INTERIM CONSOLIDATED FINANCIAL INFORMATION 06 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 07 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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2 // // MANAGEMENT REPORT 01 MARTIFER GROUP Highlights Key Financial Indicators Main Events Main Posterior Events 02 FINANCIAL PERFORMANCE Consolidated Results Analysis Revenues EBITDA and Net Profit Consolidated Capex Consolidated Capital Structure Analysis 03 ANALYSIS BY SEGMENT Metallic Constructions Naval Industry Renewables 04 MARTIFER SHARE PERFORMANCE 05 FUTURE PROSPECTS // // MANDATORY INFORMATION INTERIM CONSOLIDATED FINANCIAL INFORMATION 06 INTERIM CONSOLIDATED FINANCIAL STATEMENTS 07 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS NOTE: This translation into English of the Portuguese document was made only for the convenience of non-portuguese speaking shareholders. For all intents and purposes, the Portuguese version shall prevail. 2 // 1H 2017 REPORT //

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6 // MARTIFER GROUP HIGHLIGHTS Revenues reached 96.5 M in the 1 st half Positive EBITDA of 3 M with a 3.2 % margin Net Profit attributable to shareholders of 5.7 M (which compares with -3.2 M YOY) Net Debt decreased 29 M compared with December 2016 to 207 M Order Book in Metallic Constructions and Naval Industry registered an YTD growth to 292 M and the Naval Industry segment represents 34 % MAIN FINANCIAL INDICATORS M JUNE -17 JUNE -16 VAR.% Revenues % EBITDA % EBITDA margin 3.2% 4.5% -1.3 pp Depreciation & Amortization % Provisions & Impairment Losses <-100% EBIT <-100% EBIT margin -13.4% -1.9% pp Financial Results >100% Profit before taxes n.m. Income tax % Profit after taxes on continued operations n.m. Discontinued operations results n.m. Attributable to non-controlling interests n.m. Attributable to shareholders n.m. Net Profit n.m. Attributable to non-controlling interests % Attributable to shareholders n.m. Earnings per share n.m. 6 // 1H 2017 REPORT //

7 01 // MAIN EVENTS JANUARY 2017 Construction of the new Midland Metropolitan Hospital Martifer is participating in the construction of one of the most innovative health infrastructure projects in the United Kingdom, the new Midland Metropolitan Hospital. Located in Sandwell, west of Birmingham, it occupies an area of 6.76 hectares and, it will start operating in With architecture by Edward William Architects office, this hospital is designed in 3 levels, each one corresponding to functionality: the upper part includes the nursing areas, the middle the clinical areas and finally, the lower floor, the car parks. Its interior has several squares and gardens providing natural lighting in most of the facilities. Martifer has been part of the project since July 2016 and has the responsibility of providing, transporting and installing 16,500 sqm of modular podium facades, with terracotta and wooden coating in the nursing wards. Remodelling Al Faisaliah Shopping Centre With Al Khozama Management Company as its Client, Martifer participates in the remodelling of the Al Faisaliah Shopping Centre in Riyadh, Saudi Arabia, being responsible for the supply and assembly of 510 tonnes of metal structure, 4,300 sqm of glass facades and 3,900 sqm of stainless steel coating. Award of the construction of a Suction Dredger to West Sea West Sea was awarded the construction of a Trailing Split Suction Hoper Dredger, metres long, with a metre beam and a 4 metre draught. Reaching a speed of 9 knots, the ship will have a load capacity of 1,001 cubic metres and a maximum depth of dredging of -40 metres. MARCH 2017 Delivery of Douro Elegance and Douro Serenity hotel ships West Sea delivered to Douro Azul two hotel ships that were baptized as Douro Elegance and as Douro Serenity. The baptism gala was held at the Pier of Gaia and Joss Stone and Sara Sampaio were the godmothers of the hotel ships. The party, with about 200 guests, included music, a multimedia and fireworks show in an evening full of glamour, which ended with a concert by Joss Stone. The presence of national and international public figures led to a great coverage by the media, from TV and general newspapers to magazines and channels dedicated to social life and fashion. With these two ships, plus the Emerald Radiance ship delivered in April to Scenic Cruises, West Sea and Navalria have 10 hotel ships sailing in the Douro River (8 for Douro Azul and 2 for Scenic Cruises) in their construction portfolio. Multipurpose Pavilion of Dammam University, the third sports infrastructure built in Saudi Arabia Martifer started the assembly of the Multipurpose Pavilion of the University of Dammam, in Saudi Arabia. The metal structure manufactured by Martifer weighs 4,300 tonnes and begins to rise. Following King Abdullah Sports City and Prince Abdullah Al Faisal Stadiums in Jeddah, this is the third sports infrastructure built in Saudi Arabia. MARTIFER GROUP 7

8 // 01 Ventinveste completes wind farms Martifer Group participated in the construction and development of the Moimenta, Sernancelhe, Três Marcos and Vale do Chão wind farms, with the construction by Martifer Construções and the development by Ventinveste, a subsidiary of Martifer Group. This is the largest wind project in which Martifer group participated, with Ventinveste realizing the disposal of the projects in reference. MAY 2017 West Sea celebrates the floatation of NRP Sines On 3 rd May, West Sea celebrated the floating of NRP Sines, one of two Oceanic Patrol Ships that are under construction for the Portuguese Navy. The ceremony brought to the shipyard the Minister of National Defence, the Minister of the Sea and the Chief of Staff of the Navy and National Maritime Authority. The ship is expected to be delivered in West Sea s team has been consistently praised for its ability to work, to meet deadlines and for its quality in the building of these two ships. The good execution rhythm of these complex projects and the satisfaction of our client give greater strength for future challenges. JUNE 2017 ITER - Structure for the Tokamak reactor Martifer continues to participate in the ITER project. This time with the supply and assembly of the metal structure that will allow the assembly of the Tokamak reactor in building B11. This project includes the structural and connection dimensioning and also the supply and assembly of the covering of the roof and facade (deck and checker plate), totalling 280 tonnes and 818 sqm area. The structure is a provisional platform that works as a top that will allow a simultaneous development of several works, in the several levels of height. MAIN POSTERIOR EVENTS JULY 2017 Two new shipbuilding projects Douro Splendor Douro Azul awarded West Sea the construction of a hotel vessel to sail in the Douro, identical to Douro Elegance. It will have a length of 79 metres and capacity for 126 passengers. Its completion is scheduled for May World Explorer Mystic Cruises has awarded West Sea the construction of a luxury cruise ship to navigate in Antarctica. This will be a major challenge for West Sea because of its size and technical requirements. With 126 meters of length and a mouth of 19 meters, it will have a capacity for 176 guests and for 125 members of the crew. The cruise should be ready to sail at the end of // 1H 2017 REPORT //

9 01 // Supply and assembly of metallic structure for Geneva International Airport - East Wing Martifer Group won a contract for the supply and assembly of metal structure for the Geneva International Airport - East Wing. The contract has an estimated value of 45 million euros and the deadline for the execution of the work is 24 months. The metal structure will be manufactured mainly in Martifer Group s facilities in Oliveira de Frades, making it possible to reinforce the export side of Martifer Group, which currently represents more than 80 % of the turnover in the metal structure segment in Portugal. The award of this contract is a demonstration of confidence in national engineering and in Martifer Group s technical capacity. SUBSEQUENT EVENTS No other facts that affect the released financial information have occurred since the reference date of the results up until the release of this report. MARTIFER GROUP 9

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12 // FINANCIAL PERFORMANCE CONSOLIDATED RESULTS ANALYSIS M JUNE -17 JUNE -16 VAR.% Revenues % EBITDA % EBITDA margin 3.2% 4.5% -1.3 pp Depreciation & Amortization % Provisions & Impairment Losses <-100% EBIT <-100% EBIT margin -13.4% -1.9% pp Financial Results >100% Profit before taxes n.m. Income tax % Profit after taxes of continued operations n.m. Discontinued operations results n.m. Attributable to non-controlling interests n.m. Attributable to shareholders n.m. Net Profit n.m. Attributable to non-controlling interests % Attributable to shareholders n.m. Earnings per share n.m. REVENUES In the 1 st half of 2017, the operating income was 96.5 million euros (106.8 million euros in the 1 st half of 2016), 61 % of which were in the Metallic Constructions segment, 32 % in the Naval Industry segment and 7 % in the Renewables segment. REVENUES JUNE -17 JUNE -16 M WEIGHT M WEIGHT VAR. (%) Martifer Consolidated % % -10% Metallic Constructions % % -29% Naval Industry % % 70% Renewables 6.7 7% 6.3 6% 6% Others 0.0 0% % n.m. EBITDA AND NET PROFIT In the 1 st half of 2017, consolidated EBITDA reached 3 million euros, the Naval Industry segment contributed in 3.4 million euros and the Renewables segment in 1.4 million euros. EBITDA JUNE -17 JUNE -16 M MARGIN M MARGIN VAR. (%) Martifer Consolidated % % -33% Metallic Constructions % % <-100% Naval Industry % % 93% Renewables % % -42% Others n.m. 12 // 1H 2017 REPORT //

13 02 // Consolidated Net Profit amounted to 4.5 million euros, showing a marked improvement when compared to the same period last year (-6.6 million euros). CAPEX The amount of investment in tangible and intangible fixed assets in the 1 st half of 2017 was 1.1 million euros, applied in the Metallic Constructions segment (0.1 million euros) and in the Renewables segment (1 million euros), mainly in wind and solar projects in Central Europe and in Latin America. CONSOLIDATED CAPITAL STRUCTURE ANALYSIS FINANCIAL POSITION M JUNE -17 DEC-16 VAR. % Fixed Assets (including Goodwill) % Other non-current assets % Inventory and Receivables % Cash and cash equivalents % Total Assets % Shareholders Equity attributable to Group % Non-controlling interests % Total Equity % Non-current debt and leasings % Other non-current liabilities % Current debt and leasings % Other current liabilities % Total Liabilities % The total value of the assets amounted to million euros (417.5 million euros as of 31 st December 2016), with non-current assets totalling 203 million euros (211 million euros as of 31 st December 2016). Equity attributable to Group on 30 th June 2017 totalled -2.6 million euros, which represents an improvement of 5.1 million euros when compared with 31 st December As of 30 th June 2017, liquidity ratio stood at 123 % (137 % on 31 st December 2016) and the solvency ratio at 118 % (126 % on 31 st December 2016). NET DEBT During the 1 st half of 2017, the Group's net debt continued to decline, in line with the assumptions set out in Martifer Group's Strategic Plan. As of 30 th June 2017, the consolidated net debt amounted to 207 million euros, reflecting a reduction of 29 million euros compared to 31 st December This evolution results from the implementation of the Group's Strategic Plan and consequently the achievement of the Financial Restructuring Agreement, the implementation of a plan for the disposal of non-core assets and the improvement in the performance of the Group s working capital. FINANCIAL PERFORMANCE 13

14 // 02 TREND OF CONSOLIDATED NET DEBT (M ) H 2017 Note: Net Debt = Borrowings + Financial Leasings (+/-) Derivatives - Cash and Cash Equivalents 14 // 1H 2017 REPORT //

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16 // ANALYSIS BY SEGMENT METALLIC CONSTRUCTIONS ACTIVITY This segment integrates the sub holding Martifer Metallic Constructions and it includes the activities of steel structures, aluminium and glass facades and Oil & Gas infrastructures. The order book at the end of the 1 st half of 2017 amounted to 193 million euros and was spread across several geographic regions. ORDER BOOK BY GEOGRAPHY GEOGRAPHY TOTAL % Africa 22 11% Algeria 14 7% Sub-Saharan Africa 8 4% Eastern Europe and Middle East 20 11% Western Europe % TOTAL % OPERATING RESULTS The Metallic Constructions operating income reached 59 million euros in the 1 st half of 2017, with a decrease of 29 % compared with the same period last year (82.6 million euros). This decrease reflects the slowdown in activity in some geographies, mainly in Portugal, in Angola and in Romania, combined with the delay of the start-up of new projects in France and in the United Kingdom, and despite the increase in activity in Saudi Arabia. EBITDA for the 1 st half of 2017 was negative in 1.8 million euros, penalized by non-recurrent events - the sale of 50 % of the subsidiary M-City Gliwice in Poland and by the foreign exchange effect in Angola. EBIT was negative in 3.1 million euros compared with a negative value of 2.2 million euros on 30 th June M JUNE-17 JUNE -16 VAR.% Revenues % EBITDA <-100% EBITDA margin -3.1% -0.3% -2.9 pp Depreciation & Amortization % Provisions & Impairment Losses >100% EBIT % EBIT margin -5.4% -2.9% -2.4 pp Gains and losses in associates companies and joint arrangements <-100% 16 // 1H 2017 REPORT //

17 04 // NAVAL INDUSTRY ACTIVITY This segment integrates the sub holding Martifer Metallic Constructions and it includes shipbuilding, ship repair services and ships reconversions. The order book at the end of the 1 st half of 2017 totalled 98 million euros. OPERATING RESULTS The Naval Industry is operating revenues amounted to 30.8 million euros on 30 th June 2017, which corresponds to an increase of about 70 % of the same period of the previous year, where shipbuilding represents 71 % and ship repair services represents the remaining 29 %. EBITDA in the 1 st half of 2017 stood at 3.4 million euros positive, 93 % higher than the EBTIDA of the same period of 2016, mainly due to the positive variation in the volume of activity and the increase in efficiency, reflecting the exponential growth period that this activity has been going through. M JUNE-17 JUNE-16 VAR.% Revenues % EBITDA % EBITDA margin 11.3% 9.9% 1.4 pp Depreciation & Amortization % EBIT >100% EBIT margin 9.9% 7.7% 2.3 pp Gains and losses in associates companies and joint arrangements n.m. ANALYSIS BY SEGMENT 17

18 // 03 RENEWABLES ACTIVITY Martifer Renewables, SGPS, S.A., sub holding for the Renewables business segment, 100% owned by Martifer, SGPS, S.A., acts as a developer of renewable energy, mainly in the development of wind farms and solar photovoltaic projects. More than accumulating operating power, Martifer Renewables' strategy is based on a rigorous use of capital in the development and construction of projects, having implemented a policy of asset rotation in the development process, construction management, asset management and operation and maintenance (O & M). OPERATING RESULTS Renewables' total operating income in the 1 st half of 2017 amounted to approximately 6.7 million euros and is mainly due to the activity of solar and wind farms in operation in Spain and in Romania. EBITDA reached 1.4 million euros in the 1 st half of Regarding EBIT, it totalled around -12 million euros, with the recognition of impairments in exploration parks in Romania as a consequence of regulatory changes published in the 1 st half of Gains and losses in associate companies and joint arrangements had a positive effect in the Net Profit in the 1 st half of 2017, mainly as a result from the participation of Martifer Group in the Moimenta, in the Sernancelhe, in the Três Marcos and in the Vale do Chão wind farms, with the construction by Martifer Construções and the development by Ventinveste, a subsidiary of Martifer Group. This is the largest wind project in which Martifer Group participated, and Ventinveste completed the sale of the projects in reference during the 1 st half of The CAPEX in the 1 st half of 2017 in the development of wind and solar projects amounted to 1 million euros. M JUNE -17 JUNE -16 VAR.% Revenues % EBITDA % EBITDA margin 22.6% 45.2% pp Depreciation & Amortization % Provisions & Impairment Losses <-100% EBIT <-100% EBIT margin % -17.6% pp Gains and losses in associates companies and joint arrangements % 18 // 1H 2017 REPORT //

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20 // MARTIFER SHARE PRICE PERFORMANCE SHARE PRICE TREND Martifer PSI Source: Reuters TRADED VOLUME ( 000 shares) Source: Reuters Stock market performance in the 2 nd quarter of 2017 was positive. The US stock market recorded the 6 th consecutive quarter with gains by valuing 2.57 %, increasing the gains accumulated since the beginning of the year to 6.81 %, which is accompanied by Europe, with a positive trend. The best performance on the European side was recorded by the Portuguese index PSI20 which increased 5.42 % in 20 // 1H 2017 REPORT //

21 04 // the quarter and increased 8.85 % since the beginning of the year. The German DAX index that appreciated only 1.78 % in the 2 nd quarter of 2017 has already risen 8.66 % since the beginning of the year. The European financial sector has also been penalized by the uncertainty surrounding the health of the Italian banking sector. During the 2 nd quarter of 2017, the value of the shares of Martifer, SGPS, S.A. increased, representing an appreciation of around 47 %. Since the beginning of the year, it has risen around 91 %. The stock price Martifer closed the 1 st half of 2017 at 0.36 euros / share. The maximum price reached was 0.4 euros / share and a minimum of euros / share. The average daily volume of Martifer shares traded during the 1 st half of 2017 was 54,816 shares, approximately triple the average volume traded in the 1 st half of 2016 (17,166 shares). On the other hand, it is important to point out a decrease of around 76 % in the average daily traded volume of PSI20 in the same period. The market capitalization of Martifer on 30 th June 2017 stood at 36 million euros. MARTIFER SHARE PRICE PERFORMANCE 21

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24 // FUTURE PROSPECTS We will keep our focus on the defined objectives and the continuity of the implementation of the Strategic Plan, whose results obtained since 2015 are visible and satisfactory, namely: to reinforce the international presence, focusing on core geographies and attractive opportunities in markets profitable above average; to reinforce the order book in the Metallic Constructions and in the Naval Industry segments the order book was 292 million euros at the end of the 1 st half 2017 which represents an increase of 22 % since 31 st December 2016; to reinforce the sustainable growth strategy in the Renewables segment; to reduce indebtedness through the sale of non-core assets the Net Debt decreased 29 million euros since 31 st December 2016 and decreased about 129 million euros since 31 st December 2013; to resize and adequate the structure in all geographies where we are present; to improve processes and operational efficiency. Oliveira de Frades, 28 th August 2017 The Board of Directors, Carlos Manuel Marques Martins (Chairman of the Board of Directors) Jorge Alberto Marques Martins (Vice-Chairman of the Board of Directors) Pedro Nuno Cardoso Abreu Moreira (Member of the Board of Directors) Arnaldo José Nunes da Costa Figueiredo (Member of the Board of Directors) Jorge Bento Ribeiro Barbosa Farinha (Member of the Board of Directors) Luís Valadares Tavares (Member of the Board of Directors) 24 // 1H 2017 REPORT //

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26 // MANDATORY INFORMATION SHAREHOLDINGS OF THE MEMBERS OF THE MANAGEMENT AND SUPERVISORY BODIES In accordance with article 447 of the Portuguese Companies Code, the securities issued by Martifer SGPS, SA and companies dominated by it, held by members of the governing bodies in the period from 1 st January 2017 through to 30 th June 2017, are the following: HOLDER GOVERNING BODY NO. SHARES HELD ON 30/06/2017 Carlos Manuel Marques Martins* Board of Directors 420,542 Jorge Alberto Marques Martins Board of Directors 230,260 I M SGPS, S.A. ** Board of Directors 42,405,689 Arnaldo José Nunes da Costa Figueiredo Board of Directors 3,000 MOTA-ENGIL, SGPS, S.A. *** Board of Directors 37,500,000 Luís Valadares Tavares Board of Directors - Jorge Bento Ribeiro Barbosa Farinha Board of Directors - Pedro Nuno Cardoso Abreu Moreira Board of Directors - Américo Agostinho Martins Pereira Supervisory Board - Carlos Alberto da Silva e Cunha Supervisory Board - Paulo Sérgio Jesus das Neves Supervisory Board - António Baia Engana Supervisory Board - António Joaquim Brochado Correia Statutory Auditor, representing PriceWaterhouseCoopers - José Joaquim Neiva Nunes de Oliveira General Meeting - Luis Leitão Marques Vale Lima General Meeting - Luis Neiva Nunes de Oliveira General Meeting - * Shares held by the company Black & Blue Investimentos, S.A. (Carlos Manuel Marques Martins is a board member in this company and, together with his household, are sole shareholders) ** Directors Carlos Manuel Marques Martins and Jorge Alberto Marques Martins are holders of the share capital of I M SGPS, SA and are, respectively, its Chairman of the Board of Directors and Director *** Director Arnaldo José Nunes da Costa Figueiredo is a Director of MOTA-ENGIL, SGPS, S.A. EVENTS DESCRIBED IN ARTICLE 447 OF THE PORTUGUESE COMPANIES CODE NAME OF THE MEMBER OF THE GOVERNING BODY GOVERNING BODY NO. SHARES HELD ON 30/06/2017 Carlos Manuel Marques Martins Board of Directors 420,542 Jorge Alberto Marques Martins Board of Directors 230,260 Pedro Nuno Cardoso Abreu Moreira Board of Directors - Arnaldo Nunes da Costa Figueiredo Board of Directors 3,000 Luis António de Valadares Tavares Board of Directors - Jorge Bento Ribeiro Barbosa Farinha Board of Directors - Carlos Alberto da Silva e Cunha Supervisory Board - Américo Agostinho Martins Pereira Supervisory Board - Paulo Sérgio Jesus das Neves Supervisory Board - António Baia Engana Supervisory Board - 26 // 1H 2017 REPORT //

27 // Directors Carlos Manuel Marques Martins and Jorge Alberto Marques Martins, respectively Chairman and Vice-Chairman of the Board of Directors, besides the shares held as described above, are sole equal shareholders of I M SGPS, SA, that on 30 th June 2017 held a total of 42,405,689 shares of Martifer SGPS, S.A.. Transactions by the members of the governing bodies in the 1 st half 2017: During the 1 st half 2017 no transactions were carried out by the members of the governing bodies. HOLDERS OF QUALIFYING SHAREHOLDINGS According to paragraph c), number 1, of article 9 of CMVM regulation number 5/2008, the following is the list of qualifying shareholders, with an indication of the number of shares and percentage of voting rights held, calculated according to article 20 of the Securities Code (CMVM), on 30 th June 2017: SHAREHOLDERS NO. OF SHARES % OF SHARE CAPITAL % OF VOTING RIGHTS 1) I M SGPS, SA 42,405, % 43.37% Carlos Manuel Marques Martins* 420, % 0.43% Jorge Alberto Marques Martins* 230, % 0.24% Total Imputable to I M SGPS, SA 43,056, % 44.03% Mota-Engil SGPS, SA 37,500, % 38.35% Arnaldo José Nunes da Costa Figueiredo ** 3, % 0.00% Total Imputable to Mota-Engil, SGPS, SA 37,503, % 38.35% 1) % Voting rights = Number of shares / (Total no. of shares Own shares) * Holder of a position in the Governing Bodies of I M SGPS, SA ** Holder of a position in the Governing Bodies of Mota-Engil SGPS, SA MANDATORY INFORMATION 27

28 // STATEMENT OF COMPLIANCE ACCORDING TO ARTICLE 246, NUMBER 1, PARAGRAPH C) OF THE SECURITIES CODE (CMVM) (Free translation from the original in Portuguese) Dear Shareholders, According to article 246, number 1, paragraph c) of the Securities Code (CMVM) and to the best of our knowledge: (i) the information contained in the consolidated management report faithfully reports the evolution of trading, the performance and the position of Martifer SGPS, SA and of the companies in its consolidation perimeter and contains a description of the main risks and uncertainties that its business faces; and, (ii) the information contained in its financial statements and accompanying notes was prepared in accordance with the applicable accounting practices, giving a true and fair view of the assets, liabilities, financial position and results of Martifer SGPS, SA and of the companies included in its consolidation perimeter. Oliveira de Frades, 28 th August 2017 The Board of Directors, Carlos Manuel Marques Martins (Chairman of the Board of Directors) Jorge Alberto Marques Martins (Vice-Chairman of the Board of Directors) Pedro Nuno Cardoso Abreu Moreira (Member of the Board of Directors) Arnaldo José Nunes da Costa Figueiredo (Member of the Board of Directors) Jorge Bento Ribeiro Barbosa Farinha (Member of the Board of Directors) Luís Valadares Tavares (Member of the Board of Directors) 28 // 1H 2017 REPORT //

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32 // INTERIM CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENTS FOR THE 1 ST HALF 2017 AND 2016 (The translation of the consolidated Financial Statements was originally issued in Portuguese Note 31) NOTES 1 ST HALF 2017 (NON-AUDITED) 1 ST HALF 2016 (NON-AUDITED) Sales and services rendered 3, 4 93,713,531 97,833,797 Other income 5 2,800,121 8,923,353 Cost of goods sold 6 (29,419,366) (27,622,399) Subcontractors 7 (25,744,095) (28,609,206) External supplies and services 8 (15,045,124) (18,921,733) Staff costs 9 (17,477,585) (19,534,193) Other expenses 10 (5,862,998) (7,666,344) 3 2,964,485 4,403,275 Amortizations 3 (5,099,223) (5,649,377) Provisions 11, 24 (89,737) 2,533,696 Impairment losses 11 (10,354,317) (3,184,689) 3 (12,578,792) (1,897,095) Financial income 12 10,843,292 6,748,798 Financial expenses 12 (4,073,022) (6,404,384) Gains / (losses) on associate companies and joint arrangements 13 11,733,328 (262,351) Profit before tax of continued operational units 5,924,806 (1,815,032) Income tax 14 (1,427,970) (1,173,561) Profit after tax of continued operational units 4,496,837 (2,988,593) Earnings from discontinued operations 20 - (3,656,285) Attributable to: non-controlling interests 20 - (1,723,133) owners of Martifer 20 - (1,933,152) Profit for the period 4,496,837 (6,644,879) Attributable to: non-controlling interests 21 (1,181,390) (3,406,016) owners of Martifer 15 5,678,227 (3,238,863) Earnings per share: 15 Basic and diluted (0.0331) from continued operations (0.0134) from discontinued operations - (0.0198) The accompanying notes are part of these financial statements Amounts expressed in euros 32 // 1H 2017 REPORT //

33 06 // CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE 1 ST HALF 2017 AND 2016 (The translation of the consolidated Financial Statements was originally issued in Portuguese Note 31) 1 ST HALF 2017 (NON-AUDITED) 1 ST HALF 2016 (NON-AUDITED) Profit for the year 4,496,837 (6,644,879) Amounts that will be reclassified by results Fair value of cash flow hedges (derivatives), net of tax - (36,245) Exchange differences arising from (i) translating foreign operations; (ii) net investment in subsidiaries and (iii) goodwill (806,587) (1,552,399) Income recognized directly in equity (806,587) (1,588,645) Total comprehensive income for the period 3,690,250 (8,233,524) Attributable to: non-controlling interests (1,460,496) (4,092,079) owners of Martifer 5,150,746 (4,141,445) Total comprehensive income for the period from continued operations 3,690,250 (4,352,635) from discontinued operations - (3,880,889) The accompanying notes are part of these financial statements Amounts expressed in euros INTERIM CONSOLIDATED FINANCIAL STATEMENTS 33

34 // 06 CONSOLIDATED STATEMENTS OF THE FINANCIAL POSITION ON 30 TH JUNE 2017 AND ON 31 ST DECEMBER 2016 (The translation of the consolidated Financial Statements was originally issued in Portuguese Note 31) ASSETS Non-current assets NOTES 30 TH JUNE 2017 (NON-AUDITED) 31 ST DECEMBER 2016 Goodwill 10,980,675 10,980,675 Intangible assets 2,207,506 2,407,152 Tangible fixed assets 114,243, ,977,697 Investment properties 20,826,300 20,826,300 Financial assets under the equity method 16 22,505, Available for sale investments 17 6,247, Other non-current receivables 18 21,025, Deferred tax assets 4,847,429 4,854,801 Current assets 202,884, ,666,721 Inventories 11,801,087 8,222,869 Trade receivables 18 66,351,134 71,092,276 Other receivables 18 30,848,021 40,658,733 Income tax 1,136, ,394 Current tax assets 7,320,818 6,355,573 Other current assets 19 28,899,486 25,820,407 Cash and cash equivalents 46,286,479 53,087,694 Derivatives 3,221 3, ,647, ,792,167 Total assets 395,531, ,458,888 EQUITY Issued capital 21 50,000,000 50,000,000 Share premium - 186,500,000 Treasury stock (2,868,519) (2,868,519) Reserves (55,384,873) (197,790,042) Profit for the year 5,678,227 (43,585,139) Equity attributable to owners of Martifer (2,575,165) (7,743,700) Non-controlling interests 21 (31,764,914) (30,169,515) Total equity (34,340,079) (37,913,215) LIABILITIES Non-current liabilities Borrowings ,370, ,546,024 Obligation under finance leases 12,876,453 12,876,453 Trade payables and Other payables 23 11,565,438 11,230,557 Provisions 24 23,032,106 19,325,876 Deferred tax liabilities 957, ,607 Current liabilities 272,802, ,936,517 Borrowings 22 16,096,617 15,502,287 Obligation under finance leases 7,285 25,289 Trade payables 23 54,269,400 59,908,138 Other payables 23 13,486,164 11,662,550 Income tax 1,979, ,330 Current tax liabilities 5,494,490 3,266,242 Other current liabilities 25 65,735,102 59,209, ,068, ,435,586 Total liabilities 429,871, ,372,103 Total equity and liabilities 395,531, ,458,888 The accompanying notes are part of these financial statements Amounts expressed in euros 34 // 1H 2017 REPORT //

35 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE 6 MONTH PERIODS ENDED ON 30 TH JUNE OF 2017 AND OF 2016 (The translation of the consolidated Financial Statements was originally issued in Portuguese Note 31) 06 // ISSUED CAPITAL SHARE PREMIUM TREASURY STOCK FAIR VALUE RESERVES CASH FLOW HEDGE DERIVATIVES FOREIGN CURRENCY TRANSLATION RESERVES OTHER RESERVES NET PROFIT EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT NON- CONTROLLING INTERESTS Balance on 1 st January ,000, ,500,000 (2,868,519) 21,038 (21,860,588) (171,259,650) (482,490) 40,049,791 (28,377,206) 11,672,585 Appropriation of the profit of (482,490) 482, TOTAL EQUITY COMPREHENSIVE INCOME FOR THE PERIOD Profit for the period (3,238,863) (3,238,863) (3,406,016) (6,644,879) Exchange differences arising from (i) translating foreign operations and (ii) net investment in subsidiaries (905,549) - - (905,549) (698,633) (1,604,183) Exchange differences arising from goodwill , ,481 23,303 51,784 Other changes in equity of parent company and subsidiaries (25,514) (25,514) (10,732) (36,245) Total comprehensive income for the period (25,514) (877,068) - (3,238,863) (4,141,445) (4,092,079) (8,233,524) Other changes in equity of parent company and subsidiaries (475,353) - (475,353) (11,725) (487,077) Changes in the consolidation perimeter (577,977) - (577,977) (63,430) (641,407) Balance on 30 th June ,000, ,500,000 (2,868,519) (4,476) (22,737,656) (172,312,980) (3,721,353) 34,855,017 (32,544,439) 2,310,578 Balance on 1 st January ,000, ,500,000 (2,868,519) - (22,397,808) (175,392,235) (43,585,139) (7,743,700) (30,169,515) (37,913,215) Appropriation of the profit of (43,585,139) 43,585, COMPREHENSIVE INCOME FOR THE PERIOD Profit for the period ,678,227 5,678,227 (1,181,390) 4,496,837 Exchange differences arising from (i) translating foreign operations and (ii) net investment in subsidiaries (527,481) - - (527,481) (279,106) (806,587) Total comprehensive income for the period (527,481) - 5,678,227 5,150,746 (1,460,496) 3,690,250 Dividends Distribution (118,215) (118,215) Other changes in equity of parent company and subsidiaries - (186,500,000) ,451,470 - (48,530) (41,980) (90,510) Changes in the consolidation perimeter ,319-66,319 25,293 91,611 Balance on 30 th June ,000,000 - (2,868,519) - (22,925,288) (32,459,585) 5,678,227 (2,575,165) (31,764,914) (34,340,079) The accompanying notes are part of these financial statements Amounts expressed in euros INTERIM CONSOLIDATED FINANCIAL STATEMENTS 35

36 // 06 CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE 1 ST HALF OF 2017 AND OF 2016 (The translation of the consolidated Financial Statements was originally issued in Portuguese Note 31) NOTES 1 ST HALF 2017 (NON-AUDITED) 1 ST HALF 2016 (NON-AUDITED) OPERATING ACTIVITIES Receipts from customers 131,239, ,002,660 Payments to suppliers (81,955,961) (96,626,626) Payments to employees (17,376,238) (19,353,534) Cash generated from operations 31,907,075 28,022,500 Income tax paid / received (894,787) (465,409) Other receipts/(payments) relating to operating activities (6,258,076) (2,241,817) Cash generated from other operating activities (7,152,863) (2,707,226) Net cash generated by operating activities from discontinued operations - (5,924,460) Net cash generated by operating activities (1) 24,754,212 19,390,815 INVESTING ACTIVITIES Receipts arising from: Financial assets 202,500 2,988,795 Tangible fixed assets 217,435 3,329,579 Interest and similar income 290,044 2,028,207 Others 58, , ,891 9,131,826 Payments arising from: Financial assets - (607,847) Tangible fixed assets (1,148,553) (2,177,730) Intangible assets (3,080) (63,044) Others (119,615) (202,849) (1,271,248) (3,051,470) Net cash generated by investing activities from discontinued operations - 359,246 Net cash generated by investing activities (2) (502,357) 6,439,602 FINANCING ACTIVITIES Receipts arising from: Borrowings 1,556,108 3,768,950 Others 81,481 2,995,965 1,637,589 6,764,915 Payments arising from: Borrowings (27,510,256) (12,558,835) Leasings (33,693) (568,077) Interest and similar costs (3,336,536) (4,564,080) Others (274,249) (40,298) (31,154,734) (17,731,290) Net cash generated by financing activities from discontinued operations - (5,233,415) Net cash generated by financing activities (3) (29,517,145) (16,199,790) Net increase in cash and cash equivalents (4)=(1)+(2)+(3) (5,265,290) 9,630,627 Changes in the consolidation perimeter and others (287,348) (12,254,218) Effect of foreign exchange currencies (1,246,073) (1,956,993) Fair-Value variations (2,505) - Cash and cash equivalents at the beginning of the period 53,087,694 52,640,152 Cash and cash equivalents at the end of the period from continuing operations 46,286,479 47,052,564 from discontinued operations - 1,007,004 The accompanying notes are part of these financial statements Amounts expressed in euros 36 // 1H 2017 REPORT //

37

38 // NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS INTRODUCTORY NOTE Martifer SGPS, S.A., with its registered head office at Zona Industrial, town of Oliveira de Frades, in Portugal ( Martifer SGPS or Company ), and its group of companies (all denominated Group ), have as their main activities metallic constructions (steel structures, aluminium and glass façades and infrastructures for oil & gas), the naval industry and the promotion and development of renewable energy projects (Note 3). Martifer SGPS was incorporated on 29 th October 2004, having its share capital been realized through the delivery of market valued shares that the shareholders held in Martifer Construções, S.A., a company that was incorporated in 1990 and which at that time was the holding company of the current Martifer Group. As of the Initial Public Offering in June 2007, Martifer SGPS, S.A. shares have been listed on Euronext Lisbon. In September 2014, Martifer SGPS s Board of Directors decided, following the strategy to focus on the metallic constructions area, to sell its stake in Martifer Solar (composed by Martifer Solar S.A. and its subsidiaries, 55 % held by the Group). As the sale was highly likely, and the requirements of IFRS 5 were fulfilled, Martifer Solar s assets and liabilities were classified as non-current assets held for sale and liabilities associated to non-current assets held for sale, respectively, being Martifer Solar s Net Profit presented as discontinued operations result (Note 20). In August 2016, Martifer Solar, SA and its subsidiaries were sold, except for Martifer Solar Inc. and Martifer Silverado Fund LLC, which have been subsidiaries of the company Duelobrigatório, SA since July 2016, and this company is 55 % owned by the Group. But in relation to which there is a shareholders agreement that determines the shared control, therefore, it was included in the consolidation by the equity method. On 30 th June 2017, the Group develops its activity mainly in Western Europe (in Portugal, in Spain, in France and in the United Kingdom), in Eastern Europe (in Poland and in Romania), in the Middle East (in Saudi Arabia), in Latin America (in Colombia and in Brazil), in the Sub-Saharan Africa (in Angola and in Mozambique) and in Algeria. The following notes have been selected in order to contribute to the understanding of the most significant changes in the consolidated financial position of the Group and its performance compared to the last annual reporting date with reference to 31 st December All the amounts presented in these notes are expressed in euros (rounded to the unit), unless otherwise indicated. These financial statements have not been audited. 1. ACCOUNTING POLICIES BASIS OF PREPARATION These accompanying consolidated financial statements relate to the consolidated financial statements of Martifer Group and were prepared in accordance with the International Financial Reporting Standards ( IFRS ), as adopted by the European Union, in force at the beginning of the economic period started 1 st January These are the International Financial Reporting Standards issued by the International Accounting Standards Board ("IASB"), and the interpretations were issued by the International Financial Reporting Interpretations Committee ("IFRIC") or by the previous Standing Interpretations Committee ("SIC"), that have been endorsed by the European Union. The interim consolidated financial report for the period ended on 30 th June 2017 has been prepared in accordance with IAS 34 - Interim Financial Reporting as adopted by the European Union. These consolidated financial statements have been prepared on a going concern basis from the books and accounting records of the companies included in the consolidation (Note 2) and have been prepared under the historical cost convention, except for the revaluation of certain financial instruments, which are stated at fair value. 38 // 1H 2017 REPORT //

39 07 // The accounting policies adopted are consistent with those considered in the financial statements for the year ended on 31 st December 2016 and disclosed in the corresponding notes. The accounting standards that entered into force on 1 st January 2017 did not cause major changes in the financial information hereby presented. The consolidated financial statements are presented in euros since this is the main currency of the Group s operations. In the preparation of the consolidated financial statements, in accordance with the IAS/IFRS, the Group s Board of Directors adopted certain assumptions and estimations that affect the assets and liabilities reported, as well as the profits and losses incurred related to the reported periods. All the estimations and assumptions of the Board of Directors were carried out taking into consideration the best knowledge available of the events and the negotiations in progress on the day of the approval of the financial statements. 2. GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS The Group companies included in the consolidated financial statements, their consolidation methods, head offices and percentage of share capital held by the Group, on 30 th June 2017 and on 31 st December 2016 are as follows: COMPANIES CONSOLIDATED USING THE FULL CONSOLIDATION METHOD SHARE CAPITAL HELD PERCENTAGE FY 2016 COMPANY HEAD OFFICE COUNTRY DESIGNATION DIRECTLY INDIRECTLY TOTAL TOTAL Martifer SGPS, S.A. Martifer Metallic Constructions SGPS, S.A. Martifer - Construções Metalomecânicas, S.A. Martifer Mota-Engil Coffey Construction Joint Venture Limited Oliveira de Frades Oliveira de Frades Oliveira de Frades Portugal Martifer SGPS Holding Portugal Portugal Martifer Alumínios Angola, S.A. Luanda Angola Martifer Aluminium Limited Dublin Ireland Martifer Aluminium UK Limited Martifer Metallic Constructions Martifer Construções 75.00% % 75.00% % 75.00% 75.00% Dublin Ireland MMECC 1) % 45.00% 45.00% London United Kingdom Martifer Aluminium SAS Rungis France Martifer Construcciones Metálicas España, S.A. Martifer Construções Metálicas Angola, S.A. Martifer Alumínios Angola Martifer Aluminium Irlanda Martifer Aluminium Reino Unido Martifer Aluminium França % 75.00% 75.00% % 75.00% 75.00% % 75.00% 75.00% % 75.00% 75.00% Madrid Spain Martifer Espanha % 75.00% 75.00% Luanda Angola Martifer Angola % 59.06% 59.06% Martifer Construction Limited Dublin Ireland Martifer Irlanda % 75.00% 75.00% Martifer Polska Sp. Zo.o. Gliwice Poland Martifer Polska % 75.00% 75.00% Martifer Constructions, SAS Rungis France Martifer França % 75.00% 75.00% Martifer Romania SRL Bucharest Romania Martifer Roménia 2.00% 73.50% 75.50% 75.50% Park Logistyczny Biskupice Gliwice Poland Biskupice % 75.00% 75.00% Martifer Konstrukcje Sp. Z o.o. Gliwice Poland Martifer Konstrukcje % 75.00% 75.00% Martifer Slovakia S.R.O. Bratislava Slovakia Martifer Slovakia % Sociedade de Madeiras do Vouga, S.A. Martifer Retail & Warehousing Angola, S.A. Martifer UK Limited Albergaria-a- Velha Luanda London Portugal Madeiras do Vouga % 75.00% 75.00% Angola United Kingdom Martifer Retail Angola % 75.00% 75.00% Martifer UK % 75.00% 75.00% MT Construction Maroc, S.A.R.L. Tangier Morocco Martifer Marrocos % 75.00% 75.00% Saudi Martifer Constructions LLC Riyadh Saudi Arabia Martifer Arábia Saudita % 75.00% 75.00% Martifer Beteiligungsverwaltungs GmbH Vienna Austria Martifer GmbH % % % M City Gliwice Sp. Zo.o Gliwice Poland M City Gliwice 2) % NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 39

40 // 07 SHARE CAPITAL HELD PERCENTAGE FY 2016 COMPANY HEAD OFFICE COUNTRY DESIGNATION DIRECTLY INDIRECTLY TOTAL TOTAL Martifer Energia S.R.L. Bucharest Romania Martifer Energia LLC Kiev Ukraine Martifer Energia Roménia Martifer Energia Ucrânia % 75.00% 75.00% % 75.00% 75.00% Martifer Wind Energy Systems LLC San Angelo, TX USA Martifer Wind USA % 75.00% 75.00% Martifer Energy Systems PTY Cape Town South Africa Navalria Docas, Construções e Reparações Navais, S.A. West Sea - Estaleiros Navais, Lda. Martifer Energia África do Sul % 63.75% 63.75% Aveiro Portugal Navalria % 75.00% 75.00% Oliveira de Frades Portugal West Sea % 75.00% 75.00% Martifer Construcciones Peru, S.A. Lima Peru Martifer Peru % 75.00% 75.00% Martifer Amal, S.A. Oliveira de Frades Global Holding Limited Zebbug Malta Global Engineering & Construction Limited Martifer Solar SGPS, S.A. Martifer Renewables SGPS, S.A. Martifer Renewables, S.A. Portugal Martifer Amal 1) % 45.00% 45.00% Global Holding Limited % 75.00% 75.00% Zebbug Malta Global Engineering % 75.00% 75.00% Oliveira de Frades Oliveira de Frades Oliveira de Frades Portugal Portugal Portugal Martifer Solar SGPS Martifer Renewables SGPS Martifer Renewables SA % % % % % % % % % Martifer Renewables ETVE, S.A.U. Madrid Spain Martifer Renovables % % % Eurocab FV 1 S.L. Madrid Spain Eurocab % % % Eurocab FV 2 S.L. Madrid Spain Eurocab % % % Eurocab FV 3 S.L. Madrid Spain Eurocab % % % Eurocab FV 4 S.L. Madrid Spain Eurocab % % % Eurocab FV 5 S.L. Madrid Spain Eurocab % % % Eurocab FV 6 S.L. Madrid Spain Eurocab % % % Eurocab FV 7 S.L. Madrid Spain Eurocab % % % Eurocab FV 8 S.L. Madrid Spain Eurocab % % % Eurocab FV 9 S.L. Madrid Spain Eurocab % % % Eurocab FV 10 S.L. Madrid Spain Eurocab % % % Eurocab FV 11 S.L. Madrid Spain Eurocab % % % Eurocab FV 12 S.L. Madrid Spain Eurocab % % % Eurocab FV 13 S.L. Madrid Spain Eurocab % % % Eurocab FV 14 S.L. Madrid Spain Eurocab % % % Eurocab FV 15 S.L. Madrid Spain Eurocab % % % Eurocab FV 16 S.L. Madrid Spain Eurocab % % % Eurocab FV 17 S.L. Madrid Spain Eurocab % % % Eurocab FV 18 S.L. Madrid Spain Eurocab % % % Eurocab FV 19 S.L. Madrid Spain Eurocab % % % Eviva Energy S.R.L. Bucharest Romania Eviva Roménia % % % Eviva Nalbant S.R.L. Bucharest Romania Eviva Nalbant % % % Eviva Agighiol S.R.L. Bucharest Romania Eviva Agighiol % % % Eviva Casimcea S.R.L. Bucharest Romania Eviva Casimcea % % % Premium Management Consulting, S.R.L. Bucharest Romania Premium Management % 85.00% 85.00% Martifer Renewables, S.A. Gliwice Poland Eviva Polónia % % % PV Sol 1 Sp. Zo.o Krakow Poland PV Sol % % % PV Sol 2 Sp. Z o.o Krakow Poland PV Sol % % % PV Sol 3 Sp. Z o.o Krakow Poland PV Sol % % % Eviva Beteiligungsverwaltungs GmbH Vienna Austria Eviva GmbH % % % Eviva Hidro S.R.L. Bucharest Romania Eviva Hidro 1.00% 99.00% % % Martifer Deutschland GmbH Berlin Germany Martifer % % % 40 // 1H 2017 REPORT //

41 07 // SHARE CAPITAL HELD PERCENTAGE FY 2016 COMPANY HEAD OFFICE COUNTRY DESIGNATION DIRECTLY INDIRECTLY TOTAL TOTAL Deutschland Wind Farm Odrzechowa Sp. Zo.o Gliwice Poland Wind Odrzechowa % Wind Farm Bukowsko Sp. Zo.o Gliwice Poland Wind Farm Markowa Sp. Zo.o Gliwice Poland Wind Farm Bukowsko Wind Farm Markowa % % % % % % Wind Farm Lada Sp. Zo.o Gliwice Poland Wind Farm Lada % % % Wind Farm Jawornik Sp. Zo.o Gliwice Poland Wind Farm Jawornik % % % Wind Farm Piersno Sp. Zo.o Gliwice Poland Wind Farm Piersno % % % Wind Farm Oborniki Sp. Zo.o Gliwice Poland Wind Farm Oborniki % % % Martifer Renewables Italy BV Amsterdam Netherlands Cedilhas ao Vento S.A. Oliveira de Frades Martifer Renewables Brasil LTDA Fortaleza Brazil Martifer Renováveis - Geração de Energia e Participações S.A. Renewables Italy Holanda % % % Portugal Cedilhas ao Vento % % % Martifer Renewables Brasil % % % Fortaleza Brazil Ventania % 55.00% 55.00% Eólica Cajueiro da Praia, Ltda. Fortaleza Brazil Cajueiro % SBER Sociedade Brasileira de Energias Renováveis, Ltda. Fortaleza Brazil SBER 1) % MSPAR Energia e Participações, SA Barueri Brazil MSPAR % % % Floresta I, Geração de Energia S.A. Areia Branca Brazil Floresta I % 99.00% 99.00% Floresta II, Geração de Energia S.A. Areia Branca Brazil Floresta II % 99.00% 99.00% Floresta III, Geração de Energia S.A. Areia Branca Brazil Floresta III % 99.00% 99.00% Floresta IV, Geração de Energia S.A. Areia Branca Brazil Floresta IV % 99.00% 99.00% Martifer Renewables O&M Sp. z o.o. Gliwice Poland Martifer Renewables O&M % 52.00% 52.00% Eviva Energy Co S.A.S Bogota Colombia Eviva Energy % % - 1) The consolidation of these companies using the full consolidation method is a consequence of the Group having stepped shareholdings, but exercising control at each level 2) This company ceased to be fully consolidated due to the fact that Martifer Beteiligungsverwaltungs GmbH had sold its shares to Martifer Metallic Constructions SGPS (47.8 %) and to APCL Invest, SA (50 %) COMPANIES CONSOLIDATED USING THE EQUITY METHOD The companies consolidated using the equity method; their registered offices and the percentage of share capital held by the Group are as follows: SHARE CAPITAL HELD PERCENTAGE FY 2016 COMPANY HEAD OFFICE COUNTRY DESIGNATION DIRECTLY INDIRECTLY TOTAL TOTAL Metallic Construction Associate companies: Liszki Green Park, Sp. Zo.o Gliwice Poland Liszki Green Park % 33.75% 33.75% Martifer Amal, S.A. Nacala Mozambique Martifer Amal % 26.25% 26.25% Martimetal Spa Algiers Algeria Martimetal % 36.75% 36.75% Joint control companies: Promoquatro Investimentos Imobiliários, Lda. Oliveira de Frades Portugal Promoquatro % 37.50% 37.50% M City Bialystok Sp. Zo.o Gliwice Poland M City Bialystok % 37.50% 37.50% M City Radom Sp. Zo.o Gliwice Poland M City Radom % 37.50% 37.50% M. City Szczecin Sp. Z o.o. Gliwice Poland M City Szczecin % 37.50% 37.50% CNA Chantier Naval d'arzew, SPA Arzew Algeria CNA Chantier Naval d'arzew % 36.75% 36.75% M City Gliwice Sp. Zo.o Gliwice Poland M City Gliwice 1) % 37.50% - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 41