ANNUAL

REPORT 2021

EUROPEAN SINGLE ELECTRONIC FORMAT (ESEF)

This document is the PDF version of the Annual Report for the year 2021 of Semapa - Sociedade de Investimento e Gestão, SGPS, S.A., and therefore does not correspond to the version of this Report in ESEF format. The final and audited version of the aforementioned Annual Report in ESEF format can be consulted atwww.semapa.pt. If there are differences between this version in PDF format and the aforementioned version in ESEF format, the content in the latter will prevail.

CONTENTS

THE SEMAPA GROUP 4

Message from the Chairman and Ceo 6

Leading Indicators of the Group 10

Mission, Strategic Principles and Values 13

Who We Are 16

What We Do 17

Where We Are 18

Corporate Bodies 20

Board of Directors 21

02

MANAGEMENT REPORT 22

Overview of Semapa Group Operations 26

Performance of the Semapa Group Business Units 32

Semapa Group - Financial Area 52

Strategic Risk Management 56

Sustainability in the Business Units 60

Innovation, Research and Development 64

Human Capital and Talent 67

Involvement in the Community 69

Outlook 70

Events after the Balance Sheet Date 74

Acknowledgements 75

Proposed Allocation of Profits 76

04 03

CORPORATE GOVERNANCE REPORT 78

Part I

Part II

Assessment of corporate governance 127

Annex I

Disclosures required under article 447 of the Companies Code 137

Annex II

Remuneration policy 139

Annex III

Statement required under article 245.1 c) of the Securities Code 145

organisation and corporate structure 82

Information on capital structure,

CONSOLIDATED FINANCIAL STATEMENTS 146

Consolidated Income Statement 148

Consolidated Statement of Comprehensive Income 149

Consolidated Statement of Financial Position 150

Consolidated Statement of Changes In Equity 151

Consolidated Statement of Cash Flows 152

Notes to the Consolidated Financial Statements 153

2

ANNUAL REPORT 2021

09 08 07 06 05

268

STATUTORY AUDIT REPORT

Consolidated Financial Statements

278

284

286

287

288

289

290

291

SEPARATE FINANCIAL STATEMENTS

Notes to the Separate Financial Statements

Separate Income Statement

Separate Statement of Comprehensive Income Separate Statement of Financial Position Separate Statement of Changes In Equity Separate Statement of Cash Flows

346

REPORT AND OPINION OF THE AUDIT BOARD

Separate Financial Statements

3

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Semapa - Sociedade de Investimento e Gestão SGPS SA published this content on 14 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 April 2022 18:45:01 UTC.