SAG GEST Soluções Automovel Globais : – Soluções Automóvel Globais, SGPS, SA announces the Consolidated Results for the 1st Quarter 2019

SAG GEST - Soluções Automóvel Globais, SGPS, SA

Listed Company

Estrada de Alfragide, nº 67, 2614-519 Amadora Registered Share Capital: 169,764,398 euros Registered at the Amadora Registrar of Companies under the single registration and taxpayer no. 503 219 886

ANNOUNCEMENT

Consolidated Results 1st Quarter of 2019

(Unaudited)

• Following the agreement between SAG Gest, Porsche Holdings and Financial Institutions that participate in SAG Gest's loans and guarantees, settled in April 30 2019, Financial Statements as at 31st March 2019 were prepared with the Assets included in this transaction being classified as Assets held for sale, as well as corresponding liabilities
• Consolidated Net Result was negative in Eur 1.0 million, which compares with Eur 6.7 million in the same period of 2018
• 1st Quarter Total Equity is negative in Euro 181.6 million (Euro -179.1 million as at 31st December 2018) mainly due to impairment losses recognized in the accounts
• Disregarding the re-statement effect above mentioned, and in comparable bases:

1. Turnover in the 1st Quarter was Euro 116 million (Euro 157 million same period of prior year). This decrease is due to activity reduction in non-profitable segments

1. EBITDA in the 1st Quarter was Euro 2.6 million which compares with Euro 3.6 million in prior year's same period

SAG GEST - Soluções Automóvel Globais, SGPS, SA - Sociedade Aberta Estrada de Alfragide, nº 67, 2614-519Amadora Registered Share Capital: 169,764,398 euros

Registered at the Amadora Registrar of Companies

under the single registration and taxpayer no. 503 219 886

Tel: [phone]

Fax: [phone]

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1. OPERATIONAL PERFORMANCE

• Automotive Distribution
• • The Portuguese Car Market (where volume is measured by orders registration, including vehicles on self-registration) in the 1st Quarter 2019, decrease 6.0% in the Light Vehicle market and increase 0,9% in Light Commercial Vehicle market, with a total of 59,445 and 8,726 units respectively.
  • The orders registration volume of Brands represented by SIVA Subsidiary was 3,902 units, a decrease of 27.9% when compared with the 5,414 units sold in the 1st Quarter of 2018. Consequently, SIVA's market share of Light Vehicle was 5.7%, a decrease of 1.8 p.p when compared to the same period in 2018:
  • • The Volkswagen Brand - Passenger Car, with a volume of 2,459 units and a 28.4% decrease achieved a 4.1% market share (5.4% in 2018) in the Light Passenger Car market.
    • The Audi Brand achieved a volume of 797 units, less 38.2% when compared to the 1,289 units in the same period in prior year.
    • The Škoda Brand increased 4.4% to 404 units (387 units in the same period in 2018).
    • The Volkswagen Brand- Commercial Vehicles, with 231 units, decreased 22.7% in the same period 2018 (299 units).
  • The volume reduction, across all brands represented by the SIVA Subsidiary, is essentially due to three factors:
  • • High volume reduction in Rent-a-Car business, due to the reduce margin of the channel and the high evolved risk (Buy Backs)
    • Elimination of self-registration (registered cars for subsequent sales), due to that fact that this sale type involves an elevated level of discounts and working capital needs. These vehicles occurred during the first months of 2018, being discontinued as of the end of the 1st quarter
• Automotive Retail
• • The number new vehicles of Volkswagen, Audi, Škoda and Volkswagen - Commercial Vehicles Brands sold by the Soauto Dealers (Soauto SA, Loures Automóveis, Rolporto and Rolvia) in the 1st Quarter 2019 was 871 units, a 12.0% decrease when compared to the same period in the prior year.
  • The Soauto Dealers sold 439 used cars, less 1272% when compared to the 503 units sold in 1st Quarter of 2018.

SAG GEST - Soluções Automóvel Globais, SGPS, SA - Sociedade Aberta Estrada de Alfragide, nº 67, 2614-519Amadora Registered Share Capital: 169,764,398 euros

Registered at the Amadora Registrar of Companies

under the single registration and taxpayer no. 503 219 886

Tel: [phone]

Fax: [phone]

2

2. ECONOMIC AND FINANCIAL RESULTS

Explanation Note: Due to the restructuring process that occur during 2018, which culminated in the agreement established between SAG Gest, Porsche Holdings and the Financial Institutions that participate in SAG Gest's loans and guarantees , the 2018 Financial Statements are disclosed in way that assets involved in the transaction are classified as assets / liabilities held for sale. In accordance with the respective IFRS 5 the comparative has been restated in Statement of Profit and Loss and other Comprehensive Income. The change resulting from restructuring implied the registration of impairments with related parties that significantly change the comparison with the 2018 financial year. We disclosed the Consolidated Statement of Profit and Loss and other Comprehensive Income and Balance Sheet the amounts of 2019 on a comparable basis. Tables of this section are expressed in thousands of Euros. Percentages were calculated using the amounts expressed in Euro.

• Disregarding the effect of Profit/Loss of discontinued operations turnover was Eur 116 million in the 1st quarter, representing a decrease of Eur 41 million when compared with Eur 156 million in the same period of prior year
• As disclosed during 2018, with the worsening of liquidity risk, which resulted in a reduction of funds available to finance the temporary and seasonal needs of working capital, it was necessary to carry out in the 1st quarter of 2018 a set of punctual sales of used cars and self-registration, which were in stock on December 31, 2017. The performance of these operations negatively affected the EBITDA of the Distribution area by approximately Eur 6.0 million
• Consequently, the value of the Consolidated Contribution Margin increased Eur 4.6 million compared to the amount in the 1st Quarter of 2018, amounting to a Contribution Margin of Eur 13.6 million
• EBITDA in the 1st quarter was Eur 2.6 million, an increase of Eur 6.2 million when compared with the first quarter of 2018 (negative Eur 3.6 million).
• Consolidated Net Result was negative by Eur 1.0 million (Loss of Eur 6.7 million in the same period of 2018).

SAG GEST - Soluções Automóvel Globais, SGPS, SA - Sociedade Aberta Estrada de Alfragide, nº 67, 2614-519Amadora Registered Share Capital: 169,764,398 euros

Registered at the Amadora Registrar of Companies

under the single registration and taxpayer no. 503 219 886

Tel: [phone]

Fax: [phone]

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• Consolidated Net Debt as at March 31, 2019 was Eur 68.7 million, a decrease of approximately Euro 0.2 million when compared with Euro 68.9 million at December 31, 2018.

Alfragide, May 31, 2019

João Pedro Saraiva

Representative for Market Relations

SAG GEST - Soluções Automóvel Globais, SGPS, SA - Sociedade Aberta Estrada de Alfragide, nº 67, 2614-519Amadora Registered Share Capital: 169,764,398 euros

Registered at the Amadora Registrar of Companies

under the single registration and taxpayer no. 503 219 886

Tel: [phone]

Fax: [phone]

4

CONSOLIDATED STATEMENT OF PROFIT AND LOSS

(Thousands of Euros)

(Unaudited)

SAG GEST - Soluções Automóvel Globais, SGPS, SA - Sociedade Aberta Estrada de Alfragide, nº 67, 2614-519Amadora Registered Share Capital: 169,764,398 euros

Registered at the Amadora Registrar of Companies

under the single registration and taxpayer no. 503 219 886

Tel: [phone]

Fax: [phone]

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