Martifer — Interim / Quarterly Report 2013

Nov 21, 2013

BEING GLOBAL REPORT

9M 2013

CONTENTS

MANAGEMENT REPORT	03
01 MARTIFER GROUP	05
Highlights	06
Key Financial Indicators	06
Main Events	07
02 FINANCIAL PERFORMANCE	11
Results Analysis	12
Total Revenues	13
EBITDA and Net Profit	14
CAPEX	15
Capital Structure Analysis	15
03 ANALYSIS BY SEGMENT	17
Metallic Constructions	18
Solar	20
RE Developer	22
04 MARTIFER SHARE'S PERFORMANCE	23
CONSOLIDATED FINANCIAL INFORMATION	27
06 INTERIM CONSOLIDATED FINANCIAL STATEMENTS	29
07 NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS	35

MANAGEMENT REPORT

01 | MARTIFER GROUP

HIGHLIGHTS

• Total Operating Revenues in the 9M13 of 464.3 M€ increasing by 28.7 % YoY, reflecting the significant improvement in volume of the core businesses areas Metallic Constructions and Solar, and also leveraged by the sale of wind farms in the RE Developer
• Total Operating Revenues in the 3Q13 was 165.6 M€
• EBITDA of 19.6 M€ in the end of the 9M13 (versus 14.6 M€ in 9M12)
• EBIT just in the 3Q13 was 11.5 M€, what reflects an EBIT margin of 6.9 %
• Net consolidated Profit of -48.7 M€ accumulated at the end of 9M13; Residual Net consolidated Profit in 3Q13 of 56.3 K€
• Total Order Book of 493 M€: Metallic Construction (223 M€) and Solar (270 M€)
• Total Net Consolidated Debt of 378 M€, approx. 1 M€ above the FY12, mostly due to the CAPEX of 10 M€ and investment in Working Capital
• Extended Debt Maturity, from ST to MLT (7yr.) of approximately 30 % at the holding level.

€M - IFRS	9M13	MARG.	9M12	MARG.	VAR.%
Total Revenues	464.3		360.8		28.7%
EBITDA	19.6	4.2%	14.6	4.1%	34.4%
EBIT	-15.9	-3.4%	-6.1	-1.7%	<-100%
Financial Results	-30.0		-24.4		-22.9%
Profit before tax	-45.9		-30.5		-50.7%
Income tax	-2.8		-2.6		-6.4%
Consolidated Net Profit	-48.7	-10.5%	-33.0	-9.1%	-47.7%
Attributable
to non-controlling interests	1.5		2.4		-38.2%
to shareholders	-50.2		-35.4		-41.9%

MAIN FINANCIAL INDICATORS

MAIN EVENTS

JANUARY 2013

Inspira Martifer Solar signs contract for first rooftop PV project in India

Inspira Martifer Solar, a subsidiary of Martifer Solar for the Indian market, has signed an EPC contract with Mapro Foods for the construction of a 350 kW rooftop PV project in India.

Martifer Solar and the Valouro Group sign a new contract for the construction of seven PV projects in Portugal

Martifer Solar signed a new contract with Valouro Group, for the construction of seven new PV small generation projects, with a 1.3 MW peak power.

MARCH 2013

Martifer Solar and Montepio Crédito establish a partnership for financing small generation projects

Martifer Solar signed a protocol with Montepio Crédito, a company of the Montepio Group, to facilitate the access to the possibility of financing of PV small generation projects to companies in Portugal.

Martifer concludes two ships for Douro Azul

Navalria, a subsidiary of Martifer Metallic Constructions, concluded the construction of Queen Isabel and Amavida. The baptism of these two hotel ships took place on March 23rd. The two ships were built in only nine months.

APRIL 2013

Martifer concludes the Arena Fonte Nova Stadium's roof structure

Martifer Construções Metálicas, a subsidiary of Martifer Metallic Constructions in Brazil, concluded, in April, the construction of the structural steelwork for the roof of its second stadium for the Brazil World Cup.

Martifer Solar completes a utility scale solar PV plant cluster in the UK with a total capacity of 28.1 MWp

Martifer Solar developed a cluster of utility scale photovoltaic plants totalling 28.1 MWp in the United Kingdom. This is one of the largest clusters of utility scale solar PV plants ever built simultaneously in the country to date.

Martifer ships the first pieces for the structural steelwork and roof of Arena Amazônia

Martifer Metallic Constructions shipped the first pieces for Arena Amazônia, the third 2014 World Cup Stadium, which is expected to be concluded in December 2013.

MAY 2013

Martifer Solar to build Latin America's largest PV plant in Mexico

Martifer Solar is building a 30 MW photovoltaic plant in Mexico, the largest to date in Latin America. The company is responsible for the EPC (engineering, procurement and construction) services of the plant and will also provide the Operation and Maintenance (O&M) services upon completion.

JUNE 2013

Martifer Renewables agreed to sell Rosa dos Ventos' wind farms in Brazil

Martifer Renováveis Geração de Energia e Participações S.A., 55 % controlled by Martifer Renewables, signed a contract to sell 100 % of the company Rosa dos Ventos, which explores the wind farms (i) Canoa Quebrada and (ii) Lagoa do Mato, with a 10.5 MW and 3.2 MW capacity, respectively.

The total price of the acquisition was R\$99.7m, which corresponds to an R\$62m equity and R\$37.7m net debt.

The values of transaction can suffer changes when the sale is concluded, which should happen in the end of the year. The agreement is subject to several conditions.

Meanwhile, Rosa dos Ventos was already registered as asset held for sale in the 1H13.

Martifer Renewables concludes Rymanów wind farm for the Ikea Group

Martifer Renewables and the Ikea Group have officially opened a 26 MW wind farm in Rymanów, in the Podkarpackie province, south-east Poland.

The wind farm will avoid the emission of over 66,000 tons of CO² which is the equivalent of the domestic power consumption of around 30,000 households. It was developed, built and operated for the Ikea Group, and has the capacity to generate an output of around 61 GWh/year.

The sale of the wind farm to the Ikea Group was agreed on October 2011, when it was sold three of its wind farms projects in Poland: Leki Dukielskie (10 MW), Bukowsko (18 MW) and Rymanow (26 MW). The sale of these assets is in accordance with the asset rotation policy implemented by the management of Martifer Renewables, the RE developer area of Martifer Group.

JULY 2013

Martifer sells a 39 % stake in Prio Energy, SGPS, SA

Martifer, SGPS, S.A. sold part of its stake in its subsidiary PRIO ENERGY, SGPS, S.A. to the company OxyCapital - Sociedade de Capital de Risco, S.A., changing the share capital participation from 49 % to 10 %.

MAIN SUBSEQUENT EVENTS

OCTOBER 2013

Martifer is the only company admitted in the tender for the sub-concession of the Estaleiros de Viana do Castelo

Martifer Group, through its subsidiaries Navalria and Martifer Energy Systems, was the only company admitted in the tender for the sub-concession of the lands and infrastructures of Viana do Castelo's Naval Shipyard.

Martifer and Hanwha Q Cells Korea conclude PV plant of 17.8 MWp in Portugal

Martifer Solar, a subsidiary company of Martifer, SGPS, S.A., in partnership with Hanwha Q CELLS Korea, Korean leader in the solar industry, concluded a PV plant of 17.8 MWp.

The PV cluster consists of six PV plants constructed in Loures, Montijo and Montemor-o-Novo regions. Martifer Solar will be the operations and maintenance contractor to ensure the optimal generation levels of these six PV plants.

The "green" energy that will be produced by the entire cluster is estimated to sufficiently power over 24,800 inhabitants and to avoid the annual emission of 19,300 tons of greenhouse gases.

FINANCIAL PERFORMANCE

02 | FINANCIAL PERFORMANCE

RESULTS ANALYSIS

€M	9M2013	9M2012	VAR.%
Revenues	464.3	360.8	28.7%
Earnings before depreciation, amortization and provisions & impairment losses (EBITDA)	19.6	14.6	34.4%
EBITDA margin	4.2%	4.1%	0.2 pp
Depreciation & Amortization	12.9	13.5	-4.7%
Provisions & Impairment Losses	22.7	7.2	>100%
Operating Income (EBIT)	-15.9	-6.1	<-100%
EBIT margin	-3.4%	-1.7%	-1.7 pp
Financial Results	-30.0	-24.4	-22.9%
Profit before taxes	-45.9	-30.5	-50.7%
Income tax	2.8	2.6	6.4%
Results from assets held for sale	0.0	0.1	n.m.
Net Profit	-48.7	-33.0	-47.7%
Attributable to non-controlling interests	1.5	2.4	-38.2%
Attributable to shareholders	-50.2	-35.4	-41.9%
per share €	-0.492	-0.334

TOTAL REVENUES

In the 9M13 the Total of Operating Revenues increased by 28.7 % YoY to 464.3 million euro, reflecting the significant improvement in volume of the core businesses areas Metallic Constructions and Solar, and also leveraged by the sale of wind farms in the RE Developer.

Metallic Construction business area reported an increase of 8.9 % YoY in Revenues to the 207.7 million euro, due to the rapid pace of projects in the 3Q13 characterized by its complexity in terms of engineering. The strongest markets were Brazil, Saudi Arabia, Angola and France.

The Solar business ended 9M13 with 231.8 million euro of Total Operating Revenues, increasing by 47.4 % YoY, justified by the take-off of projects in several geographies, highlighting the progress of the project in Mexico, currently the biggest project in Latin America, projects in Portugal and UK.

	9M13		9M12
REVENUES	€M	WEIGHT	€M	WEIGHT	VAR.%
Martifer Consolidated	464,3		360,8		28,7%
Metallic Construction	207,7	44,7%	190,7	52,9%	8,9%
Solar	231,8	49,9%	157,3	43,6%	47,4%
RE Developer	27,2	5,9%	12,0	3,3%	>100%
Others, Holding and Adjust.	-2,4	-0,5%	0,9	0,2%	s.s.

Portugal represented in the 9M13 only 13 % of the total Operating Revenues, which is comparable with 19 % in the FY2012 and which proves the strong efforts of the Group's internationalization in the last years.

REVENUES BREAKDOWN – 9M2013

.

EBITDA AND NET PROFIT

Consolidated EBITDA in the 9M13 reached 19.6 million euro, versus 14.6 million euro in the same period last year, which reflects a margin of 4.2 %.

EBITDA in the 9M13 increased due to the EBITDA improvement in the RE Developer, with the sale of wind farms in Poland.

In Metallic Constructions, EBITDA in the 9M13 registered -13.8 million euros, which compares with -6.3 million euros in the 9M12, reflecting the following effects:1)Deterioration of market conditions in Europe, with effects on the margins; 2)Remaining effect of the exit of the Polish market;3) Unpredicted additional costs in ongoing projects.

In Solar, the EBITDA reached 12 million euro with a margin of 5.2 % vs. 7.8 %. The weak comparison with last year performance is mainly due to the poor performance of the USA market.

	9M13		9M12
EBITDA	€M	MARG.	€M	MARG.	VAR.%
Martifer Consolidated	19.6	4.2%	14.6	4.1%	34.4%
Metallic Construction	-13.8	-6.7%	-6.3	-3.3%	<-100%
Solar	12.0	5.2%	12.3	7.8%	-2.3%
RE Developer	21.3	78.5%	6.8	56.8%	>100%
Others, Holding and Adjust.	0.1		1.8		-92.5%

The Depreciation & Amortization has shown a slight decrease of 4.7 % to 12.9 million euros.

The Provisions & Impairment Losses registered in the 9M13 of 21.1 million euro, are mainly concerned with: a) goodwill in the aluminium activity in Australia, b) impairments in Martifer Renewables' wind and solar projects, respectively in Romania and Spain, where changes in the regulatory framing that recently took place.

Net Financial Expenses totalled 30.0 million euro, comparable with 24.4 million euro in the 9M12.

Net Interest Expense was 20.3 million euro in the 9M13, above the 14.0 million euro in the same period last year, what is explained by the capitalized interests in the Silverado project in the USA of roughly 4.0 million euro.

Therefore, the Net Profit attributable to shareholders in the 9M13 amounted to negative 48.2 million euro, which compares with 9.9 million euro in the 9M12.

However, the Consolidated Net Profit in the 3Q was residual, but positive in 56.3 thousand euro.

CAPEX

The amount of investment in fixed assets in the 9M13 was 10.2 million euros, mostly applied as follows:

(1) Development of solar projects by Martifer Solar (3.8 million euros). This does not mean long term investment, as they are assets held for sale

(2) In Metallic Construction business area, 4.6 million euro, which corresponds to maintenance capex, namely in the conclusion of investments in Brazil, such as the new aluminium factory, and a new transportation crane in Navalria

(3) Finally, RE Developer's investment was approximately 1.9 million euros

CAPITAL STRUCTURE ANALYSIS

FINANCIAL POSITION

€M	9M2013	2012	VAR. %
Fixed Assets (including Goodwill)	246.8	331.8	-25.6%
Other non current assets	154.1	187.7	-17.9%
Inventory and Receivables	438.7	383.8	14.3%
Cash and cash equivalents	25.9	38.0	-31.9%
Assets held for sale	32.2	35.1	-8.3%
Total Assets	897.6	976.4	-8.1%
Shareholders Equity	120.4	176.3	-31.7%
Non-controlling interests	53.0	51.0	4.0%
Total Equity	173.4	227.3	-23.7%
Non-current debt and leasings	136.0	177.1	-23.2%
Other non-current liabilities	42.2	38.2	10.4%
Current debt and leasings	267.7	237.6	12.7%
Other current liabilities	266.4	286.2	-6.9%
Liabilities related with Assets held for sale	12.1	9.5	26.8%
Total Liabilities	724.3	748.5	-3.2%

Total assets at 30 th September 2013, amounted to 897.6 million euro, which compares to 976.4 million euro at 31st December 2012. Non-current assets reached 400.9 million euro compared with 519.5 million euro, at the end of 2012.

Total Equity at 30th September 2013 was 173.4 million euro with compares with 227.3 million euro in the end of 2012. This decrease is due to the registry of losses in the period.

NET DEBT

M€	METALLIC CONSTRUCTION	SOLAR	RE DEVELOPER	HOLDING	MARTIFER CONSOLIDATED
Corporate Net Debt	97	101	17	136	351
Corporate Net Debt allocated to non-operating activities	27				27
Total Net Debt	124	101	17	136	378
FY12 Total Net Debt	120	62	40	155	377
Absolute variation (M€)	+4	+39	-23	-19	+1

Note: Net Debt = Borrowings + Financial Leases (+/-) Derivatives – Cash and Cash Equivalents

The Group's Consolidated Net Debt at 30 th September 2013 totalled 378 million euro, 1 million euro above the 377 million euro registered at the end of 2012.

Already in the 3Q13 the group extended the debt maturity from ST to MLT (7 years) of 97 million euro at the holding level.

The Group continues focused in its goal to continue the process of debt reduction, so it will continue to be committed to the non-core asset sale process, especially wind farms, solar projects and residually, from the sale of real estate projects, during 2013 and 2014.

Meaning, the objective continues to be achieving a debt level between 230 and 250 million euro by the end of 2014.

ANALYSIS BY SEGMENT

03 | ANALYSIS BY SEGMENT

METALLIC CONSTRUCTIONS

SECTOR TRENDS

• − In Europe, the environment around construction sector continues strongly penalized, indicators continue depressed in all segments. Austerity measures across several countries, and still ongoing, and the weak financial health in the public sector totally affected the demand of infrastructures and buildings. Euroconstruct institute estimates a decrease of -3.3 % for the sector in Europe in 2013, with the toughest decreases in Portugal and Spain.
• − Only emerging markets have been driving economic growth and there has been significant demand for metallic structure, mostly in Asia and South America.

ACTIVITY

The order book in the 9M13 registered 223 million euros. The current list of works is mostly from 12 countries. The main projects are:

• In Brazil, the Transcarioca Bridges and Tomorrow's Museum in Rio de Janeiro, and the Arena Amazônia stadium in Manaus
• In Saudi Arabia, the King Abdullah Financial City in Riyadh, and the Stadium of King Abdullah Sports City in Jeddah
• In Portugal, the highlight goes to the Viking Hemming and Viking Torgil ships under construction in Navalria
• In France the most important works are the Lyon Stadium and the Iter Building 13
• In the UK, the spotlight goes for the Birmingham New Street Atrium

BACKLOG BY GEOGRAPHY

GEOGRAPHY	VALUE (M€)	%
Western Europe	101.4	45%
Brazil	40.9	18%
Eastern Europe and Middle East	34.8	16%
Africa	44.4	20%
Peru	1.0	1%
TOTAL	223

RESULTS

Metallic Construction Revenues in the 9M13 increased by 8.9 % compared with the same period last year.

The internationalization effort in the last three years and the focus on countries with economic growth and infrastructure investment plans are starting to be visible, but have negative impacts of all the strategic changes, currently reflected in the cost structure.

EBITDA in the 9M13 registered -13.8 million euros, which compares with -6.3 million euros in the 9M12, reflecting the following effects:

• 1) Deterioration of market conditions in Europe, with effects on the margins;
• 2) Remaining effect of the exit of the Polish market;
• 3) Unpredicted additional costs in ongoing projects.

Despite that the EBITDA in the 9M13 reflects an improvement of 2.2 million euros compared with 1S13.

The EBIT of -27.3 million euros is negatively affected by the goodwill impairment loss of 4.6 million euros, concerning activity in Australia.

Net Financial Expenses in the 9M13 had an increase of 14.3 % to the 11.8 million euro, due to the increase in the spreads and financing commissions applied by the banks.

Net Profit in the 9M13 totalled -43.6 million euro, of which 0.1 million euro attributable to non-controlling interests in Martifer Angola.

Net Financial Debt in Metallic Constructions at 30 th September 2013 reached the 124 million euro, more 4 million euro than FY 2012. Of the total Net Debt, 27 million euro is allocated to projects in the Retail area, not considered core business.

Total CAPEX at the 9M13 reached 4.6 million euro, which corresponds to maintenance investment in metallic construction, namely investments in Brazil and a new gantry crane in Navalria.

9M13	9M12	VAR. %
207,7	190,7	8,9%
-13,8	-6,3	<-100%
-6,7%	-3,3%	-3,4 pp
-27,3	-19,5	-40,0%
-13,2%	-10,2%	-2,9 pp
11,8	10,3	14,3%
4,4	0,0	>100%
0,0	0,0	n.m.
-43,6	-29,9	-45,7%
0,1	0,4	-73,9%
-43,7	-30,3	-44,0%

SOLAR

SECTOR TRENDS

• − Forecasts for 2013 aim at a world installation level of 36 GW, maintaining a 10 % world market growth
• − The forecasted drops in the number of MW installed in Europe are compensated by the growth in new markets (LATAM, China and Japan)
• − New solar markets will boost, increasing demand for equipment. Examples of these new markets are Japan, China, Latin America and India. Japan is looking for nuclear replacement, with strong Government incentives and Latin American countries offer excellent solar conditions and rising demand of electricity to supply the industry
• − Emerging markets as Saudi Arabia, Malaysia and Thailand presented new goals for the sector, creating a positive feeling about increase in demand for the next few years
• − In the negative side, the regulatory cuts and changes in the remuneration schemes of renewable assets, particularly in Romania, Bulgaria, Greece and more recently in Spain, which are expected to be clear out late in December 2013

ACTIVITY

The backlog of turnkey contracts is currently 270 million euro, United Kingdom, Portugal and India with the higher weight.

RESULTS

In 9M13 Total Operating Revenues increased strongly by 47.4 % YoY, totalling 231.8 million euro, justified by the strong take-off of projects in several geographies, highlighting the progress in the project in Mexico, currently the biggest project in Latin America, UK and Portugal.

In the performance in the 9M13, besides Mexico, the projects with better contribution were in the UK, Portugal and Ukraine.

The EBITDA in the Solar in the 9M13 totalled 12 million euro, with a margin of 5.2 % vs. 8 %. The weak comparison with last year performance is mainly due to the weak performance of the USA market. As previously referred, since the beginning of 2013, the company is running a plan with several measures under way, such as the control of the business at 100 %, change in the management and the implementation of a new operational and strategic plan.

Net Financial Expenses in 9M13 increased significantly from 3.9 million euro to 10.6 million euro, what is explained by the capitalization of interests with Silverado Project in the USA.

CAPEX in the 9M13 was 3.7 million euro, applied in project development.

Net Debt in the 9M13 suffered an increase of 39 million euros to 101.2 million euros. This increase is mainly due to the increase in working capital, related to the peak in activity and also due to the invested capital in Greenfield and Brownfield projects. However, it is expected that the Net Debt at the end of 2013 will be in line with FY12.

SOLAR
€M	9M13	9M12	VAR. %
Total Operating Revenues	231.8	157.3	47.4%
EBITDA	12.0	12.3	-2.3%
EBITDA Margin	5.2%	8%	-2.6 pp
EBIT	8.4	11.0	-24.1%
EBIT Margin	3.6%	7.0%	-3.4 pp
Net Financial Expenses	10.6	3.9	173.8%
Income tax	-2.4	2.3	n.m.
Net Profit	0.2	4.8	-96.2%
Attributable to non-controlling interests	2.1	-0.5	n.m.
Attributable to shareholders	-1.9	5.3	n.m.

RE DEVELOPER

RESULTS

RE Developer's Total Operating Revenues increased significantly in the 9M13 YoY to 27.2 million euro, explained by the sale of the wind farms in Poland to IKEA.

The Total Revenues from the wind and solar farms in operation in the period, totalling 64 MW, located in Spain, Romania and Brazil, totalled 13.9 million euro versus 11.7 million euro in the 9M12, thanks to the beginning of operations of the totality of the wind farm in Babadag, Romania (42 MW) in the 2H12.

EBITDA reached 21.3 million euros in the 9M13, showing an improvement YoY, and reflecting also a 21.6 p.p. increase in its margin, achieved by the enhancement in the operational performance of the parks in operation in Spain and Romania, and by the beginning of operation of more MW, and consequent dilution of fixed and development costs and also due to the sale of the wind farms in Poland to IKEA.

In the 1H2013, should be highlighted the conclusion of the sale of the Rymanów wind farm in Poland to the Ikea Group. However, the impact of the capital gains in the results was eased by the registry of impairment losses, mainly because of the recent changes in policies applied to renewable projects in Spain and Romania.

Net Profit attributable to shareholders in the 9M13 was 2.2 million euros, compared with the 0.6 Net Loss in the9M12.

CAPEX in the reported period was 1.8 million euro.

Net Debt at the end of the 9M13 was 17 million euro; it was less 23 million euro than final year 2012. To the significant net financial debt reduction in the RE Developer area has decisively contributed the sale of the company Rosa dos Ventos, which debt was 12 million euro in June 2013, and is classified as an asset for sale.

RE Developer
€M	9M13	9M12	VAR. %
Total Operating Revenues	27.2	12.0	>100%
EBITDA	21.3	6.8	>100%
EBITDA Margin	78.5%	56.8%	21.6 pp
EBIT	4.3	2.1	>100%
EBIT Margin	15.9%	17.2%	-1.3 pp
Net Financial Expenses	1.2	1.2	3%
Income tax	0.8	0.3	>100%
Net Profit	2.2	0.6	>100%
Attributable to non-controlling interests	0.0	0.4	n.m.
Attributable to shareholders	2.3	0.2	>100%

SHARE PERFORMANCE

04 | SHARE PRICE PERFORMANCE

SHARE PERFORMANCE

Source: Reuters

The performance of the equity markets was very positive in the end of the 3Q13, several reference indices that traded in the red changed to gains, mostly in the South Europe, namely in Portugal and Spain: PSI20 index grew 5.3 % and IBEX 35 was up by 12.5 %.

The rest of Europe revealed equally strong gains in the most important markets: FTSE 100 + 9.6 %; Dax +12.9 %; CAC 40 +13.8 %. As for the North American markets, they had a quite positive performance: 15.5 % increase in Dow Jones Industrial; and 24.9 % in NASDAQ.

At the end of 9M13, Martifer's shares decreased by 7.0 %, while the PSI-20, the main stock index in Euronext Lisbon, increased 5.3 % when compared with FY 2012. Martifer's share price ended the 9M13 at 0.52 €/share. The highest price achieved was 0.82 €/share and the lowest price was 0.45€/share.

The daily average volume of stock traded during the 9M13 was 33,610 shares, which mean a significant increase compared with the average volume in 9M12, of 12,982 shares daily average.

Overall, Martifer's market capitalization totalled 52 million euro at the end of the 9 months period of 2013.

Oliveira de Frades, 14 November 2013

The Board of Directors,

Carlos Manuel Marques Martins (Chairman of the Board of Directors) Jorge Alberto Marques Martins (Vice- Chairman of the Board of Directors)

Mário Rui Rodrigues Matias (Member of the Board of Directors) Luís Filipe Cardoso da Silva (Member of the Board of Directors)

Arnaldo José Nunes da Costa Figueiredo (Member of the Board of Directors)

Jorge Bento Ribeiro Barbosa Farinha (Member of the Board of Directors)

Luís Valadares Tavares (Member of the Board of Directors)

INTERIM CONSOLIDATED FINANCIAL INFORMATION

FINANCIAL STATEMENTS

05 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENTS FOR THE 9 MONTH PERIODS ENDED 30 SEPTEMBER OF 2013 AND 2012

(amounts expressed in Euro)

(Translation of consolidated financial statements originally issued in Portuguese - note 38)

	Notes	9M' 2013 IFRS (NON AUDITED)	9M' 2012 IFRS (NON AUDITED)	3RD QUARTER 2013 IFRS (NON AUDITED)	3RD QUARTER 2012 IFRS (NON AUDITED)
Sales and services rendered	3 and 4	416,459,259	340,533,400	143,081,728	99,420,342
Other operational gains	5	47,824,498	20,251,275	22,451,665	3,169,262
Cost of goods sold	6	(160,715,680)	(159,610,982)	(45,895,685)	(52,789,127)
Subcontractors	6	(111,123,713)	(58,971,038)	(36,271,004)	(12,963,517)
External supplies and services	7	(84,146,042)	(54,678,500)	(32,839,474)	(17,679,839)
Staff costs	8	(61,294,719)	(63,399,878)	(20,252,212)	(20,464,439)
Other operational losses	9	(27,364,537)	(9,507,839)	(12,939,579)	(5,280,556)
		19,639,066	14,616,438	17,335,439	(6,587,874)
Amortizations	3, 16 and 17	(12,882,777)	(13,524,800)	(4,182,686)	(4,444,849)
Provisions	10	(4,190,840)	(6,002,447)	(786,277)	(1,432,852)
Impairment losses	10	(18,478,809)	(1,150,786)	(830,623)	(323,286)
Operating income		(15,913,360)	(6,061,595)	11,535,853	(12,788,861)
Financial income	11	25,886,578	14,680,423	9,041,792	1,090,307
Financial expenses	11	(39,466,520)	(37,967,037)	(13,156,777)	(11,155,436)
Gains / (losses) on associate companies and joint arrangements	12	(16,431,710)	(1,127,931)	(6,499,248)	(1,079,527)
Profit before tax		(45,925,012)	(30,476,140)	921,620	(23,933,517)
Income tax	13	(2,808,392)	(2,639,907)	(977,960)	716,498
Profit after tax		(48,733,404)	(33,116,047)	(56,340)	(23,217,019)
Earnings of the disposal group classified as held for sale Attributable to:		-	115,777	-	139,478
non-controlling interests		-	-	-	-
owners of Martifer		-	115,777	-	139,478
Profit for the year		(48,733,404)	(33,000,270)	(56,340)	(23,077,541)
Attributable to:
non-controlling interests	27	1,468,120	2,376,533	(1,741)	(52,273)
owners of Martifer		(50,201,524)	(35,376,803)	(54,600)	(23,025,268)
Earnings per share:
Basic	14	(0,5134)	(0,3614)	(0,0006)	(0,2353)
from continuing operations		(0,5134)	(0,3626)	(0,0006)	(0,2367)
from disposal group classified as held for sale		-	0,0012	-	0,0014
Diluted	14	(0,5134)	(0,3614)	(0,0006)	(0,2353)
from continuing operations		(0,5134)	(0,3626)	(0,0006)	(0,2367)
from disposal group classified as held for sale		-	0,0012	-	0,0014

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE 9 MONTH PERIODS ENDED 30 SEPTEMBER OF 2013 E 2012

(amounts expressed in Euro)

(Translation of consolidated financial statements originally issued in Portuguese - note 38)

	9M' 2013 IFRS (NON AUDITED)	9M' 2012 IFRS (NON AUDITED)	ND QUARTER 3 2013 IFRS (NON AUDITED)	ND QUARTER 3 2012 IFRS (NON AUDITED)
Profit for the year Fair value of cash flow hedges (derivatives), net of tax	(48,733,404) 1,163,070	(33,000,270) 140,586	(56,340) 251,243	(23,077,541) 189,397
Exchange differences arising on (i) translating foreign operations; (ii) net investment in subsidiaries and (iii) goodwill	(4,426,586)	(706,996)	979,043	(491,219)
Income recognized directly in equity	(3,263,516)	(566,409)	1,230,285	(301,822)
Total comprehensive income for the period Attributable to:	(51,996,920)	(33,566,679)	1,173,945	(23,379,363)
non-controlling interests	1,305,174	2,391,662	341,320	(141,039)
owners of Martifer	(53,302,094)	(35,958,342)	832,626	(23,238,325)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AT 30 SEPTEMBER 2013 AND 31 DECEMBER 2012

(amounts expressed in Euro)

(Translation of consolidated financial statements originally issued in Portuguese - note 38)

		30 SEPTEMBER	31 DECEMBER
	Notes	2013 IFRS	2012 IFRS
ASSETS		(NON AUDITED)	(AUDITED)
Non-current assets
Goodwill	15	13,556,395	18,947,967
Intangible assets	16	8,358,882	39,441,872
Tangible assets	17	224,878,948	273,367,524
Investment property	18	16,199,554	16,206,768
Financial assets under the equity method	19	5,413,323	15,680,011
Available for sale investments	20	674,297	2,310,267
Other non-current receivables	22	119,596,731	140,174,902
Deferred tax assets		12,167,164	13,343,738
		400,845,294	519,473,049
Current assets
Inventories	21	81,358,638	24,392,062
Trade receivables	22	156,047,324	150,357,128
Other receivables	22	47,501,234	62,272,521
Income tax	23	2,881,828	2,692,473
Current tax assets	23	19,617,902	18,337,239
Other current assets	24	131,271,646	125,718,650
Cash and cash equivalents	25	25,727,263	38,024,569
Derivatives		145,010	-
Assets held for sale	26	32,249,046	35,107,509
		496,799,891	456,902,151
Total assets		897,645,184	976,375,200
EQUITY
Issued capital	27	50,000,000	50,000,000
Share premium		186,500,000	186,500,000
Treasury stock		(2,868,519)	(2,868,519)
Reserves		(63,033,973)	(1,499,182)
Profit for the year		(50,201,524)	(55,852,988)
Equity attributable to owners of Martifer		120,395,984	176,279,311
Non-controlling interests	27	50,106,597	50,975,912
Non-controlling interests attributable to Assets held for sale	26	2,883,401	-
Total equity		173,385,982	227,255,223
LIABILITIES
Non-current liabilities
Borrowings	28	124,445,476	164,900,867
Obligation under finance leases		11,514,630	12,169,176
Other non-current liabilities	29	22,308,655	22,068,545
Provisions	30	16,898,640	12,520,693
Deferred tax liabilities		2,944,453	3,583,895
		178,111,854	215,243,176
Current liabilities
Borrowings	28	260,253,872	229,030,832
Obligation under finance leases		7,457,986	8,586,378
Trade payables	29	136,082,206	165,013,219
Other payables	29	28,054,714	50,500,917
Income tax	31	4,646,293	3,623,443
Current tax liabilities	31	14,999,665	16,596,598
Other current liabilities	32	82,460,811	50,489,688
Derivatives		111,835	510,804
Liabilities related with Assets held for sale	26	12,079,967	9,524,921
		546,147,348	533,876,801
Total liabilities		724,259,202	749,119,977
Total equity and liabilities		897,645,184	976,375,200

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE 9 MONTH PERIODS ENDED 30 SEPTEMBER OF 2013 AND 2012 (amounts expressed in Euro)

(Translation of consolidated financial statements originally issued in Portuguese - note 38)

	ISSUED CAPITAL	SHARE PREMIUM	TREASURY STOCK	CASH FLOW HEDGE DERIVATIVES RESERVES	FOREIGN CURRENCY TRANSLATION RESERVES	STOCK OPTIONS RESERVES	OTHER RESERVES	NET PROFIT OF THE YEAR	EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT	NON CONTROLLING INTERESTS	TOTAL EQUITY
Balance at 1 January 2012	50,000,000	186,500,000	(2,415,629)	(289,986)	(19,563,611)	198,979	70,091,004	(48,587,256)	235,933,501	31,783,623	267,717,124
Appropriation of the profit of 2011	-	-	-	-	-	-	(48,587,256)	48,587,256	-	-	-
Comprehensive income for the year:
Profit for the year	-	-	-	-	-	-	-	(35,376,803)	(35,376,803)	2,376,533	(33,000,270)
Exchange differences arising on (i) translating foreign operations and (ii) net investment in subsidiaries	-	-	-	-	(1,059,596)	-	-	-	(1,059,596)	40,183	(1,019,413)
Exchange differences arising on goodwill	-	-	-	-	312,420	-	-	-	312,420	-	312,420
Other changes in equity of subsidiaries	-	-	-	165,637	-	-	-	-	165,637	(25,050)	140,586
Total comprehensive income for the year	-	-	-	165,637	(747,176)	-	-	(35,376,803)	(35,958,342)	2,391,662	(33,566,680)
Acquisition of treasury stock	-	-	(451,029)	-	-	-	-	-	(451,029)	-	(451,029)
Share capital increase in subsidiaries	-	-	-	-	-	-	-	-		32,400	32,400
Other changes in equity of subsidiaries	-	-	-	-	-	-	1,094,181	-	1,094,181	1,167,021	2,261,203
Changes in the consolidation perimeter	-	-	-	-	-	-	58,668	-	58,668	47,764	106,432
Non-controlling interests transactions	-	-	-	-	-		(3,545,159)	-	(3,545,159)	18,029,961	14,484,803
Balance at 30 September 2012	50,000,000	186,500,000	(2,866,659)	(124,349)	(20,310,787)	198,979	19,111,439	(35,376,803)	197,131,820	53,452,432	250,584,252
Balance at 1 January 2013	50,000,000	186,500,000	(2,868,519)	(902,433)	(18,903,670)	-	18,306,920	(55,852,988)	176,279,311	50,975,912	227,255,223
Appropriation of the profit of 2012	-	-	-	-	-	-	(55,852,988)	55,852,988	-	-	-
Comprehensive income for the year:
Profit for the year	-	-	-	-	-	-	-	(50,201,524)	(50,201,524)	1,468,120	(48,733,404)
Exchange differences arising on (i) translating foreign operations and (ii) net investment in subsidiaries	-	-	-	-	(3,499,889)	-	-	-	(3,499,889)	(208,081)	(3,707,969)
Exchange differences arising on goodwill	-	-	-	-	(709,257)	-	-	-	(709,257)	(9,360)	(718,617)
Other changes in equity of subsidiaries	-	-	-	1,108,576	-	-	-	-	1,108,576	54,494	1,163,070
Total comprehensive income for the year	-	-	-	1,108,576	(4,209,146)	-	-	(50,201,524)	(53,302,094)	1,305,174	(51,996,920)
Other changes in equity of subsidiaries	-	-	-	-	-	-	(193,839)	-	(193,839)	39,465	(154,374)
Changes in the consolidation perimeter	-	-	-	-	-	-	(13,196)	-	(13,196)	(75,672)	(88,868)
Non-controlling interests transactions	-	-	-	-	-	-	(2,374,197)	-	(2,374,197)	745,119	(1,629,078)
Balance at 30 September 2013	50,000,000	186,500,000	(2,868,519)	206.143	(23,112,816)	-	(40,127,300)	(50,201,524)	120,395,984	52,989,998	173,385,982

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE 9 MONTH PERIODS ENDED 30 SEPTEMBER OF 2013 AND 2012

(amounts expressed in Euro)

(Translation of consolidated financial statements originally issued in Portuguese - note 38)

	9M' 2013 IFRS (NON AUDITED)	9M' 2012 IFRS (NON AUDITED)	ND QUARTER 3 2013 IFRS (NON AUDITED)	ND QUARTER 3 2012 IFRS (NON AUDITED)
OPERATING ACTIVITIES
Receipts from customers	497,104,344	434,444,345	168,730,752	145,308,624
Payments to suppliers	(438,349,496)	(351,347,654)	(161,285,996)	(98,164,402)
Payments to employees	(60,090,552)	(61,060,141)	(20,869,814)	(20,659,466)
Cash generated from operations	(1,335,704)	22,036,550	(13,425,057)	26,484,756
Income tax paid	(1,258,857)	(4,232,796)	(1,694,266)	(529,439)
Other receipts/(payments) relating to operating activities	13,998,235	(7,262,572)	17,192,553	(1,248,573)
Cash generated from other operating activities	12,739,378	(11,495,368)	15,498,287	(1,778,011)
Net cash generated by operating activities (1)	11,403,675	10,541,183	2,073,230	24,706,745
INVESTING ACTIVITIES
Receipts arising from:
Financial assets	7,711,349	2,698,813	1,091,829	-
Tangible assets	1,182,660	2,268,799	-	1,069,587
Intangible assets	196,992	676,477	62,565	52,770
Investment grants	122,763	1,283,652	122,763	(53,000)
Interest and similar income	2,345,948	3,016,203	697,542	1,141,078
Others	279,851	408,500	184,161	-
	11,839,563	10,352,443	2,158,860	2,210,435
Payments arising from:
Financial assets	(1,622,859)	(883,937)	-	-
Tangible assets	(8,844,632)	(18,028,990)	(1,722,420)	(6,641,719)
Intangible assets	(1,617,529)	(16,138,803)	-	(5,184,874)
Others	(504,765)	(5,000)	(317,867)	-
	(12,589,785)	(35,056,730)	(2,040,287)	(11,826,593)
Net cash generated by investing activities (2)	(750,222)	(24,704,287)	118,573	(9,616,158)
FINANCING ACTIVITIES
Receipts arising from:
Borrowings	546,709,782	399,199,333	260,956,474	101,493,425
Grants and donations	-	16,043	-	-
Others	1,945,501	829,718	563,257	221,889
	548,655,283	400,045,094	261,519,731	101,715,314
Payments arising from:
Borrowings	(544,107,745)	(405,030,587)	(259,104,582)	(112,990,361)
Leasings	(1,782,938)	(4,125,069)	(1,036,476)	(1,692,210)
Interest and similar costs	(19,374,964)	(16,360,503)	(11,638,140)	(1,377,632)
Acquisition of treasury stock	-	(451,029)	-	(1,569)
Others	(1,645,221)	(3,013,667)	(48,025)	(165,469)
	(566,910,868)	(428,980,855)	(271,827,223)	(116,227,241)
Net cash generated by financing activities (3)	(18,255,585)	(28,935,761)	(10,307,492)	(14,511,927)
Net increase in cash and cash equivalents (4)=(1)+(2)+(3)	(7,602,132)	(43,098,866)	(8,115,689)	578,660
Changes in the consolidation perimeter and others	(3,879,971)	(4,303,169)	50,000	(40,472)
Effect of foreign exchange currencies	(815,203)	(350,757)	(388,676)	(314,232)
Cash and cash equivalents at the beginning of the period	38,024,569	77,886,483	34,181,628	29,909,735
Cash and cash equivalents at the end of the period	25,727,263	30,133,691	25,727,263	30,133,691

06 NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

06 | NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

INTRODUCTORY NOTE

Martifer SGPS, S.A., with its head-office at Zona Industrial, Apartado 17, Oliveira de Frades – Portugal ('Martifer SGPS' or 'the Company'), and its group of companies ('Group'), have as its main activity the construction of steel infrastructures and solar activity - which focuses on the development of photovoltaic projects, the installation of turnkey photovoltaic parks or under the EPC and the development of architectural integration projects and microgeneration. They also have other activities which highlight the promotion and development of renewable energy projects (Note 3).

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

As of June 2007, after the initial public offering Martifer SGPS, S.A. shares have been listed on Euronext Lisbon.

At 30 September 2013, the Group has developed its activity in Portugal, Spain, Poland, Slovakia, Romania, Czech Republic, Angola, Brazil, Greece, United States of America, Australia, Mozambique, Ireland, Italy, Belgium, Bulgaria, Netherlands, France, Morocco, United Kingdom, Canada, Mexico, Saudi Arabia, Germany, Chile, Ecuador, Ukraine, Turkey, Senegal, Singapore, India and Japan.

The accompanying notes were selected to help the understanding of the more significant changes in the financial position and the financial performance of the Group since the last annual reporting, dated of 31 December 2012.

All the amounts presented in these notes are expressed in Euros (rounded at unit), unless otherwise stated.

These consolidated financial statements are not audited.

1. SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PREPARATION

These accompanying consolidated financial statements relate to the consolidated financial statements of the Martifer Group and were prepared in accordance with the International Financial Reporting Standards ("IFRS"), as adopted by the European Union, in force at the beginning of the economic period started 1 January 2013. These are the International Financial Reporting Standards, issued by the International Accounting Standards Board ("IASB"), and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") or by the previous Standing Interpretations Committee ("SIC"), that have been endorsed by the European Union.

The interim consolidated financial report for the period ended at 30 September 2013 has been prepared in accordance with IAS 34 - 'Interim Financial Reporting' as adopted by the European Union.

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 financial instruments, which are stated at fair value.

The accounting policies adopted are consistent with those considered in the financial statements for the year ended as of 31 December 2012 and disclosed in the corresponding notes.

The amendments or new International Financial Reporting Standards (IFRS) and/or Interpretations issued or entering into force during the period ended in 30 September 2013 had no significant impact on the Group's consolidated financial statements.

The consolidated financial statements were presented in Euros since this is the main currency of the Group's operations.

In the preparation of the consolidated financial statements, in accordance with the IAS/IFRS, the Group's Board of Directors adopted certain assumptions and estimations that affect the assets and liabilities reported, as well as the profits and losses incurred related to the reported periods. All the estimations and assumptions of the Board of Directors were performed taking into consideration the best knowledge available at the financial statements approval date of the events and the dealings in progress.

2. GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

Group companies included in the consolidated financial statements, their consolidation methods, head offices and percentage of share capital held by the Group, at 30 September 2013 are as follows:

COMPANIES CONSOLIDATED THROUGH THE FULL CONSOLIDATION METHOD

				PERCENTAGE OF SHARE CAPITAL HELD
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL
Martifer SGPS, S.A.	Oliveira de Frades	Martifer SGPS	Holding
Martifer Inovação e Gestão, S.A.	Oliveira de Frades	Martifer Inovação	100.00%	-	100.00%
Martifer Gestiune Si Servicii, S.R.L.	Bucharest	Martifer Inovação Roménia	100.00%	-	100.00%
Martifer Metallic Constructions SGPS, S.A.	Oliveira de Frades	Martifer Metallic Constructions	100.00%	-	100.00%
Martifer - Construções Metalomecânicas, S.A.	Oliveira de Frades	Martifer Construções	-	100.00%	100.00%
Martifer Mota-Engil Coffey Construction Joint Venture Limited	Dublin	MMECC	-	60.00%	60.00%
Martifer – Construcciones Metálicas España, S.A.	Madrid	Martifer Espanha	-	100.00%	100.00%
Martifer – Construções Metálicas Angola, S.A.	Luanda	Martifer Angola	-	78.75%	78.75%
Martifer Construction Limited	Dublin	Martifer Irlanda	-	100.00%	100.00%
Martifer Polska Sp. Zo.o.	Gliwice	Martifer Polska	-	100.00%	100.00%
Martifer Constructions, SAS	Rungis	Martifer França	-	100.00%	100.00%
Martifer Constructii SRL	Bucareste	Martifer Constructii	-	100.00%	100.00%
Park Logistyczny Biskupice	Gliwice	Biskupice	-	100.00%	100.00%
Martifer Konstrukcje Sp. Z o.o.	Gliwice	Martifer Konstrukcje	-	100.00%	100.00%
Martifer Slovakia S.R.O.	Bratislava	Martifer Slovakia	-	100.00%	100.00%
Sociedade de Madeiras do Vouga, S.A.	Albergaria-a-Velha	Madeiras do Vouga	-	100.00%	100.00%
Martifer - Gestão de Investimentos, S.A.	Oliveira de Frades	MGI	-	100.00%	100.00%
Nagatel Viseu, Promoção Imobiliária, S.A.	Oliveira de Frades	Nagatel Viseu	-	100.00%	100.00%
Martifer Retail & Warehousing Angola, S.A.	Luanda	Martifer Retail Angola	-	100.00%	100.00%
Martifer - Alumínios, S.A.	Oliveira de Frades	Martifer Alumínios	-	100.00%	100.00%
Martifer Alumínios Angola, S.A.	Luanda	Martifer Alumínios Angola	-	100.00%	100.00%
Martifer Aluminium Pty, Ltd	Sidney	Sassall	-	100.00%	100.00%
Martifer Aluminium Limited	Dublin	Martifer Aluminium Irlanda	-	100.00%	100.00%
Martifer Aluminium UK Limited	London	Martifer Aluminium Reino Unido	-	100.00%	100.00%
Martifer Aluminium SAS	Rungis	Martifer Aluminium França	-	100.00%	100.00%
Martifer Alumínios Ltda	São Paulo	Martifer Alumínios Brasil	-	99.99%	99.99%
Martifer UK Limited	London	Martifer UK	-	100.00%	100.00%
MT Construction Maroc, S.A.R.L.	Tangier	Martifer Marrocos	-	100.00%	100.00%
Martifer - Construções Metálicas, Ltda.	Fortaleza	Martifer Brasil	-	99.80%	99.80%
Saudi Martifer Constructions LLC	Riyadh	Martifer Arábia Saudita	-	100.00%	100.00%
Martifer Beteiligungsverwaltungs GmbH	Vienna	Martifer GmbH	100.00%	-	100.00%
M City Gliwice Sp. Zo.o	Gliwice	M City Gliwice	-	100.00%	100.00%
Martifer Energy Systems SGPS, S.A.	Oliveira de Frades	Martifer Energy Systems	100.00%	-	100.00%
Martifer Energia S.R.L.	Bucareste	Martifer Energia Roménia	-	100.00%	100.00%
Martifer Energia LLC	Kiev	Martifer Energia Ucrânia	-	100.00%	100.00%
Martifer Wind Energy Systems LLC	San Angelo TX	Martifer Wind USA	-	100.00%	100.00%
Martifer Energy Systems PTY	Cape Town	Martifer Energia África do Sul	-	85.00%	85.00%
Navalria – Docas, Construções e Reparações Navais, S.A.	Aveiro	Navalria	-	100.00%	100.00%
Gebox, S.A.	Ílhavo	Gebox	-	100.00%	100.00%
Martifer Global SGPS, S.A.	Oliveira de Frades	Martifer Global	100.00%	-	100.00%
Martifer Construcciones Peru, S.A.	Lima	Martifer Peru	-	100.00%	100.00%
Global Holding Limited	Zebbug	Global Holding Limited	-	100.00%	100.00%
Global Engineering & Construction Limited	Zebbug	Global Engineering	-	100.00%	100.00%
Martifer Solar SGPS, S.A.	Oliveira de Frades	Martifer Solar SGPS	100.00%	-	100.00%
Martifer Solar, S.A.	Oliveira de Frades	Martifer Solar	-	55.00%	55.00%
Martifer Solar Sistemas Solares, S.A.	Madrid	Martifer Solar Sistemas Solares	-	55.00%	55.00%

			PERCENTAGE OF SHARE CAPITAL HELD
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL
Solar Parks Construccion Parques Solares ETVE, S.A.	Madrid	Solar Parks	-	55.00%	55.00%
Parque Solar Seseña III, S.L.	Madrid	Seseña III	-	55.00%	55.00%
MTS Solar Sistemas Solares, S.A.	Mexico City	Martifer Solar México	-	54.45%	54.45%
Martifer Solar Chile Holding, Lda	Santiago, Chile	Martifer Solar Chile	-	55.00%	55.00%
Martifer Solar Chile Operaciones Limitada	Santiago, Chile	Solar Chile Operaciones	-	55.00%	55.00%
Martifer Solar Sistemas Solares Equador S.A.	Sangolquí	Martifer Solar Equador	-	54.45%	54.45%
Martifer Solar Servicios Mexico	Mexico City	Martifer Solar Servicios Mexico	-	55.00%	55.00%
Martifer Solar S.R.L.	Milan	Martifer Solar Itália	-	55.00%	55.00%
MTS1 S.R.L.	Syracuse	MTS1	-	55.00%	55.00%
MTS2 S.R.L.	Syracuse	MTS2	-	55.00%	55.00%
MTS3 S.R.L.	Syracuse	MTS3	-	55.00%	55.00%
MTS4 S.R.L.	Syracuse	MTS4	-	55.00%	55.00%
Martifer Solar RO S.R.L.	Bucharest	Martifer Solar Roménia	-	55.00%	55.00%
Martifer Solar Inc.	S. Francisco CA	Martifer Inc.	-	55.00%	55.00%
Martifer Solar USA, Inc.	Santa Monica CA	AEM	-	54.61%	54.61%
Martifer Aurora Solar, LLC	Santa Monica CA	Solar Aurora 1)	-	54.07%	54.07%
MT Silverado Fund LLC	S. Francisco CA	Silverado 1)	-	31.42%	31.42%
Martifer Solar Finance LLC	S. Francisco CA	Martifer Solar Finance	-	55.00%	55.00%
Martifer Solar Hellas, A.T.E.	Athens	PVI 1)	-	39.13%	39.13%
Martifer Solar Angola	Luanda	Martifer Solar Angola 1)	-	41.25%	41.25%
Martifer Solar N.V.	Deerlijk	Martifer Solar Bélgica	-	55.00%	55.00%
Martifer Solar UK Limited	London	Martifer Solar UK	-	55.00%	55.00%
Martifer Solar S.A.S.	Lyon	Martifer Solar França	-	55.00%	55.00%
Martifer Solar CZ	Prague	Martifer Solar República Checa	-	55.00%	55.00%
Home Energy France SAS	Lyon	Home Energy França	-	55.00%	55.00%
PVGlass, S.A.	Oliveira de Frades	PVGlass	-	55.00%	55.00%
PVGlass S.r.l	Milan	PVGlass Itália	-	55.00%	55.00%
MPrime Solar Solutions, S.A.	Oliveira de Frades	Mprime	-	55.00%	55.00%
MPrime Italia S.r.l	Oliveira de Frades	MPrime Itália	-	55.00%	55.00%
MPrime GMBH	Munich	MPrime GMBH	-	55.00%	55.00%
Sol Cativante, Lda.	Sever do Vouga	Sol Cativante	-	55.00%	55.00%
Sol Cativante VII, Lda.	Viseu	Sol Cativante VII	-	55.00%	55.00%
Martifer Solar Investments, B.V.	Amsterdam	Martifer Solar Holanda	-	55.00%	55.00%
Martifer Solar Canadá, Ltd.	Toronto	Martifer Solar Canadá	-	55.00%	55.00%
MTS6 S.R.L.	Syracuse	MTS6	-	55.00%	55.00%
Martifer Solar SK s.r.o.	Dolny Kubin	Martifer Solar Eslováquia	-	55.00%	55.00%
Ginosa Solar Farm, S.R.L.	Roma	Ginosa Solar Farm	-	55.00%	55.00%
Solar Spritehood S.R.L	Roma	Solar Spritehood	-	55.00%	55.00%
MTS7, S.R.L.	Roma	MTS7	-	55.00%	55.00%
Canopy - Naos	Paris	Canopy Naos	-	55.00%	55.00%
MTS Trewidland Solar, Ltd	London	MTS Trewidland Solar	-	55.00%	55.00%
Steadfast Fairview Solar, Ltd	Andover	Steadfast Fairview Solar	-	55.00%	55.00%
Steadfast Molland Solar, Ltd	Andover	Steadfast Molland Solar	-	55.00%	55.00%
Steadfast Apsley Solar, Ltd	Andover	Steadfast Apsley Solar	-	55.00%	55.00%
Martifer Solar UA, LLC	Kyiv	Martifer Solar Ucrânia	-	55.00%	55.00%
Inspira Martifer Solar Limited	Mumbai	Inspira Martifer Solar 1)	-	28.05%	28.05%
Societé Developpement Local SA	Dakar	Martifer Solar Senegal 1)	-	28.05%	28.05%
Martimak Solar	Besiktas	Martimak1)	-	44.00%	44.00%
Martiper Solar	Besiktas	Martiper1)	-	44.00%	44.00%
Martifer Solar Singapura PTE. LTD.	Singapura	Martifer Solar Singapura	-	55.00%	55.00%
Martifer Solar Japan KK	Tokyo	Martifer Solar Japan	-	55.00%	55.00%
EVIVA SOLAR 1 LTD	Athens	Eviva Solar 1	-	54.90%	54.90%
EVIVA SOLAR 2 LTD	Athens	Eviva Solar 2	-	54.90%	54.90%
MTS Downs Farm Solar Limited	London	MTS Downs	-	55.00%	55.00%
MTS Spittleborough Solar Limited	London	MTS Spittleborough	-	55.00%	55.00%
MTS Tonge Solar Limited	London	MTS Tonge	-	55.00%	55.00%
MTS Rydon Solar Limited	London	MTS Rydon	-	55.00%	55.00%
Martifer Solar MZ, S.A.	Maputo	Martifer Solar Moçambique 1)	-	28.05%	28.05%
Greencoverage Unipessoal, Lda.	Oliveira de Frades	Greencoverage	-	55.00%	55.00%

			PERCENTAGE OF SHARE CAPITAL HELD
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL
Martifer Solar, Ltda	Pindamonhangaba	Martifer Solar Brasil	-	54.45%	54.45%
LRCC – La Rad Campo Charro – Energias	São Martinho do	LRCC	-	55.00%	55.00%
Renováveis, Lda. Visiontera Unipessoal, Lda	Porto Oliveira de Frades	Visiontera	-	55.00%	55.00%
Inovsun, Lda.	Oliveira de Frades	Inovsun	-	55.00%	55.00%
Martifer Renewables SGPS, S.A.	Oliveira de Frades	Martifer Renewables SGPS	100.00%	-	100.00%
Martifer Renewables, S.A.	Oliveira de Frades	Martifer Renewables SA	-	100.00%	100.00%
Martifer Renovables ETVE, S.A.U.	Madrid	Martifer Renovables	-	100.00%	100.00%
Eurocab FV 1 S.L.	Madrid	Eurocab 1	-	100.00%	100.00%
Eurocab FV 2 S.L.	Madrid	Eurocab 2	-	100.00%	100.00%
Eurocab FV 3 S.L.	Madrid	Eurocab 3	-	100.00%	100.00%
Eurocab FV 4 S.L.	Madrid	Eurocab 4	-	100.00%	100.00%
Eurocab FV 5 S.L.	Madrid	Eurocab 5	-	100.00%	100.00%
Eurocab FV 6 S.L.	Madrid	Eurocab 6	-	100.00%	100.00%
Eurocab FV 7 S.L.	Madrid	Eurocab 7	-	100.00%	100.00%
Eurocab FV 8 S.L.	Madrid	Eurocab 8	-	100.00%	100.00%
Eurocab FV 9 S.L.	Madrid	Eurocab 9	-	100.00%	100.00%
Eurocab FV 10 S.L.	Madrid	Eurocab 10	-	100.00%	100.00%
Eurocab FV 11 S.L.	Madrid	Eurocab 11	-	100.00%	100.00%
Eurocab FV 12 S.L.	Madrid	Eurocab 12	-	100.00%	100.00%
Eurocab FV 13 S.L. Eurocab FV 14 S.L.	Madrid Madrid	Eurocab 13 Eurocab 14	- -	100.00% 100.00%	100.00% 100.00%
Eurocab FV 15 S.L.	Madrid	Eurocab 15	-	100.00%	100.00%
Eurocab FV 16 S.L.	Madrid	Eurocab 16	-	100.00%	100.00%
Eurocab FV 17 S.L.	Madrid	Eurocab 17	-	100.00%	100.00%
Eurocab FV 18 S.L.	Madrid	Eurocab 18	-	100.00%	100.00%
Eurocab FV 19 S.L.	Madrid	Eurocab 19	-	100.00%	100.00%
Eviva Energy S.R.L.	Bucharest	Eviva Roménia	-	100.00%	100.00%
Eviva Nalbant S.R.O.	Bucharest	Eviva Nalbant	-	100.00%	100.00%
Eviva Agighiol S.R.L.	Bucharest	Eviva Agighiol	-	99.00%	99.00%
Eviva Casimcea S.R.O.	Bucharest	Eviva Casimcea	-	99.00%	99.00%
Premium Management Consulting, S.R.L.	Bucharest	Premium Management	-	85.00%	85.00%
MW Topolog, S.R.L.	Bucharest	MW Topolog	-	99.00%	99.00%
Martifer Renewables, S.A.	Gliwice	Eviva Polónia	-	100.00%	100.00%
Martifer Renewables Pty, Ltd.	Sidney	Eviva Austrália	-	100.00%	100.00%
Eviva Beteiligungsverwaltungs GmbH	Vienna	Eviva GmbH	-	100.00%	100.00%
Eviva Hidro S.R.L.	Bucharest	Eviva Hidro	1.00%	99.00%	100.00%
Martifer Deutschland GmbH	Berlin	Martifer Deutschland	-	100.00%	100.00%
Wind Farm Odrzechowa Sp. Zo.o	Gliwice	Wind Odrzechowa	-	100.00%	100.00%
Eviva Gizalki Sp. Zo.o	Miastko	Eviva Gizalki	-	100.00%	100.00%
Wind Farm Bukowsko Sp. Zo.o	Gliwice	Wind Farm Bukowsko	-	100.00%	100.00%
Wind Farm Markowa Sp. Zo.o	Gliwice	Wind Farm Markowa	-	100.00%	100.00%
Wind Farm Lada Sp. Zo.o	Gliwice	Wind Farm Lada	-	100.00%	100.00%
Wind Farm Jawornik Sp. Zo.o	Gliwice	Wind Farm Jawornik	-	100.00%	100.00%
Wind Farm Piersno Sp. Zo.o	Gliwice	Wind Farm Piersno	-	100.00%	100.00%
Wind Farm Oborniki Sp. Zo.o	Gliwice	Wind Farm Oborniki	-	100.00%	100.00%
Martifer Renewables Brazil B.V.	Amsterdam	Renewables Holanda	-	100.00%	100.00%
Vesto EAD	Varna	Vesto	-	100.00%	100.00%
DVP1 Limited	Varna	DVP1	-	100.00%	100.00%
DVP2 Limited	Varna	DVP2	-	100.00%	100.00%
Martifer Renewables Investments ETVE, S.A.	Madrid	Eurocab 21	-	100.00%	100.00%
Martifer Renewables Italy BV	Amsterdam	Renewables Italy Holanda	-	100.00%	100.00%
Martifer Renewables Brasil Participações LTDA	Fortaleza	Martifer Renewables Brasil	-	100.00%	100.00%
Martifer Renováveis - Geração de Energia e Participações S.A.	Fortaleza	Ventania	-	55.00%	55.00%
Eólica Cajueiro da Praia, Ltda .	Fortaleza	Cajueiro	-	55.00%	55.00%
Eólica Coqueirais, Ltda.	Fortaleza	Coqueirais	-	55.00%	55.00%
SBER – Sociedade Brasileira de Energias Renováveis, Ltda.	Fortaleza	SBER 1)	-	41.25%	41.25%

			PERCENTAGE OF SHARE CAPITAL HELD
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL
Melosa – Geração de Energia e Participações, Ltda.	Fortaleza	Melosa	-	55.00%	55.00%
Eólica Paraipaba, Ltda .	Fortaleza	Paraipaba	-	55.00%	55.00%
Eólica Chapadão, Ltda.	Fortaleza	Chapadão	-	55.00%	55.00%
Rosa dos Ventos - Geração e Comercialização de Energia, S.A	Fortaleza	Rosa dos Ventos3)	-	55.00%	55.00%
Eólica Macaúbas, Ltda.	Fortaleza	Macaúbas	-	54.99%	54.99%
Eólica Sobradinho, Ltda.	Fortaleza	Sobradinho	-	54.99%	54.99%
Martifer Renewables O&M Sp. z o.o.	Gliwice	Martifer Renewables O&M	-	52.00%	52.00%
Ventinveste Indústria SGPS, S.A.	Oliveira de Frades	Ventinveste Indústria 2)	-	46.00%	46.00%

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

2) The consolidation of this company through the full consolidation method results from shareholder agreements that regulate the control of the investee.

3) This company has been classified as Asset held for sale (Note 26).

COMPANIES CONSOLIDATED THROUGH THE EQUITY METHOD

			PERCENTAGE OF SHARED CAPITAL HELD
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL
Metallic Construction
Associate companies:
Liszki Green Park, Sp. Zo.o	Gliwice	Liszki Green Park	-	45.00%	45.00%
Martifer Amal, S.A.	Nacala	Martifer Amal	-	35.00%	35.00%
Jointly controlled companies:
Promoquatro – Investimentos Imobiliários, Lda.	Oliveira de Frades	Promoquatro	-	50.00%	50.00%
M City Bialystok Sp. Zo.o	Gliwice	M City Bialystok	-	50.00%	50.00%
M City Radom Sp. Zo.o	Gliwice	M City Radom	-	50.00%	50.00%
M. City Szczecin Sp. Z o.o.	Gliwice	M City Szczecin	-	50.00%	50.00%
Solar
Associate companies:
Parque Solar Seseña I, S.L.	Madrid	Seseña I	-	20.63%	20.63%
Canaverosa Renovables, SL	Madrid	Canaverosa	-	26.94%	26.94%
Empresa de Energia Renovable Maria del Sol Norte S.A.	Santiago	Maria del Sol	-	26.95%	26.95%
Other
Associate companies:
Nutre SGPS, S.A.	Oliveira de Frades	Prio SGPS	49.00%	-	49.00%
Nutre, S.A.	Oliveira de Frades	Prio Foods	-	49.00%	49.00%
Nutre - Industrias Alimentares, S.A.	Oliveira de Frades	Prio Alimentar	-	49.00%	49.00%
Nutre MZ. S.A.	Maputo	Nutre Moçambique	-	49.00%	49.00%
Nutre Farming, S.R.L.	Bucharest	Nutre Farming Roménia	-	49.00%	49.00%
Prio Agromart S.R.L.	Bucharest	Prio Agromart	-	49.00%	49.00%
Prio Balta S.R.L.	Bucharest	Prio Balta	-	49.00%	49.00%
Prio Facaieni S.R.L.	Bucharest	Prio Facaieni	-	49.00%	49.00%
Prio Ialomita S.R.L.	Bucharest	Prio Ialomita	-	49.00%	49.00%
Prio Rapita S.R.L.	Bucharest	Prio Rapita	-	49.00%	49.00%
Nutre Farming West Part S.R.L.	Bucharest	Nutre West Part	-	49.00%	49.00%
Prio Terra Agricola S.R.L.	Bucharest	Prio Terra Agricola	-	49.00%	49.00%
Prio Turism Rural S.R.L	Bucharest	Prio Turism Rural	-	49.00%	49.00%
Agromec Balaciu	Bucharest	Agromec Balaciu	-	42.60%	42.60%
Miharox S.R.L.	Bucharest	Miharox	-	40.47%	40.47%
Zimbrul. S.A.	Bucharest	Zimbrul	-	49.00%	49.00%
Agrozootehnica. S.A.	Bucharest	Agrozootehnica	-	48.98%	48.98%
Prio Agrotrans S.R.L.	Bucharest	Prio Agrotrans	-	49.00%	49.00%
Nutre Brasil LTDA	S. Luís do Maranhão	Prio Foods Brasil	-	49.00%	49.00%
Prio Extractive S.R.L.	Bucharest	Prio Extractive	-	22.05%	22.05%
Prio Agro Industries. Sp. Z o.o.	Gliwice	Prio Polónia	-	49.00%	49.00%

			PERCENTAGE OF SHARED CAPITAL HELD
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL
Prio Biocombustibil S.R.L.	Bucharest	Prio Biocombustibil	-	22.05%	22.05%
Prio Meat S.R.L	Bucharest	Prio Meat	-	49.00%	49.00%
Prio Foods – AJFS Construções, ACE	Lisboa	Prio Foods ACE	-	24.50%	24.50%
Nutre Farming B.V.	Amsterdam	Nutre Farming	-	49.00%	49.00%
Bunge Prio Cooperativa U.A.	Amsterdam	Bunge Prio Cooperative	-	22.05%	22.05%
Bunge Roménia S.R.L.	Buzau	Bunge Roménia	-	22.05%	22.05%
Centralrest, Lda	Ilhavo	Centralrest 1)	-	9.80%	9.80%
Prio Agriculture, B.V.	Delft	Prio Holanda	-	49.00%	49.00%
Porthold Project Development BV	Amsterdam	Porthold	-	49.00%	49.00%
Fertilis Agro-Indústrias, Lda	Luanda	Fertilis	-	29.4%	29.4%
Prio Energy SGPS. S.A.	Oliveira de Frades	Prio Energy SGPS 2)	10.00%	-	10.00%
Prio Biocombustíveis. S.A.	Oliveira de Frades	Prio Biocombustíveis 2)	-	10.00%	10.00%
Prio Energy. S.A.	Oliveira de Frades	Prio Energy 2)	-	10.00%	10.00%
Mondefin	Coimbra	Mondefin 2)	-	10.00%	10.00%
Prio Parque de Tanques de Aveiro, S.A.	Oliveira de Frades	Prio Tanques 2)	-	10.00%	10.00%
Prio.E-Electric, S.A.	Oliveira de Frades	Prio.E-Electric 2)	-	10.00%	10.00%
Prio.E-Mobility Solutions, Lda	Oliveira de Frades	Park Charge 2)	-	10.00%	10.00%
Prio. E – SGPS, S.A.	Oliveira de Frades	Prio E SGPS 2)	-	10.00%	10.00%
Share Motivation, Lda.	Oliveira de Frades	Share Motivation 2)	-	10.00%	10.00%
Jointly controlled companies:
Ventinveste, S.A.	Lisbon	Ventinveste SA	5.00%	41.00%	46.00%
Ventinveste Eólica, SGPS, S.A.	Lisbon	Ventinveste Eólica	-	46.00%	46.00%
Parque Eólico de Torrinheiras, S.A.	Lisbon	PE Torrinheiras	-	46.00%	46.00%
Parque Eólico do Douro Sul, S.A.	Lisbon	PE Douro Sul	-	46.00%	46.00%
Parque Eólico do Pinhal do Oeste, S.A.	Lisbon	PE Pinhal do Oeste	-	46.00%	46.00%
Parque Eólico de Vale Grande. S.A.	Lisbon	PE Vale Grande	-	46.00%	46.00%
Parque Eólico de Vale do Chão, S.A.	Lisbon	PE Vale do Chão	-	46.00%	46.00%
Parque Eólico do Cabeço Norte, S.A.	Lisbon	PE Cabeço Norte	-	46.00%	46.00%
Parque Eólico da Serra do Oeste, S.A.	Lisbon	PE Serra do Oeste	-	46.00%	46.00%
Parque Eólico do Planalto, S.A.	Lisbon	PE Planalto	-	46.00%	46.00%
Eviva Dunowo, Sp. Z o.o.	Gliwice	Eviva Dunowo	-	50.00%	50.00%
SPEE 3 – Parque Eólico do Baião, S.A.	Lisbon	SPEE 3	-	50.00%	50.00%
SPEE 2 – Parque Eólico de Vila Franca de Xira, S.A.	Oliveira de Frades	SPEE 2	-	50.00%	50.00%
Parque Eólico da Penha da Gardunha, Lda.	Oliveira de Frades	PE Penha da Gardunha	-	50.00%	50.00%

1) The consolidation of this company through the equity method results from the Group having significant influence of its parent company, which in turn has significant influence on the investee.

2) The consolidation of this company through the equity method results from the Group having significant influence due to a shareholder agreement.

During the 9 month period ended 30 September of 2013 and during 2012 the changes occurred in the consolidation perimeter were as follows:

Incorporated companies:

In the 9 month period ended 30 September of 2013:

Nutre Farming West Part S.R.L. (Nutre West Part) Martifer Construcciones Peru, S.A. (Martifer Peru) Martifer Aluminium SAS (Martifer Aluminium França) Eólica Macaúbas Ltda (Macaúbas) Eólica Sobradinho Ltda (Sobradinho) MTS Downs Farm Solar Limited (MTS Downs) MTS Spittleborough Solar Limited (MTS Spittleborough) MTS Tonge Solar Limited (MTS Tonge) MTS Rydon Solar Limited (MTS Rydon) Martifer Solar Japan KK (Martifer Solar Japan) Martifer Alumínios Ltda (Martifer Alumínios Brasil) Martifer Renewables O&M Sp. z o.o (Martifer Renewables O&M) Visiontera Unipessoal, Lda (Visiontera)

Martifer Solar Servicios Mexico Global Holding Limited Global Engineering & Construction Limited

In 2012:

Martifer Solar RO S.R.L (Martifer Solar Roménia) Martifer Solar Finance LLC (Martifer Solar Finance) Martifer Solar Sistemas Solares Equador S.A. (Martifer Solar Equador) Martifer Solar Chile Operaciones Limitada (Solar Chile Operaciones) Empresa de Energia Renovable Maria del Sol Norte S.A. (Maria del Sol) Nutre Farming B.V. (Nutre Farming) Prio.E – SGPS, S.A. (Prio E SGPS) Martifer Solar Chile Holding, Lda (Solar Chile) Martifer Global SGPS, S.A. (Martifer Global) Martifer Aluminium UK Limited (Martifer Aluminium UK) MTS Trewidland Solar, Ltd (MTS Trewidland Solar) MTS Trefinnick Solar, Ltd (MTS Trefinnick Solar) MTS Hatchlands Solar, Ltd. (MTS Hatchlands Solar) Martifer Solar UA, LLC (Martifer Solar Ucrânia) Inspira Martifer Solar Limited (Inspira Martifer Solar) Bunge Prio Cooperative U.A. (Bunge Prio Cooperative) Martifer-Amal, S.A (Martifer Amal) Martimak Solar Initiative Enerji Uretim Dagitim Sanayi Ve Ticaret Limited Sirketi (Martimak Solar) Martiper Solar Initiative Enerji Uretim Dagitim Sanayi Ve Ticaret Limited Sirketi (Martiper Solar) Societé Developpement Local SA (Solar Senegal) Martifer Solar Singapura PTE. LTD. (Solar Singapura) Sol Cativante VII, S.A. (Sol Cativante VII) Eviva Solar 1 Ltd (Eviva Solar 1) Eviva Solar 2 Ltd (Eviva Solar 2)

Acquired companies:

In the 9 month period ended 30 September of 2013:

Fertilis Agro-Indústrias, Lda (Fertilis)

In 2012:

M. City Szczecin Sp. Z o.o. (M. City Szczecin) LRCC – La Rad Campo Charro – Energias Renováveis, Lda. (LRCC) Share Motivation – Inv. Imobiliários Unipessoal, Lda. (Share Motivation) Magnum Cap Electrical Power, Lda. (Magnum Cap) Martifer Solar, Ltda (Martifer Solar Brasil) Steadfast Fairview Solar, Ltd (Steadfast Fairview Solar) Steadfast Molland Solar, Ltd (Steadfast Molland Solar) Steadfast Rudge Solar, Ltd (Steadfast Rudge Solar) Steadfast Shipton Belinger Solar, Ltd (Steadfast Shipton Belinger Solar) Steadfast Apsley Solar, Ltd (Steadfast Apsley Solar) Bunge Roménia s.r.l. (Bunge Roménia) Sol Cativante III, S.A. (Sol Cativante III) Steadfast Parkhouse Solar Limited (Parkhouse) Centralrest, Lda. (Centralrest)

Sold / dissolved companies:

In the 9 month period ended 30 September of 2013:

Martifer Renewables Bippen GmbH (Eviva Bippen) Eviva Mepe (Eviva Grécia) Energia Wiatrowa Sp. Zo.o ( Energia Wiatrowa) Macquarie Capital Wind Fund Pty LTD (Macquarie)

In 2012:

Eviva Energy SGPS, S.A. (Enerpetra) Sol Cativante IV, S.A. (Sol Cativante IV) Sol Cativante II, S.A. (Sol Cativante II) Sol Cativante VI, Lda.(Sol Cativante VI) Martifer – Hirschfeld Energy Systems LLC (Martifer – Hirschfeld Energy Systems) Silverton Wind Farm Holding (Silverton Wind Farm) Parque Solar Seseña II, S.L. (Parque Solar Seseña II) Parque Solar Segovia, S.L. (Parque Solar Segovia) Parque Solar Quintanar, S.L. (Parque Solar Quintanar) Eurocab FV 20 S.L. (Eurocab FV 20) Veiga & Seabra. S.A. (Veiga & Seabra) Parque Tecnologico do Tamega (PTT) Proempar, S.A (Proempar) MTS 5 (MTS5) Magnum Cap, Lda. (Magnum Cap) Sol Cativante III, S.A. (Sol Cativante III) Sol Cativante V, S.A. (Sol Cativante V) Steadfast Parkhouse Solar Limited (Parkhouse) Steadfast Shipton Belinger Solar, Ltd (Steadfast Shipton Belinger Solar) Steadfast Rudge Solar, Ltd (Steadfast Rudge Solar) MTS Trefinnick Solar, Ltd (MTS Trefinnick Solar) MTS Hatchlands Solar, Ltd. (MTS Hatchlands Solar)

Changes in the consolidation method:

In the 9 month period ended 30 September of 2013:

Prio Agriculture B.V. (Prio Holanda) - from full consolidation method to equity method after its sale by Martifer Renewables SGPS, S.A. to Nutre SGPS, S.A.

Porthold Project Development BV (Porthold) - from full consolidation method to equity method after the sale of Prio Agriculture B.V. by Martifer Renewables SGPS, S.A. to Nutre SGPS, S.A.

In 2012:

Resun Developments, S.A. – In 2011 was consolidated through the full consolidation method. In 2012, after the sale of its financial participation in this entity, Martifer Group maintains only 10% of participation, which is recorded at the cost.

MS – Participações Societárias, S.A. (MS Brasil) – from equity method to the cost, after the loss of join control of this company with Santander Brazil.

Eólica Embuaca, Ltda. (Embuaca) - from equity method to the cost, after the loss of join control of this company with Santander Brazil.

Eólica Mar e Terra, Ltda (Mar e Terra) - from equity method to the cost, after the loss of join control of this company with Santander Brazil.

Eólica Bela Vista, Ltda. (Bela Vista) - from equity method to the cost, after the loss of join control of this company with Santander Brazil.

Eólica Icaraí, Ltda. (Icaraí) - from equity method to the cost, after the loss of join control of this company with Santander Brazil.

Other changes in the consolidation perimeter:

In the 9 month period ended 30 September of 2013:

Porthold Project Development BV (Porthold) - increase in financial participation by Prio Agriculture B.V from 55% to 100%.

Eviva Gizalki Sp.Zo.o (Eviva Gizalki) – increase in financial participation by Martifer Renewables SGPS, S.A. from 72% to 100%.

Martifer Solar USA, Inc. (AEM) – increase in financial participation by Martifer Solar Inc. from 63.5% to 99.293%.

Eviva Nalbant S.R.O. (Eviva Nalbant) – increase in financial participation by Eviva Energy S.R.L. from 99% to 100%.

Rosa dos Ventos S.A. (Rosa dos Ventos) – increase in financial participation by Martifer Renováveis-Geração de Energia e Participações, S.A. from 97.5% to 100%.

Prio Energy SGPS - decrease in financial participation by Martifer SGPS, S.A. from 49% to 10%.

In 2012:

Martifer Recycling Sp. Z.o.o. (Martifer Recycling Polónia) – merge by incorporation in Martifer Konstrukcje Sp. Z o.o. (Martifer Konstrukcje)

Martifer - Alumínios, S.A. (Martifer Alumínios Espanha) - merge by incorporation in Martifer – Construcciones Metálicas España, S.A. (Martifer Espanha)

Gebox, S.A (Gebox) – increase in financial participation by Martifer Energy Systems SGPS, S.A. from 65% to100%.

Martifer Solar SGPS, S.A. (Martifer Solar SGPS) – decrease in financial participation by Martifer SGPS, S.A. from 75% to 55%.

Sol Cativante, Lda (Sol Cativante) – increase in financial participation by Martifer Solar, S.A. from 9.1% to 100%.

Ennebiuno S.R.L – acquisition of 100% of shares by MTS4, s.r.l., followed by merge in this company.

Ennebidue S.R.L – acquisition of 100% of shares by MTS4, s.r.l., followed by merge in this company.

Ennebitre S.R.L – acquisition of 100% of shares by MTS4, s.r.l., followed by merge in this company.

Fvexcava S.R.L – acquisition of 100% of shares by MTS3, s.r.l., followed by merge in this company.

Rosa dos Ventos S.A. (Rosa dos Ventos) – increase in financial participation by MS - Participações Societárias, S.A. from 95% to 97.5%.

3. INFORMATION BY BUSINESS SEGMENTS

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

The Group is organised in three business areas: 'Metallic Construction', 'Solar' and 'RE Developer' that are coordinated and supported by Martifer SGPS.

The Metallic Construction business area includes all the construction activities of steel structures, aluminium façades and glass and stainless steel solutions. It includes also the wind power division, components, turbine assembly and turnkey wind farm delivery, engineering division and navy. In the 'Solar' segment the focus is on the production of PV panels, as well as the turnkey solar parks delivery, promotion, licensing, operation and maintenance of projects. The 'RE Developer' segment includes the promotion and development of projects of renewable energy, with special emphasis in the wind sector.

Amounts related with Martifer SGPS, Martifer Inovação e Gestão S.A. (MIG) and Martifer Gestiune Si Servicii, S.R.L. (MIG RO) are reported as 'Others'.

The accounting policies used in the preparation of the information by business segments is the same used in the preparation of the attached financial statements (Note 1).

At 30 September 2013 and 2012, the breakdown of sales and services rendered by primary segments is as follows:

	SALES TO EXTERNAL CUSTOMERS		INTERSEGMENT SALES		TOTAL
	9M'13 EURO	9M'12 EURO	9M'13 EURO	9M'12 EURO	9M'13 EURO	9M'12 EURO
Metallic Construction	191,912,019	172,756,933	31,515,569	55,100,534	223,427,588	227,857,467
Solar	209,833,159	154,564,165	61,053,835	34,590,926	270,886,994	189,155,091
RE Developer	13,850,987	11,682,849	1,601,569	558,168	15,452,556	12,241,017
Others	863,093	1,529,453	2,731,480	4,386,806	3,594,573	5,916,259
	416,459,259	340,533,400	96,902,453	94,636,434	513,361,712	435,169,834
Intersegment eliminations					(94,120,968)	(91,058,495)
Own work capitalized (Note 5)					(2,781,485)	(3,577,939)
					416,459,259	340,533,400

Sales and services rendered by geographical segments are as follows:

	9M'13 EURO	9M'12 EURO
Iberian Peninsula
Metallic Construction	75,973,576	50,981,130
Solar	37,944,926	59,038,179
RE Developer	4,373,370	4,910,723
Others	738,668	1,370,712
European Union (other)
Metallic Construction	37,292,849	52,684,800
Solar	86,581,952	66,662,487
RE Developer	4,947,951	942,643
Others	44,898	158,741
Other markets
Metallic Construction	78,645,594	69,091,004
Solar	85,385,808	28,863,499
RE Developer	4,529,666	5,829,482
	416,459,259	340,533,400

At 30 September 2013 and 2012, the earnings before interest, taxes, amortizations, provisions and impairment losses (EBITDA), earnings before interest and taxes (EBIT) and profit after tax by primary segments are as follows:

	EBITDA				PROFIT AFTER TAX
	9M'13 EURO	9M'12 EURO	9M'13 EURO	9M'12 EURO	9M'13 EURO	9M'12 EURO
Metallic Construction	(13,846,976)	(6,300,425)	(27,354,749)	(19,530,297)	(43,563,849)	(29,896,327)
Solar	12,004,048	12,290,152	8,362,360	11,013,709	184,128	4,793,296
RE Developer	21,335,766	6,825,872	4,316,395	2,088,248	2,247,923	591,069
Others	146,228	1,800,839	(1,237,366)	366,745	(7,601,606)	(8,488,308)
	19,639,066	14,616,438	(15,913,360)	(6,061,595)	(48,733,404)	(33,000,270)

During this period, the Group has reviewed the presentation in consolidated income statement of the gains/losses from the sale of subsidiary companies, resulting in the reclassification of those amounts from financial results to operating results (see Note 5).

The Group's net assets and liabilities by operating segments at 30 September 2013 and 31 December 2012 are as follows:

		ASSETS		LIABILITIES
	30 SEPTEMBER 2013	31 DECEMBER 2012	30 SEPTEMBER 2013	31 DECEMBER 2012
Metallic Construction	346,741,022	382,567,279	313,478,556	322,965,218
Solar	315,401,179	288,991,897	234,001,756	208,354,852
RE Developer	184,609,170	224,126,986	56,764,494	94,798,380
Holding and MIGs	542,680,337	550,627,281	167,275,318	168,533,767
Intra-group eliminations	(491,786,522)	(469,938,243)	(47,260,921)	(45,532,240)
	897,645,185	976,375,200	724,259,202	749,119,977

The amount of assets and liabilities at 30 September 2013 above includes Assets held for sale (see Note 26).

The Group's capital expenditures (acquisition of tangible and intangible assets) and amortizations, by operating segments, till 30 September 2013 and 2012, are as follows:

	CAPITAL EXPENDITURES		AMORTIZATIONS
	30 SEPTEMBER 2013	30 SEPTEMBER 2012	9M'13 EURO	9M'12 EURO
Metallic Construction	4,568,007	5,857,745	5,369,165	6,214,972
Solar	3,747,555	21,769,825	2,277,473	2,038,817
RE Developer	1,881,150	798,217	3,852,544	3,836,916
Others	62,394	438,820	1,383,595	1,434,095
	10,259,106	28,864,607	12,882,777	13,524,800

4. SALES AND SERVICES RENDERED

At 30 September 2013 and 2012, the breakdown of sales and services rendered is as follows:

	9M'13 EURO	9M'12 EURO
Revenue from the sale of merchandise	101,704,438	61,886,601
Revenue from the sale of goods	108,592,237	79,440,131
Services rendered	206,162,584	199,206,667
	416,459,259	340,533,400

5. OTHER OPERATIONAL GAINS

At 30 September 2013 and 2012 the breakdown of the caption 'Other operational gains' is as follows:

	9M'13 EURO	9M'12 EURO
Change in production	18,234,147	(612,345)
Own work capitalized	2,781,485	3,577,939
Capital Gains in non-financial assets	12,689,254	299,246
Foreign exchange gains	6,590,692	-
Other operational gains	7,528,920	16,986,435
	47,824,498	20,251,275

The caption Change in production is mainly related with the development of solar projects that are being developed in United States of America (Note 21).

The amount included under the heading 'Own work capitalized', during the nine month periods ended 30 September of 2013 is related primarily to the construction of solar parks in the segment 'Solar' in Italy, and with work carried out in Brazil in the segment 'Metallic Construction'.

In the 9 month period ended 30 September of 2012, the caption "Other operational gains' included the effect of the capitalization of development costs of wind farms in the 'RE Developer' segment, which are already finished.

During this period, the Group has reviewed the presentation in consolidated income statement of the gains/losses from the sale of subsidiary companies, resulting in the reclassification of that amounts from financial results to operating results. The rational is that financial results must include only the amounts related with financing costs of the Group or arising from the treasury management and loans.

Thus, at 30 September 2013, the Capital Gains / (Losses) in non-financial assets includes the financial gain from the sale by Martifer Renewables, SGPS, S.A. of the share capital interest of Energia Wiatrowa, Sp. Zo.o, in June 2013. This sale, agreed in 30 September 2011, was conditional to compliance with some terms and conditions set out in the agreement, namely the conclusion of the Rymanow Project, a wind farm with 13 turbines, in the region of Podkarpackie, which is being developed by Energia Wiatrowa.

6. COST OF GOODS SOLD AND SUBCONTRACTORS

At 30 September 2013 and 2012 the cost of goods sold and subcontractors is as follows:

30 SEPTEMBER 2012	MERCHANDISE	RAW-MATERIALS, SUBSIDIARIES AND OTHER CONSUMABLES	TOTAL
Opening balance	7,959,678	14,706,812	22,666,490
Purchases	26,381,427	128,463,783	154,845,210
Changes in the consolidation perimeter, currency exchange differences, transfers and others	780,274	907,389	1,687,663
Closing balance	6,098,747	13,489,634	19,588,381
Cost of goods sold	29,022,632	130,588,350	159,610,982
Subcontractors			58,971,038
			218,582,020

30 SEPTEMBER 2013	MERCHANDISE	RAW-MATERIALS, SUBSIDIARIES AND OTHER CONSUMABLES	TOTAL
Opening balance	6,557,447	10,825,365	17,382,812
Purchases	59,802,263	98,952,987	158,755,250
Changes in the consolidation perimeter, currency exchange differences, transfers and others	4,083,183	54,095	4,137,278
Reclassification to fixed assets (Notes 16 and 17)	6,416,400	-	6,416,400
Closing balance	12,540,306	13,435,754	25,976,060
Cost of goods sold	64,318,987	96,396,693	160,715,680
Subcontractors			111,123,713
			271,839,393

7. EXTERNAL SUPPLIES AND SERVICES

At 30 September 2013 and 2012 the external supplies and services are as follows:

	9M'13 EURO	9M'12 EURO
Transportation of goods	13,877,959	6,784,421
Specialized Works	25,767,774	14,232,870
Leases and rents	13,362,965	11,332,620
Service Fees	10,874,395	504,128
Travelling expenses	4,797,306	4,642,325
Electricity and Fuel	3,119,588	3,233,901
Insurance	2,602,667	2,715,736
Maintenance and repairs	1,267,985	1,084,915
Communications	1,271,517	1,353,898
Security	1,202,870	997,538
Legal and notarial fees	919,076	1,155,636
Commissions	604,629	1,043,551
Advertising	748,549	1,100,165
Cleaning, health and safety	509,609	536,280
Tools and devices	463,198	1,005,275
Other	2,755,956	2,955,242
	84,146,042	54,678,500

8. STAFF COSTS

At 30 September 2013 and 2012, staff costs are as follows:

	9M'13 EURO	9M'12 EURO
Salaries	47,428,099	48,750,676
Social contributions	13,866,620	14,649,202
	61,294,719	63,399,878

The caption 'social contributions' includes mainly the social security contributions, the food and health subsidies, insurance costs and dismissal compensation.

9. OTHER OPERATIONAL LOSSES

At 30 September 2013 and 2012, the caption 'Other operational losses' is as follows:

	9M'13 EURO	9M'12 EURO
Taxes	4,557,816	1,530,405
Trade debtors and other assets impairments	8,817,294	5,926,515
Capital Losses in non-financial assets	611,873	14,083
Foreign exchange losses	6,870,471	-
Other operational losses	6,507,083	2,036,836
Total	27,364,537	9,507,839

10. PROVISIONS AND IMPAIRMENT LOSSES

The provisions and impairment losses during the nine month periods ended 30 September of 2013 and 2012 were as follows:

9M'13 EURO	9M'12 EURO
Impairment losses
Goodwill (Note 15) 4,658,577	-
In intangible assets (Note 16) 684,890	-
In tangible assets (Note 17) 13,135,342	1,150,786
18,478,809	1,150,786
Provisions (Note 30)
Arising from the use of the equity method 685,803	784,794
Quality guarantees 31,535	233,335
Legal claims in progress 1,197,016	-
Others 2,276,486	4,984,319
4,190,840	6,002,447

11. NET FINANCIAL RESULTS

The net financial results for the years ended at 30 September 2013 and 2012 can be analysed as follows:

FINANCIAL INCOME	9M'13 EURO	9M'12 EURO
Loans and accounts receivable (including bank deposits)
- Interest income	3,465,850	4,264,391
Financial assets available for sale
- Dividend income	27,341	203
- Gains on the sale of financial assets	17,383,756	497,276
Other financial income related to other financial assets
- Foreign exchange gains	4,036,839	9,587,025
- Other financial income	972,792	331,528
	25,886,578	14,680,423

FINANCIAL EXPENSES	9M'13 EURO	9M'12 EURO
Loans and accounts payable
- Interest expenses in bank loans and in finance leases	23,825,524	18,290,439
- Of which included in the acquisition cost of assets in progress	(49,982)	(4,361)
Available for sale financial assets
- Losses on the sale of financial assets	268,305	276,074
Other financial income related to other financial liabilities
- Foreign exchange losses	6,656,088	12,191,097
- Other financial expenses	8,766,585	7,213,787
	39,466,520	37,967,037

The caption 'gains on the sale of financial assets' is related with the sale of part of the participation in PRIO, ENERGY SGPS, S.A. to a fund represented by management company OXY CAPITAL – SOCIEDADE DE CAPITAL DE RISCO, S.A., decreasing the Group participation from 49% to 10%. This operation was approved by the Competition Authority in September 2013.

The captions 'Foreign exchange gains / (losses)' are related to the occurrence of currency fluctuations, particularly in affiliated companies out of Euro zone.

12. GAINS/ (LOSSES) IN ASSOCIATE COMPANIES AND JOINT ARRANGEMENTS

At 30 September 2013 and 2012, the gains and losses on associate companies and joint-ventures are as follows:

	9M'13 EURO	9M'12 EURO
Grupo Nutre	(18,559,356)	(3,543,625)
Grupo Prio Energy	1,542,456	1,845,278
SPEE 2 – Parque Eólico de Vila Franca de Xira, S,A,	556,993	544,927
SPEE 3 – Parque Eólico do Baião, S,A,	178,979	131,326
Canaverosa Renovables, SL	78,226	122,879
Parque Eólico da Penha da Gardunha, Lda,	-	(27,791)
Promoquatro – Investimentos Imobiliários, Lda,	(47,240)	(761,811)
Macquarie	-	1,437,405
MS Participações Societárias	-	(608,195)
Liskin Green Park	(214,380)	(135,043)
Martifer Amal	(102,329)	-
Parque Solar Seseña 1	134,823	64,784
M City Bialystok Sp, Zo.o	-	-145,273
M City Radom Sp, Zo.o	-	-106,314
Other	118	53,523
	(16,431,710)	(1,127,931)

13. INCOME TAX

The reconciliation between current tax and income tax of the period is summarized as follows:

	9M'13 EURO	9M'12 EURO
Current tax	2,092,351	3,633,272
Deferred tax - generated by temporary differences	107,223	(657,189)
Deferred tax - reversal of temporary differences	1,256,237	670,788
Effect of changes in the income tax rate	(19,930)	(31,065)
Deferred tax - tax losses recognition	(590,260)	(930,058)
Adjustments to the previous years	(27,531)	(45,841)
Other	(9,697)	-
Deferred tax	716,042	(993,365)
Income tax	2,808,393	2,639,907

14. EARNINGS PER SHARE

Martifer SGPS only issued ordinary shares, and as such, no shares have special voting or dividend rights.

Martifer has just one type of potential ordinary dilutive shares: stock options. In order to calculate diluted earnings per share it is necessary to determine if these stock options, independently of being or not exercisable, are diluted, which happened when the exercise price of the opting is lower than the average market price of the shares.

Once the average market price of Martifer' s shares, in the period between 1 January 2013 and 30 September 2013, was Euro 0.62, lower than the exercise price of the stock options (Euro 3.84), these stock options are non-diluted because, if the options were exercised, the number of shares outstanding would be reduced.

Therefore, at 30 September 2013 there were no differences between the basic earnings per share and the diluted earnings per share calculation.

The share capital of Martifer SGPS is represented by 100,000,000 ordinary shares, fully paid, representing a share capital of Euro 50,000,000.

The weighted average number of shares outstanding is deducted of 2,215,910 treasury stocks acquired by Martifer SGPS.

At 30 September 2013 and 2012, the basic and diluted earnings per share can be summarised as follows:

	9M'13 EURO	9M'12 EURO
Profit for the year (I)	(50,201,524)	(35,376,803)
Weighted average number of shares outstanding (II)	97,784,090	97,891,071
Basic and diluted earnings per share (I) / (II)	(0.5134)	(0.3614)
from continuing operations	(0.5134)	(0.3626)
from Assets as held for sale	-	0.0012

15. GOODWILL

At 30 September 2013 and 31 December 2012, the movement occurred in the caption 'Goodwill' is as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Gross amount
Opening balance	19,043,523	18,926,458
Acquisition of subsidiaries	-	734,899
Sale of subsidiaries	(109,934)	-
Effect of foreign currency exchange differences	(718,617)	172,355
Write-off of goodwill fully impaired	-	(790,190)
Closing balance	18,214,972	19,043,523
Accumulated impairment losses
Opening balance	95,555	790,190
Impairment losses recognized in the year	4,658,577	95,555
Sale of subsidiaries	(95,555)	-
Write-off of goodwill fully impaired	-	(790,190)
Closing balance	4,658,577	95,555
Carrying amount at the beginning of the period	18,947,968	18,136,269
Carrying amount at the end of the period	13,556,395	18,947,968

At 30 September 2013 and 31 December 2012, the breakdown of 'Goodwill' is as follow:

	30 SEPTEMBER 2013			31 DECEMBER 2012
	COST	IMPAIRMENT LOSSES	CARRYING AMOUNT	CARRYING AMOUNT
Martifer Construções	5,448,792	-	5,448,792	5,448,792
Sassall Aluminium	4,658,577	(4,658,577)	-	5,356,394
Martifer Metallic Constructions	3,898,809	-	3,898,809	3,898,809
Navalria	1,618,675	-	1,618,675	1,618,675
Martifer Solar	1,493,776	-	1,493,776	1,493,776
Martifer Solar USA	367,396	-	367,396	388,195
Martifer Solar Hellas	72,205	-	72,205	72,205
LRCC-La Rad Campo Charro - Energias Renováveis, Lda	70,843	-	70,843	70,843
Porthold	-	-	-	14,379
MGI	8,373	-	8,373	8,373
Martifer GmbH	6,026	-	6,026	6,026
M PRIME GMBH	3,000	-	3,000	3,000
MTS4	464,665	-	464,665	464,665
MTS3	103,836	-	103,836	103,836
Total	18,214,972	(4,658,577)	13,556,395	18,947,967

During the period it was recognized the impairment loss of the full amount of goodwill in Sassall Aluminium.

16. INTANGIBLE ASSETS

This caption is analysed as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Gross amount, reduced by impairment losses:
Software and other rights	18,685,406	26,145,255
Intangible assets in progress	872,720	24,119,844
Advances for the acquisition of intangible assets	1,465,557	99,623
	21,023,683	50,364,722
Accumulated depreciation:
Software and other rights	12,664,801	10,922,850
Intangible assets in progress	-	-
Advances for the acquisition of intangible assets	-	-
	12,664,801	10,922,850
Carrying amount	8,358,882	39,441,872

At 30 September 2013 and 2012, the gross amount of 'Intangible assets', reduced by impairment losses, can be analysed as follows:

30 SEPTEMBER 2012	SOFTWARE AND OTHER RIGHTS	INTANGIBLE ASSETS IN PROGRESS	ADVANCES FOR THE ACQUISITION OF INTANGIBLE ASSETS	TOTAL
Opening balance 1 January 2012	30,057,374	17,841,233	687,015	48,585,622
Additions	2,812,472	13,326,331	-	16,138,803
Sales, disposals and write-offs	-	-	(676,477)	(676,477)
Effect of foreign currency exchange differences	131,233	7,840	477	139,550
Changes in the consolidation perimeter	(153,167)	(5,775,700)	-	(5,928,867)
Transfers and other movements	(135,126)	(285,857)	-	(420,983)
Closing balance 30 September 2012	32,712,786	25,113,847	11,015	57,837,648

30 SEPTEMBER 2013	SOFTWARE AND OTHER RIGHTS	INTANGIBLE ASSETS IN PROGRESS	ADVANCES FOR THE ACQUISITION OF INTANGIBLE ASSETS	TOTAL
Opening balance 1 January 2013	26,145,255	24,119,844	99,623	50,364,722
Additions	1,251,335	164,681	-	1,416,016
Sales, disposals and write-offs	(6,433)	-	-	(6,433)
Effect of foreign currency exchange differences	(341,165)	(43,032)	(2,294)	(386,491)
Changes in the consolidation perimeter	671,186	(57,982)	-	613,204
Impairment losses	(684,890)	-	-	(684,890)
Reclassification to inventories (Note 21)	(4,544,300)	(23,709,449)	-	(28,253,749)
Transfers and other movements	(2,340,024)	398,658	(97,329)	(2,038,695)
Closing balance 30 September 2013	20,150,964	872,720	-	21,023,684

At 30 September 2013 and 2012, the accumulated amortization and impairment losses of 'Intangible assets' can be analysed as follows:

30 SEPTEMBER 2012	SOFTWARE AND OTHER RIGHTS	INTANGIBLE ASSETS IN PROGRESS	ADVANCES FOR THE ACQUISITION OF INTANGIBLE ASSETS	TOTAL
Opening balance 1 January 2012	8,584,677	-	-	8,584,677
Additions	1,758,051	-	-	1,758,051
Effect of foreign currency exchange differences	(3,005)	-	-	(3,005)
Changes in the consolidation perimeter	2,456	-	-	2,456
Transfers and other movements	(9,584)	-	-	(9,584)
Closing balance 30 September 2012	10,332,595	-	-	10,332,595

30 SEPTEMBER 2013	SOFTWARE AND OTHER RIGHTS	INTANGIBLE ASSETS IN PROGRESS	ADVANCES FOR THE ACQUISITION OF INTANGIBLE ASSETS	TOTAL
Opening balance 1 January 2013	10,922,850	-	-	10,922,850
Additions	1,770,208	-	-	1,770,208
Sales, disposals and write-offs	(6,433)	-	-	(6,433)
Effect of foreign currency exchange differences	(9,002)	-	-	(9,002)
Changes in the consolidation perimeter	459	-	-	459
Transfers and other movements	(13,280)	-	-	(13,280)
Closing balance 30 September 2013	12,664,802	-	-	12,664,802
Carrying Amount:
30 September 2012	22,380,191	25,113,847	11,015	47,505,053
30 September 2013	7,486,162	872,720	-	8,358,882

17. TANGIBLE ASSETS

This caption is analysed as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Gross amount, reduced by impairment losses:
Land and buildings	84,789,566	91,325,592
Equipment	88,075,393	105,292,662
Tangible assets in progress	71,081,846	97,542,316
Other tangible assets	65,033,561	62,614,240
	308,980,366	356,774,810
Accumulated depreciation:
Land and buildings	18,542,731	17,935,741
Equipment	50,609,158	52,821,114
Other tangible assets	14,949,529	12,650,431
	84,101,418	83,407,286
Carrying amount	224,878,948	273,367,524

At 30 September 2013 and 2012, the gross amount of land and buildings, equipment, tangible assets in progress and other fixed assets can be analysed as follows:

30 SEPTEMBER 2012	LAND AND BUILDINGS	EQUIPMENT	TANGIBLE ASSETS IN PROGRESS	OTHER TANGIBLE ASSETS	TOTAL
Opening balance 1 January 2012	96,012,887	109,258,138	91,880,914	62,919,117	360,071,056
Reclassification for Assets held for sale	(136,348)	-	(5,491,549)	-	(5,627,898)
Additions	1,088,025	2,091,906	13,809,017	187,114	17,176,062
Sales, disposals and write-offs	(891,498)	(1,366,297)	(151)	(10,853)	(2,268,799)
Effect of foreign currency exchange differences	229,414	(1,970,391)	(2,462,925)	(224,579)	(4,428,481)
Changes in the consolidation perimeter	(43,298)	1,039,688	(4,518,433)	(246,435)	(3,768,478)
Transfers and other movements	6,404,686	896,885	(6,561,222)	(85,362)	654,987
Closing balance 30 September 2012	102,663,868	109,949,929	86,655,651	62,539,002	361,808,449

30 SEPTEMBER 2013	LAND AND BUILDINGS	EQUIPMENT	TANGIBLE ASSETS IN PROGRESS	OTHER TANGIBLE ASSETS	TOTAL
Opening balance 1 January 2013	91.325.592	105.292.661	97.542.317	62.614.240	356.774.810
Reclassification for Assets held for sale	(4.350.361)	(17.209.159)	(45.879)	(2.037.678)	(23.643.078)
Additions	246.945	1.337.422	5.845.056	1.413.667	8.843.090
Sales, disposals and write-offs	(85.901)	(3.183.497)	(94.064)	(233.422)	(3.596.884)
Effect of foreign currency exchange differences	(2.390.423)	(2.904.758)	(1.298.699)	(313.088)	(6.906.968)
Changes in the consolidation perimeter	-	-	489	-	489
Impairment losses	-	(25.000)	(8.610.342)	(4.500.000)	(13.135.342)
Reclassification to inventories (note 21)	-	-	(8.786.674)	-	(8.786.674)
Transfers and other movements	43.714	4.767.724	(13.470.359)	8.089.843	(569.078)
Closing balance 30 September 2013	84.789.566	88.075.393	71.081.845	65.033.562	308.980.366

During first nine months of 2013, it was recognized impairment losses in some wind parks, in result of the recent changes in the legislation of the sector in Spain and Romania, in RE Developer segment.

At 30 September 2013 and 2012, the accumulated depreciation and impairment losses of land and buildings, equipment, tangible assets in progress and other fixed assets can be analysed as follows:

30 SEPTEMBER 2012	LAND AND BUILDINGS	EQUIPMENT	TANGIBLE ASSETS IN PROGRESS	OTHER TANGIBLE ASSETS	TOTAL
Opening balance 1 January 2012	15,826,402	49,806,980	-	9,352,706	74,986,088
Additions	2,661,568	6,526,417	-	2,578,764	11,766,749
Sales, disposals and write-offs	(252,812)	(1,099,888)	-	(10,250)	(1,362,950)
Effect of foreign currency exchange differences	101,623	(101,862)	-	(8,728)	(8,967)
Changes in the consolidation perimeter	(241,409)	(230,496)	-	(594)	(472,499)
Transfers and other movements	27,227	(5,860)	-	6,056	27,423
Closing balance 30 September 2012	18,122,599	54,895,291	-	11,917,954	84,935,844

LAND AND BUILDINGS	EQUIPMENT	TANGIBLE ASSETS IN PROGRESS	OTHER TANGIBLE ASSETS	TOTAL
17,935,741	52,821,114	-	12,650,431	83,407,286
(1,603,334)	(4,847,736)	-	(230,677)	(6,681,747)
2,369,968	6,094,999	-	2,648,602	11,112,569
(21,496)	(2,604,810)	-	(70,750)	(2,697,056)
(183,874)	(925,670)	-	(50,693)	(1,160,237)
14,987	(3,241)	-	2,616	14,362
30,739	75,502	-	-	106,241
18,542,731	50,609,158	-	14,949,529	84,101,418
84,541,269	55,054,638	86,655,651	50,621,048	276,872,605
66,246,835	37,466,236	71,081,845	50,084,032	224,878,948

18. INVESTMENT PROPERTIES

The caption 'Investment property' relates to the following investment properties held by Martifer Group: Benavente Shopping Centre, Warehouses in Albergaria-a-Velha (Portugal), the plant in Vagos and Aricesti land (Romania), held by the Martifer Group to earn rental income.

These assets are carried at their fair market value, according to an independent appraisal made by specialized entities, according to international practices (RICS Red Book). Martifer Group will perform regular revaluations of these properties, 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 30 September 2013 and 31 December 2012, the movement occurred in the caption 'Investment properties' is as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Opening balance	16,206,768	17,274,847
Transfers	-	3,448,525
Changes in fair value	-	86,391
Effect of foreign currency exchange differences	(7,214)	363,302
Reclassification to Assets held for sale	-	(4,966,297)
	16,199,554	16,206,768

19. FINANCIAL ASSETS UNDER THE EQUITY METHOD

At 30 September 2013 and 31 December 2012, financial assets under the equity method are as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Prio Energy	2,683,491	11,187,119
SPEE 3 - Parque eólico de Baião, SA	509,079	496,032
SPEE 2 - Parque eólico de Vila Franca de Xira, SA	1,310,464	1,082,739
Macquarie	-	2,043,840
Promoquatro - Investimentos Imobiliários, Lda	138,996	186,236
Martifer Amal, S,A,	318,949	445,944
Canaverosa	197,270	119,044
Parque Sesena 1	251,440	115,380
Other	3,635	3,678
	5,413,323	15,680,011

At 30 September 2013 and 31 December 2012, the movement occurred in this caption is as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Opening balance	15,680,011	14,867,827
Acquisitions	-	445,944
Application of the equity method	1,974,629	2,425,428
Sales/ Dissolutions	(12,250,534)	(1,445,591)
Changes resulting from the loss of control in subsidiaries
MS Participações	-	(718,373)
Effect of foreign currency exchange differences	-	-
Other changes	9,217	104,777
	5,413,323	15,680,011

At 30 September 2013 the value of disposals refers essentially to the sale of part of social participation in PRIO ENERGY, SGPS, S.A. (see Note 11).

20. AVAILABLE FOR SALE INVESTMENTS

At 30 September 2013 and 31 December 2012, available for sale investments are as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Non-current financial investment	39,529	1,663,963
Others	634,768	646,304
	674,297	2,310,267

At 30 September 2013 and 31 December 2012, the movement occurred in the caption 'Available for sale investments' is as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Opening balance	2,310,267	2,179,021
Additions	-	138,993
Reductions	(17,345)	(16,478)
Reclassification to assets held for sale	(1,607,994)	-
Other	(10,630)	8,731
	674,297	2,310,267

21. INVENTORIES

At 30 September 2013 and 31 December 2012, inventories are as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Raw-materials, subsidiaries and other consumables	13,311,537	10,701,150
Work in progress	51,606,038	5,299,576
Merchandise	12,540,306	6,557,447
Finished goods	3,900,756	1,833,889
	81,358,637	24,392,062

Part of the Group's activity is related to the development of solar projects, which can be developed for sale or to use. During the first semester of 2013 ongoing projects were reviewed and, as a consequence, intangible assets (Note 16) and tangible fixed assets (Note 17) were transferred to Inventories as these projects and licenses are being developed for sale and not for its use by Martifer.

22. TRADE AND OTHER RECEIVABLES

The detail of the caption 'trade and other receivables', for the periods ended at 30 September 2013 and 31 December 2012 is as follows:

	NON CURRENT		CURRENT
	30 SEPTEMBER 2013	31 DECEMBER 2012	30 SEPTEMBER 2013	31 DECEMBER 2012
Cost:
Trade receivables:
Trade receivables	31,254,896	31,505,073	157,511,486	146,320,356
Notes receivables	-	-	2,260,219	3,930,470
Doubtful trade receivables	-	-	19,115,837	18,468,425
	31,254,896	31,505,073	178,887,542	168,719,251
Other receivables:
Related companies	80,582,451	100,321,045	14,055,037	15,764,687
Advances to suppliers	2,742	4,847	11,441,500	11,284,325
Others	7,873,697	8,465,440	29,908,564	43,002,651
	88,458,890	108,791,332	55,405,101	70,051,663
	119,713,786	140,296,405	234,292,642	238,770,915

The caption of non-current 'Trade receivables' refers mainly to an amount to receive from an associate company, in the 'Solar' segment, which will be regularized as soon as this company obtains revenues from the sale of energy. This receivable amount bears interests at the market rate.

At 30 September 2013 and 31 December 2012, impairment losses in accounts receivables are as follows:

	NON CURRENT		CURRENT
	30 SEPTEMBER 2013	31 DECEMBER 2012	30 SEPTEMBER 2013	31 DECEMBER 2012
Accumulated impairment losses:
Doubtful trade receivables	-	-	22,840,217	18,362,123
Other receivables	117,055	121,503	7,903,868	7,779,142
	117,055	121,503	30,744,085	26,141,265
Carrying amount – trade receivables	31,254,896	31,505,073	156,047,325	150,357,128
Carrying amount - other receivables	88,341,835	108,669,829	47,501,233	62,272,521
Total	119,596,731	140,174,902	203,548,557	212,629,650

23. INCOME TAX AND CURRENT TAX ASSETS

At 30 September 2013 and 31 December 2012, current tax assets are as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Income tax	2,881,828	2,692,473
Value added tax	15,357,982	15,379,705
Tax in other countries	539,763	1,464,331
Other taxes	3,720,157	1,493,203
Current tax assets	19,617,902	18,337,239

24. OTHER CURRENT ASSETS

At 30 September 2013 and 31 December 2012, the breakdown of the caption 'Other current assets' is as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Accrued income:
Construction contracts
Cost	131,026,100	123,070,681
Impairment losses	(7,127,929)	(5,477,871)
Carrying amount	123,898,171	117,592,810
Interest to be received	1,166,293	46,391
Other accrued income	2,793,112	3,427,374
	127,857,576	121,066,575
Prepayments:
Insurances	809,976	1,505,437
Financial expenses	633,045	727,703
Rents	560,525	892,716
Other prepayments	1,102,347	905,635
	3,105,893	4,031,492
Other (current) financial assets	308,178	620,583
	131,271,647	125,718,650

25. CASH AND CASH EQUIVALENTS

The 'Cash and cash equivalents' caption can be analysed as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Cash and cash equivalents:
Bank deposits	25,550,401	37,585,387
Cash	176,862	439,182
	25,727,263	38,024,569

This caption includes cash on hand and in banks, maturing in no less than 3 months, which are subject to insignificant risk of change in value. At 30 September 2013 and 31 December 2012, no restrictions exist to the usage of the amounts recorded in the caption 'Cash and cash equivalents'.

26. ASSETS HELD FOR SALE

In December 2012, after the decision of closing the facility of Poland, an active plan for selling of lands and building of Martifer Polska, Sp. Zo.o, in 'Metallic Construction' segment, has started. Additionally, there are negotiations under way for the sale of real estate project of Szczecin (Poland), previously classified as investment property, for which the sale is highly probable.

At the end of first half 2013, Martifer Renováveis Geração de Energia e Participações S.A., controlled at 55% by Martifer Renewables SGPS assigned a sale and purchase agreement of 100%, depending on the fulfilment of several conditions, of the company Rosa dos Ventos Geração e comercialização de Energias, S.A. (Rosa dos Ventos), which has the operation of wind farms (i) Canoa Quebrada (ii) Lagoa do Mato with a capacity of 10.5MW and 3.2MW, respectively.

In accordance with IFRS 5, the assets of Poland, as well as the assets and liabilities related to Rosa dos Ventos, were classified as 'Assets held for sale' and 'Liabilities associated with Assets held for sale', respectively.

The breakdown of assets and liabilities of the business unit held for sale at 30 September 2013 is as follows:

	30 SEPTEMBER 2013
Tangible Assets	22,992,660
Investment properties	4,911,257
Available for sale investments	1,421,594
Trade receivables	657,261
Other receivables	1,099,983
Current tax assets	3,279
Other current assets	253,231
Cash and cash equivalents	909,780
Derivatives
Total assets held for sale	32,249,046
Non-controlling interests attributable to Assets held for sale	2,883,401
Non-current liabilities	-
Borrowings	11,834,388
Trade payables	888
Other payables	197,486
Current tax liabilities	28,220
Other current liabilities	18,984
Derivatives
Liabilities related to Assets held for sale	12,079,967
Assets net of liabilities and Non-controlling interests related to Assets held for sale	17,285,678

27. SHARE CAPITAL, TREASURY SHARES AND NON-CONTROLLING INTERESTS

Share capital

Martifer SGPS, SA share capital, fully subscribed and paid at 30 September 2013, amounts to Euro 50,000,000 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. During first nine months of 2013 and 2012, no movements occurred in the number of shares of the Group.

During first nine months of 2013, Martifer SGPS, S.A. did not acquire any shares (2012: 402,819 treasury shares were acquired). After these acquisitions, the Group held 2,215,910 treasury shares, corresponding to 2.22% of its capital.

At 30 September 2013, the share capital of Martifer SGPS, S.A. was held in 42.7% by I'M SGPS, S.A., 37.5% by Mota-Engil SGPS, S.A., and 2.22% are treasury shares. The remaining 17.58% represents free-float listed in Euronext Lisbon.

Non-controlling interests

Movements in the non-controlling interests are as follows:

	30 SEPTEMBER 2013	30 SEPTEMBER 2012
Opening balance	50,975,912	31,783,623
Net profit of the year	1,468,120	2,376,530
Other changes in equity of subsidiaries	(123,481)	1,167,021
Increase in the share capital of subsidiaries	-	32,400
Changes in the consolidation perimeter	(75,672)	47,764
Transactions with non-controlling interests	745,119	18,029,961
Others	-	15,132
Reclassification to attributable to Assets held for sale	(2,883,401)	-
	50,106,597	53,452,432

The most significant value is related with non controlling interests of Martifer Solar, S.A., amounted in to Euro 34.2 million.

28. BORROWINGS

At 30 September 2013 and 31 December 2012, borrowings can be analysed as follows:

31 DECEMBER 2012	UNTIL 1 YEAR	BETWEEN 1 AND 3 YEARS	BETWEEN 3 AND 5 YEARS	MORE THAN 5 YEARS	TOTAL
Financial institutions borrowings:
Bank loans	81,687,445	70,074,451	36,686,840	19,565,015	208,013,751
Bank overdrafts	15,460,101	1,850,466	-	-	17,310,567
Authorized overdrafts	67,783,191	4,533,333	1,200,000	600,000	74,116,524
Other borrowings:
Commercial paper	59,200,000	5,450,000	11,500,000	2,500,000	78,650,000
Other borrowings	4,900,095	4,575,550	3,708,697	2,656,515	15,840,857
	229,030,832	86,483,800	53,095,537	25,321,530	393,931,699
30 SEPTEMBER 2013	UNTIL 1 YEAR	BETWEEN 1 AND 3 YEARS	BETWEEN 3 AND 5 YEARS	MORE THAN 5 YEARS	TOTAL
Financial institutions borrowings:
Bank loans	65,897,003	57,617,488	38,530,196	14,677,417	176,722,105
Bank overdrafts	66,147,545	-	-	-	66,147,545
Authorized overdrafts	75,454,962	-	-	-	75,454,962
Other borrowings:
Commercial paper	8,000,000	3,000,000	4,000,000	-	15,000,000
Other borrowings	44,754,362	2,493,369	1,470,489	2,656,515	51,374,735

260,253,872 63,110,857 44,000,685 17,333,932 384,699,347

The short term amounts considered above, at 30 September 2013, do not take into account the renegotiation of the financial debt approved in this period that is going to be signed during November. This process results in a reduction of short term debt of approximately 30%.

At 30 September 2013, the Group's net debt amounts Euro 377,911,526. The net debt calculation, includes, besides the borrowings mentioned above, the 'finance leases' (Euro 18,972,616), 'derivatives' (Euro 33,175) and 'cash and cash equivalents' (Euro 25,727,263).

29. TRADE PAYABLES AND OTHER PAYABLES

At 30 September 2013 and 31 December 2012, trade payables and other payables can be analysed as follows:

NON CURRENT		CURRENT
30 SEPTEMBER 2013	31 DECEMBER 2012	30 SEPTEMBER 2013	31 DECEMBER 2012
11,710,449	12,239,542	136,082,206	165,013,219
-	-	838,883	840,425
8,942,481	9,046,499	3,605,695	2,378,317
-	387,403	13,067,350	11,316,045
1,655,725	395,101	10,542,786	35,966,130
10,598,206	9,829,003	28,054,714	50,500,917
22,308,655	22,068,545	164,136,920	215,514,136

The balance of non-current 'Trade payables' is related, mainly, with retentions in works performed by external parties, which will be released after the period of guarantee.

At 30 September 2013 and 31 December 2012, the non-current balances due to related companies and other shareholders refer to loans obtained from companies consolidated by the proportionate method, which bear interest at Euribor 3M increased by a 6.75% spread.

30. PROVISIONS

The information related with 'Provisions' as of 30 September 2013 and 31 December 2012 can be detailed as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Quality guarantees	3,224,255	3,176,336
Legal claims in progress	1,506,447	604,844
Provisions arising from the use of the equity method	5,570,803	4,498,385
Others	6,597,135	4,241,128
	16,898,640	12,520,693

The change in the Provisions, compared with 31 December 2012, is as follows:

	OPENING BALANCE	ADDITIONS	DEDUCTIONS	APPLICATIONS	CHANGE OF CONSOLIDATION PERIMETER, EXCHANGE RATE DIFFERENCES, TRANSFERS	CLOSING BALANCE
Quality guarantees	3,176,336	228,130	(196,595)	-	16,383	3,224,254
Legal claims in progress	604,844	1,197,016	-	-	(295,413)	1,506,447
Provisions arising from the use of the equity method	4,498,385	685,803	-	-	386,615	5,570,803
Others	4,241,128	2,817,231	(540,745)	(867,382)	946,904	6,597,136
	12,520,693	4,928,180	(737,340)	(867,382)	1,054,489	16,898,640

31. INCOME TAX AND CURRENT TAX LIABILITIES

At 30 September 2013 and 31 December 2012, 'Income Tax' and 'Current tax liabilities' are made up as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2013
Income Tax	4,646,293	3,623,443
Value added tax	9,834,387	12,421,569
Social security contributions	2,510,915	1,619,163
Personnel income tax withheld	341,014	643,672
Other taxes	2,313,350	1,912,194
Tax in other countries	-	-
Current tax liabilities	14,999,666	16,596,598

32. OTHER CURRENT LIABILITIES

At 30 September 2013 and 31 December 2012, other current liabilities are made up as follows:

	30 SEPTEMBER 2013	31 DECEMBER 2012
Accrued expenses
Holiday pay and bonuses	7,428,011	6,223,844
Interest borne but not yet overdue	7,978,828	3,622,926
Production performed by third parties not yet invoiced	16,683,344	3,613,297
Other accrued expenses	18,963,139	6,166,867
	51,053,322	19,626,934
Deferred income
Production invoiced and not yet performed (related to construction contracts)	27,393,737	26,791,860
Subsidies / Government grants	1,908,349	1,502,984
Other deferred income	2,105,403	2,567,911
	31,407,489	30,862,755
	82,460,811	50,489,688

The caption "Other accrued expenses" includes supplies and services rendered up to September 30, 2013 whose invoices were received after this date.

33. CONTINGENT LIABILITIES

There are no significant changes to the disclosed in the notes to the financial statements for the period ended December 31, 2012.

34. COMMITMENTS

The nature of the Group's commitments did not change in comparison with 31 December 2012.

35. RELATED PARTIES

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.

Therefore, all of these transactions have been eliminated, since the consolidated financial statements disclose information regarding the holding company and its subsidiaries as a unique company.

The balances resulting from transactions performed with associate and jointly controlled companies, accounted through the equity method, are not eliminated. The amount of the balances not eliminated is approximately Euro 94,000,000, with special regard to the accounts receivable from Nutre and Prio Energy Groups which amount to Euro 59,500,000.

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 30 September 2013, that had affected significantly the financial position or performance of the Group.

36. SUBSEQUENT EVENTS

Martifer Group, through its subsidiaries Navalria and Martifer Energy Systems, was the only company admitted in the tender for the sub-concession of the lands and infrastructures of Viana do Castelo's Naval Shipyard.

37. APPROVAL OF THE FINANCIAL STATEMENTS

The accompanying consolidated financial statements were approved by the Board of Directors on 14 th November 2013.

38. 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, 14th November 2013

The Chief Accountant The Board of Directors

_________________________________ __________________________________

Isabel Cristina Loureiro Silva Carlos Manuel Marques Martins

__________________________________ Jorge Alberto Marques Martins

__________________________________ Mário Rui Rodrigues Matias

__________________________________ Arnaldo José Nunes da Costa Figueiredo

__________________________________ Luís Filipe Cardoso da Silva

__________________________________ Luís Valadares Tavares

__________________________________ Jorge Bento Ribeiro Barbosa Farinha