INTERIM CONSOLIDATED
FINANCIAL STATEMENTS AND
MANAGEMENT REPORT
I ST HALF 2008
INDEX
Interim Consolidated Management Report
3
Highlights
3
Economic and Financial Analysis
4
Activity by Business Area
7
Share Performance
11
Future Risks and Uncertainties
13
Mandatory Information
15
Share dealings
15
Qualified shareholdings
17
Statements of Compliance
18
Interim Consolidated Financial Statements
21
Consolidated Profit and Loss Account
22
Consolidated Balance Sheet
23
Consolidated Statement of Changes in Equity
24
Consolidated Cash Flow Statement
25
Notes to the Consolidated Financial Statements
26
The interim financial statements for the six months ended 30 June 2008 have not been audited.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
2
INTERIM MANAGEMENT REPORT
The interim financial statements for the six months ended 30 June 2008 have not been audited. This is a translation
from the original report issued in Portuguese.
HIGHLIGHTS
•
Revenues grew 78% to 372,2 million euros
•
EBITDA (*) reached 29,6 million euros, representing a 171% growth and an 8% margin
•
Net profit for the period of 9,7 million euros
1º Half 2008
Weight
1º Half 2007
adjusted**
Revenues
372,2
EBITDA (*)
29,6
8,0%
11,0
EBIT (***)
17,7
4,7%
9,7
2,6%
Net earnings for the period
Average number of employees
2.567
Weight
209,6
Change
1º Half 2007
reported
Weight
78%
209,6
5,2%
171%
11,0
5,2%
7,0
3,3%
153%
7,0
3,3%
5,0
2,4%
93%
18,6
8,9%
1.727
1.727
(*) EBITDA – Earnings before interest, taxes, depreciation, amortization and provisions.
(**) The adjustment to the earnings of the first half of 2007 are a result of the capital gain of 21,1 million euros resulting from the impact
of the dilution of the stake in the share capital of REpower Systems AG in the period as a result of a capital increase not subscribed by
Martifer and a €7,5Mn cost related to the bid on REpower Systems.
(***) EBIT – Earnings before interest and taxes.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
3
ECONOMIC AND FINANCIAL ANALYSIS
In the first half of 2008, Martifer Group showed a good operational performance, with significant improvements in
revenues, operational earnings as measured by EBITDA and profits in the period. This is a result of the positive
evolution of the activity and the improvement of operational results in all business areas of the Group.
(€Mn)
1st Half 2008
1st Half 2007
adjusted *
Change
Revenues
372,2
209,6
78%
EBITDA
29,6
11,0
171%
EBITDA margin
8,0%
5,2%
+2,7p.p.
EBIT
17,7
7,0
EBIT margin
4,7%
3,3%
Financial expenses
4,2
0,8
425%
Taxes
3,7
1,2
223%
Net earnings for the period
9,7
5,0
93%
1,7
0,2
949%
8,0
4,8
64%
Attributable to minority interests
Attributable to the Group
153%
+1,4p.p.
(*) The adjustment to the earnings of the first half of 2007 are a result of the capital gain of 21,1 million euros
resulting from the impact of the dilution of the stake in the share capital of REpower Systems AG in the period as a
result of a capital increase not subscribed by Martifer and a €7,5Mn cost related to the bid on REpower Systems.
Consolidated revenues reached 372,2 million euros, representing a 78% increase versus the same period last year. This
increase is a result of the increased activity in all business areas: in Metallic Construction, the increase in revenues was
of 22%, reaching 154,5 million euros, in Energy Systems the revenues grew 227%, reaching 118,4 million euros and in
the Agriculture & Biofuels business area revenues reached 101,5 million euros, representing a 90% growth. The
revenues from the Electricity Generation business area reached 7,5 million euros, mainly due to the contribution from
the wind farms in Germany acquired in 2007.
Metallic Construction represented 42% of consolidated revenues, Energy Systems 32%, Electricity Generation 2% and
Agriculture & Biofuels 27%.
Earnings before interest, taxes, depreciation and amortization and provisions – EBITDA – reached 29,6 million euros,
representing a 171% growth versus the same period last year. This growth is due to the better operational results in all
business areas. Consolidated EBITDA margin reached 8,0% this period, versus 5,2% in the same period last year.
The 17,7 million euros in earnings before interest and taxes – EBIT – in this period are 153% above the same period
last year and the margin was 4,7% of revenues.
Net financial expenses reached 4,3 million euros and represent a 428% increase on an adjusted basis (adjusting the net
financial expenses in the fist half of 2007 for the capital gain of 21,1 million euros resulting from a capital increase in
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
4
REpower Systems AG not subscribed by Martifer and by a financial cost of 7,5 million euros related to the bid on
REpower Systems AG). The larger net financial expenses are mainly a result of the higher level of indebtedness. The
Group recorded net interest expenses of 9,8 million euros, which were in part compensated by net favourable
currency changes of 3,2 million euros and 2,2 million euros in dividends received from EDP – Energias de Portugal.
As a result, the Group recorded a net profit in the period of 9,7 million euros, representing a 93% growth compared
to the same period last year on an adjusted basis. On a reported basis, the net profit fell 48% versus the 18,6 million
euros recorded in the first half of 2007.
INVESTMENTS
In the period, the Group invested 79,5 million euros in fixed assets, mainly in investments in the Energy Systems
business area, namely to increase capacity in the tower factory, in the wind power components factory, in the turbine
assembly unit and in the photovoltaic modules factory, representing an investment of 29,7 million euros. In the
promotion and development of wind farms and solar parks, the Electricity Generation business unit invested 26,3
million euros in the period. In the Agriculture & Biofuels business area 16,5 million euros were invested, mainly in land,
machinery and in the vegetable oil extraction unit in Romania.
The Group also concluded several financial investments in the period.
In March, the Group increased its stake in the Agriculture & Biofuels business area, through the acquisition of the a
6,5% stake in Prio SGPS SA, for 11,1 million euros, and paid 3,9 million euros for the supplementary capital invested in
the company by the selling shareholder.
The Group, through Martifer Energy Systems, following a capital increase raised its stake in Martifer Solar from 55% to
75% representing a 12,7 million euros investment, including conversion of shareholder loans. Other financial
investment in the period include the acquisition of Navalria, a shipyard in the port of Aveiro, and the 50% the Group
did not own in Solarparks, an associated company that builds solar parks in Spain.
In January 2008, the Group acquired 15.291.383 shares of EDP - Energias de Portugal (EDP) for 60,9 million euros. At
the end of June, the Group held 17.695.505 shares of EDP, representing an investment of 80,1 million euros. At the
end of the period, at the closing price of EDP shares on 30 June 2008, the value of this stake was 58,7 million euros
and a reduction of shareholders equity of 21,4 million euros was recorded through the adjustment of fair value.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
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INDEBTEDNESS
At the end of June 2008, the Group had a net debt of 428,1 million euros. Comparing with the end of 2007, net debt
increased 216 million euros. The increase is due to the above mentioned investments, both in fixed and financial assets,
as well as working capital investments.
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ACTIVITY BY BUSINESS AREA
METALLIC CONSTRUCTION
(€Mn)
Revenues
1st Half 2008
154,5
1st Half 2007
Change
127,1
22%
15,9
11,5
38%
10,3%
9,1%
+1,3 p.p.
EBIT
12,4
8,6
EBIT margin
8,0%
6,8%
Financial expenses
0,8
1,0
-15%
Taxes
3,8
1,8
116%
Net earnings for the period
7,7
5,9
32%
Attributable to minority interests
0,9
0,6
53%
Attributable to the Group
6,9
5,3
29,2%
EBITDA
EBITDA margin
44%
+1,2 p.p.
In this business area, revenues reached 154,5 million euros representing a 22% growth. This increase is mainly due to
the positive performance of the metallic structure activity in Spain and in Central Europe (Poland and Romania).
External markets represented 44% of the revenues, against 36% in the first half of 2007.
EBITDA reached 15,9 million euros, representing a 38% growth versus the same period last year. EBITDA margin was
10,3%, versus 9,1% last year in the same period. This growth results from the increase of margin in all geographic
locations.
Net financial expenses reached 831 thousand euros, recording a 13% decrease versus the same period last year. The
performance is a result of favourable currency changes of 2,3 million euros, resulting from the appreciation of the
Polish and Romanian currencies against the Euro, while net interest expenses reached 3,4 million euros and other net
financial expenses reached 244 thousand euros.
As a result, net profits of this business area reached 7,7 million euros, a 32% improvement versus the first half of 2007.
During the period, 4,8 million euros were invested in fixed assets, part of which in the conclusion of the investment in
the Romanian industrial unit.
The order book at the end of June 2008 in this business area reached 306 million euros. About half of the order book
in value is already coming from outside Iberia (mainly Poland and Romania, but also Ireland and Angola).
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
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ENERGY SYSTEMS
(€Mn)
1st Half 2008
1st Half 2007
Change
Revenues
118,4
36,3
227%
EBITDA
10,2
2,6
298%
EBITDA margin
8,6%
7,1%
+1,5 p.p.
8,3
1,8
7,0%
5,1%
-0,4
0,3
-
Taxes
2,2
0,1
2596%
Net earnings for the period
6,5
1,4
349%
Attributable to minority interests
1,3
0,1
855%
Attributable to the Group
5,2
1,3
297%
EBIT
EBIT margin
Financial expenses
349%
+1,9 p.p.
In the Energy Systems business area revenues increased 227% to 118,4 million euros. This increase of activity was
mainly registered in the second quarter, reflecting the increasing activity in the construction of turnkey wind farms and
the contribution from of the turnkey construction of solar parks. The tower factory also recorded higher level of
activity in the first half of 2008 as a result of the increase of installed capacity that was finalized in the semester.
EBITDA reached 10,2 million euros, representing a 298% growth versus the same period last year, resulting from the
higher level of activity and the improvement of EBITDA margin, that reached 8,6% versus 7,1% recorded in the first
half of 2007. The improvement in margin in this business area is mainly a result of the contribution of the turnkey
construction activity, both in wind and solar.
Net profit for the period reached 6,5 million euros, of which 1,3 million euros attributable to minorities, mainly in
Repower Portugal (50% held by the Group) and Martifer Solar (75% held by the Group).
Investment in this division reached 29,7 million euros in the period, mainly in industrial units. During this period, the
increase in installed capacity at the tower factory to 400 towers per year was concluded. Still in the wind power
segment, investments were done in the turbine assembly unit and in the components factory, and these units are
expected to start up in the last quarter of the year. In the solar segment, construction started on the photovoltaic
modules factory, with a 50MW installed capacity, and this unit is also expected to start up in the last quarter of the
year.
In the period, the Group increased its stake in Martifer Solar through a capital increase, which represented an
investment of 12,7 million euros, including conversion of shareholder loans. Martifer Solar acquired the 50% it did not
own in Solarparks, which builds solar parks on a turnkey basis. During this first half of the year Martifer Solar began
commercial activities in Italy, Greece, France, Belgium and United States of America.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
8
ELECTRICITY GENERATION
(€Mn)
1st Half 2008
1st Half 2007
Change
Revenues
7,5
0,4
2016%
EBITDA
-0,4
-1,2
-65%
-5,5%
-331,2%
EBITDA margin
-
-3,8
-1,2
-50,3%
-342,2%
-
0,4
-0,2
-
Taxes
-0,6
-0,2
289%
Net earnings for the period
-3,5
-0,9
303%
Attributable to minority interests
-0,6
0,0
-
Attributable to the Group
-3,0
-0,9
244%
EBIT
EBIT margin
Financial expenses
211%
Revenues from the Electricity Generation business unit reached 7,5 million euros, mainly due to the contribution of
the wind farms in Germany acquired at the end of 2007.
The production in the German wind farms was of 57.547 MWh and sales of electricity reached 5,0 million euros.
EBITDA margin of these wind farms was 78%.
EBITDA of this business area in the period was negative 413 thousand euros, as the current revenue base is insufficient
to cover the development costs of the portfolio, the costs related to the increase of portfolio and central costs.
Amortizations reached 3,3 million euros, almost exclusively related to the German wind farms.
Net earnings for the period were negative 3,6 million euros.
In this 6 months period, Martifer Renewables invested 26,3 million euros in fixed assets, namely the acquisition of
equipments for the wind farms in Central Europe and in the construction of solar photovoltaic parks in Spain.
During the second half of the year several solar photovoltaic parks in Spain with an installed capacity of 6MW should
start production. Construction will also begin in the wind farms in Poland and Romania.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
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AGRICULTURE & BIOFUELS
(€Mn)
1st Half 2008
Revenues
EBITDA
EBITDA margin
1st Half 2007
Change
101,5
53,5
90%
5,2
-2,5
-310%
5,1%
-4,6%
-
2,2
-2,8
-
2,2%
-5,2%
-
3,4
-1,1
-
-1,4
-0,6
-
0,3
-1,1
-
Attributable to minority interests
0,0
-0,5
-
Attributable to the Group
0,2
-0,6
-
EBIT
EBIT margin
Financial expenses
Taxes
Net earnings for the period
In the Agriculture & Biofuels business area, in which Prio, the holding company, is 60% held by Martifer, revenues
reached 101,5 million euros. This amount is not comparable to the first 6 months of 2007 at which time the revenues
were exclusively from the whole sale of fuels. Last year, agriculture activity revenues were only recorded in the second
half of the year and the biodiesel factories only started operations in the second half of the year.
In this period revenues came from agriculture, fuel marketing and biodiesel sales. Agriculture revenues were of 18,1
million euros, of which 9,6 million euros from agriculture, mainly production in progress, and 8,5 million euros from
the sale of vegetable oil.
The fuel distribution and marketing revenues reached 32,6 million euros. The sales of fuel were of 28,7 cubic meters.
At the end of June, the retail network was of 5 Prio branded petrol stations and 11 petrol stations under the
agreement with Jerónimo Martins.
Revenues from the sale of biodiesel were of 59,5 million euros. Sales in the period were of 50,7 million tons. Sales of
biodiesel were negatively impacted by the delay in the publication of the ISP (fuel tax) exemption for 2008 in Portugal
and, in Romania, for the longer than expected negotiations of the 2008 contracts. Globally, sales of biodiesel suffered
from the raw material price increase (vegetable oil).
EBITDA reached 5,2 million euros, representing an EBITDA margin of 5,1%. Net earnings for the period were 269
thousand euros.
In this period, this business area invested 16,5 million euros, mainly in the agriculture activity, namely in land, machinery
and in the construction of the vegetable oil extraction unit in Romania.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
10
At the end of the period, Prio controlled about 45.640 thousand hectares of land in Romania and Brazil, of which
17,390 thousand hectares are cultivated.
FUTURE RISKS AND UNCERTAINTIES
The activities of Martifer Group are conducted under the assumption of continuity of operations and on the basis of
maximization of stakeholder value. In order to achieve sustainable growth, Martifer seeks to strengthen its strategic
and competitive positions in the business areas it operates in. In these, the Group seeks to take full advantage of
growth opportunities, and as such, faces certain risks inherent to these activities. Martifer seeks to identify and
prioritize in a timely and correct manner these risks and to act towards reducing the potential impact of said risks on
the performance of the Group.
The activity of the Metallic Construction division has not been impaired by the deterioration in the economic
environment felt during the year. For the second half, the expectation is that any eventual impact in certain regions will
be compensated by the activity in other regions. The economic environment, however, has contributed to longer
receivables collection period. At this time, no material uncollectible situations are expected. Another risk area in
Metallic Constructions concerns price increases in raw materials, namely steel. The Group considers profitability will
not be influenced as selective stock policies are used and the increase in costs tends to be reflected in prices. Finally,
this business area registered favourable currency movements of €2,3Mn which may not occur in the second half of the
year.
In Energy Systems, the Group expects a significant increase in the activity in the second half mainly due to turnkey
wind and solar projects in construction or expected to start until the end of the year. Inherent to this activity is the
risk of a delay in the execution of the projects resulting from delays in the reception of equipments or in obtaining the
necessary permits on behalf of our clients, which may have an effect on revenues. Additionally, the nature of the
turnkey activity may lead to eventual penalties for late delivery regarding construction deadlines or if performance or
efficiency ratios are below expectations. Nevertheless, based on the projects in hand, the Group does not expect any
material effects in the second half of the year.
In regards to Electricity Generation, given the current market conditions in obtaining wind and solar equipments,
sometimes it is necessary to advance payments to suppliers in order to secure equipments, even without having
obtained full licensing for the projects. This may result in higher than expected working capital requirements. Even
though equipment and turnkey contracts typically include warranties and penalties covering delivery deadlines, delays
may result in less attractive tariffs and, consequently, in lower returns. Finally, the Electricity Generation area requires
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
11
considerable investments usually employing high leverage. The current market conditions and the increase in interest
rates may result in an increase in the required rate of return for certain projects. Nonetheless, Martifer Renewables
does not expect any material impact in its activity during the second half of the arising from these risk factors.
In Agriculture & Biofuels, the recent volatility in the price of goods may affect the return of the agriculture activity.
Nevertheless, current market prices are above the prices in the beginning of the year and usually a lower margin in this
business area implies a better margin in the biofuel activity. In which concerns the sale of biodiesel, both quantities and
margin may be affected by the increase in price due to the increase in price of feedstock. This activity has also been
impacted by the uncertainty regarding future policies for promoting the use of biodiesel, which may continue in the
second half of the year.
The Group held on 30 June 2008 17.695.505 shares of EDP - Energias de Portugal. Given the high volatility witnessed
in financial markets, it is uncertain what the share price evolution will be in the coming months.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
12
SHARE PERFORMANCE
Martifer is listed on Euronext Lisbon since June 2007. The closing price of Martifer shares on 30 June 30 2008 was 6,97
euros per share, which represents a market capitalization of 697.000.000 euros. Since the beginning of the year,
Martifer stock fell 14,5%. In the same period, the most representative index on the Portuguese market, the PSI20, fell
by 31,6%. Average daily volume in the period was 99.373 shares.
1st Half 2008
Shares traded
Closing price
400.000
10,00
9,50
9,00
8,50
8,00
7,50
7,00
6,50
6,00
5,50
5,00
200.000
0
Dec-07 Jan-08
Feb-08 Mar-08 Apr-08 May-08 Jun-08
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
13
INFORMATION REGARDING THE INTERIM NON CONSOLIDATED FINANCIAL STATEMENTS
In the terms of paragraph b) on the number 3 of article 246 of the Securities code, the interim non consolidated
financial statements of Martifer SGPS SA are not published as they do not contain any relevant information.
Oliveira de Frades, 28 August 2008
__________________________________
Carlos Manuel Marques Martins, Chairman
__________________________________
Jorge Alberto Marques Martins, Vice-Chairman
__________________________________
António Manuel Serrano Pontes, Director
__________________________________
Eduardo Jorge de Almeida Rocha, Director
__________________________________
António Jorge Campos de Almeida, Director
__________________________________
__________________________________
Pedro Álvaro de Brito Gomes Doutel , Director
__________________________________
José Manuel de Almeida Rodrigues, Director
Luís Valadares Tavares, Director
__________________________________
Jorge Bento Ribeiro Barbosa Farinha , Director
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
14
MANDATORY INFORMATION
HOLDINGS OF MEMBERS OF THE MANAGEMENT AND SUPERVISORY BODIES
In accordance with paragraph b) of number 1 of article 9 of the CMVM Regulation number 4/2004, Martifer SGPS, SA
declares to have received the following information:
Management and Supervisory bodies
member
Shares held
on Dec.
31st, 2007
Carlos Manuel Marques Martins
70.030
Jorge Alberto Marques Martins
109.460
António Manuel Serrano Pontes
António Jorge Campos de Almeida
Eduardo Jorge de Almeida Rocha
Share dealings in the first half 2008
Date
Purchase
Sales
Average
Price
Shares held
on Jun.
30th, 2008
70.030
15 Jan
1.300
6,72
17 Mar
5.000
7,71
20 Mar
15.000
7,45
70.447
130.760
70.447
6.520
21 Jan
5.000
5,80
11.520
15.000
4 Jan
5.000
7,70
20.000
José Manuel de Almeida Rodrigues
n.d.
24.453
Pedro Álvaro de Brito Gomes Doutel
n.d.
2.230
Carlos Manuel Marques Martins and Jorge Alberto Marques Martins, Chairman and Vice-Chairman respectively, are
direct shareholders of Martifer SGPS SA and additionally hold the total share capital of MTO - SGPS, SA (MTO). MTO
held on 30 June 2008 a total of 38.532.781 shares of Martifer SGPS SA.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
15
In the following table are the share dealings by MTO during the first half of 2008:
MTO – SGPS, S.A.
Share dealings in the first half 2008
14 Jan
44.000
Average
Price
6,921
16 Jan
50.000
6,239
17 Jan
25.440
6,31
18 Jan
86.735
6,248
21 Jan
30.000
5,897
22 Jan
58.007
5,803
23 Jan
66.822
6,14
24 Jan
67.639
6,132
25 Jan
4.550
6,438
28 Jan
29.296
6,848
29 Jan
16.500
6,132
30 Jan
68.828
7,204
31 Jan
28.664
7,366
1 Feb
9.389
7,282
4 Feb
36.220
7,332
5 Feb
67.037
7,193
6 Feb
58.000
7,046
7 Feb
67.352
6,996
8 Feb
61.098
7,298
7 Mar
14.000
7,669
17 Mar
3.000
7,738
8,82
30 Apr
1.945
8,85
Date
Purchase
16 Apr
Sale
5.000
15 Jan
32.253
Average
Price
6,758
Date
Purchase
Sale
16 May
10.000
8,629
20 May
5.000
8,32
27 May
11.860
7,88
28 May
1.500
7,772
5 Jun
8.870
7,521
16 Jun
5.000
7,170
17 Jun
230
7,36
18 Jun
1.948
7,27
19 Jun
5.000
7,41
20 Jun
125
7,18
23 Jun
1.850
7,36
24 Jun
5.000
7,01
25 Jun
5.000
7,00
26 Jun
5.000
6,829
30. Jun
1.695
7,03
José Manuel de Almeida Rodrigues, Director of Martifer SGPS SA, was elected for that position in the Annual General
Meeting on March 28th, 2008, was a holder, on that date, of 24.453 shares.
Pedro Álvaro de Brito Gomes Doutel, Director, was elected for that position in the Annual General Meeting on March
28th, 2008, was a holder, on that date, of 2.230 shares.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
16
HOLDERS OF QUALIFIED SHAREHOLDINGS
(article 4, paragraph e) of CMVM Regulation nº 4/2004)
In accordance with paragraph e) of the number 1 of article 9 of CMVM Regulation number 4/2004, the company
informs about qualified shareholdings.
As of 30 June 2008, according to information given to the company, the following entities were holders of qualified
shareholdings in the share capital of the company:
Shareholder
Number of Shares
% of
shareholder
equity
% of voting rights
MTO – SGPS, SA
Directly
38.532.781
38,533%
38,533%
Though Director Carlos Manuel Marques
Martins
70.030
0,070%
0,070%
Though Director Jorge Alberto Marques
Martins
130.760
0,131%
0,131%
38.733.571
38,734%
38,734%
37.500.000
37,50%
37,50%
Though Director Eduardo Jorge de Almeida
Rocha
20.000
0,020%
0,02%
Though Director António Jorge Campos de
Almeida
11.520
0,012%
0,012%
37.521.520
37,532%
37,532%
Total attributed
MOTA-ENGIL – SGPS, SA
Directly
Total attributed
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
17
STATEMENTS OF COMPLIANCE
STATEMENT BY THE BOARD OF DIRECTORS
Dear Shareholders,
In accordance with paragraph c) on the number 1 of article 246 of the Securities Code (Código de Valores
Mobiliários), we hereby declare that, as to the best of our knowledge, the financial statements reported in the interim
report of Martifer SGPS SA for the period ended 30 June 2008 was compiled according to the applicable accounting
standards, giving a true and appropriate picture of the assets and liabilities, financial position and results of Martifer
SGPS, SA and of the companies included in its consolidation perimeter; the interim management report of Martifer
SGPS, SA faithfully reviews the relevant events that occurred in the period and the impact of such events on the
financial statements, as well as a description of the main risks and uncertainties it faces for the subsequent six months.
Oliveira de Frades, 28 August 2008
________________________________
Carlos Manuel Marques Martins
Chairman of the Board of Directors
________________________________
José Manuel de Almeida Rodrigues
Director
________________________________
Jorge Alberto Marques Martins
Vice-Chairman of the Board of Directors
________________________________
Pedro Álvaro de Brito Gomes Doutel
Director
________________________________
António Manuel Serrano Pontes
Director
________________________________
Luís Valadares Tavares
Director
________________________________
António Jorge Campos de Almeida
Director
________________________________
Jorge Bento Ribeiro Barbosa Farinha
Director
________________________________
Eduardo Jorge de Almeida Rocha
Director
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
18
STATEMENT BY THE SUPERVISORY BOARD
Dear Shareholders,
In accordance with paragraph c) on the number 1 of article 246 of the Securities Code (Código de Valores
Mobiliários), we hereby declare that, as to the best of our knowledge, the financial statements reported in the interim
report of Martifer SGPS SA for the period ended 30 June 2008 was compiled according to the applicable accounting
standards, giving a true and appropriate picture of the assets and liabilities, financial position and results of Martifer
SGPS, SA and of the companies included in its consolidation perimeter; the interim management report of Martifer
SGPS, SA faithfully reviews the relevant events that occurred in the period and the impact of such events on the
financial statements, as well as a description of the main risks and uncertainties it faces for the subsequent six months.
Oliveira de Frades, 28 August 2008
________________________________
Manuel Simões de Carvalho e Silva
Chairman of the Supervisory Board
________________________________
Carlos Alberto da Silva e Cunha
Member of the Supervisory Board
________________________________
Carlos Alberto de Oliveira e Sousa
Member of the Supervisory Board
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
19
STATEMENT BY THE AUDITOR (Revisor Oficial de Contas)
Dear Shareholders,
In accordance with paragraph c) on the number 1 of article 246 of the Securities Code (Código de Valores
Mobiliários), I hereby declare that, as to the best of my knowledge, the financial statements reported in the interim
report of Martifer SGPS SA for the period ended 30 June 2008 was compiled according to the applicable accounting
standards, giving a true and appropriate picture of the assets and liabilities, financial position and results of Martifer
SGPS, SA and of the companies included in its consolidation perimeter; the interim management report of Martifer
SGPS, SA faithfully reviews the relevant events that occurred in the period and the impact of such events on the
financial statements, as well as a description of the main risks and uncertainties it faces for the subsequent six months.
Oliveira de Frades, 28 August 2008
________________________________
Américo Agostinho Martins Pereira
Revisor Oficial de Contas
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
20
INTERIM FINANCIAL
STATEMENTS
I ST HALF 2008
CONSOLIDATED INCOME STATEMENT BY NATURE FOR THE FIRST HALF
AND QUARTERS ENDED AT 30 JUNE 2008 AND 2007
Notes
Sales and services rendered
1st Half
2008 - IFRS
1st Half
2007 - IFRS
2nd Quarter
2008 - IFRS
2nd Quarter
2007 - IFRS
(not audited)
(not audited)
(not audited)
(not audited)
3e4
327.371.766
187.736.346
184.564.947
109.396.684
5
44.823.197
21.892.192
28.534.824
7.192.794
(276.940.000)
(153.912.359)
(158.527.629)
(82.560.836)
95.254.964
55.716.179
54.572.142
34.028.642
External supplies and services
(40.724.632)
(28.300.012)
(24.262.043)
(19.220.640)
Staff costs
(24.702.544)
(16.434.295)
(14.054.222)
(8.905.412)
(195.904)
(27.605)
731.606
(50.536)
29.631.884
10.954.267
16.987.483
5.852.054
(10.515.374)
(3.861.150)
(5.338.884)
(2.023.325)
(1.456.670)
(125.815)
(1.449.243)
(106.342)
17.659.839
6.967.302
10.199.356
3.722.387
Other income
Cost of goods sold and subcontractors
Gross profit
Other gains and losses
4
Amortizations
Provisions and impairment losses
Operating Income
4
Financial Income
6
11.739.479
27.980.620
6.023.951
27.292.915
Financial Expenses
6
(15.984.416)
(15.183.651)
(6.179.945)
(13.461.258)
(465)
(4.001)
(465)
(1.892)
(3.744.502)
(1.157.520)
(1.815.441)
(439.760)
9.669.935
18.602.750
8.227.456
17.112.392
Minority Interests
1.715.697
163.595
809.990
410.071
Equity Holders of Martifer
7.954.239
18.439.155
7.417.466
16.702.321
Gains and losses on associated companies
Income tax
Profit for the period
Attributable to:
Earnings per share:
Basic
7
0,0795
0,2436
0,0742
0,2207
Diluted
7
0,0795
0,2436
0,0742
0,2207
The accompanying notes are part of these financial statements.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
22
CONSOLIDATED BALANCE SHEETS AT 30 JUNE 2008 AND 31 DECEMBER
2007
2008 - IFRS
2007 - IFRS
Notes
Assets
Non-current assets
Goodwill
Other intangible assets
Tangible assets
Investments on associated companies
Available for sale investments
Other non current assets
Deferred tax assets
Non-current assets held for sale
Current assets
Inventories
Biological assets
Trade debtors
Other debtors
Current tax assets
Other current assets
Derivatives
Cash and cash equivalents
8
9
10
11
12 e 15
33.345.622
48.932.772
264.916.126
10.830.270
3.095.412
2.124.024
506.557.814
363.244.227
13
67.452.210
67.452.210
14
14
122.890.431
9.538.155
183.310.812
53.767.640
50.208.828
71.026.286
3.128.516
47.255.149
96.990.901
2.333.595
147.232.528
14.073.491
34.129.879
38.770.275
2.573.281
32.312.299
541.125.817
368.416.250
1.115.135.841
799.112.687
50.000.000
211.903.328
7.954.239
269.857.567
50.843.872
320.701.439
50.000.000
205.361.289
26.423.647
281.784.936
3.690.499
285.475.435
112.945.977
51.770.885
2.932.486
7.197.885
14.841.001
105.970.188
53.611.131
26.434.025
6.325.137
14.054.601
189.688.234
206.395.082
305.156.682
8.623.822
139.827.258
59.929.804
15.600.640
75.607.962
77.832.753
6.953.706
111.398.253
49.048.133
12.225.293
49.784.031
604.746.168
307.242.169
794.434.402
513.637.251
1.115.135.841
799.112.687
15
Minority Interests
Total Equity
16
Liabilities
Non-current liabilities
Loans
Obligations under finance leases
Other creditors
Provisions
Deferred tax liabilities
Current liabilities
Loans
Obligations under finance leases
Suppliers
Other creditors
Current tax liabilities
Other current liabilities
Total Liabilities
Euro
(audited)
51.455.474
54.214.557
333.047.633
22.500
58.704.653
4.086.558
5.026.439
Total Assets
Equity
Share capital
Reserves
Profit
Euro
(not audited)
17
18
17
The accompanying notes are part of these financial statements.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
23
-
-
-
Other changes in the equity of subsidiaries
Changes in the consolidation perimeter
Profit
186.500.000
-
-
-
-
-
-
-
186.500.000
186.500.000
-
-
-
-
186.500.000
-
13.568.560
-
-
1.428.954
-
-
-
-
12.139.606
12.139.606
-
-
-
-
-
-
12.139.606
reserve
-
Premiums
(21.492.588)
-
-
(21.744.838)
-
-
-
-
252.250
-
-
-
-
-
-
-
-
sale Investments
Available for
24
2.625.439
-
-
110.995
2.151.513
-
-
-
362.931
3.132.426
-
-
1.679.931
-
-
-
1.452.495
Derivatives
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
50.000.000
-
Transfers
Balance at 30 June 2008
-
-
financial statements expressed in foreign currencies
Exchange differences arising on the translation of
premiums
Increase of share capital net of issuance costs and
-
50.000.000
Balance at 1 January 2008
Appropriation of the Profit of 2007
50.000.000
-
Balance at 30 June 2007
-
Profit for the year
-
-
17.999.700
-
32.000.300
Share Capital
Changes in the consolidation perimeter
Other changes in the equity of subsidiaries
financial statements expressed in foreign currencies
Exchange differences arising on the translation of
premiums
Increase of share capital net of issuance costs and
Appropriation of the Profit of 2006
Balance at 1 January 2007
revaluation
Share
Tangible Assets
Fair Value Reserves
(674.941)
-
-
-
-
2.966.546
-
-
(3.641.487)
1.031.497
-
-
-
326.627
-
-
704.870
reserve
translation
currency
Foreign
31.376.859
-
(193.621)
(2.449.644)
(2.151.513)
-
-
26.423.647
9.747.990
10.663.058
-
-
3.783.852
-
(12.536.731)
12.882.793
6.533.144
Other Reserves
7.954.239
7.954.239
-
-
-
-
-
(26.423.647)
26.423.647
18.439.155
18.439.155
-
-
-
-
(12.882.793)
12.882.793
Profit for the year
269.857.567
7.954.239
(193.621)
(22.654.533)
-
2.966.546
-
-
281.784.936
281.905.742
18.439.155
-
5.463.783
326.627
191.962.969
-
65.713.208
Martifer
equity holders of
Attributable to
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS ENDED AT 30 JUNE 2008 AND 2007
4
50.843.872
1.715.697
(547.354)
44.307.016
-
1.678.014
-
-
3.690.499
6.161.783
163.595
44.500
206.408
87.784
-
-
5.659.496
Minority interests
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED AT
30 JUNE 2008 AND 2007
2008 - IFRS
2007 - IFRS
Euro
Euro
( not audited)
(audited)
Operating Activities
Cash receipts from trade debtors
Cash paid to suppliers
Payments to employees
Cash flow generated by the operations
Income taxes (paid)/received
Other cash receipts/payments relating to operating activities
Others
Net cash flow from operating activities (1)
335.079.347
198.397.253
(323.508.689)
(199.291.190)
(17.877.928)
(6.307.270)
(11.696.302)
(12.590.239)
(3.119.700)
(3.619.691)
(33.831.646)
(36.951.346)
(12.412.742)
(16.032.432)
(43.258.616)
(28.622.671)
Investing Activities
Cash receipts arising from
Investments
2.274.706
250.000
Tangible assets
608.616
21.036
Intangible assets
14.586
Investment Grants
1.111.811
Interest and similar income
1.505.666
Dividends
2.213.388
Others
8.638
396.751
289
45.813
-
7.774.586
676.714
Cash payments arising from:
Investments
(21.437.896)
(7.471.913)
Tangible assets
(42.532.326)
(19.020.918)
Intangible assets
(4.670.434)
(2.021.272)
(859.208)
(69.499.864)
(28.514.104)
(61.725.278)
(27.837.390)
968.082.325
727.250.555
19.131.611
194.131.361
Others
Net cash flow from the investing activities (2)
Financing Activities
Cash receipts arising from:
Loans obtained
Capital increases, supplementary capital and share premiums
Subsidies and donations
-
148.976
Others
-
257.895
987.213.936
921.788.787
(853.009.049)
(781.787.112)
(2.187.949)
(1.019.571)
(12.146.752)
(3.910.895)
Cash payments arising from:
Loans obtained
Leasings
Interest and similar costs
Capital and supplementary capital decreases
Others
Net cash flow from the financing activities (3)
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)
Changes in the consolidation perimeter and others
Effect of foreign exchange currencies
(675.000)
-
-
(732.829)
(868.018.751)
(787.450.407)
119.195.185
134.338.380
14.211.291
77.878.320
832.828
-
(101.269)
10.167
Cash and cash equivalents at the beginning
32.312.299
9.595.570
Cash and cash equivalents at the end
47.255.149
87.484.057
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
25
Introductory Note
Martifer SGPS, SA, has its registered offices in the Industrial Zone of Oliveira de Frades – Portugal (“Martifer SGPS” or “Company”).
The main business of Martifer SGPS and its subsidiaries (“GROUP”) is the construction of metal infrastructures, in the area of
producing equipment for energy, in electricity and biofuel production, as well as the commercialization and management of real
estate projects and also agriculture projects. (Note 4).
Martifer SGPS was set up on 29 October 2004, and its equity was paid up through the handing over of all the shares, assessed at
market value, that the GROUP shareholders had in Martifer – Construções, SA, a subsidiary established in 1990, which was at that
time the parent Company of the present Martifer.
From July 2007, after the successful Initial Public Offering, the group went public and is listed on Euronext Lisbon.
On 30 June 2008 the Group was operating in Portugal, Spain, Poland, Slovakia, Germany, Romania, the Czech Republic, Angola,
Brazil, Sweden, Ukraine, Greece, the United States of America, Austria, Australia, Mozambique, Ireland, Belgium, and Italy.
All the amounts presented in these explanatory notes are in Euro (rounded to units), unless expressly stated otherwise.
1. Accounting Policies
Basis of Preparation
The attached financial statements are the consolidated financial statements of the first half of the companies of the Martifer Group
and have been prepared assuming that the Company will continue as a going concern, based on the books and accounting entries of
the firms comprising the Group so that the consolidated financial statements comply with International Financial Reporting Standards
(‘IAS/IFRS’) (Note 2), in accordance with IAS 34 – “Interim Financial Reporting.
The Group makes no difference between the IFRS as adopted by the European Union and the IFRS published by the International
Accounting Standards Board (IASB).
1 January 2004 signifies the start of the period of first application IAS/AFRS for the Company. in accordance with the IFRS 1 - First
Application of the International Financial Reporting Standards.
During the first half ended at 30th June 2008, there have been no changes in the methods of estimate calculation, as well as the
accounting policies presented on the Consolidated Financial Statements for the year ended at 31 December 2007.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
26
2. Group Companies Included in the Consolidation Financial Statements
On the 30th of June 2008, the companies included on the consolidation process, the respective methods of consolidation, head
offices, percentage of share capital held, business activity and incorporation or acquisition date are as follows:
Companies Consolidated According to the Full Consolidation Method
Head Office
Percentage of
share capital
held
Business Activity
Incorporation
date
Acquisition
date
Martifer SGPS, S.A.
(Martifer SGPS)
Oliveira de
Frades
Holding
Holding Company
October 2004
-
Martifer Inovação e Gestão, S.A.
(Martifer Inovação)
Oliveira de
Frades
100%
Consulting, research &
development
January
2007
-
Martifer Metallic Constructions
SGPS, S.A. previously Martifer
Indústria SGPS, S.A.
(Martifer Metallic Constructions)
Oliveira de
Frades
100%
Holding Company
December
2006
-
Martifer - Construções
Metalomecânicas, S.A. (Martifer
Construções)
Oliveira de
Frades
Through Martifer
Metallic
Constructions
100%
Metal construction
February
1990
-
Martifer - Gestão de
Investimentos, S.A. (MGI)
Oliveira de
Frades
Through Martifer
Metallic
Constructions
100%
Buying and selling real
estate
May
2000
-
Martifer - Alumínios, S.A.
(Martifer Alumínios)
Oliveira de
Frades
Through Martifer
Metallic
Constructions
55%
Construction of aluminium
façades
September
1990
1999
Martifer - Alumínios, S.A.
(Martifer Alumínios Espanha)
Madrid
Through Martifer
Alumínios
55%
Construction of aluminium
façades
January
2007
-
Martifer Alumínios Angola, S.A.
(Martifer Alumínios Angola)
Luanda
Through Martifer
Alumínios
50,6%
Construction of aluminium
façades
April
2008
-
Sever do Vouga
Through Martifer
Metallic
Constructions
75%
Metalworking
May
1996
1998
Luanda
Through Martifer
II Inox
48%
Metalworking
March
2008
-
Company
Martifer II Inox, S.A. - previously
Martins & Coutinho –Const. em
Aço Inox, S.A. (Martifer II Inox)
Martinox, S.A.
(Martinox Angola)
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
27
Madrid
Through Martifer
Metallic
Constructions
100%
Commerce, assembly,
support for works
management
November
1999
-
Luanda
Through Martifer
Metallic
Constructions
58,125%
Commerce, assembly,
support for works
management
March
2007
-
Dublin
Through Martifer
Metallic
Constructions
100%
Commerce, assembly,
support for works
management
November
2007
-
Gliwice
Through Martifer
Metallic
Constructions
100%
Metal construction
February
2003
-
Gliwice
Through Martifer
Alumínios
55%
Commerce, assembling
aluminium façades
and support for technical
management
December
2004
-
Sidney
Through Martifer
Alumínios
44%
Commerce, assembling
aluminium façades
and support for technical
management
March
2008
-
Bucareste
Through Martifer
Metallic
Constructions
100%
March
2005
-
Praga
80%
Commerce, assembly,
support for works
management
March
2005
-
Gliwice
Through Martifer
Metallic
Constructions
100%
General works management
April
2005
-
Bratislava
Through Martifer
Metallic
Constructions
20%
Through Martifer
Polska
80%
Commerce, assembly,
support for works
management
March
2005
-
Martifer Beteiligungsverwaltungs
GmbH
(Martifer GmbH)
Viena
100%
Holding Company
-
2007
Sociedade de Madeiras do Vouga,
S.A.
(Madeiras do Vouga)
Albergaria
a
Velha
Through Martifer
Metallic
Constructions
100%
Production and
commercialization of timber
and construction materials
-
2007
Martifer – Construcciones
Metálicas España, S.A. (Martifer
Espanha)
Martifer – Construções Metálicas
Angola, S.A.
(Martifer Angola)
Martifer Construction Limited
(Martifer Irlanda)
Martifer Polska Sp. z o.o.
(Martifer Polska)
Martifer Aluminium Sp. z o.o.–
previously MZI Polska SP Z.o.o.
(Martifer Aluminium)
Sassal Aluminium Pty, Ltd
(Sassal)
Martifer Constructii SRL
(Martifer Constructii)
Martifer CZ, SRO
(Martifer CZ)
Martifer Konstrukcje Sp. z o.o.
(Martifer Konstrukcje)
Martifer Slovakia SRO
(Martifer Slovakia)
Commerce, assembling
aluminium façades
and support for technical
management
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
28
Nagatel Viseu, Promoção
Imobiliária, S.A.
(Nagatel Viseu)
Oliveira de
Frades
Through da MGI
100%
Real estate
March
2005
-
Martifer Retail & Warehousing
Angola, S.A.
(Martifer Retail Angola)
Luanda
Through Martifer
Metallic
Constructions
100%
Real estate
December
2007
-
Park Logistyczny Biskupice
(Biskupice)
Gliwice
Through Martifer
Konstrukcje
90%
Real estate
May
2007
-
Liszki Green Park, Sp.Zo.o –
previously Acero (Liszki Green
Park)
Gliwice
Through Martifer
Konstrukcje
90%
Real estate
-
2007
Gliwice
Through Martifer
GmbH
99,8%
Through Martifer
Konstrukcje
0,2%
Real estate
December
2007
-
Gliwice
Through Martifer
GmbH
99,8%
Through Martifer
Konstrukcje
0,2%
Real estate
December
2007
-
Martifer Energy Systems II SGPS,
S.A.
(Martifer Energy Systems II)
Oliveira de
Frades
100%
Holding Company
November
2007
-
Martifer Energia – Equipamentos
para Energia, S.A.
(Martifer Energia)
Oliveira de
Frades
Through Martifer
Energy Systems II
100%
Production of Energy
Equipments
February
2004
-
Martifer Wood Pellets, S.A.
(Wood Pellets)
Oliveira de
Frades
Through Martifer
Energy Systems II
100%
Production of Energy
Equipments
March
2007
-
RPW Investments SGPS, S.A. previously Martifer Energy
Systems SGPS, S.A.
(RPW Investments)
Oliveira de
Frades
100%
Holding Company
December
2006
-
Power Blades, S.A.
(Power Blades)
Oliveira de
Frades
100%
Production of blades for
wind towers
February
2006
-
Aveiro
Through Martifer
Energy Systems II
96,79%
Shipyard
-
2008
Oliveira de
Frades
Through Martifer
Energy Systems II
75%
Installation,
commercialisation and
maintenance of solar and
photovoltaic panels
June
2006
-
S. Francisco CA
Through Martifer
Solar 75%
Consultancy, research and
development
June
2007
-
M City Gliwice SP.So.o
(M City Gliwice)
M City Radom SP.So.o
(M City Radom)
Navalria – Docas, Construções e
Reparações Navais, S.A.
(Navalria)
Martifer Solar, S.A.
(Martifer Solar)
Martifer Solar Inc
(Martifer Inc)
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
29
Oliveira de
Frades
Through Martifer
Solar
52,5%
Installation,
commercialisation and
maintenance of solar and
photovoltaic panels
January
2008
-
Atenas
Through Martifer
Solar
45%
Installation,
commercialisation and
maintenance of solar and
photovoltaic panels
-
2008
Luanda
Through Martifer
Solar
56,25%
Installation,
commercialisation and
maintenance of solar and
photovoltaic panels
December
2006
-
Milão
Through Martifer
Solar
75%
Installation,
commercialisation and
maintenance of solar and
photovoltaic panels
February
2008
-
Madrid
Through Martifer
Solar
75%
Installation,
commercialisation and
maintenance of solar and
photovoltaic panels
February
2007
-
Repower Portugal – Sistemas
Eólicos, S.A.
(Repower Portugal)
Oliveira de
Frades
Through Martifer
Energy Systems II
50%
Production, assembly and
maintenance of
aerogenerators
June
2005
-
Ventinveste Indústria SGPS, S.A.
(Ventinveste Indústria)
Oliveira de
Frades
Through
Ventinveste SA
32,5%
Holding Company
September
2007
-
Ventipower, S.A.
(Ventipower)
Oliveira de
Frades
Through
Ventinveste
Indústria
32,5%
Production of motors and
turbines
September
2007
-
Reblades, S.A.
(Reblades)
Oliveira de
Frades
Through
Ventinveste
Indústria
32,5%
Production of components
for renewable energy
equipments
September
2007
-
Martifer Energia RO SRL
(Martifer Energia SRL)
Bucareste
Through Martifer
Energy Systems II
99%
Through Martifer
Energia
1%
Energy equipments
production
August
2007
-
Martifer Energia Sp Z.o.o
(Martifer Energia Polska)
Gliwice
Through Martifer
Energy Systems II
100%
Energy equipments
production
February
2008
-
Madrid
Through Martifer
Solar Sistemas
Solares
75%
Construction of Solar Parks
August
2007
2008
Deerlijk
Through Martifer
Solar
75%
Installation,
commercialisation and
maintenance of solar and
photovoltaic panels
May
2008
-
Martifer Enerq – Sistemas de
Energias Renováveis, S.A.
(Martifer Enerq)
P.V.I., S.A.
(PVI)
Martifer Solar Angola
(Martifer Solar Angola)
Martifer Solar S.R.L.
(Martifer Solar Itália)
Martifer Solar Sistemas Solares,
S.A.
(Martifer Solar Sistemas Solares)
Solar Parks Construccion
Parques Solares ETVE S.A.
(Solar Parks)
Martifer Solar
(Martifer Solar Bélgica)
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
30
Home Energy II, S.A.
(Home Energy II)
Oliveira de
Frades
Through Martifer
Solar
41,25%
Production and
commercialisation of
energy, energy auditing
May
2008
-
PVGlass, S.A.
(PVGlass)
Oliveira de
Frades
Through Martifer
Solar
52,5%
Production and
commercialisation of glass
items
April
2008
-
Santa Monica CA
Through Martifer
Solar Inc
37,5%
Installation solar panels
-
2008
Prio Sgps, S.A. (Prio Sgps) previously Imavic, Gestão de
Investimentos S.A.
Oliveira de
Frades
60%
Holding Company
March
2005
2008
Prio Advanced Fuels, S.A.
(Prio Advanced Fuels)
Oliveira de
Frades
Through Prio
Sgps 60%
Fuel and biofuel distribution
October
2006
-
Coimbra
Through Prio
Advanced Fuels
60%
Fuel and biofuel distribution
-
2007
Prio Biocombustíveis, S.A. (Prio
Biocombustíveis)
Oliveira de
Frades
Through Prio
Sgps 60%
Biofuel refinery
February
2006
-
Prio Gestão, Trading e Logistica,
S.A.
(Prio GTL)
Oliveira de
Frades
Through Prio
Sgps 60%
Consultancy
May
2007
-
Prio Agricultura, SRL – previously
Agromart Energy SRL
(Prio Agricultura)
Bucareste
Through Prio
Sgps
60%
Agriculture
March
2005
-
Prio Biocombustibil SRL previously Biomart Energy SRL
(Prio Biocombustibil)
Bucareste
Through Prio
Sgps
59,96%
Through Prio
Agricultura
0,04%
Biofuel refinery
March
2005
-
Prio Agricultura e Extracção
LTDA Previously Prio Extracção &
Logística, LTDA
(Prio Agricultura e Extracção)
S. Luís do
Maranhão
Through Prio
Sgps 60%
Crushing of and oil
extraction from seeds
November
2006
-
Prio Biopaliwa, Sp. Z o.o.
(Prio Biopaliwa)
Gliwice
Through Prio
Sgps 60%
Agriculture and storage of
cereals and oils
November
2006
-
Prio Agricultura, S.A.
(Prio Agricultura Moçambique)
Maputo
Through Prio
Sgps 36%
Agriculture
November
2007
-
Bucareste
Through Prio
Agricultura
45%
Through Prio
Biocombustibil
15%
Agriculture
June
2007
-
A&M Energy Solutions
(A&M)
Mondefin
(Mondefin)
Prio Agromart S.R.L.
(Prio Agromart)
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
31
Bucareste
Through Prio
Agricultura
45%
Through Prio
Biocombustibil
15%
Agriculture
June
2007
-
Bucareste
Through Prio
Agricultura
45%
Through Prio
Biocombustibil
15%
Agriculture
June
2007
-
Bucareste
Through Prio
Agricultura
45%
Through Prio
Biocombustibil
15%
Agriculture
June
2007
-
Bucareste
Through Prio
Agricultura
45%
Through Prio
Biocombustibil
15%
Agriculture
June
2007
-
Bucareste
Through Prio
Agricultura
45%
Through Prio
Biocombustibil
15%
Agriculture
June
2007
-
Prio Turism Rural S.R.L
(Prio Turism Rural)
Bucareste
Through Prio
Agricultura
45%
Through Prio
Biocombustibil
15%
Agriculture
June
2007
-
Agromec Balaciu
(Agromec Balaciu)
Bucareste
Through Prio
Agricultura
52,164%
Agriculture
-
2007
Zimbrul, S.A.
(Zimbrul)
Bucareste
Through Prio
Agricultura
60%
Agriculture
-
2007
Agrozootehnica, S.A.
(Agrozootehnica)
Bucareste
Through Prio
Agricultura
31,20%
Através da
Zimbrul
28,78%
Agriculture
-
2007
Martifer Renewables SGPS –
previously Eviva SGPS, S.A.
(Martifer Renewables SGPS)
Oliveira de
Frades
100%
Holding Company
December
2006
-
Martifer Renewables S.A. –
previously Eviva Energy, S.A.
(Martifer Renewables SA)
Oliveira de
Frades
October
2005
-
Prio Balta S.R.L.
(Prio Balta)
Prio Facaieni S.R.L.
(Prio Facaieni)
Prio Ialomita S.R.L.
(Prio Ialomita)
Prio Rapita S.R.L.
(Prio Rapita)
Prio Terra Agricola S.R.L.
(Prio Terra Agricola)
Through Martifer
Production, commercialising
Renewables SGPS
and distribution of energy
100%
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
32
Eviva – Energias Renovables, S.A.
(Eviva Energias Renovables)
Eurocab FV 1 SL
(Eurocab 1)
Eurocab FV 2 SL
(Eurocab 2)
Eurocab FV 3 SL
(Eurocab 3)
Eurocab FV 4 SL
(Eurocab 4)
Eurocab FV 5 SL
(Eurocab 5)
Eurocab FV 6 SL
(Eurocab 6)
Eurocab FV 7 SL
(Eurocab 7)
Eurocab FV 8 SL
(Eurocab 8)
Eurocab FV 9 SL
(Eurocab 9)
Eurocab FV 10 SL
(Eurocab 10)
Eurocab FV 11 SL
(Eurocab 11)
Eurocab FV 12 SL
(Eurocab 12)
Eurocab FV 13 SL
(Eurocab 13)
Madrid
Through Martifer
Production, commercialising
Renewables SGPS
and distribution of energy
100%
May
2007
-
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
33
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Eurocab FV 17 SL
(Eurocab 17)
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Eurocab FV 18 SL
(Eurocab 18)
Madrid
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
-
2007
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
May 2008
-
Madrid
Through Eviva
Energias
Renovables
100%
Production, commercialising
and distribution of energy
May 2008
-
Madrid
Through Eviva
Energias
Renovables
75%
Management of solar parks
Agosto
2007
-
Through Martifer
Production, commercialising
Renewables SGPS
and distribution of energy
100%
March
2005
-
December
2006
-
Eurocab FV 14 SL
(Eurocab 14)
Eurocab FV 15 SL
(Eurocab 15)
Eurocab FV 16 SL
(Eurocab 16)
Eurocab FV 19 SL
(Eurocab 19)
Eurocab FV 20 SL
(Eurocab 20)
Eurocab FV 21 SL
(Eurocab 21)
Solar Planet Promocion de
Parques Solares ETVE S.A.
(Solar Planet)
Eviva Energy SRL - previously
M Wind Energy SRL
(Eviva Energy SRL)
Eviva Nalbant SRO
(Eviva Nalbant)
Bucareste
Bucareste
Through Eviva
Energias
Renovables
100%
Through Eviva
Energy SRL
99%
Through Prio
Agricultura
0,6%
Production, commercialising
and distribution of energy
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
34
Bucareste
Through Eviva
Energy SRL
99%
Through Prio
Agricultura
0,6%
Production, commercialising
and distribution of energy
December
2006
-
Eviva Casimcea SRO
(Eviva Casimcea)
Bucareste
Through Eviva
Energy SRL
99%
Through Prio
Agricultura
0,6%
Production, commercialising
and distribution of energy
December
2006
-
MW Topolog SRL
(MW Topolog)
Bucareste
Through Eviva
Energy SRL
99%
Production, commercialising
and distribution of energy
September
2006
-
Eviva Hidro SRL
(Eviva Hidro)
Bucareste
66%
Through Martifer
Renewables SGPS
33%
Energy production from
small-scale hydroelectric
power stations
December
2006
-
Eviva SRO - previously M Wind
SRO (Eviva SRO)
Bratislava
Through Martifer
Production, commercialising
Renewables SGPS
and distribution of energy
100%
Setember
2006
-
Eviva S.A. - previously
Mzi Megawatt Sp. Z o.o.
(Eviva S.A.)
Gliwice
Through Martifer
Production, commercialising
Renewables SGPS
and distribution of energy
100%
May
2005
-
IWP Sp. Z o.o.
(IWP)
Gliwice
Through Eviva
S.A. 100%
Production, commercialising
and distribution of energy
-
2005
Bukowsko
(Bukowsko)
Gliwice
Through Eviva
S.A. 100%
Production, commercialising
and distribution of energy
-
2007
Eviva Zebowo SP
(Eviva Zebowo)
Gliwice
Through Eviva
S.A. 51%
Production, commercialising
and distribution of energy
-
2007
Eviva Gac SP
(Eviva Gac)
Gliwice
Through Eviva
S.A. 51%
Production, commercialising
and distribution of energy
-
2007
Eviva Drzezewo SP
(Eviva Drzezewo)
Gliwice
Through Eviva
S.A. 51%
Production, commercialising
and distribution of energy
-
2007
Eviva Mepe
(Eviva Mepe)
Atenas
Through Martifer
Production, commercialising
Renewables SGPS
and distribution of energy
100%
May
2007
-
Eviva Beteiligungsverwaltungs
GmbH
(Eviva GmbH)
Viena
Through Martifer
Renewables SGPS
100%
-
2007
Eviva Energy Pty, Ltd.
(Eviva Pty)
Sidney
Through Martifer
Production, commercialising
Renewables SGPS
and distribution of energy
80%
December
2007
-
Bremen
Through Martifer
Deutschland
99,91%
Through Eviva
GmbH
0,09%
-
2007
Eviva Agirghiol SRL
(Eviva Agirghiol)
Windpark Bippen GmbH & Co.
KG
(Bippen KG)
Holding Company
Development, construction
and management of wind
farms
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
35
Windpark Holleben GmbH & Co.
KG
(Holleben KG)
Bremen
Through Martifer
Deutschland
99,91%
Through Eviva
GmbH
0,09%
Martifer Deutschland GmbH
(Martifer Deutschland)
Berlim
Through Eviva
GmbH
100%
Holding Company
October
2005
-
S. Francisco CA
Through Martifer
Renewables SGPS
80%
Electricity production
December
2007
-
San Diego
CA
Through Eviva
LLC
72%
Wind energy projects
development
January
2008
-
San Diego CA
Through Eviva
LLC
80%
Solar energy projects
development
January
2008
-
March
2008
-
Eviva Electricity LLC
(Eviva Electricity)
Eviva Spinnaker Energy LLC
(Eviva Spinnaker)
Eviva California Solar
Holdings LLC
(Eviva Solar LLC)
Development, construction
and management of wind
farms
-
2007
Through Martifer
Production, commercialising
Renewables SGPS
and distribution of energy
100%
Eviva Itália, S.R.L.
(Eviva Itália)
Milão
Eviva Bippen GmbH
(Eviva Bippen)
Berlim
Through Eviva
GmbH
100%
Wind farm management
-
2008
Eviva Rumsko Sp Z.o.o
(Eviva Rumsko)
Slupsk
Through Eviva
GmbH 51%
Production, commercialising
and distribution of energy
-
2008
Eviva Redecin Sp Z.o.o
(Eviva Redecin)
Slupsk
Through Eviva
GmbH 51%
Production, commercialising
and distribution of energy
-
2008
Oliveira de
Frades
Through Martifer
Renewables SGPS
75%
Development and
construction of energy
plants
May 2008
-
Clean Energy Solutions
(Clean Energy Solutions)
Suécia
Through Martifer
Renewables SGPS
50,1%
Producing energy
-
2007
Nova Eco LLC
(Nova Eco LLC)
Ucrânia
Through Clean
Energy Solutions
50,1%
Producing energy
-
2007
Gesto Energia SA
(Gesto Energia)
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
36
Companies consolidated through the proportional method
Companies consolidated through the proportional method, head offices, percentage of share capital held, business activity,
incorporation or acquisition date are as follows:
Company
Head Office
Percentage of
share capital
held
Business activity
Incorporati
on date
Acquisitio
n date
Gebox, S.A.
(Gebox)
Ilhavo
Through Martifer
Energy Systems II
50%
Production of gearboxes
for wind turbines
June
2006
-
Promoquatro – Investimentos
Imobiliários, Lda. (Promoquatro)
Oliveira de
Frades
Through MGI
50%
Real estate
December
2001
2005
WPT – Wind Power
Transmission S.A. (WPT)
Oliveira de
Frades
Through Gebox
33,33%
Production of gearboxes
for wind turbines
May
2007
-
Martifer Retail & Warehousing
SRL (Martifer Retail, SRL)
Bucareste
50%
Real estate
July
2007
-
Ventinveste, S.A.
(Ventinveste SA)
Lisboa
5%
Through Martifer
Renewables SA
25%
Through
Repower Portugal
0,5%
Through Power
Blades
1%
Through Martifer
Energia
1%
Management and
implementation of the wind
power project of 400MW,
as well as the Portuguese
industrial cluster in the
wind power components
September
2007
-
Ventinveste Eólica, SGPS, S.A.
(Ventinveste Eólica)
Lisboa
Through
Ventinveste SA
32,5%
Holding Company
September
2007
-
Parque Eólico de Torrinheiras,
S.A. (PE Torrinheiras)
Lisboa
Through
Ventinveste Eólica
32,5%
Development, construction
and management of wind
farms
September
2007
-
Parque Eólico do Douro Sul, S.A.
(PE Douro Sul)
Lisboa
Through
Ventinveste Eólica
32,5%
Development, construction
and management of wind
farms
September
2007
-
Parque Eólico do Pinhal do Oeste,
S.A. (PE Pinhal do Oeste)
Lisboa
Through
Ventinveste Eólica
32,5%
Development, construction
and management of wind
farms
September
2007
-
Parque Eólico de Vale Grande,
S.A. (PE Vale Grande)
Lisboa
Through
Ventinveste Eólica
32,5%
Development, construction
and management of wind
farms
September
2007
-
Parque Eólico de Vale do Chão,
S.A. (PE Vale do Chão)
Lisboa
Through
Ventinveste Eólica
32,5%
Development, construction
and management of wind
farms
September
2007
-
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
37
Parque Eólico do Cabeço Norte,
S.A. (PE Cabeço Norte)
Lisboa
Through
Ventinveste Eólica
32,5%
Development, construction
and management of wind
farms
September
2007
-
Parque Eólico da Serra do Oeste,
S.A. (PE Serra do Oeste)
Lisboa
Through
Ventinveste Eólica
32,5%
Development, construction
and management of wind
farms
September
2007
-
Parque Eólico do Planalto, S.A.
(PE Planalto)
Lisboa
Through
Ventinveste Eólica
32,5%
Development, construction
and management of wind
farms
September
2007
-
Eviva Dunowo, Sp. Z o.o.
(Eviva Dunowo)
Gliwice
Through Eviva
GmbH
50%
Producing. Commercialising
and distributing energy
December
2007
-
Oliveira de
Frades
Through Martifer
Renewables SGPS
50%
Management of the Baião
wind farm
June 2008
-
SPEE 3 – Parque Eólico do Baião,
S.A. (SPEE 3)
Companies consolidated through the equity method
Companies consolidated through the equity method, head offices, percentage of share capital held, business activity and
incorporation or acquisition date are as follows:
Company
Head Office
Percentage of
share capital
held
Business Activity
Incorporatio
n date
Acquisition
date
Proempar
(Proempar)
Porto
Through
Promoquatro
24%
Promotion and management
of technological and industrial
sites
October
2006
-
Felgueiras
Through
Promoquatro
5%
Through Proempar
14,4%
Promotion and management
of technological and industrial
sites
December
2006
-
Oliveira de Frades
Through Martifer
Renewables SA
45%
Production of energy from
hydro sources
June
2008
-
Parque Tecnológico do Tâmega
(PTT)
Green Vouga, SA
(GREEN VOUGA)
During the first half ended at the 30th of June 2008 and 2007 the changes in the consolidation perimeter are as follows:
Incorporated companies:
In 2008:
Martifer Enerq – Sistemas de Energias Renováveis, S.A. (Martifer Enerq)
Martifer Energia Sp Z.o.o (Martifer Energia Polónia)
Martifer Solar, S.R.L. (Martifer Solar Itália)
Martinox, S.A. (Martinox Angola)
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
38
Martifer Construction Limited (Martifer Irlanda)
Sassal Aluminium Pty, Ltd (Sassal)
Eviva Spinnaker Energy LLC (Eviva Spinnaker)
Eviva California Solar Holdings LLC (Eviva Solar LLC)
Eviva Itália S.R.L. (Eviva Itália)
Home Energy II, S.A. (Home Energy II)
Martifer Solar (Martifer Solar NV)
PVGlass, S.A. (PVGlass)
Martifer Alumínios Angola, SA (Martifer Alumínios Angola)
Eurocab FV 20 SL (Eurocab 20)
Eurocab FV 21 SL (Eurocab 21)
GREEN VOUGA, S.A. (GREEN VOUGA)
SPEE 3 – Parque Eólico do Baião, S.A. (SPEE 3)
Gesto – Energia, S.A. (GESTO ENERGIA)
In 2007:
Eviva – Energia Renovables, S.A. (Eviva – Energia Renovables)
Eviva Mepe (Eviva Mepe)
Martifer - Alumínios, S.A. (Martifer Alumínios Espanha)
Martifer – Construções Metálicas Angola, S.A. (Martifer Angola)
Martifer Inc. (Martifer Inc.)
Martifer Inovação e Gestão, S.A. (Martifer Inovação)
Martifer Solar Sistemas Solares, S.A. (Martifer Solar Sistemas Solares)
Martifer Wood Pellets, S.A. (Wood Pellets)
Park Logistyczny Biskupice (Biskupice)
Prio Agromart S.R.L. (Prio Agromart)
Prio Balta S.R.L. (Prio Balta)
Prio Facaieni S.R.L. (Prio Facaieni)
Prio Gestão, Trading e Logistica, S.A. (Prio GTL)
Prio Ialomita S.R.L. (Prio Ialomita)
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
39
Prio Rapita S.R.L. (Prio Rapita)
Prio Terra Agricola S.R.L. (Prio Terra Agricola)
Prio Turism Rural S.R.L. (Prio Turism Rural)
WPT – Wind Power Transmission S.A. (WPT)
Martifer Retail & Warehousing SRL (Martifer Retail, SRL)
Martifer Energia RO SRL (Martifer Energia SRL)
Solar Parks Construccion Parques Solares ETVE S.A. (Solar Parks)
Solar Planet Promocion de Parques Solares ETVE S.A. (Solar Planet)
Ventinveste Indústria SGPS, S.A. (Ventinveste Indústria)
Ventipower, S.A. (Ventipower)
Reblades, S.A. (Reblades)
Ventinveste, S.A. (Ventinveste SA)
Ventinveste Eólica SGPS, S.A. (Ventinveste Eólica)
Parque Eólico de Torrinheiras, S.A. (PE Torrinheiras)
Parque Eólico do Douro Sul, S.A. (PE Douro Sul)
Parque Eólico do Pinhal do Oeste, S.A. (PE Pinhal do Oeste)
Parque Eólico de Vale Grande, S.A. (PE Vale Grande)
Parque Eólico de Vale do Chão, S.A. (PE Vale do Chão)
Parque Eólico do Cabeço Norte, S.A. (PE Cabeço Norte)
Parque Eólico da Serra do Oeste, S.A. (PE Serra do Oeste)
Parque Eólico do Planalto, S.A. (PE Planalto)
Martifer Retail & Warehousing Angola, S.A. (Martifer Retail Angola)
M City Bialystok Sp. Z o.o. (M City Bialystok)
M City Gliwice Sp. Z o.o. (M City Gliwice)
M City Legnica Sp. Z o.o. (M City Legnica)
M City Radom Sp. Z o.o. (M City Radom)
M City Szczecin Sp. Z o.o. (M City Szczecin)
Martifer Energy Systems II SGPS, S.A (Martifer Energy Systems II)
Prio Agricultura, S.A. (Prio Agricultura Moçambique)
Eviva Energy Pty, Ltd. (Eviva Pty)
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
40
Eviva Electricity LLC (Eviva LLC)
Eviva Dunowo, Sp. Z o.o. (Eviva Dunowo)
Acquired companies:
In 2008:
Navalria – Docas, Construções e Reaparações Navais, S.A. (Navalria)
PVI, S.A. (PVI)
Eviva Bippen GmbH (Eviva Bippen)
Eviva Rumsko Sp. Z.o.o (Eviva Rumsko)
Eviva Redecin Sp. Z.o.o (Eviva Redecin)
A & M – Energy Systems (A&M)
Additionally, during the first half ended at 30 June 2008, the Group increased its share in Prio SGPS from 53,5% to 60%, in Solar
Parks from 50% to 100% and in Martifer Solar from 55% to 75%.
In 2007:
Agromec Balaciu (Agromec Balaciu)
Bukowsko (Bukowsko)
Clean Energy Solutions (Clean Energy Solutions)
Eurocab FV 1 SL (Eurocab 1)
Eurocab FV 2 SL (Eurocab 2)
Eurocab FV 3 SL (Eurocab 3)
Eurocab FV 4 SL (Eurocab 4)
Eurocab FV 5 SL (Eurocab 5)
Eurocab FV 6 SL (Eurocab 6)
Eurocab FV 7 SL (Eurocab 7)
Eurocab FV 8 SL (Eurocab 8)
Eurocab FV 9 SL (Eurocab 9)
Eurocab FV 10 SL (Eurocab 10)
Eurocab FV 11 SL (Eurocab 11)
Eurocab FV 12 SL (Eurocab 12)
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
41
Eurocab FV 13 SL (Eurocab 13)
Eurocab FV 14 SL (Eurocab 14)
Eurocab FV 15 SL (Eurocab 15)
Eurocab FV 16 SL (Eurocab 16)
Eurocab FV 17 SL (Eurocab 17)
Eurocab FV 18 SL (Eurocab 18)
Eurocab FV 19 SL (Eurocab 19)
Eviva Drzezewo SP (Eviva Drzezewo)
Eviva Gac SP (Eviva Gac)
Eviva Zebowo SP (Eviva Zebowo)
Mondefin (Mondefin)
Nova Eco LLC (Nova Eco LLC)
Sociedade de Madeiras do Vouga, SA (Madeiras do Vouga)
Global Shopping, S.A. (Global Shopping)
Martifer Beteiligungsverwaltungs GmbH (Martifer GmbH)
Eviva Beteiligungsverwaltungs GmbH (Eviva GmbH)
Megajopule, SGPS, S.A. (Megajoule)
RPMI, Energia Eólica, Lda. (RPMI)
Proenfin – Estudo e Gestão de Projectos, S.A. (Proenfin)
GIE – International Energy Lda. (GIE)
Acero Sp. Z o.o. (Acero)
Zimbrul, S.A. (Zimbrul)
Agrozootehnica, S.A. (Agrozootehnica)
Windpark Bippen GmbH & Co. KG (Bippen KG)
Windpark Holleben GmbH & Co. KG (Holleben KG)
Changes in the consolidation method:
In 2008:
Solar Parks Construccion Parques Solares ETVE S.A. (Solar Parks) – from proportional to full consolidation
Clean Energy Solutions – from proportional to full consolidation
Nova Eco LLC (Nova Eco LLC) – from proportional to full consolidation
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
42
Em 2007:
Eviva S.A.- formerly known as Mzi Megawatt SP.Z.o.o. (Eviva S.A) – from equity method to full consolidation
IWP SP.Z.o.o. (IWP) – from equity method to full consolidation
Eviva Energy SRL formerly known as M Wind Energy SRL (Eviva Energy SRL) – from equity method to full consolidation
MW Topolog SRL (MW Topolog) – from equity method to full consolidation
Eviva SRO formerly known as M Wind SRO (Eviva SRO) – from equity method to full consolidation
Eviva Nalbant SRO (Eviva Nalbant) – from equity method to full consolidation
Eviva Agrighiol SRL (Eviva Agrighiol) – from equity method to full consolidation
Eviva Casimcea SRO (Eviva Casimcea) – from equity method to full consolidation
M Wind SGPS (M Wind Sgps) – from proportional to full consolidation
Nagatel Viseu, Promoção Imobiliária, S.A. (Nagatel Viseu) – from proportional to full consolidation
3. Sales and services rendered
At 30 de June 2008 and 2007, the breakdown of sales and servicer rendered is as follows:
2008
2007
Revenue from the sale of merchandise
180.154.159
53.705.408
Revenue from the sale of goods
120.499.803
126.148.646
Services Rendered
26.717.805
7.882.292
327.371.766
187.736.346
The verified increase in revenue from the sale of merchandise in the first half ended in 30 June 2008, against the same period of the
previous year, is due primarily to the sale of fuels, solar equipments and electric energy.
During the first half ended at the 30th of June 2008 and 2007 the Group has not discontinued any of its activities.
4. Information by business segment
The Group uses its internal organization in terms of management as a support for the disclosure of information for primary
segments.
The Group is organized in four major operating segments – Metallic Construction, Energy Equipments, Electric Energy and
Agriculture and Biofuels, all of which are coordinated and supported by Martifer SGPS. The Metallic Construction segment includes
all the construction activities and retail & warehousing management and development, the Energy Equipments segment includes the
production of wind, solar and wave equipments, as well as the construction of the wind farms and solar parks. The Electric Energy
segment includes the production, trade and distribution activities of energy from renewable sources and the Agriculture and Biofuels
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
43
segment includes farming, extraction, trading and distribution of biofuels. Amounts related with Martifer SGPS, Martifer Inovação e
Gestão, S.A. (MIG) are included in the ‘Holding and MIG’ caption.
During the first half ended at the 30th of June 2008, the breakdown of sales and services rendered by primary segment is as follows:
Sales to external customers
2008
Intersegment sales
2007
2008
Total
2007
2008
2007
214.867
818.344
2.634.534
1.975.680
2.849.401
2.794.024
Metallic Construction
145.061.213
117.345.029
74.000.184
37.892.236
219.061.397
155.237.265
Energy Equipments
116.981.292
35.470.446
48.059.914
1.185.247
165.041.206
36.655.693
6.002.203
136.432
10.550
3.033
6.012.752
139.464
89.395.504
52.489.720
9.440.630
450.255
98.836.134
52.939.975
357.655.079
206.259.970
134.145.811
41.506.451
491.800.890
247.766.421
(134.145.811)
(41.506.451)
Own work capitalizated (Note 5)
(30.283.313)
(18.523.623)
Sales and services rendered
327.371.766
187.736.346
Holding and MIG
Electric Energy
Agriculture & Biofuels
Intersegment Eliminations
The significant variations in sales and services rendered by segment, in the mentioned first half, are due, essentially, to two operating
wind farms acquired in late 2007 in the Electric Energy segment and the increases of sales in the remaining segments, specially solar
equipments sales in the Energy Equipments segment.
During the first half ended at 30th of June 2008 and 2007, the operating results, before and after, amortizations, provisions and
impairment losses by primary segments are as follows:
EBITDA
2008
EBIT
2007
2008
2007
Holding and MIG
(1.228.456)
513.782
(1.385.243)
495.303
Metallic Construction
15.933.007
11.521.442
12.359.522
8.606.988
Energy Equipments
10.165.867
2.556.545
8.267.215
1.842.742
(412.753)
(1.177.364)
(3.787.138)
(1.216.395)
(2.761.336)
Electric Energy
Agriculture & Biofuels
5.174.219
(2.460.140)
2.205.484
29.631.884
10.954.267
17.659.839
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
6.967.302
44
5. Other income
At 30 June 2008 and 2007, the breakdown of the caption ‘Other income’ is as follows:
Other income
2008
2007
Change in production
14.539.885
3.368.568
Own work capitalized
30.283.313
18.523.623
44.823.197
21.892.192
While in the first half of 2007 the ‘Own work capitalized’ recorded by the Group corresponded, essentially, to the construction of
biofuel refineries in Portugal and Romania and the construction of a tank park in Portugal, in 2008 this caption is mainly due to the
construction in Portugal of the components, aerogenerators assembly and solar modules plants and the construction in Romania of
an oil extraction plant.
6. Net financial results
The net financial results by 30 June 2008 and 2007 can be analyzed as follows:
2008
2007
Financial Income
Loans and accounts receivable (incluind bank deposits)
- Interest income
1.126.999
2.356.562
Available for sale investmens
- Dividends
- Capital gains
2.213.388
289
84.939
17.337
7.013.459
3.762.001
Other financial income and expenses related to other financial assets
- Foreign exchange rates
- Financial discounts received
922.028
688.313
- Other financial income
378.667
21.156.118
11.739.479
27.980.620
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
45
2008
2007
Financial Expenses
Loans and accounts payable
- Interest expenses in bank loans and in
finance leases
10.939.442
6.146.107
3.791.478
973.695
46.186
73.748
1.207.310
7.990.102
15.984.416
15.183.651
(4.244.937)
12.796.969
Other financial expenses related to other financial liabilities
- Foreign exchange losses
- Financial discounts granted
- Other financial expenses
Financial results
In 2008, gains in available for sale investments result, essentially, from the payment of dividends by EDP – Energias de Portugal, S.A.
related to shares owned by the Group.
The decreases verified during the first half ended at 30 June 2008 against the same period in the previous year in the mentioned
captions are as follows:
-
‘Interest income’: the Group’s decrease in cash and cash equivalents is due to the ongoing investment effort;
-
‘Other financial income’: in the same period of the previous year, this caption was influenced by the recognition of the non
recurring income from its participated company REpower Systems AG, in the amount of 21.101.301 Euro, resulting from the
share capital increase by that company not subscribed by the Group in April 2007. As a result of that the share capital held
went down from 25,43% to 23,08%;
-
‘Other financial expenses’: includes 7.500.000 Euro as a result of an agreement established with Suzlon, which, in case of
success of the Tender Acquisition Offer, ruled that the costs incurred by Suzlon with that operation would be partially
recharged to the Group.
The increase verified in the first half at 30 June, against the same period at 2007, in the captions ‘Interest expenses in bank loans and
in finance leases’ and ‘Other financial expenses related to other financial liabilities’, results from the increase in bank loans due to the
ongoing investment effort in the first half.
The captions ‘Foreign Exchange Gains/ (Losses)’ are related to the variations in the exchange rates from the Group’s companies,
especially in Poland and Romania.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
46
7. Earnings per share
Martifer SGPS only issued ordinary shares, and as such, no shares have special voting or dividend rights.
There are not any situations in the Group that can represent a reduction in the earnings per share related with options, warrants,
convertible bonds or other rights associated to ordinary shares.
Therefore, in 30th of June 2008 and 2007 there are no differences between the Basic earnings per share and the diluted earnings per
share calculation.
The average number of shares in circulation in the first half ended at 30th of June 2008, is as follows:
(i)
On March 2007 a stock-split occurred and consequently the number of shares increased from 32,000,300 to
64,000,600 and the nominal value of the shares decreased from 1 Euro to 50 cents.
(ii)
Additionally, on May 2007, the share capital was increased in 5,499,700 Euro, through the utilization of reserves
which led to the issuance of 10,999,400 new shares with a nominal value of 50 cents.
(iii)
On June 2007 and in the scope of the Initial Public Offer, there was a new share capital increase, through a public
subscription on Euronext Lisbon, with the issuance of 25,000,000 new shares at a nominal value of 50 cents.
1,250,000 of those shares were assigned to the Martifer Group employees with a share premium price of 6.70 Euro
and the remaining 23,750,000 shares were assigned to the public and institutional investors with a share premium
price of 7.50 Euro.
After those movements the share capital of Martifer SGPS is represented by 100,000,000 ordinary shares, fully paid, representing a
share capital of 50,000,000 Euro.
At 30 June 2008 and 2007, the basis and diluted earnings per share can be summarized as follows:
2008
Profit of the year (I)
Weighted average number of shares in circulation(II)
Basic and diluted earnings per share (I) / (II)
2007
7.954.239
18.439.155
100.000.000
75.694.444
0,0795
0,2436
In the first half of 2008, no dividends were distributed.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
47
8. Goodwill
At 30 June 2008 and at 31 December 2007, the breakdown of goodwill is as follows:
2008
2007
Accumulated
impairment
Cost
losses
Carrying amount
Carrying amount
1. Martifer Construções
5.448.792
-
5.448.792
5.448.792
2. Martifer Metallic Construction
4.127.466
-
4.127.466
4.127.466
2.1. Martifer Alumínios
2.906.698
-
2.906.698
2.906.698
2.2. Marifer II Inox
1.220.768
-
1.220.768
1.220.768
981.156
-
981.156
981.156
8.373
-
8.373
8.373
5. Extraresi
-
-
-
-
6.Agromec
634.064
-
634.064
634.064
7.Bukowsko
796.974
-
796.974
796.974
8.CES
595.487
-
595.487
595.487
9.Eviva Drzezewo
634.959
-
634.959
634.959
10.Eviva Gac
148.633
-
148.633
148.633
11.Eviva Zebowo
148.633
-
148.633
148.633
7.329.313
-
7.329.313
7.329.313
3. Martifer Energy Sytems
4. MGI
12.Eviva Polska
13.IWP
574.545
-
574.545
574.545
9.368.124
-
9.368.124
9.368.124
15.Eviva GmbH
5.587
-
5.587
5.587
16.Eviva Hidro
16.901
-
16.901
16.901
14.Eviva Energy s.r.l.
17.Martifer GmbH
6.026
-
6.026
6.026
18.Eviva s.r.o.
1.656.260
-
1.656.260
1.656.260
19.Martifer Solar
1.493.776
-
1.493.776
2.750
20.Wood Pellets
124.500
-
124.500
124.500
21.Agrozootehnica
295.190
-
295.190
295.190
22.Zimbrul
441.888
-
441.888
441.888
23.Navalria
1.581.996
-
1.581.996
-
72.205
-
72.205
-
3.000
-
3.000
-
26.Prio SGPS
11.100.000
-
11.100.000
-
27.Solar Parks
2.685.876
-
2.685.876
-
28.Rumsko
637.197
-
637.197
-
29.Redecin
232.945
-
232.945
-
30.A&M
305.609
-
305.609
-
51.455.474
-
51.455.474
33.345.622
24.PVI
25.Eviva Bippen
Total
The above mentioned acquisitions were accounted in accordance with the purchase method and were paid in cash. Fair value
allocation of the acquired assets and liabilities, as well as the good will calculation will be concluded by 31 December 2008.
9. Intangible Assets
At 30 June 2008, the increases in this caption were due, mainly, to the development of wind farms and solar parks in the Electric
Energy segment, as well as the ongoing projects in the Holding, such as the implementation of the ERP SAP.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
48
10. Tangible Fixed Assets
At 30 June 2008, the increases in this caption were due, mainly, to the construction in Portugal of the components, turbine assembly
and photovoltaic modules plants and, in Romania, the construction of the oil extraction plant. At the same time there were variations
from the construction of solar parks in Spain and also from advances to secure equipments.
Additionally at 30 June 2008 the accumulated impairment losses were not reinforced nor reduced.
11. Financial Investments equity
At 30 June 2008, the value in this caption is due to a position of 45% held by the Group in its associated Green Vouga, S.A.
12. Available for sale investments
This caption is due to, for the most part, to the position held by the Group in EDP – Energias de Portugal., S.A. in the amount of
58.660.599 Euro. A conciliation of this value during the first half of 2008 is as follows:
Fair value (Note
Opening balance
EDP - Energias de Portugal, S.A.
10.098.327
Acquisitions
72.093.171
Sales
(2.038.311)
15)
Closing balance
(21.492.588)
58.660.599
At 30 June de 2008, the Group owned 17.695.505 shares of EDP – Energias de Portugal, S.A. corresponding to a 0,48% of financial
stake of the share capital of that company.
During the first half ended at 30 June 2008 the Group bought an additional15.741.383 shares that amounted to 72.093.171 Euro. The
changes in fair value were recorded in equity in the caption reserves (Note 15).
13. Non-current assets held for sale
This captions refers only to the 23,08% position held by the Group in its associated REpower Systems AG. During the first half of
2008 no changes were recorded in its value.
14. Inventories and biological assets
At 30 June 2008 the increases in this caption is related to the raise of stocks in the business areas of Metallic Construction and
Agriculture & Biofuels.
During the first half of 2008 the Group did not record or reverse any impairment losses in inventories.
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
49
15. Reserves
This caption includes, among others, the negative fair value reserves in the amount of 21.492.588 Euro related to the valuation of the
available for sale investment in EDP – Energias de Portugal., S.A. (Note 12).
Following recent guidance by the CMVM relative to the scope and application of IAS 39, Martifer commits itself to registering this
amount in the income statement in the third quarter 2008.
16. Minority interests
The increase in this caption when compared to the value recorded at 31 December 2007 results from the increase and restatement
of supplementary capital (from non-current liabilities to equity) invested by minority shareholders of the Group during the first half
of 2008, as well as the restatement of the caption ‘Other creditors’ included in non-current liabilities at 31 December 2007, in the
amount of 25.455.662 Euro (Note 18).
17. Loans
At 30 June 2008 and 31 December 2007, loans obtained can be analysed as follows:
2008
Till 1 year
2 years
Between 3 and
More than 5
5 years
years
Total
Loans obtained from financial institutions
Bank loans
54.099.463
Bank overdrafts
54.940.287
20.624.951
-
27.489.440
-
20.673.333
-
122.887.187
54.940.287
Authorized overdrafts
48.539.950
-
-
-
48.539.950
Other obtained loans:
Commercial paper
Other loans
2007
126.700.000
4.000.000
8.000.000
8.000.000
20.876.982
1.352.420
846.993
21.958.839
45.035.235
305.156.682
25.977.371
36.336.433
50.632.173
418.102.659
Till 1 year
2 years
146.700.000
Between 3 and
More than 5
5 years
years
Total
19.373.333
89.570.178
Loans obtained from financial institutions
Bank loans
21.329.925
Bank overdrafts
21.597.894
-
-
-
21.597.894
5.021.000
-
-
-
5.021.000
Authorized overdrafts
21.140.375
27.726.545
Other obtained loans:
Commercial paper
Other loans
28.500.000
2.000.000
12.000.000
6.000.000
48.500.000
1.383.935
1.513.018
1.126.208
15.090.709
19.113.869
77.832.753
24.653.393
40.852.752
40.464.042
183.802.941
18. Other creditors
The decrease in this caption when compared to the value recorded at 31 December 2007 results from the restatement of
supplementary capital invested by minority shareholders of the Group, from non-current liabilities to the caption ‘Minority interests’,
in the amount of 25.455.662 Euro (Note 16).
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
50
19. Related parties
Group companies have commercial relationships between them that qualify as ‘Related parties transactions’. All of these transactions
are performed at marketable prices.
On the consolidation procedure all of these transactions have been eliminated, since the consolidated financial statements disclose
information regarding the holding company and its subsidiaries as an unique company.
Besides current transactions, some relating to civil construction done with the Mota-Engil Group and others associated with real
estate management projects under way done by Estia Group, there are not any other significant balances and transactions performed
with related parties during first half of 2008.
In addition to the companies included in the consolidated financial statements (Note 2), the list of the Martifer Group related parties
is disclosed below:
Mota Engil, SGPS, S.A., sociedade aberta (" Mota Engil SGPS")
MESP- Mota Engil , Serviços Partilhados, Administrativos e de Gestão, S.A. (“MESP”)
Largo do Paço – Investimentos Turísticos e Imobiliários, Lda. (“Largo do Paço”)
RTA - Rio Tâmega, Turismo e Recreio, S.A. (“RTA”)
Mota-Engil Engenharia e Construção, S.A. (“Mota-Engil Engenharia”)
Aurimove – Utilidades, Equipamentos e Investimentos Imobiliários, Lda. (“Aurimove”)
Bouncer, a.s. (" Bouncer")
Calçadas do Douro - Sociedade Imobiliária, Lda. (“Calçadas do Douro”)
Companhia Portuguesa de Trabalhos Portuários e Construções, S.A. (“CPTP”)
Corgimobil - Empresa Imobiliária das Corgas, Lda. ("Corgimobil")
Edifício Mota - Viso – Soc. Imobiliária, Lda. (“Mota Viso”)
Edipainel – Utilidades, Equipamentos e Investimentos Imobiliários, Lda. (“Venimove”)
Emocil – Empresa Moçambicana de Construção Imobiliária (“Emocil”)
EMSA – Empreendimentos e Exploração de Estacionamentos, S.A. (“EMSA”)
Engil 4i – SGPS, S.A. (“Engil 4I”)
Ferrovias e Construções, S.A. (“Ferrovias”)
Geogranitos – Pedreiras de Amarante, Lda. (“Geogranitos”)
God Project Development ("God")
Jasz-Vasut, Kft ("Jasz-Vasut")
Kordylewskiego Project Development Sp. z o.o. ("Kord")
Kozielska Sp. z o.o. ("Kozielska")
Maprel – Empresa de Pavimentos e Materiais Pré-esforçados, Lda (“Maprel”)
Maprel - Nelas, Indústria de Pré- Fabricados, S.A. (“Maprel Nelas”)
ME-Investitii AV s.r.l. (“MEINVESTII”)
MEITS, Mota-Engil Imobiliário e Turismo, S.A. (“MEIT”)
Metroepszolg, RT(“Metroepszolg”)
Mil e Sessenta – Sociedade Imobiliária, Lda. (“Mil e Sessenta")
M-Invest Bohdalec, A.S. (“Bohdalec”)
M-Invest Devonska, s.r.o. ("M-Invest Devonska")
M-Invest Jihlavska, A.S. (“Jihlavska”)
M-Invest Jeremiasova, A.S. ("Jeremiasova")
M-Invest Polska, Sp. z.o.o. (“M-Invest Polska”)
M-Invest Portugalia, s.r.o. ("Portugalia")
M-Invest, sro (“M-Invest”)
M-Invest Slovakia, s.r.o. ("M-Invest Slovakia")
MI 2 Spółka z ograniczoną odpowiedzialnością ("MI 2")
Moravian Partner Constructors, sro (“Moravian”)
INTERIM MANAGEMENT REPORT AND CONSOLIDATED FINANCIAL STATEMENTS | 1ST HALF 2008
51
Mota-Engil Magyarorszag, Rt (“Mota-Engil Magyarorszag”)
Mota-Engil Real Estate Hungary ("Merehun")
Mota-Engil Polska, S.A. ("Mota-Engil Polska")
Mota-Engil S.Tomé e Principe ("MESTOME")
Mota-Engil Slovakia, a. s. ("Mota-Engil Eslováquia")
Motadómus - Sociedade Imobiliária, Lda. ("Motadómus")
MKContructors, LLC (“MKC”)
Mota Internacional – Comércio e Consultadoria Económica, Lda (“Mota Internacional”)
Mota Real Estate, sro (“Mota Real Estate”)
Nortedómus, Lda. (“Nortedómus”)
Piastowska Project Development Sp. z o.o. (“Piastowska”)
Planinova – Sociedade Imobiliária, S.A. (“Planinova”)
Prefal – Préfabricados de Luanda, Lda. (“Prefal”)
Probisa Portuguesa - Construção e Obras Públicas, S.A. (“Probisa”)
Qualibetão – Comercialização de Betões, Lda.("Qualibetão")
Rentaco - Equipamentos de Construção, Transportes, Combustíveis e Serviços, Sociedade Unipessoal, Lda. ("Rentaco")
Sedengil – Sociedade Imobiliária, Lda. (“Sedengil”)
Sefimota Stavebni, AS (“Sefimota”)
Soprocil – Sociedade de Projectos e Construções Civis, S.A. ("Soprocil")
Tabella Holding, BV (“Tabella”)
Tecnocarril – Sociedade de Serviços Industriais e Ferroviários, Lda. (“Tecnocarril”)
Tetenyi Project Development ("Tetenyi")
Tracevia – Sinalização Segurança e Gestão de Tráfego, Lda. (“Tracevia”)
Tracevia Angola ("Tracevia Angola")
Translei, S.A. (“Translei”)
Wilenska Project Development Sp. z.o.o. (“Wilenska”)
Área de Negócio - Ambiente e Serviços
Mota-Engil, Ambiente e Serviços, SGPS, S.A. (“Mota-Engil Ambiente e Serviços”)
ALMAQUE - Serviços Técnicos, S.A. ("Almaque")
Beiratir - Terminais da Covilhã, Lda. ("Beiratir")
Cargorail - Transporte de Mercadorias, S.A. ("Cargorail")
Correia & Correia, Lda.(“Correia & Correia”)
E.A.Moreira - Agentes de Navegação, S.A. ("E.A. Moreira")
Ecolatlântica de Portugal, Lda. ("Ecolatlântica")
Ekosrodowisko Spółka z.o.o. ("Ekosrodowisko")
Engeglobo, Soc. de Engenharia e Projectos, S.A. ("Engeglobo")
Enviroil – Resíduos e Energia, Lda. (“Enviroil”)
INVESTAMBIENTE - Recolha de Resíduos e Gestão de Sistemas de Saneamento Básico, SA ("Investambiente")
GT - Investimentos Internacionais SGPS, SA ("GTSGPS")
Liscont - Operadores de Contentores, S.A. ("Liscont")
Lisprojecto - Consultoria e Soluções Informáticas, S.A. ("Lisprojecto")
Lokemark - Soluções de Marketing ("Lokemark")
Manvia - Manutenção e Exploração de Instalações e Construção, S.A. ("Manvia")
Mota-Engil Srodowisko, Sp. z.o.o. ("MES")
Mota-Engil II, Gestão, Ambiente, Energia e Concessões de Serviços, S.A. ("MEASII")
Mota-Engil, Tecnologias de Informação, S.A. (“METI”)
Multiterminal - Soc. De Estiva e tráfego, S.A. ("Multiterminal")
Norcargas - Cargas e Descargas, Lda. ("Norcargas")
Nova Beira - Gestão de Resíduos, SA ("Nova Beira")
Novaflex - Técnicas do Ambiente, SA ("Novaflex")
Operport - Sociedade Portuguesa de Operadores Portuários, Lda. ("Operport")
Proempar - Promoção e Gestão de Parques Empresariais e Tecnológicos, S.A. ("Proempar")
PTT - Parque Tecnológico do Tâmega ("PTT")
Real Verde - Técnicas de Ambiente, SA ("Real Verde")
Resiges - Gestão de Resíduos Hospitalares, Lda. ("Resiges")
Resilei – Tratamento de Resíduos Industriais, Lda ("Resilei")
Rima – Resíduos Industriais e Meio Ambiente, S.A. (“Rima”)
Sealine - Navegação e Afretamentos ("Sealine")
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Sadomar - Ag. de Naveg. e Trânsitos, S.A. ("Sadomar")
Serurb (Matosinhos) Serviços Urbanos, S.A. (“Serurb Matosinhos”)
Serurb (Douro) Serviços Urbanos, Lda. (“Serurb Douro”)
Serurb (Esposende) Serviços Urbanos, Lda.(“Serurb Esposende”)
Socarpor - Soc. Cargas Port. (Douro e Leixões), S.A. ("Socarpor D/L")
Socarpor - Soc. Cargas Port. (Aveiro), S.A. ("Socarpor Aveiro")
Sotagus - Terminal de Contentores de Santa Apolónia, S.A. ("Sotagus")
STL – Sociedade de Transportes e Limpeza, Lda. (“STL”)
Suma – Serviços Urbanos Meio Ambiente, S.A. (“SUMA”)
TCL - Terminal de Contentores de Leixões, S.A. ("TCL")
TEN - Tráfego e Estiva do Norte, SA ("TEN")
Ternor - Sociedade de Exploração de Terminais, S.A. ("Ternor")
Tertir - Terminais de Portugal, S.A. ("Tertir")
Tertir - Concessões Portuárias, SGPS, SA ("Tertir SGPS")
Transitex - Trânsitos Extremadura, SL ("Transitex")
Vibeiras – Sociedade Comercial de Plantas, S.A. (“Vibeiras”)
Mota-Engil Concessões de Transportes, SGPS, S.A. (“MECT”)
Cimertex & Companhia- Comércio Equipamentos e Serviços Técnicos, Lda. (“Cimertex & Companhia”)
Construcciones CRESPO, SA ("Crespo")
Grossiman, SL (“Grossiman”)
Hifer Construccion Conservación e Servicios, S.A. (“Hifer”)
Icer – Indústria de Cerâmica, Lda. (“Icer”)
M-Invest Slovakia Mierova , s.r.o. ("Mierova")
M-Invest Slovakia Trnavska, s.r.o. ("Trnavska")
Probigalp Ligantes Betuminosos, S.A. (“Progalp”)
Área de Negócio - Ambiente e Serviços
Ambigere, SA ("Ambigere")
Areagolf - Gestão, Construção e Manutenção de Campos de Golf, S.A. ("Areagolf")
Indaqua – Indústria e Gestão de Águas, S.A. (“Indaqua”)
Indaqua Vila do Conde - Gestão de Águas de Vila do Conde S.A. (“Indaqua Conde”)
Indaqua Fafe – Gestão de Águas de Fafe, S.A. (“Indaqua Fafe”)
Indaqua Feira - Indústria de Águas de Santa Maria da Feira, S.A. (“Indaqua Feira”)
Indaqua Matosinhos - Gestão Águas de Matosinhos, S.A. (“Indaqua Matosinhos”)
Indaqua Santo Tirso – Gestão de Águas de Santo Tirso, S.A. (“Indaqua St. Tirso”)
Sadoport - Terminal Marítimo do Sado, S.A. ("Sadoport")
SLPP - Serviços Logísticos de Portos Portugueses, S.A. ("SLPP")
TTRM, Transferência e Triagem de Resíduos da Madeira ACE ("TTRM")
Área de Negócio - Concessões de Transportes
Aenor – Auto-Estradas do Norte, S.A. (“Aenor”)
LusoLisboa AE da Grande Lisboa, S.A. ("LusoLisboa")
Lusoscut – Auto-Estradas das Beiras Litoral e Alta, S.A. (“Lusoscut BLA”)
Lusoscut – Auto-Estradas da Costa de Prata, S.A. (“Lusoscut CP”)
Lusoscut – Auto Estradas do Grande Porto, S.A. (“Lusoscut GP”)
Operadora GL - Op. e Manut. de Auto-Estradas, SA ("Operadora LusoLisboa")
Operadora Lusoscut BLA – Operação e Manutenção de Auto Estradas, S.A. (“Operadora Lusoscut BLA”)
Operadora Lusoscut CP – Operação e Manutenção de Auto Estradas, S.A. (“Operadora Lusoscut CP”)
Operadora Lusoscut GP – Operação e Manutenção de Auto Estradas, S.A. (“Operadora Lusoscut GP”)
Operanor – Operação e Manutenção de Auto Estradas, S.A. (“Operanor”)
Ambilital – Investimentos Ambientais no Alentejo, EIM. (“Ambilital”)
Asinter – Comércio Internacional, Lda. (“Asinter”)
Auto Sueco Angola, S.A. (“Auto Sueco Angola”)
Cimertex Angola – Sociedade de Máquinas e Equipamentos, Lda. (“Cimertex Angola”)
Citrup – Centro Integrado de Resíduos, Lda. (“Citrup”)
Ecolezíria - Empresa Intermunicipal para o Tratamento de Resíduos Sólidos, E. I. M. ("Ecolezíria")
Empresa de Terraplenagem e Pavimentações – Paviterra, SARL (Angola) (“Paviterra”)
Jardimaia - Jardins, Decoração e Animais, Limitada ("Jardimaia")
Socibil, SARL (“Socibil”)
SolService - Angola ("SolsAngola")
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Sołtysowska Project Development Sp. z o.o.("Soltysowska")
Sonauta-Sociedade de Navegação, Lda. (“Sonauta”)
Tersado - Terminais Portuários do Sado, S.A. ("Tersado")
TMB - Terminal Multiusos de Beato, S.A. ("TMB")
Turalgo-Sociedade de Promoção Imobiliária e Turística do Algarve, S.A. (“Turalgo”)
Vortal – Comércio Electrónico, Consultadoria e Multimédia, S.A. (“Vortal”)
Cosamo, PTY ("Cosamo")
Ecodetra – Sociedade de Tratamento e Deposição de Resíduos, S.A. (“Ecodetra”)
Edifícios Galiza - Sociedade Imobiliária, Lda ("Ed. Galiza")
EMASA, Lda. (“EMASA”)
Empresa Agrícola e Florestal Portuguesa, S.A. (“Empresa Agrícola”)
Engil – Construtora do Tâmega, ACE, S.A. (“Engil Tâmega ACE”)
Engil, S.A. – Bau, GmbH (“Engil Bau”)
Fabritubo - Tubos Pressocentrifugados de Betão, Lda. (“Fabritubo”)
Ferrovias Brasil, Lda. (“Ferrovias Brasil”)
Holdinorte - Sociedade Imobiliária do Norte, Lda. (“Holdinorte”)
Iberfibran - Poliestireno Extrudido, S.A. ("Iberfibran")
Imosines – Sociedade Imobiliária, Lda. (“Imosines”)
Indimo, Lda ("Indimo")
Inovia, Serviços Ferroviários ACE, S.A. (“Inovia”)
Lusoponte – Concessionária para a Travessia Tejo, S.A. (“Lusoponte”)
Matiprel – Materiais Pré-Esforçados, Lda. (“Matiprel”)
Mota Maurícias, Lda. (“Mota Maurícias”)
Mota-Engil - S. Tomé e Principe ("Mota Engil S. Tomé e Principe")
Mota-Engil Florida Investments Corp.(“Mota-Engil Florida”)
MTS – Metro, Transportes do Sul, S.A. (“MTS”)
Parquegil- Planeamento e Gestão de Estacionamento, S.A. (“Parquegil”)
Tratofoz - Sociedade de Tratamento de Resíduos, S.A. (“Tratofoz”)
Tratoser – Tratamento e Serviços Ambientais, S.A. (“Tratoser”)
MTO SGPS, S.A.
Promodoze, Lda
SOSEL, S.A.
MTO, Gmbh
RO SUD, S.r.l.
ESTIA SGPS, S.A.
Promodois, S.A.
Promovinte, S.A.
Ferreiros & Almeida, S.A.
Promo Jeden
Global Shopping
Soltysowska
Estia Development, S.A.
Horizon Living Oporto
Obol XI Kft.
M City Bialystok
M City Legnica
M City Siedem
M City Szczecin
M City Szesc
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20. Subsequent Events
On the 27th of August, Martifer Group bought a 55% share of Ventania, a Brazilian company, which develops projects of energy
generation from renewable sources. Ventania has two wind farms on the final stage of construction with 14MW, which will start
operating in October. Ventania is also developing a portfolio of 350MW. The total investment will amount to 6,9 million Euro.
21. Approval of the financial statements
The accompanying consolidated financial statements were approved by the Board of Directors on 28th August 2008.
Oliveira de Frades, 28th August 2008
Chief Accountant
Board of Directors
__________________________________
João Fernando Oliveira da Rocha
__________________________________
Carlos Manuel Marques Martins
__________________________________
Jorge Alberto Marques Martins
__________________________________
António Manuel Serrano Pontes
__________________________________
António Jorge Campos de Almeida
__________________________________
Eduardo Jorge de Almeida Rocha
__________________________________
José Manuel de Almeida Rodrigues
__________________________________
Pedro Álvaro de Brito Gomes Doutel
__________________________________
Jorge Bento Ribeiro Barbosa Farinha
__________________________________
Luís Valadares Tavares
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