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

2014

Mota-Engil. A World of Inspiration

We mobilise talent across the world

Our greatest force is people. A multinational team, mobilised to the several countries where we operate, but united by the same entrepreneurial vision, know-how, skills, talent, and devotion.

Mota-Engil. Building a better future.

Collaborators

Highlights

Net results for the Group grows 50% to 31.1 million Euros
International activity of the Group outside Europe already accounts for 70% of the total
Growth rates of 29% in Africa and 23% in Latin America
EBITDA increases 20% and EBIT approx. 18%, with margins of 17.3% and 10.7%, respectively

Backlog amounts to 3.8 billion Euros (77% outside Europe)

EBITDA

										thousand euros
	1H14	% T	∆	1H13	% T	2Q14	% T	∆	2Q13	% T
	(non audited)			(non audited)		(non audited)			(non audited)
Turnover	1,122,419		7.9%	1,039,959		634,724		11.6%	568,747
Europe	387,330		(12.8%)	444,028		210,520		(5.9%)	223,665
Africa	556,836		28.6%	433,027		325,578		25.5%	259,345
Latin America	233,067		23.5%	188,743		131,989		28.4%	102,763
Other & Interc.	(54,814)			(25,839)		(33,362)			(17,027)
EBITDA	194,726	17.3%	20.4%	161,695	15.5%	119,010	18.7%	19.6%	99,474	17.5%
EBIT	120,116	10.7%	17.9%	101,885	9.8%	72,413	11.4%	9.6%	66,047	11.6%

Net financial income	(51,111)	(4.6%)	0.9%	(51,583)	(5.0%)	(25,945)	(4.1%)	4.0%	(27,029)	(4.8%)
Net income/losses from equity method	(5,691)	(0.5%)	-	405	0.0%	(2,878)	(0.5%)	10.9%	(3,230)	(0.6%)
Income before taxes	63,314	5.6%	24.9%	50,707	4.9%	43,590	6.9%	21.8%	35,788	6.3%

Net income	44,857	4.0%	21.7%	36,870	3.5%	32,048	5.0%	22.4%	26,189	4.6%
Attributable to:
Non-controlling interests	13,773	1.2%	(14.6%)	16,128	1.6%	8,304	1.3%	(24.4%)	10,982	1.9%
Group	31,083	2.8%	49.9%	20,743	2.0%	23,745	3.7%	56.1%	15,208	2.7%

Ebitda = operating result + amortisation + provisions and impairment losses

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

Committed in turning the world into a better place to live, we take the experience and the skills that made us leaders in Portugal to the communities of three continents and 20 countries.

Mota-Engil. Building a better future.

Nacala
Corridor

Execution of a railway between the border of Mozambique with Malawi over an extension of 145.1 km

3500 Collaborators

10 Million m³ Earthworks

Highlights	3
Interim Consolidated Management Report	7
Operating and financial performance	8
Analysis by business area Share performance and dividends	13 17
Interim Consolidated Financial Information	19
Separated Consolidated Income Statement	21
Statement of Consolidated Comprehensive Income	22
Statement of Consolidated Financial Position	23
Statement of Consolidated Changes in Equity	24
Consolidated Statement of Cash Flows Notes to Consolidated Financial Statements	26 27
Mandatory Information	45
Declaration under Article 246 of the Securities Code	46
Transactions of Treasury Shares	48
Qualified Holdings	49
Management Transactions

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

01. INTERIM CONSOLIDATED MANAGEMENT REPORT

Europe

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

Portugal Poland Spain Ireland Czech Republic Slovakia Hungary

Portugal/Port of Lisbon

1. Operating and financial performance

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

GROUP'S Turnover reached a growth rate of 11.6% in the second quarter when compared with the same period of 2013. Moreover, on the six months comparison, the Turnover grew 7.9% mainly due to the excellent performance in Africa (growth of 28.6%) and in Latam (growth of 23.5%).

As an outcome of these growth rates, the weight of the activity outside Europe in the consolidated total is now around 70% (first half of 2013: 60%). This internationalization effort, being a pillar of our Strategy (ambition 2.0), is sustained by: (a) a growing backlog, (b) greater geographic diversification and larger balance between types of projects, and (c) a more decentralized management model, but, at the same time, based on the use of the Group's best practices all around its subsidiaries, assets and resources mobility and more planning, control and monitoring of risks.

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

Like we saw in the first quarter of 2014, this second quarter confirmed the operating earnings sustainability with EBITDA growing at a remarkable rate of 20% i.e. more €19.5 million than in the second quarter of 2013 and more €33 million in the first six months of the year. This performance was again mainly due to the African market achievements (EBITDA margin of 25%) although we also want to highlight Europe's margin at almost 10% and Latam's margin growth to 9% (and even near 10% in the second quarter).

As in the turnover, Africa and Latam contribution to the operating margin grew to around 79% (first half 2013: 74%).

The growth of the consolidated EBITDA margin to 17% in the first half of 2014, compared with 16% in the same period of the previous year, keeping the trend of recent quarters is due to the change in the GROUP'S profile, now much more international and focusing in larger projects in which the performance of our businesses creates trust with more important stakeholders, which also is fundamental strategic point of Ambition 2.0.

During the first six months of this year approximately half of the GROUP'S capex came from African companies. Consolidated net investment amounted to €74 million (first half 2013: €66 million), with spending in Europe reducing proportionately and in absolute value. Looking at total investment by its nature, we find that the growth capex totalled €29 million (including €23 million in Africa and Latin America) and the maintenance capex amounted to approximately €45 million.

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

Net debt increased by €223 million vs. FY2013, or €175 million compared with June 2013 and gross debt increased by approximately €135 million due to the seasonality of the first quarters of each year, and specifically in 2014 also due to the level of investment and the effort to expand and diversify the GROUP'S internationalization process.

Debt maturity, which in previous years had a large weight in the short term, changed substantially with medium and long term debt registering a significant increase. In total net debt, including leasing and factoring, maturities over one year amount now to as much as 76%, i.e. approximately €1,072 million.

New bond issues and other facilities with maturities up to five years, follow the management will to fund the growth, without increasing exposure to short-term debt. We can even highlight that the amount of facilities with less than 12 months maturity decreased by approximately €54 million from December 2013.

It must be highlighted the positive development over the past few years of the ratio "Total Net Debt / Ebitda", reaching the lowest value of 2.7x in the first quarter of 2014. On June 30, 2014, this ratio showed the value of 3.0x, allowing comfortably support the current level of debt.

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

In the first half of 2014, the financial expenses contributed to the consolidated net earnings with an amount of €51.1 million (first half 2013: € 51.6 million), representing a decrease of about 1%. Despite the controlled level of debt growth, as previously stated, the financial costs remained practically unchanged, which reflects the result of the effort in terms of improving the pricing obtained in new contracts.

Gains and losses in associated companies (Equity Method in the chart), contributed negatively to the consolidated net earnings with around €5.7 million (first half 2013: positive amount of €405 thousand). ASCENDI, sub-holding for the concessions area, had a contribution of €9.5 million under this heading (first half of 2013: €11.7 million).

This operating and financial performance led to a net profit attributable to the GROUP €31.1 million (first half of 2013: €20.7 million), i.e., increasing by 49.9%. Looking only at the second quarter, net income attributable to the GROUP grew 56.1% to €23.8 million about 3.7% of the turnover for the same period (April to June).

The backlog at the end of June 2014 amounted to approximately €3.8 billion, of which approximately €3 billion in external markets, representing about 77% of the total portfolio. As already mentioned, these figures exclude some contracts recently announced (amounting to around €230 million) and do not include any amount related to the contract signed for the project in Cameroon and Congo (€2.6 billion). 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

Europe business area includes the Engineering & Construction and the Environment & Services companies that the GROUP has in Portugal and Central Europe or which are managed by the management structure of this region. Environment & Services activities are developed in the segments of Logistics (through TERTIR group), Waste (whose vehicle is the SUMA group), Water (with INDAQUA, consolidated by the equity method) and Energy & Maintenance.

In the second quarter, turnover in Europe decreased by about 6% over the same period of 2013, totalling a decrease of 13% in the first half; it reached a total of €387 million vs € 444 million in the first half of 2013. The major contributor to this performance was the Engineering & Construction segment (-20%). On the other end, turnover of the Environment & Services area remained stable at €156 million, although with different contributions of each segment as shown below.

The same happened with operating profitability in the region, which decreased in value and percentage. An EBITDA of €37 million (first half of 2013: €44 million) has been achieved which corresponds to a margin of 9.4% (first half of 2013: 9.9%). Profitability in Environment & Services (decrease of 12%) was also higher than that of the Engineering & Construction (decrease of 24%).

We must stress however that the consolidated EBITDA margin in the region remains in a very comfortable level of 9.4%, which demonstrates the way the GROUP reacts to the very tough market conditions, particularly in the construction sector.

In the first half of 2014, the waste segment in Europe decreased over the previous year, 6% in terms of activity (first halves of 2014 and 2013: turnover of €38 million and €40 million, respectively), and 13% in terms of operating margins (first halves of 2014 and 2013: EBITDA of €8 million and €9 million, respectively).

On the other hand, the logistics segment grew 3% compared to the figures in the same period last year (€96 million turnover in the first half of 2014, compared with €94 million in the same period of 2013), although the pace slowed in the second quarter. As for the operating profitability, the difficulties and instability in the sector (mainly in the Lisbon port) contributed decisively to the EBITDA's decrease (€14 million in the first half of 2014 and €16 million in the first half of 2013).

Despite the increase in turnover of maintenance and energy companies there was a slight reduction in their level of EBITDA as a consequence of their exposure to the domestic market although we believe that the segment will end 2014 with similar levels to the previous year's.

Finally, we make a reference to the water segment. Although consolidated under the equity method, it should be noted the resilience of concessions operated under the brand INDAQUA, as well as improved operating profitability that exceeded 37% in this period.

Africa

Activity in Africa now represents about 50% of the total activity of MOTA-ENGIL (first quarter of 2014: 47% and first half of 2013: 42%). In the first half of 2014, turnover in Africa amounted to €557 million, an increase of 29% over the figure for the previous year (€433 million). The EBITDA margin increased to 25.3% (first half of 2013: 23.8%), reaching 28% in the second quarter (second quarter 2013: 27.1%). Thus, EBITDA in absolute terms increased to €141 million (first half 2013: €103 million), with a strong contribution from the SADC ("South African Development Community") segment, which includes Malawi where the GROUP'S largest project is close to being completed.

Also noteworthy is the backlog (€1,495 million) of the region and the contribution of the four regional segments (Angola, SADC, East Africa and West Africa) due to the diversification effort within the sub-Saharan region and supporting the business strategy of sustained growth and diversification (of the type of projects, clients and countries) of the GROUP in the region.

Latin America

Latin America, the MOTA-ENGIL currently focuses its activities in Peru, Mexico, Brazil and Colombia, with the latter country has already recorded a contribution of about 7% in the second quarter. This region now represents 21% of the Group (first half 2013: 18%) activity. The awards announced since the beginning of the year, totalling more than one billion euros, support this rapid growth and spread by those four countries allow to foresee a sustained evolution to achieve, by 2015, the goal of 27% volume consolidated business.

In the first half of 2014, the region's turnover amounted to €233 million, an increase of about 23% over the same period last year (first half 2013: € 189 million). It should be noted that this growth came mainly from Mexico and Brazil. In contrast, although sporadically and for cyclical reasons, turnover in Peru decreased by about 20%. Still, and after several years of growing in this market, the GROUP maintains strong expectations of recovery in terms of growth, but also in terms of profitability, as consequence of the efforts that are being made in consolidating this operation.

With regard to operating profitability, there has been an increase in EBITDA margins, which reached 9.7% in the second quarter to settle at 9% in the first six months of the year (first half 2013: 8.7 %).

In June 2014, the backlog in the region reached a total amount of approximately €1,466 million.

3. Share performance and dividends

In the second quarter of the current year the upward trend in the Portuguese stock market reversed. Notwithstanding, the PSI 20 index went up 3.7% in the first half and MOTA-ENGIL share price soared 32.3% to € 5.72 as of 30 June 2014.

It is worth mentioning that, in the third quarter of the year, the planned IPO of MOTA-ENGIL AFRICA was announced but, due to the significant deterioration in market conditions and the resultant impact on investor sentiment, was postponed. The GROUP remains fully committed to achieving the successful IPO of MOTA-ENGIL AFRICA.

The General Shareholders' Meeting as of 30 April 2014 decided, in accordance with the Board of Directors proposal, to pay a 12.35 euro cents dividend. The dividend was paid on 30 May 2014.

Investors traded a total of 92.6 million shares during the first half of this year compared with 47.1 million in the first half of 2013. This performance was due to, among other factors, the fact that on February 26, 2014, 34.3 million shares of MOTA-ENGIL were sold and placed with institutional investors (not included in that total).

Porto, August 25, 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 MOTORWAYS BRIDGES RAILWAYS 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

Separate Consolidated Income Statement For The Periods Ended June 30, 2014 & 2013

		1st Half		2nd Quarter
Notes	2014 € '000	2013 € '000	2014 € '000	2013 € '000
	(non audited)	(non audited)	(non audited)	(non audited)
Sales & services rendered	1,122,419 2	1,039,959	634,724	568,747
Other revenues	44,337	13,778	19,697	(2,391)
Cost of goods sold, mat. cons. & Subcontractors	(485,457)	(462,586)	(286,505)	(228,967)
Gross profit	681,298	591,151	367,916	337,389
Third-party supplies & services	(259,938)	(222,814)	(134,922)	(126,526)
Wages and salaries	(220,754)	(217,797)	(116,316)	(114,274)
Other operating income / (expenses)	(5,880)	11,155	2,331	2,885
	194,726 2	161,695	119,010	99,474

Depreciation & Amortization	(67,180)	(51,032)	(40,911)	(26,539)
Provisions and impairment losses	(7,431)	(8,779)	(5,686)	(6,888)
Operating profit	120,116	101,885	72,413	66,047
Financial income & gains	57,565 3	43,009	23,648	12,330
Financial costs & losses	(108,676) 3	(94,592)	(49,592)	(39,359)
Gains / (losses) in associates and jointly controlled companies	(5,691)	405	(2,878)	(3,230)
Income before taxes	63,314	50,707	43,590	35,788
Income Tax	(18,457)	(13,837)	(11,542)	(9,599)
Consolidated net profit of the period	44,857	36,870	32,048	26,189
Attributable:
to non-controlling interests	13,773	16,128	8,304	10,982
to the Group	31,083	20,743	23,745	15,208
Earnings per share:
basic	0.152 € 4	0.107 €	0.116 €	0.079 €
diluted	0.152 € 4	0.107 €	0.116 €	0.079 €

To be read with the Notes to the Consolidated Financial Statements

Statement of Consolidated Comprehensive Income For The Periods Ended June 30, 2014 & 2013

	1st Half		2nd Quarter
	2014 € '000	2013 € '000	2014 € '000	2013 € '000
	(não auditado)	(não auditado)	(não auditado)	(não auditado)
Consolidated net profit for the period	44,857	36,870	32,048	26,189
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	6,265	(2,819)	5,327	(10,164)
Variation, net of tax, of the fair value of financial derivatives	71	224	-	68
Other comprehensive income in investments in associates using the equity method and other	(30,822)	26,558	(24,184)	-
Total of comprehensive income for the period	20,370	60,833	13,192	16,093
Attributable:
to non-controlling interests	13,890	17,129	7,708	(8,290)
to the Group	6,479	43,704	5,483	33,186

To be read with the Notes to the Consolidated Financial Statements

Consolidated Statement of Financial Position as at June 30, 2014 & December 31, 2013

		2014	2013
	Notes	€ '000	€ '000
		(non audited)	(audited)
Assets
Non-current
Goodwill	5	133,930	133,611
Intangible fixed assets		129,129	133,164
Tangible fixed assets		688,766	690,603
Financial investments under the equity method	6	189,259	218,169
Available for sale financial assets	7	49,665	49,792
Investment properties		55,213	55,304
Customers & other debtors		208,854	213,059
Deferred tax assets		55,118	52,158
Cash & cash equivalents – Term Deposits	8	53,564	53,552
		1,563,498	1,599,410
Non-current Assets Held for Sale		30,382	30,311
Current
Inventories		309,615	311,152
Customers		1,005,675	978,484
Other debtors		370,219	283,002
Other current assets		357,822	264,889
Cash & cash equivalents – Demand Deposits	8	193,943	270,961
Cash & cash equivalents – Term Deposits	8	24,565	35,219
		2,261,839	2,143,708
Total Assets	2	3,855,719	3,773,429
Liabilities
Non-current
Debt		953,502	747,503
Sundry Creditors		159,424	185,141
Provisions		102,073	99,312
Other non-current liabilities		2,696	3,034
Deferred tax liabilities		31,501	31,478
		1,249,195	1,066,469
Current
Debt		512,785	583,844
Suppliers		462,100	488,113
Derivative financial instruments		579	674
Sundry Creditors		481,421	523,782
Other current liabilities		566,527	551,321
		2,023,411	2,147,734
Total Liabilities	2	3,272,606	3,214,203

Shareholders' equity
Equity capital		204,636	204,636
Reserves		150,910	102,355
Consolidated net profit for the period		31,083	50,505
Own funds attributable to the Group		386,629	357,495
Non-controlling interests		196,483	201,731
Total shareholders' equity		583,112	559,226
Total shareholders' equity & liabilities		3,855,719	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 period	-	-	-	-	-	224
Dividend distribution	-	-	-	-	-	-
Other distributions of results	-	-	-	-	-	-
Transfers for other reserves	-	-	-	-	-	-
Variation of perimeter	-	-	-	-	-	-
Balance as at June 30, 2013 (non audited)	204,636	(22,749)	87,256	27,702	4,983	(772)

Balance as at January 1, 2014 (audited)	204,636	(22,749)	87,256	27,702	10,306	(499)
Total comprehensive income for the period	-	-	-	-	-	71
Dividend distribution	-	-	-	-	-	-
Other distributions of results	-	-	-	-	-	-
Sale of treasury shares	-	22,749	-	-	-	-
Transfers for other reserves	-	-	-	-	-	-
Balance as at June 30, 2014 (non audited)	204,636	-	87,256	27,702	10,306	(428)

To be read with the Notes to the Consolidated Financial Statements

Changes in Equity June 30, 2014 & 2013

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
(3,442)	26,180	20,743	43,704	17,129	60,833
-	(21,289)	-	(21,289)	(4,104)	(25,393)
-	(74)	-	(74)	(99)	(174)
-	40,746	(40,746)	-	-	-
-	(4,926)	-	(4,926)	-	(4,926)
(37,980)	57,717	20,743	341,536	143,252	484,788

(53,001)	53,341	50,505	357,495	201,731	559,226
4,691	(29,366)	31,083	6,479	13,890	20,370
-	(25,273)	-	(25,273)	(19,138)	(44,410)
-	-	-	-	-	-
-	25,178	-	47,927	-	47,927
-	50,505	(50,505)	-	-	-
(48,310)	74,385	31,083	386,629	196,483	583,112

Statement of Consolidated Cash-Flows For The Periods Ended June 30, 2014 & 2013

	Notes	2014	2013
		€ '000	€ '000
OPERATING ACTIVITY		(non audited)	(non audited)
Cash receipts from customers		943,228	869,421
Cash paid to suppliers		(820,342)	(717,817)
Cash paid to employees		(173,967)	(164,989)
Cash generated from operating activities		(51,081)	(13,385)
Income tax paid/received		(26,453)	(8,253)
Other receipts/payments generated by operating activities		4,255	2,703
Net cash from operating activities (1)		(73,279)	(18,935)
INVESTING ACTIVITY
Cash receipts from:
Intangible fixed assets		8	750
Tangible fixed assets		5,434	1,650
Interest and similar income		2,247	3,696
Dividends		1,043	114
		8,731	6,209
Cash paid in respect of:
Financial assets		-	(565)
Intangible fixed assets		(6,615)	(7,911)
Tangible fixed assets		(72,795)	(59,843)
		(79,410)	(68,319)
Net cash from investing activities (2)		(70,679)	(62,109)
FINANCING ACTIVITY
Cash receipts from:
Loans obtained		203,979	236,708
Sale of treasury shares		49,251	-
		253,230	236,708
Cash paid in respect of:
Loans obtained		(69,040)	(45,288)
Amortization of finance lease contracts		(24,205)	(20,340)
Interest & similar expense		(44,943)	(43,375)
Dividends		-	(21,289)
Other		(3,197)	(2,061)
		(198,519)	(132,353)
Net cash from financing activities (3)		54,711	104,355

Variation of cash & cash equivalents (4)=(1)+(2)+(3)		(89,247)	23,310
Variations caused by changes to the perimeter		37	1,216
Exchange rate effect Cash & cash equivalents at the beginning of the period	8	1,550 359,733	(2,050) 271,779
Cash & cash equivalents at the end of the period	8	272,072	294,254

To be read with the Notes to the Consolidated Financial Statements

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 June 30, 2014 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 June 30, 2014, following standards, interpretations, amendments and revisions endorsed by the European Union became applicable:

EU Regulation	Standard	Issued in	Mandatory for financial years beginning on or after
	IFRS 10 Consolidated Financial Statements
	IFRS 11 Joint Arrangements
Regulation no. 1254/2012	IFRS 12 Disclosure of Interests in Other Entities	May 2011	January 1, 2014
	IAS 27 Separate Financial Statements
	IAS 28 Investment in Associates and Joint Ventures
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 27	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 Continuation of	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 six 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 June 30, 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	387,330	444,028	36,588	44,038
Africa	556,836	433,027	140,989	103,226
Latin America	233,067	188,743	20,934	16,452

Others, eliminations & intra-group	(54,814)	(25,839)	(3,785)	(2,021)
Mota-Engil Group	1,122,419	1,039,959	194,726	161,695

As at June 30, 2014, the sales and service provisions for the business segments are included in "Others, Eliminations and Intra-group".

For the periods ended June 30, 2014 and 2013, 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	1,826,535	1,875,057	1,500,924	1,523,619
Africa	1,517,862	1,575,045	1,179,656	1,249,797
Latin America	479,734	365,058	414,121	280,886

Others, eliminations & intra-group	31,588	(41,731)	177,906	159,902
Mota-Engil Group	3,855,719	3,773,429	3,272,606	3,214,203

3. Financial Results

Financial results for the periods ended June 30, 2014 and 2013 are as follows:

	2014	2013

Financial income & gains
Loans and accounts receivable:
Interest income	7,391	6,314
Payments discounts received	177	199
Exchange gains	46,831	29,236
Other financial assets & liabilities:
Income from real estate properties	457	2,272
Gains arising from business combinations	-	4,018
Income from equity investments	908	-

Other financial income & gains	1,801	970
	57,565	43,009
Financial costs and losses
Loans and Accounts Payable:
Interest expenses	48,916	49,413
Payments discount received	58	687
Exchange losses	43,994	31,651
Losses in investment properties
Amortization	-	-

Other costs and financial losses
Other	15,708	12,841
	108,676	94,592
	(51,111)	(51,583)

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 is no special dividend or voting rights.

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

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

During the periods ended in June 30, 2014 and 2013 no common shares were issued.

During the periods ended in June 30, 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 June 30, 2014 and 2013, the earnings per share were as follows:

		2014	2013
Consolidated net profit/(loss) attributable to the Group	(I)	31,083	20,743

Total number of ordinary shares	(II)	204,635,695	204,635,695
Number of own shares at June 30	(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)	0.152 €	0.107 €
diluted	(I) / (II - IV)	0.152 €	0.107 €

5. Goodwill

The information on goodwill, for the period ended June 30, 2014 and the year ended December 31, 2013, is as follows:

		2014			2013
	Goodwill	Impairments of the period	Alterations to the consolidation perimeter	Net Goodwill	Net Goodwill
Europe Engeneering & Construction
Eltor	2,790	-	-	2,790	2,792
Grossiman	-	-	-	-	-
Mota-Engil Central Europe Poland	6,021	-	-	6,021	6,025
Mota-Engil Central Europe Czech Rep.	1,142	-	-	1,142	1,142
Mota-Engil Engenharia	-	-	-	-	-
Other	1,989	(202)	-	1,787	1,989
	11,942	(202)	-	11,741	11,948
Europe Environment & Services
Suma Group	10,109	-	-	10,109	10,109
Tertir Group	100,856	-	-	100,856	100,856
Other	1,134	-	-	1,134	1,134
	112,098	-	-	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	6,668	-	-	6,668	6,141
	6,668	-	-	6,668	6,141
	134,132	(202)	-	133,930	133,611

The movements which occurred in goodwill during the period until June 30, 2014 and the year ended December 31, 2013 are as follows:

	% of acquisition	2014	2013
Goodwill at the beginning of the period		133,611	127,032

Increase of goodwill
Empresa Construtora Brasil	50%	-	6,141
Vista Water	7%	-	1,841
		-	7,982
Impairment losses
Ekosrodowisko		(202)	-
Suma Group		-	(1,197)
		(202)	(1,197)
Changes in goodwill for currency update
Empresa Construtora Brasil		527	-
Mota-Engil Central Europe Czech Rep.		(6)	(207)
		521	(207)
Goodwill at the end of the period		133,930	133,611

6. Financial investments through the equity method

In June 30, 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	23,302	24,891
Other	199	202
	23,501	25,094
Europe Environment & Services
HEPP	1,563	1,573
Grupo Indaqua	22,130	25,080
Suma Group associates	2,465	2,702
SLPP Group	1,645	1,463
Ibercargo (Esp)	1,074	1,146
Other	325	3,176
	29,203	35,140
Africa
Other	704	772
	704	772
Latin America
TPE Paita	27,085	23,689
M&R de Occidente (Mexico)	1,449	-
Mota-Engil Opway Mexicana (Mex)	-	4,924
Other	1,093	19
	29,627	28,632

Ascendi Group	66,128	86,574
Martifer Group	37,726	39,770
Other	2,370	2,187
	189,259	218,169

7. Financial investments available for sale

As at June 30, 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	2,660	2,735
	49,632	49,675

	2014	2013
Securities & Other placements
Other	10	95
	10	95

	2014	2013
Advances & other investments
Other	23	22
	23	22
Financial investments available for sale	49,665	49,792

8. Cash and equivalents

The amounts for the heading Cash and Equivalents, regarding the period ended in June 30, 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	186,096	252,526	78,129	88,771	264,225	341,297
Cash in hand	6,124	6,546	-	-	6,124	6,546
	193,943	270,961	78,129	88,771	272,072	359,733

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

9. Debt

The amounts regarding debt for the period ended in June 30, 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	10,000	221,482	232,430	-	453,912	463,912
Amounts owed to credit institutions
Bank loans	248,497	98,951	99,112	11,607	209,671	458,168
Overdraft facilities	61,485	-	-	-	-	61,485
Guaranteed accounts	163,730	-	-	-	-	163,730
Other loans obtained
Commercial paper issues	26,000	69,040	212,455	-	281,495	307,495
Other loans	3,073	2,998	5,426	-	8,424	11,497
	512,785	392,471	549,424	11,607	953,502	1,466,287
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 June 30, 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 six 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 ME Central Europe PPP 3 Grodkowska Project Development

Business Area - Europe - Environment and Services

Porlis Transitex Itália

Merger of companies, corporate reorganisation and alterations of percentage holding

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


Área de Negócio - América Latina
ME Brasil in MEBR

Leaving of companies

Business Area - Europe - Engineering and Construction
Zsombor wound up in December 2013
Steinerova in wound up process
M-Invest Devonska liquidated in March 2014

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 have been 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 Mota-Engil Finance, B.V. ("ME Finance BV")	(Miami) Netherlands	100.00 100.00	Consulting Services	Dec/12	-
Through Mota-Engil SGPS	(Amsterdam)	100.00
Mota-Engil Mining Management (Proprietary) Limited ("ME Mining	South Africa	100.00		Apr/11	-
Management") Through Mota-Engil Minerals Mining Investment B.V.	(Johannesburg)	100.00	Human Resources Management in Mining
Mota-Engil Minerals & Mining (Malawi) Limited ("ME Minerals & Mining Malawi")	Malawi	99.99	Prospecting, exploitation and processing of minerals	Mar/11	-
Through Mota-Engil Minerals Mining Investment B.V. Mota-Engil Minerals & Mining (Zimbabwe) (Private) Limited ("ME Minerals &	(Lilongwe) Zimbabwe (Harare)	99.99 100.00	Prospecting, exploitation and processing of	May/11	-
Mining Zimbabwe")			minerals
Through Mota-Engil Minerals Mining Investment B.V. Mota-Engil Minerals Mining Investment B.V. ("ME Minerals Mining		100.00
Investment BV")	Netherlands (Amsterdam)	100.00	Management of other companies	Oct/10	-
Through Mota-Engil SGPS		100.00
RTA - Rio Tâmega, Turismo e Recreio, S.A. ("RTA") Through Mota-Engil SGPS	Portugal (Amarante)	100.00 100.00	Real Estate and Tourism	-	May/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") Through Mota-Engil Real Estate Portugal	Portugal (Porto)	100.00 100.00	Real Estate Development	Dec/93	-
Calçadas do Douro - Sociedade Imobiliária, Lda. ("Calçadas do Douro")	Portugal	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") Through Mota-Engil Engenharia	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")	Portugal	97.25	Construction works, studies and real estate	-	Nov/00
Through Mota-Engil Engenharia	(Cascais)	71.79
Through Mota-Engil Real Estate Portugal Edifício Mota Viso – Soc. Imobiliária, Lda. ("Mota Viso")	Portugal	25.46 100.00	Real Estate Development	Jun/94	-
Through Mota-Engil Real Estate Portugal	(Porto)	100.00
Edipainel – Sociedade Imobiliária, Lda. ("Edipainel")	Portugal	100.00	Real Estate Development	Mar/02	-
Through Mota-Engil Real Estate Portugal Through Mota-Engil Engenharia	(Porto)	70.00 30.00
Glan Agua, Ltd ("Glanagua")	Ireland	70.00	Treatement of waste, exploitation and	Jan/08	-
Through MEIS	(Ballinasloe)	70.00	management of water sytems
Grossiman, S.L. ("Grossiman") Through Mota-Engil Engenharia	Spain (Alcobendas)	100.00 100.00	Special foundations	Feb/96	Dec/95
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 Mota-Engil Ireland Construction Limited ("Mota-Engil Irlanda")	Ireland	5.00 60.00	Construction works	Oct/07	-
Through Mota-Engil Engenharia		60.00

Designation	Headquarters	Effective holding percentage	Activity	Set up date	Acquisition date
Mota-Engil Ireland Services Ltd. ("MEIS")	Ireland	70.00	Treatement of waste, exploitation and	Jan/08	-
Through Mota-Engil Engenharia		70.00	management of water sytems
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		100.00
Bergamon, A.S. ("Bergamon")	Slovakia	100.00	Real Estate Development	May/04	-
Through Mota-Engil Central Europe, SGPS Bicske Plaza Kft. ("Bicske Plaza")	(Bratislava)	100.00
	Hungary	100.00	Real Estate Development	Jan/08	-
Through Mota-Engil Central Europe, SGPS Bohdalecká Project Development s.r.o. ("Bohdalecká")	(Budapest) Czech Republic	100.00 100.00	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")	Poland	100.00	Construction and public works	Jan/92	Apr/11
Through Mota-Engil Central Europe Polónia	(Tczew)	100.00
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	(Cracow)	100.00
Kilinskiego Property Investment Sp. z.o.o. ("Kilinskiego PI")	Poland	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")	Czech Republic	100.00	Real Estate Development	Sep/03	-
Through Mota-Engil Central Europe, SGPS	(Prague)	100.00

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

02. Interim Consolidated
02. Financial Information

MOTAENGIL SGPS, S.A.

Designation	Headquarters	Effective holding percentage	Activity	Set up date	Acquisition date
Mota-Engil Central Europe, S.A. ("Mota-Engil Central Europe Polónia") Through Mota-Engil Central Europe, SGPS	Poland (Cracow)	100.00 92.58	Construction works	Feb/53	Mar/99
Through Mota-Engil Real Estate Management Through Mota-Engil Central Europe Polónia (own shares)		4.33 3.09
Mota-Engil Central Europe Ceska Republika, AS ("Mota-Engil Central Europe República Checa")	Czech Republic (Prague)	100.00	Construction and public works	Jan/97
Through Mota-Engil Central Europe Polónia Mota-Engil Central Europe Hungary Beruházási és Építoipari Kft. ("ME Central	Hungary (Budapest)	100.00	Construction and public works	Feb/08
Europe Hungria") Through Mota-Engil Central Europe Polónia		100.00 100.00
Mota-Engil Central Europe Romania S.R.L. ("Mota-Engil Central Europe Roménia")	Romania (Bucharest)	100.00	Road construction works	Jul/09
Through Mota-Engil Central Europe Polónia Mota-Engil Central Europe Slovenská Republika, AS ("Mota-Engil Central		100.00	Construction works	Aug/04
Europe Eslováquia") Through Mota-Engil Central Europe Polónia	Slovakia (Bratislava)	100.00 100.00
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 Mota-Engil, Brands Development Limited ("Mota-Engil Brands Development")	(Amsterdam) Ireland	100.00	intellectual property Marketing and development of trademarks	Dec/09
Through Mota-Engil Central Europe, SGPS	(Dublin)	100.00 100.00	and other intellectual property
Mota-Engil Investitii AV s.r.l. ("Mota-Engil Investitii") Through Mota-Engil Central Europe, SGPS	Romania (Bucharest)	100.00 100.00	Real Estate Development		Sep/07
Mota-Engil Magyarország Zrt. ("Mota-Engil Magyarország") Through Mota-Engil Engenharia	Hungary (Budapest)	100.00 100.00	Public works	Jan/96
Mota-Engil Central Europe EIP Energia Sp. z.o.o ("MECE EIP Energia") Through Mota-Engil Central Europe Polónia	Poland (Cracow)	100.00 100.00	Design and construction of electricity infrastructures	Mar/12
Mota-Engil Parking 2 Sp. z.o.o ("ME Parking 2") Through Mota-Engil Central Europe Polónia	Poland (Cracow)	100.00 100.00	Design, construction, management and exploitation of parking lots	Mar/12
Mota-Engil Central Europe PPP Sp. z.o.o ("ME Central Europe PPP") Through Mota-Engil Central Europe Polónia	Poland (Cracow)	100.00 100.00	Design and construction of social housing	Mar/12
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 Mota-Engil Central Europe PPP Road Sp. z.o.o ("ME Central Europe PPP Road")	(Cracow) Poland (Cracow)	100.00 100.00 100.00	Design and construction of social housing		Nov/13
Through Mota-Engil Central Europe Polónia Mota-Engil Central Europe PPP 3 Sp. Z.o.o (ME Central Europe PPP 3)	Poland	100.00	Design and construction of social housing	abr/14
Through Mota-Engil Central Europe Polónia	(Cracow)	100,00
Grodkowska Project Development Sp. z.o.o ("Grodkowska Project Development") Through Mota-Engil Central Europe Polónia	Poland (Cracow)	100.00 100.00	Design and construction of social housing	Mar/14
Mota-Engil Project 1 Kft. ("ME Project 1") Through Mota-Engil Real Estate Hungria	Hungary (Budapest)	100.00 100.00	Public works	Oct/05
Mota-Engil Real Estate Hungary Kft ("Mota-Engil Real Estate Hungria") Through Mota-Engil Central Europe, 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 Management") Through Mota-Engil Central Europe, SGPS	Poland (Cracow)	100.00 100.00	Real Estate Development	Jun/05
Balice Project Development Sp. z o.o. ("Balice")	Poland (Cracow)	100.00	Real Estate Development	Oct/12
Through Mota-Engil Central Europe, SGPS Sikorki Project Development Sp. z o.o. ("Sikorki")	Poland (Cracow)	100.00 100.00	Real Estate Development	Oct/12
Through Mota-Engil Central Europe, SGPS Soltysowska Project Development Sp. z o.o. ("Soltysowska")	Poland (Cracow)	100.00 100.00	Real Estate Development	Nov/05
Through Mota-Engil Central Europe, SGPS Száz - Invest Project Development Kft. ("Száz - Invest")	Hungary	100.00 100.00	Real Estate Development	Aug/11
Through Mota-Engil Central Europe, SGPS Tetenyi Project Development Kft ("Tetenyi")	(Budapest) Hungary	100.00 100.00	Real Estate Development	Jan/05
Through Mota-Engil Central Europe, SGPS Wilanow Project Development SP. z.o.o. ("Wilanow")	(Budapest) Poland	100.00 100.00	Real Estate Development	Jun/07
Through Mota-Engil Central Europe, SGPS Wilenska Project Development Sp. z.o.o. ("Wilenska")	(Cracow) Poland	100.00 100.00	Real Estate Development	Jan/05
Through Mota-Engil Central Europe, SGPS Zöld-Project 2 Kft. ("Zold-Project 2")	(Cracow)	100.00 100.00	Public works	Jun/08
Through Mota-Engil Central Europe, SGPS	Hungary (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 Multiterminal - Soc. de Estiva e Tráfego, S.A. ("Multiterminal")	Portugal	100.00 100.00	Exploitation of port terminals	May/79	Oct/06
Through Tertir	(Lisbon)	100.00
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	-

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

02. Interim Consolidated
02. Financial Information

MOTAENGIL
SGPS, S.A.

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 Through Socarpor Aveiro (own shares)	Portugal (Aveiro)	40.85 28.47 6.31 6.07	Port services		Oct/06
Socarpor - Soc. Gestora de Participações Sociais (Douro/ Leixões), S.A. ("Socarpor SGPS") Through TTP and own shares	Portugal (Matosinhos)	37.96 37.96	Management of financial holdings		Oct/06
Sol-S Internacional, Tecnologias de Informação, S.A. ("Sol-S Internacional")	Portugal (Funchal)	61.50	Computer programming activities	Jun/00
Through Suma Sotagus - Terminal de Contentores de Santa Apolónia, S.A. ("Sotagus") Through TTP	Portugal (Lisbon)	61.50 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 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		Dec/99
Suma (Matosinhos) - Serviços Urbanos e Meio Ambiente, S.A. ("Suma Matosinhos") Through Suma	Portugal (Matosinhos)	61.50 61.50	Collection of urban solid waste	Dec/00
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 Through TCL (own shares) Through Socarpor SGPS	Portugal (Matosinhos)	34.80 18.69 1.78 14.33	Cargo handling	Jan/96
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
Porlis - Empresa de Trabalho Portuário, Lda (Porlis) Through Liscont Through Sotagus Through Multiterminal	Portugal (Lisbon)	52.74 28.80 18.94 5.00	Temporary assignment of employees to carry out port cargo handling tasks.	set/13
Transitex do Brasil Serviços de Logística, Ltda. ("Transitex Brasil") Through Transitex Spain Through Transitex Portugal	Brazil (São Paulo)	85.00 84.41 0.60	Organisation of transport by land, sea or air	May/10
Transitex Colombia, S.A.S.("Transitex Colombia") Through Transitex Spain	Colombia (Bogotá)	85.00 85.00	Organisation of transport by land, sea or air	Dec/11	Jan/12
Transitex Moçambique, Lda ("Transitex Moçambique") Through Transitex Portugal Through Transitex Spain	Mozambique (Maputo)	85.00 80.75 4.25	Organisation of transport by land, sea or air	Nov/08
Transitex México, S.A. de C.V. ("Transitex México") Through Transitex Spain Through Transitex Portugal	Mexico (Mexico City)	85.00 85.00 0.002	Organisation of transport by land, sea or air	Feb/09
Transitex - Trânsitos de Extremadura, S.A. ("Transitex Portugal") Through Transitex Spain	Portugal (Lisbon)	85.00 85.00	Organisation of transport by land, sea or air	May/08
Transitex - Trânsitos de Extremadura, S.L. ("Transitex Espanha") Through Tertir SGPS	Spain (Radaioz)	85.00 8500	Organisation of transport by land, sea or air	Nov/02

Appendix A

MOTAENGIL GROUP

Designation	Headquarters	Effective holding percentage	Activity	Set up date	Acquisition date
Transitex Itália S.R.L ("Transitex Itália") Through Transitex Espanha	Italia (Milan)	85.00 85.00	Organisation of transport by land, sea or air	mar/14	-
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
VBT - Projectos e Obras de Arquitectura Paisagística, Lda ("VBT") Through Vibeiras Through Mota-Engil Ambiente e Serviços	Angola (Luanda)	43.34 33.34 10.00	Landscape gardening	Sep/08	-
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")	Angola	50.00 35.70	Manufacturing of iron-derived products	-	Nov/10
Through Mota-Engil Angola Mota-Engil Angola, S.A. ("Mota-Engil Angola") Through Mota Internacional	(Luanda) Angola (Luanda)	35.70 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	-

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 Penta - Engenharia e Construção, Lda. ("Penta") Through MEEC Africa	(Luanda) Cape Verde	45.90 100.00 96.00	Construction works and public and private works	Apr/07	-
Through Mota Internacional Rentaco Angola - Equipamentos e Transportes, Lda. ("Rentaco Angola")	Angola	4.00 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 Tracevia Angola - Sinalização, Segurança e Gestão de Tráfego, Lda. ("Tracevia	(Luanda) Angola	100.00 40.80	Road signs	-	Sep/07
Angola") Through Mota-Engil Angola	(Luanda)	40.80
Vista Energy Environment & Services, S.A. ("Vista SA") Through Mota-Engil Angola	Angola (Luanda)	51.00 51.00	Management of financial holdings	Jul/08	Dec/13
Vista Waste Management, Lda ("Vista Waste") Through Mota-Engil Angola Through Vista SA	Angola (Luanda)	56.15 5.10 20.91	Collection of waste	Dec/09	-
Through Suma Vista Multi Services, Lda ("Vista Multi Services") Through Vista SA	Angola (Luanda)	30.14 51.00 40.80	Urban services	May/09	Dec/13
Through Mota-Engil Angola Vista Water, Lda. ("Vista Water") Through Mota-Engil Angola Through Vista SA Through Indaqua	Angola (Luanda)	10.20 48.32 6.38 21.68 20.27	Exploitation of the water market	May/09	Dec/13
Latin America
Mota-Engil Latin America BV ("ME Latin America") Through Mota-Engil SGPS	Netherlands (Amsterdam)	100.00 100.00	Management of financial holdings	Nov/98	-
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") Through Mota-Engil Brasil Participações, Ltda	Brazil (Belo Horizonte)	50.00 50.00	Construction and public works	Nov/12	-
Green Water SA ("Green Water") Through Mota-Engil Peru Through Mota-Engil Engenharia	Peru	100.00 99.90 0.10	Generation and distribution of electric energy
Hidroelectrica Marañon SRL ("Marañon") Through Mota-Engil Peru Through Mota-Engil Engenharia	Peru (Lima)	100.00 99.90 0.10	Generation and distribution of electric energy	Feb/99
MEBR Engenharia, Consultoria e Participações, Ltda. ("MEBR") Through Mota-Engil Engenharia Through Mota-Engil Peru	Brazil (São Paulo)	100.00 57.69 42.31	Construction and public works	Mar/11	-
Mota-Engil Colômbia, S.A.S ("Mota-Engil Colômbia") Through Mota-Engil Peru	Colombia (Bogotá)	100.00 100.00	Construction and public works	Feb/11	-
Mota-Engil Energia Peru S.A. ("Mota-Engil Energia Peru") Through Mota-Engil Peru Through Mota-Engil Engenharia	Peru (Lima)	100.00 99.98 0.02	Other business activities	May/11
Mota-Engil México, S.A. de C.V. ("Mota-Engil México") Through Mota-Engil Engenharia Through Mota Internacional	Mexico (Mexico City)	100.00 99.98 0.02	Construction and public works	Jan/10	-
Mota-Engil-Opway Mexicana, S.A. De C.V. ("Mota-Engil-Opway Mexicana")	Mexico (Mexico City)	100.00 100.00	Management of financial holdings	Jan/10
Through Mota-Engil Engenharia Mota-Engil Peru, S.A. ("Mota-Engil Peru") Through Mota-Engil Latin America BV Through Mota-Engil Engenharia	Peru (Lima)	100.00 99.90 0.10	Construction and public works	Sep/86	Jun/98
Mota-Engil Peru Ambiente e Serviços, S.A. ("MEAS Peru") Through Mota-Engil Peru Through Mota-Engil Engenharia e Construção	Peru (Lima)	100.00 99.90 0.10	Other business activities	Oct/11
Tarucani Generating Company S.A. ("Tarucani") Through Mota- Engil Energia Peru Through Mota- Engil Peru	Peru (Lima)	100.00 99.98 0.02	Generation and distribution of electric energy	Apr/00
Tertir Peru, S.A. ("Tertir Peru") Through Tertir Through Mota-Engil Peru	Peru	100.00 80.00 20.00	Exploitation of terminals	-	-
Tracevia do Brasil -Sistemas de Telemática Rodoviaria Ltda. ("Tracevia Brasil") Through MEBR Engenharia, Consultoria e Participações, Ltda. Through ME Brasil Participações	Brazil (São Paulo)	100.00 99.00 1.00	Design, installation, development and maintenance of ITS	Mar/11	-

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 June 30, 2014, are as follows:

Designation	Headquarters	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	Hungary	32.18
Bay Office Kft. ("Bay Office") - Obol Invest Group	Hungary	32.18
Bay Park Kft. ("Bay Park") - Obol Invest Group	Hungary	32.18
Bay Tower Kft. ("Bay Tower") - Obol Invest Group	Hungary	32.18
Bay Wellness Kft. ("Bay Wellness") - Obol Invest Group	Hungary	32.18
Engber Kft. ("Engber") - Obol Invest Group	Hungary	32.18
M-Invest Slovakia Mierova , s.r.o. ("Mierova")	Slovakia	50.00
Nádor Öböl Kft. ("Nádor Obol") - Obol Invest Group	Hungary	32.18
Öböl Invest Kft. ("Obol Invest") - Obol Invest Group	Hungary	32.50
Öböl XI Kft. ("Obol XI") - Obol Invest Group	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") Indaqua – Indústria e Gestão de Águas, S.A. ("Indaqua") - Indaqua Group	Spain	50.00
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	Portugal	45.06
Indaqua Matosinhos - Gestão de Águas de Matosinhos, S.A. ("Indaqua Matosinhos") - Indaqua Group	Portugal Portugal	45.16 44.93
Indaqua Oliveira de Azeméis - Gestão de Águas de Oliveira de Azeméis, S.A. ("Indaqua Oliveira de Azeméis") - Indaqua Group	Portugal	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")	Mexico	25.00
Gestion e Innovacion en Servicios Ambientales SA de CV ("GISA")	Mexico	50.00
Autopista Urbana Siervo de la Nacion("Autopista Siervo de la Nacion")	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

Committed in turning the world into a better place to live, we take the experience and the skills that made us leaders in Portugal to the communities of three continents and 20 countries.

Mota-Engil. Building a better future.

Nacala
Corridor

Execution of a railway between the border of Mozambique with Malawi over an extension of 145.1 km

3500 Collaborators

10 Million m³ Earthworks

03.

MANDATORY INFORMATION

1 1

Malawi / Nacala Corridor

Declaration under the terms of Article 246(1) (c) of CVM (Securities Code)

Under the terms of Article 246(1)(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 assets and liabilities, the financial situation and the results of Mota-Engil, SGPS, SA and companies included in the consolidation perimeter, and that this management report faithfully expresses the progression of the business, the performance and the position of Mota-Engil, SGPS, SA and the companies included in the consolidation perimeter, and contains a description of the main risks and uncertainties with which they are confronted.

Porto, August 25, 2014

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 Chief Executive Officer

Arnaldo José Nunes da Costa Figueiredo 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

Luís Filipe Cardoso da Silva Member of the Board of Directors

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

Gilberto Silveira Rodrigues 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

Luís 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

Information on transactions of treasury shares, under the terms of Article 66 paragraph 5 subparagraph d) of the Companies Code

Pursuant to subparagraph d) of paragraph 5 of Article 66 of the Companies Act, it is stated that on June 30, 2014, Mota-Engil, SGPS, SA did not hold any treasury shares. On February 26, 2014, following a process of Private Offering, Mota-Engil, SGPS, SA sold all treasury shares held (11,101,379 shares).

Qualified holdings

In compliance with the provision of Article 9(1) (c) of CMVM Regulation no. 5/2008, hereunder is the list of the holders of qualified holdings, giving the number of shares held and the corresponding percentage of rights to vote, computed as at June 30, 2014, under the terms of Article 20 of the Securities Code:

Shareholders	No. of shares	% of Share Capital and Voting Rights
Mota Gestão e Participações, SGPS, SA	98,525,575	48.15%
António Manuel Queirós Vasconcelos da Mota	5,292,359	2.59%
Maria Manuela Queirós Vasconcelos Mota dos Santos	3,675,066	1.80%
Maria Teresa Queirós Vasconcelos Mota Neves da Costa	3,676,836	1.80%
Maria Paula Queirós Vasconcelos Mota de Meireles	4,231,630	2.07%
Carlos António Vasconcelos Mota dos Santos	29,300	0.01%
Attributable to FM – Sociedade de Controlo, SGPS, SA	115,430,766	56.41%
Amber Capital UK LLP	4,275,000	2.09%
Attributable to Amber Capital Management LP	4,275,000	2.09%

Information on transactions of directors, under the terms of Article 14 (7) of CMVM Regulation no. 5/2008

Disclosure of shares and other securities held by members of the Board of Directors and by Key office-holders, as well as people closely related to them, under the terms of Article 248-B of the Securities Code, and of transactions thereon made over the course of the financial period.

Annex referred to Article 14(7) of CMVM Regulation no. 5/2008: (position at June 30, 2014):

			Holding shares of
				MOTA-ENGIL, SGPS, SA				MGP, SGPS, SA		FM, SGPS, SA
Directors	Date	Qt.	Price	Buy / Sell	On /Off Exch.	%	Qt.	%	Qt.	%
António Manuel Queirós Vasconcelos da
Mota	Closing Balance		5,292,359				2.59%			28,701	34.5%
Maria Manuela Queirós Vasconcelos Mota
dos Santos	Closing Balance		3,675,066				1.80%			17,902	21.51%
Maria Teresa Queirós Vasconcelos Mota
Neves da Costa
	Closing Balance		3,676,836				1.80%			17,902	21.51%
Maria Paula Queirós Vasconcelos Mota de
Meireles	Closing Balance		4,231,630				2.07%			17,902	21.51%
Carlos António Vasconcelos Mota dos
Santos	Closing Balance		29,300				0.01%
Pedro Manuel Teixeira Rocha Antelo
	Closing Balance		10,000				0.00%
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	Closing Balance		12,727
Alberto João Coraceiro de Castro
	Closing Balance		2,200				0.00%
F.M. - Sociedade de Controlo, SGPS, SA
	Closing Balance		-				-	6,337,640	100.0%
Mota Gestão e Participações, SGPS, SA
	Starting Balance		121,724,196
	26/02/2014		-23,198,621	4.65	Sell	Off (1)
	Closing Balance		98,525,575				48.15%	-	-

(1) Private Offering

Management Report and Consolidated Financial Statements as of $I^st$ Half of

2014

www.mota-engil.com

MOTAENGIL EUROPE

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

Rua Mário Dionísio, nº 2
2799-557 Linda-a-Velha Portugal

POLAND Ul. Wadowicka 8 W 30-415 Kraków

Poland SPAIN

Campus Tribeca Carretera de Fuencarral a Alcobendas, $n^{\circ}44$ ,
Edificio 4 – B, $n^{\circ}21$ Alcobendas - Madrid Spain

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

CZECH REPUBLIC Na Pankráci 1683/127, Praha 4 14000 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

MALAWI
Nasra House - City Centre Nasia 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

CAPE VERDE Rua S. Vicente, 63, 1º andar, Palmarejo
721 – Plateau – Praia
Cape Verde

SÃO TOMÉ AND 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

ZIMBA BWE -------------
7, Routledge Street,Milton Park,
Harare Zimbabwe

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

MOTAENGIL LATIN AMERICA

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

MEXICO Horacio 828 esq. Tennyson
Col. Polanco Reforma Col. 1 0101
C.P. 11550
Del. Miguel Hidalgo Mexico, D.F.

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

COLOMBIA Carrera 13A-87-81 38007 Bogotá
Colombia

AI Terminal

Mota-Engil

1905_ir_2014-08-29_ef34ffd5-6ba6-4551-b1ef-5f340f9463ea.pdf

We mobilise talent across the world

Highlights

NacalaCorridor

Table of Contents

We explore newbusiness frontiers

Latin America

Africa

01. INTERIM CONSOLIDATED MANAGEMENT REPORT

Europe

1. Operating and financial performance

2. Analysis by business area

Europe

Africa

Latin America

3. Share performance and dividends

We work towards development

TransportConcessions

02. INTERIM CONSOLIDATEDFINANCIAL INFORMATION

PROSPECTING

Environment and Services

Separate Consolidated Income Statement For The Periods Ended June 30, 2014 & 2013

Statement of Consolidated Comprehensive Income For The Periods Ended June 30, 2014 & 2013

Consolidated Statement of Financial Position as at June 30, 2014 & December 31, 2013

Statement of Consolidated During The Periods Ended

Changes in Equity June 30, 2014 & 2013

Statement of Consolidated Cash-Flows For The Periods Ended June 30, 2014 & 2013

0. Introduction

1. Accounting Policies

1.1. Presentation bases

2. Business Segments

3. Financial Results

4. Earnings per share

5. Goodwill

6. Financial investments through the equity method

7. Financial investments available for sale

8. Cash and equivalents

9. Debt

10. Perimeter Alterations

Consolidated companies for the first time

Constitution of companies

Merger of companies, corporate reorganisation and alterations of percentage holding

Leaving of companies

Alteration to the consolidation method

11. Dividends

Appendix A. Consolidated companies

02. Interim Consolidated02. Financial Information

Management Report and Consolidated Financial Statementsas of 1st Half of 2014

02. Interim Consolidated02. Financial Information

Investments in associates using equity method

NacalaCorridor

03.

MANDATORY INFORMATION

Declaration under the terms of Article 246(1) (c) of CVM (Securities Code)

José Pedro Matos Marques Sampaio de Freitas Member of the Board of Directors and Member of the Executive Committee (Chief Financial Officer)

Information on transactions of treasury shares, under the terms of Article 66 paragraph 5 subparagraph d) of the Companies Code

Qualified holdings

Information on transactions of directors, under the terms of Article 14 (7) of CMVM Regulation no. 5/2008

MOTAENGIL EUROPE

Poland SPAIN

MOTAENGIL AFRICA

MOTAENGIL LATIN AMERICA

More from Mota-Engil

Talk to a Data Expert

Nacala
Corridor

We explore new
business frontiers

Transport
Concessions

02. INTERIM CONSOLIDATED
FINANCIAL INFORMATION

02. Interim Consolidated
02. Financial Information

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

02. Interim Consolidated
02. Financial Information

Nacala
Corridor