Annual Report 2010 - AdP

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31.12.2009 01.01.2009 Total equity OPA 534,758,177 497,540,813 Presumed cost - cancellation of the equity method (44,808,302) - Presumed cost - adjustment of the dividends value 31,238,347 - Presumed cost - other adjustments 1,040,597 - Fair value of derivatives (5,929,623) (13,163,823) Foreign exchange updating of debts (1,494,447) (7,142,860) Cancellation of provisions 1,073,975 1,073,975 Total adjustments (18,879,453) (19,232,708) Total equity IFRS 515,878,725 478,308,105 31.12.2009 Net income OPA 45,911,366 Presumed cost - cancellation of the equity method (44,808,302) Presumed cost - adjustment of the dividends value 31,238,347 Presumed cost - other adjustments 1,040,597 Fair value of derivatives 7,234,200 Foreign exchange updating of debts 5,648,414 Cancellation of provisions - Total adjustments 353,256 Net income IFRS 46,264,622 Adjustments a) Presumed cost - cancellation of the equity method Capital holdings held by AdP, under IFRS 1 and IAS 27, are now valued at presumed cost, i.e. at the book value of the previous standard (OPA) at the date of the transition (1 January 2009). As such, the effect of the equity method used in 2009 was cancelled. b) Presumed cost - adjustment of the dividends value Capital holdings held by AdP, under IFRS 1 and IAS 27, are now valued at presumed cost, i.e. at the book value of the previous standard (OPA) at the date of the transition (1 January 2009). As such, the effect of the dividends received in 2009 was cancelled, recorded under results. c) Presumed cost - other adjustments Financial holdings held by AdP, under IFRS 1 and IAS 27, are now valued at presumed cost, i.e. at the book value of the previous standard (OPA) at the date of the transition (1 January 2009). As such, other adjustments made to financial holdings in 2009 were cancelled. d) Fair value of derivatives AdP uses swaps to mitigate foreign exchange and interest rate risk. In accordance with the previous standard, these swaps were not relevant to the accounts, and were only stated in the notes to the accounts. Under the IFRS, these swaps are recorded on the balance sheet at fair value under results. e) Foreign exchange updating Under the IFRS, it was determined that one of the financing operations was obtained in a currency different from the one that AdP uses. Accordingly, a foreign exchange update was made to this responsibility. It should be pointed out that AdP has used an exchange rate swap operation to offset the foreign exchange effect. f) Cancellation of provisions One of the provisions created in the previous standard did not consider all of the requirements stipulated in IFRS 37 and thus for the purposes of IFRS was reversed on the transition date. Reclassifications a) Reclassification of Corporate Income Tax (IRC) Under IAS 1, the value of IRC receivable or payable must be stated on the face of the balance sheet. As such, the amounts that used to be included under items related to the State and other public entities were separated and stated on a separate line.
) Extraordinary income Extraordinary income of 2009 was reclassified for the respective natures in the income statement and respective notes to the accounts. 6. Financial instruments (IFRS 7) 6.1 Per IAS 39 category Loans and Assets at Liabilities Others not accounts fair value Liabilities at at fair classified as Balance receivable under amortized value under financial sheet total at (assets) results cost results Total instruments 31.12.2010 Intangible assets - - - - - 1,509,319 1,509,319 Tangible fixed assets - - - - - 28,017 28,017 Financial investments 731,291,204 - - - 731,291,204 731,291,204 Loans to group companies 224,551,800 - - - 224,551,800 - 224,551,800 Other accounts receivable 11,088,908 - - - 11,088,908 - 11,088,908 Customers 7,078,827 - - - 7,078,827 - 7,078,827 Group companies 36,194,847 - - - 36,194,847 - 36,194,847 Derivatives - 2,227,586 - - 2,227,586 (2,227,586) - Tax of the year - - - - - - - Cash and cash equivalents 144,744,618 - - - 144,744,618 - 144,744,618 Total assets 1,154,950,204 2,227,586 - - 1,157,177,790 (690,250) 1,156,487,540 Provisions - - - - - 7,818,454 7,818,454 Bank loans - - 602,354,071 - 602,354,071 - 602,354,071 Derivatives - - - 14,914,691 14,914,691 - 14,914,691 Suppliers - - 834,637 - 834,637 - 834,637 Other creditors - - 8,088,011 - 8,088,011 - 8,088,011 Tax of the year - - 3,870,432 - 3,870,432 - 3,870,432 Total liabilities - - 615,147,151 14,914,691 630,061,842 7,818,454 637,880,296 Loans and Assets at Liabilities Others not accounts fair value Liabilities at at fair classified as Balance receivable under amortized value under financial sheet total at (assets) results cost results Total instruments 31.12.2009 Intangible assets - - - - - 1,509,318 1,509,318 Tangible fixed assets - - - - - 44,999 44,999 Financial investments 708,163,888 - - - 708,163,888 - 708,163,888 Loans to group companies 179,821,330 - - - 179,821,330 - 179,821,330 Other accounts receivable 60,759,134 - - - 60,759,134 - 60,759,134 Customers 7,435,040 - - - 7,435,040 - 7,435,040 Group companies 38,246,119 - - - 38,246,119 - 38,246,119 Derivatives - 2,477,311 - - 2,477,311 (2,477,311) - Tax of the year - - - - - 2,485,491 2,485,491 Cash and cash equivalents 143,233,353 - - - 143,233,353 - 143,233,353 Total assets 1,137,658,864 2,477,311 - - 1,140,136,175 1,562,497 1,141,698,672 Provisions - - - - - 7,818,454 7,818,454 Bank loans - - 599,307,903 - 599,307,903 - 599,307,903 Derivatives - - - 9,334,823 9,334,823 - 9,334,823 Suppliers - - 1,149,254 - 1,149,254 - 1,149,254 Other creditors - - 8,209,512 - 8,209,512 - 8,209,512 Total liabilities - - 608,666,669 9,334,823 618,001,492 7,818,454 625,819,946 AdP Group_Annual Report 2010_140|141
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Annual Report 2010 AdP Group_Annual
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Table of Contents Chairman’s Mess
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the implementation of concession co
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AdP Group_Annual Report 2010_8|9
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Economic and financial indicators 2
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238.3 Volume of Wastewater treated
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the sector regulator and the Minist
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A - Corporate Governance
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A - Corporate Governance 1. Mission
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in certain regions of the country,
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with the Ministry of Environment an
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3. Information on Relevant Transact
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Executive Board Under the terms of
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Executive Board Chairman Pedro Edua
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- Full member the European Banking
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- In October 2002, he was appointed
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- 1992-1993 - Director and Financia
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Member - Pedro António Martins Men
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• EPAL EPAL operates in the whole
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II. Remuneration and Other Costs (A
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The report highlights the strategy
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The average age within the group is
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Regarding staff costs, there was a
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“Boosting national participation
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- considering the objective establi
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• Treat employees with respect an
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8. Code of Ethical Conduct Remunera
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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
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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
Page 90 and 91: A significant percentage of the app
Page 92 and 93: • In July 2010, AgdA- Águas Púb
Page 94 and 95: EPAL - Empresa Portuguesa das Água
Page 96 and 97: Of the investment carried out in 20
Page 98 and 99: 8.2. Waste Empresa Geral do Fomento
Page 100 and 101: Waste Treated The eleven EGF group
Page 102 and 103: 8.3. Energy and Other Businesses Th
Page 104 and 105: As regards feasible locations, the
Page 106 and 107: Key Events Brazil There was continu
Page 108 and 109: Key activities and events The year
Page 110 and 111: • design and production of integr
Page 112 and 113: 10. Future Perspectives The present
Page 114 and 115: 12. Proposed Appropriation of Profi
Page 116 and 117: C - Financial Statements for 2010
Page 119 and 120: Separate Financial Statements for t
Page 121 and 122: Financial Position Statement Lisbon
Page 123 and 124: Changes in total equity statement L
Page 125 and 126: Notes to the financial statements 1
Page 127 and 128: (b) recognition and subsequent meas
Page 129 and 130: The following are subsidiary compan
Page 131 and 132: Land is not depreciated. Depreciati
Page 133 and 134: Gains and losses resulting from a c
Page 135 and 136: isks of the asset in question. The
Page 137 and 138: 3 Financial risk management policy
Page 139: 4.1 Provisions and adjustments AdP
Page 143 and 144: Gross Assets 31.12.2008 Additions S
Page 145 and 146: 10.1 Changes during the period 31.1
Page 147 and 148: iv) In 2009, Other debtors essentia
Page 149 and 150: At 31 December 2010, capital was fu
Page 151 and 152: The Group uses derivatives with the
Page 153 and 154: 25. Staff costs 31.12.2010 31.12.20
Page 155 and 156: i) The table below lists the main g
Page 157 and 158: 2009 Domestic banks Foreign banks T
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Page 162 and 163: 9. The Audit Committee wishes to po
Page 164 and 165: Opinion 7. In our opinion, the abov
Page 166 and 167: 5. We believe that the audit we per
Page 169 and 170: Consolidated Financial Statements f
Page 171 and 172: 44. Other operational income and ga
Page 173 and 174: Consolidated income statement by na
Page 175 and 176: Consolidated statement of changes i
Page 177 and 178: Notes to the consolidated financial
Page 179 and 180: Vision and objectives for the 2008-
Page 181 and 182: - In terms of classification and me
Page 183 and 184: Below, a breakdown of the companies
Page 185 and 186: II - Unregulated activities a. EPAL
Page 187 and 188: If the difference is negative (tari
Page 189 and 190: 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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