MANAGEMENT REPORT & ACCOUNTS

1H15

The consolidated financial information disclosed in this report is based on unaudited financial statements, prepared in accordance with the International Financial Reporting Standards (IAS/IFRS), issued by the International Accounting Standards Board (IASB), as adopted by the European Union.

1. Main Highlights	4
2. Sonaecom Consolidated Results	5
2.1 Software and Systems Information (SSI)	5
2.2 Media	8
2.3 NOS	8
3. Sonaecom individual results	9
3.1 Operational data	9
3.2 Financial data	10
4. Other Indicators	11
4.1 Consolidated income statement	11
4.2 Consolidated balance sheet	12
4.3 Consolidated levered FCF	13
5. Corporate Governance	14
6. Article 447, 448 and Qualified Holdings	15
7. Declaration for the purpose of Article 246 of CVM (Portuguese Securities Code)	19
8. Financial Information	20
8.1 Sonaecom consolidated financial statements	20
8.2 Notes to the consolidated financial statements	28
8.3 Sonaecom individual financial statements	91
8.4 Notes to the individual financial statements	97

1. Main Highlights

Turnover growth of 14.9% with international markets representing 52.5% of turnover at SSI.

Underlying EBITDA decline of 14.4% despite the 16.8% L-f-L growth.

Net income of 33.5 million euros, 30.9 million above 1H14.

2. Sonaecom Consolidated Results

Turnover

Consolidated turnover in 1H15 reached 67.1 million euros, increasing 14.9% when compared to 1H14, or 5.6% excluding S21Sec contribution¹ . This growth was driven both by a 15.2% increase in service revenues and a significant increase of 14.3% in sales. Excluding S21Sec contribution, Service Revenues increased by 3.0%.

Operating costs

Operating costs amounted to 65.8 million euros, 16.1% above 1H14, with all lines increasing. Personnel costs grew 19.9% driven by a 19.4% increase in the number of employees. Commercial costs grew 12.7% to 18.6 million euros, driven by SSI increase in cost of goods sold, aligned with sales evolution. The evolution in other operating costs is mainly explained by the outsourcing and G&A costs at S21Sec.

EBITDA

Total EBITDA stood at 12.8 million euros, 10.1% above 1H14, on the back of equity results that increased 19.3%. The equity results are mostly impacted by ZOPT contribution, which in turn depends on NOS net income evolution. On what concerns the underlying EBITDA, it stood at 2.0 million euros, 14.4% down when compared to 1H14, and corresponding to a margin of 3.0%, which compares to 4.1% in 1H14. Excluding S21Sec contribution, underlying EBITDA increased by 16.8%.

Net results

EBIT increased 7.7% to 9.1 million euros, explained by the higher level of EBITDA.

Net financial results reached 23.5 million euros in 1H15, positively impacted by the fair value adjustment of NOS direct stake at market price, in the amount of 21.3million euros, and the corresponding 1.5 million euros of dividend received. In 1H14, the fair value adjustment was negative by 7.9 million euros and the dividend received was 1.3 million euros.

increased to 32.6 million euros, driven by the higher EBITDA and the higher net financial results. Net results group share stood at 33.5million euros, which compares with 2.6 million euros in 1H14.

Operating CAPEX

increased from 2.8 million euros to 4.3 million euros, reaching 6.3% of turnover, 1.5 p.p. above 1H14.

Capital structure

Cash position increased 8.0 million euros since 1H14 reaching 165.0 million euros.

2.1 Software and Systems Information (SSI)

Pursuing its active portfolio management strategy, SSI currently comprises four companies in the IT/IS sector, focused on international expansion. Those companies generated circa 52.5% of its revenues outside the Portuguese market with 44% out of the total 872 employees located abroad.

WeDo Technologies is a worldwide market leader in enterprise business assurance software, blue chip companies from the retail, energy and finance industries, as well as more than 190 telecommunications operators from more than 90 countries.

At the end of semester, WeDo has announced the launch of SHAPE Telecom; software designed to provide CSPs with advanced knowledge to ascertain cost and determine profitability of customers, plans and services. SHAPE Telecom improves customer-base knowledge to critically determine marketing campaign effectiveness, enhance customer satisfaction and boost customer loyalty and retention.

In May 2015 WeDo had its first EBA Summit and 10th annual Worldwide User Group conferences, counting more than 400 attendees from the Telco, Retail, Utilities, Healthcare and Finance industries from all over the world- more than 45 countries were represented. Coupled with this fter, being named, in 2014, by Stratecast (Frost & Sullivan) as the worldwide leader in Financial Assurance area, which comprises: Revenue Assurance, Fraud Management and Margin Assurance, WeDo technologies was now elected by Analysys Mason, a TMT (telecoms, media and technology) analyst firm, as the worldwide market leader in the Revenues Assurance and Fraud Management software space.

¹ S21Sec was acquired on July 2014 and is consolidated at Sonaecom since August 2014.

In February 2015, WeDo was present in the Mobile World Congress in Barcelona, where it revealed details of its new RAID Telecom software solution, as part of the re-defined RAID Enterprise Business Assurance (EBA) family.

It should also be highlighted that during 1H15, the company has won five new telecom customers (2 in USA, 1 in Mexico, 1 in Qatar and 1 in Azerbaijan) and three new ones in Portugal, one in the energy sector and two in healthcare, enterprise business assurance market, both in Portugal and abroad. At the end of 1H15, 76.7% of its turnover was generated in the international market and almost 12% in non-telecom industries.

S21Sec is a multinational based in Spain, specialized in cyber security services and technologies, with the purpose of protecting organizations most critical and high-value digital assets: data, operations and corporate image. With its own products and platforms the company acts with a special focus on antifraud and e-crime in various segments like government, financial entities, telecommunications, energy and other critical infrastructures.

S21Sec, evolving through its restructuring process, attained relevant achievements in the 1H15. A memorandum of understanding was signed with Europol, being the first Spanish company to do that. The two organizations are now exchanging knowledge and expertise on cybercrime, and are cooperating to combat online fraud, while making the Internet a safer space. It was closed the first MOOC (Massive Open Online Courses) project about cybersecurity, with INCIBE (national institute of cybersecurity in Spain), and S21sec was recognized as a McAffe elite partner. Some important contracts were won in different sectors (financial, insurance, tourism, energy and industrial companies) and with different kind of services (from SOC to audit, digital fraud and forensic analysis). It is also important to highlight the participation in various events of the segment (Homesec in Spain, ETIS information security WG Meeting and IDC event dedicated to cybersecurity in the financial segment) and the recent expertise work done with DYRE (currently the busiest banking malware) and Ransomware Mobile (a malware that restricts access to the infected system, and demands a ransom paid to the creator of the malware for the restriction to be removed).

Saphety is a solutions provider for optimization of business processes that has a strong position in electronic invoicing and EDI (Electronic Data Interchange) market, as well as in data synchronization for GS1 worldwide organizations. The semester was marked by a significant improvement on revenues and profitability, coupled with a good commercial activity: 193 new customers and some important new contracts as now over 8,200 customers and 120,000 users in about 20 countries. Importantly, in this period, international revenues increased when compared to 1H14 and represented more than 30.0% of total revenues. as a Data Synchronization solution, has been certified by GDSN meaning that all new international standards defined by the regulator are now covered.

On what concerns Bizdirect, the improvement recorded in the IT market investments in hardware and software, coupled with a positive performance in the new solutions area, enabled the company to increase its turnover by 14.0% in 1H15. The Competence Center launched in Viseu to respond to the growing demand in the areas of CRM (Customer Relationship Management) and ECM (Enterprise Content Management), has increased the number of projects delivered and is growing its notoriety in the European market. International revenues represented more than 10.0% of total Turnover.

Financial indicators

Million euros

SSI CONSOLIDATED INCOME STATEMENT	2Q14(R)	2Q15		1Q15	q.o.q.	1H14(R)	1H15
Turnover	26.9	31.2	16.0%	28.3	10.0%	50.4	59.5	18.0%
Service Revenues	19.3	22.5	16.6%	20.9	7.5%	37.3	43.4	16.4%
Sales	7.6	8.7	14.5%	7.4	17.1%	13.2	16.1	22.5%
Other Revenues	0.1	0.2	199.6%	0.4	-45.7%	0.3	0.6	134.0%
Operating Costs	24.7	29.5	19.6%	26.6	10.9%	45.8	56.1	22.6%
Personnel Costs	7.7	9.9	29.1%	9.7	2.1%	15.3	19.6	28.3%
Commercial Costs(1)	8.3	8.8	6.2%	7.7	14.8%	13.9	16.5	18.3%
Other Operating Costs(2)	8.7	10.8	23.9%	9.2	16.9%	16.6	20.0	20.8%
EBITDA	2.4	1.8	-25.6%	2.1	-13.5%	5.2	3.9	-26.0%
Underlying EBITDA(3)	2.2	1.9	-17.3%	2.1	-11.5%	4.9	4.0	-19.0%
Discontinued Operations(4)	0.2	0.0	-100.0%	0.0	-	0.3	0.0	-100.0%
Underlying EBITDA Margin (%)	8.4%	6.0%	-2.4pp	7.4%	-1.4pp	9.7%	6.6%	-3.0pp
Operating CAPEX(5)	1.2	2.0	63.5%	1.6	19.4%	2.6	3.6	37.7%
Operating CAPEX as % of Turnover	4.5%	6.3%	1.8pp	5.8%	0.5pp	5.2%	6.0%	0.9pp
Underlying EBITDA - Operating CAPEX	1.0	-0.1	-	0.5	-	2.3	0.4	-84.0%
Total CAPEX	1.2	2.0	63.5%	1.6	19.4%	2.6	3.6	37.7%

(1) Commercial Costs =COGS ⁺ Mktg & Sales; (2)OtherOperating Costs =Outsourcing Services+ G&A+ Provisions ⁺ others; (3)Includes the businesses fully consolidated by SSI; (4)IncludesMainroad contribution untilthe sale;

(5)Operating CAPEX excludes Financial Investments; (R) The valueswere restated in orderto reflect Sonaecom structure afterMainroad sale.

Turnover

Turnover continued to benefit from the international expansion of SSI companies and the active potfolio management, growing 18.0% y.o.y., to 59.5 million euros. Service Revenues increased 16.4% to 43.4 million euros while Sales increased by 22.5% to 16.1 million euros.

Excluding S21Sec contribution in 1H15, SSI turnover increased by 7.1% and Service Revenues by 3.2 %.

Operating costs

Operating costs increased 22.6%, reaching 56.1 million euros, impacted by higher commercial costs, higher staff costs and higher other operational costs. Staff costs increased 28.3% driven by a 22.4% growth in the number of employees (from 713 to 872). Commercial costs increased 18.3% when compared to 1H14, to 16.5 million euros, driven by a higher cost of goods sold, aligned with the higher level of sales. Other operating costs increased 20.8% explained by the enlarged portfolio.

EBITDA

Total EBITDA declined 26.0%, explained by discontinued operations in the 1H14 but also by the decrease of underlying EBITDA.

In the 1H15, underlying EBITDA reached 4.0 million euros, falling 19.0% y.o.y., reaching a margin of 6.6%, although showing an improving trend in the 2Q15.

Excluding S21Sec, underlying EBITDA in the 1H15 decreased by 0.2% and reached a 9.0% margin.

Underlying EBITDA-operating CAPEX

Underlying EBITDA-operating CAPEX stood at 0.4 million euros, decreasing when compared to 1H14, explained by the lower level of EBITDA and the higher level of CAPEX.

2.2 Media

Besides the 25th anniversary, the 1H15 was marked by the company good performance in paid circulation. According to APCT, Público was the daily generalist newspaper that presented higher growth. It should also be noted that in 2015 Público received 4 awards, including a special mention in the category of best news site by the European Digital Media Awards, only behind The Guardian.

Turnover reached 7.7 million euros, representing a slight increase when compared to 1H14 and, importantly, reverting the declining trend initiated in 2010. The increase at online advertising revenues compensated the decline at offline advertising revenues while content revenues increased and online subscriptions continued to present a good performance, contributing significantly to the circulation.

EBITDA, despite negative and impacted by some one-off downward effects, increased 6.1% to negative 1.2 million euros.

2.3 NOS

NOS operating revenues were 699.9 million euros in 1H15, growing 2.6% y.o.y.

EBITDA reached 266.4 million euros, increasing 1.1% when compared to 1H14 and representing a 38.1% EBITDA margin. Recurrent CAPEX amounted to 140.5 million euros in 1H15, an increase of 12.8% y.o.y. As a consequence of EBITDA and CAPEX evolution,

EBITDA-Recurrent CAPEX decreased 9.4%.

Net Financial Debt to EBITDA (last 4 quarters) stood at 2.1x at the end of 1H15 reached 3.8 years.

NOS published its 1H15 results on 28th July, 2015, which are available at www.nos.pt.

During 1H15, the NOS share price increased 37.0 7.174, whilst PSI20 increased its market capitalisation by 15.7%.

Operational Indicators

Operational Indicators ('000)	2Q14	2Q15		1Q15	q.o.q.	1H14	1H15
Total RGUs	7 295.6	8 010.2	9.8%	7 761.8	3.2%	7 295.6	8 010.2	9.8%
Convergent RGUs	1 007.7	2 443.2	142.5%	2 194.5	11.3%	1 007.7	2 443.2	142.5%
IRIS subscribers	561.3	784.2	39.7%	742.6	5.6%	561.3	784.2	39.7%
3,4 and 5P subscribers	810.7	904.9	11.6%	878.1	3.0%	810.7	904.9	11.6%

Financial indicators

Million euros
NOS HIGHLIGHTS	2Q14	2Q15		1Q15	q.o.q.	1H14	1H15
Operating Revenues	345.0	355.9	3.2%	344.1	3.4%	682.3	699.9	2.6%
EBITDA	133.6	138.5	3.6%	127.9	8.3%	263.5	266.4	1.1%
EBITDA margin (%)	38.7%	38.9%	+0.2pp	37.2%	1.7 pp	38.6%	38.1%	-0.6pp
Net Income	18.4	24.1	30.7%	23.2	3.5%	43.7	47.3	8.3%
CAPEX	88.6	102.4	15.5%	94.3	8.5%	145.3	196.7	35.4%
EBITDA-CAPEX	45.0	36.1	-19.7%	33.6	7.6%	118.2	69.7	-41.0%
RECURRENT CAPEX	71.8	72.3	0.7%	68.2	6.0%	124.6	140.5	12.8%
EBITDA-RECURRENT CAPEX	61.8	66.2	7.1%	59.7	10.8%	138.9	125.9	-9.4%

3. Sonaecom Individual Results

3.1 Operational data

30 June 2015 and 2014 are summarised as follows:

Million euros	1H14	1H15	Difference	%
Service Revenues	0.2	0.2	0.0	10%
Operating Costs (1)	(1.4)	(1.0)	0.4	29%
EBITDA	(1.1)	(0.7)	0.4	35%
EBIT	(1.2)	(0.8)	0.4	35%
Dividend Received	1.3	8.9	7.5	570%
Net Financial Activity	1.2	0.9	(0.2)	-21%
Other Financial Results	(7.3)	20.4	27.7	378%
EBT	(6.0)	29.5	35.4	592%
Net Income	(5.9)	29.5	35.5	597%

(1) Excluding depreciation, amortisation and provisions.

Service revenues

This line totalled 0.2 million euros, in line with 1H14, and it essentially comprises management services provided to its subsidiaries which decreased significantly since the merger between Optimus with Zon (occurred on 2013, August 27th).

Total operational costs

Total operating costs exclude depreciation, amortisation charges and provisions. This line amounted to 1.0 million euros, which compares with 1.4 million euros in 1H14.

EBITDA

EBITDA was negative 0.7 million euros (negative 1.1 million euros in 1H14) and the improvement versus last year was mainly driven by the lower level of operating costs.

Dividends received

During 1H15, Sonaecom received dividends from NOS (1.5 million euros) and ZOPT (7.3 million euros). During 1H14, Sonaecom received 1.3 million euros from NOS.

Net financial activity

The net financial activity (interest income less interest expenses) was positive by 0.9 million euros, which compares with 1.2 million euros in 1H14.

Other financial results

Other financial results were positive by 20.4 million euros, almost fully explained by the positive 21.3 million of market value adjustments related to the 2.14% direct stake on NOS (shares recorded at fair value through profit and loss), partially absorbed by the 1.4 million of impairments recorded in the financial investments. In 1H14, the market value adjustments were responsible for a negative 7.9 million euros.

Net income

Net results for the year were positive by 29.5 million euros, mainly driven by the dividends and by the other financial results.

3.2 Financial data

The following table summarises the major cash movements during the semester ended at 30 June 2015:

Changes in Sonaecom SGPS Liquidity	million euros
Sonaecom SGPS stand-alone liquidity as at 31 December 2014	176.9
Cash and Bank	0.2
Treasury Applications	176.7
Bank	176.7
Subsidiaries	0.0
Changes in Nominal Gross Debt	(0.1)
External Debt	(0.1)
Treasury applications from subsidiaries	0.0
Shareholder Loans and Supplementary capital granted	3.2
Dividend paid	(13.8)
Free Cash Flow	8.7
Interest paid	(0.4)
Interest received	1.9
Dividend received	8.9
Operational Free Cash Flow and others	(1.7)
Sonaecom SGPS stand-alone liquidity as at 30 June 2015	174.9
Cash and Bank	46.8
Treasury Applications	128.1
Bank	124.0
Subsidiaries	4.1

-alone liquidity decreased 2.0 million euros to 174.9 million euros due to the following movements:

(i) FCF was positive by 8.7 million euros (including dividends of 8.9 million from NOS and ZOPT);

(ii) Loans granted to subsidiaries decreased 1.0 million euros and supplementary capital placed in subsidiaries decreased by 2.2 million euros;

However:

(iii) External debt decreased 0.1 million euros.

4.1 Consolidated income statement

Million euros
CONSOLIDATED INCOME STATEMENT	2Q14(R)	2Q15		1Q15	q.o.q.	1H14(R)	1H15
Turnover	30.8	35.1	14.0%	32.0	9.9%	58.4	67.1	14.9%
Service Revenues	20.8	24.1	16.0%	22.4	7.9%	40.3	46.5	15.2%
Product Sales	10.0	11.0	9.8%	9.6	14.5%	18.0	20.6	14.3%
Other Revenues	0.4	0.3	-24.4%	0.5	-34.7%	0.7	0.8	8.7%
Operating Costs	30.1	34.5	14.7%	31.3	10.3%	56.7	65.8	16.1%
Personnel Costs	10.2	12.6	23.0%	12.2	3.0%	20.7	24.8	19.9%
Commercial Costs(1)	9.6	9.9	3.0%	8.7	13.9%	16.5	18.6	12.7%
Other Operating Costs(2)	10.3	12.0	17.3%	10.4	16.0%	19.5	22.4	14.9%
EBITDA	5.1	6.5	28.6%	6.2	5.6%	11.6	12.8	10.1%
Underlying EBITDA(3)	1.1	0.9	-18.9%	1.1	-20.4%	2.4	2.0	-14.4%
Equity method(4)	3.9	5.6	43.6%	5.1	11.4%	9.0	10.7	19.3%
Discontinued Operations(5)	0.0	0.0	-100.0%	0.0	-	0.2	0.0	-100.0%
Underlying EBITDA Margin (%)	3.6%	2.6%	-1.0pp	3.6%	-1.0pp	4.1%	3.0%	-1.0pp
Depreciation & Amortization	1.9	1.7	-6.6%	1.9	-7.9%	3.1	3.6	16.6%
EBIT	3.2	4.8	48.8%	4.3	11.4%	8.5	9.1	7.7%
Net Financial Results	-8.5	6.0	-	17.5	-65.9%	-6.3	23.5	-
Financial Income	0.3	6.8	-	18.0	-62.4%	3.3	24.7	-
Financial Expenses	8.8	0.8	-91.0%	0.5	66.3%	9.5	1.3	-86.7%
EBT	-5.3	10.8	-	21.8	-50.6%	2.2	32.6	-
Tax results	0.7	1.0	43.1%	-1.1	-	0.3	-0.1	-
Net Results	-4.6	11.7	-	20.7	-43.3%	2.6	32.4	-
Group Share	-4.6	12.2	-	21.3	-42.8%	2.6	33.5	-
Attributable to Non-Controlling Interests	0.0	-0.4	-	-0.6	25.9%	0.0	-1.0	-

(1) Commercial Costs =COGS ⁺ Mktg & SalesCosts; (2)OtherOperating Costs =Outsourcing Services ⁺ G&A+ Provisions ⁺ others;

(3)Includes the businesses fully consolidated by Sonaecom; (4) Includes the50% holding in Unipress,the 45% holding in SIRS, the 50% holding inS2 1Sec ciberseguridad ,the 50% holding inBig Data and the 50% holding in ZOPT;

(5)Includes Mainroad contribution untilthe sale

(R) The values were adjusted in ordert o reflect, from1January 2014 onwards, Mainroad as ^a discontinued operation

4.2 Consolidated balance sheet

Million euros
CONSOLIDATED BALANCE SHEET	2Q14(R)	2Q15		1Q15	q.o.q.	1H14(R)	1H15
Total Net Assets	1 051.9	1 124.9	6.9%	1 120.3	0.4%	1 051.9	1 124.9	6.9%
Non Current Assets	759.9	797.0	4.9%	792.8	0.5%	759.9	797.0	4.9%
Tangible and Intangible Assets	21.7	29.3	34.8%	28.9	1.5%	21.7	29.3	34.8%
Goodwill	28.6	29.0	1.4%	29.1	-0.3%	28.6	29.0	1.4%
Investments	703.6	730.9	3.9%	728.0	0.4%	703.6	730.9	3.9%
Deferred Tax Assets	5.9	7.6	29.0%	6.6	15.0%	5.9	7.6	29.0%
Others	0.0	0.3	-	0.3	-0.1%	0.0	0.3	-
Current Assets	292.0	327.8	12.3%	327.5	0.1%	292.0	327.8	12.3%
Trade Debtors	42.3	43.1	1.9%	40.6	6.1%	42.3	43.1	1.9%
Liquidity	174.6	176.7	1.2%	180.2	-1.9%	174.6	176.7	1.2%
Others	75.2	108.0	43.6%	106.7	1.2%	75.2	108.0	43.6%
Shareholders' Funds	973.3	1 043.0	7.2%	1 047.3	-0.4%	973.3	1 043.0	7.2%
Group Share	973.1	1 044.3	7.3%	1 048.6	-0.4%	973.1	1 044.3	7.3%
Non-Controlling Interests	0.2	-1.3	-	-1.3	1.2%	0.2	-1.3	-
Total Liabilities	78.6	81.8	4.1%	73.0	12.1%	78.6	81.8	4.1%
Non Current Liabilities	8.9	14.7	65.0%	13.7	7.4%	8.9	14.7	65.0%
Bank Loans	4.4	9.0	104.9%	9.4	-4.9%	4.4	9.0	104.9%
Provisions for Other Liabilities and Charges	3.1	3.8	22.0%	2.8	33.1%	3.1	3.8	22.0%
Others	1.4	2.0	35.3%	1.4	38.8%	1.4	2.0	35.3%
Current Liabilities	69.7	67.2	-3.7%	59.3	13.2%	69.7	67.2	-3.7%
Loans	12.7	1.5	-88.0%	1.3	13.2%	12.7	1.5	-88.0%
Trade Creditors	24.8	26.7	7.5%	23.7	12.5%	24.8	26.7	7.5%
Others	32.2	39.0	20.9%	34.3	13.7%	32.2	39.0	20.9%
Operating CAPEX(1)	1.3	2.5	90.0%	1.8	37.2%	2.8	4.3	49.7%
Operating CAPEX as % of Turnover	4.2%	7.0%	2.8pp	5.6%	1.4pp	4.9%	6.3%	1.5pp
Total CAPEX	4.2	2.5	-41.9%	1.8	37.2%	8.4	4.3	-49.1%
Underlying EBITDA - Operating CAPEX	-0.2	-1.6	-	-0.7	-136.5%	-0.5	-2.2	-
Gross Debt	17.6	11.8	-33.1%	11.5	1.9%	17.6	11.8	-33.1%
Net Debt	-157.0	-165.0	-5.1%	-168.7	2.2%	-157.0	-165.0	-5.1%

(1) Operating CAPEX excludes Financial Investments.

(R)Underthe Special Regime o fDebt Adjustments to the Fiscal Authorities and Social Security (Decree Law No. 248-A /2002 andDecree Law No.151-A /2013), Sonae and Sonaecom voluntarilymade payments to the State relating to additionaltax assessments o f previous years, forwhich, at the time o f such payments, both companies had already brought the corresponding judicial appeals, lying processes running underthe relevant courts. These payments were recognized in assets, according to "IAS 12 - IncomeTaxes".

However, during the verification process o fthe 2012 accounts, CMVM disagreed with the interpretation o f Sonae and requested the retrospective correction o fthe financial statements, arguing that the payments made in respect o f other taxes than income tax should be considered as contingent assets. While not agreeing with the position o f CMVM, Sonae and Sonaecom made the restatement o f financial statements. The impact ofthis change is nil in the income statementand immaterial in the statement o f financial position.

4.3 Consolidated levered FCF

LEVERED FREE CASH FLOW	2Q14(R)	2Q15		1Q15	q.o.q.	1H14(R)	1H15
Underlying EBITDA-Operating CAPEX	-0.2	-1.6	-	-0.7	-136.5%	-0.5	-2.2	-
Change in WC	-2.2	-0.3	87.9%	-1.0	72.9%	-1.0	-1.2	-26.3%
Non Cash Items & Other	2.2	4.3	94.0%	-1.5	-	2.6	2.8	7.9%
Operating Cash Flow	-0.2	2.5	-	-3.1	-	1.2	-0.6	-
Investments	-3.7	0.0	100.0%	0.0	-	-6.3	0.0	100.0%
Dividends	1.4	8.9	-	0.0	-	1.4	8.9	-
Financial results	0.1	-0.4	-	2.1	-	-1.3	1.7	-
Income taxes	-0.2	-0.1	47.0%	-0.7	84.0%	-0.4	-0.8	-98.1%
FCF(1)	-2.5	10.9	-	-1.7	-	-5.4	9.2	-

(1) FCF Levered after Financial Expenses but before Capital Flows and Financing related u p-front Costs. (R)The values were adjusted in orderto reflect, from 1January 2014 onwards, Sonaecom structure following the Mainroad sale.

5. Corporate Governance

Annual Report and Accounts and is www.sonae.com).

s a section on Corporate Governance.

6. Article 447, 448 and Qualified Holdings

Article 447

In accordance with article 447 of the Portuguese Company Law and CMVM Regulation no. 5/2008 shares held by the Board of Directors and Management and respective transactions during the first half 2014:

Board of Directors

		Additions		Reductions		Balance at 30 June 2015
	Date	Quantity	Market price	Quantity Market Price		Quantity
Ângelo Gabriel Ribeirinho dos Santos Paupério
Sonae- SGPS, S.A.(6) Shares attributed under the Medium Term Incentive Plan Sonaecom, SGPS, S.A.(9)	18.05.2015	751,429	0.06			1,521,855 a) -
Enxomil - SGPS, SA (10)						10,000 b)
Maria Cláudia Teixeira de Azevedo Efanor Investimentos, SGPS, S.A.(1) Linhacom, SGPS, S.A.(4) Sonae- SGPS, S.A.(6) Shares attributed under the Medium Term Incentive Plan	18.05.2015	195,183	0.06			1 99,996 204,678
Sale Sale Sonaecom, SGPS, S.A.(9)	18.05.2015 19.05.2015			195,000 183	1.26 1.26	-
António Bernardo Aranha da Gama Lobo Xavier Sonae- SGPS, S.A.(6)						-
Sonaecom, SGPS, S.A.(9)						-

a) Includes 125,000 shares held by spouse

b) Includes shares held indirectly.

Management

			Additions	Reductions	Balance at 30 June 2015
	Date	Quantity		Market price Quantity	Quantity
David Graham Shenton Bain
Sonae- SGPS, S.A.(6)					20,000
Sonaecom, SGPS, S.A.(9)					15,000
Rui José Gonçalves Paiva
Sonae- SGPS, S.A.(6)					103,394
Shares attributed under the company's	18.05.2015	54,601	0.13
remuneration policy Sonaecom, SGPS, S.A.(9)					-
Carlos Alberto Rodrigues Silva
Sonae- SGPS, S.A.(6)					63,257
Shares attributed under the Medium
Term Incentive Plan	20.03.2015	32,771	0.14
Fernando José Lobo Pimentel
Macareno Videira
Sonae- SGPS, S.A.(6)					52,348
Shares attributed under the company's	18.05.2015	24,222	0.13
remuneration policy
Ana Cristina Dinis da Silva Fanha
Vicente Soares
Sonae- SGPS, S.A.(6)					41,697
Sonaecom, SGPS, S.A.(9)					-

Notes

			Additions		Reductions	Balance at 30 June 2015
	Date	Quantity	Market price	Quantity	Market price	Quantity
(1) Efanor Investimentos, SGPS, S.A.
Sonae - SGPS, S.A.(6)						200,100,000
Pareuro, BV(2)						5,583,100
Sonaecom, SGPS, S.A.(9)						-
(2) Pareuro, BV
Sonae - SGPS, S.A.(6)						849,533,095
(3) Migracom, SGPS, S.A.
Imparfin, SGPS, S.A.(5)						150,000
Sonae - SGPS, S.A.(6)						674,284
Sale	19.05.2015			247,362	1.26
Sale	20.05.2015			300,037	1.25
Sale	21.05.2015			315,000	1.25
Sonaecom, SGPS, S.A.(9)						-
(4) Linhacom,SGPS, S.A.
Imparfin, SGPS, S.A.(5)						150,000
Sonae - SGPS, S.A.(6)						439,314
Sonaecom, SGPS, S.A.(9)						-
(5) Imparfin, SGPS, S.A.
Sonae - SGPS, S.A.(6)						4,105,280
(6) Sonae - SGPS, S.A.
Sonaecom, SGPS, S.A.(9)						81,022,964
Sonae Investments BV(7)						2,894,000
Sontel BV(8)						32,745
(7) Sonae Investments BV
Sontel BV(8)						58,555
(8) Sontel BV
Sonaecom, SGPS, S.A.(9)						194,063,119
(9) Sonaecom, SGPS, S.A.						5,571,014
(10) Enxomil - SGPS, SA
Sonae - SGPS, S.A.(6)						500,000

Article 448

In accordance with article 448 of the Portuguese Company Law:

	Number of shares as of 30 June 2015
Efanor Investimentos, SGPS, S.A. (1)
Sonae- SGPS, S.A.	200,100,000
Pareuro, BV	5,583,100
Sonaecom, SGPS, S.A.	-
Pareuro, BV
Sonae- SGPS, S.A.	849,533,095
Sonae- SGPS, S.A.
Sonaecom, SGPS, S.A.	81,022,964
Sonae Investments BV	2,894,000
Sontel BV	32,745
Sonae Investments BV
Sontel BV	58,555
Sontel BV
Sonaecom, SGPS, S.A.	194,063,119

(1) Belmiro Mendes de Azevedo is, according to article 20 paragraph 1, subparagraph b), and article 21, paragraph 1, both of the Portuguese Securities Code, the ultimate beneficial owner, as it holds circa 99% of the share capital and voting rights in Efanor Investimentos, SGPS, SA and the latter wholly owns Sonae - SGPS S.A. and Sontel BV.

Qualified holdings

In compliance with sub-paragraph c), number 1, of the article of the CMVM Regulation no. 06/2008, we declare the qualifying holdings at 30 June 2015:

				% of voting rights
				Without own
Shareholder	Number of shares	% of Share capital	With own shares	shares
Directly
Sontel BV	194,063,119	62.33%	62.33%	63.47%
Sonae- SGPS, S.A.	81,022,964	26.02%	26.02%	26.50%
Total attributable (1)	275,086,083	88.36%	88.36%	89.97%

7. Declaration for the purpose of Article 246 of CVM (Portuguese Securities Code)

The signatories individually declare that, to their knowledge, the Management Report, the Consolidated and Individual Financial Statements and other accounting documents required by law or regulation were prepared meeting the standards of the applicable International Financial Reporting Standards, giving a truthful (fairly) and appropriate image, in all material respects, of the assets and liabilities, financial position and the consolidated and individual results of the issuer and that the Management Report faithfully describes the progress of the business and position of the issuer and of the companies included in the consolidation perimeter and contains a description of the major risks and uncertainties that they face.

The Board of Directors

Ângelo Gabriel Ribeirinho Paupério

Maria Cláudia Teixeira de Azevedo

8. Financial Information

8.1 Sonaecom consolidated financial statements

Consolidated balance sheets

For the periods ended at 30 June 2015 and 2014 (restated note 1) and for the year ended at 31 December2014 (restated note 1)

(Amounts expressed in Euro)	Notes	June 2015	June 2014 (not audited and	December 2014
		(not audited)	restated)	(restated)
Assets
Non-current assets
Tangible assets	1.c, 1.h and 5	3,062,587	5,157,655	2,696,429
Intangible assets	1.d, 1.e and 6	26,224,748	16,566,111	25,581,936
Goodwill	1.f, 1.w and 7	28,977,979	28,580,800	28,719,066
Investments in associated companies and companies jointly controlled	1.b and 8	730,589,402	702,309,279	721,607,751
Financial assets at fair value through profit or loss	1.g, 4 and 9	168,153	1,192,926	1,424,996
Investments available for sale	1.g, 4 and 10	113,054	115,448	113,054
Other non-current assets	1.g, 1.r, 1.x, 4 and 22	318,020	47,685	507,518
Deferred tax assets	1.p, 1.s and 11	7,593,727	5,888,181	6,837,230
Total non-current assets		797,047,670	759,858,085	787,487,980
Current assets
Financial assets at fair value through profit or loss	1.g, 4 and 9	79,003,905	54,364,924	58,540,576
Inventories	1.i	339,573	360,330	1,077,458
Trade debtors	1.g, 1.j, 4 and 22	43,058,388	42,254,985	40,000,771
Other current debtors	1.g, 1.j, 4 and 22	10,077,327	7,910,701	9,396,842
Other current assets	1.g, 1.r, 1.x, 4 and 22	18,623,643	12,580,848	11,912,225
Cash and cash equivalents	1.g, 1.k, 4, 12 and 22	176,737,661	174,572,865	182,010,595
Total current assets		327,840,497	292,044,653	302,938,467
Total assets		1,124,888,167	1,051,902,738	1,090,426,447
Shareholders' funds and liabilities
Shareholders' funds
Share capital	13	230,391,627	230,391,627	230,391,627
Own shares	1.u and 14	(7,686,952)	(7,686,952)	(7,686,952)
Reserves	1.t	788,155,305	747,794,468	768,435,584
Consolidated net income/(loss) for the period		33,453,698	2,569,737	27,958,229
		1,044,313,678	973,068,880	1,019,098,488
Non-controlling interests		(1,264,064)	218,544	(632,000)
		1,043,049,614	973,287,424	1,018,466,488
Liabilities
Non-current liabilities
	1.l, 1.m, 4 and 15.a	8,966,736	4,375,094	9,058,985
Other non-current financial liabilities	1.h, 4 and 16	861,381	352,681	480,274
Provisions for other liabilities and charges	1.o, 1.s and 17	3,754,666	3,076,852	2,579,321
Other non-current liabilities	1.r, 1.x, 4 and 22	1,097,034	1,094,492	1,075,209
Total non-current liabilities		14,679,817	8,899,119	13,193,789
Current liabilities
Short-term loans and other loans	1.l, 1.m, 4 and 15.b	1,523,314	12,672,500	1,980,451
Trade creditors	4 and 22	26,681,596	24,828,548	21,565,689
Other current financial liabilities	1.h, 4 and 18	398,417	167,487	285,904
Other creditors	4 and 22	8,732,096	5,321,907	6,647,364
Other current liabilities	1.r, 1.x, 4 and 22	29,823,313	26,725,753	28,286,762
Total current liabilities		67,158,736	69,716,195	58,766,170
		1,124,888,167	1,051,902,738	1,090,426,447

The notes are an integral part of the consolidated financial statements at 30 June 2015 and 2014 (restated note 1).

The Chief Accountant

Ricardo André Fraga Costa

The Board of Director

Ângelo Gabriel Ribeirinho Paupério António Bernardo Aranha da Gama Lobo Xavier Maria Cláudia Teixeira de Azevedo

Consolidated profit and loss account by nature

For the periods ended at 30 June 2015 and 2014 (restated note 1) and for the year ended at 31 December2014

(Amounts expressed in Euro)	Notes	June 2015 (not audited)	April to June 2015 (not audited)	June 2014 (not audited and	April to June 2014 (not audited and	December 2014
				restated)	restated)
Sales	1.r and 22	20,619,520	11,007,047	17,885,571	9,970,534	38,375,020
Services rendered	1.r and 22	46,478,905	24,126,911	40,099,693	20,706,570	83,341,646
Other operating revenues	1.q and 22	789,586	311,950	650,524	373,337	2,761,594
		67,888,011	35,445,908	58,635,788	31,050,441	124,478,260
Cost of sales	1.i	(16,670,280)	(8,776,087)	(14,868,053)	(8,617,023)	(30,341,304)
External supplies and services	1.h, 19 and 22	(23,440,850)	(12,491,749)	(20,628,565)	(10,958,528)	(41,853,327)
Staff expenses	1.x and 27	(24,784,058)	(12,573,235)	(20,673,248)	(10,224,013)	(44,454,793)
Depreciation and amortisation	1.c, 1.d, 1.f, 5, 6 and 7	(3,627,298)	(1,739,452)	(3,110,517)	(1,862,349)	(7,142,387)
Provisions and impairment losses	1.j, 1.o, 1.w and 17	(833,464)	(628,519)	-	-	(25,972)
Other operating costs		(118,290)	(71,692)	(227,063)	(175,083)	(320,238)
		(69,474,240)	(36,280,734)	(59,507,446)	(31,836,996)	(124,138,021)
Gains and losses in associated companies and companies jointly controlled	1.b, 8 and 20	10,709,527	5,642,909	8,973,641	3,929,351	15,742,802
Gains and losses on financial assets at fair value through profit or loss	1.g, 9 and 20	23,110,927	6,116,513	(6,592,422)	(8,623,684)	(1,975,451)
Other financial expenses	1.h, 1.m, 1.v, 1.w, 20 and 22	(1,269,796)	(793,034)	(1,609,996)	(903,690)	(2,404,912)
Other financial income	1.v, 20 and 22	1,632,354	646,230	1,884,911	992,067	2,959,024
Current income / (loss)		32,596,783	10,777,792	1,784,476	(5,477,614)	14,661,702
Income taxation	1.p, 11 and 21	(148,234)	962,135	345,260	672,568	(689,789)
Consolidated net income/(loss) for the period of continued operations		32,448,549	11,739,927	2,129,736	(4,719,943)	13,971,913
Consolidated net income/(loss) for the period of discontinued operations	2 5	-	-	435,623	120,692	13,125,666
Consolidated net income/(loss) for the period		32,448,549	11,739,927	2,565,359	(4,599,251)	27,097,579
Attributed to:
Shareholders of parent company	2 6	33,453,698	12,167,667	2,569,737	(4,614,115)	27,958,229
Non-controlling interests		(1,005,149)	(427,740)	(4,378)	14,864	(860,650)
Earnings per share	2 6
Including discontinued operations:
Basic		0.11	0.04	0.01	(0.01)	0.09
Diluted		0.11	0.04	0.01	(0.01)	0.09
Excluding discontinued operations:
Basic		0.11	0.04	0.01	(0.01)	0.05
Diluted		0.11	0.04	0.01	(0.01)	0.05

The notes are an integral part of the consolidated financial statements at 30 June 2015 and 2014 (restated note 1).

The Chief Accountant

Ricardo André Fraga Costa

The Board of Director

Ângelo Gabriel Ribeirinho Paupério

António Bernardo Aranha da Gama Lobo Xavier

Consolidated statements of profit or loss and other comprehensive income

For the periods ended at 30 June 2015 and 2014 (restated note 1) and for the year ended at 31 December 2014

(Amounts expressed in Euro)	Notes	June 2015 (not audited)	April to June 2015 (not audited)	June 2014 (not audited and restated)	April to June 2014 (not audited and restated)	December 2014
Consolidated net income / (loss) for the period		32,448,549	11,739,927	2,565,359	(4,599,251)	27,097,579
Components of other consolidated comprehensive income, net of tax, that will be reclassified subsequently to profit or loss:
Changes in reserves resulting from the application of equity method	8	5,513,144	(1,851,361)	(17,055,437)	(14,474,664)	2,687,127
Changes in currency translation reserve and other	1.v	425,890	(386,689)	360,483	241,381	766,596
Consolidated comprehensive income for the period		38,387,583	9,501,877	(14,129,595)	(18,832,534)	30,551,302
Attributed to:
Shareholders of parent company		39,392,732	9,929,617	(14,125,217)	(18,847,398)	31,411,952
Non-controlling interests		(1,005,149)	(427,740)	(4,378)	14,864	(860,650)

The notes are an integral part of the consolidated financial statements at 30 June 2015 and 2014 (restated note 1).

The Chief Accountant

Ricardo André Fraga Costa

The Board of Director

Ângelo Gabriel Ribeirinho Paupério

António Bernardo Aranha da Gama Lobo Xavier

For the periods ended 30 June 2015 and 2014 (restated note 1)

								Reserves
(Amounts expressed in Euro)	Share capital	Own shares	(note 14) Share premium	Legal reserves	Reserves for Medium Term Incentive Plans (note 27)	Reserves of own shares	Other reserves (restated)	Total reserves	Non- -controlling interests	Net income / (loss)	Total
2015
Balance at 31 December 2014 (restated - note 1) Appropriation of the consolidated net result of 2014	230,391,627	(7,686,952)	775,290,377	13,152,684	-	7,686,952	(27,694,429)	768,435,584	-		27,958,229 1,019,098,488
Transfers to other reserves	-	-	-	291,040	-	-	27,667,189	27,958,229	-	(27,958,229)	-
Dividend Distribution	-	-	-	-	-	-	(13,759,606)	(13,759,606)	-	-	(13,759,606)
Percentage change in subsidiaries Consolidated comprehensive income for the period ended at	-	-	-	-	-	-	(417,936)	(417,936)	-	-	(417,936)
30 June 2015	-	-	-	-	-	-	5,939,034	5,939,034	-	33,453,698	39,392,732
Balance at 30 June 2015	230,391,627	(7,686,952)	775,290,377	13,443,724	-	7,686,952	(8,265,748)	788,155,305	-		33,453,698 1,044,313,678
Non-controlling interests
Balance at 31 December 2014 (restated - note 1)	-	-	-	-	-	-	-	-	(632,000)	-	(632,000)
Non-controlling interests in comprehensive income	-	-	-	-	-	-	-	-	(1,005,149)		(1,005,149)
Dividend distribution	-	-	-	-	-	-	-	-	(37,350)		(37,350)
Percentage change in subsidiaries	-	-	-	-	-	-	-	-	417,936		417,936
Other changes	-	-	-	-	-	-	-	-	(7,501)		(7,501)
Balance at 30 June 2015	-	-	-	-	-	-	-		- (1,264,064)	-	(1,264,064)
Total	230,391,627	(7,686,952)	775,290,377	13,443,724	-	7,686,952	(8,265,748)	788,155,305	(1,264,064)		33,453,698 1,043,049,614

The notes are an integral part of the consolidated financial statements at 30 June 2015 and 2014 (restated note 1).

The Chief Accountant

Ricardo André Fraga Costa

The Board of Director

Ângelo Gabriel Ribeirinho Paupério

António Bernardo Aranha da Gama Lobo Xavier

continued)

For the periods ended 30 June 2015 and 2014 (restated note 1)

								Reserves
(Amounts expressed in Euro)	Share capital	Own shares	(note 14) Share premium	Legal reserves	Reserves for Medium Term Incentive Plans (note 27)	Reserves of own shares	Other reserves (restated)	Total reserves	Non- -controlling interests	Net income / (loss)	Total
2014
Balance at 31 December 2013	366,246,868	(7,686,952)	775,290,377	13,152,684	1,077,258	7,686,952	(123,115,958)	674,091,313	-		98,425,256 1,131,076,485
Appropriation of the consolidated net result of 2013 Transfers to other reserves (restated - note 1)	-	-	-	-	-	-	98,425,256	98,425,256	-	(98,425,256)	-
Consolidated comprehensive income for the period ended at 30 June 2014 Reduction of the share capital following the result of the	-	-	-	-	-	-	(16,694,954)	(16,694,954)	-	2,569,737	(14,125,217)
general and voluntary acquisition of own shares (note 13) Effect of the recognition of the Medium Term Incentive Plans	(135,855,241)	-	-	-	-	-	(5,815,229)	(5,815,229)	-	-	(141,670,470)
(notes 1.x and 27) Effect of the conversion of the Medium Term Incentive Plans	-	-	-	-	105,935	-	-	105,935	-	-	105,935
(notes 1.x and 27)	-	-	-	-	(1,183,193)	-	(1,134,660)	(2,317,853)	-	-	(2,317,853)
Balance at 30 June 2014	230,391,627	(7,686,952)	775,290,377	13,152,684	-	7,686,952	(48,335,545)	747,794,468	-	2,569,737	973,068,880
Non-controlling interests
Balance at 31 December 2013	-	-	-	-	-	-	-	-	269,824	-	269,824
Non-controlling interests in comprehensive income	-	-	-	-	-	-	-	-	(4,378)	-	(4,378)
Dividend distribution	-	-	-	-	-	-	-	-	(19,920)	-	(19,920)
Other changes	-	-	-	-	-	-	-	-	(26,982)	-	(26,982)
Balance at 30 June 2014	-	-	-	-	-	-	-	-	218,544	-	218,544
Total	230,391,627	(7,686,952)	775,290,377	13,152,684	-	7,686,952	(48,335,545)	747,794,468	218,544	2,569,737	973,287,424

The notes are an integral part of the consolidated financial statements at 30 June 2015 and 2014 (restated note 1).

The Chief Accountant

Ricardo André Fraga Costa

The Board of Director

Ângelo Gabriel Ribeirinho Paupério

António Bernardo Aranha da Gama Lobo Xavier

Consolidated cash flow statements

For the years ended 30 June 2015 and 2014

(Amounts expressed in Euro)		June 2015 (not audited)		June 2014 (not audited)
Operating activities
Receipts from trade debtors	66,783,550		54,376,707
Payments to trade creditors	(37,425,007)		(32,362,093)
Payments to employees	(30,410,960)		(27,739,256)
Cash flows from operating activities	(1,052,417)		(5,724,642)
Payments / receipts relating to income taxes, net	(1,313,059)		(803,500)
Other receipts / payments relating to operating activities, net	3,669,451		5,384,387
Cash flows from operating activities (1)		1,303,975		(1,143,755)
Investing activities
Receipts from:
Tangible assets	802		7,749
Dividends	8,857,220		1,392,154
Interest and similar income	866,619		5,376,786
Payments for:
Financial investments	-		(5,522,188)
Tangible assets	(648,651)		(946,170)
Intangible assets	(621,260)		(788,475)
Cash flows from investing activities (2)		8,454,730		(480,144)
Financing activities
Receipts from:
Loans obtained	999		11,557,500
Payments for:
Leasing	(221,047)		(14,372)
Interest and similar expenses	(452,078)		(3,053,682)
Dividends	(13,796,956)		(19,920)
Loans obtained	(625,382)		(20,497,478)
Cash flows from financing activities (3)		(15,094,464)		(12,027,952)
Net cash flows (4)=(1)+(2)+(3)		(5,335,759)		(13,651,851)
Effect of the foreign exchanges		(12,961)		117,729
Cash and cash equivalents at the beginning of the period		181,814,513		188,004,715
Cash and cash equivalents at the end of the period		176,465,793		174,470,593

The notes are an integral part of the consolidated financial statements at 30 June 2015 and 2014.

The Chief Accountant

Ricardo André Fraga Costa

The Board of Director

Ângelo Gabriel Ribeirinho Paupério

António Bernardo Aranha da Gama Lobo Xavier

Notes to the consolidated cash flow statements

For the periods ended 30 June 2015 and 2014

1. Acquisition or sale of subsidiaries or other businesses

	June 2015 (not audited)	June 2014 (not audited)
a) Amounts paid of acquisitions
Sonae SGPS shares acquisition	-	5,522,188
	-	5,522,188

2. Details of cash and cash equivalents

	Notes	June 2015 (not audited)	June 2014 (not audited)
Cash in hand	12	23,486	25,626
Cash at bank	12	51,552,174	2,801,184
Treasury applications	12	125,162,001	171,746,055
Overdrafts	12 and 15	(271,868)	(102,272)
Cash and cash equivalents		176,465,793	174,470,593
Overdrafts		271,868	102,272
Cash assets		176,737,661	174,572,865

3. Description of non-monetary financing activities

	Notes	June 2015 (not audited)	June 2014 (not audited)
a) Bank credit obtained and not used	15	1,000,000	1,000,000
b) Purchase of company through the issue of shares		Not applicable	Not applicable
c) Conversion of loans into shares		Not applicable	Not applicable

4. Cash flow breakdown by activity

Activity	Cash flow from operating activities	Cash flow from investing activities	Cash flow from financing activities	Net cash flows
2015
Multimedia	(636,907)	(335,963)	(33,832)	(1,006,702)
Information Systems	4,967,536	(638,284)	(1,094,394)	3,234,858
Holding	(3,026,654)	9,428,977	(13,966,238)	(7,563,915)
	1,303,975	8,454,730	(15,094,464)	(5,335,759)

Activity	Cash flow from operating activities	Cash flow from investing activities	Cash flow from financing activities	Net cash flows
2014
Multimedia	(1,621,400)	(157,610)	(19,489)	(1,798,499)
Information Systems	(742,308)	(1,269,476)	(778,436)	(2,790,220)
Holding	1,219,953	946,942	(11,230,027)	(9,063,132)
	(1,143,755)	(480,144)	(12,027,952)	(13,651,851)

The notes are an integral part of the consolidated financial statements at 30 June 2015 and 2014.

The Chief Accountant

Ricardo André Fraga Costa

The Board of Director

Ângelo Gabriel Ribeirinho Paupério

António Bernardo Aranha da Gama Lobo Xavier

8.2 Notes to the consolidated financial statements

under the name Sonae Tecnologias de Informação, S.A. and has its head office at Lugar de Espido, Via Norte, Maia Portugal. It is the parent company of the Group of companies ).

information technology area were transferred to the Company through a demerger-merger process, executed by public deed dated 30 September 1997.

l was increased, its Articles of Association were modified and its name was changed to Sonae.com, SGPS, S.A.. Since then the investments in other companies. Also on 3 November 1999, capital was re-denominated to Euro, being represented by one hundred and fifty million shares with a nominal value of 1 Euro each.

On 1 June 2000, the Company carried out a Combined Share Offer, involving the following:

A Retail Share Offer of 5,430,000 shares, representing 3.62% of the share capital, made in the domestic market and aimed at: (i) employees of the Sonae Group; (ii) customers of the companies controlled by Sonaecom; and (iii) the general public;
An Institutional Offering for sale of 26,048,261 shares, representing 17.37% of the share capital, aimed at domestic and foreign institutional investors.

capital was increased under the terms explained below. The new shares were fully subscribed for and paid up by Sonae, SGPS, S.A. (a Shareholder of Sonaecom, hereinafter referred up on the date the price of the Combined Share Offer was determined, and paid up in cash, 31,000,000 new ordinary shares of 1 Euro each being issued. The subscription price for the new shares was the same as that fixed for the sale of shares in the aforementioned Combined Share Offer, which was Euro 10.

In addition, in this year, Sonae sold 4,721,739 Sonaecom shares under an option granted to the banks leading the Institutional Offer for Sale and 1,507,865 shares to Sonae Group managers and to the former owners of the companies acquired by Sonaecom.

eld on 17 181,000,000 to Euro 226,250,000 by public subscription reserved for the existing Shareholders, 45,250,000 new shares of 1 euro each having been fully subscribed for and paid up at the price of Euro 2.25 per share.

deed to SONAECOM, SGPS, S.A..

Euro 70,276,868, from Euro 226,250,000 to Euro 296,526,868, by the issuance of 70,276,868 new shares of 1 euro each and with a share premium of Euro 242,455,195, fully subscribed by France Télécom. The corresponding public deed was executed on 15 November 2005.

By decision of the Shareholders General Meeting held on 18 Euro 69,720,000, from Euro 296,526,868 to Euro 366,246,868, by the issuance of 69,720,000 new shares of 1 euro each and with a share premium of Euro 275,657,217, subscribed by 093X and Parpública Participações Públicas, SGPS, S.A. 18 October 2006.

By decision of the Shareholders General Meeting held on 16 April 2008, bearer shares were converted into registered shares.

During the year ended at 31 December 2013, the merger between Zon Multimédia Serviços de Telecomunicações e was closed. Accordingly, the telecommunications segment was classified, for presentation purposes, as a discontinued the holding activity:

Multimedia;
Information systems consultancy.

Consequently, since the merger mentioned above, the telecommunications segment became jointly controlled (note 8).

On 5 February 2014, Sonaecom made public the decision to launch a general and voluntary tender offer for the acquisition of shares representing the share capital of Sonaecom. The offer was general and voluntary, with the offered obliged to acquire all the shares that were the object of the offer and were, until the end of the respective period, subject to valid acceptance by the recipients.

The period of the offer, during which sales orders were received, ran for two weeks, beginning on 6 February and ending on 19 February 2014. On 20 February 2014, the results of the offer were released. The level of acceptance reached 62%, corresponding to 54,906,831 Sonaecom shares (notes 9 and 17).

In 2014 Sonaecom reduced its share capital to Euro 230,391,627.

Euronext Lisbon announced Sonaecom exclusion from the PSI-20 from 24 February 2014 forward.

The Group operates in Portugal and has subsidiaries (from the information systems consultancy segment) operating in about 12 countries.

Since 1 January 2001, all Group companies based in the Euro zone have adopted the Euro as their base currency for processing, systems and accounting.

The consolidated financial statements are also presented in euro, rounded at unit, and the transactions in foreign currencies are included in accordance with the accounting policies detailed below.

1. Basis of presentation

The accompanying financial statements relate to the consolidated financial statements of the Sonaecom Group and have been prepared on a going concern basis, based on the accounting records of the companies included in the consolidation through full consolidation method (note 2) in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). These financial statements were prepared based on the acquisition cost, except for the revaluation of some financial instruments.

For Sonaecom, there are no differences between IFRS as adopted by European Union and IFRS published by the International Accounting Standards Board, with the exception of the start dates of the adoption of the standards indicated below.

Sonaecom adopted IFRS for the first time according to SIC 8 (First-time adoption of IAS) on 1 January 2003.

The following standards, interpretations, amendments and revisions have been approved (endorsed) by the European Union, and have mandatory application to financial years beginning on or after 1 January 2015 and were first adopted in the period ended at 30 June 2015:

Standard / Interpretation	Effective date (annual periods beginning on or after)
IAS 19 - Amendments (Defined Benefit Plans: Employee Contributions) The objective of the amendments is to simplify the accounting for contributions that are independent of the number of years of employee service.	1-Jul-14
Cycle collection of amendments to IFRSs in response to eight improvements to IFRSs.	1-Jul-14
Cycle collection of amendments to IFRSs in response to four improvements to IFRSs.	1-Jul-14

The following standards, interpretations, amendments and revisions have not yet been approved (endorsed) by the European Union, at the date of approval of these financial statements:

Standard / Interpretation	Effective date (annual periods beginning on or after)
IFRS 9 (Financial Instruments) and subsequent amendments This standard introduces new requirements for classifying and measuring financial assets.	1-Jan-18
Amendments to IFRS 10 - "Consolidated Financial Statements", IFRS 12 - "Disclosure of Interests in Other Entities" and IAS 28 - "Investments in Associates and Joint Ventures" The purposed of these amendments is to clarify several issues regarding the	1-jan-16
application of the requirement for investment entities to measure subsidiaries

at fair value instead of consolidating them.

Standard / Interpretation	Effective date
	(annual periods
	beginning on or
	after)
	1-Jan-16


cycle for annual improvements to IFRSs.

the European Union and, as such, were not adopted by the Group for the year ended at 30 June 2015. Their application is not yet mandatory.

It is estimated that the application of these standards and interpretations, when applicable, will have no material effect on future consolidated financial statements.

Sale of Mainroad

Profit and loss statement at 30 June 2014

During the period ended 31 December 2014, as a result of the sale of Mainroad (Note 3. d)), this one was considered for presentation effects as a discontinued operation. As set forth by IFRS 5, changes were made in the consolidated balances sheets and the consolidated profit and loss statements for the period ended 30 June 2014, , in order to disclose a single income/(loss) of discontinued operations.

		Restatement of
	Before the	the Mainroad'	Profit and loss
(Amounts expressed in Euro)	change	contribution to	statement
		discontinued	restated
		operations
Total revenue	66,346,551	(7,710,763)	58,635,788
Costs and losses
External supplies and services	(25,047,955)	4,419,390	(20,628,565)
Staff expenses	(23,064,581)	2,391,333	(20,673,248)
Depreciation and amortisation	(3,455,648)	345,131	(3,110,517)
Other operating costs	(15,098,189)	3,073	(15,095,116)
	(66,666,373)	7,158,927	(59,507,446)
Financial results	2,650,703	5,431	2,656,134
Income taxation	234,478	110,782	345,260
Consolidated net income/(loss) for the year of	2,565,359	(435,623)	2,129,736
continued operations
Consolidated net income/(loss) for the year of	-	435,623	435,623
discontinued operations
Consolidated net income/(loss) for the year	2,565,359	-	2,565,359
Attributed to non-controlling interests	(4,378)	-	(4,378)
Attributed to shareholders of parent company	2,560,981	-	2,560,981
Earnings per share
Including discontinued operations:
Basic	0.01	0.00	0.01
Diluted	0.01	0.00	0.01
Excluding discontinued operations:
Basic	0.01	0.00	0.01
Diluted	0.01	0.00	0.01

o Fisco e Segurança Social

Fisco e Segurança Social (Decreto-Lei 248-A de 2002 e Decreto-Lei nº 151 payments to the Portuguese State regarding previous years taxes settlements, which by the time of the payments both companies have already initiated judicial oppositions, therefore the processes flow in the competent courthouses.

The evaluation done until the mentioned payments, which has not been changed ever since, inform that the processes are related to contingencies which the probability of becoming real in resources of outcome is low, being the processes motivated by the different interpretations of the fiscal legislation and, as a consequence, resolving into fiscal doubtful postures. As a result of the mentioned evaluation, the amounts involved are expressed on the financial

The amount paid within the mentioned regulations has been considered assets in the Shareto Sonaecom, it only has been paid amounts about taxes normative treatment, Sonae and Sonaecom have decided, as an analogy, a policy alike the one related to IRC payments.

However, CMVM disagrees with the interpretation and has requested to Sonae the retrospective correction of the financial statements under the argumentation that payments related to taxes other than IRC must be considered as contingent assets. Although Sonae and Sonaecom do not restated of the financial statements in conformity.

Consolidated balance for the period ended at 30 June 2014

(Amounts expressed in Euro)	Before the change	Restatement of "RERD"	After the change
Assets
Non-current assets
Total non-current assets	759,858,085	-	759,858,085
Current assets
Financial assets at fair value through profit or loss	54,364,924	-	54,364,924
Inventories	360,330	-	360,330
Trade debtors	42,254,985	-	42,254,985
Other current debtors	13,323,924	5,413,223	7,910,701
Other current assets	12,580,848	-	12,580,848
Cash and cash equivalents	174,572,865	-	174,572,865
Total current assets	297,457,876	5,413,223	292,044,653
Total assets	1,057,315,961	5,413,223	1,051,902,738
Shareholders' funds and liabilities
Shareholders' funds
Share capital	230,391,627	-	230,391,627
Own shares	(7,686,952)	-	(7,686,952)
Reserves	753,207,691	5,413,223	747,794,468
Consolidated net income/(loss) for the period	2,569,737	-	2,569,737
	978,482,103	5,413,223	973,068,880
Non-controlling interests	218,544	-	218,544
	978,700,647	5,413,223	973,287,424
Liabilities
Non-current liabilities
Total non-current liabilities	8,899,119	-	8,899,119
Current liabilities
Total current liabilities	69,716,195	-	69,716,195
	1,057,315,961	5,413,223	1,051,902,738

The accounting policies and measurement criteria adopted by the Group on 30 June 2015 are comparable with those used in the preparation of 30 June 2014 financial statements.

Main accounting policies

The main accounting policies used in the preparation of the accompanying consolidated financial statements are as follows:

a) Investments in Group companies

Investments in companies in which the Group has direct or excess of 50%, or in which it has control over the financial and operating policies (definition of control used by the Group) were fully consolidated in the accompanying consolidated financial statements. Third party participations in the recorded separately in the consolidated balance sheet and in the consolidated profit and loss statement, respectively, under -

Total comprehensive income is attributed to the owners of the Shareholders of parent company and the non-controlling interests even if this results in a deficit balance of noncontrolling interests.

In the acquisition of subsidiaries, the purchase method is applied. The results of subsidiaries bought or sold during the year are included in the profit and loss statement as from the date of acquisition (or of control acquisition) or up to the date of sale (or of control cession). Intra-Group transactions, balances and dividends are eliminated.

The expenses incurred with the acquisition of investments in Group companies are recorded as cost when they are incurred. The fully consolidated companies are listed in note 2.

b) Investments in associated companies and companies jointly controlled

Investments in associated companies correspond to investments in which the Group has significant influence (generally investments representing between 20% and 50% of method.

The investments in companies jointly controlled are also recorded using the equity method. The classification of these investments is determinate based on Shareholders Agreements, which regulate the shared control.

In accordance with the equity method, investments are share of the net results of associated companies, against a corresponding entry to gain or loss for the year, and by the amount of dividends received, as well as by other changes in the equity of the associated companies, which are recorded by a correspon assessment of the investments in associated companies and companies jointly controlled is performed annually, with the aim of detecting possible impairment situations.

d losses of an associated company or a company jointly controlled exceeds the book value of the investment, the investment is recorded at nil value, except when the Group has assumed commitments to the associated company or a company jointly controlled, a situation when a provision is recorded

The difference between the acquisition price of the investments in associated companies and companies jointly controlled and the fair value of identifiable assets and liabilities at the time of their acquisition, when positive, is recorded as Goodwill, included in the investment value and, when negative, after a reassessment, is recorded, directly, in the profit and ins and losses in companies in associated companies and companies jointly

A description of the associated companies and companies jointly controlled is disclosed in note 8.

c) Tangible assets

Tangible assets are recorded at their acquisition cost less accumulated depreciation and less estimated accumulated impairment losses.

Depreciations are calculated on a straight-line monthly basis as from the date the assets are available for use in the necessary conditions to operate as intended by the management, by a corresponding charge under the profit and

Impairment losses detected in the realisation value of tangible assets are recorded in the year in which they arise, by a corresponding char

The annual depreciation rates used correspond to the estimated useful life of the assets, which are as follows:

	Years of
	useful life
Buildings and other constructions	1 - 20
Plant and machinery	3 - 15
Vehicles	4-5
Fixtures and fittings	1 - 10
Tools and utensils	4
Other tangible assets	4-20

Current maintenance and repair expenses of tangible assets are recorded as costs in the year in which they occur. Improvements of significant amount, which increase the estimated useful life of the assets, are capitalised and depreciated in accordance with the remaining estimated useful life of the corresponding assets.

The estimated costs related with the mandatory dismantling and removal of tangible assets, incurred by the Group, are capitalised and depreciated in accordance with the estimated useful life of the corresponding assets.

Work in progress corresponds to tangible assets still in the construction/development stage which are recorded at their acquisition cost. These assets are depreciated as from the moment they are in condition to be used and when they are ready to start operating as intended by the management.

d) Intangible assets

Intangible assets are recorded at their acquisition cost less accumulated amortisation and less estimated accumulated impairment losses. Intangible assets are only recognised if it is likely that they will bring future economic benefits to the Group, if the Group controls them and if their cost can be reasonably measured.

Intangible assets comprise, essentially, software, brands. portfolios (value attributed under the purchase price allocation in business combinations) and know-how.

Amortisations of intangible assets are calculated on a straightline monthly basis, over the estimated useful life of the assets (one to nineteen years, but most of which are amortized between 3 and 6 years), as from the month in which the corresponding expenses are incurred. The amortisation of the -line basis over the estimated average retention period of the customers (six years).

Expenditures with internally-generated intangible assets, namely research and development expenditures, are recognised in the profit and loss statement when incurred.

Development expenditures can only be recognised as an intangible asset if the Group demonstrates the ability to complete the project and is able to put it in use or available for sale.

Amortisation for the period is recorded in the profit and loss

e) Brands and patents

Brands and patents are recorded at their acquisition cost and are amortised on a straight-line basis over their respective estimated useful life. When the estimated useful life is

undetermined, they are not depreciated but are subject to annual impairment tests.

Sonaecom Group does not hold any brands or patents with undetermined useful life, therefore the second half of the above referred paragraph is not applicable.

f) Goodwill

The differences between the price of investments in subsidiaries added the value of non-controlling interests, and the amount attributed to the fair value of the identifiable assets and liabilities at the time of their acquisition, when negative, after a reappreciation of its calculation, are recorded directly in the profit and loss statement. The Group will choose, on an acquisition-by-acquisition basis, to measure non-controlling interests either at their proportionate interest on the fair value of the assets and liabilities acquired, or at the fair value of the non-controlling interests themselves. Until 1 January 2010, non-controlling interests were always measured at their proportionate interest on the fair value of the acquired assets and liabilities.

Contingent consideration is recognised as a liability, at the acquisition-date, according to its fair value, and any changes to months after the acquisition-date) and as long as they relate to facts and circumstances that existed at the acquisition date, otherwise these changes must be recognised in profit or loss.

Transactions regarding the acquisition of additional interests in a subsidiary after control is obtained, or the partial disposal of an investment in a subsidiary while control is retained, are accounted for as equity transactions impacting the or loss recognised.

The moment a sales transaction to generate a loss of control, should be derecognised assets and liabilities of the entity and any interest retained in the entity sold should be remeasured at fair value and any gain or loss calculated on the sale is recorded in results.

estimated period of recovery of the investments, usually 10 years, and the annual amortisation was recorded in the profit epreciation and the IFRS 3 impairment tests (paragraph w). Impairment losses of Goodwill are recorded in the profit and loss statement for the period

g) Financial instruments

The Group classifies its financial instruments in the following -to- -foron the purpose for which the investments were acquired.

The classification of the investments is determined at the initial recognition and re-evaluated every quarter.

This category has two sub-categories: financial assets held for trading and those designated at fair value through profit or loss at inception. A financial asset is classified in this category if it has been acquired mainly with the purpose of selling it in the short term or if the adoption of this method allows reducing or eliminating an accounting mismatch. Derivatives are also registered as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if they are either held for trading or are expected to mature within 12 months of the balance sheet date.

Loans and receivables are non-derivative financial assets with fixed or variable payments that are not quoted in an active market. These financial investments arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivable.

Loans and receivables are carried at amortised cost using the effective interest method, deducted from any impairment losses.

Loans and receivables are recorded as current assets, except when their maturity is greater than 12 months from the balance sheet date, a situation in which they are classified as non-current assets. Loans and receivables are included in the balance sheet.

-to-

Held-to-maturity investments are non-derivative financial assets with fixed or variable payments and with fixed intention and ability to hold until their maturity.

Held-to-maturity .

-for-

Available-for-sale financial assets are non-derivative investments that are either designated in this category or not classified in any of the other above referred categories. They

Purchases and sales of investments are recognised on tradedate the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair the transaction costs are recorded in the profit and loss statement. Investments are derecognised when the rights to receive cash flows from the investments have expired or all substantial risks and rewards of their ownership have been transferred.

-for-sale value.

-toare carried at amortised cost using the effective interest method.

Realised or unrealised gains and losses arising from changes in the fair value of financial assets classified at fair value through profit or loss are recognised in the profit and loss statement. Realised and unrealised gains and losses arising from changes in the fair value of non-monetary securities classified as available-for-sale are recognised in equity. When securities classified as available-for-sale are sold or impaired, the accumulated fair value adjustments are included in the profit and loss statement as gains or losses from investment securities.

The fair value of quoted investments is based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using other valuation techniques. These include the use of recent discounted cash flow analysis, and option pricing models these techniques can be used, the Group values those investments at cost net of any identified impairment losses. The fair value of listed investments is determined based on the closing Euronext share price at the balance sheet date.

The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. In case of equity securities classified as available-for-sale, a significant (above 25%) or prolonged decline in the fair value of the security below its cost is considered in determining whether the securities are impaired. If such evidence exists for available-for-sale financial assets, the cumulative loss measured as the difference

between the acquisition cost and the current fair value, less any impairment losses on that financial asset previously recognised in profit or loss is removed from equity and recognised in the profit and loss statement.

h) Financial and operational leases

Lease contracts are classified as financial leases, if, in substance, all risks and rewards associated with the detention of the leased asset are transferred by the lease contract or as operational leases, if, in substance, there is no transfer of risks and rewards associated with the detention of the leased assets. The lease contracts are classified as financial or operational in accordance with the substance and not with the form of the respective contracts.

Tangible assets acquired under finance lease contracts and the related liabilities are recorded in accordance with the financial method. Under this method the tangible assets, the corresponding accumulated depreciation and the related liability are recorded in accordance with the contractual financial plan at fair value or, if less, at the present value of payments. In addition, interests included in lease payments and the depreciation of the tangible assets are recognised as expenses in the profit and loss statement for the period to which they relate.

Assets under long-term rental contracts are recorded in accordance with the operational lease method. In accordance with this method, the rents paid are recognised as an expense, over the rental period.

i) Inventories

Inventories are stated at their acquisition cost, net of any impairment losses, which reflects their estimated net realisable value.

Accumulated inventory impairment losses reflect the difference between the acquisition cost and the realisable amount of inventories, as well as the estimated impairment losses due to low turnover, obsolescence and deterioration,

j) Trade and other current debtors

Trade and other current debtors are recorded at their net realisable value and do not include interests, since the discount effect is not significant.

These financial instruments arise when the Group provides money, supplies goods or provides services directly to a debtor with no intention of trading the receivable.

The amounts of these captions are presented net of any impairment losses and are registered in profit and loss

Future reversals of impairment losses are recorded in the

k) Cash and cash equivalents

Amo bank deposits and other treasury applications where the risk of change in value is insignificant.

The consolidated cash flow statement has been prepared in accordance with IAS 7, using the direct method. The Group investments that mature in less than three months, for which and cash bank overdrafts, which are reflected in the balance sheet -

The cash flow statement is classified by operating, financing and investing activities. Operating activities include collections from customers, payments to suppliers, payments to personnel and other flows related to operating activities. Cash flows from investing activities include the acquisition and sale of investments in associated, subsidiary companies and companies jointly controlled as well as receipts and payments resulting from the purchase and sale of fixed assets. Cash flows from financing activities include payments and receipts relating to loans obtained and finance lease contracts.

All amounts included under this caption are likely to be realised in the short term and there are no amounts given or pledged as guarantee.

l) Loans

expenses incurred in setting up loans are recorded as a deduction to the nominal debt and recognised during the period of the loan, based on the effective interest rate method. The interests incurred but not yet due are added to the loans caption until their payment.

m) Financial expenses relating to loans obtained Financial expenses relating to loans obtained are generally recognised as expenses at the time they are incurred. Financial expenses related to loans obtained for the acquisition, construction or production of fixed assets are capitalised as part of the cost of the assets. These expenses are capitalised starting from the time of preparation for the construction or development of the asset and are interrupted when the assets are ready to operate, at the end of the production or construction phases or when the associated project is suspended.

n) Derivatives

The Group only uses derivatives in the management of its financial risks to hedge against such risks. The Group does not use derivatives for trading purposes.

The cash flow hedges used by the Group are related to:

(i) interest rate swap operations to hedge against interest rate risks on loans obtained. The amounts, interest payment dates and repayment dates of the underlying interest rate swaps are similar in all respects to the conditions established for the contracted loans. Changes in the fair value of cash flow hedges are recorded in assets or liabilities, against a corresponding entry under the caption
(ii) exchange risk, particularly from receipts from customers of subsidiary Wedo Consulting. The values and times periods involved are identical to the amounts invoiced and their maturities.

In cases where the hedge instrument is not effective, the amounts that arise from the adjustments to fair value are recorded directly in the profit and loss statement.

On 30 June 2015, the Group had foreign exchange forwards to hedge the foreign currency risk related to account receivables in dollars (note 1.v), in addition to those mentioned in note 1.x).

o) Provisions and contingencies

Provisions are recognised when, and only when, the Group has a present obligation (either legal or implicit) resulting from a past event, the resolution of which is likely to involve the disbursement of funds by an amount that can be reasonably estimated. Provisions are reviewed at the balance sheet date and adjusted to reflect the best estimate at that date.

Provisions for restructurings are only registered if the Group has a detailed plan and if that plan has already been communicated to the parties involved.

Contingent liabilities are not recognised in the consolidated financial statements but are disclosed in the notes, if the possibility of a cash outflow affecting future economic benefits is remote.

Contingent assets are not recognised in the consolidated financial statements but are disclosed in the notes when future economic benefits are likely to occur.

p) Income tax

payable and deferred tax. Income tax is recognised in accordance with IAS 12

Sonaecom has adopted, since January 2008, the special regime for the taxation of groups of companies, under which, the provision for income tax is determined on the basis of the estimated taxable income of all the companies covered by that regime, in accordance with such rules. The special regime for the taxation of groups of companies covers all direct or indirect subsidiaries, and even through companies resident in another Member State of the European Union or the European Economic Area, only if, in the last case, there is an obligation of administrative cooperation, on which the Group holds at least 75% of their share capital, where such participation confers more than 50% of voting rights, if meet certain requirements. The remaining Group companies not covered by the special regime for the taxation of groups of companies are taxed individually based on their respective taxable income, in accordance with the tax rules in force in the location of the headquarters of each company.

Deferred taxes are calculated using the liability method and reflect the timing differences between the amount of assets and liabilities for accounting purposes and the respective amounts for tax purposes.

Deferred tax assets are only recognised when there is reasonable expectation that sufficient taxable profits shall arise in the future to allow such deferred tax assets to be used. At the end of each year the recorded and unrecorded deferred tax assets are revised and they are reduced whenever their realisation ceases to be probable, or increased if future taxable profits are, likely, enabling the recovery of such assets (note 11).

Deferred taxes are calculated with the tax rate that is expected to be in force at the time the asset or liability will be used based on decreed tax rate or substantially decreed tax rate at balance sheet date.

Whenever deferred taxes derive from assets or liabilities situations, deferred taxes are always recorded in the profit and loss statement.

q) Government subsidies

Subsidies awarded to finance personnel costs are recognised as less cost during the period in which the Group incurs the associated costs and are included in the profit and loss statement Staf .

Subsidies awarded to finance investments are recorded as deferred income on the Balance Sheet and are included in the . Subsidies are recognized during the estimated useful life of the corresponding assets.

For businesses in the digital security area, non-repayable subsidies are recognized in the balance sheet as deferred income and are recognized in the profit and loss statement in 'Other operating income'. The incentive is recognized during the project development period.

The reimbursable subsidies are recognized in the balance sheet as liabilities in 'Medium and long-term loans net of short-term portion ' and 'Short-term loans and other loans' and are depreciated in accordance with the established payment plans. These subsidies are recorded at amortized cost in accordance with the method of effective interest rate.

r) Accrual basis and revenue recognition Expenses and income are recorded in the period to which they relate, regardless of their date of payment or receipt. Estimated amounts are used when actual amounts are not known.

e expenses and income relating to the current period, where payment and receipt will occur in future periods, as well as payments and receipts in the current period but which relate to future periods. The latter shall be included by the corresponding amounts in the results of the periods that they relate to.

The costs attributable to current year and whose expenses will only occur in future years are estimated and recorded under -current when it is possible to estimate reliably the amount and the timing of occurrence of the expense. If there is uncertainty regarding both the date of disbursement of funds, and the amount of the obligation, the value is classified as Provisions (paragraph o).

Sales revenues are recognised in the consolidated profit and loss statement when the significant risks and rewards associated with the ownership of the assets are transferred to the buyer and the amount of the corresponding revenue can be reasonably quantified. Sales are recognised before taxes and net of discounts. The revenues and costs of the consultancy projects developed in the information systems consultancy segment are recognised in each period, according to the percentage of completion method.

Non-current financial assets and liabilities are recorded at fair value and, in each period, the financial actualization of the fair value is recorded in the profit and loss statement under the .

receive such amounts are appropriately established and communicated.

s) Balance sheet classification

Assets and liabilities due in more than one year from the date of the balance sheet are classified, respectively, as noncurrent assets and non-current liabilities.

as non-current assets and liabilities (notes 11 and 17).

t) Reserves

Legal reserve

Portuguese commercial legislation requires that at least 5% of until such reserve reaches at least 20% of the share capital. This reserve is not distributable, except in case of liquidation of the Company, but may be used to absorb losses, after all the other reserves are exhausted, or to increase the share capital.

Share premiums

The share premiums relate to premiums generated in the issuance of capital or in capital increases. According to Portuguese Commercial law, share premiums follow the same i.e., they are not distributable, except in case of liquidation, but they can be used to absorb losses, after all the other reserves are exhausted or to increase share capital.

Medium Term Incentive Plans Reserves

According to IFRS 2 responsibility related with the Medium Term Incentive Plans is I cannot be used to absorb losses.

Hedging reserve

e considered effective (note 1.n)) and it is non-distributable nor can it be used to absorb losses.

Own shares reserve

The own shares reserve reflects the acquisition value of the own shares and follows the same requirements of legal reserve.

Under Portuguese law, the amount of distributable reserves is determined in accordance with the individual financial statements of the Company, presented in accordance with IFRS. Additionally, the increments resulting from the application of fair value through equity components, including its implementation through net results, shall be distributed only when the elements that gave rise to them are sold, liquidated or exercised or when they finish their use, in the case of tangible or intangible assets. Therefore, at 30 June 2015, Sonaecom, SGPS, S.A. have free reserves distributable amounting approximately Euro 13.8 million. To this effect were considered as distributable increments resulting from the application of fair value through equity components already exercised during the period ended 30 June 2015.

u) Own shares

Own funds. Gains or losses arising from the sale of own shares are

v) Foreign currency

All assets and liabilities expressed in foreign currency were translated into euro using the exchange rates in force at the balance sheet date.

Favourable and unfavourable foreign exchange differences resulting from changes in the rates in force at transaction date and those in force at the date of collection, payment or at the balance sheet date are recorded as income and expenses in the consolidated profit and loss statement of the year, in financial results.

Entities operating abroad with organisational, economic and financial autonomy are treated as foreign entities.

Assets and liabilities of the financial statements of foreign entities are translated into Euro using the exchange rates in force at the balance sheet date, while expenses and income in such financial statements are translated into euro using the average exchange rate for the period. The resulting exchange

Goodwill and adjustments to fair value generated in the acquisitions of foreign entities reporting in a functional currency other than Euro are translated into Euro using the exchange rates prevailing at the balance sheet date.

The following rates were used to translate into Euro the financial statements of foreign subsidiaries and the balances in foreign currency:

		2015		2014
	30 June	Average	30 June	Average
Pounds Sterling	1.4057	1.3659	1.2477	1.2175
Brazilian Real	0.2882	0.3026	0.3333	0.3178
American Dollar	0.8937	0.8968	0.7322	0.7296
Polish Zloti	0.2386	0.2417	0.2406	0.2395
Australian Dollar	0.6873	0.7012	0.6879	0.6675
Mexican Peso	0.0570	0.0592	0.0565	0.0556
Egyptian Pound	0.1174	0.1179	0.1021	0.1039
Malaysian Ringgit	0.2371	0.2463	0.2280	0.2234
Chilean Peso	0.0014	0.0014	0.0013	0.0013
Singapore Dollar	0.6637	0.6643	0.5866	0.5787
Swiss Franc	0.9603	0.9472	0.8226	0.8187
Swedish Krona	0.1085	0.1071	0.1090	0.1117
South African Rand	0.0733	0.0752	0.0692	0.0682
Angolan Kwanza	0.0073	0.0083	0.0075	0.0075
Moroccan Dirham	0.0917	0.0924	0.0892	0.0891

On 30 June 2015, the Group had foreign exchange forwards amount to USD 298,000 (USD 4,797,000, at 30 June 2014), fixing the exchange rate for EUR, which have an average maturity of 1.5 months (2 months on 30 June 2014).

w) Assets impairment

Impairment tests are performed at the date of each balance sheet and whenever an event or change of circumstances indicates that the recorded amount of an asset may not be recoverable. Whenever the book value of an asset is greater than the amount recoverable, an impairment loss is recognised and recorded in the profit and loss statement captio other assets. The recoverable amount is the greater of the net selling price and the value in use. Net selling price is the amount obtainable upon the sale of an asset in a transaction within the capability of the parties involved, less the costs directly related to the sale. The value in use is the present value of the estimated future cash flows expected to result from the continued use of the asset and of its sale at the end of its useful life. The recoverable amount is estimated for each asset individually or, if this is not possible, for the cashgenerating unit to which the asset belongs.

Evidence of the existence of impairment in accounts receivables appears when:

The counterparty presents significant financial difficulties;
There are significant delays in interest payments and in other leading payments from the counterparty;
It is probable that the debtor goes into liquidation or into a financial restructuring.

For certain categories of financial assets for which it is not possible to determine the impairment for each asset individually, the analysis is made for a group of assets. Evidence of an impairment loss in a portfolio of accounts receivable may include past experience in terms of collections, increasing number of delays in collections, as well as changes in national or local economic conditions that are related with the collections capacity.

For goodwill and financial investments in associated companies, the recoverable amount, calculated in terms of value in use, is determined based on the most recent business For goodwill and financial investments in companies jointly controlled the recoverable amount is determinate taking into account with several information as business plans approved by the Board of Directors and the average ratings of external reviewers (researches).

For Accounts receivables, the Group uses historical and statistical information to estimate the amounts in impairment. For Inventories, the impairment is calculated based on market evidence and several indicators of stock rotation.

x) Medium Term Incentive Plans

The accounting treatment of Medium Term Incentive Plans is based on IFRS 2 -based Payment

Under IFRS 2, when the settlement of plans established by the company the estimated responsibility is recorded, as a credit entry, within the head loss statement.

The quantification of this responsibility is based on fair value and is recognised over the vesting period of each plan (from the award date of the plan until its vesting or settlement date). The total responsibility, at any point of time, is calculated based on the proportion of the vesting period that has

When the responsibilities associated with any plan are covered by a hedging contract, i.e., when those responsibilities are replaced by a fixed amount payable to a third party and when

Sonaecom is no longer the party that will deliver the Sonaecom shares, at the settlement date of each plann, the above accounting treatment is subject to the following changes:

(i) The total gross fixed amount payable to third parties is -current
(ii) The part of this responsibility that has not yet been recognised in the profit and loss statement (the -
(iii) The net effect of the entries in (i) and (ii) above eliminate
(iv) continues to be charged as an expense under the caption

For plans settled in cash, the estimated liability is recorded co respective accounting date. The liability is quantified based on the fair value of the shares as of each balance sheet date. When the liability is covered by a hedging contract, recognition is made in the same way as described above, but with the liability being quantified based on the contractually fixed amount. One Sonae SGPS share plans covered by a hedging contract.

Equity-settled plans to be liquidated through the delivery of shares of Sonae SGPS are recorded as if they were settled in cash, which means that the estimated liability is recorded the profit and loss s cost relating to the deferred period elapsed. The liability is quantified based on the fair value of the shares as of each balance sheet date.

For 2011 Sonaecom shares plan, the Company was signed with Sonae-SGPS, S.A., a contract that agrees to the transfer of Sonaecom, SGPS, S.A. shares for employees and board members of the Group as requested by Sonaecom and under This contract ceased during the year of 2014.

For Sonaecom shares plans, the company converted all such plans into shares of Sonae SGPS. The impacts associated to the Medium Term Incentive Plans are registered, in the

balance sheet, under the caption ´Other current liabilities' and 'Other non-current liabilities' (note 23).

At the period ended 30 June 2015, the Sonae SGPS shares plans resulting from the conversion and the plan allocated during 2014 and 2015 are not covered by the contract being recorded liability at fair value. The responsibility of all plans is recorded in -

y) Subsequent events

Events occurring after the date of the balance sheet which provide additional information about conditions prevailing at the time of the balance sheet (adjusting events) are reflected in the consolidated financial statements. Events occurring after the balance sheet date that provide information on postbalance sheet conditions (non-adjusting events), when material, are disclosed in the notes to the consolidated financial statements.

z) Judgements and estimates

The most significant accounting estimates reflected in the consolidated financial statements of the years ended at 30 June 2015 and 2014 are as follows:

(i) Useful lives of tangible and intangible assets;
(ii) Impairment analysis of goodwill and of other tangible and intangible assets; and
(iii) Recognition of impairment losses on assets (Trade debtors and Inventories) and provisions.

Estimates used are based on the best information available during the preparation of the consolidated financial statements and are based on the best knowledge of past and present events. Although future events are neither foreseeable nor controlled by the Group, some could occur and have impact on such estimates. Changes to the estimates used by the management that occur after the approval date of these consolidated financial statements, will be recognised in net income, in accordance with IAS 8 prospective methodology.

The main estimates and assumptions in relation to future events included in the preparation of these consolidated financial statements are disclosed in the corresponding notes, when applicable.

aa) Financial risk management

Due to its activities, the Group is exposed to a variety of financial risks such as market risk, liquidity risk and credit risk. These risks arise from the unpredictability of financial markets, which affect the capacity of project cash flows and profits. The Group financial risk management, subject to a long-term ongoing perspective, seeks to minimise potential adverse effects that derive from that uncertainty, using, whenever it is possible and advisable, derivative financial instruments to hedge the exposure to such risks (note 1.n).

The Group is also exposed to equity price risks arising from equity investments, although they are usually maintained for strategic purposes.

Market risk

a) Foreign exchange risk

The Group operates internationally, having subsidiaries that operate in countries with a different currency than Euro namely Brazil, United Kingdom, Poland, United States of America, Mexico, Australia, Egypt, Colombia, Panama, Singapore and Malaysia (branch) and so it is exposed to foreign exchange rate risk.

Foreign exchange risk management seeks to minimise the volatility of investments and transactions made in foreign currencies and contributes to reduce the sensitivity of Group results to changes in foreign exchange rates.

Whenever possible, the Group uses natural hedges to manage exposure, by offsetting credits granted and credits received expressed in the same currency. When such a procedure is not possible, the Group adopts derivative financial hedging instruments (note 1.n).

The Group's exposure to foreign exchange rate risk, results essentially from the fact that some of its subsidiaries report in a currency different from euro, making the risk of operational activity immaterial.

b) Interest rate risk

the total cost of debt to a high risk of volatility. The impact of this volatility on the Group results or on its Sh funds is mitigated by the effect of the following factors (i) relatively low level of financial leverage; (ii) possibility to use derivative financial instruments that hedge the interest rate risk, as mentioned below; (iii) possible correlation between the level of market interest rates and economic growth having the consolidated results (particularly operational), and in this way l liquidity which is also bearing interest at a variable rate.

The Group only uses derivatives or similar transactions to hedge interest rate risks considered significant. Three main principles are followed in all instruments selected and used to hedge interest rate risk:

For each derivative or instrument used to hedge a specific loan, the interest payment dates on the loans subject to hedging must equalise the settlement dates defined under the hedging instrument;
Perfect match between the base rates: the base rate used in the derivative or hedging instrument should be the same as that of the facility/transaction which is being hedged;
As from the start of the transaction, the maximum cost of the debt, resulting from the hedging operation is known and limited, even in scenarios of extreme changes in market interest rates, so that the resulting rates are within the cost

As all Sonaecom ) are at variable rates, interest rate are used swaps and other derivatives, when it is deemed necessary, to hedge future changes in cash flow relating to interest payments. Interest rate swaps have the financial effect of converting the respective borrowings from floating rates to fixed rates. Under the interest rate swaps, the Group agrees with third parties (banks) to exchange, in predetermined periods, the difference between the amount of interest calculated at the fixed contract rate and the floating rate at the time of re-fixing, by reference to the respective agreed notional amounts.

The counterparties of the derivative hedging instruments are policy, when contracting such instruments, to give preference to financial institutions that form part of its financing transactions. In order to select the counterparty for occasional operations, Sonaecom requests proposals and indicative prices from a representative number of banks in order to ensure adequate competitiveness of these operations.

In determining the fair value of hedging operations, the Group uses certain methods, such as option valuation and discounted future cash flow models, using assumptions based on market interest rates prevailing at the balance sheet date.

Comparative financial institution quotes for the specific or similar instruments are used as a benchmark for the valuation.

The fair value of the derivatives contracted, that are considered as fair value hedges or the ones that are considered not sufficiently effective for cash flow hedge (in accordance with the provisions established in IAS 39), are recognised under borrowings captions and changes in the fair value of such derivatives are recognised directly in the profit and loss statement for the year. The fair value of derivatives of cash flow hedge, that are considered effective according to

IAS 39, are recognised under borrowing captions and changes in the fair value are recognised in equity.

Sona conditions of the financing with significant impact in the Group, based on the analysis of the debt structure, the risks and the different options in the market, particularly as to the type of interest rate (fixed / variable). Under the policy defined above, the Executive Committee is responsible for the decision on the occasional interest rate hedging contracts, through the monitoring of the conditions and alternatives existing in the market.

On 30 June 2015, are not contracted any derivatives of interest rate hedging.

Liquidity risk

The existence of liquidity in the Group requires the definition of some policies for an efficient and secure management of the liquidity, allowing us to maximise the profitability and to minimise the opportunity costs related to that liquidity.

The liquidity risk management has a threefold objective: (i) Liquidity, i.e., to ensure the permanent access in the most efficient way to obtain sufficient funds to settle current payments within the respective dates of maturity as well as any eventual not forecasted requests for funds, within the deadlines set for this; (ii) Safety, i.e. to minimise the probability of default in any reimbursement of application of funds; and (iii) Financial Efficiency, i.e., to ensure that the Group maximises the value / minimises the opportunity cost of holding excess liquidity in the short term.

The main underlying policies correspond to the variety of instruments allowed, the maximum acceptable level of risk, the maximum amount of exposure by counterparty and the maximum periods for investments.

The existing liquidity in the Group should be applied to the alternatives and by the order described below:

(i) Amortisation of short-term debt after comparing the opportunity cost of amortisation and the opportunity cost related to alternative investments;
(ii) Consolidated management of liquidity the existing liquidity in Group companies, should mainly be applied in Group companies, to reduce the use of bank debt at a consolidated level; and
(iii) Applications in the market.

The applications in the market are limited to eligible counterparties, with ratings previously established by the Board and limited to certain maximum amounts by counterparty.

The definition of maximum amounts intends to ensure that the application of liquidity in excess is made in a prudent way and taking into consideration the best practices in terms of bank relationships.

The maturity of applications should equal the forecasted payments (or the applications should be easily convertible, in the case of asset investments, to allow urgent and not estimated payments), considering a threshold for eventual deviations on the estimates. The threshold depends on the accuracy level of treasury estimates and would be determined by the business. The accuracy of the estimates is an important variable to quantify the amounts and the maturity of the applications in the market.

The maturity analysis for the loans obtained is presented in note 15.

Credit risk

the accounts receivable related to current operational activities. The credit risk associated to financial operations is mitigated by the fact that the Group only negotiates with entities with high credit quality.

The management of this risk seeks to guarantee that the amounts owing are effectively collected within the periods negotiated without affecting the financial health of the Group. The Group uses credit rating agencies and has specific departments responsible for risk control, collections and management of processes in litigation, as well as credit insurances, which all contribute to the mitigation of credit risk.

The amounts included in the financial statements related to trade debtors and other debtors, net of impairment losses, represent the maximum exposure of the Group to credit risk.

2. Companies included in the consolidation

Group companies included in the consolidation through full consolidation method, their head offices, main activities, shareholders and percentage of share capital held at 30 June 2015 and 2014, are as follows:

						Percentage of share capital held
					2015		2014
Company (Commercial brand)	Head office	Main activity	Shareholder	Direct	Effective* Direct		Effective*
Parent company	Maia	Management of shareholdings.	-	-	-	-	-
Subsidiaries	Dublin	Rendering of consultancy services in the area of information systems.	We Do	100%	100%	100%	100%
	Maia	Development of management platforms and commercialisation of products, services and information, with the internet as its main support.	Sonae com SI	75.10%	75.10%	75.10%	75.10%
('Itrust') (a)	Maia	Commercialization of products and management services, implementation and consulting in information systems and technologies areas.	Sonaecom CSI	100%	100%
Lookwise, S.L.U. ('Lookwise') (b)	Navarra	Development, promotion and commercial exploitation of information systems with solutions in safety and regulatory compliance, including assignment or transfer to third parties. Research, development and innovation, as well as consulting, maintenance and audit for products, systems, facilities and communication and security services.	S21 Sec Gestion	100%	78%
	Maia	Rendering of consultancy services in IT areas.	Sonae com SI		Sold	100%	100%
PCJ - Público, Comunicação e Jornalismo, S.A. ('PCJ')	Maia	Editing, composition and publication of periodical and non periodical material and the exploration of radio and TV stations and studios.	Sonaecom	100%	100%	100%	100%
	Berkshire	Rendering of consultancy services in the area of information systems.	Sonae com SI	100%	100%	100%	100%
	Oporto	Editing, composition and publication of periodical and non periodical material.	Sonaecom	100%	100%	100%	100%
S21 Sec Barcelona, S.L. ('S21 Sec Barcelona') (b)	Barcelona	Consulting, advisory, audit and maintenance of all types of facilities and advanced communications services and security systems. Purchase and installation of advanced communications and security systems produced by others.	S21 Sec Gestion	100%	78%
S21 Sec Brasil, Ltda ('S21 Sec Brasil') (b)	São Paulo	Consulting in information technology. Development and licensing of customizable computer programs. Development of custom computer programs. Technical support, maintenance and other services in information technology.	S21 Sec Gestion	99.99%	77.64%
S21 Sec Fraud Risk Management, S.L. ('S21 Sec FRM') (b)	Navarra	Consulting, advisory, audit and maintenance of all types of facilities and advanced communications services and security systems. Purchase and installation of advanced communications and security systems produced by others.	S21 Sec Gestion	100%	78%
S21 Sec Gestion, S.A. ('S21 Sec Gestion') (b)	Navarra	Consulting, advisory, audit and maintenance of all types of facilities and advanced communications services and security systems. Purchase and installation of advanced communications and security systems produced by others.	Sonaecom CSI	78%	78%
S21 Sec Inc. ('S21 Sec Inc.') (b)	Texas	Consulting, advisory, audit and maintenance of all types of facilities and advanced communications services and security systems. Purchase and installation of advanced communications and security systems produced by others.	S21 Sec Gestion	100%	78%
S21 Sec Information Security Labs, S.L. ('S21 Sec Labs') (b)	Navarra	Research, development and innovation, as well as consulting, maintenance and audit for products, systems, facilities and communication and security services.	S21 Sec Gestion	100%	78%
S21 Sec Institute, S.L. ('S21 Sec Institute') (b)	Gipuzcoa	Education, formation, awareness, counseling, technical assistance, certification, research, innovation and development, in all types of methodologies, career plans, safety culture, products and services of digital security and cyber security, facilities, services and systems of advanced communication environments and digital security.	S21 Sec Gestion	100%	78%

						Percentage of share capital held
					2015		2014
Company (Commercial brand)	Head office	Main activity	Shareholder	Direct	Effective* Direct		Effective*
S21 Sec México, S.A. de CV ('S21 Sec México') (b) Mexico City		Computer consulting services	S21 Sec Gestion	99.87%	78%
S21 Sec, S.A. de CV ('S21 Sec, S.A. de CV') (b)	Mexico City	Computer consulting services	S21 Sec Gestion	99.99%	78%
('Saphety')	Maia	Rendering services, training, consultancy services in the area of communication, process and electronic certification of data; trade, development and representation of software.	Sonae com SI		86.995% 86.995%		86.995% 86.995%
Saphety Brasil Transações Eletrônicas Ltda. ('Saphety Brasil')	São Paulo	Rendering services, training, consultancy services in the area of communication, process and electronic certification of data; electronic identification, storage and availability of databases and electronic payments; trade, development and representation of software related with these services.	Saphety	99.8%	86.821%	99.8%	86.82%
('Saphety Colômbia')	Bogotá	Rendering services, training, consultancy services in the area of communication, process and electronic certification of data; electronic identification, storage and availability of databases and electronic payments; trade, development and representation of software related with these services.	Saphety		100% 86.995%		100% 86.995%
Servicios de Inteligencia Estratégica Global, S.L. ('SIEG') (b)	Navarra	Provision of advice services, guidance, consulting, team building and training in areas of research, testing, processing and delivering relevant information for strategic and operational management of companies, governments, organizations and institutions. Support services and support to business and defense of companies and organizations internationally. Research, development, innovation and marketing methodologies, software, hardware and technologies in general, within the scope of research, analysis and automatic and intelligent processing of information, including sensitivity analysis and indicators prospectively.	S21 Sec Gestion	100%	78%
SGPS, S.A. ('Sonaecom CSI') (d)	Maia	Management of shareholdings.	Sonae com SI	100%	100%	100%	100%
Sonaecom - Serviços Partilhados, S.A. ('Sonaecom SP')	Maia	Support, management consulting and administration, particularly in the areas of accounting, taxation, administrative procedures, logistics, human resources and training.	Sonaecom	100%	100%	100%	100%
	Maia	Management of shareholdings in the area of corporate ventures and joint ventures.	Sonaecom	100%	100%	100%	100%
Sonaecom - Sistemas de Información Espanã, S.L. ('SSI Espanã')	Madrid	Rendering of consultancy services in the area of information systems.	Sonae com SI	100%	100%	100%	100%
Sonaecom BV	Amsterdam	Management of shareholdings.	Sonaecom	100%	100%	100%	100%
Sonaetelecom BV	Amsterdam	Management of shareholdings.	Sonaecom	100%	100%	100%	100%
Tecnológica Telecomunicações, LTDA.	Rio de Janeiro	Rendering of consultancy and technical assistance in the area of IT systems and telecommunications.	We Do Brasil	99.99%	99.90%	99.99%	99.90%
	Maia	Rendering of consultancy services in the area of information systems.	Sonae com SI	100%	100%	100%	100%
Wedo do Brasil Soluções Informáticas, Ltda.	Rio de Janeiro	Commercialisation of software and hardware; rendering of consultancy and technical assistance related to information technology and data processing.	We Do	99.91%	99.91%	99.91%	99.91%
	Poznan	Rendering of consultancy services in the area of information systems.	Cape Technologies	100%	100%	100%	100%
	Delaware	Rendering of consultancy services in the area of information systems.	Cape Technologies	100%	100%	100%	100%
	Sydney	Rendering of consultancy services in the area of information systems.	Cape Technologies	100%	100%	100%	100%
	Amsterdam	Management of shareholdings.	We Do	100%	100%	100%	100%
		Kuala Lumpur Rendering of consultancy services in the area of information systems.	We Do BV	100%	100%	100%	100%

						Percentage of share capital held
					2015		2014
Company (Commercial brand)	Head office	Main activity	Shareholder		Direct Effective*		Direct Effective*
	Cairo	Rendering of consultancy services in the area of information systems.	We Do BV Sonaecom BV Sonaetelecom BV	90% 5% 5%	90% 5% 5%	90% 5% 5%	90% 5% 5%
	Berkshire	Rendering of consultancy services in the area of information systems.	We Do	100%	100%	100%	100%
	Mexico City	Rendering of consultancy services in the area of information systems.	Sonaecom BV We Do BV	0.001% 99.999%	0.001% 99.999%	0.001% 99.999%	0.001% 99.999%
We Do Technologies Panamá S.A. ('We Do Panamá') (f)	Panamá City	Rendering of consultancy services in the area of information systems.	We Do BV	Settled		100%	100%
We Do Technologies Singapore PTE. LTD. ('We Do Singapura') (g)	Singapore	Rendering of consultancy services in the area of information systems.	We Do BV	Settled		100%	100%

* Sonaecom effective participation

(a) Company established in July 2014

(b) Company adquired in July 2014. At 25 June 2015 the company Soanecom Cyber Security and Intelligence purchased more 17,65% of the capital of the Group S21SEC Gestion,S.A..

(d) Company established in May 2014

(e) Company began its liquidation process at 1 January 2015

(f) Company settled in 2014

(g) Company settled in December 2014

All the above companies were included in the consolidation in accordance with the full consolidation method under the terms of IAS 27 ).

3. Changes in the Group

During the periods ended 30 June 2015 and 2014, the following changes occurred in the composition of the Group:

a) Acquisitions

At the period ended at 30 June 2015, the company Sonaecom Cyber Security and Intelligence purchased more 17.65% of the capital of the Group S21sec Gestion, SA for the amount of 1 euro.

At 30 June 2014 the detail of the acquisitions is as follows:

Purchaser	Subsidiary	Date	% Direct Participation	% Effective Participation
2014
Sonaecom CSI	Lookwise	Jul-14	100%	60%
Sonaecom CSI	S21 Sec Barcelona	Jul-14	100%	60%
Sonaecom CSI	S21 Sec Brasil	Jul-14	99.99%	59.99%
Sonaecom CSI	S21 Sec FRM	Jul-14	100%	60%
Sonaecom CSI	S21 Sec Gestion	Jul-14	60%	60%
Sonaecom CSI	S21 Sec Inc.	Jul-14	100%	60%
Sonaecom CSI	S21 Sec Labs	Jul-14	100%	60%
Sonaecom CSI	S21 Sec Institute	Jul-14	100%	60%
Sonaecom CSI	S21 Sec México	Jul-14	99.87%	60%
Sonaecom CSI	S21 Sec, S.A. de CV	Jul-14	99.99%	60%
Sonaecom CSI	SIEG	Jul-14	100%	60%
Sonaecom CSI	S21 Sec Ciber seguridad	Jul-14	50%	30%
Sonaecom CSI	Big Data	Jul-14	50%	30%

ts could be detailed as follows:

(Amounts expressed in Euro)	Notes	Values before acquisition	Adjustments to fair value	Fair value
Acquired assets
Tangible assets	5	296,360	-	296,360
Intangible assets	6	8,415,602	-	8,415,602
Other non current assets		373,756	-	373,756
Deferred tax assets	11	1,044,217	-	1,044,217
Trade debtors		2,276,529	-	2,276,529
Other current debtors		1,983,746	-	1,983,746
Other current assets		746,850	-	746,850
Cash and cash equivalents		2,828,615	-	2,828,615
		17,965,675	-	17,965,675
Acquired liabilities
		10,550,712	-	10,550,712
Provisions for other liabilities and charges	17	-	273,266	273,266
Other non-current liabilities		41,901	-	41,901
Short-term loans and other loans		2,416,104	-	2,416,104
Trade creditors		1,679,816	-	1,679,816
Other creditors		2,686,420	-	2,686,420
Other current liabilities		242,455	-	242,455
		17,617,408	273,266	17,890,674
Net assets and liabilities		348,267	(273,266)	75,001
Acquisition price				75,001
Goodwill / (Badwill)				-

Following this acquisition, is being performed a preliminary assessment of the fair value of assets acquired and assumed liabilities through this operation, having been registered Provisions for other liabilities and charges to cover several contingencies.

Several scenarios were included in the various reviews and sensitivity analysis performed, on which did not result significant variations in the allocation of the fair value of assets and liabilities. For the remaining assets and liabilities no significant differences were identified between the fair value and the respective book value.

The allocation of the acquisition price is still subject to changes until the conclusion of a period of one year from the date of acquisition, in accordance with IFRS 3 - Business Combinations. However, the Group does not expect material changes as a result of the allocation changes made.

The contribution of the S21 Group, to the net income attributed to shareholders of Sonaecom, for the year ended 30 June 2015, was negative set at the amount of Euro 1.45 million.

The detail of this contribution is as follows:

(Amounts expressed in Euro)	Contribution at 30 June 2015
Total Revenues	5,675,331
Costs and losses
Cost of sales	(419,344)
External supplies and services	(1,606,905)
Staff expenses	(4,344,577)
Depreciations and amortisations	(1,515,602)
Provisions and impairment losses	(31,234)
Other operating costs	(15,262)
	(7,932,924)
Financial Results	(232,876)
Income Tax	(113)
Net income for the year before non-controlling interests	(2,490,582)
Net income attributed to non-controlling interests	(1,039,050)
Net income attributed to shareholders of parent company	(1,451,532)

The contribution of the S21 Group in the consolidated balance sheet of Sonaecom on 30 June 2015 is as follows:

(Amounts expressed in Euro)	Contribution at 30 June 2015
Assets
Tangible Assets	233,476
Intangible Assets	5,782,075
Deferred tax assets	924,079
Trade debtors	2,569,133
Other current debtors	1,447,516
Cash and cash equivalents	337,549
Other assets	2,400,319
Total assets	13,694,147
Liabilities
	8,513,329
Other non-current Liabilities	551,125
Short-term loans and other loans	1,401,630
Trade creditors	1,302,650
Other creditors	1,018,221
Current liabilities	1,899,395
Total liabilities	14,686,350
Net assets	(992,203)

b) Constitutions

Shareholder	Subsidiary	Date	Share capital	Current % shareholding
2014
Sonae com SI	Sonaecom CSI	May-14	50,000 EUR	100%
Sonaecom CSI	Itrust	Jul-14	50,000 EUR	100%

c) Dissolutions

Shareholder	Subsidiary	Date	Share capital
2014
Miauger	Lugares Virtuais	Feb-14	100%
Sonaecom	Miauger	May-14	100%
We Do BV	We Do Panamá	Dec-14	100%
We Do BV	We Do Singapura	Dec-14	100%

d) Sales

Shareholder	Subsidiary	Date	% shareholding
2014
Sonae com SI	Mainroad	Sep-14	100%

In September 2014, Mainroad was sold for the company jointly controlled NOS Communications SA for Euro 14 million, amount based on independent evaluations. The purchase and sale agreement contemplates the possibility of future adjustments to the base price, arising from trends in future revenues. As a result of the sale value and the derecognition of Mainroad, was generated, in the consolidated accounts of Sonaecom, a gain of Euro 12.6 million, as follows:

(Amounts expressed in Euro)	Notes	30 September 2014
Assets
Non-current assets
Tangible assets	5	(2,437,500)
Intangible assets	6	(169,646)
Deferred tax assets	11	(169,548)
Total non-current assets		(2,776,694)
Current assets
Trade debtors		(2,971,079)
Other current debtors		(122,457)
Other current assets		(545,243)
Cash and cash equivalents		(645,074)
Total current assets		(4,283,853)
Liabilities
Non-current liabilities
Other non-current financial liabilities		37,441
Provisions for other liabilities and charges	17	315,990
Other non-current liabilities		218,089
Total non-current liabilities		571,520
Current liabilities
Trade creditors		2,121,435
Other current financial liabilities		19,206
Other creditors		666,821
Other current liabilities		2,296,831
Total current liabilities		5,104,293
Total assets and liabilities derecognized		(1,384,734)
Compensation received		14,000,000
Gain/(Loss) resulting from the disposal (note 25)		12,615,266

4. Breakdown of financial instruments

On 30 June 2015 and 2014, the breakdown of financial instruments was as follows:

							2015
			Financial assets
			at fair value
	Loans and	Investments	through profit or	Other financial		Others not
	receivables	available for sale	loss	assets	Subtotal	covered by IFRS 7	Total
Non-current assets Financial assets at fair value through profit or
loss (note 9)	-	-	168,153	-	168,153	-	168,153
Investments available for sale (note 10)	-	113,054	-	-	113,054	-	113,054
Other non-current assets	318,020	-	-	-	318,020	-	318,020
	318,020	113,054	168,153	-	599,227	-	599,227
Current assets
Financial assets at fair value through profit or
loss (note 9)	-	-	79,003,905	-	79,003,905	-	79,003,905
Trade debtors	43,058,388	-	-	-	43,058,388	-	43,058,388
Other current debtors	1,846,809	-	-	-	1,846,809	8,230,518	10,077,327
Other current assets	-	-	-	11,573,217	11,573,217	7,050,426	18,623,643
Cash and cash equivalents (note 12)	176,737,661	-	-	-	176,737,661	-	176,737,661
	221,642,858	-	79,003,905	11,573,217	312,219,980	15,280,944	327,500,924

							2014
			Financial assets				(restated)
			at fair value
	Loans and	Investments	through profit or	Other financial		Others not
	receivables	available for sale	loss	assets	Subtotal	covered by IFRS 7	Total
Non-current assets
Financial assets at fair value through profit or
loss (note 9)	-	-	1,192,926	-	1,192,926	-	1,192,926
Investments available for sale (note 10)	-	115,448	-	-	115,448	-	115,448
Other non-current assets	47,685	-	-	-	47,685	-	47,685
	47,685	115,448	1,192,926	-	1,356,059	-	1,356,059
Current assets
Financial assets at fair value through profit or loss (note 9)	-	-	54,364,924	-	54,364,924	-	54,364,924
Trade debtors	42,254,985	-	-	-	42,254,985	-	42,254,985
Other current debtors	7,010,289	-	-	-	7,010,289	900,412	7,910,701
Other current assets	-	-	-	10,355,883	10,355,883	2,224,965	12,580,848
Cash and cash equivalents (note 12)	174,572,865	-	-	-	174,572,865	-	174,572,865
	223,838,139	-	54,364,924	10,355,883	288,558,946	3,125,377	291,684,323

					2015
	Liabilities
	recorded at	Other financial		Others not
	amortised cost	liabilities	Subtotal	covered by IFRS 7	Total
Non-current liabilities
Medium and long-term loans net of short-term portion (note 15)	8,966,736	-	8,966,736	-	8,966,736
Other non-current financial liabilities (note 16)	-	861,381	861,381	-	861,381
Other non-current liabilities	-	75,639	75,639	1,021,395	1,097,034
	8,966,736	937,020	9,903,756	1,021,395	10,925,151
Current liabilities
Short-term loans and other loans (note 15)	1,523,314	-	1,523,314	-	1,523,314
Trade creditors	-	26,681,596	26,681,596	-	26,681,596
Other current financial liabilities (note 18)	-	398,417	398,417	-	398,417
Other creditors	-	723,848	723,848	8,008,248	8,732,096
Other current liabilities	-	15,554,045	15,554,045	14,269,268	29,823,313
	1,523,314	43,357,906	44,881,220	22,277,516	67,158,736

					2014 (restated)
	Liabilities
	recorded at	Other financial		Others not
	amortised cost	liabilities	Subtotal	covered by IFRS 7	Total
Non-current liabilities
Medium and long-term loans net of short-term portion (note 15)	4,375,094	-	4,375,094	-	4,375,094
Other non-current financial liabilities (note 16)	-	352,681	352,681	-	352,681
Other non-current liabilities	-	158,716	158,716	935,776	1,094,492
	4,375,094	511,397	4,886,491	935,776	5,822,267
Current liabilities
Short-term loans and other loans (note 15)	12,672,500	-	12,672,500	-	12,672,500
Trade creditors	-	24,828,548	24,828,548	-	24,828,548
Other current financial liabilities (note 18)	-	167,487	167,487	-	167,487
Other creditors	-	992,630	992,630	4,329,277	5,321,907
Other current liabilities	-	18,353,034	18,353,034	8,372,719	26,725,753
	12,672,500	44,341,699	57,014,199	12,701,996	69,716,195

as specialized costs related to the share based plans were considered outside the scope of IFRS 7. On the other hand, the deferred - current liabili -financial instruments.

-Lei 248-A de 2002 e Decreto-Lei nº 151- Euro 5.4 million, having been eliminated the guarantees and keeping the initiated judicial oppositions associated. The maximum contingency amount was reduced through the elimination of fines and accrued interest to date of payment. As provided in the support of the diplomas of those programs, Sonaecom keeps the aimed judicial proceedings what will be given reason to Sonaecom under the particular situations, having been recognized as an asset the amount paid under those plans, according to the adopted policy by Sonaecom. However, CMVM disagrees with the interpretation and has requested to Sonae the retrospective correction of the financial statements of all payments that are not related to the liquidation of the IRC under the argumentation that must be considered as contingent assets. Although Sonae and e 1).

The Board of Directors believes that, the fair value of the breakdown of financial instruments recorded at amortised cost or registered at the present value of the payments does not differ significantly from their book value. This decision is based in the contractual terms of each financial instrument.

5. Tangible assets

The movement in tangible assets and in the corresponding accumulated depreciation and impairment losses in the years ended 30 June 2015 and 2014 was as follows:

							2015
	Land, Buildings and other constructions	Plant and machinery	Vehicles	Fixtures and fittings	Other tangible assets	Work in progress	Total
Gross assets Balance at 31 December 2014	3,528,324	10,256,267	72,116	8,375,847	424,270	29,848	22,686,672
Additions	-	442	-	642,031	1,735	158,806	803,014
Disposals	-	-	-	(158,780)	-	-	(158,780)
Transfers and write-offs	(249)	30,663	-	116,352	(55)	(107,852)	38,859
Balance at 30 June 2015	3,528,075	10,287,372	72,116	8,975,450	425,950	80,802	23,369,765
Accumulated depreciation and impairment losses Balance at 31 December 2014	2,116,298	9,969,925	31,159	7,552,193	320,668	-	19,990,243
Depreciation for the period	117,291	47,821	6,573	240,527	18,417	-	430,629
Disposals	-	-	-	(158,034)	-	-	(158,034)
Transfers and write-offs	(19,142)	2,060	-	61,442	(20)	-	44,340
Balance at 30 June 2015	2,214,447	10,019,806	37,732	7,696,128	339,065	-	20,307,178
Net value	1,313,628	267,566	34,384	1,279,322	86,885	80,802	3,062,587

							2014
	Land, Buildings and other constructions	Plant and machinery	Vehicles	Fixtures and fittings	Other tangible assets	Work in progress	Total
Gross assets
Balance at 31 December 2013	7,444,000	11,448,857	36,094	7,013,597	251,073	1,302,572	27,496,193
Additions	19,510	4,041	-	63,326	-	250,059	336,936
Disposals	(65)	(203,518)	(3,669)	(19,795)	-	-	(227,047)
Transfers and write-offs	828,615	16,922	22	481,101	564	(1,444,171)	(116,947)
Balance at 30 June 2014	8,292,060	11,266,302	32,447	7,538,229	251,637	108,460	27,489,135
Accumulated depreciation and impairment losses
Balance at 31 December 2013	4,614,466	11,042,578	12,625	6,061,365	235,061	-	21,966,095
Depreciation for the period *	342,985	69,075	3,222	264,478	3,589	-	683,349
Disposals	(8)	(203,518)	(408)	(19,715)	-	-	(223,649)
Transfers and write-offs	13,656	(75,408)	2	(32,573)	8	-	(94,315)
Balance at 30 June 2014	4,971,099	10,832,727	15,441	6,273,555	238,658	-	22,331,480
Net value	3,320,961	433,575	17,006	1,264,674	12,979	108,460	5,157,655

* On period ended at 30 June 2014, the depreciations in the amount of Euro 683,349 include an amount of Euro 313,009 related to the depreciation of assets of discontinued operations (notes 3.d, 8 and 25) and an amount of Euro 370,340 related to continued operations.

er finance lease contracts, amounted to Euro 2,443,394 and Euro 1, 385,250 as of 30 June 2015 and 2014, and their net book value as of those dates amounted to Euro 1,268,642 and Euro 489,045 respectively.

obtained, except for the assets acquired under financial lease contracts.

	2015	2014
Information systems / IT equipment	12,106	95,304
Other projects in progress	68,696	13,156
	80,802	108,460

During the period ended 30 June 2015 and 2014, there are no commitments to third parties relating to investments to be made.

6. Intangible assets

In the periods ended at 30 June 2015 and 2014, the movement occurred in intangible assets and in the corresponding accumulated amortisation and impairment losses, was as follows:

				2015
	Brands and patents and other rights	Software	Intangible assets in progress	Total
Gross assets
Balance at 31 December 2014	11,000,702	55,566,461	5,418,866	71,986,029
Additions	12,636	746,357	2,697,782	3,456,775
Transfers and write-offs	465,082	1,741,813	(1,469,801)	737,094
Balance at 30 June 2015	11,478,420	58,054,631	6,646,847	76,179,898
Accumulated amortisation and impairment losses
Balance at 31 December 2014	10,344,118	36,059,975	-	46,404,093
Amortisation for the period	406,695	2,789,974		3,196,669
Transfers and write-offs	379,741	(25,353)	-	354,388
Balance at 30 June 2015	11,130,554	38,824,596	-	49,955,150
Net value	347,866	19,230,035	6,646,847	26,224,748

				2014
	Brands and
	patents and other		Intangible assets
	rights	Software	in progress	Total
Gross assets
Balance at 31 December 2013	10,348,140	30,539,349	4,561,408	45,448,897
Additions	5,940	365,793	2,198,695	2,570,428
Transfers and write-offs	61,482	2,245,110	(2,097,349)	209,243
Balance at 30 June 2014	10,415,562	33,150,252	4,662,754	48,228,568
Accumulated amortisation and impairment losses
Balance at 31 December 2013	7,141,359	21,660,278	-	28,801,637
Amortisation for the period *	1,701,400	1,070,899	-	2,772,299
Transfers and write-offs	57,249	31,272	-	88,521
Balance at 30 June 2014	8,900,008	22,762,449	-	31,662,457
Net value	1,515,554	10,387,803	4,662,754	16,566,111

* On 30 June 2014, the amortisation of the period of Euro 2,722,299 include an amount of Euro 32,122 related to the amortisation of assets of discontinued operations (notes 3.d, 8 and 25) and an amount of Euro 2,740,177 related to continued operations.

On 30 June 2015, the additions related with intangible assets include about Euro 2.6 million of capitalizations of personnel costs related to own work (about Euro 2.2 million on 30 June 2014), mainly related to IT software, RAID and NetClarus development projects.

The assessment of impairment for the main tangible and intangible assets, in the various segments, is carried out as described in note ated to the overall activity of the segment and consequently cannot be analysed separately.

7. Goodwill

For the periods ended 30 June 2015 and 2014, the movements occurred in Goodwill were as follows:

	2015	2014
Opening balance	28,719,066	28,434,416
Other movements of the period	258,913	146,384
Closing balance	28,977,979	28,580,800

For the periods ended 30 June 2015 and 2014, the update of the Goodwill.

Thus, on 30 June 2015 and 2014, Goodwill was made up as follows:

	Information Systems	Multimedia	Telecommunications
2015
Goodwill	22,947,979	6,030,000	-

	Information Systems	Multimedia	Telecommunications
2014
Goodwill	22,550,800	6,030,000	-

The evaluation of the existence of impairment losses in Goodwill is made by taking into account the cash-generating units, based on e is evidence of impairment and prepared according to cash flow projections for periods of five years. In the area of information systems, the assumptions used are essentially based on the various businesses of the Group and the growth of the several geographic areas where the Group operates. The average growth rate used to the turnover of 5 years was 12.6%. This increase essentially due to WeDo group by investment in new industries and the recent focus on the security market that is growing strongly. For the Media sector, the average growth rate used was 2.0%. The discount rates used were based on the estimated weighted average cost of capital, which depends on the business segment of each subsidiary, as indicated in the table below. In perpetuity, the Group considered a growth rate of 2% in the area of information systems and 0% in Multimedia area. In situations where the measurement of the existence, or not, of impairment is made based on the net selling price, values of similar transactions and other proposals made are used. Regarding the area of telecommunications (Zopt), the assessment of whether or not the impairment is determinate taking into account with several information as business plans approved by the Board of Directors, which implied average growth rate of operating margin amounts to 2.7%, and the average ratings of external reviewers (researches).

	Information Systems	Multimedia	Telecommunications
Assumptions
Basis of recoverable amount	Value in use	Value in use	Value in use
Discount rate	10.5%	9.0%	8.2%
Growth rate in perpetuity	2.0%	0.0%	2.0%

For the sector of Information Systems, in digital security area (Cybersecurity), a growth rate used was 3%.

The analyses of the impairment indices and the review of the impairment projections and tests have not lead to clearance losses, during the period ended 30 June 2015 and 2014. For the sensitivity analyses made, required in the IAS 36 - Impairment of Assets, have not lead to material changes of the recoveries, so not result material additional impairments.

8. Investments in associated companies and companies jointly controlled

The associated companies and the companies jointly controlled, their head offices, percentage of ownership and value in profit and loss statement on 30 June 2015 and 2014, are as follows:

		Percentage of ownership			Value in profit and loss statement
		30 June 2015		30 June 2014			30 June 2014
	Head Office	Direct	Total	Direct	Total	30 June 2015
ZOPT (a)	Oporto	50%	50%	50%	50%	10,811,035	8,934,020
	Vila Nova de Gaia	50%	50%	50%	50%	2,101	67,061
Sociedade Independente de Radiodifusão	Oporto	45%	45%	45%	45%	(12,816)	(27,440)
'Rádio Nova') S21Sec Ciber seguridad SA de CV ('Ciber seguridad') (b)	Mexico City	50%	39%	-	-	(90,584)	-
Intelligent Big Data, S.L. ('Big Data') (c)	Gipuzcoa	50%	39%	-	-	(209)	-
Total (note 20)						10,709,527	8,973,641

(b) Company directly owned by S21 Sec (a) Includes the results of the subsidiaries,proportionally to capital held

The associated companies and companies jointly controlled have been consolidated by the equity method. In accordance with the IFRS 11, the classification of investments in joint ventures is determined based on the existence of an agreement that clearly demonstrate and regulate the joint control. Thus, in accordance with the requirements of this standard, on 30 June 2015 the group only held jointly controlled companies.

During the years periods 30 June 2015 and 2014, the movement occurred in investments in associated companies and companies jointly controlled, were as follows:

	30 June 2015				30 June 2014
	Ownership value	Goodwill	Total investment	Ownership value	Goodwill	Total investment
Investments in associated companies and companies jointly controlled
Balance at 1 January	633,758,552	87,849,200	721,607,752	622,585,085	87,849,200	710,434,285
Equity method
Effect on gains and losses (note 20)	10,813,521	-	10,813,521	9,001,081	-	9,001,081
Effect on reserves	5,513,144	-	5,513,144	(17,055,437)	-	(17,055,437)
Dividends	(7,345,015)	-	(7,345,015)	(70,650)	-	(70,650)
	642,740,202	87,849,200	730,589,402	614,460,079	87,849,200	702,309,279
Registered in Provisions for other liabilities and charges (note 17)
Balance at 1 January	(168,071)	-	(168,071)	(105,384)	-	(105,384)
Equity method
Effect on gains and losses (note 20)	(103,993)	-	(103,993)	(27,440)	-	(27,440)
	(272,064)	-	(272,064)	(132,824)	-	(132,824)
Total investment in associated companies and companies
jointly controlled net of impairment losses	642,468,138	87,849,200	730,317,338	614,327,255	87,849,200	702,176,455

México

The division by company of the amount included on the investments in associated companies and join controlled is as follows:

			30 June 2015	30 June 2014
	Ownership value	Goodwill	Total investment	Ownership value	Goodwill	Total investment
Investments in associated companies and companies
jointly controlled
Zopt	642,301,171	87,527,500	729,828,671	613,958,027	87,527,500	701,485,527
Unipress	438,646	321,700	760,346	502,052	321,700	823,752
SIRS	(150,938)	-	(150,938)	(132,824)	-	(132,824)
Ciber seguridad	(121,126)	-	(121,126)	-	-	-
Big Data	385	-	385	-	-	-
Total	642,468,138	87,849,200	730,317,338	614,327,255	87,849,200	702,176,455

The aggregated amounts of the main financial indicators of the entities can be resumed as follows:

(Amounts expressed in thounsand Euro)							2015
Entity	% holding	Asset	Liability	Equity	Revenue	Operational results	Net result
ZOPT*	50%	4,642,229	2,078,707	2,563,523	699,947	77,348	43,264
Unipress	50%	3,433	2,556	877	722	197	3
SIRS	45%	283	618	(335)	188	(7)	(13)
Ciber seguridad	39%	240	700	(460)	68	(86)	(86)
Big Data	39%	2	3	(1)	-	-	(0)

*The consolidated accounts not audited of Group ZOPT, prepared in accordance with the International Financial Report Statemen shareholder funds includes non-

During the period ended 30 June 2015, the company received the amount of Euro 7,315,500 referring to Zopt, S.G.P.S. dividends.

Following the announcement made, on 14 December 2012, between Sonaecom, SGPS, S.A., Kento Holding Limited and Jadeium BV ent to recommend to the Boards of Zon Multimédia merger between the two companies, on 11 January 2013, Sonaecom, SGPS, S.A. carried out a capital increase in kind, transferring 81.807% of its financial participation in Optimus SGPS, S.A. to ZOPT,SGPS, S.A. (vehicle used for this purpose), conditional upon completion of the merger.

Thus, following the above mentioned agreement, on 27 August 2013, and after fulfilling all the requirements required to the operation, the merger was closed. Sonaecom considers this to be the date on which Zopt took control of Zon Optimus (now NOS SGPS, SA (hereinafter 'NOS', following the amendment of its name in June 2014), having 50.01% of its share capital. Accordingly, in the same day, SGPS, S.A. to Zopt. After the share capital increase of Zopt and the closing of the merger between Optimus SGPS and Zon, Sonaecom derecognized in 2013 in consolidated accounts, the assets and liabilities fully consolidated of Optimus SGPS and its subsidiaries amounting to Euro 992 million. Sonaecom has also recognized an investment in Zopt amounting to Euro 598 million² , loans to be received from Zopt amounting Euro 230 million, which would later be converted on supplementary capital and reduced to Euro 115 million, and an investment registered at fair value through NOS shares results (the conversion of 20,921,650 Optimus SGPS shares, representing 18.193% of the share capital, to 37,489,324 NOS shares, representing 7.28% of the share capital), at the market price of

² The Zopt participation of Euro 598 million (598 = ((2,850 X 50.01%)-230)X 50%) results from the valuation of NOS, amounting to Euro 2,850 million. This corresponds to the sum of the valuation of the capital increase in Zopt made by Zon and Optimus in Euro 1,500 million and Euro 1,000 million, respectively (the valuation was made by entities involved in the capital increase and the merger project) and the minimum synergies estimated, disclosed in the merger project in the amount of Euro 350 million, deducted from loans totaling Euro 230 million (level 3 of inputs in the hierarchy of fair value). It NOS (the argument for not using the Zon share price at the date of the close of the merger, as abovementioned, is proven by the positive evolution of NOS share price since the date of the merger until December 31sd 2013 (Euro 2,782 million versus 2,141, price at 27 August 2013, merger date)). For this reason, the market capitalization of Zon was not considered as a reference for valuing the Zopt investment. The valuation of Zon and Optimus was based on internally and projections, regarding the main economic indicators, including operating results and investment. For this purpose, was used a weighted average cost of capital of 9.5% and growth rate of 3%.

27 August 2013 (date of the closing of the merger), amounting to Euro 156 million (note 9). The investment registered at fair value was reduced in consequence of the General Public and Voluntary Offer (note 13), on 5 February 2014, decreasing the investment in shares NOS in the amount of 26,476,792 shares (EUR 141,650,837). Thus, Sonaecom, SGPS, S.A. now holds 11,012,532 shares representing the share capital of NOS, corresponding to a share of 2.14%.

not to acquire any shares of NOS, with the exception of the shares acquired by Sonaecom as a result of the operation. ger, and for a period of three months, the Group Kento / Jadeium may exercise a call option over half of the shares of NOS that Sonaecom holds at the date of the exercise of call option, at a price equal to the weighted average price of the previous month.

Following the merger, was performed on Zopt a preliminary assessment of the fair value of assets acquired and assumed liabilities through this operation. In accordance with IFRS 3 - Business Combinations, a preliminary evaluation of the fair value of the acquired assets and liabilities assumed in this transaction was subject to changes over a period of one year from the date of control, and this ended at 26 August 2014.

The detail of the net assets of the ZON Group at 26 August 2013 and the goodwill recorded under this transaction, updated at 26 August 2014, is as follows:

(Amounts expressed in thousand Euro)	Book Values	Adjustments to fair value initially reported	Changes of the adjustments to fair value	Fair value
Acquired assets
Tangible assets	598,675	57,301	-	655,976
Intangible assets	137,644	170,575	(33,202)	275,017
Investments in group companies	33,646	284,807	(41,259)	277,194
Deferred tax assets	55,972	10,381	10,009	76,362
Inventories	18,034	-	-	18,034
Accounts receivable and other assets	169,888	1,861	-	171,749
Cash and cash equivalents	157,914	-	-	157,914
	1,171,773	524,925	(64,452)	1,632,246
Acquired liabilities
Borrowings	817,435	7,634	-	825,069
Provisions	25,948	7,798	42,872	76,618
Deferred tax liabilities	7,450	68,591	(9,994)	66,047
Share plan	3,694	-	-	3,694
Accounts payable and other liabilities	296,169	2,062	-	298,231
Minorities	9,662	-	-	9,662
	1,160,358	86,085	32,878	1,279,321
Net assets and liabilities	11,415	438,840	(97,330)	352,925
Goodwill				1,147,075
Acquisition price				1,500,000

The fair value of net assets acquired was determined through various valuation methodologies for each type of asset or liability based on the best information available. The main fair value adjustments made in this process were : (i) valuation of Cines TV and TV Series channels (EUR +66.1 million), which will be amortised straight-line over a period of 10 years, (ii) portfolio customers (EUR +71.3 million), which will be amortised straight-line over the estimated average period of customer retention that is 6 years, (iii) financial investments ions of channels in the amount of EUR +29.4 million, valuation of client portfolios in the amount of EUR +17.1 million , among others, and their respective associated deferred taxes , (iv) increase of EUR +57.3 million in the book value of basic equipment , (v) changes in the fair

value of borrowings in the amount of EUR -7.6 million , and (vi) contingent liabilities relating to present obligations amounting to EUR - 59.6 million.

The detail of Optimus Group's net assets and Goodwill at 26 August 2013 identified under this transaction, updated at 26 August 2014, are as follows:

(Amounts expressed in thousand Euro)	Book Values	Adjustments to fair value initially reported	Changes of the adjustments to fair value	Fair value
Acquired assets
Tangible assets	569,441	(62,616)	-	506,825
Intangible assets	353,331	45,480	-	398,811
Deferred tax assets	100,976	27,626	(2,368)	126,234
Inventories	19,125	(1,384)	-	17,741
Accounts receivable and other assets	224,165	-	-	224,165
Cash and cash equivalents	17,987	-	-	17,987
	1,285,025	9,106	(2,368)	1,291,763
Acquired liabilities
Borrowings	452,362	-	-	452,362
Provisions	35,224	30,091	47,124	112,439
Deferred tax liabilities	1,142	10,997	-	12,139
Share plan	6,469	3,144	-	9,613
Accounts payable and other liabilities	287,368	15,326	-	302,694
	782,565	59,558	47,124	889,247
Net assets and liabilities	502,460	(50,452)	(49,492)	402,516
Goodwill				597,484
Acquisition price				1,000,000

The fair value of net assets acquired was determined through several valuation methodologies for each type of asset or liability, based on the best information available. The main fair value adjustments made in this process were: (i) customer portfolio (EUR +23.4 million), which will be amortised linearly based on the estimated average time of customer retention; (ii) telecom licenses (EUR +12.7 million), which will be amortised over their the estimated useful life; (iii) infrastructure reconstruction and replacement equipment costs and other adjustments on basic equipment in the amount of EUR -22.7 million; (iv) adjustment of EUR -27.7 million to carrying amount of the assets falling within by the commitments made to the Competition Authority, under the merger operation, in particular, the agreement on an option to acquire the fiber network of Optimus; (v) contingent liabilities related to present obligations in the amount of EUR -80.9 million, as permitted by IFRS 3, of which a percentage, corresponding to tax contingencies, was recorded as a reduction to deferred tax assets by tax losses, and (vi) contractual obligations in the amount of EUR -15.3 million related to long-term contracts whose prices are different from market prices.

The methodologies used in the main fair value adjustments were Discounted cash flows (Level 3) with the exception to Rooftops and Towers that was used the Rebuilding costs (Level 2), to Basic Equipment that was used the Replacement costs (Level 2) and to Contractual obligations that was used the Comparison with today fees (Level 2).

ents such as: (i) the average period of r of use of existing 2G/3G and LTE technologies and revenue growth as a result of the emergence of other new technologies, used in the valuation of the telecom licenses, among others. Although these estimates were based on the best information available at the date of preparation of the consolidated financial statements, current and future results may differ from these estimates.

Several scenarios have been considered in the valuations. The sensitivity analyzes performed have not led to significant changes in the allocation of the fair value of assets and liabilities.

For the remaining assets and liabilities were not identified significant differences between the fair value and their book value.

As usual on mergers and acquisitions, also in this operation, there was a part of the acquisition price which was not possible to allocate to the fair value of some identified assets and liabilities that was conside Goodwill is related to a number of different elements, which cannot be individually quantified and isolated in a viable way and include, for example, synergies, qualified workforce and technical skills.

Legal actions and contingent assets and liabilities of ZOPT Group

1. Legal actions with regulators
On 8 July 2009, NOS SA was notified by the Competition Authority (AdC) in connection with infringement proceeding relating to the triple-play offer, requesting NOS SA to comment on the content of the notification, which it did in good time. The case is currently at the fact-finding stage in AdC and various information has been requested, to which NOS has responded. If it is concluded that an infringement h year of infringement. I n July 2015, NOS Group was notified of decision to dismiss the case by Competition Authority.
NOS SA, NOS Açores and NOS Madeira brought actions for judicial review of ICPpayment of the Annual Fee (for 2009, 2010, 2011, 2012, 2013 and 2014) for carrying on the business of Electronic Communications Services Networks Supplier in the amounts, respectively, of (i) Euro 1,861 thousand, Euro 3,808 thousand, Euro 6,049 thousand, Euro 6,283 thousand, Euro 7,270 thousand and Euro 7,426 thousand; (ii) Euro 29 thousand, Euro 60 thousand, Euro 95 thousand, Euro 95 thousand, Euro 104 thousand and Euro 107 thousand; (iii) Euro 40 thousand, Euro 83 thousand, Euro 130 thousand, Euro 132 thousand, Euro 149 thousand and Euro 165 thousand, respectively, and seeking reimbursement of the amounts meanwhile paid in connection with the enforcement proceedings. This fee is a percentage decided annually by ICPis being introduced gradually: ⅓ in the first year, ⅔ in the second year and 100% in the third year. NOS SA, NOS Açores and NOS Madeira claim, in addition to defects of unconstitutionality and illegality, that only revenues from the electronic communications business per se, subject to regulation by ICP-ANACOM, should be considered for the purposes of the application of the percentage and the calculation of the fee payable, and that revenues from television content should be excluded.

On 18 December 2012 a ruling was passed on the proceedings instigated by NOS SA for 2009, for which the appeal was upheld, with no prior hearing, condemning ICP-ANACOM to pay the costs. ICP-ANACOM appealed and by decision of July 2013 was not upheld.

The remaining proceedings are awaiting trial and decision.

2. Tax authorities

During the course of the 2003 to 2014 financial years, some companies of the NOS Group were the subject of tax inspections for the 2001 to 2012 financial years. Following these inspections, NOS, as the controlling company of the Tax Group, and companies not covered by Tax Group, were notified of the corrections made to the Group's tax losses, to VAT and stamp tax and to make the payments related to the corrections made to the above exercises. The total amount of the notifications is about Euro 25.8 million. Note that the Group considered that the corrections were unfounded, and contested the amounts mentioned. The Group provided the bank guarantees demanded by the Tax Authorities in connection with these proceedings.

At the end of year 2013 and taking advantage of the extraordinary settlement scheme of tax debts, the Group settled Euro 7.7 million (corresponding to notifications in the amount of Euro 17.3 million less accrued interests). This amount was recorded as "taxes receivable" non-current net of the provision recorded in the amount of Euro 3.5 million.

As belief of the Board of Directors of the NOS Group, supported by their lawyers and tax advisors, the risk of loss of these proceedings is not likely and the outcome thereof will not affect materially the consolidated position.

3. Actions by Portugal Telecom against NOS Madeira and NOS Açores

Action brought by PT against NOS Madeira, claiming the payment of Euro 1.6 million, plus interests, for the alleged use of ducts, supply of the MID service, supply of video and audio channels, operating, maintenance and management costs of the Madeira/Porto Santo undersea cable and the use of two fiber optic circuits. NOS contested the action, in particular the claimed, the services and the legitimacy of PT in respect of the ducts. A decision was handed down in late July 2013, favourable to NOS Madeira. As a consequence of this decision, PT appealed to the Lisbon Court of Appeal. In June 2015, the decision was handed down which fully acquitted NOS Madeira relative to MID and confirmed the lower court decision. This decision is still subject to Appeal until mid-September.
In 2011, PT brought an action in Lisbon Judicial Court against NOS SA, claiming payment of Euro 10.3 million, as compensation for alleged undue portability of NOS SA in the period between March 2009 and July 2011. NOS SA lodged a contest and reply and completion of proof is in progress.
PT made a court notice to NOS SA (April 2013 and July 2015), two to NOS Açores (March and June 2013) and two to NOS Madeira (March and June 2013), in order to stop the prescription of alleged damages resulting from claims of undue portability, absence of response time to requests submitted to them by PT and alleged illegal refusal of electronic requests. case of NOS SA, in the amount of Euro 26 million (for the period between August 2011 and May 2014), in the case of NOS Açores, in the amount of Euro 195 thousand and NOS Madeira, amounting to Euro 817 thousand.
In 2011, NOS SA brought an action in Lisbon Judicial Court against PT, claiming payment of Euro 22.4 million, for damages suffered by NOS SA, arising from violations of the Portability Regulation by PT, in particular, the large number of unjustified refusals of portability requests by PT in the period between February 2008 and February 2011. The court declared the compulsory performance of expert evidence, which is currently underway. It is the understanding of the Board of Directors, supported by lawyers who monitor the process, that there is, in substance, a good chance of NOS SA winning the action, due to the fact that PT has already been convicted for the same offense, by ICP ANACOM. However, it is impossible to determine the outcome of the action.

The instances and process described above are provisioned in the consolidated accounts of ZOPT, given the degree of risk identified.

In April 2012, following the decision made on 19 July 2011 in which NOS Açores was acquitted, PT brought two new actions against NOS Açores, one relating to the MID service and the other to the supply of video and audio channels, claiming payment of 222 thousand euros and 316 thousand euros respectively, plus interest. They are awaiting decision. A sentence, without impacting interests, reduced the amount payable by NOS Açores to about 97 thousand euros concerning the first was ordered to pay 222 thousand euros. This descision has been appealed to the Supreme Court, which in April 2012 annulled e decision of the first instance, ie, ro pau the around of payment of 97 thousand euros plus accrued interests in the amount of 50 thousand euros.In what concerns the second action, in the third quarter of 2014, NOS Açores was sentenced to pay 316 thousand euros, plus interest and legal costs. These amounts were paid in 2014.

4. Action against NOS SA

by the alleged early termination of contract and for compensation. It is belief of the Board that the arguments used are not correct, so the outcome of the proceeding will not result in significant impact on the financial statements of the group. This action waits for trial.

5. Action against Sport TV

SPORT TV Portugal, S.A. was fined by the Competition Authority to the value of Euro 3,730 thousand for the alleged abuse of its dominant position in the domestic market of subscription channels with premium sport content.

SPORT TV is not in agreement with the decision and has therefore decided to appeal against it to the competent judicial authorities. The Court of Competition, Regulation and Supervision altered the value to Euro 2,700 thousand. Meanwhile, Sport

contested that decision.

Action brought by Cogeco Cable Inc., former shareholder of Cabovisão, against Sport TV, NOS SGPS and a third, requesting, among others: (i) joint condemnation of the three institutions to pay compensation for damages caused by anti-competitive conduct, guilty and illegal, between 3 August 2006 and 30 March 2011, specifically for the excess price paid for Sport TV channels by Cabovisão, in the amount of Euro 9.1 million; (ii) condemnation for damages corresponding to the remuneration of capital unavailable, in the amount Euro 2.4 million; and (iii) condemnation for damages corresponding to the loss of business from anti-competitive practices of Sport TV, in connection with the enforcement proceedings. The NOS Group contested the action, awaiting for trial.

It is the understanding of the Board of Directors, supported by lawyers who monitor the process, that, in substance, it is unlikely that NOS SA is responsible in this action.

6. Contractual penalties

The general conditions that affect the agreement and termination of this contract between NOS and its clients, establish that if the products and services provided by the client can no longer be used prior to the end of the binding period, the client is obliged to immediately pay damages.

Until 31 December 2014, revenue from penalties, due to inherent uncertainties was recorded only at the moment when it was received, so at 31 December 2014, the receivables by NOS SA, NOS Madeira and NOS Açores, related with billed damages, amount to a total of Euro 119,624 thousand. During the quarter ended on 30 June 2015 was recognized Euro 2,400 thousand related to 2014 receivables were received and recorded in the income statement.

From 1 January 2015, revenue from penalties is recognised taking into account an estimated collectability rate taking into account the Group's collection history. The penalties invoiced are recorded as accounts receivable and amounts determined as uncollectible are recorded as impairment by deducting revenue recognized upon invoicing.

7. Interconnection tariffs

At 30 June 2015, accounts receivable and accounts payable include Euro 37,139,253 and Euro 29,913,608, respectively, resulting from a dispute between the subsidiary NOS SA and, essentially, the operator MEO Serviços de Comunicação e Multimédia, S.A. (previously named TMN Telecomunicações Móveis Nacionais, S.A.), in relation to the indefinition of interconnection tariffs, recorded in the year eal), on Court), for final interconnection prices for 2001 were not defined. The settlement of outstanding amounts will depend on the price that will be established.

8. CNPD

Infringement proceedings in the amount of approximately Euro 4.5 million, established by the National Commission for Data n of data. During the project phase of decision, NOS SA argued, firstly, a set of procedural irregularities and, secondly, a set of fact and law arguments that the Board understood to impose a final decision to dismiss the case. However, on 16 January 2014, NOS SA received a settlement notice regarding the fine imposed by the CNPD, against which appealed to the courts. On 8 September 2014, the Court for Competition, value of the fine to Euro 600 thousand. NOS SA appealed against this decision. As a consequence of this decision, the provision was reduced by Euro 3.9 million. On 5 February 2015, the Lisbon Court of Appeal set the fine at Euro 100 thousand, a decision which became final and unappealable. NOS reverted the provision in the amount of Euro 500 thousand and paid the fine in April 2015.

9. ANACOM

Infringement proceedings due to an alleged failure, by NOS SA, to apply the resolutions taken by ANACOM on 26 October 2005, concerning termination rates for fixed calls. Following a deliberation of Board of Directors of the regulator, in April 2012, a fine of approximately Euro 6.5 million was applied to NOS SA; NOS SA has appealed for the judicial review of the decision and the court has NOS SA of a new judicial process, based on the same accusations. This process is a repetition of the initial one. In September 2014, ANACOM, based on the same facts, fine on NOS SA in the amount of Euro 6.5 million. This decision was contested by NOS SA. In May 2015, it was acquitted, which revoked the decision by ANACOM and the fine which had been applied. ANACOM appealed the decision and the process is currently on appeal in Lisbon Court of Appeal.

10. Supplementary Capital

The fiscal authorities are of the opinion that NOS SA has broken the principle of full competition under the terms of (1) of article 58 of the Corporate Tax Code (CIRC), by granting supplementary capital to its subsidiary NOS Towering, without having been remunerated at a market interest rate. In consequence, it has been notified, with regard to the years 2004, 2005, 2006 and 2007, of corrections to the determination of its taxable income in the total amount of Euro 20.5 million. NOS SA contested the decision with regard to all the above mentioned years. As for the year 2007, the Fiscal and Administrative Court of Oporto has already decided unfavourably. The company has contested this decision.

11. Future credits transferred

For the year ended at 31 December 2010, the subsidiary NOS SA was notified of the Report of Tax Inspection, where it is considered that the increase, when calculating the taxable profit for the year 2008, of the amount of Euro 100 million, with respect to initial price of future credits transferred to securitization, is inappropriate. Given the principle of periodisation of taxable income, NOS SA was subsequently notified of the improper deduction of the amount of Euro 20 million in the calculation of taxable income between 2009 and 2012 (tax inspection report received in January 2015). Given that the increase made in 2008 was not accepted due to not complying with Article 18 of the CIRC, also in the years following, the deduction corresponding to credits generated in that year, will eliminate the calculation of taxable income, to meet the annual amortisation hired as part of the operation (20 million per year during 5 years). NOS SA challenged the decisions regarding 2008, 2009, 2010 and 2011 fiscal years and will challenge, in time, the decision regarding 2012 fiscal year. Regarding the year 2008, the Administrative and Fiscal Court of Porto has already decided unfavourably, in March 2014. The company has appealed.

12. Extraordinary contribution toward the fund for the compensation of the net costs of the universal service of electronic communications (CLSU):

The Extraordinary contribution toward the fund for the compensation of the net costs of the universal service of electronic communications (CLSU) is legislated in Articles 17 to 22 of Law nr 35/2012, of 23 August. From 1995 until June 2014, PT Comunicações, SA (PTC) was the sole provider for the universal service of electronic communications, having been designated illegally without a tender procedure, as acknowledged by the European Court of Justice who, through its decision taken in June 2014, ecom. In accordance with Article 18 of the abovementioned Law 35, the net costs of the operator responsible for providing the universal service, approved by IPC-ANACOM, must be shared between other companies who provide, in national territory public communication networks and publicly accessible electronic communications services. NOS is therefore within the scope of this extraordinary contribution given that PTC has requested the payment of CLSU to the compensation fund. The compensation fund can be activated to compensate the net costs of the electronic communications universal service, relative to the period before the designation of the provider by tender, whenever, cumulatively (i) there are net costs, considered excessive, the amount of which is approved by ICP-ANACOM, following an audit to their preliminary calculation and support documents, which are provided by the universal service provider, and (ii) the universal service provider requester the Government compensation for the net costs approved under the terms previously mentioned. In September 2013, ICP-ANACOM delivered to approve the final results of the CLSU audit presented by PTC, relative to the period from 2007 to 2009, in a total amount of Euro 66.8 million, a decision which was contested by NOS and about which NOS was, in June 2014, notified of the argument provided by ICP-ANACOM. Also in June 2014, ICP-ANACOM requested NOS to send the information regarding the revenue eligible, for the purpose of the contribution toward the compensation fund relative to the period from 2007 to 2009. This gation to pay the extraordinary contribution. In November 2014, ICP ANACOM deliberated to approve the final results of the CLSU audit by PTC, relative to the period from 2010 to 2011, in a total amount of Euro 47 million, a decision contested by NOS. Upon completion of an audit to the amount of revenues eligible reported in June 2014, in January 2015, ANACOM issued the settlement notes in the amount of Euro 18.6 million related to NOS CLSU 2007 to 2009, which were contested in March 2015 and for which a bail was presented to avoid Tax Execution Proceedings. In June 2015, ANACOM has notified NOS SA with regards to the probable decision regarding the results of the audit to CLSU presented by PTC, for the year 2012, in the amount of 26.4 million euros. It is expected that PTC will submit to ICP-ANACOM the CLSU calculations incurred in the period from 2013 and the first semester of 2014. At the moment, It is estimated that the contribution of NOS, SA, relative to the period from 2012 to June 2014, amounts to 19 million euros.

It is the opinion of the Board of Directors of NOS that these extraordinary contributions to CLSU of service providing by PTC (not desiganted through a tender procedure) violates the Directive of Universal Service. Moreover, considering the existing legal framework since NOS began its activity, the request of payment of the extraordinary contribution violates the principle of the protection of confidence, recognised on a legal and constitutional level in Portuguese domestic law. For these reasons, NOS will continue judicially challenge the liquidation of each extraordinary contributions, once the Board of Directors is convinced it will be successful in all challenges, both future and already undertaken.

Regardless of the belief of the Board of Directors of NOS, was attributed, in 2014, in the Goodwill allocation period provided by IFRS 3, a provision to remedy this situation, with regard to possible liability to the date of the merger.

The Sonaecom Board of Directors believes that the above processes may result in contingencies that affect the NOS group's accounts are properly provisioned, given the degree of risk in the consolidated accounts of Sonaecom.

9. Financial assets at fair value through profit or loss

On August 2013, Sonaecom Group began to hold NOS shares recorded at fair value through profit or loss, as a result of the merger between Optimus SGPS and Zon (Note 8), since it is the initial classification of an asset held for a sale purpose in a short-time. In ffect the shared control situation with ZOPT. Some of these shares were used as part of the General Public and Voluntary Offer acquisition of own shares, as described below.

The period ended 30 June 2014 were acquired Sonae shares in accordance with the movement described below.

The movements occurred in financial assets at fair value through profit or loss, on 30 June 2015 and 2014 were as follows:

						2015
Financial assets at fair value through profit or loss	Opening balance	Increases	Decreases	Fair value adjustments (note 20)	Increase and decrease in fair value of shares intended to cover MTIP*	Closing balance
NOS	57,661,618	-	-	21,342,287	-	79,003,905
Sonae SGPS	2,303,954	-	(2,729,817)	226,919	367,097	168,153
	59,965,572	-	(2,729,817)	21,569,206	367,097	79,172,058
Recorded under the caption non current assets (note 4)						168,153

Recorded under the caption current assets (note 4) 79,003,905

*Incentive medium-term plans

						2014
Financial assets at fair value through profit or loss	Opening balance	Increases	Decreases	Fair value adjustments (note 20)	Increase and decrease in fair value of shares intended to cover MTIP*	Closing balance
NOS	202,442,350	-	(141,650,837)	(7,931,359)	-	52,860,154
Sonae SGPS	-	5,522,188	(2,804,200)	17,433	(37,725)	2,697,696
	202,442,350	5,522,188	(144,455,037)	(7,913,926)	(37,725)	55,557,850
Recorded under the caption non current assets (note 4)						1,192,926
Recorded under the caption current assets (note 4)						54,364,924

*Incentive medium-term plans

it and Loss Statement (note 20). With the exception of the increases and decreases in the fair value of shares allocated to cover the medium-term incentive plans whose value is recorded under "Other operating expenses" and "Other financial expenses" in the income statement.

The decreases at 30 June 2015, in the investment in Sonae SGPS shares, correspond essentially to the payment of the medium-term incentive plan that expired in the period ended at 30 June 2015.

The decreases at 30 June 2014 represent the counterpart in NOS shares provided for the terms of trade of the General Public and Voluntary Offer for acquisition of own shares (note 13). As a result of this offering Sonaecom reduced its investment in NOS shares in 26,476,792 shares (EUR 141,650,837) and now holds 11,012,532 shares representing the share capital of NOS, corresponding to a share of 2.14%.

The amount recorded in non-current assets corresponds to the investment in Sonae SGPS shares, to cover the medium-term incentive plans, which payment will occur in more than one year.

The evaluation of fair value of the investment is detail as follows:

2015	NOS	Sonae SGPS
Shares	11,012,532	142,866
Level of inputs in the hierarchy of fair value	Level 1
Valuation method	Quoted price on the stock exchange
Quoted price*	7.174 1.177
Fair value	79,003,905	168,153

* Used the share price of 30 June 2015 in the determination of the fair value.

2014	NOS	Sonae SGPS
Shares	11,012,532 2,249,955
Level of inputs in the hierarchy of fair value	Level 1
Valuation method	Quoted price on the stock exchange
Quoted price*	4.8	1.199
Fair value	52,860,154	2,697,696

* Used the share price of 30 June 2014 in the determination of the fair value.

10. Investments available for sale

On 30 June 2015 and 2014, this caption included investments classified as available-for-sale and was made up as follows:

	%	2015	2014
	1.38%	197,347	197,344
VISAPRESS - Gestão de Conteúdos dos Média, CRL	10.00%	5,000	5,000
Others		10,707	13,104
Impairment losses		(100,000)	(100,000)
		113,054	115,448

On 30 June 2015, these investments correspond to shareholdings of immaterial amount, in unlisted companies, in which the Group has no significant influence, and in which the acquisition cost of such investments is a reasonable estimation of their fair value, adjusted where applicable, by the respective impairment losses.

The assessment of impairment in the investments described above is performed through comparisons with the value of the percentage of share capital detained by the Group and with multiples of sales and EBITDA of companies of the same sector.

The financial information regarding these investments is detailed below (in thousands of euro):

	Assets	funds	Gross debt	Turnover	Operational results	Net income
(1)	12,350	5,440	696	14,594	357	(802)
VISAPRESS - Gestão de Conteúdos dos Média, CRL (1)	40	2	-	45	(10)	(10)

(1) Amounts expressed in thousands euro at 31 December 2014.

11. Deferred taxes

Deferred tax assets on 30 June 2015 and 2014, amounted to Euro 7,593,727and Euro 5,888,181, respectively, and arose, mainly, from tax losses carried forward, from differences between the accounting and tax amount of some fixed assets and from others temporary differences. The movements in deferred tax assets in the periods ended 30 June 2015 and 2014 were as follows:

					2015
	Balance at 31 December 2014	Movements in deferred tax of the year	Utilization of deferred tax	Record/(reverse) of deferred tax of previous years	Balance at 30 June 2015
Tax losses	2,397,494	275,358	(71,855)	-	2,600,997
Tax provisions not accepted and other temporary differences	1,726,512	(392,818)	-	(36,056)	1,297,638
Tax benefits (SIFIDE, RFAI and CFEI) Differences between the tax and accounting amount of certain fixed assets and others	1,178,811 1,745,300	- (126,166)	- -	991,595 -	2,170,406 1,619,134
Effect on results (note 21)	7,048,117	(243,626)	(71,855)	955,539	7,688,175
Discontinued operations (note 3.d))	(169,548)	-	-	-	(169,548)
Others	(41,339)	116,439	-	-	75,100
Closing balance	6,837,230	(127,187)	(71,855)	955,539	7,593,727

					2014
		Movements in		Record/(reverse)
	Balance at 31	deferred tax of the	Utilization of	of deferred tax of	Balance at
	December 2013	year	deferred tax	previous years	30 June 2014
Tax losses	848,995	369,624	-	-	1,218,619
Tax provisions not accepted and other temporary differences	1,510,903	(62,113)	-	(15,721)	1,433,069
Tax benefits (SIFIDE, RFAI and CFEI)	946,535	-	-	378,826	1,325,361
Adjustments in the conversion to IAS/IFRS	227	-	-	(130)	97
Differences between the tax and accounting amount of certain fixed assets and others	1,997,545	-	-	(126,098)	1,871,447
Effect on results (note 21)	5,304,205	307,511	-	236,877	5,848,593
Others	(104,319)	116,420	-	-	39,588
Closing balance	5,199,886	423,931	-	236,877	5,888,181

Deferred taxes related to the IAS / IFRS conversion adjustments correspond to the temporary differences generated in the companies included in consolidation and result from the fact that IAS / IFRS conversion adjustments, recorded in these companies at 31 December 2009, already considered in consolidated financial statements under IAS / IFRS, from previous years, only be considered for tax purposes, linearly, for a period of five years between 2010 and 2014.

On 30 June 2015 and 2014, assessments of the deferred tax assets to be recovered and recognised were made. Potential deferred tax assets were recorded to the extent that future taxable profits were expected to be generated against which the tax losses and deductible tax differences could be used. These assessments were made based on the most recent business plans duly approved by the Board of Directors of the Group companies, which are periodically reviewed and updated. The main criteria used in those business plans are described in note 7.

The rate used at 30 June 2015, in Portuguese companies, to calculate the deferred tax assets relating to tax losses carried forward was 21% (23% in June 2014), as a consequence of the IRC rate change from 23% to 21% from 2015 onwards . The rate used to calculate the temporary differences in Portuguese companies, including provisions not accepted and impairment losses, was 22.5% (24.5% in June unlikely the taxation of temporary differences during the estimated period when the referred rate will be applicable. Tax benefits, related to deductions from taxable income, are considered at 100%, and in some cases, their full acceptance is dependent on the approval of the authorities that concede such tax benefits. For foreign companies was used the rate in force in each country.

In accordance with the tax returns and other information prepared by the companies that have registered deferred tax assets, the detail of such deferred tax assets, by nature, on 30 June 2015 was as follows:

												2015
Nature	Companies included in the tax group*	We Do Brasil	We Do USA	SSI Espanã	We Do Mexico	Saphety Brasil	S21 Sec Gestion	S21 Sec Institute	S21 Sec Labs	Lookwise	Total	Total Sonaecom Group
Tax losses:
To be used until 2023	-	-	-	-	158,665	-	-	-	-	-	158,665	158,665
To be used until 2025	-	-	-	126,288	-	-	-	-	-	-	126,288	126,288
To be used until 2027	-	-	-	-	-	-	-	13,482	45,833	-	59,315	59,315
To be used until 2028	-	-	-	-	-	-	289,787	36,623	12,017	526,337	864,764	864,764
To be used until 2030	-	-	137,641	32,650	-	-	-	-	-	-	170,291	170,291
To be used until 2033	-	-	98,249	-	-	-	-	-	-	-	98,249	98,249
To be used until 2034	-	-	848,067	-	-	-	-	-	-	-	848,067	848,067
To be used until 2035	-	-	275,358	-	-	-	-	-	-	-	275,358	275,358
Tax losses	-	-	1,359,315	158,938	158,665	-	289,787	50,105	57,850	526,337	2,600,997	2,600,997
Tax provisions not accepted and other temporary differences	515,731	186,064	289,262	-	128,198	8,835	-	-	-	-	612,359	1,128,090
Tax benefits (SIFIDE, RFAI and CFEI)	2,151,635	-	18,771	-	-	-	-	-	-	-	18,771	2,170,406
Differences between the tax and accounting amount of certain fixed assets and others	-	-	-	-	-	-	-	-	-	-	-	1,619,134
Others	-	(14,350)	77,754	-	12,304	(608)	-	-	-	-	75,100	75,100
Total	2,667,366	171,714	1,745,102	158,938	299,167	8,227	289,787	50,105	57,850	526,337	3,307,227	7,593,727

* In 2014, Digitmarket was included in tax group, following the changes occured in the aplicable legislation.

On 30 June 2015 and 2014, the Group has other situations where potential deferred tax assets could be recognised, but since it is not expected that sufficient taxable profits will be generated in the future to cover those losses, such deferred tax assets were not recorded:

	2015	2014
Tax losses	9,342,106	7,576,923
Temporary differences (provisions not accepted for tax purposes and other temporary diferences)	30,289,141	32,499,868
Others	13,248,407	2,712,708
	52,879,654	42,789,499

At 30 June 2015 and 2014, tax losses for which deferred tax assets were not recognised have the following due dates:

Due date	2015	2014

2014	-	306,564
2015	1,199,015	1,224,436
2016	269,298	301,931
2017	190,721	209,230
2018	288,468	223,290
2019	370,606	338,987
2020	149,315	28,467
2021	94,103	68,536
2022	343,478	53,174
2023	94,473	11,311
2024	13,179	-
2025	124,088	-
2026	538,478	1,344,197
2027	247,884	-
2028	183,642	-
2029	1,164,285	-
2030	721,920	84,942
2031	89,045	105,369
2032	54,390	64,001
2033	26,156
Unlimited		- 3,212,488
	3,179,562 9,342,106	7,576,923

The years 2028 and following are applicable to the subsidiaries incorporated in countries in which the reporting period of tax losses is greater than twelve years.

The movement that occurred in deferred tax liabilities in the years ended at 30 June 2015 and 2014 were as follows:

	2015	2014
Opening balance	-	(89,522)
Temporary differences between accounting and tax result	-	88,971
Sub-total effect on results (note 21)	-	(551)
Others	-	551
Closing balance	-	-

The reconciliation between the earnings before taxes and the taxes recorded for the periods ended 30 June 2015 and 2014 is as follows:

	2015	2014 (restated)
Earnings before taxes	31,681,274	1,784,476
Income taxation	(6,653,068)	(410,429)
Deferred tax assets not recognised in the individual accounts and / or resulting from consolidation adjustments,
autonomous taxation, surcharge and other adjustments to taxable income	6,167,790	(943,164)
Record/(reverse) of deferred tax assets related to previous years and tax benefits	955,539	221,985
Use of tax losses and tax benefits without record of deferred tax asset in previous years	74,927	78,745
Temporary differences for the year without record of deferred tax assets	(693,422)	1,398,123
Income taxation recorded in the year (note 21)	(148,234)	345,260

The tax rate used to reconcile the tax expense and the accounting profit is 21% (23% in 2014) because it is the standard rate of the corporate income tax in Portugal in 2015, country where almost all of the income of Sonaecom group are taxed.

Portuguese Tax Authorities can review the income tax returns of the Company and of its subsidiaries with head office in Portugal for a period of four years (five years for Social Security), except when tax losses have been generated, tax benefits have been granted or

when any review, claim or impugnation is in course, in which circumstances, the periods are extended or suspended. Consequently, tax returns of each year, since the year 2011 (inclusive) are still subject to such review. The Board of Directors believes that any correction that may arise as a result of such review would not have a significant impact on the accompanying consolidated financial statements.

visioned in the consolidated financial statements, associated to probable tax contingencies that should have been registered or disclosed in the accompanying financial statements, on 30 June 2015.

12. Cash and Cash equivalents

On 30 June 2015 and 2014, this caption was made up as follows:

	2015	2014
Cash	23,486	25,626
Bank deposits repayable on demand	51,552,174	2,801,184
Treasury applications	125,162,001	171,746,055
Cash and cash equivalents	176,737,661	174,572,865
Bank overdrafts (note 15)	(271,868)	(102,272)
	176,465,793	174,470,593

On 30 June 2015 and

The above mentioned applications were paid and, during the period ended 30 June 2015, the interest tax rate in force was 0.20% (0.70% in 2014) being, in the referred date, distributed by six financial institutions.

13. Share capital

On 30 June 2015 and 2014, the share capital of Sonaecom was comprised by 311,340,037 ordinary registered shares, of 0.74 each. At those dates, the Shareholder structure was as follows:

		2015		2014
	Number of shares	%	Number of shares	%
Sontel BV	194,063,119	62.33%	194,063,119	62.33%
Sonae SGPS	81,022,964	26.02%	80,822,964	25.96%
Shares traded on the Portuguese Stock Exchange ('Free Float')	30,682,940	9.86%	30,882,940	9.92%
Own shares (note 14)	5,571,014	1.79%	5,571,014	1.79%
	311,340,037	100.00%	311,340,037	100.00%

On 5 February 2014, Sonaecom made public the decision to launch a general and voluntary tender offer for the acquisition of shares representing the share capital of Sonaecom.

The offer was general and voluntary, with the offered obliged to acquire all the shares that were object of the offer and were, until the end of the respective period, subject to valid acceptance by the recipients.

The period of the offer, during which sales orders were received, ran for two weeks, beginning on 6 February and ending on 19 February 2014.

On 20 February 2014, the results of the offer were released. The level of acceptance reached 62%, corresponding to 54,906,831 Sonaecom shares. During the 2014 Sonaecom reduced its share capital by Euro 136 million as a result of the extinction of the own shares acquired (54,906,831 shares) and reduction of the nominal value of the remaining shares of capital of Sonaecom from Euro 1 to Euro 0.74 per share. Following this result, the Euronext Lisbon announced the exclusion of Sonaecom PSI-20 from 24 February 2014.

As a return for the own shares acquired in this General Public Offer and Voluntary process Sonaecom delivered 26,476,792 shares representing the share capital of NOS which were recorded in the balance sheet by Euro 141,650,837 (note 9) and the amount of Euro 19,632 in cash, so as a result of this General Public and Voluntary Offer, assets and equity Sonaecom decreased by Euro 141,670,470.

All shares that comprise the share capital of Sonaecom, are authorized, subscribed and paid. All shares have the same rights and each share corresponds to one vote.

14. Own shares

During the period ended 30 June 2015, Sonaecom did not acquire, sold or delivered own actions, in addition the own shares purchased under the General Public Offer and Voluntary process described in note 13, whereby the amount held to date, is of 5,571,014 own shares representing 1.79% of its share capital, at an average price of Euro 1.380.

15. Loans

On 30 June 2015 and 2014, the caption Loans had the following breakdown:

a) Medium and long-term loans net of short-term portion

						Amount outstanding
				Type of
Company	Issue denomination	Limit	Maturity	reimbursement	2015	2014
WeDo USA	Bank loan	-	Apr-19	Parcel	-	3,993,656
S21GES	Bank loan	1,229,223	Jul-21	Parcel	1,229,223	-
S21GES	Bank loan	600,919	Jul-21	Parcel	600,919	-
S21GES	Bank loan	573,839	Jul-21	Parcel	573,839	-
S21GES	Bank loan	547,000	Jul-21	Parcel	547,000	-
S21GES	Bank loan	309,000	Jul-21	Parcel	309,000	-
S21GES	Bank loan	296,000	Jul-21	Parcel	296,000	-
S21GES	Bank loan	192,000	Jul-21	Parcel	192,000	-
S21 Sec Labs	Repayable subsidies	-	Jun-24	Parcel	2,035,614	-
S21 Sec Gestion	Repayable subsidies	-	Jun-25	Parcel	1,625,450	-
Lookwise	Repayable subsidies	-	Dec-25	Parcel	1,159,899	-
Saphety	Minority Shareholder loans	-	-	-	451,322	451,322
	Costs associated with financing set-up	-	-	-	(109,712)	(101,407)
	Interests incurred but not yet due	-	-	-	56,182	31,523
					8,966,736	4,375,094

b) Short-term loans and other loans

						Amount
						outstanding
				Type of
Company	Issue denomination	Limit	Maturity	reimbursement	2015	2014
Sonaecom SGPS	Treasury applications obtained	-	-	-	-	11,557,500
	Interest incurred but not yet due	-	-	-	-	14,314
					-	11,571,814
WeDo USA	Bank loan	-	Apr-14/Oct-14	-	-	998,414
S21 Sec Gestion	Overdraft facilities	200,000	Jul-15	-	199,912	-
S21 Sec Gestion	Overdraft facilities	150,000	Jul-15	-	150,000	-
S21 Sec Gestion	Overdraft facilities	150,000	Jul-15	-	112,287	-
S21 Sec Gestion	Overdraft facilities	100,000	Jul-15	-	100,000	-
S21 Sec Gestion	Factoring	400,000	Jul-15	-	121,884	-
S21 Sec Labs	Reimbursable grants	-	Jun-16	-	156,318	-
Lookwise	Reimbursable grants	-	Jun-16	-	188,082	-
S21 Sec Gestion	Reimbursable grants	-	Jun-16	-	222,963	-
Several	Bank overdrafts (note 12)	-	-	-	271,868	102,272
					1,523,314	1,100,686
					1,523,314	12,672,500

Bond Loan

In May 2013, Sonaecom signed a Bond Loan, privately placed, amounting to Euro 20 million, without guarantees and with a maturity date of three years. The bonds bear interest at floating rate indexed to Euribor and paid semi-annually. This issue was organized and mounted by Caixa Económica Montepio Geral. This loan was repaid early in June 2014.

The loan above is unsecured and the fulfilment of the obligations under this loan is exclusively guaranteed by the underlying activities and the indebted company cash-flows generation capacity.

Bank credit lines of short-term portion

Sonaecom has also a short term bank credit line, in the form of current or overdraft account commitment, in the amount of Euro 1 million and S21GES in the amount of Euro 756 thousand, in periods, generally up to a year.

All these loans and bank credit lines bear interest at market rates, indexed to the Euribor for the respective term, and were all contracted in Euro.

Grants

On 30 June 2015 the Group had grants obtained from dependent entities of the Government of Navarra, CDTI and 'Ministerio de Ciencia y Tecnología'. These subsidies are recorded at amortized cost in accordance with the method of effective interest rate and have the following repayment plan:

	2015
2015	370,357
2016	823,281
2017	1,113,040
2018	1,098,460
2019 e seguintes	1,983,188
	5,388,326

These subsidies bear interest at rates between 0% and 4%.

Others

In April 2012, WeDo Americas contracted a long term loan, amounted to USD 7.5 million with the maturity of seven years, organised by Espirito Santo Bank. Repayment of this loan was due in 11 equal semi-annual payments, with the first made in April 2014. This loan was repaid early in October 2014.

The S21GES loans could be detailed as follow:

			2015
Issue denomination	Bank	Limit	Maturity
Bank loan	Popular	1,229,223	Jul-21
Bank loan	Santander	600,919	Jul-21
Bank loan	BBVA	573,839	Jul-21
Bank loan	Bankinter	547,000	Jul-21
Bank loan	Sabadell	309,000	Jul-21
Bank loan	Popular	296,000	Jul-21
Bank loan	La Caixa	192,000	Jul-21

The average interest rate of these loans, on 30 June 2015, was 3.01%.

On 30 June 2015, the main financial constraints (covenants) included in debt contracts are related with pledge clauses, which impose certain restrictions, namely, on the mortgaging or pledging of real The penalties applicable in the event of default in these covenants are generally the early payment of the loans obtained.

On 30 June 2015 and at present date, Sonaecom was fully compliant with all the financial constraints above mentioned.

On 30 June 2015 and 2014, the obligations to credit institutions (nominal values) related with medium and long-term loans and its interests are repayable as follows (values based on the latest interest rate established for each type of loan):

	Within 12 months	Between 12 and 24 months	Between 24 and 36 months	Between 36 and 48 months	Between 48 and 60 months	Between 60 and 72 months
2015
Other loans S21GES:
Reimbursements	-	-	185,913	874,779	865,083	1,822,129
Interests	115,902	112,809	131,734	166,717	123,119	116,829
	115,902	112,809	317,647	1,041,496	988,202	1,938,958
2014
Other loans Wedo USA:
Reimbursements	-	998,414	998,414	998,414	998,414	-
Interests	103,750	92,853	66,737	40,907	15,041	-
	103,750	1,091,267	1,065,151	1,039,321	1,013,455	-

Minority Shareholder loans have no maturity defined.

On 30 June 2015 and 2014, the available bank credit lines of the Group were as follows:

						Maturity
			Amount			More than 12
Company	Credit	Limit	outstanding	Amount available	Until 12 months	months
2015
Sonaecom	Authorised overdrafts	1,000,000	-	1,000,000	x
S21 Sec Gestion	Overdraft facilities	200,000	199,912	88	x
S21 Sec Gestion	Overdraft facilities	150,000	150,000	-	x
S21 Sec Gestion	Overdraft facilities	150,000	112,287	37,713	x
S21 Sec Gestion	Overdraft facilities	125,457	-	125,457		x
S21 Sec Gestion	Overdraft facilities	100,000	100,000	-	x
S21 Sec Gestion	Overdraft facilities	30,191	-	30,191		x
S21 Sec Gestion	Bank loan	1,229,223	1,229,223	-		x
S21 Sec Gestion	Bank loan	600,919	600,919	-		x
S21 Sec Gestion	Bank loan	573,839	573,839	-		x
S21 Sec Gestion	Bank loan	547,000	547,000	-		x
S21 Sec Gestion	Bank loan	309,000	309,000	-		x
S21 Sec Gestion	Bank loan	296,000	296,000	-		x
S21 Sec Gestion	Bank loan	192,000	192,000	-		x
S21 Sec Gestion	Factoring	500,000	-	500,000	x
S21 Sec Gestion	Factoring	300,000	-	300,000	x
S21 Sec Gestion	Factoring	400,000	121,884	278,116	x
Others	Several	-	271,868	-	x
		6,703,629	4,703,932	2,271,565
2014
Sonaecom	Authorised overdrafts	1,000,000	-	1,000,000	x
WeDo USA	Bank loan	4,992,070	4,992,070	-	x	x
Others	Several	-	102,272	-	x
		5,992,070	5,094,342	1,000,000

On 30 June 2015 and 2014, there is no interest rate hedging instruments therefore the total gross debit is exposed to changes in market interest rates.

16. Other non-current financial liabilities

On 30 June 2015 and 2014, this caption was made up of accounts payable to tangible and intangible assets suppliers related to lease contracts which are due in more than one year in the amount of Euro 861,381 and Euro 352,681, respectively.

On 30 June 2015 and 2014, the payment of these amounts was due as follows:

	2015			2014
		Present value of		Present value of
	Lease payments	lease payments	Lease payments	lease payments
2014	-	-	104,793	92,937
2015	233,048	207,130	169,641	152,797
2016	440,154	403,611	154,380	144,529
2017	416,401	397,806	133,420	129,905
2018 onwards	258,893	251,251	-	-
	1,348,496	1,259,798	562,234	520,168
Interests	(88,701)	-	(42,065)	-
	1,259,795	1,259,798	520,169	520,168
Short-term liability (note 18)	-	(398,417)	-	(167,487)
	1,259,795	861,381	520,169	352,681

17. Provisions and accumulated impairment losses

The movements in provisions and in accumulated impairment losses in the periods ended 30 June 2015 and 2014 were as follows:

	Opening balance	Increases	Decreases	Utilisations and Transfers	Closing balance
2015
Accumulated impairment losses on accounts receivables	3,814,053	195,299	(113,545)	(45,286)	3,850,521
Accumulated impairment losses on inventories	25,000	5,000	-	-	30,000
Provisions for other liabilities and charges	2,579,321	1,215,149	(24,325)	(15,479)	3,754,666
	6,418,374	1,415,448	(137,870)	(60,765)	7,635,187
2014
Accumulated impairment losses on accounts receivables	3,999,525	-	(153,500)	-	3,846,025
Accumulated impairment losses on inventories	25,000	-	-	-	25,000
Provisions for other liabilities and charges	3,060,986	274,633	(5,923)	(252,844)	3,076,852
	7,085,511	274,633	(159,423)	(252,844)	6,947,877

Reinforcements and reductions values of the accumulated impairment losses on receivable accounts and provisions for liabilities and charges, on 30 June 2015 and 2014, are detailed as follows:

	2015			2014

Accumulated impairment losses on accounts receivables	Increases	Decreases	Increases	Decreases
Registed in the line 'Provisions and accumulated impairment losses' (increases) and in 'Other operating costs' (decreases)	195,299	(113,545)	-	(153,500)
Total increases/(decreases) of accumulated impairment losses on accounts receivables	195,299	(113,545)	-	(153,500)
Provisions for other liabilities and charges	Increases	Decreases	Increases	Decreases

Recorded in the income statement, under the caption 'Income Tax ' (note 21) Recorded in 'Fixed Assets' regard to the provision for dismantling and abandonment of offices net value recorded in 'Other financial expenses' related to the financial actualization of the provision for dismantling as foreseen in IAS 16 - 'Fixed Assets' (note 1.c))	383,383 706	(24,325) -	243,400 3,793	(5,923) -
Recorded in the income statement 'Gains and losses of associates and jointly controlled entities' related to the registration of the provision resulting from the application of the equity method (note 8)	103,993	-	27,440	-
Recorded in the income statement 'Staff expenses' related to the provisions for redundancy paments	88,902	-	-	-
Other increses and decreases - recorded in 'Provisions and impairment losses'	638,165	-	-	-
Total increases/(decreases) of provisions for other liabilities and charges	1,215,149	(24,325)	274,633	(5,923)
Total recorded in the income statement in 'Provisions and impairment losses' (increases) and in 'Other operating revenue' (decreases)	833,464	(113,545)	-	(153,500)

On 30 June 2015 and 2014, the breakdown of the provisions for other liabilities and charges is as follows:

	2015	2014
Several contingencies	2,165,310	1,907,283
Legal processes in progress	120,870	245,865
Dismantling	49,203	158,358
Other responsibilities	1,419,283	765,346
	3,754,666	3,076,852

On 30 June 2015 and 2014, the value of provisions for the dismantling is recorded at its present value, accordingly with the dates of its utilization (in accordance with IAS 37 and for which an outflow of funds is probable.

In relation to the provisions recorded for legal processes in progress and others, given the uncertainty of such proceedings, the Board of Directors is unable to estimate, with reliability, the moment when such provisions will be used and therefore no financial actualisation was carried out.

18. Other current financial liabilities

At 30 June 2015, this caption includes the amount of Euro 398,417 (2014: Euro 167,487) related to the short term portion of lease contracts (note 16).

19. External supplies and services

	2015	2014 (restated - note 1)
Subcontracts	10,754,569	10,091,583
Specialised works	3,173,189	2,638,309
Rents	2,656,640	1,965,223
Travelling costs	2,495,757	2,183,029
Advertising and promotion	1,704,492	1,453,959
Communications	599,025	601,692
Fees	638,874	624,790
Commissions	254,231	206,250
Energy	173,984	112,054
Maintenance and repairs	124,901	72,693
Others	865,188	678,983
	23,440,850	20,628,565

The commitments assumed by the Group on 30 June 2015 and 2014 related to operational leases are as follows:

	2015	2014 (restated - note 1)
Minimum payments of operational leases:
2014	-	1,842,353
2015	2,317,364	2,028,264
2016	2,870,275	1,767,776
2017	2,373,830	1,532,217
2018	1,576,382	1,051,186
2019 onwards	296,335	107,562
Renewable by periods of one year	1,366,263	1,428,193
	10,800,449	9,757,550

During the period ended 30 June 2015, an amount of Euro 2,430,976 (Euro 1,971,049 on 30 June 2014) was recorded in the heading

20. Financial results

Net financial results for the periods ended 30 June 2015 and 2014 were made up as follows ((costs) / gains):

	2015	2014 (restated - note 1)
Financial results of associates and jointly controlled companies:
Gains and losses related with the aplication of the equity method (note 8)	10,709,527	8,973,641
	10,709,527	8,973,641
Gains and losses on financial assets at fair value through profit or loss
Gains on financial assets at fair value through profit or loss (note 9)	21,569,206	(7,913,926)
Dividends obtained	1,541,721	1,321,504
	23,110,927	(6,592,422)
Financial expenses:
Interest expenses:	(296,930)	(657,634)
Bank loans	(201,771)	(508,482)
Leasing	(21,667)	(11,378)
Other interests	(73,492)	(137,774)
Foreign exchange losses	(848,949)	(564,044)
Other financial expenses	(123,917)	(388,318)
	(1,269,796)	(1,609,996)
Financial income:
Interest income	401,602	1,251,360
Foreign exchange gains	865,899	475,763
Others financial gains	364,853	157,788
	1,632,354	1,884,911

arned on treasury applications.

21. Income taxation

Income taxes recognised during the periods ended 30 June 2015 and 2014 were made up as follows ((costs) / gains):

	2015	2014 (restated)
Current tax	(429,234)	(50,622)
Tax provision net of reduction (note 17)	(359,058)	(237,477)
Deferred tax assets (note 11)	640,058	544,388
Deferred tax liabilities (note 11)	-	88,971
	(148,234)	345,260

22. Related parties

During the periods ended 30 June 2015 and 2014, the balances and transactions maintained with related parties were mainly associated with the normal operational activity of the Group and to the concession and obtainment of loans.

The most significant balances and transactions with related parties, which are listed in the appendix to this report, during the periods ended 30 June 2015 and 2014 were as follows:

				Balances at 30 June 2015
	Accounts receivable	Accounts payable	Treasury applications (note 12)	Other assets / (liabilities)
Holding company
Sonae SGPS	(871)	-	-	(19,574)
Other related companies
Artis	3,305,234	(118)	-	(4,492,061)
ZOPT	14,369	-	-	-
Modelo Continente Hipermercados, S.A.	430,601	384,876	-	1,755
NOS Comunicações	423,466	156,176	-	678,247
Raso Viagens	139,294	250,545	-	(99,798)
SC-Sociedade de Consultadoria	521,003	-	-	(190,433)
Sierra Portugal	219,073	1,968	-	155,608
Sonae Indústria PCDM	276,015	-	-	(120,835)
Sonaecenter II	4,378,709	118,368	-	(3,047,845)
Worten	46,579	(1,485)	-	-
	9,753,472	910,330	-	(7,134,936)

				Balances at 30 June 2014
			Treasury applications	Other assets /
	Accounts receivable	Accounts payable	(note 12)	(liabilities)
Holding company
Sonae SGPS	(9,888)	-	-	(14,844)
Other related companies
Artis	1,306,180	(8,962)	-	(1,620,674)
ZOPT	92,000	-	(11,571,814)	49,514
Modelo Continente Hipermercados, S.A.	461,146	94,030	-	(376,700)
NOS Comunicações	1,341,417	587,422	-	(258,683)
Raso Viagens	28,330	302,492	-	(10,293)
SC-Sociedade de Consultadoria	324,581	-	-	(183,250)
Sierra Portugal	368,652	2,145	-	279,320
Sonae Indústria PCDM	266,027	-	-	-
Sonaecenter II	4,886,257	68,466	-	(763,705)
Worten	37,510	(2,256)	-	-
	9,102,212	1,043,337	(11,571,814)	(2,899,315)

		Transactions at 30 June 2015
	Sales and services rendered	Supplies and services received (note 19)	Interest and similar income / (expense) (note 20)	Supplementary income
Holding company
Sonae SGPS	2	-	213,841	50
Other related companies
Modelo Continente Hipermercados, S.A.	356,732	(284,427)	-	124,668
Worten	137,188	3,366	-	-
Sonaecenter II	8,882,089	117,958	-	-
Sierra Portugal	719,844	7,947	-	-
Raso Viagens	2,648	879,902	-	-
SC-Sociedade de Consultadoria	425,526	-	-	-
Sonae Indústria PCDM	237,809	-	-	-
Sonae Investments BV	-	-	-	-
	10,761,838	724,746	213,841	124,718

				Transactions at 30 June 2014
		Supplies and	Interest and similar
	Sales and services	services received	income / (expense)	Supplementary
	rendered	(note 19)	(note 20)	income
Holding company
Sonae SGPS	1,806	(771)	1,001,287	-
Other related companies
Modelo Continente Hipermercados, S.A.	424,121	88,420	-	19,418
Worten	81,561	710	-	-
Sonaecenter II	7,505,478	134,949	-	-
Sierra Portugal	2,467,077	7,696	-	-
Raso Viagens	55,124	717,451	-	-
SC-Sociedade de Consultadoria	945,906	-	-	-
Sonae Indústria PCDM	536,760	-	-	-
Sonae Investments BV	-	-	-	-
	12,017,833	948,455	1,001,287	19,418

During the period ended at 30 June 2015, the company distributed as dividends the amount of 3,646,033 euros, to its parent company.

During 2012, the Group signed an agreement with Sonae SGPS, under which Sonae compromise to transfer to employees and board members of Sonaecom, Sonaecom SGPS shares, at the price of Euro 1.184, until 2016, as requested by Sonaecom and under the MTIP of Sonaecom. Under this contract, Sonaecom paid in advance to Sonae SGPS, SA the amount of Euro 3,291,520. During the period ended 31 March 2013, Sonaecom partially anticipated the maturity of the contract, receiving the amount of Euro 4,444,207. On 11 July 2014 the company terminated this contract so, Sonae SGPS, SA repaid the remaining amount in debt.

The transactions between Group companies were eliminated in consolidation, and therefore are not disclosed in this note.

All the above transactions were made at market prices.

Both income and outcome will be paid in cash and have no guaranties attached. During the periods ended 30 June 2015 and 2014, no imparity losses have been recognized on the income to be made by other entities.

23. Guarantees provided to third parties

Company	Beneficiary	Description	2015	2014
WeDo	Caixa Geral de Depósitos	Bank loan (note 15)	-	5,615,436
Sonaecom	Direção de Contribuições e Impostos (Portuguese tax authorities)	VAT Reimbursements	1,435,379	1,435,379
We Do and WeDo Egypt	ETISALAT UAE; Emirates Telecom. Corp.; Digi Tecommunications; Etihad Etisalat Company; Asiacell Communications; Empresa de Telemomunicaci; Oman Telecomunications; Viva Bahrain; Zain Jordan	Completion of work to be done	1,297,515	1,115,135
S21 Sec Gestion, S21 Sec Labs and Lookwise	Centro para Desarrollo Tecnolo; Ministerio de Indústria and Ingenieria de sistemas para la Defensa de España, S.A.; direccion general del ministerio	Grants	1,286,031	-
We Do and Saphety	IAPMEI	HERMES' project and 'Value4cuopons' project - QREN	231,803	392,707
Sonaecom and Público	Direção de Contribuições e Impostos (Portuguese tax authorities)		240,622	240,622
Several	Others		912,329	326,228
			5,403,679	9,125,507

Guarantees provided to third parties on 30 June 2015 and 2014 were as follows:

In addition to these guarantees were set up sureties for the current fiscal processes. The Sonae SGPS consisted of Sonaecom SGPS surety to the amount of Euro 6,594,560 and Sonaecom SGPS consisted of NOS Comunicações surety for the amount of Euro 10,502,945, and of Público for the amount of Euro 565,026.

On 30 June 2015, the Board of Directors of the Group believes that the decision of the court proceedings and ongoing tax assessments in progress will not have significant impacts on the consolidated financial statements.

24. Information by business segment

Following the classification of the Telecomunications segment as a discontinued operation (note 8), were identified for the periods ended 30 June 2015 and 2014 the following business segments:

Multimedia;
Information systems; and
Holding activities.

These segments were identified taking into consideration the following criteria/conditions: the fact of being group units that develop activities where we can separately identify revenues and expenses, for which financial information is separately developed and their operating results are regularly reviewed by management and over which decisions are made. For example, decisions about allocation of resources, for having similar products/services and also taking into consideration the quantitative threshold (in accordance with IFRS 7).

companies that have as their main activity the management of shareholdings.

Excluding the ones mentioned above, the remaining activities of the Group have been classified as unallocated.

Inter-segment transactions during the periods ended 30 June 2015 and 2014 were eliminated in the consolidation process. All these transactions were made at market prices.

Inter-segment transfers or transactions were entered under the normal commercial terms and conditions that would also be available to unrelated third parties and were mainly related to interest on treasury applications and management fees.

In the period ended 30 June 2014, in result of the Mainroad sold (Note 3.d)), this was classified, for presentations effects, as a discontinued operation. As set forth by IFRS 5, changes were made in the consolidated profit and loss statements for the period ended at 30 June 2014, in order to disclose a single amount in profit and loss statements related to net income/(loss) of discontinued operations (note 25).

Overall information by business segment on 30 June 2015 and 2014, prepared in accordance with the same accounting policies and measurement criteria adopted in the preparation of the consolidated financial statements, can be summarised as follows:

		Multimedia		Information Systems	Holding Activities						Subtotal
	June 2015	June 2014	June 2015	June 2014 (restated - note 1)	June 2015	June 2014	June 2015	June 2014 (restated - note 1)	June 2015	June 2014 (restated - note 1)	June 2015	June 2014 (restated - note 1)
Revenues:
Sales and services rendered	7,732,888	7,728,420	59,490,671	50,140,632	177,053	161,661	67,400,612	58,030,713	(302,187)	(45,449)	67,098,425	57,985,264
Reversal of provisions	-	153,500	113,545	-	-	-	113,545	153,500	-	-	113,545	153,500
Other operating revenues	156,692	263,999	480,661	178,234	89,849	54,842	727,202	497,075	(51,161)	(51)	676,041	497,024
Total revenues	7,889,580		8,145,919 60,084,877	50,318,866	266,902	216,503	68,241,359	58,681,288	(353,348)	(45,500)	67,888,011	58,635,788
Depreciation and amortisation	(275,638)		(256,090) (3,279,943)	(2,838,610)	(7,654)	(8,276)	(3,563,235)	(3,102,976)	(64,063)	(7,541)	(3,627,298)	(3,110,517)
Provisions and impairment losses	(85,136)	-	(701,838)	-	(46,490)	-	(833,464)	-	-	-	(833,464)	-
Net operating income / (loss) for the segment	(1,515,715)	(1,587,196)	675,176	1,939,879	(799,683)	(1,190,189)	(1,640,222)	(837,506)	53,993	(34,152)	(1,586,229)	(871,658)
Interest income	59	3,486	38,455	110,439	963,147	1,876,751	1,001,661	1,990,676	(600,059)	(739,316)	401,602	1,251,360
Interest expenses	(205,955)	(247,776)	(629,833)	(607,641)	(35,490)	(529,926)	(871,278)	(1,385,343)	574,349	727,709	(296,929)	(657,634)
Gains and losses on financial assets at fair
value through profit or loss	-	-	-	-	23,110,927	(6,592,422)	23,110,927	(6,592,422)	-	-	23,110,927	(6,592,422)
Gains and losses in associated companies	(10,716)	89,581	(90,792)	-	10,811,035	8,934,020	10,709,527	9,023,601	-	(49,960)	10,709,527	8,973,641
Other financial results	(1,921)	(1,587)	(31,468)	(220,399)	(1,153,187)	(1,254,432)	(1,186,576)	(1,476,418)	1,444,461	1,157,607	257,885	(318,811)
Income taxation	349,586	463,417	(587,235)	(162,390)	93,943	38,738	(143,706)	339,765	(4,528)	5,495	(148,234)	345,260
Consolidated net income/(loss) for the period		(1,280,075)		1,059,888		1,282,540		1,062,353		1,067,383		2,129,736
excluding discontinued operations	(1,384,662)		(625,697)		32,990,692		30,980,333		1,468,216		32,448,549
Consolidated net income/(loss) for the period of discontinued operations	-	-	-	503,622	-	-	-	503,622	-	(67,999)	-	435,623
Attributable to:
Shareholders of parent company	(1,384,662)	(1,280,075)	369,129	1,566,074	32,990,692	1,282,540	31,975,159	1,568,539	1,478,539	1,001,198	33,453,698	2,569,737
Non-controlling interests	-	-	(994,826)	(2,564)	-	-	(994,826)	(2,564)	(10,323)	(1,814)	(1,005,149)	(4,378)
Assets:
Tangible and intangible assets and goodwill	1,505,361	860,718	77,894,911	77,751,139	35,153	51,526	79,435,425	78,663,383	(21,170,111)	(28,358,817)	58,265,314	50,304,566
Inventories	282,581	316,268	56,992	44,062	-	-	339,573	360,330	-	-	339,573	360,330
Financial investments	818,049	950,636	10,705	2,494	666,310,231	651,058,276	667,138,985	652,011,406	63,731,624	51,606,247	730,870,609	703,617,653
Other non-current assets	3,570	3,570	7,888,451	6,218,495	167,361,642	173,333,642	175,253,663	179,555,707	(167,341,916)	(173,619,841)	7,911,747	5,935,866
Other current assets of the segment	6,015,194	6,580,531	67,252,143	57,971,908	261,944,893	240,193,767	335,212,230	304,746,206	(7,711,306)	(13,061,883)	327,500,924	291,684,323
Liabilities:
Liabilities of the segment	16,833,504		15,469,399 88,848,534	74,356,076	4,112,091	15,575,287	109,794,129	105,400,762	(27,955,576)	(26,785,448)	81,838,553	78,615,314
CAPEX	277,596	215,951	3,592,774	2,609,431	(1,950)	7,023,078	3,868,420	9,848,460	391,369	(1,479,810)	4,259,789	8,368,650

During the periods ended 30 June 2015 and 2014, the inter-segments sales and services were as follows:

	Multimedia	Information Systems	Holding Activities
2015
Multimedia	-	51,423	-
Information Systems	-	-	161,186
Holding Activities	488	29,753	-
External trade debtors	7,732,400	59,409,495	15,867
	7,732,888	59,490,671	177,053
2014 (restated - note 1)
Multimedia	-	35,640	(4,444)
Information Systems	294	-	166,104
Holding Activities	-	16,484	-
External trade debtors	7,728,126	50,088,508	1
	7,728,420	50,140,632	161,661

During the periods ended 30 June 2015 and 2014, sales and services rendered of the segments of Multimedia and Activities Holding were obtained predominantly in the Portuguese market, this market represents more than 90% of revenue.

During the period ended 30 June 2015, for the Information Systems segment, also the Portuguese market is dominant, accounting for 47.6% of revenue (57% in 2014) followed by the Brazilian and American markets, representing 8.8% and 4.9% of revenue (6.4% and 4.9% in 2014), respectively.

The consolidated financial statements of NOS on 30 June 2015 and 2014 incorporated in the consolidated financial statements of Sonaecom through ZOPT by the equity method (note 8), can be summarized as follows:

Condensed consolidated balance sheets

(Amounts expressed in thousands of Euro)	June 2015	June 2014 (restated)
Assets
Tangible assets	1,138,114	1,141,770
Intangible assets	1,184,388	1,164,207
Deferred tax assets	128,705	141,115
Other non-current assets	49,793	40,872
Non-current assets	2,501,000	2,487,964
Trade debtors	357,284	331,527
Cash and cash equivalents	8,903	21,070
Other current assets	148,192	115,370
Current assets	514,379	467,967
Total assets	3,015,379	2,955,931
Liabilities
	1,042,675	616,526
Provisions for other liabilities and charges	133,821	127,221
Other non-current liabilities	46,038	50,074
Non-current liabilities	1,222,534	793,821
Short-term loans and other loans	172,520	503,508
Trade creditors	342,196	340,721
Other current liabilities	242,724	257,752
Current liabilities	757,440	1,101,981
Total liabilities	1,979,974	1,895,802
	1,025,622	1,050,311
Non-controlling interests	9,783	9,818
	1,035,405	1,060,129
	3,015,379	2,955,931

Condensed consolidated statements of income by nature

(Amounts expressed in thousands of Euro)	June 2015	June 2014 (restated)
Total revenue	699,947	682,319
Costs and losses
Direct costs and External supplies and services	(300,978)	(290,499)
Depreciation and amortisation	(178,384)	(170,103)
Other operating costs	(136,143)	(136,156)
	(615,505)	(596,758)
Financial results	(22,616)	(29,354)
Income taxation	(14,660)	(12,121)
Consolidated net income/(loss) for the period	47,166	44,086
Consolidated net income/(loss) for the period attributed to non-controlling interests	(143)	410
Attributed to shareholders of parent company	47,309	43,676

25. Discontinued operations

The net income (loss) for the year of discontinued operations is detailed as follows:

	30 June 2014
Sales	-
Services rendered	7,635,473
Other operating revenues	75,290
	7,710,763
Cost of sales	-
External supplies and services	(4,419,390)
Staff expenses	(2,391,333)
Depreciation and amortisation	(345,131)
Provisions and impairment losses	-
Other operating costs	(3,073)
	(7,158,927)
Other financial expenses	(5,431)
Other financial income	-
Current income / (loss)	546,405
Income taxation	(110,782)
Net income/(loss) for the period of discontinued operations	435,623
Gain/(Loss) resulting from the disposal (note 3.d)	12,615,266
	-

On 30 June 2014, the net income/(loss) relates to the net income generated by Mainroad in the amount of Euro 435,623 and the gain from its sale in the amount of Euro 12,615,266 (Notes 1 and 3.d)).

26. Earnings per share

Earnings per share, basic and diluted, are calculated by dividing the consolidated net income attributable to the Group (Euro 32,538,189 in 2015 and Euro 2,569,737 in 2014) by the average number of shares outstanding during the period ended 30 June 2015 and 2014, net of own shares (305,769,023 in 2015 and 2014).

27. Medium Term Incentive Plans

In June 2000, Sonaecom Group created a discretionary Medium Term Incentive Plan, for more senior employees, based on Sonaecom options and shares and Sonae-SGPS, S.A. shares. The vesting occurs three years after the award of each plan, assuming that the employees are still employed in the Group, during that period.

On 10 March 2014, Sonaecom shares plans were fully converted into Sonae SGPS shares. This conversion was based on the terms set out in Tender offer for the general and voluntary acquisition of own shares at 20 February 2014, referred to in note 13 to determine the fair value of Sonaecom plans, and based on the price of shares Sonae SGPS.

The conversion of the plans was based Sonaecom / Sonae SGPS implied ratio arising from the tender offer (1 Sonaecom Share approximately 2.05 Sonae SGPS shares).

After conversion, on 10 March 2014, the converted plans can be detailed as follows:

			Vesting period		10 March 2014
	Share price at 20.02.2014*	Award date	Vesting date	Aggregate	number of Number of shares
Sonae SGPS shares (Arising from the conversion of
Sonaecom plans)
2010 Plan	1.258	10-Mar-11	10-Mar-14	46	1,003,507
2011 Plan	1.258	09-Mar-12	10-Mar-15	48	1,132,008
2012 Plan	1.258	08-Mar-13	10-Mar-16	50	863,405

*Share price of the day of publication of the results of the Tender Offer

By decision of the Board of Nominations and Remunerations, the 2010 plan was delivered on May 2014.

The 2011 plan was delivered on March 2015 for all companies except for Sonaecom SGPS, SA, whose delivery was in May 2015. Accordingly, the outstanding plans on 30 June 2015 are as follows:

				30 June 2015
	Share price 30.06.2015 / Award	Award date	Vesting date	Aggregate number of participations	Number of shares
Sonae SGPS shares (Arising from the conversion of
Sonaecom plans)
2012 Plan	1.177	08-Mar-13	10-Mar-16	24	571,623
Sonae SGPS shares
2012 Plan	0.701	08-Mar-13	10-Mar-16	2	173,615
2013 Plan	1.177	10/mar/14	10/mar/17	182	1,659,509
2014 Plan	1.177	10/abr/15	10/abr/18	198	1,574,803

The 2013 and 2014 Plans includes employees of WeDo Group following the adoption by these companies of the same medium term incentives plans that the rest of the group.

During the period ended at 30 June 2015, the movements that occurred in the plans can be summarised as follows:

		Sonae SGPS shares

	Aggregate number of participations	Number of shares
Outstanding at 31 December 2014:
Unvested	240	3,563,810
Total	240	3,563,810
Movements in the period:
Award	200	1,539,680
Vested	(24)	(1,269,651)
Cancelled / elapsed / corrected / transfers (1)	(10)	145,711
Outstanding at 30 June 2015:
Unvested	406	3,979,550
Total	406	3,979,550

(1) Corrections are made for dividends paid and changes to capital and other adjustments including those resulting from changes in the maturity of the MTIP, which may now be made through shares at a discount.

The responsibility of the plans was recognized under the caption 'Other current liabilities' and 'Other non-current liabilities'. Sonae SGPS shares plans (excluding the Sonaecom shares plans converted into Sonae SGPS shares plans), the group entered into hedging contracts with external entities, and the liabilities are calculated based on the agreed price. The contracts mentioned above can be summarized as follows:

	Soane SGPS shares
	2012 Plan
Notional value	268,451
Maturity	Mar-16
Level of inputs in the hierarchy of fair value	Level 2
Valuation method	Current replacement cost
Fair value*	210,504

* Used the share price of 30 June 2015 in the determination of the fair value.

Share plans costs are recognised in the accounts over the year between the award and the vesting date of those shares. The costs recognised in previous years and in the period ended 30 June 2015, were as follows:

Sonaecom shares	Sonae SGPS shares	NOS SGPS shares	Total
29,770,168	4,952,818	409,556	35,132,542
-	1,044,232		1,044,232
-	(300,629)	-	(300,629)
(1,251,767)	2,386,427	-	1,134,660
(28,518,401)	(5,550,707)	-	(34,069,108)
-	(1,169,268)	(452,604)	(1,621,872)
-	1,362,873	(43,048)	1,319,825
-	1,573,377	(43,048)	1,530,329
-	(210,504)	-	(210,504)
-	(194,530)	(43,048)	(237,578)
-	536,008	-	536,008
-	1,021,395	-	1,021,395

(1)Sonaecom has signed hedging contracts to cover its responsibilities related with the medium and longcontracts, the responsibility for each company of the group. The fair value of the hedging contracts, considered in the table above, corresponds to the amount that

(2)Sonaecom partially anticipated the maturity of the hedging contract with Sonae SGPS, receiving an amount equivalent to the present market value of Sonaecom shares.

On 10 March 2014, Sonaecom shares plans were fully converted into Sonae SGPS shares. This conversion was based on the terms of trade set out in the Tender Offer, on 20 February 2014, referred to in note 13 to determine the fair value of the plans and, based on the share prices Sonae SGPS. Thus, the number of Sonae SGPS shares to be delivered to the company employees was determined. As set forth by IFRS 2, the responsibility of each plan over the period between the award date and the conversion date, amounted to Euro 2,317,853 was recognised under the caption 'Other current liabilities' and' Other non-current liabilities' with a corresponding entry in the equity.

On 27 August 2013, part of the Sonaecom and Sonae SGPS plans outstanding were converted to NOS plans. The conversion of the Sonaecom plans was made according to the merger ratio, but the conversion of Sonae SGPS plans was made according to the fair value of the shares. This decision was duly approved by the Board Nominations and Remunerations Committee. The cost of NOS plans was recognized until 30 September 2013, date on which NOS started to take responsibility for them. The responsibility of these plans was calculate -

These financial consolidated presentations have been approved by the Executive Board and authorized to be issued on 30 July 2015.

Appendix

	Key management personnel - Sonaecom
Ângelo Gabriel Ribeirinho dos Santos Paupério	Maria Cláudia Teixeira de Azevedo
António Bernardo Aranha da Gama Lobo Xavier

	Key management personnel - Sonae SGPS
Álvaro Carmona e Costa Portela	Christine Cross
Álvaro Cuervo Garcia	Duarte Paulo Teixeira de Azevedo
Belmiro de Azevedo	José Manuel Neves Adelino
Bernd Hubert Joachim Bothe	Michel Marie Bon

	Sonae/Efanor/NOS Group Companies
3shoppings - Holding, SGPS, SA	Beralands BV
ACCIVE Insurance Cons. e Franchising,Lda	Bertimóvel - Sociedade Imobiliária, S.A.
Accive Insurance-Corretor de Seguros, SA	BIG Picture 2 Films
ADD Avaliações Eng.Aval.e Perícias, Ltda	Bloco Q-Sociedade Imobiliária,SA
Adlands BV	Bloco W-Sociedade Imobiliária,SA
Aegean Park, SA	BOM MOMENTO - Restauração, S.A.
Agepan Eiweiler Management GmbH	Canasta-Empreendimentos Imobiliários,SA
Agepan Tarket Laminate Park GmbH Co. KG	Cape Technologies Limited
Agloma Investimentos, Sgps, S.A.	CAPWATT - Brainpower, S.A.
Agloma-Soc.Ind.Madeiras e Aglom.,SA	Capwatt ACE, S.A.
Airone - Shopping Centre, Srl	Capwatt Colombo - Heat Power, S.A.
ALEXA Administration GmbH	Capwatt Engenho Novo - Heat Power, S.A.
ALEXA Holding GmbH	Capwatt Hectare - Heat Power, ACE
ALEXA Shopping Centre GmbH	Capwatt II - Heat Power, S.A.
Algarveshopping- Centro Comercial, SA	Capwatt III - Heat Power, S.A.
Aqualuz - Turismo e Lazer, Lda	Capwatt Maia - Heat Power, S.A.
Arat Inmuebles, S.A.	Capwatt Martim Longo - Solar Power, S.A.
ARP Alverca Retail Park, SA	Capwatt Vale do Caima - Heat Power, S.A.
Arrábidashopping - Centro Comercial, SA	Capwatt Vale do Tejo - Heat Power, S.A.
Aserraderos de Cuellar,SA	CAPWATT, SGPS, S.A.
Atelgen-Produção Energia, ACE	Carnes do Continente-Ind.Distr.Carnes,SA
Atlantic Ferries-Tráf.Loc,Flu.e Marít,SA	Carvemagere-Manut.e Energias Renov., Lda
Avenida M-40 BV	Casa da Ribeira - Hotelaria e Turismo,SA
Azulino Imobiliária, S.A.	Casa da Ribeira-Sociedade Imobiliária,SA
BA Business Angels, SGPS, SA	Cascaishopping Centro Comercial, SA
BA Capital, SGPS	Cascaishopping Holding I, SGPS, SA
BB Food Service, SA	CCCB Caldas da Rainha-Centro Comerc., SA
Be Artis-Conc.,Const.e Gest.Redes Com,SA	Centro Colombo Centro Comercial, SA
Be Towering-Gestão de Torres de Telec,SA	Centro Residencial da Maia,Urban.,SA
Beeskow Holzwerkstoffe
	Centro Vasco da Gama Centro Comercial,SA

Chão Verde-Soc. de Gestão Imobiliária,SA Fundo Invest. Imobiliário Imosonae Dois Cinclus Imobiliária,SA Fundo Invest.Imob.Shopp. Parque D. Pedro Citic Capital Sierra Limited Gaiashopping I Centro Comercial, SA Citic Capital Sierra Prop. Man. Limited Gaiashopping II Centro Comercial, SA Citorres - Sociedade Imobiliária, SA GHP Gmbh Coimbrashopping Centro Comercial, SA Gli Orsi Shopping Centre 1, Srl Colombo Towers Holding BV Glunz AG Companhia Térmica do Serrado, ACE Glunz Service GmbH Companhia Térmica Tagol, Lda. Glunz UK Holdings Ltd Contacto Concessões, SGPS, S.A. Glunz Uka Gmbh Contibomba-Comérc.Distr.Combustiveis,SA Golf Time-Golfe e Invest. Turísticos, SA Contimobe - Imobiliária Castelo Paiva,SA Guimarãeshopping Centro Comercial, SA Continente Hipermercados, SA Harvey Dos Iberica, SL Country Club da Maia-Imobiliaria,SA Herco Consult.Risco Corret.Seguros, Ltda Craiova Mall BV Herco Consultoria de Risco, S.A. Cronosaúde - Gestão Hospitalar, S.A. HighDome PCC Limited CTE-Central Termoeléct. do Estuário, Lda HighDome PCC Limited (Cell Europe) Cumulativa - Sociedade Imobiliária, S.A. Iberian Assets, SA Darbo SAS Igimo - Sociedade Imobiliária, SA Discovery Sports, SA Imoareia - Invest. Turísticos, SGPS, SA Distodo Distribui e Logist,Lda Imobeauty, SA Dortmund Tower GmbH Imobiliária da Cacela, S.A. Dos Mares Shopping Centre BV Imoclub-Serviços Imobilários, SA Dos Mares Shopping Centre, SA Imoconti - Sociedade Imobiliária, SA Dreamia, B.V Imodivor - Sociedade Imobiliária, SA Dreamia, Serv de Televisão, SA Imoestrutura - Sociedade Imobiliária, SA Ecociclo - Energia e Ambiente, SA Imohotel-Emp.Turísticos Imobiliários,SA Ecociclo II Imomuro - Sociedade Imobiliária, SA Edições Book.it, S.A. Imopenínsula - Sociedade Imobiliária, SA Efanor Investimentos, SGPS, S.A. Imoplamac Gestão de Imóveis, SA Efanor Serviços de Apoio à Gestão, S.A. Imoponte - Sociedade Imobiliária, SA Empracine-E.Pro.Act. Cinem,Lda Imoresort - Sociedade Imobiliária, SA Empreend.Imob.Quinta da Azenha,SA Imoresultado - Sociedade Imobiliária, SA Enerlousado-Recursos Energéticos, Lda. Imosedas - Imobiliária e Seviços, SA Equador & Mendes-Ag. Viagens e Tur.,Lda Imosistema - Sociedade Imobiliária, SA Estação Viana Centro Comercial, SA Impaper Europe GmbH Estêvão Neves-Hipermercados Madeira,SA Implantação - Imobiliária, S.A. Euroresinas-Indústrias Quimicas,SA Infofield - Informática, SA Farmácia Selecção, SA Inparsa - Gestão Galeria Comercial, SA Fashion Division Canárias, SL Inparvi SGPS, SA Fashion Division, S.A. Integrum - Energia, SA Feneralt-Produção de Enercia, ACE Integrum ACE, SA FINSTAR-Socied.Investim.Par SA Integrum Colombo Energia, SA Fozimo - Sociedade Imobiliária, SA Integrum Engenho Novo - Energia, S.A. Fozmassimo - Sociedade Imobiliária, SA INTEGRUM II - ENERGIA, S.A. Freccia Rossa - Shopping Centre, Srl INTEGRUM III - ENERGIA, S.A. Fundo de Invest.Imobiliário Fec. Imosede Integrum Martim Longo - Energia, S.A. Fundo Esp.Inv.Imo.Fec. WTC Integrum Vale do Caima - Energia, SA

Iginha - Sociedade Imobiliária, SA Fundo I.I. Parque Dom Pedro Shop. Center Integrum Vale do Tejo - Energia, SA

Intelligent Big Data, S.L. Modelo Hiper Imobiliária, SA Interlog-SGPS, SA Modelo.com-Vendas por Correspondência,SA Invesaude - Gestão Hospitalar S.A. Movelpartes-Comp.para Ind.Mobiliária,SA Ioannina Develop.of Shopping Centres, SA Movimento Viagens-Viag.e Turismo S.U.Lda Isoroy SAS MSTAR, SA ITRUST - Cyber security intelligence services, S.A. Münster Arkaden BV La Farga - Shopping Center, SL Norte Shop. Retail and Leisure Centre BV Land Retail BV Norteshopping Centro Comercial, SA Larim Corretora de Resseguros, Ltda NOS Açores Comunicações, SA Larissa Develop. of Shopping Centers, SA NOS Comunicações , S.A. Lazam MDS Corretora e Adm. Seguros, SA NOS Lusomundo Audiovisuais, SA Le Terrazze - Shopping Centre 1, Srl NOS Lusomundo Cinemas, SA Libra Serviços, Lda NOS Lusomundo TV Lda Lidergraf - Artes Gráficas, Lta NOS Madeira Comunicações, SA Lookwise, S.L. NOS, SGPS, S.A. Loop 5 Shopping Centre GmbH NOSPUB, Publicidade e Conteúdos, S.A. Lusomundo España, SL Nova Equador Internacional,Ag.Viag.T,Lda Lusomundo Imobiliária 2, SA Nova Equador P.C.O. e Eventos, S.U., Lda Lusomundo Moçambique, Lda Novobord (PTY) Ltd. Lusomundo Soc. Inv. Imob. SA Novodecor (PTY), LTD Luz del Tajo BV OSB Deustchland Gmbh Luz del Tajo Centro Comercial, SA Pantheon Plaza BV Madeirashopping Centro Comercial, SA Paracentro - Gestão de Galerias Com., SA Maiashopping Centro Comercial, SA Pareuro BV Maiequipa - Gestão Florestal, SA Park Avenue Develop.of Shop. Centers, SA Marcas do Mundo-Viag. e Turismo Unip,Lda Parque Atlântico Shopping-C.Comerc., SA Marcas MC, ZRT Parque D. Pedro 1 BV Marina de Tróia S.A. Parque de Famalicão - Empreend.Imob., SA Marinamagic-Expl.Cent.Lúdicos Marít,Lda Parque Principado SL Marmagno-Expl.Hoteleira Imob.,SA Pátio Boavista Shopping, Ltda Martimope-Empreendimentos Turísticos, SA Pátio Campinas Shopping, Ltda Marvero-Expl.Hoteleira Imob.,SA Pátio Goiânia Shopping, Ltda MDS - Corretor de Seguros, SA Pátio Londrina Empreend.e Particip.,Ltda MDS Affinity-Sociedade de Mediação Lda Pátio Penha Shopping Ltda. MDS Africa SGPS, S.A. Pátio São Bernardo Shopping Ltda MDS Auto - Mediação de Seguros, SA Pátio Sertório Shopping Ltda Mds Knowledge Centre, Unipessoal, Lda Pátio Uberlândia Shopping Ltda MDS Malta Holding Limited PCJ - Público, Comunicação e Jornalismo, S.A. MDS RE - Mediador de resseguros Peixes do Continente-Ind.Dist.Peixes,SA MDS, SGPS, SA Per-Mar-Sociedade de Construções,SA Megantic BV Pharmaconcept - Actividades em Saúde, SA Miral Administração Corretagem Seg, Ltda Pharmacontinente - Saúde e Higiene, SA MJB-Design, Lda PJP - Equipamento de Refrigeração, Lda MJLF - Empreendimentos Imobiliários, SA Plaza Eboli B.V. Modalfa - Comércio e Serviços, SA Plaza Eboli - Centro Comercial, SA MODALLOOP - Vestuário e Calçado, SA Plaza Mayor Holding, SGPS, S.A. Modelo - Dist.de Mat. de Construção,S.A. Plaza Mayor Parque de Ócio BV Modelo Continente Hipermercados, SA Plaza Mayor Parque de Ocio, SA Modelo Continente International Trade,SA Plaza Mayor Shopping BV

Parklake Shopping, SA

Plaza Mayor Shopping, SA S21 SEC Gestion, S.A. Poliface North America S21 Sec Inc. Ponto de Chegada - Soc. Imobiliária, SA S21 Sec Information Security Labs, S.L. Porturbe-Edificios e Urbanizações,SA S21 Sec Institute, S.L. Powercer-Soc.de Cogeração da Vialonga,SA S21 Sec México, S.A. de CV Praedium - Serviços, SA S21 Sec, S.A. de CV Praedium II - Imobiliária, SA Praedium SGPS, SA Saphety Brasil Transações Eletrônicas Ltda. Praesidium Services Limited Predicomercial - Promoção Imobiliária,SA Saphety Level - Trusted Services, SA Predilugar - Sociedade Imobiliária, SA Saúde Atlântica - Gestão Hospitalar, SA Prédios Privados Imobiliária, SA SC Aegean BV Predisedas - Predial das Sedas, SA SC Assets SGPS, SA Proj. Sierra Germany 4 (four)-Sh.C.GmbH SC Finance BV Proj. Sierra Italy 2 - Dev.of Sh.C. Srl SC For-Serv.Form.e Desenv.R.H.,Unip.,Lda Proj.Sierra Germany 2 (two)-Sh.C.GmbH SC Hospitality, SGPS , S.A. Project 4, Srl SC Mediterranean Cosmos B.V. Project SC 1 BV SC, SGPS, SA Project SC 2 BV SC-Consultadoria,SA Project Sierra 10 BV SC-Eng. e promoção imobiliária,SGPS,S.A Project Sierra 11 BV SCS Beheer,BV Project Sierra 12 BV SDSR - Sports Division 2, S.A. Project Sierra 2 BV SDSR - Sports Division SR, S.A. Project Sierra 6 BV Selifa-Empreend. Imobiliários de Fafe,SA Project Sierra 8 BV Sempre à Mão - Sociedade Imobiliária, SA Project Sierra Four Srl Servicios de Int.Estratégica Global,S.L. Project Sierra Spain 1 BV Sesagest - Proj. Gestão Imobiliária, SA Project Sierra Spain 2 - C.Comercial, SA Sete e Meio - Invest. Consultadoria, SA Project Sierra Spain 3 BV Sete e Meio Herdades-Inv. Agr. e Tur.,SA Project Sierra Spain 3-Centro Comer. SA Shopping Centre Colombo Holding BV Project Sierra Two Srl Shopping Centre Parque Principado BV Promessa Sociedade Imobiliária, S.A. SIAL Participações, Lda Quorum Corretores de Seguros Ltda Sierra Asia Limited Racionaliz. y Manufact.Florestales,SA Sierra Berlin Holding BV Raso - Viagens e Turismo, SA Sierra Brazil 1 BV RASO II-Viagens e Turismo,Unipessoal Lda Sierra Central S.A.S. Raso, SGPS, SA Sierra Cevital Shopping Center, Spa River Plaza BV Sierra Corporate Services Holland BV River Plaza Mall, Srl Sierra Developments Holding BV Rochester Real Estate,Limited Sierra Developments, SGPS, SA Ronfegen-Recursos Energéticos, Lda. Sierra Enplanta Ltda RSI Corretora de Seguros, Ltda Sierra European R.R.E. Assets Hold. BV S.C. Microcom Doi Srl Sierra Germany GmbH S21 Sec Barcelona, S.L. Sierra GP, Limited S21 Sec Brasil, Ltda Sierra Greece, SA S21 Sec Ciber Seguridad, S.A. de CV Sierra Investimentos Brasil Ltda

Project Sierra Germany 2 (two)-Sh.C.GmbH Servicios de Inteligencia Estratégica Global, S.L. Project Sierra Germany 4 (four)-S.C.GmbH Servicios de Inteligencia Estratégica Global, S.L. Sierra - OST Property Management S21 Sec Fraud Risk Management, S.L. Sierra Investments (Holland) 1 BV

Sierra Investments (Holland) 2 BV Sonae - Specialized Retail, SGPS, SA Sierra Investments Holding BV Sonae Capital Brasil, Lda Sierra Investments SGPS, SA Sonae Capital, SGPS, SA Sierra Italy Holding B.V. Sonae Center Serviços II, SA Sierra Italy, Srl Sonae Center Serviços, S.A. Sierra Management Germany GmbH Sonae Financial Services, S.A. Sierra Management Italy S.r.l. Sonae Ind., Prod. e Com.Deriv.Madeira,SA Sierra Management Romania, Srl Sonae Indústria - Management Services,SA Sierra Management, SGPS, SA Sonae Industria (UK),Ltd Sierra Portugal, SA Sonae Industria de Revestimentos,SA Sierra Project Nürnberg BV Sonae Indústria-SGPS,SA Sierra Property Management Greece, SA Sonae Investimentos, SGPS, SA Sierra Real Estate Greece BV Sonae Investments BV Sierra Reval-PM Mark. and Consult., Inc Sonae MC - Modelo Continente, SGPS, SA Sierra Romania Sh. Centers Services Srl Sonae Novobord (PTY) Ltd Sierra Services Holland 2 BV Sonae RE, S.A. Sierra Services Holland B.V. Sonae Retalho España-Serv.Generales, SA Sierra Solingen Holding GmbH Sonae SGPS, SA Sierra Spain 2 Services, S.A. Sonae Sierra Brasil, SA Sierra Spain Shop. Centers Serv., S.A.U. Sonae Sierra Brazil, BV / SARL Sierra Spain, Shop. Centers Services, SL Sonae Sierra, SGPS, SA Sierra Turkey Gayrim.Yön.P.Dan.An.Sirket Sonae Specialized Retail, SGPS, SA Sierra Zenata Project BV Sonae SR Malta Holding Limited SII - Soberana Invest. Imobiliários, SA Sonae Tafibra Benelux, BV SISTAVAC, S.A. SONAECENTER SERVIÇOS, SA SISTAVAC, SGPS, S.A. Sonaecom - Cyber security and intelligence, SGPS, S.A. SISTAVAC-Sistemas HVAC-R do Brasil, Ltda Sonaecom - Cyber security and intelligence, SGPS, S.A. SKK SRL Sonaecom - Serviços Partilhados, S.A. SKK-Central de Distr.,SA Sonaecom - Serviços Partilhados, S.A. SKKFOR - Ser. For. e Desen. de Recursos Soc.Inic.Aproveit.Florest.-Energias,SA Sociedade de Construções do Chile, S.A. Sociedade Independente de Radiodifusão Sonora, S.A. Société de Tranchage Isoroy SAS. Sonaecom BV Socijofra - Sociedade Imobiliária, SA Sonaecom BV Sociloures - Sociedade Imobiliária, SA Sonaecom, SGPS, S.A. Soconstrução BV Sonaecom, SGPS, S.A. Sodesa, S.A. Sonaegest-Soc.Gest.Fundos Investimentos Soflorin BV Sonaerp - Retail Properties, SA Soira-Soc.Imobiliária de Ramalde,SA SONAESR - Serviços e logistica, SA Solinca - Eventos e Catering, SA Sonaetelecom BV Solinca - Health & Fitness, SA Sonaetelecom BV Solinca-Investimentos Turísticos,SA Sondis Imobiliária, SA Solinfitness - Club Malaga, S.L. Sontaria-Empreend.Imobiliários,SA Solingen Shopping Center GmbH Sontel BV SOLSWIM-Gestão e Expl.Equip.Aquáticos,SA Sontur BV Soltroia-Imob.de Urb.Turismo de Tróia,SA Sonvecap BV Somit Imobiliária, SA Sopair, S.A.

Sonae Turismo, SGPS, S.A.

Sótaqua - Soc. de Empreendimentos Turist Troiaverde-Expl.Hoteleira Imob.,SA Soternix-Produção de Energia, ACE Tulipamar-Expl.Hoteleira Imob.,SA Spanboard Products,Ltd SPF - Sierra Portugal Unishopping Administradora Ltda. Spinarq Moçambique, Lda Unishopping Consultoria Imobiliária,Ltda Spinarq-Engenharia,Energia e Ambiente,SA Upstar Comunicações SA Spinveste - Promoção Imobiliária, SA Urbisedas-Imobiliária das Sedas,SA Spinveste-Gestão Imobiliária SGII,SA Valecenter Srl Sport TV Portugal, SA Valor N, SA Sport Zone Canárias, SL Via Catarina Centro Comercial, SA Sport Zone España-Com.Art.de Deporte,SA Viajens y Turismo de Geotur España, S.L. Sport Zone spor malz.per.satis ith.ve ti Vistas do Freixo-Emp.Tur.Imobiliários,SA Spred, SGPS, SA Vuelta Omega, S.L. Tableros Tradema,S.L. Tafiber,Tableros de Fibras Ibéricas,SL Tafibra South Africa (PTY) Ltd. WeDo Poland Sp. Z.o.o. Tafibra Suisse, SA WeDo Technologies (UK) Limited Tafisa Canadá Societé en Commandite WeDo Technologies Americas, Inc. Tafisa Développement WeDo Technologies Australia PTY Limited Tafisa France, SA WeDo Technologies BV Tafisa Investissement Tafisa Participation WeDo Technologies Egypt LLC Tafisa UK,Ltd WeDo Technologies Mexico, S de R.L. Tafisa-Tableros de Fibras, SA Weiterstadt Shopping BV Taiber,Tableros Aglomerados Ibéricos,SL World Trade Center Porto, S.A. Tecmasa Reciclados de Andalucia, S.L. Worten - Equipamento para o Lar, SA Tecnológica Telecomunicações LTDA. Worten Canárias, SL Tecnológica Telecomunicações LTDA. Worten España Distribución, SL Tecnológica Telecomunicações, Ltda Zenata Commercial Project S.A. Teconologias del Medio Ambiente,SA ZIPPY - Comércio e Distribuição, SA Teliz Holding B.V. Zippy - Comercio y Distribución, SA Têxtil do Marco, SA Zippy cocuk malz.dag.ith.ve tic.ltd.sti The Artist Porto Hot.&Bistrô-Act.Hot.,SA Zon Audiovisuais, SGPS Tlantic BV Zon Cinemas, SGPS Tlantic Portugal - Sist.de Informação,SA ZON Finance BV Tlantic Sistemas de Informação, Ltda ZON III-COMUNICAÇ ELETRÓN SA Todos os Dias-Com.Ret.Expl.C.Comer.,S.A. ZON II-SERVIÇOS TELEVISÃO,SA Tool Gmbh Zon TV Cabo SGPS SA Torre Ocidente Imobiliária, SA Zon TV Cabo, SA Torre São Gabriel Imobiliária, SA Zubiarte Inversiones Inmob,SA Troia Market-Supermercados, S.A. Zubiarte Inversiones Inmobiliarias, SA Troia Natura, S.A. ZYEVOLUTION-Invest.Desenv.,SA Troiaresort-Investimentos Turísticos, SA

8.3 Sonaecom individual financial statements

Balance sheets

For the periods ended at 30 June 2015 and 2014 (restated note 1) and for the year ended at 31 December 2014 (restated note 1)

(Amounts expressed in Euro)	Notes	June 2015 (not audited)	June 2014 (not audited and restated)	December 2014 (restated)
Assets
Non-current assets
Tangible assets	1.a, 1.f and 2	30,160	45,207	38,672
Intangible assets	1.b and 3	4,993	6,319	6,085
Investments in Group companies	1.c and 5	51,847,142	52,612,142	52,792,142
Investments in joint ventures	1.d and 6	597,666,944	597,666,944	597,666,944
Financial assets at fair value through profit or loss	1.e, 4 and 7	168,153	1,192,926	1,424,996
Other non-current assets	1.c, 1.e,1.n, 4, 8 and 20	161,999,237	171,151,237	165,651,236
Total non-current assets		811,716,629	822,674,775	817,580,075
Current assets
Financial assets at fair value through profit or loss	1.e, 4 and 7	79,003,905	54,364,924	58,540,576
Other current debtors	1.e, 1.g, 4, 10 and 20	4,806,474	5,779,182	3,313,610
Other current assets	1.e, 1.n, 4, and 20	296,870	451,750	517,881
Cash and cash equivalents	1.e, 1.h, 4, 11 and 20	174,898,494	174,126,091	176,887,883
Total current assets		259,005,743	234,721,947	239,259,950
Total assets		1,070,722,372	1,057,396,722	1,056,840,025
Shareholder' funds and liabilities

Share capital	12	230,391,627	230,391,627	230,391,627
Own shares	1.q and 13	(8,441,804)	(8,441,804)	(8,441,804)
Reserves	1.p	817,581,760	825,317,311	825,520,566
Net income / (loss) for the year		29,545,160	(5,949,600)	5,820,800
		1,069,076,743	1,041,317,534	1,053,291,189
Liabilities
Non-current liabilities
Provisions for other liabilities and charges	1.l, 1.o and 15	351,301	345,903	304,811
Other non-current liabilities	1.n, 1.t, 4 and 23	232,362	552,669	399,254
Total non-current liabilities		583,663	898,572	704,065
Current liabilities
Short-term loans and other loans	1.h, 1.i, 1.j, 4, 14 and 20	-	11,859,062	87,859
Other creditors	4, 16 and 20	386,191	1,564,931	1,065,550
Other current liabilities	1.n, 1.t, 4, 20 and 23	675,775	1,756,623	1,691,362
Total current liabilities		1,061,966	15,180,616	2,844,771
		1,070,722,372	1,057,396,722	1,056,840,025

The notes are an integral part of the financial statements at 30 June 2015 and 2014 (restated note 1).

The Chief Accountant

Ricardo André Fraga Costa

The Board of Directors

Ângelo Gabriel Ribeirinho Paupério

Maria Cláudia Teixeira de Azevedo

Profit and Loss account by nature

For the periods ended at 30 June 2015 and 2014 and for the year ended at 31 December 2014

(Amounts expressed in Euro)	Notes	June 2015 (not audited)	April to June 2015 (not audited)	June 2014 (not audited)	April to June 2014 (not audited)	December 2014
Services rendered	2 0	177,053	80,593	161,661	56,003	303,482
Other operating revenues	2 0	89,846	42,964	54,841	511	153,199
		266,899	123,557	216,502	56,514	456,681
External supplies and services	1.f, 17 and 20	(383,380)	(184,515)	(477,382)	(236,508)	(1,018,283)
Staff expenses	1.t and 23	(563,942)	(352,782)	(748,808)	(328,958)	(1,313,559)
Depreciation and amortisation	1.a, 1.b, 2 and 3	(7,654)	(3,828)	(8,276)	(3,915)	(15,779)
Provisions and impairment losses	1.l and 15	(46,490)	-	-	-	-
Other operating costs		(17,292)	(10,225)	(135,646)	(119,480)	(135,696)
		(1,018,758)	(551,350)	(1,370,112)	(688,861)	(2,483,317)
Gains and losses on Group companies	5 and 18	5,870,500	(7,835,500)	677,750	2,959,254	7,032,750
Gains and losses on financial assets at fair value through profit or loss	7 and 18	23,110,926	(8,137,194)	(6,592,422)	(9,120,619)	(1,975,451)
Other financial expenses	1.c, 1.f, 1.i, 1.j, 1.r, 1.s, 8, 14, 18 and 20	(86,156)	(18,957)	(953,299)	(348,850)	(1,018,096)
Other financial income	1.r, 8, 11, 18 and 20	1,307,806	22,493,606	2,033,243	(273,018)	3,369,520
Current income / (loss)		29,451,217	6,074,162	(5,988,338)	(7,415,580)	5,382,087
Income taxation	1.m, 9 and 19	93,943	157,136	38,738	1,376,766	438,713
Net income / (loss) for the year		29,545,160	6,231,298	(5,949,600)	(6,038,814)	5,820,800
Earnings per share Including discontinued operations:	2 2
Basic		0.10	0.02	(0.02)	(0.02)	0.02
Diluted		0.10	0.02	(0.02)	(0.02)	0.02
Excluding discontinued operations:
Basic		0.10	0.02	(0.02)	(0.02)	0.02
Diluted		0.10	0.02	(0.02)	(0.02)	0.02

The notes are an integral part of the financial statements at 30 June 2015 and 2014.

The Chief Accountant

Ricardo André Fraga Costa

The Board of Directors

Ângelo Gabriel Ribeirinho Paupério

Maria Cláudia Teixeira de Azevedo

Statement of profit and loss and other comprehensive income

For the periods ended at 30 June 2015 and 2014 and for the year ended at 31 December 2014

(Amounts expressed in Euro)	June 2015 (not audited)	April to June 2015 (not audited)	June 2014 (not audited)	April to June 2014 (not audited)	December 2014
Net income / (loss) for the year	29,545,160	6,231,298	(5,949,600)	(6,038,814)	5,820,800
Components of other comprehensive income, net of tax	-	-	-	-	-
Comprehensive income for the year	29,545,160	6,231,298	(5,949,600)	(6,038,814)	5,820,800

The notes are an integral part of the financial statements at 30 June 2015 and 2014.

The Chief Accountant

Ricardo André Fraga Costa

The Board of Directors

Ângelo Gabriel Ribeirinho Paupério

Maria Cláudia Teixeira de Azevedo

For the periods ended at 30 June 2015 and 2014 (restated note 1)

(Amounts expressed in Euro)							Reserves
	Share capital	Own shares (note 13)	Share premium	Legal reserves	Medium Term Incentive Plans reserves (note 23)	Own shares reserves	Other reserves	Total reserves	Net income / (loss)	Total
2015
Balance at 31 December 2014	230,391,627	(8,441,804)	775,290,377	13,152,684	-	8,441,804	28,635,701	825,520,566	5,820,800	1,053,291,189
Appropriation of result of 2014
Transfer to legal reserves and other reserves	-	-	-	291,040			5,529,760	5,820,800	(5,820,800)	-
Dividend Distribution	-	-	-	-	-	-	(13,759,606)	(13,759,606)	-	(13,759,606)
Comprehensive income for the year ended at 30 June 2015	-	-	-	-	-	-	-	-	29,545,160	29,545,160
Balance at 30 June 2015	230,391,627	(8,441,804)	775,290,377	13,443,724	-	8,441,804	20,405,855	817,581,760	29,545,160	1,069,076,743

(Amounts expressed in Euro)								Reserves
	Share capital	Own shares (note 13)	Share premium	Legal reserves	Medium Term Incentive Plans reserves (note 23)	Own shares reserves	Other reserves (restated)	Total reserves	Net income / (loss)	Total
2014
Balance at 31 December 2013	366,246,868	(8,441,804)	775,290,377	13,152,684	473,962	8,441,804	131,364,941	928,723,768	(95,982,606)	1,190,546,226
Appropriation of result of 2013 Transfer to legal reserves and other reserves (restated) Comprehensive income for the year ended at 30 June 2014 Reduction of the share capital following the result of the	- -	- -	- -	- -	- -	- -	(95,982,606) -	(95,982,606) -	95,982,606 (5,949,600)	- (5,949,600)
general and voluntary acquisition of own shares (note 13)	(135,855,241)	-	-	-	-	-	(5,815,229)	(5,815,229)	-	(141,670,470)
Effect of the recognition of the Medium Term Incentive Plans (note 23)	-	-	-	-	(57,543)	-	-	(57,543)	-	(57,543)
Effect of the conversion of the Medium Term Incentive Plans (note 23)	-	-	-	-	(416,419)	-	(1,134,659)	(1,551,079)	-	(1,551,079)
Balance at 30 June 2014	230,391,627	(8,441,804)	775,290,377	13,152,684	-	8,441,804	28,432,447	825,317,311	(5,949,600)	1,041,317,534

The notes are an integral part of the financial statements at 30 June 2015 and 2014 (restated note 1).

The Chief Accountant

Ricardo André Fraga Costa

The Board of Directors

Ângelo Gabriel Ribeirinho Paupério

Maria Cláudia Teixeira de Azevedo

Cash Flow statements

For the periods ended at 30 June 2015 and 2014

(Amounts expresses in Euro)		June 2015		June 2014
		(not audited)		(not audited)
Operating activities
Payments to employees	(1,540,702)		(2,112,671)
Cash flows from operating activities	(1,540,702)		(2,112,671)
Payments / receipts relating to income taxes, net	126,816		(210,980)
Other payments / receipts relating to operating activities, net	(277,542)		2,803,458
Cash flows from operating activities (1)		(1,691,428)		479,807
Investing activities
Receipts from:
Financial Investments	2,187,000		17,932,148
Interest and similar income	1,891,982		5,515,601
Loans granted	965,000		2,495,000
Dividends	8,857,220	13,901,202	1,321,504	27,264,253
Payments for:
Financial Investments	-	-	(7,023,078)	(7,023,078)
Cash flows from investing activities (2)		13,901,202		20,241,175
Financing activities
Payments for:
Interest and similar expenses	(351,710)		(2,661,688)
Acquisition of own shares	-		-
Loans obtained			(29,851,784)
Dividends	(13,759,606)	(14,111,316)	-	(32,513,472)
Cash flows from financing activities (3)		(14,111,316)		(32,513,472)
Net cash flows (4)=(1)+(2)+(3)		(1,901,542)		(11,792,490)
Cash and cash equivalents at the beginning of the period		176,800,036		185,918,581
Cash and cash equivalents at period end		174,898,494		174,126,091

The notes are an integral part of the financial statements at 30 June 2015 and 2014.

The Chief Accountant

Ricardo André Fraga Costa

The Board of Directors

Ângelo Gabriel Ribeirinho Paupério

Maria Cláudia Teixeira de Azevedo

Notes to the cash flow statements

For the periods ended at 30 June 2015 and 2014 (restated note 1)

	June 2015 (not audited)	June 2014 (not auditede and restated)
1. Acquisition or sale of subsidiaries or other businesses
a) Other business activities
Reimburse of investments from Sonaecom BV	-	14,720,000
Reimburse of investments from Sonaetelecom BV	-	1,549,284
Reimburse of supplementary capital from Miauger - Organização e Gestão de Leilões Electrónicos, S.A.	-	988,854
Reimburse of supplementary capital from PCJ - Público, Comunicação e Jornalismo, S.A.	-	674,010
Reimburse of supplementary capital from Sonaecom - Sistemas de Informação, SGPS, S.A.	2,187,000	-
	2,187,000	17,932,148
b) Other business activities
Purchase of shares Sonae SGPS	-	5,522,188
Loss cover from Miauger - Organização e Gestão de Leilões Electónicos, S.A.	-	826,880
Loss cover from PCJ - Público, Comunicação e Jornalismo, S.A.	-	674,010
	-	7,023,078
c) Dividends received
NOS, SGPS, S.A.*	1,541,754	1,321,504
ZOPT, SGPS, S.A.	7,315,500	-
	8,857,254	1,321,504
* This company changed name from ZonOptimus, SGPS, SA to NOS, SGPS, SA in June 2014.

	June 2015 (not audited)	June 2014 (not audited)
2. Details of cash and cash equivalents
Cash in hand	597	474
Cash at bank	46,802,897	145,117
Treasury applications	128,095,000	173,980,500
Cash and cash equivalents	174,898,494	174,126,091
Cash assets	174,898,494	174,126,091
3. Description of non-monetary financing activities
a) Bank credit obtained and not used	1,000,000	1,000,000
b) Purchase of company through the issue of shares	Not applicable	Não aplicável
c) Conversion of loans into shares	Not applicable	Não aplicável

The notes are an integral part of the financial statements at 30 June 2015 and 2014 (restated note 1).

The Chief Accountant

Ricardo André Fraga Costa

The Board of Directors

Ângelo Gabriel Ribeirinho Paupério

Maria Cláudia Teixeira de Azevedo

8.4 Notes to the individual financial statements

SONAECOM, SGPS 6 June 1988, under the name Sonae Tecnologias de Informação, S.A. and has its head office at Lugar de Espido, Via Norte, Maia Portugal.

Pargeste, SGPS information technology area were transferred to the Company through a demerger-merger process, executed by public deed dated 30 September 1997.

On 3 November increased, its Articles of Association were modified and its name was changed to Sonae.com, SGPS, S.A.. Since then the investments in other companies. Also on 3 November 1999, -denominated to euro, being represented by one hundred and fifty million shares with a nominal value of 1 Euro each.

On 1 June 2000, the Company carried out a Combined Share Offer, involving the following:

A Retail Share Offer of 5,430,000 shares, representing 3.62% of the share capital, made in the domestic market and aimed at: (i) employees of the Sonae Group; (ii) customers of the companies controlled by Sonaecom; and (iii) the general public;
An Institutional Offering for sale of 26,048,261 shares, representing 17.37% of the share capital, aimed at domestic and foreign institutional investors.

capital was increased under the terms explained below. The new shares were fully subscribed for and paid up by Sonae-, SGPS, S.A. (a Shareholder of Sonaecom, hereinafter referred up on the date the price of the Combined Share Offer was determined, and paid up in cash, 31,000,000 new ordinary shares of 1 Euro each being issued. The subscription price for the new shares was the same as that fixed for the sale of shares in the aforementioned Combined Share Offer, which was Euro 10.

In addition, Sonae sold, in that year, 4,721,739 Sonaecom shares under an option granted to the banks leading the Institutional Offer for Sale and 1,507,865 shares to Sonae Group managers and to the former owners of the companies acquired by Sonaecom.

By decision of the 17 181,000,000 to Euro 226,250,000 by public subscription

reserved for the existing Shareholders, 45,250,000 new shares of 1 Euro each having been fully subscribed for and paid up at the price of Euro 2.25 per share.

On 30 anged by public deed to Sonaecom, SGPS, S.A..

By decision of the Sharehol 12 September increased by Euro 70,276,868, from Euro 226,250,000 to Euro 296,526,868, by the issuance of 70,276,868 new shares of 1 Euro each and with a share premium of Euro 242,455,195, fully subscribed by France Telecom. The corresponding public deed was executed on 15 November 2005.

18 s increased by Euro 69,720,000, to Euro 366,246,868, by the issuance of 69,720,000 new shares of 1 Euro each and with a share premium of Euro 275,657,217, subscribed by 093X Telecomunicações Celulares, S.A. (EDP) and Parpública Participações Públicas, SGPS, S.A. (Parpública). The corresponding public deed was executed on 18 October 2006.

By decision of the Shareholders General Meeting held on 16 April 2008, bearer shares were converted into registered shares.

The period of the offer, during which sales orders were received, ran for two weeks, beginning on 6 February and ending on 19 February 2014. On 20February 2014, the results of the offer were released. The level of acceptance reached 62%, corresponding to 54,906,831 Sonaecom shares (note 7 and 12).

In 2014 Sonaecom reduced its share capital to 230,391,627 euros.

Euronext announced Sonaecom exclusion from the PSI-20 from 24 February 2014.

The financial statements are presented in euro, rounded at unit.

1. Basis of presentation

The accompanying financial statements have been prepared records in accordance with International Financial Reporting Standards (IFRS).

The adoption of the International Financial Reporting Standards (IFRS) as adopted by the European Union occurred for the first time in 2007 and as defined by IFRS 1 adoption of International Financial Reporting Standards and taking into account the IAS 34 - 'Interim Financial Reporting' 1 January 2006 was the date of transition from generally accepted accounting principles in Portugal to those standards.

Standard / Interpretation	Effective date (annual periods beginning on or after)
IAS 19 - Amendments (Defined Benefit Plans: Employee Contributions) The objective of the amendments is to simplify the accounting for contributions that are independent of the number of years of employee service.	1-Jul-14
Cycle collection of amendments to IFRSs in response to eight improvements to IFRSs.	1-Jul-14
Cycle collection of amendments to IFRSs in response to four improvements to IFRSs.	1-Jul-14

The following standards, interpretations, amendments and revisions have not yet been approved (endorsed) by the European Union, at the date of approval of these financial statements:

Standard / Interpretation	Effective date
	(annual periods
	beginning on or
IFRS 9 (Financial Instruments) and	1-Jan-18
subsequent amendments
This standard introduces new requirements for classifying
and measuring financial assets.
Amendments to IFRS 10 - "Consolidated	1-jan-16
Financial Statements", IFRS 12 -
"Disclosure of Interests in Other Entities"
and IAS 28 - "Investments in Associates
and Joint Ventures"
The purposed of these amendments is to clarify several
issues regarding the application of the requirement for
investment entities to measure subsidiaries at fair value
instead of consolidating them.
IFRS 10 and IAS 28 - Amendments(Sale	1-Jan-16
or Contribution of Assets between an
Investor and its Associate or Joint
Venture)
The amendments address an acknowledged inconsistency
between the requirements in IFRS 10 and those established
in IAS 28 (2011), when dealing with the sale or contribution
of assets between an investor and its associate or joint
venture. The main consequence of the amendments is that
a full gain or loss is recognised when a transaction involves a
business (whether it is housed in a subsidiary or not). A partial
gain or loss is recognised when a transaction involves assets
that do not constitute a business, even if these assets are
housed in a subsidiary.

IFRS 11 - Amendments (Accounting for	1-Jan-16
Acquisitions of Interests in Joint
Operations)

The objective was to add new guidance on the accounting for the acquisition of an interest in a joint by controlled operation that constitutes a business. The IASB decided which acquirers of such interests shall apply all the principles applied to business combinations accounting as established in IFRS 3 - "Business Combinations", and other IFRSs, that do not conflict with the guidance provided in IFRS 11.

Standard / Interpretation	Effective date
	(annual periods
	beginning on or
	after)
IFRS 14 (Regulatory Deferral Accounts) Permits an entity which is a first-time adopter of IFRS to continue to account, with some limited changes, for 'regulatory deferral account balances', in accordance with its previous GAAP, both on initial adoption of IFRS and in subsequent financial statements.	1-Jan-16
IFRS 15 (Revenue from Contracts with Customers)	1-Jan-17
IFRS 15 specifies how and when an IFRS reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers.
Amendments to IAS 1 - Presentation of Financial Statements (Disclosures) The amendment introduces a set of directions and guidelines to improve and simplify the disclosures in the context of current IFRS reporting requirements.	1-Jan-16
IAS 16 and IAS 38 - Amendments (Clarification of Acceptable Methods of Depreciation and Amortisation) The IASB has clarified that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects more factors other than the consumption of the economic benefits embodied in the asset.	1-Jan-16
IAS 16 and IAS 41 - Amendments (Agriculture: Bearer Plants) The amendments bring bearer plants, which are used solely to grow produce, into the scope of IAS 16 so that they are accounted for in the same way as property, plant and equipment.	1-Jan-16
IAS 27: Amendments (Equity Method in Separate Financial Statements) This amendment will allow entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements.	1-Jan-16
Cycle	1-Jan-16

collection of amendments to IFRSs in response to issues improvements to IFRSs.

These standards have not yet been approved ) by the European Union and, as such, were not adopted by the Company for the period ended at 30 June 2015. Their application is not yet mandatory.

It is predicted that the application of these standards and interpretations, as applicable to the Company will have no material effect on future financial statements of the Company.

-

cial de Regularizações de Dívidas ao Fisco e Segurança Social (Decreto-Lei 248-A de 2002 e Decreto-Lei nº 151 payments to the Portuguese State regarding previous years taxes settlements, which by the time of the payments both companies have already initiated judicial oppositions, therefore the processes flow in the competent courthouses.

The amount paid within the mentioned regulations has been current debtors 12 Shareto Sonaecom, it only has been paid amounts about taxes normative treatment, Sonaecom has decided, as an analogy, a policy alike the one related to IRC payments.

requested the retrospective correction of the financial statements under the argumentation that payments related to taxes other than IRC must be considered as contingent assets. Although Sonae and Sonaecom do not agree with the restated of the financial statements in conformity.

Individual balance for the period ended at 30 June 2014

(Amounts expressed in Euro)	Before the change	Restatement of "RERD"	Profit and loss statement restated
Assets
Non-current assets
Total non-current assets	822,674,775	-	822,674,775
Current assets
Financial assets at fair value through profit or loss	54,364,924	-	54,364,924
Other current debtors	11,192,405	5,413,223	5,779,182
Other current assets	451,750	-	451,750
Cash and cash equivalents	174,126,091	-	174,126,091
Total current assets	240,135,170	5,413,223	234,721,947
Total assets	1,062,809,945	5,413,223	1,057,396,722
Shareholder' funds and liabilities

Share capital	230,391,627	-	230,391,627
Own shares	(8,441,804)	-	(8,441,804)
Reserves	830,730,534	5,413,223	825,317,311
Net income / (loss) for the year	(5,949,600)	-	(5,949,600)
	1,046,730,757	5,413,223	1,041,317,534
Liabilities
Non-current liabilities
Total non-current liabilities	898,572	-	898,572
Current liabilities
Total current liabilities	15,180,616	-	15,180,616
	1,062,809,945	5,413,223	1,057,396,722

The accounting policies and measurement criteria adopted by the Company at 30 June 2015 are comparable with those used in the preparation of the individual financial statements at 30 June 2014.

Main accounting policies

The main accounting policies used in the preparation of the accompanying financial statements are as follows:

a) Tangible assets

Tangible assets are recorded at their acquisition cost less accumulated depreciation and less estimated accumulated impairment losses.

Impairment losses detected in the realisation value of tangible assets are recorded in the period in which they arise, by a

The annual depreciation rates used correspond to the estimated useful life of the assets, which are as follows:

	Years of useful life

in buildings owned by third parties	10-20
Plant and machinery	5
Vehicles	4
Fixtures and fittings	4-8

Current maintenance and repair costs of tangible assets are recorded as costs in the period in which they occur. Improvements of significant amount, which increase the estimated useful life of the assets, are capitalised and depreciated in accordance with the estimated useful life of the corresponding assets.

b) Intangible assets

Intangible assets are recorded at their acquisition cost less accumulated amortisation and less estimated accumulated impairment losses. Intangible assets are only recognised, if it is likely that they will bring future economic benefits to the Company, if the Company controls them and if their cost can be reliably measured.

Intangible assets correspond, essentially, to software and industrial property.

Amortisations are calculated on a straight-line monthly basis, over the estimated useful life of the assets (six years) as from the month in which the corresponding expenses are incurred.

Amortisation for the period is recorded in the profit and loss

c) Investments in Group companies and other non-current assets

Investments in companies in which the Company has direct or excess of 50% or in which it has control over the financial and operating policies are recorded under the caption accordance with IAS 27, as Sonaecom presents, separately, consolidated financial statements in accordance with IAS / IFRS.

Loans and supplementary capital granted to affiliated companies with maturities, estimated or defined contractually, greater than one year, are recorded, at their nominal value, -

Investments and loans granted to Group companies are evaluated whenever an event or change of circumstances indicates that the recorded amount may not be recoverable or impairment losses recorded in previous years no longer exist.

Impairment losses estimated for investments and loans granted to Group companies are recorded, in the period that

The expenses incurred with the acquisition of investments in Group companies are recorded as cost when they are incurred.

d) Investments in Joint Ventures

Investments in Joint Ventures (companies in which the Company has, direct or indirect, 50% of the voting rights in the General Meeting of or in which it has the control

over the financial and operating policies), are recorded under in accordance with IAS 27, as such, Sonaecom presents, separately, consolidated financial statements in accordance with IAS / IFRS.

Loans and supplementary capital granted to companies jointly controlled , with maturities, estimated or defined contractually, greater than one year, are recorded, at their - Investments and loans granted to joint ventures are evaluated whenever an event or change of circumstances indicates that the recorded amount may not be recoverable or impairment losses recorded in previous years no longer exist.

Impairment losses estimated for investments and loans granted to joint ventures are recorded, in the period that they the profit and loss statement.

The expenses incurred with the acquisition of investments in joint ventures are recorded as cost when they are incurred.

e) Financial instruments

The Company classifies its financial instruments in the -to-maturity -for- he classification depends on the purpose for which the investments were acquired.

The classification of the investments is determined at the initial recognition and re-evaluated every quarter.

This category has two sub-categories: financial assets held for trading, and those designated at fair value through profit or loss at inception. A financial asset is classified in this category if it is acquired principally for the purpose of selling in the short term or if the adoption of this method allows reducing or eliminating an accounting mismatch. Derivatives are also registered as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if they are either held for trading or are expected to mature within 12 months of the balance sheet date.

Loans and receivables are non-derivative financial assets with fixed or variable payments that are not quoted in an active market. These financial investments arise when the Company provides money or services directly to a debtor with no intention of trading the receivable.

Loans and receivables are carried at amortised cost using the effective interest method, deducted from any impairment losses.

Loans and receivables are recorded as current assets, except when its maturity is greater than 12 months from the balance sheet date, a situation in which they are classified as noncurrent assets.

-to-

Held-to-maturity investments are non-derivative financial assets with fixed or variable payments and with fixed intention and ability to hold until their maturity.

-for-sale financi

Available-for-sale financial assets are non-derivative investments that are either designated in this category or not classified in any of the other above referred categories. They are included in non-current assets unless management intends to dispose them within 12 months of the balance sheet date.

Purchases and sales of investments are recognised on tradedate the date on which the Company commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried and the transaction costs are recorded in the income statement. Investments are derecognised when the rights to receive cash flows from the investments have expired or transferred, and consequently all substantial risks and rewards of their ownership have been transferred.

Available-for- assets at fair value.

-toare carried at amortised cost using the effective interest method.

Realised and unrealised gains and losses arising from changes in the fair value of financial assets classified at fair value through profit or loss are recognised in the income statement. Realised and unrealised gains and losses arising from changes in the fair value of non-monetary securities classified as available-for-sale are recognised in equity. When securities classified as available-for-sale are sold or impaired, the accumulated fair value adjustments are included in the profit and loss statement as gains or losses from investment securities.

The fair value of quoted investments is based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Company establishes fair value by using valuation techniques. These include the use of recent a discounted cash flow analysis, and option pricing models

these valuation techniques can be used, the Company values these investments at acquisition cost net of any identified impairment losses. The fair value of listed investments is determined based on the closing Euronext share price at the balance sheet date.

The Company assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. In case of equity securities classified as available-for-sale, a significant decline (above 25%) or prolonged decline (during two consecutive quarters) in the fair value of the security below its cost is considered in determining whether the securities are impaired. If such evidence exists for available-for-sale financial assets, the cumulative loss measured as the difference between the acquisition cost and the current fair value, less any impairment losses on that financial asset previously recognised in the profit or loss statement is removed from equity and recognised in the profit and loss statement. Impairment losses recognised in the profit and loss statement on equity securities are not reversed through the profit and loss statement.

f) Financial and operational leases

The lease contracts are classified as financial or operational in accordance with the substance and not with the form of the respective contracts.

Tangible assets acquired under finance lease contracts and the related liabilities are recorded in accordance with the financial method. Under this method the tangible assets, the corresponding accumulated depreciation and the related liability are recorded in accordance with the contractual financial plan at fair value or, if less, at the present value of payments. In addition, interest included in lease payments and depreciation of the tangible assets are recognised as expenses in the profit and loss statement for the period to which they relate.

g) Other current debtors

Other current debtors are recorded at their net realisable value, and do not include interest, because the financial updated effect is not significant.

These financial investments arise when the Company provides money or services directly to a debtor with no intention of trading the receivable.

The amount relating to this caption is presented net of any impairment losses, which are recorded in the profit and loss statement unde Provisions .

h) Cash and cash equivalents

sh and cash bank deposits and other treasury applications where the risk of any change in value is insignificant.

The cash flow statement has been prepared in accordance with IAS 7 months, for which the risk of change in value is insignificant. the cash flow statement also includes bank overdrafts, which are reflected in -

The cash flow statement is classified by operating, financing and investing activities. Operating activities include payments to personnel and other captions relating to operating activities.

Cash flows from investing activities include the acquisition and sale of investments in associated and subsidiary companies and receipts and payments resulting from the purchase and sale of tangible assets.

Cash flows from financing activities include payments and receipts relating to loans obtained and finance lease contracts.

All amounts included under this caption are likely to be realised in the short term and there are no amounts given or pledged as guarantee.

i) Loans

expenses incurred in setting up loans are recorded as a deduction to the nominal debt and recognised during the period of the financing, based on the effective interest rate method. The interests incurred but not yet due are added to the loans caption until their payment.

j) Financial expenses relating to loans obtained Financial expenses relating to loans obtained are generally recognised as expenses at the time they are incurred. Financial expenses related to loans obtained for the acquisition, construction or production of fixed assets are capitalised as part of the cost of the assets. These expenses

are capitalised starting from the time of preparation for the construction or development of the asset and are interrupted when the assets are ready to operate, at the end of the production or construction phases or when the associated project is suspended.

k) Derivatives

The Company only uses derivatives in the management of its financial risks to hedge against such risks. The Company does not use derivatives for trading purposes.

The cash flow hedges used by the Company are related to:

(i) Interest rate swaps operations to hedge against interest rate risks on loans obtained. The amounts, interest payment dates and repayment dates of the underlying interest rate swaps are similar in all respects to the conditions established for the contracted loans. Changes in the fair value of cash flow hedges are recorded in assets or liabilities, against a

(ii) The values and times periods involved are identical to the amounts invoiced and their maturities.

In cases where the hedge instrument is not effective, the amounts that arise from the adjustments to fair value are recorded directly in the profit and loss statement.

At 30 of June 2015 and 2014, the Company did not have any derivative, beyond those mentioned in note 1.t).

l) Provisions and contingencies

Provisions are recognised when, and only when, the Company has a present obligation (either legal or implicit) resulting from a past event, the resolution of which is likely to involve the disbursement of funds by an amount that can be reasonably estimated.

Provisions are reviewed at the balance sheet date and adjusted to reflect the best estimate at that date.

Provisions for restructurings are only registered if the Company has a detailed plan and if that plan has already been communicated to the parties involved.

Contingent liabilities are not recognised in the financial statements but are disclosed in the notes, except if the possibility of a cash outflow affecting future economic benefits is remote.

Contingent assets are not recognised in the financial statements but are disclosed in the notes when future economic benefits are likely to occur.

m) Income Tax

rently payable and deferred tax. Income tax is recognised in accordance with IAS 12

Sonaecom has adopted, since 1 January 2008, the special regime for the taxation of groups of companies, under which, the provision for income tax is determined on the basis of the estimated taxable income of all the companies covered by that regime, in accordance with such rules. The special regime for the taxation of groups of companies covers all direct or indirect subsidiaries, and even through companies resident in another Member State of the European Union or the European Economic Area, only if, in the last case, there is an obligation of administrative cooperation, on which the Group holds at least 75% of their share capital, where such participation confers more than 50% of voting rights, if meet certain requirements.

Deferred tax assets are only recognised when there is reasonable expectation that sufficient taxable profits shall arise in the future to allow such deferred tax assets to be used. At the end of each period, the recorded and unrecorded deferred tax assets are revised and they are reduced whenever their realisation ceases to be probable, or increased if future taxable profits are likely enabling the recovery of such assets (note 9).

Deferred taxes are calculated with the tax rate that is expected to be in effect at the time the asset or liability is realized, based on the rates that have been enacted or substantially enacted at the balance sheet date.

Whenever deferred taxes derive from assets or liabilities directly registered in Share situations, deferred taxes are always registered in the profit and loss statement.

n) Accrual basis and revenue recognition Expenses and income are recorded in the period to which they relate, regardless of their date of payment or receipt. Estimated amounts are used when actual amounts are not known.

- nt period, where payment and receipt will occur in future periods, as well as payments and receipts in the current period but which relate to future periods. The latter shall be included by the corresponding amount in the results of the periods to which they relate to.

The costs attributable to current period and whose expenses will only occur in future periods are estimated and recorded r nonc it is possible to estimate reliably the amount and the timing of occurrence of the expense. If there is uncertainty regarding both the date of disbursement of funds, and the amount of the obligation, the value is classified as Provisions (note 1.l)).

Non-current financial assets and liabilities are recorded at fair value and, in each period, the financial actualisation of the fair value is recorded in the profit and loss statement under the

receive such amounts are appropriately established and

communicated.

o) Balance sheet classification

Assets and liabilities due in more than one year from the date of the balance sheet are classified, respectively, as noncurrent assets and non-current liabilities.

In addition, considering their nature, the deferred taxes and the provisions for other liabilities and charges, are classified as non-current assets and liabilities (notes 9 and 15).

p) Reserves

Legal reserve

Portuguese commercial legislation requires that at least 5% of the annual net profit must be appropriated to a legal reserve, until such reserve reaches at least 20% of the share capital. This reserve is not distributable, except in case of liquidation of the Company, but may be used to absorb losses, after all the other reserves are exhausted, or to increase the share capital.

Share premiums

The share premiums relate to premiums generated in the issuance of capital or in capital increases. According to Portuguese law, share premiums follow the same i.e., they are not distributable, except in case of liquidation, but they can be used to absorb losses, after all the other reserves are exhausted or to increase share capital.

Medium-term incentive plans reserves

According to IFRS 2 responsibility related with the equity settled plans is registered, as a credit, under the caption of Medium Term Incentive Plan Reserves, which are not distributable and which cannot be used to absorb losses. During the year ended at 31 December 2014, due to the conversion of the existing Sonaecom share plans on Sonae SGPS shares and the attribution of the new S

-term incentives

Hedging reserve

hedges derivatives that are considered effective (note 1.k) and it is non-distributable nor can it be used to absorb losses.

Own shares reserve

The own shares reserve reflects the acquisition value of the own shares and follows the same requirements of legal reserves.

Additionally, the increments resulting from the application of fair value through equity components, including its implementation through the net results, shall be distributed only when the elements that gave rise to them are sold, liquidated or exercised when they finish their use, in the case of tangible or intangible assets. Therefore, at 30 June 2015, Sonaecom, SGPS, S.A., had free distributable reserves amounting to approximately EUR 13.8 million. To this effect were considered distributable increments resulting from the application of fair value through equity components already exercised during the period ended at 30 June 2015.

q) Own shares

funds. Gains or losses related to the sale of own shares are

r) Foreign currency

All assets and liabilities expressed in foreign currency were translated into Euro using the exchange rates in force at the balance sheet.

Favourable and unfavourable foreign exchange differences resulting from changes in the rates in force at transaction date and those in force at the date of collection, payment or at the balance sheet date are recorded as income and expenses in the profit and loss statement of the period, in financial results.

The following rates were used for the translation into Euro:

		2015		2014
	30 June	Average	30 June	Average
Pounds Sterling	1.3908	1.3615	1.2477	1.2175
Swiss franc	0.9670	0.9452	0.8226	0.8187
Swedish krona	0.1072	0.1069	0.1090	0.1117
American Dollar	0.9116	0.8978	0.7322	0.7296

s) Assets impairment

Impairment tests are performed at the date of each balance sheet and whenever an event or change of circumstances indicates that the recorded amount of an asset may not be recoverable.

Whenever the book value of an asset is greater than the amount recoverable, an impairment loss is recognised and recorded in the profit and loss statement under the caption amount recoverable is the greater of the net selling price and the value of use. Net selling price is the amount obtained upon the sale of an asset in a transaction within the capability of the parties involved, less the costs directly related to the sale. The value of use is the present amount of the estimated future cash flows expected to result from the continued use of the asset and of its sale at the end of its useful life. The recoverable amount is estimated for each asset individually or, if this is not possible, for the cash-generating unit to which the asset belongs.

For financial investments in Group companies, the recoverable amount, calculated in terms of value in use, is determined based on last business plans duly approved by the Board of Directors of the Company.

For financial investments in joint ventures, the recoverable amount is determinate taking into account with several information as business plans approved by the Board of Directors and the average ratings of external reviewers (researches).

Evidence of the existence of impairment in accounts receivables appears when:

the counterparty presents significant financial difficulties;
there are significant delays in interest payments and in other leading payments from the counterparty;
it is possible that the debtor goes into liquidation or into a financial restructuring.

t) Medium-term incentive plans

The accounting treatment of Medium Term Incentive Plans is based on IFRS 2 -

Under IFRS 2, when the settlement of plans established by the estimated responsibility is recorded, as a credit entry, loss statement.

The quantification of this responsibility is based on its fair value at the attribution date and is recognised over the vesting period of each plan (from the award date of the plan until its vesting or settlement date). The total responsibility, at any point in time, is calculated based on the proportion of accounting date.

When the responsibilities associated with any plan are covered by a hedging contract, i.e., when those responsibilities are replaced by a fixed amount payable to a third party and when Sonaecom is no longer the party that will deliver the Sonaecom shares, at the settlement date of each plan, the above accounting treatment is subject to the following changes:

(i) The total gross fixed amount payable to third parties is -current ;
(ii) The part of this responsibility that has not yet been recognised in the profit and loss statement (the ost of each plan) is deferred - ;
(iii) The net effect of the entries in (i) and (ii) above eliminate ;
(iv) In the continues to be charged as an expense under the caption .

For plans settled in cash, the estimated liability is recorded respective accounting date. The liability is quantified based on the fair value of the shares as of each balance sheet date.

When the liability is covered by a hedging contract, recognition is made in the same way as described above, but with the liability being quantified based on the contractually fixed amount. One Sonae SGPS share plan is covered by a hedging contract.

Equity-settled plans to be liquidated through the delivery of shares of Sonae SGPS are recorded as if they were settled in cash, which means that the estimated liability is recorded under the balance relating to the deferred period elapsed. The liability is quantified based on the fair value of the shares as of each balance sheet date.

During the year ended at 31 December 2014, the company converted all such plans for Sonaecom shares plans, into shares of Sonae SGPS.

The impacts associated to the Medium Term Incentive Plans are registered, in the balance sheet, under the caption ´Other current liabilities' and 'Other non-current liabilities' (Note 23).

On 30 June 2015, the Sonae SGPS share plans resulting from the conversion and the plans allocated during the years 2015 and 2014 are not covered and the responsibility is recorded at the fair value. The responsibility of all plans is recorded under - t

u) Subsequent events

Events occurring after the date of the balance sheet which provide additional information about conditions prevailing at the time of the balance sheet (adjusting events) are reflected in the financial statements. Events occurring after the balance sheet date that provide information on post-balance sheet conditions (non-adjusting events), when material, are disclosed in the notes to the financial statements.

v) Judgements and estimates

The most significant accounting estimates reflected in the financial statements of the periods ended at 30 June 2015 and 2014 include mainly impairment analysis of assets, particularly financial investments in Group companies.

Estimates used are based on the best information available during the preparation of financial statements and are based on the best knowledge of past and present events. Although future events are not controlled by the Company neither foreseeable, some could occur and have impact on the estimates. Changes to the estimates used by the management that occur after the approval date of these financial statements, will be recognised in net income, in accordance with IAS 8 icies, Changes in methodology.

The main estimates and assumptions in relation to future events included in the preparation of financial statements are disclosed in the respective notes.

x) Financial risk management

risks such as market risk, liquidity risk and credit risk.

These risks arise from the unpredictability of financial markets, which affect the capacity to project cash flows and p a long-term ongoing perspective, seeks to minimise potential adverse effects that derive from that uncertainty, using, every time it is possible and advisable, derivative financial instruments to hedge the exposure to such risks (note 1.k)). The Company is also exposed to equity price risks arising from equity investments, although they are usually maintained for strategic purposes.

Market risk

a) Foreign exchange risk

Foreign exchange risk management seeks to minimise the volatility of investments and transactions made in foreign currency and contributes to reduce the sensitivity of results to changes in foreign exchange rates.

Whenever possible, the Company uses natural hedges to manage exposure, by offsetting credits granted and credits received expressed in the same currency. When such procedure is not possible, the Company adopts derivative financial hedging instruments (note 1. k).

Considering the reduced values of assets and liabilities in foreign currency, the impact of a change in exchange rate will not have significant impacts on the financial statements.

b) Interest rate risk

the total cost of debt to a high risk of volatility. The impact of this volatility in the Company results or in its Shareholders´ funds is mitigated by the effect of the following factors: (i) relatively low level of financial leverage; (ii) possibility to use derivative instruments that hedge the interest rate risk, as mentioned below; (iii) possible correlation between the level of market interest rates and economic growth the latter having a this way partially offsetting the increase of financial costs consolidated liquidity which is also bearing interest at a variable rate.

The Company only uses derivatives or similar transactions to hedge interest rate risks considered significant. Three main principles are followed in all instruments selected and used to hedge interest rate risk:

For each derivative or instrument used to hedge a specific loan, the interest payment dates on the loans subject to hedging must equalise the settlement dates defined under the hedging instrument;
Perfect match between the base rates: the base rate used in the derivative or hedging instrument should be the same as that of the facility / transaction which is being hedged;
As from the start of the transaction, the maximum cost of the debt, resulting from the hedging operation is known and limited, even in scenarios of extreme changes in market

interest rates, so that the resulting rates are within the cost ess plan.

As a borrowings (note 14) are at variable rates, interest rate swaps and other derivatives are used to hedge future changes in cash flow relating to interest payments, when it is considered necessary. Interest rate swaps have the financial effect of converting the respective borrowings from floating rates to fixed rates. Under the interest rate swaps, the Company agrees with third parties (banks) to exchange, in predetermined periods, the difference between the amount of interest calculated at the fixed contract rate and the floating rate at the time of re-fixing, by reference to the respective agreed notional amounts.

The counterparties of the derivative hedging instruments are limited to highly rated financial institutions, being the preference to financial institutions that form part of its financing transactions.

In order to select the counterparty for occasional operations, Sonaecom requests proposals and indicative prices from a representative number of banks in order to ensure adequate competitiveness of these operations.

In determining the fair value of hedging operations, the Company uses certain methods, such as option valuation and discounted future cash flow models, using assumptions based on market interest rates prevailing at the balance sheet date. Comparative financial institution quotes for the specific or similar instruments are used as a benchmark for the valuation.

The fair value of the derivatives contracted, that are considered as fair value hedges or the ones that are considered not sufficiently effective for cash flow hedge (in accordance with the provisions established in IAS 39 captions and changes in the fair value of such derivatives are recognised directly in the profit and loss statement for the period. The fair value of derivatives of cash flow hedge, that are considered effective according to IAS 39 gnised under borrowing captions and changes in the fair value are recognised in equity.

conditions of the financing with significant impact in the Company, based on the analysis of the debt structure, the risks and the different options in the market, particularly as to the type of interest rate (fixed / variable). Under the policy defined above, the Executive Committee is responsible for the decision on the occasional interest rate hedging contracts, through the monitoring of the conditions and alternatives existing in the market.

On 30 June 2015, are not contracted any derivatives instruments of hedging of the interest rate changes.

Liquidity risk

The existence of liquidity in the Company requires the definition of some policies for an efficient and secure management of the liquidity, allowing us to maximise the profitability and to minimise the opportunity costs related with that liquidity.

The liquidity risk management has a threefold objective: (i) Liquidity, i.e., to ensure the permanent access in the most efficient way to obtain sufficient funds to settle current payments in the respective dates of maturity as well as any eventual not forecasted requests for funds, in the deadlines set for this; (ii) Safety, i.e., to minimise the probability of default in any reimbursement of application of funds; and (iii) Financial efficiency, i.e., to ensure that the Company maximises the value / minimise the opportunity cost of holding excess liquidity in the short term.

The existing liquidity should be applied to the alternatives and by the order described below:

(i) Amortisation of short-term debt after comparing the opportunity cost of amortisation and the opportunity cost related to alternative investments;
(ii) Consolidated management of liquidity the existing liquidity in Group companies, should mainly be applied in Group companies, to reduce the use of bank debt at a consolidated level;
(iii) Applications in the market.

The applications in the market are limited to eligible counterparties, with ratings previously established by the Board and limited to certain maximum amounts by counterparty.

The definition of maximum amounts intends to assure that the application of liquidity in excess is made in a prudent way and taking into consideration the best practices in terms of bank relationships.

The maturity of applications should equalise the forecasted payments (or the applications should be easily convertible, in case of asset investments, to allow urgent and not estimated payments), considering a threshold for eventual deviations on the estimates. The threshold depends on the accuracy level of treasury estimates and would be determined by the business. The accuracy of the treasury estimates is an important variable to quantify the amounts and the maturity of the applications in the market.

The maturity of each class of financial liabilities is presented in note 14.

Credit risk

with the accounts receivable related to current operational activities. The credit risk associated to financial operations is mitigated by the fact that the Company only negotiates with entities with high credit quality.

The management of this risk seeks to guarantee that the amounts owing are effectively collected within the periods negotiated without affecting the financial health of the Company.

The amounts included in the financial statements related to other current debtors, net of impairment losses, represent the maximum exposure of the Company to credit risk.

2. Tangible assets

The movement in tangible assets and in the corresponding accumulated depreciation and impairment losses in the periods ended at 30 June 2015 and 2014 was as follows:

								2015

	Buildings and other constructions	Plant and machinery	Vehicles	Tools	Fixtures and fittings	Other tangible assets	Work in progress	Total
Gross assets Balance at 31 December 2014 Disposals	347,208 -	43,858 -	22,060 -	171 -	242,718 -	104 -	1,600 (1,600)	657,719 (1,600)
Balance at 30 June 2015	347,208	43,858	22,060	171	242,718	104	-	656,119
Accumulated depreciation and impairment losses
Balance at 31 December 2014	329,809	43,715	7,813	171	237,435	104	-	619,047
Depreciation for the period	2,106	36	2,758	-	2,012	-	-	6,912
Balance at 30 June 2015	331,915	43,751	10,571	171	239,447	104	-	625,959
Net value	15,293	107	11,489	-	3,271	-	-	30,160
								2014
	Buildings and other constructions	Plant and machinery	Vehicles	Tools	Fixtures and fittings	Other tangible assets	Work in progress	Total
Gross assets
Balance at 31 December 2013	348,914	43,858	22,060	171	242,718	104	-	657,825
Balance at 30 June 2014	348,914	43,858	22,060	171	242,718	104	-	657,825
Accumulated depreciation and impairment losses
Balance at 31 December 2013	325,938	43,643	2,298	171	232,961	104	-	605,115
Depreciation for the period	2,258	3 6	2,758	-	2,451	-	-	7,503
Balance at 30 June 2014	328,196	43,679	5,056	171	235,412	104	-	612,618
Net value	20,718	179	17,004	-	7,306	-	-	45,207

3. Intangible assets

The movement in intangible assets and in the corresponding accumulated amortisation and impairment losses in the periods ended at 30 June 2015 and 2014 was as follows:

				2015
	Brands, patents and other rights	Software	Intangible assets in progress	Total
Gross assets
Balance at 31 December 2014	9,719	192,404	498	202,621
Disposals	-	-	(350)	(350)
Transfers	-	148	(148)	-
Balance at 30 June 2015	9,719	192,552	-	202,271
Accumulated amortisation and impairment losses
Balance at 31 December 2014	9,719	186,817	-	196,536
Amortisation for the period	-	742	-	742
Balance at 30 June 2015	9,719	187,559	-	197,278
Net value	-	4,993	-	4,993

				2014
	Brands, patents and		Intangible assets in
	other rights	Software	progress	Total
Gross assets
Balance at 31 December 2013	9,719	192,404	-	202,123
Balance at 30 June 2014	9,719	192,404	-	202,123
Accumulated amortisation and impairment losses
Balance at 31 December 2013	9,719	185,312	-	195,031
Amortisation for the period	-	773	-	773
Balance at 30 June 2014	9,719	186,085	-	195,804
Net value	-	6,319	-	6,319

4. Breakdown of financial instruments

At 30 June 2015 and 2014, the breakdown of financial instruments was as follows:

						2015
	Loans and receivables	Financial assets at fair value through profit or loss	Other financial assets	Subtotal	Others not covered by IFRS 7	Total
Non-current assets
Financial assets at fair value through profit or loss (note 7) Other non-current assets (note 8)	- 161,999,237	168,153 -	- -	168,153 161,999,237	- -	168,153 161,999,237
	161,999,237	168,153	-	162,167,390	-	162,167,390
Current assets
Financial assets at fair value through profit or loss (note 7)	-	79,003,905	-	79,003,905	-	79,003,905
Other trade debtors (note 10)	2,743,563	-	-	2,743,563	2,062,911	4,806,474
Other current assets	-	-	296,870	296,870	-	296,870
Cash and cash equivalents (note 11)	174,898,494	-	-	174,898,494	-	174,898,494
	177,642,057	79,003,905	296,870	256,942,832	2,062,911	259,005,743

						2014 (restated)
	Loans and	Financial assets at fair	Other financial		Others not
Non-current assets	receivables	value through profit or loss	assets	Subtotal	covered by IFRS 7	Total
Financial assets at fair value through profit or loss (note 7) Other non-current assets (note 8)	- 171,151,237	1,192,926 -	- -	1,192,926 171,151,237	- -	1,192,926 171,151,237
	171,151,237	1,192,926	-	172,344,163	-	172,344,163
Current assets
Financial assets at fair value through profit or loss (note 7) Other trade debtors (note 10)	- 2,423,872	54,364,924 -	- -	54,364,924 2,423,872	- 3,355,310	54,364,924 5,779,182
Other current assets Cash and cash equivalents (note 11)	- 174,126,091	- -	362,408 -	362,408 174,126,091	89,342 -	451,750 174,126,091
	176,549,963	54,364,924	362,408	231,277,295	3,444,652	234,721,947
						2015

	Liabilities recorded	Other financial			Others not covered

	at amortised cost	liabilities	Subtotal	by IFRS 7	Total
Non-current liabilities
Other non-current liabilities	-	-	-	232,362	232,362
	-	-	-	232,362	232,362
Current liabilities
Short-term loans and other loans (note 14)	-	-	-	-	-

Other creditors (note 16)	-	339,554	339,554	46,637	386,191
Other current liabilities	-	327,875	327,875	347,900	675,775
	-	667,429	667,429	394,537	1,061,966

					2014
	Liabilities recorded at amortised cost	Other financial liabilities	Subtotal	Others not covered by IFRS 7	Total
Non-current liabilities
Other non-current liabilities	-	-	-	552,669	552,669
	-	-	-	552,669	552,669
Current liabilities
Short-term loans and other loans (note 14)	11,859,062	-	11,859,062	-	11,859,062
Other creditors (note 16)	-	1,561,871	1,561,871	3,060	1,564,931
Other current liabilities	-	668,225	668,225	1,088,398	1,756,623
	11,859,062	2,230,096	14,089,158	1,091,458	15,180,616

ell as the specialized costs with share plans were considered outside the scope of IFRS 7. Also, the deferred income and deferred costs under - considered as non-financial instrument.

-Lei 248-A de 2002 e Decreto-Lei nº 151- d the guarantees and keeping the initiated judicial oppositions associated. The maximum contingency amount was reduced through the elimination of fines and accrued interest to date of payment. As provided in the support diplomas of those programs, Sonaecom keeps the aimed judicial proceedings hoping it will win the mentioned judicial processes under the particular situations, having been recognized as an asset the amount paid under the mentioned plans, according to the adopted policy by Sonaecom. However, CMVM disagrees with the interpretation and has requested to Sonae the retrospective correction of the financial statements of all payments that are not related to the liquidation of the IRC under the argumentation that must be considered as contingent assets. Although conformity (note 1).

ts recorded at amortised cost or registered at the present value of the payments does not differ significantly from their book value. This decision is based in the contractual terms of each financial instrument.

5. Investments in Group companies

At 30 June 2015 and 2014, this caption included the following investments in Group companies:

Company	2015	2014
Sonaetelecom BV	73,460,618	73,460,618
	52,241,587	52,241,587
PCJ - Público, Comunicação e Jornalismo, S.A. ('PCJ')	11,850,557	11,850,557
Sonaecom BV	10,300,000	10,300,000
Público - Comunicação Social, S.A. ('Público')	10,227,595	10,227,595
Sonaecom - Serviços Partilhados, S.A. ('Sonaecom SP')	50,000	50,000
	158,130,357	158,130,357
Impairment losses (note 15)	(106,283,215)	(105,518,215)
Total investments in Group companies	51,847,142	52,612,142

The movements that occurred in investments in this caption during the years ended at 30 June 2015 and 2014 were as follows:

Company	Balance at 31 December 2014	Additions	Disposals	Transfers and write-offs	Balance at 30 June 2015
Sonaetelecom BV	73,460,618	-	-	-	73,460,618
Sonaecom SI	52,241,587	-	-	-	52,241,587
PCJ	11,850,557	-	-	-	11,850,557
Sonaecom BV	10,300,000	-	-	-	10,300,000
Público	10,227,595	-	-	-	10,227,595
Sonaecom Sp	50,000	-	-	-	50,000
	158,130,357	-	-	-	158,130,357
Impairment losses (note 15)	(105,338,215)	(925,000)		(20,000)	(106,283,215)
	52,792,142	(925,000)	-	(20,000)	51,847,142

Company	Balance at 31 December 2013	Additions	Disposals	Transfers and write-offs	Balance at 30 June 2014
Sonaetelecom BV	75,009,902	-	(1,549,284)	-	73,460,618
Sonaecom SI	52,241,587	-	-	-	52,241,587
Sonaecom BV	25,020,000	-	(14,720,000)	-	10,300,000
Miauger	5,714,245	826,880	-	(6,541,125)	-
Público	10,227,595	-	-	-	10,227,595
PCJ	11,176,547	674,010	-	-	11,850,557
Sonaecom Sp	50,000	-	-	-	50,000
	179,439,876	1,500,890	(16,269,284)	(6,541,125)	158,130,357
Impairment losses (note 15)	(112,859,590)	(441,856)	2,230,959	5,552,272	(105,518,215)
	66,580,286	1,059,034	(14,038,325)	(988,853)	52,612,142

In the period ended Miauger and PCJ, respectively, correspond to increases in capital to cover losses.

In the period ended at 30 June 2014, the amounts of Euro 1,549,284 and Euro 14,720,000 decreases in Sonaetelecom BV and Sonaecom BV, correspond to discards from shares. 'Transfers and uses' correspond to derecognition of the investment in Miauger, dissolved on May 2014.

The Company presents separate consolidated financial statements at 30 June 2015, in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, which presents total consolidated assets of Euro 1,124,888,167 total consolidated liabilities of Euro funds of Euro 1,043,049,614 including a consolidated net profit (attributable to the Shareholders of the parent company Sonaecom, SGPS, S.A.) for the period ended at 30 June 2015 of Euro 33,453,698.

At 30 June 2015 and 2014, the main financial information regarding the subsidiaries and joint ventures directly owned by the company is, as follows (values in accordance with IFRS):

				2015			2014

Company	Head office	% holding	funds	Net profit / (loss)	% holding	funds	Net profit / (loss)
ZOPT (a) (note 6)	Matosinhos	50%	1,287,675,319	35,896,733	50%	1,280,860,857	30,923,065
Sonae com SI	Maia	100%	81,853,171	298,025	100%	85,950,226	(51,072)
PCJ	Maia	100%	1,635,350	131,342	100%	1,314,239	74,794
Sonaecom BV	Amsterdam	100%	329,305	(27,973)	100%	377,255	135,854
Sonaetelecom BV	Amsterdam	100%	24,487	(22,029)	100%	66,346	(1,800)
Sonaecom SP	Maia	100%	75,256	(8,737)	100%	(26,904)	(110,220)
Público	Maia	100%	(1,253,482)	(1,521,746)	100%	(1,216,955)	(1,386,190)

(a) Inidividual accounts

The evaluation of the existence of impairment losses for the main investments in the Group companies in joint ventures is made by taking into account the cash-generating units, based on most up-to-date business plans duly approved by their Board of Directors, which are made on an annual basis unless there is evidence of impairment and prepared according to projected cash flows for periods of five years. In the area of information systems, the assumptions used are essentially based on the various businesses of the Group and the growth of the several geographic areas where the Group operates. The average growth rate used to the turnover of the five years was 12.6%. To this growth mainly contributed We Do group for investment in new sectors of activity and the recent focus on the security market that is growing strongly. For the multimedia sector, the average growth rate considered was 2.0%. The discount rates used were based on the estimated weighted average cost of capital, which depends on the business segment of each subsidiary and are as indicated in the table below. In perpetuity, is considered a growth rate of circa 2.0% in the area of information systems and 0.0% in the area of multimedia. In situations where the measurement of the existence, or not, of impairment is made based on the net selling price, values of similar transactions and other proposals made are used. Regarding the area of telecommunications (Zopt), the assessment of whether or not the impairment is determinate taking into account with several information as business plans approved by the Board of Directors, which the average growth rate implicit in the operating margin was 2.7% and the average ratings of external reviewers (researches).

	Information Systems	Multimedia	Telecommunications
Assumptions
Basis of recoverable amount	Value in use	Value in use	Value in use
Discount rate	10.5%	9.0%	8.2%
Growth rate in perpetuity	2.0%	0.0%	2.0%

For the sector of Information Systems, in digital security area (Cybersecurity), a growth rate used was 3%.

6. Investments in joint ventures

At 30 June 2015 and 2014, this caption included the following investments in joint ventures:

Company	2015	2014
ZOPT, SGPS, S.A. ('ZOPT')	597,666,944	597,666,944

The movements that occurred in this caption during the years ended at 30 June 2015 and 2014 were as follows:

Company	Balance at 31 December 2014	Additions (note 5)	Disposals	Transfers	Balance at 30 June 2015
ZOPT	597,666,944	-	-	-	597,666,944

Company	Balance at 31 December 2013	Additions (note 5)	Disposals	Transfers	Balance at 30 June 2014
ZOPT	597,666,944	-	-	-	597,666,944

Following the announcement made, on 14 December 2012, between Sonaecom, SGPS, S.A., Kento Holding Limited and Jadeium BV ached an agreement to recommend to the Boards of Zon Multimédia a merger between the two companies, on January 11th apital increase in kind, transferring 81.807% of its financial participation in Optimus SGPS, S.A. to ZOPT,SGPS, S.A. (vehicle used for this purpose), conditional upon completion of the merger.

Thus, following the above mentioned agreement, on 27 August 2013, and after fulfilling all the remedies required to the operation, the merger was closed. Sonaecom considers this to be the date on which Zopt took control of NOS, after the company changed the name in June 2014. Accordingly, in the same day, it was reg , as well as shareholder loans to be received from Zopt amounting to Euro 230 million (note 8), which would later be converted on supplementary capital and reduced to Euro 115 million (notes 8 and 18). Additionally, the remaining stake of 18.193% in Optimus

SGPS, was converted into a minority stake of 7.28% in NOS (note 7), which was reduced in consequence of the General Public and Voluntary Offer, on 5 February 2014, decreasing the investment in shares NOS in the amount of 26,476,792 shares (EUR 141,650,837) (note 12). Thus, Sonaecom, SGPS, S.A. now holds 11,012,532 shares representing the share capital of NOS, corresponding to a share of 2.14%.

not to acquire any shares of NOS, with the exception of the shares acquired by Sonaecom as a result of the operation. For this reason, riod of three months, the Group Kento / Jadeium may exercise a call option over half of the shares of NOS that Sonaecom holds at the date of the exercise of call option, at a price equal to the weighted average price of the previous month.

After the share capital increase of Zopt and the closing of the merger between Optimus SGPS and Zon, Sonaecom derecognised an investment in Optimus SGPS amounting to Euro 1,006 million and the supplementary capital amounting to Euro 144.6 million (note 8). Sonaecom has also recognized an investment in Zopt amounting to Euro 598 million³ , loans to be received from Zopt amounting Euro 230 million and an investment registered at fair value through NOS shares (the conversion of 20,921,650 Optimus SGPS shares, representing 18.193% of the share capital, to 37,489,324 NOS shares, representing 7.28% of the share capital), at the market price of 27 August 2013 (date of the closing of the merger), amounting to Euro 156 million (note 7).

7. Financial assets at fair value through profit or loss

In August 2013, Sonaecom Group began to hold NOS shares recorded at fair value through profit or loss, as a result of the merger between Optimus SGPS and Zon (note 6), since it is the initial classification of an asset held for a sale purpose in a short-time. In accordance situation with NOS.

The movements occurred in this caption during the period ended at 30 June 2015, were as follows:

						2015
Financial assets at fair value through profit or loss	Opening balance	Increases	Decreases	Fair value adjustments (note 18)	Increase and decrease in fair value of shares intended to cover MTIP	Closing balance
NOS	57,661,618			21,342,287		79,003,905
Sonae SGPS	2,303,954		- (2,729,817)	226,919	- 367,097	168,153
	59,965,572	-	(2,729,817)	21,569,206	367,097	79,172,058
Recorded under the caption non current assets						168,153
Recorded under the caption current assets						79,003,905

						2014
				Fair value adjustments	Increase and decrease in fair value of shares intended to
		-				Closing balance 52,860,154
Sonae SGPS	-					2,697,696
	202,442,350	5,522,188	(144,455,037)	(7,913,926)	(37,725)	55,557,850
Recorded under the caption non current assets						1,192,926
Recorded under the caption current assets						54,364,924
Financial assets at fair value through profit or loss NOS	Opening balance 202,442,350	Increases 5,522,188	Decreases (141,650,837) (2,804,200)	(note 18) (7,931,359) 17,433	cover MTIP (37,725)

³ The Zopt participation of 598 million euros (598 = ((2.850 X 50,01% )-230)X 50%) results from the valuation of NOS, amounting to 2,850 million euros. This corresponds to the sum of the valuation of the capital increase in Zopt by Zon and Optimus in 1,500 million euros and 1,000 million euros, respectively (the valuation was made by the entities involved in the capital increase and the merger project) and the minimum synergies estimated, disclosed in the merger project in the amount of 350 million euros, deducted from loans totaling 230 million euros (level 3 of inputs in the hierarchy of fair value). It was decided that Zon NOS (the argument for not using the Zon share price at the date of the close of the merger, as abovementioned, is proven by the positive evolution of NOS share price since the date of the merger until the date of this document (2,782 million euros versus 2,141, price at 27 August 2013, merger date). For this reason, the market capitalization of Zon was not considered as a reference for valuing the Zopt investment. The valuation of Zon and Optimus was based on ncluding operating results and investment. For this purpose, was used a weighted average cost of capital of 9.5% and growth rate of 3%.

The fair value 18). With the exception of the increases and decreases in the fair value of shares allocated to cover the medium-term incentive plans whose value is recorded under "Other operating expenses" and "Other financial expenses" in the income statement.

The decreases at 30 June 2015, in the investment in Sonae SGPS shares, correspond essentially to the payment of the medium-term incentive plan, which expired in the period ended at 30 June 2015.

The decreases in 30 June 2014 in the NOS investment corresponds to the counterpart in NOS shares provided for the terms of trade of the General Public and Voluntary Offer for acquisition of own shares. As a result of this offering Sonaecom reduced its investment in NOS shares in 26,476,792 shares (EUR 141,650,837) (note 12) and now holds 11,012,532 shares representing the share capital of NOS, corresponding to a share of 2.14%

In 30 June 2014 the amount recorded in "Non-current assets" corresponds to investment in Sonae SGPS shares, to cover mediumterm incentive plans, which payment will occur in more than one year.

The evaluation of fair value of the investment is detail as follows:

2015	NOS	Sonae SGPS
Shares	11,012,532	142,866
Level of inputs in the hierarchy of fair value	Level 1
Valuation method	Quoted price on the stock exchange
Quoted price*	7.2	1.177
Fair value	79,003,905	168,153

* Used the share price of 30 June 2015 in the determination of the fair value.

2014	NOS	Sonae SGPS
Shares	11,012,532	2,249,955
Level of inputs in the hierarchy of fair value		Level 1
Valuation method		Quoted price on the stock exchange
Quoted price*	4.8	1.199
Fair value	52,860,154	2,697,696

* Used the share price of 30 June 2014 in the determination of the fair value.

8. Other non-current assets

At 30 June 2015 and 2014, this caption was made up as follows:

2015	2014


11,485,000	13,370,000
4,135,000	4,400,000
2,415,000	1,780,000
420,000	-
18,455,000	19,550,000

115,000,000	115,000,000
30,289,791	39,951,792
5,362,405	2,182,405
1,189,445	1,189,445
151,841,642	158,323,642
170,296,642	177,873,642
(8,297,405)	(6,722,405)
161,999,237	171,151,237

companies and joint ventures were as follows:

				2015
Company	Opening balance	Increases	Decreases	Closing balance
Sonae com SI	12,220,000	-	(735,000)	11,485,000
PCJ	4,345,000	4,005,000	(4,215,000)	4,135,000
Público	2,435,000	-	(20,000)	2,415,000
Sonaecom SP	420,000	-	-	420,000
	19,420,000	4,005,000	(4,970,000)	18,455,000

				2014
Company	Opening balance	Increases	Decreases	Closing balance
Sonae com SI	15,655,000	-	(2,285,000)	13,370,000
PCJ	4,610,000	-	(210,000)	4,400,000
Público	1,780,000	-	-	1,780,000
	22,045,000	-	(2,495,000)	19,550,000

Dur

			2015
Company	Opening balance	Decreases	Closing balance
ZOPT	115,000,000	-	115,000,000
Sonae com SI	32,476,792	(2,187,000)	30,289,792
Público	5,362,405	-	5,362,405
PCJ	1,189,445	-	1,189,445
	154,028,642	(2,187,000)	151,841,642

			2014
Company	Opening balance	Decreases	Closing balance
ZOPT	115,000,000	-	115,000,000
Sonae com SI	39,951,792	-	39,951,792
Público	2,182,405	-	2,182,405
PCJ	1,863,455	(674,010)	1,189,445
Miauger	988,853	(988,853)	-
	159,986,505	(1,662,863)	158,323,642

During the period ended at 30 June 2015 and 2014, the loans granted to Group companies and joint ventures earned interest at market rates with an average interest rate of 5.48% and 5.73%, respectively. Supplementary capital is non-interest bearing.

Loans granted to Group companies and Supplementary capital, do not have a defined maturity, therefore no information about the aging of these loans is presented.

The evaluation of the existence of impairment losses for the loans made to Group companies was based on the most up-to-date rs. The discount rates used and the perpetuity growth considered are presented in the previous note (note 5).

9. Deferred taxes

At 30 June 2015 and 2014 the value of deferred tax assets not recorded where it is not expected that sufficient taxable profits will be generated in the future to cover those losses, have the following detail:

	2015	2014
Tax losses	456,168	1,233,585
Provisions not acceptable for tax purposes, impairment losses and others	26,028,399	27,957,117
CFEI	151	151
Total	26,484,718	29,190,853

At 30 June 2015 and 2014, the deferred tax assets relating to tax losses carried forward have the following origin dates:

Year of origin	2015	2014
2014	456,168	1,233,585
	456,168	1,233,585

For the period ended at 30 June 2015 the rate used to calculate the deferred tax assets/liabilities was of 21% relating to tax losses carried forward, and of 22.5% for remaining deferred tax assets and liabilities, as a consequence of the IRC rate change from 23% to 21% from 2015 onwards. For the period ended at 30 June 2014, the rate used to calculate the deferred tax assets/liabilities was of 23% relating to tax losses carried forward, and of 24.5% for remaining deferred tax assets and liabilities. Tax benefits, related to deductions from taxable income, are considered at 100%, and in some cases, their full acceptance is dependent on the approval of the authorities that concede such tax benefits.

ary differences during the estimated period when the referred rate will be applicable.

The reconciliation between the earnings before tax and the tax recorded for the periods ended at 30 June 2015 and 2014 is as follows:

	2015	2014
Earnings before tax	29,451,217	(5,988,338)
Income taxation (21% in 2015 and 23% in 2014)	(6,184,756)	1,377,318
Correction of the tax of the previous year and other related taxes	(5,053)	(1,971)
Temporary differences from the exercise without deferred tax registration	(104,275)	1,472,605
Adjustments to the taxable income	6,388,027	(1,524,002)
Deferred taxes not registed	-	(1,285,212)
Income taxation recorded in the year (note 19)	93,943	38,738

The tax rate used to reconcile the tax expense and the accounting profit was 21% in the year of 2015 and 23% in 2014 because it are the standards rates of the corporate income tax in Portugal in 2015 and 2014.

The adjustments to the taxable income in 2015 and 2014 relates, mainly, to losses and gains in financial investments and dividends received (note 18), which do not contribute to the calculation of the taxable profit for the year.

Portuguese Tax Authorities can review the income tax returns of the Company for a period of four years (five years for Social Security), except when tax losses have been generated, tax benefits have been granted or when any review, claim or impugnation is in progress, in which circumstances, the periods are extended or suspended. Consequently, tax returns of each year, since the year 2012 (inclusive) are still subject to such review. The Board of Directors believes that any correction that may arise as a result of such review would not produce a significant impact in the accompanying financial statements.

visioned in the financial statements, associated to probable tax contingencies that should have been recorded or disclosed in the accompanying financial statements, at 30 June 2015.

10. Other current debtors

At 30 June 2015 and 2014, this caption was made up as follows:

	2015	2014 (restated)
State and other public entities	2,062,911	3,355,310
Trade debtors	2,743,563	2,423,872
	4,806,474	5,779,182

ated to interests ).

nt, retentions and taxes to be recovered.

11. Cash and cash equivalents

At 30 June 2015 and 2014, the breakdown of cash and cash equivalents was as follows:

	2015	2014
Cash	597	474
Bank deposits repayable on demand	46,802,897	145,117
Treasury applications	128,095,000	173,980,500
	174,898,494	174,126,091

	2015	2014
Bank applications	123,950,000	169,850,500
Público	1,665,000	2,760,000
Sonaecom SI	2,190,000	1,100,000
Sonaecom SP	265,000	130,000
PCJ	5,000	120,000
Sonaecom BV	20,000	20,000
	128,095,000	173,980,500

During the period ended at 30 June 2015, the above mentioned treasury applications bear interests at an average rate of 0.48% (1.42% in 2014).

12. Share capital

At 30 June 2015 and 2014, the share capital of Sonaecom was comprised by 311,340,037 ordinary shares registered of Euro 0.74 each. At those dates, the Shareholder structure was as follows:

		2015		2014
	Number of
	shares	%	Number of shares	%
Sontel BV	194,063,119	62.33%	194,063,119	62.33%
Sonae SGPS	81,022,964	26.02%	81,022,964	25.96%
Shares traded on the Portuguese Stock Exchange ('Free Float')	30,682,940	9.86%	30,682,940	9.92%
Own shares (note 13)	5,571,014	1.79%	5,571,014	1.79%
	311,340,037	100.00%	311,340,037	100.00%

On 5 February 2014, Sonaecom made public the decision to launch a general and voluntary tender offer for the acquisition of shares representing the share capital of Sonaecom.

The offer was general and voluntary, with the offered oblied to acquire all the shares that were object of the offer and were, until the end of the respective period, subject to valid acceptance by the recipients.

The period of the offer, during which sales orders were received, ran for two weeks, beginning on 6 February and ending on 19 February 2014.

On 20 February 2014, the results of the offer were released. The level of acceptance reached 62%, corresponding to 54,906,831 Sonaecom shares. During the year 2014 Sonaecom reduced its capital by Euro 136 million as a result of the extinction of the own shares acquired (54,906,831 shares) and reduction of the nominal value of the remaining shares of capital stock of the Sonaecom Euro 1 to Euro 0.74 per share. Following this result, the Euronext announced the exclusion of Sonaecom PSI-20 from 24 February 2014.

As a return for the own shares acquired in this General Public Offer and Voluntary process Sonaecom delivered 26,476,792 shares representing the share capital of NOS which were recorded in the balance sheet by EUR 141,650,837 (Note 7) and the amount of 19,632 euros in cash, so as a result of this General Public and Voluntary Offer, assets and equity Sonaecom decreased by EUR 141,670,470.

All shares that comprise the share capital of Sonaecom, are authorised, subscribed and paid. All shares have the same rights and each share corresponds to one vote.

13. Own shares

During the period ended at 30 June 2015, Sonaecom did not acquire, sold or delivered own shares, whereby the amount held to date, is of 5,571,014 own shares representing 1.79% of its share capital, at an average price of Euro 1.515.

14. Loans

Short-term loans and other loans

At 30 June 2015 and 2014, the short-term loans and other loans had the following breakdown:

		Amount outstanding
Issue denomination	2015	2014
Treasury applications	-	11,802,216
Interests incurred but not yet due	-	56,846
	-	11,859,062

Bond Loan

The loan above is unsecured and the fulfilment of the obligations under this loan is exclusively guaranteed by the underlying activities and the indebted company cash-flows generation capacity.

Bank credit lines of short-term portion

Sonaecom has also short term bank credit lines, in the form of current or overdraft account commitments, in the amount of Euro 1 million. These credit lines have maturities up to one year, automatically renewable, except in case of termination by either party, with some periods of notice.

All these loans and bank credit lines bear interest at market rates, indexed to the EURIBOR for the respective term, and were all contracted in euro.

Treasury applications

llows:

	2015	2014
Zopt	-	11,557,500
Sonaecom SP	-	235,000
Sonaetelecom BV	-	9,716
	-	11,802,216

The treasury applications received from Group companies are payable in less than one year and earn interests at market rates. During the period ended at 30 June 2014, the treasury applications earned an average interest rate of 2.01%. During the period ended at 30 June 2015 Sonaecom was not treasury applications from Group companies.

At 30 June 2015 and 2014, the available credit lines of the Company are as follows:

					Maturity
Credit	Limit	Amount outstanding	Amount available	Until 12 months	More than 12 months
2015
Authorised overdrafts	1,000,000	-	1,000,000	x
	1,000,000	-	1,000,000
2014
Authorised overdrafts	1,000,000	-	1,000,000	x
	1,000,000	-	1,000,000

15. Provisions and accumulated impairment losses

The movements in provisions and in accumulated impairment losses in the years ended 30 June 2015 and 2014 were as follows:

	Opening balance	Increases	Reductions	Transfers and utilizations	Closing balance
2015
Accumulated impairment losses on investments in Group companies (notes 5 and 18)	105,338,215	925,000	-	20,000	106,283,215
Accumulated impairment losses on other non-current assets
(notes 8 and 18)	7,797,405	520,000	-	(20,000)	8,297,405
Provisions for other liabilities and charges	304,811	46,490	-	-	351,301
	113,440,431	1,491,490	-	-	114,931,921

2014
Accumulated impairment losses on investments in Group companies (notes 5 and 18)	112,859,590	17,154	(1,806,258)	(5,552,273)	105,518,213
Accumulated impairment losses on other non-current assets (notes 8 and 18)	6,296,259	1,415,000	-	(988,854)	6,722,405
Provisions for other liabilities and charges	332,469	2 8	-	13,406	345,903
	119,488,318	1,432,182	(1,806,258)	(6,527,721)	112,586,521

ofit and loss statement with the exception of the impairment losses in investments in Group companies and other non-current assets, which,

related to probable liabilities arising from several transactions and which cash outflow is possible.

At 30 June 2014 the amount of Euro 28 recorded in the income statement in 'Other financial expenses', and related to the update of the provision for decommissioning as required in IAS 16

16. Other creditors

At 30 June 2015 and 2014, this caption was made up as follows:

	2015	2014
Other creditors	339,554	1,561,871
State and other public entities	46,637	3,060
	386,191	1,564,931

17. External supplies and services

At 30 June 2015 and 2014, this caption was made up as follows:

	2015	2014
Specialised work	286,106	337,905
Travel and accommodation	27,923	47,432
Insurance	23,172	23,003
Communications	9,739	22,422
Rents	1,480	17,059
Other external supplies and services	34,960	29,561
	383,380	477,382

18. Financial results

Net financial results for the periods ended 30 June 2015 and 2014 are made up as follows ((costs)/gains):

	2015	2014
Gains and losses on investments in Group companies
Losses related to Group companies (notes 5, 8 and 15)	(1,445,000)	(1,432,154)
Gains related to Group companies	-	2,109,904
Dividends obtained	7,315,500	-
	5,870,500	677,750
Gains and losses on financial assets at fair value through profit or loss
Gains and losses on financial assets at fair value through profit or loss (note 7)	21,569,206	(7,913,926)
Dividends obtained	1,541,720	1,321,504
	23,110,926	(6,592,422)
Other financial expenses
Interest expenses:
Bank loans	-	(487,346)
Other loans	(2,510)	(214,174)
	(2,510)	(701,520)
Other financial expenses	(83,646)	(251,779)
	(83,646)	(251,779)
	(86,156)	(953,299)
Other financial income
Interest income	963,699	1,876,901
Foreign currency exchange gains	748	245
Other financial income	343,359	156,097
	1,307,806	2,033,243

19. Income Taxation

Income taxes recognized during the periods ended at 30 June 2015 and 2014 were made up as follows ((costs) / gains):

	2015	2014
Current tax (note 9)	93,943	38,738
Closing balance	93,943	38,738

20. Related parties

The most significant balances and transactions with related parties (which are detailed in the appendix) at 30 June 2015 and 2014 were as follows:

					Balances at 30 June 2015
	Accounts receivable (note 10)	Accounts payable (note 16)	Treasury applications (note 11)	Other assets / (liabilities)	Loans granted / (obtained) (note 8 and 14)
Parent Company
Sonae SGPS	(872)	-	-	(19,574)	-
Subsidiaries
PCJ	152,052	-	5,000	19,186	4,135,000
Público	34,246	972,760	1,665,000	10,504	2,415,000
Sonae com SI	181,255	76,021	2,190,000	68,410	11,485,000
Sonaecom BV	275	118,477	20,000	276	-
Sonaecom SP	65,317	207,148	265,000	(71,390)	420,000
Others related parties
Digitmarket	85,306	1,505	-	(10,274)	-
Mainroad	-	107,511	-	-	-
Saphety	169,820	5,439	-	(248,751)	-
Sonaecenter II	37,333	-	-	-	-
Wedo	3,184,176	-	-	-	-
ZOPT	14,369
Others	11,635	- 24,786	-	-	-
			-	(35,924)	-
	3,934,912	1,513,647	4,145,000	(287,537)	18,455,000
					Balances at 30 June

					2014
	Accounts receivable (note 10)	Accounts payable (note 16)	Treasury applications (note 11)	Other assets / (liabilities)	Loans granted / (obtained) (note 8 and 14)
Parent Company
Sonae SGPS	(9,890)	-	-	(14,844)	-
Subsidiaries
PCJ	165,558	-	120,000	22,334	4,400,000
Público	71,389	1,143,767	2,760,000	(22,448)	1,780,000
Sonae com SI	634,020	5,409	1,100,000	83,346	13,370,000
Sonaecom BV	1,910	357,408	20,000	150	(38,360)
Sonae Telecom BV	-	37,883	-	-	(13,833)
Sonaecom SP	13,359	55,325	130,000	200	(235,055)
Others related parties
Digitmarket	2,984	19,715	-	-	-
Mainroad	31,177	32,451	-	199	-
Saphety	15,981	6,479	-	60	-
Sonaecenter II	26,958	-	-	(141,390)	-
Wedo	1,903,540	-	-	563	-
ZOPT	92,000	-	-	49,514	(11,571,814)
Others	-	29,971	-	(13,230)	-
	2,948,986	1,688,408	4,130,000	(35,546)	7,690,938

				Transactions at 30 June 2015
		Supplies and services	Interest and similar
	Sales and services	received	income / (expense)
	rendered	(note 17)	(note 18)	Supplementary income
Parent Company
Sonae SGPS	-	-	213,841	56,831
Subsidiaries
PCJ	-	-	117,766	-
Público	-	(36)	86,286	1,588
Sonae com SI	-	21,463	376,378	-
Sonaecom BV	-	-	551	-
Sonaetelecom BV	-	-	11	-
Sonaecom SP	-	168,363	19,639	-
Wedo	99,532	(800)	-	-
Others related parties
Digitmarket	30,827	-	-	-
Saphety	30,827	1,030	-	-
Sonaecenter II	15,867	30,513	-	-
Raso - Viagens e turismo	-	20,933	-	-
Others	-	32,330	-	31,427
	177,053	273,796	814,472	89,846

				Transactions at 30 June 2014
		Supplies and services	Interest and similar
	Sales and services	received	income / (expense)
	rendered	(note 17)	(note 18)	Supplementary income
Parent Company
Sonae SGPS	-	(771)	1,001,287	-
Subsidiaries
Miauger	-	-	(1,573)	-
PCJ	-	-	130,327	-
Público	(4,444)	367	113,493	1
Sonae com SI	-	15,466	426,465	-
Sonaecom BV	-	-	(154,777)	-
Sonaetelecom BV	-	-	(16,665)	-
Sonaecom SP	-	146,826	4,378	-
Wedo	87,945	-	24,646	-
Others related parties
Digitmarket	24,053	1,329	(18,361)	-
Mainroad	30,053	-	6,137	-
Saphety	24,053	1,546	6,482	-
Sonaecenter II	-	53,191	-	-
Raso - Viagens e turismo	-	40,004	-	-
Others	-	659	-	-
	161,660	258,617	1,521,839	1

During the period ended at 30 June 2015, Sonaecom distributed dividends, in the amount of Euro 3,646,033, to its parent company.

During 2012, the Group signed an agreement with Sonae SGPS, under which Sonae compromise to transfer to employees and board members of Sonaecom, Sonaecom shares, at the price of 1.184 euros, until 2016, as requested by Sonaecom and under the MTIP of Sonaecom. Under this contract, Sonaecom paid to Sonae SGPS, SA the amount of Euro 3,291,520.

During the year ended at 31 December 2013, Sonaecom partially anticipated the maturity of the contract, receiving the amount of Euro 4,444,207. At 11 July 2014 the company terminated this contract so, Sonae SGPS, SA will repay the remaining amount in debt.

All the above transactions were made at market prices.

Accounts receivable and payable to related companies will be settled in cash and are not covered by guarantees.

eport.

21. Guarantees provided to third parties

Guarantees provided to third parties at 30 June 2015 and 2014 were as follows:

Beneficiary	Description	2015	2014
Direção de Contribuições e Impostos (Portuguese tax authorities)	VAT reimbursements	1,435,379	1,435,379
Direção de Contribuições e Impostos (Portuguese tax authorities)	Additional tax assessments (VAT, Stamp and Income tax)	222,622	222,622
		1,658,001	1,658,001

At 30 June 2015, the Board of Directors of the Company believes that the decision of the court proceedings and ongoing tax assessments in progress will not have significant impacts on the financial statements.

22. Earnings per share

Earnings per share, basic and diluted, are calculated by dividing the net income of the year (Euro 29,557,446 in 2015 and Euro 5,949,600 negatives in 2014) by the average number of shares outstanding during the periods ended at 30 June 2015 and 2014, net of own shares (305,769,023 in 2015 and 2014).

23. Medium Term Incentive Plans

In June 2000, the Company created a discretionary Medium Term Incentive Plan for more senior employees, based on Sonaecom options and shares and Sonae-SGPS, S.A. shares. The vesting occurs three years after the award of each plan, assuming that the employees are still employed in the Company.

At 10 March 2014, Sonaecom shares plans were converted in full for shares Sonae SGPS. This conversion was based on the terms set out in exchange takeover bid at 20 February 2014, referred to in note 12 to determine the fair value of Sonaecom plans, and based on the price of shares Sonae SGPS.

Therefore, the conversion of the plans was based Sonaecom / Sonae SGPS implied ratio under fixed the takeover bid (1 Sonaecom Action - Sonae SGPS shares approximately 2.05).

After conversion at 10 March 2014, the converted plans can be detailed as follows:

			Vesting period		10 March 2014
	Share price at 20 Februaru 2014*	Award date	Vesting date	Aggregate number of participations	Number of shares
Sonae SGPS shares (Arising from the conversion of
Sonaecom plans)
2010 Plan	1.258	10-Mar-11	10-Mar-14	2	422,647
2011 Plan	1.258	09-Mar-12	10-Mar-15	2	454,317
2012 Plan	1.258	08-Mar-13	10-Mar-16	2	266,008

*Quotation of the day of publication of the results of the Tender Offer

By the Board Nomination and Remuneration decision, the delivery of the 2010 Plan was persecute in May 2014 and the 2011 Plan will be delivery in May 2015.

Therefore, the outstanding plans at 30 June 2015 are as follows:

			Vesting period		30 June 2015
	Share price at 30 June 2015/ Award date	Award date	Vesting date	Aggregate number of participations	Number of shares
Sonae SGPS shares ( Arising from the conversion of
Sonaecom plans)
2012 Plan	1.177	08-Mar-13	10-Mar-16	2	281,661
Sonae SGPS shares
2012 Plan	0.701	08-Mar-13	10-Mar-16	2	173,615
2013 Plan	1.177	10/mar/14	10/mar/17	2	293,169
2014 Plan	1.177	10/abr/15	10/abr/18	2	161,503

During the period ended at 30 June 2015, the movements that occurred in the plans can be summarized as follows:

		Sonae SGPS shares
	Aggregate number of participations	Number of shares
Outstanding at 31 December 2014:
Unvested	10	1,624,176
Total	10	1,624,176
Movements in year:
Awarded	2	156,885
Vested	(4)	(946,612)
Cancelled / lapsed / corrected*	-	75,499
Outstanding at 30 June 2015:
Unvested	8	909,948
Total	8	909,948

* The adjustments are made for dividends paid and for share capital changes and others adjustments, namely, resulting from a change in the vesting of the MTIP, which may now be made through the purchase of shares with a discount.

The responsibility for all plans was recognized und -current liabilities'. For originally plans of Sonae SGPS shares, the Group entered into hedging contract with external entities, and the responsibilities are calculated based on the prices agreed on those contracts.

The detail of the hedging contracts is as follows:

	Sonae SGPS shares
	2012 Plan
Notional value	268,451
Maturity	Mar-16
Level of inputs in the hierarchy of fair value	Nível 2
Valuation method	Current replacement cost
Fair value*	210,504

* Used the share price of 30 June 2015 in the determination of the fair value.

Share plan costs are recognised in the accounts over the period between the award and the vesting date of those plans. The costs recognised in previous years and in the period ended at 30 June 2015, were as follows:

	Sonaecom	Sonae SGPS	Zon Optimus
	shares	shares	SGPS shares	Total
Costs recognised in previous years	2,962,978	3,531,043	409,556	6,903,577
Costs recognised in the period	-	553,382	-	553,382
Impact of conversion of Sonaecom Plans	(531,505)	1,666,165	-	1,134,660
Costs of plans vested in previous years	(2,431,473)	(4,329,623)	-	(6,761,096)
Costs of plans vested in the period		(1,035,235)	(452,604)	(1,487,839)
	-	385,732	(43,048)	342,684
Responsability of plans	0	175,228	(43,048)	132,180
Fair value of hedging contracts (1)	0	210,504	-	210,504
Recorded in cash and cash equivalents (2)	-	(194,530)	(43,048)	(237,578)
Recorded in other current liabilities	-	347,900	-	347,900
Recorded in other non current liabilities	-	232,362	-	232,362
Recorded in reserves	-	-	-	-

(2)Sonaecom partially anticipated the maturity of the hedging contract with Sonae SGPS, receiving an amount equivalent to the present market value of Sonaecom shares.

At 10 March 2014, Sonaecom shares plans were fully converted into shares Sonae SGPS. This conversion was based on the terms of trade set out in the Tender Offer at 20 February 2014, referred to in Note 12, to determine the fair value of the plans and, based on the share prices Sonae SGPS. Therefore, it was determined the number of shares to be delivered to Sonae SGPS employees. The liability relating to the period of each plan on the date of conversion (EUR 1,582,389) was recognized under 'Other current liabilities' and' Other non-current liabilities' by hand 'equity in accordance with the provisions of IFRS 2.

In 27 August 2013, part of the Sonaecom and Sonae SGPS plans outstanding were converted to NOS plans. The conversion of the Sonaecom plans was made according to the merger ratio, but the conversion of Sonae SGPS plans was made according to the fair value of the shares. This decision was duly approved by the Board Nominations and Remunerations Committee. The cost NOS plans were recognized until 30 September 2013, date on which NOS started to take responsibility for them. The responsibility of these plans was calculated based on share price of 30 September 2013 and was recorded under the headings of -

These financial statements were approved by the Board of Directors on 30 July 2015.

These financial statements are a translation of financial statements originally issued in Portuguese in accordance with International Financial Reporting Standards (IAS / IFRS) as adopted by the European Union and the format and disclosures required by those Standards, some of which may not conform to or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.

Appendix

At 30 June 2015, the related parties of Sonaecom, SGPS, S.A. are as follows:

Key management personnel - Sonaecom
Ângelo Gabriel Ribeirinho dos Santos Paupério	Maria Cláudia Teixeira de Azevedo
António Bernardo Aranha da Gama Lobo Xavier

Key management personnel - Sonae SGPS
Álvaro Carmona e Costa Portela	Christine Cross
Álvaro Cuervo Garcia	Duarte Paulo Teixeira de Azevedo
Belmiro de Azevedo	José Manuel Neves Adelino
Bernd Hubert Joachim Bothe	Michel Marie Bon

Sonaecom Group Companies
Cape Technologies Limited
	Servicios de Inteligencia Estratégica Global, S.L.
Intelligent Big Data, S.L.
ITRUST - Cyber security intelligence services, S.A.	Sonaecom - Cyber security and intelligence, SGPS, S.A.
Lookwise, S.L.	Sonaecom - Serviços Partilhados, S.A.
PCJ - Público, Comunicação e Jornalismo, S.A.
Praesidium Services Limited	Sonaecom BV
	Sonaecom, SGPS, S.A.
S21 Sec Barcelona, S.L.	Sonaetelecom BV
S21 Sec Brasil, Ltda	Tecnológica Telecomunicações LTDA.
S21 Sec Ciber Seguridad, S.A. de CV
S21 Sec Fraud Risk Management, S.L.
S21 SEC Gestion, S.A.	WeDo Poland Sp. Z.o.o.
S21 Sec Inc.	WeDo Technologies (UK) Limited
S21 Sec Information Security Labs, S.L.	WeDo Technologies Americas, Inc.
S21 Sec Institute, S.L.	WeDo Technologies Australia PTY Limited
S21 Sec México, S.A. de CV	WeDo Technologies BV
S21 Sec, S.A. de CV
	WeDo Technologies Egypt LLC
Saphety Brasil Transações Eletrônicas Ltda.	WeDo Technologies Mexico, S de R.L.

ACCIVE Insurance Cons. e Franchising,Lda Casa da Ribeira - Hotelaria e Turismo,SA Accive Insurance-Corretor de Seguros, SA Casa da Ribeira-Sociedade Imobiliária,SA ADD Avaliações Eng.Aval.e Perícias, Ltda Cascaishopping Centro Comercial, SA Adlands BV Cascaishopping Holding I, SGPS, SA Aegean Park, SA CCCB Caldas da Rainha-Centro Comerc., SA Agepan Eiweiler Management GmbH Centro Colombo Centro Comercial, SA Agepan Tarket Laminate Park GmbH Co. KG Centro Residencial da Maia,Urban.,SA Agloma Investimentos, Sgps, S.A. Centro Vasco da Gama Centro Comercial,SA Agloma-Soc.Ind.Madeiras e Aglom.,SA Chão Verde-Soc. de Gestão Imobiliária,SA Airone - Shopping Centre, Srl Cinclus Imobiliária,SA ALEXA Administration GmbH Citic Capital Sierra Limited ALEXA Holding GmbH Citic Capital Sierra Prop. Man. Limited ALEXA Shopping Centre GmbH Citorres - Sociedade Imobiliária, SA Algarveshopping- Centro Comercial, SA Coimbrashopping Centro Comercial, SA Aqualuz - Turismo e Lazer, Lda Colombo Towers Holding BV Arat Inmuebles, S.A. Companhia Térmica do Serrado, ACE ARP Alverca Retail Park, SA Companhia Térmica Tagol, Lda. Arrábidashopping - Centro Comercial, SA Contacto Concessões, SGPS, S.A. Aserraderos de Cuellar,SA Contibomba-Comérc.Distr.Combustiveis,SA Atelgen-Produção Energia, ACE Contimobe - Imobiliária Castelo Paiva,SA Atlantic Ferries-Tráf.Loc,Flu.e Marít,SA Continente Hipermercados, SA Avenida M-40 BV Country Club da Maia-Imobiliaria,SA Azulino Imobiliária, S.A. Craiova Mall BV BA Business Angels, SGPS, SA Cronosaúde - Gestão Hospitalar, S.A. BA Capital, SGPS CTE-Central Termoeléct. do Estuário, Lda BB Food Service, SA Cumulativa - Sociedade Imobiliária, S.A. Be Artis-Conc.,Const.e Gest.Redes Com,SA Darbo SAS Be Towering-Gestão de Torres de Telec,SA Discovery Sports, SA Beeskow Holzwerkstoffe Distodo Distribui e Logist,Lda Beralands BV Dortmund Tower GmbH Bertimóvel - Sociedade Imobiliária, S.A. Dos Mares Shopping Centre BV BIG Picture 2 Films Dos Mares Shopping Centre, SA Bloco Q-Sociedade Imobiliária,SA Dreamia, B.V Bloco W-Sociedade Imobiliária,SA Dreamia, Serv de Televisão, SA BOM MOMENTO - Restauração, S.A. Ecociclo - Energia e Ambiente, SA Canasta-Empreendimentos Imobiliários,SA Ecociclo II CAPWATT - Brainpower, S.A. Edições Book.it, S.A. Capwatt ACE, S.A. Efanor Investimentos, SGPS, S.A. Capwatt Colombo - Heat Power, S.A. Efanor Serviços de Apoio à Gestão, S.A. Capwatt Engenho Novo - Heat Power, S.A. Empracine-E.Pro.Act. Cinem,Lda Capwatt Hectare - Heat Power, ACE Empreend.Imob.Quinta da Azenha,SA Capwatt II - Heat Power, S.A. Enerlousado-Recursos Energéticos, Lda. Capwatt III - Heat Power, S.A. Equador & Mendes-Ag. Viagens e Tur.,Lda Capwatt Maia - Heat Power, S.A. Estação Viana Centro Comercial, SA Capwatt Martim Longo - Solar Power, S.A. Estêvão Neves-Hipermercados Madeira,SA Capwatt Vale do Caima - Heat Power, S.A. Euroresinas-Indústrias Quimicas,SA Capwatt Vale do Tejo - Heat Power, S.A. Farmácia Selecção, SA CAPWATT, SGPS, S.A. Fashion Division Canárias, SL Carnes do Continente-Ind.Distr.Carnes,SA Fashion Division, S.A.

3shoppings - Holding, SGPS, SA Carvemagere-Manut.e Energias Renov., Lda

Feneralt-Produção de Enercia, ACE Integrum ACE, SA FINSTAR-Socied.Investim.Par SA Integrum Colombo Energia, SA Fozimo - Sociedade Imobiliária, SA Integrum Engenho Novo - Energia, S.A. Fozmassimo - Sociedade Imobiliária, SA INTEGRUM II - ENERGIA, S.A. Freccia Rossa - Shopping Centre, Srl INTEGRUM III - ENERGIA, S.A. Fundo de Invest.Imobiliário Fec. Imosede Integrum Martim Longo - Energia, S.A. Fundo Esp.Inv.Imo.Fec. WTC Integrum Vale do Caima - Energia, SA Fundo I.I. Parque Dom Pedro Shop. Center Integrum Vale do Tejo - Energia, SA Fundo Invest. Imobiliário Imosonae Dois Interlog-SGPS, SA Fundo Invest.Imob.Shopp. Parque D. Pedro Invesaude - Gestão Hospitalar S.A. Gaiashopping I Centro Comercial, SA Ioannina Develop.of Shopping Centres, SA Gaiashopping II Centro Comercial, SA Isoroy SAS GHP Gmbh La Farga - Shopping Center, SL Gli Orsi Shopping Centre 1, Srl Land Retail BV Glunz AG Larim Corretora de Resseguros, Ltda Glunz Service GmbH Larissa Develop. of Shopping Centers, SA Glunz UK Holdings Ltd Lazam MDS Corretora e Adm. Seguros, SA Glunz Uka Gmbh Le Terrazze - Shopping Centre 1, Srl Golf Time-Golfe e Invest. Turísticos, SA Libra Serviços, Lda Guimarãeshopping Centro Comercial, SA Lidergraf - Artes Gráficas, Lta Harvey Dos Iberica, SL Loop 5 Shopping Centre GmbH Herco Consult.Risco Corret.Seguros, Ltda Lusomundo España, SL Herco Consultoria de Risco, S.A. Lusomundo Imobiliária 2, SA HighDome PCC Limited Lusomundo Moçambique, Lda HighDome PCC Limited (Cell Europe) Lusomundo Soc. Inv. Imob. SA Iberian Assets, SA Luz del Tajo BV Igimo - Sociedade Imobiliária, SA Luz del Tajo Centro Comercial, SA Iginha - Sociedade Imobiliária, SA Madeirashopping Centro Comercial, SA Imoareia - Invest. Turísticos, SGPS, SA Maiashopping Centro Comercial, SA Imobeauty, SA Maiequipa - Gestão Florestal, SA Imoclub-Serviços Imobilários, SA Marcas do Mundo-Viag. e Turismo Unip,Lda Imoconti - Sociedade Imobiliária, SA Marcas MC, ZRT Imodivor - Sociedade Imobiliária, SA Marina de Tróia S.A. Imoestrutura - Sociedade Imobiliária, SA Marinamagic-Expl.Cent.Lúdicos Marít,Lda Imohotel-Emp.Turísticos Imobiliários,SA Marmagno-Expl.Hoteleira Imob.,SA Imopenínsula - Sociedade Imobiliária, SA Marvero-Expl.Hoteleira Imob.,SA Imoplamac Gestão de Imóveis, SA MDS - Corretor de Seguros, SA Imoponte - Sociedade Imobiliária, SA MDS Affinity-Sociedade de Mediação Lda Imoresort - Sociedade Imobiliária, SA MDS Africa SGPS, S.A. Imoresultado - Sociedade Imobiliária, SA MDS Auto - Mediação de Seguros, SA Imosedas - Imobiliária e Seviços, SA Mds Knowledge Centre, Unipessoal, Lda Imosistema - Sociedade Imobiliária, SA MDS Malta Holding Limited Impaper Europe GmbH MDS RE - Mediador de resseguros Implantação - Imobiliária, S.A. MDS, SGPS, SA Infofield - Informática, SA Megantic BV Inparsa - Gestão Galeria Comercial, SA Miral Administração Corretagem Seg, Ltda Inparvi SGPS, SA MJB-Design, Lda Integrum - Energia, SA MJLF - Empreendimentos Imobiliários, SA

Imobiliária da Cacela, S.A. Mainroad Serviços em Tecnologias de Informação, S.A. Imomuro - Sociedade Imobiliária, SA Martimope-Empreendimentos Turísticos, SA

Modalfa - Comércio e Serviços, SA Plaza Mayor Holding, SGPS, S.A. MODALLOOP - Vestuário e Calçado, SA Plaza Mayor Parque de Ócio BV Modelo - Dist.de Mat. de Construção,S.A. Plaza Mayor Parque de Ocio, SA Modelo Continente Hipermercados, SA Plaza Mayor Shopping BV Modelo Continente International Trade,SA Plaza Mayor Shopping, SA Modelo Hiper Imobiliária, SA Poliface North America Modelo.com-Vendas por Correspondência,SA Ponto de Chegada - Soc. Imobiliária, SA Movelpartes-Comp.para Ind.Mobiliária,SA Porturbe-Edificios e Urbanizações,SA Movimento Viagens-Viag.e Turismo S.U.Lda Powercer-Soc.de Cogeração da Vialonga,SA MSTAR, SA Praedium - Serviços, SA Münster Arkaden BV Praedium II - Imobiliária, SA Norte Shop. Retail and Leisure Centre BV Praedium SGPS, SA Norteshopping Centro Comercial, SA Predicomercial - Promoção Imobiliária,SA NOS Açores Comunicações, SA Predilugar - Sociedade Imobiliária, SA NOS Comunicações , S.A. Prédios Privados Imobiliária, SA NOS Lusomundo Audiovisuais, SA Predisedas - Predial das Sedas, SA NOS Lusomundo Cinemas, SA Proj. Sierra Germany 4 (four)-Sh.C.GmbH NOS Lusomundo TV Lda Proj. Sierra Italy 2 - Dev.of Sh.C. Srl NOS Madeira Comunicações, SA Proj.Sierra Germany 2 (two)-Sh.C.GmbH NOS, SGPS, S.A. Project 4, Srl NOSPUB, Publicidade e Conteúdos, S.A. Project SC 1 BV Nova Equador Internacional,Ag.Viag.T,Lda Project SC 2 BV Nova Equador P.C.O. e Eventos, S.U., Lda Project Sierra 10 BV Novobord (PTY) Ltd. Project Sierra 11 BV Novodecor (PTY), LTD Project Sierra 12 BV OSB Deustchland Gmbh Project Sierra 2 BV Pantheon Plaza BV Project Sierra 6 BV Paracentro - Gestão de Galerias Com., SA Project Sierra 8 BV Pareuro BV Project Sierra Four Srl Park Avenue Develop.of Shop. Centers, SA Project Sierra Germany 2 (two)-Sh.C.GmbH Parklake Shopping, SA Project Sierra Germany 4 (four)-S.C.GmbH Parque Atlântico Shopping-C.Comerc., SA Project Sierra Spain 1 BV Parque D. Pedro 1 BV Project Sierra Spain 2 - C.Comercial, SA Parque de Famalicão - Empreend.Imob., SA Project Sierra Spain 3 BV Parque Principado SL Project Sierra Spain 3-Centro Comer. SA Pátio Boavista Shopping, Ltda Project Sierra Two Srl Pátio Campinas Shopping, Ltda Promessa Sociedade Imobiliária, S.A. Pátio Goiânia Shopping, Ltda Quorum Corretores de Seguros Ltda Pátio Londrina Empreend.e Particip.,Ltda Racionaliz. y Manufact.Florestales,SA Pátio Penha Shopping Ltda. Raso - Viagens e Turismo, SA Pátio São Bernardo Shopping Ltda RASO II-Viagens e Turismo,Unipessoal Lda Pátio Sertório Shopping Ltda Raso, SGPS, SA Pátio Uberlândia Shopping Ltda River Plaza BV Peixes do Continente-Ind.Dist.Peixes,SA River Plaza Mall, Srl Per-Mar-Sociedade de Construções,SA Rochester Real Estate,Limited Pharmaconcept - Actividades em Saúde, SA Ronfegen-Recursos Energéticos, Lda. Pharmacontinente - Saúde e Higiene, SA RSI Corretora de Seguros, Ltda PJP - Equipamento de Refrigeração, Lda S.C. Microcom Doi Srl Plaza Eboli B.V. Saphety Level - Trusted Services, SA Plaza Eboli - Centro Comercial, SA Saúde Atlântica - Gestão Hospitalar, SA

SC Aegean BV Sierra Property Management Greece, SA SC Assets SGPS, SA Sierra Real Estate Greece BV SC Finance BV Sierra Reval-PM Mark. and Consult., Inc SC For-Serv.Form.e Desenv.R.H.,Unip.,Lda Sierra Romania Sh. Centers Services Srl SC Hospitality, SGPS , S.A. Sierra Services Holland 2 BV SC Mediterranean Cosmos B.V. Sierra Services Holland B.V. SC, SGPS, SA Sierra Solingen Holding GmbH SC-Consultadoria,SA Sierra Spain 2 Services, S.A. SC-Eng. e promoção imobiliária,SGPS,S.A Sierra Spain Shop. Centers Serv., S.A.U. SCS Beheer,BV Sierra Spain, Shop. Centers Services, SL SDSR - Sports Division 2, S.A. Sierra Turkey Gayrim.Yön.P.Dan.An.Sirket SDSR - Sports Division SR, S.A. Sierra Zenata Project BV Selifa-Empreend. Imobiliários de Fafe,SA SII - Soberana Invest. Imobiliários, SA Sempre à Mão - Sociedade Imobiliária, SA Servicios de Int.Estratégica Global,S.L. SISTAVAC, S.A. Servicios de Inteligencia Estratégica Global, S.L. SISTAVAC, SGPS, S.A. Sesagest - Proj. Gestão Imobiliária, SA SISTAVAC-Sistemas HVAC-R do Brasil, Ltda Sete e Meio - Invest. Consultadoria, SA SKK SRL Sete e Meio Herdades-Inv. Agr. e Tur.,SA SKK-Central de Distr.,SA Shopping Centre Colombo Holding BV SKKFOR - Ser. For. e Desen. de Recursos Shopping Centre Parque Principado BV Soc.Inic.Aproveit.Florest.-Energias,SA SIAL Participações, Lda Sociedade de Construções do Chile, S.A. Sierra Asia Limited Société de Tranchage Isoroy SAS. Sierra Berlin Holding BV Socijofra - Sociedade Imobiliária, SA Sierra Brazil 1 BV Sociloures - Sociedade Imobiliária, SA Sierra Central S.A.S. Soconstrução BV Sierra Cevital Shopping Center, Spa Sodesa, S.A. Sierra Corporate Services Holland BV Soflorin BV Sierra Developments Holding BV Soira-Soc.Imobiliária de Ramalde,SA Sierra Developments, SGPS, SA Solinca - Eventos e Catering, SA Sierra Enplanta Ltda Solinca - Health & Fitness, SA Sierra European R.R.E. Assets Hold. BV Solinca-Investimentos Turísticos,SA Sierra Germany GmbH Solinfitness - Club Malaga, S.L. Sierra GP, Limited Solingen Shopping Center GmbH Sierra Greece, SA SOLSWIM-Gestão e Expl.Equip.Aquáticos,SA Sierra Investimentos Brasil Ltda Soltroia-Imob.de Urb.Turismo de Tróia,SA Sierra Investments (Holland) 1 BV Somit Imobiliária, SA Sierra Investments (Holland) 2 BV Sonae - Specialized Retail, SGPS, SA Sierra Investments Holding BV Sonae Capital Brasil, Lda Sierra Investments SGPS, SA Sonae Capital, SGPS, SA Sierra Italy Holding B.V. Sonae Center Serviços II, SA Sierra Italy, Srl Sonae Center Serviços, S.A. Sierra Management Germany GmbH Sonae Financial Services, S.A. Sierra Management Italy S.r.l. Sonae Ind., Prod. e Com.Deriv.Madeira,SA Sierra Management Romania, Srl Sonae Indústria - Management Services,SA Sierra Management, SGPS, SA Sonae Industria (UK),Ltd Sierra Portugal, SA Sonae Industria de Revestimentos,SA Sierra Project Nürnberg BV Sonae Indústria-SGPS,SA

Sierra - OST Property Management Sociedade Independente de Radiodifusão Sonora, S.A.

Sonae Investimentos, SGPS, SA Tafisa UK,Ltd Sonae Investments BV Tafisa-Tableros de Fibras, SA Sonae MC - Modelo Continente, SGPS, SA Taiber,Tableros Aglomerados Ibéricos,SL Sonae Novobord (PTY) Ltd Tecmasa Reciclados de Andalucia, S.L. Sonae RE, S.A. Tecnológica Telecomunicações LTDA. Sonae Retalho España-Serv.Generales, SA Tecnológica Telecomunicações, Ltda Sonae SGPS, SA Teconologias del Medio Ambiente,SA Sonae Sierra Brasil, SA Teliz Holding B.V. Sonae Sierra Brazil, BV / SARL Têxtil do Marco, SA Sonae Sierra, SGPS, SA The Artist Porto Hot.&Bistrô-Act.Hot.,SA Sonae Specialized Retail, SGPS, SA Tlantic BV Sonae SR Malta Holding Limited Tlantic Portugal - Sist.de Informação,SA Sonae Tafibra Benelux, BV Tlantic Sistemas de Informação, Ltda Sonae Turismo, SGPS, S.A. Todos os Dias-Com.Ret.Expl.C.Comer.,S.A. SONAECENTER SERVIÇOS, SA Tool Gmbh Sonaecom - Cyber security and intelligence, SGPS, S.A. Torre Ocidente Imobiliária, SA Sonaecom - Serviços Partilhados, S.A. Torre São Gabriel Imobiliária, SA Sonaecom BV Troiaresort-Investimentos Turísticos, SA Sonaecom, SGPS, S.A. Troiaverde-Expl.Hoteleira Imob.,SA Sonaegest-Soc.Gest.Fundos Investimentos Tulipamar-Expl.Hoteleira Imob.,SA Sonaerp - Retail Properties, SA SONAESR - Serviços e logistica, SA Unishopping Administradora Ltda. Sonaetelecom BV Unishopping Consultoria Imobiliária,Ltda Sondis Imobiliária, SA Upstar Comunicações SA Sontaria-Empreend.Imobiliários,SA Urbisedas-Imobiliária das Sedas,SA Sontel BV Valecenter Srl Sontur BV Valor N, SA Sonvecap BV Via Catarina Centro Comercial, SA Sopair, S.A. Viajens y Turismo de Geotur España, S.L. Sótaqua - Soc. de Empreendimentos Turist Vistas do Freixo-Emp.Tur.Imobiliários,SA Soternix-Produção de Energia, ACE Vuelta Omega, S.L. Spanboard Products,Ltd Weiterstadt Shopping BV SPF - Sierra Portugal World Trade Center Porto, S.A. Spinarq Moçambique, Lda Worten - Equipamento para o Lar, SA Spinarq-Engenharia,Energia e Ambiente,SA Worten Canárias, SL Spinveste - Promoção Imobiliária, SA Worten España Distribución, SL Spinveste-Gestão Imobiliária SGII,SA Zenata Commercial Project S.A. Sport TV Portugal, SA ZIPPY - Comércio e Distribuição, SA Sport Zone Canárias, SL Zippy - Comercio y Distribución, SA Sport Zone España-Com.Art.de Deporte,SA Zippy cocuk malz.dag.ith.ve tic.ltd.sti Sport Zone spor malz.per.satis ith.ve ti Zon Audiovisuais, SGPS Spred, SGPS, SA Zon Cinemas, SGPS Tableros Tradema,S.L. ZON Finance BV Tafiber,Tableros de Fibras Ibéricas,SL ZON III-COMUNICAÇ ELETRÓN SA Tafibra South Africa (PTY) Ltd. ZON II-SERVIÇOS TELEVISÃO,SA Tafibra Suisse, SA Zon TV Cabo SGPS SA Tafisa Canadá Societé en Commandite Zon TV Cabo, SA Tafisa Développement Zubiarte Inversiones Inmob,SA Tafisa France, SA Zubiarte Inversiones Inmobiliarias, SA Tafisa Investissement ZYEVOLUTION-Invest.Desenv.,SA Tafisa Participation

Troia Market-Supermercados, S.A. Troia Natura, S.A.

Sonaecom SGPS is listed on the Euronext Stock Exchange. Information is available on Reuters under the symbol SNC.LS and on Bloomberg under the symbol SNC:PL.

This document may contain forwardbeliefs. Forward-looking statements are statements that are not historical facts.

These forward-looking statements are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including, but not limited to, changes in regulation, the telecommunications industry and economic conditions; and the effects of competition. Forward-looking statements

Although these statements reflect our current expectations, which we believe are reasonable, investors, analysts and, generally, the recipients of this document are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. You are cautioned not to put undue reliance on any forward-looking information or statements. We do not undertake any obligation to update any forward-looking information or statements.

www.sonae.com

[email protected] Tlf: +351 22 013 23 49

AI Terminal

Sonaecom SGPS

1921_iss_2015-08-27_21ad4db1-2c6b-4f1a-957b-222a168370a3.pdf

Table of contents

1. Main Highlights

2. Sonaecom Consolidated Results

Turnover

Operating costs

EBITDA

Net results

2.1 Software and Systems Information (SSI)

Financial indicators

Million euros

Turnover

Operating costs

EBITDA

Underlying EBITDA-operating CAPEX

2.2 Media

2.3 NOS

Operational Indicators

Financial indicators

3. Sonaecom Individual Results

3.1 Operational data

Service revenues

Total operational costs

EBITDA

Dividends received

Net financial activity

Other financial results

Net income

3.2 Financial data

However:

4.1 Consolidated income statement

4.2 Consolidated balance sheet

4.3 Consolidated levered FCF

5. Corporate Governance

6. Article 447, 448 and Qualified Holdings

Article 447

Board of Directors

Management

Notes

Article 448

Qualified holdings

7. Declaration for the purpose of Article 246 of CVM (Portuguese Securities Code)

8. Financial Information

8.1 Sonaecom consolidated financial statements

Consolidated balance sheets

The Chief Accountant

The Board of Director

Consolidated profit and loss account by nature

For the periods ended at 30 June 2015 and 2014 (restated note 1) and for the year ended at 31 December2014

The Chief Accountant

Ricardo André Fraga Costa

The Board of Director

Consolidated statements of profit or loss and other comprehensive income

The Chief Accountant

The Board of Director

The Chief Accountant

The Board of Director

continued)

The Chief Accountant

The Board of Director

Consolidated cash flow statements

The Chief Accountant

The Board of Director

Notes to the consolidated cash flow statements

1. Acquisition or sale of subsidiaries or other businesses

2. Details of cash and cash equivalents

3. Description of non-monetary financing activities

4. Cash flow breakdown by activity

The Chief Accountant

The Board of Director

8.2 Notes to the consolidated financial statements

1. Basis of presentation

Sale of Mainroad

o Fisco e Segurança Social

Main accounting policies

b) Investments in associated companies and companies jointly controlled

c) Tangible assets

d) Intangible assets