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Sonae SGPS Interim / Quarterly Report 2009

May 28, 2009

1901_10-q_2009-05-28_3e27adc1-3860-48c6-ac02-5c6284f05f62.pdf

Interim / Quarterly Report

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1 MAIN HIGHLIGHTS

Sonae reports significant increases in turnover and EBITDA with growth and profitability momentum remaining robust.

  • Turnover increasedby 5%, explainedmainlyby growth in both Food and Specialised Retail formats;
  • EBITDA up by 11%; on a recurrentbasis,EBITDA increased by 22%to 118 million euros;
  • Improved operatingmargin up by 0.5pp; on a recurrentbasis, increasedby1.3pp to9.3% of turnover;
  • Direct net profit (group share) negatively impacted by an increase in depreciations, driven by the level of investmentduring 2008;
  • Quarterly valuations of the shopping centres recognized, for the first time, in the opening quarter of the year, resulting in a negative indirect income (group share) of 36 million euros.

Message from the CEO, Paulo Azevedo

The first quarter of 2009 has confirmed the resilience of our portfolio of businesses to the increasingly difficult macroeconomic conditions and lower consumer confidence. Turnover increased by 5% and EBITDA by 11%. We are particularly pleased to have improved on the performance of recent quarters and to have made significant gains in some of our businesses in terms of market share and profitability.

Sonaecom reported significant growth in mobile subscribers (+10%) and an EBITDA margin improvement of 4.5pp. These achievements can largely be explained by the significant investment effort made during 2008 and the teams" ability to continuously find new sources of savings and efficiency. Perhaps even more noticeable was the growth of our food based retail division that posted positive like-for-like growth during the quarter (despite the Easter season occurring in the month of April this year), and a significant gain in market share. Achieving this growth in market share while also increasing margins was only possible due to the work carried out over the last 2 years to develop our private label programme, the ability to segment promotional activity through our loyalty card, and the gains we obtained in logistical efficiency and productivity. In our specialised retail division, we had to cope with declining like for like sales in the formats most affected by weakening consumer confidence and the cost of our internationalization moves. Importantly, we were able to significantly improve EBITDA in our home market and to successfully adapt the recently acquired consumer electronics chain in Spain to the Worten concept (rebranded in April).

Capitalization yields for Shopping Centres have continued to rise across Europe, although at a lower rate than in 4Q08. The negative 67 million euros impact in our quarterly results is not directly comparable to last year, as we only begun to commission full quarterly asset valuations in 2009. We would expect this trend of yield increases to decelerate but for the negative non-cash impact on our (indirect) results to continue.

Meanwhile, we have begun to implement the organizational changes announced as part of our new corporate strategic guidelines, namely: the reorganization of the retail business into 3 separate units; the merger of the retail corporate centre with that of the former Sonae Holding; and the creation, within the new merged corporate centre, of an investment management area with M&A skills that will be focused on the retail sector. We expect to finalize the implementation of this restructuring process by the end of 2009.

I remain convinced that Sonae will emerge from this recession as a stronger company and with a strengthened long term growth potential. The portfolio of leading businesses that we have built up is clearly not immune to the market difficulties which we are currently experiencing, but has proven to be strong and resilient. We are now demonstrating that our statements concerning our ability to manage successfully in an economic recession were not simply empty words. We expect to continue to deliver on those statements and further earn the confidence of the investor community.

2INCOME STATEMENT HIGHLIGHTS

Turnover
Million euros
1Q08 1Q09 y.o.y
Sonae 1,204 1,264 4.9%
Food based retail 655 688 5.1%
Specialised retail 195 225 15.7%
Retail real estate 26 30 12.7%
Shopping centres (1) 40 38 -5.5%
Telecommunications 238 241 1.3%
Investment mngmt. 48 43 -10.6%
Petrol stations 32 30 -7.0%
Elimin.& adjust. -29 -30 -

(1) Shopping centres are proportionally consolidated (50%).

Turnover quarterly trend

Turnover breakdown

Turnover

  • Sonae turnover increased by 5% driven by material growth across all retail businesses.
  • Food based Retail turnover increased by 5%, reflecting: (i) strong investment in private label and value products; (ii) the excellent performance of the perishables category, as a result of the implementation of a requalification project and improved offer; and (iii) the innovative initiatives implemented and the in-depth consumer knowledge obtained from the customer loyalty card. Like-forlike growth (+1%) was significant, in view of: (i) the negative calendar effect with the Easter season not benefiting the quarter (as opposed to 1Q08); and (ii) the prevalence of a trading down phenomenon in which sales of private label products were greater, influencing average ticket prices.
  • Specialised Retail reported a 16% increase in turnover, as a result of the aggressive organic growth in the last 12 months, with the opening of 76 new stores in Portugal and Spain. Like-for-like sales were down 9% (compared to an exceptionally high + 7% increase in 1Q08), due to the performance of the consumer electronics formats, reflecting a lower consumption of discretionary categories and the fall in computer sales, the latter impacted by the einitiatives programme.
  • Shopping Centres turnover fell by 5% mainly reflecting the consolidation of the Sierra Portugal Fund at 42% which was fully consolidated in 1Q08. On a comparable basis, turnover was similar to that on 1Q08, with the 2% like for like growth in fixed rents and the contribution of the 4 centres opened in 2008 offsetting a lower development activity and a decrease in asset management services in the quarter.
  • Telecommunications turnover was up 1%, with sustained growth in mobile subscribers, a clear sign of the success of the strong investment effort made during the last 12 months (network and brand).

EBITDA Million euros 1Q08 1Q09 y.o.y Sonae 106 118 11.3% Food based retail 11 22 95.2% Specialised retail 3 0 - Retail real estate 33 27 -19.7% Shopping centres (1) 24 22 -7.3% Telecommunications 34 45 33.2% Investment mngmt. 1 -1 - Elimin.& adjust. -1 3 -

(1) Shopping centres are proportionally consolidated (50%).

EBITDA

as a % of turnover
1Q08 1Q09 y.o.y
Sonae 8.8% 9.3% 0.5pp
Food based retail 1.7% 3.1% 1.4pp
Specialised retail 1.8% -0.2% -1.9pp
Shopping centres (1) 59.7% 58.5% -1.2pp
Telecommunications 14.3% 18.8% 4.5pp
Investment mngmt. 2.6% -3.0% -5.6pp

(1) Shopping centres are proportionally consolidated (50%).

EBITDA quarterly trend

EBITDA breakdown

EBITDA

  • Sonae EBITDA increased materially, up 11% to 118 million euros, generating a margin of 9%.
  • Food based Retail EBITDA increased to 22 million euros, with the above mentioned turnover performance and the on-going implementation of operational efficiency programmes contributing to this impressive increase of y.o.y. operational profitability.
  • Specialised Retail improved significantly its EBITDA in Portugal to 4 million euros. Overall profitability was negatively impacted by 4 million euros, driven by the important investment effort related to the entry of SportZone and Worten into the Spanish market, which will contribute to the company"s future growth. During the quarter, these start-up costs comprised the conversion of the recently acquired consumer electronics stores portfolio to the Worten concept and branding, with consumers clearly welcoming the changes implemented.
  • Retail Real Estate generated EBITDA of 27 million euros. Excluding last year"s non-recurrent gain of 9 million euros related to the sale of a Brazilian site in Florianópolis, this represents a 13% increase in EBITDA, reflecting the enlarged asset portfolio resulting from the organic expansion of retail operations in Portugal.
  • Shopping Centres EBITDA fell by 7%, reflecting the above mentioned consolidation of the Sierra Portugal Fund at 42% and higher provisions for rents recognized in the quarter. On a comparable basis, EBITDA decreased slightly by 0.7%.
  • Telecommunications EBITDA improved significantly by 33%, driven mainly by the mobile business, with reductions in interconnection costs, related to the new Mobile Termination Rates programme, and lower marketing & sales costs off-setting a decrease in roaming-in revenues in the quarter.

Direct net income

Million euros
1Q08 1Q09 y.o.y
EBITDA 106 118 11.3%
P&L losses (1) 1 -7 -
D&A (2) -64 -71 -11.9%
EBIT 43 40 -8.7%
Net financial results -39 -40 -2.4%
Share in results (3) 2 2 34.3%
Investment income 0 1 -
EBT 5 3 -53.3%
Taxes 2 1 -29.3%
Net income 7 4 -48.1%
Group share 8 1 -93.5%
Minority interests -1 3 -

(1) Provisions and impairment losses; (2) Depreciation & Amortizations; (3) Share of results of associated undertakings.

EBIT breakdown

Net financial results

  • Despite the higher average net debt in 1Q09, net financial results were similar to those in 1Q08, reflecting constant net interest expenses as a result of a decrease in Euribor rates.
  • Sonae"s higher average net debt in 1Q09 compared to 1Q08 is primarily explained by: (i) the financing requirements of the investment in organic growth of the Retail businesses; (ii) progress in the development pipeline at the Shopping Centres business; and (iii) the increased net debt of the Holding company, the latter explained by the acquisition of 7.3 million Sonaecom shares over the last 12 months and the 119 million euros impact from payments made under the cash settled equity swap.

Direct net income – group share

  • Sonae"s share of direct net income decreased from 8 million euros in 1Q08 to 1 million euros in 1Q09.
  • This performance was mainly due to: (i) Sonae"s ambitious investment plan over the last year, which involved the expansion of the retail store network and extension of the mobile and wireline network in Telecommunications, driving up depreciation and amortization charges in 1Q09 against 1Q08 but not yet fully contributing to Sonae"s operational profitability; and (ii) the above mentioned nonrecurrent gain which impacted 1Q08 results. Excluding the impact of this gain, net income group share was higher than that posted in the same quarter of last year.

(1) Value created on investment and development properties.

VCIDP quarterly trend

VCIDP breakdown

Shopping Centres indirect income

  • In 1Q09, Sonae Sierra began reflecting in its accounts the impact of quarterly independent valuations of its entire portfolio of assets under management, which were previously only carried out every six months. On this basis, indirect income is therefore not comparable with that of the same quarter of last year.
  • Value created on investment and development properties in the Shopping Centres business was negative 67 million euros, reflecting: (i) 42 million euros decrease in the value of the European shopping centres in the portfolio (a non-cash impact), explained by the general yield increase in Europe, with the exception of Greece and Germany; in 1Q09, average yields increased in Portugal by 17bp, in Spain by 17bp, in Italy by 21bp and in Romania by 50bp; (ii) 5 million euros positive impact resulting from the improved performance of shopping centres owned in Portugal, Germany, Romania and Brazil and (iii) 30 million euros negative impact on valuation, driven by downward adjustments of estimated future cash flow generation of shopping centres in Spain and Italy, reflecting adjustments on rents linked to tenants" turnover performance;
  • Investment income decreased when compared to 6 million euros in 1Q08, with the 1Q08 value including gains related to the launch of Sierra Portugal Fund in March 2008 and the corresponding sale of a 40% shareholding to reference investors. This income was primarily explained by the write-off of deferred tax liabilities related to unrealised gains in investment properties, accounted for in the balance sheet under the IAS rules.
  • The tax line showed a gain of 13 million euros, reflecting the reversal of deferred tax liabilities related to the decrease in value of properties at the end of the quarter.

3INVESTMENT

CAPEX
Million euros
1Q08 1Q09 y.o.y
Sonae 134 129 -3.2%
as a % of turnover 11.1% 10.2% -0.9pp
Food based retail 26 34 30.4%
Specialised retail 12 23 88.4%
Retail real estate 16 20 26.1%
Shopping centres (1) 29 18 -37.1%
Telecommunications 35 23 -33.8%
Investment mngmt. 2 8 -
Elimin.& adjust. 13 4 -
EBITDA minus CAPEX -28 -12 57.8%

(1) Shopping centres are proportionally consolidated (50%).

Invested capital

Million euros
2008 1Q09 y.o.y
Sonae 4,721 5,084 7.7%
Investment properties(1) 1,888 1,843 -2.4%
Technical investment(2) 2,958 2,978 0.7%
Financial investment 110 121 10.0%
Goodwill 697 697 -0.1%
Working capital -932 -554 40.5%

(1) Includes shopping centres accounted for as financial investments in the balance sheet;(2) includes available for sale assets.

Invested capital breakdown

CAPEX

  • Sonae continued to invest steadily across its businesses, with total investment reaching 129 million euros in 1Q09 (10% turnover), in spite of the increase in minimum internal hurdle rates of all projects, aimed at ensuring clear value creation from the investments made.
  • Food based Retail CAPEX was allocated mainly to store refurbishment, the conversion of the ex-Modelo unit in Santarém into a Continente store, and to the continued development of the logistics infrastructure, the latter involving process innovation, which will contribute towards optimizing working capital requirements for the year.
  • Specialised Retail CAPEX was mainly directed towards the expansion plan in progress, with the opening of 6 new stores during the quarter, the conversion of the acquired consumer electronics stores in Spain to the Worten concept, and preparation work for future openings.
  • Shopping Centres CAPEX reflected progress in the development of the disclosed projects in the pipeline (namely Manauara, Loop5 and Leiria). Nevertheless, the development pace in the quarter was lower than that in 1Q08, dependant on the availability of appropriate financing.
  • Telecommunications" CAPEX comprised mainly investment in the Mobile division. The y.o.y. reduction in CAPEX in 1Q09 can be mainly explained by the ambitious investment plan completed in 2008, aimed at increasing the coverage and capacity of its mobile access network.

Invested capital

  • Sonae invested capital increased in 1Q09 vs. YE08, explained mainly by the seasonal and one off increase in working capital of the Retail businesses.
  • Investment properties in the quarter were affected by the general yield increase in Europe and resulting decrease in the value of the European shopping centres in the portfolio.

4 CAPITAL STRUCTURE

Capital structure

Million euros
4Q08 1Q09 q.o.q
Net debt 3,139 3,561 13.4%
Retail businesses 1,206 1,534 27.2%
Shopping centres (1) 876 902 3.0%
Telecommunications 400 445 11.2%
Investment mngmt. 6 7 17.5%
Holding (2) 654 673 2.9%
Elimin.& adjust. -3 -1 -

(1) Shopping centres are proportionally consolidated (50%); (2) includes Sonae's individual accounts.

Sonae Sierra and Holding Loan to value

Retail and Telecom Net Debt/EBITDA (last 12 months)

Capital structure

  • Sonae's net debt has evolved in line with expectations in all businesses, maintaining levels considered clearly adequate for each activity. Overall, Sonae"s debt facilities have long average maturities and no major debt repayments in the short term.
  • Retail formats & Retail Real Estate net debt increased by 328 million euros, reflecting the previously mentioned investment in organic growth and store refurbishment and the funding of the seasonal increase in working capital in the quarter; Net Debt to EBITDA (last 12 months) was slightly higher when compared to 1Q08 at 4.4x, with the increased net debt being partially off-set by the higher EBITDA level in the preceding 12 month period.
  • Shopping Centres net debt increased slightly compared to that at end 1Q08, with the maintenance of a loan to value ratio below the industry average at a conservative 49%.
  • Telecommunications" net debt stood at 445 million euros, reaching an acceptable level of leverage of 2.6x, excluding the proceeds from the securitization transaction.
  • Holding net debt totalled 673 million euros, and was comprised mainly of 500 million euros of longterm bonds, of which 250 million euros are due in May 2011 and the remainder in 2013 and 2014.
  • The weighted average maturity of Sonae's debt stood at approximately 5.5 years (considering 100% of Sonae Sierra"s debt), with the Retail business having more than 57% of its debt repayable after 2012, the Shopping centre business with more than 79% of its debt repayable after 2012 and the Telecommunications business with no amortizations of bank debt scheduled before 2H10.
  • Sonae's liquidity risk was maintained at a low level, with the sum of cash and unused credit facilities standing at 695 million euros.

5INVESTMENT PORTFOLIO

Analyst consensus - latest valuations

euros
Broker Date Rating Price
UBS Feb 09 Buy 0.80
Goldman Sachs Apr 09 Buy 0.64
JPMorgan May 09 Buy 0.95
Fidentiis May 09 Hold 0.68
BPI Jan 09 Buy 1.05
BES Apr 09 Buy 0.90
BANIF May 08 Buy 1.25
Lisbon Brokers Mar 09 Buy 1.00
Santander Feb 09 Buy 0.90
Caixa BI Dec 08 Buy 1.00
Target share price 0.92
Closing price last trading day 0.51
Premium/(discount) at target (1) 79.5%

(1) Comparisonto closing price on 31 March 2009.

Market valuation

Million euros
1Q09
Retail businesses' equity value 1,857
Retail businesses enterprise value 3,210
Food retail enterprise value 1,443
Specialised retail enterprise value 328
Retail real estate invested capital (book value) 1,439
Retail businesses net debt 1,353
Shopping centres NAV 726
Investment management book value 127
Telecommunications equity value 286
Sonae Gross Asset Value (GAV) 2,995
Holding net debt 673
Sonae Net Asset Value (NAV) 2,322
shares outstanding (thousand) 2,000
Sonae NAV/share (€) 1.16
Closing price last trading day (€) 0.51
Premium/(discount) at NAV (1) 127.2%

(1) Comparisonto closing price on 31 March 2009.

Analyst consensus

  • The consensus value of Sonae"s target price, based on the latest valuations released, was 0.92 euros per share, implying a premium of 80% over Sonae"s share closing price of 0.51 euros as at end 1Q09.
  • 90% of available research analyst"s reports have a "buy" recommendation, the majority of which attributing a high premium over Sonae"s stock market valuation, despite progressively adjusting their price targets to the share price trend.
  • From Sonae"s current portfolio, Retail represented 54% of total GAV, Shopping Centres 27%, Telecommunications 17% and Investment Management 2%.

Market valuation

  • Sonae"s net asset value represented 1.16 euros per share, implying a premium of 127% over the Sonae"s closing share price of 0.51 euros.
  • From Sonae"s current portfolio Retail represented 62% of total GAV, Shopping Centres 24%, Telecommunications 10% and the Investment Management 4%.

6 CORPORATE INFORMATION

Quarterly corporate developments

  • Sonae acquired, directly and through a wholly owned subsidiary, an additional 324 thousand Sonaecom shares, purchased at an average price of 1.05 euros per share. With this acquisition, the Company ended 1Q09 with a shareholding position of 53.16%.
  • Sonae"s strategic objectives were disclosed as being: (1) International expansion, as the top strategic priority, targeting growth geographies and mature markets with retail concepts believed to be distinctive and with a clear edge over competitors; (2) diversification of investment style, by accepting non-controlling stakes (minority stakes without special rights) where Sonae would benefit from the contribution of partners to achieve superior value creation; in these cases, Sonae would facilitate consolidation and other industry restructuring movements; (3) leveraging the asset base in Portugal, by exploring new Retail business opportunities that would increase growth options;
  • The following organizational changes were announced: (a) the split of the retail business into 3 separate units: Food based Retail; Specialised Retail and Retail real estate; this structure took into account the different international expansion opportunities of both the food and non-food units; (b) the integration of Sonae Distribuição"s and Sonae Holding"s Corporate Centres: (c) the creation of a support unit within the newly integrated corporate centre focused on managing "Active Investments": this unit will be responsible for the insurance area, travel agencies and DIY, where M&A activity is as important as organic growth to consolidate market positions and achieve profitability; this new unit with M&A expertise will also give support to the growth plans of the retail businesses.

Outlook

  • Sonae"s strong results clearly demonstrate its resilience to the financial and economic crisis and its ability to perform in tough times. Conscious of the current macroeconomic scenario and constraints in the financial markets, Sonae is confident of achieving its growth and value creation objectives, driven by the strategic guidelines disclosed of international expansion, diversification of investment style and leverage of its asset base in Portugal.
  • Nonetheless, Sonae"s investment plans for 2009 will be adapted as required to the changing macroeconomic situation, which remains highly uncertain.

7 ADDITIONAL INFORMATION

Portfolio organization

Sonae
100% 100% 100% 50% 53%
Food based
Retail		 Specialized
Retail		 Retail Real
Estate		 Sonae Sierra Sonaecom Investment
Management
Continente
Modelo
Bom Bocado
Área Saúde
Book.it		 Worten
Worten Mobile
Vobis
SportZone
Loop
Modalfa
Zippy		 Retail real estate
assets		 Developments
Investments
Management
Brazil		 Optimus
Clix
Wholesale
SSI
Público		 MDS (100%)
Star,Geotur
(50%)
Maxmat (50%)

Glossary

ARPU Average revenue per user
CAPEX Investments in tangible and intangible assets,
investment properties and acquisitions
Direct income Direct income excludes contributions to indirect income
EBITDA Turnover + other revenues -impairment reversion -
badwill- operating costs
EBITDA margin EBITDA / Turnover
Eliminations & adjustments Intra-groups + Holding company figures for 2008
Gross Asset Value Food based Retail & Specialised Retail valuation based
on sector EV/EBITDA 09 & EV/Sales 09 multiple and
last 12 months Sales & EBITDA reported
Retail Real Estate valuation based on net invested
capital (book value)
Shopping Centres valuation includes: European and
Brazilian properties in operation and under development
at NAV; and Property and Asset Management businesses
based on EV/EBITDA market multiples
funds Investment Management valuation based on the
percentage owned of the Insurance, Maxmat and
Star,Geotur businesses" book value of shareholders"
trading day Telecommunications valuation at market prices on last
Investment income Capital gains (losses) on financial investments
Indirect income Indirect Income includes the Shopping Centre segment
contributions net of taxes to consolidated income
statement, arising from: (i) investment property
valuations; (ii) capital gains (losses) on the sale of
financial investments, joint ventures or associates; (iii)
impairment losses (including goodwill) and; (iv)
provision for Development Funds at Risk
Investment properties Shopping Centres in operation owned by Sonae Sierra
Liquidity Cash & equivalents + current investments
Like for Like sales the periods Sales made by stores that operated in both periods
under the same conditions. Excludes stores opened,
closed or which suffered major upgrade works in one of
Loan to value Holding companies Holding Net debt/ Investment Portfolio Gross Asset
Value; gross asset value based on Market multiples, real
estate NAV and market capitalization for listed
Loan to value shopping centres Development ) Net debt / (Investment properties + Properties under
Net invested capital Gross real estate assets + other gross real estate assets
- amortizations and impairment losses + financial
investments + working capital; all figures at book value
with the exception of Shopping Centres" building block
Net asset value (NAV) Open market value attributable to Sonae Sierra - net
debt - minorities + deferred tax assets
Net debt Bonds + bank loans + other loans + finance leases
– cash, bank deposits and current investments
Net income group share Net income attributable to Sonae shareholders
Other loans Bonds, leasing and derivatives
Open market value (OMV) Fair value of properties in operation and under
development (100%), provided by an independent entity
RoIC (Return on invested capital) EBIT(12 months) /Net invested capital
Technical investment Tangible assets + intangible assets + other fixed assets
– depreciations and amortizations
Value created on investment and development
properties (VCIDP)		 Increase (decrease) in the valuation of Shopping Centres
in operation and under development; Shopping Centres
under development are only included if a high degree of
certainty concerning their conclusion and opening exists.

Consolidated income statement

Consolidated income statement
Million euros
1Q08 1Q09 y.o.y 4Q08 q.o.q
Direct income
Turnover 1,204 1,264 4.9% 1,520 -16.8%
EBITDA 106 118 11.3% 203 -42.0%
EBITDA margin 8.8% 9.3% 0.5pp 13.3% -4pp
Provisions and impairment losses 1 -7 - 1 -
Depreciations and amortizations -64 -71 -11.9% -72 1.0%
EBIT 43 40 -8.7% 132 -69.9%
Financial results -39 -40 -2.4% -54 25.7%
Share in results of associated undertakings 2 2 34.3% 13 -82.9%
Investment income 0 1 - 3 -63.0%
EBT 5 3 -53.3% 93 -97.2%
Taxes 2 1 -29.3% 5 -78.5%
Direct net income 7 4 -48.1% 98 -96.3%
Group share 8 1 -93.5% 92 -99.4%
Attributable to minority interests -1 3 - 6 -49.5%
Shoppings indirect income
VCIDP (1) -1 -67 - -111 39.5%
Investment income 6 0 -100% 3 -100.0%
Taxes -2 13 - 11 20.3%
Indirect net income 4 -54 - -97 44.4%
Group share 4 -36 - -65 44.2%
Attributable to minority interests -1 -18 - -32 44.9%
Total net income
Total net income 11 -50 - 1 -
Group share 12 -36 - 27 -
Attributable to minority interests -2 -15 - -26 44%
(1) Value created o
n investment and development properties.

Consolidated balance sheet

Balance sheet
Million euros
2008 1Q09 q.o.q
TOTAL ASSETS 7,306 7,288 -0.2%
Non current assets 5,871 5,869 0.0%
Tangible and intangible assets 2,948 2,969 0.7%
Goodwill 697 697 -0.1%
Investment properties in operation 1,683 1,625 -3.4%
Investment properties under development 159 175 9.9%
Other investments 156 163 4.8%
Deferred tax assets 207 224 8.5%
Others 21 15 -31.2%
Current assets 1,435 1,419 -1.1%
Stocks 560 609 8.7%
Trade debtors 215 203 -5.7%
Liquidity 248 145 -41.7%
Others - 411
€		 - 462
€		 12.4% -
SHAREHOLDERS' FUNDS 1,563 1,443 -7.7%
Group share 1,151 1,047 -9.0%
Minority interests 412 396 -3.9%
LIABILITIES 5,744 5,845 1.8%
Non-current liabilities 3,560 3,847 8.1%
Bank loans 1,281 1,507 17.6%
Other loans 1,735 1,806 4.1%
Deferred tax liabilities 331 325 -1.9%
Provisions 57 48 -15.1%
Others 155 161 3.5%
Current liabilities 2,184 1,998 -8.5%
Bank loans 259 378 46.0%
Other loans 111 14 -87.1%
Trade creditors 1,050 899 -14.4%
Others 763 707 -7.3%
SHAREHOLDERS' FUNDS + LIABILITIES 7,306 7,288 -0.2%

Invested capital & return on invested capital (RoIC)

Invested capital
Million euros
1Q08 1Q09 y.o.y 4Q08 q.o.q
Invested Capital 4,721 5,084 7.7% 4,721 7.7%
Investment properties (1) 2,110 1,843 -12.6% 1,888 -2.4%
Technical investment (2) 2,529 2,978 17.8% 2,958 0.7%
Financial investment 89 121 35.2% 110 10.0%
Goodwill 734 697 -5.1% 697 -0.1%
Working capital -741 -554 25.2% -932 40.5%
Equity + Minorities 1,600 1,443 -9.8% 1,563 -7.7%
Total Net debt (3) 3,121 3,642 16.7% 3,159 15.3%
(1) Includes shopping centres accounted for a
s financial investments in the balance sheet; (2) includes available for sale assets; (3) Financial net debt + net
shareholder loans.

Return on invested capital

1Q08 1Q09 y.o.y 4Q08 q.o.q
Invested capital 4,721 5,084 7.7% 4,721 7.7%
Food based retail 614 673 9.6% 546 23.2%
Specialised retail 196 352 79.0% 176 100.2%
Retail real estate 1,294 1,439 11.2% 1,411 2.0%
Shopping centres (1) 1,899 1,663 -12.5% 1,684 -1.3%
Telecommunications 780 802 2.7% 747 7.3%
Investment mngmt. 127 147 15.9% 139 6.0%
Elimin.& adjust.(2) -190 9 - 19 -
EBIT (last 12 months) 301 324 7.8% 328 -1.1%
Food based retail 93 133 43.2% 124 7.4%
Specialised retail 33 21 -34.6% 28 -22.2%
Retail real estate 75 80 6.0% 88 -8.7%
Shopping centres (1) 83 87 4.8% 89 -2.0%
Telecommunications 21 12 -44.1% 3 -
Investment mngmt. 9 -1 - 1 -
Elimin.& adjust.(2) -13 -7 - -3 -
RoIC 6.4% 6.4% 0pp 6.9% -0.6pp
Food based retail 15.1% 19.7% 4.6pp 22.6% -2.9pp
Specialised retail 16.6% 6.1% -10.6pp 15.7% -9.6pp
Retail real estate 5.8% 5.6% -0.3pp 6.2% -0.7pp
Shopping centres 4.4% 5.2% 0.9pp 5.3% 0pp
Telecommunications 2.7% 1.5% -1.3pp 0.4% 1.1pp
Investment mngmt. 7.4% -0.8% -8.2pp 1.0% -1.9pp
(1) Shopping centres are proportionally consolidated (5
0%);(2) includes Sonae Holding .

Retail formats & Retail Real Estate operating review

1Q08 1Q09 y.o.y 4Q08 q.o.q
23.8% 5.1% -18.7pp 23.0% -17.9pp
25.5% 15.7% -9.7pp 8.6% 7.2pp
1.5% 0.8% -0.7pp -0.1% 0.9pp
7.4% -8.6% -16pp -4.6% -4.1pp
29,984 31,790 6.0% 33,202 -4.3%
23,620 24,239 2.6% 25,128 -3.5%
6,332 7,519 18.8% 8,040 -6.5%
32 31 -3.1% 34 -8.8%

Retail formats business portfolio

Number of stores Sales area('000 m2 )
31
Dec
2008		 Stores
opened		 Banner
changed		 Stores
closed		 31
Mar
2009		 31
Dec
2008		 Stores
opened		 Banner
changed		 Stores
closed		 31
Mar
2009
Food based retail 290 7 0 0 297 492 1 1 0 494
Continente 37 0 1 0 38 273 0 5 0 278
Modelo (1) 117 0 -1 0 116 206 0 -4 0 202
Área Saúde 88 0 0 0 88 7 0 0 0 8
Bom Bocado 43 7 0 0 50 3 0 0 0 3
Book.It 4 0 0 0 4 1 0 0 0 1
Outlet 1 0 0 0 1 2 0 0 0 2
Specialized retail 389 6 0 -2 393 247 5 0 -1 252
Portugal 373 5 0 -2 376 213 5 0 -1 218
Worten 125 2 0 -2 125 99 3 0 -1 102
Vobis 20 0 0 0 20 9 0 0 0 9
Worten Mobile 41 1 0 0 42 1 0 0 0 1
SportZone 66 1 0 0 67 51 2 0 0 53
Modalfa 87 0 0 0 87 41 0 0 0 41
Zippy 29 0 0 0 29 11 0 0 0 11
Loop 5 1 0 0 6 1 0 0 0 1
Spain 16 1 0 0 17 34 0 0 0 34
Worten 10 0 0 0 10 25 -1 0 0 24
Sport Zone 6 1 0 0 7 9 1 0 0 10
Investment Management 114 0 0 -4 110 70 0 0 -3 67
MaxMat 37 0 0 -2 35 65 0 0 -3 62
Travel (2) 77 0 0 -2 75 4 0 0 0 4
Total 793 13 0 -6 800 809 6 1 -4 813

(1) includes Modelo Bonjour; (2) Includes combined Star and Geotur stores, resulting from the joint-venture between Sonae and RAR.

Retail formats & Retail Real Estate financial review

Retail formats & Retail real estate financial review
Million euros
1Q08 1Q09 y.o.y 4Q08 q.o.q
Food retail
Turnover 655 688 5.1% 831 -17.2%
EBITDA 11 22 95.2% 80 -73.2%
EBITDA margin 1.7% 3.1% 1.4pp 9.7% -6.5pp
CAPEX 26 34 30.4% 46 -25.6%
Specialised retail
Turnover 195 225 15.7% 316 -28.7%
EBITDA 3 0 - 27 -
EBITDA margin 1.8% -0.2% -1.9pp 8.4% -8.6pp
CAPEX 12 23 88.4% 39 -42.5%
Retail real estate
Turnover 26 30 12.7% 29 3.1%
EBITDA 33 27 -19.7% 27 -1.2%
EBITDA margin 126.2% 89.9% -36.3pp 93.8% -3.9pp
CAPEX 16 20 26.1% 43 -54.4%
Net debt 1,256 1,534 22.1% 1,206 27.2%
Net debt/EBITDA (last 12 months) 4.3 x 4.4 x 0.1x 3.5 x 0.9x
EBITDA/net interest expenses (last 12 months) 7.6 x 5.2 x -2.4x 5.2 x 0x
Net debt/invested capital 59.7% 62.3% 2.6pp 56.5% 5.7pp

Shopping Centres main highlights

Shopping centres operating review
1Q08 1Q09 y.o.y 4Q08 q.o.q
Assets under management (million euros) (1) 6,112 5,997 -1.9% 6,173 -2.9%
Real estate NAV (million euros) 1,668 1,331 -20.2% 1,416 -6.0%
Sierra Investments 1,072 736 -31.3% 960 -23.3%
Sierra Developments 386 312 -19.2% 220 41.8%
Sierra Brazil 193 211 9.4% 193 9.7%
Others (2) 17 71 - 43 65.6%
NAV per share (euros) 51.3 40.9 -20.2% 43.6 -6.0%
Openings & acquisitions (EOP) 0 0 - 2 -100.0%
Shopping centres owned/co-owned (EOP) 47 50 6.4% 50 0.0%
GLA owned/co-owned (thousand m2) (3) 1,855 1,963 5.8% 1,963 0.0%
Occupancy rate of GLA owned (%) 95.5% 95.0% -0.5pp 94.3% 0.7pp
Projects under development (EOP) (4) 14 14 0.0% 14 0.0%
GLA under development (thousand m2) 619 642 3.7% 701 -8.4%
Shopping centres managed (EOP) 63 62 -1.6% 60 3.3%
GLA under management (thousand m2) 2,183 2,199 0.7% 2,163 1.7%
Total employees 1,088 1,174 7.9% 1,141 2.9%
(1) Open market value; (2) NAV o
f Corporate Centre + Property Management; (3) Gross lettable area in operating centres;
excludes the Brazilian operation; (4) Projects in planning phase and under construction.

Shopping Centres market yields

2008 1Q09 y.o.y
Max Avg Min Max Avg Min Max Avg Min
Portugal 7.5% 5.8% 5.4% 7.7% 6.0% 5.6% 0.15pp 0.17pp 0.15pp
Spain 9.4% 6.5% 5.7% 9.2% 6.7% 6.0% -0.2pp 0.17pp 0.25pp
Italy 7.7% 6.4% 5.8% 7.7% 6.6% 6.0% 0pp 0.21pp 0.2pp
Germany 6.0% 5.9% 5.8% 6.0% 5.9% 5.8% 0pp 0pp 0pp
Romania 8.0% 8.0% 8.0% 8.5% 8.5% 8.5% 0.5pp 0.5pp 0.5pp
Brazil 9.8% 8.6% 8.3% 9.8% 8.6% 8.3% 0pp 0pp 0pp

Shopping Centres financial review

Million euros
1Q08 1Q09 y.o.y 4Q08 q.o.q
Turnover 80 75 -5.5% 83 -9.2%
Investments 56 56 -1.4% 60 -6.6%
Developments 4 1 -60.1% 4 -59.9%
Brazil 5 4 -3.8% 6 -20.7%
Services Business 13 11 -14.4% 12 -5.9%
Asset management 6 5 -19.1% 5 -1.2%
Property management 7 6 -10.0% 7 -9.4%
Others & eliminations 2 3 27.5% 3 13.3%
EBITDA 48 44 -7.4% 46 -3.6%
EBITDA margin 59.7% 58.5% -1.2pp 55.1% 3.4pp
Services EBITDA margin 42.4% 28.4% -14pp 21.9% 6.5pp
Investments 42 44 3.5% 41 7.7%
Developments 13 -19 - -119 84.0%
Brazil 3 4 2.8% 122 -97.1%
Services Business 5 3 -42.7% 3 22.1%
Asset management 3 2 -40.9% 1 50.2%
Property management 2 1 -45.9% 1 -10.2%
Others & eliminations -13 16 - 122 -86.7%
EBIT 47 44 -7.6% 45 -3.4%
Net financial results -27 -21 21.7% -22 4.1%
Gains realized on investments 11 0 - 2 -
VCIDP (1) -1 -135 - -213 36.6%
Net income group share 19 -60 - -122 51.0%
Net debt 1,791 1,862 4.0% 1,829 1.8%
Loan to Value 42.6% 48.6% 6pp 46.7% 2pp
Net debt/EBITDA (last 12 months) 10.9 x 11.3 x 0.4x 11.2 x 0.1x
EBITDA/net interest expenses (last 12 months) 3.9 x 2.1 x -1.7x 2.0 x 0.1x
Net debt/invested capital 46.7% 54.3% 7.5pp 52.0% 2.3pp
CAPEX 54 29 -46.7% 55 -46.8%
(1) Value created o
n investment and development properties.

Telecommunications main highlights

Telecomunications operating review
1Q08 1Q09 y.o.y 4Q08 q.o.q
Mobile
Customers (EOP) ('000) 2,927 3,220 10.0% 3,192 0.9%
ARPU (euros) (1) 17.0 14.9 -12.0% 16.1 -7.3%
Wireline
Total accesses (EOP) ('000) 735 554 -24.6% 593 -6.5%
Direct accesses (EOP) ('000) 481 442 -8.0% 455 -2.8%
Direct access as % customer revenues 65.8% 77.6% 11.8pp 77.2% 0.4pp
Online & Media
Average paid circulation ('000)
(2)		 43 40 -7.6% 41 -3.0%
Market share of advertising (%) 12.7% 11.8% -0.9pp 13.2% -1.4pp
SSI
IT service revenues / employee ('000 euros) 28 28 -0.3% 33 -13.4%
Total employees 1,927 2,000 3.8% 1,968 1.6%

(1) Average revenues per user; (2) Estimated value updated in the following quarter.

Telecommunications financial review
------------------------------------- --
Million euros
1Q08 1Q09 y.o.y 4Q08 q.o.q
Turnover 238 241 1.3% 249 -3.4%
Mobile 152 147 -3.1% 161 -8.5%
Wireline 75 64 -14.5% 71 -9.8%
Media 8 7 -5.1% 8 -8.1%
SSI 27 40 47.6% 34 15.8%
Others & eliminations -24 -18 26.8% -25 30.0%
Other revenues 2 1 -40.3% 5 -80.8%
EBITDA 34 45 33.2% 43 4.4%
EBITDA margin (%) 14.3% 18.8% 4.5pp 17.4% 1.4pp
Mobile 33 44 32.1% 37 19.0%
Wireline 3 1 -74.7% 6 -88.5%
Media -1 -1 22.3% 0 -100.8%
SSI 1 2 126.3% 2 8.0%
Others & eliminations -1 0 93.2% 0 64.0%
EBIT -3 6 - 4 43.7%
Net financial results -4 -4 5.5% -5 27.3%
Net income group share -6 0 - 13 -98.1%
Net debt 344 445 29.4% 400 11.2%
Net debt/EBITDA (last 12 months) 2.1 x 2.6 x 0.5x 2.5 x 0.1x
EBITDA/net interest expenses (last 12 months) 17.9 x 10.3 x -7.6x 8.1 x 2.2x
Net debt/invested capital 44.0% 55.5% 11.4pp 53.5% 1.9pp
CAPEX 35 22 -37.4% 79 -71.9%
Operating CAPEX (1) 33 21 -34.7% 78 -72.5%
EBITDA minus Operating CAPEX 0 0 - 0 -
Free Cash Flow -33 46 - 85 -46.2%
(1) Operating CAPEX excludes financial investments, provisions for dismantling o f sites and other non operational investments.

Investment Management main highlights

Investment management unit
Million euros
1Q08 1Q09 y.o.y 4Q08 q.o.q
Turnover 48 43 -10.6% 49 -13.6%
EBITDA 1 -1 - -4 71.4%
EBIT 0 -2 - -6 62.8%
Net debt 0 7 - 6 17.5%
CAPEX 2 8 - 7 8.2%
Total employees 1,107 1,047 -5.5% 1,078 -2.9%

Restated 2008 financial figures according to the current portfolio organization

Million euros
2007 1Q08 2Q08 3Q08 4Q08 2008
Direct income
Turnover 4,417 1,204 1,232 1,397 1,520 5,353
EBITDA 536 106 139 170 203 617
EBITDA margin 12.1% 8.8% 11.3% 12.2% 13.3% 11.5%
Provisions -10 1 -11 -7 1 -15
Depreciations -228 -64 -69 -69 -72 -274
EBIT 298 43 59 94 132 328
Financial results -115 -39 -38 -42 -54 -174
Share in results of associated undertakings 4 2 0 1 13 15
Investment income 34 0 1 0 3 4
EBT 222 5 21 53 93 173
Taxes 16 2 -1 -8 5 -2
Direct net income 238 7 21 45 98 171
Group share 198 8 21 39 92 159
Attributable to minority interests 39 -1 0 6 6 12
Shoppings indirect income
VCIDP (1) 154 -1 -23 -24 -111 -159
Investment income 8 6 1 2 3 12
Taxes -44 -2 1 5 11 15
Indirect net income 117 4 -21 -17 -97 -132
Group share 76 4 -9 -10 -65 -79
Attributable to minority interests 41 -1 -13 -7 -32 -53
Total net income
Total net income 355 11 -1 28 1 39
Group share 275 12 12 29 27 80
Attributable to minority interests 80 -2 -13 -1 -26 -41

Turnover

Million euros

2007 1Q08 2Q08 3Q08 4Q08 2008
Sonae 4,417 1,204 1,232 1,397 1,520 5,353
Food based retail 2,391 655 673 772 831 2,930
Specialised retail 783 195 185 233 316 928
Retail real estate 92 26 27 27 29 109
Shopping centres (1) 140 40 39 37 42 158
Telecommunications 893 238 238 251 249 976
Investment mngmt. 222 48 59 66 49 221
Petrol stations 0 32 41 43 35 151
Elimin.& adjust. -103 -29 -28 -32 -31 -121
(1) Shopping centres are proportionally consolidated (5
0%).

EBITDA

Million euros
2007 1Q08 2Q08 3Q08 4Q08 2008
Sonae 536 106 139 170 203 617
Food based retail 141 11 44 51 80 187
Specialised retail 53 3 9 13 27 52
Retail real estate 95 33 23 26 27 110
Shopping centres (1) 77 24 21 22 23 90
Telecommunications 162 34 35 48 43 160
Investment mngmt. 13 1 4 6 -4 7
Elimin.& adjust. -4 -1 2 3 7 11
(1) Shopping centres are proportionally consolidated (5
0%).

EBITDA

as a % of turnover
2007 1Q08 2Q08 3Q08 4Q08 2008
Sonae 12.1% 8.8% 11.3% 12.2% 13.3% 11.5%
Food based retail 5.9% 1.7% 6.6% 6.6% 9.7% 6.4%
Specialised retail 6.8% 1.8% 4.6% 5.7% 8.4% 5.6%
Retail real estate 102.6% 126.2% 86.1% 97.5% 93.8% 100.6%
Shopping centres (1) 55.2% 59.7% 54.8% 58.8% 55.1% 57.1%
Telecommunications 18.1% 14.3% 14.6% 19.2% 17.4% 16.4%
Investment mngmt. 5.9% 2.6% 7.5% 8.4% -8.9% 3.1%
(1) Shopping centres are proportionally consolidated (5
0%).

EBIT

Million euros
2007 1Q08 2Q08 3Q08 4Q08 2008
Sonae 298 43 59 94 132 328
Food based retail 96 -4 28 36 65 124
Specialised retail 34 -2 2 7 20 28
Retail real estate 74 28 18 20 22 88
Shopping centres (1) 77 24 21 22 23 89
Telecommunications 22 -3 -6 8 4 3
Investment mngmt. 9 0 3 4 -6 1
Elimin.& adjust. -15 1 -7 -3 5 -3
(1) Shopping centres are proportionally consolidated (5
0%).

CAPEX

Million euros

2007 1Q08 2Q08 3Q08 4Q08 2008
Sonae 1,454 134 268 203 298 902
Food based retail 534 26 17 34 46 123
Specialised retail 114 12 17 19 39 87
Retail real estate 271 16 19 53 43 131
Shopping centres (1) 417 29 53 43 60 185
Telecommunications 236 35 127 54 83 299
Investment mngmt. 0 2 1 1 7 11
Elimin.& adjust.(2) -118 13 35 -1 19 66
(1) Shopping centres are proportionally consolidated (5 0%);(2) includes Sonae Holding .

Invested capital

Million euros
2007 1Q08 2Q08 3Q08 4Q08 2008
Invested Capital 4,292 4,721 4,814 4,723 4,721 4,721
Investment properties (1) 2,092 2,110 2,153 1,974 1,888 1,888
Technical investment (2) 2,572 2,529 2,720 2,795 2,958 2,958
Financial investment 65 89 87 77 110 110
Goodwill 697 734 690 685 697 697
Working capital -1,134 -741 -835 -807 -932 -9320
Equity + Minorities 1,618 1,600 1,670 1,616 1,563 1,563
Total Net debt (3) 2,674 3,121 3,144 3,107 3,159 3,159
(1) Includes shopping centres accounted for a
shareholder loans.		 s financial investments i n the balance sheet; (2) includes available for sale assets; (3) Financial net debt + net

Return on invested capital

2007 1Q08 2Q08 3Q08 4Q08 2008
Invested capital 4,292 4,721 4,814 4,723 4,721 4,721
Food based retail 479 614 604 586 546 546
Specialised retail 132 196 218 196 176 176
Retail real estate 1,291 1,294 1,333 1,365 1,411 1,411
Shopping centres (1) 1,819 1,899 1,897 1,750 1,684 1,684
Telecommunications 749 780 807 823 747 747
Investment mgt 127 127 116 126 139 139
Elimin.& adjust.(2) -304 -190 -160 -123 19 19
EBIT (last 12 months) 298 301 301 306 328 328
Food based retail 96 93 98 103 124 124
Specialised retail 34 33 30 29 28 28
Retail real estate 74 75 75 81 88 88
Shopping centres (1) 77 83 87 88 89 89
Telecommunications 22 21 7 2 3 3
Investment mgt 9 9 11 10 1 1
Elimin.& adjust.(2) -15 -13 -7 -6 -3 -3
RoIC 6.9% 6.4% 6.3% 6.5% 6.9% 6.9%
Food based retail 20.1% 15.1% 16.3% 17.5% 22.6% 22.6%
Specialised retail 26.1% 16.6% 13.5% 14.8% 15.7% 15.7%
Retail real estate 5.7% 5.8% 5.7% 5.9% 6.2% 6.2%
Shopping centres 4.2% 4.4% 4.6% 5.0% 5.3% 5.3%
Telecommunications 2.9% 2.7% 0.8% 0.2% 0.4% 0.4%
Investment mgt 7.3% 7.4% 9.5% 7.9% 1.0% 1.0%
(1) Shopping centres are proportionally consolidated (5 0%);(2) includes Sonae Holding .

Restated 2008 operating figures according to the current portfolio organization

Retail formats operating review

2007 1Q08 2Q08 3Q08 4Q08 2008
Turnover growth
Food based retail 7.9% 23.8% 21.0% 22.3% 23.0% 22.5%
Specialised retail 15.6% 25.5% 15.1% 14.7% 19.7% 18.6%
LFL sales growth
Food based retail 3.5% 1.5% 1.8% 0.6% -0.1% 0.9%
Specialised retail 4.1% 7.4% -2.5% -2.5% -4.6% -1.1%
Total employees 30,754 29,984 31,290 31,269 33,202 33,202
Food based retail 23,214 23,620 24,691 24,554 25,128 25,128
Specialised retail 7,510 6,332 6,567 6,682 8,040 8,040
Retail real estate 30 32 32 33 34 34

Restated 2008 business portfolio according to the current portfolio organization

1Q08 2Q08 3Q08 4Q08
Number
of stores		 Sales
area
("000 m2)		 Number
of stores		 Sales
area
("000 m2)		 Number
of stores		 Sales
area
("000 m2)		 Number
of stores		 Sales
area
("000 m2)
Food based retail 245 466 252 469 254 470 290 492
Continente 33 257 33 257 34 261 37 273
Modelo 114 200 115 202 112 198 117 206
Área Saúde 71 6 74 6 74 6 88 7
Bom Bocado 25 2 27 2 31 2 43 3
Book.It 1 0 2 0 2 0 4 1
Outlet 1 2 1 2 1 2 1 2
Specialized retail 317 186 331 194 342 199 389 247
Portugal 317 186 330 192 339 195 373 213
Worten 111 84 114 88 116 90 125 99
Vobis 20 9 20 9 20 9 20 9
Worten Mobile 24 1 29 1 34 1 41 1
SportZone 58 44 60 46 61 47 66 51
Modalfa 81 39 82 39 81 38 87 41
Zippy 23 9 24 9 25 9 29 11
Loop 0 0 1 0 2 0 5 1
Spain 0 0 1 2 3 5 16 34
Worten 0 0 0 0 0 0 10 25
Sport Zone 0 0 1 2 3 5 6 9
Investment 94 63 94 63 92 62 114 70
MaxMat 33 59 33 59 33 59 37 65
Travel 61 4 61 4 59 4 77 4
Total 656 715 677 726 688 732 793 809

Consolidated financial statements

CONDENSED CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2009 AND 2008

AND AS AT 31 DECEMBER 2008

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

(Amounts expressed in euro)

ASSETS Notes 31 March 2009 31 March 2008 31 December 2008
NON-CURRENT ASSETS:
Tangible assets 8 2,534,316,664 2,185,082,069 2,507,943,036
Intangible assets 9 435,086,554 344,051,132 440,299,161
Investment properties 10 1,800,448,033 2,083,413,028 1,842,002,573
Goodwill 11 696,742,728 733,811,029 697,267,362
Associated investments 6 149,111,022 74,569,088 142,663,495
Other investments 7 e 12 13,999,046 34,949,329 12,978,175
Deferred tax assets 15 224,465,667 143,649,689 206,954,689
Other non-current assets 13 14,636,355 77,116,163 21,283,515
Total Non-Current Assets 5,868,806,069 5,676,641,527 5,871,392,006
CURRENT ASSETS:
Stocks 609,452,023 506,548,657 560,433,179
Trade account receivables and other current assets 14 656,322,827 658,567,619 616,554,385
Investments 12 62,830,277 57,744,023 63,556,763
Cash and cash equivalents 16 81,754,074 123,506,127 184,360,904
Total Current Assets 1,410,359,201 1,346,366,426 1,424,905,231
Assets available for sale 8,893,174 - 9,893,174
TOTAL ASSETS 7,288,058,444 7,023,007,953 7,306,190,411
EQUITY AND LIABILITIES
EQUITY:
Share capital 2,000,000,000 2,000,000,000 2,000,000,000
Own shares (138,568,275) (138,568,275) (138,568,275)
Reserves and retained earnings (778,632,551) (733,309,922) (790,472,618)
Profit/(Loss) for the year attributable to the equity holders of Sonae (35,614,146) 12,140,567 80,035,669
Equity attributable to the equity holders of Sonae 1,047,185,028 1,140,262,370 1,150,994,776
Equity attributable to minority interests 18 395,564,296 460,056,412 411,549,101
TOTAL EQUITY 1,442,749,324 1,600,318,782 1,562,543,877
LIABILITIES:
NON-CURRENT LIABILITIES:
Loans 18 3,312,884,627 2,898,029,527 3,016,453,113
Other non-current liabilities 21 160,875,545 223,522,924 155,464,158
Deferred tax liabilities 15 324,760,787 335,080,119 330,908,680
Provisions 24 48,446,553 107,627,366 57,086,975
Total Non-Current Liabilities 3,846,967,512 3,564,259,936 3,559,912,926
CURRENT LIABILITIES:
Loans 18 392,438,552 296,466,042 370,071,172
Trade creditors and other non-current liabilities 23 1,603,732,832 1,559,579,244 1,811,293,282
Provisions 24 2,170,224 2,383,949 2,369,154
Total Current Liabilities 1,998,341,608 1,858,429,235 2,183,733,608
TOTAL LIABILITIES 5,845,309,120 5,422,689,171 5,743,646,534
TOTAL EQUITY AND LIABILITIES 7,288,058,444 7,023,007,953 7,306,190,411

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

CONDENSED CONSOLIDATED INCOME STATEMENTS

FOR THE PERIODS ENDED 31 MARCH 2009 AND 2008

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

(Amounts expressed in euro)

31 March 2009 31 March 2008
Notes
Operational income
Sales 992,115,553 916,285,836
Services rendered 271,665,751 287,923,486
Value created on investment properties 10 (62,696,751) -
Other operational income 99,613,524 100,335,947
Total operational income 1,300,698,077 1,304,545,269
Operational expenses
Cost of goods sold and materials consumed (798,389,644) (750,566,987)
Changes in stocks of finished goods and work in progress - -
External supplies and services (266,684,806) (272,331,887)
Staff costs (160,576,266) (150,181,109)
Depreciation and amortisation (71,212,905) (63,655,727)
Provisions and impairment losses (7,313,490) (4,254,187)
Other operational expenses (21,744,160) (20,846,399)
Total operational expenses (1,325,921,271) (1,261,836,296)
Operational profit/(loss) (25,223,194) 42,708,973
Financial expenses (45,262,127) (49,875,938)
Financial income 5,087,374 10,631,115
Net financial expenses (40,174,753) (39,244,823)
Share of results of associated undertakings 6 (242,715) 1,615,589
Investment income 1,022,411 5,955,375
Profit/(Loss) before taxation (64,618,251) 11,035,114
Taxation 27 14,392,151 (452,526)
Profit/(Loss) after taxation 28 (50,226,100) 10,582,588
Attributable to:
Equity holders of Sonae (35,614,146) 12,140,567
Minority interests (14,611,954) (1,557,979)
Profit/(Loss) per share
Basic 29 (0.019074) 0.006502
Diluted 29 (0.019074) 0.006502

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE PERIODS ENDED 31 MARCH 2009 AND 2008

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

(Amounts expressed in euro)

31.March.2009 31.March.2008
Notes
Net Profit / (Loss) for the period 28 (50,226,100) 10,582,588
Exchange differences arising on translation of foreign operations 8,071,811 (6,298,884)
Participation in other comprehensive income (net of tax) related to
associated companies included in consolidation by the equity method		 - -
Changes on fair value of available-for-sale financial assets 996,000 -
Changes in hedge and fair value reserves (18,224,119) (5,376,074)
Income tax relating to components of other comprehensive income 1,635,207 139,163
Other comprehensive income for the period (7,521,101) (11,535,795)
Total comprehensive income for the period (57,747,201) (953,207)
Attributable to:
Equity holders of Sonae (40,933,264) 2,511,566
Minority interests (16,813,937) (3,464,773)

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

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE PERIODS ENDED 31 MARCH 2009 AND 2008

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

(Amounts expressed in euro)

Attr ibut
able
Equ
ity H
to		 olde
f So
rs o
nae
Not
es		 Sha
re
Cap
ital		 Ow
n
Sha
res		 Leg
al
Res
erve		 Cur
renc
y
Tra
nsla
tion
Res
erve		 Res
d R
etai
erve
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4

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE PERIODS ENDED 31 MARCH 2009 AND 2008

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

(Amounts expressed in euro)

31 March 2009 31 March 2008
OPERATING ACTIVITIES Notes
Net cash flow from operating activities (1) (153,839,678) (59,137,221)
INVESTMENT ACTIVITIES
Cash receipts arising from:
Investments 2,036,054 4,307,351
Tangible, intangible assets and investment properties 6,967,884 1,017,705
Others 11,725,828 9,348,207
20,729,766 14,673,263
Cash Payments arising from:
Investments (14,692,537) (19,539,841)
Tangible, intangible assets and investment properties (194,226,585) (171,961,224)
Others (3,048,396) (14,437,243)
(211,967,518) (205,938,308)
Net cash used in investment activities (2) (191,237,752) (191,265,045)
FINANCING ACTIVITIES
Cash receipts arising from:
Loans obtained 2,120,718,470 1,096,251,023
Others 2,656,075 -
2,123,374,545 1,096,251,023
Cash Payments arising from:
Cash
arising
Loans obtained (1,818,789,675) (899,730,556)
Interest and similar charges
Others		 (54,119,833)
(2,703,297)		 (48,758,040)
(88,214,055)
(1,875,612,805) (1,036,702,651)
Net cash used in financing activities (3) 247,761,740 59,548,372
Net increase in cash and cash equivalents (4) = (1) + (2) + (3) (97,315,690) (190,853,894)
Effect of foreign exchange rate (304,786) 359,632
Cash and cash equivalents at the beginning of the period 16 142,965,988 275,625,572
Cash and cash equivalents at the end of the period 16 45,955,084 84,412,046

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED 31 MARCH 2009

(Amounts expressed in euro)

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

1. INTRODUCTION

SONAE, SGPS, SA ("the Company" or "Sonae"), with head office at Lugar do Espido, Via Norte, Apartado 1011, 4471-909 Maia, Portugal, is the parent company of a group of companies, as detailed in Notes 4 to 7 ("Sonae Group"). The Group's operations and business segments are described in Note 31.

2. PRINCIPAL ACCOUNTING POLICIES

The accounting policies adopted are consistent with those followed in the preparation of annual financial statements for the year ended 31 December 2008.

Basis of preparation

The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS" – previously named International Accounting Standards – "IAS"), issued by the International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") or by the previous Standing Interpretations Committee ("SIC"), applicable to financial years beginning on 1 January 2009.

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

The accompanying consolidated financial statements have been prepared from the books and accounting records of the companies included in the consolidation (Notes 4 to 6) on a going concern basis and under the historical cost convention, except for investment properties and financial instruments which are stated at fair value.

3. CHANGES IN ACCOUNTING POLICIES AND CORRECTION OF ERRORS

During the period there were neither changes in accounting policies nor correction of prior period errors.

4. GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

Group companies included in the consolidated financial statements, their head offices and percentage of share capital held by the Group as at 31 March 2009 and 31 December 2008 are as follows:

Percentage of capital held
31 March 2009 31 December 2008
COMPANY Head Office Direct Total Direct Total
Sonae - SGPS, S.A. Maia HOLDING HOLDING HOLDING HOLDING
Retail
Arat Immuebles, SA a) Madrid (Spain) 100.00% 100.00% 100.00% 100.00%
Azulino Imobiliária, SA a) Maia 100.00% 100.00% 100.00% 100.00%
1) BB Food Service, SA a) Maia 100.00% 100.00% - -
Bertimóvel - Sociedade Imobiliária, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Best Offer - Prestação de Informações por Internet, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Bikini, Portal de Mulheres, SA a) Maia 100.00% 100.00% 100.00% 100.00%
1) Bom Momento - Comércio Retalhista, SA a) Maia 100.00% 100.00% - -
Canasta - Empreendimentos Imobiliários, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Carnes do Continente - Industria e Distribuição Carnes,
SA		 a) Santarém 100.00% 100.00% 100.00% 100.00%
Chão Verde - Sociedade de Gestão Imobiliária, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Citorres - Sociedade Imobiliária, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Contibomba - Comércio e Distribuição de Combustiveis,
SA		 a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Contimobe - Imobiliária de Castelo Paiva, SA a) Castelo de Paiva 100.00% 100.00% 100.00% 100.00%
Continente Hipermercados, SA a) Lisbon 100.00% 100.00% 100.00% 100.00%
Cumulativa - Sociedade Imobiliária, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Difusão - Sociedade Imobiliária, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Edições Book.it, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Efanor - Design e Serviços, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Efanor - Indústria de Fios, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Estevão Neves - Hipermercados da Madeira, SA a) Madeira 100.00% 100.00% 100.00% 100.00%
Farmácia Selecção, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Fozimo - Sociedade Imobiliária, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Fozmassimo - Sociedade Imobiliária, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Fundo de Investimento Imobiliário Imosonae Dois a) Maia 100.00% 100.00% 100.00% 100.00%
Global S - Hipermercado, Lda a) Matosinhos 100.00% 100.00% 100.00% 100.00%
1) Good and Cheap - Comércio Retalhista, SA a) Matosinhos 100.00% 100.00% - -
1) Hipotética - Comércio Retalhista, SA a) Matosinhos 100.00% 100.00% - -
IGI - Investimento Imobiliário, SA a) Porto 100.00% 100.00% 100.00% 100.00%
Igimo - Sociedade Imobiliária, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Iginha - Sociedade Imobiliária, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Imoconti - Sociedade Imobiliária, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Imoestrutura - Sociedade Imobiliária, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Imomuro - Sociedade Imobiliária, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Imoresultado - Sociedade Imobiliaria, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Imosistema - Sociedade Imobiliária, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Infofield - Informática, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Inventory - Acessórios de Casa, SA a) Maia 100.00% 100.00% 100.00% 100.00%
1)
Just Sport - Comércio de Artigos de Desporto, SA		 a) Matosinhos 100.00% 100.00% - -
Marcas MC, zRT a) Budapest (Hungary) 100.00% 100.00% 100.00% 100.00%
MJLF - Empreendimentos Imobiliários, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Modalfa - Comércio e Serviços, SA a) Maia 100.00% 100.00% 100.00% 100.00%
1) Modallopop - Comércio de Artigos de Desporto, SA a) Matosinhos 100.00% 100.00% - -
Modelo Continente - Operações de Retalho SGPS, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Modelo Continente Hipermercados,SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Modelo Continente Seguros - Sociedade Mediação, SA a) Porto 100.00% 100.00% 100.00% 100.00%
Modelo Hiper Imobiliária, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Modelo Hipermercados Trading, SA a) Madrid (Spain) 100.00% 100.00% 100.00% 100.00%
Modelo.com - Vendas p/Correspond., SA a) Maia 100.00% 100.00% 100.00% 100.00%
NA - Comércio de Artigos de Desporto, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
NA - Equipamentos para o Lar, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Peixes do Continente - Indústria e Distribuição de Peixes,
SA		 a) Matosinhos 100 00%
100.00%		 100 00%
100.00%		 100 00%
100.00%		 100 00%
100.00%
Pharmacontinente - Saúde e Higiene, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Predicomercial - Promoção Imobiliária, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Selifa - Empreendimentos Imobiliários, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Sempre à Mão - Sociedade Imobiliária, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Sesagest - Proj.Gestão Imobiliária, SA a) Porto 100.00% 100.00% 100.00% 100.00%
Socijofra - Sociedade Imobiliária, SA a) Gondomar 100.00% 100.00% 100.00% 100.00%
Sociloures - Sociedade Imobiliária, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Soflorin, BV a) Amsterdam (The
Netherlands)		 100.00% 100.00% 100.00% 100.00%
Solaris Supermercados, SA a) Viana do Castelo 100.00% 100.00% 100.00% 100.00%
Sonae Capital Brasil, Lda a) São Paulo (Brazil) 100.00% 100.00% 100.00% 100.00%
Sonae Distribuição, SGPS, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
SIAL Participações, Ltda a) São Paulo (Brazil) 100.00% 100.00% 100.00% 100.00%
Sonae Retalho España - Servicios Generales, SA a) Madrid (Spain) 100.00% 100.00% 100.00% 100.00%
Sonaecor - Comércio Y Distribución, SA a) Madrid (Spain) 100.00% 100.00% 100.00% 100.00%
Sondis Imobiliária, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Sontária - Empreendimentos Imobiliários, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Sonvecap, BV a) Amsterdam (The 100.00% 100.00% 100.00% 100.00%
Sport Zone - Comércio de Artigos de Desporto, SA a) Netherlands)
Matosinhos		 100.00% 100.00% 100.00% 100.00%
Sport Zone Espanã - Comercio de Articulos de Deporte,
SA a) Madrid (Spain) 100.00% 100.00% 100.00% 100.00%
Tlantic Portugal - Sistemas de Informação, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Tlantic Sistemas de Informação, Ltda a) Porto Alegre (Brazil) 100.00% 100.00% 100.00% 100.00%
Todos os Dias - Com. Ret. Expl. C. Comer., SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Valor N, SA
1) Well W - Electrodomésticos e Equipamentos, SA		 a)
a)		 Matosinhos
Matosinhos		 100.00%
100.00%		 100.00%
100.00%		 100.00%
-		 100.00%
-
Worten - Equipamento para o Lar, SA a) Matosinhos 100.00% 100.00% 100.00% 100.00%
Worten España Distribución, S.L. a) Madrid (Spain) 100.00% 100.00% 100.00% 100.00%
Telecommunications
Be Artis - Concepção, Construção e Gestão de Redes de
Comunicações, SA		 a) Maia 100.00% 54.07% 100.00% 53.95%
Be Towering - Explor. Torres de Telecomunicações, SA a) Maia 100.00% 54.07% 100.00% 53.95%
3) We Do Technologies Australia PTY Limited a) Australia 100.00% 54.07% 100.00% 53.95%
4) We Do Poland Sp.Z.o.o. a) Posnan (Poland) 100.00% 54.07% 100.00% 53.95%
Cape Tecnologies (U.K) Limitied a) Cardiff (U.K.) 100.00% 54.07% 100.00% 53.95%
Cape Tecnologies Americas, Inc. a) Miami (USA) 100.00% 54.07% 100.00% 53.95%
Cape Tecnologies Limitied a) Dublin (Ireland) 100.00% 54.07% 100.00% 53.95%
Digitmarket - Sistemas de Informação, SA a) Maia 75.10% 40.60% 75.10% 40.52%
Lugares Virtuais, SA
1)		 a) Maia 100.00% 54.07% - -
M3G - Edições Digitais, SA a) Maia 100.00% 54.07% 100.00% 53.95%
Magma - Operação de Titularização de Créditos c) Portugal 100.00% 54.07% 100.00% 53.95%
Mainroad Serviços em Tecnologias de Informação, SA a) Maia 100.00% 54.07% 100.00% 53.95%
Miauger - Org. Gestão Leilões Electrónicos, SA a) Maia 100.00% 54.07% 100.00% 53.95%
Per-Mar - Sociedade de Construções, SA a) Maia 100.00% 54.07% 100.00% 53.95%
Praesidium Services Limited a) Berkshire (U.K.) 100.00% 54.07% 100.00% 53.95%
Praesidium Tecnologies Limited a) Berkshire (U.K.) 100.00% 54.07% 100.00% 53.95%
Público - Comunicação Social, SA a) Porto 100.00% 54.07% 100.00% 53.95%
Saphety Level - Trusted Services, SA a) Maia 86.99% 47.04% 86.99% 46.93%
Sonae Telecom, SGPS, SA a) Maia 100.00% 54.07% 100.00% 53.95%
Sonaecom - Serviços de Comunicação, SA a) Maia 100.00% 54.07% 100.00% 53.95%
Sonaecom - Sistemas de Informação, SGPS, SA a) Maia 100.00% 54.07% 100.00% 53.95%
Sonaecom BV a) Amsterdam (The
Netherlands)		 100.00% 54.07% 100.00% 53.95%
Sonaecom, SGPS, SA a) Maia 54.07% 54.07% 53.95% 53.95%
Sonaetelecom, BV a) Amsterdam (The
Netherlands)		 100.00% 54.07% 100.00% 53.95%
Tecnológica Telecomunicações Ltda a) Rio de Janeiro
(Brazil)		 99.99% 54.01% 99.99% 53.89%
Telemilénio - Telecomunicações Soc.Unipessoal, Lda
2)		 a) Lisbon 100.00% 54.07% 100.00% 53.95%
We Do Brasil - Soluções Informáticas, Ltda a) Rio de Janeiro
(Brazil)		 99.91% 54.02% 99.91% 53.90%
We Do Consulting - Sistemas de Informação, SA a) Maia 100.00% 54.07% 100.00% 53.95%
We Do Technologies (UK) Limited a) Berkshire (U.K.) 100.00% 54.07% 100.00% 53.95%
We Do Technologies BV a) Amsterdam (The
Netherlands)		 100.00% 54.07% 100.00% 53.95%
We Do Technologies Egypt Limited
We Do Technologies Egypt Limited		 a) Cairo (Egypto)
Cairo		 100.00%
100.00%		 54.07%
54.07%		 100.00%
100.00%		 53.95%
We Do Technologies Mexico Limited a) Mexico City 100.00% 54.07% 100.00% 53.95%
Management investments
MDS - Corretor de Seguros, SA a) Porto 100.00% 100.00% 100.00% 100.00%
MDS, SGPS, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Modelo - Distribuição de Materiais de Construção, SA b) Maia 50.00% 50.00% 50.00% 50.00%
Sonae RE, SA a) Luxembourg 100.00% 100.00% 100.00% 100.00%
Others
Libra Serviços, Lda a) Funchal 100.00% 100.00% 100.00% 100.00%
Sonae Investments, BV a) Amsterdam (The
Netherlands)		 100.00% 100.00% 100.00% 100.00%
Sonaecenter Serviços, SA a) Maia 100.00% 100.00% 100.00% 100.00%
Sonaegest-Soc.Gest.Fundos Investimentos, SA a) Maia 80.00% 70.00% 80.00% 70.00%
Sontel, BV a) Amsterdam (The
Netherlands)		 100.00% 100.00% 100.00% 100.00%

1) Company incorporated in the period;

2) Company merged into Sonaecom - Sistemas de Informação, SGPS, SA;

3) Ex - Cape Asia Pac Pty Limited;

4) Ex - Cape Poland Sp.Z.o.o..

a) Majority of voting rights;

b) Management control.

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

These group companies are consolidated using the full consolidation method.

5. JOINTLY CONTROLLED COMPANIES

Jointly controlled companies included in the consolidated financial statements, their head offices and the percentage of share capital held by the Group as at 31 March 2009 and 31 December 2008 are as follows:

Percentage of capital held
31 March 2009 31 December 2008
COMPANY Head Office Direct Total Direct Total
Shopping Centres
Dusseldorf
3DO Holding GmbH (Germany) 100.00% 50.00% 100.00% 50.00%
3DO Shopping Centre GmbH Dusseldorf
(Germany)		 100.00% 50.00% 100.00% 50.00%
3shoppings - Holding, SGPS, SA Maia 100.00% 25.05% 100.00% 25.05%
Aegean Park Constructions Real Estate and Development, SA Athens (Greece) 100.00% 25.00% 100.00% 25.00%
Airone - Shopping Centre, Srl Milan (Italy) 100.00% 25.05% 100.00% 25.05%
ALEXA Administration GmbH Berlin (Germany) 100.00% 25.00% 100.00% 25.00%
ALEXA Holding GmbH Dusseldorf
(Germany)		 50.00% 25.00% 50.00% 25.00%
ALEXA Shopping Centre GmbH Dusseldorf
(Germany)		 100.00% 25.00% 100.00% 25.00%
Algarveshopping - Centro Comercial, SA Maia 100.00% 25.05% 100.00% 25.05%
Arrábidashopping - Centro Comercial, SA Maia 50.00% 12.53% 50.00% 12.53%
Avenida M-40, BV Amsterdam (The
Netherlands)		 100.00% 25.05% 100.00% 25.05%
Avenida M-40, SA Madrid (Spain) 100.00% 25.05% 100.00% 25.05%
Cascaishopping - Centro Comercial, SA Maia 50.00% 12.53% 50.00% 12.53%
Cascaishopping Holding I, SGPS, SA Maia 100.00% 25.05% 100.00% 25.05%
Centro Colombo - Centro Comercial, SA Maia 100.00% 12.53% 100.00% 12.53%
Centro Vasco da Gama - Centro Comercial, SA Maia 50.00% 12.53% 50.00% 12.53%
Clérigoshopping - Gestão do Centro Comercial, SA Maia 100.00% 50.00% 100.00% 50.00%
Coimbrashopping - Centro Comercial, SA Maia 100.00% 25.05% 100.00% 25.05%
Colombo Towers Holding, BV Haya (The
Netherlands)		 50.00% 25.00% 50.00% 25.00%
Craiova Mall BV Amsterdam (The
Netherlands)		 100.00% 50.00% 100.00% 50.00%
Dortmund Tower GmbH Dusseldorf
(Germany)		 100.00% 50.00% 100.00% 50.00%
Dos Mares - Shopping Centre, BV Amsterdam (The
Netherlands)		 100.00% 25.05% 100.00% 25.05%
Dos Mares - Shopping Centre, SA Madrid (Spain) 100.00% 25.05% 100.00% 25.05%
El Rosal Shopping, SA Madrid (Spain) 70.00% 35.00% 70.00% 35.00%
Estação Viana - Centro Comercial, SA Viana do Castelo 100.00% 25.05% 100.00% 25.05%
Freccia Rossa - Shopping Centre, Srl Milan (Italy) 50.00% 25.00% 50.00% 25.00%
Fundo Investimento Imob. Shopping Parque D. Pedro Shopping, SA São Paulo (Brazil) 100.00% 24.36% 100.00% 24.36%
Gaiashopping I - Centro Comercial, SA Maia 50.00% 12.53% 50.00% 12.53%
Gaiashopping II - Centro Comercial, SA Maia 100.00% 12.53% 100.00% 12.53%
Gli Orsi - Shopping Centre, Srl Milan (Italy) 100.00% 50.00% 100.00% 50.00%
Gli Orsi 1 Shopping Centre, Srl Milan (Italy) 100.00% 50.00% 100.00% 50.00%
Guimarãeshopping - Centro Comercial, SA Maia 100.00% 25.05% 100.00% 25.05%
Iberian Assets, SA Madrid (Spain) 49.78% 12.48% 49.78% 12.48%
Inparsa - Gestão de Galeria Comerc., SA Maia 100.00% 50.00% 100.00% 50.00%
Ioannina Development of Shopping Centres, SA Athens (Greece) 100.00% 50.00% 100.00% 50.00%
KLC Holdings XII, SA Luxembourg 100.00% 50.00% 100.00% 50.00%
La Farga - Shopping Centre, SL Madrid (Spain) 100.00% 12.48% 100.00% 12.48%
Larissa Development of Shopping Centres, SA Athens (Greece) 100.00% 25.00% 100.00% 25.00%
Le Terrazze - Shopping Centre, Srl Milan (Italy) 50.00% 25.00% 50.00% 25.00%
Lembo Services Ltd Cyprus 100.00% 50.00% 100.00% 50.00%
Loop 5 - Shopping Centre Gmbh Dusseldorf
(Germany)		 50.00% 25.00% 50.00% 25.00%
Luz del Tajo - Centro Comercial, SA Madrid (Spain) 100.00% 25.05% 100.00% 25.05%
Luz del Tajo, BV Amesterdam (The
Netherlands)		 100.00% 25.05% 100.00% 25.05%
Madeirashopping - Centro Comercial, SA Funchal (Madeira) 50.00% 12.53% 50.00% 12.53%
Maiashopping - Centro Comercial, SA Maia 100.00% 25.05% 100.00% 25.05%
MC Property Management, SA Athens (Greece) 75.00% 18.75% 75.00% 18.75%
Münster Arkaden, BV Amsterdam (The
Netherlands)		 100.00% 25.05% 100.00% 25.05%
Norte Shopping Retail and Leisure Centre, BV Amsterdam (The
Netherlands)		 50.00% 12.53% 50.00% 12.53%
Norteshopping - Centro Comercial, SA Maia
Amsterdam (The		 100.00% 12.53% 100.00% 12.53%
Pantheon Plaza BV Netherlands) 50.00% 25.00% 50.00% 25.00%
Paracentro - Gestão de Galerias Comerciais, SA Maia 100.00% 50.00% 100.00% 50.00%
Park Avenue Developement of Shopping Centers, SA Athens (Greece) 100.00% 25.00% 100.00% 25.00%
Parque Atlântico Shopping - Centro Comercial SA Ponta Delgada 50.00% 12.53% 50.00% 12.53%
Parque D. Pedro 1, BV Sarl (Azores)
Luxembourg		 100.00% 25.00% 100.00% 25.00%
Parque D. Pedro 2, BV Sarl Luxembourg 100.00% 25.00% 100.00% 25.00%
Parque de Famalicão - Empreendimentos Imobiliários, SA Maia 100.00% 50.00% 100.00% 50.00%
Parque Principado, SL Madrid (Spain) 50.00% 12.53% 50.00% 12.53%
Pátio Boavista Shopping, Ltda São Paulo (Brazil) 100.00% 23.76% 100.00% 23.76%
Pátio Goiânia Shopping, Ltda São Paulo (Brazil) 100.00% 23.76% 100.00% 23.76%
Pátio Londrina Empreendimentos e Participações, Ltda São Paulo (Brazil) 100.00% 23.76% 100.00% 23.76%
Pátio Penha Shopping, Ltda São Paulo (Brazil) 99.99% 23.76% 99.99% 23.76%
Pátio São Bernardo Shopping Ltda São Paulo (Brazil) 100.00% 23.76% 100.00% 23.76%
Pátio Sertório Shopping Ltda São Paulo (Brazil) 100.00% 23.76% 100.00% 23.76%
Pátio Uberlândia Shopping Ltda São Paulo (Brazil) 100.00% 23.76% 100.00% 23.76%
Plaza Eboli - Centro Comercial, SA Madrid (Spain) 100.00% 50.00% 100.00% 50.00%
Amsterdam (The
Plaza Eboli, BV Netherlands) 100.00% 50.00% 100.00% 50.00%
Plaza Mayor Holding, SGPS, SA Maia 100.00% 25.05% 100.00% 25.05%
Plaza Mayor Parque de Ócio, BV Amsterdam (The
Netherlands)		 100.00% 25.05% 100.00% 25.05%
Plaza Mayor Parque de Ócio, SA Madrid (Spain) 100.00% 25.05% 100.00% 25.05%
Plaza Mayor Shopping, BV Amsterdam (The 100.00% 50.00% 100.00% 50.00%
Netherlands)
Plaza Mayor Shopping, SA Madrid (Spain) 75.00% 37.50% 75.00% 37.50%
Ploi Mall BV Amsterdam (The
Netherlands)		 100.00% 50.00% 100.00% 50.00%
Pridelease Investments, Ltd Cascais 100.00% 50.00% 100.00% 50.00%
Project 4, Srl Milan (Italy) 100.00% 50.00% 100.00% 50.00%
Amsterdam (The
Project SC 1, BV Netherlands) 50.00% 25.00% 50.00% 25.00%
Project SC 2, BV Amsterdam (The
Netherlands)		 100.00% 50.00% 100.00% 50.00%
Project Sierra 1 - Shopping Centre, GmbH Vienne (Austria) 100.00% 50.00% 100.00% 50.00%
Amsterdam (The
Project Sierra 2, BV Netherlands) 100.00% 50.00% 100.00% 50.00%
Project Sierra 5, BV Amsterdam (The
Netherlands)		 100.00% 50.00% 100.00% 50.00%
Amsterdam (The
Project Sierra 6, BV Netherlands) 100.00% 50.00% 100.00% 50.00%
Project Sierra 7 BV Amsterdam (The 100.00% 50.00% 100.00% 50.00%
Netherlands)
P j t Si
Project Sierra
8 BV		 Amsterdam (The
Amsterdam
Netherlands)		 100.00%
100 00%		 50.00%
50 00%		 100.00%
100 00%		 50.00%
50 00%
Amsterdam (The
Project Sierra 9 BV Netherlands) 100.00% 50.00% 100.00% 50.00%
Project Sierra 10 BV Amsterdam (The 100.00% 50.00% 100.00% 50.00%
Netherlands)
Amsterdam (The
Project Sierra Brazil 1, BV Netherlands) 100.00% 50.00% 100.00% 50.00%
Project Sierra Four SA Bucharest (Romania) 100.00% 50.00% 100.00% 50.00%
Project Sierra Germany 2 (two), Shopping Centre GmbH Dusseldorf
(Germany)		 100.00% 50.00% 100.00% 50.00%
Dusseldorf
Project Sierra Germany 3 (three), Shopping Centre, GmbH (Germany) 100.00% 50.00% 100.00% 50.00%
Dusseldorf
Project Sierra Germany 4 (four), Shopping Centre, GmbH (Germany) 100.00% 50.00% 100.00% 50.00%
Project Sierra Germany Shopping Centre 1 BV Amsterdam (The 100.00% 50.00% 100.00% 50.00%
Netherlands)
Amsterdam (The
Project Sierra Germany Shopping Centre 2 BV Netherlands) 100.00% 50.00% 100.00% 50.00%
Project Sierra Holding Portugal V, SGPS, SA Maia 100.00% 50.00% 100.00% 50.00%
Project Sierra Italy 1 - Shopping Centre, Srl Milan (Italy) 100.00% 50.00% 100.00% 50.00%
Project Sierra Italy 2 - Development of Shopping Centres, Srl Milan (Italy) 100.00% 50.00% 100.00% 50.00%
Project Sierra Italy 3 - Shopping Centre, Srl Milan (Italy) 100.00% 50.00% 100.00% 50.00%
Project Sierra Italy 5 - Development of Shopping Centrs Sarl Milan (Italy) 100.00% 50.00% 100.00% 50.00%
Project Sierra One Srl Bucharest (Romania) 100.00% 50.00% 100.00% 50.00%
Project Sierra Portugal I - C.Comercial, SA Maia 50.00% 25.00% 50.00% 25.00%
Project Sierra Portugal II - Centro Comercial, SA Maia 100.00% 50.00% 100.00% 50.00%
Project Sierra Portugal IV - Centro Comercial, SA Maia 100.00% 50.00% 100.00% 50.00%
Project Sierra Portugal V - Centro Comercial, SA Maia 100.00% 50.00% 100.00% 50.00%
Project Sierra Portugal VI - Centro Comercial, SA Maia 100.00% 50.00% 100.00% 50.00%
Project Sierra Portugal VII - Centro Comercial, SA Maia 100.00% 50.00% 100.00% 50.00%
Project Sierra Portugal VIII - Centro Comercial, SA Maia 100.00% 50.00% 100.00% 50.00%
Amsterdam (The
Project Sierra Spain 1, BV Netherlands) 100.00% 50.00% 100.00% 50.00%
Project Sierra Spain 2 - Centro Comerial, SA Madrid (Spain) 100.00% 50.00% 100.00% 50.00%
Project Sierra Spain 2, BV Amsterdam (The
Netherlands)		 100.00% 50.00% 100.00% 50.00%
Project Sierra Spain 3 - Centro Comercial, SA Madrid (Spain) 50.00% 25.00% 50.00% 25.00%
Project Sierra Spain 3, BV Amsterdam (The 100.00% 50.00% 100.00% 50.00%
Project Sierra Spain 6 - Centro Comercial, SA Netherlands)
Madrid (Spain)		 100.00% 50.00% 100.00% 50.00%
Project Sierra Spain 6, BV Amsterdam (The 100.00% 50.00% 100.00% 50.00%
Project Sierra Spain 7 - Centro Comercial, SA Netherlands)
Madrid (Spain)		 100.00% 50.00% 100.00% 50.00%
Amsterdam (The
Project Sierra Spain 7, BV Netherlands) 100.00% 50.00% 100.00% 50.00%
Project Sierra Srl Bucharest (Romania) 100.00% 50.00% 100.00% 50.00%
Project Sierra Three Srl Bucharest (Romania) 100.00% 50.00% 100.00% 50.00%
Project Sierra Two Srl Bucharest (Romania)
Amsterdam (The		 100.00% 50.00% 100.00% 50.00%
River Plaza BV Netherlands) 100.00% 50.00% 100.00% 50.00%
River Plaza Mall, Srl Bucharest (Romania) 100.00% 50.00% 100.00% 50.00%
S.C. Microcom Doi Srl Bucharest (Romania) 100.00% 50.00% 100.00% 50.00%
Amsterdam (The
SC Aegean, BV Netherlands) 50.00% 25.00% 50.00% 25.00%
SC Mediterranean Cosmos, BV Amsterdam (The
Netherlands)		 50.00% 12.53% 50.00% 12.53%
Shopping Centre Colombo Holding, BV Amsterdam (The
Netherlands)		 50.00% 12.53% 50.00% 12.53%
Shopping Centre Parque Principado, BV Amsterdam (The 100.00% 25.05% 100.00% 25.05%
Netherlands)
Sierra Asset Management - Gestão de Activos, SA Maia
Amsterdam (The		 100.00% 50.00% 100.00% 50.00%
Sierra Brazil 1, BV Netherlands) 100.00% 25.00% 100.00% 25.00%
Sierra Charagionis Developement of Shopping Centers, SA Athens (Greece) 50.00% 25.00% 50.00% 25.00%
Sierra Charagionis Property Management, SA
Sierra Corporate Services - Apoio à Gestão, SA		 Athens (Greece)
Lisbon		 50.00%
100.00%		 25.00%
50.00%		 50.00%
100.00%		 25.00%
50.00%
Amsterdam (The
Sierra Corporate Services Holland, BV Netherlands) 100.00% 50.00% 100.00% 50.00%
Sierra Development of Shopping Centres Greece, SA Athens (Greece) 100.00% 50.00% 100.00% 50.00%
Sierra Developments - Serviços de Promoção Imobiliária, SA Maia 100.00% 50.00% 100.00% 50.00%
Sierra Developments Germany GmbH Dusseldorf (Germany)
Amsterdam (The		 100.00% 50.00% 100.00% 50.00%
Sierra Developments Germany Holding, BV Netherlands) 100.00% 50.00% 100.00% 50.00%
Sierra Developments Holding, BV
Sierra Developments		 Amsterdam (The
N th l d )
Netherlands)		 100.00% 50.00% 100.00% 50.00%
Sierra Developments Iberia 1, Promoção Imobiliária, SA Maia 100.00% 50.00% 100.00% 50.00%
Sierra Developments Italy, Srl Milan (Italy) 100.00% 50.00% 100.00% 50.00%
Sierra Developments Romania SRL Bucharest (Romania) 100.00% 50.00% 100.00% 50.00%
Sierra Developments Spain - Promociones de Centros Comerciales, SL Madrid (Spain) 100.00% 50.00% 100.00% 50.00%
Sierra Developments, SGPS, SA Maia 100.00% 50.00% 100.00% 50.00%
Sierra Enplanta, Ltda São Paulo (Brazil) 100.00% 23.76% 100.00% 23.76%
Sierra European Retail Real Estate Assets Holdings, BV Amsterdam (The
Netherlands)		 50.10% 25.05% 50.10% 25.05%
Sierra GP, Limited Guernsey (U.K.) 100.00% 49.99% 100.00% 49.99%
Sierra Investimentos Brasil Ltda São Paulo (Brazil) 100.00% 23.76% 100.00% 23.76%
Sierra Investments (Holland) 1, BV Amsterdam (The
Netherlands)		 100.00% 50.00% 100.00% 50.00%
Sierra Investments (Holland) 2, BV Amsterdam (The 100.00% 50.00% 100.00% 50.00%
Netherlands)
Sierra Investments Holding, BV Amsterdam (The
Netherlands)		 100.00% 50.00% 100.00% 50.00%
Sierra Investments SGPS, SA Maia 100.00% 50.00% 100.00% 50.00%
Sierra Italy Holding, BV Amsterdam (The
Netherlands)		 100.00% 50.00% 100.00% 50.00%
Sierra Management Germany, GmbH Dusseldorf 100.00% 50.00% 100.00% 50.00%
(Germany)
Sierra Management II - Gestão de Centros Comerciais, SA
Sierra Management Italy, Srl		 Lisbon
Milan (Italy)		 100.00%
100.00%		 50.00%
50.00%		 100.00%
100.00%		 50.00%
50.00%
Sierra Management New Tech.Bus. - Serv.Comu.CC, SA Lisbon 100.00% 50.00% 100.00% 50.00%
Sierra Management Portugal - Gestão de Centros Comerciais, SA Lisbon 100.00% 50.00% 100.00% 50.00%
Sierra Management Spain - Gestión de Centros Comerciales, SA Madrid (Spain) 100.00% 50.00% 100.00% 50.00%
Sierra Management, SGPS, SA Maia 100.00% 50.00% 100.00% 50.00%
Sierra Property Management Greece, SA Athens (Greece) 100.00% 50.00% 100.00% 50.00%
Sierra Property Management, Srl Bucharest (Romania) 100.00% 50.00% 100.00% 50.00%
Sonae Sierra Brasil, SA
Sonae Sierra Brazil, BV Sarl		 São Paulo (Brazil)
Luxembourg		 94,54%
50.00%		 23.76%
25.00%		 94,54%
50.00%		 23.76%
25.00%
Sonae Sierra, SGPS, SA Maia 50.00% 50.00% 50.00% 50.00%
SPF - Sierra Portugal Luxembourg 100.00% 50.00% 100.00% 50.00%
SRP - Parque Comercial de Setúbal, SA Maia 50.00% 25.00% 50.00% 25.00%
Torre Ocidente - Imobiliária, SA Maia 50.00% 12.50% 50.00% 12.50%
Torre Oriente - Imobiliária, SA Maia 50.00% 12.50% 50.00% 12.50%
Unishopping Administradora, Ltda São Paulo (Brazil) 100.00% 23.76% 100.00% 23.76%
Unishopping Consultoria Imobiliária, Ltda São Paulo (Brazil) 99.98% 23.76% 99.98% 23.76%
Valecenter, Srl Milan (Italy) 100.00% 25.05% 100.00% 25.05%
Via Catarina - Centro Comercial, SA Maia 50.00% 12.53% 50.00% 12.53%
1) Vuelta Omega, S.L. Madrid (Spain) 100.00% 50.00% - -
Weiterstadt Shopping BV Amsterdam (The
Netherlands)		 100.00% 50.00% 100.00% 50.00%
Zubiarte Inversiones Inmobiliarias, SA Madrid (Spain) 49.83% 12.48% 49.83% 12.48%
Telecommunications
Unipress - Centro Gráfico, Lda Vila Nova de Gaia 50.00% 27.03% 50.00% 26.97%
Vipu ACE Lisbon 50.00% 27.03% 50.00% 26.97%
Management investments
Equador & Mendes - Agência de Viagens e Turismo, Lda Lisbon 50.00% 50.00% 50.00% 50.00%
Geotur - Viagens e Turismo, SA Lisbon 50.00% 50.00% 50.00% 50.00%
Marcas do Mundo - Viagens e turismo, Sociedade Unipessoal, Lda Lisbon 50.00% 50.00% 50.00% 50.00%
Movimentos Viagens - Viagens e Turismo, Sociedade Unipessoal, Lda Lisbon 50.00% 50.00% 50.00% 50.00%
Nova Equador Internacional,Agência de Viagens e Turismo, Lda Lisbon 50.00% 50.00% 50.00% 50.00%
Nova Equador P.C.O. e Eventos, Sociedade Unipessoal, Lda Lisbon 50.00% 50.00% 50.00% 50.00%
Raso SGPS, SA Lisbon 50.00% 50.00% 50.00% 50.00%
Star - Viagens e Turismo, SA Lisbon 50.00% 50.00% 50.00% 50.00%
Viagens y Turismo de Geotur España, S.L. Madrid (Spain) 50.00% 50.00% 50.00% 50.00%

1) Company incorporated in the period;

These entities are consolidated using the proportionate consolidation method.

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

31 March 2009 31 December 2008 31 March 2008
Non current assets 4,520,482,310 4,540,862,267 4,630,389,389
Current assets 489,595,495 512,569,665 611,753,985
Non current liabilities 1,782,433,019 1,749,706,883 2,053,444,249
Current liabilities 572,534,050 561,933,408 687,176,758
Income 27,759,098 184,557,267 77,436,675
Expenses 70,834,244 296,759,268 72,402,895

6. INVESTMENTS IN ASSOCIATED COMPANIES

Associated companies, their head offices and the percentage of share capital held as at 31 March 2009 and 31 December 2008 are as follows:

Percentage of capital held
31 March 2009 31 December 2008 Book value
COMPANY Head Office Direct Total Direct Total 31 March 2009 31 December 2008
Retail
Fundo de Investimento Imobiliário Fechado Imosede Maia 49.00% 49.00% 49.00% 49.00% 62,681,043 62,813,335
Sempre a Postos - Produtos Alimentares e Utilidades,
Lda		 Lisbon 25.00% 25.00% 25.00% 25.00% 1,186,675 1,142,245
Shopping Centres
1) 8ª Avenida Centro Comercial, SA Maia 100.00% 21.00% 100.00% 21.00% - -
Arrábidashopping - Centro Comercial, SA
1)		 Maia 50.00% 10.50% 50.00% 10.50% - -
Campo Limpo Lda S. Paulo (Brazil) 20.00% 4.70% 20.00% 4.70% 1,223,511 1,136,276
1)
Gaiashopping I - Centro Comercial, SA		 Maia 50.00% 10.50% 50.00% 10.50% - -
1)
Gaiashopping II - Centro Comercial, SA		 Maia 100.00% 21.00% 100.00% 21.00% - -
1)
Loureshopping - Centro Comercial, SA		 Maia 100.00% 21.00% 100.00% 21.00% - -
Mediterranean Cosmos Shop. Centre Investments, SA Athens (Greece) 39.90% 5.00% 39.90% 5.00% 3,101,625 3,557,098
1)
Oeste Retail Park - Gestão de G.Comer., SA		 Maia 50.00% 10.50% 50.00% 10.50% - -
1) Rio Sul - Centro Comercial, SA Lisbon 50.00% 10.50% 50.00% 10.50% - -
1)
Serra Shopping - Centro Comercial, S.A.		 Covilhã 50.00% 10.50% 50.00% 10.50% - -
SIC Indoor - Gest. Suportes Publicitários, SA
1)		 Oeiras 35.00% 17.50% 35.00% 17.50% - -
1)
Sol Retail Park - Gestão de G. Comerc., SA		 Maia 50.00% 10.50% 50.00% 10.50% - -
SPF - Sierra Portugal Real Estate, Sarl Luxembourg 42.00% 21.00% 42.00% 21.00% 35,942,292 38,597,922
Telecommunications
SIRS - Sociedade Independente de Radiodifusão
Sonora, SA		 Porto 45.00% 24.33% 45.00% 24.37% 11,736 -
Insurance
Cooper Gay (Holding) Limited U.K. 32.12% 32.12% 32.12% 32.12% 36,454,937 33,863,022
Lazam Corretora, Ltda Brazil 45.00% 45.00% 45.00% 45.00% 8,509,203 1,553,597
Total 149,111,022 142,663,495

1) Nil balances result from the application of the equity method over the consolidated financial statements of Sierra Portugal Real Estate.

Nil balances shown result from the reduction of the acquisition cost of amounts by the use of the equity method.

Associated companies are included using the equity method.

As at 31 March 2009, 2008 and 31 December 2008, aggregate values of main financial indicators of associated companies can be analysed as follows:

31 March 2009 31 December 2008 31 March 2008
Total Assets 1,129,251,296 1,144,530,713 463,912,250
Total Liabilities 757,626,699 758,543,421 229,520,704
Income 46,123,369 312,438,219 64,699,779
Expenses 58,925,017 287,264,367 53,732,631

During the periods ended 31 March 2009 and 2008, movements in Investments in associated companies, are made up as follows:

31 March 2009 31 March 2008
Proportion on equity Goodwill Total of
investment		 Proportion on equity Goodwill Total of
investment
Investments in associated companies
Initial balance as at January,1 105,402,825 37,260,670 142,663,495 51,468,673 22,079,969 73,548,642
Increase of share capital of associates 6,955,606 - 6,955,606 - - -
Decrease of share capital of associates (524,735) - (524,735) - - -
Equity method
Effect in net income (242,715) - (242,715) 1,615,689 - 1,615,689
Effect in equity (373,246) 632,617 259,371 (517,089) - (517,089)
Transfers - - - (78,154) - (78,154)
Investments in associated companies 111,217,735 37,893,287 149,111,022 52,489,119 22,079,969 74,569,088

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

Group companies, jointly controlled companies and associated companies excluded from consolidation and other non current investments, their head offices, percentage of share capital held and book value as at 31 March 2009 and 31 December 2008 are made up as follows:

Percentage of capital held
31 March 2009 31 December 2008 Book Value
COMPANY Head Office Direct Total Direct Total 31 March 2009 31 December 2008
Retail
Dispar - Distrib. de Participações, SGPS, SA Lisbon 7.14% 7.14% 7.14% 7.14% 4,988 4,988
Insco - Insular de Hipermerc., SA Ponta Delgada 10.00% 10.00% 10.00% 10.00% 748,197 748,197
Shopping Centres
Ercasa Cogeneracion SA Grancasa (Spain) 10.00% 1,25% 10.00% 1,25% 23,949 23,949
Telecommunications
Altitude, SGPS, SA Lisbon 11.54% 6.24% 11.54% 6.23% 1,000,000 1,000,000
Lusa - Agên. de Noticias de Portugal, SA Lisbon 1.38% 0.75% 1.38% 0.88% 197,344 197,344
Investments Management
Puravida - Viagens e Turismo, Lda Lisbon 50.00% 50.00% 50.00% 50.00% 1,584,193 1,584,193
Other investments 10,440,375 9,419,504
Total (Note 12) 13,999,046 12,978,175

As at 31 March 2009, this caption includes 8,300,000 euro (7,304,000 euro as at 31 December 2008) related to the fair value of Sonae Capital, SGPS, S.A. shares attributable to Sonae SGPS and not recognized as explained in Note 17.

8. TANGIBLE ASSETS

During the three months period ended 31 March 2009 and 2008, movements in Tangible assets as well as depreciation and accumulated impairment losses, are made up as follows:

Tangible assets
Tangible Total
Land and Plant and assets Tangible
Buildings Machinery Others in progress Assets
Gross costs:
Opening balance as at 1 January 2009 1,742,490,487 1,614,278,960 321,293,070 283,948,037 3,962,010,554
Capital expenditure 7,273,802 3,180,584 3,014,162 81,031,037 94,499,585
Disposals (208,580) (3,605,424) (1,008,306) (5,529,133) (10,351,443)
Exchange rate effect 15,923 57,716 46,831 - 120,470
Transfers 31,161,354 70,376,736 6,288,426 (112,093,673) (4,267,157)
Closing balance as at 31 March 2009 1,780,732,986 1,684,288,572 329,634,183 247,356,268 4,042,012,009
Accumulated depreciation
and impairment losses
Opening balance as at 1 January 2009 320,534,099 889,938,447 243,594,972 - 1,454,067,518
Charge for the period 8,589,688 38,965,032 9,781,736 - 57,336,456
Disposals (8,273) (2,955,330) (758,134) - (3,721,737)
Exchange rate effect 8,497 22,205 19,208 - 49,910
Transfers - (24,095) (12,707) - (36,802)
Closing balance as at 31 March 2009 329,124,011 925,946,259 252,625,075 - 1,507,695,345
Carrying amount
As at 31 March 2009 1,451,608,975 758,342,313 77,009,108 247,356,268 2,534,316,664
Tangible assets
Tangible Total
Land and Plant and assets Tangible
Buildings Machinery Others in progress Assets
Gross costs:
Opening balance as at 1 January 2008 1,549,793,886 1,434,332,293 304,444,152 176,493,351 3,465,063,682
Capital expenditure 1,066,031 1,749,934 4,116,043 77,641,588 84,573,596
Disposals (5,156) (2,718,065) (9,314,710) (974,033) (13,011,964)
Exchange rate effect (21,180) (67,556) (62,545) - (151,281)
Transfers (21,596,372) 54,090,186 2,454,653 (35,278,300) (329,833)
Closing balance as at 31 March 2008 1,529,237,209 1,487,386,792 301,637,593 217,882,606 3,536,144,200
Accumulated depreciation
and impairment losses
Opening balance as at 1 January 2008 309,924,688 774,612,718 226,256,512 - 1,310,793,918
Charge for the period 8,182,964 34,613,172 8,749,305 - 51,545,441
Disposals (71) (2,116,377) (9,124,620) - (11,241,068)
Exchange rate effect (10,710) (23,562) (28,151) - (62,423)
Transfers (17,511,285) 17,542,559 (5,012) - 26,262
Closing balance as at 31 March 2008 300,585,586 824,628,510 225,848,034 - 1,351,062,130
Carrying amount
As at 31 March 2008 1,228,651,623 662,758,282 75,789,559 217,882,606 2,185,082,070

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

31 March 2009 31 March 2008
Refurbishment and expansion of stores in the retail
segment located in Portugal		 136,931,344 133,648,098
Projects of "Modelo" and "Continente" stores for which
advance payments were made		 37,797,426 34,792,862
Deployment of mobile network 36,737,908 36,884,068
Deployment of fixed network 25,873,028 3,579,669
Others 10,016,562 8,977,909
247,356,268 217,882,606

9. INTANGIBLE ASSETS

During the three months period ended 31 March 2009 and 2008, movements in Intangible assets as well as depreciation and accumulated impairment losses, are made the three period ended 31 March 2009 and movements in Intangible assets as well as depreciation and accumulated impairment are up as follows:

Intangible assets
Intangible Total
Patents and other assets Intangible
similar rights Others in progress Assets
Gross costs:
Opening balance as at 1 January 2009 382,645,868 362,074,955 31,622,120 776,342,943
Capital expenditure 217,284 264,775 8,353,528 8,835,587
Disposals (20,183) (2,500) (197,609) (220,292)
Exchange rate effect 93 125,210 565 125,868
Transfers 308,622 4,589,831 (4,949,723) (51,270)
Closing balance as at 31 March 2009 383,151,684 367,052,271 34,828,881 785,032,836
Accumulated depreciation
and impairment losses
Opening balance as at 1 January 2009 78,555,270 257,488,512 - 336,043,782
Charge for the period 4,943,454 8,935,497 - 13,878,951
Disposals (20,183) (292) - (20,475)
Exchange rate effect - 39,674 - 39,674
Transfers 4,350 - - 4,350
Closing balance as at 31 March 2009 83,482,891 266,463,391 - 349,946,282
Carrying amount
As at 31 March 2009 299,668,793 100,588,880 34,828,881 435,086,554
Intangible assets
Intangible Total
Patents and other assets Intangible
similar rights Others in progress Assets
Gross costs:
Opening balance as at 1 January 2008 274,917,793 340,533,967 21,477,186 636,928,946
Capital expenditure 2,938,572 1,019,242 5,236,185 9,193,999
Disposals (485) (356,062) (21,907) (378,454)
Exchange rate effect (123) (166,011) - (166,134)
Transfers 8,591 189,903 (739,662) (541,168)
Closing balance as at 31 March 2008 277,864,348 341,221,039 25,951,802 645,037,189
Accumulated depreciation
and impairment losses
Opening balance as at 1 January 2008 54,460,087 234,800,716 - 289,260,803
Charge for the period 5,888,506 6,221,780 - 12,110,286
Disposals (461) (352,701) - (353,162)
Exchange rate effect - (31,461) - (31,461)
Transfers (408) - - (408)
Closing balance as at 31 March 2008 60,347,724 240,638,334 - 300,986,058
Carrying amount
As at 31 March 2008 217,516,624 100,582,705 25,951,802 344,051,131

At 31 March 2009 and 2008, the Group has recorded under the heading "Patents and other similar rights" the amounts of 195,139,015 euro and 110,931,747 euro, respectively, that correspond to the investments net of depreciations made in the development of the UMTS network, including: (i) 65,256,266 euro (amount of 69,756,698 euro in 2008) relating to the license; (ii) 21,804,511 euro (amount of 23,308,270 euro in 2008) related to the agreement signed in 2002 between Oni Way and the other three mobile telecommunication operators in Portugal with UMTS licenses; (iii) 6,696,824 euro (amount of 7,158,674 euro in 2008) related to a contribution to the Information Society Fund, established in 2007, under an agreement entered into between the Ministry of Public Works, Transport and Communications ("Ministério das Obras Públicas, Transportes e Comunicações") and the three mobile telecommunication operators in Portugal; and (iv) 95,805,882 euro (amount of 4,748,052 euro in 2008) relating to the "Initiatives E" program, the latter relating to commitments assumed by the Group in the "Fund for Information Society" (Note 32).

Additionally, this heading also includes the fair value attributed to a group of brands with indefinite useful lives, among which the "Continente" brand, 75,000,000 euro (the same amount as at December 2008).

10. INVESTMENT PROPERTIES

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

As at 31 March 2009 and 31 December 2008, Investment properties are detailed as follows:

31 March 2009 31 December 2008
Investment properties in operation 1,626,153,246 1,683,441,521
Investment properties in progress 174,294,787 158,561,052
1,800,448,033 1,842,002,573

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

31 March 2009 31 December 2008
10 years
"discount rate"		 Yields Amount 10 years
"discount rate"		 Yields Amount
Portugal 7.80% and 9.90% 5.55% and 7.65% 772,346,874 7.30% and 9.75% 5.40% and 7.50% 790,389,750
Spain 8.55% and 11.65% 6.05% and 9.15% 384,749,770 8.70% and 12.35% 5.70% and 9.35% 413,726,365
Italy 8.00% and 9.00% 6.00% and 7.70% 167,950,250 8.00% and 8.70% 5.80% and 7.70% 183,216,750
Germany 6.50% 5.75% and 6.00% 164,472,577 6.50% 5.75% and 6.00% 163,875,827
Brazil 12.85% and 14.35% 8.25% and 9.75% 97,410,277 13.45% and 14.95% 8.25% and 9.75% 91,665,330
Greece 10.50% 7.00% 21,517,000 10.75% 7.00% 21,796,500
Romania 10.25% 8.50% 17,706,498 9.75% 8.00% 18,770,999
1,626,153,246 1,683,441,521

The fair value of each investment property was determined by a valuation performed at 31 March 2009 by an independent entity, based on valuation criteria generally accepted in the real estate business.

Value created on investment properties over the three months periods ended 31 March 2009 and 2008 can be detailed as follows:

31 March 2009 31 March 2008
Properties which were under development and were concluded
during the period - -
Changes in fair value of investment properties in operation (62,696,751) -
Adjustments to construction cost estimates of properties under
development which were transferred to investment properties - -
(62,696,751) -

As at 31 March 2009 and 31 December 2008, Investment properties in progress can be detailed as follows:

31 March 2009 31 December 2008
Investment Properties at cost:
Portugal:
Alverca 3,010,832 3,005,342
Centro Bordalo 1,509,756 1,430,192
Cacém Shopping 798,116 1,084,960
Setubal Retail Park 436,218 733,266
Parque de Famalicão 627,500 627,500
Others 284,326 104,310
Germany:
Others 376,729 350,458
Brazil:
Goiânia Shopping 2,541,162 2,332,966
Uberlândia Shopping 1,393,978 1,416,375
Pátio Boavista 772,184 646,176
Boulevard Londrina Shopping 487,574 112,582
Others 25,435 -
Spain:
Alfaz del Pi 9,561,558 9,724,204
Pulianas Shopping 6,546,977 6,393,375
Los Barrios 3,152,732 3,201,064
Dos Mares - expansão 1,404,902 1,404,902
Others 10,626 -
Greece:
Ioannina 12,764,684 12,425,240
Aegean Park 4,876,297 4,881,606
Galatsi Shopping 4,291,086 4,077,148
Pantheon Plaza 888,664 882,672
Italy:
Caldogno 4,715,269 4,662,500
Le Terraze 3,906,211 3,817,792
Pavia 3,807,988 3,755,236
Others 6,797 6,457
Romania:
Craiova Shopping 12,831,609 12,345,625
Ploiesti Shopping 6,882,989 6,726,158
87,912,199 86,148,106
Investment Properties at fair value:
Portugal:
Leiria Shopping 6,586,567 5,705,415
Torres Oriente and Ocidente 4,067,970 3,310,285
Brazil:
Manauara Shopping 25,065,896 17,942,521
Germany:
Loop 5 50,662,155 45,454,725
86,382,588 72,412,946
174,294,787 158,561,052

As at 31 March 2009, the following investment properties were mortgaged:

Airone Loop 5
Alexa Luz del Tajo
Algarveshopping Madeirashopping
Alverca Maiashopping
Arrabidashopping Max Center
Avenida M40 Manauara
Cascaishopping Munster Arkaden
Centro Colombo Norteshopping
Centro Vasco da Gama Parque Atlântico
Coimbrashopping Parque Principado
Dos Mares Plaza Éboli
El Rosal Plaza Mayor
Estação Viana Plaza Mayor Shopping
Freccia Rossa River Plaza Mall
Gaiashopping Torre Ocidente
Gli Orsi Torre Oriente
Grancasa Valecenter
Guimarãeshopping Valle Real
La Farga Viacatarina
Leiria Zubiarte

11. GOODWILL

During the three months period ended 31 March 2009 and 2008 and the twelve months period ended 31 December 2008, movements in goodwill, as well as in corresponding impairment losses, were made up as follows:

31 March 2009 31 March 2008 31 December 2008
Gross value:
Opening balance (1) 709,012,583 750,851,668 707,303,376
New companies in the consolidation perimeter - - 14,053,298
Increases - 1,824,404 18,714,449
Decreases (524,634) (8,952,045) (16,363,744)
Transfers - - (8,384,445)
Writte-off - - (6,310,351)
Closing balance
Closing		 708 487 949
708,487,949		 743 724 027
743,724,027		 709 012 583
709,012,583
Accumulated impairment
losses:
Opening balance 11,745,221 9,912,998 9,912,998
Increases - - 8,142,574
Writte-off - - (6,310,351)
Closing balance 11,745,221 9,912,998 11,745,221
Carrying amount: 696,742,728 733,811,029 697,267,362

(1) Opening balance reexpressed as at 31 December 2008 with the fair value of acquired assets from Continente Hipermercados (ex - Carrefour).

12. INVESTMENTS

As at 31 March 2009 and 2008, this caption is made up as follows:

31 March 2009 31 March 2008
Non current Current Non current Current
Investments in group companies, jointly controlled companies
or associated companies excluded from consolidation
Opening balance as at 1 January 3,012,637 - 9,376,193 -
Acquisitions in the period 483,467 - - -
Disposals in the period (458,596) - - -
Transfers - - (7,546) -
Closing balance as at 31 March 3,037,508 - 9,368,647 -
Accumulated impairment losses - - - -
3,037,508 - 9,368,647 -
Other investments:
Fair value (net of impairment losses) as at 1 January 9,965,538 60,956,604 2,678,932 56,093,108
Acquisitions in the period - 790,791 18,750
Disposals in the period - - (25,000) -
Increase/(Decrease) in fair value 996,000 (3,190,609) (8,964,000) -
Transfers 3,353,304 31,872,000 (4,508)
Fair value (net of impairment losses) as at 31 March 10,961,538 61,910,090 25,580,682 56,088,600
Other Investments (Note 7) 13,999,046 61,910,090 34,949,329 56,088,600
Derivative financial instruments (Note 20)
Fair value as at 1 January - 2,600,159 - 3,976,816
Acquisitions in the period - 136,621 - -
Disposals in the period - (72,494) - (1,971)
Increase/(Decrease) in fair value - (1,744,099) - (2,319,422)
Fair value as at 31 March - 920,187 - 1,655,423
13,999,046 62,830,277 34,949,329 57,744,023

The financial investments in group companies, jointly controlled companies or associated companies excluded from consolidation are recorded at the acquisition cost net of impairment losses. It is Group understanding that no reliable fair value estimate could be made as there is no market data available for these investments. The heading of Investments available for sale includes 2,661,538 euro (2,672,681 euro as at 31 March 2008) of investments recorded at the cost net of impairment losses for the same reasons.

The investments available for sale are net impairment losses (Note 24) amounting 13,157 euro (26,314 euro as at 31 March 2008).

Under the caption other financial investments is recorded an amount of 61,904,307 euro (56,088,600 euro as at of 31 March 2008) related to deposited amounts on an Escrow Account which are invested in investment funds with superior rating and guarantee contractual liabilities assumed by Sonae which may arise from the sale of Sonae Distribuição Brasil, S.A. and for which provisions were recorded (Note 24).

13. OTHER NON CURRENT ASSETS

As at 31 March 2009 and 31 December 2008, Other non current assets are detailed as follows:

31 March 2009 31 December 2008
Gross Value Accumulated
impairment losses
(Note 24)		 Carrying Amount Gross Value Accumulated
impairment losses
(Note 24)		 Carrying
Amount
Loans granted to related parties 422,557 (160,125) 262,432 294,089 (160,125) 133,964
Trade accounts receivable and other debtors
Legal deposits 668,879 - 668,879 634,470 - 634,470
Cautions 1,782,251 - 1,782,251 1,638,456 - 1,638,456
Lisbon Town Council 3,888,477 - 3,888,477 3,888,477 - 3,888,477
Malaga Town Council 512,108 - 512,108 512,108 - 512,108
Rent deposits from tenants 2,771,844 - 2,771,844 3,740,456 - 3,740,456
Others 3,106,057 (131,446) 2,974,611 1,977,893 (131,446) 1,846,447
12,729,616 (131,446) 12,598,170 12,391,860 (131,446) 12,260,414
Non current derivatives 50,561 - 50,561 75,002 - 75,002
Total financial instruments 13,202,734 (291,571) 12,911,163 12,760,951 (291,571) 12,469,380
Reinsurer's' share of technical provisions 1,674,215 - 1,674,215 8,763,158 - 8,763,158
Other non current assets 50,977 - 50,977 50,977 - 50,977
14,927,926 (291,571) 14,636,355 21,575,086 (291,571) 21,283,515

14. TRADE DEBTORS AND OTHER CURRENT ASSETS

As at 31 March 2009 and 31 December 2008, Trade debtors and other current assets are detailed as follows:

31 March 2009 31 December 2008
Trade accounts receivable 304,226,090 311,749,084
Taxes recoverable 107,769,085 89,597,166
Trade suppliers - debit balances 55,631,943 65,799,273
Special regime for payment of tax and social security debts 14,576,052 14,576,052
VAT recoverable on real estate assets 6,962,829 7,461,293
Vouchers and gift cards 1,055,279 2,347,902
Other debtors 34,745,665 31,769,476
Accounts receivable from the disposal of tangible fixed assets 9,896,745 9,484,451
Cash Settled Equity Swap (Note 24) 9,628,000 3,452,800
Advances on real estate project acquisitions 7,500,000 7,500,000
Advances on suppliers 13,986,242 12,458,873
Accounts receivable related to reinsurance operations 5,755,354 4,039,091
Invoices to be issued 63,308,259 64,755,144
Commercial discounts 31,724,149 19,482,183
Commissions 328,394 1,269,874
Prepayments - Rents 4,328,969 4,206,320
Prepayments - external supplies and services 22,971,417 16,404,435
"Initiatives E" program 53,999,632 39,317,881
Other current assets 22,658,371 20,466,268
771,052,475 726,137,566
Accumulated impairment losses (Note 24) (114,729,648) (109,583,181)
656,322,827 616,554,385

15. DEFERRED TAX

Deferred tax assets and liabilities as at 31 March 2009 and 31 December 2008 can be detailed as follows, split between the different types of temporary differences:

Deferred tax assets Deferred tax liabilities
31 March 2009 31 December 2008 31 March 2009 31 December 2008
Difference between fair value and acquisition cost
Difference between fair value and acquisition		 3 623 205
3,623,205		 4 565 926
4,565,926		 260 725 877
260,725,877		 273 169 996
273,169,996
Harmonisation adjustments 36,649 33,376 36,871,725 34,974,182
Provisions and impairment losses not accepted for tax purposes 16,241,078 15,593,155 - -
Write off of tangible and intangible assets 63,672,162 64,320,965 - -
Write off of deferred costs 41,059,525 43,052,099 1,255,648 1,500,154
Valuation of hedging derivatives 8,616,987 5,484,534 136,074 496,557
Temporary differences arising from the securitization of
receivable operation		 16,100,000 16,100,000 - -
Amortisation of Goodwill for tax purposes - - 8,725,020 6,980,016
Non taxed exchange differences - - 4,582,768 5,326,355
Revaluation of tangible assets - - 2,239,288 2,281,496
Tax losses carried forward 73,566,932 54,525,172 - -
Reinvested capital gains/(losses) - - 2,901,756 2,939,833
Others 1,549,129 3,279,462 7,322,631 3,240,091
224,465,667 206,954,689 324,760,787 330,908,680

In accordance with the tax statements and tax estimates presented by companies that recorded deferred tax assets arising from tax losses carried forward, as at 31 March 2009 and 31 December 2008, and using exchange rates effective at that time, tax losses carried forward can be summarised as follows:

31 March 2009 31 December 2008
Tax losses carried
forward		 Deferred tax assets Time limit Tax losses carried
forward		 Deferred tax assets Time limit
With limited time use
Generated in 2003 954,062 238,515 2009 1,077,065 269,266 2009
Generated in 2004 2,495,674 623,919 2010 2,658,095 664,524 2010
Generated in 2005 1,508,453 377,114 2011 1,508,454 377,114 2011
Generated in 2006 1,138,250 284,562 2012 1,138,251 284,562 2012
Generated in 2007 23,759,138 5,939,785 2013 23,759,138 5,939,785 2013
Generated in 2008 5,030,219 1,257,555 2014 4,651,622 1,162,908 2014
Generated in 2009 51,088,232 12,772,057 2015 - - 2015
85,974,028 21,493,507 34,792,625 8,698,159
Without limited time use 10,375,133 3,007,742 10,346,392 3,126,514
With a time limit different from the above mentioned 164,381,156 49,065,683 142,929,494 42,700,499
174,756,289 52,073,425 153,275,886 45,827,013
260,730,317 73,566,932 188,068,511 54,525,172

As at 31 March 2009 and 31 December 2008, Deferred tax assets resulting from tax losses carried forward were re-assessed against each company's business plans, which are regularly updated, and available tax planning opportunities. Deferred tax assets have only been recognized to the extent that future taxable profits will arise which may be offset against available tax losses or against deductible temporary differences.

As at 31 March 2009 tax losses carried forward, have not originated deferred tax assets for prudential reasons. These may be summarised as follows:

31 March 2009 31 December 2008
Tax losses carried
forward		 Deferred tax credit Time limit Tax losses carried
forward		 Deferred tax credit Time limit
With limited time use
Generated in 2003 5,573,587 1,393,397 2009 7,840,316 1,960,080 2009
Generated in 2004 2,134,051 533,513 2010 7,284,015 1,821,004 2010
Generated in 2005 28,284,530 7,071,133 2011 31,838,954 7,959,738 2011
Generated in 2006 61,633,253 15,408,313 2012 69,678,529 17,419,632 2012
G
Generated in
t d i 2007		 64 735 754
64,735,754		 16 183 940
16,183,940		 2013 79 771 355
79,771,355		 19 942 840
19,942,840		 2013
Generated in 2008 13,253,580 3,313,396 2014 17,458,087 4,364,521 2014
Generated in 2009 2,910,961 727,740 2015 - - 2015
178,525,716 44,631,432 213,871,256 53,467,815
Without limited time use 35,653,800 9,631,696 31,496,303 8,383,429
With a time limit different from the above mentioned 507,096,341 131,344,544 516,325,971 149,725,560
721,275,857 185,607,672 761,693,530 211,576,804

16. CASH AND CASH EQUIVALENTS

As at 31 March 2009 and 31 December 2008, Cash and cash equivalents can be detailed as follows:

31 March 2009 31 December 2008
Cash at hand 11,041,579 6,243,465
Bank deposits 55,029,584 140,335,695
Treasury applications 15,682,911 37,781,744
Cash and cash equivalents on the balance sheet 81,754,074 184,360,904
Bank overdrafts (Note 19) (35,798,990) (41,394,916)
Cash and cash equivalents on the statement of cash flows 45,955,084 142,965,988

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

17. SHARE CAPITAL

As at 31 March 2009, the share capital, which is fully subscribed and paid for, is made up of 2,000,000,000 ordinary shares, which do not have the right to a fixed dividend, with a nominal value of 1 euro each.

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

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

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

In this context, although legally all the rights and obligations inherent to these shares have been transferred to the buyer, Sonae Holding did not derecognize their own shares, recording a liability in the caption Other non-current liabilities (Note 21). According to the interpretation made by Sonae of the IAS 39, applied by analogy to own equity instruments, the derecognition of own shares is not allowed as the group maintains the risks and rewards arising on the instruments sold.

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

Due to the detach of Sonae Capital SGPS, SA demerger rights attributable to the 132,800,000 Sonae SGPS, SA shares subject to the above mentioned agreement, the Group recognized an asset measured at its' fair value . This asset has not been derecognized as the Group also entered into a Cash Settled Equity Swap over the Sonae Capital SGPS, SA shares, and therefore a liability was recognized. Consequently, and in relation with this operation the full liability amount can be detailed as follows: market value of Sonae SGPS, SA shares amounting to 67,976,308 Euro and market value of Sonae Capital SGPS, SA shares amounting to 8,300,000 euro.

These liabilities are adjusted at the end of each month by the effect in Sonae Holding or Sonae Capital, SGPS, S.A. share price, as applicable, being recognized an asset/liability in order to present the right/obligation related to the cash settlement of the operation that resets monthly.

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

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

At 31 March 2009, the following entities held more than 20% of the subscribed share capital:

Entity %
Efanor Investimentos, SGPS, SA and subsidiaries 52.98

18. MINORITY INTERESTS

Movements in minority interests during the periods ended 31 March 2009 and 2008 and 31 December 2008 are as follows:

31 March 2009 31 March 2008 31 December 2008
Opening balance as at 1 January 411,549,101 448,320,704 448,365,507
Dividends - - (2,475,031)
Exchange rate effect 356,944 (232,036) (890,857)
Acquisition of subsidiaries - - -
Disposal of subsidiaries - - (5,370,066)
Increase of capital and premium on subsidiaries - - 36,604,140
Increased shareholding by acquisitions - (17,631,322) (11,887,804)
Decreased shareholding by disposals - 29,902,592 (3,299,989)
Changes in hedge and fair value reserves (2,558,927) (1,674,758) (7,761,789)
Others 829,132 (186,745) (777,613)
Profit for the period attributable to minority interests (14,611,954) 1,557,977 (40,957,397)
Closing balance 395,564,296 460,056,412 411,549,101

19. LOANS

As at 31 March 2009 and 31 December 2008, Loans are made up as follows:

31 March 2009 31 December 2008
Outstanding amount Outstanding amount
Amount limit Current Non Current Amount limit Current Non Current
Bank loans
Sonae, SGPS, SA - commercial paper 350,000,000 154,600,000 - 350,000,000 138,200,000 -
Sonae Distribuição, SGPS, S.A. - commercial paper 563,000,000 100,000,000 420,000,000 563,000,000 20,000,000 230,000,000
a)b) Sonae Sierra affiliated companies 467,271,431 27,982,984 384,287,393 471,190,318 26,844,447 382,135,505
a)b)c) Sonae Sierra affiliated companies 423,450,581 9,916,619 411,794,069 430,867,643 7,153,557 415,653,220
a)
Sonae Sierra affiliated companies		 33,787,732 6,805,970 22,462,470 41,097,065 13,670,597 22,516,460
Sonaecom SGPS, SA commercial paper 320,000,000 - 267,000,000 320,000,000 - 231,000,000
Sonaecom SGPS, SA 15,000,000 10,445,000 - 15,000,000 4,873,000 -
Continente Hipermercados SA - commercial paper 80,000,000 30,000,000 - 80,000,000 - -
Others 3,385,779 8,391,049 7,572,292 6,977,246
343,136,352 1,513,934,981 218,313,893 1,288,282,431
Bank overdrafts (Note 16) 35,798,990 - 41,394,916 -
Up-front fees beard with the issuance of loans (843,365) (6,611,571) (802,841) (7,019,907)
Bank loans 378,091,977 1,507,323,410 258,905,968 1,281,262,524
Bonds
Bonds Sonae / 05 - 100,000,000 - 100,000,000
Bonds Sonae 2006/2011 - 250,000,000 - 250,000,000
Bonds Sonae 2007/2014 150,000,000 150,000,000
Bonds Modelo Continente / 2003 - 82,000,000 - 82,000,000
Bonds Modelo Continente / 2004 - - 100,000,000 -
Bonds Modelo Continente / 2005 / 2010 - 64,925,000 - 64,925,000
Bonds Modelo Continente / 2005 / 2012 - 150,000,000 - 150,000,000
Bonds Modelo Continente / 2007 / 2012 - 200,000,000 - 200,000,000
Bonds Sonae Distribuição / 2007 / 2015 - 200,000,000 - 200,000,000
Bonds Sonae Distribuição / 2007 / 2016 - 310,000,000 - 310,000,000
Bonds Sonae Distribuição / 2009 / 2014 - 50,000,000 - -
Bonds Sonaecom / 2005 - 150,000,000 - 150,000,000
Obrigações Sonae Sierra 2008/2013 - 37,500,000 - 37,500,000
Up-front fees beared with the issuance of
Up-front fees beared with the issuance of loans		 (49 226)
(49,226)		 (10 362 904)
(10,362,904)		 (69 433)
(69,433)		 (10 210 681)
(10,210,681)
Bonds (49,226) 1,734,062,096 99,930,567 1,684,214,319
Other loans 26,973 619,901 35,485 628,196
Derivative instruments (Note 20) 8,341,175 37,900,555 5,369,980 21,646,496
Other loans 8,368,148 38,520,456 5,405,465 22,274,692
Obligations under finance leases 6,027,653 32,978,665 5,829,172 28,701,579
392,438,552 3,312,884,627 370,071,172 3,016,453,113

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

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

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

As at 31 March the average interest rate of the bonds was on around 3.98%.

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

The derivative instruments are recorded at fair value (Note 20).

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

31 March 2009 31 December 2008
N+1 384,989,968 365,573,467
N+2 260,167,536 218,420,061
N+3 380,153,454 359,930,980
N+4 663,640,731 537,232,284
N+5 420,094,293 506,240,050
After N+5 1,567,902,536 1,390,213,829
3,676,948,518 3,377,610,671

20. DERIVATIVES

Exchange rate derivatives

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

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

As at 31 March 2009, the fair value of exchange rate derivatives wich haven't been considered hedging instruments, calculated based on present market value of equivalent financial instruments of exchange rate, is of 524,231 euro included in liabilities (475,848 euro as of 31 December 2008) and 136,621 euro on the caption Current investments (72,494 euro as at 31 December 2008).

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

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

Interest rate derivatives

As at 31 March 2009, derivatives used by the Group refer essentially to swaps and interest rate options ("cash flow hedges"). These were negotiated to hedge the interest rate risk of loans amounting to 1,117,470,341 euro (1,510,850,147 euro as at 31 December 2008). The fair value of these derivatives amounts to (44,883,360) euro ((19,091,434) euro as at 31 December 2008), and is disclosed as assets amounting to 834,138 euro (2,602,678 euro as at 31 December 2008) and as liabilities 45,717,498 euro (21,694,112 euro as at 31 de December de 2008).

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

Interest rate and exchange rate derivatives

As at 31 March 2009 no contracts existed related to interest rate and exchange rate derivatives.

Fair value of derivatives

The fair value of derivatives is detailed as follows:

Assets Liabilities
31 March 2009 31 December 2008 31 March 2009 31 December 2008
Derivatives not qualified as hedging
Exchange rate 136,621 72,494 524,231 475,849
Interest rate - - - 4,846,515
Hedging derivatives
Exchange rate - - -
Interest rate 834,138 2,602,678 45,717,499 21,694,112
Interest and exchange rate - - -
Other derivatives - - -
970,759 2,675,172 46,241,730 27,016,476

21. OTHER NON CURRENT LIABILITIES

As at 31 March 2009 and 31 December 2008, "Other non current liabilities" is detailed as follows:

31 March 2009 31 December 2008
Shareholder loans 16,848,407 17,409,765
Fixed assets suppliers 756,526 3,041,799
"Initiatives E" program (Note 32) 55,344,648 56,772,000
Other non current trade accounts payable 87,925,964 78,240,594
160,875,545 155,464,158

The caption Other non-current trade accounts payable includes the amount of 76,276,308 euro (65,453,108 euro as at 31 December 2008) related to the fair value of the derivative on Sonae SGPS, SA and Sonae Capital SGPS, SA shares referred to in Note 17.

22. SHARE-BASED PAYMENTS

In 2009 and in previous years, the Sonae Group granted deferred performance bonuses to its directors and eligible employees. These are either based on shares to be acquired at nil cost, three years after they were attributed to the employee, or based on share options with the exercise price equal to the share price at the grant date, to be exercised three years later. In both cases, the acquisition can be exercised during the period commencing on the third anniversary of the grant date and the end of that year. 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 Group on the vesting date.

As at 31 March 2009 and 31 December 2008, the market value of total liabilities arising from share-based payments, which have not yet vested, may be summarised as follows:

Grant Vesting Number of Fair value
year year participants 31 March 2009 31 December 2008
Shares
2006 2009 74 681,129 2,981,061
2007 2010 469 3,445,167 3,102,734
2008 2011 490 3,828,772 3,357,478
2009 2012 516 3,395,349 -
Total 11,350,417 9,441,273

As at 31 March 2009 and 31 December 2008 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 has not yet vested:

31 March 2009 31 December 2008
Staff costs 1,413,002 (1,112,886)
Recorded in previous years 3,021,797 8,226,971
4,434,799 7,114,085
Other liabilities 4,434,799 7,114,085

23. TRADE CREDITORS AND OTHER CURRENT LIABILITIES

As at 31 March 2009 and 31 December 2008, Trade creditors and other current liabilities were made up as follows:

31 March 2009 31 December 2008
Trade creditors 899,538,439 1,050,238,562
Shareholders 69,572,633 7,255,731
Fixed asset suppliers 100,091,875 155,062,698
Creditors related with reinsurance operations 5,233,961 4,039,091
Other accounts payable 62,349,638 55,212,451
Taxes and contributions payable 46,499,570 71,507,795
Vouchers 14,593,843 12,329,900
Property investments accruals 9,040,322 17,195,145
Fixed assets accrued costs 13,158,023 52,666,464
Holiday pay and bonuses 110,574,933 116,989,003
Interest payable 29,725,119 39,631,328
Invoices to be issued 50,846,045 52,237,364
Commissions 7,151,403 7,352,747
Marketing expenses 12,188,375 14,265,989
Information society 29,607,911 25,702,090
Other external supplies and services 54,573,748 49,814,557
Accrued income - trade debtors 45,232,386 40,552,618
Accrued income - rents 5,083,604 4,931,720
Others 38,671,004 34,308,029
1,603,732,832 1,811,293,282

24. PROVISIONS AND ACCUMULATED IMPAIRMENT LOSSES

Movements in Provisions and impairment losses over the three months period ended 31 March 2009 and 2008 were as follows:

Caption Balance as at
31 December 2008		 Increase Decrease Balance as at
31 March 2009
Accumulated impairment losses on investments (Note 12) 13,157 - - 13,157
Accumulated impairment losses on other non current assets (Note 13) 291,571 - - 291,571
Accumulated impairment losses on trade account receivables
and other debtors (Note 14)		 109,583,181 7,060,579 (1,914,112) 114,729,648
Accumulated impairment losses on inventories 29,783,714 2,492,488 (2,489,576) 29,786,626
Non current provisions 57,086,975 2,211,413 (10,851,835) 48,446,553
Current provisions 2,369,154 11,295 (210,225) 2,170,224
199,127,752 11,775,775 (15,465,748) 195,437,779
Caption Balance as at
31 December 2007		 Increase Decrease Balance as at
31 March 2008
Accumulated impairment losses on investments (Note 12) 26,314 - - 26,314
Accumulated impairment losses on other non current assets 301,571 - - 301,571
Accumulated impairment losses on trade account receivables
and other debtors		 95,235,846 3,800,772 (3,056,021) 95,980,597
Accumulated impairment losses on inventories 24,759,431 3,358,270 (2,101,993) 26,015,708
Non current provisions 107,984,226 877,634 (1,234,494) 107,627,366
Current provisions 2,295,457 112,533 (24,041) 2,383,949
230,602,845 8,149,209 (6,416,549) 232,335,505

As at 31 March 2009 and 2008 and 31 December 2008, Provisions can be analysed as follows:

31 March 2009 31 March 2008 31 December 2008
Technical provisions on reinsurance 3,867,033 61,137,164 12,008,857
Expenses to be incurred with the sale of the Brazilian subsidiaries 6,082,257 13,499,048 6,016,688
Dismantling of telecommunication sites 21,361,461 18,891,544 20,591,640
Judicial claims 16,912,279 13,930,064 17,942,992
Others 2,393,747 2,553,495 2,895,952
50,616,777 110,011,315 59,456,129

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

25. CONTINGENT ASSETS AND LIABILITIES

As at 31 March 2009 and 31 December 2008, major contingent liabilities were guarantees given and can be detailed as follows:

31 March 2009 31 December 2008
Guarantees given:
on tax claims 187,217,117 129,494,243
on judicial claims 2,056,086 2,021,086
on municipal claims 14,796,220 23,255,089
others 62,737,573 69,834,195

The heading Others includes the following guarantees:

  • 12,947,004 euro (15,904,712 euro as at 31 December 2008) to guarantee part of the debt of Sonae Sierra affiliates related with the purchase, sale and exchange of land;

  • 9,271,748 euro (10,576,961 euro as at 31 December 2008) related to VAT reimbursement requests.

During the period ended 31 March 2009, a Retail segment company in Brazil granted a guarantee of approximately 23,041,493 euro (70,892,539 Brazilian real) on a tax claim, which is being judged by tax courts (21,856,170 euro equivalent to 70,892,539 brazilian real as at 31 December 2008).

As a consequence of the sale of a subsidiary company in Brazil, the Group guaranteed the buyer all the losses incurred by that company arising on unfavourable decisions not open for appeal, concerning tax lawsuits on transactions that took place before the sale date (13 December 2005) and that exceed 40 million euro. As at 31 March 2009, the amount claimed by the Brazilian Tax Authorities concerning the tax lawsuits still in progress, which the company's lawyers assess as having a high probability of loss, amount to near 2,3 million euro.

Furthermore, there are other tax lawsuits totalling 65 million Euro for which the Board of Directors, based on the lawyers' assessment, understands will not imply future losses to the sold subsidiary above the referred 40 million Euro.

No provision has been registered to face risks arising from events related to guarantees given, as the Board of Directors considers that no liabilities will result for Sonae.

26. RELATED PARTIES

Balances and transactions with related parties are detailed as follows:

Sales and services rendered Purchases and services obtained
Transactions 31 March 2009 31 March 2008 31 March 2009 31 March 2008
Parent company and group companies
excluded from consolidation		 12,071,655 11,583,036 798,555 5,830
Jointly controlled companies 2,561,761 3,600,942 4,194,112 4,084,413
Associated companies 7,564,313 213,154 1,791,683 2,850,759
Other partners in Group companies 2,947,571 2,603,647 10,911,205 10,849,669
25,145,300 18,000,779 17,695,555 17,790,671
Interest income Interest expenses
Transactions 31 March 2009 31 March 2008 31 March 2009 31 March 2008
Parent company and group companies
excluded from consolidation		 - - - -
Jointly controlled companies 59,593 125 972 327
Associated companies - 14,614 18,215 -
Other partners in Group companies 19,535 19,776 140,303 733,888
79,128 34,515 159,490 734,215
Accounts receivable Accounts payable
Balances 31 March 2009 31 December 2008 31 March 2009 31 December 2008
Parent company and group companies
excluded from consolidation		 9,502,315 10,870,567 32,440,095 182,140
Jointly controlled companies 2,248,315 2,287,227 13,094,278 15,458,421
Associated companies 9,183,500 7,105,542 1,968,956 2,459,698
Other partners in Group companies 5,042,352 4,480,756 28,545,232 19,787,855
25,976,482 24,744,092 76,048,561 37,888,114
Loans
Obtained Granted
Balances 31 March 2009 31 December 2008 31 March 2009 31 December 2008
Parent company and group companies
excluded from consolidation		 - - - -
Jointly controlled companies 131,998 125,997 4,654,401 4,259,844
Associated companies - - - -
Other partners in Group companies 13,211,803 13,230,852 - -
13,343,801 13,356,849 4,654,401 4,259,844

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

27. INCOME TAX

As at 31 March 2009 and 2008, Income tax is detailed as follows:

31 March 2009 31 March 2008
Current tax 6,761,059 5,368,895
Deferred tax (21,153,210) (4,916,369)
(14,392,151) 452,526

28. RECONCILIATION OF CONSOLIDATED NET PROFIT

As at 31 March 2009 and 2008, the reconciliation of consolidated net profit can be analysed as follows:

31 March 2009 31 March 2008
84,513,733 434,393,764
26,760,254 (72,934,896)
(2,683,395) 75,492,988
(152,314,479) (432,432,606)
(10,096,820) (140,395)
-
-		 -
-
1,033,734 1,547,074
2,560,873 4,656,659
(50,226,100) 10,582,588

29. EARNINGS PER SHARE

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

31 March 2009 31 March 2008
Net profit
Net profit taken into consideration to calculate basic earnings
per share (consolidated profit for the period)		 (35,614,146) 12,140,567
Effect of dilutive potential shares
Interest related to convertible bonds (net of tax)		 -
-		 -
-
Net profit taken into consideration to calculate diluted earnings
per share		 (35,614,146) 12,140,567
Number of shares
Weighted average number of shares used to calculated basic
earnings per share
earnings per		 1,867,200,000 1,867,200,000
Effect of dilutive potential ordinary shares from convertible
bonds		 - -
Weighted average number of shares used to calculated diluted
earnings per share		 1,867,200,000 1,867,200,000
Earnings per share (basic and diluted) (0.019074) 0.006502

There are no convertible instruments on Sonae, SGPS shares, hence there is no dilutive effects.

30. DIVIDENDS

In the Shareholders Annual General Meeting held on 20 April 2009, the payment of a gross dividend of 0.03 euro per share (0.03 euro per share in 2008) corresponding to a total of 60,000,000 euro (60,000,000 euro in 2008) was approved.

31. SEGMENT INFORMATION

Sonae adopted for the first time IFRS 8 - Operational Segments, which requires segment information to be disclosed based on internally information used by all Sonae Group management.

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

31 March 2009 Inter-segment income 31 March 2008 Inter-segment
income
Turnover
Food based retail 687,305,231 (1,212,497) 654,582,616 (2,248,983)
Specialised retail 225,272,100 - 194,676,156 -
Retail real estate 29,794,040 (27,535,420) 26,433,656 (24,917,834)
Shopping centres 37,692,500 (3,440,169) 39,866,476 (3,010,792)
Telecommunications 240,891,498 (5,713,040) 237,694,718 (4,626,990)
Investment management 42,588,146 (1,258) 47,642,163 (636)
Petrol stations 30,070,613 - 32,347,233 -
Eliminations and Ajustments (1) (29,832,824) (506,293) (29,033,695) (460,072)
Total direct consolidated 1,263,781,304 (38,408,678) 1,204,209,322 (35,265,307)
Operational cash-flow (EBITDA)
Food based retail 21,512,664 11,023,065
Specialised retail (344,504) 3,483,054
Retail real estate 26,771,951 33,348,311
Shopping centres 22,045,500 23,794,264
Telecommunications 45,386,048 34,067,722
Investment management (1,261,102) 1,258,524
Eliminations and Ajustments (1) 3,415,893 (1,412,275)
Total direct consolidated 117,526,450 105,562,665
Operational profit/(loss) (EBIT)
Food based retail 4,707,615 (4,475,146)
Specialised retail (7,857,442) (1,738,023)
Retail real estate 20,457,170 28,095,020
Shopping centres 21,796,000 23,582,122
Telecommunications 5,983,281 (3,203,102)
Investment management (2,406,028) -
Eliminations and Ajustments (1)
Eliminations and		 (3 133 231)
(3,133,231)		 1 051 707
1,051,707
Total direct consolidated 39,547,365 43,312,578
Investment (CAPEX)
Food based retail 34,433,017 26,399,562
Specialised retail 22,669,233 12,030,625
Retail real estate 19,619,938 15,558,600
Shopping centres 18,144,847 28,831,105
Telecommunications 23,413,656 35,363,105
Investment management 7,514,238 2,222,789
Eliminations and Ajustments (1) 3,561,891 13,221,588
Total consolidated 129,356,819 133,627,374
31 March 2009 31 December 2008
Invested capital
Food based retail 672,693,948 546,161,687
Specialised retail 351,628,083 175,597,561
Retail real estate 1,439,195,390 1,411,291,922
Shopping centres 1,662,831,343 1,684,193,742
Telecommunications 801,623,523 746,745,744
Investment management 146,946,415 138,574,040
Eliminations and Ajustments (1) 9,369,012 18,847,399
Total consolidated 5,084,287,715 4,721,412,093
Net debt
Retail businesses 1,534,298,365 1,206,025,032
Shopping centres 902,295,314 875,740,881
Telecommunications 444,636,520 399,736,609
Investment management 7,383,962 6,283,940
Holding (2) 673,220,343 653,953,125
Eliminations and Ajustments (1) (1,095,675) (3,132,968)
Total consolidated 3,560,738,829 3,138,606,618

(1) Includes Sonae Holding;

(2) Includes Sonae Individual accounts

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

Turnover Operational cash-flow (EBITDA) Operational profit/(loss) (EBIT)
31 March 2009 31 March 2008 31 March 2009 31 March 2008 31 March 2009 31 March 2008
Inter-segment income (38,408,678) (35,265,307) (1,075,198) (2,102,721) (981,234) 3,454,339
Adjustment on telecommunications provisions - - 5,947,923 3,131,478 - -
Entrance fees (key money) and development fees
recognized as turnover		 (2,261,000) (2,884,304) - - - -
Offset of the recovery of common expenses 12,110,000 9,246,000 - - - -
Turnover of participated companies considered for
management purposes by different consolidation
methods than from statutory purposes		 (1,901,000) (430,500) (1,444,500) (271,000) (1,441,000) (603,500)
Others 627,854 300,416 (12,331) (2,170,033) (710,997) (1,799,132)
Eliminations and Ajustments (29,832,824) (29,033,695) 3,415,893 (1,412,275) (3,133,231) 1,051,707
Investment Invested capital Net Debt
31 March 2009 31 March 2008 31 March 2009 31 December 2008 31 March 2009 31 December 2008
Inter-segment balances 3,056,157 (2,090,141) 8,737,652 12,888,637 - -
Aquisition of Sonaecom shares - 15,311,730 - - - -
Others 505,734 - 631,360 5,958,762 (1,095,675) (3,132,968)
Eliminations and Ajustments 3,561,891 13,221,588 9,369,012 18,847,399 (1,095,675) (3,132,968)

32. COMMITMENTS WITH "INFORMATION SOCIETY"

Upon being given the UMTS Licence, Optimus (now Sonaecom – Serviços de Comunicações) assumed commitments in the area of promotion of the Information Society, totalling 274 million euro, to be complied with up to the end of the licence period (2015).

In accordance with the Agreement established on 5 June 2007 with the Ministry of Public Works, Transport and Communications ( "MOPTC"), part of these commitments, up to 159 million euro will be realised through own projects which qualify as contributions to the Information Society and incurred under the normal activities of Sonaecom – Serviços de Comunicações, S.A. (investment in the network and technology not resulting from the need to comply with the obligations assumed when the UMTS Licence was granted, and activities relating to research, development and promotion of services, contents and applications) which must be recognised by the MOPTC and by entities created especially for that purpose. At the date of approval of these financial statements, Euro 130 million (Euro 64 million in 2007) were already incurred in previous years and were validated by the above referred entities. The remaining amount is currently under evaluation or not yet realized. These charges will be recorded in the financial statements at the moment the projects are carried out and the estimated costs are known.

The remaining commitments, up to the amount of around 116 million euro, will be realised as agreed between Sonaecom- Serviços de Comunicações and MOPTC, through contributions to the "Initiativas E" project (offer of modems, discounts on tariffs, cash contributions, among others, relating to the widespread use of broadband internet by students and teachers), the contributions being made through an Open fund called Information Society Fund (Fundo para a Sociedade de Informação), to be created by the three mobile operators operating in Portugal.

The success of this project, initiated in the end of 2007, depended on the beneficiaries' participation to the various initiatives (e-opportunities, e-school and e-teacher) and could have been subject to revision during the a period of 12 months, i.e., until June 2008. Due to these facts, it was not possible, at 31 December 2007, to estimate in a reliable way the success of this project, and therefore, at that date it was not possible to produce a secure and reliable estimate of the responsabilities to be recognised.

Taking into consideration the success of the project during the first semester of 2008, Sonaecom considered that conditions to produce a reliable estimate of the total responsibilities associated with "Initiatives E" project were in place. Therefore, such responsibilities were recorded, at 30 June 2008, as an added cost of the UMTS license, against an entry in the captions 'Other non-current liabilities' and 'Other current liabilities'.

Taking into account major facts occurred up to the third quarter of 2008, namely that: current operators weren't allowed to take part in the 4th license tendering process of an additional license to be attributed without cost; current national and international practice of extension, without costs, of GSM licenses and the renewal of UMTS licenses; the Group's Board of Directors decided to revise the useful life of the UMTS license, extending the amortisation period until 2030, given the high probability of its renewal and the high probability of such renewal being granted without significant costs. Therefore, in accordance with IAS 8, the impacts of the estimated useful life revision were recorded prospectively and amounted to minus 4 million Euros.

33. PRESENTATION OF CONSOLIDATED INCOME STATEMENT

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

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

The values for 2008 were also reexpressed in order to allow the comparison with 2009, being the EBITDA calculated only in the Direct Income, excluding the indirect contributions.

The reconciliation between consolidated income and direct/indirect income for the periods ended 31 March 2009 and 2008 can be summarised as follows:

31 March 2009 31 March 2008
Consolidated Indirect income Direct income Consolidated Indirect income Direct income
Operational income
Sales 992,115,553 - 992,115,553 916,285,836 - 916,285,836
Services rendered 271,665,751 - 271,665,751 287,923,486 - 287,923,486
Value created on investment properties (62,696,751) (62,696,751) - - - -
Other operational income 99,992,245
Reversion of impairment losses 547,310 - 547,310 343,702 - 343,702
Other 99,066,214 - 99,066,214 99,992,245 - 99,992,245
Total operational income 1,300,698,077 (62,696,751) 1,363,394,828 1,304,545,269 - 1,304,545,269
Total operational cost (a) 1,325,921,271 2,073,808 1,323,847,463 1,261,836,296 603,604 1,261,232,692
Depreciation and amortisation 71,212,905 - 71,212,905 63,655,727 - 63,655,727
Provisions and impairment losses 7,313,490 - 7,313,490 4,254,187 - 4,254,187
Operational profit/(loss) (25,223,194) (64,770,559) 39,547,365 42,708,973 (603,604) 43,312,577
Financial profit/(loss) (40,174,753) - (40,174,753) (39,244,823) - (39,244,823)
Share of results of associated undertakings (242,715) (2,412,432) 2,169,717 1,615,589 - 1,615,589
Investment income 1,022,411 - 1,022,411 5,955,375 6,152,070 (196,695)
Profit before income tax (64,618,251) (67,182,991) 2,564,740 11,035,114 5,548,466 5,486,648
Income tax 14,392,151 13,327,980 1,064,171 (452,526) (1,957,011) 1,504,485
Net profit for the period (50,226,100) (53,855,011) 3,628,911 10,582,588 3,591,455 6,991,133
- attributable to equity holders of
- attributable to equity holders of Sonae		 (35 614 146)
(35,614,146)		 (36 126 451)
(36,126,451)		 512 305
512,305		 12 140 567
12,140,567		 4 274 084
4,274,084		 7 866 483
7,866,483
- attributable to minority interests (14,611,954) (17,728,560) 3,116,606 (1,557,979) (682,629) (875,350)
Cash-flow operacional (EBITDA) (b) 117,526,450 105,562,665

(a) The amount recorded in Direct income relates mainly to the reduction of investment properties value, accruals for "Develpment Funds at Risk" and recognized impairment losses.

(b) EBITDA is computed as Operational income + Depreciation and amortisation + Provisions and impairment losses - Negative goodwill - Reversal of impairment losses.

35. APPROVAL OF THE FINANCIAL STATEMENTS

The accompanying consolidated financial statements were approved by the Board of Directors and authorized for issue on 20 May 2009.

The Board of Directors

Belmiro de Azevedo

Álvaro Cuervo Garcia

Bernd Hubert Joachim Bothe

Michel Marie Bon

José Neves Adelino

Duarte Paulo Teixeira de Azevedo

Álvaro Carmona e Costa Portela

Ângelo Gabriel Ribeirinho dos Santos Paupério

Nuno Manuel Moniz Trigoso Jordão

Individual financial statements

CONDENSED INDIVIDUAL BALANCE SHEETS AS AT 31 MARCH 2009 AND 2008 AND AS AT 31 DECEMBER 2008

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

(Amounts expressed in euro)

ASSETS Notes 31 March 2009 31 March 2008 31 December 2008
NON-CURRENT ASSETS:
Tangible assets 236,097 88,265 181,497
Intangible assets 1,125 399 1,242
Investments in affiliated companies 4 3,029,603,689 2,543,401,760 3,070,652,704
Other investments 5 95,049,880 49,880 100,049,880
Other non-current assets 6 628,089,775 1,276,326,182 598,542,161
Total Non-Current Assets 3,752,980,566 3,819,866,486 3,769,427,484
CURRENT ASSETS:
Trade account receivables and other current assets 7 121,365,164 137,895,406 36,096,299
Cash and cash equivalents 8 691,118 1,000,721 418,450
Total Current Assets 122,056,282 138,896,127 36,514,749
TOTAL ASSETS 3,875,036,848 3,958,762,613 3,805,942,233
EQUITY AND LIABILITIES
EQUITY:
Share capital 9 2,000,000,000 2,000,000,000 2,000,000,000
Reserves and retained earnings 1,046,196,740 1,248,606,192 1,124,643,333
Profit/(Loss) for the period 91,739,800 104,745,189 30,472,155
TOTAL EQUITY 3,137,936,540 3,353,351,381 3,155,115,488
LIABILITIES:
NON-CURRENT LIABILITIES:
Loans 10 509,670,118 497,155,463 502,465,956
Total Non-Current Liabilities 509,670,118 497,155,463 502,465,956
CURRENT LIABILITIES:
Loans 10 154,600,000 33,100,200 138,209,277
Trade creditors and other non-current liabilities 11 72,830,190 75,155,569 10,151,512
Total Current Liabilities 227,430,190 108,255,769 148,360,789
TOTAL EQUITY AND LIABILITIES 3,875,036,848 3,958,762,613 3,805,942,233

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

CONDENSED INDIVIDUAL INCOME STATEMENTS FOR THE PERIODS ENDED AT 31 MARCH 2009 AND 2008

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

(Amounts expressed in euro)

Notes 31 March 2009 31 March 2008
Operational income
Services rendered 471,111 533,962
Other operational income 5,356 9,020
Total operational income 476,467 542,982
Operational expenses
External supplies and services (516,953) (800,116)
Staff costs (1,077,890) (1,123,219)
Depreciation and amortisation (12,294) (10,170)
Other operational expenses (69,492) (139,977)
Total operational expenses (1,676,629) (2,073,482)
Operational profit/(loss) (1,200,162) (1,530,500)
Financial Income 8,272,951 18,423,187
Financial Expenses (8,849,438) (7,127,077)
Net financial expenses (576,487) 11,296,110
Investment loss/income 13 93,516,449 94,979,579
Profit/(Loss) before taxation
Profit/(Loss)		 91 739 800
91,739,800		 104 745 189
104,745,189
Income tax - -
Profit/(Loss) for the period 91,739,800 104,745,189
Profit/(Loss) per share
Basic 14 0.0459 0.0524
Diluted 14 0.0459 0.0524

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

CONDENSED INDIVIDUAL STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED AT 31 MARCH 2009 AND 2008

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

(Amounts expressed in euro)

Notes 31 March 2009 31 March 2008
Net Profit / (Loss) for the period 91,739,800 104,745,189
Exchange differences arising on translation of foreign operations
Changes on fair value of available-for-sale financial assets		 -
(41,587,683)		 -
(24,539,578)
Changes in hedge and fair value reserves
Income tax relating to components of other comprehensive income		 (7,331,065)
-		 48,305
-
Other compreensive income for the period (48,918,748) (24,491,273)
Total compreensive income for the period 42,821,052 80,253,916

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

CONDENSED INDIVIDUAL STATEMENTS OF CHANGES IN EQUITY FOR THE PERIODS ENDED AT 31 MARCH 2009 AND 2008

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

(Amounts expressed in euro)

No
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The accompanying notes are part of these condensed individual financial statements.

CONDENSED INDIVIDUAL CASH FLOW STATEMENTS FOR THE PERIODS ENDED AT 31 MARCH 2009 AND 2008

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

(Amounts expressed in euro)

OPERATING ACTIVITIES Notes 31 March 2009 31 March 2008
Net cash flow from operating activities (1) (1,596,352) (1,756,510)
INVESTMENT ACTIVITIES
Cash receipts arising from:
Investments 5,000,000 -
Tangible and intangible assets 360 -
Interest and similar income 23,723,666 29,821,676
Loans granted 37,677,387 50,037,000
66,401,413 79,858,676
Cash Payments arising from:
Investments (538,668) (50,000)
Tangible and intangible assets (126,293) (5,999)
Loans granted (75,299,000) (193,675,000)
(75,963,961) (193,730,999)
Net cash used in investment activities (2) (9,562,548) (113,872,323)
FINANCING ACTIVITIES
Cash receipts arising from:
Loans obtained 244,650,000 74,500,000
244,650,000 74,500,000
Cash Payments arising from:
Loans obtained (228,250,000) (44,390,625)
Interest and similar charges (4,959,155) (228,000)
(233,209,155) (44,618,625)
Net cash used in financing activities (3) 11,440,845 29,881,375
281,945 (85,747,458)
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)
Cash and cash equivalents at the beginning of the period		 8 409,173 86,696,142
Cash and cash equivalents at the end of the period 8 691,118 948,684

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

NOTES TO THE CONDENSED INDIVIDUAL FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2009

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

(Amounts expressed in euro)

1. INTRODUCTION

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

2. BASIS OF PREPARATION

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

3. PRINCIPAL ACCOUNTING POLICIES

The accounting policies adopted are consistent with those followed in the preparation of annual financial statements for the year ended 31 December 2008.

4. INVESTMENTS IN AFFLILIATED COMPANIES

As at 31 March 2009 and 2008 and 31 December 2008 the company held investments in the following affiliated companies:

31.March.2009
% Held Carrying Acquisition Fair Value
Company amount cost Reserve
Sonae Distribuição, SGPS, SA (a) 82.48% 1,690,800,661 1,326,729,831 364,070,830
Sonae Sierra SGPS, SA (b) 50.00% 666,054,895 490,113,339 175,941,556
Sonaecom, SGPS, SA 0.23% 1,251,264 921,724 329,540
MDS, SGPS, SA 89.00% 17,800,000 17,800,000 -
Sontel BV 42.86% 191,341,400 191,341,400 -
Sonae Investments BV 100.00% 550,000,000 550,000,000 -
Others - 855,469 855,469 -
Impairment - (88,500,000) - -
Total 3,029,603,689 2,577,761,763 540,341,926
31.March.2008
% Held Carrying Acquisition Fair Value
Company amount cost Reserve
Sonae Distribuição, SGPS, SA (a) 74.98% 1,690,800,661 1,326,729,831 364,070,830
Sonae Sierra SGPS, SA (b) 50.00% 832,089,500 490,113,339 341,976,161
Sonaecom, SGPS, SA 0.01% 50,964 109,495 (58,531)
MDS, SGPS, SA 100.00% 20,000,000 20,000,000 -
Sontel BV 100.00% 100,000 100,000 -
Sonae Investments BV 100.00% 18,151 18,151 -
Others - 342,484 342,484 -
Total 2,543,401,760 1,837,413,300 705,988,460
31.December.2008
% Held Carrying Acquisition Fair Value
Company amount cost Reserve
Sonae Distribuição, SGPS, SA (a) 82.48% 1,690,800,661 1,326,729,831 364,070,830
Sonae Sierra SGPS, SA (b) 50.00% 708,051,000 490,113,339 217,937,661
Sonaecom, SGPS, SA 0.23% 842,842 921,724 (78,882)
MDS, SGPS, SA 89.00% 17,800,000 17,800,000 -
Sontel BV 42.86% 191,341,400 191,341,400 -
Sonae Investments BV 100.00% 550,000,000 550,000,000 -
Others 316,801 316,801 -
Impairment - (88,500,000) - -
Total 3,070,652,704 2,577,223,095 581,929,609

(a) - This investment is valued at the price paid in the public tender offer for de-listing occurred in 2006.

(b) - Market value was determined based on an independent valuation as the corresponding period of assets held by this jointly controlled company, after deduction of associated net debt and the share attributable to minority investments, and excluding promote fees and transaction costs.

5. OTHER INVESTMENTS AVAILABLE FOR SALE

As at 31 March 2009 and 2008 and 31 December 2008 other investments available for sale are as follows:

31.March.2009 31.March.2008 31.December.2008
Magma No. 1 Securitisation Notes 95,000,000 - 100,000,000
Others 49,880 49,880 49,880
Total 95,049,880 49,880 100,049,880

6. OTHER NON CURRENT ASSETS

As at 31 March 2009 and 2008 and 31 December 2008 other non-current assets are detailed as follows:

31.March.2009 31.March.2008 31.December.2008
Loans granted to group companies 628,085,592 1,276,321,999 598,537,978
Guarantee deposits 4,183 4,183 4,183
628,089,775 1,276,326,182 598,542,161

7. TRADE ACCOUNT RECEIVABLES AND OTHER CURRENT ASSETS

As at 31 March 2009 and 2008 and 31 December 2008 trade account receivables and other current assets are detailed as follows:

31.March.2009 31.March.2008 31.December.2008
Trade account receivables 1,083,580 987,398 1,626,676
Group companies 109,837,449 112,339,839 30,153,044
Taxes and contributions receivable 2,583,686 2,146,338 2,263,726
Accrued income and prepayments 6,646,514 18,400,758 237,082
Others 836,851 3,680,879 1,238,837
Derivatives 377,084 340,194 576,934
121,365,164 137,895,406 36,096,299

8. CASH AND CASH EQUIVALENTS

As at 31 March 2009 and 2008 and 31 December 2008 cash and cash equivalents are detailed as follows:

31.March.2009 31.March.2008 31.December.2008
Cash at hand 2,706 1,708 4,300
Bank deposits 688,412 999,013 414,150
Cash and cash equivalents on the balance sheet 691,118 1,000,721 418,450
Bank overdrafts - 52,037 9,277
Cash and cash equivalents on the cash flow statement 691,118 948,684 409,173

9. SHARE CAPITAL

As at 31 March 2009 and 2008 and 31 December 2008 share capital consisted of 2,000,000,000 ordinary shares of 1 euro each.

10. LOANS

As at 31 March 2009 and 2008 and 31 December 2008 this caption included the following loans:

31.March.2009 31.March.2008 31.December.2008
Nominal value of bonds 500,000,000 500,000,000 500,000,000
Up-front fees not yet charged to income statement (2,225,900) (2,844,537) (2,380,559)
Bonds 497,774,100 497,155,463 497,619,441
Derivatives 11,896,018 - 4,846,515
Non-current loans 509,670,118 497,155,463 502,465,956
Commercial paper (a) 154,600,000 33,000,000 138,200,000
Bank overdrafts - 52,037 9,277
Derivatives - 48,163 -
Current loans 154,600,000 33,100,200 138,209,277

(a) Short term commercial paper programme, privately placed, launched on 23 August 2004, valid for a ten year period, which may be extended at the option of the company, with a maximum limit of 350,000,000 euro.

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

Bonds Sonae 2006/2011 amounting to 250,000,000 euro, repayable after 5 years, in one instalment, on 10 May 2011. Interest rate is variable, indexed to Euribor 6 months, with interest paid half-yearly. The company has the option to make whole or partial reimbursements, with no extra cost, on the date of the 6th and 8th coupons.

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

As at 31 March the average interest rate of the bonds was on around 4.98%.

Maturity of Borrowings

As at 31 March 2009 and 2008 and 31 December 2008 the analysis of the maturity of loans are as follows:

31.March.2009 31.March.2008 31.December.2008
N+1 154,600,000 33,052,037 138,209,277
N+2 - - -
N+3 250,000,000 - 250,000,000
N+4 100,000,000 250,000,000 -
N+5 - 100,000,000 100,000,000
after N+5 150,000,000 150,000,000 150,000,000

11. TRADE CREDITORS AND OTHER CURRENT LIABILITIES

As at 31 March 2009 and 2008 and 31 December 2008, trade creditors and other current liabilities are detailed as follows:

31.March.2009 31.March.2008 31.December.2008
Trade creditors 394,880 778,499 1,116,009
Group companies - - -
Taxes and contributions payable 598,564 559,019 603,578
Accrued expenses 11,718,566 13,544,799 8,260,495
Others 60,118,180 60,273,252 171,430
72,830,190 75,155,569 10,151,512

12. CONTINGENT LIABILITIES

31.March.2009 31.December.2008
Guarantees given:
on tax claims 470,547 1,776,135
on judicial claims 425,965 425,965

13. INVESTMENT INCOME

As at 31 March 2009 and 2008, investment income can be detailed as follows:

31.March.2009 31.March.2008
Dividends 93,516,449 94,979,579

14. EARNINGS PER SHARE

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

31.March.2009 31.March.2008
Net profit
Net profit taken into consideration to calculate basic earnings per share (Net profit for the
period)		 91,739,800 104,745,189
Effect of dilutive potential shares - -
Interest related to convertible bonds (net of tax) - -
Net profit taken into consideration to calculate diluted earnings per share: 91,739,800 104,745,189
Number of shares
Weighted average number of shares used to calculate basic earnings 2,000,000,000 2,000,000,000
Effect of dilutive potential ordinary shares from convertible bonds - -
Weighted average number of shares used to calculate diluted earnings per share 2,000,000,000 2,000,000,000
Profit/(Loss) per share (basic and diluted) 0.0459 0.0524

15. APPROVAL OF THE FINANCIAL STATEMENTS

The accompanying financial statements were approved by the Board of Directors and authorized for issue on 20 May 2009.

16. INFORMATION REQUIRED BY LAW

Decree-Law nr 318/94 art 5 nr 4

In the three months period ended 31 March 2009 shareholders' loan contracts were entered into with the following companies:

Sonae Investments, BV Sontel, BV

In the three months period ended 31 March 2009 short-term loan contracts were entered into with the following

Sonaecenter, Serviços, SA Sonaecom, SGPS, SA

As at 31 March 2009 amounts owed by affiliated undertakings can be summarized as follows:

Loans granted

Companies Closing Balance
MDS, SGPS, SA 85,621,000
Sonae Investments, BV 523,992,592
Sontel, BV 34,683,000
Sonaecenter, Serviços, SA 110,000
Total 644,406,592

As at 31 March 2009 there were no amounts owed to affiliated undertakings.

The Board of Directors

Belmiro de Azevedo

Álvaro Cuervo Garcia

Bernd Hubert Joachim Bothe

Michel Marie Bon

José Neves Adelino

Duarte Paulo Teixeira de Azevedo

Álvaro Carmona e Costa Portela

Ângelo Gabriel Ribeirinho dos Santos Paupério

Nuno Manuel Moniz Trigoso Jordão

SAFE HARBO OUR

This document m looking statemen may contain forwa nts are statements t rd‐looking informa that are not histori ation and stateme cal facts. nagement's curren nt expectations or beliefs. Forward‐

These forward‐lo those described i the effects of co "intends,""should oking statements n the forward‐look mpetition. Forwar d," "seeks,""estima are subject to a nu king statements, in rd‐looking stateme ates," "future" or s umber of factors a ncluding, but not l ents may be ident imilar expressions. nd uncertainties th imited to, changes tified by words su hat could cause act s in regulation, ind uch as "believes," tual results to diffe ustry and econom "expects," "anticip er materially from ic conditions; and pates," "projects,"

Although these st looking informati control, that coul looking informati undertake any ob tatements reflect o on and statements d cause actual res on and statements bligation to update our current expecta s are subject to var ults and developm s. You are cautione any forward‐lookin ations, which we b rious risks and unce ments to differ mat ed not to put undu ng information or s 8ents, based on ma .elieve are reasona ertainties, many of erially from those e reliance on any f statements. ble, investors and a which are difficult expressed in, or im forward‐looking inf analysts are cautio to predict and gen mplied or projected formation or state oned that forward‐ nerally beyond our d by, the forward‐ ments. We do not

Report avail lable at Sonae's ins stitutional website www.sonae.pt

Media and I Investor Contacts

Head of Institut tional Relations an m Tel: Miguel Rangel d Communication [email protected] + 351 22 010 4705

Patrícia Head of patricia.m Tel.: a Mendes Pinheiro Investor Relations [email protected] + 351 22 010 4794

Lugar do Tel Fax: Sonae o Espido Via Norte 4471‐909 Maia Portugal .:+ 351 22 9487522 + 351 22 940 4634

So m Bl onae is listed on the ay be accessed on oomberg under th e Euronext Stock E Reuters under the e symbol SONPL. Exchange. Informat symbol SONP.IN a tion and on

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