agenda 2 1 | key share data and share price performance 2 | martifer group overview and strategy 3 |...

KEY SHARE DATA & SHARE PRICE PERFORMANCE

• Listed on Euronext Lisbon (IPO June 2007)

• Number of shares outstanding: 100,000,000

• Reuters: MARTI.LS

• Bloomberg: MAR PL

• Euronext Lisbon: MAR

• ISIN: PTMFR0AM0003

• Coverage by 8 equity research teams (BESI, Caixa BI, BPI, Millennium BCPI, UBS, Goldman Sachs, Santander, Banif IB)

3

Shareholder Structure(June 2009)

I’M SGPS1)

41.7%

Mota-Engil37.5%

Free Float20.8%

Recent Stock Performance

IPO was in 2007on Euronext Lisbon:

• First trading day: June 27th, 2007

• Priced at €8,00 per share, top of range

• €199Mn gross proceeds, exclusively to company

Shareholder Structure(Sept. 2009)

I’M SGPS1)

41.7%

1)I’M SGPS is held in equal parts by Mr. Carlos Martins and Mr. Jorge Martins

Mota-Engil37.5%

Free Float20.8%

MARTIFER’S STRATEGY ACTION PLAN

MARTIFER TOWARDS SUSTAINABLE GROWTH

5

STRATEGIC VISION IN THE CURRENT ECONOMIC ENVIRONMENT

Lower growth ratesworldwide

Focus in two Business Areas Market consolidation and selective country approach

Tighter operating margins Efforts to maintain profitability levels

Strengthen the financial structureFinancialcredit crunch Redefining Funding Strategy

Opex reduction

Partnerships Project Finance Asset Rotation

Lower liquidity Increase available cash flow Lower levels of Capex

Working capital management efficiency

CRISIS EFFECTS

MARTIFER TOWARDS SUSTAINABLE GROWTH | STEPPING INTO ECONOMIC RECOVERY

6

METALLIC CONSTRUCTIONS

Increasing of international Bidding Activity (Private and Public)

RENEWABLES

Governments efforts to stabilize regulation and promoting RE

Following new financing institutions entering the credit market the RE sector is slowly starting to take

off

WORLD

Global Economic environment showing positive signs

Financial Liquidy improving

Environmental concern

MARTIFER GROUP OVERVIEW

7

RENEWABLE ENERGYMETALLIC CONSTRUCTIONSAreas

Business Units

INTERNATIONAL PRESENCE | SELECTIVE COUNTRY APPROACH

8

NORTH AMERICA EUROPE

PORTUGUESE SPEAKING COUNTRIES

9

Revenues Distribution – 1H2009

By business area

Renewable energy business areas represent 55% of

consolidated revenues

Energy Systems52.5%

Electricity Generation

2.5%

Metallic Construction

45%

By geography

External markets represent 56% of Group revenues,

in particular Central and Eastern Europe (Poland,

Romania and Germany), but also Spain and Angola

Portugal

44%

Spain

7%

Central

Europe

24%

Rest of

the World

25%

BREKDOWN BY BUSINESS ACTIVITY & BY GEOGRAPHLY

Renewables business areas and external markets are playing a growing role in Martifer Group

WHAT ABOUT PRIO?

10

AGRO-INDUSTRY

• Decision to separate Prio’s assets in two Business Areas: Agro-Industry and Advanced Fuels

• Partnerships for each Business Area under negotiation, which will reduce Martifer’s economic interest and enhance the value creation of Prio

• Conclusion of this process expected by June 2010

Agriculture – Romania, Brazil and Mozambique

Oil Extraction and Biodiesel Plants – Romania

ADVANCED FUELS

Biodiesel Plant – Portugal

Storage Tank Farm – Portugal

Petrol stations network – Portugal

GROUP’S FINANCIAL PERFORMANCE | KEY FIGURES

11

OPERATING REVENUE (M€)

60%

2%

68%

5%

EBITDA (M€)

• Consolidated Revenues and EBITDA (excluding Prio) have shown strong growth levels

• In the first half of 2009 the activity increased at a lower pace due to the current economic environment

• Nevertheless, profitability increased as EBITDA margins grew from 9.3% in H1’08 to 9.6% in H1’09

GROUP’S FINANCIAL PERFORMANCE | KEY FIGURES

The Net Debt increased significantly in the last two years

due to the strong Investment plan in core assets

and working capital needs resulting from the increase of activities

CAPEX (M€) NET DEBT (M€)

74%

20%

25%>100%

12

RENEWABLES

Portfolio | 1

International Presence | 2

Cooperation Agreement | 3

Strategy | 4

PORTFOLIO

14

EARLY STAGE

• Development and licensing processes initiated

• Land partially secure

ADVANCED STAGE

• Most relevant development processes secured

• Real wind measurements taken

DEVELOPMENT CLASSIFICATION

(1) Includes Solar projects (Spain-PV; USA-CSP)

Country PotentialDevelopment

Construction Operation AggregateEarly stage Advanced stage

MW MTR Total MTR Total MTR Total MTR Total MTR Total MTR Total

Poland 277 304 48 62 16 16 10 10 351 392

Romania 71 71 180 210 1 1 42 42 294 324

Germany 53 53 53 53 Eastern and Central Europe

71 71 457 514 49 63 58 58 63 63 698 769

Portugal 195 390 5 10 9 19 209 419

Spain (1) 7 (1) 7 7 7

Iberia 195 390 5 10 16 26 217 426

Australia 143 570 108 430 250 1,000

Brazil 202 374 8 15 210 388

USA 379 526 (1)157 (1)207 125 174 661 907

Aggregate 593 1,167 917 1,541 381 621 58 58 87 104 2,036 3,491

PORTFOLIO | PORTUGAL – VENTINVESTE EÓLICA

15

Projects MW

2010 2011 2012 2013 Total

Vale Grande 10 10

Douro Sul 96 76 172

São Bento 40 30 70

Other 50 98 148

Total 10 96 166 128 400

• Latest schedule revision on the 400 MW awarded on the Portuguese wind tender (Fase B)

Start Operation:

STRATEGY

16

• Focus on development of projects where internal competences can add value

• Careful risk evaluation

DEVELOPMENT CONSTRUCTION OPERATION

• EPC/ Turn Key contracts

• Performed under Non Recourse Finance

• Careful risk monitoring policies and procedures

• Management of projects in order to maximize the performance and Project Finance compliance

MAXIMIZE SHAREHOLDER RETURN

• Careful use of Equity• Partnership model for development and future investments• Assets rotation on different project phases

COOPERATION AGREEMENT

17

LEADERSHIP

Appointment of Afonso Proença as Martifer Renewables CEO (Chief Executive Officer)

PROJECT PORTFOLIOS

Reevaluation of portfolios and refocus of efforts

BEST PRACTICES

Apply renewable energy project development best practices in both entities

COOPERATION BETWEEN THE TWO TEAMS

Optimization of teams skills in services rendered to projects

EXPERIENCED TEAM EXTENSIVE PORTFOLIO

JOINT DEVELOPMENT OF NEW ACTIVITIES

INTERNATIONAL PRESENCE

18

Reevaluation of the International Presence

ENERGY SYSTEMSWIND

1 | Energy Systems Business Segments

2 | Energy Systems Wind

3 | Sector Environment

4 | Operational Highlights

ENERGY SYSTEMS BUSINESS SEGMENTS

20

INDUSTRY WIND FARMS ENGINEERING R&D

WIND

WIND FARMSINDUSTRY

COMPONENTSTOWERS ASSEMBLY

• Production of wind towers: 400 towers/year capacity in Oliveira de Frades, Portugal and 200 towers/year capacity in Texas, USA (currently under construction)

• Production of other wind turbine metallic components

• Assembly of generators in a Joint-Venture with REpower Systems (50%/50%)

• Project Management, EPC and BoP of Wind Projects

• O&M of Wind Farms

21

BoP / EPC

ENERGY SYSTEMS WIND

ENERGY SYSTEMS WIND | TOWER FACTORY IN TEXAS, USA

•22

• Factory currently under construction

• Production to start in 2Q2010

• Capacity: 200 towers/year

• Location: San Angelo, Texas

– #1 State in installed capacity (8,361MW)

– #1 State in under construction capacity (1,096MW)

– #2 State* in potential capacity (136GW)

– Huge potential not only in Texas but also in adjacent states

* #1 being North Dakota with 138GW

Source: AWEA, Data as of end of June 2009

StateExisting

projects (MW)Potential

capacity (MW)Rank by potential

capacity*

Texas 8,361 136,100 2

New Mexico 497 49,700 12

Colorado 1,067 54,900 11

Kansas 1,013 121,900 3

Oklahoma 830 82,700 8

• Joint-Venture with Hirschfeld Wind Energy Solutions, bringing knowledge and experience in the local market

22

ENERGY SYSTEMS WIND | PRODUCTION OF COMPONENTS AND TURBINE ASSEMBLY

• Factory of Wind Turbine Metallic Components in Oliveira de Frades

– Production started in January 2009

– High-tech industrial process

COMPONENTS

• Turbine Assembly line in Oliveira de Frades

– Joint-Venture with REpower Systems

– Annual Capacity: 130 turbines

– Stable order book (Ventinveste project and REpower Systems)

ASSEMBLY

23

ENERGY SYSTEMS WIND | WIND FARMS

• Turnkey projects

– More than 215 MW erected in Portugal and Spain

– 10 MW concluded in Poland

• Clients

– Small and medium size developers (EPC)

– Utilities (BoP)

• Partnerships

– Turbine suppliers for specific markets

– Mostly for emerging markets

BOP / EPC

24

SECTOR ENVIRONMENT | FOR THE PAST YEAR SECTOR HAS BEEN UNDER PRESSURE

• Declines in the price of raw materials

have been reducing the cost of wind

turbine components and producers’

margins

• According to New Energy Finance

turbines are now being bought at an

average price of 1 M€/MW in Europe,

1.4 M$/MW in the US (0.93 M€*) and

0.8 M$/MW in China (0.53 M€*)

• Nonetheless there are still segments in

the value chain worth exploring

GLOBAL WIND SUPPLY CHAIN COST AND MARGIN SUMMARY

* EUR/USD 1,5 (22 October 2009)Source: New Energy Finance

25

SECTOR ENVIRONMENT | DEMAND STILL DUE TO INCREASE

Year Accumulated Installed Capacity 2008 (MW)

2009E 2010E 2011E 2012E 2010-2012E

Country

USA 25,170 7,662 10,454 10,214 10,068 30,736

Spain 16,740 1,500 1,400 1,000 1,000 3,400

Germany 23,902 1,400 1,300 1,100 1,000 3,400

France 3,404 1,122 1,200 1,200 1,450 3,850

Canada 2,369 1,169 1,264 1,113 1,035 3,412

Italy 3,736 949 1,040 1,140 1,240 3,420

UK 3,288 887 1,023 1,226 1,704 3,953

Portugal 2,862 880 650 750 950 2,350

Brazil 339 510 240 25 340 605

Turkey 333 372 410 450 541 1,401

Source: New Energy Finance; World Wind Energy Association

26

OPERATIONAL HIGHLIGHTS

(M€)1st Half

20091st Half

2008YoY

Growth

Wind – Turnkey* 72 33 118%

Wind – Components* 23 18 28%

Engineering + Other 26 20 30%

Total 121 71 70%

* considering 100% of REpower Portugal and Gebox (both held in 50% andconsolidated proportionally) and before eliminations

Source: Company Information

REVENUES

WIND FARMS INSTALLED UNTIL SEPTEMBER 2009• Although the market has been under

significant constraints, Energy Systems has

been able to improve revenues on all

segments of the business unit

NameInstalled

Capacity (MW) Client Manufacturer

Lousã 35.0 Enersis GE

Tarouca 4.0 Finerg REpower

Valérios 2.0 Cavalum REpower

Joguinho 26.0 E2/EON REpower

Cela 2.0 Cavalum REpower

Torrão 2.0 Cavalum REpower

Marvila 12.0 ENEólica REpower

Vila Franca de Xira 12.6 MT Renewables Suzlon

Mingorrubio (Spain) 26.0 E2/EON REpower

Baião 6.3 MT Renewables Suzlon

Serra Alta 2.0 Airtricity REpower

Barão de S. João 50.0 E2/EON REpower

Sobrado 8.0 Energiekontor REpower

Alto da Folgorosa 18.0 E2/EON REpower

Espinhaço de Cão 10.0 E2/EON REpower

Leki Dukielskie (Poland) 10.0 MT Renewables REpower

Total 225.9

27

29

MARTIFER SOLAR BUSINESS SEGMENTS | PHOTOVOLTAIC

EPCDeveloperModule distribution

EPCDeveloperModule distribution

EPC Module distributionand microgeneration kits

GROUND BASED SOLAR PARKS

(>100 kW)

ROOFTOP SYSTEMS(>100 kW)

BUILDING INTEGRATED(20-200 kW)

RESIDENTIAL AND COMMERCIAL

(<100 kW)

PV MODULE FACTORY

• Capacity: 50 MW per year• Leading technology• Fully automated and robotized• In-house production of tempered glass

• Suppliers (Gintech; Isovolta; Sapa; Tyco)– Certified – First quality

• Surface: 10,000 sqm

30

TECHNOLOGIC SOLUTIONS

31

PV MODULE SMARTRACKER SMARTPARKROOFTOP MOUNTING

SYSTEM

Power from 210 to 240 Wp

Warranty:

- 5-year- 90% output power 10-year- 80% output power 25-year

Own patented tracker

Mono-axis tracker: East-West movement

Optimal inclination

Up to 20% output increase

PV solution for parking areas

Includes metallic structure, inserted PV modules, inverter, cabling and connections box

High technology

Easy installation

Gravity structures without perforation

Protects rooftops

Exclusive product

Saves time and cost

DEVELOPMENT

EPC

STRATEGIC ORIENTATION

32

POLYSILICON INGOTS/WAFERS CELLS MODULES

O&M

COMMISSIONING

ASSET MANAGEMENT*

• Martifer Solar is focused on the final stages of the PV supply chain

• Vertical integration on the last stage of the supply chain in order to obtain higher margins

• There is a need for Strategic Partnerships:– Funds (e.g.: Akuo Energy; Enfinity)– Private Equities and Family Offices– Private Banking– Utilities

Martifer Solar Strategic Partners * Investment, financing

MARTIFER SOLAR IN THE SOLAR MARKET | TURNOVER VS COMPETITORS

33

Source: Company Reports – 1H 2009

1H 2009

(M€)

MARTIFER SOLAR IN THE SOLAR MARKET | EBIT MARGIN VS COMPETITORS

34

Source: Company Reports – 1H 2009

1H 2009

SECTOR TRENDS | BUSINESS DRIVERS

35

• Environmental awarness

• Abundant resource

• Opportunities in emerging markets

• Decrease in the price of raw materials makes solar technology more competitive

• Attractive Rate of Return for equity investors

• 360º Turnkey PV solutions

36

Year Accumulated Installed Capacity 2008 (MW)*

2009E 2010E 2011E 2012E 2010-2012E

Country

Belgium 70 100 70 80 90 240

Czech Rep 54 200 258 312 336 906

France 87 171 270 420 554 1,244

Greece 20 40 100 220 220 540

Italy 350 586 1,132 1,218 1,313 3,663

Portugal 68 48 50 100 160 310

Spain 3,223 500 500 484 532 1,516

USA 1,173 450 860 1,669 2,722 5,251

Source: Estimates from NEF - PV Market Outlook, Q3 2009 (except for Belgium (EPIA – Global Market Outlook)

SECTOR TRENDS | MARKET POTENTIAL

INTERNATIONAL PRESENCE

37

• We are currently present in markets with very good future perspectives in what concerns the PV market

• Until 2012 we will be entering three new markets that perfectly fit our strategy

– Turkey– Bulgaria– Canada

ORDER BOOK

38

BELGIUM

7 MW under construction and 15 MW under negotiation

CZECH REPUBLIC

2.9 MW under construction and 7 MW under negotiation

FRANCE

10 MW under negotiation

GREECE

Current order book 0.66 MW

ITALY

6 MW under construction and engagement letters covering 15 MW

PORTUGAL

Rooftop installations (microgeneration) and 6 MW under negotiation

SPAIN

11 MW under construction and engagement letters covering 5 MW

USA

2 MW under construction and 10 MW under negotiation

METALLIC CONSTRUCTION BUSINESS SEGMENTS

40

ALUMINIUM FAÇADESSTAINLESS STEEL

SOLUTIONSMETALLIC

STRUCTURESREAL ESTATE

Gradual divestment between 2010 and 2012• Iberian market leader and one of the largest

players in Europe

• Capacity to execute complex works, finding the right solutions both in project and engineering fields

• Provider of Turnkey Solutions

• Total installed capacity: 80,000 tonnes/year

INDUSTRIAL AND COMMERCIAL PRESENCE

SECTOR ENVIRONMENT

42

• Competition has increased due to poor levels of activity in Europe

• Average prices of raw material dropped (carbon steel dropped 54% from Jun-08 to Jun-09)

• Nevertheless, Martifer Metallic Construction expects to increase its revenues in 2009 as well as sustain the operational margin

Source: World Steel

Price (€)

1,000

MARKET POSITION IN EUROPE | COMPETITORS

43

• Martifer Metallic Construction has a relevant position in terms of Revenues and Operating Margins

• Lindab, Mostostal Warszawa and Severfield are the leaders in Europe in terms of Revenues

Source: Dun & Bradstreet, Companies Website .Figures (for 2008) have been adjusted for comparison.

Size of bubble = Net Profit

Source: Dun & Bradstreet, Companies WebsiteFigures (for 2008) have been adjusted for comparison

MARKET POSITION IN EUROPE | DIRECT COMPETITORS

44

• Martifer has been competing directly with Severfield, Eiffel, Hollandia, Cimolai, URSSA and Horta-Coslada in the major projects

Source: Dun & Bradstreet, Companies WebsiteFigures (for 2008) have been adjusted for comparison

TURNOVER 2008 (€M)496

396

317

179161

7557

SEVERFIELD EIFFEL MARTIFER HOLLANDIA CIMOLAI URSSA HORTA-COSLADA

STRATEGIC LINES

45

• Our target: Top 5 in terms of Turnover, Profitability and Notoriety (being invited by the client to bid in 90% of the projects above €20m)

• Focus in projects with high complexity in Iberia, East and Central Europe

• In Angola Martifer expects to take advantage from the significant economic growth

• North Africa is a new market that will be served from Iberia and Romania as an extension of the European market

• United Kingdom has been our most recent strategic choice, as we see this market with enormous potential of growth

• Brazil is under analysis as the following years will receive the World Cup 2014 and the Olympics 2016

• Always looking for good project opportunities in other countries, which we call “Visit Countries”

NEW MARKETS

UK BRAZIL

BACKLOG AND PRODUCTION EVOLUTION

46

Backlog as of September 2009 (Total: 307 M€)

Production Evolution

Significant works in progress

Rest of the world24%

Central Europe

12%

Spain20%

Portugal44%

Project LocationTotal Value

(M€)Year of

Completion

Galp Oil Refinery Sines, Portugal 6.0 2009

Zerozero Tower Barcelona, Spain 4.7 2009

Corporate Head Office Luanda, Angola 8.0 2009

Pego Power Station Abrantes, Portugal 7.0 2010

Ulla Bridge Galicia, Spain 20.8 2010

Repsol Head Office Madrid, Spain 18.5 2010

Renault Factory* Morocco 25.0 2010

* Not included in June’s backlog

90,000

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

0

UPDATE ON THE CAPEX PLAN 2009E – 2012E

2008

METALLIC CONSTRUCTION

15 15

(M€)2009E 2010E – 2012E

20

ENERGY SYSTEMS | WIND

35 15 15

ENERGY SYSTEMS | SOLAR

16 3 10

RENEWABLES 140 80 275

TOTAL 213* 115* 320

* Total Capex includes investments at the holding level, namely in the SAP technology

We highlight that the 275 M€ of capex expected for the 2010-2012 period is a gross figure. The net capex should be lower following the asset rotation policy currently adopted by Martifer Renewables

48

OPERATIONAL GUIDANCE 2009E – 2012E

Martifer is focused on value creation: consolidation of our current situation, leveraging of growth opportunities and profitability optimization

METALLIC CONSTRUCTION

Revenues growth: [10% ; 13%] CAGR 09-12

Ebitda Mg: [10% ; 11%]

ENERGY SYSTEMS | WIND


Ebitda Mg: [7% ; 8%]

ENERGY SYSTEMS | SOLAR


Ebitda Mg: [7% ; 8%]

12%

15%

CONSOLIDATED REVENUES

(M€)

RENEWABLES

Ebitda Mg: [75% ; 80%] for assets under

operation

49

FINANCIAL STRATEGY

It is our intention to decrease the Group’s level of debt and to improve our leverage ratios

• Assets Rotation Policy

• Sale of non-core Assets

• Efficient Working Capital Management

• Project Finance for RE projects

Improving our Financial Strength

• Financial Discipline

• Financial Capacity and Solvency

• Internationalization of funding sources

• Transparency

Measures Lines of intervention

HOW?

50

GOALS AND COMMITMENT

Net Debt / EBITDA6.6 x (Adjusted Net Debt, excl. EDP)

5.8 x (Excl. Non Rec. Debt and EDP)

4.0 x (Adjusted Net Debt, excl. EDP)

2.0 x (Excl. Non Rec. Debt and EDP)

51

DIVIDEND POLICY

Commitment to Shareholders

Efficient Working Capital Management

Sale of Non-Core Assets

Capex financing redefinition

Increasing EBITDA in period 2009-2012

Net Debt / EBITDA (Target 2012E: 4x)

Martifer decided to establish a Dividend Payout Ratio of 40% from 2010 onwards ensuring a solid financial structure and comfortable debt levels. Regarding 2009 result,

the Board will propose the Assembly an extraordinary dividend to be paid in 201052

ANNEXES

53

Outlook FOR FY2009

METALLIC CONSTRUCTION• Revenues slightly above those reported last

year

• Ebitda Margin of circa 10%, in line with previous expectations, the same to be applied to Capex

ENERGY SYSTEMS• Revenues in line with last year

• Ebitda Margin between 7% and 8%

• Reduction of Capex to 18 million euros, due largely to the shared investment in the tower fabrication plant in the US

ELECTRICITY GENERATION• Achievement of Guidance in terms of Revenues

• Ebitda will be residual

• Capex should be approximately 80 million euros. This reduction on previous expectations is dueto delays in licensing some of the projects

Overall, we continue optimistic about FY 2009 results, as the last quarter of the year will be a strong quarter, mainly in the areas of Metallic Construction and Energy Systems – Solar.

Concerning our commitment to decrease net debt levels, although net debt increased in the third quarter, we maintain our conviction that we will achieve the proposed guidance by the end of the year.

54

NET DEBT Position

Values in € Mn

9 Months 2009 Metallic

ConstructionEnergy

SystemsElectricity

GenerationHolding

Martifer Consolidated

Corporate Net Debt allocated to operational activities 79.8 100.3 82.1 1.5 263.7

Corporate Net Debt allocated to non-operational activities 97.0 50.0 147.0

Non Recourse Net Debt 49.0 49.0

Total Net Debt 176.8 100.3 181.1 1.5 459.7

Ebitda (9M'09) 23.3 14.1 1.1 1.2 39.7

Corporate Net Debt allocated to operational activities / Ebitda* 2.6 x 5.3 x 56.0 x 1.0 x 5.0 x

* Annualized

55

Overview of 9M09 Revenues and EBITDA

• Consolidated revenues dropped 15%

• The decline in Metallic Constructions and in Energy Systems could not be compensated by the rise in Electricity Generation, given the reduced contribution of this area to the consolidated revenues

56

Revenues

9M2009 9M 2008

€ MnWeigh

t €MnWeigh

tChang

e

Martifer Consolidated 405.7

477.4 -15%

Metallic Construction 190.6 47%

236.1 49.5%

-19.3%

Energy Systems 211.7 52.2%243.

1 50.9%-

15.9%

Electricity Generation 14.0 3.4% 10.6 2.2%

+32.0%

Holding, elim. and adj. -10.5 -2.6% -12.4 -2.6%

-15.1%

EBITDA

9M2009 9M2008

€ MnMarg. €Mn

Marg.

Change

Martifer Consolidated 39.79.8

% 43.99.2

%-

9.6%

Metallic Construction 23.312.3

% 24.110.2

% -3.3%

Energy Systems 14.1 6.7% 20.3 8.4%

-30.5

%

Electricity Generation 1.1 8.0% 0.2 2.3%>100

%

Holding, elim. and adj. 1.2 - -0.7 - -

• Consolidated EBITDA decreased 9.6% to 39.7 million euros

• Increase in EBITDA Margin due to the contribution of Metallic Constructions

P&L

57

9 Months 2009

9 Months 2008

Change (%)

9 Months 2009

9 Months2008

Change (%)

Continued Operations

Revenues 405.7 477.4 -15.0% 405.7 477.4 -15.0%

EBITDA 39.7 43.9 -9.6% 39.7 43.9 -9.6%

EBIT -16.4 30.1 - 21.6 30.1 -28.2%

Financial Results 144.0 -36.3 - -16.9 -8.2 >100%

Income tax 3.3 7.2 -54.6% 3.3 7.2 -54,6%

Profit after Tax 124.4 -13.4 - 1.5 14.7 -90.0%

Earnings from business units held for sale

-12.9 -3.0 >100% - - -

Consolidated profit for the 9 Months 111.5 -16.3 - 1.5 14.7 -90.0%

Attributable to shareholders of the Group 114.3 -19.4 - -1.1 11.2 -

Attributable to minority shareholders -2.8 3.1 - 2.6 3.5 -25.7%

EBITDA margin (EBITDA/Revenues) 9.8% 9.2% +0.6 p.p. 9.8% 9.2% +0.6 p.p.

EBIT margin (EBIT/Revenues) -4.0% 6.3% - 5.3% 6.3% -1.0 p.p.

Figures in million Euro (IFRS/IAS) – Non auditedReported Adjusted

Balance sheet

58

September 2009

December2008

December2008

pro-forma

Change(%)

Fixed Assets (including Goodwill) 492.7 628.3 461.9 7%

Other Non-current assets 129.8 73.6 111.9 16%

Assets available for sale 352.1 43.3 293.3 20%

Inventory and Receivables 390.5 523.3 412.2 -5%

Cash and cash equivalents 40.2 80.1 69.2 -42%

Total Assets 1,405.3 1,348.5 1,348.5 4%

Shareholders equity 388.8 273.3 273.3 42%

Minority interests 22.4 60.4 60.4 -63%

Minority interests associated to assets available for sale

33.0 - - -

Total equity 444.2 333.7 333.7 33%

Non-current debt and leasings 205.1 237.6 172.9 19%

Other Non-current liabilities 22.1 16.1 14.4 53%

Liabilities associated to assets available for sale 240.3 - 173.8 38%

Current debt and leasings 294.8 451.9 381.7 -23%

CurrentlLiabilities 198.8 309.2 272.0 -27%

Total Liabilities 961.1 1,014.8 1,014.8 -5%

Figures in million Euro (IFRS/IAS) – not audited

59

THANK YOU!

Martifer SGPS, S.A.Zona Industrial, Apartado 173684-001 Oliveira de Frades

Portugal

Tel: +351 232 767 702Fax: +351 232 767 750

60

Sónia Baldeira Investor Relations

Phone: +351 232 767 702Mobile: +351 93 43 70 138Fax: +351 232 767 750

[email protected]

DISCLAIMER

61

This report may contain “forward-looking statements”, that is, statements related to future, not past,

events. All statements, other than statements of fact, that address activities, events or developments that

we or our management intend, expect, project, believe or anticipate will or may occur in the future are

forward-looking statements, which are based on management’s assumptions and assessments in light of

past experience and trends, current conditions, expected future developments and other relevant factors.

They are not guarantees of future performance, and current results, developments and business

decisions may differ from those envisaged by our forward-looking statements. These are also subject to

risks and uncertainties, which can affect our performance in both the near- and long-term.

61

agenda 2 1 | key share data and share price performance 2 | martifer group overview and strategy 3 |...

Documents

martifer group slide

strategy slide

business activity

business areas outlook

group revenues

new guidances slide

environmental concern

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