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Consolidated Annual Report 2017 CONSOLIDATED ANNUAL REPORT 2017 1 SAG GEST – Soluções Automóvel Globais, SGPS, S.A. – Listed Company Head-Office: Estrada de Alfragide, no. 67 – 2614-519 Amadora Share Capital Eur 169,764,398 Registered at the Amadora Registrar of Companies Single registration and tax identification number 503219886 Office: Alfrapark – Estrada de Alfragide, n.º 67, Edifício SGC – Piso 2 2614-519 Amadora Tel. 21 359 66 64 Fax: 21 359 66 74 SAG GEST – Soluções Automóvel Globais, SGPS, S.A. A listed Company Registered Share Capital: Eur 169,764,398 Taxpayer No. 503 219 886 Registered at the Amadora Registrar of Companies under No. 503 219 886 Registered Office: Estrada de Alfragide, 67 – 2614-519 Amadora Offices: Alfrapark, Edifício SGC, Piso 2 2614-519 Amadora Tel: +(351) 21 359 66 64 Fax: +(351) 21 359 66 74 E-mail: [email protected] Web: http:/www.sag.pt 2 SAG GEST – Soluções Automóvel Globais, SGPS, S.A. – Listed Company Head-Office: Estrada de Alfragide, no. 67 – 2614-519 Amadora Share Capital Eur 169,764,398 Registered at the Amadora Registrar of Companies Single registration and tax identification number 503219886 Office: Alfrapark – Estrada de Alfragide, n.º 67, Edifício SGC – Piso 2 2614-519 Amadora Tel. 21 359 66 64 Fax: 21 359 66 74 CONTENTS CONSOLIDATED MANAGEMENT REPORT 2017 ....................................................................................................................... 5 CONSOLIDATED FINANCIAL STATEMENTS 2017 ................................................................................................................... 42 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2017 ........................................................................................ 47 1. GENERAL INFORMATION ABOUT ACTIVITY ........................................................................................................... 48 2. SUMMARY OF MAIN ACCOUNTING POLICIES ........................................................................................................ 48 3. CONSOLIDATED ENTITIES ...................................................................................................................................... 65 4. REPORTING BY OPERATING SEGMENTS .............................................................................................................. 66 5. OTHER OPERATING INCOME .................................................................................................................................. 69 6. OTHER OPERATING EXPENSES ............................................................................................................................. 69 7. SALES, GENERAL AND ADMINISTRATIVE EXPENSES – COMMERCIAL EXPENSES ........................................... 70 8. SALES, GENERAL AND ADMINISTRATIVE EXPENSES – CAR EXPENSES ........................................................... 70 9. SALES, GENERAL AND ADMINISTRATIVE EXPENSES – OVERHEADS ................................................................ 71 10. PAYROLL EXPENSES ...............................................................................................................................................71 11. GAINS AND LOSSES ON SALES OF TANGIBLE FIXED ASSETS ............................................................................ 72 12. FINANCIAL EXPENSES .............................................................................................................................................72 13. FINANCIAL INCOME ..................................................................................................................................................72 14. INCOME AND EXPENSES – RELATED PARTIES .................................................................................................... 73 15. INCOME TAX ............................................................................................................................................................. 73 16. DISCONTINUED OPERATIONS ................................................................................................................................ 81 17. EARNINGS PER SHARE ........................................................................................................................................... 81 18. TANGIBLE FIXED ASSETS ....................................................................................................................................... 83 19. INTANGIBLE ASSETS - GOODWILL ......................................................................................................................... 85 20. INTANGIBLE ASSETS - OTHER ................................................................................................................................ 89 21. INVESTMENTS IN ASSOCIATES .............................................................................................................................. 89 22. INVESTMENT PROPERTIES .....................................................................................................................................90 23. INVENTORIES ...........................................................................................................................................................91 24. ACCOUNTS RECEIVABLE - TRADE CUSTOMERS .................................................................................................. 92 25. ACCOUNTS RECEIVABLE - RELATED PARTIES ..................................................................................................... 93 26. ACCOUNTS RECEIVABLE - OTHER ......................................................................................................................... 94 27. PREPAID EXPENSES ................................................................................................................................................94 28. ACCRUED INCOME................................................................................................................................................... 95 29. TAXES – OTHER THAN INCOME TAXES ................................................................................................................. 95 30. CASH AND CASH EQUIVALENTS AND TERM DEPOSITS ...................................................................................... 95 31. EQUITY INSTRUMENTS............................................................................................................................................ 96 32. NON-CONTROLLING INTERESTS ............................................................................................................................ 98 33. BANK LOANS ............................................................................................................................................................99 34. PROVISIONS ........................................................................................................................................................... 103 35. ACCOUNTS PAYABLE – TRADE SUPPLIERS ........................................................................................................ 104 36. ACCOUNTS PAYABLE - OTHER ............................................................................................................................. 104 37. RELATED PARTY DISCLOSURES .......................................................................................................................... 104 38. ACCRUED EXPENSES ............................................................................................................................................ 106 3 SAG GEST – Soluções Automóvel Globais, SGPS, S.A. – Listed Company Head-Office: Estrada de Alfragide, no. 67 – 2614-519 Amadora Share Capital Eur 169,764,398 Registered at the Amadora Registrar of Companies Single registration and tax identification number 503219886 Office: Alfrapark – Estrada de Alfragide, n.º 67, Edifício SGC – Piso 2 2614-519 Amadora Tel. 21 359 66 64 Fax: 21 359 66 74 39. DEFERRED INCOME ............................................................................................................................................... 107 40. FINANCIAL RISKS ................................................................................................................................................... 107 41. RENTALS AND OPERATING LEASES .................................................................................................................... 108 42. FINANCIAL INSTRUMENTS .................................................................................................................................... 109 43. COMMITMENTS AND CONTINGENCIES ................................................................................................................ 109 44. SUBSEQUENT EVENTS .......................................................................................................................................... 113 4 SAG GEST – Soluções Automóvel Globais, SGPS, S.A. – Listed Company Head-Office: Estrada de Alfragide, no. 67 – 2614-519 Amadora Share Capital Eur 169,764,398 Registered at the Amadora Registrar of Companies Single registration and tax identification number 503219886 Office: Alfrapark – Estrada de Alfragide, n.º 67, Edifício SGC – Piso 2 2614-519 Amadora Tel. 21 359 66 64 Fax: 21 359 66 74 CONSOLIDATED MANAGEMENT REPORT 2017 5 SAG GEST – Soluções Automóvel Globais, SGPS, S.A. – Listed Company Head-Office: Estrada de Alfragide, no. 67 – 2614-519 Amadora Share Capital Eur
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