01 | MARTIFER GROUP

Highlights Key Financial Indicators Main Events

02 | FINANCIAL PERFORMANCE

Consolidated Results Analysis Revenues EBITDA and Net Profit Consolidated Capex Consolidated Capital Structure Analysis

03 | ANALYSIS BY SEGMENT

Metallic Constructions Renewables Solar

04 | MARTIFER SHARE PERFORMANCE

05 | FUTURE PROSPECTS

06 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS

07 | NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE: This translation into English of the Portuguese document was made only for the convenience of non-Portuguese speaking shareholders. For all intents and purposes, the Portuguese version shall prevail.

Contract

MARTIFER
GROUP

HIGHLIGHTS KEY FINANCIAL INDICATORS MAIN EVENTS

01 | MARTIFER GROUP

HIGHLIGHTS

• Operational recovery in 1st Half, with positive EBITDA (8.8 M€) and EBIT (1.4 M€) in all segments: Metallic Constructions, Renewables and Solar. It should be noted that the operational performance was penalized by the negative performance of the Metallic Constructions segment in Brazil, affected by the turbulent period in the construction sector and the Group's main clients in the country
• Order book in Metallic Constructions registers a 14 % YTD growth to 280 M€
• Net Debt with a reduction comparing with FY 2014, on a comparable perimeter (meaning without Solar)
• Management focused on the execution of the Action Plan for 2015 (conclusion of the financial restructuring process, improvement in process and in operational efficiency and reinforcement of the international presence)

MAIN FINANCIAL INDICATORS

M€	Jun-15	Jun-14	Var. (%)
Revenues	134.4	113.7	18%
EBITDA	8.8	7.8	13%
EBITDA Margin	7%	7%	-0.3 pp
EBIT	1.4	-8.5	n.m.
EBIT Margin	1%	-7%	8.5 pp
Financial Results	-10.7	-12.0	11%
Profit before taxes	-9.3	-20.6	55%
Income tax	-0.7	-2.0	65%
Profit after taxes on continued operations	-10.0	-22.5	56%
Discontinued operations' Result	0.1	-15.8	n.m.
Attributable to non-controlling interests	-0.2	-7.2	98%
Attributable to shareholders	0.2	-8.5	n.m.
Net Profit	-9.9	-38.3	74%
Attributable to non-controlling interests	-1.4	-7.8	82%
Attributable to shareholders	-8.5	-30.5	72%
Earnings per share €	-0.087	-0.312	72%

M€	MARTIFER CONSOLIDATED	METALLIC CONSTRUCTIONS	RENEWABLES	HOLDING	SOLAR (discontinued activities)
	1H15	1H15	1H15	1H15	1H15
Revenues	134.4	127.0	7.2	1.9	38.8
EBITDA	8.8	4.9	3.8	0.3	4.2
EBITDA Margin	7%	4%	53%	15%	11%
EBIT	1.4	1.9	0.0	-0.2	3.7
EBIT Margin	1%	2%	0%	-12%	9%
Financial Results	-10.7	-6.3	0.1	-4.4	-3.8
- Interests	-8.6	-4.4	0.1	-4.3	-1.5
- Exchange differences	-0.7	-0.6	-0.1	0.0	-1.0
- Other Net Financial Charges	-1.4	-1.4	0.0	0.0	-1.4
- Results in affiliated companies	0.0	0.1	0.0	-0.1	0.1
Profit before taxes	-9.3	-4.4	0.1	-4.7	-0.2
Income tax	-0.7	-0.6	-0.1	0.0	-0.1
Discontinued operations' Result	0.1	0.0	0.0	0.0	0.0
Net Profit	-9.9	-4.9	0.0	-4.7	-0.3
Attributable to non-controlling interests	-1.4	0.3	0.0	0.0	-0.4
Attributable to shareholders	-8.5	-5.2	0.0	-4.7	0.1

MAIN EVENTS

JANUARY 2015

West Sea signs the second shipbuilding contract

West Sea and Scenic Tours signed a contract for the construction of a ship hotel, Scenic Azure. With about 80 meters of length, the new ship will cruise in the Douro River and should be completed in February 2016.

APRIL 2015

Martifer Metallic Constructions was awarded a project in the transport sector in Latin America

Martifer Metallic Constructions was awarded the execution of the structural steelwork for the Bello Monte Station of Caracas' Underground, in Venezuela. The project should be concluded by the end of 2015.

MAY 2015

Martifer, SGPS, SA Annual General Meeting

On 14th May 2015, the annual meeting of Martifer SGPS, S.A. took place, with a participation of 80.38 % of its total share capital, and all the proposals on the Agenda present in the Call Notice were approved by unanimity.

SUBSEQUENT EVENTS

JULY 2015

West Sea enters a contract for the construction of two Offshore Patrol Vessels

West Sea was awarded, in Consortium with the company EDISOFT, S.A., the construction of two Offshore Patrol Vessels for the Portuguese Navy for an overall price of 77 million euros, net of VAT. West Sea holds an 83.64 % share in the Consortium. The enforceability of the contract entered into between the Portuguese Government and the Consortium is subject to the approval of the Portuguese Court of Auditors.

FINANCIAL
PERFORMANCE

CONSOLIDATED RESULTS ANALYSIS REVENUES EBITDA CONSOLIDATED CAPEX CONSOLIDATED CAPITAL STRUCTURE ANALYSIS

02 | FINANCIAL PERFORMANCE

RESULTS ANALYSIS

M€	Jun-15	Jun-14	Var. (%)
Revenues	134.4	113.7	18%
EBITDA	8.8	7.8	13%
EBITDA Margin	7%	7%	-0.3 pp
Depreciation & Amortization	-6.8	-7.5	9%
Provisions & Impairment Losses	-0.6	-8.8	94%
EBIT	1.4	-8.5	n.m.
EBIT Margin	1%	-7%	8.5 pp
Financial Results	-10.7	-12.0	11%
Profit before taxes	-9.3	-20.6	55%
Income tax	-0.7	-2.0	65%
Profit after taxes on continued operations	-10.0	-22.5	56%
Discontinued operations' Result	0.1	-15.8	n.m.
Attributable to non-controlling interests	-0.2	-7.2	98%
Attributable to shareholders	0.2	-8.5	n.m.
Net Profit	-9.9	-38.3	74%
Attributable to non-controlling interests	-1.4	-7.8	82%
Attributable to shareholders	-8.5	-30.5	72%
Earnings per share €	-0.087	-0.312	72%

TOTAL REVENUES

At the end of the 1st Half 2015 the total revenues reached 134.4 million euros (113.7 million euros in the 1st Half 2014), 94 % of which coming from the Metallic Constructions segment and 5 % from the Renewables segment.

	Jun-15		Jun-14
REVENUES	M€	WEIGHT	M€	WEIGHT	VAR. (%)
Martifer Consolidated	134.4	100%	113.7	100%	18%
Metallic Constructions	127.0	94%	94.3	83%	35%
Renewables	7.2	5%	19.4	17%	-63%
Other	0.3	0%	0.1	0%	>100%

The Group continues its internationalization strategy, being the revenues breakdown by country as follows:

EBITDA AND NET PROFIT

In the 1st Half 2015, EBITDA was positive in 8.8 million euros, with the contribution of the Metallic Constructions segment (4.9 million euros), as well as with the Renewables segment (3.8 million euros).

EBITDA		Jun-15	Jun-14
	€M	MARG.	M€	MARG.	VAR. (%)
Martifer Consolidated	8.8	7%	7.8	7%	13%
Metallic Constructions	4.9	4%	-2.8	-3%	n.m.
Renewables	3.8	53%	11.0	57%	-65%
Other	0.0	5%	-0.5	-459%	n.m.

Consolidated Financial Results were negative in 10.7 million euros; however, showing an improvement compared to the financial results of the 1st Half 2014.

Consolidated Net Profit reached -9.9 million euros, therefore showing a 55 % improvement YoY, being strongly penalized by the financial results.

		Jun-15	Jun-14
NET PROFIT	M€	WEIGHT	M€	WEIGHT	VAR. (%)
Martifer Consolidated	-9,9	100%	-38,3	100%	74%
Metallic Constructions	-4,9	50%	-21,9	57%	77%
Renewables	0,0	0%	5,6	-15%	n.m.
(*) Solar (discontinued activity)	-0,3	3%	-16,9	44%	98%
Other	-4,7	47%	-5,1	13%	8%

* Consolidated results for the Solar segment (in the 1st half 2015 the contribution to the Group was 0.1 million euros). The difference is due to intragroup eliminations between segments included under "Other".

CAPEX

The amount of investment in fixed assets in the 1st Half 2015 was 3.2 million euros, resulting from the investment in the Metallic Constructions segment (2.5 million euros), especially in the reinforcement of the operational capacity in West Sea (Shipyard in Viana do Castelo) and in the Renewables segment (0.7 million euros), mainly referring to projects under development in Brazil and in Poland.

INVESTMENT IN TANGIBLE AND INTANGIBLE ASSETS 2007 – 1H2015 (M€)

CAPEX		Jun-15	Jun-14
	M€	PESO	M€	PESO	VAR. (%)
Martifer Consolidated	3.2	100%	8.5	100%	-62%
Metallic Constructions	2.5	79%	7.9	93%	-68%
Renewables	0.7	21%	0.6	7%	9%
Others	0.0	0%	0.0	0%	-72%

CAPITAL STRUCTURE ANALYSIS

FINANCIAL POSITION

€M	Jun-15	Dec-14	VAR. %
Fixed Assets (including Goodwill)	176.0	181.7	-3%
Other non-current assets	73.2	91.2	-20%
Inventory and Receivables	216.9	188.5	15%
Cash and cash equivalents	25.3	23.0	10%
Non-current assets held for sale	139.2	148.3	-6%
Total Assets	630.5	632.7	0%
Shareholders Equity	32.0	40.3	-21%
Non-controlling interests	-24.7	-22.9	-8%
Non-controlling interests related with non-current assets held for sale	-1.5	-2.1	27%
Total Equity	5.8	15.3	-62%
Non-current debt and leasings	216.5	229.4	-6%
Other non-current liabilities	39.9	36.5	9%
Current debt and leasings	81.5	76.1	7%
Other current liabilities	166.3	143.4	16%
Liabilities related with non-current assets held for sale	120.4	132.0	-9%
Total Liabilities	624.7	617.4	1%

The total assets registered a slight decrease when compared to the end of 2014 totalling 630.5 million euros, whereas non-current assets reached 249.1 million euros, registering a 23.8 million euros decrease.

Equity on 30th June 2015 totalled 5.8 million euros, which compares with 15.3 million euros on 31st December 2014.

NET DEBT

The Group's Consolidated Net Debt (Borrowings + Financial Leases (+/-) Derivatives – Cash and Cash Equivalents) on 30th June 2015 totalled 273 million euros, showing a 10 million euros decrease when compared to the end of 2014. In 2014, the Group decided to sell Martifer Solar, classifying it as an asset held for sale (*).

€M	Metallic Constructions	Renewables	Solar	Holding	Martifer Consolidated
Net Debt 1H2015	106	39	*	129	273
Net Debt FY 2014	114	41	*	128	283
Net Debt FY 2013*	127	13	51	144	336

The Group continues focused on the Net Debt reduction process, so it will continue to be committed to selling non-core assets.

TREND OF CONSOLIDATED NET DEBT (€M)

ANALYSIS
BY SEGMENT

METALLIC CONSTRUCTIONS RENEWABLES SOLAR

03 | ANALYSIS BY SEGMENT

METALLIC CONSTRUCTIONS

ACTIVITY

The order book at the end of the 1st half 2015 totalled 280 million euros and was spread throughout several countries in different geographical regions.

ORDER BOOK BY GEOGRAPHY

Geography	Value (M€)	%
Africa	62	22%
Algeria	16	6%
Sub-Saharan Africa	46	16%
Latin America	24	9%
Eastern Europe and the Middle East	28	10%
Western Europe	166	59%
Metallic Constructions	87	31%
Naval Industry	79	28%
TOTAL	280	100%

RESULTS

€M	Jun-15	Jun-14	VAR. %
Revenues	127.0	94.3	35%
EBITDA	4.9	-2.8	n.m.
EBITDA margin	4%	-3%	6.9 pp
Depreciation & Amortization	-3.2	-3.4	4%
Provisions & Impairment Losses	0.2	-8.0	n.m.
EBIT	1.9	-14.2	n.m.
EBIT margin	2%	-15%	16.5 pp
Financial Results	-6.3	-7.6	17%
Profit before taxes	-4.4	-21.8	80%
Income tax	-0.6	-0.1	<-100%
Net Profit	-4.9	-21.9	77%
Attributable to non-controlling interests	0.3	0.1	>100%
Attributable to shareholders	-5.2	-22.0	76%

Revenues in the Metallic Constructions segment in the 1st Half 2015 reached 127 million euros (94.3 million euros in the same period of the previous year). Revenues of this segment remain focused on the foreign market.

The EBITDA in the 1st Half 2015 was positive in 4.9 million euros, showing a significant increase compared to the 1st Half 2014.

The Financial Results totalled -6.3 million euros which, despite a reduction of 1.3 million euros compared with the same period of the previous year, have a significant negative contribution in the net profit of the period.

The Net Profit in the 1st Half 2015 totalled -4.9 million euros, showing a 77 % improvement YoY.

Total CAPEX in the 1st Half 2015 was around 2.5 million euros, mostly related to the reinforcement of the operational capacity in West Sea (Shipyard in Viana do Castelo).

RENEWABLES

ACTIVITY

Martifer Renewables has currently 49 MW of wind farms and solar parks in operation in Spain and in Romania contributing to the revenues. In Portugal, this business area controls 50 % of the wind farms in operation with a 31 MW capacity, which contribute to results through the equity method.

RESULTS

€M	Jun-15	Jun-14	VAR.%
Revenues	7,2	19,4	-63%
EBITDA	3,8	11,0	-65%
EBITDA margin	53%	57%	-3,5 pp
Depreciation & Amortization	-3,0	-3,3	8%
Provisions & Impairment Losses	-0,8	-0,8	3%
EBIT	0,0	6,9	-100%
EBIT margin	0%	36%	-35,5 pp
Financial Results	0,1	0,5	-81%
Profit before taxes	0,1	7,4	-99%
Income tax	-0,1	-1,8	94%
Net Profit	0,0	5,6	n.m.
Attributable to non-controlling interests	0,0	3,1	-100%
Attributable to shareholders	0,0	2,4	n.m.

The total Revenues of the Renewables segment in the 1st Half 2015 reached 7.2 million euros, which compares with 19.4 million euros YoY and results mainly from the activity of the wind farm in Romania and the solar plants in Spain.

The EBITDA totalled 3.8 million euros in the 1st Half 2015. In June 2014 the EBITDA was 11 million euros, being impacted not only by the wind and solar farms in operation, totalling 49 MW, but also by the sale of wind farms in Brazil.

The Net Debt at the end of the 1st Half 2015 was 39.6 million euros, showing a reduction of around 2 million euros compared with the end of 2014.

DISCONTINUED ACTIVITIES' RESULTS (SOLAR)

In September 2014, the Group classified the solar business unit (consisting of Martifer Solar, SA and its subsidiaries) as a non current asset held for sale. This change resulted from the fact that Martifer is currently putting into action its plan to sell its economic interest (currently 55 %) in Martifer Solar.

Since the requirements of IFRS 5 are fulfilled, the contribution to Martifer's consolidated results, coming from this segment, is presented in an autonomous line in the Consolidated P&L and the values YoY were adjusted to allow comparison. The contribution of assets and liabilities of the operational unit classified as held for sale are also presented in separate lines from the Group's remaining consolidated assets and liabilities on 30th June 2014.

Therefore, the discontinued operations' Result (0.1 million euros) corresponds to the Net Profit of the Solar activity attributable to the Group.

ACTIVITY

The backlog of (signed) turnkey contracts is 302 million euros, with Europe and Asia representing almost 91 % of the total amount.

Geography	Total	%
Africa	21	7%
America	5	2%
Asia	109	36%
Western Europe	167	55%
TOTAL	302	100%

RESULTS

€M	Jun-15	Jun-14	VAR.%
Revenues	38,8	53,5	-27%
EBITDA	4,2	-12,1	n.m.
EBITDA Margin	11%	-23%	33,6 pp
Depreciation & Amortization	-1,4	-1,3	-5%
Provisions & Impairment Losses	0,8	-1,4	n.m.
EBIT	3,7	-14,8	n.m.
EBIT margin	9%	-28%	37,2 pp
Financial Results	-3,8	-1,9	-97%
Profit before taxes	-0,2	-16,8	99%
Income tax	-0,1	-0,1	-25%
Net Profit	-0,3	-16,9	98%
Attributable to non-controlling interests	-0,4	-0,5	24%
Attributable to shareholders	0,1	-16,4	n.m.

Revenues in the 1st Half 2015 registered an around 27 % decrease compared to the same period of the previous year, totalling 38.8 million euros, versus 53.5 million euros registered YoY, essentially justified by the delay in some projects (in the UK and in Jordan) and also by the delay on the sale of some assets (in the UK).

The EBITDA in the 1st Half 2015 was positive, 4.2 million euros, with a margin of around 11 % versus -23 % in the 1st Half 2014.

The Net Debt at the end of the 1st Half 2015 was 53.6 million euros, showing a reduction of around 4 million euros when compared to the end of 2014.

04 | MARTIFER SHARE PERFORMANCE

SHARE PERFORMANCE

Source: Reuters

TRADED VOLUME ('000 shares)

Source: Reuters

The performance of the stock markets in the 1st Half 2015 was globally positive, highlighted in particular by the variations associated with the situation in Greece. In fact, the technical default and the probability of this country leaving the Euro Zone during the negotiations with its creditors lead to sharp drops in the main European indexes, being the Portuguese index one of the most affected. Globally, during this quarter, the performance of European shares, EuroStoxx50, showed an accumulated increase of around 11 % and the Portuguese shares of around 15.6 %.

During the 1st Half 2015 Martifer's share value increased around 65 %.

Martifer's share price closed the 1st Half 2015 at 0.309 €/share. The maximum price achieved was 0.475 €/share and the minimum 0.195 €/share which, in turn, was also the first quote of the year 2015.

The average daily volume of shares traded during the 1st Half 2015 was 90 283 shares, much less than the average daily volume of shares traded in the 1st Quarter, around 114 033 shares.

Martifer's market value on 30th June 2015 was 30.9 million euros.

FUTURE
PROSPECTS

05 | FUTURE PROSPECTS

The Group remains focused on the goals defined for 2015:

1. Adoption of a new organizational model

Resizing and readapting the structure
Improvement of the business processes and operational efficiency
2. Decrease of indebtedness through the divestment in non-core businesses and sale of non-core assets, allowing:
A reduction of the cash costs
A gradual debt reduction
3. Reinforcement of the international presence, focusing on three core geographies (Europe and the Middle East, Africa and Latin America) and in attractive opportunities profitable above average.
4. Focus on the Group's original business area Metallic Constructions in its several segments: metal mechanical constructions, aluminium and glass façades, infrastructures for oil & gas and the naval industry.

It is based on this strategy that the Group expects to overcome challenges, aiming to ensure its long term sustainability.

Oliveira de Frades, 27th August 2015

The Board of Directors,

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

Pedro Nuno Cardoso Abreu Moreira (Member of the Board of Directors)

Luís Valadares Tavares (Member of the Board of Directors)

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

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

MANDATORY INFORMATION

SHAREHOLDINGS OF THE MEMBERS OF THE MANAGEMENT AND SUPERVISORY BODIES

In accordance with articles 447 and 448 of the Portuguese Companies Code, the securities issued by Martifer SGPS, SA and companies dominated by it, held by members of the governing bodies in the period from 1st January 2015 through to 30th June 2015, are the following:

HOLDER	GOVERNING BODY	NO. SHARES HELD ON 30/06/2015
Carlos Manuel Marques Martins	Board of Directors	420,542
Jorge Alberto Marques Martins	Board of Directors	230,260
I'M – SGPS, S.A. *	Board of Directors	42,697,047
Arnaldo José Nunes da Costa Figueiredo	Board of Directors	3,000
MOTA-ENGIL, SGPS, S.A. **	Board of Directors	37,500,000
Luís Valadares Tavares	Board of Directors	-
Jorge Bento Ribeiro Barbosa Farinha	Board of Directors	-
Pedro Nuno Cardoso Abreu Moreira	Board of Directors	-
Américo Agostinho Martins Pereira	Supervisory Board	-
Carlos Alberto da Silva e Cunha	Supervisory Board	-
Paulo Sérgio Jesus das Neves	Supervisory Board	-
Hermínio António Paulos Afonso	Statutory Auditor, representing PricewaterhouseCoopers	-
José Nunes Oliveira	Chairman of the General Meeting	-

* Directors Carlos Manuel Marques Martins and Jorge Alberto Marques Martins are holders of the share capital of I'M SGPS, SA and are, respectively, its Chairman of the Board of Directors and Director

** Director Arnaldo José Nunes da Costa Figueiredo is a Director of MOTA-ENGIL, SGPS, S.A.

EVENTS DESCRIBED IN ARTICLE 447 OF THE PORTUGUESE COMPANIES CODE

NAME OF THE MEMBER OF THE GOVERNING BODY	GOVERNING BODY	NO. SHARES HELD
Carlos Manuel Marques Martins	Board of Directors	420,542
Jorge Alberto Marques Martins	Board of Directors	230,260
Arnaldo Nunes da Costa Figueiredo	Board of Directors	3,000
Pedro Nuno Cardoso Abreu Moreira	Board of Directors	-
Luis António de Valadares Tavares	Board of Directors	-
Jorge Bento Ribeiro Barbosa Farinha	Board of Directors	-
Américo Agostinho Martins Pereira	Supervisory Board	-
Carlos Alberto da Silva e Cunha	Supervisory Board	-
Paulo Sérgio Jesus das Neves	Supervisory Board	-
António Baia Engana	Supervisory Board	-

Directors Carlos Manuel Marques Martins and Jorge Alberto Marques Martins, respectively Chairman and Vice-Chairman of the Board of Directors, besides the shares held as described above, are sole equal shareholders of I'M SGPS, SA, that on 30th June 2015 held a total of 42.697.047 shares of Martifer SGPS, S.A.

Transactions by the members of the governing bodies in the 1st Half 2015:

MEMBER OF THE GOVERNING BODY	DATE	PURCHASE	ALIENATION	AVERAGE PRICE
Carlos Manuel Marques Martins*	07-01-2015	20,000	-	0.196
Carlos Manuel Marques Martins*	15-01-2015	8,524	-	0.217
Carlos Manuel Marques Martins*	16-01-2015	6,600	-	0.212
Carlos Manuel Marques Martins*	16-01-2015	217	-	0.214
Carlos Manuel Marques Martins*	20-01-2015	1,381	-	0.215
Carlos Manuel Marques Martins*	26-01-2015	5,420	-	0.219
Carlos Manuel Marques Martins*	28-01-2015	2,740	-	0.219
Carlos Manuel Marques Martins*	29-01-2015	26,619	-	0.217
Carlos Manuel Marques Martins*	02-02-2015	1,941	-	0.214

* Purchases by the company Black & Blue, S.A. (Carlos Manuel Marques Martins is a shareholder and a Board member of this company)

HOLDERS OF QUALIFYING SHAREHOLDINGS

According to paragraph 1C) of article 9 of CMVM regulation number 5/2008, and fulfilling article 448 of the Portuguese Companies Code, the following is the list of qualifying shareholders, with an indication of the number of shares and percentage of voting rights held, calculated according to article 20 of the Securities Code (CMVM), as of 30th June 2015:

SHAREHOLDERS	NO. OF SHARES	% OF SHARE CAPITAL	% OF VOTING RIGHTS 1
I'M – SGPS, S.A.	42,697,047	42.70%	43.66%
Carlos Manuel Marques Martins*	420,542	0.42%	0.43%
Jorge Alberto Marques Martins*	230,260	0.23%	0.24%
Total Imputable to I'M – SGPS, SA	43,347,849	43.35%	44.33%
Mota-Engil – SGPS, S.A.	37,500,000	37.50%	38.35%
Arnaldo José Nunes da Costa Figueiredo **	3,000	0.00%	0.00%
Total Imputable to Mota-Engil , SGPS, SA	37,503,000	37.50%	38.35%

¹ % Voting rights = Number shares / (N. º Number shares – Own shares)

* Holder of a position in the Governing Bodies of I'M SGPS, SA

** Holder of a position in the Governing Bodies of Mota-Engil SGPS, SA

STATEMENT OF COMPLIANCE ACCORDING TO ARTICLE 246, NUMBER 1, PARAGRAPH C) OF THE SECURITIES CODE (CMVM)

(Free translation from the original in Portuguese)

Dear Shareholders,

According to article 246, number 1, paragraph c) of the Securities Code (CMVM) and to the best of our knowledge:

(i) the information contained in the consolidated management report faithfully reports the evolution of trading, the performance and the position of Martifer SGPS, SA and of the companies in its consolidation perimeter and contains a description of the main risks and uncertainties facing its business; and

(ii) the information contained in its financial statements and accompanying notes was prepared in accordance with the applicable accounting practices, giving a true and fair view of the assets, liabilities, financial position and financial results of Martifer SGPS, SA and of the companies included in its consolidation perimeter

Oliveira de Frades, 27th August 2015

The Board of Directors,

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

Pedro Nuno Cardoso Abreu Moreira (Member of the Board of Directors)

Luís Valadares Tavares (Member of the Board of Directors)

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

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

College

COL

ERIM N CONSOLIDATED
FINANCIAL
STATEMENTS

05 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENTS FOR THE 1ST HALF 2015 AND 2014 AND FOR THE 2 ND QUARTERS OF 2015 AND OF 2014

(amounts expressed in Euro)

(The translation of the consolidated financial statements was originally issued in Portuguese - Note 31)

	NOTES	ST HALF 2015 1 (NON-AUDITED)	ST HALF 2014 1 (NON-AUDITED)	ND QUARTER 2 2015 (NON-AUDITED)	ND QUARTER 2 2014 (NON-AUDITED)
Sales and services rendered	3, 4	123,808,925	91,195,718	66,124,495	41,515,873
Other income	5	10,617,708	22,514,629	4,825,598	16,608,422
Cost of goods sold	6	(36,828,346)	(24,982,238)	(19,167,718)	(11,454,066)
Subcontractors	7	(29,924,328)	(18,322,809)	(19,107,390)	(8,313,541)
External supplies and services	8	(27,377,750)	(26,082,813)	(13,518,767)	(12,941,045)
Staff costs	9	(28,701,354)	(29,573,999)	(14,639,124)	(14,594,684)
Other expenses	10	(2,810,536)	(6,984,188)	(1,174,802)	(4,201,656)
	3	8,784,319	7,764,300	3,342,292	6,619,303
Amortizations	3	(6,786,562)	(7,494,213)	(3,326,638)	(3,645,317)
Provisions	11	(477,463)	(8,172,266)	(373,705)	(8,129,921)
Impairment losses	11	(91,516)	(602,396)	34,112	(594,883)
Operating income	3	1,428,778	(8,504,575)	(323,939)	(5,750,818)
Financial income	12	3,204,473	2,104,379	966,912	1,177,482
Financial expenses	12	(13,905,535)	(14,317,772)	(7,214,699)	(7,071,059)
Gains / (losses) on associate companies and joint arrangements	13	(12,854)	167,618	(350,429)	(480,918)
Profit before tax of continued operational units		(9,285,138)	(20,550,351)	(6,922,155)	(12,125,314)
Income tax	14	(675,194)	(1,951,825)	(428,694)	(1,970,934)
Profit after tax of continued operational units		(9,960,332)	(22,502,176)	(7,350,849)	(14,096,249)

Discontinued activities' result Attributable to:	20	64,729	(15,762,716)	43,972	(11,775,939)
non-controlling interests	20	(157,165)	(7,247,480)	(156,615)	(5,329,196)
owners of Martifer	20, 21	221,894	(8,515,236)	200,588	(6,446,743)
Profit for the period	3	(9,895,603)	(38,264,893)	(7,306,876)	(25,872,188)
Attributable to:
non-controlling interests	21	(1,379,889)	(7,773,650)	(1,477,116)	(5,710,304)
owners of Martifer		(8,515,714)	(30,491,243)	(5,829,760)	(20,161,886)
Earnings per share:
Basic	15	(0.0871)	(0.3118)	(0.0871)	(0.0871)
from continuing operations		(0.0894)	(0.2247)	(0.0617)	(0.1403)
from discontinued operations		0.0023	(0.0871)	0.0021	(0.0659)
Diluted	15	(0.0871)	(0.3118)	(0.0871)	(0.0871)
from continuing operations		(0.0894)	(0.2247)	(0.0617)	(0.1403)
from discontinued operations		0.0023	(0.0871)	0.0021	(0.0659)

Note: In September 2014, the Group classified the solar business unit (composed of Martifer Solar, SA and its subsidiaries) as a non-current asset held for sale. Since the requirements of IFRS 5 were fulfilled, the contribution to Martifer's consolidated results, coming from this segment, is presented in an autonomous line in the Consolidated Income Statement and the values YoY were adjusted to allow comparison. The breakdown of these contributions is included in the Notes to Consolidated Financial Statements (Note 20).

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE 1ST HALF 2015 AND 2014 AND FOR THE 2ND QUARTERS OF 2015 AND OF 2014

(amounts expressed in Euro)

(The translation of the consolidated financial statements was originally issued in Portuguese - Note 31)

ST HALF 2015 1 (NON-AUDITED)	ST HALF 2014 1 (NON-AUDITED)	ND QUARTER 2 2015 (NON-AUDITED)	ND QUARTER 2 2014 (NON-AUDITED)
(9,895,603)	(38,264,893)	(7,306,876)	(25,872,189)
135,945	(454,247)	83,858	(298,135)
(2,063,311)	5,100,294	(3,207,366)	5,151,583
(1,927,366)	4,646,047	(3,123,508)	4,853,448
			-
(11,822,969)	(33,618,846)	(10,430,384)	(21,018,742)
			-
			(4,473,350)
(9,636,171)	(26,958,191)	(8,521,942)	(16,545,392)
			-
			-
(10,140,727)	(22,324,671)	(8,246,271)	(13,976,715)
(1,682,242)	(11,294,175)	(2,184,113)	(7,042,028)
	(2,186,798)	(6,660,655)	(1,908,441)

CONSOLIDATED STATEMENTS OF THE FINANCIAL POSITION ON 30TH JUNE 2015 AND ON 31ST DECEMBER 2014

(amounts expressed in Euro)

(The translation of the consolidated financial statements was originally issued in Portuguese - Note 31)

	NOTES	30TH JUNE 2015 (NON-AUDITED)	31ST DECEMBER 2014
ASSETS
Non-current assets
Goodwill		11,001,424	10,980,675
Intangible assets		3,559,663	4,327,472
Tangible assets		161,395,838	166,415,160
Investment property		14,367,300	14,367,300
Financial assets under the equity method	16	7,936,215	7,798,516
Available for sale investments	17	3,474,145	2,191,512
Other non-current receivables	18	42,727,287	62,150,851
Deferred tax assets		4,670,717	4,720,190
		249,132,589	272,951,676
Current assets
Inventories		13,248,442	15,135,531
Trade receivables	18	92,379,243	87,582,767
Other receivables	18	56,292,283	36,187,928
Income tax		821,105	744,905
Current tax assets		8,919,804	7,974,973
Other current assets	19	45,222,007	40,904,841
Cash and cash equivalents		25,284,961	22,981,322
Non-current Assets held for sale	20	139,218,718	148,265,754
		381,386,563	359,778,022
Total assets	3	630,519,152	632,729,698

EQUITY
Issued capital	21	50,000,000	50,000,000
Share premium		186,500,000	186,500,000
Treasury stock		(2,868,519)	(2,868,519)
Reserves		(193,130,316)	(99,805,371)
Profit for the year		(8,515,714)	(93,535,824)
Equity attributable to owners of Martifer		31,985,451	40,290,287
Non-controlling interests	21	(24,681,338)	(22,882,274)
Non-controlling interests attributable to non-current assets held for sale	20, 21	(1,503,094)	(2,060,023)
Total equity		5,801,019	15,347,990
LIABILITIES
Non-current liabilities
Borrowings	22	203,930,090	215,538,471
Obligations under finance leases		12,588,127	13,830,713
Other non-current liabilities	23	15,986,599	12,381,230
Provisions	24	22,986,735	23,199,209
Deferred tax liabilities		930,562	930,496
		256,422,113	265,880,119
Current liabilities
Borrowings	22	78,361,663	73,645,092
Obligation under finance leases		3,164,357	2,481,603
Trade payables	23	71,894,446	63,638,919
Other payables	23	23,234,648	27,179,264
Income tax		1,126,078	1,258,326
Current tax liabilities		8,273,924	8,995,347
Other current liabilities	25	61,597,972	42,091,465
Derivatives		212,244	216,614
Liabilities related to non-current assets held for sale	20	120,430,689	131,994,958
		368,296,021	351,501,588
Total liabilities	3	624,718,133	617,381,707
Total equity and liabilities		630,519,152	632,729,698

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE 6 MONTH PERIODS ENDED ON 30TH JUNE OF 2015 AND OF 2014

(amounts expressed in Euro)

(The translation of the consolidated financial statements was originally issued in Portuguese - Note 31)

	ISSUED CAPITAL	SHARE PREMIUM	TREASURY STOCK	FAIR VALUE RESERVES CASH FLOW HEDGE	FOREIGN CURRENCY TRANSLATION	OTHER RESERVES		NET PROFIT EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT	NON CONTROLLING	TOTAL EQUITY
				DERIVATIVES	RESERVES				INTERESTS
Balance on 1st January 2014		50,000,000 186,500,000	(2,868,519)	307,575	(21,990,557)	(42,971,754)	(68,961,164)	100,015,581	39,676,431	139,692,012
Appropriation of the profit of 2013	-	-	-	-	-	(68,961,164)	68,961,164	-	-	-
COMPREHENSIVE INCOME FOR THE PERIOD:
Profit for the period	-	-	-	-	-		- (30,491,243)	(30,491,243)	(7,773,650)	(38,264,893)
Exchange differences arising from (i) translating foreign operations and (ii) net investment in subsidiaries	-	-	-	-	3,891,147	-	-	3,891,147	1,205,643	5,096,790
Goodwill in foreign currency	-	-	-	-	1,927	-	-	1,927	1,577	3,503
Revaluation of land and buildings	-	-	-	-	-	-	-	-		-
Other changes in equity of subsidiaries	-	-	-	(360,021)	-	-	-	(360,021)	(94,225)	(454,247)
Total comprehensive income for the period	-	-	-	(360,021)	3,893,074		- (30,491,243)	(26,958,191)	(6,660,655)	(33,618,846)
Other changes in equity of subsidiaries	-	-	-	-	-	(4,652,795)	-	(4,652,795)	(3,839,021)	(8,491,816)
Changes in the Consolidation perimeter	-	-	-	-	-	27,688	-	27,688	(2,891,441)	(2,863,753)
Non-controlling interests transactions	-	-	-	-	-	35,655,735	-	35,655,735	(7,655,735)	28,000,000
Balance on 30th June 2014		50,000,000 186,500,000	(2,868,519)	(52,447)	(18,097,483)	(80,902,289)	(30,491,243)	104,088,019	18,629,578	122,717,597

Balance on 1st January 2015		50,000,000 186,500,000	(2,868,519)	4,004	(19,282,953)	(80,526,421)	(93,535,824)	40,290,287	(24,942,297)	15,347,990
Appropriation of the profit of 2014	-	-	-			(93,535,824)	93,535,824	-	-	-
COMPREHENSIVE INCOME FOR THE PERIOD:
Profit for the period	-	-	-	-	-	-	(8,515,714)	(8,515,714)	(1,379,889)	(9,895,603)
Exchange differences arising from (i) translating foreign operations and (ii) net investment in subsidiaries	-	-	-	-	(1,232,833)	-	-	(1,232,833)	(849,267)	(2,082,100)
Goodwill in foreign currency	-	-	-	-	10,334	-	-	10,334	8,455	18,789
Revaluation of land and buildings	-	-	-	102,042	-	-	-	102,042	33,903	135,945
Other changes in equity of subsidiaries	-	-	-	102,042	(1,222,499)	-	(8,515,714)	(9,636,171)	(2,186,798)	(11,822,969)
Capital increase in subsidiaries	-	-	-	-	-	-	-	-	957,988	957,988
Other changes in equity of subsidiaries	-	-	-	-	-	1,183,816	-	1,183,816	9,090	1,192,906
Changes in the Consolidation perimeter	-	-	-	-	-	164,637	-	164,637	(39,477)	125,160
Non-controlling interests transactions	-	-	-	-	-	(17,117)	-	(17,117)	17,062	(55)
Balance on 30th June 2015		50,000,000 186,500,000	(2,868,519)	106,046		(20,505,452) (172,730,909)	(8,515,714)	31,985,451	(26,184,432)	5,801,019

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE 1ST HALF OF 2015 AND 2014 AND FOR THE 2ND QUARTERS OF 2015 AND OF 2014

(amounts expressed in Euro)

(The translation of the consolidated financial statements was originally issued in Portuguese - Note 31)

			ND QUARTER 2	ND QUARTER 2
	ST HALF 2015 1	ST HALF 2014 1	2015	2014
	(NON-AUDITED)	(NON-AUDITED)	(NON-AUDITED)	(NON-AUDITED)
OPERATING ACTIVITIES
Receipts from customers	149,954,293	136,527,481	82,265,433	53,584,297
Payments to suppliers	(110,599,394)	(96,819,055)	(67,427,972)	(43,476,520)
Payments to employees	(27,286,988)	(29,637,801)	(14,154,164)	(14,874,305)
Cash generated from operations	12,067,911	10,070,625	683,298	(4,766,528)
Income tax paid	(831,393)	(3,558,075)	(671,481)	(3,509,878)
Other receipts/(payments) relating to operating activities	2,630,222	(8,318,204)	534,518	(9,225,948)
Cash generated from other operating activities	1,798,829	(11,876,278)	(136,963)	(12,735,827)
Net cash generated by operating activities from discontinued operations	(6,521,944)	(7,985,687)	(1,980,553)	(6,206,211)
Net cash generated by operating activities (1)	7,344,797	(9,791,340)	(1,434,218)	(23,708,566)
INVESTING ACTIVITIES
Receipts arising from:
Financial assets	1,120,926	278,195	1,120,926	278,195
Intangible assets	-	711,122	-	465,277
Tangible assets	1,486,801	8,408,202	1,221,255	5,816,851
Investment grants	-	134,173	-	128,668
Interest and similar income	669,032	248,419	486,812	(104,575)
Dividends		-	-	-
Others	529,005	3,068,543	379,224	2,996,694
	3,805,764	12,848,654	3,208,217	9,581,109
Payments arising from:
Tangible assets	(3,606,362)	(9,016,466)	(1,866,069)	(4,656,681)
Intangible assets	(48,220)	(131,087)	(46)	59,304
Others	(347,126)	(136,111)	3,059	143,458
	(4,001,708)	(9,283,664)	(1,863,056)	(4,453,919)
Net cash generated by investing activities from discontinued operations	527,178	172,312	260,283	(104,460)
Net cash generated by investing activities (2)	331,234	3,737,302	1,605,443	5,022,730
FINANCING ACTIVITIES
Receipts arising from:
Borrowings	106,505,609	221,383,489	56,349,447	130,250,827
Issue of equity shares, supplementary capital and share premiums	-	15,000,000	-	15,000,000
Others	42,593	1,451	17,795	(1,233,792)
	106,548,202	236,384,940	56,367,242	144,017,035
Payments arising from:
Borrowings	(111,661,309)	(209,718,604)	(55,702,435)	(117,341,966)
Leasings	(335,451)	(385,402)	(64,798)	(256,922)
Interest and similar costs	(5,458,586)	(11,287,430)	(3,232,506)	(5,557,167)
Reduction of capital and other reserves	-	(10,122,183)	-	(10,122,183)

Others	(11,410) (117,466,756)	(96,079) (231,609,698)	(4,977) (59,004,716)	(27,745) (133,305,983)

Net cash generated by financing activities from discontinued operations Net cash generated by financing activities (3)	8,542,139 (2,376,415)	(1,730,787) 3,044,455	6,861,329 4,223,855	(5,359,599) 5,351,453

Net increase in cash and cash equivalents (4)=(1)+(2)+(3) Changes in the consolidation perimeter and others	5,299,616 30,345	(3,009,583) 788,435	4,395,081 (5,160)	(13,334,384) 788,435

Effect of foreign exchange currencies	(586,012)	362,246	(1,382,874)	(51,602)
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period	28,456,245	38,843,709	30,193,147	49,582,358
from continuing operations
from discontinued operations	25,284,961	30,738,650	25,284,961	30,738,650
Changes in the consolidation perimeter and others	7,915,232	6,246,157	7,915,232	6,246,157

NOTE: In September 2014, the Group started to classify the solar business unit (composed of Martifer Solar, SA and its subsidiaries) as a non-current asset held for sale. Since the requirements of IFRS 5 were fulfilled, the contribution to Martifer's consolidated cash flows, coming from this segment, is presented in an autonomous line in the Consolidated Statements of Cash Flows and the values YoY were adjusted to allow comparison (Note 20).

06 | NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

INTRODUCTORY NOTE

Martifer SGPS, S.A., headquartered in Zona Industrial, Oliveira de Frades – Portugal ('Martifer SGPS' or 'the Company'), and its group of companies ('Group'), have as their main activity the construction of steel infrastructures (Steel Structures, Aluminium and Glass Façades, Oil & Gas Infrastructures and the Shipbuilding Industry) and the promotion and development of renewable energy projects (Note 3).

Martifer SGPS was founded on 29th 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 founded 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.

On 30th June 2015, the Group develops its activity mainly in Western Europe (in Portugal, in Spain, in France and in the United Kingdom), in Eastern Europe (in Slovakia and in Romania), in the Middle East (in Saudi Arabia), in Latin America (in Brazil), in the Sub-Saharan Africa (in Angola and in Mozambique) and in Algeria.

The accompanying notes were selected to help the understanding of the most significant changes in the financial position and the financial performance of the Group since the last annual reporting, dated 31st December 2014.

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

These consolidated financial statements haven't been audited.

1. ACCOUNTING POLICIES

BASIS OF PREPARATION

These accompanying consolidated financial statements relate to the consolidated financial statements of 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 1st January 2015. These are the International Financial Reporting Standards issued by the International Accounting Standards Board ("IASB"), and the interpretations were 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 on 30th June 2015 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 on 31st December 2014 and disclosed in the corresponding notes.

The accounting standards that entered into force on 1st January 2015 did not cause major changes in the financial information hereby presented.

The consolidated financial statements are 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 carried out taking into consideration the best knowledge available of the events and the negotiations in progress on the day of the approval of the financial statements.

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, on 30th June 2015 and on 31st December 2014 are as follows:

COMPANIES CONSOLIDATED USING THE FULL CONSOLIDATION METHOD

				SHARE CAPITAL HELD PERCENTAGE		FY 2014
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL	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%	100.00%
Martifer Gestiune Si Servicii, S.R.L.	Bucharest	Martifer Inovação Roménia	100.00%	-	100.00%	100.00%
Martifer Metallic Constructions SGPS, S.A.	Oliveira de Frades	Martifer Metallic Constructions	75.00%	-	75.00%	75.00%
Martifer - Construções Metalomecânicas, S.A.	Oliveira de Frades	Martifer Construções	-	79.18%	79.18%	79.18%
Martifer Mota-Engil Coffey Construction Joint Venture Limited	Dublin	MMECC 1)	-	47.51%	47.51%	47.51%
Martifer – Construcciones Metálicas España, S.A.	Madrid	Martifer Espanha	-	75.00%	75.00%	75.00%
Martifer – Construções Metálicas Angola, S.A.	Luanda	Martifer Angola	-	59.06%	59.06%	59.06%
Martifer Construction Limited	Dublin	Martifer Irlanda	-	75.00%	75.00%	75.00%
Martifer Polska Sp. Zo.o.	Gliwice	Martifer Polska	-	75.00%	75.00%	75.00%
Martifer Constructions, SAS	Rungis	Martifer França	-	75.00%	75.00%	75.00%
Martifer Constructii SRL	Bucharest	Martifer Constructii	-	75.00%	75.00%	75.00%
Park Logistyczny Biskupice	Gliwice	Biskupice	-	75.00%	75.00%	75.00%
Martifer Konstrukcje Sp. Z o.o.	Gliwice	Martifer Konstrukcje	-	75.00%	75.00%	75.00%
Martifer Slovakia S.R.O.	Bratislava	Martifer Slovakia	-	75.00%	75.00%	75.00%
Sociedade de Madeiras do Vouga, S.A.	Albergaria-a-Velha	Madeiras do Vouga	-	75.00%	75.00%	75.00%
Martifer - Gestão de Investimentos, S.A.	Oliveira de Frades	MGI	-	75.00%	75.00%	75.00%
Nagatel Viseu, Promoção Imobiliária, S.A.	Oliveira de Frades	Nagatel Viseu	-	75.00%	75.00%	75.00%
Martifer Retail & Warehousing Angola, S.A.	Luanda	Martifer Retail Angola	-	75.00%	75.00%	75.00%
Martifer Aluminium Pty, Ltd	Sydney	Sassall	-	75.00%	75.00%	75.00%
Martifer - Alumínios, S.A.	Oliveira de Frades	Martifer Alumínios	-	75.00%	75.00%	75.00%
Martifer Alumínios Angola, S.A.	Luanda	Martifer Alumínios Angola	-	75.00%	75.00%	75.00%
Martifer Aluminium Limited	Dublin	Martifer Aluminium Irlanda	-	75.00%	75.00%	75.00%
Martifer Aluminium UK Limited	London	Martifer Aluminium Reino Unido	-	75.00%	75.00%	75.00%
Martifer Aluminium SAS	Rungis	Martifer Aluminium França	-	75.00%	75.00%	75.00%
Martifer Alumínios Ltda	São Paulo	Martifer Alumínios Brasil	-	74.99%	74.99%	74.99%
Martifer UK Limited	London	Martifer UK	-	75.00%	75.00%	75.00%
MT Construction Maroc, S.A.R.L.	Tangier	Martifer Marrocos	-	75.00%	75.00%	75.00%
Martifer - Construções Metálicas, Ltda.	Fortaleza	Martifer Brasil	-	74.85%	74.85%	74.85%
Saudi Martifer Constructions LLC	Riyadh	Martifer Arábia Saudita	-	75.00%	75.00%	75.00%
Martifer Beteiligungsverwaltungs GmbH	Vienna	Martifer GmbH	100.00%	-	100.00%	100.00%

				SHARE CAPITAL HELD PERCENTAGE		FY 2014
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL	TOTAL
M City Gliwice Sp. Zo.o	Gliwice	M City Gliwice	-	75.00%	75.00%	75.00%
Martifer Energy Systems II, SGPS, S.A.	Oliveira de Frades	Martifer Energy Systems II	100.00%	-	100.00%	100.00%
Martifer Energia S.R.L.	Bucharest	Martifer Energia Roménia	-	100.00%	100.00%	100.00%
Martifer Energia LLC	Kiev	Martifer Energia Ucrânia	-	100.00%	100.00%	100.00%
Martifer Wind Energy Systems LLC	San Angelo TX	Martifer Wind USA	-	100.00%	100.00%	100.00%
Martifer Energy Systems PTY	Cape Town	Martifer Energia África do Sul	-	85.00%	85.00%	85.00%
Navalria – Docas, Construções e Reparações Navais, S.A.	Aveiro	Navalria	-	100.00%	100.00%	100.00%
Gebox, S.A.	Ílhavo	Gebox	-	100.00%	100.00%	100.00%
West Sea - Estaleiros Navais, Lda.	Oliveira de Frades	West Sea	-	100.00%	100.00%	100.00%
Martifer Global SGPS, S.A.	Oliveira de Frades	Martifer Global	100.00%	-	100.00%	100.00%
Martifer Construcciones Peru, S.A.	Lima	Martifer Peru	-	100.00%	100.00%	100.00%
Global Holding Limited	Zebbug	Global Holding Limited	-	100.00%	100.00%	100.00%
Global Engineering & Construction Limited	Zebbug	Global Engineering	-	100.00%	100.00%	100.00%
Martifer Solar SGPS, S.A.	Oliveira de Frades	Martifer Solar SGPS	100.00%	-	100.00%	100.00%
Martifer Solar, S.A.	Oliveira de Frades	Martifer Solar 2)	-	55.00%	55.00%	55.00%
Martifer Solar Sistemas Solares, S.A.	Madrid	Martifer Solar Sistemas Solares2)	-	55.00%	55.00%	55.00%
Solar Parks Construccion Parques Solares ETVE, S.A.	Madrid	Solar Parks2)	-	55.00%	55.00%	55.00%
Parque Solar Seseña III, S.L.	Madrid	Seseña III2)	-	55.00%	55.00%	55.00%
MTS Solar Sistemas Solares, S.A.	Mexico City	Martifer Solar México2)	-	54.45%	54.45%	54.45%
Martifer Solar Chile Holding, Lda	Santiago de Chile	Martifer Solar Chile2)	-	55.00%	55.00%	55.00%
Martifer Solar Chile Operaciones Limitada	Santiago de Chile	Solar Chile Operaciones2)	-	55.00%	55.00%	55.00%
Martifer Solar Servicios México	Mexico City	Martifer Solar Servicios México2)	-	55.00%	55.00%	55.00%
Martifer Solar S.R.L.	Milan	Martifer Solar Itália2)	-	55.00%	55.00%	55.00%
MTS1 S.R.L.	Syracuse	MTS12)	-	55.00%	55.00%	55.00%
MTS2 S.R.L.	Syracuse	MTS22)	-	55.00%	55.00%	55.00%
MTS3 S.R.L.	Syracuse	MTS32)	-	55.00%	55.00%	55.00%
Martifer Solar RO S.R.L.	Bucharest	Martifer Solar Roménia2)	-	55.00%	55.00%	55.00%
Martifer Solar Inc.	S. Francisco CA	Martifer Inc. 2)	-	55.00%	55.00%	55.00%
MT Silverado Fund I LLC	S. Francisco CA	Silverado 1) 2)	-	31.42%	31.42%	31.42%
Martifer Solar Finance LLC	S. Francisco CA	Martifer Solar Finance	-	-	-	55.00%
Martifer Solar Hellas, A.T.E.	Athens	PVI 1) 2)	-	39.13%	39.13%	39.13%
Martifer Solar Angola	Luanda	Martifer Solar Angola 1) 2)	-	41.25%	41.25%	41.25%
Martifer Solar N.V.	Deerlijk	Martifer Solar Bélgica2)	-	55.00%	55.00%	55.00%
Martifer Solar UK Limited	London	Martifer Solar UK2)	-	55.00%	55.00%	55.00%
MTS Exbury Solar Limited	London	MTS Exbury Solar Limited2)	-	55.00%	55.00%	55.00%
MTS Manton Manor Solar Limited	London	MTS Manton Manor Solar Limited2)	-	55.00%	55.00%	55.00%
MTS Stud Farm Solar Limited	London	MTS Stud Farm Solar Limited2)	-	55.00%	55.00%	55.00%
MTS Penderi Solar Limited	London	MTS Penderi Solar Limited2)	-	55.00%	55.00%	55.00%

				SHARE CAPITAL HELD PERCENTAGE		FY 2014
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL	TOTAL
Martifer Solar S.A.S.	Lyon	Martifer Solar França2)	-	55.00%	55.00%	55.00%
Martifer Solar CZ	Prague	Martifer Solar República Checa2)	-	55.00%	55.00%	55.00%
Home Energy France SAS	Lyon	Home Energy França 2)	-	55.00%	55.00%	55.00%
PVGlass S.r.l	Milan	PVGlass Itália2)	-	55.00%	55.00%	55.00%
MPrime Solar Solutions, S.A.	Oliveira de Frades	Mprime2)	-	55.00%	55.00%	55.00%
MPrime GMBH	Munich	MPrime GMBH2)	-	55.00%	55.00%	55.00%
Sol Cativante, Lda.	Sever do Vouga	Sol Cativante 2)	-	55.00%	55.00%	55.00%
Martifer Solar Investments, B.V.	Amsterdam	Martifer Solar Holanda2)	-	55.00%	55.00%	55.00%
MTS6 S.R.L.	Syracuse	MTS62)	-	55.00%	55.00%	55.00%
Martifer Solar SK s.r.o.	Dolny Kubin	Martifer Solar Eslováquia2)	-	55.00%	55.00%	55.00%
Ginosa Solar Farm, S.R.L.	Rome	Ginosa Solar Farm2)	-	55.00%	55.00%	55.00%
Solar Spritehood S.R.L	Rome	Solar Spritehood2)	-	55.00%	55.00%	55.00%
MTS7, S.R.L.	Rome	MTS72)	-	55.00%	55.00%	55.00%
Canopy - Naos	Paris	Canopy Naos	-	-	-	55.00%
Steadfast Fairview Solar, Ltd	Andover	Steadfast Fairview Solar2)	-	55.00%	55.00%	55.00%
Martifer Solar UA, LLC	Kiev	Martifer Solar Ucrânia2)	-	55.00%	55.00%	55.00%
Inspira Martifer Solar Limited	Mumbai	Inspira Martifer Solar 1) 2)	-	28.05%	28.05%	28.05%
Societé Developpement Local SA	Dakar	Martifer Solar Senegal 1) 2)	-	28.05%	28.05%	28.05%
Martimak Solar	Besiktas	Martimak1) 2)	-	44.00%	44.00%	44.00%
Martiper Solar	Besiktas	Martiper1) 2)	-	44.00%	44.00%	44.00%
Martifer Solar Singapura PTE. LTD.	Singapore	Martifer Solar Singapura2)	-	55.00%	55.00%	55.00%
Martifer Solar Japan KK	Tokyo	Martifer Solar Japan2)	-	55.00%	55.00%	55.00%
Solariant Portfolio GK One	Tokyo	Solariant Portfolio GK One2)	-	55.00%	55.00%	55.00%
EVIVA SOLAR 1 LTD	Athens	Eviva Solar 12)	-	54.90%	54.90%	54.90%
EVIVA SOLAR 2 LTD	Athens	Eviva Solar 22)	-	54.90%	54.90%	54.90%
MTS Tonge Solar Limited	London	MTS Tonge2)	-	55.00%	55.00%	55.00%
Martifer Solar MZ, S.A.	Maputo	Martifer Solar Moçambique 1) 2)	-	28.05%	28.05%	28.05%
Greencoverage Unipessoal, Lda.	Oliveira de Frades	Greencoverage2)	-	55.00%	55.00%	55.00%
Martifer Solar, Ltda	Pindamonhangaba	Martifer Solar Brasil2)	-	54.45%	54.45%	54.45%
Visiontera Unipessoal, Lda	Oliveira de Frades	Visiontera2)	-	55.00%	55.00%	55.00%
Martifer Solar Middle East	Dubai	Martifer Solar Middle East2)	-	55.00%	55.00%	55.00%
Belive in Bright Unipessoal, LDA.	Oliveira de Frades	Belive in Bright2)	-	55.00%	55.00%	55.00%
Martifer Renewables SGPS, S.A.	Oliveira de Frades	Martifer Renewables SGPS	100.00%	-	100.00%	100.00%
Martifer Renewables, S.A.	Oliveira de Frades	Martifer Renewables SA	-	100.00%	100.00%	100.00%
Martifer Renovables ETVE, S.A.U.	Madrid	Martifer Renovables	-	100.00%	100.00%	100.00%
Eurocab FV 1 S.L.	Madrid	Eurocab 1	-	100.00%	100.00%	100.00%
Eurocab FV 2 S.L.	Madrid	Eurocab 2	-	100.00%	100.00%	100.00%
Eurocab FV 3 S.L.	Madrid	Eurocab 3	-	100.00%	100.00%	100.00%

				SHARE CAPITAL HELD PERCENTAGE		FY 2014
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL	TOTAL
Eurocab FV 4 S.L.	Madrid	Eurocab 4	-	100.00%	100.00%	100.00%
Eurocab FV 5 S.L.	Madrid	Eurocab 5	-	100.00%	100.00%	100.00%
Eurocab FV 6 S.L.	Madrid	Eurocab 6	-	100.00%	100.00%	100.00%
Eurocab FV 7 S.L.	Madrid	Eurocab 7	-	100.00%	100.00%	100.00%
Eurocab FV 8 S.L.	Madrid	Eurocab 8	-	100.00%	100.00%	100.00%
Eurocab FV 9 S.L.	Madrid	Eurocab 9	-	100.00%	100.00%	100.00%
Eurocab FV 10 S.L.	Madrid	Eurocab 10	-	100.00%	100.00%	100.00%
Eurocab FV 11 S.L.	Madrid	Eurocab 11	-	100.00%	100.00%	100.00%
Eurocab FV 12 S.L.	Madrid	Eurocab 12	-	100.00%	100.00%	100.00%
Eurocab FV 13 S.L.	Madrid	Eurocab 13	-	100.00%	100.00%	100.00%
Eurocab FV 14 S.L.	Madrid	Eurocab 14	-	100.00%	100.00%	100.00%
Eurocab FV 15 S.L.	Madrid	Eurocab 15	-	100.00%	100.00%	100.00%
Eurocab FV 16 S.L.	Madrid	Eurocab 16	-	100.00%	100.00%	100.00%
Eurocab FV 17 S.L.	Madrid	Eurocab 17	-	100.00%	100.00%	100.00%
Eurocab FV 18 S.L.	Madrid	Eurocab 18	-	100.00%	100.00%	100.00%
Eurocab FV 19 S.L.	Madrid	Eurocab 19	-	100.00%	100.00%	100.00%
Eviva Energy S.R.L.	Bucharest	Eviva Roménia	-	100.00%	100.00%	100.00%
Eviva Nalbant S.R.O.	Bucharest	Eviva Nalbant	-	100.00%	100.00%	100.00%
Eviva Agighiol S.R.L.	Bucharest	Eviva Agighiol	-	100.00%	100.00%	99.00%
Eviva Casimcea S.R.O.	Bucharest	Eviva Casimcea	-	100.00%	100.00%	99.00%
Premium Management Consulting, S.R.L.	Bucharest	Premium Management	-	85.00%	85.00%	85.00%
MW Topolog, S.R.L.	Bucharest	MW Topolog	-	99.00%	99.00%	99.00%
Martifer Renewables, S.A.	Gliwice	Eviva Polónia	-	100.00%	100.00%	100.00%
Martifer Renewables Pty, Ltd.	Sydney	Eviva Austrália	-	100.00%	100.00%	100.00%
Eviva Beteiligungsverwaltungs GmbH	Vienna	Eviva GmbH	-	100.00%	100.00%	100.00%
Eviva Hidro S.R.L.	Bucharest	Eviva Hidro	1.00%	99.00%	100.00%	100.00%
Martifer Deutschland GmbH	Berlin	Martifer Deutschland	-	100.00%	100.00%	100.00%
Wind Farm Odrzechowa Sp. Zo.o	Gliwice	Wind Odrzechowa	-	100.00%	100.00%	100.00%
Wind Farm Bukowsko Sp. Zo.o	Gliwice	Wind Farm Bukowsko	-	100.00%	100.00%	100.00%
Wind Farm Markowa Sp. Zo.o	Gliwice	Wind Farm Markowa	-	100.00%	100.00%	100.00%
Wind Farm Lada Sp. Zo.o	Gliwice	Wind Farm Lada	-	100.00%	100.00%	100.00%
Wind Farm Jawornik Sp. Zo.o	Gliwice	Wind Farm Jawornik	-	100.00%	100.00%	100.00%
Wind Farm Piersno Sp. Zo.o	Gliwice	Wind Farm Piersno	-	100.00%	100.00%	100.00%
Wind Farm Oborniki Sp. Zo.o	Gliwice	Wind Farm Oborniki	-	100.00%	100.00%	100.00%
Martifer Renewables Brazil B.V.	Amsterdam	Renewables Holanda	-	100.00%	100.00%	100.00%
Martifer Renewables Investments ETVE, S.A.	Madrid	Eurocab 21	-	100.00%	100.00%	100.00%
Martifer Renewables Italy BV	Amsterdam	Renewables Italy Holanda	-	100.00%	100.00%	100.00%
Martifer Renováveis Ltda.	Fortaleza	Martifer Renewables Brasil	-	100.00%	100.00%	100.00%

				SHARE CAPITAL HELD PERCENTAGE		FY 2014
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL	TOTAL
Martifer Renováveis - Geração de Energia e Participações S.A.	Fortaleza	Ventania	-	55.00%	55.00%	55.00%
Eólica Cajueiro da Praia, Ltda.	Fortaleza	Cajueiro	-	55.00%	55.00%	55.00%
SBER – Sociedade Brasileira de Energias Renováveis, Ltda.	Fortaleza	SBER 1)	-	41.25%	41.25%	41.25%
Melosa – Geração de Energia e Participações, Ltda.	Fortaleza	Melosa	-	-	-	55.00%
MSPAR Energia e Participações, SA	Barueri	MSPAR	-	100.00%	100.00%	100.00%
Floresta I, Geração de Energia S.A.	Areia Branca	Floresta I	-	90.00%	90.00%	-
Floresta II, Geração de Energia S.A.	Areia Branca	Floresta II	-	90.00%	90.00%	-
Floresta III, Geração de Energia S.A.	Areia Branca	Floresta III	-	90.00%	90.00%	-
Floresta IV, Geração de Energia S.A.	Areia Branca	Floresta IV	-	90.00%	90.00%	-
Martifer Renewables O&M Sp. z o.o.	Gliwice	Martifer Renewables O&M	-	52.00%	52.00%	52.00%

1) The consolidation of these companies using the full consolidation method is a consequence of the Group having stepped shareholdings, but exercising control at each level. 2) This company is classified on 30th June 2015 as a non-current asset held for sale (Note 20).

COMPANIES CONSOLIDATED USING THE EQUITY METHOD

The companies consolidated using the equity method, their registered offices and the percentage of share capital held by the Group are as follows:

			SHARE CAPITAL HELD PERCENTAGE
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL	TOTAL
Metallic Constructions
Associate companies:
Liszki Green Park, Sp. Zo.o	Gliwice	Liszki Green Park	-	33.75%	33.75%	33.75%
Martifer Amal, S.A.	Nacala	Martifer Amal	-	35.00%	35.00%	35.00%
Martifer Amal, S.A.	Oliveira de Frades	Martifer Amal	-	30.00%	30.00%	30.00%
Martimetal Spa	Algiers	Martimetal	-	49.00%	49.00%	49.00%
Joint control companies:
Promoquatro – Investimentos Imobiliários, Lda.	Oliveira de Frades	Promoquatro	-	37.50%	37.50%	37.50%
M City Bialystok Sp. Zo.o	Gliwice	M City Bialystok	-	37.50%	37.50%	37.50%
M City Radom Sp. Zo.o	Gliwice	M City Radom	-	37.50%	37.50%	37.50%
M. City Szczecin Sp. Z o.o.	Gliwice	M City Szczecin	-	37.50%	37.50%	37.50%
Solar
Associate companies:
Parque Solar Seseña I, S.L.	Madrid	Seseña I 3)	-	20.61%	20.61%	20.61%
Canaverosa Renovables, SL	Madrid	Canaverosa	-	-	-	26.94%
Empresa de Energia Renovable Maria del Sol Norte S.A.	Santiago	Maria del Sol3)	-	26.95%	26.95%	26.95%
MSN Solar Uno SpA	Santiago	MSN Solar Uno3)	-	26.95%	26.95%	26.95%
MSN Solar Dos SpA	Santiago	MSN Solar Dos3)	-	26.95%	26.95%	26.95%
MSN Solar Tres SpA	Santiago	MSN Solar Tres3)	-	26.95%	26.95%	26.95%

			SHARE CAPITAL HELD PERCENTAGE			FY 2014
COMPANY	HEAD OFFICE	DESIGNATION	DIRECTLY	INDIRECTLY	TOTAL	TOTAL
MSN Solar Cuatro SpA	Santiago	MSN Solar Cuatro3)	-	26.95%	26.95%	26.95%
MSN Solar Cinco SpA	Santiago	MSN Solar Cinco3)	-	26.95%	26.95%	26.95%
Martifer Solar Canadá, Ltd.	Toronto	Martifer Solar Canadá3)	-	27.50%	27.50%	27.50%
Renewables
Associate companies:
Eviva Gizalki Sp. Zo.o	Miastko	Eviva Gizalki 2)	-	100.00%	100.00%	100.00%
Joint control companies:
Ventinveste, S.A.	Lisbon	Ventinveste SA	6.00%	42.50%	48.50%	48.50%
Âncora Wind – Energia Eólica, S.A	Lisbon	Âncora		24.25%	24.25%	24.25%
Parque Eólico do Douro Sul, S.A.	Lisbon	PE Douro Sul	-	24.25%	24.25%	24.25%
Parque Eólico de Vale do Chão, S.A.	Lisbon	PE Vale do Chão	-	24.25%	24.25%	24.25%
Parque Eólico de Torrinheiras, S.A.	Lisbon	PE Torrinheiras	-	48.50%	48.50%	48.50%
Parque Eólico do Pinhal do Oeste, S.A.	Lisbon	PE Pinhal do Oeste	-	48.50%	48.50%	48.50%
Parque Eólico de Vale Grande. S.A.	Lisbon	PE Vale Grande	-	48.50%	48.50%	48.50%
Parque Eólico do Cabeço Norte, S.A.	Lisbon	PE Cabeço Norte	-	48.50%	48.50%	48.50%
Parque Eólico da Serra do Oeste, S.A.	Lisbon	PE Serra do Oeste	-	48.50%	48.50%	48.50%
Parque Eólico do Planalto, S.A.	Lisbon	PE Planalto	-	48.50%	48.50%	48.50%
Eviva Dunowo, Sp.Z.o.o.	Gliwice	Eviva Dunowo	-	50.00%	50.00%	50.00%
SPEE 3 – Parque Eólico do Baião, S.A.	Lisbon	SPEE 3	-	50%	50.00%	50.00%
SPEE 2 – Parque Eólico de Vila Franca de Xira, S.A.	Oliveira de Frades	SPEE 2	-	50%	50.00%	50.00%
Parque Eólico da Penha da Gardunha, Lda.	Oliveira de Frades	PE Penha da Gardunha	-	50%	50.00%	50.00%
Other
Associate companies:
Prio Energy SGPS. S.A.	Oliveira de Frades	Prio Energy SGPS 1)	5.00%	-	5.00%	5.00%
Prio Biocombustíveis. S.A.	Oliveira de Frades	Prio Biocombustíveis 1)	-	5.00%	5.00%	5.00%
Prio Energy. S.A.	Oliveira de Frades	Prio Energy 1)	-	5.00%	5.00%	5.00%
Mondefin	Coimbra	Mondefin 1)	-	5.00%	5.00%	5.00%
Prio Parque de Tanques de Aveiro, S.A.	Oliveira de Frades	Prio Tanques 1)	-	5.00%	5.00%	5.00%
Prio.E-Electric, S.A.	Oliveira de Frades	Prio.E-Electric 1)	-	5.00%	5.00%	5.00%
PRIO.E - Mobility Solutions, Lda _PT	Oliveira de Frades	Park Charge 1)	-	5.00%	5.00%	5.00%
Prio. E – SGPS, S.A.	Oliveira de Frades	Prio E SGPS 1)	-	5.00%	5.00%	5.00%
Share Motivation, Lda.	Oliveira de Frades	Share Motivation 1)	-	5.00%	5.00%	5.00%
IMO 505, Lda	Coimbra	IMO 5051)	-	5.00%	5.00%	5.00%
Prio Gas Lisboa, SA	Aveiro	Prio Gas 1)	-	2.50%	2.50%	2.50%

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

2) The consolidation of this company through the equity method results from the Group having significant influence on the company (Note 16).

3) This company is classified on 30th June 2015 as a non-current asset held for sale (Note 20).

During the 1st Half 2015 and the FY2014 the changes occurred in the consolidation perimeter were the following:

Incorporated companies:

In the 1st Half 2015:

IN THE 1ST HALF 2015	HEAD OFFICE
Renewables
Subsidiary companies:
Floresta I, Geração de energia S.A.	Areia Branca
Floresta II, Geração de energia S.A	Areia Branca
Floresta III, Geração de energia S.A	Areia Branca
Floresta IV, Geração de energia S.A	Areia Branca

In 2014:

FY 2014	HEAD OFFICE
Metallic Constructions
Associate companies:
Martimetal Spa	Algiers
Solar
Subsidiary companies:
MTS Exbury Solar Limited	London
MTS Manton Manor Solar Limited	London
MTS Stud Farm Solar Limited	London
MTS Penderi Solar Limited	London
MTS Hill Farm Solar Limited	London
Renewables
Associate companies:
Âncora Wind – Energia Eólica, S.A	Lisbon
Other
Associate companies:
Prio Gas Lisboa, SA	Aveiro

Acquired companies:

In the 1st Half 2015:

There were no acquisitions.

In 2014:

FY 2014	HEAD OFFICE
Solar
Subsidiary companies:
Solariant Portfolio GK One	Tokyo
Other
Associate companies:
IMO 505, Lda	Coimbra

Sold / liquidated companies:

In the 1st Half 2015:

IN THE 1ST HALF 2015	HEAD OFFICE
Solar
Canopy Naos	Paris
Martifer Solar Finance LLC	S. Francisco CA
Cañaverosa Renovables	Madrid
Renewables
Melosa – Geração de Energia e Participações, Ltda.	Fortaleza

In 2014:

FY 2014	HEAD OFFICE
Solar
MTS Spittleborough Solar Limited	London
Montidílico Unipessoal, LDA.	Oliveira de Frades
Inovsun, Lda.	Oliveira de Frades
MTS Francis Court Solar Limited	London
MTS Hill Farm Solar Limited	London
MTS Rydon Solar Limited	London
Steadfast Molland Solar, Ltd	Andover
Martifer Solar Sistemas Solares Equador S.A.	Sangolquí
Renewables
Vesto EAD	Varna
DVP1 Limited	Varna
DVP2 Limited	Varna
Rosa dos Ventos - Geração e Comercialização de Energia, S.A	Fortaleza
Ventinveste Indústria SGPS, S.A.	Oliveira de Frades
Eólica Coqueirais, Ltda.	Fortaleza
Eólica Paraipaba, Ltda .	Fortaleza
Eólica Chapadão, Ltda.	Fortaleza
Eólica Macaúbas, Ltda.	Fortaleza
Eólica Sobradinho, Ltda.	Fortaleza
Other
Nutre SGPS, S.A.	Oliveira de Frades
Nutre, S.A.	Oliveira de Frades
Nutre - Industrias Alimentares, S.A.	Oliveira de Frades
Nutre MZ. S.A.	Maputo
Nutre Farming, S.R.L.	Bucharest
Prio Agromart S.R.L.	Bucharest
Prio Balta S.R.L.	Bucharest
Prio Facaieni S.R.L.	Bucharest
Prio Ialomita S.R.L.	Bucharest
Prio Rapita S.R.L.	Bucharest
Nutre Farming West Part S.R.L.	Bucharest
Prio Terra Agricola S.R.L.	Bucharest

FY 2014	HEAD OFFICE
Prio Turism Rural S.R.L	Bucharest
Agromec Balaciu	Bucharest
Miharox S.R.L.	Bucharest
Zimbrul. S.A.	Bucharest
Agrozootehnica. S.A.	Bucharest
Prio Agrotrans S.R.L.	Bucharest
Nutre Brasil LTDA	S. Luís do Maranhão
Prio Extractie S.R.L.	Bucharest
Prio Agro Industries. Sp. Z o.o.	Gliwice
Prio Biocombustibil S.R.L.	Bucharest
Prio Meat S.R.L	Bucharest
Prio Foods – AJFS Construções, ACE	Lisbon
Nutre Farming B.V.	Amsterdam
Bunge Prio Cooperativa U.A.	Amsterdam
Bunge Roménia S.R.L.	Buzau
Centralrest, Lda	Ílhavo
Prio Agriculture, B.V.	Delft
Porthold Project Development BV	Amsterdam
Fertilis Agro-Indústrias, Lda	Luanda

Changes in the consolidation method:

In the 1st Half 2015:

Cañaverosa Renovables, SL – from equity method to full consolidation due to the increase in the shareholding held by the Group to 54.98 %. The referred shareholding was meanwhile sold in the 2nd Quarter 2015.

In 2014:

MTS 3 - from equity method to full consolidation due to the increase in the shareholding held by Martifer Solar Itália from 49 % to 100 %.

Martifer Solar Canadá - from full consolidation to equity method due to the decrease in the shareholding held by Martifer Solar Investments B.V. from 100 % to 50 %.

Eviva Gizalki - from full consolidation to equity method due to the loss of control, in particular by not having autonomy to manage its financial and operational policies (Note 16).

Other changes in the consolidation perimeter:

In the 1st Half 2015:

Eviva Nalbant, srl – increase in the shareholding held from 99.99997 % to 100 %.

Eviva Casimcea, srl – increase in the shareholding held from 99 % to 100 %.

Eviva Agighiol, srl – increase in the shareholding held from 99 % to 100 %.

In 2014:

MS Par Energia e Participações – transfer of shareholding from Martifer Renováveis, SA to Martifer Renewables Brasil Participações, Ltda.

Prio Energy SGPS - decrease in the share held by Martifer SGPS, SA, from 10 % to 5 %.

Martifer Metallic Constructions SGPS, S.A - decrease in the share held by Martifer SGPS, SA, from 100 % to 75 %.

Martifer Aluminium PTY – transfer of shareholding from Martifer Alumínios, SA to Martifer Metallic Constructions SGPS, SA.

Ventinveste, S.A – increase in the share held directly and indirectly by Martifer SGPS, SA from 46 % to 48.5 %

FTP Power LLC (previously FTP Solar LLC) – discontinuation of the equity method in virtue of the loss of significant influence (Note 20).

Martifer Solar USA - deconsolidates due to the loss of control verified with the signature of the "settlement, plan, support and release agreement".

Martifer Aurora Solar LLC - deconsolidates due to the loss of control verified with the signature of the "settlement, plan, support and release agreement".

3. INFORMATION BY BUSINESS SEGMENTS

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

The Group is organised in two business areas: 'Metallic Constructions' and 'Renewables' that are coordinated and supported by Martifer SGPS.

The business area 'Metallic Constructions' includes all the construction of steel infrastructures (Steel Structures, Aluminium and Glass Façades, Oil & Gas Infrastructures and the Shipbuilding Industry) and the promotion and development of renewable energy projects. The 'RE Developer' segment includes the promotion and development of renewable energy projects, with particular focus on 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'.

In September 2014, the Group decided to classify the 'Solar' segment (composed of Martifer Solar, SA and its subsidiaries) as a non-current asset held for sale. Since the requirements of IFRS 5 were fulfilled, the contribution to Martifer's consolidated results, coming from this segment, is presented in an autonomous line in the Consolidated P&L and the values YoY were adjusted to allow comparison. The detail of this contribution is presented in the Notes to Interim Consolidated Financial Statements (Note 20).

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).

On 30th June of 2015 and of 2014, the breakdown of sales and services rendered by primary segments is as follows:

	SALES TO EXTERNAL CUSTOMERS			INTERSEGMENT SALES		TOTAL
	6 M' 2015	6 M' 2014	6 M' 2015	6 M' 2014	6 M' 2015	6 M' 2014
Metallic Constructions	116,941,207	86,044,382	8,372,432	15,366,612	125,313,639	101,410,994
Renewables	6,521,374	4,627,331	253,109	100,446	6,774,483	4,727,777
Others	346,344	524,005	917,563	2,100,274	1,263,907	2,624,279
	123,808,925	91,195,718	9,543,103	17,567,332	133,352,029	108,763,050
						-
Intersegment Eliminations					(8,835,953)	(14,418,181)
Own work capitalized (Note 5)					(707,150)	(3,149,151)
					123,808,925	91,195,718

Sales and services rendered to external customers, by geographical origin and by segment were as follows on 30th June of 2015 and of 2014:

6 M' 2015	6 M' 2014
Iberian Peninsula
Metallic Constructions 35,819,709	24,281,928
Renewables 2,615,141	2,738,823
Others 303,662	444,045
Central Europe
Metallic Constructions 30,027,063	23,211,948
Renewables 3,817,899	1,872,361
Others 42,682	79,960
Other Markets
Metallic Constructions 51,094,435	38,550,506
Renewables 88,334	16,147
123,808,925	91,195,718

In the 1st Half 2015 the sales and services rendered increased approximately 32.6 million euros YOY. This growth results mainly from the increase in sales and services rendered in the Metallic Constructions segment (about 30.9 million euros).

On 30th June of 2015 and of 2014 the earnings before interest, taxes, amortizations, provisions and impairment losses (EBITDA), earnings before interest and taxes (EBIT) and profit after tax by primary segments were as follows:

	EBITDA			EBIT		PROFIT AFTER TAX
	6 M' 2015	6 M' 2014	6 M' 2015	6 M' 2014	6 M' 2015	6 M' 2014
Metallic Constructions	4,945,297	(2,797,379)	1,916,152	(14,861,977)	(4,944,257)	(21,881,204)
Renewables	3,825,215	11,014,573	16,325	6,919,013	(8,464)	5,577,481
Others	13,807	(452,894)	(503,699)	(561,611)	(5,007,611)	(6,198,452)
	8,784,319	7,764,300	1,428,778	(8,504,575)	(9,960,332)	(22,502,176)
Earnings of the disposal group classified as held for sale	-	-	-	-	64,729	(15,762,716)
	8,784,319	7,764,300	1,428,778	(8,504,575)	(9,895,603)	(38,264,893)

In the 1st Half 2015 there was an operational recovery, with a positive EBITDA of 8.8 million euros. For this contributed the improvement in the Metallic Constructions segment (7.7 million euros), which compensated the decrease in the Renewables segment (7.2 million euros), thus registering a 1 million euros increase YoY.

The Group's net assets and liabilities by operating segments on 30th June 2015 and on 31st December 2014 were as follows:

	ASSETS		LIABILITIES
	30 JUNE 2015	31 DECEMBER 2014	30 JUNE 2015	31 DECEMBER 2014
Metallic Constructions	322,232,923	310,078,424	325,404,786	306,200,108
Renewables	156,927,620	157,464,362	62,538,226	63,327,919
Holding and MIGs	520,895,843	521,568,741	165,707,531	161,701,757
Non-current operation held for sale – (Note 20)	139,218,718	148,265,754	131,994,958	137,358,237
Intra-group eliminations	(508,755,952)	(504,647,583)	(60,927,368)	(51,206,314)
	630,519,152	632,729,698	624,718,133	617,381,707

The Group's capital expenditures (acquisition of tangible and intangible assets) and depretiation/amortizations, by operating segments, until 30th June of 2015 and of2014 were as follows:

	CAPITAL EXPENDITURES		AMORTIZATIONS
	6 M' 2015	6 M' 2014	6 M' 2015	6 M' 2014
Metallic Constructions	2,575,475	7,858,915	3,236,976	3,385,560
Renewables	568,700	619,406	3,032,081	3,297,196
Others	1,358	4,842	517,504	811,456
	3,145,533	8,483,163	6,786,562	7,494,213

4. SALES AND SERVICES RENDERED

On 30th June of 2015 and of 2014, the breakdown of sales and services rendered was as follows:

	6 M' 2015	6 M' 2014
Revenues from the sale of merchandise	4,026,631	6,839,543
Revenues from the sale of goods	46,891,351	31,873,745
Services rendered	72,890,943	52,482,430
	123,808,925	91,195,718

5. OTHER INCOME

On 30th June of 2015 and of 2014 the breakdown of the caption 'Other income' is as follows:

	6 M' 2015	6 M' 2014
Change in production	(920,797)	190,699
Own work capitalized	707,150	3,149,151
Taxes	542	-
Reversals of impairment losses:
Trade debtors (Note 18)	686,871	3,398
Other impairment losses	2,822,385	779,109
Supplementary income	942,680	769,459
Gains in inventories	2,021	3,640
Capital Gains in non-financial assets	706,285	14,390,249
Operating subsidies	87,234	525
Investments subsidies	23,958	115,839
Foreign exchange gains	3,382,139	2,011,560
Other operational gains	2,177,241	1,101,001
	10,617,708	22,514,629

The amount included under the caption 'Own work capitalized', during the period ended on 30th June 2015 is essentially related to the strengthening operational reinforcement capacity of West Sea, in the Naval sector.

During the first half of 2015 there were favourable foreign exchange gains resulting from the devaluation of several currencies against the Euro.

6. COST OF GOODS SOLD

On 30th June of 2015 and of 2014 the cost of goods sold was as follows:

6 M' 2014	MERCHANDISE	RAW MATERIALS, SUBSIDIARIES AND OTHER CONSUMABLES	TOTAL
Opening balance	4,067,430	8,071,480	12,138,910
Purchases	6,188,363	26,907,359	33,095,722
Changes in the consolidation perimeter, currency exchange differences, transfers and others	(2,431,241)	(5,982,735)	(8,413,976)
Closing balance	3,931,928	7,906,490	11,838,418
	3,892,624	21,089,614	24,982,238

6 M' 2015	MERCHANDISE	RAW MATERIALS, SUBSIDIARIES AND OTHER CONSUMABLES	TOTAL
Opening balance	3,931,928	7,906,490	11,838,418
Purchases	5,319,037	35,101,029	40,420,066
Changes in the consolidation perimeter, currency exchange differences, transfers and others	(779,849)	(6,074,389)	(6,854,238)
Closing balance	3,198,704	5,377,196	8,575,900
	5,272,412	31,555,934	36,828,346

7. SUBCONTRACTORS

On 30th June of 2015 and of 2014 the caption 'subcontractors' was as follows:

	6 M' 2015	6 M' 2014
Subcontractors	29,924,328	18,322,809
	29,924,328	18,322,809

The subcontracts are essentially related to construction works carried out in the 'Metallic Constructions' segment.

8. EXTERNAL SUPPLIES AND SERVICES

On 30th June 2015 and 2014 the external supplies and services are as follows:

	6 M' 2015	6 M' 2014
Transportation of goods	3,266,688	3,232,214
Specialized works	5,369,409	6,765,414
Leases and rents	10,167,925	6,822,294
Service Fees	786,952	770,777
Travelling expenses	1,417,412	2,253,437
Electricity and Fuel	1,500,651	1,275,098
Insurance	1,032,695	1,091,099
Maintenance and repairs	812,812	925,679
Communications	388,789	470,887
Security	451,041	436,798
Legal and notarial fees	190,721	87,133
Commissions	288,525	120,315
Advertising	101,952	34,354
Cleaning, health and safety	240,439	258,446
Tools and devices	204,217	192,104
Other	1,157,522	1,346,767
	27,377,750	26,082,813

9. STAFF COSTS

On 30th June of 2015 and of 2014, staff costs were as follows:

	6 M' 2015	6 M' 2014
Salaries	22,373,113	22,954,452
Social contributions	6,328,241	6,619,547
	28,701,354	29,573,999

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

10. OTHER EXPENSES

On 30th June of 2015 and of 2014, the caption 'Other expenses' was as follows:

	6 M' 2015	6 M' 2014
Taxes	909,494	2,170,616
Impairment losses:
Trade debtors (Note 18)	-	134,269
Losses in inventories	992	79,120
Losses in non-financial assets	42,805	3,209,487
Foreign exchange losses	1,051,675	682,126
Trade debtors write-off	(1,827)	-
Fines and penalties	140,548	79,531
Other operational losses	666,848	629,038
	2,810,536	6,984,188

11. PROVISIONS AND IMPAIRMENT LOSSES

The provisions and impairment losses during the six-month periods ended on 30th June of 2015 and of 2014 were as follows:

	6 M' 2015	6 M' 2014
Impairment losses
In financial investments	-	3,992
In tangible assets	91,516	598,403
	91,516	602,396
Provisions (Note 24)
Arising from the use of the equity method	394,127	247,179
Quality guarantees	(37,038)	(44,359)
Legal claims in progress	(143,283)	41,380
Others	263,656	7,928,066
	477,463	8,172,266

12. NET FINANCIAL RESULTS

The net financial results for the periods ended on 30th June of 2015 and of 2014 can be analysed as follows:

FINANCIAL INCOME	6 M' 2015	6 M' 2014
Loans and accounts receivable (including bank deposits)
- Interest income	922,813	516,543
Other financial income related to other financial assets
- Foreign exchange gains	2,240,921	1,100,133
- Gains on the sale of financial assets	-	(108,494)
- Other financial income	40,740	596,198
	3,204,473	2,104,379

FINANCIAL EXPENSES	6 M' 2015	6 M' 2014
Loans and accounts payable
- Interest expenses in bank loans and in finance leases	9,521,820	11,831,716
Other financial income related to other financial liabilities
- Foreign exchange losses	2,913,310	468,772
- Other financial expenses	1,470,406	2,017,285
	13,905,535	14,317,772

The captions 'Foreign exchange gains' and 'Foreign exchange losses' are related to the occurrence of currency fluctuations, particularly in affiliated companies outside the Euro zone.

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

On 30th June of 2015 and of 2014, the gains and losses on associated companies and joint-ventures were as follows:

	6 M' 2015	6 M' 2014
Nutre Group	-	(165,962)
Prio Energy Group	(105,158)	(209,703)
SPEE 2 – Parque Eólico de Vila Franca de Xira, S.A.	509,428	529,197
SPEE 3 – Parque Eólico do Baião, S.A.	211,215	266,162
Eviva Gizalki Sp. Zo.o	(680,845)	-
Promoquatro – Investimentos Imobiliários, Lda.	-	(43,187)
Liskin Green Park	-	(17,944)
Martifer Amal, S.A. (Moçambique)	269,648	(180,391)
Martifer Amal, S.A. (Portugal)	-	(10,555)
Martimetal Spa	(217,141)	-
	(12,854)	167,618

14. INCOME TAX

On 30th June of 2015 and of 2014, the reconciliation between current tax and income tax of each of the period is summarized as follows:

	6 M' 2015	6 M' 2014
Current tax	622,945	2,303,548
Deferred tax - generated by temporary differences	(18,319)	(54,530)
Deferred tax - reversal of temporary differences	67,888	(29,165)
Deferred tax - tax loss recognition	2,681	(157,735)
Other	-	(110,292)
Deferred tax	52,250	(351,722)
Income tax	675,194	1,951,825

15. 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 whether these stock options, independently of being or not exercisable, are diluted, which happens when the exercise price of the opting is lower than the average market price of the shares.

Since the average market price of Martifer's shares, during the period between 1st January 2015 and 30th June 2015 was 0.31 euros, below that of the exercise price of the stock options (3.84 euros), these stock options are non-diluting because, if the options were to be exercised, the number of outstanding shares would be reduced.

Therefore, on 30th June 2015 there is no difference between the basic and diluted earnings per share. The share capital of Martifer SGPS, SA is represented by 100,000,000 ordinary shares, fully paid, representing a share capital of 50,000,000 euros.

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

On 30th June of 2015 and of 2014, the basic and diluted earnings per share can be summarised as follows:

	6 M' 2015	6 M' 2014
Profit for the year (I)	(8,515,714)	(30,491,243)
Weighted average number of shares outstanding (II)	97,784,090	97,784,090
Basic and diluted earnings per share (I) / (II)	(0.0871)	(0.3118)
from continuing operations	(0.0894)	(0.2247)
from Assets held for sale	0.0023	(0.0871)

16. FINANCIAL ASSETS UNDER THE EQUITY METHOD

On 30th June 2015 and on 31st December 2014, the financial assets under the equity method were as follows:

	30 JUNE 2015	31 DECEMBER 2014
Prio Energy	1,409,161	1,511,016
Eviva Gizalki	3,403,017	3,877,141
Martimetal	338,289	586,867
SPEE 3 - Parque eólico de Baião, SA	743,147	531,932
SPEE 2 - Parque eólico de Vila Franca de Xira, SA	1,665,087	1,155,660
Martifer Amal, S.A. (Mozambique)	377,782	141,404
Other subsidiaries	(268)	(5,504)
	7,936,215	7,798,516

On 31th June 2015 and on 31st December 2014, the financial assets under the equity method were as follows:

	30 JUNE 2015	31 DECEMBER 2014
Opening balance	7,798,516	41,282,069
Application of the equity method	(12,854)	(728,995)
Changes resulting from the loss of control in subsidiaries	-	3,877,141
Effect of foreign currency exchange differences	142,014	-
Reclassification to non-current assets held for sale	-	(36,620,942)
Other changes	8,539	(10,758)
Closing balance	7,936,215	7,798,516

17. INVESTMENTS AVAILABLE FOR SALE

On 30th June 2015 and on 31st December 2014, the investments available for sale were as follows:

	30 JUNE 2015	31 DECEMBER 2014
Non-current financial investments	3,246,755	1,954,435
Others	227,390	237,077
	3,474,145	2,191,512

On 30th June 2015 and on 31st December 2014, the movement occurred in the caption 'Available for sale investments' was as follows:

	30 JUNE 2015	31 DECEMBER 2014
Opening balance	2,191,512	575,621
Additions	1,276,727	1,896,367
Reductions	(1,003)	(24,715)
Changes in fair value	-	(10,378)
Changes in the consolidation perimeter	-	(245,384)
Others	6,909	-
	3,474,145	2,191,512

18. TRADE RECEIVABLES AND OTHER RECEIVABLES

The detail of the caption 'trade and other receivables', for the periods ended on 30th March 2015 and on 31st December 2014 was as follows:

	NON-CURRENT			CURRENT
	30 JUNE 2015	31 DECEMBER 2014	30 JUNE 2015	31 DECEMBER 2014
Cost:
Trade receivables:
Trade receivables	839,202	739,397	92,483,293	87,642,194
Notes receivables	-	-	37,198	-
Doubtful trade receivables	-	-	11,792,982	12,390,293
	839,202	739,397	104,313,473	100,032,487

Other receivables:
Related companies	38,879,174	38,524,408	12,554,000	13,635,740
Advances to suppliers	-	5,222	11,571,374	7,194,649
Others	3,127,018	22,997,663	37,438,309	20,615,943
	42,006,192	61,527,293	61,563,683	41,446,332

	42,845,394	62,266,690	165,877,156	141,478,819

Impairment losses in accounts receivables were as follows:

	NON-CURRENT			CURRENT
	30 JUNE 2015	31 DECEMBER 2014	30 JUNE 2015	31 DECEMBER 2014
Accumulated impairment losses:
Doubtful trade receivables	-	-	11,934,230	12,449,720
Other receivables	118,108	115,839	5,271,401	5,258,404
	118,108	115,839	17,205,631	17,708,124

Carrying amount – trade receivables	839,202	739,397	92,379,243	87,582,767

Carrying amount – other receivables	41,888,085	61,411,454	56,292,283	36,187,928

Total	42,727,287	62,150,851	148,671,526	123,770,695

19. OTHER CURRENT ASSETS

On 30th June 2015 and on 31st December 2014, the breakdown of the caption 'Other current assets' was as follows:

30 JUNE 2015	31 DECEMBER 2014
Accrued income:
Construction contracts -	-
Cost 43,391,026	43,554,431
Impairment losses (4,562,545)	(7,132,109)
Carrying amount 38,828,481	36,422,322
Interest to be received 351,584	97,803
Other accrued income 3,693,068	1,933,955
42,873,133	38,454,080
Prepayments:
Insurance 716,720	578,537
Financial expenses 23,871	40,362
Rents 34,382	32,948
Other prepayments 1,019,555	413,222
1,794,528	1,065,069
Other (current) financial assets 554,346	1,385,692
45,222,007	40,904,841

20. NON-CURRENT ASSETS HELD FOR SALE

Negotiations are underway for the sale of the real estate project in Szczecin (Poland) in the Metallic Constructions segment, previously classified as an investment property with its sale being highly probable. The Group continues committed to selling this asset. Thus, since the conditions set by IFRS 5 are satisfied for the maintenance of this asset as Asset held for sale within a period over 12 months, the asset was kept as a non-current asset held for sale.

Martifer SGPS, SA decided in September 2014, to focus the Group's activity in the Metallic Constructions (Steel Structures, Aluminium and Glass Façades, Oil & Gas Infrastructures and the Shipbuilding Industry) and fulfil the active sale plan of its 55 % share of Martifer Solar. As the sale is highly likely, Martifer Solar's assets and liabilities were classified as "non-current assets held for sale" and "liabilities associated to non-current assets held for sale" respectively, being Martifer Solar's Net Profit presented as "discontinued operations' result" (the values YoY were adjusted to allow comparison).

The breakdown of the assets and the liabilities associated with the assets held for sale on 30th June 2015 and on 31st December 2014 was as follows:

	30 JUNE 2015	31 DECEMBER 2014
Goodwill	1,925,684	1,906,896
Intangible assets	1,167,644	1,186,599
Tangible Assets	12,889,997	17,159,333
Investment properties 1)	5,150,360	4,988,563
Financial assets under the equity method	21,153,844	14,263,512
Available for sale investments	1,450,078	1,419,852
Deferred tax assets	1,002,656	994,876
Inventories	5,783,740	5,165,675
Other non-current receivables	51,965,981	63,391,030
Current tax assets	5,086,581	5,645,539
Other current assets	23,725,914	26,667,413
Cash and cash equivalents	7,915,232	5,474,923
Derivatives	1,005	1,543
Total assets held for sale	139,218,718	148,265,754
Non-controlling interests attributable to Assets held for sale	(1,503,094)	(2,060,023)
Non-current liabilities	23,500,234	26,810,843
Borrowings	42,487,989	42,130,808
Trade payables	28,662,746	34,682,918
Other payables	11,365,431	4,169,611
Current tax liabilities	4,018,810	9,005,572
Other current liabilities	10,379,729	15,144,525
Derivatives	15,750	50,681
Liabilities related to Assets held for sale	120,430,689	131,994,958
Assets net of liabilities and Non-controlling interests related to Assets held for sale	20,291,123	18,330,819

1) Szczecin real estate project

The detail of the results of the assets held for sale in the 1st Half of 2015 and of 2014 was as follows:

	6 M' 2015 (NON-AUDITED)	6 M' 2014 (NON-AUDITED)
Sales and services rendered	26,450,406	52,266,079
Other income	11,982,348	1,027,465
Cost of goods sold	(3,133,458)	(25,652,176)
Subcontractors	(12,041,149)	(14,696,776)
External supplies and services	(9,292,811)	(14,039,255)
Staff costs	(6,488,409)	(8,038,736)
Other expenses	(2,950,508)	(1,976,105)
	4,526,419	(11,109,504)
Amortizations	(1,360,098)	(1,300,164)
Provisions and Impairment losses	788,423	(1,383,063)
Operating income	3,954,744	(13,792,731)
Financial income	1,366,866	1,986,655
Financial expenses	(5,231,021)	(3,581,106)
Gains / (losses) on associate companies and joint arrangements	75,131	(294,471)
Profit before tax	165,720	(15,681,653)
Income tax	(100,990)	(81,065)
Profit after tax	64,729	(15,762,716)
Profit for the period	64,729	(15,762,716)
Attributable to:
non-controlling interests	(157,165)	(7,247,480)
owners of Martifer	221,894	(8,515,236)

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

Share capital

Martifer SGPS, SA's share capital, fully subscribed and paid on 30th June 2015, amounts to Euro 50,000,000 and is represented by 100,000,000 bearer shares with a nominal value of 50 cents each. All shares have the same rights, one vote per share. During the first six months of 2015 and of 2014, no movements occurred in the number of shares of the Group.

During first six months of 2015 and of 2014, Martifer SGPS, S.A. did not acquire any shares. The Group held 2,215,910 treasury shares, corresponding to 2.22 % of its capital.

On 30th June 2015, the share capital of Martifer SGPS, S.A. was held 42.7 % by I'M SGPS, S.A., 37.5 % by Mota-Engil SGPS, S.A., and 2.22 % are treasury shares. The remaining 17.58 % represents free-float listed in Euronext Lisbon.

Non-controlling interests

Movements in the non-controlling interests are as follows:

30 JUNE 2014
39,676,431
(7,773,650)
9,090 (3,839,021)
-
(2,891,441)
17,062 (7,655,735)
1,112,995
18,629,579
(8,353,244)
26,982,823
30 JUNE 2015 (24,942,297) (1,379,889) 957,988 (39,477) (806,909) (26,184,432) (24,681,338) (1,503,094)

The detail of the main non-controlling interests can be analysed as follows:

	% NON-CONTROLLING INTERESTS
	30 JUNE 2015	31 DECEMBER 2014	30 JUNE 2015	31 DECEMBER 2014
Metallic Constructions
Martifer - Construções Metalomecânicas, S.A.	25.00%	25.00%	(8,040,875)	(7,132,255)
Martifer - Alumínios, S.A.	25.00%	25.00%	(6,148,001)	(5,962,520)
Martifer Metallic Constructions SGPS, S.A.	25.00%	25.00%	(4,025,017)	(3,664,488)
Martifer Aluminium Pty, Ltd	25.00%	25.00%	(3,219,538)	(3,244,930)
Martifer Constructii S.R.L.	25.00%	25.00%	(3,296,607)	(3,184,647)
Martifer Polska Sp. Zo.o.	25.00%	25.00%	(2,492,352)	(2,467,012)
Martifer – Construções Metálicas Angola, S.A.	40.94%	40.94%	2,279,938	2,053,776
Renewables
Martifer Renováveis - Geração de Energia e Participações S.A.	45.00%	45.00%	796,471	827,794
Others
Non-controlling interests attributable to non-current assets held for sale (Note 20)			(1,503,094)	(2,060,023)
Other non-controlling interests (< Euro 500.000)			(535,357)	(107,993)
			(26,184,432)	(24,942,297)

22. BORROWINGS

On 30th June 2015 and on 31st December 2014 the borrowings can be analysed as follows:

31 DECEMBER 2014	UNTIL 1 YEAR	BETWEEN 1 AND 3 YEARS	BETWEEN 3 AND 5 YEARS	MORE THAN 5 YEARS	TOTAL
Borrowings from financial institutions:
Bank loans	14,448,560	33,760,563	88,624,207	71,088,200	207,921,530
Bank overdrafts	13,458,228	-	812,636	1,784,259	16,055,123
Authorized overdrafts	24,238,327	205,556	3,498,822	12,045,122	39,987,827
Other borrowings:					-
Commercial paper	5,000,000	-	-	-	5,000,000
Other borrowings	16,499,977	723,155	999,962	1,995,989	20,219,083
	73,645,092	34,689,274	93,935,627	86,913,570	289,183,563

30 JUNE 2015	UNTIL 1 YEAR	BETWEEN 1 AND 3 YEARS	BETWEEN 3 AND 5 YEARS	MORE THAN 5 YEARS	TOTAL
Borrowings from financial institutions:
Bank loans	23,971,179	35,785,089	84,741,745	61,300,138	205,798,151
Bank overdrafts	13,095,756	-	812,636	1,784,259	15,692,651
Authorized overdrafts	28,423,969	205,556	2,483,333	9,811,047	40,923,905
Other borrowings:
Commercial paper	-	-	-	-	-
Other borrowings	12,870,759	500,074	2,491,995	4,014,218	19,877,045
	78,361,663	36,490,719	90,529,709	76,909,662	282,291,753

The Group continues focused on reducing its net debt, as such it continues committed to the process of selling non-core assets. As a note, the net debt on 30th June 2015 and on 31st December 2014 does not include the companies of the 'Solar' segment, classified in 2014 as a 'non-current asset held for sale'.

23. TRADE PAYABLES AND OTHER PAYABLES

On 30th June 2015 and on 31st December 2014, trade payables and other payables can be analysed as follows:

		NON-CURRENT		CURRENT
	30 JUNE 2015	31 DECEMBER 2014	30 JUNE 2015	31 DECEMBER 2014
Trade Payables	11,607,763	11,522,691	71,894,446	63,638,919
Other Payables:
Fixed assets suppliers	-	-	321,721	791,014
Related companies and other shareholders	7,389	7,247	1,010,818	924,734
Advanced payments received from customers	97,557		15,150,288	19,217,883
Other creditors	4,273,891	851,292	6,751,822	6,245,633
Subtotal	4,378,837	858,539	23,234,649	27,179,264

Total	15,986,599	12,381,230	95,129,094	90,818,183

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

On 30th June 2015 and on 31st December 2014, the non-current balances due to related companies and other shareholders refer to loans obtained from joint arrangements and associated companies, which bear interest at Euribor 3 months increased by a 6.75 % spread.

24. Provisions

The information related with 'Provisions' on 30th June 2015 and on 31st December 2014 can be detailed as follows:

	30 JUNE 2015	31 DECEMBER 2014
Quality guarantees	2,312,504	1,447,244
Legal claims in progress (Note 11)	1,114,254	1,258,968
Provisions arising from the use of the equity method	6,757,141	6,763,255
Onerous contracts	5,307,177	5,777,177
Others	7,495,657	7,952,565
	22,986,735	23,199,209

The changes in the 'Provisions' during the first half of 2015 were as follows:

		OPENING BALANCE	ADDITIONS	DEDUCTIONS	APPLICATIONS	CHANGE OF CONSOLIDATION PERIMETER, EXCHANGE RATE DIFFERENCES, TRANSFERS	CLOSING BALANCE
	Quality guarantees	1,447,244	-	(37,038)	-	902,298	2,312,504
	Legal claims in progress	1,258,968	116,490	(259,773)	(45,317)	43,886	1,114,254
	Provisions arising from the use of the equity method	6,763,255	481,308	(87,181)		(400,241)	6,757,141
Onerous contracts		5,777,177	-	-	-	(470,000)	5,307,177
Others		7,952,565	275,628	(11,973)	(10,476)	(710,087)	7,495,657
		23,199,209	873,426	(395,965)	(55,793)	(634,143)	22,986,735

25. OTHER CURRENT LIABILITIES

On 30th June 2015 and on 31st December 2014, other current liabilities are as follows:

	30 JUNE 2015	31 DECEMBER 2014
Accrued expenses
Holiday pay and bonuses	6,414,944	5,000,578
Interest borne but not yet overdue	9,321,321	5,274,578
Production performed by third parties not yet invoiced	1,615,142	1,304,965
Other accrued expenses	3,586,207	2,941,373
	20,937,613	14,521,494
Deferred income
Production invoiced and not yet performed (related to construction contracts)	35,705,187	20,972,205
Subsidies / Government grants	662,437	688,811
Other deferred income	4,292,736	5,908,955
	40,660,359	27,569,971
	61,597,972	42,091,465

The caption "Other accrued expenses" includes supplies and services rendered up to 30th June 2015 whose invoices were received after this date.

26. CONTINGENT LIABILITIES

There are no significant changes to the ones disclosed in the notes to the financial statements for the period ended on 31st December 2014.

27. COMMITMENTS

Financial Guarantees

On 30th June 2015 and 31st December 2014, the financial guarantees provided by the Group to third parties related to bank guarantees and guarantee insurance to project owners whose projects are undertaken by several Group companies, detailed by currency were as follows:

	30 JUNE 2015	31 DECEMBER 2014
Euro	69,883,649	62,776,134
Zloty	1,412,467	1,527,692
New Leu	256,952	582,705
US Dollar	90,090,815	57,260,888
Moroccan dirham	82,986	81,825
Sterling Pound	17,307,951	14,845,136
Real	3,620,067	5,452,876
Rupee	-	544,845
Chilean peso	-	59,758
	182,654,887	143,131,859

The breakdown, by Group company, was as follows:

	30 JUNE 2015	31 DECEMBER 2014
Martifer Construções	32,947,544	28,049,199
Martifer Metallic Constructions SGPS	11,902,425	8,034,731
Martifer Solar	40,334,498	14,905,136
Navalria	13,382	13,382
West Sea Lda	435,500	435,500
Martifer Alumínios	8,374,830	7,627,965
Martifer Solar Sistemas Solares	37,350	37,350
Martifer Construcciones Metalicas Espanha	762,061	1,252,100
Martifer Solar NV	693,317	1,459,388
Martifer Polska	559,820	554,820
Martifer Constructii	812,600	1,367,981
Martifer Construções SK	1,538,374	853,427
Martifer Konstrukcje	718,327	841,132
EUROCAB FV 1 SL	29,770	29,770
EUROCAB FV 8 SL	11,227	11,227
EUROCAB FV 9 SL	11,227	11,227
EUROCAB FV 10 SL	11,227	11,227
EUROCAB FV 11 SL	11,227	11,227
EUROCAB FV 12 SL	11,227	11,227
EUROCAB FV 17 SL	11,227	11,227
EUROCAB FV 18 SL	11,227	11,227
Martifer Silverado Fund, LLC	57,577,094	53,062,359
Martifer Construções SAS	115,000	70,000
Martifer Construções Lda (Brasil)	2,519,891	5,452,876
Martifer Aluminios Lda (Brasil)	1,100,176	-
Martifer Construções Angola	3,529,639	3,763,951
Martifer Solar Srl	2,638,929	-
Inspira Martifer Solar Lda	-	2,411,610
MARTIFER SOLAR CHILE OPERACIONES [CH]	-	544,845
MARTIFER SOLAR UK [UK]	13,386,029	59,758
Martifer SGPS	2,549,740	12,225,987
	182,654,887	143,131,859

Additionally, the most significant operating guarantees in force are as follows:

	30 JUNE 2015	31 DECEMBER 2014
Martifer Solar SA	4,468,675	4,118,277
Martifer Solar Sistemas Solares	31,057,288	33,795,789
Martifer SGPS	62,398,000	88,898,000
West Sea	1,444,520	-
	99,368,483	126,812,065

The 26.5 million euros reduction in Martifer SGPS is due to the extinction of a guarantee in favour of BP Portugal, securing the payments on the acquisition of fuel by Prio Energy, S.A..

The operational guarantees of West Sea issued in 2015 are related with deposits following the construction contracts for Douro Azul.

Pledges or Mortgages

On 30th June 2015 the assets pledged or mortgaged to financial institutions were as follows:

COMPANY	GUARANTEE	ASSET VALUE	DEBT AMOUNT
Martifer Metallic Constructions SGPS	Share pledge of Martifer Aluminios SA 45% (No.shares 225,000)	225,000	16,250,000
Martifer SGPS	Share pledge of Martifer Solar SA 55% (No.shares 27,500,000)	27,500,000	6,638,986
Martifer SGPS	Mortgage of building in Oliveira de Frades (article 1943) – Components factory Assets pledge MT Construções	7,318,688	15,499,448
Martifer Construções SA	5 M€ generic mortgage of building in Vale Tripeiro, batch 10 - I/J/K/L/M/N/O (Benavente)	3,166,122	5,000,000
Martifer SGPS	Generic mortgage (7.5M€) of the industrial building Wind Towers (article 1914).	8,608,213
Martifer SGPS	nd degree share pledge of Martifer Solar SA 55% (no. shares 27,500,000) 2 st degree share pledge of Martifer Renewables SGPS 65% (no. shares 65,000,000) 1	65,000,000	83,000,000
Martifer SGPS		1,325,363	1,900,000
Martifer Construções SA	st degree mortgage of Cutting unit industrial building (Monoblocos) 1 st degree mortgage of Head Office nd degree mortgage of wind towers industrial building (article 1914).	5,724,674	3,249,608
Martifer Aluminios SA	1 2		3,249,936
Navalria SA			1,590,260
Martifer SGPS	Mortgage of building in Oliveira de Frades (article P-2003) OIF MTC Factory	496,736	7,500,000
Martifer Construções SA	Mortgage of industrial building MT Alumínios (article 2079)	1,193,513	5,000,000
Martifer Construções SA			3,000,000
Martifer Construções SA			-
Martifer Aluminios SA	st degree share pledge of 25% of shares of Martifer Renewables SGPS 1		1,000,000
Martifer Aluminios SA	(no. shares 25,000,000)	25,000,000	-
Promoquatro Lda			2,000,000
Martifer Energy Systems SGPS			3,000,000
Martifer SGPS	Pledge Loan Note Class A n. 5	4,500,000	2,500,000
Martifer Construções SA	Promissory pledge Loan Note Class A n. 6	4,500,000	2,500,000
Martifer Aluminios SA		95,437	2,078,312
	Mortgage Pilot Building Mortgage storehouse in Alverca	206,148 77,480 1,415,300	14,000,000
Martifer Metallic Constructions SGPS	Mortgage storehouse Trofa Mortgage land and storehouses in Albergaria

COMPANY	GUARANTEE	ASSET VALUE	DEBT AMOUNT
Martifer Renovables ETVE, S.A.U.	st degree share pledge of 100% of shares of the following companies: Eurocab FV 1 1, S.L., Eurocab FV 2, S.L., Eurocab FV 3, S.L., Eurocab FV 4, S.L., Eurocab FV 5, S.L., Eurocab FV 6, S.L., Eurocab FV 7, S.L., Eurocab FV 8, S.L., Eurocab FV 9, S.L., Eurocab FV 10, S.L., Eurocab FV 11, S.L., Eurocab FV 12, S.L., Eurocab FV 13, S.L., Eurocab FV 14, S.L., Eurocab FV 15, S.L., Eurocab FV 16, S.L., Eurocab FV 17, S.L., Eurocab FV 18, S.L., Eurocab FV 19, S.L.,	425,000	28,291,000
	Share pledge of 50 % of shares of Martifer Renovables ETVE	65,100
Martifer Construções Metálicas LTDA	Security deposit Banco Safra		89,986
Martifer Construções Metálicas LTDA	Security deposit Banco Safra	179,297	89,494
Martifer Construções Metálicas LTDA	Security deposit Banco Safra		118,163
MARTIFER CONSTRUCTII SRL	Factory mortgage	4,431,380	656,765
	Mortgage of lands of farms and all equipment/construction included in the project / farms	49,558,808
EVIVA NALBANT	Share pledge of 100% of Eviva Nalbant	782,56	13,340,442
	Pledge of all movable assets (insurances, bank accounts, trade receivables, intellectual property, etc.)	734,780
Martifer Solar SA	Mortgage of building and promise pledge of equipment/inventories	8,846,980	3,964,928
		220,594,804	225,507,328

28. RELATED PARTIES

Group companies have commercial relations with each other that qualify them as related party transactions. All of these transactions are performed on an arm's length basis.

Consequently, all these transactions are eliminated, since the consolidated financial statements disclose information regarding the holding company and its subsidiaries as if they were a single entity.

The balances resulting from the 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 51 million euros, with special regard to the accounts receivable from Ventinveste and some companies in Poland in the Metallic Constructions segment.

Besides current transactions, some relating to civil construction works 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 on 30th June 2015 that significantly affected the financial position or performance of the Group.

29. SUBSEQUENT EVENTS

JULY 2015

West Sea enters a contract for the construction of two Offshore Patrol Vessels

30. APPROVAL OF THE FINANCIAL STATEMENTS

The accompanying consolidated financial statements were approved by the Board of Directors on 27th August 2015.

31. 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 the European Union. In the event of discrepancies, the Portuguese version prevails.

Oliveira de Frades, 27th August 2015

The Chief Accountant The Board of Directors

Isabel Cristina Loureiro Silva Carlos Manuel Marques Martins (Chairman)

Jorge Alberto Marques Martins (Vice-Chairman)

__________________________________

Pedro Nuno Cardoso Abreu Moreira (Member of the Board of Directors)

__________________________________

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

__________________________________

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

__________________________________

Luís Valadares Tavares (Member of the Board of Directors)

__________________________________

AI assistant

Martifer — Interim / Quarterly Report 2015

1938_ir_2015-08-27_88be9c22-87d6-4b08-bdb1-302095e417e0.pdf

01 | MARTIFER GROUP

02 | FINANCIAL PERFORMANCE

03 | ANALYSIS BY SEGMENT

04 | MARTIFER SHARE PERFORMANCE

05 | FUTURE PROSPECTS

MARTIFERGROUP

01 | MARTIFER GROUP

HIGHLIGHTS

MAIN FINANCIAL INDICATORS

MAIN EVENTS

West Sea signs the second shipbuilding contract

APRIL 2015

Martifer Metallic Constructions was awarded a project in the transport sector in Latin America

MAY 2015

Martifer, SGPS, SA Annual General Meeting

SUBSEQUENT EVENTS

West Sea enters a contract for the construction of two Offshore Patrol Vessels

FINANCIALPERFORMANCE

02 | FINANCIAL PERFORMANCE

RESULTS ANALYSIS

TOTAL REVENUES

EBITDA AND NET PROFIT

CAPEX

INVESTMENT IN TANGIBLE AND INTANGIBLE ASSETS 2007 – 1H2015 (M€)

CAPITAL STRUCTURE ANALYSIS

FINANCIAL POSITION

NET DEBT

TREND OF CONSOLIDATED NET DEBT (€M)

ANALYSISBY SEGMENT

03 | ANALYSIS BY SEGMENT

METALLIC CONSTRUCTIONS

ACTIVITY

ORDER BOOK BY GEOGRAPHY

RESULTS

RENEWABLES

ACTIVITY

RESULTS

DISCONTINUED ACTIVITIES' RESULTS (SOLAR)

ACTIVITY

RESULTS

04 | MARTIFER SHARE PERFORMANCE

SHARE PERFORMANCE

TRADED VOLUME ('000 shares)

FUTUREPROSPECTS

05 | FUTURE PROSPECTS

1. Adoption of a new organizational model

MANDATORY INFORMATION

SHAREHOLDINGS OF THE MEMBERS OF THE MANAGEMENT AND SUPERVISORY BODIES

EVENTS DESCRIBED IN ARTICLE 447 OF THE PORTUGUESE COMPANIES CODE

HOLDERS OF QUALIFYING SHAREHOLDINGS

STATEMENT OF COMPLIANCE ACCORDING TO ARTICLE 246, NUMBER 1, PARAGRAPH C) OF THE SECURITIES CODE (CMVM)

ERIM N CONSOLIDATEDFINANCIALSTATEMENTS

05 | INTERIM CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENTS FOR THE 1ST HALF 2015 AND 2014 AND FOR THE 2 ND QUARTERS OF 2015 AND OF 2014

(amounts expressed in Euro)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE 1ST HALF 2015 AND 2014 AND FOR THE 2ND QUARTERS OF 2015 AND OF 2014

(amounts expressed in Euro)

CONSOLIDATED STATEMENTS OF THE FINANCIAL POSITION ON 30TH JUNE 2015 AND ON 31ST DECEMBER 2014

(amounts expressed in Euro)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE 6 MONTH PERIODS ENDED ON 30TH JUNE OF 2015 AND OF 2014

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE 1ST HALF OF 2015 AND 2014 AND FOR THE 2ND QUARTERS OF 2015 AND OF 2014

(amounts expressed in Euro)

06 | NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

INTRODUCTORY NOTE

1. ACCOUNTING POLICIES

BASIS OF PREPARATION

2. GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

COMPANIES CONSOLIDATED USING THE FULL CONSOLIDATION METHOD

COMPANIES CONSOLIDATED USING THE EQUITY METHOD

Incorporated companies:

In 2014:

Acquired companies:

Sold / liquidated companies:

In the 1st Half 2015:

In 2014:

Changes in the consolidation method:

In the 1st Half 2015:

Martifer Interim / Quarterly Report 2015

MARTIFER
GROUP

FINANCIAL
PERFORMANCE

ANALYSIS
BY SEGMENT

FUTURE
PROSPECTS

ERIM N CONSOLIDATED
FINANCIAL
STATEMENTS