consolidated financial statements

Transcrição

//
TO
STAY
AHEAD
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
1H2012 REPORT
AUGUST 2012
CONTENTS
MANAGEMENT REPORT
03
01 | MARTIFER GROUP
05
Highlights
06
Key Financial Indicators
06
Main Events
07
02 | FINANCIAL PERFORMANCE
09
Results Analysis
10
Revenues
11
EBITDA and Net Profit
12
Capex
13
Capital Structure Analysis
14
03 | ANALYSIS BY SEGMENT
17
Metallic Constructions
18
Solar
21
Other Areas
23
04 | MARTIFER SHARE’S PERFORMANCE
25
CONSOLIDATED FINANCIAL INFORMATION
33
05 | CONSOLIDATED FINANCIAL STATEMENTS
35
06 | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
43
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 2
1H2012 REPORT
//
MANAGEMENT
REPORT
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 4
1H2012 REPORT
01
MARTIFER
GROUP
HIGHLIGHTS

Operating Revenues of 243.8 M€; an increase of 4.4% comparing with the same period last
year, in an extreme adverse macroeconomic environment

EBITDA of 21.2 M€ (versus 1.6M€ YoY), with a margin of 8.7 %, i.e., +8.0 p.p. YoY,
reflecting strong recovery in the operational performance

Net consolidated Profit of -9.9 M€, negatively impacted by the higher net financial costs

Significant increase in the order books of Metallic Construction (390 M€) and Solar (235 M€)

The volume activity growth is expected to be confirmed in the second half 2012
KEY FINANCIAL INDICATORS
€M – IFRS
1H
2012
Revenues
243.8
EBITDA
EBIT
Marg.
1H
2011
Restated
Marg.
233.6
1H
2011
Marg.
Var. %
233.6
4.4%
21.2
8.7%
1.6
0.7%
1.6
0.7%
>100%
6.7
2.8%
-8.0
-3.4%
-8.7
-3.7%
n.m.
Financial Results
-13.3
-9.3
-9.3
-42.9%
Profit Before Tax
-6.6
-17.3
-18.0
63.5%
Income tax
Consolidated Net Profit
3.4
-9.9
-1.9
-4.1%
-15.3
-2.1
-6.6%
-15.9
n.m.
-6.8%
37.5%
Attributable
to non-controlling interests
to shareholders
2.4
-0.6
-0.6
n.m.
-12.4
-14.8
-15.3
19.2%
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 6
1H2012 REPORT
MAIN EVENTSSUBSEQUENT EVENTS
JANUARY 2012
Martifer decides to close Benavente factory
The Board of Martifer Metallic Constructions has taken the decision to close the steel structures’ unit in Benavente. This is due to
an internal re-adjustment of the response capacity at the industrial level, due to the decreasing demand in the Iberian construction
sector.
MARCH 2012
Martifer wins the award of two hotel-boats
Martifer was awarded with the construction of two hotel-boats from Douro Azul. The work will be done by its subsidiary Navalria by 2013.
APRIL 2012
Martifer sells Silverton Project in Australia
Macquarie Capital Wind Fund Pty Limited signed the share sale agreement that defines the terms and conditions to sell the 3,240,001
ordinary shares, representing 50 % of the share capital of the company Silverton Wind Farm Holdings Pty Limited, and consequently
the development rights for the Silverton wind farm in New South Wales, Australia, for approximately AUD 5.6 million.
Martifer sells wind towers facility in the US
Martifer sold the shares representative of 50 % of Martifer-Hirschfeld Energy Systems LLC, a company that holds the towers factory
in the United States of America, to Hirschfeld Group, for USD 2.3 million. The impact of this transaction in the consolidated
financial statements of the Group was accounted for in December 2011, through the recognition of an impairment loss.
Martifer returns to 55% share capital in Martifer Solar
Martifer sold 10,000,000 shares, representative of 20 % of the share capital of Martifer Solar, to HSF, for 15.6 million Euro, and
returned to the shareholders structure owned by the two partners in the past ( 55 % and 45 %, Martifer SGPS and HSF, respectively).
SUBSEQUENT EVENTS
JULY 2012
Nutre, controlled at 49 % by Martifer SGPS, has concluded a deal for a joint venture with Bunge in Romania. Nutre will have a 45 %
participation in this joint venture, which includes the Biodiesel facility (Prio Biocombustibil srl); the Oil extraction facility (Prio
Extractie, srl), and in the refining and packaging facility, previously Bunge’s.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
1Q2012 REPORT
PAGE 7
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 8
1H2012 REPORT
02
FINANCIAL
PERFORMANCE
02 | FINANCIAL PERFORMANCE
RESULTS ANALYSIS
1H12
1H11
Restated
1H11
Var. %
243.8
233.6
233.6
4.4%
21.2
1.6
1.6
>100%
8.7%
0.7%
0.7%
8 pp
Depreciation & Amortization
9.1
9.0
9.7
-6.3%
Provisions & Impairment Losses
5.4
0.6
0.6
>100%
Operating Income (EBIT)
6.7
-8.0
-8.7
n.m.
2.8%
-3.4%
-3.7%
n.m.
Financial Results
-13.3
-9.3
-9.3
-42.9%
Profit before taxes
-6.6
-17.3
-18.0
63.5%
3.4
-1.9
-2.1
n.m.
-9.9
-15.3
-15.9
37.5%
2.4
-0.6
-0.6
n.m.
-12.4
-14.8
-15.3
19.2%
-0.126
-0.149
-0.154
€M
Revenues
Earnings before depreciation, amortization and provisions
& impairment losses (EBITDA)
EBITDA margin
EBIT margin
Income tax
Net Profit
Attributable to non-controlling interests
Attributable to shareholders
per share €
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 10
1H2012 REPORT
REVENUES
In the first half 2012 Operating Revenues increased by 4.4 % YoY to 243.8 million euro, in one hand reflecting the recovery in the
metallic constructions activity supported by the strong order book, less exposed to the Iberian market, on the other hand, showing
an extraordinary performance in the current economic conditions. Especially if we consider the adverse impacts of the austerity plans
underway in Europe and the negative impact at the sectorial level, mostly in the fields of infrastructure, which require the
implementation of new financing models.
Metallic Construction business area presented an increase of 7.0 % YoY in Revenues. Stronger markets such as the UK, France and
Brazil are gradually compensating the weak performance in the Iberian market. Particularly Brazil is living a very positive period with
strong demand on the back of the coming up of important events, such as the next World Cup and the Olympic Games.
The Solar business ended the first half 2012 with a flat growth, to 110.0 million euro. The company continues its internationalization
process, always with a focus on maintaining a strategic position in mature countries, with a favourable regulatory framework, and
emerging countries, with good solar potential.
1H2012
1H2011
Revenues
M€
Weight
M€
Weight
Martifer Consolidated
243.8
Metallic Construction
130.9
53.7%
122.3
52.4%
7.0%
Solar
110.0
45.1%
109.9
47.1%
0.1%
2.9
1.2%
6.5
2.8%
-55.4%
Others
233.6
Var.
4.4%
Note: Others include RE Developer, Holding, Shared Services and eliminations
The contribution of the Iberian Peninsula for the total value of revenues was 23 % in the semester, which compares to 29 % in the
first quarter. The remaining 77% of the Revenues came from: North America; Latin America; Africa & Saudi Arabia. This level of
international diversification has permitted the offset of the Portuguese and Spanish revenue fall, mostly in the metallic construction.
REVENUES BREAKDOWN
6%
13%
23%
2%
13%
43%
Iberia
European Union
Africa & Saudi Arabia
Australia
Latin America
North America
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
1Q2012 REPORT
PAGE 11
EBITDA AND NET PROFIT
First half 2012 consolidated EBITDA reached 21.2 million euro, versus 1.6 million euro in the same period last year, with a margin
of 8.7 %, improving 8 p.p. on a YoY basis.
The operational performance recovery is explained by: (1) better margins in metallic constructions, impacted by the restructuring plan
under way, and (2) the Improvement of the margin mix of solar projects.
1H2012
1H2011
EBITDA
Martifer Consolidated
Solar
Others
M€
Margin
M€
Margin
21.2
8.7%
1.6
0.7%
5.8
4.5%
-3.4
-2.8%
n.m.
10.8
9.8%
2.8
2.5%
>100%
4.6
-
2.2
-
>100%
Var.
>100%
Note: Others include RE Developer, Holding and Shared Services
The Depreciation & Amortization is almost flat in the 9.1 million euros, after a restated value of Depreciation & Amortization in 2011,
due to changes in the accounting policy regarding the measurement of land and building held for use, from fair value to acquisition
cost.
In the first half 2012, net financial expenses totalled 13.3 million euro, which is comparable with 9.3 million euro (+42.9 % YoY, in a
recurrent base). In 2011, it includes 5.9 million euro of capital gains, mostly with the sale of Home Energy and REpower Portugal
and in the first half 2012 includes a capital gain of 1.5 million euro related with the sale of Silverton project in Australia.
Net foreign exchange result was postive, reaching a 0.4 million euro gain, which compares with 2.2 million euro in the first half 2011.
Net interest expense was 9.2 million euro in the first half, 7.8 % below the 10 million euro achieved in the first half 2011.
The net contribution from the application of the Equity Method to the subsidiaries Prio Energy and Nutre (accounted at 49 %) was
negative in 1.0 million euro.
Thus, the Net Profit attributable to shareholders in the first half amounted to negative 12.4 million euro.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 12
1H2012 REPORT
CAPEX
The amount of investment in fixed assets in the first half 2012 reached 21.4 million euro, mostly applied to: (i) the development of
solar projects at Martifer Solar (16.6 million euro) and (ii) the end of the metallic construction facility in Brazil and to a varied
maintenance capex in the Metallic Constructions (4.5 million euro).
INVESTMENT IN FIXED ASSETS
QUARTER TREND (2010 – 2012) - €M
30
27,6
25,1
25
22,8
20
14,6
15
€M 10
8,9
9,5
11,1
11,0
10,4
1Q12
2Q12
5
0
-5
-4,0
-10
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
1Q2012 REPORT
PAGE 13
CAPITAL STRUCTURE ANALYSIS
FINANCIAL POSITION
1Q2012
2011
Restated
2011
Var.
Fixed Assets (including Goodwill)
342.9
343.2
363.1
-0.1%
Other non-current assets
184.8
181.4
181.4
1.9%
Inventory and Receivables
455.7
415.5
415.5
9.7%
Cash and cash equivalents
29.9
77.9
77.9
-61.6%
1.013.3
1.018.0
1.037.8
-0.5%
216.4
235.9
251.5
-8.3%
53.8
31.8
31.8
69.2%
Total Equity
270.2
267.7
283.3
0.9%
Non-current debt and leasings
142.8
233.3
233.3
-38.8%
Other non-current liabilities
41.7
34.7
38.9
20.2%
Current debt and leasings
268.8
174.4
174.4
54.1%
Other current liabilities
289.9
307.8
307.8
-5.8%
Total Liabilities
743.1
750.3
754.5
-1.0%
€M
Total Assets
Shareholders’ Equity
Non-controlling interests
th
st
Total assets at 30 June 2012, amounted to 1,013.3 million euro, which compares to 1,018.0 million euro at 31 December 2011.
Non-current assets reached 527.7 million euro compared with 524.5 million euro, at the end of 2011.
Total Equity was 270.2 million euro at the end of the first half. Non-controlling interests changed from 31.8 million euro to 53.8
st
million euro, when compared with 31 December 2011, due to the share participation change in Martifer Solar from 75% to 55%.
At the end of the period, Martifer continues to show a robust capital structure with a financial autonomy ratio of approximately 26.7 %.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 14
1H2012 REPORT
NET DEBT
Metallic
Construction
Solar
RE Developer
Holding
Martifer
Consolidated
Corporate Net Debt allocated
to operating activities
90
74
26
150
340
Corporate Net Debt allocated
to non-operating activities
27
M€
27
Non-Recourse Net Debt
15
Total Net Debt
117
Holding debt allocated to business units
60
74
15
41
150
86
-146
382
Note: Net Debt = Borrowings + Financial Leases (+/-) Derivatives – Cash and Cash Equivalents
th
The Group’s Consolidated Net Debt at 30 June 2012 totalled 381.6 million euro.
We highlight that it is Martifer Group’s objective to have a debt level between 230 million euro and 250 million euro by the end of
2013. Considering the present debt level (382 million euro) it is our goal to pursue further debt reduction of 132 million euro up to
152 million euro until the end of 2013 by the sale of non-core assets, mainly wind farms, solar projects and, residually, from the sale
of real estate projects.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
1Q2012 REPORT
PAGE 15
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 16
1H2012 REPORT
04
ANALYSIS
BY SEGMENT
03 | ANALYSIS BY SEGMENT
METALLIC CONSTRUCTIONS
SECTOR TRENDS
st
In Europe, Construction output fell by the sharpest pace in three years in 1 half 2012, which highlights the unfavourable effect the
government's austerity measures are having on the industry, which conducted Euroconstruct institute to downgrade its construction
forecasts, i.e., from -0.3% to -2.1% in 2012 and from +1.8% to +0.4% in 2013.
Moreover, according to Euroconstruct, Europe can be divided in four categories with different shapes of growth between 2012 and 2014:

Denmark and Norway - that are projected to experience growth in excess of 2% per annum on average

Austria, France, Germany, Hungary, Poland, Slovakia, Sweden, Switzerland and the UK - expected to see modest growth
of between 0.1% and 2% a year over the forecast period

Belgium, Czech Republic, Finland, Italy and the Netherlands - likely to see no growth to moderate decline (0% to -3% a year)

Ireland, Portugal, and Spain - with construction activity still in deep recession
In Portugal, small and medium sized contractors are struggling to compete; on the other hand larger companies are cutting down
their national operations and looking for worldwide opportunities.
News about the economic growth pack of stimulus that backed infrastructure investment plan could provide some comfort to an
industry which is struggling to keep its head above water.
Only emerging markets have been driving economic growth and there has been significant demand for metallic structure, mostly in
Asia and South America.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 18
1H2012 REPORT
ACTIVITY
The order book presented a very significant growth in the second quarter to 390 million euros of projects, in 12 different countries.
From the last awarded projects, the most significant are: the Réaménagement des Halles in Paris, the KASK stadium in Jeddah,
(Saudi Arabia), the EDF building in Paris, and the the GV steel mill in São Paulo.
ORDER BACKLOG – FEATURED PROJECTS
PROJECT
LOCATION
TOTAL VALUE
BEGINNING YEAR
END YEAR
Douro Azul Ships
Aveiro, Portugal
Euro 13.0 M
2012
2013
Galp Petrogal (conversion of refinery)
Sines, Portugal
Euro 29.5 M
2009
2012
Ulla Bridge
Corunna, Spain
Euro 20.8 M
2009
2014
Amiens Hospital
Amiens, France
Euro 7.4 M
2010
2012
Office Building – ZAC Victor Hugo
Paris, France
Euro 3.1 M
2010
2012
CHU D'Orleans
Paris, France
Euro 9.6 M
2010
2013
Lille Stadium (locksmiths)
Lille, France
Euro 6.4 M
2011
2012
Réaménagement des Halles
Paris, France
Euro 6.2 M
2012
2014
EDF
Paris, France
Euro 26.5 M
2012
2014
Lyon Stadium
Lyon, France
Canberra Airport Terminal
Canberra, Australia
18 Bridges in the new A1Highway
Torun, Poland
Office Building in Luanda
“Financial City”
Airport Catumbela second phase
Euro 23.6
2012
2014
AUD 10.6 M
2009
2012
PLN 66.5M
2010
2012
Luanda, Angola
Euro 13.3 M
2010
2012
Luanda, Angola
Euro 13.6 M
2010
2012
Catumbela, Angola
Euro 3.5 M
2012
2012
Scotland’s National Arena
Glasgow, Scotland
GBP 12.9 M
2011
2012
Birmingham New Street
Birmingham, England
GBP 8.2 M
2011
2012
BBVA Headquarters
Madrid, Spain
Euro 11.8 M
2011
2012
King Abdullah Financial District
Riyadh, Saudi Arabia
Euro 20.8 M
2011
2012
KASK Steel Structure
Jeddah, Saudi Arabia
Euro 24.9 M
2012
2013
KASK Stadium Roof
Jeddah, Saudi Arabia
Euro 9,5 M
2012
2013
Vale Verde Shopping
São Paulo, Brazil
BRL 13.0 M
2011
2012
Fonte Nova Stadium
Salvador, Brazil
BRL 37.5 M
2011
2012
Castelão Stadium
Fortaleza, Brazil
BRL 39.5 M
2011
2012
Grémio de Porto Alegre, Stadium
Porto Alegre, Brazil
BRL 32.6 M
2011
2012
Shopping Londrina
Londrina, Brazil
BRL 15.3 M
2012
2012
GV do Brasil, steel mill
São Paulo, Brazil
BRL 40.4 M
2012
2013
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
1Q2012 REPORT
PAGE 19
ORDER BOOK BREAKDOWN BY COUNTRY
RESULTS
Metallic Construction Revenues reached 130.9 million euro in the first half 2012, corresponding to a growth of 7 % YoY, supported
by the strong order book. The new facility in Pindamonhangaba, São Paulo region with a production capacity of 12,000 tons/year of
metallic structures is operating since January 2012.
The EBITDA in the first half increased from -3.4 million euro to 5.8 million euro, corresponding to a 4.5 % margin, equivalent to an
improvement of 7.2 p.p. This increase is justified by the higher margins, already showing signs of the restructuring plan focused in
increasing the operating efficiency, higher productivity and lower capex.
In the second quarter 2012, the poor operating performance is mostly justified by the costs related with the closure of Benavente factory
in Portugal.
Net Financial Expenses in the first half were stable at 5.6 million euro.
Net Profit totalled -9.2 million euro, of which 0.4 million euro attributable to non-controlling interests.
Net Financial Debt in Metallic Constructions is stable at 117.1 million euro of financial debt, which is the outcome of a rigorous
control of working capital.
Total capex reached 4.5 million euro mostly of it applied in the end of the construction of the factory in Brazil and maintenance
investment in machinery and facilities.
€M
Revenues
EBITDA
EBITDA Margin
EBIT
EBIT Margin
1H12
1H11
Var. %
130.9
122.3
7%
5.8
-3.4
n.m.
4.5%
-2.8%
7.2 pp
-2.4
-8.6
-72%
-1.86%
-7.03%
5.2 pp
Net Financial Expenses
5.6
5.6
-1%
Income tax
1.2
-2.1
n.m.
-9.2
-12.1
>100%
0.4
-0.1
n.m.
-9.6
-12.0
>-100%
Net Profit
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 20
1H2012 REPORT
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
1Q2012 REPORT
PAGE 21
SOLAR
SECTOR TRENDS
st
Following a relatively brisk 1 Quarter in PV sector positively driven by tariff deadlines in Germany, UK and Italy, and US import
nd
solar duties on chinese modules, the pace seen in the 2 Quarter was much lower.
Bloomberg Energy Finance forecasts for 2012 a total volume between 26.3 and 35.0 GW, as some markets become slightly clearer
now. The markets in Germany and Italy are not closed despite several cuts in the feed-in tariff (pushing German systems prices to
incredibly low levels).
Thanks to rapidly expanding new markets, it has been possible to offset the cooling in other markets, such as Germany or Italy.
There is a new high-feed-in tariff in Japan, and China has released a larger-than-expected pipeline of projects approvals for its
Golden Sun commercial incentive scheme, which means that new markets are being created maintaining the sector very active.
Margins for solar companies, in general, are negative and expected to remain as such until significant capacity drops out.
Investment for solar companies has been quiet, with the asset financing moving slowly in the 1H2012 and public market investment
all but silent. Venture Capital and M&A activity continued with numerous small deals.
ACTIVITY
The backlog of turnkey contracts is 235 million euro, with Portugal, USA, France and UK as the geographies with the most
significant contributions.
RESULTS
Solar Revenues were flat YoY in the first half 2012, totalling 110.0 million euro, but are expected to continue growing in the
following quarters. Some projects started later than expected, and some other projects will advance at stronger pace in the second
half of the year. The company continues its internationalization process, always with a focus on maintaining a strategic position in
mature countries, with a favourable regulatory framework, and emerging countries, with good solar potential, for the execution of
on-grid and off-grid solutions.
The geographies with higher input in terms of Revenues in the period were France, USA, Portugal and Belgium.
EBITDA in the first half increased substantially, from 2.8 to 10.8 million euro, corresponding to a rise in margin of 7.3 p.p. to 9.8%.
This increase in margin is justified by the mix of sales registered in the semester, which had more EPC projects, with higher
margins, than distribution sales.
Net Financial Expenses recorded 2.4 million euro in the first half 2012.
Net Profit totalled 4.7 million euro, revealing a strong increase when compared with 1.3 million euro in the same period last year.
CAPEX in the first half 2012 was 16.6 million euro. This value is explained by the investment in project development, mostly in the
USA and France, expected to be sold by 2013.
Net Debt increased from 45.8 million euro at the end of the 2011, to 74.0 million euro, an increase of 28.2 million euro explained by
the capex in the period and increase in working capital effort.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 22
1H2012 REPORT
Solar
€M
Revenues
1H12
1H11
Var. %
110.0
109.9
0%
EBITDA
10.8
2.8
>100%
EBITDA Margin
10%
3%
7.3 pp
EBIT
9.3
1.7
>100%
8.4%
1.5%
6.9 pp
2.4
0.0
s.s.
Income tax
2.1
0.4
>100%
Net Profit
EBIT Margin
4.7
1.3
>100%
1.9
0.2
>100%
2.8
1.2
>100%
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
1Q2012 REPORT
PAGE 23
OTHER AREAS
RESULTS
The results of the ‘Others’ segment groups the activity of ‘RE Developer’, the Holding and Shared Services.
Of the total amount of Revenues, RE Developer contributed with 7.1 million euro in the first half representing a YoY growth of 10 %,
justified by the better performance of the Spanish solar parks and the Brazilian wind farms, despite the sale of the Polish wind farms
in the second half 2011.
Total EBITDA of RE Developer reached 3.5 million euro in the first half, representing an EBITDA margin of 49 % that compares with
30.5 % in the same period last year, as a result of further reductions in structure and development costs.
Net Profit, in the first half, was 0.1 million euro negative, impacted by the positive net financial expenses, which include a capital
gain of 1.5 million euro related with the sale of Silverton Project in Australia.
Total net capex of RE developer in the period reached 0.85 million euro, mostly in the construction of the wind farm in Romania
(Babadag).
Net Financial Debt of RE Developer is stable at 40.8 million euro at the end of the semester, of which 14.7 million euro from project
finance.
RE Developer
1H12
1H11
Var. %
Revenues
7.1
6.5
10.0%
EBITDA
3.5
2.0
76.6%
49.0%
30.5%
18.5 pp
-0.2
-1.0
77%
-3.3%
-16.0%
79%
-0.1
4.0
s.s.
0.0
-0.4
s.s.
-0.1
-4.6
97%
0.1
-0.6
s.s.
-0.1
-4.0
95%
€M
EBITDA Margin
EBIT
EBIT Margin
Income tax
Net Profit
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 24
1H2012 REPORT
04
SHARE
PERFORMANCE
04 | SHARE PRICE PERFORMANCE
120
100
80
60
40
20
Martifer
07-2012
06-2012
05-2012
04-2012
03-2012
02-2012
01-2012
12-2011
11-2011
10-2011
09-2011
08-2011
07-2011
06-2011
05-2011
04-2011
03-2011
02-2011
01-2011
0
PSI20 Index
Source: Reuters
The economic environment got significantly worst in the second quarter of the year. The risk and the volatility increased again and
the stock markets entered the red, with the higher uncertainty in Europe, after the financial help to the Spanish Banks and rumours
of another country bailout on the way.
Due to lower liquidity of the stock and lack of investors’ interest in the Portuguese Stock market, Martifer’s share price performance
suffered as much as its peer companies, and underperformed by 43.5 % in the first half 2012, when the PSI-20, the major Euronext
Lisbon market index dropped by 14.5 %. Apart from Dax index which outperform by 4.26 %, and has been seen as “safe heaven” in
Europe, in general all the main indexes in Europe had a poor behaviour, namely IBEX (-17.7 %) and FTSE100 (-1.42 %).
In the US the climate was better than in Europe in the semester, Dow Jones Ind. was up by 3.15 % and NASDAQ was up by 11.36 %.
Martifer’s share price ended the first half 2012 at 0.61 €/share. The highest price achieved was 1.14 €/share and the lowest price
was 0.58 €/share. The daily average volume of stock traded during the period was 15.034 shares.
Overall, Martifer’s market capitalization totalled 61 million euro at the end of the period.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 26
1H2012 REPORT
PURCHASE OF OWN SHARES
In accordance with CMVM regulation 5/2008, namely article 11, numbers 1 and 2, we inform that Martifer SGPS, SA (Martifer)
purchased in the Stock Exchange:
Date
Market / Transaction
02-Jan-12
04-Jan-12
05-Jan-12
09-Jan-12
10-Jan-12
11-Jan-12
12-Jan-12
13-Jan-12
16-Jan-12
17-Jan-12
18-Jan-12
19-Jan-12
20-Jan-12
23-Jan-12
24-Jan-12
25-Jan-12
26-Jan-12
27-Jan-12
30-Jan-12
31-Jan-12
01-Feb-12
02-Feb-12
03-Feb-12
06-Feb-12
07-Feb-12
08-Feb-12
13-Feb-12
14-Feb-12
02-Mar-12
05-Mar-12
06-Mar-12
07-Mar-12
08-Mar-12
09-Mar-12
12-Mar-12
13-Mar-12
14-Mar-12
15-Mar-12
16-Mar-12
19-Mar-12
20-Mar-12
21-Mar-12
22-Mar-12
23-Mar-12
26-Mar-12
27-Mar-12
28-Mar-12
29-Mar-12
30-Mar-12
02-Apr-12
03-Apr-12
04-Apr-12
05-Apr-12
10-Apr-12
11-Apr-12
13-Apr-12
25-May-12
28-May-12
Euronext Lisbon – Purchase
Size (shares)
Price (€)
Number Hold
5,555
5,950
19,580
7,430
2,300
1,600
16,380
150
5,350
380
5,340
5,900
1,120
8,195
9,160
1,000
12,000
3,589
14,974
3,204
7,350
2,750
2,150
11,800
21,700
3,914
4,090
1,000
6,700
7,475
6,230
7,438
25,500
35,344
6,489
18,340
37,594
22,559
6,270
150
3,110
241
6,000
1,248
5,620
17,000
250
300
5,050
210
360
3,650
5,780
4,185
2,100
1,500
21,000
20,755
1.09
1.08
1.08
1.08
1.11
1.12
1.09
1.09
1.11
1.13
1.11
1.13
1.10
1.10
1.10
1.09
1.08
1.08
1.07
1.07
1.08
1.08
1.07
1.07
1.07
1.09
1.06
1.08
1.06
1.04
1.02
1.01
1.00
0.96
0.98
0.96
0.92
0.85
0.93
0.95
0.93
0.93
0.93
0.93
0.92
0.92
0.92
0.93
0.90
0.89
0.90
0.91
0.92
0.90
0.92
0.93
0.63
0.62
5,555
11,505
31,085
38,515
40,815
42,415
58,795
58,945
64,295
64,675
70,015
75,915
77,035
85,230
94,390
95,390
107,390
110,979
125,953
129,157
136,507
139,257
141,407
153,207
174,907
178,821
182,911
183,911
190,611
198,086
204,316
211,754
237,254
272,598
279,087
297,427
335,021
357,580
363,850
364,000
367,110
367,351
373,351
374,599
380,219
397,219
397,469
397,769
402,819
403,029
403,389
407,039
412,819
417,004
419,104
420,604
441,604
462,359
Following these transactions Martifer holds 2,210,010 own shares representing 2.21 % of its share capital.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
1Q2012 REPORT
PAGE 27
Oliveira de Frades, 24 July 2012
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
Luís Valadares Tavares
Jorge Bento Ribeiro Barbosa Farinha
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 28
1H2012 REPORT
MANDATORY INFORMATION
SHAREHOLDINGS OF THE MEMBERS OF THE MANAGEMENT AND SUPERVISORY BODIES
HOLDER
NUMBER OF SHARES HELD ON
30/06/2012
GOVERNING BODY
Board of Directors
Board of Directors
211,080
I’M – SGPS, S.A. *
Board of Directors
42,694,057
Board of Directors
2,000
Board of Directors
3,000
MOTA-ENGIL, SGPS, S.A. **
Board of Directors
37,500,000
Board of Directors
-
Board of Directors
-
Manuel Simões de Carvalho e Silva
Supervisory Board
-
Carlos Alberto da Silva e Cunha
Supervisory Board
-
João Carlos Tavares Ferreira de Carreto Lages
Supervisory Board
-
Statutory Auditor
-
Américo Agostinho Martins Pereira
José Carreto Lages
70,030
Chairman of the General Meeting
-
* Directors Carlos Manuel Marques Martins and Jorge Alberto Marques Martins are holders of the share capital of I’M SGPS, SA and are, respectively, its Chairman of
the Board of Directors and Director.
** Directors Luis Filipe Cardoso da Silva and Arnaldo José Nunes da Costa Figueiredo are Directors of MOTA-ENGIL, SGPS, S.A.
EVENTS DESCRIBED IN ARTICLE 447 OF THE PORTUGUESE COMPANIES CODE
MEMBER OF THE GOVERNING BODIES
SHARES HELD
ON 31.12.11
SHARE TRANSACTIONS DURING 1ST HALF 2012
PURCHASE
SALE
SHARES HELD ON
30.06.2012
70,030
-
-
70,030
131,760
79,320
-
211,080
3,000
-
-
3,000
2,000
-
-
2,000
Directors Carlos Manuel Marques Martins and Jorge Alberto Marques Martins, besides the shares held as described above, are sole equal shareholders of I’M SGPS,
SA, that, on 30 June 2012, held a total of 42,694,057 of shares of Martifer SGPS, SA..
MEMBER OF THE GOVERNING BODIES
SHARE TRANSACTIONS DURING 1ST HALF 2012
DATE
15/03/2012
PURCHASE
AVERAGE PRICE (€)
SALE
32,792
-
0.88
22/03/2012
718
-
0.92
26/03/2012
11,490
-
0.92
02/04/2012
8,000
-
0.91
03/04/2012
8,000
-
0.91
04/04/2012
4,540
-
0.90
12/04/2012
13,780
-
0.91
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
1Q2012 REPORT
PAGE 29
The following are the share transactions of I’M SGPS, SA during the 1st Half 2012:
DATE
PURCHASES
AVERAGE PRICE (€)
SALES
05-Jan
6,520
1.09 €
09-Feb
3,900
1.08 €
10-Feb
7,520
1.09 €
13-Feb
100
1.09 €
14-Feb
500
1.08 €
15-Feb
100
1.08 €
02-Mar
9,770
1.05 €
08-Mar
7,690
1.00 €
16-Mar
2,000
0.96 €
27-Mar
2,150
0.92 €
11-Apr
500
0.93 €
12-Apr
1,700
0.92 €
13-Apr
3,650
0.92 €
25-May
7,145
0.63 €
29-May
89
0.64 €
HOLDERS OF QUALIFING SHAREHOLDINGS
According to paragraph 1c) of article 9 of CMVM regulation number 5/2008, the following is the list of qualifying shareholders, with
an indication of number of shares and percentage of voting rights held.
SHAREHOLDERS
NUBER OF SHARES
I’M – SGPS, SA
% OF THE SHARE CAPITAL
% OF VOTING RIGHTS
42,694,057
42.69%
43.66%
Carlos Manuel Marques Martins *
70,030
0.07%
0.07%
Jorge Alberto Marques Martins *
211,080
0.21%
0.22%
Attributable to I’M – SGPS, SA
42,975,167
42.98%
43.95%
Mota-Engil – SGPS, SA
37,500,000
37.50%
38.35%
Arnaldo José Nunes da Costa Figueiredo**
3,000
0.00%
0.00%
Luis Filipe Cardoso da Silva **
2,000
0.00%
0.00%
37,505,000
37.51%
38.35%
Attributable to Mota-Engil – SGPS, SA
* Holder of a position in the Governing Bodies of I’M SGPS, SA;
** Holder of a position in the Governing Bodies of Mota-Engil SGPS, SA.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 30
1H2012 REPORT
STATEMENT BY THE BOARD OF DIRECTORS
In the terms sub-paragraph c) of paragraph 1 of article 246 of the Securities Code (Código de Valores Mobiliários)
Dear Shareholders,
In accordance with sub-paragraph c) of paragraph 1 of article 246 of the Securities Code (Código de Valores Mobiliários), we
hereby declare that, to the best of our knowledge:
(i)
the consolidated financial statements reported in the interim report of Martifer SGPS, SA for the period ended 30th June 2012
were compiled according to the applicable accounting standards, giving a true and fair view of the assets and liabilities,
financial position and results of Martifer SGPS, SA and of the companies included in its consolidation perimeter;
(ii)
the interim management report of Martifer SGPS, SA faithfully reviews the relevant events that occurred in the period and the
impact of such events on the consolidated financial statements, as well as a description of the main risks and uncertainties it
faces for the subsequent six months.
Oliveira de Frades, 24th July 2012
The Board of Directors,
(Chairman of the Board of Directors)
(Vice-Chairman of the Board of Directors)
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
1Q2012 REPORT
PAGE 31
STATEMENT BY THE SUPERVISORY BOARD
In the terms sub-paragraph c) of paragraph 1 of article 246 of the Securities Code (Código de Valores Mobiliários)
Dear Shareholders,
In accordance with the law, statutes and our mandate, we hereby declare that, to the best of our knowledge:
th
(iii) the consolidated financial statements reported in the interim report of Martifer SGPS, SA for the period ended 30 June 2012
were compiled according to the applicable accounting standards, giving a true and fair view of the assets and liabilities,
financial position and results of Martifer SGPS, SA and of the companies included in its consolidation perimeter;
(iv) the interim management report of Martifer SGPS, SA faithfully reviews the relevant events that occurred in the first half of
2012 and the impact of such events on the financial statements, as well as a description of the main risks and uncertainties it
faces for the subsequent six months.
th
___________________________________________________
Manuel Simões de Carvalho e Silva
President of the Supervisory Board
___________________________________________________
Carlos Alberto da Silva e Cunha
Member of the Supervisory Board
___________________________________________________
João Carlos Tavares Ferreira de Carreto Lages
Member of the Supervisory Board
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 32
1H2012 REPORT
//
CONSOLIDATED
FINANCIAL
INFORMATION
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 34
1H2012 REPORT
05
CONSOLIDATED
FINANCIAL
STATEMENTS
05 | CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENTS FOR THE 1ST HALF OF 2012 AND 2011
(Amounts expressed in Euro)
(TRANSLATION OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN PORTUGUESE - NOTE 36)
ST
NOTES
1 HALF 2012
(NON AUDITED)
HALF 2011
RESTATED
(NON AUDITED)
1 HALF 2011
(NON AUDITED)
4 and 5
ST
Sales and services rendered
1
ST
241,113,058
224,276,752
224,276,752
Other income
6
2,669,746
9,313,192
9,313,192
Cost of goods sold
7
(106,821,855)
(111,344,419)
(111,344,419)
Subcontractors
7
(46,007,521)
(50,776,368)
(50,776,368)
90,953,428
71,469,157
71,469,157
(36,998,661)
(39,631,941)
(39,631,941)
Gross profit
External supplies and services
8
Staff costs
9
(42,935,439)
(38,354,056)
(38,354,056)
Other operational gains and losses
10
10,184,984
8,121,114
8,121,114
4
21,204,312
1,604,274
1,604,274
4, 17 and 18
(9,079,951)
(8,999,857)
(9,686,064)
(827,500)
(299,870)
(299,870)
Amortizations
Impairment losses
11
(4,569,595)
(295,679)
(295,679)
Operating income
Provisions
11 and 30
4
6,727,265
(7,991,132)
(8,677,339)
Financial income
12
13,590,116
14,597,421
14,597,421
Financial expenses
12
(26,811,601)
(23,081,249)
(23,081,249)
Gains / (losses) on associate companies and joint arrangements
13
(48,404)
(806,680)
(806,680)
Income tax
14
(3,356,405)
1,942,109
2,095,105
(9,899,028)
(15,339,531)
(15,872,742)
(23,701)
-
-
-
-
-
(23,701)
-
-
(9,922,729)
(15,339,531)
(15,872,742)
Profit after tax
Earnings of the disposal group classified as held for sale
3
Attributable to:
non-controlling interests
owners of Martifer
Profit for the year
4
Attributable to:
owners of Martifer
2,428,806
(578,707)
(578,707)
(12,351,535)
(14,760,824)
(15,294,035)
Earnings per share:
Basic
(0.1261)
(0.1490)
(0.1544)
from continuing operations
15
(0.1259)
(0.1490)
(0.1544)
from disposal group classified as held for sale
(0.0002)
-
-
Diluted
(0.1261)
(0.1490)
(0.1544)
15
(0.1259)
(0.1490)
(0.1544)
(0.0002)
-
-
The accompanying notes are part of these financial statements
PAGE 36
FIRST HALF 2012 | INTERIM MANAGEMENT REPORT AND FINANCIAL INFORMATION
CONSOLIDATED INCOME STATEMENTS FOR THE QUARTERS OF 30 JUNE 2012 AND 2011
2ND QUARTER 2012
(NON AUDITED)
130,050,716
Other income
ND
2
QUARTER 2011
RESTATED
(NON AUDITED)
2ND QUARTER 2011
(NON AUDITED)
113,989,844
112,784,397
1,496,722
4,811,036
4,936,246
Cost of goods sold
(57,591,748)
(62,331,903)
(62,032,589)
Subcontractors
(23,848,294)
(27,520,380)
(27,520,380)
50,107,396
28,948,597
28,167,674
(19,644,330)
(20,722,749)
(20,333,883)
Gross profit
External supplies and services
Staff costs
(22,153,607)
Other operational gains and losses
Amortizations
(19,587,195)
(19,424,257)
2,602,618
7,685,144
7,147,141
10,912,077
(3,676,203)
(4,443,325)
(4,550,313)
(4,715,771)
(4,719,779)
Impairment losses
(827,500)
(879,462)
(868,434)
(4,159,373)
101,235
(242,313)
Operating income
1,374,890
(9,170,201)
(10,273,851)
Financial income
7,097,169
3,229,534
3,776,096
(12,521,949)
(10,952,161)
(10,707,615)
361,887
(1,959,318)
(1,652,024)
Provisions
Financial expenses
Gains / (losses) on associate companies and joint arrangements
Income tax
(1,655,929)
2,448,378
2,656,504
Profit after tax
(5,343,931)
(16,403,768)
(16,200,890)
(21,549)
-
-
-
-
-
(21,549)
-
-
(5,365,480)
(16,403,768)
(16,200,890)
2,287,506
(525,435)
(525,435)
(7,652,986)
(15,878,333)
(15,675,455)
(0.0782)
(0.1603)
(0.1582)
(0.0780)
(0.1606)
(0.1586)
(0.0002)
-
-
(0.0782)
(0.1603)
(0.1582)
(0.0780)
(0.1606)
(0.1586)
(0.0002)
-
-
Earnings of the disposal group classified as held for sale
Attributable to:
owners of Martifer
Profit for the year
Attributable to:
owners of Martifer
Earnings per share:
Basic
Diluted
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 37
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE 1ST HALF OF 2012
E 2011
Profit for the year
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
Gains on revaluation of tangible fixed assets, net of tax
Income recognized directly in equity
Total comprehensive income for the period
ST
1ST HALF 2012
(NON AUDITED)
1
HALF 2011
RESTATED
(NON AUDITED)
1ST HALF 2011
(NON AUDITED)
(9,922,729)
(15,339,531)
(15,872,742)
(48,811)
157,861
157,861
-
-
-
(215,776)
(1,110,627)
(1,110,627)
-
-
-
(264,587)
(952,766)
(952,766)
(10,187,316)
(16,292,296)
(16,825,508)
2,532,702
(582,546)
(582,546)
(12,720,018)
(15,709,750)
(16,242,959)
Attributable to:
owners of Martifer
PAGE 38
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AT 30 JUNE 2012 AND 31
DECEMBER 2011
NOTES
30 JUNE 2012
(NON AUDITED)
31 DECEMBER
2011
RESTATED
(NON AUDITED)
31 DECEMBER
2011
(AUDITED)
ASSETS
Non-current assets
Goodwill
16
18,554,496
18,136,268
18,136,268
Intangible assets
Tangible assets
17
18
43,393,674
280,994,705
40,000,945
285,084,969
40,000,945
304,939,148
Investment property
19
20
17,460,213
14,532,578
17,274,846
14,867,827
17,274,846
14,867,827
Financial assets under the equity method
Available for sale investments
Other non-current receivables
Deferred tax assets
21
2,129,348
2,179,021
2,179,021
23
139,203,312
135,575,300
135,575,300
11,445,095
527,713,421
11,490,963
524,610,139
11,490,963
544,464,318
31,152,897
191,107,588
43,066,127
2,366,787
19,670,837
31,152,897
191,107,588
43,066,127
2,366,787
19,670,837
128,118,298
77,886,483
128,118,298
77,886,483
493,369,017
493,369,017
Current assets
Inventories
22
27,449,180
Trade receivables
Other receivables
Income tax
23
23
24
169,493,060
72,362,176
2,397,253
Current tax assets
Other current assets
Cash and cash equivalents
Disposal group classified as held for sale
24
25
26
3
19,905,133
159,826,481
29,909,735
4,241,418
485,584,436
Total assets
4
1,013,297,857
1,017,979,156
1,037,833,335
27
50,000,000
178,743,861
50,000,000
234,520,757
50,000,000
251,133,360
(12,351,535)
216,392,326
(48,587,256)
235,933,501
(49,600,348)
251,533,012
53,786,498
31,783,623
31,783,623
270,178,824
267,717,124
283,316,635
127,562,645
15,214,104
19,935,841
18,199,245
3,563,687
184,475,522
215,440,560
17,902,006
17,458,625
13,383,765
3,851,678
268,036,634
215,440,560
17,902,006
17,458,625
13,383,765
8,106,346
272,291,302
260,752,605
7,464,104
169,291,510
167,209,008
7,209,061
202,293,996
167,209,008
7,209,061
202,293,996
50,297,300
5,457,549
12,542,904
52,230,632
540,152
66,755
558,643,511
38,281,720
5,051,259
23,232,579
38,470,310
477,465
482,225,398
38,281,720
5,051,259
23,232,579
38,470,310
477,465
482,225,398
743,119,033
750,262,032
754,516,700
1,013,297,857
1,017,979,156
1,037,833,335
EQUITY
Issued capital
Reserves
Profit for the year
Equity attributable to owners of Martifer
27
Non-controlling interests attributable to the disposal group classified as held for sale
Total equity
LIABILITIES
Non-current liabilities
Borrowings
Obligation under finance leases
Other non-current liabilities
Provisions
Deferred tax liabilities
28
29
30
Current liabilities
Borrowings
Obligation under finance leases
Trade payables
28
Other payables
Income tax
Current tax liabilities
Other current liabilities
Derivatives
Liabilities related to the disposal group classified as held for sale
29
31
31
32
Total liabilities
4
29
3
Total equity and liabilities
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 39
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE 1ST HALF OF 2012 AND 2011
FAIR VALUE RESERVES
ISSUED
CAPITAL
TREASURY
STOCK
REVALUATION
OF FIXED
SHARE
PREMIUM
ASSETS
Balance at 1 January 2011
Changes in the consolidated method and measurement
policy (Note 1)
AVAILABLE
FOR SALE
INVESTMENS
CASH FLOW
HEDGE
DERIVATIVES
FOREIGN
CURRENCY
TRANSLATION
RESERVES
STOCK
OPTIONS
RESERVES
OTHER
RESERVES
EQUITY
ATTRIBUTABLE
TO OWNERS OF
THE PARENT
NET PROFIT
OF THE YEAR
NONCONTROLLING
INTERESTS
TOTAL EQUITY
50,000,000
(852,587)
186,500,000
15,927,250
-
(228,755)
(13,497,358)
113,495
126,191,830
(54,894,057)
309,259,817
30,988,179
340,247,995
-
-
-
(15,927,250)
-
-
-
-
(119,411)
533,211
(15,513,450)
-
(15,513,450)
50,000,000
(852,587)
186,500,000
-
-
(228,755)
(13, 497,358)
113,495
126,072,419
(54,360,846)
293,746,367
30,988,179
324,734,545
-
-
-
-
-
-
-
-
(54,894,057)
54,894,057
-
-
-
-
-
-
-
-
-
-
-
-
(15,294,035)
(15,294,035)
(578,705)
(15,872,740)
-
-
-
-
-
-
(918,565)
-
-
-
(918,565)
(33,965)
(952,531)
-
-
-
-
-
120,730
(151,089)
-
-
-
(151,089)
120,730
(7,008)
37,131
(158,096)
157,861
Stock options
Share capital increase in subsidiaries
Non-controlling interests transactions
Other changes in equity of subsidiaries
Changes in the consolidation perimeter
Balance at 30 june 2011
50,000,000
(1,114,125)
(1,966,712)
186,500,000
-
-
120,730
(108,025)
1,069,654
(14,567,012)
44,106
157,601
-
(16,242,959)
(1,114,125)
44,106
-
(582,546)
-
(16,825,506)
(1,114,125)
44,106
Balance at 1 January 2012
50,000,000
(2,415,630)
186,500,000
-
-
(289,985)
(19,563,611)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(449,460)
-
-
-
-
(29,044)
(29,044)
-
50,000,000
(2,865,090)
186,500,000
-
-
(319,029)
Appropriation of the profit of 2010
Comprehensive income for the year:
Profit for the year
Exchange differences arising on (i) translating foreign
operations and (ii) net investment in subsidiaries
Exchange differences arising on goodwill
Gains on revaluation of properties
Total comprehensive income for the year
Acquisition of treasury stock
Appropriation of the profit of 2011
Comprehensive income for the year:
Profit for the year
Exchange differences arising on (i) translating foreign
operations and (ii) net investment in subsidiaries
Exchange differences arising on goodwill
Total comprehensive income for the year
Share capital increase in subsidiaries
Non-controlling interests transactions
Balance at 30 june 2012
-
(326,504)
5,483,338
76,454,606
(15,294,035)
(15,294,035)
(326,504)
5,483,338
281,590,222
1,630,459
75,234
705,845
2,059,420
34,876,590
1,630,459
(251,270)
6,189,183
2,059,420
316,466,812
198,979
70,091,004
(48,587,256)
235,933,501
31,783,623
267,717,124
-
(48,587,256)
48,587,256
-
-
-
-
-
-
(12,351,535)
(12,351,535)
2,428,806
(9,922,729)
(686,823)
-
-
-
(686,823)
123,662
(563,161)
347,385
(339,439)
-
-
(2,940,766)
41,440
(3,472,370)
(12,351,535)
-
347,385
(29,044)
(12,720,018)
(449,460)
(2,940,766)
41,440
(3,472,370)
(19,766)
2,532,702
102,000
1,411,001
17,957,172
347,385
(48,811)
(10,187,316)
(449,460)
102,000
(1.529,766)
41,440
14,484,802
(19,903,049)
198,979
15,132,051
(12,351,535)
216,392,326
53,786,498
270,178,824
////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 40
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE 1ST HALF OF 2012 AND 2011
ND
2
ND
1ST HALF 2012
(NON AUDITED)
1ST HALF 2011
(NON AUDITED)
QUARTER
2012
(NON AUDITED)
2
QUARTER
2011
(NON AUDITED)
289,135,721
(253,183,252)
(40,400,675)
(4,448,206)
(3,703,358)
(6,013,999)
(9,717,357)
350,811,109
(338,366,268)
(38,351,267)
(25,906,427)
(1,840,891)
(10,821,764)
(12,662,655)
132,142,745
(123,719,996)
(20,735,180)
(12,312,430)
(3,159,199)
1,609,072
(1,550,127)
171,941,647
(175,157,387)
(20,982,987)
(24,198,727)
(678,887)
(5,973,672)
(6,652,559)
(14,165,563)
(38,569,082)
(13,862,557)
(30,851,286)
2,698,813
1,199,212
623,707
1,336,652
1,875,125
408,500
8,142,008
300,000
2,201,621
434,019
1,250,593
4,186,233
2,698,813
790,119
212,195
1,336,652
636,318
5,674,096
2,053,874
434,019
627,139
3,115,033
(883,937)
(11,387,271)
(10,953,929)
(5,000)
(23,230,137)
(5,238,750)
(22,112,281)
(12,987,381)
(40,338,412)
(3,969,035)
(6,743,695)
(10,712,730)
(13,564,202)
(9,172,926)
(22,737,128)
(15,088,129)
(36,152,179)
(5,038,634)
(19,622,095)
297,705,908
16,043
607,829
298,329,780
420,787,455
4,443,280
707,293
2,409,420
428,347,448
222,515,460
0
349,633
222,865,093
241,723,833
1,761,981
707,293
1,895,100
246,088,206
(292,040,226)
(2,432,859)
(14,982,871)
(449,460)
(2,848,198)
(312,753,614)
(373,344,997)
(3,355,511)
(11,034,829)
(1,106,328)
(541,122)
(389,382,786)
(208,784,001)
(883,054)
(8,621,959)
(42,181)
(2,576,718)
(220,907,913)
(221,886,134)
2,767,000
(6,637,799)
(434,582)
474,354
(225,717,161)
Net cash generated by financing activities (3)
(14,423,834)
38,964,661
1,957,180
20,371,045
Net increase in cash and cash equivalents (4)=(1)+(2)+(3)
(43,677,526)
(35,756,599)
(16,944,011)
(30,102,336)
(4,262,697)
(2,148,081)
16,639,825
(1,389,889)
(36,525)
(205,103)
433,717
890,298
Cash and cash equivalents at the beginning of the period
77,886,483
76,666,431
29,780,204
69,158,575
Cash and cash equivalents at the end of the period
29,909,735
38,556,648
29,909,735
38,556,648
OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers
Payments to employees
Cash generated from operations
Income tax paid
Other receipts/(payments) relating to operating activities
Cash generated from other operating activities
Net cash generated by operating activities (1)
INVESTING ACTIVITIES
Receipts arising from:
Financial assets
Tangible assets
Intangible assets
Investment grants
Interest and similar income
Dividends
Others
Payments arising from:
Financial assets
Tangible assets
Intangible assets
Others
Net cash generated by investing activities (2)
FINANCING ACTIVITIES
Receipts arising from:
Borrowings
Issue of equity shares, supplementary capital and share premiums
Grants and donations
Others
Payments arising from:
Borrowings
Leasings
Interest and similar costs
Others
Changes in the consolidation perimeter and others
Effect of foreign exchange currencies
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 41
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PÁGE 42
06
NOTES TO
CONSOLIDATED
FINANCIAL
STATEMENTS
NOTES TO 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 and solar activity
- which focuses on the development of photovoltaic projects, the installation of turnkey photovoltaic parks or under the EPC and the
development of architectural integration projects and microgeneration. They also have other activities which highlight the promotion
and development of renewable energy projects (Nota 4).
Martifer SGPS was incorporated on 29 October 2004, its share capital having been realized through the delivery of shares, valued
at its market value, that the shareholders held in Martifer - Construções, S.A., a company that was incorporated in 1990 and which,
at that time, was the holding company of the current Martifer Group.
As of June 2007, after the initial public offering Martifer SGPS, S.A. shares have been listed on Euronext Lisbon.
At 30 June 2012, the Group has developed its activity in Portugal, Spain, Poland, Slovakia, Romania, Czech Republic, Angola,
Brazil, Greece, United States of America, Australia, Mozambique, Ireland, Italy, Belgium, Bulgary, Netherlands, France, Thailand,
Morocco, United Kingdom, Canada, Mexico, Saudi Arabia, Germany, Chile and Equator.
All the amounts presented in these notes are expressed in Euros (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 2011. The restated figures are presented
in the notes below, only in the situations where there are differences for the reported amounts.
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 2012. These are the International Financial Reporting Standards,
issued by the International Accounting Standards Board ("IASB"), and interpretations issued by the International Financial
Reporting Interpretations Committee ("IFRIC") or by the previous Standing Interpretations Committee ("SIC"), that have been
endorsed by the European Union.
The interim consolidated financial report for the period ended at 30 June 2012 has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as adopted by the European Union.
These consolidated financial statements have been prepared on a going concern basis from the books and accounting records of
the companies included in the consolidation (Note 2) and have been prepared under the historical cost convention, except for the
revaluation of certain financial instruments, which are stated at fair value.
The accounting policies adopted are consistent with those considered in the financial statements for the year ended as of 31
December 2011 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 2012, the
adoption of which have not had an impact on the Group’s profits or financial position and with exception of the referred in the
following paragraph.
The IAS 16 ‘Property, plant and equipment’ establishes two options to the subsequent recognition of fixed assets, either the cost
model or the revaluation model. For land and buildings held for use, the Group used the fair value model, based on regular
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 44
independent appraisals. From 1 January 2012, the Group decided to change the accounting model for measuring the lands and
buildings held for use, from the revaluation model to the cost model.
Martifer Group believes that this change results in the financial statements providing better information, more reliable and relevant
to the current situation, given the volatility in the real estate market and interest rates.
In accordance with the provisions of IAS 8 ‘Accounting policies, changes in accounting estimates and errors’, Martifer Group has
restated its financial statements for prior periods. The main impacts in consolidated financial statements are summarized in the
tables below:
FY 2011
CHANGE IN THE
ACCOUNTING POLICY
(NON AUDITED)
FY 2011
RESTATED
524,610,139
Assets
Non-current
544,464,318
(19,854,179)
Current
493,369,017
-
493,369,017
1,037,833,335
(19,854,179)
1,017,979,156
Non-current
272,291,302
(4,254,668)
268,036,634
Current
482,225,398
-
482,225,398
Total Liabilities
754,516,700
(4,254,668)
750,262,032
251,533,012
(15,599,511)
235,933,501
31,783,623
-
31,783,623
283,316,635
(15,599,511)
267,717,124
CHANGE IN THE
ACCOUNTING POLICY
(NON AUDITED)
30 JUNE 2011
RESTATED
224,276,752
-
224.276.752
1,604,274
-
1.604.274
(8,677,339)
686.207
(7.991.132)
Total Assets
Liabilities
Equity
Attributable to owners of Martifer
Total Equity
30 JUNE 2011
EBITDA
EBIT
Financial results
Consolidated net profit
(9,290,508)
-
(9.290.508)
(15,872,742)
533.211
(15.339.531)
Considering the low impact of this change accounting model of the lands and buildings held for use, in equity and in consolidated
net profit of 2011, the Group does not present restated financial statements as of 1 January 2011.
The consolidated financial statements were presented in Euros since this is the main currency of the Group’s operations. The
financial statements of Group companies expressed in foreign currency were translated to Euros.
In the preparation of the consolidated financial statements, in accordance with the IAS/IFRS, the Group’s Board of Directors
adopted certain assumptions and estimations that affect the assets and liabilities reported, as well as the profits and losses incurred
related to the reported periods. All the estimations and assumptions of the Board of Directors were performed taking into
consideration the best knowledge available at the financial statements approval date, of the events and the dealings in progress.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 45
2. GROUP COMPANIES INCLUDED IN THE CONSOLIDATED FINANCIAL
STATEMENTS
Group companies included in the consolidated financial statements, their consolidation methods, head offices and percentage of
share capital held by the Group, at 30 June 2012 are as follows:
COMPANIES CONSOLIDATED THROUGH THE FULL CONSOLIDATION METHOD
PERCENTAGE OF SHARE CAPITAL HELD
COMPANY
HEAD OFFICE
DESIGNATION
DIRECTLY
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
Oliveira de Frades
Martifer Metallic Constructions
Oliveira de Frades
Martifer Construções
Dublin
MMECC
-
60.00%
60.00%
Madrid
Martifer Espanha
-
100.00%
100.00%
100.00%
Martifer Metallic Constructions SGPS, S.A.
Martifer - Construções Metalomecânicas, S.A.
Martifer Mota-Engil Coffey Construction Joint
Venture Limited
Martifer – Construcciones Metálicas España, S.A.
Martifer - Alumínios, S.A.
INDIRECTLY
TOTAL
100.00%
-
100.00%
100.00%
-
100.00%
100.00%
-
100.00%
-
100.00%
100.00%
Madrid
Martifer Alumínios Espanha
-
100.00%
Martifer – Construções Metálicas Angola, S.A.
Luanda
Martifer Angola
-
78.75%
78.75%
Martifer Construction Limited
Dublin
Martifer Irlanda
-
100.00%
100.00%
Martifer Polska Sp. Zo.o.
Gliwice
Martifer Polska
-
100.00%
100.00%
Martifer Constructions, SAS
Rungis
Martifer França
-
100.00%
100.00%
Martifer Constructii SRL
Bucharest
Martifer Constructii
-
100.00%
100.00%
Park Logistyczny Biskupice
Gliwice
Biskupice
-
100.00%
100.00%
Martifer Konstrukcje Sp. Z o.o.
Gliwice
Martifer Konstrukcje
-
100.00%
100.00%
Martifer Slovakia S.R.O.
Bratislava
Martifer Slovakia
-
100.00%
100.00%
Sociedade de Madeiras do Vouga, S.A.
Albergaria-a-Velha
Madeiras do Vouga
-
100.00%
100.00%
Martifer - Gestão de Investimentos, S.A.
Oliveira de Frades
MGI
-
100.00%
100.00%
Oliveira de Frades
Nagatel Viseu
-
100.00%
100.00%
Martifer Retail & Warehousing Angola, S.A.
Luanda
Martifer Retail Angola
-
100.00%
100.00%
Martifer - Alumínios, S.A.
Oliveira de Frades
Martifer Alumínios
-
100.00%
100.00%
Martifer Alumínios Angola, S.A.
Luanda
Martifer Alumínios Angola
-
100.00%
100.00%
Martifer Aluminium Pty, Ltd
Sidney
Sassall
-
100.00%
100.00%
Martifer Aluminium Limited
Dublin
Martifer Aluminium Irlanda
-
100.00%
100.00%
Martifer UK Limited
London
Martifer UK
-
100.00%
100.00%
MT Construction Maroc, S.A.R.L.
Tangier
Martifer Marrocos
-
100.00%
100.00%
Martifer - Construções Metálicas, Ltda.
Fortaleza
Martifer Brasil
-
100.00%
100.00%
Saudi Martifer Constructions LLC
Riyadh
Martifer Arábia Saudita
-
100.00%
100.00%
Wien
Martifer GmbH
100.00%
-
100.00%
Gliwice
M City Gliwice
-
52.80%
52.80%
Oliveira de Frades
Martifer Energy Systems
100.00%
-
100.00%
Martifer Energia S.R.L.
Bucharest
Martifer Energia Roménia
-
100.00%
100.00%
Martifer Energia LLC
Kiev
Martifer Energia Ucrânia
-
100.00%
100.00%
Martifer Wind Energy Systems LLC
San Angelo TX
Martifer Wind USA
-
100.00%
100.00%
Martifer Energy Systems PTY
Navalria – Docas, Construções e Reparações
Navais, S.A.
Gebox, S.A.
Cape Town
Martifer Energia África do Sul
-
85.00%
85.00%
Aveiro
Navalria
-
100.00%
100.00%
Ílhavo
Gebox
-
100.00%
100.00%
Oliveira de Frades
Martifer Solar SGPS
100.00%
-
100.00%
Oliveira de Frades
Martifer Solar
-
55.00%
55.00%
Madrid
Martifer Solar Sistemas Solares
-
55.00%
55.00%
Madrid
Solar Parks
-
55.00%
55.00%
Madrid
Seseña II
-
55.00%
55.00%
Parque Solar Segovia, S.L.
Madrid
Segovia
-
55.00%
55.00%
Parque Solar Quintanar, S.L.
Madrid
Quintanar
-
55.00%
55.00%
Parque Solar Seseña III, S.L.
Madrid
Seseña III
-
55.00%
55.00%
MTS Solar Sistemas Solares, S.A.
Mexico city
Martifer Solar México
-
54.45%
54.45%
Martifer Solar Chile Holding, Lda
Santiago
Martifer Solar Chile
-
55.00%
55.00%
Nagatel Viseu, Promoção Imobiliária, S.A.
Martifer Beteiligungsverwaltungs GmbH
M City Gliwice Sp. Zo.o
Martifer Energy Systems SGPS, S.A.
Martifer Solar SGPS, S.A.
Martifer Solar, S.A.
Martifer Solar Sistemas Solares, S.A.
Solar Parks Construccion Parques Solares
ETVE, S.A.
Parque Solar Seseña II, S.L.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 46
COMPANY
HEAD OFFICE
DESIGNATION
DIRECTLY
INDIRECTLY
TOTAL
Martifer Solar Chile Operaciones Limitada
Santiago
Solar Chile Operaciones
-
55.00%
55.00%
Martifer Solar Sistemas Solares Equador S.A.
Sangolquí
Martifer Solar Equador
-
54.45%
54.45%
Milan
Martifer Solar Itália
-
55.00%
55.00%
MTS1 S.R.L.
Syracuse
MTS1
-
55.00%
55.00%
MTS2 S.R.L.
Syracuse
MTS2
-
55.00%
55.00%
MTS3 S.R.L.
Syracuse
MTS3
-
55.00%
55.00%
MTS4 S.R.L.
Syracuse
MTS4
-
55.00%
55.00%
MTS5 S.R.L.
Syracuse
MTS5
-
55.00%
55.00%
Martifer Solar RO S.R.L
Bucharest
Martifer Solar Roménia
-
55.00%
55.00%
S. Francisco CA
Martifer Inc.
-
55.00%
55.00%
Santa Monica CA
AEM 1)
-
34.93%
34.93%
Santa Monica CA
Solar Aurora
-
34.58%
34.58%
MT Silverado Fund LLC
S. Francisco CA
Silverado 1)
-
28.05%
28.05%
Martifer Solar Finance LLC
S. Francisco CA
Martifer Solar Finance
-
55.00%
55.00%
Martifer Solar Hellas, A.T.E.
Athens
PVI 1)
-
37.09%
37.09%
Martifer Solar Angola
Luanda
Martifer Solar Angola
-
41.25%
41.25%
Martifer Solar N.V.
Deerlijk
Martifer Solar Bélgica
-
55.00%
55.00%
Martifer Solar UK Limited
London
Martifer Solar UK
-
55.00%
55.00%
Martifer Solar S.A.S.
Lyon
Martifer Solar França
-
55.00%
55.00%
Martifer Solar CZ
Prague
Martifer Solar República Checa
-
55.00%
55.00%
Home Energy France SAS
Lyon
Home Energy França
-
55.00%
55.00%
PVGlass, S.A.
Oliveira de Frades
PVGlass
-
38.50%
38.50%
Milan
PVGlass Itália
-
38.50%
38.50%
Oliveira de Frades
Mprime
-
55.00%
55.00%
MPrime Italia S.r.l
Oliveira de Frades
MPrime Itália
-
55.00%
55.00%
MPrime GMBH
Munich
MPrime GMBH
-
55.00%
55.00%
Sever do Vouga
Sol Cativante 2)
-
5.01%
5.01%
Viseu
Sol Cativante V
-
5.01%
5.01%
Amsterdam
Martifer Solar Holanda
-
55.00%
55.00%
Martifer Solar Canada, Ltd.
Toronto
Martifer Solar Canadá
-
55.00%
55.00%
MTS6 S.R.L.
Syracuse
MTS6
-
46.75%
46.75%
Martifer Solar SK s.r.o.
Dolny Kubin
Martifer Solar Eslováquia
-
55.00%
55.00%
Ginosa Solar Farm, S.R.L.
Rome
Ginosa Solar Farm
-
55.00%
55.00%
Solar Spritehood S.R.L
Rome
Solar Spritehood
-
55.00%
55.00%
MTS7, S.R.L.
Rome
MTS7
-
55.00%
55.00%
Canopy - Naos
Paris
Canopy Naos
-
55.00%
55.00%
Eviva Mepe
Athens
Eviva Grécia
-
55.00%
55.00%
Martifer Solar MZ, S.A.
Maputo
Martifer Solar Moçambique
-
28.05%
28.05%
Greencoverage Unipessoal, Lda.
Oliveira de Frades
Greencoverage
-
55.00%
55.00%
Oliveira de Frades
São Martinho do
Porto
Inovsun
-
55.00%
55.00%
LRCC
-
55.00%
55.00%
Martifer Solar S.R.L.
Martifer Solar Inc.
Martifer Solar USA, Inc.
Martifer Aurora Solar, LLC
PVGLASS S.r.l
MPrime Solar Solutions, S.A.
Sol Cativante, Lda.
Sol Cativante V, Lda.
Martifer Solar Investments, B.V.
Inovsun, Lda.
LRCC – La Rad Campo Charro – Energias
Renováveis, Lda.
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%
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 47
COMPANY
HEAD OFFICE
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%
Eurocab FV 20 S.L.
Madrid
Eurocab 20
-
100.00%
100.00%
Eviva Energy S.R.L.
Bucharest
Eviva Roménia
-
100.00%
100.00%
Eviva Nalbant S.R.O.
Bucharest
Eviva Nalbant
-
99.00%
99.00%
Eviva Agighiol S.R.L.
Bucharest
Eviva Agighiol
-
99.00%
99.00%
Eviva Casimcea S.R.O.
Bucharest
Eviva Casimcea
-
99.00%
99.00%
Premium Management Consulting, S.R.L.
Bucharest
Premium Management
-
85.00%
85.00%
MW Topolog, S.R.L.
Bucharest
MW Topolog
-
99.00%
99.00%
Martifer Renewables, S.A.
Gliwice
Eviva Polónia
-
100.00%
100.00%
Martifer Renewables Pty, Ltd.
Sidney
Eviva Austrália
-
100.00%
100.00%
Eviva Beteiligungsverwaltungs GmbH
Wien
Eviva GmbH
-
100.00%
100.00%
Eviva Hidro S.R.L.
Bucharest
Eviva Hidro
1.00%
99.00%
100.00%
Martifer Deutschland GmbH
Berlin
Martifer Deutschland
-
100.00%
100.00%
Martifer Renewables Bippen GmbH
Berlin
Eviva Bippen
-
100.00%
100.00%
Wind Farm Odrzechowa Sp. Zo.o
Gliwice
Wind Odrzechowa
-
100.00%
100.00%
Energia Wiatrowa Sp. Zo.o
Gliwice
Energia Wiatrowa 4)
-
100.00%
100.00%
Eviva Gizalki Sp. Zo.o
Miastko
Eviva Gizalki
-
72.00%
72.00%
Wind Farm Bukowsko Sp. Zo.o
Gliwice
Wind Farm Bukowsko
-
100.00%
100.00%
Wind Farm Markowa Sp. Zo.o
Gliwice
Wind Farm Markowa
-
100.00%
100.00%
Wind Farm Lada Sp. Zo.o
Gliwice
Wind Farm Lada
-
100.00%
100.00%
Wind Farm Jawornik Sp. Zo.o
Gliwice
Wind Farm Jawornik
-
100.00%
100.00%
Wind Farm Piersno Sp. Zo.o
Gliwice
Wind Farm Piersno
-
100.00%
100.00%
Wind Farm Oborniki Sp. Zo.o
Gliwice
Wind Farm Oborniki
-
100.00%
100.00%
Martifer Renewables Brazil B.V.
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%
Amsterdam
Renewables Italy Holanda
-
100.00%
100.00%
Martifer Renewables Brasil Participações LTDA
Martifer Renováveis - Geração de Energia e
Participações S.A.
Eólica Cajueiro da Praia, Ltda .
Fortaleza
Martifer Renewables Brasil
-
100.00%
100.00%
Fortaleza
Ventania
-
55.00%
55.00%
Fortaleza
Cajueiro
-
55.00%
55.00%
Eólica Cacimbas, Ltda.
SBER – Sociedade Brasileira de Energias
Renováveis, Ltda.
Melosa – Geração de Energia e
Participações, Ltda.
Eólica Paraipaba, Ltda.
Fortaleza
Cacimbas
-
55.00%
55.00%
Fortaleza
SBER 1)
-
41.25%
41.25%
Fortaleza
Melosa
-
55.00%
55.00%
Fortaleza
Paraipaba
-
55.00%
55.00%
Fortaleza
Chapadão
-
55.00%
55.00%
Fortaleza
Rosa dos Ventos
-
53.63%
53.63%
Delft
Prio Holanda
-
100.00%
100.00%
Amsterdam
Porthold
-
55.00%
55.00%
Oliveira de Frades
Ventinveste Indústria
-
46.00%
46.00%
Vesto EAD
Martifer Renewables Investments ETVE, S.A.
Martifer Renewables Italy BV
Eólica Chapadão, Ltda.
Rosa dos Ventos - Geração e
Comercialização de Energia, S.A
Prio Agriculture, B.V.
Porthold Project Development BV
Ventinveste Indústria SGPS, S.A.
3)
1) The full consolidation of these companies is justified as the Group has ultimate control.
2) The consolidation of this company through the full consolidation method results from Group having full control, namely to govern the financial and operating policies of
the entity.
3) The consolidation of this company through the full consolidation method results from shareholder agreements that regulate the control of the investee.
4) This company has been classified as held for sale (Note 3).
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 48
COMPANIES CONSOLIDATED THROUGH THE EQUITY METHOD
Companies consolidated through the equity method, head offices and percentage of share capital held by the group at 30 June
2012, are as follows:
COMPANY
HEAD OFFICE
DESIGNATION
DIRECTLY
INDIRECTLY
TOTAL
Metallic Constructions
Associate companies:
Proempar
Porto
Proempar
-
24.00%
24.00%
Parque Tecnológico do Tâmega
Felgueiras
-
19.40%
19.40%
Liszki Green Park, Sp. Zo.o
Gliwice
PTT
Liszki Green Park
-
45.00%
45.00%
Jointly controlled companies:
Promoquatro – Investimentos Imobiliários, Lda.
Oliveira de Frades
Promoquatro
-
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%
M. City Szczecin Sp. Z o.o.
Gliwice
M City Szczecin
-
50.00%
50.00%
Madrid
Seseña I
-
28.11%
28.11%
Madrid
Canaverosa
-
49.00%
49.00%
Santiago
Maria del Sol
-
26.95%
26.95%
Nutre SGPS, S.A.
Oliveira de Frades
Prio SGPS
49.00%
-
49.00%
Nutre, S.A.
Oliveira de Frades
Prio Foods
-
49.00%
49.00%
Nutre - 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.
Prio Agrotrans
-
49.00%
49.00%
Prio Agricultura e Extracção
-
49.00%
49.00%
Prio Extractie S.R.L.
Bucharest
S. Luís do
Maranhão
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 Meat S.R.L
Bucharest
Prio Meat
-
49.00%
49.00%
Prio Foods – AJFS Construções, ACE
Lisbon
Prio Foods ACE
-
24.50%
24.50%
Nutre Farming B.V.
Amsterdam
Nutre Farming
-
49.00%
49.00%
Prio Energy SGPS. S.A.
Oliveira de Frades
Prio Energy SGPS
49.00%
-
49.00%
Prio Biocombustíveis. S.A.
Oliveira de Frades
Prio Biocombustíveis
-
49.00%
49.00%
Prio Energy. S.A.
Oliveira de Frades
Prio Energy
-
49.00%
49.00%
Mondefin
Coimbra
Mondefin
-
49.00%
49.00%
Veiga & Seabra. S.A.
Aguada de Baixo
Veiga & Seabra
-
49.00%
49.00%
Prio Parque de Tanques de Aveiro, S.A.
Oliveira de Frades
Prio Tanques
-
49.00%
49.00%
Prio Energy II, S.A.
Oliveira de Frades
Prio Energy II
-
49.00%
49.00%
Park Charge-Energy Systems, Lda
Oliveira de Frades
Park Charge
-
39.20%
39.20%
Solar
Parque Solar Seseña I, S.L.
Canaverosa Renovables, SL
Empresa de Energia Renovable Maria del Sol
Norte S.A.
Others
Prio Agricultura e Extracção LTDA
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 49
COMPANY
Prio.E - SGPS, S.A.
Share Motivation – Inv. Imobiliários Unipessoal,
Lda.
Magnum Cap Electrical Power, Lda.
HEAD OFFICE
DESIGNATION
DIRECTLY
INDIRECTLY
TOTAL
Oliveira de Frades
Prio E SGPS
-
29,40%
29,40%
Oliveira de Frades
Share Motivation
-
49.00%
49.00%
Oliveira de Frades
Magnum Cap
-
9.70%
9.70%
Ventinveste, S.A.
Lisbon
Ventinveste SA
5.00%
41.00%
46.00%
Ventinveste Eólica, SGPS, S.A.
Lisbon
Ventinveste Eólica
-
46.00%
46.00%
Parque Eólico de Torrinheiras, S.A.
Lisbon
PE Torrinheiras
-
46.00%
46.00%
Parque Eólico do Douro Sul, S.A.
Lisbon
PE Douro Sul
-
46.00%
46.00%
Parque Eólico do Pinhal do Oeste, S.A.
Lisbon
PE Pinhal do Oeste
-
46.00%
46.00%
Parque Eólico de Vale Grande. S.A.
Lisbon
PE Vale Grande
-
46.00%
46.00%
Parque Eólico de Vale do Chão, S.A.
Lisbon
PE Vale do Chão
-
46.00%
46.00%
Parque Eólico do Cabeço Norte, S.A.
Lisbon
PE Cabeço Norte
-
46.00%
46.00%
Parque Eólico da Serra do Oeste, S.A.
Lisbon
PE Serra do Oeste
-
46.00%
46.00%
Parque Eólico do Planalto, S.A.
Lisbon
PE Planalto
-
46.00%
46.00%
Eviva Dunowo, Sp. Z o.o.
Gliwice
Eviva Dunowo
-
50.00%
50.00%
SPEE 3 – Parque Eólico do Baião, S.A.
SPEE 2 – Parque Eólico de Vila Franca de Xira,
S.A.
Macquarie Capital Wind Fund Pty Limited
Lisbon
SPEE 3
-
50.00%
50.00%
Oliveira de Frades
SPEE 2
-
50.00%
50.00%
Sidney
Macquarie
-
50.00%
50.00%
Parque Eólico da Penha da Gardunha, Lda.
Oliveira de Frades
PE Penha da Gardunha
-
50.00%
50.00%
MS – Participações Societárias, S.A.
Fortaleza
MS (ex-Faisa Biomassa)
-
11.91%
11.91%
Eólica Embuaca, Ltda.
Fortaleza
Embuaca
-
11.91%
11.91%
Eólica Mar e Terra, Ltda.
Fortaleza
Mar e Terra
-
11.91%
11.91%
Eólica Bela Vista, Ltda.
Fortaleza
Bela Vista
-
11.91%
11.91%
Eólica Icaraí, Ltda.
Fortaleza
Icaraí
-
11.91%
11.91%
Jointly controlled companies:
During the first half of 2012 and during 2011 the changes occurred in the consolidation perimeter were as follows:
Incorporated companies:
In the first half of 2012:
Martifer Solar RO S.R.L (Martifer Solar Roménia)
Martifer Solar Finance LLC (Martifer Solar Finance)
Martifer Solar Sistemas Solares Equador S.A. (Martifer Solar Equador)
Martifer Solar Chile Operaciones Limitada (Solar Chile Operaciones)
Empresa de Energia Renovable Maria del Sol Norte S.A. (Maria del Sol)
Nutre Farming B.V. (Nutre Farming)
Prio.E – SGPS, S.A. (Prio E SGPS)
Martifer Solar Chile Holding, Lda (Solar Chile)
In 2011:
Prio Foods - Indústrias Alimentares, S.A. (Prio Alimentar)
Prio Energy II, S.A. (Prio Energy II)
MPrime Itália S.R.L. (MPrime Itália)
PVGlass S.R.L. (PVGlass Itália)
Martifer Solar UK, Limited (Martifer Solar UK)
Wind Farm Oborniki Sp. Zo.o (Wind Farm Oborniki)
Prio Meat S.R.L (Prio Meat)
MTS Solar Sistemas Solares S.A. (Martifer Solar México)
Prio Foods – AJFS, ACE (Prio Foods – AJFS)
Saudi Martifer Constructions LLC (Saudi Martifer Constructions)
Resun Developments, S.A. (Resun)
Martifer Aurora Solar, LLC (Solar Aurora)
Sol Cativante V, Lda. (Sol Cativante V)
Sol Cativante VI, Lda. (Sol Cativante VI)
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 50
Martifer Solar MZ, S.A. (Martifer Solar Moçambique)
Greencoverage Unipessoal, Lda. (Greencoverage)
Acquired companies:
M. City Szczecin Sp. Z o.o. (M. City Szczecin)
LRCC – La Rad Campo Charro – Energias Renováveis, Lda. (LRCC)
Share Motivation – Inv. Imobiliários Unipessoal, Lda. (Share Motivation)
Magnum Cap Electrical Power, Lda. (Magnum Cap)
In 2011:
Canaverosa Renovables, SL (Canaverosa)
Sol Cativante II, S.A. (Sol Cativante II)
Sol Cativante IV, S.A. (Sol Cativante IV)
Sol Cativante, Lda. (Sol Cativante)
Park Charge-Energy Systems, Lda (Park Charge)
MPrime Gmbh (Mprime Gmbh)
Canopy – Naos (Canopy Naos)
Sold companies:
Sol Cativante IV, S.A.
Sol Cativante II, S.A.
Sol Cativante VI, Lda.
Martifer – Hirschfeld Energy Systems LLC
Silverton Wind Farm Holding
In 2011:
Home Energy II, S.A. (Home Energy)
Repower Portugal – Sistemas Eólicos, S.A. (Repower Portugal)
WPT – Wind Power Transmission S.A.
Martifer Renewables Electricity LLC
Martifer Renewables Wind LLC
Martifer Renewables Solar Thermal LLC
MTSK1 s.r.o. (MTSK1))
Gesto Energia, S.A. (Gesto Energia)
Martifer Renewables II Microprodução, S.A. (Martifer Renewables II Microprodução)
G.I.G. - Gesto Investimento e Gestão, SGPS, S.A. (G.I.G.)
Hidroavelar, Unipessoal Lda. (Hidroavelar)
Sociedade Hidroeléctrica do Távora, Unipessoal Lda. (Soc. Hidroeléctrica do Távora)
Sociedade Geotérmica da Bacia Lusitaniana, Unipessoal Lda. (Soc. Geotérmica da Bacia Lusitaniana)
Gesto Itália, S.R.L. (Gesto Itália)
Martifer II Inox SA (Arestalfer)
Martinox SA (Martinox Angola)
IWP Sp z.o.o. (IWP)
Bukowsko Wind Energy Sp. Z.o.o.(Bukowsko)
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 Faisa, Ltda. (Eólica Faisa))
Canopy – Apollo S.A.S. (Canopy)
Gargano Solar Park (Gargano)
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 51
Changes in the consolidation method:
Resun Developments, S.A. - In 2011 was consolidated through the full consolidation method. In 2012, after the sale of its financial participation in
this entity, Martifer Group maintained only 10% of participation, which is recorded at the cost.
In 2011:
Ventipower, S.A. (Ventipower) – In 2010 was consolidated through the proportionate method. In 2011 this investment is recorded at cost as, with the
sale of 50% of REpower Portugal, ceased the joint control that was held by Martifer Group.
Gesto Energia, S.A. (Gesto Energia) – In 2010 was consolidated through the full consolidation method. In 2011, after the sale of its financial
participation in this entity, Martifer Group maintained only 5% of participation, which is recorded at the cost.
MS – Participações Societárias, S.A. (MS Brazil) - It changes from full consolidation method to equity method, in result of the contract celebrated
with Santander bank in Brazil, which defines the joint control in this entity.
Eólica Embuaca, Ltda. (Embuaca) - It changes from full consolidation method to equity method, in result of the contract celebrated with Santander
bank in Brazil, which defines the joint control in MS Brazil.
Eólica Mar e Terra, Ltda (Mar e Terra) - It changes from full consolidation method to equity method, in result of the contract celebrated with
Santander bank in Brazil, which defines the joint control in MS Brazil.
Eólica Bela Vista, Ltda. (Bela Vista) - It changes from full consolidation method to equity method, in result of the contract celebrated with Santander
bank in Brazil, which defines the joint control in MS Brazil.
Eólica Icaraí, Ltda. (Icaraí) - It changes from full consolidation method to equity method, in result of the contract celebrated with Santander bank in
Brazil, which defines the joint control in MS Brazil.
Change in the consolidation method of financial interests in joint arrangements (from proportionate method to equity method).
3. DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE
th
On 30 September 2011, Martifer Renewables, SGPS, S.A. agreed, with IKEA Retail Sp. Zo.o., the sale of the shares of Energia
Wiatrowa, Sp. Zo.o, conditional to compliance with some terms and conditions set out in the agreement, namely the conclusion of
the Rymanow Project, a wind farm with 13 turbines, in the region of Podkarpackie, that is being developed by Energia Wiatrowa.
In accordance with IFRS 5, the assets and liabilities related to Energia Wiatrowa, were classified as ‘Disposal group classified as
held for sale’ and ‘Liabilities related to disposal group classified as held for sale’, respectively, and the net earnings disclosed in the
caption ‘Earnings of the disposal group classified as held for sale’.
The breakdown of assets and liabilities of the business unit held for sale at 30 June 2012 is as follows:
30 JUNE 2012
(NON AUDITED)
Tangible assets
1,242,069
Current assets
2.999.349
Disposal group classified as held for sale
4,241,418
Current liabilities
66,755
Liabilities related to the disposal group classified as held for sale
66,755
Assets net of liabilities related to the disposal group classified as held for sale
4,174,663
During the first half of 2012, the net result of the disposal group classified as held for sale was negative of Euro 23,701.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 52
In April 2012, Martifer Group sold the shares representative of 50% of Martifer-Hirschfeld Energy Systems LLC, company that held
the towers factory in the United States of America, to Hirschfeld Group, by USD 2.3 million. The impact of this transaction in the
consolidated financial statements of the Group was accounted for in December 2011, through the recognition of an impairment loss.
In the previous period, March 2012, these assets and liabilities were included as disposal group classified as held for sale.
4. INFORMATION BY BUSINESS SEGMENTS
The Group bases its disclosure of information for primary segments on its internal organisation in terms of management.
The Group is organised in two major business areas: ‘Metallic Construction’ and ‘Solar’ that are coordinated and supported by
Martifer SGPS. The Metallic Construction business area includes all the construction activities of steel structures, aluminium
façades and glass and stainless steel solutions. It includes also the wind power division, components, turbine assembly and turnkey
wind farm delivery, engineering division and navy. In the ‘Solar’ segment the focus is on the production of PV panels, as well as the
turnkey solar parks delivery, promotion, licensing, operation and maintenance of projects.
The ‘RE Developer’ segment includes the promotion and development of projects of renewable energy, with special emphasis in
the wind sector. Amounts related with ‘RE Developer’ are presented in ‘Others’ segment, together with Martifer SGPS, Martifer
Inovação e Gestão S.A. (MIG) and Martifer Gestiune Si Servicii, S.R.L. (MIG RO).
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 30 June 2012 and 2011, the breakdown of sales and services rendered by primary segments is as follows:
SALES TO EXTERNAL CUSTOMERS
INTERSEGMENT SALES
TOTAL
6M’ 2012
6M’ 2011
6M’ 2012
6M’ 2011
6M’ 2012
6M’ 2011
124,785,539
114,232,336
39,127,574
39,067,698
163,913,113
153,300,034
Solar
107,987,660
102,891,321
22,683,121
34,979,534
130,670,781
137,870,855
Others
8,339,860
7,153,094
4,817,745
12,994,281
13,157,605
20,147,375
241,113,059
224,276,752
66,628,440
87,041,513
307,741,499
311,318,264
(63,822,128)
(77,874,686)
(2,806,313)
(9,166,827)
241,113,058
224,276,752
Intersegment eliminations
Own work capitalized (Note 6)
Sales and services rendered to external customers
The sales and services rendered increased 7.5% when compared with the same period of previous year. The Metallic Construction
business presented an increase of 9.2%, in spite of the lower activity in Iberia and Eastern Europe, and the abrupt hold ups in some
projects in backlog. The weak performance in the Iberian market has been gradually compensated by stronger markets such as the
UK, France and Brazil.
The Solar business continued to present an increase when compared with the same period of previous year, as a consequence of
the strategy implemented, by which Martifer Solar diversified its activity to several geographies.
At 30 June 2012 and 2011, the earnings before interest, taxes, amortizations, provisions and impairment losses (EBITDA), earnings
before interest and taxes (EBIT) and profit after tax by primary segments are as follows:
EBITDA
Solar
Others
st
EBIT
st
1st HALF 2012
1 HALF 2011
RESTATED
1st HALF 2011
1st HALF 2012
1 HALF 2011
RESTATED
1st HALF 2011
5,839,126
(3,364,296)
(3,364,296)
(2,433,764)
(7,915,624)
(8,601,830)
10,778,526
2,750,738
2,750,738
9,264,913
1,672,333
1,672,333
4,586,660
2,217,832
2,217,832
(103,883)
(1,747,841)
(1,747,841)
21,204,312
1,604,274
1,604,274
6,727,265
(7,991,132)
(8,677,339)
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 53
PROFIT AFTER TAX
st
1 HALF 2012
1 HALF 2011
RESTATED
1 HALF 2011
(9,043,813)
(11,529,854)
(12,063,064)
4,693,300
1,321,513
1,321,513
(5,572,216)
(5,131,190)
(5,131,190)
(9,922,729)
(15,339,531)
(15,872,741)
st
Solar
Others
st
Earnings before interest and taxes (EBITDA) reached 21.2 million euro, showing a strong improvement as a consequence of better
margins in metallic constructions, impacted by the restructuring plan under way and also, of the improvement of the margins’ mix of
solar projects and distribution business.
The Group’s net assets and liabilities by operating segments at 30 June 2012 and 31 December 2011 are as follows:
ASSETS
LIABILITIES
30 june 2012
31 DECEMBER
2011
RESTATED
31 DECEMBER
2011
30 june 2012
31 DECEMBER
2011
RESTATED
31
DECEMBER
2011
412,654,468
402,462,001
422,316,180
316,158,121
309,271,519
313,526,187
Solar
297,447,912
316,051,710
316,051,710
213,837,825
238,252,385
238,252,385
RE Developer
220,610,506
245,416,809
245,416,809
82,803,307
104,138,288
104,138,288
Holding e MIGs
545,702,503
551,616,966
551,616,966
161,025,577
165,041,863
165,041,863
(463,117,532)
(497,568,330)
(497,568,330)
(30,705,797)
(66,442,023)
(66,442,023)
1,013,297,857
1,017,979,156
1,037,833,335
743,119,033
750,262,032
754,516,700
Others
Intra-group eliminations
The Group’s capital expenditures (acquisition of tangible and intangible assets) and amortizations, by operating segments, till 30
june 2012 and 2011, are as follows:
CAPITAL EXPENDITURES
Solar
Others
AMORTIZATIONS
30 june 2012
30 june 2011
RESTATED
30 june 2011
1st HALF 2012
1st HALF 2011
RESTATED
1st HALF 2011
4,539,591
4,507,140
4,507,140
4,192,995
4,244,797
4,931,004
16,642,270
20,347,705
20,347,705
1,350,161
1,078,406
1,078,406
1,234,352
25,505,196
25,505,196
3,536,795
3,676,654
3,676,654
22,416,213
50,360,041
50,360,041
9,079,951
8,999,857
9,686,064
The amount of investment in fixed assets during the first half of 2012 was 22.4 million euro, essentially applied to the development
of solar projects in the USA and France, by Martifer Solar (16.2 million euro), on the finalization of the Metallic Construction’s new
facilities in Brazil and to Metallic Construction’s maintenance investment (4.5 million euro).
Sales and services rendered by geographical segments are as follows:
1st HALF 2012
1st HALF 2011
Iberian Peninsula
55,014,806
64,990,138
European Union
103,384,946
104,010,027
82,713,306
55,276,588
241,113,058
224,276,752
Other markets
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 54
5. SALES AND SERVICES RENDERED
At 30 June 2012 and 2011, the breakdown of sales and services rendered is as follows:
Revenue from the sale of merchandise
Revenue from the sale of goods
Services rendered
1st HALF 2012
1st HALF 2011
44,615,288
51,952,680
68,474,606
122,114,762
128,023,164
50,209,310
241,113,058
224,276,752
6. OTHER INCOME
At 30 June 2012 and 2011, the breakdown of the caption ‘Other income’ is as follows:
Change in production
Own work capitalized
1st HALF 2012
1st HALF 2011
(136,567)
146,365
2,806,313
9,166,827
2,669,746
9,313,192
The decrease in ‘Own work capitalized’, during the half of 2012, is mainly connected with the construction of solar parks in the
United States of America, in the Solar segment. In the same period of 2011, the own work capitalized were related with the
construction of the wind parks in Poland, which had already finished.
7. COST OF GOODS SOLD AND SUBCONTRACTORS
At 30 June 2012 and 2011 the cost of goods sold and subcontractors is as follows:
30 JUNE 2011
Opening balance of the continued operations
MERCHANDISE
RAW-MATERIALS,
SUBSIDIARIES AND
OTHER CONSUMABLES
TOTAL
6,478,958
32,555,678
39,034,637
Purchases
12,408,835
105,402,549
117,811,384
Changes in the consolidation perimeter, currency exchange
differences, transfers and others
(2,414,651)
(14,181,965)
(16,596,617)
9,103,862
19,801,123
28,904,985
7,369,280
103,975,139
111,344,419
Closing balance of the continued operations
Subcontractors
30 JUNE 2012
Opening balance of the continued operations
Purchases
Changes in the consolidation perimeter, currency exchange differences,
transfers and others
Closing balance of the continued operations
50,776,368
MERCHANDISE
RAW-MATERIALS,
SUBSIDIARIES AND
OTHER CONSUMABLES
TOTAL
7,959,678
14,706,812
22,666,490
20,934,123
82,238,442
103,172,565
509,273
235,333
744,606
8,318,913
11,442,893
19,761,806
21,084,161
85,737,694
106,821,855
Subcontractors
46,007,521
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 55
8. EXTERNAL SUPPLIES AND SERVICES
At 30 June 2012 and 2011 the external supplies and services are as follows:
st
st
1 HALF 2012
1 HALF 2011
Specialized works
9,078,680
5,217,102
Leases and rents
7,754,972
7,114,662
Transportation of goods
5,651,874
6,567,355
Travelling expenses
2,498,225
2,713,023
Electricity and Fuel
2,012,207
2,525,904
Insurance
1,852,188
1,772,685
Commissions
1,068,868
1,458,686
Communications
916,737
838,755
Legal and notarial fees
865,161
1,350,036
Maintenance and repairs
776,205
1,285,045
Security
724,455
838,826
Advertising
564,383
447,888
Tools and devices
506,448
624,487
Cleaning, health and safety
348,161
372,268
Service Fees
236,588
459,367
Other supplies and services
2,143,510
6,045,851
36,998,662
39,631,941
1st HALF 2012
1st HALF 2011
32,763,021
29,621,343
7,835,952
5,945,279
9. STAFF COSTS
At 30 June 2012 and 2011, staff costs are as follows:
Salaries
Social contributions:
Pensions and other benefits
Other staff costs
2,336,467
2,787,435
42,935,439
38,354,056
The caption ‘Pensions and other benefits’ include mainly the social security contributions. At 30 June 2012 and 2011, the caption
‘Other staff costs’ includes, essentially, the food and health subsidies, insurance costs and dismissal compensation.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 56
10. OTHER OPERATIONAL GAINS AND LOSSES
At 30 June 2012 and 2011, the caption ‘Other operational gains and losses’ is as follows:
1st HALF 2012
1st HALF 2011
(469,022)
767,419
(43,169)
1,689,256
61,359
224,152
950,759
510,966
97,301
628,754
Taxes
Impairment losses and reversals of impairment losses:
- Trade debtors
- Other impairment losses
Supplementary income
Capital Gains/ (Losses) in non-financial assets
Operating subsidies
363,808
78,645
Investment subsidies
1,089,209
53,590
Other operational gains/ losses
8,134,739
4,168,332
10,184,984
8,121,114
In the first quarter ended at 30 June 2012, this caption includes the effect of the capitalization of development costs of wind farms,
in ‘RE Developer segment’, mainly in the wind farm Babadag in Romania, recognized in the caption ‘Other operational
gains/losses’. It includes also the recognition of a government subsidy received in 2012, in result of the conversion of a refundable
loan into realization premium, after the project’s evaluation in the ‘Metallic Construction’ segment.
11. PROVISIONS AND IMPAIRMENT LOSSES
st
The provisions and impairment losses during the 1 half of 2012 and 2011 were as follows:
Goodwill impairment
1st HALF 2012
1st HALF 2011
-
299,870
Tangible assets impairment
827,500
-
Impairment losses
827,500
299,870
Provisions arising from the use of the equity method
496,722
-
Provisions for customer guarantees
257,381
Other provisions
3,815,493
295,679
Provisions
4,569,595
295,679
The change is due, mainly, to the creation of a provision of Euro 3.5 million, to cover a potential loss on a project, in the segment of
the 'Metallic Construction', but also because of the recognition, by the ‘RE Developer’ business area, of impairment losses
amounting Euro 827,500, due to the incorporation, in future perspectives of the projects in progress, of the latest trend of behaviour
in the world financial markets.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 57
12. NET FINANCIAL RESULTS
The net financial results for the years ended at 30 June 2012 and 2011 can be analysed as follows:
FINANCIAL INCOME
1st HALF 2012
1st HALF 2011
3,052,619
1,479,823
203
400
150,925
6,189,758
10,025,787
6,520,013
360,582
407,427
13,590,116
14,597,421
1st HALF 2012
1st HALF 2011
12,246,676
11,452,548
156,233
199,969
9,667,471
8,675,621
Loans and accounts receivable (including bank deposits)
Interest income
Available for sale financial assets
Dividend income
Gains on the sale of financial assets
Other financial income related to other financial assets
Foreign exchange gains
Other financial income
FINANCIAL EXPENSES
Loans and accounts payable
Interest expenses in bank loans and in finance leases
Financial assets available for sale
Losses on the sale of financial assets
Other financial expenses related to other financial liabilities
Foreign exchange losses
Other financial expenses
4,741,221
2,753,112
26,811,601
23,081,250
The caption ‘Gains on the sale of financial assets’ available for sale, in 30 June 2011, referred 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.
The captions ‘Foreign exchange gains / (losses)’ are related with exchange variations registered in foreign subsidiaries, particularly
in Poland, Brazil and Angola.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 58
13. GAINS/ (LOSSES) IN ASSOCIATE COMPANIES AND JOINT
ARRANGEMENTS
At 30 June 2012 and 2011, the gains and losses on associate companies and joint-ventures are as follows:
st
1 HALF 2012
Prio Energy Group
st
1 HALF 2011
1,115,618
1,437,343
Nutre Group (formerly named Prio Foods)
(2,149,350)
(2,017,418)
-
(664,173)
SPEE 2 – Parque Eólico de Vila Franca de Xira, S.A.
Ventinveste, S.A.
Gebox, S.A.
308,495
452,813
(326,248)
(238,126)
-
233,071
110,958
-
18,616
(159,743)
Macquarie
1,393,146
23,268
Promoquatro – Investimentos Imobiliários, Lda.
(456,039)
-
MS – Participações Societárias, S.A.
SPEE 3 – Parque Eólico do Baião, S.A.
Parque Eólico da Penha da Gardunha, Lda
(367,530)
-
Liszki Green Park,Sp zoo
135,043
-
Others
168,887
126,284
(48,404)
(806,680)
st
In the 1 half of 2012, this caption includes the gain resulting from the sale of the Silverton Project in Australia, appropriated through
the Equity Method applied to the financial investment in Macquarie.
14. INCOME TAXES
The reconciliation between current tax and income tax is summarized as follows:
Current tax
Deferred tax - generated by temporary differences
1st HALF 2012
1st HALF 2011
RESTATED
1st HALF 2011
4,079,182
1,485,910
1,485,910
(504,979)
(381,007)
(627,822)
Deferred tax - reversal of temporary differences
748,774
-
(534,003)
Effect of changes in the income tax rate
(20,710)
-
-
(909,182)
(2,419,191)
(2,419,191)
Deferred tax - tax losses recognition
Adjustments to the previous years
(36,679)
Deferred tax
(722,777)
(3,428,019)
(3,581,015)
Income tax
3,356,405
(1,942,109)
(2,095,105)
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 59
15. EARNINGS PER SHARE
Martifer SGPS only issued ordinary shares, and as such, no shares have special voting or dividend rights.
Martifer has just one type of potential ordinary dilutive shares: stock options. In order to calculate diluted earnings per share it is
necessary to determine 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 2012 and 30 June 2012, was Euro 0.87, lower
than the exercise price of the stock options (Euro 3.84), these stock options are non-diluted because, if the options were exercised,
the number of shares outstanding would be reduced.
Therefore, at 30 June 2012 there were no differences between the basic earnings per share and the diluted earnings per share
calculation.
The share capital of Martifer SGPS is represented by 100,000,000 ordinary shares, fully paid, representing a share capital of Euro
50,000,000.
The weighted average number of shares outstanding is deducted of 2,057,728 treasury stocks acquired by Martifer SGPS, between
2010 and 30 June 2012, corresponding to 2,210,010 shares.
At 30 June 2012 and 2011, the basic and diluted earnings per share can be summarised as follows:
Profit for the year (I)
Weighted average number of shares outstanding (II)
Basic and diluted earnings per share (I) / (II)
1st HALF 2012
1st HALF 2011
RESTATED
1st HALF 2011
(12,351,535)
(14,760,824)
(15,294,035)
97,942,272
99,056,839
99,056,839
(0.1261)
(0.1490)
(0.1544)
(0.1259)
(0.1490)
(0.1544)
(0.0002)
-
-
16. GOODWILL
At 30 June 2012 and 31 December 2011, the movement occurred in the caption ‘Goodwill’ is as follows:
30 JUNE 2012
31 DECEMBER 2011
18,926,458
43,073,211
Cost
Opening balance
Acquisition of subsidiaries
Sale of subsidiaries
Effect of foreign currency exchange differences
Write-off of goodwill fully impaired
Closing balance
70,843
793,190
-
(278,659)
347,385
175,276
-
(24,836,560)
19,344,686
18,926,458
790,190
24,836,559
-
790,190
Accumulated impairment losses
Opening balance
Impairment losses recognized in the year
Write-off of goodwill fully impaired
-
(24,836,560)
790,190
790,190
Carrying amount at the beginning of the period
18,136,268
18,236,652
Carrying amount at the end of the period
18,554,496
18,136,268
Closing balance
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 60
At 30 June 2012 and 31 December 2011, the breakdown of ‘Goodwill’ is as follow:
31 DECEMBER
2011
30 JUNE 2012
COST
ACCUMULATED
IMPAIRMENT
LOSSES
CARRYING
AMOUNT
CARRYING
AMOUNT
Martifer Construções
5,448,792
-
5,448,792
5,448,792
Sassall Glass & Joinery
5,307,203
-
5,307,203
4,994,727
Martifer Metallic Constructions
3,898,809
-
3,898,809
3,898,809
Navalria
1,618,675
-
1,618,675
1,618,675
Martifer Solar
1,493,776
-
1,493,776
1,493,776
Martifer Solar USA
406,236
-
406,236
383,467
Sassall Aluminium
206,180
-
206,180
194,040
Martifer Solar Hellas
72,205
-
72,205
72,205
LRCC – La Rad Campo Charro – Energias Renováveis, Lda
70,843
-
70,843
-
Porthold
14,379
-
14,379
14,379
MGI
8,373
-
8,373
8,373
Martifer GmbH
6,026
-
6,026
6,026
M Prime Gmbh
3,000
-
3,000
3,000
18,554,496
-
18,554,496
18,136,268
17. INTANGIBLE ASSETS
This caption is analysed as follows:
30 JUNE 2012
31 DECEMBER 2011
Software and other rights
32,235,663
30,057,374
Intangible assets in progress
20,819,260
17,841,232
82,352
687,015
53,137,275
48,585,621
9,743,602
8,584,677
-
-
Cost
Advances for the acquisition of intangible assets
Accumulated depreciation and impairment losses
Software and other rights
Intangible assets in progress
Advances for the acquisition of intangible assets
Carrying amount
-
-
9,743,602
8,584,677
43,393,674
40,000,945
At 30 June 2012 and 2011, the gross amount of ‘Intangible assets’ can be analysed as follows:
30 JUNE 2011
Opening balance at 1 January 2011
Additions
Sales, disposals and write-offs
Transfers and other movements
Closing balance at 30 June 2011
SOFTWARE AND
OTHER RIGHTS
INTANGIBLE
ASSETS IN
PROGRESS
ADVANCES FOR THE
ACQUISITION OF
INTANGIBLE ASSETS
TOTAL
16,384,459
12,218,668
26,672
28,629,799
4,310,935
8,676,446
-
12,987,381
(21,938)
(412,028)
(53)
(434,019)
(187,979)
(71,213)
(1,646)
(260,838)
34,355,246
(9,637,646)
(9,583)
24,708,017
122,607
-
(15,390)
107,217
54,963,330
10,774,227
-
65,737,557
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 61
30 JUNE 2012
Additions
SOFTWARE AND
OTHER RIGHTS
ADVANCES FOR
THE ACQUISITION
OF INTANGIBLE
ASSETS
TOTAL
30,057,374
17,841,233
687,015
48,585,622
2,297,848
8,656,081
-
10,953,929
INTANGIBLE ASSETS
IN PROGRESS
-
-
(623,707)
(623,707)
178,314
312,221
19,044
509,579
(174,273)
(5,775,700)
-
(5,949,973)
(123,600)
(214,575)
-
(338,175)
32,235,663
20,819,260
82,352
53,137,275
The change in capital expenditure in the first half of 2012, compared with the same period of 2011, relates essentially with the
development of Silverado project, in the United States of America (Euro 8.4 million), in the Solar segment.
At 30 June 2012 and 2011, the accumulated amortization and impairment losses of ‘Intangible assets’ can be analysed as follows:
30 june 2011
SOFTWARE AND
OTHER RIGHTS
INTANGIBLE
ASSETS IN
PROGRESS
ADVANCES FOR THE
ACQUISITION OF
INTANGIBLE ASSETS
TOTAL
6,235,890
-
-
6,235,890
Additions
1,098,168
-
-
1,098,168
30 JUNE 2012
(1,306)
(1,306)
(4,640)
-
-
(4,640)
104,025
-
-
104,025
(41))
-
-
(41))
7,432,096
-
-
7,432,096
SOFTWARE AND
OTHER RIGHTS
INTANGIBLE
ASSETS IN
PROGRESS
ADVANCES FOR THE
ACQUISITION OF
INTANGIBLE ASSETS
TOTAL
8,584,677
-
-
8,584,677
Additions
1,163,941
-
-
1,163,941
344
-
-
344
5,032
-
-
5,032
(10,392)
-
-
(10,392)
9,743,602
-
-
9,743,602
Carrying amount
30 JUNE 2011
47,531,234
10,774,227
-
58,305,461
30 JUNE 2012
22,492,061
20,819,260
82,352
43,393,674
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 62
18. TANGIBLE ASSETS
This caption is analysed as follows:
30 JUNE 2012
31 DECEMBER 2011
RESTATED
31 DECEMBER 2011
Land and buildings
102,663,445
96,012,886
129,908,354
Equipments
110,535,531
109,258,139
109,719,941
Tangible assets in progress
85,774,292
91,880,915
91,880,914
Other tangible assets
63,683,488
62,919,114
62,919,117
362,656,756
360,071,054
394,428,326
Land and buildings
17,459,077
15,826,402
30,329,493
Equipments
53,279,297
49,806,980
49,806,980
Other tangible assets
10,923,678
9,352,703
9,352,706
81,662,052
74,986,085
89,489,179
280,994,705
285,084,969
304,939,148
Cost
Accumulated depreciation and impairment losses
Carrying amount
At 30 June 2012 and 2011, the gross amount of land and buildings, equipments, tangible assets in progress and other fixed assets
can be analysed as follows:
30 JUNE 2011
LAND AND
BUILDINGS
EQUIPMENTS
TANGIBLE
ASSETS IN
PROGRESS
OTHER
TANGIBLE
ASSETS
TOTAL
127,193,493
104,163,423
93,817,059
89,396,513
414,570,488
Additions
1,136,941
1,995,172
32,684,671
1,555,876
37,372,660
(201,967)
(1,607,788)
(389,148)
(2,718)
(2,201,621)
(741,801)
(903,007)
(92,346)
(146,390)
(1,883,544)
(7,081)
(696,561)
(1,917,030)
-
(2,620,672)
Impairment losses
-
-
-
-
-
(1,862,946)
34,627,955
(28,695,131)
(5,627,058)
(1,557,180)
125,516,639
137,579,194
95,408,075
85,176,223
443,680,131
30 JUNE 2011 RESTATED
LAND AND
BUILDINGS
EQUIPMENTS
TANGIBLE
ASSETS IN
PROGRESS
OTHER
TANGIBLE
ASSETS
TOTAL
127.193.493
104.163.423
93.817.059
89.396.513
414.570.488
Change in the measurement policy of lands and
buildings held for use
(33.420.401)
-
(461.803)
-
(33.882.203)
Additions
1.136.941
1.995.172
32.684.671
1.555.876
37.372.660
(201.967)
(1.607.788)
(389.148)
(2.718)
(2.201.621)
(741.801)
(903.007)
(92.346)
(146.390)
(1.883.544)
(7,081)
(1,158,364)
2,378,833
(4,868,557)
(3,655,169)
(1,862,946)
34,627,955
(32,529,191)
(758,501)
(522,683)
Closing balance at 30 June 2011 restated
92,096,239
137,117,391
95,408,075
85,176,223
409,797,928
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 63
30 JUNE 2012
Reclassification for disposal group classified as
held for sale
Additions
LAND AND
BUILDINGS
EQUIPMENTS
TANGIBLE
ASSETS IN
PROGRESS
OTHER
TANGIBLE
ASSETS
TOTAL
96,012,887
109,258,138
91,880,914
62,919,117
360,071,056
(131,695)
-
(1,110,374)
-
(1,242,069)
164,043
1,937,781
9,224,265
136,195
11,462,284
-
(1,195,500)
(44)
(3,668)
(1,199,212)
199,592
(1,398,681)
(1,510,847)
(169,132)
(2,879,068)
(43,298)
1,086,405
(4,518,433)
-
(735,600)
6,461,916
1,582,987
102,663,445
110,535,530
Impairment losses
973,130
(2,502,196)
(91,900)
(827,500)
(8,191,189)
(80,254)
(226,540)
85,774,292
63,683,488
362,656,755
The capital expenditure, in the first half of 2012, relates, essentially, to the development of solar projects in France and United
States of America, by Martifer Solar (Euro 3.0 million and Euro 1.8 million respectively), and by the conclusion of the construction of
the metallic construction facility located in São Paulo, Brazil (Euro 2.5 million). During the first half of 2011 the strong capital
expenditure was justified by the construction of RE Developer’s wind farm Bukowsko in Poland (Euro 19.9 million).
At 30 June 2012 and 2011, the accumulated depreciation and impairment losses of land and buildings, equipments, tangible assets
in progress and other fixed assets can be analysed as follows:
30 JUNE 2011
Additions
LAND AND
BUILDINGS
EQUIPMENTS
TANGIBLE
ASSETS IN
PROGRESS
OTHER
TANGIBLE
ASSETS
TOTAL
26,791,627
45,332,305
-
7,727,570
79,851,502
2,063,345
3,858,075
-
2,666,542
8,587,962
(2,950)
(1,027,012)
-
(544)
(1,030,506)
(46,424)
(176,187)
-
(8,954)
(231,565)
(28,073)
(200,644)
-
(61,908)
(290,625)
(13,224)
13,271
-
-
47
28,764,301
47,799,808
-
10,322,706
86,886,815
LAND AND
BUILDINGS
EQUIPMENTS
TANGIBLE
ASSETS IN
PROGRESS
OTHER
TANGIBLE
ASSETS
TOTAL
26,791,627
45,332,305
-
7,727,570
79,851,502
(13,312,196)
-
-
-
(13,312,196)
Change in the measurement policy of lands and
buildings held for use
Additions
(2,950)
(1,027,012)
-
(544)
(1,030,506)
(46,424)
(176,187)
-
(8,954)
(231,565)
(28,073)
(200,645)
(61,908)
(290,626)
(13,224)
13,271
-
-
47
14,765,897
47,799,807
-
10,322,706
72,888,410
Closing balance at 30 June 2011 restated
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 64
30 JUNE 2012
Additions
LAND AND
BUILDINGS
EQUIPMENTS
TANGIBLE
ASSETS IN
PROGRESS
OTHER
TANGIBLE
ASSETS
TOTAL
15,826,402
49,806,980
-
9,352,706
74,986,088
1,789,519
4,550,361
-
1,576,130
7,916,010
-
(775,188)
-
(3,668)
(778,856)
69,110
(76,428)
-
(8,426)
(15,744)
(241,409)
(203,515)
-
(594)
(445,518)
15,455
(22,913)
-
7,530
72
17,459,077
53,279,296
-
10,923,678
81,662,051
30 JUNE 2011
96.752.338
89.779.386
95.408.075
74.853.517
356.793.316
77.330.342
89.317.584
95.408.075
74.853.517
336.909.518
30 JUNE 2012
85.204.368
57.256.234
85.774.292
52.759.810
280.994.704
Carrying amount
st
From 1 January 2012, land and buildings are recorded at their cost as mentioned in note 1, above.
19. INVESTMENT PROPERTIES
At 30 June 2012, the caption ‘Investment property’ relates to the following investment properties held by Martifer Group: Benavente
Shopping Centre, Warehouses in Albergaria-a-velha (Portugal) and Aricesti land (Romania), 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 specialized entities, according
to international practices (RICS Red Book). Martifer Group will perform regular revaluations of these properties, and gains and
losses arising from changes in the fair value will be charged to profit or loss in the period in which they arise.
At 30 June 2012 and 31 December 2011, the movement occurred in the caption ‘Investment properties’ is as follows:
Opening balance
Transfers
Changes in fair value
30 JUNE 2012
31 DECEMBER 2011
17,274,846
14,981,893
23,026
1,891,036
-
835,252
162,341
(433,334)
17,460,213
17,274,846
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 65
20. FINANCIAL ASSETS UNDER THE EQUITY METHOD
At 30 June 2012 and 31 December 2011, financial assets under the equity method are as follows:
30 JUNE 2012
31 DECEMBER 2011
Prio Energy
10,734,375
9,568,760
Macquarie
1,837,764
1,504,455
-
1,445,591
1,074,124
771,854
313,743
718,373
SPEE 2 - Parque eólico de Vila Franca de Xira, SA
MS Participações Societárias, SA
Promoquatro - Investimentos Imobiliários, Lda
-
567,188
SPEE 3 - Parque eólico de Baião, SA
401,983
291,607
Others
170,589
-
14,532,578
14,867,827
At 30 June 2012 and 31 December 2011, the movement occurred in this caption is as follows:
Opening balance
Application of the equity method
30 JUNE 2012
31 DECEMBER 2011
14,867,827
30,021,125
1,075,097
(571,881)
Increase in share capital
-
399,567
Sales
-
(10,494,837)
(1,445,591)
-
-
1,372,159
Reclassification for disposal group classified as held for sale
Changes resulting from the loss of control in subsidiaries
MS Participações Societárias
Impairment losses
-
(6,106,747)
(73,495)
347,392
Other changes
108,740
(99,352)
14,532,578
14,867,827
Closing balance
The change of this caption is mainly justified by the reclassification of the financial investment in Martifer-Hirschfeld Energy
Systems LLC to ‘disposal group held for sale’, as mentioned in Note 3 above.
21. AVAILABLE FOR SALE INVESTMENTS
At 30 June 2012 and 31 December 2011, available for sale investments are as follows:
Non-current financial investment
Others
30 JUNE 2012
31 DECEMBER 2011
1,702,497
1,739,039
426,851
439,982
2,129,348
2,179,021
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 66
At 30 June 2012 and 31 December 2011, the movement occurred in the caption ‘Available for sale investments’ is as follows:
30 JUNE 2012
31 DECEMBER 2011
2,179,021
20,138,045
72,440
1,306
Sales
-
(20,000,000)
Changes in fair value
-
(2,047)
(122,113)
2,041,717
2,129,348
2,179,021
30 JUNE 2012
31 DECEMBER 2011
11,279,419
14,492,572
Work in progress
5,745,004
6,279,712
Merchandise
8,318,913
7,959,678
Finished goods
2,105,844
2,420,934
27,449,180
31,152,896
Opening balance
Additions
Other changes
22. INVENTORIES
At 30 June 2012 and 31 December 2011, inventories are as follows:
Raw-materials, subsidiaries and other consumables
23. OTHER FINANCIAL ASSETS
At 30 June 2012 and 31 December 2011, financial assets, other than those described in Notes 20 and 21 above, are as follows.
The detail of the caption ‘trade and other receivables’, for the periods ended at 30 June 2012 and 31 December 2011 is the
following:
NON-CURRENT
CURRENT
30 JUNE 2012
31 DECEMBER 2011
30 JUNE 2012
31 DECEMBER 2011
Trade receivables
34,564,833
34,868,752
152,883,397
173,654,448
Notes receivables
-
-
18,345,827
17,453,139
Doubtful trade receivables
-
-
7,512,488
10,776,302
Total ‘trade receivables’
34,564,833
34,868,752
178,741,712
201,883,889
98,381,077
95,520,254
11,903,257
13,470,752
480
89,247
12,555,627
9,540,641
6,385,949
5,208,083
50,652,474
22,856,433
104,767,506
100,817,584
75,110,358
45,867,826
139,332,339
135,686,336
253,853,070
247,751,715
Cost:
Trade receivables:
Other receivables:
Related companies
Advances to suppliers
Others
Total ‘other receivables’
TOTAL
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 67
The caption of non-current ‘Trade receivables’ refers mainly to an amount to receive from two customers, one of which an associate
company amounting Euro 11,6M, in the ‘Solar’ segment, which will be regularized as soon as these companies obtain revenues
from the sale of energy. This receivable amount bears interests at the market rate.
At 30 June 2012 and 31 December 2011, impairment losses in accounts receivables are as follows:
NON-CURRENT
30 JUNE 2012
CURRENT
31 DECEMBER 2011
30 JUNE 2012
31 DECEMBER 2011
10,776,302
Accumulated impairment losses:
Doubtful trade receivables
-
-
9,248,652
129,027
111,036
2,749,182
2,801,698
129,027
111,036
11,997,834
13,578,000
Carrying amount – trade receivables
34,564,833
34,868,752
169,493,060
191,107,587
Carrying amount - other receivables
104,638,479
100,706,548
72,362,176
43,066,127
Other receivables
24. INCOME TAX AND CURRENT TAX ASSETS
At 30 June 2012 and 31 December 2011, current tax assets are as follows:
30 JUNE 2012
31 DECEMBER 2011
Income tax
2,397,253
2,366,787
Value added tax
9,980,437
17,661,598
Tax in other countries
2,595,768
1,549,516
Other taxes
7,328,928
459,723
19,905,133
19,670,837
Current tax assets
25. OTHER CURRENT ASSETS
At 30 June 2012 and 31 December 2011, the breakdown of the caption ‘Other current assets’ is as follows:
30 JUNE 2012
31 DECEMBER 2011
150,659,364
119,390,752
Accrued income
Production not invoiced (construction contracts)
Interest to be received
1,341,887
164,393
Other accrued income
2,815,096
4,139,138
154,816,347
123,694,283
1,245,790
1,573,546
Prepayments
Insurances
Financial expenses
341,767
285,218
Rents
1,118,442
1,068,010
Other prepayments
2,304,135
1,497,242
5,010,134
4,424,016
159,826,481
128,118,298
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 68
26. CASH AND CASH EQUIVALENTS
The ‘Cash and cash equivalents’ caption can be analysed as follows:
30 JUNE 2012
31 DECEMBER 2011
25,365,045
77,679,280
4,544,690
207,203
29,909,735
77,886,483
Cash and cash equivalents:
Bank deposits
Cash
’Cash and cash equivalents‘ includes cash on hand and in banks, maturing in no less than 3 months, which are subject to
insignificant risk of change in value. At 30 June 2012 and 31 December 2011, no restrictions exist to the usage of the amounts
recorded in the caption ‘Cash and cash equivalents’.
27. SHARE CAPITAL, TREASURY SHARES AND NON-CONTROLLING INTERESTS
Share capital
Martifer SGPS, SA share capital, fully subscribed and paid at 30 June 2012, 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 half of 2012 and 2011, no movements occurred in the number of shares of the Group.
During the first quarter of 2012, Martifer SGPS, S.A. acquired on stock exchange 462,359 treasury shares (2011: 1,187,410
treasury shares were acquired). After these acquisitions, the Group held 2,210,010 treasury shares, corresponding to 2.21 % of its
capital.
At 30 June 2012, the share capital of Martifer SGPS, S.A. was held in 42.69% by I’M SGPS, S.A., in 37.5% by Mota-Engil SGPS,
S.A and 2.21% are treasury shares. The remaining 17.60% represents free-float listed in Euronext Lisbon.
Movements in the non-controlling interests are as follows:
30 JUNE 2012
30 JUNE 2011
31,783,623
30,988,178
Net profit of the year
2,428,806
(578,705)
1,514,897
705,845
102,000
1,630,459
Opening balance
Increase in the share capital of subsidiaries
2,059,420
Transactions with non-controlling interests
17,957,172
75,234
53,786,498
34,876,590
Other
(3,841)
st
The increase in non-controlling interests, during the 1 half 2012, is due, mainly, to the sale of 10,000,000 shares, representative of
20% of the share capital of Martifer Solar, with an impact of Euro 15.6 million in non-controlling interests.
The closing balance refers mainly to the non-controlling interests of Martifer Solar, Martifer Solar Itália, Martifer Renováveis –
Geração de Energia e Participações S.A., Rosa dos Ventos Geração e Comercialização de Energia, S.A., Martifer Solar França e
Martifer Construções Angola.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 69
28. BORROWINGS
At 30 June 2012 and 31 December 2011, borrowings can be analysed as follows:
UNTIL 1 YEAR
BETWEEN 1 AND
3 YEARS
BETWEEN 3 AND
5 YEARS
MORE THAN 5
YEARS
TOTAL
Bank loans
66,385,760
44,786,192
45,542,572
29,218,523
185,933,047
Bank overdrafts
22,174,582
1,000,000
775,664
-
23,950,246
Authorized overdrafts
63,513,930
-
-
-
63,513,930
Commercial paper
11,700,000
61,825,000
23,325,000
-
96,850,000
Other borrowings
3,434,736
531,770
4,576,174
3,859,665
12,402,345
167,209,008
108,142,962
74,219,410
33,078,188
382,649,568
31 DECEMBER 2011
Financial institutions borrowings:
Other borrowings:
UNTIL 1 YEAR
BETWEEN 1 AND
3 YEARS
BETWEEN 3 AND 5
YEARS
MORE THAN 5
YEARS
TOTAL
Bank loans
94,936,914
44,833,119
28,558,094
12,595,946
180,924,073
Bank overdrafts
20,770,018
-
-
-
20,770,018
Authorized overdrafts
68,999,717
1,500,000
-
-
70,499,717
Commercial paper
63,575,000
11,825,000
20,850,000
-
96,250,000
Other borrowings
12,470,958
921,825
3,619,635
2,859,024
19,871,442
260,752,605
59,079,944
53,027,729
15,454,970
388,315,250
30 JUNE 2012
Financial institutions borrowings:
Other borrowings:
At 30 June 2012, the Group’s net debt amounts Euro 381,623,875. We call your attention to the fact that the net debt calculation,
includes, besides the borrowings mentioned above, the ‘finance leases’ (Euro 22,678,208), ‘derivatives’ (Euro 540,152) and ‘cash
and cash equivalents’ (Euro 29,909,735).
29. TRADE PAYABLES AND OTHER PAYABLES
At 30 June 2012 and 31 December 2011, trade payables and other payables can be analysed as follows:
NON-CURRENT
Trade payables
CURRENT
30 JUNE 2012
31 DECEMBER 2011
30 JUNE 2012
31 DECEMBER 2011
11,566,027
10,747,650
169,291,510
202,293,996
-
-
1,040,902
965,889
7,897,147
6,457,200
2,030,054
2,070,540
Other payables:
Fixed assets suppliers
Related companies and other shareholders
Advanced payments received from customers
Other creditors
Other payables
Total Trade Payables and Other Payables
-
-
14,793,510
14,171,560
472,666
253,774
32,432,834
21,073,731
8,369,813
6,710,974
50,297,300
38,281,720
19,935,841
17,458,625
219,588,810
240,575,716
The balance of non-current ‘Trade payables’ is related, mainly, with retentions in works performed by external parties, which will be
released after the period of guarantee.
At 30 June 2012 and 31 December 2011, the non-current balances due to related companies and other shareholders refer to loans
obtained from companies consolidated by the proportionate method, which bear interest at Euribor 3M increased by a 4% spread.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 70
30. PROVISIONS
The information related with ‘Provisions’ as of 30 June 2012 and 31 December 2011 can be detailed as follows:
Quality guarantees
30 JUNE 2012
31 DECEMBER 2011
3,423,267
3,166,533
225,568
225,203
Provisions arising from the use of the equity method
4,692,442
3,880,288
Others
9,857,968
6,111,741
18,199,245
13,383,765
Legal claims in progress
The change in the Provisions, compared with 31 December 2011, is as follows:
Quality guarantees
Legal claims in progress
APPLICATIONS
CHANGE OF
CONSOLIDATION
PERIMETER, EXCHANGE
RATE DIFFERENCES,
TRANSFERS
CLOSING
BALANCE
257,381
-
(648)
3,423,267
-
-
364
225,568
OPENING
BALANCE
ADDITIONS
NOTE 11
3,166,534
225,204
Provisions arising from the use of the
equity method
3,880,288
496,722
-
315,432
4,692,442
Others
6,111,739
3,918,788
(103,295)
(69,263)
9,857,968
13,383,765
4,672,891
(103,295)
245,885
18,199,245
The main change in this caption is due to the increase in Provisions, as explained in the note 11 above.
31. INCOME TAX AND CURRENT TAX LIABILITIES
At 30 June 2012 and 31 December 2011, ‘Income Tax’ and ‘Current tax liabilities’ are made up as follows:
30 JUNE 2012
31 DECEMBER 2011
Income Tax
5,457,549
5,051,259
Value added tax
9,658,259
19,445,055
Social security contributions
1,883,942
1,814,090
Personnel income tax withheld
589,313
1,650,474
Other taxes
411,391
322,960
12,542,904
23,232,579
Current tax liabilities
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 71
32. OTHER CURRENT LIABILITIES
At 30 June 2012 and 31 December 2011, other current liabilities are made up as follows:
30 JUNE 2012
31 DECEMBER 2011
Holiday pay and bonuses
9,282,153
6,747,389
Interest borne but not yet overdue
3,068,242
2,235,754
11,778,219
1,520,772
Accrued expenses
Production performed by third parties not yet invoiced
Other accrued expenses
4,612,654
4,472,736
28,741,268
14,976,651
Deferred income
Production invoiced and not yet performed (related to construction contracts)
20,022,758
21,424,546
Subsidies / Government grants
1,468,075
1,279,308
Other deferred income
1,998,531
789,805
23,489,364
23,493,659
52,230,632
38,470,309
33. 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 a unique company.
The balances resulting from transactions performed with associate and jointly controlled companies, accounted through the equity
method, are not eliminated. The amount of the balances not eliminated is approximately Euro 129,000,000, with special regard to
the accounts receivable from Nutre and Prio Energy Groups which amount to Euro 61,800,000.
Besides current transactions, some relating to civil construction done with the Mota-Engil Group and others associated with real
estate management projects under way done by Estia Group, there are not any other significant balances and transactions
performed with related parties during the period ended 30 June 2012, that had affected significantly the financial position or
performance of the Group.
In addition to the companies included in the consolidated financial statements (Note 2), the list of the Martifer Group related parties
is the one presented in the last annual reporting, dated of 31 December 2011.
34. SUBSEQUENT EVENTS
On 11th July 2012, Nutre and Bunge have concluded an agreement that established a joint venture aiming to explore the Romanian
industrial units. Nutre owns 45% of this joint venture, which will be constituted by the biodiesel factory (Prio Biocombustibil srl), the
crushing oil plant (Prio Extractie, srl) and by Bunge’s crushing oil, refining and bottling plant. The Board of Directors believes that
the impact of this transaction in the Group’s financial statements will not be significant.
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 72
35. APPROVAL OF THE FINANCIAL STATEMENTS
th
The accompanying consolidated financial statements were approved by the Board of Directors on 24 July 2012.
36. 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.
The Chief Accountant
The Board of Directors
__________________________________
Isabel Cristina Loureiro Silva
__________________________________
__________________________________
__________________________________
__________________________________
Luís Filipe Cardoso da Silva
__________________________________
__________________________________
///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PAGE 73

consolidated financial statements

Transcrição

Documentos relacionados

SEMAPA – Sociedade de Investimento e Gestão, SGPS, S.A.

martifer group informs about contract entered into for the

Release - Martifer

Lisbon Sightseeing River Cruises

SolarThermalEnergy Applications_Martins_etal

SEMAPA - Sociedade de Investimento e Gestão, SGPS, S.A.

First Letter - European Network of Health Care Chaplaincy

ricardo angélico

1 PROPOSAL regarding Item One on the Agenda of the General

Immigrants in Lisbon - Centro de Estudos Geográficos da