Annual Report 2010 - AdP

Table of Contents
Chairman’s Message 06
The AdP Group 08
Main Events 15
A - Corporate Governance
1. Mission, Objectives and Policies 21
2. Internal and External Regulations 26
3. Information on Relevant Transactions 27
4. Corporate Governance Structure 28
4.1. Governing Bodies 28
4.2. Organisational Structure 40
5. Remuneration and Other Costs 42
6. Analysis of Sustainability 44
7. Compliance with the Principles of Good Governance 54
8. Code of Ethical Conduct 57
9. Risk Control 58
10. Preventing Conflicts of Interests 59
11. Reporting 60
12. Compliance with Instructions, Orders and Diverse Legislation 61
13. Trends in Average Payment Periods 63
14. Non-executive Director’s Report 64
B - AdP Group Operations
1. Introduction 69
2. Economic Environment 69
3. Sectorial Environment 71
4. Economic and Financial Analysis 74
5. Shareholdings Portfolio 79
6. Value Chain 80
7. Regulation 81
8. Business Units 83
8.1. Water and Wastewater 83
8.2. Waste 98
8.3. Energy and Other Businesses 102
8.4. International 104
8.5. Shared Services 107
9. Changes to Accountancy Norms 111
10. Future Perspectives 112
11. Final Considerations 113
12. Proposed Appropriation of Profit 114
13. Notes to the Annual Report 115
C - Financial Statements for 2010
Separate Financial Statements 146
Report and Opinion of the Audit Committee 161
Legal Certification of Individual Accounts 163
Auditors’ Report 165
Consolidated Financial Statements 191
Report and Opinion of the Audit Committee 241
Legal Certification of Consolidated Accounts 243
Auditors’ Report 245
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