Highlights > Turnover reached 483 million > GROUP s international activity outside Europe reached 64% of total > Turnover increased by 11% year on year (YoY) in Europe and 21% YoY in Latin America > EBITDA margin dropped to 13.5% driven by change in regional mix > Order book increased to 4.6 billion (78% of which outside Europe) > EGF not yet consolidated as Competition Authority s non-opposition statement is still pending Turnover 1 st Quarter Group EBITDA 1 st Quarter Group 600 471 488 483 120 62 76 65 450 90 Million Euros 300 150 0 260 212 332 310 155 173 2013 2014 2015 Million Euros 60 30 0 40 58 45 22 17 20 2013 2014 2015 Abroad Europe thousand euros 1Q15 % T 1Q14 % T (non audited) (non audited) Turnover 483,464 (0.9%) 487,694 Europe 196,581 11.2% 176,810 Africa 187,173 (19.1%) 231,258 Latin America 122,756 21.4% 101,078 Other & Interc. (23,047) (21,452) EBITDA 65,459 13.5% (13.5%) 75,717 15.5% EBIT 33,456 6.9% (29.9%) 47,703 9.8% Net financial income (18,145) (3.8%) 27.9% (25,166) (5.2%) Net income/losses from equity method 3,890 0.8% - (2,813) (0.6%) Income before taxes 19,201 4.0% (2.6%) 19,724 4.0% Net income 8,261 1.7% (35.5%) 12,808 2.6% Attributable to: Non-controlling interests 4,862 1.0% (11.1%) 5,470 1.1% roup 3,399 0.7% (53.7%) 7,339 1.5% EBITDA = operating result + amortisation + provisions and impairment losses The accounts that integrate this report have not been audited 2
Index Highlights 2 Interim Management Report 5 Financial analysis 6 Analysis by business Area 11 Mota-Engil on the stock market 15 Interim Consolidated Financial Information Consolidated Income Statement 19 Consolidated Statement of Comprehensive Income 20 Consolidated Statement of Financial Position 21 Statement of Changes in Equity 22 Consolidated Statement of Cash Flows 24 Notes to Consolidated Financial Statements 25 3
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1. Financial analysis 600 450 Turnover 1 st Quarter Group 471 488 483 Europe - E&C 21% Turnover 1 st Quarter 2015 Business areas Europe 36% Europe - E&S 15% 300 Million Euros 150 0 2013 2014 2015 Latin America 25% Africa 39% As stated in the management report of the 2014 annual report, 2015 will be a transitional year, namely for the activity in Africa following the completion of the Nacala project. As a result, the following analysis will compare the GROUP S global performance in the quarter with, not only the first quarter of 2014, but also to the first quarter of 2013. As such, it is worth mentioning not only the ability to maintain Turnover at a similar level to that of the two aforementioned quarters but also the fact that the revenues mix was more evenly split among the regions Europe, Africa and Latin America as shown in the above chart. The weight of the activity outside Europe reached, in the first quarter of 2015, 64% of total Turnover (first three months of 2014: 68%). This evolution was mainly due to the change in the previous downward trend of Turnover in Europe already mentioned in the last two quarters and that has been reinforced by the positive evolution of the order book in this region. Besides, as stated before, the non-opposition statement from the Competition Authority on the EGF acquisition was not yet released and therefore the results herein presented do not include the activity of that set of companies. 6
EBITDA 1 st Quarter Group EBITDA 1 st Quarter 2015 Business areas 120 90 62 65 76 Europe 31% Europe - E&S 16% 60 Europe - E&C 15% Africa 52% Million Euros 30 0 2013 2014 2015 Latin America 17% As a result of the change in the contribution of the regions to Turnover, Earnings before interest, taxes, depreciation and amortization (EBITDA) went down, YoY, though similar to the figure obtained in the first quarter of 2013: 65 million. The lower activity in Africa, which is expected to be short-lived, and therefore its lower contribution to EBITDA (from 66% to 52%), was the main reason behind the above mentioned performance. Capex 1 st Quarter 2015 Group Capex Evolution Latin America 34% Europe - Europe - E&C E&S 5% 5% Africa 56% Million Euros 45 30 15 0 24 10 2 3 18 1Q14 9 1Q15 Europe - E&C Europe - E&S Africa & Latin America Following the strong capital expenditure (capex) effort of the last quarters aiming at providing the adequate level of equipment to face the start of several projects mainly in Africa and Latin America, the first quarter 2015 net figure was actually 10 million. 7
Total Net Debt Evolution Total Net Debt Maturity Evolution 2013 1.400 2014 2015 750 Dec-14 1.200 1.000 500 Mar- 15 Million Euros 800 600 400 1Q 2Q 3Q 4Q Million Euros 250 0 162 14% 552 41% 379 33% 211 32% 596 51% 570 42% 21 3% 20 1% 1 year 2 years 3 to 5 years over 5 years The usual seasonality occurred once again in the first quarter of the current year in terms of the financial performance and the working capital evolution. As a result, net debt increased as compared to 2014 FY (1Q15: 1.3 billion versus 1.2 billion in December 2014). Net debt to EBITDA ratio went up to 3.2x, still a comfortable level, which does not jeopardize the downward trajectory started nearly four years ago. The average maturity of the debt was extended, as is the GROUP s goal, due to the seasonality, market conditions and some short-lived measures in terms of refinancing the debt, with the gross debt maturing more than one year decreasing its share to 62% of the total, or 785 million. As stated, the GROUP remains committed to continuing to extend the maturities of its debt, decrease its short term portion, increase liquidity (short term facilities and cash in its balance sheet) and attentive to its financing needs to support the activity s growth. Evolution of Total Net Debt / EBITDA 2012 2013 Evolution of Total Net Debt / EBITDA 5,0 2014 2015 5,0 4,0 4,0 3,0 3,0 2,0 1T 2T 3T 4T 2,0 mar-11 jun-11 set-11 dez-11 mar-12 jun-12 set-12 dez-12 mar-13 jun-13 set-13 dez-13 mar-14 jun-14 set-14 dez-14 mar-15 8
Net Financial Income 1 st Quarter Group Net Income 1 st Quarter Group -40-30 -24.6-18.1-25.2 12 9 5.5 3.4 7.3-20 6 Million Euros -10-0 2013 2014 2015 Million Euros 3 0 2013 2014 2015 In the first quarter of 2015, net financial expenses reached 18.1 million (first three months of 2014: 25.2 million), down 28%, YoY. As a result, the aforementioned reduction came mainly from higher interest income, lower costs related to bank guarantees and other banking services related to large projects, as well as to better pricing obtained in new loans. 50 Net Income Composition 1 st Quarter 2015 Group 50 Net Income Composition 1 st Quarter 2014 Group Million Euros 40 30 20 10 0 EBIT Financial Equity Method Tax MI Net income Million Euros 40 30 20 10 0 EBIT Financial Equity Method Tax MI Net income Income from equity accounted companies had a positive contribution of 3.9 million (first three months of 2014: negative contribution of 2.8 million). ASCENDI, the sub-holding for the concessions business had a contribution of 4 million to this item (first quarter of 2014: 2.9 million). As a result of this operational and financial performance, the net margin reached 1.7% in the first quarter of the year and net income decreased to 3.4 million (first quarter of 2014: 7.3 million). Comparing with the fourth quarter of 2014, net income increased noticeably as it only had reached 0.8 million, in that period. 9
6.000 4.500 Backlog Evolution 3,357 3,870 4,413 4,624 Backlog March 31, 2015 Europe E&C 17% 3.000 Latin America 44% Europe E&S 5% Million Euros 1.500 0 2012 2013 2014 1Q15 Africa 34% The order book at the end of March 2015 further increased to 4.6 billion, of which approximately 3.6 billion outside Europe, or approximately 78% of the total order book. It is worth highlighting the figure reached in Latin America, but also in Africa. These figures exclude the contract in Cameroon and Democratic Republic of Congo ( 2.6 billion) because the project s financing is still pending (as stated in a release as of June 5th, 2014). As is usually the case, the order book only includes construction, waste management and maintenance contracts. The GROUP excludes from the order book expected revenues stemming from water, sanitation and port terminal concessions. 10
2. Analysis by business area Europe 280 Turnover 1 st Quarter E&C 220 197 177 E&S 30 EBITDA 1 st Quarter 23 15 18 E&C E&S 210 20 Million Euros 140 70 0 150 106 123 72 72 74 2013 2014 2015 Million Euros 10 0 11 8 5 12 10 10 2013 2014 2015 Europe s business area includes the businesses and companies in Engineering & Construction and Environment & Services in Portugal and Central Europe and the ones that are managed by the region s management s structure. The activities in Environment & Services include logistics (through TERTIR), waste management (through SUMA), water (through INDAQUA, a company that is equity consolidated) and Energy & Maintenance. The GROUP S turnover in Europe rose approximately by 11% YoY in the first quarter, year on year, to 196.6 million. Turnover in Engineering & Construction increased by 16% YoY whereas in Logistics it surged by 11% YoY. Notwithstanding, the EBITDA margin, still very high, decreased YoY to 7.9% on a lower margin in Engineering & Construction (mainly in Portugal due to the lack of works). The margin in Environment & Services was broadly unchanged despite some minor fluctuations in each division. Nonetheless, the margin obtained in the Engineering & Construction division is still higher than that of the main players in the marketplace due to the GROUP s ability to mitigate the risks stemming from other players very aggressive commercial policies. 11
150 125 100 75 50 Turnover 1 st Quarter 106 123 18 18 47 52 7 5 1Q14 1Q15 10 8 6 4 EBITDA 1 st Quarter 8.1 5.0 3.6 4.1 6.4 6.1 0.3 0.6 1Q14 1Q15 Million Euros 25 0 E&C E&S - W aste E&S - Logistic E&S - Energ. & Mai n. Million Euros 2 0 E&C E&S - Waste E&S - Logistic E&S - Energ. & Main. As previously mentioned, the segments belonging to the Environment & Services division did not perform in a similar way. Turnover in waste management slipped 1% YoY in the first quarter (first three months of 2015 and 2014: 18.1 million and 18.2 million, respectively), but EBITDA improved by 14% (first quarter of 2015 and 2014: 4.1 million and 3.6 million, respectively). As such, the segment s margin reached 23%. On the other hand, the turnover of the logistics segment increased by 11.5% YoY in the quarter ( 52 million in the first quarter of 2015 as compared to 46.6 million in the equivalent quarter of 2014), a significant growth following the slowdown that marked the end of 2013 and beginning of 2014. EBITDA fell to 6.1 million (2014: 6.4 million) driven by a change in the business mix. In Energy & Maintenance, turnover decreased to 4.8 million but the EBITDA margin improved and exceeded 12%. A final comment for the water segment (equity consolidated). It is worth mentioning that the EBITDA margin attained 39%. 12
Africa Turnover 1 st Quarter EBITDA 1 st Quarter 250 200 150 174 187 231 60 50 40 30 33 34 50 Million Euros 100 50 0 2013 2014 2015 Million Euros 20 10 0 2013 2014 2015 In the first quarter of 2015, the activity in Africa represented approximately 39% of GROUP s total activity (first quarter of 2014: 47%) due to a lower turnover in the region: 187 million, a 19% drop YoY ( 231 million). The EBITDA margin reached 18.3% (first quarter of 2014: 21.7%), and EBITDA was of 34.3 million (first quarter 2014: 50.3 million), once more with a strong contribution from the SADC (South African Development Community) segment, despite the completion of the GROUP s largest project ever (the Nacala Corridor in Malawi). As far as the region s order book is concerned, it increased to 1.55 billion with a contribution from the four regional segments (Angola, SADC, East and West Africa) due to the diversification efforts that enabled to reverse the previous trend of erosion following the high levels of production related to the Nacala Corridor project. It is worth highlighting the fact that there is a diversified set of proposals or contracts already awarded (both in terms of countries and type of projects) whose financial closing is still pending as well as other projects at an advanced stage of study. 13
Latin America 150 Turnover 1 st Quarter 86 123 101 15 EBITDA 1 st Quarter 7 8 11 120 12 90 9 60 6 Million Euros 30 0 2013 2014 2015 Million Euros 3 0 2013 2014 2015 In Latin America, the activity in Peru, Mexico, Brazil and Colombia had different performances. The lower activity in Peru was more than offset by the growth in Mexico whose turnover surpassed the former one, becoming the most relevant market in the region. Turnover in the region already accounted for 25% of the GROUP s total activity in the first quarter (first three months of 2014: 21%) to 123 million (first quarter of 2014: 101 million). As far as EBITDA is concerned, it increased by 32% YoY to approximately 10.8 million (first three months of 2014: 8.2 million) while the margin improved to 8.8%. Lastly, the order book in the region further grew to a figure in excess of 2 billion on the back of a commercial effort that aims at benefiting from the excellent opportunities seen in the countries where the GROUP operates. 14
3. Mota-Engil on the stock market 80 Evolution of liquidity of shares by quarters 150% 140% Performance of share price 1 st Quarter 2015 60 130% 120% 40 110% Million shares 20 0 1Q 2Q 3Q 4Q 2013 2014 2015 100% 90% 80% dez-14 jan-15 fev-15 ME PSI20 SXOP mar-15 In the first quarter of 2015 the Portuguese stock Exchange evolved positively, in line with the performance of the remaining European exchanges boosted namely by the improvement of economic indicators that have shown the consistency of economic recovery in Europe and by the Quantitative Easing put in place by the European Central Bank. As such, the Portuguese Stock Market Index, PSI-20, rose 24% during the first quarter while the European Construction Sector Index, SXOP, went up 19% in the same period. As far as MOTA-ENGIL s share price is concerned it soared 29%, or 500 basis points above the PSI-20 Index and a full 1000 basis points above the SXOP Index, reaching 3.440 in the last trading day of March. During the first quarter of 2015 the stock reached a maximum and minimum price of 3.643 and 2.384, respectively. The stock s total turnover in Euronext Lisbon was of 56 million de shares equating to an average daily turnover of 883 thousand shares. The Board of Directors will propose to the Annual General Meeting that will take place on May 28th, 2015 a dividend per share of twelve euro cents ( 0,12). The proposed dividend is in accordance with MOTA-ENGIL s payout policy that points to a ratio range of 50% to 75% of the recurring net attributable income. Porto, May 19th, 2015 Gonçalo Moura Martins Chief Executive Officer José Pedro Freitas Chief Financial Officer 15
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Consolidated Income Statement For The Periods Ended March 31, 2015 & 2014 1 st Quarter Notes 2015 '000 2014 '000 (non audited) (non audited) Sales and services rendered 2 483,464 487,694 Other revenues 8,791 24,639 Cost of goods sold, materials consumption and subcontractors (200,060) (198,952) Third-party supplies and services (114,084) (125,016) Wages and salaries (113,064) (104,438) Other operating expenses, net 413 (8,211) 2 65,459 75,717 Depreciation and amortization (31,718) (26,269) Provisions and impairment losses (285) (1,744) Operating profit 33,456 47,703 Financial income 3 14,243 7,481 Financial costs 3 (32,388) (32,647) Gains / (losses) in associates and jointly controlled companies 3,890 (2,813) Consolidated net profit before income tax 19,201 19,724 Income Tax (10,940) (6,915) Consolidated net profit for the period 8,261 12,808 Attributable: to non-controlling interests 4,862 5,470 to the Group 3,399 7,339 Earnings per share: basic 4 0.017 0.036 diluted 4 0.017 0.036 To be read with the Notes to the Consolidated Financial Statements 19
Consolidated Statement of Comprehensive Income For The Periods Ended March 31, 2015 and 2014 (não auditado) (não auditado) Consolidated net profit for the period 8,261 12,808 Items of other comprehensive income that may be reclassified to the income statement Exchange differences stemming from transposition of financial statements expressed in foreign currencies 49,653 937 Variation, net of tax, of the fair value of financial derivatives 34 71 Other comprehensive income/(expense) in investments in associates using the equity method 4,850 (4,800) Other comprehensive income 3 (1,839) Total of comprehensive income for the period 62,801 7,178 Attributable: to non-controlling interests 20,202 6,182 to the Group 42,599 996 To be read with the Notes to the Consolidated Financial Statements 2015 '000 1 st Quarter 2014 '000 20
Consolidated Statement of Financial Position as at March 31, 2015 & December 31, 2014 Notes 2015 '000 2014 '000 (non audited) (audited) Assets Non-current Goodwill 5 136,762 136,677 Intangible fixed assets 130,230 127,668 Tangible fixed assets 772,944 771,662 Financial investments under the equity method 6 175,446 161,697 Available for sale financial assets 7 54,394 51,026 Investment properties 69,394 69,106 Trade and other receivables 214,231 215,093 Other non-current assets 13,073 13,017 Derivative financial instruments 10,111 4,214 Deferred tax assets 62,548 56,052 Cash and cash equivalents - term deposits 8-68,067 1,639,133 1,674,279 Current Inventories 313,519 301,421 Trade receivables 963,101 975,740 Other receivables 314,844 253,942 State and other public entities 20,840 40,372 Other current assets 481,972 363,488 Cash and cash equivalents - term deposits 8 68,645 5,190 Cash and cash equivalents demand deposits 8 254,690 317,349 Non-current Assets Held for Sale 2,417,611 2,257,503 29,890 29,980 Total Assets 2 4,086,634 3,961,761 Liabilities Non-current Loans 9 785,013 996,857 Sundry Creditors 150,502 157,832 Provisions 130,813 125,120 Other non-current liabilities 3,924 4,181 Deferred tax liabilities 37,289 40,456 1,107,542 1,324,445 Current Loans 9 812,782 552,260 Trade payables 389,963 431,792 Derivative financial instruments 269 313 Sundry Creditors 581,542 526,575 State and other public entities 57,655 56,748 Other current liabilities 498,659 491,639 2,340,869 2,059,328 Total Liabilities 2 3,448,410 3,383,773 Shareholders' equity Equity capital 204,636 204,636 Reserves 148,415 58,665 Consolidated net profit for the period 3,399 50,550 Own funds attributable to the Group Non-controlling interests 356,450 313,851 281,774 264,137 Total shareholders' equity 638,224 577,988 Total shareholders' equity & liabilities 4,086,634 3,961,761 To be read with the Notes to the Consolidated Financial Statements 21
Statement of During The Periods Ended Fair value reserves Share capital Treasury shares Issue premiums Available-for-sale investments Lands assigned to quarrying operations Derivatives Balance as at January 1, 2014 (audited) 204.636 (22.749) 87.256 27.702 10.306 (499) Total comprehensive income for the period - - - - - 71 Dividend distribution - - - - - - Other distributions of results - - - - - - Sale of treasury shares - 22.749 - - - - Transfers for other reserves - - - - - - Balance as at March 31, 2014 (non audited) 204.636-87.256 27.702 10.306 (428) Balance as at January 1, 2015 (audited) 204.636-44.435 27.702 2.968 (238) Total comprehensive income for the period - - - - - 34 Dividend distribution - - - - - - Transfers for other reserves - - - - - - Balance as at March 31, 2015 (non audited) 204.636-44.435 27.702 2.968 (204) To be read with the Notes to the Consolidated Financial Statements 22
Changes in Equity March 31, 2015 and 2014 Currency translation reserve Other reserves Net Profit Own funds attributable to shareholders Own funds attributable to noncontrolling interests Shareholders' equity (53.001) 53.341 50.505 357.495 201.731 559.226 440 (6.853) 7.339 996 6.182 7.178 - - - - (1.451) (1.451) - (100) - (100) - (100) - 25.178-47.927-47.927-50.505 (50.505) - - - (52.562) 122.070 7.339 406.319 206.462 612.780 (32.131) 15.929 50.550 313.851 264.137 577.988 34.386 4.780 3.399 42.599 20.202 62.801 - - - - (2.566) (2.566) - 50.550 (50.550) - - - 2.254 71.259 3.399 356.450 281.774 638.224 23
Consolidated Statement of Cash-Flows For The Periods Ended March 31, 2015 and 2014 Notes 2015 '000 2014 '000 OPERATING ACTIVITY (non audited) (non audited) Cash received from customers 436,876 391,614 Cash paid to suppliers (428,068) (328,247) Cash paid to employees (75,254) (80,702) Cash generated from operating activities (66,447) (17,335) Income tax paid (2,256) (5,133) Other receipts generated by operating activities (10,927) (12,125) Net cash from operating activities (1) (79,631) (34,593) INVESTING ACTIVITY Cash receipts from: Intangible fixed assets 259 7 Property, plant and equipment 9,164 3,122 Investment grants 92 - Interest and similar income 2,570 1,752 Dividends 244 887 12,329 5,768 Cash paid in respect of: Financial investment (6,469) - Intangible fixed assets (236) (1,544) Property, plant and equipment (18,735) (25,201) (25,440) (26,745) Net cash from investing activities (2) (13,110) (20,978) FINANCING ACTIVITY Cash receipts from: Loans obtained 63,207 50,094 Sale of treasury shares - 49,251 63,207 99,345 Cash paid in respect of: Loans obtained (14,528) (87,280) Amortization of finance lease contracts (8,619) (10,494) Interest and similar expense (25,388) (23,385) Dividends (4,388) - Other - (1,772) (52,923) (122,931) Net cash from financing activities (3) 10,284 (23,587) Variation of cash & cash equivalents (4)=(1)+(2)+(3) (82,457) (79,158) Variations caused by changes to the perimeter - (4) Exchange rate effect 15,186 (493) Cash & cash equivalents at the beginning of the period 8 390,606 359,733 Cash & cash equivalents at the end of the period 8 323,335 280,078 To be read with the Notes to the Consolidated Financial Statements 24
0. Introduction The core business of Mota-Engil, SGPS, SA, with head office at Rua do Rego Lameiro, nº 38, Porto, (MOTA-ENGIL SGPS or COMPANY), and subsidiaries (Group) is public and private construction work and related activities. The detailed description of the Group s activities is provided in Note 2. Business Segments. All amounts in these notes are in thousand Euros, except if expressly stated otherwise. 1. Accounting Policies 1.1. Presentation bases The attached financial accounts cover the consolidated financial reports for the Mota-Engil Group were prepared following the assumption of operations continuity based on the books and accounting records of the companies comprising the Group so that the consolidated financial statements are in accordance with the International Financial Reporting Standards (IAS/IFRS) issued by the International Accounting Standards Board (IASB) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) or by the previous Standing Interpretations Committee (SIC) which have been adopted within the European Union. The consolidated financial statements of Mota-Engil Group regarding the period ended in March 31, 205 were issued pursuant to the accounting policies and calculation methods adopted by the Group and presented in the 2014 Consolidated Report and Accounts, taking into account the provisions of IAS 34 - Interim Financial Reporting. During the period ended in March 31, 2015, following standards, interpretations, amendments and revisions endorsed by the European Union became applicable: EU Regulation Standard Issued in Mandatory for financial years beginning on or after Regulation no. 2015/29 Amendment to IAS 19 - Emplyee benefits november 2013 july 1, 2014 Regulation no. 2015/28 Improvements to International Financial Reporting Standards (2010-2012 cycle) december 2013 july 1, 2014 The application of these standards did not produce significant effects in these consolidated financial statements. The consolidated financial statements are presented in Euro (thousands). The financial statements of the subsidiaries in foreign currency were converted into Euro in accordance with the accounting policies described in subparagraph xiii) of the main valuation criteria presented in the 2014 Consolidated Report and Accounts. All estimates and assumptions made by the Board of Directors were based on their knowledge of the events and transaction in course, as at the date of approval of the financial statements. In preparing the consolidated financial statements, in conformity with IAS/IFRS, the Group s Board of Directors adopted certain assumptions and estimates which affect the reported assets and liabilities, as well as the income and costs incurred relative to the reported periods, which are described in subparagraph xxi) of the main valuation criteria presented in the 2014 Consolidated Report and Accounts. 25
2. Business Segments The Group uses its internal organization for management purposes and as base for its reporting of information by operation segments. The Group is organized into the following geographical areas: Europe, Africa and Latin America. Values concerning MOTA-ENGIL SGPS, MESP and Group companies in the Tourism area are included in Others, eliminations and intra-group, which also included the amounts related to flows and balances between operational segments. The first three months of 2015 had no materially relevant alterations regarding the consolidation perimeter and therefore the effects over the main headings of the financial and results statements are not presented. The companies included in the consolidation and relevant consolidation methods, head offices, real participation percentages, activity, incorporation date and date of acquisition of shares are those presented in Annex A. The main alterations occurred in the consolidation perimeter for the period ended March 31, 2015 are referred in Note 10. Perimeter Alterations. The financial information by operational segments can be analysed as follows: Sales and services rendered EBITDA 2015 2014 2015 2014 Europe 196,581 176,810 15,490 18,458 Africa 187,173 231,258 34,259 50,292 Latin America 122,756 101,078 10,815 8,168 Others, eliminations & intra-group (23,047) (21,452) 4,895 (1,202) Mota-Engil Group 483,464 487,694 65,459 75,717 As at March 31, 2015, the sales and service provisions for the business segments are included in Others, Eliminations and Intra-group. For the periods ended March 31, 2015 and 2014, intra-group sales were made at similar prices to those for external clients. Total net assets and liabilities for the Group by business segments are as follows: Net Assets Liabilities 2015 2014 2015 2014 Europe 1,812,882 1,885,709 1,251,243 1,340,577 Africa 1,856,391 1,694,751 1,395,348 1,287,013 Latin America 609,612 536,591 529,747 464,973 Other, Eliminations and Intercompany (192,251) (155,289) 272,073 291,211 Mota-Engil Group 4,086,634 3,961,761 3,448,410 3,383,773 26
3. Financial Results Financial results for the periods ended March 31, 2015 and 2014 are as follows: 2015 2014 Financial income & gains Loans and accounts receivable: Interest income 7,752 3,575 Payments discounts received 141 113 Net exchange gains - 2,567 Other financial assets & liabilities: Income from real estate properties 258 225 Income from equity investments 0 887 Fair value gains - derivative financial instruments 5,897 - Other financial income & gains 195 115 14,243 7,481 Financial costs and losses Loans and Accounts Payable: Interest expenses 27,234 23,218 Payments discount given 114 31 Exchange expenses 969 - Other financial Assets & Liabilities: Other losses - financial investments 109 41 Other financial costs & losses 3,964 9,357 32,388 32,647 (18,145) (25,166) Heading Income from real estate properties includes mainly income from buildings located in Portugal. Heading Other costs and financial losses includes mainly costs with bank guarantees, preparation of loans and several commissions and others costs charged by financial institutions. 27
4. Earnings per share The company issued only common shares and therefore there is no special dividend or voting rights. There is no situation in the Group which might lead to a reduction of earnings per share as a result of options, warrants, convertible bonds or other rights associated to ordinary shares. Therefore, there is no dissimilarity between the calculation of basic earnings per share and the calculation of diluted earnings per share. During the periods ended in March 31, 2015 and 2014 no common shares were issued. For the periods ended in March 31, 2015 and 2014, the earnings per share were as follows: 2015 2014 Consolidated net profit/(loss) attributable to the Group (I) 3,399 7,339 Total number of ordinary shares (II) 204,635,695 204,635,695 Number of own shares at June 30 (III) - - Weighted average number of own shares (IV) - - Number of shares outstanding (II - IV) 204,635,695 204,635,695 Earnings per share: basic (I) / (II - IV) 0.017 0.036 diluted (I) / (II - IV) 0.017 0.036 28
5. Goodwill The information on goodwill, for the period ended March 31, 2015 and the year ended December 31, 2014, is as follows: Goodwill Impairments of the period Alterations to the consolidation perimeter Net Goodwill 2014 Net Goodwill Europe Engeneering & Construction Eltor - - - - - Mota-Engil Central Europe Poland 8,965 - - 8,965 8,571 Mota-Engil Central Europe Czech Rep. 1,141 - - 1,141 1,139 Other 1,787 - - 1,787 1,787 11,894 - - 11,894 11,497 Europe Environment & Services Suma Group 9,555 - - 9,555 9,555 Tertir Group 100,856 - - 100,856 100,856 Other 1,134 - - 1,134 1,134 111,544 - - 111,544 111,544 Africa Cecot 1,440 - - 1,440 1,440 Mota-Engil S.Tomé 143 - - 143 143 Vista Water 1,841 - - 1,841 1,841 ME Construction South Africa 3,571 - - 3,571 3,341 6,995 - - 6,995 6,765 Latin America Empresa Construtora Brasil 5,722 - - 5,722 6,211 Consita 608 - - 608 660 6,330 - - 6,330 6,871 2015 136,762 - - 136,762 136,677 The movements which occurred in goodwill during the period until March 31, 2015 and the year ended December 31, 2014 are as follows: % of acquisition 2015 2014 Goodwill at the beginning of the period 136,677 133,611 Increase of goodwill - - ME Construction South Africa 100% - 3,341 Consita 70% - 660-4,000 Impairment losses Ekosrodowisko - (196) Suma Group - (524) - (720) Changes in goodwill for variation of perimeter Sol-S Internacional - (30) - (30) Changes in goodwill for currency update Empresa Construtora Brasil (489) 70 Other 574 (6) 85 (184) Goodwill at the end of the period 136,762 136,677 29
6. Financial investments through the equity method In March 31, 2015 and December 31, 2014, the values relative to financial investments stated through the equity method are broken down as follows: 2015 2014 Associate companies Obol Invest Group 24,545 22,651 HEPP 1,556 1,556 Suma Group associates 2,734 2,691 SLPP Group 1,872 1,804 Ibercargo (Spa) 83 34 Manvia II Condutas 891 832 Tersado 1,194 1,116 Autopista Urbana Siervo de la Nacion 2,241 2,071 Concessionária Autopista Cardel 4,180 2,180 Concessionária Autopista Tuxpan-Tampico 9,609 8,880 Martifer Group 972 2,079 Other 6,701 5,851 Jointly controlled companies Ascendi Group 61,116 55,039 Indaqua Group 20,520 21,941 TPE Paita 37,232 32,972 175,446 161,697 7. Financial investments available for sale As at March 31, 2015 and December 31, 2014, the detail of financial investments available for sale is as follows: 2015 2014 Investments in equity instruments (recorded at cost) Auto-Sueco Angola 2,724 2,724 BAI-Banco Angolano de Investimentos 39,904 39,904 Carbine Tungstene 1,704 1,704 Ecodetra 1,153 1,153 Ersuc 554 554 Tirtife 901 901 Other 2,643 2,269 49,583 49,208 2015 2014 Securities Other 5 11 5 11 2015 2014 Advances & other investments Estradas do Zambeze 4,800 1,800 Other 7 7 4,807 1,807 Financial investments available for sale 54,394 51,026 30
8. Cash and equivalents The amounts for the heading Cash and Equivalents, regarding the period ended in March 31, 2015 and December 31, 2014 are as follows: 2015 2014 2015 2014 2015 2014 Other applications 4,245 5,040 - - 4,245 5,040 Bank deposits and cash in hand Bank deposits 244,719 306,563 68,645 73,257 313,364 379,821 Cash on hand 5,726 5,745 - - 5,726 5,745 254,690 317,349 68,645 73,257 323,335 390,606 (1) Includes the amount of 68,067 thousand euros booked as non-current in 2014. Demand deposits Term deposits (1) Total 9. Debt The amounts regarding debt for the period ended in March 31, 2015 and December 31, 2014 are as follows: Current (1 year) 2 years 3 to 5 years over 5 years Non-current Total 2015 Non-convertible bond loans 185,000 56,183 234,208-290,391 475,391 Amounts owed to credit institutions Bank loans 220,903 107,974 149,357 19,982 277,312 498,215 Overdraft facilities 76,620 - - - - 76,620 Current account facilities 217,931 - - - - 217,931 Other loans obtained Commercial paper issues 110,004 39,650 169,364-209,014 319,017 Other loans 2,324 3,168 4,762 366 8,296 10,620 812,782 206,974 557,691 20,348 785,013 1,597,796 2014 Non-convertible bond loans 10,000 226,183 230,743-456,926 466,926 Amounts owed to credit institutions Bank loans 197,540 115,092 147,947 21,016 284,055 481,595 Overdraft facilities 59,340 - - - - 59,340 Current account facilities 201,715 - - - - 201,715 Other loans obtained Commercial paper issues 81,400 35,340 211,436-246,776 328,176 Other loans 2,265 2,534 6,199 366 9,099 11,364 552,260 379,148 596,326 21,383 996,857 1,549,117 Although the commercial paper issues fall due at one year, they are covered by medium and long term programmes which ensure their automatic renewal over time. In view of these circumstances, and since the Group s Board of Directors intends to continue to use the said issues for periods greater than 12 months, said debts were recorded in long and medium term. 31
10. Perimeter Alterations For the period ended March 31, 2015, there were no materially relevant alterations to the perimeter, hence the effects are not presented under the main headings of the statement of the financial position and income statement. For the first three months of 2015, the alterations occurred in the consolidation perimeter were as follows: Constitution of companies Business Area - Europe - Engineering and Construction Bukowinska Project Development 32
Appendix A Appendix A. Consolidated companies Investments in subsidiaries included in consolidated financial statements Investments in subsidiaries included in consolidated financial statements using the full consolidation method, their registered offices, the percentage of share capital held, their business, their constitution date, are as follows: Designation Headquarters Effective holding percentage Activity Set up date Acquisition date Parent Company of the Group and Related Activities Mota-Engil, SGPS, S.A., Sociedade Aberta ("Mota-Engil SGPS") Portugal - Management of financial holdings ago-90 - Largo do Paço Investimentos Turísticos e Imobiliários, Lda. ("Largo do (Porto) Portugal Real Estate Development - out-01 Paço") (Amarante) Through Mota-Engil SGPS ME 3I, SGPS, S.A. ("ME 3I SGPS") Portugal 61,20 Management of financial holdings out-11 - Through Mota-Engil Indústria e Inovação (Linda-a-Velha) 61,20 MESP - Mota Engil, Serviços Partilhados, Administrativos e de Gestão, S.A. Portugal Administrative Services dez-02 - ("Mota-Engil Serviços Partilhados") (Porto) Through Mota-Engil SGPS Mota-Engil, Brands Development Limited ("Mota-Engil Brands Ireland Marketing and development of dez-09 - Development") (Dublin) trademarks and other intellectual Through Mota-Engil, SGPS property Mota-Engil Indústria e Inovação, SGPS, S.A. ("Mota-Engil Indústria e Portugal Management of financial holdings nov-10 - Inovação") (Linda-a-Velha) Through Mota-Engil SGPS MK Contractors, LLC ("MKC") USA Real Estate Development mar-02 - Through Mota-Engil Engenharia (Miami) Mota-Engil Finance, B.V. ("ME Finance BV") Netherlands Consulting Services dez-12 - Through Mota-Engil SGPS (Amsterdam) Mota-Engil Mining Management (Proprietary) Limited ("ME Mining South Africa abr-11 - Management") (Johannesburg) Human Resources Management in Mining Through Mota-Engil Minerals Mining Investment B.V. Mota-Engil Minerals & Mining (Malawi) Limited ("ME Minerals & Mining Malawi 99,99 Prospecting, exploitation and processing mar-11 - Malawi") (Lilongwe) of minerals Through Mota-Engil Minerals Mining Investment B.V. 99,99 Mota-Engil Minerals & Mining (Zimbabwe) (Private) Limited ("ME Minerals Zimbabwe Prospecting, exploitation and processing mai-11 - & Mining Zimbabwe") (Harare) of minerals Through Mota-Engil Minerals Mining Investment B.V. Mota-Engil Minerals Mining Investment B.V. ("ME Minerals Mining Netherlands out-10 - Investment BV") (Amsterdam) Management of other companies Through Mota-Engil SGPS RTA - Rio Tâmega, Turismo e Recreio, S.A. ("RTA") Portugal Real Estate and Tourism - mai-00 Through Mota-Engil SGPS (Amarante) SGA Sociedade de Golfe de Amarante, S.A. ("SGA") Portugal 97,17 Golf Practice and Marketing and related dez-00 - Through RTA (Amarante) 96,89 activities Through Mota-Engil Engenharia 0,28 Europe Engineering and Construction Mota-Engil Engenharia e Construção, S.A. ( Mota-Engil Engenharia ) Portugal Construction works, and purchase and - dez-00 Through Mota-Engil Europa (Amarante) sale of real estate Aurimove Sociedade Imobiliária, S.A. ( Aurimove ) Portugal Real Estate Development dez-93 - Through Mota-Engil Real Estate Portugal (Porto) Calçadas do Douro - Sociedade Imobiliária, Lda. ( Calçadas do Douro ) Portugal Real Estate Development - set-00 Through Mota-Engil Real Estate Portugal (Porto) Carlos Augusto Pinto dos Santos & Filhos S.A. ("Capsfil") Portugal Extraction of gravel, sand and crushed mar-77 out-09 Through Mota-Engil Engenharia (Vila Flor) stone Corgimobil - Empresa Imobiliária das Corgas, Lda. ("Corgimobil") Portugal 97,25 Construction works, studies and real - nov-00 Through Mota-Engil Engenharia (Cascais) 71,79 estate Through Mota-Engil Real Estate Portugal 25,46 Edifício Mota Viso Soc. Imobiliária, Lda. ( Mota Viso ) Portugal Real Estate Development jun-94 - Through Mota-Engil Real Estate Portugal (Porto) Edipainel Sociedade Imobiliária, Lda. ( Edipainel ) Portugal Real Estate Development mar-02 - Through Mota-Engil Real Estate Portugal (Porto) 70,00 Through Mota-Engil Engenharia 30,00 Glan Agua, Ltd ( Glanagua ) Ireland 70,00 Treatement of waste, exploitation and jan-08 - Through MEIS (Ballinasloe) 70,00 management of water sytems Grossiman, S.L. ("Grossiman") Spain Special foundations fev-96 dez-95 Through Mota-Engil Engenharia (Alcobendas) Mercado Urbano - Gestão Imobiliária, S.A. ("Mercado Urbano") Portugal Real Estate Development jul-09 mar-11 Through Mota-Engil Engenharia (Porto) Motadómus - Sociedade Imobiliária, Lda. ("Motadómus") Portugal Construction works jan-97 jan-01 Through Aurimove (Porto) 95,00 Through Mota-Engil Real Estate Portugal Mota-Engil Ireland Construction Limited ( Mota-Engil Irlanda ) Ireland 5,00 60,00 Construction works out-07 - Through Mota-Engil Engenharia (Dublin) 60,00 33
Appendix A Designation Headquarters Effective holding percentage Set up date Acquisition date Mota-Engil Ireland Services Ltd. ( MEIS ) Ireland 70,00 Treatement of waste, exploitation and jan-08 - Through Mota-Engil Engenharia (Dublin) 70,00 management of water sytems Vibeiras Sociedade Comercial de Plantas, S.A. ( Vibeiras ) Portugal 66,67 Landscape gardening jul-88 out-98 Through Mota-Engil Engenharia (Torres Novas) 66,67 Áreagolfe - Gestão, Construção e Manutenção de Campos de Golfe, S.A. ("Áreagolfe") Portugal (Torres Novas) 66,67 Management, construction and maintenance of golf courses - jul-07 Through Vibeiras 66,67 VBT - Projectos e Obras de Arquitectura Paisagística, Lda ( VBT ) Angola 43,34 Landscape gardening set-08 - Through Vibeiras Through Mota-Engil Ambiente e Serviços (Luanda) 33,34 10,00 ME Real Estate - Mota-Engil Real Estate Portugal, S.A. ( Mota-Engil Real Portugal Real Estate Development set-01 - Estate Portugal ) (Porto) Through Mota-Engil Engenharia Nortedomus, Sociedade Imobiliária SA. ( Nortedomus ) Portugal Real Estate Development - out-01 Through Mota-Engil Engenharia (Lisbon) Sedengil Sociedade Imobiliária, S.A. ( Sedengil ) Portugal Real Estate Development out-82 mai-95 / mai-97 Through Mota-Engil Engenharia (Matosinhos) Mota-Engil Central Europe, SGPS, S.A. ("Mota-Engil Central Europe SGPS") Portugal Management of financial holdings dez-02 - Through Mota-Engil Europa (Porto) Bergamon, A.S. ("Bergamon") Slovakia Real Estate Development mai-04 - Through Mota-Engil Central Europe, SGPS (Bratislava) Bicske Plaza Beruházási és Építóipari Korlátolt Felelósségú Társaság. Bicske Hungary Real Estate Development jan-08 - Plaza Kft. ( Bicske Plaza ) Through Mota-Engil Central Europe, SGPS (Budapest) Bohdalecká Project Development s.r.o. ("Bohdalecká") Czech Republic Real Estate Development - set-07 Through Mota-Engil Central Europe, SGPS (Prague) Centralna Project Development Sp. z o.o. ("Centralna") Poland Real Estate Development out-12 - Through Mota-Engil Central Europe, SGPS (Cracow) Devonská Project Development A.S. ( Devonská ) Czech Republic Real Estate Development dez-06 - Through Mota-Engil Central Europe SGPS (Prague) Dmowskiego Project Development, Sp. z.o.o. ("Dmowskiego") Poland Real Estate Development ago-07 - Through Mota-Engil Central Europe Polónia (Cracow) Ekosrodowisko z.o.o. In Liquidation ("Ekosrodowisko") Poland 61,50 Urban solid waste fev-05 dez-05 Through MES (Bytom) 61,50 Hungária Hotel Ingatlanforgamazó, Kereskedelmi, és Szolgáltató Kft., Hungary Real Estate Development jun-08 - Hungária Hotel Kft. ("Hotel Achat Hungria") Through Mota-Engil Central Europe, SGPS (Budapest) Immo Park Gdańsk, Sp. z.o.o. ("Immo Park Gdańsk") Poland Design, construction, management and mar-13 - Through Mota-Engil Central Europe Polónia (Cracow) exploitation of parking lots Immo Park Warszawa, Sp. z.o.o. ("Immo Park Warszawa") Poland Design, construction, management and out-12 - Through Mota-Engil Central Europe Polónia (Cracow) exploitation of parking lots Immo Park, Sp. z.o.o. ("Immo Park") Poland 88,00 Design, construction, management and jan-08 mar-11 Through Mota-Engil Central Europe Polónia (Cracow) 47,00 exploitation of parking lots Through Mota-Engil Central Europe, SGPS Through Mota-Engil Engenharia 40,00 1,00 Jeremiasova Project Development, s.r.o. ("Jeremiasova") Czech Republic Real Estate Development jun-08 out-09 Through Mota-Engil Central Europe SGPS Through Mota-Engil Central Europe República Checa (Prague) 99,00 1,00 Kilinskiego Project Development Sp. z.o.o. ( Kilinskiego ) Poland Real Estate Development ago-07 - Through Mota-Engil Central Europe SGPS (Cracow) Kilinskiego Property Investment Sp. z.o.o. ("Kilinskiego PI") Poland Real Estate Development set-11 - Through Kilinskiego (Cracow) 99,99 Through Mota-Engil Central Europe SGPS 0,01 Kordylewskiego Project Development W Likwidacji Sp. z o.o. Poland Real Estate Development fev-05 - ("Kordylewskiego") Through Mota-Engil Central Europe, SGPS (Cracow) Lanval Sp. z o.o. ("Lanval") Poland Construction works and purchase and - dez-13 Through Mota-Engil SGPS (Cracow) sale of real estate MES, Mota-Engil Srodowisko, Sp. z.o.o. ("MES") Poland 61,50 Urban solid waste dez-05 - Through Suma (Cracow) 61,50 Mota-Engil Central Europe Business Support Center Sp. z o. o. ("MESP Poland Administrative Services dez-09 - Central Europe") Through Mota-Engil Central Europe Polónia (Cracow) Metroepszolg, Zrt ( Metroepszolg ) Hungary Public works dez-00 - Through Mota-Engil Magyarország (Budapest) M-Invest Bohdalec, A.S., v likvidaci ("M-Invest Bohdalec") Czech Republic Real Estate Development set-03 - Through Mota-Engil Central Europe, SGPS (Prague) Activity 34
Appendix A Designation Headquarters Effective holding percentage Set up date Acquisition date Mota-Engil Central Europe, S.A. ("Mota-Engil Central Europe Polónia") Poland Construction works fev-53 mar-99 Through Mota-Engil Engenharia (Cracow) Mota-Engil Central Europe Ceska Republika, AS ("Mota-Engil Central Czech Republic Construction and public works jan-97 - Europe República Checa") Through Mota-Engil Central Europe Polónia (Prague) Mota-Engil Central Europe Hungary Beruházási és Építoipari Kft. ("ME Hungary Construction and public works fev-08 - Central Europe Hungria") Through Mota-Engil Central Europe Polónia (Budapest) SC Mota-Engil Central Europe Romania S.R.L. ("Mota-Engil Central Europe Romania Road construction works jul-09 - Roménia") Through Mota-Engil Central Europe Polónia (Bucharest) Mota-Engil Central Europe Slovenská Republika, AS ("Mota-Engil Central Slovakia Construction works ago-04 - Europe Eslováquia") (Bratislava) Through Mota-Engil Central Europe SGPS Mota-Engil Brand Management B.V. ("Mota-Engil Brand Management") Netherlands Management of trademarks and other dez-09 - Through Mota-Engil Central Europe, SGPS (Amsterdam) intellectual property SC ME Investitii AV s.r.l. ( Mota-Engil Investitii ) Romania Real Estate Development - set-07 Through Mota-Engil Central Europe, SGPS (Bucharest) Mota-Engil Magyarország Beruházási És Épitoipari Zrt. ( Mota-Engil Hungary Public works jan-96 - Magyarország ) Through Mota-Engil Engenharia (Budapest) Mota-Engil Parking 2 Sp. z.o.o ("ME Parking 2") Poland Design, construction, management and mar-12 - Through Mota-Engil Central Europe Polónia (Cracow) exploitation of parking lots Mota-Engil Central Europe PPP Sp. z.o.o ("ME Central Europe PPP") Poland Design and construction of social mar-12 - Through Mota-Engil Central Europe Polónia (Cracow) housing Mota-Engil Central Europe PPP 2 Sp. z.o.o ("ME Central Europe PPP 2") Poland Design and construction of social dez/13 - Through Mota-Engil Central Europe Polónia (Cracow) housing Mota-Engil Central Europe PPP Road Sp. z.o.o ("ME Central Europe PPP Poland Design and construction of social - nov-13 Road") Through Mota-Engil Central Europe Polónia (Cracow) housing Mota-Engil Central Europe PPP 3 Sp. Z.o.o (ME Central Europe PPP 3) Poland Design and construction of social abr-14 - Through Mota-Engil Central Europe Polónia (Cracow) housing Grodkowska Project Development Sp. z.o.o ("Grodkowska Project Poland Design and construction of social mar-14 - Development ") Through Mota-Engil Central Europe SGPS (Cracow) housing Mota-Engil Project 1 Ingatlanforgalmazó, Kereskedelmi és Szolgáltató Kft. Hungary Public works out-05 - under liquidation ("ME Project 1") Through Mota-Engil Real Estate Hungria (Budapest) Mota-Engil Real Estate Hungary Ingatlanforgalmazó, Kereskedelmi és Hungary Real Estate Development jul-05 - Szolgáltató Kft.("Mota-Engil Real Estate Hungria") Through Mota-Engil Central Europe, SGPS (Budapest) Mota-Engil Real Estate Management, sp. z.o.o. ("Mota-Engil Real Estate Poland Real Estate Development jun-05 - Management") (Cracow) Through Mota-Engil Central Europe, SGPS Balice Project Development Sp. z o.o. ("Balice") Poland Real Estate Development out-12 - Through Mota-Engil Central Europe, SGPS (Cracow) Sikorki Project Development Sp. z o.o. ("Sikorki") Poland Real Estate Development out-12 - Through Mota-Engil Central Europe, SGPS (Cracow) Soltysowska Project Development Sp. z o.o. ("Soltysowska") Poland Real Estate Development nov-05 - Through Mota-Engil Central Europe, SGPS (Cracow) Száz - Invest Project Development Kft. ("Száz - Invest") Hungary Real Estate Development ago-11 - Through Mota-Engil Central Europe, SGPS (Budapest) Tetenyi Project Development Ingatlanforgalmazó, Kereskedelmi és Hungary Real Estate Development jan-05 - Szolgáltató Kft under liquidation" ("Tetenyi") Through Mota-Engil Central Europe, SGPS (Budapest) Wilanow Project Development SP. z.o.o. ("Wilanow") Poland Real Estate Development jun-07 - Through Mota-Engil Central Europe, SGPS (Cracow) Wilenska Project Development Sp. z.o.o. w likwidacji ( Wilenska ) Poland Real Estate Development jan-05 - Through Mota-Engil Central Europe, SGPS (Cracow) Zöld-Project 2 Ingatlanforgalmazó, Kereskedelmi és Szolgáltató Kft. ("Zold- Hungary Public works jun-08 - Project 2") Through Mota-Engil Central Europe, SGPS Bukowinska Project Development ("Bukowinska Project Development ") (Budapest) Poland Design and construction of social mar-15 - Through Mota-Engil Central Europe Polónia (Cracow) housing Activity 35
Appendix A Designation Headquarters Effective holding percentage Set up date Acquisition date Environment and Services Mota-Engil, Ambiente e Serviços, SGPS, S.A. ( Mota-Engil Ambiente e Portugal Management of financial holdings jun-97 - Serviços ) (Porto) Through Mota-Engil Europa AGIR - Ambiente e Gestão Integrada de Resíduos, Lda. ("Agir") Cape Verde 80,75 Collection of urban solid waste dez-07 - Through Mota-Engil Ambiente e Serviços Through Suma (Praia) 50,00 30,75 CH&P Combined Heat & Power Anadia, Sociedade Unipessoal, Lda Portugal 90,00 Exploitation of a co-generation plant for mai-11 - ("CH&P Anadia") (Linda-a-Velha) the production of electric and thermal Through Manvia CH&P Combined Heat & Power Coja, Unipessoal, Lda ("CH&P Coja") Portugal 90,00 90,00 energy Exploitation of a co-generation plant for mai-11 - (Linda-a-Velha) the production of electric and thermal Through Manvia Citrave - Centro Integrado de Tratamento de Resíduos de Aveiro, S.A. Portugal 90,00 61,50 energy Treatment and disposal of non-hazardous dez-87 out-06 ("Citrave") (Lisbon) waste Through Suma 61,41 Through Novaflex 0,05 Through Suma Esposende 0,05 Correia & Correia, Lda. ( Correia & Correia ) Portugal 48,19 Trade and collection of used oils set-88 fev-00 Through Enviroil (Sertã) 48,19 Enviroil SGPS, Lda. ( Enviroil ) Portugal 48,19 Management of financial holdings nov-97 - Through Suma Enviroil II Reciclagem de Óleos Usados, Lda. ( Enviroil II ) (Torres Novas) Portugal 48,19 43,37 Oil recycling, electricity production and abr-11 - (Torres Novas) bulk trade of fuels and related products Through Enviroil 43,37 Ferrol Container Terminals S.A. ("Ferrol") Spain 34,80 Cargo handling mar-11 - Through TCL (Ferrol) 34,80 InvestAmbiente - Recolha de Resíduos e Gestão de Sistemas de Saneamento Básico, S.A. ("Investambiente") Portugal (Lisbon) 31,98 Collection of non-hazardous waste fev-00 dez-07 Through Novaflex 31,98 Liscont - Operadores de Contentores, S.A. ("Liscont") Portugal 52,36 Port operations nov-83 out-06 Through TTP Lokemark - Soluções de Marketing, S.A. ("Lokemark") (Lisbon) Portugal 52,36 70,00 Services, marketing solutions, jun-03 set-07 (Setúbal) construction and sale of data bases, management and exploitation of the Through Mota-Engil Ambiente e Serviços Manvia - Manutenção e Exploração de Instalações e Construção, S.A. Portugal 70,00 90,00 postal service's infrastructures Maintenance and exploitation of jul-94 jun-98 ("Manvia") (Linda-a-Velha) installations Through Mota-Engil Ambiente e Serviços Mota-Engil Europa, S.A. ("Mota-Engil Europa") Portugal 90,00 Construction works, and purchase and jun-10 - Through Mota-Engil SGPS (Linda-a-Velha) sale of real estate Mota-Engil II, Gestão, Ambiente, Energia e Concessões de Serviços, S.A. Portugal Projects' management dez-03 - ("MEAS II") (Porto) Through Mota-Engil Ambiente e Serviços Multiterminal - Soc. de Estiva e Tráfego, S.A. ("Multiterminal") Portugal Exploitation of port terminals mai-79 out-06 Through Tertir (Lisbon) Nova Beira - Gestão de Resíduos, S.A. ("Nova Beira") Portugal 30,85 Treatment and disposal of non-hazardous - dez-07 Through Novaflex Through Investambiente (Lisbon) 20,30 10,55 waste Novaflex - Técnicas do Ambiente, S.A. ("Novaflex") Portugal 61,50 Collection of other non-hazardous waste - dez-07 Through Suma (Lisbon) 61,50 Proempar - Promoção e Gestão de Parques Empresariais e Tecnológicos, Portugal Marketing, management and exploitation out-06 - S.A. ("Proempar") Through Mota-Engil Ambiente e Serviços Through Mota-Engil Engenharia (Porto) 74,00 26,00 of technological and industrial business parks PTT - Parque Tecnológico do Tâmega, S.A. ("PTT") Portugal 90,00 Marketing and management of dez-06 - Through Proempar (Felgueiras) 70,00 technological business hosting Through Mota-Engil Ambiente e Serviços 10,00 Through Mota-Engil Engenharia 10,00 Real Verde - Técnicas de Ambiente, S.A. ("Real Verde") Portugal 61,50 Treatment and disposal of other nonhazardous dez-07 - Through Novaflex (Vila Real) 61,50 waste Resiges - Gestão de Resíduos Hospitalares, Lda. ("Resiges") Portugal 61,50 Collection of hazardous waste mai-98 dez-07 Through Novaflex (Setúbal) 61,50 Resilei Tratamento de Resíduos Industriais, S.A. ("Resilei") Portugal 30,75 Treatment and disposal of other nonhazardous - jun-03 Through Suma (Leiria) 30,75 waste Rima Resíduos Industriais e Meio Ambiente, S.A. ( Rima ) Portugal 59,12 Treatment of industrial waste ago-01 - Through Suma (Lourosa) 59,12 Sealine - Navegação e Afretamentos, Lda ("Sealine") Portugal 38,39 Navigation agents - out-06 Through Socarpor SGPS Through Socarpor Aveiro (Aveiro) 32,26 6,13 SIGA - Serviço Integrado de Gestão Ambiental, S.A. ("Siga") Portugal 43,05 Treatment and disposal of non-hazardous out-08 - Through Suma (Ponta Delgada) 43,05 waste Activity 36
Appendix A Designation Headquarters Effective holding percentage Set up date Acquisition date Socarpor - Soc. Cargas Port. (Aveiro), S.A. ("Socarpor Aveiro") Portugal 40,85 Port services - out-06 Through Socarpor SGPS (Aveiro) 28,47 Through TTP 6,31 Through Socarpor Aveiro (own shares) 6,07 Socarpor - Soc. Gestora de Participações Sociais (Douro/ Leixões), S.A. Portugal 37,96 Management of financial holdings - out-06 ("Socarpor SGPS") (Matosinhos) Through TTP and own shares 37,96 Sotagus - Terminal de Contentores de Santa Apolónia, S.A. ("Sotagus") Portugal 63,13 Port operations - out-06 Through TTP (Lisbon) 63,13 SRI - Gestão de Resíduos, Lda ( SRI ) Portugal 48,19 Collection of hazardous waste jul-08 - Through Correia & Correia SIGAMB - Sistemas de Gestão Ambiental, Lda. (Angola) ("SIGAMB") (Sertã) Angola 48,19 61,44 Technical studies, consulting and fev-14 Through Novaflex (Luanda) 61,44 environmental trainning STM - Sociedade de Terminais de Moçambique, Lda ("STM") Mozambique 50,00 Port operations fev-94 fev-94 Through Tertir (Maputo) 50,00 Suma (Douro) - Serviços Urbanos e Meio Ambiente, Lda. ( Suma Douro ) Portugal 61,50 Collection of urban solid waste jul-00 - Through Suma (Murça) 61,50 Suma (Esposende) - Serviços Urbanos e Meio Ambiente, Lda. ( Suma Esposende ) Portugal (Esposende) 61,50 Collection of urban solid waste dez-99 - Through Suma Suma (Macau), Lda. ("Suma Macau") China 61,50 60,89 Collection of urban solid waste - dez-13 Through Suma (Macau) 60,89 Suma (Matosinhos) - Serviços Urbanos e Meio Ambiente, S.A. ("Suma Portugal 61,50 Collection of urban solid waste dez-00 - Matosinhos") (Matosinhos) Through Suma 61,50 Suma (Porto) - Serviços Urbanos e Meio Ambiente, S.A. ( Suma Porto ) Portugal 61,50 Collection of urban solid waste nov-08 - Through Suma Suma (Tratamento), S.A. ("Suma Tratamento") (Porto) Portugal 61,50 59,20 Collection of urban solid waste out-14 - Through Suma (Lisboa) 49,19 Through Suma Esposende 0,01 Through Novaflex 0,01 Through Mota-Engil Ambiente e Serviços 10,00 Suma Serviços Urbanos e Meio Ambiente, S.A. ( Suma ) Portugal 61,50 Collection of urban solid waste jun-94 - Through Mota-Engil Ambiente e Serviços (Lisbon) 61,50 Takargo-Trasporte de Mercadorias, S.A. ( Takargo ) Portugal Rail transport of goods set-06 - Through ME Logística Through Mota-Engil Engenharia (Linda-a-Velha) 70,00 30,00 TCL - Terminal de Contentores de Leixões, S.A. ("TCL") Portugal 34,80 Cargo handling jan-96 - Through TTP (Matosinhos) 18,69 Through TCL (own shares) Through Socarpor SGPS 1,78 14,33 TCR Tratamento Complementar de Resíduos, S.A. ("TCR") Portugal 37,29 Construction and exploitation of a nov-12 - Through Suma Through Mota-Engil Engenharia (Porto) 36,29 1,00 landfill Mota-Engil Logística, SGPS, S.A. ("ME Logística") Portugal Management of financial holdings abr-13 - Through Mota-Engil Ambiente e Serviços (Porto) Tertir - Concessões Portuárias, SGPS, S.A. ("Tertir SGPS") Portugal Management of financial holdings out-07 - Through Tertir (Linda-a-Velha) 68,89 Through Multiterminal 31,11 Tertir - Terminais de Portugal, S.A. ("Tertir") Portugal Exploitation of port terminals - out-06 Through Mota-Engil Ambiente e Serviços (Matosinhos) 64,67 Through ME Logística 35,33 Tertir - Terminais Portuários, SGPS, S.A. ("TTP") Portugal 63,13 Management of financial holdings jun-13 - Through ME Logística (Linda-a-Velha) 63,13 Porlis - Empresa de Trabalho Portuário, Lda ("Porlis") Portugal 52,74 Temporary assignment of employees to set-13 - Through Liscont (Lisbon) 28,80 carry out port cargo handling tasks. Through Sotagus 18,94 Through Multiterminal 5,00 Activity 37
Appendix A Headquarters Effective holding percentage Set up date Acquisition date Transitex do Brasil Serviços de Logística, Ltda. ("Transitex Brasil") Brazil 85,00 Organisation of transport by land, sea or mai-10 - Through Transitex Spain Through Transitex Portugal (São Paulo) 84,41 0,60 air Transitex Colombia, S.A.S.("Transitex Colombia") Colombia 85,00 Organisation of transport by land, sea or dez-11 jan-12 Through Transitex Spain (Bogotá) 85,00 air Transitex Moçambique, Lda ("Transitex Moçambique") Mozambique 85,00 Organisation of transport by land, sea or nov-08 - Through Transitex Portugal (Maputo) 80,75 air Through Transitex Spain 4,25 Transitex México, S.A. de C.V. ("Transitex México") Mexico 85,00 Organisation of transport by land, sea or fev-09 - Through Transitex Spain Through Transitex Portugal (Mexico City) 85,00 0,002 air Transitex - Trânsitos de Extremadura, S.A. ("Transitex Portugal") Portugal 85,00 Organisation of transport by land, sea or mai-08 - Through Transitex Spain (Lisbon) 85,00 air Transitex - Trânsitos de Extremadura, S.L. ("Transitex Espanha") Spain 85,00 Organisation of transport by land, sea or nov-02 - Through Tertir SGPS (Badajoz) 85,00 air Transitex Itália S.R.L ("Transitex Itália") Italia 85,00 Organisation of transport by land, sea or mar-14 - Through Transitex Espanha (Milan) 85,00 air Transitex - Global Logistics Operations (PTY) ltd. ("Transitex África do Sul") South Africa Organisation of transport by land, sea or jan-12-85,00 air Through Transitex Portugal Transitex Transitos Extremadura Chile SPA ("Transitex Chile") (Isando) Chile 85,00 85,00 Organisation of transport by land, sea or abr-14 - Through Transitex Brasil (Santiago) 85,00 air Tratofoz - Sociedade de Tratamento de Resíduos, S.A. ("Tratofoz") Portugal 99,62 Collection of urban solid waste out-02 - Through Mota-Engil Ambiente e Serviços Through Suma (Porto) 99,00 0,62 Triu - Técnicas de Resíduos Industriais e Urbanos, S.A. ("Triu") Portugal 48,19 Collection of non-hazardous waste abr-91 set-08 Through Enviroil (Loures) 48,19 Africa Designation Mota-Engil Engenharia e Construção África, S.A. ("MEEC África") Portugal 81,92 Construction works ago-12 - Through Mota-Engil África N.V. (Porto) 81,92 Mota-Engil África, N.V. ("ME África NV") Netherlands 81,92 Management of societies' management out-12 - Through Mota-Engil SGPS (Amsterdam) 81,92 Mota-Engil África, SGPS, S.A. ("Mota-Engil África") Portugal 81,92 Management of financial holdings mai-10 - Through MEEC Africa (Porto) 81,92 Mota-Engil África Finance B.V. ("ME África Finance BV") Netherlands 81,92 Management of societies' management mai-14 - Through Mota-Engil África N.V. (Amsterdam) 81,92 Mota-Engil África Global Technical Services B.V. ("ME África GTS BV") Netherlands 81,92 Management of societies' management mai-14 - Through Mota-Engil África N.V. (Amsterdam) 81,92 Mota Internacional Comércio e Consultadoria Económica, Lda. ( Mota Portugal 81,92 Trade and management of international set-97 dez-98 Internacional ) (Funchal) holdings Through Mota-Engil Africa 81,92 Akwangola, S.A. ("Akwangola") Angola 45,47 Exploitation of water market dez-10 dez 13 Through Vista Water (Luanda) 45,47 Centro de Estudos e Consultas Técnicas, Lda. ("Cecot") Mozambique 81,92 Construction works' projects and set-98 abr-11 Through MEEC Africa (Maputo) 81,92 inspection Cosamo (Proprietary) Limited ("Cosamo") South Africa 81,92 Commercial dez-76 - Through Mota Internacional (Johannesburg) 81,92 Fibreglass Sundlete (Moç), Lda. ("Fibreglass") Mozambique 81,92 Commercial ago-62 mar-99 Through ME Mauritius (Maputo) 81,92 Ecolife, S.A. ("Ecolife") Moçambique 51,22 Collection of urban solid waste dez-13 - Através da Mota-Internacional (Maputo) 32,77 Através da Suma Mota-Engil África Moçambique, Lda., ("Emocil") Mozambique 18,45 81,92 Real Estate Development jul-94 - Through MEEC Africa (Maputo) 40,96 Through Indimo 40,96 Fatra - Fábrica de Trefilaria de Angola, S.A. ("Fatra") Angola 29,25 Manufacturing of iron-derived products - nov-10 Through Mota-Engil Angola (Luanda) 29,25 Mota-Engil Angola, S.A. ("Mota-Engil Angola") Angola 41,78 Construction works and public and mai-10 - Through Mota Internacional Indimo, Lda. ("Indimo") (Luanda) Mozambique 41,78 81,92 private works Real Estate Development - out-04 Through Cecot Through MEEC Africa (Maputo) 40,96 40,96 Malawi Ports Company Limited ("Malawi Ports Company") Malawi 81,92 Sea transport nov-10 - Through MEEC Africa (Lilongwe) 72,09 Through ME Malawi 9,83 Malawi Shipping Company Limited ("Malawi Shipping Company") Malawi 81,92 Sea transport nov-10 - Through MEEC Africa (Lilongwe) 72,09 Through ME Malawi 9,83 Activity 38
Appendix A Headquarters Effective holding percentage Set up date Acquisition date Martinox, SA ("Martinox") Angola 39,69 Stainless steel works fev-08 dez-11 Through Mota-Engil Angola (Benguela) 39,69 Mota & Companhia Maurícias, Lda. ("ME Maurícias") Mauritius 81,92 Construction works mai-10 - Through MEEC Africa Mota-Engil Construction South Africa, Pty Ltd ("ME Construction South (Ebene) South Africa 81,92 81,92 Construction works mar-14 - Africa") (Johannesburg) Through Mota-Engil Investments South Africa 81,92 Mota-Engil (Malawi) Limited ("ME Malawi") Malawi 81,91 Public works and /or construction works jul-11 - Through MEEC Africa (Lilongwe) 81,91 contractor Mota-Engil Investments (Malawi) Limited ("ME Investments Malawi") Malawi 81,10 Public works and /or construction works mar-11 - Through Mota-Engil Africa (Lilongwe) 81,10 contractor Mota-Engil Investments South Africa, Pty Ltd ("Mota-Engil Investments South Africa 81,92 - mar-14 Public works and /or construction works South Africa") (Johannesburg) contractor Through Mota Internacional 81,92 Mota-Engil S.Tomé e Principe, Lda. ("Mota-Engil S.Tomé") S. Tomé e Príncipe 81,92 Public works and /or construction works dez-04 - Through Mota Internacional Through MEEC Africa (S. Tomé) 77,82 4,10 contractor Novicer-Cerâmicas de Angola,(SU) Limitada. ("Novicer") Angola 41,78 Manufacturing and trade in clay goods set-07 - Through Mota-Engil Angola (Luanda) 41,78 Prefal Préfabricados de Luanda, Lda. ( Prefal ) Angola 37,60 Manufacturing of prestressed goods dez-93 - Through Mota-Engil Angola (Luanda) 37,60 Penta - Engenharia e Construção, Lda. ("Penta") Cape Verde 81,92 Construction works and public and abr-07 - Through MEEC Africa Through Mota Internacional 78,64 3,28 private works Rentaco Angola - Equipamentos e Transportes, (SU) Limitada. ("Rentaco Angola 41,78 Rental of construction equipment jan-08 - Through Mota-Engil Angola (Luanda) 41,78 Sonauta - Sociedade de Navegação, Lda. ( Sonauta ) Angola 81,92 Sea transport, excluding coastal nov-94 - Through Mota Internacional (Luanda) 81,92 transport Tracevia Angola - Sinalização, Segurança e Gestão de Tráfego, Lda. Angola 33,42 Road signs - set-07 ("Tracevia Angola") (Luanda) Through Mota-Engil Angola 33,42 Vista Energy Environment & Services, S.A. ("Vista SA") Angola 41,78 Management of financial holdings jul-08 dez-13 Through Mota-Engil Angola (Luanda) 41,78 Vista Waste Management, Lda ("Vista Waste") Angola 51,44 Collection of waste dez-09 dez-13 Through Mota-Engil Angola Through Vista SA Through Suma (Luanda) 4,18 17,13 30,14 Vista Multi Services, Lda ("Vista Multi Services") Angola 41,78 Urban services mai-09 dez-13 Through Vista SA Through Mota-Engil Angola (Luanda) 33,42 8,36 Vista Water, Lda. ("Vista Water") Angola 45,51 Exploitation of the water market mai-09 dez-13 Through Mota-Engil Angola Through Vista SA Through Indaqua (Luanda) 5,22 17,76 22,53 Latin America Designation Mota-Engil Latin America BV ("ME Latin America") Netherlands Management of financial holdings nov-98 - Through Mota-Engil SGPS (Amsterdam) Consita Tratamento de Resíduos, S.A. ("Consita") Brazil 38,45 Construction and public works - dez-14 Through ECB Suma Participações Construcciones dos Puertos SA de CV ("Construcciones dos Puertos") (Belo Horizonte) Mexico 38,45 70,00 Construction and public works jul-12 - Through Mota-Engil Mexico (Xalapa) 70,00 Constructora Concessionária Autopista Cardel-Poza Rica, S.A. de CV Mexico 40,00 Construction and public works nov-14 - ("Constructora Cardel-Poza Rica") (Mexico City) Through Mota-Engil Mexico Constructora Gran Canal SAPI de CV ("Constructora Gran Canal") Mexico 40,00 33,40 Construction and public works jul-14 - Through Mota-Engil México (Mexico City) 33,40 Empresa Construtora Brasil, SA ("Empresa Construtora Brasil") Brazil 50,00 Construction and public works nov-12 - Through Mota-Engil Brasil Participações, Ltda ECB Suma Participações, S.A. ("ECB Suma Participações") (Belo Horizonte) Brazil 50,00 54,93 Management of financial holdings dez-14 - Through Empresa Construtora Brasil (Belo Horizonte) 28,58 Through Suma Rentaco Peru, S.A. ("Rentaco Peru") Peru 26,35 Generation and distribution of electric fev-13 - Through Mota-Engil Peru (Lima) 99,90 energy Through Mota-Engil Energia Peru MEBR Construção, Consultoria e Participações, S.A. ("MEBR") Brazil 0,10 Construction and public works mar-11 - Through Mota-Engil Latin America BV (São Paulo) 57,69 Through Mota-Engil Peru Mota-Engil America Latina S.A.P.I de C.V. ("Mota-Engil America Latina") Mexico 42,31 Management of financial holdings nov-13 mai-14 Through Mota-Engil SGPS (Mexcio City) 0,02 Through Mota-Engil Latin America BV Mota-Engil Colômbia, S.A.S ("Mota-Engil Colômbia") Colombia 99,98 Construction and public works fev-11 - Through Mota-Engil Peru Mota-Engil Col, S.A.S ("Mota-Engil Col") (Bogota) Colombia Construction and public works - - Through Mota-Engil Engenharia (Bogota) 99,00 Through Mota-Engil Peru 1,00 Activity 39
Appendix A Designation Headquarters Effective holding percentage Set up date Acquisition date Mota-Engil Energia Peru S.A. ("Mota-Engil Energia Peru") Peru Other business activities mai-11 Through Mota-Engil Peru (Lima) 99,98 Through Mota-Engil Engenharia 0,02 Mota-Engil México, S.A. de C.V. ("Mota-Engil México") Mexico Construction and public works jan-10 - Through Mota-Engil Latin America BV (Mexico City) 99,98 Through Mota Internacional 0,02 Mota-Engil-Opway Mexicana, S.A. De C.V. ("Mota-Engil-Opway Mexicana") Mexico Management of financial holdings jan-10 - (Mexico City) Through Mota-Engil México 50,00 Through Opway Mexico 50,00 Mota-Engil Peru, S.A. ( Mota-Engil Peru ) Peru Construction and public works set-86 jun-98 Through Mota-Engil Latin America BV Through Mota-Engil Engenharia (Lima) 99,90 0,10 Mota-Engil Peru Ambiente e Serviços, S.A. ( MEAS Peru ) Peru Other business activities out-11 Through Mota-Engil Peru Mota-Engil Prodi S.A.P.I. de C.V. ("Mota-Engil Prodi") (Lima) Mexico 50,10 Construction and public works fev-14 - Through Mota-Engil México Opway México ("Opway Mexico") (Mexico City) Mexico 50,10 Through Mota-Engil México (Mexico City) Tarucani Generating Company S.A. ("Tarucani") Peru Generation and distribution of electric abr-00 Through Mota- Engil Energia Peru (Lima) 99,98 energy Through Mota- Engil Peru Tertir Peru, S.A. ("Tertir Peru") Peru 0,02 Exploitation of terminals - - Through Tertir Through Mota-Engil Peru Tracevia do Brasil -Sistemas de Telemática Rodoviaria Ltda. ("Tracevia (Lima) Brazil 80,00 20,00 Design, installation, development and mar-11 - Brasil") (São Paulo) maintenance of ITS Through MEBR Engenharia, Consultoria e Participações, Ltda. Through ME Brasil Participações Promotora Inmobiliaria Santa Clara S.A. ("Santa Clara") Peru 99,00 1,00 Property promotion services mai-12 - Through Mota-Engil Peru Consórcio Los Faisanes ("Consórcio Los Faisanes") (Lima) Peru Construction of departments dez-11 - Through Mota-Engil Peru Consórcio Los Castãnos ("Consórcio Los Castãnos") (Lima) Peru Construction of departments dez-11 - Through Mota-Engil Peru Consórcio Mota-Engil Ojeda & Iju Paracas ("Consorcio ME Ojeda & Iju") (Lima) Peru Construction of departments dez-11 - Through Mota-Engil Peru Consórcio Fanning ("Consorcio Fanning") (Lima) Peru Construction of departments dez-11 - Through Mota-Engil Peru Consórcio Porta ("Consorcio Porta") (Lima) Peru Construction of departments dez-11 - Through Mota-Engil Peru Consórcio La Ponciana ("Consorcio La Ponciana") (Lima) Peru Construction of departments dez-11 - Through Mota-Engil Peru Consórcio GDL Viaduto, S.A.P.I de CV ("Consórcio GDL Viaduto") (Lima) Mexico 42,90 Construction and public works jun-14 - Through Mota-Engil México Consórcio Túnel Guadalajara, SAPI de CV ("Consórcio GDL Túnel") (Mexico City) Mexico 42,90 35,00 Construction and public works jul-14 - Through Mota-Engil México (Mexico City) 35,00 Activity 40
Appendix A Investments in associates using equity method Group and associate companies included in the consolidation using the equity method, their registered offices and proportion of share capital held as at march 31, 2015, are as follows: Designation Headquarters Effective holding percentage Associate companies Parent Company of the Group and related activities Nortenha Angola, SGPS, S.A. ("Nortenha") Portugal 29,99 Riscos e Diâmetros Angola, SGPS, S.A. ("Riscos e Diâmetros Angola") Portugal 30,10 SMGT Angola, SGPS, SA ("SMGT") Portugal 29,99 Sangobiar Perú, S.A. ("Sangobiar") Peru 29,99 Vitropor Moçambique, SGPS, S.A. ("Vitropor Moçambique") Portugal 30,10 Europe - Engineering and Construction Turalgo-Sociedade de Promoção Imobiliária e Turística do Algarve, S.A. ( Turalgo ) Portugal 51,00 Bay 6.3 Kft. ("Bay 6.3") - Grupo Obol Invest Hungary 32,18 Bay Office Kft. ("Bay Office") - Grupo Obol Invest Hungary 32,18 Bay Park Kft. ("Bay Park") - Grupo Obol Invest Hungary 32,18 Bay Tower Kft. ("Bay Tower") - Grupo Obol Invest Hungary 32,18 Bay Wellness Kft. ("Bay Wellness") - Grupo Obol Invest Hungary 32,18 Engber Ingatlanforgalmazó És Szolgáltató Kft. ("Engber") - Grupo Obol Invest Hungary 32,18 M-Invest Slovakia Mierova, s.r.o. ("Mierova") Slovakia 50,00 Nádor Öböl Ingatlanforgalmazó És Beruházó Kft. ("Nádor Obol") - Grupo Obol Invest Hungary 32,18 Öböl Invest Befektetési És Üzletviteli Tanácsadó Kft. ("Obol Invest") - Grupo Obol Invest Hungary 32,50 Öböl XI Ingatlanforgalmazó És Beruházo És Szolgáltató Kft. ("Obol XI") - Grupo Obol Invest Hungary 32,18 Sampaio Üzletviteli Tanácsadó Kft. ("Sampaio") - Grupo Obol Invest Hungary 32,18 Europe - Environment and Services Ambilital Investimentos Ambientais no Alentejo, EIM. ( Ambilital ) Portugal 30,14 Chinalog - Serviços Logísticos e Consultadoria, Lda. ("Chinalog") Portugal 42,50 Citrup Centro Integrado de Resíduos, Lda. ( Citrup ) Portugal 18,45 Ecolezíria - Empresa Intermunicipal para Tratamento de Resíduos Sólidos, E. I. M. ("Ecolezíria") Portugal 15,07 Haçor, Conc. Edifício do Hospital da Ilha Terceira, SA ("Haçor") Portugal 40,00 HL - Sociedade Gestora do Edifício, S.A. ("HL - Sociedade Gestora do Edifício") Portugal 50,00 HEPP - Hidroenergia de Penacova e Poiares, Lda. ("HEPP") Portugal 50,00 Ibercargo Rail, S.A. ("Ibercargo") Spain 50,00 Logz - Atlantic Hub, S.A. ("Logz") Portugal 30,00 Manvia II Condutas, Lda. ("Manvia II Condutas") Portugal 45,00 Manvia Condutas Moçambique, Lda. ("Manvia Condutas Moçambique") Portugal 47,25 Operestiva - Empresa de Trabalho Portuário de Setúbal, Lda. ("Operestiva") - Grupo SLPP Sadoport - Terminal Marítimo do Sado, S.A. ("Sadoport") - Grupo SLPP SLPP - Serviços Logísticos de Portos Portugueses, S.A. ("SLPP") - Grupo SLPP Tersado - Terminais Portuários do Sado, S.A. ("Tersado") Africa Portugal 18,94 Portugal 31,56 Portugal 31,56 Portugal 15,78 Automatriz, SA ("Automatriz") Angola 36,86 Icer Indústria de Cerâmica, Lda. ( Icer ) Angola 20,89 Latin America M&R de Occidente SAPI de CV ("Concessionária M&R") Mexico 20,00 Concessionária Autopista Cardel-Poza Rica SA de CV ("Concessionária Autopista Cardel") Mexico 40,00 Concessionária Autopista Tuxpan-Tampico SA de CV ("Concessionária Autopista Tuxpan-Tampico") Mexico 33,40 Constructora Auto-Pista Perote Xalapa, SA de CV ("Constructora Perote Xalapa") México 50,00 Constructora M&R ("Constructora M&R") México 20,00 Eco Innovacion Ambiental SAPI de CV ("Eco Innovacion") Mexico 35,00 Gestion e Innovacion en Servicios Ambientales SA de CV ("GISA") Mexico 50,00 Autopista Urbana Siervo de la Nacion, SAPI de CV ("Autopista Siervo de la Nacion") Mexico 33,34 Martifer Group Portugal 37,50 41
Appendix A Designation Headquarters Effective holding percentage Jointly controlled companies Europe - Environment and Services Aqualevel, Soc. Unipessoal, Lda. ( Aqualevel ) - Grupo Indaqua Portugal 50,06 Águas de S. João, E.M., S.A. ("Águas de S. João") - Grupo Indaqua Portugal 24,53 Indaqua Indústria e Gestão de Águas, S.A. ( Indaqua ) - Grupo Indaqua Portugal 50,06 Indaqua Fafe Gestão de Águas de Fafe, S.A. ( Indaqua Fafe ) - Grupo Indaqua Portugal 50,06 Indaqua Feira - Indústria de Águas de Santa Maria da Feira, S.A. - ( Indaqua Feira ) - Grupo Indaqua Portugal 50,06 Indaqua Matosinhos - Gestão de Águas de Matosinhos, S.A. ( Indaqua Matosinhos ) - Grupo Indaqua Portugal 49,81 Indaqua Oliveira de Azeméis - Gestão de Águas de Oliveira de Azeméis, S.A. ( Indaqua Oliveira de Azeméis ) - Grupo Indaqua Portugal 50,06 Indaqua Santo Tirso/ Trofa Gestão de Águas de Santo Tirso e Trofa, S.A. ( Indaqua Sto. Tirso/ Trofa ) - Grupo Indaqua Portugal 50,06 Indaqua Vila do Conde - Gestão de Águas de Vila do Conde, S.A. ( Indaqua V. Conde ) - Grupo Indaqua Portugal 49,92 Latin America Terminais Portuários Euroandinos Paita, S.A. ("TPE Paita") Peru 50,00 Ascendi Group Portugal 60,00 Ascendi Group, SGPS Portugal 60,00 Ascendi SA Portugal 60,00 Scutvias AE Beira Interior Portugal 13,34 Ascendi Pinhal Interior Portugal 41,93 Operadora Pinhal Interior Portugal 41,94 MRN - Manutenção de rodovias nacionais Portugal 13,34 Via Verde Portugal 12,00 Concessionária Perote Xalapa México 30,00 Ascendi Mexico, S.A. C.V México 60,00 Concessão rodovias do Tiete - CRT (Brasil) Brasil 30,00 Estradas do Zambeze Moçambique 24,00 Operadora Estradas Zambeze Moçambique 24,00 Ascendi Norte Portugal 44,92 Ascendi Douro Portugal 48,45 Ascendi B. Litoral e Alta Portugal 48,12 Ascendi Costa de Prata Portugal 48,12 Ascendi Grande Porto Portugal 48,12 Ascendi Grande Lisboa Portugal 39,58 Ascendi Operadora BLA Portugal 48,12 Ascendi Operadora CP Portugal 48,12 Ascendi Operadora GP Portugal 48,12 Ascendi Operadora GL Portugal 39,58 Lusoponte Portugal 22,81 Ascendi Operadora DI Portugal 48,45 Ascendi Operadora NT Portugal 44,92 Ascendi O&M Portugal 60,00 Ascendi International Holding, B.V. Holanda 60,00 Ascendi Financing, B.V. Holanda 60,00 Portvias Portugal 13,34 Ascendi IGI Portugal 60,00 Ascendi Brasil Brasil 59,40 Operadora Perote Xalapa México 30,00 Suc Moçambique Ascendi Moçambique 60,00 ESConcessions Latam Holding B.V. Holanda 60,00 42
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