INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION

Transcrição

1 INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION MARTIFER GROUP First Quarter 2011

2

3 HIGHLIGHTS STRUCTURE AND SEGMENT REPORTING INTERIM MANAGEMENT REPORT - ECONOMIC AND FINANCIAL ANALYSIS - ANALYSIS BY SEGMENT - SHARE PERFORMANCE INTERIM CONSOLIDATED FINANCIAL INFORMATION

4 HIGHLIGHTS Operating Revenues of M, up by 13.1% in a weak market environment EBITDA of 6 M and positive EBIT of 1.6 M Net reported Profit attributable to shareholders of 0.4 M Strong Order books: in Metallic Construction 344 M and Solar 293 M Main financial indicators Reported Figures - non audited 1Q 1Q M - IFRS 2011 Marg Marg. Var. % Revenues % EBITDA % % -50.2% EBIT % % n.m. Financial Results n.m. Profit before tax % Income tax % Consolidated Net Profit % % -84.3% Attributable to non-controlling interests % to shareholders % 4 MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER 2011

5 STRUCTURE OF MARTIFER AND SEGMENT REPORTING As previously referred in the 2010 Final Year Report, and as a natural consequence of the strategic focus on the Metallic Construction and Solar activities, Martifer will change the presentation of segment reporting. From the First Quarter 2011 the Group starts presenting its accounts with the activity divided in two main segments Metallic Construction and Solar, with Energy Systems already integrated in the Metallic Constructions business area, as planned. The other activities and subsidiary companies will be, from now on, in the Others segment. This includes the RE Developer business area and the Holding company. MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER

6 INTERIM MANAGEMENT REPORT ECONOMIC AND FINANCIAL ANALYSIS Income Statement M 1Q11 Reported 1Q10 Reported Var. % Revenues % Earnings before depreciation, amortization and provisions & impairment losses (EBITDA) % EBITDA margin 5.2% 11.9% -6.6 pp Depreciation & Amortization % Provisions & Impairment Losses n.m. Operating Income (EBIT) n.m. EBIT margin 1.4% -8.5% 9.9 pp Financial Results n.m. Profit before taxes % Income tax % Net Profit % Attributable to non-controlling interests % Attributable to shareholders % per share Note: Results presented according to the consolidated financial statements (reported values) non-audited. To allow a better understanding of the operational performance of the Group, values need to be adjusted for non-recurring events. In the 1 st Quarter 2011 adjustments reached 5.9 million euro of capital gains from the sale of the participations in Home Energy and REpower Portugal. In the 1 st Quarter 2010 adjustments reached 12.8 million euro of impairment losses and 13.1 million euro of capital gains relative to Prio Energy and Prio Foods share sales. Revenues In the First Quarter 2011, Consolidated Revenues increased by 13.1% YoY to million euro, showing a positive evolution of the activity, in a very weak market environment. The Metallic Construction business area presented Revenues in line with the same period last year (an absolute 1.1 million euro increase). The Solar business presented a strong growth of 57.5% YoY as a consequence of the aggressive growth strategy implemented during 2010, which continues to produce effects throughout MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER 2011

7 Revenues 1Q Q 2010 M Weight M Weight Var. % Martifer Consolidated % Metallic Construction % % 1.4% Solar % % 57.5% Others % % -35.0% Note: Others include Holding and Adjustments The distribution of consolidated Revenues by geography was as follows: Portugal 43.3%, Spain 5.9%, Eastern Europe (Poland, Czech Republic, Romania, Slovakia) 8.1%, Angola 12.1%, Central & Southern Europe (Italy, Greece, Belgium, France, UK, Ireland) 16.5%, USA 5.6% and the rest of the World (Morocco, Brazil, Australia) 8.6%. 8.6% Portugal 5.6% 16.5% 12.1% 43.3% Spain Eastern Europe Angola Central&Southern Europe USA 8.1% 5.9% Other The evolution from the previous year stresses the Group s effort in increasing its exposure to other geographies in order to reduce business risk and take advantage of growth prospects in other markets. EBITDA and Net Profit In the First Quarter 2011, total consolidated EBITDA registered 6 million euro, which represents a decrease of 50.2% compared with the same period last year, corresponding to a consolidated EBITDA margin of 5.2%, which compares with the EBITDA margin of 11.9% in the same period last year. In general terms, this weak operational performance is explained by the lower margins in the metallic constructions and solar projects and also by the internationalization effort and the associated costs of entry. MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER

8 EBITDA 1Q Q 2010 M Marg. M Marg. Var. % Martifer Consolidated % % -50.2% Metallic Construction % % -45.1% Solar % % -71.6% Others % % -26.6% Note: Others include Holding and Adjustments. Earnings before interest and taxes (EBIT) reached a positive 1.6 million euro on a reported basis, which compares with a negative 8.7 million euro on the same period of the previous year. The First Quarter 2010 figure includes 12.8 million euro in provisions and impairment losses. Excluding this effect, EBIT in the First Quarter 2011 suffered a 61% decrease on a YoY basis. Net Financial Expenses amounted to 700 thousand euro, including 5.9 million euro capital gain resulting from the sale of Home Energy and REpower Portugal. Net Interest Expenses were 4.2 million euro, comparing with 4.1 million euro in the First Quarter In a scenario of interest rate increase, the maintenance of net interest expenses was only possible because of the strong reduction in debt (-77,3 million euro YoY). Net foreign exchange result was negative in the First Quarter 2011, reaching 1.1 million euro loss due to the depreciation of the Angolan Kwanza and the Polish Zloty against the Euro. The net contribution from the application of the Equity Method to the subsidiaries Prio Energy and Prio Foods (accounted at 49%) reached for the first time a positive contribution for the Group, i.e., approximately 0.8 million euro. Net Profit Attributable to Shareholders in the First Quarter amounted to 0.4 million euro, which compares to 2.5 million euro in the same period last year. CAPEX The value of investment in fixed assets in the First Quarter 2011 amounted to 27.6 million euro, essentially applied in the construction of RE Developer s wind farms in Poland (18.6 million euro), which the Group expects to dispose of in the medium term, and to the development of solar projects in the USA by Martifer Solar. The breakdown of CAPEX in the period by business area was 2.2 million euro in Metallic Construction, 6.0 million euro in Solar and 19.4 million euro in Others (RE Developer). 8 MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER 2011

9 Financial Position M Mar-11 Dec-10 Var. Fixed Assets (including Goodwill) % Other non-current assets % Other non current financial assets % Inventory and Receivables % Cash and cash equivalents >100% Total Assets 1, , % Shareholders Equity % Non-controlling interests % Non-controlling interests associated to assets held for sale Total Equity % Non-current debt and leasings % Other non-current liabilities % Current debt and leasings % Other current liabilities % Total Liabilities % Total assets on the 31 st of March 2011 amounted to 1,099.1 million euro, while non-current assets reached million euro, compared to 1,126.1 million euro and million euro respectively at the end of the year. Total Equity increased from million euro at the end of the year to million euro at the end of the First Quarter The Financial Autonomy ratio improved from 30,2% in FY2010 to 31,5% in the First Quarter of MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER

10 Net Debt M Corporate Net Debt allocated to operating activities Corporate Net Debt allocated to nonoperating activities Metallic Construction Solar RE Developer Holding Martifer Consolidated Non-Recourse Net Debt Total Net Debt Holding debt allocated to business units EBITDA* (Corporate Net Debt allocated to operating activities + Holding debt allocated to business units) / EBITDA 10.0 x 2.5 x 8.3 x 6.3 x * The value of EBITDA used in the calculation of financial ratios corresponds to the sum of the last 3 Quarters of 2010 with the 1 st Quarter of Note: Net Debt = Borrowings + Financial Leases (+/-) Derivatives Cash and Cash Equivalents The Group s Consolidated Net Debt at the end of March 2011 amounted to million euro, which compares with million euro in the Final Year The variation (9.8% or an increase of 33.8 million euro) registered in the First Quarter 2011 is mostly explained by Capex incurred in the period (27,6 million euro), and residually to the working capital investment. 10 MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER 2011

11 ANALYSIS BY SEGMENT Metallic Construction SECTOR TRENDS The metallic construction sector is suffering with the lack of investment resultant from the crisis, leading to a tough competition for the projects available, and therefore to a reduction in margins. Most European countries are still fighting to return to growth levels from before the crisis. Emerging markets have been driving economic growth and there has been significant demand for metallic structure, mostly in Asia and South America. Steel prices rose during the first 3 months of 2011, the European Steel price index is up by 39.9% YoY. On a market by market analysis: PORTUGAL The Government has recently asked the European Union for a bailout; the austerity program includes a reduction on public investment (even some that was already contracted) and the economy should only recover in SPAIN The Minister of Civil Works has announced 10 billion euro bids of new projects this year, double the value awarded last year, which can represent a good opportunity. ANGOLA Continues to show a strong dynamic, both from the public and the private sectors, but the high risk of the country remains the key point for the companies operating in the market. UK The prospects for 2011 are not very encouraging, but all signs indicate that 2012 will be a positive year with increasing demand. EASTERN CENTRAL EUROPE The economic growth in these countries is very slow at the moment; the construction market only now seems to show improvement on the demand side. BRAZIL The country with higher expected growth for the following years, with significant public investment due to the World Cup in 2014 and the Olympic Games in 2016; it is a certainty for the future. OTHER GEOGRAPHIES The North of Africa and the Middle East are interesting geographies to look out for in the next months and years, even though current political and social turmoil recommends caution and judicious selection of markets/projects; Latin America is an interesting and growing market, somehow following on Brazil s footsteps. ACTIVITY The Order book, with projects located in 12 countries, totalled 344 million euro at the First Quarter of 2011, in line with the previous quarters. In this quarter the shift to markets outside Iberia continued, with their weight in the portfolio increasing from 71% to approximately 77%, which reveals once again the enormous effort to diversify to other geographies reducing the dependency from the Iberian Construction Market. During these first three months of 2011 the business unit was awarded the BBVA Headquarters in Madrid (12 million euro), the King Abdullah Financial District in Saudi Arabia (20.8 million euro) and the Nissan Battery Plant in Portugal (5.4 million euro). These projects are a key indicator of our competitiveness in the global infrastructure arena. MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER

12 ORDER BACKLOG FEATURED PROJECTS Project Location Total Value Beginning Year End Year Artenius PTA plant Sines, Portugal Euro 23.8 M Galp Petrogal conversion Sines, Portugal Euro 23.6 M Coach Museum Lisbon, Portugal Euro 5.5 M Ulla Bridge Corunna, Spain Euro 20.8 M Repsol Head Quarters Madrid, Spain Euro 20.5 M Amiens Hospital Amiens, France Euro 7.0 M Office Building ZAC Victor Hugo Paris, France Euro 3.0 M CHU D'Orleans Paris, France Euro 9.6 M Lille Stadium (locksmiths) Lille, France Euro 5.9 M Carfi Siedlce, Poland PLN 11.5 M Renault Factory Tangier, Morocco Euro 41.9 M Canberra Airport Terminal Canberra, Australia AUD 10.6 M Alstom Mannheim 9 Mannheim, Germany Euro 18.5 M Morocco Mall Casablanca, Morocco Euro 7.1 M Office Building in Luanda Luanda, Angola Euro 13.3 M Financial City Luanda, Angola Euro 13.6 M Edinburgh International Edinburgh, Scotland GBP 8.3 M Scotland s National Arena Glasgow, Scotland GBP 12.9 M Birmingham New Street Birmingham, England GBP 8.2 M Sisk Bridges Torun, Poland PLN 60.2 M Nissan Battery Plant Cacia, Portugal Euro 5.4 M BBVA Headquarters Madrid, Spain Euro 12.0 M King Abdullah Financial District Riad, Saudi Arabia Euro 20.8 M Note: Variations in some of the projects values between periods may occur due to changes in the total value of contracts. BREAKDOWN OF THE BACKLOG 12 MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER 2011

13 RESULTS Metallic Construction s Revenues was roughly stable at 72.5 million euro, despite the unfavourable sector environment, particularly in Iberia. Anticipating this factor, the Group had already strategically taken the decision to increase the company s position outside Iberia, strengthening the presence in mature markets with a higher consumption of steel and aluminium constructions such as UK and France, but at the same time also increasing presence in emerging countries such as Brazil, where the Group is starting activities this year, and where an industrial facility is already under construction (located in Pindamonhangaba, São Paulo region). This facility will have production capacity of 12,000 ton/year. As a consequence of the sector trends previously mentioned, namely margin s reductions and lower demand for projects, Metallic Constructions has taken the decision to maintain its activity level through an aggressive commercial strategy and to implement the New Step Programme to enhance its operational efficiency in order to mitigate the impact in its operational margin. The reported EBITDA reached 3.8 million euro, corresponding to a 5.2% margin, 4 p.p. below the reported margin of the First Quarter This reduction is justified by the fact that the projects have lower margins as explained before. Reported EBIT in the period amounted to 1.1 million euro, reflecting a margin of 1.5%. Net Financial Expenses changed from -0.1 million euro, in the same period last year, to 1.1 million euro, explained by the capital gain accounted with the sale of REpower, which corresponded to 3.8 million euro. The Net Interest Costs and the foreign currency exchange losses (due to the depreciation of Zloty and Kwanza), sum 2.5 million euro and 1.8 million euro, respectively. Net Profit totalled -0.2 million euro, of which -0.1 million euro attributable to non-controlling interests, from Martifer Angola. The Group sold the associated company REpower Portugal held by the Group in 50%, which controlled Ventipower (consolidated at 56.6%). The negative impact of these changes in the consolidated income statement for the period ended on the 31 st of March 2011 when compared with the same period in 2010, was a reduction in revenues of 2.7 million euros, a reduction in EBITDA of 0.7 million euros and a reduction in Net profit of 0.5 million euros. Net Financial Debt in Metallic Construction by the 31 st of March 2011 reached million euro, i.e., less 3.5 million euro than the FY 2010 value. Added to this we have 34.8 million euro of debt from the Holding. Of the total net debt, 29.5 million are allocated to projects in the Retail area, not considered core business. Total CAPEX in the period reached 2.2 million euro, showing an important reduction when compared to the same period in The explanation for the lower level of investment resides in the conclusion of the production facilities in Angola and USA. MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER

14 Metallic Construction 1Q 1Q Var. % M Revenues % EBITDA % EBITDA Margin 5.2% 9.6% -4.4 pp EBIT % EBIT Margin 1.5% 5.5% -4.0 pp Net Financial Expenses n.m. Income tax % Net Profit n.m. Attributable to non-controlling interests n.m. Attributable to shareholders n.m. Net Debt % Capex % 14 MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER 2011

15 Solar SECTOR TRENDS International Outlook Installed capacity at the beginning of the year was about 40 GW, enough to produce 50 TWh per year. Of the 16.6 GW of new capacity in 2010, more than 13 GW were installed in the European Union. Germany, the most mature market, installed 7.4 GW in 2010, maintaining its position as the biggest PV market in the world; with the decrease previewed for the FiTs, its new capacity in 2011 will be reduced to 5-6 GW. This market has the lowest prices for PV systems. Crisis in Japan has contributed for the resurging of the debate on the world s future energy mix and security of energy supply where PV is part of the solution; with the evolution of PV systems costs it is more and more an alternative to conventional electricity sources. On a market by market analysis: ITALY Final 2010 numbers are still unclear, as there seems to be a huge difference between what was installed and what was connected to the grid; this said, up until now the GSE (Italian Grid Manager) registered 5.1 GW connected to the grid, but there are still more than 2 GW waiting to be connected; in the meantime a new tariff has been defined until 2013, attractive enough to guarantee a strong market for this period (3 to 6.5 GW), with focus on the rooftop segment. PORTUGAL The Government announced the objective of 1,500 MW of solar capacity installed by 2020; in the end of 2010 there was a tender for 75 MW of PV. SPAIN The new Renewable Energy Plan for the country forecasts 7.25 GW of PV installed by 2020, which leaves a market of around 500 MW per year. FRANCE After a good 2010, the Government has defined a cap/corridor system with annual objectives per market segment, which will likely toughen the competition; it is one of the promising markets for 2011 due to all the permits issued under the previous legislation. BELGIUM The market in 2011 should be around 200 to 300 MW, still dependent on the changes that support schemes may suffer this year; the rooftop segment will continue stable. GREECE After having installed 150 MW in 2010, the market appears to have finally taken off, with 250 MW forecasted for 2011 in small and medium installations. UK This market s potential for 2011 may be less than initially expected due to the adjustments made on the FiT that will seriously damage the ground segment, but it remains one of the most promising markets in EU in the short term. USA Strong market, especially in California (representing 60% of total installations), should reach between 1.5 and 3.0 GW this year. CANADA Strong FiT in Ontario, with the obligation of 60% of the components/resources coming from the region; market should reach at least 200 MW in RESULTS Total Operating Revenues rose 57% YoY in the First Quarter 2011, totalling 39.5 million euro, as a consequence of the aggressive growth strategy implemented during 2010, which continues to produce effects throughout The geographies with higher Revenue in the period were Italy, Portugal and USA. MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER

16 Nevertheless, other geographies such as France, Belgium and Greece increased revenues during the period compared with same period last year. In Portugal we highlight that the weight of the Distribution business, which presented considerable revenues of 6.4 million euro, represented a significant contribution to the consolidated Revenues. The strategic position of the company is to concentrate in geographies, emerging or mature countries, which have a favourable regulatory framework, and be flexible providing integrated turnkey solutions. It is foreseeable that throughout 2011 other geographies showing potential will improve their performance. However, it is important to say that margins in the solar segment have been reduced along the value chain with significant reductions on governmental supports. Total EBITDA presented a reduction of 72% to 0.7 million euro, with the EBITDA margin reaching 1.8% versus 10.1% in the same period last year, suffering the impacts of the i) internationalization effort and its associated cost of entry, ii) increased weight of the distribution business with implicit lower margins, iii) fewer large projects, which have higher margins, accounted in the quarter but expected for the second semester and iv) higher structure costs. Net Financial Expenses recorded a negative 1.2 million euro, justified by the capital gain accounted with the sale of Home Energy. Net Profit totalled 0.8 million euro in the First Quarter that compares YoY with 0.6 million euro. The level of CAPEX in the period totalled 6.0 million euro, contrasting with 0.2 million euro for the same period of This value is explained by the investment in project development, mostly in the USA. Net Financial Debt at the end of the First Quarter stood at 51.7 million euro, an increase of 22.0 million euro from year-end This variation is explained by an extraordinary effort in the investment in working capital, firstly to proceed with the development of various projects that have to be concluded by the end of the year in order to have access to the feed-in tariff but also with the development Capex incurred in the US. The backlog of turnkey contracts (signed) is 293 million euro, with Italy, US and Belgium as the geographies with the most significant contributions. Martifer Solar managed to keep a sustainable and robust backlog compensating the high reduction of the PV Italian market, currently facing severe regulatory uncertainty, by other projects in different countries with a more favourable framework. Solar 1Q 1Q Var. % M Revenues % EBITDA % EBITDA Margin 1.8% 10.1% -8.3 pp EBIT % EBIT Margin 0.48% 8.1% -7.6 pp Net Financial Expenses n.m. Income tax % Net Profit % Attributable to non-controlling interests n.m. Attributable to shareholders % Net Debt % Capex >100% 16 MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER 2011

17 Others RESULTS Operating Revenue in RE Developer was of 3.8 million euro in the First Quarter, corresponding to 55 MW of assets in operation. For the total Revenue Poland contributed with 1.5 million euro, Brazil with 0.8 million euro, Spain with 0.8 million euro and Portugal with 0.4 million euro. RE Developer sold, in the last quarter of 2010, 100% of the share capital of its wind farms in Germany, Bippen and Holleben, with a total capacity of 53.1 MW. In the First Quarter 2010 these parks represented Revenues of 2.0 million euro. EBITDA reached 1.43 million euro in the First Quarter 2011, representing an EBITDA margin of 37.5%. This Quarter s margin is still affected by costs of origination and development of projects (costs with due diligence, consulting, business prospection, and others) in Poland, Romania and Brazil. The average EBITDA margin of the plants in operation was approximately 80%, in line with other quarters. Net Profit in the First Quarter 2011 was -1.3 million euro. Total CAPEX in the first 3 months of 2011 reached 19.4 million euro, mostly applied to the development of wind projects in Poland (Bukowsko). Net Financial Debt of RE Developer amounted to 65.5 million euro, of which 16.5 million euro from Project Finance and 12.5 million euro from project s leasings. To this debt we must also add the 94.6 million euro in other debt at the Holding level and assigned to the business area, totalling million euro. RE Developer 1Q 1Q Var. % M Revenues % EBITDA % EBITDA Margin 37.5% 37.4% 0.1 pp EBIT n.m. EBIT Margin 18.0% - - Net Financial Expenses n.m. Income tax <-100% Net Profit % Attributable to non-controlling interests % Attributable to shareholders % Net Debt % Capex >100% MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER

18 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 SHARE PERFORMANCE Martifer PSI-20 Source: Reuters Martifer s share price ended the First Quarter 2011 at 1.40 /share, representing a decrease of 3.1% YTD. In the same period the PSI-20, major Euronext Lisbon market index, fell 2.2%. In this period the highest price achieved was /share and the lowest price was /share. The average volume of stock traded during the period was 67,360 shares. During the period in analysis, some of the global markets had a rebound in its performance such as Dow Jones Industrial (+6.68%), S&P (+5.62%) and Nasdaq (+5.35%), while others such as Greece, Spain and Portugal had their performances penalized by the rising fear of country s indebtedness. In this scenario, small caps stock performances were more affected than the indexes, and Martifer s stock was penalized by this juncture. Furthermore, considering the Renewable s (ERIXP) performance with a drop of 37.5% Ytd, should be added that the current environment for the renewable energy sector has not been favourable to the performance of the Martifer s share price. At the end of the First Quarter 2011 Martifer s market capitalization amounted to 140 million euro. 18 MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER 2011

19 PURCHASE OF OWN SHARES Date Market / Transaction Size (shares) PRICE ( ) Shares Held 01-Jan-11 Euronext Lisbon Purchase 5, , Jan-11 Euronext Lisbon Purchase , Jan-11 Euronext Lisbon Purchase 1, , Jan-11 Euronext Lisbon Purchase 5, , Jan-11 Euronext Lisbon Purchase 9, , Jan-11 Euronext Lisbon Purchase 8, , Jan-11 Euronext Lisbon Purchase 2, , Jan-11 Euronext Lisbon Purchase 12, , Jan-11 Euronext Lisbon Purchase 2, , Jan-11 Euronext Lisbon Purchase 7, , Jan-11 Euronext Lisbon Purchase 14, , Jan-11 Euronext Lisbon Purchase , Jan-11 Euronext Lisbon Purchase 17, , Jan-11 Euronext Lisbon Purchase 2, , Jan-11 Euronext Lisbon Purchase 8, , Jan-11 Euronext Lisbon Purchase 15, , Jan-11 Euronext Lisbon Purchase 2, , Jan-11 Euronext Lisbon Purchase , Jan-11 Euronext Lisbon Purchase 1, , Feb-11 Euronext Lisbon Purchase 6, , Feb-11 Euronext Lisbon Purchase , Feb-11 Euronext Lisbon Purchase 1, , Feb-11 Euronext Lisbon Purchase 8, , Feb-11 Euronext Lisbon Purchase 2, , Feb-11 Euronext Lisbon Purchase 4, , Feb-11 Euronext Lisbon Purchase 8, , Feb-11 Euronext Lisbon Purchase 4, , Feb-11 Euronext Lisbon Purchase 4, , Feb-11 Euronext Lisbon Purchase , Feb-11 Euronext Lisbon Purchase 20, , Mar-11 Euronext Lisbon Purchase 7, , Mar-11 Euronext Lisbon Purchase 5, , Mar-11 Euronext Lisbon Purchase 4, , Mar-11 Euronext Lisbon Purchase 3, , Mar-11 Euronext Lisbon Purchase 2, , Mar-11 Euronext Lisbon Purchase , Mar-11 Euronext Lisbon Purchase , Mar-11 Euronext Lisbon Purchase , Mar-11 Euronext Lisbon Purchase 2, , Mar-11 Euronext Lisbon Purchase 2, , Mar-11 Euronext Lisbon Purchase 99, , Mar-11 Euronext Lisbon Purchase 21, , Mar-11 Euronext Lisbon Purchase 27, , Mar-11 Euronext Lisbon Purchase 10, , Mar-11 Euronext Lisbon Purchase , Mar-11 Euronext Lisbon Purchase 8, , Mar-11 Euronext Lisbon Purchase 6, ,001, Mar-11 Euronext Lisbon Purchase 1, ,002, Mar-11 Euronext Lisbon Purchase 1, ,003, Mar-11 Euronext Lisbon Purchase 12, ,016, Mar-11 Euronext Lisbon Purchase 2, ,018, Mar-11 Euronext Lisbon Purchase 1, ,019, Mar-11 Euronext Lisbon Purchase ,020,403 Following these transactions Martifer held in the end of the first quarter 1,020,403 own shares representing % of its share capital. MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER

20 Oliveira de Frades, 19 th May 2011 The Board of Directors, Carlos Manuel Marques Martins (Chairman of the Board of Directors) Jorge Alberto Marques Martins (Vice-Chairman of the Board of Directors) Luis Filipe Cardoso da Silva (Member of the Board of Directors) Arnaldo José Nunes da Costa Figueiredo (Member of the Board of Directors) Mário Jorge Henriques Couto (Member of the Board of Directors) Luís Valadares Tavares (Member of the Board of Directors) Jorge Bento Ribeiro Barbosa Farinha (Member of the Board of Directors) 20 MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER 2011

21 INTERIM CONSOLIDATED FINANCIAL INFORMATION CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENTS FOR THE QUARTERS ENDED 31 MARCH 2011 AND 2010 (TRANSLATION OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN PORTUGUESE - NOTE 27) NOTES 1 ST QUARTER 2011 IFRS (NON AUDITED) 1 ST QUARTER 2010 IFRS (NON AUDITED) Sales and services rendered 3 and 4 111,492, ,543,426 Other income 5 4,376,946 (75,725) Cost of goods sold and subcontractors (72,567,818) (57,214,431) Gross profit 43,301,483 45,253,270 External supplies and services (19,298,058) (15,331,484) Staff costs (18,929,799) (18,436,378) Other operational gains and losses 973, , ,047,599 12,154,515 Amortizations 4, 11 and 12 (4,966,285) (6,506,078) Provisions and impairment losses 6 515,198 (14,387,407) Operating Income 4 1,596,512 (8,738,970) Financial Income 7 10,821,325 19,975,524 Financial Expenses 7 (12,373,634) (8,109,426) Gains and losses on associated companies 8 845, ,702 Income tax (561,399) (1,265,947) Profit for the period 4 328,148 2,084,883 Attributable to: non-controlling interests (53,272) (426,048) owners of Martifer 381,420 2,510,931 Earnings per share: Basic Diluted The accompanying notes are part of these financial statements MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER

22 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE QUARTERS ENDED 31 MARCH 2011 AND 2010 (Translation of consolidated financial statements originally issued in Portuguese - Note 27) 1 ST QUARTER 2011 IFRS (NON AUDITED) 1 ST QUARTER 2010 IFRS (NON AUDITED) Profit for the period 328,148 2,084,883 Fair value of cash flow hedges (derivatives), net of tax 206,890 (720,530) Fair value of available for sale financial assets, net of tax - (2,920,500) Exchange differences arising on (i) translating foreign operations; (ii) net investment in subsidiaries and (iii) goodwill 1,900,007 11,829,559 Income recognized directly in equity 2,106,897 8,188,529 Total comprehensive income for the period 2,435,045 10,273,412 Attributable to: non-controlling interests 16, ,454 owners of Martifer 2,418,580 9,524,958 The accompanying notes are part of these financial statements 22 MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER 201

23 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AT 31 MARCH 2011 AND 31 DECEMBER 2010 (Translation of consolidated financial statements originally issued in Portuguese - Note 27) NOTES 31 MARCH 2011 IFRS (NON AUDITED) 31 DECEMBER 2010 IFRS (AUDITED) Assets Non-current assets Goodwill 10 20,447,816 20,689,425 Intangible assets 11 22,677,348 28,658,372 Tangible assets ,819, ,482,823 Investment property 13 14,942,359 14,981,893 Investments in associate companies 14 10,731,989 11,954,290 Other non-current financial assets 15 20,415,606 20,186,393 Other non-current receivables 104,436,812 83,172,197 Deferred tax assets 7,305,099 6,446, ,776, ,571,462 Current assets Inventories 16 45,692,781 56,367,267 Trade receivables 182,345, ,884,487 Other receivables 31,554,056 34,394,644 Current tax assets 26,548,749 20,779,512 Other current assets ,905, ,387,543 Cash and cash equivalents 69,158,575 76,666,431 Derivatives 133, ,338, ,479,884 Total assets 4 1,099,114,299 1,126,051,346 Equity Issued capital 18 50,000,000 50,000,000 Reserves 261,723, ,153,874 Profit for the period 381,420 (54,894,057) Equity attributable to owners of Martifer 312,105, ,259,817 Non-controlling interests 18 34,012,242 30,988,178 Total equity 346,117, ,247,995 Liabilities Non-current liabilities Borrowings ,871, ,443,037 Obligations under finance leases 26,121,804 31,398,405 Other non-current liabilities 23,643,258 11,520,911 Provisions 20 8,732,908 16,588,337 Deferred tax liabilities 11,014,772 10,334, ,384, ,284,703 Current liabilities Borrowings ,130, ,654,520 Obligations under finance leases 7,727,711 8,573,620 Trade payables 169,348, ,532,331 Other payables 40,974,525 63,621,163 Current tax liabilities 18,679,010 21,878,594 Other current liabilities 21 33,591,971 43,884,568 Derivatives 160, , ,612, ,518,648 Total liabilities 4 752,996, ,803,351 Total equity and liabilities 1,099,114,299 1,126,051,346 The accompanying notes are part of these financial statements MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER

24 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE QUARTERS ENDED 31 MARCH 2011 AND 2010 (Translation of consolidated financial statements originally issued in Portuguese - Note 27) Revaluation of fixed assets Fair value reserves Available for sale investments Cash flow hedge derivatives Foreign currency translation reserves Stock options reserves Other reserves and accumulated earnings Net profit for the year Equity attributable to owners of the parent Issued capital Treasury stock Share premium Total equity Balance at 1 January ,000, ,500,000 17,549,418 8,261,660 (2,889,017) (21,479,368) 17,347 41,405, ,705, ,070,394 50,957, ,028,029 Appropriation of the profit of ,705,245 (107,705,245) - - Comprehensive income for the period: Profit for the period ,510,931 2,510,931 (426,048) 2,084,883 Exchange differences arising on (i) translating foreign operations and (ii) net investment in subsidiaries ,845, ,845,046 1,062,634 10,907,680 Exchange differences arising on goodwill , , , ,879 Changes in fair value (2,920,500) (667,147) (3,857,647) (53,383) (3,641,030) Total comprehensive income for the period (2,920,500) (667,147) 10,601, ,510,931 9,524, ,454 10,273,412 Distribution of dividends , ,021-26,021 Other changes in equity of subsidiaries ,152,658 3,525,700 - (407,791) - 5,270,567 (374,965) 4,895,602 Changes in the consolidation perimeter (33,457,940) (33,457,940) Balance at 31 March ,000, ,500,000 17,549,418 5,341,160 (1,403,506) (7,351,994) 43, ,702,563 2,510, ,891,940 17,873, ,765,125 Balance at 1 January ,000,000 (852,587) 186,500,000 15,927,250 - (228,755) (13,497,358) 113, ,191,829 (54,894,057) 309,259,817 30,988, ,247,995 Appropriation of the profit of (54,894,057) 54,894, Comprehensive income for the period: Profit for the period , ,420 (53,272) 328,148 Exchange differences arising on (i) translating foreign operations and (ii) net investment in subsidiaries ,124, ,124,014 17,602 2,141,616 Exchange differences arising on goodwill (241,610) (241,610) - (241,610) Other changes in equity of subsidiaries, net of tax , ,755 52, ,890 Total comprehensive income for the period ,755 1,882, ,420 2,418,580 16,465 2,435,045 Distribution of dividends Acquisition of treasury stock - (679,544) (679,544) - (679,544) Stock options , ,848-21,848 Increase on capital of subsidiaries Other changes in equity of subsidiaries ,339,022-1,339,022 (424,469) 914,553 Changes in the consolidation perimeter ,046,256 2,046,256 Transactions with non-controlling interests (254,512) - (254,512) 4,512 (250,000) Balance at 31 March ,000,000 (1,532,131) 186,500,000 15,927,250 - (74,000) (11,614,953) 135,343 72,382, , ,105,211 34,012, ,117,453 Noncontrolling interests The accompanying notes are part of these financial statements 24 MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER 2011

25 CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE QUARTERS ENDED 31 MARCH 2011 AND 2010 (Translation of consolidated financial statements originally issued in Portuguese - Note 27) 1 ST QUARTER 2011 IFRS (NON AUDITED) 1 ST QUARTER 2010 IFRS (NON AUDITED) OPERATING ACTIVITIES Receipts from customers 178,869, ,554,302 Payments to suppliers (163,208,881) (142,694,571) Payments to employees (17,368,280) (15,401,670) Cash (used in)/generated from operations (1,707,700) (10,541,939) Income taxes paid (1,162,005) (1,580,325) Other receipts/(payments) relating to operating activities (5,519,838) 9,290,030 Cash generated from other operating activities (6,681,843) 7,709,705 Net cash (used in)/generated by operating activities (1) (8,389,543) (2,832,233) INVESTING ACTIVITIES Receipts arising from: Financial assets 300,000 15,183,162 Tangible assets 147, ,260 Intangible assets - 4,859 Interest and similar income 623,454 6,780 Payments arising from: 1,071,201 15,569,479 Financial assets (5,238,750) (5,214,462) Tangible assets (8,548,079) (2,747,192) Intangible assets (3,814,455) (1,180,096) Others - (375,434) (17,601,284) (9,517,184) Net cash (used in)/generated by investing activities (2) (16,530,084) 6,052,294 FINANCING ACTIVITIES Receipts arising from: Borrowings 179,063, ,236,522 Issue of equity shares, supplementary capital and share premiums 2,681,299 1,640,967 Others 514, , ,259, ,994,792 Payments arising from: Borrowings (151,458,863) (167,955,615) Leasings (6,122,510) (9,261,002) Interest and similar costs (4,397,030) (4,567,085) Others (1,015,476) (724,396) (162,993,879) (182,508,099) Net cash (used in)/generated by financing activities (3) (19,265,363) 31,486,693 Net increase in cash and cash equivalents (4) = (1) + (2) + (3) (5,654,263) 34,706,754 Changes in the consolidation perimeter and others (758,191) (6,696,192) Effect of foreign exchange currencies (1,095,401) 1,688,426 Cash and cash equivalents at the beginning of the period 76,666,431 24,844,210 Cash and cash equivalents at the end of the period 69,158,575 54,543,198 The accompanying notes are part of these financial statements MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER

26 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS INTRODUCTORY NOTE Martifer SGPS, S.A., with its head-office at Zona Industrial, Apartado 17, Oliveira de Frades Portugal ( Martifer SGPS or the Company ), and its group of companies ( Group ), have as its main activity the construction of steel infrastructures, the production of energy equipment for wind and solar industries, and, also, the promotion, development and management of renewable energy projects (Note 4). Martifer SGPS was incorporated on 29 October 2004, its share capital having been realized through the delivery of shares, valued at its market value, that the shareholders held in Martifer - Construções, S.A., a company that was incorporated in 1990 and which, at that time, was the holding company of the current Martifer Group. As of June 2007, after the initial public offering Martifer SGPS, S.A. shares have been listed on Euronext Lisbon. At 31 March 2011, the Group has developed its activity in Portugal, Spain, Poland, Slovakia, Germany, Romania, Czech Republic, Angola, Brazil, Greece, United States of America, Australia, Mozambique, Ireland, Italy, Belgium, Bulgaria, the Netherlands, France, Thailand, Morocco, South Africa, United Kingdom and Canada. All the amounts presented in these notes are expressed in Euro (rounded at unit), unless otherwise stated. The accompanying notes were selected to help the understanding of the more significant changes in the financial position and the financial performance of the Group since the last annual reporting, dated of 31 December These financial statements are not audited. 1. SIGNIFICANT ACCOUNTING POLICIES BASIS OF PREPARATION These accompanying consolidated financial statements relate to the consolidated financial statements of the Martifer Group and were prepared in accordance with the International Financial Reporting Standards ( IFRS ), as adopted by the European Union, in force at the beginning of the economic period started 1 January These are the International Financial Reporting Standards, issued by the International Accounting Standards Board ("IASB"), and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") or by the previous Standing Interpretations Committee ("SIC"), that have been endorsed by the European Union. The interim consolidated financial report for the period ended at 31 March 2011 has been prepared in accordance with IAS 34 - Interim Financial Reporting as adopted by the European Union. The accounting policies adopted are consistent with those considered in the financial statements for the year ended as of 31 December 2010 and disclosed in the corresponding notes, prepared under the International Financial Reporting Standards (IFRS) approved by the EU, except in respect of the standards and interpretations entering into force on or after 1 January 2011, the adoption of which have not had an impact on the Group s profits or financial position. These consolidated financial statements have been prepared on a going concern basis from the accounting records of the companies included in the consolidation (Note 2) and have been prepared under the historical cost convention, except for the revaluation of certain non-current assets and certain financial instruments, which are stated at fair value. 26 MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER 2011

27 2. GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS Group companies included in the consolidated financial statements, their consolidation methods, head offices and percentage of share capital held by the Group, at 31 March 2011 are as follows: COMPANIES CONSOLIDATED THROUGH THE FULL CONSOLIDATION METHOD PERCENTAGE OF SHARE CAPITAL HELD COMPANY HEADOFFICE DESIGNATION DIRECTLY INDIRECTLY TOTAL Martifer SGPS, S.A. Oliveira de Frades Martifer SGPS Holding Martifer Inovação e Gestão, S.A. Oliveira de Frades Martifer Inovação % % Martifer Gestiune Si Servicii, S.R.L. Bucharest Martifer Inovação Roménia % % Martifer Metallic Constructions SGPS, S.A. Oliveira de Frades Martifer Metallic Constructions % % Martifer - Construções Metalomecânicas, S.A. Oliveira de Frades Martifer Construções % % Marifer Mota-Engil Coffey Construction Joint Venture Limited Dublin MMECC % 60.00% Martifer Construcciones Metálicas España, S.A. Madrid Martifer Espanha % % Martifer Construções Metálicas Angola, S.A. Luanda Martifer Angola % 78.75% Martifer Construction Limited Dublin Martifer Irlanda % % Martifer Polska Sp. Zo.o. Gliwice Martifer Polska % % Martifer Constructions, SAS Rungis Martifer França % % Martifer Constructii SRL Bucharest Martifer Constructii % % Park Logistyczny Biskupice Gliwice Biskupice % 90.00% Martifer Konstrukcje Sp. Z o.o. Gliwice Martifer Konstrukcje % % Martifer Slovakia S.R.O. Bratislava Martifer Slovakia % % Sociedade de Madeiras do Vouga, S.A. Albergaria a Velha Madeiras do Vouga % % Martifer - Gestão de Investimentos, S.A. Oliveira de Frades MGI % % Nagatel Viseu, Promoção Imobiliária, S.A. Oliveira de Frades Nagatel Viseu % % Martifer Retail & Warehousing Angola, S.A. Luanda Martifer Retail Angola % % Martifer - Alumínios, S.A. Oliveira de Frades Martifer Alumínios % % Martifer - Alumínios, S.A. Madrid Martifer Alumínios Espanha % % Martifer Alumínios Angola, S.A. Luanda Martifer Alumínios Angola % 92.00% Martifer Recycling S.R.L. Bucharest Martifer Recycling Roménia % % Martifer Recycling Sp. Zo.o Gliwice Martifer Recycling Polónia % % Martifer Aluminium Pty, Ltd Sidney Sassall % % Global Façade Systems Company Limited Bangkok Global Façade Systems 1) % 49,00% Martifer Aluminium Limited Dublin Martifer Aluminium Irlanda % % Martifer Aluminium S.R.L. Bucharest Martifer Aluminium Roménia % % Martifer UK Limited London Martifer UK % % Martifer II Inox, S.A. Sever do Vouga Martifer II Inox % 75.00% Martinox, S.A. Luanda Martinox Angola % 63.00% MT Construction Maroc, S.A.R.L. Tangier Martifer Marrocos % % Martifer - Construções Metálicas, Ltda. Fortaleza Martifer Brasil % % Martifer Beteiligungsverwaltungs GmbH Wien Martifer GmbH % % M City Gliwice Sp. Zo.o Gliwice M City Gliwice % 52.80% Martifer Energy Systems SGPS, S.A. Oliveira de Frades Martifer Energy Systems % % Martifer Energia - Equipamentos para Energia, SA Oliveira de Frades Martifer Energia % % Martifer Energia S.R.L. Bucharest Martifer Energia Roménia % % Martifer Energia Sp. Z.o.o Gliwice Martifer Energia Polónia % % Martifer Energia LLC Kiev Martifer Energia Ucrânia % % Martifer Wind Energy Systems LLC San Angelo TX Martifer Wind USA % % Martifer Energy Systems PTY Cape Town Martifer Energia África do Sul % 85.00% Navalria Docas, Construções e Reparações Navais, S.A. Aveiro Navalria % % Ventinveste Indústria SGPS, S.A. Oliveira de Frades Ventinveste Indústria % 46.00% MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER

28 PERCENTAGE OF SHARE CAPITAL HELD COMPANY HEADOFFICE DESIGNATION DIRECTLY INDIRECTLY TOTAL Martifer Solar SGPS, S.A. Oliveira de Frades Martifer Solar SGPS % % Martifer Solar, S.A. Oliveira de Frades Martifer Solar % 75.00% Martifer Solar Sistemas Solares, S.A. Madrid Martifer Solar Sistemas Solares % 75.00% Solar Parks Construccion Parques Solares ETVE, S.A. Madrid Solar Parks % 75.00% Parque Solar Seseña II, S.L. Madrid Seseña II % 75.00% Parque Solar Segovia, S.L. Madrid Segovia % 75.00% Parque Solar Quintanar, S.L. Madrid Quintanar % 75.00% Parque Solar Seseña III, S.L. Madrid Seseña III % 75.00% Inovsun, Lda. Oliveira de Frades Inovsun % 75.00% Martifer Solar S.R.L. Milan Martifer Solar Itália % 75.00% MTS1 S.R.L. Siracusa MTS % 75.00% MTS2 S.R.L. Siracusa MTS % 75.00% MTS3 S.R.L. Siracusa MTS % 75.00% MTS4 S.R.L. Siracusa MTS % 75.00% MTS5 S.R.L. Siracusa MTS % 75.00% Martifer Solar Inc. S. Francisco CA Martifer Inc % 75.00% Martifer Solar USA, Inc. Santa Monica CA AEM 1) % 47,63% MT Silverado Fund LLC S. Francisco CA Silverado 1) % 38.25% Martifer Solar Hellas, A.T.E. Athens PVI % 50.58% Martifer Solar Angola Luanda Martifer Solar Angola % 56.25% Martifer Solar N.V. Deerlijk Martifer Solar Bélgica % 75.00% Martifer Solar UK Limited London Martifer Solar UK % 75.00% Martifer Solar S.A.S. Lyon Martifer Solar França % 75.00% Martifer Solar CZ Prague Martifer Solar República Checa % 75.00% Home Energy France SAS Lyon Home Energy França % 75.00% PVGlass, S.A. Oliveira de Frades PVGlass % 52.50% PVGLASS S.r.l Milan PVGlass Itália % 52.50% MPrime Solar Solutions, S.A. Oliveira de Frades MPrime % 75.00% MPRIME Italia S.r.l Oliveira de Frades MPrime Itália % 75.00% Martifer Solar Investments, B.V. Amsterdam Martifer Solar Holanda % 75.00% Martifer Solar Canadá, Ltd. Toronto Martifer Solar Canadá % 75.00% MTS6 S.R.L. Siracusa MTS % 63.75% Martifer Solar SK s.r.o. Dolny Kubin Martifer Solar Eslováquia % 75.00% Canopy - Apollo S.A.S. Paris Canopy % 75.00% Gargano Solar Park S.R.L. Cassola Gargano Solar Park % 75.00% Ginosa Solar Farm, S.R.L. Rome Ginosa Solar Farm % 75.00% Solar Spritehood S.R.L Rome Solar Spritehood % 75.00% MTS7, S.R.L. Rome MTS % 75.00% Martifer Renewables SGPS, S.A. Oliveira de Frades Martifer Renewables SGPS % % Martifer Renewables, S.A. Oliveira de Frades Martifer Renewables SA % % Martifer Renovables ETVE, S.A.U. Madrid Martifer Renovables % % Eurocab FV 1 S.L. Madrid Eurocab % % Eurocab FV 2 S.L. Madrid Eurocab % % Eurocab FV 3 S.L. Madrid Eurocab % % Eurocab FV 4 S.L. Madrid Eurocab % % Eurocab FV 5 S.L. Madrid Eurocab % % Eurocab FV 6 S.L. Madrid Eurocab % % Eurocab FV 7 S.L. Madrid Eurocab % % Eurocab FV 8 S.L. Madrid Eurocab % % Eurocab FV 9 S.L. Madrid Eurocab % % Eurocab FV 10 S.L. Madrid Eurocab % % Eurocab FV 11 S.L. Madrid Eurocab % % Eurocab FV 12 S.L. Madrid Eurocab % % Eurocab FV 13 S.L. Madrid Eurocab % % Eurocab FV 14 S.L. Madrid Eurocab % % 28 MARTIFER SGPS, S.A. INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION FIRST QUARTER 2011