Group
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MESSAGE FROM THE BOARD

Dear shareholders,

A few words about the past and the future of our Group.

2013 was a very important year for us: we conquered new markets and new clients, increasingly demanding, that make us improve everyday. We have built more complex construction and energy infrastructures, under increasingly demanding, sometimes almost impossible, conditions.

In solar, we have made the first PV rooftop installation in India, we have built one of UK’s largest PV clusters and also made Latin America’s largest PV park. Globally, Martifer Solar should have installed 200 MW in 2013, which already totals around 500 MW of PV projects delivered since 2008. This is a number that makes us quite proud and puts us in this year’s rankings, not only in Europe (5th), but also in the global market (16th) in the EPC segment.

In wind energy, we successfully concluded the 26 MW wind farms for the IKEA Group and in shipbuilding, we delivered the Queen Isabel and Amavida hotel ships to our client Douro Azul.

In our root activity, metallic construction, we continued advancing on new markets. In Brazil, after 2 years of activity, we have concluded a few more large scale projects, such as the Arena Fonte Nova and the Arena Amazônia stadiums. We also started the construction of other not less important projects, like Museu do Amanhã (Tomorrow’s Museum) or the Transcarioca Bridges. The new Martifer Aluminium factory, in Jacareí is ready to produce since the end of 2013, and the company already has in backlog the Viracopos Airport project, in Campinas, S. Paulo.

In Saudi Arabia, the projects go on at a great pace. The King Abdullah Sports City Stadium is already concluded and we were awarded a new project: King Abdullah Petroleum Studies and Research Center. In the UK and France, we delivered Scottish Hydro Arena, in Glasgow and Airbus, in Toulouse, respectively.

In general, the projects concluded this year have a common ground: growing engineering complexity.

Regarding the ongoing strategy plan for the Group, we should proudly highlight that the debt reduction process continues at a good pace, despite all the adversities in the markets, having decreased 11 % - or 42 million euros - in 2013, and we are confident that we will be able to achieve our goal: 275 million euros by the end of 2014. The metallic constructions business area’s restructuring already shows its signs with the improvement of the operational margin, a path we want to continue following in 2014, with a more strong capital structure, possible via a capital increase expected for 2014.

The Group consolidated its presence in its strategic markets, and continues to clearly pursue the continuous improvement of its operational efficiency, seeking to meet our global client’s needs, taking advantage of our main strengths: flexibility, execution capacity and the ability to adapt to any circumstances.

Step by step, the Group is more global and more competitive, which makes us sure that the MARTIFER brand continues in a "Clear Path” for greater awareness and recognition internationally.

Dear stakeholder, we are counting on you! Together, we can make 2014 a year of successes, for a sustainable future.

Carlos Martins | Profile
Jorge Martins | Profile