Dear Shareholders,

The past few years, and 2014 in particular, were especially difficult for the companies in the construction segment and, particularly, for Martifer.

However, we have been taking measures to overcome the difficulties faced during these last years.

In 2014, we continued to follow the strategy of selling non-core assets, having concluded the sale of the participation in Nutre, and we initiated the process of selling Martifer Solar, which we expect to be settled in 2015.

In the metallic construction area in 2014:

-We increased equity;
-We endowed the Group, through West Sea, with an infrastructure that allows the pursuit of new opportunities in the naval segment;
-We entered a new market, Algeria, having been awarded the "Djelfa” project.

In the RE Developer area:

-We completed the sale of Rosa dos Ventos in Brazil, and signed a conditional sale agreement of the Gizalki wind farm in Poland to Ikea Group;
-We leveraged the project Ventinveste with the financing obtained for project Âncora.

Keeping in mind the steps taken throughout the year, we are more focused on the main goals defined in the Group’s strategy:

-Reinforcement of the international presence, focusing on three core geographies (Europe and the Middle East, Africa, and Latin America) and on attractive opportunities with high profitability;
-Focus on the metallic construction core business (metal mechanical construction, aluminium and glass façades, infrastructures for oil & gas, and naval industry);
-Adoption of a new organizational model:

  • Resizing and readapting the structure, aligning it with the international presence;
  • Improvement of the business processes and operational efficiency;
  • Development and retention of human resources;
  • Optimization of the industrial footprint and adjustment of production layouts;
-Improvement of the Group’s financial situation:

  • Divestment in non-core businesses and sale of real estate assets;
  • Reduction of cash costs, through a program for the optimization of the cost structure and the working capital;
  • Gradual decrease of the net debt and the debt/EBITDA ratio;
  • Adequacy of the inflows maturity of the operational activity and investment (divestment) to the outflows of the financing activity.

We believe that the strategy we have defined will lead, in the future, to an improvement in the Group’s profitability.

Stakeholders, we thank you once again for the trust placed in us.