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1 1H2014 REPORT

2 PAGE 2 1H2014 REPORT

3 MANAGEMENT REPORT

4 PAGE 4 1H2014 REPORT

5 01 Martifer Group

6 01 MARTIFER GROUP HIGHLIGHTS Total Revenues in the 6M14 of 167 M (299 M in the 6M13) Consolidated Net Profit of -38 M, which compares with -49 M in the 6M13 Total Order book of 543 M : Metallic Construction (316 M ) and Solar (227 M ) Total Consolidated Net Debt of 351 M (336 M FY13) Martifer Metallic Constructions increases equity in 28 million euros MAIN FINANCIAL INDICATORS M Jun-14 Jun-13 Var. (%) Revenues % EBITDA n.m. EBITDA margin -2% 1% -2.8 pp EBIT % EBIT margin -13% -9% -4.1 pp Financial Results % Profit before taxes % Income tax % Net Profit % Attributable to non-controlling interests n.m. Attributable to Group % per share % PAGE 6 1H2014 REPORT

7 MAIN EVENTS JANUARY 2014 West Sea signs contract for the Sub-concession of Estaleiros Navais de Viana do Castelo Following an international public tender, Martifer Energy Systems and Navalria, subsidiaries of the Martifer Group, were awarded with the sub-concession for private use of public domain and of the areas allocated to the dominial concession attributed to the company Estaleiros Navais de Viana do Castelo (ENVC). Martifer Group, via its new subsidiary West Sea Estaleiros Navais, Lda., aims to develop its activity in the national and international markets and implement, in the areas included in the ENVC sub-concession, a shipbuilding and repair project, which is expected to create 400 new work places throughout the next three years. With this sub-concession, Martifer Group increases its capacity for the shipbuilding and repair. The contract was signed in January Martifer Solar USA INC and Martifer Aurora LLC begin the voluntary process for Chapter 11 On 21 January 2014 the affiliates Martifer Solar USA INC and Martifer Aurora Solar LLC started voluntary restructuring processes under Chapter 11 (US Bankruptcy Code). FEBRUARY 2014 Martifer Renewables concludes the sale of Rosa dos Ventos On 27 of February, Martifer Renewables has concluded, through its subsidiary Martifer Renováveis Geração de Energia e Participações, S.A., controlled at 55%, the sale of 100% shares in the company Rosa dos Ventos Geração e Comercialização de Energia, by the $R70.3m total amount to the Brazilian company CPFL. Rosa dos Ventos Geração e Comercialização de Energia SA owns the wind farm with 14.7 MW of energy capacity. The sale agreement by both entities has been established on 18 June MARCH 2014 Martifer concludes two new ships for Douro Azul Navalria, Martifer s subsidiary, concluded, in March, the construction of the two hotel ships Viking Hemming and Viking Torgil, for the company Douro Azul. The ships, which will operate cruises in the Douro River, were built in one year and have a distinctive feature: a round shaped bow that allows the creation of an exterior deck with capacity for 42 passengers. Martifer Metallic Constructions restructures debt Martifer Metallic Constructions completed the conversion of part of its debt from short term to medium and long term. 1H2014 REPORT PAGE 7

8 APRIL 2014 Martifer Metallic Constructions increases equity Martifer Metallic Constructions increased, via Martifer SGPS main shareholders, its equity in around 28 million euros. Martifer Solar and Adenium Energy Capital awarded PPA for 10 MW PV plant in Jordan Martifer Solar and Adenium Energy Capital were awarded a Power Purchase Agreement (PPA) with the national utility of Jordan, NEPCO (National Electric Power Company) for a 10 MW AC solar PV plant. Martifer Solar has been selected as the lead developer and will provide engineering, procurement and construction (EPC) services. Following the connection of the plant, Martifer Solar will be responsible for the related operations and maintenance (O&M) service. The project will be developed with Adenium Energy, which will finance it in around USD$ 26 million. Martifer Solar concludes the construction of a 78.4 MW PV portfolio for Lightsource Renewable Energy in the UK Martifer Solar concluded a 78.4 MW portfolio of photovoltaic plants in the United Kingdom. The utility-scale combined capacity consists of five plants, which are located in the counties of Cambridgeshire, Devon, Nottingham and Swindon, and was built for Lightsource Renewable Energy. Martifer SGPS, S.A. Annual General Meeting On 28 April 2014, Martifer SGPS, S.A. Annual meeting took place, with a participation of % of its total share capital, having all the proposals in the Agenda present in the Call Notice been approved by unanimity. MAY 2014 WEST SEA takes possession of the Establishment of the Sub-concession On 2 May 2014, the company West Sea - Estaleiros Navais, Lda, a part of the Martifer Group, took possession of the Subconcession, following the Sub-concession for private use of public domain and of the areas allocated to the dominial concession attributed to the company Estaleiros Navais de Viana do Castelo (ENVC). JUNE 2014 Martifer Renewables signs conditional sale agreement of the Gizalki wind farm to the Ikea Group A conditional sale agreement was celebrated, in which the IKEA Group will finance the development of the Gizalki wind farm (36 MW), in Poland, which is ready to build. The sale of the Gizalki project will only be concluded after its construction and connection to the grid. The sale of these assets is included in the asset rotation policy, implemented by Martifer Renewables management team, RE Developer business area of the Martifer Group. PAGE 8 1H2014 REPORT

9 MAIN SUBSEQUENT EVENTS JULY 2014 Most of assets of Martifer Solar USA INC sold to BayWa On 1 st July, the development of the Chapter 11 process, initiated by Martifer Solar USA INC in January, led to the court of Nevada to approve the sale of most assets of Martifer Solar USA, Inc. to the proponent BayWa by 7.6 million USD. The result of the sale is framed with the book value of assets. Martifer Solar prevails with 8 MW PV plant in Ukraine Martifer Solar concluded a new 8 MW PV plant, named Shargorod, in the Vinnytsia region, in Ukraine. Consortium Ventinveste incorporates Âncora Wind society to develop 171MW of wind projects In July 2014, the company Âncora Wind Energia Eólica, S.A., aimed to establish the partnership between Ventinveste, S.A. and Ferrostaal, GmbH for the development of wind projects with a total of 171 MW, included in the Ventinveste Consortium. The construction should begin after the financial closing, which is expected by the end of AUGUST 2014 Martifer SGPS agrees the transfer of its shareholding held in Nutre SGPS Martifer SGPS has decided, during the first semester of 2014, to sell the participation held in Nutre SGPS, SA. During the 3 rd quarter of 2014, following a proposal of investment presented by Orchadia, S.A. group, it was agreed the transference of the shares held in Nutre SGPS, SA. The transfer is still subject to the accomplishment of several conditions (including, amongst others, decisions of Public and Governmental Authorities). The amount of the transfer is in line with the value of the financial investment. 1H2014 REPORT PAGE 9

10 PAGE 10 1H2014 REPORT

11 02 Financial Performance

12 02 FINANCIAL PERFORMANCE RESULTS ANALYSIS M Jun-14 Jun-13 Var. (%) Revenues % EBITDA n.m. EBITDA margin -2% 1% -2.8 pp Depreciation & Amortization % Provisions & Impairment Losses % EBIT % EBIT margin -13% -9% -4.1 pp Financial Results % Profit before taxes % Income tax % Net Profit % Attributable to non-controlling interests n.m. Attributable to Group % per share % TOTAL REVENUES In the 6M14, total Revenues reached 167 million euros (299 million euros in the 6M13), 56 % regarding the Metallic construction segment, 32 % from the Solar segment and the rest from the RE Developer segment. REVENUES Jun-14 Jun-13 M WEIGHT M WEIGHT VAR.% Martifer Consolidated % % -44% Metallic Construction % % -26% Solar % % -67% RE Developer % % 85% Others, Holding and Adjust % % 95% PAGE 12 1H2014 REPORT

13 The Group maintained its internationalization strategy, with the revenues divided as shown below: Europe - Other 3% Australia 0% America 18% Portugal 19% Asia 5% Africa 9% European Union 46% EBITDA AND NET PROFIT In the 6M14, the negative EBITDA in the Metallic Construction (around 3 million euros) and Solar (12 million euros) segments was almost totally compensated by the positive EBITDA in the RE Developer segment (11 million euros). EBITDA Jun-14 Jun-13 M MARG. M MARG. VAR.% Martifer Consolidated % 2.3 1% n.m. Metallic Construction % % 83% Solar % % n.m. RE Developer % % 75% Others, Holding and Adjust % 0.0 0% n.m. Consolidated Financial Results were negative in 14 million euros, showing an improvement when compared with the Financial Results in the 6M13 (-19 million euros). Consolidated Net Profit reached -38 million euros, showing a 21 % improvement YoY. NET PROFIT Jun-14 Jun-13 M WEIGHT M WEIGHT VAR.% Martifer Consolidated % % 21% Metallic Construction % % 41% Solar % 2.3-5% n.m. RE Developer % 1.7-3% >100% Others, Holding and Adjust % % 67% 1H2014 REPORT PAGE 13

14 CAPEX The amount of investment in fixed assets in the 6M14 was 9 million euros, mainly resulting from the investment in the Metallic construction segment (8 million euros). CAPEX H2014 (M ) CAPITAL STRUCTURE ANALYSIS FINANCIAL POSITION M Jun-14 Dec-13 VAR. % Fixed Assets (including Goodwill) % Other non current assets % Inventory and Receivables % Cash and cash equivalents % Non-current assets held for sale % Total Assets % Group Equity % Non-controlling interests % 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 n.m. Total Liabilities % PAGE 14 1H2014 REPORT

15 Total assets reached 753 million euros (788 million euros on 31 December 2013), with the non-current assets value totalling 380 million euros. Equity on 30 June 2014 totalled 122 million euros, which compares with 140 million euros on 31 December The negative trend results, mainly, from the period net profit, partially compensated by the equity increase in Martifer Metallic Constructions. NET DEBT The chart below shows the trend of the Net Debt by segment: Metallic Construction Solar RE Developer Holding 0 Net Debt FY 2013 Net Debt 1Q2014 Net Debt 2Q2014 Note: Net Debt = Borrowings + Financial Leases (+/-) Derivatives Cash and Cash Equivalents The Group s Net Consolidated Debt at 30 June reached 351 million euros, 15 million euros above the value at the end of 2013 (336 million euros). Despite this increase in the 1 st half of 2014, the Group continues focused on reducing net debt, so it is committed to the non-core asset sale process, especially of wind farms, solar projects and residually, from the sale of real estate projects. 1H2014 REPORT PAGE 15

16 TREND OF CONSOLIDATED NET DEBT (2008 1H2014) - M In the end of the 1 st half of 2014, the M/L and Short Term debt structure was 68 % and 32 %, respectively (71 % and 29 % at the end of 2013). NET DEBT STRUCTURE SHORT AND M/L TERM Short Term M/L Term 32% 68% The M/L Term debt is almost totally (98 %) under a floating interest rate, like in the end of the last year. PAGE 16 1H2014 REPORT

17 M/L TERM DEBT STRUCTURE FIXED VS. FLOATING Fixed - M/L Term Floating - M/L Term 2% 98% 1H2014 REPORT PAGE 17

18 PAGE 18 1H2014 REPORT

19 03 Analysis by Segment

20 03 ANALYSIS BY SEGMENT METALLIC CONSTRUCTION ACTIVITY The order book at the end of the first half amounted 316 million euros and is spread throughout several companies in the various geographical regions. ORDER BOOK BY GEOGRAPHY Africa 63 Western Europe 148 Latin America 71 Eastern Europe and Middle East 34 PAGE 20 1H2014 REPORT

21 RESULTS M Jun-14 Jun-13 VAR. % Revenues % EBITDA % EBITDA margin -3% -13% 9.7 pp Depreciation & Amortization % Provisions & Impairment Losses % EBIT % EBIT margin -15% -21% 5.9 pp Financial Results % Profit before taxes % Income tax % Net Profit % Attributable to non-controlling interests % Attributable to Group % Revenues in the Metallic Construction area totalling 94 million euros (127 million euros in the 6M13) were affected, in the first half 2014, by the delay in some projects. This decrease affected negatively the performance in the period, namely EBITDA which, nevertheless, presents an 83 % improvement when compared with 6M13, with the EBITDA Margin increasing 10 p.p. YoY. Sales and services rendered in this segment continue focused in the external market, with Portugal representing only 15 % of the total sales. Europe - Other 0% Australia 0% America 27% Portugal 15% Asia 7% European Union 36% Africa 15% EBITDA in the 6M14 was negative in only 3 million euros (16 million euros in the 6M13), reflecting an increase of around 83 % YoY. Negative Financial Results of 7 million euros and Provision & Impairment Losses of 8 million euros decisively contribute to the period Net Profit, which totalled -22 million euros (-37 million euros in the 6M13). 1H2014 REPORT PAGE 21

22 Net Financial Debt in the Metallic Construction area at the end of the first half 2014 reaches 133 million euros (127 million euros at the end of 2013). Total Capex in the 6M14 was around 8 million euros, corresponding mainly to the investment being made by this segment in Brazil. SOLAR ACTIVITY The backlog of turnkey projects (signed) is 227 million euros, with Europe and Asia representing 66 % of the total value. Africa 19 America 58 Europe 70 Asia 80 PAGE 22 1H2014 REPORT

23 RESULTS M Jun-14 Jun-13 VAR.% Revenues % EBITDA n.m. EBITDA margin -23% 7% pp Depreciation & Amortization % Provisions & Impairment Losses % EBIT n.m. EBIT margin -28% 5% pp Financial Results % Profit before taxes n.m. Income tax n.m. Net Profit n.m. Attributable to non-controlling interests n.m. Attributable to Group n.m. Revenues in the 6M14 registered a 67 % decrease YoY, reaching 54 million euros, versus 163 million euros registered in the 6M13. This decrease is the result of the delay in some projects, namely in the United Kingdom, Chile and Jordan. The activity in this segment continues focused in the external market, which represents more than 70 % of the total sales, as can be seen in the chart below. Asia 3% Africa 0% America 4% Europe - Other 6% Portugal 28% European Union 59% EBITDA in the 6M14 was negative in 12 million euros (positive 12 million euros in the 6M13), which represents a drop in the EBITDA margin of 30 p.p. (from 7 % in the 6M13 to -23 % in the 6M14). For the negative performance significantly contributed the 1H2014 REPORT PAGE 23

24 strong decrease in the activity level, consultancy and legal support costs supported in the USA within the recovery process of one of its subsidiaries Martifer Solar USA, INC, as well as additional costs in some projects. Financial results in the 6M14 registered a 6 million euros improvement, reaching, at the end of the semester, -2 million euros (-8 million euros in the 6M13). Net Profit in the period is negative in 17 million euros (positive in 2 million euros YoY). Net Debt at the end of the 6M14 reaches 61 million euros, 10 million euros above the value at the end of RE DEVELOPER ACTIVITY Martifer Renewables has currently 80 MW of wind farms in operation, from which 49 MW with contribution to revenues. The revenues from the wind farms in Portugal, with a 31 MW capacity, by being held at 50 %, contribute to the results through equity method. RESULTS M Jun-14 Jun-13 VAR.% Revenues % EBITDA % EBITDA margin 57% 60% -3.5 pp Depreciation & Amortization % Provisions & Impairment Losses % EBIT n.m. EBIT margin 36% -84% pp Financial Results % Profit before taxes >100% Income tax <-100% Net Profit >100% Attributable to non-controlling interests n.m. Attributable to Group % Total Revenues of the RE Developer in the 6M14 reached 19 million euros (10 million euros in the 6M13), influenced not only by the wind farms and solar parks in operation in the period, totalling 49 MW, but also by the sale of wind farms in Brazil. EBITDA reached 11 million euros in the 6M14 (6 million euros YoY). Net Profit at the end of 6M14 was positive in 6 million euros, when in the 6M13, Martifer Renewables registered a Net Profit of around 2 million euros. Net Debt at the end of the 6M14 was 9 million euros (13 million euros at the end of 2013). PAGE 24 1H2014 REPORT

25 04 Share Price Performance

26 04 SHARE PRICE PERFORMANCE SHARE PRICE TREND Martifer PSI 20 Source: Reuters TRADED VOLUME ( 000 shares) Source: Reuters At the end of the 6M14, Martifer shares dropped around % with the PSI-20, Euronext Lisbon s main index, increasing approximately 3.7 % when compared with the end of Martifer s share price closed the 6M14 at /share. The maximum price achieved was 1.20 /share and minimum /share. The average volume of stocks traded daily during the 6M14 was 73,828 shares (27,799 YoY). Martifer s market value at 30 June 2014 was 55 million euros.. PAGE 26 1H2014 REPORT

27 05 Future Prospects

28 05 FUTURE PROSPECTS The Group keeps its focus on the goals defined for 2014: Decrease of the debt through the sale of non core assets Increase in operational efficiency Growth in the order book, leveraged by the creation of partnerships Strengthening of the capital structure The Board believes that the results of these goals will be visible in the second half of 2014, despite all adversities Martifer has been facing. Oliveira de Frades, 27 August 2014 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) Mário Rui Rodrigues Matias (Member of the Board of Directors) Luís Filipe Cardoso da Silva (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) PAGE 28 1H2014 REPORT

29 MANDATORY INFORMATION

30 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 January 2014 through to 30 June 2014, are the following: HOLDER GOVERNING BODY NUMBER OF SHARES HELD ON 30/06/2014 Carlos Manuel Marques Martins Board of Directors 70,030 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 Luís Filipe Cardoso da Silva Board of Directors 2,000 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 - Mário Rui Rodrigues Matias Board of Directors - Manuel Simões de Carvalho e Silva Supervisory Board - Carlos Alberto da Silva e Cunha Supervisory Board - João Carlos Tavares Ferreira de Carreto Lages Supervisory Board - Hermínio António Paulos Afonso Statutory Auditor, representing PricewaterhouseCoopers José Carreto Lages 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. ** Directors Arnaldo José Nunes da Costa Figueiredo and Luís Filipe Cardoso are Directors of MOTA-ENGIL, SGPS, S.A. PAGE 30 1H2014 REPORT

31 EVENTS DESCRIBED IN ARTICLE 447 OF THE PORTUGUESE COMPANIES CODE NAME OF THE MEMBER OF THE GOVERNING BODY GOVERNING BODY SHARES HELD AT 30/06/2014 Carlos Manuel Marques Martins Board of Directors 70,030 Jorge Alberto Marques Martins Board of Directors 230,260 Mário Rui Rodrigues Matias Board of Directors - Arnaldo Nunes da Costa Figueiredo Board of Directors 3,000 Luís Filipe Cardoso da Silva Board of Directors 2,000 Luis António de Valadares Tavares Board of Directors - Jorge Bento Ribeiro Barbosa Farinha Board of Directors - Manuel Simões de Carvalho e Silva Supervisory Board - Carlos Alberto da Silva e Cunha Supervisory Board - João Carlos Ferreira de Carreto Lages Supervisory Board - Juvenal Pessoa Miranda 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 June 2014, held a total of 42,697,047 shares of Martifer SGPS, S.A. During 2013, there were no share transactions by the members of the governing bodies. 1H2014 REPORT PAGE 31

32 HOLDERS OF QUALIFYING SHAREHOLDINGS According to paragraph 1b) of article 8 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 number of shares and percentage of voting rights held, calculated according to article 20 of the Securities Code (CMVM), as of 30 June 2014: SHAREHOLDERS NR. OF SHARES % OF SHARE CAPITAL % OF VOTING RIGHTS 1 I M SGPS, SA 42,697, % 43.66% Carlos Manuel Marques Martins* 70, % 0.07% Jorge Alberto Marques Martins* 230, % 0.24% Total Imputable to I M SGPS, SA 42,997, % 43.97% Mota-Engil SGPS, SA 37,500, % 38.35% Arnaldo José Nunes da Costa Figueiredo ** 3, % 0.00% Luís Filipe Cardoso da Silva ** 2, % 0.00% Total Imputable to Mota-Engil, SGPS, SA 37,505, % 38.35% 1 % Voting rights = Number shares / (Nr. Total 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 PAGE 32 1H2014 REPORT

33 STATEMENT OF COMPLIANCE ACCORDING TO ARTICLE 245, NUMBER 1, PARAGRAPH C) OF THE SECURITIES CODE (CMVM) Dear Shareholders, According to article 245, 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 August 2014 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) Mário Rui Rodrigues Matias (Member of the Board of Directors) Luís Filipe Cardoso da Silva (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) 1H2014 REPORT PAGE 33

34 PAGE 34 1H2014 REPORT

35 INTERIM CONSOLIDATED FINANCIAL INFORMATION

36 PAGE 36 1H2014 REPORT

37 05 Interim Consolidated Financial Statements

38 05 INTERIM CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENTS FOR THE 1 ST HALF OF 2014 AND 2013 AND FOR THE QUARTERS ENDED 30 JUNE 2014 AND 2013 (amounts expressed in Euros) (Translation of consolidated financial statements originally issued in Portuguese - note 31) NOTES 1 ST HALF 2014 (NON AUDITED) 1 ST HALF 2013 (NON AUDITED) 2 ND QUARTER 2014 (NON AUDITED) 2 ND QUARTER 2013 (NON AUDITED) Sales and services rendered 3 and 4 143,461, ,377,531 57,464, ,097,541 Other income 5 23,571,042 25,372,833 16,936,498 18,641,532 Cost of goods sold 6 (50,634,414) (114,819,995) (19,112,642) (66,489,713) Subcontractors 7 (33,019,585) (74,852,709) (13,402,623) (36,596,908) External supplies and services 8 (40,122,068) (51,306,568) (21,048,265) (33,907,098) Staff costs 9 (37,612,735) (41,042,507) (18,631,878) (20,471,830) Other operational gains and losses 10 (8,960,293) (14,424,958) (5,453,536) (8,591,419) (3,316,256) 2,303,627 (3,247,814) (317,895) Amortizations 3 (8,794,377) (8,700,091) (4,323,855) (4,237,236) Provisions 11 (9,521,389) (3,404,563) (9,517,194) (3,007,947) Impairment losses 11 (636,336) (17,648,186) (597,644) (17,027,118) Operating income (22,268,358) (27,449,213) (17,686,507) (24,590,196) Financial income 12 4,062,087 16,844,786 1,875,836 13,176,807 Financial expenses 12 (17,898,878) (26,309,743) (8,441,090) (15,214,931) Gains / (losses) on associated companies and joint arrangements 13 (126,853) (9,932,462) (551,059) (6,171,192) Profit before tax (36,232,002) (46,846,632) (24,802,820) (32,799,512) Income tax 14 (2,032,890) (1,830,432) (1,069,368) (1,852,121) Profit after tax (38,264,893) (48,677,064) (25,872,188) (34,651,633) Earnings of Non-current assets held for sale (158,086) Attributable to: non-controlling interests owners of Martifer (158,086) Profit for the year (38,264,893) (48,677,064) (25,872,188) (34,809,718) Attributable to: non-controlling interests 21 (7,773,650) 1,469,861 (5,710,303) 1,182,038 owners of Martifer (30,491,243) (50,146,924) (20,161,887) (35,991,755) Earnings per share: Basic 15 (0.3118) (0.5128) (0.2063) (0.3681) from continuing operations (0.3118) (0.5128) (0.2063) (0.3665) from Non-current assets held for sale (0.0016) Diluted 15 (0.3118) (0.5128) (0.2063) (0.3681) from continuing operations (0.3118) (0.5128) (0.2063) (0.3665) from Non-current assets held for sale (0.0016) The accompanying notes are part of these financial statements PAGE 38 1H2014 REPORT

39 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE 1 ST HALF OF 2014 AND 2013 AND FOR THE QUARTERS ENDED 30 JUNE 2014 AND 2013 (amounts expressed in Euros) (Translation of consolidated financial statements originally issued in Portuguese - note 31) 1 ST HALF 2014 (NON AUDITED) 1 ST HALF 2013 (NON AUDITED) 2 ND QUARTER 2014 (NON AUDITED) 2 ND QUARTER 2013 (NON AUDITED) Profit for the year (38,264,893) (48,677,064) (25,872,189) (34,809,718) Fair value of cash flow hedges (derivatives), net of tax (454,247) 911,827 (298,135) 418,737 Exchange differences arising on (i) translating foreign operations; (ii) net investment in subsidiaries and (iii) goodwill 5,100,294 (5,405,629) 5,151,583 (5,307,545) Income recognized directly in equity 4,646,047 (4,493,801) 4,853,448 (4,888,807) Total comprehensive income for the period (33,618,846) (53,170,866) (21,018,741) (39,698,526) Attributable to: non-controlling interests (6,660,655) 963,854 (4,473,350) 615,372 owners of Martifer (26,958,191) (54,134,720) (16,545,391) (40,313,898) The accompanying notes are part of these financial statements 1H 2014 REPORT PAGE 39

40 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AT 30 JUNE 2014 AND 31 DECEMBER 2013 (amounts expressed in Euros) (Translation of consolidated financial statements originally issued in Portuguese - note 31) NOTES 30 JUNE 2014 (NON AUDITED) 31 DECEMBER 2013 (AUDITED) ASSETS Non-current assets Goodwill 12,912,935 12,909,431 Intangible assets 6,203,192 7,503,472 Tangible assets 213,437, ,544,798 Investment property 16,232,578 16,195,865 Financial assets under the equity method 16 40,184,893 41,282,069 Available for sale investments 17 1,899, ,621 Other non-current receivables 18 73,153,342 92,479,001 Deferred tax assets 15,772,249 14,360, ,796, ,850,389 Current assets Inventories 23,290,186 26,515,807 Trade receivables ,428, ,615,674 Other receivables 18 68,226,301 51,455,759 Income tax 1,706,482 1,779,777 Current tax assets 15,962,728 17,396,316 Other current assets 19 90,229, ,115,097 Cash and cash equivalents 36,984,807 38,843,709 Derivatives 1, ,468 Non-current assets held for sale 20 31,062,427 30,812, ,892, ,922,655 Total assets 752,688, ,773,044 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 (99,052,220) (64,654,736) Profit for the year (30,491,243) (68,961,164) Equity attributable to owners of Martifer 104,088, ,015,581 Non-controlling interests 21 18,629,578 36,784,990 Non-controlling interests attributable to non-current assets held for sale 20-2,891,441 Total equity 122,717, ,692,012 LIABILITIES Non-current liabilities Borrowings ,234, ,842,770 Obligation under finance leases 13,657,603 13,917,683 Other non-current liabilities 23 16,363,257 13,725,090 Provisions 24 22,482,987 22,326,882 Deferred tax liabilities 2,150,889 1,494, ,889, ,307,094 Current liabilities Borrowings ,316, ,751,722 Obligation under finance leases 4,112,310 4,357,014 Trade payables ,177, ,031,422 Other payables 23 32,902,351 28,851,369 Income tax 2,135,748 3,278,785 Current tax liabilities 18,572,710 15,325,642 Other current liabilities 25 47,637,098 46,827,457 Derivatives 228, ,254 Liabilities related with Non-current assets held for sale 20-11,186, ,082, ,773,938 Total liabilities 629,971, ,081,032 Total equity and liabilities 752,688, ,773,044 The accompanying notes are part of these financial statements PAGE 40 1H2014 REPORT

41 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE 1 ST HALF OF 2014 AND 2013 (amounts expressed in Euros) (Translation of consolidated financial statements originally issued in Portuguese - note 31) ISSUED CAPITAL SHARE PREMIUM TREASURY STOCK FAIR VALUE RESERVES CASH FLOW EQUITY HEDGE DERIVATIVES FOREIGN CURRENCY TRANSLATION RESERVES OTHER RESERVES NET PROFIT OF THE YEAR EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT NON- CONTROLLING INTERESTS Balance at 1 January ,000, ,500,000 (2,868,519) (902,433) (18,903,670) 18,306,920 (55,852,988) 176,279,311 50,975, ,255,223 Appropriation of the profit of (55,852,988) 55,852, Comprehensive income for the year: Profit for the year (50,146,924) (50,146,924) 1,469,861 (48,677,063) TOTAL EQUITY Exchange differences arising on (i) translating foreign operations and (ii) net investment in subsidiaries (4,155,144) - - (4,155,144) (543,805) (4,698,950) Exchange differences arising on goodwill (702,691) - - (702,691) (3,988) (706,679) Other changes in equity of subsidiaries , ,041 41, ,827 Total comprehensive income for the year ,041 (4,857,836) - (50,146,924) (54,134,719) 963,854 (53,170,864) Other changes in equity of subsidiaries , , , ,211 Changes in the consolidation perimeter (4,239) - (4,239) (74,149) (78,387) Non-controlling interests transactions (2,374,146) - (2,374,146) 745,067 (1,629,078) Balance at 30 June ,000, ,500,000 (2,868,519) (32,392) (23,761,506) (39,548,667) (50,146,924) 120,141,993 52,893, ,035,104 Balance at 1 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 year: Profit for the year (30,491,243) (30,491,243) (7,773,650) (38,264,893) Exchange differences arising on (i) translating foreign operations and (ii) net investment in subsidiaries ,891, ,891,147 1,205,643 5,096,790 Exchange differences arising on goodwill , ,927 1,577 3,503 Other changes in equity of subsidiaries (360,021) (360,021) (94,225) (454,247) Total comprehensive income for the year (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 at 30 June ,000, ,500,000 (2,868,519) (52,447) (18,097,483) (80,902,289) (30,491,243) 104,088,019 18,629, ,717,596 The accompanying notes are part of these financial statements 1H 2014 REPORT PAGE 41

42 CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE 1 ST HALF OF 2014 AND 2013 AND FOR THE QUARTERS ENDED 30 JUNE 2014 AND 2013 (amounts expressed in Euros) (Translation of consolidated financial statements originally issued in Portuguese - note 31) 1 ST HALF 2014 (NON AUDITED) 1 ST HALF 2013 (NON AUDITED) 2 ND QUARTER 2014 (NON AUDITED) 2 ND QUARTER 2013 (NON AUDITED) OPERATING ACTIVITIES Receipts from customers 218,973, ,373,592 85,076, ,116,025 Payments to suppliers (176,997,439) (277,063,500) (76,990,473) (145,169,664) Payments to employees (35,712,802) (39,220,738) (17,992,882) (19,645,666) Cash generated from operations 6,263,490 12,089,354 (9,907,158) 9,300,695 Income tax paid (3,798,730) 435,409 (2,514,346) (302,036) Other receipts/(payments) relating to operating activities (12,256,101) (3,194,318) (11,287,061) (3,854,469) Cash generated from other operating activities (16,054,830) (2,758,909) (13,801,408) (4,156,505) Net cash generated by operating activities (1) (9,791,340) 9,330,445 (23,708,566) 5,144,190 INVESTING ACTIVITIES Receipts arising from: Financial assets 278,195 6,619, ,195 6,481,740 Intangible assets 711, , , ,263 Tangible assets 8,412,934 1,182,660 5,816, ,917 Investment grants 134, ,668 - Interest and similar income 461,505 1,648, , ,477 Others 3,068,550 95,690 2,712,755 33,831 13,066,479 9,680,703 9,508,784 8,038,228 Payments arising from: Financial assets - (1,622,859) - (1,122,859) Intangible assets (140,968) (1,617,529) 49,423 - Tangible assets (9,051,905) (7,122,212) (4,678,742) ( ) Others (136,304) (186,898) 143,265 (185,300) (9,329,177) (10,549,498) (4,486,054) (2,482,805) Net cash generated by investing activities (2) 3,737,302 (868,795) 5,022,730 5,555,423 FINANCING ACTIVITIES Receipts arising from: Borrowings 259,116, ,753, ,596, ,221,241 Issue of equity shares, supplementary capital and share premiums 15,000,000-15,000,000 - Others 1,459 1,382,244 (1,233,785) 877, ,117, ,135, ,362, ,099,161 Payments arising from: Borrowings (246,159,783) (285,003,163) (132,440,652) (197,242,378) Leasings (504,784) (746,462) (294,508) - Interest and similar costs (12,969,146) (7,736,824) (6,245,717) (2,473,617) Reduction of capital and other reserves (10,209,031) - (10,209,031) - Others (1,230,318) (1,597,196) 178,845 (1,042,206) (271,073,062) (295,083,645) (149,011,063) (200,758,201) Net cash generated by financing activities (3) 3,044,455 (7,948,093) 5,351,452 (5,659,040) Net increase in cash and cash equivalents (4)=(1)+(2)+(3) (3,009,583) 513,557 (13,334,384) 5,040,573 Changes in the consolidation perimeter and others 788,435 (3,929,971) 788,435 (3,476,192) Effect of foreign exchange currencies 362,246 (426,527) (51,602) (400,621) Cash and cash equivalents at the beginning of the period 38,843,709 38,024,569 49,582,358 33,017,868 Cash and cash equivalents at the end of the period 36,984,807 34,181,628 36,984,807 34,181,628 The accompanying notes are part of these financial statements PAGE 42 1H2014 REPORT

43 06 Notes to Interim Consolidated Financial Statements

44 06 NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS INTRODUCTORY NOTE Martifer SGPS, S.A., with its head-office at Zona Industrial, Apartado 17, Oliveira de Frades Portugal ( Martifer SGPS or the Company ), and its group of companies ( Group ), have as its main activity the construction of steel infrastructures and solar activity - which focuses on the development of photovoltaic projects, the installation of turnkey photovoltaic parks or under the EPC and the development of architectural integration projects and microgeneration. They also have other activities which highlight the promotion and development of renewable energy projects (Note 3). Martifer SGPS was incorporated on 29 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 incorporated 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. At 30 June 2014, the Group has developed its activity in Portugal, Spain, Slovakia, Romania, Czech Republic, Angola, Brazil, Greece, United States of America, Mozambique, Ireland, Italy, Belgium, Bulgaria, Netherlands, France, Morocco, United Kingdom, Canada, Mexico, Saudi Arabia, Germany, Chile, Ecuador, Ukraine, Turkey, Senegal, Singapore, India, Malta and Japan. The accompanying notes were selected to help the understanding of the more significant changes in the financial position and the financial performance of the Group since the last annual reporting, dated of 31 December All the amounts presented in these notes are expressed in Euros (rounded at unit), unless otherwise stated. These consolidated financial statements are not audited. 1. SIGNIFICANT ACCOUNTING POLICIES BASIS OF PREPARATION These accompanying consolidated financial statements relate to the consolidated financial statements of the 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 January These are the International Financial Reporting Standards, issued by the International Accounting Standards Board ("IASB"), and interpretations 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 at 30 June 2014 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 as of 31 December 2013 and disclosed in the corresponding notes. The following standards, interpretations, amendments and revisions endorsed by the European Union and with mandatory effects from 31 December 2013, have been adopted for the first time in the current year: PAGE 44 1H 2014 REPORT

45 EFFECTIVE DATE IAS 32 Financial Instruments: Presentation IAS 36 Impairment of Assets IAS 39 Financial Instruments: Recognition and Measurement Changes in IFRS 10, 11 and IAS 27: Investment Entities IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other Entities Changes in IFRS 10, 11 and IAS 27: Transition IAS 27 Separate Financial Statements IAS 28 Investments in Associates The amendments or new International Financial Reporting Standards (IFRS) and/or Interpretations issued or entering into force during the period ended in 30 June 2014 had no significant impact on the Group s consolidated financial statements. The consolidated financial statements were 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 performed taking into consideration the best knowledge available at the financial statements approval date of the events and the dealings in progress. 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, at 30 June 2014 and 31 December 2013 are as follows: COMPANIES CONSOLIDATED THROUGH THE FULL CONSOLIDATION METHOD PERCENTAGE OF SHARE CAPITAL HELD COMPANY HEAD OFFICE DESIGNATION DIRECTLY INDIRECTLY TOTAL 2013 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% % % Martifer - Construções Metalomecânicas, S.A. Oliveira de Frades Martifer Construções % 75.00% % Martifer Mota-Engil Coffey Construction Joint Venture Limited Dublin MMECC 1) % 45.00% 60.00% Martifer Construcciones Metálicas España, S.A. Madrid Martifer Espanha % 75.00% % Martifer Construções Metálicas Angola, S.A. Luanda Martifer Angola % 59.06% 78.75% Martifer Construction Limited Dublin Martifer Irlanda % 75.00% % Martifer Polska Sp. Zo.o. Gliwice Martifer Polska % 75.00% % Martifer Constructions, SAS Rungis Martifer França % 75.00% % Martifer Constructii SRL Bucharest Martifer Constructii % 75.00% % Park Logistyczny Biskupice Gliwice Biskupice % 75.00% % Martifer Konstrukcje Sp. Z o.o. Gliwice Martifer Konstrukcje % 75.00% % Martifer Slovakia S.R.O. Bratislava Martifer Slovakia % 75.00% % Sociedade de Madeiras do Vouga, S.A. Albergaria-a-Velha Madeiras do Vouga % 75.00% % Martifer - Gestão de Investimentos, S.A. Oliveira de Frades MGI % 75.00% % 1H 2014 REPORT PAGE 45

46 PERCENTAGE OF SHARE CAPITAL HELD COMPANY HEAD OFFICE DESIGNATION DIRECTLY INDIRECTLY TOTAL 2013 Nagatel Viseu, Promoção Imobiliária, S.A. Oliveira de Frades Nagatel Viseu % 75.00% % Martifer Retail & Warehousing Angola, S.A. Luanda Martifer Retail Angola % 75.00% % Martifer - Alumínios, S.A. Oliveira de Frades Martifer Alumínios % 75.00% % Martifer Alumínios Angola, S.A. Luanda Martifer Alumínios Angola % 75.00% % Martifer Aluminium Pty, Ltd Sidney Sassall % 75.00% % Martifer Aluminium Limited Dublin Martifer Aluminium Irlanda % 75.00% % Martifer Aluminium UK Limited London Martifer Aluminium Reino Unido % 75.00% % Martifer Aluminium SAS Rungis Martifer Aluminium França % 75.00% % Martifer Alumínios Ltda São Paulo Martifer Alumínios Brasil % 74.99% 99.99% Martifer UK Limited London Martifer UK % 75.00% % MT Construction Maroc, S.A.R.L. Tangier Martifer Marrocos % 75.00% % Martifer - Construções Metálicas, Ltda. Fortaleza Martifer Brasil % 74.85% 99.80% Saudi Martifer Constructions LLC Riyadh Martifer Arábia Saudita % 75.00% % Martifer Beteiligungsverwaltungs GmbH Vienna Martifer GmbH % % % M City Gliwice Sp. Zo.o Gliwice M City Gliwice % 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 Cape Town Martifer Energia África do Sul % 85.00% 85.00% Navalria Docas, Construções e Reparações Navais, S.A. 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 % 55.00% 55.00% Martifer Solar Sistemas Solares, S.A. Madrid Martifer Solar Sistemas Solares % 55.00% 55.00% Solar Parks Construccion Parques Solares ETVE, S.A. Madrid Solar Parks % 55.00% 55.00% Parque Solar Seseña III, S.L. Madrid Seseña III % 55.00% 55.00% MTS Solar Sistemas Solares, S.A. Mexico City Martifer Solar México % 54.45% 54.45% Martifer Solar Chile Holding, Lda Santiago do Chile Martifer Solar Chile % 55.00% 55.00% Martifer Solar Chile Operaciones Limitada Santiago do Chile Solar Chile Operaciones % 55.00% 55.00% Martifer Solar Sistemas Solares Equador S.A. Sangolquí Martifer Solar Equador % 54.45% 54.45% Martifer Solar Servicios México Mexico City Martifer Solar Servicios México % 55.00% 55.00% Martifer Solar S.R.L. Milan Martifer Solar Itália % 55.00% 55.00% MTS1 S.R.L. Syracuse MTS % 55.00% 55.00% MTS2 S.R.L. Syracuse MTS % 55.00% 55.00% MTS3 S.R.L. Syracuse MTS % 55.00% 55.00% Martifer Solar RO S.R.L. Bucharest Martifer Solar Roménia % 55.00% 55.00% Martifer Solar Inc. S. Francisco CA Martifer Inc % 55.00% 55.00% Martifer Solar USA, Inc. Santa Monica CA AEM % 54.61% 54.61% Martifer Aurora Solar, LLC Santa Monica CA Solar Aurora 1) % 54.07% 54.07% MT Silverado Fund I LLC S. Francisco CA Silverado 1) % 31.42% 31.42% Martifer Solar Finance LLC S. Francisco CA Martifer Solar Finance % 55.00% 55.00% Martifer Solar Hellas, A.T.E. Athens PVI 1) % 39.13% 39.13% Martifer Solar Angola Luanda Martifer Solar Angola 1) % 41.25% 41.25% Martifer Solar N.V. Deerlijk Martifer Solar Bélgica % 55.00% 55.00% Martifer Solar UK Limited London Martifer Solar UK % 55.00% 55.00% Martifer Solar S.A.S. Lyon Martifer Solar França % 55.00% 55.00% Martifer Solar CZ Prague Martifer Solar República Checa % 55.00% 55.00% Home Energy France SAS Lyon Home Energy França % 55.00% 55.00% PAGE 46 1H 2014 REPORT

47 PERCENTAGE OF SHARE CAPITAL HELD COMPANY HEAD OFFICE DESIGNATION DIRECTLY INDIRECTLY TOTAL 2013 PVGlass S.r.l Milan PVGlass Itália % 55.00% 55.00% MPrime Solar Solutions, S.A. Oliveira de Frades Mprime % 55.00% 55.00% MPrime GMBH Munich MPrime GMBH % 55.00% 55.00% Sol Cativante, Lda. Sever do Vouga Sol Cativante % 55.00% 55.00% Martifer Solar Investments, B.V. Amsterdam Martifer Solar Holanda % 55.00% 55.00% Martifer Solar Canadá, Ltd. Toronto Martifer Solar Canadá % 55.00% 55.00% MTS6 S.R.L. Syracuse MTS % 55.00% 55.00% Martifer Solar SK s.r.o. Dolny Kubin Martifer Solar Eslováquia % 55.00% 55.00% Ginosa Solar Farm, S.R.L. Rome Ginosa Solar Farm % 55.00% 55.00% Solar Spritehood S.R.L Rome Solar Spritehood % 55.00% 55.00% MTS7, S.R.L. Rome MTS % 55.00% 55.00% Canopy - Naos Paris Canopy Naos % 55.00% 55.00% Steadfast Fairview Solar, Ltd Andover Steadfast Fairview Solar % 55.00% 55.00% Steadfast Molland Solar, Ltd Andover Steadfast Molland Solar % 55.00% 55.00% Martifer Solar UA, LLC Kyiv Martifer Solar Ucrânia % 55.00% 55.00% Inspira Martifer Solar Limited Mumbai Inspira Martifer Solar 1) % 28.05% 28.05% Societé Developpement Local SA Dakar Martifer Solar Senegal 1) % 28.05% 28.05% Martimak Solar Besiktas Martimak 1) % 44.00% 44.00% Martiper Solar Besiktas Martiper 1) % 44.00% 44.00% Martifer Solar Singapura PTE. LTD. Singapore Martifer Solar Singapura % 55.00% 55.00% Martifer Solar Japan KK Tokyo Martifer Solar Japan % 55.00% 55.00% EVIVA SOLAR 1 LTD Athens Eviva Solar % 54.90% 54.90% EVIVA SOLAR 2 LTD Athens Eviva Solar % 54.90% 54.90% MTS Francis Court Solar Limited London MTS Francis 2) % 55.00% 55.00% MTS Spittleborough Solar Limited London MTS Spittleborough % MTS Tonge Solar Limited London MTS Tonge % 55.00% 55.00% MTS Rydon Solar Limited London MTS Rydon % 55.00% 55.00% Martifer Solar MZ, S.A. Maputo Martifer Solar Moçambique 1) % 28.05% 28.05% Greencoverage Unipessoal, Lda. Oliveira de Frades Greencoverage % 55.00% 55.00% Martifer Solar, Ltda Pindamonhangaba Martifer Solar Brasil % 54.45% 54.45% Visiontera Unipessoal, Lda Oliveira de Frades Visiontera % 55.00% 55.00% Inovsun, Lda. Oliveira de Frades Inovsun % 55.00% 55.00% Martifer Solar Middle East Dubai Martifer Solar Middle East % 55.00% 55.00% Belive in Bright Unipessoal, LDA. Oliveira de Frades Belive in Bright % 55.00% 55.00% Montidílico Unipessoal, LDA. Oliveira de Frades Montidílico % 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 % % % Eurocab FV 4 S.L. Madrid Eurocab % % % Eurocab FV 5 S.L. Madrid Eurocab % % % Eurocab FV 6 S.L. Madrid Eurocab % % % Eurocab FV 7 S.L. Madrid Eurocab % % % Eurocab FV 8 S.L. Madrid Eurocab % % % Eurocab FV 9 S.L. Madrid Eurocab % % % Eurocab FV 10 S.L. Madrid Eurocab % % % Eurocab FV 11 S.L. Madrid Eurocab % % % Eurocab FV 12 S.L. Madrid Eurocab % % % Eurocab FV 13 S.L. Madrid Eurocab % % % Eurocab FV 14 S.L. Madrid Eurocab % % % Eurocab FV 15 S.L. Madrid Eurocab % % % Eurocab FV 16 S.L. Madrid Eurocab % % % Eurocab FV 17 S.L. Madrid Eurocab % % % Eurocab FV 18 S.L. Madrid Eurocab % % % Eurocab FV 19 S.L. Madrid Eurocab % % % Eviva Energy S.R.L. Bucharest Eviva Roménia % % % 1H 2014 REPORT PAGE 47

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