SAG GEST Soluções Automovel Globais : SGPS, SA announces the Consolidated Results 2017 (Audited)

SAG GEST - Soluções Automóvel Globais, SGPS, SA

Listed Company

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

ANNOUNCEMENT

2017 Consolidated Results

• • The Board of Directors of SAG Gest resolved at its meeting today to approve SAG Gest's Audited Consolidated Financial Statements for the year ended 31 December 2017

• • Certain situations were identified as a result of the completion of the review and audit processes in respect of said accounts. The recognition of these issues resulted in changes to the non-audited 2017 consolidated results released on 60 March 2018, as follows:

  • • Consolidated Turnover in 2017 was Eur 619.7 million, Eur 1.0 million less than the un-audited amount reported on 6 March 2018. This decrease resulted in the recognition of impairment losses in the amount of sales support incentives related to the 2017 commercial activity;

  • • Consolidated EBITDA in 2017 was Eur 2.7 million, Eur 5.0 million less than previously reported. This decrease results from the recognition of impairment losses in the balances receivable in respect of sales support incentives related to the 2016 commercial activity (Eur 4.0 million), and from the impairment losses indicated in the previous paragraph;

  • • These changes resulted in that the Consolidated Net Profit attributable to SAG Gest was Eur 13.8 million loss, increasing the non-audited losses reported on 6 March 2018 (a loss of Eur 9.8 million) by Eur 3.9 million.

• • In SAG Gest's Consolidated Statement of the Financial Position on 31 December 2017, these changes resulted in a decrease in the amount of Accounts Receivable

SAG GEST - Soluções Automóvel Globais, SGPS, SA - Sociedade Aberta

Sede: Estrada de Alfragide, nº 67 Amadora

Capital Social: Eur 169.764.398,00

Matriculada na Conservatória do Registo Comercial da Amadora

Número Único de Matrícula e de Identificação Fiscal 503 219 886

Escritório: Alfrapark - Estrada de Alfragide, nº 67, Edifício SGC - Piso 2

2614-519 Amadora

Tel: [phone]

Fax: [phone]

1

(Eur 5.0 million), as well as changes resulting from the tax effect of these corrections. Consolidated Net Debt remained unchanged.

• • The tables below disclose the impacts of said changes on SAG Gest's 2017 Consolidated Statement of Profit and Loss and Consolidated Statement of the Financial Position as at 31 December 2017, as well as its comparison with the 2016 Consolidated Financial Statements.

• • The Statutory Audit Report ("Certificação Legal das Contas") issued in respect of SAG Gest's 2017 consolidated accounts by the Independent Auditors (PriceWaterhouseCoopers) includes a note which, without changing the relevant unqualified opinion regarding those documents, is as follows:

  "As mentioned in Note 2.6 e) of the Notes to the 2017 Consolidated Financial Statements of SAG Gest - Soluções Automóvel Globais, SGPS, SA, and although the SAG Group shows, as at 31 December 2017, a negative working capital (Current Assets less Current Liabilities) of approximately Eur (000's) 168,635.1 and the Group's business conditions have deteriorated, particularly in the last months of 2017, the Consolidated Financial Statements of SAG Gest - Soluções Automóvel Globais, SGPS, SA as at 31 December 2017 were prepared on a going concern basis, because Management believes that the current negotiations with the Brands represented by SIVA - Sociedade de Importação de Veículos Automóveis, SA will allow the Group's downward activity trend to reverse a well as the negotiations with financial institutions will have a successful conclusion, allowing the Group to continue its activities and have access to the financing sources required for the continuation of its operations. As of the date of this report, said negotiations are ongoing, and therefore it is not possible to evaluate the impact that the conclusion of the same will have on the Company's Consolidated Financial Statements. Still in this context, it must be mentioned that the future reimbursement of the balance of approximately Eur (000's) 139,580.8 recognized as Non-Current Assets - Accounts Receivable - Related Parties, due by the SGC - SGPS, SA Shareholder, also depends on the generation of distributable results by the Group and, consequently, depends on the continuity of SAG Gest's activities.

  Our opinion is not changed as a result of this matter."

• • The Statutory Audit Report ("Certificação Legal das Contas") issued in respect of the 2017 Report and Separate Accounts of SAG Gest includes a similar note.

Alfragide, 30 April 2018

José Maria Cabral Vozone Investor Relations

SAG GEST - Soluções Automóvel Globais, SGPS, SA - Sociedade Aberta

Sede: Estrada de Alfragide, nº 67 Amadora

Capital Social: Eur 169.764.398,00

Matriculada na Conservatória do Registo Comercial da Amadora

Número Único de Matrícula e de Identificação Fiscal 503 219 886

Escritório: Alfrapark - Estrada de Alfragide, nº 67, Edifício SGC - Piso 2

2614-519 Amadora

Tel: [phone]

Fax: [phone]

2

CONSOLIDATED STATEMENT OF PROFIT AND LOSS

12 months ended 31 December
2017
Consolidated Income Statement (000)	Actual	6 March 2018 Release	Change	% Chg	2016	% Chg
-0.2% 0.0%	-2.3% 7.5%
		Sales Services Rendered	608,523 11,185	609,477 11,185	(954)	623,022 10,400
Turnover Contribution Margin % of Turnover Operating Expenses	619,707	620,662	(954)	-0.2% -8.4% 0.0%	633,422	-2.2% -15.2% -12.2%
	54,892	59,922	(5,030)		64,706
	8.9% (52,204)	9.7% (52,204)	10.2% (46,526)
% of Turnover	-8.4% 2,688	-8.4% 7,718	(5,030)	-7.3% 18,180
EBITDA					-65.2%	-85.2%
% of Turnover	0.4% 319	1.2% 5,349	(5,030)	2.9% 16,061
EBIT % of Turnover Net Financial Income / (Expenses)					-94.0% 0.0%	-98.0% -4.1%
	0.1% (16,054)	0.9% (16,054)	2.5% (15,420)
(15,735)	(10,705)	(5,030)	641
				EBT	47.0%	-2555.8%
% of Turnover Income Tax	-2.5% 2,098	-1.7% 1,019	1,079	105.8%	0.1% (1,650)	-227.1%
Net Profit Non-Controlling Interests Net Profit Attributable to SAG Gest's Shareholders	(13,637)	(9,686)	(3,951)	40.8% 0.0% 40.2%	(1,009)	-1250.9% 5.4% -1089.8%
	(141) (13,778)	(141) (9,827)	(3,951)		(149) (1,158)
% of Turnover	-2.2%	-1.6%	-0.2%

SAG GEST - Soluções Automóvel Globais, SGPS, SA - Sociedade Aberta

Sede: Estrada de Alfragide, nº 67 Amadora

Capital Social: Eur 169.764.398,00

Matriculada na Conservatória do Registo Comercial da Amadora

Número Único de Matrícula e de Identificação Fiscal 503 219 886

Escritório: Alfrapark - Estrada de Alfragide, nº 67, Edifício SGC - Piso 2

2614-519 Amadora

Tel: [phone]

Fax: [phone]

3

CONSOLIDATED STATEMENT OF THE FINANCIAL POSITION

CONSOLIDATED STATEMENT OF THE FINANCIAL POSITION EUR (000)	31 December 2017			31 December 2016
	Actual	6 March 2018 Release	Change
Other Fixed Assests Investments in Associates - Equity Method Consolidation Accounts Receivable - Related Parties Deferred Tax Assets	77,425 () 139,581 7,090	77,425 () 139,581 6,755	- - - 335	77,097 4 137,186 5,661
Non-Current Assets	224,096	223,761	335	219,947
Inventories Accounts Receivable Current Income Tax Receivable Tax Receivable - Other Than Income Tax Cash and Banks	216,797 71,638 8,379 21,626 7,593	216,823 76,649 7,636 21,626 7,593	(26) (5,011) 744 - -	191,631 81,732 5,634 3,237 11,854
Current Assets	326,033	330,326	(4,293)	294,088
TOTAL ASSETS	550,129	554,087	(3,959)	514,036
Registered Share Capital, Equity Reserves, Non-Controlling Interests Stock Options Supplementary Capital Payments Retained Earnings Net Profit	310,990 - 135,172 (424,934) (13,778)	310,990 - 135,172 (424,934) (9,827)	- - - - (3,951)	311,001 - 135,172 (423,927) (1,158)
TOTAL SHAREHOLDERS EQUITY	7,450	11,401	(3,951)	21,087
Bank Loan - Medium and Long Term Deferred Tax Liabilities	44,098 3,913	44,098 3,913	- -	90,600 3,062
Non-Current Liabilities	48,011	48,011	-	93,662
Bank Loan - Short Term Accounts Payable Current Income Tax Payable	88,667 356,619 502 48,879	88,667 356,626 502 48,879	- (7) - -	16,738 346,043 25 36,480
Tax Payable - Other Than Income Tax
Non-Current Liabilities	494,668	494,675	(7)	399,286
TOTAL LIABILITIES	542,678	542,686	(7)	492,948
TOTAL LIABILITIES & SHAREHOLDERS EQUITY	550,129	554,087	(3,959)	514,036

SAG GEST - Soluções Automóvel Globais, SGPS, SA - Sociedade Aberta

Sede: Estrada de Alfragide, nº 67 Amadora

Capital Social: Eur 169.764.398,00

Matriculada na Conservatória do Registo Comercial da Amadora

Número Único de Matrícula e de Identificação Fiscal 503 219 886

Escritório: Alfrapark - Estrada de Alfragide, nº 67, Edifício SGC - Piso 2

2614-519 Amadora

Tel: [phone]

Fax: [phone]

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