MANAGEMENT ANALYSIS // TO STAY AHEAD// KEY MESSAGES APPENDICES
MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES HIGHLIGHTS
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES page 3 Operating Revenues of 550 M ; Strong growth internationally EBITDA of 8.9 M and EBIT of -20.8 M Weak operational performance at Metallic Constructions impacted by the restructuring plan under implementation during 2011 and from impairment loss accounted with the sale of the partnership in the US (Martifer Hirschfeld Energy Systems) Net reported Profit attributable to shareholders of -49.6M 4Q11 showed notable improvements; Quarter EBITDA margin of 7.3% Sustainable order books gives good visibility for 2012: in Metallic Construction 290 M and Solar 192 M. Good commercial momentum in Brazil should offset Iberian market depression in the Construction sector Strengths and levers for market adaptation: Matching of Capacity and Flexibility
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 5 ECONOMIC AND FINANCIAL ANALYSIS Reported Figures - non audited FY2011 FY2010 4Q11 YoY M - IFRS Restated Var. % Revenues 550.1 591.6 188.8-7.0% EBITDA 8.9 56.6 13.8-84.2% Margin % 1.6% 9.6% 7.3% -7.9pp EBIT -20.8-21.7-1.5-4.3% Margin % -3.8% -3.7% -0.8% -0.1pp Financial Results -26.4-20.2-8.9 +30.4% Profit before tax -47.1-41.9-10.4-12.4% Income tax 0.4 10.4 3.1-96.0% Consolidated Net Profit -47.5-52.3-13.5-9.1% Attributable to non-controlling interests 2.1 2.5 1.4-17.5% to shareholders -49.6-54.8-14.9-9.5% FY11 Revenues decreased 7.0% YoY to 550.1 M FY11 EBITDA registered 8.9 M, a decrease YoY of 84.2%, with a 1.7% margin, comparing with 9.6% in FY10 Nevertheless, stressing the 4Q11 activity performance figures, with margin at 7.3% FY11 Net Financial Expense amounted to 26.4 M FY11 Net Profit amounted to -47.5M, comparing with -52.3 M in FY10 4Q11 EBITDA Margin @ 7.3%
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 6 BIG PICTURE OF NET PROFIT CONTRIBUTIONS M 2.5 Solar 9.5 Metallic Constructions (excluding one-off effects) Metallic Constructions 20,0 10,0-4.0-6.4-6.4 0,0-10,0 Nutre (Previously Prio Foods)* Prio Energy -13.3 RE Developer -36.6-20,0-30,0-40,0 OTHER NET CORE ACTIVITIES = +3.1M -43.0-50,0 * Both Nutre (previously named Prio Food) and Prio Energy are consolidated by the equity method
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 7 REVENUES 200 REVENUES - QoQ Trend +2.8% QoQ 184 169 189 FY11 Revenues decreased 7% YoY to 550.1 M ; the strong growth in the revenues of Martifer Solar almost compensated the reduction in the Metallic Construction BU 150 M 100 100 139 115 119 128 +2.8% QoQ trend in Revenues 50 0 Revenues 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 FY 2011 FY 2010 Restated M Weight M Weight Var. % Shift of the weight by the core business areas, as solar activity is experiencing a favorable momentum, but conversely Metallic Construction is more sensitive and has a higher correlation with the economic slowdown Martifer Consolidated 550.1 591.6-7.0% Metallic Construction 240.2 43.7% 348.1 58.8% -31.0% Solar 293.2 53.3% 220.8 37.3% 32.8% Others 16.7 3.0% 22.7 3.8% -26.6% Note: Others includes Holding, Adjustments and Eliminations Solar showed again a double-digit growth of 32.8% YoY, as a consequence of the strategy implemented during 2010, diversifying activities to several geographies and taking advantage of the current buoyancy of PV sector
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 8 BREAKDOWN OF REVENUES GEOGRAPHIC DISTRIBUTION OF REVENUES POSITIVE SIGNS: FY10 FY09 Continuous reduction of dependency on depressed Iberia, mostly in the Metallic Construction Sector 49.9% 50.1% FY11 50.7% 49.3% Balanced expansion strategy: Mature countries Central and Southern Europe (29%) Emerging markets Angola and Brazil (7.8%) 23,90% Iberia Other 76,10% Angola Australia Belgium Brazil Czech Republic France Greece Ireland Italy Morocco Poland Romania Slovakia UK USA
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 9 EBITDA EBITDA - QoQ Trend 25 19.4 20 16.8 11.4% 14.1 15 11.0 9.4 10 9.1% M 11.0% 5,3 7.3% 5 6.8% 4.6% -3.1% -5.1% 0 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11-5 -3.6-6.5-10 EBITDA FY 2011 FY 2010 - Restated M Margin M Margin Var. % Martifer Consolidated 8.9 1.6% 56.6 9.6% -84.2% Metallic Construction -20.1-8.4% 16.3 4.7% n.m. Solar 20.1 6.8% 22.2 10.0% -9.4% Others 9.0-18.1 - -50.3% Consolidated EBITDA in the FY11 registered a sum of 8.9 M, a decrease of 84.2% YoY EBITDA margin of 1.6% versus 9.6% YoY This weak operational performance is due to (1) the negative margins in metallic constructions impacted by lower activity and the restructuring plan under way (2) the lower margins in solar projects associated with the internationalization effort and the associated costs of entry in this business unit Note: Others includes Holding, Adjustments and Eliminations
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 10 METALLIC CONSTRUCTION Sector Trends INTERNATIONAL OUTLOOK Metallic construction sector performance worsened QoQ in 2011; In general, the international peers led to a deterioration in order margins, resulting from the fiercer competitive environment as the greatest risk factor. The intensified sovereign debt crisis throughout 2011prompted most of the European Community to revise their GDP estimates, and due to the dramatic tightening of budgetary policies and downturn in confidence some of the projects have been delayed or even frozen. Civil Engineering and non-residential construction are particularly vulnerable to the budgetary austerity plans put in place by the countries most exposed to the debt crisis. The Euroconstruct to pointed a 0.6% drop in the total construction output in Europe. Only Emerging markets have been driving economic growth and there has been significant demand for metallic structure, mostly in Asia and South America. Steel prices rose during 2011, the European Steel price index is up by 16.8% YoY. The wide-flange and the hot-rolled steel plate prices were up by 6.6% YoY. The declining prices make steel more competitive versus other building materials
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 11 METALLIC CONSTRUCTION Order Book PROJECT LOCATION TOTAL VALUE BEGINNING YEAR END YEAR Artenius PTA plant Sines, Portugal Euro 27.5 M 2008 2012 Galp Petrogal (conversion of refinery) Sines, Portugal Euro 29.5 M 2009 2012 Ulla Bridge Corunna, Spain Euro 20.8 M 2009 2014 Amiens Hospital Amiens, France Euro 7.4 M 2010 2012 Office Building ZAC Victor Hugo Paris, France Euro 3.1 M 2010 2012 CHU D'Orleans Paris, France Euro 9.6 M 2010 2013 Lille Stadium (locksmiths) Lille, France Euro 6.4 M 2011 2012 Carfi Siedlce, Poland PLN 11.7 M 2010 2012 Canberra Airport Terminal Canberra, Australia AUD 10.6 M 2009 2012 18 Bridges in the new A1Highway Torun, Poland PLN 66.5M 2010 2012 Cement Plan Ghhent, Belgium Euro 4.4m 2010 2012 Alstom Mannheim 9 Mannheim, Germany Euro 20.9 M 2010 2012 Office Building in Luanda Luanda, Angola Euro 13.3 M 2010 2012 Financial City Luanda, Angola Euro 13.6 M 2010 2012 Edinburgh International Conference Centre Edinburgh, Scotland GBP 7.0 M 2010 2012 Scotland s National Arena Glasgow, Scotland GBP 12.9 M 2011 2012 Birmingham New Street Birmingham, England GBP 8.2 M 2011 2012 Nissan Battery Plant Cacia, Portugal Euro 5.4 M 2011 2012 BBVA Headquarters Madrid, Spain Euro 11.8 M 2011 2012 King Abdullah Financial District Riad, Saudi Arabia Euro 20.8 M 2011 2012 Deva Bridge Deva, Romania RON 28.1 M 2011 2012 Vale Verde Shopping São Paulo, Brazil BRL 13.0 M 2011 2012 Fonte Nova Stadium Salvador, Brazil BRL 37.5 2011 2012 Castelão Stadium Fortaleza, Brazil BRL 39.5 2011 2012 Grémio de Porto Alegre, Stadium Porto Alegre, Brazil BRL 32.6 2011 2012 ORDER BOOK FY2010 TOTAL: 360 M Other - 23% Angola 10% Central Europe - 27% Iberia - 29% Eastern Europe - 11% ORDER BOOK FY2011 TOTAL: 290 M Other 11.9% Brazil 18.6% Angola 5.9% Iberia 17.3% Eastern Europe 11.7% Central Europe 34.6%
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 12 METALLIC CONSTRUCTION Earnings METALLIC CONSTRUCTION FY2011 FY2010 4Q11 YoY M Restated Var.% Revenues 240.2 348.1 70.0-31.0% EBITDA -20.1 16.3-2.0 n.m. EBITDA Margin -8.4% 4.7% -2.9% n.m. EBIT -35.8 0.6-10.0 n.m. EBIT Margin -14.9% 0.2% -14.4% n.m. Net Financial Expenses 12.8 11.0 2.9 16.2% Income tax -5.6 2.4-1.0 n.m. Net Profit -43.0-12.7-11.9 >100% Attributable to non-controlling interests 0.6 1.1 0.4 n.m. Attributable to shareholders -43.6-13.8 12.3 >100% Total order book sums 290 M ; Metallic Construction s Revenues declined by 31% in the FY11 to 240.2 M EBITDA reached -20.1 M, corresponding to a margin of -8.4%, a decrease justified by unfavourable sector environment, and (i) negative margins in Eastern Europe and Australia; (ii) the integration of the wind cluster into metallic constructions and (iii) the abrupt hold ups in some of the backlog projects which occasioned a reduction in the level of activity and productivity with the consequent inability to dilute fixed costs; (iv) impairment loss accounted with the sale of the partnership in the US (Martifer-Hirschfeld Energy Systems). Without those effects, Martifer Metallic Construction would had a stabilized EBITDA margin of 7% Net Profit totalled -43.0M, of which 0.6 M attributable to non-controlling interests in Martifer Angola Total Net Debt reached 106.8 M ; plus more 46 M of debt at the Holding level
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 13 SOLAR Sector Trends - I INTERNATIONAL OUTLOOK 2011 turned out to be another boom year for the PV installations; According to EPIA (European Photovoltaic Industry Association) the volume of new grid-connected PV capacities world-wide grew from 16.6GW in 2010 to 27.7 GW in 2011, i.e, +67% YoY; Approximately 21 GW (75%) of this growth came from Europe; In 2011 the top 3 markets were Italy, Germany and China. Most notably; Germany installed 3GW in December alone, 7.5 GW in the whole year; The US, France and Japan follow, each with over 1 GW of new capacity; The 48% average decline in module prices had a strong effect on demand. MARKET SHARE OF THE WORD'S TOP 10 MARKET 1% 2% 3% 3% 4% 6% 7% 10% 29% 35% 2010 2011 EU World EU World Newly connected PV (GW) 13.3 16.6 20.9 27.7 EU share 80% 75% Comulative inst. Capacity (GW) 29.4 39.7 50.3 67.4 % electricity demand 1.15% 0.25% 2% 0.5% Italy Germany China US Japan Australia UK Belgium Spain Rest of the world Source:EPIA and NEF
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 14 SOLAR Sector Trends - II INTERNATIONAL OUTLOOK According the NEF (New Energy Finance) 2012 should see a sharp growth in new market and crashes in the major old ones; HISTORICAL FORECAST 36.6 GW It is likely to be a bad year for manufacturers but should be a very exciting one for project developers, engineering contractors, financiers and service companies; 18.2 GW Between: 27.1-27.7 GW 24.6 GW 24.2 GW The 1 st Half 2012 should be better than 1 st Half 2011 due to sharp feed-in-tariff reduction in Germany, Italy and UK. 2 nd Half will be more flat; 2.7 GW 6.7 GW 7.7 GW US, China and Japan will be the principal drivers for 2012 overall demand; Demand from markets in the middle east, Africa, South America, and southeast Asia/India; In the coming years, the pronounced decline in Europe should be mitigated by the strongest growth of other markets. 2007 2008 2009 2010 2011 2012 2013 2014 Germany Italy Rest of EU USA Japan China Rest of World Source:EPIA and NEF The nuclear crisis in Japan, last year, has contributed to the resurgence of the debate on the world s future energy mix and security of energy supply and with the evolution of PV systems costs, it is increasingly an alternative to conventional electricity sources
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 15 SOLAR Earnings SOLAR FY2011 FY2010 4Q11 YoY M Var.% Revenues 293.2 220.8 107.3 32.8% EBITDA 20.1 22.2 12.3-9.4% EBITDA Margin 6.8% 10.0% 11.4% -3.2 pp EBIT 18.1 18.1 10.9-0.2% EBIT Margin 6.2% 8.2% 10.1% -2.0 pp Net Financial Expenses 3.1 3.2 2.0-0.3% Income tax 5.4 4.5 4.1 19.8% Net Profit 9.5 10.4 4.7-8.9% Attributable to non-controlling interests 1.7 2.6-0.6 n.m. Attributable to shareholders 7.8 7.8 5.3 33.3% The Backlog of the turnkey contracts (signed) is 192 M, with Portugal, USA, France and Belgium as the geographies with the most significant contribution Revenues increased by 32.8% YoY totalling 293.2 M, a consequence of the aggressive growth strategy implemented in 2010,which produced effects throughout 2011; The geographies with higher contribution in terms of Revenue in the period were France, Italy, USA, Portugal and Belgium. EBITDA decreased only 9.4% YoY to 20.1 M with a margin of 6.8% versus 10.0% in the FY10, impacted by the i) internationalization effort and its associated cost of entry, ii) increased weight of the distribution business with lower margins Net Profit totalled 9.5 M showing a decrease against 10.4 M in the same period last year CAPEX in the FY11 was 26.8 M, This value is explained by the investment in project development, mostly in the USA and France, expected to be sold by 2013. Net Debt was at 45.8 M at the end of the FY11, an increase of 16.1 M from the end of the year, explained by the capex
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 16 OTHERS RE Developer s Earnings & Others RE DEVELOPER FY2011 FY2010 4Q11 Var. % M Revenues 14.5 21.4 3.3-32.4% EBITDA 7.0 15.8 4.0-56.0% EBITDA Margin 48.0% 73.8% 121.5% -25.8 pp EBIT -3.1-39.8-1.5-92.2% EBIT Margin -21.4% - -44.5% - Net Financial Expenses 10.9 17.8 3.3-39% Income tax -0.7 2.6-0.4 >-100% Net Profit -13.3-60.2-4.4-78.0% Attributable to non-controlling interests -0.2-1.2-0.3-81.1% Attributable to shareholders -13.0-59.1-4.7-77.9% Operating Revenue was 14.5 M in the FY11, corresponding to 36.1 MW of assets in operation EBITDA reached 7.0 M in the FY11, representing an EBITDA margin of 48.0% Total CAPEX in the FY11 reached 19.2 M, mostly applied to the development of wind projects in Romania (Babadag) Total Net Debt amounted to 27.0 M at the end of the year, of which 14.1 M from Project Finance; plus 19.3 M in debt from the Holding
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 17 OTHERS Prio Energy PRIO PETROL STATIONS LICENSED PETROL STATIONS PINGO DOCE / PRIO EXPRESS AND RECHEIO / PRIO EXPRESS PETROL STATIONS OPERATING REVENUES 413M EBITDA 16.2M NET PROFIT 5.0 M
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 18 OTHERS Nutre OPERATING REVENUES 108 M EBITDA 8.8 M NET PROFIT -8.1 M
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 19 CAPEX M 30 25 20 15 10 8,9 9,5 CAPEX QoQ TREND 27,6 25,1 11,1 22,8 14,6 From the capital expenditures of the FY11, only the investment in metallic constructions results from a strategic long term decision of entering a new country: Brazil. The other investments in Solar and RE Developer are short term investments necessary to complete renewable projects already under construction that the Group expects to sell by 2013 according to the Group s net debt reduction plan. 5 0-5 -10 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11-4,0 The amount of investment in fixed assets in the FY11 (Capex) was 60.9 M, essentially applied to: the construction of RE Developer s wind farms in Romania (19.2 M ), which the Group expects to dispose of in the medium term; the development of solar projects in the USA and France by Martifer Solar (26.8 M ); and the construction of Metallic Construction s new facility in Brazil and varied maintenance capex (13.7 M ).
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 20 NET DEBT M Metallic Construction Solar RE Developer Holding Martifer Consolidated Corporate Net Debt allocated to operating activities 79 46 13 151 288 Corporate Net Debt allocated to non-operating activities 28 28 Non-Recourse Net Debt 14 14 Total Net Debt 107 46 27 151 330 Holding debt allocated to business units 46 84-130 Note: Net Debt = Borrowings + Financial Leases (+/-) Derivatives Cash and Cash Equivalents
HIGHLIGHTS KEY MESSAGES APPENDICES MANAGEMENT ANALYSIS page 21 NET DEBT - II DEBT STRUCTURE FY2009 and FY2010 VS FY2011 DEBT STRUCTURE FIXED VS FLOATING (FY2011) 445 M 321 M 330 M 51% 64% 71% 17% 49% 36% 29% 83% 2009 2010 2011 Short Term M/L term M/L term Fixed M/L-Term Floating M/L-Term
HIGHLIGHTS MANAGEMENT ANALYSIS APPENDICES KEY MESSAGES
HIGHLIGHTS MANAGEMENT ANALYSIS APPENDICES KEY MESSAGES page 23 2011 ON SPOTLIGHT FY2011 IN REVISION ACHIEVED SO FAR WITH FORWARD IMPACTS Weak operational performance in Metallic Constructions: Depressed Iberia One-off effects in Australia Negative results in Eastern Europe Impact of the integration of the wind cluster in metallic constructions Impairment loss accounted with the sale of the partnership in the US (Martifer Hirschfeld Energy Systems) Internal reorganization in Metallic Constructions / New Step Programme: Carlos Martins reassumed operation control as CEO of the business area Focus in complex works with a strong engineering component and higher margins Balanced expansion: successful entry in Brazil, UK and France Increase in operational efficiency by reducing cash costs Strong Training policy with the creation of an engineering school
HIGHLIGHTS MANAGEMENT ANALYSIS APPENDICES KEY MESSAGES page 24 NET DEBT FORECAST FY 2011 - FY 2013 STRATEGY - II MAINTENANCE OF NET DEBT TARGETS FOR 2013 (230-250 M ) COMFORTABLY ACHIEVABLE WITH THE SALE OF NON-CORE ASSETS 330 M Non-Core Assets* 187 M Value to achieve target 80-100 M 230-250 M ~60% needed FY'11 Net Debt Forecast FY'13 Net Debt Forecast
HIGHLIGHTS MANAGEMENT ANALYSIS APPENDICES KEY MESSAGES page 25 TO DO LIST 2012 ASSETS DISPOSAL ALREADY DONE TO DO IN 2012 Sale of the Polish wind farms (28MW) to Ikea + Sale of Babadag wind farm in Romania (42 MW) Deal Mandatum of the Romania wind farm (Babadag) attributed to Raiffeisen Bank Sale of 22 MWp Licenses of PV solar parks in Portugal to a company managed by BNP Paribas Clean Energy Partners + Sale of the remaining Licenses of PV solar parks in Portugal (7MWp) + Beginning of the process sale of PV solar parks in Spain
HIGHLIGHTS MANAGEMENT ANALYSIS APPENDICES KEY MESSAGES page 26 2011-2013 PLAN FOLLOW UP 2011-2013 PLAN COMMENTS FY10 FY11 FOCUS IN THE TWO CORE BUSINESS AREAS Metallic Construction Solar Weight 85% Weight 97% STRENGTHEN THE INTERNATIONAL PRESENCE OF MMC IN MARKETS WITH STRONG GROWTH Reduction of dependence on Iberia Focus on three core geographies (Europe, Angola and Brazil) Weight 53% Weight 24% GENERATE CASH FLOW THROUGH ASSETS SALE AND OPTIMIZATION OF BOTH CASH COSTS AND WORKING CAPITAL Sale of non-core assets: 100-120 M Optimization of cash costs: 20-25 M Reduction of working capital levels: 25-30 M On the way 44 M STRONG REDUCTION OF THE GROUP'S CURRENT DEBT LEVELS Decrease of the Net Debt/EBITDA ratio: 5.8x (2010) vs <4.0x (2013) Reduction of Net Debt = 90-110 M By 2013 INCREASE SHAREHOLDERS' RETURN Increase in RoE: -15% (2010); vs >10% (2013) By 2013
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES page 28 MARTIFER GROUP OTHERS Steel Structures Aluminium Façades Stainless Steel Engineering Wind Industry EPC PV Solutions Distribution
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES page 29 P&L M FY11 Reported FY10 Restated Var. FY10 Reported Revenues 550.1 591.6-7.0% 602.1 Earnings before depreciation, amortization, provisions & impairment losses (EBITDA) 8.9 56.6-84.2% 59.0 Depreciation & Amortization 19.6 24.5-20.2% 26.1 Provisions & Impairment Losses 12.5 53.8-76.7% 53.9 Operating Income (EBIT) -20.8-21.7-4.3% -21.0 Financial Results -26.4 20.2 30.4% -20.9 Profit before taxes -47.1-41.9-12.4% -41.9 Income tax 0.4 10.4-96.0% 10.5 Net Profit -47.5-52.3-9.1% -52.4 Attributable to shareholders -49.6-54.8-9.5% -54.9 Attributable to non-controlling interests 2.1 2.5-17.5% 2.5
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES page 30 WHY MARTIFER? EXPERIENCE STATE OF THE ART TECHNOLOGY PROVEN INDUSTRIAL CAPACITY HIGH QUALITY DESIGN, MANUFACTURE AND ASSEMBLY SKILLED TEAM
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES ONGOING PROJECTS ARENA FONTE NOVA STADIUM Salvador da Bahia - BRAZIL CLIENT CAS - Consórcio Arena Salvador (formed by the companies Odebrecht and Construtora OAS) YEAR 2012 WEIGHT 1 300 t of structural steelwork 200 t of cables SCOPE Fabrication, transportation and assembly of steel structure of the roof, supply and installation of tensioned cables to support the membrane
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES ONGOING PROJECTS ARENA FONTE NOVA STADIUM Salvador da Bahia - BRAZIL
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES ONGOING PROJECTS GRÊMIO STADIUM Porto Alegre - BRAZIL CLIENT Construtora OAS ONGOING PROJECTS YEAR 2012 WEIGHT aprox. 2 720 t of structural steelwork SCOPE Fabrication, transportation and assembly of steel structure of the roof
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES ONGOING PROJECTS GRÊMIO STADIUM Porto Alegre - BRAZIL
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES ONGOING PROJECTS CASTELÃO STADIUM Fortaleza - BRAZIL CLIENT Consórcio Castelão YEAR 2012 WEIGHT 2 200 t AREA 34 000 sqm of roof cladding (of which 28 000 sqm of Deck system with isolation and 6 000 sqm of transparent corrugated polycarbonate) SCOPE Fabrication, transportation and assembly of the roof structural steelwork, installation of the roof
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES ONGOING PROJECTS CASTELÃO STADIUM Fortaleza - BRAZIL
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES ONGOING PROJECTS SCOTTISH HYDRO ARENA Glasgow - SCOTLAND CLIENT Lend Lease Construction OWNER SECC ARCHITECT Foster partners YEAR 2014 WEIGHT 4 300 t SCOPE Structural steelwork of the roof, Kalzip coatings and structural steelwork of the audience
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES ONGOING PROJECTS EDINBURGH CONFERENCE CENTRE Edinburgh- ESCÓCIA CLIENT / SUPERVISION Sir Robert Mcalpine OWNER Edinbourgh International Conference Center ARCHITEC TBDP YEAR 2012 WEIGHT 3 300 t SCOPE Structural steelwork
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES ONGOING PROJECTS BIRMINGHAM NEW STREET Birmingham - ENGLAND CLIENT / OWNER Network Rail YEAR 2014 WEIGHT 1 000 t façade structure 360 t in lattice skilight SCOPE Façade structural steelwork and skylight
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES ONGOING PROJECTS BIRMINGHAM NEW STREET Birmingham - ENGLAND
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES ONGOING PROJECTS HEATHROW AIRPORT T2A TERMINAL London - ENGLAND CLIENT Inasus UK OWNER Star Alliance YEAR 2012 WEIGHT 600 t SCOPE Structural Steelwork
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES ONGOING PROJECTS CHU AMIENS Amiens - FRANCE CLIENT Bouygues OWNER CHU Amiens Picardie ARCHITECT AART YEAR 2011 WEIGHT 800 t SCOPE Structural Steelwork
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES ONGOING PROJECTS IMMEUBLE DE BUREAUX OVALIE Paris - FRANCE CLIENT Petit OWNER SCI Victor Hugo III ARCHITECT P G Architecture YEAR 2011 WEIGHT 1 200 t SCOPE Structural steelwork
HIGHLIGHTS MANAGEMENT ANALYSIS KEY MESSAGES APPENDICES page 44 HEAD OF INVESTOR RELATIONS AND CORPORATE COMMUNICATION Sónia Baldeira T. +351 232 767 702 F. +351 232 767 750 www.martifer.com