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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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