Monthly review latam mayo2016 v130616

Latam Zone
Monthly Review
June 16th 2016
May 2016

Global Overview
Executive Summary

3
Latam Zone - May 2016
Macroeconomic environment
Economic activity in LatAm is weak, but growth is stabilizing. The more favorable evolution of currencies, relative to 2015, amid low
growth is helping reduce inflationary pressures
Commodities: Gains in agricultural and oil prices are consistent with fundamentals.
Two currencies underperformed during May despite oil price recovery : Mexican & Colombian peso.
Inflation remains above the upper bound of the target in most cases, but it is on a downward trend, in this context, the monetary policy
stance is loosening.
By country, some points to remark:
Argentina: Bitter adjustment taking its toll on activity, and the recession is now broad-based.
Brazil: Reforms start to take shape, but uncertainties remain. The recession continues, but the economy could stabilize in the second half.
Chile: No recovery yet. Low copper prices, less fiscal support and pessimistic private-sector sentiment are weightening on activity
Colombia: Tightening cycle coming to an end by it’s expected CB implement one final 25bp hike (7.5%).
Mexico: Renewed peso volatility (17.5 to the dollar). additional rate hikes this year are unlikely.
Peru: A new government Pedro Pablo Kuczynski (PPK) is the next president of Peru. The PPK administration would be welcomed by the
business community, but governability will not come easily
By 2017:
We are expecting growth to improve somewhat relative to this year. A further oil-price recovery will benefit activity, especially in Mexico
and Colombia.As uncertainty over reforms in Chile diminishes, some recovery in confidence is likely. Peru’s economy may also grow
faster next year, mining production continues to be strong. In 2017, the Brazilian economy is expected to grow by 1.0% (compared to a
3.5% contraction this year) while Argentina’s economy is expected to grow by 3% (versus a 1% GDP fall this year).

Key points closing
4
Revenues: +15.7M€ @A-2015 & -9.4 M€ @B2016
Ecuador (-8.3M€). Tariffs and users lower than budgeted (-4.0 M€). IFRIC 12 (-3.3 M€). Growths not achieved (-0.7 M€).
Colombia (-3.9M€). Contract of Bucaramanga finished at the end of 2015 (-1.6 M€). Growths not achieved (-1.7 M€).
Chile (+0.7 M€). Volume increase in Santiago Poniente (+1.4 M€). Growths not achieved (-0.7 M€).
EBITDA : -2.6M€ @A-2015 & -4.8M€ @B.2016
México (-3.6 M€). Increase in bad debt provisions in CAASA (-0.8M€), Puerto Vallarta (-0.7 M€) and Tuxtla Gutierrez (-2.4 M€).
Colombia (-0.5 M€): Negative impact of contract of Bucaramanga (-0.4 M€).
Chile (+0.6 M). Volume increase in Santiago Poniente Landfill.
OPERATING INCOME: -0.2M€ @A-2015 & -4.1 M€ @B-2016
Decrease in amortization cost in México and Colombia for Capex delay (+1.4 M€) compensated by increase in S. Poniente (Chili) depreciation (-0.2 M€)
Good performance in Tibitoc (equity method: +0.3 M€)
Severance payments in Deltacom caused by restructuration process (-0.3 M€) and increase in personnel provision in old contract of BBAA.
CAPEX lower than B-2016 in 23M€
Chile (+3.4 M€): Santiago Poniente Landfill (+2.7 M€)
Ecuador (+7.5M€): Interagua Investment Plan (+5.8 M€)
México (+ 6.6M€). Mainly in CAASA (+1.6M€)
Delay in growths: La Campana Landfill in Argentina (+1.5 M€) Colombia (+1.5 M€) and VE Ecuador (+1,7 M€)
Var. Op. WK: -16.1M€ @ A-2016
Ecuador (-7.1 M€): Increase in trade receivables (T/R) due to bill collection worsening (-3 M€) and PTU payment in April (-3.1 M€)
Avellaneda (-5.1M): Payment of labor indemnity (-5.4 M€) and Social Security debt (-1.0 M€) compensated by decrease in T/R (+1.9 M€).
Brazil (-2.8 M€): Decrease T/R in CLE (+1.4 M€) compensated by decrease in T/P (-3.2 M€) Collection in Barueri of debt from 2015 (0.8 M€) .

Latam Zone – May 2016
Key Financial Indicators
5
FX Rate TCM
Prior Year
(Y-1)
Actual (Y)
Monthly
Budget
Variance to
Actual
(in €m)
Variance to
Actual at
constant
exchange
rate (in €m)
Variance to
Budget (in
€m)
Variance to
Budget at
constant
exchange
rate (in €m)
Prior Year
(Y-1)
Budget
FORECAST
1
% of Completion
of Latest Estimate
(at current
exchange rate)
Key financial indicators of P&L
Revenue 273,6 228,4 261,1 -45,2 15,7 -32,7 -9,4 654,7 662,7 597,6 38,22%
EBITDA excluding Management Fees, Trade Mark and Know how 49,1 39,4 47,1 -9,7 -1,1 -7,7 -4,6 122,0 132,6 122,8 32,05%
EBITDA(A) 45,7 35,7 43,2 -10,0 -2,6 -7,5 -4,8 112,7 123,1 113,9 31,33%
EBITDAMargin (%) 16,69% 15,63% 16,53% 17,21% 18,58% 19,06%
Current EBIT 19,9 15,7 21,0 -4,2 -0,2 -5,3 -4,1 68,7 68,6 64,0 24,50%
of which Share of net income (loss) of JV and associates 0,8 1,0 0,8 0,2 0,5 0,2 0,3 1,9 1,9 1,7 61,59%
Other operating revenue and expenses (*) -0,2 -0,2 -0,3 -0,2 -0,3 -0,9 -0,6 33,57%
Operating Profit After Share of Profit of Equity 19,9 15,5 21,0 -4,4 -0,5 -5,5 -4,4 67,8 68,6 63,4 24,41%
Op Income Margin (%) 7,26% 6,77% 8,03% 10,36% 10,35% 10,60%
Key financial indicators of Change in NFD
Industrial Investments -22,9 -16,8 -41,2 6,0 2,9 24,3 23,0 -63,0 -72,5 -68,5 24,56%
Industrial Disposals 0,3 0,2 -0,1 0,0 0,2 0,3 1,7 0,8 0,3 70,34%
Net industrial investments B -22,6 -16,6 5,9 2,9 -16,6 -17,9 -61,2 -71,7 -68,2 24,35%
Net industrial investments / EBITDA(%) -49,41% -46,57% -54,34% -58,22% -59,91%
Change in operating working capital (net) C -15,1 -16,1 -1,0 -4,1 -16,1 -17,4 -17,6 -9,2 -6,9 231,51%
Simplified Free cash flow = A+ B + C 8,0 3,0 43,2 -5,0 -4,4 -40,2 -40,1 33,9 42,3 38,7 7,74%
Financial investments (incl. newly consolidated affiliates) 5,4 -2,6 -8,0 -9,5 -2,6 -3,1 4,2 0,0 -64,4 4,03%
Financial Disposals (incl. deconsolidation of affiliates) -5,2 1,5 6,6 7,0 1,5 1,5 -4,7 0,0 1,2 126,31%
Net Financial Investments 0,2 -1,1 -1,4 -2,5 -1,1 -1,6 -0,5 0,0 -63,3 1,79%
Key financial indicators of Management Balance Sheet
Operating working capital 86,8 88,8 2,0 13,9 88,8 96,2 76,7 71,7 78,1 113,67%
DSO 94 101 90 7 98 90 91
Capital Employed (incl. OFA) - end of period 609,4 573,1 -36,3 53,2 573,1 618,2 577,9 605,5 645,4 88,79%
NFD 205,9 231,3 25,4 67,7 231,3 248,8 215,5 239,8 308,9 74,87%
ROCE calculation
Average Capital employed (incl. OFA) 554,1 581,9 598,8
ROCE before tax 12,41% 11,79% 10,68%
SG&Aanalysis
SG&A Expenses excluding MFees, Trade Mark and Know how -25,5 -19,9 -22,7 5,6 -0,0 2,8 0,7 -55,2 -56,9 -48,8 40,83%
Management Fees, Trade Mark and Know how -3,4 -3,7 -3,9 -0,3 -1,5 0,2 -0,2 -9,3 -9,4 -8,9 41,25%
SG&Aexcluding MFees, Trade Mark and Know how / Revenue (%) -9,31% -8,72% -8,71% -8,43% -8,58% -8,16%
Staff costs analysis
Staff Costs (COS + SG&A) -80,4 -64,1 -74,9 16,3 -5,7 10,9 2,7 -199,9 -190,0 -164,5 38,96%
Average FTE 11.728 10.526 10.652 -1.202 -126 10.808 10.652 10.879 0,00%
Year To Date

Key Financial Indicators. Split by BU
6
FX Rate 16,06 4,19 770,64 3.508,37 1,12 19,99 3,79 308,92 1,00
TOTAL ARGENTINA BRAZIL CHILE COLOMBIA ECUADOR MEXICO PERU VENEZUELA
SPAIN %
OTHERS
Revenue 228,4 56,0 29,4 11,6 18,6 56,0 54,9 1,7 0,2
EBITDA excluding Management Fees, Trade Mark and Know how A 39,4 5,6 7,0 2,6 4,8 12,4 9,0 -0,9 -0,0 -1,1
EBITDA 35,7 4,4 6,5 2,4 4,4 11,9 8,2 -0,9 -0,0 -1,1
EBITDAMargin (%) 15,63% 7,86% 22,20% 20,27% 23,43% 21,17% 14,96% -52,44% -472,69%
Current EBIT 15,7 3,1 4,8 0,8 2,0 5,6 1,6 -0,9 -0,0 -1,3
of which Share of net income (loss) of JV and associates 1,0 -0,0 0,8 0,3
Other operating revenue and expenses (*) -0,2 -0,2
Operating income 15,5 2,9 4,8 0,8 2,0 5,6 1,6 -0,9 -0,0 -1,3
Op Income Margin (%) 6,77% 5,16% 16,31% 7,03% 10,81% 9,94% 2,95% -54,30% -544,36%
Industrial Investments -16,8 -1,6 -1,7 -0,4 -2,4 -5,6 -4,8 -0,3 -0,0 -0,1
Industrial Disposals 0,2 0,1 0,0 0,0 0,0 0,0 0,0
Net industrial investments B -16,6 -1,5 -1,7 -0,4 -2,3 -5,6 -4,7 -0,3 -0,0 -0,1
Net industrial investments / EBITDA(%) -46,57% -33,25% -26,12% -16,47% -53,87% -47,53% -57,68% 31,36% 0,47% 6,17%
Change in operating working capital (net) C -16,1 -3,7 -2,8 -2,0 0,0 -7,1 -1,3 -0,9 0,0 1,7
Simplified Free cash flow = A+ B + C 3,0 -0,8 2,1 -0,1 2,0 -0,9 2,2 -2,1 -0,0 0,5
Financial investments (incl. newly consolidated affiliates) -2,6 -2,2 -1,4 -0,0 0,1 1,0
Financial Disposals (incl. deconsolidation of affiliates) 1,5 0,2 1,4 0,0 0,0 -0,2
Net Financial Investments -1,1 -2,0 0,0 -0,0 0,1 1,0 0,0 0,0 -0,2
Operating working capital 88,8 17,1 13,3 3,6 3,3 13,7 29,8 1,0 -1,0 8,0
DSO 101 90 90 82 61 81 156 70
Capital Employed (incl. OFA) - end of period 573,1 55,5 41,2 34,6 48,7 207,9 170,1 12,5 -1,0 3,7
NFD 231,3 42,2 25,2 31,5 10,7 87,3 15,5 1,6 0,1 17,0
ROCE calculation
Average Capital employed (incl. OFA)
ROCE before tax
SG&Aanalysis
SG&A Expenses excluding MFees, Trade Mark and Know how -19,9 -5,1 -2,2 -1,1 -1,4 -2,9 -5,0 -0,8 -0,0 -1,4
Management Fees, Trade Mark and Know how -3,7 -1,2 -0,5 -0,2 -0,4 -0,6 -0,8 -0,0
SG&Aexcluding MFees, Trade Mark and Know how / Revenue (%) -8,72% -9,14% -7,63% -9,64% -7,55% -5,12% -9,06% -44,60% -603,59%
Staff Costs (COS + SG&A) -64,1 -25,0 -6,6 -4,1 -4,8 -8,6 -11,6 -1,2 -0,0 -2,2
Average FTE 10.526 1.959 1.139 770 2.186 1.159 3.056 209 0 48
Year To Date

SIGNIFICANT EVENTS (I)
Latam Zone
Executive Summary: Significant events (I)
Argentina
Avellaneda: Contract finished on January 18th. Negative impact in revenues compensated by better EBITDA than budgeted mainly
caused by less impact of severance payments.
Buenos Aires: Recovery debt (5,8 M€) regarding to A-2015.Tariffs update has been advanced due to prices increase between
November 2015 and May 2016, so this implies an increase in revenues and EBITDA
Misiones: Tariff update has been lower than budgeted (23,8% Vs 32%).
DELTACOM: Revenues are lower than budget due to it has yet not achieved the tariffs update, but there are negotiations with
customers to reach that level However, EBITDA is over budget due to decrease in cost of subcontractors and maintenance. Despite
bad general activity environment, commercial performance has improved regarding last year.
Brazil
Purchase signing of Pedreira Landfill in May 31st. Capitalization process of VSA is underway.
Arcelor Mittal (CLE contract) has paid the services invoicing in November and December 2015. In May closing all services invoicing
since January to April has been paid, so the only outstanding invoice at this moment is May. Additionally we have annual update of
tariffs and increase in volume due to service hired with Air Products.
Barueri Contract: Decrease in revenues due to equipment reduction for green areas. Agreement to collect 6.6M BRL on debt 2015.
In may has been collected 50%.
New contract “Aguas de Palhoça” since April 2016 (Revenues +2 M€).
Chile
Awarded the Rancagua tender (solid waste collection, mechanical and manual street sweeping, and final disposal). Five-year
contract. (Revenues 4.4 M€/y).
Santiago Poniente: It has been authorized an increase of the volume limitation from 40.000 T/month to 72.800 Ton/month.
Incoming tons in landfill remain above historical average (53.000 t/month vs 37.000 t/month).
Bad performance in industrial activity due to mainly by customers losses and delay in growth projects (CMPC Nacimiento
postponed until 2017).
7

SIGNIFICANT EVENTS (II)
Latam Zone
Executive Summary: Significant events (II)
Ecuador
Agreement with EMAPAG regarding to the extraordinary process of tariff update and rejection of arbitral process. Documents are being
prepared for analysis and subsequent signing in June.
Regarding to the ordinary process of tariff update and if the agreement concludes as planned, the contract will continue with quarterly
tariffs updates. Otherwise the arbitral process will maintain the forecasted dates and the new hearing will be the next January 2017.
Ecuadorian Government blames to EMAPAG and INTERAGUA for the pollution that affected an ecological protected water zone.
Environmental Ministry has initiated an administrative procedure. An external Lawyer has been hired to lead the defense of INTERAGUA.
Drop in sales given that the tariff applied has been lower than budgeted one. Additionally the number of users and average consumption
has been lower than the budgeted ones. Strong cost cutting implies that EBITDA is only -0.2 M€ over B2016.
New commercial project to collect the waste collection fee in “Guayaquil” has begun at 2Q 2016
Delay in growth projects until second half of 2016. Manta Project has begun the first phase (US$ 0.3 M for 6 months)
The negotiations with IDB continue in order to obtain long term financing. New banking disponibilities have allowed to pay MF &
dividends (4M USD).
Colombia
Tunja: New WWTP (2 of the 3 already built modules) is in start-up previous process. In August 2016 they would begin their processes with
the 6 month start-up period. The corresponding increase in wastewater tariffs has already been negotiated and approved by the
municipality. In B-2016 was forecasted the start of WWTP in January.
Valle del Cauca. New waste collection tariffs. The new tariffs include activities we were not doing. It will imply an increase in activities and
revenues, beginning on May 2016, not included in budget.
San Andres. IDB is developing an study to extend water network to all the island. We are the supervisors of the study. In addition in June
we will start the negotiations with the government to change the contract.
Chicamocha: The contract finished on December 14th. The debt had to be paid in 30 days, but lack of liquidity of client has not allowed it
(0.4 M€ remain unpaid).
8

SIGNIFICANT EVENTS (III)
Latam Zone
Executive Summary: Significant events (III)
Mexico
Aguascalientes: Increase in revenues due to growth in volume caused by the achieved continuity of service (Improvement in
hydraulic production with 21 hours of continuous service). Bad debt provisions increase over B-2016 due to collection rate
has been of 89% Vs. 94% in Budget.
Extension of the SAPSA Concession for 5 years.
RIMSA: Decrease in revenues due to the falling of the budgeted tariff of the client TAMSA (-0.7M€). Client has not accepted
RIMSA's proposed prices, because are out of their budget but the negotiations are in progress. On the other hand, incomes
proceed from other activities like engineering, laboratories, recycling,… have an important decrease (-1.2 M€).
Tuxtla: Increase in bad debt provisions over B-2016 (-2.4 M€). It is expecting to reach an agreement for the collection of
overdue debt.
Puerto Vallarta: Increase in bad debt provisions (1.0 M€). In F-1 has been considered a 100% bad debt provision (2.1M€).
La Caldera / Casa Colorada. Contracts have been renewed for 3 months from March to June 2016 w/o works of maintenance.
Under negotiation the renewal of these contracts, including works of maintenance.
Peru:
New contract with EMMSA (EMMSA II) started in February.
Ending of “Sedacusco” contract in January. We’ll do a new offer to renew the contract.
Contract of Cajamarca delayed. The start of this contract in B-2016 was scheduled in January.
9

Performance Indicators: ROA & EBITDA
10
ROA: Operational deviation @ B-2016 = -9.4 M€
Forex -23.3 M€ @ B-2016.
Ecuador -8.3 M€: Impact of IFRIC 12 respect B2016 (-3.3 M€). Less volume (-0.5 M€) and lower tariff (-3.5 M€).
Growths delayed (-0.7 M€)
Argentina +2.2 M€: Energy activity (+0.3 M€). CABA Contract (+3.4 M€) by advancement in tariff update.
Ending Avellaneda contract in 18.01 instead of 31.01 budgeted (-0.5 M€). Misiones (-0,4M€) & Deltacom (-0.5
M€), by updating tariff lower than budgeted.
Brazil +0.4 M€: updating tariff in landfill activity (+0.3 M€). CLE (+0.9M€) mainly caused by increase in volume
(Fx). Commercial waste collection activity (-0.3 M€) by less volume. Reduction of services in Barueri (-1.1 M€).
Chile +0.7 M€: Strong increase in Santiago Poniente landfill (+1.5 M€) due to higher volume of tons received
by the fire in Santa Marta landfill. Commercial waste collection activity (-0.5 M€) due to Molymet Project &
Chilán budgeted but not done. Loss of clients in Concepcion (CCU Temuco) and Rancagua (Essbio) respect
budgeted.
Mexico -0.8 M€: Strong increase of volume in Aguascalientes Contract (+1.2M€) by higher water production
and water consume (21 hours/day vs 16hours/day in B2016), and updating tariff (+0.7M€). RIMSA (-1.2 M€):
despite of increase of volume of tons (+0.6M€), there is a decrease in prices by not to take into account the
treatment of waste of TAMSA (-0.7 M€) and other services non made (-1,2M€) such as laboratory & recycle
activities, etc. La Caldera (-0.9 M€) & Casa Colorada (-0.3M€) by maintenance services budgeted non made.
Delay start -up TMA Queretaro (-0.3 M€).
Colombia -3.9 M€ Delay in growth projects (-1.7 M€). Loss Chicamocha Contract in Dec 2015 (-1.6 M€). Impact
of IFRIC 12 respect B2016 in Tunja (-0.2 M€) and Monteria (-0.2 M€). Cúcuta (-0.3 M€) by delay in updating
price budgeted in January 2016 .
Peru +0.3 M€ due to new contracts non budgeted: EMMSA (+0,2M€) & EMMSA II (+0.5 M€). End of Sedacusco
contract in January 2016 (-0.3 M€). Delay in Cajamarca contract (-0.3M€). Better performance in Aguamin
O&M (+0.1 M€) & PTAR South (+0.2 M€)
EBITDA: Operational devi ation @ B-2016 = -4.8 M€
Forex -2.7 M€ @ B-2016.
Argentina +0.4 M€. Better performance CABA contract (+1.3M€). Ending Avellaneda contract (+0.2 M€). Drop
in revenues in Deltacom are compensated mainly by less subcontractors costs (+0.2 M€) . Non updating tariff
in Misiones (-0,4M€). Energy activity (-0.4M€) due to MF and additional investigations costs in order to
achieved a new contract. Old Contract of BBAA (-0.5 M€) due to penalties communicated in April.
Brazil +0.5 M€, by better performance in Gestion Global contracts (+0,1M€) & Ipero Landfill (+0.1 M€). Start
up of new water contract Palhoça (+0,1M€).
Chile +0.6 M€, mainly due to the increase of tons in Santiago Poniente Landfill because of fire Santa Marta
landfill (+1.2 M€). Commercial waste collection activity (-0.6 M€).
Colombia -0.5 M€, due to loss Chicamocha contract.
Ecuador -1.0 M€. Increase in bad debt provision (-0.6 M€), and strong cost cutting in order to compensate
decrease in revenues (+8.4 M€).
México -3.6 M€: Strong impact due to the increase of bad debt provisions in Tuxtla contract (-2.3 M€) and
Aguascalientes (-0.8 M€) & Puerto Vallarta (-0.7 M€)
Perú -0.3 M€: Loss contracts: Huachipa (-0.3M€) & Sedacusco (-0.1M€). Delay Cajamarça contract (-0.1M€).
273,6
228,4
261,1Revenue
A - 15(May) A - 16(May) B - 16 (May)
45,7
35,7
43,2
16,7%
15,6%
16,5%
A - 15 (May) A - 16 (May) B - 16 (May)
Ebitda

Performance Indicators: Op Income & Capex
11
Operating Income: Operational deviation @ B-2016 = -4.4 M€
Forex -1.1 M€ @ B-2016
Decrease in cost for depreciation (+1.5 M€) for delay in CAPEX:
Colombia (+0.8M€), mainly by Buga Landfill (+0.3M€), ending Chicamocha
contract (+0.1M€), Monteria (+0.1M€) and growth budgeted not made
(+0.1M€).
Mexico (+0.6 M€), mainly by Aguascalientes (+0.2 M€) &Tuxtla (works in
cells) (+0.1M€).
Chile: Increase in cost for depreciation in Santiago Poniente Landfill (-0.2 M€) due
to higher volume of tons because of fire Santa Marta Landfill.
Argentina: Severance payments in DELTACOM (-0.3 M€) caused by restructuration
process.
Better performance from Tibitoc (+0.3 M€)
CAPEX Operational deviation @ B-2016 +23.0 M€
Forex: 1.3 M€ @ B-2016
Argentina +1.7 M€, by delay in La Campana project (+1.6M€) , CABA Contract
(+0.4M€) and Latis ERP (+0.3M€). Misiones (-0.3M€)
Brazil +0.3 M€, by delay in Gestion Global contract (+0.7M€). Advance of CAPEX
in Florianopolis landfill (-0.6M€), budgeted for June & July 2016.
Chile +3.4 M€, mainly due to Santiago Poniente Landfill (+2.7M€) and industrial
activity (+0.5 M.€)
Colombia +2.8 M€, by delay in Growth budgeted (+1.5 M€) , Monteria (+0.2 M€),
Valle del Cauca contracts (+1.1 M€).
Ecuador +7.5 M€, by INTERAGUA Contract (+5.6M€) and delay in growth
budgeted (+1.7 M€)
México +7.5 M€: mainly due to Aguascalientes (+1.7 M€), RIMSA (+0.9 M€)
Xalapa (+0.8 M€), Silao (+0.8 M€) , Tuxtla (+0.4M€), El Realito (+0.4M€), and
Biomédicos (+0.4M€).
19,9
15,5
21,0
Op.
Income
A - 15(May) A - 16(May) B- 16 (May)
-22,9
-16,8
-41,2
Capex
A -15(May) A -16(May) B-16 (May)

BUSINESS DEVELOPMENT (I)
Latam Zone
Executive Summary: Business development (I)
Brazil
Sao Paulo street cleaning bid. The capital has been divided into 5 zones. Bid to be published on June / July. We will tender to a Zone
with revenues for 36 million € / year; 5 years.
CLE. Proposal for an extension of the current contract (15 years) has been presented offering a 20% discount to be applied
immediately.
Tres Lagoas Fibria contract extension due to the client opening a new plant with double capacity (ROA11 M BRL length 10 years).
Current contract will finish at the end of 2017.
Araçariguama landfill development. All the technical obstacles have been overcome. Now we are waiting for the resolution from
Cetesb ITU.
Tatui waste disposal emergency contract has been signed. 120 K inhabitant close to Ipero (volume 3K T/m)
Vale. Desal project (50 m3/h) in Vitória-ES. Working with VWT Brazil. Bid expected for July.
Petrobras. In preparation of proposal for an oily sludge unit (8.000 Tn/m) in Sao Paulo region.
Refap. Ammonia removal project again in consideration. Bidding expected in June.
Tecab. New proposal submitted for 300 m3/h. Waiting for feedback from Petrobras.
Portobello Gas valorization: in progress
Chile
Marchigue landfill (VI Region). Signed a rental agreement for the construction and operation of a industrial sludge landfill for its first
stage (7.800 t/year). If the project fulfills expectations a second stage (120.000 t/year) is included in the agreement. First stage
characteristics: revenues 0,2 million € / year, CAPEX 0,2 million €, 6 years contract.
CMPC Nacimiento proposal has been delayed. We don’t expect to start operations until beginning 2.017 (This project was included in B-
2016 since July with revenues of 1.2M€) .
Valparaiso refinery. New bidding for O&M for 2 O&M of 2 WWTP units.
Two new contracts of final disposal have been obtained (Padre Hurtado and El Monte. Revenues: 1,5 M€ in 4 years).
Molyb. Molybdenum plant. Offer presented for transportation and disposal of salts. Revenues 1,0 M€ / year. CAPEX 0.4 M€. 4 years
contract.
12

BUSINESS DEVELOPMENT (II)
Latam Zone
Executive Summary : Business development (II)
Peru
Cercado de Lima waste management contract. To be launched on July. Preparation of the tender with technical support from other LatAm
countries (Argentina for collection, Chile for street cleaning, Mexico for landfill). Collection and analysis of technical information in
progress.
Trujillo (Sedalib) (north of Peru). Public tender for the commercial management of the public water company. Offer to be presented on
14th June (1,5 million € / t, 3 years)
Hospital waste management (Lima). Presentation of technical studies to the authority (Proinversion). Objective: declaration of viability of
private co-financed initiative next July 2016 (revenues expected 20 million US$ / y, 20 years contract).
EMMSA. 2y contract extension signed in February. We expect to double contact in August with the launch of the new market modules.
Industrial development opportunities in F& B (Ajegroup & Alicorp) and mining (Shougan).
Cajamarca: Bid with short term (2 / 3 years) to operate current landfill and to present a new IP as a co-financed project. Previous project
was cancelled due to MEF rejection. 380K hab. (130 Tn/day).
Industrial development opportunities in F& B (Ajegroup & Alicorp) and mining (Shougan).
Trujillo PetroPerú: Spanish group Ferrovial has decided not to continue with the project. We are waiting for Petroperu changing critical
issues (maximum tariff, maximum delay to begin operations) before deciding about our position on the project.
Mexico
Cydsa / Sisa. Authorization for a pilot test and basic engineering for removing solids from a brine stream in the salt wells at Coatzacoalcos.
WtE project of 3.000 Tn in Mexico City is fulfilling its milestones. Bid to be published on 4th July. Offers to be presented on 10th August.
PEMEX – GWDP (Blackstone´s energy-focused private equity business) bidding process: 10 DBO bids for the refurbishment and O&M (20
years) of the wastewater treatment of 18 PEMEX sites (refineries, gas processing plants and petrochemical complexes). Estimated CAPEX
50/80 M USD each one. Veolia Mexico and VWT Pittsburgh have submitted an application. The first bid (Minatitlan Refinery) is expected
to be launched in April-May.
13

BUSINESS DEVELOPMENT (III)
Latam Zone
Executive Summary: : Business development (III)
14
Colombia
Agrocascada. Pacific Rubiales is close to bankruptcy. We are negotiating a very short term (1 year) O&M contract waiting to observe
how the situation develops.
EPM. Constitution of the Asset-Co. 14 possible customers. First offer presented to EPM for the energetic efficiency of their own
building .
Bucaramanga: Operation of waste collection activities on free competition is going to launch. Break point at 50K customers.
Ecopetrol. Offer presented with Asteralis for the handling of pipes with cumulated radioactivity.
Argentina
WTP Punta Lara (ANSA). 800.000 hab. 120.000 m3/d. Overhauling of a 60 years old WTP. CAPEX of 30 million €. OPEX of 10 million €
/year. The bid is to be published on July as a DBO (2 years for the works and 10 years for the operations).
Zarate/Campana. Pending of authorization from new municipal responsibles.
Veolia Energia. Emerson has decided to quit Argentina and has appointed us as their representativies for their products.
Neuquen. Negotiations with Neuquen municipality for an industrial / domestic water treatment plant.
Ecuador
Ajegrupo : BOT proposal submitted to the client.
Petroecuador. Pending DBO due to the oil sector crisis.
Manta: after Earthquake it is necessary to refocus the commercial strategy.

15
Risks & Opportunities
Argentina
BBAA : tariff update , invoice of certain additional services rendered and client debt recovery.
Zarate Landfill develop: Incertitude regarding when we will have the operation license (ROA B-16 1M€)
Energy services commercial performance.
Brazil
Barueri 2015 client debt recovery (4M€) adjusted in F1. Agreement signed by 6.6M BRL (1.6M€) of which 50% collected in May.
Extension CLE project. Negotiation with Arcelor Mittal in progress. If positive, we’d have to do a credit note to the client (2.4M€)
Pedreira has been closed at May 31st and it will be integrated in financial statement since June while F1 expected July.
Colombia
Loss of Chicamocha waste collection contract in Bucaramanga (Colombia) and new project to develop waste services under competition.
Take control in 2 water contract currently consolidated in equity method: Tibitoc & S. Andres.
Valle del Cauca: Debt not recovered in “Buenaventura” and increase Capex in renewal contracts.
Chile
Increase volume in Santiago Poniente requires to be successful in next tenders (Maipu)
Performance commercial waste collection due to poor activity and continuous management changes.
We have been succeed in Rancagua waste collection contract tender. The new signed contract has a greater scope than budgeted.
Ecuador
5 year tariff review has been eliminated avoiding a significant risk on budget.
A energy price reduction has a negative impact on ordinary tariff review
Political issues in electoral year are complicated. We have received threats about environmental pollution responsibility
Earthquake effect: Tax Extraordinary measures adopted by Goverment to finance damages
Mexico
Client debt recovery. Action Plan in CAASA to reduce percentage of bad debt. Some agreement could be achieved with Municipalities
Industrial activity, mainly in hazardous waste remains uncertain.

Global Overview
– Others Performance indicators
– Capex
– Operating Working Capital
– Ageing Balance & DSO
– Net Financial Debt
– Capital employed & ROCE

Performance Indicators:
Revenue (Activity & BU)
17
73% ROA in @A-2016 in three countries:
Argentina, Ecuador and Mexico.
Waste contracts are the 54% of total Zone
revenues.
Energy services contracts 100% located in
Argentina.
Strong negative impact due to FX (-23.3 M€),
mainly Argentina (-13.5 M€), Mexico (-6.1 M€)
and Ecuador (-2.2 M€).
Revenue per Activity
103,5 93,5 108,4
157,1
123,6
138,9
12,9
11,3
13,8
0
50
100
150
200
250
300
A - 15 (May) A - 16 (May) B - 16 (May)
Revenue per BU
72,9
56,0 67,2
60,7
54,9
61,8
61,8
56,0
66,5
36,1
29,4
28,2
24,2
18,6
24,1
11,0
11,6
11,5
7,0
1,9
1,7
0
50
100
150
200
250
300
A - 15 (May) A - 16 (May) B - 16 (May)
Others
CHI
COL
BRA
ECU
MEX
ARG
94 M€; 41%
124 M€; 54%
11 M€; 5%
% Revenue / Activity

Performance Indicators per Activity:
Profitability ratio (%ebitda/revenue)
18
74.3 % EBITDA in @A2016 (26.6 M€) is located in three countries:
Ecuador 11.9 M€
Mexico 8.2 M€
Brazil 6.5 M€
Strong impact of bad debt provision, due to collections problems
in Mexico: Tuxla contract (-2.8 M€), Aguascalientes (-0,8M€) and
Puerto Vallarta (-0.7 M€)
21,8 17,1 19,7
21,0% 18,3%
18,2%
A - 15 (May) A - 16 (May) B - 16 (May)
% WATER
23,0 18,9 23,4
14,6%
15,3% 16,8%
A - 15 (May) A - 16 (May) B - 16 (May)
% WASTE
0,9
-0,3
0,1
6,9%
-2,6%
0,5%
A - 15 (May) A - 16 (May) B - 16 (May)
% ENERGY
Ebitda per BU
12,5
8,2
12,7
13,9
11,9
13,3
6,6
4,4
5,1
5,7
4,4
5,2
6,4
6,5
5,8
1,9
2,4
1,9
0
5
10
15
20
25
30
35
40
45
50
A - 15 (May) A - 16 (May) B - 16 (May)
CHI
BRA
COL
ARG
ECU
MEX

Performance Indicators per BU:
Profitability ratio (%ebitda/revenue)
19
6,6
4,4 5,1
9,0%
7,9% 7,6%
A - 15 (May) A - 16 (May) B - 16 (May)
ARG
6,4 6,5 5,8
17,8%
22,2%
20,7%
A - 15 (May) A - 16 (May) B - 16 (May)
BRA
1,9 2,4 1,9
17,0%
20,3%
16,1%
A - 15 (May) A - 16 (May) B - 16 (May)
CHI
5,7
4,4 5,2
23,5% 23,4%
21,6%
A - 15 (May) A - 16 (May) B - 16 (May)
COL
13,9
11,9
13,3
22,5%
21,2%
20,0%
A - 15 (May) A - 16 (May) B - 16 (May)
ECU
12,5
8,2
12,7
20,5%
15,0%
20,6%
A - 15 (May) A - 16 (May) B - 16 (May)
MEX

Performance Indicators:
Cash Indicators & Balance Indicators
20
Capital Employed
609,4
573,1
605,5
550
560
570
580
590
600
610
620
A - 15 A - 16 B - 16
Net Financial Debt
205,9
231,3
239,8
180
190
200
210
220
230
240
250
A - 15 A - 16 B - 16
Operating WK
86,8 88,8
71,7
0
10
20
30
40
50
60
70
80
90
100
A - 15 A - 16 B - 16
Simplified Free Cash-flow
8,0
3,0
42,3
0
5
10
15
20
25
30
35
40
45
A - 15 A - 16 B - 16
Change in Operating WK
-15,1
-16,1
-9,2
-18
-16
-14
-12
-10
-8
-6
-4
-2
0
A - 15 A - 16 B - 16

Latam Zone
Investments
21
Forex @B2016 +0.4M€ / Operational Deviation (+23.0 M€)
Argentina: Aesa / C.A.B.A. (+0.4M€).
Brasil: Delay in Fibria (+0,7M€) // Advance in capex in Florianopolis (-0.6M€), budgeted in June & July 16.
Chile: Santiago Poniente Landfill (+2.7 M€).
Ecuador: Investment Plan in INTERAGUA (+5.6 M€). Delay in growths budgeted (+1.7 M€), mainly Aje
Project (+1.3M€) & Manta Operations (+0.3M€).
Mexico: Delay in Aguascalientes (+1.7 M€), RIMSA (+0.9 M€) and Xalapa landfill (+0.8 M€).
Delay in growth projects : Peru (+1.0 M€), Colombia (+1.4 M€), Argentina (+1.5M€)
Million €uros
Ebitda (1) Capex (2) % Capex /
Ebitda
Ebitda (1) Capex (2) % Capex /
Ebitda
Ebitda (%) Capex (%)
TOTAL LATAM 43,2 -41,2 95% 35,7 -16,8 47% 83% 41%
Interagua (ECU) 13,3 -11,6 87% 12,6 -5,6 45% 95% 49%
SETASA (MEX) 2,6 -4,9 -189% 2,1 -2,8 137% 81% 58%
Proactiva Brasil (BRA) 1,5 -1,2 -81% 2,1 -1,7 80% 138% 136%
Bugueña (COL) 0,7 -1,1 -151% 0,8 -0,8 108% 105% 75%
Monteria (COL) 1,9 -1,0 -55% 1,8 -0,8 44% 94% 76%
RIMSA (COL) 2,3 -1,7 -73% 1,6 -0,8 48% 69% 45%
Proactiva México 0,3 -1,0 -309% 0,8 -0,7 91% 240% 71%
Misiones (ARG) 0,8 -0,3 -41% 0,3 -0,5 184% 34% 152%
Deltacom (ARG) 0,7 -2,0 -296% 0,7 -0,4 62% 103% 22%
MMA (MEX) 2,5 -1,5 -61% 2,4 -0,3 14% 98% 23%
Tunja (COL) 1,5 -0,3 -22% 1,5 -0,3 23% 100% 103%
AESA (ARG) 3,4 -1,1 -31% 3,3 -0,3 9% 97% 29%
Proactiva Perú (PER) -0,6 0,0 0% -0,9 -0,3 -31% 142% #¡DIV/0!
PSI (CHI) 0,7 -0,8 -116% 0,0 -0,2 1211% 3% 32%
Main Proyects 31,5 -28,5 -90% 29,0 -15,6 54% 92% 55%
% Main Projects/ Total 73% 69% 81% 93%
MB 2016 A 2016 Progress Rate

Latam Zone
OPERATING Working capital
22
ARG: (-3.7M€) Decrease in trade receivables in Avellaneda (+1.9 M€: liquidation of 2015 tariff update remaining invoice) and
U.T.E. Dalkia - Lanusse Salud (+0.4 M€: payment with C.A.B.A. bonds). Payment of dismissal compensations (-5.4 M€) and
liquidation of social security and taxes (-1 M€) in Avellaneda after the end of contract. The Mar’16 trade receivables reduction in
Lamcef (payment received in Buenos Aires Province bonds) was compensated due current trade receivables increase Mar’16-
May’16 (0 M€ net effect). Other minor variations (+0.4 M€).
BRA: (-2.8 M€) VSA: Decrease in trade receivables due to CLE contract payment (+1.4 M€), decrease in trade payables (-1.3 M€).
PMA Brazil: Increase in trade receivables because of Barueri non-payment (-0.4 M€), increase in tax receivables (-0.4 M€) and
decrease in trade payables (-1.9 M€). Other minor variations (-0.2 M€).
CHI: (-2.1 M€) Increase in trade receivables (-1.2 M€) in PSU/Santiago Poniente due to rise in waste disposals as a result of
competitor landfill difficulties and increase in capacity. Decrease in intercompany payables to PMA Madrid from PMA Chile (-0.8
M€). Other minor variations (-0.1 M€).
ECU: (-7 M€) Increase in trade payables (+2.3 M€) due to maintenance works in water/sewerage networks. Increase in inventories
(-1.7M€: pipes and meter boxes). Increase in trade receivables due to bill collection worsening (-3 M€). Decrease in salaries due
to PTU (-3.1 M€). Decrease in intercompany payables to SADE and PMA Madrid (-1.5 M€).
MEX: (-1.3 M€): Trade receivables: Aguascalientes (-2.4 M€: due to 2015 Water Law), SETASA (-2.2 M€: Nuevo Laredo, Guadalupe
and Juarez bills non-paid), MMA (-1.4 M€: Querétaro, Veracruz an Morelia bills non-paid) Puerto Vallarta (-1.1 M€ Municipality
bills non-paid). Increase in Aguascalientes impairment (+2 M€) and Tuxtla (+2 M€, 2015 municipality non-paid bills). Increase in
tax payables due to VAT regularization process in SETASA (+1.9 M€). Other slight variations (-0.1 M€).
PER: (-0.9 M€): Decrease in intercompany payables to PMA Madrid due to debt conversion in equity.
Zone (Madrid) (+1.7 M€): Debt from BU´s relating to Interco´s.
in millions of euros
Operating
WC
Trade
receivables
Trade
payables
Inventories
ACTUAL - 2015.12 76,7 217,2 154,9 14,4
Activity 22,5 20,4 1,7 3,7
Impairment -6,4 -6,4 0,0 0,0
Scope 0,0 0,0 0,0 0,0
Forex -4,1 -11,5 -7,8 -0,3
Other flows 0,1 0,1 0,1 0,1
ACTUAL - 2016.05 88,8 219,7 148,8 17,9
Variance 12,1 2,6 -6,0 3,5
Cash flow in (+) / out (-) -16,1 -14,0 1,7 -3,7
in millions of
euros
Operating WC Trade receivables Trade payables Inventories
Argentina -3,7 -0,3 -2,9 -0,5
Brazil -2,8 -0,6 -2,2 0,1
Chile -2,0 -1,3 -0,7 0,0
Colombia 0,0 0,5 0,0 -0,5
Ecuador -7,1 -4,1 -1,3 -1,7
Mexico -1,3 -8,1 7,8 -1,0
Peru -0,9 0,0 -0,8 -0,1
Resto 1,7 -0,1 1,8 0,0
TOTAL LATAM -16,1 -14,0 1,7 -3,7

Latam Zone
Ageing balance & DSO
23
in millions of euros
Trade
receivables
Impairment
Not
overdue
Overdue <
6 months
Overdue 6-
12 months
Overdue >
12 months
Argentina 42,2 -1,4 35,2 3,9 1,7 0,1
Brazil 26,4 -8,3 10,9 4,6 2,7 0,0
Chile 8,9 -1,5 3,6 3,3 0,5 0,0
Colombia 12,4 -5,1 5,6 1,6 0,1 0,0
Ecuador 60,4 -33,7 12,5 9,4 4,9 0,0
Mexico 99,3 -38,7 16,0 27,3 10,5 6,7
Peru 0,9 0,0 0,9 0,0 0,0 0,0
Venezuela 0,3 -0,3 0,0 0,0 0,0 0,0
Spain & Others 0,7 -0,6 0,1 0,0 0,1 0,0
ACTUAL - 2016.05 251,6 -89,6 84,8 49,9 20,4 6,7
94
92
94 97
95
99
102 103
101
69 69 69 69 69 69
90 90 90
50
60
70
80
90
100
110
120
05-15 06-15 08-15 09-15 11-15 12-15 02-16 03-16 05-16
DSO Latam Zone
Actual Budget
08-15 12-15 03-16
ARG
Actual
Budget
0
20
40
60
80
100
120
140
05-15 08-15 12-15 03-16
BRA
Actual
Budget
0
20
40
60
80
100
120
140
05-15 08-15 12-15 03-16
CHI
Actual
Budget
0
20
40
60
80
100
120
140
05-15 08-15 12-15 03-16
COL
Actual
Budget
08-15 12-15 03-16
ECU
Actual
Budget
30
50
70
90
110
130
150
170
05-15 08-15 12-15 03-16
MEX
Actual
Budget
0
20
40
60
80
100
120
140
05-15 08-15 12-15 03-16
PER
Actual
Budget

Latam Zone
NFD
24
DÉCEMBRE
2015
BUDGET
2016
ARGENTINE BRESIL CHILI COLOMBIE EQUATEUR MEXIQUE PEROU
AUTRES
PAYS
AMERIQUE
LATINE
MAI 2016
EFN A L'OUVERTURE (164) (230) (35) (37) (31) (10) (81) (13) (1) (8) (216)
EBITDA 113 123 4 7 2 4 12 8 (1) (1) 36
Investissements industriels (63) (73) (2) (2) (0) (2) (6) (5) (0) (0) (17)
Nouveaux actifs financiers I12 et I4 - - - - - - - - - - -
Cessions industrielles 2 1 0 0 0 0 0 0 - - 0
INVESTISSEMENTS INDUSTRIELS NETS (61) (72) (1) (2) (0) (2) (6) (5) (0) (0) (17)
Variations / Stocks (nets) (1) 0 (1) 0 0 (1) (2) (1) (0) (0) (4)
Variations / créances opérationnelles (nettes) (34) (21) (0) (1) (1) 1 (4) (8) 0 (0) (14)
Variations / dettes opérationnelles (nettes) 18 12 (3) (2) (1) 0 (1) 8 (1) 2 2
VARIATION DU BFR OPERATIONNEL (NET) (18) (9) (4) (3) (2) 0 (7) (1) (1) 2 (16)
DIVIDENDES RECUS (SOCIETES MISES EN EQUIVALENCE ET NON CONSOLIDEES) 2 1 - - - 1 - - - - 1
DEPENSES DE RENOUVELLEMENT - - - - - - - - - - -
CHARGES DE RESTRUCTURATION (0) - (0) - - - - - - - (0)
FREE CASH FLOW OPERATIONNEL 35 43 (1) 2 (0) 3 (1) 2 (2) 1 3
CAF Financière 4 (1) (1) 1 0 0 0 0 0 0 1
Intérêts financiers nets (29) (30) (6) (3) (1) (0) (1) (1) (0) (2) (14)
FINANCIER (25) (31) (7) (2) (1) (0) (0) (0) (0) (2) (13)
BFR fiscal (11) 7 (0) 0 - 0 0 (3) (0) - (3)
Impôts au compte de résultat (20) (22) (0) (0) - (1) (1) (3) - (0) (6)
IMPOTS VERSES (31) (15) (1) 0 - (1) (1) (6) (0) (0) (9)
FREE CASH FLOW NET AVANT DIVIDENDES, ACQUISITIONS ET CESSIONS FINANCIERES (21) (2) (8) 0 (1) 1 (2) (4) (2) (2) (18)
Dividendes versés / reçus (BU / Société mère) (27) (16) - - - (2) (5) - - 6 (0)
Dividendes Versés aux Minoritaires des Sociétés Intégrées (6) (14) - - - (0) (5) - - 4 (1)
Dividendes Versés aux Actionnaires de la Société Mère - - - - - - - - - - -
Coupons sur titres super subordonnés versés - - - - - - - - - - -
DIVIDENDES VERSÉS (33) (30) - - - (2) (10) - - 11 (1)
FREE CASH FLOW NET AVANT ACQUISITIONS ET CESSIONS FINANCIERES (54) (32) (8) 0 (1) (1) (12) (4) (2) 9 (20)
Investissements financiers (1) 0 (3) - (0) 0 1 - - - (2)
Transactions entre actionnaires : acquisitions partielles - - - - - - - - - - -
Entrée de périmètre - Endettement financier net 5 - - (1) - - - - - - (1)
TOTAL INVESTISSEMENTS FINANCIERS 4 0 (3) (1) (0) 0 1 - - - (3)
Cessions financières 1 0 0 - - - - 0 - - 0
Neutralisation du reclassement en ANP des +/- values de cession - - - - - - - - - - -
Cessions financières 1 0 0 - - - - 0 - - 0
Transactions entre actionnaires : cessions partielles - - - - - - - - - - -
Sortie de périmètre - Endettement Financier Net (5) - - 1 - - - - - - 1
Augmentation de capital hors VE (souscrite par les minoritaires) 0 0 0 (1) - - - - 0 (0) (1)
TOTAL CESSIONS FINANCIERES (4) 0 1 1 - - - 0 0 (0) 1
INVESTISSEMENTS FINANCIERS NETS (0) 0 (2) (1) (0) 0 1 0 0 (0) (2)
1 0 0 0 0 0 0 0 0 0
VARIATIONS DES CREANCES ET AUTRES ACTIFS FINANCIERS 2 5 0 (0) 0 (0) 3 0 (0) 0 3
Augmentation de capital VE - - - - - - - - - - -
Variation des actions propres - - - - - - - - - - -
Liaison - Opération en Capital 0 - - 15 - - - - 1 (16) -
AUGMENTATION DE CAPITAL VE (HORS DISTRIBUTION DE DIVIDENDE PAR ACTION) 0 - - 15 - - - - 1 (16) -
EMISSIONS / REMBOURSEMENTS DE TITRES SUPERSUBORDONNES - - - - - - - - - - -
GENERATION DE CASH (53) (27) (10) 15 (1) (1) (8) (4) (1) (8) (18)
IMPACT DU CHANGE - ENDETTEMENT FINANCIER NET 21 17 3 (3) (0) (0) 2 1 0 (0) 3
IMPACT DES REEVALUATIONS - ENDETTEMENT FINANCIER NET - - - - - - - - - - -
Autres mouvements - Endettement financier Net (2) 0 - - 0 - - - - (0) (0)
Neutralisation du reclassement des ouvertures des ANP - - - - - - - - - - -
AUTRES MOUVEMENTS - ENDETTEMENT FINANCIER NET (2) 0 - - 0 - - - - (0) (0)
LIAISON - DIVIDENDES ET MULTI-METIER 0 0 - - - (0) - - - 0 0
AUTRES MOUVEMENTS A ANALYSER (mensuel) - - - - - - - - - - -
TRANSFERTS INTERNES (17) - - - - - - - - - -
VARIATION EFN DES ACTIVITES NON POURSUIVIES - - - - - - - - - - -
AUTRES FLUX NON MONETAIRES 2 17 3 (3) (0) (0) 2 1 0 (1) 3
VARIATION DE L'ENDETTEMENT FINANCIER NET (1) (51) (10) (7) 12 (1) (1) (6) (3) (1) (9) (16)
ENDETTEMENT FINANCIER NET - Clôture (216) (240) (42) (25) (32) (11) (87) (16) (2) (17) (231)

Latam Zone
Capital Employed
25
BU
/
Country
Company
/
Contract
MAY - 16
vs.
DIC - 15
Mexico Proactiva Medio Ambiente México -6,6
España Proactiva España -3,0
México RIMSA -1,9
Venezuela Proactiva Venezuela -1,7
México Tuxtla -1,4
México MMA 3,5
México SAPSA 3,7
México Setasa 4,2
Ecuador Interagua 5,7
Argentina Avellaneda 6,1
Variance (main contracts) 8,7
Rest of Latam 6,2
Total variance 14,9
M €uros DIC - 15 MAY - 16
Fx
Op.
Variation
Total DIC - 15 MAY - 16
Argentina 55,5 55,5 -6,2 6,2 0,0 14,5% 16,7%
Brazil 36,5 41,2 3,3 1,5 4,8 22,9% 38,6%
Chile 33,8 34,6 0,1 0,7 0,8 -2,4% 7,6%
Colombia 48,3 48,7 0,6 -0,3 0,4 13,0% 13,2%
Ecuador 207,7 207,9 -4,9 5,1 0,1 15,2% 8,6%
Mexico 179,6 170,1 -14,3 4,7 -9,6 11,8% 3,0%
Peru 11,0 12,5 0,0 1,5 1,5 -12,1% -24,3%
Venezuela -1,0 -1,0 1,6 -1,6 0,0 50,5% 12,6%
Spain & Others 6,5 3,7 0,1 -2,9 -2,8 -88,2%
TOTAL LATAM 577,9 573,1 -19,7 14,9 -4,8 12,4% 8,6%
MAY - 16 vs. DIC - 15 ROCE
ARG: Net fixed assets +0.5 M€ (Capex +1.6 M€, Amortization -1.1
M€). Changes in OWC in +3.7 M€. Deferred tax amounts in Aesa and
Avellaneda +1.3 M€.
BRA: Net fixed assets +0.6 M€ (Capex +1.8 M€, Amortization -1.2
M€). Changes OWC in +2.7 M€. Tax amounts in OWC -0.5 M€.
Deferred tax -0.7 M€. IFRIC4 assets -0.5 M€.
ECU: Net Fixed assets -0.3 M€ (Capex +5.7 M€, Amortization -6 M€).
Changes in OWC +7.1 M€ . Change Tax amounts in WC -0.3M€.
Investments in OWC -1.1 M€.
MEX: Net fixed assets -1.6 M€ (Capex +4.5 M€, Amortization -6.1
M€). Changes OWC +1.3 M€. Tax amounts in OWC +3.2 M€. Deferred
tax +2.1 M€.
PER: Net fixed assets +0.2 M€ (Capex +0.3 M€, Amortization -0.1 M€).
Changes OWC +0.9 M€. Tax amounts in OWC +0.1 M€. Deferred tax
+0.2 M€.
ESP: Changes OWC -1.7 M€. PMA España provisions -0.2 M€.

Argentina – May 2016
28
Prior Year
(Y-1)
Actual (Y)
Monthly
Budget
Variance to
Actual
(in €m)
Variance to
Actual at
constant
exchange
rate (in €m)
Variance to
Budget (in
€m)
Variance to
Budget at
constant
exchange
rate (in €m)
Prior Year
(Y-1)
Budget
FORECAST
1
% of Completion
of Latest Estimate
(at current
exchange rate)
Revenue 72,9 56,0 67,2 -16,9 18,8 -11,3 2,2 187,5 173,7 136,6 40,97%
EBITDA excluding Management Fees, Trade Mark and Know how 8,8 5,6 6,0 -3,1 0,4 -0,4 1,0 11,6 16,8 12,7 44,26%
EBITDA(A) 6,6 4,4 5,1 -2,2 0,6 -0,7 0,4 8,3 14,6 9,7 45,39%
EBITDAMargin (%) 9,02% 7,86% 7,59% 4,44% 8,42% 7,10%
Current EBIT 2,1 3,1 3,3 1,0 3,0 -0,3 0,5 7,7 10,5 5,7 53,83%
of which Share of net income (loss) of JV and associates 0,0 -0,0 -0,0 -0,0 -0,0 0,0 0,0 0,0 -0,0 -0,4 1,86%
Other operating revenue and expenses (*) -0,2 -0,2 -0,3 -0,2 -0,3 -0,6 33,57%
Operating Profit After Share of Profit of Equity 2,1 2,9 3,3 0,8 2,6 -0,5 0,2 7,7 10,5 5,1 56,23%
Op Income Margin (%) 2,88% 5,16% 4,98% 4,10% 6,04% 3,76%
Industrial Disposals 0,3 0,1 -0,1 -0,1 0,1 0,2 0,6 0,8 0,3 46,01%
Change in operating working capital (net) C -6,3 -3,7 2,6 0,4 -3,7 -4,6 -7,6 -6,2 -1,5 241,57%
Simplified Free cash flow = A+ B + C -3,6 -0,8 5,1 2,8 2,3 -5,9 -6,1 -11,8 3,2 2,9 -26,80%
Financial investments (incl. newly consolidated affiliates) -0,2 -2,2 -2,1 -3,4 -2,2 -2,8 -0,1 -2,3 98,80%
Financial Disposals (incl. deconsolidation of affiliates) 0,2 0,2 -0,0 0,1 0,2 0,3 0,8 -0,1 -0,2 -135,53%
Net Financial Investments 0,1 -2,0 -2,1 -3,2 -2,0 -2,5 0,7 -0,1 -2,4 83,02%
Operating working capital 21,0 17,1 -3,9 6,2 17,1 21,3 14,9 14,2 13,3 128,68%
DSO 90 90 -0 96 78 87
NFD 35,7 42,2 6,5 31,2 42,2 52,4 35,1 32,0 42,1 100,28%
ROCE calculation
ROCE before tax 14,47% 17,52% 10,77%
SG&Aanalysis
SG&A Expenses excluding MFees, Trade Mark and Know how -5,1 -5,1 -6,8 -0,0 -3,3 1,7 0,4 -16,6 -16,2 -12,6 40,74%
Management Fees, Trade Mark and Know how -2,2 -1,2 -0,9 1,0 0,2 -0,3 -0,6 -3,3 -2,2 -3,0 40,65%
Average FTE 2.270 1.959 2.030 -311 -70 2.316 2.030 2.030 0,00%

KPIs
29
WASTE COLLECTION ACTIVITY
0,00
10,00
20,00
30,00
40,00
50,00
60,00
70,00
80,00
90,00
100,00
2013
2014
2015
2016
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Wage cost / Personnel (k$/#)
Argentina Waste cost 2016

KPIs
30
DELTACOM
WASTE COLLECTION - COMMERCIAL
0
4.000
8.000
12.000
16.000
20.000
2013
2014
2015
2016
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Waste collected (t/month)
Deltacom 2016
150
200
250
300
350
400
450
500
2013
2014
2015
2016
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Revenues/Truck (k$/#)
Deltacom 2016
BUENOS AIRES - ZONA 1
WASTE COLLECTION - MSW
2.000.000
2.500.000
3.000.000
3.500.000
4.000.000
4.500.000
5.000.000
5.500.000
6.000.000
6.500.000
7.000.000
Basetariff
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Contractual tariff ($) Household type A1
Base tariff type A1 - Contract start
0
4.000
8.000
12.000
16.000
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Buenos Aires tons - Zona I

Human ressources
31
>> It does not include Energy
>> Avellaneda contract finished in January 2016
Headcount 2014 2015
May
2016
Executives 139 177 172
Technical 124 89 85
Administrative 184 210 208
Workman 1.861 1.823 1.504
Total Headcount 2.308 2.300 1.969
Absenteeism 4,5% 6,2% 6,7%
Health and Safety 2014 2015 2016
Goals
2016
Frecuency rate 45,15 33,15 31,45 35,28
Gravity rate 1,77 1,12 1,29 1,24

Brazil – May 2016
33
Prior Year
(Y-1)
Actual (Y)
Monthly
Budget
Variance to
Actual
(in €m)
Variance to
Actual at
constant
exchange
rate (in €m)
Variance to
Budget (in
€m)
Variance to
Budget at
constant
exchange
rate (in €m)
Prior Year
(Y-1)
Budget
FORECAST
1
% of Completion
of Latest Estimate
(at current
exchange rate)
Revenue 36,1 29,4 28,2 -6,7 1,5 1,1 0,4 80,0 68,0 78,1 37,57%
EBITDA excluding Management Fees, Trade Mark and Know how 7,3 7,0 6,4 -0,3 1,7 0,6 0,5 15,7 15,1 18,5 37,82%
EBITDA(A) 6,4 6,5 5,8 0,1 1,9 0,7 0,5 14,4 13,8 17,4 37,55%
EBITDAMargin (%) 17,78% 22,20% 20,69% 17,99% 20,30% 22,22%
Current EBIT 4,7 4,8 4,0 0,1 1,4 0,8 0,7 9,0 9,1 12,7 37,70%
of which Share of net income (loss) of JV and associates #¡DIV/0!
Other operating revenue and expenses (*) -0,9 #¡DIV/0!
Operating Profit After Share of Profit of Equity 4,7 4,8 4,0 0,1 1,4 0,8 0,7 8,1 9,1 12,7 37,70%
Op Income Margin (%) 13,03% 16,31% 14,09% 10,19% 13,39% 16,25%
Industrial Investments -1,1 -1,7 -1,9 -0,6 -1,1 0,2 0,3 -2,6 -6,2 -5,8 29,90%
Industrial Disposals 0,0 0,0 0,0 0,0 0,0 #¡DIV/0!
Net industrial investments B -1,1 -1,7 -0,6 -1,1 -1,7 -1,7 -2,6 -6,2 -5,8 29,56%
Change in operating working capital (net) C -1,8 -2,8 -1,0 -1,4 -2,8 -2,7 -4,0 -3,0 0,4 -672,05%
Financial investments (incl. newly consolidated affiliates) 5,3 -1,4 -6,7 -7,0 -1,4 -1,4 4,4 -62,2 2,31%
Financial Disposals (incl. deconsolidation of affiliates) -5,4 1,4 6,8 7,0 1,4 1,4 -5,4 1,4 99,99%
Net Financial Investments -0,1 0,0 0,1 0,1 0,0 0,0 -1,0 -60,8 -0,00%
DSO 98 90 -8 96 98 92
NFD 45,1 25,2 -19,9 -15,9 25,2 24,6 37,3 35,6 85,6 29,47%
ROCE calculation
ROCE before tax 22,87% 25,73% 19,78%
SG&Aanalysis
Management Fees, Trade Mark and Know how -0,8 -0,5 -0,5 0,4 0,2 0,0 0,1 -1,3 -1,3 -1,2 41,68%
Staff Costs (COS + SG&A) -8,1 -6,6 -6,5 1,5 -0,4 -0,1 0,1 -17,0 -16,2 -16,1 41,10%
Average FTE 1.045 1.139 1.039 94 100 915 1.039 1.128 0,00%

Brazil – May 2016
KPIs
34
LANDFILLS
TIJUQUINHAS IPERÓ
20.000
22.000
24.000
26.000
28.000
30.000
32.000
34.000
36.000
38.000
40.000
Average13
Average14
Average15
Average16
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Waste Disposed (t/month)
Iperó April
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
40.000
45.000
50.000
Average13
Average14
Average15
Average16
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Waste Disposed (t/month)
TijuquinhasApril
TOTAL WASTE ACTIVITY
KEY CONTRACTS WASTE ACTIVITY
50
60
70
80
90
100
110
120
130
140
150
Average13
Average14
Average15
Average16
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
DSO - Waste Activity (Days)
DSO Gross Waste Activity

Brazil - May 2016
Human ressources
35
>> Include Cle
>> Barueri: The Client has reduced the scope services since October 20015
Headcount 2014 2015
May
2016
Executives 26 28 31
Technical 100 106 115
Workman 853 799 901
Goals
2016
Frecuency rate 24,39 18,33 4,20 15,12
Gravity rate 0,16 0,14 0,05 0,13

Mexico – May 2016
37
Prior Year
(Y-1)
Actual (Y)
Monthly
Budget
Variance to
Actual
(in €m)
Variance to
Actual at
constant
exchange
rate (in €m)
Variance to
Budget (in
€m)
Variance to
Budget at
constant
exchange
rate (in €m)
Prior Year
(Y-1)
Budget
FORECAST
1
% of Completion
of Latest Estimate
(at current
exchange rate)
Revenue 60,7 54,9 61,8 -5,8 4,5 -6,9 -0,8 153,3 163,0 149,4 36,75%
EBITDA(A) 12,5 8,2 12,7 -4,3 -2,7 -4,5 -3,6 36,6 39,2 35,2 23,35%
EBITDAMargin (%) 20,54% 14,96% 20,61% 23,90% 24,08% 23,55%
Current EBIT 5,7 1,6 5,6 -4,1 -3,8 -4,0 -3,8 21,2 21,6 19,5 8,32%
of which Share of net income (loss) of JV and associates 0,3 0,3 0,3 0,0 0,1 -0,0 -0,0 0,7 0,7 0,7 39,73%
Other operating revenue and expenses (*) #¡DIV/0!
Op Income Margin (%) 9,46% 2,95% 9,01% 13,82% 13,27% 13,03%
Industrial Investments -2,7 -4,8 -12,8 -2,0 -2,9 8,0 7,5 -12,7 -18,1 -17,2 27,74%
Industrial Disposals 0,0 0,0 0,0 0,0 0,0 0,0 0,8 0,0 0,0 145,01%
Change in operating working capital (net) C -2,2 -1,3 0,9 0,6 -1,3 -1,4 -2,3 -1,1 -2,6 48,33%
Financial investments (incl. newly consolidated affiliates) -0,0 0,0 0,0 -0,0 -0,0
Financial Disposals (incl. deconsolidation of affiliates) 0,0 0,0 -0,0 -0,0 0,0 0,0 0,0 #¡DIV/0!
Net Financial Investments 0,0 0,0 -0,0 -0,0 0,0 0,0 0,0 -0,0 -280,70%
Operating working capital 34,9 29,8 -5,1 1,6 29,8 33,1 31,1 32,6 32,5 91,51%
DSO 147 156 9 138 133 122
NFD 8,8 15,5 6,8 10,2 15,5 17,3 12,6 9,6 16,1 96,58%
ROCE calculation
ROCE before tax 11,78% 12,30% 11,25%
SG&Aanalysis
SG&A Expenses excluding MFees, Trade Mark and Know how -7,2 -5,0 -7,0 2,2 1,2 2,1 1,5 -17,8 -17,8 -14,3 34,88%
Average FTE 3.035 3.056 3.131 21 -75 3.117 3.131 3.173 0,00%

38
Mexico – May 2016
KPIs
WATER - CONCESSIONS
CAASA SAPSA EL REALITO
0
10.000
20.000
30.000
40.000
50.000
60.000
Average14
Average15
Feb.14
Mar.14
April14
May14
June14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April.16
May16
Revenuesworks(k$/month)
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%
0,00
1,00
2,00
3,00
4,00
5,00
6,00
7,00
8,00
Average14
Jan.14
Mar.14
May14
July14
Sept.14
Nov.14
Jan.15
Mar.15
May15
July15
Sept.15
Nov.15
Jan.16
Mar.16
May16
Collectionwaterbilled(%)
Waterbilled(Mm³/month)
Water billed (Mm³/month) - Collection Water billed
(%/month)
Collectionwater billed(%)
Water billed(Mm3)
0
1.000.000
2.000.000
3.000.000
4.000.000
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April.16
May16
El Realito
m3 produced
KWh pumping
TOTAL WASTE ACTIVITY - MSW
KEY CONTRACTS WASTE ACTIVITY
40.000
90.000
140.000
190.000
240.000
Average14
Average15
Jan.14
Feb.14
March14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
March15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Total Waste Mexico (t/month)
Waste disposed
Waste collected
100
150
200
250
300
350
400
Average14
Average15
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April.16
May16
DSO Gross - Waste Activity (Days)
DSO NET Waste contracts

Mexico – May 2016
Human ressources
39
Headcount 2014 2015
May
2016
Executives 53 52 53
Workman 1.738 1.772 1.741
Goals
2016
Frecuency rate 29,67 28,15 24,75 20,43
Gravity rate 0,29 0,38 0,25 0,31

Ecuador – May 2016
41
Prior Year
(Y-1)
Actual (Y)
Monthly
Budget
Variance to
Actual
(in €m)
Variance to
Actual at
constant
exchange
rate (in €m)
Variance to
Budget (in
€m)
Variance to
Budget at
constant
exchange
rate (in €m)
Prior Year
(Y-1)
Budget
FORECAST
1
% of Completion
of Latest Estimate
(at current
exchange rate)
Revenue 61,8 56,0 66,5 -5,8 -5,8 -10,4 -8,3 144,3 164,8 151,8 36,92%
EBITDA(A) 13,9 11,9 13,3 -2,0 -2,0 -1,5 -1,0 37,8 40,3 38,6 30,70%
EBITDAMargin (%) 22,48% 21,17% 20,04% 26,22% 24,46% 25,45%
Current EBIT 6,6 5,6 7,0 -1,0 -1,0 -1,4 -1,2 28,5 24,8 23,3 23,89%
Op Income Margin (%) 10,68% 9,94% 10,47% 19,77% 15,06% 15,36%
Industrial Disposals 0,0 0,0 0,0 0,0 0,0 0,2 0,0 96,89%
Change in operating working capital (net) C 0,1 -7,1 -7,2 -7,3 -7,1 -7,4 3,6 1,1 -3,2 221,37%
Simplified Free cash flow = A+ B + C 2,4 -0,9 13,3 -3,3 -3,3 -14,2 -14,2 17,1 16,1 10,2 -8,41%
Financial investments (incl. newly consolidated affiliates) 1,0 1,0 1,0 1,0 1,0 #¡DIV/0!
Financial Disposals (incl. deconsolidation of affiliates) 0,0 #¡DIV/0!
Net Financial Investments 1,0 1,0 1,0 1,0 1,0 0,0 #¡DIV/0!
DSO 66 81 15 71 62 72
Capital Employed (incl. OFA) - end of period 190,2 207,9 17,7 20,9 207,9 216,0 207,7 218,2 224,5 92,60%
NFD 75,5 87,3 11,8 13,1 87,3 90,7 81,4 103,7 92,3 94,67%
ROCE calculation
ROCE before tax 15,24% 11,87% 10,78%
SG&Aanalysis
SG&A Expenses excluding MFees, Trade Mark and Know how -2,9 -2,9 -3,2 0,0 0,0 0,3 0,2 -7,1 -7,7 -6,9 41,35%
Management Fees, Trade Mark and Know how -0,5 -0,6 -0,0 -0,0 -0,6 -0,6 -1,4 41,29%
Staff Costs (COS + SG&A) -8,3 -8,6 -9,1 -0,3 -0,2 0,6 0,2 -23,0 -23,7 -22,8 37,65%
Average FTE 1.151 1.159 1.255 8 -96 1.150 1.255 1.172

KPIs
42
WATER - CONCESSION
INTERAGUA
40%
45%
50%
55%
60%
65%
70%
Average13
Average14
Average15
Average16
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
NRW/Month (%)
% NRW2016
10,00
11,00
12,00
13,00
14,00
15,00
16,00
17,00
Average13
Average14
Average15
Average16
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Waterbilled(Mm³/month)
Water billed / month (Mm³)
Water billed 2016

Human ressources
43
Headcount 2014 2015
May
2016
Workman 342 343 354
Goals
2016
Frecuency rate 13,76 19,26 10,90 15,41
Gravity rate 0,24 0,44 0,10 0,35

Colombia – May 2016
45
Prior Year
(Y-1)
Actual (Y)
Monthly
Budget
Variance to
Actual
(in €m)
Variance to
Actual at
constant
exchange
rate (in €m)
Variance to
Budget (in
€m)
Variance to
Budget at
constant
exchange
rate (in €m)
Prior Year
(Y-1)
Budget
FORECAST
1
% of Completion
of Latest Estimate
(at current
exchange rate)
Revenue 24,2 18,6 24,1 -5,6 -0,5 -5,5 -3,9 57,6 59,7 47,1 39,51%
EBITDA(A) 5,7 4,4 5,2 -1,3 -0,1 -0,9 -0,5 13,7 13,5 11,2 38,83%
EBITDAMargin (%) 23,45% 23,43% 21,63% 23,84% 22,67% 23,84%
Current EBIT 1,7 2,0 1,8 0,3 0,8 0,3 0,4 5,2 4,9 5,0 40,25%
of which Share of net income (loss) of JV and associates 0,5 0,8 0,5 0,2 0,5 0,3 0,3 1,1 1,2 1,4 55,47%
Operating Profit After Share of Profit of Equity 1,7 2,0 1,8 0,3 0,8 0,3 0,4 5,2 4,9 5,0 40,25%
Op Income Margin (%) 7,23% 10,81% 7,26% 9,02% 8,20% 10,61%
Industrial Investments -2,4 -2,4 -5,4 0,0 -0,6 3,1 2,8 -6,8 -9,4 -7,2 32,89%
Industrial Disposals 0,0 0,0 0,0 0,0 0,0 0,0 0,1 0,0 807,86%
Net industrial investments B -2,4 -2,3 0,1 -0,6 -2,3 -2,6 -6,7 -9,4 -7,2 32,55%
Change in operating working capital (net) C -3,4 0,0 3,4 3,4 0,0 0,0 -8,9 0,9 0,3 5,49%
Simplified Free cash flow = A+ B + C -0,1 2,0 5,2 2,2 2,7 -3,2 -3,0 -1,9 5,0 4,4 46,57%
Financial investments (incl. newly consolidated affiliates) 0,3 0,1 -0,2 -0,1 0,1 0,1 -0,1 #¡DIV/0!
Financial Disposals (incl. deconsolidation of affiliates) 0,1 0,1
Net Financial Investments 0,3 0,1 -0,2 -0,1 0,1 0,1 -0,0 0,1 125,34%
DSO 64 61 -3 60 51 52
NFD 4,6 10,7 6,2 8,8 10,7 11,7 9,6 9,8 11,1 96,66%
ROCE calculation
ROCE before tax 12,96% 11,80% 12,69%
SG&Aanalysis
Staff Costs (COS + SG&A) -6,5 -4,8 -6,2 1,7 0,4 1,4 1,0 -13,4 -15,0 -11,5 41,73%
Average FTE 2.304 2.186 2.137 -118 49 2.209 2.137 2.074

KPIs
46
WATER - CONCESSIONS
TUNJA - MONTERÍA
-
1,00
2,00
3,00
4,00
5,00
0,00
0,20
0,40
0,60
0,80
1,00
Average14
Average15
Average16
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
W.BILLEDMONTERÍA
W.BILLEDTUNJA
Water billed (Mm³/month)
Water billed Montería
Water billed Tunja
92
93
94
95
96
97
98
99
100
Average14
Average15
Average16
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Collection water billed (%)
Collection Water billed- Tunja
Collection water billed - Montería
WATER - O&M
TIBITOC
WASTE COLLECTION - MSW
KEY CONTRACTS WASTE COLLECTION *
0
5
10
15
20
25
30
35
40
45
50
55 Average14
Average15
Average16
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Water production (Mm³) - Chemical cost ($/m³)
Chemical ($/m³)
Tibitoc production2016
15.000
17.000
19.000
21.000
23.000
25.000
27.000
29.000
31.000
33.000
35.000
Average14
Average15
Average16
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Total Waste collected (t/month)
Chicamocha, Cúcutaand all
contractsValle
Chicamocha, Cúcutaand 2
contractsValle

Human ressources
47
Headcount 2014 2015
May
2016
Workman 1.555 1.508 1.363
Goals
2016
Frecuency rate 63,17 48,16 46,24 43,89
Gravity rate 0,54 0,60 0,99 0,73

Chile – May 2016
49
Prior Year
(Y-1)
Actual (Y)
Monthly
Budget
Variance to
Actual
(in €m)
Variance to
Actual at
constant
exchange
rate (in €m)
Variance to
Budget (in
€m)
Variance to
Budget at
constant
exchange
rate (in €m)
Prior Year
(Y-1)
Budget
FORECAST
1
% of Completion
of Latest Estimate
(at current
exchange rate)
Revenue 11,0 11,6 11,5 0,6 2,0 0,1 0,7 24,9 28,5 28,8 40,38%
EBITDA excluding Management Fees, Trade Mark and Know how 2,2 2,6 2,0 0,4 0,6 0,6 0,7 4,0 4,8 5,4 47,11%
EBITDA(A) 1,9 2,4 1,9 0,5 0,8 0,5 0,6 3,6 4,5 5,0 47,65%
EBITDAMargin (%) 17,01% 20,27% 16,07% 14,24% 15,64% 17,17%
Current EBIT 0,7 0,8 0,4 0,2 0,3 0,4 0,4 -0,9 0,9 1,2 70,75%
Operating Profit After Share of Profit of Equity 0,7 0,8 0,4 0,2 0,3 0,4 0,4 -0,9 0,9 1,2 70,75%
Op Income Margin (%) 5,92% 7,03% 3,65% -3,60% 3,02% 4,01%
Industrial Disposals 0,0 0,0 0,0 0,0 0,0 0,0 #¡DIV/0!
Change in operating working capital (net) C -0,3 -2,0 -1,8 -2,1 -2,0 -2,1 1,1 -0,2 -1,1 183,67%
Simplified Free cash flow = A+ B + C 0,9 -0,1 1,9 -1,0 -1,0 -1,9 -1,9 1,9 -1,4 -2,8 2,64%
Financial investments (incl. newly consolidated affiliates) -0,0 -0,0 -0,0 -0,0 -0,0 0,0 0,0 -0,0 101,47%
Financial Disposals (incl. deconsolidation of affiliates) 0,0 0,0 #¡DIV/0!
Net Financial Investments -0,0 -0,0 -0,0 -0,0 -0,0 0,0 0,0 -0,0 101,47%
DSO 90 82 -8 82 99 91
Capital Employed (incl. OFA) - end of period 43,5 34,6 -8,9 -3,6 34,6 36,3 33,8 44,7 38,3 90,40%
NFD 63,4 31,5 -31,9 -27,1 31,5 33,1 30,5 37,8 35,3 89,45%
ROCE calculation
ROCE before tax -2,45% 1,88% 3,21%
SG&Aanalysis
SG&A Expenses excluding MFees, Trade Mark and Know how -0,9 -1,1 -1,3 -0,2 -0,4 0,2 0,1 -2,5 -3,2 -2,9 39,11%
Staff Costs (COS + SG&A) -4,2 -4,1 -4,2 0,1 -0,4 0,0 -0,2 -9,9 -10,4 -11,1 37,40%
Average FTE 752 770 806 18 -36 740 806 923 0,00%

CHILE - May 2016
KPIs
50
WASTE COLLECTION - COMMERCIAL
SANTIAGO PONIENTE LA YESCA
WASTE COLLECTION PSI
LANDFILLS
0
100.000
200.000
300.000
400.000
500.000
600.000
700.000
800.000
900.000
1.000.000
2014
2015
2016
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Revenues (k$)
0
10.000
20.000
30.000
40.000
50.000
60.000
70.000
80.000
90.000
2014
2015
2016
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
Waste disposed (t/month)
tons - Santiago Poniente 2016
7.000
9.000
11.000
13.000
15.000
17.000
2014
2015
2016
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
tons PSI 2016
0
5.000
10.000
15.000
20.000
25.000
2014
2015
2016
Jan.14
Feb.14
Mar.14
April14
May14
June14
July14
Aug.14
Sept.14
Oct.14
Nov.14
Dec.14
Jan.15
Feb.15
Mar.15
April15
May15
June15
July15
Aug.15
Sept.15
Oct.15
Nov.15
Dec.15
Jan.16
Feb.16
Mar.16
April16
May16
Waste disposed (t/month)
tonns - La Yesca 2016

CHILE - May 2016
Human ressources
51
Headcount 2014 2015
May
2016
Executives 28 26 27
Technical 66 72 75
Workman 623 603 581
Total Headcount 789,0 772,6 754,0
Goals
2016
Frecuency rate 61,15 35,75 17,28 26,91
Gravity rate 0,77 0,60 0,83 0,62

53
Peru –May 2016
Key Financial Indicators (consolidated)
Prior Year
(Y-1)
Actual (Y)
Monthly
Budget
Variance to
Actual
(in €m)
Variance to
Actual at
constant
exchange
rate (in €m)
Variance to
Budget (in
€m)
Variance to
Budget at
constant
exchange
rate (in €m)
Prior Year
(Y-1)
Budget
FORECAST
1
% of Completion
of Latest Estimate
(at current
exchange rate)
Revenue 2,7 1,7 1,5 -1,0 -0,8 0,2 0,3 5,2 4,4 5,3 31,50%
EBITDA excluding Management Fees, Trade Mark and Know how 0,3 -0,9 -0,6 -1,2 -1,2 -0,3 -0,3 -0,5 -1,0 -1,7 49,50%
EBITDA(A) 0,2 -0,9 -0,6 -1,1 -1,2 -0,3 -0,3 -0,6 -1,1 -1,8 49,10%
EBITDAMargin (%) 6,99% -52,44% -42,96% -12,07% -25,12% -33,64%
Current EBIT -0,0 -0,9 -0,7 -0,9 -1,0 -0,2 -0,3 -1,4 -1,3 -1,9 47,53%
Operating Profit After Share of Profit of Equity -0,0 -0,9 -0,7 -0,9 -1,0 -0,2 -0,3 -1,4 -1,3 -1,9 47,53%
Op Income Margin (%) -0,89% -54,30% -48,37% -26,30% -29,61% -35,99%
Industrial Investments -0,0 -0,3 -0,2 -0,3 -0,3 -0,3 -0,1 -1,5 -0,6 45,07%
Industrial Disposals #¡DIV/0!
Net industrial investments / EBITDA(%) -16,12% 31,36% 11,94% 131,32% 34,17%
Change in operating working capital (net) C -0,7 -0,9 -0,2 -0,3 -0,9 -1,0 0,0 0,6 -1,4 64,96%
Simplified Free cash flow = A+ B + C -0,5 -2,1 -0,6 -1,5 -1,7 -1,5 -1,6 -0,7 -2,0 -3,8 54,33%
Financial investments (incl. newly consolidated affiliates) #¡DIV/0!
Financial Disposals (incl. deconsolidation of affiliates) 0,0 0,0 -0,0 -0,0 0,0 0,0 0,0 -0,0 -174,72%
Net Financial Investments 0,0 0,0 -0,0 -0,0 0,0 0,0 0,0 -0,0 -174,72%
Operating working capital 0,8 1,0 0,2 0,3 1,0 1,0 0,0 -0,1 1,4 68,96%
DSO 45 70 25 68 42 77
NFD 0,5 1,6 1,0 1,2 1,6 1,7 0,6 4,9 3,3 48,22%
ROCE calculation
ROCE before tax -12,14% -9,88% -16,04%
SG&Aanalysis
SG&A Expenses excluding MFees, Trade Mark and Know how -0,8 -0,8 -0,8 0,1 0,0 0,0 -0,0 -2,1 -1,8 -2,0 37,92%
Staff Costs (COS + SG&A) -2,1 -1,2 -1,1 0,9 0,8 -0,1 -0,2 -3,9 -2,8 -3,3 36,38%
Average FTE 917 209 206 -708 3 225 206 331 0,00%

PERU - May 2016
Human ressources
54
Headcount 2014 2015
May
2016
Executives 35 27 18
Technical 93 84 84
Workman 558 414 116
Total Headcount 705 537 219
Goals
2016
Frecuency rate 13,95 12,70 26,05 5,00
Gravity rate 0,06 0,05 0,15 0,00

Bridge Revenue (A 16 – A 15)
56
273,6
0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0
0,0
228,4
- 60,9
- 0,0
- 0,0
- 0,0 - 0,5 - 5,8
- 0,0
- 0,8 - 4,1
- 0,0
0,0
18,8 1,5 2,0 0,0
0,0
4,5
0,0
0,0
0,0
-
50
100
150
200
250
300
A - 15 FOREX ARG BRA CHI COL ECU MEX PER VEN SPAIN &
OTHERS
A - 16
Forex depreciation in Latam : -60.9 M€
Advancement in tariff update and higher
price in BBAA Contract (+11.8 M€), Dalkia
(+4.4 M€), and Industrial activity (+3.2 M€)
Aguascalientes (+3.0 M€), mainly due to
higher water production by extension service
(21h/day instead of 16h/day) (+2.2 M€)
Increase volume of tons received in Santiago
Poniente due to the fire in Santa Marta
landfill (+1.9 M€)
Update tariff and increase volume in Clé
contract (+1.7 M€)
Higher volume (+0.6 M€) and update tariff
(+0.7 M€) in Florianopolis contract
New projects in Peru (+1.3 M€): Milpo (+0.6
M€), EMMSA (+0.6 M€) and Emmsa II (+0.2
M€).
Decrease services in Barueri contract (-
1.7M€)
Loss Contracts:
- COL: Chicamocha (-1.9M€) &
Buenaventura Contract (-0.8 M€)
- -PER: Huachipa (-1.5 M€) & Siac Procom
contract (-1.9 M€)
- ARG: Avellaneda (-6.0 M€)
- I12 Interagua Contract (-4.8 M€)

Bridge Revenue (A 16 – B 16)
57
0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0
0,0
0,0 0,0 0,0 0,0
228,4
- 23,3
- 0,0 - 0,0 - 0,0
- 0,0
- 0,0
- 0,0 - 0,4 - 0,5 - 0,5 - 0,7 - 0,9 - 1,1 - 1,2 - 1,6 - 1,7 - 7,5
- 0,0
2,2 1,7 1,5 0,9 0,7 0,5 0,0 0,0 0,0 0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
-
50
100
150
200
250
Forex depreciation in Latam: -23.3 M€
Advancement tariff in CABA contract (+3.4
M€)
Higher water production by extension service
(21h/day instead of 16h/day) (+1.2 M€) &
updating tariff in Aguascalientes contract
(+0.7M€).
Increase volume of tons received in Santiago
Poniente due to the fire in Santa Marta
landfill (+1.5 M€)
New contracts in Brazil: Aguas de Palhoça
(+0.5M€) & Peru: EMMSA (0.2 M€) and
EMMSA II (+0.5M€)
Loss Avellaneda contract on 18th January,
instead of 31 st January budgeted (-0.5 M€)
Growth budgeted non made in Ecuador (-
0.7M€)
Decrease services in Barueri contract (-1.1M€)
Delay grothw budgeted in Colombia: Water (-
1.4 M€) & Waste (-0.3 M€)
Loss Chicamocha contract in A2015 non
budgeted (-1.6 M€)
Worst performance RIMSA (-1.2 M€)
Interagua contract (-7.5 M€), mainly by I12
impact @B2016 (-3.3 M€) & increase credit
note (-3.3 M€)

KFI Split by Activity
58
FX Rate
TOTAL WATER WASTE ENERGY
Revenue 228,4 93,5 123,6 11,3
EBITDA excluding Management Fees, Trade Mark and Know how A 39,4 18,3 21,4 -0,3
EBITDA 35,7 17,1 18,9 -0,3
EBITDA Margin (%) 15,63% 18,29% 15,27% -2,57%
Current EBIT 15,7 7,6 8,4 -0,3
of which Share of net income (loss) of JV and associates 1,0 1,0 0,0
Other operating revenue and expenses (*) -0,2 -0,2
Operating income 15,5 7,6 8,2 -0,3
Op Income Margin (%) 6,77% 8,08% 6,63% -2,50%
Industrial Investments -16,8 -7,5 -9,1 -0,2
Industrial Disposals 0,2 0,0 0,2 0,0
Net industrial investments B -16,6 -7,5 -8,9 -0,2
Net industrial investments / EBITDA (%) -46,57% -43,82% -47,34% 65,51%
Change in operating working capital (net) C -16,1 -10,4 -6,4 0,7
Simplified Free cash flow = A + B + C 3,0 -0,8 3,6 0,2
Financial investments (incl. newly consolidated affiliates) -2,6 1,0 -3,0 -0,5
Financial Disposals (incl. deconsolidation of affiliates) 1,5 -0,1 1,5
Net Financial Investments -1,1 0,9 -1,5 -0,5
Operating working capital 88,8 31,6 57,1 0,0
DSO 101 436
Capital Employed (incl. OFA) - end of period 573,1 348,4 224,1 0,6
NFD 231,3 52,4 178,0 0,9
ROCE calculation
Average Capital employed (incl. OFA)
ROCE before tax
SG&A analysis
SG&A Expenses excluding MFees, Trade Mark and Know how -19,9 -6,9 -11,3 -1,7
Management Fees, Trade Mark and Know how -3,7 -1,2 -2,5
SG&A excluding MFees, Trade Mark and Know how / Revenue (%) -8,72% -7,36% -9,18% -15,04%
Staff Costs (COS + SG&A) -64,1 -16,9 -42,6 -4,6
Average FTE 1.575 0 1.139 436
KEY FINANCIAL INDICATORS
Year To Date

Key Contracts (A2016 vs A2015)
59
MM€
KEYCONTRACTS PAIS MAY15 MAY16 DIF VAR(%) MAY15 MAY16 DIF VAR(%) MAY15 MAY16 DIF MAY15 MAY16 DIF VAR(%) MAY15 MAY16 DIF VAR(%) MAY15 MAY16 DIF VAR(%)
BBAA ARGENTINA 35,0 30,3 -4,6 -13,3% 5,5 5,2 -0,3 -6,0% 15,7% 17,1% 1,3% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
AVELLANEDA ARGENTINA 6,9 0,6 -6,4 -91,7% -0,1 -0,4 -0,3 453,5% -1,1% -74,4% -73,3% -0,1 -0,5 -0,4 302,0% 2,3 2,0 -0,3 -12,2% 0,8 0,9 0,1 13,3%
DELTACOM ARGENTINA 9,5 7,3 -2,2 -23,0% 0,7 0,7 0,0 7,4% 7,0% 9,8% 2,8% 0,1 -0,4 -0,5 -568,1% 5,0 5,5 0,6 11,3% -2,2 -2,8 -0,6 28,3%
DALKIA ARGENTINA 12,9 11,3 -1,6 -12,7% 0,9 -0,3 -1,2 -132,7% 6,9% -2,6% -9,4% 0,0 -0,2 -0,2 3291,8% 1,6 0,6 -0,9 -59,1% -0,2 0,9 1,1 -543,5%
BARUERI BRASIL 7,1 4,2 -2,9 -40,1% -0,7 1,1 1,8 -248,1% -10,3% 25,5% 35,8% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
IPERO BRASIL 4,3 3,6 -0,7 -15,4% 1,8 1,5 -0,4 -21,2% 43,0% 40,0% -2,9% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
FLORIANOPOLIS BRASIL 9,9 8,8 -1,2 -11,6% 3,0 2,2 -0,9 -28,3% 30,7% 24,9% -5,8% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
TRANSPORTEINDUSTRIAL BRASIL 2,9 2,1 -0,8 -27,2% 0,3 0,0 -0,2 -86,8% 8,7% 1,6% -7,1% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
GESTIONGLOBAL BRASIL 3,2 2,1 -1,1 -33,5% 0,8 0,4 -0,3 -44,5% 24,6% 20,5% -4,1% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
CLE BRASIL 8,0 7,5 -0,4 -5,5% 3,2 3,2 #¡DIV/0! 0,0% 43,2% 43,2% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
SANTIAGOPONIENTE CHILE 1,7 3,3 1,6 91,7% 1,1 1,9 0,9 82,6% 62,6% 59,6% -3,0% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
PSICOMMERCIAL&INDUSTRIALCOLLECTION CHILE 4,4 3,7 -0,6 -14,4% 0,7 0,4 -0,3 -45,2% 17,0% 10,9% -6,1% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
LASCONDES CHILE 2,1 2,0 -0,1 -6,1% 0,5 0,6 0,1 10,0% 25,0% 29,3% 4,3% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
LAYESCA CHILE 1,2 1,2 0,0 -0,3% 0,5 0,6 0,0 6,6% 44,2% 47,3% 3,1% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
MONTERIA COLOMBIA 6,8 5,6 -1,2 -17,7% 2,1 1,8 -0,4 -16,6% 31,2% 31,6% 0,4% -1,4 -0,8 0,6 -43,0% 8,7 13,8 5,1 58,6% -5,7 2,2 7,9 -138,2%
TUNJA COLOMBIA 4,4 4,0 -0,3 -7,8% 1,6 1,5 -0,1 -3,6% 36,2% 37,9% 1,7% -0,2 -0,3 -0,2 79,0% 18,1 13,6 -4,5 -25,0% 2,9 2,0 -0,9 -31,2%
CHICAMOCHA COLOMBIA 1,9 0,0 -1,9 -99,0% 0,3 -0,3 -0,6 -201,4% 15,8% -1651,0% -1666,8% 0,0 0,0 0,0 -122,2% 4,3 1,2 -3,1 -72,4% 3,1 1,6 -1,4 -46,3%
CUCUTA COLOMBIA 2,6 2,2 -0,4 -14,3% 0,5 0,5 0,0 -6,1% 18,8% 20,5% 1,8% -0,2 -0,1 0,1 -37,1% 2,0 1,8 -0,1 -5,8% -0,1 0,0 0,2 -137,5%
PALMIRA COLOMBIA 2,6 2,2 -0,4 -15,9% 0,5 0,4 -0,1 -20,7% 18,0% 17,0% -1,0% -0,2 -0,1 0,1 -38,1% 4,2 3,3 -0,9 -21,8% 1,0 0,8 -0,2 -20,8%
TULUA COLOMBIA 1,5 1,2 -0,3 -19,6% 0,3 0,1 -0,2 -56,9% 19,8% 10,6% -9,2% -0,1 -0,1 0,0 -39,0% 0,6 0,6 0,0 2,0% -0,2 0,1 0,2 -137,0%
BUGA COLOMBIA 1,4 1,3 -0,1 -9,2% 0,8 0,8 0,0 0,8% 57,6% 63,9% 6,3% -0,2 -0,8 -0,6 256,2% 2,1 1,8 -0,3 -13,3% 1,9 1,4 -0,5 -27,6%
PROACTIVADESERVICIOS COLOMBIA 1,8 1,0 -0,8 -43,0% 0,1 0,1 0,0 -12,8% 6,0% 9,2% 3,2% -0,1 -0,1 0,0 -13,5% 3,1 2,7 -0,4 -14,0% 2,6 2,5 0,0 -1,5%
INTERAGUA ECUADOR 61,8 56,0 -5,8 -9,3% 13,9 12,6 -1,3 -9,1% 22,5% 22,5% 0,1% -11,6 -5,6 6,0 -51,4% 190,2 208,5 18,3 9,6% 75,5 87,5 12,0 15,9%
AGUASCALIENTES MÉXICO 18,7 18,3 -0,4 -2,2% 3,7 3,4 -0,3 -7,7% 19,8% 18,7% -1,1% -0,2 0,0 0,2 -94,0% 89,3 75,2 -14,1 -15,8% -55,0 -50,4 4,6 -8,3%
DISTRITOFEDERAL(CADF) MÉXICO 3,7 3,4 -0,3 -8,9% 0,5 0,1 -0,4 -76,5% 13,6% 3,5% -10,1% 0,0 0,0 0,0 n/a 5,7 6,1 0,5 8,2% -6,8 -3,5 3,3 -49,1%
NUEVOLAREDO MÉXICO 2,9 2,6 -0,3 -10,1% 1,2 1,1 -0,1 -10,9% 41,3% 40,9% -0,4% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
GUADALUPE MÉXICO 2,6 2,2 -0,5 -17,5% 0,3 0,5 0,2 58,3% 11,4% 21,8% 10,4% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
TUXTLA MÉXICO 2,4 2,0 -0,4 -18,0% 2,0 -1,4 -3,4 -168,1% 82,5% -68,6% -151,1% -0,2 0,0 0,2 -83,0% 14,0 12,4 -1,6 -11,1% 16,9 16,6 -0,3 -1,8%
QUERETARO MÉXICO 2,0 1,5 -0,4 -22,2% 1,4 1,0 -0,4 -28,0% 70,5% 65,2% -5,3% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
TLALNEPANTLA MÉXICO 1,5 1,0 -0,5 -30,8% 0,7 0,6 -0,1 -19,7% 47,5% 55,1% 7,6% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
MORELIA MÉXICO 1,0 1,4 0,3 33,5% 0,6 0,6 0,0 7,1% 58,2% 46,7% -11,5% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
B.O.TQUERETAROII MÉXICO 1,8 1,4 -0,4 -24,3% 0,4 0,3 -0,1 -17,9% 22,2% 24,0% 1,9% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
RIMSA RIMSA 12,5 11,3 -1,2 -9,8% 2,0 1,6 -0,4 -21,7% 16,2% 14,1% -2,1% -0,9 -0,8 0,1 -12,3% 27,0 20,9 -6,1 -22,5% -2,6 0,0 2,5 -98,5%
TOTALKEYCONTRACT 243,1 206,7 -36,3 -14,9% 47,9 42,4 -5,5 -11,5% 19,7% 20,5% 0,8% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
EFNPAO EBITDA EBITDA(%) CAPEX CCEE

Key Contracts (A 2016 vs B2016)
60
MM€
KEYCONTRACTS PAIS B2016 MAY2016 DIF VAR(%) B2016 MAY2016 DIF VAR(%) B2016 MAY2016 DIF(%) B2016 MAY2016 DIF VAR(%) B2016 MAY2016 DIF VAR(%) B2016 MAY2016 DIF VAR(%)
BBAA ARGENTINA 34,3 30,3 -3,9 -11,5% 5,5 5,2 -0,3 -5,1% 15,9% 17,1% 1,1% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
AVELLANEDA ARGENTINA 1,2 0,6 -0,6 -51,9% -0,7 -0,4 0,3 -39,0% -58,7% -74,4% -15,7% 0,5 -0,5 -1,0 -186,3% 4,0 2,0 -2,0 -50,1% 6,3 0,9 -5,5 -86,4%
DELTACOM ARGENTINA 9,6 7,3 -2,3 -23,9% 0,7 0,7 0,0 3,4% 7,2% 9,8% 2,6% -2,6 -0,4 2,1 -83,2% 8,7 5,5 -3,1 -36,1% 1,1 -2,8 -4,0 -348,1%
DALKIA ARGENTINA 13,8 11,3 -2,5 -17,9% 0,1 -0,3 -0,4 -487,6% 0,5% -2,6% -3,1% -0,5 -0,2 0,3 -60,6% 1,1 0,6 -0,5 -41,6% -0,5 0,9 1,4 -263,3%
BARUERI BRASIL 5,2 4,2 -1,0 -18,8% 1,1 1,1 0,0 3,0% 20,1% 25,5% 5,4% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
IPERO BRASIL 3,4 3,6 0,2 6,6% 1,3 1,5 0,2 12,1% 38,1% 40,0% 2,0% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
FLORIANOPOLIS BRASIL 8,2 8,8 0,6 7,2% 2,2 2,2 0,0 0,2% 26,6% 24,9% -1,7% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
TRANSPORTEINDUSTRIAL BRASIL 2,3 2,1 -0,2 -9,7% 0,1 0,0 -0,1 -69,6% 4,7% 1,6% -3,1% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
GESTIONGLOBAL BRASIL 2,1 2,1 0,0 0,2% 0,3 0,4 0,1 35,1% 15,2% 20,5% 5,3% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
CLE BRASIL 6,4 7,5 1,1 17,5% 3,1 3,2 0,1 3,5% 49,0% 43,2% -5,9% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
SANTIAGOPONIENTE CHILE 1,9 3,3 1,4 73,1% 0,8 1,9 1,1 138,4% 43,3% 59,6% 16,3% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
PSICOMMERCIAL&INDUSTRIALCOLLECTION CHILE 4,4 3,7 -0,7 -15,7% 0,9 0,4 -0,5 -53,3% 19,6% 10,9% -8,8% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
LASCONDES CHILE 2,1 2,0 -0,1 -4,7% 0,5 0,6 0,1 17,6% 23,7% 29,3% 5,5% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
LAYESCA CHILE 1,1 1,2 0,0 3,5% 0,6 0,6 0,0 -2,2% 50,1% 47,3% -2,7% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
MONTERIA COLOMBIA 6,1 5,6 -0,5 -7,7% 1,9 1,8 -0,1 -6,2% 31,1% 31,6% 0,5% -2,5 -0,8 1,7 -68,5% 10,9 13,8 2,9 26,5% -1,7 2,2 3,8 -231,2%
TUNJA COLOMBIA 4,6 4,0 -0,6 -12,2% 1,5 1,5 0,0 -0,1% 33,3% 37,9% 4,6% -0,8 -0,3 0,5 -57,1% 14,4 13,6 -0,8 -5,3% 1,7 2,0 0,3 19,5%
CHICAMOCHA COLOMBIA 1,6 0,0 -1,6 -98,9% 0,1 -0,3 -0,4 -401,7% 6,2% -1651,0% -1657,2% -0,1 0,0 0,1 -105,0% 3,1 1,2 -1,9 -61,5% 2,4 1,6 -0,7 -30,5%
CUCUTA COLOMBIA 2,7 2,2 -0,5 -17,6% 0,6 0,5 -0,2 -27,9% 23,5% 20,5% -2,9% -0,2 -0,1 0,1 -50,7% 1,1 1,8 0,7 66,2% -1,4 0,0 1,4 -103,0%
PALMIRA COLOMBIA 2,4 2,2 -0,2 -8,7% 0,5 0,4 -0,1 -18,4% 19,0% 17,0% -2,0% -1,0 -0,1 0,9 -89,2% 3,8 3,3 -0,5 -12,9% 1,0 0,8 -0,2 -23,1%
TULUA COLOMBIA 1,4 1,2 -0,2 -11,4% 0,3 0,1 -0,1 -49,3% 18,6% 10,6% -7,9% -0,5 -0,1 0,4 -88,9% 0,8 0,6 -0,2 -25,2% 0,1 0,1 0,0 -0,3%
BUGA COLOMBIA 1,4 1,3 -0,1 -6,6% 0,8 0,8 0,0 4,5% 57,1% 63,9% 6,8% -1,4 -0,8 0,6 -39,8% 3,0 1,8 -1,2 -39,7% 2,8 1,4 -1,4 -49,2%
PROACTIVADESERVICIOS COLOMBIA 1,0 1,0 0,0 1,1% 0,1 0,1 0,0 71,2% 5,4% 9,2% 3,8% -0,2 -0,1 0,1 -60,6% 1,7 2,7 1,0 58,9% 1,8 2,5 0,8 44,7%
INTERAGUA ECUADOR 65,7 56,0 -9,7 -14,8% 13,3 12,6 -0,7 -5,2% 20,3% 22,5% 2,3% -23,3 -5,6 17,7 -75,8% 217,5 208,5 -9,0 -4,1% 102,8 87,5 -15,3 -14,9%
AGUASCALIENTES MÉXICO 18,6 18,3 -0,4 -1,9% 3,5 3,4 -0,1 -3,1% 18,9% 18,7% -0,2% -1,7 0,0 1,6 -99,3% 78,5 75,2 -3,3 -4,2% -59,3 -50,4 8,9 -15,0%
DISTRITOFEDERAL(CADF) MÉXICO 3,7 3,4 -0,3 -8,7% 0,1 0,1 0,0 33,8% 2,4% 3,5% 1,1% -0,5 0,0 0,5 -94,8% 1,5 6,1 4,6 307,1% -9,1 -3,5 5,6 -62,0%
NUEVOLAREDO MÉXICO 2,6 2,6 0,0 1,6% 1,1 1,1 0,0 -2,7% 42,7% 40,9% -1,8% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
GUADALUPE MÉXICO 2,4 2,2 -0,3 -11,0% 0,8 0,5 -0,3 -41,9% 33,5% 21,8% -11,6% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
TUXTLA MÉXICO 2,4 2,0 -0,5 -19,1% 0,9 -1,4 -2,3 -251,5% 36,6% -68,6% -105,2% -0,5 0,0 0,4 -90,9% 13,3 12,4 -0,9 -6,8% 16,4 16,6 0,2 1,5%
QUERETARO MÉXICO 1,7 1,5 -0,2 -11,3% 1,0 1,0 0,0 -0,4% 58,1% 65,2% 7,2% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
TLALNEPANTLA MÉXICO 1,4 1,0 -0,4 -26,1% 0,7 0,6 -0,1 -18,7% 50,1% 55,1% 5,0% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
MORELIA MÉXICO 1,2 1,4 0,2 16,8% 0,6 0,6 0,0 6,0% 51,4% 46,7% -4,7% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
B.O.TQUERETAROII MÉXICO 1,5 1,4 -0,1 -7,3% 0,3 0,3 0,0 14,7% 19,4% 24,0% 4,6% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
RIMSA RIMSA 13,8 11,3 -2,5 -18,1% 2,3 1,6 -0,7 -31,3% 16,8% 14,1% -2,7% -2,5 -0,8 1,8 -70,1% 25,1 20,9 -4,3 -16,9% -0,6 0,0 0,6 -93,9%
TOTALKEYCONTRACT 232,3 206,7 -25,6 -11,0% 46,7 42,4 -4,3 -9,2% 20,1% 20,5% 0,4% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
EFNPAO EBITDA EBITDA(%) CAPEX CCEE

Performance Indicators per Activity
61
94 M€; 41%
124 M€; 54%
11 M€; 5%
% Revenue / Activity
17,1 M€; 47%
18,9 M€; 52%
-0,3 M€; -1%
% Ebitda / Activity
7,6 M€; 47%
8,2 M€; 51%
-0,3 M€; -2%
% Op. Income/ Activity
-7,5 M€; -45%
-9,1 M€; -54%
-0,2 M€; -1%
% IndustrialInvestments/ Activity

Performance Indicators per BU / Activity
62
ARG BRA CHI COL ECU MEX PER VEN
Spain &
Others
ENERGY 11 M€ 0 M€ 0 M€ 0 M€ 0 M€ 0 M€ 0 M€ 0 M€ 0 M€
WASTE 45 M€ 29 M€ 12 M€ 9 M€ 0 M€ 29 M€ 0 M€ 0 M€ 0 M€
WATER 0 M€ 0 M€ 0 M€ 10 M€ 56 M€ 26 M€ 2 M€ 0 M€ 0 M€
0 M€
10 M€
20 M€
30 M€
40 M€
50 M€
60 M€ Revenue per BU/Activity
Spain &
Others
ENERGY -0,3 M€ 0,0 M€ 0,0 M€ 0,0 M€ 0,0 M€ 0,0 M€ 0,0 M€ 0,0 M€ 0,0 M€
WASTE 4,7 M€ 6,5 M€ 2,4 M€ 1,3 M€ 0,0 M€ 4,6 M€ 0,0 M€ 0,0 M€ -0,6 M€
WATER 0,0 M€ 0,0 M€ 0,0 M€ 3,0 M€ 11,9 M€ 3,6 M€ -0,9 M€ 0,0 M€ -0,5 M€
-2,0 M€
0,0 M€
2,0 M€
4,0 M€
6,0 M€
8,0 M€
10,0 M€
12,0 M€
14,0 M€ Ebitda BU/Activity
WASTE 3,2 M€ 4,8 M€ 0,8 M€ 0,5 M€ 0,0 M€ -0,3 M€ 0,0 M€ 0,0 M€ -0,7 M€
WATER 0,0 M€ 0,0 M€ 0,0 M€ 1,6 M€ 5,6 M€ 1,9 M€ -0,9 M€ 0,0 M€ -0,6 M€
-2,0 M€
-1,0 M€
0,0 M€
1,0 M€
2,0 M€
3,0 M€
4,0 M€
5,0 M€
6,0 M€ Op. Income per BU/Activity
Spain &
Others
WASTE -1,4 M€ -1,7 M€ -0,4 M€ -1,2 M€ 0,0 M€ -4,4 M€ 0,0 M€ 0,0 M€ 0,0 M€
WATER 0,0 M€ 0,0 M€ 0,0 M€ -1,1 M€ -5,6 M€ -0,4 M€ -0,3 M€ 0,0 M€ 0,0 M€
-6,0 M€
-5,0 M€
-4,0 M€
-3,0 M€
-2,0 M€
-1,0 M€
0,0 M€
Industrial Investments per BU/Activity

Monthly review latam mayo2016 v130616

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