REPORT AND ACCOUNTS First Half 2015

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1 REPORT AND ACCOUNTS First Half 2015

2 TABLE OF CONTENTS 1. CONSOLIDATED MANAGEMENT REPORT APPENDICE IN ACCORDANCE WITH ART 9 OF CMVM REGULATION 5/ CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE Consolidated Management Report First Half 2015 José de Mello Saúde 2

3 1. CONSOLIDATED MANAGEMENT REPORT Consolidated Management Report First Half 2015 José de Mello Saúde 3

4 1.1 VISION, MISSION AND VALUES José de Mello Saúde (JMS) is known for and recognised by its mission, its values and the objectives it has set out to attain. Vision To be a leader in the provision of healthcare with a distinguished quality, supported by an integrated network of high-performance units, in the private sector as well as the public, and presenting options for growth in selected international markets. Mission To promote the provision of health with the highest levels of knowledge, respecting the supremacy of life and the environment through the development of the organisations intellectual capital in a permanent quest for the best. To achieve its mission José de Mello Saúde carries out its activity based on three platforms of excellence: Excellency in human talent The transmission and fostering of the Group values The evaluation and reward of performance The attentive and challenging management of the professional career of each person The fostering of a culture marked by accountability, demanding standards, strict compliance and achievement The sharing of knowledge and team work Excellency in service The development of centres of clinical excellence The management of customer relations The humanisation of care The constant improvement in service levels Excellence in operations and systems The permanent development of capacities for innovation and planning The on-going improvement of processes The systematic increase in productivity The strong focus on clinical technologies and information Strict cost control Consolidated Management Report First Half 2015 José de Mello Saúde 4

5 Values The employees of José de Mello Saúde have added responsibilities in the consolidation of José de Mello Saúde s identity through the affirmation and transmission of its values: Respect for the dignity and well-being of persons Human development Competence Innovation 1.2 MACROECONOMIC AND HEALTH SECTOR ENVIRONMENTS I - Macroeconomic Environment In the first half of 2015, the Euro Zone countries continued their positive course, which began in late In this period there was overall growth in the main macroeconomic indicators. The data available for the first quarter of 2015 show that in comparison with the previous quarter, the GDP of the Euro Zone rose 1%, driven largely by the increase in private consumption (+1,7%), an increase in domestic demand (+1,3%) and a rise in exports (+4,2%). 1 In the light of these indicators, the projections for the end of 2015 were adjusted upwards, with growth in the GDP of the Euro Zone expected to surpass the 0,9% growth seen in 2014, attaining 1,5% this year, or 0,2 p.p. higher than what was initially forecast for The outlook for the second half of the year remains optimistic despite the recent happenings in Greece, which led to the negotiation of a third bail out for that country, and the high levels of unemployment in some of the European countries (Spain, for example, which has an unemployment rate of 22,4%). The greater availability of liquidity (resulting mainly from the Quantitative Easing programme 2 ), plus the increased volume of exports of the Member States and the economic upturn in China reveal confidence in expected growth for the second half of the year. On the domestic front, data from the Bank of Portugal for the first half of 2015 indicates a growth in GDP of 1,7% year on year, an increase in private consumption of 2,2% and an additional 4,8% in the value of exports. In terms of employability, there was also a slight drop 1 Bank of Portugal Eurosystem. ( ). Statistical Bulletin. (p. 23) 2 European Comission European Economic Forecast Spring Consolidated Management Report First Half 2015 José de Mello Saúde 5

6 (0,6 p.p.) in the unemployment rate, which stands at 13,4% (a number that is still above the average of the Euro Zone s 11,0% unemployment rate). 3 II Health Sector Environment In the first five months of the year in Portugal, there was a 6,8% increase in insurance premiums, for illnesses and occupational accidents, year on year 4. The latest data of the Portuguese Association of Insurers (APS), cumulative through May, points to premiums of 307 million euros in illnesses and 251 million euros in occupational accidents. In the same period, the costs of claims recorded an increase of 5,2% for illness and 4,0% for occupational accidents, standing at 189 and 217 million euros, respectively. Compared with the same period a year ago, the claims ratio for health insurance remained practically unchanged at 75,2%. In regard to occupational accidents, there was a drop of 2,6 p.p. in the claims ratio, registering 94,8%. In relation to the main public health subsystem (ADSE), the increase in the discount rate to 3,5% carried out in May 2014 resulted in a total income of 521 million euros, which was up by 82,4% over the previous year. An audit made by the Court of Auditors during the first half of 2015 found that in 2014 the total of discounts exceeded the sum expended by ADSE by 139 million euros. In light of the indicators given, the expectation of José de Mello Saúde for the second half of 2015 is an increase in the demand for its. It is in this context that the Group is increasing its capacity in Lisbon and expanding into other locations, such as Santarém and Viseu. 3 Bank of Portugal (June 2015) - Boletim Económico (Economic Bulletin). Available at PT/EstudosEconomicos/Publicacoes/BoletimEconomico/Publicacoes/bol_econ_junho2015_p.pdf 4 Portuguese Association of Insurers. ( ). Management Indicators. Informação Transversal (Cross-sectional information) (p. 28) Consolidated Management Report First Half 2015 José de Mello Saúde 6

7 1.2 PROGRESS OF THE ACTIVITY I Relevant facts about the activity In 2015 José de Mello Saúde celebrates 70 years of the CUF brand in the provision of private healthcare in Portugal, through the CUF Infante Santo Hospital, which opened in In April, CUF Miraflores was inaugurated, the first clinic in the municipality of Oeiras, expanding the CUF network and bringing the company closer to the people. The first half of 2015 was marked by the signing of a contract for the acquisition of a new unit, the Private Hospital of Santarém. This health unit has 24 beds, 3 operating theatres and 21 consulting rooms, being equipped to serve a wide geographic area, in particular 9 neighbouring municipalities of the region with a population of over 190 thousand, (Santarém, Almeirim, Alpiarça, Cartaxo, Chamusca, Coruche, Golegã, Rio Maior and Salvaterra de Magos). José de Mello Saúde will initiate the management of the Private Hospital of Santarém in the second half of This will be the materialisation of one more important step in the strategy for growth and geographic expansion implemented by José de Mello Saúde. In the first half of this year, the activity of José de Mello Saúde registered a positive performance in all areas. Consultations increased 13,0% year on year, totalling The number of urgencies rose by 5,8% and the number of patients operated grew 6,1%. Patients released from the installations totalled , representing an increase of 5,5% over the same period last year and the inpatient days rose 6,5% compared to Births totalled 3.585, which is 6,3% higher than the previous year. The revenue for Complementary Diagnostic Procedures and Treatment (MCDTs) rose 10,7%. Consolidated Management Report First Half 2015 José de Mello Saúde 7

8 II Variations in the economic and financial situation José de Mello Saúde s focus on its economic and financial performance has further contributed to the achieving of higher levels of profitability. Overall Performance Consolidated Income Statement (Million Euros) Amounts not audited 20141) 2014 Jun 2) 2015 Jun Recurring Jun Var % Operating Profit 254,6 254,6 277,2 8,9% Operating costs (223,5) (223,5) (241,1) 7,9% EBITDA 31,1 31,1 36,1 15,9% EBITDA Margin 12,2% 12,2% 13,0% 0,8 p.p. Depreciation and Amortization (8,7) (11,7) (12,4) 6,5% EBIT 22,4 19,4 23,6 21,5% EBIT Margin 8,8% 7,6% 8,5% 0,9 p.p. Financial results (3,8) (3,8) (5,3) 37,0% EBT 18,6 15,6 18,4 17,7% Tax (3,5) (3,5) (5,6) 59,3% Consolidated Net Profit for the Year 15,1 12,1 12,8 5,6% Net profit for the year for discontinued operations -0,8-0,8 Net profit attributable to non-controlling interests -0,3-0,3-0,2-43,4% Net profit attributable to JMS Shareholders 14,0 11,0 12,6 14,4% 1) An adjustment was made in the consolidation perimeter of 2014 (removing Dr Campos Costa Group, sold in January 2015 ), for the statement to be comparable with that of ) The annulment of a provision of 2,97 million euros constituted in 2013 related to a tax discrepancy process with the tax authority was considered to be non-recurrent. Over the course of the first half 2015, most of the José de Mello Saúde units showed growth in comparison with the same period of the previous year. The turnover of the Group came to 277,2 million euros, representing a year-on-year increase of 8,9%. The activity of the private hospitals grew 12,9% and the public healthcare segment rose 4,0%. The EBITDA was 36,1 million euros (an increase of 15,9% year on year) and the margin of EBITDA was 13,0%, which was 0,8 p.p. higher than in the first half of This positive variation results from the overall growth of the activity, in conjunction with the improvements made in the operating efficiency. Consolidated Management Report First Half 2015 José de Mello Saúde 8

9 José de Mello Saúde recorded growth of 14,4% in its net profit attributable to the holders of the capital in relation to the first half of 2014, a figure that was 12,6 million euros as at 30 June (Million Euros) Amounts not audited 2014 Dec 2015 Jun Non-current assets 189,6 199,9 Working capital -32,7-19,0 Share capital 54,9 67,0 Net debt 102,0 113,9 Net debt/ebitda 1,8 1,6 The consolidated net debt rose by 11,9 million euros over the close of December 2014, due to the decrease in the cash balance resulting from the investment in expansion (acquisition of land at Parque das Nações and in Alcântara) and fulfilling the debt service. In May 2015 José de Mello Saúde issued a new bond loan, in the amount of 50 million euros, for a period of 6 years, at an interest rate indexed to the 6-month Euribor, plus 2,95%. The issue was placed with institutional investors, more than 10,0% being placed with international investors. It was approved for trading on the Euronext Lisbon regulated market and the Luxembourg Stock Exchange. In this emission the Banco Finantia and Banco Espírito Santo de Investimento acted as Co-Arrangers and Co-Lead Managers. The purpose of José de Mello Saúde in issuing this bond loan was to refinance its current activity and take on new investment opportunities, having significantly reduced its financing costs and extended the average maturity of its debt. The net debt/ebitda ratio was 1.6x, compared to the 1.8x recorded at the end of Consolidated Management Report First Half 2015 José de Mello Saúde 9

10 Operating Income by Segment (Million Euros) Amounts not audited 2014 Jun 2015 Jun Var % Consolidated Operating Income 254,6 277,2 8,9% Private HealthCare 154,7 174,6 12,9% Public HealthCare 102,3 106,4 4,0% Other Activities 2,5 3,9 59,4% Corporate Centre 14,3 30,9 115,6% Disposals -19,2-38,7 101,4% At the end of the first half of 2015, the operating income of the private healthcare segment totalled 174,6 million euros, which represented an increase of 12,9% over that of the same period of the previous year. This growth was driven by a generalised increase in the various areas of medical assistance (13% growth in the volume of consultations, 6% in urgent care, 6% in surgeries, 6% in births and 11% growth in exams and treatments). The income from the public healthcare segments accounts for 38,4% of the total income for the 6-month period, increasing by 4,0% over the 2014 figure. At the end of the first half de 2015, revenues were 106,4 million euros, which was an increase of 4,1 million euros year on year. It is worth pointing out the positive performance in the activity of the generality of areas of medical assistance at both public units in comparison with the previous year. Results by Segment Amounts not audited 2014 Jun Recurring 2015 Jun millions Margin millions Margin Var Margin Consolidated EBIT 19,4 7,6% 23,6 8,5% 0,9 p.p Private HealthCare 18,7 12,1% 20,9 12,0% -0,1 p.p Public HealthCare 2,2 2,2% 2,7 2,5% 0,3 p.p Other Activities 0,2 7,4% 1,2 29,5% 22,1 p.p Corporate Centre -1,6-11,3% -1,1-3,7% 7,6 p.p Consolidated Management Report First Half 2015 José de Mello Saúde 10

11 In the private healthcare segment, the increase in the activity year at year generated a growth in the operating income of around 12,0%, rising from 18,7 million euros in the first half of 2014 to 20,9 million euros on 30 June In the segment of public care, the variation in the EBIT margin was not significant, rising from 2,2% in the first half 2014 to 2,5% at the close of the first half of This increase is explained by the good performance of Hospital of Vila Franca de Xira. Financial Position (Million Euros) (Amounts not audited) Dec Jun Dec Jun Tangible fixed assets 129,5 147,0 Capital and accessory contributions 67,4 67,4 Intangible fixed assets and 45,8 38,6 Reserves and retained earnings (12,4) (0,3) goodwill Others 14,4 14,3 Share Capital 54,9 67,0 Non-current Assets 189,6 199,9 Non-current bank loans 105,6 113,3 Inventories 7,2 8,3 Current bank loans 33,3 26,3 Customers 72,1 84,0 Non-current financial leases 70,9 66,9 Suppliers (75,0) (85,5) Current financial leases 12,4 11,4 Others (37,1) (25,8) Cash and Cash Equivalents (120,2) (104,1) Working Capital (32,7) (19,0) Net Debt 102,0 113,9 Non-current Assets + Working Capital 157,0 180,9 Share Capital + Net Debt 157,0 180,9 The working capital increased by 13,7 million euros, explained by the increase the customers and pending invoicing which was compensated in part by the increase in suppliers balance. Attention is called to the fact that extraordinary amounts were received from some payers at the end of 2014 have a positive influence on the customer balance on that date. The increase in suppliers is mainly justified by a change in internal procedures, which allowed the accrual of costs that were recorded to be recognised sooner as a balance of third parties and, as well, by the increase in activity. Consolidated Management Report First Half 2015 José de Mello Saúde 11

12 The share capital had a positive variation of 12,1 million euros compared with 2014, essentially because of the results of the first half of At the close of the first half of 2015, the consolidated gross financial debt fell 4,2 million euros in comparison with 2014, due to the fulfilment of the debt service, totalling 217,9 million euros. In the first half of 2015 there was a debt restructuring with the issuance in May of a new bond loan of 50 million euros. Following that restructuring of the financing sources, the bonds represented 45,4% of the total debt of JMS as can be seen in the following graphs: Commercial Paper 10.3% Loans 26.2% Bonds 22.1% Pledged Current Account 1.4% Factoring 2.2% Loans 8.5% Commercial Paper 9.7% Bonds 45.4% Financial Leases 37.9% Financial Leases 36.4% Dec-14 Jun-15 The consolidated net debt was to 113,9 million euros, representing an increase of 11,9 million euros compared with December 2014, explained by the negative variation in cash, resulting from the investments made in the first half of the year and the fulfilment of the debt service. 1.4 THE OUTLOOK FOR 2015 José de Mello Saúde celebrates the 70 years of CUF in These 70 years have provided José de Mello Saúde with a unique experience. Unique for the values that make up its culture, for the numbers that justify our leadership and unique for the history constructed over the decades and renewed on a daily basis. During 2015 José de Mello Saúde will continue to focus on the simultaneous execution of its two strategic drivers: Consolidated Management Report First Half 2015 José de Mello Saúde 12

13 Leverage and reinforce the foundation of assets and skills José de Mello Saúde is attentive to the sector s growth trends and will use its knowledge and skills to renew its value proposal, endowing it with elements that are highly innovative in terms of the offer and customer relations. The socio-economic changes already discussed at length, as well as continuous technological advances, specifically in the digital world, result in a customer who is older (but no less participative), with more morbidity (in terms of chronic illnesses), better informed and subsequently more demanding in terms of knowing about his health status and more demanding regarding the value proposition by the health provider. José de Mello Saúde defends a model of providing care incorporated in a new paradigm where the health of the patient is managed in an active, multidisciplinary way and in a digital context that goes beyond the physical environment. José de Mello Saúde believes that clinical quality is a central element of its value proposition. As such, it will continue to focus on guaranteeing that the clinical activity is carried out in accordance with the highest standards of quality, in a consistent manner. The constant concern for measuring clinical results has its maximum exponent in the outcomes project that was initiated in 2014 and which will continue over the next several years. This project seeks to measure changes in the health or in the quality of life of a person, as a result of a clinical episode. This is an innovative approach on an international level and translates into a functional improvement for the customer, evaluating the patient s ability to return to active life. Increase in the ability to meet the needs of the population The commitment of José de Mello Saúde to promote quality healthcare, accessible and close at hand, is materialized in the following projects that will be carried out in 2015: (i) consolidation of the operation of the 3 clinics opened in 2014 (Mafra, Sintra and São Domingos de Rana) and the clinic in Miraflores opened in 2015 (functioning in conjunction with the CUF Infante Santo Hospital); (ii) opening of another neighbourhood clinic in Oporto s area (which will function in conjunction with the CUF Porto Hospital); (iii) start managing the Private Hospital of Santarem; (iv) continuation of the expansion project for CUF Descobertas Consolidated Management Report First Half 2015 José de Mello Saúde 13

14 Hospital, which will give this unit a higher capacity for hospitalization and out-patient ; and (v) preparation for opening the CUF Viseu Hospital. 1.5 RISK MANAGEMENT The Risk Management Policy at José de Mello Saúde is aimed at guaranteeing the proper identification of the risks associated with the business engaged in, as well as adopting and implementing the measures needed to minimize the negative impacts that adverse developments of the factors underlying those risks may have on the Company s financial structure and its corresponding sustainability. Within the scope of the process of risk management, we identify below those we consider to be materially more relevant: Financial Risks The main financial risks identified are liquidity risk, credit risk and the risk of exposure to variations in interest rates. Managing the liquidity risk presupposes a permanent monitoring of the cash projections, in order to ensure the fulfilment of all the Group s responsibilities to the entities with which it has business relations. Through an active management of the business plan and the exhaustive mapping of the cash needs or future surpluses, it seeks also to reduce the credit risk, resorting to a permanent relationship with its financial partners. Managing interest rate risk seeks to minimize exposure to the variation in interest rates and their impact on Financial Statements within the established limits. Through the control policy adopted, we seek to select appropriate strategies for each business area, with the objective of guaranteeing that this risk factor does not negatively impact the corresponding operating capacity. On the other hand, the exposure to interest rate risk is also monitored, through the simulation of adverse scenarios, but with some degree of probability of occurring, which could have a negative effect on results. Consolidated Management Report First Half 2015 José de Mello Saúde 14

15 At the close of 2014, JMS had almost all its financing indexed at variable rates. With the objective of reducing the risk of exposure to variations in the interest rate, in May and June 2015, plain vanilla interest rate swaps were signed, which cover 75% of the amounts of the bond loans issued in June 2014 and May The contracted swaps respect the characteristics of the above-mentioned bond issues in order to be considered coverage products (same indexing, same period and interest payment dates). On the payment date for interest, JMS receives interest indexed at E6 for 75% of the bond capital and pays interest at a fixed rate on the same amount. With this operation, JMS has the risk of exposure to variations in interest rate on 35% of its gross debt covered by instruments that exchange a variable rate for a fixed rate. Operating risk José de Mello Saúde, as a market leader in providing healthcare, assumes the commitment to promote the guiding principles of sustainable development. The respect for these principles translates into a mandate to guarantee, at every time, the creation of value and therefore the satisfaction of our customers, employees, shareholders and third party entities with whom we work in conducting our business activity. Within the scope of this mandate, José de Mello Saúde uses an Integrated Management Model across all the units providing healthcare, based on seven pillars: A. Provision of healthcare The provision of healthcare in terms of best practices, excellence in technology and the most recent and proven scientific progress in the prevention, diagnosis and clinical treatment of illness, supported by the gathering of clinical results that are periodically monitored and revaluated in light of the objectives and defined methods. A model for providing care is based on the on-going search for solutions to meet our customers needs. Consolidated Management Report First Half 2015 José de Mello Saúde 15

16 B. Patient safety The maintenance of a transversal programme for the Management of Clinical and Non-Clinical Risk that establishes and prioritizes actions for identifying potential risks and preventing their occurrence is reinforced by the implementation of recommendations for good practices, in order to eliminate unnecessary damages resulting from providing healthcare. C. Security of Information The protection of information, as a support for the efficiency of the service provided to customers, is based on integrity, the availability of information systems and infrastructures, and the confidentiality of the data. D. Environmental Efficiency The identification of the environmental aspects resulting from providing healthcare enables the evaluation of impacts and the prioritisation of initiatives, with a view to the minimization and control of risks. The promotion of a sustainable use of natural resources, specifically energy and water, the prevention of pollution and the reduction, reuse and recycling of wastes produced. E. Safety and health at work The identification of dangers that professionals are exposed to, in terms of safety and health at work, with a view to the evaluation of risks and the prioritisation of initiatives, aiming at minimise and control of such risks. The prevention of the occurrence of injuries, incidents, accidents and occupational illnesses. F. Legal requirements The compliance of applicable legal requirements in effect, as well as other requirements deemed relevant. G. On-going improvement The establishment of a culture of on-going improvement that consolidates the management of processes and promotes the efficiency of the integrated management model. Consolidated Management Report First Half 2015 José de Mello Saúde 16

17 1.6 FINAL REMARKS Under the terms of Article 246(1)(c) of the Portuguese Securities Code and in compliance with the legal and statutory provisions, the Board of Directors presents the condensed financial statements and the interim management report for the first half of 2015, with the firm belief that, to the best of its knowledge, the information included herein has been drawn up in accordance with the applicable accounting norms, providing a true and appropriate picture of the assets and liabilities, of the financial situation and the results of the issuer, and that the management report truthfully provides the information required. Furthermore, under the terms and for the purposes of Article 8(3) of the Portuguese Securities Code, José de Mello Saúde, S.A. hereby informs that the report and consolidated accounts related to the first half of 2015 were not subject to review by an external auditor registered with the Portuguese Securities Market Commission. Consolidated Management Report First Half 2015 José de Mello Saúde 17

18 Board of Directors Salvador Maria Guimarães José de Mello Pedro Maria Guimarães José de Mello João Gonçalves da Silveira Rui Manuel Assoreira Raposo Maria Inês Rosa Dias Murteira Bleck Vasco Luís José de Mello Inácio António da Ponte Metello de Almeida e Brito Guilherme Barata Pereira Dias de Magalhães Luís Eduardo Brito Freixiel de Goes José Carlos Lopes Martins Paulo Jorge Cleto Duarte Lisbon, 11th August 2015 Consolidated Management Report First Half 2015 José de Mello Saúde 18

19 2. APPENDICE IN ACCORDANCE WITH ART 9 OF CMVM REGULATION 5/2008 Consolidated Management Report First Half 2015 José de Mello Saúde 19

20 Complying with Article 9, No.1, a) of the CMVM Regulation 5/2008 BALANCE AT 31/Dec/2014 ACQUISITIONS SALES BALANCE AT 30/Jun/2015 Quantity Quantity Amount Quantity Amount Quantity Salvador Maria Guimarães José de Mello Hospital CUF Descobertas, S.A Rui Manuel Assoeira Raposo Hospital CUF Descobertas, S.A Guilherme Barata Pereira Dias de Magalhães Hospital CUF Descobertas, S.A Vasco Luís José de Mello Hospital CUF Descobertas, S.A Maria Inês Rosa Dias Murteira Bleck Hospital CUF Descobertas, S.A Inácio António da Ponte Metello de Almeida e Brito Hospital CUF Descobertas, S.A José Carlos Lopes Martins Hospital CUF Descobertas, S.A Consolidated Management Report First Half 2015 José de Mello Saúde 20

21 3. CONSOLIDATED FINANCIAL STATEMENTS Consolidated Management Report First Half 2015 José de Mello Saúde 21

22 3.1 CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2015 JOSÉ DE MELLO SAÚDE, S.A. CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 JUNE 2015 AND 31 DECEMBER 2014 (Amounts in Euros) Notes Non-current assets: Goodwill 5 and Intangible assets Tangible fixed assets 5 and Investments in associates Other investments Deferred tax assets Other non-current assets Total non-current assets Current assets: Inventories Trade receivables and advances to suppliers 5 and Other current debtors State and other public entities Other current assets Cash and cash equivalents Total current assets Non-current assets held for sale TOTAL ASSETS Consolidated Management Report First Half 2015 José de Mello Saúde 22

23 JOSÉ DE MELLO SAÚDE, S.A. CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 30 JUNE 2015 AND 31 DECEMBER 2014 (Amounts in Euros) Notes Equity: Share capital Additional capital paid in Legal reserve Other reserves and retained earnings ( ) ( ) Consolidated net income Equity attributable to shareholders Non-controlling interests Total equity Non-current liabilities: Borrowings Finance lease creditors Employee benefits Provisions Non-current liabilities Current liabilities: Borrowings Finance lease creditors Trade payables and advances from clients 5 and State and other public entities Other current creditors Other current liabilities Total current liabilities Liabilities directly related to assets non-current held for sale TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES The accompanying notes form an integral part of the consolidated statement of financial position for the period ended 30 June The Chartered Accountant The Board of Directors Consolidated Management Report First Half 2015 José de Mello Saúde 23

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