Andrade Gutierrez Engenharia 1Q19 Credit Report

02 July 2019

Download Publications (370.11 KB)

FINANCIAL HIGHLIGHS FOR 1Q19: CONTINUE PULLING MONEY OUT OF ANGOLA

AGE has been successfully making cash that it had “trapped” in many different countries readily available. In the last six months it was able to reduce its non-readily available cash and cash equivalents in Angola by BRL 156m, as it continues to receive international funds abroad to carry out work in Angola while selling domestic bonds in the African country to pay for it. The other noteworthy sign is that funds in Algeria declined to BRL 9m (See Table 1). In addition, AGE sold precatorios (legal claims) from the city of Manaus for BRL 23.6m, although collection occurred during 2Q19. The discount was around 40%-50%.