Presentation of Results 2013 SEMAPA – Sociedade de Investimento e Gestão, SGPS, S.A Public Company Av. Fontes Pereira de Melo, nº 14,10º, 1050-121 Lisboa Companies Registry and Corporate Person no: 502 593 130 Share Capital: € 118,332,445
Presentation of 2013 Results PRIVILEGED INFORMATION 2013 RESULTS LEADING BUSINESS INDICATORS – comparison with figures for 2012: Turnover: 1,990.5 million euros � � � � 1.9% Total EBITDA: 422.1 million euros � � � � 14.7% Recurrent EBITDA: 420.6 million euros � � � � 5.9% Pre-tax profits: 151.7 million euros � � 37.2% � � Net income: 146.1 million euros � � � � 15.5% Net debt: 1,324.8 million euros � � � 128.2 million euros (in relation to Dec. 2012) � Net debt/EBITDA: 3.14x in Dec. 2013 vs 2.94x in Dec. de 2012 Despite the difficult business environment, the Semapa Group recorded turnover of 1,990.5 million euros, recurrent EBITDA of 420.6 million euros and Net Income of 125.9 million euros, representing growth of 15.5% in relation to 2012. Page 2
Presentation of 2013 Results Leading Business Indicators IFRS - accrued amounts (million 2013 2012 Var. (%) euros) Turnover 1,990.5 1,952.6 1.9% Other income 52.0 96.5 -46.1% Costs and losses (1,620.4) (1,554.3) -4.3% Total EBITDA 422.1 494.8 -14.7% Recurrent EBITDA 420.6 447.1 -5.9% Depreciation and impairment losses (169.4) (199.8) 15.2% Provisions (increases and reversals) (14.1) 9.5 -248.4% EBIT 238.6 304.5 -21.6% Net financial profit (86.9) (63.0) -37.8% Pre-tax profit 151.7 241.5 -37.2% Tax on profits 39.4 (70.9) 155.6% Retained profits for the period 191.1 170.6 12.1% Attributable to Semapa equity holders 146.1 126.5 15.5% Attributable to minority interests 45.0 44.0 2.2% Cash-flow 374.7 360.9 3.8% EBITDA margin (% Sales) 21.2% 25.3% -4.1 p.p. EBIT margin (% Sales) 12.0% 15.6% -3.6 p.p. Dec13 vs. 31-12-2013 31-12-2012 Dec12 Equity (before MI) 880.7 795.9 10.7% Net debt 1,324.8 1,453.0 -8.8% Notes: • Total EBITDA = operating profit + depreciation and impairment losses + provisions – reversal of provisions • Cash flow = retained earnings + depreciation and impairment losses + provisions – reversal of provisions • Net debt = non-current interest bearing debt (net of loan issue charges) + current interest-bearing debt (including debts to shareholders) – cash and cash equivalents – market value of own shares and other listed securities held by the Group Comparability is affected in 2013 by the inclusion of Secil on a full consolidation basis in 2013, as opposed to a 51% proportional basis during the 1 st quarter of 2012 and full consolidation during the rest of 2012 Page 3
Presentation of 2013 Results Segment Reporting (IFRS) Paper and Cement Environment Holdings Consolidated IFRS-accrued amounts (million euros) Pulp Sales 1,530.6 430.8 29.1 - 1,990.5 Total EBITDA 350.4 64.1 6.5 1.2 422.1 Recurrent EBITDA 349.3 63.6 6.5 1.2 420.6 Depreciation and impairment losses (118.1) (48.5) (2.5) (0.3) (169.4) Provisions (increases and reversals) (14.0) (3.8) (0.3) 3.9 (14.1) EBIT 218.3 11.9 3.7 4.8 238.6 Net financial profit (14.0) (24.2) (1.1) (47.6) (86.9) Pre-tax profits 204.3 (12.4) 2.6 (42.8) 151.7 Tax on profits 1.8 6.3 (0.1) 31.4 39.4 Retained profits for the period 206.1 (6.1) 2.6 (11.4) 191.1 Attributable to Semapa equity holders 166.9 (11.9) 2.5 (11.4) 146.1 Attributable to minority interests 39.2 5.8 0.1 - 45.0 Cash-flow 338.1 46.1 5.3 (14.9) 374.7 EBITDA margin (% Sales) 22.9% 14.9% 22.2% - 21.2% EBIT margin (% Sales) 14.3% 2.8% 12.7% - 12.0% Net debt 162.6 264.4 19.6 878.2 1,324.8 Notes: • Figures for business segment indicators may differ from those presented individually by each Group, as a result of consolidation adjustments The Cement segment in 2013 includes 100% of the Secil Group (as opposed to 51% of results in the 1 st quarter of 2012 and • 100% during the rest of 2012) + 50% of the Supremo Group Page 4
Presentation of 2013 Results 1 Main Developments • Acquisition by the Portucel Group from EDP of the remaining 82% stake in Soporgen. • Portucel placed a bond issue on the international market (High - Yield), aimed at institutional investors, with a total value of 350 million euros, maturing in 2020. This operation permitted the Portucel Group to improve its liquidity, diversify its sources of finance and to extend significantly the average maturity of its borrowing. • Portucel was elected European Business of the Year 2012 at the European Business Awards (EBA). The EBAs are amongst Europe's most coveted business awards, which seek to reward and promote excellence, good practice and innovation in Europe's business community. The 2012 awards attracted entries from more than 15 thousand organizations from different sectors in 30 countries. • Portucel distributed a total of 201.4 million euros to its shareholders, by way of a dividend of 0.16 euros/share paid in June, and distribution of reserves of 0.12 euros/share, paid in November. • Semapa SGPS distributed free reserves with a total value of 28.8 million euros, corresponding to 0.255 euros / share. • In April 2013, ITS, the ETSA Group subsidiary operating in the collection and transport for destruction of 1 and 2 by-products, regarded as presenting the highest biological risk, signed an up to three-year contract, in the capacity of leader of a consortium, with the Directorate-General of Food and Veterinary Services relating to the new procedure for providing integrated collection and forwarding services for the destruction of animal carcasses (SIRCA). The services under this new contract started up on 9 September. Page 5
Presentation of 2013 Results Consolidated Turnover: 1,990.5 million euros � � � 1.9% � 2 Evolution Breakdown by Business Area ����� � � 1. 9% ����� � � .990.5 1, ����� � � 29.1 0.0 430.8 1 530.6 ����� � ,. 0,0 � ����� � � ������ � � ������ ����� � � ����� � � ��� �� 2012 2013 Holdings Paper and Pulp Cement Environment Total Figures in million euros Consolidated turnover increased by 1.9% in relation to 2012, due essentially to inclusion of an additional 49% of Secil in the consolidated accounts as from the 2 nd quarter of 2012 and to the increase in Portucel’s turnover. The contribution by business area was as follows: Paper and Pulp: 1,530.6 million euros � � � � 1.9% The Portucel Group's consolidated sales in 2013 totalled 1,530.6 million euros in 2013, approximately 29 million euros up from the figure recorded in 2012. This increase was due partly to the positive contribution made by pulp business, and also to performance in the energy sector. It should nonetheless be noted that energy sales in 2013 were boosted by the full consolidation of Soporgen, the company that operates the natural gas co-generation plant at the Figueira da Foz Industrial Complex. In the BEKP pulp segment, excellent performance in output at the mills and growing consumption in the market enabled the Group to record growth of around 13% in sales volume. Output was up by approximately 4% on the previous year, due essentially to increased availability of pulp from the Group's mills, in particular the Cacia mill, where no maintenance stoppage was required and significant efficiency gains were achieved, with a consequent increase in output. Despite a rise of around 2% in the PIX benchmark index, FOEX BHKP in euros, the Group's average sales price was lower than in 2012, due to fiercer competition on the international market and an increase in sales denominated in USD to markets outside Europe. In UWF paper business, the Group recorded growth of 0.2% in its sales volume and a reduction in its average sales price. It is important to note the harsh environment in the paper market over the year, with the poor economic situation and continued high rates of unemployment in Europe holding down consumption. As Page 6
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