Annual Report 2010 - AdP

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13. Group companies 31.12.2010 31.12.2009 AdP Serviços, S.A. 4,587,464 5,000,000 Águas do Noroeste, S.A. - 800,000 Águas de Trás-os-Montes e Alto Douro, S.A. - 5,000,000 Simria, S.A. - 5,000,000 Águas do Oeste, S.A. 5,000,000 - AgdA - Águas Públicas do Alentejo, S.A. 5,000,000 - Águas do Algarve, S.A. - 10,000,000 AdP Energias, S.A. 1,200,000 - AdRA - Águas da Região de Aveiro, S.A. 1,000,000 500,000 Empresa Geral do Fomento, S.A. 6,200,000 9,342,890 Valorsul, S.A. 4,500,000 1,500,000 Águas de Santo André, S.A. 2,567,532 1,103,228 EPAL, S.A. 6,139,852 - 36,194,848 38,246,118 Group companies include various treasury supports. In 2010, AdP SGPS began applying the Special Taxation Regime. This tax consolidation perimeter included the following companies: AdP SGPS, S.A., AdP Serviços, EPAL, EGF, AdP Internacional, Águas de Santo André, AdP Energias and AdP Imobiliária. Under this regime, the tax is paid by the parent company and the associated companies that are part of the tax consolidation are debtors or creditors of the amount of tax in proportion to their participation. Below, the accounts receivable of AdP SGPS at year end: 31.12.2010 AdP Serviços 587,464 Águas de Santo André 1,557,035 EPAL 6,139,852 8,284,351 14. Other accounts receivable - current 31.12.2010 31.12.2009 Interest receivable i) 1,762,421 9,027,298 Interest on term deposits ii) 537,505 246,895 Bank charges 956,680 1,072,258 Deferral of EIB financing charges 191,962 401,586 Requested reimbursement - Cohesion Fund 726,207 726,207 Participation in Management Boards iii) 506,439 351,983 Other balances from other debtors iv) 6,407,694 16,797,545 11,088,908 28,623,772 i) In 2009 this item included interest receivable from Águas de Guariroba (a company that acquired Prolagos) and interest receivable from Agrupamento DST/Criar Vantagens/Investhome from the sale of the Aquapor Group; ii) The increase in the deferral of interest from term deposits is due to the fact that the Company had made various deposits at end 2010, in contrast with 2009 when it made them over the course of the year; iii) The increase in deferral of the participation in management boards is strictly due to the fact that the wage committee minutes of the associated company Simdouro were drafted at the end of 2010, and the invoicing was not done until 2011, in the approximate amount of 159,000 euros;
iv) In 2009, Other debtors essentially included short-term amounts from debts from Águas de Guariroba (8,649,170 euros) and Agrupamento DST/Criar Vantagens/Investhome (6,188,122 euros). 2010 includes only the last instalment owed by Agrupamento DST/Criar Vantagens/Investhome. 15. Income tax of the year 31.12.2010 31.12.2009 Income before taxes 27,569,190 46,583,531 Dividends received (30,116,770) (31,238,347) Other adjustments 8,265,426 1,810,147 Taxable amount (tax loss/profit) 5,717,846 17,155,331 Corporate income tax (IRC) 25% - - Municipal surtax 1.5% 178,714 257,330 Normal charge - - Itemized deductions (5,717,846) (17,155,331) Collection of IRC and Municipal surtax (recoverable/payable) 178,714 257,330 Independent taxation 46,925 61,579 Current taxes 225,638 318,909 Payments on account 948,574 58,013 Withholding tax 1,408,623 2,746,387 Tax perimeter current tax (6,001,991) - (3,870,432) 2,485,491 15.1 Deferred tax Contribution/ Use/ Item Rate 31.12.2009 Correction Reduction 31.12.2010 Deferred tax assets Provisions 5,365,582 2,452,872 - 7,818,454 Losses carried forward 46,312,380 (10,439,730) (5,717,846) 30,154,804 Taxable amount 51,677,962 (7,986,858) (5,717,846) 37,973,258 Tax rate: Corporate income tax (IRC)… 25.00% 12,919,490 (1,996,715) (1,429,462) 9,493,314 Municipal surtax… 1.50% 80,484 36,793 - 117,277 Tax… 12,999,974 (1,959,921) (1,429,462) 9,610,591 Impairment… 12,999,974 1,959,921 1,429,462 9,610,591 Deferred tax assets - - - - Deferred tax liabilities Revaluations - - - - Capital gains reinvestment - - - - Other - - - - Taxable amount… - - - - Tax rate: Corporate income tax (IRC)… 25.00% - - - - Municipal surtax… 1.50% - - - - Deferred tax liabilities - - - - AdP Group_Annual Report 2010_146|147
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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
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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
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 and 140: 4.1 Provisions and adjustments AdP
Page 141 and 142: ) Extraordinary income Extraordinar
Page 143 and 144: Gross Assets 31.12.2008 Additions S
Page 145: 10.1 Changes during the period 31.1
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
Page 191 and 192: This category includes derivatives
Page 193 and 194: Financial assets available for sale
Page 195 and 196: 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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