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