Governance Information • Mar 11, 2008
Governance Information
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Semapa has striven in recent years to respond to growing investor concern relating to corporate governance issues. These efforts have resulted in compliance in 2007 with almost all the recommendations of the Securities Market Commission in this area.
This is an ongoing process with new concerns and new challenges, and in 2008 we have a new set of SCM recommendations. Semapa already complies with some of these new recommendations, and steps will be taken in 2008 to assure compliance with the remaining requirements.
For the previous financial year, Semapa decided to structure its corporate governance report so as to include separate chapters not only for the Report on structure and corporate government practices in compliance with SMC Regulations 7/2001, but also a range of other matters relating to other legal requirements and recommendations. This is a structure with a number of overlaps, with the need for referrals between sections, but it has the advantage of presenting the date in a more structured form, and of being easier to consult.
We have therefore decided to maintain the following structure for this report:
The company stays in constant contact with the market, keeping to the principle of equal treatment for all shareholders, and taking steps to ensure that all investors enjoy uniform access to information. The company operates an investor support office, as described below.
This recommendation has therefore been adopted in full.
The company has no type of restriction on the exercise of voting rights or the representation of shareholders, and the time limits established in the articles of association for submission of the documentation necessary for attendance of general meetings or casting postal votes are shorter than the recommended minimum.
This recommendation has therefore also been adopted in full.
The company has adopted the recommendation that an internal system of risk control be created.
In addition to the specific bodies and procedures which exist in our subsidiaries, the company has an Internal Control Committee (ICC) with specific powers in the field of risk control, as described below.
No measures have been adopted in order to prevent the success of takeover bids, meaning that this recommendation has been adopted in full.
The management body comprises several members, who effectively direct the management of the company and its senior staff, as described in greater detail below.
The recommendation to this effect has therefore been adopted by the company.
The company has a number of non-executive directors who are responsible for continuous monitoring and assessment of the management of the company by the executive directors.
In addition to these duties performed by non-executive directors, there is also an internal body, the Internal Control Committee, whose members may not be executive directors, and which also plays an important role in supervising and monitoring the affairs of the company, with an advisory function in relation to the choice of external auditors.
This recommendation has therefore been adopted in full.
Semapa's Board of Directors included independent non-executive directors: Messrs. Joaquim Martins Ferreira do Amaral and António da Nóbrega de Sousa da Câmara.
In addition, all the members of the Audit Board are independent and effectively exercise their powers. The Chairman of the Audit Board is also a member of the company's Internal Control Committee, with responsibilities in the areas of supervision and control, including advisory powers on the selection of external auditors.
This is a recommendation that the SMC does not considered as complied with by the company because the number of independent non-executive directors is less than 25% of the total number of directors.
However, it should be noted that the requirement in the recommendation is not quantitative, but calls instead for a "sufficient number", which presupposes, in our view, a critical assessment and appraisal on a case-by-case basis. In the specific case of Semapa, in view of the company's characteristics, namely the fact that it is a holding company with an extremely simple structure, and given the situation described above in relation to the number of independent non-executive directors and the position of the Audit Board and the Internal Control Committee, our understanding is different from that of the SMC, and we consider that the company complies with the recommendation.
The company has a Corporate Governance Supervisory Committee (CGSC) with specific powers for assessing the structure and governance of the company, as detailed below. This recommendation is therefore fully adopted by the company.
The structure of the directors' remuneration, which under the articles of association may comprise a fixed and a variable component, the variable components possibly including profit sharing, makes it possible to align the directors' interests with those of the company.
The company has not adopted the recommendation that individual directors' remuneration be disclosed. This decision has been taken after weighing up all the interests at stake, and in the opinion of the board of directors, in addition to other potentially negative effects, the gains resulting from such disclosure would not be greater than the loss to the right of privacy of each director.
This recommendation is therefore only partially adopted.
This recommendation has been adopted by the company.
In 2007, a declaration on remuneration policy for company officers, drawn up by the Remuneration Committee, valid until the end of the current term of office of the company officers, was submitted for the consideration of the shareholders at the annual general meeting, and discussed at this meeting.
This recommendation has also been adopted, as all members of the Remuneration Committee are independent.
This recommendation is not applicable because the company has not adopted any share and/or share option allocation scheme.
The company has adopted internal rules on notification of irregularities alleged to have taken place within the company. These rules fix the means of communication, the persons to be legitimately notified, the rules on treatment and other matters detailed below.
This recommendation has therefore been adopted in full by the company.
This recommendation is also not applicable, as it is aimed only at institutional investors.
The following diagram shows in simplified form how powers are distributed with regard to business decisions:
Although duties and responsibilities are not rigidly compartmentalized within the Board of Directors, four main areas may be distinguished in the way responsibilities are shared out:
1 Strategic planning and investment policy, which are the responsibility of the Chairman of the Board of Directors, Pedro Mendonça de Queiroz Pereira, and the director, Eng. Carlos Eduardo Coelho Alves.
2 Financial policy and risk management, which is the responsibility of the directors Dr. José Alfredo de Almeida Honório and Dr. José Miguel Pereira Gens Paredes.
3 Human resources policy and administrative control, which is the responsibility of the directors Dr. Francisco José de Melo e Castro Guedes and Dr. Carlos Maria Cunha Horta e Costa.
4 Legal issues, which are the responsibility of Dr. Paulo Miguel Garcês Ventura.
The Director, Eng. Joaquim Martins Ferreira do Amaral, who is the only director to sit on the Internal Control Committee, has special responsibilities for general supervision.
The company has three specific committees: the Remuneration Committee, the Internal Control Committee and the Corporate Governance Supervisory Committee.
The Remuneration Committee has specific powers to fix the remuneration of company officers, and comprises the following members, none of them shareholders or members of other company bodies (one place on this committee is currently vacant):
The Internal Control Committee (ICC) has special responsibilities in the area of detecting and controlling all significant risks in the company's affairs, in particular legal and financial risks, as detailed below, and comprises the following members:
The Corporate Governance Supervisory Committee (CGSC) monitors on a continuous basis the company's compliance with the provisions of the law, regulations and articles of association applicable to corporate governance, and is responsible for critical analysis of the company's practices and procedures in the field of corporate governance and for proposing for debate, altering and introducing new procedures designed to improve the structure and governance of the company.
The CGSC meets at intervals appropriate to its duties, and is required to submit a full annual report to the Board of Directors on corporate governance, together with any proposals for changes, as it sees fit.
The Committee comprises three to five members appointed by the Board of Directors, and must include at least one non-executive director and a person without management duties in the company. The Committee members are:
• Drª Rita Maria Lagos do Amaral Cabral – Non-executive director
Risk control activities in the company are carried on through an organizational unit with specific responsibilities in this field – the Internal Control Committee -, and also through independent audits and the work of the company bodies.
The main purpose of the ICC is to detect and control all relevant risks in the company's affairs, in particular legal and financial risks, and the Committee enjoys full powers to pursue this aim, namely:
The ICC no longer supervises the system for notification of irregularities, as this responsibility has now been expressly assigned by law to the Audit Board.
The committee comprises three to five members appointed by the Board of Directors, which members cannot be executive directors. Its current members are those indicated above.
In addition to the important role played by the Audit Board in this field, internal procedures for risk control are also particularly important in each of the company's main subsidiaries. The nature of the risks and the degree of exposure vary from company to company, and each subsidiary therefore has its own independent system for controlling the risks to which it is subject.
Independent audits of Semapa and the companies it controls are carried out by PricewaterhouseCoopers.
Semapa shares performed fairly positively in 2007 until the crisis which hit the financial markets in August, closing the year at practically the same level as at year-end 2006. The average daily listed price for Semapa shares varied between EUR 8.72 and EUR 13.45, with average daily trading during the period of 280 902 shares.
The listed price underwent an adjustment at the session after announcement of the 2006 results, on 2 March 2007, dropping by 4.8% in relation to the previous session.
In contrast, the distribution of a dividend of EUR 0.23 per share, which in net terms represented, for shareholders subject to taxation, a dividend of approximately EUR 0.184 per share, had no significant immediate impact on the formation of the share price.
The following graph shows average listed prices over the period, together with the main disclosures made to the market:
As may be seen, after rising significantly, listed prices fell successively after the crisis in the financial markets in August.
Semapa shares ended the year down by 0.79% on year-end 2006, performing less well than the PSI20 index.
The Company has followed a dividend policy of distributing a large amount without resorting to borrowing for this purpose and without jeopardising its sound financial position. The aim is to maintain a financial structure compatible with the sustained growth of the company and the different business areas, whilst also maintaining sound solvency indicators.
The pay-out ratio (dividends/net profit) in recent years has been high, reaching a high point of 94% in 1995, and standing at its lowest in 2004, at 7.1%.
In the last three years, the dividend per share in circulation has been as follows:
| 2005 (in relation to 2004) | 0.11 € per share |
|---|---|
| 2006 (in relation to 2005) | 0.42 € per share |
| 2007 (in relation to 2006) | 0.23 € per share |
The Company runs no share or option allocation scheme.
No transactions to report.
The investor support service is provided from an office headed by Dr. José Miguel Gens Paredes, who is also the company's market relations representative. The office is adequately staffed and enjoys swift access to all sectors of the company, in order to ensure an effective response to requests, and also to transmit relevant information to shareholders and investors in good time and without any inequality.
In addition to the general contact details for the company, Dr. José Miguel Gens Paredes can be contacted at the email address [email protected] or on the company's general telephone numbers.
All public information on the company can be accessed by these means. Please note, in any case, that the information most frequently requested by investors is available at the company's website at www.semapa.pt.
As indicated above, the Semapa Remuneration Committee is made up as follows, with one of the place currently vacant:
The following costs were incurred in relation to auditors in 2007 by the company and other related companies:
| Services – Audit of Accounts | 428.673 € |
|---|---|
| Other services – reliability assurance | 61.791 € |
| Fiscal advisory services | 344.542 € |
| Services other than legal auditing | - |
| Total | 835.006 € |
In relation to fiscal consultancy services and services other than legal auditing, our auditors have set strict internal rules to guarantee their independence, and these rules have been adopted in the provision of these services and monitored by the company, in particular by the Audit Board and the Internal Control Committee.
There are no company rules which in any way limit voting rights or disallow postal voting. The only company rules on the exercise of voting rights by shareholders are those detailed below.
The company provides a postal vote form. This form is available at the company's website and may be requested from the investor support office.
Electronic voting is still not possible. Note that no shareholders or investors in the company have yet requested or expressed an interest in such procedures.
The company's articles of association require that shareholders submit a document proving ownership of the shares no less than five days prior to the date of the general meeting.
Postal votes must be received by the day before the date of the general meeting.
There is one vote for each 385 shares in the company.
The Company has a set of "Principles of Professional Conduct", approved by the Board of Directors. This document establishes ethical principles and rules applicable to company staff and officers.
In particular, this document establishes the duty of diligence, requiring professionalism, zeal and responsibility, the duty of loyalty, which in relation to the principles of honesty and integrity is especially geared to guard against conflict of interest situations, and the duty of confidentiality, in relation to the treatment of relevant information.
The document also establishes duties of corporate social responsibility, namely of environmental conservation and protection of all shareholders, namely minority shareholders, ensuring that information is fairly disclosed, and all shareholders treated equally and fairly.
The company also has a set of "Regulations on Notification of Irregularities", which govern the procedure whereby company employees give notice of irregularities allegedly taking place within the company.
These regulations enshrine the general duty to give notice of alleged irregularities, indicating the Audit Board as the body to be informed, and also providing for an alternative solution in the event of there being a conflict of interests on the part of the Audit Board as regards the irregularity to be reported.
The Audit Board may request the assistance of the Internal Control Committee, and is required to conduct a preliminary investigation of all the facts necessary for assessing the alleged irregularity. This process ends with filing or with a submission to the Board of Directors or the Executive Board, depending on whether a company officer is involved, of a proposal for appropriate measures in the light of the irregularity in question.
The regulations also contain other provisions designed to safeguard the confidentiality of disclosure and non-prejudicial treatment of the employee reporting the irregularity, as well as rules on providing information on the regulations throughout the company.
Access to the "Principles of Professional Conduct" and to the "Regulations on Notification of Irregularities" is reserved.
The company has an internal unit with powers to control the risks of the company's business activities. This is the Internal Control Committee, whose responsibilities were described in item 3 of chapter I.
There are no provisions in the articles of association or measures adopted by the company such as may interfere with the success of takeover bids, and the company has no knowledge of any shareholders' agreements which might have this effect, without prejudice to the open co-ordination of voting rights by the shareholders holding more than half the share capital, on the terms indicated in the list of qualifying holdings.
The Board of Directors comprises thirteen members, including seven executive directors. Two of the non-executive directors are independent, as shown in the following table
| Executive | Independent | |
|---|---|---|
| Pedro Mendonça de Queiroz Pereira | X | |
| Maria Maude Mendonça de Queiroz Pereira Lagos | ||
| Carlos Eduardo Coelho Alves | X | |
| José Alfredo de Almeida Honório | X | |
| Francisco José Melo e Castro Guedes | X | |
| Carlos Maria Cunha Horta e Costa | X | |
| José Miguel Gens Paredes | X | |
| Paulo Miguel Garcês Ventura | X | |
| Rita Maria Lagos do Amaral Cabral | ||
| António da Nóbrega de Sousa da Câmara | X | |
| António Paiva de Andrada Reis | ||
| Fernando Maria Costa Duarte Ulrich | ||
| Joaquim Martins Ferreira do Amaral | X |
Below we detail, for each of the members, the nature of their duties, their professional qualifications, the number of shares held, the date when first appointed and term of office, office held in other companies, identifying those belonging to the Semapa Group (identified with the initials "SG"), and other professional activities carried on in the last 5 years.
| ABOUT THE FUTURE – Empresa Produtora de Papel, S.A (GS) Director CIMENTOSPAR - Participações Sociais, SGPS, Lda (GS) Manager CIMIGEST, SGPS, S.A Chairman of the Directors CIMINPART - Investimentos e Participações, SGPS, S.A. (GS) Chairman of the Directors CIMO - Gestão de Participações, SGPS, SA Chairman of the Directors CMP - Cimentos Maceira e Pataias, SA (GS) Chairman of the Directors ECOVALUE – Investimentos Imobiliários, Lda Manager LONGAPAR, SGPS, SA Chairman of the Directors O E M - Organização de Empresas, SGPS, SA Chairman of the Directors PORTUCEL - Empresa Produtora de Pasta e Papel, S.A. (GS) Chairman of the Directors and member |
|
|---|---|
| SECIL - Companhia Geral de Cal e Cimento, SA (GS) Chairman of the Directors SECILPAR, SL (GS) Chairman of the Directors SEINPART Participações, SGPS, S.A (GS) Chairman of the Directors SEMAPA Inversiones, SL (GS) Chairman of the Directors |
of Executive Board |
| SEMINV - Investimentos, SGPS, S.A (GS) Chairman of the Directors SODIM SGPS, SA Chairman of the Directors SOPORCEL - Sociedade Portuguesa de Papel, S.A. (GS) Chairman of the and member of |
Executive Board |
| SOPORCEL – Gestão de Participações Sociais, SGPS, S.A. (GS) Director TEMA PRINCIPAL – SGPS, SA Director VÉRTICE - Gestão de Participações, SGPS, SA Chairman of the Directors |
| CIMIPAR – Sociedade Gestora de Participações Sociais, S.A Chairman of the Board of | Directors |
|---|---|
| CMPartin - Inversiones y Participaciones Empresariales S.L. (GS) Chairman of the Board of | Directors |
| ECOLUA - Actividades Desportivas, L.da Manager | |
| IMOCIPAR – Imobiliária, S.A Director | |
| PARSECIL, S.L. (GS) Chairman of the Board of | |
| Directors | |
| PARSEINGES - Gestão de Investimentos, SGPS, S.A (GS) Chairman of the Board of | |
| Directors | |
| SEMAPA Inversiones, S.L. (GS) Chairman of the Board of | |
| Directors | |
| Sociedade Agrícola da Quinta da Vialonga, S.A Chairman of the Board of | |
| Directors |
| CIMIGEST, SGPS, S.A Director | |
|---|---|
| HOTEL VILLA MAGNA, S.L Chairman of the Board of | |
| Directors |
| HOTEL RITZ, SA Chairman of the Board of | |
|---|---|
| Directors | |
| O E M - Organização de Empresas, SGPS, S.A. Director | |
| SODIM, SGPS, S.A. Director | |
| SONAGI, SGPS, S.A. Director |
| IDEIAS INTERACTIVAS – Informática, S.A. (Ydreams) Director | |
|---|---|
| LONGAVIA - Imobiliária, S.A. Director | |
| VÉRTICE – Gestão de Participações, SGPS, S.A Director |
| ABOUT THE FUTURE – Empresa Produtora de Papel, S.A. (GS) Director | |
|---|---|
| CIMINPART - Investimentos e Participações, SGPS, S.A. (GS) Director CIMENT DE SIBLINE S.A.L. (GS) Director |
|
| CIMENTOSPAR - Participações Sociais, L.da (GS) Manager | |
| CIMO - Gestão de Participações, SGPS, S.A Director | |
| CMP - Cimentos Maceira e Pataias, S.A. (GS) Director and Chairman of the | |
| Executive Board | |
| FLORIMAR – Gestão de Participações, SGPS, Soc. Unip., L.da (GS) Manager | |
| HEWBOL – SGPS, L.da (GS) Manager | |
| LONGAPAR, SGPS, S.A. Director | |
| PARCIM – Investments B.V. (GS) Director PORTUCEL – Empresa Produtora de Pasta e Papel, S.A. (GS) Director |
|
| SCG – Société des Ciments de Gabès, S.A. (GS) Chairman of the Board of | |
| Directors | |
| SECIL - Companhia Geral de Cal e Cimento, S.A. (GS) Director and Chairman of the | |
| Executive Board | |
| SECILPAR Inversiones, S.L. (GS) Director | |
| SEMINV - Investimentos, SGPS, S.A. (GS) Director | |
| SEINPART - Participações, SGPS, S.A. (GS) Director | |
| SODIM, SGPS, S.A. Director | |
| SONACA – SGPS, S.A Chairman of the Board of | |
| Directors SOPORCEL – Sociedade Portuguesa de Papel, S.A. (GS) Director |
|
| BETOPAL, S.L. (GS) Director | |
|---|---|
| CIMIGEST, SGPS, S.A Director | |
| CMPartin - Inversiones y Participaciones Empresariales S.L. (GS) Director | |
| FESPECT – Serviço de Consultadoria, S.A Director | |
| PARSEINGES - Gestão de Investimentos, SGPS, S.A. (GS) Director | |
| PARSECIL, S.L. (GS) Director | |
| SEMAPA Inversiones, S.L. (GS) Director |
José Alfredo de Almeida Honório
| ABOUT THE FUTURE – Empresa Produtora de Papel, S.A. (GS) Chairman of the Executive Board | and Director |
|---|---|
| ALIANÇA FLORESTAL – Soc. para o Des. Agro-Florestal, S.A. (GS) Chairman of the Board of | Directors |
| CIMENTOSPAR - Participações Sociais, SGPS, L.da (GS) Manager | |
| CIMINPART - Investimentos e Participações, SGPS, S.A. (GS) Director | |
| CIMO - Gestão de Participações, SGPS, S.A Director | |
| CMP - Cimentos Maceira e Pataias, S.A. (GS) Director | |
| IMPACTVALUE – SGPS, S.A. (GS) Chairman of the Board of | Directors |
| LONGAPAR, SGPS, S.A Director | |
| PORTUCEL FLORESTAL – Empresa de Des. Agro-Florestal, S.A. (GS) Chairman | of the Board of |
| Directors | |
| PORTUCEL – Empresa Produtora de Pasta e Papel, S.A. (GS) Chairman of the Executive Board | |
| and Director | |
| PORTUCEL SOPORCEL Energia – SGPS, S.A. (GS) Chairman of the Board of | |
| Directors PORTUCEL SOPORCEL Floresta – SGPS, S.A. (GS) Chairman of the Board of |
|
| Directors | |
| PORTUCEL SOPORCEL Papel – SGPS, S.A. (GS) Chairman of the Board of | |
| Directors | |
| PORTUCEL SOPORCEL Participações – SGPS, S.A. (GS) Chairman of the Board of | |
| Directors | |
| SECIL - Companhia Geral de Cal e Cimento, S.A. (GS) Director SEINPART - Participações, SGPS, S.A. (GS) Director |
|
| SEMINV - Investimentos, SGPS, S.A (GS) Director | |
| SOPORCEL – Sociedade Portuguesa de Papel, S.A. (GS) Chairman of the Executive Board | |
| and Vice Chairman of the Board of | |
| Directors | |
| SOPORCEL – Gestão de Participações Sociais, SGPS. S.A. (GS) Chairman of the Board of | |
| TECNIPAPEL, L.da (GS) Chairman of Management Board | Directors |
| BETOPAL, S.L. (GS) Director CEPI – Confederation of European Paper Industries Member of Executive Board |
|
|---|---|
| CELPA – Associação da Indústria Papeleira Chairman of General Board and | Member of Executive Board |
| CIMIGEST, SGPS, S.A Director | |
| CIMPOR – Cimentos de Portugal, SGPS, S.A Director | |
| CMPartin - Inversiones y Participaciones Empresariales S.L. (GS) Director | |
| FLORIMAR – Gestão e Participações, SGPS, Soc. Unipessoal, L.da (GS) Manager | |
| HEWBOL – SGPS, L.da (GS) Manager | |
| IBET – Instituto de Biologia Experimental e Tecnologia Chairman of Management Board | |
| PARCIM Investment B.V. (GS) Director | |
| PARSECIL, S.L. (GS) Director | |
| PARSEINGES - Gestão de Investimentos, SGPS, S.A. (GS) Director | |
| SECILPAR Inversiones, S.L. (GS) Director | |
| SEMAPA Inversiones, S.L. (GS) Director |
| CMP- Cimentos Maceira e Pataias, S.A (GS) Director | |
|---|---|
| CIMENT DE SIBLINE S.A.L. (GS) Director | |
| CIMENTOSPAR – Participações Sociais, SGPS, L.da (GS) Manager | |
| CIMINPART - Investimentos e Participações, SGPS, S.A. (GS) Director | |
| FLORIMAR – Gestão e Participações, SGPS, Soc. Unipessoal, L.da (GS) Manager | |
| HEWBOL – SGPS, L.da (GS) Manager | |
| SECIL – Companhia Geral de Cal e Cimento, S.A. (GS) Director | |
| SEINPART Participações, SGPS, S.A. (GS) Director | |
| SEMINV – Investimentos, SGPS, S.A. (GS) Director | |
| SCG – Société des Ciments de Gabès, S.A. (GS) Director | |
| SEMAPA Inversiones, S.L. (GS) Chairman of the Board of | |
| Directors | |
| SILONOR, S.A. (GS) Director | |
| VERDEOCULTO - Investimentos, SGPS, S.A. (GS) Chairman of the Board of | |
| Directors | |
| VIROC PORTUGAL – Indústrias de Madeira e Cimento, S.A. (GS) Chairman of the Board of | Directors |
| ENERSIS - Sociedade Gestora de Participações Sociais, S.A Director | |
|---|---|
| ENERSIS II – Sociedade Gestora de Participações Sociais, S.A Director | |
| PARSEINGES - Gestão de Investimentos, SGPS, S.A. (GS) Director |
| CIMIGEST, SGPS, S.A Director | |
|---|---|
| CIMIPAR, Sociedade Gestora de Participações Sociais, S.A Chairman of the Board of | |
| Directors | |
| CIMO - Gestão de Participações, SGPS, S.A Director | |
| LONGAPAR, SGPS, S.A. Director |
| CTT- Correios de Portugal, S.A Chairman of the Board of | Directors |
|---|---|
| CTT Expresso, S.A. Chairman of the Board of | Directors |
| CTT – Gestão de Serviços e Equipamentos Postais Chairman of the Board of | |
| Payshop, S.A Chairman of the Board of | Directors |
| Mailtec – Holding, SGPS, S.A Chairman of the Board of | Directors Directors |
| Postcontacto, L.da Manager Lucent Technologies – Portugal Chairman |
|
| João Lagos Sports – Gestão de Eventos, S.A Director |
| CIMIPAR – Sociedade Gestora de Participações Sociais, S.A Director | |
|---|---|
| SEINPART - Participações, SGPS, S.A. (GS) Director | |
| SEMINV - Investimentos, SGPS, S.A. (GS) Director | |
| SONACA, SGPS, S.A Director | |
| TERCIM – Terminais de Cimento, S.A. (GS) Director | |
| VERDEOCULTO - Investimentos, SGPS, S.A. (GS) Director |
| BECIM – Corretora de Seguros, L.da Manager | |
|---|---|
| CIMINPART – Investimentos e Participações, SGPS, S.A. (GS) Director | |
| ENERSIS – Sociedade Gestora de Participações Sociais, SGPS, S.A Director | |
| ENERSIS II – Sociedade Gestora de Participações Sociais, SGPS, S.A Director | |
| ECH – Exploração de Centrais Hidroeléctricas, S.A Director | |
| PESL – Parque Eólico da Serra do Larouco, S.A Director | |
| SILONOR, S.A. (GS) Director | |
| SODIM, SGPS, S.A. Member of Audit Board | |
| SECILPAR Inversiones, S.L. (GS) Director |
| BEIRA-RIO – Sociedade Construtora de Armazéns, S.A. Chairman of the General Meeting CIMILONGA – Imobiliária, S.A Chairman of the General Meeting CIMIPAR – Sociedade Gestora de Participações Sociais, S.A Director |
|
|---|---|
| CIMO - Gestão de Participações, SGPS, S.A Chairman of the General Meeting | |
| ESTRADAS DE PORTUGAL, S.A. Vice Chairman of the General | |
| Meeting | |
| GALERIAS RITZ – Imobiliária, S.A Chairman of the General Meeting | |
| GOLIATUR – Sociedade de Investimentos Imobiliários, S.A. Chairman of the General Meeting | |
| LONGAPAR, SGPS, S.A. Chairman of the General Meeting | |
| LONGAVIA – Imobiliária, S.A. Chairman of the General Meeting | |
| O E M - Organização de Empresas, SGPS, S.A. Chairman of the General Meeting | |
| PARQUE RITZ – Imobiliária, S.A Chairman of the General Meeting | |
| REN – Redes Energéticas Nacionais, SGPS, S.A Vice Chairman of the General | |
| Meeting | |
| SEINPART Participações, SGPS, S.A. (GS) Chairman of the General Meeting | |
| SEMAPA Inversiones, S.L. (GS) Director | |
| SEMINV - Investimentos, SGPS, S.A (GS) Chairman of the General Meeting | |
| SONAGI – Imobiliária, S.A Chairman of the General Meeting | |
| VÉRTICE – Gestão de Participações, SGPS, S.A Chairman of the General Meeting | |
| Sociedade Agrícola da Quinta da Vialonga, S.A Chairman of the General Meeting | |
CIMIPAR – Sociedade Gestora de Participações Sociais, S.A.................... Chairman of the General Meeting
IMOCIPAR – Imobiliária, S.A....................................................................... Chairman of the General Meeting SEMAPA – Sociedade de Investimento e Gestão, SGPS, S.A.................... Company Secretary Legal practice.
| CIMIGEST, SGPS, S.A Director | |
|---|---|
| Sociedade Amaral Cabral & Associados – Sociedade de Advogados, RL. . Director | |
| Casa Agrícola Amaral Cabral, L.da. Manager | |
| Sociedade Agrícola do Margarido, L.da Manager | |
| Companhia Agrícola da Quinta do Duque Chairman of the General Meeting |
Guest Lecturer at the Faculty of Law, Portuguese Catholic University. Member of the National Ethics Council for Life Sciences
IDEIAS INTERACTIVAS – Informática, S.A. (Ydreams).............................. Chief Executive Officer
Professor of the Faculty of Science and Technology, Universidade Nova de Lisboa.
| CIMIGEST, SGPS, S.A Director | |
|---|---|
| CIMIPAR, Sociedade Gestora de Participações Sociais, S.A Director | |
| Longapar, SGPS, S.A. Director |
CIMIPAR - Sociedade Gestora de Participações Sociais, S.A. ................... Director
Associação Portuguesa de Seguradores..................................................... Chairman
| Banco BPI, S.A. Chairman of the Executive Board | |||||
|---|---|---|---|---|---|
| and Vice Chairman of the Board of | |||||
| Directors | |||||
| BFA - Banco de Fomento SARL (Angola) Chairman | of | the | Board | of | |
| Directors | |||||
| Banco Português de Investimento, S.A. Chairman | of | the | Board | of | |
| Directors | |||||
| BPI VIDA – Companhia de Seguros de Vida, S.A. Chairman | of | the | Board | of | |
| Directors | |||||
| BPI Gestão de Activos – Sociedade Gestora de Fundos de Investimento | |||||
| Mobiliários, S.A Chairman | of | the | Board | of | |
| Directors | |||||
| BPI Pensões – Sociedade Gestora de Fundos de Pensões, S.A. Chairman | of | the | Board | of | |
| Directors | |||||
| Inter - Risco – Sociedade de capital de Risco, S.A Director | |||||
| Viacer - Sociedade Gestora de Participações Sociais, L.da Manager | |||||
| Petrocer, L.da Manager | |||||
| BPI Capital Finance Limited (Cayman Islands) Director | |||||
| BPI Global Investment Fund Management Company SA (Luxemburgo) Chairman | |||||
| BPI Madeira, SGPS, Unipessoal Director | |||||
| Banco Português de Investimento, S.A. Vice | Chairman | of | Board | of | |
|---|---|---|---|---|---|
| Directors | |||||
| Portugal Telecom, S.A Non-executive Director | |||||
| Banco de Fomento de Angola – BFA Director | |||||
| Banco de Fomento S.A.R.L. (Angola) Vice Chairman of the Board of | |||||
| Directors | |||||
| Banco BPI, S.A Vice Chairman of the Executive | |||||
| Board | |||||
| Companhia de Seguros Allianz Portugal, S.A Non-executive Director | |||||
| PT – Multimédia, Serviços de Telecomunicações e | |||||
| Multimédia, SGPS, S.A. Non-executive Director | |||||
| Solo – Investimentos em Comunicações, SGPS, S.A. Chairman of the Board of | |||||
| Directors | |||||
| Banco de Fomento S.A.R.L. (Moçambique) Vice Chairman of the Board of | |||||
| Directors | |||||
| Impresa – SGPS, S.A. Director | |||||
| SIC – Sociedade Independente de Comunicação, S.A. Director | |||||
| Investec, SGPS, S.A Vice Chairman of the Board of | |||||
| Directors | |||||
| CIP Member of Advisory Board |
| LUSOPONTE – Concessionária para a Travessia do Tejo S.A Chairman of the Board of | |
|---|---|
| Directors | |
| Dresdner Bank Senior Advisor | |
| Transdev – Transportes Consultant |
| CIMIANTO - Sociedade Técnica de Hidráulica, S.A Director | |
|---|---|
| ENERSIS - Sociedade Gestora de Participações Sociais, S.A Director | |
| ENERSIS II – Sociedade Gestora de Participações Sociais, SGPS, SA Director | |
| GALP ENERGIA, SGPS, S.A. Chairman of the Board of | |
| Directors |
The only board with management powers is the Executive Board, which comprises Messrs. Pedro Mendonça de Queiroz Pereira, Eng. Carlos Eduardo Coelho Alves, Dr. José Alfredo de Almeida Honório, Dr. Francisco José Melo e Castro Guedes, Dr. Carlos Maria Cunha Horta e Costa, Dr. José Miguel Gens Paredes and Dr. Paulo Miguel Garcês Ventura.
The Executive Board has been granted the widest management powers, largely detailed in the respective act of delegation, and only limited with regard to the matters indicated in article 407, para. 4 of the Companies Code.
The management of the company is centred on the relationship between the Board of Directors and the Executive Board.
The two bodies are co-ordinated and kept in contact by the fact that they have a common chairman, and through regular transmission of all relevant information on the day-to-day management of the company to the non-executive directors, in order to keep them abreast of the company's life at all times. In addition, meetings of the Board of Directors are called for all decisions regarded as especially important, even if they fall within the scope of the powers delegated to the Executive Board.
It is relevant to note in this regard that the members of the Executive Board are available at all times to provide the information requested by the other members of the Board of Directors. It is standard practice for this information to be transmitted immediately when the importance or urgency of the matter so requires.
The Executive Board cannot resolve on the following:
There are no internal rules on incompatibility or on the maximum number of offices which directors can hold in the management bodies of other companies.
The Board of Directors met four times in 2007.
Remuneration policy is not set by the Board of Directors, and aligns the interests of the directors with those of the company, dividing remuneration into a fixed component and a variable component.
The fixed component is determined in line with the usual criteria in directorships, taking special account of responsibilities, the size and capacity of the company, the remuneration paid in the market for equivalent posts and the fact of the director being executive or nonexecutive. The variable component consisted in the previous period in a share in profits approved by the General meeting and limited by the articles of association to 5% of the net profits.
There are no formal rules on distinguishing between the remuneration of executive and nonexecutive directors, and this factor is taken into account in a general way when setting remuneration, both fixed and variable.
The company has no policy on compensation or other payments on departure from office, other than the retirement benefits approved by the general meeting and detailed below.
We refer on this issue to the declaration from the Remuneration Committee, included below in this report.
The total remuneration earned by the company's directors is indicated in the following table, which provides a breakdown between executive and non-executive directors, and between fixed and variable components.
| Executive directors | Non-exec. directors | Total | |
|---|---|---|---|
| Fixed remuneration | 1.906.698,35 € | 779.535,60 € | 2.686.233,95 € |
| Variable remuneration | 1.354.689,00 € | 685.495,00 € | 2.040.184,00 € |
| Total | 3.261.387,35 € | 1.465.030,60 € | 4.726.417,95 € |
Although in the past the variable component in the remuneration of directors was directly resolved on by the general meeting as part of the distribution of profits, the need as from 2007 to comply with accounting standards which recommend that the variable remuneration of directors be accounted for in the period to which it relates led to the a different solution being adopted more recent years.
Provision is now made for the foreseeable variable component in the accounts of the financial year to which it relates and this components is subsequently fixed by the Remuneration Committee, in keeping with the limit established in the Articles of Association, which lay down that: "The remuneration may comprise a fixed component and a variable component, which shall include profit sharing, and such profit sharing shall not exceed, for the directors as a whole, five per cent of the net profits from the preceding period."
The variable remuneration system is therefore based on results and on the judgment of the Remuneration Committee.
In addition to these amounts, the company's executive directors also earned remuneration for their management duties in controlled companies totalling 7,316,217.10 €.
The company does not allocate any non-pecuniary benefits or other pecuniary benefits other than the remuneration indicated. There is also no share allocation or share option scheme in operation, and no compensation was paid or due to former executive directors leaving office in the course of the year.
There is a retirement benefits system for directors approved by the general meeting, under which the directors are entitled to a monthly life pension, paid 12 times a year, as from the age of 55, if they have served as directors of the company for a minimum of 8 years, consecutively or non-consecutively. In the event of invalidity, the entitlement is not subject to an age requirement.
The value of the pension is fixed at between 80% and 27.2% of the result of dividing by 12 the fixed annual remuneration earned by the director at the date of leaving office as director of Semapa or any other controlled company. The percentage is determined by the total length of service, in this case including service in Semapa or controlled companies, as director or in another capacity. The percentage of 80% applies to service of 20 years or more, and there is a sliding scale with 27.2% being applied to those with 8 years' service. The General Meeting of 30 March 2005 decided to apply the upper limit to 6 directors.
It is relevant to note that the regulations also allow for half the value of the pension to be transferred to the surviving spouse or underage or handicapped children of the director. In addition, any sums earned for services subsequently rendered to Semapa or controlled companies, together with the value of any pensions which the beneficiary is entitled to receive from public social security systems in relation to the same period of service, must be deducted from the pension paid.
The general thrust of the policy for notification of irregularities has been broadly described in item 1 of Chapter 3 of this Report, to which we refer.
Article 245-A.3 of the Securities Code requires the management bodies of companies issuing shares listed on regulated markets to submit an annual report to the general meeting on a number of corporate governance issues identified in paragraph 1 of the same Article.
This chapter provides the information required, identifying the precise sub-paragraphs to which each issue relates. In cases where the information has already been provided in the report on structure and corporate governance practices required by SMC Regulation 7/2001, we will simply refer the reader accordingly.
Semapa's share capital is represented solely by ordinary shares, with a nominal value of 1 euro each, identical rights and duties attaching to all shares.
The share capital is represented by a total of 118,332,445 shares, corresponding to a nominal value of 118,332,445 euros, all shares being listed for trading.
The decision to adopt a single category of shares has been maintained since the formation of the company, and circumstances have not arisen to justify proposing to the shareholders that this situation be altered.
There are not restrictions of any kind at Semapa on the transferability or ownership of shares. This is also a situation which has existed since the formation of the company, and still offers the most balanced solution in the interest of all the shareholders.
We refer the reader to the information in the relevant section of the management report.
It may be seen from the list of qualifying holdings that there is a set of controlling companies, which have retained this position since Semapa shares were first listed. A significant part of the remaining capital is also divided between qualifying holdings.
Semapa is a company which has enjoyed a significant degree of shareholder stability, with some repercussions for the liquidity of the shares.
No special rights are enjoyed by any shareholder or category of shareholder in Semapa.
There is no employee share ownership scheme at Semapa.
As Semapa is a holding company with a very small staff of its own, there would appear to be no reason for adopting such a scheme.
f) Any restrictions on voting rights, such as limits on the exercising of voting rights depending on the ownership of a number of percentage of shares, time limits for exercising voting rights or systems for detaching voting rights from ownership rights
Nothing to report in this respect, save for the time limits for submitting the documentation needed for attending general meetings and for postal votes.
The time limits were recently altered in order to bring them closer to the recommendations for best practice in corporate governance. They are now as follows:
Deadline for presenting documents proving ownership of shares in company – 5 days Deadline for presenting proxy letters – 5 days Deadline for presenting postal vote documents – the day before the general meeting
We believe that the current rules are reasonable and no change is currently needed.
The company is not aware of any shareholders' agreement relating to its shares, without prejudice to the fact that voting rights are openly coordinated by Cimigest SGPS, S.A. and other entities, as follows from the list of qualifying holdings.
Semapa has no special rules on the appointment and replacement of directors or on amendment of its articles of association. The general rules in the Companies Code are therefore applicable.
As the general legal rules are balanced, both with regard to the appointment and substitution of directors, and on the procedure for amending the articles of association, and given that there are no particular reasons for Semapa adopting another solution, we believe that this situation should be maintained.
Semapa's articles of association do not authorize the Board of Directors to resolve to increase the share capital.
It is acknowledged that granting powers to the directors to adopt resolutions on this matter may have practical advantages, including the benefit of speed. However, the need has not been felt to propose this to shareholders, but it is a possibility which is regularly considered.
There are no agreements of any kind which take effect in the event of a change in control of the company as the result of a takeover bid.
This situation is preferable to the existence of direct links between the stability and operation of the company and its shareholder situation, and the Board of Directors will strive to maintain this position.
There are no agreements between the company and company officers or employees providing for compensation in the event of termination of relationship following on from a takeover bid.
There are internal control and risk management systems implemented as described in item 3 of chapter I of the report on structure and corporate governance practices drawn up under the terms of SMC Regulation 7/2001, to which we refer.
The system existing in the company appears appropriate and sufficient in view of the nature of the company and the effective risks it runs. Semapa is a holding company with a small organizational structure of its own, which in our view does not justify the creation of more elaborate control and supervisory structures than those currently in place.
The Securities Market Commission specifically recommends that a declaration on remuneration policy or company officers be submitted for the consideration of the general meeting of shareholders. This was done in 2007 with the submission to the shareholders of the declaration on remuneration policy drawn up by Semapa's Remuneration Committee. This declaration was approved together with the other financial statements, as none of the shareholders requested that a separate vote be held.
As may be seen from a reading of the declaration, it sets out the options which the Committee feels should be maintained until the end of the current term of office of the company officers. We reproduce this statement below:
The two most common possibilities for setting the remuneration of company officers are significantly different from each other. On the one hand, the remuneration may be fixed directly by the general meeting, a solution which is not often adopted for various reasons of practicality, whilst on the other hand there is the option of remuneration being set by a committee, which decides in accordance with criteria on which the shareholders have had no say.
We therefore believe in the value of an intermediate solution, whereby a declaration on remunerations policy, to be followed by the committee, is submitted for the consideration of the shareholders. This is what this document seeks to do.
Any remuneration system must inevitably take into account both the general legal rules and the particular rules established in the articles of association, if any.
The legal rules for the directors are basically established in Article 399 of the Companies Code, from which it follows that:
For the Audit Board and the officers of the General Meeting, the law states that the remuneration shall consist of a fixed amount, determined in the same way by the general meeting, or by a committee appointed by the same, in accordance with the duties performed and the company's state of affairs.
Semapa's articles of association contain a specific clause only for the directors. This is article 17, which also makes provision for retirement pensions, and lays down the following in respect of remuneration:
"2 – The remuneration of the directors […] is fixed by a Remuneration Committee comprising an uneven number of members, elected by the General Meeting.
3 –The remuneration may consist of a fixed part and a variable part, which shall include a share in profits, which share in profits shall not exceed five per cent of the net profits of the previous period, for the directors as a whole."
This is the formal framework within which the remuneration policy must be defined.
Since the incorporation of Semapa and up to 2002, all directors of Semapa received remuneration comprising a fixed component, paid fourteen times a year, and fixed by the Remuneration Committee, then called the Comissão de Fixação de Vencimentos.
In 2003, the resolution on the distribution of profits from 2002 included, for the first time, a part of the profits to be directly paid as remuneration to the directors, divided between the directors as decided by the Remuneration Committee.
This procedure was repeated through to 2005, with regard to the profits from 2004.
In 2006, the allocation of profits from 2005 did not provide for any amount for directors' remuneration, which was understandable, given that the profits already reflected a provision for the variable remuneration of the directors, under the new accounting standards applicable. The variable component of the remuneration was fixed in 2006 by the Remuneration Committee, also with reference to the profits, in accordance with the articles of association.
The variable remuneration of the directors has represented a percentage of approximately 5% of profits since variable remuneration was first paid, except for the remuneration paid in 2006, with regard to 2005, when it was approximately 4%.
There is therefore a procedure which has been constant since 2003, whereby the remuneration of the directors comprises a fixed component and another variable component, determined as a percentage of profits.
Since the incorporation of the company, the members of the Audit Board have received fixed monthly remuneration. The officers of the general meeting have only recently received remuneration, calculated in accordance with the number of meetings actually held.
The general principles to be observed in fixing the remuneration of company officers are essentially those deriving in a very general way from the law: they depend on the duties performed, and on the state of the company's affairs. If we add to these the general market conditions for equivalent positions, we find what we may call the three main general principles:
It is necessary to consider the duties performed by each company officer, not merely in the formal sense, but also in the broader sense of the work actually undertaken and the associated responsibilities. For instance, not all executive directors are in the same position, nor very often all the members of the audit board. Duties must be assessed in the broadest sense, using criteria as diverse as, for example, responsibility, time devoted to duties, or the value to the company resulting from a given type of work or from institutional representation.
Office held in other controlled companies may also be a factor in this, as it may add to responsibilities whilst also providing other sources of income.
b) The state of the company's affairs
This criterion also needs to be understood and interpreted with care. The size of the company and inevitable complexity of the management tasks is clearly one of the relevant aspects of the state of affairs taken in the broadest sense. The implications exist both in the need to remunerate a responsibility which is greater in larger companies, with more complex management models, and in the capacity to remunerate management services appropriately.
c) Market criteria
The match between supply and demand is an unavoidable factor in defining any remuneration, and company officers are no exception to this. Only by conforming to market practices is it possible to retain professionals of the calibre appropriate to the complexity of the duties and the responsibility to be accepted, and thereby assure not only the interests of the officers, but essentially those of the company, and consequently of the shareholders.
The specific remuneration policies which we are pleased to submit for the consideration of the shareholders are as follows:
We consider that these options should be maintained through to the end of the present term of office of the company officers.
The Remuneration Committee
Chairman: Egon Zehnder, represented by José Gonçalo Maury Member: António Mota de Sousa Horta Osório Member: Frederico José da Cunha Mendonça e Meneses"
(with reference to the financial year of 2007)
Carlos Eduardo Coelho Alves disposed of 153.600 shares in Portucel Empresa Produtora de Pasta e de Papel, S.A., for a price of 2,63€ per share, on 28 February
Carlos Maria Cunha Horta e Costa disposed of 700 shares in Portucel Empresa Produtora de Pasta e Papel, S.A., for a price of 2,53€ per share, on 15 January.
| Date | Quantity | Average price |
Purchase/Sale |
|---|---|---|---|
| 20070108 | 95.827 | 2,39 € | Purchase |
| 20070109 | 113.378 | 2,39 € | Purchase |
| 20070301 | 94.700 | 2,62 € | Purchase |
| 20070305 | 99.206 | 2,52 € | Purchase |
| 20070521 | 176.580 | 2,84 € | Purchase |
| 20070115 | 217.090 | 2,54 € | Sale |
| 20070116 | 217.090 | 2,63 € | Sale |
| 20070312 | 94.700 | 2,67 € | Sale |
| 20070319 | 99.206 | 2,61 € | Sale |
| 20070816 | 176.580 | 2,59 € | Sale |
• Banco Português de Investimento, S.A. effected the following acquisitions and disposals of shares in Portucel – Empresa Produtora de Pasta e de Papel, S.A.:
| Purchase/Sale | ||
|---|---|---|
| 223.000 | 2,43 € | Purchase |
| Quantity | Average price |
| Average | |||
|---|---|---|---|
| Date | Quantity | price | Purchase/Sale |
| 20070112 | 75.000 | 2,47 € | Purchase |
| 20070115 | 50.000 | 2,52 € | Purchase |
| 20070116 | 150.000 | 2,61 € | Purchase |
| 20070117 | 198.461 | 2,63 € | Purchase |
| 20070119 | 200.000 | 2,60 € | Purchase |
| 20070122 | 200.000 | 2,57 € | Purchase |
| 20070123 | 135.690 | 2,54 € | Purchase |
| 20070124 | 35.690 | 2,52 € | Purchase |
| 20070129 | 50.000 | 2,66 € | Purchase |
| 20070130 20070131 |
130.000 170.000 |
2,67 € 2,62 € |
Purchase Purchase |
| 20070201 | 50.000 | 2,64 € | Purchase |
| 20070202 | 100.000 | 2,65 € | Purchase |
| 20070205 | 68.130 | 2,63 € | Purchase |
| 20070207 | 150.000 | 2,64 € | Purchase |
| 20070212 | 685.000 | 2,72 € | Purchase |
| 20070213 | 100.000 | 2,75 € | Purchase |
| 20070214 | 175.000 | 2,78 € | Purchase |
| 20070215 | 250.000 | 2,73 € | Purchase |
| 20070216 | 30.488 | 2,75 € | Purchase |
| 20070223 | 197.000 | 2,79 € | Purchase |
| 20070226 | 175.897 | 2,84 € | Purchase |
| 20070227 | 389.400 | 2,73 € | Purchase |
| 20070228 | 200.000 | 2,64 € | Purchase |
| 20070301 | 250.000 | 2,65 € | Purchase |
| 20070302 | 90.024 | 2,63 € | Purchase |
| 20070305 | 147.376 | 2,52 € | Purchase |
| 20070306 | 50.000 | 2,56 € | Purchase |
| 20070309 | 100.000 | 2,65 € | Purchase |
| 20070312 | 50.000 | 2,65 € | Purchase |
| 20070313 | 218.508 | 2,63 € | Purchase |
| 20070314 | 60.110 | 2,56 € | Purchase |
| 20070320 | 50.000 | 2,62 € | Purchase |
| 20070326 | 25.000 | 2,65 € | Purchase |
| 20070327 | 25.000 | 2,62 € | Purchase |
| 20070328 | 46.600 | 2,62 € | Purchase |
| 20070330 | 118.100 | 2,66 € | Purchase |
| 20070403 | 175.000 | 2,70 € | Purchase |
| 20070404 | 449.239 | 2,78 € | Purchase |
| 20070405 | 22.721 | 2,75 € | Purchase |
| 20070410 | 50.000 | 2,69 € | Purchase |
| 20070411 | 100.000 | 2,69 € | Purchase |
| 20070412 | 2.682 | 2,67 € | Purchase |
| 20070417 | 50.000 | 2,70 € | Purchase |
| 20070418 | 50.000 | 2,72 € | Purchase |
| 20070419 | 50.000 | 2,72 € | Purchase |
| 20070420 | 150.000 | 2,75 € | Purchase |
| 20070423 | 150.000 | 2,79 € | Purchase |
| 20070424 | 162.184 | 2,75 € | Purchase |
| 20070508 | 100.000 | 2,86 € | Purchase |
| Date | Quantity | Average price |
Purchase/Sale |
|---|---|---|---|
| 20070509 20070511 |
50.000 116.500 |
2,87 € 2,83 € |
Purchase Purchase |
| 20070514 | 33.500 | 2,84 € | Purchase |
| 20070515 | 100.000 | 2,84 € | Purchase |
| 20070517 | 100.000 | 2,83 € | Purchase |
| 20070522 | 50.000 | 2,90 € | Purchase |
| 20070523 | 50.000 | 2,93 € | Purchase |
| 20070524 | 50.000 | 2,90 € | Purchase |
| 20070525 | 100.000 | 2,88 € | Purchase |
| 20070529 | 50.000 | 2,92 € | Purchase |
| 20070530 | 16.254 | 2,91 € | Purchase |
| 20070531 | 100.000 | 2,95 € | Purchase |
| 20070605 | 50.000 | 2,93 € | Purchase |
| 20070606 | 71.150 | 2,88 € | Purchase |
| 20070612 | 16.965 | 2,83 € | Purchase |
| 20070613 | 25.000 | 2,84 € | Purchase |
| 20070619 | 100.000 | 2,87 € | Purchase |
| 20070627 | 25.000 | 2,88 € | Purchase |
| 20070628 | 230.000 | 2,91 € | Purchase |
| 20070629 | 148.459 | 2,97 € | Purchase |
| 20070702 | 50.000 | 3,02 € | Purchase |
| 20070703 | 30.000 | 3,03 € | Purchase |
| 20070704 | 170.000 | 3,12 € | Purchase |
| 20070705 | 177.915 | 3,13 € | Purchase |
| 20070706 | 700 | 3,12 € | Purchase |
| 20070711 | 30.000 | 3,07 € | Purchase |
| 20070712 | 25.000 | 3,10 € | Purchase |
| 20070717 | 35.000 | 3,13 € | Purchase |
| 20070718 | 50.000 | 3,12 € | Purchase |
| 20070719 | 50.000 | 3,15 € | Purchase |
| 20070720 | 50.000 | 3,15 € | Purchase |
| 20070727 | 30.000 | 3,04 € | Purchase |
| 20070815 | 100.000 | 2,79 € | Purchase |
| 20070820 | 25.000 | 2,80 € | Purchase |
| 20070823 | 90.000 | 2,86 € | Purchase |
| 20070824 | 50.000 | 2,84 € | Purchase |
| 20070829 | 35.703 | 2,78 € | Purchase |
| 20070905 | 103.641 | 2,84 € | Purchase |
| 20070907 | 2.235 | 2,82 € | Purchase |
| 20070912 | 150.000 | 2,66 € | Purchase |
| 20070913 | 50.000 | 2,64 € | Purchase |
| 20070914 | 100.000 | 2,57 € | Purchase |
| 20070917 | 105.360 | 2,51 € | Purchase |
| 20070918 | 58.642 | 2,53 € | Purchase |
| 20070919 | 150.000 | 2,64 € | Purchase |
| 20070921 | 40.000 | 2,69 € | Purchase |
| 20070924 | 10.000 | 2,66 € | Purchase |
| 20070925 | 30.377 | 2,58 € | Purchase |
| 20070927 | 30.000 | 2,60 € | Purchase |
| 20071001 | 104.250 | 2,60 € | Purchase |
| Average | |||
|---|---|---|---|
| Date | Quantity | price | Purchase/Sale |
| 20071002 | 100.000 | 2,66 € | Purchase |
| 20071003 | 12.654 | 2,67 € | Purchase |
| 20071004 | 150.000 | 2,65 € | Purchase |
| 20071009 | 134.200 | 2,74 € | Purchase |
| 20071010 | 83.500 | 2,77 € | Purchase |
| 20071011 | 62.630 | 2,78 € | Purchase |
| 20071012 | 40.000 | 2,75 € | Purchase |
| 20071015 | 29.182 | 2,71 € | Purchase |
| 20071016 | 10.000 | 2,64 € | Purchase |
| 20071017 | 30.000 | 2,67 € | Purchase |
| 20071019 | 10.000 | 2,63 € | Purchase |
| 20071023 | 60.000 | 2,59 € | Purchase |
| 20071025 | 100.000 | 2,56 € | Purchase |
| 20071026 | 100.000 | 2,55 € | Purchase |
| 20071030 | 50.000 | 2,58 € | Purchase |
| 20071105 | 15.000 | 2,56 € | Purchase |
| 20071106 | 40.000 | 2,57 € | Purchase |
| 20071107 | 30.000 | 2,55 € | Purchase |
| 20071109 | 40.000 | 2,49 € | Purchase |
| 20071112 | 15.000 | 2,44 € | Purchase |
| 20071113 | 75.000 | 2,43 € | Purchase |
| 20071116 | 15.000 | 2,40 € | Purchase |
| 20071119 | 15.000 | 2,39 € | Purchase |
| 20071120 | 40.000 | 2,29 € | Purchase |
| 20071123 | 10.000 | 2,29 € | Purchase |
| 20071127 | 30.000 | 2,30 € | Purchase |
| 20071128 | 40.000 | 2,32 € | Purchase |
| 20071130 | 35.000 | 2,35 € | Purchase |
| 20071203 | 15.000 | 2,46 € | Purchase |
| 20071204 | 40.000 | 2,51 € | Purchase |
| 20071205 | 25.000 | 2,54 € | Purchase |
| 20071211 | 45.000 | 2,56 € | Purchase |
| 20071212 | 25.000 | 2,52 € | Purchase |
| 20071213 | 60.000 | 2,39 € | Purchase |
| 20071219 | 10.000 | 2,37 € | Purchase |
| 20071228 | 30.000 | 2,27 € | Purchase |
| 20070102 | 96.408 | 2,40 € | Sale |
| 20070111 | 173.000 | 2,44 € | Sale |
| 20070112 | 125.000 | 2,46 € | Sale |
| 20070115 | 50.000 | 2,51 € | Sale |
| 20070116 | 150.000 | 2,63 € | Sale |
| 20070117 | 150.000 | 2,62 € | Sale |
| 20070118 | 248.461 | 2,61 € | Sale |
| 20070119 | 163.774 | 2,61 € | Sale |
| 20070122 | 21.916 | 2,58 € | Sale |
| 20070123 | 85.690 | 2,54 € | Sale |
| 20070124 | 300.000 | 2,56 € | Sale |
| 20070129 | 150.000 | 2,67 € | Sale |
| 20070130 | 80.000 | 2,67 € | Sale |
| 20070131 | 170.000 | 2,63 € | Sale |
| Average | |||
|---|---|---|---|
| Date | Quantity | price | Purchase/Sale |
| 20070201 | 200.000 | 2,63 € | Sale |
| 20070202 | 100.000 | 2,66 € | Sale |
| 20070205 | 80.000 | 2,64 € | Sale |
| 20070206 | 88.130 | 2,64 € | Sale |
| 20070207 | 50.000 | 2,64 € | Sale |
| 20070212 | 496.171 | 2,74 € | Sale |
| 20070213 | 243.829 | 2,74 € | Sale |
| 20070214 | 225.000 | 2,77 € | Sale |
| 20070215 | 100.488 | 2,75 € | Sale |
| 20070216 | 30.000 | 2,75 € | Sale |
| 20070223 | 197.000 | 2,80 € | Sale |
| 20070226 | 175.897 | 2,84 € | Sale |
| 20070227 | 159.400 | 2,72 € | Sale |
| 20070228 | 200.000 | 2,66 € | Sale |
| 20070301 | 250.000 | 2,69 € | Sale |
| 20070302 | 9.749 | 2,65 € | Sale |
| 20070305 | 50.000 | 2,55 € | Sale |
| 20070306 | 227.651 | 2,60 € | Sale |
| 20070307 | 100.000 | 2,64 € | Sale |
| 20070309 | 100.000 | 2,66 € | Sale |
| 20070312 | 5.731 | 2,66 € | Sale |
| 20070313 | 182.164 | 2,62 € | Sale |
| 20070314 | 60.110 | 2,58 € | Sale |
| 20070315 | 80.613 | 2,61 € | Sale |
| 20070320 | 50.000 | 2,61 € | Sale |
| 20070326 | 25.000 | 2,64 € | Sale |
| 20070327 | 53.500 | 2,64 € | Sale |
| 20070328 | 18.100 | 2,64 € | Sale |
| 20070330 | 118.100 | 2,66 € | Sale |
| 20070403 | 175.000 | 2,72 € | Sale |
| 20070404 | 649.236 | 2,76 € | Sale |
| 20070410 | 50.003 | 2,70 € | Sale |
| 20070411 | 100.000 | 2,70 € | Sale |
| 20070413 | 2.682 | 2,69 € | Sale |
| 20070417 | 50.000 | 2,72 € | Sale |
| 20070418 | 50.000 | 2,72 € | Sale |
| 20070419 | 50.000 | 2,72 € | Sale |
| 20070420 | 150.000 | 2,77 € | Sale |
| 20070424 | 112.184 | 2,75 € | Sale |
| 20070425 | 200.003 | 2,78 € | Sale |
| 20070508 | 100.000 | 2,86 € | Sale |
| 20070510 | 50.000 | 2,85 € | Sale |
| 20070511 | 100.000 | 2,84 € | Sale |
| 20070514 | 50.000 | 2,85 € | Sale |
| 20070515 | 100.000 | 2,85 € | Sale |
| 20070517 | 100.000 | 2,83 € | Sale |
| 20070523 | 100.000 | 2,93 € | Sale |
| 20070524 | 50.000 | 2,90 € | Sale |
| 20070525 | 100.000 | 2,89 € | Sale |
| 20070529 | 50.000 | 2,92 € | Sale |
| Average | |||
|---|---|---|---|
| Date | Quantity | price | Purchase/Sale |
| 20070530 | 116.254 | 2,92 € | Sale |
| 20070531 | 50.000 | 2,96 € | Sale |
| 20070601 | 50.000 | 2,95 € | Sale |
| 20070605 | 16.473 | 2,94 € | Sale |
| 20070606 | 125.106 | 2,91 € | Sale |
| 20070612 | 16.965 | 2,84 € | Sale |
| 20070613 | 25.000 | 2,84 € | Sale |
| 20070615 | 11.470 | 2,88 € | Sale |
| 20070619 | 50.000 | 2,87 € | Sale |
| 20070620 | 50.000 | 2,88 € | Sale |
| 20070627 | 25.000 | 2,89 € | Sale |
| 20070628 | 30.000 | 2,90 € | Sale |
| 20070629 | 124.312 | 2,98 € | Sale |
| 20070702 | 100.000 | 3,01 € | Sale |
| 20070703 | 80.054 | 3,05 € | Sale |
| 20070704 | 120.000 | 3,13 € | Sale |
| 20070705 | 225.700 | 3,12 € | Sale |
| 20070706 | 2.915 | 3,12 € | Sale |
| 20070709 | 100.000 | 3,16 € | Sale |
| 20070711 | 30.000 | 3,09 € | Sale |
| 20070712 | 25.000 | 3,13 € | Sale |
| 20070717 | 50.000 | 3,13 € | Sale |
| 20070718 | 35.000 | 3,13 € | Sale |
| 20070723 | 50.000 | 3,15 € | Sale |
| 20070725 | 50.000 | 3,11 € | Sale |
| 20070727 | 30.000 | 3,05 € | Sale |
| 20070820 | 25.000 | 2,80 € | Sale |
| 20070821 | 130.000 | 2,89 € | Sale |
| 20070823 | 90.000 | 2,85 € | Sale |
| 20070824 | 50.000 | 2,86 € | Sale |
| 20070829 | 35.703 | 2,79 € | Sale |
| 20070903 | 2.064 | 2,85 € | Sale |
| 20070905 | 4.676 | 2,85 € | Sale |
| 20070906 | 126.359 | 2,83 € | Sale |
| 20070907 | 113.641 | 2,81 € | Sale |
| 20070912 | 100.000 | 2,67 € | Sale |
| 20070913 | 50.000 | 2,64 € | Sale |
| 20070914 | 150.000 | 2,62 € | Sale |
| 20070917 | 105.360 | 2,50 € | Sale |
| 20070918 | 58.642 | 2,56 € | Sale |
| 20070919 | 150.000 | 2,66 € | Sale |
| 20070924 | 50.000 | 2,65 € | Sale |
| 20070925 | 30.377 | 2,60 € | Sale |
| 20070927 | 30.000 | 2,60 € | Sale |
| 20071001 | 4.250 | 2,63 € | Sale |
| 20071002 | 100.000 | 2,67 € | Sale |
| 20071003 | 12.654 | 2,67 € | Sale |
| 20071004 | 80.000 | 2,67 € | Sale |
| 20071008 | 40.000 | 2,69 € | Sale |
| 20071009 | 164.200 | 2,74 € | Sale |
| Average | |||
|---|---|---|---|
| Date | Quantity | price | Purchase/Sale |
| 20071010 | 83.500 | 2,78 € | Sale |
| 20071011 | 30.000 | 2,77 € | Sale |
| 20071012 | 40.000 | 2,76 € | Sale |
| 20071015 | 161.812 | 2,69 € | Sale |
| 20071016 | 10.000 | 2,66 € | Sale |
| 20071017 | 30.000 | 2,68 € | Sale |
| 20071019 | 10.000 | 2,63 € | Sale |
| 20071023 | 60.000 | 2,60 € | Sale |
| 20071026 | 100.000 | 2,55 € | Sale |
| 20071029 | 50.000 | 2,57 € | Sale |
| 20071030 | 30.594 | 2,59 € | Sale |
| 20071031 | 20.000 | 2,62 € | Sale |
| 20071101 | 20.000 | 2,64 € | Sale |
| 20071105 | 15.000 | 2,56 € | Sale |
| 20071106 | 40.000 | 2,57 € | Sale |
| 20071107 | 30.000 | 2,50 € | Sale |
| 20071112 | 15.000 | 2,44 € | Sale |
| 20071114 | 65.000 | 2,46 € | Sale |
| 20071115 | 20.000 | 2,45 € | Sale |
| 20071116 | 15.000 | 2,39 € | Sale |
| 20071119 | 15.000 | 2,31 € | Sale |
| 20071120 | 20.000 | 2,29 € | Sale |
| 20071121 | 20.000 | 2,28 € | Sale |
| 20071123 | 10.000 | 2,31 € | Sale |
| 20071127 | 30.000 | 2,31 € | Sale |
| 20071128 | 40.000 | 2,35 € | Sale |
| 20071130 | 35.000 | 2,39 € | Sale |
| 20071203 | 15.000 | 2,46 € | Sale |
| 20071204 | 240.000 | 2,52 € | Sale |
| 20071205 | 25.000 | 2,55 € | Sale |
| 20071211 | 165.000 | 2,58 € | Sale |
| 20071212 | 56.392 | 2,54 € | Sale |
| 20071214 | 51.250 | 2,37 € | Sale |
| 20071217 | 8.750 | 2,35 € | Sale |
| 20071219 | 10.000 | 2,37 € | Sale |
| 20071228 | 30.000 | 2,28 € | Sale |
• BPI Vida – Companhia de Seguros de Vida, S.A. effected the following acquisitions and disposals of shares in Portucel – Empresa Produtora de Pasta e de Papel, S.A.:
| Date | Quantity | Average price |
Purchase/Sale |
|---|---|---|---|
| 20070102 | 83.000 | 2,40 € | Purchase |
| 20070110 | 2.200 | 2,40 € | Purchase |
| 20070122 | 4.545 | 2,60 € | Purchase |
| 20070228 | 8.344 | 2,67 € | Purchase |
| 20070305 | 2.200 | 2,51 € | Purchase |
| 20070314 | 2.000 | 2,55 € | Purchase |
| 20070416 | 75.892 | 2,71 € | Purchase |
| Date | Quantity | Average price |
Purchase/Sale | ||
|---|---|---|---|---|---|
| 20070418 | 1.800 | 2,72 € | Purchase | ||
| 20070710 | 865 | 3,13 € | Purchase | ||
| 20070711 | 17.949 | 3,10 € | Purchase | ||
| 20070928 | 2.700 | 2,59 € | Purchase | ||
| 20071228 | 6.696 | 2,29 € | Purchase | ||
| 20070116 | 9.054 | 2,65 € | Sale | ||
| 20070223 | 339.398 | 2,78 € | Sale | ||
| 20070313 | 4.034 | 2,63 € | Sale | ||
| 20070723 | 84.131 | 3,14 € | Sale | ||
| 20070919 | 12.324 | 2,67 € | Sale |
• Banco Português de Investimento, S.A. effected the following acquisitions and disposals of shares in Semapa – Sociedade de Investimento e Gestão, SGPS, S.A.:
| Average | |||
|---|---|---|---|
| Date | Quantity | price | Purchase/Sale |
| 20070110 | 528 | 8,80 € | Purchase |
| 20070115 | 15.000 | 9,11 € | Purchase |
| 20070129 | 1.000 | 9,28 € | Purchase |
| 20070202 | 10.000 | 9,80 € | Purchase |
| 20070206 | 15.000 | 10,02 € | Purchase |
| 20070212 | 5.332 | 11,21 € | Purchase |
| 20070213 | 27.200 | 11,52 € | Purchase |
| 20070214 | 14.500 | 11,37 € | Purchase |
| 20070216 | 7.471 | 11,09 € | Purchase |
| 20070221 | 1.457 | 11,66 € | Purchase |
| 20070227 | 52.740 | 11,66 € | Purchase |
| 20070228 | 17.000 | 11,01 € | Purchase |
| 20070301 | 9.024 | 11,05 € | Purchase |
| 20070302 | 81 | 10,97 € | Purchase |
| 20070305 | 21.898 | 10,58 € | Purchase |
| 20070306 | 3.684 | 10,79 € | Purchase |
| 20070307 | 24.863 | 11,00 € | Purchase |
| 20070309 | 4.000 | 10,88 € | Purchase |
| 20070312 | 5.000 | 11,00 € | Purchase |
| 20070313 | 14.084 | 10,87 € | Purchase |
| 20070314 | 3.580 | 10,56 € | Purchase |
| 20070315 | 6.870 | 10,96 € | Purchase |
| 20070319 | 147 | 11,08 € | Purchase |
| 20070327 | 1.170 | 11,21 € | Purchase |
| 20070329 | 10.000 | 11,31 € | Purchase |
| 20070403 | 5.000 | 11,90 € | Purchase |
| 20070404 | 10.000 | 11,86 € | Purchase |
| 20070412 | 6.000 | 11,84 € | Purchase |
| 20070413 | 6.000 | 11,86 € | Purchase |
| 20070416 | 3.964 | 11,84 € | Purchase |
| 20070510 | 1.215 | 12,41 € | Purchase |
| 20070521 | 7 | 12,36 € | Purchase |
| 20070530 | 10.000 | 12,45 € | Purchase |
| Date | Quantity | Average price |
Purchase/Sale |
|---|---|---|---|
| 20070605 | 4.854 | 12,55 € | Purchase |
| 20070629 | 378 | 13,34 € | Purchase |
| 20070913 | 3 | 11,79 € | Purchase |
| 20071204 | 2.488 | 10,08 € | Purchase |
| 20070111 | 528 | 8,84 € | Sale |
| 20070115 | 15.000 | 9,20 € | Sale |
| 20070129 | 500 | 9,27 € | Sale |
| 20070130 | 500 | 9,30 € | Sale |
| 20070202 | 10.000 | 9,85 € | Sale |
| 20070206 | 5.000 | 10,10 € | Sale |
| 20070207 | 10.000 | 9,93 € | Sale |
| 20070212 | 101.672 | 11,13 € | Sale |
| 20070213 | 27.200 | 11,56 € | Sale |
| 20070214 | 14.500 | 11,41 € | Sale |
| 20070216 | 7.471 | 11,20 € | Sale |
| 20070222 | 1.457 | 11,67 € | Sale |
| 20070227 | 2.740 | 11,43 € | Sale |
| 20070228 | 17.000 | 11,19 € | Sale |
| 20070301 | 25.000 | 11,24 € | Sale |
| 20070302 | 26.143 | 11,17 € | Sale |
| 20070305 | 15.000 | 10,67 € | Sale |
| 20070306 | 18.544 | 10,97 € | Sale |
| 20070307 | 4.863 | 10,99 € | Sale |
| 20070308 | 20.000 | 11,01 € | Sale |
| 20070309 | 4.000 | 10,98 € | Sale |
| 20070312 | 5.000 | 10,97 € | Sale |
| 20070313 | 14.084 | 10,91 € | Sale |
| 20070314 | 3.580 | 10,68 € | Sale |
| 20070315 | 6.870 | 10,92 € | Sale |
| 20070319 | 147 | 11,26 € | Sale |
| 20070327 | 1.170 | 11,22 € | Sale |
| 20070329 | 10.000 | 11,39 € | Sale |
| 20070403 | 5.000 | 11,92 € | Sale |
| 20070404 | 10.000 | 11,92 € | Sale |
| 20070411 | 5.000 | 11,88 € | Sale |
| 20070412 | 6.000 | 11,88 € | Sale |
| 20070413 | 4.964 | 11,87 € | Sale |
| 20070510 | 1.215 | 12,42 € | Sale |
| 20070528 | 7 | 12,55 € | Sale |
| 20070530 | 10.000 | 12,44 € | Sale |
| 20070606 | 2.000 | 12,59 € | Sale |
| 20070608 | 2.854 | 12,21 € | Sale |
| 20070615 | 1.736 | 12,32 € | Sale |
| 20070903 | 54 | 12,46 € | Sale |
| 20070913 | 3 | 11,90 € | Sale |
| 20071030 | 54 | 11,26 € | Sale |
| 20071204 | 2.488 | 10,07 € | Sale |
• O BPI Vida – Companhia de Seguros de Vida, S.A. effected the following acquisitions and disposals of shares in Semapa – Sociedade de Investimento e Gestão, SGPS, S.A.:
| Date | Quantity | Average price |
Purchase/Sale |
|---|---|---|---|
| 20070102 | 570 | 8,82 € | Purchase |
| 20070112 | 280 | 8,93 € | Purchase |
| 20070122 | 429 | 9,19 € | Purchase |
| 20070125 | 6.826 | 9,22 € | Purchase |
| 20070129 | 2.421 | 9,28 € | Purchase |
| 20070130 | 1.409 | 9,32 € | Purchase |
| 20070227 | 8.500 | 11,36 € | Purchase |
| 20071114 | 14.606 | 10,79 € | Purchase |
| 20071116 | 5.000 | 10,49 € | Purchase |
| 20071205 | 17.224 | 10,11 € | Purchase |
| 20071228 | 1.643 | 8,90 € | Purchase |
| 20070212 | 11.405 | 11,51 € | Sale |
| 20070411 | 19.000 | 11,90 € | Sale |
| 20070413 | 1.201 | 11,90 € | Sale |
| 20070423 | 2.183 | 12,08 € | Sale |
| 20070509 | 1.171 | 12,06 € | Sale |
| 20070510 | 6.538 | 12,40 € | Sale |
| 20070522 | 211 | 12,46 € | Sale |
| 20070720 | 8.188 | 13,53 € | Sale |
| 20070726 | 1.474 | 13,39 € | Sale |
| 20070919 | 2.513 | 11,77 € | Sale |
| 20071212 | 371 | 9,69 € | Sale |
| Holder | No. shares | % shares |
% non suspended voting rights |
|
|---|---|---|---|---|
| A - | Cimigest, SGPS, SA | 100 | 0,00% | 0,00% |
| Cimo - Gestão de Participações, SGPS, S.A. | 14.211.710 | 12,01% | 12,59% | |
| Longapar, SGPS, S.A. | 20.000.000 | 16,90% | 17,72% | |
| Sonaca, SGPS, S.A. | 1.630.590 | 1,38% | 1,44% | |
| OEM - Organização de Empresas, SGPS, S.A. | 500.000 | 0,42% | 0,44% | |
| Sociedade Agrícola da Quinta da Vialonga, S.A. | 642.535 | 0,54% | 0,57% | |
| Sodim, SGPS, S.A. | 23.365.000 | 19,75% | 20,70% | |
| José Alfredo Almeida Honório | 20.000 | 0,02% | 0,02% | |
| Duarte Nuno d' Orey da Cunha Total: |
1.455 60.371.390 |
0,00% 51,02% |
0,00% 53,48% |
|
| B - | Banco BPI, S.A. | - | - | - |
| Banco Português de Investimento, S.A. – own portfolio | 3.294 | 0% | 0% | |
| BPI Vida - Companhia de Seguros de Vida, S.A. | 405.804 | 0,34% | 0,36% | |
| Pension Funds managed by BPI Pensões - Sociedade Gestora de | ||||
| Fundos de Pensões, S.A. Investment Funds managed by BPI Fundos – Gestão de Fundos de |
10.362.388 | 8,76% | 9,18% | |
| Investimento Mobiliário, S.A. | 1.237.518 | 1,05% | 1,10% | |
| Total: | 12.009.004 | 10,15% | 10,64% | |
| C - | Banco Espírito Santo, S.A. | - | - | - |
| Fundo de Pensões do BES | 6.191.854 | 5,23% | 5,49% | |
| Total: | 6.191.854 | 5,23% | 5,49% | |
| D - | Credit Suisse Group | - | - | - |
| Credit Suisse (votes also imputable to Credit Suisse Securities | ||||
| (Europe) Limited to which the shares were loaned) | 19.279.477 | 16,29% | 17,08% | |
| Credit Suisse International | 4.320.523 | 3,65% | 3,83% | |
| Total: | 23.600.000 | 19,94% | 20,91% | |
| E - | Bestinver Gestión, SGIIC, SA | - | - | |
| BESTINVER BOLSA, F.I. | 1.547.305 | 1,31% | 1,37% | |
| BESTINFOND F.I. | 591.849 | 0,50% | 0,52% | |
| BESTINVER MIXTO, F.I. | 260.945 | 0,22% | 0,23% | |
| SOIXA SICAV, S.A. | 112.774 | 0,10% | 0,10% | |
| TEXRENTA INVERSIONES SICAV, S.A. | 20.938 | 0,02% | 0,02% | |
| CORFIN INVERSIONES S.I.C.A.V., S.A. | 9.450 | 0,01% | 0,01% | |
| RODAON INVERSIONES, SICAV, S.A. | 7.993 | 0,01% | 0,01% | |
| TIBEST CINCO, SICAV, S.A. | 6.880 | 0,01% | 0,01% | |
| INVERS, EN BOLSA SIGLO XXI, SICAV, S.A. | 6.509 | 0,01% | 0,01% | |
| ATON INVERSIONES SICAV, S.A. | 4.657 | 0,00% | 0,00% |
| TIGRIS INVERSIONES, SICAV, S.A. | 4.435 | 0,00% | 0,00% | ||
|---|---|---|---|---|---|
| MERCADAL DE VALORES, SICAV, S.A. | 4.179 | 0,00% | 0,00% | ||
| H202 Inversiones SICAV, S.A. | 3.850 | 0,00% | 0,00% | ||
| DIVALSA DE INVERSIONES SICAV, S.A. | 3.782 | 0,00% | 0,00% | ||
| ENTRECAR INVERSIONES, SICAV, S.A. | 3.395 | 0,00% | 0,00% | ||
| PASGOM INVERSIONES, SICAV, S.A. | 3.313 | 0,00% | 0,00% | ||
| ACCIONES, CUP. Y OBLI. SEGOVIANAS, SICAV, S.A. | 2.969 | 0,00% | 0,00% | ||
| ZAMARRON SICAV, S.A. | 2.487 | 0,00% | 0,00% | ||
| Cartera Millennium SICAV, S.A. | 2.483 | 0,00% | 0,00% | ||
| CAMPO DE ORO, SICAV, S.A. | 2.073 | 0,00% | 0,00% | ||
| LINKER INVERSIONES, SICAV, S.A. | 2.020 | 0,00% | 0,00% | ||
| HELDALIN INVERSIONES SICAV, S.A. | 1.462 | 0,00% | 0,00% | ||
| Opec Inversiones, SICAV, S.A. | 1.402 | 0,00% | 0,00% | ||
| TAWARZAR 2-S2 SICAV, S.A. | 1.211 | 0,00% | 0,00% | ||
| IBERFAMA SICAV, S.A. | 966 | 0,00% | 0,00% | ||
| Total: | 2.609.327 | 2,21% | 2,31% | ||
| F - | Morgan Stanley | - | - | - | |
| Morgan Stanley & Co. Incorporated e Morgan Stanley & Co. | |||||
| International plc | 3.159.859 | 2,67% | 2,80% | ||
| Total: | 3.159.859 | 2,67% | 2,80% |
Semapa holds 2,720,000 own shares and the company Seminv Investimentos, SGPS, S.A. holds 2.727.975 shares in Semapa, making a total of 5,447,975 shares, corresponding to 4.6% of the share capital and subject to the rules on treasury stock.
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