Microsoft Word - RC 9M 2015 EN



Quarterly Accounts First 9 Months of 2015


Quarterly Accounts


Part 1 Management Report …………………………………………………..3 Part 2 Consolidated Financial Statements …………………………...32


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

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




PART 1


MANAGEMENT REPORT


Contents

  1. Main Developments 5
  2. Overview of Semapa Group Operations 7
  3. Paper and Paper Pulp Business Area ‐ Portucel Soporcel Group 11

    1. Leading Business Indicators 11

    2. Overview of Operations 12

    3. Business Review 13

    4. Cement and Derivatives Business Area - Secil Group 16

      1. Leading Business Indicators 16

      2. Overview of Operations 17

      3. Business Review 17

      4. Environment Business Area ‐ ETSA Group 24

        1. Leading Business Indicators 24

        2. Overview of Operations 25

        3. Semapa Group - Financial Area 26

          1. Indebtedness 26

          2. Net Income in the First 9 months of 2015 26

          3. Main Effects of the Public Exchange Offer on the Consolidated and Individual Statements 27

          4. Listed Share Price 28

          5. Outlook 29
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