Microsoft Word - 2016 03 29 Relatório CA EN SEM TRACK CHANGES.docx



Report and Accounts 2015


Report and Accounts 2015


Part 1 Management Report


Part 2 Corporate Governance Report


Part 3 Consolidated Financial Statements


Part 4 Statutory Auditor Certificate and Report of the Audit Board on the Consolidated Accounts


Part 5 Separate Financial Statements


Part 6 Statutory Auditor Certificate and Report of the Audit Board on the Separate Accounts


Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. Public Limited Company

Av. Fontes Pereira de Melo, nº 14, 10º, 1050-121 Lisboa Companies Registry and Corporate Person no.: 502 593 130 Share Capital: € 81,645,523



PART 1 MANAGEMENT REPORT


Contents

  1. Macroeconomic Framework 5
  2. Overview of Semapa Group Operations 6
  3. Paper and Paper Pulp Business Area 10

    1. Leading Business Indicators 10

    2. Overview of Operations of the Paper and Paper Pulp Business Area 10

    3. Business Review 12

    4. Industrial Operations 15

    5. Development 15

    6. Resources and Supporting Functions 16

    7. Cement and Derivatives Business Area 22

      1. Leading Business Indicators 22

      2. Leading Operating Indicators 23

      3. Overview of the Cement and Derivatives Business Area 23

      4. Business Review 25

      5. Resources and Supporting Functions 37

      6. Organization 38

      7. Environment Business Area 39

        1. Leading Business Indicators 39

        2. Leading Operating Indicators 39

        3. Overview of the Environment Business Area 39

        4. Semapa Group Human Resources 41
        5. Social Responsibility in the Semapa Group 42
        6. Semapa Group - Financial Area 43

          1. Indebtedness 43

          2. Financial Results 44

          3. Risk Management 44

          4. Listed Share Price 44

          5. Dividends 45

          6. Net earnings 46

          7. Main Effects of the Public Exchange Offer on the Consolidated and Individual Statements 46

          8. Highlights in 2015 47
          9. Outlook 49
          10. Acknowledgements 52
          11. Proposed Allocation of Profits 53

          Semapa - Sociedade de Investimento e Gestão SGPS SA issued this content on 30 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 30 March 2016 19:37:58 UTC

          Original Document: http://www.semapa.pt/sites/default/files/pdf_destaque/rc_sem_2015_en.pdf