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Oliveira de Frades, 23 de Outubro de 2009
MARTIFER INFORMS ABOUT PRESENTATION OF THE INVESTOR DAY
Martifer SGPS, SA
AG
EN
DA
1 | C
ha
ng
es in
Co
rpo
rate
Go
ve
rna
nce
2 | M
art
ife
rG
rou
p S
tra
teg
y
3 | B
usin
ess A
rea
s’ O
utlo
ok
3.1
| R
en
ew
ab
les
3.2
| E
ne
rgy
Syste
ms
| W
ind
3.3
| E
ne
rgy
Syste
ms
| S
ola
r
3.4
| M
eta
llic
Co
nstr
uctio
ns
4 | T
arg
ets
an
d N
ew
Gu
ida
nce
s
2
AG
EN
DA
1 | C
hanges in
Corp
ora
te G
overn
ance
2 | M
art
ifer
Tow
ard
s S
usta
inable
Gro
wth
3 | M
art
ifer
Gro
up O
verv
iew
4| In
tern
ational P
resence
5 | W
hat aboutP
rio?
6 | G
roup’s
Fin
ancia
l Perf
orm
ance
7 | M
ain
Conclu
sio
ns
Jorg
e M
art
ins
CE
O M
art
ifer
Gro
up
CH
AN
GE
S IN
CO
RP
OR
AT
E G
OV
ER
NA
NC
E
MA
RT
IFE
R G
RO
UP
ST
RA
TE
GY
CH
AN
GE
S IN
CO
RP
OR
AT
E G
OV
ER
NA
NC
E
•R
ed
uctio
n o
f B
oa
rd M
em
be
rs f
rom
9 t
o 7
•S
ep
ara
tio
n b
etw
ee
n C
ha
irm
an
an
d C
EO
•2
in
de
pe
nd
en
t n
on
-exe
cu
tive
bo
ard
me
mb
ers
in
7
•E
mp
ow
erm
en
t o
f B
usin
ess A
rea
s w
ith
sp
ecific
exe
cu
tive
co
mm
itte
es
•Q
uic
k d
ecis
ion
-ma
kin
g p
roce
ss a
nd
clo
se
to
B
usin
ess A
rea
s
2
CH
AN
GE
S IN
CO
RP
OR
AT
E G
OV
ER
NA
NC
E |
MA
RT
IFE
R M
ETA
LL
IC
MA
RT
IFE
R E
NE
RG
Y
CO
NS
TR
UC
TIO
NS
SY
ST
EM
S
WIN
D
Exe
cu
tive
Co
mm
itte
e
Ma
rtife
r S
GP
S,
SA
Corp
ora
te G
overn
ance
Bo
ard
of
Dir
ecto
rs
Ma
rtife
r S
GP
S,
SA
Ma
rtife
r S
GP
S,
SA
Pu
blic
Co
mp
an
y
Corp
ora
te G
overn
ance
Com
mitte
e
Eth
ics C
om
mitte
e
CO
RP
OR
AT
E S
TR
UC
TU
RE
MA
RT
IFE
R E
NE
RG
Y
MA
RT
IFE
R
SY
ST
EM
SR
EN
EW
AB
LE
S
SO
LA
R
Exe
cu
tive
Co
mm
itte
e
Ma
rtife
r S
GP
S,
SA
Ma
rtife
r G
estã
o e
Se
rviç
os, S
A
3
Bo
ard
of
Dir
ecto
rs
Ma
rtife
r S
GP
S,
SA
Ma
rtife
r S
GP
S,
SA
Pu
blic
Co
mp
an
y
CH
AN
GE
S IN
CO
RP
OR
AT
E G
OV
ER
NA
NC
E |
MT
Me
talli
cM
T S
GP
SM
T M
eta
llic
Co
nstr
uctio
ns
Win
d
Jorg
e C
oelh
o
Eduard
o R
ocha
Jorg
e F
arinha
Luís
V. Tavare
s
Carlos M
art
ins
Jorg
e M
art
ins
Mário C
outo
Jorg
e M
art
ins
Mário C
outo
Jorg
e M
art
ins
NON-EXECUTIVE EXECUTIVE
Jorg
e M
art
ins
CE
O
Mário C
outo
CF
O
José
Rodrigues
CE
O
Antó
nio
Ponte
s
EXECUTIVEN
EW
MO
DE
L
MT
En
erg
y S
yste
ms
MT
M
T E
ne
rgy S
yste
ms
Win
dS
ola
r
MT
Re
ne
wa
ble
s
Mário C
outo
Jorg
e M
art
ins
Mário C
outo
Jorg
e M
art
ins
Mário C
outo
Jorg
e M
art
ins
4
Antó
nio
Ponte
s
CE
O
Henrique
Rodrigues
CE
O
Afo
nso
Pro
ença
CE
O
MA
RT
IFE
R T
OW
AR
DS
SU
ST
AIN
AB
LE
GR
OW
TH
ST
RA
TE
GIC
VIS
ION
IN
TH
E C
UR
RE
NT
EC
ON
OM
IC E
NV
IRO
NM
EN
T
MA
RT
IFE
R’S
ST
RA
TE
GY
Low
er
gro
wth
rate
sw
orldw
ide
Focus in
tw
o B
usin
ess A
reas
Mark
et c
onsolid
ation a
nd s
ele
ctive c
ountr
y
Tig
hte
r opera
ting
marg
ins
Effort
s to m
ain
tain
pro
fita
bili
ty le
vels
Low
er
liquid
ity
Incre
ase a
vaila
ble
cash flo
w
CR
ISIS
EF
FE
CT
S
Str
ength
en the fin
ancia
l str
uctu
reF
inancia
lcre
dit c
runch
SU
ST
AIN
AB
LE
GR
OW
TH
ST
RA
TE
GIC
VIS
ION
IN
TH
E C
UR
RE
NT
EC
ON
OM
IC E
NV
IRO
NM
EN
T
ST
RA
TE
GY
AC
TIO
N P
LA
N
Mark
et c
onsolid
ation a
nd s
ele
ctive c
ountr
y a
ppro
ach
Effort
s to m
ain
tain
pro
fita
bili
ty le
vels
Opex re
duction
Low
er
levels
of C
apex
Work
ing capital
managem
ent
effic
iency
5
Redefinin
g F
undin
g S
trate
gy
�P
art
ners
hip
s
�P
roje
ct F
inance
�A
sset R
ota
tion
of C
apex
effic
iency
MA
RT
IFE
R T
OW
AR
DS
SU
ST
AIN
AB
LE
GR
OW
TH
WO
RL
D
Glo
bal E
conom
icenvironm
ent
Fin
ancia
l Liq
uid
y
Environm
enta
l
ME
TA
LL
IC C
ON
ST
RU
CT
ION
S
Incre
asin
gofin
tern
ationalB
iddin
gA
ctivity
(Private
and
Public
)
MA
RT
IFE
R T
OW
AR
DS
SU
ST
AIN
AB
LE
GR
OW
TH
|S
TE
PP
ING
IN
TO
EC
ON
OM
IC R
EC
OV
ER
Y
WO
RL
D
RE
NE
WA
BL
ES
environm
entshow
ing
positiv
e s
igns
Liq
uid
yim
pro
vin
g
Environm
enta
lconcern
6
RE
NE
WA
BL
ES
Govern
ments
effort
sto
sta
bili
ze
regula
tion
and
pro
moting
RE
Follo
win
gnew
financin
gin
stitu
tions
ente
ring
the
cre
dit
mark
etth
eR
E s
ecto
r is
slo
wly
sta
rtin
gto
take
off
MA
RT
IFE
R G
RO
UP
OV
ER
VIE
W
ME
TA
LL
IC C
ON
ST
RU
CT
ION
SA
rea
s
Bu
sin
es
s
Un
its
Un
its
RE
NE
WA
BL
E E
NE
RG
YC
ON
ST
RU
CT
ION
S
7
INT
ER
NA
TIO
NA
L P
RE
SE
NC
E | S
EL
EC
TIV
E C
OU
NT
RY
AP
PR
OA
CH
NO
RT
H A
ME
RIC
AE
UR
OP
E
PO
RT
UG
UE
SE
SP
EA
KIN
G C
OU
NT
RIE
SP
OR
TU
GU
ES
E S
PE
AK
ING
CO
UN
TR
IES
SE
LE
CT
IVE
CO
UN
TR
Y A
PP
RO
AC
H
PO
RT
UG
UE
SE
SP
EA
KIN
G C
OU
NT
RIE
S
8
PO
RT
UG
UE
SE
SP
EA
KIN
G C
OU
NT
RIE
S
WH
AT
AB
OU
T P
RIO
?
AG
RO
-IN
DU
ST
RY
Agriculture
–R
om
ania
, B
razil
and M
ozam
biq
ue
•D
ecis
ion
to
se
pa
rate
Pri
o’s
asse
ts in
tw
o B
usin
ess A
rea
s:
•P
art
ne
rsh
ips fo
r e
ach
Bu
sin
ess A
rea
un
de
r n
eg
otia
tio
n,
wh
ich
will
re
du
ce
an
d e
nh
an
ce
th
e v
alu
e c
rea
tio
n o
f P
rio
•C
on
clu
sio
n o
f th
is p
roce
ss e
xp
ecte
d b
y J
un
e 2
01
0
Oil
Extr
action a
nd B
iodie
sel P
lants
–R
om
ania
AD
VA
NC
ED
FU
EL
S
Bio
die
sel P
lant –
Port
ugal
9
asse
ts in
tw
o B
usin
ess A
rea
s: A
gro
-In
du
str
y a
nd
Ad
va
nce
d F
ue
ls
Pa
rtn
ers
hip
s fo
r e
ach
Bu
sin
ess A
rea
un
de
r n
eg
otia
tio
n,
wh
ich
will
re
du
ce
Ma
rtife
r’s
eco
no
mic
in
tere
st
Co
nclu
sio
n o
f th
is p
roce
ss e
xp
ecte
d b
y J
un
e 2
01
0
Sto
rage T
ank F
arm
–P
ort
ugal
Petr
ol s
tations n
etw
ork
–P
ort
ugal
GR
OU
P’S
FIN
AN
CIA
L P
ER
FO
RM
AN
CE
| K
EY
FIG
UR
ES
OP
ER
AT
ING
RE
VE
NU
E (
M€)
396.6
635.1
272.1
278.2
0,0
100,0
200,0
300,0
400,0
500,0
600,0
700,0
2007
2008
H1'0
8H
1'0
9
•C
on
so
lida
ted
Re
ve
nu
es a
nd
EB
ITD
A (
exclu
din
g P
rio
) h
ave
sh
ow
n s
tro
ng
•In
th
e f
irst
ha
lf o
f 2
00
9 t
he
activity in
cre
ase
d a
t a
lo
we
r p
ace
du
e t
o t
he
cu
rre
nt
eco
no
mic
en
vir
on
me
nt
•N
eve
rth
ele
ss, p
rofita
bili
ty in
cre
ase
d a
s E
BIT
DA
ma
rgin
s
KE
Y F
IGU
RE
S
EB
ITD
A(M€)
36.8
61.7
25.4
26.7
0,0
10,0
20,0
30,0
40,0
50,0
60,0
70,0
2007
2008
H1'0
8H
1'0
9
10
exclu
din
g P
rio
) h
ave
sh
ow
n s
tro
ng
gro
wth
le
ve
ls
the
activity in
cre
ase
d a
t a
lo
we
r p
ace
du
e t
o t
he
cu
rre
nt
eco
no
mic
en
vir
on
me
nt
EB
ITD
A m
arg
ins g
rew
fro
m 9
.3%
in
H1
’08
to
9.6
% in
H1
’09
GR
OU
P’S
FIN
AN
CIA
L P
ER
FO
RM
AN
CE
| K
EY
FIG
UR
ES
CA
PE
X(M€)
122.4
213.0
63.0
75.4
0,0
50,0
100,0
150,0
200,0
250,0
2007
2008
H1'0
8H
1'0
9
Th
e N
et
De
bt
incre
ase
d s
ign
ific
an
tly in
th
e la
st
two
ye
ars
du
e to
th
e s
tro
ng
In
ve
stm
en
t
an
d w
ork
ing
ca
pita
l n
ee
ds r
esu
ltin
g f
rom
th
e in
cre
ase
of
activitie
s
KE
Y F
IGU
RE
S
NE
T D
EB
T (
M€)
109.1
485.4
333.8
418.2
0,0
100,0
200,0
300,0
400,0
500,0
600,0
2007
2008
H1'0
8H
1'0
9
incre
ase
d s
ign
ific
an
tly in
th
e la
st
two
ye
ars
Inve
stm
en
t p
lan
in
co
re a
sse
ts
ne
ed
s r
esu
ltin
g f
rom
th
e in
cre
ase
of
activitie
s
11
MA
IN C
ON
CLU
SIO
NS
Re
lia
ble
Bu
sin
es
se
s w
ith
Gro
wth
Op
po
rtu
nit
ies
Cle
ar
Str
ate
gy
&
Imp
lem
en
tati
on
Tra
ck
Re
co
rd
•Leaders
hip
•O
pera
ting a
nd
Fin
ancia
l E
ffic
iency
•S
trong F
inancia
l S
tructu
re
Susta
inable
Gro
wth
Str
uctu
re
Re
lia
ble
Bu
sin
es
se
s w
ith
Gro
wth
Op
po
rtu
nit
ies
Fo
cu
se
d,
Ta
len
ted
&
Co
mm
itte
d
Pe
op
le
•E
ntr
epre
neurs
hip
•S
ound T
echnic
al
Skill
s•
Support
ive
share
hold
ers
12
Gro
wth
and V
alu
e C
reation
RE
NE
WA
BLE
SH
isto
rical
Ove
rvie
w |
1P
ortfo
lio |
2In
tern
atio
nal P
rese
nce
| 3C
oope
ratio
n A
gree
men
t |4
Str
ateg
y |5
Afo
nso
Pro
ença
Afo
nso
Pro
ença
CE
O M
artif
er R
enew
able
s
HIS
TO
RIC
AL
OV
ER
VIE
W
Eas
tern
Eur
ope
Mar
ket e
ntry
Eas
tern
Eur
ope
Mar
ket e
ntry
By
year
end
MT
R h
as a
de
velo
pmen
t pip
elin
e o
f circ
a 1.
0 G
W
Ven
tinve
ste
cons
ortiu
m
awar
ded
400
MW
tend
er in
P
ortu
gal
2005
2006
2007
Mar
tifer
Ren
ewab
les
(“M
TR
”) c
reat
ed
Por
tuga
l
US
A m
arke
t ent
ry
By
year
end
MT
R h
as 5
3 M
W in
op
erat
ion
and
circ
a 1.
5 G
W in
de
velo
pmen
t
Spa
nish
, Bra
zilia
nan
d A
ustr
alia
n m
arke
t ent
ry
By
year
end
MT
R h
as 7
4 M
W
in o
pera
tion
and
circ
a 3.
0 G
W
in d
evel
opm
ent
MT
R c
urre
ntly
has
104
MW
in
oper
atio
n an
d ci
rca
3.5
MW
in
deve
lopm
ent
2008
2009
2
deve
lopm
ent
Eng
agem
ent i
n a
Coo
pera
tion
Agr
eem
ent w
ith E
ners
is
PO
RT
FO
LIO
Co
un
try
Po
ten
tia
lD
eve
lop
me
nt
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rly s
tag
e
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va
nc
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ge
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MT
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tal
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tal
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lM
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and
277
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itiat
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olar
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ate
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ge
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ent p
roce
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eal w
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ts ta
ken
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1
PO
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| P
OR
TU
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L –
VE
NT
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ES
TE
EÓ
LIC
A
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test
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edul
e re
visi
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n th
e 40
0 M
W a
war
ded
on th
e P
ortu
gues
e w
ind
tend
er (
Pro
jects
M
W
2010
Val
e G
rand
e 10
Dou
ro S
ul
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Ben
to
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rt O
pera
tion:
Oth
er
To
tal
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VE
NT
INV
ES
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EÓ
LIC
A
Late
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ched
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revi
sion
on
the
400
MW
aw
arde
d on
the
Por
tugu
ese
win
d te
nder
(F
ase
B)
2011
2012
2013
To
tal
10
9676
172
4030
70
4
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148
96
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128
400
INT
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OR
Y
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ap
acity:
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MW
pe
r ye
ar
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ea
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ch
no
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y•
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ad
ing
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ch
no
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y
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ully
au
tom
ate
d a
nd
ro
bo
tize
d
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-ho
use
pro
du
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n o
f te
mp
ere
d g
lass
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up
plie
rs (
Gin
tech
; Is
ovo
lta
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ap
a; T
yco
)
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ert
ifie
d
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irst
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alit
y
•S
urf
ace
: 1
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TE
CH
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GIC
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LU
TIO
NS
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DU
LE
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om
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ate
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Mo
no
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r: E
ast-
We
st
mo
ve
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nt
Op
tim
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nclin
atio
n
Up
to
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ut in
cre
ase
SM
AR
TP
AR
KR
OO
FT
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MO
UN
TIN
G
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ST
EM
SY
ST
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4
PV
so
lutio
n fo
r p
ark
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rea
s
Inclu
de
s m
eta
llic s
tru
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re,
inse
rte
d P
V m
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s, in
ve
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r,
ca
blin
g a
nd
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nn
ectio
ns b
ox
Hig
h te
ch
no
logy
Ea
sy in
sta
llatio
n
Gra
vity s
tru
ctu
res w
ith
ou
t p
erf
ora
tion
Pro
tects
ro
oft
op
s
Exclu
siv
e p
rod
uct
Sa
ve
s tim
e a
nd
co
st
ST
RA
TE
GIC
OR
IEN
TA
TIO
N
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art
ife
r S
ola
r is
fo
cu
se
d o
n t
he
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al sta
ge
s o
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the
PV
su
pp
ly c
ha
in
the
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pp
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in
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ert
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l in
teg
ratio
n o
n t
he
la
st
sta
ge
of
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pp
ly c
ha
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er
to o
bta
in h
igh
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LY
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RS
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LL
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Mart
ifer
Sola
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trate
gic
Part
ners
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he
re is a
ne
ed
fo
r S
tra
teg
ic P
art
ne
rsh
ips:
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un
ds (
e.g
.: A
ku
oE
ne
rgy;
En
fin
ity)
DE
VE
LO
PM
EN
T
EP
C
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un
ds (
e.g
.: A
ku
oE
ne
rgy;
En
fin
ity)
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riva
te E
qu
itie
s a
nd
Fa
mily
Offic
es
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riva
te B
an
kin
g
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tilit
ies
5
CE
LL
SM
OD
UL
ES
O&
M
CO
MM
ISS
ION
ING
AS
SE
T
MA
NA
GE
ME
NT
**
Investm
ent,
fin
ancin
g
MA
RT
IFE
R S
OLA
R I
N T
HE
SO
LA
R M
AR
KE
T |
(M€
)
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2009
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e: C
om
pany R
eport
s –
1H
2009
| T
UR
NO
VE
R V
S C
OM
PE
TIT
OR
S
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2009
6
MA
RT
IFE
R S
OLA
R I
N T
HE
SO
LA
R M
AR
KE
T |
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2009
Sourc
e: C
om
pany R
eport
s –
1H
2009
| E
BIT
MA
RG
IN V
S C
OM
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OR
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7
SE
CT
OR
TR
EN
DS
| M
AR
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T E
XP
EC
TE
D E
VO
LU
TIO
N
•T
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ma
rke
t is
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ecte
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th
e
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inis
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th f
or
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mp
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ts
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d s
yste
ms)
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ep
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cre
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ue
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pp
ly
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e: E
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MA
RK
ET
EX
PE
CT
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UT
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ue
to
la
ck o
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uid
ity in
th
e f
ina
ncia
l m
ark
ets
,
the
pri
ce
fo
r fin
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g p
roje
cts
will
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ustr
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ourc
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hom
son
SE
CT
OR
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EN
DS
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RS
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nvir
on
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l a
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nd
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tio
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lled
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acit
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un
try
SE
CT
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EN
DS
| M
AR
KE
T P
OT
EN
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L
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un
try
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ium
70
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Rep
54
200
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nce
87
171
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ece
20
40
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350
586
Port
ug
al
68
48
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3,2
23
500
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A1,1
73
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Sourc
e: E
stim
ate
s fro
m N
EF
-P
V M
ark
et
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exc
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ium
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PIA
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lobal M
ark
et
Outlook)
2010E
2011E
2012E
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70
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bal M
ark
et
Outlook)
INT
ER
NA
TIO
NA
L P
RE
SE
NC
E
•W
e a
re c
urr
en
tly p
rese
nt
in m
ark
ets
with
ve
ry
go
od
fu
ture
pe
rsp
ective
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at
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nce
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go
od
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ture
pe
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ective
s in
wh
at
co
nce
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PV
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rke
t
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ntil 2
01
2 w
e w
ill b
e e
nte
rin
g t
hre
e n
ew
ma
rke
ts t
ha
t p
erf
ectly f
it o
ur
str
ate
gy
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rke
ts t
ha
t p
erf
ectly f
it o
ur
str
ate
gy
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urk
ey
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ulg
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a
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an
ad
a
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DE
R B
OO
K
BE
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IUM
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nd
er
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nstr
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n
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r co
nstr
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nd
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W u
nd
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tia
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de
rn
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otia
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n
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EE
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rre
nt
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ok 0
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LY
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nd
er
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nstr
uctio
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nt
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r co
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nt
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ve
rin
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d 6
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AIN
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nd
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nstr
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n a
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de
r
ne
go
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n
ME
TA
LLIC
CO
NS
TR
UC
TIO
N
Meta
llic
Constr
uction
Busin
ess
Segm
ents
|1
Industr
ial a
nd C
om
merc
ial P
resence |
2
Secto
r E
nvironm
ent |3
Secto
r E
nvironm
ent |3
Mark
etP
ositio
nin
Euro
pe
|4
Str
ate
gic
Lin
es
|5
Backlo
gand
Pro
duction
Evolu
tion
|6
Pro
jects
|7
José R
odrigues
CE
O M
art
ifer
Meta
llic
Constr
uction
ME
TA
LLIC
CO
NS
TR
UC
TIO
N B
US
INE
SS
SE
GM
EN
TS
ALU
MIN
IUM
FA
ÇA
DE
SM
ETA
LLIC
S
TR
UC
TU
RE
SS
TR
UC
TU
RE
S
•Ib
eri
an
ma
rke
t le
ad
er
an
d o
ne
of
the
la
rge
st
pla
ye
rs in
Eu
rop
e
•C
ap
acity t
o e
xe
cu
te c
om
ple
x w
ork
s,
fin
din
g
the
rig
ht
so
lutio
ns b
oth
in
pro
ject
an
d
en
gin
ee
rin
g fie
lds
ME
TA
LLIC
CO
NS
TR
UC
TIO
N B
US
INE
SS
SE
GM
EN
TS
STA
INLE
SS
ST
EE
L
SO
LU
TIO
NS
RE
AL E
STA
TE
SO
LU
TIO
NS
Gra
dual d
ivestm
ent
2
Gra
dual d
ivestm
ent
betw
een 2
010 a
nd 2
012
•P
rovid
er
of T
urn
ke
y S
olu
tio
ns
•To
tal in
sta
lled
ca
pa
city:
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,00
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on
ne
s/y
ea
r
IND
US
TR
IAL A
ND
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MM
ER
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L P
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DU
ST
RIA
L A
ND
CO
MM
ER
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RE
SE
NC
E
SE
CT
OR
EN
VIR
ON
ME
NT
•C
om
pe
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n h
as in
cre
ase
d d
ue
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oo
r le
ve
ls o
f a
ctivity in
P
rice
(€
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po
or
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ls o
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ctivity in
Eu
rop
e
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ve
rag
e p
rice
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ate
ria
l
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pp
ed
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rbo
n s
tee
l d
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pe
d
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rom
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n-0
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o J
un
-09
)
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eve
rth
ele
ss, M
art
ife
rM
eta
llic
Co
nstr
uctio
n e
xp
ects
to
in
cre
ase
602
710
696
100
200
300
400
500
600
700
800
900
1.0
00
1,0
00
Co
nstr
uctio
n e
xp
ects
to
in
cre
ase
its r
eve
nu
es in
20
09
as w
ell
as
su
sta
in th
e o
pe
ratio
na
l m
arg
in
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Sourc
e: W
orld S
teel
Ste
elP
rice
Evo
luti
on
757
825
871
930
925
884
818
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511
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483
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431
4
MA
RK
ET
PO
SIT
ION
IN
EU
RO
PE
| C
OM
PE
TIT
OR
S
•M
art
ife
rM
eta
llic
Co
nstr
uctio
n h
as a
C
on
str
uctio
n h
as a
rele
va
nt p
ositio
n in
term
s o
f R
eve
nu
es a
nd
Op
era
tin
g M
arg
ins
•L
ind
ab
, M
osto
sta
l
Wa
rsza
wa
an
d
Se
ve
rfie
lda
re t
he
lea
de
rs in
Eu
rop
e in
term
s o
f R
eve
nu
es
Sourc
e:
Dun &
Bra
dstr
eet,
Com
panie
s
Fig
ure
s (
for
2008)
have b
een
CO
MP
ET
ITO
RS
Siz
e o
f b
ub
ble
= N
et
Pro
fit
5
Sourc
e:
Dun &
Bra
dstr
eet,
Com
panie
s W
ebsite .
Fig
ure
s (
for
2008)
have b
een a
dju
ste
d
for
com
parison.
Dun &
Bra
dstr
eet,
Com
panie
s W
ebsite
Fig
ure
s (
for
2008)
have b
een a
dju
ste
d f
or
com
parison
MA
RK
ET
PO
SIT
ION
IN
EU
RO
PE
| D
IRE
CT
CO
MP
ET
ITO
RS
•M
art
ife
rh
as
be
en
co
mp
etin
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ire
ctly
with
Se
ve
rfie
ld
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ort
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osla
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inth
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r p
roje
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ort
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r p
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TU
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e:
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Bra
dstr
eet,
Com
panie
s W
ebsite
Fig
ure
s (
for
2008)
have b
een a
dju
ste
d f
or
com
parison
SE
VE
RF
IEL
DE
IFF
EL
MA
RT
IFE
RH
OL
LA
ND
IA
DIR
EC
T C
OM
PE
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OR
S
Se
ve
rfie
ld,
Eiffe
l, H
olla
nd
ia, C
imo
lai, U
RS
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LL
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AI
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OR
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A
ST
RA
TE
GIC
LIN
ES
•O
ur
targ
et:
To
p 5
in t
erm
s o
f T
urn
ove
r,
Pro
fita
bili
ty a
nd
No
tori
ety
(b
ein
g in
vite
d b
y
Pro
fita
bili
ty a
nd
No
tori
ety
(b
ein
g in
vite
d b
y
the
clie
nt to
bid
in
90
% o
f th
e p
roje
cts
ab
ove
€2
0m
)
•F
ocu
s in
pro
jects
with
hig
h c
om
ple
xity in
Ibe
ria
, E
ast
an
d C
en
tra
l E
uro
pe
•In
An
go
laM
art
ife
re
xp
ects
to
ta
ke
ad
va
nta
ge
fro
m t
he
sig
nific
an
t e
co
no
mic
gro
wth
fro
m t
he
sig
nific
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t e
co
no
mic
gro
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•N
ort
h A
fric
a is a
ne
w m
ark
et
tha
t w
ill b
e
se
rve
d fro
m I
be
ria
an
d R
om
an
ia a
s a
n
exte
nsio
n o
f th
e E
uro
pe
an
ma
rke
t
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nite
d K
ing
do
m h
as b
ee
n o
ur
mo
st
rece
nt
str
ate
gic
ch
oic
e, a
s w
e s
ee
th
is m
ark
et
with
str
ate
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ch
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s w
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ark
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with
en
orm
ou
s p
ote
ntia
l o
f g
row
th
•B
razil
is u
nd
er
an
aly
sis
as t
he
fo
llow
ing
ye
ars
will
re
ce
ive
th
e W
orl
d C
up
20
14
an
d t
he
Oly
mp
ics 2
01
6
•A
lwa
ys lo
okin
g fo
r g
oo
d p
roje
ct
op
po
rtu
nitie
s
in o
the
r co
un
trie
s,
wh
ich
we
ca
ll “V
isit
Co
un
trie
s”
7
NE
W M
AR
KE
TS
UK
BR
AZ
IL
BA
CK
LO
G A
ND
PR
OD
UC
TIO
N E
VO
LU
TIO
N
Backlo
gas o
fS
epte
mber
2009 (
Tota
l: 3
07 M€)
Pro
duction
Evolu
tion
Rest of the w
orld
24%
Central
Europe
12%
Spain
20%
Portugal
44%
33,2
00
48,1
00
50,2
00
60,5
00
80,0
00
0
10.0
00
20.0
00
30.0
00
40.0
00
50.0
00
60.0
00
70.0
00
80.0
00
90.0
00
2005
2006
2007
2008
2009E
tonnes
90,0
00
80,0
00
70,0
00
60,0
00
50,0
00
40,0
00
30,0
00
20,0
00
10,0
00 0
Sig
nific
ant w
ork
s in p
rogre
ss
Pro
ject
Lo
cati
on
To
tal V
alu
e(M€)
Year
of
Co
mp
leti
on
Galp
Oil
Refinery
Sin
es, P
ort
ugal
6.0
2009
Zero
zero
Tow
er
Barc
elo
na,
Spain
4.7
2009
Corp
ora
teH
ead
Off
ice
Luanda, A
ngola
8.0
2009
Peg
o P
ow
er
Abra
nte
s,
Port
ugal
7.0
2010
8
Peg
o P
ow
er
Sta
tion
Abra
nte
s,
Port
ugal
7.0
2010
Ulla
Bridg
eG
alic
ia,
Spain
20.8
2010
RepsolH
ead
Off
ice
Madrid,
Spain
18.5
2010
Renault
Facto
ry*
Moro
cco
25.0
2010
* N
ot
inclu
ded in J
une’s
backlo
g
NE
W A
WA
RD
ED
PR
OJE
CT
S
CLIE
NT
RE
NA
ULT
LO
CA
TIO
NM
OR
OC
CO
VA
LU
E25 M€
QU
AN
TIT
Y8,0
00 T
ON
NE
S
9
NE
W A
WA
RD
ED
PR
OJE
CT
S
CLIE
NT
-
LO
CA
TIO
NA
NG
OLA
VA
LU
E~
16 M€
QU
AN
TIT
Y2,0
00 T
ON
NE
S
10
1 | U
pdate
on
the
Capex
Pla
n 2
009E
-2012E
2 | O
pera
tional G
uid
ance 2
009E
-2012E
3 | F
inancia
l Str
ate
gy
4 | G
oals
and C
om
mitm
ent
5 | D
ivid
end P
olic
y
6 | R
ela
tive S
tock P
erf
orm
ance
Mário C
outo
CF
O M
art
ifer
Gro
up
TA
RG
ET
S A
ND
NE
W
GU
IDA
NC
ES
UP
DA
TE
ON
TH
E C
AP
EX
PLA
N
2009E
–2012E
20
08
(M€)
ME
TA
LL
IC
CO
NS
TR
UC
TIO
N1
5
(M€)
EN
ER
GY
SY
ST
EM
S
| W
IND
35
EN
ER
GY
SY
ST
EM
S
| S
OL
AR
16
RE
NE
WA
BL
ES
14
0
TO
TA
L2
13
*
* T
ota
l C
apex
inclu
des investm
ents
at th
e h
old
ing level, n
am
ely
in t
he S
AP
technolo
gy
We
hig
hlig
ht th
at
the
27
5 M€
of
ca
pe
xe
xp
ecte
d f
or
the
20
10
ca
pe
xsh
ou
ld b
e lo
we
r fo
llow
ing
th
e a
sse
t ro
tatio
n p
olic
y c
urr
en
tly a
do
pte
d b
y M
art
ife
r R
en
ew
ab
les
2012E
20
09
E2
01
0E
–2
01
2E
15
20
15
15
31
0
80
27
5
11
5*
32
0
inclu
des investm
ents
at th
e h
old
ing level, n
am
ely
in t
he S
AP
technolo
gy
exp
ecte
d f
or
the
20
10
-20
12
pe
rio
d is a
gro
ss f
igu
re.
Th
e n
et
sh
ou
ld b
e lo
we
r fo
llow
ing
th
e a
sse
t ro
tatio
n p
olic
y c
urr
en
tly a
do
pte
d b
y M
art
ife
r R
en
ew
ab
les
2
OP
ER
AT
ION
AL G
UID
AN
CE
2009E
–2012E
660
925
1.0
00
200
300
400
500
600
700
800
900
1000
12%
15%
CO
NS
OL
IDA
TE
D R
EV
EN
UE
S
(M€)
Mart
ifer
isfo
cused
on
valu
ecre
ation:
consolid
ation
gro
wth
opport
unitie
sand
pro
fita
bili
tyoptim
izatio
n
0
100
2009
2012
ME
TA
LL
IC C
ON
ST
RU
CT
ION
Revenues
gro
wth
: [1
0%
; 1
3%
] C
AG
R 0
9-1
2R
evenues
gro
wth
: [1
0%
; 1
3%
] C
AG
R 0
9-1
2
Ebitda
Mg: [1
0%
; 1
1%
]
EN
ER
GY
SY
ST
EM
S | W
IND
Revenues
gro
wth
: [1
4%
; 1
7%
] C
AG
R 0
9-1
2
Ebitda
Mg: [7
% ; 8
%]
EN
ER
GY
SY
ST
EM
S | S
OL
AR
Revenues
gro
wth
: [1
5%
; 1
8%
] C
AG
R 0
9-1
2
Ebitda
Mg: [7
% ; 8
%]
consolid
ation
of
our
curr
ent
situatio
n,
levera
gin
go
f
optim
izatio
n
Ebitda
Mg: [7
% ; 8
%]
RE
NE
WA
BL
ES
Ebitda
Mg: [7
5%
; 8
0%
] fo
r assets
under
opera
tion
3
FIN
AN
CIA
L S
TR
AT
EG
Y
Lin
es
of
in
terv
en
tio
n
Imp
rovin
g o
ur
Fin
an
cia
l S
tren
gth
•F
ina
ncia
l D
iscip
line
•F
ina
ncia
l C
ap
acity a
nd
So
lve
ncy
•In
tern
atio
na
liza
tio
n o
f
fun
din
g s
ou
rce
s
•T
ran
sp
are
ncy
It is o
ur
inte
ntion t
o d
ecre
ase t
he G
roup’s
level of debt
and t
o im
pro
ve o
ur
levera
ge r
atios
HO
W?
Me
as
ure
s
•A
sse
ts R
ota
tio
n P
olic
y
•S
ale
of
no
n-c
ore
Asse
ts
•E
ffic
ien
t W
ork
ing
Ca
pita
l
Ma
na
ge
me
nt
•P
roje
ct F
ina
nce
fo
r R
E
pro
jects
Imp
rovin
g o
ur
Fin
an
cia
l S
tren
gth
It is o
ur
inte
ntion t
o d
ecre
ase t
he G
roup’s
level of debt
and t
o im
pro
ve o
ur
levera
ge r
atios
HO
W?
4
GO
ALS
AN
D C
OM
MIT
ME
NT
50
0
NE
T D
EB
T E
VO
LU
TIO
N 2
009E
(M€)
345
50
50
-75
-150
-150
20
0
50
10
0
15
0
20
0
25
0
30
0
35
0
40
0
45
0
Sale
of
Ne
t D
eb
t/
EB
ITD
A6
.6 x
(A
dju
ste
dN
et D
eb
t, e
xcl. E
DP
)
5.8
x (
Excl. N
on
Re
c. D
eb
ta
nd
ED
P)
2009
Net D
ebt
Sale
of
Non-C
ore
A
ssets
Opera
tional
CF
A
ssets
R
ota
tion
WC
Inv
NE
T D
EB
T E
VO
LU
TIO
N 2
009E
–2012E
188
192
50
320
20
Co
rpo
rate
De
bt
No
nR
eco
urs
e D
eb
t
ED
P S
ha
res
/ E
BIT
DA
4.0
x (
Ad
juste
dN
et D
eb
t, e
xcl. E
DP
)
2.0
x (
Excl. N
on
Re
c. D
eb
ta
nd
ED
P)
Capex Inv
Div
idends
2012
Net D
ebt
5
DIV
IDE
ND
PO
LIC
Y
M€
2007
M€
2007
Em
plo
ye
es
33.2
Co
mp
any
(re
tain
ed
ea
rnin
gs)
31.9
Sh
are
hold
ers
0.0
Fin
an
cia
l in
stitu
tio
ns
18.2
Sta
te6.4
To
tal
va
lue
dis
trib
ute
d89.7
Th
e v
alu
e th
at
Ma
rtife
rd
istr
ibu
ted
ha
s b
ee
n m
ostly
dir
ecte
d to
Hu
ma
n R
eso
urc
es a
nd
Fin
an
cia
l In
stitu
tio
ns
follo
win
g th
e s
ign
ific
an
t in
ve
stm
en
t p
lan
Un
til n
ow
, S
ha
reh
old
ers
ha
ve
no
t b
ee
n r
em
un
era
ted
%2008
%1H
’09
%%
2008
%1H
’09
%
37%
53.3
45%
35.9
19%
36%
15.8
13%
124.2
67%
0%
0.0
0%
0.0
0%
20%
44.6
38%
22.0
12%
7%
4.3
4%
4.5
2%
100%
118.0
100%
186.6
100%
dis
trib
ute
d h
as b
ee
n m
ostly
dir
ecte
d to
Hu
ma
n R
eso
urc
es a
nd
Fin
an
cia
l In
stitu
tio
ns
follo
win
g th
e s
ign
ific
an
t in
ve
stm
en
t p
lan
Un
til n
ow
, S
ha
reh
old
ers
ha
ve
no
t b
ee
n r
em
un
era
ted
6
DIV
IDE
ND
PO
LIC
Y
Co
mm
itm
en
t t
o S
hare
ho
lders
Effic
ien
tW
ork
ing
Ca
pita
l
Sa
leo
fN
on
Ca
pe
xfin
an
cin
g
Incre
asin
gE
BIT
DA
Ne
t D
eb
t/
EB
ITD
A (
Ma
rtife
r d
ecid
ed
to
esta
blis
h a
Div
ide
nd
Pa
yo
ut
Ra
tio
of
40
%
en
su
rin
g a
so
lid fin
an
cia
l str
uctu
re a
nd
co
mfo
rta
ble
de
bt
leve
ls. R
eg
ard
ing
20
09
re
su
lt,
the
Bo
ard
will
pro
po
se
th
e A
sse
mb
ly a
n e
xtr
ao
rdin
ary
div
ide
nd
to
be
pa
id in
20
10
Ca
pita
l M
an
ag
em
en
t
No
n-C
ore
Asse
ts
fin
an
cin
gre
de
fin
itio
n
EB
ITD
A in
pe
rio
d2
00
9-2
01
2
/ E
BIT
DA
(Ta
rge
t2
01
2E
: 4
x)
Div
ide
nd
Pa
yo
ut
Ra
tio
of
40
%fr
om
20
10
on
wa
rds
en
su
rin
g a
so
lid fin
an
cia
l str
uctu
re a
nd
co
mfo
rta
ble
de
bt
leve
ls. R
eg
ard
ing
20
09
re
su
lt,
the
Bo
ard
will
pro
po
se
th
e A
sse
mb
ly a
n e
xtr
ao
rdin
ary
div
ide
nd
to
be
pa
id in
20
10
7
DIS
CLA
IME
R
Th
isre
po
rtm
ay
co
nta
in“f
orw
ard
-lo
okin
gsta
tem
en
ts”,
eve
nts
.A
llsta
tem
en
ts,
oth
er
tha
nsta
tem
en
tso
ffa
ct,
we
or
ou
rm
an
ag
em
en
tin
ten
d,
exp
ect,
pro
ject,
be
lieve
forw
ard
-lo
okin
gsta
tem
en
ts,
wh
ich
are
ba
se
do
nm
an
ag
em
en
t’s
pa
st
exp
eri
en
ce
an
dtr
en
ds,
cu
rre
nt
co
nd
itio
ns,
exp
ecte
d
Th
ey
are
no
tg
ua
ran
tee
so
ffu
ture
pe
rfo
rma
nce
,
de
cis
ion
sm
ay
diffe
rfr
om
tho
se
en
vis
ag
ed
by
ou
rfo
rwa
rdd
ecis
ion
sm
ay
diffe
rfr
om
tho
se
en
vis
ag
ed
by
ou
rfo
rwa
rd
risks
an
du
nce
rta
intie
s,
wh
ich
ca
na
ffe
ct
ou
rp
erf
orm
an
ce
sta
tem
en
ts”,
tha
tis
,sta
tem
en
tsre
late
dto
futu
re,
no
tp
ast,
tha
ta
dd
ress
activitie
s,
eve
nts
or
de
ve
lop
me
nts
tha
t
be
lieve
or
an
ticip
ate
will
or
ma
yo
ccu
rin
the
futu
rea
re
ma
na
ge
me
nt’s
assu
mp
tio
ns
an
da
sse
ssm
en
tsin
ligh
to
f
exp
ecte
dfu
ture
de
ve
lop
me
nts
an
do
the
rre
leva
nt
facto
rs.
an
dcu
rre
nt
resu
lts,
de
ve
lopm
en
tsa
nd
bu
sin
ess
forw
ard
-lo
okin
gsta
tem
en
ts.
Th
ese
are
als
osu
bje
ct
to
8
forw
ard
-lo
okin
gsta
tem
en
ts.
Th
ese
are
als
osu
bje
ct
to
pe
rfo
rma
nce
inb
oth
the
ne
ar-
an
dlo
ng
-te
rm.
8
Mart
ifer
SG
PS
, S
.A.
Zona I
ndustr
ial, A
part
ado 1
7
3684-0
01 O
liveira d
e F
rades
Port
ugal
Tel: +
351 2
32 7
67 7
02
Fax:
+351 2
32 7
67 7
50
E-m
ail:
info
@m
art
ifer.
pt
9
