REPORT AND ACCOUNTS

2018

REPORT AND ACCOUNTS 2018

REPORT AND ACCOUNTS 2018

PART 1

MANAGEMENT REPORT ……………………………… .…..… ..... 3

PART 2

CORPORATE GOVERNANCE REPORT ……………………...... 54

PART 3

CONSOLIDATED FINANCIAL STATEMENTS……… ............ 137

PART 4

STATUTORY AUDITOR CERTIFICATE AND REPORT OF THE

AUDIT BOARD ON THE CONSOLIDATED

ACCOUNTS …………............................................................ 259

PART 5

INDIVIDUAL FINANCIAL STATEMENTS……… .................. 269

PART 6

STATUTORY AUDITOR CERTIFICATE AND REPORT OF THE

AUDIT BOARD ON THE SEPARATE ACCOUNTS……….…322

(translation from the original text in Portuguese)

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: 81,270,000 euros

ISIN: PTSEM0AM0004

LEI: 549300HNGOW85KIOH584

Ticker: Bloomberg (SEM PL); Reuters (SEM.LS)

PART 1

MANAGEMENT REPORT

CONTENTS

1

MACROECONOMIC FRAMEWORK ....................................................................................................................................................... 6

2

OVERVIEW OF SEMAPA GROUP OPERATIONS ................................................................................................................................. 7

3

PAPER AND PULP BUSINESS AREA ................................................................................................................................................. 12

3.1

LEADING BUSINESS INDICATORS .............................................................................................................. 12

3.2

LEADING OPERATING INDICATORS ........................................................................................................... 14

3.3

OVERVIEW OF PAPER AND PULP .............................................................................................................. 15

3.4

BUSINESS REVIEW ................................................................................................................................. 17

3.4.1

PULP ............................................................................................................................................................. 17

3.4.2

PAPER ........................................................................................................................................................... 18

3.4.3

TISSUE ........................................................................................................................................................... 19

3.5

DEVELOPMENT ..................................................................................................................................... 19

3.6

RESOURCES AND SUPPORTING FUNCTIONS ................................................................................................ 21

3.6.1

SUSTAINABILITY ............................................................................................................................................... 21

3.6.2

FORESTRY AND TIMBER SUPPLY .......................................................................................................................... 21

3.6.3

ENERGY ......................................................................................................................................................... 22

3.6.4

INNOVATION, RESEARCH AND DEVELOPMENT ........................................................................................................ 23

4

CEMENT AND OTHER BUILDING MATERIALS BUSINESS UNIT .................................................................................................. 24

4.1

LEADING BUSINESS INDICATORS ............................................................................................................... 26

4.2

LEADING OPERATING INDICATORS ........................................................................................................... 27

4.3

OVERVIEW OF OPERATION OF CEMENT AND OTHER BUILDING MATERIALS .................................................... 27

4.4

BUSINESS REVIEW ................................................................................................................................. 28

4.4.1

PORTUGAL ...................................................................................................................................................... 28

4.4.2

LEBANON ....................................................................................................................................................... 30

4.4.3

BRAZIL ........................................................................................................................................................... 32

4.4.4

TUNISIA ......................................................................................................................................................... 34

4.4.5

ANGOLA AND OTHERS ...................................................................................................................................... 36

4.5

RESOURCES AND SUPPORTING FUNCTIONS ................................................................................................ 38

4.5.1

SUSTAINABILITY AND THE ENVIRONMENT .............................................................................................................. 38

5

ENVIRONMENT BUSINESS AREA ..................................................................................................................................................... 39

5.1

LEADING BUSINESS INDICATORS .............................................................................................................. 39

5.2

LEADING OPERATING INDICATORS ........................................................................................................... 41

5.3

OVERVIEW OF THE ENVIRONMENT ACTIVITY .............................................................................................. 41

5.4

RESOURCES AND SUPPORTING FUNCTIONS ................................................................................................ 41

5.4.1

SUSTAINABILITY AND THE ENVIRONMENT .............................................................................................................. 41

5.4.2

INNOVATION, RESEARCH AND DEVELOPMENT ........................................................................................................ 42

6

HUMAN RESOURCES OF THE SEMAPA GROUP .............................................................................................................................. 42

7

SOCIAL RESPONSIBILITY IN THE SEMAPA GROUP ........................................................................................................................ 43

8

SEMAPA GROUP - FINANCIAL AREA .............................................................................................................................................. 44

8.1

INDEBTEDNESS ..................................................................................................................................... 44

8.2

FINANCIAL RESULTS .............................................................................................................................. 44

8.3

RISK MANAGEMENT .............................................................................................................................. 45

8.4

LISTED SHARE PRICE .............................................................................................................................. 45

8.5

DIVIDENDS .......................................................................................................................................... 47

8.6

NET PROFIT ......................................................................................................................................... 47

9 10 11

OUTLOOK ............................................................................................................................................................................................ 48

ACKNOWLEDGEMENTS ..................................................................................................................................................................... 51

PROPOSED ALLOCATION OF PROFITS ............................................................................................................................................ 52

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Semapa - Sociedade de Investimento e Gestão SGPS SA published this content on 25 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 26 March 2019 01:09:03 UTC