Annual Report 2010 - AdP

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Economic and financial data 2005 2006 2007 2008 2009 POC 2009 IFRS 2010 IFRS Turnover 462.7 532.7 553.2 614.8 659.3 657.9 724.5 Tariff Deficit 3.8 28.0 37.6 41.6 33.7 32.5 37.3 Operational Income (1) 56.7 46.0 117.7 139.6 141.7 122.7 176.6 EBITDA (2) (3) Unit: € million 197.3 218.7 218.7 304.0 280.6 251.5 277.1 Financial Results (32.1) (76.0) (70.2) (90.5) (61,3) (18.9) (50.5) Net Income of the year 13.4 (32.9) 7.9 63.0 45.9 65.3 79.5 (1) Results before interest and taxation (2) Includes extraordinary results and excludes investment grants and tariff deficit (3) Deducting the effect of the gain from the sale of Aquapor and Recigroup, 2008 EBITDA would rise to € 261,000,000 2005 2006 2007 2008 2009 POC 2009 IFRS 2010 IFRS Tangible and Intangible Assets (net) 2,871.1 3,288.8 3,692.0 4,072.4 4,406.6 4,866.4 5,406.3 Investment 660.5 588.2 640.5 825.9 556.6 556.6 602.6 Costumer Debt (excluding deficits) (1) 270.8 315.8 256.2 231.7 264.3 264.3 315.7 Total Assets 3,924,1 4,575.2 5,027.1 5,592.9 6,006.8 6,446.6 7,213.4 Bank Debt - Medium and Long Term 549.8 792.4 1,175.6 1,574.7 2,003.5 2,030.1 2,416.1 Bank Debt - Short term 711.4 860.9 701.9 687.4 543.7 551.8 509.4 Bank Debt - Total 1,261.2 1,653.3 1,877.5 2,262.1 2,547.3 2,581.9 2,925.4 Investment Grants 1,071.4 1,215.1 1,627.4 1,706.1 1,761.6 1,761.6 1,842.5 Total Liabilities 3,320.4 3,950.1 4,388.4 4,881.4 5,254.4 5,586.6 6,284.9 Total Equity (2) Unit: € million 470.6 435.9 442.8 497.5 534.8 860.0 928.5 Non Controlled Interests 133.1 186.1 195.9 214.0 217.6 214.2 234.2 (1) Without specifying the earnings (2) Shareholder equity under IFRS also includes non controlled interests AdP Group operating data 2005 2006 2007 2008 2009 2010 Volume of Water Produced (1) (3) 622.2 629.2 609.8 622.4 641.3 643.3 Volume of Water Distributed (1) (4) 162.8 158.1 133.8 130.7 112.5 119.8 Volume of Wastewater Treated/Invoiced (1) 238.3 310.1 312.9 357 392.8 472.3 Volume of Urban Solid Waste Treated/Received (2) 3.2 3.4 3.5 3.7 3.6 3.7 Number of employees 5,115 5,334 5,200 5,500 5,251 5,847 (1) Unit: million m 3 (2) Unit: million tons (3) Includes waters produced by EPAL, UNA-PD and UNI (4) Includes waters distributed by EPAL and UNI
Economic and financial indicators 2005 2006 2007 2008 2009 POC 2009 IFRS 2010 IFRS Financial Structure (1) 2.7 3.8 4.2 4.5 4.8 3 3.2 Solvency Ratio (2) 0.5 0.4 0.5 0.5 0.4 0.5 0.4 Financial Autonomy (3) 0.4 0.4 0.4 0.4 0.4 0.4 0.4 Turnover Growth (4) 13.4% 9.9% 2.2% 11.2% 9.1% n.a. 9.9% EBITDA Margin (5) 43.0% 44.8% 42.4% 53.8% 44.8% 40.2% 40.3% ROCE before Tax (6) (7) 4.4% 2.4% 3.5% 5.7% 3.6% 2.6% 3.3% (1) Bank debt / equity (2) (Equity + Investment grants) / Liabilities (3) (Equity + Investment grants) / Assets (4) Net of tariff deficit (5) EBITDA (Operational income + Amortizations + Depreciations + Provisions - Tariff deficit - Investment grants) / Turnover net of tariff deficit (6) (EBIT / Capital employed; EBIT = Operational income - Tariff deficit Capital employed = Total net assets - Short term debt - Investment grants - Tariff deficit - Deferred tax asset (Tariff deficit) (7) ROCE 2008 influenced by the gain from the sale of Aquapor and Recigroup 462.7 532.7 553.2 Turnover (€ million ) 614.8 2005 2006 2007 2008 2009 POC 197.3 218.7 218.7 EBITDA (€ million) 304.0 659.3 657.9 280.6 2005 2006 2007 2008 2009 POC 2,871.1 2009 IFRS 251.5 2009 IFRS Tangible and Intangible Assets (net) (€ million) 3,288.8 3,692.0 4,072.4 4,406.6 2005 2006 2007 2008 2009 POC 4,866.4 2009 IFRS 724.5 2010 IFRS 277.1 2010 IFRS 5,406.3 2010 IFRS 56.7 46.0 Operational Income (€ million) 117.7 139.6 141.7 2005 2006 2007 2008 2009 POC 13.4 (32.9) 7.9 Net Income (€ million) 63.0 45.9 2005 2006 2007 2008 2009 POC 270.8 315.8 Costumer Debts (€ million) 256.2 231.7 2005 2006 2007 2008 2009 POC 122.7 2009 IFRS 65.3 2009 IFRS 264.3 264.3 2009 IFRS 176.6 2010 IFRS 79.5 2010 IFRS 315.7 2010 IFRS AdP Group_Annual Report 2010_10|11
Page 1: Annual Report 2010 AdP Group_Annual
Page 5 and 6: Table of Contents Chairman’s Mess
Page 7 and 8: the implementation of concession co
Page 9: AdP Group_Annual Report 2010_8|9
Page 13: 238.3 Volume of Wastewater treated
Page 16 and 17: the sector regulator and the Minist
Page 18 and 19: A - Corporate Governance
Page 21 and 22: A - Corporate Governance 1. Mission
Page 23 and 24: in certain regions of the country,
Page 25 and 26: with the Ministry of Environment an
Page 27 and 28: 3. Information on Relevant Transact
Page 29 and 30: Executive Board Under the terms of
Page 31 and 32: Executive Board Chairman Pedro Edua
Page 33 and 34: - Full member the European Banking
Page 35 and 36: - In October 2002, he was appointed
Page 37 and 38: - 1992-1993 - Director and Financia
Page 39 and 40: Member - Pedro António Martins Men
Page 41 and 42: • EPAL EPAL operates in the whole
Page 43 and 44: II. Remuneration and Other Costs (A
Page 45 and 46: The report highlights the strategy
Page 47 and 48: The average age within the group is
Page 49 and 50: Regarding staff costs, there was a
Page 51 and 52: “Boosting national participation
Page 53 and 54: - considering the objective establi
Page 55 and 56: • Treat employees with respect an
Page 57 and 58: 8. Code of Ethical Conduct Remunera
Page 59 and 60: The evaluation of risk is carried o
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Information included on the Company
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There is an important volume of lon
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[ blank page ] AdP Group_Annual Rep
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AdP Group_Annual Report 2010_66|67
Page 70 and 71:
The stabilisation of financial mark
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The approval of the Stability and G
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In 2010, the objectives to be achie
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The weighting of the fixed rate com
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Financial Risk Management - Complie
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6. Value Chain The AdP group operat
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average, the budget cycle of a mult
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We would also refer to how responsi
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As regards the population effective
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amount of grants conceded by the Eu
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A significant percentage of the app
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• In July 2010, AgdA- Águas Púb
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EPAL - Empresa Portuguesa das Água
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Of the investment carried out in 20
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8.2. Waste Empresa Geral do Fomento
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Waste Treated The eleven EGF group
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8.3. Energy and Other Businesses Th
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As regards feasible locations, the
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Key Events Brazil There was continu
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Key activities and events The year
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• design and production of integr
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10. Future Perspectives The present
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12. Proposed Appropriation of Profi
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C - Financial Statements for 2010
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Separate Financial Statements for t
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Financial Position Statement Lisbon
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Changes in total equity statement L
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Notes to the financial statements 1
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(b) recognition and subsequent meas
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The following are subsidiary compan
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Land is not depreciated. Depreciati
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Gains and losses resulting from a c
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isks of the asset in question. The
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3 Financial risk management policy
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4.1 Provisions and adjustments AdP
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) Extraordinary income Extraordinar
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Gross Assets 31.12.2008 Additions S
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10.1 Changes during the period 31.1
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iv) In 2009, Other debtors essentia
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At 31 December 2010, capital was fu
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The Group uses derivatives with the
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25. Staff costs 31.12.2010 31.12.20
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i) The table below lists the main g
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2009 Domestic banks Foreign banks T
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[ blank page ] AdP Group_Annual Rep
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9. The Audit Committee wishes to po
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Opinion 7. In our opinion, the abov
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5. We believe that the audit we per
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Consolidated Financial Statements f
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44. Other operational income and ga
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Consolidated income statement by na
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Consolidated statement of changes i
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Notes to the consolidated financial
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Vision and objectives for the 2008-
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- In terms of classification and me
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Below, a breakdown of the companies
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II - Unregulated activities a. EPAL
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If the difference is negative (tari
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2.7 Tangible fixed assets Tangible
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This category includes derivatives
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Financial assets available for sale
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The costs of past services are imme
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information on the conditions that
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The goal of capital risk management
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31.12.2009 Net income OPA 45,911,36
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7. Derivatives 7.1 Classification o
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- Águas do Centro (Contracts for c
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“Basic equipment” essentially i
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12. Financial investments in associ
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14. Derivatives 31.12.2010 31.12.20
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ii) As a result of changes to the v
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Debts per municipality in excess of
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Significant amounts were received f
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26. Provisions 31.12.2010 31.12.200
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27.1.5 Cost for the period 31 Decem
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Fixed interest rate 31.12.2010 31.1
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ii) The pig farming subsidy that wa
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36. Sales and supply of services pe
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40. Amortizations, provisions and r
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45. Financial costs 31.12.2010 31.1
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50. Contractual investment The esti
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Águas de Santo André, S.A. Instit
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Case no. CO/15/2010 - pertaining to
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Lisbon, 15 March 2011 António Manu
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9. The Audit Committee wishes to po
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5. Our audit also included a verifi
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- verifying consolidation transacti
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Photograph Captions Cover and Back
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Annual Report 2010 - AdP

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