Page 7 - AF_SINERGIA_39.DEVEN

07

february 2012

Note that the Environment and Services area represented 17% in 2009, 20% in 2010, 23% of the Group’s turnover in September 2011.

In consolidated terms, the Group was able to improve its levels of operating efciency, and this was demonstrated by the improvement in the EBITDA margins in all segments in the Engineering and Construction area. The Environment and Services area improved the EBITDA in absolute terms in all its segments.

A less positive point was the fact that the domestic market in the Engineering and Construction segment fell 8% when compared to the same period last year. This reveals that there has been a sharp contraction in line with a decline in production within the sector

in Portugal - a trend which has been observed since 2002 and in the case of Mota-Engil encouraged the anticipated preparation of an internationalisation strategy integrated with resources and perspectives with potential for development in each priority area of action.

In contrast to the positive operational performance, the Group registered a negative Financial Result of Euro 66 million (-36.7% compared to 2010), due to the difcult and demanding access to funding and proved by the Euro 13.3 million increase in interest plus Euro 2.2 million in currency devaluation.

On the fnancial side, the Group increased its total net debt to Euro 1,144 million, even though its Net Debt/EBITDA ratio

improved to 4.3, indicating greater efciency of the Group.

In addition to the fnancial component strongly infuenced by the international situation, the accounting efect of Martifer afected the Group accounts.

By assuming on the proportion of the held capital in this subsidiary (37.5%) the results obtained, Martifer negatively afected the net result attributable to the Group by Euro 13 million, so when compared to the previous year the result fell 28.6%.

Without the Martifer efect, the net result attributable to the Group would have been Euro 35 million thus the equivalent to a 9.5% increase on 2010.