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Antilliaans Dagblad Dinsdag 5 september 2017 ADVERTENTIE 11

that will yield operational eﬃ ciency of sustainable renewables in our were the basis for an A- ﬁ nancial rating,
and customer satisfaction. The results production mix, while at the same time awarded by Standard & Poor’s.
of this program launched mid-2016, ensuring stability of our grid. The prestigious international credit
will be visible to the wider public in rating agency, also avouched the future
Getting a company like Aqualectra customers and their satisfaction. 2017. Knowing that it is our people Financial results plans and reported a ‘stable outlook’ for
ﬁ t for the future, is not a simple that ultimately drive the change, we The positive ﬁ nancial results reported the company.
task. Changing such an important The utilities industry is at a pivotal silver lined this program with a clear for 2016 were attained, in spite
cornerstone of Curaçao’s community, crossroad, seemingly moving into vision towards Organizational Change of a decline in revenues from the We are excited about the future.
requires vision, cohesiveness and an era of empowered customers. Management, starting at the core, a sale of water and electricity, due to The transitional phase which we
a strong focus on service to our Worldwide, radical technological corporate cultural change. the continuous decrease in tariﬀ s. are currently in will ultimately yield
customers. We look back on 2016 with changes are disrupting the utilities Over the past 5 years, the tariﬀ s for exceptional results. We cannot wait
modest satisfaction: a year in which industry. This is changing the demand Challenged electricity and water decreased with to show the results to our customers,
important milestones were reached pattern of the consumer. We are aware Late 2016, Aqualectra confronted respectively 26% and 5%. This could Shareholder and other stakeholders
and ﬁ rm steps were taken towards of the impact that this development various challenges in meeting the not have been realized without the and are sure that the results will propel
Aqualectra’s ambition to become the could have on Aqualectra’s market Island’s energy demand. We were investments incurred during that our community to a next level.
‘Utility of the Future’. and consequently on its operations. faced with capacity shortages which period and our constant eﬀ orts to
Therefore, we chose to embrace the led to brown-outs. The inconveniences increase eﬃ ciency, mainly in the usage On behalf of the Board of Managing
Becoming the change in technology and business caused to our customers is something of fuel. The proﬁ t aft er tax (ANG 49.2 Directors,
‘Utility of the Future’ models. that we deeply regret. We worked million) was completely appropriated
At the very core of everything we do, diligently in solving the acute shortages to the replenishment of Aqualectra’s
lies the wellbeing of the community It is with the aforementioned in mind and simultaneously started with the accumulated losses, which have been
we serve. Aqualectra is here to that we launched several projects preparation of the expansion of our signiﬁ cantly depleted, aft er a few years
fundamentally contribute to the during 2016 with the aim to improve capacity. This expansion will not only of negative ﬁ nancial results.
quality of life in Curaçao. It is therefore the service to our customers. Aft er come from fossil fuel based production The Shareholder’s equity increased
imperative, that every step we take improving our technical eﬃ ciency by units. We embrace our responsibility to with 31% during the year 2016, which
and every change endeavor we commissioning a new plant in 2015, we protect our environment and will make contributed to a stable solvency ratio Mr. D. P. Jonis MSc. MBA
pursue, must be focused around our geared the Company towards projects sure to further increase the inclusion of 40%. These unprecedented results, Acting Chief Executive Oﬃ cer

licenses are shown at historical cost including the costs of removal and
less accumulated amortization and eventual processing of the residuals.
accumulated impairment losses. Decommissioning costs are provided
Amortization is calculated using the at the expected costs to settle the
GENERAL (IFRS) as issued by the International • Aqualectra Distribution (KODELA straight-line method. obligation and are recognized as part of
The principal accounting policies Accounting Standards Board (IASB). N.V.), including its subsidiary General the cost of particular asset. Employee
adopted in the preparation of the Engineering & Utility Services N.V. Trade & other accounts receivables beneﬁ ts provisions, except for the
Consolidated Financial Highlights The Consolidated Financial Highlights (GEUS); Receivables are non-derivative provision for vacation leave, are based
of Integrated Utility Holding N.V. are presented in Netherlands Antillean • Aqualectra Multi Utility Company ﬁ nancial assets with ﬁ xed or on actuarial calculations.
(hereinaft er ‘Aqualectra’, or ‘the guilders. All values are rounded to the N.V. (AMU), including its subsidiary determinable payments that are not
Company’) are set out below. nearest thousand (ANG’000), except Aqualectra Bottling Co. N.V.; quoted in an active market. Financial liabilities
The explanatory notes are an extract when otherwise indicated. • KUMEPE N.V. Aft er initial measurement at fair value, Financial liabilities are recognized
of the detailed notes included in the such ﬁ nancial assets are subsequently initially at fair value and, in the case of
Consolidated Financial Statements of BASIS OF ACCOUNTING POLICIES measured at amortized cost using loans and borrowings and payables,
the Company and are a fair summary CONSOLIDATION Fixed & intangible assets the eﬀ ective interest rate method, net of directly attributable transaction
of those from which they have been Subsidiaries are all entities over which Fixed assets are is stated at cost, net less impairment. The losses resulting costs. Subsequently, these are
derived. the group has power to govern the of accumulated depreciation and from impairment are recognized in the measured at amortized cost.
ﬁ nancial and operating policies. accumulated impairment losses, if statement of income.
BASIS OF PREPARATION The following subsidiaries have been any. Depreciation is calculated on the Revenue recognition
The Consolidated Financial Statements consolidated as at December 31, 2016 straight-line basis over their estimated Provisions Sales are recognized upon delivery of
of Aqualectra, from which these and 2015 and are hereinaft er, together useful life, ranging from 3 to 50 years. The Group records a provision products and customer acceptance, if
Consolidated Financial Highlights with the Company, collectively Intangible assets consist of licenses for decommissioning costs of the any or on the performance of services.
have been derived, are prepared in referred to as the Group (all are acquired and directly attributable costs Mundo Nobo plant which consists The main revenue category is based
accordance with the International incorporated in Curaçao): involved with the implementation of of the costs for the demolition of on the customer’s monthly usage and
Financial Reporting Standards • Aqualectra Production (KAE N.V.) ; these licenses. Separately acquired buildings, civil works and installations, applicable tariﬀ s.

at December 31, 2016, and of its
consolidated ﬁ nancial performance
and its cash ﬂ ows for the year then
ended in accordance with International
To: the Shareholder, the Board of consolidated ﬁ nancial statements of for our qualiﬁ ed audit opinion was audit evidence whether the 2010 Financial Reporting Standards.
Supervisory Directors and Integrated Utility Holding N.V. for the that as per year end 2010 there recognized loss on this investment
the Board of Managing Directors year ended December 31, 2016. was an uncertainty regarding the position, was appropriate. This may Management’s
Integrated Utility Holding N.V. valuation of the investment in the also have an impact on the disclosures Responsibility for the
Consolidated Financial equity accounted investee, Curaçao in the 2010 consolidated ﬁ nancial Consolidated Financial
Opinion Highlights Utility Company Holdings N.V. (“CUC statements in accordance with all Highlights
The consolidated ﬁ nancial highlights, The consolidated ﬁ nancial highlights Holdings”). Based on the assumptions the relevant requirements of IAS 24, Management is responsible for
which comprise the consolidated do not contain all the disclosures and valuation model generally used related party disclosures. the preparation of the consolidated
statement of ﬁ nancial position as at required by International Financial by management for determining the ﬁ nancial highlights on the basis
December 31, 2016, the consolidated Reporting Standards. Reading the value of the investment, management Consequently, the predecessor auditor described in the Notes to the
statement of comprehensive income consolidated ﬁ nancial highlights was of the opinion that the current was unable to determine whether any consolidated ﬁ nancial highlights.
for the year then ended, and related and the auditor’s report thereon, value of the investment at December adjustments were necessary to the
notes, are derived from the audited therefore, is not a substitute for 31, 2010 was approximately ANG 62.1 carrying value of this investment, to the Auditor’s Responsibility
consolidated ﬁ nancial statements reading the audited consolidated million. The advisor of the Government recognition thereof at December 31, Our responsibility is to express an
of Integrated Utility Holding N.V. ﬁ nancial statements and the auditor’s on this matter has valued the shares 2010 and to the related disclosures. opinion on whether the consolidated
(the Company) for the year ended report thereon. The consolidated at approximately ANG 53.8 million ﬁ nancial highlights are a fair summary
December 31, 2016. We expressed ﬁ nancial highlights and the audited based on their advice to the Council The situation as described above is of the audited consolidated ﬁ nancial
a qualiﬁ ed audit opinion on those consolidated ﬁ nancial statements do of Minister. In January 2011, the still applicable to the year 2016 and statements based on our procedures,
consolidated ﬁ nancial statements in not reﬂ ect the eﬀ ects of events that Shareholder decided to transfer the therefore until a settlement is reached which were conducted in accordance
our report dated August 10, 2017. occurred subsequent to the date of shares of CUC Holdings to a related between parties involved, we are with International Standard on Auditing
our report on the audited consolidated party for a nil consideration. unable to determine whether any (ISA) 810 (Revised), Engagements
In our opinion, the accompanying ﬁ nancial statements. As a consequence of this decision adjustments were necessary to the to Report on Summary Financial
consolidated ﬁ nancial highlights of the Shareholder per the afore- carrying value of the shareholder’s Statements.
are a fair summary of the audited The Audited Consolidated mentioned date management decided equity at December 31, 2016. Our
consolidated ﬁ nancial statements, on Financial Statements and to impair the value of the participation qualiﬁ ed opinion states that, except Curaçao, September 4, 2017
the basis described in the Notes to Our Report Thereon in CUC Holdings to nil as per for the eﬀ ects of the described
the consolidated ﬁ nancial highlights. We expressed a qualiﬁ ed audit December 31, 2010. matter, those consolidated ﬁ nancial For Ernst & Young Accountants
However, the consolidated ﬁ nancial opinion on the audited consolidated statements give a true and fair view
highlights are misstated to the ﬁ nancial statements in our report The predecessor auditor was of the consolidated ﬁ nancial position Signed by
equivalent extent as the audited dated August 10, 2017. The basis unable to obtain suﬃ cient appropriate of Integrated Utility Holding N.V. as E.R. Statius van Eps

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