Miguel Gil Mata 

The results we announce today are the outcome of a year where we achieved important milestones in our corporate strategy, thanks to the efforts of all the people that are part of Sonae Capital universe. Today we can say that we are a bigger company, with an increasingly consolidated business portfolio. The turnover of our Business Units continued to grow and reached 183.5 million euros in 2018, 16.3% above 2017, with an EBITDA of 20.6 million euros, corresponding to an increase of 18.6% when compared to the previous year.

The Real Estate unit, which is key to our corporate strategy financing, continued to perform in line with expectations. In 2018, we highlight the sale, for 30 million euros, of one of the most emblematic assets in our portfolio, the EFANOR Allotment, in addition to the PPSA of Unop 3, in Tróia, and Edifício Metrópolis, in Porto. Regarding the Residential Tourist Units in Tróia, we signed 38 sales deeds amounting to 14.7 million euros (plus 5 sales deeds in the amount of 2.3M€, already in the beginning of 2019), with a sales rhythm we were not able to achieve since 2014.

We are glad to announce that our Business Units remain in a continuous logic of growth, although with expected differences in rhythm and ambition. In Energy, 2018 was the year in which we established the foundations to explore a new market, the Mexican, essentially through the cogeneration technology, where we have the adequate know-how and experience. In Fitness, we have successfully integrated Pump Fitness chain and Lagoas Park Club, while at the same time we opened three new Clubs, which means we are ending the year with thirty clubs in our portfolio. In Hospitality, we won the concession to open a new unit in the iconic building of Santa Apolónia Railway Station, which will allow us to start our activity in Lisbon, a destination of undisputable potential. In Refrigeration & HVAC, we continued to improve the profitability and sustainability of the operation.

In Adira, we proceeded with a series of profound operational and structural transformations during 2018, virtually in all areas of the company. Notwithstanding the unavoidable impact in operational profitability under a short-term horizon, these changes aim to provide Adira with the resources and processes that are required to put the operation at higher levels, both in volume and profitability, in line with the potential that (we would like to reaffirm), the company has.

After closing the year with net debt at 119.8 million euros, we maintain an adequate capital structure when considering the type of businesses and assets held by the Group, even considering the dividend distribution in the amount of 15 million euros, last May, and the 32.6 million euros investment - essential for the path of steady growth we want to pursue.

I have no doubt that the challenges will always remain, but we also know the way forward to overcome them. We aim for an Energy business that also grows outside Portugal, and for a Fitness business that leads the market. We are confident that the Hospitality business will be able to capture the potential of the sector in all its locations and we desire a more profitable Refrigeration & HVAC business, not forgetting the operation in Tróia, in which we see the potential to keep establishing itself as a touristic destination of excellence. Finally, we are determined to create all the conditions for Adira to demonstrate its intrinsic potential, thus fulfilling its role as the seed of a new business area in Sonae Capital.

Given this set of results, in which I would like to highlight the positive Net Profit (Continued Businesses), as well as the evolution trends more and more evident, it seems clear to me that we should face 2019 with optimism.

Miguel Gil Mata, Earnings Announcement 2018

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