Martifer — Interim / Quarterly Report 2009

May 29, 2009

MARTIFER SGPS, SA

INTERIM CONSOLIDATED REPORT AND FINANCIAL STATEMENTS FOR THE 1ST QUARTER OF 2009

IFRS / NON AUDITED

Martifer, SGPS, S.A. Portuguese Public Company (Sociedade Aberta) Registered office: Zona Industrial de Oliveira de Frades, Oliveira de Frades Registered in the Companies Registry Office of Oliveira de Frades under the single registration and incorporation number 505 127 261 Share capital: 50.000.000 Euros

INTERIM MANAGEMENT REPORT FOR THE PERIOD ENDED 31 MARCH 2009

HIGHLIGHTS

• Revenues of 212 million euros, a growth of 33% when compared to the first quarter of 2008, with significant contributions from Energy Systems (+99%) and Agriculture & Biofuels (+36%)
• EBITDA growth of 18%, representing a 7.0% EBITDA margin
• Profit for the period attributable to the Group of 0.1 million euros, impacted by the growth in depreciation and amortization costs and net interest expenses, as a result of the large capital expenditures over the last 12 months
• Net debt of 666 million euros at the end of March 2009. Net debt adjusted for the REpower Systems AG stake (205 million euros) and the EDP shares held by the Group (46 million euros) was of 415 million euros
• Martifer received from Suzlon, after the close of the quarter, 30 million euros in April and 87.6 million euros on the 28 May, with the payment of the remanining 87.6 million euros agreed for the 5 June 2009

SELECTED FINANCIAL INDICATORS OF THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2009 – IFRS / NON AUDITED

	st Quarter 1	st Quarter 1	Change
In million Euro	2009	2008	(%)
Revenues	211.7	159.1	33%
EBITDA	14.9	12.6	18%
Depreciation and amortization	6.9	5.2	34%
Provisions and impairment losses	0.2	0.0	2221%
EBIT	7.8	7.5	5%
Net financial expenses	8.2	4.1	99%
Income tax	-0.8	1.9	-
Profit for the period	0.4	1.4	-70%
Attributable to shareholders of the Group	0.1	0.5	-80%
Per share	0.0011	0.0054	-80%
Attributable to minority shareholders	0.3	0.9	-64%
EBITDA margin (EBITDA/Revenues)	7.0%	7.9%	-0.9 p.p.
EBIT margin (EBIT/Revenues)	3.7%	4.7%	-1.0 p.p.

	31 March	31 December	Change
In million Euro	2009	2008	(%)
Total assets	1,358.7	1,348.5	1%
Equity (before minorities)	258.8	273.3	-5%
Net debt	666.1	609.3	9%
Adjusted net debt 1	414.9	356.3	16%
Capital expenditures (excluding financial assets)	53.3

Note:

EBITDA = Earnings before interest, taxes, depreciation and amortizations, provisions and impairment losses

EBIT = Earnings before interest and taxes

Net debt = Net financial debt (current and non current), financial lease obligations (current and non current) minus cash and equivalents and derivatives

Revenues = Sales and services rendered, Change in production and Own work

¹ Net debt adjusted for the equity stake in Repower Systems AG at selling price (205 million euros) and for the stake in EDP valued at market prices (46 million euros, at the closing price on 31 March 20009 2.613 per share).

INTRODUCTORY NOTE

Starting on 1 January 2009, the Group changed the consolidation method of associated companies Repower Portugal and Ventipower, held by the Group in 50% and 31.6% respectively. This change occurs because in 2009 Martifer lost the right to name the Chairman of Repower Portugal due to the rotation of the post, as agreed in the shareholders agreement between Martifer and REpower Systems AG. There was no change in the participation of Martifer in these associate companies in the period ended 31 March 2009. The impact of this change in the consolidation method on the consolidated financial position of Martifer on 31 March 2009 was a reduction of 23.1 million euros in total assets, a reduction of 18.0 million euros in total liabilities, a reduction of 5.0 million euros in minority interests and a negligible change in consolidated equity before minorities. In the consolidated income statement for the period ended 31 March 2009 there was a reduction in revenues of 13.4 million euros, a reduction in EBITDA of 1.1 million euros and a reduction in profit for the period of 796 thousand euros.

ANALISYS OF THE FINANCIAL PERFORMANCE

EARNINGS

Revenues of Martifer Group in the 1st quarter of 2009 reached 221.7 million euros, representing a 33% growth when compared to the same period last year. This growth reflects mainly the growth in the Energy Systems business area (+99%) and in Agriculture & Biofuels.

Metallic construction represented 32% of consolidated revenues, Energy Systems 35%, Electricity Generation 2% and Agriculture & Biofuels 31%.

Revenues	st Quarter 2009 1		st Quarter 2008 1		Change
	€ Mn	Weight	€ Mn	Weight	(%)
Consolidated	211.7		159.1		33%
Metallic Construction	68.6	32%	71.2	45%	-4%
Energy Systems	73.9	35%	37.2	23%	99%
Electricity Generation	4.5	2%	5.8	4%	-23%
Agriculture & Biofuels	66.4	31%	48.7	31%	36%
Holding, eliminations and others	-1.7	-1%	-3.9	-2%	-

The distribution of revenues by geography was as follows: Portugal 58%, Spain 3%, Central Europe 25% and Rest of the World 14%.

Operational earnings before amortizations, depreciation, provisions and impairment losses – EBITDA – reached 14.9 million euros, representing an 18% growth and a 7.0% EBITDA margin. The EBITDA margin decreased 0.9 p.p. versus the 1st quarter of 2008 due to the smaller contribution from Energy Systems as a result of the ramping up stage of the new industrial facilities that entered operation at the end of 2008 and the lower contribution of the solar PV turnkey activity.

EBITDA	1	st Quarter 2009		St Quarter 2008	Change
	€ Mn	Margin	€ Mn	Margin	(%)
Consolidated	14.9	7.0%	12.6	7.9%	18%
Metallic Construction	7.5	10.9%	6.9	9.7%	8%
Energy Systems	5.7	7.7%	3.2	8.6%	78%
Electricity Generation	0.8	18.3%	1.3	22.8%	-38%
Agriculture & Biofuels	1.8	2.7%	1.9	3.8%	-4%
Holding, eliminations and others	-0.9		-0.7		-

Operational earnings – EBIT – reached 7.8 million euros, representing a 3.7% margin, as amortization and depreciation costs grew 1.7 million euros, as a result of the investments in fixed assets during 2008.

Net financial expenses reached 8.2 million euros, of which 7.1 million euros of net interest costs. The almost doubling of net financial costs when compared to the 1st quarter of 2008 results mainly of the growth in net debt of the Group in this last quarter versus that period.

As such, the Group recorded 0.4 million euros of profit in the 1st quarter of 2009, of which 0.1 million euros attributable to the shareholders of the Group.

INVESTMENTS

In the period, the Group recorded capital expenditures in fixed tangible and intangible assets of 53.3 million euros, mainly in the construction of electricity generation assets.

Financial investments in the period were 2 million euros, namely in the acquisition of stakes in companies owning electricity generation assets under development in Romania. At 31 March 2009, the Group held 17,700,000 shares of EDP - Energias de Portugal, SA. At the closing price on that date, this stake was valued at 46.3 million euros and generated a potential loss of 1,451,400 euros, which was recorded directly in the caption 'Fair value reserves – Financial assets available for sale' in equity.

FINANCIAL POSITION

At the end of March 2009, the net debt of the Group – net financial debt (current and non current), financial lease obligations (current and non current) minus cash and equivalents – reached 666 million euros, representing an increase of 57 million euros from the end of 2008. This increase results, mainly, from the investment in the 1st quarter but also from the increase in working capital resulting from the ramping up of the new industrial units for the manufacture of wind power components, turbine assembly and manufacture of solar photovoltaic modules.

Net debt adjusted for the stake in REpower Systems AG, valued at the agreed selling price (205 million euros), and the stake held by the Group in EDP shares, valued at the closing price at 31 March 2009 (46 million euros), reached, on that date, 415 million euros.

Following the revised payment schedule with Suzlon related to the sale of Martifer's stake in Repower Systems AG, Martifer received on the 28 May 87.6 million euros and the parties agreed the payment of the remaining 87.6 million euros on 5 June 2009, besides the 30 million euros received in April.

Most of this amount will be used to reduce corporate borrowings of the Group which, along with the sale of real estate assets and cash flow generation, will allow the reduction of the Group's debt level.

March 2009	Metallic	Energy	Electricity	Agriculture &
In million Euro	Construction	Systems	Generation	Biofuels	Holding	Consolidated
Investment in fixed assets in the period	4.1	2.8	36.2	8.4	1.9	53.3
Net debt at the end of the period	164.3	67.2	150.1	136.9	147.6	666.1

PERFORMANCE BY BUSINESS AREA

METALLIC CONSTRUCTION

In million Euro	1st Quarter 2009	1st Quarter 2008	Change (%)
Revenues	68.6	71.2	-4%
EBITDA	7.5	6.9	8%
EBITDA margin	10.9%	9.7%	1.2 p.p.
EBIT	6.0	5.4	10%
EBIT margin	8.7%	7.6%	1.0 p.p.
Net financial expenses	1.2	1.3	-14%
Tax	-0.3	1.5	-
Profit for the period	5.1	2.6	99%
Attrib. to minorities	0.9	0.3	167%
Attrib. to the Group	4.2	2.2	88%

In million Euro	March 2009
Net debt	164.3
Capex (in fixed tangible and intangible assets)	4.1

In the 1st quarter of 2009, revenues of Metallic Construction decreased 4% versus the same period last year and reached 68.6 million euros.

During this period, raw material prices, especially steel and aluminium, recorded year on year decreases of close to 40%, resulting in a fall in revenues this quarter, although activity has not decreased versus the first quarter of 2008.

External markets represented 36% of consolidated revenues in the 1st quarter of 2009, versus 48% in the same period of 2008.

EBITDA reached 7.5 million euros, representing a 10.9% EBITDA margin. The increase in EBITDA margin results essentially from the lower cost of raw material weight in sales.

Profit for this business area was negatively impacted by net financial expenses (1.2 million euros). Profit for the period reached 5.1 million euros.

Capital expenditures in the period reached 4.1 million euros, mainly in the construction of the industrial units in Angola, which will enter into operation in the second half of this year.

Net debt increased by 8.5 million euros to 164.3 million euros, mainly due to the increase in lease obligations relating to the construction of Tavira Gran Plaza. The amount invested so far in this shopping centre reached, at the end of March 2009, 34.8 million euros (+7.4 million euros versus the end of 2008). The opening of Tavira Gran Plaza is expected in June this year.

The backlog in Metallic Construction at the end of the quarter was of 270 million euross. The backlog was 2 million euros higher than the value at the end of 2008 with a 22% growth in Portugal and Spain and a 23% reduction in other markets, mostly due to the ongoing works for Dublin airport and reduction of activity in the Central European markets.

Some significant works in progress

(Project, Country, Value, Conclusion date) Dublin Airport, Terminal 2 – Ireland - €48.2 Mn - 2009 Artenius PTA factory – Sines, Portugal - €22.4 Mn – 2009 Pego power station – Abrantes, Portugal - €7 Mn – 2010 Galp Sines refinery - Sines, Portugal - €6 Mn - 2009 Portucel paper mill – Setúbal, Portugal - €6.3 Mn – 2009 Zerozero tower – Barcelona, Spain - €4.7 Mn – 2009 Corporate head office – Luanda, Angola - US\$8 Mn – 2009 Cement factory – Kamianets-Podilskyi, Ukraine - €6.2 Mn – 2009

Backlog at the end of March 2009: €270 Mn

ENERGY SYSTEMS

In million Euro	1st Quarter 2009	1st Quarter 2008	Change (%)
Revenues	73.9	37.2	99%
EBITDA	5.7	3.2	78%
EBITDA margin	7.7%	8.6%	-0.9 p.p.
EBIT	4.3	2.6	63%
EBIT margin	5.8%	7.1%	-1.3 p.p.
Net financial expenses	2.1	0.0	-
Tax	0.7	0.8	-16%
Profit for the period	1.5	1.8	-19%
Attrib. to minorities	-0.4	1.0	-
Attrib. to the Group	1.8	0.8	126%

In million Euro		March 2009
Net debt		67.2
Capex (in fixed tangible and intangible assets)		2.8
Revenues	1st Quarter	1st Quarter
In million Euro	2009	2008
Wind – turn-key *	55.1	6.9
Wind – components *	11.3	8.4
Solar – turn-key + modules	14.3	18.5
Engeneering + others	8.2	4.9

* considering 100% of Repower Portugal and Gebox (both held in 50% and consolidated proportionally) and before eliminations

In the 1st quarter of 2009, revenues from the Energy Systems business area reached 73.9 million euros, almost doubling the value of the same period last year. In this quarter, the consolidation method of Repower Portugal, 50% held by the Group, was changed from integral to proportional. The change in consolidation method of Repower Portugal had a negative impact of 13.4 million euros in the revenues of the period. The growth in revenues of this business area results mainly from the increased activity in wind farm construction.

Consolidated revenues from wind power segment reached 52 million euros, of which 41 million euros relating to the construction of wind farms and 11 million euros from the production of equipments (towers, gearboxes and other components) and turbine assembly. The growth in the wind farm construction business results from activity in Poland, Romania and Portugal. The positive evolution of revenues in the wind components results from the increased activity in the tower factory and the start of operations of the components factory and the turbine assembly unit.

The consolidated revenues in the solar segment reached 14.3 million euros. The fall in year on year revenues resulted from the normal seasonal drop in revenues in the first quarter, which is typically the weakest quarter of the year. Addionally, last year was positively influenced by the above normal activity in Spain relating to the regulatory change.

The EBITDA margin this quarter was below the same period last year due to the ramping up of the new industrial units and the lower contribution from the solar activity. The change in production, resulting from the new industrial units, also had an impact on EBITDA margin.

Net financial expenses resulted from higher debt levels due to both the investments over the last 12 months and the increased activity.

Capital expenditures in the period of 2.8 million euros were mainly in the wind power segment.

ELECTRICITY GENERATION

1st Quarter 2009	1st Quarter 2008	Change (%)
4.5	5.8	-23%
0.8	1.3	-38%
18.3%	22.8%	-4.5 p.p.
-1.3	-0.3	-271%
-28.3%	-5.9%	-22.4 p.p.
2.2	0.2	975%
-0.5	0.0	-
-3.0	-0.5	-456%
0.1	-0.1	-
-3.1	-0.4	-

In million Euro	March 2009
Net debt	150.1
Capex (in fixed tangible and intangible assets)	36.2

Revenues in the 1st quarter of 2009 reached 4.5 million euros and were impacted by lower resource availability.

EBITDA was impacted by development costs of projects currently under development and by central costs, as well as operating expenses of recently commissioned assets.

Profit was impacted by the amortization of tangible assets and of the licenses relating to the wind farms in Germany.

Net debt at the end of the 1st quarter of 150.1 million euros includes 48.3 million euros of project finance relating to wind farms in Germany and Brazil, 12.6 million euros of the Group's share of the lease obligations relating to the wind farms in Portugal and about 49 million euros of debt relating to financial investments.

Investment in the period reached 36.2 million euros mainly in the construction of wind farms in Portugal, Romania and Poland. At this time the Group has 104.6 MW in operation (Portugal 18.9MW, Spain 7.6MW, Poland 10.0MW, Brazil 14.7MW and Germany 53.4MW).

Portfolio of projects under development (does not include operating assets identified above)

Country / Project		Capacity under development (MW)	Type of tariff in the market	Current status	Martifer stake
Portugal	Wind	400 + 80	Feed-in	Under development	33%
Portugal	Hydro	72 + 6	Market / Feed-in	Under development	45%
Poland	Wind	531	Market / PPA	16 MW in construction	100%
Romania	Wind	370	Market / PPA	42 MW in construction	100%
Ukraine	Wind	300	Feed-in	Under development	50%
USA (Texas)	Wind	816	Market / PPA	Under development	72%
Brazil	Wind	350	PPA	Under development	55%
Bulgaria	Wind	12,6	Feed-in	Under development	100%
Australia	Wind	1 000	PPA	Under development	25%
USA (California)	Solar (CSP)	106	PPA	Under development	80%

AGRICULTURE & BIOFUELS

In million Euro	1st Quarter 2009	1st Quarter 2008	Change (%)
Revenues	66.4	48.7	36%
EBITDA	1.8	1.9	-4%
EBITDA margin	2.7%	3.8%	-1.1 p.p.
EBIT	-0.1	0.4	-
EBIT margin	-0.1%	0.9%	-1.0 p.p.
Net financial expenses	1.4	1.7	-17%
Tax	-0.7	-0.4	94%
Profit for the period	-0.8	-0.9	-15%
Attrib. to minorities	-0.3	-0.4	-6%
Attrib. to the Group	-0.4	-0.6	-21%

In million Euro		March 2009
Net debt		136.9
Capex (in fixed tangible and intangible assets)		8.4
Revenues	1st Quarter	1st Quarter
In million Euros	2009	2008
Agriculture	9.4	9.9
Biodiesel	15.2	29.7
Fuel Marketing	42.1	11.4

Note: Before intra-group eliminations

Revenues in the Agriculture & Biofuels business area in the 1st quarter of 2009 reached 66.4 million euros, representing a 36% year on year growth. The main contributor was the fuel marketing activity.

The agriculture revenues, including the sale of vegetable oil, were positively impacted by the quarter on quarter recovery in agricultural commodity prices, but these are still well below the average price of the same period last year. As such, although land under exploration this year has increased over the first quarter of 2008, production values are at similar levels. Revenues from the agriculture activity reached 9.4 million euros in the 1st quarter of 2009 versus 9.9 million euros in the 1st quarter of 2008.

Revenues from the sale of biodiesel were below those of the same period last year due to the fall in the price of biodiesel, which follows the price of oil, and by the lower volumes sold, especially in Portugal. The recent introduction of mandatory incorporation in Portugal (6% in 2009) only started having results in the end of March 2009. Revenues from the sale of biodiesel reached 15.2 million euros versus 29.7 in the first quarter of 2008.

Revenues from fuel marketing were positively impacted by the volumes sold in the quarter (over 50 thousand cubic metres), both to wholesale clients and through the petrol station network. The network reached 29 units at the end of March 2009, of which 11 Prio petrol stations and 18 petrol stations related to the agreement with the Jerónimo Martins Group. The sales in the network reached in the quarter 28.5 thousand cubic metres, 2.5 thousand cubic metres more than in the previous quarter. In value, sales increased 8% quarter on quarter, as lower average retail prices, resulting from lower oil prices, had a negative impact. Revenues from fuel marketing reached 42.1 million euros versus 11.4 million euros in the same period last year.

EBITDA reached 1.8 million euros, resulting in an EBITDA margin of 2.7%. EBITDA margin was impacted by the small contribution from agriculture in the quarter and by the tight margin between vegetable oil prices and biodiesel prices.

Investment in the period reached 8.4 million euros and was mainly done in the vegetable oil extraction unit in Romania and in the petrol station network in Portugal.

Net debt at the end of the March 2009 reached 136.9 million euros and represented an increase of 13 million euros versus the end of 2008.

PRIO – OPERATIONAL HIGHLIGHTS

Agriculture	ha
Land under exploration	23.500
Uncultivated land *	62.500

'* including reservation land

	Portugal	Romania	Intragroup
Biodiesel sales (k tons)	16,8	18,2	-16,1
Fuel Marketing – Volume sales			m3
Wholesale clients			21.955
Retail network (Prio and Jerónimo Martins petrol stations)	28.539
Retail network		Prio	J. Martins

of petrol stations (end of period) 11 18

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED SEPARATE INCOME STATEMENTS FOR THE PERIODS ENDED AT 31 MARCH 2009 AND 2008

(Translation of consolidated financial statements originally issued in Portuguese - Note 23)

	Notes	st Quarter 1 2009 - IFRS (non audited)	st Quarter 1 2008 - IFRS (non audited)
Sales and services rendered	3 and 4	170,448,255	142,806,820
Other income	5	41,290,416	16,288,373
Cost of goods sold and subcontractors		(159,625,036)	(118,412,371)
Gross profit		52,113,635	40,682,822
External supplies and services		(21,526,800)	(16,462,588)
Staff costs		(19,055,102)	(10,648,322)
Other gains and losses	6	3,372,612	(927,509)
		14,904,345	12,644,402
Amortizations	4, 10 and 11	(6,915,002)	(5,176,490)
Provisions and impairment losses		(172,400)	(7,428)
Operating Income		7,816,944	7,460,484
Financial Income	7	15,536,656	5,715,528
Financial Expenses	7	(23,499,555)	(9,804,471)
Gains and losses on associated companies		(192,311)	-
Income tax		773,886	(1,929,061)
Profit for the year		435,620	1,442,480
Attributable to:
Minority Interests		329,994	905,706
Equity Holders of Martifer		105,626	536,773
Earnings per share:
Basic	8	0.0011	0.0054
Diluted	8	0.0011	0.0054

STATEMENTS OF CONSOLIDATED FINANCIAL POSITION AT 31 MARCH 2009 AND 31 DECEMBER 2008

(Translation of consolidated financial statements originally issued in Portuguese - Note 23)

	Notes	31 March 2009 - IFRS (non audited)	31 December 2008 - IFRS (audited)
Assets
Non-current assets
Goodwill	9	70,733,495	67,995,855
Intangible assets	10	63,872,188	56,844,217
Tangible assets	11	527,905,618	503,425,141
Investment property	12	9,505,000	9,505,000
Investments in associated companies		43,495	30,243
Available for sale investments	13	46,294,272	48,400,490
Other non current receivables		1,064,861	2,059,914
Deferred tax assets		13,956,932	13,556,397
		733,375,860	701,817,256
Non-current assets held for sale		43,272,091	43,272,091
Current assets
Inventories	14	162,613,729	155,512,651
Biological assets	14	10,469,958	6,214,509
Trade receivables		170,225,335	180,200,925
Other receivables		40,827,681	40,091,096
Current tax assets		57,564,355	65,720,440
Other current assets	15	80,909,905	75,524,379
Derivatives		(5,909,787)	(4,128,504)
Cash and cash equivalents		65,363,361	84,275,825
		582,064,538	603,411,321
Total assets		1,358,712,488	1,348,500,668
Equity
Share capital	16	50,000,000	50,000,000
Reserves		208,653,086	215,874,718
Profit for the period		105,626	7,439,955
Equity attributable to shareholders of the Group		258,758,712	273,314,673
Minority interests		53,922,237	60,375,467
Total equity		312,680,948	333,690,141
Liabilities
Non-current liabilities
Loans	17	191,604,669	168,617,782
Obligations under finance leases		61,336,398	68,952,493
Other liabilities		3,010,593	2,353,647
Provisions		3,507,303	3,937,654
Deferred tax liabilities		9,612,411	9,844,754
		269,071,373	253,706,329
Current liabilities
Loans	17	459,856,495	439,881,095
Obligations under finance leases		12,759,934	11,989,447
Trade payables		155,423,243	135,236,807
Other debtors		77,093,044	66,646,751
Current tax liabilities		12,369,478	16,274,529
Other liabilities	18	59,457,972	91,075,569
		776,960,167	761,104,198
Total liabilities		1,046,031,540	1,014,810,527
Total equity and liabilities		1,358,712,488	1,348,500,668

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME FOR THE PERIODS ENDED AT 31 MARCH 2009 AND 2008

(Translation of consolidated financial statements originally issued in Portuguese - Note 23)

	st Quarter 1 2009 - IFRS (non audited)	st Quarter 1 2008 - IFRS (non audited)
Profit for the period	435,620	1,442,480
Other comprehensive income
Fair value of cash flow hedges (derivatives)	(1,884,391)	(842,136)
Fair value of available for sale financial investments	(1,451,400)	(12,202,448)
Exchange differences arising on (i) translation of financial statements expressed in foreign currencies and (ii) net investment in subsidiaries	(14,094,236)	1,372,389
Gains on property revaluation	-	1,428,954
Income tax relating to components of other comprehensive income	(17,430,027)	(10,243,241)
Total comprehensive income for the period	(16,994,407)	(8,800,762)
Total comprehensive income attributable:
To minority interests	(2,128,418)	911,722
To shareholders of the Group	(14,865,989)	(9,712,484)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIODS ENDED AT 31 MARCH 2009 AND 2008

(Translation of consolidated financial statements originally issued in Portuguese - Note 23)

				Fair value reserves
	Share capital	Share premium	Revaluation of fixed assets	Available for sale investments	Hedging derivatives	Foreing currency transalation reserve	Others	Net earnings for the period	Equity attributable to shareholders of the Group	Equity attributable to minority interests
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)	-	-
Gain on the revaluation of land and buildings	-	-	1,428,954	-	-	-	-	-	1,428,954	-
Transfers	-	-	-	(252,250)	1,907,072	-	(1,654,822)	-	-	-
Exchange differences arising on (i) translation of financial statements expressed in foreign currencies and (ii) net investment in subsidiaries	-	-	-	-	-	1,162,911	-	-	1,162,911	209,478
Other changes in the equity of subsidiaries	-	-	-	(12,202,448)	(638,675)	-	(1,779,218)	-	(14,620,340)	(170,646)
Profit for the period	-	-	-	-	-	-	-	536,773	536,773	905,706
Balance on 31 March 2008	50,000,000	186,500,000	13,568,560	(12,202,448)	1,631,328	(2,478,576)	32,737,597	536,773	270,293,234	4,635,037
Balance at 1 January 2009	50,000,000	186,500,000	17,549,418	2,841,818	(1,705,601)	(22,974,300)	33,663,383	7,439,955	273,314,673	60,375,467
Appropriation of the profit of 2008	-	-	-	-	-	-	7,439,955	(7,439,955)	-	-
Exchange difference in goodwill	-	-	-	-	-	613,684	-	-	613,684	72,603
Exchange differences arising on (i) translation of financial statements expressed in foreign currencies and (ii) net investment
in subsidiaries	-	-	-	-	-	(12,750,278)	-	-	(12,750,278)	(2,030,245)
Other changes in the equity of subsidiaries	-	-	-	(1,451,400)	(1,383,621)	-	310,028	-	(2,524,993)	(1,294,388)
Changes in the consolidation perimeter	-	-	-	-	-	-	-	-	-	(3,531,194)
Profit for the period	-	-	-	-	-	-	-	105,626	105,626	329,994
Balance on 31 March 2009	50,000,000	186,500,000	17,549,418	1,390,418	(3,089,222)	(35,110,894)	41,413,366	105,626	258,758,712	53,922,237

CONSOLIDATED CASH FLOW STATEMENTS FOR THE PERIODS ENDED AT 31 MARCH 2009 AND 2008

(Translation of consolidated financial statements originally issued in Portuguese - Note 23)

	st Quarter 1 2009 - IFRS (non audited)	st Quarter 1 2008 - IFRS (non audited)
OPERATING ACTIVITIES
Cash receipts from trade debtors	177,530,696	199,249,456
Cash paid to suppliers	(154,389,128)	(182,774,781)
Payments to employees	(19,055,102)	(10,648,322)
Cash flow generated by the operations	4,086,466	5,826,354
Income taxes (paid)/received	2,584,328	(1,208,206)
Other cash receipts/(payments) relating to operating activities	3,692,371	(1,519,257)
Others	6,276,699	(2,727,463)
Net cash flow from operating activities (1)	10,363,165	3,098,890
INVESTING ACTIVITIES
Cash receipts arising from
Investments
Tangible assets	685,505	84,778
Intangible assets	24,133	-
Interest and similar income	1,283,836	4,974,614
Dividends	-	-
Others	- 1,993,474	- 5,059,392
Cash payments arising from:
Investments	(2,091,984)	(103,314,884)
Tangible assets	(60,961,912)	(83,163,899)
Intangible assets	(5,734,218)	(1,677,207)
Others
	(68,788,113)	(188,155,989)
Net cash flow from investing activities (2)	(66,794,640)	(183,096,597)
FINANCING ACTIVITIES
Cash receipts arising from:
Loans obtained	50,832,887	201,395,214
Capital increases, supplementary capital and share premiums	-	-
Subsidies and donations Others	147,652 -	37,238 -
	50,980,539	201,432,452
Cash payments arising from: Loans obtained	(1,185,486)	(82,971)
Leasings	(2,997,362)	(1,738,427)
Interest and similar costs	(9,341,088)	(8,576,333)
Dividends	-	-
Others	-	-
	(13,523,936)	(10,397,730)
Net cash flow from financing activities (3)	37,456,603	191,034,722
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)	(18,974,872)	11,037,015
Changes in the consolidation perimeter and others	(31,945)	2,296,522
Effect of foreign exchange currencies	94,353	(487,224)
Cash and cash equivalents at the beginning of the period	84,275,825	32,312,299
Cash and cash equivalents at the end of the period	65,363,361	45,158,612

NOTES TO THE FINANCIAL STATEMENTS

Introductory Note

Martifer, S.G.P.S., S.A., with its head-office at Zona Industrial, Apartado 17, Oliveira de Frades – Portugal ("Martifer SGPS" or "the Company"), and its group of companies ("Group"), have as its main activity the construction of steel infrastructures, the production of energy equipments, the production of electric energy, the production of biofuels and agriculture and, also, the commercialization and management of retail and warehousing investments (Note 4).

Martifer SGPS was incorporated on 29 October 2004, having its share capital been realized through the delivery of shares, valuated at its market value, that the shareholders held in Martifer - Construções, S.A., a company that was incorporated in 1990 and which at that time, was the holding company of the current Martifer Group.

As from June 2007, Martifer SGPS SA shares are listed on Euronext Lisbon.

At 31 March 2009, the Group develops its activity in Portugal, Spain, Poland, Slovakia, Germany, Romania, Czech Republic, Angola, Brazil, Ukraine, Greece, United States of America, Australia, Mozambique, Ireland, Italy, Belgium, Bulgaria, France and Thailand.

All the figures presented in this notes are expressed in Euro (rounded at unit), except if stated otherwise.

The accompanying notes were selected to help the understanding of the more significant changes in the financial position and the financial performace of the Group since the last annual reporting dated of 31 December 2008.

These financial statements are non-audited.

1. SIGNIFICANT ACCOUNTING POLICIES

These accompanying consolidated financial statements relate to the consolidated financial statements of the Martifer Group and were prepared in accordance with the International Financial Reporting Standards ("IFRS"), as adopted by the European Union, in force at the beginning of the economic period started 1 January 2008. These are the International Financial Reporting Standards, issued by the International Accounting Standards Board ("IASB"), and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") or by the previous Standing Interpretations Committee ("SIC"), as adopted by the European Union as at the consolidated financial statements issuance date.

The interim consolidated financial report for the period ended at 31 March 2009 has been prepared in accordance with IAS 34 - "Interim Financial Reporting" as adopted by the European Union.

Until the end of 2008, the Group recognized income and costs associated with energy equipment construction contracts, on an individual basis, using the stage of completion method. From 1 January 2009, revenues and costs associated with energy equipment production are recognized as they are incurred. The related inventories are stated in accordance with the Group"s accounting policies for inventories. The change of this accounting policy resulted in a decrease of assets amounting to 85,564 Euro.

Apart from the effect of new IFRS/IAS implemented in the period, and the accounting policy regarding the energy equipment production, referred to above, the accounting policies are unchanged from those applied to the Annual Report for 2008 prepared under the International Financial Reporting Standards (IFRS) approved by the EU.

These consolidated financial statements have been prepared on a going concern basis from the books and accounting records of the companies included in the consolidation (Note 2) and have been prepared under the historical cost convention, except for the revaluation of certain non-current assets and certain financial instruments, which are stated at fair value.

New IASs/IFRSs implemented in the period

With effect from 1 January 2009, the Group implemented amendments to IAS 1 - "Presentation of the Consolidated Financial Statements", amendments to IAS 23 - "Borrowing costs" and IFRS 8 - "Operating segments".

The changes to IAS 1 and to IFRS 8 do not affect net profit or equity but changes the disclosure requirements in relation to the statement of comprehensive income and operating segment information, respectively, which have been included in this interim statement. The changes to IAS 23 do not have a significant impact in the presented financial statements.

2. GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

Group companies consolidated by the full consolidation method, their head offices, percentage of share capital held by the Group, business activity and incorporation or acquisition date at 31 March 2009 are as follows:

Companies consolidated according to the full consolidation method

Company	Head office	Percentage of share capital held	Business activity	Incorporation date	Acquisition date
Martifer SGPS, S.A. (Martifer SGPS)	Oliveira de Frades	Parent	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. (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%	Metallic constructions	February 1990	-
Martifer - Gestão de Investimentos, S.A. (MGI)	Oliveira de Frades	Through Martifer Metallic Constructions 100%	Real estate	May 2000	-
Martifer - Alumínios, S.A. (Martifer Alumínios)	Oliveira de Frades	Through Martifer Metallic Constructions 55%	Assembly of aluminium façades	September 1990	1999
Martifer - Alumínios, S.A. (Martifer Alumínios Espanha)	Madrid	Through Martifer Alumínios 55%	Assembly of aluminium façades	January 2007	-
Martifer Alumínios Angola, S.A. (Martifer Alumínios Angola)	Luanda	Through Martifer Alumínios 50.6%	Assembly of aluminium façades	April 2008	-
Martifer Aluminium Recycling S.R.L. (Martfer Aluminium Recycling) (1)	Bucharest	Through Martifer Alumínios 44%	Foundry and treatment of metal waste	March 2009	-
Martifer II Inox, S.A. (Martifer II Inox)	Sever do Vouga	Through Martifer Metallic Constructions 75%	Metalworking	May 1996	1998
Martinox, S.A. (Martinox Angola) (1)	Luanda	Through Martifer II Inox 48%	Metalworking	March 2008	-
Martifer – Construcciones Metálicas España, S.A. (Martifer Espanha)	Madrid	Through Martifer Metallic Constructions 100%	Trading and technical management support	November 1999	-
Martifer – Construções Metálicas Angola, S.A. (Martifer Angola)	Luanda	Through Martifer Metallic Constructions 75%	Trading and technical management support	March 2007	-
Martifer Construction Limited (Martifer Irlanda)	Dublin	Through Martifer Metallic Constructions 100%	Trading and technical management support	November 2007	-
Martifer Polska Sp. Zo.o. (Martifer Polska)	Gliwice	Through Martifer Metallic Constructions 100%	Metallic constructions	February 2003	-

Company	Head office	Percentage of share capital held	Business activity	Incorporation date	Acquisition date
Martifer Aluminium Sp. Zo.o. (Martifer Aluminium)	Gliwice	Through Martifer Alumínios 55%	Assembly of aluminium façades	December 2004	-
Sassall Aluminium Pty, Ltd (Sassall) (1)	Sidney	Through Martifer Alumínios 44%	Assembly of aluminium facades	February 2008	-
Martifer Constructii SRL (Martifer Constructii)	Bucharest	Through Martifer Metallic Constructions 100%	Trading and technical management support	March 2005	-
Martifer CZ, SRO (Martifer CZ)	Praga	80%	Trading and technical management support	March 2005	-
Martifer Konstrukcje Sp. z o.o. (Martifer Konstrukcje)	Gliwice	Through Martifer Metallic Constructions 100%	General contractor	April 2005	-
Martifer Slovakia SRO (Martifer Slovakia)	Bratislava	Through Martifer Metallic Constructions 20% Through Martifer Polska 80%	Trading and technical management support	March 2005	-
Martifer Beteiligungsverwaltungs GmbH (Martifer GmbH)	Vienna	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 other related construction materials	-	2007
Nagatel Viseu, Promoção Imobiliária, S.A. (Nagatel Viseu)	Oliveira de Frades	Through 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 (Liszki Green Park)	Gliwice	Through Martifer Konstrukcje 90%	Real estate	-	2007
M City Gliwice SP. Zo.o (M City Gliwice)	Gliwice	Through Martifer GmbH 99.8% Through Martifer Konstrukcje 0.2%	Real estate	December 2007	-
M City Radom SP. Zo.o (M City Radom)	Gliwice	Through Martifer GmbH 99.8% Through Martifer Konstrukcje 0.2%	Real estate	December 2007	-
Marifer Mota-Engil Coffey Construction Joint Venture Limited (MMECC)	Dublin	Through Martifer Construções 60%	Metallic construction	July 2008	-

Company	Head office	Percentage of share capital held	Business activity	Incorporation date	Acquisition date
Martifer Aluminium Limited (Martifer Aluminium Irlanda)	Dublin	Through Martifer Alumínios 55%	Assembly of aluminium facades	July 2008	-
Martifer Aluminium S.R.L. (Martifer Aluminium Roménia)	Bucharest	Through Martifer Alumínios 55%	Assembly of aluminium facades	December 2008	-
Martifer Energy Systems SGPS, S.A. – formerly known as Martifer Energy Systems II SGPS, S.A. (Martifer Energy Systems)	Oliveira de Frades	100%	Holding company	November 2007	-
RPW Investments SGPS, S.A. (RPW Investments)	Oliveira de Frades	100%	Holding company	December 2006	-
Martifer Energia – Equipamentos para Energia, S.A. (Martifer Energia)	Oliveira de Frades	Through Martifer Energy Systems 100%	Production of energy systems	February 2004	-
Navalria – Docas, Construções e Reparações Navais, S.A. (Navalria)	Aveiro	Through Martifer Energy Systems 100%	Shipyard	-	2008
Martifer Solar, S.A. (Martifer Solar)	Oliveira de Frades	Through Martifer Energy Systems 75%	Assembly, sales and maintenance of solar systems	June 2006	-
Martifer Solar Inc (Martifer Inc)	S. Francisco, CA	Through Martifer Solar 75%	Consulting, research & development	June 2007	-
Martifer Enerq – Sistemas de Energias Renováveis, S.A. (Martifer Enerq) (1)	Oliveira de Frades	Through Martifer Solar 45%	Assembly, sales and maintenance of thermal solar systems	January 2008	-
Martifer Solar Hellas, A.T.E. – formerly known as PVI, SA (PVI) (1)	Athens	Through Martifer Solar 45%	Assembly, sales and maintenance of thermal and photovoltaic solar systems	-	2008
Martifer Solar Angola (Martifer Solar Angola)	Luanda	Through Martifer Solar 56.25%	Assembly, sales and maintenance of thermal and photovoltaic solar systems	December 2006	-
Martifer Solar S.R.L. (Martifer Solar Itália)	Milan	Through Martifer Solar 75%	Assembly, sales and maintenance of thermal and photovoltaic solar systems	February 2008	-
Martifer Solar Sistemas Solares, S.A. (Martifer Solar Sistemas Solares)	Madrid	Through Martifer Solar 75%	Assembly, sales and maintenance of thermal and photovoltaic solar systems	February 2007	-
Ventinveste Indústria SGPS, S.A. (Ventinveste Indústria) (2)	Oliveira de Frades	Through Ventinveste SA 31.6%	Holding company	September 2007	-
Martifer Energia RO SRL (Martifer Energia SRL)	Bucharest	Through Martifer Energy Systems 99% Through Martifer Energia 1%	Production of energy systems	August 2007	-
Martifer Energia Sp Z o.o (Martifer Energia Polska)	Gliwice	Through Martifer Energy Systems 100%	Production of energy systems	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

Company	Head office	Percentage of share capital held	Business activity	Incorporation date	Acquisition date
Martifer Solar NV (Martifer Solar Bélgica)	Deerlijk	Through Martifer Solar 74.25% Through Martifer Solar Sistemas Solares 0.75%	Assembly, sales and maintenance of thermal and photovoltaic solar systems	May 2008	-
Home Energy II, S.A. (Home Energy II) (1)	Oliveira de Frades	Through Martifer Solar 41.25%	Production and sale of electricity, energy services and electric installations	May 2008	-
PVGlass, S.A. (PVGlass)	Oliveira de Frades	Through Martifer Solar 52.5%	Production and sale of glass products	April 2008	-
A & M, Energy Systems (AEM) (1)	Santa Monica, CA	Through Martifer Solar Inc 37.5%	Installation of solar systems	-	2008
Martifer Energy Systems LLC (Martifer Energy Systems USA)	San Angelo, TX	Through Martifer Energia 100%	Production of energy systems	September 2008	-
Martifer Energia LLC (Martifer Energia Ucrânia)	Kiev	Through Martifer Energy Systems 99% Through Martifer Energia 1%	Production of energy systems	September 2008	-
Parque Solar Sesena I, S.L. (Sesena I)	Madrid	Through Martifer Solar Sistemas Solares 75%	Assembly, sales and maintenance of thermal and photovoltaic solar systems	March 2009
Parque Solar Sesena II, S.L. (Sesena II)	Madrid	Through Martifer Solar Sistemas Solares 75%	Assembly, sales and maintenance of thermal and photovoltaic solar systems	March 2009
MTS1 SRL (MTS1)	Siracusa	Through Martifer Solar Itália 75%	Assembly, sales and maintenance of thermal and photovoltaic solar systems	March 2009
MTS2 SRL (MTS2)	Siracusa	Through Martifer Solar Itália 75%	Assembly, sales and maintenance of thermal and photovoltaic solar systems	March 2009
MTS3 SRL (MTS3)	Siracusa	Through Martifer Solar Itália 75%	Assembly, sales and maintenance of thermal and photovoltaic solar systems	March 2009
MTS4 SRL (MTS4)	Siracusa	Through Martifer Solar Itália 75%	Instalação, comercialização e manutenção de painéis solares e painéis fotovoltaicos	March 2009
MTS5 SRL (MTS5)	Siracusa	Through Martifer Solar Itália 75%	Assembly, sales and maintenance of thermal and photovoltaic solar systems	March 2009
Prio SGPS, S.A. (Prio SGPS)	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	-

Company	Head office	Percentage of share capital held	Business activity	Incorporation date	Acquisition date
Mondefin (Mondefin)	Coimbra	Through Prio Advanced Fuels 60%	Fuel retailing	-	2007
Prio Biocombustíveis, S.A. (Prio Biocombustíveis)	Oliveira de Frades	Through Prio SGPS 60%	Biodiesel production	February 2006	-
Prio Agricultura, S.A. (Prio Agricultura PT)	Oliveira de Frades	Through Prio SGPS 60%	Trading and logistics	May 2007	-
Prio Agricultura, SRL (Prio Agricultura RO)	Bucharest	Through Prio SGPS 60%	Agriculture	March 2005	-
Prio Biocombustibil SRL (Prio Biocombustibil)	Bucharest	Through Prio SGPS 59.96% Through Prio Agricultura 0.04%	Biodiesel production	March 2005	-
Prio Agricultura e Extracção LTDA (Prio Agricultura e Extracção)	S. Luís do Maranhão	Through Prio SGPS 60%	Oil seed crushing	November 2006	-
Prio Biopaliwa, Sp. Z.o.o. (Prio Biopaliwa)	Gliwice	Through Prio SGPS 60%	Agriculture and storage	November 2006	-
Prio Agricultura, S.A. (Prio Agricultura Moçambique) (1)	Maputo	Through Prio SGPS 36%	Agriculture	November 2007	-
Prio Agromart S.R.L. (Prio Agromart)	Bucharest	Through Prio Agricultura 45% Through Prio Biocombustibil 15%	Agriculture	June 2007	-
Prio Balta S.R.L. (Prio Balta)	Bucharest	Through Prio Agricultura 45% Through Prio Biocombustibil 15%	Agriculture	June 2007	-
Prio Facaieni S.R.L. (Prio Facaieni)	Bucharest	Through Prio Agricultura 45% Through Prio Biocombustibil 15%	Agriculture	June 2007	-
Prio Ialomita S.R.L. (Prio Ialomita)	Bucharest	Through Prio Agricultura 45% Through Prio Biocombustibil 15%	Agriculture	June 2007	-
Prio Rapita S.R.L. (Prio Rapita)	Bucharest	Through Prio Agricultura 45% Through Prio Biocombustibil 15%	Agriculture	June 2007	-

Company	Head office	Percentage of share capital held	Business activity	Incorporation date	Acquisition date
Prio Terra Agricola S.R.L. (Prio Terra Agricola)	Bucharest	Through Prio Agricultura 45% Through Prio Biocombustibil 15%	Agriculture	June 2007	-
Prio Turism Rural S.R.L (Prio Turism Rural)	Bucharest	Through Prio Agricultura 45% Through Prio Biocombustibil 15%	Agriculture	June 2007	-
Agromec Balaciu (Agromec Balaciu)	Bucharest	Through Prio Agricultura 52.164%	Agriculture	-	2007
Zimbrul, S.A. (Zimbrul)	Bucharest	Through Prio Agricultura 60%	Agriculture	-	2007
Prio Extractie S.R.L. (Prio Extractie)	Bucharest	Through Prio SGPS 59.4% Through Prio Agricultura RO 0.6%	Oil seed crushing	September 2008	-
Prio Agriculture BV (Prio NL)	Delft	Through Prio SGPS 60%	Holding company	September 2008	-
Agrozootehnica, S.A. (Agrozootehnica)	Bucharest	Through Prio Agricultura 31.20% Through Zimbrul 28.78%	Agriculture	-	2007
Veiga & Seabra, S.A. (Veiga & Seabra)	Aguada de Baixo	Through Prio Advanced Fuels 60%	Fuel retailing	-	2008
Miharox SRL (Miharox) (1)	Bucharest	Through Agromec Balaciu 49,56%	Agriculture	-	2009
Martifer Renewables SGPS – formerly known as Eviva SGPS, S.A. (Martifer Renewables SGPS)	Oliveira de Frades	100%	Holding company	December 2006	-
Martifer Renewables S.A. (Martifer Renewables SA)	Oliveira de Frades	Through Martifer Renewables SGPS 100%	Energy production and distribution	October 2005	-
Martifer Renovables ETVE, S.A.U. (Martifer Renovables)	Madrid	Through Martifer Renewables SGPS 100%	Energy production and distribution	May 2007	-
Eurocab FV 1 SL (Eurocab 1)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 2 SL (Eurocab 2)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 3 SL (Eurocab 3)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007

Company	Head office	Percentage of share capital held	Business activity	Incorporation date	Acquisition date
Eurocab FV 4 SL (Eurocab 4)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 5 SL (Eurocab 5)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 6 SL (Eurocab 6)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 7 SL (Eurocab 7)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 8 SL (Eurocab 8)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 9 SL (Eurocab 9)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 10 SL (Eurocab 10)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 11 SL (Eurocab 11)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 12 SL (Eurocab 12)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 13 SL (Eurocab 13)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 14 SL (Eurocab 14)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 15 SL (Eurocab 15)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 16 SL (Eurocab 16)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 17 SL (Eurocab 17)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 18 SL (Eurocab 18)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 19 SL (Eurocab 19)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	-	2007
Eurocab FV 20 SL (Eurocab 20)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	May 2008	-
Martifer Renewables Investments ETVE, SA – formerly known as Eurocab FV 21 SL (Eurocab 21)	Madrid	Through Martifer Renovables 100%	Energy production and distribution	May 2008	-

Company	Head office	Percentage of share capital held	Business activity	Incorporation date	Acquisition date
Eviva Energy SRL (Eviva Energy SRL)	Bucharest	Through Martifer Renewables SGPS 100%	Energy production and distribution	March 2005	-
Eviva Nalbant SRO (Eviva Nalbant)	Bucharest	Through Eviva Energy SRL 99% Through Prio Agricultura 0.6%	Energy production and distribution	December 2006	-
Eviva Agighiol SRL (Eviva Agighiol)	Bucharest	Through Eviva Energy SRL 99% Through Prio Agricultura 0.6%	Energy production and distribution	December 2006	-
Eviva Casimcea SRO (Eviva Casimcea)	Bucharest	Through Eviva Energy SRL 99% Through Prio Agricultura 0.6%	Energy production and distribution	December 2006	-
MW Topolog SRL (MW Topolog)	Bucharest	Through Eviva Energy SRL 99%	Energy production and distribution	September 2006	-
Eviva Hidro SRL (Eviva Hidro)	Bucharest	66% Through Martifer Renewables SGPS 33%	Energy production and distribution	December 2006	-
Eviva SRO (Eviva SRO)	Bratislava	Through Martifer Renewables SGPS 100%	Energy production and distribution	September 2006	-
Martifer Renewables, S.A. (Eviva S.A.)	Gliwice	Through Martifer Renewables SGPS 100%	Energy production and distribution	May 2005	-
IWP Sp. Z o.o. (IWP)	Gliwice	Through Eviva S.A. 100%	Energy production and distribution	-	2005
Bukowsko (Bukowsko)	Gliwice	Through Eviva S.A. 100%	Energy production and distribution	-	2007
Eviva Zebowo SP (Eviva Zebowo)	Gliwice	Through Eviva S.A. 51%	Energy production and distribution	-	2007
Eviva Gac SP (Eviva Gac)	Gliwice	Through Eviva S.A. 51%	Energy production and distribution	-	2007
Eviva Drzezewo SP (Eviva Drzezewo)	Gliwice	Through Eviva S.A. 51%	Energy production and distribution	-	2007
Eviva Mepe (Eviva Mepe)	Athens	Through Martifer Renewables SGPS 100%	Energy production and distribution	May 2007	-
Eviva Beteiligungsverwaltungs GmbH (Eviva GmbH)	Vienna	Through Martifer Renewables SGPS 100%	Holding company	-	2007

Company	Head office	Percentage of share capital held	Business activity	Incorporation date	Acquisition date
Eviva Energy Pty, Ltd. (Eviva Pty)	Sidney	Through Martifer Renewables SGPS 80%	Energy production and distribution	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)	Berlin	Through Eviva GmbH 100%	Holding company	October 2005	-
Eviva Electricity LLC (Eviva Electricity)	S. Francisco, CA	Through Martifer Renewables SGPS 80%	Electricity generation	December 2007	-
Eviva Spinnaker Energy LLC (Eviva Spinnaker)	San Diego, CA	Through Eviva LLC 72%	Wind farm development	January 2008	-
Eviva California Solar Holdings LLC (Eviva Solar LLC)	San Diego, CA	Through Eviva LLC 80%	Solar power project development	January 2008	-
Eviva Itália, S.R.L. (Eviva Itália)	Rome	Through Martifer Renewables SGPS 100%	Energy production and distribution	March 2008	-
Eviva Bippen GmbH (Eviva Bippen)	Berlin	Through Eviva GmbH 100%	Development and management of wind farms	-	2008
Eviva Rumsko Sp Z.o.o (Eviva Rumsko)	Slupsk	Through Eviva GmbH 51%	Energy production and distribution	-	2008
Eviva Redecin Sp Z.o.o (Eviva Redecin)	Slupsk	Through Eviva GmbH 51%	Energy production and distribution	-	2008
Gesto Energia SA (Gesto Energia)	Oliveira de Frades	Through Martifer Renewables SGPS 75%	Development, licensing and construction of power plants	May 2008	-
Clean Energy Solutions (Clean Energy Solutions)	Norrköping	Through Martifer Renewables SGPS 50.1%	Electricity generation	-	2007
Nova Eco LLC (Nova Eco)	Kiev	Through Clean Energy Solutions 50.1%	Electricity generation	-	2007
Total Natural, S.R.L. (Total Natural)	Bucharest	Through Eviva Energy SRL 100%	Energy production and distribution	-	2008
Enerpetra SGPS, S.A. (Enerpetra)	Oliveira de Frades	Through Martifer Renewables SGPS 100%	Holding company	August 2008	-
Ventania - Geração de Energia e Participações, S.A. (Ventania)	Fortaleza	Through Martifer Renovables 55%	Electricity generation	-	2008

Company	Head office	Percentage of share capital held	Business activity	Incorporation date	Acquisition date
Eólica Faisa, Ltda (Faisa)	Fortaleza	Through Ventania 55%	Electricity generation	-	2008
Faisa Biomassa – Geração de Energia e Participações, Ltda (Faisa Biomassa)	Fortaleza	Through Ventania 55%	Electricity generation	-	2008
Eólica Embuaca, Ltda (Embuaca)	Fortaleza	Through Ventania 55%	Electricity generation	-	2008
Eólica Mar e Terra, Ltda (Mar e Terra)	Fortaleza	Through Ventania 55%	Electricity generation	-	2008
Eólica Bela Vista, Ltda (Bela Vista)	Fortaleza	Through Ventania 55%	Electricity generation	-	2008
Eólica Cajueiro da Praia, Ltda (Cajueiro)	Fortaleza	Through Ventania 55%	Electricity generation	-	2008
Eólica Cacimbas, Ltda (Cacimbas)	Fortaleza	Through Ventania 55%	Electricity generation	-	2008
SBER – Sociedade Brasileira de Energias Renováveis, Ltda (SBER) (1)	Fortaleza	Through Ventania 41.25%	Electricity generation	-	2008
Melosa – Geração de Energia e Participações, Ltda (Melosa)	Fortaleza	Through Ventania 55%	Electricity generation	-	2008
Eólica Paraipaba, Ltda (Paraipaba)	Fortaleza	Through Ventania 55%	Electricity generation	-	2008
Eólica Chapadão, Ltda (Chapadão)	Fortaleza	Through Ventania 55%	Electricity generation	-	2008
Rosa dos Ventos – Geração e Comercialização de Energia, S.A. (Rosa dos Ventos)	Fortaleza	Through Ventania 52.25%	Electricity generation	-	2008
Wind Farm Odrzechowa Sp. Zo.o. (Wind Odrzechowa)	Gliwice	Through Martifer Renewables SGPS 100%	Electricity generation	August 2008	-
Energia Wiatrowa Sp. Zo.o (Energia Wiatrowa)	Gliwice	Through Martifer Renewables SGPS 100%	Electricity generation	-	2008
Eviva Gizalki Sp. Zo.o (Eviva Gizalki)	Miastko	Through Martifer Renewables SGPS 60%	Electricity generation	-	2008
Wind Farm Bukowsko Sp. Zo.o (Wind Farm Bukowsko)	Gliwice	Through Martifer Renewables SGPS 100%	Electricity generation	December 2008	-
Wind Farm Markowa Sp. Zo.o (Wind Farm Markowa)	Gliwice	Through Martifer Renewables SGPS 100%	Electricity generation	December 2008	-
Wind Farm Lada Sp. Zo.o (Wind Farm Lada)	Gliwice	Through Martifer Renewables SGPS 100%	Electricity generation	December 2008	-
Wind Farm Jawornik Sp. Zo.o (Wind Farm Jawornik)	Gliwice	Through Martifer Renewables SGPS 100%	Electricity generation	December 2008	-
Wind Farm Piersno Sp. Zo.o (Wind Farm Piersno)	Gliwice	Through Martifer Renewables SGPS 100%	Electricity generation	December 2008	-

Company	Head office	Percentage of share capital held	Business activity	Incorporation date	Acquisition date
Vesto EAD (Vesto)	Varna	Through Martifer Renovables 100%	Electricity generation	-	2008
DVP1 Limited (DVP1)	Varna	Through Vesto 100%	Electricity generation	-	2008
DVP2 Limited (DVP2)	Varna	Through Vesto 100%	Electricity generation	-	2008
Premium Management Consulting SRL (Premium Management)	Bucharest	Through Eviva Energy SRL 85%	Electricity generation	-	2009

(1) The full consolidation of these companies is justified as the Group has ultimate control.

(2) The full consolidation of these companies is justified as the Goup has a majority economic interest resulting from shareholder agreements.

Companies consolidated through the proportional method

Companies consolidated through the proportional method, their head offices, percentage of share capital held by the Group, business activity, and incorporation or acquisition date at 31 March 2009 are as follows:

Company	Head office	Percentage of share capital held	Business activity	Incorporation date	Acquisition date
Gebox, S.A.		Through Martifer	Production of gearboxes for	June
(Gebox)	Ilhavo	Energy Systems 50%	wind turbines	2006	-
Promoquatro – Investimentos
Imobiliários, Lda.	Oliveira de Frades	Through MGI 50%	Real estate	December 2001	2005
(Promoquatro)
WPT – Wind Power Transmission
S.A.	Oliveira de Frades	Through Gebox 33.33%	Sale of gearboxes for wind turbines	May 2007	-
(WPT)
Martifer Retail & Warehousing SRL				July
(Martifer Retail, SRL)	Bucharest	50%	Real estate	2007	-
Ventinveste, S.A. (Ventinveste SA)	Lisboa	5% Through Eviva Energy 25% Through Repower Portugal 0.5% Through Power Blades 1% Through Martifer Energia 1%	Management and implementation of the wind power project of 400 MW, as well as the Portuguese cluster in the aerogenerators" construction	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	-

Company	Head office	Percentage of share capital held	Business activity	Incorporation date	Acquisition date
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%	Energy production and distribution	December 2007	-
SPEE 3 – Parque Eólico do Baião, S.A. (SPEE 3)	Lisboa	Through Martifer Renewables SGPS 50%	Development, construction and management of the Baião wind farm	June 2008	-
SPEE 2 – Parque Eólico de Vila Franca de Xira, S.A. (SPEE 2)	Oliveira de Frades	Through Martifer Renewables SGPS 50%	Development, construction and management of the Vila Franca de Xira wind farm	-	2008
Macquarie Capital Wind Fund Pty Limited (Macquarie)	Sidney	Through Eurocab 21 - 50%	Holding company	-	2008
Silverton Wind Farm Holding (Silverton) (1)	Sidney	Through Macquarie 25%	Development, construction and management of wind farms	-	2008
Repower Portugal – Sistemas Eólicos, S.A. (Repower Portugal) (2)	Oliveira de Frades	Through Martifer Energy Systems 50%	Production, assembly and maintenance of wind farms	June 2005	-
Ventipower, S.A. (Ventipower) (2)	Oliveira de Frades	Through Ventinveste Indústria 31.6%	Production of wind turbines	September 2007	-

(1) The consolidation of these companies through proportional consolidation method results from the Group having joint control of their parent company, which in turn has joint or full control of the investee.

(2) The consolidation of these companies through proportional consolidation method results from shareholder agreements that regulate joint control of the investee.

Companies consolidated through the equity method

Companies consolidated through the equity method, their head offices, percentage of share capital held by the Group, business activity, and incorporation or acquisition date at 31 March 2009 are as follows:

Company	Head office	Percentage of share capital held	Business activity	Incorporation 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 (GreenVouga)	Oliveira de Frades	Through Martifer Renewables SA 45%	Electricity production from hydro sources	June 2008	-
Power Blades, S.A. (Power Blades)	Oliveira de Frades	10%	Production of wind turbine blades	February 2006	-
Ria Blades, S.A. (Ria Blades)	Oliveira de Frades	Through Ventinveste Indústria 31.6%	Manufacture of energy system components for renewable energy production	September 2007	-
Global Façade Systems Company Limited (Global Façade Systems)	Bankock	Through Sassall 39.2%	Assembly of aluminium façades	-	2008
Pro Wind LLC (Pro Wind)	Simferopol	Through Eviva GmbH 50%	Development, construction and management of wind farms	-	2008
Ground Investment Corp SRL (Ground Investment)	Bucharest	Through Eviva Energy SRL 25%	Electricity Generation	-	2009

During the first quarter of 2009 and during 2008 the changes occurred in the consolidation perimeter were as follows:

Incorporated companies:

In the first quarter of 2009: Martifer Solar SAS (Martifer Solar França) Parque Solar Sesena I, S.L. (Sesena I) Parque Solar Sesena II, S.L. (Sesena II) MTS1 SRL (MTS1) MTS2 SRL (MTS2) MTS3 SRL (MTS3) MTS4 SRL (MTS4) MTS5 SRL (MTS5) Martifer Aluminium Recycling S.R.L. (Martfer Aluminium Recycling)

In 2008:

Enerpetra SGPS, S.A. (Enerpetra) Eurocab FV 20 SL (Eurocab 20) Martifer Renewables Investments ETVE, SA (Eurocab 21) Eviva California Solar Holdings LLC (Eviva Solar LLC) Eviva Itália S.R.L. (Eviva Itália) Eviva Spinnaker Energy LLC (Eviva Spinnaker) Gesto – Energia, SA (Gesto Energia) Green Vouga, S.A. (Green Vouga) Home Energy II, S.A. (Home Energy II) Marifer Mota-Engil Coffey Construction Joint Venture Limited (MMECC) Martifer Alumínios Angola, SA (Martifer Alumínios Angola) Martifer Aluminium Limited (Martifer Aluminium Irlanda) Martifer Aluminium S.R.L. (Martifer Aluminium Roménia) Martifer Construction Limited (Martifer Irlanda)

Martifer Energia LLC (Martifer Energia LLC Ucrânia) Martifer Energia Sp Z.o.o (Martifer Energia Polónia) Martifer Energy Systems LLC (Martifer Energy Systems LLC USA) Martifer Enerq – Sistemas de Energias Renováveis, S.A. (Martifer Enerq) Martifer Solar (Martifer Solar NV) Martifer Solar, S.R.L. (Martifer Solar Itália) Martinox, S.A. (Martinox Angola) Prio Agriculture BV (Prio NL) Prio Extractie S.R.L. (Prio Extractie) PVGlass, S.A. (PVGlass) Sassall Aluminium Pty, Ltd (Sassall) SPEE 3 – Parque Eólico do Baião, SA (SPEE 3) Wind Farm Bukowsko Sp. zo.o (Wind Farm Bukowsko) Wind Farm Jawornik Sp. zo.o (Wind Farm Jawornik) Wind Farm Lada Sp. zo.o (Wind Farm Lada) Wind Farm Markowa Sp. zo.o (Wind Farm Markowa) Wind Farm Odrzechowa Sp. zo.o (Wind Farm Odrzechowa) Wind Farm Piersno Sp. zo.o (Wind Farm Piersno)

Acquired companies:

In the first quarter of 2009: Miharox SRL (Miharox) Premium Management Consulting S.R.L. (Premium Management) Ground Investment Corp S.R.L. (Ground Investment)

In 2008:

A & M – Energy Systems (A&M) DVP1 Limited (DVP1) DVP2 Limited (DVP2) Energia Wiatrowa Sp. Zo.o (Eviva Wiatrowa) Eólica Bela Vista, Ltda (Bela Vista) Eólica Cacimbas, Ltda (Cacimbas) Eólica Cajueiro da Praia, Ltda (Cajueiro) Eólica Chapadão, Ltda (Chapadão) Eólica Embuaca, Ltda (Embuaca) Eólica Faisa, Ltda (Faisa) Eólica Mar e Terra, Ltda (Mar e Terra) Eólica Paraipaba, Ltda (Paraipaba) Eviva Bippen GmbH (Eviva Bippen) Eviva Gizalki Sp. Zo.o (Eviva Gizalki) Eviva Redecin Sp. Z.o.o (Eviva Redecin) Eviva Rumsko Sp. Z.o.o (Eviva Rumsko) Faisa Biomassa – Geração de Energia e Participações, Ltda (Faisa Biomassa) Global Façade Systems Company Limited (Global Façade Systems) Macquarie Capital Wind Fund Pty Limited (Macquarie) Melosa – Geração de Energia e Participações, Ltda (Melosa) Navalria – Docas, Construções e Reaparações Navais, S.A. (Navalria) Pro Wind LLC (Pro Wind) Martifer Solar Hellas, A.T.E. (PVI) Rosa dos Ventos – Geração e Comercialização de Energia, S.A. (Rosa dos Ventos) SBER – Sociedade Brasileira de Energias Renováveis, Ltda (SBER) Silverton Wind Farm Holding (Silverton) SPEE 2 – Parque Eólico de Vila Franca de Xira, S.A. (SPEE 2) Total Natural, S.R.L. (Total Natural) Veiga & Seabra S.A. (Veiga & Seabra) Ventania - Geração de Energia e Participações, S.A. (Ventania) Vesto EAD (Vesto)

Changes in the consolidation method:

In the first quarter of 2009:

Repower Portugal – Sistemas Eólicos, S.A. (Repower Portugal) – from full to proportional consolidation method Ventipower, S.A. (Ventipower) – from full to proportional consolidation method

In 2008:

Clean Energy Solutions – from proportional to full consolidation method Nova Eco LLC (Nova Eco LLC) – from proportional to full consolidation method Power Blades, S.A. (Power Blades) – from full consolidation method to equity method Ria Blades, S.A. (Ria Blades) - from full consolidation method to equity method Solar Parks Construccion Parques Solares ETVE S.A. (Solar Parks) – from proportional to full consolidation method

3. SALES AND SERVICES RENDERED

At 31 March 2009 and 2008, the breakdown of sales and services rendered is as follows:

	st Quarter of 1 2009	st Quarter of 1 2008
Revenue from the sale of merchandise	68,329,184	66,534,173
Revenue from the sale of goods	71,821,308	69,113,370
Services rendered	30,297,763	7,159,276
	170,448,255	142,806,820

During the period ended 31 March 2009 and 2008 the Group had not discontinued any of its operations.

4. INFORMATION BY BUSINESS SEGMENT

The Group bases its disclosure of information for primary segments on its internal organisation in terms of management.

The Group is organised in four major operating segments – Metallic Construction, Energy Systems, Electricity Generation and Agriculture & Biofuels - that are coordinated and supported by Martifer SGPS. The Metallic Construction segment includes all the construction activities and retail & warehousing management and development. The Energy Systems segment includes the production of wind, solar and wave power systems, as well as the construction of wind farms and solar parks. The Electricity Generation segment includes the production, distribution and sale of electricity generated from renewable energy sources. The Agriculture & Biofuels segment includes the agriculture, extraction, trading and distribution of biofuels. Amounts related with Martifer SGPS and Martifer Inovação e Gestão S.A. (MIG) are included in the "Holding and MIG" caption.

At 31 March 2009 and 2008, the breakdown of sales and services rendered by segment is as follows:

	Sales to external customers			Intersegment sales		Total
	st Quarter 1 of 2009	st Quarter 1 of 2008	st Quarter 1 of 2009	st Quarter 1 of 2008	st Quarter 1 of 2009	st Quarter 1 of 2008
Holding and MIG	121,016	95,674	1,267,279	1,043,826	1,388,294	1,139,500
Metallic Construction	63,675,878	59,244,261	34,885,008	38,057,458	98,560,886	97,301,719
Energy Systems	41,692,276	34,770,730	50,449,741	4,789,828	92,142,018	39,560,558
Electricity Generation	4,513,801	4,879,998	27,278	296,753	4,541,079	5,176,750
Agriculture & Biofuels	60,445,284	43,816,158	13,673,568	4,469,961	74,118,852	48,286,119
	170,448,255	142,806,820	100,302,874	48,657,825	270,751,128	191,464,645
Intersergment eliminations					(72,535,910)	(41,464,923)
Own work capitalized (Note 5)					(27,766,963)	(7,192,903)
Sales and services rendered to external customers - Total					170,448,255	142,806,820

The significant changes in sales and services rendered by segment in the reported periods, respect mainly to: (i) higher level of activity in the construction of wind farms for both external and intersegment customers in the Energy Systems segment; and (ii) activity growth in the Agriculture & Biofuels segment, especially in the fuel marketing business in Portugal.

At 31 March 2009 and 2008, the earnings before interest, taxes, amortizations, provisions and impairment losses (EBITDA) and earnings before interest and taxes (EBIT) by operating segment are as follows:

		EBITDA		EBIT
	st Quarter of 1 2009	st Quarter of 1 2008	st Quarter of 1 2009	st Quarter of 1 2008
Holding and MIG	(898,205)	(660,468)	(1,121,262)	(720,459)
Metallic Construction	7,494,566	6,915,107	5,957,136	5,439,891
Energy Systems	5,707,843	3,208,206	4,313,563	2,642,208
Electricity Generation	825,688	1,328,122	(1,279,690)	(344,654)
Agriculture & Biofuels	1,774,453	1,853,435	(52,803)	443,498
	14,904,345	12,644,402	7,816,944	7,460,484

Group"s net assets and liabilities by operating segments on 31 March 2009 and 31 December 2008 are as follows:

		Assets		Liabilities
	31 March 2009	31 December 2008	31 March 2009	31 December 2008
Holding and MIG	391,338,420	378,199,751	163,511,847	148,637,768
Metallic Construction	548,984,996	544,883,797	455,995,933	451,157,606
Energy Systems	366,194,038	397,860,455	302,923,038	305,920,595
Electricity Generation	836,336,863	763,857,719	681,429,391	533,346,514
Agriculture & Biofuels	499,447,150	488,491,169	470,267,577	376,773,544
Intra-group eliminations	(1,283,588,978)	(1,224,792,224)	(1,028,096,246)	(801,025,500)
	1,358,712,488	1,348,500,668	1,046,031,540	1,014,810,527

Group"s investment (acquisition of tangible and intangible assets) and amortizations by operating segments till 31 March 2009 and 31 December 2008 are as follows:

		Investment		Amortizations
	st Quarter 1 2009	2008	st Quarter 1 2009	st Quarter 1 2008
Holding and MIG	1,862,788	7,213,112	194,247	59,991
Metallic Construction	4,066,312	14,570,079	1,513,854	1,467,788
Energy Systems	2,805,724	51,165,958	1,274,666	565,998
Electricity Generation	36,203,927	140,046,529	2,104,979	1,672,776
Agriculture & Biofuels	8,363,830	53,052,421	1,827,255	1,409,937
	53,302,582	266,048,099	6,915,002	5,176,490

5. Other income

For the periods ended at 31 March 2009 and 2008, the breakdown of the caption "Other income" is as follows:

	st Quarter 1 2009	st Quarter 1 2008
Change in production	13,523,453	9,095,471
Own work capitalized	27,766,963	7,192,903
	41,290,416	16,288,373

The "Own work capitalized" respect mainly, in the period ended 31 March 2009, to the wind farm construction activity, in Portugal, Romania and Poland, and to the construction of industrial units in Angola in the Metallic Construction segment. The Metallic Construction segment contributed with 4,020,528 Euro (2008: 5,703,955 Euro) and the Energy Systems segment with 23,746,435 Euro (2008: 911,623 Euro). The "Change in production" in the period ended 31 March 2009 repects mainly the production of solar photovoltaic modules amounting to 4,360,519 Euro and of wind power components amounting to 2,512,172

Euro in the Energy Systems segment and to the ongoing production in the agriculture business of the Agriculture & Biofuels segment amounting to 5,835,683 Euro.

6. OTHER GAINS AND LOSSES

This caption includes mostly the effect resulting from the capitalization of wind farm development costs in the wind farms under construction in the period in the Electricity Generation Segment.

7. NET FINANCIAL RESULTS

The net financial results for the periods ended at 31 March 2009 and 2008 can be analyzed as follows:

	st Quarter of 1 2009	st Quarter of 1 2008
Financial income
Loans and accounts receivable (including bank deposits)
- Interest income	1,062,995	4,474,018
Available for sale investments
- Gains on the sale of financial assets	-	83,619
Other financial income and expenses related to other financial assets
- Foreign exchange gains	14,252,821	740,915
- Financial discounts received	179,854	416,518
- Other financial income	40,987	459
	15,536,656	5,715,528
	st Quarter of 1 2009	st Quarter of 1 2008
Financial Expenses
Loans and accounts payable
- Interest expenses in bank loans and in finance leases	8,416,472	8,083,068
of which included in the acquisition cost of assets in progress	(312,173)	(204,064)
Other financial expenses related to other financial liabilities
- Foreign exchange losses	14,158,468	1,228,138
- Financial discounts granted	191,569	132,353
- Other financial expenses	1,045,219	564,977
	23,499,555	9,804,471

The change in the caption "Interest income", between the periods presented above, results from the lower amount in bank deposits during the period. The higher amounts of "Foreign exchange gains" and "Foreign exchange losses", result from the higher activity in foreign currency, mainly in the segments Metallic Construction, Energy Systems and Agriculture & Biofuels.

8. EARNINGS PER SHARE

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. During the period ended 31 March 2009 no dividends were distributed.

At 31 March 2009 and 2008, the basic and diluted earnings per share can be summarised as follows:

	st Quarter of 1 2009	st Quarter of 1 2008
Profit for the period (I)	105,626	536,773
Weighted average number of shares outstanding (II)	100,000,000	100,000,000
Basic and diluted earnings per share (I) / (II)	0.0011	0.0054

9. GOODWILL

The relevant information regarding the companies acquired by the Group during the period ended at 31 March 2009 can be summarised as follows:

Acquired company	Business activity	Acquisition date	% acquired	Acquisition cost
Miharox S.R.L.	Agriculture	January 2009	95%	234,484
Ground Investment Corp S.R.L.	Electricity Generation	January 2009	25%	1,687,500
Premium Management Consulting S.R.L.	Electricity Generation	January 2009	85%	170,000
Total:				2,091,984

Those acquisitions were accounted in accordance with the purchase method and represented cash out flows.

The goodwill generated on these acquisitions is carried in the "Goodwill" caption as the fair value exercise is not concluded.

Fair value allocation of the acquired assets and liabilities can be summarised as follows:

	Carrying amounts of acquired assets and liabilities before
	the acquisition	Fair value allocation	Fair value
Net assets acquired:
Tangible assets	8,251	-	8,251
Intangible assets	66	-	66
Inventories	61,334	-	61,334
Trade and others debtors	1,639	-	1,639
Cash and cash equivalents	1,520	-	1,520
Derivatives	-	-	-
Loans	(11,433)	-	(11,433)
Suppliers and others creditors	(22,230)	-	(22,230)
Deferred tax liabilities	-	-	-
Others	1,485	-	1,485
	40,631	-	40,631
Goodwill			2,051,353
Total acquisition cost			2,091,984
Acquisition cost to be liquidated in kind			-
Acquisition cost paid in cash			2,091,984
Cash flows generated by the acquisitions:
- Cash and cash equivalents paid			2,091,984
- Cash and cash equivalents in the acquired companies			(1,520)
			2,090,464

At 31 March 2009 and 31 December 2008 the movement occurred in the caption "Goodwill" is as follows:
------------------------------------------------------------------------------------------------------	--

Caption	st Quarter of 1 2009	2008
Cost
Opening balance	70,681,731	33,345,622
Acquisition of subsidiaries	2,051,353	38,369,318
Reductions arising from the realization of deferred tax assets not previously recognized
Sale of subsidiaries	-	-
Transfers to available for sale investments	-	-
Effect of foreign currency exchange differences	686,287	(908,709)
Others	-	(124,500)
Closing balance	73,419,370	70,681,731
Accumulated impairment losses
Opening balance	2,685,876	-
Impairment losses recognized in the period	-	2,685,876
Sale of subsidiaries	-	-
Transfers to available for sale investments	-	-
Effect of foreign currency exchange differences	-	-
Others	-	-
Closing balance	2,685,876	2,685,876
Carrying amount at the beginning of the period	67,995,855	33,345,622
Carrying amount at the end of the period	70,733,495	67,995,855

At 31 March 2009 and 31 December 2008, the breakdown of "Goodwill" is as follows:

	March 2009			December 2008
	Cost	Accumulated impairment losses	Carrying amount	Carrying amount
Martifer Construções	5,448,792	-	5,448,792	5,448,792
Martifer Metallic Constructions	4,127,466	-	4,127,466	4,127,466
Martifer Alumínios	2,906,698	-	2,906,698	2,906,698
Marifer II Inox	1,220,768	-	1,220,768	1,220,768
RPW Investments	981,156	-	981,156	981,156
MGI	8,373	-	8,373	8,373
Agromec Balaciu	634,064	-	634,064	634,064
Bukowsko	796,974	-	796,974	796,974
Clean Energy Solutions	1,595,582	-	1,595,582	1,595,582
Eviva Drzezewo	634,959	-	634,959	634,959
Eviva Gac	148,633	-	148,633	148,633
Eviva Zebowo	148,633	-	148,633	148,633
Eviva S.A.	7,329,313	-	7,329,313	7,329,313
IWP	574,545	-	574,545	574,545
Eviva Energy SRL	9,368,124	-	9,368,124	9,368,124
Eviva GmbH	5,587	-	5,587	5,587
Eviva Hidro	16,901	-	16,901	16,901
Martifer GmbH	6,026	-	6,026	6,026
Eviva SRO	1,656,260	-	1,656,260	1,656,260
Martifer Solar	1,493,776	-	1,493,776	1,493,776
Agrozootehnica	295,190	-	295,190	295,190
Zimbrul	441,888	-	441,888	441,888
Prio SGPS	11,100,000	-	11,100,000	11,100,000
Macquarie	10,297,284	-	10,297,284	9,759,920
Ventania	627,488	-	627,488	596,193
Navalria	1,618,675	-	1,618,675	1,618,675
Sassall Glass & Joinery	3,307,031	-	3,307,031	3,134,454
Solar Parks	2,685,876	(2,685,876)	-	-
Energia Wiatrowa	1,857,699	-	1,857,699	1,857,699
SPEE 2	1,300,000	-	1,300,000	1,300,000
Eviva Rumsko	637,197	-	637,197	637,197
Eviva Gizalki	602,432	-	602,432	602,432
Veiga & Seabra	474,381	-	474,381	474,381
Total Natural	509,173	-	509,173	509,173
A & M	305,609	-	305,609	305,609
PVI	72,205	-	72,205	72,205
Eviva Redecin	232,945	-	232,945	232,945
Vesto	17,895	-	17,895	17,895
Pro Wind	61,835	-	61,835	61,835
Eviva Bippen	3,000	-	3,000	3,000
Ground Investment	1,629,922	-	1,629,922	-
Premium Management	200,164	-	200,164	-
Miharox	166,317	-	166,317	-
Total	73,419,370	(2,685,876)	70,733,495	67,995,855

10. INTANGIBLE ASSETS

At 31 March 2009 and 31 December 2008 the gross amount of "Intangible assets" can be analysed as follows:

	Software and other rights	Intangible assets in progress	Advances for the aquisition of intangible assets	Total
31 December 2008
Opening balance	51,805,753.60	159,964	-	51,965,718
Additions	3,508,905	10,354,723	1,127,664	14,991,292
Sales, disposals and write-offs	175,235	-	-	175,235
Effect of foreign currency exchange differences	(21,381)	127,198	-	105,817
Changes in the consolidation perimeter	1,709	-	-	1,709
Transfers and other movements	(6,113,875)	2,206,116	-	(3,907,759)
	49,005,876	12,848,001	1,127,664	62,981,541
31 March 2009
Opening balance	49,005,876	12,848,001	1,127,664	62,981,541
Additions	1,305,656	2,940,582	1,487,980	5,734,218
Sales, disposals and write-offs	24,133	-	-	24,133
Effect of foreign currency exchange differences	(18,537)	357,324	49,478	388,265
Changes in the consolidation perimeter	(9,023)	-	-	(9,023)
Transfers and other movements	1,770,838	-	24,667	1,795,505
	52,030,678	16,145,908	2,689,788	70,866,374

The additions in intangible fixed assets during the period ended 31 March 2009 respect essentially to land rights in the Agriculture & Biofuels segment amounting to 1,260,014 Euro, to intangible assets in progress in the Electricity Generation segment amounting to 2,334,400 Euros and to the ERP SAP system being implemented in the Group amounting to 1,814,368 Euro.

At 31 March 2009 and 31 December 2008, the accumulated depreciation and impairment losses of "Intangible assets" can be analysed as follows:

	Software and other	Intangible assets in	Advances for the aquisition of intangible
	rights	progress	assets	Total
2008
Opening balance	3,032,946	-	-	3,032,946
Additions	3,727,224	-	-	3,727,224
Sales, disposals and write-offs	131,130	-	-	131,130
Effect of foreign currency exchange differences	(32,680)	-	-	(32,680)
Transfers and other movements	(459,035)	-	-	(459,035)
	6,137,325	-	-	6,137,325
2009
Opening balance	6,137,325	-	-	6,137,325
Additions	882,471	-	-	882,471
Sales, disposals and write-offs	6,657	-	-	6,657
Effect of foreign currency exchange differences	(11,879)	-	-	(11,879)
Changes in the consolidation perimeter	(2,621)	-	-	(2,621)
Transfers and other movements	(4,453)	-	-	(4,453)
	6,994,186	-	-	6,994,186
Net amount:
2008	42,868,552	12,848,001	1,127,664	56,844,217
2009	45,036,492	16,145,908	2,689,788	63,872,188

11. TANGIBLE ASSETS

At 31 March 2009 and 31 December 2008 the gross amount of land and buildings, equipments, tangible assets in progress and other tangible assets can be analysed as follows:

	Land and		Tangible assets in	Other tangible
	buildings	Equipments	progress	assets	Total
2008
Opening balance	132,956,707	122,566,244	54,107,594	5,745,469	315,376,015
Additions	16,620,889	25,187,330	156,755,986	52,492,602	251,056,807
Sales, disposals and write-offs	285,414	2,547,786	-	9,645	2,842,845
Foreign exchange differences	(5,646,846)	(4,457,572)	(970,919)	(517,475)	(11,592,811)
Changes in the perimeter	1,321,584	1,972,087	8,878,956	630,059	12,802,686
Transfers, other movements	56,916,867	15,495,948	(61,336,518)	(2,228,587)	8,847,710
	201,883,787	158,216,251	157,435,099	56,112,423	573,647,562
2009
Opening balance	201,883,787	158,216,251	157,435,099	56,112,423	573,647,562
Additions	926,772	3,574,007	42,201,245	866,341	47,568,364
Sales, disposals and write-offs	2,911	539,517	3,124	139,954	685,505
Foreign exchange differences	(2,038,679)	(804,768)	(5,955,408)	(214,217)	(9,013,073)
Changes in the perimeter	-	(168,279)	(5,461,432)	(929,651)	(6,559,362)
Transfers, other movements	11,240,218	8,500,342	(8,091,849)	(13,452,417)	(1,803,705)
	212,009,187	168,778,037	180,124,531	42,242,524	603,154,280

The additions to tangible fixed aasets in the period ended 31 March 2009 respect mainly to the construction of wind farms in the Electricity Generation segment and the construction of industrial units in Angola in the Metallic construction segment. The amount recorded in "Changes in the perimeter" is related mainly to the change in consolidation method of associate companies Repower Portugal and Ventipower.

At 31 March 2009 and 31 December 2008, the accumulated depreciation and impairment losses of "Tangible assets" can be analysed as follows:

Land and		Tangible assets in	Other tangible
				Total
				50,459,888
6,588,955	12,223,477	-	314,619	19,127,051
8,636	1,582,968	-	6,342	1,597,946
				(774,141)
				1,157,800
				1,849,769
23,053,824	45,982,967	-	1,185,630	70,222,421
				70,222,421
				6,032,531
				394,325
				(542,016)
				(75,699)
				5,751
24,884,792	48,831,720	-	1,532,150	75,248,662
178,829,963	112,233,284	157,435,099	54,926,793	503,425,141
187,124,395	119,946,317	180,124,531	40,710,374	527,905,618
	buildings 15,679,067 (181,609) 259,578 716,469 23,053,824 1,945,715 73 (114,674) - -	Equipments 34,562,200 (607,288) 613,668 773,879 45,982,967 3,725,403 394,253 (428,160) (75,679) 21,441	progress - - - - - - - - - -	assets 218,621 14,756 284,555 359,421 1,185,630 361,414 818 (20) (15,690)

12. INVESTMENT PROPERTY

At 31 March 2009, the caption "Investment property" relates to the Benavente Shopping Centre (construction concluded in 2008) which is held by Martifer Group to earn rental income. This asset is carried at fair market value, according to an independent appraisal made by Cushman & Wakefield – Consultoria Imobiliária, Unipessoal, Lda, according to international practices (RICS Red Book). Martifer Group will perform regular revaluations of this property, and gains and losses arising from changes in the fair value will be charged to profit or loss in the period in which they arise. At 31 December 2008, the fair market value of this property amounted to circa 9,5 million Euro. To reach the fair market value, the rent income method was used, which compares a contractual rent to the estimated market rent. The fair market value of investment property at 31 March 2009 is not expected to be materially different.

13. AVAILABLE FOR SALE INVESTMENTS

At 31 March 2009 and 31 December 2008, available for sale investments are as follows:

	31 March 2009	31 December 2008
EDP Energias de Portugal, S.A.	46,250,100	47,701,500
Others	44,172	698,990
	46,294,272	48,400,490

At 31 March 2009, the Group owned 17,700,000 shares of EDP – Energias de Portugal, S.A. corresponding to a 0.48% financial stake of the share capital of that company. The change in fair value of the EDP stake is recorded in the caption "Fair value reserves on available for sale investments" in "Equity".

The changes in period ended March 2009 and 31 December 2008 in "Available for sale investments" were as follows:

	31 March 2009	31 December 2008
Opening balance	48,400,490	10,830,270
Additions	-	116,919,900
Sales	-	(82,191,498)
Changes in fair value	(1,451,400)	2,841,818
Other changes	(654,818)	-
Closing balance	46,294,272	48,400,490

14. INVENTORIES AND BIOLOGICAL ASSETS

At 31 March 2009 and 31 December 2008, "Inventories and biological assets" are as follows:

	31 March 2009	31 December 2008
Raw-materials, subsidiaries and other consumables	54,632,624	57,439,478
Work in progress	7,179,987	3,858,831
Merchandise	41,024,879	45,712,085
Finished goods	12,611,613	7,019,765
Advances for the purchase of inventories	47,164,625	41,482,493
Carriyng amount excluding biological assets	162,613,729	155,512,651
Biological assets	10,469,958	6,214,509
	173,083,687	161,727,160

The change in "Work in progress" and "Finished goods" results from the activity in the new industrial units and the increased activity in the tower factory in the Energy Systems segment. The change in "Advances for purchases of inventories" reflects the ongoing work and capitalization of interest in the ongoing real estate projects, namely in Tavira Gran Plaza.

15. OTHER CURRENT ASSETS

At 31 March 2009 and 31 December 2008, the breakdown of the caption "Other current assets" is as follows:

	31 March 2009	31 December 2008
Acrrued income
Prodution not invoiced (construction contracts)	67,026,257	63,486,769
Interest to be received	503,811	333,276
Other accrued income	5,743,078	5,357,256
	73,273,147	69,177,302
Prepayments
Insurances	1,609,780	1,045,393
Taxes	85,260	84,458
Interest and other financial costs	1,490,533	120,356
Rents	468,178	1,388,118
Other prepayments	3,983,007	3,708,753
	7,636,758	6,347,077
	80,909,905	75,524,379

16. SHARE CAPITAL

Martifer S.G.P.S., S.A. share capital, fully subscribed and paid at 31 March 2009, amounts to 50,000,000 Euro and it is represented by 100,000,000 bearer shares with a nominal value of 50 cents each. All shares have the same rights, including one vote per share.

At 31 March 2009, the share capital of Martifer S.G.P.S., S.A. was held in 41.37% by I"M S.G.P.S., S.A. and in 37.5% by Mota-Engil S.G.P.S., S.A.. The remaining 21.13% represents free-float listed in Euronext Lisbon.

17. LOANS

At 31 March 2009 and December 2008, "Loans" obtained can be analysed as follows:

31 December 2008	Till 1 year	2 years	Between 3 and 5 years	More than 5 years	Total
Loans obtained from financial institutions
Bank loans	97,141,807	19,327,014	47,622,263	32,295,010	196,386,094
Bank overdrafts	89,768,866	-	-	-	89,768,866
Authorized overdrafts	64,641,750	-	-	-	64,641,750
Other obtained loans
Commercial paper	187,200,000	4,000,000	12,000,000	2,000,000	205,200,000
Other loans	1,128,672	841,911	1,105,903	49,425,680	52,502,166
	439,881,095	24,168,926	60,728,166	83,720,690	608,498,877
31 March 2009	Till 1 year	2 years	Between 3 and 5 years	More than 5 years	Total
Loans obtained from financial institutions
Bank loans	63,599,365	22,079,713	58,092,620	33,867,499	177,639,197
Bank overdrafts	56,252,238	-	-	-	56,252,238
Authorized overdrafts	76,281,151	-	-	-	76,281,151
Other obtained loans
Commercial paper	236,200,000	4,000,000	12,000,000	2,000,000	254,200,000
Other loans	27,523,741	-	-	59,564,837	87,088,578
	459,856,495	26,079,713	70,092,620	95,432,336	651,461,164

18. OTHER CURRENT LIABILITIES

At 31 March 2009 and December 2008, "Other current liabilities" can be analysed as follows:

	31 March 2009	31 December 2008
Accrued costs
Holiday pay and bonuses	8,504,436	6,415,577
Interest beared but not yet overdue	3,305,203	3,011,617
Production performed by third parties not yet invoiced	409,860	369,995
Other accrued expenses	16,634,751	12,882,569
	28,854,251	22,679,758
Deferred income
Production invoiced and not yet performed (related to construction contracts)	28,820,858	62,235,801
Subsidies / Government grants	947,318	756,900
Other deferred income	835,546	5,403,110
	30,603,721	68,395,811
	59,457,972	91,075,569

The change in the caption "Deferred income – Production invoiced and not yet performed" is related mainly to wind farm construction contracts and the impact of the change in consolidation method of Repower Portugal.

19. RELATED PARTIES TRANSACTIONS

Group companies have commercial relationships between them that qualify as "Related parties transactions". All of these transactions are performed on an arm"s length basis.

During the consolidation procedures 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 the period ended 31 March 2009.

In addition to the companies included in the consolidated financial statements (Note 2), the list of the Martifer Group related parties is disclosed below:

Aenor – Auto-Estradas do Norte, S.A. ("Aenor") Aenor Douro - Estradas do Douro Interior, SA Almaque - Serviços Técnicos, S.A. ("Almaque") Ambigere, SA ("Ambigere") Ambilital – Investimentos Ambientais no Alentejo, EIM. ("Ambilital") Areagolfe - Gestão, Construção e Manutenção de Campos de Golf, S.A. ("Areagolfe") Ascendi - Concessões de Transportes, SGPS, S.A. ("Ascendi SGPS") Ascendi-Serv. Assessoria Gestão Operação, S.A. ("Ascendi SA") Asinter – Comércio Internacional, Lda. ("Asinter") Aurimove – Utilidades, Equip. e Invest. Imobiliários, Lda. ("Aurimove") Auto Sueco Angola, S.A. ("Auto Sueco Angola") Beiratir - Terminais da Covilhã, Lda. ("Beiratir") Berd - Projecto Investigação e Engenharia de Pontes, SA ("Berd") Calçadas do Douro - Sociedade Imobiliária, Lda. ("Calçadas do Douro") Cimertex & Companhia- Comércio Equip. e Ser. Técnicos, Lda. ("Cimertex & Companhia") Cimertex Angola – Sociedade de Máquinas e Equipamentos, Lda. ("Cimertex Angola") Citrup – Centro Integrado de Resíduos, Lda. ("Citrup") Companhia Portuguesa de Trabalhos Portuários e Construções, S.A. ("CPTP") Construcciones CRESPO, SA ("Crespo") Constructora Autopista Perote Xalapa, S.A. de C.V. Corgimobil - Empresa Imobiliária das Corgas, Lda. ("Corgimobil") Correia & Correia, Lda. ("Correia & Correia") Creativ S.A. Detalhes Urbanos, SA E.A.Moreira - Agentes de Navegação, S.A. ("E.A. Moreira") Ecolezíria - Empresa Intermunicipal para o Tratamento de Resíduos Sólidos, E. I. M. ("Ecolezíria") Edifício Mota - Viso – Soc. Imobiliária, Lda. ("Mota Viso") Edipainel – Utilidades, Equipamentos e Investimentos Imobiliários, Lda. ("Venimove") Ekosrodowisko Spółka z.o.o. ("Ekosrodowisko") Emocil – Empresa Moçambicana de Construção Imobiliária ("Emocil") EMSA – Empreendimentos e Exploração de Estacionamentos, S.A. ("EMSA") Engil 4i – SGPS, S.A. ("Engil 4I") Enviroil – Resíduos e Energia, Lda. ("Enviroil") Estia Development, Lda Estia R&W, Srl ESTIA, SGPS, S.A. Ferreiros & Almeida, S.A. Ferrovias e Construções, S.A. ("Ferrovias") Geogranitos – Pedreiras de Amarante, Lda. ("Geogranitos") Glan Agua Ltd Global Shopping, Lda. God Project Development ("GOD")

Grossiman, SL ("Grossiman") GT - Investimentos Internacionais SGPS, SA ("GT SGPS") Hifer Construccion Conservación e Servicios, S.A. ("Hifer") Horizon Living Oporto, S.A. I´M MINING SGPS, SA I"M, SGPS, S.A. (anteriormente denominada MTO SGPS, S.A.) Icer – Indústria de Cerâmica, Lda. ("Icer") Indaqua – Indústria e Gestão de Águas, S.A. ("Indaqua") 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") Indaqua Vila do Conde - Gestão de Águas de Vila do Conde S.A. ("Indaqua Conde") INVESPORT HOLDING, BV InvestAmbiente - Recolha de Resíduos e Gestão de Sistemas de Saneamento Básico, SA ("Investambiente") Jasz-Vasut, Kft ("Jasz-Vasut") Kiev Project1,LLC Kiev Project2,LLC Kilińskiego Project Development Sp. z o.o. Kordylewskiego Project Development Sp. z o.o. ("Kord") Kozielska Sp. z o.o. ("Kozielska") Kozielska, Sp Zoo Largo do Paço – Investimentos Turísticos e Imobiliários, Lda. ("Largo do Paço") Liscont - Operadores de Contentores, S.A. ("Liscont") Lisprojecto - Consultoria e Soluções Informáticas, S.A. ("Lisprojecto") Logz - Atlantic Hub, S.A. Lokemark - Soluções de Marketing ("Lokemark") LusoLisboa AE da Grande Lisboa, S.A. ("LusoLisboa") Lusoscut – Auto Estradas do Grande Porto, S.A. ("Lusoscut GP") Lusoscut – Auto-Estradas da Costa de Prata, S.A. ("Lusoscut CP") Lusoscut – Auto-Estradas das Beiras Litoral e Alta, S.A. ("Lusoscut BLA") M City Bialystok M City Legnica M City Siedem M City Szczecin M City Szesc Mamaia Investments, Srl Manvia - Manutenção e Exploração de Instalações e Construção, S.A. ("Manvia") Maprel - Nelas, Indústria de Pré- Fabricados, S.A. ("Maprel Nelas") M-E Kruszywa S.A. ("ME-Kruszywa") MEGAJOULE Lda MEIC - Mota-Engil Ireland Construction Limited ("MEIC") ME-Investitii AV s.r.l. ("ME-Investitii") MEITS, Mota-Engil Imobiliário e Turismo, S.A. ("MEIT") MESP- Mota Engil , Serviços Partilhados, Administrativos e de Gestão, S.A. ("MESP") Metroepszolg, RT ("Metroepszolg")

MI 2 Sp Zoo MI 2 Spółka z ograniczoną odpowiedzialnością ("MI-2") Mil e Sessenta – Sociedade Imobiliária, Lda. ("Mil e Sessenta") M-Invest Barrandov, a.s. ("Barrandov") M-Invest Bohdalec, A.S. ("Bohdalec") M-Invest Devonska, s.r.o. ("M-Invest Devonska") M-Invest Jihlavska, A.S. ("Jihlavska") M-Invest Polska, Sp. z.o.o. ("M-Invest Polska") M-Invest Portugalia, s.r.o. ("M-Invest Portugalia") M-Invest Slovakia Mierova, s.r.o. ("Mierova") M-Invest Slovakia Trnavska, s.r.o. ("Trnavska") M-Invest Slovakia, s.r.o. ("M-Invest Slovakia") M-Invest, sro ("M-Invest") MKContructors, LLC ("MKC") Moravské Pozemní Stavby, s.r.o. ("MPS") Mota Engil Irish Services Ltd Mota Engil, SGPS, S.A., sociedade aberta (" Mota Engil SGPS") Mota Internacional – Comércio e Consultadoria Económica, Lda ("Mota Internacional") Motadómus - Sociedade Imobiliária, Lda. ("Motadómus") Mota-Engil Concessões de Transportes, SGPS, S.A. ("MECT") Mota-Engil Engenharia e Construção, S.A. ("Mota-Engil Engenharia") Mota-Engil II, Gestão, Ambiente, Energia e Concessões de Serviços, S.A. ("MEASII") Mota-Engil Magyarorszag, Rt ("Mota-Engil Magyarorszag") Mota-Engil Pavimentações, S.A. ("ME-Pavimentações") Mota-Engil Polska, S.A. ("Mota-Engil Polska") Mota-Engil Real Estate Hungary ("Merehun") Mota-Engil S.Tomé e Principe ("ME S.Tomé") Mota-Engil Slovakia, a. s. ("Mota-Engil Eslováquia") Mota-Engil Srodowisko, Sp. z.o.o. ("MES") Mota-Engil, Ambiente e Serviços, SGPS, S.A. ("Mota-Engil Ambiente e Serviços") Mota-Engil, Tecnologias de Informação, S.A. ("METI") MTO GmbH Multiterminal - Soc. De Estiva e tráfego, S.A. ("Multiterminal") Nana Fundulea Project Develo, BV Norcargas - Cargas e Descargas, Lda. ("Norcargas") Nortedómus, Lda. ("Nortedómus") Nova Beira - Gestão de Resíduos, SA ("Nova Beira") Novaflex - Técnicas do Ambiente, SA ("Novaflex") Obol Invest Kft Öböl XI Kft. Operadora Douro Interior - Operação e Manutenção Rodoviária, SA Operadora GL - Op. e Manut. de Auto-Estradas, SA ("Operadora LusoLisboa") Operadora Lusoscut CP – Operação e Manutenção de Auto Estradas, S.A. ("Operadora Lusoscut CP") Operadora Lusoscut BLA – Operação e Manutenção de Auto Estradas, S.A. ("Operadora Lusoscut BLA") Operadora Lusoscut GP – Operação e Manutenção de Auto Estradas, S.A. ("Operadora Lusoscut GP") Operanor – Operação e Manutenção de Auto Estradas, S.A. ("Operanor")

Operport - Sociedade Portuguesa de Operadores Portuários, Lda. ("Operport") Parquegil - Planeamento e Gestão de Estacionamento, S.A. ("Parquegil") Piastowska Project Development Sp. z o.o. ("Piastowska") Planinova – Sociedade Imobiliária, S.A. ("Planinova") Plaza Center I Porthold Project Dev, BV Prefal – Préfabricados de Luanda, Lda. ("Prefal") Probigalp Ligantes Betuminosos, S.A. ("Progalp") Promo Jeden Promodois, S.A. Promodoze, Lda. Promojoden, SA Promoquinze S.A. Promovinte, S.A. Qualibetão – Comercialização de Betões, Lda.("Qualibetão") Quartzolita, Lda Real Verde - Técnicas de Ambiente, SA ("Real Verde") Realmota, sro ("Realmota") Relevente Função - Gestão e Valorização Resíduos, Lda Rentaco - Equipamentos de Construção, Transportes, Combustíveis e Serviços, Sociedade Unipessoal, Lda. ("Rentaco") Rentaco Angola ("Rentaco Angola") Resiges - Gestão de Resíduos Hospitalares, Lda. ("Resiges") Resilei – Tratamento de Resíduos Industriais, Lda ("Resilei") Rima – Resíduos Industriais e Meio Ambiente, S.A. ("Rima") RO SUD, S.R.L. RTA - Rio Tâmega, Turismo e Recreio, S.A. ("RTA") Sadomar - Ag. de Naveg. e Trânsitos, S.A. ("Sadomar") Sadoport - Terminal Marítimo do Sado, S.A. ("Sadoport") Sealine - Navegação e Afretamentos ("Sealine") Sedengil – Sociedade Imobiliária, Lda. ("Sedengil") Sefimota, AS ("Sefimota") SGA – Sociedade do Golfe de Amarante, S.A. ("SGA") SIGA - Serviço Integrado Gestão Ambiental ("Siga") SLPP - Serviços Logísticos de Portos Portugueses, S.A. ("SLPP") Socarpor - Soc. Cargas Port. (Aveiro), S.A. ("Socarpor Aveiro") Socarpor - Soc. Gestora de Participações Sociais (Douro e Leixões), S.A. ("Socarpor SGPSD/L") Sołtysowska Project Development Sp. z o.o. ("Soltysowska") Sonauta-Sociedade de Navegação, Lda. ("Sonauta") Soprocil – Sociedade de Projectos e Construções Civis, S.A. ("Soprocil") SOSEL, S.A. Sotagus - Terminal de Contentores de Santa Apolónia, S.A. ("Sotagus") SRI - Gestão de Resíduos, Lda SUMA – Serviços Urbanos Meio Ambiente, S.A. ("SUMA") SUMA (Douro) Serviços Urbanos e Meio Ambiente, Lda. ("SUMA Douro") SUMA (Esposende) Serviços Urbanos, Lda. ("SUMA Esposende") SUMA (Matosinhos) Serviços Urbanos, S.A. "Suma Matosinhos"

SUMA (Porto) - Serviços Urbanos e Meio Ambiente, S.A. Tabella Holding, BV ("Tabella") Takargo-Trasporte de Mercadorias, S.A. TCL - Terminal de Contentores de Leixões, S.A. ("TCL") Tecnocarril – Sociedade de Serviços Industriais e Ferroviários, Lda. ("Tecnocarril") TEN - Tráfego e Estiva do Norte, SA ("TEN") Ternor - Sociedade de Exploração de Terminais, S.A. ("Ternor") Tersado - Terminais Portuários do Sado, S.A. ("Tersado") Tertir - Concessões Portuárias, SGPS, SA ("Tertir SGPS") Tertir - Terminais de Portugal, S.A. ("Tertir") Tetenyi Project Development ("Tetenyi") Timoz - Transformadora Industrial de Mármores de Estremoz, Lda ("Timoz") Tracevia – Sinalização Segurança e Gestão de Tráfego, Lda. ("Tracevia") Tracevia Angola ("Tracevia Angola") Transitex - Trânsitos Extremadura, SL ("Transitex") Transitiber - Logística e Transporte Internacional, S.A. ("Transitiber") Translei, S.A. ("Translei") Tratofoz- Sociedade de Tratamento de Resíduos, S.A.("Tratofoz") Traversofer Industrie et Services Ferroviaires SARL ("Traversofer") Triu - Tecnicas de Resíduos Industriais e Urbanos, S.A. ("Triu") TTRM, Transferência e Triagem de Resíduos da Madeira ACE ("TTRM") Turalgo-Sociedade de Promoção Imobiliária e Turística do Algarve, S.A. ("Turalgo") VBT - Projectos e Obras de Arquitectura Paisagística, Lda Vibeiras – Sociedade Comercial de Plantas, S.A. ("Vibeiras") Vortal – Comércio Electrónico, Consultadoria e Multimédia, S.A. ("Vortal") Wideland Vision Lda Wilenska Project Development Sp. z.o.o. ("Wilenska")

20. JOINTLY CONTROLLED COMPANIES

At 31 March 2009 and December 2008, jointly controlled companies contribution to the Group"s consolidated financial statements is as follows:

	31 March 2009	31 December 2008
Current assets	38,553,234	14,818,498
Non-current assets	28,721,019	21,779,707
Current liabilities	31,842,506	11,143,427
Non-current liabilities	29,539,615	23,202,208
	st Quarter 1 2009	st Quarter 1 2008
Total revenues	14,527,848	1,470,531
Total costs	14,299,550	1,435,184
Contribution to the profit for the period	(761)	45,222

The changes in the captions identified above at 31 March 2009 related to the change in consolidation method of Repower Portugal and Ventipower are: (i) increase of the contribution to current assets and non-current assets amounting to 25,722,091 Euro and 4,356,342 Euro, respectively; (ii) increase of the contribution to current liabilities and non-current liabilities amounting to 21,417,777 Euro and 4,266,586 Euro, respectively; (iii) increase in the contribution to total revenues and total costs of 14,080,291 Euro and 13,039,993 Euro, respectively; and (iv) increase in the contribution to the profit for the period of 783,257 Euro.

21. SUBSEQUENT EVENTS

On 15 April 2009 the annual General Meeting of Martifer S.G.P.S., S.A. was held and the following proposal for the distribution of year-end results, in the amount of Euro 4,101,392.40 was approved: (i) for legal reserves, 5%, equivalent to Euro 205,069.62; (ii) for retained earnings Euro 3,896,322.78. No dividends were distributed in 2008.

At the same General Meeting the Company"s Articles of Association were changed attributing one vote per one share.

Also in April the Group received 30,000,000 Euro of Tranche B of the revised payment schedule agreed in December 2008 with Suzlon relating to the sale of the Group"s stake in the share capital of REpower Systems AG.

On the 19, Martifer informed that executive Director Pedro Álvaro de Brito Gomes Doutel resigned from the Board of Directors. In a Board Meeting on the same day, Mr. Mário Jorge Henriques Couto was appointed executive Director of the company for the current term (2008-2011). Mr. Mário Couto is currently Director of Martifer Renewables, the Group"s company for the Electricity Generation segment. Further Martifer informed that the same was nominated as Representative for Market and CMVM Relations.

In May, Martifer agreed with Suzlon the following payment dates relating to Tranche C of the revised payment schedule agreed in December 2008 relating to the sale of Martifer"s stake in Repower Systems AG: (i) 87.592.589 Euro on 28 May 2009, already received; and (ii) 87.592,589 Euro on 5 June 2009.

22. APPROVAL OF THE FINANCIAL STATEMENTS

These financial statements were approved by the Board of Directors on 28 May 2009.

23. EXPLANATION ADDED FOR TRANSLATION OF THE FINANCIAL STATEMENTS

These financial statements are a translation of the consolidated financial statements originally issued in Portuguese in accordance with the International Financial Reporting Standards as adopted by European Union. In the event of discrepancies, the Portuguese version prevails.

Oliveira de Frades, 28 May 2009

Chief Accountant Board of Directors

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__________________________________ __________________________________ Lourenço Santos Matos Carlos Manuel Marques Martins

Jorge Alberto Marques Martins

António Manuel Serrano Pontes

__________________________________ José Manuel de Almeida Rodrigues

Mário Jorge Henriques Couto

Jorge Paulo Sacadura Almeida Coelho

Eduardo Jorge de Almeida Rocha

__________________________________ Luís Valadares Tavares

Jorge Bento Ribeiro Barbosa Farinha