CALDEIRÃO DE BOLSA

Montante emitido (em milhões) 175

Rating S&P n.d

Rating Moody’s n.d

Rating Fitch n.d

rollingsnowball Escreveu:

Sr_SNiper Escreveu:O relatorio sossega a malta?
O que diz o relatorio?
Qual o isin dessas de 26/07/ 2016?

Comunicado:
http://web3.cmvm.pt/sdi/emitentes/docs/FR58370.pdf

Nomeadamente:
"fluxo positivo em termos de recebimentos que permitiu a redução assinalável dos níveis consolidados de endividamento entre final de setembro e final de dezembro. Embora se trate de um resultado normal em face da sazonalidade verificada na dívida do GRUPO, é importante registar que de forma global quase todos os países contribuíram para esta performance, (...)em paralelo com esta performance, o GRUPO tem implementado a política de refinanciamento da sua dívida em linha com o seu plano, com várias operações concluídas durante o quarto trimestre de 2015 e já durante os primeiros dias de 2016, política essa que tem como objetivos centrais a redução do custo e o aumento da maturidade média."


Esta parte a seguir é apenas o reafirmar de intenções:
"a anunciada focalização na área de recolha e tratamento de resíduos contem duas vertentes, a primeira das quais é o crescimento deste segmento e sua internacionalização (nomeadamente com novas operações na América Latina e em Omã) e a segunda passa pela alienação de ativos com nível elevado de maturidade (nomeadamente nos segmentos das concessões de transporte e logística) e que tem sido efetuada com reconhecido sucesso."

Sr_SNiper Escreveu:O relatorio sossega a malta?
O que diz o relatorio?
Qual o isin dessas de 26/07/ 2016?

moppie85 Escreveu:

Sr_SNiper Escreveu:Só espero que não entregue em falência nos próximos 3 meses...

2 meses, Sniper! o reembolso é a 18 de Março.

Sr_SNiper Escreveu:Só espero que não entregue em falência nos próximos 3 meses...

Sr_SNiper Escreveu:Só espero que não entregue em falência nos próximos 3 meses...

Sr_SNiper Escreveu:Mas foi por causa desse relatorio que a mata desatou a vender?

katolo Escreveu:O que acontece aos curtos? Sao obrigados a fechar?

Acho bem que se proiba a venda de algo que nao se tem. É logico e racional e devia ser para sempre. Parvoíce!

Raposo Tavares Escreveu:Caro Ulisses, já agora:
A qualidade das auditorias e a sua importância é um assunto que é muito abordado em todo o lado. Em Portugal, nem tanto. Ao fim e ao cabo, numa altura em que se questiona -e bem- os segundos em que uma informação chega diferida entre atores de um mesmo mercado, deve também questionar-se a qualidade da informação a que todos eles acedem. A supervisão tem, nesse sentido, um papel fundamental.

"Assim de repente", encontrei dois textos académicos em francês que, com qualidade abordam este tema:

http://www.cpab-ccrc.ca/Documents/Thoug ... NAL_FR.pdf

https://halshs.archives-ouvertes.fr/hal ... 5/document

Um abraço,
Raposo Tavares

Disclaimer
This presentation used sources deemed credible and reliable but is not guaranteed as to
accuracy or completeness. It also contains forward looking information that expresses
management’s best assessments but might prove inaccurate. The information contained in
this presentation is subject to many factors and uncertainties and therefore subject to
change without notice. The company declines any responsibility to update, revise or correct
any of the information hereby contained. This presentation does not constitute an offer or
invitation to purchase securities of Mota-Engil nor any of its subsidiaries.
The financial information presented in this document is non-audited.
Operating and financial information related to Africa segment disclosed by Mota-Engil in this
presentation differs from that disclosed by Mota-Engil Africa NV, a listed company in
Amsterdam Stock Exchange.

Independent auditor’s report
To the Shareholders and Board of Directors of Mota-Engil Africa N.V.
Report on the audit of the financial statements 2014
Our opinion
We have audited the financial statements 2014 of Mota-Engil Africa N.V. (“the Company”), based in Amsterdam, the
Netherlands. The financial statements include the consolidated financial statements and the company financial
statements.
In our opinion:
• the consolidated financial statements give a true and fair view of the financial position of
Mota-Engil Africa N.V. as at December 31, 2014, and of its results and its cash flows for 2014 in accordance with
International Financial Reporting Standards as adopted by the European Union (EU-IFRS) and with Part 9 of
Book 2 of the Dutch Civil Code.
• the company financial statements give a true and fair view of the financial position of
Mota-Engil Africa N.V. as at December 31, 2014 and of its results for 2014 in accordance with Part 9 of Book 2
of the Dutch Civil Code.
The consolidated financial statements comprise:
1. the consolidated statement of financial position as at December 31, 2014;
2. the following statements for 2014: the consolidated statement of profit and loss, the consolidated statement of
profit and loss and other comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows; and
3. the notes to the consolidated financial statements comprising a summary of the significant accounting policies and
other explanatory information.
The company financial statements comprise:
1. the company statement of financial position as at December 31, 2014;
2. the company income statement for 2014;
3. the notes to the company financial statements comprising a summary of the significant accounting policies and
other explanatory information.
Basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities
under those standards are further described in the “Our responsibilities for the audit of the financial statements”
section of our report.
We are independent of Mota-Engil Africa N.V. in accordance with the Verordening inzake de onafhankelijkheid van
accountants bij assurance-opdrachten (ViO) and other relevant independence regulations in the Netherlands.
Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA).
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
146
Auditor’s opinion 03.3
Materiality
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of
identified misstatements on our opinion.
Based on our professional judgment we determined the materiality for the financial statements as a whole at EUR 10
million. The materiality is based on ten percent of normalized profit before taxation. We have also taken into account
misstatements and/or possible misstatements that in our opinion are material for the users of the consolidated financial
statements for qualitative reasons.
We agreed with the Audit Committee that misstatements in excess of EUR 500,000, which are identified during the
audit, would be reported to them, as well as smaller misstatements that in our view must be reported on qualitative
grounds.
Scope of the group audit
Mota-Engil Africa N.V. is at the head of a group of entities. The financial information of this group is included in the
consolidated financial statements of Mota-Engil Africa N.V.
Because we are ultimately responsible for the opinion, we are also responsible for directing, supervising and performing
the group audit. In this respect we have determined the nature and extent of the audit procedures to be carried out for
group entities. Decisive were the size and / or the risk profile of the group entities or operations. On this basis, we
selected group entities for which an audit or review had to be carried out on the complete set of financial information or
specific items.
Our group audit mainly focused on significant group entities. Our assessment of entities that are significant to the group
was done as part of our audit planning and was aimed to obtain sufficient coverage of the risks of a material
misstatement for significant account balances and disclosures that we have identified. In addition we considered
qualitative factors as part of our assessment which entities are significant to the group, such as:
• The risk profile and type of construction projects;
• The complexity and nature of operations, internal controls and accounting;
• The degree of centralization of processes and controls and entity-level controls;
• The extent and nature of internal control deficiencies and financial statement misstatements identified in prior year
as part of the audit of Mota-Engil SPGS, S.A.;
• Turnover in key leadership and management positions.
As part of our year-end audit procedures we have reconsidered our assessment of significant group entities in order to
ensure we have obtained appropriate coverage of the risks of a material misstatement for significant account balances
and disclosures that we have identified.
147
03.5 Auditor’s opinion
The group engagement team has:
• performed audit procedures at Mota-Engil Africa N.V.;
• used the work of other auditors when auditing Mota-Engil Engenharia e Construção África, S.A., the Angola, Malawi,
Mozambique and Zambia Branch of Mota-Engil Engenharia e Construção África, S.A., Cosamo (Proprietary) Limited,
Mota-Engil Angola, S.A., Mota & Companhia Mauricias, Lda, Vista Waste Management, Lda;
• performed review procedures or specific audit procedures at the other group entities.
By performing the procedures mentioned above at group entities, together with additional procedures at group level,
we have been able to obtain sufficient and appropriate audit evidence about the group’s financial information to
provide an opinion about the consolidated financial statements.
Our key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements. We have communicated the key audit matters to the Board of Directors. The key audit matters are
not a comprehensive reflection of all matters discussed.
These matters were addressed in the context of our audit of the financial statements as a whole and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Impairment of accounts receivable
Mota-Engil Africa N.V. is exposed to credit risk, mainly in relation to the accounts receivable from operations. We refer
to note 24 Trade and other receivables in the consolidated financial statements for information about the carrying
amounts per segment, by ageing and nature. In accordance with IAS 39 Financial Instruments: Recognition and
Measurement management has assessed the accounts receivable for impairment. As part of the assessment
management uses judgements and estimates. The risk that existing impairments of accounts receivable at December 31,
2014 are not recognized in the financial statements is a key matter in our audit. In responding to the assessed risks we
have: i. Performed tests of the design and implementation of the controls over how management made the assessment
on impairment of accounts receivable; ii. Evaluated how management made the assessment on impairment of accounts
receivable and the data on which it is based, including an evaluation of the appropriateness of the method used and the
reasonableness of the assumptions applied by management; iii. Corroborated the data and assumptions used by
management; and iv. Challenged management’s assessment. Further we assessed that proper disclosures have been
made of the impairments. We refer to note 12 Guarantee expenses and impairment losses in the consolidated financial
statements.
Time value of money
The normal business cycle in which receivables are expected to be realized is twelve months. We refer to the significant
accounting policies of Mota-Engil Africa N.V. For certain receivables there is a significant time lag between the period
during which the construction or environmental services are provided and the consideration is received. We refer to
note 24 Trade and other receivables in the consolidated financial statements. In accordance with IAS 39 Financial
Instruments: Recognition and Measurement the effect of the time value of money should be reflected when this is
material. The Company has made an assessment at the level of the client to determine the impact of time value of
money when payment is expected to be received beyond the normal business cycle. The assessment made by
management requires judgements and estimates and is significant to our audit due to the related amount that is
outstanding beyond the normal credit terms and the judgement involved.
148
Auditor’s opinion 03.3
We have evaluated the assessment made by the Company, determined based on the work performed on the receivables
in the significant group entities that management has included all receivables which have extended ageing in their
assessment, we have evaluated the reasonableness of the interest rate applied and we have challenged management’s
assumptions about the expected time of collection. We refer to note 24 in the consolidated financial statements.
Impairment evaluation of goodwill and tangible assets
Mota-Engil Africa N.V. has capitalized goodwill. We refer to note 18 Goodwill in the consolidated financial statements. In
accordance with the significant accounting policies of the Company, on an annual basis at year-end, goodwill is
evaluated for impairment. In addition at year-end the Company evaluates for tangible and intangible assets other than
goodwill if there is an indication of impairment and if any such indication exists, the carrying amount is evaluated for
impairment. We refer to the significant accounting policies and note 20 Property, plant and equipment in the
consolidated financial statements. The risk that existing impairment losses for goodwill and tangible assets are not
recognized is a key matter in our audit. We have reviewed management’s assessment of the recoverable amount for
goodwill, mainly the goodwill in relation to Vista Water and Vista Waste, and tangible assets, mainly the tangible assets
in relation to Novicer in Angola and the Nsanje Port in Malawi. Our procedures included validating and recalculating
management’s future cash flow projections and key assumptions, challenging management’s assumptions and assessing
the status of significant commercial contracts under negotiation for the currently underutilized tangible assets relating
to the Nsanje Port in Malawi. Further, as part of our audit procedures, we instructed valuation experts to review
management’s future cash flow projections, perform sensitivity analyses on the robustness of the forecasts and review
the discount rate used by the Company to determine recoverable value and have assessed the results of their work as
part our audit. We have evaluated whether appropriate disclosure of impairments were made in accordance with IAS 36
Impairment of Assets. We refer to note 12 Provisions and impairment losses in the consolidated financial statements.
Income taxes
Mota-Engil Africa N.V. operates in various tax jurisdictions. Both the evaluation of areas of tax risk, and the valuation of
deferred tax assets in respect of taxable losses, were significant to our audit because the assessment requires significant
judgment and is based on assumptions that are affected by uncertain future events such as profitability of operations,
availability of tax planning structures and possible discussions with tax authorities. As a result, our audit procedures
included, among others, evaluating management’s assessment of risk areas, reviewing supporting documentation where
appropriate, assessing available options for risk mitigation and evaluating the availability of tax optimization
opportunities. Further, as part of our audit procedures, we instructed tax experts to review tax positions and tax risks
and have assessed the results of their work as part of our audit. We have evaluated whether appropriate disclosure of
the tax position, tax loss carry forwards and tax risks were made in accordance with IAS 12 Income Taxes.
We refer to notes 15 Income tax expense, 24 Trade and other receivables – Taxes receivable and 29 Trade payable and
other payables – Taxes payable in the consolidated financial statements.
Non-cash contribution of Mota-Engil, Engenharia e Construção África, S.A.
In January 2014 Mota-Engil SGPS, S.A., which at that time owned all of the shares outstanding of the Company, made a
non-cash contribution of Mota-Engil, Engenharia e Construção África, S.A. against the issue of new ordinary shares of
the Company. We refer to the general information and background for more information about the transactions in
connection with the contribution of the African business of Mota-Engil SGPS, S.A. to the Company. As the non-cash
contribution significantly impacts the carrying amount of all balance sheet captions it has been a key matter in our audit.
The Company has accounted for the assets and liabilities included in the non-cash contribution on the basis of carryover
accounting, as the transaction was done under common control. In line with the legal documentation of the noncash
contribution, the Company used the book value of the related assets and liabilities that were contributed at Mota-
149
03.5 Auditor’s opinion
Engil SGPS, S.A. as the initial measurement at recognition. As part of our audit we have evaluated, based on the work
performed by other auditors when auditing Mota-Engil, Engenharia e Construção África, S.A. as part of the audit of
Mota-Engil SGPS, S.A. for the year ended December 31, 2013, whether the book value of the assets and liabilities that
were contributed contained misstatements that could materially affect the current period’s financial statements.
Further we have evaluated if the accounting method applied by the Company to the transaction was in agreement with
EU-IFRS. We have evaluated whether appropriate disclosure of the non-cash contribution was made in line with IFRS 3
Business Combinations. We refer to note 0 General information and background in the consolidated financial
statements.
Compliance with applicable laws and regulations
The principal activity of the Company and its subsidiaries is construction and environmental services in Africa. Due to the
geographical location of the activity, the risk of material misstatements due to fraud or non-compliance with applicable
laws and regulations is a key matter in our audit. As part of our audit procedures and as far as applicable to the scope of
a financial statement audit, we instructed forensic audit experts to i. Evaluate the design and implementation and
operating effectiveness of the Company’s policies, controls, processes and training for the prevention of fraud and noncompliance
with applicable laws and regulations; ii. Perform tests of details of transactions which are more susceptible
to the risk of fraud and non-compliance with applicable laws and regulations; and iii. Evaluate the possible effect on the
financial statements of the Company’s Compliance and Internal Controls Programme, which is currently being
implemented, and the review of certain transactions, initiated by the Board of Directors, which may entail a higher
compliance risk, as described in the Control Statement and Responsibility Statement of the Board of Directors. Further
we assessed the adequacy of the disclosure in this respect.
Amongst others as a result of the evaluation of the design and implementation and operating effectiveness of the
Company’s policies in this respect we have made recommendations to the Board of Directors concerning formal
implementation and on further improvements which are being included in the Company’s Compliance and Internal
Controls Programme referred to above. We refer to note 2 significant accounting polocies in the consolidated financial
statements and the Control Statement and Responsibility Statement of the Board of Directors.
Responsibilities of the Board of Directors for the financial statements
The Board of Directors is responsible for the preparation and fair presentation of the financial statements in accordance
with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code, and for the preparation of the report of the Management
Board in accordance with Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the Board of Directors is responsible for
such internal control as the Board of Directors determines is necessary to enable the preparation of the financial
statements that are free from material misstatement, whether due to fraud or error.
As part of the preparation of the financial statements, the Board of Directors is responsible for assessing the Company’s
ability to continue as a going concern. Based on the financial reporting frameworks mentioned, the Board of Directors
should prepare the financial statements using the going-concern basis of accounting unless the Board of Directors either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of
Directors should disclose events and circumstances that may cast significant doubt on the Company’s ability to continue
as a going concern in the financial statements.
The Board of Directors is responsible for overseeing the Company’s financial reporting process.