Martifer — Interim / Quarterly Report 2013

May 31, 2013

BEING GLOBAL REPORT

1Q 2013

CONTENTS

MANAGEMENT REPORT	03
01 MARTIFER GROUP	05
Highlights	06
Key Financial Indicators	06
Main Events	07
02 FINANCIAL PERFORMANCE	09
Results Analysis	10
Revenues	11
EBITDA and Net Profit	12
CAPEX	13
Capital Structure Analysis	13
03 ANALYSIS BY SEGMENT	15
Metallic Constructions	16
Solar	18
RE Developer	19
04 MARTIFER SHARE'S PERFORMANCE	21
CONSOLIDATED FINANCIAL INFORMATION 05 INTERIM CONSOLIDATED FINANCIAL STATEMENTS	23 25

06 | NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS 31

MANAGEMENT REPORT

01 | MARTIFER GROUP

HIGHLIGHTS

• Operating Revenues of 128 M€ increasing by 14 % comparing with the same period last year, reflecting the significant improvement in volume of the core business areas: Metallic Construction and Solar
• Portugal only represents 12 % of the total Operating Revenues, which proves the efforts of internationalization
• EBITDA of 2.6 M€ (versus 10.3 M€ in 1Q 2012), reflecting mostly: 1) Costs incurred in Australia in the Metallic Construction business area related with the restructuring of the business in the country and 2) the weak performance of USA market in Martifer Solar which impacted negatively the business margin
• Net consolidated Profit of -13.9 M€, negatively impacted by 11.2 M€ net financial costs
• Total Order Book of 550 M€: Metallic Construction (307 M€) and Solar (243 M€)
• Total Net Debt of 385 M€, slightly above the FY 2012 of 377 M€, mostly due to the CAPEX of 4.7 M€ and Working Capital

€M – IFRS	1Q2013	Margin	1Q2012	Margin	Var. %
Revenues	128.0		112.2		14.0%
EBITDA	2.6	2.0%	10.3	9.2%	-74.5%
EBIT	-2.9	-2.2%	5.4	4.8%	n.m.
Financial Results	-11.2		-8.2		-36.3%
Profit Before Tax	-14.0		-2.9		<-100%
Income tax	0.0		-1.7		n.m.
Results from assets held for sale	0.2		0.0		n.m.
Consolidated Net Profit	-13.9	-10.8%	-4.6	-4.1%	<-100%
Attributable
to non-controlling interests	0.3		0.1		>100%
to shareholders	-14.2		-4.7		<-100%

MAIN FINANCIAL INDICATORS

MAIN EVENTSSUBSEQUENT EVENTS

JANUARY 2013

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

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

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.

MAIN SUBSEQUENT EVENTS

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.

FINANCIAL PERFORMANCE

03 | FINANCIAL PERFORMANCE

RESULTS ANALYSIS

M€	1Q2013	1Q2012	Var. %
Revenues	128.0	112.2	14.0%
Earnings before depreciation, amortization and provisions & impairment losses (EBITDA)	2.6	10.3	-74.5%
EBITDA margin	2.0%	9.2%	-7.2 p.p.
Depreciation & Amortization	4.5	4.5	-1.5%
Provisions & Impairment Losses	1.0	0.4	>100%
Operating Income (EBIT)	-2.9	5.4	n.m.
EBIT margin	-2.2%	4.8%	-7.0 p.p.
Financial Results	-11.2	-8.2	-36.3%
Profit before taxes	-14.0	-2.9	<-100%
Income tax	0.0	1.7	n.m.
Results from assets held for sale	0.2	0.0	n.m.
Net Profit	-13.9	-4.6	<-100%
Attributable to non-controlling interests	0.3	0.1	>100%
Attributable to shareholders	-14.2	-4.7	<-100%
per share €	-0.146	-0.048

.

REVENUES

In the 1Q 2013 Operating Revenues increased by 14.0 % YoY to 128.0 million euro, reflecting the significant improvement in volume of the core business areas: Metallic Construction and Solar

Metallic Construction business area reported an increase of 8.4 % YoY in Revenues, with stronger markets such as Brazil, Saudi Arabia, Angola and France.

The Solar business ended 1Q 2013 with 58.8 million euro of Operating Revenues, increasing by 14.6 % YoY. Portugal, United Kingdom and Mexico were the countries with the higher contribution for the revenues.

	1Q2013		1Q2012
REVENUES	M€	WEIGHT	M€	WEIGHT	VAR.
Martifer Consolidated	128.0		112.2		14.0%
Metallic Construction	66.3	51.8%	61.2	54.5%	8.4%
Solar	58.8	46.0%	51.3	45.7%	14.6%
RE Developer	3.8	3.0%	3.4	3.1%	10.4%
Others	-1.0	-0.8%	-3.7	-3.3%	73%

Note: Others include Holding, Shared Services and eliminations

Portugal represented in the 1T 2013 only 12 % of the total Operating Revenues, which is comparable with 19 % in the FY2012 and which proves the strong efforts of the Group internationalization

REVENUES BREAKDOWN

EBITDA AND NET PROFIT

Consolidated EBITDA in the 1Q 2013 reached 2.6 million euro, versus 10.3 million euro in the same period last year, which reflects a margin of 2.0 %, reflecting a decrease of 7.1 p.p. in margin on a YoY basis.

EBITDA of 2.6 M€ (versus 10.3 M€ in 1Q 2012), reflecting mostly: 1) Costs incurred in Australia in the Metallic Construction business area related with the restructuring in the country and 2) the weak performance of USA market in Martifer Solar which impacted negatively the business margin. Or in other words:

Metallic Construction reported approximately 4.5 million euro of losses in Australia which were related with the restructuring taking place and the negative margin accounted in some of the works. We stress that, in this geography, a reorganization plan is under implementation.

In Solar the EBITDA was mostly affected by the weak performance of USA market, which showed a negative EBITDA of 2.9 million euro. Meanwhile since the beginning of 2013 that 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.

From remaining companies with contribution for the EBITDA, RE Developer had a positive contribution of 2.5 million euro, reaching an improvement of 49.7 % YoY.

		1Q2013		1Q2012
EBITDA	M€	Margin	M€	Margin	Var.
Martifer Consolidated	2.6	2.0%	10.3	9.2%	-74.5%
Metallic Construction	-1.0	-1.6%	4.1	6.6%	<-100%
Solar	1.4	2.3%	4.9	9.5%	-71.6%
RE Developer	2.5	66.6%	1.7	49.1%	49.7%
Others	-0.3		-0.3		-21.0%

Note: Others include Holding, Shared Services and eliminations

The Depreciation & Amortization has shown a slight decrease of 1.5 % to 4.5 million euros. Meanwhile, the Provisions & Impairment Losses has an increase from 0.4 million euro to 1.0 million euro, due to the report of 0.6 million euro of impairments, from the sale of a real state asset from the portfolio set for disposal.

In the 1Q 2013, net financial expenses totalled 11.2 million euro, comparable with 8.2 million euro in the 1Q 2012. This increase is totally explained by the losses record from subsidiary companies in the 1Q 2013 from 0.4 million euro to 3.8 million euro. In other words, the net contribution of equity consolidated associated companies, Prio Energy and Nutre, controlled at 49 % was negative in 4.1 million euro.

Net interest expense was 4.9 million euro in the 1Q 2013, totally in line with the same period last year with 4.8 million euro.

Taxes suffered a significant change, from -0.02 to1.7 million euro what can be explained by the record of deferred tax assets.

Therefore, the Net Profit attributable to shareholders in the 1Q 2013 amounted to negative 13.9 million euro, decreasing from the negative 4.6 million euro in the 1Q 2012.

CAPEX

The amount of investment in fixed assets in the 1Q 2013 was 4.7 million euros, mostly applied as follows:

• (1) Development of solar projects in Italy by Martifer Solar (1.8 million euros). This does not mean long term investment for the company;
• (2) Approx. 0.7 million euros invested in Metallic Construction business area in Saudi Arabia and maintenance CAPEX (2.2 million euro);
• (3) In the RE Developer area, investment of 0.7 million euros in the development and construction of wind farms

CAPITAL STRUCTURE ANALYSIS

FINANCIAL POSITION

€M	1Q2013	2012	Var.
Fixed Assets (including Goodwill)	296.0	331.8	-10.8%
Other non-current assets	186.4	187.7	-0.7%
Inventory and Receivables	447.1	383.8	16.5%
Cash and cash equivalents	33.0	38.0	-13.2%
Assets held for sale	42.0	35.1	19.5%
Total Assets	1,004.5	976.4	2.9%
Shareholders' Equity	162.9	176.3	-7.6%
Non-controlling interests	53.0	51.0	3.9%
Total Equity	215.9	227.3	-5.0%
Non-current debt and leasings	164.1	177.1	-7.3%
Other non-current liabilities	39.8	38.2	4.3%
Current debt and leasings	254.3	238.1	6.8%
Other current liabilities	312.2	286.2	9.1%
Liabilities related to assets held for sale	18.2	9.5	91.1%
Total Liabilities	788.6	749.1	5.3%

Regarding the Balance Sheet position of the Group, it is worth to highlight that there are no significant changes from the last reported period (1H 2012), and Martifer continues to show a robust capital structure with a financial autonomy ratio of approximately 22 %.

Total assets at 31st March 2013, amounted to 1,004.5 million euro, which compares to 976.4 million euro at 31st December 2012. Non-current assets reached 482.4 million euro compared with 519.5 million euro, at the end of 2012.

Total Equity at 31st March 2013 was 215.9 million euro with compares with 227.3 million euro in the end of 2012.

NET DEBT

M€	Metallic Construction	Solar	RE Developer	Holding	Martifer Consolidated
Corporate Net Debt	93	63	26	161	343
Corporate Net Debt allocated to non-operating activities	27				27
Non-Recourse Net Debt			15		15
Total Net Debt	122	63	41	161	385

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

The Group's Consolidated Net Debt at 31st March 2013 totalled 385 million euro, slightly above the 377 million euro registered at the end of 2012. This value was already adjusted by the Net Debt of the asset held for sale (Wiatrowa) of approximately 11.7 million euro.

The Group is focused in its objective to have a debt level between 230 and 250 million euro by the end of 2014. Considering the present debt level (385 million euro) it is the company's goal to pursue further debt reduction of 135 up to 155 million euro until the end of 2014 by the sale of non-core assets, mainly wind farms, solar projects and, residually, from the sale of real estate projects.

ANALYSIS BY SEGMENT

04 | ANALYSIS BY SEGMENT

METALLIC CONSTRUCTIONS

SECTOR TRENDS

• − In Europe, the environment around construction sector had no major changes in the 1Q 2013, comparing with 2012. Indicators continue depressed in Europe, from north to south, and in all segments. Austerity measures across several countries and financial heath in the public sector totally affected the demand of infrastructures and buildings. Euroconstruct institute has made again a downgrade of its construction forecasts for Europe, i.e., from +0.4 % to -1.5 % in 2013.
• − Only emerging markets have been driving economic growth and there has been significant demand for metallic structure, mostly in Asia and South America. Above all, Brazil continues to be a hot spot, with the sector pushed by several infrastructures projects.

ACTIVITY

The order book in the 1Q 2013 accumulated 307 million euros of projects. The current list of works is mostly in 11 countries as can be seen in the table below with Brasil, Saudi Arabia and France in the top 3. 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, we highlight the ships under construction in Navalria
• In the UK, the spotlight goes to Scotland's National Arena and Birmingham New Street Station

BACKLOG BY GEOGRAPHY

COUNTRY	VALUE (M€)	%
Brasil	90.0	29%
Saudi Arabia	61.4	20%
France	46.0	15%
Angola	30.0	10%
United Kingdom	23.4	8%
Portugal	22.0	7%
Spain	14.9	5%
Romania	8.8	3%
Poland	4.0	1%
Australia	3.4	1%
Peru	3.0	1%
TOTAL	307

RESULTS

Metallic Construction Revenues achieved 66.3 million euro in the 1Q 2013, corresponding to a growth of 8.4 % YoY, despite the difficulties across the sector particularly in Europe. The shift of weight from Iberia to Brazil in the Operating Revenues explains the opposite trend in Revenues. In other words, the effort made in the last three years to focus on countries with positive growth rates and strong infrastructures plans is starting to bear fruit. These strategic moves obviously still have a marked negative impact, partly reflected in the cost structure.

The EBITDA in the 1Q 2013 was -1.0, which compares with 4.1 million euro in the 1Q 2012; the difference is in part explained by the losses reported of approximately 4.5 million euro in Australia, which was related with the restructuring taking place and the negative margin accounted in some of the works.

Net Financial Expenses in the 1Q 2013 had an increase of 4.2 % to the 3.4 million euro.

Net Profit totalled -7.5 million euro, of which 0.1 million euro attributable to non-controlling interests in Martifer Angola.

Net Financial Debt in Metallic Constructions at 31st March 2013 reached the 122 million euro, more 2 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, and set to be sold in the future.

Total CAPEX at the 1Q 2013 reached 2.2 million euro mostly of it applied in the maintenance investment in machinery and facilities.

		VAR. %
66.3	61.2	8.4%
-1.0	4.1	n.m.
-1.6%	6.6%	-8.2 pp
-3.0	1.9	n.m.
-4.5%	3.1%	-7.6 pp
3.4	3.3	4.2%
1.1	0.6	97.7%
0.0	0.0	n.m.
-7.5	-1.9	<-100%
0.1	0.1	43.0%
-7.7	-2.0	<-100%
	1Q2013	1Q2012

SOLAR

SECTOR TRENDS

• − According to Bloomberg New Energy Finance (BNEF) the PV sector in the 1Q 2013, margins remain under pressure and at unsustainable negative levels for the PV Manufacturer.
• − Nevertheless BNEF estimates that 2013 will be better than 2012 as demand is strong and prices are expected to stabilise.
• − Demand in the 1Q 2013 was stronger than expected, with UK and Greece surprisingly strong.
• − BNEF revised expectations upwards for 2013 with the median scenario now on the 36.46 GW new build.
• − Japan and China are now the main drivers in Demand.
• − Global oversupply of all components continues. According to BNEF there may be some light at the end of the tunnel in the 2014-15, as consolidation reduces overcapacity and production stabilises while demand rises.
• − 1Q 2013 was a fairly quiet for institutional finance for solar projects and companies, with about \$5.2 bn invested worldwide, mostly in the large PV assets.

ACTIVITY

The backlog of turnkey contracts is currently 243 million euro, with Mexico, United Kingdom, Portugal and USA with the higher weight.

BACKLOG BY GEOGRAPHY

COUNTRY	VALUE (M€)
Mexico	81.5
United Kingdom	31.6
Portugal	18.7
USA	17.7
Canada	17.4
Ukraine	14.8
France	12.0
Romania	7.0
Greece	5.9
Spain	4.3
Brazil	4.0
Italy	3.4
India	0.4
Belgium	0.17
Other	24.13
TOTAL	243

RESULTS

In 1Q 2013 Solar Revenues increased by 14.6 % totalling 58.8 million euro. This performance was already expected. Looking at the Revenues Breakdown the markets with the higher contribution were: Mexico, Portugal, Italy, United Kingdom, and USA.

The EBITDA in the solar in the 1Q 2013 totalled 1.4 million euro, with the margin 7.1 p.p. bellow the margin reported in 1Q 2012. This is, EBTDA level was mostly negatively affected by the performance in the USA, which presented a negative EBITDA of 2.9 million euro. Meanwhile since the beginning of 2013 that 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 dropped by 37 % in the 1Q 2013 related with the 1Q 2012, to 1.3 million euro.

Net Profit in the 1Q 2013 totalled 0.2 million euro, less 77 % compared with same period last year.

CAPEX in the 1Q 2013 was 1.8 million euro. This value is explained by the investment in project development, mostly in Italy (1.3 million euro)

Net Debt in the 1Q 2013 was stable at 62 million euro, compared with the end of the 2012.

SOLAR
M€	1Q2013	1Q2012	VAR. %
Revenues	58.8	51.3	14.6%
EBITDA	1.4	4.9	-71.6%
EBITDA Margin	2%	9%	-7.1 pp
EBIT	0.3	4.1	-91.8%
EBIT Margin	0.6%	7.9%	-7.3 pp
Net Financial Expenses	1.3	2.0	-37.0%
Income tax	-1.2	1.1	n.m.
Net Profit	0.2	1.0	-77.0%
Attributable to non-controlling interests	-0.3	-0.4	31.0%
Attributable to shareholders	0.5	1.4	-64.0%

RE DEVELOPER

RESULTS

RE Developer's Operating Revenues reached 3.8 million euro in the 1Q 2013, what represents a growth of 10.4 % YoY; Explained by the beginning of operations of the wind farm in Romania (Babadag).

Currently, the company has 64 MW of wind farms and solar parks in operation and with contribution to the total revenues.

EBITDA in the 1Q 2013 reached 2.5 million euros in the 1Q 2013, showing an improvement of 49.7 % YoY; it represents a margin of 67 % compared with 49 % at the 1Q12.

Net Profit registered in the 1Q 2013 was positive at 0.4 million euros compared with the 0.5 Net Loss in the 1Q 2012.

CAPEX in the reported period was 0.7 million euro, already adjusted by the value of the wind project in Poland (Wiatrowa), as this was already classified as an asset held for sale.

Net Debt at 31st March 2013 was 40.8 million euro, already adjusted from the value invested in Wiatrowa of 11.7 million euro.

RE DEVELOPER
M€	1Q2013	1Q2012	VAR. %
Revenues	3.8	3.4	10.4%
EBITDA	2.5	1.7	49.7%
EBITDA Margin	66.6%	49.1%	17.5 pp
EBIT	0.5	0.2	>100%
EBIT Margin	13.7%	5.5%	8.2 pp
Net Financial Expenses	0.1	0.6	-84%
Income tax	0.0	0.1	-99%
Net Profit	0.4	-0.5	s.s.
Attributable to non-controlling interests	0.1	0.1	-5%
Attributable to shareholders	0.3	-0.6	s.s.

SHARE PERFORMANCE

04 | SHARE PRICE PERFORMANCE

SHARE PERFORMANCE | since 2011

Source: Reuters

In the 1Q 2013 all the main stock indexes registered slight positive performances. The quarter was booked by several events, as in March the Cyprus' Bailout, Political instability in Italy, which made Fitch to downgrade the country rating, and in Portugal was concluded the 7th troika assessment, with the downwards revision on the economic growth for the country: -2.3 % GDP in 2013 and +0.6 % GDP in 2014 (versus the previous estimates of -1 % in 2013 and +0.8 % in 2014).

Martifer's share price performance had a 16 % positive performance in the 1Q 2013, above the PSI-20, the major Euronext Lisbon market index that had a valorization of 6.7 %.

Martifer's share price ended the 1Q 2013 at 0.64 €/share. The highest price achieved was 0.82 €/share and the lowest price was 0.57 €/share. The daily average volume of stock traded during the 1Q 2013 was 39,984 which mean a significant increase compared with the average volume in 1Q 2012 of 12,983 shares daily average.

Overall, Martifer's market capitalization totalled 64 million euro at the end of the first quarter period of 2013.

INTERIM CONSOLIDATED FINANCIAL INFORMATION

FINANCIAL STATEMENTS

05 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENTS FOR THE QUARTERS ENDED 31 MARCH 2013 AND 31 MARCH 2012

(Amounts expressed in Euro)

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

	NOTES	3M' 2013 (NON AUDITED)	3M' 2012 (NON AUDITED)
Sales and services rendered	3 and 4	126,279,990	111,062,342
Other income	5	1,701,302	1,173,024
Cost of goods sold	6	(48,330,282)	(49,230,107)
Subcontractors	6	(38,255,801)	(22,159,227)
Gross profit		41,395,209	40,846,032
External supplies and services	7	(17,399,470)	(17,354,331)
Staff costs	8	(20,570,677)	(20,781,832)
Other operational gains and losses	9	(803,540)	7,582,366
		2,621,522	10,292,235
Amortizations	3, 16 and 17	(4,462,855)	(4,529,638)
Impairment losses	10	(621,068)	(410,222)
Provisions	10 and 30	(396,616)	-
Operating income		(2,859,017)	5,352,375
Financial income	11	3,667,979	6,492,947
Financial expenses	11	(11,094,812)	(14,289,652)
Gains / (losses) on associate companies and joint arrangements	12	(3,761,270)	(410,291)
Profit before tax		(14.047.121)	(2.854.621)
Income tax	13	21,689	(1,700,476)
Profit after tax		(14,025,432)	(4,555,097)
Earnings of the assets as held for sale	26	158,086	(2,152)
Attributable to:
non-controlling interests		-	-
owners of Martifer		158,086	(2,152)
Profit for the year		(13,867,346)	(4,557,249)
Attributable to:
non-controlling interests		287,823	141,300
owners of Martifer		(14,155,169)	(4,698,549)
Earnings per share:
Basic	14	(0.1448)	(0.0479)
from continuing operations		(0.1464)	(0.0479)
from Assets held for sale		0.0016	-
Diluted	14	(0.1448)	(0.0479)
from continuing operations		(0.1464)	(0.0479)
from Assets held for sale		0.0016	-

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE QUARTERS ENDED 31 MARCH 2013 AND 31 MARCH 2012

(Amounts expressed in Euro)

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

	3M' 2013 (NON AUDITED)	3M' 2012 (NON AUDITED)
Profit for the year	(13,867,346)	(4,557,249)
Fair value of cash flow hedges (derivatives), net of tax	493,090	(5,660)
Fair value of available for sale financial assets, net of tax	-	-
Exchange differences arising on (i) translating foreign operations; (ii) net investment in subsidiaries and (iii) goodwill	(98,084)	1,074,943
Gains on revaluation of tangible fixed assets, net of tax	-	-
Income recognized directly in equity	395,006	1,069,283
Total comprehensive income for the period	(13,472,340)	(3,487,966)
Attributable to:
non-controlling interests	348,482	219,817
owners of Martifer	(13,820,821)	(3,707,783)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AT 31 MARCH 2013 AND 31 DECEMBER 2012

(Amounts expressed in Euro)

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

	NOTES	31 MARCH 2013 (NON AUDITED)	31 DECEMBER 2012 (AUDITED)
ASSETS
Non-current assets
Goodwill	15	19,287,831	18,947,967
Intangible assets	16	10,249,166	39,441,872
Tangible assets	17	266,439,845	273,367,524
Investment property	18	16,217,257	16,206,768
Financial assets under the equity method	19	14,730,200	15,680,011
Available for sale investments	20	2,635,759	2,310,267
Other non-current receivables	22	139,040,869	140,174,902
Deferred tax assets		13,821,915	13,343,738
		482,422,842	519,473,049
Current assets
Inventories	21	68,072,411	24,392,062
Trade receivables	22	156,949,731	150,357,128
Other receivables	22	60,147,968	62,272,521
Income tax	23	2,425,926	2,692,473
Current tax assets	23	21,400,825	18,337,239
Other current assets	24	138,142,223	125,718,650
Cash and cash equivalents	25	33,017,868	38,024,569
Assets held for sale	26	41,963,183	35,107,509
		522,120,134	456,902,151
Total assets		1,004,542,976	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		(56,539,872)	(1,499,182)
Profit for the year		(14,155,169)	(55,852,988)
Equity attributable to owners of Martifer		162,936,440	176,279,311
Non-controlling interests	27	52,975,165	50,975,912
Non-controlling interests attributable to Assets held for sale		-	-
Total equity	27	215,911,605	227,255,223
LIABILITIES
Non-current liabilities
Borrowings	28	152,315,164	164,900,867
Obligation under finance leases		11,814,515	12,169,176
Other non-current liabilities	29	23,054,305	22,068,545
Provisions	30	13,139,316	12,520,693
Deferred tax liabilities		3,626,116	3,583,895
		203,949,416	215,243,176
Current liabilities
Borrowings	28	245,387,817	229,030,832
Obligation under finance leases Trade payables	29	8,174,500 164,244,406	8,586,378 165,013,219
Other payables	29	58,046,885	50,500,917
Income tax	31	4,534,272	3,623,443
Current tax liabilities	31	14,509,877	16,596,598
Other current liabilities	32	70,855,063	50,489,688
Derivatives		724,279	510,804
Liabilities related with Assets held for sale	26	18,204,856	9,524,921
		584,681,955	533,876,801
Total liabilities		788,631,371	749,119,977
Total equity and liabilities		1,004,542,976	976,375,200

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE QUARTERS ENDED 31 MARCH 2013 AND 31 MARCH 2012

(Amounts expressed in Euro)

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

					FAIR VALUE RESERVES
	ISSUED CAPITAL	TREASURY STOCK	SHARE PREMIUM	REVALUATION OF FIXED ASSETS	AVAILABLE FOR SALE INVESTMENS	CASH FLOW HEDGE DERIVATIVES	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	(2,415,630)	186,500,000	-	-	(289,985)	(19,563,611)	198,979	69,908,833	(48,587,256)	235,751,330	31,783,623	267,534,953
Appropriation of the profit of 2011	-	-	-	-	-	-	-	-	(48,587,256)	48,587,256	-	-	-
Comprehensive income for the year:	-	-
Profit for the year	-	-	-	-	-	-	-	-	-	(4,698,549)	(4,698,549)	141,300	(4,557,249)
Exchange differences arising on (i) translating foreign operations and (ii) net investment in subsidiaries	-	-	-	-	-	-	871,983	-	-	-	871,983	85,336	957,318
Exchange differences arising on goodwill	-	-	-	-	-	-	117,583	-	-	-	117,583	42	117,625
Other changes in equity of subsidiaries	-	-	-	-	-	1,200	-	-	-	-	1,200	(6,860)	(5,660)
Total comprehensive income for the year	-	-	-	-	-	1,200	989,566	-	-	(4,698,549)	(3,707,783)	219,817	(3,487,966)
Acquisition of treasury stock	-	(407,279)	-	-	-	-	-	-	-	-	(407,279)	-	(407,279)
Stock options	-	-	-	-	-	-	-	-	-	-	-	-	-
Other changes in equity of subsidiaries	-	-	-	-	-	-	-	-	(863,858)	-	(863,858)	302,904	(560,954)
Changes in the consolidation perimeter	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-controlling interests transactions	-	-	-	-	-	-	-	-	(692,811)	-	(692,811)	(191,126)	(883,937)
Balance at 31 March 2012	50,000,000	(2,822,909)	186,500,000	-	-	(288,785)	(18,574,045)	198,979	19,764,907	(4,698,549)	230,079,598	32,115,219	262,194,816
Balance at 1 January 2013	50,000,000	(2,868,519)	186,500,000	-	-	(902,433)	(18,903,670)	-	18,306,920	(55,852,988)	176,279,310	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										(14,155,169)	(14,155,169)	287,823	(13,867,346)
Exchange differences arising on (i) translating foreign operations and (ii) net investment in subsidiaries	-	-	-	-	-	-	(484,462)	-	-	-	(484,462)	32,135	(452,327)
Exchange differences arising on goodwill	-	-	-	-	-	-	346,975	-	-	-	346,975	7,269	354,243
Other changes in equity of subsidiaries	-	-	-	-	-	471,835		-		-	471,835	21,255	493,090
Total comprehensive income for the year	-	-	-	-	-	471,835	(137,487)	-	-	(14,155,169)	(13,820,821)	348,482	(13,472,340)
Acquisition of treasury stock	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock options	-	-	-	-	-	-	-	-	-	-	-	-	-
Other changes in equity of subsidiaries	-	-	-	-	-	-	-	-	1,454,215	-	1,454,215	1,798,347	3,252,562
Changes in the consolidation perimeter	-	-	-	-	-	-	-	-	(41,915)	-	(41,915)	(75,706)	(117,621)
Non-controlling interests transactions	-	-	-	-	-	-	-	-	(934,350)	-	(934,350)	(71,870)	(1,006,219)
Balance at 31 March 2013	50,000,000	(2,868,519)	186,500,000	-	-	(430,598)	(19,041,158)		(37,068,117)	(14,155,169)	162,936,440	52,975,165	215,911,605

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE QUARTERS ENDED 31 MARCH 2013 AND 31 MARCH 2012

(Amounts expressed in Euro)

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

	3M' 2013 (NON AUDITED)	3M' 2012 (NON AUDITED)
OPERATING ACTIVITIES
Receipts from customers	154,257,566	156,992,976
Payments to suppliers	(131,893,836)	(129,463,256)
Payments to employees	(19,575,072)	(19,665,495)
Cash generated from operations	2,788,658	7,864,225
Income tax paid	737,446	(544,159)
Other receipts/(payments) relating to operating activities	660,151	(5,207,442)
Cash generated from other operating activities	1,397,596	(5,751,600)
Net cash generated by operating activities (1)	4,186,255	2,112,624
INVESTING ACTIVITIES
Receipts arising from:
Financial assets	137,780	-
Tangible assets	783,743	409,093
Intangible assets	2,164	411,512
Investment grants	-	-
Interest and similar income	656,929	1,238,807
Dividends	-	-
Others	61,859	408,500
	1,642,475	2,467,912
Payments arising from:
Financial assets	(500,000)	(883,937)
Tangible assets	(2,926,165)	(7,418,236)
Intangible assets	(4,638,929)	(4,210,234)
Others	(1,598)	(5,000)
	(8,066,692)	(12,517,407)
Net cash generated by investing activities (2)	(6,424,218)	(10,049,495)
FINANCING ACTIVITIES
Receipts arising from:
Borrowings	91,532,067	75,190,448
Issue of equity shares, supplementary capital and share premiums	-	-
Grants and donations	-	16,043
Others	504,324	258,196
	92,036,391	75,464,687
Payments arising from:
Borrowings	(87,760,785)	(83,256,225)
Leasings	(766,539)	(1,549,805)
Interest and similar costs	(5,263,207)	(6,360,912)
Dividends	-	-
Acquisition of treasury stock	-	(2,822,909)
Others	(534,913)	(271,480)
	(94,325,444)	(94,261,331)
Net cash generated by financing activities (3)	(2,289,053)	(18,796,644)
Net increase in cash and cash equivalents (4)=(1)+(2)+(3)	(4,527,016)	(26,733,515)
Changes in the consolidation perimeter and others	(453,779)	(20,902,522)
Effect of foreign exchange currencies	(25,906)	(470,242)
Cash and cash equivalents at the beginning of the year	38,024,569	77,886,483
	33,017,868	29,780,204
Cash and cash equivalents at the end of the year

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 31 March 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 and India.

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 31 March 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. During the quarter ended in 31 March 2013 there were not ammendments or new International Financial Reporting Standards (IFRS) and/or Interpretations issued or entering into force.

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 31 March 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	Bucharest	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 UK Limited	London	Martifer UK	-	100.00%	100.00%
MT Construction Maroc, S.A.R.L.	Tânger	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	Wien	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.	Bucharest	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%

			PERCENTAGE OF SHARE CAPITAL HELD
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL
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%
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 do Chile	Martifer Solar Chile	-	55.00%	55.00%
Martifer Solar Chile Operaciones Limitada	Santiago do 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 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 1)	-	34.93%	34.93%
Martifer Aurora Solar, LLC	Santa Monica CA	Solar Aurora 1)	-	34.58%	34.58%
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	MTS61)	-	46.75%	46.75%
Martifer Solar SK s.r.o.	Dolny Kubin	Martifer Solar Eslováquia	-	55.00%	55.00%
Ginosa Solar Farm, S.R.L.	Rome	Ginosa Solar Farm	-	55.00%	55.00%
Solar Spritehood S.R.L	Rome	Solar Spritehood	-	55.00%	55.00%
MTS7, S.R.L.	Rome	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%
EVIVA SOLAR 1 LTD	Athens	Eviva Solar 1	-	54.90%	54.90%
EVIVA SOLAR 2 LTD	Athens	Eviva Solar 2	-	54.90%	54.90%
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%
Martifer Solar, Ltda	Pindamonhangaba	Martifer Solar Brasil	-	54.45%	54.45%

	PERCENTAGE OF SHARE CAPITAL HELD
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL
LRCC – La Rad Campo Charro – Energias Renováveis, Lda.	São Martinho do Porto	LRCC	-	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.	Madrid	Eurocab 13	-	100.00%	100.00%
Eurocab FV 14 S.L.	Madrid	Eurocab 14	-	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	-	99.00%	99.00%
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	Wien	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%
Energia Wiatrowa Sp. Zo.o	Gliwice	Energia Wiatrowa 3)	-	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 Cacimbas, Ltda.	Fortaleza	Cacimbas	-	55.00%	55.00%
SBER – Sociedade Brasileira de Energias Renováveis, Ltda.	Fortaleza	SBER 1)	-	41.25%	41.25%
Melosa – Geração de Energia e Participações, Ltda.	Fortaleza	Melosa	-	55.00%	55.00%

			PERCENTAGE OF SHARE CAPITAL HELD
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL
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 Ventos	-	53.63%	53.63%
Eólica Macaúbas, Ltda.	Fortaleza	Macaúbas	-	54.99%	54.99%
Eólica Sobradinho, Ltda.	Fortaleza	Sobradinho	-	54.99%	54.99%
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 SHARE 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%
Prio Foods Brasil LTDA	S. Luís do Maranhão	Prio Foods Brasil	-	49.00%	49.00%
Prio Extractie S.R.L.	Bucharest	Prio Extractie	-	22.05%	22.05%
Prio Agro Industries. Sp. Z o.o.	Gliwice	Prio Polónia	-	49.00%	49.00%

			PERCENTAGE OF SHARE 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	Lisbon	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 Cooperativa	-	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%
Prio Energy SGPS. S.A.	Oliveira de Frades	Prio Energy SGPS	49.00%	-	49.00%
Prio Biocombustíveis. S.A.	Oliveira de Frades	Prio Biocombustíveis	-	49.00%	49.00%
Prio Energy. S.A.	Oliveira de Frades	Prio Energy	-	49.00%	49.00%
Mondefin	Coimbra	Mondefin	-	49.00%	49.00%
Prio Parque de Tanques de Aveiro, S.A.	Oliveira de Frades	Prio Tanques	-	49.00%	49.00%
Prio.E-Electric, S.A.	Oliveira de Frades	Prio.E-Electric	-	49.00%	49.00%
Park Charge-Energy Systems, Lda	Oliveira de Frades	Park Charge	-	49.00%	49.00%
Prio. E – SGPS, S.A.	Oliveira de Frades	Prio E SGPS	-	49.00%	49.00%
Share Motivation, Lda.	Oliveira de Frades	Share Motivation	-	49.00%	49.00%
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%
Macquarie Capital Wind Fund Pty Limited	Sidney	Macquarie	-	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 joint control of its parent company, which in turn has joint or full control of the investee.

During the first quarter of 2013 and during 2012 the changes occurred in the consolidation perimeter were as follows:

Incorporated companies:

During the first quarter 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)

During 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 Cooperativa U.A. (Bunge Prio Cooperativa) 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:

During 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 companies:

During the first quarter of 2013:

Martifer Renewables Bippen GmbH (Eviva Bippen) Eviva Mepe (Eviva Grécia)

During 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:

During the first quarter 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 maintainsonly 10% of participation, which is recorded at the cost.

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

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

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

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

Other changes in the consolidation perimeter:

During the first quarter 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%.

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).

		SALES TO EXTERNAL CUSTOMERS		INTERSEGMENT SALES
	3M' 2013	3M' 2012	3M' 2013	3M' 2012
Metallic Construction	64,924,474	58,155,428	8,872,132	21,752,579
Solar	57,394,257	49,113,016	14,373,021	9,179,441
RE Developer	3,698,810	3,283,173	84,718	2,952,464
Others	262,449	510,725	777,086	678,064
	126,279,990	111,062,342	24,106,957	34,562,548

At 31 March 2013 and 2012, the breakdown of sales and services rendered by primary segments is as follows:

		TOTAL
	3M' 2013	3M' 2012
Metallic Construction	73,796,606	79,908,007
Solar	71,767,278	58,292,457
RE Developer	3,783,528	6,235,637
Others	1,039,535	1,188,789
	150,386,947	145,624,890
Intersegment eliminations	(22,689,966)	(33,385,182)
Own work capitalized (Note 5)	(1,416,991)	(1,177,366)
Sales and services rendered to external customers	126,279,990	111,062,342

Sales and services rendered to external clients – 'Metallic Construction' and 'Solar'- increased in the first quarter, when compared with the same period of previous year, as a result of the internationalization strategy of the group. 'RE Developer' segment keeps its focus in the markets with assets in operation– Brazil, Romania, Spain and Poland.

Sales and services rendered by geographical segments are as follows:

	3M' 2013	3M' 2012
Iberian Peninsula	41,074,372	32,231,009
European Union (other)	43,729,169	42,912,559
Other markets	41,476,449	35,918,773
	126,279,990	111,062,342

'Metallic Construction' segment's sales and services rendered are mainly related with the activity developed in Brazil, Saudi Arabia, Angola, France and UK. In the 'Solar' segment has particular significance the projects developed in Mexico and UK. Sales and services of 'RE Developer' are mainly related with projects developed in Romania and Brazil.

At 31 March 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		EBIT
	3M' 2013	3M' 2012	3M' 2013	3M' 2012
Metallic Construction	(1,034,879)	4,061,367	(2,973,997)	1,897,455
Solar	1,381,526	4,869,613	331,762	4,066,055
RE Developer	2,502,148	1,689,199	491,143	186,245
Others	(227,273)	(327,944)	(707,925)	(797,380)
	2,621,522	10,292,235	(2,859,017)	5,352,375

	PROFIT AFTER TAX
	3M' 2013	3M' 2012
Metallic Construction	(7,513,119)	(1,941,712)
Solar	237,349	1,017,421
RE Developer	262,887	(511,736)
Others	(7,012,550)	(3,119,070)
	(14,025,432)	(4,555,097)

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

		ASSETS		LIABILITIES
	31 MARCH 2013	31 DECEMBER 2012	31 MARCH 2013	31 DECEMBER 2012
Metallic Construction	402,630,949	382,567,279	350,101,147	322,965,218
Solar	290,575,979	288,991,897	209,164,648	208,354,852
RE Developer	231,401,996	224,126,986	101,336,681	94,798,380
Others	550,093,061	550,627,281	173,993,715	168,533,767
Intra-group eliminations	(470,159,009)	(469,938,243)	(45,964,820)	(45,532,240)
	1,004,542,976	976,375,200	788,631,371	749,119,977

The Group's capital expenditures (acquisition of tangible and intangible assets) and amortizations, by operating segments, till 31 March 2013 and 2012, are as follows:

	CAPITAL EXPENDITURES		AMORTIZATIONS
	31 MARCH 2013	31 MARCH 2012	3M' 2013	3M' 2012
Metallic Construction	2,170,005	2,683,634	1,860,521	2,077,663
Solar	1,799,373	8,228,346	748,186	670,668
RE Developer	664,905	551,326	1,373,495	1,311,871
Others	42,453	379,347	480,653	469,436
	4,676,736	11,842,653	4,462,855	4,529,638

The amount invested in tangible fixed assets and intangible assets during the first quarter of 2013 was mainly applied to the development of solar projects Italy (1.3 million euro) and to Metallic Construction's maintenance investment (2 million euro), particularly in the markets of Brazil, Saudi Arabia and the Iberian Peninsula.

4. SALES AND SERVICES RENDERED

At 31 March 2013 and 2012, the breakdown of sales and services rendered is as follows:

	3M' 2013	3M' 2012
Revenue from the sale of merchandise	16,212,608	22,929,767
Revenue from the sale of goods	30,516,555	25,755,679
Services rendered	79,550,827	62,376,896
	126,279,990	111,062,342

5. OTHER INCOME

At 31 March 2013 and 2012, the breakdown of the caption 'Other income' is as follows:

	3M' 2013	3M' 2012
Change in production	284,311	(4,342)
Own work capitalized	1,416,991	1,177,366
	1,701,302	1,173,024

The amount included under the heading 'Own work capitalized', during the first quarter of 2013 is related primarily to the construction of solar parks in the segment 'Solar' in Italy, and with work carried out in Saudi Arabia in the segment 'Metallic Construction'.

6. COST OF GOODS SOLD AND SUBCONTRACTORS

At 31 March 2013 and 2012 the cost of goods sold and subcontractors is as follows:

31 MARCH 2012	MERCHANDISE	RAW-MATERIALS, SUBSIDIARIES AND OTHER CONSUMABLES	TOTAL
Opening balance of the continued operations	7,959,678	14,706,812	22,666,490
Purchases	4,830,703	44,028,554	48,859,257
Changes in the consolidation perimeter, currency exchange differences, transfers and others	907,562	430,802	1,338,364
Closing balance of the continued operations	8,827,302	14,806,702	23,634,004
	4,870,641	44,359,466	49,230,107

Subcontractors 22,159,227

31 MARCH 2013	MERCHANDISE	RAW-MATERIALS, SUBSIDIARIES AND OTHER CONSUMABLES	TOTAL
Opening balance of the continued operations	6,557,447	10,825,365	17,382,812
Purchases	13,585,986	36,890,926	50,476,912
Changes in the consolidation perimeter, currency exchange differences, transfers and others	6,779,641	(114,028)	6,665,613
Closing balance of the continued operations	13,806,517	12,388,538	26,195,055
	13,116,557	35,213,725	48,330,282
Subcontractors			38,255,801

7. EXTERNAL SUPPLIES AND SERVICES

At 31 March 2013 and 2012 the external supplies and services are as follows:

	3M' 2013	3M' 2012
Specialized works	3,509,500	4,612,417
Leases and rents	3,367,200	2,969,205
Transportation of goods	3,615,032	2,700,767
Travelling expenses	1,305,441	1,209,918
Insurance	920,125	1,072,151
Electricity and Fuel	927,069	937,496
Legal and notarial fees	747,776	417,883
Commissions	192,663	461,795
Communications	392,533	443,192
Maintenance and repairs	497,918	318,927
Security	333,669	401,914
Advertising	244,667	267,809
Tools and devices	82,895	255,892
Cleaning, health and safety	117,422	156,980
Service Fees	314,433	102,631
Other	831,127	1,025,354
	17,399,470	17,354,331

8. STAFF COSTS

At 31 March 2013 and 2012, staff costs are as follows:

	3M' 2013	3M' 2012
Salaries	15,691,392	16,244,556
Social contributions	4,879,285	4,537,276
	20,570,677	20,781,832

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

9. OTHER OPERATIONAL GAINS AND LOSSES

At 31 March 2013 and 2012, the caption 'Other operational gains and losses' is as follows:

	3M' 2013	3M' 2012
Taxes	(864,546)	(194,822)
Impairment losses and reversals of impairment losses
- Trade debtors	(1,155)	316,642
- Other impairment losses	(335,838)	54,238
Supplementary income	398,850	327,011
Capital Gains / (Losses) in non-financial assets	226,081	60,531
Operating subsidies	31,505	189,563
Investments subsidies	36,837	39,384
Other operational gains / losses	(295,274)	6,789,819
	(803,540)	7,582,366

In the first quarter of 2012, the caption "Other operational gains / losses' included the effect of the capitalization of development costs of wind farms in the 'RE Developer' segment.

10. PROVISIONS AND IMPAIRMENT LOSSES

The provisions and impairment losses during the first ^t quarter of 2013 and 2012 were as follows:

	3M' 2013	3M' 2012
Tangible assets impairment	621,068	-
	621,068	-
Provisions arising from the use of the equity method	92,837	-
Provisions for quality warranties	40,185	-
Other provisions	263,594	410,222
	396,616	410,222

11. NET FINANCIAL RESULTS

The net financial results for the first quarter of 2013 and 2012 can be analysed as follows:

FINANCIAL INCOME	3M' 2013	3M' 2012
Loans and accounts receivable (including bank deposits)
Interest income	1,022,179	1,523,627
Financial assets available for sale
Gains on the sale of financial assets	46,792	-
Other financial income related to other financial assets
Foreign exchange gains	2,377,199	4,944,951
Other financial income	221,808	24,369
	3,667,979	6,492,947

FINANCIAL EXPENSES	3M' 2013	3M' 2012
Loans and accounts payable
Interest expenses in bank loans and in finance leases	5,945,456	6,313,779
Of which included in the acquisition cost of assets in progress	(483,411)	(13,460)
Financial assets available for sale
Losses on the sale of financial assets	391,369	-
Other financial income related to other financial liabilities
Foreign exchange losses	2,203,846	5,425,032
Other financial expenses	3,037,552	2,564,301
	11,094,812	14,289,652

The 'Interest expenses included in the acquisition cost of assets in progress' relates to the capitalization of financial expenses of loans for the construction of assets that qualify. The main figures refer to charges capitalized in the construction of solar projects in the United States.

The captions 'Foreign exchange gains / (losses)' are related to the occurrence of currency fluctuations, particularly in affiliated companies located in Poland, Brazil and Angola.

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

At 31 March 2013 and 2012, the gains and losses on associate companies and joint-ventures are as follows:

	3M' 2013	3M' 2012
Group Prio Energy	639,270	807,131
Group Nutre	(4,730,480)	(782,825)
Martifer Amal	(26,908)	-
SPEE 2 – Parque Eólico de Vila Franca de Xira, S.A.	252,588	101,945
Liskin Green Park	(72,024)	-
SPEE 3 – Parque Eólico do Baião, S.A.	183,903	61,918
Parque Solar Seseña I, S.L.	(2,767)	(73,348)
Promoquatro – Investimentos Imobiliários, Lda.	(9,386)	(399,978)
MS – Participações Societárias, S.A.	-	(71,276)
Other	4,534	(53,857)
	(3,761,270)	(410,291)

13. INCOME TAXES

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

	3M' 2013	3M' 2012
Current tax	439,930	2,203,661
Deferred tax - generated by temporary differences	107,223	(517,097)
Deferred tax - reversal of temporary differences	1,488,235	457,377
Effect of changes in the income tax rate	(6,643)	(10,355)
Deferred tax - tax losses recognition	(1,972,039)	(433,109)
Other	(78,394)	-
Deferred tax	(461,619)	(503,185)
Income tax	(21,689)	1,700,476

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 31 March 2013, was Euro 0.68, 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 31 March 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 31 March 2013 and 2012, the basic and diluted earnings per share can be summarised as follows:

	3M' 2013	3M' 2012
Profit for the year (I)	(14,155,169)	(4,698,549)
Weighted average number of shares outstanding (II)	97,784,090	98,067,865
Basic and diluted earnings per share (I) / (II)	(0.1448)	(0.0479)
from continuing operations	(0.1464)	(0.0479)
from Assets as held for sale	0.0016	-

15. GOODWILL

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

	31 MARCH 2013	31 DECEMBER 2012
Cost
Opening balance	19,043,523	18,926,458
Acquisition of subsidiaries	-	734,900
Sale of subsidiaries	(14,379)	-
Effect of foreign currency exchange differences	354,243	172,355
Write-off of goodwill fully impaired	-	(790,190)
Closing balance	19,383,387	19,043,523
Accumulated impairment losses
Opening balance	95,555	790,190
Impairment losses recognized in the year	-	95,555
Write-off of goodwill fully impaired	-	(790,190)
Closing balance	95,555	95,555
Carrying amount at the beginning of the period	18,947,967	18,136,269
Carrying amount at the end of the period	19,287,831	18,947,967

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

		31 MARCH 2013
	COST	IMPAIRMENT LOSSES	CARRYING AMOUNT	CARRYING AMOUNT
Martifer Construções	5,448,792	-	5,448,792	5,448,792
Sassall Aluminium	5,694,485	-	5,694,485	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	404,348	-	404,348	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
	19,287,831	-	19,287,831	18,947,967

16. INTANGIBLE ASSETS

This caption is analysed as follows:

	31 MARCH 2013	31 DECEMBER 2012
Cost
Software and other rights	20,140,269	26,145,255
Intangible assets in progress	1,446,207	24,119,844
Advances for the acquisition of intangible assets	193,657	99,623
	21,780,133	50,364,722
Accumulated depreciation and impairment losses
Software and other rights	11,530,967	10,922,850
Intangible assets in progress	-	-
Advances for the acquisition of intangible assets	-	-
	11,530,967	10,922,850
Carrying amount	10,249,166	39,441,872

At 31 March 2013 and 2012, the gross amount of 'Intangible assets' can be analysed as follows:

31 MARCH 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	397,893	3,331,682	480,659	4,210,234
Sales, disposals and write-offs	-	-	(411,512)	(411,512)
Effect of foreign currency exchange differences	(72,385)	(351,660)	(21,450)	(445,495)
Changes in the consolidation perimeter	24,908	-	-	24,908
Transfers and other movements	(77,150)	(214,575)	-	(291,725)
Closing balance 31 March 2012	30,330,640	20,606,680	734,712	51,672,032

31 MARCH 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	1,241,814	213,573	91,007	1,546,394
Sales, disposals and write-offs	-	-	-	-
Effect of foreign currency exchange differences	200,521	683,466	3,026	887,013
Changes in the consolidation perimeter	(535)	(57,981)	-	(58,516)
Transfers and other movements	(7,446,786)	(23,512,695)	-	(30,959,481)
Closing balance 31 March 2013	20,140,269	1,446,207	193,656	21,780,132

The change in capital expenditure in the first quarter of 2013, compared with the same period of 2012, relates essentially with the development of solar projects in Italy (Euro 1,2 million), in the Solar segment.

In the period under review were transferred to inventories Euro 32 million (see Note 21).

At 31 March 2013 and 2012, the accumulated amortization and impairment losses of 'Intangible assets' can be analysed as follows:

31 MARCH 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	574,118	-	-	574,118
Effect of foreign currency exchange differences	(2,708)	-	-	(2,708)
Changes in the consolidation perimeter	5,032	-	-	5,032
Transfers and other movements	(1,724)	-	-	(1,724)
Closing balance 31 March 2012	9,159,395	-	-	9,159,395

31 MARCH 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	595,396	-	-	595,396
Effect of foreign currency exchange differences	3,088	-	-	3,088
Changes in the consolidation perimeter	-	-	-	-
Transfers and other movements	9,633	-	-	9,633
Closing balance 31 March 2013	11,530,967	-	-	11,530,967

Carrying Amount
31 MARCH 2012	21,171,245	20,606,680	734,712	42,512,637
31 MARCH 2013	8,609,302	1,446,207	193,656	10,249,166

17. TANGIBLE ASSETS

This caption is analysed as follows:

	31 MARCH 2013	31 DECEMBER 2012
Cost
Land and buildings	93.345.052	91.325.592
Equipments	110.871.685	105.292.662
Tangible assets in progress	79.227.692	97.542.316
Other tangible assets	70.336.886	62.614.240
	353.781.315	356.774.810
Accumulated depreciation and impairment losses
Land and buildings	18.793.774	17.935.741
Equipments	55.018.042	52.821.114
Other tangible assets	13.529.654	12.650.431
	87.341.470	83.407.286
Carrying amount	266.439.845	273.367.524

At 31 March 2013 and 2012, the gross amount of land and buildings, equipments, tangible assets in progress and other fixed assets can be analysed as follows:

31 MARCH 2012	LAND AND BUILDINGS	EQUIPMENTS	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 (note 26)	(134,760)	-	(1,041,904)	-	(1,176,664)
Additions	26,911	897,523	6,687,090	20,895	7,632,419
Sales, disposals and write-offs	-	(405,290)	-	(3,803)	(409,093)
Effect of foreign currency exchange differences	588,014	(173,986)	(311,018)	26,880	129,890
Transfers and other movements	6,555,555	3,017,284	(12,786,941)	1,133,989	(2,080,113)
Closing balance 31 March 2012	103,048,608	112,593,669	84,428,141	64,097,078	364,167,495

31 MARCH 2013	LAND AND BUILDINGS	EQUIPMENTS	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
Additions	711,330	602,124	1,656,534	160,354	3,130,342
Sales, disposals and write-offs	(3,007)	(554,505)	(110,348)	(115,883)	(783,743)
Effect of foreign currency exchange differences	1,285,162	1,315,269	827,768	110,839	3,539,035
Impairment losses	-	-	(621,068)	-	(621,068)
Transfers and other movements	25,974	4,216,139	(20,067,510)	7,567,334	(8,258,063)
Closing balance 31 March 2013	93,345,052	110,871,686	79,227,692	70,336,884	353,781,315

The investment recorded in the first quarter of 2013 in tangible assets is justified by several maintenance investment (Euro 2 million), in the 'Metallic Construction' segment.

In the period under review were transferred to inventories Euro 9 million (see Note 21).

At 31 March 2013 and 2012, the accumulated depreciation and impairment losses of land and buildings, equipments, tangible assets in progress and other fixed assets can be analysed as follows:

31 MARCH 2012	LAND AND BUILDINGS	EQUIPMENTS	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	885,672	2,281,500	-	788,347	3,955,519
Sales, disposals and write-offs	-	(277,331)	-	(3,803)	(281,134)
Effect of foreign currency exchange differences	95,201	156,499	-	6,141	257,841
Changes in the consolidation perimeter	(241,409)	(227,803)	-	(594)	(469,806)
Transfers and other movements	15,455	(21,733)	-	7,531	1,253
Closing balance 31 March 2012	16,581,321	51,718,112	-	10,150,328	78,449,761

31 MARCH 2013	LAND AND BUILDINGS	EQUIPMENTS	TANGIBLE ASSETS IN PROGRESS	OTHER TANGIBLE ASSETS	TOTAL
Opening balance 1 January2013	17,935,741	52,821,114	-	12,650,431	83,407,286
Additions	782,564	2,215,440	-	869,777	3,867,781
Sales, disposals and write-offs	-	(259,745)	-	-	(259,745)
Effect of foreign currency exchange differences	64,306	276,060	-	8,284	348,650
Changes in the consolidation perimeter	(19,701)	(3,114)	-	(136)	(22,951)
Transfers and other movements	30,864	(31,713)	-	1,298	449
Closing balance 31 March 2013	18,793,774	55,018,042	-	13,529,654	87,341,470
Carrying amount
31 MARCH 2012	86,467,287	60,875,557	84,428,141	53,946,750	285,717,735
31 MARCH 2013	74,551,278	55,853,644	79,227,692	56,807,230	266,439,845

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 31 March 2013 and 31 December 2012, the movement occurred in the caption 'Investment properties' is as follows:

	31 MARCH 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	10,490	363,302
Reclassification for Assets held for sale (note 26)	-	(4,966,297)
	16,217,257	16,206,768

19. FINANCIAL ASSETS UNDER THE EQUITY METHOD

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

	31 MARCH 2013	31 DECEMBER 2012
Prio Energy	11,893,144	11,187,119
SPEE 3 - Parque eólico de Baião, SA	679,935	496,032
SPEE 2 - Parque eólico de Vila Franca de Xira, SA	1,335,327	1,082,739
Macquarie	269	2,043,840
Promoquatro - Investimentos Imobiliários, Lda	176,850	186,236
Martifer Amal, S.A.	405,165	445,944
Canaverosa	123,397	119,044
Parque Sesena 1	113,850	115,380
Other	2,265	3,678
	14,730,200	15,680,011

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

	31 MARCH 2013	31 DECEMBER 2012
Opening balance	15,680,011	14,867,827
Application of the equity method	1,093,936	2,425,428
Acquisition	-	445,944
Decrease in share capital	(2,010,351)	-
Sales	-	(1,445,591)
Changes resulting from the loss of control in subsidiaries	-	-
MS Participações Societárias	-	(718,373)
Impairment losses	-	-
Effect of foreign currency exchange differences	-	-
Other changes	(33,396)	104,777
Closing balance	14,730,200	15,680,011

20. AVAILABLE FOR SALE INVESTMENTS

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

	31 MARCH 2013	31 DECEMBER 2012
Non-current financial investment	1,677,171	1,663,963
Others	958,588	646,304
	2,635,759	2,310,267

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

	31 MARCH 2013	31 DECEMBER 2012
Opening balance	2,310,267	2,179,021
Additions	311,248	138,993
Reductions	-	(16,478)
Other changes	14,244	8,731
	2,635,759	2,310,267

21. INVENTORIES

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

	31 MARCH 2013	31 DECEMBER 2012
Raw-materials, subsidiaries and other consumables	12,264,322	10,701,150
Work in progress	39,929,072	5,299,576
Merchandise	13,806,517	6,557,447
Finished goods	2,072,500	1,833,889
	68,072,411	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 quarter of 2013 ongoing projects were reviewed and, as a consequence, intangible assets and tangible fixed assets amounting Euro 41 million were transferred to Inventories as these projects and licenses are being developed for sale and not for its use by Martifer.

22. OTHER FINANCIAL ASSETS

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

	NON CURRENT		CURRENT
	31 MARCH 2013	31 DECEMBER 2012	31 MARCH 2013	31 DECEMBER 2012
Cost:
Trade receivables:
Trade receivables	31,890,076	31,505,073	153,737,183	146,320,356
Notes receivables	-	-	3,155,736	3,930,470
Doubtful trade receivables	-	-	18,146,476	18,468,425
Total 'trade receivables'	31,890,076	31,505,073	175,039,395	168,719,251
Other receivables:
Related companies	96,752,896	100,321,045	15,604,025	15,764,687
Advances to suppliers	3,335	4,847	14,598,383	11,284,325
Others	10,512,973	8,465,440	37,693,235	43,002,651
Total 'other receivables'	107,269,204	108,791,332	67,895,644	70,051,663
TOTAL	139,159,280	140,296,405	242,935,038	238,770,914

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 31 March 2013 and 31 December 2012, impairment losses in accounts receivables are as follows:

	NON- CURRENT		CURRENT
	31 MARCH 2013	31 DECEMBER 2012	31 MARCH 2013	31 DECEMBER 2012
Accumulated impairment losses:
Doubtful trade receivables	-	-	18,089,664	18,362,123
Other receivables	118,411	121,503	7,747,676	7,779,142
	118,411	121,503	25,837,340	26,141,265
Carrying amount – trade receivables	31,890,076	31,505,073	156,949,731	150,357,128
Carrying amount - other receivables	107,150,793	108,669,829	60,147,968	62,272,521
TOTAL	139,040,869	140,174,902	217,097,698	212,629,650

23. INCOME TAX AND CURRENT TAX ASSETS

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

	31 MARCH 2013	31 DECEMBER 2012
Income tax	2,425,926	2,692,473
Value added tax	17,187,343	15,379,705
Tax in other countries	2,812,911	1,464,331
Other taxes	1,400,571	1,493,203
Current tax assets	21,400,825	18,337,239

24. OTHER CURRENT ASSETS

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

	31 MARCH 2013	31 DECEMBER 2012
Accrued income
Construction contracts
Cost	133,238,965	123,070,681
Impairment losses	(5,705,334)	(5,477,871)
Carrying amount	127,533,631	117,592,810
Interest to be received	411,641	46,391
Other accrued income	3,246,939	3,427,374
	131,192,211	121,066,575
Prepayments
Insurances	1,911,899	1,505,437
Financial expenses	706,551	727,703
Rents	714,509	892,716
Other prepayments	2,138,287	905,635
	5,471,247	4,031,492
Other (current) financial assets	1,478,765	620,583
	138,142,223	125,718,650

25. CASH AND CASH EQUIVALENTS

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

	31 MARCH 2013	31 DECEMBER 2012
Cash and cash equivalents
Bank deposits	32,852,472	37,585,387
Cash	165,396	439,182
	33,017,868	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 31 March 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 2011, Martifer Renewables, SGPS, S.A. agreed, with IKEA Retail Sp. Zo.o., the sale of the shares of Energia Wiatrowa, Sp. Zo.o. 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, that is being developed by Energia Wiatrowa.

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. As such, all the conditions defined by IFRS 5 are met, so the assets of Poland were classified as 'Assets held for sale', at 31 December 2012.

In accordance with IFRS 5, the assets and liabilities related to Energia Wiatrowa, as well as the assets and liabilities of Poland, were classified as 'Assets held for sale' and 'Liabilities associated with Assets held for sale', respectively, and the net earnings disclosed in the caption 'Earnings of Assets held for sale'.

The breakdown of assets and liabilities of the business unit held for sale at 31 March 2013 and 31 December 2012 is as follows:

	31 MARCH 2013	31 DECEMBER 2012
Tangible Assets	33,084,453	22,167,446
Investment properties	4,842,551	4,966,297
Current assets	4,036,179	7,973,766
	41,963,183	35,107,509
Current liabilities	18,204,856	9,524,921
Liabilities related to Assets held for sale	18,204,856	9,524,921
Assets net of liabilities related to Assets held for sale	23,758,327	25,582,589

During the first quarter of 2013, the net result of Assets held for sale was of Euro 158,086.

The change in assets and liabilities associated with assets held for sale during this period relate mainly to the completion of the project Rymanow.

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

Share capital

Martifer SGPS, SA share capital, fully subscribed and paid at 31 March 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 the first quarter of 2013 and 2012, no movements occurred in the number of shares of the Group.

During the first quarter 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 31 March 2013, the share capital of Martifer SGPS, S.A. was held in 42.7% by I'M SGPS, S.A., in 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:

	31 MARCH 2013	31 MARCH 2012
Opening balance	50,975,912	31,783,623
Net profit of the year	287,823	141,300
Other changes in equity of subsidiaries	1,798,347	302,904
Increase in the share capital of subsidiaries	-	-
Changes in the consolidation perimeter	(75,706)	-
Transactions with non-controlling interests	(71,870)	(191,126)
Other	60,659	78,518
	52,975,165	32,115,219

The closing balance refers mainly to the non-controlling interests of Martifer Solar, Martifer Renováveis – Geração de Energia e Participações S.A., Martifer Solar Itália, Martifer Solar França, Rosa dos Ventos Geração e Comercialização de Energia, S.A., Martifer Construções Bélgica and Martifer Construções Angola.

28. BORROWINGS

At 31 March 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

31 MARCH 2013	UNTIL 1 YEAR	BETWEEN 1 AND 3 YEARS	BETWEEN 3 AND 5 YEARS	MORE THAN 5 YEARS	TOTAL
Financial institutions borrowings:
Bank loans	73,178,794	68,454,534	38,060,256	22,632,607	202,326,191
Bank overdrafts	16,995,756	2,772,320	-	-	19,768,076
Authorized overdrafts	81,232,296	857,143	857,143	285,714	83,232,296
Other borrowings:
Commercial paper	59,437,695	4,200,000	7,750,000	-	71,387,695
Other borrowings	14,543,276	1,218,384	2,570,548	2,656,515	20,988,723
	245,387,817	77,502,381	49,237,947	25,574,836	397,702,981

At 31 March 2013, the Group's net debt amounts Euro 385,398,407. The net debt calculation, includes, besides the borrowings mentioned above, the 'finance leases' (Euro 19,989,015), 'derivatives' (Euro 724,279) and 'cash and cash equivalents' (Euro 33,017,868).

29. TRADE PAYABLES AND OTHER PAYABLES

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

	NON-CURRENT		CURRENT
	31 MARCH 2013	31 DECEMBER 2012	31 MARCH 2013	31 DECEMBER 2012
Trade payables	11,939,840	12,239,542	164,244,406	165,013,219
Other payables:
Fixed assets suppliers	-	-	1,290,153	840,425
Related companies and other shareholders	9,134,313	9,046,499	1,857,021	2,378,317
Advanced payments received from customers	-	387,403	25,189,925	11,316,045
Other creditors	1,980,151	395,101	29,709,785	35,966,130
Other payables	11,114,464	9,829,003	58,046,885	50,500,917
	23,054,305	22,068,545	222,291,291	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 31 March 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 31 March 2013 and 31 December 2012 can be detailed as follows:

	31 MARCH 2013	31 DECEMBER 2012
Quality guarantees	3,198,430	3,176,336
Legal claims in progress	611,053	604,844
Provisions arising from the use of the equity method	4,803,824	4,498,385
Others	4,526,009	4,241,128
	13,139,316	12,520,693

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

	OPENING BALANCE	ADDITIONS NOTE 11	DEDUCTIONS NOTE 11	APPLICATIONS	CHANGE OF CONSOLIDATION PERIMETER, EXCHANGE RATE DIFFERENCES, TRANSFERS	CLOSING BALANCE
Quality guarantees	3,176,336	42,592	(2,407)	-	(18,091)	3,198,430
Legal claims in progress	604,844	-	-	-	6,209	611,053
Provisions arising from the use of the equity method	4,498,385	92,837	-	-	212,602	4,803,824
Others	4,241,128	263,594	-	(528)	21,815	4,526,009
	12,520,693	399,023	(2,407)	(528)	222,535	13,139,316

31. INCOME TAX AND CURRENT TAX LIABILITIES

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

	31 MARCH 2013	31 DECEMBER 2012
Income Tax	4,534,272	3,623,443
Value added tax	10,838,547	12,421,569
Social security contributions	2,281,660	1,619,163
Personnel income tax withheld	472,078	643,672
Other taxes	917,592	1,912,194
Current tax liabilities	14,509,877	16,596,598

32. OTHER CURRENT LIABILITIES

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

	31 MARCH 2013	31 DECEMBER 2012
Accrued expenses
Holiday pay and bonuses	7,219,449	6,223,844
Interest borne but not yet overdue	4,284,023	3,622,926
Production performed by third parties not yet invoiced	2,705,388	3,613,297
Other accrued expenses	22,777,310	6,166,867
	36,986,170	19,626,934
Deferred income
Production invoiced and not yet performed (related to construction contracts)	28,899,402	26,791,860
Subsidies / Government grants	2,014,505	1,502,984
Other deferred income	2,954,986	2,567,911
	33,868,893	30,862,755
	70,855,063	50,489,688

The caption "Other accrued expenses" includes supplies and services rendered up to March 31, 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 112,000,000, with special regard to the accounts receivable from Nutre and Prio Energy Groups which amount to Euro 61,800,000.

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 31 March 2013, that had affected significantly the financial position or performance of the Group.

36. SUBSEQUENT EVENTS

There are no subsequent events to disclose.

37. APPROVAL OF THE FINANCIAL STATEMENTS

The accompanying consolidated financial statements were approved by the Board of Directors on 23rd May 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, 23rd May 2013

The Chief Accountant The Board of Directors

Isabel Cristina Loureiro Silva Carlos Manuel Marques Martins

__________________________________ Jorge Alberto Marques Martins

__________________________________ Arnaldo José Nunes da Costa Figueiredo

__________________________________ Luís Filipe Cardoso da Silva

__________________________________ Luís Valadares Tavares

__________________________________

Jorge Bento Ribeiro Barbosa Farinha