Interim / Quarterly Report • Aug 30, 2018
Interim / Quarterly Report
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Interim Consolidated Financial Statements
Turnover up 5% YoY to 1,251 million euros
EBITDA with a resilient margin of 14%
Backlog remains strong: 5.3 thousand million euros, of which 78% outside Europe
Strong commercial environment boosting recent awards after June 2018 worth 340 million euros, as well as other projects waiting formalisation worth 850 million euros
Flat net debt YoY at one thousand million euros, despite higher capex and working capital
Net profit of 6 million euros (reaching 15 million euros without IAS 29 impact)
(*) Includes others and intra-group eliminations
thousand euros
| thousand euros | Comparable data | |||||
|---|---|---|---|---|---|---|
| 1H18 | % T | ∆ | 1H18 (excluding IAS 29) |
1H17 | % T | |
| Turnover | 1,250,855 | 4.6% | 1,255,793 | 1,195,645 | ||
| EBITDA (*) | 176,486 | 14.1% | (5.3%) | 179,543 | 186,362 | 15.6% |
| Amortisations, provisions and impairment losses | -86,287 | (6.9%) | 3.0% | -84,187 | -88,918 | (7.4%) |
| EBIT (**) | 90,199 | 7.2% | (7.4%) | 95,356 | 97,444 | 8.1% |
| Net financial results | -10,125 | (0.8%) | 78.5% | -9,524 | -47,151 | (3.9%) |
| Gains/(losses) in associates and jointly controlled companies | 1,698 | 0.1% | 63.3% | 1,698 | 1,040 | 0.1% |
| Net monetary position | -9,165 | (0.7%) | - | - | - | - |
| Income before taxes | 72,607 | 5.8% | 41.4% | 87,530 | 51,332 | 4.3% |
| Net income | 41,081 | 3.3% | 4.0% | 55,994 | 39,520 | 3.3% |
| Attributable to: | ||||||
| Non-controlling interests | 35,341 | 2.8% | 1.2% | 40,798 | 34,906 | 2.9% |
| Group | 5,740 | 0.5% | 24.4% | 15,197 | 4,614 | 0.4% |
(*)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 supplies and services"; "Wages and salaries"; "Other operating income/(expenses)"
(**) EBIT corresponds to EBITDA minus the following headings of the consolidated income statement: "Amortisations" and "Provisions and impairment losses"
The accounts included in this interim Report have not been audited.
4
| Highlights | 3 |
|---|---|
| Interim Consolidated Management Report | 5 |
| Financial analysis | 6 |
| Business segments | 11 |
| Stock price evolution | 15 |
| Interim Consolidated Financial Accounts | 17 |
| Consolidated income statements | 19 |
| Consolidated other comprehensive income statements | 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 |
| Mandatory information | 51 |
Turnover in the first half of 2018 reached 1,251 million euros, which represented an increase of circa 5%, when compared with the same period of 2017, and reflected the transitory stage between a group of relevant projects that are now being concluded and a group of new projects in Latin America and in Africa (namely in new markets) that are now in its set-up stage. Regarding this matter, it should be highlighted the balanced turnover increase occurred in all regions (Europe 7%, Africa 4% and Latin America 4%).
In the first half of 2018, Latin America was the region with the highest contribution to the GROUP'S turnover (39%), achieving a performance similar to the one verified in the same period of 2017, driven mainly by the execution of the high backlog that the GROUP raised in previews years. Also in the other regions, the contribution of each region to the GROUP'S turnover remained flat, when compared with the same period of 2017 (Europe 32% and Africa 29%). Additionally, in the first half of 2018, in the Europe region, the Engineering & Construction (E&C) division contributed with 21% to the GROUP'S turnover (19% when compared with the same period of 2017) and the Environment and Services (A&S) division with 11% (13% when compared with the same period of 2017).
(*) Includes others and intra-group eliminations
In the first half of 2018, the GROUP's EBITDA decreased 5% to 176 million euros, positively affected by the activity in Africa (increase of 6%) and in Latin America (increase of 12%) but negatively affected by the activity in Europe (decrease of 25%), namely in the E&C division, and by the adoption of IAS 29 (4 million euros). On the other hand, the EBITDA margin in the first half-reached 14%, supported by the strong contribution of Africa, once again achieving the levels of profitability forecasted in the GROUP's Strategic Plan (StepUp 2020).
Regarding EBIT, this one reached 90 million euros and was impacted, essentially, by the reduction occurred in EBITDA.
As a result of the awarding of new and bigger projects in the African region, namely in Tanzania, in Ivory Coast and in Mozambique, as well as the execution of the investment plan defined for the EGF companies, the capex in the first half of 2018 reached 111 million euros, of which 82 million euros were assigned to the Africa region and 17 million euros assigned to the EGF companies. It should also be mentioned, that a significant portion of the capex performed in Africa was assigned to "long term contracts" in Mozambique and in Guinea (36 million euros) and to two other relevant projects, one in Tanzania and the other in Ivory Coast (35 million euros).
As at June 30, 2018, net debt (**) amounted to 1,002 million euros, up 124 million euros when compared to December 31, 2017, driven mainly by the high level of capex and the seasonal deterioration of working capital in some markets.
As at June 30, 2018, net debt added by the factoring and leasing operations amounted to 1,285 million euros.
On the other hand, it should be highlighted that from the total net debt 84 million euros, representing 8% of the 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 (2.2x at December 31, 2017), which is line with the strategical target defined of achieving an amount lower than 3.0x in that ratio.
The gross debt (****) as at June 30, 2018 amounted to 1,633 million euros, of which 45% contracted at floating rates. The average cost of debt decreased from 5.6% as at December 31, 2017 to 5.1% as at June 30, 2018, and as of that date 82% of the total gross debt was denominated in euros and presented an average life of 2.1 years (2.4 years as at December 31, 2017).
As at June 30, 2018, the GROUP had available credit lines not used in an amount of 95 million euros, resulting in a total effective liquidity of 726 million euros (amount that corresponds to circa 44% of total gross debt and to 1.1x nonrevolving financing needs with a maturity less than 1 year).
(***) 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 net debt added by the cash and cash equivalents balances recorded in the consolidated statement of financial position and the Angolan sovereign bonds held by the Africa region recorded in the caption "Other financial investments recorded at amortised cost" ("Financial assets held to maturity as at December 31, 2017").
(*) The 1 year net debt includes the total amount of the Angolan sovereign bonds (150 million euros as at June 30, 2018 and 156 million euros as at December 31, 2017).
(**) Net debt corresponds to the algebraic sum of the following captions of the consolidated statement of financial position: "Cash and cash equivalents with recourse - term deposits"; "Cash and cash equivalents without recourse - demand deposits"; "Cash and cash equivalents with recourse - demand deposits"; "Other financial investments recorded at amortised cost" ("Financial assets held to maturity as at December 31, 2017"); "Loans without recourse"; "Loans with recourse". It is worth to highlight that the leasing and factoring operations established by the Group are not recorded in the captions aforementioned.
In the first half of 2018, net financial results reached -10.1 million euros (-47.2 million euros in the first half of 2017), positively impacted by the favourable exchange differences arising mainly from the Angolan sovereign bonds held by the GROUP expressed or indexed to USD.
Regarding the net financial charges (interest paid – interest obtained), those reached in the first half of 2018 – 46 million euros, an increase of 13% when compared to the same period of 2017 justified, essentially, by the higher levels of debt in Angola and in Mexico.
(*) 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 2018, the caption Gains/(losses) in associates and jointly controlled companies (EM) contributed positively with 1.7 million euros to the net income, an amount similar to the one verified in the first half of 2017 (1 million euros).
On the other hand, regarding income tax, the end of the tax benefit granted associated with the investment performed in Angola justified a significant part of the increase occurred.
At last, it was also noted in the first half of 2018 the maintenance of the balance of non-controlling interests (NCI), when compared with the same period of 2017, being the Angolan and Mexican companies held in partnerships in the E&C and E&S (including the energy generation business) divisions the ones that continue to justify that balance.
Therefore, in the first half of 2018, as a result of the aforementioned operational and financial performance, the net margin reached 0.5%, with the net income attributable to the GROUP amounting to 5.7 million euros or 15.2 million euros excluding the impact of IAS 29 (4.6 million euros in the first half of 2017, date on which that rule was not yet applied).
As at June 30, 2018, backlog amounted to approximately 5.3 thousand million euros (*), an increase of 114 million euros when compared with December 31, 2017, with the regions of Africa and Latin America contributing with circa 78% of the total amount, which corresponds to a E&C backlog/turnover ratio of 2.0x.
Additionally, due to the strong commercial activity, it should be highlighted the award after June 30, 2018 of a new project in Argentina and several small projects, namely in Portugal, worth circa 340 million euros and the existence of several projects that are awaiting formalization in several markets that worth circa 850 million euros.
Lastly, as at June 30, 2018, the E&S division contributed with 795 million euros to the backlog. It should be highlighted that the abovementioned amount does not include the predicted amounts arising from the waste treatment contracts of EGF companies.
Europe region includes businesses and companies of E&C and of the E&S owned by the GROUP, in Portugal, in Central Europe and in Ireland, or that are managed by this region's management structure. In what regards the E&S division this one is dedicated, essentially, to the waste collection activities (whose vehicle is SUMA), as well as, to the waste treatment and recovery activities (whose vehicle is EGF).
Turnover in Europe in the first half of 2018 reached 406 million euros, up 7%, when compared with the same period of 2017, justified, essentially, by the positive contribution of the Portuguese and Polish markets.
Regarding operational profitability, despite the turnover increase EBITDA reached 47 million euros, which represented a decrease of 25% when compared with the same period of 2017 (62 million euros). This negative evolution was felt both in the E&C division, as well as, in the E&S division and was also applicable to all relevant markets where the GROUP operates.
In the first half of 2018, it is worth to highlight the increase in the turnover of the E&C division of 16%, justified, essentially, by the increase of activity in Poland (+28%), as well as, the reduction in the turnover of the E&S – Waste area justified, essentially, by the reduction in the "Regulated Assets Base" (RAB) of the EGF companies due to the delay in the approval/execution of the new investments planned.
Additionally, in the first half of 2018, the Portuguese market contributed with circa 50% of the turnover of the E&C division.
Regarding EBITDA, it is worth to highlight that the execution of some construction projects awarded during the crisis period with aggressive commercial margins, justified the majority of the E&C negative performance. Regarding the E&S – Waste area, the EBITDA reached in the first half of 2018 circa 47 million euros (54 million euros in the same period of 2017) and was negatively impacted by a lower RAB in the EGF companies and by the fact that in 2018 the tariff deviations occurred in the semester were already reflected in the EBITDA (in the first half of 2017, those deviations have not been recognised since the ERSAR revision of the regulated accounts of EGF companies was in progress).
The E&S area – Energy & Maintenance have now almost the exclusive contribution of MANVIA which during the first half of 2018 evidenced an increase in its turnover of 3%, when compared with the same period of 2017, but which was not followed by an increase in its operating profitability.
In the first half of 2018, Africa evidenced a slight increase in its turnover (4% to 362 million euros), even though negatively impacted by the conclusion of some relevant projects that were not totally offset by the beginning of new ones, namely in the new markets.
Regarding the operational profitability, the EBITDA in the first half of 2018 reached 82 million euros, an increase of 6% when compared with the same period of 2017, with the EBITDA margin reaching 23% with a strong contribution of Angola.
In Latin America, the turnover in the first half of 2018 increase circa 4%, when compared with the same period of 2017, reaching 486 million euros, mainly justified by the execution of the high backlog raised in the previews years. This increase was supported mainly by the Mexican market (18%) which even allowed to mitigate the unfavourable evolution of the market in Peru (-27%) and in Brazil (-7%). Additionally, in the first half of 2018, Mexico contributed with 58% of the region's turnover.
Regarding the electricity generation business, this one contributed with 36 million euros to the total turnover in the first half of 2018 (31 million euros in the first half of 2017).
Regarding the operational profitability, the EBITDA in the first half of 2018 increased 12%, when compared with the same period of 2017, reaching 42 million euros, positively impacted by the contribution of the Mexican market, as well as, by the new markets in the region (Colombia and Aruba).
In the first half of 2018, the Portuguese stock market index, PSI-20, went up 3%, being impacted by the politic instability in Europe, namely in Italy, and in the United States of America (USA) due to the latter announcement of tariffs on imports that led to some trade tensions namely between the USA and China. Notwithstanding the satisfactory macroeconomic data released by both economies, the upward trend of the stock market continued in the first half of 2018, but at a slower pace and with some volatility. In what regards the European construction stock index, SXOP, a 4% decrease was registered in the period.
In the first half of 2018, the MOTA-ENGIL share was down 22%, having closed the period with a share price of 2.875 euros. During that period, the MOTA-ENGIL share reached a peak of 4.065 euros and a minimum of 2.850 euros, respectively. Last, during the first half of 2018, circa of 74 million shares were traded in the Euronext Lisbon, corresponding to an average daily volume of 587 thousand shares.
Porto, August 27, 2018
Gonçalo Moura Martins Chief Executive Officer
José Pedro Freitas Chief Financial Officer
Management Report and Consolidated Financial Accounts as of 1st half of 2018
| 1st Half | |||
|---|---|---|---|
| Notes | 2018 € '000 |
2017 € '000 |
|
| (non audited) | (non audited) | ||
| Sales and services rendered | 2 | 1,250,855 | 1,195,645 |
| Cost of goods sold, mat. cons., Changes in production and Subcontractors | (487,164) | (466,120) | |
| Third-party supplies and services | (337,136) | (298,302) | |
| Wages and salaries | (259,081) | (253,813) | |
| Other operating income / (expenses) | 9,011 | 8,951 | |
| Amortisations | (83,641) | (90,867) | |
| Provisions and impairment losses | (2,646) | 1,949 | |
| Financial income and gains | 3 | 130,056 | 28,750 |
| Financial costs and losses | 3 | (140,181) | (75,901) |
| Gains / (losses) in associates and jointly controlled companies | 1,698 | 1,040 | |
| Net monetary position | (9,165) | - | |
| Income before taxes | 72,607 | 51,332 | |
| Income tax | (31,526) | (11,812) | |
| Consolidated net profit of the period | 41,081 | 39,520 | |
| Attributable: | |||
| to non-controlling interests | 35,341 | 34,906 | |
| to the Group | 4 | 5,740 | 4,614 |
| Earnings per share: | |||
| basic | 4 | 0.025 € | 0.020 € |
| diluted | 4 | 0.025 € | 0.020 € |
To be read with the Notes to the Consolidated Financial Statements
| st Half 1 |
||
|---|---|---|
| 2018 | 2017 | |
| € '000 | € '000 | |
| (non audited) | (non audited) | |
| Consolidated net profit of the period | 41,081 | 39,520 |
| 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 | (106,914) | (19,654) |
| Variation, net of tax, of the fair value of derivative financial instruments | (370) | 37 |
| Impact of hyperinflation in Angola | (2,645) | - |
| Other comprehensive income in companies consolidated by the full consolidation method | - | 1,953 |
| Companies consolidated by the equity method | ||
| Exchange differences arising from the conversion of financial statements expressed in foreign currencies | 146 | (96) |
| Variation, net of tax, of the fair value of derivative financial instruments | 105 | 782 |
| Other comprehensive income in companies consolidated by the equity method | - | (198) |
| 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 | - | (4,306) |
| Variation, net of tax, of the fair value of other financial investments | (553) | - |
| Total of other comprehensive income of the period | (110,231) | (21,484) |
| Total consolidated comprehensive income for the period | (69,150) | 18,036 |
| Attributable: | ||
| to non-controlling interests | (10,943) | 35,486 |
| to the Group | (58,207) | (17,449) |
| To be read with the Notes to the Consolidated Financial Statements |
| Notes | 2018 € '000 |
2017 € '000 |
|
|---|---|---|---|
| (non audited) | (audited) | ||
| Assets | |||
| Non-current | |||
| Goodwill | 5 | 36,133 | 37,870 |
| Intangible assets | 517,224 | 512,658 | |
| Tangible assets Financial investments in associates |
6 | 697,328 88,090 |
712,273 81,086 |
| Financial investments in jointly controlled companies | 6,295 | 7,840 | |
| Financial assets available for sale | 7 | - | 68,916 |
| Financial assets held to maturity | 8 | - | 154,954 |
| Other financial investments recorded at amortised cost | 9 | 150,293 | - |
| Other financial investments recorded at fair value through other comprehensive | 9 | 69,385 | - |
| Investment properties | 106,607 | 76,676 | |
| Customers and other debtors | 117,495 | 130,965 | |
| Other non-current assets | 3,051 | 8,903 | |
| Derivative financial instruments | 2 | 98 | |
| Deferred tax assets | 183,925 | 178,313 | |
| 1,975,828 | 1,970,552 | ||
| Current | |||
| Inventories | 290,335 | 344,996 | |
| Customers | 802,660 | 866,716 | |
| Other debtors | 288,703 | 190,686 | |
| Corporate income tax | 7,519 | 23,479 | |
| Other current assets Cash and cash equivalents with recourse - Term deposits |
10 | 580,083 29,505 |
424,278 34,663 |
| Cash and cash equivalents without recourse - Demand deposits | 10 | 72,529 | 154,198 |
| Cash and cash equivalents with recourse - Demand deposits | 10 | 378,730 | 455,439 |
| 2,450,065 | 2,494,457 | ||
| Non-current assets held for sale | 91,957 | 149,082 | |
| Total Assets | 2 | 4,517,851 | 4,614,090 |
| Liabilities | |||
| Non-current Loans without recourse |
11 | 123,084 | 215,346 |
| Loans with recourse | 11 | 586,267 | 716,667 |
| Other financial liabilities | 12 | 154,129 | 122,934 |
| Suppliers and sundry creditors | 58,822 | 50,862 | |
| Derivative financial instruments | 379 | 547 | |
| Provisions | 94,705 | 96,098 | |
| Other non-current liabilities | 155,578 | 161,625 | |
| Deferred tax liabilities | 151,673 | 153,950 | |
| 1,324,637 | 1,518,030 | ||
| Current | |||
| Loans without recourse | 11 | 33,281 | 30,580 |
| Loans with recourse | 11 | 890,037 | 715,121 |
| Other financial liabilities | 12 | 279,570 | 283,569 |
| Suppliers | 550,622 | 489,828 | |
| Sundry creditors | 451,406 | 449,906 | |
| Derivative financial instruments | 3 | 22 | |
| Corporate income tax | 12,436 486,112 |
28,419 445,175 |
|
| Other current liabilities | 2,703,467 | 2,442,619 | |
| Non-current liabilities held for sale | |||
| - | 57,703 | ||
| Total Liabilities | 2 | 4,028,104 | 4,018,353 |
| Shareholders' equity | |||
| Share capital | 237,505 | 237,505 | |
| Own shares | (5,788) | (5,788) | |
| Reserves, retained earnings and share premiums | (9,839) | 73,829 | |
| Consolidated net profit of the period/year | 5,740 | 1,588 | |
| Own funds attributable to the Group | 227,618 | 307,135 | |
| Non-controlling interests | 262,128 | 288,603 | |
| Total shareholders' equity | 489,746 | 595,737 | |
| Total shareholders' equity and liabilities | 4,517,851 | 4,614,090 |
To be read with the Notes to the Consolidated Financial Statements
| Fair value reserves | ||||||
|---|---|---|---|---|---|---|
| Share capital | Own shares | Share premiums | Available-for-sale investments |
Properties | Derivatives | |
| Balance as at January 1, 2017 (audited) | 237,505 | (5,788) | 92,584 | 27,702 | 3,581 | (539) |
| Consolidated net profit of the period | - | - | - | - | - | - |
| Total of other comprehensive income of the period | - | - | - | - | (4,153) | 819 |
| Dividend distribution | - | - | - | - | - | - |
| Transfers to other reserves | - | - | - | - | - | - |
| Other changes in the consolidation perimeter in controlled entities | - | - | - | - | - | - |
| Other acquisitions / disposals of non-controlling interests | - | - | - | - | - | - |
| Balance as at June 30, 2017 (non audited) | 237,505 | (5,788) | 92,584 | 27,702 | (572) | 280 |
| Balance as at December 31, 2017 (audited) | 237,505 | (5,788) | 92,584 | 27,702 | 473 | 262 |
| Adjustments arising from the adoption of IFRS 9 (net of tax) | - | - | - | - | - | - |
| Adjustments arising from the adoption of IFRS 15 (net of tax) | - | - | - | - | - | - |
| Balance as at January 1, 2018 (non audited) | 237,505 | (5,788) | 92,584 | 27,702 | 473 | 262 |
| Consolidated net profit of the period | - | - | - | - | - | - |
| Total of other comprehensive income of the period | - | - | - | - | - | (265) |
| Dividend distribution | - | - | - | - | - | - |
| Transfers to other reserves | - | - | - | - | - | - |
| Other movements | - | - | - | - | - | - |
| Balance as at June 30, 2018 (non audited) | 237,505 | (5,788) | 92,584 | 27,702 | 473 | (3) |
To be read with the Notes to the Consolidated Financial Statements
| Currency translation reserves |
Legal reserves | Other reserves and retained earnings |
Net profit of the period |
Own funds attributable to shareholders |
Own funds attributable to non controlling interests |
Shareholders' equity |
|---|---|---|---|---|---|---|
| (96,922) | 44,407 | (22,989) | 50,157 | 329,700 | 240,891 | 570,590 |
| - | - | - | 4,614 | 4,614 | 34,906 | 39,520 |
| (18,941) | - | 213 | - | (22,063) | 580 | (21,484) |
| - | - | (30,402) | - | (30,402) | (8,391) | (38,793) |
| - | 3,231 | 46,926 | (50,157) | - | - | - |
| - | - | 17 | - | 17 | - | 17 |
| - | - | - | - | - | 170 | 170 |
| (115,863) | 47,638 | (6,236) | 4,614 | 281,865 | 268,155 | 550,020 |
| (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 |
| Notes | 2018 | 2017 | |
|---|---|---|---|
| Operating activities | € '000 (non audited) |
€ '000 (non audited) |
|
| Cash receipts from customers | 1,026,155 | 1,160,199 | |
| Cash paid to suppliers | (817,160) | (895,189) | |
| Cash paid to employees | (180,820) | (185,915) | |
| Cash generated from operating activities | 28,175 | 79,094 | |
| Income tax (paid)/received | (18,845) | (21,792) | |
| Other receipts/(payments) generated by operating activities | 849 | 833 | |
| Net cash from operating activities (1) | 10,179 | 58,135 | |
| Investing activities Cash receipts from: |
|||
| Financial investments | - | 95,512 | |
| Intangible assets | 7,165 | - | |
| Tangible assets | 1,543 | 3,708 | |
| Interest and similar income | 14,701 | 16,428 | |
| Dividends | 252 | 42,024 | |
| 23,662 | 157,671 | ||
| Cash paid in respect of: | |||
| Financial investments | (5,307) | (308) | |
| Intangible assets | (19,144) | (6,149) | |
| Tangible assets | (100,791) | (21,520) | |
| (125,241) | (27,977) | ||
| Net cash from investing activities (2) | (101,580) | 129,695 | |
| Financing activities | |||
| Cash receipts from: | |||
| Loans obtained | 153,912 | 77,196 | |
| Finance lease contracts | 58,407 | - | |
| 212,319 | 77,196 | ||
| Cash paid in respect of: | |||
| Loans obtained | (153,490) | (76,613) | |
| Loans obtained - Impact of hyperinflation | (6,035) | - | |
| Reimbursement of finance lease contracts | (21,435) | (18,846) | |
| Interest and similar expenses | (74,495) | (51,610) | |
| Dividends | (4,489) | (37,976) | |
| Impact of hyperinflation in the financing activities | 6,489 | - | |
| (253,454) | (185,044) | ||
| Net cash from financing activities (3) | (41,135) | (107,849) | |
| Variation of cash and cash equivalents (4)=(1)+(2)+(3) | (132,536) | 79,981 | |
| Impact of hyperinflation in cash and cash equivalents | (11,167) | - | |
| Effect of currency exchange differences | (23,893) | (1,679) | |
| Cash and cash equivalents at the beginning of the period | 618,854 | 461,184 | |
| Cash and cash equivalents at the end of the period | 10 | 451,259 | 461,184 |
To be read with the Notes to the Consolidated Financial Statements
The core business of MOTA-ENGIL, SGPS, SA, with head office at Edifício Mota, Rua do Rego Lameiro, nº38, 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 this Notes.
All amounts disclosed in these Notes are presented in thousand euros, rounded off to the unit, unless explicitly stated otherwise.
The consolidated financial statements of MOTA-ENGIL GROUP were prepared on a going concern basis from the books and accounting records of the companies comprising it adjusted in the consolidation process. 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, 2018. 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 affiliates expressed in foreign currency were translated to Euro in accordance with the accounting policies described in the Notes 1.2 h) and i) of the consolidation basis presented in the 2017 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 Main accounting policies presented in the 2017 Consolidated Report and Accounts.
The consolidated financial statements of MOTA-ENGIL GROUP as at June 30, 2018 were prepared taking in consideration the accounting policies and the calculation methods disclosed in the 2017 Consolidated Report and Accounts, with the exception of the effects arising from the adoption of IFRS – 9 and IFRS – 15 (detailed below), in accordance with the provisions of IAS 34 - Interim Financial Reporting.
For the new standards that became effective in the year started on January 1, 2018, namely IFRS 15 – Revenue from contracts with customers and IFRS 9 – Financial instruments, the main comments and impacts in the attached consolidated financial statements arising from their adoption are disclosed below.
IFRS 15 is based on the principle that revenue is recorded at the date of the transfer of control to the customer, being the value of the transaction allocated to the different performance obligations assumed toward it, which are subject to adjustments in their measurement providing that the consideration is variable or subject to a significant financial effect.
Under said standard, the GROUP proceed to the identification of the main transactions that originate the recognition of revenue having identified the following main revenue streams:
On the other hand, the GROUP proceed to the analysis of those contracts, namely the identification of its performance obligations and the timing of recognition of the respective revenue, having reached the following conclusions:
i) The construction contracts entered into by the GROUP generally correspond to a single performance obligation and the respective revenue should be recorded over the time (accounting treatment similar to the one established in IAS 11);
ii) The operation and maintenance contracts performed by the GROUP (of highways, buildings, gardens etc.) cover an extensive series of services and processes. However, given that those services and processes are highly correlated, they have been treated as a single performance obligation and they are being recorded over the time. Therefore, no material differences arise from this accounting treatment in comparison with the one established in IAS 18;
iii) Regarding revenue associated with bundle contracts (contracts that include several performance obligations), the GROUP proceed to the allocation of the transaction price to the different performance obligations and no material differences were identified (taking in consideration the number and the amount of the contracts involved) in comparison with the allocation carried out under the application of IAS 11 and IAS 18, since that the majority of the performance obligations had already been identified and had a determined sale price;
iv) Regarding contractual changes and modifications carried out on certain contracts, no situations were found that originate material differences (taking in consideration the number and the amount of the contracts involved) between the accounting treatment adopted under IAS 11 and IAS 18 and the one provided for in IFRS 15;
v) Regarding variable price components associated, namely, with the construction contracts (such as: bonuses, price revisions, claims, requests for costs recovery etc.), which in accordance with IFRS 15 should be recorded only when they are highly probable to be transformed into revenue (and not only when that they are probable – accounting treatment provided by IAS 11) some situations were identified and adjusted;
vi) No material costs associated with the acquisition of contracts were identified that should be capitalised.
Finally, in order to adopt IFRS 15, the GROUP used the provisions established in its transitional regime, namely the retrospective application with the cumulative initial effect recorded in retained earnings as at January 1, 2018, with recourse to the adoption of the following practical expedients:
As a result of the adoption of IFRS 15, as at January 1, 2018, the shareholders equity of the GROUP reduced circa 10.9 million euros.
IFRS 9 established new criteria for classification, measurement and derecognition of financial instruments introducing also changes in: i) the classification of the financial assets; ii) in the calculation of impairment for financial assets; and iii) in the hedges designation.
IFRS 9 established a new framework for classification and measurement of financial assets which reflect the business model used in its management, as well as the attributes of the contractual cash-flows. Therefore, IFRS 9 established three new categories of classification of financial assets: (i) measured at amortised cost; (ii) at fair value through other comprehensive income; and (iii) at fair value through profit and loss, and eliminated the categories of: (i) loans and accounts receivables; (ii) financial assets held to maturity; and (iii) financial assets available for sale provided in IAS 39.
In the scope of the adoption process of IFRS 9, the GROUP assess the nature and the purpose of the financial instruments recognised in its consolidated financial statements in order to identify any measurement gaps. As at December 31, 2017, the financial assets recognised by the GROUP refer essentially to the following categories:
From the analysis undertaken, the financial assets included in the category loans and accounts receivables (captions customers and others debtors), as well as the financial assets held to maturity should be classified in the category "held to collect and for sale" and should be measured at amortised cost. From this reclassification no impact arise into the GROUP´s shareholders equity.
Regarding the financial assets available for sale, these are now recognised at fair value and classified in the category "at fair value through other comprehensive income". From this reclassification no impact arise into the GROUP´s shareholders equity.
The major reclassifications performed over financial assets as at January 1, 2018, can be summarized as follows:
| Type of financial assets |
Classification according IAS 39 |
Classification according IFRS 9 |
C Book value according a IAS 39 s |
Book value according IFRS 9 |
|---|---|---|---|---|
| Financial investments in shares |
Financial assets available for sale |
Fair value through other comprehensive income |
s 68,811 |
68,811 |
| Advances on account of other financial investments |
Financial assets available for sale |
Amortised cost | 104 | 104 |
| Angola sovereign bonds |
Financial assets held to maturity |
Amortised cost | 154,954 | 154,954 |
Regarding other financial assets and liabilities, excluding the ones related to derivative financial instruments, the other ones remained recorded at amortised cost.
Regarding the impairment calculation (going from the loss incurred model to the expected loss model), the GROUP opted for the application of a historic matrix of uncollectability (simplified model) to determine the new impairment over its accounts receivable (including the ones resulting from the adoption of IFRS 15), assessing the estimated impairment losses over the lifetime of the credits.
Thus, the expected impairment losses were determined based on the historical losses incurred during a period of time considered relevant for statistical purposes, having been estimated loss rates per company and per type of customer (private, public, etc.).
As a result of the adoption of IFRS 9 concerning impairment, as at January 1, 2018, the shareholder's equity of the GROUP reduced circa 9.3 million euros. This impact arise essentially from the Engineering and Construction business, namely in the Africa region.
On the other hand, regarding the hedge accounting, the GROUP concluded that the entire hedging relationships designated under IAS 39 continue to be eligible under IFRS 9 and so the application of the hedging requirements of this new standard have not produced any impact into the GROUP's shareholder's equity.
Finally, in order to adopt IFRS 9, the GROUP used the provisions established in its transitional regime, namely the retrospective application with the initial cumulative effect recorded in retained earnings as at January 1, 2018.
The following standards, interpretations, amendments and revisions have already been endorsed by the European Union and were adopted for the first time in the six-month period ended at June 30, 2018:
| Applicable in the European | ||
|---|---|---|
| Standard / Interpretation | Union in the years beginning on or after |
Content |
| Improvements to standards 2014 - 2016 | 01-Jan-18 | This series of changes affects the following standards: IFRS 1 (this change removes the temporary exemptions for IFRS 7, IFRS 10 and IAS 19, since those became not applicable), IFRS 12 (this change has the purpose of clarifying that its scope includes investments classified under the scope of IFRS 5 and that the sole exemption refers to the disclosure of the summary of the financial information for said entities) and IAS 28 (this change clarifies that investments in associate companies or joint ventures held by a venture capital company may be recorded at their fair value in accordance with IFRS 9, individually and also clarifies that an entity that is not an investment entity while holding investments in associated companies and joint ventures that are investment entities may maintain the recording at fair value of the holding in the associated company or joint venture in its own subsidiaries). |
| IAS 40 – Investment properties (transfers of investment properties) | 01-Jan-18 | This change clarifies that assets may only be transferred from and to the investment properties category when there is evidence of the change of use. The mere change of management intention is not sufficient to make the transfer. |
| IFRS 2 – Shared based payments (classification and measurement of payment transactions based on shares) |
01-Jan-18 | This change clarifies the basis for the measurement of transactions paid based on cash-settled shares and the accounting for changes to those that are equity settled. Furthermore, an exception is introduced to the principles of IFRS 2 which now requires that a payment plan based on shares be treated as if it was fully equity settled when the employer is obliged to deduct a sum for tax from the employee and to pay the same to the tax authorities. |
| IFRS 4 - Insurance contracts (applying IFRS 4 with IFRS 9) | 01-Jan-18 | This amendment allows companies that issue insurance contracts the option to recognise in other comprehensive income, rather than in the income statement, the volatility that could rise when IFRS 9 is applied before the new insurance contract standard is issued. Additionally, it is given an optional temporary exemption from applying IFRS 9 until 2021, to the companies whose activities are predominantly connected with insurance, not being applicable at consolidated level. |
| IFRS 9 – Financial instruments | 01-Jan-18 | IFRS 9 replaces the requirements of IAS 39 relating to: (i) the classification and measurement of financial assets and liabilities; (ii) the recording of impairments on accounts receivable (using the expected loss model); and (iii) the requirements for the recording and measurement of hedge accounting. |
| IFRS 15 - Revenue from contracts with customers | 01-Jan-18 | This new standard, applies only to contracts with customers to provide goods or services, and requires an entity to recognise revenue when the contractual obligation to deliver the goods or services is satisfied and by the amount that reflects the consideration the entity is expected to be entitled to, following a "five step approach". |
| Amendments to IFRS 15 - Revenue from contracts with customers | 01-Jan-18 | These amendments refer to additional guidance for determining the performance obligations in a contract, the timing of revenue recognition from a license of intellectual property, the review of the indicators for principal versus agent classification, and to new practical expedients to simplify transition. |
| IFRIC 22 – Transactions in foreign currency and prepayments | 01-Jan-18 | This is an interpretation of IAS 21 "The effects of changes in exchange rates" and refers to the establishment of the "transaction date" when an entity pays or receives the consideration advanced for contracts denominated in foreign currency. The "transaction date" determines the exchange rate to be used for conversion of the transactions in foreign currency. |
The following standards, interpretations, amendments and revisions, as at June 30, 2018, have already been endorsed by the European Union and are mandatory for future periods:
| Applicable in the European | ||
|---|---|---|
| Standard / Interpretation | Union in the years beginning | Content |
| on or after | ||
| IFRS 16 – Leases | 1/jan/19 | This new standard replaces IAS 17 with a significant impact in the |
| accounting for the lessees who are now obliged to record a leased liability | ||
| reflecting future lease payments and a "right to use" asset for all leasing | ||
| contracts except 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 or use of an identified asset". " |
||
| Change to IFRS 9 – Prepayment elements with negative | 1/jan/19 | This change introduces the possibility of classifying financial assets with |
| compensation | prepayment conditions with negative compensation at their amortised cost | |
| providing that some specific conditions are met rather than being classified | ||
| at fair value throug profit and loss. |
As at this date, the impacts of the adoption of IFRS 16 are being determined and so their quantification is not yet available.
The following standards, interpretations, amendments and revisions, with mandatory application in future years, as at June 30, 2018, were not yet endorsed by the European Union:
| Applicable in the European | ||
|---|---|---|
| Standard / Interpretation | Union in the years beginning | Content |
| on or after | ||
| IAS 19 – Plan amendment, curtailment or settlement | 1/jan/19 | This amendment requires an entity to: i) use updated assumptions to determine the current service cost and net interest for the remaining period after amendment, reduction or settlement of the plan; and ii) recognize in the income statement as part of the cost of past services, or as a gain or loss in the settlement, and in other comprehensive income, any reduction in the excess of coverage, even if the excess of coverage had not been previously recognized, due to the impact of the asset ceiling. |
| Changes to IAS 28 - Long-term investments in associates and joint ventures |
1/jan/19 | This change clarifies that long-term investments in associated companies and in joint ventures (components of the net investment of an entity in associated companies and joint ventures) which are not being recorded under the equity method should be accounted for according to IFRS 9, being subject to the imparment model of estimated losses prior to any impairment test for the investment as a whole. |
| IFRIC 23 – Uncertainties on the income tax treatment | 1/jan/19 | This is an interpretation of IAS 12 – "Income tax" referring 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 tax in the light of IAS 12, rather than IAS 37 – "Provisions, contingent liabilities and assets" based on the expected value or the most probable one. The application of IFRIC 23 may be retrospective or modified retrospectively. |
| Improvements to standards 2015 – 2017 | 1/jan/19 | This cycle 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 on other qualifying assets), IAS 12 (this improvement clarifies that the tax impact inherent to the dividends is recorded at the date when the entity records liability for the payment of dividends which are recorded in the income statement of the year, 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 interest held previously by the investor is remeasured at their fair value; and ii) when an investor in a joint operation when it does not exercise joint control obtain jointly control in an operation that is a business, the interest previously held is not remesured). |
| Conceptual framework – Amendments to references in other IFRS | 1/jan/20 | As a result of the publication of the new Conceptual Framework, the IASB introduced changes to the text of several standards and interpretations in order to clarify the application of the new definitions of asset / liability and expense / income, in addition to some of the characteristics of financial information. These amendments are retrospective, except if impractical. |
| IFRS 17 - Insurance contracts | 1/jan/21 | This new standard 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 measurement of the technical liabilities at each reporting date. Current measurement may use 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 for retrospective application. |
As at this date, no material impacts are expected from the adoption of the standards, interpretations, amendments and revisions above referred.
The GROUP uses its internal organization for management purposes as a basis for its reporting of information by business segments. The GROUP is organized into the following geographical areas: Europe (subdivided in Engineering and Construction and Environment and Services), Africa and Latin America.
The 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 concerning MOTA-ENGIL SGPS 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 ending at June 30, 2018 and 2017, the financial information by business segment can be analysed as follows:
| Sales and services rendered | EBITDA | |||
|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | |
| Europe Engineering and Construction | 265,626 | 229,852 | 901 | 7,067 |
| Europe Environment and Services | 144,940 | 152,873 | 46,441 | 55,708 |
| Africa | 361,686 | 349,332 | 82,337 | 77,852 |
| Latin America | 486,346 | 469,183 | 42,355 | 37,918 |
| Others, eliminations and intra-group | (7,743) | (5,595) | 4,452 | 7,816 |
| Mota-Engil Group | 1,250,855 | 1,195,645 | 176,486 | 186,362 |
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 ending at June 30, 2018 and 2017, the sales and services rendered between business segments were included in the heading "Others, eliminations and intra-group".
As at June 30, 2018 and December 31, 2017, the net assets and liabilities of the GROUP by business segment can be analysed as follows:
| Net Assets | Liabilities | |||
|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | |
| Europe Engineering and Construction | 1,027,566 | 1,033,239 | 782,918 | 769,187 |
| Europe Environment and Services | 931,671 | 944,302 | 717,200 | 735,914 |
| Africa | 1,892,226 | 1,728,992 | 1,640,498 | 1,273,796 |
| Latin America | 942,790 | 938,224 | 827,035 | 821,906 |
| Others, eliminations and intra-group | (276,402) | (30,667) | 60,453 | 417,550 |
| Mota-Engil Group | 4,517,851 | 4,614,090 | 4,028,104 | 4,018,353 |
In the six month period ended at June 30, 2018, there were no changes in the GROUP business segments or in the methodology of calculation and accounting the amounts included in them.
The financial results for the six-month periods ended at June 30, 2018 and 2017 can be analysed as follows:
| 2018 | 2017 | |
|---|---|---|
| Financial income and gains | ||
| Assets measured at amortised cost | ||
| Interest income | 12,385 | 8,180 |
| Prompt payment discounts received | 196 | 454 |
| Favourable exchange differences | 114,753 | 17,530 |
| Gains arising from sales of financial investments | 2,382 | - |
| Other financial assets | ||
| Income from real estate properties | - | 767 |
| Fair value gains - Derivative financial instruments | - | 1,184 |
| Other financial income and gains | 339 | 635 |
| 130,056 | 28,750 | |
| Financial costs and losses | ||
| Liabilities measured at amortised cost | ||
| Interest expenses | 58,584 | 49,435 |
| Prompt payment discounts granted | 471 | 251 |
| Unfavourable exchange differences | 70,155 | 16,260 |
| Other financial liabilities: | ||
| Other financial costs and losses | 10,971 | 9,956 |
| 140,181 | 75,901 | |
| (10,125) | (47,151) |
In the six-month period ended at June 30, 2018, the GROUP disclosed the exchange differences by its gross amount having also restated the comparative information.
In the six-month periods ended at June 30, 2018 and 2017, the heading "Other financial costs and losses" included mainly costs with guarantees and 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.
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, 2018 and 2017 no common shares were issued.
In the six-month periods ended at June 30, 2018 and 2017, the calculation of the earnings per share can be determined as follows:
| 2018 | 2017 | ||
|---|---|---|---|
| Consolidated net profit of the period attributable to the Group: | (I) | 5,740 | 4,614 |
| - | |||
| Total number of ordinary shares | (II) | 237,505,141 | 237,505,141 |
| Number of own shares at the end of the period | (III) | 3,639,812 | 3,639,812 |
| Weighted average number of own shares | (IV) | 3,639,812 | 3,639,812 |
| Number of shares outstanding | (II - IV) | 233,865,329 | 233,865,329 |
| Earnings per share: | |||
| basic | (I) / (II - IV) | 0.025 € | 0.020 € |
| diluted | (I) / (II - IV) | 0.025 € | 0.020 € |
The information regarding Goodwill as at June 30, 2018 and December 31, 2017, can be analysed as follows:
| 2018 | 2017 | |
|---|---|---|
| Net Goodwill |
Net Goodwill |
|
| Europe Engineering and Construction | ||
| Mota-Engil Central Europe Poland | 6,391 | 6,691 |
| Others | 372 | 62 |
| 6,764 | 6,752 | |
| Europe Environment and Services | ||
| Suma Group | 9,380 | 9,555 |
| Others | 787 | 787 |
| 10,167 | 10,342 | |
| Africa | ||
| ME Construction South Africa | 11,264 | 12,210 |
| Others | 3,006 | 2,984 |
| 14,271 | 15,194 | |
| Latin America | ||
| Empresa Construtora Brasil | 4,458 | 5,045 |
| Consita | 474 | 536 |
| 4,932 | 5,581 | |
| 36,133 | 37,870 |
The movements occurred in Goodwill during the six-month periods ended at June 30, 2018 and 2017 were as follows:
| 2018 | 2017 | |
|---|---|---|
| Goodwill at the beginning of the semester | 37,870 | 39,830 |
| Changes in Goodwill due to exchange differences | ||
| Mota-Engil Central Europe Poland | (299) | 200 |
| Empresa Construtora Brasil | (588) | (521) |
| ME Construction South Africa | (946) | (388) |
| Others | 96 | (82) |
| (1,737) | (791) | |
| Goodwill at the end of the semester | 36,133 | 39,039 |
As at June 30, 2018 and December 31, 2017, the detail of the financial investments in associates was as follows:
| 2018 | 2017 | |
|---|---|---|
| Autopista Urbana Siervo de la Nación (Latin America segment) | 25,257 | 23,772 |
| Concessionária Autopista Cardel (Latin America segment) | 24,701 | 22,103 |
| Concessionária Autopista Tuxpan-Tampico (Latin America segment) | 19,641 | 15,825 |
| SPRI (Africa segment) | 4,643 | 7,320 |
| Estradas do Zambeze and its affiliated (Africa segment) | 5,337 | 4,326 |
| Associated companies of Suma Group (Europe - Environment and Services segment) | 2,880 | 2,902 |
| Others | 5,630 | 4,838 |
| 88,090 | 81,086 |
2017
154,954
As at December 31, 2017, the detail of financial assets available for sale was as follows:
| 2017 | |
|---|---|
| Financial assets available for sale | |
| BAI-Banco Angolano de Investimentos | 57,256 |
| Auto - Sueco Angola | 2,724 |
| STI | 1,531 |
| Ecodetra | 1,153 |
| Rutas Del Este | 1,546 |
| Tirtife | 107 |
| Others | 4,494 |
| 68,811 | |
| Advances for financial assets available for sale | |
| Others | 104 |
| 104 | |
| Available for sale financial assets | 68,916 |
See also the comment in Note 9.
As at December 31, 2017, the detail of the financial assets held to maturity was as follows:
Angola sovereign bonds 154,954
See also the comment in Note 9.
As at June 30, 2018, the detail of the other financial investments was as follows:
| 2018 | |
|---|---|
| Other financial investments recorded at amortised cost | |
| Angola sovereign bonds | 150,181 |
| Advances on account of financial investments | 112 |
| 150,293 | |
| Other financial investments recorded at fair value through other comprehensive income | |
| BAI-Banco Angolano de Investimentos | 56,703 |
| Auto - Sueco Angola | 2,724 |
| STI | 1,565 |
| Ecodetra | 1,153 |
| Rutas Del Este | 1,546 |
| Tirtife | 107 |
| Others | 5,587 |
| 69,385 |
Following the adoption of IFRS 9, and as described in more detail in Note 1.2 II), after January 1, 2018 the GROUP recorded the financial assets held to maturity and the financial assets available for sale in the headings "Other financial investments recorded at amortised cost" and "Other financial investments recorded at fair value through other comprehensive income", respectively.
The amounts included in the headings "Cash and cash equivalents with recourse" as at June 30, 2018 and December 31, 2017, were as follows:
| Demand deposits | Term deposits | Total | ||||
|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |
| Other treasury applications | 2,119 | 394 | - | - | 2,119 | 394 |
| Bank deposits and cash in hand | ||||||
| Bank deposits | 373,993 | 452,195 | 29,505 | 34,663 | 403,498 | 486,858 |
| Cash in hand | 2,618 | 2,850 | - | - | 2,618 | 2,850 |
| 378,730 | 455,439 | 29,505 | 34,663 | 408,235 | 490,102 |
The amounts included in the heading "Cash and cash equivalents without recourse" as at June 30, 2018 and December 31, 2017, were as follows:
| Demand deposits | ||
|---|---|---|
| 2018 | 2017 | |
| Bank deposits and cash in hand | ||
| Bank deposits | 72,509 | 154,180 |
| Cash in hand | 20 | 18 |
| 72,529 | 154,198 |
The amounts regarding Loans with recourse as at June 30, 2018 and December 31, 2017, are as follows:
| Current (1 year) |
2 years | 2 to 5 years | over 5 years | Non-current | Total | |
|---|---|---|---|---|---|---|
| 2018 | ||||||
| Non-convertible bond loans | 132,978 | 104,167 | 90,631 | 4,583 | 199,381 | 332,359 |
| Amounts owed to credit institutions | ||||||
| Bank loans | 338,611 | 166,468 | 159,676 | 46,243 | 372,386 | 710,998 |
| Overdraft facilities | 124,875 | - | - | - | - | 124,875 |
| Revolving facilities | 140,312 | - | - | - | - | 140,312 |
| Other loans obtained | ||||||
| Commercial paper issues | 150,317 | 13,250 | - | - | 13,250 | 163,567 |
| Other loans | 2,944 | 1,085 | 164 | - | 1,249 | 4,193 |
| 890,037 | 284,970 | 250,471 | 50,826 | 586,267 | 1,476,304 | |
| 2017 | ||||||
| Non-convertible bond loans | 47,639 | 151,167 | 122,500 | 9,167 | 282,833 | 330,472 |
| Amounts owed to credit institutions | ||||||
| Bank loans | 312,251 | 160,916 | 160,745 | 54,747 | 376,408 | 688,658 |
| Overdraft facilities | 96,269 | - | - | - | - | 96,269 |
| Revolving facilities | 140,935 | - | - | - | - | 140,935 |
| Other loans obtained | ||||||
| Commercial paper issues | 116,725 | 44,110 | 11,064 | - | 55,174 | 171,899 |
| Other loans | 1,303 | 2,006 | 247 | - | 2,252 | 3,556 |
| 715,121 | 358,198 | 294,555 | 63,913 | 716,667 | 1,431,789 |
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, 2018 and December 31, 2017, are as follows:
| Current (1 year) |
2 years | 2 to 5 years | over 5 years | Non-current | Total | |
|---|---|---|---|---|---|---|
| 2018 | ||||||
| Amounts owed to credit institutions | ||||||
| Bank loans | 30,781 | 20,845 | 40,144 | 47,184 | 108,173 | 138,954 |
| Other loans obtained | ||||||
| Commercial paper issues | 2,500 | 2,500 | 6,250 | 6,162 | 14,912 | 17,412 |
| 33,281 | 23,345 | 46,394 | 53,346 | 123,084 | 156,366 | |
| 2017 | ||||||
| Non-convertible bond loans | - | 3,132 | 24,724 | 54,558 | 82,413 | 82,413 |
| Amounts owed to credit institutions | ||||||
| Bank loans | 25,220 | 20,535 | 48,924 | 47,312 | 116,771 | 141,990 |
| Revolving facilities | 2,860 | - | - | - | - | 2,860 |
| Other loans obtained | ||||||
| Commercial paper issues | 2,500 | 2,500 | 7,500 | 6,162 | 16,162 | 18,662 |
| 30,580 | 26,167 | 81,148 | 108,031 | 215,346 | 245,925 |
The amounts regarding other financial liabilities as at June 30, 2018 and December 31, 2017, are as follows:
| Non-current | Current | |||
|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | |
| Leasing | 154,129 | 122,934 | 48,015 | 42,238 |
| Factoring | - | - | 81,499 | 91,276 |
| Credit sales | - | - | 150,055 | 150,055 |
| 154,129 | 122,934 | 279,570 | 283,569 |
The amount of circa 150,000 thousand euros of credit sales corresponds to the counterpart of the receipt in Portugal in euros of a construction project carried out under the COSEC line established between the Portuguese and the Angolan governments. As soon as all administrative procedures associated with the transfer of that credit to the Portuguese state be completed, that amount will be derecognized from liabilities against the derecognition of an account receivable of the same amount.
After June 30, 2018 part of the administrative procedures above referred were accomplish and, as of the date of this report, the pending amount to be transferred to the Portuguese state arise to 39 millions Euros.
As at June 30, 2018 and in the six-month period ended on that date the impact in the attached consolidated financial statements of the consideration of the Angolan economy as hyperinflationary can be resumed as follows:
| 2018 | 2018 | ||
|---|---|---|---|
| before the application of | Impact of IAS 29 | after the application of | |
| IAS 29 | IAS 29 | ||
| Assets | |||
| Non-current | |||
| Tangible assets | 655,087 | 42,241 | 697,328 |
| Other financial investments recorded at fair value through other comprehensive income | 52,990 | 16,395 | 69,385 |
| Other non-current assets | 1,208,437 | 678 | 1,209,115 |
| 1,916,515 | 59,313 | 1,975,828 | |
| Current | |||
| Cash and cash equivalents | 480,764 | - | 480,764 |
| Other current assets | 1,967,220 | 2,081 | 1,969,301 |
| 2,447,984 | 2,081 | 2,450,065 | |
| Non-current assets held for sale | 91,957 | - | 91,957 |
| Total Assets | 4,456,456 | 61,395 | 4,517,851 |
| Liabilities | |||
| Non-current | |||
| Loans | 709,351 | - | 709,351 |
| Deferred tax liabilities | 134,338 | 17,335 | 151,673 |
| Other non-current liabilities | 463,613 | - | 463,613 |
| 1,307,302 | 17,335 | 1,324,637 | |
| Current | |||
| Loans | 923,318 | - | 923,318 |
| Other current liabilities | 1,779,568 | 581 | 1,780,149 |
| 2,702,887 | 581 | 2,703,467 | |
| Total Liabilities | 4,010,188 | 17,916 | 4,028,104 |
| Shareholders' equity | |||
| Share capital | 237,505 | - | 237,505 |
| Own shares | (5,788) | - | (5,788) |
| Reserves, retained earnings and share premiums | (51,772) | 41,933 | (9,839) |
| Consolidated net profit of the period | 15,197 | (9,456) | 5,740 |
| Own funds attributable to the Group | 195,142 | 32,476 | 227,618 |
| Non-controlling interests | 251,126 | 11,002 | 262,128 |
| Total shareholders' equity | 446,268 | 43,478 | 489,746 |
| Total shareholders' equity and liabilities | 4,456,456 | 61,395 | 4,517,851 |
| 2018 | 2018 | ||
|---|---|---|---|
| before the application of | Impact of IAS 29 | after the application of | |
| IAS 29 | IAS 29 | ||
| Sales and services rendered | 1,255,793 | (4,937) | 1,250,855 |
| Cost of goods sold, mat. cons., Changes in production and Subcontractors | (489,496) | 2,332 | (487,164) |
| Third-party supplies and services | (338,682) | 1,546 | (337,136) |
| Wages and salaries | (259,700) | 619 | (259,081) |
| Other operating income / (expenses) | 11,629 | (2,617) | 9,011 |
| Amortisations | (81,541) | (2,100) | (83,641) |
| Provisions and impairment losses | (2,646) | - | (2,646) |
| Financial income and gains | 131,636 | (1,580) | 130,056 |
| Financial costs and losses | (141,160) | 980 | (140,181) |
| Gains / (losses) in associates and jointly controlled companies | 1,698 | - | 1,698 |
| Net monetary position | - | (9,165) | (9,165) |
| Income before taxes | 87,530 | (14,922) | 72,607 |
| Income tax | (31,536) | 9 | (31,526) |
| Consolidated net profit of the period | 55,994 | (14,913) | 41,081 |
| Attributable: | |||
| to non-controlling interests | 40,798 | (5,456) | 35,341 |
| to the Group | 15,197 | (9,456) | 5,740 |
In the six-month period ended at June 30, 2018, the changes occurred in the consolidation perimeter were as follows:
| Business Area - Africa |
|---|
| Mota-Engil Côte D'Ivoire, SARL |
| Business Area - Latin America |
| Consortium ME Carrera 43 |
| Desarrollos DOTA México, SA de CV |
| CCPSM - Consórcio Constructor Del Puerto de San Martín (Peru) |
| Business Area - Other |
| Mota-Engil Capital, SA |
| Business Area - Africa | ||
|---|---|---|
| Clean Eburnie, SARL | ||
| Eco Eburnie, SA |
| Business Area - Europe Engineering and Construction |
|---|
| Bohdalecká Project (liquidated) |
| Devonská Project Development (liquidated) |
| Business Area - Africa |
| ME África Finance BV (liquidated) |
| ME Mining Management (liquidated) |
| Business Area - Latin America |
| Construcciones dos Puertos (liquidated) |
| Consórcio Los Faisanes (liquidated) |
| Mota-Engil Prodi, S.A.P.I. de C.V. (liquidated) |
| Business Area - Other |
| Business Area - Europe Engineering and Construction |
|---|
| Áreagolfe - Gestão, Construção e Manutenção de Campos de Golfe, SA (Company already controlled) |
| VBT - Projectos e Obras de Arquitectura Paisagistica, Lda (Company already controlled) |
| Vibeiras - Sociedade Comercial de Plantas, SA (Company already controlled) |
These consolidated financial statements were approved and authorized for issue by the Board of Directors at August 27, 2018.
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, set up/acquisition date as at June 30, 2018, were as follows:
| Designation | Headquarters | Effective holding percentage |
Activity | Set up date | Acquisition date |
|---|---|---|---|---|---|
| Parent Company of the Group and Related Activities | |||||
| Mota-Engil, SGPS, S.A., Sociedade Aberta ("Mota-Engil SGPS") | Portugal (Porto) |
- | Management of financial holdings | Aug-90 | - |
| Largo do Paço – Investimentos Turísticos e Imobiliários, Lda. ("Largo do Paço") |
Portugal (Amarante) |
100.00 | Real Estate Development | - | Oct-01 |
| Through Mota-Engil SGPS ME 3I, SGPS, SA ("ME 3I SGPS") Through Mota-Engil Indústria e Inovação |
Portugal (Linda-a-Velha) |
100.00 61.20 61.20 |
Management of financial holdings | Oct-11 | - |
| Mota-Engil Capital, S.A. ("Mota-Engil Capital") Through Mota-Engil SGPS |
Portugal (Porto) |
100.00 100.00 |
Management of financial holdings | Feb-18 | - |
| MESP - Mota Engil , Serviços Partilhados, Administrativos e de Gestão, SA ("Mota-Engil Serviços Partilhados") Through Mota-Engil SGPS |
Portugal (Porto) |
100.00 100.00 |
Administrative Services | Dec-02 | - |
| Mota-Engil Indústria e Inovação, SGPS, SA ("Mota-Engil Indústria e Inovação") Through Mota-Engil SGPS |
Portugal (Linda-a-Velha) |
100.00 100.00 |
Management of financial holdings | Nov-10 | - |
| MK Contractors, LLC ("MKC") Through Mota-Engil Engenharia e Construção |
USA (Miami) |
100.00 100.00 |
Real Estate Development | Mar-02 | - |
| Mota-Engil Finance, B.V. ("ME Finance BV") Through Mota-Engil SGPS |
Netherlands (Amesterdam) |
100.00 100.00 |
Advisory services | Dec-12 | - |
| Mota-Engil Minerals & Mining (Malawi) Limited ("ME Minerals & Mining 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 & Mining Zimbabwe") Through Mota-Engil Minerals Mining Investment B.V. |
(Lilongwe) Zimbabwe (Harare) |
100.00 100.00 100.00 |
Prospecting, exploitation and processing of minerals |
May-11 | - |
| Mota-Engil Minerals Mining Investment B.V. ("ME Minerals Mining Investment BV") Through Mota-Engil SGPS |
Netherlands (Amsterdam) |
100.00 100.00 |
Management of other companies | Oct-10 | - |
| Europe | |||||
| Engineering and Construction | |||||
| Aurimove – Sociedade Imobiliária, SA ("Aurimove") Through Mota-Engil Real Estate Portugal |
Portugal (Porto) |
100.00 100.00 |
Real Estate Development | Dec-93 | - |
| Áreagolfe - Gestão, Construção e Manutenção de Campos de Golfe, SA ("Áreagolfe") |
Portugal | 71.11 | Golf courses construction, management | - | Jul-07 |
| Through Vibeiras | (Torres Novas) | 71.11 | and maintenance | ||
| Balice Project Development Sp. z o.o. ("Balice") | Poland | 100.00 | Real Estate Development | Oct-12 | - |
| Through Mota-Engil Real Estate, SGPS Bay 6.3. Korlátolt Felelősségű Társaság Kft. ("Bay 6.3") |
(Krakow) Hungary |
100.00 76.73 |
|||
| Through Obol Invest | (Budapest) | 76.73 | Real Estate Development | - | Dec-08 |
| Bay-Office Korlátolt Felelősségű Társaság Kft. ("Bay Office") Through Obol Invest |
Hungary (Budapest) |
76.73 76.73 |
Real Estate Development | - | Dec-08 |
| Bay-Park Korlátolt Felelősségű Társaság Kft. ("Bay Park") | Hungary | 76.73 | Real Estate Development | - | Dec-08 |
| Through Obol Invest Bay-Tower Korlátolt Felelősségű Társaság Kft. ("Bay Tower") Through Obol Invest |
(Budapest) Hungary (Budapest) |
76.73 76.73 76.73 |
Real Estate Development | - | Dec-08 |
| Bay-Wellness Korlátolt Felelősségű Társaság Kft. ("Bay Wellness") Through Obol Invest |
Hungary (Budapest) |
76.73 76.73 |
Real Estate Development | - | Dec-08 |
| Bukowinska Project Development ("Bukowinska Project Development") Through Mota-Engil Central Europe Poland |
Poland (Krakow) |
100.00 100.00 |
Design and construction of social housing |
Mar-15 | - |
| Calçadas do Douro - Sociedade Imobiliária, Lda. ("Calçadas do Douro") Through Mota-Engil Real Estate Portugal |
Portugal (Porto) |
100.00 100.00 |
Real Estate Development | - | Sep-00 |
| Carlos Augusto Pinto dos Santos & Filhos SA ("Capsfil") Through Mota-Engil Engenharia e Construção |
Portugal (Vila Flor) |
100.00 100.00 |
Extraction of gravel, sand and crushed stone |
Mar-77 | Oct-09 |
| Corgimobil - Empresa Imobiliária das Corgas, Lda. ("Corgimobil") Through Mota-Engil Engenharia e Construção Through Mota-Engil Real Estate Portugal |
Portugal (Cascais) |
97.25 71.79 25.46 |
Construction works, studies and real estate |
- | Nov-00 |
| Diace - Construtoras das Estradas do Douro Interior A.C.E. ("Diace ACE MEEC") |
Portugal | 53.10 | Realization of construction works and services and providing design |
Nov-08 | Dec-15 |
| Through Mota–Engil Engenharia e Construção | (Porto) | 53.10 |
| Designation | Headquarters | Effective holding percentage |
Activity | Set up date | Acquisition date |
|---|---|---|---|---|---|
| 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 | - |
| Dzieci Warszawy Project Development Sp. z.o.o. ("Dzieci") Through Mota-Engil Real Estate, SGPS |
Poland (Krakow) |
100.00 100.00 |
Real Estate Development | Nov-15 | - |
| Edifício Mota Viso – Soc. Imobiliária, Lda. ("Mota Viso") Through Mota-Engil Real Estate Portugal |
Portugal (Porto) |
100.00 100.00 |
Real Estate Development | Jun-94 | - |
| Edipainel – Sociedade Imobiliária, Lda. ("Edipainel") | Portugal | 100.00 | - | ||
| Through Mota-Engil Real Estate Portugal Through Mota–Engil Engenharia e Construção |
(Porto) | 70.00 30.00 |
Real Estate Development | Mar-02 | |
| Ekosrodowisko z.o.o. In Liquidation ("Ekosrodowisko") Through SUMA |
Poland (Bytom) |
61.50 61.50 |
Urban solid waste | Feb-05 | Dec-05 |
| Engber Ingatlanforgalmazó És Szolgáltató Korlátolt Felelősségű Társaság Kft. ("Engber") |
Hungary | 76.73 | Real Estate Development | - | Jun-08 |
| Through Obol XI | (Budapest) | 76.73 | |||
| Glace - Construtoras das Auto-estradas da Grande Lisbon A.C.E. ("Glace ACE MEEC") Through Mota–Engil Engenharia e Construção |
Portugal (Porto) |
52.87 52.87 |
Realization of construction works and services and providing design |
Dec-06 | Dec-15 |
| Glan Agua, Ltd ("Glanagua") | Ireland | 70.00 | Treatement of waste, exploitation and | Jan-08 | - |
| Through MEIS Glan Agua (UK), Ltd ("Glan Agua UK") |
(Ballinasloe) United Kingdom |
70.00 70.00 |
management of water sytems Treatement of waste, exploitation and |
- | |
| Through MEIS | (St. Albans) | 70.00 | management of water sytems | Jul-15 | |
| Grodkowska Project Development Sp. z.o.o ("Grodkowska") Through Mota-Engil Real Estate, SGPS |
Poland (Krakow) |
100.00 100.00 |
Design and construction of social housing |
Mar-14 | - |
| Grota-Roweckiego Project Development Sp. z o.o. ("Grota") Through Mota-Engil Central Europe Polónia |
Poland (Krakow) |
100.00 100.00 |
Real Estate Development | Oct-12 | - |
| Hungária Hotel Ingatlanforgamazó, Kereskedelmi, és Szolgáltató Kft. ("Hotel Achat Hungria") |
Hungary | 100.00 | Real Estate Development | Jun-08 | - |
| Through Mota-Engil Real Estate, SGPS Immo Park Gdańsk, Sp. z.o.o. ("Immo Park Gdańsk") |
(Budapest) Poland |
100.00 100.00 |
Design, construction, management and | - | |
| Through Mota-Engil Central Europe Polónia | (Krakow) | 100.00 | exploitation of parking lots | Mar-13 | |
| Immo Park Warszawa, Sp. z.o.o. ("Immo Park Warszawa") Through Mota-Engil Central Europe Polónia |
Poland (Krakow) |
100.00 100.00 |
Design, construction, management and exploitation of parking lots |
Oct-12 | - |
| Immo Park, Sp. z.o.o. ("Immo Park") Through Mota-Engil Central Europe Polónia |
Poland (Krakow) |
100.00 100.00 |
Design, construction, management and exploitation of parking lots |
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, SGPS Kilinskiego Property Investment Sp. z.o.o. ("Kilinskiego PI") |
(Krakow) Poland |
100.00 100.00 |
- | ||
| Through Kilinskiego Project Development Sp. z.o.o. Through Mota-Engil Real Estate, SGPS |
(Krakow) | 99.99 0.01 |
Real Estate Development | Sep-11 | |
| Kordylewskiego Project Development W Likwidacji Sp. z o.o. ("Kordylewskiego") |
Poland | 100.00 | - | ||
| Through Mota-Engil Real Estate, SGPS | (Krakow) | 100.00 | Real Estate Development | Feb-05 | |
| Listopada Project Development ("Listopada project Development") Through Mota-Engil Real Estate, SGPS |
Poland (Krakow) |
100.00 100.00 |
Real Estate Development | Nov-15 | - |
| Lusitânia - Construtoras das Auto-estradas das Beiras Litoral e Alta A.C.E. ("Lusitânia ACE MEEC") |
Portugal (Porto) |
83.95 | Realization of construction works and services and providing design |
Apr-01 | Dec-15 |
| Through Mota–Engil Engenharia e Construção Mercado Urbano - Gestão Imobiliária, SA ("Mercado Urbano") |
Portugal | 83.95 100.00 |
|||
| Through Mota-Engil Real Estate Portugal | (Porto) | 100.00 | Real Estate Development | Jul-09 | Mar-11 |
| ME Real Estate - Mota-Engil Real Estate Portugal, SA ("Mota-Engil Real Estate Portugal") Through Mota-Engil Real Estate, SGPS |
Portugal (Porto) |
100.00 100.00 |
Real Estate Development | Sep-01 | - |
| ME Investitii AV s.r.l. ("Mota-Engil Investitii") | Romania | 100.00 | Real Estate Development | - | Sep-07 |
| Through Mota-Engil Real Estate, SGPS MES, Mota-Engil Srodowisko, Sp. z.o.o. ("MES") |
(Bucharest) Poland |
100.00 61.50 |
- | ||
| Through Suma | (Krakow) | 61.50 | Urban solid waste | Dec-05 | |
| Metró Építoipari Gépészeti és szállítási, Zrt ("Metroepszolg") Through Mota-Engil Magyarország |
Hungary (Budapest) |
100.00 100.00 |
Public works | Dec-00 | - |
| Motadomus - Sociedade Imobiliária, Lda. ("Motadomus") Through Aurimove |
Portugal (Porto) |
100.00 95.00 |
Construction works | Jan-97 | Jan-01 |
| Through Mota-Engil Real Estate Portugal Mota-Engil International Construction (UK) Ltd ("Mota-Engil UK") |
United Kingdom | 5.00 60.00 |
Construction works | Jul-15 | - |
| Through Mota-Engil Engenharia e Construção Mota-Engil Ireland Construction Limited ("Mota-Engil Irlanda") |
(St. Albans) Ireland |
60.00 60.00 |
- | ||
| Through Mota-Engil Engenharia e Construção | (Dublin) | 60.00 | Construction works | Oct-07 |
| Designation | Headquarters | Effective holding percentage |
Activity | Set up date | Acquisition date |
|---|---|---|---|---|---|
| Mota-Engil Engenharia e Construção, SA ("Mota-Engil Engenharia e Construção") |
Portugal | 100.00 | Construction works, and purchase and sale of real estate |
- | Dec-00 |
| Through Mota-Engil Europa | (Amarante) Portugal |
100.00 | |||
| Mota-Engil Real Estate, SGPS, SA ("Mota-Engil Central Europe SGPS") Through Mota-Engil Europa |
(Porto) (Porto) |
100.00 100.00 |
Management of financial holdings | Dec-02 | - |
| Mota-Engil Central Europe, SA ("Mota-Engil Central Europe Polónia") | (Krakow) | 100.00 | Construction works | Feb-53 | Mar-99 |
| Through Mota-Engil Engenharia e Construção 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 Business Support Center Sp. z o. o. ("MECE Business Support Center") |
Poland | 100.00 | Administrative Services | Dec-09 | - |
| Through Mota-Engil Central Europe Polónia Mota-Engil Ireland Services Ltd. ("MEIS") |
(Krakow) Ireland |
100.00 70.00 |
Treatement of waste, exploitation and | ||
| Through Mota-Engil Engenharia e Construção | (Dublin) | 70.00 | management of water sytems | Jan-08 | - |
| Mota-Engil Magyarország Beruházási És Épitoipari Zrt. ("Mota-Engil | Hungary | 100.00 | |||
| Magyarország") Through Mota-Engil Europa |
(Budapest) | 100.00 | Public works | Jan-96 | - |
| Mota-Engil Vermelo Sp. z.o.o ("ME Vermelo") | Poland | 100.00 | Real Estate Development | Mar-12 | - |
| Through Mota-Engil Central Europe Polónia | (Krakow) | 100.00 | |||
| Mota-Engil Central Europe PPP Sp. z.o.o ("ME Central Europe PPP") Through Mota-Engil Central Europe Polónia |
Poland (Krakow) |
100.00 100.00 |
Design, construction, management and exploitation of parking lots |
Mar-12 | - |
| Mota-Engil Central Europe PPP 2 Sp. z.o.o ("ME Central Europe PPP 2") | Poland | 100.00 | |||
| Through Mota-Engil Central Europe Polónia | (Krakow) | 100.00 | Design, construction, management and exploitation of parking lots |
Dec-13 | - |
| Mota-Engil Central Europe PPP Road Sp. z.o.o ("ME Central Europe PPP Road") |
Poland | 100.00 | Design, construction, management and | ||
| Through Mota-Engil Central Europe Polónia | (Krakow) | 100.00 | exploitation of parking lots | - | Nov-13 |
| Mota-Engil Central Europe PPP 3 Sp. Z.o.o ("ME Central Europe PPP 3") | Poland | 100.00 | Design, construction, management and | ||
| Through Mota-Engil Central Europe Polónia | (Krakow) | 100.00 | exploitation of parking lots | Apr-14 | - |
| Mota-Engil Real Estate Hungary Ingatlanforgalmazó, Kereskedelmi és Szolgáltató Kft.("Mota-Engil Real Estate Hungria") Through Mota-Engil Real Estate, SGPS |
Hungary (Budapest) |
100.00 100.00 |
Real Estate Development | Jul-05 | - |
| Mota-Engil Real Estate Management, sp. z.o.o. ("Mota-Engil Real Estate | Poland | ||||
| Management") | 100.00 | Real Estate Development | Jun-05 | - | |
| Through Mota-Engil Real Estate, SGPS Nádor-Öböl Ingatlanforgalmazó És Beruházó Korlátolt Felelősségű Társaság |
(Krakow) | 100.00 | |||
| Kft. ("Nádor Obol") | Hungary | 76.73 | Real Estate Development | - | Oct-06 |
| Through Obol XI Norace - Construtoras das Auto-estradas do Norte A.C.E. ("Norace ACE |
(Budapest) | 76.73 | |||
| MEEC") | Portugal | 82.87 | Realization of construction works and services and providing design |
Jun-99 | Dec-15 |
| Through Mota–Engil Engenharia e Construção Nortedomus, Sociedade Imobiliária SA. ("Nortedomus") |
(Porto) Portugal |
82.87 100.00 |
|||
| Through Mota-Engil Real Estate Portugal | (Lisbon) | 100.00 | Real Estate Development | - | Oct-01 |
| 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 | (Budapest) | 76.73 | |||
| Pinhal - Construtoras das Auto-estradas do Pinhal Interior A.C.E. ("Pinhal ACE | Portugal | 53.52 | Realization of construction works and | ||
| MEEC") Through Mota–Engil Engenharia e Construção |
(Porto) | 53.52 | services and providing design | Apr-10 | Dec-15 |
| Portuscale - Construtoras das Auto-estradas do Grande Porto A.C.E. | |||||
| ("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 Proempar - Promoção e Gestão de Parques Empresariais e Tecnológicos, SA |
Portugal | 83.95 | Marketing, management and exploitation | ||
| ("Proempar") Through Mota-Engil Real Estate Portugal |
(Porto) | 100.00 100.00 |
of technological and industrial business parks |
Oct-06 | - |
| Project Development 1 Sp. Z.o.o. ("Project Development 1") | Poland | 100.00 | Real Estate Development | Nov-15 | - |
| Through Mota-Engil Real Estate, SGPS | (Krakow) | 100.00 | |||
| Project Development 2 Sp. Z.o.o. ("Project Development 2") Through Mota-Engil Real Estate, SGPS |
Poland (Krakow) |
100.00 100.00 |
Real Estate Development | Nov-15 | - |
| Sampaio Üzletviteli Tanácsadó Korlátolt Felelősségű Társaság Kft. | Hungary | 76.73 | Real Estate Development | - | Jan-03 |
| Through Obol XI Sedengil – Sociedade Imobiliária, SA ("Sedengil") |
(Budapest) Portugal |
76.73 100.00 |
|||
| Through Mota-Engil Real Estate Portugal | (Matosinhos) | 100.00 | Real Estate Development | Oct-82 | May-95 / May-97 |
| Senatorska Project Development Sp. z.o.o. ("Senatorska") | Poland | 100.00 | Real Estate Development | Nov-15 | - |
| Through Mota-Engil Central Europe Polónia Sikorki Project Development Sp. z o.o. ("Sikorki") |
(Krakow) Poland |
100.00 100.00 |
|||
| Through Mota-Engil Central Europe Polónia | (Krakow) | 100.00 | Real Estate Development | Oct-12 | - |
| Designation | Headquarters | Effective holding percentage |
Activity | Set up date | Acquisition date |
|---|---|---|---|---|---|
| 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 | - |
| Tetenyi Project Development Ingatlanforgalmazó, Kereskedelmi és Szolgáltató Kft ("Tetenyi") Through Mota-Engil Real Estate, SGPS |
Hungary (Budapest) |
100.00 100.00 |
Real Estate Development | Jan-05 | - |
| Turalgo-Sociedade de Real Estate Development e Turística do Algarve, SA ("Turalgo") |
Potugal | 51.00 | Real Estate Development | May-92 | - |
| Through Mota-Engil Real Estate Portugal VBT - Projectos e Obras de Arquitectura Paisagística, Lda ("VBT") Through Vibeiras |
(Oeiras) Angola (Luanda) |
51.00 45.56 35.56 |
Landscape gardening | Sep-08 | - |
| Through Mota-Engil Ambiente e Serviços Vianor - Construtoras das Auto-estradas da Costa de Prata A.C.E. ("Vianor ACE MEEC") |
Portugal (Porto) |
10.00 83.95 |
Realization of construction works and services and providing design |
Apr-00 | Dec-15 |
| Through Mota–Engil Engenharia e Construção Vibeiras – Sociedade Comercial de Plantas, SA ("Vibeiras") |
Portugal | 83.95 71.11 |
Landscape gardening | Jul-88 | Oct-98 |
| Through Mota-Engil Engenharia e Construção Wilanow Project Development SP. z.o.o. ("Wilanow") Through Mota-Engil Real Estate, SGPS |
(Torres Novas) Poland (Krakow) |
71.11 100.00 100.00 |
Real Estate Development | Jun-07 | - |
| 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 | - |
| Environment and Services | |||||
| AGIR - Ambiente e Gestão Integrada de Resíduos, Lda. ("Agir") Through Mota-Engil Ambiente e Serviços Through Suma |
Cape Verde (Praia) |
80.75 50.00 30.75 |
Collection of urban solid waste | Dec-07 | - |
| Algar - Valorização e Tratamento de Resíduos Sólidos, SA ("Algar") Through EGF |
Portugal (Loulé) |
33.15 33.15 |
Treatment and recovery of urban solid waste |
- | Jun-15 |
| Amarsul- Valorização e Tratamento de Resíduos Sólidos, SA ("Amarsul") Through EGF |
Portugal (Setúbal) |
30.19 30.19 |
Treatment and recovery of urban solid waste |
- | Jun-15 |
| CH&P – Combined Heat & Power Anadia, Sociedade Unipessoal, Lda ("CH&P Anadia") Through Manvia |
Portugal (Linda-a-Velha) |
90.00 90.00 |
Exploitation of a co-generation plant for the production of electric and thermal energy |
May-11 | - |
| 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 | ||
| Citrave - Centro Integrado de Tratamento de Resíduos de Aveiro, SA ("Citrave") Through Suma Through Novaflex |
Portugal (Lisbon) |
61.50 61.41 0.05 |
Treatment and disposal of non-hazardous waste |
Dec-87 | Oct-06 |
| Through Suma Esposende Correia & Correia, Lda. ("Correia & Correia") |
Portugal | 0.05 48.19 |
Trade and collection of used oils | Sep-88 | fev/00 |
| Through Enviroil Enviroil SGPS, Lda. ("Enviroil") |
(Sertã) Portugal |
48.19 48.19 |
Management of financial holdings | Nov-97 | - |
| Through Suma Enviroil II – Reciclagem de Óleos Usados, Lda. ("Enviroil II") |
(Torres Novas) Portugal |
48.19 43.37 |
Oil recycling, electricity production and | Apr-11 | - |
| Through Enviroil Ersuc - Resíduos Sólidos do Centro, SA ("Ersuc") Through EGF |
(Torres Novas) Portugal (Coimbra) |
43.37 34.14 30.46 |
bulk trade of fuels and related products Treatment and recovery of urban solid waste |
- | Jun-15 |
| Through Suma Empresa Geral de Fomento, SA ("EGF") |
Portugal | 3.68 59.19 |
Treatment and recovery of urban solid | - | Jun-15 |
| Through Suma Tratamento Eco Vision LLC ("Eco Vision") |
(Lisbon) Oman |
59.19 31.37 |
waste Treatment and recovery of urban solid |
Jul-15 | - |
| Through Suma Gesar - Gestão de Águas Residuais do Algarve ("GESAR ACE Manvia") |
(Muscat) Portugal |
31.37 54.00 |
waste Tratamento de águas residuais |
Apr-15 | - |
| Through Manvia InvestAmbiente - Recolha de Resíduos e Gestão de Sistemas de Saneamento Básico, SA ("Investambiente") Through Novaflex |
(Linda-a-Velha) Portugal (Lisbon) |
54.00 31.98 31.98 |
Collection of non-hazardous waste | Feb-00 | Dec-07 |
| Manvia - Manutenção e Exploração de Instalações e Construção, SA ("Manvia") |
Portugal (Linda-a-Velha) |
90.00 | Manutenção e exploração de instalações | Jul-94 | Jun-98 |
| Through Mota–Engil Ambiente e Serviços Mota-Engil Europa, SA ("Mota-Engil Europa") Through Mota-Engil SGPS |
Portugal (Linda-a-Velha) |
90.00 100.00 100.00 |
Management of financial holdings | Jun-10 | - |
| Mota-Engil II, Gestão, Ambiente, Energia e Concessões de Serviços, SA ("MEAS II") |
Portugal (Porto) |
100.00 | Projects' management | Dec-03 | - |
| Through Mota-Engil Europa Mota-Engil, Ambiente e Serviços, SGPS, SA ("Mota-Engil Ambiente e Serviços") |
Portugal | 100.00 100.00 |
Management of financial holdings | Jun-97 | - |
| Through Mota-Engil Europa | (Porto) | 100.00 |
| Designation | Headquarters | Effective holding percentage |
Activity | Set up date | Acquisition date |
|---|---|---|---|---|---|
| Nova Beira - Gestão de Resíduos, SA ("Nova Beira") Through Novaflex Through Investambiente |
Portugal (Lisbon) |
30.85 20.30 10.55 |
Treatment and disposal of non-hazardous waste |
- | Dec-07 |
| Novaflex - Técnicas do Ambiente, SA ("Novaflex") Through Suma |
Portugal (Lisbon) |
61.50 61.50 |
Collection of other non-hazardous waste | - | Dec-07 |
| PTT - Parque Tecnológico do Tâmega, SA ("PTT") Through Proempar |
Portugal (Felgueiras) |
90.00 80.00 |
Marketing, management and exploitation of technological and industrial business |
Dec-06 | - |
| Through Mota-Engil Real Estate Portugal Real Verde - Técnicas de Ambiente, SA ("Real Verde") |
Portugal | 10.00 61.50 |
parks Treatment and disposal of non-hazardous |
Dec-07 | - |
| Through Novaflex Resiges - Gestão de Resíduos Hospitalares, Lda. ("Resiges") |
(Vila Real) Portugal |
61.50 61.50 |
waste | ||
| Through Novaflex Resiestrela - Valorização e Tratamento de Resíduos Sólidos, SA |
(Setúbal) Portugal |
61.50 37.26 |
Collection of hazardous waste Treatment and recovery of urban solid |
May-98 | Dec-07 |
| Through EGF Resilei – Tratamento de Resíduos Industriais, SA ("Resilei") |
(Castelo Branco) Portugal |
37.26 30.75 |
waste Treatment and disposal of non-hazardous |
- - |
Jun-15 |
| Through Suma | (Leiria) | 30.75 | waste | Jun-03 | |
| Resinorte - Valorização e Tratamento de Resíduos Sólidos, SA ("Resinorte") Through EGF |
Portugal (Braga) |
44.46 44.46 |
Treatment and recovery of urban solid waste |
- | Jun-15 |
| Resulima - Valorização e Tratamento de Resíduos Sólidos, SA ("Resulima") Through EGF |
Portugal (Viana do Castelo) |
30.19 30.19 |
Treatment and recovery of urban solid waste |
- | Jun-15 |
| Rima – Resíduos Industriais e Meio Ambiente, SA ("Rima") | Portugal | 59.12 | Treatment of industrial waste | Aug-01 | - |
| Through Suma SIGA - Sistema Integrado de Gestão Ambiental, SA ("Siga") |
(Lourosa) Portugal |
59.12 43.05 |
Treatment and disposal of non-hazardous | - | |
| Through Suma | (Ponta Delgada) | 43.05 | waste | Oct-08 | |
| SIGAMB - Sistemas de Gestão Ambiental, Lda. (Angola) ("SIGAMB") Through Novaflex |
Angola (Luanda) |
61.44 61.44 |
Technical studies, consulting and environmental trainning |
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, SA ("Suldouro") |
(Sertã) Portugal |
48.19 35.52 |
Treatment and recovery of urban solid | - | Jun-15 |
| Through EGF Suma (Douro) - Serviços Urbanos e Meio Ambiente, Lda. ("Suma Douro") |
(Vila Nova de Gaia) Portugal |
35.52 61.50 |
waste | - | |
| Through Suma | (Murça) | 61.50 | Collection of urban solid waste | Jul-00 | |
| Suma (Esposende) - Serviços Urbanos e Meio Ambiente, Lda. ("Suma Esposende") Through Suma |
Portugal (Esposende) |
61.50 61.50 |
Collection of urban solid waste | Dec-99 | - |
| Suma (Macau), Lda. ("Suma Macau") Through Suma |
China (Macau) |
60.89 60.89 |
Collection of urban solid waste | - | Dec-13 |
| Suma (Matosinhos) - Serviços Urbanos e Meio Ambiente, SA ("Suma Matosinhos") Through Suma |
Portugal (Matosinhos) |
61.50 61.50 |
Collection of urban solid waste | Dec-00 | - |
| Suma (Porto) - Serviços Urbanos e Meio Ambiente, SA ("Suma Porto") | Portugal | 61.50 | Collection of urban solid waste | Nov-08 | - |
| Through Suma Suma Tratamento, SA ("Suma Tratamento") |
(Porto) | 61.50 59.20 |
- | ||
| Through Suma Through Suma Esposende Through Novaflex Through Mota-Engil Ambiente e Serviços |
Portugal (Lisbon) |
49.19 0.01 0.01 10.00 |
Collection of urban solid waste | Oct-14 | |
| Suma – Serviços Urbanos e Meio Ambiente, SA ("Suma") Through Mota-Engil Ambiente e Serviços |
Portugal (Lisbon) |
61.50 61.50 |
Collection of urban solid waste | Jun-94 | - |
| Takargo - Transportes de Mercadorias, SA ("Takargo") Through Mota-Engil Ambiente e Serviços |
Portugal (Linda-a-Velha) |
100.00 100.00 |
Rail transport of goods | Oct-06 | - |
| Tratofoz - Sociedade de Tratamento de Resíduos, SA ("Tratofoz") Through Mota-Engil Ambiente e Serviços Through Mota-Engil Real Estate Portugal |
Portugal (Porto) |
100.00 99.00 1.00 |
Collection of urban solid waste | Oct-02 | - |
| Triu - Técnicas de Resíduos Industriais e Urbanos, SA ("Triu") Through Enviroil |
Portugal (Loures) |
48.19 48.19 |
Collection of non-hazardous waste | Apr-91 | Sep-08 |
| Triaza - Tratamento de Resíduos Industriais da Azambuja, SA ("Triaza") | Portugal | 61.50 | Collection of urban solid waste | Nov-15 | Sep-08 |
| Through Suma Valnor - Valorização e Tratamento de Resíduos Sólidos, SA ("Valnor") |
(Azambuja) Portugal |
61.50 31.57 |
Treatment and recovery of urban solid | - | Jun-15 |
| Through EGF Valorlis - Valorização e Tratamento de Resíduos Sólidos, SA ("Valorlis") |
(Portalegre) Portugal |
31.57 30.19 |
waste Treatment and recovery of urban solid |
- | Jun-15 |
| Through EGF Valorminho - Valorização e Tratamento de Resíduos Sólidos, SA |
(Leiria) | 30.19 | waste | ||
| ("Valorminho") | Portugal | 30.19 | Treatment and recovery of urban solid waste |
- | Jun-15 |
| Through EGF Valorsul - Valorização e Tratamento de Resíduos Sólidos das Regiões de |
(Valença) Portugal |
30.19 31.33 |
Treatment and recovery of urban solid | ||
| Lisbon e do Oeste, SA ("Valorsul") Through EGF |
(Loures) | 31.33 | waste | - | Jun-15 |
| Designation | Headquarters | Effective holding percentage |
Activity | Set up date | Acquisition date |
|---|---|---|---|---|---|
| Africa Akwangola, SA ("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") |
(Luanda) Mozambique |
51.00 100.00 |
Construction works' projects and | Sep-98 | Apr-11 |
| Through MEEC África Clean Eburnie, SARL ("Clean Eburnie") |
(Maputo) Ivory Coast |
100.00 60.00 |
inspection Treatment and recovery of urban solid |
Dec-17 | - |
| Through da MEEC África | (Abidjan) | 60.00 | waste | ||
| Cosamo (Proprietary) Limited ("Cosamo") Through Mota Internacional |
South Africa (Johannesburg) |
100.00 100.00 |
Commercial | Dec-76 | - |
| Eco Eburnie, SA (" Eco Eburnie") | Ivory Coast | 100.00 | Treatment and recovery of urban solid | Oct-17 | - |
| Through da MEEC África | (Abidjan) | 100.00 | waste, and cleaning and maintenance of public streets |
||
| Ecolife, SA ("Ecolife") Through Mota-Internacional |
Mozambique (Maputo) |
58.45 40.00 |
Collection of urban solid waste | Dec-13 | - |
| Through Suma Fatra - Fábrica de Trefilaria de Angola, SA ("Fatra") |
Angola | 18.45 35.70 |
- | ||
| Through Mota-Engil Angola | (Luanda) | 35.70 | Manufacturing of iron-derived products | Nov-10 | |
| Fibreglass Sundlete (Moçambique), Lda. ("Fibreglass") Through ME Maurícias |
Mozambique (Maputo) |
100.00 100.00 |
Commercial | Aug-62 | Mar-99 |
| Indimo, Lda. ("Indimo") Through Cecot |
Mozambique (Maputo) |
100.00 50.00 |
Real Estate Development | - | Oct-04 |
| Through MEEC África | 50.00 | ||||
| Liwonde Logostics Platform Limited ("Liwonde") Through ME Investments Malawi |
Malawi (Lilongwe) |
99.49 50.49 |
Management of societies' management | Jun-15 | - |
| Through MEEC Africa – Malawi Branch Mota-Engil Engenharia e Construção África, SA ("MEEC África") |
Portugal | 49.00 100.00 |
- | ||
| Through Mota-Engil África N.V. | (Porto) | 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 societies' management | Oct-12 | - |
| Mota-Engil África, SGPS, SA ("Mota-Engil África") | Portugal | 100.00 | Management of financial holdings | May-10 | - |
| Through MEEC África Mota-Engil África Global Technical Services B.V. ("ME África GTS BV") |
(Porto) Netherlands |
100.00 100.00 |
|||
| Through Mota-Engil África NV | (Amsterdam) | 100.00 | Management of societies' management | May-14 | - |
| Mota Internacional – Comércio e Consultadoria Económica, Lda. ("Mota Internacional") |
Portugal (Funchal) |
100.00 | Trade and management of international holdings |
Sep-97 | Dec-98 |
| Through Mota-Engil África Mota-Engil Moçambique, Lda. ("Emocil") |
Mozambique | 100.00 | - | ||
| Through MEEC África | (Maputo) | 100.00 50.00 |
Real Estate Development | Jul-94 | |
| Through Indimo Mota-Engil Angola, SA ("Mota-Engil Angola") |
Angola | 50.00 51.00 |
Construction works and public and | - | |
| Through Mota Internacional | (Luanda) | 51.00 | private works | May-10 | |
| Mota-Engil Côte D´Ivoire, SARL ("Mota-Engil Costa de Marfim") Through MEEC África |
Ivory Coast (Abidjan) |
100.00 100.00 |
Construction works and public and private works |
Apr-18 | - |
| Malawi Ports Company Limited ("Malawi Ports Company") Through MEEC África |
Malawi (Lilongwe) |
100.00 88.00 |
Sea transport | Nov-10 | - |
| Through ME Malawi | 12.00 | ||||
| Malawi Shipping Company Limited ("Malawi Shipping Company") Through MEEC África |
Malawi (Lilongwe) |
100.00 88.00 |
Sea transport | Nov-10 | - |
| Through ME Malawi | 12.00 | ||||
| Martinox, SA ("Martinox") Through Mota-Engil Angola |
Angola (Benguela) |
48.45 48.45 |
Stainless steel works | Feb-08 | Dec-11 |
| Mota & Companhia Maurícias, Lda. ("ME Maurícias") Through MEEC África |
Mauritius (Ebene) |
100.00 100.00 |
Construction works | May-10 | - |
| Mota-Engil Africa (PTY) Limited ("ME Africa PTY") Through Mota-Engil África NV |
South Africa | 100.00 95.00 |
Management of societies' management | Nov-15 | - |
| Through MEEC África | (Johannesburg) | 5.00 | |||
| Mota-Engil Construction South Africa, Pty Ltd ("ME Construction South Through Mota-Engil Investments South Africa |
South Africa (Johannesburg) |
51.00 51.00 |
Public works and /or construction works contractor |
Mar-14 | - |
| Mota-Engil (Malawi) Limited ("ME Malawi") Through MEEC África |
Malawi (Lilongwe) |
99.99 99.99 |
Public works and /or construction works contractor |
Jul-11 | - |
| Mota-Engil Investments (Malawi) Limited ("ME Investments Malawi") | Malawi | 99.00 | Public works and /or construction works | Mar-11 | - |
| Through Mota-Engil Africa Mota-Engil Investments South Africa, Pty Ltd ("Mota-Engil Investments |
(Lilongwe) | 99.00 | contractor | ||
| South Africa") Through Mota Internacional |
South Africa (Johannesburg) |
51.00 51.00 |
Management of financial holdings | - | Mar-14 |
| Mota-Engil S.Tomé e Principe, Lda. ("Mota-Engil S.Tomé") | S. Tomé and Príncipe | 100.00 | Public works and /or construction works | - | |
| Through Mota Internacional Through MEEC África |
(S. Tomé) | 95.00 5.00 |
contractor | Dec-04 | |
| Mota-Engil Guinée Conakry SARL ("Mota-Engil Guine") | Guinea Conakry | 100.00 | Construction works and public and | - | Aug-17 |
| Through Branch Mota-Engil Engenharia e Construção África Novicer-Cerâmicas de Angola,(SU) Limitada. ("Novicer") |
(Conakry) Angola |
100.00 51.00 |
private works Manufacturing and trade in clay goods |
Sep-07 | - |
| Through Mota-Engil Angola Prefal – Préfabricados de Luanda, Lda. ("Prefal") |
(Luanda) Angola |
51.00 45.90 |
- | ||
| Through Mota-Engil Angola | (Luanda) | 45.90 | Manufacturing of prestressed goods | Dec-93 | |
| Penta - Engenharia e Construção, Lda. ("Penta") Through MEEC África |
Cape Verde (Praia) |
100.00 96.00 |
Construction works and public and private works |
Apr-07 | - |
| Through Mota Internacional Rentaco Angola - Equipamentos e Transportes, (SU) Limitada. ("Rentaco |
4.00 | ||||
| Angola") Through Mota-Engil Angola |
Angola (Luanda) g |
51.00 51.00 |
Rental of construction equipment | Jan-08 | - |
| Sonauta - Sociedade de Navegação, Lda. ("Sonauta") | 100.00 | Sea transport, excluding coastal | Nov-94 | - | |
| Through Mota Internacional Tracevia Angola - Sinalização, Segurança e Gestão de Tráfego, Lda. ("Tracevia |
(Luanda) Angola |
100.00 | transport | ||
| Angola") Through Mota-Engil Angola |
(Luanda) | 40.80 40.80 |
Road signs | - | Sep-07 |
| Vista Energy Environment & Services, SA ("Vista SA") | Angola | 51.00 | Management of financial holdings | Jul-08 | Dec-13 |
| Through Mota-Engil Angola Vista Multi Services, Lda. ("Vista Multi Services") |
(Luanda) Angola |
51.00 51.00 |
|||
| Through Vista SA Through Mota-Engil Angola |
(Luanda) | 40.80 10.20 |
Urban services | May-09 | Dec-13 |
| Vista Waste Management, Lda. ("Vista Waste") | Angola | 56.15 | |||
| Through Mota-Engil Angola Through Vista SA |
(Luanda) | 5.10 20.91 |
Collection of waste | Dec-09 | Dec-13 |
| Through Suma | 30.14 | ||||
| Vista Water, Lda. ("Vista Water") Through Mota-Engil Angola |
Angola (Luanda) |
28.05 6.38 |
Exploitation of water market | May-09 | Dec-13 |
| Through Vista SA | 21.68 |
| Designation | Headquarters | Effective holding percentage |
Activity | Set up date | Acquisition date |
|---|---|---|---|---|---|
| Latin America | |||||
| APP Coatzacoalcos Villahermosa SAP.I. de C.V. ("APP Coatzacoalcos Villahermosa") Through Mota-Engil México |
Mexico (Mexico City) |
37.74 37.74 |
Construction and public works | Oct-16 | - |
| Consita Tratamento de Resíduos, SA ("Consita") Through ECB Suma Participações |
Brazil (Belo Horizonte) |
54.93 54.93 |
Waste treatment | - | Dec-14 |
| Consórcio Los Castãnos ("Consórcio Los Castãnos") | Peru | 100.00 | Real Estate Development | Dec-11 | - |
| Through Mota- Engil Peru Consórcio Fanning ("Consórcio Fanning") |
(Lima) Peru |
100.00 100.00 |
Real Estate Development | Dec-11 | - |
| Through Mota- Engil Peru Consórcio GDL Viaduto, SAP.I de CV ("Consórcio GDL Viaduto") |
(Lima) Mexico |
100.00 21.88 |
Construction and public works | Jun-14 | - |
| Through Mota-Engil México Consórcio Mota-Engil Ojeda & Iju Paracas ("Consórcio ME Ojeda & Iju") |
(Mexico City) Peru |
21.88 100.00 |
Real Estate Development | Dec-11 | - |
| Through Mota- Engil Peru Consórcio La Ponciana ("Consórcio La Ponciana") |
(Lima) Peru |
100.00 100.00 |
Real Estate Development | Dec-11 | - |
| Through Mota- Engil Peru Consórcio Porta ("Consórcio Porta") |
(Lima) Peru |
100.00 100.00 |
Real Estate Development | Dec-11 | - |
| Through Mota- Engil Peru Consórcio Túnel Guadalajara, SAPI de CV ("Consórcio GDL Túnel") |
(Lima) Mexico |
100.00 21.88 |
|||
| Through Mota-Engil México Consórcio ME-Contrato Colegios (Colômbia) ("Consórcio ME Colegios") |
(Mexico City) | 21.88 100.00 |
Construction and public works | Jul-14 | - - |
| Through Mota-Engil Engenharia e Construção Through Mota- Engil Peru |
Colombia (Buenaventura) |
75.00 25.00 |
Construction works | May-16 | |
| Consórcio MEC Arroyo Carrera 65 ("Consórcio MEC Arroyo Carrera") Through Mota–Engil Engenharia e Construção - Colombia Branch |
Colombia | 98.75 0.01 |
Construction and public works | Sep-16 | - |
| Through Mota–Engil Col SAS Consórcio MEC-Av.Malecon-UF1 ("Consórcio MEC-Av.Malecon-UF1") |
(Bogotá) | 98.74 98.75 |
|||
| Through Mota–Engil Engenharia e Construção - Colombia Branch Through Mota–Engil Col SAS |
Colombia (Buenaventura) |
0.01 98.74 |
Construction and public works | May-16 | - |
| Consórcio MEC-Av.Malecon-UF2 ("Consórcio MEC-Av.Malecon-UF2") Through Mota–Engil Engenharia e Construção - Sucursal Colômbia Through Mota–Engil Col SAS |
Colombia (Bogotá) |
98.75 0.01 98.74 |
Construction and public works | Nov-16 | - |
| 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") Through Mota-Engil Latam Colombia SAS |
Colombia (Bogotá) |
100.00 100.00 |
Construction and public works | Feb-18 | - |
| Constructora APP Tabasvera SAde C.V. ("Constructora APP Tabasvera") Through Mota-Engil México |
Mexico (Mexico City) |
38.25 38.25 |
Construction and public works | Jul-16 | - |
| Constructora Autopista Cardel-Poza Rica, SA de CV ("Constructora Cardel Poza Rica") |
Mexico (Mexico City) |
40.80 | Construction and public works | - | Nov-17 |
| Through Mota-Engil México Constructora Tuxpan Tampico ("Construtora Tuxpan Tampico") Through Mota-Engil México |
Mexico (Mexico City) |
40.80 51.00 50.99 |
Construction and public works | - | Nov-17 |
| Through Mota-Engil América Latina SAPI Desarrollos DOTA México, SA de CV ("Desarrollos DOTA México") |
Mexico | 0.01 43.35 |
Construction and public works | Apr-18 | - |
| Through Mota-Engil México Empresa Construtora Brasil, SA ("Empresa Construtora Brasil") |
(Mexico City) Brazil |
43.35 50.00 |
Construction and public works | Nov-12 | - |
| Through Mota-Engil Brasil Participações, Ltda ECB Suma Participações, SA ("ECB Suma Participações") |
(Belo Horizonte) Brazil |
50.00 54.93 |
- | ||
| Through Empresa Construtora Brasil Through Suma |
(Belo Horizonte) | 28.58 26.35 |
Management of financial holdings | Dec-14 | |
| Flame Investments, B.V. ("Flame Investments") Through Mota-Engil Latin America BV |
Netherlands (Amsterdam) |
51.96 51.96 |
Management of financial holdings | Mar-15 | - |
| FCE Comercializadora Fenix SAPI de C.V. ("FCE Comercializadora Fenix") Through Mota Engil America Latina SAPI Through ME Energia operacional |
Mexico (Mexico City) |
28.87 0.00 28.87 |
Energy trading | Sep-16 | - |
| FSE Suministradora Fenix SAPI de C.V.("FSE Suministradora Fenix") Through Mota Engil America Latina SAPI Through ME Energia operacional |
Mexico (Mexico City) |
28.87 0.00 28.87 |
Energy distribution | Aug-16 | - |
| Generadora Fenix ("Generadora Fenix") Through ME Energia operacional |
Mexico (Mexico City) |
26.27 26.27 |
Energy production | Sep-15 | - |
| Global Technical Services Latam BV ("GTS LATAM BV") Through Mota-Engil Latin America BV |
Netherlands (Amsterdam) |
100.00 100.00 |
Management of societies' management | Jul-16 | - |
| MEBR Construções, Consultoria e Participações, SA ("MEBR") Through Mota-Engil Latin America BV |
Brazil (São Paulo) |
100.00 57.69 |
Construction and public works | Mar-11 | - |
| Through Mota-Engil Latam Peru Mota-Engil Latam Colombia SAS ("ME Latam Colombia SAS") |
Colombia | 42.31 100.00 |
|||
| Through Mota-Engil Engenharia e Construção Through Mota-Engil Latin America BV Mota-Engil Energy B.V. ("Mota-Engil Energy BV") |
(Bogotá) Netherlands |
49.00 51.00 28.86 |
Construction and public works | Dec-16 | - - |
| Through Flame Investments | (Amsterdam) | 28.86 | Finance and consulting | Sep-15 |
| Designation | Headquarters | Effective holding Activity percentage |
Set up date | Acquisition date | |
|---|---|---|---|---|---|
| ME Energy Holding ("ME Energy Holding ") Through Mota-Engil México Through Mota-Engil Energy BV |
Netherlands (Amsterdam) |
28.87 0.01 28.86 |
Management of financial holdings | Nov-15 | - |
| Mota-Engil Dominicana SAS. ("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") Through Mota-Engil SGPS |
Netherlands (Amsterdam) |
100.00 100.00 |
Management of financial holdings | Nov-15 | - |
| Mota-Engil Latam Peru ("Mota-Engil Latam Peru") Through Mota-Engil Latin America BV Through Mota-Engil Engenharia e Construção |
Peru (Lima) |
100.00 99.90 0.10 |
Management of financial holdings | Dec-15 | - |
| Mota-Engil Peru- Ambiente, SA ("Mota-Engil Peru Ambiente") Through Mota-Engil Engenharia e Construção |
Peru (Lima) |
100.00 0.00 |
Exploitation of terminals | - | - |
| Through Mota-Engil Peru Mota-Engil América Latina SAP.I. de C.V. ("Mota-Engil América Latina") Through Mota-Engil SGPS |
Mexico (Mexico City) |
100.00 100.00 0.02 |
Management of financial holdings | Nov-13 | May-14 |
| Through Mota-Engil Latin America BV Mota-Engil Chile SA ("Mota-Engil Chile") Through Mota- Engil Latam Portugal |
Chile (Santiago) |
99.98 100.00 99.00 |
Construction and public works | Feb-13 | - |
| Through Mota- Engil Engenharia e Construção Mota-Engil Colômbia, SAS ("Mota-Engil Colômbia") |
Colombia | 1.00 100.00 |
Construction and public works | Feb-11 | - |
| Through Mota-Engil Latam Peru Mota-Engil Col, SAS ("Mota-Engil Col") Through Mota-Engil Engenharia e Construção Through Mota-Engil Peru |
(Bogotá) Colombia (Bogotá) |
100.00 100.00 99.00 1.00 |
Construction and public works | Feb-14 | - |
| 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, SA("Mota-Engil Latam Portugal") Through Mota-Engil Latin America BV |
Portugal (Porto) |
100.00 100.00 |
Management of financial holdings | Jul-15 | - |
| Mota-Engil Energia Peru SA ("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 México, SA de C.V. ("Mota-Engil México") Through Mota-Engil Latin America BV Through Mota-Engil América Latina SAPI Through Mota Internacional |
Mexico (Mexico City) |
51.00 19.18 31.82 0.00 |
Construction and public works | Jan-10 | - |
| Mota-Engil Turismo, SA 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, SAP.I. de C.V. ("Mota-Engil Turismo Holding") Through Mota-Engil México Through Mota-Engil Tourism BV |
Mexico (Mexico City) |
43.13 0.01 43.13 |
Management of financial holdings | Jun-15 | - |
| Mota-Engil Peru, SA ("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 | - |
| Operadora APP Coatzacoalcos Villahermosa SAPI de C.V. ("Operadora APP Coatzacoalcos Villahermosa") Through Mota-Engil México |
Mexico (Mexico City) |
38.25 38.25 |
Road construction and maintenance | Apr-17 | - |
| Promotora Inmobiliaria Santa Clara, SA ("Santa Clara") Through Mota- Engil Peru |
Peru (Lima) |
100.00 100.00 |
Real Estate Development services | May-12 | - |
| Puente Boca del Rio SA De C.V. ("Puente Boca del Rio") Through Mota-Engil México Through Mota–Engil Engenharia e Construção |
Mexico (Mexico City) |
58.35 43.35 15.00 |
Construction and public works | May-16 | - |
| Red Rainbow Company N.V. ("Red Rainbow") Through Mota-Engil Aruba Holding Company VBA |
Aruba (Oranjestad) |
100.00 100.00 |
Construction and public works | Jan-12 | Apr-16 |
| Tarucani Generating Company, SA ("Tarucani") Through Mota- Engil Energia Peru Through Mota- Engil Peru |
Peru (Lima) |
100.00 99.98 0.02 |
Generation and distribution of electric energy |
Apr-00 | - |
| Tracevia Mexico SA de C.V. ("Tracevia Mexico") Through Tracevia Brasil |
Mexico (Mexico City) |
50.00 50.00 |
Design, installation, development and maintenance of ITS |
Jun-17 | - |
| Tracevia do Brasil -Sistemas de Telemática Rodoviaria Ltda. ("Tracevia Brasil") Through MEBR |
Brazil (São Paulo) |
50.00 50.00 |
Design, installation, development and maintenance of ITS |
Mar-11 | - |
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, 2018, were as follows:
| Designation | Effective holding | |
|---|---|---|
| Headquarters | percentage | |
| Parent Company of the Group and related activities | ||
| Nortenha Angola, SGPS, SA ("Nortenha") | Portugal | 29.99 |
| Riscos e Diâmetros Angola, SGPS, SA ("Riscos e Diâmetros Angola") | Portugal | 30.10 |
| Sangobiar Perú, SA ("Sangobiar") | Peru | 29.99 |
| SMGT Angola, SGPS, SA ("SMGT") | Portugal | 29.99 |
| Sunviauto Internacional, SGPS, SA ("Sunviauto Internacional") | Portugal | 29.99 |
| Vitropor Moçambique, SGPS, SA ("Vitropor Moçambique") | Portugal | 29.99 |
| Europe - Engineering and Construction | ||
| Ibercargo Rail, SA ("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, SA ("Haçor") | Portugal | 40.00 |
| HL - Sociedade Gestora do Edifício, SA ("HL - Sociedade Gestora do Edifício") | Portugal | 50.00 |
| Logz - Atlantic Hub, SA ("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, SA ("Automatriz") | Angola | 25.50 |
| Busegera Airport Company Lda ("Busegera") | Rwanda | 75.00 |
| Estradas do Zambêze, SA ("Estradas do Zambêze") | Mozambique | 40.00 |
| Icer – Indústria de Cerâmica, Lda. ("Icer") | Angola | 25.50 |
| Mebisa - Minerais e Britagens, SA ("Mebisa") | Angola | 15.30 |
| Operadora Estradas do Zambêze, SA ("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 |
| 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 Auto-Pista 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 |
| Eco Innovacion Ambiental SAPI de CV ("Eco Innovacion") | Mexico | 17.85 |
| Consórcio Constructor Del Puerto de San Martin ("CCPSM - Consorcio Constructor Del Puerto de San Martin") | Peru | 33.30 |
| Consórcio Puertos de Loreto ("Consórcio Puertos Loreto") | Peru | 34.00 |
| Fideicomiso el Capomo ("Fideicomiso el Capomo") | Mexico | 42.00 |
| Gestion e Innovacion en Servicios Ambientales SA de CV ("GISA") | Mexico | 25.50 |
| M&R de Occidente SAPI de CV ("Concessionária M&R") | Mexico | 20.00 |
| Martifer Group | Portugal | 37.50 |
"Agrupamentos Complementares de Empresas" (ACE)
"Agrupamentos Complementares de Empresas" (ACE) included in the consolidation by the equity method and their effective holding percentage as at June 30, 2018, were as follows:
| Jointly controlled entities - "Agrupamentos Complementares de Empresas" | Effective holding percentage |
|---|---|
| In activity | |
| Mota-Engil/Acciona/Edivisa - Obras do Aproveitamento Hidroeléctrico de Alto Tâmega, ACE | 42.50% |
| Reforço de Potência da Barragem de Venda Nova III, ACE | 28.33% |
| Manvia - Serviço de Manutenção do Tejo Atlântico, ACE | 45.00% |
| In warranty period | |
| AVIAS, ACE | 23.50% |
| Barragem de Foz Tua ACE | 33.34% |
| DIEXP - Expropriações do Douro Interior, ACE | 37.08% |
| Engil e OPCA em ACE | 50.00% |
| EXPI - Expropriações do Pinhal Interior, ACE | 37.08% |
| GACE - Gondomar ACE | 24.00% |
| GCVC, ACE (Grupo Construtor de Vila do Conde) | 42.86% |
| GLEX - Expropriações da Grande Lisboa, ACE | 42.08% |
| Grupo Construtor do Edifício Gil Eanes, ACE | 50.00% |
| Haçor 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% |
| Mota-Engil, Zagope, URBASER, ACE | 38.50% |
| NEOPUL-FERROVIAS, ACE | 50.00% |
| SOMAFEL-FERROVIAS, ACE | 40.00% |
| 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, 2018, were as follows:
| Designation | Headquarters | Effective holding percentage |
Activity | Set up date |
|---|---|---|---|---|
| Latin America | ||||
| Consórcio Mota-Engil TR ("Consórcio Mota-Engil TR") | Peru | 50.00 | Construction and public | Nov-14 |
| Through Mota- Engil Peru | (Lima) | 50.00 | works | |
| Consórcio Mota-Engil Peru HL Paita ("Consórcio Mota-Engil Peru HL Paita") | Peru | 50.00 | Construction and public | Aug-13 |
| Through Mota- Engil Peru | (Lima) | 50.00 | works | |
| Consórcio Vial Acobamba ("Consórcio Vial Acobamba") | Peru | 50.00 | Construction and public | Jun-13 |
| Through Mota- Engil Peru | (Lima) | 50.00 | works | |
| Consórcio Vial Tambillo ("Consórcio Vial Tambillo") | Peru | 50.00 | Construction and public | Jan-13 |
| Through Mota- Engil Peru | (Lima) | 50.00 | works | |
| Consórcio Vial Vizcachane ("Consórcio Vial Vizcachane") | Peru | 50.00 | Construction and public | Dec-15 |
| Through Mota- Engil Peru | (Lima) | 50.00 | works | |
| Consórcio Vial el Descanso-Langui ("Consórcio Vial el Descanso-Langui") | Peru | 50.00 | Construction and public | Oct-10 |
| Through Mota- Engil Peru | (Lima) | 50.00 | works | |
| Consórcio Vial Sur del Peru ("Consórcio Vial Sur del Peru") | Peru | 50.00 | Construction and public | Nov-10 |
| Through Mota- Engil Peru | (Lima) | 50.00 | works | |
| Consórcio Vial Valle Sagrado ("Consórcio Vial Valle Sagrado") | Peru | 50.00 | Construction and public | Jun-10 |
| Through Mota- Engil Peru | (Lima) | 50.00 | works | |
| Stracon Translei Joint Venture ("Stracon Translei Joint Venture") | Peru | 50.00 | Construction and public | Apr-10 |
| Through Mota- Engil Peru | (Lima) | 50.00 | works | |
| Consórcio Vial Jaylli ("Consórcio Vial Jaylli") | Peru | 42.00 | Construction and public | Dec-14 |
| Through Mota- Engil Peru | (Lima) | 42.00 | works | |
| Translei Consórcio Cosapi ("Translei Consórcio Cosapi") | Peru | 50.00 | Construction and public | Jan-03 |
| Through Mota- Engil Peru | (Lima) | 50.00 | works | |
| Translei Consórcio Cusco-Quillabanba ("Translei Consórcio Cusco-Quillabanba") | Peru | 50.00 | Construction and public | Mar-10 |
| Through Mota- Engil Peru | (Lima) | 50.00 | works | |
| Consórcio Conservacion Vial Santa Rosa ("Consórcio Conservacion Vial Santa Rosa") | Peru | 50.00 | Construction and public | Dec-15 |
| Through Mota- Engil Peru | (Lima) | 50.00 | works | |
| Consórcio Inframe ("Consórcio Inframe") | Colombia | 60.00 | Construction and public | Jul-13 |
| Through Mota–Engil Engenharia e Construção - Branch Colômbia | (Medellín) | 60.00 | works | |
| Consórcio Ibagué-Honda-Cambao-Manizales ("Consórcio Ibague") | Colombia | 25.00 | Construction and public | Sep-15 |
| Through Mota–Engil Engenharia e Construção - Branch Colômbia | (Bogotá) | 25.00 | works | |
| Consórcio Mota-Engil Dominicana SAS/IEMCA ("Consórcio Mota-Engil Dominicana") | Dominican Rep. | 42.00 | Construction and public | May-16 |
| Through Mota-Engil Dominicana | (Santo Domingo) | 42.00 | works |
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 drawn up 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 this 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 27, 2018
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
Maria Manuela Queirós Vasconcelos Mota dos Santos Member of the Board of Directors
Maria Teresa Queirós Vasconcelos Mota Neves da Costa Member of the Board of Directors
Maria Paula Queirós Vasconcelos Mota de Meireles Member of the Board of Directors
Ismael Antunes Hernandez Gaspar Member of the Board of Directors and Member of the Executive Committee
Carlos António Vasconcelos Mota dos Santos 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) António Martinho Ferreira Oliveira Member of the Board of Directors and Member of the Executive Committee
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
Sofia Salgado Cerveira Pinto Non-executive and independent member of the Board of Directors
Ana Paula Chaves e Sá Ribeiro Non-executive and independent member of the Board of Directors
Under the terms defined in caption d) of no. 5 of article 66º of the Commercial Companies Code, we hereby declare that, during the first half of 2018, MOTA-ENGIL, SGPS SA did not proceed with any transaction over own shares. Therefore, as at June 30, 2018, MOTA-ENGIL, SGPS SA hold 3,639,812 own shares representing 1.53% of its share capital, detailed as follows:
| 2018 | Quantity | Average cost | Amount | |
|---|---|---|---|---|
| Opening Balance | 3,639,812 | 1.59 £ | 5,788 | |
| Closing Balance | 3,639,812 | 1.59 € | 5,788 |
In compliance with the provisions of Article 9, no.1, caption c) of CMVM Regulation no. 5/2008, hereunder is the list of the holders of qualified holdings, with the detail of the number of shares held and the corresponding percentage of voting rights, computed as at June 30, 2018, 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 (*) | 132,953,739 | 55.98% | 56.85% |
| António Manuel Queirós Vasconcelos da Mota (**) | 5,550,020 | 2.34% | 2.37% |
| Maria Paula Queirós Vasconcelos Mota de Meireles (**) | 4,494,211 | 1.89% | 1.92% |
| Maria Teresa Queirós Vasconcelos Mota Neves da Costa (**) | 3,676,836 | 1.55% | 1.57% |
| Maria Manuela Queirós Vasconcelos Mota dos Santos (**) | 3,375,066 | 1.42% | 1.44% |
| António Lago Cerqueira, S.A. (***) | 3,091,577 | 1.30% | 1.32% |
| Carlos António Vasconcelos Mota dos Santos (**) | 380,000 | 0.16% | 0.16% |
| Manuel António da Fonseca Vasconcelos da Mota (**) | 90,000 | 0.04% | 0.04% |
| Maria Sílvia Fonseca Vasconcelos Mota (****) | 87,061 | 0.04% | 0.04% |
| José Manuel Mota Neves da Costa (****) | 35,000 | 0.01% | 0.01% |
| José Pedro Matos Marques Sampaio de Freitas (**) | 20,138 | 0.01% | 0.01% |
| Attributable to FM – Sociedade de Controlo, SGPS, SA | 153,753,648 | 64.74% | 65.74% |
| Ghotic Corp Mutima Capital (*) | 3,757,593 | 1.58% | 1.61% |
| Ghotic HSP Corp Mutima Capital (*) | 1,458,089 | 0.61% | 0.62% |
| Ghotic JBD LLC Mutima Capital (*) | 1,341,887 | 0.56% | 0.57% |
| Gothic ERP LLC Mutima (*) | 500,000 | 0.21% | 0.21% |
| The Mutima Africa Fund LP (*) | 331,684 | 0.14% | 0.14% |
| Attributable to Mutima Capital Management | 7,389,253 | 3.11% | 3.16% |
| Attributable to Norges Bank | 5,427,150 | 2.29% | 2.32% |
| Own Shares | 3,639,812 | 1.53% | - |
| Freefloat | 67,295,278 | 28.33% | 28.78% |
| TOTAL | 237,505,141 | 100.00% | 100.00% |
(*) Direct shareholder of the Company
(**) Member of the Board of Directors of the Company and person qualified as "Dirigente"
(***) 51% of this company is held by Mota Gestão e Participações, SGPS, SA
(****) Person qualified as "Dirigente" of the Company
Disclosure of shares and other securities held by members of the Board of Directors and by people qualified as "Dirigente", 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.
Annex referred to in article 14, no. 7, of the CMVM Regulation no. 5/2008 (position as at June 30, 2018):
| Holding shares of MOTA-ENGIL, SGPS, SA |
MGP, SGPS, SA | FM, SGPS, SA | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| "Dirigentes" | Date | ||||||||||
| Qt. | Price | Buy / Sell | Inside / Outside market | % | Qt. | % | Qt. | % | |||
| António Manuel Queirós Vasconcelos da Mota | Closing balance | 5,550,020 | 2.34% | 0 | 0.0% | 28,701 | 34.48% | ||||
| Maria Manuela Queirós Vasconcelos Mota dos Santos | |||||||||||
| Opening balance | 3,675,066 | 1.55% | |||||||||
| 28 May 2018 | (300,000) | 0.000 | Transfer | Outside the Market | |||||||
| Closing balance | 3,375,066 | 1.42% | 0 | 0.0% | 17,902 | 21.51% | |||||
| Maria Teresa Queirós Vasconcelos Mota Neves da Costa | |||||||||||
| Maria Paula Queirós Vasconcelos Mota de Meireles | Closing balance | 3,676,836 | 1.55% | 0 | 0.0% | 17,902 | 21.51% | ||||
| Closing balance | 4,494,211 | 1.89% | 0 | 0.0% | 17,902 | 21.51% | |||||
| Carlos António Vasconcelos Mota dos Santos | |||||||||||
| Opening balance | 28 May 2018 | 80,000 300,000 |
0.000 | Transfer | Outside the Market | 0.03% | |||||
| Closing balance | 380,000 | 0.16% | |||||||||
| Maria Sílvia Fonseca Vasconcelos Mota | |||||||||||
| José Manuel Mota Neves da Costa | Closing balance | 87,061 | 0.04% | ||||||||
| Closing balance | 35,000 | 0.01% | |||||||||
| Manuel António da Fonseca Vasconcelos da Mota | |||||||||||
| Closing balance | 90,000 | 0.04% | |||||||||
| Luís Filipe Cardoso da Silva | |||||||||||
| Closing balance | 12,500 | 0.01% | |||||||||
| Gonçalo Nuno Gomes de Andrade Moura Martins | Closing balance | 12,435 | 0.01% | ||||||||
| Ismael Antunes Hernandez Gaspar | |||||||||||
| Closing balance | 1,000 | 0.00% | |||||||||
| José Pedro Matos Marques Sampaio de Freitas | |||||||||||
| António Lago Cerqueira, S.A. | Closing balance | 20,138 | 0.01% | ||||||||
| Closing balance | 3,091,577 | 1.30% | |||||||||
| Alberto João Coraceiro de Castro | |||||||||||
| F.M. - Sociedade de Controlo, SGPS, SA | Closing balance | 2,200 | 0.00% | ||||||||
| Closing balance | - | - | 6,337,640 | 100.0% | |||||||
| Mota Gestão e Participações, SGPS, SA | |||||||||||
| Opening balance | 06 February 2018 | 132,803,739 488 |
3.585 | Buy | Inside Market | 55.92% | |||||
| 06 February 2018 | 2,797 | 3.590 | Buy | Inside Market | |||||||
| 06 February 2018 | 200 | 3.590 | Buy | Inside Market | |||||||
| 06 February 2018 | 1,000 | 3.590 | Buy | Inside Market | |||||||
| 06 February 2018 | 1,000 | 3.595 | Buy | Inside Market | |||||||
| 06 February 2018 09 February 2018 |
4,515 938 |
3.600 3.540 |
Buy Buy |
Inside Market Inside Market |
|||||||
| 09 February 2018 | 698 | 3.540 | Buy | Inside Market | |||||||
| 09 February 2018 | 478 | 3.540 | Buy | Inside Market | |||||||
| 09 February 2018 | 9 | 3.540 | Buy | Inside Market | |||||||
| 09 February 2018 | 70,724 | 3.540 | Buy | Inside Market | |||||||
| 09 February 2018 | 13,309 | 3.540 | Buy | Inside Market | |||||||
| 09 February 2018 09 February 2018 |
1,297 1,415 |
3.540 3.540 |
Buy Buy |
Inside Market Inside Market |
|||||||
| 09 February 2018 | 3,266 | 3.540 | Buy | Inside Market | |||||||
| 09 February 2018 | 6,010 | 3.540 | Buy | Inside Market | |||||||
| 09 February 2018 | 1,856 | 3.540 | Buy | Inside Market | |||||||
| 14 February 2018 | 3,984 | 3.460 | Buy | Inside Market | |||||||
| 14 February 2018 | 766 | 3.460 | Buy | Inside Market | |||||||
| 14 February 2018 14 February 2018 |
17,665 244 |
3.460 3.460 |
Buy Buy |
Inside Market Inside Market |
|||||||
| 14 February 2018 | 48 | 3.460 | Buy | Inside Market | |||||||
| 14 February 2018 | 26 | 3.460 | Buy | Inside Market | |||||||
| 14 February 2018 | 1,177 | 3.460 | Buy | Inside Market | |||||||
| 14 February 2018 | 4,831 | 3.460 | Buy | Inside Market | |||||||
| 14 February 2018 14 February 2018 |
4,381 422 |
3.460 3.460 |
Buy Buy |
Inside Market Inside Market |
|||||||
| 14 February 2018 | 1,272 | 3.460 | Buy | Inside Market | |||||||
| 14 February 2018 | 239 | 3.460 | Buy | Inside Market | |||||||
| 14 February 2018 | 342 | 3.460 | Buy | Inside Market | |||||||
| 14 February 2018 | 402 | 3.460 | Buy | Inside Market | |||||||
| 14 February 2018 14 February 2018 |
1,756 1,793 |
3.460 3.460 |
Buy Buy |
Inside Market Inside Market |
|||||||
| 14 February 2018 | 652 | 3.460 | Buy | Inside Market | |||||||
| Closing balance | 132,953,739 | 55.98% | - | - |
As at June 30, 2018, as a result of the transactions carried out by some of the entities and the "Dirigentes" above referred, were attributable to FM – SOCIEDADE DE CONTROLO SGPS, SA 153,753,648 shares corresponding to 64.74% of the share capital of MOTA-ENGIL, SGPS, S.A. which confer 65.74% of the voting rights.
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