Annual Report 2010 - AdP

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52. Subsequent events In February 2011, AdP Group received from the Grantor (Ministry of the Environment and Territorial Planning) a letter requesting that AdP - Águas de Portugal, SGPS, S.A., in the capacity of majority shareholder of the entities that manage the multi-municipal systems of supply, sanitation, and recovery and treatment of waste, promote the necessary studies and submit to the Grantor a proposal to revise the concessions contracts in relation to which changes have been made that have a relevant impact on the financial balance of the concessionaires. Also in February, AdP SGPS, S.A received a joint order from the Ministry of Finance and the Environment stating that: “- A AdP - Águas de Portugal, SGPS, S.A., via its affiliate AdP Energias - Energias Renováveis e Serviços Ambientais, S.A., should initiate the necessary procedures for constructing and implementing an Energy Recovery Plant for WTP muds and WDF, keeping the responsible ministries responsible for the shareholder function informed. “- A AdP - Águas de Portugal, SGPS, S.A., via its affiliate AdP Energias - Energias Renováveis e Serviços Ambientais, S.A., shall guarantee the participation of the partner or partners of the private sector in the project for constructing the ERP, complying with the necessary and essential conditions of equality, competition and transparency. “- A AdP - Águas de Portugal, SGPS, S.A., via its affiliate AdP Energias - Energias Renováveis e Serviços Ambientais, S.A., implements the necessary conditions to guarantee that there is no cross-subsidization between the activities for managing waste, managing water and managing wastewater. “- A AdP - Águas de Portugal, SGPS, S.A., via its affiliate AdP Energias – Energias Renováveis e Serviços Ambientais, S.A., shall guarantee the sustainability of the project and the return on invested capital shall reflect the underlying risk and said risk shall be duly assessed. - A AdP - Águas de Portugal, SGPS, S.A., through affiliate AdP Energias – Energias Renováveis e Serviços Ambientais, S.A., shall submit studies regarding the economic and financial feasibility of the project, along with the business plan of the Company to be created for the purpose of prior authorization from the ministry, which must be granted under the law and such studies must be duly incorporated into the plan of activities and budget of AdP for 2011 and within the debt control limit policies stipulated in the SGP 2010-2013.”
Lisbon, 15 March 2011 António Manuel da Silva Branco (Member) José Maria Martins Soares (Member) Joaquim José de Oliveira Reis (Non-Executive Member) Pedro Eduardo Passos da Cunha Serra (Chairman) The Statutory Accountant Carla Isabel Costa Pinto Ribeiro João Manuel Lopes Fidalgo (Member) Justino Manuel Matias Carlos (Member) José Fernando Maia de Araújo e Silva (Non-Executive Member) AdP Group_Annual Report 2010_238|239
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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
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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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Page 189 and 190: 2.7 Tangible fixed assets Tangible
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Page 193 and 194: Financial assets available for sale
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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
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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
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Page 225 and 226: ii) The pig farming subsidy that wa
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Page 231 and 232: 45. Financial costs 31.12.2010 31.1
Page 233 and 234: 50. Contractual investment The esti
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Page 237: Case no. CO/15/2010 - pertaining to
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Page 244 and 245: 5. Our audit also included a verifi
Page 246 and 247: - verifying consolidation transacti
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Annual Report 2010 - AdP

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