José de Mello Group’s key financials improve in 2002

May 30, 2003

Despite the economic slowdown, José de Mello, SGPS, SA, closed the year with an improvement of its main consolidated indicators

The José de Mello Group returned a consolidated net profit of €33.7 million at the end of 2002, an increase of 390% compared to 2001, when the net profit amounted to €6.9 million.

Consolidated assets were up 6% from €2,232 million in 2001 of €2,367 million in 2002. This increase of assets was chiefly caused by the effect of application for the first time of deferred taxation on the shareholders’ equity of Brisa, consolidated in the José de Mello, SGPS, SA, accounts using the equity method.

Consolidated turnover was also about 5% higher than in 2001, at €748 million. The major contributors to this were the CUF and José de Mello Saúde Groups, which, for the first time, consolidated 12 months operating results of two new units: Elnosa, in the Chemical Industry area, and the CUF Descobertas Hospital, in the Health area.

At the end of 2002, consolidated shareholders’ equity totalled €378 million, in increase or around 24%.