Altri SGPS S A : announces 2021 Annual Report and Accounts approved at the Shareholders Annual General Meeting held on April 29, 2022 - non-ESEF version

European single electronic reporting format (ESEF) and PDF version

This document is an unofficial and unaudited PDF version of the Annual Report 2021 of Altri, SGPS, S.A.. This version has been prepared for ease of use and does not contain ESEF information as specified in the Regulatory Technical Standards on ESEF (Delegated Regulation (EU) 2019/815). The official ESEF reporting package is available on the CMVM website and was submitted on April 7, 2022. This document is a true copy of the aforementioned financial information. In case of discrepancies between this version and the official ESEF package, the latter prevails.

ALTRI, SGPS, S.A.

Public Company

Head Office: Rua Manuel Pinto de Azevedo, 818 - Oporto

NIF 507 172 086

Share Capital: 25,641,459 Euro

TABLE OF CONTENTS
(CHAPTERS WITHIN THE DOCUMENT)
1
MANAGEMENT REPORT .........................................................................................................
CORPORATE GOVERNANCE REPORT, which includes the REMUNERATION
60
REPORT .......................................................................................................................................
120
SUSTAINABILITY REPORT ......................................................................................................
265
CONSOLIDATED FINANCIAL STATEMENTS AND ACCOMPANYING NOTES .............
373
SEPARATE FINANCIAL STATEMENTS AND ACCOMPANYING NOTES ........................
423
STATUTORY AND AUDITOR'S REPORT ..............................................................................
434
REPORT AND OPINION OF THE STATUTORY AUDIT BOARD .......................................

TABLE OF CONTENTS

INTRODUCTION .......................................................................................................................... 3

MESSAGE FROM THE CEO ..................................................................................................... 6

MACROECONOMIC FRAMEWORK ........................................................................................ 7

STOCK EXCHANGE EVOLUTION ........................................................................................... 8

THE GROUP'S ACTIVITY .......................................................................................................... 11

FINANCIAL REVIEW ................................................................................................................... 15

PROPOSAL OF THE BOARD OF DIRECTORS FOR THE APPROPRIATION OF

INDIVIDUAL NET PROFIT .................................................................................................................... 18

RISK MANAGEMENT ................................................................................................................. 19

OUTLOOK ..................................................................................................................................... 19

LEGAL MATTERS ........................................................................................................................ 20

CLOSING REMARKS ................................................................................................................. 23 STATEMENT PURSUANT TO ARTICLE 29 G (1) (C) OF THE PORTUGUESE

SECURITIES CODE .................................................................................................................... 25

STATEMENT OF RESPONSIBILITY ........................................................................................ 25

APPENDIX I .................................................................................................................................. 26

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