Annual Report 2010 - AdP

UNA-PD aggregate system - economic and financial indicators
Unit: thousands of euros
∆ 2010 / 2009
2008 2009 2010 Amount %
Turnover 270,534 311,084 351,982 40,898 13.1%
EBITDA 184,749 188,310 231,569 43,259 23.0%
Net Income of the year 19,049 18,581 24,109 5,529 29.8%
In the case of the operational cash flow indicator, this temporal evolution necessarily needs interpreting in conjunction with the adoption
of the IFRS accountancy standards in 2010 and the consequent contribution of the investment grants towards the operational result.
The core economic-financial indicators according to the new IFRS accountancy standards are the following:
Economic and financial indicators 2009 2010
EBITDA margin 65.25% 65.79%
General liquidity 0.69 0.69
Financial structure 5.76 6.25
Solvency ratio 0.79 0.86
Financial autonomy (%) 9.72% 9.17%
In terms of activities taking place in 2010, the UNA-PD public water supply and wastewater sanitation system management companies
completed a series of important infrastructures with their subsequent entry into operation, enabling the launch of services across
various sub-systems, the improvement of service levels and significant advances in operating performance standards. This progress
and the performance quality associated are indeed confirmed by the rising levels of drinking water quality levels as published annually
by the regulator, ERSAR.
There was also cooperation between the various companies in the Águas de Portugal Group, via technical support, mainly between
those which are geographically proximate, and also via the temporary loan of their technical staff.
Following the publication of Decree Law no. 195/2009, of 20 August, which implements changes to the legal regime for public water
supply and wastewater sanitation and municipal solid waste multi-municipal systems, reviews were also begun of concessionary
contracts in order to advance with any adjustments necessary for incorporating any and all changes stipulated by this law. Through
to the end of the third quarter, the concession holder was presented with the proposed decision for reviewing the EVEF and the
appendix to the concession contracts relating to practically all management companies.
In accordance with Law no. 12/2008, of 26 February, and later also Law no. 24/2008, management companies continued with the
systematic lodging of injunctions. Correspondingly, agreements for the recovery of debts were signed in 2010 for the amount of
around €38.1 million with payment orders initiated for the amount of approximately €42.1 million. Respectively, these represent a
decrease of 44% and an increase of 64% on the previous financial year.
In 2010, the main events for multi-municipal system management companies included:
•The Noroeste Multi-municipal Water Supply and Sanitation System was completed with the founding of the company Águas do Noroeste,
S.A., through Decree Law No. 41/2010, of 29 April and replacing the Multi-municipal Water Capture, Treatment and Supply System of
Norte Grande Porto, the Multi-municipal Water Supply and Sanitation System of Minho e Lima and the Multi-municipal Water Supply
and Sanitation System of Vale do Ave. The system integrates as original users the municipalities of Amarante, Amares, Arcos de Valdevez,
Barcelos, Cabeceiras de Basto, Caminha, Celorico de Basto, Esposende, Fafe, Felgueiras, Guimarães, Lousada, Maia, Melgaço, Monção,
Mondim de Basto, Paredes de Coura, Ponte da Barca, Ponte de Lima, Póvoa de Lanhoso, Póvoa de Varzim, Santo Tirso, Terras do Bouro,
Trofa, Valença, Viana do Castelo, Vieira do Minho, Vila do Conde, Vila Nova de Cerveira, Vila Nova de Famalicão, Vila Verde and Vizela. This
merger derives out of the objective of leveraging synergies with a positive impact on tariffs and economic and financial sustainability.
• On 1 May 2010, AdRA - Águas da Região de Aveiro, S.A. began activities as the management company for the public partnership
between the Portuguese State and the set of municipalities made up of Águeda, Albergaria-a-Velha, Aveiro, Estarreja, Ílhavo, Murtosa,
Oliveira do Bairro, Sever do Vouga and Vagos, founded in July 2009. In December 2010, the Ovar municipality joined this partnership.
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