sonae sgps sa publicly quoted company head office lugar do espido via norte 4471 909 maia share capital euro 2 000 commercial registry nr 14 168 fiscal 500 273 170 report and consolidated accounts 2003 1 translation from the portuguese original chairman s statement as planned was a year of balance sheet consolidation general improvement in profitability various sub holdings related subsidiaries consequently that holding addition we divested non strategic assets at market prices with significant gains transfer to real estate fund several imobiliária an important international success whilst maintaining asset management control were able capture value accumulated over years thus ensure support for growth plans financial analysts reacted favourably decisions taken reflected by 65 increase price during 47 date 2004 terms corporate governance intend enlarge our boards directors include executive encouraged very positive experience sonaecom resulted
