Annual Report 2010 - AdP

462.7
532.7
553.2
Turnover
(€ million)
614.8
2005 2006 2007 2008 2009
POC
659.3 657.9
2009
IFRS
724.5
2010
IFRS
Note: the values through to 2009 were based upon Portuguese accountancy norms with the IFRS standards adopted in 2010. In order to ensure comparability, the
2009 result was recalculated according to the latter framework.
3. EBITDA
Operational cash flow (EBITDA) rose to € 277 million (up € 25.6 million, 10.2%, on the 2009 result).
2005 2006 2007 2008 2009 POC 2009 IFRS 2010 IFRS
Turnover 462.7 532.7 553.2 614.8 659.3 657.9 724.5
Tariff Deficit 3.8 28.0 37.6 41.6 33.7 32.5 37.3
Operational Income (1) 56.7 46.0 117.7 139.6 141.7 122.7 176.6
EBITDA (2) (3) 197.3 218.7 218.7 304.0 280.6 251.5 277.1
Financial Results (32.1) (76.0) (70.2) (90.05) (61.3) (18.9) (50.5)
Net Income of the year 13.4 (32.9) 7.9 63.0 45.9 65.3 79.5
(1) Result before interest and taxation
(2) Includes extraordinary results and excludes investment grants and tariff deficits
(3) Deducting the gain recorded from the sale of Aquapor and Recigroup, 2008 EBITDA amounted to € 261 million
Note: the values through to 2009 were based upon Portuguese accountancy norms with the IFRS standards adopted in 2010. In order to ensure comparability, the
2009 result was recalculated according to the latter framework.
The largest contributions derive from a 10% increase in turnover and the reduction in human resource costs (and not yet subject to the further reductions
stipulated under the PEC that only come into effect in January 2011).
4. Financial Results
The group registered negative financial results of € 50 million. Costs incurred in financing amounted to around € 70 million while
earnings generated by applications came in at € 20 million.
In accordance with the prudent financial management practices of the group, around two thirds of medium and long term debt is
held at a fixed rate. The average spread on the group’s long-term debt is below 50 basis points, whether considering the variable
indexed rate or fixed rate bond issues.
The group has recorded the following trend in loan interest and level of debt over the last five years:
Year Interest
Average Rates
Year-end Debt (1) Interest Euribor 6 months
2006 46 1,653 3.2% 3.2%
2007 70 1,878 4.0% 4.4%
2008 102 2,262 4.9% 4.7%
2009 76 2,549 3.3% 1.4%
2010
(1) Amounts in € millions
70 2,902 2.7% 1.1%
The interest rates indicated also include the credit spread, a value that has gone up significantly in recent years.
AdP Group_Annual Report 2010_74|75