interim management report and financial information

Transcription

INTERIM MANAGEMENT REPORT
AND FINANCIAL INFORMATION
MARTIFER GROUP | First Quarter 2011
HIGHLIGHTS
STRUCTURE AND SEGMENT REPORTING
- ECONOMIC AND FINANCIAL ANALYSIS
- ANALYSIS BY SEGMENT
- SHARE PERFORMANCE
INTERIM CONSOLIDATED FINANCIAL INFORMATION
HIGHLIGHTS
HIGHLIGHTS
Operating Revenues of 115.9 M€, up by 13.1% in a weak market environment
EBITDA of 6 M€ and positive EBIT of 1.6 M€
Net reported Profit attributable to shareholders of 0.4 M€
Strong Order books: in Metallic Construction 344 M€ and Solar 293 M€
Main financial indicators
Reported Figures - non audited
€M - IFRS
Revenues
EBITDA
EBIT
Financial Results
Profit before tax
Income tax
Consolidated Net Profit
1Q
2011
115.9
6.0
1.6
-0.7
Marg.
5.2%
1.4%
0.9
0.6
0.3
1Q
2010
102.5
12.2
-8.7
12.1
Marg.
11.9%
-8.5%
3.4
1.3
0.3%
2.1
Var. %
13.1%
-50.2%
n.m.
n.m.
-73.5%
-55.7%
2.0%
-84.3%
Attributable
to non-controlling interests
to shareholders
4
-0.1
0.4
-0.4
2.5
87.5%
-84.8%
MARTIFER SGPS, S.A. | INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION | FIRST QUARTER 2011
STRUCTURE OF MARTIFER AND SEGMENT REPORTING
As previously referred in the 2010 Final Year Report, and as a natural consequence of the strategic focus on the
Metallic Construction and Solar activities, Martifer will change the presentation of segment reporting.
From the First Quarter 2011 the Group starts presenting its accounts with the activity divided in two main segments
– Metallic Construction and Solar, with Energy Systems already integrated in the Metallic Constructions business
area, as planned.
The other activities and subsidiary companies will be, from now on, in the “Others” segment. This includes the RE
Developer business area and the Holding company.
5
ECONOMIC AND FINANCIAL ANALYSIS
Income Statement
1Q11
Reported
1Q10
Reported
Var. %
115.9
102.5
13.1%
6.0
12.2
-50.2%
5.2%
11.9%
-6.6 pp
5.0
6.5
-23.7%
-0.5
14.4
n.m.
1.6
-8.7
n.m.
1.4%
-8.5%
Financial Results
-0.7
12.1
n.m.
Profit before taxes
0.9
3.4
-73.5%
0.6
1.3
-55.7%
0.3
2.1
-84.3%
-0.1
-0.4
87.5%
0.4
2.5
-84.7%
0.004
0.025
€M
Revenues
Earnings before depreciation, amortization and provisions
& impairment losses (EBITDA)
EBITDA margin
Depreciation & Amortization
Provisions & Impairment Losses
Operating Income (EBIT)
EBIT margin
Income tax
Net Profit
Attributable to non-controlling interests
Attributable to shareholders
per share €
9.9 pp
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 1st Quarter 2011 adjustments
reached 5.9 million euro of capital gains from the sale of the participations in Home Energy and REpower Portugal. In the 1st Quarter 2010
adjustments reached 12.8 million euro of impairment losses and 13.1 million euro of capital gains relative to Prio Energy and Prio Foods‟
share sales.
Revenues
In the First Quarter 2011, Consolidated Revenues increased by 13.1% YoY to 115.9 million euro, showing a
positive evolution of the activity, in a very weak market environment.
The Metallic Construction business area presented Revenues in line with the same period last year (an absolute
1.1 million euro increase).
The Solar business presented a strong growth of 57.5% YoY as a consequence of the aggressive growth strategy
implemented during 2010, which continues to produce effects throughout 2011.
6
1Q 2011
Revenues
€M
Martifer Consolidated
1Q 2010
Weight
115.9
€M
Weight
102.5
Var. %
13.1%
Metallic Construction
72.5
62.6%
71.4
69.7%
1.4%
Solar
39.5
34.1%
25.1
24.5%
57.5%
3.9
3.4%
6.0
5.8%
-35.0%
Others
Note: Others include Holding and Adjustments
The distribution of consolidated Revenues by geography was as follows: Portugal 43.3%, Spain 5.9%, Eastern
Europe (Poland, Czech Republic, Romania, Slovakia) 8.1%, Angola 12.1%, Central & Southern Europe (Italy, Greece,
Belgium, France, UK, Ireland) 16.5%, USA 5.6% and the rest of the World (Morocco, Brazil, Australia) 8.6%.
8.6%
Portugal
5.6%
Spain
43.3%
16.5%
Eastern Europe
Angola
Central&Southern Europe
USA
12.1%
8.1% 5.9%
Other
The evolution from the previous year stresses the Group‟s effort in increasing its exposure to other geographies in
order to reduce business risk and take advantage of growth prospects in other markets.
EBITDA and Net Profit
In the First Quarter 2011, total consolidated EBITDA registered 6 million euro, which represents a decrease of
50.2% compared with the same period last year, corresponding to a consolidated EBITDA margin of 5.2%, which
compares with the EBITDA margin of 11.9% in the same period last year.
In general terms, this weak operational performance is explained by the lower margins in the metallic constructions
and solar projects and also by the internationalization effort and the associated costs of entry.
7
1Q 2011
EBITDA
€M
1Q 2010
Marg.
€M
Marg.
Var. %
Martifer Consolidated
6.0
5.2%
12.2
11.9%
-50.2%
3.8
5.2%
6.9
9.2%
-45.1%
Solar
0.7
1.8%
2.5
10.1%
-71.6%
Others
1.5
38.3%
2.0
70.5%
-26.6%
Note: Others include Holding and Adjustments.
Earnings before interest and taxes (EBIT) reached a positive 1.6 million euro on a reported basis, which compares
with a negative 8.7 million euro on the same period of the previous year. The First Quarter 2010 figure includes
12.8 million euro in provisions and impairment losses. Excluding this effect, EBIT in the First Quarter 2011 suffered
a 61% decrease on a YoY basis.
Net Financial Expenses amounted to 700 thousand euro, including 5.9 million euro capital gain resulting from the
sale of Home Energy and REpower Portugal.
Net Interest Expenses were 4.2 million euro, comparing with 4.1 million euro in the First Quarter 2010. In a scenario
of interest rate increase, the maintenance of net interest expenses was only possible because of the strong
reduction in debt (-77,3 million euro YoY).
Net foreign exchange result was negative in the First Quarter 2011, reaching 1.1 million euro loss due to the
depreciation of the Angolan Kwanza and the Polish Zloty against the Euro.
The net contribution from the application of the Equity Method to the subsidiaries Prio Energy and Prio Foods
(accounted at 49%) reached for the first time a positive contribution for the Group, i.e., approximately 0.8 million euro.
Net Profit Attributable to Shareholders in the First Quarter amounted to 0.4 million euro, which compares to 2.5
million euro in the same period last year.
CAPEX
The value of investment in fixed assets in the First Quarter 2011 amounted to 27.6 million euro, essentially applied
in the construction of RE Developer‟s wind farms in Poland (18.6 million euro), which the Group expects to dispose
of in the medium term, and to the development of solar projects in the USA by Martifer Solar.
The breakdown of CAPEX in the period by business area was 2.2 million euro in Metallic Construction, 6.0 million
euro in Solar and 19.4 million euro in Others (RE Developer).
8
Financial Position
€M
Mar-11
Dec-10
Var.
Fixed Assets (including Goodwill)
423.9
416.8
1.7%
Other non-current assets
137.4
116.6
17.9%
20.4
20.3
0.6%
Inventory and Receivables
448.0
495.8
-9.6%
Cash and cash equivalents
Total Assets
69.3
1,099.1
76.7
1,126.2
>100%
-2.4%
312.1
309.3
0.9%
34.0
31.0
9.8%
Other non current financial assets
Shareholders Equity
Non-controlling interests
Non-controlling interests associated to assets held for sale
-
0.0
-
Total Equity
346.1
340.2
1.7%
Non-current debt and leasings
171.0
198.8
-14.0%
Other non-current liabilities
43.4
38.4
12.9%
Current debt and leasings
275.9
221.2
24.7%
Other current liabilities
262.8
327.3
-19.7%
Total Liabilities
753.0
785.8
-4.2%
st
Total assets on the 31 of March 2011 amounted to 1,099.1 million euro, while non-current assets reached 581.7
million euro, compared to 1,126.1 million euro and 553.0 million euro respectively at the end of the year.
Total Equity increased from 340.2 million euro at the end of the year to 346.1 million euro at the end of the First
Quarter 2011.
The Financial Autonomy ratio improved from 30,2% in FY2010 to 31,5% in the First Quarter of 2011.
9
Net Debt
Metallic
Construction
Solar
Corporate Net Debt allocated to
operating activities
100.9
51.7
Corporate Net Debt allocated to nonoperating activities
29.5
€M
48.9
130.0
16.5
Total Net Debt
130.4
Holding debt allocated to business
units
34.8
EBITDA*
13.6
10.0 x
331.5
29.5
Non-Recourse Net Debt
(Corporate Net Debt allocated to
operating activities + Holding debt
allocated to business units) /
EBITDA
RE
Martifer
Holding
Developer
Consolidated
51.7
16.5
65.5
130.0
94.6
-129.4
20.3
17.2
1.6
2.5 x
8.3 x
377.6
52.7
6.3 x
* The value of EBITDA used in the calculation of financial ratios corresponds to the sum of the last 3 Quarters of 2010 with the 1st Quarter
of 2011.
Note: Net Debt = Borrowings + Financial Leases (+/-) Derivatives – Cash and Cash Equivalents
The Group‟s Consolidated Net Debt at the end of March 2011 amounted to 377.6 million euro, which compares with
343.8 million euro in the Final Year 2010. The variation (9.8% or an increase of 33.8 million euro) registered in the
First Quarter 2011 is mostly explained by Capex incurred in the period (27,6 million euro), and residually to the
working capital investment.
10
ANALYSIS BY SEGMENT
SECTOR TRENDS
The metallic construction sector is suffering with the lack of investment resultant from the crisis, leading to a tough
competition for the projects available, and therefore to a reduction in margins.
Most European countries are still fighting to return to growth levels from before the crisis.
Emerging markets have been driving economic growth and there has been significant demand for metallic
structure, mostly in Asia and South America.
Steel prices rose during the first 3 months of 2011, the European Steel price index is up by 39.9% YoY.
On a market by market analysis:
PORTUGAL | The Government has recently asked the European Union for a bailout; the austerity program
includes a reduction on public investment (even some that was already contracted) and the economy should only
recover in 2013.
SPAIN | The Minister of Civil Works has announced 10 billion euro bids of new projects this year, double the value
awarded last year, which can represent a good opportunity.
ANGOLA | Continues to show a strong dynamic, both from the public and the private sectors, but the high risk of
the country remains the key point for the companies operating in the market.
UK | The prospects for 2011 are not very encouraging, but all signs indicate that 2012 will be a positive year with
increasing demand.
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 for the following years, with significant public investment due to
the World Cup in 2014 and the Olympic Games in 2016; it is a certainty for the future.
OTHER GEOGRAPHIES | The North of Africa and the Middle East are interesting geographies to look out for in the
next months and years, even though current political and social turmoil recommends caution and judicious selection
of markets/projects; Latin America is an interesting and growing market, somehow following on Brazil‟s footsteps.
ACTIVITY
The Order book, with projects located in 12 countries, totalled 344 million euro at the First Quarter of 2011, in line
with the previous quarters. In this quarter the shift to markets outside Iberia continued, with their weight in the
portfolio increasing from 71% to approximately 77%, which reveals once again the enormous effort to diversify to
other geographies reducing the dependency from the Iberian Construction Market. During these first three months
of 2011 the business unit was awarded the BBVA Headquarters in Madrid (12 million euro), the King Abdullah
Financial District in Saudi Arabia (20.8 million euro) and the Nissan Battery Plant in Portugal (5.4 million euro).
These projects are a key indicator of our competitiveness in the global infrastructure arena.
11
ORDER BACKLOG – FEATURED PROJECTS
Project
Location
Total Value
Beginning Year
End Year
Artenius PTA plant
Sines, Portugal
Euro 23.8 M
2008
2011
Galp Petrogal – conversion
of
refinery
Coach
Museum
Sines, Portugal
Euro 23.6 M
2009
2011
Lisbon, Portugal
Euro 5.5 M
2010
2011
Ulla Bridge
Corunna, Spain
Euro 20.8 M
2009
2011
Repsol Head Quarters
Madrid, Spain
Euro 20.5 M
2009
2011
Amiens Hospital
Amiens, France
Euro 7.0 M
2010
2011
Office Building – ZAC Victor Hugo
Paris, France
Euro 3.0 M
2010
2011
CHU D'Orleans
Paris, France
Euro 9.6 M
2010
2011
Lille Stadium (locksmiths)
Lille, France
Euro 5.9 M
2011
2012
Carfi
Siedlce, Poland
PLN 11.5 M
2010
2011
Renault Factory
Tangier, Morocco
Euro 41.9 M
2009
2011
Canberra Airport Terminal
Canberra, Australia
AUD 10.6 M
2009
2011
Alstom – Mannheim 9
Mannheim, Germany
Euro 18.5 M
2010
2011
Morocco Mall
Casablanca, Morocco
Euro 7.1 M
2010
2011
Office Building in Luanda
Luanda, Angola
Euro 13.3 M
2010
2011
“Financial City”
Luanda, Angola
Euro 13.6 M
2010
2011
Edinburgh International
Conference
Centre Arena
Scotland’s National
Edinburgh, Scotland
GBP 8.3 M
2010
2011
Glasgow, Scotland
GBP 12.9 M
2011
2012
Birmingham New Street
Birmingham, England
GBP 8.2 M
2011
2011
Sisk Bridges
Torun, Poland
PLN 60.2 M
2010
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
Note: Variations in some of the projects‟ values between periods may occur due to changes in the total value of contracts.
BREAKDOWN OF THE BACKLOG
12
RESULTS
Metallic Construction‟s Revenues was roughly stable at 72.5 million euro, despite the unfavourable sector
environment, particularly in Iberia. Anticipating this factor, the Group had already strategically taken the decision to
increase the company‟s position outside Iberia, strengthening the presence in mature markets with a higher
consumption of steel and aluminium constructions such as UK and France, but at the same time also increasing
presence in emerging countries such as Brazil, where the Group is starting activities this year, and where an
industrial facility is already under construction (located in Pindamonhangaba, São Paulo region). This facility will
have production capacity of 12,000 ton/year.
As a consequence of the sector trends previously mentioned, namely margin‟s reductions and lower demand for
projects, Metallic Constructions has taken the decision to maintain its activity level through an aggressive
commercial strategy and to implement the New Step Programme to enhance its operational efficiency in order to
mitigate the impact in its operational margin.
The reported EBITDA reached 3.8 million euro, corresponding to a 5.2% margin, 4 p.p. below the reported margin
of the First Quarter 2010. This reduction is justified by the fact that the projects have lower margins as explained before.
Reported EBIT in the period amounted to 1.1 million euro, reflecting a margin of 1.5%.
Net Financial Expenses changed from -0.1 million euro, in the same period last year, to 1.1 million euro, explained
by the capital gain accounted with the sale of REpower, which corresponded to 3.8 million euro. The Net Interest
Costs and the foreign currency exchange losses (due to the depreciation of Zloty and Kwanza), sum 2.5 million
euro and 1.8 million euro, respectively.
Net Profit totalled -0.2 million euro, of which -0.1 million euro attributable to non-controlling interests, from Martifer Angola.
The Group sold the associated company REpower Portugal held by the Group in 50%, which controlled Ventipower
(consolidated at 56.6%). The negative impact of these changes in the consolidated income statement for the period
st
ended on the 31 of March 2011 when compared with the same period in 2010, was a reduction in revenues of 2.7
million euros, a reduction in EBITDA of 0.7 million euros and a reduction in Net profit of 0.5 million euros.
st
Net Financial Debt in Metallic Construction by the 31 of March 2011 reached 130.4 million euro, i.e., less 3.5
million euro than the FY 2010 value. Added to this we have 34.8 million euro of debt from the Holding. Of the total
net debt, 29.5 million are allocated to projects in the Retail area, not considered core business.
Total CAPEX in the period reached 2.2 million euro, showing an important reduction when compared to the same
period in 2010. The explanation for the lower level of investment resides in the conclusion of the production facilities
in Angola and USA.
13
€M
Revenues
EBITDA
EBITDA Margin
EBIT
EBIT Margin
1Q
1Q
2011
72.5
2010
71.4
Var. %
2%
3.8
6.9
-45%
5.2%
9.6%
-4.4 pp
1.1
4.0
-73%
1.5%
5.5%
-4.0 pp
Net Financial Expenses
1.1
-0.1
n.m.
Income tax
0.2
0.4
-64%
Net Profit
-0.2
3.6
n.m.
-0.1
1.1
n.m.
-0.1
2.5
n.m.
130.4
180.2
-28%
2.2
4.0
-45%
Net Debt
Capex
14
Solar
SECTOR TRENDS
International Outlook
Installed capacity at the beginning of the year was about 40 GW, enough to produce 50 TWh per year. Of the 16.6
GW of new capacity in 2010, more than 13 GW were installed in the European Union.
Germany, the most mature market, installed 7.4 GW in 2010, maintaining its position as the biggest PV market in
the world; with the decrease previewed for the FiTs, its new capacity in 2011 will be reduced to 5-6 GW. This
market has the lowest prices for PV systems.
Crisis in Japan has contributed for the resurging of the debate on the world‟s future energy mix and security of
energy supply – where PV is part of the solution; with the evolution of PV systems‟ costs it is more and more an
alternative to conventional electricity sources.
On a market by market analysis:
ITALY | Final 2010 numbers are still unclear, as there seems to be a huge difference between what was installed
and what was connected to the grid; this said, up until now the GSE (Italian Grid Manager) registered 5.1 GW
connected to the grid, but there are still more than 2 GW waiting to be connected; in the meantime a new tariff has
been defined until 2013, attractive enough to guarantee a strong market for this period (3 to 6.5 GW), with focus on
the rooftop segment.
PORTUGAL | The Government announced the objective of 1,500 MW of solar capacity installed by 2020; in the end
of 2010 there was a tender for 75 MW of PV.
SPAIN | The new Renewable Energy Plan for the country forecasts 7.25 GW of PV installed by 2020, which leaves
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.
BELGIUM | The market in 2011 should be around 200 to 300 MW, still dependent on the changes that support
schemes may suffer this year; the rooftop segment will continue stable.
GREECE | After having installed 150 MW in 2010, the market appears to have finally taken off, with 250 MW
forecasted for 2011 in small and medium installations.
UK | This market‟s potential for 2011 may be less than initially expected due to the adjustments made on the FiT that
will seriously damage the ground segment, but it remains one of the most promising markets in EU in the short term.
USA | Strong market, especially in California (representing 60% of total installations), should reach between 1.5 and
3.0 GW this year.
CANADA | Strong FiT in Ontario, with the obligation of 60% of the components/resources coming from the region;
market should reach at least 200 MW in 2011.
RESULTS
Total Operating Revenues rose 57% YoY in the First Quarter 2011, totalling 39.5 million euro, as a consequence of
the aggressive growth strategy implemented during 2010, which continues to produce effects throughout 2011.
The geographies with higher Revenue in the period were Italy, Portugal and USA.
15
Nevertheless, other geographies such as France, Belgium and Greece increased revenues during the period
compared with same period last year.
In Portugal we highlight that the weight of the Distribution business, which presented considerable revenues of 6.4
million euro, represented a significant contribution to the consolidated Revenues.
The strategic position of the company is to concentrate in geographies, emerging or mature countries, which have a
favourable regulatory framework, and be flexible providing integrated turnkey solutions. It is foreseeable that
throughout 2011 other geographies showing potential will improve their performance. However, it is important to
say that margins in the solar segment have been reduced along the value chain with significant reductions on
governmental supports.
Total EBITDA presented a reduction of 72% to 0.7 million euro, with the EBITDA margin reaching 1.8% versus
10.1% in the same period last year, suffering the impacts of the i) internationalization effort and its associated cost
of entry, ii) increased weight of the distribution business with implicit lower margins, iii) fewer large projects, which
have higher margins, accounted in the quarter but expected for the second semester and iv) higher structure costs.
Net Financial Expenses recorded a negative 1.2 million euro, justified by the capital gain accounted with the sale of
Home Energy.
Net Profit totalled 0.8 million euro in the First Quarter that compares YoY with 0.6 million euro.
The level of CAPEX in the period totalled 6.0 million euro, contrasting with 0.2 million euro for the same period of
2010. This value is explained by the investment in project development, mostly in the USA.
Net Financial Debt at the end of the First Quarter stood at 51.7 million euro, an increase of 22.0 million euro from
year-end 2010. This variation is explained by an extraordinary effort in the investment in working capital, firstly to
proceed with the development of various projects that have to be concluded by the end of the year in order to have
access to the feed-in tariff but also with the development Capex incurred in the US.
The backlog of turnkey contracts (signed) is 293 million euro, with Italy, US and Belgium as the geographies with
the most significant contributions. Martifer Solar managed to keep a sustainable and robust backlog compensating
the high reduction of the PV Italian market, currently facing severe regulatory uncertainty, by other projects in
different countries with a more favourable framework.
Solar
1Q
1Q
Var. %
2011
39.5
2010
25.1
57%
0.7
2.5
-72%
1.8%
10.1%
-8.3 pp
0.2
2.0
-91%
0.48%
8.1%
-7.6 pp
-1.2
0.6
n.m.
Income tax
0.6
0.9
-36%
Net Profit
0.8
0.6
42%
0.2
-0.4
n.m.
0.6
0.9
-33%
Net Debt
Capex
51.7
53.9
-4%
6.0
0.2
>100%
€M
Revenues
EBITDA
EBITDA Margin
EBIT
EBIT Margin
16
Others
RESULTS
Operating Revenue in RE Developer was of 3.8 million euro in the First Quarter, corresponding to 55 MW of assets
in operation.
For the total Revenue Poland contributed with 1.5 million euro, Brazil with 0.8 million euro, Spain with 0.8 million
euro and Portugal with 0.4 million euro.
RE Developer sold, in the last quarter of 2010, 100% of the share capital of its wind farms in Germany, Bippen and
Holleben, with a total capacity of 53.1 MW. In the First Quarter 2010 these parks represented Revenues of 2.0
million euro.
EBITDA reached 1.43 million euro in the First Quarter 2011, representing an EBITDA margin of 37.5%. This
Quarter‟s margin is still affected by costs of origination and development of projects (costs with due diligence,
consulting, business prospection, and others) in Poland, Romania and Brazil. The average EBITDA margin of the
plants in operation was approximately 80%, in line with other quarters.
Net Profit in the First Quarter 2011 was -1.3 million euro.
Total CAPEX in the first 3 months of 2011 reached 19.4 million euro, mostly applied to the development of wind
projects in Poland (Bukowsko).
Net Financial Debt of RE Developer amounted to 65.5 million euro, of which 16.5 million euro from Project Finance
and 12.5 million euro from project‟s leasings. To this debt we must also add the 94.6 million euro in other debt at the
Holding level and assigned to the business area, totalling 160.1 million euro.
RE Developer
€M
Revenues
EBITDA
EBITDA Margin
EBIT
EBIT Margin
1Q
1Q
Var. %
2011
3.8
2010
5.5
-30.1%
1.4
2.0
-29.9%
37.5%
37.4%
0.1 pp
0.7
-13.7
n.m.
18.0%
-
2.1
1.1
n.m.
Income tax
-0.2
-0.1
<-100%
Net Profit
-1.3
-14.7
91.4%
-0.1
-1.4
91.4%
-1.1
-13.2
91.3%
Net Debt
Capex
65.5
19.4
140.0
3.2
-53%
>100%
-
17
SHARE PERFORMANCE
160
140
120
100
80
60
40
20
Martifer
Jan-11
Feb-11
Mar-11
Dec-10
Nov-10
Oct-10
Sep-10
Jul-10
Aug-10
Jun-10
Apr-10
May-10
Jan-10
Feb-10
Mar-10
Dec-09
Oct-09
Nov-09
Sep-09
Jul-09
Aug-09
Jun-09
Apr-09
May-09
Jan-09
Feb-09
Mar-09
0
PSI-20
Source: Reuters
Martifer‟s share price ended the First Quarter 2011 at 1.40 €/share, representing a decrease of 3.1% YTD. In the
same period the PSI-20, major Euronext Lisbon market index, fell 2.2%. In this period the highest price achieved
was 1.469 €/share and the lowest price was 1.378 €/share. The average volume of stock traded during the period
was 67,360 shares.
During the period in analysis, some of the global markets had a rebound in its performance such as Dow Jones
Industrial (+6.68%), S&P (+5.62%) and Nasdaq (+5.35%), while others such as Greece, Spain and Portugal had
their performances penalized by the rising fear of country‟s indebtedness. In this scenario, small caps‟ stock
performances were more affected than the indexes, and Martifer‟s stock was penalized by this juncture.
Furthermore, considering the Renewable‟s (ERIXP) performance with a drop of 37.5% Ytd, should be added that
the current environment for the renewable energy sector has not been favourable to the performance of the
Martifer‟s share price.
At the end of the First Quarter 2011 Martifer‟s market capitalization amounted to 140 million euro.
18
PURCHASE OF OWN SHARES
Date
01-Jan-11
06-Jan-11
07-Jan-11
10-Jan-11
11-Jan-11
12-Jan-11
13-Jan-11
14-Jan-11
17-Jan-11
18-Jan-11
19-Jan-11
20-Jan-11
21-Jan-11
24-Jan-11
25-Jan-11
26-Jan-11
27-Jan-11
28-Jan-11
31-Jan-11
01-Feb-11
02-Feb-11
03-Feb-11
04-Feb-11
07-Feb-11
08-Feb-11
09-Feb-11
10-Feb-11
11-Feb-11
25-Feb-11
28-Feb-11
01-Mar-11
02-Mar-11
03-Mar-11
04-Mar-11
07-Mar-11
08-Mar-11
09-Mar-11
10-Mar-11
11-Mar-11
14-Mar-11
15-Mar-11
16-Mar-11
17-Mar-11
18-Mar-11
21-Mar-11
22-Mar-11
23-Mar-11
24-Mar-11
25-Mar-11
28-Mar-11
29-Mar-11
30-Mar-11
31-Mar-11
Market / Transaction
Euronext Lisbon – Purchase
Size (shares)
5,350
250
1,000
5,000
9,500
8,250
2,934
12,000
2,300
7,053
14,000
900
17,300
2,000
8,516
15,100
2,000
350
1,900
6,400
6457
1,350
8,507
2,615
4,000
8,398
4,540
4,500
18999
20,184
7,932
5,200
4,424
3,000
2,700
300
4000
950
2,744
2,928
99,400
21,000
27,739
10,400
27000
8,600
6,970
1,000
1,178
12,200
2,150
1,500
684
PRICE (€)
1.46
1.46
1.37
1.38
1.45
1.47
1.5
1.47
1.46
1.46
1.47
1.48
1.49
1.48
1.47
1.46
1.46
1.46
1.46
1.4703
1.4617
1.4644
1.4667
1.4704
1.4611
1.4695
1.4582
1.4544
1.3621
1.4041
1.401
1.395
1.4029
1.3983
1.3944
1.38
1.4
1.3853
1.3836
1.3861
1.4984
1.5024
1.4893
1.4809
1.4545
1.3985
1.3876
1.36
1.4
1.4221
1.4023
1.3933
1.41
Shares Held
559,191
559,441
569,441
574,441
583,941
592,191
595,125
607,125
609,425
616,478
630,478
631,378
648,678
650,678
659,194
674,294
676,294
676,644
678,544
684,944
691,401
692,751
701,258
703,873
707,873
716,271
722,721
727,221
746,220
766,404
774,336
779,536
783,960
786,960
789,660
789,960
793,960
794,910
797,654
800,582
899,982
920,982
948,721
959,121
986,121
994,721
1,001,691
1,002,691
1,003,869
1,016,069
1,018,219
1,019,719
1,020,403
Following these transactions Martifer held in the end of the first quarter 1,020,403 own shares representing 1.020403%
of its share capital.
19
th
Oliveira de Frades, 19 May 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
20
INTERIM CONSOLIDATED FINANCIAL INFORMATION
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENTS FOR THE QUARTERS ENDED 31
MARCH 2011 AND 2010
(TRANSLATION OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN PORTUGUESE NOTE 27)
Sales and services rendered
Other income
NOTES
1ST QUARTER
2011 – IFRS
(NON AUDITED)
1ST QUARTER
2010 – IFRS
(NON AUDITED)
3 and 4
111,492,355
102,543,426
5
Cost of goods sold and subcontractors
Gross profit
4,376,946
(75,725)
(72,567,818)
(57,214,431)
43,301,483
45,253,270
External supplies and services
(19,298,058)
(15,331,484)
Staff costs
(18,929,799)
(18,436,378)
Other operational gains and losses
4
Amortizations
4, 11 and 12
973,973
669,107
6,047,599
12,154,515
(4,966,285)
(6,506,078)
Provisions and impairment losses
6
515,198
(14,387,407)
Operating Income
4
1,596,512
(8,738,970)
Financial Income
7
10,821,325
19,975,524
Financial Expenses
7
(12,373,634)
(8,109,426)
Gains and losses on associated companies
8
Income tax
Profit for the period
4
845,344
223,702
(561,399)
(1,265,947)
328,148
2,084,883
Attributable to:
non-controlling interests
(53,272)
(426,048)
owners of Martifer
381,420
2,510,931
Earnings per share:
Basic
9
0.0038
0.0251
Diluted
9
0.0038
0.0251
The accompanying notes are part of these financial statements
21
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE
QUARTERS ENDED 31 MARCH 2011 AND 2010
(Translation of consolidated financial statements originally issued in Portuguese - Note 27)
1STQUARTER
2011 – IFRS
(NON AUDITED)
1STQUARTER
2010 – IFRS
(NON AUDITED)
328,148
2,084,883
206,890
(720,530)
-
(2,920,500)
1,900,007
11,829,559
Income recognized directly in equity
2,106,897
8,188,529
Total comprehensive income for the period
2,435,045
10,273,412
16,465
748,454
2,418,580
9,524,958
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
Attributable to:
non-controlling interests
owners of Martifer
22
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AT 31 MARCH
2011 AND 31 DECEMBER 2010
31 MARCH
2011 – IFRS
(NON AUDITED)
31 DECEMBER
2010 – IFRS
(AUDITED)
10
11
12
13
20,447,816
22,677,348
380,819,198
14,942,359
20,689,425
28,658,372
367,482,823
14,981,893
14
15
10,731,989
20,415,606
104,436,812
7,305,099
581,776,227
11,954,290
20,186,393
83,172,197
6,446,069
553,571,462
16
45,692,781
182,345,087
31,554,056
26,548,749
161,905,157
69,158,575
133,667
517,338,072
1,099,114,299
56,367,267
218,884,487
34,394,644
20,779,512
165,387,543
76,666,431
572,479,884
1,126,051,346
50,000,000
261,723,791
381,420
312,105,211
34,012,242
346,117,453
50,000,000
314,153,874
(54,894,057)
309,259,817
30,988,178
340,247,995
144,871,509
26,121,804
23,643,258
8,732,908
11,014,772
214,384,251
167,443,037
31,398,405
11,520,911
16,588,337
10,334,013
237,284,703
268,130,807
7,727,711
169,348,349
40,974,525
18,679,010
33,591,971
160,222
538,612,595
752,996,846
1,099,114,299
212,654,520
8,573,620
197,532,331
63,621,163
21,878,594
43,884,568
373,852
548,518,648
785,803,351
1,126,051,346
NOTES
Assets
Non-current assets
Goodwill
Intangible assets
Tangible assets
Investment property
Investments in associate companies
Other non-current financial assets
Other non-current receivables
Deferred tax assets
Current assets
Inventories
Trade receivables
Other receivables
Current tax assets
Other current assets
Cash and cash equivalents
Derivatives
17
Total assets
Equity
Issued capital
Reserves
Equity attributable to owners of Martifer
Total equity
Liabilities
Non-current liabilities
Borrowings
Obligations under finance leases
Other non-current liabilities
Provisions
Deferred tax liabilities
Current liabilities
Borrowings
Obligations under finance leases
Trade payables
Other payables
Current tax liabilities
Other current liabilities
Derivatives
Total liabilities
Total equity and liabilities
4
18
18
19
20
19
21
4
23
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE QUARTERS ENDED 31 MARCH 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
Distribution of dividends
Other changes in equity of subsidiaries
Changes in the consolidation perimeter
Balance at 31 March 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
Distribution of dividends
Acquisition of treasury stock
Stock options
Increase on capital of subsidiaries
Transactions with non-controlling interests
Balance at 31 March 2011
Issued
capital
50,000,000
-
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
-
-
-
-
-
-
-
-
-
2,510,931
2,510,931
(426,048)
2,084,883
50,000,000
-
186,500,000
17,549,418
(2,920,500)
(2,920,500)
5,341,160
(667,147)
(667,147)
2,152,658
(1,403,506)
9,845,046
756,628
10,601,674
3,525,700
(7,351,994)
26,021
43,368
(407,791)
148,702,563
2,510,931
2,510,931
9,845,046
756,628
(3,857,647)
9,524,958
26,021
5,270,567
401,891,940
1,062,634
165,251
(53,383)
748,454
(374,965)
(33,457,940)
17,873,185
10,907,680
921,879
(3,641,030)
10,273,412
26,021
4,895,602
(33,457,940)
419,765,125
50,000,000
-
(852,587)
-
186,500,000
-
15,927,250
-
-
(228,755)
-
(13,497,358)
-
113,494
-
126,191,829
(54,894,057)
(54,894,057)
54,894,057
309,259,817
-
30,988,178
-
340,247,995
-
-
-
-
-
-
-
-
-
-
381,420
381,420
(53,272)
328,148
-
-
-
-
-
-
2,124,014
(241,610)
-
-
-
2,124,014
(241,610)
17,602
-
2,141,616
(241,610)
-
-
-
-
-
154,755
154,755
1,882,405
-
-
381,420
154,755
2,418,580
52,135
16,465
206,890
2,435,045
186,500,000
15,927,250
-
(74,000)
(11,614,953)
21,848
135,343
(679,544)
21,848
1,339,022
(254,512)
312,105,211
1.381.299
(424,469)
2,046,256
4,512
34,012,242
(679,544)
21,848
1.381.299
914,553
2,046,256
(250,000)
346,117,453
50,000,000
(679,544)
(1,532,131)
1,339,022
(254,512)
72,382,283
381,420
24
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE QUARTERS ENDED
31 MARCH 2011 AND 2010
1ST QUARTER
2011 – IFRS
(NON AUDITED)
1ST QUARTER
2010 – IFRS
(NON AUDITED)
OPERATING ACTIVITIES
Receipts from customers
178,869,461
147,554,302
(163,208,881)
(142,694,571)
(17,368,280)
(15,401,670)
Cash (used in)/generated from operations
(1,707,700)
(10,541,939)
Income taxes paid
(1,162,005)
(1,580,325)
Other receipts/(payments) relating to operating activities
(5,519,838)
9,290,030
Cash generated from other operating activities
(6,681,843)
7,709,705
Net cash (used in)/generated by operating activities (1)
(8,389,543)
(2,832,233)
300,000
147,747
623,454
1,071,201
15,183,162
293,260
4,859
6,780
15,569,479
(5,238,750)
(8,548,079)
(3,814,455)
(17,601,284)
(16,530,084)
(5,214,462)
(2,747,192)
(1,180,096)
(375,434)
(9,517,184)
6,052,294
179,063,622
2,681,299
514,320
182,259,242
212,236,522
1,640,967
117,303
213,994,792
(151,458,863)
(6,122,510)
(4,397,030)
(1,015,476)
(162,993,879)
(19,265,363)
(167,955,615)
(9,261,002)
(4,567,085)
(724,396)
(182,508,099)
31,486,693
(5,654,263)
(758,191)
(1,095,401)
76,666,431
69,158,575
34,706,754
(6,696,192)
1,688,426
24,844,210
54,543,198
Payments to suppliers
Payments to employees
INVESTING ACTIVITIES
Receipts arising from:
Financial assets
Tangible assets
Intangible assets
Interest and similar income
Payments arising from:
Financial assets
Tangible assets
Intangible assets
Others
Net cash (used in)/generated by investing activities (2)
FINANCING ACTIVITIES
Receipts arising from:
Borrowings
Issue of equity shares, supplementary capital and share premiums
Others
Payments arising from:
Borrowings
Leasings
Interest and similar costs
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
25
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 31 March 2011, the Group has developed its activity in Portugal, Spain, Poland, Slovakia, Germany, Romania,
Czech Republic, Angola, Brazil, Greece, United States of America, Australia, Mozambique, Ireland, Italy, Belgium,
Bulgaria, the Netherlands, France, Thailand, Morocco, South Africa, United Kingdom and Canada.
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 31 March 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.
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.
26
2. GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL
STATEMENTS
Group companies included in the consolidated financial statements, their consolidation methods, head offices and
percentage of share capital held by the Group, at 31 March 2011 are as follows:
COMPANIES CONSOLIDATED THROUGH THE FULL CONSOLIDATION METHOD
PERCENTAGE OF SHARE CAPITAL HELD
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.
DIRECTLY
INDIRECTLY
TOTAL
100.00%
-
100.00%
100.00%
-
100.00%
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
-
90.00%
90.00%
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 S.R.L.
Bucharest
Martifer Recycling Roménia
-
100.00%
100.00%
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%
Martifer II Inox, S.A.
Sever do Vouga
Martifer II Inox
-
75.00%
75.00%
Luanda
Martinox Angola
-
63.00%
63.00%
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%
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 Sp. Z.o.o
Gliwice
Martifer Energia Polónia
-
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%
Cape Town
Martifer Energia África do Sul
-
85.00%
85.00%
Aveiro
Navalria
-
100.00%
100.00%
Oliveira de Frades
Ventinveste Indústria
-
46.00%
46.00%
Martinox, S.A.
Martifer Beteiligungsverwaltungs GmbH
M City Gliwice Sp. Zo.o
Martifer Energy Systems SGPS, S.A.
Martifer Energy Systems PTY
Navalria – Docas, Construções e Reparações
Navais, S.A.
Ventinveste Indústria SGPS, S.A.
27
COMPANY
HEADOFFICE
DESIGNATION
Martifer Solar SGPS, S.A.
Oliveira de Frades
Martifer Solar SGPS
Oliveira de Frades
Madrid
Martifer Solar, S.A.
Martifer Solar Sistemas Solares, S.A.
Solar Parks Construccion Parques Solares
ETVE, S.A.
Parque Solar Seseña II, S.L.
DIRECTLY
INDIRECTLY
TOTAL
100.00%
-
100.00%
Martifer Solar
-
75.00%
75.00%
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%
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
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%
Amsterdam
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%
Martifer Solar Inc.
PVGLASS S.r.l
MPrime Solar Solutions, S.A.
MPRIME Italia S.r.l
Martifer Solar Investments, B.V.
Martifer Renewables SGPS, S.A.
1)
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%
28
COMPANY
HEADOFFICE
DESIGNATION
DIRECTLY
INDIRECTLY
TOTAL
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%
Martifer Renewables Brasil Participações LTDA
Martifer Renováveis - Geração de Energia e
Participações S.A.
Eólica Faisa, Ltda.
Fortaleza
Martifer Renewables Brasil
-
100.00%
100.00%
Fortaleza
Ventania
-
55.00%
55.00%
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%
MS – Participações Societárias, S.A.
Fortaleza
MS (ex-Faisa Biomassa)
-
28.05%
28.05%
Eólica Embuaca, Ltda.
Fortaleza
Embuaca
-
28.05%
28.05%
Eólica Mar e Terra, Ltda.
Fortaleza
Mar e Terra
-
28.05%
28.05%
Eólica Bela Vista, Ltda.
Fortaleza
Bela Vista
-
28.05%
28.05%
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
-
41.25%
41.25%
Fortaleza
Melosa
-
55.00%
55.00%
Fortaleza
Paraipaba
-
55.00%
55.00%
Eólica Chapadão, Ltda.
Rosa dos Ventos - Geração e
Comercialização de Energia, S.A
Eólica Icaraí, Ltda.
Fortaleza
Chapadão
-
55.00%
55.00%
Fortaleza
Rosa dos Ventos
-
52.25%
52.25%
Fortaleza
Icaraí
-
28.05%
28.05%
Eurocab FV 20 S.L.
Madrid
Eurocab 20
-
100.00%
100.00%
Eviva Energy S.R.L.
1)
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%
Gliwice
Eviva Polónia
-
100.00%
100.00%
IWP Sp. Z o.o.
Gliwice
IWP
-
100.00%
100.00%
Bukowsko
Gliwice
Bukowsko
-
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
Berlim
Martifer Deutschland
-
100.00%
100.00%
Martifer Renewables Bippen GmbH
Berlim
Eviva Bippen
-
100.00%
100.00%
Gesto Energia, S.A.
Oliveira de Frades
-
75.00%
75.00%
Martifer Renewables II Microprodução, S.A.
Vouzela
-
60.00%
60.00%
G.I.G. - Gesto Investimento e Gestão, SGPS, S.A.
Oliveira de Frades
Gesto Energia
Martifer Renewables II
Microprodução
G.I.G.
-
75.00%
75.00%
Hidroavelar, Unipessoal Lda.
Sociedade Hidroeléctrica do Távora, Unipessoal
Lda.
Sociedade Geotérmica da Bacia Lusitaniana,
Unipessoal Lda.
Gesto Itália, S.R.L.
Oliveira de Frades
Hidroavelar
-
75.00%
75.00%
Oliveira de Frades
Hidroeléctrica do Távora
-
75.00%
75.00%
-
75.00%
75.00%
Martifer Renewables, S.A.
Roma
Soc. Geotérmica da Bacia
Lusitaniana
Gesto Itália
-
75.00%
75.00%
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%
Oliveira de Frades
29
COMPANY
HEADOFFICE
DESIGNATION
DIRECTLY
INDIRECTLY
TOTAL
Wind Farm Markowa Sp. Zo.o
Gliwice
Wind Farm Markowa
-
100.00%
100.00%
Wind Farm Lada Sp. Zo.o
Gliwice
Wind Farm Lada
-
100.00%
100.00%
Wind Farm Jawornik Sp. Zo.o
Gliwice
Wind Farm Jawornik
-
100.00%
100.00%
Wind Farm Piersno Sp. Zo.o
Gliwice
Wind Farm Piersno
-
100.00%
100.00%
Wind Farm Oborniki Sp. Zo.o
Gliwice
Wind Farm Oborniki
-
100.00%
100.00%
Martifer Renewables Brazil B.V.
Amsterdam
Renewables Holanda
-
100.00%
100.00%
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%
Martifer Renewables Italy BV
Amsterdam
Renewables Italy Holanda
-
100.00%
100.00%
Prio Agriculture, B.V.
Delft
Prio Holanda
-
100.00%
100.00%
Amsterdam
Porthold
-
55%
55%
Vesto EAD
Martifer Renewables Investments ETVE, S.A.
Porthold Project Development BV
1)
The full consolidation of these companies is justified as the Group has ultimate control.
COMPANIES CONSOLIDATED THROUGH THE PROPORTIONATE METHOD
Companies consolidated through the proportionate method, their head offices and percentage of share capital held
by the Group at 31 March 2011, are as follows:
PERCENTAGEOF SHARE CAPITAL HELD
COMPANY
HEAD OFFICE
DESIGNATION
Gebox, S.A.
Ílhavo
Gebox
Promoquatro – Investimentos Imobiliários, Lda.
Oliveira de Frades
Promoquatro
Ventinveste, S.A.
Lisbon
Ventinveste SA
Ventinveste Eólica, SGPS, S.A.
Lisbon
Ventinveste Eólica
Parque Eólico de Torrinheiras, S.A.
Lisbon
PE Torrinheiras
Parque Eólico do Douro Sul, S.A.
Lisbon
PE Douro Sul
Parque Eólico do Pinhal do Oeste, S.A.
Lisbon
PE Pinhal do Oeste
Parque Eólico de Vale Grande. S.A.
Lisbon
PE Vale Grande
Parque Eólico de Vale do Chão, S.A.
Lisbon
PE Vale do Chão
Parque Eólico do Cabeço Norte, S.A.
Lisbon
PE Cabeço Norte
Parque Eólico da Serra do Oeste, S.A.
Lisbon
PE Serra do Oeste
Parque Eólico do Planalto, S.A.
Lisbon
PE Planalto
Eviva Dunowo, Sp. Z o.o.
Gliwice
SPEE 3 – Parque Eólico do Baião, S.A.
DIRECTLY
INDIRECTLY
TOTAL
-
50.00%
50.00%
-
50.00%
50.00%
5.00%
41.00%
46.00%
-
46.00%
46.00%
-
46.00%
46.00%
-
46.00%
46.00%
-
46.00%
46.00%
-
46.00%
46.00%
2)
-
46.00%
46.00%
2)
-
46.00%
46.00%
-
46.00%
46.00%
-
46.00%
46.00%
Eviva Dunowo
-
50.00%
50.00%
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
1)
-
25.00%
25.00%
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%
Parque Eólico da Penha da Gardunha, Lda.
Oliveira de Frades
PE Penha da Gardunha
-
50.00%
50.00%
2)
2)
2)
2)
2)
2)
2)
2)
1)
The consolidation of these companies through the proportionate consolidation method results from the Group having joint control of their
parent company, which in turn has joint or full control of the investee.
2)
The consolidation of these companies through the proportionate consolidation method results from shareholder agreements that regulate
joint control of the investee.
30
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 31 March 2011, are as follows:
COMPANY
HEAD OFFICE
DESIGNATION
Proempar
Oporto
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%
Parque Solar Seseña I, S.L.
Madrid
Seseña I
-
37.48%
37.48%
Prio 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 - 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%
Prio Agricultura e Extracção LTDA
S. Luís do Maranhão
Prio Agricultura e Extracção
-
49.00%
49.00%
Prio Extractie S.R.L.
Bucharest
Prio Extractie
-
49.00%
49.00%
Prio Agro Industries. Sp. Z o.o.
Gliwice
Prio Polónia
-
49.00%
49.00%
Prio Biocombustibil S.R.L.
Bucharest
Prio Biocombustibil
-
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%
MTSk1
Cadca
MTSK1
-
75.00%
75.00%
1)
1)
The consolidation of this company through equity method results from the existence of agreements that imposes significant limitations to
the management by Martifer Group.
During the first quarter of 2011 and during 2010 the changes occurred in the consolidation perimeter were as follows:
Incorporated companies:
In the first quarter 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)
31
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)
Parque Solar Seseña III, S.L. (Seseña III)
Inovsun, Lda. (Inovsun)
Prio Parque de Tanques de Aveiro, S.A. (Prio Tanques)
Acquired companies:
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
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)
32
Eviva S.R.O. (Eviva Eslováquia)
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.
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 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.
3. SALES AND SERVICES RENDERED
At 31 March 2011 and 2010, the breakdown of sales and services rendered is as follows:
1ST QUARTER 2011
1ST QUARTER 2010
Revenue from the sale of merchandise
15,580,236
21,727,022
Revenue from the sale of goods
56,889,594
62,538,472
Services rendered
39,022,525
18,277,932
111,492,355
102,543,426
33
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 Final Year Report, and as a natural consequence of the strategic focus on the
main businesses, Martifer has changes the reporting segments. From the first quarter of 2011 the Group starts
presenting its accounts with the activity divided in two main segments – metallic construction and solar. The other
activities and subsidiary companies will be in the “Others” segment. This will be 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 - that
produces components for wind power turbines, steel tower manufacturing, turbine assembly and turnkey wind farm
delivery - engineering division - that offers management and construction solutions for industrial units - and navy. In
the Solar segment the focus is on the production of PV panels, as well as the promotion, licensing, operation and
maintenance of solar parks.
The RE Developer segment promotes, develops and manages electricity generation projects from renewable sources,
using several technologies. 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 amount 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).
At 31 March 2011 and 2010, the breakdown of sales and services rendered by primary segments is as follow
SALES TO EXTERNAL
CUSTOMERS
INTERSEGMENT SALES
TOTAL
1ST QUARTER
2011
1ST QUARTER
2010
1ST QUARTER
2011
1ST QUARTER
2010
1ST QUARTER
2011
1ST QUARTER
2010
72,060,787
72,679,259
20,299,864
23,427,454
92,360,651
96,106,714
Solar
35,343,262
23,562,989
9,081,659
6,024,069
44,424,921
29,587,058
Others
4,088,304
6,301,178
1,994,469
2,135,197
6,082,773
8,436,375
111,492,353
102,543,426
31,375,992
31,586,721
142,868,345
134,130,147
(30,965,172)
(30,407,771)
Intersegment eliminations
Own work capitalized (Note 5)
Sales and services rendered to external customers – Total
(410,818)
(1,178,949)
111,492,355
102,543,426
The sales and services rendered increased 9% during the first quarter when compared with the same period from
2010. The Metallic Construction business area presented Revenues in line with the same period last year.
The Solar business presented a strong growth of 50%, when compared with the same period from 2010, as a
consequence of the aggressive growth strategy implemented during 2010, which continues to produce effects
throughout 2011.
st
In the RE Developer area the decrease in sales and services rendered compared with 1 quarter 2010 is explained
with the sale of the wind farms in Germany, Bippen and Holleben.
34
At 31 March 2011 and 2010, the earnings before interest, taxes, amortisations, provisions and impairment losses
(EBITDA), earnings before interest and taxes (EBIT) and profit after tax by primary segments are as follows:
EBITDA
ST
Solar
Others
EBIT
ST
ST
PROFIT AFTER TAX
ST
ST
1 QUARTER
2011
1 QUARTER
2010
1 QUARTER
2011
1 QUARTER
2010
1 QUARTER
2011
1ST QUARTER
2010
3,770,036
6,867,846
1,057,590
3,951,694
(207,898)
3,580,791
720,453
2,539,210
190,468
2,030,784
793,589
560,662
1,557,110
2,747,459
348,454
(14,721,448)
(257,543)
(2,056,570)
6,047,599
12,154,515
1,596,512
(8,738,970)
328,148
2,084,883
In the first quarter of 2011, total consolidated EBITDA registered Euro 6 million, which represents a decrease of
50.2% compared with the same period last year. In general terms, the weaker performance is explained by lower
margins in the projects of metallic construction and solar areas and by the internationalization effort and the
associated cost of entry.
Earnings before interest and taxes (EBIT) reached 1.6 million euro on a reported basis, which compares with a
negative EBIT of 8.7 million euro on the same period of the previous year. However, the 1st quarter 2010 EBIT
included 12.8 million euro of provision and impairment losses.
The Group‟s net assets and liabilities by primary segments at 31 March 2011 and 31 December 2010 are as follows:
ASSETS
LIABILITIES
31 MARCH 2011
31 DECEMBER 2010
31 MARCH 2011
31 DECEMBER 2010
795,862,545
827,595,458
591,938,806
693,225,567
Solar
348,277,607
330,818,853
261,943,171
261,226,190
RE Developer
777,490,338
782,082,162
591,353,034
768,366,884
Holding e MIGs
579,127,650
565,221,974
154,619,748
151,012,332
(1,401,643,841)
(1,379,667,102)
(846,857,913)
(1,088,027,623)
1,099,114,299
1,126,051,346
752,996,846
785,803,351
Others:
Intra-group eliminations
The Group‟s capital expenditures (acquisition of tangible and intangible assets) and amortizations, by primary
segments, till 31 March 2011 and 2010, are as follows:
CAPITAL EXPENDITURES
AMORTIZATIONS
31 MARCH 2011
31 MARCH 2010
1ST QUARTER 2011
1ST QUARTER 2010
2,186,131
3,994,398
2,659,080
2,583,260
Solar
5,989,471
232,783
529,985
508,425
19,401,795
4,672,735
1,777,220
3,414,393
27,577,397
8,899,916
4,966,285
6,506,078
Others
st
The increase in capital expenditure during this quarter, compared with the 1 quarter of 2010, is essentially justified
with the construction of solar plants at Martifer Solar and with the development and construction of RE Developer‟s
wind farms, mainly the construction of the wind farm Bukowsko in Poland (Note 12).
35
5. OTHER INCOME
At 31 March 2011 and 2010, the breakdown of the caption „Other income‟ is as follows:
1ST QUARTER 2011
1ST QUARTER 2010
Change in production
3,966,129
(1,254,674)
Own work capitalized
410,817
1,178,949
4,376,946
(75,725)
The reduction of „Own work capitalized‟ is connected with the finalization of the construction of industrial facilities in
Angola, in the Metallic Construction segment, as well as the wind farms conclusion in the RE Developer segment.
The increase in „Change in production‟ is mainly justified by the production of PV modules during the first quarter of
2011, in the solar segment.
6. PROVISIONS AND IMPAIRMENT LOSSES
The provisions and impairment losses for the periods ended 31 March 2011 and 2010 were as follows:
1ST QUARTER 2011
1ST QUARTER 2010
Goodwill impairment (Note 10)
-
7,975,609
Intangible assets impairment (Note 11)
-
4,851,537
Tangible assets impairment (Note 12)
Trade and other receivables impairment
Provisions arising from the use of the equity method (Note 20)
Other provisions (Note 20)
(568,564)
-
-
237,020
-
1,273,278
53,366
49,963
(515,198)
14,387,407
st
The change in this caption relates essentially to the fact that RE Developer business area recognized, during the 1
quarter 2010, Euro 12,827,146 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.
7. NET FINANCIAL RESULTS
The net financial results for the periods ended at 31 March 2011 and 2010 can be analyzed as follows:
1ST QUARTER 2011
1ST QUARTER 2010
605,026
337,592
5,912,874
-
-
13,062,857
4,235,284
6,060,579
FINANCIAL INCOME
Loans and accounts receivable (including bank deposits)
- Interest income
Available for sale investments
- Gains on the sale of financial assets
Held 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
36
-
11,110
68,141
503,386
10,821,325
19,975,524
1ST QUARTER 2011
1ST QUARTER 2010
4,944,042
4,141,477
(155,606)
(80,601)
5,308,173
2,705,259
2,277,025
1,313,585
12,373,634
8,109,426
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 liabilities
- Foreign exchange losses
- Financial discounts granted
29,707
- Other financial expenses
The caption „Gains on the sale of financial assets‟ , in 2011, refers mainly to the capital gains obtained with the sale
of 50% of REpower Portugal to REpower Systems AG and to the sale of Home Energy to EDP Serviços. In 2010,
the figure of Euro 13,062,857 relates to the loss of control of the subsidiaries of Prio Foods and Prio Energy
Groups.
The captions „Foreign exchange gains / (losses)‟ are related with exchange variations registered in foreign
st
subsidiaries, particularly in Romania, Poland and Angola, and the changes in this quarter compared with 1 quarter
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.
8. GAINS AND LOSSES IN ASSOCIATE COMPANIES
At 31 March 2011 and 2010, the gains and losses in associate companies are as follows:
Group Prio Energy
Group Prio Foods
WHS Energy Services
1ST QUARTER 2011
1ST QUARTER 2010
956,500
218,940
(111,156)
-
4,761
845,344
223,702
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 31 March 2011, was
Euro 1.44, lower than the exercise price of the stock options (Euro 3.84), these stock options are non-diluted
because if the options were exercised the number of shares outstanding would be reduced.
Therefore, at 31 March 2011 there were no differences between the basic earnings per share and the diluted
earnings per share calculation.
37
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 744,692 treasury stocks, corresponding to a
volume of treasury stocks acquired by Martifer SGPS, during 2010 and 2011, of 1,020,403 shares.
At 31 March 2011 and 2010, the basic and diluted earnings per share can be summarised as follows
1ST QUARTER 2011
Profit for the period (I)
Weighted average number of shares outstanding (II)
Basic and diluted earnings per share (I) / (II)
1ST QUARTER 2010
381,420
2,510,931
99,255,308
100,000,000
0.0038
0.0251
10. GOODWILL
During the period ended at 31 March 2011, there were no transactions with impact in Goodwill.
At 31 March 2011 and 31 December 2010, the movement occurred in the caption „Goodwill‟ is as follows:
31 MARCH 2011
31 DECEMBER 2010
62,625,947
67,513,979
-
1,927,961
- Parque Eólico da Penha da Gardunha
-
(1,698,870)
Sale of subsidiaries
-
(7,255,986)
(241,610)
2,293,143
(41,936,522)
-
COST
Opening balance
Acquisition of subsidiaries
Changes arising from the loss of control of the subsidiaries:
Effect of foreign currency exchange differences
Write-off of goodwill fully impaired
Others
CLOSING BALANCE
-
(154,280)
20,447,816
62,625,947
41,936,522
27,018,396
ACCUMULATED IMPAIRMENT LOSSES
Opening balance
Impairment losses recognized in the period (Note 6)
-
20,371,745
Sale of subsidiaries
-
(5,453,619)
Write-off of goodwill fully impaired
(41,936,522)
-
-
41,936,522
Carrying amount at the beginning of the period
20,689,425
40,495,583
Carrying amount at the end of the period
20,447,816
20,689,425
CLOSING BALANCE
38
At 31 March 2011 and 31 December 2010, the breakdown of „Goodwill‟ is as follow:
COST
31 MARCH 2011
ACCUMULATED
IMPAIRMENT
LOSSES
31 DECEMBER 2010
CARRYING
AMOUNT
CARRYING
AMOUNT
Martifer Construções
5.448.792
-
5.448.792
5,448,792
Sassall Glass & Joinery
4.626.377
-
4.626.377
4,837,691
Martifer Metallic Constructions
4.127.466
-
4.127.466
4,127,466
Parque Eólico Penha da Gardunha
1,974,515
-
1,974,515
1,974,515
Navalria
1.618.675
-
1,618,675
1,618,675
Martifer Solar
1.493.776
-
1,493,776
1,493,776
Ventinveste
473,525
-
473,525
473,525
Martifer Solar USA
371,328
-
371,328
371,328
Sassall Aluminium
179,730
-
187,940
187,940
Martifer Solar Hellas
72.205
-
72,205
72,205
Gargano Solar Park
50.002
-
50,002
50,002
Porthold
14.379
-
14,379
14,379
MGI
8.373
-
8,373
8,373
Martifer GmbH
6.026
-
6,026
6,026
M City Bialystok
4.733
-
4,733
4,733
20,447,816
-
20,447,816
20,689,425
11. INTANGIBLE ASSETS
This caption is analysed as follows:
31 MARCH 2011
31 DECEMBER 2010
16,896,292
16,624,051
Intangible assets in progress
6,892,131
12,493,653
Advances for the acquisition of intangible assets
5,773,022
5,874,994
29,561,445
34,992,699
6,884,097
6,334,328
Intangible assets in progress
-
-
Advances for the acquisition of intangible assets
-
-
6,884,097
6,334,328
22,677,348
28,658,371
COST
Software and other rights
ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES
Software and other rights
CARRYING AMOUNT
39
At 31 March 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
1,389,689
1,025,503
-
2,415,192
(1,259)
-
-
(1,259)
41,308
808,658
-
849,966
(198)
(85,219)
(836,670)
(922,087)
31 MARCH 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)
436
-
-
436
48,009,967
10,358,744
3,948,881
62,317,592
16,624,051
12,493,653
5,874,994
34,992,699
333,231
3,475,703
-
3,808,933
(271,498)
(60,587)
-
(332,085)
30,882
(9,016,638)
(101,972)
(9,087,729)
31 MARCH 2011
Opening balance
Additions
differences
179,627
-
-
179,627
16,896,293
6,892,131
5,773,022
29,561,445
st
The increase in capital expenditure this quarter, compared with the 1 quarter of 2010, relates essentially with the
development of Silverado project in Martifer Solar (Euro 1,924,874).
40
At 31 March 2011 and 2010, the accumulated depreciation of „Intangible assets‟ can be analyzed as follows:
SOFTWARE
AND OTHER
RIGHTS
INTANGIBLE
ASSETS IN
PROGRESS
ADVANCES FOR
THE ACQUISITION
OF INTANGIBLE
ASSETS
TOTAL
9,511,639
-
-
9,511,639
998,468
-
-
998,468
(1,189)
-
-
(1,189)
5,412
-
-
5,412
(77)
-
-
(77)
10,514,254
-
-
10,514,254
6,334,328
-
-
6,334,328
555,832
-
-
555,832
(3,703)
-
-
(3,703)
(2,302)
-
-
(2,302)
(57)
-
-
(57)
6,884,097
-
-
6,884,097
31 March 2010
37,495,712
10,358,744
3,948,881
51,803,338
31 March 2011
10,012,195
6,892,131
5,773,022
22,677,348
31 MARCH 2010
Opening balance
Additions
differences
31 MARCH 2011
Opening balance
Additions
differences
CARRYING AMOUNT
12. TANGIBLE ASSETS
This caption is analysed as follows:
31 MARCH 2011
31 DECEMBER 2010
Land and buildings
137,383,720
140,190,155
Equipments
107,428,908
109,916,789
Tangible assets in progress
120,909,929
98,459,577
Other tangible assets
100,874,894
101,512,453
466,597,451
450,078,974
Land and buildings
28,309,217
27,582,922
Equipments
47,482,353
46,224,782
COST
ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES
Tangible assets in progress
Other tangible assets
CARRYING AMOUNT
-
-
9,986,683
8,788,447
85,778,253
82,596,151
380,819,198
367,482,823
41
At 31 March 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
2,048,627
1,207,864
3,135,067
93,165
6,484,723
(30,001)
(446,796)
-
(9,502)
(486,299)
933,938
1,623,770
2,898,964
1,338,337
6,795,009
(612,592)
(216,824)
28,967
(419)
(800,868)
31 MARCH 2010
Opening balance
Additions
Effect of foreign currency
exchange differences
Changes in the consolidation
perimeter
6,880,283
298,744
(7,170,080)
-
8,948
139,146,033
161,967,676
96,333,979
94,059,898
491,507,585
140,190,155
109,916,789
98,459,577
100,874,894
449,441,415
2,813,921
474,805
20,175,824
303,913
23,768,463
(4,678)
(1,069,172)
-
-
(1,073,850)
(890,297)
(1,362,501)
1,383,551
(331,760)
(1,201,008)
(4,161,831)
(1,094,564)
-
-
(5,256,394)
-
-
568,564
-
568,564
31 MARCH 2011
Opening balance
Additions
perimeter
Impairments (Note 6)
(563,550)
563,550
322,414
27,846
350,261
137,383,720
107,428,908
120,909,929
100,874,894
466,597,451
st
The increase in capital expenditure this quarter, compared with the 1 quarter of 2010, is justified, essentially, by the
construction of RE Developer‟s wind farm Bukowsko in Poland (Euro 18,602,213) and to the development of
Silverado project in Martifer Solar (Euro 3,402,999).
42
At 31 March 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
1,148,773
3,181,313
-
1,177,525
5,507,610
-
(287,769)
-
-
(287,769)
69,653
275,134
-
44,488
389,275
(22,969)
(20,912)
-
(35)
(43,916)
24,174,759
57,387,113
-
5,317,557
86,879,429
27,582,922
46,224,782
-
8,788,447
82,596,151
1,168,680
1,964,469
-
1,277,303
4,410,452
(626)
(524,415)
-
-
(525,041)
(56,473)
(59,142)
-
(31,557)
(147,171)
(374,806)
(134,989)
-
-
(509,795)
31 MARCH 2010
Opening balance
Additions
perimeter
31 MARCH 2011
Opening balance
Additions
perimeter
(10,480)
11,647
-
(47,510)
(46,343)
28,309,217
47,482,352
-
9,986,683
85,778,253
31 March 2010
114,971,274
104,580,563
96,333,979
88,742,341
404,628,156
31 March 2011
109,074,502
59,946,556
120,909,929
90,888,210
380,819,198
CARRYING AMOUNT
The decrease in amortizations of equipment in the quarter ended 31 March 2011 is mostly due to the sale, in
December 2010, of the German wind farms, which contributed, in the first quarter of 2010, with Euro 922 thousand.
13. INVESTMENT PROPERTY
At 31 March 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.
43
At 31 March 2011 and 31 December 2010, the movement occurred in the caption „Investment property‟ is as
follows:
Opening balance
31 MARCH 2011
31 DECEMBER 2010
14,981,893
57,013,000
-
5,476,893
Transfers
Effect of foreign currency exchange differences
(39,534)
-
-
(47,508,000)
14,942,359
14,981,893
14. INVESTMENTS IN ASSOCIATE COMPANIES
At 31 March 2011 and 31 December 2010, investments in associates are as follows:
31 MARCH 2011
31 DECEMBER 2010
Prio Energy Group
7,520,391
6,495,894
MTSK1
3,211,598
4,250,462
Home Energy
-
1,207,934
10,731,989
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.
15. OTHER NON-CURRENT FINANCIAL ASSETS
At 31 March 2011 and 31 December 2010, in the other non-current financial assets are as follows:
Non-current financial investment
Others
44
31 MARCH 2011
31 DECEMBER 2010
20,030,000
20,030,000
385,606
156,393
20,415,606
20,186,393
16. INVENTORIES
At 31 March 2011 and 31 December 2010, inventories are as follows:
Raw-materials, subsidiaries and other consumables
Work in progress
Merchandise
Finished goods
31 MARCH 2011
31 DECEMBER 2010
18,589,938
22,479,990
7,095,322
7,590,210
12,326,182
23,395,603
7,681,339
2,901,464
45,692,781
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 31 March 2011 and 31 December 2010, the breakdown of the caption „Other current assets‟ is as follows:
31 MARCH 2011
31 DECEMBER 2010
152,194,591
158,844,792
321,262
215,323
ACCRUED INCOME
Work in Progress (construction contracts)
Interest to be received
Other accrued income
3,176,818
1,940,445
155,692,671
161,000,560
1,432,477
791,921
309,524
-
Rents
1,610,459
1,679,377
Other prepayments
2,860,026
1,915,685
6,212,486
4,386,983
161,905,157
165,387,543
PREPAYMENTS
Insurances
Interests
18. SHARE CAPITAL, TREASURY STOCKS AND NON-CONTROLLING INTERESTS
Share capital and treasury stocks
Martifer SGPS, SA share capital, fully subscribed and paid at 31 March 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 quarter of 2011, Martifer SGPS, S.A. acquired on stock exchange, 466,562 treasury shares (2010:
553,841 treasury shares were acquired). Following these transactions Martifer holds 1,020,403 treasury stocks
representing 1.0204% of its share capital.
At 31 March 2011, the share capital of Martifer SGPS, S.A. was held in 41.76% by I‟M SGPS, S.A., in 37.5% by
Mota-Engil SGPS, S.A and 1.02% are treasury shares. The remaining 19.72% represents free-float listed in
Euronext Lisbon.
45
Movements in the non-controlling interests are as follows:
31 MARCH 2011
31 DECEMBER 2010
30,988,178
50,957,635
(53,272)
2,509,792
(424,469)
4,100,230
Increase in the share capital of subsidiaries
1,381,299
8,750,000
2,046,256
(27,989,408)
4,512
(7,685,704)
69,738
345,634
34,012,242
30,988,178
Opening balance
Net profit of the year
Transactions with non-controlling interests
Other
The „Changes in the consolidation perimeter‟ refers mainly to the selling of the companies of Martifer Renewables
in the USA (Euro 1.8 million) and Home Energy. In 2010 the amount was related to Prios.
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. This acquisition was accounted for in accordance
with the purchase method. As it was an acquisition 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, MS Participações Societárias, S.A. and Martifer
II Inox, S.A.
19. BORROWINGS
At 31 March 2011 and 31 December 2010, borrowings can be analysed as follows:
UNTIL 1
YEAR
2 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
Authorized overdrafts
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
212,654,520
53,397,339
82,900,152
31,145,546
380,097,557
31 December 2010
FINANCIAL INSTITUTIONS BORROWINGS:
OTHER BORROWINGS:
46
UNTIL 1
YEAR
2 YEARS
BETWEEN
3 AND 5
YEARS
MORE
THAN 5
YEARS
TOTAL
Bank loans
95,888,135
53,431,081
28,018,831
13,363,151
190,701,198
Bank overdrafts
32,682,193
-
-
-
32,682,193
Authorized overdrafts
60,405,500
-
-
-
60,405,500
Commercial paper
74,850,000
14,975,000
17,175,000
-
107,000,000
Other borrowings
4,304,979
1,071,778
644,070
16,192,598
22,213,425
268,130,807
69,477,859
45,837,901
29,555,749
413,002,316
31 MARCH 2011
FINANCIAL INSTITUTIONS BORROWINGS:
OTHER BORROWINGS:
At 31 March 2011, the Group‟s net debt amounts Euro 377,719,811. We call attention to the fact that the net debt
calculation, includes, besides the borrowings mentioned above, the „finance leases‟ (Euro 33,849,515), „derivatives‟
(Euro 26,555) and „cash and cash equivalents‟ (Euro 69,158,575).
20. PROVISIONS
The information related with „Provisions‟ as of 31 March 2011 can be detailed as follows:
5,390,108
CHANGE OF
CONSOLIDATIO
N PERIMETER,
EXCHANGE
RATE
DIFFERENCES,
TRANSFERS
-
5,390,108
Legal claims in progress
322,556
(74)
322,482
Provisions arising from the use of the
equity method
505,388
45,401
615,183
OPENING
ADDITIONS REDUCTIONS APPLICATIONS
BALANCE
Quality guarantees
Onerous contracts
1,393,000
Others
8,977,285
16,588,337
64,394
64,394
CLOSING
BALANCE
(1,393,000)
-
-
(11,028)
(6,606,375)
45,253
2,405,135
(11,028)
(7,999,375)
90,580
8,732,908
The application of the provision in „Others‟ caption, is 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.
47
21. OTHER CURRENT LIABILITIES
At 31 March 2011 and 31 December 2010, other current liabilities are made up as follows:
31 MARCH 2011
31 DECEMBER 2010
Holiday pay and bonuses
7,739,029
6,177,510
Interest borne but not yet overdue
2,124,298
1,683,749
Production performed by third parties not yet invoiced
9,739,605
11,441,138
ACCRUED COSTS
Other accrued expenses
2,844,396
6,254,874
22,447,328
25,557,271
Production invoiced and not yet performed (construction contracts)
8,245,763
15,384,245
Subsidies / Government grants
1,648,719
1,725,855
DEFERRED INCOME
Other deferred income
1,250,161
1,217,197
11,144,643
18,327,297
33,591,971
43,884,568
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 quarter of 2011.
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 companies, accounted through the equity method, are not eliminate,
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 31 March 2011, that
had affected significantly the financial position or performance of the Group.
48
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”)
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")
49
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")
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”)
50
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.
Park Charge - Energy Systems, 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”)
Plaza Center, S.A.
Prefal – Préfabricados de Luanda, Lda. (“Prefal”)
Probigalp Ligantes Betuminosos, S.A. (“Probigalp”)
Promodois, S.A.
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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. JOINTLY CONTROLLED COMPANIES
At 31 March 2011 and 2010, jointly controlled companies contribution to the Group‟s consolidated financial
statements, before intragroup eliminations, is as follows:
31 MARCH 2011
31 DECEMBER 2010
Current assets
12,674,600
24,671,524
Non-current assets
61,231,612
66,553,039
7,027,653
15,894,415
54,399,870
62,869,935
1ST QUARTER 2011
1ST QUARTER 2010
Total revenues
2,022,054
4,243,414
Total costs
2,104,706
3,423,883
(82,652)
696,719
Current liabilities
Non-current liabilities
Contribution to the earnings of the period
25. SUBSEQUENT EVENTS
No subsequent events occurred during this reporting period that requires recognition or disclosure.
26. APPROVAL OF THE FINANCIAL STATEMENTS
th
These financial statements were approved by the Board of Directors on 19 May 2011.
53
27. 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, 19 May 2011
Chief Accountant
The Board of Directors
__________________________________
__________________________________
Rui Miguel Alexandre
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
54

interim management report and financial information

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interim management report and financial information