Annual Report 2010 - AdP

The adoption in 2010 of the International Financial Reporting Standards (IFRS) in substitution of the previous regime established by
the Portuguese accountancy and auditing norms also involved restating 2009 financial reporting with an impact of around € 7 million
on the reduction of amortizations in the financial year and hence a change in the net annual financial result of 2009, rising from €
27.1 million to € 32.7 million.
The 2010 EBITDA generated by the company rose by 3% on the previous year even though not in keeping with the increase in
results given that these non-current impacts do not reflect in any growth in the cash flow generated.
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In fact, there was a € 2.1 million improvement in EBITDA, which, given the reduction in business turnover of € 1.6 million (-1.1%),
only proved possible via a reduction in costs, specifically on human resources.
In terms of the financial structure, the main change came with the valuation of equity capital and total net assets on 2008 brought
about by the application of the new accountancy framework with these breaking the € 500 million and € 900 million marks respectively.
In addition to this good business performance, we would highlight how EPAL continued to prove financially very robust, demonstrating
a strong capacity to meet all its short, medium and long term commitments.
The number of company members of staff as at 31 December was 746 employees, down 22 on the same date in 2009.
850
800
750
700
811
77
Net Income vs. EBITDA
(€ million)
801
33
2008 (POC) 2009 2010
Nº. of Employees
795
788
768
746
2005 2006 2007 2008 2009 2010
72
46
Net Annual Result EBITDA
74
Trends in Employee Numbers
by Level of Education
EPAL has nurtured the progressive rejuvenation of members of staff and raising levels of qualification, especially through programmes
such as Novas Oportunidades (New Opportunities), through which 102 employees have already gained certification. Employees with
higher and secondary levels of education today represent 58% of total company human assets, a figure that stood at just 40% in 2004.
2004
2010
480 173 153
313 209 224
Primary
Secondary
University
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