dis al) o f ow n sh pos ares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Oth ers	-	-	-	-	-	-	-	-	-	-	-
Bala at 3 0 S epte mbe r 20 09 nce as	250 ,000 ,000	-	-	-	-	-	132 ,638 ,253	(84 9,78 0)	131 ,788 ,473	162 ,054 ,737	543 ,843 ,210
Bala at 1 Jan 20 10 nce as uary	250 ,000 ,000	-	-	-	-	-	132 ,638 ,253	(84 9,78 0)	131 ,788 ,473	163 ,822 ,537	545 ,611 ,010
e fo Tota l co ehe nsiv e in r the riod mpr com pe	-	-	-	-	-	-	-	-	-	2,1 07,9 26	2,1 07,9 26
App iatio n of fits: ropr pro Tran sfer lega l res and aine d ea rnin to ret erve gs	-	-	8,1 91, 127	-	-	-	154 ,781 ,630	849 ,780	163 ,822 ,537	(16 3,82 2,53 7)	-
Divi den ds d istri bute d /(dis al) o Acq uisi tion f ow n sh ares	-	-	-	-	-	-	-	-	-	-	-
pos	-	-	-	-	-	-	-	-	-	-	-
Oth ers	-	-	-	-	-	-	-	-	-	-	-
Bala 0 S mbe at 3 epte r 20 10 nce as	250 ,000 ,000	-	8,1 91, 127	-	-	-	287 ,419 ,883	-	295 ,611 ,010	2,1 07,9 26	547 ,718 ,936

The accompanying notes are an integral part of these financial statements.

INDIVIDUAL STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2010 AND 30 SEPTEMBER 2009

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

(Amounts expressed in euro)

	30 September 2010	30 September 2009
OPERATING ACTIVITIES
Cash paid to trade creditors	267,369	433,265
Cash paid to employees	751,267	745,300
Cash flow generated by operations	(1,018,636)	(1,178,565)
Income taxes (paid)/received	808	(26,838)
Other cash receipts/(payments) relating to operating activities	(154,139)	(152,405)
Net cash flow from operating activities [1]	(1,173,583)	(1,304,132)
INVESTMENT ACTIVITIES
Cash receipts arising from:
Interest and similar income	10,634,900	7,448,430
Dividends	2,871,845	162,500,000
Loans granted	191,096,257	-
	204,603,002	169,948,430
Cash payments arising from:
Investments	159,500,000	-
Tangible assets	-	-
Loans granted	64,815,898	247,576,200
	224,315,898	247,576,200
Net cash flow from investment activities [2]	(19,712,896)	(77,627,770)
FINANCING ACTIVITIES
Cash receipts arising from:
Loans obtained	28,036,407	83,450,000
	28,036,407	83,450,000
Cash Payments arising from:
Interest and similar costs	4,850,191	4,210,080
Loans obtained	-	308,200
	4,850,191	4,518,280
Net cash from financing activities [3]	23,186,216	78,931,720
Net increase/(decrease) in cash and cash equivalents [4] = [1]+[2]+[3]	2,299,737	(182)
Cash and cash equivalents at the beginning of the period	55,597	25,516
Cash and cash equivalents at the end of the period	2,355,334	25,334

The accompanying notes are part of these financial statements

INDIVIDUAL STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2010 AND 30 SEPTEMBER 2009

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

(Amounts expressed in euro)

	3rd Quarter 2010 (Unaudited)	3rd Quarter 2009 (Unaudited)
OPERATING ACTIVITIES
Cash paid to trade creditors	50,599	86,223
Cash paid to employees	290,624	202,428
Cash flow generated by operations	(341,223)	(288,651)
Income taxes (paid)/received	(53,842)	(27,439)
Other cash receipts/(payments) relating to operating activities	(531,540)	(7,350)
Net cash flow from operating activities [1]	(818,921)	(268,561)
INVESTMENT ACTIVITIES
Cash receipts arising from:
Interest and similar income	4,459,685	3,775,704
Dividends	-	-
Loans granted	-	-
	4,459,685	3,775,704
Cash payments arising from: Investments	-	-
Tangible assets	-	-
Loans granted	(2,430,086)	85,963,500
	(2,430,086)	85,963,500
Net cash flow from investment activities [2]	6,889,771	(82,187,796)
FINANCING ACTIVITIES
Cash receipts arising from:
Loans obtained	(1,827,500)	80,234,000
	(1,827,500)	80,234,000
Cash Payments arising from:
Interest and similar costs	1,915,858	1,659,930
Loans obtained	-	100,000
	1,915,858	1,759,930
Net cash from financing activities [3]	(3,743,358)	78,474,070
Net increase/(decrease) in cash and cash equivalents [4] = [1]+[2]+[3]	2,327,492	(3,982,288)
Cash and cash equivalents at the beginning of the period	27,842	4,007,621
Cash and cash equivalents at the end of the period	2,355,334	25,334

The Board of Directors

The accompanying notes are part of these financial statements

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2010 AND 30 SEPTEMBER 2009

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

(Amounts expressed in euro)

1. INTRODUCTION

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

The Company's financial statements are presented as required by the Commercial Companies Code. According to Decree‐Law 35/2005 of 17 February 2007, the Company's financial statements have been prepared in accordance with International Financial Reporting Standards.

2. BASIS OF PREPARATION

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

3. PRINCIPAL ACCOUNTING POLICIES

The accounting policies adopted are consistent with those followed in the preparation of annual financial statements for the year ended 31 December 2009.

4. INVESTMENTS

As at 30 September 2010 and 31 December 2009 Investments are detailed as follows:

	30 September 2010	31 Decembe r 2009
Inves tments i n a ffilia ted and a s s ocia ted unde rtakings	542,138,253	382,638,253
Inves tments i n othe r companies (Sonae RE ‐ 0.04%)	1,200	1,200
	542,139,453	382,639,453

4.1 Investments in affiliated and associated undertakings

As at 30 September 2010 and 31 December 2009, the detail of Investments in Affiliated and Associated Companies is as shown in the table below.

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

			30 Septembe r 2010				31 December 2009
Compa ny	% Held	Fair Value	Book Val ue	Fai r Value Rese rve	% Held	Fair Value	Book Val ue	Fai r Value Rese rve
SC, SGPS, SA	100.00%	‐	382,638,253	‐	100.00%	‐	382,638,253	‐
Spred, SGPS SA	54.05%	‐	40,000,000	‐	‐	‐	‐	‐
SC As se ts, SGPS, SA	76.64%	‐	82,000,000	‐	‐	‐	‐	‐
Sonae Turi smo, SGPS SA	23.08%	‐	37,500,000	‐	‐	‐	‐	‐
Total		‐	542,138,253	‐		‐	382,638,253	‐

5. OTHER NON CURRENT ASSETS

As at 30 September 2010 and 31 December 2009 Other Non Current Assets are detailed as follows:

	30 Septembe r 2010	31 Decembe r 2009
Loa ns granted to group compa nies:
SC, SGPS, SA	162,592,243	343,547,500
SC As sets, SGPS, SA	36,088,800	‐
	198,681,043	343,547,500

These assets were not due or impaired as at 30 September 2010. The fair value of loans granted to Group companies is basically the same as their book value.

6. OTHER CURRENT ASSETS

As at 30 September 2010 and 31 December 2009 Other Current Assets can be detailed as follows:

	30 September 2010	31 December 2009
Group companies - Short term loans:
Change, SGPS, SA	2,064,000	2,052,000
SC, SGPS, SA	11,074,715	3,862,000
SC Assets, SGPS, SA	11,361,383
Group companies - Interest:
SC, SGPS, SA		5,945,846
Income tax withheld	54,803	212,237
Other Debtors	69	2,632
Accrued income	2,123,674	9,063
Deferred costs	839,944	776,782
	27,518,588	12,860,560

7. CASH AND CASH EQUIVALENTS

As at 30 September 2010 and 31 December 2009 Cash and Cash Equivalents can be detailed as follows:

	30 September 2010	31 December 2009
Cash	916	1,003
Bank deposits	2,354,418	54,594
Cash and cash equivalents in the balance sheet	2,355,334	55,597
Bank overdrafts
Cash and cash equivalents in the cash flow statement	2,355,334	55,597

8. SHARE CAPITAL

As at 30 September 2010 Share Capital consisted of 250,000,000 ordinary shares of 1 euro each.

9. OTHER RESERVES

As at 30 September 2010, the caption Other Reserves can be detailed as follows:

	30 Septembe r 2010	31 Decembe r 2009
Free reserves	154,781,631	‐
Deme rge r reserve	132,638,252	132,638,252
	287,419,883	132,638,252

The Demerger reserve (Note 1), corresponds to the difference between the book value of the shareholding in SC, SGPS, SA (382,638,252 Euro) which was spun off from Sonae, SGPS, SA to the Company, and the value of the share capital of the Company (250,000,000 Euro).

10. LOANS

As at 30 September 2010 and 31 December 2009 this caption included the following loans:

	30 September 2010	31 Decembe r 2009
Bank loans ‐ Commercial paper	30,000,000	102,800,000
Up‐front fees not yet cha rged to i ncome s ta tement	(38,231)	(49,893)
Bank loans ‐ non current	29,961,769	102,750,107
Nominal value of bonds	50,000,000	50,000,000
Up‐front fees not yet cha rged to i ncome s ta tement	(70,904)	(115,234)
Bonds	49,929,096	49,884,766
Non‐current loans	79,890,865	152,634,873
Bank loans ‐ Commercial paper	112,400,000	39,100,000
Current bank loans	112,400,000	39,100,000

Bonds Sonae Capital 2007/2012 1st Bond issue, amounting to 20,000,000 euro, repayable after 5 years, in one instalment, on 31 December 2012, except if total or partial early repayment occurs, which may happen on 31 December 2010.

Bonds Sonae Capital 2007/2012 2nd Bond issue, amounting to 30,000,000 euro, repayable after 5 years, in one instalment, on 31 December 2012.

These bond issues pay interest every six months at Euribor six month interest rates plus spreads which vary between 0.50% and 0.60%.

Bonds totalling 20,000,000 euro are included in the financial statements based on their full lives, although prior call/put options exist. In the case of early repayment, it is considered that the borrowing could be refinanced on a similar basis and the borrowing structure maintained.

The caption Non Current Bank Loans relates to amounts issued under four Commercial Paper Programmes with guaranteed subscription, launched on 14 March 2008 with the maximum amount of 30,000,000 euro and valid for a period of 5 years.

The caption Current Bank Loans includes five issues of commercial paper programmes. One, with a maximum limit of 60,000,000 euro, without subscription guarantee, launched on 28 March 2008, valid for a ten year period, which may be extended at the option of the Company, another, with a maximum limit of 15,000,000 euro, with subscription guarantee, launched on 22 December 2008, valid for a one year period, extendable for two annual periods, which may not be renewed at the discretion of both parties, and three other launched on 26 and 28 August 2009 with the maximum amount of 36,600,000 euro each and valid for a period of 2 years.

The above loans are not guaranteed, and their fair value is considered to be close to their book value, in view of the fact that interest payable on them is at variable market rates.

There are no Derivatives.

11. OTHER CREDITORS

As at 30 September 2010 and 31 December 2009, these captions were made up as follows:

	30 Septembe r 2010	31 December 2009
Other credi tors
Group compa nies ‐ Short term loans:
Spred , SGPS, SA	25,486,407	‐
Se te e Meio He rdades, SA	2,050,000	‐
Other credi tors	2,542	2,350
	27,538,949	2,350

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

12. OTHER CURRENT LIABILITIES

As at 30 September 2010 and 31 December 2009, these captions were made up as follows:

	30 September 2010	31 Decembe r 2009
Other current lia bili ties
Taxes paya ble	24,313	185,865
Accrual s:
Sta ff cos ts	452,427	344,130
Inte res t paya ble	2,750,075	977,733
Other accrual s	11,708	6,947
De ferred i ncome	‐	6,358
	3,238,523	1,521,033

13. EXTERNAL SUPPLIES AND SERVICES

As at 30 September 2010 and 30 September 2009, External Supplies and Services can be detailed as follows:

	30 September 2010	30 Septembe r 2009
Opera ti onal rents	48,838	12,458
Ins ura nce cos ts	39,351	45,532
Travelli ng expenses	32,190	39,549
Se rvi ces obtained	87,138	256,635
Other se rvi ces	21,254	10,315
	228,771	364,489

14. STAFF COSTS

As at 30 September 2010 and 30 September 2009, Staff Costs are made up as follows:

	30 Septembe r 2010	30 Septembe r 2009
Gove rni ng bodies' remunera tions	762,154	792,809
Social securi ty contri buti ons	55,036	48,342
Other s ta ff cos ts	18,100	17,760
	835,290	858,911

15. NET FINANCIAL EXPENSES

As at 30 September 2010 and 30 September 2009, Net Financial Expenses can be detailed as follows:

	30 September 2010	30 Septembe r 2009
Inte res t paya ble and similar expenses
Inte res t a ri si ng from:
Bank loans	(2,780,953)	(1,527,039)
Bonds	(594,212)	(1,146,257)
Othe r	(1,754,462)	(2,053,374)
Other fi na ncial expenses	(1,494,695)	(1,579,079)
	(6,624,322)	(6,305,750)
Inte res t receiva ble and similar i ncome
Inte res t i ncome	6,803,664	7,075,345
	6,803,664	7,075,345
Net fina ncial expenses	179,342	769,595

16. TAXATION

As at 30 September 2010 and 30 September 2009, Taxation is made up as follows: 30 Septembe r 2010 30 Septembe r 2009 Current tax (6,224) (1,647) De ferred tax 251,769 55,491 245,545 53,844

17. EARNINGS PER SHARE

Earnings per share for the nine months periods ended 30 September 2010 and 2009 were calculated taking into consideration the following amounts:

	30 September 2010	30 Septembe r 2009
Net profit
Net profi t taken i nto consi dera ti on to calcula te basic
ea rnings per s ha re (Net profi t for the pe riod )	2,107,926	162,054,737
Effect of dilutive potential s ha res	-	-
Net profi t taken i nto consi dera ti on to calcula te
dil uted ea rni ngs per s ha re	2,107,926	162,054,737
Number of shares
Weighted ave rage number of s ha res used to calcula te
basic ea rni ngs per s ha re	250,000,000	250,000,000
Weighted ave rage number of s ha res used to calcula te
dil uted ea rni ngs per s ha re	250,000,000	250,000,000
Earnings per share (basic and diluted)	0.008432	0.648219

18. APPROVAL OF THE FINANCIAL STATEMENTS

The accompanying financial statements were approved by the Board of Directors and authorized for issue on 17 November 2010.

19. INFORMATION REQUIRED BY LAW

Decree‐Law nr 318/94 art 5 nr 4

In the period ended 30 September 2010 shareholders' loan contracts were entered into with the following companies:

• SC Assets, SGPS, SA
• SC, SGPS, SA

In the period ended 30 September 2010 short‐term loan contracts were entered into with the following companies:

• SC Assets, SGPS, SA
• SC, SGPS, SA
• Sete e Meio Herdades, SA

Loans granted

• Spinveste SGII, SA
• Spred SGPS, SA

As at 30 September 2010 amounts owed by affiliated companies can be summarized as follows:

Companies	Closing Balance
SC, SGPS, SA	173,666,958
Change, SGPS, SA	2,064,000
SC As se ts, SGPS, SA	47,450,183
	223,181,141

As at 30 September 2010 amounts owed to affiliated companies can be summarized as follows:

Loans obtained
Compa nies	Cl osing Balance
Spred , SGPS, SA	25,486,407
Se te e Mei o Herdades, SA	2,050,000
	27,536,407