Flexdeal

Earnings Release • May 8, 2015

Financial Information

First Quarter of 2015

(Unaudited)

Ramada Group - business profile

F. Ramada Investimentos was incorporated as of June 1, 2008, as a result of the demerger process, of the steel and storage systems business from Altri, SGPS, S.A. ("Altri").

Currently, F. Ramada Investimentos is the parent company of a group of companies ("F. Ramada Group") that, together, develop two business activities: i) Industry, which includes Steel activity, of which we highlight the sub segment of steel for molds, the activity of Storage Systems, as well as the activity related to financial investments, consisting on acquiring equity shares below 50%; and ii) Real Estate, focused in the management of real estate assets.

The Steel activity, with a prominent position in the domestic market, is carried out by two Companies: Ramada Aços and Universal - Afir.

The Storage Systems activity is carried out by five Companies: RamadaStorax (largest manufacturer of storage systems in Portugal, and where all Group production is concentrated), Storax France, Storax UK, Storax Belgium and Storax Spain.

The activity related to Financial Investments includes shareholdings on Base Holding and Consumo em Verde/Converde.

The consolidated financial information presented below in relation to F. Ramada Investmentos was prepared in accordance with the recognition and measurement criteria of the International Financial Reporting Standards (IFRS), as adopted by the European Union.

Income Statement

	1Q 2015	1Q 2014	Var. %
Sales and services rendered	26,785	27,685	-3.3%
Other income	173	175	-1.4%
Total income	26,958	27,860	-3.2%
Cost of sales	14,119	14,487	-2.5%
External supplies and services	4,808	5,251	-8.4%
Payroll expenses	3,752	3,749	0.1%
Other costs	464	576	-19.4%
Total Costs (a)	23,143	24,063	-3.8%
EBITDA (b)	3,814	3,797	0.5%
EBITDA margin	14,1%	13,6%
Depreciation and amortization	404	400	0.8%
EBIT (c)	3,411	3,397	0.4%
EBIT margin	12,7%	12,2%
Gains/Losses in associated companies	365	-
Financial costs	(789)	(908)	-13.1%
Financial gains	20	3
Net profit before income tax	3,007	2,492	20.7%
Income tax	(947)	(785)
Consolidated net profit	2,060	1,707	20.7%
Consolidated net profit attributable to shareholders of Parent company	2,057	1,707	20.5%
Consolidated net profit attributable to non controlling interests	3	0

Amounts in thousands Euros

(a) Operating expenses excluding depreciation, financial expenses and income tax

(b) EBITDA= earnings before financial results, income tax, depreciation and amortization

(c) EBIT = earnings before financial results and income tax

The total revenue from the Ramada Group in the first three months of 2015 was 26,958 thousand Euro, representing a 3.2% decrease when compared to the same period in 2014.

Total costs, excluding depreciations, financial expenses and income tax, amounted to 23,143 thousand Euro, representing a decrease of 3.8% when compared to the same period of 2014.

Group´s EBITDA in the period between January and March 2015 amounted to 3,814 thousand Euro, representing an increase of 0.5% in relation to the same period of 2014. EBITDA margin reached 14.1% in the first three months of 2015, which compares to 13.6% obtained in the same period of 2014.

Group's operating results (EBIT), amounted to 3,411 thousand Euro, representing an increase of 0.4% which compares to 3,397 thousand Euro in the same period of 2014.

In the first quarter of 2015 Ramada Group has recorded gains in associated companies as a consequence of application of the the equity method by an amount of 365 thousands of Euros.

Financial costs, in the amount of 789 thousand Euro, presented an improvement of 13.1%, when compared to the same period of 2014.

Ramada Group's net profit for the first quarter of 2015 reached 2,060 thousand Euro, 20.7% higher than the amount recorded in the same period of 2014.

Industry

	1Q 2015	1Q 2014	Var. %
Total income	25,392	26,287	-3.4%
Total costs (a)	22,823	23,756	-3.9%
EBITDA (b)	2,569	2,531	1.5%
EBITDA margin	10.1%	9.6%
EBIT (c)	2,232	2,219	0.6%
EBIT margin	8.8%	8.4%
Financial results	(180)	(194)	-7.7%
Net profit before income tax	2,052	2,024	1.4%

(Amounts in thousands Euros)

(a) Operating expenses excluding depreciation, financial expenses and income tax

(b) EBITDA = earnings before financial results, income tax, depreciation and amortization

(c) EBIT = earnings before financial results and income tax

During the first quarter of 2015, total turnover of the industry segment reached 25,392 thousand Euro, representing a decrease of 3.4%, in relation to total turnover for the same period of 2014.

During the first three months of 2015, the turnover of Steel activity, recorded an increase when compared to the same period of 2014.

The growth recorded in sales was motivated by a recovery on the automobile industry, boosting the activity in manufacturers of plastic molds, being this the main support of Groups sales in this segment.

In the sectors of general mechanics, equipment goods production and maintenance, the Group is facing some activity break due to the reduction of purchase orders from Angola.

In the first quarter of 2015, the activity of storage systems recorded a decrease in turnover compared to the same period of 2014.

The foreign market represents the largest turnover of this activity. In the first three months of 2015, exports represented 73% of the segment's turnover and recorded a decrease of 16% comparing to the same period of 2014. In the first quarter of 2014, the external market represented 76%.

In 2014, this activity started to be represented directly in Spain with the incorporation of the company Storax España, SL., in which the group holds 60% of its share capital.

The EBITDA of Industry segment in the first quarter of 2015 amounted to 2,569 thousand Euro, corresponding to an increase of 1.5%, when compared to 2,531 thousand Euro recorded in the same period of 2014.

EBITDA margin in industry segment increased from 9.6% in 2014 to 10.1% in 2015.

In the first three months of 2015, the net profit before income tax reached 2,052 thousand Euro in the Industry segment, 1.4% higher than the amount recorded in the same period of 2014.

Real Estate

	1Q 2015	1Q 2014	Var. %
Total income	1,565	1,573	-0.5%
Total costs (a)	320	307	4.4%
EBITDA (b)	1,245	1,266	-1.6%
EBIT (c)	1,179	1,178	0.1%
Financial results	(589)	(711)	-17.1%
Net profit before income tax	590	467	26.2%

(Amounts in thousands Euros)

(a) Operating expenses excluding depreciation, financial expenses and income tax

(b) EBITDA = earnings before financial results, income tax, depreciation and amortization

(c) EBIT = earnings before financial results and income tax

Total turnover of the Real Estate segment in the first three months of 2015 amounted to 1,565 thousand Euro, representing a slight decrease compared to the same period of 2014 (-0.5%).

The rents obtained with the long-term renting of the forest land represent more than 95% of the total current income of the Real Estate segment.

Real Estate segment EBITDA in the first quarter of 2015 reached 1,245 thousand Euro, representing a decrease of 1.6% in relation to the same period of 2014.

Real Estate segment EBIT amounted to 1,179 thousand Euro, similar to the previous year.

Financial results of the Real Estate Segment in the first three months of 2015 amounted to the negative amount of 589 thousand Euro, representing an improvement of 17.1% when compared with the negative amount of 711 thousand Euro in the same period in 2014.

Investments and Debt

Ramada Group's investments in the period between January and March 2015 amounted to 45 thousand Euro.

The nominal remunerated net debt of the Ramada Group as of March 31, 2015, deducted of own shares in portfolio (in the amount of 1,641 thousand Euro), amounted to 59,236 thousand Euro. As of December 31, 2014 the amount was 61,418 thousand Euro.

Oporto, May 8, 2015

The Board of Directors

F. RAMADA INVESTIMENTOS, SGPS, S.A.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 31 DE MARCH 2015 AND AS OF 31 DECEMBER 2014 (Amounts expressed in Euros)

ASSETS	Notes	31.03.2015	31.12.2014
NON CURRENT ASSETS
Investments properties		85,997,282	85,977,075
Tangible assets		4,823,095	5,146,397
Intangible assets		142,820	150,639
Investments in associated companies		14,452,336	12,196,970
Investments available for sale		3,027,196	2,609,500
Deferred tax assets		1,921,360	1,923,682
Total non current assets		110,364,089	108,004,263
CURRENT ASSETS Inventories		25,186,978	25,675,958
Accounts receivables		27,479,115	32,678,630
State and other public entities		418,102	635,870
Other debtors		565,615	471,355
Other current assets		317,068	235,691
Cash and Cash equivalents		16,636,073	16,366,816
Total current assets		70,602,951	76,064,320
Total assets		180,967,040	184,068,583
SHAREHOLDERS´ FUNDS AND LIABILITIES
SHAREHOLDERS´FUNDS
Share capital		25,641,459	25,641,459
Own shares		(1,641,053)	(1,641,053)
Legal reserves		5,637,034	5,637,034
Currency translation reserves		(78,130)	(385,709)
Other reserves		32,891,039	24,813,767
Consolidated net profit for the period		2,056,888	8,077,269
Total shareholders´ funds to the parent company shareholders		64,507,237	62,142,767
Non-controlling interests		53,610	50,638
Total Shareholders´ Funds		64,560,847	62,193,405
LIABILITIES NON CURRENT LIABILITIES:
Bank loans		40,028,235	43,530,732
Provisions		1,439,163	1,358,333
Deferred tax liabilities		40,937	40,937
Total non current liabilities		41,508,335	44,930,002
CURRENT LIABILITIES:
Bank Loans		3,567,737	3,485,753
Other loans		33,917,645	32,409,418
Suppliers		12,414,223	16,664,663
State and other public entities Other creditors		4,516,319 642,217	4,092,389 1,121,189
Other current liabilities		19,839,717	19,171,764
Total current liabilities		74,897,858	76,945,176
Total Shareholders´ Funds and Liabilities		180,967,040	184,068,583

The accompanying notes forms an integral part of the consolidated financial statements.

F. RAMADA INVESTIMENTOS, SGPS, S.A.

CONSOLIDATED STATEMENTS OF PROFIT AND LOSS FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2015 AND 2014 (Amounts expressed in Euros)

	Notes 31.03.2015	31.03.2014
Sales	24,136,621	25,315,056
Services rendered	2,648,178	2,369,768
Other income	172,916	175,448
Cost of sales and change in stocks of finished goods and work-in-progress	(14,119,379)	(14,486,749)
External suplies and services	(4,807,780)	(5,251,364)
Payroll costs	(3,752,189)	(3,749,344)
Amortization and depreciation	(403,605)	(400,279)
Provisions and impairment losses	(258,461)	(355,887)
Other expenses	(205,420)	(219,692)
Gains/Losses in associated companies	365,000	-
Financial expenses	(789,036)	(907,894)
Financial income	20,249	2,718
Profit before taxes	3,007,094	2,491,781
Income tax	(947,234)	(784,911)
Consolidated profit for the period	2,059,860	1,706,870
Attributable to:
Parent company´s shareholders	2,056,888	1,706,870
Non-controlling interests	2,972	-
Earnings per share:
Basic	0.09	.0700
Diluted	0.09	.0700

The accompanying notes form an integral part of the consolidated financial statements.

The Chartered Accountant The Board of Directors