Annual Report 2010 - AdP

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Consolidated statement of cash flow Lisbon, 15 March 2011 Unit: euros 31.12.2010 31.12.2009 Operating activities Flows generated by operations Accounts receivable - customers 743,822,379 667,673,799 Payments to suppliers (283,067,560) (272,624,582) Payments to staff (121,984,009) (124,786,258) Flows generated by operations Other operational flows 338,770,810 270,262,959 (Payable)/receivable corporate income tax (IRC) (27,832,708) (22,362,252) Other receivables/(payments) related to operating act. (99,973,770) (41,367,988) Other operational flows (127,806,478) (63,730,240) Total operating activities (1) Investment activities Income from: 210,964,332 206,532,719 Financial investments 63,096,292 2,423,036 Tangible fixed assets 152,334 2,384,720 Intangible assets 258,826 1,220 Investment grants 174,994,628 189,199,256 Interest and similar income 11,541,505 11,845,192 Dividends 24,793 3,721 Subtotal Payments related to: 250,068,378 205,857,145 Financial investments (48,126,221) (20,865,624) Tangible fixed assets (62,124,427) (34,753,863) Intangible assets (422,712,871) (525,228,261) Subtotal (532,963,519) (580,847,748) Total investment activities (2) Financing activities Income from: (282,895,141) (374,990,603) Loans obtained 877,044,789 769,122,554 Paid up capital, additional payments 7,203,218 331,365 Subtotal Payments related to: 884,248,007 769,453,919 Loans obtained (552,888,828) (426,857,913) Interest and similar gains (71,165,986) (87,814,275) Dividends (36,203,510) (19,568,372) Capital decrease additional payments - 1,500,000 Subtotal (660,258,324) (532,740,560) Total financing activities (3) 223,989,683 236,713,359 Changes in cash and cash equivalents (1 + 2 + 3) 152,058,874 68,255,475 Effects of foreign exchange differences 8,907 27,624 Cash and cash equivalents at the start of the period 148,952,995 77,759,616 Perimeter changes 5,394 2,910,280 Cash and cash equivalents at the end of the period 301,026,170 148,952,995 31.12.2010 31.12.2009 Cash and banks 478,840,367 299,236,062 Bank overdrafts (177,814,198) (150,283,067) 301,026,170 148,952,995 The Board of Directors Pedro Eduardo Passos da Cunha Serra (Chairman) António Manuel da Silva Branco (Member) João Manuel Lopes Fidalgo (Member) José Maria Martins Soares (Member) Justino Manuel Matias Carlos (Member) Joaquim José de Oliveira Reis (Non-Executive Member) José Fernando Maia de Araújo e Silva (Non-Executive Member) The Statutory Accountant Carla Isabel Costa Pinto Ribeiro
Notes to the consolidated financial statements 1. General information 1.1. Introduction AdP - Águas de Portugal, SGPS, S.A. (henceforth also referred to as AdP Group) was established on 29 September 1993, head quarter at Rua Visconde Seabra nº3 in Lisbon. AdP, SGPS, S.A.’s shareholders are Parpública, SGPS, S.A. (72.18% of share capital), Parcaixa, SGPS, S.A. (19.00%) and the Direcção Geral do Tesouro (National Treasury) (8.82%). AdP, SGPS, S.A. was given the responsibility for developing in Portugal of multi-municipal systems for the collection, treatment and distribution of water for public consumption, and the collection, treatment and disposal of urban waste water and the treatment of municipal solid waste. In 1998, the Company’s mission became broader, initiating a diversification process in terms of business segments and geographically broadening its work to the segment of water distribution and wastewater collection from the populations served in the domestic and international markets. 1.2. Economic activity 1.2.1 Regulated and conceded activity The concession contracts model created for the multi-municipal systems has the following characteristics: (i) concession infrastructure and equipment are constructed or acquired by the concessionaire company; (ii) the financing of these acquisitions/constructions is partially conducted with EU grants and long-term financing conducted by the European Investment Bank; (iii) the concessionaire is obliged to create a capital replenishment fund (in order to cover the return of the invested capital at the end of the concession); (iv) the sale prices (tariff) practiced are set by the Awarding Authority and approved by the regulating entity (ERSAR) and include a portion of capital return corresponding to a base rate of Treasury Bill issues (TBA). The six month Euribor rate or the Treasury Bonds (TB) rate accrued by three percentage points as a risk premium. AdP Group has ensured its remuneration through rebalancing clauses of the concession contract. These concessions generally have a duration of 30 years. 1.2.1.1 UNA-PD (Water Production and Purification) The companies that make up this segment have a concession attributed by the State under an exclusivity regime to supply water and wastewater sanitation services. The concession contracts include high level of investment to be conducted by the concessionaire company. Financing is obtained via European Community funds, bank loans, total equity and internally generated resources, while the municipalities to whom the company supplies services are also shareholders. The service supplied is paid via the tariff established by the Awarding Authority, approved by the regulator (ERSAR) and invoiced to the municipalities that are served by each concession, and one of the characteristics of the concession contract is guaranteeing the return of invested capital. 1.2.1.2 UNR (Waste Business Unit) In 2000, within the scope of the strategic guidelines for consolidating the main business group within the area of environment, AdP, SGPS, S.A began to fully own Empresa Geral do Fomento, S.A (henceforth also known as EGF) and via this company controlled its affiliates, which were given the responsibility of developing multi-municipal systems for collecting and treating municipal solid waste. The companies that make up this segment have a concession attributed by the State under an exclusivity regime to manage and improve solid waste (Waste area). Concession contracts include high levels of investment to be made by the concessionaire company and financing is obtained via European Community funds, bank loans, shareholder equity and internally generated resources, while the municipalities to whom the company supplies services are also total. The service supplied is paid via the tariff established by the Awarding Authority, approved by the regulator (ERSAR) and invoiced to the municipalities that are served by each concession, and one of the characteristics of the concession contract is guaranteeing the return of invested capital. 1.2.1.3 Partnerships The companies that make up this segment are the result of a contract between the Portuguese State and the municipalities that make up the Partnership, and via the Partnership they have decided to group together the respective systems into a territorial system of water, also consisting of infrastructure and equipment constructed by the Partnership, according to a general technical solution and have delegated to the State, under a public partnership regime, operation and management of water services. As such, the Partnership has exclusive rights over water for public consumption and, when applicable, collection and treatment of water for this purpose, as well as exclusivity over collection of urban wastewater and, when applicable, the respective treatment and rejection in the areas covered by the System. They also include construction, renovation, repair, maintenance and improvement of infrastructure, AdP Group_Annual Report 2010_176|177
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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
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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
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 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: Consolidated statement of changes i
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
Page 197 and 198: information on the conditions that
Page 199 and 200: The goal of capital risk management
Page 201 and 202: 31.12.2009 Net income OPA 45,911,36
Page 203 and 204: 7. Derivatives 7.1 Classification o
Page 205 and 206: - Águas do Centro (Contracts for c
Page 207 and 208: “Basic equipment” essentially i
Page 209 and 210: 12. Financial investments in associ
Page 211 and 212: 14. Derivatives 31.12.2010 31.12.20
Page 213 and 214: ii) As a result of changes to the v
Page 215 and 216: Debts per municipality in excess of
Page 217 and 218: Significant amounts were received f
Page 219 and 220: 26. Provisions 31.12.2010 31.12.200
Page 221 and 222: 27.1.5 Cost for the period 31 Decem
Page 223 and 224: Fixed interest rate 31.12.2010 31.1
Page 225 and 226: 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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Annual Report 2010 - AdP

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