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INAPA – INVESTIMENTOS, PARTICIPAÇÕES E GESTÃO, SA (public company) Headquarters: Rua do Salitre, no. 142, 1269-064, Lisbon Equity Capital: € 150 000 000 Registration no.: 36 338 – Lisbon Commercial Registry Office Legal Person: 500 137 994 ACTIVITY IN 3RD QUARTER OF 2006 1 – INFORMATION In compliance with the applicable legal definitions, the Board of Directors of Inapa – Investimentos, Participações e Gestão, SA, hereby presents information regarding the 3rd quarter of the current year. This financial information was prepared in observance of the IAS/IFRS, which were also observed for the same period of 2005, so as to permit comparison on the same basis. 2 – SUMMARY OF ACTIVITY IN THE SECTOR AND THE GROUP Demand for paper in Europe remained stable during the period in question, in spite of the economic growth and an increase in advertising spending. The sales volume of coated paper remained at a similar level, with a slight increase in uncounted papers, particularly in the office paper segment. According to Eugropa figures, the trading volume was in line with previous year. The average sales price decreased by approximately 1% compared with the same period of 2005, notwithstanding the slight increase in some types of paper during the quarter in question. The Inapa Group, performance between January and September suffered, the impact of non-recurrent costs related to the restructuring activity taking place in France and Spain, which had a significant effect on sales. It should also be stressed that the recent extension of the Group’s activity to new types of products in the packaging area has also yielded encouraging results. The volume of Group sales fell to 802 thousand tonnes (-14000 tonnes), with countries undergoing restructuring having a negative impact of 20000 tonnes. The value of sales decreased by approximately 7.6 million Euro, with decreases in the two countries where restructuring processes are underway amounting to some 23 million Euro. The average sales price of the Group was down 0.7% on the figure for the same period of 2005, but up almost 1.0% on the figure for December 2005. The gross margin in an year on year basis was down by approximately 4.2 million Euro, in a back of the fall in the average sales price and lower activity. As regards operating costs, the only item that increased was transport costs, as a result of the increase in fuel prices. This increase was to the order of 1.1 million Euro. Personal costs and general and administrative costs remained stable. Recurrent EBITDA was down by 3.8 million Euro, to 15.6 million Euro, partly due to the temporary decrease in the above mentioned restructuring operations. Financial costs grew by 2.4 million Euro to 16 million Euro, as a direct result of the rise in interest rates. Interest-bearing liabilities were down 43 million Euro to 436 million Euro, reflecting the disposal of financial investments and the working capital management. The group net profit came to a loss of 4.6 million Euro, almost 6.2 million Euro less than the figure for the same period of the previous year. FORECAST FOR THE 4TH QUARTER As the restructuring processes undergone by the Group are practically complete, the Group should return to positive results in the 4th quarter, which is expected to see a trend towards stabilisation or perhaps even a slight increase in the average sales price. New businesses, such as packaging, logistics and office supply, should maintain their levels of growth and contribute positively to the results of the Group. Lisbon, 16 November 2006 The Board of Directors QUARTLY INDIVIDUAL INFORMATION (unaudited) (applicable to entities subject to the accounting standards of the Official Plan of Accounts) Company: INAPA - INVESTIMENTOS, PARTICIPAÇÕES E GESTÃO, SA Registered office: Rua do Salitre, 142 1269-064 LISBOA VAT Nº: Period: 1st Quarter 5the Quarter(1) 3rd Quarter Balance Sheet Headings (Ths Euros) Individual n-1 n Var. (%) 500 137 994 Start: 01-01-2006 End: 30-09-2006 n Consolidated n-1 Var. (%) n Consolidated n-1 Var. (%) Assets Fixed assets (net) Intangible fixed assets 31,25 23,79 31,36 Tangible fixed assets 740,08 1.374,97 (46,17) 474.990,91 502.666,46 (5,51) Medium & long term 47.249,21 13.249,21 256,62 Short term 18.695,36 15.883,53 17,70 Share Capital 150.000,00 150.000,00 Nº. Ordinary sares 30.000.000 30.000.000 Financial assets Third-party debtors (net) Shareholders' Equity Nº of shares of other natures Value of Treasury shares 15.737,31 16.337,35 (3,67) Nº. of voting shares 2.873.838 2.645.295 8,64 258.711,15 261.532,91 (1,08) 52.524,63 40.148,32 30,83 Nº. of non-voting shares Minority interests Liabilities Provisions for contigencies & liabilities Third-party Creditors Medium & long term Short term TOTAL ASSETS (net) 555.105,59 542.970,66 2,23 TOTAL SHAREHOLDERS' EQUITY 242.528,27 240.250,52 0,95 TOTAL LIABILITIES 312.577,32 302.720,14 3,26 Profit & Loss Account Headings Sales & provision of services Individual n-1 n Var. (%) 3.304,91 3.637,72 (9,15) 3.304,91 3.637,72 (9,15) Production fluctuation Cost of goods sold, materials cons. & services provided Gross profit Operating profit 6.206,40 6.147,75 0,95 (7.193,28) 3.025,28 (337,77) Current profit (986,88) 9.173,03 (110,76) Extraordinary profit (loss) 4.396,40 (136,11) (3330,03) Taxes (2) 1.000,00 - - Financial charges (net) Minority interests Net profit (loss) for the quarter Net profit per share for the quarter Self-financing (3) (1) Applicable during the first financial year by companies whose financial year is not the calendar year (Article 65-A of the Companies Code); (2) Estimated Taxes (3) Self-financing = Net profit + Depreciation + Provisions - - - 2.409,52 9.036,92 (73,34) 0,0803 0,3012 (73,34) 2.452,26 9.085,85 (73,01) QUARTLY CONSOLIDATED INFORMATION (unaudited) Company: INAPA - INVESTIMENTOS, PARTICIPAÇÕES E GESTÃO, SA Registered office: Rua do Salitre, 142 1269-064 LISBOA VAT Nº: Period: 1st Quarter 3rd Quarter Balance Sheet Headings (Ths Euros) 5the Quarter(1) Consolidated 30-09-2006 IFRS 500 137 994 Start: 01-01-2006 End: 30-09-2006 Consolidated 31-12-2005 Var. (%) IFRS ASSETS Fixed Assets 452.488 476.072 (4,95) Tangible Assets 134.415 134.655 (0,18) Tangible fixed assets 114.150 115.079 (0,81) Goodwill 147.558 142.208 3,76 19.796 49.605 (60,09) Investments Other fixed assets 36.569 34.525 5,92 231.378 260.651 (11,23) Inventory 83.361 84.360 (1,18) Clients 68.076 99.743 (31,75) Other Current assets 74.834 70.605 5,99 5.107 5.943 (14,07) Current Assets Cash and banks Shareholders' Equity & Liabilities Share Capital Nº. of ordinary shares 150.000 150.000 30.000.000 30.000.000 Nº of shares of other natures Value of Treasury shares Nº. Of voting shares 15.905 16.500 (3,61) 2.896.972 2.669.629 8,52 86.615 92.190 (6,05) 7.506 7.325 2,47 Nº. of non-voting shares Capital atributed to shareholders Minority interrest Liabilities Non Current 339.118 314.161 7,94 Loans 298.375 273.306 9,17 (6,84) Pension funds 4.466 4.794 36.277 36.061 0,60 Current 250.626 323.047 (22,42) Loans (34,24) Other non current liabilities 126.268 192.005 Suppliers 82.337 76.668 7,39 Other current liabilities 42.021 54.374 (22,72) 683.866 736.723 (7,17) 94.122 99.515 (5,42) 589.744 637.208 (7,45) TOTAL ASSETS TOTAL SHAREHOLDERS EQUITY * TOTAL LIABILITYS * Including minority interets Profit & Loss Account Headings Revenues Consolidated 30-09-2005 IFRS 30-09-2006 IFRS Var. (%) 798.892 804.937 (0,75) Cost of sales -691.813 -699.749 (1,13) Gross margin 107.079 105.187 1,80 11.634 17.345 (32,93) -15.471 -14.819 4,40 -3.801 2.526 (250,50) 455 837 (45,63) 302 11 2727,72 Operational profit Financial profit (net) Profit related to Group companies Current profit 36 Extraordinary Taxes (2) Minority interest Net profit for the quarter Net profitper share for the quarter Self-financing (1) (3) Applicable during the first financial year by companies whose financial year is not the calendar year (Article 65-A of the Companies Code); (2) (3) Estimated Taxes Self-financing = Net profit + Depreciation + Provisions -4.558 1.678 (371,64) -0,000152 0,000056 (371,64) -4.558 10.582 (143,07)