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Mota-Engil
Interim / Quarterly Report • Aug 29, 2019
1905_ir_2019-08-29_14f72235-2bc0-4837-b494-6db81936e3e2.pdf
Interim / Quarterly Report
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2019
Management Report
Interim Consolidated Financial Information
Interim Consolidated Management Report 2019 2
Highlights
•
- Turnover1 up 7.5% YoY to 1,344 million euros
- EBITDA2 up 10% YoY to 194 million euros
- Backlog3 of €5.2 billion, of which 75% outside Europe
- Net debt4 of €1,067 million, despite the strong Capex and the traditionally unfavourable working capital in the first half
- Consolidated net profit up 42% YoY to 8 million euros
(*) Includes others and intra-group eliminations
| 1H19 | % T | ∆ | 1H18 | % T | |
|---|---|---|---|---|---|
| Turnover | 1,344,329 | 7.5% | 1,250,855 | ||
| EBITDA | 194,016 | 14.4% | 9.9% | 176,486 | 14.1% |
| Amortisations and depreciations and provisions and impairment losses |
(103,279) | (7.7%) | (19.7%) | (86,287) | (6.9%) |
| EBIT 5 | 90,737 | 6.7% | 0.6% | 90,199 | 7.2% |
| Net financial results | (51,860) | (3.9%) | (412.2%) | (10,125) | (0.8%) |
| Gains / (losses) in associates and jointly controlled companies | 1,297 | 0.1% | (23.6%) | 1,698 | 0.1% |
| Income before taxes | 40,175 | 3.0% | (44.7%) | 72,607 | 5.8% |
| Consolidated net profit | 25,521 | 1.9% | (37.9%) | 41,081 | 3.3% |
| Attributable: | |||||
| to non-controlling interests | 17,395 | 1.3% | (50.8%) | 35,341 | 2.8% |
| to the Group | 8,126 | 0.6% | 41.6% | 5,740 | 0.5% |
1 corresponds to the heading of "Sales and services rendered" of the consolidated income statement
2 corresponds to the algebraic sum of the following headings of the consolidated income statement: "Sales and services rendered"; "Cost of goods sold, mat. cons., Change in production and Subcontractors"; "Third-party supplies and services"; "Wages and salaries"; and "Other operating income / (expenses)"
3 corresponds to the contracts awarded to be executed at the exchange rate of 30 June 2019
4 corresponds to the algebraic sum of the following headings 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 amortised cost"; "Loans without recourse" and "Loans with recourse". It should be noted that the lease and factoring operations established by the GROUP are not accounted under the above mentioned headings
5 EBIT corresponds to the algebraic sum of EBITDA and of the following headings of the consolidated income statement: "Amortisations and depreciations" and "Provisions and impairment losses"
The accounts included in this interim Report have not been audited.
| Highlights | 3 |
|---|---|
| 01 - Interim Consolidated Management Report |
5 |
| Financial analysis | 6 |
| Business segments | 11 |
| Sustainability and Social Responsibility | 14 |
| Stock price evolution | 15 |
Interim Consolidated Management Report 2019 4
02 - Interim Consolidated Financial Statements 17
| Consolidated income statements | 19 |
|---|---|
| Consolidated statements of other comprehensive income | 20 |
| Consolidated statements of financial position | 21 |
| Consolidated statements of changes in equity | 22 |
| Consolidated statements of cash-flows | 24 |
| Notes to the consolidated financial statements | 25 |
03 - Mandatory information 45
Interim Consolidated Management Report 2019 5
Interim Consolidated Management Report
01. Financial analysis
(*) Includes others and intra-group eliminations
Turnover in the first half of 2019 reached 1,344 million euros, an increase of 7% when compared with the same period of 2018, despite having been affected by some delays in the start-up of some major projects in relevant markets. In this regard, the strong contribution of the African region to that increase should be highlighted.
In the first half of 2019, Latin America and Africa were the regions that contributed the most to the GROUP'S turnover with 34% each. On the other hand, as a result of the evolution of the activity in the semester, it is worth noting the almost perfect balance of the turnover between the three regions, a factor that mitigates concentration risks. Additionally, in the first half of 2019, in the European region the Engineering & Construction (E&C) segment contributed with 23% to the GROUP'S turnover (21% in the same period of 2018) and the Environment & Services (E&S) segment with 9% (11% in the same period of 2018).
(*) Includes others and intra-group eliminations
In the first half of 2019, the GROUP'S EBITDA increased by 10% to 194 million euros, positively affected by the performance of the African (11% growth) and Latin American (40% growth) regions. However, it should be noted that for the above-mentioned increase also contributed the first time adoption of IFRS 16 - Leases in 7 million euros. On the other hand, the EBITDA margin (EBITDA / Turnover) in the first half of 2019 reached 14.4% which evidenced a slight improvement (0.3pp) compared with the same period of 2018.
Regarding EBIT, it rose to 91 million euros, slightly higher than in the same period of 2018 (90 million euros), having being impacted by the increase of EBITDA but negatively affected by the amortisations related to last 12 months' capex, namely in Mozambique and in Ivory Coast, and by the first time adoption of IFRS 16 (negative impact of 7 million euros).
(*) Capex corresponds to the algebraic sum of acquisitions and disposals of tangible and intangible assets occurred in the period.
In the first half of 2019, the GROUP invested approximately 107 million euros, of which it is worth to highlight circa of 38 million euros assign to the electricity generation business in Mexico (development of the first stage of the Jorge Luque project combined cycle power plant and the construction of a landfill for energy production), circa of 22 million euros assign to the execution of the investment plan defined for EGF's concession companies and circa of 14 million euros assign to the execution of a relevant project in the area of E&S in Ivory Coast.
As at June 30, 2019, the net debt reached 1,067 million euros, an increase of circa of 112 million euros, when compared with December 31, 2018, justified, essentially, by the high level of capex and by the typical seasonality of the business.
As at June 30, 2019, the net debt added by the factoring (**) and lease (***) operations reached 1,457 million euros, of which 34 million euros related to the first adoption of IFRS 16 – Leases.
In addition, it should be highlighted that from the total net debt 138 million euros, representing 13% of its total, corresponds to non-recourse debt (****) of EGF.
As a result of the debt evolution and the operational performance in the first half, the total net debt to EBITDA ratio of the last 12 months reached 2.5x (2.5x at June 30, 2018), which confirms the GROUP'S effort to optimize its capital structure.
The gross debt (*****) as at June 30, 2019 amounted to 1,689 million euros, being 53% contracted at floating rates. The average cost of debt increased from 5.0% at December 31, 2018 to 5.2% at June 30, 2019 and as of that date 80% of total gross debt was denominated in euros and had an average maturity of 2.2 years (2.3 years as at December 31, 2018).
As at June 30, 2019, the GROUP maintained unused credit facilities of 170 million euros, resulting in a total effective liquidity of 791 million euros (amount that corresponds to c.47% of total gross debt and 1.1x non-revolving financing needs with maturity less than 1 year).
In this chapter, it is also important to highlight, during the first months of 2019, the GROUP'S ability to comply with the guidelines of its Strategic Plan, namely in what regards the reinforcement of the weight of new borrowers, the diversification of its funding sources and the extension of its debt maturity. Therefore, it is worth noting the establishment during the first half of 2019 of a 100 million euros 5-year loan with Afreximbank (a pan-African multilateral financial institution) and the recent establishment in July 2019 of an international syndicated loan of 105 million euros, with a maturity of 5 years and with an interest rate significantly lower than the GROUP'S average interest rate as at June 30, 2019.
(*) The 1 year net debt includes the total amount of the Angolan sovereign bonds (160 million euros as at June 30, 2019 and 152 million euros as at December 31, 2018) and the Malawi sovereign bonds (14 million euros as at December 31, 2018) recorded in the consolidated statement of financial position in the captions "Other financial investments recorded at amortised cost".
(**) Factoring operations are recorded in the consolidated statement of financial position in the captions "Other financial liabilities" as at June 30, 2019 and as at December 31, 2018.
(***) Lease operations are recorded in the consolidated statement of financial position in the captions "Lease liabilities" as at June 30, 2019 and in the captions "Other financial liabilities" as at December 31, 2018.
(****) Non-recourse debt corresponds to the loans that only the assets of the financed company are responsible towards the settlement of the debt (Project finances).
(*****) Gross debt corresponds to the net debt added by the cash and cash equivalents balances recorded in the consolidated statement of financial position and the Angola and Malawi sovereign bonds held by the Africa region recorded in the consolidated statement of financial position in the captions "Other financial investments recorded at amortised cost".
In the first half of 2019, net financial results reached -52 million euros, a decrease of 42 million euros when compared with the same period of 2018, justified, essentially, by the reduction of the favourable exchange rate differences generated in the period, as a result of the stabilization of the kwanza exchange rate against the euro.
Net financial charges (interest expenses – interest income), reached 44 million euros in the first half of 2019, an amount similar to the one verified in the same period of 2018 (46 million euros).
(*) Includes circa -9 million euros associated with part of the effect of the consideration of Angola as a hyperinflationary economy (IAS 29)
In the first half of 2019, the caption "Gains/(losses) in associates and jointly controlled companies" (EM) contributed positively with 1.3 million euros to the net profit, an amount similar to the one verified in the same period of 2018 (1.7 million euros).
Regarding income tax (Tax), in the first half of 2019 it reached 15 million euros (32 million euros in the same period of 2018) corresponding to an effective tax rate (Income tax / Income before taxes) of 36% (43% in the same period of 2018).
Finally, in the first half of 2019, non-controlling interests (NCI) amounted to 17 million euros, generated essentially by the GROUP'S subsidiaries in Mexico and in Angola.
As a result of the aforementioned operating and financial performance, the net profit attributable to the GROUP as at June 30, 2019 reached 8.1 million euros (5.7 million euros as at June 30, 2018), which corresponded to a 42% increase.
As at June 30, 2019, the backlog amounted to 5.2 billion euros, with the African and Latin American regions contributing with c.75% of the total amount, which corresponds to an E&C backlog / turnover ratio of 1.9x.
As at June 30, 2019, the E&S division contributed with 683 million euros to the GROUP'S backlog. Nevertheless, that amount did not include the estimated revenues arising from the waste treatment contracts of EGF concession companies.
Finally, it is worth to highlight the favourable commercial prospects that the GROUP has for Portugal, Mozambique, Brazil and Colombia, which will allow the maintenance of the backlog above the 5 billion euros.
02. Business segments
230 266 284 153 145 127 -2 -5 -4 380 406 407 2017 2018 2019 TURNOVER 1H | EUROPE (million euros) 7 1 10 56 46 29 62 47 41 1 2017 2018 2019 EBITDA 1H | EUROPE (million euros)
The European region manages the E&C and E&S activities and companies that the GROUP hasin Portugal, Central Europe, Ireland an UK, or that are managed by the management structure of this region. The E&S business has mainly two divisions: the waste collection (through SUMA) and the waste treatment and recovery (through EGF).
Turnover in Europe in the first half of 2019 reached 407 million euros, an amount almost equal to the one verified in the same period of 2018 (406 million euros). However, it should be noted that in the first half of 2018 the Europe's region included a group of companies transferred in the second half of 2018 to MOTA-ENGIL CAPITAL which generated a turnover of c.33 million euros in the first half of 2019.
On the other hand, in the first half of 2019, it should be highlighted the 21% increase in the E&C turnover, impacted, essentially, by the activity recovery in Portugal and in Ireland, as well as, the decrease in the E&S business, justified, essentially, by the regulatory constraints on EGF concession companies.
Additionally, in the first half of 2019, Portugal contributed with c.60% to the E&C turnover.
Regarding operating profitability, the EBITDA in Europe in the first half of 2019 reached 41 million euros, a decrease of 13% when compared with the same period of 2018 (47 million euros). That evolution was justified, essentially, by the positive performance of the E&C segment (+9 million euros), namely in Portugal and in Ireland, and negatively impacted by the performance of the E&S segment (-17 million euros), namely in the waste treatment and recovery business, which was impacted by the above mentioned regulatory constraints.
Regarding the commercial activity and the business development, it is worth to highlight in Portugal in the first half of 2019 the award of new contracts of c.175 million euros, namely the one related to the construction of the Freixo-Alandroal sub-section of the Évora train line, which demonstrates the positive evolution verified in the Portuguese market which will allow MOTA-ENGIL ENGENHARIA E CONSTRUÇÃO to resume the growth of its activity, which has been stagnant due to the crisis in recent years.
EUROPE
AFRICA
In the first half of 2019, as anticipated, there was a significant increase in the turnover of Africa (25%), when compared to the same period of 2018, having this one reached 453 million euros, even though negatively impacted by the delay in the start-up of some relevant projects, namely in Angola. On the other hand, in the first half of 2019, it should be pointed out the 114% increase in Mozambique's turnover, as well as, by the increase of activity in the new eastern and western African markets.
Regarding the operating profitability, the EBITDA in Africa in the first half of 2019 reached 91 million euros, an increase of 11% when compared with the same period of 2018, having the EBITDA margin reached 20% with a balanced contribution from the several markets in the region.
Regarding the commercial activity and the business development, it should be highlighted:
- (i) The award in Kenya of two Annuity PPP works, worth circa of 70 million euros, being the works expected to start during the last quarter of 2019 / first quarter of 2020 and for which the respective financing is already assured;
- (ii) The start-up in Angola of a series of projects already raised, now that their financial framework was already completed, which conditioned the production levels executed in the first half, which will positively impact the market performance; and
- (iii) The signature of the Definitive Peace Agreement in Mozambique, which is expected to bring stability to the next election period and which will give investors the final confidence necessary to perform a series of planned investments in the Oil & Gas sector, which we anticipate could have a very significant impact and generate a remarkable growth in the market activity over the coming years.
LATIN AMERICA
In Latin America, the turnover in the first half of 2019 reached 457 million euros, a decrease of 6% when compared to the same period of 2018, justified, essentially, by the decrease occurred in the Mexican market, due to the completion of some relevant projects, offset by the increase, still insufficient, of the Peruvian market.
Additionally, in the first half of 2019, Mexico contributed with 46% of the region's turnover.
Regarding the electricity generation business, in the first half of 2019 it contributed with 112 million euros of turnover (36 million euros in the first half of 2018).
Regarding the operating profitability, the EBITDA in the first half of 2019 in Latin America increased 40%, when compared with the same period of 2018, reaching 59 million euros, positively impacted by the performance of the electricity generation business in Mexico.
Regarding the commercial activity and the business development, it should be highlighted:
- (i) The award in Panama to a MOTA-ENGIL and OHL consortium the construction of the Panama City Subway Line 1 extension. That contract will involve an estimated amount of USD 178 million (c.159 million euros) and will have an execution period of 33 months. MOTA-ENGIL holds 49% in the consortium;
- (ii) The award to the GROUP of relevant E&C projects in Brazil amounting to 40 million euros, part of which for Petrobras, following the commercial relationship started in 2018, in partnership with Vinci Energies;
- (iii) The award to the GROUP in Brazil, through its subsidiary CONSITA, of a contract for the provision of urban cleaning services in the municipality of São Paulo in consortium with two local companies. That contract involves an estimated amount of BRL 606 million (c.144 million euros) and will have an execution period up to 60 months. The same period will have other contracts with a smaller amount also awarded to the GROUP in Brazil during the current year, totalling c.36 million euros;
- (iv) The signature of new contracts in Peru totalling USD 45 million (c.40 million euros), the majority of which for private sector entities and with different execution periods;
- (v) The strategic partnership established in Mexico for the development of major tourism projects, such as the Fairmont Hotel and the Ritz Carlton Reserve in Costa Canuva, namely with the Jalisco Pension Fund and the Thor Urbana Fund. In addition, following that partnership, and after the financial close, MOTA-ENGIL Mexico will assure a USD 185 million EPC contract for the construction of the Fairmont Hotel with a total area of 67,000m2; and
- (vi) Classification of EMPRESA CONSTRUTORA BRASIL (ECB) as the 6th largest construction company operating in the Brazilian market according to a ranking published by the local press in July 2019.
Finally, in the first half of the year, it should also be pointed out the reinforcement of the commercial relationship maintained with the Brazilian company Vale - through the award of three new contracts, two in New Caledonia and one in Brazil worth c.80 million euros. With participation in different projects in several countries around the globe, MOTA-ENGIL is one of the leading global service providers for short-term construction projects and for medium-term support to the activities of that mining company. Overall, the GROUP is involved in 12 projects in 4 countries, with awards amounting over 700 million euros, of which c.450 million euros to be executed and with execution periods up to 5 years.
03. Sustainability and Social Responsibility
Sustainability and social responsibility are central pillars of the MOTA-ENGIL GROUP'S conduct and of its commitment towards all countries in which it operates.
Therefore, MOTA-ENGIL GROUP supports its decisions in a matrix that includes the environmental and social perspective alongside the economic side. The visibility of the maxim "A more sustainable GROUP in a more sustainable world" is evident in the selection of the recent actions that the GROUP has developed which are listed below:
- (i) MOTA-ENGIL presence at the forefront in supporting Mozambique following the Idai and Kenneth cyclones through immediate reconstruction support, distribution of food and other necessities in partnership with some NGO (of which Helpo stands out) and participation in the Mozambique Recovery and Reconstruction Support Fund;
- (ii) Distribution of scholarship kits in schools in Angola and in Mozambique under the "African Initiatives" program of the Manuel António da Mota Foundation (MAMF);
- (iii) For the 22nd time, a family was supported by MAMF's partnership with Habitat for Humanity Portugal;
- (iv) Three houses were rehabilitated under the partnership established between MAMF and Porto City Council;
- (v) Assignment of MAMF facilities in Porto for the opening of the exhibition that celebrated the 70th anniversary of the Universal Declaration of Human Rights promoted by the National Press Museum;
- (vi) Launching of the MAMF 2019 Prize in Peru to reward creativity, innovation and good practices in educational establishments in the Ancash region, Peru;
- (vii) Development of actions alongside environmental groups to protect sea turtles on Naranjo Beach in Nayarit, Mexico;
- (viii) MAMF sponsorship of Health4Moz's 18th Mission which consisted of an awareness-raising campaign and training in causal factors of chronical kidney disease in Mozambique; and
- (ix) Announcement by Mr. António Mota of the organization of the 1st edition of the Manuel António da Mota Prize in Angola, which aims to distinguish merit projects carried out by non-governmental entities.
04. Stock price evolution
As at June 30, 2019, the share capital of MOTA-ENGIL was comprised by 237,505,141 shares, with a nominal value of one Euro each, being all traded at Euronext Lisbon. At that same date, MOTA-ENGIL held 6,091,581 own shares corresponding to 2.565% of its share capital.
The share of MOTA-ENGIL ended the first half of 2019 with a price of 1.905 euros, corresponding to a market capitalisation of c.452 million euros. During that period, the MOTA-ENGIL share appreciated by 18%. Also, the Portuguese stock index, PSI20, presented a positive performance in the semester, having appreciated 9%. In what regards the European sector index, SXOP, it closed the semester with an appreciation of 21%.
During the first half of 2019, MOTA-ENGIL'S share reached a peak of 2.410 euros, a price achieved in April, and a minimum of 1.558 euros, reached in January. In that period, a total of 103 million shares of MOTA-ENGIL were traded at Euronext Lisbon, corresponding to an average daily volume of 826 thousand shares.
In the Annual General Shareholders Meeting of MOTA-ENGIL held on May 23, all the points of the agenda were approved, namely the proposal for the application of profits, which included a dividend distribution of 7.4 cents (0.074 euros) per share.
Porto, August 26, 2019
Gonçalo Moura Martins Chief Executive Officer
José Pedro Freitas Chief Financial Officer
Interim Consolidated Management Report 2019 16
Interim Consolidated Financial Statements 2019 18
CONSOLIDATED INCOME STATEMENTS FOR THE SIX-MONTH PERIODS ENDED AT JUNE 30, 2019 AND 2018
| 1st Half | |||
|---|---|---|---|
| Notes | 2019 € '000 |
2018 € '000 |
|
| (non audited) | (non audited) | ||
| Sales and services rendered | 2 | 1,344,329 | 1,250,855 |
| Cost of goods sold, mat. cons., Changes in production and Subcontractors | (613,338) | (487,164) | |
| Third-party supplies and services | (267,777) | (337,136) | |
| Wages and salaries | (286,689) | (259,081) | |
| Other operating income / (expenses) | 3 | 17,491 | 9,011 |
| Amortisations and depreciations | 4 | (102,043) | (83,641) |
| Provisions and impairment losses | (1,236) | (2,646) | |
| Financial income and gains | 5 | 43,933 | 130,056 |
| Financial costs and losses | 5 | (95,793) | (140,181) |
| Gains / (losses) in associates and jointly controlled companies | 1,297 | 1,698 | |
| Net monetary position | - | (9,165) | |
| Income before taxes | 40,175 | 72,607 | |
| Income tax | (14,653) | (31,526) | |
| Consolidated net profit of the period | 25,521 | 41,081 | |
| Attributable: | |||
| to non-controlling interests | 17,395 | 35,341 | |
| to the Group | 6 | 8,126 | 5,740 |
| Earnings per share: | |||
| basic | 6 | 0.035 € | 0.025 € |
| diluted | 6 | 0.035 € | 0.025 € |
To be read with the Notes to the consolidated financial statements
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE SIX-MONTH PERIODS ENDED AT JUNE 30, 2019 AND 2018
| 1 | st Half | ||
|---|---|---|---|
| 2019 | 2018 | ||
| € '000 | € '000 | ||
| (non audited) | (non audited) | ||
| Consolidated net profit of the period | 25,521 | 41,081 | |
| 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 | (21,271) | (107,543) | |
| Variation, net of tax, of the fair value of derivative financial instruments | (500) | (370) | |
| Impact of hyperinflation in Angola | (2,687) | (2,645) | |
| Companies consolidated by the equity method | |||
| Exchange differences arising from the conversion of financial statements expressed in foreign currencies | 8 | 146 | |
| Variation, net of tax, of the fair value of derivative financial instruments | (1,099) | 105 | |
| 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 | (62) | - | |
| Variation, net of tax, of the fair value of other financial investments | - | (553) | |
| Total of other comprehensive income of the period | (25,294) | (110,859) | |
| Total consolidated comprehensive income for the period | 227 | (69,778) | |
| Attributable: | |||
| to non-controlling interests | 6,934 | (10,954) | |
| to the Group | (6,707) | (58,824) | |
| To be read with the Notes to the consolidated financial statements |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT JUNE 30, 2019 AND DECEMBER 31, 2018
| Notes | 2019 € '000 |
2018 € '000 |
|
|---|---|---|---|
| (non audited) | (audited) | ||
| Assets | |||
| Non-current | |||
| Goodwill | 7 | 36,852 | 33,741 |
| Intangible assets Tangible assets |
536,580 453,780 |
521,494 740,448 |
|
| Rights of use | 273,198 | - | |
| Financial investments in associates | 8 | 102,219 | 90,416 |
| Financial investments in jointly controlled companies | 5,333 | 6,696 | |
| Other financial investments recorded at amortised cost | 9 | 153,025 | 144,963 |
| Other financial investments recorded at fair value through other comprehensive income | 9 | 59,623 | 59,224 |
| Investment properties Customers and other debtors |
132,370 115,777 |
133,685 109,459 |
|
| Other non-current assets | 10,901 | 7,836 | |
| Derivative financial instruments | 13 | 85 | |
| Deferred tax assets | 190,899 | 184,318 | |
| Total non-current assets | 2,070,570 | 2,032,366 | |
| Current | |||
| Inventories | 336,015 | 334,167 | |
| Customers and other debtors | 955,373 | 1,002,852 | |
| Contract assets | 634,394 | 551,707 | |
| Other current assets Derivative financial instruments |
108,005 - |
65,335 180 |
|
| Corporate income tax | 15,517 | 20,230 | |
| Other financial investments recorded at amortised cost | 9 | 7,071 | 21,399 |
| Cash and cash equivalents with recourse - Term deposits | 10 | 66,906 | 97,449 |
| Cash and cash equivalents without recourse - Demand deposits | 10 | 55,931 | 61,749 |
| Cash and cash equivalents with recourse - Demand deposits | 10 | 338,339 | 291,103 |
| Non-current assets held for sale | 11 | 267,139 | 206,187 |
| Total current assets | 2,784,689 | 2,652,358 | |
| Total Assets | 2 | 4,855,259 | 4,684,724 |
| Liabilities | |||
| Non-current | |||
| Loans without recourse | 12 | 101,444 | 108,505 |
| Loans with recourse | 12 | 776,390 | 697,765 |
| Other financial liabilities | 13 | - | 203,131 |
| Lease liabilities Derivative financial instruments |
13 | 214,296 923 |
- 597 |
| Suppliers and sundry creditors | 51,824 | 51,681 | |
| Liabilities associated with customers contracts | 61,629 | 62,777 | |
| Other non-current liabilities | 146,138 | 168,072 | |
| Provisions | 97,836 | 103,998 | |
| Deferred tax liabilities | 147,972 | 148,075 | |
| Total non-current liabilities | 1,598,452 | 1,544,601 | |
| Current | |||
| Loans without recourse Loans with recourse |
12 12 |
44,006 766,899 |
33,874 731,663 |
| Other financial liabilities | 13 | 118,621 | 210,663 |
| Lease liabilities | 13 | 56,871 | - |
| Suppliers and sundry creditors | 821,858 | 801,652 | |
| Liabilities associated with customers contracts | 297,997 | 319,626 | |
| Other current liabilities | 545,353 | 462,894 | |
| Corporate income tax | 4,786 | 17,215 | |
| Non-current liabilities held for sale | 11 | 182,511 | 115,990 |
| Total current liabilities | 2,838,901 | 2,693,577 | |
| Total Liabilities | 2 | 4,437,353 | 4,238,178 |
| Shareholders' equity | |||
| Share capital Own shares |
237,505 (10,232) |
237,505 (10,232) |
|
| Reserves, retained earnings and share premiums | (87,169) | (73,377) | |
| Consolidated net profit of the period/year | 8,126 | 23,612 | |
| Own funds attributable to the Group | 148,231 | 177,509 | |
| Non-controlling interests | 269,676 | 269,037 | |
| Total shareholders' equity | 417,906 | 446,546 | |
| Total shareholders' equity and liabilities | 4,855,259 | 4,684,724 | |
To be read with the Notes to the consolidated financial statements
CONSOLIDATED STATEMENTS OF FOR THE SIX-MONTH PERIODS ENDED (AMOUNTS IN
| Share capital | |||||
|---|---|---|---|---|---|
| Own shares | Share premiums | Financial investments |
Properties | Derivatives | |
| 237,505 | 92,584 | 27,702 | 473 | 262 | |
| - | - | - | - | - | - |
| - | - | - | - | - | - |
| 237,505 | 92,584 | 27,702 | 473 | 262 | |
| - - - - - |
- - - - - |
- - - - - |
- - - - - |
- - - - - |
- (265) - - - |
| (3) | |||||
| 237,505 | 92,584 | 27,702 | 690 | 65 | |
| - - |
- - |
- - |
- - |
- - |
- (1,599) - |
| - | - | - | - | - | - |
| - | - | - | - | - | - |
| 237,505 | 92,584 | 27,702 | 690 | (1,533) | |
| 237,505 - |
- | (5,788) (5,788) (5,788) 92,584 (10,232) - (10,232) To be read with the Notes to the consolidated financial statements |
27,702 - |
473 - |
CHANGES IN EQUITY AT JUNE 30, 2019 AND 2018 THOUSANDS OF EUROS)
| 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 |
|---|---|---|---|---|---|---|
| (81,485) | 47,638 | (13,346) | 1,588 | 307,135 | 288,603 | 595,737 |
| - | - | (9,324) | - | (9,324) | (2,702) | (12,026) |
| - | - | (10,911) | - | (10,911) | (789) | (11,700) |
| (81,485) | 47,638 | (33,582) | 1,588 | 286,899 | 285,113 | 572,011 |
| - | - | - | 5,740 | 5,740 | 35,341 | 41,081 |
| (59,607) | - | (4,693) | - | (64,564) | (46,295) | (110,859) |
| - | - | - | - | - | (10,705) | (10,705) |
| - | - | 1,588 | (1,588) | - | - | - |
| - | - | (457) | - | (457) | (1,327) | (1,783) |
| (141,092) | 47,638 | (37,143) | 5,740 | 227,618 | 262,128 | 489,746 |
| (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 |
CONSOLIDATED STATEMENTS OF CASH-FLOWS FOR THE SIX-MONTH PERIODS ENDED AT JUNE 30, 2019 AND 2018
| Notes | 2019 € '000 |
2018 € '000 |
|
|---|---|---|---|
| Operating activities | (non audited) | (non audited) | |
| Cash receipts from customers | 1,122,921 | 1,026,155 | |
| Cash paid to suppliers | (835,228) | (817,160) | |
| Cash paid to employees | (194,609) | (180,820) | |
| Cash generated from operating activities | 93,084 | 28,175 | |
| Income tax (paid)/received | (12,809) | (18,845) | |
| Other receipts/(payments) generated by operating activities | 514 | 849 | |
| Net cash from operating activities (1) | 80,789 | 10,179 | |
| Investing activities | |||
| Cash receipts from: | |||
| Financial investments | 14,641 | - | |
| Intangible assets | 6,879 | 7,165 | |
| Tangible assets | 2,423 | 1,543 | |
| Interest and similar income | 16,203 | - | |
| Other treasury applications | 30,543 | 14,701 | |
| Dividends | 652 | 252 | |
| 71,341 | 23,662 | ||
| Cash paid in respect of: | |||
| Financial investments | (11,916) | (5,307) | |
| Loans granted | (11,962) | - | |
| Intangible assets | (58,627) | (19,144) | |
| Tangible assets | (57,173) | (100,791) | |
| (139,678) | (125,241) | ||
| Net cash from investing activities (2) | (68,337) | (101,580) | |
| Financing activities | |||
| Cash receipts from: | |||
| Loans obtained | 214,605 | 153,912 | |
| Lease contracts | 19,822 | 58,407 | |
| 234,427 | 212,319 | ||
| Cash paid in respect of: | |||
| Loans obtained | (86,226) | (153,490) | |
| Loans obtained - Impact of hyperinflation | - | (6,035) | |
| Reimbursement of lease contracts | (22,969) | (21,435) | |
| Interest and similar expenses | (75,975) | (74,495) | |
| Dividends | (21,441) | (4,489) | |
| Impact of hyperinflation in the financing activities | - | 6,489 | |
| (206,611) | (253,454) | ||
| Net cash from financing activities (3) | 27,817 | (41,135) | |
| Variation of cash and cash equivalents (4)=(1)+(2)+(3) | 40,268 | (132,536) | |
| Impact of hyperinflation in cash and cash equivalents | - | (11,167) | |
| Effect of currency exchange differences Cash and cash equivalents at the beginning of the period |
1,148 352,852 |
(23,893) 618,854 |
|
| Cash and cash equivalents at the end of the period | 10 | 394,269 | 451,259 |
To be read with the Notes to the consolidated financial statements
00. Introduction
The core business 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.
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.
01. Accounting policies
1.1. BASIS OF PRESENTATION
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. These consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), 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, 2019. 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 Euro since it is the main currency of the GROUP'S operations. The financial statements of the affiliates expressed in foreign currency were translated to Euro in accordance with the accounting policies described in the Notes 1.3. h) and i) of the basis of consolidation presented in the 2018 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 course as at the date of approval of these financial statements.
In preparing the consolidated financial statements, in accordance with IFRS, the GROUP'S Board of Directors adopted certain assumptions and estimates which affect the reported amounts of assets and liabilities, as well as, the income and costs incurred regarding the periods disclosed, which are described in subparagraph xxii) of the chapter Main accounting policies presented in the 2018 Consolidated Report and Accounts.
1.2. COMPARABILITY
The consolidated financial statements of MOTA-ENGIL GROUP as at June 30, 2019 were prepared in accordance with the accounting policies and the calculation methods disclosed in the 2018 Consolidated Report and Accounts, with the exception of the suspension of the application of IAS 29 – Financial reporting in hyperinflationary economies and the first adoption of IFRS 16 – Leases, taking in consideration the provisions of IAS 34 – Interim financial reporting.
Since Angola in the first half of 2019 ceased to fulfill the conditions set out in IAS 29 to be considered a hyperinflationary economy, the GROUP, after January 1, 2019, suspended the application of that standard to the financial statements of its affiliates located in Angola. However, the impacts generated in previous years arising from the adoption of that standard, namely the ones associated with the remeasurement of the non-monetary assets and liabilities, will remain until the assets be sold, consumed or amortised or until the liabilities be sold or paid.
Regarding IFRS 16 – Leases, which became effective after January 1, 2019, the main comments about its adoption, as well as, its impact in the attached consolidated financial statements are presented below.
Identification of a lease
At the inception date of a contract, the GROUP assesses if its scope corresponds to a lease, or if it contains a lease. A lease corresponds to a contract, or part of a contract, through which it is conceded the right to control the use of an identifiable asset for a determine period of time in exchange for a consideration. To assess whether a contract conveys the right to control the use of an identifiable asset for a determine period of time, the GROUP assesses, if, during the usage period of the asset, it has cumulatively:
- The right to obtain substantially all of the economic benefits arising from the use of the identifiable asset; and
- The right to direct the use of the identifiable asset.
First adoption
The GROUP adopted for the first time IFRS 16 as at January 1, 2019 using the modified retrospective model, considering, at that date, that the amount of the lease liabilities was equal to the amount of the rights of use. Therefore, the initial cumulative impact of the adoption of IFRS 16 in the retained earnings as at January 1, 2019 was null.
The GROUP did not recognised as rights of use or lease liabilities the ones associated with lease contracts with a term lower than 12 months or with a small amount (lower than 5,000 euros). In these circumstances, the GROUP recognised the payments associated with those leases as an expense during the term of the respective contracts.
Recognition
The GROUP recognizes the right of use of an asset and the lease liability at the inception date of the lease contract. The right of use of an asset is initially measured at cost, which includes the initial amount of the lease liability adjusted by any lease payments made on or before the commencement date, plus any initial direct costs incurred, as well as, an estimate of the costs required to dismantle and remove the underlying asset (if applicable), less any lease incentives received.
The right of use of an asset is depreciated by twelfths using the straight-line method during its estimated useful life or during the term of the lease contract, if lower.
The right of use of an asset is periodically subject to impairment tests being the eventual impairment losses detected recorded immediately in the consolidated income statement of the year.
The lease liability is initially measured by the present value of the lease payments that have not yet been paid at the contract date, discounted using the interest rate implicit in the lease or, if that rate cannot be possible to determined, using the incremental borrowing rate of the respective affiliate. Nevertheless, in the majority of the situations, the GROUP uses its incremental borrowing rate as the discount rate in the above referred calculation.
The types of lease payments considered in the measurement of the lease liability include the following ones:
- Fixed payments, deducted from any incentives already received;
- Variable payments, dependent only of a pre-established index or rate;
- Amounts expected to be payable under a residual value guarantee;
-
The exercise price of purchase options, if it is reasonably certain that the lessee will exercise them; and
-
Penalty payments associated with the early termination of the contract, if it is reasonably certain that the lessee will cancel it.
The lease liability is subsequently measured by the amortised cost, using the effective interest rate method, being remeasured when the following conditions occur: (i) changes in the future lease payments arising from a change in an index or a rate specified in the contract; (ii) a change in the GROUP'S estimate of the amount expected to be payable under a residual value guarantee; or (iii) if the GROUP changes its assessment over the exercise of a purchase option, or over its extension or termination.
When the lease liability is remeasured, the carrying amount of the right of use of an asset is adjusted by the same amount, except if the carrying amount of the right of use is zero, situation on which a gain or a loss is recorded in the consolidated income statement.
The impacts arising from the adoption of IFRS – 16 on the date of its initial application (January 1, 2019) can be summarized as follows:
| Balances as at December 31, 2018 |
Reclassifications (a) |
Remeasurements | Balances as at January, 1, 2019 |
|
|---|---|---|---|---|
| Assets | ||||
| Non-current | ||||
| Tangible assets | 740,448 | (269,943) | - | 470,505 |
| Rights of use | - | 269,943 | 39,188 | 309,131 |
| Other non-current asets | 1,291,918 | - | - | 1,291,918 |
| Total non-current assets | 2,032,366 | - | 39,188 | 2,071,554 |
| Current | ||||
| Total current assets | 2,652,358 | - | - | 2,652,358 |
| Total assets | 4,684,724 | - | 39,188 | 4,723,912 |
| Liabilities | ||||
| Non-Current | ||||
| Other financial liabilities | 203,131 | (203,131) | - | - |
| Lease liabilities | - | 203,131 | 29,330 | 232,461 |
| Other non-current liabilities | 1,341,470 | - | - | 1,341,470 |
| Total non-current liabilities | 1,544,601 | - | 29,330 | 1,573,930 |
| Current | ||||
| Other financial liabilities | 210,663 | (62,735) | - | 147,928 |
| Lease liabilities | - | 62,735 | 9,858 | 72,594 |
| Other current liabilities | 2,482,914 | - | - | 2,482,914 |
| Total current liabilities | 2,693,577 | - | 9,858 | 2,703,435 |
| Total liabilities | 4,238,178 | - | 39,188 | 4,277,366 |
| Total shareholders' equity | 446,546 | - | - | 446,546 |
| Total shareholders' equity and liabilities | 4,684,724 | - | 39,188 | 4,723,912 |
(a) Corresponds to the assets and liabilities associated with the financial leasing contracts in force as at December, 31, 2018.
If the GROUP has still applied IAS 17 as at June 30, 2019, the consolidated income statement at that date would present the following differences:
| Balances as at June 30, 2019 | ||||
|---|---|---|---|---|
| IAS 17 | IFRS 16 | Difference | ||
| Sales and services rendered | 1,344,329 | 1,344,329 | - | |
| Cost of goods sold, mat. cons., Changes in production and Subcontractors | (613,338) | (613,338) | - | |
| Third-party supplies and services | (274,506) | (267,777) | 6,730 | |
| Wages and salaries | (286,689) | (286,689) | - | |
| Other operating income / (expenses) | 17,491 | 17,491 | - | |
| Amortisations and depreciations | (95,512) | (102,043) | (6,531) | |
| Provisions and impairment losses | (1,236) | (1,236) | - | |
| Financial income and gains | 43,933 | 43,933 | - | |
| Financial costs and losses | (93,993) | (95,793) | (1,800) | |
| Gains / (losses) in associates and jointly controlled companies | 1,297 | 1,297 | - | |
| Income before taxes | 41,777 | 40,175 | (1,602) | |
| Income tax | (15,014) | (14,653) | 360 | |
| Consolidated net profit of the period | 26,763 | 25,521 | (1,242) | |
| Attributable: | ||||
| to non-controlling interests | 17,480 | 17,395 | (84) | |
| to the Group | 9,283 | 8,126 | (1,158) |
1.3. STANDARDS, INTERPRETATIONS, AMENDMENTS AND REVISIONS WHICH BECAME EFFECTIVE IN THE SEMESTER
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, 2019:
| Applicable in the European | ||
|---|---|---|
| Standard / Interpretation | Union in the financial years | Contents |
| started in or after | ||
| Improvements to rules 2015 – 2017 | 1/jan/19 | This series of changes affects the following standards: IAS 23 (this improvement clarifies that the specific loans obtained that remain open, after the qualifying assets to which they refer are suitable for sale or use, should be added to the generic loans for the calculation of the average capitalisation rate of interest applicable to other qualifying assets), IAS 12 (this improvement clarifies that the tax impact inherent to the dividends should be recorded when the entity records the liability for the payment of the dividends which should be recorded in the income statement, in other comprehensive income or in equity in accordance with the transaction or event that gave rise to the dividends) and IFRS 3 and IFRS 11 (these improvements clarify that: i) in obtaining control of a business that is a joint operation, the interests held previously by the investor are remeasured at their fair value; and ii) where an investor in a joint operation, which does not exercise joint control, obtains control of an operation that is a business, the interest previously held is not remeasured). |
| Change to IFRS 9 – Pre-payment elements with negative compensation |
1/jan/19 | This change introduces the possibility of classifying financial assets with pre-payment conditions with negative compensation at their amortised cost providing that the specific conditions are met rather than being classified at fair value through the income statement. |
| IFRS 16 – Leases | 1/jan/19 | This new standard replaces IAS 17, with a significant impact on the accounting of the lessees who are now obliged to record a leased liability equivalent to the future lease payments and a "right of use" asset for all leasing contracts except for certain short term leases and low value assets. The definition of a lease contract was also changed to be based on the "right to control the use of an identified asset". |
| IAS 19 – Changes, reductions and settlements of plans of defined benefits |
1/jan/19 | This change requires that an entity: i) use updated assumptions in order to determine the current cost of the service and the net interest for the remaining period following the change, reduction or settlement of the plan; and ii) recognise, in the income statement, as part of the cost with past services, or as a gain or loss on settlement, and in other comprehensive income, any reduction to the hedging excess, even if the hedging excess has not been previously recognised due to the impact of the asset ceiling. |
| IFRIC 23 – Uncertainties on the income tax treatment | 1/jan/19 | This is an interpretation of IAS 12 – 'Income taxes` and refers to the quantification and recording requirements to be applied where there are doubts about the acceptance of a particular tax treatment by the Tax Authorities relating to income tax. In case of doubts about the position of the Tax Authorities on a specific transaction the entity should make its best estimate and record the assets or liabilities for income taxes in accordance with IAS 12, rather than IAS 37 – "Provisions, contingent liabilities and assets" based on the expected value or the most likely one. The application of IFRIC 23 may be retrospective or retrospectively modified. |
| Change to IAS 28 – Long-term investments in associates and in joint ventures |
1/jan/19 | This change clarifies that long-term investments in associated companies and in joint ventures (elements of the net investment of an entity in associated companies and joint ventures) which are not being accounted for using the equity method should be accounted for according to IFRS 9, being subject to the estimated losses impairment model prior to any impairment test to the investment as a whole. |
Except for the effects arising from the adoption of IFRS 16 – Leases, described in section 1.2. of these Notes, no other material impacts arise from the adoption of the standards, interpretations, amendments and revisions above referred.
1.4. STANDARDS, INTERPRETATIONS, AMENDMENTS, AND REVISIONS NOT YET ENDORSED BY THE EUROPEAN UNION
The following standards, interpretations, amendments and revisions, with mandatory application in future years, as at June 30, 2019, were not yet endorsed by the European Union:
| Standard / Interpretation | Applicable in the European Union in the financial years |
Contents |
|---|---|---|
| Conceptual structure – Changes in the reference to other IFRS | started in or after 1/jan/20 |
As a result of the publication of the new conceptual structure, the IASB has introduced changes to the text of several standards and interpretations in order to clarify the application of the new definitions of asset / liability and of cost / income, in addition to some of the financial information characteristics. These changes are to be applied retrospectively, except where impracticable. |
| IFRS 3 (amendment) - Definition of a business | 1/jan/20 | This 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 corresponds to an acquisition of an asset or a business combination, are allowed. |
| IAS 1 and IAS 8 (amendment) - Definition of material | 1/jan/20 | This amendment revises the concept of material and includes clarifications as to obscured information, being its effect 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. |
| IFRS 17 – Insurance contracts | 1/jan/21 | This new rule replaces IFRS 4 and is applicable to all entities that issue insurance contracts, reinsurance contracts and investment contracts with discretionary participation characteristics. IFRS 17 is based on the current quantification of the technical liabilities at each reporting date. The current quantification may be based on the building block approach or the simplified premium allocation approach. The recording of the technical margin is different according to its being positive or negative. IFRS 17 is of retrospective application. |
At the date of these Notes, no material impacts are expected from the adoption of the standards, interpretations, amendments and revisions above referred.
02. Business segments
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 companies / entities included in the consolidation perimeter and the respective consolidation methods, head offices, effective participation percentage, activity, incorporation date and date of acquisition are those disclosed in Appendix A.
The amounts regarding MOTA-ENGIL SGPS, the companies of MOTA-ENGIL CAPITAL and other residual 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.
In the six-month periods ended at June 30, 2019 and 2018, the financial information by business segment can be analysed as follows:
| Sales and services rendered | EBITDA | |||
|---|---|---|---|---|
| 2019 | 2018 | 2019 | 2018 | |
| Europe Engineering and Construction | 283,511 | 265,626 | 10,480 | 901 |
| Europe Environment and Services | 126,840 | 144,940 | 29,433 | 46,441 |
| Africa | 452,580 | 361,686 | 91,339 | 82,337 |
| Latin America | 457,494 | 486,346 | 59,078 | 42,355 |
| Others, eliminations and intra-group | 23,904 | (7,743) | 3,685 | 4,452 |
| Mota-Engil Group | 1,344,329 | 1,250,855 | 194,016 | 176,486 |
EBITDA corresponds to the algebraic sum of the following headings 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)".
In the six-month periods ended at June 30, 2019 and 2018, the sales and services rendered between business segments were included in the heading "Others, eliminations and intra-group".
As at June 30, 2019 and December 31, 2018, the net assets and liabilities of the GROUP by business segment can be analysed as follows:
| Assets | Liabilities | |||
|---|---|---|---|---|
| 2019 | 2018 | 2019 | 2018 | |
| Europe Engineering and Construction | 988,278 | 1,122,051 | 757,893 | 810,588 |
| Europe Environment and Services | 907,292 | 937,078 | 698,142 | 721,051 |
| Africa | 1,864,594 | 1,959,069 | 1,441,242 | 1,141,883 |
| Latin America | 1,288,279 | 1,002,271 | 1,307,990 | 1,043,170 |
| Others, eliminations and intra-group | (193,185) | (335,745) | 232,085 | 521,485 |
| Mota-Engil Group | 4,855,259 | 4,684,724 | 4,437,353 | 4,238,178 |
In the six-month period ended at June 30, 2019, there were no changes in the GROUP business segments or in the methodology of calculation and accounting the amounts included in them.
03. Other operating income / (expenses)
In the six-month period ended at June 30, 2019, this heading includes, essentially, 12,700 thousand euros of positive fair value changes in some investment properties held by the GROUP in Mexico (0 at June 30, 2018).
04. Amortisations and depreciations
In the six-month periods ended at June 30, 2019 and 2018, the financial information about amortisations and depreciations can be analysed as follows:
| Amortisations and depreciations | |||
|---|---|---|---|
| 2019 | 2018 | ||
| Europe - Engineering and Construction | 9,876 | 8,419 | |
| Europe - Environment and Services | 30,365 | 30,798 | |
| Africa | 48,678 | 34,555 | |
| Latin America | 11,077 | 8,279 | |
| Others, eliminations and intra-group | 2,046 | 1,590 | |
| Mota-Engil Group | 102,043 | 83,641 | |
In the six-month period ended at June 30, 2019, the heading amortisations and depreciations included circa of 6,500 thousand euros of amortisations of rights of use following the adoption at January 1, 2019 of IFRS 16.
05. Financial results
The financial results for the six-month periods ended at June 30, 2019 and 2018 can be analysed as follows:
| 2019 | 2018 | |
|---|---|---|
| Financial income and gains | ||
| Assets measured at amortised cost | ||
| Interest income | 14,709 | 12,385 |
| Prompt payment discounts received | 162 | 196 |
| Favourable exchange differences | 25,108 | 114,753 |
| Gains arising from sales of financial investments | - | 2,382 |
| Other financial assets | ||
| Other financial income and gains | 3,954 | 339 |
| 43,933 | 130,056 | |
| Financial costs and losses | ||
| Liabilities measured at amortised cost | ||
| Interest expenses | 58,403 | 58,584 |
| Prompt payment discounts granted | 313 | 471 |
| Unfavourable exchange differences | 12,503 | 70,155 |
| Other financial liabilities: | ||
| Other financial costs and losses | 24,573 | 10,971 |
| 95,793 | 140,181 | |
| (51,860) | (10,125) |
In the six-month periods ended at June 30, 2019 and 2018, the heading "Other financial costs and losses" included, essentially, costs with guarantees and with the set-up of loans, as well as, several commissions and others costs charged by financial institutions part of which are being recognised by the effective interest rate method.
06. Earnings per share
The COMPANY issued only common 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 common 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, 2019 and 2018 no common shares were issued.
In the six-month periods ended at June 30, 2019 and 2018, the calculation of the earnings per share can be detailed as follows:
| 2019 | 2018 | |||
|---|---|---|---|---|
| Consolidated net profit of the period attributable to the Group: | (I) | 8,126 | 5,740 | |
| Total number of ordinary shares | (II) | 237,505,141 | 237,505,141 | |
| Number of own shares at the end of the period | (III) | 6,091,581 | 3,639,812 | |
| Weighted average number of own shares | (IV) | 6,091,581 | 3,639,812 | |
| Number of shares outstanding | (II - IV) | 231,413,560 | 233,865,329 | |
| Earnings per share: | ||||
| basic | (I) / (II - IV) | € 0.035 |
€ | 0.025 |
| diluted | (I) / (II - IV) | € 0.035 |
€ | 0.025 |
07. Goodwill
The information regarding Goodwill as at June 30, 2019 and December 31, 2018, can be analysed as follows:
| 2019 | 2018 | |
|---|---|---|
| Net Goodwill |
Net Goodwill |
|
| Europe Engineering and Construction | ||
| Mota-Engil Central Europe Poland | 6,268 | 6,231 |
| 6,268 | 6,231 | |
| Europe Environment and Services | ||
| Suma Group | 9,380 | 9,380 |
| Others | 1,023 | 1,023 |
| 10,403 | 10,403 | |
| Africa | ||
| ME Construction South Africa | 11,213 | 10,983 |
| Others | 1,143 | 1,145 |
| 12,356 | 12,128 | |
| Latin America | ||
| Empresa Construtora Brasil | 4,597 | 4,501 |
| Sistemas Electricos Metropolitanos | 2,739 | - |
| Consita | 488 | 478 |
| 7,825 | 4,979 | |
| 36,852 | 33,741 |
The movements occurred in Goodwill during the six-month periods ended at June 30, 2019 and 2018 were as follows:
| 2019 | 2018 | |
|---|---|---|
| Goodwill at the beginning of the semester | 33,741 | 37,870 |
| Changes in Goodwill due to changes in the perimeter | ||
| Sistemas Electricos Metropolitanos | 2,739 | - |
| 2,739 | - | |
| Changes in Goodwill due to exchange differences | ||
| Mota-Engil Central Europe Poland | 37 | (299) |
| Empresa Construtora Brasil | 96 | (588) |
| ME Construction South Africa | 230 | (946) |
| Others | 9 | 96 |
| 372 | (1,737) | |
| Goodwill at the end of the semester | 36,852 | 36,133 |
08. Financial investments in associates
As at June 30, 2019 and December 31, 2018, the detail of the financial investments in associates was as follows:
| 2019 | 2018 | |
|---|---|---|
| Concessionária Autopista Cardel (Latin America segment) | 33,686 | 26,867 |
| Autopista Urbana Siervo de la Nación (Latin America segment) | 25,700 | 25,347 |
| Concessionária Autopista Tuxpan-Tampico (Latin America segment) | 23,686 | 21,502 |
| Estradas do Zambeze and its affiliated (Africa segment) | 5,155 | 4,721 |
| SPRI (Africa segment) | 3,461 | 3,798 |
| Associated companies of Suma Group (Europe - Environment and Services segment) | 2,783 | 2,902 |
| Others | 7,748 | 5,280 |
| 102,219 | 90,416 |
In the six-month period ended at June 30, 2019, the increase occurred in this heading resulted, essentially, from the additional capital contributions performed in two Mexican highway concessionaire companies (CONCESSIONÁRIA AUTOPISTA CARDEL and CONCESSIONÁRIA AUTOPISTA TUXPAN – TAMPICO).
09. Other financial investments
As at June 30, 2019 and December 31, 2018, the detail of other financial investments was as follows:
| 2019 | 2018 | |
|---|---|---|
| Other financial investments recorded at amortised cost (non-current) | ||
| Angola sovereign bonds | 153,025 | 144,963 |
| Other financial investments recorded at amortised cost (current) | ||
| Angola and Malawi sovereign bonds | 7,071 | 21,399 |
| 160,096 | 166,363 | |
| Other financial investments recorded at fair value through other comprehensive income | ||
| BAI-Banco Angolano de Investimentos | 46,976 | 46,976 |
| STI | 5,061 | 4,140 |
| Auto - Sueco Angola | 2,724 | 2,724 |
| Rutas Del Este | 1,546 | 1,546 |
| Tirtife | 100 | 104 |
| Others | 3,215 | 3,733 |
| 59,623 | 59,224 | |
In the six-month period ended at June 30, 2019, the increase occurred in the Angola sovereign bonds arose from a receipt in kind performed by a private customer in Angola.
10. Cash and cash equivalents
The amounts included in the headings "Cash and cash equivalents with recourse" as at June 30, 2019 and December 31, 2018, were as follows:
| Demand deposits | Term deposits | Total | ||||
|---|---|---|---|---|---|---|
| 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |
| Other treasury applications | 5,491 | 1,109 | - - |
5,491 | 1,109 | |
| Bank deposits and cash in hand | ||||||
| Bank deposits | 330,234 | 287,664 | 66,906 | 97,449 | 397,141 | 385,113 |
| Cash in hand | 2,614 | 2,329 | - - |
2,614 | 2,329 | |
| 338,339 | 291,103 | 66,906 | 97,449 | 405,245 | 388,552 |
The amounts included in the heading "Cash and cash equivalents without recourse" as at June 30, 2019 and December 31, 2018, were as follows:
| Demand deposits | |||
|---|---|---|---|
| 2019 | 2018 | ||
| Bank deposits and cash in hand | |||
| Bank deposits | 55,907 | 61,726 | |
| Cash in hand | 24 | 23 | |
| 55,931 | 61,749 |
11. Non-current assets / liabilities held for sale
In the six month period ended at June 30, 2019, the changes occurred in the captions non-current assets / liabilities held for sale arose, essentially, from the GROUP'S Board of Directors decision to proceed with the sale of the financial investments held in TAKARGO – TRANSPORTES DE MERCADORIAS, S.A. (segment others, eliminations and intra-group) and in MERCADO URBANO – GESTÃO IMOBILIÁRIA, S.A. (segment others, eliminations and intra-group).
As at June 30, 2019 the detail of the non-current assets / liabilities held for sale associated with the affiliates above referred was as follows:
| Assets Non-current Tangible assets 2,388 Rights of use 27,523 Investment properties - Customers and other debtors 10 Other non-current assets 937 Deferred tax assets 115 30,973 Current Customers and other debtors 3,640 Other current assets 1,018 Cash and cash equivalents with recourse - Demand deposits 909 5,567 Total assets 36,540 Liabilities Non-current Loans with recourse - Lease liabilities 23,827 Suppliers and sundry creditors 21,330 Other non-current liabilities 400 Deferred tax liabilities - 45,557 Current Loans with recourse 2,770 Lease liabilities 1,984 Suppliers and sundry creditors 4,655 Other current liabilities 943 10,352 Total liabilities 55,909 |
Takargo | Mercado Urbano |
|---|---|---|
| 108 | ||
| - | ||
| 14,271 | ||
| - | ||
| - | ||
| - | ||
| 14,378 | ||
| 136 | ||
| 8 | ||
| 84 | ||
| 228 | ||
| 14,606 | ||
| 5,564 | ||
| - | ||
| 180 | ||
| - | ||
| 1,693 | ||
| 7,438 | ||
| 533 | ||
| - | ||
| 488 | ||
| 141 | ||
| 1,162 | ||
| 8,600 |
12. Loans
The amounts regarding Loans with recourse as at June 30, 2019 and December 31, 2018, are as follows:
| Current (1 year) |
2 years | 2 to 5 years | over 5 years | Non-current | Total | |
|---|---|---|---|---|---|---|
| 2019 | ||||||
| Non-convertible bond loans | 78,399 | 34,167 | 171,632 | - | 205,798 | 284,197 |
| Amounts owed to credit institutions | ||||||
| Bank loans | 320,848 | 266,734 | 202,403 | 18,320 | 487,457 | 808,304 |
| Overdraft facilities | 100,498 | - | - | - | - | 100,498 |
| Revolving facilities | 124,216 | - | - | - | - | 124,216 |
| Other loans obtained | ||||||
| Commercial paper issues | 141,852 | 76,511 | - | - | 76,511 | 218,362 |
| Other loans | 1,086 | 164 | 6,460 | - | 6,624 | 7,711 |
| 766,899 | 377,576 | 380,494 | 18,320 | 776,390 | 1,543,289 | |
| 2018 | ||||||
| Non-convertible bond loans | 95,643 | 75,113 | 198,824 | - | 273,937 | 369,580 |
| Amounts owed to credit institutions | ||||||
| Bank loans | 293,787 | 168,609 | 185,033 | 27,189 | 380,831 | 674,619 |
| Overdraft facilities | 78,600 | - | - | - | - | 78,600 |
| Revolving facilities | 108,593 | - | - | - | - | 108,593 |
| Other loans obtained | ||||||
| Commercial paper issues | 152,758 | 7,500 | 35,250 | - | 42,750 | 195,508 |
| Other loans | 2,281 | 164 | 82 | - | 247 | 2,528 |
| 731,663 | 251,386 | 419,189 | 27,189 | 697,765 | 1,429,428 |
Although the commercial paper issues fall due in a period equal or lower than one year, their majority is covered by medium and long term programmes which ensure their automatic renewal over time. Therefore, since the GROUP'S Board of Directors intends to use the aforesaid programmes till their maturity, it recorded those commercial paper issues as liabilities due in the medium and long term.
The amounts regarding Loans without recourse as at June 30, 2019 and December 31, 2018, are as follows:
| Current (1 year) |
2 years | 2 to 5 years | over 5 years | Non-current | Total | |
|---|---|---|---|---|---|---|
| 2019 | ||||||
| Amounts owed to credit institutions | ||||||
| Bank loans | 28,462 | 19,669 | 26,629 | 42,721 | 89,018 | 117,480 |
| Other loans obtained | ||||||
| Commercial paper issues | 2,500 | 2,500 | 7,500 | 2,425 | 12,425 | 14,925 |
| 44,006 | 22,169 | 34,129 | 45,146 | 101,444 | 145,449 | |
| 2018 | ||||||
| Amounts owed to credit institutions | ||||||
| Bank loans | 26,723 | 23,043 | 30,602 | 41,185 | 94,830 | 121,552 |
| Revolving facilities | 4,651 | - | - | - | - | 4,651 |
| Other loans obtained | ||||||
| Commercial paper issues | 2,500 | 2,500 | 7,425 | 3,750 | 13,675 | 16,175 |
| 33,874 | 25,543 | 38,027 | 44,935 | 108,505 | 142,379 |
13. Other financial liabilities and lease liabilities
The amounts regarding other financial liabilities and lease liabilities as at June 30, 2019 and December 31, 2018, are as follows:
| Non-current | Current | |||
|---|---|---|---|---|
| 2019 | 2018 | 2019 | 2018 | |
| Lease liabilities | 214,296 | - | 56,871 | - |
| Other financial liabilities: | ||||
| Financial leasing | - | 203,131 | - | 62,735 |
| Factoring | - | - | 118,621 | 119,928 |
| Credit sales | - | - | - | 28,000 |
| - | 203,131 | 118,621 | 210,663 |
14. Changes in the consolidation perimeter
In the six-month period ended at June 30, 2019, the changes occurred in the consolidation perimeter were as follows:
Increase of participation percentage
| Business Area - Europe Environment and Services | |
|---|---|
| Enviroil II – Reciclagem de Óleos Usados, Lda (Company already controlled) |
Companies incorporated
MESOFER,ACE Business Area - Europe Engineering and Construction
Companies consolidated for the first time in the period
| Business Area - Latin America |
|---|
| Consórcio EE Canoas |
| Consórcio ME Carrera 43 |
| Mota-Engil Honduras, S.A. |
| Empresa Construtura de Honduras, S.A. |
| Mota-Engil Inmobiliaria SAPI de CV |
Merger of companies
| Business Area - Latin America | ||
|---|---|---|
| Mota-Engil Latam Colombia SAS |
Exit of companies
Sampaio Üzletviteli Tanácsadó Korlátolt Felelősségű Társaság Kft. (liquidated)
Nádor-Öböl Ingatlanforgalmazó És Beruházó Korlátolt Felelősségű Társaság Kft. (liquidated)
Business Area - Europe Engineering and Construction
Changes in the consolidation method
Change in the consolidation method from full consolidation method to the equity method - Europe Environment and Services
Change in the consolidation method from equity method to full consolidation method - Latin America:
Sistemas Electricos Metropolitanos, SAPI de CV
Ecotejo - Serviços de Manutenção do Tejo Atlântico, ACE
15. Approval of the financial statements
These consolidated financial statements were approved and authorized for issue by the Board of Directors at August 26, 2019.
Appendix A. Consolidated companies
COMPANIES INCLUDED IN THE CONSOLIDATION BY THE FULL CONSOLIDATION METHOD
Companies included in the consolidation by the full consolidation method, their headquarters, effective holding percentage, activity, incorporation / acquisition date as at June 30, 2019, were as follows:
| Designation | Headquarters | Effective holding percentage |
Activity | Incorporation date | Acquisition date |
|---|---|---|---|---|---|
| Parent Company of the Group and related activities | |||||
| Portugal | Aug-90 | ||||
| Mota-Engil, SGPS, S.A., Sociedade Aberta ("Mota-Engil SGPS") | (Porto) | - | Management of financial holdings | - | |
| Bay-Park Korlátolt Felelősségű Társaság Kft. ("Bay Park") Through Obol Invest |
Hungary (Budapest) |
76.73 76.73 |
Real Estate Development | - | Dec-08 |
| CH&P – Combined Heat & Power Anadia, Sociedade Unipessoal, Lda ("CH&P Anadia") |
Portugal | 90.00 | Exploitation of a co-generation plant for the production of electric and thermal |
May-11 | - |
| Through Manvia | (Linda-a-Velha) | 90.00 | energy | ||
| CH&P – Combined Heat & Power Coja, Unipessoal, Lda ("CH&P Coja") | Portugal | 90.00 | Exploitation of a co-generation plant for the production of electric and thermal |
May-11 | - |
| Through Manvia | (Linda-a-Velha) | 90.00 | energy | ||
| Corgimobil - Empresa Imobiliária das Corgas, Lda. ("Corgimobil") Through Mota-Engil Engenharia e Construção |
Portugal | 97.25 71.79 |
Construction works, studies and real | - | Nov-00 |
| Through Mota-Engil Real Estate Portugal | (Cascais) | 25.46 | estate | ||
| Dmowskiego Project Development, Sp. z.o.o. ("Dmowskiego") Through Mota-Engil Real Estate, SGPS |
Poland (Krakow) |
100.00 100.00 |
Real Estate Development | Aug-07 | - |
| GESAR - Gestão de Águas Residuais do Algarve ("GESAR") | Portugal (Linda-a-Velha) |
54.00 | Wastewater treatment | Apr-15 | - |
| Through Manvia Grota-Roweckiego Project Development Sp. z o.o. ("Grota") |
Poland | 54.00 100.00 |
Real Estate Development | Oct-12 | - |
| Through Mota-Engil Central Europe Poland | (Krakow) | 100.00 | |||
| Hungária Hotel Ingatlanforgamazó, Kereskedelmi, és Szolgáltató Kft. ("Hotel Achat Hungary") |
Hungary | 100.00 | Real Estate Development | Jun-08 | - |
| Through Mota-Engil Real Estate, SGPS Hygeia – Edifícios Hospitalares, SGPS, S.A. ("Hygeia") |
(Budapest) | 100.00 99.18 |
|||
| Through Mota–Engil Engenharia e Construção | Portugal | 98.99 | |||
| Through Manvia Through Mota–Engil Capital |
(Lisbon) | 0.18 0.00 |
Management of financial holdings | Dec-18 | - |
| Through Mota–Engil Europa | 0.00 | ||||
| Kordylewskiego Project Development W Likwidacji Sp. z o.o. ("Kordylewskiego") |
Poland | 100.00 | Real Estate Development | Feb-05 | - |
| Through Mota-Engil Real Estate, SGPS | (Krakow) | 100.00 | |||
| Largo do Paço – Investimentos Turísticos e Imobiliários, Lda. ("Largo do Paço") Through Mota-Engil SGPS |
Portugal (Amarante) |
100.00 100.00 |
Real Estate Development | - | Oct-01 |
| Manvia - Manutenção e Exploração de Instalações e Construção, S.A. ("Manvia") | Portugal | 90.00 | Jul-94 | Jun-98 | |
| Through Mota–Engil Ambiente e Serviços | (Linda-a-Velha) | 90.00 | Maintenance and operation of facilities | ||
| Mercado Urbano - Gestão Imobiliária, S.A. ("Mercado Urbano") | Portugal | 100.00 | Real Estate Development | Jul-09 | Mar-11 |
| Through Mota-Engil Real Estate Portugal ME 3I, SGPS, S.A. ("ME 3I SGPS") |
(Porto) Portugal |
100.00 61.20 |
Oct-11 | ||
| Through Mota-Engil Indústria e Inovação | (Linda-a-Velha) | 61.20 | Management of financial holdings | - | |
| ME Investitii AV s.r.l. ("Mota-Engil Investitii") Through Mota-Engil Real Estate, SGPS |
Romania (Bucharest) |
100.00 100.00 |
Real Estate Development | - | Sep-07 |
| MESP - Mota Engil , Serviços Partilhados, Administrativos e de Gestão, S.A. | Portugal | 100.00 | Dec-02 | ||
| ("Mota-Engil Serviços Partilhados") Through Mota-Engil SGPS |
(Porto) | 100.00 | Administrative Services | - | |
| MK Contractors, LLC ("MKC") | USA | 100.00 | Real Estate Development | Mar-02 | - |
| Through Mota-Engil Engenharia e Construção Mota-Engil Capital, S.A. ("Mota-Engil Capital") |
(Miami) Portugal |
100.00 100.00 |
Feb-18 | ||
| Through Mota-Engil SGPS | (Porto) | 100.00 | Management of financial holdings | - | |
| Mota-Engil Indústria e Inovação, SGPS, S.A. ("Mota-Engil Indústria e Inovação") | Portugal (Linda-a-Velha) |
100.00 | Management of financial holdings | Nov-10 | - |
| Through Mota-Engil SGPS Mota-Engil Minerals & Mining (Malawi) Limited ("ME Minerals & Mining |
100.00 | ||||
| Malawi") | Malawi | 100.00 | Prospecting, exploitation and processing of minerals |
Mar-11 | - |
| Through Mota-Engil Minerals Mining Investment B.V. Mota-Engil Minerals & Mining (Zimbabwe) (Private) Limited ("ME Minerals & |
(Lilongwe) | 100.00 | |||
| Mining Zimbabwe") | Zimbabwe (Harare) |
100.00 | Prospecting, exploitation and processing of minerals |
May-11 | - |
| Through Mota-Engil Minerals Mining Investment B.V. Mota-Engil Minerals Mining Investment B.V. ("ME Minerals Mining Investment |
Netherlands | 100.00 100.00 |
Oct-10 | ||
| BV") Through Mota-Engil SGPS |
(Amsterdam) | 100.00 | Management of other companiess | - | |
| Mota-Engil Real Estate Hungary Ingatlanforgalmazó, Kereskedelmi és | Hungary | 100.00 | Jul-05 | - | |
| Szolgáltató Kft.("Mota-Engil Real Estate Hungary") Through Mota-Engil Real Estate, SGPS |
(Budapest) | 100.00 | Real Estate Development | ||
| Mota-Engil Real Estate Portugal, S.A. ("Mota-Engil Real Estate Portugal") | Portugal | 100.00 | Real Estate Development | Sep-01 | - |
| Through Mota-Engil Real Estate, SGPS | (Porto) | 100.00 | |||
| Mota-Engil Real Estate, SGPS, S.A. ("Mota-Engil Real Estate SGPS") Through Mota-Engil Capital |
Portugal (Porto) |
100.00 100.00 |
Management of financial holdings | Dec-02 | - |
| Mota-Engil Renewing, S.A. ("ME Renewing") | Portugal | 100.00 | Energy, sustainable mobility, recycling | Aug-18 | - |
| Through Mota-Engil Capital | (Porto) | 100.00 | and 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") |
Hungary | 76.73 | Real Estate Development | - | Dec-03 |
| Through Obol Invest Proempar - Promoção e Gestão de Parques Empresariais e Tecnológicos, S.A. |
(Budapest) Portugal |
76.73 | Marketing, management and exploitation | ||
| ("Proempar") | (Porto) | 100.00 | of technological and industrial business | Oct-06 | - |
| Through Mota-Engil Real Estate Portugal PTT - Parque Tecnológico do Tâmega, S.A. ("PTT") |
Portugal | 100.00 90.00 |
parks Marketing, management and exploitation |
Dec-06 | - |
| Through Mota-Engil Real Estate Portugal | (Felgueiras) | 90.00 | of technological and industrial business | ||
| Sikorki Project Development Sp. z o.o. ("Sikorki") | Poland | 100.00 | parks | Oct-12 | - |
| Through Mota-Engil Central Europe Poland | (Krakow) | 100.00 | Real Estate Development | ||
| 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 Turalgo-Sociedade de Promoção Imobiliária e Turística do Algarve, S.A. |
(Linda-a-Velha) | 100.00 | |||
| ("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 |
Jun-07 | - | |
| Through Mota-Engil Real Estate, SGPS | (Krakow) | 100.00 | Real Estate Development | ||
| Wilenska Project Development Sp. z.o.o. w likwidacji ("Wilenska") Through Mota-Engil Real Estate, SGPS |
Poland (Krakow) |
100.00 100.00 |
Real Estate Development | Jan-05 | - |
| Designation | Headquarters | Effective holding percentage |
Activity | Incorporation date Acquisition date | |
|---|---|---|---|---|---|
| Europe | |||||
| Engineering and Construction Mota-Engil Europa, S.A. ("Mota-Engil Europa") |
Portugal | 100.00 | Management of financial holdings | Jun-10 | - |
| Through Mota-Engil SGPS Áreagolfe - Gestão, Construção e Manutenção de Campos de Golfe, S.A. |
(Linda-a-Velha) | 100.00 | |||
| ("Áreagolfe") Through Vibeiras |
Portugal (Torres Novas) |
71.11 71.11 |
Golf courses construction, management and maintenance |
- | Jul-07 |
| Balice Project Development Sp. z o.o. ("Balice") Through Mota-Engil Real Estate Management |
Poland (Krakow) |
100.00 100.00 |
Real Estate Development | Oct-12 | - |
| Bukowinska Project Development ("Bukowinska Project Development") | Poland | 100.00 | Design and construction of social | Mar-15 | - |
| Through Mota-Engil Central Europe Poland Carlos Augusto Pinto dos Santos & Filhos S.A. ("Capsfil") |
(Krakow) Portugal |
100.00 100.00 |
housing Extraction of gravel, sand and crushed |
Mar-77 | |
| Through Mota-Engil Engenharia e Construção | (Vila Flor) | 100.00 | stone | Oct-09 | |
| Diace - Construtoras das Estradas do Douro Interior A.C.E. ("Diace ACE MEEC") | Portugal (Porto) |
53.10 | Realization of construction works and services and providing design |
Nov-08 | Dec-15 |
| Through Mota–Engil Engenharia e Construção Dzieci Warszawy Project Development Sp. z.o.o. ("Dzieci") |
Poland | 53.10 100.00 |
- | ||
| Through Mota-Engil Central Europe Poland Ekosrodowisko z.o.o. In Liquidation ("Ekosrodowisko") |
(Krakow) Poland |
100.00 61.50 |
Real Estate Development | Nov-15 Feb-05 |
Dec-05 |
| Through Suma | (Bytom) | 61.50 | Urban solid waste | ||
| Glace - Construtoras das Auto-estradas da Grande Lisbon A.C.E. ("Glace ACE MEEC") |
Portugal (Porto) |
52.87 | Realization of construction works and services and providing design |
Dec-06 | Dec-15 |
| Through Mota–Engil Engenharia e Construção Glan Agua, Ltd ("Glanagua") |
Ireland | 52.87 70.00 |
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 Immo Park Gdańsk, Sp. z.o.o. ("Immo Park Gdańsk") |
Poland | 100.00 100.00 |
Design, construction, management and | Mar-13 | - |
| Through Mota-Engil Central Europe Poland Immo Park Warszawa, Sp. z.o.o. ("Immo Park Warszawa") |
(Krakow) Poland |
100.00 100.00 |
exploitation of parking Design, construction, management and |
Oct-12 | - |
| Through Mota-Engil Central Europe Poland | (Krakow) | 100.00 | exploitation of parking | ||
| Immo Park, Sp. z.o.o. ("Immo Park") Through Mota-Engil Central Europe Poland |
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 Lusitânia - Construtoras das Auto-estradas das Beiras Litoral e Alta A.C.E. |
(Krakow) | 100.00 | |||
| ("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 | (Krakow) Hungary |
61.50 | Urban solid waste | Dec-00 | - |
| Metró Építoipari Gépészeti és szállítási, Zrt ("Metroepszolg") Through Mota-Engil Magyarország |
(Budapest) | 100.00 100.00 |
Public works | ||
| Mota-Engil International Construction (UK) Ltd ("Mota-Engil UK") Through Mota-Engil Engenharia e Construção |
United Kingdom (St Albans) |
60.00 60.00 |
Construction works | Jul-15 | - |
| Mota-Engil Ireland Construction Limited ("Mota-Engil Ireland ") | Ireland | 60.00 | Construction works | Oct-07 | - |
| Through Mota-Engil Engenharia e Construção Mota-Engil Engenharia e Construção, S.A. ("Mota-Engil Engenharia e |
(Dublin) | 60.00 | |||
| Construção") | Portugal (Amarante) |
100.00 | Construction works, and purchase and sale of real estate |
- | Dec-00 |
| Through Mota-Engil Europa Mota-Engil Central Europe, S.A. ("ME Central Europe Poland") |
Poland | 100.00 100.00 |
Construction works | Feb-53 | Mar-99 |
| Through Mota-Engil Central Europe Management Mota-Engil Central Europe Ceska Republika, AS ("Mota-Engil Central Europe |
(Krakow) | 100.00 | |||
| República Checa") Through Mota-Engil Europa |
Czech Republic (Prague) |
100.00 100.00 |
Construction and public works | Jan-97 | - |
| Mota-Engil Central Europe Management, SGPS, SA ("Mota-Engil Central Europe | Portugal | 100.00 | |||
| Management") Through Mota-Engil Europa |
(Porto) | 100.00 | Management of financial holdings | Aug-17 | - |
| Mota-Engil Ireland Services Ltd. ("MEIS") | Ireland (Dublin) |
70.00 | Treatement of waste, exploitation and management of water sytems |
Jan-08 | - |
| Through Mota-Engil Engenharia e Construção Mota-Engil Magyarország Beruházási És Épitoipari Zrt. ("Mota-Engil |
Hungary | 70.00 100.00 |
Jan-96 | - | |
| Magyarország") Through Mota-Engil Europa |
(Budapest) | 100.00 | Construction and public works | ||
| Mota-Engil Vermelo Sp. z.o.o ("ME Vermelo") | Poland | 100.00 | Real Estate Development | Mar-12 | - |
| Through Mota-Engil Real Estate Management Mota-Engil Central Europe PPP Sp. z.o.o ("ME Central Europe PPP") |
(Krakow) Poland |
100.00 100.00 |
Design, construction, management and | Mar-12 | - |
| Through Mota-Engil Central Europe Poland | (Krakow) | 100.00 | exploitation of parking | ||
| Mota-Engil Central Europe PPP 2 Sp. z.o.o ("ME Central Europe PPP 2") | Poland | 100.00 | Design, construction, management and | Dec-13 | - |
| Through Mota-Engil Central Europe Poland Mota-Engil Central Europe PPP Road Sp. z.o.o ("ME Central Europe PPP Road") |
(Krakow) | 100.00 | exploitation of parking | - | Nov-13 |
| Poland (Krakow) |
100.00 | Design, construction, management and exploitation of parking |
|||
| Through Mota-Engil Central Europe Poland Mota-Engil Central Europe PPP 3 Sp. Z.o.o ("ME Central Europe PPP 3") |
Poland | 100.00 100.00 |
Design, construction, management and | Apr-14 | - |
| Through Mota-Engil Central Europe Poland | (Krakow) | 100.00 | exploitation of parking | ||
| 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 Mota-Engil Real Estate Management, sp. z.o.o. ("Mota-Engil Real Estate |
Poland | 1.92 100.00 |
Jun-05 | - | |
| Management") Through Mota-Engil Central Europe Poland |
(Krakow) | 100.00 | Real Estate Development | ||
| Norace - Construtoras das Auto-estradas do Norte A.C.E. ("Norace ACE MEEC") | Portugal | 82.87 | Realization of construction works and | Jun-99 | Dec-15 |
| Through Mota–Engil Engenharia e Construção | (Porto) | 82.87 | services and providing design | ||
| Oriental Hub, S.A. ("Oriental Hub") | Portugal | 100.00 | Design, construction, rehabilitation and operation of the Old Industrial |
Nov-18 | - |
| Through Mota–Engil Engenharia e Construção | (Porto) | 100.00 | Slaughterhouse of Porto | ||
| Pinhal - Construtoras das Auto-estradas do Pinhal Interior A.C.E. ("Pinhal ACE MEEC") |
Portugal (Porto) |
53.52 | Realization of construction works and services and providing design |
Apr-10 | Dec-15 |
| Through Mota–Engil Engenharia e Construção Project Development 1 Sp. Z.o.o. ("Project Development 1") |
Poland | 53.52 100.00 |
|||
| Through Mota-Engil Real Estate Management | (Krakow) | 100.00 | Real Estate Development | Nov-15 | - |
| Project Development 2 Sp. Z.o.o. ("Project Development 2") | Poland (Krakow) |
100.00 | Real Estate Development | Nov-15 | - |
| Through Mota-Engil Real Estate Management Portuscale - Construtoras das Auto-estradas do Grande Porto A.C.E. |
100.00 | ||||
| ("Portuscale ACE MEEC") | Portugal (Porto) |
83.95 | Realization of construction works and services and providing design |
Jul-02 | Dec-15 |
| Through Mota–Engil Engenharia e Construção Senatorska Project Development Sp. z.o.o. ("Senatorska") |
Poland | 83.95 100.00 |
Nov-15 | - | |
| Through Mota-Engil Real Estate Management | (Krakow) | 100.00 | Real Estate Development |
| Designation | Headquarters | Effective holding percentage |
Activity | Incorporation date | Acquisition date |
|---|---|---|---|---|---|
| VBT - Projectos e Obras de Arquitectura Paisagística, Lda ("VBT") | Angola | 45.56 | |||
| Through Vibeiras Through Mota-Engil Ambiente e Serviços |
(Luanda) | 35.56 10.00 |
Landscape gardening | Sep-08 | - |
| Vianor - Construtoras das Auto-estradas da Costa de Prata A.C.E. ("Vianor ACE MEEC") Through Mota–Engil Engenharia e Construção |
Portugal (Porto) |
83.95 83.95 |
Realization of construction works and services and providing design |
Apr-00 | Dec-15 |
| Vibeiras – Sociedade Comercial de Plantas, S.A. ("Vibeiras") Through Mota-Engil Engenharia e Construção |
Portugal (Torres Novas) |
71.11 71.11 |
Landscape gardening | Jul-88 | Oct-98 |
| Environment and Services AGIR - Ambiente e Gestão Integrada de Resíduos, Lda. ("Agir") |
Cape Verde | 80.75 | Dec-07 | - | |
| Through Mota-Engil Ambiente e Serviços Through Suma |
(Praia) | 50.00 30.75 |
Treatment and recovery of urban solid waste |
||
| Algar - Valorização e Tratamento de Resíduos Sólidos, S.A. ("Algar") Through EGF |
Portugal (Loulé) |
33.15 33.15 |
Treatment and disposal of non-hazardous waste |
- | Jun-15 |
| 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. | 61.50 | ||||
| ("Citrave") Through Suma Through Novaflex |
Portugal (Lisbon) |
61.41 0.05 |
Treatment and disposal of non-hazardous waste |
Dec-87 | Oct-06 |
| Through Suma Esposende | 0.05 | ||||
| Correia & Correia, Lda. ("Correia & Correia") Through Enviroil |
Portugal (Sertã) |
48.19 48.19 |
Trade and collection of used oils | Sep-88 | Feb-00 |
| Enviroil SGPS, Lda. ("Enviroil") Through Suma |
Portugal (Torres Novas) |
48.19 48.19 |
Management of financial holdings | Nov-97 | - |
| Enviroil II – Reciclagem de Óleos Usados, Lda. ("Enviroil II") | Portugal | 43.37 | Oil recycling, electricity production and | Apr-11 | - |
| Through Enviroil | (Torres Novas) | 43.37 | bulk trade of fuels and related products | ||
| Ersuc - Resíduos Sólidos do Centro, S.A. ("Ersuc") Through EGF |
Portugal (Coimbra) |
34.14 30.46 |
Treatment and disposal of non-hazardous | - | Jun-15 |
| Through Suma | 3.68 | waste | |||
| Empresa Geral de Fomento, S.A. ("EGF") Through Suma Tratamento |
Portugal (Lisbon) |
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 |
(Muscat) Portugal |
31.37 | waste | ||
| Básico, S.A. ("Investambiente") Through Novaflex |
(Lisbon) | 31.98 31.98 |
Collection of non-hazardous waste | Feb-00 | Dec-07 |
| Mota-Engil, Ambiente e Serviços, SGPS, S.A. ("Mota-Engil Ambiente e Serviços") | Portugal | 100.00 | Jun-97 | - | |
| Through Mota-Engil Europa | (Porto) | 100.00 | Management of financial holdings | ||
| Nova Beira - Gestão de Resíduos, S.A. ("Nova Beira") Through Novaflex |
Portugal (Lisbon) |
30.85 20.30 |
Treatment and disposal of non-hazardous waste |
- | Dec-07 |
| Through Investambiente Novaflex - Técnicas do Ambiente, S.A. ("Novaflex") |
Portugal | 10.55 61.50 |
- | Dec-07 | |
| Through Suma | (Lisbon) | 61.50 | Collection of other non-hazardous waste | ||
| Real Verde - Técnicas de Ambiente, S.A. ("Real Verde") Through Novaflex |
Portugal (Vila Real) |
61.50 61.50 |
Treatment and disposal of non-hazardous waste |
Dec-07 | - |
| Resiges - Gestão de Resíduos Hospitalares, Lda. ("Resiges") | Portugal | 30.75 | Collection of other non-hazardous waste | May-98 | Dec-07 |
| Through Novaflex Resiestrela - Valorização e Tratamento de Resíduos Sólidos, S.A. ("Resiestrela") Through EGF |
(Setúbal) Portugal (Castelo Branco) |
30.75 37.26 37.26 |
Treatment and disposal of non-hazardous waste |
- | Jun-15 |
| Resilei – Tratamento de Resíduos Industriais, S.A. ("Resilei") Through Suma |
Portugal (Leiria) |
30.75 30.75 |
Treatment and disposal of non-hazardous waste |
- | Jun-03 |
| Resinorte - Valorização e Tratamento de Resíduos Sólidos, S.A. ("Resinorte") | Portugal | 44.46 | Treatment and disposal of non-hazardous | - | Jun-15 |
| Through EGF Resulima - Valorização e Tratamento de Resíduos Sólidos, S.A. ("Resulima") |
(Braga) Portugal |
44.46 30.19 |
waste Treatment and disposal of non-hazardous |
- | Jun-15 |
| Through EGF Rima – Resíduos Industriais e Meio Ambiente, S.A. ("Rima") |
(Viana do Castelo) Portugal |
30.19 59.12 |
waste | Aug-01 | - |
| Through Suma | (Lourosa) | 59.12 | Treatment of industrial waste | ||
| SIGA - Sistema Integrado de Gestão Ambiental, S.A. ("Siga") Through Suma |
Portugal (Ponta Delgada) |
43.05 43.05 |
Treatment and disposal of non-hazardous waste |
Oct-08 | - |
| SIGAMB - Sistemas de Gestão Ambiental, Lda. (Angola) ("SIGAMB") Through Novaflex |
Angola (Luanda) |
61.44 61.44 |
Treatment and disposal of non-hazardous waste |
Feb-14 | - |
| SRI - Gestão de Resíduos, Lda ("SRI") | Portugal | 48.19 | Collection of hazardous waste | Jul-08 | - |
| Through Correia & Correia Suldouro - Valorização e Tratamento de Resíduos Sólidos, S.A. ("Suldouro") |
(Sertã) Portugal |
48.19 35.52 |
Treatment and disposal of non-hazardous | - | Jun-15 |
| Through EGF Suma (Douro) - Serviços Urbanos e Meio Ambiente, Lda. ("Suma Douro") |
(Vila Nova de Gaia) Portugal |
35.52 61.50 |
waste 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 Suma (Matosinhos) - Serviços Urbanos e Meio Ambiente, S.A. ("Suma |
(Macau) | 60.89 | waste | ||
| Matosinhos") 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 | (Lisbon) | 0.01 | |||
| Through Mota-Engil Ambiente e Serviços Suma – Serviços Urbanos e Meio Ambiente, S.A. ("Suma") |
Portugal | 10.00 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") |
(Lisbon) Portugal |
61.50 48.19 |
waste | Apr-91 | Sep-08 |
| Through Enviroil | (Loures) | 48.19 | Collection of hazardous waste | ||
| Triaza - Tratamento de Resíduos Industriais da Azambuja, S.A. ("Triaza") Through Suma |
Portugal (Azambuja) |
61.50 61.50 |
Treatment and recovery of urban solid waste |
Nov-15 | Sep-08 |
| 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") |
Portugal (Loures) |
31.33 | Treatment and disposal of non-hazardous waste |
- | Jun-15 |
| Through EGF | 31.33 |
| Designation | Headquarters | Effective holding percentage |
Activity | Incorporation date | Acquisition date |
|---|---|---|---|---|---|
| Africa Akwangola, S.A. ("Akwangola") |
Angola | 51.00 | Exploitation of water market | Dec-10 | Dec-13 |
| Through Mota-Engil Angola Cecot - Centro de Estudos e Consultas Técnicas, Lda. ("Cecot") Through MEEC África |
(Luanda) Mozambique (Maputo) |
51.00 100.00 100.00 |
Construction works' projects and inspection | Sep-98 | Apr-11 |
| Cosamo (Proprietary) Limited ("Cosamo") Through Mota Internacional |
South Africa (Joanesburgo) |
100.00 100.00 |
Comercial | Dec-76 | - |
| Eco Eburnie, SA (" Eco Eburnie") Through MEEC África |
Ivory Coast (Abidjan) |
100.00 100.00 |
Treatment and recovery of urban solid waste, and cleaning and maintenance of public |
Oct-17 | - |
| Ecolife, S.A. ("Ecolife") | Mozambique | 58.45 | streets Treatment and recovery of urban solid waste |
Dec-13 | - |
| Through Mota-Internacional Through Suma Fatra - Fábrica de Trefilaria de Angola, S.A. ("Fatra") |
(Maputo) Angola |
40.00 18.45 70.00 |
- | Nov-10 | |
| Through Mota Internacional Fibreglass Sundlete (Mozambique), Lda. ("Fibreglass") |
(Luanda) Mozambique |
70.00 100.00 |
Manufacturing of iron-derived products Comercial |
Aug-62 | Mar-99 |
| Through ME Maurícias Indimo, Lda. ("Indimo") |
(Maputo) Mozambique |
100.00 100.00 |
Real Estate Development | - | Oct-04 |
| Through Cecot Through MEEC África Liwonde Logistics Platform Limited ("Liwonde") |
(Maputo) Malawi |
50.00 50.00 100.00 |
Jun-15 | - | |
| Through ME Investments Malawi Through MEEC Africa – Malawi branch |
(Lilongwe) | 51.00 49.00 |
Management of financial holdings | ||
| Mota-Engil Engenharia e Construção África, S.A. ("MEEC África") Through ME Africa PTY Through Mota-Engil SGPS |
Portugal (Porto) |
100.00 0.00 100.00 |
Construction works | Aug-12 | - |
| Mota-Engil África, N.V. ("ME África NV") Through Mota-Engil SGPS |
Netherlands (Amsterdam) |
100.00 100.00 |
Management of financial holdings | Oct-12 | - |
| Mota-Engil África, SGPS, S.A. ("Mota-Engil África") Through MEEC África Mota-Engil África Global Technical Services B.V. ("ME África GTS BV") |
Portugal (Porto) Netherlands |
100.00 100.00 100.00 |
Management of financial holdings | May-10 | - |
| Through Mota-Engil África N.V. Mota Internacional – Comércio e Consultadoria Económica, Lda. ("Mota |
(Amsterdam) | 100.00 | Management of financial holdings | May-14 | - |
| Internacional") Through Mota-Engil África |
Portugal (Funchal) |
100.00 100.00 |
Trade and management of international holdings |
Sep-97 | Dec-98 |
| Mota-Engil Mozambique, Lda. ("Emocil") Through MEEC África Through Indimo |
Mozambique (Maputo) |
100.00 50.00 50.00 |
Real Estate Development | Jul-94 | - |
| Mota-Engil Angola, S.A. ("Mota-Engil Angola") Through Mota Internacional |
Angola (Luanda) |
51.00 51.00 |
Construction works and public and private works |
May-10 | - |
| Mota-Engil Côte D´Ivoire, SARL ("Mota-Engil Ivory Coast") Through MEEC África Malawi Ports Company Limited ("Malawi Ports Company") |
Ivory Coast (Abidjan) Malawi |
100.00 100.00 100.00 |
Construction works and public and private works |
Apr-18 Nov-10 |
- - |
| Through MEEC África Through ME Malawi |
(Lilongwe) | 88.00 12.00 |
Shipping | ||
| Malawi Shipping Company Limited ("Malawi Shipping Company") Through ME Malawi |
Malawi (Lilongwe) |
100.00 100.00 |
Shipping | Nov-10 | - |
| Martinox, SA ("Martinox") Through Mota-Engil Angola Mota & Companhia Maurícias, Lda. ("ME Maurícias") |
Angola (Benguela) Maurícias |
51.00 51.00 100.00 |
Stainless steel works | Feb-08 May-10 |
Dec-11 - |
| Through MEEC África Mota-Engil Africa (PTY) Limited ("ME Africa PTY") |
(Ebene) South Africa |
100.00 100.00 |
Construction works | Nov-15 | |
| Through Mota-Engil África N.V. Through MEEC África Mota-Engil Construction South Africa, Pty Ltd ("ME Construction South Africa") |
(Joanesburgo) South Africa |
95.00 5.00 51.00 |
Management of financial holdings Public works and /or construction works |
Mar-14 | - - |
| Through Mota-Engil Investments South Africa Mota-Engil (Malawi) Limited ("ME Malawi") |
(Joanesburgo) Malawi |
51.00 100.00 |
contractor Public works and /or construction works |
Jul-11 | - |
| Through MEEC África Mota-Engil Investments (Malawi) Limited ("ME Investments Malawi") |
(Lilongwe) Malawi |
100.00 100.00 |
contractor Public works and /or construction works |
Mar-11 | - |
| Through Mota-Engil Africa Mota-Engil Investments South Africa, Pty Ltd ("Mota-Engil Investments South Africa") |
(Lilongwe) South Africa |
100.00 51.00 |
contractor Management of financial holdings |
- | Mar-14 |
| Through Mota Internacional Mota-Engil S. Tomé e Principe, Lda. ("Mota-Engil S. Tomé") |
(Joanesburgo) S. Tomé and Príncipe |
51.00 100.00 |
Public works and /or construction works | Dec-04 | - |
| Through Mota Internacional Through MEEC África Mota-Engil Guinée Conakry, SARL ("Mota-Engil Guiné") |
(S. Tomé) Guinea Conakry |
95.00 5.00 100.00 |
contractor Construction works and public and private |
||
| Through Mota-Engil Engenharia e Construção África - branch Novicer-Cerâmicas de Angola,(SU) Limitada. ("Novicer") |
(Conacri) Angola |
100.00 51.00 |
works Manufacturing and trade in clay goods |
Aug-17 Sep-07 |
- - |
| Through Mota-Engil Angola Prefal – Préfabricados de Luanda, Lda. ("Prefal") |
(Luanda) Angola |
51.00 45.90 |
Manufacturing of prestressed goods | Dec-93 | - |
| Through Mota-Engil Angola Penta - Engenharia e Construção, Lda. ("Penta") Through MEEC África |
(Luanda) Cape Verde (Praia) |
45.90 100.00 96.00 |
Construction works and public and private works |
Apr-07 | - |
| Through Mota Internacional Rentaco Angola - Equipamentos e Transportes, (SU) Limitada. ("Rentaco Angola") |
Angola | 4.00 51.00 |
Rental of construction equipment | Jan-08 | - |
| Through Mota-Engil Angola Sonauta - Sociedade de Navegação, Lda. ("Sonauta") Through Mota Internacional |
(Luanda) Angola (Luanda) |
51.00 100.00 100.00 |
Sea transport, excluding coastal transport | Nov-94 | - |
| Tracevia Angola - Sinalização, Segurança e Gestão de Tráfego, Lda. ("Tracevia Angola") |
Angola (Luanda) |
51.00 | Road signs | - | Sep-07 |
| Through Mota-Engil Angola Vista Energy Environment & Services, S.A. ("Vista SA") Through Mota-Engil Angola |
Angola (Luanda) |
51.00 51.00 51.00 |
Management of financial holdings | Jul-08 | Dec-13 |
| Vista Multi Services, Lda. ("Vista Multi Services") Through Vista SA |
Angola (Luanda) |
51.00 40.80 |
Urban services | May-09 | Dec-13 |
| Through Mota-Engil Angola Vista Waste Management, Lda. ("Vista Waste") Through Mota-Engil Angola Through Vista SA Through Suma |
Angola (Luanda) |
10.20 56.15 5.10 20.91 30.14 |
Collection of waste | Dec-09 | Dec-13 |
| Designation | Headquarters | Effective holding percentage |
Activity | Incorporation date | Acquisition date |
|---|---|---|---|---|---|
| Latin America | |||||
| APP Coatzacoalcos Villahermosa S.A.P.I. de C.V. ("APP Coatzacoalcos Villahermosa") |
Mexico | 37.74 | Construction and public works | Oct-16 | - |
| Through Mota-Engil Mexico | (Mexico City) | 37.74 | |||
| Consita Tratamento de Resíduos, S.A. ("Consita") Through Geres Participações |
Brazil (Belo Horizonte) |
54.93 54.93 |
Waste treatment | - | Dec-14 |
| Consórcio Los Castãnos ("Consórcio Los Castãnos") | Peru | 100.00 | |||
| Through Mota- Engil Peru | (Lima) | 100.00 | Real Estate Development | Dec-11 | - |
| Consórcio Fanning ("Consórcio Fanning") | Peru | 100.00 | Real Estate Development | Dec-11 | - |
| Through Mota- Engil Peru Consórcio GDL Viaduto, S.A.P.I de CV ("Consórcio GDL Viaduto") |
(Lima) Mexico |
100.00 21.88 |
|||
| Through Mota-Engil Mexico | (Mexico City) | 21.88 | Construction and public works | Jun-14 | - |
| Consórcio Mota-Engil Ojeda & Iju Paracas ("Consórcio ME Ojeda & Iju") | Peru | 100.00 | Real Estate Development | Dec-11 | - |
| Through Mota- Engil Peru | (Lima) | 100.00 | |||
| Consórcio La Ponciana ("Consórcio La Ponciana") Through Mota- Engil Peru |
Peru (Lima) |
100.00 100.00 |
Real Estate Development | Dec-11 | - |
| Consórcio Porta ("Consórcio Porta") | Peru | 100.00 | |||
| Through Mota- Engil Peru | (Lima) | 100.00 | Real Estate Development | Dec-11 | - |
| Consórcio GDL Túnel Guadalajara, SAPI de CV ("Consórcio GDL Túnel") | Mexico | 21.88 | Construction and public works | Jul-14 | - |
| Through Mota-Engil Mexico Consórcio ME-Contrato Colegios ("Consórcio ME Colegios") |
(Mexico City) | 21.88 100.00 |
- | ||
| Through Mota–Engil Engenharia e Construção - Colombia branch | Colombia | 75.00 | Construction works | May-16 | |
| Through Mota- Engil Peru | (Buenaventura) | 25.00 | |||
| Consórcio MEC Arroyo Carrera 65 ("Consórcio MEC Arroyo Carrera") | Colombia | 50.36 | |||
| Through Mota–Engil Engenharia e Construção - Colombia branch Through Mota-Engil Colombia |
(Bogotá) | 0.01 50.35 |
Construction and public works | Sep-16 | - |
| Consórcio MEC-Av.Malecon-UF1 ("Consórcio MEC-Av.Malecon-UF1") | Colombia | 50.36 | - | ||
| Through Mota-Engil Engenharia e Construção - Colombia branch | (Buenaventura) | 0.01 | Construction and public works | May-16 | |
| Through Mota-Engil Colombia Consórcio MEC-Av.Malecon-UF2 ("Consórcio MEC-Av.Malecon-UF2") |
50.35 50.36 |
||||
| Through Mota–Engil Engenharia e Construção - Colombia branch | Colombia | 0.01 | Construction and public works | Nov-16 | - |
| Through Mota-Engil Colombia | (Bogotá) | 50.35 | |||
| Consórcio Mepax Ltd ("Consórcio Mepax Limitada") Through Mota-Engil Chile |
Chile (Santiago) |
49.90 49.90 |
Construction and public works | Feb-16 | - |
| Consórcio ME Carrera 43 ("Consorcio ME Carrera 43") | Colombia | 100.00 | - | ||
| Through Mota-Engil Latam Colombia SAS | (Bogotá) | 100.00 | Construction and public works | Feb-18 | |
| Consórcio EE Canoas ("Consorcio EE Canoas") | Colombia | 88.00 | - | ||
| Through Mota-Engil Latam Colombia SAS Through Empresa Construtora do Brasil |
(Bogotá) | 75.00 25.00 |
Construction and public works | Sep-18 | |
| Constructora APP Tabasvera S.A. de C.V. ("Constructora APP Tabasvera") | Mexico | 38.25 | Construction and public works | Jul-16 | - |
| Through Mota-Engil Mexico | (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 Mexico | (Mexico City) | 40.80 | |||
| Constructora Tuxpan Tampico ("Construtora Tuxpan Tampico") | Mexico | 51.00 | Nov-17 | ||
| Through Mota-Engil Mexico | (Mexico City) | 50.99 | Construction and public works | - | |
| Through Mota-Engil América Latina SAPI Desarrollos DOT Mexico, SA de CV ("Desarrollos DOT Mexico") |
Mexico | 0.01 43.35 |
- | ||
| Through Mota-Engil Mexico | (Mexico City) | 43.35 | Construction and public works | Apr-18 | |
| Empresa Construtora Brazil, S.A. ("Empresa Construtora Brazil") Through Mota-Engil Brazil Participações, Ltda |
Brazil (Belo Horizonte) |
50.00 50.00 |
Construction and public works | Nov-12 | - |
| Geres Participações, SA ("Geres Participações") | 54.93 | Dec-14 | - | ||
| Through Tracevia Mexico | Brazil (Belo Horizonte) |
28.58 | Management of financial holdings | ||
| Through Suma Flame Investments, B.V. ("Flame Investments") |
Netherlands | 26.35 51.96 |
Mar-15 | - | |
| Through Mota-Engil Latin America BV | (Amsterdam) | 51.96 | Management of financial holdings | ||
| FCE Comercializadora Fenix SAPI de C.V. ("FCE Comercializadora Fenix") | Mexico | 28.87 | |||
| Through Mota Engil America Latina SAPI | (Mexico City) | 0.00 | Energy trading | Sep-16 | - |
| Through ME Energia operacional | 28.87 | ||||
| FSE Suministradora Fenix SAPI de C.V.("FSE Suministradora Fenix") | Mexico | 28.87 | Energy distribution | Aug-16 | - |
| Through Mota Engil America Latina SAPI Through ME Energia operacional |
(Mexico City) | 0.00 28.87 |
|||
| Generadora Fenix ("Generadora Fenix") | Mexico | 26.27 | Sep-15 | - | |
| Through ME Energia operacional | (Mexico City) | 26.27 | Energy production | ||
| Global Technical Services Latam BV ("GTS Latam BV") Through Mota-Engil Latin America BV |
Netherlands (Amsterdam) |
100.00 100.00 |
Management of financial holdings | Jul-16 | - |
| MEBR Construções, Consultoria e Participações, S.A. ("MEBR") | 100.00 | Mar-11 | - | ||
| Through Mota-Engil Latin America BV | Brazil (São Paulo) |
57.69 | Construction and public works | ||
| Through Mota-Engil Latam Peru Mota-Engil Argentina, SAU ("Mota-Engil Argentina") |
Argentina | 42.31 100.00 |
Apr-18 | ||
| Through Mota-Engil Latin America BV | (Buenos Aires) | 100.00 | Construction and public works | - | |
| Mota-Engil O&M Mexico, SAPI de CV ("Mota-Engil O&M Mexico SAPI") | Mexico | 51.00 | Construction and public works | Sep-17 | - |
| Through Mota-Engil Mexico Mota-Engil Latam Colombia SAS ("ME Latam Colombia SAS") |
(Mexico City) | 51.00 100.00 |
Dec-16 | ||
| Through Mota-Engil Engenharia e Construção | Colombia | 49.00 | Construction and public works | - | |
| Through Mota-Engil Latin America BV | (Bogotá) | 51.00 | |||
| Mota-Engil Inmobiliaria SAPI de CV ("Mota-Engil inmobiliaria SAPI") |
Mexico | 50.49 | Real Estate Development | Aug-18 | - |
| Through Mota-Engil Mexico | (Mexico City) | 50.49 | |||
| Mota-Engil Energy B.V. ("Mota-Engil Energy BV") | Netherlands | 28.86 | Finance and consulting | Sep-15 | - |
| Through Flame Investments ME Energy Holding ("ME Energy Holding") |
(Amsterdam) | 28.86 28.87 |
|||
| Through Mota-Engil Mexico | Netherlands (Amsterdam) |
0.01 | Management of financial holdings | Nov-15 | - |
| Through Mota-Engil Energy BV | 28.86 | ||||
| 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 Latin America BV ("ME Latin America") | Netherlands | 100.00 | Management of financial holdings | Nov-15 | - |
| Through Mota-Engil Latam Portugal | (Amsterdam) | 100.00 | |||
| Mota-Engil Latam Peru ("Mota-Engil Latam Peru") Through Mota-Engil Latin America BV |
Peru | 100.00 99.90 |
Management of financial holdings | Dec-15 | - |
| Through Mota-Engil Engenharia e Construção | (Lima) | 0.10 |
| Designation | Headquarters | Effective holding percentage |
Activity | Incorporation date | Acquisition date |
|---|---|---|---|---|---|
| Mota-Engil Peru- Ambiente, S.A. ("Mota-Engil Peru Ambiente") Through Mota-Engil Engenharia e Construção Through Mota-Engil Peru |
Peru (Lima) |
100.00 0.00 100.00 |
Exploitation of terminals | - | - |
| Mota-Engil América Latina S.A.P.I. de C.V. ("Mota-Engil América Latina") Through Mota-Engil SGPS Through Mota-Engil Latin America BV |
Mexico (Mexico City) |
100.00 0.02 99.98 |
Management of financial holdings | Nov-13 | May-14 |
| Mota-Engil Chile S.A. ("Mota-Engil Chile") Through Mota- Engil Latam Portugal Through Mota- Engil Engenharia e Construção |
Chile (Santiago) |
100.00 99.00 1.00 |
Construction and public works | Feb-13 | - |
| Mota-Engil Colombia, S.A.S ("Mota-Engil Colombia") Through Mota-Engil Latam Peru |
Colombia (Bogotá) |
100.00 100.00 |
Construction and public works | Feb-11 | - |
| Mota-Engil Latam Col, S.A.S ("Mota-Engil Latam Col") Through Mota-Engil Colombia Through Mota-Engil Engenharia e Construção |
Colombia (Bogotá) |
100.00 99.00 1.00 |
Construction and public works | Feb-11 | - |
| ME Energia Operacional ("ME Energia operacional") Through Mota-Engil Energy Holding Through Mota-Engil América Latina SAPI de CV |
Mexico (Mexico City) |
28.87 28.87 0.00 |
Development and energy production operation |
Sep-15 | - |
| 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 Energia Peru S.A. ("Mota-Engil Energia Peru") Through Mota-Engil Peru Through Mota-Engil Engenharia e Construção |
Peru (Lima) |
100.00 99.98 0.02 |
Other business activities | May-11 | - |
| 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 Mexico, S.A. de C.V. ("Mota-Engil Mexico") 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 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 Mexico Through Mota-Engil Tourism BV |
Mexico (Mexico City) |
43.13 0.01 43.13 |
Management of financial holdings | Jun-15 | - |
| 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 Aruba Holding Company VBA ("Mota-Engil Aruba Holding") Through Mota-Engil Latin America BV |
Aruba (Oranjestad) |
100.00 100.00 |
Management of financial holdings | Dec-15 | - |
| Mota-Engil Honduras, S.A. ("ME Honduras") Through Mota-Engil Mexico Through Latin BV |
Honduras (Tegucigalpa) |
51.20 0.51 0.00 |
Construction and public works | Jun-18 | - |
| Operadora APP Coatzacoalcos Villahermosa SAPI de C.V. ("Operadora APP Coatzacoalcos Villahermosa") Through Mota-Engil Mexico |
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 Mexico 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 |
| Sistemas Electricos Metropolitanos, SAPI de CV ("Sistemas Electricos Metropolitanos") |
México | 50.00 50.00 |
Treatment and disposal of non-hazardous waste |
- | Jun-18 |
| Through Mota-Engil Mexico Tarucani Generating Company, S.A. ("Tarucani") Through Mota- Engil Energia Peru |
(Mexico City) Peru (Lima) |
100.00 99.98 |
Generation and distribution of electric energy | Apr-00 | - |
| Through Mota- Engil Peru Tracevia Mexico S.A. de C.V. ("Tracevia Mexico") |
Mexico | 0.02 50.00 |
Design, installation, development and | Jun-17 | - |
| Through Tracevia Brazil Empresa Construtura de Honduras ("Empresa Construtura de Honduras") |
(Mexico City) Honduras |
50.00 35.70 |
maintenance of ITS Construction and public works |
Jul-18 | - |
| Through Mota-Engil Mexico Tracevia do Brazil -Sistemas de Telemática Rodoviaria Ltda. ("Tracevia Brazil") |
(Tegucigalpa) Brazil |
35.70 50.00 |
Design, installation, development and | Mar-11 | - |
| Through MEBR | (São Paulo) | 50.00 | maintenance of ITS |
COMPANIES/ENTITIES INCLUDED IN THE CONSOLIDATION BY THE EQUITY METHOD
Companies/entities included in the consolidation by the equity method, their headquarters and effective holding percentage as at June 30, 2019, were as follows:
| Effective holding | ||
|---|---|---|
| Designation | Headquarters | percentage |
| Parent Company of the Group and related activities | ||
| Nortenha Angola, SGPS, S.A. ("Nortenha") | Portugal | 29.99 |
| Riscos e Diâmetros Angola, SGPS, S.A. ("Riscos e Diâmetros Angola") | Portugal | 29.99 |
| Sangobiar Peru, S.A. ("Sangobiar") | Peru | 29.99 |
| Sunviauto Internacional, SGPS, S.A. ("Sunviauto Internacional") | Portugal | 29.99 |
| Europe - Engineering and Construction | ||
| Ibercargo Rail, S.A. ("Ibercargo") | Spain | 50.00 |
| 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 |
| 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 |
| Logz - Atlantic Hub, S.A. ("Logz") | Portugal | 30.00 |
| Manvia II Condutas, Lda. ("Manvia II Condutas") | Portugal | 45.00 |
| Manvia Condutas Moçambique, Lda. ("Manvia Condutas Moçambique") | Mozambique | 47.25 |
| Africa | ||
| Automatriz, S.A. ("Automatriz") | Angola | 25.50 |
| Busegera Airport Company Lda ("Busegera") | Rwanda | 75.00 |
| Clean Eburnie, SARL ("Clean Eburnie") | Ivory Coast | 60.00 |
| Estradas do Zambêze, S.A. ("Estradas do Zambêze") | Mozambique | 40.00 |
| Icer – Indústria de Cerâmica, Lda. ("Icer") | Angola | 25.50 |
| Mebisa - Minerais e Britagens, S.A. ("Mebisa") | Angola | 15.30 |
| Operadora Estradas do Zambêze, S.A. ("Operadora Estradas do Zambêze") | Mozambique | 40.00 |
| SPRI - Sociedade Portuguesa de Realizações Industrais e Assistência Técnica, S.A. ("SPRI") | Angola | 40.00 |
| STM - Sociedade de Terminais de Moçambique, Lda ("STM") | 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 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 |
| 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 |
| Fideicomiso el Capomo ("Fideicomiso el Capomo") | Mexico | 43.13 |
| Gestion e Innovacion en Servicios Ambientales SA de CV ("GISA") | Mexico | 25.50 |
| Operadora Tampico Ciudad Victoria, S.A.P.I. de C.V. ("Operadora Tampico Ciudad Victoria") | Mexico | 24.23 |
| M&R de Occidente SAPI de CV ("Concessionária M&R") | Mexico | 20.00 |
| Martifer Group | Portugal | 37.50 |
"Agrupamentos Complementares de Empresas" included in the consolidation by the equity method and their effective holding percentage as at June 30, 2019, were as follows:
| Jointly controlled entities - "Agrupamentos Complementares de Empresas" | Effective holding percentage |
|---|---|
| In activity | |
| Manvia - Serviço de Manutenção do Tejo Atlântico, ACE | 45.00% |
| Mesofer, ACE | 36.50% |
| 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 | |
| AVIAS, ACE | 23.50% |
| Barragem de Foz Tua ACE | 33.34% |
| DIEXP - Expropriações do Douro Interior, ACE | 37.08% |
| Ecotejo-Serviços Manut. Tejo Atlântico, ACE | 45.00% |
| 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 C - Construção do Edifício do Hospital da Ilha Terceira, ACE | 43.25% |
| HL Construção, ACE | 65.00% |
| LGC - Linha Gondomar, Construtores, ACE | 30.00% |
| Metroligeiro - Construtora de Infra - Estruturas, ACE | 53.20% |
| 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% |
| VIAS E OBRAS, ACE | 50.00% |
JOINTLY CONTROLLED OPERATIONS – CONSORTIUMS
Consortiums included in the consolidation by the proportional consolidation method, their headquarters and effective holding percentage as at June 30, 2019, were as follow:
| Designation | Headquarters | Effective holding percentage |
Activity | Incorporation date |
|---|---|---|---|---|
| Latin America | ||||
| Consórcio Conservacion Vial Santa Rosa ("Consórcio Conservacion Vial Santa Rosa") | Peru | 50.00 | Construction | |
| Through Mota-Engil Peru | (Lima) | 50.00 | Dec-15 | |
| Consórcio Constructor Del Puerto de San Martin ("CCPSM - Consorcio Constructor Del Puerto de | ||||
| San Martin") | Peru | 33.30 | Construction | Jul-17 |
| Through Mota-Engil Peru | (Lima) | 33.30 | ||
| Consórcio Ibagué-Honda-Cambao-Manizales ("Consórcio Ibague") | Colombia | 25.00 | ||
| Through Mota–Engil Engenharia e Construção - Colômbia branch | (Bogotá) | 25.00 | Construction | Sep-15 |
| Consórcio Inframe ("Consórcio Inframe") | Colômbia | 60.00 | ||
| Through Mota–Engil Engenharia e Construção - Colômbia branch | (Medellín) | 60.00 | Construction | Jul-13 |
| Consórcio Mota-Engil Dominicana SAS/IEMCA ("Consórcio Mota-Engil Dominicana") | Dominican Rep. | 42.00 | ||
| Through Mota-Engil Dominicana | (Santo Domingo) | 42.00 | Construction | May-16 |
| Consórcio Mota-Engil Peru HL Paita ("Consórcio Mota-Engil Peru HL Paita") | Peru | 50.00 | Construction | Aug-13 |
| Through Mota-Engil Peru | (Lima) | 50.00 | ||
| Consórcio Mota-Engil TR ("Consórcio Mota-Engil TR") | Peru | 50.00 | Nov-14 | |
| Through Mota-Engil Peru | (Lima) | 50.00 | ||
| Consórcio Puertos de Loreto ("Consórcio Puertos Loreto") | Peru | 34.00 | Construction Construction |
Sep-17 |
| Through Mota-Engil Peru | (Lima) | 34.00 | ||
| Consórcio Vial Acobamba ("Consórcio Vial Acobamba") | Peru | 50.00 | Construction | Jun-13 |
| Through Mota-Engil Peru | (Lima) | 50.00 | ||
| Consórcio Vial el Descanso-Langui ("Consórcio Vial el Descanso-Langui") | Peru | 50.00 | Construction | Oct-10 |
| Through Mota-Engil Peru | (Lima) | 50.00 | ||
| Consórcio Vial Jaylli ("Consórcio Vial Jaylli") | Peru | 42.00 | Construction | Dec-14 |
| Through Mota-Engil Peru | (Lima) | 42.00 | ||
| Consórcio Vial Sur del Peru ("Consórcio Vial Sur del Peru") | Peru | 50.00 | Construction | Nov-10 |
| Through Mota-Engil Peru | (Lima) | 50.00 | ||
| Consórcio Vial Tambillo ("Consórcio Vial Tambillo") | Peru | 50.00 | Construction | Jan-13 |
| Through Mota-Engil Peru Consórcio Vial Vizcachane ("Consórcio Vial Vizcachane") |
(Lima) Peru |
50.00 50.00 |
||
| Through Mota-Engil Peru | (Lima) | 50.00 | Construction | Dec-15 |
| Consórcio Vial Valle Sagrado ("Consórcio Vial Valle Sagrado") | Peru | 50.00 | ||
| Through Mota-Engil Peru | (Lima) | 50.00 | Construction | Jun-10 |
| Stracon Translei Joint Venture ("Stracon Translei Joint Venture") | Peru | 50.00 | ||
| Through Mota-Engil Peru | (Lima) | 50.00 | Construction | Apr-10 |
| Translei Consórcio Cosapi ("Translei Consórcio Cosapi") | Peru | 50.00 | ||
| Through Mota-Engil Peru | (Lima) | 50.00 | Construction | Jan-03 |
| Translei Consórcio Cusco-Quillabanba ("Translei Consórcio Cusco-Quillabanba") | Peru | 50.00 | ||
| Through Mota-Engil Peru | (Lima) | 50.00 | Construction | Mar-10 |
DECLARATION UNDER THE TERMS OF ARTICLE 246, NO. 1, CAPTION C), OF CVM (SECURITIES CODE)
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 26, 2019
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
António Martinho Ferreira Oliveira 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
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
INFORMATION REGARDING TRANSACTIONS OVER OWN SHARES, UNDER THE TERMS OF ARTICLE 66 NO. 5 CAPTION D) OF THE COMMERCIAL COMPANIES CODE
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 2019, MOTA-ENGIL, SGPS SA did not proceed with any transaction over own shares. Therefore, as at June 30, 2019, MOTA-ENGIL, SGPS SA hold 6,091,581 own shares representing 2.56% of its share capital, detailed as follows:
| 2019 | Quantity | Average cost | Amount |
|---|---|---|---|
| Opening Balance | 6,091,581 | 1.68 € | 10,232 |
| Closing Balance | 6,091,581 | 1.68 € | 10,232 |
QUALIFIED HOLDINGS
In compliance with the provisions of Article 2, no. 4 of CMVM Regulation no. 7/2018, we hereby disclose the list as at June 30, 2019 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 (*) | 133,466,687 | 56.20% | 57.67% |
| 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 (**) | 3,375,066 | 1.42% | 1.46% |
| António Lago Cerqueira, S.A. (***) | 3,091,577 | 1.30% | 1.34% |
| Manuel António da Fonseca Vasconcelos da Mota (**) | 440,000 | 0.19% | 0.19% |
| Maria Sílvia Fonseca Vasconcelos Mota (****) | 437,061 | 0.18% | 0.19% |
| Carlos António Vasconcelos Mota dos Santos (**) | 380,000 | 0.16% | 0.16% |
| 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 | 153,626,596 | 64.68% | 66.39% |
| 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 (*) | 318,184 | 0.13% | 0.14% |
| Attributable to Mutima Capital Management, LLC | 7,560,853 | 3.18% | 3.27% |
| Azvalor Iberia FI (*) | 2,557,674 | 1.08% | 1.11% |
| Azvalor International Luxembourg (*) | 2,468,423 | 1.04% | 1.07% |
| Azvalor Value Selection SICAV (*) | 403,420 | 0.17% | 0.17% |
| Attributable to Azvalor Asset Management, SGIIC, SAU | 5,429,517 | 2.29% | 2.35% |
| Attributable to Norges Bank | 7,552,594 | 3.18% | 3.26% |
| Own shares | 6,091,581 | 2.56% | - |
| Freefloat | 57,244,000 | 24.10% | 24.74% |
| 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
INFORMATION REGARDING TRANSACTIONS PERFORMED BY MEMBERS OF THE BOARD OF DIRECTORS AND BY "DIRIGENTES"
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 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| "Dirigentes" | MOTA-ENGIL, SGPS, SA | MGP, SGPS, SA | FM, SGPS, SA | ||||||||
| Qt. | Price | Buy / Sell | Inside / Outside market |
% | Qt. | % | Qt. | % | |||
| António Manuel Queirós Vasconcelos da Mota | |||||||||||
| Opening balance/ Closing balance | 4,210,020 | 1.77% | 0 | 0.00% | 28,701 | 34.48% | |||||
| Maria Manuela Queirós Vasconcelos Mota dos Santos | Opening balance/ Closing balance | 3,375,066 | 1.42% | 0 | 0.00% | 17,902 | 21.51% | ||||
| Maria Teresa Queirós Vasconcelos Mota Neves da Costa | Opening balance/ Closing balance | 3,676,836 | 1.55% | 0 | 0.00% | 17,902 | 21.51% | ||||
| Maria Paula Queirós Vasconcelos Mota de Meireles | Opening balance/ Closing balance | 4,494,211 | 1.89% | 0 | 0.00% | 17,902 | 21.51% | ||||
| Carlos António Vasconcelos Mota dos Santos | |||||||||||
| Maria Sílvia Fonseca Vasconcelos Mota | Opening balance/ Closing balance Opening balance/ Closing balance |
380,000 437,061 |
0.16% 0.18% |
||||||||
| José Manuel Mota Neves da Costa | Opening balance/ Closing balance | 35,000 | 0.01% | ||||||||
| Manuel António da Fonseca Vasconcelos da Mota | Opening balance/ Closing balance | 440,000 | 0.19% | ||||||||
| 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% | ||||||||
| Ismael Antunes Hernandez Gaspar | Opening balance/ Closing balance | 1,000 | 0.00% | ||||||||
| José Pedro Matos Marques Sampaio de Freitas | Opening balance/ Closing balance | 20,138 | 0.01% | ||||||||
| António Lago Cerqueira, S.A. | Opening balance/ Closing balance | 3,091,577 | 1.30% | ||||||||
| 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% | ||||||||
| F.M. - Sociedade de Controlo, SGPS, SA | Opening balance/ Closing balance | - | - | 6,337,640 | 100.00% | ||||||
| Mota Gestão e Participações, SGPS, SA | Opening balance/ Closing balance | 133,466,687 | 56.20% | - | - |
As at June 30, 2019, were attributable to FM – SOCIEDADE DE CONTROLO SGPS, SA 153,626,596 shares corresponding to 64.68% of the share capital of MOTA-ENGIL, SGPS, SA which confer 66.39% 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, 2019 were as follows:
| Name | No. of bonds | Bonds ME 2015/2020 (NV* - 500€) |
Bonds ME 2018/2022 (NV* - 500€) |
|---|---|---|---|
| António Manuel Queirós Vasconcelos da Mota | 376 | - | 376 |
| Maria Manuela Queirós Vasconcelos Mota dos Santos | 140 | - | 140 |
| Maria Teresa Queirós Vasconcelos Mota Neves da Costa | 12 | 12 | - |
| Maria Paula Queirós Vasconcelos Mota de Meireles | 40 | - | 40 |
| Carlos António Vasconcelos Mota dos Santos | 224 | - | 224 |
| José Pedro Matos Marques Sampaio de Freitas | 340 | - | 340 |
| Manuel António da Fonseca Vasconcelos da Mota | 46 | - | 46 |
| Luís Filipe Cardoso da Silva | 36 | - | 36 |
| Luís Valente de Oliveira | 212 | 104 | 108 |
| António Manuel da Silva Vila Cova | 300 | - | 300 |
| Ana Paula Chaves e Sá Ribeiro | 40 | - | 40 |
| José Manuel Mota Neves da Costa | 200 | - | 200 |
| António Cândido Lopes Natário | 89 | 85 | 4 |
* NV - nominal value
