José de Mello, SGPS, returns a profit of €16.7 million in 2005

José de Mello, SGPS, SA, closed 2005 with a Consolidated Net Profit of €16.7 million, an improvement over 2004.

The Group’s Consolidated Turnover amounted to €669 million at the year-end, compared to €662 in 2004, excluding the contribution made by Fisipe, which was sold in 2005.

With regard to the business of the Jose de Mello Group in 2005, the year was essentially marked by an increase of the holding in Brisa, by the start to a process of reorganisation of the CUF holdings portfolio in the wake of the sale of Fisipe, by the sustained growth and improvement of the quality of the services provided by the José de Mello Saúde health-care units, and also by the launch, in partnership with the TMG Group, of a take-over bid for the whole of the shares in Efacec, successfully concluded during the first quarter of 2006. Also at the beginning of 2006, José de Mello, SGPS, SA, acquired on the market, through a company that it owns, Brisa’s 2% stake in Energias de Portugal (EDP).

HIGHLIGHTS (in €million):

CONSOLIDATED BUSINESS 2005 2004
Turnover 669 662
Net profit 16.7 10.4
Net assets 2,472 2,295
Shareholders’ equity 423 368