Interim / Quarterly Report • Aug 27, 2020
Interim / Quarterly Report
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Interim Consolidated Financial Information
A World of Inspiration
For a multinational company like Mota-Engil growth starts today, molded by future ambitions. A long term mission that reflects on the operation, expanding to new territories and new business areas.
Energy Turnover 56M€
Others, eliminations and intra-group Turnover 11M€
Environment Turnover 242M€ Backlog
760M€
1H20
Construction Turnover 848M€ Backlog 4,731M€
Record backlog of €5.5 bn
Turnover of €1.2 bn, with a 14% decrease YoY
EBITDA of €144 mn, with a margin of 12%
Consolidated Net loss of €5 mn
Net debt of €1,248 mn, with a net debt / EBITDA ratio of 3.4x
Capex of €94 mn, a decrease of €13 mn YoY
(*) Includes the Europe region and others, eliminations and intra-group (**) Includes the Africa and Latin America regions
THOUSAND EUROS
| 1H20 | % T | ∆ | 1H19 | % T | |
|---|---|---|---|---|---|
| Sales and services rendered (Turnover - T) | 1,156,677 | (14.0%) | 1,344,329 | ||
| EBITDA(*) | 144,075 | 12.5% | (25.7%) | 194,016 | 14.4% |
| Amortizations and depreciations, provisions and impairment losses | -111,373 | (9.6%) | (7.8%) | -103,279 | (7.7%) |
| EBIT(**) | 32,702 | 2.8% | (64.0%) | 90,737 | 6.7% |
| Net financial results (***) | -42,262 | (3.7%) | 18.5% | -51,860 | (3.9%) |
| Gains / (losses) in associates and jointly controlled companies | 3,181 | 0.3% | 145.2% | 1,297 | 0.1% |
| Gains / (losses) on the disposal of subsidiaries, jointly controlled and associated companies |
3,655 | 0.3% | - | - | - |
| Net monetary position | 7,359 | 0.6% | - | - | - |
| Income before taxes | 4,635 | 0.4% | (88.5%) | 40,175 | 3.0% |
| Consolidated net profit of the year | 10,051 | 0.9% | (60.6%) | 25,521 | 1.9% |
| Attributable to: | |||||
| Non-controlling interests | 15,092 | 1.3% | (13.2%) | 17,395 | 1.3% |
| Group | -5,041 | (0.4%) | - | 8,126 | 0.6% |
(*) EBITDA corresponds to the algebraic sum of the following captions of the consolidated income statement: "Sales and services rendered"; "Cost of goods sold, mat. cons., changes in production and Subcontractors"; "Third-party suppliers and services"; "Wages and salaries"; "Other operating income / (expenses)"
(**) EBIT corresponds to the algebraic sum of EBITDA with the following captions of the consolidated income statement: "Amortizations and depreciations", "Provisions and impairment losses"
(***) Net financial results corresponds to the algebraic sum of the following captions of the consolidated income statement: "Financial income and gains" and "Financial cost and losses"
The accounts included in this Interim Report have not been audited.
Economical and financial environment 10
1.2 Analysis of economic and financial performance
11
Analyses by business areas 16
1.4
Impacts and measures adopted by the GROUP in response to the pandemic 19
Sustainability and social responsibility 20
1.6 Future prospects 21
1.7 Subsequent events 21
1.8 Mota-Engil in Stock Market 22
2.1 Consolidated Income Statements 27
2.2
Consolidated Statements of Other Comprehensive Income 28
2.3
Consolidated Statements of Financial Position 29
2.4
Consolidated Statements of Changes in Equity 30
2.5
Consolidated Statements of Cash-Flows 32
2.6 Notes to the Consolidated Financial Statements 33
2.7 Appendix A 47
03
57
Interim Consolidated Management Report
Brazil. Offshore platforms of Petrobrás
The first half of 2020 will be remembered without any doubt by the appearance and spread of a virus, until that date unknown, denominated "SARS-CoV-2", which rapidly originated a worldwide pandemic (Covid - 19) that nowadays is responsible for approximately 24 million people infected and approximately 820,000 deaths.
As a result of the several measures adopted by the different States to contain the pandemic, from the mandatory confinement of populations, the closure of borders, the imposition of several barriers to the movement of goods and equipment's and the implementation of restrictive public health measures, with the consequent negative impact on the economy, it is foreseen that almost all developed countries will experience a significant contraction in their Gross Domestic Product (GDP) in 2020, being part of that already been confirmed with the data released for the first half of the year. Thus, in most of the countries where the GROUP operates, according to the latest forecasts made by the IMF, the European Commission and the OECD, on average, it is estimated that Portugal and the Eurozone may see their GDP in 2020 decrease circa of 10 %, Mexico 9%, Brazil 9%, Colombia 5%, Mozambique 2% and Angola 1%. However, according to the same source of information, it is estimated that in 2021 those countries will evidence a growth in their GDP although lower than the decrease expected for 2020.
In addition, as a result of the expansionist monetary policies jointly implemented by the main world central banks, beside other macroeconomic factors, interest rates have remained at stable levels, namely in Europe and in the United States of America. However, in terms of commodities, namely oil, and the exchange rates of the currencies of the main countries in Africa and in Latin America where the GROUP operates, a high volatility and a fall in the respective prices occur.
Taking in consideration the environment described above, the GROUP's activity in the first half of 2020 was not unaffected by the impacts caused by the pandemic, being essentially the Engineering and Construction (E&C) business who was the most affected due to the production interruptions / stoppages, sometimes caused by the restrictive public health measures implemented in the different countries where the GROUP operates, sometimes caused by the logistical constraints faced to move people, equipment's and goods. Regarding the Environment and Services (E&S) business, which comprises the collection, treatment and recovery of waste, as well as, the production and sale of energy, the impact caused by the pandemic was lower since those activities correspond to essential and strategic services for the normal functioning of the communities and so they continue to be provided with some normality.
As a result, essentially, of the constraints caused by the pandemic, the turnover (**) in the first half of 2020 amounted to 1,157 million euros, a decrease of circa of 14% when compared with the first half of 2019. However, it should be highlighted the asymmetric behaviour of that indicator between regions, with Europe contributing with an increase of circa of 12% and Africa and Latin America contributing with decreases of 15% and 33%, respectively.
Following the above referred, Europe was the region that most contributed to the GROUP's turnover in the first half of 2020 with a 40% contribution (30% in the first half of 2019), much at the expense of Latin America which on that period contributed only with 26% (34% in the first half of 2019). Furthermore, in the first half of 2020, in the Europe region, the E&C business contributed with 29% to the GROUP 's turnover (23% in the first half of 2019) and the E&S business with 12% (9% in the first half of 2019).
(**) Turnover corresponds to the consolidated income statement caption of "Sales and services rendered"
(***) Includes the EBITDA generated in the Europe region and others, eliminations and intra-group (****) Includes the EBITDA generated in the Africa and Latin America regions
In the first half of 2020, as a result of a lower productivity and dilution of fixed costs arising from the negative impacts caused by the pandemic, the GROUP's EBITDA decrease 26% to 144 million euros, having this one been positively influenced by the Europe's performance (increase of 16%), which however was not enough to offset the less positive performance of Africa (24% decrease) and Latin America (55% decrease). As a result of the aforementioned, the EBITDA margin (EBITDA / Turnover) in the first half of 2020 reached 12.5%, a decrease of 1.9pp when compared with the first half of 2019.
Regarding EBIT, this one amounted in the first half of 2020 to 33 million euros, an amount lower than the one recorded in the first half of 2019 (91 million euros), having it been negatively influenced by the reduction occurred in EBITDA, positively influenced by a small reduction in terms of amortisations, due to the fact that some equipment's have reached the end of its useful life, and negatively influenced by the recording of provisions and impairment losses (16 million euros) to deal with the potential negative effects caused by the Covid – 19 pandemic in the future collection of some accounts receivable and in the realization of some non-current assets.
In the first half of 2020, the GROUP invested circa of 94 million euros, of which it is worth to highlight 26 million euros assigned to a new medium and long term mining contract in Guinea-Conakry, circa of 26 million euros assign to the execution of the investment plan established for the EGF concessionary companies and circa of 5 million euros assign to the execution of a relevant project in the segment of E&S in Côte d'Ivoire.
(*) Capex corresponds to the algebraic sum of the increases and disposals of tangible assets, intangible assets and rights of use assets occurred in the period.
(* *) Long-term contracts correspond to the mining contracts in Africa and to the energy business in Latin America.
As at June 30, 2020, net debt (**) amounted to 1,248 million euros, an increase of circa of 34 million euros when compared with December 31, 2019, justified, essentially, by the investment performed in the period.
As at June 30, 2020, net debt plus factoring (***) and leasing (****) operations amounted to 1,651 million euros, a decrease of 45 million euros when compared with December 31, 2019.
As a result of the debt evolution and the operating performance at the semester, significantly influenced by the pandemic, the ratio that compares the total net debt with the EBITDA in the last 12 months reached 3.4x (2.5x at June 30, 2019).
Gross debt (*****) at June 30, 2020 amounted to 1,869 million euros, being 43% contracted at a variable rate with an average cost of 5.1% (5.2% at December 31, 2019). On the other hand, at June 30, 2020, 84% of the total gross debt was denominated in euros and this one had an average maturity of 2.6 years (2.5 years at December 31, 2019).
Additionally, at June 30, 2020, the GROUP maintained available unused credit lines of circa of 196 million euros resulting in a total amount of effective liquidity (******) of 817 million euros, corresponding to approximately 44% of the total gross debt.
In this chapter, it is also worth to highlight, in the first half of 2020, the GROUP's adherence to the moratorium mechanisms established by the Portuguese State / financial system within the scope of the support measures established to combat the pandemic, which allowed the postponement of approximately 340 million euros of reimbursements of principal and interest.
(*) 1-year net debt includes all Angolan public debt securities (from Angola and Côte d'Ivoire at December 31, 2019) recorded under the captions "Other financial investments recorded at amortized cost" of the consolidated statement of financial position.
(**) Net debt corresponds to the algebraic sum of the following captions of the consolidated statement of financial position: "Cash and cash equivalents without recourse – Demand deposits", "Cash and cash equivalents with recourse – Demand deposits", "Cash and cash equivalents with recourse – Term deposits", "Other financial investments recorded at amortized cost"; "Loans without recourse" and "Loans with recourse". It should be noted that the leasing and factoring operations established by the Group are not accounted under the aforementioned captions.
(***) Factoring operations are recorded in the consolidated statement of financial position under the captions "Other financial liabilities".
(****) Leasing operations are recorded in the consolidated statement of financial position under the captions "Lease liabilities".
(*****) Gross debt corresponds to the algebraic sum of net debt with the balances of the following captions of the consolidated statement of financial position "Cash and cash equivalents without recourse – Demand deposits", "Cash and cash equivalents with recourse – Demand deposits", "Cash and cash equivalents with recourse – Term deposits"; "Other financial investments recorded at amortized cost".
(******) Effective liquidity corresponds to the algebraic sum of the following captions of the consolidated statement of financial position "Cash and cash equivalents without recourse – Demand deposits", "Cash and cash equivalents with recourse – Demand deposits", "Cash and cash equivalents with recourse – Term deposits"; "Other financial investments recorded at amortized cost" with the amount of available unused credit lines by the Group.
In the first half of 2020, the financial results amounted to -42 million euros, an improvement of 10 million euros when compared with the first half of 2019, largely justified by the increase of the positive exchange differences generated in the period, due, essentially, to the appreciation of the euro against the kwanza.
Regarding the net financial charges (interest expenses - interest income), these amounted to 47 million euros in the first half of 2020, a slightly higher amount than the one verified in the first half of 2019 (44 million euros).
(*) Includes circa of 7 million euros associated with part of the effect arising from the consideration of Zimbabwe as a hyperinflationary economy (IAS 29)
In the first half of 2020, the caption "Gains / (losses) in associates and jointly controlled companies" (EM) contributed positively with 3.1 million euros to the net profit, a slightly higher amount than the one reached in the first half of 2019 (1.3 million euros), justified in part by the performance of SEM.
Regarding income tax (Tax), in the first half of 2020 it amounted to 5 million euros (-15 million euros in the first half of 2019), due essentially to a much lower income before taxes and a positive effect not recorded in 2019 arising from some tax investment benefits granted to the GROUP.
Finally, regarding non-controlling interests (NCI), those amounted in the first half of 2020 to 15 million euros, having them been generated, essentially, by the GROUP's subsidiaries in Mexico and Angola.
Thus, as a result of the operational and financial performance described above, significantly influenced by the impacts of the pandemic, the net profit (NP) attributable to the GROUP at June 30, 2020 amounted to -5.0 million euros (8.1 million euros in the first half of 2019).
Backlog (*) at June 30, 2020 reached 5.5 billion euros, a new record, with the regions of Africa and Latin America contributing with approximately 79% of the total amount, corresponding to a "backlog – to - sales and services rendered in the E&C business" ratio of 2.3x.
On the other hand, at June 30, 2020, the E&S business contributed with 760 million euros to the GROUP's backlog, even excluding the foreseeable revenues arising from the waste treatment and recovery contracts from EGF concessionary companies.
Lastly, it is worth to highlight, in a turbulent period, the backlog increase of approximately 126 million euros, when compared with December 31, 2019, to which, among others, the Mexican market contributed with the award, in partnership with China Communications Construction Company, of a contract for the construction of the first stretch of the new Mexican railway infrastructure called "Trem Maya" worthing more than 500 million euros.
The Europe region manages the E&C and the E&S activities and companies that the GROUP has in Portugal, Poland, Ireland and in the United Kingdom, or which are managed by the management structure of this region. In the E&S area, waste collection activities (whose vehicle is SUMA) and waste treatment and recovery activities (whose vehicle is EGF) are developed.
In Europe, specifically in the E&C area, as a result of the pandemic, there were some interruptions in the projects arising from the measures enacted by the local authorities, as well as, the decisions taken by some of our customers, namely in some projects in progress in Portugal and in Ireland. Additionally, in Portugal, there were also some difficulties in the performance of some subcontractors which together with the implemented security measures allow to continue operating even at levels below normal. Finally, in this region, there were no significant constraints in the supply chain having been reduced the number of projects whose production was suspended for that reason.
However, despite the negative effects caused by the pandemic, the turnover in Europe in the first half of 2020 amounted to 455 million euros, an increase of 12% when compared with the first half of 2019 (407 million euros), helped both by the E&C area and by the E&S area.
In this chapter, it is worth noting the 14% increase in the E&C area turnover, influenced, essentially, by the strong activity in Poland (62% growth when compared with the first half of 2019), as well as, by the increase in the E&S area turnover, justified, essentially, by the waste collection business.
Additionally, in the first half of 2020, Portugal contributed with almost 50% to the E&C area turnover (circa of 60% in the first half of 2019).
In terms of operating profitability, the EBITDA in Europe in the first half of 2020 amounted to 48 million euros, an increase of 16% when compared with the first half of 2019 (41 million euros), being that increase justified, essentially, by the positive performance of the E&C area (+2.4 million euros), namely in Portugal and in Poland, but essentially by the performance of the E&S area (+5.6 million euros), namely in the waste collection business.
In Africa, as a result of the pandemic, there were also negative impacts arising from the measures enacted by the local authorities, as well as, by the decisions taken by some customers which led to interruptions in the majority of projects the in progress in Angola and in Uganda, having also justified some interruptions in the works performed in the Mozambique. On the other hand, in the remaining markets of the region, there was a production decrease justified, essentially, by the logistical constraints that turn more difficult the movement of people, goods and equipment's.
Thus, in the first half of 2020, a 15% decrease in the turnover of Africa occurred, when compared with the first half of 2019, having that indicator amounted to 385 million euros. In this chapter, it should be noted that the main markets of the region were hit in a similar way (Angola - 19% decrease and Mozambique - 14% decrease).
In terms of operating profitability, the EBITDA in Africa in the first half of 2020 amounted to 69 million euros, a decrease of 24% when compared with the first half of 2019, with the EBITDA margin decreasing to 18% (20% in the first half of 2019) with a balanced contribution from the several markets in the region.
In Latin America, the GROUP'S region more affected by the pandemic, there were also negative impacts arising from the measures enacted by the local authorities, as well as, by the decisions taken by some of our customers, with a special impact in Peru and Mexico, which led to the interruption / suspension of some projects. In this region, the market that felt earlier the effects of this situation was precisely Peru, with the decree of the State of Emergency and the Partial Compulsory Recollection. On the other hand, given the increasing number of infected people in the main countries where the GROUP operates in this region, the came back to normal activity levels is still difficult to predict.
Thus, taking in consideration the above referred, the turnover of Latin America in the first half of 2020 amounted to 305 million euros, a decrease of 33%, when compared with the first half of 2019, being the markets of Mexico and Peru the ones that contributed more to that performance.
Additionally, in the first half of 2020, Mexico contributed with 43% to the region's turnover (46% in the first half of 2019).
In terms of operating profitability, the EBITDA in Latin America in the first half of 2020 decreased 55%, when compared with the first half of 2019, amounting to 27 million euros, having been impacted, essentially, by the less good performance of the Mexican market.
Since the beginning of the pandemic, and more specifically from the second week of March 2020, the GROUP is monitoring the evolution of this theme, in a first phase on a daily basis and currently with a lower frequency, fulfilling and disseminating the recommendations of the World Health Organization and the local authorities and acting in order to minimize the effects of that virus on its employees, on the communities where it operates and in its equity.
Specifically, in order to provide a coordinated and organized response to this crisis, the GROUP created a permanent monitoring committee ("Covid Committee") based on a support network with several capacities, which include the market managers and a dedicated central team. That network is centrally coordinated by the Executive Committee, which in a first phase met at least two times per week, and which have been briefed during that period about the impact of that crisis: (1) on people, (2) on current activity (on the economic and financial sides), (3) in the business plan for 2020 and (4) in the mediumterm strategy.
As far the impact on people, the first decisions taken even anticipated the restrictions enacted by the several local authorities and were materialized in the definition of contingency plans to be applied in all places where the GROUP operates, whether in the different central offices or whether in shipyards, work fronts, industrial units, etc. In general, the GROUP implemented the teleworking for all functions where it proved to be feasible and in the operations it implemented reinforced safety and health policies, reinforcing individual protection means and monitoring the compliance of those policies by all people, whether they were employees of GROUP companies, subcontractors, suppliers, customers, inspectors, etc.. Additionally, in relation to the expatriates, the GROUP ensured a reinforcement of its security by hiring a "global rescue" company with support capacity both in terms of access to local healthcare's, as well as, providing return trips to its respective countries.
As far the impact in the current activity, there was a decrease in the turnover in 2020, when compared with the same period of 2019, and it is likely that new impacts may arise, namely due to the replanning of production in some markets while the outbreak and spread of the virus is not neutralized. Specifically in the E&C activity, there were some negative impacts arising from the restrictive measures of public health enacted by the local authorities, from the decisions taken by some of our customers to suspend / interrupt the ongoing projects, from having found some difficulties in the performance of some subcontractors, and from having found some logistical constraints that turn more difficult the movement of goods, equipment's and people. In the remaining activities, whether in the collection, recovery and treatment of waste, whether in the production and sale of energy, the activity has maintained a relatively normal level. In addition, despite the production levels verified and the stability in the collection and treatment of domestic waste, it was noticed a reduction in the industrial waste as a result of the strong slowdown verified in the economic activity.
Following the above mentioned, it is worth to highlight that in most of the projects, even in those in which there was an interruption by indication of the local authorities or from our customers, has been a constant dialogue with the latter ones in order to safeguard the financial balance of the contracts.
On the other hand, in order to ensure the liquidity management of the business, the GROUP, namely in Portugal, adhere to the moratorium regime established by the Portuguese State / financial system, which allowed it to postpone circa of 340 million euros of reimbursements of capital and interest. At the same time, the GROUP negotiated and has been negotiating additional liquidity lines with the Portuguese banks (COVID lines - in the amount of circa of 23 million euros) and with local banks in the main countries where it operates in Africa and in Latin America. Likewise, and taking in consideration the goal above referred, the GROUP accelerated a set of efficiency measures that were already underway and postponed some investments planned for 2020.
Thus, at June 30, 2020, the repayment of the gross debt with a maturity lower than 1 year, in the amount of 636 million euros, is fully assured through the available cash, through the available but unused credit lines, and / or through the operations refinanced or in progress of being refinanced after June 30, 2020 (314 million euros).
Regarding the accomplishment of the business plan for 2020, the GROUP has been periodically monitoring its evolution, as well as, taking some mitigating actions in order to minimize the deviations observed in the meantime. However, due to the fact that the uncertainties underlying the pandemic continue to persist, namely the duration of the public health restriction measures implemented, the duration of the restrictions in the movement of people, equipment's and goods, the possibility of a second wave and the possibility of discovering a new vaccine, any estimate performed has a limited degree of reliability.
Finally, regarding the medium-term strategy, the GROUP proceeded to a reflection over the "new normal" through a methodology based on 5 steps: (1) assessment and understanding of the situation in all its aspects and in all businesses / companies; (2) strengthening the resilience, ensuring the protection of its assets; (3) case by case planning of the necessary recovery; (4) simulation of new scenarios for the future; and (5) adapting the organization to the new regulatory and competitive environment (the "new normal"). Following that reflection, new action plans have already been developed with an expected positive impact on the GROUP's future performance. In this regard, in the first half of 2020, it is also important to highlight the commercial resilience shown by the GROUP which, in a troubled period, even so, managed to strengthen its backlog, which allows it to face the future with a moderate optimism.
Sustainability and social responsibility are fundamental vectors of the MOTA-ENGIL GROUP's conduct and its commitment to all countries where it operates.
Therefore, and reinforced in this pandemic period, the MOTA-ENGIL GROUP supports its decisions in a matrix that includes the environmental and social perspective alongside the economical one. The visibility of the maxim "A more sustainable GROUP, in a more sustainable world" is evident in the selection of recent actions that the GROUP has developed, and which are listed below:
Furthermore, it should be highlighted the historical milestone reached by the GROUP of 1,000 days and 4,500,000 hours worked without accidents in the mining project located in Moatize, Mozambique, which reinforces that safety work is a reality, the MOTA-ENGIL reality.
The prospects of MOTA-ENGIL GROUP for the year 2020, strongly conditioned by the uncertainty regarding the evolution of the pandemic, are as follows:
MOTA-ENGIL S.G.P.S., S.A. informs that it is in the last stages of negotiation of a partnership and investment agreement (the "Agreement") with one of the largest infrastructures groups in the world (top five), with significant activity worldwide, aiming at such group (the "New Partner") becoming a relevant shareholder and a long-term partner of the GROUP MOTA-ENGIL.
In the context of the envisaged Agreement, MOTA GESTÃO E PARTICIPAÇÕES, SGPS, SA (MGP), the controlling shareholder of MOTA-ENGIL, has accepted to sell a relevant stake in the share capital of MOTA-ENGIL at a price that reflects a valuation which is high above the current market price.
Also pursuant to the Agreement, if concluded successfully — which is expected to occur shortly —, and assuming that the regulatory clearances and several other conditions precedent will be met, the New Partner:
Following such share capital increase:
This new configuration and the framework of this partnership, which is based on a Group´s valuation of circa 750 million euros, will enhance the financial, technical and commercial capabilities of GROUP MOTA-ENGIL in order to upscale its activities in all markets and will open new opportunities for further developments.
MOTA-ENGIL, as the leading Portuguese infrastructure multinational group, will strengthen its commitment, based on its 75 year culture and corporate values, towards its clients, employees, communities, environment and all other stakeholders.
The evolution of the performance of the MOTA-ENGIL share price in the first half of 2020 is shown in the following charts:
As at June 30, 2020 MOTA-ENGIL's share capital was comprised by of 237,505,141 shares, with a nominal value of one euro each, with all shares being listed on Euronext Lisbon. On that same date, MOTA-ENGIL held 6,091,581 own shares, corresponding to 2.565% of its share capital.
MOTA-ENGIL's share closed the first half of 2020 at a price of 1.142 euros corresponding to a market capitalization of circa of 271 million euros. The first half of the year was characterized by an increase of volatility in the financial markets, as well as, by an increase in the uncertainty and risk aversion by the investors following the Covid-19 pandemic that had its major impact between the months of March and May. This context led to a significant sell-off in the stock market, to which the performance of MOTA-ENGIL's share was not immune, having depreciated 39% during the first half of 2020. Also, the Portuguese stock index, PSI20, presented a negative performance in the first half, having depreciated 16%. Regarding the European sectorial index, SXOP, it closed the semester with a 14% devaluation.
During the first half of 2020, MOTA-ENGIL's share reached a maximum of 1.900 euros, recorded in early January, and a minimum of 1.012 euros, which was recorded in mid-May. In that period, a total of 156 million MOTA-ENGIL shares were traded in Euronext Lisbon corresponding to an average daily volume of 1,237 thousand shares.
The MOTA-ENGIL Annual Shareholders' Meeting of 2020 took place on June 18, having been approved all the points considered therein.
Porto, 25 August 2020
Gonçalo Moura Martins Chief Executive Officer
José Pedro Freitas Chief Financial Officer
From civil construction to energy, concessions and environment, Mota-Engil Group invested in new business sectors. Conquering new markets with the strength of a united Group, where team spirit is the main motor for building a future of continuous growth.
| st Half 1 |
|||
|---|---|---|---|
| Notes | 2020 € '000 |
2019 € '000 |
|
| (non audited) | (non audited) | ||
| 2 | 1 156 677 | 1 344 329 | |
| (502 249) | (613 338) | ||
| (244 269) | (267 777) | ||
| (268 139) | (286 689) | ||
| 3 | 2 055 | 17 491 | |
| 2 | (95 798) | (102 043) | |
| 2 | (15 575) | (1 236) | |
| 4 | 126 941 | 43 933 | |
| 4 | (169 203) | (95 793) | |
| 3 181 | 1 297 | ||
| 3 655 | - | ||
| 7 359 | - | ||
| 4 635 | 40 175 | ||
| 5 416 | (14 653) | ||
| 10 051 | 25 521 | ||
| 15 092 | 17 395 | ||
| 5 | (5 041) | 8 126 | |
| 0.035 € | |||
| 0.035 € | |||
| 5 5 To be read with the Notes to the consolidated financial statements |
-0.022 € -0.022 € |
| 1st Half | ||
|---|---|---|
| 2020 | 2019 | |
| € '000 | € '000 | |
| (non audited) | (non audited) | |
| Consolidated net profit of the period | 10 051 | 25 521 |
| Items of other comprehensive income that may be reclassified to the income statement | ||
| Companies consolidated by the full consolidation method | ||
| Exchange differences arising from the conversion of financial statements expressed in foreign currencies: | ||
| Associated with the impact of hyperinflation in previous years | (5 765) | (2 687) |
| Others | (68 012) | (21 271) |
| Variation, net of tax, of the fair value of derivative financial instruments | 109 | (500) |
| Impact of hyperinflation in Zimbabwe | (18 244) | - |
| Companies consolidated by the equity method | ||
| Exchange differences arising from the conversion of financial statements expressed in foreign currencies | (2 852) | 8 |
| Variation, net of tax, of the fair value of derivative financial instruments | (497) | (1 099) |
| Other comprehensive income in companies consolidated by the equity method | - | 317 |
| Items of other comprehensive income that will not be reclassified to the income statement | ||
| Companies consolidated by the full consolidation method | ||
| Variation, net of tax, of the fair value of tangible assets | 7 980 | (62) |
| Variation, net of tax, of the fair value of other financial investments recorded at fair value through other comprehensive income | 12 245 | - |
| Actuarial deviations, net of tax | (2 325) | - |
| Total of other comprehensive income of the period | (77 362) | (25 294) |
| Total consolidated comprehensive income for the period | (67 311) | 227 |
| Attributable: | ||
| to non-controlling interests | (25 176) | 6 934 |
| to the Group | (42 135) | (6 707) |
| To be read with the Notes to the consolidated financial statements |
| (non audited) (audited) Assets Non-current 23 430 22 233 Goodwill 6 613 894 629 811 Intangible assets 454 333 460 028 Tangible assets Rights of use assets 264 420 246 411 Financial investments in associates 2 and 7 85 479 103 908 23 972 19 902 Financial investments in jointly controlled companies 2 184 728 212 078 Other financial investments recorded at amortised cost 8 Other financial investments recorded at fair value through other comprehensive income 69 384 54 088 8 167 905 161 753 Investment properties 9 Customers and other debtors 155 275 184 433 Other non-current assets 5 592 5 427 100 4 Derivative financial instruments 189 629 186 296 Deferred tax assets Total non-current assets 2 238 142 2 286 371 Current 290 482 332 599 Inventories 979 167 1 059 462 Customers and other debtors 619 024 568 360 Contract assets 99 119 54 799 Other current assets Corporate income tax 39 901 35 146 1 743 10 568 Other financial investments recorded at amortised cost 8 78 346 98 303 Cash and cash equivalents with recourse - Term deposits 10 43 799 34 593 Cash and cash equivalents without recourse - Demand deposits 10 312 637 299 957 Cash and cash equivalents with recourse - Demand deposits 10 126 507 274 407 Non-current assets held for sale 11 Total current assets 2 590 724 2 768 193 Total Assets 2 4 828 866 5 054 564 Liabilities Non-current 126 827 110 425 Loans without recourse 12 1 106 003 866 760 Loans with recourse 12 213 518 203 883 Lease liabilities 13 684 688 Derivative financial instruments 97 640 93 943 Suppliers and sundry creditors 47 183 44 247 Liabilities associated with customers contracts 153 170 157 746 Other non-current liabilities Provisions 110 179 106 587 159 025 161 984 Deferred tax liabilities Total non-current liabilities 2 014 229 1 746 263 Current 47 035 50 148 Loans without recourse 12 589 028 841 592 Loans with recourse 12 111 237 208 156 Other financial liabilities 13 78 349 69 999 Lease liabilities 13 - 9 Derivative financial instruments Suppliers and sundry creditors 776 197 885 832 333 386 233 639 Liabilities associated with customers contracts 595 007 530 905 Other current liabilities 23 722 30 395 Corporate income tax 25 540 129 600 Non-current liabilities held for sale 11 Total current liabilities 2 579 502 2 980 272 Total Liabilities 2 4 593 731 4 726 535 Shareholders' equity Share capital 237 505 237 505 (10 232) (10 232) Own shares Reserves, retained earnings and share premiums (196 702) (177 674) Consolidated net profit of the period/year (5 041) 26 728 Own funds attributable to the Group 25 530 76 327 Non-controlling interests 209 605 251 703 Total shareholders' equity 235 135 328 030 Total shareholders' equity and liabilities 4 828 866 5 054 564 |
Notes | 30/06/2020 € '000 |
31/12/2019 € '000 |
|---|---|---|---|
To be read with the Notes to the consolidated financial statements
| Fair value reserves | ||||||
|---|---|---|---|---|---|---|
| Share capital | Own shares | Share premiums | Financial investments |
Properties | Derivatives | |
| Balance as at December 31, 2018 (audited) | 237 505 | (10 232) | 92 584 | 27 702 | 690 | 65 |
| Consolidated net profit of the period | - | - | - | - | - | - |
| Total of other comprehensive income of the period | - | - | - | - | - | (1 599) |
| Dividend distribution | - | - | - | - | - | - |
| Transfers to other reserves | - | - | - | - | - | - |
| Other movements | - | - | - | - | - | - |
| Balance as at June 30, 2019 (non audited) | 237 505 | (10 232) | 92 584 | 27 702 | 690 | (1 533) |
| Balance as at December 31, 2019 (audited) | 237 505 | (10 232) | 92 584 | 27 702 | 17 261 | (649) |
| Consolidated net profit of the period | - | - | - | - | - | - |
| Total of other comprehensive income of the period | - | - | - | 12 245 | 5 202 | (389) |
| Dividend distribution | - | - | - | - | - | - |
| Transfers to other reserves | - | - | - | - | - | - |
| Other movements | - | - | - | - | - | - |
| Balance as at June 30, 2020 (non audited) | 237 505 | (10 232) | 92 584 | 39 947 | 22 462 | (1 038) |
| To be read with the Notes to the consolidated financial statements |
| Currency translation reserves |
Legal reserves | Other reserves and retained earnings |
Net profit of the period |
Own funds attributable to the Group |
Own funds attributable to non controlling interests |
Shareholders' equity |
|---|---|---|---|---|---|---|
| (212 093) | 55 166 | (37 491) | 23 612 | 177 509 | 269 037 | 446 546 |
| - | - | - | 8 126 | 8 126 | 17 395 | 25 521 |
| (13 488) | - | 254 | - | (14 833) | (10 462) | (25 294) |
| - | - | (17 125) | - | (17 125) | (9 328) | (26 452) |
| - | - | 23 612 | (23 612) | - | - | - |
| - | - | (5 448) | - | (5 448) | 3 033 | (2 415) |
| (225 581) | 55 166 | (36 197) | 8 126 | 148 231 | 269 676 | 417 906 |
| (292 752) | 57 733 | (79 555) | 26 728 | 76 327 | 251 703 | 328 030 |
| - | - | - | (5 041) | (5 041) | 15 092 | 10 051 |
| (51 827) | - | (2 325) | - | (37 094) | (40 268) | (77 362) |
| - | - | - | - | - | (1 850) | (1 850) |
| - | - | 26 728 | (26 728) | - | - | - |
| - | - | (8 662) | - | (8 662) | (15 072) | (23 734) |
| (344 579) | 57 733 | (63 813) | (5 041) | 25 530 | 209 605 | 235 135 |
| Notes | 2020 | 2019 |
|---|---|---|
| € '000 | € '000 | |
| Operating activities | (non audited) | (non audited) |
| Cash receipts from customers | 1 040 403 | 1 122 921 |
| Cash paid to suppliers | (663 615) (263 537) |
(835 228) (194 609) |
| Cash paid to employees | ||
| Cash generated from operating activities | 113 251 | 93 084 |
| Income tax (paid)/received | (13 293) | (12 809) |
| Other receipts/(payments) generated by operating activities | 428 | 514 |
| Net cash from operating activities (1) | 100 386 | 80 789 |
| Investing activities | ||
| Cash receipts from: | ||
| Financial investments | 53 347 | 14 641 |
| Tangible, intangible and rights of use assets | 14 435 | 9 302 |
| Investment grants | 4 359 | - |
| Interest and similar income | 27 494 | 16 203 |
| Other treasury applications | 19 957 | 30 543 |
| Dividends | 2 183 | 652 |
| 121 775 | 71 341 | |
| Cash paid in respect of: | ||
| Financial investments | (3 597) | (11 916) |
| Loans granted | - | (11 962) |
| Tangible, intangible and rights of use assets | (108 605) | (115 801) |
| (112 202) | (139 678) | |
| Net cash from investing activities (2) | 9 573 | (68 337) |
| Financing activities | ||
| Cash receipts from: | ||
| Loans obtained | 103 164 | 214 605 |
| Lease contracts | 74 969 | 19 822 |
| 178 133 | 234 427 | |
| Cash paid in respect of: | ||
| Loans obtained | (72 460) | (86 226) |
| Lease contracts | (52 678) | (22 969) |
| Interest and similar expenses | (102 320) | (75 975) |
| Dividends | (1 850) | (21 441) |
| (229 307) | (206 611) | |
| Net cash from financing activities (3) | (51 174) | 27 817 |
| Changes in cash and cash equivalents (4)=(1)+(2)+(3) | 58 784 | 40 268 |
| Impact of cash and cash equivalents of the held for sale companies | (210) | - |
| Effect of currency exchange differences | (37 275) | 1 148 |
| Impact of hyperinflation in cash and cash equivalents at the beginning of the period | 586 | - |
| Cash and cash equivalents at the beginning of the period | 334 550 | 352 852 |
| 10 Cash and cash equivalents at the end of the period |
356 436 | 394 269 |
To be read with the Notes to the consolidated financial statements
The core businesses of MOTA-ENGIL, SGPS, SA, with head office at Edifício Mota, Rua do Rego Lameiro, nº 38 4300-454 Porto (MOTA-ENGIL SGPS or COMPANY), and its subsidiaries (GROUP or MOTA-ENGIL GROUP), are public and private construction works and related activities, as well as, waste collection and treatment. The GROUP's activity is essentially developed in three regions: Europe, Africa and Latin America. Lastly, the shares of MOTA-ENGIL, SGPS are listed at Euronext Lisbon.
The detailed description of the GROUP's activity is provided in Note.2 Business segments of these Notes.
All amounts disclosed in these Notes are presented in thousand euros, rounded off to the unit, unless explicitly stated otherwise.
The consolidated financial statements of MOTA-ENGIL GROUP were prepared on a going concern basis from the books and accounting records of the companies comprising it adjusted in the consolidation process.
The Board of Directors assessed the ability of the GROUP in terms of going concern, based on all relevant information, facts and circunstances of financial, commercial or other nature, including events occurred after the reference date of the financial statements, available on the future. As a result of the assessement made, the Board of Directors concluded that the GROUP has appropriate resources to keep its business and has no intention to cease it in the short term. Therefore, it found appropriate the use of the going concern assumption in the preparation of the attached consolidated financial statements.
These consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and in accordance with the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) or by the former Standards Interpretation Committee (SIC), as adopted by the European Union as at January 1, 2020. Regarding GROUP companies which use different accounting standards, the respective financial statements were subject to conversion adjustments to IFRS.
These consolidated financial statements are presented in Euros since it is the main currency of the GROUP'S operations. The financial statements of the affiliate companies expressed in foreign currencies were converted to Euro in accordance with the described in the Notes 1.3 h) and i) of the basis of consolidation disclosed in the 2019 Consolidated Report and Accounts.
All estimates and assumptions made by the Board of Directors were based on their knowledge of the events and transactions in progress as at the date of approval of these financial statements.
In preparing the consolidated financial statements, in accordance with the IFRS, the GROUP'S Board of Directors adopted certain assumptions and estimates which affected the reported amounts of assets and liabilities, as well as, the income and costs incurred in the the periods disclosed, which are described in subparagraph xxii) of the chapter main accounting policies disclosed in the 2019 Consolidated Report and Accounts.
At last, the consolidated financial statements of MOTA-ENGIL GROUP as at June 30, 2020 were prepared in accordance with the accounting policies and the calculations methods disclosed in the 2019 Consolidated Report and Accounts, taking in consideration the provisions of IAS 34 – Interim financial reporting.
The following standards, interpretations, amendments and revisions endorsed by the European Union were adopted for the first time in the six-month period ended at June 30, 2020:
| Applicable in the European | ||
|---|---|---|
| Standard / Interpretation | Union in the financial years | Contents |
| started in or after | ||
| IFRS 3 (amendment) - Definition of a business | 1/jan/20 | The amendment revises the definition of a business in order to account for business combinations. The new definition requires that an acquisition include an input, as well as a substantial process that jointly generate outputs. Outputs are now defined as goods and services rendered to customers, that generate investment income and other income, and exclude returns as lower costs and other economic benefits for shareholders. Optional 'concentration tests' for the assessment if one transaction is the acquisition of an asset or a business combination, are allowed. |
| IFRS 9, IAS 39 and IFRS 7 (amendment) - Interest rate benchmark reform |
1/jan/20 | This amendment is part of the first phase of IASB 'IBOR reform' project and provide certain reliefs in connection with interest rate benchmark reform. The relief relate to hedge accounting, in terms of: i) risk components; ii) 'highly probable' requirement; iii) prospective assessment; iv) retrospective effectiveness test (for IAS 39 adopters); and v) recycling of the cash flow hedging reserve, with the objective that interest rate benchmark reform does not cause hedge accounting to be discontinued. However, any hedge ineffectiveness should continue to be recorded in the income statement. |
| IAS 1 and IAS 8 (amendment) - Definition of material | 1/jan/20 | This amendment revises the concept of "material". Includes clarifications as to obscured information, its effect being similar to the omission or distortion of information; and also, clarifications as to the term 'primary users of general purpose financial statements', defined as 'existing or potential investors, lenders and other creditors' that rely on general purpose financial statements to obtain a significant part of the information that they need. |
| Conceptual framework - Amendments to references in other IFRS | 1/jan/20 | As a result of the publication of the new conceptual framework, the IASB introduced changes to the text of several standards and interpretations, in order to clarify the application of the new definitions of asset / liability and expense / income, in addition to some of the characteristics of financial information. These amendments are retrospective, except if impractical. |
At June 30, 2020 no material impacts arise in the attached consolidated financial statements from the adoption of the standards, interpretations, amendments and revisions above referred.
The following standards, interpretations, amendments and revisions, with mandatory application in future years, as at June 30, 2020, were not yet endorsed by the European Union:
| Applicable in the European | ||
|---|---|---|
| Standard / Interpretation | Union in the financial years | Contents |
| started in or after | ||
| IFRS 16 (amendment) - Leases – COVID-19 related rent concessions | 1/jun/20 | This amendment introduces a practical expedient for lessees (but not for lessors), which exempts them from assessing whether the rent concessions granted by lessors under COVID-19 are a modification to the lease contract, when three criteria are cumulatively met: i) the change in lease payments results in a revised fee for the lease that is substantially equal to, or less than, the fee immediately prior to the change; ii) any reduction in lease payments only affects payments due on or before June 30, 2021; and iii) there are no substantive changes to other lease terms and conditions. Lessees that choose to apply this practical expedient, recognise the change in rent payments, as variable rents in the period(s) in which the event or condition leading to the payment reduction occurs. This amendment is applied retrospectively with the impacts reflected as an adjustment to retained earnings (or another equity component, as appropriate) at the beginning of the annual reporting period in which the lessee applies this amendment for the first time. |
| IFRS 1 - Subsidiary as an IFRS adoper for the first time | 1/jan/22 | This improvement clarifies that when the subsidiary chooses to measure its assets and liabilities at the amounts included in the parent company's consolidated financial statements, the measurement of the cumulative translation differences of all foreign operations can be made at the amounts that would be recorded in the financial statements. consolidated, based on the transition date of the parent company to IFRS. |
| IFRS 9 - Derecognition of liabilities - costs incurred to be included in the 10% variation test |
1/jan/22 | This improvement clarifies that in the scope of derecognition tests carried out on renegotiated liabilities, the borrower must determine the net amount between fees paid and fees received considering only the fees paid or received between the borrower and the financier, including fees paid or received, by any one of the entities on behalf of the other. |
| IFRS 16 - Leasing incentives | 1/jan/22 | This improvement refers to the amendment to Illustrative example 13 that accompanies IFRS 16, to eliminate inconsistencies in the accounting treatment of lease incentives, attributed by the lessor. |
| IAS 41 - Taxation and measure of fair value | 1/jan/22 | This improvement eliminates the requirement to exclude tax cash flows when measuring the fair value of biological assets, ensuring consistency with the principles of IFRS 13 - 'Fair value'. |
| IFRS 1 (amendment) – Presentation of financial statements – classification of liabilities |
1/jun/22 | This amendment intends to clarify that liabilities are classified as either current or non-current balances depending on the rights that an entity has to defer its payment, at the end of each reporting period. The classification of liabilities is not affected by the entity's expectations (the assessment should determine whether a right exists, but should not consider whether or not the entity will exercise that right), or by events occurring after the reporting date, such as the non-compliance of a given "covenant". This amendment also introduces a new definition of "settlement" of a liability. This amendment is applied retrospectively. |
| Applicable in the European | ||
|---|---|---|
| Standard / Interpretation | Union in the financial years | Contents |
| started in or after | ||
| IFRS 3 (amendment) - Reference to the Conceptual framework | 1/jun/22 | This amendment updates the references to the conceptual framework in the text of IFRS 3, without changing the accounting requirements for business combinations. This amendment also clarifies the accounting treatment to be given to contingent liabilities and liabilities under IAS 37 and IFRIC 21, incurred separately versus within a business combination. This amendment is applied prospectively. |
| IAS 16 (amendment) - Proceeds before intended use | 1/jun/22 | This amendment changes the accounting treatment of the proceeds obtained from the sale of products that resulted from the production test phase of property, plant and equipment, prohibiting their deduction to the acquisition cost of assets. This amendment is applied retrospectively without restating comparatives. |
| IFSR 37 (amendment) - Onerous contracts | 1/jun/22 | This amendment specifies that when assessing whether a contract is onerous or not, only expenses directly related to the performance of the contract, such as incremental costs related to direct labor and materials and the allocation of other expenses directly related to the allocation of depreciation expenses of tangible assets used to carry out the contract, can be considered. This amendment must be applied to contracts that, at the beginning of the first annual reporting period to which the amendment is applied, still include contractual obligations to be satisfied, without restating comparatives. |
| IFRS 17 - Insurance contracts | 1/jan/23 | This new standard replaces IFRS 4 and applies to all entities issuing insurance contracts, reinsurance contracts and investment contracts with discretionary participation characteristics. IFRS 17 is based on the current measurement of technical liabilities at each reporting date. The current measurement can be based on a complete "building block approach" or a "premium allocation approach". The recognition of the technical margin is different if it is positive or negative. IFRS 17 is applied retrospectively. |
| IFSR 17 (amendment) - Insurance contracts | 1/jan/23 | This amendment includes specific changes in eight areas of IFRS 17, such as: i) scope; ii) level of aggregation of insurance contracts; iii) recognition; iv) measurement; v) modification and derecognition; vi) presentation of the statement of financial position; vii) recognition and measurement of the Income statement; and viii) disclosures. This amendment also includes clarifications, which aim to simplify some of the requirements of this standard and ease transition. IFRS 17 is applied retrospectively. |
At the present date, no material impacts are expected from the adoption of the standards, interpretations, amendments and revisions above referred.
The GROUP uses its internal organization for management purposes as a basis for its reporting of information by business segments.
The GROUP is organized into the following geographical areas: Europe (subdivided in Engineering and Construction and Environment and Services), Africa and Latin America.
The amounts regarding MOTA-ENGIL, SGPS, MOTA-ENGIL CAPITAL and its affiliated companies and other instrumental companies are included in the heading "Others, eliminations and intra-group", which also include the amounts related to balances and transactions maintained between the business segments.
These segments were identified taking in consideration the fact that they correspond to units of the GROUP that develop activities where it is possible to identify separately income and expenses, for which separate financial information is produced, for which the operating results are reviewed by management and over which decisions are taken.
The companies / entities included in the consolidation perimeter and the respective consolidation methods, head offices, effective holding percentage, activity, incorporation date and acquisition date are those disclosed in Appendix A.
In the six-month periods ended at June 30, 2020 and 2019, the financial information by business segment can be analysed as follows:
| Sales and services rendered | EBITDA | |||
|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |
| Europe Engineering and Construction | 330 652 | 283 511 | 12 872 | 10 480 |
| Europe Environment and Services | 137 296 | 126 840 | 34 982 | 29 433 |
| Africa | 385 273 | 452 580 | 69 441 | 91 339 |
| Latin America | 305 275 | 457 494 | 26 506 | 59 078 |
| Others, eliminations and intra-group | (1 819) | 23 904 | 274 | 3 685 |
| Mota-Engil Group | 1 156 677 | 1 344 329 | 144 075 | 194 016 |
EBITDA corresponds to the algebraic sum of the following headings of the consolidated income statement: "Sales and services rendered" + "Costs of goods sold, mat.cons., Changes in production and Subcontractors" + "Third-party suppliers and services" + "Wages and salaries" + "Other operating income / (expenses)".
In the six-month periods ended at June 30, 2020 and 2019, the information regarding amortisations and depreciations, as well as, regarding provisions and impairment losses can be analysed as follows:
| Amortisations and depreciations | Provisions and impairments losses | |||
|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |
| Europe - Engineering and Construction | 10 817 | 9 876 | 99 | (219) |
| Europe - Environment and Services | 31 169 | 30 365 | (795) | 263 |
| Africa | 43 291 | 48 678 | 9 210 | (4 183) |
| Latin America | 8 964 | 11 077 | 5 095 | 1 113 |
| Others, eliminations and intra-group | 1 557 | 2 046 | 1 966 | 4 262 |
| Mota-Engil Group | 95 798 | 102 043 | 15 575 | 1 236 |
In the six-month period ended at June 30, 2020, the provisions and impairments losses recorded were assign, essentially, to the potencial negative effects caused by the Covid-19 pandemic in the future colection of some accounts receivable and in the realization of some non-current assets.
As at June 30, 2020 and December 31, 2019, the net assets and liabilities of the GROUP by business segment can be analysed as follows:
| Assets | Liabilities | |||
|---|---|---|---|---|
| 30/06/2020 | 31/12/2019 | 30/06/2020 | 31/12/2019 | |
| Europe Engineering and Construction | 996 891 | 986 933 | 744 907 | 761 127 |
| Europe Environment and Services | 966 361 | 953 345 | 772 058 | 771 425 |
| Africa | 2 042 333 | 1 989 463 | 1 678 509 | 1 620 215 |
| Latin America | 1 083 933 | 1 320 677 | 1 220 161 | 1 146 067 |
| Others, eliminations and intra-group | (260 651) | (195 854) | 178 096 | 427 701 |
| Mota-Engil Group | 4 828 866 | 5 054 564 | 4 593 731 | 4 726 535 |
As at June 30, 2020 and December 31, 2019, the capex and the financial investments in associates and in jointly controlled companies by business segment can be analysed as follows:
| Capex (a) | Financial investments in associates and in jointly controlled companies |
|||
|---|---|---|---|---|
| 30/06/2020 | 31/12/2019 | 30/06/2020 | 31/12/2019 | |
| Europe - Engineering and Construction | 15 355 | 19 456 | - | - |
| Europe - Environment and Services | 25 987 | 100 670 | 2 891 | 2 834 |
| Africa | 40 711 | 70 864 | 2 941 | 8 739 |
| Latin America | 11 284 | 69 354 | 98 680 | 104 153 |
| Others, eliminations and intra-group | 832 | 2 022 | 4 938 | 8 084 |
| Mota-Engil Group | 94 170 | 262 366 | 109 451 | 123 810 |
In the six-month period ended at June 30, 2020, there were no changes in the GROUP business segments nor in the methodology of calculation and accounting the amounts included in them.
(a) Net increase (increases-disposals) occurred in the captions intangible assets, tangible assets and rights of use assets.
In the six-month periods ended at June 30, 2020 and 2019, this heading included circa of 7,000 thousand Euros and 12,700 thousand Euros, respectively, of positive fair value changes in some investment properties held by the GROUP in Mexico.
The financial results (financial income and gains - financial costs and losses) for the six-month periods ended at June 30, 2020 and 2019 can be analysed as follows:
| 2020 | 2019 | |
|---|---|---|
| Financial income and gains | ||
| Assets measured at amortised cost | ||
| Interest income | 20 872 | 14 709 |
| Prompt payment discounts received | 209 | 162 |
| Favourable exchange differences | 97 888 | 25 108 |
| Other financial assets | ||
| Dividends received - Other financial investments recorded at fair value through the comprehensive income | 1 799 | - |
| Other financial income and gains | 6 173 | 3 954 |
| 126 941 | 43 933 | |
| Financial costs and losses | ||
| Liabilities measured at amortised cost | ||
| Interest expenses | 67 599 | 58 403 |
| Prompt payment discounts granted | 188 | 313 |
| Unfavourable exchange differences | 52 070 | 12 503 |
| Other financial liabilities: | ||
| Other financial costs and losses | 49 346 | 24 573 |
| 169 203 | 95 793 | |
| Financial results | (42 262) | (51 860) |
The COMPANY issued only ordinary shares and therefore there are no special dividends or voting rights.
There are no situations in the GROUP that 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.
In the six-month periods ended at June 30, 2020 and 2019 no ordinary shares were issued.
In the six-month periods ended at June 30, 2020 and 2019, the calculation of the earnings per share can be detailed as follows:
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Consolidated net profit of the period attributable to the Group: | (I) | (5 041) | 8 126 | ||
| Average number of ordinary shares | (II) | 237 505 141 | 237 505 141 | ||
| Average number of own shares during the period | (III) | 6 091 581 | 6 091 581 | ||
| Average number of shares outstanding | (II - III) | 231 413 560 | 231 413 560 | ||
| Earnings per share: | |||||
| basic | (I) / (II - III) | -€ | 0,022 | € | 0,035 |
| diluted | (I) / (II - III) | -€ | 0,022 | € | 0,035 |
The information regarding Goodwill as at June 30, 2020 and December 31, 2019, can be analysed as follows:
| 30/06/2020 | 31/12/2019 | |
|---|---|---|
| Net Goodwill |
Net Goodwill |
|
| Europe Engineering and Construction | ||
| Mota-Engil Central Europe Poland | 5 648 | 5 764 |
| 5 648 | 5 764 | |
| Europe Environment and Services | ||
| Suma Group | 9 380 | 9 380 |
| Others | 1 023 | 1 023 |
| 10 403 | 10 403 | |
| Africa | ||
| Estradas do Zambeze | 2 711 | - |
| Others | 1 047 | 1 166 |
| 3 758 | 1 166 | |
| Latin America | ||
| Empresa Construtora Brasil | 3 273 | 4 430 |
| Consita | 348 | 470 |
| 3 621 | 4 900 | |
| 23 430 | 22 233 |
The movements occurred in Goodwill during the six-month periods ended at June 30, 2020 and 2019 were as follows:
| 2020 | 2019 | |
|---|---|---|
| Goodwill at the beginning of the semester | 22 233 | 36 852 |
| Changes in goodwill due to changes in the perimeter | ||
| Sistemas Electricos Metropolitanos | - | 2 739 |
| Estradas do Zambeze | 2 711 | - |
| 2 711 | 2 739 | |
| Changes in goodwill due to exchange differences | ||
| Mota-Engil Central Europe Poland | (116) | 37 |
| Empresa Construtora Brasil | (1 157) | 96 |
| ME Construction South Africa | - | 230 |
| Others | (241) | 11 |
| (1 514) | 374 | |
| Goodwill at the end of the semester | 23 430 | 37 226 |
In the six-month period ended at June 30, 2020, the GROUP increased its shareholding in 55% in ESTRADAS DO ZAMBEZE, obtaining the control over this entity and helding now 95% of its share capital.
As at June 30, 2020 and December 31, 2019, the detail of the financial investments in associates was as follows:
| 30/06/2020 | 31/12/2019 | |
|---|---|---|
| Concessionária Autopista Cardel (Latin America segment) | 27 514 | 29 908 |
| Autopista Urbana Siervo de la Nación (Latin America segment) | 24 637 | 27 638 |
| Concessionária Autopista Tuxpan-Tampico (Latin America segment) | 21 191 | 25 046 |
| Associated companies of Suma Group (Europe - Environment and Services segment) | 2 891 | 2 834 |
| SPRI (Africa segment) | 2 026 | 2 480 |
| Estradas do Zambeze and its affiliate (Africa segment) | - | 5 556 |
| Others | 7 220 | 10 446 |
| 85 479 | 103 908 |
In the six-month period ended at June 30, 2020, the reduction occurred in this heading arise, essentially, from the negative exchange impact verified in the financial investments held in the Mexican highway concessionaire companies, as well as, the change of the consolidation method of ESTRADAS DO ZAMBEZE, as a result of the obtainance of control during the period.
As at June 30, 2020 and December 31, 2019, the detail of the other financial investments was as follows:
| 30/06/2020 | 31/12/2019 | |
|---|---|---|
| Other financial investments recorded at amortised cost (non-current) | ||
| Angola sovereign bonds | 184 728 | 201 118 |
| Ivory Coast sovereign bonds | - 10 960 |
|
| 184 728 | 212 078 | |
| Other financial investments recorded at amortised cost (current) | ||
| Angola sovereign bonds | 1 743 | 8 741 |
| Ivory Coast sovereign bonds | - 1 827 |
|
| 1 743 | 10 568 | |
| 186 472 | 222 646 | |
| Other financial investments recorded at fair value through other comprehensive income | ||
| BAI-Banco Angolano de Investimentos | 56 573 | 40 776 |
| STI | 4 577 | 5 144 |
| Auto - Sueco Angola | 2 724 | 2 724 |
| Concessionária Alternativas Viales | 1 299 | 1 480 |
| Others | 4 211 | 3 964 |
| 69 384 | 54 088 |
In the six-month period ended at June 30, 2020, the movement occurred in this heading was justified, essentially, by the consolidation of LOGZ (following the acquisition of 70% of its share capital), by the positive fair value change occurred in some investment properties held in Mexico and by the negative exchange effect verified in the investment properties held by the GROUP in Latin America.
The amounts included in the headings "Cash and cash equivalents with recourse" as at June 30, 2020 and December 31, 2019 are as follows:
| Demand deposits Term deposits |
Total | |||||
|---|---|---|---|---|---|---|
| 30/06/2020 | 31/12/2019 | 30/06/2020 | 31/12/2019 | 30/06/2020 | 31/12/2019 | |
| Other treasury applications | - | 525 | - | - | - | 525 |
| Bank deposits and cash in hand | ||||||
| Bank deposits | 309 554 | 296 895 | 78 346 | 98 303 | 387 899 | 395 198 |
| Cash in hand | 3 083 | 2 537 | - | - | 3 083 | 2 537 |
| 312 637 | 299 957 | 78 346 | 98 303 | 390 982 | 398 260 |
The amounts included in the heading "Cash and cash equivalents without recourse" as at June 30, 2020 and December 31, 2019 are as follows:
| Demand deposits | ||
|---|---|---|
| 30/06/2020 | 31/12/2019 | |
| Bank deposits and cash in hand | ||
| Bank deposits | 43 773 | 34 572 |
| Cash in hand | 26 | 21 |
| 43 799 | 34 593 |
The information regarding the non-current assets and liabilities held for sale as at June 30, 2020 and December 31, 2019, can be analysed as follows:
| 30/06/2020 | 31/12/2019 | |
|---|---|---|
| Financial investment in Lineas Group (Others, eliminations and intra-group segment) | 89 396 | 89 396 |
| Takargo assets (Others, eliminations and intra-group segment) | 30 754 | 31 092 |
| APP Coatzacoalcos Villahermosa assets (Latin America segment) | - | 131 347 |
| Mercado Urbano assets (Others, eliminations and intra-group segment) | - | 14 577 |
| Others (Others, eliminations and intra-group segment) | 6 356 | 7 995 |
| Non-current assets held for sale | 126 507 | 274 407 |
| 30/06/2020 | 31/12/2019 | |
| Takargo liabilities (Others, eliminations and intra-group segment) | 25 540 | 23 804 |
| APP Coatzacoalcos Villahermosa liabilities (Latin America segment) | - | 97 964 |
| Mercado Urbano liabilities (Others, eliminations and intra-group segment) | - | 7 832 |
| Non-current liabilities held for sale | 25 540 | 129 600 |
In the six-month period ended at June 30, 2020, the movement occurred in the headings non-current assets / liabilities held for sale was justified, essentially, by the sale of 100% of MERCADO URBANO – GESTÃO IMOBILIÁRIA, SA. and by the partial sale with loss of control of APP COATZACOALCOS VILLAHERMOSA, SAPI DE CV. Together, those transactions generated a capital gain of circa of 2 million Euros.
The amounts related to loans with recourse as at June 30, 2020 and December 31, 2019 are as follows:
| Current (1 year) |
2 years | 2 to 5 years | over 5 years | Non-current | Total | |
|---|---|---|---|---|---|---|
| 30/06/2020 | ||||||
| Non-convertible bond loans | 67 048 | 12 533 | 328 557 | - | 341 090 | 408 138 |
| Amounts owed to credit institutions | ||||||
| Bank loans | 315 837 | 243 579 | 389 562 | 70 612 | 703 753 | 1 019 590 |
| Overdraft facilities | 43 342 | - | - | - | - | 43 342 |
| Revolving facilities | 55 217 | - | - | - | - | 55 217 |
| Other loans obtained | ||||||
| Commercial paper issues | 93 307 | 47 517 | 7 472 | - | 54 990 | 148 297 |
| Other loans | 14 278 | 5 207 | 964 | - | 6 171 | 20 448 |
| 589 028 | 308 836 | 726 555 | 70 612 | 1 106 003 | 1 695 032 | |
| 31/12/2019 | ||||||
| Non-convertible bond loans | 61 059 | 21 737 | 331 575 | - | 353 312 | 414 371 |
| Amounts owed to credit institutions | ||||||
| Bank loans | 560 606 | 176 790 | 273 234 | 10 924 | 460 948 | 1 021 554 |
| Overdraft facilities | 55 075 | - | - | - | - | 55 075 |
| Revolving facilities | 64 616 | - | - | - | - | 64 616 |
| Other loans obtained | ||||||
| Commercial paper issues | 99 990 | 24 500 | 28 000 | - | 52 500 | 152 490 |
| Other loans | 246 | - | - | - | - | 246 |
| 841 592 | 223 027 | 632 809 | 10 924 | 866 760 | 1 708 352 |
Although the commercial paper issues fall due in one year or less, generally they are covered by medium and long term programmes which ensure their automatic renewal over time. Under these circumstances and since the GROUP'S Board of Directors intends to pursue the use of the aforesaid programmes while they are in force, it recorded those commercial paper issues as liabilities due in the medium and long term.
The amounts related to loans without recourse as at June 30, 2020 and December 31, 2019 are as follows:
| Current (1 year) |
2 years | 2 to 5 years | over 5 years | Non-current | Total | |
|---|---|---|---|---|---|---|
| 30/06/2020 | ||||||
| Amounts owed to credit institutions | ||||||
| Bank loans | 24 447 | 11 430 | 86 191 | 19 268 | 116 889 | 141 336 |
| Revolving facilities | 20 088 | - | - | - | - | 20 088 |
| Other loans obtained | ||||||
| Commercial paper issues | 2 500 | 2 500 | 7 439 | - | 9 939 | 12 439 |
| 47 035 | 13 930 | 93 629 | 19 268 | 126 827 | 173 863 | |
| 31/12/2019 | ||||||
| Amounts owed to credit institutions | ||||||
| Bank loans | 27 596 | 13 228 | 71 079 | 14 929 | 99 236 | 126 833 |
| Overdraft facilities | 2 039 | - | - | - | - 2 039 |
|
| Revolving facilities | 18 013 | - | - | - | - | 18 013 |
| Other loans obtained | ||||||
| Commercial paper issues | 2 500 | 2 500 | 7 500 | 1 189 | 11 189 | 13 689 |
| 50 148 | 15 728 | 78 579 | 16 118 | 110 425 | 160 573 |
The amounts related to other financial liabilities and lease liabilities as at June 30, 2020 and December 31, 2019 are as follows:
| Non-current | Current | ||||
|---|---|---|---|---|---|
| 30/06/2020 | 31/12/2019 | 30/06/2020 | 31/12/2019 | ||
| Lease liabilities | 213 518 | 203 883 | 78 349 | 69 999 | |
| Other financial liabilities: | |||||
| Factoring | - | - | 111 237 | 112 481 | |
| Credit sales | - | - | - | 95 674 | |
| - | - | 111 237 | 208 156 |
In the six-month period ended at June 30, 2020, the changes occurred in the consolidation perimeter were as follows:
| Business segment - Europe - Environment and services |
|---|
| Logz - Atlantic Hub, S.A. (company in which control was acquired) |
| Business segment - Africa |
| Estradas do Zambeze (company in which control was acquired) Operadora Estradas do Zambeze (company in which control was acquired) |
In the six-month period ended at June 30, 2020, the GROUP acquired an additional stake of 70% of LOGZ share capital. The impact of this transaction on the attached consolidated financial statements can be summarized as follows:
| 2020 | |
|---|---|
| Book value of net assets acquired | (12 149) |
| Accounts receivable acquired (loans and supplementary capital) | 26 329 |
| Fair value of the investment properties | (13 024) |
| Amount payed | (1 157) |
| Acquisition difference | - |
In the six-month period ended at June 30, 2020, the GROUP acquired an additional stake of 55% of ESTRADAS DO ZAMBEZE and OPERADORA ESTRADAS DO ZAMBEZE share capital. The impact of this transaction on the attached consolidated financial statements can be summarized as follows:
| 2020 | |
|---|---|
| Acquision of 55% of the share capital of the subsidiaries Estradas do Zambeze and Operadora Estradas do Zambeze | |
| Book value of the net assets acquired | 4 333 |
| Amount payed | 89 |
| Result generated in the operation recognized in the consolidated income statement - I | 4 422 |
| Effect of the revaluation (through gain of control) of the subsidiaries Estradas do Zambeze and Operadora Estradas do Zambeze | |
| Fair value of the financial investment held | 5 561 |
| Book value of the net assets held | (9 951) |
| Result generated in the operation recognized in the consolidated income statement - II | (4 391) |
| Gain recognized (recorded in Gains / (losses) in the disposal of subsidiaries, jointly controlled and associated companies") - (I) + (II) | 32 |
In the six-month period ended at June 30, 2020, ESTRADAS DO ZAMBEZE, OPERADORA ESTRADAS DO ZAMBEZE and LOGZ contribution to the consolidated income statement was as follows:
| Estradas do Zambeze | Operadora Estradas do Zambeze |
LogZ | |
|---|---|---|---|
| Sales and services rendered | 3 934 | 2 164 | - |
| Cost of goods sold, mat. cons., Changes in production and Subcontractors | (2 090) | (25) | - |
| Third-party supplies and services | (256) | (1 106) | (12) |
| Wages and salaries | (294) | (295) | (29) |
| Other operating income / (expenses) | 508 | (78) | (5) |
| Amortisations and depreciations | (43) | (27) | - |
| Financial results | (547) | (2) | 1 590 |
| Income before taxes | 1 211 | 631 | 1 544 |
| Income tax | (193) | (75) | (43) |
| Net profit of the period | 1 018 | 556 | 1 502 |
| Business segment - Latin America | |
|---|---|
| APP Coatzacoalcos Villahermosa (company in which control was lost) |
In the six-month period ended at June 30, 2020, the GROUP sold 35% of APP COATZACOALCOS VILLAHERMOSA SAPI DE CV share capital having also lost the control over that company, which became consolidated by the equity method, and proceeded to the revaluation of the financial investment retained in accordance with the sale price established in the above referred operation. The global impact of this transaction on the attached consolidated financial statements can be summarized as follows:
| 2020 | |
|---|---|
| Disposal of 35% of the share capital of the subsidiary APP Coatzacoalcos Villahermosa | |
| Book value of net assets sold | (9 106) |
| Amount received | 10 041 |
| Result generated in the operation recognized in the consolidated income statement - I | 936 |
| Effect of the revalution (following the loss of control) of the subsidiary APP Coatzacoalcos Villahermosa | |
| Fair value of the financial investment retained | 11 477 |
| Book value of net assets held | (10 407) |
| Result generated in the operation recognized in the consolidated income statement - II | 1 070 |
| Gain recognized (recorded in Gains / (losses) in the disposal of subsidiaries, jointly controlled and associated companies") - (I) + (II) | 2 005 |
In the six-month period ended at June 30, 2020, APP COATZACOALCOS VILLAHERMOSA contribution to the consolidated income statement was as follows:
| Sales and services rendered | 9 528 |
|---|---|
| Cost of goods sold, mat. cons., Changes in production and Subcontractors | (1 426) |
| Third-party supplies and services | (511) |
| Other operating income / (expenses) | (6 085) |
| Amortisations and depreciations | (1) |
| Financial results | (967) |
| Income before taxes | 537 |
| Income tax | (161) |
| Net profit of the period | 376 |
| Business segment - Europe Engineering and Construction |
|---|
| Project Development 3 Sp. Z.o.o. |
| Project Development 4 Sp. Z.o.o. |
| Project Development 5 Sp. Z.o.o. |
| Project Development 6 Sp. Z.o.o. |
| Business segment - Africa |
| Mota-Engil Guinée Mandiana |
| Twine, Lda |
| Business segment- Latin America |
| Business segment - Africa | ||
|---|---|---|
| Mota-Engil Engenharia e Construção África PTY | ||
| Business segment - Europe - Engineering and Construction | ||
|---|---|---|
| Mercado Urbano - Gestão Imobiliária, SA. (sold) | ||
In the six-month period ended at June 30, 2020, the GROUP sold 100% of MERCADO URBANO – GESTÃO IMOBILIÁRIA, SA share capital. The impact of that transaction on the attached consolidated financial statements can be summarized as follows:
| Book value of the net assets sold | (6 676) |
|---|---|
| Amount received | 6 686 |
| Gain recognized (recorded in Gains / (losses) in the disposal of subsidiaries,jointly controlled and associated companies") | 10 |
In the six-month period ended at June 30, 2020, MERCADO URBANO – GESTÃO IMOBILIÁRIA, SA contribution to the consolidated income statement was as follows:
| Mercado Urbano |
|---|
| 698 |
| (336) |
| (1 751) |
| (28) |
| (240) |
| (1 658) |
| 398 |
| (1 261) |
Following the appearance and spread of the Covid – 19 pandemic, which has plagued the planet since the beginning of the year of 2020, we detailed below some of its impacts in the GROUP's financial report as at June 30, 2020:
As shown in the attached consolidated financial statements, the GROUP's activity, namely in the ENGINEERING AND CONSTRUCTION business, suffered a decrease of circa of 14% as a result of the several constraints caused by the pandemic, being worth to highlight the interruptions / stopages of production occurred in several projects on which the GROUP was performing due to the restrictive measures of public health implemented in the different countries where it operates, as well as, the logistical constraints faced in moving people, goods and equipments. That decreased was felt mainly in the Africa and Latin America regions. Furthermore, in the last one, it still exits few visibility about the moment of normalization of the activity.
Regarding the ENVIRONMENT AND SERVICES business, which comprise the collection, treatment and recovery of waste, as well as, the production and sale of energy, the impact caused by the pandemic was still slight since as those activities correspond to essential and strategic services for the normal functioning of the communities the ones continue to be provided with some normality.
In terms of profitability, as a result of the interruptions / stopages occurred in some of the projects performed by the GROUP, with the consequent negative impact in the productivity and in the dilution of fixed costs, the EBITDA also suffered a decrease of circa of 26% once again influenced by the less positive performance of the Africa and Latin America regions. Regarding this matter, it should be highlighted that, when those projects resume their normal activity, the GROUP expects that the profitability levels achieved in the past can be reached. On the other hand, and under the established contracts, several contacts were immediately initiated with the customers in order to recover part of the abnormal costs incurred, as well as, to reschedule the completion deadlines of the projects in order to mitigate the risk of occurrence of future non-compliances.
Regarding this matter, despite the lower profitability of the operations, the GROUP'S financing needs have not significantly worsened, have it managed to finance its activity through the credit facilities available in Portugal or in the other countries in which it operates. In this regard, we highlight the Covid lines obtained in Portugal and the adherence to the moratorium process established by the Portuguese State / financial system that allowed the GROUP to postpone circa of 340 million euros of capital and interest reimbursements to the financial institutions with which it maintained outstanding financial responsibilities in Portugal. On the other hand, as a result of the massive injections of liquidity performed by the central banks and the measures adopt by several countries to support the economy, there has not been until this date a significant increase in the GROUP's financing costs. Finally, as of this date, no significant increase in the average period of customers collections arise that has affected the GROUP's financing needs.
In this chapter, as a result of the constraints arising from the pandemic, namely the postponement / interruption of some relevant projects, the GROUP postponed part of the planned investment in order to avoid a higher burden in its treasury. Therefore, the investment performed in the semester was mainly channeled to the waste treatment and collection business in Portugal and in the Ivory Coast, where the GROUP assumed investment commitments in the past, and for some Engineering and Construction projects where the procurement and acquisition processes were already underway (namely for a medium and long-term mining project in Guinea-Conakry).
As shown below, and partly as a result of the moratoriums agreed with the financial institutions operating in Portugal, the GROUP'S liquidity gap at 1 year as at June 30, 2020, amounted to 11 million Euros. In addition, in accordance with the liquidity management policy defined by the GROUP and in order to maintain an adequate liquidity reserve, as at June 30, 2020, it had available and unused credit lines of circa of 196 million euros. On the other hand, after June 30, 2020, the GROUP has already refinanced or is in the process of refinancing circa of 314 million euros of bank debt. Finally, and in the event of an extreme worsening of the economic and financial conditions, the GROUP also has the possibility to dispose of some of its non-current assets, namely part of the sovereign bonds it keeps recorded in its statement of financial position and which totalled circa of 185 million Euros. Consequently, it is the GROUP belief, even in a scenario of huge uncertainty regarding the future, that within a 12 months period it has the appropriate financial resources to fulfill all of its responsibilities when they become due.
As at June 30, 2020, the GROUP´s liquidity position (capital component) can be analysed as follows:
| 30/06/2020 | ||||
|---|---|---|---|---|
| < 1 year | more than 1 year | Indeterminate | Total | |
| Financial assets recorded at amortised cost | ||||
| Cash and cash equivalents - demand and term deposits | 434 781 | - | - | 434 781 |
| Customers and other debtors | 979 167 | 155 275 | - | 1 134 442 |
| Other financial investments recorded at amortised cost | 1 743 | 184 728 | - | 186 472 |
| Financial assets recorded at fair value | ||||
| Derivative financial instruments | - 100 |
- | 100 | |
| Other financial investments recorded at fair value through other comprehensive income | - - |
69 384 | 69 384 | |
| Total financial assets under the scope of IFRS-9 | 1 415 691 | 340 104 | 69 384 | 1 825 179 |
| Other non financial assets | ||||
| Inventories | 290 482 | - | - | 290 482 |
| Contract assets | 619 024 | - | - | 619 024 |
| Other current and non current assets | 99 119 | 5 592 | - | 104 711 |
| Corporate income tax | 39 901 | - | - | 39 901 |
| Non-current assets held for sale | 126 507 | - | - | 126 507 |
| Total non financial assets | 1 175 033 | 5 592 | - | 1 180 625 |
| Total assets | 2 590 724 | 345 696 | 69 384 | 3 005 804 |
| Financial liabilities recorded at amortised cost | ||||
| Loans with or without recourse | 636 064 | 1 232 831 | - | 1 868 894 |
| Other financial liabilities | 111 237 | - | - | 111 237 |
| Suppliers and sundry creditors | 776 197 | 97 640 | - | 873 836 |
| 1 523 498 | 1 330 471 | - | 2 853 968 | |
| Financial liabilities recorded at fair value | ||||
| Derivative financial instruments | - 684 |
- | 684 | |
| Total financial liabilities under the scope of IFRS-9 | 1 523 498 | 1 331 154 | - | 2 854 652 |
| Financial liabilities out of the scope of IFRS - 9 | ||||
| Lease liabilities | 78 349 | 213 518 | - | 291 866 |
| Total financial liabilities | 1 601 846 | 1 545 356 | - | 3 146 518 |
| Other non financial liabilities | ||||
| Liabilities associated with customers contracts | 333 386 | 47 183 | - | 380 569 |
| Other current and non current liabilities | 595 007 | 153 170 | - | 748 177 |
| Corporate income tax | 23 722 | - | - | 23 722 |
| Non-current liabilities held for sale | 25 540 | - | - | 25 540 |
| Total non financial liabilities | 977 655 | 200 353 | - | 1 178 009 |
| Total liabilities | 2 579 502 | 1 745 709 | - | 4 324 527 |
| Liquidity GAP | 11 222 | (1 400 013) | 69 384 | (1 318 722) |
As a result of the uncertainty and the negative impacts triggered up to date by the pandemic, the GROUP proceeded in the preparation of the attached consolidated financial statements to a review of the main estimates and assumptions used with a special focus on performing sensitivity analyzes to the main impairments tests performed at December 31, 2019 to goodwill, tangible assets, intangible assets, deferred tax assets and accounts receivable (in the component of expected losses and time value of money). As a result of the analysis carried out, and taking in consideration several scenarios, all of them more pessimistic than the ones used at December 31, 2019 (with WACC´s worsening up to 1% and with significant reductions in EBITDA and cash flows estimated for 2020 and 2021), they were recorded, in a prudent way, in the first half of 2020 impairment losses and provisions of circa of 16 million Euros.
Although a high level of uncertainty remains regarding the normalization of the world economy and the GROUP activity, particularly in some countries in Africa and in the majority of the countries in Latin America, due (1) to the high backlog that the GROUP has to perform, which inclusive increased in the first half of the year, (2) due to the liquidity position it presents for the next 12 months, (3) due to the absence of material losses in the first half of the year and expected in the coming months and (4) due to the internal management measures that have already been adopted (implementation of efficiency programs, postponement of investments, closure of less profitable or small markets, renegotiation of contracts with customers, etc.) it is the GROUP belief that it has the adequate resources to maintain its activities, making no intention to cease them in the short term and so its Board of Directors considers that it is appropriate to use the going concern assumption in the preparation of the attached consolidated financial statements.
Except for the matter referred in the paragraph below, between June 30, 2020 and the approval date for issuance of the attached consolidated financial statements, no relevant events or additional uncertainties regarding the evolution of the pandemic, as well as, over the future activity of the GROUP occur which produced or which could produce material impacts in the attached consolidated financial statements.
Although with no material impact in the attached consolidated financial statements, it is worth to highlight, as described in more detailed in the management report, that it is in the last stages of negotiation a strategic partnership and investment agreement with one of the largest infrastructures groups in the world.
The attached consolidated financial statements were approved and authorized for issue by the Board of Directors at August 25, 2020.
The companies included in the attached consolidated financial statements using the full consolidation method, their head offices, effective holding percentage, activity, incorporation date and acquisition date were as follows:
| Designation | Head Office | Effective holding percentage |
Activity | Incorporation date Acquisition date | |
|---|---|---|---|---|---|
| Parent Company of the Group and related activities | |||||
| Mota-Engil, SGPS, S.A., Sociedade Aberta ("Mota-Engil SGPS") | Portugal (Porto) |
- | Management of financial holdings | Aug-90 | - |
| Bay-Park Korlátolt Felelősségű Társaság Kft. ("Bay Park") | Hungary | 76.73 | Real Estate development | - | Dec-08 |
| Through Obol Invest Corgimobil - Empresa Imobiliária das Corgas, Lda. ("Corgimobil") |
(Budapest) Portugal |
76.73 97.25 |
Construction works, studies and real | - | Nov-00 |
| Through Mota-Engil Real Estate Portugal Dmowskiego Project Development, Sp. z.o.o. ("Dmowskiego") |
(Cascais) Poland |
97.25 100.00 |
estate Real Estate development |
Aug-07 | - |
| Through Mota-Engil Real Estate, SGPS Gesar - Gestão de Águas Residuais do Algarve ("GESAR ACE Manvia") |
(Krakow) Portugal |
100.00 54.00 |
Wastewater treatment | Apr-15 | - |
| Through Manvia Hungária Hotel Ingatlanforgamazó, Kereskedelmi, és Szolgáltató Kft. ("Hotel Achat Hungary") |
(Linda-a-Velha) Hungary |
54.00 100.00 |
Jun-08 | - | |
| Through Mota-Engil Real Estate, SGPS | (Budapest) | 100.00 | Real Estate development | ||
| Kordylewskiego Project Development W Likwidacji Sp. z o.o. ("Kordylewskiego") Through Mota-Engil Real Estate, SGPS |
Poland (Krakow) |
100.00 100.00 |
Real Estate development | Feb-05 | - |
| Largo do Paço – Investimentos Turísticos e Imobiliários, Lda. ("Largo do Paço") Through Mota–Engil Capital |
Portugal (Amarante) |
100.00 100.00 |
Real Estate development | - | Oct-01 |
| Logz - Atlantic Hub, S.A. ("Logz") | Portugal | 100.00 | Real Estate development | Jul-08 | Feb-20 |
| Through Mota–Engil Ambiente e Serviços Manvia - Manutenção e Exploração de Instalações e Construção, S.A. ("Manvia") |
(Linda-a-Velha) Portugal |
100.00 90.00 |
Maintenance and operation of facilities | Jul-94 | Jun-98 |
| Through Mota–Engil Ambiente e Serviços | (Linda-a-Velha) | 90.00 | |||
| ME 3I, SGPS, S.A. ("ME 3I SGPS") Through Mota-Engil Indústria e Inovação |
Portugal (Linda-a-Velha) |
61.20 61.20 |
Management of financial holdings | Oct-11 | - |
| Mota-Engil Capital, S.A. ("Mota-Engil Capital") | Portugal | 100.00 | Management of financial holdings | Feb-18 | - |
| Through Mota-Engil SGPS ME Investitii AV s.r.l. ("Mota-Engil Investitii") |
(Porto) Romania |
100.00 100.00 |
- | Sep-07 | |
| Through Mota-Engil Real Estate, SGPS | (Bucharest) | 100.00 | Real Estate development | ||
| Mota-Engil Real Estate Hungary Ingatlanforgalmazó, Kereskedelmi és Szolgáltató Kft.("Mota-Engil Real Estate Hungary") |
Hungary | 100.00 | Real Estate development | Jul-05 | - |
| Through Mota-Engil Real Estate, SGPS Mota-Engil Real Estate Portugal, S.A. ("Mota-Engil Real Estate Portugal") |
(Budapest) Portugal |
100.00 100.00 |
Sep-01 | - | |
| Through Mota-Engil Real Estate, SGPS | (Porto) | 100.00 | Real Estate development | ||
| Mota-Engil Real Estate, SGPS, S.A. ("Mota-Engil Real Estate SGPS") | Portugal | 100.00 | Management of financial holdings | Dec-02 | - |
| Through Mota-Engil Capital MESP - Mota Engil Serviços Partilhados, Administrativos e de Gestão, S.A. ("Mota-Engil Serviços |
(Porto) Portugal |
100.00 100.00 |
Dec-02 | - | |
| Partilhados") Through Mota-Engil SGPS |
(Porto) | 100.00 | Administrative Services | ||
| MK Contractors, LLC ("MKC") Through Mota-Engil Engenharia e Construção |
USA (Miami) |
100.00 100.00 |
Real Estate development | Mar-02 | - |
| Mota-Engil África, N.V. ("ME África NV") | Netherlands | 100.00 | Management of financial holdings | Oct-12 | - |
| Through Mota-Engil SGPS | (Amsterdam) Portugal |
100.00 | |||
| Mota-Engil Indústria e Inovação, SGPS, S.A. ("Mota-Engil Indústria e Inovação") Through Mota-Engil SGPS |
(Linda-a-Velha) | 100.00 100.00 |
Management of financial holdings | Nov-10 | - |
| Mota-Engil Minerals Mining Investment B.V. ("ME Minerals Mining Investment BV") | Netherlands (Amsterdam) |
100.00 | Management of other companies | Oct-10 | - |
| Through Mota-Engil SGPS Mota-Engil Renewing, S.A. ("ME Renewing") |
Portugal | 100.00 100.00 |
Energy, sustainable mobility, recycling and | Aug-18 | - |
| Through Mota-Engil Capital | (Porto) | 100.00 | reuse and resource utilization | ||
| Öböl Invest Befektetési És Üzletviteli Tanácsadó Korlátolt Felelősségű Társaság Kft. ("Obol Invest") | Hungary | 77.50 | Real Estate development | - | May-05 |
| Through Mota-Engil Real Estate, SGPS | (Budapest) | 77.50 | |||
| Öböl Xi. Ingatlanhasznosítási Beruházó És Szolgáltató Korlátolt Felelősségű Társaság Kft. ("Obol XI") Through Obol Invest |
Hungary (Budapest) |
76.73 76.73 |
Real Estate development | - | Dec-03 |
| Proempar - Promoção e Gestão de Parques Empresariais e Tecnológicos, S.A. ("Proempar") | Portugal (Porto) |
100.00 | Marketing, management and exploitation of technological and industrial business parks |
Oct-06 | - |
| Through Mota-Engil Real Estate Portugal PTT - Parque Tecnológico do Tâmega, S.A. ("PTT") |
Portugal | 100.00 90.00 |
Marketing, management and exploitation | Dec-06 | - |
| Through Mota-Engil Real Estate Portugal | (Felgueiras) | 90.00 | of technological and industrial business parks |
||
| Sikorki Project Development Sp. z o.o. ("Sikorki") Through Mota-Engil Real Estate, SGPS |
Poland (Krakow) |
100.00 100.00 |
Real Estate development | Oct-12 | - |
| Soltysowska Project Development Sp. z o.o. ("Soltysowska") Through Mota-Engil Real Estate, SGPS |
Poland (Krakow) |
100.00 100.00 |
Real Estate development | Nov-05 | - |
| Takargo - Transportes de Mercadorias, S.A. ("Takargo") | Portugal | 100.00 | Railway transportation of goods | Oct-06 | - |
| Through Mota-Engil Ambiente e Serviços | (Linda-a-Velha) | 100.00 | |||
| Turalgo-Sociedade de Promoção Imobiliária e Turística do Algarve, S.A. ("Turalgo") | Potugal | 51.00 | Real Estate development | May-92 | - |
| Through Mota-Engil Real Estate Portugal Wilanow Project Development SP. z.o.o. ("Wilanow") |
(Oeiras) Poland |
51.00 100.00 |
Real Estate development | Jun-07 | - |
| Through Mota-Engil Real Estate, SGPS | (Krakow) | 100.00 |
| Designation | Head Office | Effective holding percentage |
Activity | Incorporation date Acquisition date | |
|---|---|---|---|---|---|
| Europe | |||||
| Mota-Engil Europe, S.A. ("Mota-Engil Europe") | Portugal | 100.00 | Management of financial holdings | Jun-10 | - |
| Through Mota-Engil SGPS Engineering and Construction |
(Linda-a-Velha) | 100.00 | |||
| Áreagolfe - Gestão, Construção e Manutenção de Campos de Golfe, S.A. ("Áreagolfe") | Portugal | 77.78 | Golf courses construction, management | - | Jul-07 |
| Through Vibeiras | (Torres Novas) | 77.78 | and maintenance | ||
| Balice Project Development Sp. z o.o. ("Balice") | Poland | 100.00 | Real Estate development | Oct-12 | - |
| Through Mota-Engil Real Estate Management | (Krakow) | 100.00 | |||
| Belém Grid - Promoção imobiliária e de Animação Turística, S.A. ("Belém Grid") | Portugal (Porto) |
100.00 | Real Estate development and tourist entertainment |
Oct-19 | - |
| Through Mota-Engil Engenharia e Construção Bukowinska Project Development ("Bukowinska Project Development") |
Poland | 100.00 100.00 |
Mar-15 | - | |
| Through Mota-Engil Central Europe Polónia | (Krakow) | 100.00 | Design and construction of social housing | ||
| Carlos Augusto Pinto dos Santos & Filhos S.A. ("Capsfil") Through Mota-Engil Engenharia e Construção |
Portugal (Vila Flor) |
100.00 100.00 |
Extraction of gravel, sand and crushed stone |
Mar-77 | Oct-09 |
| Diace - Construtoras das Estradas do Douro Interior A.C.E. ("Diace ACE MEEC") | Portugal | 53.10 | Realization of construction works and | Nov-08 | Dec-15 |
| Through Mota–Engil Engenharia e Construção | (Porto) | 53.10 | services and providing design | ||
| Dzieci Warszawy Project Development Sp. z.o.o. ("Dzieci") Through Mota-Engil Real Estate Management |
Poland (Krakow) |
100.00 100.00 |
Real Estate development | Nov-15 | - |
| Ekosrodowisko z.o.o. In Liquidation ("Ekosrodowisko") | Poland | 61.50 | Urban solid waste | Feb-05 | Dec-05 |
| Through SUMA Glace - Construtoras das Auto-estradas da Grande Lisboa A.C.E. ("Glace ACE MEEC") |
(Bytom) Portugal |
61.50 52.87 |
Realization of construction works and | Dec-06 | Dec-15 |
| Through Mota–Engil Engenharia e Construção Glan Agua, Ltd ("Glanagua") |
(Porto) Ireland |
52.87 70.00 |
services and providing design Treatement of waste, exploitation and |
Jan-08 | - |
| Through MEIS | (Ballinasloe) | 70.00 | management of water sytems | ||
| Glan Agua (UK), Ltd ("Glan Agua UK") Through MEIS |
United Kingdom (St Albans) |
70.00 70.00 |
Treatement of waste, exploitation and management of water sytems |
Jul-15 | - |
| Grodkowska Project Development Sp. z.o.o ("Grodkowska") | Poland (Krakow) |
100.00 | Design and construction of social housing | Mar-14 | - |
| Through Mota-Engil Real Estate Management Grota-Roweckiego Project Development Sp. z o.o. ("Grota") |
Poland | 100.00 100.00 |
Real Estate development | Oct-12 | - |
| Through Mota-Engil Real Estate Management Hygeia – Edifícios Hospitalares, SGPS, S.A. ("Hygeia") |
(Krakow) | 100.00 99.00 |
Dec-18 | - | |
| Through Mota–Engil Engenharia e Construção | Portugal | 98.99 | Management of financial holdings | ||
| Through Manvia, Mota-Engil Capital and Mota-Engil Europe | (Lisboa) | 0.01 | |||
| Immo Park Gdańsk, Sp. z.o.o. ("Immo Park Gdańsk") | Poland | 100.00 | Design, construction, management and | Mar-13 | - |
| Through Mota-Engil Central Europe Polónia | (Krakow) | 100.00 | exploitation of parking | ||
| Immo Park Warszawa, Sp. z.o.o. ("Immo Park Warszawa") | Poland | 100.00 | Design, construction, management and exploitation of parking |
Oct-12 | - |
| Through Mota-Engil Central Europe Polónia | (Krakow) | 100.00 | |||
| Immo Park, Sp. z.o.o. ("Immo Park") Through Mota-Engil Central Europe Polónia |
Poland (Krakow) |
100.00 100.00 |
Design, construction, management and exploitation of parking |
Jan-08 | Mar-11 |
| Kilinskiego Project Development Sp. z.o.o. ("Kilinskiego") | Poland | 100.00 | Real Estate development | Aug-07 | - |
| Through Mota-Engil Real Estate Management Kilinskiego Property Investment Sp. z.o.o. ("Kilinskiego PI") |
(Krakow) Poland |
100.00 100.00 |
Sep-11 | - | |
| Through Kilinskiego Project Development Sp. z.o.o. Through Mota-Engil Real Estate, SGPS |
(Krakow) | 99.99 0.01 |
Real Estate development | ||
| Listopada Project Development ("Listopada Project Development") | Poland | 100.00 | Real Estate development | Nov-15 | - |
| Through Mota-Engil Real Estate Management | (Krakow) | 100.00 | |||
| Lusitânia - Construtoras das Auto-estradas das Beiras Litoral e Alta A.C.E. ("Lusitânia ACE MEEC") | Portugal (Porto) |
83.95 | Realization of construction works and services and providing design |
Apr-01 | Dec-15 |
| Through Mota–Engil Engenharia e Construção MES, Mota-Engil Srodowisko, Sp. z.o.o. ("MES") |
Poland | 83.95 61.50 |
Dec-05 | - | |
| Through Suma Mota-Engil International Construction (UK) Ltd ("Mota-Engil UK") |
(Krakow) United Kingdom |
61.50 60.00 |
Urban solid waste | Jul-15 | - |
| Through Mota-Engil Engenharia e Construção | (St Albans) | 60.00 | Construction works | ||
| Mota-Engil Ireland Construction Limited ("Mota-Engil Irlanda") Through Mota-Engil Engenharia e Construção |
Ireland (Dublin) |
60.00 60.00 |
Construction works | Oct-07 | - |
| Mota-Engil Engenharia e Construção, S.A. ("Mota-Engil Engenharia e Construção") | Portugal | 100.00 | Construction works, and purchase and | Dec-00 | - |
| Through Mota-Engil Europe | (Amarante) | 100.00 | sale of real estate | ||
| Mota-Engil Central Europe, S.A. ("ME Central Europe Polónia") Through Mota-Engil Central Europe Management |
Poland (Krakow) |
100.00 100.00 |
Construction works | Feb-53 | Mar-99 |
| Mota-Engil Central Europe Ceska Republika, AS ("Mota-Engil Central Europe República Checa") | Czech Republic | 100.00 | Construction and public works | Jan-97 | - |
| Through Mota-Engil Europe | (Prague) | 100.00 | |||
| Mota-Engil Central Europe Management, SGPS, SA ("Mota-Engil Central Europe Management") | Portugal | 100.00 | Management of financial holdings | Aug-17 | - |
| Through Mota-Engil Europe | (Porto) Poland |
100.00 | |||
| Mota-Engil Central Europe PPP Sp. z.o.o ("ME Central Europe PPP") | 100.00 | Design, construction, management and exploitation of parking |
Mar-12 | - | |
| Through Mota-Engil Central Europe Polónia | (Krakow) Poland |
100.00 | |||
| Mota-Engil Central Europe PPP 2 Sp. z.o.o ("ME Central Europe PPP 2") Through Mota-Engil Central Europe Polónia |
(Krakow) | 100.00 100.00 |
Design, construction, management and exploitation of parking |
Dec-13 | - |
| Mota-Engil Central Europe PPP Road Sp. z.o.o ("ME Central Europe PPP Road") | Poland | 100.00 | Design, construction, management and | - | Nov-13 |
| Through Mota-Engil Central Europe Polónia | (Krakow) | 100.00 | exploitation of parking | ||
| Mota-Engil Central Europe PPP 3 Sp. Z.o.o ("ME Central Europe PPP 3") | Poland | 100.00 | Design, construction, management and | Apr-14 | - |
| Through Mota-Engil Central Europe Polónia | (Krakow) | 100.00 | exploitation of parking | ||
| Mota-Engil Ireland Services Ltd. ("MEIS") Through Mota-Engil Engenharia e Construção |
Ireland (Dublin) |
70.00 70.00 |
Treatement of waste, exploitation and management of water sytems |
Jan-08 | - |
| Mota-Engil Magyarország Beruházási És Épitoipari Zrt. ("Mota-Engil Magyarország") | Hungary | 100.00 | Jan-96 | - | |
| Through Mota-Engil Europe | (Budapest) | 100.00 | Construction and public works | ||
| Mota-Engil Railway Engineering, S.A. ("ME Railway Engineering") Through Mota-Engil Engenharia e Construção |
Portugal | 100.00 96.15 |
Study, projects, execution of works and | Jun-18 | - |
| Through MEEC África | (Porto) | 1.92 | representation of materials and equipment related to railway works |
||
| Through Mota-Engil Latin America BV | 1.92 | ||||
| Mota-Engil Real Estate Management, sp. z.o.o. ("Mota-Engil Real Estate Management") | Poland (Krakow) |
100.00 | Real Estate development | Jun-05 | - |
| Through Mota-Engil Central Europe Polónia Mota-Engil Vermelo Sp. z.o.o ("ME Vermelo") |
Poland | 100.00 100.00 |
Real Estate development | Mar-12 | - |
| Through Mota-Engil Real Estate Management | (Krakow) | 100.00 | |||
| Norace - Construtoras das Auto-estradas do Norte A.C.E. ("Norace ACE MEEC") | Portugal (Porto) |
82.87 | Realization of construction works and services and providing design |
Jun-99 | Dec-15 |
| Through Mota–Engil Engenharia e Construção Oriental Hub, S.A. ("Oriental Hub") |
Portugal | 82.87 100.00 |
Design, construction, rehabilitation and | Nov-18 | - |
| Through Mota–Engil Engenharia e Construção | (Porto) | 100.00 | operation of the Old Industrial Slaughterhouse of Porto |
||
| Pinhal - Construtoras das Auto-estradas do Pinhal Interior A.C.E. ("Pinhal ACE MEEC") | Portugal | 53.52 | Realization of construction works and | Apr-10 | Dec-15 |
| Through Mota–Engil Engenharia e Construção | (Porto) | 53.52 | services and providing design |
| Designation | Head Office | Effective holding percentage |
Activity | Incorporation date Acquisition date | |
|---|---|---|---|---|---|
| Project Development 1 Sp. Z.o.o. ("Project Development 1") | Poland | 100.00 | Nov-15 | - | |
| Through Mota-Engil Real Estate Management | (Krakow) | 100.00 | Real Estate development | ||
| Project Development 2 Sp. Z.o.o. ("Project Development 2") Through Mota-Engil Real Estate Management |
Poland (Krakow) |
100.00 100.00 |
Real Estate development | Nov-15 | - |
| Project Development 3 Sp. Z.o.o. ("Project Development 3") | Poland | 100.00 | Feb-20 | - | |
| Through Mota-Engil Real Estate Management | (Krakow) | 100.00 | Real Estate development | ||
| Project Development 4 Sp. Z.o.o. ("Project Development 4") Through Mota-Engil Real Estate Management |
Poland (Krakow) |
100.00 100.00 |
Real Estate development | Feb-20 | - |
| Project Development 5 Sp. Z.o.o. ("Project Development 5") | Poland | 100.00 | Real Estate development | Feb-20 | - |
| Through Mota-Engil Real Estate Management Project Development 6 Sp. Z.o.o. ("Project Development 6") |
(Krakow) Poland |
100.00 100.00 |
Feb-20 | - | |
| Through Mota-Engil Real Estate Management | (Krakow) | 100.00 | Real Estate development | ||
| Portuscale - Construtoras das Auto-estradas do Grande Porto A.C.E. ("Portuscale ACE MEEC") | Portugal | 83.95 | Realization of construction works and | Jul-02 | Dec-15 |
| Through Mota–Engil Engenharia e Construção | (Porto) | 83.95 | services and providing design | ||
| Senatorska Project Development Sp. z.o.o. ("Senatorska") | Poland | 100.00 | Real Estate development | Nov-15 | - |
| Through Mota-Engil Real Estate Management Streamgrest Limited ("Streamgrest") |
(Krakow) Ireland |
100.00 65.00 |
Feb-18 | - | |
| Through Mota-Engil Irlanda Through GlanAgua |
(Galway) | 30.00 35.00 |
Comercial | ||
| VBT - Projectos e Obras de Arquitectura Paisagística, Lda ("VBT") | Angola | 48.89 | Sep-08 | - | |
| Through Vibeiras Through Mota-Engil Ambiente e Serviços |
(Luanda) | 38.89 10.00 |
Landscape gardening | ||
| Vianor - Construtoras das Auto-estradas da Costa de Prata A.C.E. ("Vianor ACE MEEC") | Portugal (Porto) |
83.95 | Realization of construction works and | Apr-00 | Dec-15 |
| Through Mota–Engil Engenharia e Construção | 83.95 | services and providing design | |||
| Vibeiras – Sociedade Comercial de Plantas, S.A. ("Vibeiras") Through Mota-Engil Engenharia e Construção |
Portugal (Torres Novas) |
77.78 77.78 |
Landscape gardening | Jul-88 | Oct-98 |
| Environment and Services AGIR - Ambiente e Gestão Integrada de Resíduos, Lda. ("Agir") |
Cabo Verde | 80.75 | Dec-07 | - | |
| Through Mota-Engil Ambiente e Serviços | (Praia) | 50.00 | Treatment and recovery of urban solid waste |
||
| Through Suma Algar - Valorização e Tratamento de Resíduos Sólidos, S.A. ("Algar") |
Portugal | 30.75 33.15 |
Treatment and disposal of non-hazardous | - | Jun-15 |
| Through EGF | (Loulé) | 33.15 | waste | ||
| Amarsul- Valorização e Tratamento de Resíduos Sólidos, S.A. ("Amarsul") Through EGF |
Portugal (Setúbal) |
30.19 30.19 |
Treatment and disposal of non-hazardous waste |
- | Jun-15 |
| Citrave - Centro Integrado de Tratamento de Resíduos de Aveiro, S.A. ("Citrave") | Portugal | 61.50 | Treatment and disposal of non-hazardous | Dec-87 | Oct-06 |
| Through Suma Through Novaflex |
(Lisboa) | 61.41 0.05 |
waste | ||
| Through Suma Esposende Correia & Correia, Lda. ("Correia & Correia") |
Portugal | 0.05 48.18 |
Sep-88 | Feb-00 | |
| Through Enviroil | (Sertã) | 48.18 | Trade and collection of used oils | ||
| Enviroil SGPS, Lda. ("Enviroil") Through Suma |
Portugal (Torres Novas) |
48.18 48.18 |
Management of financial holdings | Nov-97 | - |
| Enviroil II – Reciclagem de Óleos Usados, Lda. ("Enviroil II") | Portugal | 45.77 | Oil recycling, electricity production and | Apr-11 | - |
| Through Enviroil Through SRI |
(Torres Novas) | 43.37 2.41 |
bulk trade of fuels and related products | ||
| Ersuc - Resíduos Sólidos do Centro, S.A. ("Ersuc") | Portugal | 34.14 | Treatment and disposal of non-hazardous | - | Jun-15 |
| Through EGF Through Suma |
(Coimbra) | 30.46 3.68 |
waste | ||
| Empresa Geral de Fomento, S.A. ("EGF") Through Suma Tratamento |
Portugal (Lisboa) |
59.19 59.19 |
Treatment and disposal of non-hazardous waste |
- | Jun-15 |
| Eco Vision LLC ("Eco Vision") | Oman | 31.37 | Treatment and disposal of non-hazardous | Jul-15 | - |
| Through Suma InvestAmbiente - Recolha de Resíduos e Gestão de Sistemas de Saneamento Básico, S.A. |
(Muscat) Portugal |
31.37 | waste | ||
| ("Investambiente") | (Lisboa) | 31.98 | Collection of non-hazardous waste | Feb-00 | Dec-07 |
| Through Novaflex Mota-Engil, Ambiente e Serviços, SGPS, S.A. ("Mota-Engil Ambiente e Serviços") |
Portugal | 31.98 100.00 |
Jun-97 | - | |
| Through Mota-Engil Europe | (Porto) | 100.00 | Management of financial holdings | ||
| Nova Beira - Gestão de Resíduos, S.A. ("Nova Beira") | Portugal | 41.72 | Treatment and disposal of non-hazardous | - | Dec-07 |
| Through Novaflex Through Investambiente |
(Lisboa) | 31.17 10.55 |
waste | ||
| Novaflex - Técnicas do Ambiente, S.A. ("Novaflex") | Portugal | 61.50 | Collection of other non-hazardous waste | - | Dec-07 |
| Through Suma Real Verde - Técnicas de Ambiente, S.A. ("Real Verde") |
(Lisboa) Portugal |
61.50 61.50 |
Treatment and disposal of non-hazardous | Dec-07 | - |
| Through Novaflex Resiges - Gestão de Resíduos Hospitalares, Lda. ("Resiges") |
(Vila Real) Portugal |
61.50 61.50 |
waste | May-98 | Dec-07 |
| Through Novaflex | (Setúbal) | 61.50 | Collection of hazardous waste | ||
| Resiestrela - Valorização e Tratamento de Resíduos Sólidos, S.A. ("Resiestrela") Through EGF |
Portugal (Castelo Branco) |
37.26 37.26 |
Treatment and disposal of non-hazardous waste |
- | Jun-15 |
| Resilei – Tratamento de Resíduos Industriais, S.A. ("Resilei") | Portugal | 30.75 | Treatment and disposal of non-hazardous | - | Jun-03 |
| Through Suma Resinorte - Valorização e Tratamento de Resíduos Sólidos, S.A. ("Resinorte") |
(Leiria) Portugal |
30.75 44.46 |
waste Treatment and disposal of non-hazardous |
- | Jun-15 |
| Through EGF | (Braga) | 44.46 | waste | ||
| Resulima - Valorização e Tratamento de Resíduos Sólidos, S.A. ("Resulima") Through EGF |
Portugal (Viana do Castelo) |
30.19 30.19 |
Treatment and disposal of non-hazardous waste |
- | Jun-15 |
| Rima – Resíduos Industriais e Meio Ambiente, S.A. ("Rima") | Portugal | 59.12 | Treatment of industrial waste | Aug-01 | - |
| Through Suma SIGA - Sistema Integrado de Gestão Ambiental, S.A. ("Siga") |
(Lourosa) Portugal |
59.12 43.05 |
Treatment and disposal of non-hazardous | Oct-08 | - |
| Through Suma SIGAMB - Sistemas de Gestão Ambiental, Lda. (Angola) ("SIGAMB") |
(Ponta Delgada) Angola |
43.05 61.44 |
waste Technical studies, consultancy and |
Feb-14 | - |
| Through Novaflex | (Luanda) | 61.44 | formation in the environmental area | Jul-08 | - |
| SRI - Gestão de Resíduos, Lda ("SRI") Through Correia & Correia |
Portugal (Sertã) |
48.18 48.18 |
Collection of hazardous waste | ||
| Suldouro - Valorização e Tratamento de Resíduos Sólidos, S.A. ("Suldouro") Through EGF |
Portugal (Vila Nova de Gaia) |
35.52 35.52 |
Treatment and disposal of non-hazardous waste |
- | Jun-15 |
| Suma (Douro) - Serviços Urbanos e Meio Ambiente, Lda. ("Suma Douro") | Portugal | 61.50 | Treatment and recovery of urban solid | Jul-00 | - |
| Through Suma | (Murça) | 61.50 | waste | ||
| Suma (Esposende) - Serviços Urbanos e Meio Ambiente, Lda. ("Suma Esposende") | Portugal (Esposende) |
61.50 | Treatment and recovery of urban solid waste |
Dec-99 | - |
| Through Suma Suma (Macau), Lda. ("Suma Macau") |
China | 61.50 60.89 |
Treatment and recovery of urban solid | - | Dec-13 |
| Through Suma | (Macau) | 60.89 | waste | ||
| Suma (Matosinhos) - Serviços Urbanos e Meio Ambiente, S.A. ("Sumalab") Through Suma |
Portugal (Matosinhos) |
61.50 61.50 |
Treatment and recovery of urban solid waste |
Dec-00 | - |
| Suma (Porto) - Serviços Urbanos e Meio Ambiente, S.A. ("Suma Porto") | Portugal | 61.50 | Treatment and recovery of urban solid | Nov-08 | - |
| Through Suma Suma Tratamento, S.A. ("Suma Tratamento") |
(Porto) | 61.50 59.20 |
waste | ||
| Through Suma Through Suma Esposende |
Portugal | 49.19 0.01 |
Management of financial holdings | Oct-14 | - |
| Through Novaflex | (Lisboa) | 0.01 | |||
| Through Mota-Engil Ambiente e Serviços | 10.00 |
| Designation | Head Office | Effective holding percentage |
Activity | Incorporation date Acquisition date | |
|---|---|---|---|---|---|
| Suma – Serviços Urbanos e Meio Ambiente, S.A. ("Suma") | Portugal | 61.50 | Treatment and recovery of urban solid | Jun-94 | - |
| Through Mota-Engil Ambiente e Serviços Triu - Técnicas de Resíduos Industriais e Urbanos, S.A. ("Triu") |
(Lisboa) Portugal |
61.50 48.18 |
waste Collection of non-hazardous waste |
Apr-91 | Sep-08 |
| Through Enviroil Triaza - Treatment of industrial waste da Azambuja, S.A. ("Triaza") |
(Loures) Portugal |
48.18 61.50 |
Treatment and recovery of urban solid | Nov-15 | Sep-08 |
| Through Suma | (Azambuja) | 61.50 | waste | ||
| Valnor - Valorização e Tratamento de Resíduos Sólidos, S.A. ("Valnor") Through EGF |
Portugal (Portalegre) |
31.57 31.57 |
Treatment and disposal of non-hazardous waste |
- | Jun-15 |
| Valorlis - Valorização e Tratamento de Resíduos Sólidos, S.A. ("Valorlis") | Portugal | 30.19 | Treatment and disposal of non-hazardous | - | Jun-15 |
| Through EGF Valorminho - Valorização e Tratamento de Resíduos Sólidos, S.A. ("Valorminho") |
(Leiria) Portugal |
30.19 30.19 |
waste Treatment and disposal of non-hazardous |
- | Jun-15 |
| Through EGF | (Valença) | 30.19 | waste | ||
| Valorsul - Valorização e Tratamento de Resíduos Sólidos das Regiões de Lisboa e do Oeste, S.A. ("Valorsul") Through EGF |
Portugal (Loures) |
31.33 31.33 |
Treatment and disposal of non-hazardous waste |
- | Jun-15 |
| Africa | |||||
| Akwangola, S.A. ("Akwangola") Through Mota-Engil Angola |
Angola (Luanda) |
51.00 51.00 |
Exploitation of water market | Dec-10 | |
| Cecot - Centro de Estudos e Consultas Técnicas, Lda. ("Cecot") Through MEEC África |
Mozambique (Maputo) |
100.00 100.00 |
Construction works' projects and inspection |
Sep-98 | Apr-11 |
| Clean Eburnie SARL ("Clean Eburnie") | Ivory Coast | 60.00 | Technical studies, conception, finance, | Dec-17 | - |
| Through MEEC África | (Abidjan) | 60.00 | constructons and exploration of landfills | ||
| Cosamo (Proprietary) Limited ("Cosamo") | South Africa | 100.00 | Comercial | Dec-76 | - |
| Through Mota Internacional Eco Eburnie, SA ("Eco Eburnie") |
(Joanesburgo) Ivory Coast |
100.00 100.00 |
Treatment and recovery of urban solid | Oct-17 | - |
| Through MEEC África | (Abidjan) | 100.00 | waste and cleaning and maintenance of | ||
| Ecolife, S.A. ("Ecolife") | Mozambique | 58.45 | streets Treatment and recovery of urban solid |
||
| Through Mota-Internacional Through Suma |
(Maputo) | 40.00 18.45 |
waste | Dec-13 | - |
| Estradas do Zambeze, S.A. ("Estradas do Zambeze") | Mozambique | 95.00 | Road concession | Nov-09 | |
| Through MEEC África Fatra - Fábrica de Trefilaria de Angola, S.A. ("Fatra") |
(Maputo) Angola |
95.00 70.00 |
Manufacturing of iron-derived products | Jun-14 | Nov-10 |
| Through Mota Internacional Fibreglass Sundlete (Moçambique), Lda. ("Fibreglass") |
(Luanda) Mozambique |
70.00 100.00 |
Aug-62 | Mar-99 | |
| Through ME Maurícias | (Maputo) | 100.00 | Comercial | ||
| Indimo, Lda. ("Indimo") Through Cecot |
Mozambique | 100.00 50.00 |
Real Estate development | - | Oct-04 |
| Through MEEC África Liwonde Logistics Platform Limited ("Liwonde") |
(Maputo) Malawi |
50.00 | Jun-15 | - | |
| Through ME Investments Malawi | (Lilongwe) | 99.49 51.00 |
Management of financial holdings | ||
| Through MEEC Africa – Malawi branch Malawi Ports Company Limited ("Malawi Ports Company") |
Malawi | 49.00 100.00 |
Nov-10 | - | |
| Through MEEC África | (Lilongwe) | 88.00 | Shipping | ||
| Through ME Malawi Malawi Shipping Company Limited ("Malawi Shipping Company") |
Malawi | 12.00 100.00 |
Nov-10 | - | |
| Through ME Malawi | (Lilongwe) | 100.00 | Shipping | ||
| Martinox, SA ("Martinox") Through Mota-Engil Angola |
Angola (Benguela) |
51.00 51.00 |
Stainless steel works | Feb-08 | Dec-11 |
| Mota & Companhia Maurícias, Lda. ("ME Maurícias") Through MEEC África |
Maurícias (Ebene) |
100.00 100.00 |
Construction works | May-10 | - |
| Mota-Engil África, SGPS, S.A. ("Mota-Engil África") | Portugal | 100.00 | Management of financial holdings | May-10 | - |
| Through MEEC África Mota-Engil África Global Technical Services B.V. ("ME África GTS BV") |
(Porto) Netherlands |
100.00 100.00 |
May-14 | - | |
| Through MEEC África | (Amsterdam) | 100.00 | Management of financial holdings | ||
| Mota-Engil Africa (PTY) Limited ("ME Africa PTY") Through Mota-Engil África N.V. |
South Africa (Joanesburgo) |
100.00 95.00 |
Management of financial holdings | Nov-15 | - |
| Through MEEC África Mota-Engil Angola, S.A. ("Mota-Engil Angola") |
Angola | 5.00 51.00 |
Public works and /or construction works | May-10 | - |
| Through Mota Internacional | (Luanda) | 51.00 | contractor | ||
| Mota-Engil Cameroon S.A.R.L. ("Mota-Engil Cameroon") Through MEEC África |
Cameroon (Douala) |
100.00 100.00 |
Public works and /or construction works contractor |
Jan-18 | - |
| Mota-Engil Côte D´Ivoire, SARL ("Mota-Engil Costa de Marfim") | Ivory Coast | 100.00 | Public works and /or construction works | Apr-18 | - |
| Through MEEC África Mota-Engil Guinée Conakry, SARL ("Mota-Engil Guiné") |
(Abidjan) Guinea Conakry |
100.00 100.00 |
contractor Public works and /or construction works |
Aug-17 | - |
| Through MEEC África Mota-Engil Guinee Mandiana, SARL ("Mota-Engil Mandiana") |
(Conakry) Guinea Conakry |
100.00 100.00 |
contractor Public works and /or construction works |
||
| Through MEEC África | (Conakry) | 100.00 | contractor | Feb-20 | - |
| Mota-Engil Engenharia e Construção África, S.A. ("MEEC África") Through ME Africa PTY |
Portugal (Porto) |
100.00 0.00 |
Construction works | Aug-12 | - |
| Through Mota-Engil SGPS Mota-Engil Engenharia e Construção África PTY ("Mota-Engil Engenharia e Construção África PTY") |
South Africa | 100.00 100.00 |
|||
| Through MEEC África | (Joanesburgo) | 100.00 | Construction works | fev/17 | |
| Mota-Engil Investments (Malawi) Limited ("ME Investments Malawi") Through Mota-Engil Africa |
Malawi (Lilongwe) |
99.00 99.00 |
Public works and /or construction works contractor |
Mar-11 | - |
| Mota-Engil (Malawi) Limited ("ME Malawi") Through MEEC África |
Malawi (Lilongwe) |
100.00 100.00 |
Public works and /or construction works contractor |
Jul-11 | - |
| Mota-Engil Moçambique, Lda. ("ME Moçambique") | Mozambique | 100.00 | Jul-94 | - | |
| Through MEEC África Through Indimo |
(Maputo) | 50.00 50.00 |
Real Estate development | ||
| Mota-Engil S. Tomé e Príncipe, Lda. ("Mota-Engil S. Tomé") | S. Tomé e Príncipe | 100.00 | Public works and /or construction works | Dec-04 | - |
| Through Mota Internacional Through MEEC África |
(S. Tomé) | 95.00 5.00 |
contractor | ||
| Mota Internacional – Comércio e Consultadoria Económica, Lda. ("Mota Internacional") | Portugal | 100.00 | Trade and management of international | Sep-97 | Dec-98 |
| Through Mota-Engil África Novicer-Cerâmicas de Angola,(SU) Limitada. ("Novicer") |
(Funchal) Angola |
100.00 51.00 |
holdings Manufacturing and trade in clay goods |
Sep-07 | - |
| Through Mota-Engil Angola Operadora Estradas do Zambeze, S.A. ("Operadora Estradas do Zambeze") |
(Luanda) Mozambique |
51.00 95.00 |
Nov-09 | Apr-20 | |
| Through Estradas do Zambêze | (Maputo) | 95.00 | Road operation and maintenance | ||
| Penta - Engenharia e Construção, Lda. ("Penta") Through MEEC África |
Cabo Verde | 100.00 96.00 |
Public works and /or construction works | Apr-07 | - |
| Through Mota Internacional Prefal – Préfabricados de Luanda, Lda. ("Prefal") |
(Praia) Angola |
4.00 45.90 |
contractor | Dec-93 | - |
| Through Mota-Engil Angola | (Luanda) | 45.90 | Manufacturing of prestressed goods | ||
| Rentaco Angola - Equipamentos e Transportes, (SU) Limitada. ("Rentaco Angola") | Angola | 51.00 | Rental of construction equipment | Jan-08 | - |
| Through Mota-Engil Angola Sonauta - Sociedade de Navegação, Lda. ("Sonauta") |
(Luanda) Angola |
51.00 100.00 |
Sea transportation, excluding coastal | Nov-94 | - |
| Through Mota Internacional | (Luanda) | 100.00 | transport | ||
| Tracevia Angola - Sinalização, Segurança e Gestão de Tráfego, Lda. ("Tracevia Angola") Through Mota-Engil Angola |
Angola (Luanda) |
51.00 51.00 |
Road signs | - | Sep-07 |
| Vista Energy Environment & Services, S.A. ("Vista SA") | Angola | 51.00 | Management of financial holdings | Jul-08 | Dec-13 |
| Through Mota-Engil Angola Vista Multi Services, Lda. ("Vista Multi Services") |
(Luanda) Angola |
51.00 51.00 |
May-09 | Dec-13 | |
| Through Vista SA Through Mota-Engil Angola |
(Luanda) | 40.80 10.20 |
Urban services | ||
| Vista Waste Management, Lda. ("Vista Waste") Through Mota-Engil Angola |
Angola | 56.15 5.10 |
Dec-09 | Dec-13 | |
| Through Vista SA | (Luanda) | 20.91 | Collection of waste | ||
| Through Suma | 30.14 |
| Designation | Head Office | Effective holding percentage |
Activity | Incorporation date Acquisition date | |
|---|---|---|---|---|---|
| Latin America Administradora Desarrollo MEM ("Administradora Desarrollo MEM") |
51.49 | Feb-18 | - | ||
| Through Mota-Engil México | Mexico (Mexico City) |
50.49 | Business Administration | ||
| Through Mota-Engil América Latina SAPI | 1.00 | ||||
| Ambiente y servicios Peru S.A. ("Ambiente y Servicios Peru") Through Mota-Engil Engenharia e Construção |
Peru | 100.00 0.00 |
Exploitation of terminals | - | - |
| Through Mota-Engil Peru | (Lima) | 100.00 | |||
| Consita Tratamento de resíduos, S.A. ("Consita") | Brazil | 54.93 | Waste treatment | - | Dec-14 |
| Through Geres Participações Consórcio Los Castãnos ("Consórcio Los Castãnos") |
(Belo Horizonte) Peru |
54.93 100.00 |
Dec-11 | - | |
| Through Mota- Engil Peru | (Lima) | 100.00 | Real Estate Development | ||
| Consórcio EE Canoas ("Consórcio EE Canoas") | Colombia | 87.50 | Sep-18 | - | |
| Through Empresa Construtora do Brasil | (Bogotá) | 21.88 | Construction and public works | ||
| Through Mota-Engil Latam Colombia SAS Consórcio Fanning ("Consórcio Fanning") |
Peru | 65.63 100.00 |
Dec-11 | - | |
| Through Mota- Engil Peru | (Lima) | 100.00 | Real Estate Development | ||
| Consórcio GDL Viaduto, S.A.P.I de CV ("Consórcio GDL Viaduto") | Mexico | 21.88 | Construction and public works | Jun-14 | - |
| Through Mota-Engil México Consórcio ME-Contrato Colegios ("Consórcio ME Colegios") |
(Mexico City) | 21.88 100.00 |
May-16 | - | |
| Through Mota–Engil Engenharia e Construção - Colombia branch | Colombia | 75.00 | Construction works | ||
| Through Mota- Engil Peru | (Buenaventura) | 25.00 | |||
| Consórcio ME Carrera 43 ("Consorcio ME Carrera 43") Through Mota-Engil Latam Colombia SAS |
Colombia (Bogotá) |
100.00 100.00 |
Construction and public works | Feb-18 | - |
| Consórcio Mota-Engil Ojeda & Iju Paracas ("Consórcio ME Ojeda & Iju") | Peru | 100.00 | Dec-11 | - | |
| Through Mota- Engil Peru | (Lima) | 100.00 | Real Estate Development | ||
| Consórcio MEC Arroyo Carrera 65 ("Consórcio MEC Arroyo Carrera") | Colombia | 51.00 | Sep-16 | - | |
| Through Mota–Engil Engenharia e Construção - Colombia branch Through Mota-Engil Colômbia |
(Bogotá) | 0.01 50.99 |
Construction and public works | ||
| Consórcio MEC-Av.Malecon-UF1 ("Consórcio MEC-Av.Malecon-UF1") | Colombia | 51.00 | May-16 | - | |
| Through Mota-Engil Engenharia e Construção - Colombia branch | (Buenaventura) | 0.01 | Construction and public works | ||
| Through Mota-Engil Colômbia Consórcio MEC-Av.Malecon-UF2 ("Consórcio MEC-Av.Malecon-UF2") |
50.99 51.00 |
Nov-16 | - | ||
| Through Mota–Engil Engenharia e Construção - Colombia branch | Colombia (Bogotá) |
0.01 | Construction and public works | ||
| Through Mota-Engil Colômbia | 50.99 | ||||
| Consórcio Lamat Tramo 1 SAPI ("Consórcio Lamat Tramo") Through Mota-Engil México |
Mexico (Mexico City) |
29.58 29.58 |
Construction and public works | Apr-20 | - |
| Consórcio La Ponciana ("Consórcio La Ponciana") | Peru | 100.00 | Dec-11 | - | |
| Through Mota- Engil Peru | (Lima) | 100.00 | Real Estate Development | ||
| Consórcio Porta ("Consórcio Porta") Through Mota- Engil Peru |
Peru (Lima) |
100.00 100.00 |
Real Estate Development | Dec-11 | - |
| Consórcio Túnel Guadalajara, SAPI de CV ("Consórcio GDL Túnel") | Mexico | 21.88 | Jul-14 | - | |
| Through Mota-Engil México | (Mexico City) | 21.88 | Construction and public works | ||
| Constructora APP Tabasvera S.A. de C.V. ("Constructora APP Tabasvera") | Mexico | 38.25 | Construction and public works | Jul-16 | - |
| Through Mota-Engil México | (Mexico City) | 38.25 | |||
| Constructora Autopista Cardel-Poza Rica, S.A. de CV ("Constructora Cardel-Poza Rica") | Mexico | 40.80 | Construction and public works | - | Nov/17 |
| Through Mota-Engil México | (Mexico City) | 40.80 | |||
| Constructora Tuxpan Tampico ("Construtora Tuxpan Tampico") | Mexico | 51.00 | - | Nov/17 | |
| Through Mota-Engil México Through Mota-Engil América Latina SAPI |
(Mexico City) | 50.99 0.01 |
Construction and public works | ||
| Desarrolladora Cuatro Caminos ("Desarrolladora Cuatro Caminos") | Mexico | 49.99 | Jun-19 | - | |
| Through ME Inmobiliaria SAPI | (Mexico City) | 49.99 | Construction works | ||
| Desarrollos DOT México, SA de CV ("Desarrollos DOT México") Through Mota-Engil México |
Mexico (Mexico City) |
43.35 43.35 |
Construction and public works | Apr-18 | - |
| Desarrolladora Patzcuaro ("Desarrolladora Patzcuaro") | Mexico | 49.99 | Construction works | Aug-19 | - |
| Through ME Inmobiliaria SAPI Empresa Construtora Brasil, S.A. ("Empresa Construtora Brasil") |
(Mexico City) Brazil |
49.99 50.00 |
Nov-12 | - | |
| Through Mota-Engil Brasil Participações, Ltda | (Belo Horizonte) | 50.00 | Construction and public works | ||
| Empresa Construtora de Honduras ("Empresa Construtora Honduras") | Honduras | 35.70 | Construction and public works | Aug-18 | Sep-18 |
| Through Mota-Engil México FCE Comercializadora Fenix SAPI de C.V. ("FCE Comercializadora Fenix") |
(Villanueva) | 35.70 28.88 |
Sep-16 | - | |
| Through Mota Engil America Latina SAPI | Mexico | 0.01 | Energy trading | ||
| Through ME Energia operacional | (Mexico City) | 28.87 | |||
| Fideicomiso Fairmont Costa Canuva ("Costa Canuva") | Mexico | 26.86 | Real Estate and tourism | Aug-19 | - |
| Through Mota-Engil Turismo Flame Investments, B.V. ("Flame Investments") |
(Mexico City) Netherlands |
26.86 51.96 |
Mar-15 | - | |
| Through Mota-Engil Latin America BV | (Amsterdam) | 51.96 | Management of financial holdings | ||
| FSE Suministradora Fenix SAPI de C.V.("FSE Suministradora Fenix") | Mexico | 28.88 | Aug-16 | - | |
| Through Mota Engil America Latina SAPI Through ME Energia operacional |
(Mexico City) | 0.01 28.87 |
Energy distribution | ||
| Generadora Fenix ("Generadora Fenix") | Mexico | 26.27 | Energy production | Sep-15 | - |
| Through ME Energia operacional | (Mexico City) | 26.27 | |||
| Geres Participações, SA ("Geres Participações") Through Tracevia México |
Brazil | 54.93 28.58 |
Management of financial holdings | Dec-14 | - |
| Through Suma | (Belo Horizonte) | 26.35 | |||
| Global Technical Services Latam BV ("GTS Latam BV") | Netherlands | 100.00 | Management of financial holdings | Jul-16 | - |
| Through Mota-Engil Latin America BV | (Amsterdam) | 100.00 | |||
| Luso Energy del Peru S.A. ("Luso Energy del Peru") Through Mota-Engil Peru |
Peru | 100.00 99.98 |
Other business activities | May-11 | - |
| Through Mota-Engil Engenharia e Construção | (Lima) | 0.02 | |||
| MEBR Construções, Consultoria e Participações, S.A. ("MEBR") | Brazil | 100.00 | Mar-11 | - | |
| Through Mota-Engil Latin America BV | (São Paulo) | 57.69 | Construction and public works | ||
| Through Mota-Engil Latam Peru ME Energy Holding ("ME Energy Holding ") |
42.31 28.87 |
Nov-15 | - | ||
| Through Mota-Engil México | Netherlands (Amsterdam) |
0.01 | Management of financial holdings | ||
| Through Mota-Engil Energy BV ME Energia Operacional ("ME Energia operacional") |
28.86 | Sep-15 | - | ||
| Through Mota-Engil Energy Holding | Mexico | 28.87 28.87 |
Development and energy production | ||
| Through Mota-Engil América Latina SAPI de CV | (Mexico City) | 0.00 | operation | ||
| ME Inmobiliaria SAPI ("ME Inmobiliaria SAPI") Through Mota-Engil México |
Mexico (Mexico City) |
50.49 50.49 |
Real Estate development | Jul-18 | - |
| Mota-Engil América Latina S.A.P.I. de C.V. ("Mota-Engil América Latina") | Mexico | 100.00 | Nov-13 | May-14 | |
| Through Mota-Engil SGPS | (Mexico City) | 0.02 | Management of financial holdings | ||
| Through Mota-Engil Latin America BV Mota-Engil Argentina, SAU ("Mota-Engil Argentina") |
Argentina | 99.98 100.00 |
Apr-18 | - | |
| Through Mota-Engil Latin America BV | (Buenos Aires) | 100.00 | Construction and public works | ||
| Mota-Engil Aruba Holding Company VBA ("Mota-Engil Aruba Holding") | Aruba | 100.00 | Management of financial holdings | Dec-15 | - |
| Through Mota-Engil Latin America BV Mota-Engil Chile S.A. ("Mota-Engil Chile") |
(Oranjestad) | 100.00 100.00 |
Feb-13 | - | |
| Through Mota- Engil Latam Portugal | Chile (Santiago) |
99.00 | Construction and public works | ||
| Through Mota- Engil Engenharia e Construção | 1.00 |
| Designation | Head Office | Effective holding percentage |
Activity | Incorporation date Acquisition date | |
|---|---|---|---|---|---|
| Mota-Engil Colômbia, S.A.S ("Mota-Engil Colômbia") Through Mota-Engil Engenharia e Construção Through Mota-Engil Latam Peru |
Colombia (Bogotá) |
100.00 99.00 1.00 |
Construction and public works | Feb-11 | - |
| Mota-Engil Dominicana S.A.S. ("Mota-Engil Dominicana") Through Mota-Engil Latin America BV |
Dominican Rep. (Santo Domingo) |
60.00 60.00 |
Construction and public works | Nov-14 | - |
| Mota-Engil Energy B.V. ("Mota-Engil Energy BV") Through Flame Investments |
Netherlands (Amsterdam) |
28.86 28.86 |
Finance and consulting | Sep-15 | - |
| Mota-Engil Honduras ("Mota-Engil Honduras") Through Mota-Engil México Through Mota-Engil Latin America BV |
Honduras (Tegucigalpa) |
51.20 50.80 0.40 |
Construction and provision of civil engineering and architecture services |
Jun-18 | - |
| Mota-Engil Latam Col, S.A.S ("Mota-Engil Latam Col") Through Mota-Engil Colômbia Through Mota-Engil Engenharia e Construção |
Colombia (Bogotá) |
100.00 99.00 1.00 |
Construction and public works | Feb-11 | - |
| Mota-Engil Latam Colombia SAS ("ME Latam Colombia SAS") Through Mota-Engil Engenharia e Construção Through Mota-Engil Latin America BV |
Colombia (Bogotá) |
100.00 49.00 51.00 |
Construction and public works | Dec-16 | - |
| Mota-Engil Latam Portugal, S.A. ("Mota-Engil Latam Portugal") Through Mota-Engil SGPS |
Portugal (Porto) |
100.00 100.00 |
Management of financial holdings | Jul-15 | - |
| Mota-Engil Latam Peru ("Mota-Engil Latam Peru") Through Mota-Engil Latin America BV Through Mota-Engil Engenharia e Construção |
Peru (Lima) |
100.00 99.90 0.10 |
Management of financial holdings | Dec-15 | - |
| Mota-Engil Latin America BV ("ME Latin America") Through Mota-Engil Latam Portugal |
Netherlands (Amsterdam) |
100.00 100.00 |
Management of financial holdings | Nov-15 | - |
| Mota-Engil México, S.A. de C.V. ("Mota-Engil México") Through Mota-Engil Latin America BV Through Mota-Engil América Latina SAPI Through Mota Internacional |
Mexico (Mexico City) |
51.00 19.18 31.82 0.00 |
Construction and public works | Jan-10 | - |
| Mota-Engil O&M México, SAPI de CV ("Mota-Engil O&M México SAPI") Through Mota-Engil México |
Mexico (Mexico City) |
51.00 51.00 |
Construction and public works | Sep-17 | - |
| Mota-Engil Peru, S.A. ("Mota-Engil Peru") Through Mota-Engil Latin America BV Through Mota-Engil Engenharia e Construção |
Peru (Lima) |
100.00 99.90 0.10 |
Construction and public works | Sep-86 | - |
| Mota-Engil Servicios Compartidos ("Mota-Engil Servicios Compartidos") Through Mota-Engil México Through Mota-Engil América Latina SAPI |
Mexico (Mexico City) |
51.00 51.00 0.00 |
Administrative Services | Sep-19 | - |
| Mota-Engil Tourism, B.V. ("Mota-Engil Tourism BV") Through Mota-Engil Latin America BV Through Flame Investments |
Netherlands (Amsterdam) |
43.13 9.17 33.96 |
Management of financial holdings | Sep-15 | - |
| Mota-Engil Turismo, S.A. de CV ("Mota-Engil Turismo operacional") Through Mota-Engil América Latina SAPI Through Mota-Engil Turismo Holding |
Mexico (Mexico City) |
43.13 0.00 43.13 |
Real Estate and Tourism | Feb-15 | - |
| Mota-Engil Turismo Holding, S.A.P.I. de C.V. ("Mota-Engil Turismo Holding") Through Mota-Engil México Through Mota-Engil Tourism BV |
Mexico (Mexico City) |
43.13 0.01 43.13 |
Management of financial holdings | Jun-15 | - |
| Operadora APP Coatzacoalcos Villahermosa SAPI de C.V. ("Operadora APP Coatzacoalcos Villahermosa") Through Mota-Engil México |
Mexico (Mexico City) |
38.25 38.25 |
Road construction and maintenance | Apr-17 | - |
| Promotora Inmobiliaria Santa Clara, S.A. ("Santa Clara") Through Mota- Engil Peru |
Peru (Lima) |
100.00 100.00 |
Real Estate Development services | May-12 | - |
| Puente Boca del Rio S.A. De C.V. ("Puente Boca del Rio") Through Mota-Engil México Through Mota–Engil Engenharia e Construção |
Mexico (Mexico City) |
58.35 43.35 15.00 |
Construction and public works | May-16 | - |
| Red Rainbow Company N.V. ("Red Rainbow") Through Mota-Engil Aruba Holding Company VBA |
Aruba (Oranjestad) |
100.00 100.00 |
Construction and public works | Jan-12 | Apr-16 |
| Tarucani Generating Company, S.A. ("Tarucani") Through Mota- Engil Energia Peru Through Mota- Engil Peru |
Peru (Lima) |
100.00 99.98 0.02 |
Generation and distribution of electric energy |
Apr-00 | - |
| Tracevia do Brasil -Sistemas de Telemática Rodoviaria Ltda. ("Tracevia Brasil") Through MEBR |
Brazil (São Paulo) |
50.00 50.00 |
Design, installation, development and maintenance of ITS |
Mar-11 | - |
| Tracevia Mexico S.A. de C.V. ("Tracevia Mexico") Through Tracevia Brasil |
Mexico (Mexico City) |
50.00 50.00 |
Design, installation, development and maintenance of ITS |
Jun-17 | - |
and effective holding percentage as at June 30, 2020, were as follows: The companies / entities included in the attached consolidated financial statements by the equity method, their head offices
| Designation | Head Office | Effective holding percentage |
|---|---|---|
| Associated and jointly controlled companies | ||
| Parent Company of the Group and related activities | ||
| Haçor, Conc. Edifício do Hospital da Ilha Terceira, S.A. ("Haçor") | Portugal | 40.00 |
| HL - Sociedade Gestora do Edifício, S.A. ("HL - Sociedade Gestora do Edifício") | Portugal | 50.00 |
| Ibercargo Rail, S.A. ("Ibercargo") | Spain | 50.00 |
| Manvia II Condutas, Lda. ("Manvia II Condutas") | Portugal | 45.00 |
| Nortenha Angola, SGPS, S.A. ("Nortenha") | Portugal | 29.99 |
| Riscos e Diâmetros Angola, SGPS, S.A. ("Riscos e Diâmetros Angola") | Portugal | 30.10 |
| Sunviauto Internacional, SGPS, S.A. ("Sunviauto Internacional") | Portugal | 29.99 |
| Europe - Environment and Services | ||
| Ambilital – Investimentos Ambientais no Alentejo, EIM. ("Ambilital") | Portugal | 30.14 |
| 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 |
| Africa | ||
| Automatriz, S.A. ("Automatriz") | Angola | 25.50 |
| Busegera Airport Company Lda ("Busegera") | Rwanda | 75.00 |
| Icer – Indústria de Cerâmica, Lda. ("Icer") | Angola | 25.50 |
| Mebisa - Minerais e Britagens, S.A. ("Mebisa") | Angola | 15.30 |
| SPRI - Sociedade Portuguesa de Realizações Industrais e Assistência Técnica, S.A. ("SPRI") | Angola | 40.00 |
| Twine, Lda ("Twine") | Mozambique | 50.00 |
| Vista Power, Lda. ("Vista Power") | Angola | 25.50 |
| Latin America | ||
| Autopista Urbana Siervo de la Nacion, SAPI de CV ("Autopista Siervo de la Nacion") | Mexico | 17.49 |
| APP Coatzacoalcos Villahermosa S.A.P.I. de C.V. ("APP Coatzacoalcos Villahermosa") | Mexico | 20.40 |
| APP Tamaulipas, S.A.P.I. de C.V. ("APP Tamaulipas") | Mexico | 23.97 |
| Concessionária Autopista Cardel-Poza Rica SA de CV ("Concessionária Autopista Cardel") | Mexico | 28.73 |
| Concessionária Autopista Tuxpan-Tampico SA de CV ("Concessionária Autopista Tuxpan-Tampico") | Mexico | 25.85 |
| Concessionaria Urbana Arco Oriente SA de CV ("Concessionaria Urbana Arco Oriente") | Mexico | 17.00 |
| Consorcio ME Colombia ("Consorcio ME Colombia") | Colombia | 38.06 |
| Consorcio Mepax Limitada ("Consorcio Mepax") | Chile | 49.90 |
| Constructora Autopista Perote Xalapa, SA de CV ("Constructora Perote Xalapa") | Mexico | 25.50 |
| Constructora Gran Canal SAPI de CV ("Construtora Gran Canal") | Mexico | 17.03 |
| Constructora M&R, S.A. de C.V. ("Constructora M&R") | Mexico | 10.20 |
| Constructora Tampico Ciudad Victoria, S.A.P.I. de C.V. ("Constructora Tampico Ciudad Victoria") | Mexico | 20.40 |
| Eco Innovacion Ambiental SAPI de CV ("Eco Innovacion") | Mexico | 17.85 |
| ECOSS Ambiental ("ECOSS Ambiental") | Brazil | 18.68 |
| Fideicomiso el Capomo ("Fideicomiso el Capomo") | Mexico | 43.13 |
| Gestion e Innovacion en Servicios Ambientales SA de CV ("GISA") | Mexico | 25.50 |
| M&R de Occidente SAPI de CV ("Concessionária M&R") | Mexico | 20.00 |
| Operadora Maritima Matamoros ("Operadora Marítima Matamoros") | Mexico | 25.50 |
| Operadora Tampico Ciudad Victoria, S.A.P.I. de C.V. ("Operadora Tampico Ciudad Victoria") | Mexico | 24.23 |
| Sistemas Electricos Metropolitanos ("Sistemas Electricos Metropolitanos") | Mexico | 25.50 |
| Trans Tamaulipas ("Trans Tamaulipas") | Mexico | 17.00 |
| Martifer Group | Portugal | 37.50 |
The "Agrupamentos Complementares de Empresas" (ACE) included in the attached consolidated financial statements by the equity method and their effective holding percentage as at June 30, 2020, were as follows:
| Jointly controlled entities - "Agrupamentos | Effective holding |
|---|---|
| Complementares de Empresas" | percentage |
| In activity | |
| Ecotejo-Serviços Manut. Tejo Atlântico; ACE | 45.00% |
| Manvia - Lena Ambiente, ACE | 50.00% |
| Manvia Efacec Exploração Técnica de Sistemas, ACE | 50.00% |
| Mesofer ACE | 36.50% |
| Metroligeiro - Construtora de Infra - Estruturas, ACE | 53.20% |
| Mota-Engil/Acciona/Edivisa - Obras do Aproveitamento Hidroeléctrico de Alto Tâmega, ACE | 42.50% |
| SOMAGUE/MOTA-ENGIL - COTA 500, ACE | 36.42% |
| In warranty period | |
| Barragem de Foz Tua ACE | 33.34% |
| DIEXP - Expropriações do Douro Interior, ACE | 37.08% |
| Engil e OPCA em ACE | 50.00% |
| EXPI - Expropriações do Pinhal Interior, ACE | 37.08% |
| GACE - Gondomar ACE | 24.00% |
| GCVC, ACE (Grupo Construtor de Vila do Conde) | 42.86% |
| GLEX - Expropriações da Grande Lisboa, ACE | 42.08% |
| Grupo Construtor do Edifício Gil Eanes, ACE | 50.00% |
| Haçor Hospital da Terceira, ACE | 43.25% |
| HL Construção, ACE | 65.00% |
| LGC - Linha Gondomar, Construtores, ACE | 30.00% |
| Mota-Engil, Soares da Costa, Monteadriano - Matosinhos, ACE | 42.86% |
| Reforço de Potência da Barragem de Venda Nova III, ACE | 28.33% |
| Somague, BCP, Mota-Engil, SPIE - Linha Vermelha do Metropolitano em ACE | 23.68% |
| Via Rápida Câmara Lobos ECL, ACE | 36.42% |
The consortiums included in the attached consolidated financial statements in the proportion of the assets, liabilities, expenses and income contractually attributable to the GROUP, respective head offices and effective holding percentage as at June 30, 20, were as follows:
| Designation | Head Office | Effective holding percentage |
|---|---|---|
| Latin America | ||
| Consórcio Conservacion Vial Santa Rosa ("Consórcio Conservacion Vial Santa Rosa") | Peru | 50.00 |
| Through Mota- Engil Peru | (Lima) | 50.00 |
| Consórcio Constructor Del Puerto de San Martin ("CCPSM - Consorcio Constructor Del Puerto de San Martin") | Peru | 33.30 |
| Through Mota- Engil Peru | (Lima) | 33.30 |
| Consórcio Ibagué-Honda-Cambao-Manizales ("Consórcio Ibague") | Colombia | 25.00 |
| Through Mota–Engil Engenharia e Construção - Colombia branch | (Bogotá) | 25.00 |
| Consórcio Inframe ("Consórcio Inframe") | Colombia | 60.00 |
| Through Mota–Engil Engenharia e Construção - Colombia branch | (Medellín) | 60.00 |
| Consórcio Mota-Engil Dominicana SAS/IEMCA ("Consórcio Mota-Engil Dominicana") | Dominican Rep. | 42.00 |
| Through Mota-Engil Dominicana | (Santo Domingo) | 42.00 |
| Consórcio Mota-Engil Peru HL Paita ("Consórcio Mota-Engil Peru HL Paita") | Peru | 50.00 |
| Through Mota- Engil Peru | (Lima) | 50.00 |
| Consórcio Mota-Engil TR ("Consórcio Mota-Engil TR") | Peru | 50.00 |
| Through Mota- Engil Peru | (Lima) | 50.00 |
| Consórcio Puentes de Loreto ("Consórcio Puentes Loreto") | Peru | 34.00 |
| Through Mota- Engil Peru | (Lima) | 34.00 |
| Consórcio Vial Acobamba ("Consórcio Vial Acobamba") | Peru | 50.00 |
| Through Mota- Engil Peru | (Lima) | 50.00 |
| Consórcio Vial el Descanso-Langui ("Consórcio Vial el Descanso-Langui") | Peru | 50.00 |
| Through Mota- Engil Peru | (Lima) | 50.00 |
| Consórcio Vial Jaylli ("Consórcio Vial Jaylli") | Peru (Lima) |
42.00 42.00 |
| Through Mota- Engil Peru Consórcio Vial Sur del Peru ("Consórcio Vial Sur del Peru") |
Peru | 50.00 |
| Through Mota- Engil Peru | (Lima) | 50.00 |
| Consórcio Vial Tambillo ("Consórcio Vial Tambillo") | Peru | 50.00 |
| Through Mota- Engil Peru | (Lima) | 50.00 |
| Consórcio Vial Valle Sagrado ("Consórcio Vial Valle Sagrado") | Peru | 50.00 |
| Through Mota- Engil Peru | (Lima) | 50.00 |
| Consórcio Vial Vizcachane ("Consórcio Vial Vizcachane") | Peru | 50.00 |
| Through Mota- Engil Peru | (Lima) | 50.00 |
| Stracon Translei Joint Venture ("Consórcio Stracon Translei") | Peru | 50.00 |
| Through Mota- Engil Peru | (Lima) | 50.00 |
| Translei Consórcio Cosapi ("Translei Consórcio Cosapi") | Peru | 50.00 |
| Through Mota- Engil Peru | (Lima) | 50.00 |
| Translei Consórcio Cusco-Quillabanba ("Translei Consórcio Cusco-Quillabanba") | Peru | 50.00 |
| Through Mota- Engil Peru | (Lima) | 50.00 |
The Mota-Engil Group maintains a stable relationship with stakeholders and the surrounding community. A relationship of trust based on a unique and transversal strategy, guided by values that has been maintained since the foundation of the Group for more than 70 years, passed down from generation to generation.
Mandatory Information
Under the terms of article 246, no. 1, caption c) of the Securities Code, the members of the Board of Directors declare that, to the best of their knowledge, the information contained in this report and accounts has been prepared according to the International Financial Reporting Standards (IFRS) as adopted by the European Union, providing a true and appropriate image of the assets and liabilities, of the financial situation and of the results of MOTA-ENGIL, SGPS, SA and the companies included in its consolidation perimeter, and that the management report faithfully expresses the evolution of the business, the performance and the position of MOTA-ENGIL, SGPS, SA and the companies included in its consolidation perimeter, and contains a description of the main risks and uncertainties with which they are confronted.
Porto, August 25, 2020
António Manuel Queirós Vasconcelos da Mota Chairman of the Board of Directors
Gonçalo Nuno Gomes de Andrade Moura Martins Deputy-chairman of the Board of Directors and President of the Executive Committee (Chief Executive Officer)
Arnaldo José Nunes da Costa Figueiredo Deputy-chairman of the Board of Directors
Jorge Paulo Sacadura Almeida Coelho Deputy-chairman of the Board of Directors
Carlos António Vasconcelos Mota dos Santos Member of the Board of Directors and Deputy-chairman of the Executive Committee
Maria Manuela Queirós Vasconcelos Mota dos Santos Member of the Board of Directors
Maria Teresa Queirós Vasconcelos Mota Neves da Costa Member of the Board of Directors
Maria Paula Queirós Vasconcelos Mota de Meireles Member of the Board of Directors
Ismael Antunes Hernandez Gaspar Member of the Board of Directors and Member of the Executive Committee
José Pedro Matos Marques Sampaio de Freitas Member of the Board of Directors and Member of the Executive Committee (Chief Financial Officer)
João Pedro dos Santos Dinis Parreira Member of the Board of Directors and Member of the Executive Committee Eduardo João Frade Sobral Pimentel Member of the Board of Directors and Member of the Executive Committee
Manuel António da Fonseca Vasconcelos da Mota Member of the Board of Directors and Member of the Executive Committee
Luís Filipe Cardoso da Silva Member of the Board of Directors and Member of the Executive Committee
Emídio José Bebiano e Moura da Costa Pinheiro Member of the Board of Directors
Luís Francisco Valente de Oliveira Non-executive and independent member of the Board of Directors
António Bernardo Aranha da Gama Lobo Xavier Non-executive and independent member of the Board of Directors
António Manuel da Silva Vila Cova Non-executive and independent member of the Board of Directors
Francisco Manuel Seixas da Costa Non-executive and independent member of the Board of Directors
Helena Sofia Salgado Cerveira Pinto Non-executive and independent member of the Board of Directors
Ana Paula Chaves e Sá Ribeiro Non-executive and independent member of the Board of Directors
Under the terms defined in caption d) of no. 5 of article 66º of the Commercial Companies Code, we hereby declare that, during the first half of 2020, MOTA-ENGIL, SGPS SA did not proceed with any transaction over own shares. Therefore, as at June 30, 2020, MOTA-ENGIL, SGPS SA hold 6,091,581 own shares representing 2.56% of its share capital, detailed as follows:
| 2020 | Quantity | Average cost | Amount |
|---|---|---|---|
| Opening Balance | 6,091,581 | 1.68€ | 10,232 |
| Closing Balance | 6,091,581 | 1.68€ | 10,232 |
In compliance with the provisions of Article 2, no. 4 of CMVM Regulation no. 5/2008, we hereby disclose the list as at June 30, 2020 of the persons with qualified holdings, with the indication of the number of shares held and the corresponding percentage of voting rights, computed under the terms of Article 20 of the Securities Code:
| Shareholders | No. of shares | % of Capital held |
% of Voting rights |
|---|---|---|---|
| Mota Gestão e Participações, SGPS, SA (*) | 134,147,973 | 56.48% | 57.97% |
| Maria Paula Queirós Vasconcelos Mota de Meireles (**) | 4,494,211 | 1.89% | 1.94% |
| António Manuel Queirós Vasconcelos da Mota (**) | 4,210,020 | 1.77% | 1.82% |
| Maria Teresa Queirós Vasconcelos Mota Neves da Costa (**) | 3,676,836 | 1.55% | 1.59% |
| Maria Manuela Queirós Vasconcelos Mota dos Santos (**) | 3,275,066 | 1.38% | 1.42% |
| António Lago Cerqueira, S.A. (***) | 3,091,577 | 1.30% | 1.34% |
| Carlos António Vasconcelos Mota dos Santos (**) | 480,000 | 0.20% | 0.21% |
| Manuel António da Fonseca Vasconcelos da Mota (**) | 440,000 | 0.19% | 0.19% |
| Maria Sílvia Fonseca Vasconcelos Mota (****) | 437,061 | 0.18% | 0.19% |
| José Manuel Mota Neves da Costa (****) | 35,000 | 0.01% | 0.02% |
| José Pedro Matos Marques Sampaio de Freitas (**) | 20,138 | 0.01% | 0.01% |
| Attributable to FM – Sociedade de Controlo, SGPS, SA | 154,307,882 | 64.97% | 66.68% |
| Ghotic Corp Mutima Capital (*) | 3,604,893 | 1.52% | 1.56% |
| Ghotic HSP Corp Mutima Capital (*) | 1,399,289 | 0.59% | 0.60% |
| Ghotic JBD LLC Mutima Capital (*) | 1,312,787 | 0.55% | 0.57% |
| Gothic ERP LLC Mutima (*) | 925,700 | 0.39% | 0.40% |
| The Mutima Africa Fund LP (*) | 180,640 | 0.08% | 0.08% |
| Attributable to Mutima Capital Management, LLC | 7,423,309 | 3.13% | 3.21% |
| Attributable to Norges Bank | 5,480,011 | 2.31% | 2.37% |
| Own shares | 6,091,581 | 2.56% | - |
| Freefloat | 64,202,358 | 27.03% | 27.74% |
| TOTAL | 237,505,141 | 100.00% | 100.00% |
(*) Direct shareholder of the Company
(**) Member of the Board of Directors of the Company and person qualified as "Dirigente"
(***) 51% of this company is held by Mota Gestão e Participações, SGPS, SA
(****) Person qualified as "Dirigente" of the Company
Disclosure of shares and other securities held by members of the Board of Directors and by people qualified as "Dirigentes", as well as people closely related to them, under the terms of article 248-B of the Securities Code, and disclosure of the transactions performed during the first half of the year.
| Holding shares of | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MOTA-ENGIL, SGPS, SA | MGP, SGPS, SA | FM, SGPS, SA | ||||||||
| "Dirigentes" | Date | Qt. | Price | Buy / Sell | Inside / Outside Market |
% | Qt. | % | Qt. | % |
| Maria Paula Queirós Vasconcelos Mota de Meireles | ||||||||||
| Opening balance / Closing balance | 4,494,211 | 1.89% | 0 | 0.0% | 17,902 | 21.51% | ||||
| António Manuel Queirós Vasconcelos da Mota | ||||||||||
| Opening balance / Closing balance | 4,210,020 | 1.77% | 0 | 0.0% | 28,701 | 34.48% | ||||
| Maria Teresa Queirós Vasconcelos Mota Neves da Costa | ||||||||||
| Opening balance / Closing balance | 3,676,836 | 1.55% | 0 | 0.0% | 17,902 | 21.51% | ||||
| Maria Manuela Queirós Vasconcelos Mota dos Santos | ||||||||||
| Opening balance | 3,375,066 | 1.42% | 0.0% | 17,902 | 21.51% | |||||
| 22 June 2020 | -100,000 | Donation | ||||||||
| Closing balance | 3,275,066 | 1.38% | 0 | 0.0% | 17,902 | 21.51% | ||||
| Carlos António Vasconcelos Mota dos Santos | ||||||||||
| Opening balance | 380,000 | 0.16% | ||||||||
| 22 June 2020 | 100,000 | Donation | ||||||||
| Closing balance Manuel António da Fonseca Vasconcelos da Mota |
480,000 | 0.20% | ||||||||
| Opening balance / Closing balance | 440,000 | 0.19% | ||||||||
| Maria Sílvia Fonseca Vasconcelos Mota | ||||||||||
| Opening balance / Closing balance | 437,061 | 0.18% | ||||||||
| José Manuel Mota Neves da Costa | ||||||||||
| Opening balance / Closing balance | 35,000 | 0.01% | ||||||||
| José Pedro Matos Marques Sampaio de Freitas | ||||||||||
| Opening balance / Closing balance | 20,138 | 0.01% | ||||||||
| Luís Filipe Cardoso da Silva | ||||||||||
| Opening balance / Closing balance | 12,500 | 0.01% | ||||||||
| Gonçalo Nuno Gomes de Andrade Moura Martins | ||||||||||
| Opening balance / Closing balance | 12,435 | 0.01% | ||||||||
| Emídio José Bebiano e Moura da Costa Pinheiro | ||||||||||
| Opening balance / Closing balance 1) | 10,000 | 0.00% | ||||||||
| António Cândido Lopes Natário | ||||||||||
| Opening balance / Closing balance | 10,000 | 0.00% | ||||||||
| Rui Jorge Teixeira de Carvalho Pedroto | ||||||||||
| Opening balance / Closing balance | 2,000 | 0.00% | ||||||||
| Ismael Antunes Hernandez Gaspar | ||||||||||
| Opening balance / Closing balance | 1,000 | 0.00% | ||||||||
| António Lago Cerqueira, S.A. | ||||||||||
| Opening balance / Closing balance F.M. - Sociedade de Controlo, SGPS, SA |
3,091,577 | 1.30% | ||||||||
| Opening balance / Closing balance Mota Gestão e Participações, SGPS, SA |
- | - | 6,337,640 | 100.0% | ||||||
| Opening balance | 133,466,687 | 56.20% | ||||||||
| 13 March 2020 | 45,000 1.020 | |||||||||
| 16 March 2020 | 136,286 1.017 | |||||||||
| 15 May 2020 | 500,000 1.006 | |||||||||
| Closing balance | 134,147,973 | 56.48% | - | - |
1) Position at June 30, 2020 and in the date of its appointment to the corporate bodies of Mota-Engil SGPS.
As at June 30, 2020, were attributable to FM – SOCIEDADE DE CONTROLO SGPS, SA 154,307,882 shares corresponding to 64.97% of the share capital of MOTA-ENGIL, SGPS, SA which confer 66.68% of the voting rights.
The bonds held by the members of the Board of Directors, by the "Dirigentes" and by the members of the supervisory bodies of the COMPANY as at June, 30, 2020 were as follows:
| Name | No. of bonds | Bonds ME 2018/2022 (NV* - 500€) |
Bonds ME 2019/2024 (NV* - 500€) |
|---|---|---|---|
| António Manuel Queirós Vasconcelos da Mota | 376 | 376 | - |
| José Pedro Matos Marques Sampaio de Freitas | 359 | 340 | 19 |
| José Manuel Mota Neves da Costa | 340 | 200 | 140 |
| António Manuel da Silva Vila Cova | 300 | 300 | - |
| Carlos António Vasconcelos Mota dos Santos | 298 | 224 | 74 |
| Maria Manuela Queirós Vasconcelos Mota dos Santos | 250 | 140 | 110 |
| Luís Valente de Oliveira | 108 | 108 | - |
| Manuel António da Fonseca Vasconcelos da Mota | 46 | 46 | - |
| Maria Paula Queirós Vasconcelos Mota de Meireles | 40 | 40 | - |
| Ana Paula Chaves e Sá Ribeiro | 40 | 40 | - |
| Luís Filipe Cardoso da Silva | 36 | 36 | - |
| Gonçalo Nuno Gomes de Andrade Moura Martins | 19 | - | 19 |
| Emídio José Bebiano e Moura da Costa Pinheiro | 14 | 4 | 10 |
| Maria Teresa Queirós Vasconcelos Mota Neves da Costa | 12 | - | 12 |
| António Cândido Lopes Natário | 4 | 4 | - |
NV – Nominal Value
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