Mota-Engil

Quarterly Report • May 29, 2014

Management Report and Consolidated Financial Statements as
of 1^st Quarter of

2014

Mota-Engil. A World of Inspiration

Highlights

• Net results for the Group grows 33% to 7.3 million Euros

• International activity of the Group outside Europe already accounts for 68% of the total

• Africa with a growth rate over 33%

• EBITDA increases 22% and EBIT approx. 33%, with margins of 16% and 10%, respectively

• Backlog amounts to 3.9 billion Euros (81% in external markets)

Abroad
Europe

					thousand euros
	1Q14	% T	∆	1Q13	% T
	(non audited)			(non audited)
Turnover	487,694		3.5%	471,211
Europe	176,810		(19.8%)	220,363
Africa	231,258		33.2%	173,682
Latin America	101,078		17.6%	85,979
Other & Interc.	(21,452)			(8,812)
EBITDA	75,717	15.5%	21.7%	62,221	13.2%
EBIT	47,703	9.8%	33.1%	35,837	7.6%
Net financial income	(25,166)	(5.2%)	(2.5%)	(24,554)	(5.2%)
Net income/losses from equity method	(2,813)	(0.6%)	(177.4%)	3,635	0.8%
Income before taxes	19,724	4.0%	32.2%	14,919	3.2%
Net income	12,808	2.6%	19.9%	10,681	2.3%
Attributable to:
Non-controlling interests	5,470	1.1%	6.3%	5,146	1.1%
Group	7,339	1.5%	32.6%	5,535	1.2%

Ebitda = Ebitda = operating result + amortisation + provisions and impairment losses

The accounts included in this Interim report were not subject to audit.

Table of Contents

Highlights	2
Interim Consolidated Management Report	5
Analysis of economical-financial performance Analysis by business area Behaviour of shares and dividends	6 10 14
Interim Consolidated Financial Information	17
Separated Consolidated Income Statement Statement of Consolidated Comprehensive Income Statement of Consolidated Financial Position Statement of Consolidated Changes in Equity Consolidated Statement of Cash Flows Notes to Consolidated Financial Statements	19 20 21 22 24 25

We explore new
business frontiers

Engineering will always be the solid ground of the foundations of Mota-Engil. But our operating capacity and innovative drive goes beyond this sector, forming an increasingly wider and diversified activity portfolio.

Mota-Engil. Building a better future.

Latin America

Peru Mexico Brazil Colombia

Africa

Angola Malawi Mozambique South Africa Cape Verde São Tomé and Príncipe Zambia Zimbabué Ghana Uganda

01. INTERIM CONSOLIDATED MANAGEMENT REPORT

Europe

. . . . . . . . . . . . . . . . . . .

Portugal Poland Spain Ireland Czech Republic Slovakia Hungary

Portugal/Port of Lisbon

1. Analysis of economical-financial performance

2012: Pro-forma data using the equity consolidation method for Indaqua

With a 33% and 18% growth in the African and Latin American markets, respectively, the turnover for the Group in the first quarter of 2014 reached € 488 million (first quarter of 2013: €471 million).

These two markets have increased enormously in importance in the Group's turnover and now represent over 68% (first quarter of 2013: 55%) of the total consolidated turnover. The maintenance of high backlog levels in these markets and the expansion of business in Africa to new countries lead to the expectation of a sustained international development for the Group. Once again it is stressed that this behaviour is in line with the strategic objectives set out in the Strategic Plan for the Group: Ambition 2.0 although the conditions in the markets result in a change to the mix expected with a reduction in the weighting from Europe and a greater contribution from other regions.

2012: Pro-forma data using the equity consolidation method for Indaqua

In terms of operational profitability, the period under analysis presented an excellent performance, with EBITDA growing around 22%, i.e., more €13.5 million compared to the first quarter of 2013. This behaviour was, once again, due essentially to the African market (EBITDA margin close to 22%), being also of relevance the margin in Europe over 10%, and maintenance of margin in Latin America at 8%.

As a result the African and Latin American markets increased their contribution to Group operational profitability which now stands at 77% (first quarter of 2013: 64%).

The growth recorded in the consolidated EBITDA to more than 16% in the first quarter of 2014 compares with 13% for the same period in the previous year and is the product of the change in the mix of turnover and margins, having as consequence the reduction of impacts that seasonality usually has in the Group businesses, an aspect that although reasonably transversal, is more evident in the European segment. This margin performance can also be the result of the ability to select projects and the transversal application of best practices in the Group for their execution.

During the first quarter of 2014, consolidated net investment reached €24 million (first quarter of 2013: €25 million), with the African and Latin American markets contributing naturally with the higher amounts (first quarter of 2014 and 2013: €18 million). Assessing total investment by nature, it is evident that expansion investment totalled €11 million (including €10 million in Africa and Latin America) and maintenance investment amounted to approx. €13 million.

Total Net Debt Maturity Evolution

2012: Pro-forma data using the equity consolidation method for Indaqua

In the first quarter of 2014, although with a moderate investment, total net debt increased only €42 million, compared to December 31, 2013. Despite this variation, gross debt reduced about €37 million.

Maturity of Group debt, which in previous years relied heavily in the short term, witnessed in the last quarters a significant increase, remaining stable in the first quarter. From the total net debt, including leasing and factoring, due over one year, at March 31, 2014 was around 70%, i.e. roughly €850 million.

After March 31, 2014 and in line with the strategy of adapting debt maturity, the Group issued new bonds due in five years amounting to €110 million, as well as contracting of new financing lines at 3 and 5 years to reimburse those due for the year, amounting to approx. €124 million.

2012: Pro-forma data using the equity consolidation method for Indaqua

For the first quarter of 2014, financial results contributed to the net result of the Group with a negative amount of €25.2 million (first quarter of 2013: negative €24.6 million), representing an increase of 2.5€ of the net financial charges.

As for earnings and losses in associated companies (Equity Method in the diagram), this contributed negatively to the result with €2.8 million (first quarter of 2013: positive €3.6 million). ASCENDI, a sub-holding for the concessions area, contributed in the first quarter of 2014 with €2.9 million for this heading (first quarter of 2013: €4.4 million).

As a result of this operational and financial performance, the net result for the group increased 32.6% to €7.3 million (first quarter of 2013: €5.5 millions).

The backlog, by the end of March 2014, amounted to € 3.9 billion, of which approx. €3.2 billion in external markets, representing around 81% of total. As usual, backlog outside the construction business represents only the service provision contracts for the waste and maintenance segments. The Group does not consider in its order portfolio the expectable income deriving from water and sanitation concession contracts and operation of port terminals exploration.

2. Analysis by business area

Europe

2012: Pro-forma data using the equity consolidation method for Indaqua

The European business includes the engineering and construction companies together with those in the field of the environment and services which the Group has in Portugal and in Central Europe or which are controlled by the regional management structure. In the area of the environment and services, logistics, re-cycling, water management and power and maintenance are the main business activities.

The turnover for the Mota-Engil Group in Europe reached, in the first quarter of 2014, € 177 million (first quarter of 2013: €220 million), with a reduction of 20% compared to the same period in 2013. This drop comprised a reduction in the engineering and construction areas (-29%) which was not compensated for by the rise in volume for the environment and services. Over all, the environment and services segments achieved a consolidated turnover of € 72 million (first quarter of 2013: €72 million).

The operating profitability obtained in Europe, in spite of maintaining an EBITDA margin (10.4%), saw a drop of around 20% in the absolute value of the indicator to €18.5 million (first quarter of 2013: €23 million), mainly due to the fall-off in business in engineering and construction.

In the first quarter of 2014, the waste disposal business in Europe reached levels identical with those of the previous year in terms of both activity (first quarters of 2014 and 2013: turnover €19 million and €18 million, respectively) as well as in operational performance terms (first quarters of 2014 and 2013: EBITDA €4 million).

The logistics business continues to play a major part in the turnover for the environment and services having grown by 6.8% in comparison with the values obtained last year (€ 46.6 million turnover in the first quarter of 2014, compared to €43.6 million for the same period in 2013) maintaining EBITDA (€6.4 million for the first quarter of 2014 and €6.8 million for the first quarter of 2013). This achievement is the result of all segment companies, operating in a more integrated manner, seeking to respond to the demands of all stakeholders and anticipating the sector movements at global level.

The companies in the field of maintenance and power saw a slight reduction in business while maintaining the same level of EBITDA as a result of their exposure to the national market, being our conviction that it is possible to recover to values similar to those from previous year.

Africa

Business in Africa now represents some 47% of the total of the Mota-Engil Group activities (first quarter of 2013: 37%). In the first quarter of 2014, turnover in Africa reached € 231 million with an increase of 33.2% in comparison with the value achieved the previous year of € 173.7 million. The EBITDA for this business increased from 19% in the first quarter of 2013 to 21.7% in the same period for 2014 which, jointly with the increase in turnover resulted in the highly positive out-turn for operating profit and in absolute terms reaching the sum of € 50.3 million (first quarter of 2013: € 33 million)

The order book for the region now stands at € 1,666 million as of March 2014 (December 2013: €1.621) which is the basis for the excellent prospects for growth in Group turnover in the region and denotes a noteworthy capacity for organising and planning which is the only way to attend to the needs of a group of companies in a phase of sustained growth.

Latin America

In Latin America the Mota-Engil Group is currently focusing its attention on Peru, Mexico, Brazil and Colombia. The region already makes up 21% of the Group's business (first quarter of 2013: 18%). The awards notified in the end of 2013 and early 2014, in the total value of € 900 million lead to the expectation of sustained business growth for the Group in the region in line with the objectives drawn up in the Ambition Strategic Plan 2.0 (2015: Latin America to represent 27% of the Mota-Engil Group turnover).

In the first quarter of 2014, turnover in the region amounted to €101.1 million, which represents a growth of about 17.6% compared to the same period last year (first quarter of 2013: €86 million).

Regarding operational profitability, there was a slight increase from 8% in EBITDA margins for the 1st quarter of 2013, to 8.1% in 2014.

In March 2014, the backlog for the region amounted to €1,348 million.

3. Behaviour of shares and dividends

In a context marked by progressive regained credibility of Portugal from external entities, in particular among investors, both for bonds as stocks, shares of Mota-Engil SGPA, SA appreciated 36.5% during the first quarter of 2014, reaching €5.90 on the last day of that period, contrasting with a recovery of 16% of the PSI 20 index. When comparing with the price on the last day of the first quarter last year, the valuation reached 217.5%, significantly higher than the 30.7% appreciation of the PSI 20 index

41.6 million shares were traded during the first quarter of this year compared with 29.25 million in the first quarter of 2013, a performance which was not unconnected the fact that on February 26, 2014, 34,3 million shares of Mota-Engil were sold and placed with institutional investors (11,101,379 own shares and 23,198,621 shares sold by the founder shareholder, Mota Gestão e Participações, SGPS, SA). The purpose of the sale was to increase the free float of the company and therefore to increase the group's visibility in the capital markets.

Porto, May 19, 2014

Gonçalo Moura Martins Chief Executive Officer

José Pedro Freitas Chief Financial Officer

We work towards development

We are deeply committed to the construction of a new Europe, through projects that foster the future,
created with the experience and technical skills gathered over 67 years.

Mota-Engil. Building a better future.

Transport
Concessions

HIGHWAYS BRIDGES RAILWAYS

MOTORWAYS UNDERGROUND Engineering and Construction

INFRASTRUCTURES CIVIL CONSTRUCTION REAL ESTATE OTHER BUSINESS AREAS

02. INTERIM CONSOLIDATED
FINANCIAL INFORMATION

PROSPECTING

Mining

EXTRACTING EXPLORATION

Environment and Services

WASTE WATER PORTS AND LOGISTICS MULTISERVICES ENERGY

Portugal / Bridge over
the Ceira River

ä

Separate Consolidated Income Statement For The Periods Ended March 31, 2014 & 2013

	st Quarter 1
Notes	2014 € '000	2013 € '000
	(non audited)	(non audited)
Sales & services rendered 2	487,694	471,211
Other revenues	24,639	16,169
Cost of goods sold, mat. cons. & Subcontractors	(198,952)	(233,618)
Gross profit	313,382	253,762
Third-party supplies & services	(125,016)	(96,288)
Wages and salaries	(104,438)	(103,523)
Other operating income / (expenses)	(8,211)	8,270
2	75,717	62,221
Depreciation & Amortization	(26,269)	(24,493)
Provisions and impairment losses	(1,744)	(1,891)
Operating profit	47,703	35,837
Financial income & gains 3	33,917	30,679
Financial costs & losses 3	(59,083)	(55,233)
Gains / (losses) in associates and jointly controlled companies	(2,813)	3,635
Income before taxes	19,724	14,919
Income Tax	(6,915)	(4,237)
Consolidated net profit of the period	12,808	10,681
Attributable:
to non-controlling interests	5,470	5,146
to the Group	7,339	5,535
Earnings per share:
basic 4	0.036 €	0.029 €
diluted 4	0.036 €	0.029 €

Statement of Consolidated Comprehensive Income For The Periods Ended March 31, 2014 & 2013

	1st Quarter
	2014 € '000	2013 € '000
	(não auditado)	(não auditado)
Consolidated net profit for the year	12,808	10,681
Items of other comprehensive income that may be reclassified to the income statement
Exchange differences stemming from transposition of financial statements expressed in foreign currencies	937	7,345
Variation, net of tax, of the fair value of financial derivatives	71	156
Other comprehensive income in investments in associates using the equity method and other	(6,639)	17,755
Total do rendimento consolidado integral	7,178	35,937
Attributable:
to non-controlling interests	6,182	25,419
to the Group	996	10,518

Consolidated Statement of Financial Position as at March 31, 2014 & December 31, 2013

	Notes	2014	2013
		€ '000	€ '000
		(non audited)	(audited)
Assets
Non-current
Goodwill	5	133,727	133,611
Intangible fixed assets Tangible fixed assets		128,235 680,453	133,164 690,603
Financial investments under the equity method	6	209,880	218,169
Available for sale financial assets	7	49,060	49,792
Investment properties		55,253	55,304
Customers & other debtors		205,298	213,059
Deferred tax assets		52,365	52,158
Cash & cash equivalents – Term Deposits	8	53,564	53,552
		1,567,834	1,599,410
Non-current Assets Held for Sale		29,980	30,311
Current
Inventories		303,421	311,152
Customers		1,008,815	978,484
Other debtors		378,806	283,002
Other current assets		265,467	264,889
Cash & cash equivalents – Demand Deposits	8	196,136	270,961
Cash & cash equivalents – Term Deposits	8	30,379	35,219
		2,183,023	2,143,708
Total Assets	2	3,780,837	3,773,429
Liabilities
Non-current
Debt		737,752	747,503
Sundry Creditors		156,188	185,141
Provisions		101,688	99,312
Other non-current liabilities		3,921	3,034
Deferred tax liabilities		31,889	31,478
		1,031,438	1,066,469
Current
Debt		556,409	583,844
Suppliers		484,975	488,113
Derivative financial instruments		579	674
Sundry Creditors		570,299	523,782
Other current liabilities		524,357	551,321
		2,136,618	2,147,734
Total Liabilities	2	3,168,057	3,214,203
Shareholders' equity
Equity capital		204,636	204,636
Reserves		194,344	102,355
Consolidated net profit for the year		7,339	50,505
Own funds attributable to the Group		406,319	357,495
Non-controlling interests		206,462	201,731
Total shareholders' equity		612,780	559,226
Total shareholders' equity & liabilities		3,780,837	3,773,429

Statement of Consolidated During The Periods Ended

				Fair value reserves
	Equity capital	Treasury shares	Issue premiums	Available-for-sale investments	Lands assigned to quarrying operations	Derivatives
Balance as at January 1, 2013 (audited)	204,636	(22,749)	87,256	27,702	4,983	(996)
Total comprehensive income for the year	-	-	-	-	-	156
Dividend distribution	-	-	-	-	-	-
Transfers for other reserves	-	-	-	-	-	-
Balance as at March 31, 2013 (non audited)	204,636	(22,749)	87,256	27,702	4,983	(841)
Balance as at January 1, 2014 (audited)	204,636	(22,749)	87,256	27,702	10,306	(499)
Total comprehensive income for the year	-	-	-	-	-	71
Dividend distribution	-	-	-	-	-	-
Other distributions of results	-	-	-	-	-	-
Sale of treasury shares	-	22,749	-	-	-	-
Transfers for other reserves	-	-	-	-	-	-
Balance as at March 31, 2014 (non audited)	204,636	-	87,256	27,702	10,306	(428)

Changes in Equity March 31, 2014 & 2012

Currency translation reserve	Other reserves	Net Profit	Own funds attributable to shareholders	Own funds attributable to non controlling interests	Shareholders' equity
(34,537)	17,081	40,746	324,121	111,860	435,981
5,251	(424)	5,535	10,518	25,419	35,937
-	-	-	-	(4,072)	(4,072)
-	40,746	(40,746)	-	-	-
(29,286)	57,403	5,535	334,639	133,207	467,846
(53,001)	53,341	50,505	357,495	201,731	559,226
440	(6,853)	7,339	996	6,182	7,178
-		-	-	(1,451)	(1,451)
-	(100)	-	(100)		(100)
-	25,178	-	47,927	-	47,927
-	50,505	(50,505)	-	-	-
(52,562)	122,070	7,339	406,319	206,462	612,780

Statement of Consolidated Cash-Flows For The Periods Ended March 31, 2014 & 2013

	Notes	2014 € '000	2013 € '000
OPERATING ACTIVITY		(non audited)	(non audited)
Cash receipts from customers		391,614	439,402
Cash paid to suppliers		(328,247)	(381,767)
Cash paid to employees		(80,702)	(79,761)
Cash generated from operating activities		(17,335)	(22,126)
Income tax paid/received		(5,133)	(4,181)
Other receipts/payments generated by operating activities		(12,125)	(5,870)
Net cash from operating activities (1)		(34,593)	(32,176)
INVESTING ACTIVITY
Cash receipts from:
Intangible fixed assets		7	-
Tangible fixed assets		3,122	371
Interest and similar income		1,752	1,475
Dividends		887	-
		5,768	1,846
Cash paid in respect of:
Financial assets		-	(565)
Intangible fixed assets		(1,544)	(948)
Tangible fixed assets		(25,201)	(23,947)
		(26,745)	(25,460)
Net cash from investing activities (2)		(20,978)	(23,615)
FINANCING ACTIVITY
Cash receipts from:
Loans obtained		50,094	193,929
Sale of treasury shares		49,251	-
		99,345	193,929
Cash paid in respect of:
Loans obtained		(87,280)	(43,929)
Amortization of finance lease contracts		(10,494)	(5,657)
Interest & similar expense		(23,385)	(22,238)
Other		(1,772)	(1,023)
		(122,931)	(72,846)
Net cash from financing activities (3)		(23,587)	121,083
Variation of cash & cash equivalents (4)=(1)+(2)+(3)		(79,158)	65,292
Variations caused by changes to the perimeter		(4)	(40)
Exchange rate effect		(493)	5,174
Cash & cash equivalents at the beginning of the year	8	359,733	271,779
Cash & cash equivalents at the end of the year	8	280,078	342,205

0. Introduction

The core business of Mota-Engil, SGPS, SA, with head office at Rua do Rego Lameiro, nº 38, Porto, (MOTA-ENGIL SGPS or COMPANY), and subsidiaries (Group) is public and private construction work and related activities.

The detailed description of the Group's activities is provided in Note 2. Business Segments.

All amounts in these notes are in thousand Euros, except if expressly stated otherwise.

1. Accounting Policies

1.1. Presentation bases

The attached financial accounts cover the consolidated financial reports for the Mota-Engil Group were prepared following the assumption of operations continuity based on the books and accounting records of the companies comprising the Group so that the consolidated financial statements are in accordance with the International Financial Reporting Standards (IAS/IFRS) issued by the International Accounting Standards Board (IASB) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) or by the previous Standing Interpretations Committee (SIC) which have been adopted within the European Union.

For the Group, there are no differences between the IFRS adopted by the European Union and the IFRS published by the International Accounting Standards Board.

January 1, 2005 corresponded to the beginning of the period for the 1st application of IAS/IFRS by the Group, pursuant to IFRS 1 – – First-time Adoption of International Financial Reporting Standards.

The consolidated financial statements of Mota-Engil Group regarding the period ended in March 31 were issued pursuant to the accounting policies and calculation methods adopted by the Group and presented in the 2013 Consolidated Report and Accounts, taking into account the provisions of IAS 34 - Interim Financial Reporting.

During the period ended in March 31, 2014, following standards, interpretations, amendments and revisions endorsed by the European Union became applicable:

EU Regulation	IASB Standard or IFRIC Interpretation endorsed by European Union	Issued in	Mandatory for financial years
Regulation no. 1254/2012	IFRS 10 Consolidated Financial Statements	May 2011	January 1, 2014
Regulation no. 1254/2012	IFRS 11 Joint Arrangements	May 2011	January 1, 2014
Regulation no. 1254/2012	IFRS 12 Disclosure of Interests in Other Entities	May 2011	January 1, 2014
Regulation no. 1254/2012	IAS 27 Separate Financial Statements	May 2011	January 1, 2014
Regulation no. 1254/2012	IAS 28 Investment in Associates and Joint Ventures	May 2011	January 1, 2014
Regulation no. 1256/2012	IAS 32 Financial Instruments: Presentation - Offsetting Financial Assets and Financial Liabilities	December 2011	January 1, 2014
Regulation no. 313/2013	Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12)	June 2012	January 1, 2014
Regulation no. 1174/2013	IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interests in Other Entities and IAS	October 2012	January 1, 2014
Regulation no. 1374/2013	IAS 36 Impairment of Assets: Recoverable Amount Disclosures for Non-Financial Assets (Amendment)	May 2013	January 1, 2014
Regulation no. 1375/2013	IAS 39 Financial Instruments: Recognition and Measurement: Novation of Derivatives and	June 2013	January 1, 2014

The consolidated financial statements are presented in Euro (thousands). The financial statements of the subsidiaries in foreign currency were converted into Euro in accordance with the accounting policies described in subparagraph xv) of the main valuation criteria presented in the 2013 Consolidated Report and Accounts. All estimates and assumptions made by the Board of Directors were based on their knowledge of the events and transaction in course, as at the date of approval of the financial statements.

In preparing the consolidated financial statements, in conformity with IAS/IFRS, the Group's Board of Directors adopted certain assumptions and estimates which affect the reported assets and liabilities, as well as the income and costs incurred relative to the reported periods, which are described in subparagraph xxv) of the main valuation criteria presented in the 2013 Consolidated Report and Accounts.

2. Business Segments

The Group uses its internal organization for management purposes and as base for its reporting of information by operation segments. The Group is organized into the following geographical areas: Europe, Africa and Latin America.

Values concerning MOTA-ENGIL SGPS, MESP and Group companies in the Tourism area are included in "Others, eliminations and intra-group", which also included the amounts related to flows and balances between operational segments.

The first three months of 2014 had no materially relevant alterations regarding the consolidation perimeter and therefore the effects over the main headings of the financial and results statements are not presented. The companies included in the consolidation and relevant consolidation methods, head offices, real participation percentages, activity, incorporation date and date of acquisition of shares are those presented in Annex A.

The main alterations occurred in the consolidation perimeter for the period ended March 31, 2014 are referred in Note 10. Perimeter Alterations.

The financial information by operational segments can be analysed as follows:

	Sales & services rendered			EBITDA
	2014	2013	2014	2013
Europe	176,810	220,363	18,458	23,028
Africa	231,258	173,682	50,292	33,011
Latin America	101,078	85,979	8,168	6,852
Others, eliminations & intra-group	(21,452)	(8,812)	(1,202)	(669)
Mota-Engil Group	487,694	471,211	75,717	62,221

As at March 31, 2014, the sales and service provisions for the business segments are included in "Others, Eliminations and Intra-group".

For the periods ended March 31, 2013 and 2014, intra-group sales were made at similar prices to those for external clients.

Total net assets and liabilities for the Group by business segments are as follows:

	Assets		Liabilities
	2014	2013	2014	2013
Europe	1,819,210	1,875,057	1,481,456	1,523,619
Africa	1,587,794	1,575,045	1,239,556	1,249,797
Latin America	441,395	365,058	351,669	280,886
Others, eliminations & intra-group	(67,562)	(41,731)	95,375	159,902
Mota-Engil Group	3,780,837	3,773,429	3,168,057	3,214,203

3. Financial Results

Financial results for the periods ended March 31, 2013 and 2014 are as follows:

	2014	2013
Financial income & gains
Loans and accounts receivable:
Interest income	3,575	2,895
Payments discounts received	113	110
Exchange gains	29,003	25,410
Other financial assets & liabilities:
Income from real estate properties	225	1,100
Income from equity investments	887	-
Other financial income & gains	115	1,165
	33,917	30,679
Financial costs and losses
Loans and Accounts Payable:
Interest expenses	23,218	21,867
Payments discount received	31	361
Exchange losses	26,436	27,619
Losses in investment properties
Amortization	41	177
Other costs and financial losses
Other	9,357	5,210
	59,083	55,233
	(25,166)	(24,554)

Heading "Income from real estate properties" includes mainly income from buildings located in Portugal.

Heading "Other costs and financial losses" includes mainly costs with bank guarantees, preparation of loans and several commissions and others costs charged by financial institutions.

4. Earnings per share

The company issued only common shares and therefore there are no special dividend or voting rights.

There is no situation in the Group which might lead to a reduction of earnings per share as a result of options, warrants, convertible bonds or other rights associated to ordinary shares.

Therefore, there is no dissimilarity between the calculation of basic earnings per share and the calculation of diluted earnings per share.

During the periods ended in March 31, 2013 and 2014 no common shares were issued.

During the periods ended in March 31, 2014, as approved in the General Meeting held December 27, 2013, the Group sold all its own shares (11,101,379 shares) in a private offer (out of the stock market) at 4.65€ per share. As such, Mota-Engil SGPS, S.A. no longer has own shares.

For the periods ended in March 31, 2013 and 2014, the earnings per share were as follows:

		2014	2013
Consolidated net profit/(loss) attributable to the Group	(I)	7,339	5,535
Total number of ordinary shares	(II)	204,635,695	204,635,695
Number of own shares at March 31	(III)	-	11,101,379
Weighted average number of own shares	(IV)	-	11,101,379
Number of shares outstanding	(II - IV)	204,635,695	193,534,316
Earnings per share:
basic	(I) / (II - IV)	0.036 €	0.029 €
diluted	(I) / (II - IV)	0.036 €	0.029 €

5. Goodwill

The information on goodwill, for the period ended March 31, 2014 and the year ended December 31, 2013, is as follows:

	2014					2013
	Gross Goodwill	Impairments of the period	Alterations to the consolidation perimeter	Accumulated impairments	Net Goodwill	Net Goodwill
Europe Engeneering & Construction
Eltor	2,780	-	-	-	2,780	2,792
Grossiman	1,989	-	-	(1,989)	-	-
Mota-Engil Central Europe Poland	6,928	-	-	(929)	5,999	6,025
Mota-Engil Central Europe Czech Rep.	1,142	-	-	-	1,142	1,142
Mota-Engil Engenharia	2,973	-	-	(2,973)	-	-
Other	2,030	(101)	-	(41)	1,887	1,989
	17,842	(101)	-	(5,932)	11,809	11,948
Europe Environment & Services
Suma Group	14,338	-	-	(4,229)	10,109	10,109
Tertir Group	100,856	-	-	-	100,856	100,856
Other	1,208	-	-	(75)	1,134	1,134
	116,402	-	-	(4,304)	112,098	112,098
Africa
Cecot	1,440	-	-	-	1,440	1,440
Mota-Engil S.Tomé	143	-	-	-	143	143
Vista Water	1,841	-	-	-	1,841	1,841
	3,424	-	-	-	3,424	3,424
Latin America
Empresa Construtora Brasil	6,396	-	-	-	6,396	6,141
	6,396	-	-	-	6,396	6,141
	144,064	(101)	-	(10,236)	133,727	133,611

The movements which occurred in goodwill during the period until March 31, 2014 and the year ended December 31, 2013 are as follows:

	% of acquisition	2014	2013
Goodwill at the beginning of the year		133,611	127,032
Increase of goodwill
Empresa Construtora Brasil	50%	-	6,141
Vista Water	7%	-	1,841
		-	7,982
Impairment losses
Ekosrodowisko		(101)	-
Suma Group		-	(1,197)
		(101)	(1,197)
Changes in goodwill for currency update
Eltor		(12)	(55)
Empresa Construtora Brasil		255	-
Ekosrodowisko		(1)	(4)
Mota-Engil Central Europe Poland		(25)	(119)
Mota-Engil Central Europe Czech Rep.		(0)	(29)
		217	(207)
Goodwill at the end of the period		133,727	133,611

6. Financial investments through the equity method

In March 31, 2014 and December 31, 2013, the values relative to financial investments stated through the equity method are broken down as follows:

	2014	2013
Europe Engeneering & Construction
Obol Invest Group	23,533	24,891
Other	200	202
	23,733	25,094
Europe Environment & Services
HEPP	1,566	1,573
Grupo Indaqua	23,644	25,080
Suma Group associates	2,766	2,702
SLPP Group	1,531	1,463
Ibercargo (Esp)	1,128	1,146
Manvia II Condutas	609	605
Tersado	914	830
Other	1,241	1,741
	33,399	35,140
Africa
Other	686	772
	686	772
Latin America
TPE Paita	26,219	23,689
M&R de Occidente (Mexico)	1,099	-
Mota-Engil Opway Mexicana (Mex)	-	4,924
Other	461	19
	27,779	28,632
Ascendi Group	88,726	86,574
Martifer Group	33,876	39,770
Other	1,681	2,187
	209,880	218,169

7. Financial investments available for sale

As at March 31, 2014 and December 31, 2013, the detail of financial investments available for sale is as follows:

	2014	2013
Investments in equity instruments (recorded at cost)
	2,724	2,724
BAI-Banco Angolano de Investimentos	39,904	39,904
Carbine Tungstene	1,704	1,704
Ecodetra	1,153	1,153
Ersuc	554	554
Tirtife	901	901
Other	2,012	2,735
	48,952	49,675
	2014	2013
Securities & Other placements
Other	86	95
	86	95

	2014	2013
Advances & other investments
Other	22	22
	22	22
Financial investments available for sale	49,060	49,792

8. Cash and equivalents

The amounts for the heading Cash and Equivalents, regarding the period ended in March 31, 2014 and December 31, 2013 are as follows:

	Demand deposits		Term deposits (1)		Total
	2014	2013	2014	2013	2014	2013
Due deposits & others	1,723	11,889	-	-	1,723	11,889
Bank deposits & cash in hand
Sight deposits	188,159	252,526	83,942	88,771	272,101	341,297
Cash in hand	6,254	6,546	-	-	6,254	6,546
	196,136	270,961	83,942	88,771	280,078	359,733

(1) Includes the amount of 53,564 thousand euros recorded in non-current in March 2014 and 53,552 thousand euros recorded in non-current in December 2013.

9. Debt

The amounts regarding debt for the period ended in March 31, 2014 and December 31, 2013 are as follows:

	Current (1 year)	2 years	3 to 5 years	over 5 years	Non-current	Total
2014
Non-convertible bond loans	10,008	185,000	146,885	-	331,885	341,893
Amounts owed to credit institutions
Bank loans	245,533	67,085	70,177	10,539	147,801	393,334
Overdraft facilities	90,902	-	-	-	-	90,902
Guaranteed accounts	179,568	-	-	-	-	179,568
Other loans obtained
Commercial paper issues	27,396	75,940	174,300	-	250,240	277,636
Other loans	3,003	2,325	5,502	-	7,826	10,829
	556,409	330,350	396,864	10,539	737,752	1,294,162
2013
Non-convertible bond loans	10,000	10,000	321,508	-	331,508	341,508
Amounts owed to credit institutions
Bank loans	211,141	73,925	72,311	9,723	155,959	367,100
Overdraft facilities	88,240	-	-	-		88,240
Guaranteed accounts	244,076	-	-	-	-	244,076
Other loans obtained
Commercial paper issues	27,400	149,580	88,518	15,400	253,497	280,897
Other loans	2,987	1,577	4,963	-	6,540	9,527
	583,844	235,082	487,299	25,123	747,503	1,331,347

Although the commercial paper issues fall due at one year, they are covered by medium and long term programmes which ensure their automatic renewal over time. In view of these circumstances, and since the Group's Board of Directors intends to continue to use the said issues for periods greater than 12 months, said debts were recorded in long and medium term.

10. Perimeter Alterations

For the period ended March 31, 2014, there were no materially relevant alterations to the perimeter, hence the effects are not presented under the main headings of the statement of the financial position and income statement.

For the first three months of 2014, the alterations occurred in the consolidation perimeter were as follows:

Consolidated companies for the first time

Business Area - Europe - Engineering and Construction ME Central Europe PPP Road Business Area - Latin America Concessionária M&R Autopista Siervo de la Nacion

Constitution of companies

Business Area - Europe - Engineering and Construction Grodkowska Project Development

Merger of companies, corporate reorganisation and alterations of percentage holding

Business Area - Africa
Acquisition of 20% of Vista Multi Services by Mota-Engil Angola

Leaving of companies

Business Area - Europe - Engineering and Construction
Zsombor wound up in December 2013
Steinerova in wound up process

Alteration to the consolidation method

Change in consolidation method from the equity method to full consolidation of the following company in Latin America:

Mota-Engil-Opway Mexicana by the acquisition of 50%

11. Dividends

The General Meeting of April 30, 2014 decided, pursuant to the proposal from the Board, to distribute a dividend of 12.35 cents per share that will be paid in May 30.

Appendix A. Consolidated companies

Investments in subsidiaries included in consolidated financial statements

Investments in subsidiaries included in consolidated financial statements using the full consolidation method, their registered offices, the percentage of share capital held, their business, their constitution date, are as follows:

Designation	Headquarters	Effective holding percentage	Activity	Set up date	Acquisition date
Parent Company of the Group and Related Activities
Mota-Engil, SGPS, S.A., Sociedade Aberta ("Mota-Engil SGPS")	Portugal (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, S.A. ("ME 3I SGPS")	Portugal	100.00 61.20	Management of financial holdings	Oct/11	-
Through Mota-Engil Indústria e Inovação	(Linda-a-Velha)	61.20
MESP Central Europe Sp. z o. o. ("MESP Central Europe")	Poland	100.00	Administrative Services	Dec/09	-
Through Mota-Engil Serviços Partilhados MESP - Mota Engil , Serviços Partilhados, Administrativos e de Gestão, S.A.	(Cracow) Portugal	100.00	Administrative Services	Dec/02	-
("Mota-Engil Serviços Partilhados")	(Porto)	100.00
Through Mota-Engil SGPS		100.00
Mota-Engil Indústria e Inovação, SGPS, S.A. ("Mota-Engil Indústria e Inovação")	Portugal (Linda-a-Velha)	100.00	Management of financial holdings	Nov/10	-
Through Mota-Engil SGPS		100.00
MK Contractors, LLC ("MKC")	USA	100.00	Real Estate Development	Mar/02	-
Through Mota-Engil Engenharia	(Miami)	100.00
Mota-Engil Finance, B.V. ("ME Finance BV") Through Mota-Engil SGPS	Netherlands (Amsterdam)	100.00 100.00	Consulting Services	Dec/12	-
Mota-Engil Mining Management (Proprietary) Limited ("ME Mining	South Africa	100.00		Apr/11	-
Management")	(Johannesburg)		Human Resources Management in Mining
Through Mota-Engil Minerals Mining Investment B.V. Mota-Engil Minerals & Mining (Malawi) Limited ("ME Minerals & Mining	Malawi	100.00 99.99	Prospecting, exploitation and processing of	Mar/11	-
Malawi")			minerals
Through Mota-Engil Minerals Mining Investment B.V.	(Lilongwe)	99.99
Mota-Engil Minerals & Mining (Zimbabwe) (Private) Limited ("ME Minerals & Mining Zimbabwe")	Zimbabwe (Harare)	100.00	Prospecting, exploitation and processing of	May/11	-
Through Mota-Engil Minerals Mining Investment B.V.		100.00	minerals
Mota-Engil Minerals Mining Investment B.V. ("ME Minerals Mining	Netherlands	100.00		Oct/10	-
Investment BV") Through Mota-Engil SGPS	(Amsterdam)	100.00	Management of other companies
RTA - Rio Tâmega, Turismo e Recreio, S.A. ("RTA")	Portugal	100.00	Real Estate and Tourism	-	May/00
Through Mota-Engil SGPS	(Amarante)	100.00
SGA – Sociedade de Golfe de Amarante, S.A. ("SGA")	Portugal	97.17	Golf Practice and Marketing and related	Dec/00	-
Through RTA Through Mota-Engil Engenharia	(Amarante)	96.89 0.28	activities
Europe
Engineering and Construction
Mota-Engil Engenharia e Construção, S.A. ("Mota-Engil Engenharia")	Portugal	100.00	Construction works, and purchase and sale	-	Dec/00
Through Mota-Engil SGPS	(Amarante)	100.00	of real estate
Aurimove – Sociedade Imobiliária, S.A. ("Aurimove")	Portugal	100.00	Real Estate Development	Dec/93	-
Through Mota-Engil Real Estate Portugal Calçadas do Douro - Sociedade Imobiliária, Lda. ("Calçadas do Douro")	(Porto) Portugal	100.00 100.00	Real Estate Development	-	Sep/00
Through Mota-Engil Real Estate Portugal	(Porto)	100.00
Carlos Augusto Pinto dos Santos & Filhos S.A. ("Capsfil")	Portugal	100.00	Extraction of gravel, sand and crushed stone	Mar/77	Oct/09
Through Mota-Engil Engenharia	(Vila Flor)	100.00
Corgimobil - Empresa Imobiliária das Corgas, Lda. ("Corgimobil") Through Mota-Engil Engenharia	Portugal (Cascais)	97.25 71.79	Construction works, studies and real estate	-	Nov/00
Through Mota-Engil Real Estate Portugal		25.46
Edifício Mota Viso – Soc. Imobiliária, Lda. ("Mota Viso")	Portugal	100.00	Real Estate Development	Jun/94	-
Through Mota-Engil Real Estate Portugal Edipainel – Sociedade Imobiliária, Lda. ("Edipainel")	(Porto)	100.00
Through Mota-Engil Real Estate Portugal	Portugal (Porto)	100.00 70.00	Real Estate Development	Mar/02	-
Through Mota-Engil Engenharia		30.00
Glan Agua, Ltd ("Glanagua")	Ireland	70.00	Treatement of waste, exploitation and	Jan/08	-
Through MEIS Grossiman, S.L. ("Grossiman")	(Ballinasloe) Spain	70.00 100.00	management of water sytems Special foundations	Feb/96	Dec/95
Through Mota-Engil Engenharia	(Alcobendas)	100.00
Mercado Urbano - Gestão Imobiliária, S.A. ("Mercado Urbano")	Portugal	100.00	Real Estate Development	Jul/09	Mar/11
Through Mota-Engil Engenharia	(Porto)	100.00
Mil e Sessenta – Sociedade Imobiliária, Lda. ("Mil e Sessenta") Through Mota-Engil Real Estate Portugal	Portugal (Porto)	100.00 100.00	Real Estate Development	-	Jul/01
Motadómus - Sociedade Imobiliária, Lda. ("Motadómus")	Portugal	100.00	Construction works	Jan/97	Jan/01
Through Aurimove	(Porto)	95.00
Through Mota-Engil Real Estate Portugal		5.00
Mota-Engil Ireland Construction Limited ("Mota-Engil Irlanda") Through Mota-Engil Engenharia	Ireland	60.00 60.00	Construction works	Oct/07	-

Designation	Headquarters	Effective holding percentage	Activity	Set up date	Acquisition date
Mota-Engil Ireland Services Ltd. ("MEIS") Through Mota-Engil Engenharia	Ireland	70.00 70.00	Treatement of waste, exploitation and management of water sytems	Jan/08	-
ME Real Estate - Mota-Engil Real Estate Portugal, S.A. ("Mota-Engil Real Estate Portugal")	Portugal	100.00	Real Estate Development	Sep/01	-
Through Mota-Engil Engenharia	(Porto)	100.00
Nortedomus, Sociedade Imobiliária SA. ("Nortedomus")	Portugal	100.00	Real Estate Development	-	Oct/01
Through Mota-Engil Engenharia	(Lisbon)	100.00
Sedengil – Sociedade Imobiliária, S.A. ("Sedengil")	Portugal	100.00	Real Estate Development	Oct/82	mai-95 / mai-97
Through Mota-Engil Engenharia	(Matosinhos)	100.00
Mota-Engil Central Europe, SGPS, S.A. ("Mota-Engil Central Europe SGPS")	Portugal	100.00	Management of financial holdings	Dec/02	-
Through Mota-Engil Engenharia Bergamon, A.S. ("Bergamon")	Slovakia	100.00 100.00	Real Estate Development	May/04	-
Through Mota-Engil Central Europe, SGPS	(Bratislava)	100.00
Bicske Plaza Kft. ("Bicske Plaza")	Hungary	100.00	Real Estate Development	Jan/08	-
Through Mota-Engil Central Europe, SGPS	(Budapest)	100.00
Bohdalecká Project Development s.r.o. ("Bohdalecká")	Czech Republic	100.00	Real Estate Development	-	Sep/07
Through Mota-Engil Central Europe, SGPS	(Prague)	100.00
Centralna Project Development Sp. z o.o. ("Centralna")	Poland	100.00	Real Estate Development	Oct/12	-
Through Mota-Engil Central Europe, SGPS	(Cracow)	100.00
Devonská Project Development A.S. ("Devonská")	Czech Republic	100.00	Real Estate Development	Dec/06	-
Through Mota-Engil Central Europe, SGPS	(Prague)	100.00
Dmowskiego Project Development, Sp. z.o.o. ("Dmowskiego")	Poland	100.00	Real Estate Development	Aug/07	-
Through Mota-Engil Central Europe, SGPS	(Cracow)	100.00
Ekosrodowisko Spólka z.o.o. ("Ekosrodowisko")	Poland	61.50	Urban solid waste	Feb/05	Dec/05
Through MES	(Bytom)	61.50
Eltor, S.A. ("Eltor") Through Mota-Engil Central Europe Polónia	Poland (Tczew)	100.00 100.00	Construction and public works	Jan/92	Apr/11
Hungária Hotel Kft. ("Hotel Achat Hungria")	Hungary	100.00	Real Estate Development	Jun/08	-
Through Mota-Engil Central Europe, SGPS	(Budapest)	100.00
Immo Park Gdańsk, Sp. z.o.o. ("Immo Park Gdańsk")	Poland	100.00	Design, construction, management and	Mar/13	-
Through Mota-Engil Central Europe Polónia	(Cracow)	100.00	exploitation of parking lots
Immo Park Warszawa, Sp. z.o.o. ("Immo Park Warszawa")	Poland	100.00	Design, construction, management and	Oct/12	-
Through Mota-Engil Central Europe Polónia	(Cracow)	100.00	exploitation of parking lots
Immo Park, Sp. z.o.o. ("Immo Park")	Poland	88.00	Design, construction, management and	Jan/08	Mar/11
Through Mota-Engil Central Europe Polónia	(Cracow)	47.00	exploitation of parking lots
Through Mota-Engil Central Europe, SGPS		40.00
Through Mota-Engil Engenharia		1.00
Jeremiasova Project Development, s.r.o. ("Jeremiasova")	Czech Republic	100.00	Real Estate Development	Jun/08	Oct/09
Through Mota-Engil Central Europe Polónia	(Prague)	99.00
Through Mota-Engil Central Europe República Checa		1.00
Kilinskiego Project Development Sp. z.o.o. ("Kilinskiego")	Poland	100.00	Real Estate Development	Aug/07	-
Through Mota-Engil Central Europe Polónia Kilinskiego Property Investment Sp. z.o.o. ("Kilinskiego PI")	(Cracow) Poland	100.00 100.00	Real Estate Development	Sep/11	-
Through Kilinskiego	(Cracow)	99.99
Through Mota-Engil Central Europe Polónia		0.01
Kordylewskiego Project Development Sp. z o.o. ("Kordylewskiego")	Poland	100.00	Real Estate Development	Feb/05	-
Through Mota-Engil Central Europe, SGPS	(Cracow)	100.00
Lanval Sp. z o.o. ("Lanval")	Poland	100.00	Construction works and purchase and sale of	-	Dec/13
Through Mota-Engil SGPS	(Cracow)	100.00	real estate
ME Project Development Sp. z o.o. ("ME PD")	Poland	100.00	Real Estate Development	Jun/12	-
Through Mota-Engil Central Europe, SGPS	(Cracow)	100.00
MES, Mota-Engil Srodowisko, Sp. z.o.o. ("MES")	Poland	61.50	Urban solid waste	Dec/05	-
Through Suma	(Cracow)	61.50
Metroepszolg, Zrt ("Metroepszolg")	Hungary	100.00	Public works	Dec/00	-
Through Mota-Engil Magyarország	(Budapest)	100.00
M-Invest Bohdalec, A.S., v likvidaci ("M-Invest Bohdalec") Through Mota-Engil Central Europe, SGPS	Czech Republic (Prague)	100.00 100.00	Real Estate Development	Sep/03	-
M-Invest Devonska, s.r.o. ("M-Invest Devonska")	Czech Republic	100.00	Real Estate Development	Nov/06	-
Through Mota-Engil Central Europe, SGPS	(Prague)	100.00

Management Report and Consolidated Financial Statements
as of 1st Quarter of 2014

02. Interm Consolidated
02. Financial Information

MOTAENGIL

Designation		Headquarters	Effective holding percentage	Activity	Set up date	Acquisition date
Mota-Engil Central Europe, S.A. ("Mota-Engil Central Europe Polónia")		Poland	100.00	Construction works	Feb/53	Mar/99
Through Mota-Engil Central Europe, SGPS		(Cracow)	92.58
Through Mota-Engil Real Estate Management			4.33
Through Mota-Engil Central Europe Polónia (own shares)			3.09
Mota-Engil Central Europe Ceska Republika, AS ("Mota-Engil Central Europe		Czech Republic	100.00	Construction and public works	Jan/97
República Checa")		(Prague)
Through Mota-Engil Central Europe Polónia Mota-Engil Central Europe Hungary Beruházási és Építoipari Kft. ("ME Central			100.00
Europe Hungria")		Hungary (Budapest)	100.00	Construction and public works	Feb/08
Through Mota-Engil Central Europe Polónia			100.00
Mota-Engil Central Europe Romania S.R.L. ("Mota-Engil Central Europe		Romania		Road construction works	Jul/09
Roménia")		(Bucharest)	100.00
Through Mota-Engil Central Europe Polónia			100.00
Mota-Engil Central Europe Slovenská Republika, AS ("Mota-Engil Central		Slovakia (Bratislava)	100.00	Construction works	Aug/04
Europe Eslováquia")
Through Mota-Engil Central Europe Polónia			100.00
Mota-Engil Brand Management B.V. ("Mota-Engil Brand Management")		Netherlands	100.00	Management of trademarks and other	Dec/09
Through Mota-Engil Central Europe, SGPS		(Amsterdam)	100.00	intellectual property
Mota-Engil, Brands Development Limited ("Mota-Engil Brands Development")		Ireland (Dublin)	100.00	Marketing and development of trademarks and other intellectual property	Dec/09
Through Mota-Engil Central Europe, SGPS			100.00
Mota-Engil Investitii AV s.r.l. ("Mota-Engil Investitii")		Romania	100.00	Real Estate Development		Sep/07
Through Mota-Engil Central Europe, SGPS		(Bucharest)	100.00
Mota-Engil Magyarország Zrt. ("Mota-Engil Magyarország")		Hungary	100.00	Public works	Jan/96
Through Mota-Engil Engenharia		(Budapest)	100.00
Mota-Engil Central Europe EIP Energia Sp. z.o.o ("MECE EIP Energia")		Poland	100.00	Design and construction of electricity	Mar/12
Through Mota-Engil Central Europe Polónia Mota-Engil Parking 2 Sp. z.o.o ("ME Parking 2")		(Cracow) Poland	100.00 100.00	infrastructures Design, construction, management and	Mar/12
Through Mota-Engil Central Europe Polónia		(Cracow)	100.00	exploitation of parking lots
Mota-Engil Central Europe PPP Sp. z.o.o ("ME Central Europe PPP")		Poland	100.00	Design and construction of social housing	Mar/12
Through Mota-Engil Central Europe Polónia		(Cracow)	100.00
Mota-Engil Central Europe PPP 2 Sp. z.o.o ("ME Central Europe PPP 2")		Poland	100.00	Design and construction of social housing	dez/13
Through Mota-Engil Central Europe Polónia		(Cracow)	100.00
Mota-Engil Central Europe PPP Road Sp. z.o.o ("ME Central Europe PPP	Poland	(Cracow)	100.00	Design and construction of social housing		Nov/13
Road")			100.00
Through Mota-Engil Central Europe Polónia
Grodkowska Project Development Sp. z.o.o ("Grodkowska Project	Poland	(Cracow)	100.00	Design and construction of social housing	Mar/14
Development")			100.00
Through Mota-Engil Central Europe Polónia
Mota-Engil Project 1 Kft. ("ME Project 1")		Hungary	100.00	Public works	Oct/05
Through Mota-Engil Real Estate Hungria		(Budapest)	100.00
Mota-Engil Real Estate Hungary Kft ("Mota-Engil Real Estate Hungria")		Hungary	100.00	Real Estate Development	Jul/05
Through Mota-Engil Central Europe, SGPS Mota-Engil Real Estate Management, sp. z.o.o. ("Mota-Engil Real Estate	Poland	(Budapest) (Cracow)	100.00		Jun/05
Management")			100.00	Real Estate Development
Through Mota-Engil Central Europe, SGPS			100.00
Balice Project Development Sp. z o.o. ("Balice")	Poland	(Cracow)	100.00	Real Estate Development	Oct/12
Through Mota-Engil Central Europe, SGPS			100.00
Sikorki Project Development Sp. z o.o. ("Sikorki")	Poland	(Cracow)	100.00	Real Estate Development	Oct/12
Through Mota-Engil Central Europe, SGPS			100.00
Soltysowska Project Development Sp. z o.o. ("Soltysowska")	Poland	(Cracow)	100.00	Real Estate Development	Nov/05
Through Mota-Engil Central Europe, SGPS			100.00
Száz - Invest Project Development Kft. ("Száz - Invest")		Hungary	100.00	Real Estate Development	Aug/ $11$
Through Mota-Engil Central Europe, SGPS		(Budapest)	100.00
Tetenyi Project Development Kft ("Tetenyi")		Hungary	100.00	Real Estate Development	Jan/05
Through Mota-Engil Central Europe, SGPS		(Budapest)	100.00
Wilanow Project Development SP. z.o.o. ("Wilanow")		Poland	100.00	Real Estate Development	Jun/07
Through Mota-Engil Central Europe, SGPS		(Cracow)	100.00
Wilenska Project Development Sp. z.o.o. ("Wilenska")		Poland	100.00	Real Estate Development	Jan/05
Through Mota-Engil Central Europe, SGPS		(Cracow)	100.00
Zöld-Project 2 Kft. ("Zold-Project 2")		Hungary	100.00	Public works	Jun/08
Through Mota-Engil Central Europe, SGPS		(Budapest)	100.00

Designation	Headquarters	Effective holding percentage	Activity	Set up date	Acquisition date
Environment and Services
Mota-Engil, Ambiente e Serviços, SGPS, S.A. ("Mota-Engil Ambiente e Serviços") Through Mota-Engil SGPS	Portugal (Porto)	100.00 100.00	Management of financial holdings	Jun/97	-
Áreagolfe - Gestão, Construção e Manutenção de Campos de Golfe, S.A. ("Áreagolfe") Through Vibeiras	Portugal (Torres Novas)	66.67 66.67	Management, construction and maintenance of golf courses	-	Jul/07
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 (Linda-a-Velha)	90.00	Exploitation of a co-generation plant for the production of electric and thermal energy	May/11	-
Through Manvia Citrave - Centro Integrado de Tratamento de Resíduos de Aveiro, S.A. ("Citrave") Through Suma Through Novaflex Through Suma Esposende	Portugal (Lisbon)	90.00 46.13 44.90 0.62 0.62	Treatment and disposal of non-hazardous waste	Dec/87	Oct/06
Correia & Correia, Lda. ("Correia & Correia") Through Enviroil	Portugal (Sertã)	48.19 48.19	Trade and collection of used oils	Sep/88	Feb/00
Enviroil SGPS, Lda. ("Enviroil") Through Suma	Portugal (Torres Novas)	48.19 48.19	Management of financial holdings	Nov/97	-
Enviroil II – Reciclagem de Óleos Usados, Lda. ("Enviroil II")	Portugal	43.37	Oil recycling, electricity production and bulk trade of fuels and related products	Apr/11	-
Through Enviroil	(Torres Novas)	43.37
FCT - Ferrol Container Terminals S.L.U ("Ferrol") Through TCL	Spain (Ferrol)	34.80 34.80	Cargo handling	Mar/11	-
InvestAmbiente - Recolha de Resíduos e Gestão de Sistemas de Saneamento Básico, S.A. ("Investambiente") Through Novaflex	Portugal (Lisbon)	31.98 31.98	Collection of non-hazardous waste	Feb/00	Dec/07
Liscont - Operadores de Contentores, S.A. ("Liscont") Through TTP	Portugal (Lisbon)	52.36 52.36	Port operations	Nov/83	Oct/06
Lokemark - Soluções de Marketing, S.A. ("Lokemark") Through Mota-Engil Ambiente e Serviços	Portugal (Setúbal)	70.00 70.00	Services, marketing solutions, construction and sale of data bases, management and exploitation of the postal service's	Jun/03	Sep/07
Manvia - Manutenção e Exploração de Instalações e Construção, S.A. ("Manvia")	Portugal (Linda a-Velha)	90.00	infrastructures Maintenance and exploitation of installations	Jul/94	Jun/98
Through Mota-Engil Ambiente e Serviços Mota-Engil Energia, S.A. ("Mota-Engil Energia") Through Mota-Engil SGPS	Portugal (Linda-a-Velha)	90.00 100.00 100.00	Production of hydroelectricity	Jun/10	-
Mota-Engil II, Gestão, Ambiente, Energia e Concessões de Serviços, S.A. ("MEAS II")	Portugal (Porto)	100.00	Projects' management	Dec/03	-
Through Mota-Engil Ambiente e Serviços		100.00
Multiterminal - Soc. de Estiva e Tráfego, S.A. ("Multiterminal") Through Tertir	Portugal (Lisbon)	100.00 100.00	Exploitation of port terminals	May/79	Oct/06
Nova Beira - Gestão de Resíduos, S.A. ("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, S.A. ("Novaflex") Through Suma	Portugal (Lisbon)	61.50 61.50	Collection of other non-hazardous waste	-	Dec/07
Proempar - Promoção e Gestão de Parques Empresariais e Tecnológicos, S.A. ("Proempar") Through Mota-Engil Ambiente e Serviços Through Mota-Engil Engenharia	Portugal (Porto)	100.00 74.00 26.00	Marketing, management and exploitation of technological and industrial business parks	Oct/06	-
PTT - Parque Tecnológico do Tâmega, S.A. ("PTT") Through Proempar Through Mota-Engil Ambiente e Serviços Through Mota-Engil Engenharia	Portugal (Felgueiras)	90.00 70.00 10.00 10.00	Marketing and management of technological business hosting	Dec/06	-
Real Verde - Técnicas de Ambiente, S.A. ("Real Verde") Through Novaflex	Portugal (Vila Real)	61.50 61.50	Treatment and disposal of other non hazardous waste	Dec/07	-
Resiges - Gestão de Resíduos Hospitalares, Lda. ("Resiges") Through Novaflex	Portugal (Setúbal)	61.50 61.50	Collection of hazardous waste	May/98	Dec/07
Resilei – Tratamento de Resíduos Industriais, S.A. ("Resilei") Through Suma	Portugal (Leiria)	30.75 30.75	Treatment and disposal of other non hazardous waste	-	Jun/03
Rima – Resíduos Industriais e Meio Ambiente, S.A. ("Rima") Through Suma	Portugal (Lourosa)	59.12 59.12	Treatment of industrial waste	Aug/01	-
Sealine - Navegação e Afretamentos, Lda ("Sealine") Through Socarpor SGPS Through Socarpor Aveiro	Portugal (Aveiro)	38.39 32.26 6.13	Navigation agents	-	Oct/06
SIGA - Serviço Integrado de Gestão Ambiental, S.A. ("Siga") Through Suma	Portugal (Ponta Delgada)	43.05 43.05	Treatment and disposal of non-hazardous waste	Oct/08	-

Designation	Headquarters	Effective holding percentage	Activity	Set up date	Acquisition date
Socarpor - Soc. Cargas Port. (Aveiro), S.A. ("Socarpor Aveiro") Through Socarpor SGPS Through TTP	Portugal (Aveiro)	40.85 28.47 6.31	Port services	-	Oct/06
Through Socarpor Aveiro (own shares) Socarpor - Soc. Gestora de Participações Sociais (Douro/ Leixões), S.A.	Portugal	6.07 37.96	Management of financial holdings	-	Oct/06
("Socarpor SGPS") Through TTP and own shares	(Matosinhos)	37.96
Sol-S Internacional, Tecnologias de Informação, S.A. ("Sol-S Internacional") Through Suma	Portugal (Funchal)	61.50 61.50	Computer programming activities	Jun/00	-
Sotagus - Terminal de Contentores de Santa Apolónia, S.A. ("Sotagus") Through TTP	Portugal (Lisbon)	63.13 63.13	Port operations	-	Oct/06
SRI - Gestão de Resíduos, Lda ("SRI") Through Correia & Correia	Portugal (Sertã)	48.19 48.19	Collection of hazardous waste	Jul/08	-
STM - Sociedade de Terminais de Moçambique, Lda ("STM") Through Tertir	Mozambique (Maputo)	50.00 50.00	Port operations	Feb/94	Feb/94
Suma (Douro) - Serviços Urbanos e Meio Ambiente, Lda. ("Suma Douro") Through Suma	Portugal (Murça)	61.50 61.50	Collection of urban solid waste	Jul/00	-
Suma (Esposende) - Serviços Urbanos e Meio Ambiente, Lda. ("Suma Esposende")	Portugal (Esposende)	61.50	Collection of urban solid waste	Dec/99	-
Through Suma Suma (Matosinhos) - Serviços Urbanos e Meio Ambiente, S.A. ("Suma	Portugal	61.50 61.50	Collection of urban solid waste	Dec/00	-
Matosinhos") Through Suma	(Matosinhos)	61.50
Suma (Porto) - Serviços Urbanos e Meio Ambiente, S.A. ("Suma Porto") Through Suma	Portugal (Porto)	61.50 61.50	Collection of urban solid waste	Nov/08	-
Suma – Serviços Urbanos e Meio Ambiente, S.A. ("Suma") Through Mota-Engil Ambiente e Serviços	Portugal (Lisbon)	61.50 61.50	Collection of urban solid waste	Jun/94	-
Takargo-Trasporte de Mercadorias, S.A. ("Takargo") Through ME Logística Through Mota-Engil Engenharia	Portugal (Linda-a-Velha)	100.00 70.00 30.00	Rail transport of goods	Sep/06	-
TCL - Terminal de Contentores de Leixões, S.A. ("TCL") Through TTP	Portugal (Matosinhos)	34.80 18.69	Cargo handling	Jan/96	-
Through TCL (own shares) Through Socarpor SGPS		1.78 14.33
TCR – Tratamento Complementar de Resíduos, S.A. ("TCR") Through Suma Through Mota-Engil Engenharia	Portugal (Porto)	37.29 36.29 1.00	Construction and exploitation of a landfill	Nov/12	-
Mota-Engil Logística, SGPS, S.A. ("ME Logística") Through Mota-Engil Ambiente e Serviços	Portugal (Porto)	100.00 100.00	Management of financial holdings	Apr/13	-
Tertir - Concessões Portuárias, SGPS, S.A. ("Tertir SGPS") Through Tertir Through Multiterminal	Portugal (Linda-a-Velha)	100.00 68.89 31.11	Management of financial holdings	Oct/07	-
Tertir - Terminais de Portugal, S.A. ("Tertir") Through Mota-Engil Ambiente e Serviços Through ME Logística	Portugal (Matosinhos)	100.00 64.67 35.33	Exploitation of port terminals	-	Oct/06
Tertir - Terminais Portuários, SGPS, S.A. ("TTP") Through ME Logística	Portugal (Linda-a-Velha)	63.13 63.13	Management of financial holdings	Jun/13	-
Transitex do Brasil Serviços de Logística, Ltda. ("Transitex Brasil") Through Transitex Spain	Brazil (São Paulo)	85.00 84.41	Organisation of transport by land, sea or air	May/10	-
Through Transitex Portugal Transitex Colombia, S.A.S.("Transitex Colombia") Through Transitex Spain	Colombia (Bogotá)	0.60 85.00 85.00	Organisation of transport by land, sea or air	Dec/11	Jan/12
Transitex Moçambique, Lda ("Transitex Moçambique") Through Transitex Portugal	Mozambique (Maputo)	85.00 80.75	Organisation of transport by land, sea or air	Nov/08	-
Through Transitex Spain Transitex México, S.A. de C.V. ("Transitex México") Through Transitex Spain	Mexico (Mexico City)	4.25 85.00 85.00	Organisation of transport by land, sea or air	Feb/09	-
Through Transitex Portugal Transitex - Trânsitos de Extremadura, S.A. ("Transitex Portugal")	Portugal	0.002 85.00	Organisation of transport by land, sea or air	May/08	-
Through Transitex Spain Transitex - Trânsitos de Extremadura, S.L. ("Transitex Espanha")	(Lisbon) Spain	85.00 85.00	Organisation of transport by land, sea or air	Nov/02	-
Through Tertir SGPS	(Badajoz)	85.00

Designation	Headquarters	Effective holding percentage	Activity	Set up date	Acquisition date
Transitex Global Logistics Operations ("Transitex África do Sul") Through Transitex Portugal	South Africa (Isando)	85.00 85.00	Organisation of transport by land, sea or air	Jan/12	-
Transitex Peru SAC ("Transitex Peru") Through Transitex Spain Through Transitex Brazil	Peru (Callao)	46.75 29.84 16.92	Organisation of transport by land, sea or air	Jan/12	-
Tratofoz - Sociedade de Tratamento de Resíduos, S.A. ("Tratofoz") Through Mota-Engil Ambiente e Serviços Through Suma	Portugal (Porto)	99.62 99.00 0.62	Collection of urban solid waste	Oct/02	-
Triu - Técnicas de Resíduos Industriais e Urbanos, S.A. ("Triu") Through Enviroil	Portugal (Loures)	48.19 48.19	Collection of non-hazardous waste	Apr/91	Sep/08
Vibeiras – Sociedade Comercial de Plantas, S.A. ("Vibeiras") Through Mota-Engil Ambiente e Serviços	Portugal (Torres Novas)	66.67 66.67	Landscape gardening	Jul/88	Oct/98
Africa
Mota-Engil Engenharia e Construção África, S.A. ("MEEC África") Through Mota-Engil SGPS	Portugal (Porto)	100.00 100.00	Construction works	Aug/12	-
Mota-Engil África, B.V. ("ME África BV") Through Mota-Engil SGPS	Netherlands (Amsterdam)	100.00 100.00	Management of societies' management	Oct/12	-
Mota-Engil África, SGPS, S.A. ("Mota-Engil África") Through MEEC Africa	Portugal (Porto)	100.00 100.00	Management of financial holdings	May/10	-
Mota Internacional – Comércio e Consultadoria Económica, Lda. ("Mota Internacional") Through Mota-Engil Africa	Portugal (Funchal)	100.00 100.00	Trade and management of international holdings	Sep/97	Dec/98
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	-
Akwangola, S.A. ("Akwangola") Through Vista Water	Angola (Luanda)	48.28 48.28	Exploitation of water market	Dec/10	dez 13
Cecot - Centro de Estudos e Consultas Técnicas, Lda. ("Cecot") Through MEEC Africa	Mozambique (Maputo)	100.00 100.00	Construction works' projects and inspection	Sep/98	Apr/11
Cosamo (Proprietary) Limited ("Cosamo") Through Mota Internacional	South Africa (Johannesburg)	100.00 100.00	Commercial	Dec/76	-
Fibreglass Sundlete (Moç), Lda. ("Fibreglass") Through ME Mauritius	Mozambique (Maputo)	100.00 100.00	Commercial	Aug/62	Mar/99
Emocil – Empresa Moçambicana de Construção e Promoção Imobiliária, Lda. ("Emocil") Through MEEC Africa	Mozambique (Maputo)	100.00 50.00	Real Estate Development	Jul/94	-
Through Indimo Fatra - Fábrica de Trefilaria de Angola, S.A. ("Fatra") Through Mota-Engil Angola	Angola (Luanda)	50.00 35.70 35.70	Manufacturing of iron-derived products	-	Nov/10
Mota-Engil Angola, S.A. ("Mota-Engil Angola") Through Mota Internacional	Angola (Luanda)	51.00 51.00	Construction works and public and private works	May/10	-
Indimo, Lda. ("Indimo") Through Cecot Through MEEC Africa	Mozambique (Maputo)	100.00 50.00 50.00	Real Estate Development	-	Oct/04
Malawi Ports Company Limited ("Malawi Ports Company") Through MEEC Africa Through ME Malawi	Malawi (Lilongwe)	100.00 88.00 12.00	Sea transport	Nov/10	-
Malawi Shipping Company Limited ("Malawi Shipping Company") Through MEEC Africa Through ME Malawi	Malawi (Lilongwe)	100.00 88.00 12.00	Sea transport	Nov/10	-
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 Africa	Mauritius (Ebene)	100.00 100.00	Construction works	May/10	-
Mota-Engil (Malawi) Limited ("ME Malawi") Through MEEC Africa	Malawi (Lilongwe)	99.99 99.99	Public works and /or construction works contractor	Jul/11	-
Mota-Engil Investments (Malawi) Limited ("ME Investments Malawi") Through Mota-Engil Africa	Malawi (Lilongwe)	99.00 99.00	Public works and /or construction works contractor	Mar/11	-
Mota-Engil S.Tomé e Principe, Lda. ("Mota-Engil S.Tomé") Through Mota Internacional Through MEEC Africa	S. Tomé e Príncipe (S. Tomé)	100.00 95.00 5.00	Public works and /or construction works contractor	Dec/04	-

Management Report and Consolidated Financial Statements
as of 1st Quarter of 2014

02. Interm Consolidated
02. Financial Information

MOTAENGIL

Designation	Headquarters	Effective holding percentage	Activity	Set up date	Acquisition date
Novicer-Cerâmicas de Angola, Lda. ("Novicer")	Angola	51.00	Manufacturing and trade in clay goods	Sep/07
Through Mota-Engil Angola Prefal - Préfabricados de Luanda, Lda. ("Prefal")	(Luanda) Angola	51.00 45.90	Manufacturing of prestressed goods	Dec/93
Through Mota-Engil Angola	(Luanda)	45.90
Penta - Engenharia e Construção, Lda. ("Penta") Through MEEC Africa	Cape Verde	100.00 96.00	Construction works and public and private works	Apr/07
Through Mota Internacional		4.00
Rentaco Angola - Equipamentos e Transportes, Lda. ("Rentaco Angola")	Angola	51.00	Rental of construction equipment	Jan/08
Through Mota-Engil Angola Sonauta - Sociedade de Navegação, Lda. ("Sonauta")	(Luanda) Angola	51.00 100.00	Sea transport, excluding coastal transport	Nov/94
Through Mota Internacional	(Luanda)	100.00
Tracevia Angola - Sinalização, Segurança e Gestão de Tráfego, Lda. ("Tracevia	Angola	40.80	Road signs		Sep/07
Angola") Through Mota-Engil Angola	(Luanda)	40.80
VBT - Projectos e Obras de Arquitectura Paisagística, Lda ("VBT")	Angola	43.34	Landscape gardening	Sep/08
Through Vibeiras	(Luanda)	33.34
Through Mota-Engil Ambiente e Serviços Vista Energy Environment & Services, S.A. ("Vista SA")	Angola	10.00 51.00	Management of financial holdings	Jul/08	Dec/13
Through Mota-Engil Angola	(Luanda)	51.00
Vista Waste Management, Lda ("Vista Waste")	Angola	56.15	Collection of waste	Dec/09
Through Mota-Engil Angola Through Vista SA	(Luanda)	5.10 20.91
Through Suma		30.14
Vista Multi Services, Lda ("Vista Multi Services")	Angola	51.00	Urban services	May/09	Dec/13
Through Vista SA Through Mota-Engil Angola	(Luanda)	40.80 10.20
Vista Water, Lda. ("Vista Water")	Angola	48.32	Exploitation of the water market	May/09	Dec/13
Through Mota-Engil Angola	(Luanda)	6.38
Through Vista SA Through Indaqua		21.68 20.27
Latin America
Mota-Engil Latin America BV ("ME Latin America")	Netherlands	100.00	Management of financial holdings	Nov/98
Through Mota-Engil SGPS	(Amsterdam)	100.00
Construcciones dos Puertos SA de CV ("Construcciones dos Puertos") Through Mota-Engil Mexico	Mexico (Xalapa)	70.00 70.00	Construction and public works	Jul/12
Empresa Construtora Brasil, SA ("Empresa Construtora Brasil")	Brazil	50.00	Construction and public works	Nov/12
Through Mota-Engil Brasil Participações, Ltda Green Water SA ("Green Water")	(Belo Horizonte) Peru	50.00 100.00	Generation and distribution of electric
Through Mota-Engil Peru		99.90	energy
Through Mota-Engil Engenharia Hidroelectrica Marañon SRL ("Marañon")		0.10
Through Mota-Engil Peru	Peru (Lima)	100.00 99.90	Generation and distribution of electric energy	Feb/99
Through Mota-Engil Engenharia		0.10
Mota-Engil Brasil Participações, Ltda. ("ME Brasil") Through MEBR Engenharia, Consultoria e Participações, Ltda.	Brazil (São Paulo)	100.00 100.00	Management of financial holdings	Feb/09
MEBR Engenharia, Consultoria e Participações, Ltda. ("MEBR")	Brazil	100.00	Construction and public works	Mar/11
Through Mota-Engil Engenharia Through Mota-Engil Peru	(São Paulo)	57.69 42.31
Mota-Engil Colômbia, S.A.S ("Mota-Engil Colômbia")	Colombia	100.00	Construction and public works	Feb/11
Through Mota-Engil Peru Mota-Engil Energia Peru S.A. ("Mota-Engil Energia Peru")	(Bogotá) Peru	100.00 100.00	Other business activities	May/11
Through Mota-Engil Peru	(Lima)	99.98
Through Mota-Engil Engenharia		0.02
Mota-Engil México, S.A. de C.V. ("Mota-Engil México") Through Mota-Engil Engenharia	Mexico (Mexico City)	100.00 99.98	Construction and public works	Jan/10
Through Mota Internacional		0.02
Mota-Engil-Opway Mexicana, S.A. De C.V. ("Mota-Engil-Opway Mexicana")	Mexico	100.00 100.00	Management of financial holdings	Jan/10
Through Mota-Engil Engenharia Mota-Engil Peru, S.A. ("Mota-Engil Peru")	(Mexico City) Peru	100.00	Construction and public works	Sep/86	Jun/98
Through Mota-Engil Latin America BV	(Lima)	99.90
Through Mota-Engil Engenharia Mota-Engil Peru Ambiente e Serviços, S.A. ("MEAS Peru")		0.10 100.00
Through Mota-Engil Peru	Peru (Lima)	99.90	Other business activities	Oct/11
Through Mota-Engil Engenharia e Construção Tarucani Generating Company S.A. ("Tarucani")	Peru	0.10 100.00	Generation and distribution of electric	Apr/00
Through Mota- Engil Energia Peru	(Lima)	99.98	energy
Through Mota- Engil Peru Tertir Peru, S.A. ("Tertir Peru")		0.02 100.00
Through Tertir	Peru	80.00	Exploitation of terminals
Through Mota-Engil Peru		20.00
Tracevia do Brasil -Sistemas de Telemática Rodoviaria Ltda. ("Tracevia Brasil")	Brazil (São Paulo)	100.00	Design, installation, development and maintenance of ITS	Mar/11
Through MEBR Engenharia, Consultoria e Participações, Ltda.		99.00
Through ME Brasil Participações		1.00

Investments in associates using equity method

Group and associate companies included in the consolidation using the equity method, their registered offices and proportion of share capital held as at March 31, 2014, are as follows:

Designation		Effective holding percentage
Parent Company of the Group and related activities
Nortenha Angola, SGPS, S.A. ("Nortenha")	Portugal	29.99
Sangobiar Perú, S.A. ("Sangobiar")	Peru	29.99
Europe - Engineering and Construction
Turalgo-Sociedade de Promoção Imobiliária e Turística do Algarve, S.A. ("Turalgo")	Portugal	51.00
Bay 6.3 Kft. ("Bay 6.3") - Obol Invest Group		32.18
Bay Office Kft. ("Bay Office") - Obol Invest Group		32.18
Bay Park Kft. ("Bay Park") - Obol Invest Group		32.18
Bay Tower Kft. ("Bay Tower") - Obol Invest Group	Hungary Hungary	32.18
Bay Wellness Kft. ("Bay Wellness") - Obol Invest Group		32.18
Engber Kft. ("Engber") - Obol Invest Group		32.18
M-Invest Slovakia Mierova , s.r.o. ("Mierova")		50.00
Nádor Öböl Kft. ("Nádor Obol") - Obol Invest Group		32.18
Öböl Invest Kft. ("Obol Invest") - Obol Invest Group		32.50
Öböl XI Kft. ("Obol XI") - Obol Invest Group	Hungary Hungary	32.18
Sampaio Kft. ("Sampaio") - Obol Invest Group	Hungary	32.18
Europe - Environment and Services
Aqualevel - Gestão de Sistemas de informação, Soc. Unipessoal, Lda. ("Aqualevel") - Indaqua Group	Portugal	45.06
Águas de S. João, E.M., S.A. ("Águas de S. João") - Indaqua Group	Portugal	22.08
Ambilital – Investimentos Ambientais no Alentejo, EIM. ("Ambilital")	Portugal	30.14
Chinalog - Serviços Logísticos e Consultadoria, Lda. ("Chinalog")	Portugal	42.50
Citrup – Centro Integrado de Resíduos, Lda. ("Citrup")	Portugal	18.45
Ecolezíria - Empresa Intermunicipal para Tratamento de Resíduos Sólidos, E. I. M. ("Ecolezíria")	Portugal	15.07
Haçor, Conc. Edifício do Hospital da Ilha Terceira, SA ("Haçor")	Portugal	40.00
HL - Sociedade Gestora do Edifício, S.A. ("HL - Sociedade Gestora do Edifício")	Portugal	50.00
HEPP - Hidroenergia de Penacova e Poiares, Lda. ("HEPP")	Portugal	50.00
Ibercargo Rail, S.A. ("Ibercargo")	Spain	50.00
Indaqua – Indústria e Gestão de Águas, S.A. ("Indaqua") - Indaqua Group	Portugal	45.06
Indaqua Fafe – Gestão de Águas de Fafe, S.A. ("Indaqua Fafe") - Indaqua Group	Portugal	45.06
Indaqua Feira - Indústria de Águas de Santa Maria da Feira, S.A. - ("Indaqua Feira") - Indaqua Group		45.16
Indaqua Matosinhos - Gestão de Águas de Matosinhos, S.A. ("Indaqua Matosinhos") - Indaqua Group		44.93
Indaqua Oliveira de Azeméis - Gestão de Águas de Oliveira de Azeméis, S.A. ("Indaqua Oliveira de Azeméis") - Indaqua Group		45.06
Indaqua Santo Tirso/ Trofa – Gestão de Águas de Santo Tirso e Trofa, S.A. ("Indaqua Sto. Tirso/ Trofa") - Indaqua Group	Portugal	45.06
Indaqua Vila do Conde - Gestão de Águas de Vila do Conde, S.A. ("Indaqua V. Conde") - Indaqua Group	Portugal	45.02
Logz - Atlantic Hub, S.A. ("Logz")	Portugal	30.00
Manvia II Condutas, Lda. ("Manvia II Condutas")	Portugal	45.00
Operestiva - Empresa de Trabalho Portuário de Setúbal, Lda. ("Operestiva") - Grupo SLPP	Portugal	18.94
Sadoport - Terminal Marítimo do Sado, S.A. ("Sadoport") - SLPP Group	Portugal	31.56
SLPP - Serviços Logísticos de Portos Portugueses, S.A. ("SLPP") - SLPP Group	Portugal	31.56
Tersado - Terminais Portuários do Sado, S.A. ("Tersado")	Portugal	15.78
Africa
Automatriz, SA ("Automatriz")	Angola	45.00
Icer – Indústria de Cerâmica, Lda. ("Icer")	Angola	25.50
Imolap – Sociedade Imobiliária Lar do Patriota, Lda ("Imolap")	Angola	33.33
Latin America
Concessionária M&R de Occidente SAPI de CV ("Concessionária M&R")	Mexico	20.00
Eco Innovacion Ambiental SAPI de CV ("Eco Innovacion")		25.00
Gestion e Innovacion en Servicios Ambientales SA de CV ("GISA")		50.00
Autopista Urbana Siervo de la Nacion("Autopista Siervo de la Nacion")	Mexico Mexico	33.40
Promotora Inmobiliaria Santa Clara S.A. ("Santa Clara")	Peru	50.00
Terminais Portuários Euroandinos Paita, S.A. ("TPE Paita")	Peru	50.00
Ascendi Group	Portugal	60.00
Martifer Group	Portugal	37.50

Management Report and Consolidated Financial Statements as of 1^st Quarter of

2014

www.mota-engil.com

MOTAENGIL EUROPE

PORTUGAL
Rua do Rego Lameiro, nº 38
4300-454 Porto Portugal

Rua Mário Dionísio, nº2 2799-557 Linda a-Velha Portugal

POLAND Ul. Wadowicka 8 W
30-415 Kraków Poland

'µ

SPAIN Campus Tribeca Carretera de Fuencarral
a Alcobendas, nº 44,
Edifício 4 – B, nº 21
Alcobendas - Madrid Spain

IRELAND Enterprise & Technology Centre, Creagh Road Galway, Ballinasloe
Ireland

CZECH REPUBLIC Na Pankráci 1683/127, Praha 4 140 00 Czech Republic

SLOVAKIA Kaštielska 4,
821 05 Bratislava Slovakia

HUNGARY Kopaszi Gát 5 H - 1117 Budapest Hungary

MOTAENGIL AFRICA

ANGOLA Rua Joaquim Cordeiro da Mata, $n^{o}61-63$ Bairro da Maianga - Luanda Angola

CONTRACTOR

MALAWI
Nasra House- City Centre
P.O. Box 31379 - Lilongwe 3 Malawi

MOZAMBIQUE
Edificio Milenium Park, 14º/15º andar
Avenida Vladimir Lenine, nº 179 2284 Maputo
Mozambique

SOUTH AFRICA World Trade Centre, 11th Floor Corner West Road South and Lower Road
Sandton 2146 - Johannesburg
South Africa

CAPEVERDE Rua S. Vicente, 63, 1º andar, Palmarejo
721 – Plateau – Praia CapeVerde

SÃO TOMÉAND PRÍNCIPE
Av. Marginal 12 de Julho, nº 1011 167 São Tomé and Príncipe

ZAMBIA Incito Office Park Reed Buck Road, 45/5B Kabulonga - Lusaka
P.O. Box 320337
Woodlands - Lusaka Zambia

ZIMBABWE 7, Routledge Street Milton Park,
Harare Zimbabwe

GHANA Movenpick Movempick
Ambassador Hotel
Suit 709 – 7th floor Independence Avenue Accra - Ghana

UGANDA 4, Upper Kololo Terrace
P.O. Box 8453 Kololo, Kampala Uganda

MOTAENGIL LATIN AMERICA

PERU Av. Nicolás Ayllón, nº 2634 Ate, Lima 3 Peru

MEXICO ---------
Horacio 828 esq. Tennyson
Col. Polanco Reforma C.P. 11550 u.r. 11330
Del. Miguel Hidalgo
Mexico, D.F.

BRAZIL BRAZIE
Rua Gonçalves Dias, 2316
Bairro Lourdes - Belo Horizonte/MG
CEP.: 30140-092
Brazil

COLOMBIA Carrera 13A-87-81 38007 Bogotá Colombia