sonae imobiliÁria-sgps, s.a....in greece, through sonae charagionis, sa – sonae imobiliária’s...

SONAE IMOBILIÁRIA-SGPS, S.A.

Sede social: Lugar do Espido, Via Norte, Maia • Capital Social:187.125.000 Euros

Matriculada na Conservatória do Registo Comercial do Porto sob o nº 2252-APessoa Colectiva nº 502290811• Sociedade Aberta

Consolidated Accounts 1st Semester of 2001

INTRODUCTION

Sonae Imobiliária’s Net Consolidated Profits (after Minority Interests) reached € 12.8 million (PTE 2.573 billion)

during this first semester, against € 10.6 million (PTE 2.123 billion) in the same period of last year, a growth of

21.2%.

As of June 29th, 2001, Sonae Imobiliária’s shares closed at €14,18 in the Lisbon and Porto StockExchange (BVLP). During this first semester, its share price increased by 13% relative to December 29th, 2000, while the PSI-30 index decreased by 18.6%. The market capitalisation of the Company atsemester-end was € 531.8 million (PTE 106.6 billion).It should be reminded that the Net Asset Value, as of the 31 Dec 2000, of the properties attributable toSonae Imobiliária (including residential and other properties, in Portugal and abroad) was Euro 752million (151 billion Escudos), or Euro 20.05 NAV of the properties per share.Sonae Imobiliária has now an effective presence in Portugal, Spain, Greece, Germany, Italy and Brazil,countries where it has established operating companies.MAIN EVENTS DURING THE FIRST SEMESTER OF 2001The main events during the first semester of 2001 were the following:January: Approval, conditioned to certain subsidies being obtained, of the investment in a

shopping and leisure centre in Dortmund, Germany;As expected, apartments in Condominium Douro Foz, Porto, Portugal, were delivered tocustomers. Deliveries were practically concluded by the end of the semester.The Company´s activities in Brazil migrate to a SAP information platform.

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February Commercial launch and presentation to the media of the shopping and leisure centrePlaza Mayor in Málaga, Spain;Acquisition of a site in Campolide, Lisbon, Portugal, for which a building capacity of 200apartments has already been guaranteed;A joint-venture agreement is signed with Grupo Lar (Spain) for the development of theCampolide residential project;A promissory agreement is signed for the sale of a non-strategic site for residentialdevelopment in Matosinhos, Porto, Portugal;

March Sonae Imobiliária is receives the “Developer of the Year” award, granted by “SpanishReal Estate”, a specialist publication;On the 28 March 2001, as planned, MadeiraShopping (Funchal, Madeira, Portugal), wasinaugurated. This is a shopping and leisure centre with 26 600 m2 of GLA (GrossLetable Area) and developed jointly with Estevão Neves SA (50%);

April On the 24 April 2001, as planned, AlgarveShopping (Guia, Algarve, Portugal) wasinaugurated. This is a shopping and leisure centre, 100% held by Sonae Imobiliária andwith about 42 500 m2 of GLA;Also on the 24 April 2001, and as planned, Parque Principado (Oviedo, Spain) wasinaugurated. It´s a shopping and leisure centre with about 70 000 m2 of GLA (GrossLetable Area) held jointly with Whitehall Funds (50%) and Lar Grosvenor (25%);

May Inauguration of Parque D. Pedro, a shopping and leisure centre in Campinas, SãoPaulo, Brasil is scheduled for March 2002;The first Outlet Centre in Málaga, Spain is announced, a new project to be developedclose to Plaza Mayor, with a GLA of 16 700 m2 on the first phase and to be developedjointly with Castle City (25%);The construction license for Edifício Seda II, in Matosinhos, Porto, Portugal, is obtained;

June Apartments in Torre S. Gabriel, Lisbon, Portugal, start to be delivered to customers;Phase II expansion works at CascaiShopping are finalised – 660 new car places areadded;A joint-venture agreement is signed with a group of local partners, for the developmentof a shopping and leisure centre in Viana do Castelo, Portugal;An agreement is reached for the development, on a joint-venture basis, of a shopping

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and leisure centre in Ponta Delgada, Açores, Portugal;Commercial launch of Edifício Seda II in Matosinhos, Porto, Portugal;A concession is obtained, in a public tender, for the construction and operation of a carpark at “Estádio Universitário” in Lisbon, Portugal.

SHOPPING AND LEISURE CENTRES DEVELOPMENT

PortugalThe two Shopping Centre developments last year, MadeiraShopping, in the Island of Madeira andAlgarveShopping, at Guia, Algarve, were inaugurated, as planned and with success, on the 28 March2001 and 24 April 2001 respectively.During the first semester, two joint-venture agreements were reached where Sonae Imobiliária willparticipate on a 50% basis. The first, already signed with several local partners, relates to thedevelopment of a shopping and leisure centre in Viana do Castelo with about 9 500 m2 of GLA and atotal investment estimated at Euro 25 million. The second joint-venture, close to being signed with thelocal Grupo Nicolau de Sousa Lima, relates to the development of a shopping and leisure centre inPonta Delgada, Açores. This centre will result from the expansion by 13 000 m2 of an existingsupermarket being operated by our partner together with Sonae Distribuição and total investmentshould reach Euro 33 million.During this period, we have continued the studies necessary for the licensing of Setúbal Retail Park, aproject to be developed jointly on a 50/50 basis with Miller Developments, with 20 000 m2 GLA and atotal investment of about Euro 22 million.

SpainParque Principado in Oviedo, under development in 2000, was inaugurated, as planned, on the 24 April2001.In February, Sonae Imobiliária launched to the market and presented to the media the Plaza Mayorproject, a shopping and leisure centre in Málaga, under development right now and expected to open inMarch 2002.

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In March, the Company received the “Developer of the Year” award, granted by “Spanish Real Estate”,a specialist publication.In May, the Company announced the project for the first Outlet Centre in Málaga, Spain. “MálagaOutlet” to be developed close to Plaza Mayor, will have a 16 700 m2 GLA in the first phase and will bedeveloped jointly with Castle City (25%). The initial commercial license has already been obtained fromthe Málaga municipality.Construction started at the Avenida M40 shopping and leisure centre in Madrid. With an estimated GLAof 41 000 m2, Avenida M40 is a joint development of Grupo Eroski that will be operating thehypermarket, and Sonae Imobiliária (60%). Inauguration is expected for April 2003.

GreeceIn Greece, through Sonae Charagionis, SA – Sonae Imobiliária’s Athens based subsidiary for the Greekmarket -, the Company has been directing its efforts, during this first half of 2001, at obtaining thelicenses for Aegean Park, a shopping centre project with 60 000 m² of GLA to be developed in theGreater Athens area. The Company is also studying other shopping and leisure centre development opportunities.

GermanySonae Imobiliária - through SonaeWest Shopping, AG, its subsidiary based in Dusseldorf – continuedthe studies necessary to obtain the licenses for the development of a shopping and leisure centre inDortmund, with an estimated GLA of 55 000 m2.The Company is also studying a number of possible shopping and leisure centre projects in Germanyand Austria in collaboration with potential joint venture partners.

Other European MarketsSonae Imobiliária has also continued its efforts to expand its activity in other European markets,namely in France and Italy, having incorporated, at the end of 2000, a company now operating in Milan

Brazil

In Parque D. Pedro, in Campinas (State of São Paulo), a shopping centre project held 92% by SonaeImobiliária and 8% by Sonae Enplanta, construction started in May 2000. Its first phase will have

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105.000 m2 of GLA including 13.500 m2 of a stand alone DIY store.Expected to open in March 2002, Phase I of Parque D. Pedro represents an estimated total investmentof € 100 milion, for a total of 390 shop units. The Shopping Centre will be anchored by a “BIG”hypermarket – the brand under which Sonae Distribuição operates in Brazil – a fifteen-plex cinema, ahealth club and 9 other anchor tenants. The letting is progressing well, with 71.4% of the GLA alreadyplaced.Through Sonae Enplanta – Sonae Imobiliária’s São Paulo based subsidiary - the Company continues toanalyse several other investment opportunities in the Brazilian market.

INVESTMENTDuring the first semester of 2000, the global performance of our Shopping Centre portfolio was strongand in line with expectations, with three successful inaugurations occurring as anounced,MadeiraShopping (Funchal, Madeira, Portugal), AlgarveShopping (Guia, Algarve, Portugal) and ParquePrincipado (Oviedo, Spain).

PortugalOn the 28 March 2001, as planned, MadeiraShopping, Funchal, Madeira, was inaugurated. It´s ashopping and leisure centre with 26 600 m2 of GLA (Gross Letable Area) and developed jointly withEstevão Neves SA (50%). MadeiraShopping had, until today, about 2.57 million visits and is 99.5% letin terms of GLA and 97.5% in terms of number of shops.On the 24 April 2001, as planned, AlgarveShopping, Guia, Algarve, was inaugurated. This is a shoppingand leisure centre with about 42 500 m2 of GLA, entirely held by Sonae Imobiliária. AlgarveShoppinghad, until today, about 3.68 million visits and is 94% let in terms of GLA and 98.5% in terms ofnumber of shops.In June, the works on the CascaiShopping car park were concluded – 660 new places were added andthe second phase of the expansion is now finalised.With the inaugurations of MadeiraShopping and AlgarveShopping, Sonae Imobiliária is the owner orco-owner of 11 operating shopping centres, 1 Retail Park and 3 shopping galleries, in Portugal, with atotal of 550 617 m2 of GLA.During the first semester of 2001, the total rental income from this portfolio increased 18.9% relativeto the same period in 2000. On a like-for-like basis this increase was 11.8%.

SpainOn the 24 April 2001, as planned, Parque Principado, Oviedo, Spain, was inaugurated. This is ashopping and leisure centre with 70 000 m2 of GLA (Gross Letable Area) and held jointly with Whitehall

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Funds (50%) and Lar Grosvenor (25%).The centre is 100% let and visits, sales and rents are in line with expectations.

BrazilIn Brazil, the five shopping centres co-owned by Sonae Enplanta and managed by Unishopping (theShopping Centre management subsidiary of Sonae Enplanta), with a total GLA of 109 265 m2, havealso had an acceptable performance.During the first semester of 2000, the total rental income from the Brazilian portfolio increased by2.4% (in Reais) relative to the same period in 2001.

MANAGEMENTThe consolidated business of the Company´s shopping centre management, marketing and leasingactivities has continued to grow as both the area under management and the turnover and rentalincome of the Company’s assets under management have increased. With the opening ofMadeiraShopping in Funchal, Madeira and AlgarveShopping, Guia, Algarve, Sonae Imobiliária is nowmanaging 3 810 leasing contracts in 1 042 151 m2 of GLA

PortugalIn the first semester of 2001, in Portugal, Sonae Imobiliária was managing 792 375 m2 of GLA,corresponding to 2 796 contracts with tenants. This portfolio received more than 110 million visits (a6.7% increase over the first semester of 2000) and generated sales of more than Euro 657 million, agrowth of 16.4% over the same period of last year.The performance of the 11 shopping centres, the 3 galleries and Sintra Retail Park held by theCompany in Portugal, was strong during this first semester of 2001. In this portfolio, visits and salesgrew by 6.4% and 16% respectively, relative to the first semester of 2000. For comparison, the growthin Non-Food Retal Sales in the year to June, was 2.2%.The occupancy rate in the portfolio was 96.6% in number of shops and 96.4% in GLA

SpainDuring the first semester of 2001, CCC – Consultoria de Centros Comerciales, SA, based in Madrid,Spain – Sopnae Imobiliária’s subsidiary providing management and letting services to shopping andleisure centres in Spain – managed 140 511 m2 of GLA and 192 contracts with tenants.This portfolio presented good performance during the first semester of 2001, with visits and salesgrowing by 19% and 27.5% respectively. On a like-for-like basis, visits were flat and sales decreasedby 1.6%. Occupancy reached 98.5% in number of shops and 97.4% in GLA.

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BrazilAlso strong was the first semester performance of the Brazilian Shopping Centre portfolio. ThroughUnishopping, Sonae Imobiliária manages 109 265 m2 of GLA in five operating shopping centres and822 contracts with tenants.This Brazilian portfolio received 20.6 million visits (a reduction of 11.6% on the first semester of 2000),corresponding to sales of more than 179.7 million Reais (€ 91.6 million) an increase of 6.2% on thesame period of last year. The occupancy in this portfolio reaches close to 100%.

CAR PARKSDuring the first semester of 2001, SPEL – the car parking specialist held 50% by Sonae Imobiliária and50% by SABA – Sociedad de Aparcamientos de Barcelona, SA (Spain) - generated a turnover of e 2.2million (PTE 435 million), an increase of 1.2% in relation to the first semester of 2000.This small increase in turnover was caused basically by a 31.5% decrease on the turnover generatedby the Praça de Lisboa car park in Porto, Portugal, due to the difficulties in access created by the worksin the surrounding streets.As at 30 June 2001, SPEL had in operation 12 394 car parking places in 8 car parks and meteredzones.During this first semester, SPEL has won the public tender for the construction and operation of asurface car park in the Estádio Universitário de Lisboa, with a capacity for 390 cars and a totalinvestment of e 1.022 million. Inauguration is expected to occur in early December 2001.Further to this park, the Company expects to inaugurate, during the second semester of 2001, anotherfour car parks and parking zones, totalling 1 630 places and taking the total number of car parkingplaces in operation in car parks and parking zones to 14 414.RESIDENTIAL DEVELOPMENTDuring the first semester of 2001, Praedium, the Sonae Imobiliária subsidiary focussed on residentialdevelopment, delivered to customers as planned, the apartments at Condomínio Douro Foz, in Porto,and started in June delivering apartments at Torre São Gabriel, in Lisboa. Construction continued at Edificio Seda (78 apartments), in Matosinhos, Porto, Portugal. On the 9 May2001, the Company obtained the construction license for Edifício Seda II (80 apartments) also in thatcity followed by the commercial launch. Still in Matosinhos, work started on the projects for the thirdresidential building (80 apartments) and the architecture plans for an office building were submitted tothe municipality on the 5 January 2001.

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The Company signed in February 2001 a joint-venture agreement with Grupo Lar from Spain, for thedevelopment of a residential project in Campolide, Lisbon, Portugal; at the same time, work started onthe projects so that submission may occur by next October. Still in Lisbon, we are waiting for theconstruction license for Torre S. Rafael (135 apartments) to be issued, since all projects are alreadyapproved.Following on a decision previously taken, on the 19 February 2001, the Company signed a promissorysale agreement of a plot of land in Matosinhos, Porto, Portugal, for a price of e 1.4 million. The finalsale should occur by the end of this year since the main condition for closing (the construction license)was already obtained.Still during the first semester, work continued on the projects for Country Club da Maia (310 units), inMaia, Porto, Portugal. The Company has also requested from the Matosinhos municipality the PlotPartitioning License for the Efanor site in Matosinhos, Porto, Portugal.

New Technologies Business Department (NTBD)

During the first semester of 2001, the NTBD started the implementation of the project“SonaeShopping”. This includes: (1) a portal called “SonaeShopping.net” to provide services to shoptenants, and (2) sites for each shopping centre, to be developed under the umbrella of a portal called“SonaeShopping.com”, that should provide, in a unified way, digital access to the offer that is presentin the Sonae Imobiliária shopping centres.These privileged communication tools that should go online before the end of this year, are beingdeveloped jointly by Sonae Imobiliária and WeDo, a SonaeCom company, with the active involvementof tenants and suppliers to shopping centres.The telecommunications service, one of several services to be provided by SonaeShopping.net, wasalready successfully tested in MadeiraShopping and AlgarveShopping. The roll-out of this service to theother centres in Portugal and Spain is already under preparation.Other projects and affiliation services, that aim to maximise the value of the centres through newtechnologies, are under discussion with selected partners and cover videowalls, interactive kiosks andloyalty cards.

ENVIRONMENTDuring the first semester of 2001, Sonae Imobiliária continued the implementation of theEnvironmental Management System for shopping centres, with the support, from May, of a team from

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Price WaterhouseCoopers.Work started on adapting the BREEAM methodology (Building Research Establishment EnvironmentalAssessment Scheme, BRE – Foundation for Building Environment, UK) to shopping centres, so as toapply it to existing and new centres, in Portugal, Spain, Brasil, Italy, Germany and Greece. Theobjective is to standardise good environmental practices covering areas such as: energy savings,transportation, water conservation, pollution, resource usage, choice and utilisation of materials,ecology and welfare, adapted to the realities of the different countries.During the period, two new shopping centres were inaugurated in Portugal, MadeiraShopping andAlgarveShopping, that were developed in accordance with the environmental requirements in placeright now for new projects.On the basis of those requirements, an environmental audit was done on the Plaza Mayor project withseveral recommendations being now implemented.The environmental audits to NorteShopping, Viacatarina, CoimbraShopping and MaiaShopping wereconcluded, and the recommendations that resulted from those are now being analysed so as to beincluded in the Environmental Action Plans of each centre.

FINANCIAL POSITION AND RESULTSSTOCK MARKET

At the end of the first semester of 2001, Sonae Imobiliária’s market capitalisation was € 531.8 million (PTE 106.6

billion).

Since its IPO on December 5th, 1997, Sonae Imobiliária’s stock price has registered an increase of42.1% while the PSI 30 index, in this period, has only increased 3.7% (see Chart 1 below).

From December 29th, 2000 until June 29th, 2001, Sonae Imobiliária’s stock price has registered anincrease of 13% while the PSI 30 index, in this period, has decreased 18.6% (see Chart 2 below).

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CHART 1: Lisbon Stock Excha nge - Sona e Im obiliá ria Stock Price evolution ve rsus PSI 30 (since IPO)

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CHART 2: Sona e Im obiliá ria 2001 Stock Price evolution ve rsus PSI-30.

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Taking the EPRA (Euro Zone) Index which started in 01/01/2000, as the yardstick then from this dateuntil the end of the first semester of 2001, Sonae Imobiliária’s share price has increased 8.3% whilethe EPRA Index grew by 8.2%, in the same period (see Chart 3 below).During the first semester 2001, the Company’s stock grew 13%, as it was already said, whilst the EPRAIndex grew only by 5.9% (see Chart 4 below).

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CHART 3: Sonae Im obiliá ria Stock Price e volution ve rsus EPRA - EuroZone RE Index

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CHART 4: Sona e Im obiliá ria 2001 Stock Price evolution ve rsus EPRA - EuroZone RE Index

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Sonae Imobiliária EPRA -EuroZone RE Index

FINANCIAL PERFORMANCE

The Company closed the first semester of 2001 with total income of e 150.7 million (PTE 30.2 billion),a growth of 47.6% on the same period of 2000. This increase was due to several factors: - the openingof three new shopping centres in the period, two in Portugal (MadeiraShopping and AlgarveShopping)and one in Spain (Parque Principado); - the opening of Sintra Retail Park at the end of 2000; - theacquisition of 50% of Centro Vasco da Gama at the beginning of the second semester of 2000; - theorganic growth in the existing shopping centres of 11%; - and finally the sales of Praedium, theresidential development subsidiary.The Operating Results before Amortisation and Provisions (EBITDA) was e 35.2 million (PTE 7.059million), a growth of 29.4% on the same period of last year.The Net Financial Results went from e - 4.6 million (PTE 915 million) to e - 7.5 million (PTE 1.511billion), both due to the increase in interest rates and the investment in new projects.Extraordinary Results are e 270 thousand (PTE 54 million) versus e 601 thousand (PTE 120 million) inthe same period of last year – in both cases, not very material in the overall context.The Net Profit after Minority Interests for the period is e 12.833 million (PTE 2.573 billion), which

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compares with e 10.5893 billion (PTE 2.123 billion), for the corresponding period in 1999, representinga growth of 21.2%. In terms of Balance Sheet, the most important point to note is the continued investment effort. Duringthe period, and as referred previously, three shopping centres were concluded and opened to thepublic; the projects Plaza Mayor, Málaga, Spain; Avenida M40, Madrid, Spain, Aegean Park, Athens,Greece; and Parque D. Pedro, S. Paulo, Brasil, are under development. In terms of residential projectsalso, investment continued - e 8.3 million (PTE 1.658 billion) of Stock Variation.The Company maintains its policy of financing its projects on a “project finance” logic and closed,during the first semester of 2001, loan agreements of that type for AlgarveShopping, Guia, Portugal and Plaza Mayor, Málaga, Spain. In Brasil, the investment is still being financed through Company ownfunds.At the end of the semester, the Company continued to show a sound financial position. Indebtedness(measured as long and short-term bank debt, plus short-term bank debt less cash and deposits)represented 47.7% % of assets (less cash and deposits) at historical cost and 37.1% on the basis ofthe Company’s market capitalisation at 30 June 2001.

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Profit & Loss AccountMillion Euro Million PTE Million Euro Million PTE

Var.%Total Operating Income 102,1 20.472 150,7 30.215 47,6%Operating Results 19,1 3.820 26,6 5.324 39,4%Net Financial Results -4,6 -915 -7,5 -1.511 -39,4%Current Results 14,5 2.905 19,0 3.814 31,3%Associated Companies 0,0 0 0,0 0 Extraordinary Results 0,6 123 0,3 54 -56,0%Profit Before Tax 15,1 3.028 19,3 3.868 27,7%Minority Interests 0,0 9 -0,1 -19 -146,3%Income Tax -4,6 -914 -6,4 -1.276 -28,4%Net Profit 10,6 2.123 12,8 2.573 21,2%

Balance SheetMillion Euro Million PTE Million Euro Million PTE

Net Fixed Assets 568,4 113.946 733,0 133.286Net Current Assets 155,5 31.183 199,3 39.615Total Net Assets 723,9 145.129 932,3 172.901

Shareholders' Funds 263,6 52.851 278,9 54.790Minority Interests 2,5 492 8,1 1.662Total Net Worth 266,1 53.343 287,0 56.451

Long Term Liabilities 300,7 60.287 384,1 63.077Short Term Liabilities 157,1 31.499 261,2 53.373Total Liabilities 457,8 91.786 645,3 116.450

1 st Semester 2000 1 st Semester 2001

1 st Semester 2000 1 st Semester 2001

Business Management AccountsThe Company is publishing, un-audited management profit & loss accounts for each of its fivebusinesses, information that it intends to publish regularly, together with the audited accounts. Theobjective, when publishing this additional information, is to help overcome difficulties that investors

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and analysts have been facing when analysing each of the businesses within the consolidatedaccounts.Please note that these are management accounts and, as such, they may not fully respect the officialaccounting rules.The five businesses considered within the Company are: Shopping Centre Development; ShoppingCentre Investment; Shopping Centre Management; Car Parks; and Residential Development.

Shopping Centre Development This business contributed € - 1.7 million or PTE - 336 million to Consolidated Net Profit versus € -50million or PTE - 10 million in 2000. This result reflects the income relating from development services on projects under way (i.e., projectswhere the investment was approved). In comparison with the first semester of 2000, there was adecrease in this type of income since there are now less projects under development. The projectsMadeiraShopping, AlgarveShopping and Sintra Retail Park, under development then, are now includedin the Investment portfolio.On the other hand, Costs increased as a result of the growing effort dedicated to search and analysenew business opportunities both nationally and internationally.The income booked in these accounts does not reflect in full the activities of this business given thatthis activity of search and analysis of new opportunities is not being remunerated. The Companyconsiders, on the other hand, that this business must be remunerated in accordance with the valueactually created during development. Accordingly, it is hoped that, from 2001, the Investmentbusiness will remunerate the Development business in two ways:(1) the remuneration of the management of the development process of new projects;(2) a success fee that will correspond to a percentage of the value created during the developmentphase (difference between the value of the asset after inauguration and its book value).Had we calculated this success fee in relation to AlgarveShopping and MadeiraShopping, the Net Resultof this business in the period would be Euro 1.183 million (PTE 237 million).

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SHOPPING CENTRE DEVELOPMENT

PROFIT & LOSS ACCOUNT

Shopping Centre Development Euro 000's PTE 106 Euro 000's PTE 106 Var. (%)

Services Rendered 1.631 327 2.617 525 -38%

Project Development 1.631 327 2.617 525 -38%

Operating Costs 4.087 819 2.722 546 50%

General Supllies and Services 2.339 469 1.091 219 114%

Personnel Costs 1.748 350 1.630 327 7%

Other Costs 1 0 0 0 63%

Gross Operating Results (2.456) (492) (105) (21)

Depreciation 19 4 16 3 21%

Recurrent Operating Results (2.475) (496) (120) (24)Non-Recurrent Operating Results 22 4 0 0

Operating Results (2.453) (492) (120) (24)

Financial Income 14 3 1 0

Financial Costs 24 5 8 2 204%

Financial Results (11) (2) (7) (1) 64%

Other Non-Recurring Income/(Costs) 0 0 0 0

Results Before Corporate Taxes (2.463) (494) (127) (25)

Corporate Taxes (788) (158) (77) (15)Net Profit (1.675) (336) (50) (10)

1st Semester 20001st Semester 2001-Actual

Shopping Centre InvestmentThis business contributed € 12.2 million (PTE 2.441 billion) to Consolidated Net Profit, an increase of37% on the same period of 2000 (€ 1.784 million or PTE 8.9 billion).Total income shows the income attributable to the Company in each shopping centre, in accordancewith its shareholding position. The growth on Fixed and Variable Rents resulted not only from theorganic growth on existing centres but also from the new centres that opened in the second semesterof 2000 and the first semester of 2001 and also the effect from the acquisition of the additional 50% inCentro Vasco da Gama and Gare do Oriente (Paracentro).Net Financial Charges increased as a result of the increase in interest rates and the investments

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progressing in the period. Non-Recurrent Income and Costs relate to extraordinary items and to several events from past years.

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SHOPPING CENTRE INVESTMENT BUSINESS


Shopping Centre Investment Euro 000's PTE 106 Euro 000's PTE 106 Var. (%)

Fixed Rental Income 32.559 6.527 24.788 4.970 31%

Turnover Rental Income 2.492 500 1.828 366 36%

Key-Money Deferred Income 4.755 953 3.636 729 31%

Other Income 1.829 367 1.354 271 35%

Total Shopping Centre Operating Income 41.634 8.347 31.605 6.336 32%

Shopping Management Services 2.394 480 1.952 391 23%

Common Charges Costs from Vacant Units 165 33 312 62 -47%

Deferred Letting & Marketing Costs 1.664 334 1.379 276 21%

Property Taxes 1.522 305 1.402 281 9%

Other Costs 2.300 461 1.219 244 89%

Total Shopping Centre Operating Costs 8.045 1.613 6.264 1.256 28%

Centre Net Operating Margin 33.588 6.734 25.341 5.080 33%

Office Income 594 119 586 117 1%

Office Costs 8 2 9 2 -14%

Offices Net Operating Margin 587 118 577 116 2%

Parking Income 2.961 594 2.079 417 42%

Parking Costs 1.547 310 1.057 212 46%

Parking Net Operating Margin 1.415 284 1.022 205 38%

Co-generation Income 1.020 205 1.314 263 -22%

Co-generation Costs 823 165 1.200 241 -31%

Co-generation Net Operating Margin 197 40 113 23 74%

General Supplies and Services 2.545 510 2.861 573 -11%

Personnel Costs 159 32 140 28 14%

Total Overheads 2.704 542 3.000 601 -10%Gross Operating Results 33.083 6.633 24.053 4.822 38%

Depreciation 7.746 1.553 6.969 1.397 11%

Provisions (74) (15) 94 19 -179%

Recurrent Operating Results 25.412 5.095 16.989 3.406 50%

Non-Recurrent Operating Results (74) (15) 65 13 -214%

Operating Results 25.338 5.080 17.054 3.419 49%

Financial Income 3.709 744 1.429 286 160%

Financial Costs 11.431 2.292 6.071 1.217 88%

Financial Results (7.722) (1.548) (4.642) (931) 66%

Other Non-Recurring Income 562 113 1.027 206 -45%

Other Non-Recurring Costs 274 55 918 184 -70%

Results Before Corporate Taxes 17.903 3.589 12.522 2.510 43%

Corporate Taxes 5.725 1.148 3.624 727 58%

Net Profit 12.178 2.441 8.898 1.784 37%

1st Semester 20001st Semester 2001 - Actual

Pag 17

Shopping Centre ManagementThis business contributed € 1.662 million (PTE 333 million) to Consolidated Net Profit (€ 862 thousandor PTE 173 million in 2000). This increase of 93% results, in part, from the most volatile part of thebusiness: letting (income booked under Other Income). As expected last year, the letting of shops inAlgarveShopping and MadeiraShopping was concentrated in the months leading-up to inauguration andthis lead to an increase in income of € 675 thousand.There was also a contribution to the increase in profits, from the growth in the portfolio of propertiesunder management.The Net Financial Income, resulting from interest on surplus cash balances, also increased, from € 287thousand (PTE 57 million) to € 530 thousand (PTE 106 million).The Non Recurrent Costs relate to losses on internal sales of office equipment.

Pag 18

SHOPPING CENTRE MANAGEMENT BUSINESS


Shopping Centre Management Euro 000's PTE 106 Euro 000's PTE 106 Var. (%)

Property Management Income 3.678 737 3.106 623 18%

Common Charges Management Income 1.403 281 1.242 249 13%

Other Income 2.207 443 804 161 174%

Total Income from Management Services 7.287 1.461 5.152 1.033 41%

Income from Common Charges & Promotion Funds 22.464 4.504 20.536 4.117 9%

Costs from Common Charges & Promotion Funds 22.386 4.488 20.556 4.121 9%

Gross Margin from Common Charges & Prom. Funds 78 16 (20) (4) -488%

General Supplies and Services 2.662 534 2.205 442 21%

Personnel Costs 2.057 412 1.607 322 28%

Total Overheads 4.719 946 3.812 764 24%

Gross Operating Results 2.646 530 1.321 265 100%

Depreciation 25 5 30 6 -15%

Recurrent Operating Results 2.621 525 1.291 259 103%

Non-Recurrent Operating Results 0 0 0 0

Operating Results 2.621 525 1.291 259 103%

Financial Income 607 122 331 66 84%


Financial Results 530 106 287 57 85%

Other Non-Recurring Income/(Costs) (397) (80) (23) (5)Results Before Corporate Taxes 2.755 552 1.554 312 77%

Corporate Taxes 1.093 219 691 139 58%

Net Profit 1.662 333 862 173 93%


Shopping Centres BrazilThis business includes investment (Sonae Enplanta), management (Unishopping) and development(Parque D. Pedro) of shopping centres.This business contributed € 24 thousand (PTE 5 million) to Consolidated Net Profit (€ 535 thousand orPTE 107 million in 2000). This reduction resulted from the increase in staff costs as referred elsewherein this report, including the transfer of the costs from the Director in charge of this business.In shopping centres in operation, the reduction in Income and Costs when compared with last year´sfigures, resulted only from adjustments to accounting policies, with no impact on net profit. Thisinvestment activity generated an Operational Income of € 626 thousand (PTE 126 million), on the basisof proportional contributions from each centre.

Pag 19

The management activity generates Income of € 595 thousand (PTE 119 million), from themanagement contracts for the five shopping centres co-held by Sonae Imobiliária.The development activity generated Income of € 551 thousand (PTE 110 million), from thedevelopment services rendered by Unishopping and Sonaeimo to Parque D. Pedro.On the Financial function, the Costs relate to local debt and the Income relates to the capitalisation ofinterests on the Parque D. Pedro project.

Pag 20

BRASIL


Shopping Centres Brazil Euro 000's PTE 106 Euro 000's PTE 106 Var. (%)

Fixed Rental Income 502 101 524 105 -4%

Turnover Rental Income 55 11 70 14 -20%

Key-Money Deferred Income 42 8 46 9 -10%

Other Income 27 5 83 17 -68%

Total Shopping Centre Operating Income 626 126 723 145 -13%

Shopping Management Services 44 9 29 6 53%

Common Charges Costs from Vacant Units 78 16 81 16 -4%

Other Costs 102 21 202 41 -49%

Total Shopping Centre Operating Costs 224 45 312 63 -28%

Centre Net Operating Margin 402 81 411 82 -2%

Parking Income 68 14 0 0

Parking Costs 54 11 0 0

Parking Net Operating Margin 14 3 0 0Income from Project Development Services 551 110 653 131 -16%

Income from Management Services 595 119 598 120 -1%

Total Income from Service Rendered 1.145 230 1.251 251 -8%

General Supplies and Services 466 93 406 81 15%


Structure Costs 1.174 235 671 134 75%

Gross Operating Results 387 78 991 199 -61%


Provisions 50 10 80 16 -38%

Recurrent Operating Results 262 53 852 171 -69%

Non-Recurrent Operating Results (11) (2) 0 0

Operating Results 251 50 852 171 -70%



Financial Results (34) (7) (213) (43) -84%

Other Non-Recurring Income 7 1 0 0

Other Non-Recurring Costs 12 2 0 0

Results Before Corporate Taxes 212 43 639 128 -67%

Corporate Taxes 188 38 104 21 80%

Net Profit 24 5 535 107 -95%


SPEL -Car Parks

This business contributed € 304 thousand (PTE 61 million) to Consolidated Net Profit (€ 260 thousandPag 21

or PTE 52 million in 2000). There was some growth in Income, both from parks under concession andparks under management, even if the works going on in the streets surrounding Praça de Lisboa havebeen affecting accessibility and penalising the performance of this park. The investments under wayare progressing as planned and it is expected that a number of parks and parking meters will beconcluded during the second semester in Porto, Matosinhos, Viseu and Portimão.

SPEL - CAR PARKING BUSINESS


Spel - Car Parks Euro 000's PTE 106 Euro 000's PTE 106 Var. (%)

Income from Concessioned Parks 608 122 601 121 1%

Income from Management Services 328 66 311 62 5%

Other Operating Income 47 10 40 8 18%

Total Recurrent Operating Income 983 197 953 191 3%

General Supplies and Services 274 55 284 57 -4%


Rental Cost for Concessions 67 13 70 14 -5%

Other Costs 0 0 1 0 -92%

Total Operating Costs 516 103 525 105 -2%

Gross operating Results 467 94 427 86 9%


Recurrent Operating Results 442 89 403 81 10%

Non-Recurrent Operating Results 0 0 0 0

Operating Results 442 89 403 81 10%



Financial Results 1 0 (0) (0)

Other Non-Recurring Income/(Costs) 5 1 (9) (2) -154%

Results Before Corporate Taxes 448 90 393 79 14%

Corporate Taxes 144 29 133 27 8%

Net Profit 304 61 260 52 17%


Praedium -Pag 22

Residential DevelopmentThis business contributed € 341 thousand (PTE 68 million) to Consolidated Net Profit (€ 84 thousand orPTE 17 million in 2000). This result reflects basically the sales margin obtained on the units(apartments, parking places and shops) delivered to customers in Condomínio Douro Foz, Porto andTorre S. Gabriel, Lisbon. Condomínio Douro Foz is almost delivered in full with a small number of unitsto be delivered during the second semester. In the case of Torre S. Gabriel, deliveries started in earlyJune and will continue during coming months.The accounts reflect also the continued investment in the projects under way.

Pag 23

PRAEDIUM - RESIDENTIAL DEVELOPMENT BUSINESS


Praedium - Residential Development Euro 000's PTE 106 Euro 000's PTE 106 Var. (%)

Sales of Properties 23.027 4.617 0 0

Costs of Properties Sold 22.400 4.491 0 0

Sales Margin 627 126 0 0

General Supplies and Services 8.825 1.769 11.841 2.374 -25%

Costs of Projects & Works Subcontracted 8.336 1.671 11.590 2.324 -28%

Costs of Administrative Services Rendered 0 0 107 22 -100%

Others Costs 489 98 144 29 240%

Personnel Costs 461 92 489 98 -6%

Others Costs 109 22 47 9 131%

Total Operating Costs 9.395 1.884 12.377 2.481 -24%

Works Invested in Real Estate Stock 9.015 1.807 12.124 2.431 -26%

Rental Income from Properties 329 66 322 65 2%

Total Operating Income 9.344 1.873 12.446 2.495 -25%

Gross Operating Results 577 116 68 14


Recurrent Operational Results 560 112 53 11Non-Recurrent Operating Results 0 0 (19) (4) -100%

Operating Results 560 112 34 7



Financial Results (9) (2) (27) (5) -68%

Other Non-Recurring Income 199 40 173 35 15%

Other Non-Recurring Costs 140 28 0 0

Results Before Corporate Taxes 610 122 180 36 240%

Corporate Taxes 2 0 83 17 -97%

Minority Interests 268 54 12 2Net Profit 341 68 84 17 304%


CorporateCentre

Pag 24

We are presenting finally a pro-forma profit & loss account of the Corporate Centre that includes theparent company, a corporate services company and several instrumental companies. In the corporateservices company, further to other departments, we have centralised the back office departments ofthe several businesses in Portugal, except for SPEL.This Corporate Centre is not, by itself, a profit centre – these accounts are presented just to allow for afull image of the consolidated accounts of the Company to emerge.The Financial Result in these companies was distributed to the several businesses, in proportion totheir use of funds from the parent. As for overheads, they are invoiced to businesses under serviceagreements.The overheads increased by 6% in relation to the first semester of 2000, increase that is reasonablegiven the growth strategy pursued by the Company.

Pag 25

CORPORATE CENTRE


Corporate Centre Euro 000's PTE 106 Euro 000's PTE 106 Var. (%)

Services Rendered 4.889 980 4.845 971 1%

Operating Costs 4.946 992 4.650 932 6%

General Supllies and Services 2.379 477 2.632 528 -10%

Personnel Costs 2.480 497 1.830 367 36%

Other Costs 87 17 188 38 -54%

Gross Operating Results (57) (11) 195 39 -129%


Provisions 0 0 0 0

Recurrent Operating Results (474) (95) (179) (36) 164%

Non-Recurrent Operating Results 0 0 66 13 -100%

Operating Results (474) (95) (114) (23)

Other Non-Recurring Income/(Costs) 474 95 114 23Results Before Corporate Taxes 0 0 (0) 0

Corporate Taxes 0 0 0 0

Net Profit 0 0 (0) 0


EURO – PREPARATION FOR THE TRANSITIONAs planned, the Sonae Imobiliária companies have replaced the currency used in accountingprocedures and systems after the close of the year 2000.In transactions with customers, Sonae Imobiliária started invoicing in Euros as from the 1 March 2001.In relations with financial institutions, the Sonae Imobiliária companies have converted all theiraccounts into Euros, during the first semester and started doing payments in the same currency.Also starting in the period, all new contracts with tenants are now denominated in Euros.All these steps were taken together with training sessions for staff and communication with commercialpartners (customers and suppliers).In summary, we believe that the Sonae Imobiliária companies will face the transition to the Euro

Pag 26

without difficulties given that this currency is already in use.

OWN SHARES HELD BY SONAE IMOBILIÁRIA SGPS SA

During 2001, the Company did not acquire or sell any own shares and holds, at the end of the 1st semester of 2001, 49.386 own shares.

ORGANIZATION AND COMPANY STAFFThe General Meeting of the Company of the 29 March 2001 approved unanimously a proposal toincrease the number of Company Directors, in the new mandate of 2001/2004, from seven to nine.As a result of this decision and of a posterior meeting of the Board, the Company has now nineDirectors of which four are non-executive:

Belmiro Mendes de Azevedo – President, non-executive; Jeremy Henry Moore Newsum – Director, non-executive;Neil Leslie Jones – Director, non-executive;Ângelo Ribeirinho Paupério - Director, non-executive;

and the following have executive positions:Álvaro Portela – Executive President, with direct responsibility for Expansion, Concept

Development and Architecture, and Institutional Relations, Environment andCorporate Comunication;

João Pessoa Jorge – Executive Director, with responsibility for the Company´s activitiesin Brasil where he lives;

José Edmundo Figueiredo – Executive Director with responsibility for Finance, Control,Asset Management, Legal, Mergers and Acquisitions and Back Office;

Pedro Caupers – Executive Director with responsibility for Operations, includingShopping Centre Management, Marketing and Letting.

Fernando Guedes Antunes de Oliveira – Executive Director with responsbility forShopping and Leidure Centres Development in Europe.

At the end of the first semester of this year, Sonae Imobiliária had a staff of 521, of whom 373 worked

Pag 27

in Portugal, 28 in Spain, 4 in Greece, 14 in Germany, 1 in Italy and 101 in Brazil. Of these 521, 466work in the Shopping Centre business, 16 for Praedium – residential development - and 39 for SPEL –car parks.PLANS FOR THE FUTURE

Sonae Imobiliária will maintain its positioning as a shopping and leisure centre specialist with anintegrated view of the business. Europe will continue to be its main market, with more than its NAVinvested there. The Company will continue focussed in the markets where it is already present,developing new projects and also renovating and expanding existing properties, with a view to obtaininnovative quality products.

With a view to position Sonae Imobiliária as a European leader in shopping and leisure centres, theCompany will be attentive and will participate in the consolidation process going on in Europe in thesector, whenever opportunities arise that fit its business strategy.

IN CONCLUSION

The Board of Directors wishes to thank all the Retailers in Sonae Imobiliária’s shopping centres, theOfficial Entities, the Financial Institutions and its Suppliers for the help they have given and the trustthey have placed in the Company.

The Company also wishes to thank the Official Auditor for his co-operation throughout the period.

A word of recognition to the Company’s Staff for all their hard work over the past semester, asreflected in the results achieved by the Company.

Maia, 11th September 2001.

The Board of Directors.

Pag 28

sonae imobiliÁria-sgps, s.a....in greece, through sonae charagionis, sa – sonae imobiliária’s...

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