EARNINGS RELEASE 1H2020 - MARTIFER

EARNINGS RELEASE

1H2020

EARNINGS RELEASE 1H2020 HIGHLIGHTS RESULTS ANALYSIS ORDER BOOK FUTURE PROSPECTS

2

This Document (15 pages) was prepared by Martifer SGPS, S.A. exclusively for the present disclosure. The financial

information herein has not been audited.

All communications, enquiries and information requests relating to this document should be addressed to the Martifer

SGPS, S.A. representatives.

DISCLAIMER

HIGHLIGHTS

EARNINGS RELEASE 1H2020

4

HIGHLIGHTS RESULTS ANALYSIS ORDER BOOK FUTURE PROSPECTS

• Operating Income reached 111.2 M€ of which 49.8 M€ in Metallic Constructions, 58.8 M€ in the

Naval Industry and 3.7 M€ in Renewables

• Revenue generated outside Portugal and exports total about 85 % of the Group's total revenue

• Positive EBITDA of 6.9 M€ (margin of 6.6 %)

• Net Profit attributable to the Group of 1.5 M€

• Net Debt with a decrease of 35 M€ compared to December 2019 to 70 M€

• Order Book in Metallic Constructions and Naval Industry of 568 M€

RESULTS

ANALYSIS


6


Operating Income 1H 2020

RESULTS

Metallic Constructions Naval Industry

Renewables

M€ MARTIFER

CONSOLIDATED

Operating Income 111.2

EBITDA 6.9

EBITDA margin 6.6%

Depreciation & Amortization -3.3

Provisions & Impairment Losses 0.6

EBIT 4.3

EBIT margin 4.1%

Financial Results -2.5

Results in associated companies 0.8

Net Profit 2.1

Attributable to shareholders 1.5

(unaudited)

45%

52%

3%


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-50

0

50

100

150

200

250

300

Holding

Renewables

Metallic Constructions + Naval Industry

70

CAPEX AND FINANCIAL DEBT

CAPEX FINANCIAL DEBT (M€)

Total Capex of 1.0 M€, with 0.5 M€ from Renewables and 0.3 M€

from Metallic Constructions.

33%

44%

23% Metallic Constructions

Renewables

Naval Industry

283

236

189

260

186

306 301 289

236 219

106

141

120

Gross financial

debt

Net financial

debt


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GROSS FINANCIAL DEBT| MATURITY

3,6 3,7 3,6 3,7 3,6 3,6

1,4 1,5 1,8 2,0 2,0 2,0

0,0

1,0

2,0

3,0

4,0

5,0

6,0

2021 2022 2023 2024 2025 2026

PRICIPAL REPAYMENTS (M€)

96,7 93,1 89,5 85,9 82,3 79,6

23,3 21,8

20,0 18,0

16,0 15,0

0,0

20,0

40,0

60,0

80,0

100,0

120,0

140,0

2021 2022 2023 2024 2025 Sep/26

GROSS FINANCIAL DEBT | FORECAST (M€)

120,9 115,8

110,3 104,7

99,0 95,3

5,0 5,2 5,4 5,7 5,6 5,6

• Gross Financial Debt with a medium and long

term profile

• Average debt maturity of 5.4 years

• Cost of Debt < 3.5%

• Strong Liquidity position

• Debt Service Coverage Ratio > 2x

*Debt Service Coverage Ratio = EBITDA/(Interest + Principal )

EBITDA (M€)

4,4

8,5

15,2

28,9

0

5

10

15

20

25

30

35

2016 2017 2018 2019

27,7

14,4

4,9

22,3

12,2

3,7

0

5

10

15

20

25

30

2017 2018 2019

Gross Debt/EBITDA Net Debt/EBITDA

Gross Debt/EBITDA & Net Debt/EBITDA

■ Metallic Constructions + Naval Industry ■ Renewables

ORDER BOOK


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22%

78%

14%

1%

15%

61%

8% 5% 3%

34%

58%

METALLIC CONSTRUCTIONS + NAVAL INDUSTRY | ORDER BOOK

TOTAL ORDER BOOK

568 M€

BY GEOGRAPHY BY PRODUCT BY YEAR

WESTERN EUROPE

WESTERN EUROPE

NAVAL INDUSTRY

SUB- SAHARIAN

AFRICA

EASTERN EUROPE

AND MIDDLE EAST

NAVAL INDUSTRY

FAÇADES

STEELL

STRUCTURE

OIL & GAS

WIND TOWERS

2020

2021

AND SUBSEQUENT

YEARS


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World Traveller, World Seeker,

World Adventurer and World Discoverer

The Metallic Constructions and the Naval Industry currently have several relevant projects in their order book:

AM Growth, Spain

Plant Maintenance, Czech Republic

La Paix Stadium, Ivory Coast Wind Towers Italy; France; Netherlands; Sweden

Stories Building, France

METALLIC CONSTRUCTIONS + NAVAL INDUSTRY | OPERATIONAL ACTIVITY


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MARTIFER RENEWABLES | PROJECTS

POLAND

ROMANIA

PROJECTS UNDER DEVELOPMENT :

300 MWp (PV)

PROJECTS IN OPERATION:

12.3 MW (Wind)


12.6 MW (Wind)

60 MWp (PV)


110 MW (Wind)

60 MWp (PV)

PROJECTS IN OPERATION :

1 MWp (PV)

PROJECTS IN OPERATION :

42 MW (Wind)

FUTURE

PROSPECTS


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• The extremely negative effects of the COVID-19 pandemic on the world economy and uncertainties about the future

require, at all times, a strong monitoring and adjustment in the performance of companies.

• The next few years will be extremely challenging and a test of the Group's resilience, but we believe we are prepared and

that is why we remain focused and committed to the execution of the Strategic Plan and the defined objectives, namely:

Seek for opportunities that follow the aim of strengthening the Group's export profile, empowering the industrial

capacity in Portugal to the foreign markets where the Group is present;

Reinforcement in oil & gas and O&M;

In the Renewables segment, whether through asset rotation or taking advantage of opportunities in wind and solar

projects, continue to build on the successes achieved, namely the wind and solar auctions in Poland;

In the Naval Industry, investing in infrastructure in order to consolidate the diversification strategy and maintain the

trajectory of growing weight in the Group's turnover.

• Living up to the Group's DNA, we will also continue to boost the search for new business areas and be attentive to new

opportunities, with the Energy sector being an area to pursue in the near future, since we want to continue to be part of

the companies that view climate and environmental change and the resulting challenges as a huge opportunity.

EARNINGS RELEASE 1H2020 HIGHLIGHTS RESULTS ANALYSIS ORDER BOOK FUTURE PROSPECTS

15

REPRESENTATIVE FOR

MARKET RELATIONS

Pedro Moreira

T. +351 232 767 700

F. +351 232 767 750

www.martifer.com

http://www.martifer.com/

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EARNINGS RELEASE 1H2020 - MARTIFER