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This document was prepared by Grupo Soares da Costa, SGPS, SA (Soares da Costa) to be used for its full-year 2012 results presentation. Nor Soares da Costa, nor any of its representatives, assume any type of responsibility regarding the eventual negative effects or losses caused by the use of the information contained in this document. This document does not constitute a public offer or an invitation to buy or sell shares, namely as defined in the Portuguese Securities Code, chapter III. This document does not constitute an offer/ request to buy, sell or exchange, and is not a voting request or the request for an approval in any jurisdiction. Neither the document, nor any part of its parts, constitute a contract, nor can it be used to integrate or interpret any contract or any type of commitment.

PREPARING THE FUTURE: RESTRUCTURE, ADAPT, ENHANCE 3

FULL-YEAR 2012 EARNINGS 7

FINANCIAL STRUCTURE 14

ORDER BOOK 16

CONTENTS

3

PREPARING THE FUTURE: RESTRUCTURE, ADAPT, ENHANCE

In the context of the current strategic

plan (revised in November 2011)

And taking into consideration the

market and the demand conditions

expected for the several construction

markets in which the Group operates,

the management of the company

continued to implement in 2012 several

measures having as goal

THE REINFORCEMENT OF THE GROUP’S ECONOMIC AND FINANCIAL

SUSTAINABILITY,

from which we highlight:

Adaptation of the operational structure (commercial, administrative support, technical, etc.) to the profile of activity expected for the Group, with the requirements of growing internationalization and improved efficiency

Signature of an agreement (in November 2012) with six financial institutions to the reprogramming of their respective recourse bank loans, totalling circa 275 million Euros

Resizing of portfolio of assets and financial participations is ongoing, with an active search of alienation opportunities of our mature and/ or non core assets

4

ADAPT THE ORGANIZATIONAL STRUCTURE

Increase of the activity's

internationalization level

Weak prospects

of domestic activity

Need to adapt the operational structure: HIGHER FLEXIBILITY AND EFFICIENCY

Human Resources

- Total number of workers decreased 19% in 2012; - Number of workers in Portugal declined 36% in 2012.

Cost Structure

- To a 8% decrease in turnover, cost of good sold reduced 21%, external supplies 14% and recurrent staff costs 7%.

Organizational Structure

Amongst other measures for streamlining the structure, some subsidiaries were merged, aiming to simplify and gain efficiency:

- Construction area: Contacto and Socometal (already in 2013) merger into Soc. de Construções Soares da Costa;

- Concessions area: Soares da Costa-Serviços Técnicos e de Gestão merger into Soares da Costa Concessões SGPS.

PREPARING THE FUTURE: RESTRUCTURE AND ADAPT

5,952

5,549 5,297

5,017 4,754

4,510

Dec-10 Dec-11 Mar-12 Jun-12 Sept-12 Dec-12

21% 18%

50% 47%

17% 17%

3% 4%

2011 2012

O. operationalcosts(recurrent)Staff costs(recurrent)

ExternalSupplies

Cost of GoodsSold

5

FINANCIAL PROGRAMME

GOAL: IMPROVE THE GROUP’S FINANCIAL SUSTAINABILITY

• New credit facility amounting to 47 million Euros, to back the

Group’s restructuring process and the operational activity and

working capital needs

• Extension of maturity profile (to 9 years) of 275 million Euros

of bank debt, rebalancing the relation between long term

assets and liabilities

Positive impact already visible at balance sheet

as of 31.12.2012: current liabilities decreased 19%

vs. previous year

• Introduction of a 3-year capital grace period

• Standardization of spreads on a moderate level

2012’s net financing cost do not yet reflect this

conditions (average cost of 7.5%), but from 2013’s onwards the impact will

be positive

PREPARING THE FUTURE: RESTRUCTURE AND ADAPT

6

ENHANCE SOARES DA COSTA’S ACTIVITY AND PROFITABILITY

Domestic Activity

Conclusion of the production

capacity adjustment to the expected

level of activity

Improvement of the international

activity support operations and back

office's efficiency

Focus on the Group’s core activity:

Construction; alienation of mature

and/or non core assets

International Activity

Reinforcement of the international operational structure with

qualified and experienced staff: workers allocated to the

international activity weighted 75% in 2012 vs. 68% in 2011

Intensification of the commercial effort in the African markets

in which the Group operates

Maintenance of a balanced portfolio of activity: (1) growth and

consolidation of positioning and profitability in a mature market :

United States (Florida) and (2) gradual entrance in a new core

market (Brazil)

INTERNATIONAL ACTIVITY GROWTH PROTECTION/ IMPROVEMENT OF OPERATIONAL PROFITABILITY IN THE SEVERAL MARKETS

IMPROVEMENTS OF THE GROUP'S CASHFLOW GENERATION

“Preparing the future is building the present." Antoine de Saint-Exupéry

PREPARING THE FUTURE: ENHANCE

7

FULL-YEAR 2012 EARNINGS | KEY PERFORMANCE INDICATORS

CONSOLIDATED TURNOVER REACHED 802 MILLION EUROS (-8% YOY)

EBITDA OF 72 MILLION EUROS (-23.5% YOY), CORRESPONDING TO A 9.0% MARGIN

RECURRENT EBITDA OF 103 MILLION EUROS (+7.5% YOY), CORRESPONDING TO A 12.8% MARGIN

NET LOSSES OF -47 MILLION EUROS, STRONGLY IMPACTED BY NON-RECURRENT COSTS (NET) OF -35 MILLION EUROS

FINANCIAL RESULTS OF -69 MILLION EUROS, A 33.3% INCREASE COMPARED WITH 2011

8

Figures in million Euros

FULL-YEAR 2012 EARNINGS | KEY PERFORMANCE INDICATORS

Consolidated 2011 2012 YoY 4Q 2011 4Q 2012 YoY

Turnover 873.5 801.8 -8% 243.8 182.6 -25%

EBITDA 94.1 71.9 -24% 23.6 6.5 -72%

EBITDA margin 10.8% 9.0% -1.8 pp 9.7% 3.6% -6.1 pp

Recurrent EBITDA 95.4 102.5 7.5% 24.3 20.9 -14%

Recurrent EBITDA margin 10.9% 12.8% 1.9 pp 10.0% 11.4% 1.5 pp

EBIT 58.9 10.9 -82% 13.7 -20.5 -249%

EBIT margin 6.7% 1.4% -5.4 pp 5.6% -11.2% -16.8 pp

Recurrent EBIT 62.2 60.8 -8.8% 17.1 13.3 -8.8%

Recurrent EBIT margin 7.1% 7.6% 0.5 pp 7.0% 7.3% 0.3 pp

Net financial expenses -51.8 -69.0 33% -13.8 -17.7 28%

EBT 7.1 -58.2 n.m. -0.1 -38.1 n.m.

Taxes -4.7 10.7 n.m. -1.9 6.7 n.m.

Minorities 0.0 0.6 n.m. 0.1 0.7 594%

Net Profit 2.4 -46.9 n.m. -1.9 -30.9 n.m.

Capex 25.7 9.5 -63% 9.1 3.5 -61%

Net debt 863.0 1,024.2 18.7% 863.0 1,024.2 18.7%

9

FULL-YEAR 2012 EARNINGS | EVOLUTION OF TURNOVER

TURNOVER OF 802 MILLION EUROS,

A 8% DECREASE COMPARED WITH 2011

874 million Euros 802 million Euros

Figu

res

in m

illio

n E

uro

s

+ Turnover in Angola and U.S. rose 9% and 10% in

2012, respectively; turnover of the real estate area

increased 21% compared with the previous year

- Turnover of the construction area decreased

11%, impacted by the sharp fall of the construction

activity in Portugal (-39% vs. 2011)

200 219

210

244

199

230

191 183

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

329 236

325

353

114 126

80 65

25

21

2011 2012

Other countries -15%

Mozambique -19%

US +10%

Angola +9%

Portugal -28%

796 713

188

157

7

22

9

2

-126 -91

2011 2012

Holding/ Adjust.

Energia Própria -81%

Real Estate +210%

Concessions -16%

Construction -11%

10

94.1

71.9

1.4

10.8

11.1

8.7

2011 2012

EBITDA OF 72 MILLION EUROS,

CORRESPONDING TO A 9.0% MARGIN


RECURRENT EBITDA OF 102.5 MILLION EUROS,

CORRESPONDING TO A 12.8% MARGIN

94 million Euros

72 million Euros +7.5%

95 million Euros 102.5 million Euros

Non-recurrent costs impacting EBITDA

2011 2012

Tax nature lawsuit Impairments with customers Termination of labour contracts

0 0

-1.4

-8.7 -11.1 -10.8

Total -1.4 -30.6

FULL-YEAR 2012 EARNINGS | OPERATIONAL PROFITABILITY

47.7

29.0

43.3

46.7

4.1

5.6

-2.1 -2.5 -6.8

2011 2012

Holding/ Adjust.

Energia Própria +23%

Real estate +37%

Concessions +8%

Construction -39%

11

As part of the

restructuring plan of the

activity of the Group,

and targeting to improve

sustainability and a

better adequacy to the

economic and financial

context, several impacts

of a non recurrent

nature were accounted

in 2012:

TOTAL NON-RECURRENT IMPACTS AT THE NET INCOME LEVEL IN 2012: -35.4 million

TOTAL NON-RECURRENT IMPACTS AT THE EBITDA LEVEL IN 2012: -30.6 million

TOTAL NON-RECURRENT IMPACTS AT THE EBIT LEVEL IN 2012: -49.9 million

FULL-YEAR 2012 EARNINGS | NON-RECURRENT IMPACTS

Figures in

millio

n Eu

ros

11.8

7.1

-8.0

-5.8

-1.5

-19.6

-8.7

-10.8

Tax effect

Costa Rica's alienation capital gain

Other impairments

Impairments on concession assets

Impairments on real estate assets

Impairments with customers

Tax nature lawsuit

Termination of Labor Contracts

12

10.9

-46.9 -54.7

+0.7

-15.1 +10.7 +0.6

EBIT Net financingcost

Contributionfrom equityconsolidatedcompanies

Other financialcosts/ gains

Taxes Minorities Net Loss

Besides the non-recurrent impacts that harmed EBIT, 2012’s net loss was

also penalised by the increase in net financing costs (+13.5 million) and by

the deterioration of other financial costs (+4.3 million)

Net financing cost reflects the general aggravation of the financing

conditions, the increase in indebtness level and an agreement with the

Madeira’s government; this figure does not yet benefit from the more

favourable conditions set by the financial programme

Figu

res

in m

illio

n E

uro

s

FULL-YEAR 2012 EARNINGS | PROFITABILITY

REPORTED NET LOSS INCLUDES NON-

RECURRENT (NET) COSTS OF 35.4

MILLION EUROS, MEANING THAT

RECURRENT NET LOSS WAS -11.5

MILLION (VS. +2.4 MILLION IN 2011)

13

187.6 156.8

23.1%

29.8%

0%2%4%6%8%10%12%14%16%18%20%22%24%26%28%30%32%34%

0.0

50.0

100.0

150.0

200.0

250.0

2011 2012

Turnover EBITDA margin

7.2 22.1

57.0% 25.2%

0%2%4%6%8%10%12%14%16%18%20%22%24%26%28%30%32%34%36%38%40%42%44%46%48%50%52%54%56%58%60%62%64%66%68%70%72%74%76%78%80%82%84%86%88%90%92%94%96%98%100%102%104%106%108%110%

0.0

5.0

10.0

15.0

20.0

25.0

2011 2012


8.6 1.6

-23.9%

-158.6%

-250%-248%-246%-244%-242%-240%-238%-236%-234%-232%-230%-228%-226%-224%-222%-220%-218%-216%-214%-212%-210%-208%-206%-204%-202%-200%-198%-196%-194%-192%-190%-188%-186%-184%-182%-180%-178%-176%-174%-172%-170%-168%-166%-164%-162%-160%-158%-156%-154%-152%-150%-148%-146%-144%-142%-140%-138%-136%-134%-132%-130%-128%-126%-124%-122%-120%-118%-116%-114%-112%-110%-108%-106%-104%-102%-100%-98%-96%-94%-92%-90%-88%-86%-84%-82%-80%-78%-76%-74%-72%-70%-68%-66%-64%-62%-60%-58%-56%-54%-52%-50%-48%-46%-44%-42%-40%-38%-36%-34%-32%-30%-28%-26%-24%-22%-20%-18%-16%-14%-12%-10%-8%-6%-4%-2%0%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

2011 2012


796.2 712.5

6.0%

4.1%

0%

2%

4%

6%

8%

10%

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2011 2012


• Turnover decreased 16% due to the lower recognition of turnover coming from Transmontana and Estradas do Zambeze (105 million vs. 145 million in 2011)

• As expected, this effect had a positive impact on margin that improved 6.7 p.p.

• Turnover declined 11% with the international activity growth not completely offsetting the sharp fall of the activity in Portugal (-39%)

• Margin was strongly impacted by non-recurrent costs of restructuring: recurrent margin increase 0.8 p.p. to 7.0%

CONSTRUCTION CONCESSIONS

REAL ESTATE

ENERGIA PRÓPRIA

FULL-YEAR 2012 EARNINGS| EVOLUTION BY BUSINESS AREA


• 2012’s turnover includes 17.1 million related with sales of the Talatona project (Angola)

14

FINANCIAL STRUCTURE| BALANÇO SHEET AS OF DECEMBER 31, 2012


Variation to 31.12.2011

Financial Programme: reclassification of bank liabilities from current to non current

Shareholders’ equity evolution mainly reflects the incorporation of the net loss of 2012 (-46.9 million) and the net variation of the fair value of the hedging derivatives (-12.3 million Euros)

Non-current accounts receivable (+42%) reflect the financial assets of the concessions Transmontana and Estradas do Zambeze (that follow the financial assets accounting model)

ASSETS 1,792 million +2% 1,792 million +2%

Others 281 million

Loans 235 million

-17%

Cash & equiv. 101 million +18%

-23%

Accounts

receivable393 million -11%

Accounts

payable198 million -15%

Others 179 million +4%

Current

764 million

Inventories 89 million -30%

Current

714 million

-54%

Non Current

1,025 million

Loans 888 million +39%


SHAREHOLDERS' EQUITY +

LIABILITIES

Non Current

1,028 million

Intangibles 325 million -5%

Shareholders' Equity 53 million

+42%


Tangibles 250 million -8%

Accounts

receivable329 million

15

158 147 142 147 141

62 62 62 66 66

151 151 184 184 225

29 28 29 28

28

Dec 11 Mar 12 Jun 12 Sept 12 Dec 12

CPE

AutoestradasXXI

Intevias

Scutvias

463 486 499 536 564

8.1 8.9 8.0 8.0 8.9


463 486 499 536 564

400 389 417 426

460


Net debt inprojectfinance

Corporatenet debt

FINANCIAL STRUCTURE | NET DEBT EVOLUTION

NET DEBT OF 1.024 MILLION EUROS BY DECEMBER 31, +63 million or 7% compared with September 30

EVOLUTION OF CORPORATE NET DEBT AND RATIO EVOLUTION OF PROJECT FINANCE NET DEBT

Figu

res

in m

illio

n E

uro

s

426 400 389

417

Note: Ratio Corporate Net Debt / EBITDA calculated with the last twelve months EBITDA associated with the recurrent activity financed with corporate debt

Project finance net debt (+8%) weighted 56% of

this increase, with Transmontana’s project

growing 40 million Euros

1.024 961

916 874 863

460

Corporate net debt increase (+5%) weighted

44%, supporting restructuring operations,

operational activity and working capital needs

of the Group

16

BY DECEMBER 31 THE GROUP’S ORDER BOOK REACHED 1.048 MILLION EUROS

ORDER BOOK AS OF 31.12.2012

ORDER BOOK

The international market represents 80% of the order book (vs. 70% weight in 2012’s turnover)

Main non-domestic market: AFRICA, representing 52% of the order book

Strong exposure to emerging economies and/ or economies with a high growth potential

International838 million

Euros 80%

Domestic 210 million

Euros 20%

Angola 50%

Oman 3%

Mozambique 14%

Romania 1%

United States 18%

Brazil 1% Other

countries 13%

INTERNATIONAL ORDER BOOK AS OF 31.12.2012

17

ORDER BOOK

MAIN WORKS ON ORDER BOOK AND WORKS AWARDED YEAR-TO-DATE

Main works: Transmontana motorway, Mangualde/ Celorico/ Guarda Gas Pipeline, Bridges on EN 234, Sana Evolution Hotel, Paço de Sousa Wastewater Treatment Centre, Moura-Safara Water Adductor

PORTUGAL

Main works: New Tete Bridge, refurbishment of road N221 (stretch II and III), Sofala e Manica Provincial Bridges, MR14 at Siphofaneni (Swaziland), requalification of Banco de Moçambique in Beira, VIP Executive Tete Hotel

MOZAMBIQUE

Main works: Permanent Residential Housing Development (Soyo), requalification of the “Municipality of Sambizanga and Encostas da Boa Vista”, Luanda Towers, Fútila Industrial Development Hub, Office Buildings and Infrastructures “Rainha Ginga“ and “Cidade Alta”, Science and Technology Museum

ANGOLA

Main works: I-75/ SR56 to S Fowler Ave, I-75 DB Airport Access, I-595 Section A&B, I-275 South, I-75 Bibb County, Design-build US27 - Barry to US129

UNITED STATES

Main works: Unit 3 of Cezarina Cement Plant (Brazil), Emergency Works in the Viracopos Airport (Brazil), Tecuci Bypass (Romania), Muscat Roadway Interchanges (Oman), refurbishment of EN1 road (São Tomé & Príncipe)

OTHER COUNTRIES

WORKS AWARDED IN 1Q 2013:

+ 153 MILLION EUROS

PIPELINE OF PROPOSALS ON TENDER AND/ OR DECISION:

6 BILLION EUROS

18

FINANCIAL CALENDAR 2013 CONTACTS

Earnings Release: 1st quarter of 2013 – May 27 1st half of 2013 – August 14 3rd quarter of 2013 – November 25

GRUPO SOARES DA COSTA SGPS SA

www.soaresdacosta.pt Public Company Head office: Rua de Santos Pousada, 220 4000-478 Porto Share Capital 160,000,000 Euros Commercial Registry Office of Porto, corporate body and register number: 500 265 753 Representative for Market Relations António Frada T: +351 22 834 22 43 Investor Relations Rita Carles T: + 351 21 791 3236 | + 351 22 834 2217 [email protected]

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