CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A. Legal address: Leandro N. Alem 1050, 9th Floor Ciudad Autónoma de Buenos Aires Condensed Interim Consolidated Financial Statements for the three-month period ended March 31, 2015, presented in comparative format CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A. Condensed Interim Consolidated Financial Statements For the year commenced January 1, 2015 and ended March 31, 2015, presented in comparative format Contents Condensed Interim Consolidated Financial Statements as of March 31, 2015 Condensed Interim Consolidated Statement of Income Condensed Interim Consolidated Statement of Other Comprehensive Income Condensed Interim Consolidated Balance Sheet Condensed Interim Consolidated Statement of Changes in Equity Condensed Interim Consolidated Cash Flow Statement Notes to the Condensed Interim Consolidated Financial Statements Review Report on the Condensed Interim Consolidated Financial Statements CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. AND SUBSIDIARIES CONDENSED INTERIM CONSOLIDATED STATEMENT OF INCOME For the three-month period ended March 31, 2015, presented in comparative format For the three-month period ended 03/31/2015 03/31/2014 Notes CONSOLIDATED RESULTS In Pesos In Pesos Sales 3.6 1,904,284,672 1,380,386,918 Cost of sales 4 (1,266,395,737) (978,351,347) Gross profit 637,888,935 402,035,571 Administrative expenses 5 (240,443,175) (185,558,511) Selling expenses and other operating expenses 6 (134,445,902) (107,983,208) Other operating income and expenses, net 12,775,793 136,255,776 Operating Income 275,775,651 244,749,628 Financial income 7 38,361,617 74,509,398 Financial expenses 7 (331,004,319) (391,912,629) Net gain in associates 8 3,850,650 7,841,769 Goodwill impairment (915,003) (915,003) (Loss) / Income before income tax (13,931,404) (65,726,837) Income tax (18,361,418) 101,166 NET (LOSS) INCOME FOR THE PERIOD (32,292,822) (65,625,671) Net (loss) Income for the period attributable to: - Owners of the parent (43,689,566) (81,784,532) - Non-controlling interests 11,396,744 16,158,861 (32,292,822) (65,625,671) Results per share attributable to the owners of the parent during the period 9 (0.45) (0.85) (stated in Ps. per share) The accompanying notes are an integral part of these Condensed Interim Consolidated Financial Statements. These Condensed Interim Consolidated Financial Statements should be read with the audited financial statements for the year ended December 31, 2014. 3 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. AND SUBSIDIARIES CONDENSED INTERIM CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME For the three-month period ended March 31, 2015, presented in comparative format For the three-month period ended 03/31/2015 03/31/2014 OTHER CONSOLIDATED COMPREHENSIVE INCOME In Pesos In Pesos Net (loss) income for the period (32,292,822) (65,625,671) Other comprehensive income: Items that may be reclassified subsequently to profit Effect of currency translation differences (38,885,071) 92,901,360 Other comprehensive income for the period (38,885,071) 92,901,360 Total comprehensive income for the period (71,177,893) 27,275,689 Comprehensive income attributable to: - Owners of the parent (81,511,649) (1,394,964) - Non-controlling interests 10,333,756 28,670,653 (71,177,893) 27,275,689 The accompanying notes are an integral part of these Condensed Interim Consolidated Financial Statements. These Condensed Interim Consolidated Financial Statements should be read with the audited financial statements for the year ended December 31, 2014. 4 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. AND SUBSIDIARIES CONDENSED INTERIM CONSOLIDATED BALANCE SHEET As of March 31, 2015 and as of December 31, 2014 03/31/2015 12/31/2014 ASSETS Notes In Pesos In Pesos NON-CURRENT ASSETS Property, plant and equipment, Net 10 1,784,717,322 1,754,213,678 Intangible Assets, Net 12 308,077,099 310,111,453 Goodwill, net 11 111,004,239 112,397,125 Investments in associates 13 198,697,186 195,307,265 Deferred tax assets 120,093,001 108,998,898 Other receivables, net 928,768,957 736,848,905 Trade receivables, net 83,639,078 82,115,866 Total non-current Assets 3,534,996,882 3,299,993,190 CURRENT ASSETS Other receivables, net 1,178,772,292 1,337,671,330 Inventories, net 301,917,173 278,477,936 Trade receivables, net 3,015,966,389 2,897,840,100 Other investments 14 88,385,975 107,400,064 Cash and cash equivalents 15 655,545,796 933,769,863 Total current Assets 5,240,587,625 5,555,159,293 Total Assets 8,775,584,507 8,855,152,483 EQUITY Attributable to the owners of the parent 647,215,505 728,727,154 Non-controlling interests 266,346,560 254,305,249 Total Equity 913,562,065 983,032,403 LIABILITIES NON-CURRENT LIABILITIES Bank and financial debts 16 1,443,118,910 1,433,646,574 Provisions for contingencies 18 179,808,153 173,710,563 Deferred tax liability 230,287,130 250,460,002 Other liabilities 1,694,555,229 1,631,985,700 Trade payables 47,415,065 53,618,544 Total non-current Liabilities 3,595,184,487 3,543,421,383 CURRENT LIABILITIES Bank and financial debts 16 1,439,654,430 1,387,453,231 Provisions for contingencies 18 46,592,564 37,701,546 Other liabilities 1,511,374,794 1,590,143,523 Trade payables 1,269,216,167 1,313,400,397 Total current Liabilities 4,266,837,955 4,328,698,697 Total Liabilities 7,862,022,442 7,872,120,080 Total Equity and Liabilities 8,775,584,507 8,855,152,483 The accompanying notes are an integral part of these Condensed Interim Consolidated Financial Statements. These Condensed Interim Consolidated Financial Statements should be read with the audited financial statements for the year ended December 31, 2014. 5 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. AND SUBSIDIARIES CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the three-month period ended March 31, 2015, presented in comparative format Attributable to owners of the parent Effect of Retained Balances of Non-controlling Total of Capital Special currency earnings / Item Share capital Legal reserve revaluation of Total interests equity Adjustment reserve translation (Accumulated subsidiaries differences losses) Balances as of January 1, 2014 96,588,696 115,738,740 3,138,571 10,241,171 88,415,559 496,208,369 (84,292,196) 726,038,910 282,741,425 1,008,780,335 Net income for the period (81,784,532) (81,784,532) 16,158,861 (65,625,671) Other comprehensive income 80,389,568 - - 80,389,568 12,511,792 92,901,360 Total Comprehensive Income - - - - 80,389,568 - (81,784,532) (1,394,964) 28,670,653 27,275,689 Reversal of revaluation of subsidiaries (364,496) 364,496 - - Transactions with shareholders - Distribution of dividends (942,660) (942,660) - Changes in interests in subsidiaries (13,674,208) (13,674,208) - Contributions and withdrawals in joint ventures 11,417,332 11,417,332 Total transactions with shareholders - - - - - - - - 10,474,672 10,474,672 Balances as of March 31, 2014 96,588,696 115,738,740 3,138,571 10,241,171 168,805,127 495,843,873 (165,712,232) 724,643,946 308,212,542 1,032,856,488 Balances as of January 1, 2015 96,588,696 115,738,740 3,138,571 - 169,640,367 595,570,556 (251,949,776) 728,727,154 254,305,249 983,032,403 Net income for the period (43,689,566) (43,689,566) 11,396,744 (32,292,822) Other comprehensive income (37,822,083) - (37,822,083) (1,062,988) (38,885,071) Total Comprehensive Income - - - - (37,822,083) - (43,689,566) (81,511,649) 10,333,756 (71,177,893) Reversal of revaluation of subsidiaries (1,246,344) 1,246,344 - - Transactions with shareholders - Contributions and withdrawals in joint ventures 1,707,555 1,707,555 Total transactions with shareholders - - - - - - - - 1,707,555 1,707,555 Balances as of March 31, 2015 96,588,696 115,738,740 3,138,571 - 131,818,284 594,324,212 (294,392,998) 647,215,505 266,346,560 913,562,065 The accompanying notes are an integral part of these Condensed Interim Consolidated Financial Statements. These Condensed Interim Consolidated Financial Statements should be read with the audited financial statements for the year ended December 31, 2014. 6 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. AND SUBSIDIARIES CONDENSED INTERIM CONSOLIDATED CASH FLOW STATEMENT For the three-month period ended March 31, 2015, presented in comparative format 03/31/2015 03/31/2014 Notes In Pesos In Pesos Cash from operating activities Net (loss) income for the period (32,292,822) (65,625,671) Adjustments for: Depreciation and amortization 52,072,234 42,024,148 Deferred income (205,719) (12,116) Income tax 18,361,418 (101,166) Payment of income tax (33,729,123) (14,595,122) Gain from sales of property, plant and equipment (1,264,727) (2,180,631) Net gain in associates (3,850,650) (7,841,769) Net book value of property, plant and equipment written off 129,522 490,167 Net book value of intangible assets written off 14,466 - Other operating and financial income and expenses, net (2,977,985) 111,776,245 Interest earned and paid, net 184,462,231 72,686,755 Payment and collection of interest, net (111,866,962) (92,523,173) Changes in operating assets and liabilities: Increase in inventories (34,332,577) (38,367,491) Increase in allowances and provisions for contingencies 19,326,819 13,991,886 Decrease (Increase) in investments 19,014,089 (1,599,409) Increase in operating receivables (192,556,017) (171,560,852) Decrease (Increase) in operating liabilities (68,091,577) 303,029,508 Net cash flow (used in) provided