Half-year report for six months ended June 30, 2014

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1 Half-year report for six months ended June 30, 2014

2 Index 1. Management analysis for six months ended June 30, Financial analysis 4 Business areas analysis 8 2. Interim Condensed Consolidated Financial Statements for six months ended June 30, Financial statements 12 Notes to the condensed financial statements 17 2

3 Management report for six months ended June 30,

4 1. Financial Analysis thousand euros 1H14 % T 1H13 (*) % T Turnover 556, % 432,850 Adjusted EBITDA 140, % 22.4% 115, % EBIT 97, % 9.4% 89, % Net financial income (23,057) (4.1%) 29.6% (32,773) (7.6%) Net income/losses from equity method (27) (0.0%) (125.0%) % Income before taxes 74, % 31.8% 56, % Net income 62, % 29.4% 48, % Attributable to: Non-controlling interests 8, % (44.3%) 14, % Group 54, % 61.6% 33, % The Group defines adjusted EBITDA as consolidated net profit before depreciation and amortisation, provision and impairment losses, financial income and costs, gains in associates and jointly controlled companies and income tax. EBIT is computed as adjusted EBITDA Depreciation and amortisation Provisions and impairment losses (*) 1H13: Combined figures, considering the effects of the demerger of Mota-Engil Engenharia e Construção, S.A into Mota-Engil Engenharia e Construção África, S.A. in December 2013 Obs.: 1H14 and 1H13 not audited figures. 600 Turnover Group Turnover 1H14 Business areas 41% 400 West Africa 1% Million Euros H13 (Prof.) 1H14 1H13: Combined figures, considering the effects of the demerger of Mota-Engil Engenharia e Construção, S.A into Mota-Engil Engenharia e Construção África, S.A. in December 2013 Mota-Engil Africa N.V. (the Group ) achieved an excellent performance in the first six months of 2014 as turnover increased to a strong 557 million (1H13 combined: 433 million) in the first half of This 29% growth compared to the same period in 2013 was due to the exceptional performance of the SADC segment ("South African Development Community") which had growth in turnover of over 135 million (an increase of about 72% compared to the first half of 2013), mainly driven by the Nacala corridor railway project in Malawi., traditionally the Group s main market, represented about 41% of the consolidated turnover in the first six months of 2014 (1H13 combined: 55%). The Group continued its strategy of further diversifying the type of projects it is involved in, adding to the ongoing works contracts such as roads (rehabilitation of national roads of Dundo Lucapa million and Xaua Catata million), dams (construction of Calueque dam million) and civil works (Business Centre at South Luanda million). The Group believes that its backlog provides useful trend information, visibility of its revenue and results of operations and represents a helpful indicator of the future growth of its business. SADC 58% 4

5 Adjusted EBITDA Group Adjusted EBITDA 1H14 Business areas % 100 Million Euros H13 (Comb.) 1H14 1H13: Combined figures, considering the effects of the demerger of Mota-Engil Engenharia e Construção, S.A into Mota-Engil Engenharia e Construção África, S.A. in December 2013 SADC 69% The excellent operating performance is reflected in the first half of 2014 adjusted EBITDA figures where growth of 22% (almost 26 million more than for the six months ended 30 June 2013) clearly demonstrates the Group s ability to grow both turnover and adjusted EBITDA. This performance resulted in an increase in Group adjusted EBITDA from 115 million to 141 million with the adjusted EBITDA margin exceeding 25%. This achievement was mostly due to the good performance of the SADC segment which achieved an adjusted EBITDA margin of 28.8%, driven by the Nacala corridor railway project in Malawi. Mozambique adjusted EBITDA also grew due to the excellent performance of the ongoing road, railway and civil construction projects. West Africa 1% Capex 1H14 Group 39% Capex Evolution SADC West Africa SADC 60% Million Euros H13 (Comb.) 22 1H14 1H13: Combined figures, considering the effects of the demerger of Mota-Engil Engenharia e Construção, S.A into Mota-Engil Engenharia e Construção África, S.A. in December 2013 In the first half of 2014, net capex amounted to 36 million (1H13 combined: 42 million). Capex in the segment amounted to 14 million (1H13 combined: 25 million) and in SADC segment amounted to 22 million (1H13 combined: 16 million). Of the total capex of 36 million, maintenance expenditure totalled 29 million and growth expenditure amounted to 7 million. 5

6 Total Net Debt Evolution Total Gross Debt Maturity Evolution Dec-12 Dec-13 Jun-14 Million Euros 50 0 Dec-12 Dec-13 1H14 Million Euros year 2 years > 3 years Dec-12: Combined figures, considering the effects of the demerger of Mota-Engil Engenharia e Construção, S.A into Mota-Engil Engenharia e Construção África, S.A. in December 2013 As at 30 June 2014, net debt amounted to approximately 157 million, slightly higher than as at 31 December Net debt comprises: Gross debt of 337 million (Dec-13 combined: 353 million) less 180 million of cash and cash equivalents (Dec-13 combined: 204 million). It s also worth mentioning the extended maturities of the Group s debt. Net Financial Costs Group Net Income Group Million Euros H13 (Comb.) 1H14 Million Euros H13 (Comb.) 1H14 1H13: Combined figures, considering the effects of the demerger of Mota-Engil Engenharia e Construção, S.A into Mota-Engil Engenharia e Construção África, S.A. in December 2013 Due to the Group s debt management, the net financial costs amounted to 23.1 million (1H13 combined: 32.8 million), which includes 4.6 million of net exchange gains and 17.8 million of interest expenses (1H13 combined: interest expenses of 20.2 million). 6

7 Net Income Composition 1H14 Group Net Income Composition 1H13 (Prof.) Group Million Euros EBIT Financial Equity Method Tax MI Net income Million Euros EBIT Financial Equity Method Tax MI Net income As a result of the operational and financial performance described above, income before taxes totalled 74.3 million (1H13 combined: 56 million) and consolidated net income amounted to 62.5 million (1H13 combined: 48.3 million). Net income attributable to the Group (excluding non-controlling interests) reached 54.3 million, 20.7 million more than in the first six months of 2013 (1H3 combined: 33.6 million). Backlog Evolution Backlog June ,250 1,800 1,479 1,621 1,495 East Africa 5% 1,350 SADC 55% West Africa 5% 900 Million Euros Dec-12 Dec-13 1H14 35% Dec-12: Combined figures, considering the effects of the demerger of Mota-Engil Engenharia e Construção, S.A into Mota-Engil Engenharia e Construção África, S.A. in December 2013 As at 30 June 2014, the backlog amounted to 1.5 billion, compared to 1.6 billion as at 31 December The biggest contributor remains the SADC segment at 55% although both the West and East Africa segments are already starting some large new projects. The recently awarded EPC contract by Sundance Resources in Cameroon and the Democratic Republic of Congo is not included in the backlog and is not expected to commence before Taking into consideration the growth of the Group s turnover this performance shows a remarkable capacity to sustain a high conversion ratio from the pipeline of projects to the actual backlog of signed contracts. This achievement demonstrates the strength of the Group's strategy for growth in the region, based on the pursuit of business opportunities in the areas with the greatest potential, such as power generation, oil and gas, mining services and logistics, which are a boost to the development and construction of infrastructure and backs our vision of sustained growth and excellent earnings. 7

8 2. Business areas analysis Turnover Adjusted EBITDA Million Euros H13 (Comb.) 1H14 Million Euros H13 (Comb.) 1H14 1H13: Combined figures, considering the effects of the demerger of Mota-Engil Engenharia e Construção, S.A into Mota-Engil Engenharia e Construção África, S.A. in December 2013 In the activity is carried out mainly by Mota-Engil, a company which is a partnership between the Group, with 51% of the share capital and an n consortium led by Sonangol and Atlantic Group holds the remaining 49%. The consolidated turnover of the Group in in the first half of 2014 was 226 million, slightly below the level in the first half of previous year (1H13 combined: 236 million). At the adjusted EBITDA level, this segment showed a slight decrease in terms of adjusted EBITDA margins (18.5% in the 1H14 compared to 20.8% in the 1H13 combined) and consequently adjusted EBITDA decreased from 49 million in 1H13 combined to 42 million in the 1H14. Nonetheless, remains the main driver of the Group s development, considering the experience and the maturity of our human resources in the country and the long track record in all types of projects. The backlog in this segment of 525 million as at 30 June 2014 (Dec-13 combined: 518 million) continues to support excellent growth prospects in. 8

9 SADC Turnover Adjusted EBITDA Million Euros H13 (Comb.) 1H14 Million Euros H13 (Comb.) 1H14 1H13: Combined figures, considering the effects of the demerger of Mota-Engil Engenharia e Construção, S.A into Mota-Engil Engenharia e Construção África, S.A. in December 2013 The SADC business segment includes the Group's activities in Mozambique, Malawi, Zimbabwe, South Africa and Zambia. The segment s turnover reached 322 million in the first half of 2014 (1H13 combined: 187 million), representing a significant increase of 72% compared to the first half of This growth was driven by the Nacala Corridor railway project in Malawi, and some other projects in Mozambique (spread across railways, roads and other types of projects). Adjusted EBITDA margin of almost 29% was achieved in the first half of 2014 (1H13 combined: 27%), which contributed to a significant increase in the adjusted EBITDA of about 84% compared to 1H13. The Nacala Corridor railway project is expected to be completed in December 2014, although this will be partly replaced by earnings in Mozambique and the start of activity in three stretches of road in Zambia. The backlog of this segment amounted to 821 million as at 30 June 2014, which continues to support excellent growth prospects for the segment. The backlog includes projects in Zambia and Zimbabwe which are expected to make an important contribution to the full year results. 9

10 West and East Africa Still in an early phase, activity in West Africa is limited to projects in São Tomé and Cape Verde, which are not material. Nonetheless, the Group has extended commercial activity and some important projects could be added to the backlog during the year. Additionally, the Group announced in June 2014 the award of an Engineering, Procurement and Construction Contract by Sundance Resources, amounting to about 2.6 billion. The contract provides for the construction of a 580 km railway line and a deep water port in Cameroon: (1) a 510 km rail line from a mine in Mbalam, Cameroon, to the terminal in Lolabe on the western coast of the country; (2) a 70 km side line to the mine in Nabeba in the Republic of Congo, and; (3) a deep water port terminal for Chinamax ships with 35 Mtpa and shipyards. The contract falls within the Mbalam-Nabeba Iron Ore Mining Project (one the major infrastructure projects both at regional and country level). This project has not been included in this report s Group backlog. In East Africa a 67 million project was recently awarded in Uganda to commence a project which we hope would be the first of several. All the activity in the third quarter is being finalised so we expect to see the contribution of Uganda to the Group s results for the full year. 10

11 Condensed Consolidated Financial Statements for six months ended June 30,

12 Condensed Consolidated Statement of Financial Position as at 30 June 2014 and 31 December 2013 Notes Jun-14 Dec-13 '000 '000 Assets (not audited) (combined audited) Non-current Goodwill Intangible assets Property, plant and equipment Financial investments under the equity method Available for sale financial assets Trade and other receivables Deferred tax assets Cash and cash equivalents 5 37,526 37,526 2,728 1, , , ,887 43,085 1,201 1, ,564 53, , ,732 Current Inventories 77,143 80,195 Trade receivables 702, ,635 Other receivables 159, ,449 Taxes receivable 28,615 18,441 Other current assets 129,122 95,101 Cash and cash equivalents demand deposits 7 101, ,083 Cash and cash equivalents - term deposits 7 24,565 31,430 1,222,687 1,241,333 Total Assets 1,613,564 1,641,065 Liabilities Non-current Borrowings Other payables Provisions Deferred tax liabilities 8 137, ,783 56,762 54,004 1,303 3,864 3,086 2, , ,651 Current Borrowings 8 199, ,715 Trade payables 185, ,546 Other payables 269, ,414 Taxes payable 68,538 51,329 Other current liabilities 322, ,778 1,046,178 1,095,783 Total Liabilities 1,244,676 1,285,433 Shareholders' equity Share capital 9 100, Other reserves 9 133, ,837 Consolidated net profit for the period 54,290 76,167 Own funds attributable to the Group 287, ,022 Non-controlling interests 81,401 88,610 Total shareholders' equity 368, ,631 Total shareholders' equity and liabilities 1,613,564 1,641,065 To be read with the Notes to the consolidated financial statements 12

13 Condensed Consolidated income statements for the six months ended 30 June 2014 and 2013 Notes 1H14 1H13 '000 '000 (not audited) (proforma non audited) Sales and services rendered , ,850 Other revenues 17,940 9,726 Cost of goods sold, materials consumption and subcontractors (208,065) (161,256) Third-party supplies and services (148,172) (100,509) Wages and salaries (79,126) (67,042) Other operating expenses, net 1,639 1,424 Depreciation and amortization (41,170) (22,887) Provisions and impairment losses (2,412) (3,259) Financial income 11 6,798 1,174 Financial costs 11 (29,855) (33,947) Gains / (losses) in associates and jointly controlled companies (27) 106 Consolidated net profit before income tax 74,297 56,380 Income tax (11,834) (8,101) Consolidated net profit for the period 62,463 48,279 Attributable: to non-controlling interests 8,173 14,679 to the Group 54,290 33,600 To be read with the Notes to the consolidated financial statements 13

14 Consolidated statements of comprehensive income for the six months periods ended 30 June 2014 and H14 1H13 '000 '000 (not audited) (proforma non audited) Consolidated net profit for the period 62,463 48,279 Other comprehensive income that might be recognized in the income statement Exchange differences stemming from translation of financial statements expressed in foreign currencies 2,354 2,014 Other comprehensive income/(expense) in investments in associates using the equity method 1,636 (2,847) Total comprehensive income for the period 66,453 47,447 Attributable: to non-controlling interests 8,768 13,837 to the Group 57,685 33,609 To be read with the Notes to the consolidated financial statements 14

15 Consolidated Financial Statements as of 1 st Half 2014 Consolidated statements of changes in equity for the six months periods ended 30 June 2014 and 2013 Share capital Other reserves Net Profit Own funds attributable to the Group Own funds attributable to non-controlling interests Shareholders' equity Balance as at January 1, 2013 (combined audited) 0 152,517 47, ,362 88, ,380 Total comprehensive income for the period ,600 33,609 13,837 47,447 Dividend distribution (2,851) (2,851) Capital increase Transfers for other reserves - 47,845 (47,845) Changes to the consolidation perimeter and in the ownership interest in subsidiaries Balance as at June 30, 2013 (proforma not audited) ,735 33, ,353 99, ,920 Balance as at January 1, 2014 (combined audited) ,837 76, ,022 88, ,631 Total comprehensive income for the period - 3,395 54,290 57,685 8,768 66,453 Dividend distribution - (37,220) - (37,220) (15,977) (53,197) Capital increase 99,982 (99,982) Transfers for other reserves - 76,167 (76,167) Balance as at June 30, 2014 (not audited) 100, ,197 54, ,487 81, ,888 To be read with the Notes to the consolidated financial statements

16 Consolidated Financial Statements as of 1 st Half 2014 Consolidated statements of cash flows for the six months periods ended 30 June 2014 and 2013 Notes 1H14 1H13 '000 '000 OPERATING ACTIVITY (not audited) (proforma not audited) Cash received from customers , ,688 Cash paid to suppliers (313,293) (180,212) Cash paid to employees (64,844) (56,080) Cash generated from operating activities 85,510 51,396 Income tax paid (26,548) (1,312) Other receipts generated by operating activities Net cash from operating activities (1) 59,783 50,388 INVESTING ACTIVITY Cash receipts from: Financial investment - 28,812 Property, plant and equipment Interest and similar income 1,063 1,062 Dividends 887-2,517 30,063 Cash paid in respect of: Intangible assets (1,019) - Property, plant and equipment (35,910) (42,534) (36,929) (42,534) Net cash from investing activities (2) (34,412) (12,471) FINANCING ACTIVITY Cash receipts from: Loans obtained 21,018 39,324 21,018 39,324 Cash paid in respect of: Loans obtained (37,285) (44,049) Amortization of finance lease contracts (11,541) (504) Interest and similar expense (20,182) (10,955) Dividends 13 (2,340) (25,493) (71,348) (81,000) Net cash from financing activities (3) (50,329) (41,676) Variation of cash & cash equivalents (4)=(1)+(2)+(3) (24,959) (3,759) Variations caused by changes to the perimeter - 1,598 Exchange rate effect 835 (193) Cash & cash equivalents at the beginning of the period 150, ,704 Cash & cash equivalents at the end of the period 126, ,349 To be read with the Notes to the consolidated financial statements

17 Notes to the consolidated financial statements 1. General information and background Mota-Engil Africa N.V. (hereafter also referred to as the Company ) is a public limited liability company incorporated under the laws of the Netherlands, having its official seat in Amsterdam, the Netherlands, and its principal place of business at Prins Bernhardplein 200, 1097 JB Amsterdam, the Netherlands, registered with the Dutch trade register of the Chamber of Commerce under file number The Company was incorporated on October, 2012 by Mota-Engil SGPS, S.A. (hereafter also referred to as the Parent Company ), a public limited company incorporated under the laws of Portugal, having its official seat in Porto, Portugal, and its principal place of business at Rua do Rego Lameiro 38, parish of Campanhã, municipality of Porto, Portugal, registered with the Porto Registry of Companies under file number Mota-Engil SGPS, S.A. is listed on the PSI-20, the main stock market index of Euronext Lisbon. The principal activities of the Parent Company and its subsidiaries (collectively, the Parent Group ) are public and private construction work, transport concessions and environment and services in the following regions: Africa (hereafter also referred to as Africa Business ), Europe and Latin America. In 2012 the Parent Company started a process of internal reorganisation of shareholding stakes it owned in several companies of Africa Business, such as: - In October 2012 the Company was incorporated. to be the holding company for the African Business, with an outstanding share capital of 18,000 euros. - In December 2013, the Parent Conpany performed a breakup-merger of Mota-Engil Engenharia e Construção, S.A. (hereafter also referred to as MEEC ), until then holding all engineering and construction companies of the Parent s Group, into Mota-Engil Engenharia e Construção África, S.A. (hereafter also referred to as MEEC Africa ), a company headquartered in Portugal. This operation allowed the detachment of part of the assets of the former, some of which were already allocated to the different existing branches, corresponding to the civil construction and public works activities MEEC had been conducting in the African Continent and integrating it, through a merger, in the latter company. The assets and liabilities of that company include all civil construction and public works activities that were conducted in South Africa,, Cape Verde, Malawi, Mauritius, Mozambique, Zimbabwe and S. Tomé and Príncipe and are described in the demerger and merger by incorporation project approved by the companies involved in the process, together with the balance sheet of the merger as at 31 December In January 2014, the Parent Company, acting as the holder of the entire share capital of Mota- Engil Africa N.V. and Mota-Engil, Engenharia e Construção África, S.A., proceeded to transfer its shares in MEEC Africa to Mota-Engil Africa N.V. This operation was performed as an issuance of new shares of the Company against the non-cash contribution of the Parent Company, consisting in the contribution of the total shares of MEEC Africa. With this operation the Company s equity raised 255,270 thousand euros with the issuance of 99,982,000 new shares with a nominal value of 1 euro each and the correspondent recording of a share premium of 155,288 thousand euros. With this operation the Company was left with an outstanding share capital of 100,000,000 euros as at June 31,

18 The principal activity of the Company and its subsidiaries (collectively, the Group ) is public and private construction work and related activities in Africa. These consolidated financial statements are presented in euros (thousand) which is the presentation currency of the Group. Rounding differences might occur. 2. Accounting policies Basis of preparation 2013 and 1st Half 2013 combined consolidated Financial Statements These non statutory combined consolidated Financial Statements reflect the assets, liabilities, revenues, expenses and cash flows of the Group. Certain income, expenses, assets and liabilities of certain non operating companies in the Group have not been included in these combined financial statements because the activities did not relate to the operating activities of the Group and the assets and liabilities will be transferred out of the non operating company to the Parent prior to any disposal. These combined consolidated financial statements represent an aggregation of the financial information of the Group. These combined consolidated financial statements have been derived from the accounting records of the Company and its subsidiaries and are prepared in Euros ( Euro ) using principles consistent with International Financial Reporting Standards as adopted by the European Union ( IFRS ) by aggregating the historical results of operations, and the historical basis of assets and liabilities, of the Group. Euro is the reporting and functional currency of the Group. The combined consolidated financial statements are presented in thousands of euro, except when otherwise indicated. Rounding differences might occur. The combined financial statements have been prepared on a going concern basis. These combined consolidated financial statements may not be indicative of the Group s financial performance and do not necessarily reflect what the Group s combined results of operations, financial position and cash flows would have been had the Group operated as an independent entity during the periods presented. All transactions and balances between entities included within the combined Group have been eliminated. Transactions and balances with the Parent, or other non Group entities controlled by the Parent are classified as related party transactions. To the extent that an asset, liability, revenue or expense is directly associated with the Group, it is reflected in the accompanying combined consolidated financial statements. Certain expenses, as described below, as well as debt and related interest expense have been allocated by the Parent to the Group. Management believes that such allocations are reasonable; however, they may not be indicative of either the actual results of the Group had the Group been operating as an independent entity for the periods presented or the amounts that will be incurred by the Group in the future. External suppliers and services charged by Mota-Engil Africa that are related to rental of equipment used in the African business entities have been reclassified to tangible assets depreciations, computed in accordance with their useful lives, on a consistent basis with the inclusion of such tangible assets in the combined balance sheet. External suppliers and services charged by Mota-Engil Africa that are related to personnel and labour costs allocated to the African business, have been classified in the combined income statement as payroll costs per the related actual payroll costs incurred. Income tax expense has been recomputed and recorded in the combined financial statements taking into consideration the actual income tax rates in each of the African countries where the operations occurred and are taxable. Interim financial statements are presented quarterly, in accordance with IAS 34 Interim Financial Reporting. 18

19 The list of individual legal entities included within these consolidated financial statements is provided in Appendix A. Companies. These entities have been classified as subsidiary or associate undertakings as described in Appendix A. All transactions and balances between entities included within the Group have been eliminated. Transactions and balances with the Parent, or other non-group entities controlled by the Parent are classified as related party transactions. Application of new and revised IFRSs in issue but not yet effective The Group has elected to apply the same accounting policies as those applied in the historical reporting of financial information of Mota-Engil S.G.P.S., S.A. 19

20 In the six months period ending on the June 30, 2014 the following standards, interpretations, alterations and revisions endorsed by the European Union became effective: EU Regulation IASB Standard or IFRIC Interpretation endorsed by European Union Issued in Mandatory for financial years beginning on or after Regulation no. 1254/2012 Regulation no. 1254/2012 IFRS 10 Consolidated Financial Statements May 2011 January 1, 2014 IFRS 11 Joint Arrangements May 2011 January 1, 2014 Regulation no. 1254/2012 IFRS 12 Disclosure of Interests in Other Entities May 2011 January 1, 2014 Regulation no. 1254/2012 Regulation no. 1254/2012 IAS 27 Separate Financial Statements May 2011 January 1, 2014 IAS 28 Investment in Associates and Joint Ventures May 2011 January 1, 2014 Regulation no. 1256/2012 Regulation no. 313/2013 Regulation no. 1174/2013 IAS 32 Financial Instruments: Presentation - Offsetting Financial Assets and Financial Liabilities (Amendment) Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12) IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interests in Other Entities and IAS 27 Separate Financial Statements: Investment Entities (Amendment) December 2011 Regulation no. 1374/2013 IAS 36 Impairment of Assets: Recoverable Amount Disclosures for Non- Financial Assets (Amendment) May 2013 Regulation no. 1375/2013 IAS 39 Financial Instruments: Recognition and Measurement: Novation of Derivatives and Continuation of Hedge Accounting (Amendment) June 2013 January 1, 2014 June 2012 January 1, 2014 October 2012 January 1, 2014 January 1, 2014 January 1, 2014 The effects of the adoption of the above mentioned standards, interpretations, alterations and revisions were not significant. The following standards, interpretations and amendments are still pending for endorsement by the European Union: IFRS 9 - Financial Instruments (new) IASB Standard or IFRIC Interpretation Issued in November 2009 Expected application for financial years beginning on or after To be determined IFRS 14 - Regulatory Deferral Accounts (new) January 2014 January 1, 2016 IAS 19 Employee Benefits: Defined Benefit Plans - Employee Contributions (Amendment) Annual Improvements to IFRS s Cycle: IFRS 2 Share-Based Payment, IFRS 3 Business Combinations, IFRS 8 Operating Segments, IFRS 13 Fair Value Measurement, IAS 16 Property, Plant and Equipment, IAS 24 Related Party Disclosures and IAS 38 Intangible Assets (Amendment) November 2013 December 2013 July 1, 2014 July 1, 2014 Annual Improvements to IFRS s Cycle: IFRS 1 First-time Adoption of IFRS, IFRS 3 Business Combinations, IFRS 13 Fair Value Measurement and IAS 40 Investment Property (Amendment) December 2013 July 1, 2014 Since they are not mandatory, the Group has not applied any of the standards referred to above, and the effects of their application have not yet been fully estimated at the present date. Business combinations Acquisitions of subsidiaries and businesses other than those under common control are accounted for using the acquisition method. The consideration for each acquisition is measured as the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. The acquiree s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date. 20

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