OEC S.A. and its Subsidiaries Interim Consolidated Financial Statements as at March 31, 2021 OEC S.A. and its Subsidiaries Consolidated Balance Sheets In thousands of reais and U.S. dollars March 31, December 31, March 31, December 31, 2021 2020 2021 2020 Note US$ R$ Note US$ R$ Assets Liabilities and Net Capital Deficiency Current Assets Current liabilities Cash and Cash Equivalents 6 79,417 452,460 873,987 Debts 17 81,524 464,465 4,279,848 Trade Accounts Receivable 7 404,472 2,304,397 2,103,338 Leases 21 5,024 28,625 31,194 Advances to Suppliers, Subcontractors and Others 6,855 39,055 117,119 Suppliers and Subcontractors 18 877,252 4,997,966 4,721,876 Taxes Recoverable 8 101,066 575,802 484,943 Taxes, Fees, Salaries and Social Contributions 19 149,777 853,323 812,690 Inventories 9 72,850 415,051 435,663 Advances from Customers 7 136,115 775,488 1,215,716 Current Accounts with Consortium Members 78,792 448,901 431,303 Current Accounts with Consortium Members 91,242 519,833 480,067 Prepaid Expenses 8,365 47,658 53,286 Provisions for Tax, Labor, Civil and Others Contingencies 20 125,655 715,897 573,114 Other Assets 10 134,887 768,507 696,111 Other Liabilities 22 63,361 360,986 500,521 886,704 5,051,831 5,195,750 1,529,950 8,716,583 12,615,026 Non-current assets held for sale and discontinued operations 13 (a) 63,289 360,576 342,039 Non-Current Liabilities Debts 17 785,185 4,473,437 111,623 Non-Current Assets Leases 21 15,920 90,702 89,674 Long-term Receivables Suppliers and Subcontractors 18 8,051 45,870 5,271 Financial investments 18,207 103,732 94,617 Taxes, Fees, Salaries and Social Contributions 19 5,998 34,175 37,380 Related Parties 11 2,535,494 14,445,468 13,492,891 Advances from Customers 7 1,448,506 8,252,574 7,359,871 Trade Accounts Receivable 7 360,033 2,051,215 1,816,187 Related Parties 11 473,878 2,699,824 2,795,549 Deferred Income Tax and Social Contribution 12 (a) 209,698 1,194,712 1,027,883 Deferred Income Tax and Social Contribution 12 (a) 192,057 1,094,207 946,910 Taxes Recoverable 8 5,577 31,772 61,902 Provisions for Tax, Labor, Civil and Others Contingencies 20 809,532 4,612,146 4,456,278 Prepaid Expenses 3,512 20,007 25,894 Provision for net capital deficiency of subsidiaries 14 (b) 54,504 310,524 252,112 Other Assets 10 147,373 839,629 801,172 Other Liabilities 22 135,514 772,065 651,836 3,279,894 18,686,535 17,320,546 3,929,145 22,385,524 16,706,504 Investments Associated Companies 14 (b) 53,685 305,861 294,477 Net Capital Deficiency Property and Equipment 15 114,249 650,909 618,029 Capital 23 (a) 78,792 448,900 448,900 Intangible Assets 9,056 51,593 56,406 Carrying Value Adjustments 23 (b) 7,829 44,608 217,887 Right of use 16 (b) 12,058 68,696 75,437 Accumulated Losses (1,112,280) (6,336,997) (5,954,601) (1,025,659) (5,843,489) (5,287,814) 3,532,231 20,124,170 18,706,934 Non-Controlling Interest (14,501) (82,617) (131,032) (1,040,160) (5,926,106) (5,418,846) Total Assets 4,418,935 25,176,001 23,902,684 Total Liabilities and Net Capital Deficiency 4,418,935 25,176,001 23,902,684 The accompanying notes are an integral part of these interim consolidated financial statements. 1 of 71 OEC S.A. and its Subsidiaries Interim Consolidated Statements of Income Three-month periods ended March 31 In thousands of reais and U.S. dollars, unless otherwise indicated 2021 Not e US$ R$ Cont inu ing operat ions Net services and sales revenues 24 1 1 4 ,7 9 8 6 5 4 ,03 9 Cost of serv ices rendered 25 (9 8,82 0) (5 6 3 ,009 ) Gross profit 1 5 ,9 7 8 9 1 ,03 0 Operating expenses General, adm inistrativ e and selling expenses 25 (1 3 ,4 6 2 ) (7 6 ,6 9 8) Other incom e (expenses), net (1 6 2 ) (9 2 1 ) Operat ing loss 2 ,3 5 4 1 3 ,4 1 1 Results from investments Results from equity inv estm ents 1 4 (b) (4 ,4 87 ) (2 5 ,5 6 6 ) Financial result Financial result, net 26 (9 1 ,9 3 0) (5 2 3 ,7 5 1 ) Loss before social cont ribu t ion and incom e t ax (9 4 ,06 3 ) (5 3 5 ,9 06 ) Current incom e tax and social contribution 27 (1 ,2 5 0) (7 ,1 2 4 ) Deferred incom e tax and social contribution 27 5 ,6 7 8 3 2 ,3 5 0 Loss of cont inu ed operat ions for t h e period (89 ,6 3 5 ) (5 1 0,6 80) Discont inu ed Operat ions Net incom e of discontinued operations for the period 1 3 (b) 1 4 ,3 1 0 81 ,5 2 9 Loss for t h e period (7 5 ,3 2 5 ) (4 2 9 ,1 5 1 ) A t t ribu t able t o: Com pany 's Stockholders (6 7 ,1 1 8) (3 82 ,3 9 6 ) Non-controlling interest (8,2 07 ) (4 6 ,7 5 5 ) (7 5 ,3 2 5 ) (4 2 9 ,1 5 1 ) Basic losses per share from continuing and descontinuing operations atributable to stockholders at the end of the y ear (in R$ and US$ per share) 2 3 (c) (0.1 5 0) (0.85 2 ) The accompanying notes are an integral part of these interim consolidated financial statements. 2 of 71 OEC S.A. and its Subsidiaries Interim Consolidated Statements of Comprehensive Income Three-month periods ended March 31 In thousands of reais and U.S. dollars 2021 Note US$ R$ Loss for the period (7 5,325) (429,1 51 ) Other comprehensive income: Items to be subsequently reclassified to profit or loss: Carrying value adjustment of investees 23 (b) 6,425 36,605 Foreing currency translation adjustment 23 (b) (22,1 57 ) (1 26,233) Foreign exchange variation on net investments abroad 23 (b) (1 4,683) (83,651 ) Total comprehensive loss for the period (1 05,7 40) (602,430) Attributable to: Company 's Stockholders (97 ,533) (555,67 5) Non-controlling interest (8,207 ) (46,7 55) (1 05,7 40) (602,430) The accompanying notes are an integral part of these interim consolidated financial statements. 3 of 71 OEC S.A. and its Subsidiaries Interim Consolidated Statement of Changes in Equity (Net Capital Deficiency) In thousands of reais, unless otherwise indicated Attributable to Company’s Stockholders Note Capital Total Total Equity At December 31, 2019 1 1 1 At March 31, 2020 1 1 1 Attributable to Company’s Stockholders Carrying Value Accumulated Non-Controlling Total Net Capital Note Capital Adjustment Deficit Total Interest Deficiency At December 31, 2020 23 (a) 448,900 217,887 (5,954,601) (5,287,814) (131,032) (5,418,846) Total comprehensive loss for the period: Loss for the period - R$ (0.852) per share 23 (c) (382,396) (382,396) (46,755) (429,151) Other comprehensive income 23 (b) (173,279) (173,279) (173,279) Total comprehensive loss for the period (173,279) (382,396) (555,675) (46,755) (602,430) Capital transactions with stockholders: Other movements of non-controlling 95,170 95,170 At March 31, 2021 448,900 44,608 (6,336,997) (5,843,489) (82,617) (5,926,106) The accompanying notes are an integral part of these interim consolidated financial statements. 4 of 71 OEC S.A. and its Subsidiaries Interim Consolidated Statement of Changes in Equity (Net Capital Deficiency) In thousands of U.S. dollars, unless otherwise indicated Attributable to Company’s Stockholders Carrying Value Accumulated Non-Controlling Total Net Capital Note Capital Adjustment Deficit Total Interest Deficiency At December 31, 2020 78,792 38,244 (1,045,162) (928,126) (22,999) (951,125) Total comprehensive loss for the period: Loss for the period - US$ (0.150) per share 23 (c) (67,118) (67,118) (8,207) (75,325) Other comprehensive income 23 (b) (30,415) (30,415) (30,415) Total comprehensive loss for the period (30,415) (67,118) (97,533) (8,207) (105,740) Capital transactions with stockholders: Other movements of non-controlling 16,705 16,705 Other adjustment with investees At March 31, 2021 78,792 7,829 (1,112,280) (1,025,659) (14,501) (1,040,160) The accompanying notes are an integral part of these interim consolidated financial statements. 5 of 71 OEC S.A. and its Subsidiaries Interim Consolidated Statements of Cash Flows Three-month periods ended March 31 In thousands of reais and U.S. dollars 2021 Not e US$ R$ Ca sh flows from opera t ing a ct iv it ies Loss before incom e t a x a nd socia l cont ribu t ion from cont inu ed a nd discont inu ed opera t ions (7 9 ,7 5 3 ) (4 5 4 ,3 7 7 ) Adjustments: Equity in results of inv estees 1 4 (b) 4 ,4 8 7 2 5 ,5 6 6 Variation in construction contracts revenue (5 0,4 3 4 ) (2 8 7 ,3 3 8 ) Depreciation and amortization 25 2 ,9 3 0 1 6 ,6 9 2 Amortization of right of use 16 (b) / 25 1 ,2 4 2 7 ,07 8 Residual v alue of reduction in property and equipment and project expenses 1 ,1 1 4 6 ,3 4 5 Presente Value Adjustments 26 (7 5 4 ,03 1 ) (4,295,939) Estimated losses on doubtful accounts accrual, net 2 5 / 2 6 1 ,3 09 ,1 8 5 7 ,4 5 8 ,8 2 1 Prov ision of guarantees 26 (6 9 7 ,1 7 9 ) (3,972,036) Prov ision for contingencies 25 1 ,3 5 0 7 ,6 9 1 Loss of discontinued operations (2 5 ) (1 4 1 ) Loss on initial recognition of Bonds 26 1 4 6 ,9 7 7 8 3 7 ,3 7 0 Interest, monetary and foreing exchange variations, net 7 4 ,5 06 4 2 4 ,4 6 7 Ca sh u sed in opera t ions (3 9 ,6 3 1 ) (2 2 5 ,8 01 ) Changes in assets and liabilities: Financial investments (1 ,6 00) (9 ,1 1 5 ) Trade accounts receivable 3 ,9 5 6 2 2 ,5 3 6 Inv entories 8 ,1 1 8 4 6 ,2 5 2 Taxes recoverable (7 ,1 1 6 ) (4 0,5 4 2 ) Prepaid expenses and other assets 1 5 ,6 1 1 8 8 ,9 3 8 Suppliers and subcontractors 1 0,5 8 7 6 0,3 1 8 Advances from customers (3 ,3 2 5 ) (1 8 ,9 4 4 ) Taxes, rates, salaries and pay roll charges (5 ,8 4 9 ) (3 3 ,3 2 5 ) Other liabilities (1 8 ,8 4 7 ) (1 07 ,3 6 6 ) Net cash used in operating activ ities from continued operations (3 8 ,09 6 ) (2 1 7 ,04 9 ) Net cash used in operating activ ities from discontinued operations (2 6 1 ) (1 ,4 8 7 ) Net cash used in operating activities (3 8 ,3 5 7 ) (2 1 8 ,5 3 6 ) Cash flows from investing activities Disposal of inv estm ents