agenda 2 1 | key share data and share price performance 2 | martifer group overview and strategy 3 |...
TRANSCRIPT
Agenda
2
1 | Key Share Data and Share Price Performance
2 | Martifer Group Overview and Strategy
3 | Business Areas’ Outlook
3.1 | Renewables
3.2 | Energy Systems | Wind
3.3 | Energy Systems | Solar
3.4 | Metallic Constructions
4 | Targets and New Guidances
KEY SHARE DATA & SHARE PRICE PERFORMANCE
• Listed on Euronext Lisbon (IPO June 2007)
• Number of shares outstanding: 100,000,000
• Reuters: MARTI.LS
• Bloomberg: MAR PL
• Euronext Lisbon: MAR
• ISIN: PTMFR0AM0003
• Coverage by 8 equity research teams (BESI, Caixa BI, BPI, Millennium BCPI, UBS, Goldman Sachs, Santander, Banif IB)
3
Shareholder Structure(June 2009)
I’M SGPS1)
41.7%
Mota-Engil37.5%
Free Float20.8%
Recent Stock Performance
IPO was in 2007on Euronext Lisbon:
• First trading day: June 27th, 2007
• Priced at €8,00 per share, top of range
• €199Mn gross proceeds, exclusively to company
Shareholder Structure(Sept. 2009)
I’M SGPS1)
41.7%
1)I’M SGPS is held in equal parts by Mr. Carlos Martins and Mr. Jorge Martins
Mota-Engil37.5%
Free Float20.8%
AGENDA
1 | Martifer Towards Sustainable Growth
2| Martifer Group Overview
3 | International Presence
4 | What about Prio?
5 | Group’s Financial Performance
MARTIFER GROUP OVERVIEW AND STRATEGY
MARTIFER’S STRATEGY ACTION PLAN
MARTIFER TOWARDS SUSTAINABLE GROWTH
5
STRATEGIC VISION IN THE CURRENT ECONOMIC ENVIRONMENT
Lower growth ratesworldwide
Focus in two Business Areas Market consolidation and selective country approach
Tighter operating margins Efforts to maintain profitability levels
Strengthen the financial structureFinancialcredit crunch Redefining Funding Strategy
Opex reduction
Partnerships Project Finance Asset Rotation
Lower liquidity Increase available cash flow Lower levels of Capex
Working capital management efficiency
CRISIS EFFECTS
MARTIFER TOWARDS SUSTAINABLE GROWTH | STEPPING INTO ECONOMIC RECOVERY
6
METALLIC CONSTRUCTIONS
Increasing of international Bidding Activity (Private and Public)
RENEWABLES
Governments efforts to stabilize regulation and promoting RE
Following new financing institutions entering the credit market the RE sector is slowly starting to take
off
WORLD
Global Economic environment showing positive signs
Financial Liquidy improving
Environmental concern
MARTIFER GROUP OVERVIEW
7
RENEWABLE ENERGYMETALLIC CONSTRUCTIONSAreas
Business Units
INTERNATIONAL PRESENCE | SELECTIVE COUNTRY APPROACH
8
NORTH AMERICA EUROPE
PORTUGUESE SPEAKING COUNTRIES
9
Revenues Distribution – 1H2009
By business area
Renewable energy business areas represent 55% of
consolidated revenues
Energy Systems52.5%
Electricity Generation
2.5%
Metallic Construction
45%
By geography
External markets represent 56% of Group revenues,
in particular Central and Eastern Europe (Poland,
Romania and Germany), but also Spain and Angola
Portugal
44%
Spain
7%
Central
Europe
24%
Rest of
the World
25%
BREKDOWN BY BUSINESS ACTIVITY & BY GEOGRAPHLY
Renewables business areas and external markets are playing a growing role in Martifer Group
WHAT ABOUT PRIO?
10
AGRO-INDUSTRY
• Decision to separate Prio’s assets in two Business Areas: Agro-Industry and Advanced Fuels
• Partnerships for each Business Area under negotiation, which will reduce Martifer’s economic interest and enhance the value creation of Prio
• Conclusion of this process expected by June 2010
Agriculture – Romania, Brazil and Mozambique
Oil Extraction and Biodiesel Plants – Romania
ADVANCED FUELS
Biodiesel Plant – Portugal
Storage Tank Farm – Portugal
Petrol stations network – Portugal
GROUP’S FINANCIAL PERFORMANCE | KEY FIGURES
11
OPERATING REVENUE (M€)
60%
2%
68%
5%
EBITDA (M€)
• Consolidated Revenues and EBITDA (excluding Prio) have shown strong growth levels
• In the first half of 2009 the activity increased at a lower pace due to the current economic environment
• Nevertheless, profitability increased as EBITDA margins grew from 9.3% in H1’08 to 9.6% in H1’09
GROUP’S FINANCIAL PERFORMANCE | KEY FIGURES
The Net Debt increased significantly in the last two years
due to the strong Investment plan in core assets
and working capital needs resulting from the increase of activities
CAPEX (M€) NET DEBT (M€)
74%
20%
25%>100%
12
RENEWABLES
Portfolio | 1
International Presence | 2
Cooperation Agreement | 3
Strategy | 4
PORTFOLIO
14
EARLY STAGE
• Development and licensing processes initiated
• Land partially secure
ADVANCED STAGE
• Most relevant development processes secured
• Real wind measurements taken
DEVELOPMENT CLASSIFICATION
(1) Includes Solar projects (Spain-PV; USA-CSP)
Country PotentialDevelopment
Construction Operation AggregateEarly stage Advanced stage
MW MTR Total MTR Total MTR Total MTR Total MTR Total MTR Total
Poland 277 304 48 62 16 16 10 10 351 392
Romania 71 71 180 210 1 1 42 42 294 324
Germany 53 53 53 53 Eastern and Central Europe
71 71 457 514 49 63 58 58 63 63 698 769
Portugal 195 390 5 10 9 19 209 419
Spain (1) 7 (1) 7 7 7
Iberia 195 390 5 10 16 26 217 426
Australia 143 570 108 430 250 1,000
Brazil 202 374 8 15 210 388
USA 379 526 (1)157 (1)207 125 174 661 907
Aggregate 593 1,167 917 1,541 381 621 58 58 87 104 2,036 3,491
PORTFOLIO | PORTUGAL – VENTINVESTE EÓLICA
15
Projects MW
2010 2011 2012 2013 Total
Vale Grande 10 10
Douro Sul 96 76 172
São Bento 40 30 70
Other 50 98 148
Total 10 96 166 128 400
• Latest schedule revision on the 400 MW awarded on the Portuguese wind tender (Fase B)
Start Operation:
STRATEGY
16
• Focus on development of projects where internal competences can add value
• Careful risk evaluation
DEVELOPMENT CONSTRUCTION OPERATION
• EPC/ Turn Key contracts
• Performed under Non Recourse Finance
• Careful risk monitoring policies and procedures
• Management of projects in order to maximize the performance and Project Finance compliance
MAXIMIZE SHAREHOLDER RETURN
• Careful use of Equity• Partnership model for development and future investments• Assets rotation on different project phases
COOPERATION AGREEMENT
17
LEADERSHIP
Appointment of Afonso Proença as Martifer Renewables CEO (Chief Executive Officer)
PROJECT PORTFOLIOS
Reevaluation of portfolios and refocus of efforts
BEST PRACTICES
Apply renewable energy project development best practices in both entities
COOPERATION BETWEEN THE TWO TEAMS
Optimization of teams skills in services rendered to projects
EXPERIENCED TEAM EXTENSIVE PORTFOLIO
JOINT DEVELOPMENT OF NEW ACTIVITIES
INTERNATIONAL PRESENCE
18
Reevaluation of the International Presence
ENERGY SYSTEMSWIND
1 | Energy Systems Business Segments
2 | Energy Systems Wind
3 | Sector Environment
4 | Operational Highlights
ENERGY SYSTEMS BUSINESS SEGMENTS
20
INDUSTRY WIND FARMS ENGINEERING R&D
WIND
WIND FARMSINDUSTRY
COMPONENTSTOWERS ASSEMBLY
• Production of wind towers: 400 towers/year capacity in Oliveira de Frades, Portugal and 200 towers/year capacity in Texas, USA (currently under construction)
• Production of other wind turbine metallic components
• Assembly of generators in a Joint-Venture with REpower Systems (50%/50%)
• Project Management, EPC and BoP of Wind Projects
• O&M of Wind Farms
21
BoP / EPC
ENERGY SYSTEMS WIND
ENERGY SYSTEMS WIND | TOWER FACTORY IN TEXAS, USA
•22
• Factory currently under construction
• Production to start in 2Q2010
• Capacity: 200 towers/year
• Location: San Angelo, Texas
– #1 State in installed capacity (8,361MW)
– #1 State in under construction capacity (1,096MW)
– #2 State* in potential capacity (136GW)
– Huge potential not only in Texas but also in adjacent states
* #1 being North Dakota with 138GW
Source: AWEA, Data as of end of June 2009
StateExisting
projects (MW)Potential
capacity (MW)Rank by potential
capacity*
Texas 8,361 136,100 2
New Mexico 497 49,700 12
Colorado 1,067 54,900 11
Kansas 1,013 121,900 3
Oklahoma 830 82,700 8
• Joint-Venture with Hirschfeld Wind Energy Solutions, bringing knowledge and experience in the local market
22
ENERGY SYSTEMS WIND | PRODUCTION OF COMPONENTS AND TURBINE ASSEMBLY
• Factory of Wind Turbine Metallic Components in Oliveira de Frades
– Production started in January 2009
– High-tech industrial process
COMPONENTS
• Turbine Assembly line in Oliveira de Frades
– Joint-Venture with REpower Systems
– Annual Capacity: 130 turbines
– Stable order book (Ventinveste project and REpower Systems)
ASSEMBLY
23
ENERGY SYSTEMS WIND | WIND FARMS
• Turnkey projects
– More than 215 MW erected in Portugal and Spain
– 10 MW concluded in Poland
• Clients
– Small and medium size developers (EPC)
– Utilities (BoP)
• Partnerships
– Turbine suppliers for specific markets
– Mostly for emerging markets
BOP / EPC
24
SECTOR ENVIRONMENT | FOR THE PAST YEAR SECTOR HAS BEEN UNDER PRESSURE
• Declines in the price of raw materials
have been reducing the cost of wind
turbine components and producers’
margins
• According to New Energy Finance
turbines are now being bought at an
average price of 1 M€/MW in Europe,
1.4 M$/MW in the US (0.93 M€*) and
0.8 M$/MW in China (0.53 M€*)
• Nonetheless there are still segments in
the value chain worth exploring
GLOBAL WIND SUPPLY CHAIN COST AND MARGIN SUMMARY
* EUR/USD 1,5 (22 October 2009)Source: New Energy Finance
25
SECTOR ENVIRONMENT | DEMAND STILL DUE TO INCREASE
Year Accumulated Installed Capacity 2008 (MW)
2009E 2010E 2011E 2012E 2010-2012E
Country
USA 25,170 7,662 10,454 10,214 10,068 30,736
Spain 16,740 1,500 1,400 1,000 1,000 3,400
Germany 23,902 1,400 1,300 1,100 1,000 3,400
France 3,404 1,122 1,200 1,200 1,450 3,850
Canada 2,369 1,169 1,264 1,113 1,035 3,412
Italy 3,736 949 1,040 1,140 1,240 3,420
UK 3,288 887 1,023 1,226 1,704 3,953
Portugal 2,862 880 650 750 950 2,350
Brazil 339 510 240 25 340 605
Turkey 333 372 410 450 541 1,401
Source: New Energy Finance; World Wind Energy Association
26
OPERATIONAL HIGHLIGHTS
(M€)1st Half
20091st Half
2008YoY
Growth
Wind – Turnkey* 72 33 118%
Wind – Components* 23 18 28%
Engineering + Other 26 20 30%
Total 121 71 70%
* considering 100% of REpower Portugal and Gebox (both held in 50% andconsolidated proportionally) and before eliminations
Source: Company Information
REVENUES
WIND FARMS INSTALLED UNTIL SEPTEMBER 2009• Although the market has been under
significant constraints, Energy Systems has
been able to improve revenues on all
segments of the business unit
NameInstalled
Capacity (MW) Client Manufacturer
Lousã 35.0 Enersis GE
Tarouca 4.0 Finerg REpower
Valérios 2.0 Cavalum REpower
Joguinho 26.0 E2/EON REpower
Cela 2.0 Cavalum REpower
Torrão 2.0 Cavalum REpower
Marvila 12.0 ENEólica REpower
Vila Franca de Xira 12.6 MT Renewables Suzlon
Mingorrubio (Spain) 26.0 E2/EON REpower
Baião 6.3 MT Renewables Suzlon
Serra Alta 2.0 Airtricity REpower
Barão de S. João 50.0 E2/EON REpower
Sobrado 8.0 Energiekontor REpower
Alto da Folgorosa 18.0 E2/EON REpower
Espinhaço de Cão 10.0 E2/EON REpower
Leki Dukielskie (Poland) 10.0 MT Renewables REpower
Total 225.9
27
ENERGY SYSTEMSSOLAR
Martifer Solar Business Segments | 1
PV Module Factory | 2
Technologic Solutions | 3
Strategic Orientation | 4
Martifer Solar in the Solar Market | 5
Sector Trends | 6
International Presence | 7
Order Book | 8
29
MARTIFER SOLAR BUSINESS SEGMENTS | PHOTOVOLTAIC
EPCDeveloperModule distribution
EPCDeveloperModule distribution
EPC Module distributionand microgeneration kits
GROUND BASED SOLAR PARKS
(>100 kW)
ROOFTOP SYSTEMS(>100 kW)
BUILDING INTEGRATED(20-200 kW)
RESIDENTIAL AND COMMERCIAL
(<100 kW)
PV MODULE FACTORY
• Capacity: 50 MW per year• Leading technology• Fully automated and robotized• In-house production of tempered glass
• Suppliers (Gintech; Isovolta; Sapa; Tyco)– Certified – First quality
• Surface: 10,000 sqm
30
TECHNOLOGIC SOLUTIONS
31
PV MODULE SMARTRACKER SMARTPARKROOFTOP MOUNTING
SYSTEM
Power from 210 to 240 Wp
Warranty:
- 5-year- 90% output power 10-year- 80% output power 25-year
Own patented tracker
Mono-axis tracker: East-West movement
Optimal inclination
Up to 20% output increase
PV solution for parking areas
Includes metallic structure, inserted PV modules, inverter, cabling and connections box
High technology
Easy installation
Gravity structures without perforation
Protects rooftops
Exclusive product
Saves time and cost
DEVELOPMENT
EPC
STRATEGIC ORIENTATION
32
POLYSILICON INGOTS/WAFERS CELLS MODULES
O&M
COMMISSIONING
ASSET MANAGEMENT*
• Martifer Solar is focused on the final stages of the PV supply chain
• Vertical integration on the last stage of the supply chain in order to obtain higher margins
• There is a need for Strategic Partnerships:– Funds (e.g.: Akuo Energy; Enfinity)– Private Equities and Family Offices– Private Banking– Utilities
Martifer Solar Strategic Partners * Investment, financing
MARTIFER SOLAR IN THE SOLAR MARKET | TURNOVER VS COMPETITORS
33
Source: Company Reports – 1H 2009
1H 2009
(M€)
MARTIFER SOLAR IN THE SOLAR MARKET | EBIT MARGIN VS COMPETITORS
34
Source: Company Reports – 1H 2009
1H 2009
SECTOR TRENDS | BUSINESS DRIVERS
35
• Environmental awarness
• Abundant resource
• Opportunities in emerging markets
• Decrease in the price of raw materials makes solar technology more competitive
• Attractive Rate of Return for equity investors
• 360º Turnkey PV solutions
36
Year Accumulated Installed Capacity 2008 (MW)*
2009E 2010E 2011E 2012E 2010-2012E
Country
Belgium 70 100 70 80 90 240
Czech Rep 54 200 258 312 336 906
France 87 171 270 420 554 1,244
Greece 20 40 100 220 220 540
Italy 350 586 1,132 1,218 1,313 3,663
Portugal 68 48 50 100 160 310
Spain 3,223 500 500 484 532 1,516
USA 1,173 450 860 1,669 2,722 5,251
Source: Estimates from NEF - PV Market Outlook, Q3 2009 (except for Belgium (EPIA – Global Market Outlook)
SECTOR TRENDS | MARKET POTENTIAL
INTERNATIONAL PRESENCE
37
• We are currently present in markets with very good future perspectives in what concerns the PV market
• Until 2012 we will be entering three new markets that perfectly fit our strategy
– Turkey– Bulgaria– Canada
ORDER BOOK
38
BELGIUM
7 MW under construction and 15 MW under negotiation
CZECH REPUBLIC
2.9 MW under construction and 7 MW under negotiation
FRANCE
10 MW under negotiation
GREECE
Current order book 0.66 MW
ITALY
6 MW under construction and engagement letters covering 15 MW
PORTUGAL
Rooftop installations (microgeneration) and 6 MW under negotiation
SPAIN
11 MW under construction and engagement letters covering 5 MW
USA
2 MW under construction and 10 MW under negotiation
METALLICCONSTRUCTION
Metallic Construction Business Segments | 1
Industrial and Commercial Presence | 2
Sector Environment | 3
Market Position in Europe | 4
Strategic Lines | 5
Backlog and Production Evolution | 6
Projects | 7
METALLIC CONSTRUCTION BUSINESS SEGMENTS
40
ALUMINIUM FAÇADESSTAINLESS STEEL
SOLUTIONSMETALLIC
STRUCTURESREAL ESTATE
Gradual divestment between 2010 and 2012• Iberian market leader and one of the largest
players in Europe
• Capacity to execute complex works, finding the right solutions both in project and engineering fields
• Provider of Turnkey Solutions
• Total installed capacity: 80,000 tonnes/year
INDUSTRIAL AND COMMERCIAL PRESENCE
SECTOR ENVIRONMENT
42
• Competition has increased due to poor levels of activity in Europe
• Average prices of raw material dropped (carbon steel dropped 54% from Jun-08 to Jun-09)
• Nevertheless, Martifer Metallic Construction expects to increase its revenues in 2009 as well as sustain the operational margin
Source: World Steel
Price (€)
1,000
MARKET POSITION IN EUROPE | COMPETITORS
43
• Martifer Metallic Construction has a relevant position in terms of Revenues and Operating Margins
• Lindab, Mostostal Warszawa and Severfield are the leaders in Europe in terms of Revenues
Source: Dun & Bradstreet, Companies Website .Figures (for 2008) have been adjusted for comparison.
Size of bubble = Net Profit
Source: Dun & Bradstreet, Companies WebsiteFigures (for 2008) have been adjusted for comparison
MARKET POSITION IN EUROPE | DIRECT COMPETITORS
44
• Martifer has been competing directly with Severfield, Eiffel, Hollandia, Cimolai, URSSA and Horta-Coslada in the major projects
Source: Dun & Bradstreet, Companies WebsiteFigures (for 2008) have been adjusted for comparison
TURNOVER 2008 (€M)496
396
317
179161
7557
SEVERFIELD EIFFEL MARTIFER HOLLANDIA CIMOLAI URSSA HORTA-COSLADA
STRATEGIC LINES
45
• Our target: Top 5 in terms of Turnover, Profitability and Notoriety (being invited by the client to bid in 90% of the projects above €20m)
• Focus in projects with high complexity in Iberia, East and Central Europe
• In Angola Martifer expects to take advantage from the significant economic growth
• North Africa is a new market that will be served from Iberia and Romania as an extension of the European market
• United Kingdom has been our most recent strategic choice, as we see this market with enormous potential of growth
• Brazil is under analysis as the following years will receive the World Cup 2014 and the Olympics 2016
• Always looking for good project opportunities in other countries, which we call “Visit Countries”
NEW MARKETS
UK BRAZIL
BACKLOG AND PRODUCTION EVOLUTION
46
Backlog as of September 2009 (Total: 307 M€)
Production Evolution
Significant works in progress
Rest of the world24%
Central Europe
12%
Spain20%
Portugal44%
Project LocationTotal Value
(M€)Year of
Completion
Galp Oil Refinery Sines, Portugal 6.0 2009
Zerozero Tower Barcelona, Spain 4.7 2009
Corporate Head Office Luanda, Angola 8.0 2009
Pego Power Station Abrantes, Portugal 7.0 2010
Ulla Bridge Galicia, Spain 20.8 2010
Repsol Head Office Madrid, Spain 18.5 2010
Renault Factory* Morocco 25.0 2010
* Not included in June’s backlog
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
1 | Update on the Capex Plan 2009E-2012E
2 | Operational Guidance 2009E-2012E
3 | Financial Strategy
4 | Goals and Commitment
5 | Dividend Policy
TARGETS AND NEW GUIDANCES
UPDATE ON THE CAPEX PLAN 2009E – 2012E
2008
METALLIC CONSTRUCTION
15 15
(M€)2009E 2010E – 2012E
20
ENERGY SYSTEMS | WIND
35 15 15
ENERGY SYSTEMS | SOLAR
16 3 10
RENEWABLES 140 80 275
TOTAL 213* 115* 320
* Total Capex includes investments at the holding level, namely in the SAP technology
We highlight that the 275 M€ of capex expected for the 2010-2012 period is a gross figure. The net capex should be lower following the asset rotation policy currently adopted by Martifer Renewables
48
OPERATIONAL GUIDANCE 2009E – 2012E
Martifer is focused on value creation: consolidation of our current situation, leveraging of growth opportunities and profitability optimization
METALLIC CONSTRUCTION
Revenues growth: [10% ; 13%] CAGR 09-12
Ebitda Mg: [10% ; 11%]
ENERGY SYSTEMS | WIND
Revenues growth: [14% ; 17%] CAGR 09-12
Ebitda Mg: [7% ; 8%]
ENERGY SYSTEMS | SOLAR
Revenues growth: [15% ; 18%] CAGR 09-12
Ebitda Mg: [7% ; 8%]
12%
15%
CONSOLIDATED REVENUES
(M€)
RENEWABLES
Ebitda Mg: [75% ; 80%] for assets under
operation
49
FINANCIAL STRATEGY
It is our intention to decrease the Group’s level of debt and to improve our leverage ratios
• Assets Rotation Policy
• Sale of non-core Assets
• Efficient Working Capital Management
• Project Finance for RE projects
Improving our Financial Strength
• Financial Discipline
• Financial Capacity and Solvency
• Internationalization of funding sources
• Transparency
Measures Lines of intervention
HOW?
50
GOALS AND COMMITMENT
Net Debt / EBITDA6.6 x (Adjusted Net Debt, excl. EDP)
5.8 x (Excl. Non Rec. Debt and EDP)
4.0 x (Adjusted Net Debt, excl. EDP)
2.0 x (Excl. Non Rec. Debt and EDP)
51
DIVIDEND POLICY
Commitment to Shareholders
Efficient Working Capital Management
Sale of Non-Core Assets
Capex financing redefinition
Increasing EBITDA in period 2009-2012
Net Debt / EBITDA (Target 2012E: 4x)
Martifer decided to establish a Dividend Payout Ratio of 40% from 2010 onwards ensuring a solid financial structure and comfortable debt levels. Regarding 2009 result,
the Board will propose the Assembly an extraordinary dividend to be paid in 201052
ANNEXES
53
Outlook FOR FY2009
METALLIC CONSTRUCTION• Revenues slightly above those reported last
year
• Ebitda Margin of circa 10%, in line with previous expectations, the same to be applied to Capex
ENERGY SYSTEMS• Revenues in line with last year
• Ebitda Margin between 7% and 8%
• Reduction of Capex to 18 million euros, due largely to the shared investment in the tower fabrication plant in the US
ELECTRICITY GENERATION• Achievement of Guidance in terms of Revenues
• Ebitda will be residual
• Capex should be approximately 80 million euros. This reduction on previous expectations is dueto delays in licensing some of the projects
Overall, we continue optimistic about FY 2009 results, as the last quarter of the year will be a strong quarter, mainly in the areas of Metallic Construction and Energy Systems – Solar.
Concerning our commitment to decrease net debt levels, although net debt increased in the third quarter, we maintain our conviction that we will achieve the proposed guidance by the end of the year.
54
NET DEBT Position
Values in € Mn
9 Months 2009 Metallic
ConstructionEnergy
SystemsElectricity
GenerationHolding
Martifer Consolidated
Corporate Net Debt allocated to operational activities 79.8 100.3 82.1 1.5 263.7
Corporate Net Debt allocated to non-operational activities 97.0 50.0 147.0
Non Recourse Net Debt 49.0 49.0
Total Net Debt 176.8 100.3 181.1 1.5 459.7
Ebitda (9M'09) 23.3 14.1 1.1 1.2 39.7
Corporate Net Debt allocated to operational activities / Ebitda* 2.6 x 5.3 x 56.0 x 1.0 x 5.0 x
* Annualized
55
Overview of 9M09 Revenues and EBITDA
• Consolidated revenues dropped 15%
• The decline in Metallic Constructions and in Energy Systems could not be compensated by the rise in Electricity Generation, given the reduced contribution of this area to the consolidated revenues
56
Revenues
9M2009 9M 2008
€ MnWeigh
t €MnWeigh
tChang
e
Martifer Consolidated 405.7
477.4 -15%
Metallic Construction 190.6 47%
236.1 49.5%
-19.3%
Energy Systems 211.7 52.2%243.
1 50.9%-
15.9%
Electricity Generation 14.0 3.4% 10.6 2.2%
+32.0%
Holding, elim. and adj. -10.5 -2.6% -12.4 -2.6%
-15.1%
EBITDA
9M2009 9M2008
€ MnMarg. €Mn
Marg.
Change
Martifer Consolidated 39.79.8
% 43.99.2
%-
9.6%
Metallic Construction 23.312.3
% 24.110.2
% -3.3%
Energy Systems 14.1 6.7% 20.3 8.4%
-30.5
%
Electricity Generation 1.1 8.0% 0.2 2.3%>100
%
Holding, elim. and adj. 1.2 - -0.7 - -
• Consolidated EBITDA decreased 9.6% to 39.7 million euros
• Increase in EBITDA Margin due to the contribution of Metallic Constructions
P&L
57
9 Months 2009
9 Months 2008
Change (%)
9 Months 2009
9 Months2008
Change (%)
Continued Operations
Revenues 405.7 477.4 -15.0% 405.7 477.4 -15.0%
EBITDA 39.7 43.9 -9.6% 39.7 43.9 -9.6%
EBIT -16.4 30.1 - 21.6 30.1 -28.2%
Financial Results 144.0 -36.3 - -16.9 -8.2 >100%
Income tax 3.3 7.2 -54.6% 3.3 7.2 -54,6%
Profit after Tax 124.4 -13.4 - 1.5 14.7 -90.0%
Earnings from business units held for sale
-12.9 -3.0 >100% - - -
Consolidated profit for the 9 Months 111.5 -16.3 - 1.5 14.7 -90.0%
Attributable to shareholders of the Group 114.3 -19.4 - -1.1 11.2 -
Attributable to minority shareholders -2.8 3.1 - 2.6 3.5 -25.7%
EBITDA margin (EBITDA/Revenues) 9.8% 9.2% +0.6 p.p. 9.8% 9.2% +0.6 p.p.
EBIT margin (EBIT/Revenues) -4.0% 6.3% - 5.3% 6.3% -1.0 p.p.
Figures in million Euro (IFRS/IAS) – Non auditedReported Adjusted
Balance sheet
58
September 2009
December2008
December2008
pro-forma
Change(%)
Fixed Assets (including Goodwill) 492.7 628.3 461.9 7%
Other Non-current assets 129.8 73.6 111.9 16%
Assets available for sale 352.1 43.3 293.3 20%
Inventory and Receivables 390.5 523.3 412.2 -5%
Cash and cash equivalents 40.2 80.1 69.2 -42%
Total Assets 1,405.3 1,348.5 1,348.5 4%
Shareholders equity 388.8 273.3 273.3 42%
Minority interests 22.4 60.4 60.4 -63%
Minority interests associated to assets available for sale
33.0 - - -
Total equity 444.2 333.7 333.7 33%
Non-current debt and leasings 205.1 237.6 172.9 19%
Other Non-current liabilities 22.1 16.1 14.4 53%
Liabilities associated to assets available for sale 240.3 - 173.8 38%
Current debt and leasings 294.8 451.9 381.7 -23%
CurrentlLiabilities 198.8 309.2 272.0 -27%
Total Liabilities 961.1 1,014.8 1,014.8 -5%
Figures in million Euro (IFRS/IAS) – not audited
59
THANK YOU!
Martifer SGPS, S.A.Zona Industrial, Apartado 173684-001 Oliveira de Frades
Portugal
Tel: +351 232 767 702Fax: +351 232 767 750
60
Sónia Baldeira Investor Relations
Phone: +351 232 767 702Mobile: +351 93 43 70 138Fax: +351 232 767 750
DISCLAIMER
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This report may contain “forward-looking statements”, that is, statements related to future, not past,
events. All statements, other than statements of fact, that address activities, events or developments that
we or our management intend, expect, project, believe or anticipate will or may occur in the future are
forward-looking statements, which are based on management’s assumptions and assessments in light of
past experience and trends, current conditions, expected future developments and other relevant factors.
They are not guarantees of future performance, and current results, developments and business
decisions may differ from those envisaged by our forward-looking statements. These are also subject to
risks and uncertainties, which can affect our performance in both the near- and long-term.
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