MANAGEMENT REPORT 2014

0
 MANAGEMENT REPORT 2014

The Management Body of the Company

MOMSteelPor S.A., in compliance with the
provisions under Articles 65 and 66 of the Companies
Code, hereby submits the annual report, balance
sheet, the profit-and-loss statement and the cash
flow statement and its annex, for the year 2014.

Abrantes, March 25th, 2015.

 MANAGEMENT REPORT 2014

Name Task Initials

Copywriter: Nuno Alves, Ph.D Chartered Accountant Digital

Filipe Marques, Eng. Chairman MOMSteelPor S.A. Signature 2
Review: Nuno Alves, Ph.D Chartered Accountant See Legal
Vitor Valente, Ph.D Statutory Auditor Certification
and Statutory
Auditor's
Opinion
Approved: Filipe Marques, Eng. Administration Digital
Ricardo Martins, Eng. Signature
Paulo Marques, Eng.
Mr. Antnio Frazo

REVISION HISTORY

Version Issuer Description Date

01 Filipe Marques 1st Draft 09/03/2015

02 Filipe Marques Chart updating 14/03/2015

03 Filipe Marques Review of Conclusions 16/03/2015

 MANAGEMENT REPORT 2014

TABLE OF CONTENTS

1. Message from the Board of Directors 4

2. Framework 6 3
2.1. Activity 6
2.2. Market Segments 7
2.3. Market 8
2.4. Activity Progress 10
2.5 Market Environment 16
3. Economic and Financial Performance 18
4. Economic and Financial Indicators of Performance 19
5. Market Segments Review 21
6. Future Prospects 22
6.1. Political and Legal Context 22
6.2. Economic Context 23
6.3 Social Context 23
6.4. Technological context 23
7. Other Legal Information 24
8. Acknowledgements 24
9. Proposal for the distribution of earnings 24
10. Annex to the Management Report 25
10.1. List of Members of the Management and Supervisory Bodies and Their Shares (CSC, Art.
447, paragraph 5) 25
10.2 List of Shareholders with at least one tenth of capital (Article 448, paragraph 4) 25
11. Financial Statements 26
11.1. Balance Sheet 26
11.2. Profit-and-Loss Statement 27
11.3. Cash flow Statement 28
11.4. Statement of changes in Equity 29
12. Annex30
1. Identification of the Company 30
2. Accounting Framework for the Preparation of the Financial Statements 30
3. Main Accounting Policies 31
4. Cash Flows - Cash and cash equivalents 37
5. Tangible Fixed Assets 38
6. Intangible Fixed Assets 39
7. Financial Investments 40
8. Inventories 41
9. Assessment of Cost of Goods Sold and Consumed Materials 42
10. Customers and advances to suppliers 43
11. State and Other Public Entities 45
12. Other receivables and payables 46
13. Sales and services rendered 47
14. External Supplies and Services 48
15. Staff Costs 49
16. Other Income 50
17. Other Expenses 50
18. Financing Costs 51
19. Funding Obtained 52
20. Legal Certification of Accounts 53
21. Statutory Auditor Opinion 56
 MANAGEMENT REPORT 2014

1. MESSAGE FROM THE BOARD OF DIRECTORS

Dear Shareholders and Stakeholders,

We take this opportunity to, once again, and in a few words, briefly frame the past and 4
shed some clues of what our future will be like.

The year 2014 was a year of major importance. After 2013 having been overshadowed by
the death of our manager at MOMSTEEL France, who was responsible for over 60% of
our sales in the last five years, it was important to realize whether the new commercial
strategy was correct. The results showed clear signs that we will come out stronger from
the adversity we have been through. These encouraging results, arising from our main
export market, are in line with a recovery that is also felt in the domestic market and in
the markets where we have business developers.

In 2014, the contribution to sales of the French branch, which had been 93% in 2012 and
dropped in 2013 to 27%, recovered in 2014 to 44%, a percentage which is expected to
increase in 2015, thus reassuming its leading role.

As to market segments, there was a recovery of 11% in the results of MOMSTEEL

Industry, of 271% in MOMSTEEL ConstructionsMtalliques and 100% in MOMTECH,
thus offsetting a sharp drop of MOMSolar and MOMLoft with marginal gains. However,
we expect better contribution margins to 2015.

In 2014, it was possible to maintain the number of external markets, with only Romania
and Mozambique changing place.

The year was also marked by the beginning of the first work of the ACE TBCC
(Supplementary Grouping of Companies - TenBestCivilCooperation), which MOMSTEEL is
part of, and contributed to our results in two ways: through the sale made to TBCC, and
for having benefited from 10% of its results.

RESULTS 2014
Net Income 310,131.81
EBITDA 667,184.41
Solidity (Financial Autonomy) 40.02%
Return on equity 9.8%
EVA 1,826,723.67
Customer Satisfaction 89%
Hours 4,265h
Research and Development 160,551.35
Certifications ISO9001,EN1090, Qualibat
 MANAGEMENT REPORT 2014

On the strategic goals of MOMSteelPor SA for the period 2012-2017, these remain
unchanged, and we expect strong growth in sales in 2015, particularly in the French
market.

5
Our Goals (2012-2017)

Income per customer Investment in innovation

Customer satisfaction and development
Retention and loyalty, number of Employee satisfaction
regular customers Average qualification
Number of new customers Existing technology
Number of complaints compared to the
competition
Number of orders
100% Number of internal non-
Average collection term 80%
compliances
Impairments Satisfied Customers Satisfied Employees
Customer Improvement
number of improvement
Perspective Perspective opportunities
Absenteeism Rate
Percentage of overtime
100% 15%
Deliveries within the Operating Margin
dates agreed Financial
Internal perspective Perspective

Cost per unit produced Return on Sales

Maintenance cost per unit Sales
produced Net Results
Percentage of waste of raw Solidity (Financial
materials Autonomy)
Average production/day Return on equity
Use rate of installed capacity Average payment term
Costs with Non-Quality Working Capital

We also hope that, in 2015, we will be able to do business in new markets that are
currently being operated on, particularly Latin America and Africa.

Finally, we cannot fail to acknowledge the commitment and dedication of the entire
MOMSteelPOR SA team and its stakeholders, without whom it would be impossible, in
such challenging times, to maintain current levels of service and performance. To all,
thank you very much!

The Board of Directors.

 MANAGEMENT REPORT 2014

2. FRAMEWORK
2.1. ACTIVITIES

MOMSteelPor SA was incorporated in 2001 and began operating in late 2006. It offers
13,500 m, of which 6,700m2 covered, and is equipped with specific technology for the 6
design and manufacture of metal components for construction, with a capacity of 6,000
tons/year.

MOMSteelPor SA features a privileged location, 1.5 km from the exit of motorway A23,
40 km away from of the A1 (Torres Novas) and 150 km from the Vilar Formoso border. It
holds a commercial branch in France, consisting of three offices (Paris, Havre and
Bordeaux), and in 2013 acquired a 10% holding of Metalvrtice SPA (Chile), with which it
shares offices in Santiago, Chile.
In 2014, we began a process of strengthening our shareholding in three companies of
assembly structures and coatings so as to prepare for the challenges of the French
market.

MOMSteelPOR SA is also actively part of an ACE, TenBestCivilCoop., recently created in

order to develop and erect "turnkey" buildings in foreign markets. In 2014, we began the
first construction project of VINUS's Cellar in Vidigueira, Portugal.

In late 2014 in Portugal, the company had 55 employees, 41 in production, 14 technicians

in Engineering and Management, and 4 sales technicians in France.
 MANAGEMENT REPORT 2014

2.2 MARKET SEGMENTS

MOMSteelPor SA holds five trademarks, each aimed at a market segment:

MOMSTEEL Industry is equipped with the most modern metalworking production 7

technology. Certified according to standard ISO9001:2008, its production is carried out
according to standard EN1090-1, having an installed capacity of 500ton/month. The
pillars and beams of MOMSTEEL Industry are designed for easy assembly in target
markets that include Europe, Africa and Latin America, thus reducing transport and
assembly costs.
www.momsteelindustry.pt

MOMTech solutions and engineering services aim to create a positive difference to its
customers, focusing on customer satisfaction and guarantee the utmost quality to the
customer. With extensive experience in structural projects, MOMTech is able to meet the
highest customer requirements, always offering the best options/solutions, while
combining architecture with engineering requirements.
www.momtech.pt

MOMSTEEL Constructions Mtalliques is the area specializing in the management and

coordination of projects of industrial, commercial, sports and agriculture buildings, in
foreign markets, thus adapting them to the solutions and needs of each client, both in
terms of costs and installation timeframes.
www.momsteel.fr

MOMLOFT is dedicated to the development of sustainable buildings with reduced cost

compared to traditional methods of construction, using innovative solutions and high-
performance and energy-efficient materials.
www.momloft.pt

MOMSOLAR is dedicated to the building of industrial, commercial and agricultural

buildings adapted for the production of photovoltaic energy.
www.momsolar.pt
 MANAGEMENT REPORT 2014

2.3 MARKET

In the year 2014, we kept the same number of target markets for our sales, the result of a
strategy launched in 2012 aimed at the diversification of markets. The year 2014 was also
marked by recovery in the French, Algerian and Angolan markets and a small
improvement in the domestic market. We also highlight our entry in Mozambique, in 8
exchange for Romania.

Our strategy for the coming years involves diversifying markets, however, with greater
focus on Francophone markets where we have clear competitive advantages.

MARKETS % in 2014 2014 2013 2012

Portugal 38% 1,152,512 kg 1,102,246 kg 444,506 kg

Colombia 4% 134,733 kg 709,794 kg 0 kg
Algeria 16% 491,988 kg 257,000 kg 0 kg
Angola 17% 516,753 kg 150,975 kg 85,365 kg
Mozambique 5% 154,829 kg 0 kg 0 kg
France 20% 606,832 kg 394,007 kg 1,713,234 kg
Romania 0% 0 271206 0
3,057,648 kg 2,885,228 kg 2,243,105 kg

MARKETS Sales %

Portugal 1,054,891.86 20%

Colombia 50,171.36 1%
Algeria 1,169,288.17 22%
Angola 571,109.62 11%
Mozambique 140,000.00 2%
France 2,320,229.86 44%
5,305,690.87

MARKETS
Portugal
20% Colombia
1%
France
44%

Algeria
22%
Mozambique
2% Angola
11%
 MANAGEMENT REPORT 2014

COMMERCIAL NETWORK

MOMSTEEL PORTU

s s

MOMSTEEL PORTUGAL s
MOMSTEEL FRAN
Filipe Marques
Antnio Cruz
Casimiro Fernandes
Joo Queiroz

MOMSTEEL FRANA
METALVERTICE CH
Ricardo Martins
s
Xavier
s
Didier
Paul
TBCC MARROCOS
METALVERTICE CHILE
Hugo Presas
Elena Mayo

TBCC MARROCOS
Antnio Cruz

Sales 2012 % Sales 2013 % Sales 2014 %

MOMSTEEL Portugal 374,200.56 7% 2,641,121.66 73% 2,665,568.24 50%
MOMSTEEL France 5,373,575.66 93% 998,556.86 27% 2,320,229.86 44%
METALVERTICE CHILE - - - 0%
TBCC PORTUGAL 329,892.77 6%
TBCC MARROCOS - - - 0%
5,747,776.22 3,639,678.52 5,305,690.87
 MANAGEMENT REPORT 2014

2.4. ACTIVITY PROGRESS

The productive activity of the industrial unit from MOMSteelPor SA produced three
thousand and fifty-seven tons in 2014, which is synonymous with recovery when
compared to the previous year's performance, but remaining below the preset target of 10
four thousand tons.

This difference occurred because many of the projects planned for the first half of the year
were developed in the second half, thus causing an underload during this period, which
contrasted with the capacity available in the first few months.

Progress in industrial production

4.000.000 Kg
3.000.000 Kg
2.000.000 Kg
1.000.000 Kg
0 Kg
Year Year Year Year Year Year Year Year
20072008200920102011201220132014

Production 2014
500.000,00 Kg

400.000,00 Kg

300.000,00 Kg

200.000,00 Kg

100.000,00 Kg

0,00 Kg
Aug
Jun

Nov
Jan
Feb

Apr

Jul

Oct
Sep
Mar

May

Dec
 MANAGEMENT REPORT 2014

The Operating Return on Sales was 9.8% in 2014, representing an 11% increase when
compared to 2013. Efforts must be maintained to achieve the target pre-set for 2017
(15%).

Despite all the difficulties, it was possible to maintain the EBITDA above 660,000, an 11
amount that we expect to increase to more than 1 million by 2017 as a result of the
investment that is being made in terms of innovation, research and strengthening of the
commercial network.

Operating Return on Sales

16%
14%
12%
10%
8%
6%
4%
2%
0%
2010 2011 2012 2013 2014

Value Target 2017

EBITDA
800.000,00
700.000,00
600.000,00
500.000,00
400.000,00
300.000,00
200.000,00
100.000,00
-
2010 2011 2012 2013 2014
 MANAGEMENT REPORT 2014

To MOMSteelPor SA, customer satisfaction is one of its key goals. Our target, as a way to
strengthen this goal, is, from 2013 onwards, to reach 100% customer satisfaction. In 2014,
we achieved 89% customer satisfaction.

12
Customer Satisfaction
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2010 2011 2012 2013 2014

Although most flaws are detected during internal processes, there were several non-
compliances that warrant our review and which have led to the implementation of
corrective measures, particularly in the areas of painting, purchasing and shipping.

COSTS WITH NON-QUALITY 2014

50.000,00
40.000,00
30.000,00
20.000,00
10.000,00
-
 MANAGEMENT REPORT 2014

As for the satisfaction felt by the company's employees, one should note that the
proposed target of "80% overall satisfaction" has been surpassed to the extent that this
indicator was exceeded by 8% compared to the goal. It is the understanding of the
administration of MOMSteelPor SA that employee satisfaction is one of the vital aspects
for increasing the company's performance. 13

Employee satisfaction
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2010 2011 2012 2013 2014

In December 2014, we held a second anonymous survey regarding employee job

satisfaction, which concluded that 80% are Satisfied with their job, considering it "GOOD"
or "EXCELLENT," 2% less than in 2013. Only 20% considered to have a "NORMAL" job, 2%
more than in 2013.

JOB SATISFACTION

NORMAL
20%
EXCELLENT
34%

DEPRESSING
GOOD 0%
46%
BAD
0%
 MANAGEMENT REPORT 2014

The use of MOMSteelPor SA's installed productive capacity in 2014 fell short of what was
expected. There was, however, a recovery compared to 2013. In 2015, the company
expects to reach 60% of its installed capacity, taking into account the expectation of a
recovery in the economic conditions and in the works in its portfolio.
14
For its part, also the company's production income dropped from 51 kg/hH (2013), to 44
kg/hH in 2014, an indicator that MOMSteelPor SA expects to increase to 60 kg/hH next
year. However, this value is conditioned by the type of work and by the failure to achieve
the use of a higher percentage of its own capacity.

Use of Production

4.000.000Kg 70%
3.500.000Kg 60%
3.000.000Kg 50%
2.500.000Kg
40%
2.000.000Kg
30%
1.500.000Kg
1.000.000Kg 20%

500.000Kg 10%
0Kg 0%
2010 2011 2012 2013 2014

Capacity Use rate

Production output
70 Kg/Hh 70.000,00
60 Kg/Hh 60.000,00
50 Kg/Hh 50.000,00
40 Kg/Hh 40.000,00
30 Kg/Hh 30.000,00
20 Kg/Hh 20.000,00
10 Kg/Hh 10.000,00
0 Kg/Hh -
2010 2011 2012 2013 2014

Output kg/hH Human productivity

 MANAGEMENT REPORT 2014

Paid overtime suffered an increase, rising from 7.23% in 2013 to the current percentage of
8.72% in 2014. This increase was related to production peaks in the second half of 2014,
combined with increased absenteeism, due to sickness, absences and accidents.

Overtime and Absenteeism 15

14,00% 3,50 HE/T

12,00% 3,00 HE/T
10,00% 2,50 HE/T
8,00% 2,00 HE/T
6,00% 1,50 HE/T
4,00% 1,00 HE/T
2,00% 0,50 HE/T
0,00% 0,00 HE/T
Value Value Value Value Value Value Value
2008 2009 2010 2011 2012 2013 2014

Overtime per Ton Overtime Absenteeism

Regarding payments, MOMSteelPor SA has sought to reduce timeframes within a

strategy aimed at strengthening the relationship with its main suppliers, thus establishing
a collaborative and trusting relationship among customers and suppliers.

The year 2014 was marked by the recovery of payment deadlines in the French market
and by the approximation of payment terms to average terms of receivables.

PAYMENTS AND RECEIVABLES

240
220
200
180
160
140
120
100
80
60
40
20
-
2010 2011 2012 2013 2014

Payments Receivables
 MANAGEMENT REPORT 2014

2.5 MARKET ENVIRONMENT

In 2014, Portugal completed its Economic and Financial Adjustment Programme, which
will now, through budget consolidation and structural reforms, lead the country to a
16
reasonable level of economic and financial sustainability, an aspect that was seriously
under threat in the last few years. In this regard, and under the influence of external
factors, not always positive, the economic growth forecasts in most of Europe, often
reviewed by the IMF, are slim to none, and may even be negative, particularly in southern
European countries, which include Portugal.

However, the stabilization of the financial system and the structural reforms underway in
Portugal, even under the threat of remaining surrounded by a climate of low confidence
in the market and the increase in the unemployment rate, suggest that Portugal will be
on the road to recovery not only due to its conditions of external competitiveness but
also of potential growth by reducing sovereign risk, which will allow Portugal to assume a
new position within the financial markets.

Expansionary measures are expected to come from Europe and, more specifically, from
the ECB (European Central Bank), with increased liquidity and the expected depreciation
of the Euro, facts which may lead to an increase in demand and investment.

In any event, MOMSteelPor SA, by not being overly exposed to the Portuguese
economy, is well aware of its troubled path, and so it has focused on seeking markets
where there are good expectations for economic growth in upcoming years, such as
Morocco, Algeria, Angola, Mozambique and Chile.

The Portuguese Government plans to implement economic growth policies that include
intensifying industrial and agro-industrial activities, which may contribute to the
emergence of new opportunities for MOMSteelIndustry and MOMSolar. Additionally,
due to the maintenance of loan restrictions on families, this may trigger new business
opportunities for MOMLoft in the development of housing construction solutions at
controlled costs.
 MANAGEMENT REPORT 2014

Finally, 2015 will be the year in which another Support Community Framework will begin,
including the review of several priorities, and which may be responsible for several
opportunities for MOMSteelPor SA, in particular, in the areas of sustainable building and
increasing productivity (Industrialization).
17
 MANAGEMENT REPORT 2014

3. ECONOMIC AND FINANCIAL PERFORMANCE

In terms of economic performance, one should highlight the Net Income of 310.131,19,
which was only 2% away from the amount budgeted in our scenario A, but with some
deviations that may be justified as follows: 18

D1 - Sales volume fell short of our forecasts in the most optimistic scenario, due to the
fact that many works were postponed to the second semester and some of them to 2015;
D2 Non-budgeted value;
D4- Income aligned with the reduction in turnover, not reflected in full due to the sales
mix, having been different than that anticipated;
D5 - Income aligned with the reduction in turnover;
D6 - Despite remaining below budget, it was not possible to readjust it in the reductions
in turnover; it should have suffered a 25% reduction and it was merely reduced by 7%.
D7 and D8 - Non-budgeted value;
D9 - Non-budgeted value, values referring to the NSRF;
D10, D12 - Fell short of expectations;
D11 - We concluded the amortization of a lot of our major equipment, leading to a sharp
reduction in depreciations in 2015. Investments are planned which should place the value
of depreciation close to the reference value;
D13 - Interest was slightly higher than that expected due to the need to finance some
projects, notably the works in Algeria and the works in Colombia;
D14, D16 - Rather positive value, albeit below the budgeted amount.
 MANAGEMENT REPORT 2014

4.ECONOMIC AND FINANCIAL PERFORMANCE INDICATORS

INCOME AND EXPENSES NOTES
2014 Budget Deviations 2013 Budget Deviations 2012
2014 2013
Sales and services rendered 13 5,399,454.11 7,523,158.04 (2,123,703.93) -28% D1 3,639,678.93 4,406,067.59 (766,388.66) -17% D1 5,747,778.22

Operating allowances 18,669.26 0.00 18,669.26 D2 23,303.94 23,303.94 D2 0.00

Changes in stock 8 0.00 0.00 0.00 D3 (29,850.00) (29,850.00) D3 (125,407.83)

Cost of goods sold and consumed materials 9 (2,303,270.49) (4,069,200.00) 1,765,929.51 -43% D4 (1,491,104.50) (1,975,313.10) 484,208.60 -25% D4 (1,677,543.23)

External supplies and services 14 (1,472,112.88) (1,704,638.91) 232,526.03 -14% D5 (927,509.01) (1,168,609.62) 241,100.61 -21% D5 (2,456,417.61)
19
Staff costs 15 (900,422.29) (971,630.00) 71,207.71 -7% D6 (788,201.39) (668,704.15) (119,497.24) 18% D6 (750,799.46)

Impairment losses on accounts receivables, 10 (149,386.53) 0.00 (149,386.53) D7 (10,417.22) (10,417.22) D7 (28,620.90)
net of reversals
Other income and gains 16 160,551.35 160,551.35 D8 98,444.43 98,444.43 D8 37,102.37

Other expenses and losses 17 (86,298.12) 0.00 (86,298.12) D9 (14,101.51) (14,101.51) D9 (74,955.54)

Profit before depreciations, financing 667,184.41 777,689.13 (110,504.72) -14% D10 500.243,67 593.440,73 (93,197.06) - D10 671,136.02
expenses and taxes 16%
Expenses/reversals from depreciations and 5;6 (140,349.91) (250,000.00) 109,650.09 D11 (176,099.82) (200,000.00) 23,900.18 -12% D11 (286,222.63)
amortisations
Operating profit (before financing expenses 526,834.50 527,689.13 (854.63) -0.2% D12 324,143.85 393,440.73 (69,296.88) - D12 384,913.39
and taxes) 18%
Interest and similar income 1,980.16 0.00

Interest and similar expenses 18 (101,074.56) (90,000.00) (11,074.56) D13 (82,879.99) (85,437.69) 2,557.70 -3% D13 (70,357.29)

Pre-tax profit 427,740.10 437,689.13 (9,949.03) -2.3% D14 241,263.86 308,003.04 (66,739.18) - D14 314,556.10
22%
Income tax for the year (117,608.91) (122,552.96) 4,944.05 D15 (52,115.07) (86,240.85) 34,125.78 -40% D15 (86,752.56)

Net result for the period 310,131.19 315,136.17 (5,004.98) -2% D16 189,148.79 221,762.19 (32,613.40) -15% D16 227,803.54
 MANAGEMENT REPORT 2014

KPI
2010 2011 2012 2013 2014 Target 2014
K ey P erformanc e Indic ators
Operating Return on S ales
Amount 12% 6% 7% 9% 9,76% 10%

Net Res ults

Amount 177 675,01 284 385,68 287 384,68 189 148,79 310 131,19 317 296,00

S olidity (F inanc ial Autonomy)

Amount 29,4% 30,9% 37,4% 39,87% 40,21% 48%
20
Return on equity
Amount 16% 19% 13% 8% 12% 12%

Working C apital
Amount - 609 699,40 67 899,61 268 754,91 1 494 001,19 1 447 053,68 1 796 496,05

E B IT DA
Amount 462 000,41 708 107,74 671 136,02 500 243,67 667 184,41 780 689,00

E VA
Amount 1 303 174,99 2 012 622,83 924 024,91 1 520 649,68 1 826 723,67

S ales
Amount 2 472 603,59 7 654 202,11 5 747 778,22 3 639 678,93 5 399 454,11

Return on As s ets
Amount 4,7% 5,8% 4,9% 3,3% 4,9%

The year 2014 was marked by the recovery of some of our key performance indicators,
exceeding 6 of 9 goals. Given the circumstances, such results are very satisfactory. We
consider that, with these results, 2014 marks the recovery of our trajectory to achieve
the goals and targets outlined to MOMSteelPor SA in 2017.

LK
LV
 MANAGEMENT REPORT 2014

5. MARKET SEGMENTS REVIEW

The offer of MOMSteelPor SA products and services is structured into five segments:
MOMSteelIndustry, MOMTech, MOMSolar, MOMLoft and MOMSteel Constructions
Mtalliques (France).
21

SEGMENT Contribution Margin %

MOMSTeel Industry 448,568.30 25%
MOMSTeel Industry (W/ Raw Mat) 459,637.52 25%
MOMSteelConstructionsMtalliques PT 305,490.43 17%
MOMSteelConstructionsMtalliques FR 524,911.35 29%
MOMTech 33,874.88 2%
MOMsolar 0%
MOMloft 33,759.70 2%
1,806,242.17

CONTRIBUTION PER SEGMENT

2%
0% MOMSteel Industry
2%
25% MOMSteel Industry (W/ Raw Mat)
29% MOMSteel Constructions
Mtalliques PT
MOMSteel Constructions
Mtalliques FR
MOMTech
25% MOMsolar
17%
MOMloft

The year 2014 was marked by an upturn in sales in the sector of Metal Constructions
streamlined by the new sales network in France and entry into the Portuguese market,
exclusively geared towards the support of the ACE TBCC. Negative is the contribution of
MOMSolar, which, in 2014, was non-existent, but is expected to achieve strong growth
in 2015.
 MANAGEMENT REPORT 2014

6. FUTURE PROSPECTS

The macroeconomic environment in 2015 should be marked by the consolidation of the

recovery in most European countries, including Portugal and France, which will be
enhanced by the measures adopted by the ECB. This recovery is expected to be
22
accompanied by several opportunities in various contexts, from which we highlight:

6.1 POLITICAL AND LEGAL CONTEXT

Quantitative Easing (QE), the liquidity injection plan through public debt purchase
that can reach 60 billion euros per month, as launched by the ECB, should encourage
increased investment, as a direct reflection of lower interest rates and increased
exports from Europe, due to the devaluation of the euro.
Increased energy costs (Reflection of the devaluation of the Euro), which will
require a growing concern with the running costs of buildings, thus leading to a
demand for A+ buildings, similar to what happened with appliances and vehicles;
Cost control, where there is increased concern with the control of project costs as
early as the design phase, which is a great opportunity for MOMTech, as long as it is
able to guarantee investment amounts;
Recovery of the incentives to photovoltaic energy production, after being reduced
and in some cases eliminated, there are now indications that these will be resumed,
namely in the French market.
New Support Community Framework (2020), whose priorities should lead to new
opportunities:
Investments from the standpoint of smart, sustainable and inclusive development
(Urban renewal and sustainable construction);
Increased productivity (Industrialization);
Promotion of low-carbon economy (tourism, hotels, commercial buildings, sustainable
construction);
Innovation, education and qualification in SMEs (sustainable construction).
 MANAGEMENT REPORT 2014

6.2 ECONOMIC CONTEXT

Changes in credit crunch, with 2015 expecting even stronger receptiveness by Banks
for re-financing projects, mainly for export, industrial and agricultural enterprises,
which could lead to increased investment;
23
Supply reduction, the number of metal industry companies suffered a significant
drop, over the last four years, thus giving rise to new, smaller and more commercial-
prone businesses, of which MOMSteelPor SA should be aware and try to provide a
proper response.
Growth expected for the Domestic, French, Chilean, Algerian, Angolan and
Mozambican Markets, which should be taken into account for 2015.

6.3 SOCIAL CONTEXT

Increased mobility of people and goods across countries in Europe, Africa and
America, while increasing demand for "Low Cost" and smaller buildings, both in the
housing, commercial and industrial domains;
Great need for housing in France, and a growing demand in emerging markets;
European Football Championship in 2016 in France.

6.4 TECHNOLOGICAL CONTEXT

Europe prepares to lead the 3rd Industrial Revolution (smart factories), which could
be a major challenge for the construction sector, particularly for the Metalworking
industry.
The restructuring of the construction sector will include increased prefabrication of the
main structure of the building, by using metal structures.
 MANAGEMENT REPORT 2014

7. OTHER LEGAL INFORMATION

No relevant facts after the end of the year have occurred.

The Company does not hold any own shares.

There are no outstanding debts, both with regard to Social Security or the Tax 24
Authorities, being in possession of certificates of good standing, valid as of the balance
sheet closing date, on December 31st, 2014, with the Tax Authorities and Social
Security.

8. ACKNOWLEDGEMENTS

A very special acknowledgment to our employees for all the efforts made in achieving
our goals.

A well-deserved and just acknowledgment to our customers for choosing us

throughout the year and continuing to choose us, given the portfolio of orders already
confirmed.

Finally, it is our intent to demonstrate to Banks the validity of this project, so that, in
such difficult times, we may earn and garner their support once again.

9. PROPOSAL FOR THE DISTRIBUTION OF EARNINGS

The Board proposes to the General Shareholders Assembly the transfer of the net
profits of 310,131.19 to the free reserves account.

Abrantes, March 25th, 2015

The Board of Directors.

Check digital signatures of:

Lus Filipe Rodrigues Marques

Ricardo Jorge Freitas Martins

Paulo Jorge Marques

Antnio Mirante Carreira Frazo

 MANAGEMENT REPORT 2014

10. ANNEX TO THE MANAGEMENT REPORT

In accordance with Articles 447(5) and 448(4) of the Commercial Companies Code, the
following information is hereby disclosed:

25

10.1 LIST OF MEMBERS OF THE MANAGEMENT AND SUPERVISORY BODIES AND

THEIR SHARES (CSC, ART. 447(5))

BOARD OF DIRECTORS

Capital
Name Position No. of shares
Amount
Chairman of the Board of
Luis Filipe Rodrigues Marques 51000 51,000.00
Directors
Antnio Mirante Carreira Vice-Chairman of the Board of
1000 1,000.00
Frazo Directors
Executive Director of The
Ricardo Jorge Freitas Martins 1000 1,000.00
Board of Directors

STATUTORY AUDITOR

Vitor Valente, SROC, Unipessoal, Lda. represented by Vitor Manuel Simes Valente - R.O.C.

10.2 LIST OF SHAREHOLDERS WITH AT LEAST ONE TENTH OF CAPITAL

(ART 448(4))

Name No. of shares Capital Amount % Capital

Luis Filipe Rodrigues Marques 51000 51,000.00 51%

Snia Rodrigues Marques 47000 47,000.00 47%

 MANAGEMENT REPORT 2014

11 FINANCIAL STATEMENTS

11.1 BALANCE SHEET

B AL ANC E S HE E T ON DE C E MB E R 31s t 2014 AND DE C E MB E R 31s t 2013

(amounts in E uros )
DATE S 26
ITE MS 31s t 31s t
DE C E MB E R DE C E MB E R
NOTE S 2014 2013
AS S E TS
Non-c urrent as s ets
T angible fixed as s ets 5 2 198 983,24 2 255 498,62
Intangible as s ets 6 40 549,94 14 074,91
F inancial inves tments - other methods 7 18 289,89 18 100,00
2 257 823,07 2 287 673,53
C urrent as s ets
Inventories 8 0,00 0,00
C us tomers 10 2 419 724,75 2 407 809,29
Advance payments to s uppliers 10 2 934,64 58 963,00
S tate and other public entities 24 88 774,38 65 846,19
Other accounts receivable 12 971 107,27 581 526,30
P repaid expens es 2 930,31 27 395,77
C as h and bank depos its 4 820 981,04 376 934,30
4 306 452,39 3 518 474,85
Total as s ets 6 564 275,46 5 806 148,38
E QUITY AND L IAB IL ITIE S
E quity
P aid-up capital 100 000,00 100 000,00
Other equity ins truments 120 000,00 120 000,00
Legal R es erves 20 000,00 20 000,00
R etained E arnings 924 815,83 684 241,02
R eas s es s ment s urplus es 771 390,37 822 816,39
G rants to Inves tment 306 215,15 378 938,49

Net res ult for the period 310 131,19 189 148,79
Total equity 2 552 552,54 2 315 144,69
L iabilities
Non-c urrent liabilities
B orrowings 19 1 054 148,44 1 344 030,03
Deferred Income T ax Liability 98 175,77 122 500,00
1 152 324,21 1 466 530,03
C urrent liabilities
S uppliers 1 007 734,51 355 452,09
Advances from cus tomers 30 500,00 0,00
S tate and other public entities 24 186 661,00 176 988,67
B orrowings 19 576 924,92 590 188,20
Other accounts payable 12 462 258,41 509 254,96
Deferrals 13 595 319,87 392 589,74
2 859 398,71 2 024 473,66
Total liabilities 4 011 722,92 3 491 003,69
Total equity and liabilities 6 564 275,46 5 806 148,38
T he C hartered Accountant T he B oard of Directors
 MANAGEMENT REPORT 2014

11.2 PROFIT-AND-LOSS ACCOUNTS

PROFIT-AND-LOSS STATEMENTS BY NATURE PERTAINING TO THE PERIODS FROM 1/1/2014 TO
31/12/2014 AND 1/1/2013 TO 31/12/2013

(amounts in E uros )
PE R IODS
INC OME AND E XPE NS E S NOTE S
2014 2013
27
S ales and s ervices rendered 13 5 399 454,11 3 639 678,93

Operating allowances 18 669,26 23 303,94

C hanges in s tock 8 0,00 (29 850,00)

C os t of goods s old and cons umed materials 9 (2 303 270,49) (1 491 104,50)

E xternal s upplies and s ervices 14 (1 472 112,88) (927 509,01)

S taff cos ts 15 (900 422,29) (788 201,39)

Impairment los s es on accounts receivables , net of revers als 10 (149 386,53) (10 417,22)

Other income and gains 16 160 551,35 98 444,43

Other expens es and los s es 17 (86 298,12) (14 101,51)

Profit before deprec iations , financ ing expens es and taxes 667 184,41 500 243,67

E xpens es /revers als from depreciations and amortis ations 5;6 (140 349,91) (176 099,82)

Operating profit (before financ ing expens es and taxes ) 526 834,50 324 143,85

Interes t and s imilar income 1 980,16 0,00

Interes t and s imilar expens es 18 (101 074,56) (82 879,99)

Pre-tax profit 427 740,10 241 263,86

Income tax for the period (117 608,91) (52 115,07)

Net res ult for the period 310 131,19 189 148,79

T o be read with the attachment to financial s tatements

T he C hartered Accountant T he B oard of Directors

 MANAGEMENT REPORT 2014

11.3 CASHFLOW STATEMENT

CASHFLOW STATEMENT PERTAINING TO THE PERIODS FROM 1/1/2014 TO 31/12/2014 AND
1/1/2013 TO 31/12/2013

(amounts in E uros )
28
PE R IOD
ITE MS NOTE S
2014 2013
C as h flows of operational ac tivities - direc t method
R eceipts from cus tomers 5 607 517,99 2 787 700,52
P ayments to s uppliers (3 689 455,76) (2 721 409,90)
P ayments to s taff (1 247 603,28) (889 138,33)
C as h generated by operations 670 458,95 (822 847,71)
Income taxes paid (99 650,46) (44 469,14)
Other receivables /payables 387 767,24 (67 636,58)
C as h flows from operational ac tivities (1) 958 575,73 (934 953,43)
C as h flows from inves tment ac tivities
P ayments concerning:
T angible fixed as s ets (64 429,41) (67 146,34)
Intangible as s ets (45 880,15) (712,50)
F inancial inves tments 0,00 (17 500,00)
R eceipts from:
C as h flows from inves tment ac tivities (2) (110 309,56) (85 358,84)
C as h flow from funding ac tivities
R eceipts from:
B orrowings 687 194,32 1 142 753,58
P ayments concerning:
B orrowings (990 339,19) (174 408,62)
Interes t and S imilar E xpens es (101 074,56) (82 879,99)
C as h flow from financ ing ac tivities (3) (404 219,43) 885 464,97
C as h variations and its equivalents (1+2+3) 444 046,74 (134 847,30)
C as h and cas h equivalents at the s tart of the period 4 376 934,30 511 781,60
C as h and its equivalents by the end of the period 4 820 981,04 376 934,30

T he C hartered Accountant T he B oard of Directors

 MANAGEMENT REPORT 2014

11. 4 STATEMENT OF CHANGES IN EQUITY

STATEMENT OF CHANGES IN EQUITY PERTAINING TO THE PERIODS FROM 1/1/2014 TO 31/12/2014 AND 1/1/2013 TO 31/12/2013

(amounts in E uros )
Adjus tments
DE S C R IPTION
Paid up S hares
Other
Ins truments
Premiums of L egal Other
R es ults
C arried
in S urplus of Other c hanges Net R es ults Total 29
C apital (own s hares ) is s uanc e R es erves R es erves financ ial reas s es s ment in equity of the Year E quity
of equity forward
as s ets
POS ITION AT THE B E GINNING OF PE R IOD (J anuary 1s t, 2013) 100 000,00 0,00 120 000,00 0,00 0,00 0,00 425 011,46 0,00 874 242,41 0,00 227 803,54 1 747 057,41

Grants to Inves tment (Deferred tax - Net) 378 938,49 378 938,49

Appropriation of the 2012 res ult 20 000,00 207 803,54 (227 803,54) 0,00

C omprehens ive Inc ome for the Period 0,00

NE T R E S ULT F OR T HE P E R IOD 189 148,79 189 148,79

C OMP R E HE NS IV E INC OME F OR T HE P E R IOD 0,00 0,00 0,00 0,00 20 000,00 0,00 207 803,54 0,00 0,00 378 938,49 (38 654,75) 568 087,28

OPE R ATIONS WITH C APITAL OWNE R S DUR ING THE PE R IOD

Other E quity Operations 51 426,02 (51 426,02) 0,00

POS ITION AT THE E ND OF PE R IOD (Dec ember 31s t, 2013) 100 000,00 0,00 120 000,00 0,00 20 000,00 0,00 684 241,02 0,00 822 816,39 378 938,49 189 148,79 2 315 144,69

POS ITION AT THE B E GINNING OF PE R IOD (J anuary 1s t, 2014) 100 000,00 0,00 120 000,00 0,00 20 000,00 0,00 684 241,02 0,00 822 816,39 378 938,49 189 148,79 2 315 144,69

Grants to Inves tment (Deferred tax - Net) (72 723,34) (72 723,34)

Appropriation of the 2013 res ult 189 148,79 (189 148,79) 0,00

C omprehens ive Inc ome for the Period 0,00

NE T R E S ULT F OR T HE P E R IOD 310 131,19 310 131,19

C OMP R E HE NS IV E INC OME F OR T HE P E R IOD 0,00 0,00 0,00 0,00 0,00 0,00 189 148,79 0,00 0,00 (72 723,34) 120 982,40 237 407,85

OPE R ATIONS WITH C APITAL OWNE R S DUR ING THE PE R IOD

Other E quity Operations 51 426,02 (51 426,02) 0,00

POS ITION AT THE E ND OF PE R IOD (Dec ember 31s t, 2014) 100 000,00 0,00 120 000,00 0,00 20 000,00 0,00 924 815,83 0,00 771 390,37 306 215,15 310 131,19 2 552 552,54

T he C hartered Accountant T he B oard of Directors

 MANAGEMENT REPORT 2014

12. ANNEX

1. IDENTIFICATION OF THE COMPANY

Name of Company: MomSteelPor, SA
30
Registered office: Zona Industrial de Abrantes, Lotes 57/58 Abrantes.

Email: filipe.marques@momsteelpor.pt

Website: www.momsteel.com.pt

Nature of Activity: Production of metal construction structures.

2. ACCOUNTING REFERENCE FOR THE PREPARATION OF THE FINANCIAL STATEMENTS

The financial statements were prepared in accordance with all regulations that are
part of the Accounting Standardisation System (SNC), which include the Basis for
presenting financial statements, the financial statements models, the Account Code
and Accounting Reporting Standards (in Portuguese, NCRF). More specifically, the
Accounting and Financial Reporting Standards (NCRF) were used.

In the preparation of the financial statements, the following assumptions have

been considered:

ASSUMPTION OF CONTINUITY

The financial statements have been prepared on an ongoing concern basis and
from the accounting records of the entity, which are maintained in accordance with
accounting principles generally accepted in Portugal.

ECONOMIC PERIODS SYSTEM (ACCRUAL)

The Bank recognizes the income and gains as they are generated, regardless of
when received or paid. Amounts of income attributable to the period and not yet
received or paid are recorded in "Receivables due to income accruals;" the amounts
of expenses attributable to the period but not yet paid or settled are recognized as
"Creditors due to accrued expenses."
 MANAGEMENT REPORT 2014

MATERIALITY AND AGGREGATION

The lines of items that are not materially relevant are aggregated with other items
in the financial statements. The Entity did not set any materiality criteria for the
31
purposes of financial statement presentation.

COMPENSATION

The assets and liabilities, income and expenses, are reported separately in the
respective balance sheet items and the income statement so that no assets were
compensated for any liability, nor any expenditure by any income, both vice versa.

COMPARABILITY

The accounting policies and measurement criteria adopted as of 31/12/2014 are

comparable to those used in preparing the financial statements on 31/12/2013.

3. MAIN ACCOUNTING POLICIES

The main recognition and measurement bases used were as follows:

SUBSEQUENT EVENTS

Any events occurred after the date of the balance sheet which may provide
additional information on the conditions that existed on that date shall be reflected
upon the financial statements. Should there be any materially relevant events after
the date of the balance sheet, they shall be included in the notes to the financial
statements.

PRESENTATION CURRENCY

The financial statements are presented in euro (), making this the functional and
presentation currency. In this regard, the outstanding balances and transactions in
foreign currency are translated into the functional currency using the exchange
rates prevailing at the closing date for the outstanding balances, and the date of
the transaction for transactions.
 MANAGEMENT REPORT 2014

Gains or losses of a foreign exchange nature here arising are recognized in the
income statement under "Interest and similar income received" if favourable or
"Interest and similar expenses incurred" if unfavourable, when related to financing
obtained/granted or in "Other income and gains" if favourable, and "Other
expenses or losses" if unfavourable, for all other balances and transactions. 32

TANGIBLE FIXED ASSETS

Tangible fixed assets are recorded at their acquisition cost, net of depreciations and
impairment losses.

Depreciation is calculated after the beginning of the use of assets, according to the
straight-line method, in accordance with the useful life estimated for each asset
class. Depreciations were not ascertained by components.

Costs with repairs and maintenance of these assets are considered expenses in the
period in which they occur. The improvements, which are expected to generate
additional future economic benefits, are capitalized under the item "Fixed Tangible
Assets."

The "Fixed Tangible Assets" in progress represent assets still under construction /
installation and are integrated under "Fixed Tangible Assets" and measured at cost.
These assets are not depreciated as such, since they are not in condition to be used.

The gains or losses resulting from the sale or disposal of tangible fixed assets are
determined by the difference between the selling price and the net book value
which is recognized at the asset sale date, thus being recorded in the income
statement under "Other income and gains" or "Other costs and losses," depending
on whether these are capital gains or losses, respectively.

INVESTMENT PROPERTIES

Investment properties comprise mainly buildings and other structures held to earn
and/or value capital. These are de-assets that are not used in the production or
supply of goods and services that are part of the corporate purpose of the entity, or
for administrative purposes or for sale in the course of their normal operation.

The recognition of investment property model is equivalent to that for fixed

tangible assets.
 MANAGEMENT REPORT 2014

Costs incurred with investment properties in use, namely maintenance, repairs,

insurance and property taxes (property tax) are recognized in the income
statement for the period referred to in the respective items of expenditure. The
improvements, which are expected to generate additional future economic
benefits, are capitalized under "Investment Properties." 33

INTANGIBLE ASSETS

Just as with Tangible fixed assets, Intangible assets are recorded at their acquisition
cost, net of depreciations and impairment losses. We observe the provisions of the
respective NCRF, as they are only recognized if they are likely to result in future
economic benefits, are controllable and one can reliably measure their value.

Any spending on research is recognized in the income statement when incurred.

Development costs are capitalized, whenever there is the ability to complete their
development and start their trading or use and for which the asset created is likely
to generate future economic benefits. When these requirements are not met, they
are recorded as expenses in the period during which they are incurred.

Amortization of intangible assets with definite useful lives are calculated after the
beginning of their use, according to the straight-line method in accordance with
the period of the estimated useful lives, or in accordance with the periods of the
contracts that establish them.

In the case of intangible assets with indefinite useful life, no amortization is

estimated, and their amount is subject to impairment tests on an annual basis.

FINANCIAL INVESTMENTS

Investments in associated subsidiaries and companies with the latter as those

which have an effect on the policies and financial and operating decisions
(investments of between 20% and 50% of capital of subsidiary - significant
influence) are recorded using the equity method under "Investments - equity
method."

According to this method, investments are initially recorded at their acquisition

cost, subsequently adjusted for changes in equity and the amount corresponding
to the Entity's share in the net results of held companies. Any excess of the cost of
acquisition over the value of equity in the percentage held at the date of
 MANAGEMENT REPORT 2014

acquisition, is considered "Goodwill" and is recognized as an asset and its recovery

subject to impairment testing. Should the difference be negative ("Negative
Goodwill"), it is recognized in the income statement

When the proportion of the Company' accumulated losses of associated or

34
subsidiary company exceeds the registered value of the investment, the investment
is carried at zero value as the company's equity associate become positive, except
when the Company has entered into commitments with the associated or
subsidiary company, and, in this case a provision is recorded in the liability item
'Provisions' to meet these obligations.

INCOME TAX

The Company is subject to Corporate Income Tax (IRC) at the normal rate of 23%,
with the first being 15,000.00, taxed at 17%. The IRC collection amount so
determined is added by autonomous taxation on charges and at the fees provided
for in Article 88 of the Corporate Income Tax Code.

INVENTORIES

Goods and raw materials, subsidiaries and consumables are valued at average
acquisition cost, which is below their respective market value, so no impairment
loss is recorded for depreciation of inventories.

Products and work in progress are valued at production cost, which includes the
cost of materials incorporated, labour, direct labour and production expenses
considered regular. These do not include financing costs or administrative
expenses.

CUSTOMERS AND OTHER RECEIVABLES

The "Customers" accounts and "Other receivables" are recognized at their nominal
value reduced by any impairment losses, under "Accumulated impairment losses,"
in such way that these reflect their net payable value.

BANK DEPOSITS AND CASH

This heading includes cash, Demand Deposits and Other Bank Deposits. Bank
overdrafts are included under "Loans obtained," expressed in "current liabilities."
 MANAGEMENT REPORT 2014

The balances in foreign currencies were translated using the exchange rate at
closing date.

PROVISIONS
35
The Bank regularly reviews the past events at risk and which may generate future
obligations. Although with the subjectivity inherent in determining the probability
and amount of resources needed to meet these future obligations, Management
seeks to sustain its expectations of losses in a cautious environment.

SUPPLIERS AND OTHER ACCOUNTS PAYABLE

Accounts payable to suppliers and other creditors that do not bear interest are
recorded at their nominal value, which is substantially equivalent to its fair value.

BANK FINANCING

Loans are recorded as liabilities at their nominal value, net of commissions related
to the issuance of such loans. The financial charges ascertained on the basis of the
effective interest rate are recorded in the income statement in compliance with the
economic accruals basis.

Loans are classified as current liabilities unless the Company has an unconditional
right to defer the settlement of the liability more than 12 months after the
reporting date, in which case they are included in non-current liabilities for
amounts that fall due beyond this term.

LEASES

Lease contracts are classified (i) as finance leases, if they support the substantial
transfer of all risks and benefits inherent to the ownership of the leased asset or (ii)
as operating leases.

Tangible assets acquired under finance leases, as well as the respective liabilities,
are calculated using the financial method, acknowledging tangible fixed asset, the
corresponding accumulated depreciation, as defined in previously defined policies
for this type of asset, and pending debts, in accordance with the contractual
financial plan. Additionally, the interest included in lease payments and the
 MANAGEMENT REPORT 2014

depreciation of tangible fixed assets are acknowledged as expenses in the income

statement of the year to which they relate.

In the case of operating leases, instalments owed are recognized as an expense in

the income statement over the lease period and in accordance with the obligations
36
inherent to these.

REVENUES AND ACCRUAL BASIS OF ACCOUNTING

Revenue comprises the fair value of the consideration received or receivable for
services rendered, arising from the Company's normal business operation. Revenue
is recognized net of Value Added Tax (VAT), rebates and discounts.

The provisions of NCRF 20 were observed, since the revenue was only recognized
for being reasonably measurable, and it is likely to obtain future economic benefits
and all the contingencies of a sale have been substantially resolved.

Incomes are acknowledged on the date when the services were rendered, or if
periodic, at the end of the period to which they relate.

Interest income is acknowledged in view of the economic period system, taking

into account the outstanding amount and the rate in effect during the maturity
period. Dividends are recognized in "Other net gains and losses" when there is the
right to receive them.

ALLOWANCES

Government grants are recognized at fair value when there is reasonable assurance
that the grant will be received and that the entity complies with all the
requirements to receive it.

Grants awarded on a non-recoverable basis to the funding of Tangible and

Intangible fixed assets are included under "Other changes in equity." These are
transferred on a systematic basis to results, during the period of depreciation or
amortization.

Operating subsidies are intended to cover expenses, incurred and recorded in the
period, and are recognized as income as the expenses are incurred, regardless of
the time of receipt of the grant.
 MANAGEMENT REPORT 2014

4 .CASH FLOWS - CASH AND CASH EQUIVALENTS

"Cash and cash equivalents" can be reviewed according to the following charts:

December 31s t, 2014 37

Opening C los ing
Debits C redits
balanc e balanc e
C as h 1 169,23 109 028,42 107 237,33 2 960,32
Demand depos its 375 765,07 6 730 726,16 6 288 470,51 818 020,72
TOTAL 376 934,30 6 839 754,58 6 395 707,84 820 981,04

December 31s t, 2013

Opening C los ing
Debits C redits
balanc e balanc e
C as h 1 750,66 25 449,11 26 030,54 1 169,23
Demand depos its 510 030,94 5 442 257,05 5 576 522,92 375 765,07
TOTAL 511 781,60 5 467 706,16 5 602 553,46 376 934,30

Registered amounts discriminate cash held by the company and the amounts
entrusted in bank deposits. Documented values were available and there were no
restrictions on their use.
 MANAGEMENT REPORT 2014

5. TANGIBLE FIXED ASSETS

Gros s As s ets
B UIL DINGS AND OTHE R FIXE D
L AND AND NATUR AL B AS IC TR ANS POR T ADMINIS TR ATIVE
OTHE R TANGIB L E TOTAL
R E S OUR C E S E QUIPME NT E QUIPME NT E QUIPME NT
C ONS TR UC TIONS AS S E TS
31 Dec ember 2013

Opening balance 205 000,00 2 565 704,71 954 322,27 6 270,90 69 607,41 72 448,26 3 873 353,55

Increas es 7 800,00 6 879,32 14 679,32

38
Depreciations and W rite-offs -613,00 -2 558,53 -3 171,53

Other Adjus tments -40,57 3 968,63 284,47 4 212,53

205 000,00 2 565 704,71 961 468,70 6 270,90 77 896,83 72 732,73 3 889 073,87

31 Dec ember 2014

Opening balance 205 000,00 2 565 704,71 961 468,70 6 270,90 77 896,83 72 732,73 3 889 073,87

Increas es 0,00 53 457,27 0,00 10 647,75 324,39 64 429,41

Depreciations and W rite-offs 0,00

Other Adjus tments -0,03 -0,03

205 000,00 2 565 704,71 1 014 925,94 6 270,90 88 544,58 73 057,12 3 953 503,25

Deprec iation and impairment los s es

B UIL DINGS AND OTHE R FIXE D
L AND AND NATUR AL B AS IC TR ANS POR T ADMINIS TR ATIVE
OTHE R TANGIB L E TOTAL
R E S OUR C E S E QUIPME NT E QUIPME NT E QUIPME NT
C ONS TR UC TIONS AS S E TS
31 Dec ember 2013

Opening balance 0,00 598 486,49 736 543,07 3 544,70 55 329,47 71 796,91 1 465 700,64

Increas es 0,00 92 252,16 65 327,12 2 093,30 9 078,34 741,69 169 492,61

Depreciations and W rite-offs 0,00

Other Adjus tments -743,56 -874,47 -1 618,03

0,00 690 738,65 801 870,19 5 638,00 63 664,25 71 664,13 1 633 575,22

31 Dec ember 2014

Opening balance 0,00 690 738,65 801 870,19 5 638,00 63 664,25 71 664,13 1 633 575,22

Increas es 0,00 89 752,82 20 060,22 1 137,22 9 438,04 556,49 120 944,79

Depreciations and W rite-offs 0,00

Other Adjus tments 0,00

0,00 780 491,47 821 930,41 6 775,22 73 102,29 72 220,62 1 754 520,01

Net value:

2013 205 000,00 1 874 966,06 159 598,51 632,90 14 232,58 1 068,60 2 255 498,65

2014 205 000,00 1 785 213,24 192 995,53 -504,32 15 442,29 836,50 2 198 983,24

The increases recorded in the 2014 period show the beginning of a swelled
investment by the company within the context of involvement in QREN projects,
totalling the amount of 64,429.41.
 MANAGEMENT REPORT 2014

6. INTANGIBLE FIXED ASSETS

Gros s As s ets
C OMPUTE R INDUS TR IAL
TOTAL
PR OGR AMS PR OPE R TY
31 Dec ember 2013
Opening balance 67 271,16 570,56 67 841,72
39
Increas es 712,50 712,50
Depreciations and W rite-offs 0,00
Other Adjus tments 0,00
67 983,66 570,56 68 554,22
31 Dec ember 2014
Opening balance 67 983,66 570,56 68 554,22
Increas es 45 880,15 45 880,15
Depreciations and W rite-offs 0,00
Other Adjus tments 0,00
113 863,81 570,56 114 434,37

Deprec iation and impairment c os ts

C OMPUTE R INDUS TR IAL
TOTAL
PR OGR AMS PR OPE R TY
31 Dec ember 2013
Opening balance 48 855,04 570,56 49 425,60
Increas es 5 053,71 5 053,71
Depreciations and W rite-offs 0,00
Other Adjus tments 0,00
53 908,75 570,56 54 479,31
31 Dec ember 2014
Opening balance 53 908,75 570,56 54 479,31
Increas es 19 405,12 19 405,12
Depreciations and W rite-offs 0,00
Other Adjus tments 0,00
73 313,87 570,56 73 884,43

Net amount:
2013 14 074,91 0,00 14 074,91
2014 40 549,94 0,00 40 549,94

The amount of 45,880.15 refers to the acquisition of computer systems for the
area of Engineering and its relation to Production.
 MANAGEMENT REPORT 2014

7. FINANCIAL HOLDINGS

ACQUISITION LOANS
FINANCIAL HOLDINGS % HELD TOTAL
AMOUNT GRANTED
31 December 2013 40

Jointly Controlled Companies

TenBestCivilCooperation, ACE 10% 600,00 0,00 600,00
MetalVertice - CHILE 10% 10.000,00 0,00 10.000,00

Investment in other Companies

GARVAL N/a 7.500,00 0,00 7.500,00

18.100,00 0,00 18.100,00

31 December 2014

Jointly Controlled Companies

TenBestCivilCooperation, ACE 10% 600,00 0,00 600,00
MetalVertice - CHILE 10% 10.000,00 0,00 10.000,00
MetalVertice PORTUGAL 10%
Matria Segura 10%
MontSousa 10%
Investment in other Companies
GARVAL N/a 7.500,00 0,00 7.500,00
WAGE GUARANTEE FUND N/a 189,89 0,00 189,89

18.289,89 0,00 18.289,89

MomSteelPor, SA, is part of a supplementary group of companies, which aims to

create synergies in the exploration, negotiation and contracting of projects
involving different spheres of action of its constituents. Statutorily, the ACE has no
share capital, and the recorded amount of 600.00 corresponds to a loan to cover
any set-up costs.

In the year 2014, this ACE contributed positively to the result in 13,944.88 (see
Note 15) on its participation in the ACE (10%) under the tax transparency scheme.

Also part of the MOMSTEEL universe are three subsidiaries (10%) in the field of steel
structure assembly: Matria Segura, MontSousa and MetalVertice.
 MANAGEMENT REPORT 2014

8. INVENTORIES

Year 2013 ONGOING WOR K S AND PR ODUC TS TOTAL

41
Initial inventories 29 850,00 29 850,00

F inal Inventories 0,00 0,00

Produc tion Variation (29 850,00)

Year 2014 ONGOING WOR K S AND PR ODUC TS TOTAL

Initial inventories 0,00 0,00

F inal Inventories 0,00 0,00

Produc tion Variation 0,00

 MANAGEMENT REPORT 2014

9. ASSESSMENT OF THE COST OF GOODS SOLD AND CONSUMED MATERIALS

R AW MATE R IAL S ,
Year 2013 S UB S IDIAR IE S AND TOTAL
C ONS UMPTION 42
Initial s tock 0,00 0,00

P urchas es 1 491 104,50 1 491 104,50

Adjus tments 0,00 0,00

F inal s tocks 0,00 0,00

1 491 104,50

R AW MATE R IAL S ,
Year 2014 S UB S IDIAR IE S AND TOTAL
C ONS UMPTION
Initial s tock 0,00 0,00

P urchas es 2 303 270,49 2 303 270,49

Adjus tments 0,00 0,00

F inal s tocks 0,00 0,00

2 303 270,49

By adopting a "Zero Stocks" policy, the company has incorporated all of the
purchases made during the year 2014 (as in 2013), in its production process.
 MANAGEMENT REPORT 2014

10. CUSTOMERS AND SUPPLIERS

NON-C UR R E NT C UR R E NT

2014 2013 2014 2013

Gros s Value
43
C us tomers :

C us tomers , C urrent Account 0,00 0,00 2 641 746,41 2 393 572,81

C us tomers , B ad C redit 0,00 0,00 15 188,45 102 060,06

Total C us tomers 0,00 0,00 2 656 934,86 2 495 632,87

Other Debtors

Advance P ayments to S uppliers 0,00 0,00 2 934,64 58 963,00

Total other debtors 0,00 0,00 2 934,64 58 963,00

TOTAL

NON-C UR R E NT C UR R E NT
2014 2013 2014 2013
L os s es by ac c umulated impairments

C us tomers with B ad Debts P T 0,00 0,00 15 188,45 15 188,45

C us tomers with B ad Debts F R 0,00 0,00 222 021,66 72 635,13

0,00 0,00 237 210,11 87 823,58

C us tomer Net value 0,00 0,00 2 419 724,75 2 407 809,29

Net value - Other Debtors 0,00 0,00 0,00 0,00

MOVE ME NT IN L OS S E S B Y NON-C UR R E NT C UR R E NT
IMPAIR ME NT
2014 2013 2014 2013

Opening balance 0,00 0,00 87 823,58 15 188,45

Increas es P T 0,00 0,00 0,00 0,00

Increas es F R 0,00 0,00 149 386,53 72 635,13

Decreas e 0,00 0,00 0,00 0,00

0,00 0,00 237 210,11 87 823,58

 MANAGEMENT REPORT 2014

As for the current account providers we have:

NON-C UR R E NT C UR R E NT

2014 2013 2014 2013

Gros s Value

S uppliers : 44
S uppliers , C urrent Account P T 0,00 0,00 781 735,05 352 669,93

S uppliers , C urrent Account F R 0,00 0,00 225 999,46 2 782,16

0,00 0,00 1 007 734,51 355 452,09

The growth of the amounts in current account providers resulting primarily from
increased activity of the company in 2013 and the amount recorded in the French
branch expresses the value assumed by MomSteelPor to HOAN's heirs concerning
non-received commissions.
 MANAGEMENT REPORT 2014

11. STATE AND OTHER PUBLIC ENTITIES

INC OME TAX AND S TATE AND OTHE R PUB L IC E NTITIE S

2014 2013
AS S E TS

V alue-added tax 88 774,38 0,00

45
IR C [C orporate Income T ax] to be R etrieved (S IF IDE 2012) 0,00 65 846,19

TOTAL 88 774,38 65 846,19

INC OME TAX AND S TATE AND OTHE R PUB L IC E NTITIE S

2014 2013
L IAB IL ITIE S

Inc ome tax

Income T ax 102 947,25 43 286,55

Municipal tax (Derrama) 6 772,65 2 597,19

Autonomous T axation 7 889,01 6 231,33

C orporate income tax - payments on account (41 124,00) (48 474,00)

P ayments on account 0,00

76 484,91 3 641,07

Value-added tax 0,00 22 470,39

S oc ial S ec urity

C ontributions for S ocial S ecurity - Dec 19 746,58 16 762,44

C ontributions for S ocial S ecurity - P ayment P lans 80 579,96 126 810,22

100 326,54 143 572,66

Inc ome taxes withheld 9 849,55 7 304,55

TOTAL 186 661,00 176 988,67

 MANAGEMENT REPORT 2014

12. OTHER RECEIVABLES AND PAYABLES

Table with details on the amounts registered in the balance related to amounts
receivable/payable.

OTHE R AC C OUNTS R E C E IVAB L E 2014 2013 46

F rench S tate - Income tax 1 351,00 585,00

Other Debtor - Mr Duboi 500,00 500,00

T enB es tC ivilC orporation, AC E - Loans G ranted 23 050,90 8 767,47

Legal P roceedings - P rovis ions 700,00 700,00

Other Debtors - Inves tment Projec ts

NS R F - Innovation V oucher 3 345,00 15 495,00

NS R F - S I&DT 400 442,17 500 000,00

Debtors due to ac c rued inc ome

Accrued Income - W ork Map 2014 517 654,88 0,00

Other Debtors - E mployment Projec ts

IE F P - E mployment S timulus 157,68 4 768,10

IE F P - 3i P as s port 891,40 4 626,63

IE F P - P rofes s ional Interns hips 2 364,20 0,00

Depos its made by third parties - F R 1 408,00 1 408,00

W ork as s urance retentions - F R 11 734,65 27 149,36

Other accounts receivable 7 507,39 17 526,74

TOTAL 971 107,27 581 526,30

OTHE R AC C OUNTS PAYAB L E 2014 2013

R emunerations payable (E s timate: V acations and S ub-V acations ) 103 936,16 100 178,28

C reditor B alance C us tomers C urrent Account 1 725,67 1 370,07

F rench S tate - V AT 169 742,26 122 194,96

F rench S tate - C harges a P ayer 98,97 1 592,03

F rench S tate - S ecurit S ociale 4 242,00 0,00

F rench S tate - C ais s e R etraite 835,56 1 342,03

F rench S tate - C harges s es s / congs payer 2,00 0,00

Other accounts payable 116 983,16 1 670,76

R emunerations to be paid - B oard of directors 5 574,19 6 096,87

R emuneration to be paid - S taff 48 349,63 41 250,36

C ommis s ions Mr Duboi (Heirs ) 0,00 226 983,78

B ranch Office F R S taff 10 768,81 6 575,82

TOTAL 462 258,41 509 254,96

 MANAGEMENT REPORT 2014

13. SALES AND SERVICES RENDERED

2014 2013
Annulment of Annulment of
s ales between S ales s ales between S ales
S ales S ales
Head-Offic e and MOMS TE E L Head-Offic e and MOMS TE E L
B ranc h FR B ranc h FR

S ales HE AD OFFIC E - PT
G oods - MN 0,00 0,00 0,00 0,00 0,00 0,00 47
Dis counts and R ebates in S ales - MN 0,00 0,00 0,00 0,00 0,00 0,00
G oods and F inis hed P roducts INT R A 0,00 0,00 0,00 0,00 0,00 0,00
F inis hed P roducts -MN 1 274 064,24 0,00 1 213 806,13 2 104 845,73 0,00 2 104 845,73
F inis hed P roducts - INT R A 2 091 793,25 (2 091 793,25) 0,00 662 027,35 (640 809,75) 21 217,60
F inis hed P roducts - E XT R A 1 099 675,55 0,00 1 099 675,55 246 722,08 0,00 246 722,08
S pecialis ation of Increas e - W ork C hart 304 869,80 0,00 304 869,80 0,00 0,00 0,00
S UB TOTAL - S AL E S , GOODS , FINIS HE D PR OD. 4 770 402,84 (2 091 793,25) 2 618 351,48 3 013 595,16 (640 809,75) 2 372 785,41

Manufacturing - MN 4 710 144,73 0,00 689 309,38 268 336,66 0,00 268 336,66
Manufacturing - INT R A 0,00 0,00 0,00 0,00 0,00 0,00
S UB TOTAL - S E R VIC E S R E NDE R E D 4 710 144,73 0,00 689 309,38 268 336,66 0,00 268 336,66

S ales B R ANC H OFFIC E - FR 2 091 793,25 0,00 2 091 793,25 998 556,86 0,00 998 556,86

T otals 11 572 340,82 (2 091 793,25) 5 399 454,11 4 280 488,68 (640 809,75) 3 639 678,93
Deferred income
S ales and S ervic es R endered C IS 5 399 454,11 3 639 678,93
 MANAGEMENT REPORT 2014

14. EXTERNAL SUPPLIES AND SERVICES

E XTE R NAL S UPPL IE S AND S E R VIC E S 2014 2013 % VAR

S ubc ontrac ts 601 346,44 284 165,98 111,62%

National S ubcontracts 311 483,78 98 395,26 216,56%
S ubcontracts - Intra-community 23 843,68 185 770,72 -87,16%
48
S ubcontracts - E xtra-community 266 018,98 0,00
S pec ialis ed S ervic es 180 349,74 126 322,02 42,77%
S pecialis ed W orks 37 041,81 72 399,39 -48,84%
Advertis ement and P ublicity 10 877,01 9 015,36 20,65%
S urveillance and S ecurity 3 858,00 4 392,00 -12,16%
F ees 47 960,60 19 963,35 140,24%
C ommis s ions 37 070,46 0,00
C ons ervation and R epairs 43 541,86 20 551,92 111,86%
Materials 96 069,04 64 288,43 49,43%
F as t-wearing tools and utens ils 92 378,49 58 298,92 58,46%
T echnical books and documentation 93,35 98,32 -5,05%
Office S upplies 2 948,72 5 659,67 -47,90%
G ifts items 648,48 231,52 180,10%
E nergy and fluids 70 039,24 62 040,36 12,89%
E lectricity 40 319,33 34 834,50 15,75%
F uel 2 060,06 3 420,42 -39,77%
W ater 2 518,59 3 241,91 -22,31%
Other 25 141,26 20 543,53 22,38%
Trans portation, travels and ac c ommodation 286 918,85 193 845,84 48,01%
B us ines s T ravels and Accommodation 107 025,45 107 750,19 -0,67%
S taff trans portation 350,00 0,00
S hipment of goods 179 543,40 86 095,65 108,54%
Mis c ellaneous s ervic es 237 389,57 196 846,38 20,60%
Leas ing and R entals 139 201,63 94 526,12 47,26%
C ommunication 12 783,26 11 970,69 6,79%
Ins urance 40 400,63 49 226,54 -17,93%
Litigation and Notary 1 267,00 835,79 51,59%
R epres entation E xpens es 25 377,35 23 684,58 7,15%
C leaning, hygiene and comfort 11 575,36 10 597,38 9,23%
Other S ervices 6 784,34 6 005,28 12,97%
TOTAL 1 472 112,88 927 509,01 58,72%
 MANAGEMENT REPORT 2014

15. STAFF COSTS

2014 2013
S TAFF C OS TS Head- Head-
B ranc h-FR TOTAL B ranc h-FR TOTAL
Offic e-PT Offic e-PT
S alaries of corporate bodies 43 648,08 0,00 43 648,08 43 628,08 0,00 43 628,08 49
S taff remuneration 647 837,94 31 503,27 679 341,21 555 263,07 30 559,51 585 822,58
P os t-employment benefits 0,00 0,00 0,00 0,00 0,00 0,00
C ompens ations 0,00 0,00 0,00 0,00 0,00 0,00
C harges on remunerations 154 541,06 0,00 154 541,06 132 594,64 0,00 132 594,64
Ins urance for work accidents and occupational dis eas es 13 260,49 0,00 13 260,49 14 070,88 0,00 14 070,88
S ocial benefit cos ts 0,00 0,00 0,00 0,00 0,00 0,00
Other s taff cos ts 9 631,45 0,00 9 631,45 12 085,21 0,00 12 085,21
TOTAL 868 919,02 31 503,27 900 422,29 757 641,88 30 559,51 788 201,39

2014 2013
E MPL OYE E S Head- Head-
B ranc h-FR TOTAL B ranc h-FR TOTAL
Offic e-PT Offic e-PT
E xecutive Directors 4 4 3 3
E ngineering S taff 5 1 6 5 1 6
Adminis trative s taff 2 2 2 2
P roduction S taff 37 37 30 30
Average No. 48 1 49 40 1 41
 MANAGEMENT REPORT 2014

16. OTHER INCOME

2014 2013
Head-Offic e-PT B ranc h-FR TOTAL Head-Offic e-PT B ranc h-FR TOTAL
C as h payment dis c ounts obtained 79,29 0,00 79,29 8 378,22 0,00 8 378,22

With VAT 0,00 0,00 0,00 0,00 0,00 0,00

Without VAT 79,29 0,00 79,29 8 378,22 0,00 8 378,22

Inc ome and gains in non-financ ial inves tments 0,00 0,00 0,00 9 488,30 0,00 9 488,30
50
Dis pos als 0,00 0,00 0,00 0,00 0,00 0,00

C laims 0,00 0,00 0,00 9 488,30 0,00 9 488,30

Inc ome and gains in s ubs idiaries , as s oc iate c ompanies and joint ventures 13 944,88 0,00 13 944,88 0,00 0,00 0,00

AC E - T emB es tC ivilC ooperation 13 944,88 0,00 13 944,88

Other 146 527,18 0,00 146 527,18 80 577,91 0,00 80 577,91

C orrec tions regarding previous financ ial years 6 154,19 0,00 6 154,19 3 111,47 0,00 3 111,47

S urplus from es timated tax 43 286,55 0,00 43 286,55 0,00 0,00 0,00

Alloc ation of s ubs idies to inves tment 97 047,57 0,00 97 047,57 0,00 0,00 0,00

Other non-s pec ified 38,87 0,00 38,87 8 757,08 0,00 8 757,08

TOTAL 160 551,35 0,00 160 551,35 98 444,43 0,00 98 444,43

17. OTHER EXPENSES

2014 2013
Head-Offic e- Head-Offic e-
B ranc h-FR TOTAL B ranc h-FR TOTAL
PT PT
Taxes 5 799,29 0,00 5 799,29 8 064,28 0,00 8 064,28
Direc t taxes - IMI (Munic ipal Property Tax) 1 475,28 0,00 1 475,28 0,00 0,00 0,00
Indirec t Taxes - S tamp duty 3 637,61 0,00 3 637,61 0,00 0,00 0,00
R ates 686,40 0,00 686,40 0,00 0,00 0,00
C as h payment dis c ounts granted 12 511,03 0,00 12 511,03 32,76 0,00 32,76
Other 29 494,26 0,00 29 494,26 2 021,16 3 983,31 6 004,47
C orrec tions regarding previous financ ial years 28 316,14 0,00 28 316,14 300,00 0,00 300,00
Donations 350,00 0,00 350,00 540,00 0,00 540,00
C ontributions 828,12 0,00 828,12 1 068,00 0,00 1 068,00
Other non-s pec ified 0,05 38 262,61 38 262,66 113,16 3 983,31 4 096,47
E xpens es with indus trial property 0,00 0,00 0,00 0,00 0,00 0,00
Fines and penalties 0,00 0,00 0,00 0,00 0,00 0,00
Other non-s pec ified 0,05 0,00 0,05 113,16 0,00 113,16
Other non-s pec ified (C arried out by B ranc h FR ) 0,00 38 262,61 38 262,61 0,00 3 983,31 3 983,31
Other mis c ellaneous 230,88 0,00 230,88 0,00 0,00 0,00
TOTAL 48 035,51 38 262,61 86 298,12 10 085,44 3 983,31 14 101,51
 MANAGEMENT REPORT 2014

18. FINANCING EXPENSES

FINANC ING C OS TS 2014 2013

Interes t w/ Accepted 0,00 283,23

Interes t of S ME G rowth 28 294,82 8 041,59

51
Interes t of P romis s ory Note 7 171,82 1 514,92

E xport F inancing Interes t 4 091,98 0,00

Interes t from agreements (S ocial S ec.) 11 315,53 17 676,19

Interes t from F inancial leas ing C ontracts 29 913,12 40 759,98

Interes t of C onfirming 0,00 12 764,02

C ompens atory interes t and interes t for delayed payment 1 026,88 0,00

Other F inancing E xpenditure (B ranch F R ) 671,41 0,00

Other F inancing E xpenditure 18 589,00 1 840,06

TOTAL 101 074,56 82 879,99

The agreements interest concern the charges incurred with social security payment
plans.
 MANAGEMENT REPORT 2014

19. FUNDING OBTAINED

C ontrac t Purc has e option

Des c ription of the As s et C ontrac t no. L es s ors
value c laus e
Indus trial P avillion 20002295 B P I-C G D 1 500 000,00 E nd of contract
C utting and Drilling Line 10011507 B P I-C G D 522 000,00 E nd of contract
R olling B ridges 10011511 B P I-C G D 101 500,00 E nd of contract 52
Automatic s tripping 10011509 B P I-C G D 250 000,00 E nd of contract
TOTAL VAL UE OF AC QUIS ITION AND L E AS ING 2 373 500,00

Non-c urrent liabilities C urrent liabilities TOTAL

2014 2013 2014 2013 2014 2013
Indus trial P avillion 585 398,45 750 280,04 90 000,00 97 200,00 675 398,45 847 480,04
C utting and Drilling Line 0,00 0,00 0,00 64 276,10 0,00 64 276,10
R olling B ridges 0,00 0,00 0,00 12 498,14 0,00 12 498,14
Automatic s tripping 0,00 0,00 0,00 26 480,68 0,00 26 480,68
TOTAL L E AS INGS 585 398,45 750 280,04 90 000,00 200 454,92 675 398,45 950 734,96
Other financ ing
S hort-T erm Loan - P romis s ory Note 0,00 0,00 0,00 250 000,00 0,00 250 000,00
S ME G rowth (250M) 135 416,63 177 083,31 41 666,68 41 666,68 177 083,31 218 749,99
S ME G rowth (500M) 333 333,36 416 666,68 83 333,32 83 333,32 416 666,68 500 000,00
E xport financing 0,00 0,00 300 000,00 0,00 300 000,00 0,00
C redit C ard 0,00 0,00 866,91 801,91 866,91 801,91
Other F inancing E ntities - IAP ME I 0,00 0,00 49 126,64 0,00 49 126,64 0,00
S hareholders Loans 0,00 0,00 11 931,37 13 931,37 11 931,37 13 931,37
TOTAL B ANK E NTITIE S 468 749,99 593 749,99 486 924,92 389 733,28 955 674,91 983 483,27
TOTAL FINANC ING 1 054 148,44 1 344 030,03 576 924,92 590 188,20 1 631 073,36 1 934 218,23

Leasings referring to the equipment: Cutting and Drilling Line, Rolling Bridges
and Automatic stripping ended in the 2014 period, after the company had
exercised the purchase option and those are still operational.
 MANAGEMENT REPORT 2014

20. LEGAL CERTIFICATION OF ACCOUNTS

53
MANAGEMENT REPORT 2014

54
MANAGEMENT REPORT 2014

55
 MANAGEMENT REPORT 2014

21. STATUTORY AUDITOR OPINION

56
MANAGEMENT REPORT 2014

57