interim management report and financial information

Transcription

INTERIM MANAGEMENT REPORT
AND FINANCIAL INFORMATION
MARTIFER GROUP | 9 Months 2011
HIGHLIGHTS
MAIN EVENTS
- ECONOMIC AND FINANCIAL ANALYSIS
- ANALYSIS BY SEGMENT
- SHARE PERFORMANCE
INTERIM CONSOLIDATED FINANCIAL INFORMATION
HIGHLIGHTS
HIGHLIGHTS

Operating Revenues of 361.3 M€

EBITDA of -4.9 M€, justified by abrupt hold ups in some projects in backlog and by
the restructuring plan within Metallic Construction

Net reported Profit attributable to shareholders of -34.7 M€

Net Debt of 356.4 M€, less 44.9 M€ than in the 1H2011

Stable order book: 542 M€ (292 M€ in Metallic Construction and 250 M€ in Solar)
Main financial indicators
Reported Figures - non audited
€M – IFRS
9M
2011
Revenues
361.3
Marg.
9M
2010
Restated
408.0
Marg.
Var. %
-11.4%
EBITDA
-4.9
-1.4%
39.8
9.8%
n.m.
EBIT
-19.3
-5.3%
4.6
1.1%
n.m.
Financial Results
Profit before tax
Income tax
Consolidated Net Profit
-17.5
-36.7
-2.7
-34.1
-9.4%
1.0
5.6
5.5
0.1
0.0%
n.m.
n.m.
n.m.
n.m.
Attributable
to non-controlling interests
to shareholders
0.7
-34.7
4
3.4
-3.3
-80.7%
>100%
MARTIFER SGPS, S.A. | INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION | 9 MONTHS 2011
MAIN EVENTS
FEBRUARY 2011
Martifer sells its participations in REpower Portugal and Powerblades
Martifer sold its 50 % share in the REpower Portugal joint venture to REpower Systems AG, which is now the sole
owner of the company. In addition, Martifer also sold its 10% share in the rotor blade manufacturer joint venture
Powerblades to REpower Systems AG.
Competency Authority authorizes the sale of Home Energy to EDP
On the 21st of February the Competency Authority approved, without any conditions or obligations, the sale of
Home Energy to EDP Serviços. The Home Energy sale contract was signed on the 30th of December 2010, subject
to the aforementioned authorization.
SEPTEMBER 2011
Martifer sells wind farms in Poland
Martifer Renewables sold its wind farms projects in Poland: Leki Dukielskie (10MW) and Bukowsko (18MW), both
already under operation, and has settled the sale of Rymanow (26MW), which is ready-to-build, for the total amount
of 385M PLN (approximately 89.5 million euros at the exchange rate of the transaction date) to the IKEA Group.
SUBSEQUENT EVENTS
OCTOBER 2011
Martifer Solar signs an EPC contract for the construction of 22MWp in Portugal
Martifer Solar signed an agreement with a company managed by BNP Paribas Clean Energy Partners for the construction
of a 22MWp photovoltaic solar installation in Portugal.
Martifer Metallic Constructions signs contracts for the construction of three
football stadiums in Brazil
Metallic Constructions was awarded, between September and October 2011, the contracts for the construction of
three football stadiums in Brazil: Arena Fonte Nova, in Salvador da Bahia; Castelão Stadium,
in Fortaleza; and Grémio Stadium, in Porto Alegre. The total amount of the three stadiums is 109.6 BRL million.
5
ECONOMIC AND FINANCIAL ANALYSIS
Income Statement
9M11
Reported
9M10
Restated
Var. %
9M10
Reported
361.3
408.0
-11.4%
416.1
-4.9
39.8
n.m.
41.8
-1.4%
9.8%
-11.2 pp
10.1%
Depreciation & Amortization
14.7
18.9
-22.2%
19.8
Provisions & Impairment Losses
-0.3
16.3
n.m.
16.4
-19.3
4.6
n.m.
5.6
-5.3%
1.1%
-6.4 pp
1.3%
Financial Results
-17.5
1.0
n.m.
0.1
Profit before taxes
-36.7
5.6
n.m.
5.7
-2.7
5.5
n.m.
5.6
-34.1
0.1
n.m.
0.1
0.7
3.4
-80.6%
3.4
-34.7
-3.3
>100%
-3.3
-0.351
-0.033
€M
Revenues
Earnings before depreciation, amortization and provisions
& impairment losses (EBITDA)
EBITDA margin
Operating Income (EBIT)
EBIT margin
Income tax
Net Profit
Attributable to non-controlling interests
Attributable to shareholders
per share €
-0.033
Note: Results presented according to the consolidated financial statements (reported values) non-audited. To allow a better understanding of the
operational performance of the Group, values need to be adjusted for non-recurring events. In the 9 months 2011 adjustments reached 4 million
euro of net capital gains from the sale of the participations in Home Energy, REpower Portugal, Arestalfer and IWP Sp.Z.o.o..and Bukowsko Wind
Energy Sp.Z.o.o. (wind farms Leki Dukielskie and Bukowsko). In the 9 months 2010, adjustments reached 13.4 million euro of impairment losses
and 13.1 million euro of capital gains relative to Prio Energy and Prio Foods’ share sales.
6
Revenues
In the 9 month period of 2011, Operating Revenues decreased by 11.4% YoY to 361.3 million euro, on a comparable
basis. The outstanding growth performance of Martifer Solar revenues was not sufficient to compensate the reduction of
revenues in the Metallic Construction business area.
On the back of the lower activity in the wind segment, the reduced activity in Iberia and Eastern Europe and the
abrupt hold ups in some projects in backlog, the Metallic Construction business area presented a decrease in the
period of 31.3 % YoY, in Revenues. Stronger markets such as the UK, France and Brazil should gradually
compensate for the weak performance in the Iberian market.
The Solar business continued to present strong revenue growth, approximately 30 % YoY, to 185.9 million euro.
This impressive growth was achieved as a result of the strategy implemented during 2010, by which Martifer Solar
successfully diversified its activity to several geographies throughout 2011, taking advantage of the current buoyancy
of the photovoltaic sector.
9M 2011
9M 2010
Revenues
€M
€M
Weight
Weight
Martifer Consolidated
361.3
Metallic Constructions
170.2
47.1%
247.8
60.7%
-31.3%
Solar
185.9
51.4%
143.1
35.1%
29.9%
5.1
1.5%
17.1
4.2%
-70.1%
Others, Adj. and Eliminations
408.0
Var. %
-11.4%
Note: Others include RE Developer, Holding and Shared Services
The Group has been gradually achieving higher international exposure, reducing its business risk in Iberia and, at the
same time, preparing to take advantage of the future growth expected in other developing economies as well as in some
mature European markets.
By the end of the 9 month period 2011, the distribution of consolidated Revenues by geography was as follows: Portugal
35.8%, Spain 4.4%, Eastern Europe (Poland, Czech Republic, Romania, Slovakia) 6.6%, Angola 8.0%, Central &
Southern Europe (Italy, Greece, Belgium, France, UK, Ireland) 32.5%, USA 6.6% and Rest of the World (Morocco,
Brazil, Australia) 6.1%.
BREAKDOWN OF REVENUES BY GEOGRAPHY
6,1%
6,6%
Portugal
Spain
35,8%
Eastern Europe
Angola
32,5%
Central & Southern Europe
4,4%
8,0% 6.6%
USA
Rest of World
7
EBITDA and Net Profit
In the 9 month period of 2011, consolidated EBITDA registered -4.9 M€, with a margin of -1.4 %, mostly due to the
weak operational performance in Metallic Constructions impacted by lower activity and by the restructuring plan
under implementation, the results of which will only be evident in 2012.
In particular, this weak operational performance in Metallic Constructions is explained by the negative margins in
2011 in Eastern Europe and Australia and by the impact of the integration of the wind cluster in Portugal, which
presented a reduced level of activity with the consequent inability to dilute fixed costs.
In the Solar segment, the EBITDA margin is lower than the previous year mainly due to the tougher competitive
environment and to the internationalization effort and the associated costs of entry, despite the signs of
improvement in the last quarter. This positive trend is expected to continue until the end of the year.
9M 2011
9M 2010
EBITDA
€M
Marg.
€M
Marg.
Var. %
Martifer Consolidated
-4.9
-1.4%
39.8
9.8%
n.m.
-18.1
-10.6%
12.4
5.0%
n.m.
Solar
7.8
4.2%
17.5
12.2%
-55.4%
Others, Adj. and Eliminations
5.4
-
9.9
-
-45.5%
Note: Others include RE Developer, Holding and Shared Services
The Depreciations dropped by 22.6%, from 18.9 million euro to 14.7 million euro, which is mostly explained by the
sale of fixed assets in the RE developer.
The consolidated Earnings Before Interest and Taxes (EBIT) reached a negative 19.3 million euro, which compares
with a positive 4.6 million euro in the same period of the previous year.
Net Financial Expenses totalled 17.5 million euro, including a 4.0 M€ net capital gain from the sale of the
shareholdings in Home Energy, REpower Portugal, Arestalfer and in the polish wind farms Leki Dukielskie and
Bukowsko.
Net foreign exchange result was negative in the 9 months of 2011, reaching a 1.7 M€ loss mostly due to the
depreciation of the Angolan Kwanza against the Euro.
Net interest expense was 13.8 M€ in the period.
The net contribution from the application of the Equity Method to the subsidiaries Prio Energy and Prio Foods
(accounted at 49%) was negative in 0.8 M€. The new companies accounted by the equity method contributed with
negative 0.9 M€.
The Net Profit attributable to shareholders in the 9 Months of 2011 amounted to -34.7 million euro.
8
CAPEX
As already stated in previous interim reports, the capital expenditure of Metallic Constructions in 2011 results from
a strategic long term decision of entering a new market, Brazil. The investments made by Solar and RE Developer
are short term investments, necessary to complete renewable energy projects under development or already under
construction, that the Group expects to sell by 2013, in line with its net debt reduction plan.
The amount of investment in fixed assets in the first 9 months of 2011 (Capex) reached 46.3 million euro as follows:
(i) construction of RE Developer’s wind farms in Romania (6.5 million euro), which the Group expects to dispose of
in the medium term; (ii) development of solar projects in the USA and France by Martifer Solar (29.7 million euro),
to be sold by 2013; (iii) construction of Metallic Construction’s new facility in Brazil and varied maintenance capex
(9.0 million euro) and (iv) investment in information technology (1.1 million euro).
In the period, the Group accounted for the disposal of the wind farms projects in Poland, Leki Dukielskie (10MW)
and Bukowsko (18MW), which led to the reduction of consolidated Capex when compared to the first half of 2011.
9
Financial Position
€M
Fixed Assets (including Goodwill)
Other non-current financial assets
Other non-current assets
Inventory and Receivables
Cash and cash equivalents
Total Assets
Shareholders Equity
Non-controlling interests
Total Equity
Non-current debt and leasings
Other non-current liabilities
Current debt and leasings
Other current liabilities
Total Liabilities
Sep-11
Dec-10
Restated
Var.
Dec-10
Var.
357.0
375.3
-4.9%
416.8
-14.4%
2.7
20.2
-86.4%
20.2
-86.5%
166.1
138.4
20.1%
116.6
42.5%
448.1
484.3
-7.5%
495.8
-9.6%
75.7
74.5
1.7%
76.7
-1.2%
1,049.7
1,092.7
-3.9%
1,126.1
-6.8%
268.2
307.1
-12.7%
309.3
-13.3%
34.8
31.0
12.2%
31.0
12.2%
302.9
338.1
-10.4%
340.2
-11.0%
160.2
179.2
-10.6%
198.8
-19.4%
35.1
34.1
2.7%
38.4
-8.7%
271.5
216.4
25.4%
221.2
22.7%
280.0
324.9
-13.8%
327.3
-14.4%
746.8
754.6
-1.0%
785.8
-5.0%
Total assets on the 30th of September 2011 amounted to 1,049.7 million euro, while non-current assets reached
525.8 million euro, compared to 1,092.7 million euro and 533.9 million euro respectively at the end of 2010.
Total Equity decreased from 338.1 million euro at the end of 2010 to 302.9 million euro at the end of the first 9
months of 2011. Financial autonomy is approximately 29%.
10
Net Debt
Metallic
Construction
Solar
RE
Developer
Holding
Martifer
Consolidated
Corporate Net Debt allocated
to operating activities
90.6
77.1
11.5
135.1
314.3
Corporate Net Debt allocated
to non-operating activities
28.0
€M
28.0
Non-Recourse Net Debt
14.1
Total Net Debt
118.6
Holding debt allocated to business units
46.0
77.1
14.1
25.6
135.1
83.8
-129.8
356.4
Note: Net Debt = Borrowings + Financial Leases (+/-) Derivatives – Cash and Cash Equivalents
The Group’s Consolidated Net Debt on the 30th September 2011 totalled 356.4 million euro, decreasing 44.9 million
euro from the net debt of 401.3 million euro registered in the first semester of 2011. This reduction is mostly due to
the divestment in the wind farms in Poland, Leki Dukielskie and Bukowsko.
It is Martifer Group’s objective to have a debt level between 230 million euro and 250 million euro by the end of 2013.
Considering the present debt level (356.4 M€), it is our goal to pursue further debt reduction of 106 million euro up
to 126 million euro in the next two years (2012 and 2013) by the sale of non-core assets, mainly wind farms, solar
projects and, residually, from the sale of real estate projects.
After the sale of Leki Dukielskie and Bukowsko, the Martifer Group still has 229 million euro worth of renewable
energy projects: 132 million euro in wind farm projects (Portugal, Poland, Romania and Brazil) and 97 million euro in
solar projects (Portugal, Spain and the United States). Additionally, Martifer has 28 million euro invested in real
estate projects (Portugal, Poland and Romania).
We strongly believe that a debt reduction of 106 million euro to 126 million euro is possible by 2013 (40% to 50% of
the potential) in order to fulfill the Group’s strategic objective.
11
ANALYSIS BY SEGMENT
Metallic Construction
SECTOR TRENDS
The metallic construction sector continues suffering with the lack of investment in public and private infrastructures
resultant from the economic slowdown and financial crisis, which is deteriorating quarter on quarter in 2011; hence,
the competition for the projects available is tougher.
The economic conditions in Europe experienced a further downturn in the 3rd quarter, as the European sovereign
debt crisis intensified.
Emerging markets have been driving economic growth and there has been significant demand for metallic
structures, mostly in Asia and South America. The BRIC countries have been the only ones to show some positive
signs in demand for building and construction.
On a market by market analysis:
PORTUGAL | Since the Government asked the European Union and FMI for a bailout, there is an austerity
programme under implementation, which includes a reduction in public investment (even some that was already
contracted). The economy could recover in 2013, but most probably it will only do so in 2014 or 2015.
SPAIN | Despite the fact that the Minister of Civil Works has announced 10 billion euro bids of new projects this year,
double the value awarded last year, which could represent a good opportunity, the lack of demand continues in 2011.
ANGOLA | Still showing strong dynamics, both from the public and the private sectors, this market is becoming
increasingly competitive and demanding.
UK | All indicators envisage that 2012 will be a positive year with increasing demand, despite the escalation of the
crisis in Europe.
FRANCE | In 2011 we have been witnessing a recovery in the French construction market , with the ramp-up of
significant public investments, but also with an increase in private investment, both in the residential and the
non-residential (office buildings) sectors.
EASTERN CENTRAL EUROPE | The economic growth in these countries is very slow at the moment; the construction
market only now seems to show improvement on the demand side.
BRAZIL | The country with higher expected growth rate for the following years, with significant public investment
due to enormous infrastructural needs and specific events like the World Cup in 2014 and the Olympic Games in
2016, which will power the building works.
OTHER GEOGRAPHIES | The North of Africa and the Middle East are interesting geographies to look out for in the next
months and years, as some interesting contracts are being awarded, even though current political and social
turmoil recommends caution and judicious selection of markets/projects; other countries in Latin America are
growing markets of interest, following the footsteps of Brazil.
12
ACTIVITY
The Order Book in the Metallic Construction business totalled 292 million euro with projects located in 15 countries.
From the last awarded projects, the most significant are the three football stadiums in Brazil, that amount to 109.6 BRL
million. We would like to highlight that the 18.6% weight of the Brazilian order book already exceeds Iberia, which
only represents 17.3% of the total works in backlog.
ORDER BACKLOG – FEATURED PROJECTS
Project
Location
Total Value
Beginning
Year
End Year
Artenius PTA plant
Sines, Portugal
Euro 26.6 M
2008
2012
Galp Petrogal (conversion of refinery)
Sines, Portugal
Euro 28.4 M
2009
2012
Coach Museum
Lisbon, Portugal
Euro 5.5 M
2010
2011
Ulla Bridge
Corunna, Spain
Euro 20.8 M
2009
2012
Repsol Head Quarters
Madrid, Spain
Euro 20.5 M
2009
2011
Amiens Hospital
Amiens, France
Euro 7.0 M
2010
2012
Office Building – ZAC Victor Hugo
Paris, France
Euro 3.2 M
2010
2011
CHU D'Orleans
Paris, France
Euro 9.6 M
2010
2013
Lille Stadium (locksmiths)
Lille, France
Euro 5.9 M
2011
2012
Cement Plan
Ghhent, Belgium
Euro 4.4m
2010
2011
Carfi
Siedlce, Poland
PLN 11.7 M
2010
2011
18 Bridges in the new A1Highway
Torun, Poland
PLN 66.1 M
2010
2012
Renault Factory
Tangier, Morocco
Euro 42.3 M
2009
2011
Canberra Airport Terminal
Canberra, Australia
AUD 10.6 M
2009
2011
Alstom – Mannheim 9
Mannheim, Germany
Euro 19.7 M
2010
2011
Morocco Mall
Casablanca, Morocco
Euro 6.3 M
2010
2011
Office Building in Luanda
Luanda, Angola
Euro 13.3 M
2010
2012
“Financial City”
Luanda, Angola
Euro 13.1 M
2010
2011
Edinburgh International Conference Centre
Edinburgh, Scotland
GBP 8.3 M
2010
2012
Scotland’s National Arena
Glasgow, Scotland
GBP 12.9 M
2011
2013
Birmingham New Street
Birmingham, England
GBP 8.2 M
2011
2011
Nissan Battery Plant
Cacia, Portugal
Euro 5.4 M
2011
2012
BBVA Headquarters
Madrid, Spain
Euro 12.0 M
2011
2012
King Abdullah Financial District
Riad, Saudi Arabia
Euro 20.8 M
2011
2012
Deva Bridge
Deva, Romania
RON 30.9 M
2011
2012
Vale Verde Shopping
São Paulo, Brazil
BRL 13.0 M
2011
2012
Fonte Nova Stadium
Salvador, Brazil
BRL 37.5
2011
2012
Castelão Stadium
Fortaleza, Brazil
BRL 39.5
2011
2012
Grémio de Porto Alegre, Stadium
Porto Alegre, Brazil
BRL 32.6
2011
2012
Note: Variations in some of the projects’ values between periods may occur due to changes in the total value of contracts.
13
BREAKDOWN OF THE BACKLOG
BACKLOG - TOTAL 292 M€
11.9%
17.3%
Iberia
Central Europe
18.6%
Eastern Europe
Angola
5.9%
34.6%
11.7%
Brazil
Others
RESULTS
Metallic Construction Revenues reached 170.2 million euro during the 9 months of 2011. On a YoY comparison,
there was a decrease justified by lower activity and unfavorable sector environment, particularly in Iberia and
Eastern Europe, not yet compensated by the new strategic geographies.
We call to mind that the Group had taken the decision to increase its position outside Iberia, strengthening its presence
in mature markets with a higher consumption of steel and aluminium constructions, such as the UK and France.
At the same time, the company is increasing its presence in emerging countries such as Brazil, where it is starting
activities this year, with an industrial plant already under construction in Pindamonhangaba, São Paulo region. This
facility will have a production capacity of 12,000 tonnes/year of metallic structures.
The EBITDA in the period amounted to a negative 18.1 million euro, corresponding to a -10.6 % margin. Besides
the previously mentioned unfavorable sector environment, three main factors are contributory to this negative
performance: (i) negative margins in Eastern Europe and Australia; (ii) the integration of the wind cluster into
metallic constructions and (iii) the abrupt hold ups in some of the backlog projects, which occasioned a reduction in
the level of activity and productivity with the consequent inability to dilute fixed costs.
As a consequence of the sector trends previously mentioned, namely the reductions in margins and the lower
demand for projects, Metallic Constructions is implementing the New Step Programme, announced on the FY 2010
results presentation, to enhance its operational efficiency and reduce the capital employed. Nevertheless, the
results of this restructuring programme will only be evident in 2012.
Net Financial Expenses amounted to 9.9 million euro, which compares to 6.5 million euro in the same period last
year, mostly justified by the depreciation in Angolan Kwanza relative to the euro (1.2 M€) and increase in
shareholder loans in the period, due to the negative results of this business area.
Net Profit totalled -31.1 million euro, of which 0.2 million euro attributable to non-controlling interests from Martifer Angola.
14
Net Financial Debt in Metallic Constructions on the 30th of September 2011 reached 118.6 million euro, less 6.0 million
euro than in the FY 2010 (on a comparable basis). Added to this we have 46.0 million euro of debt from the Holding.
Of the total Net Debt, 28 million euro is allocated to projects in the Retail area, not considered core business.
Total capex in the period was 9.0 million euro, showing an increase when compared to the same period in 2010,
which is explained by investment in the new plant located in São Paulo, Brazil.
€M
9M
9M10
2011
Restated
Var. %
Revenues
170.2
247.8
-31.3%
EBITDA
-18.1
12.4
n.m.
-10.6%
5.0%
-15.6 pp
-25.7
2.4
n.m.
-15.1%
1.0%
-16.1 pp
9.9
6.5
52%
EBITDA Margin
EBIT
EBIT Margin
Net Financial Expenses
Income tax
Net Profit
-4.6
0.9
n.m.
-31.1
-5.0
>100%
0.2
2.7
-92.9%
-31.2
-7.7
>100%
15
Solar
SECTOR TRENDS
International Outlook
According to Bloomberg New Energy Finance (BNEF), Global demand for modules is between 24.2 and 28.6 GW
in 2011 and, in an optimistic scenario, could reach 31.6 GW in 2012.
With the strong reduction of solar systems costs, solar PV increasingly becomes an alternative to conventional
electricity sources, proving to be part of the energy solution for the present and future.
On a market by market analysis:
ITALY | The market is having another record year, despite the regulatory uncertainties during the first semester.
According to BNEF, by the end of the year, 7.5GW to 8.5GW will have been added.
PORTUGAL | The Government announced the objective of 1,500 MW of solar capacity installed by 2020; by the end
of 2010, there was a tender for 150 MW of PV. New legislation for medium size generation has also been published,
assuring a 30 MW/year market until 2020; together with the 10 MW/year of micro-generation, the country now has a
stable legislation guaranteeing 75 MW/year of new PV installations up to 2020.
SPAIN | The new Renewable Energy Plan for the country forecasts 7.25 GW of PV installed by 2020, which
generates a market of around 500 MW per year.
FRANCE | After a good 2010, the Government has defined a “cap/corridor” system with annual objectives per market
segment, which will likely toughen the competition; it is one of the promising markets for 2011 due to all the permits
issued under the previous legislation, probably reaching between 1.1 and 1.6 GW. The market is still adapting
to the new system, and shall remain stable in the commercial, industrial and agriculture segments.
BELGIUM | The PV market is experiencing another very active year. The official numbers from Flemish electricity
show that Flanders alone installed 291 MW as of 1 October 2011, more than it installed during the whole of 2010.
The changes in the support scheme are significant and there will be a decrease in installations from July 2011
onwards. The market in 2011 should be between 348 and 481 MW and the rooftop segment will continue stable.
GREECE | The market appears to have finally taken off, with 400-500 MW forecasted for 2011 and for the next few
years, mainly in small and medium installations. Over 150MW have been installed in the first semester of 2011,
according to Helapco.
UK | This market’s potential for 2011 may be less than initially expected due to the adjustments made on the FiT that
will affect the ground segment. By May 2011, the market had already installed 60 MW.
USA | Strong market, especially in California (representing 60% of total installations), should reach between 1.5 and
1.8 GW this year.
INDIA | The PV market is ramping up and 2011 may reach 200 MW of new installed capacity.
16
RESULTS
Solar Revenues grew by 29.9% YoY in the 9 months of 2011, totalling 185.9 million euro, as a consequence
of the intense growth strategy implemented during 2010, which continues to produce effects throughout 2011.
The geographies with higher contribution in terms of Revenue in the period were France, Italy, USA, Portugal and
Belgium. In Portugal, the weight of the Distribution business increased significantly, already representing, in the 9
months of 2011, a contribution to the consolidated Revenues of 38.3 million euro.
The company’s strategic position is to concentrate on mature countries which have a favourable regulatory
framework, and emerging countries with good solar potential for the execution of on-grid and off-grid solutions.
However, it is important to note that margins in the solar segment have been reduced along the value chain due to
significant reductions in government supports and to an increase in competition.
The Solar business area presented an EBITDA of 7.8 million euro, with the EBITDA margin reaching 4.2%.
Although having improved since June 2011 and being expected to continue improving until the end of the year, the
reduction, when compared to the same period last year, is due to three main issues: i) tougher competitive
environment; ii) internationalization effort and its associated costs of entry; iii) increased weight of the distribution
business with lower margins.
As already mentioned, it is expected that the EBITDA margin will register an improvement in the last quarter of the
year with significant contributions from France, Belgium, Portugal and the USA. This improvement should
compensate the lower performance in UK, Czech Republic and Slovakia, suffering from the changes in the
regulatory framework in the first half of 2011.
Net Financial Expenses recorded 1.2 million euro, mainly justified by Martifer Solar’s robust capital structure and
tight working capital control.
Net Profit totalled 4.7 million euro that compares YoY with 9.1 million euro.
The level of capex in the period totalled 29.7 million euro. This value is explained by the investment in project
development, mostly in the USA and France, expected to be sold until 2013.
Net Financial Debt on the 30th September 2011 stood at 77.1 million euro, an increase of 47.4 million euro from FY
2010 (on a comparable basis). This variation is explained by capex and financial investments made in the period.
The backlog of turnkey contracts (signed) is 250 million euro, with Italy, France, USA, Belgium and India as the
geographies with the most significant contributions. Martifer Solar managed to keep a sustainable and robust
backlog compensating the reduction in some of the traditional markets by new markets.
17
Solar
9M
9M10
€M
2011
Restated
Revenues
185.9
143.1
29.9%
7.8
17.5
-55.2%
4.2%
12.2%
-8.0 pp
7.2
15.3
-53.2%
EBITDA
EBITDA Margin
EBIT
EBIT Margin
Var. %
3.9%
10.7%
-6.8 pp
1.2
2.5
-52.9%
Income tax
1.3
3.7
65.9%
Net Profit
4.7
9.1
-48.1%
-0.3
2.2
n.m.
5.1
6.9
-27.3%
18
Others
RESULTS
The results of the ‘Others’ segment groups the activity of the Holding and Shared Services companies together with
‘RE Developer’ .
From the total amount of Revenues, RE Developer contributed in the 9 months of 2011 with 11.2 million euro, of
which 2.5 million euro from Poland (before the sale to IKEA, which occurred at the end of September), 3.1 million
euro from Brazil and 4.1 million euro from Spain, corresponding to 42.7 MW of wind assets in operation and
7.23MW of Solar parks in Spain, and 1.5 million euro of services rendered.
Total EBITDA of RE Developer reached 3.0 million euro in the 9 months of 2011, representing an EBITDA margin of
26.4%.
Net Profit attributed to shareholders in the 9 months of 2011 was 8.4 million euro negative, suffering from the
impact of net financial expenses that amounted to 7.6 million euro.
Total net capex of RE developer in the period reached 6.5 million euro, mostly in the construction of the wind farm
in Romania (Babadag).
Net Financial Debt of RE Developer amounted to 25.6 million euro, a reduction of 23.9 million euros versus FY
2010 (on a comparable basis). To this debt we should add 83.8 million euro of debt at the Holding level allocated to
the business area, a lower amount when compared to the first half 2011 and to the FY 2010. The reduction in the
financial debt was possible due to the sale of the wind farms in Poland.
RE Developer
€M
Revenues
EBITDA
EBITDA Margin
EBIT
EBIT Margin
9M
2011
11.2
9M
2010
Restated
16.1
Var. %
-30.5%
3.0
8.1
-63.6%
26.4%
50.5%
-24.0 p.p.
-1.6
-13.5
-87.8%
-14.6%
-83.6%
69.0 p.p.
7.6
2.3
>100%
Income tax
-0.4
0.4
n.m.
Net Profit
-8.9
-16.2
-45.1%
-0.5
-1.3
-61.9%
-8.4
-14.9
-43.6%
19
SHARE PERFORMANCE
160
140
120
100
80
60
40
20
Martifer
Sep-11
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
Sep-09
Jul-09
May-09
Mar-09
Jan-09
0
PSI-20
Source: Reuters
Martifer’s share price performance in the 9 months 2011 decreased by 22.5%, which compares to a decrease of
22.4 % in the PSI-20, major Euronext Lisbon market index.
Martifer’s share price ended the 9 months of 2011 at 1.20 €/share; the highest price achieved was 1.469 €/share
and the lowest price was 0.95 €/share. The average volume of stock traded during the period was 38,877 shares.
After the Summer, the sovereign crisis intensified, with increased worries about the situation in Greece and the
contagion to other European countries. The fear of the euro zone’s sustainability grew day after day, and led to
chaotic performance of the European markets, mostly the periphery ones.
At the end of the 9 month period in analysis, some of the global markets, after a short time rebound, returned to
negative territory, such as the Dow Jones Industrial (-3.66 %), the S&P (-7.73 %) and the Nasdaq (-0.91 %).
Greece, Spain, Italy and Portugal had their performances penalized by the indebtedness crisis. In these
circumstances, small caps’ stock performances were more affected than the indexes, and Martifer stock was
penalized by this occurrence and by the poor performance of the Construction and Solar sectors. At the end of the
9 months of 2011, Martifer’s market capitalization totalled 120 million euro.
20
PURCHASE OF OWN SHARES
Date
Market / Transaction
Size (shares)
PRICE (€)
Shares Held
03-Jan-11
Euronext Lisbon – Purchase
5,350
1.46
560,241
06-Jan-11
07-Jan-11
250
10,000
1.46
1.37
560,491
570,491
10-Jan-11
5,000
1.38
575,491
11-Jan-11
12-Jan-11
9,500
8,250
1.45
1.47
584,991
593,241
13-Jan-11
14-Jan-11
2,934
12,000
1.5
1.47
596,175
608,175
17-Jan-11
2,300
1.46
610,475
18-Jan-11
19-Jan-11
7,053
14,000
1.46
1.47
617,528
631,528
20-Jan-11
21-Jan-11
900
17,300
1.48
1.49
632,428
649,728
24-Jan-11
25-Jan-11
2,000
8,516
1.48
1.47
651,728
660,244
26-Jan-11
15,100
1.46
675,344
27-Jan-11
28-Jan-11
2,000
350
1.46
1.46
677,344
677,694
31-Jan-11
01-Feb-11
1,900
6,400
1.46
1.47
679,594
685,994
02-Feb-11
6,457
1.46
692,451
03-Feb-11
04-Feb-11
1,350
8,507
1.46
1.47
693,801
702,308
07-Feb-11
08-Feb-11
2,615
4,000
1.47
1.46
704,923
708,923
09-Feb-11
10-Feb-11
8,398
6,450
1.47
1.46
717,321
723,771
11-Feb-11
4,500
1.45
728,271
25-Feb-11
28-Feb-11
18,999
20,184
1.36
1.40
747,270
767,454
01-Mar-11
02-Mar-11
7,932
5,200
1.40
1.40
775,386
780,586
03-Mar-11
4,424
1.40
785,010
04-Mar-11
07-Mar-11
3,000
2,700
1.40
1.39
788,010
790,710
08-Mar-11
09-Mar-11
300
4,000
1.38
1.40
791,010
795,010
10-Mar-11
11-Mar-11
950
2,744
1.39
1.38
795,960
798,704
14-Mar-11
2,928
1.39
801,632
15-Mar-11
16-Mar-11
99,400
21,000
1.50
1.50
901,032
922,032
17-Mar-11
18-Mar-11
27,739
10,400
1.49
1.48
949,771
960,171
21-Mar-11
27,000
1.45
987,171
22-Mar-11
23-Mar-11
8,600
6,970
1.40
1.39
995,771
1,002,741
24-Mar-11
25-Mar-11
1,000
1,178
1.36
1.40
1,003,741
1,004,919
28-Mar-11
12,200
1.42
1,017,119
29-Mar-11
30-Mar-11
2,150
1,500
1.40
1.39
1,019,269
1,020,769
31-Mar-11
684
1.41
1,021,453
21
Date
Market / Transaction
Size (shares)
PRICE (€)
Shares Held
01-Abr-11
1,355
1.40
1,022,808
04-Abr-11
05-Abr-11
1,160
2,000
1.39
1.38
1,023,968
1,025,968
06-Abr-11
07-Abr-11
1,850
2,480
1.34
1.39
1,027,818
1,030,298
08-Abr-11
11-Abr-11
700
841
1.37
1.35
1,030,998
1,031,839
12-Abr-11
100
1.35
1,031,939
13-Abr-11
14-Abr-11
300
900
1.37
1.35
1,032,239
1,033,139
15-Abr-11
20-Abr-11
890
1,763
1.33
1.30
1,034,029
1,035,792
21-Abr-11
3,500
1.28
1,039,292
26-Abr-11
27-Abr-11
3,200
1,750
1.24
1.26
1,042,492
1,044,242
29-Abr-11
02-Mai-11
2,000
3,600
1.42
1.38
1,046,242
1,049,842
03-Mai-11
04-Mai-11
1,750
6,100
1.39
1.38
1,051,592
1,057,692
05-Mai-11
800
1.37
1,058,492
06-Mai-11
20-Mai-11
2,000
4,300
1.38
1.32
1,060,492
1,064,792
23-Mai-11
24-Mai-11
13,210
11,200
1.32
1.33
1,078,002
1,089,202
25-Mai-11
10,930
1.34
1,100,132
26-Mai-11
27-Mai-11
15,836
19,796
1.34
1.38
1,115,968
1,135,764
30-Mai-11
31-Mai-11
15,881
39,113
1.41
1.41
1,151,645
1,190,758
01-Jun-11
23,600
1.43
1,214,358
02-Jun-11
03-Jun-11
14,090
12,742
1.40
1.43
1,228,448
1,241,190
06-Jun-11
07-Jun-11
20,500
28,614
1.45
1.50
1,261,690
1,290,304
08-Jun-11
09-Jun-11
36,000
4,476
1.45
1.45
1,326,304
1,330,780
09-August-11
292
1.08
1,331,072
16-August-11
17-August-11
142
10,000
1.04
1.10
1,331,214
1,341,214
Following these transactions, Martifer held at the end of the first nine months of 2011, 1,341,214 own shares
representing 1.34% of its share capital.
22
th
Oliveira de Frades, 9 November 2011
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)
Luis Filipe Cardoso da Silva
(Member of the Board of Directors)
Arnaldo José Nunes da Costa Figueiredo
Mário Jorge Henriques Couto
Luís Valadares Tavares
Jorge Bento Ribeiro Barbosa Farinha
23
INTERIM CONSOLIDATED
FINANCIAL INFORMATION
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENTS FOR THE 9 MONTH PERIODS ENDED 30
SEPTEMBER 2011 AND 2010
(TRANSLATION OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN PORTUGUESE - NOTE 26)
Sales and services rendered
Other income
NOTES
9M’ 2011
(NON AUDITED)
9M’ 2010
RESTATED
(NON AUDITED)
9M’ 2010
(NON AUDITED)
3 and 4
340,497,522
398,854,721
407,074,495
5
20,801,149
9,110,974
9,062,568
Cost of goods sold and subcontractors
(260,319,311)
(252,850,206)
(256,090,740)
Gross profit
100,979,360
155,115,489
160,046,323
External supplies and services
(57,109,188)
(58,086,333)
(59,998,826)
Staff costs
(57,858,447)
(56,875,418)
(57,871,708)
9,100,724
(335,738)
(336,538)
4
(4,887,551)
39,818,000
41,839,250
4, 11 and 12
(14,661,649)
(18,931,924)
(19,837,790)
266,583
(16,331,867)
(16,409,153)
(19,282,617)
4,554,209
5,592,307
Other operational gains and losses
Amortizations
Provisions and impairment losses
6 and 20
Operating Income
4
Financial Income
7
20,348,168
31,519,386
31,193,895
Financial Expenses
7
(36,088,852)
(28,944,903)
(29,521,760)
Gains and losses on associated companies
8
(1,709,387)
(1,544,637)
(1,548,821)
2,663,526
(5,474,429)
(5,605,995)
(34,069,162)
109,626
109,626
654,775
3,396,080
3,396,080
(34,723,937)
(3,286,454)
(3,286,454)
Income tax
Profit for the period
4
Attributable to:
non-controlling interests
owners of Martifer
Earnings per share:
Basic
9
(0.3510)
(0.0329)
(0.0329)
Diluted
9
(0.3510)
(0.0329)
(0.0329)
The accompanying notes are part of these financial statements
25
CONSOLIDATED INCOME STATEMENTS FOR THE 3 MONTH PERIODS ENDED 30
3RD QUARTER 2011
(NON AUDITED)
3RD QUARTER 2010
RESTATED
(NON AUDITED)
116,220,770
169,199,119
170,489,839
11,487,957
166,132
637,986
(98,198,525)
(109,084,558)
(109,234,759)
29,510,202
60,280,694
61,893,066
External supplies and services
(17,477,247)
(24,576,126)
(25,221,997)
Staff costs
(19,504,391)
(18,991,188)
(19,378,125)
979,610
2,648,434
2,297,458
(6,491,826)
19,361,814
19,590,403
(4,975,585)
(6,402,753)
(6,696,104)
862,131
(1,599,204)
(1,635,062)
Operating Income
(10,605,280)
11,359,857
11,259,237
Financial Income
5,750,747
2,438,207
2,306,913
(13,007,603)
(10,612,815)
(10,765,410)
(902,707)
(460,988)
26,612
568,421
(4,314,672)
(4,417,763)
(18,196,422)
(1,590,411)
(1,590,411)
Other income
Cost of goods sold and subcontractors
Gross profit
Other operational gains and losses
Amortizations
Provisions and impairment losses
Financial Expenses
Gains and losses on associated companies
Income tax
3RD QUARTER
2010
(NON AUDITED)
Attributable to:
1,233,480
1,756,243
1,756,243
(19,429,902)
(3,346,655)
(3,346,654)
Basic
(0.1969)
(0.0335)
(0.0335)
Diluted
(0.1969)
(0.0335)
(0.0335)
owners of Martifer
Earnings per share:
26
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE 9 MONTH
PERIODS ENDED 30 SEPTEMBER 2011 AND 2010
9M’ 2011
(NON AUDITED)
Fair value of cash flow hedges (derivatives), net of tax
Fair value of available for sale financial assets, net of tax
Exchange differences arising on (i) translating foreign operations;
(ii) net investment in subsidiaries and (iii) goodwill
Income recognized directly in equity
Total comprehensive income for the period
9M’ 2010
(NON AUDITED)
(34,069,159)
109,626
(64,548)
(1,014,313)
-
(3,970,251)
(5,791,382)
2,904,329
(5,855,930)
(2,080,235)
(39,925,092)
(1,970,609)
722,119
3,940,338
(40,647,211)
(5,910,947)
Attributable to:
owners of Martifer
27
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AT 30 SEPTEMBER 2011 AND 31
DECEMBER 2010
30 SEPTEMBER
2011
(NON AUDITED)
31 DECEMBER 2010
RESTATED
(NON AUDITED)
31 DECEMBER 2010
(AUDITED)
10
11
12
13
14
15
17,965,446
40,891,925
298,113,861
14,615,029
23,662,460
2,732,917
116,827,078
11,030,435
525,839,151
18,236,652
22,393,910
334,718,986
14,981,893
32,907,298
20,156,393
84,598,270
5,867,238
533,860,639
20,689,425
28,658,371
367,482,823
14,981,893
11,954,290
20,186,393
83,172,197
6,446,069
553,571,462
Inventories
Trade receivables
Other receivables
Current tax assets
Other current assets
Cash and cash equivalents
16
Total assets
Equity
4
40,299,563
199,772,232
49,711,282
20,369,264
137,963,268
75,748,285
523,863,894
1,049,703,045
48,421,135
213,994,439
34,127,966
22,117,487
165,669,788
74,518,350
558,849,167
1,092,709,805
56,367,267
218,884,487
34,394,644
20,779,511
165,387,543
76,666,431
572,479,884
1,126,051,346
Issued capital
Reserves
Equity attributable to owners of Martifer
Total equity
Liabilities
18
50,000,000
252,901,429
(34,723,937)
268,177,492
34,762,057
302,939,549
50,000,000
312,151,772
(55,016,713)
307,135,059
30,988,178
338,123,237
50,000,000
314,153,874
(54,894,057)
309,259,817
30,988,178
340,247,995
144,102,948
16,082,799
16,412,100
10,529,984
8,139,182
195,267,013
163,366,801
15,786,906
5,750,207
18,067,021
10,328,339
213,299,273
167,443,037
31,398,405
11,520,910
16,588,337
10,334,013
237,284,703
264,496,783
6,976,960
175,369,862
31,156,041
24,121,557
48,920,885
454,394
551,496,483
746,763,496
209,684,891
6,747,569
194,769,931
69,367,744
19,176,982
41,166,327
373,852
541,287,295
754,586,568
212,654,519
8,573,620
197,532,331
63,621,163
21,878,594
43,884,568
373,852
548,518,648
785,803,351
1,049,703,045
1,092,709,805
1,126,051,346
NOTES
Assets
Non-current assets
Goodwill
Intangible assets
Tangible assets
Investment property
Financial investments under the equity method
Other non-current financial assets
Other non-current receivables
Deferred tax assets
Current assets
17
18
Non-current liabilities
Borrowings
Obligations under finance leases
Other non-current liabilities
Provisions
Deferred tax liabilities
19
20
Current liabilities
Borrowings
Obligations under finance leases
Trade payables
Other payables
Current tax liabilities
Other current liabilities
Derivatives
19
Total liabilities
4
Total equity and liabilities
21
28
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE 9 MONTH PERIODS ENDED 30 SEPTEMBER 2011 AND 2010
Fair value reserves
Balance at 1 January 2010
Appropriation of the profit of 2009
Comprehensive income for the period:
Exchange differences arising on (i)
translating foreign operations and (ii)
net investment in subsidiaries
Exchange differences arising on
goodwill
Changes in fair value
Total comprehensive income for the
period
Distribution of dividends
Acquisition of treasury stock
Stock options
Sale of available for sale investments
Other changes in equity of subsidiaries
Changes in the consolidation perimeter
Balance at 30 September 2010
Balance at 1 January 2011
Appropriation of the profit of 2010
Comprehensive income for the period:
Exchange differences arising on (i)
translating foreign operations and (ii)
net investment in subsidiaries
Exchange differences arising on
goodwill
Other changes in equity of
subsidiaries, net of tax
Total comprehensive income for the
period
Distribution of dividends
Acquisition of treasury stock
Stock options
Increase on capital of subsidiaries
Transactions with non-controlling
interests
Balance at 30 September 2011
Treasury stock
-
Share
premium
186,500,000
-
Revaluation
of fixed
assets
17,549,418
-
Available
for sale
investments
8,261,660
-
Cash flow
hedge
derivatives
(2,889,017)
-
Foreign currency
translation
reserves
(21,479,368)
-
Stock
options
reserves
17,347
-
Other
reserves and
accumulated
earnings
41,405,109
107,705,245
Net
profit for the
year
107,705,245
(107,705,245)
Equity
attributable to
owners of the
parent
387,070,394
-
Noncontrolling
interests
50,957,635
-
Total
equity
438,028,029
-
-
-
-
-
-
-
-
-
(3,286,454)
(3,286,454)
3,396,080
109,626
-
-
-
-
-
-
1,094,843
-
-
-
1,094,843
353,056
1,447,899
-
-
-
-
(3,970,251)
(940,244)
1,191,159
-
-
-
-
1,191,159
(4,910,496)
265,271
(74,069)
1,456,430
(4,984,565)
-
(69,700)
-
-
(3,970,251)
(940,244)
2,286,002
-
-
-
-
(4,493,125)
-
-
73,595
-
50,000,000
(69,700)
186,500,000
(1,333,700)
16,215,718
(201,717)
2,152,658
(1,676,603)
5,591,214
(13,602,152)
90,942
(10,000,000)
(446,037)
138,664,317
(3,286,454)
(3,286,454)
(5,910,948)
(10,000,000)
(69,700)
73,595
(4,493,125)
(446,037)
6,410,172
372,634,350
3,940,338
(991,479)
(32,075,936)
21,830,558
(1,970,610)
(10,000,000)
(69,700)
73,595
(4,493,125)
(1,437,516)
(25,665,764)
394,464,908
50,000,000
-
(852,587)
-
186,500,000
-
15,927,250
-
-
(228,755)
-
(13,497,358)
-
113,495
-
126,191,829
(54,894,057)
(54,894,057)
54,894,057
309,259,817
-
30,988,179
-
340,247,995
-
-
-
-
-
-
-
-
-
-
(34,723,937)
(34,723,937)
654,775
(34,069,162)
-
-
-
-
-
-
(5,597,160)
-
-
-
(5,597,160)
76,984
(5,520,176)
-
-
-
-
-
-
(270,237)
-
-
-
(270,237)
(969)
(271,206)
-
-
-
-
-
(55,878)
-
-
-
(55,878)
(8,670)
(64,548)
-
-
-
-
-
(55,878)
(5,867,397)
-
-
(34,723,937)
(40,647,211)
722,119
(39,925,092)
64,180
-
-
(1,125,568)
64,180
-
-
-
-
952,778
-
952,778
(1,125,568)
64,180
3,065,784
88,942
774,578
(251,270)
302,939,549
Issued
capital
50,000,000
-
-
(1,125,568)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
50,000,000
(1,978,155)
186,500,000
(284,633)
(19,364,755)
177,675
15,927,250
-
29
-
-
-
3,065,784
(863,836)
774,578
(326,504)
71.924.046
-
(326,504)
268,177,492
75,234
34,762,057
-
(34,723,937)
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE 9 MONTH PERIODS ENDED 30
9M’ 2011
(NON AUDITED)
9M’ 2010
RESTATED
(NON AUDITED)
9M’ 2010
(NON AUDITED)
OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers
Payments to employees
Cash (used in)/generated from operations
465,979,797
391,500,092
397,318,203
(391,079,693)
(320,086,256)
(325,063,868)
(56,439,949)
(55,883,447)
(55,915,359)
18,460,155
15,530,389
16,338,976
4,029,272
(4,147,400)
(4,308,126)
Other receipts/(payments) relating to operating activities
(26,814,674)
13,433,809
14,963,380
Cash generated from other operating activities
(22,785,402)
9,286,409
10,655,253
(4,325,247)
24,816,798
26,994,229
Income taxes paid
Net cash (used in)/generated by operating activities (1)
INVESTING ACTIVITIES
Receipts arising from:
Financial assets
Tangible assets
Intangible assets
Interest and similar income
Dividends
Others
Payments arising from:
Financial assets
Tangible assets
Intangible assets
Others
Net cash generated by investing activities (2)
13,263,072
2,915,575
22,750,373
2,135,973
41,064,994
33,427,657
16,643,841
3,047
1,097,220
2,743,689
120,989
54,036,443
35,192,530
16,776,098
3,047
1,102,058
2,743,689
120,989
55,938,411
(5,238,750)
(18,392,656)
(28,769,620)
(52,401,026)
(11,336,032)
2,286,325
(4,923,013)
78,637
(2,671)
(2,560,722)
51,475,721
(2,999,082)
(8,580,317)
(4,104,712)
(202,401)
(15,886,512)
40,051,900
679,442,516
705,456,331
726,205,675
5,878,505
707,293
686,028,314
(532,450)
-
46,434
704,970,315
450,396
726,656,071
(643,894,476)
(17,539,914)
(1,978,155)
(1,013,698)
(664,426,244)
21,602,070
(706,560,862)
(14,183,789)
(12,656,920)
(9,403,336)
(69,700)
(1,039,343)
(743,913,951)
(38,943,636)
(715,312,518)
(14,817,436)
(13,541,922)
(10,000,000)
(69,700)
(1,040,099)
(754,781,676)
(28,125,605)
5,940,791
(1,061,958)
(3,648,898)
74,518,350
75,748,285
37,348,883
(6,236,413)
1,861,934
23,553,902
56,528,307
38,920,524
(4,177,006)
1,861,934
24,844,210
61,449,661
FINANCING ACTIVITIES
Receipts arising from:
Borrowings
Issue of equity shares, supplementary capital and share
premiums
Grants and donations
Others
Payments arising from:
Borrowings
Leasings
Interest and similar costs
Dividends
Acquisition of treasury stocks
Others
Net cash (used in)/generated by financing activities (3)
Net increase in cash and cash equivalents (4) = (1) + (2) + (3)
Changes in the consolidation perimeter and others
Effect of foreign exchange currencies
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
30
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
INTRODUCTORY NOTE
Martifer SGPS, S.A., with its head-office at Zona Industrial, Apartado 17, Oliveira de Frades – Portugal
(‘Martifer SGPS’ or ‘the Company’), and its group of companies (‘Group’), have as its main activity the
construction of steel infrastructures, the production of energy equipment for wind and solar industries, and,
also, the promotion, development and management of renewable energy projects (Note 4).
Martifer SGPS was incorporated on 29 October 2004, its share capital having been realized through the delivery
of shares, valued at its market value, that the shareholders held in Martifer - Construções, S.A., a company
that was incorporated in 1990 and which, at that time, was the holding company of the current Martifer Group.
As of June 2007, after the initial public offering Martifer SGPS, S.A. shares have been listed on Euronext Lisbon.
At 30 September 2011, the Group has developed its activity in Portugal, Spain, Poland, Slovakia, Romania,
Czech Republic, Angola, Brazil, Greece, United States of America, Australia, Ireland, Italy, Belgium, Bulgary,
France, Thailand, Morocco, United Kingdom, Canada, Mexico and Saudi Arabia.
All the amounts presented in these notes are expressed in Euro (rounded at unit), unless otherwise stated.
The accompanying notes were selected to help the understanding of the more significant changes in the
financial position and the financial performance of the Group since the last annual reporting, dated of 31
December 2010.
These financial statements are not audited.
1. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PREPARATION
These accompanying consolidated financial statements relate to the consolidated financial statements of the
Martifer Group and were prepared in accordance with the International Financial Reporting Standards
(“IFRS”), as adopted by the European Union, in force at the beginning of the economic period started 1
January 2011. These are the International Financial Reporting Standards, issued by the International
Accounting Standards Board ("IASB"), and interpretations issued by the International Financial Reporting
Interpretations Committee ("IFRIC") or by the previous Standing Interpretations Committee ("SIC"), that have
been endorsed by the European Union.
The interim consolidated financial report for the period ended at 30 September 2011 has been prepared in
accordance with IAS 34 - ‘Interim Financial Reporting’ as adopted by the European Union.
The accounting policies adopted are consistent with those considered in the financial statements for the year
ended as of 31 December 2010 and disclosed in the corresponding notes, prepared under the International
Financial Reporting Standards (IFRS) approved by the EU, except in respect of the standards and
interpretations entering into force on or after 1 January 2011, the adoption of which have not had an impact on
the Group’s profits or financial position and with exception of the referred in the following paragraph.
The IAS 31 establishes two options to the record of financial interests in joint arrangements: proportionate
method, or equity method.
In 2011, so as to transmit a more reliable and relevant information about the financial situation of Martifer
Group, as well as of the results of its operations, the Group proceeded to the change of consolidation method
applicable to financial interests in joint arrangements (from proportionate method to equity method).
This understanding is consistent with the recent changes introduced by IASB (International Accounting
Standard Board), with the issuance of a new standard for the accounting of joint- ventures, which eliminates
the alternative of using the proportionate method to joint-ventures, based on the fact that, in these situations,
the participating entities have not severally had effective control of their share of the assets or are not
responsible for their share of the responsible liabilities (IFRS 11).
Martifer Group shares the grounds set out that are in the basis of the elimination of the option of using the
proportionate method, currently allowed by IAS 31, so that it decided to alter the form of consolidation of its
joint arrangements with effect as from January 1, 2011, and for the purpose, it has restated its financial
statements for prior periods, in accordance with the provisions of IAS 8.
31
The entities considered joint arrangements, whose interests of Martifer Group are accounted for by equity method,
its head offices and the proportion of share capital, are the following:
PERCENTAGE OF SHARE CAPITAL HELD
COMPANY
HEADOFFICE
DESIGNATION
DIRECTLY
COMPANY
HEADOFFICE
Gebox, S.A.
Ílhavo
Gebox
-
50.00%
50.00%
Promoquatro – Investimentos Imobiliários, Lda.
Oliveira de Frades
Promoquatro
-
50.00%
50.00%
Martifer – Hirschfeld Energy Systems LLC
San Angelo TX
Martifer Energy Systems USA
-
50.00%
50.00%
M City Bialystok Sp. Zo.o
Gliwice
M City Bialystok
-
50.00%
50.00%
M City Radom Sp. Zo.o
Gliwice
M City Radom
-
50.00%
50.00%
Ventinveste, S.A.
Lisbon
Ventinveste SA
5.00%
41.00%
46.00%
Ventinveste Eólica, SGPS, S.A.
Lisbon
Ventinveste Eólica
-
46.00%
46.00%
Parque Eólico de Torrinheiras, S.A.
Lisbon
PE Torrinheiras
-
46.00%
46.00%
Parque Eólico do Douro Sul, S.A.
Lisbon
PE Douro Sul
-
46.00%
46.00%
Parque Eólico do Pinhal do Oeste, S.A.
Lisbon
PE Pinhal do Oeste
-
46.00%
46.00%
Parque Eólico de Vale Grande. S.A.
Lisbon
PE Vale Grande
-
46.00%
46.00%
Parque Eólico de Vale do Chão, S.A.
Lisbon
PE Vale do Chão
-
46.00%
46.00%
Parque Eólico do Cabeço Norte, S.A.
Lisbon
PE Cabeço Norte
-
46.00%
46.00%
Parque Eólico da Serra do Oeste, S.A.
Lisbon
PE Serra do Oeste
-
46.00%
46.00%
Parque Eólico do Planalto, S.A.
Lisbon
PE Planalto
-
46.00%
46.00%
Eviva Dunowo, Sp. Z o.o.
Gliwice
Eviva Dunowo
-
50.00%
50.00%
SPEE 3 – Parque Eólico do Baião, S.A.
Lisbon
SPEE 3
-
50.00%
50.00%
SPEE 2 – Parque Eólico de Vila Franca de Xira, S.A.
Oliveira de Frades
SPEE 2
-
50.00%
50.00%
Macquarie Capital Wind Fund Pty Limited
Sidney
Macquarie
-
50.00%
50.00%
Silverton Wind Farm Holding
Sidney
Silverton
-
25.00%
25.00%
Parque Eólico da Penha da Gardunha, Lda.
Oliveira de Frades
PE Penha da Gardunha
-
50.00%
50.00%
MS – Participações Societárias, S.A.
Fortaleza
MS (ex-Faisa Biomassa)
-
16.58%
16.58%
Eólica Embuaca, Ltda.
Fortaleza
Embuaca
-
16.58%
16.58%
Eólica Mar e Terra, Ltda.
Fortaleza
Mar e Terra
-
16.58%
16.58%
Eólica Bela Vista, Ltda.
Fortaleza
Bela Vista
-
16.58%
16.58%
Eólica Icaraí, Ltda.
Fortaleza
Icaraí
-
16.58%
16.58%
The main impacts in consolidated financial statements resulting from the change in the consolidation method
of joint arrangements (from proportionate method to equity method) might be summarized as follows:
31 DECEMBER 2010
CHANGE OF
CONSOLIDATION
METHOD
31 DECEMBER 2010
RESTATED
Non current
553,571,462
(19,710,823)
533,860,639
Current
572,479,884
(13,630,717)
558,849,167
1,126,051,346
(33,341,540)
1,092,709,805
Non current
237,284,703
(23,985,430)
213,299,273
Current
548,518,648
(7,231,353)
541,287,295
Total Liabilities
785,803,351
(31,216,782)
754,586,568
30,988,178
-
30,988,178
309,259,817
(2,124,758)
307,135,059
340,247,237
(2,124,758)
338,123,237
Assets
Total Assets
Liabilities
Equity:
Attributable to owners of Martifer
Total Equity
32
407,074,495
CHANGE OF
CONSOLIDATION
METHOD
(8,219,774)
41,839,250
(2,021,250)
39,818,000
30 SEPTEMBER 2010
EBITDA
EBIT
30 SEPTEMBER 2010
RESTATED
398,854,721
5,592,307
(1,038,098)
4,554,209
Financial results
123,314
906,533
1,029,847
Net consolidated income
109,926
-
109,926
These consolidated financial statements have been prepared on a going concern basis from the accounting
records of the companies included in the consolidation (Note 2) and have been prepared under the historical
cost convention, except for the revaluation of certain non-current assets and certain financial instruments,
which are stated at fair value.
33
2. GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS
Group companies included in the consolidated financial statements, their consolidation methods, head offices
and percentage of share capital held by the Group, at 30 September 2011 are as follows:
COMPANIES CONSOLIDATED THROUGH THE FULL CONSOLIDATION METHOD
COMPANY
HEADOFFICE
DESIGNATION
Martifer SGPS, S.A.
Oliveira de Frades
Martifer SGPS
Holding
Martifer Inovação e Gestão, S.A.
Oliveira de Frades
Martifer Inovação
Martifer Gestiune Si Servicii, S.R.L.
Bucharest
Martifer Inovação Roménia
Martifer Metallic Constructions SGPS, S.A.
COMPANY
HEADOFFICE
100.00%
-
100.00%
100.00%
-
100.00%
DIRECTLY
Oliveira de Frades
Martifer Metallic Constructions
100.00%
-
100.00%
Martifer - Construções Metalomecânicas, S.A.
Marifer Mota-Engil Coffey Construction Joint
Venture Limited
Martifer – Construcciones Metálicas España, S.A.
Oliveira de Frades
Martifer Construções
-
100.00%
100.00%
Dublin
MMECC
-
60.00%
60.00%
Madrid
Martifer Espanha
-
100.00%
100.00%
Martifer – Construções Metálicas Angola, S.A.
Luanda
Martifer Angola
-
78.75%
78.75%
Martifer Construction Limited
Dublin
Martifer Irlanda
-
100.00%
100.00%
Martifer Polska Sp. Zo.o.
Gliwice
Martifer Polska
-
100.00%
100.00%
Martifer Constructions, SAS
Rungis
Martifer França
-
100.00%
100.00%
Martifer Constructii SRL
Bucharest
Martifer Constructii
-
100.00%
100.00%
Park Logistyczny Biskupice
Gliwice
Biskupice
-
100.00%
100.00%
Martifer Konstrukcje Sp. Z o.o.
Gliwice
Martifer Konstrukcje
-
100.00%
100.00%
Martifer Slovakia S.R.O.
Bratislava
Martifer Slovakia
-
100.00%
100.00%
Sociedade de Madeiras do Vouga, S.A.
Albergaria-a-velha
Madeiras do Vouga
-
100.00%
100.00%
Martifer - Gestão de Investimentos, S.A.
Oliveira de Frades
MGI
-
100.00%
100.00%
Oliveira de Frades
Nagatel Viseu
-
100.00%
100.00%
Martifer Retail & Warehousing Angola, S.A.
Luanda
Martifer Retail Angola
-
100.00%
100.00%
Martifer - Alumínios, S.A.
Oliveira de Frades
Martifer Alumínios
-
100.00%
100.00%
Martifer - Alumínios, S.A.
Madrid
Martifer Alumínios Espanha
-
100.00%
100.00%
Martifer Alumínios Angola, S.A.
Luanda
Martifer Alumínios Angola
-
92.00%
92.00%
Martifer Recycling Sp. Zo.o
Gliwice
Martifer Recycling Polónia
-
100.00%
100.00%
Martifer Aluminium Pty, Ltd
Sidney
Sassall
-
100.00%
100.00%
Bangkok
Global Façade Systems 1)
-
49.00%
49,00%
Martifer Aluminium Limited
Dublin
Martifer Aluminium Irlanda
-
100.00%
100.00%
Martifer Aluminium S.R.L.
Nagatel Viseu, Promoção Imobiliária, S.A.
Global Façade Systems Company Limited
Bucharest
Martifer Aluminium Roménia
-
100.00%
100.00%
Martifer UK Limited
London
Martifer UK
-
100.00%
100.00%
MT Construction Maroc, S.A.R.L.
Tangier
Martifer Marrocos
-
100.00%
100.00%
Martifer - Construções Metálicas, Ltda.
Fortaleza
Martifer Brasil
-
100.00%
100.00%
Saudi Martifer Constructions LLC
Riyadh
Martifer Arábia Saudita
-
100.00%
100.00%
Wien
Martifer GmbH
100.00%
-
100.00%
Gliwice
M City Gliwice
-
52.80%
52.80%
Oliveira de Frades
Martifer Energy Systems
100.00%
-
100.00%
Martifer Energia - Equipamentos para Energia, SA
Oliveira de Frades
Martifer Energia
-
100.00%
100.00%
Martifer Energia S.R.L.
Bucharest
Martifer Energia Roménia
-
100.00%
100.00%
Martifer Energia LLC
Kiev
Martifer Energia Ucrânia
-
100.00%
100.00%
Martifer Wind Energy Systems LLC
San Angelo TX
Martifer Wind USA
-
100.00%
100.00%
Martifer Energy Systems PTY
Navalria – Docas, Construções e Reparações
Navais, S.A.
Cape Town
Martifer Energia África do Sul
-
85.00%
85.00%
Aveiro
Navalria
-
100.00%
100.00%
Oliveira de Frades
Martifer Solar SGPS
100.00%
-
100.00%
Oliveira de Frades
Martifer Solar
-
75.00%
75.00%
Madrid
Martifer Solar Sistemas Solares
-
75.00%
75.00%
Madrid
Solar Parks
-
75.00%
75.00%
Madrid
Seseña II
-
75.00%
75.00%
Parque Solar Segovia, S.L.
Madrid
Segovia
-
75.00%
75.00%
Parque Solar Quintanar, S.L.
Madrid
Quintanar
-
75.00%
75.00%
Parque Solar Seseña III, S.L.
Madrid
Seseña III
-
75.00%
75.00%
Martifer Beteiligungsverwaltungs GmbH
M City Gliwice Sp. Zo.o
Martifer Energy Systems SGPS, S.A.
Martifer Solar SGPS, S.A.
Martifer Solar, S.A.
Martifer Solar Sistemas Solares, S.A.
Solar Parks Construccion Parques Solares
ETVE, S.A.
Parque Solar Seseña II, S.L.
34
COMPANY
MTS Solar Sistemas Solares, S.A.
HEADOFFICE
DESIGNATION
DIRECTLY
COMPANY
HEADOFFICE
Mexico City
Martifer Solar México
-
74,25%
74,25%
Inovsun, Lda.
Oliveira de Frades
Inovsun
-
75.00%
75.00%
Martifer Solar S.R.L.
Milan
Martifer Solar Itália
-
75.00%
75.00%
MTS1 S.R.L.
Siracusa
MTS1
-
75.00%
75.00%
MTS2 S.R.L.
Siracusa
MTS2
-
75.00%
75.00%
MTS3 S.R.L.
Siracusa
MTS3
-
75.00%
75.00%
MTS4 S.R.L.
Siracusa
MTS4
-
75.00%
75.00%
MTS5 S.R.L.
Siracusa
MTS5
-
75.00%
75.00%
S. Francisco CA
Martifer Inc.
-
75.00%
75.00%
Martifer Solar USA, Inc.
Santa Monica CA
AEM
1)
-
47.63%
47,63%
MT Silverado Fund LLC
Martifer Solar Inc.
1)
S. Francisco CA
Silverado
-
38.25%
38.25%
Martifer Solar Hellas, A.T.E.
Athens
PVI
-
50.58%
50.58%
Martifer Solar Angola
Luanda
Martifer Solar Angola
-
56.25%
56.25%
Martifer Solar N.V.
Deerlijk
Martifer Solar Bélgica
-
75.00%
75.00%
Martifer Solar UK Limited
London
Martifer Solar UK
-
75.00%
75.00%
Martifer Solar S.A.S.
Lyon
Martifer Solar França
-
75.00%
75.00%
Martifer Solar CZ
Prague
Martifer Solar República Checa
-
75.00%
75.00%
Home Energy France SAS
Lyon
Home Energy França
-
75.00%
75.00%
PVGlass, S.A.
Oliveira de Frades
PVGlass
-
52.50%
52.50%
Milan
PVGlass Itália
-
52.50%
52.50%
Oliveira de Frades
MPrime
-
75.00%
75.00%
Oliveira de Frades
MPrime Itália
-
75.00%
75.00%
Sol Cativante, Lda.
Sever do Vouga
Sol Cativante 2)
-
6.83%
6.83%
Martifer Solar Investments, B.V.
Amesterdam
Martifer Solar Holanda
-
75.00%
75.00%
Martifer Solar Canadá, Ltd.
Toronto
Martifer Solar Canadá
-
75.00%
75.00%
MTS6 S.R.L.
Siracusa
MTS6
-
63.75%
63.75%
Martifer Solar SK s.r.o.
Dolny Kubin
Martifer Solar Eslováquia
-
75.00%
75.00%
Canopy - Apollo S.A.S.
Paris
Canopy
-
75.00%
75.00%
Gargano Solar Park S.R.L.
Cassola
Gargano Solar Park
-
75.00%
75.00%
Ginosa Solar Farm, S.R.L.
Rome
Ginosa Solar Farm
-
75.00%
75.00%
Solar Spritehood S.R.L
Rome
Solar Spritehood
-
75.00%
75.00%
MTS7, S.R.L.
Rome
MTS7
-
75.00%
75.00%
Sol Cativante II, S.A.
Sever do Vouga
Sol Cativante II
-
75.00%
75.00%
Sol Cativante IV, S.A.
Sever do Vouga
Sol Cativante IV
-
75.00%
75.00%
PVGLASS S.r.l
MPrime Solar Solutions, S.A.
MPRIME Italia S.r.l
Martifer Renewables SGPS, S.A.
Oliveira de Frades
Martifer Renewables SGPS
100.00%
-
100.00%
Martifer Renewables, S.A.
Oliveira de Frades
Martifer Renewables SA
-
100.00%
100.00%
Martifer Renovables ETVE, S.A.U.
Madrid
Martifer Renovables
-
100.00%
100.00%
Eurocab FV 1 S.L.
Madrid
Eurocab 1
-
100.00%
100.00%
Eurocab FV 2 S.L.
Madrid
Eurocab 2
-
100.00%
100.00%
Eurocab FV 3 S.L.
Madrid
Eurocab 3
-
100.00%
100.00%
Eurocab FV 4 S.L.
Madrid
Eurocab 4
-
100.00%
100.00%
Eurocab FV 5 S.L.
Madrid
Eurocab 5
-
100.00%
100.00%
Eurocab FV 6 S.L.
Madrid
Eurocab 6
-
100.00%
100.00%
Eurocab FV 7 S.L.
Madrid
Eurocab 7
-
100.00%
100.00%
Eurocab FV 8 S.L.
Madrid
Eurocab 8
-
100.00%
100.00%
Eurocab FV 9 S.L.
Madrid
Eurocab 9
-
100.00%
100.00%
Eurocab FV 10 S.L.
Madrid
Eurocab 10
-
100.00%
100.00%
Eurocab FV 11 S.L.
Madrid
Eurocab 11
-
100.00%
100.00%
Eurocab FV 12 S.L.
Madrid
Eurocab 12
-
100.00%
100.00%
Eurocab FV 13 S.L.
Madrid
Eurocab 13
-
100.00%
100.00%
Eurocab FV 14 S.L.
Madrid
Eurocab 14
-
100.00%
100.00%
Eurocab FV 15 S.L.
Madrid
Eurocab 15
-
100.00%
100.00%
Eurocab FV 16 S.L.
Madrid
Eurocab 16
-
100.00%
100.00%
Eurocab FV 17 S.L.
Madrid
Eurocab 17
-
100.00%
100.00%
Eurocab FV 18 S.L.
Madrid
Eurocab 18
-
100.00%
100.00%
Eurocab FV 19 S.L.
Madrid
Eurocab 19
-
100.00%
100.00%
Madrid
Eurocab 20
-
100.00%
100.00%
Eurocab FV 20 S.L.
35
COMPANY
Eviva Energy S.R.L.
HEADOFFICE
DESIGNATION
DIRECTLY
COMPANY
HEADOFFICE
Bucharest
Eviva Roménia
-
100.00%
100.00%
Eviva Nalbant S.R.O.
Bucharest
Eviva Nalbant
-
99.00%
99.00%
Eviva Agighiol S.R.L.
Bucharest
Eviva Agighiol
-
99.00%
99.00%
Eviva Casimcea S.R.O.
Bucharest
Eviva Casimcea
-
99.00%
99.00%
Premium Management Consulting, S.R.L.
Bucharest
Premium Management
-
85.00%
85.00%
MW Topolog, S.R.L.
Bucharest
MW Topolog
-
99.00%
99.00%
Martifer Renewables, S.A.
Gliwice
Eviva Polónia
-
100.00%
100.00%
Eviva Mepe
Athens
Eviva Grécia
-
100.00%
100.00%
Martifer Renewables Pty, Ltd.
Sidney
Eviva Austrália
-
100.00%
100.00%
Eviva Beteiligungsverwaltungs GmbH
Wien
Eviva GmbH
-
100.00%
100.00%
Eviva Hidro S.R.L.
Bucharest
Eviva Hidro
1.00%
99.00%
100.00%
Martifer Deutschland GmbH
Berlin
Martifer Deutschland
-
100.00%
100.00%
Martifer Renewables Bippen GmbH
Berlin
Eviva Bippen
-
100.00%
100.00%
Eviva Energy SGPS, S.A.
Oliveira de Frades
Enerpetra
-
100.00%
100.00%
Wind Farm Odrzechowa Sp. Zo.o
Gliwice
Wind Odrzechowa
-
100.00%
100.00%
Energia Wiatrowa Sp. Zo.o
Gliwice
Energia Wiatrowa
-
100.00%
100.00%
Eviva Gizalki Sp. Zo.o
Miastko
Eviva Gizalki
-
70.00%
70.00%
Wind Farm Bukowsko Sp. Zo.o
Gliwice
Wind Farm Bukowsko
-
100.00%
100.00%
Wind Farm Markowa Sp. Zo.o
Gliwice
Wind Farm Markowa
-
100.00%
100.00%
Wind Farm Lada Sp. Zo.o
Gliwice
Wind Farm Lada
-
100.00%
100.00%
Wind Farm Jawornik Sp. Zo.o
Gliwice
Wind Farm Jawornik
-
100.00%
100.00%
Wind Farm Piersno Sp. Zo.o
Gliwice
Wind Farm Piersno
-
100.00%
100.00%
Wind Farm Oborniki Sp. Zo.o
Gliwice
Wind Farm Oborniki
-
100.00%
100.00%
Martifer Renewables Brazil B.V.
Amesterdam
Renewables Holanda
-
100.00%
100.00%
Varna
Vesto
-
100.00%
100.00%
DVP1 Limited
Varna
DVP1
-
100.00%
100.00%
DVP2 Limited
Varna
DVP2
-
100.00%
100.00%
Madrid
Eurocab 21
-
100.00%
100.00%
Amesterdam
Renewables Italy Holanda
-
100.00%
100.00%
Fortaleza
Martifer Renewables Brasil
-
100.00%
100.00%
Fortaleza
Ventania
-
55.00%
55.00%
Vesto EAD
Martifer Renewables Investments ETVE, S.A.
Martifer Renewables Italy BV
Martifer Renewables Brasil Participações LTDA
Martifer Renováveis - Geração de Energia e
Participações S.A.
Eólica Faisa, Ltda.
Fortaleza
Faisa
-
55.00%
55.00%
Faisa I
Fortaleza
Faisa I
-
55.00%
55.00%
Faisa II
Fortaleza
Faisa II
-
55.00%
55.00%
Faisa III
Fortaleza
Faisa III
-
55.00%
55.00%
Faisa IV
Fortaleza
Faisa IV
-
55.00%
55.00%
Faisa V
Fortaleza
Faisa V
-
55.00%
55.00%
Eólica Cajueiro da Praia, Ltda .
Fortaleza
Cajueiro
-
55.00%
55.00%
Eólica Cacimbas, Ltda.
SBER – Sociedade Brasileira de Energias
Renováveis, Ltda.
Melosa – Geração de Energia e
Participações, Ltda.
Eólica Paraipaba, Ltda .
Fortaleza
Cacimbas
-
55.00%
55.00%
Fortaleza
SBER 1)
-
41.25%
41.25%
Fortaleza
Melosa
-
55.00%
55.00%
Fortaleza
Paraipaba
-
55.00%
55.00%
Fortaleza
Chapadão
-
55.00%
55.00%
Fortaleza
Rosa dos Ventos
-
52.25%
52.25%
Delft
Prio Holanda
-
100.00%
100.00%
Amesterdam
Porthold
-
55,00%
55,00%
Oliveira de Frades
Ventinveste Indústria 3)
-
46.00%
46.00%
Eólica Chapadão, Ltda.
Rosa dos Ventos - Geração e
Comercialização de Energia, S.A
Prio Agriculture, B.V.
Porthold Project Development BV
Ventinveste Indústria SGPS, S.A.
1)
2)
3)
36
The full consolidation of these companies is justified as the Group has ultimate control.
The consolidation of this company through the full consolidation method results from Group having full control, namely to
govern the financial and operating policies of the entity.
The consolidation of this company through the full consolidation method results from shareholder agreements that
regulate the control of the investee.
COMPANIES CONSOLIDATED THROUGH THE EQUITY METHOD
Companies consolidated through the equity method, their head offices and percentage of share capital held by
the group at 30 September 2011, are as follows:
COMPANY
HEAD OFFICE
DESIGNATION
Proempar
Porto
Parque Tecnológico do Tâmega
Felgueiras
Liszki Green Park, Sp. Zo.o
DIRECTLY
INDIRECTLY
TOTAL
Proempar
-
24.00%
24.00%
PTT
-
19.40%
19.40%
Gliwice
Liszki Green Park
-
45.00%
45.00%
Gebox, S.A.
Promoquatro – Investimentos
Imobiliários, Lda.
Martifer – Hirschfeld Energy Systems
LLC
Ílhavo
Gebox
-
50.00%
50.00%
Oliveira de Frades
Promoquatro
-
50.00%
50.00%
San Angelo TX
Martifer Energy Systems USA
-
50.00%
50.00%
Gliwice
M City Bialystok
-
50.00%
50.00%
Gliwice
M City Radom
-
50.00%
50.00%
Parque Solar Seseña I, S.L.
Madrid
Seseña I
-
37.48%
37.48%
Canaverosa Renovables, SL
Madrid
Canaverosa
-
49,00%
49,00%
Ventinveste, S.A.
Lisbon
Ventinveste SA
5.00%
41.00%
46.00%
Ventinveste Eólica, SGPS, S.A.
Lisbon
Ventinveste Eólica
-
46.00%
46.00%
Parque Eólico de Torrinheiras, S.A.
Lisbon
PE Torrinheiras
-
46.00%
46.00%
Parque Eólico do Douro Sul, S.A.
Lisbon
PE Douro Sul
-
46.00%
46.00%
Parque Eólico do Pinhal do Oeste, S.A.
Lisbon
PE Pinhal do Oeste
-
46.00%
46.00%
Parque Eólico de Vale Grande. S.A.
Lisbon
PE Vale Grande
-
46.00%
46.00%
Parque Eólico de Vale do Chão, S.A.
Lisbon
PE Vale do Chão
-
46.00%
46.00%
Parque Eólico do Cabeço Norte, S.A.
Lisbon
PE Cabeço Norte
-
46.00%
46.00%
Parque Eólico da Serra do Oeste, S.A.
Lisbon
PE Serra do Oeste
-
46.00%
46.00%
Parque Eólico do Planalto, S.A.
Lisbon
PE Planalto
-
46.00%
46.00%
Eviva Dunowo, Sp. Z o.o.
Gliwice
Eviva Dunowo
-
50.00%
50.00%
SPEE 2 – Parque Eólico de Vila Franca
de Xira, S.A.
Macquarie Capital Wind Fund Pty Limited
Lisbon
SPEE 3
-
50.00%
50.00%
Oliveira de Frades
SPEE 2
-
50.00%
50.00%
Sidney
Macquarie
-
50.00%
50.00%
Silverton Wind Farm Holding
Parque Eólico da Penha da Gardunha,
Lda.
MS – Participações Societárias, S.A.
Sidney
Silverton 1)
-
25.00%
25.00%
Oliveira de Frades
PE Penha da Gardunha
-
50.00%
50.00%
Fortaleza
MS (ex-Faisa Biomassa)
-
16.58%
16.58%
Eólica Embuaca, Ltda.
Fortaleza
Embuaca
-
16.58%
16.58%
Eólica Mar e Terra, Ltda.
Fortaleza
Mar e Terra
-
16.58%
16.58%
Eólica Bela Vista, Ltda.
Fortaleza
Bela Vista
-
16.58%
16.58%
Eólica Icaraí, Ltda.
Fortaleza
Icaraí
-
16.58%
16.58%
Prio Foods SGPS, S.A.
Oliveira de Frades
Prio SGPS
49.00%
-
49.00%
Prio Foods. S.A.
Oliveira de Frades
Prio Foods
-
49.00%
49.00%
Prio Foods - AJFS Construções ACE
Lisbon
Prio Foods ACE
-
24.50%
24.50%
Prio Foods - Industrias Alimentares, S.A.
Oliveira de Frades
Prio Alimentar
-
49.00%
49.00%
Prio Agricultura. S.A.
Maputo
Prio Agricultura Moçambique
-
49.00%
49.00%
Prio Agricultura. S.R.L.
Bucharest
Prio Agricultura Roménia
-
49.00%
49.00%
Prio Agromart S.R.L.
Bucharest
Prio Agromart
-
49.00%
49.00%
Prio Balta S.R.L.
Bucharest
Prio Balta
-
49.00%
49.00%
Prio Facaieni S.R.L.
Bucharest
Prio Facaieni
-
49.00%
49.00%
Prio Ialomita S.R.L.
Bucharest
Prio Ialomita
-
49.00%
49.00%
Prio Rapita S.R.L.
Bucharest
Prio Rapita
-
49.00%
49.00%
Prio Terra Agricola S.R.L.
Bucharest
Prio Terra Agricola
-
49.00%
49.00%
Prio Turism Rural S.R.L
Bucharest
Prio Turism Rural
-
49.00%
49.00%
Agromec Balaciu
Bucharest
Agromec Balaciu
-
42.60%
42.60%
Miharox S.R.L.
Bucharest
Miharox
-
40.47%
40.47%
Zimbrul. S.A.
Bucharest
Zimbrul
-
49.00%
49.00%
Agrozootehnica. S.A.
Bucharest
Agrozootehnica
-
48.98%
48.98%
Prio Agrotrans S.R.L.
Bucharest
Prio Agrotrans
-
49.00%
49.00%
Solar
Others
37
COMPANY
HEAD OFFICE
DESIGNATION
Prio Agricultura e Extracção LTDA
S. Luís do Maranhão
Prio Extractie S.R.L.
Bucharest
Prio Agro Industries. Sp. Z o.o.
DIRECTLY
INDIRECTLY
TOTAL
Prio Agricultura e Extracção
-
49.00%
49.00%
Prio Extractie
-
49.00%
49.00%
Gliwice
Prio Polónia
-
49.00%
49.00%
Prio Biocombustibil S.R.L.
Bucharest
Prio Biocombustibil
-
49.00%
49.00%
Prio Meat S.R.L
Bucharest
Prio Meat
-
49,00%
49,00%
Prio Energy SGPS. S.A.
Oliveira de Frades
Prio EnergySGPS
49.00%
-
49.00%
Prio Biocombustíveis. S.A.
Oliveira de Frades
Prio Biocombustíveis
-
49.00%
49.00%
Prio Energy. S.A.
Oliveira de Frades
Prio Energy
-
49.00%
49.00%
Mondefin
Coimbra
Mondefin
-
49.00%
49.00%
Veiga & Seabra. S.A.
Aguada de Baixo
Veiga & Seabra
-
49.00%
49.00%
Prio Parque de Tanques de Aveiro, S.A.
Oliveira de Frades
Prio Tanques
-
49.00%
49.00%
Prio Energy II, S.A.
Oliveira de Frades
Prio Energy II
-
49.00%
49.00%
Park Charge - Energy Systems, Lda
Oliveira de Frades
Park Charge
-
39.20%
39.20%
1)
The consolidation of this company through the equity method results from the Group having joint control of its parent company, which in turn
has joint or full control of the investee.
During the nine month period ended 30 September 2011, and during 2010, the changes occurred in the consolidation
perimeter were as follows:
Incorporated companies:
In the nine month period ended at 30 September of 2011:
Prio Foods - Indústrias Alimentares, S.A. (Prio Alimentar)
Prio Energy II, S.A. (Prio Energy II)
MPrime Solar Solutions S.R.L. (MPrime Itália)
PVGlass S.R.L. (PVGlass Itália)
Martifer Solar UK, Limited (Martifer Solar UK)
Wind Farm Oborniki Sp. Zo.o (Wind Farm Oborniki)
Prio Meat S.R.L (Prio Meat)
MTS Solar Sistemas Solares S.A. (Martifer Solar México)
Prio Foods - AJFS Construções ACE (Prio Foods ACE)
Saudi Martifer Constructions LLC (Martifer Arabia Saudita)
In 2010:
Martifer Gestiune Si Servicii, S.R.L. (Martifer Inovação Roménia)
MTS6 S.R.L. (MTS6)
Ginosa Solar Farm S.R.L. (Ginosa Solar Farm)
Solar Spritehood S.R.L. (Solar Spritehood)
Martifer - Construções Metálicas, Ltda (Martifer Brasil)
Martifer Solar SGPS, S.A. (Martifer Solar SGPS)
MT Silverado Fund LLC (Silverado)
Home Energy France S.A.S. (Home Energy França)
MPrime Solar Solutions, S.A. (MPrime)
Martifer Solar Canadá, Ltd. (Martifer Solar Canadá)
Eólica Faisa I, Ltda (Faisa I)
Eólica Faisa II, Ltda (Faisa II)
Eólica Faisa III, Ltda (Faisa III)
Eólica Faisa IV, Ltda (Faisa IV)
Eólica Faisa V, Ltda (Faisa V)
Eólica Icaraí, Ltda. (Icaraí)
Martifer Renewables Italy BV (Renewables Italy Holanda)
Martifer Constructions, S.A.S. (Martifer França)
Martifer Solar SK s.r.o. (Martifer Solar Eslováquia)
Canopy – Apollo S.A.S. (Canopy)
Parque Solar Segovia, S.L. (Segovia)
Parque Solar Quintanar, S.L. (Quintanar)
38
Parque Solar Seseña III, S.L. (Seseña III)
Inovsun, Lda. (Inovsun)
Prio Parque de Tanques de Aveiro, S.A. (Prio Tanques)
Acquired companies:
Canaverosa Renovables, SL (Canaverosa)
Sol Cativante II, S.A. (Sol Cativante II)
Sol Cativante IV, S.A. (Sol Cativante IV)
Sol Cativante, Lda. (Sol Cativante)
Park Charge - Energy Systems, Lda (Park Charge)
In 2010:
Gargano Solar Park, SRL (Gargano Solar Park)
MTSK1 s.r.o. (MTSK1))
Porthold Project Development BV (Porthold)
Sold companies:
Home Energy II, S.A. (Home Energy)
Repower Portugal – Sistemas Eólicos, S.A. (Repower Portugal)
WPT – Wind Power Transmission S.A.
Martifer Renewables Electricity LLC
Martifer Renewables Wind LLC
Martifer Renewables Solar Thermal LLC
MTSK1 s.r.o. (MTSK1))
Gesto Energia, S.A. (Gesto Energia)
Martifer Renewables II Microprodução, S.A. (Martifer Renewables II Microprodução)
G.I.G. - Gesto Investimento e Gestão, SGPS, S.A. (G.I.G.)
Hidroavelar, Unipessoal Lda. (Hidroavelar)
Sociedade Hidroeléctrica do Távora, Unipessoal Lda. (Soc. Hidroeléctrica do Távora)
Sociedade Geotérmica da Bacia Lusitaniana, Unipessoal Lda. (Soc. Geotérmica da Bacia Lusitaniana)
Gesto Itália, S.R.L. (Gesto Itália)
Martifer II Inox, S.A. (Arestalfer)
Martinox, S.A. (Martinox Angola)
IWP Sp z.o.o. (IWP)
Bukowsko Wind Energy Sp. Z.o.o. (Bukowsko)
In 2010:
Wind Hidro Sun Energy Services, Lda. (WHS Energy Services)
Ground Investment Corp, S.R.L. (Ground Investment)
Nova Eco LLC (Nova Eco LLC)
Eviva Redęcin Sp. Z o.o. (Eviva Redecin)
Eviva Rumsko Sp. Z o.o. (Eviva Rumsko)
Windpark Bippen GmbH & Co. KG (Bippen KG)
Windpark Holleben GmbH & Co. KG (Holleben KG)
Pro Wind LLC (Pro Wind)
Eviva Zebowo SP (Eviva Zebowo)
Eviva Gac SP (Eviva Gac)
Eviva Drzezewo SP (Eviva Drzezewo)
Clean Energy Solutions (Clean Energy Solutions)
Total Natural SRL (Total Natural)
Eviva S.R.O. (Eviva Eslováquia)
39
Changes in the consolidation method:
Ventipower, S.A. (Ventipower) – In 2010 was consolidated through the proportionate method. In 2011 this investment is
recorded at cost as, with the sale of 50% of REpower Portugal, ceased the joint control that was held by Martifer Group.
Gesto Energia, S.A. (Gesto Energia) – In 2010 was consolidated through the full consolidation method. In 2011, after the sale
of its financial participation in this entity, Martifer Group maintained only 5% of participation, which is recorded at the cost.
MS – Participações Societárias, S.A. (MS Brazil) – It changes from full consolidation method to equity method, in result of
the contract celebrated with Santander bank in Brazil, which defines the joint control in this entity.
Eólica Embuaca, Ltda. (Embuaca) - It changes from full consolidation method to equity method, in result of the contract
celebrated with Santander bank in Brazil, which defines the joint control in MS Brazil.
Eólica Mar e Terra, Ltda (Mar e Terra) - It changes from full consolidation method to equity method, in result of the contract
Eólica Bela Vista, Ltda. (Bela Vista) - It changes from full consolidation method to equity method, in result of the contract
Eólica Icaraí, Ltda. (Icaraí) - It changes from full consolidation method to equity method, , in result of the contract celebrated
with Santander bank in Brazil, which defines the joint control in MS Brazil.
Change in the consolidation method of financial interests in joint arrangements (from proportionate method to equity
method), as explained in Note 1 above.
In 2010:
Parque Solar Seseña I, S.L. (Seseña I) – from full consolidation method to equity method due to the changes in the
percentage held by the Group
Parque Eólico da Penha da Gardunha, Lda. (PE Penha da Gardunha) – from full to proportionate consolidation method
resulting from changes in the percentage of control that became joint
Prio Foods SGPS, S.A. (Prio SGPS) 1)
Prio Foods, S.A. (Prio Foods) 1)
Prio Agricultura, S.A. (Prio Agricultura Moçambique) 1)
Prio Agricultura, S.R.L. (Prio Agricultura Roménia) 1)
Prio Agromart S.R.L. (Prio Agromart) 1)
Prio Balta S.R.L. (Prio Balta) 1)
Prio Facaieni S.R.L. (Prio Facaieni) 1)
Prio Ialomita S.R.L. (Prio Ialomita) 1)
Prio Rapita S.R.L. (Prio Rapita) 1)
Prio Terra Agricola S.R.L. (Prio Terra Agricola) 1)
Prio Turism Rural S.R.L. (Prio Turism Rural) 1)
Agromec Balaciu (Agromec Balaciu) 1)
Miharox S.R.L. (Miharox) 1)
Zimbrul, S.A. (Zimbrul) 1)
Agrozootehnica, S.A. (Agrozootehnica) 1)
Prio Agrotrans S.R.L. (Prio Agrotrans) 1)
Prio Agricultura e Extracção LTDA (Prio Agricultura e Extracção) 1)
Prio Extractie S.R.L. (Prio Extractie) 1)
Prio Agro Industries, Sp. Z o.o. (Prio Polónia) 1)
Prio Biocombustibil S.R.L. (Prio Biocombustibil) 1)
Prio Advanced Fuels SGPS, S.A. (Prio AF SGPS)1)
Prio Biocombustíveis, S.A. (Prio Biocombustíveis)1)
Prio Energy, S.A. (Prio Energy)1)
Mondefin (Mondefin)1)
Veiga & Seabra, S.A. (Veiga & Seabra)1)
1)
The change in the consolidation method of these companies from full consolidation method to equity method results from the loss
of economic control.
40
3. SALES AND SERVICES RENDERED
In the nine month periods ended 30 September 2011 and 2010, the breakdown of sales and services
rendered is as follows:
74,118,927
9M’ 2010
RESTATED
89,360,703
92,359,870
Revenue from the sale of goods
148,308,958
230,895,996
234,679,974
Services rendered
118,069,637
78,598,023
80,034,651
340,497,522
398,854,721
407,074,495
9M’ 2011
Revenue from the sale of merchandise
9M’ 2010
4. INFORMATION BY BUSINESS SEGMENTS
The Group bases its disclosure of information for primary segments on its internal organisation in terms of management.
As previously referred in the 2010 Annual Report, and as a natural consequence of the strategic focus on the
main businesses, Martifer has changed the reporting segments. From the beginning of 2011, the Group
started to present its accounts with the activity divided in two main segments: ‘Metallic Construction’ and
‘Solar’. The other activities and subsidiary companies are included in the ‘Others’ segment. This is the case of
Martifer Renewables (or the ‘RE Developer’ segment).
The Group is organised in two major business areas: ‘Metallic Construction’ and ‘Solar’ that are coordinated
and supported by Martifer SGPS. The Metallic Construction business area includes all the construction
activities of steel structures, aluminium façades and glass and stainless steel solutions. It includes also the
wind power division, components, turbine assembly and turnkey wind farm delivery, engineering division and
navy. In the ‘Solar’ segment the focus is on the production of PV panels, as well as the turnkey solar parks
delivery, promotion, licensing, operation and maintenance of projects.
The ‘RE Developer’ segment includes the promotion and development of projects of renewable energy, with special
emphasis in the wind sector. Amounts related with ‘RE Developer’ are presented in ‘Others’ segment, together
with Martifer SGPS, Martifer Inovação e Gestão S.A. (MIG) and Martifer Gestiune Si Servicii, S.R.L. (MIG RO).
In order to enable the comparability, the amounts related to 2010 were reclassified in accordance with the new
division of Group´s activities by operational segments.
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).
The breakdown of sales and services rendered by primary segments for the nine month periods ended 30 September
2011 and 2010 is as follow:
SALES TO EXTERNAL CUSTOMERS
INTERSEGMENT SALES
9M’ 2011
9M’ 2010
RESTATED
9M’ 2010
9M’ 2011
9M’ 2010
RESTATED
9M’ 2010
158,251,801
241,617,207
248,113,473
50,923,485
75,333,564
75,752,359
Solar
169,082,802
138,996,320
138,996,320
66,171,698
56,869,363
56,869,363
13,162,919
18,241,194
19,964,702
26,031,682
7,251,566
7,567,548
340,497,522
398,854,721
407,074,495
143,126,865
139,454,493
140,189,270
Others
TOTAL
9M’ 2011
9M’ 2010
RESTATED
9M’ 2010
209,175,286
316,950,771
323,865,832
Solar
235,254,500
195,865,684
195,865,684
Others
Intersegment eliminations
Own work capitalized (Note 5)
Sales and services rendered to external customers
39,194,601
25,492,760
27,532,250
483,624,387
538,309,214
547,263,765
(123,994,161)
(132,544,933)
(133,279,737)
(19,132,704)
340,497,522
(6,909,560)
398,854,721
(6,909,533)
407,074,495
41
The sales and services rendered of the Metallic Construction business area decreased 34.5%, when compared
with the same period of previous year, in result of the lower activity of wind power division, the lower activity in
Iberia and Eastern Europe, and the abrupt hold ups in some projects in backlog. Stronger markets such as the
UK, France and Brazil should gradually compensate for the weak performance in the Iberian market.
The Solar business presented a strong growth of 21.6%, when compared with the same period from 2010, as
a consequence of the of the strategy implemented during 2010, by which Martifer Solar diversified its activity
to several geographies with positive results throughout 2011
The earnings before interest, taxes, amortisations, provisions and impairment losses (EBITDA), earnings
before interest and taxes (EBIT) and profit after tax by operating segments for the nine month periods ended
30 September 2011 and 2010 are as follows:
EBITDA
EBIT
9M’ 2011
9M’ 2010
RESTATED
9M’ 2010
9M’ 2011
9M’ 2010
RESTATED
9M’ 2010
(17,794,990)
12,436,539
12,717,529
(25,468,505)
2,407,161
2,259,759
Solar
7,454,906
17,449,412
17,453,011
6,824,110
15,342,271
15,345,870
Others
5,452,533
9,932,048
11,668,710
(638,222)
(13,195,223)
(12,013,322)
(4,887,551)
39,818,000
41,839,250
(19,282,617)
4,554,209
5,592,307
PROFIT AFTER TAX
9M’ 2011
9M’ 2010
RESTATED
9M’ 2010
(31,056,267)
(5,041,342)
(5,041,342)
4,748,256
9,128,319
9,140,084
(7,761,151)
(3,977,351)
(3,989,115)
(34,069,162)
109,626
109,626
Solar
Others
Earnings before interest and taxes (EBITDA) reached -4.9 million euro. The weaker performance is explained
by the negative margins in Metallic Construction business area due to the negative margins in markets such as
Eastern Europe and Australia and by the impact of the integration of the wind cluster in Portugal, which
presented a reduced level of activity with the consequent inability to dilute fixed costs.
In the Solar segment, the EBITDA margin is lower than the one of the previous year mainly due to the tougher
competitive environment and to the internationalization effort and the associated costs of entry, but is showing
signs of improvement.
The Group’s net assets and liabilities by operating segments at 30 September 2011 and 31 December 2010
are as follows:
ASSETS
Solar
30
SEPTEMBER
2011
663,232,844
31 DECEMBER
2010
RESTATED
817,100,473
458,336,141
LIABILITIES
827,595,459
30
SEPTEMBER
2011
509,795,157
31 DECEMBER
2010
RESTATED
654,635,006
340,010,283
330,818,853
334,904,975
267,816,425
261,226,190
645,286,940
724,837,511
782,082,162
490,185,605
726,360,298
768,366,884
596,553,793
531,581,000
565,221,974
176,764,112
150,185,971
151,012,332
(1,313,706,673)
(1,320,819,462)
(1,379,667,102)
(764,886,353)
(1,044,411,131)
(1,088,027,623)
1,049,703,045
1,092,709,805
1,126,051,346
746,763,496
754,586,568
785,803,351
31 DECEMBER
2010
31 DECEMBER
2010
693,225,568
Others:
RE Developer
Holding e MIGs
Intra-group
eliminations
42
The Group’s capital expenditures (acquisition of tangible and intangible assets) and amortizations, by
operating segments, till 30 September 2011 and 2010, are as follows:
CAPITAL EXPENDITURES
30 SEPTEMBER
2011
Solar
Others
8,999,173
30 SEPTEMBER
2010
RESTATED
4,234,861
AMORTIZATIONS
30
SEPTEMBER
2010
8,669,876
9M’ 2011
9M’ 2010
RESTATED
9M’ 2010
6,867,568
7,609,542
7,960,648
29,712,235
1,243,486
1,243,486
1,676,350
1,600,348
1,600,348
7,638,536
14,074,937
19,597,158
6,117,731
9,722,034
10,276,794
46,349,944
19,553,283
29,510,520
14,661,649
18,931,924
19,837,790
The increase in capital expenditure during this period, compared with the first nine months of 2010, is essentially
justified with the construction of solar plants at Martifer Solar, mainly France and United States, with the
development and construction of RE Developer’s wind farms, mainly the construction of the wind farm
Babadag in Romania and also with the construction of Metallic Construction’s new facility in Brazil (Note 12).
5. OTHER INCOME
For the nine month periods ended at 30 September 2011 and 2010, the breakdown of the caption ‘Other
income’ is as follows:
9M’ 2011
9M’ 2010
RESTATED
9M’ 2010
Change in production
1,668,444
2,201,414
2,153,035
Own work capitalized
19,132,705
6,909,560
6,909,533
20,801,149
9,110,974
9,062,568
The increase in ‘Own work capitalized’, during the first nine months of 2010, is connected with the construction
of solar parks in France and Italy, in the Solar segment, as well as of beginning of the construction of Metallic
Construction’s new facility in Brazil.
6. PROVISIONS AND IMPAIRMENT LOSSES
The provisions and impairment losses for the periods ended 30 September 2011 and 2010 were as follows:
Goodwill impairment (Note 10)
9M’ 2011
9M’ 2010
RESTATED
9M’ 2010
299,870
8,525,551
8,525,551
Tangible assets impairment (Note 12)
-
4,851,537
4,851,537
Trade and other receivables impairment
-
1,738,843
1,764,491
1,016,444
137,223
184,030
(1,450,633)
506,793
506,793
Provisions arising from the use of the equity method
(Note 20)
Provisions for Quality guarantees (Note 20)
Other provisions (Note 20)
(132,264)
571,920
576,750
(266,583)
16,331,867
16,409,153
The change in this caption relates essentially to the fact that RE Developer business area recognized, during
the nine months of 2010, Euro 13,377,088 of non-recurring impairment losses due to the incorporation, in
future perspectives of the projects in progress, of the trend of behaviour in the world financial markets.
43
7. NET FINANCIAL RESULTS
The net financial results for the nine month periods ended at 30 September 2011 and 2010 can be analyzed
as follows:
9M’ 2011
9M’ 2010 RESTATED
9M’ 2010
3,097,625
1,383,870
1,053,414
- Gains in associates
-
2,743,725
2,743,725
- Gains on the sale of financial assets
-
192,718
192,718
6,204,448
13,062,857
13,062,857
10,783,359
13,785,690
13,790,174
96,062
96,537
FINANCIAL INCOME
Loans and accounts receivable (including bank
deposits)
- Interest income
Available for sale investments
Available for sale investments
- Gains on the sale of financial assets
Other financial income related to other financial
assets
- Foreign exchange gains
- Financial discounts received
- Other financial income
262,736
254,465
254,470
20,348,168
31,519,386
31,193,895
9M’ 2011
9M’ 2010 RESTATED
9M’ 2010
16,918,263
13,081,985
13,544,010
(51,830)
(92,624)
(92,624)
1,936,824
-
-
12,466,057
11,642,457
11,653,617
FINANCIAL EXPENSES
Loans and accounts payable
- Interest expenses in bank loans and in
finance leases
 of which included in the acquisition cost
of assets in progress
Other financial expenses related to other financial
assets
- Losses on the sale of financial assets
Other financial expenses related to other financial
liabilities
- Foreign exchange losses
- Financial discounts granted
- Other financial expenses
-
41,217
41,217
4,819,538
4,271,868
4,375,539
36,088,852
28,944,903
29,521,760
The reduction verified in Financial Income, comparing with the first nine months of 2010, relates to the loss of
control of the subsidiaries of Prio Foods and Prio Energy Groups which originated a gain in 2010.
The captions ‘Gains on the sale of financial assets’ and ‘Losses on the sale of financial assets’, in 2011, refers
to the net capital gains obtained mainly with the sales of 50% of REpower Portugal to REpower Systems AG,
the sale of Home Energy to EDP Serviços, the sale of two wind farms in Poland - Leki Dukielskie (10MW) and
Bukowsko (18MW) - both already under operation - and also with the sale of the participation in Arestalfer.
The captions ‘Foreign exchange gains / (losses)’ are related with exchange variations registered in foreign
subsidiaries, particularly in Romania, Poland and Angola, and the changes in this period compared with first
nine months of 2010, are mainly due to the latest fluctuations of local currencies towards Euro, particularly due
to the depreciation of Kwanza (Angola) against the Euro.
44
8. GAINS AND LOSSES IN ASSOCIATE COMPANIES
The main gains and losses in associate companies for the nine month periods ended 30 September 2011 and
2010 are as follows:
Grupo Prio Foods
Grupo Prio Energy
SPEE 2 – Parque Eólico de Vila Franca de Xira, S.A.
Ventinveste, S.A.
9M’ 2011
9M’ 2010
RESTATED
9M’ 2010
(2,786,679)
(2,874,901)
(2,874,901)
1,972,272
1,315,256
1,315,256
(1,289,561)
(395,543)
-
580,363
557,357
-
(261,334)
(177,701)
-
Gebox, S.A.
152,423
(187,405)
-
(26,169)
(7,831)
-
106,634
166,141
-
Canaverosa Renovables, SL
148,509
-
-
Parque Solar Seseña I, S.L.
278,282
-
-
Promoquatro – Investimentos Imobiliários, Lda.
(160,574)
(160,292)
-
(134,932)
(89,791)
-
(107,435)
(75,845)
-
Repower Portugal - Sistemas Eólicos, SA
-
104,933
-
Ventipower, SA
Other participations in associates or joint
arrangements
-
404,655
-
(181,187)
(123,670)
10,824
(1,709,387)
(1,544,637)
(1,548,821)
9. EARNINGS PER SHARE
Martifer SGPS only issued ordinary shares, and as such, no shares have special voting or dividend rights.
Martifer has just one type of potential ordinary dilutive shares: stock options. In order to calculate diluted
earnings per share it is necessary to determine if these stock options, independently of being or not
exercisable, are diluted, which happened when the exercise price of the opting is lower than the average
market price of the shares.
Once the average market price of Martifer’s shares, in the period between 1 January 2011 and 30 September
2011, was Euro 1.34, lower than the exercise price of the stock options (Euro 3.84), these stock options are
non-diluted because if the options were exercised the number of shares outstanding would be reduced.
Therefore, at 30 September 2011 there were no differences between the basic earnings per share and the
diluted earnings per share calculation.
The share capital of Martifer SGPS is represented by 100,000,000 ordinary shares, fully paid, representing a
share capital of Euro 50,000,000.
The weighted average number of shares outstanding is deducted of 1,076,212 treasury stocks, corresponding
to a volume of treasury stocks acquired by Martifer SGPS, during 2010 and 2011, of 1,341,214 shares.
At 30 September 2011 and 2010, the basic and diluted earnings per share can be summarised as follows
Profit for the period (I)
Weighted average number of shares outstanding (II)
Basic and diluted earnings per share (I) / (II)
9M’ 2011
9M’ 2010
(34,723,937)
(3,286,454)
98,923,788
99,982,508
(0.3510)
(0.0329)
45
10. GOODWILL
At 30 September 2011 and 31 December 2010, the movement occurred in the caption ‘Goodwill’ is as follows:
30 SEPTEMBER
2011
31 DECEMBER 2010
RESTATED
31 DECEMBER 2010
60,173,174
67,513,979
67,513,979
-
1,927,961
1,927,961
-
(1,698,870)
(1,698,870)
-
(7,255,986)
(7,255,986)
- Parque Eólico Penha da Gardunha
-
(1,974,515)
-
- Ventinveste
-
(473,525)
-
COST
Opening balance
Acquisition of subsidiaries
Changes arising from the loss of control of the subsidiaries:
- Parque Eólico da Penha da Gardunha
Sale of subsidiaries
Reclassifications resulting from the change in consolidation
method (joint arrangements):
- M City Bialystok
Effect of foreign currency exchange differences
Write-off of goodwill fully impaired
Others
CLOSING BALANCE
-
(4,733)
-
(271,206)
2,293,143
2,293,143
(41,936,522)
-
-
299,870
(154,280)
(154,280)
18,265,316
60,173,174
62,625,947
41,936,522
27,018,396
27,018,396
ACCUMULATED IMPAIRMENT LOSSES
Opening balance
Impairment losses recognized in the period (Note 6)
Sale of subsidiaries
Write-off of goodwill fully impaired
299,870
20,371,745
20,371,745
-
(5,453,620)
(5,453,620)
(41,936,522)
-
-
299,870
41,936,522
41,936,522
Carrying amount at the beginning of the period
20,689,425
40,495,583
40,495,583
Carrying amount at the end of the period
17,965,446
18,236,652
20,689,425
CLOSING BALANCE
46
At 30 September 2011 and 31 December 2010, the breakdown of ‘Goodwill’ is as follow:
31 DECEMBER 2010
RESTATED
31 DECEMBER
2010
CARRYING
AMOUNT
CARRYING
AMOUNT
CARRYING
AMOUNT
5,448,792
5,448,792
5,448,792
30 SEPTEMBER 2011
Martifer Construções
5,448,792
ACCUMULATED
IMPAIRMENT
LOSSES
-
Sassall Glass & Joinery
4,580,360
-
4,580,360
4,837,691
4,837,691
Martifer Metallic Constructions
4,127,466
-
4,127,466
4,127,466
4,127,466
Navalria
1,618,675
-
1,618,675
1,618,675
1,618,675
Martifer Solar
1,493,776
-
1,493,776
1,493,776
1,493,776
Martifer Solar USA
367,450
-
367,450
371,328
371,328
Sassall Aluminium
COST
177,942
-
177,942
187,940
187,940
Martifer Solar Hellas
72,205
-
72,205
72,205
72,205
Gargano Solar Park
50,002
-
50,002
50,002
50,002
Porthold
14,379
-
14,379
14,379
14,379
MGI
8,373
-
8,373
8,373
8,373
Martifer GmbH
6,026
-
6,026
6,026
Parque Eólico Penha da Gardunha
-
-
-
6,026
-
1,974,515
Ventinveste
-
-
-
-
473,525
-
-
-
-
4,733
17,965,446
-
17,965,446
18,236,652
20,689,425
M City Bialystok
11. INTANGIBLE ASSETS
This caption is analysed as follows:
30 SEPTEMBER
2011
31 DECEMBER 2010
RESTATED
31 DECEMBER 2010
Software and other rights
32,274,354
16,384,460
16,624,051
Intangible assets in progress
16,344,398
12,218,668
12,493,653
COST
Advances for the acquisition of intangible assets
261,336
26,672
5,874,994
48,880,088
28,629,800
34,992,699
7,988,163
6,235,890
6,334,328
ACCUMULATED DEPRECIATION AND IMPAIRMENT
LOSSES
Software and other rights
Intangible assets in progress
-
-
-
Advances for the acquisition of intangible assets
-
-
-
CARRYING AMOUNT
7,988,163
6,235,890
6,334,328
40,891,925
22,393,910
28,658,371
47
At 30 September 2011 and 2010, the gross amount of ‘Intangible assets’ can be analysed as follows:
SOFTWARE
AND OTHER
RIGHTS
INTANGIBLE
ASSETS IN
PROGRESS
ADVANCES FOR
THE ACQUISITION
OF INTANGIBLE
ASSETS
TOTAL
46,579,990
13,461,339
4,785,551
64,826,880
1,563,295
1,514,339
1,976,106
5,053,740
(7,338)
-
-
(7,338)
152,298
653,045
-
805,343
(198)
(644,520)
(836,670)
(1,481,388)
30 SEPTEMBER 2010
Opening balance
Additions
Sales, disposals and write-offs
Effect of foreign currency exchange
differences
Impairments (Note 6)
Transfers and other movements
-
(4,851,537)
-
(4,851,537)
(2,873)
-
-
(2,873)
48,285,174
10,132,666
5,924,987
64,342,826
46,579,990
13,461,339
4,785,551
64,826,880
30 SEPTEMBER 2010 RESTATED
Opening balance
Change in Consolidation method
(553,458)
(397,120)
(3,898,881)
(4,849,459)
Additions
1,563,295
1,475,428
26,665
3,065,388
(7,338)
-
-
(7,338)
699,092
653,045
-
1,352,137
(101,748)
(644,520)
(836,670)
(1,582,938)
differences
Impairments (Note 6)
-
(4,851,537)
-
(4,851,537)
(2,873)
-
-
(2,873)
48,176,960
9,696,634
76,665
57,950,259
30 SEPTEMBER 2011
Opening balance
16,384,459
12,218,668
26,672
28,629,799
Additions
4,021,864
14,135,850
234,942
18,392,656
-
(22,750,373)
differences
(22,750,373)
-
(335,864)
(9,851)
(279)
(345,994)
34,436,928
(9,637,646)
-
24,799,282
517,341
(362,623)
-
154,718
32,274,355
16,344,398
261,335
48,880,088
The change in capital expenditure in the first nine months of 2011, compared with the same period of 2010,
relates essentially with the development of solar projects in Portugal, mainly by the subsidiary Sol Cativante,
which was acquired during the period.
The additions of the first nine months are due, mainly, to the the development of solar projects in the USA and
Spain, in the Solar segment.
48
At 30 September 2011 and 2010, the accumulated depreciation of ‘Intangible assets’ can be analysed as follows:
SOFTWARE
AND OTHER
RIGHTS
INTANGIBLE
ASSETS IN
PROGRESS
ADVANCES FOR
THE ACQUISITION
OF INTANGIBLE
ASSETS
TOTAL
Opening balance
9,511,639
-
-
9,511,639
Additions
30 SEPTEMBER 2010
3,043,671
-
-
3,043,671
differences
(6,376)
-
-
(6,376)
7,200
-
-
7,200
(77)
-
-
(77)
18,488
-
-
18,488
12,574,546
-
-
12,574,546
9,511,639
-
-
9,511,639
(81,502)
-
-
(81,502)
3,026,412
-
-
3,026,412
(6,376)
-
-
(6,376)
7,200
-
-
7,200
Opening balance
Additions
differences
18,488
-
-
18,488
12,475,861
-
-
12,475,861
Opening balance
6,235,890
-
-
6,235,890
Additions
1,716,570
-
-
1,716,570
differences
(108,904)
-
-
(108,904)
(36,389)
-
-
(36,389)
30 SEPTEMBER 2011
195,902
-
-
195,902
(14,906)
-
-
(14,906)
7,988,163
-
-
7,988,163
30 September 2010
35,710,628
10,132,666
5,924,987
51,768,280
30 September 2010 Restated
35,701,099
9,696,634
76,665
45,474,399
30 September 2011
24,286,192
16,344,398
261,335
40,891,925
CARRYING AMOUNT
49
12. TANGIBLE ASSETS
This caption is analysed as follows:
30 SEPTEMBER
2011
31 DECEMBER 2010
RESTATED
31 DECEMBER 2010
118,081,292
127,193,493
140,190,155
98,935,867
104,163,423
109,916,789
101,219,528
93,817,059
98,459,577
COST
Land and buildings
Equipments
Tangible assets in progress
Other tangible assets
64,160,717
89,396,513
101,512,453
382,397,404
414,570,488
450,078,974
ACCUMULATED DEPRECIATION AND IMPAIRMENT
LOSSES
Land and buildings
28,611,175
26,791,627
27,582,922
Equipments
47,332,195
45,332,305
46,224,782
8,340,173
7,727,570
8,788,447
84,283,543
79,851,502
82,596,151
298,113,861
334,718,986
367,482,823
Other tangible assets
CARRYING AMOUNT
50
At 30 September 2011 and 2010, the gross amount of land and buildings, equipments, tangible assets in
progress and other fixed assets can be analysed as follows:
LAND AND
BUILDINGS
EQUIPMENTS
TANGIBLE
ASSETS IN
PROGRESS
OTHER
TANGIBLE
ASSETS
TOTAL
129,925,778
159,500,917
97,441,061
92,638,317
479,506,073
Additions
4,513,968
2,350,571
17,161,589
430,653
24,456,780
Effect of foreign currency
exchange differences
Changes in the consolidation
perimeter
(174,618)
(876,035)
-
(9,787)
(1,060,441)
487,412
2,133,737
382,974
254,414
3,258,538
(606,039)
(216,824)
(890,284)
11,581
(1,701,567)
30 SEPTEMBER 2010
Opening balance
6,691,799
1,213,152
(8,898,023)
(363,458)
(1,356,530)
140,838,299
164,105,517
105,197,317
92,961,720
503,102,853
Opening balance
129,925,778
159,500,917
97,441,061
92,638,317
479,506,073
(11,949,647)
(2,734,084)
(6,218,694)
(14,307,309)
(35,209,734)
Additions
229,482
2,257,450
13,588,287
412,676
16,487,895
(174,618)
(858,434)
-
(9,787)
(1,042,840)
487,412
2,133,737
382,974
254,414
3,258,538
(235,328)
(216,824)
4,761,081
11,581
4,320,510
6,338,585
1,566,366
(8,898,023)
(363,458)
(1,356,530)
124,621,663
161,649,128
101,056,686
78,636,435
465,963,911
127,193,493
104,163,423
93,817,059
89,396,513
414,570,488
Additions
2,235,871
2,143,741
22,858,900
718,777
27,957,289
perimeter
(189,637)
(2,165,691)
(557,411)
(2,836)
(2,915,575)
(2,370,208)
(3,520,165)
(2,559,340)
(361,301)
(8,811,014)
(6,917,284)
(4,057,698)
(10,524,697)
(25,365,597)
(46,865,276)
(1,870,943)
2,372,256
(1,814,982)
(224,839)
(1,538,508)
118,081,292
98,935,866
101,219,529
64,160,717
382,397,404
perimeter
30 SEPTEMBER 2011
Opening balance
The increase in capital expenditure during the first nine months of 2011, compared with the same period of
2010, is justified, essentially, by to the development of solar projects in France by Martifer Solar (Euro
11,528,482), by the construction of RE Developer’s wind farm Babadag in Romania (Euro 8,215,046) and the
construction of the new metallic contruction facility located in São Paulo, Brazil (Euro 4,753,554).
The ‘Changes in the consolidation perimeter’ are mostly justified by the disposal of the wind farms projects in
Poland, Leki Dukielskie (10MW) and Bukowsko (18MW), in the third quarter of 2011.
51
At 30 September 2011 and 2010, the accumulated depreciation of land and buildings, equipments, tangible
assets in progress and other tangible assets can be analysed as follows:
LAND AND
BUILDINGS
EQUIPMENTS
TANGIBLE
ASSETS IN
PROGRESS
OTHER
TANGIBLE
ASSETS
TOTAL
22,979,302
54,239,347
-
4,095,579
81,314,229
3,525,686
9,744,387
-
3,524,046
16,794,119
-
(563,835)
-
-
(563,835)
50,359
210,365
-
28,377
289,101
(22,970)
(20,911)
-
(35)
(43,916)
30 SEPTEMBER 2010
Opening balance
Additions
perimeter
(861)
(12,146)
-
(5,482)
(18,488)
26,531,516
63,597,208
-
7,642,486
97,771,210
Opening balance
22,979,302
54,239,347
-
4,095,579
81,314,229
(372,691)
(693,100)
-
(380,191)
(1,445,982)
Additions
3,343,159
9,581,209
-
2,981,144
15,905,513
(547,876)
-
50,289
209,861
-
28,196
288,347
(22,970)
(38,759)
-
17,813
(43,916)
(861)
(12,146)
-
(5,482)
(18,488)
25,976,228
62,738,537
-
6,737,061
95,451,827
26,791,627
45,332,305
-
7,727,570
79,851,502
3,125,755
6,383,620
-
2,124,438
11,633,813
(3,077)
(1,358,996)
-
(567)
(1,362,640)
(256,989)
(836,341)
-
(36,351)
(1,129,681)
(904,960)
(2,307,709)
-
(1,474,917)
(4,687,586)
perimeter
(547,876)
30 SEPTEMBER 2011
Opening balance
Additions
perimeter
(141,182)
119,317
-
-
(21,865)
28,611,174
47,332,196
-
8,340,173
84,283,543
114,306,783
100,508,310
105,197,317
85,319,234
405,331,643
30 September 2010 Restated
98,645,435
98,910,590
101,056,686
71,899,373
370,512,084
30 September 2011
89,470,118
51,603,670
101,219,529
55,820,544
298,113,861
CARRYING AMOUNT
30 September 2010
52
13. INVESTMENT PROPERTY
At 30 September 2011, the caption ‘Investment property’ relates to the following investment properties held by
Martifer Group: Benavente Business Centre and Warehouses in Albergaria-a-velha (Portugal), both held by the
Martifer Group to earn rental income and the real estate project of Szczecin (Poland), held for capital appreciation.
These assets are carried at their fair market value, according to an independent appraisal made by Cushman
& Wakefield – Consultoria Imobiliária, Unipessoal, Lda, according to international practices (RICS Red Book).
Martifer Group will perform regular revaluations of these properties, and gains and losses arising from changes
in the fair value will be charged to profit or loss in the period in which they arise.
At 30 September 2011 and 31 December 2010, the movement occurred in the caption ‘Investment property’ is
as follows:
30 SEPTEMBER 2011
31 DECEMBER 2010
14,981,893
57,013,000
-
5,476,893
Opening balance
Transfers
Additions
23,561
Effect of foreign currency exchange differences
(390,425)
-
-
(47,508,000)
14,615,029
14,981,893
14. FINANCIAL INVESTMENTS UNDER THE EQUITY METHOD
At 30 September 2011 and 31 December 2010, investments in associates and jointly controlled companies
are as follows:
30 SEPTEMBER
2011
31 DECEMBER 2010
RESTATED
31 DECEMBER 2010
Prio Energy
8,843,184
6,495,894
6,495,894
8,661,608
9,702,662
-
1,765,135
1,904,813
-
Promoquatro - Investimentos Imobiliários, Lda
593,793
752,968
-
SPEE 3 - Parque eólico de Baião, SA
207,452
369,714
-
SPEE 2 - Parque eólico de Vila Franca de Xira, SA
762,995
873,250
-
MTSK1
-
4,250,462
4,250,462
Home Energy
-
1,207,934
1,207,934
-
5,036,441
-
721,487
389,393
-
Repower Portugal - Sistemas Eólicos, SA
MS Participações Societárias, SA
Other investments
2,106,806
1,923,767
-
23,662,460
32,907,298
11,954,290
At 31 December 2010, the group transferred the subsidiaries MTSK1 and Home Energy to ‘Investments in
associate companies’, by the amount of their contribution to the Group consolidation. The basis for this
transference was the sale and purchase agreements entered into with Origis and EDP, respectively, which
imposes significant limitations to the management of these companies, by Martifer Group. The sale of Home
Energy occurred on February 2011 and the sale of MTSK1 occurred in May 2011.
In addition, the change of this caption, is also justified by the change, in 2011, of the consolidation method
applicable to the financial interests in joint arrangements, as mentioned in Note 1 above, as well as the sale of
Repower Portugal, which occurred in the first quarter of 2011.
53
15. OTHER NON-CURRENT FINANCIAL ASSETS
At 30 September 2011 and 31 December 2010, in the other non-current financial assets are as follows:
Non-current financial investment
Others
30 SEPTEMBER
2011
31 DECEMBER 2010
RESTATED
31 DECEMBER 2010
1,937,959
20,000,000
20,030,000
794,958
156,393
156,393
2,732,917
20,156,393
20,186,393
30 SEPTEMBER
2011
31 DECEMBER 2010
RESTATED
31 DECEMBER 2010
19,829,568
19,984,102
22,479,990
5,801,295
6,446,845
7,590,210
9,278,096
19,088,724
23,395,603
16. INVENTORIES
At 30 September 2011 and 31 December 2010, inventories are as follows:
Raw-materials, subsidiaries and other
consumables
Work in progress
Merchandise
Finished goods
5,390,604
2,901,464
2,901,464
40,299,563
48,421,135
56,367,267
The main change in Inventories refers to the transfer of wind turbines acquired during 2010, initially recorded
in merchandize, to tangible fixed assets.
17. OTHER CURRENT ASSETS
At 30 September 2011 and 31 December 2010, the breakdown of the caption ‘Other current assets’ is as follows:
30 SEPTEMBER
2011
31 DECEMBER 2010
RESTATED
31 DECEMBER 2010
127,451,872
158,933,737
158,844,792
ACCRUED INCOME
Work in Progress (construction contracts)
Interest to be received
1,228,762
267,110
215,323
Other accrued income
5,017,772
2,169,883
1,940,445
133,698,406
161,370,731
161,000,560
739,868
732,670
791,921
PREPAYMENTS
Insurances
Interests
514,303
-
-
Rents
1,117,404
1,679,377
1,679,377
Other prepayments
1,893,287
1,887,010
1,915,685
54
4,264,862
4,299,057
4,386,983
137,963,268
165,669,788
165,387,543
18. SHARE CAPITAL, TREASURY STOCKS AND NON-CONTROLLING INTERESTS
Share capital and treasury stocks
Martifer SGPS, SA share capital, fully subscribed and paid at 30 September 2011, amounts to Euro
50,000,000 and it is represented by 100,000,000 bearer shares with a nominal value of 50 cents each. All
shares have the same rights, including one vote per share.
During the first nine month period of 2011, Martifer SGPS, S.A. acquired on stock exchange, 780,973 treasury
shares (2010: 560,241 treasury shares were acquired). Following these transactions Martifer holds 1,341,214
treasury stocks representing 1.3412% of its share capital.
At 30 September 2011, the share capital of Martifer SGPS, S.A. is held in 42.40% by I’M SGPS, S.A., in
37.50% by Mota-Engil SGPS, S.A and 1.34% are treasury shares. The remaining 18.76% represents free-float
listed in Euronext Lisbon.
Movements in the non-controlling interests are as follows:
30 SEPTEMBER 2011
31 DECEMBER 2010
30,988,178
50,957,635
654,775
2,509,792
(863,836)
4,100,230
Increase in the share capital of subsidiaries
3,065,784
8,750,000
774,578
(27,989,408)
Transactions with non-controlling interests
75,234
(7,685,704)
Other
67,344
345,634
34,762,057
30,988,178
Opening balance
Net profit of the year
The ‘Changes in the consolidation perimeter’ refers mainly to the selling of the companies of Martifer Renewables
in the USA (Euro 1.8 million), Home Energy, Martinox Angola and Martifer II Inox. In 2010 the amount was
related to Prio (currently Prio Energy and Prio Foods).
The ‘Increase in the share capital of subsidiaries’ refers to the increase in share capital of the company MS
Participações Societárias, S.A. carried out by Banco Santander (Brazil).
The ‘transactions with non-controlling interests’ relate to the acquisition of 10% of shares in the subsidiary
Eviva Gizalki Sp. Zo.o, increasing our stake to 70% of that company, and to the acquisition of 10% shares in
the subsidiary Park Logistyczny Biskupice Sp. Z.o.o, increasing our stake to 100% of that company. These
acquisitions were accounted for in accordance with the purchase method. As they were acquisitions of further
equity interest from non-controlling interests, no Goodwill and no gains or losses were recognized.
The closing balance refers mainly to the non-controlling interests of Martifer Solar, Martifer Renováveis –
Geração de Energia e Participações S.A., Martifer Solar Itália, Solar Parks, Rosa dos Ventos Geração e
Comercialização de Energia, SA, S.A.
19. BORROWINGS
At 30 September 2011 and 31 December 2010, borrowings can be analysed as follows:
UNTIL 1
YEAR
BETWEEN
1 AND 3
YEARS
BETWEEN
3 AND 5
YEARS
MORE
THAN 5
YEARS
TOTAL
Bank loans
25,303,626
38,320,395
58,019,128
14,072,851
135,716,000
Bank overdrafts
30,239,050
-
-
-
30,239,050
Current Account Lines
94,660,204
-
-
-
94,660,204
Commercial paper
60,500,000
14,250,000
22,500,000
-
97,250,000
Other borrowings
1,951,640
826,944
2,381,024
17,072,695
22,232,303
212,654,519
53,397,339
82,900,152
31,145,546
380,097,557
31 DECEMBER 2010
FINANCIAL INSTITUTIONS BORROWINGS:
OTHER BORROWINGS:
55
UNTIL 1
YEAR
BETWEEN
1 AND 3
YEARS
BETWEEN
3 AND 5
YEARS
MORE
THAN 5
YEARS
TOTAL
Bank loans
24,649,441
37,012,025
57,203,312
14,072,851
132,937,628
Bank overdrafts
30,239,050
-
-
-
30,239,050
92,437,704
-
-
-
92,437,704
60,500,000
14,250,000
22,500,000
-
97,250,000
31 DECEMBER 2010 RESTATED
OTHER BORROWINGS:
Commercial paper
Other borrowings
1,858,696
826,944
2,381,024
15,120,646
20,187,310
209,684,891
52,088,969
82,084,336
29,193,496
373,051,692
UNTIL 1
YEAR
BETWEEN
1 AND 3
YEARS
BETWEEN
3 AND 5
YEARS
MORE
THAN 5
YEARS
TOTAL
Bank loans
89,851,101
56,114,848
21,037,848
14,527,536
181,531,333
Bank overdrafts
30,578,432
-
-
-
30,578,432
74,847,472
-
-
-
74,847,472
62,950,000
22,650,000
15,550,000
-
101,150,000
30 SEPTEMBER 2011
OTHER BORROWINGS:
Commercial paper
Other borrowings
6,269,778
1,914,400
2,653,566
9,654,750
20,492,494
264,496,783
80,679,248
39,241,414
24,182,286
408,599,731
At 30 September 2011, the Group’s net debt amounts Euro 356,365,600. We call attention to the fact that the
net debt calculation, includes, besides the borrowings mentioned above, the ‘finance leases’ (Euro 23,059,759),
‘derivatives’ (Euro 454,394) deducted by ‘cash and cash equivalents’ (Euro 75,748,285).
20. PROVISIONS
The information related with ‘Provisions’ as of 30 September 2011 and 31 December 2010, can be detailed as follows:
Quality guarantees
Legal claims in progress
Provisions arising from the use of the equity method
Onerous contracts
Others
56
30 SEPTEMBER
2011
31 DECEMBER 2010
RESTATED
31 DECEMBER 2010
3,369,714
5,390,108
5,390,108
190,292
322,556
322,556
3,731,646
1,984,072
505,388
-
1,393,000
1,393,000
3,238,332
8,977,285
8,977,285
10,529,984
18,067,021
16,588,337
The change in the Provisions, compared with 2010, is as follows:
OPENING
ADDITIONS REDUCTIONS APPLICATIONS
BALANCE
CHANGE OF
CONSOLIDATIO
N PERIMETER,
EXCHANGE
RATE
DIFFERENCES,
TRANSFERS
-
CLOSING
BALANCE
5,390,108
-
(1,450,633)
(569,761)
322,556
-
(132,264)
-
-
190,292
Provisions arising from the use of the
equity method
1,984,072
1,463,994
(447,550)
-
731,130
3,731,646
Onerous contracts
1,393,000
-
-
(1,393,000)
-
-
Others
8,977,285
299,870
-
(6,038,823)
-
3,238,332
18,067,021
1,763,864
(2,030,447)
(8,001,584)
731,130
10,529,984
Quality guarantees
Legal claims in progress
3,369,714
The application of the provision in ‘Others’ caption, is mostly related to the amount of loss that RE Developer
segment, recorded during the first quarter of 2011, with the abandon of the United States market, that had been
provisioned during 2010.
21. OTHER CURRENT LIABILITIES
At 30 September 2011 and 31 December 2010, other current liabilities are made up as follows:
30 SEPTEMBER
2011
31 DECEMBER 2010
RESTATED
31 DECEMBER 2010
Holiday pay and bonuses
7,694,921
6,276,423
6,177,510
Interest borne but not yet overdue
2,449,143
1,336,110
1,683,749
Production performed by third parties not yet invoiced
1,937,827
11,441,138
11,441,138
ACCRUED COSTS
Other accrued expenses
14,275,995
5,536,655
6,254,874
26,357,886
24,590,326
25,557,271
20,507,561
14,573,235
15,384,245
1,281,436
1,086,656
1,725,855
774,002
916,109
1,217,196
22,562,999
16,576,001
18,327,297
48,920,885
41,166,327
43,884,568
DEFERRED INCOME
Invoicing in advance (construction contracts)
Subsidies / Government grants
Other deferred income
22. SHARE BASED PAYMENTS
Martifer Group implemented a stock option program applicable to some employees, under the terms approved
by the General Meeting, in order to promote value enhancement. There were no movements in the stock option
plan during the first nine month period of 2011.
57
23. RELATED PARTIES
Group companies have commercial relationships between them that qualify as related parties transactions. All
of these transactions are performed on an arm’s length basis.
Therefore, all of these transactions have been eliminated, since the consolidated financial statements disclose
information regarding the holding company and its subsidiaries as an unique company.
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 Euro 109,000,000,
with special regard to the accounts receivable from Prio Foods and Prio Energy Groups which amounts to
Euro 61,800,000.
Besides current transactions, some relating to civil construction done with the Mota-Engil Group and others
associated with real estate management projects under way done by Estia Group, there are not any other
significant balances and transactions performed with related parties during the period ended 30 September
2011, that had affected significantly the financial position or performance of the Group.
In addition to the companies included in the consolidated financial statements (Note 2), the list of the Martifer
Group related parties is disclosed below:
Almina - Minas do Alentejo, S.A.
Ambigere, S.A. ("Ambigere")
Ambilital – Investimentos Ambientais no Alentejo, EIM. (“Ambilital”)
Aqualevel - Gestão de Sistemas de informação, Soc. Unipessoal, Lda. (“Aqualevel”)
Áreagolfe - Gestão, Construção e Manutenção de Campos de Golf, S.A. ("Áreagolfe")
Ascendi - Concessões de Transportes, SGPS, S.A. ("Ascendi SGPS")
Ascendi - Serviços de Assessoria, Gestão e Operação, S.A. ("Ascendi SA")
Ascendi Beiras Litoral e Alta - Auto-Estradas das Beiras Litoral e Alta, S.A. (“Ascendi Beiras Litoral e Alta”)
Ascendi Costa de Prata – Auto-Estradas da Costa de Prata, S.A. (“Ascendi Costa de Prata”)
Ascendi Douro - Estradas do Douro Interior, S.A. (“Ascendi Douro”)
Ascendi Grande Lisboa - Auto-Estradas da Grande Lisboa, S.A. ("Ascendi Grande Lisboa")
Ascendi Grande Porto – Auto-Estradas do Grande Porto, S.A. (“Ascendi Grande Porto”)
Ascendi Group, SGPS, S.A. (“Ascendi Group SGPS”)
Ascendi Norte – Auto-Estradas do Norte, S.A. (“Ascendi Norte”)
Ascendi O&M, S.A. (“Ascendi O&M”)
Ascendi Operadora BLA – Operação e Manutenção Rodoviária, S.A. (“Ascendi Operadora BLA”)
Ascendi Operadora CP – Operação e Manutenção Rodoviária, S.A. (“Ascendi Operadora CP”)
Ascendi Operadora DI - Operação e Manutenção Rodoviária, S.A. (“Ascendi Operadora DI”)
Ascendi Operadora GL - Operação e Manutenção Rodoviária, S.A. ("Ascendi Operadora GL")
Ascendi Operadora GP – Operação e Manutenção Rodoviária, S.A. (“Ascendi Operadora GP”)
Ascendi Operadora NT – Operação e Manutenção Rodoviária, S.A. (“Ascendi Operadora NT”)
Ascendi Operadora PI - Operação e Manutenção Rodoviária, S.A ("Ascendi Operadora PI")
Ascendi Pinhal Interior - Estradas do Pinhal Interior, S.A. ("Ascendi Pinhal Interior")
Ascendi-Serv. de Assessoria Gestão e Operação, S.A. ("Ascendi SA")
Asinter – Comércio Internacional, Lda. (“Asinter”)
Aurimove – Sociedade Imobiliária, S.A. (“Aurimove”)
Auto Sueco Angola, S.A. (“Auto Sueco Angola”)
Bay 6.3 Kft. ("Bay 6.3")
Bay Office Kft. ("Bay Office")
Bay Park Kft. ("Bay Park")
Bay Tower Kft. ("Bay Tower")
Bay Wellness Kft. ("Bay Wellness")
Beiratir - Terminais da Covilhã, Lda. ("Beiratir")
Berd - Projecto Investigação e Engenharia de Pontes, SA ("Berd")
Bergamon, A.S. ("Bergamon")
Bicske Plaza Kft. (“Bicske Plaza”)
Bohdalecká Project Development s.r.o. ("Bohdalecká")
Calçadas do Douro - Sociedade Imobiliária, Lda. (“Calçadas do Douro”)
Carlos Augusto Pinto dos Santos & Filhos S.A. ("Capsfil")
CGR Catanduva - Centro de Gerenciamento de Resíduos, Ltda. ("CGR Catanduva")
CGR Guatapará - Centro de Gerenciamento de Resíduos, Ltda. ("CGR Guatapará")
CGR Jardinópolis - Centro de Gerenciamento de Resíduos, Ltda. ("CGR Jardinópolis")
CGR Participações S.A. ("CGR Participações")
Chinalog - Serviços Logísticos e Consultadoria, Lda. ("Chinalog")
Cimertex & Companhia- Comércio Equip. e Ser. Técnicos, Lda. (“Cimertex & Companhia”)
Cimertex Angola – Sociedade de Máquinas e Equipamentos, Lda. (“Cimertex Angola”)
Citrave - Centro Integrado de Resíduos de Aveiro, S.A. ("Citrave")
Citrup – Centro Integrado de Resíduos, Lda. (“Citrup”)
58
City Profit - Inv. Imobiliários e Turísticos, Lda.
Companhia Portuguesa de Trabalhos Portuários e Construções, S.A. (“CPTP”)
Concesionaria Autopista Perote Xalapa, S.A. DE C.V. ("Concesionaria Perote Xalapa")
Construcciones Crespo, SA ("Crespo")
Constructora Autopista Perote Xalapa, S.A. de C.V. (“Constructora Perote Xapala”)
Corgimobil - Empresa Imobiliária das Corgas, Lda. ("Corgimobil")
Correia & Correia, Lda. (“Correia & Correia”)
Detalhes Urbanos, S.A.
Devonská Project Development A.S. (“Devonská”)
Dmowskiego Project Development ("Dmowskiego")
Domínio Reservado, Lda.
E.A.Moreira - Agentes de Navegação, S.A. ("E.A. Moreira")
Ecolezíria - Empresa Intermunicipal para o Tratamento de Resíduos Sólidos, E. I. M. ("Ecolezíria")
Edifício Mota Viso – Soc. Imobiliária, Lda. (“Mota Viso”)
Edipainel – Utilidades, Equipamentos e Investimentos Imobiliários, Lda. (“Edipainel”)
Ekosrodowisko Spólka z.o.o. ("Ekosrodowisko")
Emocil – Empresa Moçambicana de Construção Imobiliária (“Emocil”)
EMSA – Empreendimentos e Exploração de Estacionamentos, S.A. (“EMSA”)
Engber Kft. ("Engber")
Enviroil – Resíduos e Energia, Lda. (“Enviroil”)
EPDM - Empresa de Perfuração e Desenvolvimento Mineiro, S.A.
Estia Development, Lda.
Estia R&W, SRL
Estia RO, SRL
Estia SGPS, S.A.
Estialiving Residência Aveiro, S.A.
Estialiving Residência Viana S.A.
Estialiving, S.A.
Estradas do Zambeze, S.A. ("Estradas do Zambeze")
Expertoption, SGPS S.A.
Ferreiros & Almeida, S.A.
Ferrovias e Construções, S.A. (“Ferrovias”)
Fibreglass Sundlete (Moç), Lda. ("Fibreglass")
Geo Vision, Soluções Ambientais e Energia, S.A. ("Geo Vision")
Gestiponte - Operação e Manutenção das Travessias do Tejo, S.A. ("Gestiponte")
Glan Agua, Ltd (“Glanagua”)
Grossiman, S.L. (“Grossiman”)
GT - Investimentos Internacionais SGPS, SA ("GT SGPS")
Haçor, Conc. Edifício do hospital da ilha terceira, SA ("Haçor")
Hifer Construcción Conservación y Servicios, S.A. (“Hifer”)
HL - Sociedade Gestora do Edifício, S.A. ("HL - Sociedade Gestora do Edifício")
HSF SGPS, S.A.
Hungária Hotel Kft. Achat ("Hotel Achat Hungria")
Ibercargo Rail, S.A. ("Ibercargo")
Icer – Indústria de Cerâmica, Lda. (“Icer”)
I'M Mining SGPS, SA
I'M Serviços de Gestão, Lda.
I'M SGPS, SA
Indaqua – Indústria e Gestão de Águas, S.A. (“Indaqua”)
Indaqua Fafe – Gestão de Águas de Fafe, S.A. (“Indaqua Fafe”)
Indaqua Feira - Indústria de Águas de Santa Maria da Feira, S.A. (“Indaqua Feira”)
Indaqua Matosinhos - Gestão de Águas de Matosinhos, S.A. (“Indaqua Matosinhos”)
Indaqua Santo Tirso – Gestão de Águas de Santo Tirso, S.A. (“Indaqua Sto. Tirso”)
Indaqua Vila do Conde - Gestão de Águas de Vila do Conde, S.A. (“Indaqua Conde”)
Invespor Holding, BV
InvestAmbiente - Recolha de Resíduos e Gestão de Sistemas de Saneamento Básico, S.A. ("Investambiente")
Jeremiasova Project Development, s.r.o. ("Jeremiasova")
Kilińskiego Project Development Sp. z o.o. (“Kilin”)
Kordylewskiego Project Development Sp. z o.o. ("Kord")
Kozielska Sp. z o.o. ("Kozielska")
Largo do Paço – Investimentos Turísticos e Imobiliários, Lda. (“Largo do Paço”)
Leão Ambiental, S.A. ("Leão Ambiental")
Liscont - Operadores de Contentores, S.A. ("Liscont")
Lisprojecto - Consultoria e Soluções Informáticas, S.A. ("Lisprojecto")
Logz - Atlantic Hub, S.A. ("Logz")
Lokemark - Soluções de Marketing ("Lokemark")
Luma - Limpeza Urbana e Meio Ambiente, Ltda. ("Luma")
LusoLisboa - Auto-Estradas da Grande Lisboa, S.A. ("LusoLisboa")
Lusoponte - Concessionária para a Travessia do Tejo, S.A. ("Lusoponte")
59
Lusoscut – Auto-Estradas do Grande Porto, S.A. (“Lusoscut GP”)
Lusoscut – Auto-Estradas das Beiras Litoral e Alta, S.A. (“Lusoscut BLA”)
Magnum Cap, Lda.
Mamaia Investments, SRL ("Mamaia")
Manvia - Manutenção e Exploração de Instalações e Construção, S.A. ("Manvia")
M-City Szczecin, Sp. z o.o.
MESP Central Europe Sp. z o. o. ("MESP Central Europe")
MESP-Mota Engil , Serviços Partilhados, Administrativos e de Gestão, S.A. (“Mota-Engil Serviços Partilhados”)
Metroepszolg, Zrt (“Metroepszolg”)
Mil e Sessenta – Sociedade Imobiliária, Lda. (“Mil e Sessenta")
M-Invest Bohdalec, A.S., v likvidaci ("M-Invest Bohdalec")
M-Invest Devonska, s.r.o. ("M-Invest Devonska")
M-Invest Slovakia Mierova , s.r.o. ("Mierova")
M-Invest Slovakia Trnavska, s.r.o. ("Trnavska")
M-Invest Slovakia, s.r.o. ("M-Invest Slovakia")
M-Invest, sro (“M-Invest”)
MK Contractors, LLC (“MKC”)
Mota Internacional – Comércio e Consultadoria Económica, Lda. (“Mota Internacional”)
Motadómus - Sociedade Imobiliária, Lda. ("Motadómus")
Mota-Engil Betão e Pré-Fabricados, Sociedade Unipessoal, Lda. (“Mota-Engil Betão e Pré-Fabricados”)
Mota-Engil Brand Management B.V. ("Mota-Engil Brand Management")
Mota-Engil Brasil Participações, Ltda. (“Mota-Engil Brasil”)
Mota-Engil Central Europe Česka Republika ("Mota-Engil Central Europe República Checa")
Mota-Engil Central Europe Magyaroszág Kft. ("Mota-Engil Central Europe Magyaroszág")
Mota-Engil Central Europe Romania S.R.L. ("Mota-Engil Central Europe Roménia")
Mota-Engil Central Europe Slovenská Republika ("Mota-Engil Central Europe Eslováquia")
Mota-Engil Central Europe, S.A. ("Mota-Engil Central Europe Polónia")
Mota-Engil Central Europe, SGPS, S.A. ("Mota-Engil Central Europe SGPS")
Mota-Engil Energia, S.A. ("Mota-Engil Energia")
Mota-Engil Engenharia e Construção, S.A. (“Mota-Engil Engenharia”)
Mota-Engil II, Gestão, Ambiente, Energia e Concessões de Serviços, S.A. ("MEAS II")
Mota-Engil Investitii AV s.r.l. (“Mota-Engil Investitii”)
Mota-Engil Ireland Construction Limited (“Mota-Engil Irlanda”)
Mota-Engil Ireland Services Ltd. (“MEIS”)
Mota-Engil Krusziwa S.A. ("Mota-Engil Krusziwa")
Mota-Engil Lublin Sp. z o. o. ("Mota-Engil Lublin")
Mota-Engil Magyarország Zrt. (“Mota-Engil Magyarország”)
Mota-Engil Pavimentações, S.A. (“Mota-Engil Pavimentações”)
Mota-Engil Project 1 Kft. ("GOD")
Mota-Engil Property Investments Sp. z o.o. ("Mota-Engil Property")
Mota-Engil Real Estate Hungary Kft ("Mota-Engil Real Estate Hungria")
Mota-Engil Real Estate Management ("Mota-Engil Real Estate Management")
Mota-Engil Real Estate Portugal, S.A. (“Mota-Engil Real Estate Portugal”)
Mota-Engil S.Tomé e Principe ("Mota-Engil S.Tomé")
Mota-Engil Srodowisko, Sp. z.o.o. ("MES")
Mota-Engil, Ambiente e Serviços, SGPS, S.A. (“Mota-Engil Ambiente e Serviços”)
Mota-Engil, Brands Development Limited ("Mota-Engil Brands Development")
Mota-Engil, SGPS, S.A., Sociedade Aberta ("Mota-Engil SGPS")
MTO GmbH
Multiterminal - Soc. de Estiva e Tráfego, S.A. ("Multiterminal")
Nádor Öböl Kft. ("Nádor Obol")
Nana Fundulea Project Dev., BV
NGA - Núcleo de Gerenciamento Ambiental, Ltda. ("NGA")
NGA Jardinópolis - Núcleo de Gerenciamento Ambiental, Ltda. ("NGA Jardinópolis")
NGA Ribeirão Preto - Núcleo de Gerenciamento Ambiental, Ltda. ("NGA Ribeirão Preto")
Norcargas - Cargas e Descargas, Lda. ("Norcargas")
Nortedómus, Lda. (“Nortedómus”)
Nova Beira - Gestão de Resíduos, S.A. ("Nova Beira")
Novaflex - Técnicas do Ambiente, S.A. ("Novaflex")
Novicer-Cerâmicas de Angola, Lda. ("Novicer")
Öböl Invest Kft. ("Obol Invest")
Öböl XI Kft. ("Obol XI")
Operadora das Estradas do Zambeze, S.A. ("Operadora Estradas do Zambeze")
Operport - Sociedade Portuguesa de Operadores Portuários, Lda. ("Operport")
Padrão Invulgar, Lda.
Parquegil - Planeamento e Gestão de Estacionamento, S.A. (“Parquegil”)
Pentele-Alisca Autópálya - Uzemeleto Kft. ("Pentele-Alisca")
Piastowska Project Development Sp. z o.o. (“Piastowska”)
Planinova – Sociedade Imobiliária, S.A. (“Planinova”)
60
Plaza Center, S.A.
Prefal – Préfabricados de Luanda, Lda. (“Prefal”)
Probigalp Ligantes Betuminosos, S.A. (“Probigalp”)
Promodois, S.A.
Promodoze, S.A.
Promojeden, S.A.
Promovinte, S.A.
Przedsiebiorstwo Robót Drogowo - Mostowych w Lublinie Sp z o.o. ("PRD-M Lublin")
Quartzolita - Minas, Geotecnia e Construções, S.A.
Real Verde - Técnicas de Ambiente, S.A. ("Real Verde")
Realmota, sro (“Realmota”)
Rentaco - Equipamentos de Construção, Transportes, Combustíveis e Serviços, Sociedade Unipessoal, Lda. ("Rentaco")
Rentaco Angola ("Rentaco Angola")
Resiges - Gestão de Resíduos Hospitalares, Lda. ("Resiges")
Resilei – Tratamento de Resíduos Industriais, Lda ("Resilei")
Rima – Resíduos Industriais e Meio Ambiente, S.A. (“Rima”)
RO Sud, SRL
RTA - Rio Tâmega, Turismo e Recreio, S.A. (“RTA”)
Rumo Soberano, Unipessoal Lda.
Sadomar - Ag. de Naveg. e Trânsitos, S.A. ("Sadomar")
Sadoport - Terminal Marítimo do Sado, S.A. ("Sadoport")
Sampaio Kft. ("Sampaio")
Sealine - Navegação e Afretamentos ("Sealine")
Sedengil – Sociedade Imobiliária, Lda. (“Sedengil”)
Serurb Brasil Participações Ltda. ("Serurb Brasil")
Severis SGPS, S.A.
SGA – Sociedade de Golfe de Amarante, S.A. (“SGA”)
SIGA - Serviço Integrado Gestão Ambiental ("Siga")
Símbolo Abstracto, Lda.
SLPP - Serviços Logísticos de Portos Portugueses, S.A. ("SLPP")
Socarpor - Soc. Cargas Port. (Aveiro), S.A. ("Socarpor Aveiro")
Socarpor - Soc. Gestora de Participações Sociais (Douro e Leixões), S.A. ("Socarpor SGPS")
Sociedade de Terminais de Moçambique, Lda ("STM")
Sołtysowska Project Development Sp. z o.o. ("Soltysowska")
Sonauta - Sociedade de Navegação, Lda. (“Sonauta”)
SOSEL - Correctores de Seguros, S.A.
Sotagus - Terminal de Contentores de Santa Apolónia, S.A. ("Sotagus")
SRI - Gestão de Resíduos, Lda (“SRI”)
Steinerova Project Development A.S. (“Steinerova”)
Suma – Serviços Urbanos e Meio Ambiente, S.A. (“Suma”)
Suma (Douro) - Serviços Urbanos e Meio Ambiente, Lda. (“Suma Douro”)
Suma (Esposende) - Serviços Urbanos e Meio Ambiente, Lda. (“Suma Esposende”)
Suma (Matosinhos) - Serviços Urbanos e Meio Ambiente, S.A. ("Suma Matosinhos")
Suma (Porto) - Serviços Urbanos e Meio Ambiente, S.A. (“Suma Porto”)
Suma Brasil Participações Ltda. ("Suma Brasil")
Tabella Holding, BV (“Tabella”)
Takargo-Trasporte de Mercadorias, S.A. (“Takargo”)
Tavira Gran-Plaza, S.A.
TCL - Terminal de Contentores de Leixões, S.A. ("TCL")
Tecnocarril – Sociedade de Serviços Industriais e Ferroviários, Lda. (“Tecnocarril”)
Terminais Portuários Euroandinos ("Terminais Portuários México")
Ternor - Sociedade de Exploração de Terminais, S.A. ("Ternor")
Tersado - Terminais Portuários do Sado, S.A. ("Tersado")
Tertir - Concessões Portuárias, SGPS, S.A. ("Tertir SGPS")
Tertir - Terminais de Portugal, S.A. ("Tertir")
Tertir - Tráfego e Estiva, SGPS, Lda. ("Tertir - Tráfego e Estiva")
Tetenyi Project Development Kft ("Tetenyi")
Tracevia – Sinalização, Segurança e Gestão de Tráfego, Lda. (“Tracevia”)
Tracevia Angola - Sinalização, Segurança e Gestão de Tráfego, Lda. ("Tracevia Angola")
Transitex - Trânsitos de Extremadura, S.A. ("Transitex Portugal")
Transitex - Trânsitos de Extremadura, S.L. ("Transitex Espanha")
Transitex México, S.A. de C.V. ("Transitex México")
Transitex Moçambique, Lda ("Transitex Moçambique")
Transitos de Extremadura S.L. Transitex Lietuvos filialas ("Transitex Lituânia")
Translei, S.A. (“Translei”)
Transporlixos - Transportes de Lixos, S.A. ("Transporlixos")
Tratofoz - Sociedade de Tratamento de Resíduos, S.A. ("Tratofoz")
Traversofer - Industrie et Services Ferroviaires SARL (“Traversofer”)
Triu - Técnicas de Resíduos Industriais e Urbanos, S.A. ("Triu")
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TTRM, Transferência e Triagem de Resíduos da Madeira ACE ("TTRM")
Turalgo-Sociedade de Promoção Imobiliária e Turística do Algarve, S.A. (“Turalgo”)
VBT - Projectos e Obras de Arquitectura Paisagística, Lda (“VBT”)
Vibeiras – Sociedade Comercial de Plantas, S.A. (“Vibeiras”)
Vic, GmbH
Vicaima, GmbH
Vista Energy Environment & Services ("Vista SA")
Vista Waste Management, Lda ("Vista Waste")
Vista Water, Lda. ("Vista Water")
Vortal – Comércio Electrónico, Consultadoria e Multimédia, S.A. (“Vortal”)
Wideland Vision, Lda.
Wilanow Project Development SP. z o.o. ("Wilanow")
Wilenska Project Development Sp. z o.o. (“Wilenska”)
Zöld-Project 2 Kft. ("GOD 2")
Zsombor Utcai Kft. (“Zsombor”)
24. SUBSEQUENT EVENTS
In October, Martifer Solar signed an agreement with a company managed by BNP Paribas Clean Energy
Partners for the construction of a 22MWp photovoltaic solar installation in Portugal.
Between September and October 2011, Metallic Constructions was awarded the contracts for the contruction
of three football stadiums in Brazil: the stadium of Arena Fonte Nova, in Salvador da Bahia; Castelão Stadium,
in Fortaleza; and Grémio Stadium, in Porto Alegre. The total amount of the three stadiums is approximately
109.6 BRL million.
25. APPROVAL OF THE FINANCIAL STATEMENTS
th
These financial statements were approved by the Board of Directors on 9 November 2011.
62
26. EXPLANATION ADDED FOR TRANSLATION OF THE FINANCIAL STATEMENTS
These financial statements are a translation of the consolidated financial statements originally issued in Portuguese
in accordance with the International Financial Reporting Standards as adopted by European Union. In the event
of discrepancies, the Portuguese version prevails.
th
Oliveira de Frades, 9 November 2011
Chief Accountant
The Board of Directors
__________________________________
Lourenço Santos Matos
__________________________________
Carlos Manuel Marques Martins
__________________________________
Jorge Alberto Marques Martins
__________________________________
Arnaldo José Nunes da Costa Figueiredo
__________________________________
Luís Filipe Cardoso da Silva
__________________________________
Mário Jorge Henriques Couto
__________________________________
Luís Valadares Tavares
__________________________________
Jorge Bento Ribeiro Barbosa Farinha
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interim management report and financial information

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interim management report and financial information