2

Highlights

> Turnover reached €2.4 billion, of which 45% in Africa

> EBITDA increased 13% to €409 million, equating to a 17% margin

> Net Income flat at €51 million

> Order book reached €4.4 billion, of which 45% and 32% in Latin America and Africa, respectively

> Net Debt of €1,159 million, leading to a net debt/EBITDA ratio of 2.8x

> Mota-Engil Africa listed in Euronext Amsterdam in November 2014

1,201879 769

1,0431,435 1,599

0

500

1,000

1,500

2,000

2,500

3,000

2012 2013 2014

Mill

ion

euro

s

TurnoverGroup

2,243 2,3682,314

118 83 98

170 280311

0

150

300

450

600

2012 2013 2014

Mill

ion

euro

s

EBITDAGroup

Abroad

Europe

287 409363

thousand euros

2014 % T ∆ 2013 % T 4Q14 % T ∆ 4Q13 % T

(non audited) (audited) (non audited) (non audited)

Turnover 2,368,155 2.4% 2,313,702 578,687 (11.1%) 650,925

Europe 931,483 2.2% 911,142 282,185 52.9% 184,611

Africa 1,061,673 5.2% 1,008,918 221,409 (26.9%) 302,896

Latin America 537,492 26.1% 426,105 162,059 31.2% 123,539

Other & Interc. (162,492) (32,463) (86,966) 39,879

EBITDA 409,238 17.3% 12.8% 362,839 15.7% 95,910 16.6% (1.1%) 96,985 14.9%

EBIT 272,647 11.5% 12.3% 242,876 10.5% 77,551 13.4% 16.7% 66,446 10.2%

Net financial income (131,222) (5.5%) (23.5%) (106,243) (4.6%) (46,393) (8.0%) (63.0%) (28,468) (4.4%)

Net income/losses from equity method (18,693) (0.8%) - (1,451) (0.1%) (7,184) (1.2%) - (210) (0.0%)

Income before taxes 122,732 5.2% (9.2%) 135,182 5.8% 23,974 4.1% (36.5%) 37,768 5.8%

Net income 83,089 3.5% (6.1%) 88,468 3.8% 10,163 1.8% (47.9%) 19,500 3.0%

Attributable to:

Non-controll ing interests 32,538 1.4% (14.3%) 37,964 1.6% 9,356 1.6% 35.4% 6,911 1.1%

Group 50,550 2.1% 0.1% 50,505 2.2% 807 0.1% (93.6%) 12,589 1.9% EBITDA = EBIT + amortizations + provisions and impairment losses; Net debt = Gross debt – cash and equivalents.

Operating and financial information related to Africa segment disclosed by Mota-Engil in this presentation differs from those disclosed by Mota-Engil Africa NV, a listed company in Amsterdam Stock Exchange. Unaudited figures.

3

1. Financial analysis

0

500

1,000

1,500

2,000

2,500

3,000

2012 2013 2014

TurnoverGroup

Mill

ion

Euro

s

2,243 2,3682,314 Europe -E&C18%

Europe -E&S14%

Africa45%

Latin America

23%

Turnover 2014 | Bus iness areas

In 2014, sales and services rendered increased by 2.4% over the year 2013, reaching €2,368 million. This increase was mainly due to the acceleration of activities in the regions of Africa and Latin America. In fact, in 2014 sales and services rendered increased by 5.2% in Africa to €1,062 million and by 26.1% in Latin America to €537 million, while in Europe the increase was only 2.2% to €931 million.

0

300

600

900

1,200

1,500

1,800

2012 2013 2014

Turnoverinternal market

Milh

ões

de E

uros

790 613 597

0

300

600

900

1,200

1,500

1,800

2012 2013 2014

Turnoverexternal market

Milh

ões

de E

uros

1,701 1,7721,453

It should be noted that the Africa and Latin America regions contributed to 68% of total sales and services rendered in 2014, above the 62% reached in 2013, a trend in line with the strategy outlined by the Group to diversify and balance the geographical exposure of the activity, taking also into account the purpose of allocating capital to markets with growth opportunities and with the greatest potential for value creation. Thus, in 2014 the volume of external activity, i.e. outside of Portugal, was €1,772 million, representing a weight of 74.8% of total sales and services rendered, up from 73.5% in 2013.

4

0

150

300

450

600

2012 2013 2014

EBITDAGroup

Mill

ion

Euro

s

288 409363

Europe - E&C10%

Europe - E&S14%

Africa67%

Latin America9%

EBITDA2014 | Bus iness areas

In 2014 the EBITDA increased by 12.8% compared to 2013 to €409 million, following the better performance of all regions, with the Africa region being the largest contributor to this indicator with 67% of the total. The EBITDA margin in 2014 was 17.3%, from 15.7% in 2013, positively influenced by the improved operational performance of Africa and Europe regions. In Europe, EBITDA increased 13.2% to €97 million, with the EBITDA margin reaching 10.4%, above the margin of 9.4% recorded in 2013, following the best performance of the Engineering and Construction (E&C) business. In Africa, EBITDA increased 12.5% from €244 million in 2013 to €275 million in 2014, with the EBITDA margin slightly increasing from 24.2% to 25.9% between the periods. In Latin America, EBITDA increased 2.9% to €37 million in 2014. The EBITDA margin was slightly eroded from 8.3% in 2013 to 6.8% in 2014, due to a one off negative impact. EBIT in 2014 was €273 million, of which 64.6% in the region of Africa, an increase of 12.3% compared to 2013 due to the better performance of the regions of Europe and Latin America. Noteworthy is the fact that EBIT was negatively affected by an increase in depreciation and amortization of €27 million, mainly due to the Africa region following the amortization of assets related to the Nacala Corridor project in Malawi. Still, the Group's EBIT margin edged up to 11.5% in 2014 compared to 10.5% in 2013.

5

Europe -E&C6%

Europe -E&S10%

Africa59%

Latin America

25%

Capex 2014

119

186

17

21

31

13

0

50

100

150

200

250

2013 2014

Mill

ion

Euro

s

Capex Evolution

Europe - E&C

Europe - E&S

Africa & Latin America

166 220

In 2014 investment was €220 million, an increase of €54 million compared to 2013, following the intensification of activity in the regions of Africa and Latin America, which contributed with 82.9% of total investment in the period. By its nature, it is noted that growth capex accounted for 51.4% of the total, and was mostly allocated to projects in those two regions. Maintenance investment reached €107 million, of which 66.1% in Africa and relating mainly to the replacement of equipment due to the context of intense activity in the region. Investment in Europe was €34 million, of which €13 million are allocated to the E&C business and concentrated in maintenance activities. The Africa region accounted for 59% of the total investment, i.e. €128 million, and mainly oriented to Angola, Malawi and Zambia. It should be highlighted that 55.4% of the investment in Africa was focused on maintenance, following the intense activity that has characterized the region that led to the replacement of equipment particularly in Angola and Malawi. The investment allocated to Africa in expansion activities reached €57 million and was intended mainly for operations in Angola, Malawi and Zambia. In Latin America, the investment was €55 million, an increase of €35 million compared to the year 2013, with 82.9% of the total allocated to expansion activities, following the acceleration and intensity of activity in that region.

400

600

800

1,000

1,200

1Q 2Q 3Q 4Q

Total Net Debt Evolution

2012

2013

2014

Millio

n Eu

ros

277

29%

182

19%

487

50% 253%

276

22%

401

32%

559

45% 101%

0

250

500

750

1 year 2 years 3 to 5 years over 5 years

Total Net Debt Maturity Evolution

Dec-13

Dec-14

Mill

ion

Euro

s

6

The net debt at 31 December 2014 was €1,159 million, €187 million more than in the same period of 2013. The net debt including leasing and factoring was €1,410 million, of which €173 million are related to leasing. In fact, despite the better operating performance, the net debt in 2014 was negatively influenced mainly by investment in working capital and fixed assets. It should be noted that investment in working capital in the second quarter of the year was influenced by an extraordinary effect of about €100 million from the E&C activity in Poland and in the second and third quarters of the year by the start of several projects, particularly in Poland, Mozambique and Mexico. In the fourth quarter, despite the start of several projects in this period, particularly in Mexico, Brazil, Angola and Poland, there was a disinvestment in working capital in the amount of €161 million as a result of the seasonality that marks the sector and an efficient management of principal balances, mainly Receivables and Other Debtors which contributed to the reduction in net debt by €88 million euros compared to September 2014. It should be noted that, from the total net debt, €337 million are not allocated to the Group's operational activity, i.e. they are related to investments in companies consolidated according to the equity method (which, as such, do not contribute to EBITDA ) and to non-strategic assets. Gross debt at the end of December 2014 was €1,549 million, with 81% contracted at floating rate. The average cost of debt fell from 6.6% in December 31, 2013 to 6.2% in late 2014 but still influenced by the debt contracted outside Europe, particularly in Africa and Latin America. It is worth mentioning that the financial strategy of the Group aims to align the allocation of debt to the three regions according to their respective needs, thus allowing a natural hedge in terms of functional currency and the generation of cash flow. Still, in December 31, 2014, 74.5% of gross debt was denominated in Euros.

2.0

3.0

4.0

5.0

1Q 2Q 3Q 4Q

Evolution ofTotal Net Debt / EBITDA 2011

2012

2013

2014

2.0

3.0

4.0

5.0

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Dec

-14

Evolution ofTotal Net Debt / EBITDA

In December 31, 2014 the average life of debt was 2.6 years, higher than the 2.3 years for the same period of 2013, reflecting the financial strategy of the Group towards increasing the average maturity of debt, in order to better align it with the generation of cash flow. Thus, of the total net debt, 86.0% had a maturity of more than one year. In fact, during the year 2014 this strategy continued to be pursued, particularly through the issuing of bonds and commercial paper, with impact also on the cost of debt, namely one bond issue in the amount of €110 million with a term of five years, which was placed with international investors. It is the intention of the Group to continue in 2015 to extend the maturity of debt, benefiting also from the context of low interest rates that characterizes Europe and with a potential positive impact on the re-pricing of debt and the cost of new issues.

7

The net debt/EBITDA ratio at the end of December 2014 was 2.8x, relatively slightly higher than the 2.7x value of the same period in 2013. In late December 2014, the Group had credit lines contracted and available of €357 million.

-0

-35

-70

-105

-140

-175

-210

2012 2013 2014

Net Financial IncomeGroup

Mill

ion

Euro

s

-82 -131-106

0

20

40

60

80

2012 2013 2014

Net Income Group

Mill

ion

Euro

s

40,7 50,650,5

The financial results in 2014 were negative €131 million, representing an increased negative result by €25 million compared to 2013, primarily as a result of gains realized in 2013 on the sale of financial assets, and the result of the change regarding the method for accounting exchange differences (previously fully recorded in the financial results). Despite the increase in debt between periods, interest expenses increased only €3 million, following the decrease in the average cost of debt in 2014.

EBIT

Fina

ncia

l

Equi

ty M

etho

d

Tax

MI

Net

inco

me

0

45

90

135

180

225

270

Net Income Composition2014 | Group

Mill

ion

Euro

s

EBIT

Fina

ncia

l

Equi

ty M

etho

d Tax

MI

Net

inco

me

0

45

90

135

180

225

270

Net Income Composition2013 | Group

Mill

ion

Euro

s

The contribution from associate companies was €19 million negative, following the negative contribution of €42 million relating to the Group’s share in Martifer Group, due mainly to write downs of assets. Ascendi contributed with €19 million to the Group's results, a value similar to that of 2013, as the impact of new terms resulting from the renegotiation of some concessions in Portugal recorded in 2014 was offset by both lower operating expenses and the improved performance from the other concessions.

8

0

1,500

3,000

4,500

6,000

2011 2012 2013 2014

Backlog Evolution

Mill

ion

Euro

s

3,797 3,357 3,870 4,413Europe E&C

17%

Europe E&S6%

Africa32%

Latin America45%

BacklogDecember 31, 2014

The order book at 31 December 2014 was €4,413 million, which corresponds to an order book/Sales and services rendered ratio of 1.9 years, with Africa and Latin America contributing to 77.2 % of the total amount. The increase of €543 million in the order book was mainly due to positive developments in Latin America of €641 million, where Mexico and Brazil contributed to 85.1% of the total order book in this region. In Africa, the order book was €1,423 million, with a diversified order book comprising projects in countries such as Angola, Mozambique, Malawi, Zimbabwe and Zambia. In Europe, the order book increased by €100 million compared to 2013, reaching €1,005 million, of which 73.7% in the business of E&C, mainly following the recovery of the activity in the Polish market. The E&S business (Environment & Services) contributed with €264 million to the order book, not including the expected revenues from the port terminals operation contracts. It should also be noted that the Group only accounts in the order book projects which contract is signed and the respective financing is completed and guaranteed.

9

2. Analysis by Business Area

Europe

316 328 338

927588 599

0

300

600

900

1,200

1,500

2012 2013 2014

TurnoverE&C

E&S

Mill

ion

Euro

s

1,232 931911

54 60 59

66 26 38

0

30

60

90

120

150

2012 2013 2014

EBITDA

E&C

E&SM

illio

n Eu

ros

120 9785

The European region includes the E&C and E&S segments that the Group possesses in Portugal and Central Europe, or that are managed by the management structure of this region. In the E&S business activities are developed in the areas of Logistics, Waste, Water (accounted for by the equity method) and Energy & Maintenance (E&M). Sales and services rendered recorded an increase of 2.2% to €931 million, which also includes a similar trend in the E&C segment with a rise of 1.8% to €599 million. The E&S segment grew by 5.5% to €338 million, of which 61.5% in the Logistics business that grew by 3.6% to €207 million. The Waste business remained relatively stable compared to 2013 presenting a turnover of €82 million. The E&M business, on the other hand, grew by 19.8% to €48 million.

0

180

360

540

720

E&C E&S - Waste E&S - Logistic E&S - Energ. &Main.

Turnover

2013

2014

Mill

ion

Euro

s

588 599 80 82 200 207 40 48

0

10

20

30

40

E&C E&S - Waste E&S - Logistic E&S - Energ.& Main.

EBITDA

2013

2014

Mill

ion

Euro

s

26 39 18 21 37 33 4 4

EBITDA in Europe rose 13.2% compared to 2013 to €97 million, due to the better performance of the E&C segment, which presented an EBITDA of €38 million. The EBITDA margin in Europe was 10.4% in 2014, up from 9.4% in the same period last year, following the improved operating performance of the E & C segment, which recorded a margin of 6.4% compared to 4.4 % in 2013. This reflects the Group's ability to adjust its cost structure, benefit from the leadership position in Portugal and excellence in execution and project risk assessment, despite the negative context that has been characterizing the sector in both public and private segments.

10

In 2014, the E&S segment reported an EBITDA of €59 million, corresponding to a margin of 17.4% compared to 18.6% in 2013. EBITDA for the Waste business increased 15.6 % to €21 million with the margin increasing from 23.0% in 2013 to 25.8% in 2014. The Logistics business continued to have the largest weight in the EBITDA E&S segment, representing 57.1% of the total. The EBITDA margin of this business fell to 16.1% in 2014 compared to 18.7% in 2013 due to the instability that characterized the sector early in the year, particularly in the port of Lisbon. Note that this impact, as expected, was mitigated over the year, and the EBITDA margin reached 19.3% in the fourth quarter of 2014. In the E&M business EBITDA was €4 million representing a margin of 8.3%.

Africa

0

250

500

750

1,000

1,250

2012 2013 2014

Turnover

Mill

ion

Euro

s

729 1,0621,009

0

70

140

210

280

350

2012 2013 2014

EBITDA

Mill

ion

Euro

s

136 275244

Currently Mota-Engil is present in ten countries and during the year 2014 continued to strengthen its presence in the region of sub-Saharan Africa and started activity in new countries, including Zimbabwe, Zambia and Uganda, in line with the geographical diversification strategy. Sales and services in Africa grew by 5.2% compared with 2013 to €1,062 million, mainly due to the increase in activity in the SADC (Southern African Development Community) region, particularly in Mozambique and Malawi, countries that represented 50.4% of total turnover in Africa, and that more than offset the slowdown in activity in Angola. It should be referred that the turnover in the fourth quarter of 2014 showed a decline of 26.9% as compared with the fourth quarter of 2013 to €221 million, mainly in the wake of the conclusion of the Nacala Corridor project in Malawi. EBITDA in 2014 increased 12.5% to €75 million with the margin reaching 25.9%, following the best performances of Angola and the SADC region. Noteworthy is also the positive contribution to the EBITDA margin of the Nacala Corridor project in Malawi, given its size and its efficient execution. The order book in December 2014 was €1,423 million, of which 49.8% in the SADC region and with the countries of West and East Africa accounting for 10.1% of the total compared to 5.5% in 2013, reflecting the diversification strategy outlined by the Group. Of the total order book in the business of E&C, 50.9% correspond to public clients. As to the exposure by industry, it should be noted that 33.4%, 23.2%, 14.9% and 10.8% are projects of road infrastructures, civil works, mining services and railway infrastructures, respectively. Among the major projects that contribute to the order book is the project on the Hwange Colliery mine in Zimbabwe, the Calueque dam in Angola, railway infrastructure projects in Mozambique and road infrastructures in Angola, Mozambique, Zambia, Uganda and Malawi.

11

Additionally, the current pipeline of projects in Africa amounts to US$ 10 billion. The largest projects appear in new countries such as Cameroon, Rwanda, Kenya and Gabon, and countries where the Group currently has activity such as Mozambique, Zambia, Zimbabwe and Uganda. It should be noted that most of the projects are large projects related to infrastructure and civil works. The pipeline amount includes the Mbalam-Nabeba project in Cameroon, announced in June 2014 in the amount of US$ 3.5 billion and that is not included in the order book. Finally, on November 24 the listing of Mota-Engil Africa, the Group's subsidiary for business in the Africa region, was initiated on Euronext Amsterdam, thus fulfilling the resolution of the General Shareholders Meeting of December 2013. As an immediate consequence, the Group now holds about 82% of that subsidiary. The Group reiterates the goal to proceed with the capital dispersion operation of Mota-Engil Africa and consequent increase of the free float of the company as a way to demonstrate its value and enhance the sustained growth of business in the region.

12

Latin America

0

150

300

450

600

2012 2013 2014

Turnover

Mill

ion

Euro

s

314 537426

0

15

30

45

60

2012 2013 2014

EBITDA

Mill

ion

Euro

s

33 3735

Sales and services in Latin America grew by 26.1% to €537 million, of which € 297 million in Mexico and Brazil, countries that have more than doubled the turnover over the year 2013, with special emphasis on the evolution in Mexico. EBITDA increased 2.9% over the same period of 2013 to €37 million, with the better performance in Mexico and Brazil, more than offsetting the worse performance in Peru. The EBITDA margin was 6.8% compared to 8.3% in 2013. The order book reached €1,984 million, €641 million more than in the same period in 2013, reflecting the success that the Group is having in the region and the recognition of its technical and commercial skills. Mexico, with an order book of €1,260 million, is currently the country with the largest order book, mostly related to road infrastructure projects, but also railway projects. The acceleration of activity in Brazil is noteworthy, where the order book was €430 million, despite the company's current strategy being focused on specific projects, customers and regions. Despite the slowdown in activity in Peru, this country contributed with €239 million to the order book. In Colombia, the country with less weight in the activity in the region, it was possible to double the amount of the order book over the year 2013. In fact, 2014 was very important in achieving the strategic objective of consolidating the Group's growth in Latin America, both in terms of geographic diversification and in terms of business segments, based on the technical and commercial skills of the Group and fostering strategic alliances with local companies.

13

3. Mota-Engil on the stock market The evolution of performance of the share price in 2014 is shown in the following charts:

50%60%70%80%90%

100%110%120%130%140%150%

Dec

-13

Jan-

14

Feb-

14

Mar

-14

Apr-

14

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

ME PSI20 SXOP

50%60%70%80%90%

100%110%120%130%140%150%

dez/

13

jan/

14

fev/

14

mar

/14

abr/

14

mai

/14

jun/

14

jul/

14

ago/

14

set/

14

out/

14

nov/

14

dez/

14

ME VINCI HOCHTIEF FERROVIALFCC OHL Sacyr

The share capital of MOTA-ENGIL is comprised of 204,635,695 shares, all traded at Euronext Lisbon. The share price of MOTA-ENGIL at 31 December 31, 2014 was € 2.66, corresponding to a market capitalisation of € 544 million. During 2014, the share price of Mota-Engil depreciated 38.4%, while the Portuguese Stock index, PSI 20, depreciated 26.8% and the European sector index, SXOP, valued 4.7%. Despite the excellent performance of the shares in the first half of the year, their behaviour was penalized in the second half of the year by a greater risk aversion by investors regarding the stock market, particularly the Portuguese, following the banking crisis that affected the country, which even led the Portuguese State to intervene in one of the banks. Also noteworthy, in relative terms, was the fact that shares were penalized by fear of investors concerning the level of indebtedness of some companies, especially in the construction sector of the Iberian Peninsula. The exposure of MOTA-ENGIL’s activity to the African continent also had a negative effect on the price performance, especially in the last quarter of 2014, following the decline seen in commodity prices, particularly oil. Thus, during the fourth quarter of 2014, Mota-Engil’s shares depreciated by 48.0% against a devaluation of 16.4% of PSI 20 in the same period.

14

0

30

60

90

1Q 2Q 3Q 4Q

Mill

ion

shar

es

Evolution of liquidity of sharesby quarters

2012 2013 2014

0

40

80

120

160

200

240

2011 2012 2013 2014

Evolution of liquidity of sharesby year

Mill

ion

shar

es

During 2014, Euronext Lisbon traded 218 million Mota-Engil shares, corresponding to approximately 2.4x the current free float and the average daily volume of 854,000 shares. In the fourth quarter of 2014, which was characterized by a high volatility, 79 million shares were traded on Euronext Lisbon, or a daily average of 1.2 million shares. On February 26, 2014, 34.3 million of Mota-Engil’s shares were sold, corresponding to 11,101,379 of own shares and 23,198,621 shares sold by the founding shareholder, Mota Gestão e Participações, SGPS, SA and placed with institutional investors. This operation contributed to the increase in share liquidity and the Group's visibility in the capital markets. At December 31, 2014, the group did not hold any own shares. In line with the resolutions of the Shareholders' Extraordinary General Meeting of December 27, 2013, on November 24, 2014, the shares of the subsidiary Mota-Engil AFRICA began being traded at Euronext Amsterdam. The items approved at that General Meeting, which approved the free conditional distribution of an extraordinary dividend, corresponding to 20% of the share capital of Mota-Engil AFRICA BV to its shareholders and the trading of this company in a regulated market in an EU Member-State, were therefore realized. The trading of Mota-Engil AFRICA’s shares on Euronext Amsterdam occurred following the IPO’s (Initial Public Offering) postponement, which was supposed to have taken place on the London Stock Exchange in July 2014 and which, given the sudden market deterioration, could not be carried out. It is important to refer that, as the capital increase was not carried out, nor the institutional offer initially planned, the free float of the new listed company only concerns the shares relating to the rights granted, i.e. about 5.5%, although still meeting the minimum free float set by Euronext Amsterdam. Thus, the operation prevented the expiration of the rights of MOTA-ENGIL AFRICA, which had been distributed to Mota-Engil SGPS shareholders on 22 January 22, 2014. It should be noted that the goal to increase the free float in its African subsidiary still remains in the near future, subject, however, to market conditions.

15

4. Prospects for 2015 The strategy of the GROUP, focused on the pillars of diversification and internationalization, was strengthened in 2014 with the adoption of the new organizational model based on the balanced development of the three regions in which we operate. During 2014, this process of organization surrounding regional hubs started a new stage with the listing operation of MOTA-ENGIL AFRICA and the conclusion of corporate adjustments which enabled the conclusion of the year with the incorporation of the varied companies of the GROUP into the three sub-holdings:

• MOTA-ENGIL EUROPA, SA; • MOTA-ENGIL AFRICA, NV; • MOTA-ENGIL LATIN AMERICA, BV.

Therefore, it is possible to provide the following outlook for the business of the GROUP in 2015:

• Growth of the Consolidated Turnover, based on the order book and the effort for internationalization and diversification;

• Improvement of margins in Europe, with the contribution of all countries to this performance;

• Year of transition in Africa, with a performance based on stable margins in traditional markets;

• Strong growth of turnover based on an order book in Latin America, with the consolidation of the main markets, study of occasional projects in new locations and expansion of activity in the environment and services business;

• Order book above 4 billion Euros, based on international activity.

It should be noted that these prospects do not correspond to an engagement regarding the future performance of the GROUP, but merely the greater capacity of prediction, on this date, regarding the future activity of its companies. Therefore, the performance that may be effectively achieved in 2015 could differ significantly from these forecasts. Moreover, MOTA-ENGIL does not undertake to update or correct this information due to the modification of any endogenous or exogenous factor that could change the performance of the GROUP.

16

5. Balance Sheet

2013

(unaudited) (audited)

Fixed assets 1,036 957

Financial investments 308 354

Long term receivables 213 213

Working capital 463 294

2,020 1,818

Equity 578 559

Provisions 121 99

Long term payables 162 188

Net debt 1,159 972

2,020 1,818

Invested Capital 1,736 1,531

Million Euros

2014

17

6. Consolidated Income Statements

2014 % T ∆ 2013 % T

(unaudited) (audited)

Turnover 2,368 2.4% 2,314

EBITDA 409 17.3% 12.8% 363 15.7%

EBIT 273 11.5% 12.3% 243 10.5%

Net financial income (131) (5.5%) (23.5%) (106) (4.6%)

Net income/losses from equity method (19) (0.8%) - (1) (0.1%)

Income before taxes 123 5.2% (9.2%) 135 5.8%

Net income 83 3.5% (6.1%) 88 3.8%

Attributable to:

Non-controll ing interests 33 1.4% (14.3%) 38 1.6%

∆roup 51 2.1% 0.1% 51 2.2%Million Euros

7. Cash-Flow Statement

2014 2013

(unaudited) (unaudited)

Debt start position: 972 850

Ebitda 409 363Change in working capital (169) (61)

Operating Cash-flow 241 302

Maintenance capex (107) (61)Net Financials (131) (106)Corporate taxes (40) (47)

Free Cash-flow bf ∆rowth Capex (37) 88

Growth capex (113) (105)Dividends (48) (21)Changes in m/l term & perimeter 12 (83)

Change in debt position 187 121

Debt end position: 1.159 972

Net debt / Ebitda 2,8 2,7

18