Martifer — Earnings Release 2015

Apr 14, 2016

• Turnover reaches 221 M€ (+17 % YTD)
• Significant recovery in the operational performance, with a positive EBITDA of around 11.4 M€
• Positive Net Profit of 1.2 M€, including non-controlling interests
• Order Book in Metallic Constructions registers a 6.5 % growth YTD to 262 M€
• Net Debt with a 23 M€ decrease compared with Dec 2014, on a comparable basis (meaning, without Solar) to 260 M€
• Management reached the main goals in the execution of the 2015 Action Plan (conclusion of the financial restructuring process, improvement in processes and operational efficiency and reorganization of the international presence)
• Conclusion of the financial restructuring, allowed:
• To adequate the inflows maturity of the operational activity and investment (divestment) to the outflows of the financing activity
• To standardize the profile of financial debt repayments
• To significantly reduce the all-in financing costs
• To significantly increase the average maturity of the debt (to around eight years)
• To reinforce the permanent capital structure

RESULTS

M€	HOLDING	METALLIC CONSTRUCTIONS	RENEWABLES	MARTIFER CONSOLIDATED
Sales and Services Rendered	2.4	205.4	13.1	220.9
EBITDA	-0.5	9.2	2.7	11.4
EBITDA Margin	-20%	4%	20%	5%
EBIT	-2.5	6.6	-4.6	-0.5
EBIT Margin	-104%	3%	-35%	0%
Financial Results	-5.2	1.4	6.9	3.1
- Interests	-2.4	-4.2	0.1	-6.5
- Exchange differences	0.0	-0.8	-0.2	-1.0
- Other Net Financial Charges	-2.8	6.5	7.0	10.6
Results in affiliated companies	0.0	-0.6	0.6	0.0
Profit Before Taxes on Continued Operations	-7.7	7.4	2.8	2.5
Income Tax	-0.1	-1.0	0.6	-0.5
Profit After Taxes on Continued Operations	-7.8	6.4	3.4	2.0
Discontinued Operations' Result	0.0	0.0	0.0	-0.8
Attributable to non-controlling interests	0.0	0.0	0.0	0.2
Attributable to shareholders	0.0	0.0	0.0	-1.0
Net Profit	-7.8	6.4	3.4	1.2
Attributable to non-controlling interests	0.0	0.3	0.1	1.7
Attributable to shareholders	-7.8	6.1	3.3	-0.5

RESULTS

HIGHLIGHTS

CAPEX AND NET DEBT

Total Capex of 4.4 M€, mostly applied in the reinforcement of operational capacity in West Sea (Shipyard in Viana do Castelo, Portugal) and in the development of wind projects.

Holding Renewables Metallic Constructions

BALANCE SHEET

8 EARNINGS RELEASE 2015

SOLVENCY RATIO (Equity + Non current Liabilities) / Non current Assets

1.4

1.3

HIGHLIGHTS

RESULTS ANALYSIS

BALANCE SHEET

M€	DECEMBER -15
Non current Assets :
Intangible Assets (including Goodwill)	13.9
Tangible fixed assets	149.1
Financial Investments (Including Investment properties and Available for sale investments)	33.4
Other non -current receivables	36.7
Deferred tax assets	5.9
Current assets:
Inventories	8.7
Trade and other receivables	134.6
Other current assets	36.0
Cash and cash equivalents and Derivatives	40.6
Non -current assets held for sale	147.7
Total Assets	606.7
Issued capital and Reserves	40.5
Profit for the year	1.2
Attributable to Non -Controlling Interests	1.7
Attributable to Shareholders	-0.5
Non -controlling interests	-28.4
Total equity	11.7
Non -current liabilities:
Borrowings and Obligation under finance leases	286.1
Other non -current liabilities	11.7
Provisions	20.0
Deferred tax liabilities	0.9
Current liabilities:
Borrowings, Obligation under finance leases and Derivatives	14.8
Trade and Other Payables	83.0
Other Current Liabilities	41.6
Liabilities related with non -current assets held for sale	137.0
Total liabilities	595.0

MARTIFER METALLIC CONSTRUCTIONS | ORDER BOOK

TOTAL ORDER BOOK

262 M€

MARTIFER METALLIC CONSTRUCTIONS | OPERATIONAL ACTIVITY

Martifer Metallic Construction currently has several relevant projects in its order book:

HIGHLIGHTS

MARTIFER RENEWABLES | PROJECTS

PROJECTS IN OPERATION: 7.23 MWn/8.12 MWp (PV)

PROJECTS IN OPERATION: 53.8 MW

PROJECTS UNDER DEVELOPMENT:

365.5 MW (of which 171.6 MW under construction since the end of 2014 and the remaining remaining pending approval for sale) PROJECTS UNDER DEVELOPMENT: 225,7 MW

PROJECTS IN OPERATION : 42.0 MW

PROJECTS UNDER DEVELOPMENT: 66.9 MW (2.1 MW of which under commissioning

and the remaining currently in stand by given the recent regulatory changes in the Romanian market)

PROJECTS UNDER DEVELOPMENT: 150 MW (Wind) + 1 000 MWn / 1 250 MWp (PV)

SOLAR | ORDER BOOK

175 M €

• Reinforcement of the international presence, focusing on core geographies and on attractive opportunities profitable above average
• Reinforcement of the order book in the Naval and Aluminium areas; asset rotation strategy in the Renewables segment
• Debt reduction through the divestment on non-core business and the sale of non-core assets
• Resizing and readapting the structure
• Improvement of the processes and operational efficiency

REPRESENTATIVE FOR MARKET RELATIONS Pedro Moreira

T. +351 232 767 702 F. +351 232 767 750

www.martifer.com