02 FINANCIAL PERFORMANCE Consolidated Results Analysis Revenues EBITDA and Net Profit Consolidated Capex Consolidated Capital Structure Analysis

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2 01 MARTIFER GROUP Highlights Key Financial Indicators Main Events 02 FINANCIAL PERFORMANCE Consolidated Results Analysis Revenues EBITDA and Net Profit Consolidated Capex Consolidated Capital Structure Analysis 03 ANALYSIS BY SEGMENT Metallic Constructions Renewables Solar 04 MARTIFER SHARE PERFORMANCE 05 FUTURE PROSPECTS 2 1H2015 REPORT

3 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. 1H2015 REPORT 3

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8 01 MARTIFER GROUP HIGHLIGHTS Operational recovery in 1st Half, with positive EBITDA (8.8 M ) and EBIT (1.4 M ) in all segments: Metallic Constructions, Renewables and Solar. It should be noted that the operational performance was penalized by the negative performance of the Metallic Constructions segment in Brazil, affected by the turbulent period in the construction sector and the Group s main clients in the country Order book in Metallic Constructions registers a 14 % YTD growth to 280 M Net Debt with a reduction comparing with FY 2014, on a comparable perimeter (meaning without Solar) Management focused on the execution of the Action Plan for 2015 (conclusion of the financial restructuring process, improvement in process and in operational efficiency and reinforcement of the international presence) MAIN FINANCIAL INDICATORS M Jun-15 Jun-14 Var. (%) Revenues % EBITDA % EBITDA Margin 7% 7% -0.3 pp EBIT n.m. EBIT Margin 1% -7% 8.5 pp Financial Results % Profit before taxes % Income tax % Profit after taxes on continued operations % Discontinued operations Result n.m. Attributable to non-controlling interests % Attributable to shareholders n.m. Net Profit % Attributable to non-controlling interests % Attributable to shareholders % Earnings per share % 8 1H2015 REPORT

9 M MARTIFER CONSOLIDATED METALLIC CONSTRUCTIONS RENEWABLES HOLDING SOLAR (discontinued activities) 1H15 1H15 1H15 1H15 1H15 Revenues EBITDA EBITDA Margin 7% 4% 53% 15% 11% EBIT EBIT Margin 1% 2% 0% -12% 9% Financial Results Interests Exchange differences Other Net Financial Charges Results in affiliated companies Profit before taxes Income tax Discontinued operations Result Net Profit Attributable to non-controlling interests Attributable to shareholders H2015 REPORT 9

10 MAIN EVENTS JANUARY 2015 West Sea signs the second shipbuilding contract West Sea and Scenic Tours signed a contract for the construction of a ship hotel, Scenic Azure. With about 80 meters of length, the new ship will cruise in the Douro River and should be completed in February APRIL 2015 Martifer Metallic Constructions was awarded a project in the transport sector in Latin America Martifer Metallic Constructions was awarded the execution of the structural steelwork for the Bello Monte Station of Caracas Underground, in Venezuela. The project should be concluded by the end of MAY 2015 Martifer, SGPS, SA Annual General Meeting On 14 th May 2015, the annual meeting of Martifer SGPS, S.A. took place, with a participation of % of its total share capital, and all the proposals on the Agenda present in the Call Notice were approved by unanimity. SUBSEQUENT EVENTS JULY 2015 West Sea enters a contract for the construction of two Offshore Patrol Vessels West Sea was awarded, in Consortium with the company EDISOFT, S.A., the construction of two Offshore Patrol Vessels for the Portuguese Navy for an overall price of 77 million euros, net of VAT. West Sea holds an % share in the Consortium. The enforceability of the contract entered into between the Portuguese Government and the Consortium is subject to the approval of the Portuguese Court of Auditors. 10 1H2015 REPORT

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12 02 FINANCIAL PERFORMANCE RESULTS ANALYSIS M Jun-15 Jun-14 Var. (%) Revenues % EBITDA % EBITDA Margin 7% 7% -0.3 pp Depreciation & Amortization % Provisions & Impairment Losses % EBIT n.m. EBIT Margin 1% -7% 8.5 pp Financial Results % Profit before taxes % Income tax % Profit after taxes on continued operations % Discontinued operations Result n.m. Attributable to non-controlling interests % Attributable to shareholders n.m. Net Profit % Attributable to non-controlling interests % Attributable to shareholders % Earnings per share % TOTAL REVENUES At the end of the 1 st Half 2015 the total revenues reached million euros (113.7 million euros in the 1 st Half 2014), 94 % of which coming from the Metallic Constructions segment and 5 % from the Renewables segment. Jun-15 Jun-14 REVENUES M WEIGHT M WEIGHT VAR. (%) Martifer Consolidated % % 18% Metallic Constructions % % 35% Renewables 7.2 5% % -63% Other 0.3 0% 0.1 0% >100% The Group continues its internationalization strategy, being the revenues breakdown by country as follows: Angola 13% Portugal 32% Saudi Arabia 7% Other 0% Brazil 18% European Union 30% 12 1H2015 REPORT

13 EBITDA AND NET PROFIT In the 1 st Half 2015, EBITDA was positive in 8.8 million euros, with the contribution of the Metallic Constructions segment (4.9 million euros), as well as with the Renewables segment (3.8 million euros). Jun-15 Jun-14 EBITDA M MARG. M MARG. VAR. (%) Martifer Consolidated 8.8 7% 7.8 7% 13% Metallic Constructions 4.9 4% % n.m. Renewables % % -65% Other 0.0 5% % n.m. Consolidated Financial Results were negative in 10.7 million euros; however, showing an improvement compared to the financial results of the 1 st Half Consolidated Net Profit reached -9.9 million euros, therefore showing a 55 % improvement YoY, being strongly penalized by the financial results. Jun-15 Jun-14 NET PROFIT M WEIGHT M WEIGHT VAR. (%) Martifer Consolidated -9,9 100% -38,3 100% 74% Metallic Constructions -4,9 50% -21,9 57% 77% Renewables 0,0 0% 5,6-15% n.m. Solar (discontinued activity) (*) -0,3 3% -16,9 44% 98% Other -4,7 47% -5,1 13% 8% * Consolidated results for the Solar segment (in the 1 st half 2015 the contribution to the Group was 0.1 million euros). The difference is due to intragroup eliminations between segments included under "Other". CAPEX The amount of investment in fixed assets in the 1 st Half 2015 was 3.2 million euros, resulting from the investment in the Metallic Constructions segment (2.5 million euros), especially in the reinforcement of the operational capacity in West Sea (Shipyard in Viana do Castelo) and in the Renewables segment (0.7 million euros), mainly referring to projects under development in Brazil and in Poland. INVESTMENT IN TANGIBLE AND INTANGIBLE ASSETS H2015 (M ) H2015 1H2015 REPORT 13

14 Jun-15 Jun-14 CAPEX M PESO M PESO VAR. (%) Martifer Consolidated % % -62% Metallic Constructions % % -68% Renewables % 0.6 7% 9% Others 0.0 0% 0.0 0% -72% CAPITAL STRUCTURE ANALYSIS FINANCIAL POSITION M Jun-15 Dec-14 VAR. % Fixed Assets (including Goodwill) % Other non-current assets % Inventory and Receivables % Cash and cash equivalents % Non-current assets held for sale % Total Assets % Shareholders Equity % Non-controlling interests % Non-controlling interests related with non-current assets held for sale % Total Equity % Non-current debt and leasings % Other non-current liabilities % Current debt and leasings % Other current liabilities % Liabilities related with non-current assets held for sale % Total Liabilities % The total assets registered a slight decrease when compared to the end of 2014 totalling million euros, whereas non-current assets reached million euros, registering a 23.8 million euros decrease. Equity on 30 th June 2015 totalled 5.8 million euros, which compares with 15.3 million euros on 31 st December NET DEBT The Group s Consolidated Net Debt (Borrowings + Financial Leases (+/-) Derivatives Cash and Cash Equivalents) on 30 th June 2015 totalled 273 million euros, showing a 10 million euros decrease when compared to the end of In 2014, the Group decided to sell Martifer Solar, classifying it as an asset held for sale (*). M Metallic Constructions Renewables Solar Holding Martifer Consolidated Net Debt 1H * Net Debt FY * Net Debt FY 2013* H2015 REPORT

15 Holding 129 M Metallic Constructions 106 M Renewables 39 M The Group continues focused on the Net Debt reduction process, so it will continue to be committed to selling non-core assets. TREND OF CONSOLIDATED NET DEBT ( M) H2015 1H2015 REPORT 15

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18 03 ANALYSIS BY SEGMENT METALLIC CONSTRUCTIONS ACTIVITY The order book at the end of the 1 st half 2015 totalled 280 million euros and was spread throughout several countries in different geographical regions. ORDER BOOK BY GEOGRAPHY Geography Value (M ) % Africa 62 22% Algeria 16 6% Sub-Saharan Africa 46 16% Latin America 24 9% Eastern Europe and the Middle East 28 10% Western Europe % Metallic Constructions 87 31% Naval Industry 79 28% TOTAL % RESULTS M Jun-15 Jun-14 VAR. % Revenues % EBITDA n.m. EBITDA margin 4% -3% 6.9 pp Depreciation & Amortization % Provisions & Impairment Losses n.m. EBIT n.m. EBIT margin 2% -15% 16.5 pp Financial Results % Profit before taxes % Income tax <-100% Net Profit % Attributable to non-controlling interests >100% Attributable to shareholders % Revenues in the Metallic Constructions segment in the 1 st Half 2015 reached 127 million euros (94.3 million euros in the same period of the previous year). Revenues of this segment remain focused on the foreign market. 18 1H2015 REPORT

19 Angola 14% Portugal 34% Saudi Arabia 7% Other 0% Brazil 19% European Union 26% The EBITDA in the 1 st Half 2015 was positive in 4.9 million euros, showing a significant increase compared to the 1 st Half The Financial Results totalled -6.3 million euros which, despite a reduction of 1.3 million euros compared with the same period of the previous year, have a significant negative contribution in the net profit of the period. The Net Profit in the 1 st Half 2015 totalled -4.9 million euros, showing a 77 % improvement YoY. Total CAPEX in the 1 st Half 2015 was around 2.5 million euros, mostly related to the reinforcement of the operational capacity in West Sea (Shipyard in Viana do Castelo). RENEWABLES ACTIVITY Martifer Renewables has currently 49 MW of wind farms and solar parks in operation in Spain and in Romania contributing to the revenues. In Portugal, this business area controls 50 % of the wind farms in operation with a 31 MW capacity, which contribute to results through the equity method. RESULTS M Jun-15 Jun-14 VAR.% Revenues 7,2 19,4-63% EBITDA 3,8 11,0-65% EBITDA margin 53% 57% -3,5 pp Depreciation & Amortization -3,0-3,3 8% Provisions & Impairment Losses -0,8-0,8 3% EBIT 0,0 6,9-100% EBIT margin 0% 36% -35,5 pp Financial Results 0,1 0,5-81% Profit before taxes 0,1 7,4-99% Income tax -0,1-1,8 94% Net Profit 0,0 5,6 n.m. Attributable to non-controlling interests 0,0 3,1-100% Attributable to shareholders 0,0 2,4 n.m. 1H2015 REPORT 19

20 The total Revenues of the Renewables segment in the 1 st Half 2015 reached 7.2 million euros, which compares with 19.4 million euros YoY and results mainly from the activity of the wind farm in Romania and the solar plants in Spain. The EBITDA totalled 3.8 million euros in the 1 st Half In June 2014 the EBITDA was 11 million euros, being impacted not only by the wind and solar farms in operation, totalling 49 MW, but also by the sale of wind farms in Brazil. The Net Debt at the end of the 1 st Half 2015 was 39.6 million euros, showing a reduction of around 2 million euros compared with the end of DISCONTINUED ACTIVITIES RESULTS (SOLAR) In September 2014, the Group classified the solar business unit (consisting of Martifer Solar, SA and its subsidiaries) as a non current asset held for sale. This change resulted from the fact that Martifer is currently putting into action its plan to sell its economic interest (currently 55 %) in Martifer Solar. Since the requirements of IFRS 5 are 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 separate lines from the Group s remaining consolidated assets and liabilities on 30 th June Therefore, the discontinued operations Result (0.1 million euros) corresponds to the Net Profit of the Solar activity attributable to the Group. ACTIVITY The backlog of (signed) turnkey contracts is 302 million euros, with Europe and Asia representing almost 91 % of the total amount. Geography Total % Africa 21 7% America 5 2% Asia % Western Europe % TOTAL % RESULTS M Jun-15 Jun-14 VAR.% Revenues 38,8 53,5-27% EBITDA 4,2-12,1 n.m. EBITDA Margin 11% -23% 33,6 pp Depreciation & Amortization -1,4-1,3-5% Provisions & Impairment Losses 0,8-1,4 n.m. EBIT 3,7-14,8 n.m. EBIT margin 9% -28% 37,2 pp Financial Results -3,8-1,9-97% Profit before taxes -0,2-16,8 99% Income tax -0,1-0,1-25% Net Profit -0,3-16,9 98% Attributable to non-controlling interests -0,4-0,5 24% Attributable to shareholders 0,1-16,4 n.m. 20 1H2015 REPORT

21 Revenues in the 1 st Half 2015 registered an around 27 % decrease compared to the same period of the previous year, totalling 38.8 million euros, versus 53.5 million euros registered YoY, essentially justified by the delay in some projects (in the UK and in Jordan) and also by the delay on the sale of some assets (in the UK). The EBITDA in the 1 st Half 2015 was positive, 4.2 million euros, with a margin of around 11 % versus -23 % in the 1 st Half The Net Debt at the end of the 1 st Half 2015 was 53.6 million euros, showing a reduction of around 4 million euros when compared to the end of H2015 REPORT 21

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24 04 MARTIFER SHARE PERFORMANCE SHARE PERFORMANCE Martifer PSI Source: Reuters TRADED VOLUME ( 000 shares) Source: Reuters 24 1H2015 REPORT

25 The performance of the stock markets in the 1 st Half 2015 was globally positive, highlighted in particular by the variations associated with the situation in Greece. In fact, the technical default and the probability of this country leaving the Euro Zone during the negotiations with its creditors lead to sharp drops in the main European indexes, being the Portuguese index one of the most affected. Globally, during this quarter, the performance of European shares, EuroStoxx50, showed an accumulated increase of around 11 % and the Portuguese shares of around 15.6 %. During the 1 st Half 2015 Martifer s share value increased around 65 %. Martifer s share price closed the 1 st Half 2015 at /share. The maximum price achieved was /share and the minimum /share which, in turn, was also the first quote of the year The average daily volume of shares traded during the 1 st Half 2015 was shares, much less than the average daily volume of shares traded in the 1 st Quarter, around shares. Martifer s market value on 30 th June 2015 was 30.9 million euros. 1H2015 REPORT 25

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28 05 FUTURE PROSPECTS The Group remains focused on the goals defined for 2015: 1. Adoption of a new organizational model Resizing and readapting the structure Improvement of the business processes and operational efficiency 2. Decrease of indebtedness through the divestment in non-core businesses and sale of non-core assets, allowing: A reduction of the cash costs A gradual debt reduction 3. Reinforcement of the international presence, focusing on three core geographies (Europe and the Middle East, Africa and Latin America) and in attractive opportunities profitable above average. 4. Focus on the Group s original business area Metallic Constructions in its several segments: metal mechanical constructions, aluminium and glass façades, infrastructures for oil & gas and the naval industry. It is based on this strategy that the Group expects to overcome challenges, aiming to ensure its long term sustainability. 28 1H2015 REPORT

29 Oliveira de Frades, 27 th August 2015 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) Luís Valadares Tavares (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) 1H2015 REPORT 29

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32 MANDATORY INFORMATION SHAREHOLDINGS OF THE MEMBERS OF THE MANAGEMENT AND SUPERVISORY BODIES In accordance with articles 447 and 448 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 2015 through to 30 th June 2015, are the following: HOLDER GOVERNING BODY NO. SHARES HELD ON 30/06/2015 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 42,697,047 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 - Hermínio António Paulos Afonso Statutory Auditor, representing PricewaterhouseCoopers José Nunes Oliveira Chairman of the General Meeting - - * 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. 32 1H2015 REPORT

33 EVENTS DESCRIBED IN ARTICLE 447 OF THE PORTUGUESE COMPANIES CODE NAME OF THE MEMBER OF THE GOVERNING BODY GOVERNING BODY NO. SHARES HELD Carlos Manuel Marques Martins Board of Directors 420,542 Jorge Alberto Marques Martins Board of Directors 230,260 Arnaldo Nunes da Costa Figueiredo Board of Directors 3,000 Pedro Nuno Cardoso Abreu Moreira Board of Directors - Luis António de Valadares Tavares Board of Directors - Jorge Bento Ribeiro Barbosa Farinha 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 - 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 2015 held a total of shares of Martifer SGPS, S.A. Transactions by the members of the governing bodies in the 1 st Half 2015: MEMBER OF THE GOVERNING BODY DATE PURCHASE ALIENATION AVERAGE PRICE Carlos Manuel Marques Martins* , Carlos Manuel Marques Martins* , Carlos Manuel Marques Martins* , Carlos Manuel Marques Martins* Carlos Manuel Marques Martins* , Carlos Manuel Marques Martins* , Carlos Manuel Marques Martins* , Carlos Manuel Marques Martins* , Carlos Manuel Marques Martins* , * Purchases by the company Black & Blue, S.A. (Carlos Manuel Marques Martins is a shareholder and a Board member of this company) 1H2015 REPORT 33

34 HOLDERS OF QUALIFYING SHAREHOLDINGS According to paragraph 1C) of article 9 of CMVM regulation number 5/2008, and fulfilling article 448 of the Portuguese Companies Code, 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), as of 30 th June 2015: SHAREHOLDERS NO. OF SHARES % OF SHARE CAPITAL % OF VOTING RIGHTS 1 I M SGPS, S.A. 42,697, % 43.66% Carlos Manuel Marques Martins* 420, % 0.43% Jorge Alberto Marques Martins* 230, % 0.24% Total Imputable to I M SGPS, SA 43,347, % 44.33% Mota-Engil SGPS, S.A. 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 shares / (N. º Number 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 34 1H2015 REPORT

35 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 facing its business; 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 financial results of Martifer SGPS, SA and of the companies included in its consolidation perimeter Oliveira de Frades, 27 th August 2015 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) Luís Valadares Tavares (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) 1H2015 REPORT 35

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40 05 INTERIM CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENTS FOR THE 1 ST HALF 2015 AND 2014 AND FOR THE 2 ND QUARTERS OF 2015 AND OF 2014 (amounts expressed in Euro) (The translation of the consolidated financial statements was originally issued in Portuguese - Note 31) NOTES 1 ST HALF 2015 (NON-AUDITED) 1 ST HALF 2014 (NON-AUDITED) 2 ND QUARTER 2015 (NON-AUDITED) 2 ND QUARTER 2014 (NON-AUDITED) Sales and services rendered 3, 4 123,808,925 91,195,718 66,124,495 41,515,873 Other income 5 10,617,708 22,514,629 4,825,598 16,608,422 Cost of goods sold 6 (36,828,346) (24,982,238) (19,167,718) (11,454,066) Subcontractors 7 (29,924,328) (18,322,809) (19,107,390) (8,313,541) External supplies and services 8 (27,377,750) (26,082,813) (13,518,767) (12,941,045) Staff costs 9 (28,701,354) (29,573,999) (14,639,124) (14,594,684) Other expenses 10 (2,810,536) (6,984,188) (1,174,802) (4,201,656) 3 8,784,319 7,764,300 3,342,292 6,619,303 Amortizations 3 (6,786,562) (7,494,213) (3,326,638) (3,645,317) Provisions 11 (477,463) (8,172,266) (373,705) (8,129,921) Impairment losses 11 (91,516) (602,396) 34,112 (594,883) Operating income 3 1,428,778 (8,504,575) (323,939) (5,750,818) Financial income 12 3,204,473 2,104, ,912 1,177,482 Financial expenses 12 (13,905,535) (14,317,772) (7,214,699) (7,071,059) Gains / (losses) on associate companies and joint arrangements 13 (12,854) 167,618 (350,429) (480,918) Profit before tax of continued operational units (9,285,138) (20,550,351) (6,922,155) (12,125,314) Income tax 14 (675,194) (1,951,825) (428,694) (1,970,934) Profit after tax of continued operational units (9,960,332) (22,502,176) (7,350,849) (14,096,249) Discontinued activities result 20 64,729 (15,762,716) 43,972 (11,775,939) Attributable to: non-controlling interests 20 (157,165) (7,247,480) (156,615) (5,329,196) owners of Martifer 20, ,894 (8,515,236) 200,588 (6,446,743) Profit for the period 3 (9,895,603) (38,264,893) (7,306,876) (25,872,188) Attributable to: non-controlling interests 21 (1,379,889) (7,773,650) (1,477,116) (5,710,304) owners of Martifer (8,515,714) (30,491,243) (5,829,760) (20,161,886) Earnings per share: Basic 15 (0.0871) (0.3118) (0.0871) (0.0871) from continuing operations (0.0894) (0.2247) (0.0617) (0.1403) from discontinued operations (0.0871) (0.0659) Diluted 15 (0.0871) (0.3118) (0.0871) (0.0871) from continuing operations (0.0894) (0.2247) (0.0617) (0.1403) from discontinued operations (0.0871) (0.0659) Note: In September 2014, the Group classified the solar business unit (composed of Martifer Solar, SA and its subsidiaries) as a non-current asset held for sale. 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 Income Statement and the values YoY were adjusted to allow comparison. The breakdown of these contributions is included in the Notes to Consolidated Financial Statements (Note 20). The accompanying notes are part of these financial statements 40 1H2015 REPORT

41 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE 1 ST HALF 2015 AND 2014 AND FOR THE 2 ND QUARTERS OF 2015 AND OF 2014 (amounts expressed in Euro) (The translation of the consolidated financial statements was originally issued in Portuguese - Note 31) 1 ST HALF 2015 (NON-AUDITED) 1 ST HALF 2014 (NON-AUDITED) 2 ND QUARTER 2015 (NON-AUDITED) 2 ND QUARTER 2014 (NON-AUDITED) Profit for the period (9,895,603) (38,264,893) (7,306,876) (25,872,189) Fair value of cash flow hedges (derivatives), net of tax 135,945 (454,247) 83,858 (298,135) Exchange differences arising from (i) translating foreign operations; (ii) net investment in subsidiaries and (iii) goodwill (2,063,311) 5,100,294 (3,207,366) 5,151,583 Income recognized directly in equity (1,927,366) 4,646,047 (3,123,508) 4,853,448 - Total comprehensive income for the period (11,822,969) (33,618,846) (10,430,384) (21,018,742) Attributable to: - non-controlling interests (2,186,798) (6,660,655) (1,908,441) (4,473,350) owners of Martifer (9,636,171) (26,958,191) (8,521,942) (16,545,392) - Total comprehensive income for the period - from continued operations (10,140,727) (22,324,671) (8,246,271) (13,976,715) from discontinued operations (1,682,242) (11,294,175) (2,184,113) (7,042,028) Note: In September 2014, the Group classified the solar business unit (composed of Martifer Solar, SA and its subsidiaries) as a non-current asset held for sale. 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 Income Statement and the values YoY were adjusted to allow comparison. The breakdown of these contributions is included in the Notes to Consolidated Financial Statements (Note 20). The accompanying notes are part of these financial statements 1H2015 REPORT 41

42 CONSOLIDATED STATEMENTS OF THE FINANCIAL POSITION ON 30 TH JUNE 2015 AND ON 31 ST DECEMBER 2014 (amounts expressed in Euro) (The translation of the consolidated financial statements was originally issued in Portuguese - Note 31) NOTES 30 TH JUNE 2015 (NON-AUDITED) 31 ST DECEMBER 2014 ASSETS Non-current assets Goodwill 11,001,424 10,980,675 Intangible assets 3,559,663 4,327,472 Tangible assets 161,395, ,415,160 Investment property 14,367,300 14,367,300 Financial assets under the equity method 16 7,936,215 7,798,516 Available for sale investments 17 3,474,145 2,191,512 Other non-current receivables 18 42,727,287 62,150,851 Deferred tax assets 4,670,717 4,720, ,132, ,951,676 Current assets Inventories 13,248,442 15,135,531 Trade receivables 18 92,379,243 87,582,767 Other receivables 18 56,292,283 36,187,928 Income tax 821, ,905 Current tax assets 8,919,804 7,974,973 Other current assets 19 45,222,007 40,904,841 Cash and cash equivalents 25,284,961 22,981,322 Non-current Assets held for sale ,218, ,265, ,386, ,778,022 Total assets 3 630,519, ,729,698 EQUITY Issued capital 21 50,000,000 50,000,000 Share premium 186,500, ,500,000 Treasury stock (2,868,519) (2,868,519) Reserves (193,130,316) (99,805,371) Profit for the year (8,515,714) (93,535,824) Equity attributable to owners of Martifer 31,985,451 40,290,287 Non-controlling interests 21 (24,681,338) (22,882,274) Non-controlling interests attributable to non-current assets held for sale 20, 21 (1,503,094) (2,060,023) Total equity 5,801,019 15,347,990 LIABILITIES Non-current liabilities Borrowings ,930, ,538,471 Obligations under finance leases 12,588,127 13,830,713 Other non-current liabilities 23 15,986,599 12,381,230 Provisions 24 22,986,735 23,199,209 Deferred tax liabilities 930, , ,422, ,880,119 Current liabilities Borrowings 22 78,361,663 73,645,092 Obligation under finance leases 3,164,357 2,481,603 Trade payables 23 71,894,446 63,638,919 Other payables 23 23,234,648 27,179,264 Income tax 1,126,078 1,258,326 Current tax liabilities 8,273,924 8,995,347 Other current liabilities 25 61,597,972 42,091,465 Derivatives 212, ,614 Liabilities related to non-current assets held for sale ,430, ,994, ,296, ,501,588 Total liabilities 3 624,718, ,381,707 Total equity and liabilities 630,519, ,729,698 The accompanying notes are part of these financial statements 42 1H2015 REPORT

43 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE 6 MONTH PERIODS ENDED ON 30 TH JUNE OF 2015 AND OF 2014 (amounts expressed in Euro) (The translation of the consolidated financial statements was originally issued in Portuguese - Note 31) FAIR VALUE FOREIGN NON- ISSUED SHARE TREASURY RESERVES CURRENCY OTHER EQUITY ATTRIBUTABLE TO TOTAL NET PROFIT CONTROLLING CAPITAL PREMIUM STOCK CASH FLOW HEDGE TRANSLATION RESERVES OWNERS OF THE PARENT EQUITY INTERESTS DERIVATIVES RESERVES Balance on 1 st January ,000, ,500,000 (2,868,519) 307,575 (21,990,557) (42,971,754) (68,961,164) 100,015,581 39,676, ,692,012 Appropriation of the profit of (68,961,164) 68,961, COMPREHENSIVE INCOME FOR THE PERIOD: Profit for the period (30,491,243) (30,491,243) (7,773,650) (38,264,893) Exchange differences arising from (i) translating foreign operations and (ii) net investment in subsidiaries ,891, ,891,147 1,205,643 5,096,790 Goodwill in foreign currency , ,927 1,577 3,503 Revaluation of land and buildings Other changes in equity of subsidiaries (360,021) (360,021) (94,225) (454,247) Total comprehensive income for the period (360,021) 3,893,074 - (30,491,243) (26,958,191) (6,660,655) (33,618,846) Other changes in equity of subsidiaries (4,652,795) - (4,652,795) (3,839,021) (8,491,816) Changes in the Consolidation perimeter ,688-27,688 (2,891,441) (2,863,753) Non-controlling interests transactions ,655,735-35,655,735 (7,655,735) 28,000,000 Balance on 30 th June ,000, ,500,000 (2,868,519) (52,447) (18,097,483) (80,902,289) (30,491,243) 104,088,019 18,629, ,717,597 Balance on 1 st January ,000, ,500,000 (2,868,519) 4,004 (19,282,953) (80,526,421) (93,535,824) 40,290,287 (24,942,297) 15,347,990 Appropriation of the profit of (93,535,824) 93,535, COMPREHENSIVE INCOME FOR THE PERIOD: Profit for the period (8,515,714) (8,515,714) (1,379,889) (9,895,603) Exchange differences arising from (i) translating foreign operations and (ii) net investment in subsidiaries (1,232,833) - - (1,232,833) (849,267) (2,082,100) Goodwill in foreign currency , ,334 8,455 18,789 Revaluation of land and buildings , ,042 33, ,945 Other changes in equity of subsidiaries ,042 (1,222,499) - (8,515,714) (9,636,171) (2,186,798) (11,822,969) Capital increase in subsidiaries , ,988 Other changes in equity of subsidiaries ,183,816-1,183,816 9,090 1,192,906 Changes in the Consolidation perimeter , ,637 (39,477) 125,160 Non-controlling interests transactions (17,117) - (17,117) 17,062 (55) Balance on 30 th June ,000, ,500,000 (2,868,519) 106,046 (20,505,452) (172,730,909) (8,515,714) 31,985,451 (26,184,432) 5,801,019 The accompanying notes are part of these financial statements 1H2015 REPORT 43

44 CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE 1 ST HALF OF 2015 AND 2014 AND FOR THE 2 ND QUARTERS OF 2015 AND OF 2014 (amounts expressed in Euro) (The translation of the consolidated financial statements was originally issued in Portuguese - Note 31) 1 ST HALF 2015 (NON-AUDITED) 1 ST HALF 2014 (NON-AUDITED) 2 ND QUARTER 2015 (NON-AUDITED) 2 ND QUARTER 2014 (NON-AUDITED) OPERATING ACTIVITIES Receipts from customers 149,954, ,527,481 82,265,433 53,584,297 Payments to suppliers (110,599,394) (96,819,055) (67,427,972) (43,476,520) Payments to employees (27,286,988) (29,637,801) (14,154,164) (14,874,305) Cash generated from operations 12,067,911 10,070, ,298 (4,766,528) Income tax paid (831,393) (3,558,075) (671,481) (3,509,878) Other receipts/(payments) relating to operating activities 2,630,222 (8,318,204) 534,518 (9,225,948) Cash generated from other operating activities 1,798,829 (11,876,278) (136,963) (12,735,827) Net cash generated by operating activities from discontinued operations (6,521,944) (7,985,687) (1,980,553) (6,206,211) Net cash generated by operating activities (1) 7,344,797 (9,791,340) (1,434,218) (23,708,566) INVESTING ACTIVITIES Receipts arising from: Financial assets 1,120, ,195 1,120, ,195 Intangible assets - 711, ,277 Tangible assets 1,486,801 8,408,202 1,221,255 5,816,851 Investment grants - 134, ,668 Interest and similar income 669, , ,812 (104,575) Dividends Others 529,005 3,068, ,224 2,996,694 3,805,764 12,848,654 3,208,217 9,581,109 Payments arising from: Tangible assets (3,606,362) (9,016,466) (1,866,069) (4,656,681) Intangible assets (48,220) (131,087) (46) 59,304 Others (347,126) (136,111) 3, ,458 (4,001,708) (9,283,664) (1,863,056) (4,453,919) Net cash generated by investing activities from discontinued operations 527, , ,283 (104,460) Net cash generated by investing activities (2) 331,234 3,737,302 1,605,443 5,022,730 FINANCING ACTIVITIES Receipts arising from: Borrowings 106,505, ,383,489 56,349, ,250,827 Issue of equity shares, supplementary capital and share premiums - 15,000,000-15,000,000 Others 42,593 1,451 17,795 (1,233,792) 106,548, ,384,940 56,367, ,017,035 Payments arising from: Borrowings (111,661,309) (209,718,604) (55,702,435) (117,341,966) Leasings (335,451) (385,402) (64,798) (256,922) Interest and similar costs (5,458,586) (11,287,430) (3,232,506) (5,557,167) Reduction of capital and other reserves - (10,122,183) - (10,122,183) Others (11,410) (96,079) (4,977) (27,745) (117,466,756) (231,609,698) (59,004,716) (133,305,983) Net cash generated by financing activities from discontinued operations 8,542,139 (1,730,787) 6,861,329 (5,359,599) Net cash generated by financing activities (3) (2,376,415) 3,044,455 4,223,855 5,351,453 Net increase in cash and cash equivalents (4)=(1)+(2)+(3) 5,299,616 (3,009,583) 4,395,081 (13,334,384) Changes in the consolidation perimeter and others 30, ,435 (5,160) 788,435 Effect of foreign exchange currencies (586,012) 362,246 (1,382,874) (51,602) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 28,456,245 38,843,709 30,193,147 49,582,358 from continuing operations from discontinued operations 25,284,961 30,738,650 25,284,961 30,738,650 Changes in the consolidation perimeter and others 7,915,232 6,246,157 7,915,232 6,246,157 NOTE: In September 2014, the Group started to classify the solar business unit (composed of Martifer Solar, SA and its subsidiaries) as a non-current asset held for sale. Since the requirements of IFRS 5 were fulfilled, the contribution to Martifer s consolidated cash flows, coming from this segment, is presented in an autonomous line in the Consolidated Statements of Cash Flows and the values YoY were adjusted to allow comparison (Note 20). The accompanying notes are part of these financial statements 44 1H2015 REPORT

45

46 06 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS INTRODUCTORY NOTE Martifer SGPS, S.A., headquartered in Zona Industrial, Oliveira de Frades Portugal ( Martifer SGPS or the Company ), and its group of companies ( Group ), have as their main activity the construction of steel infrastructures (Steel Structures, Aluminium and Glass Façades, Oil & Gas Infrastructures and the Shipbuilding Industry) and the promotion and development of renewable energy projects (Note 3). Martifer SGPS was founded on 29 th October 2004, its share capital having been realized through the delivery of shares (valued at its market value) that the shareholders held in Martifer - Construções, S.A., a company that was founded in 1990 and which, at that time, was the holding company of the current Martifer Group. As of June 2007, after the initial public offering, Martifer SGPS, S.A. shares have been listed on Euronext Lisbon. On 30 th June 2015, the Group develops its activity mainly in Western Europe (in Portugal, in Spain, in France and in the United Kingdom), in Eastern Europe (in Slovakia and in Romania), in the Middle East (in Saudi Arabia), in Latin America (in Brazil), in the Sub-Saharan Africa (in Angola and in Mozambique) and in Algeria. The accompanying notes were selected to help the understanding of the most significant changes in the financial position and the financial performance of the Group since the last annual reporting, dated 31 st December All the amounts presented in these notes are expressed in Euros (rounded to the unit), unless otherwise stated. These consolidated financial statements haven t 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 2015 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. The accounting policies adopted are consistent with those considered in the financial statements for the year ended on 31 st December 2014 and disclosed in the corresponding notes. The accounting standards that entered into force on 1 st January 2015 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. 46 1H2015 REPORT

47 2. GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS 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 2015 and on 31 st December 2014 are as follows: COMPANIES CONSOLIDATED USING THE FULL CONSOLIDATION METHOD SHARE CAPITAL HELD PERCENTAGE FY 2014 COMPANY HEAD OFFICE DESIGNATION DIRECTLY INDIRECTLY TOTAL TOTAL Martifer SGPS, S.A. Oliveira de Frades Martifer SGPS Holding Martifer Inovação e Gestão, S.A. Oliveira de Frades Martifer Inovação % % % Martifer Gestiune Si Servicii, S.R.L. Bucharest Martifer Inovação Roménia % % % Martifer Metallic Constructions SGPS, S.A. Oliveira de Frades Martifer Metallic Constructions 75.00% % 75.00% Martifer - Construções Metalomecânicas, S.A. Oliveira de Frades Martifer Construções % 79.18% 79.18% Martifer Mota-Engil Coffey Construction Joint Venture Limited Martifer Construcciones Metálicas España, S.A. Dublin MMECC 1) % 47.51% 47.51% Madrid Martifer Espanha % 75.00% 75.00% Martifer Construções Metálicas Angola, S.A. Luanda Martifer Angola % 59.06% 59.06% Martifer Construction Limited Dublin Martifer Irlanda % 75.00% 75.00% Martifer Polska Sp. Zo.o. Gliwice Martifer Polska % 75.00% 75.00% Martifer Constructions, SAS Rungis Martifer França % 75.00% 75.00% Martifer Constructii SRL Bucharest Martifer Constructii % 75.00% 75.00% Park Logistyczny Biskupice Gliwice Biskupice % 75.00% 75.00% Martifer Konstrukcje Sp. Z o.o. Gliwice Martifer Konstrukcje % 75.00% 75.00% Martifer Slovakia S.R.O. Bratislava Martifer Slovakia % 75.00% 75.00% Sociedade de Madeiras do Vouga, S.A. Albergaria-a-Velha Madeiras do Vouga % 75.00% 75.00% Martifer - Gestão de Investimentos, S.A. Oliveira de Frades MGI % 75.00% 75.00% Nagatel Viseu, Promoção Imobiliária, S.A. Oliveira de Frades Nagatel Viseu % 75.00% 75.00% Martifer Retail & Warehousing Angola, S.A. Luanda Martifer Retail Angola % 75.00% 75.00% Martifer Aluminium Pty, Ltd Sydney Sassall % 75.00% 75.00% Martifer - Alumínios, S.A. Oliveira de Frades Martifer Alumínios % 75.00% 75.00% Martifer Alumínios Angola, S.A. Luanda Martifer Alumínios Angola % 75.00% 75.00% Martifer Aluminium Limited Dublin Martifer Aluminium Irlanda % 75.00% 75.00% Martifer Aluminium UK Limited London Martifer Aluminium Reino Unido % 75.00% 75.00% Martifer Aluminium SAS Rungis Martifer Aluminium França % 75.00% 75.00% Martifer Alumínios Ltda São Paulo Martifer Alumínios Brasil % 74.99% 74.99% Martifer UK Limited London Martifer UK % 75.00% 75.00% MT Construction Maroc, S.A.R.L. Tangier Martifer Marrocos % 75.00% 75.00% Martifer - Construções Metálicas, Ltda. Fortaleza Martifer Brasil % 74.85% 74.85% Saudi Martifer Constructions LLC Riyadh Martifer Arábia Saudita % 75.00% 75.00% Martifer Beteiligungsverwaltungs GmbH Vienna Martifer GmbH % % % 1H2015 REPORT 47

48 SHARE CAPITAL HELD PERCENTAGE FY 2014 COMPANY HEAD OFFICE DESIGNATION DIRECTLY INDIRECTLY TOTAL TOTAL M City Gliwice Sp. Zo.o Gliwice M City Gliwice % 75.00% 75.00% Martifer Energy Systems II, SGPS, S.A. Oliveira de Frades Martifer Energy Systems II % % % Martifer Energia S.R.L. Bucharest Martifer Energia Roménia % % % Martifer Energia LLC Kiev Martifer Energia Ucrânia % % % Martifer Wind Energy Systems LLC San Angelo TX Martifer Wind USA % % % Martifer Energy Systems PTY Navalria Docas, Construções e Reparações Navais, S.A. Cape Town Martifer Energia África do Sul % 85.00% 85.00% Aveiro Navalria % % % Gebox, S.A. Ílhavo Gebox % % % West Sea - Estaleiros Navais, Lda. Oliveira de Frades West Sea % % % Martifer Global SGPS, S.A. Oliveira de Frades Martifer Global % % % Martifer Construcciones Peru, S.A. Lima Martifer Peru % % % Global Holding Limited Zebbug Global Holding Limited % % % Global Engineering & Construction Limited Zebbug Global Engineering % % % Martifer Solar SGPS, S.A. Oliveira de Frades Martifer Solar SGPS % % % Martifer Solar, S.A. Oliveira de Frades Martifer Solar 2) % 55.00% 55.00% Martifer Solar Sistemas Solares, S.A. Solar Parks Construccion Parques Solares ETVE, S.A. Madrid Martifer Solar Sistemas 2) % 55.00% 55.00% Solares Madrid Solar Parks 2) % 55.00% 55.00% Parque Solar Seseña III, S.L. Madrid Seseña III 2) % 55.00% 55.00% MTS Solar Sistemas Solares, S.A. Mexico City Martifer Solar México 2) % 54.45% 54.45% Martifer Solar Chile Holding, Lda Santiago de Chile Martifer Solar Chile 2) % 55.00% 55.00% Martifer Solar Chile Operaciones Limitada Santiago de Chile Solar Chile Operaciones 2) % 55.00% 55.00% Martifer Solar Servicios México Mexico City Martifer Solar Servicios 2) % 55.00% 55.00% México Martifer Solar S.R.L. Milan Martifer Solar Itália 2) % 55.00% 55.00% MTS1 S.R.L. Syracuse MTS1 2) % 55.00% 55.00% MTS2 S.R.L. Syracuse MTS2 2) % 55.00% 55.00% MTS3 S.R.L. Syracuse MTS3 2) % 55.00% 55.00% Martifer Solar RO S.R.L. Bucharest Martifer Solar Roménia 2) % 55.00% 55.00% Martifer Solar Inc. S. Francisco CA Martifer Inc. 2) % 55.00% 55.00% MT Silverado Fund I LLC S. Francisco CA Silverado 1) 2) % 31.42% 31.42% Martifer Solar Finance LLC S. Francisco CA Martifer Solar Finance % Martifer Solar Hellas, A.T.E. Athens PVI 1) 2) % 39.13% 39.13% Martifer Solar Angola Luanda Martifer Solar Angola 1) 2) % 41.25% 41.25% Martifer Solar N.V. Deerlijk Martifer Solar Bélgica 2) % 55.00% 55.00% Martifer Solar UK Limited London Martifer Solar UK 2) % 55.00% 55.00% MTS Exbury Solar Limited London MTS Exbury Solar Limited 2) % 55.00% 55.00% MTS Manton Manor Solar Limited MTS Stud Farm Solar Limited London London MTS Manton Manor Solar 2) Limited % 55.00% 55.00% MTS Stud Farm Solar 2) Limited % 55.00% 55.00% MTS Penderi Solar Limited London MTS Penderi Solar Limited 2) % 55.00% 55.00% 48 1H2015 REPORT

49 SHARE CAPITAL HELD PERCENTAGE FY 2014 COMPANY HEAD OFFICE DESIGNATION DIRECTLY INDIRECTLY TOTAL TOTAL Martifer Solar S.A.S. Lyon Martifer Solar França 2) % 55.00% 55.00% Martifer Solar CZ Prague Martifer Solar República 2) % 55.00% 55.00% Checa Home Energy France SAS Lyon Home Energy França 2) % 55.00% 55.00% PVGlass S.r.l Milan PVGlass Itália 2) % 55.00% 55.00% MPrime Solar Solutions, S.A. Oliveira de Frades Mprime 2) % 55.00% 55.00% MPrime GMBH Munich MPrime GMBH 2) % 55.00% 55.00% Sol Cativante, Lda. Sever do Vouga Sol Cativante 2) % 55.00% 55.00% Martifer Solar Investments, B.V. Amsterdam Martifer Solar Holanda 2) % 55.00% 55.00% MTS6 S.R.L. Syracuse MTS6 2) % 55.00% 55.00% Martifer Solar SK s.r.o. Dolny Kubin Martifer Solar Eslováquia 2) % 55.00% 55.00% Ginosa Solar Farm, S.R.L. Rome Ginosa Solar Farm 2) % 55.00% 55.00% Solar Spritehood S.R.L Rome Solar Spritehood 2) % 55.00% 55.00% MTS7, S.R.L. Rome MTS7 2) % 55.00% 55.00% Canopy - Naos Paris Canopy Naos % Steadfast Fairview Solar, Ltd Andover Steadfast Fairview Solar 2) % 55.00% 55.00% Martifer Solar UA, LLC Kiev Martifer Solar Ucrânia 2) % 55.00% 55.00% Inspira Martifer Solar Limited Mumbai Inspira Martifer Solar 1) 2) % 28.05% 28.05% Societé Developpement Local SA Dakar Martifer Solar Senegal 1) 2) % 28.05% 28.05% Martimak Solar Besiktas Martimak 1) 2) % 44.00% 44.00% Martiper Solar Besiktas Martiper 1) 2) % 44.00% 44.00% Martifer Solar Singapura PTE. LTD. Singapore Martifer Solar Singapura 2) % 55.00% 55.00% Martifer Solar Japan KK Tokyo Martifer Solar Japan 2) % 55.00% 55.00% Solariant Portfolio GK One Tokyo Solariant Portfolio GK One 2) % 55.00% 55.00% EVIVA SOLAR 1 LTD Athens Eviva Solar 1 2) % 54.90% 54.90% EVIVA SOLAR 2 LTD Athens Eviva Solar 2 2) % 54.90% 54.90% MTS Tonge Solar Limited London MTS Tonge 2) % 55.00% 55.00% Martifer Solar MZ, S.A. Maputo Martifer Solar Moçambique 1) 2) % 28.05% 28.05% Greencoverage Unipessoal, Lda. Oliveira de Frades Greencoverage 2) % 55.00% 55.00% Martifer Solar, Ltda Pindamonhangaba Martifer Solar Brasil 2) % 54.45% 54.45% Visiontera Unipessoal, Lda Oliveira de Frades Visiontera 2) % 55.00% 55.00% Martifer Solar Middle East Dubai Martifer Solar Middle East 2) % 55.00% 55.00% Belive in Bright Unipessoal, LDA. Oliveira de Frades Belive in Bright 2) % 55.00% 55.00% Martifer Renewables SGPS, S.A. Oliveira de Frades Martifer Renewables SGPS % % % Martifer Renewables, S.A. Oliveira de Frades Martifer Renewables SA % % % Martifer Renovables ETVE, S.A.U. Madrid Martifer Renovables % % % Eurocab FV 1 S.L. Madrid Eurocab % % % Eurocab FV 2 S.L. Madrid Eurocab % % % Eurocab FV 3 S.L. Madrid Eurocab % % % 1H2015 REPORT 49