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

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**	Weight	Change	1º Half 2007 reported	Weight
Revenues	372,2		209,6		78%	209,6
EBITDA (*)	29,6	8,0%	11,0	5,2%	171%	11,0	5,2%
EBIT (***)	17,7	4,7%	7,0	3,3%	153%	7,0	3,3%
Net earnings for the period	9,7	2,6%	5,0	2,4%	93%	18,6	8,9%
Average number of employees	2.567		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.

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	153%
EBIT margin	4,7%	3,3%	+1,4p.p.
Financial expenses	4,2	0,8	425%
Taxes	3,7	1,2	223%
Net earnings for the period	9,7	5,0	93%
Attributable to minority interests	1,7	0,2	949%
Attributable to the Group	8,0	4,8	64%

(*) 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

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.

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.

ACTIVITY BY BUSINESS AREA

METALLIC CONSTRUCTION

(€Mn)	1st Half 2008	1st Half 2007	Change
Revenues	154,5	127,1	22%
EBITDA	15,9	11,5	38%
EBITDA margin	10,3%	9,1%	+1,3 p.p.
EBIT	12,4	8,6	44%
EBIT margin	8,0%	6,8%	+1,2 p.p.
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%

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).

(€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.
EBIT	8,3	1,8	349%
EBIT margin	7,0%	5,1%	+1,9 p.p.
Financial expenses	-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%

ENERGY SYSTEMS

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.

(€Mn)	1st Half 2008	1st Half 2007	Change
Revenues	7,5	0,4	2016%
EBITDA	-0,4	-1,2	-65%
EBITDA margin	-5,5%	-331,2%	-
EBIT	-3,8	-1,2	211%
EBIT margin	-50,3%	-342,2%	-
Financial expenses	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%

ELECTRICITY GENERATION

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.

(€Mn)	1st Half 2008	1st Half 2007	Change
Revenues	101,5	53,5	90%
EBITDA	5,2	-2,5	-310%
EBITDA margin	5,1%	-4,6%	-
EBIT	2,2	-2,8	-
EBIT margin	2,2%	-5,2%	-
Financial expenses	3,4	-1,1	-
Taxes	-1,4	-0,6	-
Net earnings for the period	0,3	-1,1	-
Attributable to minority interests	0,0	-0,5	-
Attributable to the Group	0,2	-0,6	-

AGRICULTURE & BIOFUELS

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.

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

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.

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.

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

__________________________________ António Jorge Campos de Almeida, Director

__________________________________ Pedro Álvaro de Brito Gomes Doutel , Director

__________________________________ Jorge Bento Ribeiro Barbosa Farinha , Director

__________________________________ Eduardo Jorge de Almeida Rocha, Director

__________________________________ José Manuel de Almeida Rodrigues, Director

__________________________________ Luís Valadares Tavares, Director

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	Shares held	Share dealings in the first half 2008				Shares held
member	on Dec. 31st, 2007	Date	Purchase	Sales	Average Price	on Jun. 30th, 2008
Carlos Manuel Marques Martins	70.030					70.030
Jorge Alberto Marques Martins	109.460	15 Jan	1.300		6,72	130.760
		17 Mar	5.000		7,71
		20 Mar	15.000		7,45
António Manuel Serrano Pontes	70.447					70.447
António Jorge Campos de Almeida	6.520	21 Jan	5.000		5,80	11.520
Eduardo Jorge de Almeida Rocha	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.

	MTO – SGPS, S.A.
			Share dealings in the first half 2008
Date	Purchase	Sale	Average Price	Date	Purchase	Sale	Average Price
14 Jan	44.000		6,921	15 Jan	32.253		6,758
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
16 Apr		5.000	8,82	30 Apr	1.945		8,85
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

In the following table are the share dealings by MTO during the first half of 2008:

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.

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:

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%
Total attributed	38.733.571	38,734%	38,734%

MOTA-ENGIL – SGPS, SA

Directly	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%
Total attributed	37.521.520	37,532%	37,532%

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

________________________________

Jorge Alberto Marques Martins Vice-Chairman of the Board of Directors

________________________________

José Manuel de Almeida Rodrigues Director

________________________________

________________________________ António Manuel Serrano Pontes Director

António Jorge Campos de Almeida Director

________________________________

Pedro Álvaro de Brito Gomes Doutel Director

Luís Valadares Tavares Director

Jorge Bento Ribeiro Barbosa Farinha Director

Eduardo Jorge de Almeida Rocha Director

STATEMENT BY THE SUPERVISORY BOARD

Dear Shareholders,

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

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 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	1st Half 2008 - IFRS (not audited)	1st Half 2007 - IFRS (not audited)	2nd Quarter 2008 - IFRS (not audited)	2nd Quarter 2007 - IFRS (not audited)
Sales and services rendered	3 e 4	327.371.766	187.736.346	184.564.947	109.396.684
Other income	5	44.823.197	21.892.192	28.534.824	7.192.794
Cost of goods sold and subcontractors		(276.940.000)	(153.912.359)	(158.527.629)	(82.560.836)
Gross profit		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)
Other gains and losses		(195.904)	(27.605)	731.606	(50.536)
	4	29.631.884	10.954.267	16.987.483	5.852.054
Amortizations		(10.515.374)	(3.861.150)	(5.338.884)	(2.023.325)
Provisions and impairment losses		(1.456.670)	(125.815)	(1.449.243)	(106.342)
Operating Income	4	17.659.839	6.967.302	10.199.356	3.722.387
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)
Gains and losses on associated companies		(465)	(4.001)	(465)	(1.892)
Income tax		(3.744.502)	(1.157.520)	(1.815.441)	(439.760)
Profit for the period		9.669.935	18.602.750	8.227.456	17.112.392
Attributable to:
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
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.

CONSOLIDATED BALANCE SHEETS AT 30 JUNE 2008 AND 31 DECEMBER

2007	Notes	2008 - IFRS Euro	2007 - IFRS Euro
		(not audited)	(audited)
Assets
Non-current assets
Goodwill	8	51.455.474	33.345.622
Other intangible assets	9	54.214.557	48.932.772
Tangible assets	10	333.047.633	264.916.126
Investments on associated companies Available for sale investments	11 12 e 15	22.500 58.704.653	- 10.830.270
Other non current assets		4.086.558	3.095.412
Deferred tax assets		5.026.439	2.124.024

		506.557.814	363.244.227
Non-current assets held for sale	13	67.452.210	67.452.210

Current assets
Inventories	14	122.890.431	96.990.901
Biological assets	14	9.538.155	2.333.595
Trade debtors		183.310.812	147.232.528
Other debtors		53.767.640	14.073.491
Current tax assets		50.208.828	34.129.879
Other current assets		71.026.286	38.770.275
Derivatives		3.128.516	2.573.281
Cash and cash equivalents		47.255.149	32.312.299
		541.125.817	368.416.250
Total Assets		1.115.135.841	799.112.687
Equity
Share capital		50.000.000	50.000.000
Reserves	15	211.903.328	205.361.289
Profit		7.954.239	26.423.647
		269.857.567	281.784.936
Minority Interests	16	50.843.872	3.690.499
Total Equity		320.701.439	285.475.435
Liabilities
Non-current liabilities
Loans	17	112.945.977	105.970.188
Obligations under finance leases		51.770.885	53.611.131
Other creditors	18	2.932.486	26.434.025
Provisions		7.197.885	6.325.137
Deferred tax liabilities		14.841.001	14.054.601
		189.688.234	206.395.082
Current liabilities
Loans	17	305.156.682	77.832.753
Obligations under finance leases		8.623.822	6.953.706
Suppliers		139.827.258	111.398.253
Other creditors		59.929.804	49.048.133
Current tax liabilities		15.600.640	12.225.293
Other current liabilities		75.607.962	49.784.031
		604.746.168	307.242.169
Total Liabilities		794.434.402	513.637.251

		1.115.135.841	799.112.687

The accompanying notes are part of these financial statements.

				Fair Value Reserves
			Tangible Assets			currency Foreign			Attributable to
	Share Capital	Premiums Share	revaluation reserve	sale Investments Available for	Derivatives	translation reserve	Other Reserves	Profit for the year	equity holders of Martifer	Minority interests
Balance at 1 January 2007	32.000.300	-	12.139.606	-	1.452.495	704.870	6.533.144	12.882.793	65.713.208	5.659.496
Appropriation of the Profit of 2006	-	-	-	-	-	-	12.882.793	(12.882.793)	-	-
Increase of share capital net of issuance costs and premiums	17.999.700	186.500.000	-	-	-	-	(12.536.731)	-	191.962.969	-
financial statements expressed in foreign currencies Exchange differences arising on the translation of	-	-	-	-	-	326.627	-	-	326.627	87.784
Other changes in the equity of subsidiaries	-	-	-	-	1.679.931	-	3.783.852	-	5.463.783	206.408
Changes in the consolidation perimeter	-	-	-	-	-	-	-	-	-	44.500
Profit for the year	-	-	-	-	-	-	-	18.439.155	18.439.155	163.595
Balance at 30 June 2007	50.000.000	186.500.000	12.139.606	-	3.132.426	1.031.497	10.663.058	18.439.155	281.905.742	6.161.783
Balance at 1 January 2008	50.000.000	186.500.000	12.139.606	252.250	362.931	(3.641.487)	9.747.990	26.423.647	281.784.936	3.690.499
Appropriation of the Profit of 2007	-	-	-	-	-	-	26.423.647	(26.423.647)	-	-
Increase of share capital net of issuance costs and premiums	-	-	-	-	-	-	-	-	-	-
financial statements expressed in foreign currencies Exchange differences arising on the translation of	-	-	-	-	-	2.966.546	-	-	2.966.546	1.678.014
Transfers	-	-	-	-	2.151.513	-	(2.151.513)	-	-	-
Other changes in the equity of subsidiaries	-	-	1.428.954	(21.744.838)	110.995	-	(2.449.644)	-	(22.654.533)	44.307.016
Changes in the consolidation perimeter	-	-	-	-	-	-	(193.621)	-	(193.621)	(547.354)
Profit	-	-	-	-	-	-	-	7.954.239	7.954.239	1.715.697

Balance at 30 June 2008 50.000.000 186.500.000 13.568.560 (21.492.588) 2.625.439 (674.941) 31.376.859 7.954.239 269.857.567 50.843.872

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS ENDED AT 30 JUNE 2008 AND 2007

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	335.079.347	198.397.253
Cash paid to suppliers	(323.508.689)	(199.291.190)
Payments to employees	(17.877.928)	(11.696.302)
Cash flow generated by the operations	(6.307.270)	(12.590.239)

Income taxes (paid)/received	(3.119.700)	(3.619.691)
Other cash receipts/payments relating to operating activities	(33.831.646)	(12.412.742)
Others	(36.951.346)	(16.032.432)
Net cash flow from operating activities (1)	(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	8.638
Investment Grants	1.111.811	-
Interest and similar income	1.505.666	396.751
Dividends	2.213.388	289
Others	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)
Others	(859.208)	-
	(69.499.864)	(28.514.104)
Net cash flow from the investing activities (2)	(61.725.278)	(27.837.390)
Financing Activities
Cash receipts arising from:
Loans obtained	968.082.325	727.250.555
Capital increases, supplementary capital and share premiums	19.131.611	194.131.361
Subsidies and donations	-	148.976
Others	-	257.895
	987.213.936	921.788.787
Cash payments arising from:
Loans obtained	(853.009.049)	(781.787.112)
Leasings	(2.187.949)	(1.019.571)
Interest and similar costs	(12.146.752)	(3.910.895)
Capital and supplementary capital decreases	(675.000)	-
Others	-	(732.829)

	(868.018.751)	(787.450.407)
Net cash flow from the financing activities (3)	119.195.185	134.338.380
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)	14.211.291	77.878.320
Changes in the consolidation perimeter and others	832.828	-

Effect of foreign exchange currencies	(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

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.

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:

Company 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- Martifer II Inox, S.A. - previously Martins & Coutinho –Const. em Aço Inox, S.A. (Martifer II Inox) Sever do Vouga Through Martifer Metallic Constructions 75% Metalworking May 1996 1998 Martinox, S.A. Through Martifer March

Companies Consolidated According to the Full Consolidation Method

II Inox 48%

Metalworking

2008 -

(Martinox Angola) Luanda

Martifer – Construcciones Metálicas España, S.A. (Martifer Espanha)	Madrid	Through Martifer Metallic Constructions 100%	Commerce, assembly, support for works management	November 1999	-
Martifer – Construções Metálicas Angola, S.A. (Martifer Angola)	Luanda	Through Martifer Metallic Constructions 58,125%	Commerce, assembly, support for works management	March 2007	-
Martifer Construction Limited (Martifer Irlanda)	Dublin	Through Martifer Metallic Constructions 100%	Commerce, assembly, support for works management	November 2007	-
Martifer Polska Sp. z o.o. (Martifer Polska)	Gliwice	Through Martifer Metallic Constructions 100%	Metal construction	February 2003	-
Martifer Aluminium Sp. z o.o.– previously MZI Polska SP Z.o.o. (Martifer Aluminium)	Gliwice	Through Martifer Alumínios 55%	Commerce, assembling aluminium façades and support for technical management	December 2004	-
Sassal Aluminium Pty, Ltd (Sassal)	Sidney	Through Martifer Alumínios 44%	Commerce, assembling aluminium façades and support for technical management	March 2008	-
Martifer Constructii SRL (Martifer Constructii)	Bucareste	Through Martifer Metallic Constructions 100%	Commerce, assembling aluminium façades and support for technical management	March 2005	-
Martifer CZ, SRO (Martifer CZ)	Praga	80%	Commerce, assembly, support for works management	March 2005	-
Martifer Konstrukcje Sp. z o.o. (Martifer Konstrukcje)	Gliwice	Through Martifer Metallic Constructions 100%	General works management	April 2005	-
Martifer Slovakia SRO (Martifer Slovakia)	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

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
M City Gliwice SP.So.o (M City Gliwice)	Gliwice	Through Martifer GmbH 99,8% Through Martifer Konstrukcje 0,2%	Real estate	December 2007	-
M City Radom SP.So.o (M City Radom)	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	-
Navalria – Docas, Construções e Reparações Navais, S.A. (Navalria)	Aveiro	Through Martifer Energy Systems II 96,79%	Shipyard	-	2008
Martifer Solar, S.A. (Martifer Solar)	Oliveira de Frades	Through Martifer Energy Systems II 75%	Installation, commercialisation and maintenance of solar and photovoltaic panels	June 2006	-
Martifer Solar Inc (Martifer Inc)	S. Francisco CA	Through Martifer Solar 75%	Consultancy, research and development	June 2007	-

			Installation,
Martifer Enerq – Sistemas de Energias Renováveis, S.A. (Martifer Enerq)	Oliveira de Frades	Through Martifer Solar 52,5%	commercialisation and maintenance of solar and photovoltaic panels	January 2008	-
P.V.I., S.A. (PVI)	Atenas	Through Martifer Solar 45%	Installation, commercialisation and maintenance of solar and photovoltaic panels	-	2008
Martifer Solar Angola (Martifer Solar Angola)	Luanda	Through Martifer Solar 56,25%	Installation, commercialisation and maintenance of solar and photovoltaic panels	December 2006	-
Martifer Solar S.R.L. (Martifer Solar Itália)	Milão	Through Martifer Solar 75%	Installation, commercialisation and maintenance of solar and photovoltaic panels	February 2008	-
Martifer Solar Sistemas Solares, S.A. (Martifer Solar Sistemas Solares)	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	-
Solar Parks Construccion Parques Solares ETVE S.A. (Solar Parks)	Madrid	Through Martifer Solar Sistemas Solares 75%	Construction of Solar Parks	August 2007	2008
Martifer Solar (Martifer Solar Bélgica)	Deerlijk	Through Martifer Solar 75%	Installation, commercialisation and maintenance of solar and photovoltaic panels	May 2008	-

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	-
A&M Energy Solutions (A&M)	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	-
Mondefin (Mondefin)	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	-
Prio Agromart S.R.L. (Prio Agromart)	Bucareste	Through Prio Agricultura 45% Through Prio Biocombustibil 15%	Agriculture	June 2007	-

Prio Balta S.R.L. (Prio Balta)	Bucareste	Through Prio Agricultura 45% Through Prio Biocombustibil 15%	Agriculture	June 2007	-
Prio Facaieni S.R.L. (Prio Facaieni)	Bucareste	Through Prio Agricultura 45% Through Prio Biocombustibil 15%	Agriculture	June 2007	-
Prio Ialomita S.R.L. (Prio Ialomita)	Bucareste	Through Prio Agricultura 45% Through Prio Biocombustibil 15%	Agriculture	June 2007	-
Prio Rapita S.R.L. (Prio Rapita)	Bucareste	Through Prio Agricultura 45% Through Prio Biocombustibil 15%	Agriculture	June 2007	-
Prio Terra Agricola S.R.L. (Prio Terra Agricola)	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	Through Martifer Renewables SGPS 100%	Production, commercialising and distribution of energy	October 2005	-

Eviva – Energias Renovables, S.A. (Eviva Energias Renovables)	Madrid	Through Martifer Renewables SGPS 100%	Production, commercialising and distribution of energy	May 2007	-
Eurocab FV 1 SL (Eurocab 1)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 2 SL (Eurocab 2)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 3 SL (Eurocab 3)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 4 SL (Eurocab 4)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 5 SL (Eurocab 5)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 6 SL (Eurocab 6)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 7 SL (Eurocab 7)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 8 SL (Eurocab 8)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 9 SL (Eurocab 9)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 10 SL (Eurocab 10)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 11 SL (Eurocab 11)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 12 SL (Eurocab 12)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 13 SL (Eurocab 13)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007

Eurocab FV 14 SL (Eurocab 14)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 15 SL (Eurocab 15)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 16 SL (Eurocab 16)	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	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 19 SL (Eurocab 19)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	-	2007
Eurocab FV 20 SL (Eurocab 20)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	May 2008	-
Eurocab FV 21 SL (Eurocab 21)	Madrid	Through Eviva Energias Renovables 100%	Production, commercialising and distribution of energy	May 2008	-
Solar Planet Promocion de Parques Solares ETVE S.A. (Solar Planet)	Madrid	Through Eviva Energias Renovables 75%	Management of solar parks	Agosto 2007	-
Eviva Energy SRL - previously M Wind Energy SRL (Eviva Energy SRL)	Bucareste	Through Martifer Renewables SGPS 100%	Production, commercialising and distribution of energy	March 2005	-
Eviva Nalbant SRO (Eviva Nalbant)	Bucareste	Through Eviva Energy SRL 99% Through Prio Agricultura 0,6%	Production, commercialising and distribution of energy	December 2006	-

Eviva Agirghiol SRL (Eviva Agirghiol)	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 Renewables SGPS 100%	Production, commercialising and distribution of energy	Setember 2006	-
Eviva S.A. - previously Mzi Megawatt Sp. Z o.o. (Eviva S.A.)	Gliwice	Through Martifer Renewables SGPS 100%	Production, commercialising and distribution of energy	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 Renewables SGPS 100%	Production, commercialising and distribution of energy	May 2007	-
Eviva Beteiligungsverwaltungs GmbH (Eviva GmbH)	Viena	Through Martifer Renewables SGPS 100%	Holding Company	-	2007
Eviva Energy Pty, Ltd. (Eviva Pty)	Sidney	Through Martifer Renewables SGPS 80%	Production, commercialising and distribution of energy	December 2007	-
Windpark Bippen GmbH & Co. KG (Bippen KG)	Bremen	Through Martifer Deutschland 99,91% Through Eviva GmbH 0,09%	Development, construction and management of wind farms	-	2007

Windpark Holleben GmbH & Co. KG (Holleben KG)	Bremen	Through Martifer Deutschland 99,91% Through Eviva GmbH 0,09%	Development, construction and management of wind farms	-	2007
Martifer Deutschland GmbH (Martifer Deutschland)	Berlim	Through Eviva GmbH 100%	Holding Company	October 2005	-
Eviva Electricity LLC (Eviva Electricity)	S. Francisco CA	Through Martifer Renewables SGPS 80%	Electricity production	December 2007	-
Eviva Spinnaker Energy LLC (Eviva Spinnaker)	San Diego CA	Through Eviva LLC 72%	Wind energy projects development	January 2008	-
Eviva California Solar Holdings LLC (Eviva Solar LLC)	San Diego CA	Through Eviva LLC 80%	Solar energy projects development	January 2008	-
Eviva Itália, S.R.L. (Eviva Itália)	Milão	Through Martifer Renewables SGPS 100%	Production, commercialising and distribution of energy	March 2008	-
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
Gesto Energia SA (Gesto Energia)	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

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	-

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	-
SPEE 3 – Parque Eólico do Baião, S.A. (SPEE 3)	Oliveira de Frades	Through Martifer Renewables SGPS 50%	Management of the Baião wind farm	June 2008	-

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	-
Parque Tecnológico do Tâmega (PTT)	Felgueiras	Through Promoquatro 5% Through Proempar 14,4%	Promotion and management of technological and industrial sites	December 2006	-
Green Vouga, SA (GREEN VOUGA)	Oliveira de Frades	Through Martifer Renewables SA 45%	Production of energy from hydro sources	June 2008	-

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)

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)

Martifer Construction Limited (Martifer Irlanda)

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)

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)

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)

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

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 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 Intersegment sales			Total
	2008	2007	2008	2007	2008	2007
Holding and MIG	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
Electric Energy	6.002.203	136.432	10.550	3.033	6.012.752	139.464
Agriculture & Biofuels	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
Intersegment Eliminations					(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

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		EBIT
	2008	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
Electric Energy	(412.753)	(1.177.364)	(3.787.138)	(1.216.395)
Agriculture & Biofuels	5.174.219	(2.460.140)	2.205.484	(2.761.336)
	29.631.884	10.954.267	17.659.839	6.967.302

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	2.213.388	289
- Capital gains	84.939	17.337
Other financial income and expenses related to other financial assets
- Foreign exchange rates	7.013.459	3.762.001
- Financial discounts received	922.028	688.313
- Other financial income	378.667	21.156.118
	11.739.479	27.980.620

	2008	2007
Financial Expenses
Loans and accounts payable
- Interest expenses in bank loans and in
finance leases	10.939.442	6.146.107
Other financial expenses related to other financial liabilities
- Foreign exchange losses	3.791.478	973.695
- Financial discounts granted	46.186	73.748
- Other financial expenses	1.207.310	7.990.102
	15.984.416	15.183.651
Financial results	(4.244.937)	12.796.969

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.

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	2007
Profit of the year (I)	7.954.239	18.439.155
Weighted average number of shares in circulation(II)	100.000.000	75.694.444
Basic and diluted earnings per share (I) / (II)	0,0795	0,2436

In the first half of 2008, no dividends were distributed.

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
3. Martifer Energy Sytems	981.156	-	981.156	981.156
4. MGI	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
12.Eviva Polska	7.329.313	-	7.329.313	7.329.313
13.IWP	574.545	-	574.545	574.545
14.Eviva Energy s.r.l.	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
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	-
24.PVI	72.205	-	72.205	-
25.Eviva Bippen	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	-
Total	51.455.474	-	51.455.474	33.345.622

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.

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	Acquisitions	Sales	15)	Closing balance
EDP - Energias de Portugal, S.A.	10.098.327	72.093.171	(2.038.311)	(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.

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 5 years	More than 5 years	Total
Loans obtained from financial institutions
Bank loans	54.099.463	20.624.951	27.489.440	20.673.333	122.887.187
Bank overdrafts	54.940.287	-	-	-	54.940.287
Authorized overdrafts	48.539.950	-	-	-	48.539.950
Other obtained loans:
Commercial paper	126.700.000	4.000.000	8.000.000	8.000.000	146.700.000
Other loans	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

			Between 3 and	More than 5
2007	Till 1 year	2 years	5 years	years	Total

Loans obtained from financial institutions
Bank loans	21.329.925	21.140.375	27.726.545	19.373.333	89.570.178
Bank overdrafts	21.597.894	-	-	-	21.597.894
Authorized overdrafts	5.021.000	-	-	-	5.021.000
Other obtained loans:
Commercial paper	28.500.000	2.000.000	12.000.000	6.000.000	48.500.000
Other loans	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).

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")

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")

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")

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

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

AI assistant

Martifer — Interim / Quarterly Report 2008

1938_ir_2008-09-01_b0956a2e-33dd-4905-b4ad-43c3a5a01ec5.pdf

INDEX

INTERIM MANAGEMENT REPORT

HIGHLIGHTS

ECONOMIC AND FINANCIAL ANALYSIS

INVESTMENTS

INDEBTEDNESS

ACTIVITY BY BUSINESS AREA

METALLIC CONSTRUCTION

ENERGY SYSTEMS

ELECTRICITY GENERATION

AGRICULTURE & BIOFUELS

FUTURE RISKS AND UNCERTAINTIES

SHARE PERFORMANCE

INFORMATION REGARDING THE INTERIM NON CONSOLIDATED FINANCIAL STATEMENTS

MANDATORY INFORMATION

HOLDINGS OF MEMBERS OF THE MANAGEMENT AND SUPERVISORY BODIES

HOLDERS OF QUALIFIED SHAREHOLDINGS

MTO – SGPS, SA

MOTA-ENGIL – SGPS, SA

STATEMENTS OF COMPLIANCE

STATEMENT BY THE BOARD OF DIRECTORS

STATEMENT BY THE SUPERVISORY BOARD

STATEMENT BY THE AUDITOR (Revisor Oficial de Contas)

CONSOLIDATED INCOME STATEMENT BY NATURE FOR THE FIRST HALF AND QUARTERS ENDED AT 30 JUNE 2008 AND 2007

CONSOLIDATED BALANCE SHEETS AT 30 JUNE 2008 AND 31 DECEMBER

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS ENDED AT 30 JUNE 2008 AND 2007

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED AT 30 JUNE 2008 AND 2007

Introductory Note

1. Accounting Policies

Basis of Preparation

2. Group Companies Included in the Consolidation Financial Statements

Companies Consolidated According to the Full Consolidation Method

Companies consolidated through the proportional method

Companies consolidated through the equity method

Incorporated companies:

Prio Rapita S.R.L. (Prio Rapita)

Acquired companies:

In 2007:

Changes in the consolidation method:

In 2008:

Em 2007:

3. Sales and services rendered

4. Information by business segment

5. Other income

6. Net financial results

7. Earnings per share

8. Goodwill

9. Intangible Assets

10. Tangible Fixed Assets

11. Financial Investments equity

12. Available for sale investments

13. Non-current assets held for sale

14. Inventories and biological assets

15. Reserves

16. Minority interests

17. Loans

18. Other creditors

19. Related parties

20. Subsequent Events

21. Approval of the financial statements

More from Martifer

Martifer Interim / Quarterly Report 2008