Sonae SGPS

Business and Financial Review • Aug 28, 2015

REPORT AND ACCOUNTS

Report of the Board of Directors

PART V – LIMITED REVIEW REPORT

PART I REPORT OF THE BOARD OF DIRECTORS

"The results achieved during the first half of the year witness our commitment and effort on implementing the defined strategy. It is of particular relevance the achievement of positive Net Results and the sale of diverse Finance and Real Estate assets, amounting to 32.5M€, allowing for a significant Net Debt reduction (33.9M€).

Improving each Business unit competitive position has been and will continue to be one of our core goals and the team's main effort during 2015. In fact, second quarter 2015 results continue showing significant improvements across major key financial indicators: total Operational Income grew 14% and EBITDA improved 5.46M€, generating a margin of 20.0%, having reached a positive Net Result of 3.53M€, a growth of 5.5M€ compared to the same period of last year.

Net Debt, following the implementation of the defined strategy, reached 200.6M€, registering another quarterly decrease of 27.9M€ or 53.41M€ when compared to June 2014."

Cláudia Azevedo, CEO

SECOND QUARTER 2015 PERFORMANCE CONTINUES SHOWING SIGNIFICANT PROGRESSES BOTH AT THE CONSOLIDATED AND EACH BUSINESS UNIT LEVEL, ACHIEVING POSITIVE NET RESULTS AND ANOTHER SHARP DECREASE AT THE

• …Consolidated OPERATIONAL INCOME GREW 14.2% based on: The Resorts segment growth of 23.2% driven by the increased number of deeds when compared to 2Q14. During the 2Q15 were signed 8 deeds regarding real estate residential units in troiaresort (compared to 6 registered in 2Q14), to which it should be added a stock of 12 promissory
• purchase and reserve agreements; The growth of 11.6% registered by the Fitness segment, driven by an enlarged number of active members, consolidating the positive trend seen
• in previous quarters; Hospitality, aligned with market indicators, registered a growth of 9.3%; and
• Particularly relevant during the 2Q15, the sale of non-core real estate assets ("Duque de Loulé" - Lisbon), that has generated a capital gain of, approximately, 6.0M€ registered in Other Operational Income.

Consolidated EBITDA amounted to 9.59M€, an improvement of 5.46M€ compared

• It should be highlighted the above-mentioned capital gain on the sale of
• non-core real estate assets; Hospitality and Fitness segments, driven by Top Line performance,
• improved 25.2% and 1.5%, respectively; The Energy segment maintained a flat evolution vs LY but considering the recognition of contractual penalties, charged to suppliers, during the 2Q14,
• reported a decrease of 16.0%; Refrigeration & HVAC has also presented a drop compared to LY but performance vis a vis previous quarter and in cumulative terms witness the
• positive progresses that has been being implemented; The Resorts segment, notwithstanding the larger number of deeds
• compared to LY, has kept the same level of EBITDA; Excluding the Provision related to the estimated present value of the potential costs for the full period of the guaranteed income in real estate sales at troiaresort, Consolidated EBITDA reached 9.95M€ growing 5.4M€ or 117% compared to 2Q14.

Consolidated 2Q15 NET RESULTS amounted to positive 3.53M€, representing an improvement of 5.5M€ compared to 2Q14. It should also be highlighted, driven by the positive Net Debt trend and the constant financing cost optimization, the 0.85M€ reduction registered at the Net Financial expenses

... 2Q15 RESULTS SOLIDIFY THE POSITIVE SEMESTER FINANCIAL AND OPERATIONAL PERFORMANCE, ACHIEVING POSITIVE NET RESULTS AND A

Consolidated OPERATIONAL INCOME GREW 15.1% with the majority of the segments presenting positive performances compared to last year.

Consolidated EBITDA amounted to 12.06M€, 3.0x the level achieved in the 1H14. It should be highlighted the contribution from the sale of non-core real estate assets and the Refrigeration & HVAC performance that has presented a

1H15 Net Results reached positive, 0.86M€, an important achievement in Sonae Capital recent history. Net Results grew 8.05M€ compared to 1H14, driven by the EBITDA performance and importantly, with a significant contribution from Net Financial costs reduction in light of the reduced both debt levels and

Free Cash Flow (levered) amounted to 31.9M€, representing an improvement of 40.24M€ compared to LY, benefiting from the improved Business Units operational contribution and, primarily, from the sale of 32.6M€ of non-core

Net Debt registered another significant drop of 33.9M€ compared to YE2014, to 200.6M€, the lowest level since the spin-off.

1. OVERALL PERFORMANCE The financial and operational performance during the first semester of 2015 was, in general, positive. Besides the improved Business Units competitive position, the sale of non-core assets produced a significant positive impact at the Net Debt level that has reduced by 33.9M€ when compared to YE2014. It should also be highlighted the achievement of positive Net Results both in the 2Q15 (3.53M€) and 1H2015 (0.86M€).

2.1. CONSOLIDATED PROFIT & LOSS STATEMENT

Consolidated Total Operational Income reached 90.78M€, with an increase of 15.1% over the same period of last year, with the majority of the segments presenting favourable evolutions. Regarding Business units Top Line performance, it should be highlighted the following: (i) Energy, +41.1% due to the contribution of the operations acquired during 1Q14, the full operation of the photovoltaic plant of Martim Longo and high heat energy consumption in main industrial operators; (ii) Hospitality, +12.9% due to the occupancy rates growth and the contribution of the Hotel "The Artist" opened in April 2014; (iii) Fitness, +7.9% due to continuous growth in the number of active members; and (iv) Refrigeration & HVAC, +2.7% due to growing activity levels and despite the focus on specific business lines; according to the restructuring plan being implemented it was decided to abandon some business lines where we conclude we don´t own the adequate competitive advantages. On the negative side, it was registered a decrease in Resorts Top Line due to a lower number of deeds (1Q14 registered a very large number of deeds due to sales realized at the end of 2013).

There were no significant changes in 2Q15 when compared to the semester, with Total Operational Income increasing 14.2% over the same period of last year.

Consolidated EBITDA in 1H15 reached 12.06M€, registering an increase of 3.0x or 8.08M€ compared to the same period of last year. Main business contribution to Consolidated EBITDA comes from Energy segment, with an improvement of 1.30M€ to 5.70M€. Refrigeration & HVAC also revealed an improvement of 0.66M€, driven by the first results of the internal restructuring process started in 2014 and still on-going. Hospitality improved 1H15's EBITDA in 7.9%, based on improved operational KPIs, but, nevertheless, maintaining a negative value of 3.18M€. The Resorts segment, despite the lower Top Line, improved EBITDA by 24.5% to 1.28M€, as a consequence of a better sales mix and the need for a lower level of provisions for the Guaranteed Income.

It is of particular relevance on the results of the second quarter, the divestment of real estate assets, mainly of "Duque de Loulé" asset for 10M€, that originated a capital gain in consolidated results of approximately 6.0M€.

1H15 Net Results improved 8.05M€, reaching positive levels of 0.86M€ (3.53M€ in 2Q15), due to operational performance improvement across all business units and the capital gain on the above-mentioned real estate sale. Among the contributions to the Net Results it should be highlighted: (i) besides the already noted growth at the EBITDA level (+8.08M€); (ii) the higher costs with Depreciation and Amortization, due to the operations acquired during the 1Q14; (iii) the decrease in Net Financial Expenses of 1.51M€, driven by lower levels of Net Debt and lower financing costs; (iv) decrease of 39.1% related to Results from Associated Companies / Investment Income, mainly explained by lower contributions from Energy operations acquired during the 1Q14 where the Group does not own the majority shareholding; and (v) Non-recurrent costs/gains amounted to 0.36M€, which in 2Q15 includes costs related to legal actions from previous years (0.39M€).

2.2. CAPEX Capex in 1H15 amounted to 6.7M€, registering a growth of 2.9M€ compared to 1H2014. The main Capex contributors were registered at the Real Estate Assets, namely the expansion and refurbishment of Aqualuz Lagos ApartHotel. The Energy segment has also accounted for a significant share of this investment and is related to repowering plants' investments in order to increase their profitability.

2.3. CAPITAL STRUCTURE

At the end of the semester, Net Debt amounted to 200.6M€, 33.9M€ below the level registered at the end of 2014 and, as in previous reporting seasons, the lowest level since the group's spin-off in 2007. This result was driven by the consolidated FCF performance that also includes the sale of an additional Imosede stake amounting to 22.6M€ in the semester, and the end of some Derivatives operations. It should also be highlighted that, when compared to the same period of last year, Net Debt presents a reduction of 53.4M€.

Consolidated Balance Sheet
Million euro
	Jun 2015	Dec 2014	Jun15/Dec14
Total Assets	6149	636.0	$-3.3%$
Tangible and Intangible Assets	2411	248.7	$-31%$
Goodwill	610	61.0	+0.0%
Non-Current Investments	35.7	548	34.9%
Other Non-Current Assets	45.4	444	$+2.3%$
Stocks	153.6	1576	-2.5%
Trade Debtors and Other Current Assets	53.5	60.2	$-112%$
Cash and Cash Equivalents	24.6	93	>100%
Total Equity	308.9	3073	+0.5%
Total Equity attributable to Equity Holders of Sonae Capital	299.7	298.0	$+0.6%$
Total Equity attributable to Non-Controlling Interests	9.2	9.4	20%
Total Liabilities	306.0	328.7	$-6.9%$
Non-Current Liabilities	1452	217.4	-33 2%
Non-Current Borrowings	1283	199.6	357%
Deferred Tax Liabilities	10.9	11.7	70%
Other Non-Current Liabilities	60	6.2	29%
Current Liabilities	160.8	111.2	$+44.6%$
Current Borrowings	96.9	44.2	>100%
Trade Creditors and Other Current Liabilities	63.9	67.0	-4.6%
Total Equity and Liabilities	614.9	636.0	$-3.3%$
Net Capital Employed	509.5	5418	$-6.0%$
Fixed Assets	3021	3097	2.5%
Non-Current Investments (net)	642	813	210%
Working Capital	1432	1508	$-50%$
Capex (6M period)	67	3.8	$+75.2%$
% Fixed Assets	2.2%	12%
Net Debt	2006	2345	$-14.4%$
% Net Capital Employed	394%	43.3%
Debt to Equity	64.9%	763%
Net Debt excluding Energy	178.6	211.3	$-15.5%$

Net Capital Employed reduced 6.0% compared to YE 2014, to 509.5M€. This result was driven by a 17.1M reduction in Non-Current Investments (net), a reduction in Working Capital of 7.6M€ and also, a reduction in Net Fixed Assets of 7.6M€.

3. SEGMENTS PERFORMANCE 3.1. RESORTS

Profit and Loss Account Million euro
Resorts	2Q 2015	2Q 2014	$\triangle$ 15/14	1H 2015	1H 2014	$\triangle$ 15/14
Total Operational Income	7.65	6.23	$+22.8%$	14.97	19.10	-21.6%
Turnover	7.27	5.90	$+23.2%$	13.71	18.48	-25.8%
Other Operational Income	0.38	0.33	$+14.6%$	1.26	0.62	>100%
Total Operational Costs	$-6.75$	$-5.28$	-27.8%	$-13.02$	-15.98	$+18.5%$
Cost of Goods Sold Change in Stocks of Finished Goods External Supplies and Services Staff Costs Other Operational Expenses	134 $-116$ $-2.95$ $-0.93$ $-0.37$	$-0.23$ $-170$ $-2.04$ $-0.78$ $-0.54$	< 100% $+31.7%$ 44.7% -19.3% +30.8%	229 $-2.79$ $-5.37$ 178 0.79	$-0.28$ $-766$ $-5.55$ $-1.59$ $-0.90$	< 100% $+63.5%$ $+3.2%$ -11.6% $+12.2%$
EBITDA excluding Guaranteed Income Provisions *	0.88	0.95	-7.6%	192	3.12	-38.3%
Provisions for Guaranteed Income	$-0.37$	$-0.44$	$+17.3%$	$-0.65$	$-2.09$	$+69.1%$
EBITDA	0.52	0.51	$+0.7%$	1.28	1.03	$+24.5%$
Capex EBITDA Capex	0.45 0.07	0.53 $-0.02$	$-16.1%$	0.56 0.72	0.85 0.18	-33.9% >100%

During 2Q15 8 deeds were signed regarding residential units in troiaresort (an improvement when compared to the 6 deeds registered in 2Q14), with a total of 17 deeds signed in the semester. Furthermore, it should be added a stock of 12 promissory purchase and reserve agreements (with advance payment). As of 30th of June 2015, a total of 336 deeds had been celebrated on residential units in

Mainly driven by the number of deeds registered in the semester, Top Line stood at 13.71M€, showing a decrease of 25.8% when compared to 1H14. However, benefiting from the positive sales mix and the general improvement of the operations that support the Resort, EBITDA registered 1.28M€ in the 1H15, 24.5% above the level

registered in the same period of last year. For prudence reasons and following the traditional conservative approach that should govern the accounting principles, it is accounted as Provisions, at the time of the sale, the present value of potential costs for the entire period of the guaranteed income from troiaresort real estate sales (the difference between the guaranteed rate of return and a conservative expectation on commercial operation). Driven by the sales registered in the 1H15 and the favourable sales mix, that value amounted to 0.65M€, a decrease of 69.1% when compared to the same period of last year.

CAPEX stood at controllable levels, below 1H2014 and consequently contributing to the improvement of EBITDA–CAPEX of 0.54M€.

3.2. FITNESS Fitness activity continues to show improvements on its competitive position, certified by the 10% growth in the number of active members.

In this regard, as mentioned in previous announcements, it should be noted a new club opening in 2Q15, in Alfragide (Oeiras). Presently the Solinca fitness club chain manages 13 clubs.

1H15 Top Line increased 7.9%, to 7.45M€, as a result of the above-mentioned growth in the number of active members, penalised by the lower market average monthly fees. Notwithstanding the increase in Top Line, EBITDA totalled 0.85M€, 8.3% below the levels registered in the same period last year, due to the natural cost increase related to new club openings. However, in 2Q15 same levels of EBITDA were registered when compared to 2Q14.

Profit and Loss Account Million euro
Fitness	2Q 2015	2Q 2014	$\triangle$ 15/14	1H 2015	1H 2014	$\triangle$ 15/14
Total Operational Income	4.00	3.63	$+10.3%$	7.59	7.04	+7.8%
Turnover	3.94	3.53	$+11.6%$	7.45	6.90	$+7.9%$
Other Operational Income	0.06	0.09	-411%	0.15	014	$+3.5%$
Total Operational Costs	-3.38	$-3.02$	$-12.0%$	$-6.74$	$-611$	$-10.2%$
Cost of Goods Sold External Supplies and Services Staff Costs Other Operational Expenses	$-0.03$ -203 $-103$ $-0.29$	$-0.04$ $-186$ $-0.97$ $-0.15$	$+28.7%$ $-9.0%$ $-6.4%$ 961%	0.06 $-420$ $-2.09$ $-0.38$	$-0.07$ -394 $-1.88$ $-0.23$	+15.0% -6.7% 11.4% 70.9%
EBITDA	0.62	0.61	$+1.5%$	0.85	0.93	-8.3%
Capex EBITDA Capex	0.03 0.59	0.44 0.17	$-93.4%$ $>100\%$	0.21 0.64	0.50 0.43	-57.7% $-49.2%$

CAPEX amounted 0.21M€, 57.7% below the level registered in 1H14, contributing to an improvement of EBITDA–CAPEX of 49.2% when compared to the same period of last year.

3.3. HOSPITALITY

During 1H15 Top Line in Hospitality registered an improvement of 12.9% to 6.32M€, when compared with 1H14. This performance resulted mainly from the 4pp occupancy rate growth. In the same period, the number of room nights sold rose 13% in the total Group's hotel properties and RevPar revealed an improvement of

Due to the increased Top Line and the optimization and rationalization cost measures implemented over the past years, 1H15 EBITDA improved when compared to last year by 7.9%.

Excluding rents, it should be highlighted that the Hospitality segment EBITDAR was negative in 0.34M€, with an improvement of 0.35M€ when compared to 1H14. Pointing out the seasonality of the Top Line, the first and fourth quarters usually register negative EBITDARs, which are more than compensated by second and mainly third quarters' positive activity performance. In fact, 2Q15 EBITDAR registered 0.68M€, showing an improvement of 81% when compared with 2Q14.

Hospitality CAPEX levels continued to be kept under tight control, despite the increase of 19.3% when compared to 1H14. Though, resulting from positive operational performance, EBITDA–CAPEX showed in 1H15 an improvement of 5.4% compared with the same period of last year.

3.4. ENERGY

Energy segment Top Line ascended, in 1H15, to 28.59M€, registering an increase of 41.1%, including the contribution of the new cogeneration operations acquired at the end of 1Q14 (excluding those acquisitions, Top Line would have increased 18.4%). 1H15 EBITDA has also showed a significant increase of 29.6% to 5.70M€, with an EBITDA margin of 20.0%, resulting from the increase in heat sales due to industrial clients larger activity. Excluding the contribution of the new operations acquired in 1Q14, EBITDA levels would have increased by 26.1% when compared to the same period of last year.

It should be noted that the EBITDA decrease registered in 2Q15 was entirely motivated by penalties charged to suppliers during 2Q14. Excluding those penalties, on a comparable basis, EBITDA would have maintained the same levels as 2Q14.

CAPEX registered 1.27M€, 36.5% above that registered last year, mainly due to repowering operations in progress. However, the increase of investment was more than compensated by EBITDA levels, as EBITDA-Capex registered 4.43M€, 27.8% above last year.

3.5. REFRIGERATION & HVAC 1H15 Refrigeration & HVAC Top Line registered 26.19M€, an increase of 2.7% when compared to the same period of last year. Backlog at the end of the period amounted to, approximately 49M€, the double of that registered at the end of 2014, leveraging on businesses outside Portugal, consubstantiating the internationalization process in progress.

International Top Line (consolidating exports from Portugal and direct sales abroad) represented 30.0% of the 1H15 Consolidated Top Line, 4.3pp above the level registered in 2014.

Under the continuous implementation of measures leading to a more balanced and flexible business cost structure adjusted to the new benchmark, and as a result of the restructuring process started in 2014 and still on-going, first results can be seen. EBITDA ascended to 0.85M€, showing an improvement of 0.66M€ when compared

Profit and Loss Account Million euro
Refrigeration & HVAC	2Q 2015	2Q 2014	$\triangle$ 15/14	1H 2015	1H 2014	$\triangle$ 15/14
Total Operational Income	12 35	14.16	$-12.8%$	26.55	25.73	$+3.2%$
Turnover	12.34	14.07	$-12.3%$	26 19	25.49	$+2.7%$
Other Operational Income	0.01	0.09	-86.3%	0.36	0.24	$+52.1%$
Total Operational Costs	$-1192$	13.59	+12.3%	$-25,70$	25.54	$-0.6%$
Cost of Goods Sold Change in Stocks of Finished Goods External Supplies and Services Staff Costs Other Operational Expenses/Income	$-5.61$ 115 -378 $-374$ 0.06	$-4.26$ $-0.32$ -5.36 $-3.57$ 0.08	-31.6% $+29.5%$ -4.7% $\blacksquare$	$-9.51$ 0.69 $-9.25$ 743 $-0.20$	765 $-0.64$ $-9.38$ 737 $-0.51$	24.2% $+14%$ $-0.9%$ +60.8%
EBITDA	0.43	0.57	$-24.0%$	0.85	0.19	>100%
Capex EBITDA Capex	0.03 0.40	0.06 0.51	-44.4% $-21.6%$	0.12 0.72	0.14 0.05	$-12.5%$ >100%

Domestic operation EBITDA was of 0.6M€ in 1H15, showing an increase of 0.24M€, when compared to last year.

CAPEX remained at low levels, and majority of EBITDA-CAPEX increase resulted from the EBITDA positive performance.

3.6. OTHER ASSETS Sonae Capital Group owns a set of non-strategic assets and thus available for sale, including Real Estate assets and Financial Shareholdings.

During the second quarter, an additional stake of the Imosede Fund was sold for 20.1M€, totalling 22.6M€ in the 1H15.

Also, important steps were taken to implement the defined strategy, namely, the approval by the Council of Ministers and subsequent promulgation by the President of the Republic of the new concession agreement of Norscut, an important step on the process to fulfil our achievement of selling non-strategic assets. To comply with all legal formalities, it is only pending the Court of Auditors approval.

Following the defined strategy, during 2Q15 it was also sold the "Duque de Loulé" real estate asset, for a value of 10M€, generating a capital gain in Sonae Capital Group consolidated results of, approximately, 6.0M€.

As of 30 of June, Capital Employed in this set of assets (real estate) amounted to

4.1. CORPORATE INFORMATION - 2Q15 There was no corporate information to register.

4.2. SUBSEQUENT CORPORATE EVENTS There were no subsequent corporate events to register.

1. METHODOLOGICAL NOTES The consolidated financial statements presented in this report are subject to limited review and have been prepared in accordance with International Financial Reporting Standards ("IAS/IFRS"), issued by International Accounting Standards Board ("IASB"), as adopted by European Union.

With the aim of continuing improve the quality and transparency of the information provided, not only at the Consolidated level, but also, at the Business Unit level, from the 1Q15 onwards Sonae Capital reports Business Units' financial information on a consolidated basis and not as a contribution to the Sonae Capital Consolidated accounts as practice until last reporting season. At the EBITDA level there are no differences to the reported figures, both at the Consolidated and Business Unit level. The only change is reflected at the Business Units' Top Line (not affecting the reported Consolidated figures). To assure comparable information, we are disclosing in appendix a table with the 2014 quarterly information reflecting this new criteria.

The present document is a translation from the Portuguese original version.

• GLOSSARY HVAC = Heating, Ventilation and Air Conditioning
• Operational Cash Flow = EBITDA Capex
• EBITDA = Operational Profit (EBIT) + Amortization and Depreciation + Provisions and Impairment Losses + Impairment Losses of Real Estate Assets in Stocks (included in Costs of Goods Sold) – Reversal of Impairment Losses and
• Provisions (including in Other Operation Income) EBITDA excluding Guaranteed Income Provisions = EBITDA + Provisions related to the estimated present value of potential costs for the full period of the
• Guaranteed Income from real estate sales at troiaresort EBITDAR = EBITDA + Rents for buildings
• Net Debt = Non-Current Loans + Current Loans Cash and Cash Equivalents –
• Current Investments Capex = Investment in Tangible and Intangible Assets
• Gearing: Debt to Equity = Net Debt / Equity

APPENDIX

Net Debt	245.63	254.00	238.00	234.46	228.53	200.59
Delta Net debt	$-0.39$	8.37	-16.00	$-3.54$	$-5.93$	$-27.94$
Net Debt/Ebitda*	30.94x	23.90x	20.05x	1983x	15.81x	10.08x

PART II APPENDIX TO THE REPORT OF THE BOARD OF DIRECTORS

REPORT AND ACCOUNTS – JUNE 2015 Appendix to the Report of the Board of Directors

STATEMENT

Under the terms of Article 246, paragraph 1, c) of the Portuguese Securities Code

The signatories individually declare that, to their knowledge, the Report of the Board of Directors, the Consolidated and Individual Financial Statements and other accounting documents required by law or regulation were prepared in accordance with applicable International Financial Reporting Standards, and give a true and fair view, in all material respects, of the assets and liabilities, financial position and the consolidated and individual results of Sonae Capital, SGPS, SA, and of the companies included in the consolidation perimeter, and that the Report of the Board of Directors faithfully describes major events that occurred during the first half of 2015 and their impacts, if any, in the business performance and financial position of Sonae Capital, SGPS, SA and of the companies included in the consolidation perimeter, and contains an appropriate description of the major risks and uncertainties that they face.

Maia, 30 July 2015

Duarte Paulo Teixeira de Azevedo

Ivone Pinho Teixeira

Maria Cláudia Teixeira de Azevedo

Francisco de La Fuente Sánchez

Álvaro Carmona e Costa Portela

Paulo José Jubilado Soares de Pinho

REPORT AND ACCOUNTS – JUNE 2015 Appendix to the Report of the Board of Directors

GOVERNING BODIES (Article 447 of the Portuguese Companies Act and nr. 7 of Article 14 of CMVM's

Disclosure of shares and other securities held by Members of the Board of Directors and Fiscal Board and of transactions during first half 2015 involving shares and other

						Balance as at 30.06.2015
			Purchases		Sales
Belmiro Mendes de Azevedo	Date	Quantity	Av. Price €	Quantity	Av. Price €	Quantity
Efanor Investimentos, SGPS, SA (1) (includes 1 share owned by the spouse) Sonae Capital, SGPS, SA (a)						49,999,997 838,862
Maria Cláudia Teixeira de Azevedo Efanor Investimentos, SGPS, SA (1) Linhacom, SGPS, SA (2)						1 99,996
Álvaro Carmona e Costa Portela Sonae Capital, SGPS, SA Sonae Capital/2014-2019 Bonds						24,942 1
Paulo José Jubilado Soares de Pinho Sonae Capital, SGPS, SA (b)						20,775

		Purchases				Balance as at 30.06.2015
	Date	Quantity	Av. Price €	Quantity	Sales Av. Price €	Quantity
(1) Efanor Investimentos, SGPS, SA Sonae Capital, SGPS, SA Pareuro, BV (3)						88,859,200 5,583,100
(2) Linhacom, SGPS, SA Sonae Capital, SGPS, SA Imparfin, SGPS, SA (4)						43,912 150,000
(3) Pareuro, BV Sonae Capital, SGPS, SA						66,600,000
(4) Imparfin, SGPS, SA Sonae Capital, SGPS, SA						513,160

(a) Includes 1,862 shares owned by the spouse.

(b) Includes 8,125 shares owned by Change Partners, SCR, SA, company where Paulo José Jubilado Soares de Pinho is member of

APPENDIX REQUIRED BY ARTICLE 448 OF

Number of shares held by shareholders owning more than 10%, 33% or 50% of the company's share capital:

Number of shares as at 30.06.2015

Efanor Investimentos, SGPS, SA (1) Sonae Capital, SGPS, SA 88,859,200

Pareuro, BV Sonae Capital, SGPS, SA 66,600,000

(1) Belmiro Mendes de Azevedo is, under the terms of paragraph b number 1 of Article 20 and number 1 of Article 21 of the Portuguese Securities Code, the ultimate beneficial owner, as he holds around 99% of the share capital and voting rights of Efanor Investimentos SGPS, SA, which entirely

REPORT AND ACCOUNTS – JUNE 2015 Appendix to the Report of the Board of Directors

As required by number 1, c) of Article 9 of CMVM Regulation Nr. 5/2008, the following shareholders held more than 2% of the company's share capital as at 30

Shareholder	Nr. of Shares	% of Share Capital	% of Voting Rights
Efanor Investimentos, SGPS, S.A. (1)
Directly Owned	88,859,200	35.544%	36.401%
Through Pareuro, BV (controlled by Efanor) Through Belmiro Mendes de Azevedo (Chairman of the Board of Directors of	66,600,000 837,000	26.640% 0.335%	27.282% 0.343%
Efanor) Through Maria Margarida Carvalhais Teixeira de Azevedo (Member of the Board	1,862	0.001%	0.001%
of Directors of Efanor) Through Linhacom, SGPS, S.A. (controlled by the Member of the Board of	43,912	0.018%	0.018%
Directors of Efanor Maria Cláudia Teixeira de Azevedo) Through Migracom, SGPS, S.A. (controlled by the Member of the Board of	161,250	0.065%	0.066%
Directors of Efanor Duarte Paulo Teixeira de Azevedo) Through descendents of Duarte Paulo Teixeira de Azevedo (Member of the	411	0.000%	0.000%
Board of Directors of Efanor) Total attributable	156,503,635	62.601%	64.111%
Santander Asset Management - Sociedade Gestora de Fundos de Investimento Mobiliários, SA
Through Santander Acções Portugal Fund (managed by Santander Asset Management)	5,214,974	2.086%	2.136%
Through Santander PPA Fund (managed by Santander Asset Management)	484,869	0.194%	0.199%
Total attributable	5,699,843	2.280%	2.335%
Blueshore Global Equity Fund	5,000,000	2.000%	2.048%
Total attributable	5,000,000	2.000%	2.048%

(1) Belmiro Mendes d e Azevedo is, under the terms of paragraph b ) number 1 of Article 20 and number 1 of Article 21 of the Portuguese Securities Code, the ultimate beneficial owner, a s he holds around 99% of the share capital and voting rights of Efanor Investimentos SGPS, SA, which entirely controls Pareuro BV.

PART III CONSOLIDATED FINANCIAL STATEMENTS

SONAE CAPITAL, SGPS, SA

CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2015 AND 31 DECEMBER 2014

(Amounts expressed in euro)

ASSETS	Notes	30.06.2015	31.12.2014
NON-CURRENT ASSETS:
Tangible assets	7	233,559,821	240,710,716
Intangible assets	7	7,540,654	8,024,620
Goodwill	8	60,990,244	60,990,244
Investments in associated companies and joint ventures	5	23,741,516	20,730,694
Other investments	6 and 9	11,944,614	34,081,492
Deferred tax assets	13	23,795,220	23,718,439
Other non-current assets	10	21,613,813	20,653,819
Total non-current assets		383,185,882	408,910,024
CURRENT ASSETS:
Stocks	11	153,619,699	157,562,294
Trade account receivables and other current assets	12	53,478,402	60,191,897
Cash and cash equivalents Total Current Assets	14	24,604,062 231,702,163	9,327,550 227,081,741
TOTAL ASSETS		614,888,045	635,991,765
EQUITY AND LIABILITIES
EQUITY:
Share capital	15	250,000,000	250,000,000
Own Shares	15	(1,413,866)	(1,486,301)
Reserves and retained earnings Profit/(Loss) for the year attributable to the equity holders of		50,913,981	56,279,740
Sonae Capital		196,406	(6,832,009)
Equity attributable to the equity holders of Sonae Capital		299,696,521	297,961,430
Equity attributable to non-controlling interests TOTAL EQUITY	16	9,185,084 308,881,605	9,375,864 307,337,294
LIABILITIES:
NON-CURRENT LIABILITIES:
Loans	17	128,342,745	199,570,233
Other non-current liabilities	19	2,894,132	3,073,863
Deferred tax liabilities	13	10,894,574	11,709,284
Provisions	22	3,079,824	3,079,824
Total Non-Current Liabilities		145,211,275	217,433,204
CURRENT LIABILITIES:
Loans	17	96,851,834	44,218,573
Trade creditors and other current liabilities	21	58,966,226	61,360,493
Provisions Total Current Liabilities	22	4,977,105 160,795,165	5,642,201 111,221,267
TOTAL LIABILITIES		306,006,440	328,654,471
TOTAL EQUITY AND LIABILITIES		614,888,045	635,991,765

SONAE CAPITAL, SGPS, SA

FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2015 AND 2014

(Amounts expressed in euro)

Sales 38,703,892 39,743,873 Services rendered 39,234,528 37,834,194 Other operating income 23 14,173,799 2,947,408 Cost of sales (30,276,335) (24,149,974) Changes in stocks of finished goods and work in progress (2,376,649) (8,756,434) External supplies and services (24,315,064) (23,980,322) Staff costs (17,932,278) (16,784,781) Depreciation and amortisation (7,834,292) (7,051,409) Provisions and impairment losses (Increases/Decreases) (637,442) (1,193,954) Other operating expenses (4,305,888) (2,058,615) Operational profit/(loss) 4,434,271 (3,450,014) Financial Expenses (5,484,257) (6,841,853) Financial Income 882,464 733,393 Profit/(Loss) in associated and jointly controlled companies 5 2,095,576 2,886,867 Investment income (100,612) 389,368 Profit/(Loss) before taxation 1,827,442 (6,282,239) Taxation 25 (971,009) (903,653) Profit/(Loss) for the year 26 856,433 (7,185,892) Attributable to: Equity holders of Sonae Capital 196,406 (7,361,621) Non-controlling interests 16 660,027 175,729 Profit/(Loss) per share Basic 28 0.000797 (0.029902) Diluted 28 0.000797 (0.029902)	Notes	30.06.2015	30.06.2014

SONAE CAPITAL, SGPS, SA

FOR THE 2nd QUARTERS OF 2015 AND 2014

(Amounts expressed in euro)

	Notes	nd Quarter 15 1 2	nd Quarter 14 1 2
Sales		17,872,007	19,465,912
Services rendered		21,225,039	20,698,914
Other operating income		10,223,627	2,099,694
Cost of sales		(15,203,689)	(14,217,605)
Changes in stocks of finished goods and work in progress		(126,980)	(2,395,802)
External supplies and services		(12,191,598)	(12,414,723)
Staff costs		(8,784,370)	(8,142,333)
Depreciation and amortisation		(3,916,293)	(3,774,289)
Provisions and impairment losses		(554,617)	369,823
Other operating expenses Operational profit/(loss)		(3,345,790) 5,197,334	(1,500,428) 189,163
Financial Expenses		(2,913,100)	(3,534,901)
Financial Income		565,809	331,523
Profit/(Loss) in associated and jointly controlled companies		847,598	1,439,052
Investment income Profit/(Loss) before taxation		(61,036) 3,636,605	109,678 (1,465,485)
Taxation		(102,414)	(491,973)
Profit/(Loss) for the period		3,534,191	(1,957,458)
Attributable to:
Equity holders of Sonae Capital Non-controlling interests		3,122,485 411,706	(2,365,164) 407,706
Profit/(Loss) per share
Basic		0.012682	(0.009604)
Diluted		0.012682	(0.009604)

The accompanying notes are part of these financial statements.

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

SONAE CAPITAL, SGPS, SA

FOR THE SIX MONTHS PERIODS ENDED 30 JUNE 2015 AND 2014

(Amounts expressed in euro)

	30.06.2015	30.06.2014
Consolidated net profit/(loss) for the period	856,433	(7,185,892)
Items that may be reclassified subsequently to net profit / (loss):
Changes in the currency translation differences	40,004	117,373
Share of other comprehensive income of associates and joint ventures accounted for by the equity method (Note 5)	963,396	(351,176)
Change in the fair value of assets available for sale	708,397	772,140
Change in the fair value of cash flow hedging derivatives	213,695	542,813
Tax related to other comprehensive income captions	(233,965)	(176,163)
Other comprehensive income for the period	1,691,527	904,987
Total comprehensive income for the period	2,547,960	(6,280,905)
Attributable to: Equity holders of Sonae Capital Non-controlling interests	1,881,460 666,500	(6,497,775) 216,870

SONAE CAPITAL, SGPS, SA

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 2nd QUARTERS OF 2015 AND 2014

(Amounts expressed in euro)

	nd Quarter 15 1 2	nd Quarter 14 1 2
Consolidated net profit/(loss) for the period	3,534,191	(1,957,458)
Items that may be reclassified subsequently to net profit / (loss):
Changes in the currency translation differences	84,300	66,167
Share of other comprehensive income of associates and joint ventures accounted for by the equity method (Note 5)	1,016,663	679,660
Change in the fair value of assets available for sale	368,248	372,187
Change in the fair value of cash flow hedging derivatives	10,313	278,677
Tax related to other comprehensive income captions	(160,964)	(84,174)
Other comprehensive income for the period	1,318,560	1,312,517
Total comprehensive income for the period	4,852,751	(644,941)
Attributable to: Equity holders of Sonae Capital Non-controlling interests	4,421,694 431,057	(1,074,320) 429,379

The accompanying notes are part of these financial statements.

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

REPORT AND ACCOUNTS - JUNE 2015 Consolidated Financial Statements

SONAE CAPITAL, SGPS, SA

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2015 AND 2014

(Amounts expressed in Euro)

	Share Capital	Own Shares	Demerger Reserve (Note 15)	Attributable to Equity Holders of Sonae Capital Translation Reserves	Fair Value Reserves	Hedging Reserves	Other Reserves and Retained	Sub total	Net Profit/(Loss)	Total	Non Controlling Interests	Total Equity
Balance as at 1 January 2014	250,000,000	(1,124,125)	132,638,253				Earnings (189,622) (590,856) (1,166,854) (62,056,375)	68,634,546	(13,200,373)	304,310,048	8,850,291	313,160,339
Total consolidated comprehensive income for the period	-	-	-	82,172	772,140	536,873	(527,339)	863,846	(7,361,621)	(6,497,775)	216,870	(6,280,905)
Appropriation of profit of 2013:
Transfer to legal reserves and retained earnings	-	-	-	-	-		- (13,200,373) (13,200,373)		13,200,373	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	-	-	(649,927)	(649,927)
Acquisition of own shares Changes in the percentage of capital held in affiliated	-	(362,176)	-	-	-	-	-	-	-	(362,176)	-	(362,176)
companies Other changes	- -	- -	- -	- -	- -	- -	- (49,547)	- (49,547)	- -	- (49,547)	652,223 83	652,223 (49,464)
Balance as at 30 June 2014	250,000,000	(1,486,301)	132,638,253	(107,450)	181,284		(629,981) (75,833,634)	56,248,472	(7,361,621)	297,400,550	9,069,540	306,470,090
Balance as at 1 January 2015	250,000,000	(1,486,301)	132,638,253	(130,882)	(750,961)		(239,276) (75,237,394)	56,279,740	(6,832,009)	297,961,430	9,375,864	307,337,294
Total consolidated comprehensive income for the period	-	-	-	34,252	708,397	212,974	729,431	1,685,054	196,406	1,881,460	666,500	2,547,960
Appropriation of profit of 2014:
Transfer to legal reserves and retained earnings	-	-	-	-	-	-	(6,832,009)	(6,832,009)	6,832,009	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	-	-	(1,077,110)	(1,077,110)
Acquisition of own shares Changes in the percentage of capital held in affiliated	-	72,435	-	-	-	-	-	-	-	72,435	-	72,435
companies Other changes	- -	- -	- -	- -	- -	- -	(219,830) 1,026	(219,830) 1,026	- -	(219,830) 1,026	219,830 -	- 1,026
Balance as at 30 June 2015	250,000,000	(1,413,866)	132,638,253	(96,630)	(42,564)	(26,302)	(81,558,776)	50,913,981	196,406	299,696,521	9,185,084	308,881,605

CONSOLIDATED STATMENTS OF CASH FLOWS

(Amounts expressed in Euro)

	Notes	30.06.2015	30.06.2014	nd Quarter 2 1	nd Quarter 2 1
OPERATING ACTIVITIES:				15	14
Cash receipts from trade debtors		79,785,533	78,924,691	36,344,610	38,380,316
Cash receipts from trade creditors		(52,728,599)	(54,957,222)	(26,230,894)	(31,541,408)
Cash paid to employees Cash flow generated by operations		(16,791,937) 10,264,997	(16,646,874) 7,320,595	(9,052,295) 1,061,421	(9,145,473) (2,306,565)
Income taxes (paid) / received Other cash receipts and (payments) relating to operating		(1,557,085)	(3,905,507)	(1,502,458)	(3,886,078)
activities		82,886	3,182,978	877,883	2,007,431
Net cash flow from operating activities (1)		8,790,798	6,598,066	436,846	(4,185,212)
INVESTMENT ACTIVITIES:
Cash receipts arising from:
Investments		23,585,714	120,181	20,698,751	120,181
Tangible assets		13,594,337	335,763	12,051,959	(238,619)
Intangible assets		-	-	-	-
Interest and similar income		828,137	1,139,380	61,681	63,315
Dividends		273,631	796,367	273,631	796,367
		38,281,819	2,391,691	33,086,022	741,244
Cash Payments arising from:
Investments		(18,039)	(3,324,592)	(15,276)	(59,681)
Tangible assets		(6,730,024)	(3,432,497)	(2,013,461)	(1,150,886)
Intangible assets		(67,452)	(488,793)	162,888	(199,875)
Loans granted		(987,797)	(936,926)	-	-
Net cash used in investment activities (2)		(7,803,312) 30,478,507	(8,182,808) (5,791,117)	(1,865,849) 31,220,173	(1,410,442) (669,198)
FINANCING ACTIVITIES:
Cash receipts arising from:
Loans obtained		9,100,000	64,199,200	3,100,000	52,574,700
Sale of own shares		72,435 9,172,435	42,606 64,241,806	72,435 3,172,435	42,606 52,617,306
Cash Payments arising from:
Loans obtained		(26,220,621)	(38,539,183)	(12,546,983)	(35,973,550)
Interest and similar charges		(4,971,469)	(6,736,891)	(2,788,764)	(2,618,515)
Reimbursement of capital and paid in capital		-	(28,385)	-	(28,385)
Dividends		(793,886)	(1,004,034)	(793,886)	(1,004,034)
Purchase of own shares		-	(404,783)	-	-
Net cash used in financing activities (3)		(31,985,976) (22,813,541)	(46,713,276) 17,528,530	(16,129,633) (12,957,198)	(39,624,484) 12,992,822
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)		16,455,764	18,335,479	18,699,821	8,138,412
Effect of foreign exchange rate		77,480	(14,823)	118,890	(8,561)
Cash and cash equivalents at the beginning of the period	14	8,148,876	2,922,307	5,946,229	13,125,636
Cash and cash equivalents at the end of the period	14	24,527,160	21,272,609	24,527,160	21,272,609

The accompanying notes are part of these financial

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

SONAE CAPITAL, SGPS, SA

(Translation from the Portuguese Original)

(Amounts expressed in Euro)

1. INTRODUCTION

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

Reflecting the current management structure, the reporting segments were revised, addressing the strategic business areas identified in the Group:

• Resorts; Hotels;
• Fitness;
• Energy,
• Refrigeration and HVAC;
• Other Assets.

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

The accounting policies adopted are consistent with those used in the financial statements presented for the year ended 31 December 2014.

Basis of preparation

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

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

Changes to international accounting standards that came into force on or after 1 January 2015, did not have material impacts in the financial statements as at 30 June

4. GROUP COMPANIES INCLUDED IN THE

Group companies included in the consolidated financial statements, their head offices and percentage of the share capital held by the Group as at 30 June 2015

			Percentage of capital held
					30 June 2015	31 December 2014
	Company		Head Office	Direct	Total	Direct	Total
	Sonae Capital SGPS, SA		Maia	Holding	Holding	Holding	Holding
	Hotels
	Aqualuz - Turismo e Lazer, Lda	a)	Lagos	100.00%	100.00%	100.00%	100.00%
	Solinca-Investimentos Turísticos, SA	a)	Porto	100.00%	100.00%	100.00%	100.00%
1)	Sonae Turismo - SGPS, SA The Artist Hotel & Bistrô – Actividades Hotelaria,	a) a)	Maia Maia	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%
	SA Troiaverde-Expl. Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Resorts
	Atlantic Ferries - Traf.Loc.Flu.e Marit., SA	a)	Grândola	95.77%	95.77%	83.41%	83.41%
	Golf Time - Golfe e Inv.Turisticos, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imoareia - Investimentos Turísticos,SGPS, SA	a)	Matosinhos	100.00%	100.00%	100.00%	100.00%
	Imopenínsula - Sociedade Imobiliária, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Imoresort - Sociedade Imobiliária, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Marina de Tróia, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Marmagno-Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Marvero-Expl.Hoteleira Imob., SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	SII - Soberana Investimentos Imobiliários, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Soltroia-Imob.de Urb.Turismo de Tróia, SA	a)	Lisbon	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 Tulipamar-Expl.Hoteleira Imob., SA	a) a)	Grândola Grândola	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%
	Fitness Solinca - Health & Fitness, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Energy
	Atelgen – Produção de Energia, ACE	a)	Barcelos	51.00%	51.00%	51.00%	51.00%
	CAPWATT – Brainpower, S.A.	a)	Maia	100.00%	100.00%	100.00%	100.00%
2)	Capwatt ACE, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
3)	Capwatt Colombo – Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
4)	Capwatt Engenho Novo – Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
5)	Capwatt Hectare – Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
6)	Capwatt II – Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
7)	Capwatt III – Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
8)	Capwatt Maia – Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
9)	Capwatt Martim Longo - Solar Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
10)	Capwatt Vale do Caima - Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
11)	Capwatt Vale do Tejo - Heat Power, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	CAPWATT, SGPS, S.A. Carvemagere – Manutenção e Energias	a) a)	Maia Barcelos	100.00% 65.00%	100.00% 65.00%	100.00% 65.00%	100.00% 65.00%
	Renováveis, Lda
	Companhia Térmica SERRADO, ACE	a)	Maia	70.00%	70.00%	70.00%	70.00%
	Companhia Térmica Tagol, Lda	a)	Oeiras	100.00%	100.00%	100.00%	100.00%
	C.T.E. – Central Termoeléctrica do Estuário, Lda	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Enerlousado – Recursos Energéticos, Lda	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Ronfegen – Recursos Energéticos, Lda Soternix – Produção de Energia ACE	a) a)	Maia Barcelos	100.00% 51.00%	100.00% 51.00%	100.00% 51.00%	100.00% 51.00%

	Refrigeration and HVAC Sistavac, SA	a)	Matosinhos	100.00%	70.00%	100.00%	70.00%
	Sistavac, SGPS, SA	a)	Matosinhos	70.00%	70.00%	70.00%	70.00%
	Sistavac Sistemas HVAC-R do Brasil, Lda	a)	São Paulo	100.00%	70.00%	100.00%	70.00%
	Sopair, SA	a)	Madrid	100.00%	70.00%	100.00%	70.00%
	Spinarq-Moçambique, Lda	a)	Maputo	70.00%	70.00%	100.00%	100.00%
	Spinarq–Engenharia, Energia e Ambiente,SA	a)	Luanda	99.90%	99.90%	99.90%	99.90%
	Other Assets
	Bloco Q-Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Casa da Ribeira – Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Centro Residencial da Maia,Urban., SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Cinclus Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Contacto Concessões, SGPS, SA Country Club da Maia-Imobiliaria, SA	a) a)	Maia Maia	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%
	Empreend.Imob.Quinta da Azenha, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Fundo Especial de Investimento Imobiliário	a)	Maia	99.82%	99.82%	99.82%	99.82%
	Fechado WTC Imoclub-Serviços Imobiliários, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imodivor - Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imohotel-Emp.Turist.Imobiliários, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imoponte-Soc.Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Imosedas-Imobiliária e Serviços, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Implantação – Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Inparvi SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Interlog-SGPS, SA	a)	Lisbon	98.98%	98.98%	98.98%	98.98%
14)	Martimope – Empreendimentos Turisticos, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Porturbe-Edificios e Urbanizações, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Praedium – Serviços, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Praedium II-Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Praedium-SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Prédios Privados Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Predisedas-Predial das Sedas, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Promessa Sociedade Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	SC – Eng. e Promo Imobiliária,SGPS,SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Sete e Meio Herdades - Investimentos Agrícolas e Turismo, SA	a)	Grândola	100.00%	100.00%	100.00%	100.00%
	Société de Tranchage Isoroy SAS	a)	Honfleur	100.00%	100.00%	100.00%	100.00%
14)	Soconstrução, BV Soira-Soc.Imobiliária de Ramalde, SA	a) a)	Amsterdam Maia	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%
	Sótaqua - Soc. de Empreendimentos Turísticos,	a)	Maia	100.00%	100.00%	100.00%	100.00%
	SA
	Spinveste - Promoção Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Spinveste-Gestão Imobiliária SGII, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
14)	Torre São Gabriel-Imobiliária, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	Urbisedas-Imobiliária das Sedas, SA Vistas do Freixo-Emp.Tur.imobiliários,SA	a) a)	Maia Maia	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%
	Others
	Imobeauty, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	SC – Sociedade de Consultadoria, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	SC Finance, BV SC For - Ser.Formação e Desenvolvimento de	a) a)	Amsterdam Maia	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%
	Recursos Humanos, Unipessoal, Lda.
13)15)	SC Hospitality, SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
	SC-SGPS, SA	a)	Maia	100.00%	100.00%	100.00%	100.00%
15)	Solinfitness – Club Málaga, S.L.	a)	Málaga	100.00%	100.00%	100.00%	100.00%
14)15) 12)	Sontur BV Spred SGPS, SA	a) a)	Amesterdam Maia	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%	100.00% 100.00%
	a) Majority of voting rights.

1) Ex-SC Assets, S.G.P.S., S.A.;

• 2) Ex-Integrum ACE, SA; 3) Ex-Integrum Colombo – Energia, SA;
• 4) Ex-Integrum Engenho Novo Energia SA;

5) Ex-Companhia Térmica Hectare, SA;

6) Ex-Integrum II – Energia, SA;

• 7) Ex-Integrum III Energia, SA;
• 8) Ex-EcocicloII Energias, SA; 9) Ex-Integrum Martim Longo – Energia, SA;
• 10) Ex-Integrum Vale do Caima Energia, SA;
• 11) Ex-Integrum Vale do Tejo Energia, SA;

12) Company included in the Other Assets segment in 2014; 13) Ex-Sonae Turismo, SGPS, SA;

14) Company dissolved in the period;

5. INVESTMENTS IN ASSOCIATED AND JOINTLY

Associated and jointly controlled companies included in the consolidated financial statements, their head offices and the percentage of share capital held by the Group

Company	Head	Direct	Total	Direct	Total	30 June	31 December 2014
							53,344
							-
							- -
Lidergraf - Artes Gráficas, Lda	Vila do	24.50%	24.50%	24.50%	24.50%	846,925	891,317
							19,654,903
Operscut - Operação e Manutenção de Auto-estradas, SA	Lisbon	15.00%	15.00%	15.00%	15.00%	24,000	24,000
Feneralt – Produção de Energia, ACE	Barcelos	25.00%	25.00%	25.00%	25.00%	189,841	107,130
							20.730,694
	Other Assets Andar - Sociedade Imobiliária, SA Sociedade de Construções do Chile, SA Vastgoed One - Sociedade Imobiliária, SA Vastgoed Sun - Sociedade Imobiliária, SA Norscut - Concessionária de Scut Interior Norte, SA Energy Total	Office Maia Maia Maia Maia Conde Lisbon	50.00% 100.00% 100.00% 100.00% 36.00%	30 June 2015 50.00% 50.00% 50.00% 50.00% 36.00%	Percentage of capital held 50.00% 100.00% 100.00% 100.00% 36.00%	31 December 2014 50.00% 50.00% 50.00% 50.00% 36.00%	Book Value 2015 - - - - 22,680,750 23,741,516

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

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

As at 30 June 2015 and 31 December 2014, aggregate values of main financial indicators of associated and jointly controlled companies can be summarized as

	30 June 2015	31 December 2014
Total Assets	635,394,485	688,065,258
Total Liabilities	526,072,558	583,955,642
Income Expenses	41,329,228 34,798,459	115,284,242 88,388,616

During the periods ended 30 June 2015 and 30 June 2014, movements in investments of associated and jointly controlled companies are as follows:

	30 June 2015	30 June 2014
Opening balance as at 1 January	20,762,638	12,490,395
Acquisitions in the period	8,000	1,249,300
Disposals in the period	-	-
Equity method	3,058,973	1,792,015
Dividends received	(56,151)	(26,486)
Change in the consolidation method	-	-
Closing balance as at 30 June	23,773,460	15,505,224
Accumulated impairment losses (Note 22)	(31,944)	(31,943)
	23,741,516	15,473,281

The use of the equity method had the following impacts: 2,095,576 euro recorded on share of results of associated undertakings (2,116,705 euro at 30 June 2014), and 963,396 euro in changes in reserves (-351,176 euro at 30 June 2014).

Other investments, their head offices, percentage of share capital held and book value as at 30 June 2015 and 31 December 2014 are made up as follows:

			Percentage of capital held
			30 June 2015		31 December 2014
						30 June	Book Value 31 December
Company Resorts	Head Office	Direct	Total	Direct	Total	2015	Value 2014
Infratroia – Infraestruturas de Troia, E.M.	Grândola	25.90%	25.90%	25.90%	25.90%	64,747	64,747
Other Assets
Fundo de Investimento Imobiliário Fechado Imosede	Maia	7.52%	7.52%	22.57%	22.57%	11,344,970	33,493,884
Fundo de Investimento Imobiliário Imosonae Dois	Maia	0.06%	0.06%	0.06%	0.06%	124,892	124,892
Net, SA	Lisbon	2.80%	2.80%	2.80%	2.80%	23,034	23,034
Fundo de Capital de Risco F-HITEC Other investments	Lisbon	6.48%	6.48%	6.48%	6.48%	250,950 136,021	250,950 123,985
Total (Note 9)						11,944,614	34,081,492

Sonae Capital sold in 1 st half 2015 a total of 28,628 units of the Imosede Real Estate

1. TANGIBLE AND INTANGIBLE ASSETS During the six months period ended 30 June 2015, movements in tangible and intangible assets as well as in amortisation and accumulated impairment losses, are made up as follows:

	Land and Buildings	Equipment	Tangible Assets Other Tangible Assets	Tangible Assets in progress	Total Tangible Assets
Gross Cost:
Opening balance as at 1 January 2015	222,289,448	179,441,283	2,197,777	11,880,186	415,808,694
Changes in consolidation perimeter	-	-	-	-	-
Capital expenditure	111,934	188,603	926	6,027,394	6,328,857
Disposals	(6,523,628)	(1,058,453)	-	-	(7,582,081)
Exchange rate effect	-	(66,086)	(3,971)	-	(70,057)
Transfers Closing balance as at 30 June 2015	- 215,877,754	2,251,457 180,756,804	44,664 2,239,396	(2,335,285) 15,572,295	(39,164) 414,446,249
Accumulated depreciation and impairment losses
Opening balance as at 1 January 2015	81,960,385	91,386,095	1,751,498	-	175,097,978
Changes in consolidation perimeter	-	-	-	-	-
Charges for the period 1)	1,488,095	6,069,855	43,147	-	7,601,097
Disposals	(1,328,939)	(440,506)	-	-	(1,769,445)
Exchange rate effect	-	(40,349)	(2,888)	-	(43,237)
Transfers Closing balance as at 30 June 2015	- 82,119,541	35 96,975,130	- 1,791,757	- -	35 180,886,428
Carrying amount as at 1 January 2015	140,329,063	88,055,188	446,279	11,880,186	240,710,716
Carrying amount as at 30 June 2015	133,758,213	83,781,674	447,639	15,572,295	233,559,821

1) Includes impairment losses amounting to 160,187 euro.

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

	30 June 2015	31 December 2014
Tróia	7,936,987	7,624,730
Cogeneration Project	904,260	1,555,061
Hotels Refurbishment Others	6,196,579 534,469	1,825,022 875,373
	15,572,295	11,880,186

	Intangible Assets
	Patents and other similar rights	Software	Other Intangible Assets	Intangible Assets in progress	Total Intangible Assets
Gross Cost:
Opening balance as at 1 January 2015	7,846,758	2,877,589	466,858	217,498	11,408,703
Changes in consolidation perimeter	-	-	-	-	-
Capital expenditure	14,040	209	187,379	205,211	406,839
Disposals	-	-	(492,681)	-	(492,681)
Exchange rate effect	-	(2,534)	-	-	(2,534)
Transfers Closing balance as at 30 June 2015	(71,561) 7,789,237	300,316 3,175,580	(19,587) 141,969	(213,250) 209,459	(4,082) 11,316,245
Accumulated depreciation and impairment
losses
Opening balance as at 1 January 2015	1,380,363	1,994,300	9,421	-	3,384,083
Changes in consolidation perimeter	-	-	-	-	-
Charges for the period	94,085	299,297	-	-	393,382
Disposals	-	-	-	-	-
Exchange rate effect	-	(1,874)	-	-	(1,874)
Transfers Closing balance as at 30 June 2015	(42,405) 1,432,043	42,405 2,334,128	- 9,421	- -	- 3,775,591
Carrying amount as at 1 January 2015	6,466,395	883,289	457,437	217,498	8,024,620
Carrying amount as at 30 June 2015	6,357,194	841,452	132,548	209,459	7,540,654

As at June 2015 net assets allocated to the concession of Marina de Troia and included in Patents and other similar rights amount to 5,923,873 euro (5,994,383 euro at 31 December 2014).

During the periods ended 30 June 2015 and 31 December 2014, movements in goodwill, as well as in corresponding impairment losses, are as follows:

	30 June 2015	31 December 2014
Gross amount:
Opening balance	62,291,840	62,283,809
Increases - acquisition of affiliated companies	-	8,031
Closing balance	62,291,840	62,291,840
Accumulated impairment losses:
Opening balance	1,301,596	1,301,596
Closing balance	1,301,596	1,301,596 -
Total	60,990,244	60,990,244

As at 30 June 2015 and 31 December 2014, movements in investments were as

	30 June 2015		31 December 2014
	Non-current	Current	Non-current	Current
Investments at acquisition cost
Opening balance as at 1 January	879,446	-	8,071,101	-
Acquisitions in the period	12,036	-	17,742	-
Disposals in the period	-	-	(7,652,356)	-
Transfers	-	-	442,959	-
Closing balance as at 30 June	891,482	-	879,446	-
Accumulated impairment losses (Note 22)	(291,838)	-	(291,838)	-
	599,644	-	587,608	-
Investments held for sale
Fair value as at 1 January	33,493,884	-	39,305,931	-
Disposals in the period	(22,510,231)	-	(5,221,742)	-
Transfers	-	-	(430,200)	-
Increase/(Decrease) in fair value	361,317	-	(160,105)	-
Fair value as at 30 June	11,344,970	-	33,493,884	-
Accumulated impairment losses (Note 22) Fair value (net of impairment losses) as at 30 June	- 11,344,970	- -	- 33,493,884	- -
Other Investments	11,944,614	-	34,081,492	-

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

These investments are recorded at acquisition cost less impairment losses.

As at 30 June 2015 and 31 December 2014, other non-current assets are detailed as

	30 June 2015	31 December 2014
Loans granted to related parties
Norscut - Concessionária de Scut Interior Norte, SA	19,604,752	18,647,695
Others	784,815	756,076
	20,389,567	19,403,771
Impairment losses (Note 22)	(34,916) 20,354,651	(34,916) 19,368,855
Trade accounts receivable and other debtors
Sale of financial investments	-	-
Others	1,259,162	1,284,964
Impairment losses (Note 22)	- 1,259,162	- 1,284,964
Other non-current assets	21,613,813	20,653,819

Generally, values included in other non-current assets bear interest at market rates, and it is estimated that their fair value does not significantly differ from amounts in

Inventories as at 30 June 2015 and 31 December 2014 can be detailed as follows, highlighting the value attributable to real estate developments:

	30 June 2015			31 December 2014
	Total	of which Real Estate Developments	Total	of which Real Estate Developments
Raw materials, by-products and consumables	1,229,979	-	1,022,596	-
Goods for sale	30,627,457	29,337,346	31,110,475	29,736,226
Finished goods	49,351,378	49,351,378	53,463,323	53,463,323
Work in progress	78,666,597	76,101,473	78,258,356	76,373,416
	159,875,411	154,790,197	163,854,750	159,572,965
Accumulated impairment losses on stocks (Note 22)	(6,255,712)	(6,242,656)	(6,292,456)	(6,242,656)
	153,619,699	148,547,541	157,562,294	153,330,309

12. TRADE ACCOUNTS RECEIVABLE AND OTHER

As at 30 June 2015 and 31 December 2014, trade accounts receivable and other

	30 June 2015	31 December 2014
Trade accounts receivable	28,826,664	30,337,378
Accumulated impairment losses on trade debtors (Note 22)	(4,176,811)	(4,356,479)
	24,649,853	25,980,899
Taxes recoverable Loans granted to and other amounts to be received from related	13,772,132 120,044	16,676,255 167,444
parties
Other current assets
Suppliers with a debtor balance	794,832	610,343
Other debtors	9,987,254	11,077,668
Accounts receivable from the sale of financial investments	4,393,509	5,394,384
Accounts receivable from the sale of tangible assets	30,125	10,659
Interest receivable	504,488	988,617
Deferred costs - Rents	338,478	282,514
Deferred costs - External supplies and services	1,783,024	1,419,585
Other current assets	3,483,556 21,315,266	3,939,878 23,723,648
Accumulated impairment losses on other current assets (Note 22)	(6,378,893)	(6,356,349)
Trade accounts receivable and other current assets	53,478,402	60,191,897

Deferred tax assets and liabilities as at 30 June 2015 and 31 December 2014 can be detailed as follows, split between the different types of temporary differences:

	Deferred tax assets		Deferred tax liabilities
	30 June 2015	31 December 2014	30 June 2015	31 December 2014
Amortisation and Depreciation harmonisation adjustments	750,655	767,399	3,431,247	3,145,808
Provisions and impairment losses of non-tax deductible	6,720,580	6,762,992	-	-
Write off of tangible and intangible assets	71,250	71,250	-	-
Write off of accruals	-	-	-	-
Revaluation of tangible assets	-	-	93,594	94,169
Tax losses carried forward	16,213,444	16,063,686	-	-
Financial instruments Write off of stocks	- -	- -	71,371 795,469	1,066,862 906,974
Taxable temporary differences arising from the fair value of non-current liabilities	-	-	6,552,692	7,141,626
Others	39,291 23,795,220	53,111 23,718,439	(49,799) 10,894,574	(646,156) 11,709,284

In accordance with the tax statements presented by companies that recorded deferred tax assets arising from tax losses carried forward, as at 30 June 2015 and 31 December 2014, and using tax rates effective at that time, tax losses carried forward

		30 June 2015			31 December 2014
	Tax losses carried forward	Deferred tax assets	Time limit	Tax losses carried forward	Deferred tax assets	Time limit
With limited time use
Generated in 2009	3,853,149	809,161	2015	3,853,149	809,161	2015
Generated in 2010	-	-	2014	-	-	2014
Generated in 2011	16,629,456	3,492,186	2015	16,629,456	3,492,186	2015
Generated in 2012	19,769,442	4,151,583	2017	19,769,442	4,151,583	2017
Generated in 2013	18,088,306	3,798,544	2018	18,088,306	3,798,545	2018
Generated in 2014	11,723,660	2,461,969	2026	18,153,387	3,812,211	2026
Generated in 2015	7,142,857	1,500,000	2027	-	-
	77,206,870	16,213,443		76,493,741	16,063,686

As at 30 June 2015 and 31 December 2014, deferred tax assets resulting from tax losses carried forward were re-assessed. Deferred tax assets have only been recorded to the extent that future profits will arise which may be offset against available tax losses or against deductible temporary differences.

As at 30 June 2015 and 31 December 2014, tax losses carried forward amounting to 145,756,016 euro (109,866,615 euro as at 31 December 2014), have not originated deferred tax assets for prudential reasons and are detailed as follows:

	30 June 2015				31 December 2014
	Tax losses carried forward	Tax Credit	Time limit	Tax losses carried forward	Tax Credit	Time limit
With limited time use
Generated in 2009	37,970,832	7,973,874	2015	37,739,388	7,925,271	2015
Generated in 2010	-	-	2014	-	-	2014
Generated in 2011	18,369,951	3,857,690	2015	16,920,254	3,553,253	2015
Generated in 2012	15,178,378	3,187,459	2017	14,136,576	2,968,681	2017
Generated in 2013	27,230,648	5,718,436	2018	22,115,430	4,644,240	2018
Generated in 2014	22,249	4,672	2026	70,534	14,812	2026
Generated in 2015	27,932,240 126,704,298	5,865,770 26,607,902	2027	- 90,982,182	- 19,106,258
With a time limit different from the above mentioned	19,051,719	4,861,439		18,884,433	4,819,618
	145,756,017	31,469,341		109,866,615	23,925,876

As at 30 June 2015 and 31 December 2014, cash and cash equivalents can be

	30 June 2015	31 December 2014
Cash at hand	141,509	132,458
Bank deposits	24,455,200	9,184,154
Treasury applications	7,353	10,938
Cash and cash equivalents on the balance sheet	24,604,062	9,327,550
Bank overdrafts - (Note 17)	(76,902)	(1,178,675)
Cash and cash equivalents in the statement of cash-flows	24,527,160	8,148,875

Bank overdrafts include creditor balances of current accounts in financial institutions, and are disclosed in the balance sheet under current bank loans (Note 17).

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.

As at 30 June 2015, Sonae Capital SGPS, S.A. owns 5,885,471 own shares (6,068,850 own shares at 31 December 2014) booked for 1,413,866 euro (1,486,301 euro at 31 December 2014).

The Reserves and retained earnings of Sonae Capital Group in the periods ended 31 June 2015 and 31 December 2014 are as follows:

	30 June 2015	31 December 2014
Demerger reserve	132,638,253	132,638,253
Translation reserves	(96,630)	(130,882)
Fair value reserves	(42,564)	(750,961)
Hedging reserves	(26,302)	(239,276)
Other reserves and retained earnings Reserves and retained earnings	(81,558,776) 50,913,981	(75,237,394) 56,279,740

Demerger reserve 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.

Translation reserves The reserve is made up by the conversion into euro of the financial statements of the subsidiaries that have other functional currency.

Fair Value Reserves This reserve reflects the fair value of assets available for sale.

Hedging Reserve This reserve is made up by the fair value of hedging derivatives and the respective

Movements in non-controlling interests in the periods ended 30 June 2015 and 31

	30 June 2015	31 December 2014
Opening balance as at 1 January	9,375,864	8,850,291
Changes in hedging reserves	721	12,699
Changes in the percentage of capital held in affiliated companies	219,830	679,088
Changes resulting from currency translation	5,752	20,118
Dividends paid	(1,077,110)	(721,525)
Others	-	174
Profit for the period attributable to minority interests Closing balance	660,027 9,185,084	535,019 9,375,864

1. BORROWINGS As at 30 June 2015 and 31 December 2014, Borrowings are made up as follows:

		30 June 2015		31 December 2014
	Outstanding amount			Outstanding amount
	Current	Non-Current	Current	Non-Current	on
Bank loans Sonae Capital SGPS - commercial paper a)	13,000,000	-	17,250,000	-
	8,250,000	-	8,250,000	-	Mar/2018
Sonae Capital SGPS - commercial paper d)					Dec/2015
Sonae Capital SGPS - commercial paper b)	-	18,200,000	-	28,900,000	Aug/2016
Sonae Capital SGPS - commercial paper c)	-	30,000,000	-	30,000,000	Dec/2017
Sonae Capital SGPS - commercial paper f)	3,500,000	3,000,000	3,500,000	4,750,000	May/2017
Sonae Capital SGPS - commercial paper g)	3,000,000	-	4,000,000	-	Feb/2016
Sonae Capital SGPS - commercial paper h)	1,200,000	4,800,000	-	-	Mar/2020
Sonae Capital SGPS e)	3,290,000	10,692,500	3,290,000	12,337,500	Set/2019
Up-front fees	-	(352,590)	-	(415,978)
Others	1,202,920	2,070,574	2,524,257	2,652,051
	33,442,920	68,410,484	38,814,257	78,223,573
Bank overdrafts (Note 14) Bank loans	76,902 33,519,823	- 68,410,484	1,178,675 39,992,932	- 78,223,573
Bond Loans
Sonae Capital 2011/2016 Bonds	10,000,000	-	-	10,000,000	Jan/2016
SC, SGPS, S.A. 2008/2018 Bonds	50,000,000	-	-	50,000,000	Mar/2018
Sonae Capital 2014/2019 Bonds	-	42,500,000	-	42,500,000	May/2019
Up-front fees Bond Loans	(70,330) 59,929,670	(432,076) 42,067,924	- -	(608,709) 101,891,291
Other loans	499,468	453,273	752,665	609,258
Derivatives (Note 18)	42,415	-	621,462	-
Obligations under finance leases	2,860,458	17,493,816	2,851,514	18,935,072
Up-front fees on finance leases	- 96,851,834	(82,752) 128,342,745	- 44,218,573	(88,961) 199,570,233

a) Short term commercial paper programme, issued on 28 March 2008 and valid for a 10 year period, which may be extended at the option of Sonae Capital. Placed in investors or financial institutions and guaranteed by credit lines, with

commitment of at least six months to a year, placed in relationship banks. b) Commercial paper programme, with subscription guarantee, issued on 31 March 2011 and valid up to August 2018, except if the reimbursement is anticipated under the contracted terms of the call/put option, in August 2016. This loan is

guaranteed by a mortgage on real estate assets c) Commercial paper programme, with subscription guarantee, issued on 27 December 2012 and valid up to December 2017. d) Commercial paper programme, with subscription guarantee, issued on 31 December 2013, with annual renewals up to 3

years. e) Bank loan guaranteed by a mortgage on real estate, started on 2 June 2011 and valid up to September 2019, with

quarterly payments. f) Commercial paper programme, with subscription guarantee, issued on 7 May 2014 and valid for a 3 year period, with

semi-annual payments. g) Short term commercial paper programme, with subscription guarantee, issued on 17 February 2011, with annual renewals up to a maximum of 5 years.

h) Short term commercial paper programme, with subscription guarantee, issued on 18 March 2015, valid up to March 2020,

As at 30 June 2015, borrowings of the Group were as follows:

• 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
• 1. This bond loan bears interest every six months. Sonae Capital SGPS - 2011/2016 bond loan in the amount of 10,000,000 euro, with a 5 year maturity, and a sole reimbursement on 17 January 2016. This
• bond loan bears interest every six months. Sonae Capital SGPS, SA, 2014/2019 bond loan in the amount of 42,500,000 euro, with a 5 year maturity, and a sole reimbursement on 28 May 2019. This bond loan bears interest every six months.

The interest rate on bonds and bank loans in force on 30 June 2015 was on average

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

Other non-current loans include government reimbursable grants to group companies, which do not bear interest.

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

	30 June 2015		31 December 2014
	Nominal value	Interest	Nominal value	Interest
N+1 a)	96,879,749	5,705,058	43,597,111	6,730,136
N+2	17,618,133	4,559,025	30,417,502	5,187,358
N+3	43,999,588	3,512,477	48,102,235	4,615,274
N+4	56,599,214	2,154,694	66,438,849	2,795,451
N+5	4,975,421	151,643	48,576,622	1,110,569
After N+5	6,017,806 226,089,912	154,619 16,237,516	7,148,672 244,280,992	216,245 20,655,033

a) Includes amounts drawn under commercial paper programmes. Of the total amount maturing in N+1, 29% concerns to commercial paper taken under lines of credit with commitment exceeding one year. Taking into account the policies and measures to manage liquidity risk, no risks that could jeopardize the continuity of operations are anticipated.

In the case any Bank institution or commercial paper investor do not renew, at the maturity date, its respective loans, the Group has credit lines available to overcome such renewables.

Interest rate derivatives

Hedging instruments used by the Group as at 30 June 2015 were mainly interest rate options (cash-flow hedges) contracted with the goal of hedging interest rate risks on loans in the amount of 773,050 euro, whose fair value of 42,415 euro (621,462 euro at 31 December 2014) is recorded as liabilities in other loans (Note 17). As at 30 de June de 2015 and 31 December 2014, 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

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

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

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

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

Fair value of derivatives

The fair value of derivatives is as follows:

Assets Liabilities 30 June 31 December 30 June	31 December
2015 2014 2015 Non-Hedge accounting derivatives	2014
Interest rate - - - Hedge accounting derivatives	-
Interest rate (Note 17) - - 42,415	621,462
Other derivatives - - - - - 42,415	- 621,462

As at 30 June 2015 and 31 December 2014 other non-current liabilities can be

	30 June 2015	31 December 2014
Loans and other amounts payable to related parties
Plaza Mayor Parque de Ocio, SA	1,973,769	2,017,783
Others	230,847	216,645
	2,204,616	2,234,428
Other creditors
Creditors in the restructuring process of Torralta	533,322	506,206
Others	- 533,322	- 506,206
Deferred income	-	-
Obligations by share-based payments (Note 20)	156,194	333,229
Other non-current liabilities	156,194 2,894,132	333,229 3,073,863

20. SHARE-BASED PAYMENTS

In 2015 and in previous years, the Sonae Capital Group granted deferred performance bonuses to employees, based on shares of Sonae Capital SGPS, SA to be acquired at nil cost, three years after they were attributed to the employee. In any case, the acquisition can be exercised during the period commencing on the third anniversary of the grant date and the end of that year. The company has the choice to settle in cash instead of shares. The option can only be exercised if the employee still works for the Sonae Capital Group on the vesting date.

As at 30 June 2015 and 31 December 2014, the market value of total liabilities arising from share-based payments, which have not yet vested, may be summarised as follows:

	Year of grant	Vesting year	Number of participants	30 June	Fair Value 31 December
				2015	2014
Shares
	2012	2015	1	62,623	341,223
	2013	2016	8	425,339	423,280
	2014	2017	8	222,626	153,131
	2015	2018	8	269,287	-
Total				979,875	917,634

As at 30 June 2015 and 31 December 2014, 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 June 2015	31 December 2014
Other noncurrent liabilities (Note 19)	156,194	333,229
Other current liabilities	397,258	341,223
Reserves	233,571	391,028
Staff Costs	319,882	283,426

21. TRADE ACCOUNTS PAYABLE AND OTHER CURRENT

As at 30 June 2015 and 31 December 2014 trade accounts payable can be detailed

	30 June 2015	31 December 2014
Trade creditors Loans granted by and other payables to related parties	16,846,121 488,590	17,028,403 107,740
Other current liabilities
Fixed assets suppliers	1,069,222	1,296,713
Advances from customers and down payments	2,981,208	4,350,703
Other creditors	1,891,039	2,220,512
Taxes and contributions payable	7,277,467	9,567,955
Accrued staff costs	6,929,255	5,987,039
Amounts invoiced for works not yet completed	6,276,448	4,667,245
Accrued expenses with purchases - Energy Segment	3,501,707	4,126,642
Interest payable	725,474	821,515
Investment aid	1,527,281	1,601,914
Other liabilities	9,452,414 41,631,515	9,584,112 44,224,350
Trade accounts payable and other current liabilities	58,966,226	61,360,493

22. PROVISIONS AND ACUMULATED IMPAIRMENT

Movements in provisions and accumulated impairment losses over the period ended

	Balance as at 1 January				Balance as at 30 June
Captions	2015	Increases	Decreases	Utilisations	2015
Accumulated impairment losses on:
Other Investments (Notes 5 and 9)	323,782	-	-	-	323,782
Other non-current assets (Note 10)	34,916	-	-	-	34,916
Trade accounts receivable (Note 12)	4,356,479	457,784	(609,426)	(28,025)	4,176,811
Other current assets (Note 12)	6,356,349	85,434	(62,890)	-	6,378,893
Stocks (Note 10)	6,292,456	-	(36,744)	-	6,255,712
Non-current provisions	3,079,824	-	-	-	3,079,824
Current provisions	5,642,201 26,086,008	880,300 1,423,517	(294,286) (1,003,346)	(1,251,110) (1,279,135)	4,977,105 25,227,043

As at 30 June 2015 and 31 December 2014 detail of other provisions was as follows:

	30 June 2015	31 December 2014
Judicial claims	2,013,136	1,802,697
Provision for secured income	3,746,782	4,350,846
Others	2,297,011	2,568,482
	8,056,929	8,722,025

As at 30 June 2015 and 2014 the most important contingent liabilities

	30 June 2015	30 June 2014
Own work capitalised	1,835,769	1,218,013
Gains on sales of assets	8,067,685	244,012
Supplementary income	326,491	410,952
Others	3,943,855	1,074,431
Total	14,173,800	2,947,408

As at 30 June 2015 and 31 December 2014 the most important contingent liabilities referred to guarantees given and were made up as follows:

	30 June 2015	31 December 2014
Guarantees given:
on VAT reimbursements	5,163,386	5,064,574
on tax claims	8,230,902	5,729,805
on municipal claims	1,134,224	1,134,224

Others include the following guarantees:

• 5,355,406 euro as at 30 June 2015 (7,507,705 euro as at 31 December 2014)
• of guarantees on construction works given to clients; 5,581,280 euro as at 30 June 2015 and as at 31 December 2014 of guarantees given concerning building permits in the Resorts segments.

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. TAXATION

As at 30 June 2015 and 2014, Taxation was made up as follows:

	30 June 2015	30 June 2014
Current tax Deferred tax	2,095,892 (1,124,882)	400,173 503,480
Taxation	971,009	903,653

As at 30 June 2015 and 2014, the reconciliation of consolidated net profit can be analysed as follows:

	30 June 2015	30 June 2014
Aggregate net profit Harmonisation adjustments	(23,431,207) (376,908)	7,168,463 (1,133,822)
Elimination of intragroup dividends	(38,005,252)	(27,732,238)
Share of gains/(losses) of associated undertakings Elimination of intragroup capital gains/(losses)	2,039,426 (3,221,077)	2,116,705 11,590,777
Elimination of intragroup impairment Adjustments of gains/(losses) on assets disposals Adjustments of gains/(losses) of financial shareholdings sale	13,987,096 4,142,033	(775,169) -
	45,722,322	1,299,702
Others	-	279,690
Consolidated net profit for the year	856,433	(7,185,892)

1. RELATED PARTIES Balances and transactions with related parties are detailed as follows:

Transactions	30 June 2015	Sales and services rendered 30 June 2014	30 June 2015	Purchases and services obtained 30 June 2014
Parent company (a)	-	-	-	-
Associated companies	194,561	17,898	-	14,628
Other partners and Group companies (b)	12,971,993 13,166,554	12,058,960 12,076,858	- -	2,946,340 2,960,968
Transactions	30 June 2015	Interest income 30 June 2014	30 June 2015	Interest expenses 30 June 2014
Parent company (a)	-	-	-	-
Associated companies Other partners and Group companies (b)	503,679 -	507,178 -	- 55,906	- 64,419
	503,679	507,178	55,906	64,419
		Accounts receivable		Accounts payable
Balances	30 June 2015	31 December 2014	30 June 2015	31 December 2014
Parent company (a)	-	-	-	-
Associated companies	573,538	1,599,727	7,187	18,980
Other partners and Group companies (b)	7,937,109	11,254,391	2,387,126	2,243,084
	8,510,647	12,854,118	2,394,313	2,262,064
Balances	30 June 2015	Loans obtained 31 December 2014	30 June 2015	Loans granted 31 December 2014
Parent company (a)	-	-	-	-
Associated companies	-	-	20,354,651	19,368,854
Other partners and Group companies (b)	1,973,769 1,973,769	2,017,783 2,017,783	- 20,354,651	- 19,368,854

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

Earnings per share for the periods ended 30 June 2015 and 30 June 2014 were calculated taking into consideration the following amounts:

Net profit	30 June 2015	30 June 2014
Net profit taken into consideration to calculate basic earnings per share (Net profit for the period )	196,406	(7,361,621)
Net profit taken into consideration to calculate diluted earnings per share	196,406	(7,361,621)
Number of shares
Weighted average number of shares used to calculated basic earnings per share	246,303,242	246,190,249
Weighted average number of shares used to calculated diluted earnings per share	246,303,242	246,190,249
Earnings per share (basic and diluted)	0.000797	(0.029902)

There are no convertible instruments included in Sonae Capital, SGPS, SA's shares,

In 30 June 2015 and 2014 and 31 December 2014, the following were identified as segments:

• Resorts;
• Hotels;
• Fitness;
• Energy; Refrigeration and HVAC;
• Other Assets;
• Holding and Others.

The contribution of the business segments to the income statement of the periods

Profit and Loss	Resorts	Hotels	Fitness	30 June 2015 Energy	Refrigeration	Holding &	Intersegment	Consolidated
Account Turnover	10,664,927	6,315,682	7,447,919	28,593,085	and HVAC 26,192,105	Others 7,051,824	Adjustments -8,327,122	77,938,420
Other operational income	5,066,634	182,883	197,501	735,788	359,647	6,432,009	1,199,338	14,173,799
Total operational income	15,731,561		6,498,565 7,645,420	29,328,873		26,551,752 13,483,833	-7,127,784	92,112,220
Operational cash-flow (EBITDA)	1,277,841	-3,180,591	854,687	5,699,524	847,818	6,602,520	-39,701	12,062,098
Profit and Loss Account	Resorts	Hotels	Fitness	30 June 2014 Energy	Refrigeration and HVAC	Holding & Others	Intersegment Adjustments	Consolidated
Turnover	18,483,144	5,595,308	6,903,760	20,270,424	26,839,292	7,710,601	-8,224,462	77,578,067
Other operational income	626,757	219,646	197,273	595,590	309,303	389,122	609,717	2,947,408
Total operational income	19,109,901	5,814,954	7,101,033	20,866,014	27,148,595	8,099,723	-7,614,745	80,525,475
Operational cash-flow (EBITDA)		1,827,572 -3,470,166	919,112	4,321,153	234,670	789,941	78,127	4,700,409

The contribution of the business segments to the Balance sheets as at 30 June 2015

Balance Sheet	Resorts	Hotels	Fitness	30 June 2015 Energy	Refrigeration and HVAC	Holding and Others	Intersegment Adjustments	Consolidated
Fixed Assets Tangible and Intangible	131,821,957	13,589,273	8,721,632	24,929,512	10,120,998	112,349,424	557,923	302,090,719
Investments	41,798,605	22,021,422	27,675	203,565	3,096	594,937,372	-623,305,605	35,686,130
Other Assets	100,609,448	53,799,031	3,161,776	12,243,004	43,370,850	607,942,449	-544,015,361	277,111,196
Total Assets		274,230,010 89,409,726	11,911,083	37,376,081			53,494,944 1,315,229,245 -1,166,763,042	614,888,045
Total Liabilities	231,358,024		49,724,019 8,936,849	35,174,155	20,741,668	504,562,381		-544,490,656 306,006,440
Technical investment	561,753	427,087	211,605	1,270,999	123,814	4,140,439	-	6,735,697
Gross Debt	14,833,401	-	497,768	9,171,239	-	200,692,171	-	225,194,579
Net Debt	14,690,362	-95,794	455,104	8,912,093	-718,138	177,346,889	-	200,590,517

Balance Sheet	Resorts	Hotels	Fitness	31 December 2014 Energy	Refrigeration and HVAC	Holding and Others	Intersegment Adjustments	Consolidated
Fixed Assets Tangible and Intangible	135,559,390	13,705,579	9,301,498	26,480,547	10,176,911	113,983,432	518,223	309,725,580
Investments	39,365,628	31,163,716	24,563	120,196	611	613,053,027	-628,915,555	54,812,186
Other Assets Total Assets	106,471,805 281,396,823	42,913,396	2,854,314	11,866,682 87,782,691 12,180,375 38,467,424	41,948,979	990,664,413	-925,265,587 52,126,501 1,717,700,872 -1,553,662,919	271,453,999 635,991,765
Total Liabilities	232,409,762		37,437,989 8,905,387	38,162,518	19,532,634	921,903,264	-929,697,083	328,654,472
Technical investment	1,768,152	470,708	1,285,193	2,637,973	311,956	2,484,157	-	8,958,139
Gross Debt	16,056,102	-	734,375	11,382,132	1,283,258	214,332,940	-	243,788,807
Net Debt	15,869,776	-119,991	683,804	10,986,752	-30,877	207,071,792	-	234,461,257

No significant events, requiring further disclosure, have occurred after 30 June 2015.

1. APPROVAL OF THE FINANCIAL STATEMENTS These consolidated financial statements were approved by the Board of Directors and authorized for issue on 30 July 2015.

PART IV INDIVIDUAL FINANCIAL STATEMENTS

SONAE CAPITAL, SGPS, SA

INDIVIDUAL BALANCE SHEETS AS AT 30 JUNE 2015 AND 31 DECEMBER 2014

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

(Amounts expressed in euro)

ASSETS		Notes	30 June 2015	31 December 2014
NON CURRENT ASSETS: Tangible assets Investments Deferred tax assets Other non current assets	Total Non Current Assets	4 7 5	27,552 415,432,455 4,219,485 543,645,531 963,325,021	28,987 434,115,996 4,069,727 197,085,531 635,300,241
CURRENT ASSETS: Other current assets Cash and cash equivalents	Total Current Assets	6 8	241,010,068 11,301,230 252,311,297	573,184,059 5,112,291 578,296,350
TOTAL ASSETS			1,215,636,319	1,213,596,591
	EQUITY AND LIABILITIES
EQUITY: Share Capital Own shares Legal reserve Other reserves Profit / (Loss) for the period TOTAL EQUITY		9 9 1 0	250,000,000 (1,413,866) 9,463,225 309,676,446 14,384,362 582,110,167	250,000,000 (1,486,301) 8,611,464 293,493,001 17,035,205 567,653,369
LIABILITIES: NON CURRENT LIABILITIES: Bank loans Bonds Other non current liabilities	Total Non Current Liabilities	1 0 1 1	66,377,689 42,067,924 46,000 108,491,614	75,613,439 52,013,159 157,880 127,784,478
CURRENT LIABILITIES Suppliers Bank loans Other creditors Other current liabilities	Total Current Liabilities	1 1 1 1	79,173 42,240,000 480,154,410 2,560,955 525,034,538	107,498 36,293,800 476,548,040 5,209,406 518,158,744
TOTAL EQUITY AND LIABILITIES	The accompanying notes are an integral part of these financial statements	1 2 1 3	1,215,636,319	1,213,596,591

SONAE CAPITAL, SGPS, SA

INDIVIDUAL INCOME STATEMENTS BY NATURE

FOR THE SIX MONTHS ENDED 30 JUNE 2015 AND 2014

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

(Amounts expressed in euro)

	Notes	30 June 2015	30 June 2014
Operational income
Other operational income Total operational income		11,721 11,721	20,337 20,337
Operational expenses
External supplies and services		(492,334)	(218,874)
Staff costs		(695,513)	(641,774)
Depreciation and amortisation		(1,436)	(1,750)
Other operational expenses		(45,776)	(11,714)
Total operational expenses Operational profit/(loss)	1 4	(1,235,059) (1,223,338)	(874,112) (853,775)
	1 5
Financial income		16,347,424	5,436,458
Financial expenses		(4,915,471)	(5,238,040)
Net financial income/(expenses)		11,431,953	198,418
Investment income Profit/(loss) before taxation		3,500,638 13,709,253	15,645,955 14,990,598
	1 6 1 6
Taxation Profit/(loss) for the period		675,109 14,384,362	4,458,451 19,449,049
Profit/(loss) per share	1 6 1 7

Basic and diluted 1 8 0.058401 0.079000 The accompanying notes are an integral part of these financial statements

SONAE CAPITAL, SGPS, SA

INDIVIDUAL INCOME STATEMENT BY NATURE

FOR THE THREE MONTHS ENDED 30 JUNE 2015 AND 2014

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

(Amounts expressed in euro)

	nd Quarter 2015 2	nd Quarter 2014 2
	(Unaudited)	(Unaudited)
Operational income:
Other operational income	4,623	381
Total operational income	4,623	381
Operational expenses:
External supplies and services	(234,274)	(118,905)
Staff costs	(242,936)	(143,526)
Depreciation and amortisation	(426)	(874)
Other operational expenses	(25,234)	(3,050)
Total operational expenses Operational profit/(loss)	(502,871) (498,248)	(266,355) (265,974)
Financial income	9,281,739	2,822,967
Financial expenses	(2,548,324)	(2,692,799)
Net financial income/(expenses)	6,733,415	130,168
Investment income Profit/(loss) before taxation	(18,787,018) (12,551,850)	389,533 253,727
Taxation Profit/(loss) for the period	363,114 (12,188,736)	1,762,658 2,016,385
Profit/(loss) per share

SONAE CAPITAL, SGPS, SA

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2015 AND 2014

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

	30 June 2015	30 June 2014
Net profit for the period	14,384,362	19,449,049
Items that may subsequently be reclassified to net income:
Change in currency translation reserve	-	-
Share of other comprehensive income of associated undertakings and joint ventures accounted for by the equity method	-	-
Change in the fair value of assets available for sale	-	-
Change in the fair value of cash flow hedging derivatives	-	-
Income tax relating to components of other comprehensive income	-	-
Other comprehensive income for the period Total comprehensive income for the period	- 14,384,362	- 19,449,049

SONAE CAPITAL, SGPS, SA

INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED 30 JUNE 2015 AND 2014

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

(Amounts expressed in euro)

	2	2
Net profit for the period	n d Quarter 2015 (Unaudited) (12,188,736)	n d Quarter 2014 (Unaudited) 2,016,385
Exchange differences on translating foreign operations	-	-
Share of other comprehensive income of associates and joint ventures accounted by the equity method Change in the fair value of assets available for sale Change in the fair value of cash flow hedging derivatives Gains on property revaluation Income tax relating to components of other comprehensive income	- - - - -	- - - - -
Other comprehensive income for the period Total comprehensive income for the period	- (12,188,736)	- 2,016,385

REPORT AND ACCOUNTS – JUNE 2015 Individual Financial Statements

SONAE CAPITAL SGPS, SA

INDIVIDUAL STATEMENTS OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2015 AND 2014

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

(Amounts expressed in euro)

	Share	Own	Legal	Other	Sub total	Net	Total Equity
Balance as at 1 January 2014	Capital 250,000,000	Shares (1,124,125)	Reserve 8,307,376	Reserves 287,715,325	296,022,701	profit / (loss) 6,081,764	550,980,341
Total comprehensive income for the period	-	-	-	-	-	19,449,049	19,449,049
Appropriation of profits: Transfer to legal reserve and retained earnings Dividends distributed	- -	- -	304,088 -	5,777,676 -	6,081,764 -	(6,081,764) -	- -
(Acquisition)/disposal of own shares Others	- -	(404,782) -	- -	- -	- -	- -	(404,782) -
Balance as at 30 June 2014 Balance as at 1 January 2015	250,000,000 250,000,000	(1,528,907) (1,486,301)	8,611,464 8,611,464	293,493,001 293,493,001	302,104,465 302,104,465	19,449,049 17,035,205	570,024,607 567,653,369
Total comprehensive income for the period	-	-	-	-	-	14,384,362	14,384,362
Appropriation of profits: Transfer to legal reserve and retained earnings Dividends distributed (Acquisition)/disposal of own shares	- - -	- - 72,435	851,760 - -	16,183,445 - -	17,035,205 - -	(17,035,205) - -	- - 72,435
Others	-	-	-	-	-	-	-
Balance as at 30 June 2015	250,000,000	(1,413,866)	9,463,224	309,676,446	319,139,670	14,384,362	582,110,167

SONAE CAPITAL, SGPS, SA

INDIVIDUAL CASH FLOW STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2015 AND 2014

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

(Amounts expressed in euro)

	Notes	30 June 2015	30 June 2014
OPERATING ACTIVITIES
Cash paid to trade creditors		517,559	390,776
Cash paid to employees		894,290	508,624
Cash flow generated by operations		(1,411,849)	(899,400)
Income taxes (paid)/received		519	1,227
Other cash receipts/(payments) relating to operating activities Net cash flow from operating activities [1]		2,901 (1,409,466)	39,827 (860,800)
INVESTMENT ACTIVITIES
Cash receipts arising from:		346,542,712	-
Investments
Interest and similar income		5,496,655	4,979,203
Dividends		22,184,180	14,870,786
Loans obtained		-	14,957,934
		374,223,547	34,807,923
Cash payments arising from:
Tangible assets		9,515	-
Loans granted		352,952,772	29,714,614
Net cash flow from investment activities [2]		352,962,288 21,261,260	29,714,614 5,093,309
FINANCING ACTIVITIES
Cash receipts arising from:
Sale of own shares		72,435	42,606
Loans obtained		12,618,574	42,500,000
		12,691,009	42,542,606
Cash Payments arising from:
Interest and similar costs		3,905,063	5,687,638
Acquisition of own shares		-	404,783
Loans obtained		22,448,800	25,684,306
Net cash flow from financing activities [3]		26,353,863 (13,662,855)	31,776,727 10,765,879
Net increase/(decrease) in cash and cash equivalents [4] = [1]+[2]+[3]		6,188,939	14,998,388
Cash and cash equivalents at the beginning of the period	8	5,112,291	786,250
Cash and cash equivalents at the end of the period	8	11,301,230	15,784,638

SONAE CAPITAL, SGPS, SA

INDIVIDUAL STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED 30 JUNE 2015 AND 2014

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

	2	2
OPERATING ACTIVITIES	n d Quarter 2015 (Unaudited)	n d Quarter 2014 (Unaudited)
Cash paid to trade creditors	339,460	114,626
Cash paid to employees	696,747	230,519
Cash flow generated by operations	(1,036,207)	(345,145)
Income taxes (paid)/received	(500)	718
Other cash receipts/(payments) relating to operating activities Net cash flow from operating activities [1]	230,924 (804,782)	296,675 (49,188)
INVESTMENT ACTIVITIES
Cash receipts arising from:
Investments	(8,678)	-
Interest and similar income	220,828	2,873
Dividends	22,184,180	14,870,786
Loans granted	-	14,957,934
	22,396,330	29,831,593
Cash payments arising from:
Loans granted	(1,167,228)	30,160,254
Net cash flow from investment activities [2]	(1,167,228) 23,563,558	30,160,254 (328,661)
FINANCING ACTIVITIES
Cash receipts arising from:
Sale of own shares	72,435	42,606
Loans obtained	1,652,144	30,950,000
	1,724,579	30,992,606
Cash Payments arising from:
Interest and similar costs	2,608,692	3,643,843
Loans obtained	11,422,500	11,748,506
Net cash from financing activities [3]	14,031,192 (12,306,614)	15,392,349 15,600,257
Net increase/(decrease) in cash and cash equivalents [4] = [1]+[2]+[3]	10,452,162	15,222,408
Cash and cash equivalents at the beginning of the period	849,067	562,230

Cash and cash equivalents at the end of the period 11,301,230 15,784,638

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2015 (Translation from the Portuguese Original) (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 158/2009 of 13 July of 2009, the Company's financial statements have been prepared in accordance with International Financial Reporting Standards.

1. MAIN ACCOUNTING POLICIES The principal accounting policies adopted in preparing the accompanying individual financial statements are consisting with those used in the financial statements presented for the year ended 31 December 2014.

Basis of preparation

Interim financial statements are presented quarterly, in accordance with IAS 34 –

"Interim Financial Reporting". The accompanying financial statements have been prepared from the books and accounting records on a going concern basis and under the historical cost convention, except for financial instruments which are stated at fair value.

1. CHANGES IN ACCOUNTING POLICIES During the period there were no changes in accounting policies or prior period

4.FINANCIAL INVESTMENTS

Investments in affiliated and associated undertakings	30 June 2015 494,491,377	31 December 2014 494,491,377
Investments in other companies
Sonae RE - (0.04%)	1,200	1,200
Fundo Invest. Imob. Imosonae Dois - (0.001%)	2,546	2,546
Matadouro Alto Alentejo, SA - (0.89%)	1	1
NET Novas Tecnologias, SA - (2.80%)	23,034	23,034
Saúde Atlântica - Gestão Hospitalar, SA (0.01%)	34	34
Fundo F HITEC - (6.48%)	250,950	250,950
	494,769,143	494,769,143
Impairment	(79,336,688) 415,432,455	(60,653,147) 434,115,996

4.1 Investments in affiliated and associated undertakings As at 30 June 2015 and 31 December 2014, the detail of Investments in Affiliated and

Associated Companies is as shown in the table below:	30 June 2015
Company	% Held	Fair Value	Book Value	Fair Value	Equity	Profit / (Loss) for the
				Reserve		period
CAPWATT, S.G.P.S., S.A.	100.00%	-	2,725,000	-	2,796,513	91,124
Fundo Esp de Invest. Imob Fechado WTC	59.57%	-	42,057,274	-	71,718,882	1,390,615
Imoareia - Invest. Turísticos, S.G.P.S., S.A.	100.00%	-	167,132,793	-	82,108,948	(703,427)
Interlog - SGPS, S.A.	98.938%	-	21,658,210	-	21,786,061	32,407
Lidergraf - Artes Gráficas, SA.	24.50%	-	1,125,301	-	5,315,674	927,549
Praedium SGPS, S.A.	100.00%	-	25,577,659	-	17,615,742	(2,648,265)
Sonae Turismo, S.G.P.S., S.A.	100.00%	-	93,714,351	-	44,245,635	(8,973,774)
SC Finance B.V.	100.00%	-	263,698	-	(5,064,364)	(5,358,866)
SC-Eng. e Promoção imobiliária, S.G.P.S., S.A.	100.00%	-	34,575,100	-	28,099,135	981,570
Sistavac, SGPS, S.A.	70.00%	-	32,492,436	-	41,800,719	652,514
Solinca - Health & Fitness, S.A.	100.00%	-	13,553,639	-	736,261	(484,184)
Spred, S.G.P.S., S.A. Total	100.00%	-	59,615,917 494,491,377	-	17,722,625	(1,088,662)

	31 December 2014
Company	% Held	Fair Value	Book Value	Fair Value	Equity	Profit / (Loss) for the
			2,725,000	Reserve	2,705,388	period (19,612)
CAPWATT, S.G.P.S., S.A.	100.00%		42,057,274		70,328,267	2,177,577
Fundo Esp de Invest. Imob Fechado WTC	59.57%		167,132,793		82,812,376	(428,587)
Imoareia - Invest. Turísticos, S.G.P.S., S.A.	100.00%		21,658,210		21,753,654	84,688
Interlog - SGPS, S.A.	98.938%		1,125,301		5,315,674	927,549
Lidergraf - Artes Gráficas, SA.	24.50%		25,577,659		20,264,008	(2,512,717)
Praedium SGPS, S.A.	100.00%		93,714,351		53,056,218	(23,739,606)
Sonae Turismo, S.G.P.S., S.A.	100.00%		263,698		294,502	16,205
SC Finance B.V.	100.00%		34,575,100		27,117,565	(865,317)
SC-Eng. e Promoção imobiliária, S.G.P.S., S.A.	100.00%		32,492,436		41,148,204	448,657
Sistavac, SGPS, S.A.	70.00%		13,553,639		1,220,444	(279,556)
Solinca - Health & Fitness, S.A.	100.00%		59,615,917		40,939,316	23,292,661
Spred, S.G.P.S., S.A. Total	100.00%		494,491,377

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

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

As at 30 June 2015 and 31 December 2014, the detail of Impairments on Investments in Affiliated and Associated Companies is as shown in the table below.

	30 June 2015	31 December 2014	Variation (Note 16)
Fundo Esp.Inv.Imo.Fec. WTC	-	(159,628)	159,628
Spred, SGPS, SA	(35,769,387)	(16,926,218)	(18,843,169)
Sonae Turismo, SGPS, SA	(43,567,301) (79,336,688)	(43,567,301) (60,653,147)	- (18,683,542)

1. OTHER NON-CURRENT ASSETS As at 30 June 2015 and 31 December 2014, other non-current assets are detailed as

	30 June 2015	31 December 2014
Loans granted to group companies:
Sonae Turismo, SGPS, SA	11,703,934	11,703,934
Praedium, SGPS, SA	85,134,991	85,134,991
Imoareia - Invest. Turísticos, S.G.P.S., SA	94,593,637	94,593,637
SC-Eng. e Promoção imobiliária, S.G.P.S., SA	2,788,000	2,788,000
Solinca - Health & Fitness, SA	2,864,968	2,864,968
SC Finance BV	346,560,000	-

543,645,531 197,085,531

These assets were not due or impaired as at 30 June 2015. The fair value of loans granted to Group companies is basically the same as their book value.

Loans to group companies bear interest at market rates and are repayable within a period exceeding one year. The interest rate as at 30 June 2015 stood, in average, at approximately 4.82%.

1. OTHER CURRENT ASSETS As at 30 June 2015 and 31 December 2014, other current assets are made up as follows:

	30 June 2015	31 December 2014
Shareholding, other Operations	4,242,705	4,077,753
Loans granted	214,127,372	207,734,600
Other Debtors Income tax withheld	820,465 4,485,644	347,371,160 7,519,432
Accrued income	16,803,182	5,948,878
Deferred costs	530,699 241,010,068	532,236 573,184,059

The balance registered at Shareholding, other Operations is related to the values transferred from subsidiaries under the IRC regime (RETGS).

As at 30 June 2015 and 31 December 2014, the item Loans Granted is related to

financial operations with the following subsidiaries:
	30 June 2015	31 December 2014
Aqualuz - Turismo e Lazer, Lda	-	139,000
Bloco Q-Soc.Imobil.SA	-	310,000
Casa da Ribeira-Sociedade Imobiliária, S.A.	-	8,000
The Artist Porto Hotel & Bistrô - Activ. Hotel., S.A.	-	316,000
Contacto Concessões, SGPS, S.A.	-	1,041,000
Imoareia - Invest. Turísticos, SGPS, SA	88,976,039	87,537,900
Inparvi SGPS, SA	121,327	118,000
Martimope-Empreendimentos Turísticos, SA	-	214,000
Praedium SGPS, SA	106,606,680	100,050,000
Praedium II-Imobiliária,SA	-	5,000
SC-Eng. e promoção imobiliária,SGPS,S.A.	3,891,700	2,890,200
Sete e Meio Herdades-Inv. Agr. e Tur.,SA	-	1,000
Solinca - Health & Fitness, SA	1,098,127	1,162,000
Sótaqua - Soc. de Empreend. Turisticos	-	6,000
SC Finance BV	395,000	-
SC For - Serv. Form. Des. Rec. Humanos, Unip., Lda	-	-
Spinveste-Gestão Imobiliária SGII,SA	-	952,000
Spinveste - Promoção Imobiliária, SA	-	2,000
CAPWATT, SGPS, S.A.	13,038,500 214,127,372	12,982,500 207,734,600

Loans to group companies bear interest at market rates and are repayable within a period inferior to one year. The interest rate as at 30 June 2015 stood, in average, at approximately 5.25%.

As at 30 June 2015 and 31 December 2014, the item State & Other public Entities are made up as follows:

	30 June 2015	31 December 2014
Income tax withheld	2,359,166	2,359,147
Income tax (advanced payment)	2,126,478	2,028,682
Income tax	-	3,131,602
	4,485,644	7,519,431

The value registered for as Tax Income (IRC) refers to the tax saving driven by the RETGS.

The amount registered in Accrued Income includes 16,795,304 euro relative to interest o loan granted to subsidiaries.

Deferred Costs includes 471,308 euro relative to bank commissions that are deferred for the loan period.

1. DEFERRED TAXES Deferred tax assets and liabilities as at 30 June 2015 and 31 December 2014 can be detailed as follows, split between the different types of temporary differences:

Deferred tax assets		Deferred tax liabilities
30 June 2015	31 December 2014	30 June 2015	31 December 2014

During the periods ended 30 June 2015 and 31 December 2014, movements in deferred tax are as follows:

	Deferred tax assets
				Deferred tax liabilities
	30 June 2015	31 December 2014	30 June 2015	31 December 2014
Opening balance	4,069,727	407,059		- -
Effect in results ( Nota 17):	149,757	3,687,193		- -
Tax losses carried forward	-	(24,525)		- -
Others	4,219,485	4,069,727		- -
Effect in reserves:	-	-		- -
Closing balance	4,219,485	4,069,727		- -

In accordance with the tax statements presented by companies that recorded deferred tax assets arising from tax losses carried forward, as at 30 June 2015 and 31 December 2014, tax losses carried forward can be summarized as follows:

			31 December 2014
	Prejuízo fiscal	30 June 2015 Deferred tax assets	To be used until	Prejuízo fiscal	Deferred tax assets	To be used until
Generated in 2011	1,165,089	244,669	2015	1,165,089	244,669	2015
Generated in 2013	61,175	12,847	2018	61,175	12,847	2018
Generated in 2014	11,723,660	2,461,969	2018	18,153,387	3,812,211	2018
Generated in 2015	7,142,857	1,500,000	2028	-	-
	20,092,781	4,219,485		19,379,651	4,069,727

1. CASH AND CASH EQUIVALENTS As at 30 June 2015 and 31 December 2014, cash and cash equivalents can be

detailed as follows:	30 June 2015	31 December 2014
	4	4
Cash
Bank deposits	11,301,226	5,112,287
Cash and cash equivalents in the balance sheet	11,301,230	5,112,291
Bank overdrafts Cash and cash equivalents in the cash flow statement	- 11,301,230	- 5,112,291

1. EQUITY The share capital of Sonae Capital SGPS, SA both in June 2015 and December 2014 is represented by 250,000,000 ordinary shares, which do not have the right to a

As at 30 June 2015 Sonae Capital SGPS, S.A. owns 5,885,471 own shares representing 2.354% of its share capital (6,068,850 shares as at 31 December 2014), with the value of 1,413,866 euro (1,486,301 euros as at 31 December 2014) (Note 10).

1. RESERVES As at 30 June 2015, and 31 December 2014 the caption Other Reserves can be

	30 June 2015 175,624,327	31 December 2014 159,368,447
Free reserves
Demerger reserve	132,638,252	132,638,252
Own shares reserve	1,413,866	1,486,301
	309,676,446	293,493,001

The demerger reserve (Note 1), corresponds to the difference between the book value of the shareholding in SC, SGPS, SA (382,638,252 euro) which was spun off from Sonae, SGPS, SA to the Company, and the value of the share capital of the Company (250,000,000 euro). This reserve, which has a treatment similar to that of a Legal Reserve, according to Company Law, it cannot be distributed to shareholders, unless the company is liquidated, but can be used to make good prior year losses, once other reserves have been used fully, or for capital increases.

Legal Reserve: According to the Company Law, at least 5% of the annual net profit must be transferred to the legal reserve until it represents 20% of share capital. This reserve cannot be distributed to shareholders, unless the company is liquidated, but can be used to cover prior year losses, once other reserves have been used fully, or for capital increases. As at 30 June 2015 the value of this caption is 9,463,225 euro.

Own shares reserve: This reserve, established in accordance with article 342 of the CSC, has the same amount of the value of own shares held by the company, and is unavailable as long as they are held by the company (Note 9).

1. LOANS As at 30 June 2015 and 31 December 2014 this caption included the following loans:

	30 June 2015		31 December 2014
	Current	Non Current	Current	Non Current
Bank loans
Sonae Capital SGPS - commercial paper a)	13,000,000	-	17,253,800	-
Sonae Capital SGPS - commercial paper d)	8,250,000	-	8,250,000	-
Sonae Capital SGPS - commercial paper b)	-	18,200,000	-	28,900,000
Sonae Capital SGPS - commercial paper c)	-	30,000,000	-	30,000,000
Sonae Capital SGPS e)	3,290,000	10,692,500	3,290,000	12,337,500
Sonae Capital SGPS - commercial paper g)	3,500,000	3,000,000	3,500,000	4,750,000
Sonae Capital SGPS - commercial paper j)	3,000,000	-	4,000,000	-
Sonae Capital SGPS - commercial paper i)	1,200,000	4,800,000	-	-
Up-front fees not yet charged to income statement	-	(314,811)	-	(374,061)
	32,240,000	66,377,689	36,293,800	75,613,439
Bank overdrafts (Nota 8)	- 32,240,000	- 66,377,689	- 36,293,800	- 75,613,439
Bond Loans
Obrigações Sonae Capital 2011/2016 f)	10,000,000	-	-	10,000,000
Obrigações Sonae Capital 2014/2019 h)	-	42,500,000	-	42,500,000
Up-front fees not yet charged to income statement	- 10,000,000	(432,076) 42,067,924	- -	(486,841) 52,013,159
	42,240,000	108,445,614	36,293,800	127,626,597

• a) Short term commercial paper programme, issued on 28 March 2008 and valid for a 10 year period, which may be extended at the option of Sonae Capital. Placed in investors or financial institutions and guaranteed by credit lines, with commitment of at least six months to a year,
• placed in relationship banks. b) Commercial paper programme, with subscription guarantee, issued on 31 March 2011 and valid up to August 2018, except if the reimbursement is anticipated under the contracted terms of the
• call/put option, in August 2016. This loan is guaranteed by a mortgage on real estate assets. c) Commercial paper programme, with subscription guarantee, issued on 27 December 2012 and
• valid up to December 2017. d) Commercial paper programme, with subscription guarantee, issued on 31 December 2013, with
• annual renewals up to 3 years. e) Bank loan guarantee by a mortgage on real estate, started on 2 June 2011 and valid up to
• September 2019, with quarterly payments. f) Bond loan Sonae Capital, SGPS 2011/2016, repayable after 5 years, in one instalment, on 17
• January 2016. This bond issue pays interest every six months. g) Commercial paper programme, with subscription guarantee, issued on 7 May 2014 and valid for a
• 3 year period, with semi-annual payments. h) Bond loan Sonae Capital, SGPS 2014/2019, repayable after 5 years, in one instalment, on 28 May
• 1. This bond issue pays interest every six months. i) Commercial paper programme, with subscription guarantee, issued on 18 March 2015 and valid till
• March 2020, with annual payments. j) Short term commercial paper programme, with subscription guarantee, issued on 17 February 2011, with annual renewals up to a maximum of 5 years.

The interest rate on bank loans and bonds in force on 30 June 2015 was on average

3.31% Bank loans pay interest rates that are indexed to the Euribor market rates of the

period, and its fair value is considered close to its book value. In the case any Bank institution or commercial paper investor do not renew, at the maturity date, its respective loans, the Group has credit lines available to overcome such renewables.

There are no derivative instruments.

1. OTHER CREDITORS As at 30 June 2015 and 31 December 2014 other creditors can be detailed as follows: 30 June 2015 31 December 2014

Other creditors
Group companies - Short term loans	475,875,572	472,356,998
Other creditors	4,278,838	4,191,042
	480,154,410	476,548,040

As at 30 June 2015 and 31 December 2014 the caption loans granted is relative to financial operations granted to the following subsidiaries:

31 December 2014
12,513,000
21,774,000
13,000
263,000
16,030,513
232,684,567
14,301,000
3,610,000 9,000
135,685,517
35,473,400
472,356,998
30 June 2015 - 21,769,000 - - 32,861,207 252,259,451 18,658,000 - - SC For - Serviços de Formação e Desenv de Rec Humanos 5000 136,142,841 14,180,073 475,875,572

Loans obtained from group companies bear interest at market rates and are repayable within one year. The interest rate as at 30 June 2015 was, in average,

approximately 0.50%. The item Other Creditors, includes 4,270,059 euros relating to transfers from subsidiaries of tax estimates under the special regime RETGS.

1. OTHER CURRENT LIABILITIES As at 30 June 2015 and 31 December 2014 other current liabilities can be detailed as follows:

	30 June 2015	31 December 2014
Other current liabilities
Taxes payable	649,449	4,170,928
Accruals:
Staff costs	266,186	339,294
Interest payable	1,566,535	657,638
Other accruals	78,172	37,253
Deferred income	613	4,292
	2,560,955	5,209,406

As at 30 June 2015 and 31 December 2014 the item Taxes payable can be detailed as

	30 June 2015	31 December 2014
Income taxation	613,401	4,105,403
Income taxation - amounts withheld	18,441	42,766
VAT	69	69
Social security contributions	17,538	22,690
	649,449	4,170,928

1. EXTERNAL SUPPLIES AND SERVICES As at 30 June 2015 and 2014 External Supplies and services can be detailed as

	30 June 2015	30 June 2014
	21,268	23,249
Operational rents
Insurance costs	26,307	25,750
Travelling expenses	10,021	12,384
Services obtained	396,727	132,010
Other services	38,012	25,480
	492,334	218,874

The item Services obtained includes, in 2015, 181 thousand euro of Holding costs that have not occur in 2014. On the other hand, the shared services fee was, in 2015, up about 95 thousand euro compared to 2014.

1. STAFF COSTS As at 30 June 2015 and 2014, staff costs were made up as follows:

	30 June 2015 596,456	30 June 2014 562,016
Governing bodies' remunerations
Social security contributions	54,162	64,682
Other staff costs	44,895	15,075
	695,513	641,774

16. NET FINANCIAL EXPENSES AND

INVESTMENT INCOME As at 30 June 2015 and 2014, Net Financial Expenses and Investment Income can be

	30 June 2015	30 June 2014
Interest payable and similar expenses
Interest arising from:
Bank loans	(1,534,553)	(3,422,320)
Bonds	(1,117,179)	(416,208)
Other	(981,303)	(29,032)
Other financial expenses	(1,282,436)	(1,370,481)
	(4,915,471)	(5,238,040)
Interest receivable and similar income
Interest income	16,347,424	5,436,458
	16,347,424	5,436,458
	11,431,953	198,418
Net financial expenses	11,431,953	198,418
Reversal of Impairment losses (Note 4.1)	(18,683,542)	775,169
Dividends received	22,184,180	14,870,786
Investment income	3,500,638	15,645,955

As at 30 June 2015, the amount of dividends received is from Spred SGPS, SA.

1. TAXATION As at 30 June 2015 and 2014, Taxation was made up as follows:

	30 June 2015	30 June 2014
Current tax	525,352	(87,045)
Deferred tax (Note 7)	149,757	4,545,496
	675,109	4,458,451

1. EARNINGS PER SHARE Earnings per share for the periods ended 30 June 2015 and 2014 were calculated taking into consideration the following amounts:

Net profit Net profit taken into consideration to calculate basic	30 June 2015	30 June 2014
earnings per share (Net profit for the period )	14,384,362	19,449,049
Effect of dilutive potential shares Net profit taken into consideration to calculate diluted earnings per share	- 14,384,362	- 19,449,049
Number of shares
Weighted average number of shares used to calculate basic earnings per share	246,303,242	246,190,249
Weighted average number of shares used to calculate diluted earnings per share	246,303,242	246,190,249
Earnings per share (basic and diluted)	0.058401	0.079000

19. COMPLIANCE WITH LEGAL

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

In the period ended 30 June 2015 shareholders' loan contracts were entered into

In the period ended 30 June 2015 short-term loan contracts were entered with the companies Spinveste Promoção Imobiliária, SC For - Serviços de Formação e Desenv de Rec Humanos Capwatt SGPS, SC Finance BV, Sistavac SGPS, SA, and Spred SGPS SA.

As at 30 June 2015 amounts due by affiliated companies can be summarized as follows:

757,772,903

Companies	Closing Balance
CAPWATT, SGPS, S.A.	13,038,500
Imoareia - Invest. Turísticos, S.G.P.S., SA	183,569,676
Inparvi SGPS, SA	121,327
Praedium, SGPS, SA	191,741,671
SC Finance BV	346,955,000 6,679,700
SC-Eng. e Promoção Imobiliária,SGPS,S.A.
Solinca - Health & Fitness, SA	3,963,095
Sonae Turismo, SGPS, SA	11,703,934

Loans and Short term loans granted

As at 30 June 2015 amounts due to affiliated companies can be summarized as

Companies	Closing Balance
SC For - Serviços de Formação e Desenv de Rec Humanos	5,000
Spred, SGPS, SA	14,180,073
Sistavac, SGPS, S.A.	18,658,000
Interlog-SGPS,SA	21,769,000
Sonae Turismo, S.G.P.S., S.A.	32,861,207
SC Hospitality, SGPS, S.A	136,142,841
SC, SGPS, SA	252,259,451
	475,875,572

1. SUBSEQUENT EVENTS No significant events, requiring further disclosure or adjusted, have occurred after 30 June 2015.

21. APPROVAL OF THE FINANCIAL

STATEMENTS These financial statements were approved by the Board of Directors and authorized for issue on 30 July 2015.

PART V LIMITED REVIEW REPORT

Report of the Board of Directors

Limited Review Report Prepared by Auditor Registered with the Securities Market Commission (CMVM) on the Consolidated Half Year Information

(Free translation from the original in Portuguese)

Introduction

1 In accordance with the Portuguese Securities Market Code (CVM), we present our limited review report on the consolidated financial information for the six-month period ended June 30, 2015 of Sonae Capital, SGPS, S.A. included in the Management Report, consolidated balance sheet (which shows total assets of Euro 614,888,045 and total shareholders' equity of Euro 308,881,605, including non-controlling interests of Euro 9,185,084 and a net profit of Euro 196,406), consolidated income statement by nature, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the period then ended, and the corresponding notes to the accounts.

2 The amounts in the consolidated financial statements, as well as those in the additional financial information, are derived from the respective accounting records.

Responsibilities

3 It is the responsibility of the Board of Directors: (a) to prepare consolidated financial information which present fairly, in all material respects, the financial position of the companies included in the consolidation, the consolidated results and the consolidated comprehensive income of their operations, the changes in consolidated equity and the consolidated cash flows; (b) to prepare historical financial information in accordance with International Financial Reporting Standards as adopted by the European Union and which is complete, true, up-to-date, clear, objective and lawful as required by the CVM; (c) to adopt appropriate accounting policies and criteria; (d) to maintain appropriate systems of internal control; and (e) to disclose any significant matters which have influenced the activity, financial position or results.

4 Our responsibility is to verify the financial information included in the documents referred to above, namely as to whether it is complete, true, up-to-date, clear, objective and lawful, as required by the CVM, for the purpose of issuing an independent and professional report based on our work.

Scope

5 Our work was performed with the objective of obtaining moderate assurance about whether the financial information referred to above is free from material misstatement. Our work was performed in accordance with the Standards and Technical Recommendations issued by the Institute of Statutory Auditors, planned according to that objective, and consisted: (a) primarily, in enquiries and analytical procedures, to review: (i) the reliability of the assertions included in the financial information; (ii) the appropriateness and consistency of the accounting principles used, as applicable; (iii) the applicability, or not, of the going concern basis of accounting; (iv) the presentation of the financial information; (v) as to whether the consolidated financial information is complete, true, upto-date, clear, objective and lawful; and (b) of substantive tests of unusual significant transactions.

PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda. o′Porto Bessa Leite Complex, Rua António Bessa Leite, 1430 - 5º, 4150-074 Porto, Portugal Tel +351 225 433 000 Fax +351 225 433 499, www.pwc.pt Matriculada na CRC sob o NUPC 506 628 752, Capital Social Euros 314.000 Inscrita na lista das Sociedades de Revisores Oficiais de Contas sob o nº 183 e na CMVM sob o nº 9077

PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda. pertence à rede de entidades que são membros da PricewaterhouseCoopers International Limited, cada uma das quais é uma entidade legal autónoma e independente. Sede: Palácio Sottomayor, Rua Sousa Martins, 1 - 3º, 1069-316 Lisboa, Portugal

6 Our work also covered the verification that the consolidated financial information included in the Management Report is consistent with the remaining documents referred to above.

7 We believe that the work performed provides a reasonable basis for the issue of this limited review report on the half year information.

Conclusions

9 Based on the work, which was performed with the objective of obtaining a moderate level of assurance, nothing has come to our attention that leads us to conclude that the consolidated financial information for the six-month period ended June 30, 2015 contain material misstatements that affect its conformity with International Financial Reporting Standards as adopted by the European Union and that it is not complete, true, up-to-date, clear, objective and lawful.

Report on other requirements

10 Based on the work, nothing has come to our attention that leads us to believe that the consolidated financial information included in the Management Report is not consistent with the consolidated financial information for the period.

July 31, 2015

PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda Registered in the Comissão do Mercado de Valores Mobiliários with no. 9077 represented by:

Hermínio António Paulos Afonso, R.O.C.

(This is a translation, not to be signed)

Limited Review Report Prepared by Auditor Registered with the Securities Market Commission (CMVM) on the Individual Half Year Information

(Free translation from the original in Portuguese)

Introduction

1 In accordance with the Portuguese Securities Market Code (CVM), we present our limited review report on the financial information for the six-month period ended June 30, 2015 of Sonae Capital, SGPS, S.A. included in the Management Report, balance sheet (which shows total assets of Euro 1.215.636.319 and total shareholders' equity of Euro 582.110.167, including a net profit of Euro 14.384.362), income statement by nature, statement of comprehensive income, statement of changes in equity and statement of cash flows for the period then ended, and the corresponding notes to the accounts.

2 The amounts in the financial statements, as well as those in the additional financial information, are derived from the respective accounting records.

Responsibilities

3 It is the responsibility of the Board of Directors: (a) to prepare financial information which present fairly, in all material respects, the financial position of the Company, the results and the comprehensive income of their operations, the changes in equity and the cash flows; (b) to prepare historical financial information in accordance with International Financial Reporting Standards as adopted by the European Union and which is complete, true, up-to-date, clear, objective and lawful as required by the CVM; (c) to adopt appropriate accounting policies and criteria; (d) to maintain appropriate systems of internal control; and (e) to disclose any significant matters which have influenced the activity, financial position or results.

4 Our responsibility is to verify the financial information included in the documents referred to above, namely as to whether it is complete, true, up-to-date, clear, objective and lawful, as required by the CVM, for the purpose of issuing an independent and professional report based on our work.

Scope

5 Our work was performed with the objective of obtaining moderate assurance about whether the financial information referred to above is free from material misstatement. Our work was performed in accordance with the Standards and Technical Recommendations issued by the Institute of Statutory Auditors, planned according to that objective, and consisted: (a) primarily, in enquiries and analytical procedures, to review: (i) the reliability of the assertions included in the financial information; (ii) the appropriateness and consistency of the accounting principles used, as applicable; (iii) the applicability, or not, of the going concern basis of accounting; (iv) the presentation of the financial information; (v) as to whether the consolidated financial information is complete, true, upto-date, clear, objective and lawful; and (b) of substantive tests of unusual significant transactions.

PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda. o′Porto Bessa Leite Complex, Rua António Bessa Leite, 1430 - 5º, 4150-074 Porto, Portugal Tel +351 225 433 000 Fax +351 225 433 499, www.pwc.pt Matriculada na CRC sob o NUPC 506 628 752, Capital Social Euros 314.000 Inscrita na lista das Sociedades de Revisores Oficiais de Contas sob o nº 183 e na CMVM sob o nº 9077 6 Our work also covered the verification that the consolidated financial information included in the Management Report is consistent with the remaining documents referred to above.

7 We believe that the work performed provides a reasonable basis for the issue of this limited review report on the half year information.

Conclusions

9 Based on the work, which was performed with the objective of obtaining a moderate level of assurance, nothing has come to our attention that leads us to conclude that the financial information for the six-month period ended June 30, 2015 contain material misstatements that affect its conformity with International Financial Reporting Standards as adopted by the European Union and that it is not complete, true, up-to-date, clear, objective and lawful.

Report on other requirements

10 Based on the work, nothing has come to our attention that leads us to believe that the financial information included in the Management Report is not consistent with the financial information for the period.

July 31, 2015

PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda Registered in the Comissão do Mercado de Valores Mobiliários with no. 9077 represented by:

Hermínio António Paulos Afonso, R.O.C.

(This is a translation, not to be signed)