Total Revenues in 9M14 was 158 M. Growth on operational performance, reflected on the 35 % increase in EBITDA (on a comparable basis) to 8.

Transcription

1 9M2014 RESULTS

2 DESTAQUES

3 page 3 Total Revenues in 9M14 was 158 M Growth on operational performance, reflected on the 35 % increase in EBITDA (on a comparable basis) to 8.5 M Consolidated EBITDA Margin of 5 % in 9M14, comparing with 3 % in 9M13, +2.7 p.p. (on a comparable basis) Net Profit of the continued operations strongly influenced by the reinforcement of provisions and impairment losses as well as financial expenses of 49.6 M Consolidated Net Profit attributable to shareholders of M, influenced by the net profit of discontinued operations of M Consolidated Net Debt reduction to 296 M, a 39 M decrease compared with 2013

4 DESTAQUES

5 page 5 INTRODUCTORY NOTE In September 2014, the Group started to classify the solar business unit (composed by Martifer Solar, SA and its subsidiaries) as a non current asset held for sale. This change resulted from the fact that it is currently in process a sale plan for Martifer SGPS s economic interest (currently 55 %) on Martifer Solar. Since the requirements of IFRS 5 were fulfilled, the contribution to Martifer s consolidated results, coming from this segment, is presented in an autonomous line in the Consolidated P&L and the values YoY were adjusted to allow comparison. The contribution of assets and liabilities of the operational unit classified as held for sale are also presented in separated lines from the Group s remaining consolidated assets and liabilities on 30 September 2014.

6 page 6 ECONOMIC AND FINANCIAL ANALYSIS YoY sep-14 sep-13 M Var. % Revenues % EBITDA % Margin % 5% 3% 2.7 pp EBIT % Total Revenues reached 158 M (234 M in the 9M13, on a comparable basis) EBITDA shows a 35 % increase YoY (on a comparable basis) with the EBITDA margin on 5 % (3 % YoY). Margin % -22% -11% pp Financial Results % Profit before taxes % Profit after taxes on continued operations % Discontinued operations Result n.m. Net Profit % Attributable to non-controlling interests n.m. shareholders %

7 page 7 REVENUES & EBITDA Revenues Sep-14 Sep-13 M WEIGHT M WEIGHT VAR.% Martifer Consolidated % Metallic Construction % % -34% In the 9M14, total Revenues reached 158 M (234 M in the 9M13, on a comparable basis), being 136 M regarding the Metallic Construction segment and 22 M from the RE Developer segment. RE Developer 22 14% 27 12% -21% Others, Holding and Adjust. - 0% -1 0% s.s. EBITDA Sep-14 Sep-13 M MARG. M MARG. VAR.% Martifer Consolidated 8.5 5% 6.3 3% 35% Metallic Construction % % 77% RE Developer % % -45% In the 9M14, EBITDA shows a 35 % increase YoY (on a comparable basis) with the EBITDA margin on 5 % (3 % YoY). The negative EBITDA in the metallic construction segment (-3 M ) is compensated by the positive EBITDA of the RE Developer segment (12 M ). Others, Holding and Adjust %

8 page 8 METALLIC CONSTRUCTION Order book by geography sep-14 dec-13 Geography Value (M ) % Value (M ) % Western Europe % % Africa 63 26% 90 30% Eastern Europe and Middle East 23 10% 51 17% Latin America 23 10% 45 15% TOTAL % %

9 page 9 METALLIC CONSTRUCTION Earnings METALLIC CONSTRUCTION Sep-14 Sep-13 Var.% M Revenues % EBITDA % EBITDA Margin -2% -7% 4.3 pp Depreciation & Amortization % Provisions & Impairment Losses <-100% EBIT % EBIT margin -29% -13% pp Financial Results % Profit before taxes % Income tax % Revenues of 136 M (208 M in the 9M13) have been penalized by the delay in some projects, negatively affecting the performance in the period, namely in EBITDA which, nevertheless, presents a 77 % improvement regarding the 9M13, with the EBITDA Margin increasing 4 p.p. YoY. EBITDA in the 9M14 was negative in just 3 M (14 M in the 9M13), showing an around 77 % improvement YoY. Financial Results were negative in 12 M and provision and impairment losses totalling 31 M decisively contribute for the period net profit, which totalled -51 M (-44 M in the 9M13). Net Financial Debt in the Metallic Construction area by the end of the 9M14 totalled 129 M (127 M at the end of 2013). Net Profit % Attributable to non-controlling interests >100% Attributable to shareholders %

10 page 10 METALLIC CONSTRUCTION Earnings SALES AND SERVICES RENDERED 24% 15% Portugal European Union (other) 8% 16% 37% África Ásia América Sales and services rendered continue focused in the external market.

11 page 11 RE DEVELOPER Earnings RE DEVELOPER Sep-14 Sep-13 Var.% M Revenues % EBITDA % EBITDA Margin 55% 78% pp Depreciation & Amortization % Provisions & Impairment Losses % EBIT % EBIT margin 27% 16% 11 pp Total Revenues of the RE Developer in the 9M14 reached 22 M (27 M in the 9M13), influenced not only by the wind farms and solar parks in operation in the period, totalling 49 MW, but also by the sale of wind farms in Brazil. EBITDA reached 12 M in the 9M14 (21 M YoY). Net Profit at the end of 9M14 was positive in 4.5 M. In the 9M13, Martifer Renewables had registered a Net Profit of around 2 M. Net debt at the end of the 9M14 reached 22 M, showing a 9 M increase when compared with the end of 2013 (13 M ) Financial Results n.m. Profit before taxes >100% Income tax <-100% Net Profit >100% Attributable to non-controlling interests n.m. Attributable to shareholders %

12 page 12 NET DEBT NET DEBT BY SEGMENT TREND OF NET DEBT Met. Construction RE Developer Holding The Group s Consolidated Net Debt (Borrowings + Financial Leases (+/-) Derivatives Cash and Cash Equivalents) reached, on 30 September 2014, 296 M, showing a 39 M decrease when compared to the end of the year The Group continues focused on reducing net debt through the sale of non core assets.

13 page 13 CAPEX CAPEX (M ) The amount of investment in fixed assets in the 9M14 was 12 M, mainly resulting from the investment in the Metallic construction segment (10 M )

14 DESTAQUES

15 page 15 SHARE PERFORMANCE SHARE PRICE VARIATION 3M2014 TRADED VOLUME 3M shares Martifer PSI At the end of the 9M14, Martifer shares dropped around 45 % with the PSI-20, Euronext Lisbon s main index, decreasing around 13 %, when compared with the end of Martifer s share price closed the 9M14 at 0,38 /share. The maximum price achieved was 1,20 / share and minimum 0,37 /share. The average volume of stocks traded daily during the 9M14 was shares ( YoY).

16 DESTAQUES

17 page 17 PROFIT & LOSS M Sep-14 Sep-13 Var. (%) Revenues % EBITDA % EBITDA Margin 5% 3% 2.7 pp Depreciation & Amortization % Provisions & Impairment Losses % EBIT % EBIT margin -22% -11% pp Financial Results % Profit before taxes % Income tax % Profit after taxes on continued operations % Discontinued operations Result n.m. Attributable to non-controlling interests n.m. Attributable to shareholders <-100% Net Profit % Attributable to non-controlling interests n.m. Attributable to shareholders % Earnings per share %

18 page 18 BALANCE SHEET M sep-14 dec-13 VAR. % Fixed Assets (including Goodwill) % Other non current assets % Inventory and Receivables % Cash and cash equivalents % Assets held for sale >100% Total Assets % Shareholders Equity % Non-controlling interests % Non-controlling interests related with assets held for sale >100% Total Equity % Non-current debt and leasings % Other non-current liabilities % Current debt and leasings % Other current liabilities % Liabilities related with Assets held for sale >100% Total Liabilities %

19 page 19 REPRESENTATIVE FOR MARKET RELATIONS Mário Rui Rodrigues Matias T F