Strength, reliability andCooperation

indeX

Trust in the future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04

Secure values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Growth with reliability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Confident outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Sustained organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Business fields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

International development . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

A new dimension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

l e n a g r o u p · 0 3

LENA GROUP trUSt in the FUtUrethe initial growth strategy of the lena group went through complementary busines-ses, diluting the risk of concentration in the public Works sector.before 2000, the company (until then called Construtora do lena) was already one of the largest domestic construction and civil engineering companies, taking part in the greatest engineering projects in portugal. in 1998, it took part in the creation of the first national project of private concession in Portugal - the Autoestradas do Atlântico.Up to 2006, the lena group grew well above the growth rate of the portuguese eco-nomy. its incredible growth was due to the combination of the entrepreneurial atti-tude of the Vieira Rodrigues family, with the specific know-how of each chosen part-ner for the new activities to be developed.but along with the growth, the goal had always been to adequately compensate all those who participated in the wealth creation process: shareholders, employees, cus-tomers, suppliers and community in general.the lena group managed to stand out for the proximity to knowledge centres and for the promotion of entrepreneurship and innovation. evidence of this was the lena Group’s entry in the field of biotechnology in 2002, and in 2006 it achieved the Ibe-rian leadership in cryopreservation of steam cells, creating the first private laboratory in portugal.between 2010 and 2013, the lena group positively contributed to the regional and national economy, exporting more than 300 million euros in tradable goods, represen-ting more than 74 million euros in taxes in the same period.it won a remarkable place in the national economy, without ever forgetting the con-cern for social responsibility regarding the communities where it operates. Social res-ponsibility is a commitment that the lena group willingly adopts, beyond the legal requirements, considering it to be its long-term concern. in this context, it has proven the effort made throughout its history; it is this history that allows us to have trust in the Future.

0 4 · l e n a g r o u p

• lena business (2002-2008) - First con-test of business ideas launched in portugal addressed to university students, in order to promote entrepreneurship. the win-ner of the best business idea would have the possibility to constitute a company and to benefit from advanced training. One of the editions gave rise to the company eco-choice, S.a., pioneer in providing enginee-ring and performance services, aiming at sustainability in buildings and territory.

• “engenho e arte” (ingenuity and art) (2006 -2009) - a symbolic and innovative project supporting arts and enhancing the public works promoted by the municipalities. it leveraged the democratization of access to culture through collective exhibitions in the municipalities, with engineering works por-trayed through art.

• personalized Management program - (since 2006) - personalized training aimed at young graduates in the Management, Sales & Marketing and Financial areas, qua-lifying them to work at lena group.

• “líderes 2020” (leaders 2020) (2006) in cooperation with the aeSe business School in the promotion of activities aimed at sha-ring knowledge among organizations and the younger generation.

• epiS - entrepreneurs for Social inclusion (2006-2010) - participation in the advi-sory board and collaboration with the por-tuguese business panorama, in order to develop volunteering activities within the communities.

l e n a g r o u p · 0 5

0 6 · l e n a g r o u p

Shortly after its set up in 1998, the lena group

created procedures, tools and projects that

characterize nowadays the lena group as well

as its group Culture. in its origin it was sought

a Standardized Diversification and focus on

Synergies, human resources and Customers.

initiatives that made the lena group the 5th

best company to work, despite the economic crisis

(2009). a result that was repeated in 2010, being

these the only times that lena participated in

the study by exame and heidrick & Struggles.

there were several innovative and distinctive

projects, all supported by Strength, reliability and

Cooperation.

l e n a g r o u p · 0 7

0 8 · l e n a g r o u p

harMonized diverSiFiCation and SynergieSproject for Standardization of values (since 2000) - internal guidelines that seek to promote the excellency in management procedures, making use of audits in order to ensure quality;annual planning (since 2002) - strategic plan that projects the year and the next five years in a standardized way in all companies. “Canal lena” (lena Channel) (since 2002) - each employee can provide business for any of the lena group’s companies, enhancing the cross-selling and promo-ting the group’s culture.“tableau de bord” (since 2003) - a transversal management tool that measures each company’s performance in compliance with the lena group’s strategical goals.

FoCUS on hUMan reSoUrCeSlena group Challenge (1999-2009) - it was considered the greatest and oldest outdoor corporate event of the country. this annual event offered its employees three days of team radical activities, stimulating motivation, leadership and planning skills.performance assessment System and employee Satisfaction Survey (since 2000) - regular establishment and analysis of the individual objective and assessment of all the employees’ satisfaction.“escola de negócios” (business School) (since 2004) - it develops partnerships with educational institutions and manages the training needs of the lena group. it provides tailored training for a personal and professional development.Scholarships (since 2005) - attribution of scholarships to employees and their relatives. Besides financial support, it also includes school materials.

FoCUS on CUStoMerSadaptation and creation of tools to measure and monitor customers’ satisfaction and trade procedures efficiency, seeking the team renewal and modernization. Some examples are projects such as: Customers’ Satisfaction Survey, “Mystery Customer” or “School of Sales”.

l e n a g r o u p · 0 9

SeCUre valUeS

Strengthour main commitment is to guarantee the strength and excellence in all we do. We value the ability to honour our commitments.

reliabilityour growth is based on a solid group culture, with great dynamism and abi-lity to adapt. the reliability of the technical, professional and ethical pillars guarantees long-lasting relationships.

Cooperation We assume an open attitude, one that is prone to cooperation, always seeking the full satisfaction of our customers. the individual interest is best achieved if we reach the collective interest.

0 1 0 · l e n a g r o u p

groWth With reliabilitythe lena group has its origins in the 50s. it was fou-nded in leiria (Centre of portugal) with the individual activity of antónio vieira rodrigues related to earth-moving and civil construction.

in 1974 the Construtora do lena was set up, the com-pany that stood out in the construction sector, parti-cipating in major public Works. Since then, the Cons-trutora do lena initiated a continuous and sustained growth that boosted the diversification strategy. This strategy began with the automobile sector, in the 90s, a decade of rapid growth for the lena group in the areas of Civil Construction, natural gas, indus-try, real estate, environment, Media and Services —from oil trade to landfill management.

in 1998, the lena group was formally set up and by the turn of the millennium it was already one of the main business groups in portugal, with presence in three continents. in 2006 the lena group qua-drupled its turnover, exceeding 520 million euros. the company lena engenharia e Construções was already one of the top ten construction companies, having reached the highest market share in 2003.

the creation of jobs and wealth has been a constant in the lena group, an example of entrepreneurship for thousands of employees in over 60 companies, organized into business units and aiming at harmo-nization of management principles across the whole structure. With proven work for over 60 years, the lena group has developed activities and invest-ments in the environment and energy, automobi-les, Media, Construction, Concessions, real estate, industry, Services, tourism and innovation areas.

Since the 70s that internationalization is conside-red a growth strategy, but it only truly happened in 1996 with the entry into brazil. Since then it mana-ged to enter into many other markets, being cur-rently present in angola, algeria, brazil, bulgaria, Morocco, Mozambique, romania, venezuela and, more recently, in Mexico and Colombia.

in 2009 it began a deep restructuring process in the lena group. in order to achieve the strategic vision and objectives, a new corporate governance model was implemented in 2010.

l e n a g r o u p · 0 1 1

ConFident oUtlooKthe lena group aspires to be one of the major iberian groups in the area of engineering, Construction, envi-ronment and Energy, with a sustained international presence, excellent profitability rates and a well-balanced capital structure.

StrategiC objeCtiveS For 2020

Capital StruCture

netdebt/ ebitda: 44%Financial autonomy: 30.7%

debt-to-equity: 0.6

Growth

total revenues: 959 M€% international Markets: 98%

reSultS

roCe: 13,5%ebitda/turnover: 11%

roe: 5%

0 1 2 · l e n a g r o u p

SUStained organizationthe lena group’s management body is formed by a board of directors and an executive Committee.

the board of directors is chaired by antónio bar-roca rodrigues.

the executive Committee is the body responsible for the accounting and financial control and for the strategies and policies implementation set by the administration of the lena group.

to ensure procedures and image standardization of all companies, there is the Corporate Centre, which gives support in the Financial, Marketing, human resources, information technology and legal areas.

Board of direcTorSPresident antónio barroca rodrigues

Administrator Fátima barroca

Administrator paulo o. reis

Administrator paulo teixeira pinto

Administrator joaquim paulo Conceição

Administrator paulo Silva reis

execuTive commiTTeeceo - executive

Committee President joaquim paulo Conceição

cfo - executive Committee Vice-President

paulo Silva reis

antónio Barroca rodriguespresident

Fátima Barrocaadministrator

paulo o. reis administrator

Joaquim paulo ConceiçãoCeo

paulo Silva reis CFo

paulo teixeira pintoadministrator

l e n a g r o u p · 0 1 3

bUSineSS FieldSEuropePortugal, Romania and Bulgaria

Brazil, Venezuela, Colombia and Mexico

Latin America

Angola, Mozambique, Algeria and Morocco

Africa

Engineering and ConstructionEnvironment and EnergyIndustry and ServicesReal EstateAutomobilesMediaTourism

Engineering and ConstructionEnvironment and EnergyIndustry and ServicesReal EstateAutomobiles

Engineering and Construction Environment and Energy

Industry and ServicesTourism

the lena group is composed by a set of companies spread across various sectors.

its core activities are engineering, Construction, Concessions, environment and energy, as well as complementary sectors such as real estate, industry and Services.

it also covers other strategic sectors, such as automobile, Media and tourism.

the strong partnership relations, synergies and management standardization have been boosting business and results.

0 1 4 · l e n a g r o u p

EuropePortugal, Romania and Bulgaria

Brazil, Venezuela, Colombia and Mexico

Latin America

Angola, Mozambique, Algeria and Morocco

Africa

Engineering and ConstructionEnvironment and EnergyIndustry and ServicesReal EstateAutomobilesMediaTourism

Engineering and ConstructionEnvironment and EnergyIndustry and ServicesReal EstateAutomobiles

Engineering and Construction Environment and Energy

Industry and ServicesTourism

552,171,463 €turnover

77,509,447 €ebitda

2,784,637,040 €backlog

2,701total no.

employees

1898no. international

employees

11international

presence (no. of countries)

aggregate account holdings reported on 31st december 2014.

l e n a g r o u p · 0 1 5

engineering, ConStrUCtion and ConCeSSionS

engineering & ConstructionSpecialized in the design, construction and manage-ment of public and private works, the lena group operates in several segments, namely:

• Construction and rehabilitation of buildings (resi-dential and non-residential),

• roads,• Works of art,• environmental and hydraulic works• other infrastructures.

the activity takes place at a national level (Continen-tal portugal and archipelagos) and at an international level, currently being present in europe (bulgaria and romania), South america (brazil, Colombia, Mexico and venezuela) and africa (algeria, angola, Morocco and Mozambique).In the construction field, the LENA Group accumula-tes 80 years of know-how, enabling it to meet challen-ges with high quality solutions and professionalism.

Concessionsthe concession area began with the creation of the first national project of private concession in Portu-gal - the Auto-estradas do Atlântico. This business area is attentive to the market development, presen-ting itself as a reference partner concerning ability and know-how, with projects and diversified areas, such as communication routes (roads and railways), airports, hospitals, housing, business parks, among others.

industry and Servicesthe companies operating in this area present an inno-vative dynamism that allows them to offer diver-sified services and products to the most deman-ding markets, promoting synergies within the lena group.

• production and trade of cement products, paints, aggregates and concrete;

• horizontal and vertical road signs;• equipment, transport, maintenance and

metalworking services.the internationalization of this area began in 2001, operating since then in angola, brazil and venezuela.

real estateCompanies in the real estate area benefit from a vast experience and know-how in three sectors:

• development and investment;• investment funds;• brokerage.

positioned in the medium-high segment, these com-panies invest in reference ventures, with high com-fort, safety and design. the available portfolio is vast and diversified, including residential, services and com-merce real estates and lands, in a total of more than 1.4 million square meters.the property development projects are located in por-tugal (continent and islands), brazil and angola..

total assets

1,658,069,062 €

no. employees

2327

turnover

477,841,404 €

ebitda

67,725,337 €

0 1 6 · l e n a g r o u p

highway a17 - Central Coast, portugal

aggregate production Centre - lena agregados

road Marking - viamarca

Moncada prestige building - luanda, angola

Santa luzia building - Madeira island, portugal

l e n a g r o u p · 0 1 7

environMent & energy

lena environment and energy is a sub-holding compri-sing different companies yet with a global mission: to res-tore nature its original purity, combining the preserva-tion of our natural resources with technology, in a perfect alliance between the sustainable growth and long-term development.

These companies operate in five areas of activity:

· renewable energiesthe activity in this area involves the design, implemen-tation and management of electricity generation pro-jects from renewable sources. there are two wind farms in operation, one with a 12 MW power and ano-ther one with 20 MW. in progress there is a third wind farm with a capacity of 20 MW and a pilot project desig-ned for energy generation from nearshore waves. it is also worth mentioning the agricultural and industrial waste recovery system, converting waste into renewa-ble energy or agricultural fertilizers. it specializes in slu-dge recovery, composting and waste collection, trans-port and temporary storage.

· Water and Sanitationthe water treatment and the complete water cycle management have been one of the major investments of the environment and energy area. the lena group has experience in the operation, maintenance and reha-bilitation of collectors, pumping stations and water treatment plants, as well as, in the management of the water supply system infrastructure, such as boreholes,

reservoirs, pipelines and residential connections. the lena group also designs, builds and works in water concessions for human consumption and wastewater.

· Waste ManagementThe LENA Group was one of the first companies in portugal to make an integrated Waste Management, from its packaging and transport to its reception, dis-posal and treatment in landfill. It has large experience in management and operation of landfills for Municipal Solid Waste, hazardous and non-hazardous industrial Waste and aggregates.

· Maintenance and equipmentthis area aims to design and produce agro-industrial and environmental equipment, with know-how in crea-ting customized solutions. it is worth mentioning the manufacture and installation of tunnels for washing and sanitizing containers, olive washing wastewater treat-ment plants and effluent pre-treatment systems.

· environmental Consultingthe lena group’s experience in the environment and energy area allows it to provide high quality service regar-ding environmental consultancy, particularly in the deve-lopment of environmental studies and projects in the field of waste, water supply, sanitation and other areas.

by promoting a trusting relationship with public and pri-vate customers, this sector intends to be a reference in the environmental preservation area.

164,067,375 €18,572,933 € 8,356,872 € 70

total assets no. employeesturnover ebitda

0 1 8 · l e n a g r o u p

Wave energy (Waveroller pilot project ) – peniche, portugal

environmental Monitoring

Collection of Urban Solid Waste – Évora, portugal

Marvila Wind Farm – batalha, portugal

Landfill of Huambo – Huambo, Angola

l e n a g r o u p · 0 1 9

other aCtivitieSautomobileslena automobiles is the sub-holding for the auto-mobile sector and is comprised of four portuguese companies operating in different areas including sale of peugeot, opel, isuzu, Ford, Kia and volvo vehicles, renting, sale of second-hand vehicles, sale of original parts and multi-make maintenance and repairing.the automobile sector also operates in angola through a rent-a-car and workshop services.

Media lena Communication is the sub-holding for the media sector. its activity is at a national wide level and is currently comprised of two regional news-papers and a regional radio station.this sector aims to be an active partner in the community’s development, disseminating accu-rate and relevant information to readers and lis-teners, offering its products, services and inno-vative solutions and also promoting cultural and social events.

total assets

44,354,374 €

no. employees

turnover

41,085,861 €

ebitda

2,554,873 €

146

total assets

13,051,044 €

no. employees

turnover

1,575,763 €

ebitda

80,472 €

31

0 2 0 · l e n a g r o u p

tourismLENA Tourism has five Eurosol Hotels in Portu-gal, located in leiria, alcanena, Seia and gouveia. lena is also investing abroad having two hotels in pipa, brazil.lena tourism stands out for providing high qua-lity and professional services in terms of accom-modation, catering and events, trying to deliver unique experiences to all its guests.

total assets no. employees

turnover ebitda

39,962,020 €

3,319,478 € 251,072 €

127

l e n a g r o u p · 0 2 1

international developMent

0 2 2 · l e n a g r o u p

the lena group started its internationalization in 1996, leaving for brazil. Since then, it has been broa-dening horizons, spreading the lena brand in geogra-phies such as angola, Mozambique, algeria, Morocco, venezuela, brazil, Colombia, Mexico, romania and bulgaria, with activities at the construction and envi-ronmental levels.

in 2013, the share of international business in the total turnover reached 55 %, in aggregate terms, and

in 2014 it reached 64 %. it is estimated that in 2019 this value will exceed 78 %, considering a continuou-sly growing international business.

the focus on new markets intends to strengthen the internationalization as a growth strategy and to con-solidate the positioning in the construction (especially social housing, road infrastructures and health facili-ties) and in the environmental areas (collection and treatment of waste and water distribution).

l e n a g r o u p · 0 2 3

eUrope

Sá Carneiro airport (remodelling) – oporto, portugal algarve Stadium – loulé/ Faro, portugal

baixo Sabor dam – torre de Moncorvo, portugal dn1 Underpass – bucharest, romania

botevgrad highway - bulgaria

0 2 4 · l e n a g r o u p

headquarters of tagusgás – Cartaxo, portugal

ambulatory Surgery Centre, hospital of Santo antónio – oporto, portugal Aircraft Airfield – Ponte de Sôr, Portugal

l e n a g r o u p · 0 2 5

high school of Campo Maior - portugal lezírias bridge – Carregado - benavente, portugal

international Marine terminal at Funchal port – Madeira, portugal river bank rehabilitation – ria de aveiro, portugal

0 2 6 · l e n a g r o u p

eUrope - portugal, bulgaria and romania

being a portuguese enterprise group, it is in portu-gal that lena has the highest number of subsidiaries specialized in diverse business areas, such as tou-rism, Media, automobile, beyond the core business of Construction and environment.

in portugal, the lena group has already built over 350 km of motorways, 50 km of railways and many more of bridges, viaducts and tunnels. also notewor-thy is the construction of three stadiums for euro 2004, the portugal pavilion at expo 98 and the Sá Carneiro airport.

it is also present in bulgaria since 2001 and in roma-nia since 2004, with a portfolio especially related to the construction of road works.

the commercial activity in europe has been extended to Macedonia, albania, Croatia, Moldova and Serbia.

The LENA Group is a partner with significant expe-rience in the construction sector and complementary areas, in particular in the design, construction and maintenance of roads, works of art and underground parks and also in the construction and management of Waste Water Treatment Plants and landfills.

turnover 2014

99,755,284 €

no. employees 2014

826

backlog 2014

58,585,442 €

l e n a g r o u p · 0 2 7

ÁFriCa

international airport of Maputo (maintenance) - Mozambique link road between lucusse and lumbala n’ guimbo (225 km) - Moxico, angola

harbour of annaba - algeria luena palace - Moxico, angola

highway a2, oued-amili – taza, Morocco

0 2 8 · l e n a g r o u p

drug treatment Centre of the bengo - angola

junior high School of Cela - Cuanza Sul, angola

police training School - Matalane, Mozambique

l e n a g r o u p · 0 2 9

palmeiras development - luanda, angola la tour des galets - oran, algeria

grupo entreposto’s Workshop - Maputo, Mozambique Courthouse of Sumbe – Sumbe, angola

0 3 0 · l e n a g r o u p

aFriCa - angola, algeria, Morocco and Mozambique

in africa, the main activities are construction and public works, with projects relevant to the growth and progress of this market. the effective start of the lena group in africa occurred in 2006, particularly in angola and algeria; however, with the merger of Construtora abrantina, the lena group inherited a portfolio that dates back to the 90s.

the main activity in angola is construction and public works, but there are also companies operating in the area of real estate development, rent-a-car, workshop services, as well as in the water and waste areas. the consolidated presence in 11 of the 18 provinces of angola and the relevant backlog for the next years clearly show the excellent dynamics of the lena group in this market.

In Algeria, the LENA Group has a more significant pre-sence in four regional centres: algiers, oran, Sétif and annaba. the focus of this market has been more on road and non-residential building construction, with particularly emphasis on the health sector where it has recognized expertise.

the presence of the lena group in Morocco is signal-led with important works, namely the construction of a motorway in Fnideq and the construction of 30 km of motorway between Fez and taza. Concerning market prospection, the lena group is a perfect partner not only for roads construction, but also other high poten-tial areas such as tourism and environmental infras-tructures.

The first construction works in Mozambique date back to 1992, however it is in recent years that the invest-ment in the Mozambican market has intensified itself, as a result of a new dynamism and a real focus on the activity consolidation in the environment and cons-truction areas.

the exponential growth of the lena group activity in Africa certifies the strength and professionalism of the undertaken projects and the consequent trust of cus-tomers and partners, which represent an important lever for the affirmation of the LENA Group in this geographical area.

143,604,180 € 1014 911,213,701 €

turnover 2014 no. employees 2014 backlog 2014

l e n a g r o u p · 0 3 1

latin aMeriCa

alto da pituba development - Salvador da bahia, brazil Ciudad zamora (4,200 apartments) - Cúa, venezuela

precast Concrete plants - ocumare, venezuela

Mário Cravo residential - Salvador da bahia, brazillena empresarial - Salvador da bahia, brazil

0 3 2 · l e n a g r o u p

Concrete precast plant – ocumare, venezuela

“Morada dos arcos” – Salvador, brazil biodiesel plant – pará, brazil

l e n a g r o u p · 0 3 3

“ville de Monaco” - Salvador, brazil

“Ubanización lomas de la guadalupe” (8,100 apartments) – ocumare, venezuela

0 3 4 · l e n a g r o u p

latin aMeriCa - brazil, venezuela, Colombia and Mexico

the lena group is present in latin america since 1996, and brazil was its front door. Since then, the lena group’s companies have proven the quality and professionalism in the construction of residen-tial and non-residential buildings in the state of bahia. in this market, concrete production and crane rental and maintenance also stand out. in pipa, in the state of rio grande do norte, the investment in the tourism area is visible through the two lena group’s hotels. recently, lena has extended its geographical area for the state of pará with the construction of a biodiesel plant. in 2011, the lena group started in venezuela the project Gran Misión Vivienda Venezuela, a venezue-lan government program to build social housing. the first phase of this ongoing project foresees the cons-truction of 12,300 apartments and two plants, around

two geographical areas: Cúa and ocumare. the lena group is strongly committed to extend its activities in this country, evaluating the possibility of implemen-ting new areas of activity, and where it also has a long experience and expertise, particularly in road cons-truction and road signs. aiming at the international activity expansion, the lena group has recently headed to Colombia and Mexico, in order to invest in the same areas which have proven to be worthwhile in other latin american countries.

in the latin american market, the growth strategy involves establishing local partnerships in order to raise projects in the two areas of lena group’s core business: Construction (roads, hospitals and housing) and environment (waste and water).

208,797,193 € 861 1,814,837,898 €

turnover 2014 no. employees 2014 backlog 2014

l e n a g r o u p · 0 3 5

a neW diMenSion

true to the values that have always guided the way forward, in 2014 the lena group began a new stage of growth and affirmation, with well-defined five-year goals.

the “3d plan - new dimension” was set with the overall goal to reach and consolidate a turnover exceeding thousand million euros and an ebitda above 150 million euros by 2019.

the lena group also intends to increase its 2013 backlog of 4.1 thousand million euros for about 4.5 thousand million euros in 2019. and 98 % of this turnover should be achieved in the internatio-nal markets where the lena group operates.

Strengthening internationalization as a growth driver and raising business in two new markets will be important steps to reach the established goal. So as to achieve this end, it is equally crucial to iden-tify a commercial direction in each country that ensures a backlog of at least 500 million euros in each market (angola, algeria, venezuela and brazil).

these are ambitious goals, however, the recovery and consolidation of the lena group’s position in international markets and the diversification into new markets should continue to lower the domestic market weight in business and to sustain the achievement of the established goals.

0 3 6 · l e n a g r o u p

Backlog: > 4,500 M€ (98 % in international Markets)

in 2019, the lena group expects to have the “new dimension” consolidated through:•Development of activity in the strategic areas of Construction, environment and energy; •Diversification and innovation in new markets; •Dimension achieved by a financial structure and economic performance that assures access to capital markets and,

finally, a commercial approach that nurtures business growth capable of sustaining the New DiMeNSioN.

Netdebt/ eBitDa: < 1.4Debt/equity: <1roe: > 10%

Net income: > 70 M€rlV: > 6.5%

eBitDa: >168 M€eBitDa Margin: > 14%

turnover: 1,200 M€

l e n a g r o u p · 0 3 7

Apartado 1004 PC Sta. Catarina da Serra2496-907 Santa Catarina da Serra - PORTUGAL

Telf .: +351 244 749 100fax: +351 244 749 110

geral@grupolena.ptwww. grupolena.pt

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