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14 ADVERTENTIE Antilliaans Dagblad Dinsdag 16 oktober 2018

#TeamAqualectra

FINANCIAL HIGHLIGHTS 2017

Message from the Board
of Managing Directors
Financial performance Gratitude
There is no ‘I’ in Team a strait jacket requiring a leap forward to Aqualectra reported a net profit of ANG 30.7 As James Allen once said, no duty is more
The years behind us were characterized by comply with the demand and requirements of million in 2017. Most noteworthy developments urgent than that of returning thanks. The BMD
teamwork at its best. The new Aqualectra all stakeholders. influencing these results were the following: of Aqualectra pauses to express its gratitude
was being designed while the old was still The Board of Managing Directors (‘BMD’) • Decrease in gross profit due to the definitive to #TeamAqualectra. It takes a great team
being upheld. Beside executing projects of has come to this realization and has been end of the recovery component in the tariff s, and outstanding teamwork to turnaround a
major magnitude and impact, our customers transitioning the company since 2012, following combined with an under coverage on the company like Aqualectra.
were served continuously, and the various the path laid out in the strategic plan tariff ’s fuel component mainly due to the Looking back at the challenges we have
needs of our stakeholders were also “Refreshing Approach”, to comply with the 2-month lag when executing monthly tariff overcome as a team, and at the results of this
catered to. Various improvement projects challenges in the utility sector in Curaçao. adjustments; teamwork that are substantiated by improved
were finalized while other new ones were This fiscal year marks the formal end of the • Increased personnel expenses due to one- financial, operational and commercial
launched. “Refreshing Approach” and a new strategic time provisions to support the personnel performance, we can only be grateful. We do
direction is to be set in the coming months. reduction plans through natural attrition; however agree with John F. Kennedy when
A refreshing approach • The reversal of the impairment which is he said that we must never forget that the
The year 2017 also marked the end of Becoming a better company considered the ultimate achievement to highest appreciation is not to utter words but
the 5-year strategic plan launched in 2012 We look back at this 5-years period with conclude on a successful turnaround. to live by them. With this gratefulness, we also
called “Refreshing Approach”. Achieving modest satisfaction. Various projects were Without a stable financial performance as pledge to uphold the successes reaped in the
successes and overcoming the challenges that executed, and major steps were taken well as robust and achievable forward- past. We pledge our continuous commitment
Aqualectra faced during this period, was only towards the right direction, yielding the looking projections, such reversal could not to the betterment of our community through
possible with a strong and resilient team that following highlighted results: have been possible. the excellency of Aqualectra. We will not let
was made fit for the future. our guards down during the years to come
This team, consisting of the various and we will not cease until Aqualectra has
governance bodies of our company, all 2017 2012 become ‘The Utility of the Future’. We can only
employees, financial institutions, customers, hope to continue to count on the commitment
regulators, suppliers, unions, relevant Average ANG 0.5138 ANG 0.6710 23.4% reduction due to increased and support of #TeamAqualectra.
associations or organizations, the press and Electricity tariff per kWh per kWh eff iciency
our community, is the basis of Aqualectra’s Average Water ANG 9.8955 ANG 10.30 3.9% reduction due to increased eff iciency
modest success. None of the positive results tariff per m³ per m³ On behalf of the Board of Managing
achieved, can be attributed to solely a single ANG 30.7 ANG -48.7 From steep losses to reasonable returns Directors,
individual or one single action. Profit after tax million million safeguarding Aqualectra’s financial
(profit) (loss) viability
The utility sector worldwide is under pressure
to perform well, increase eff iciency, reduce Fuel usage 127,122 202,417 Significantly less fuel usage, contributing
emissions by implementing renewables and metric tons metric tons to our environment
to modernize both the operations and grid Number of 608 734 126 less employees with same output
whilst at the same time, the tariff s are under employees means increased eff iciency
scrutiny of the policy makers and regulator. Share of The share of renewables in our production
With today’s emerging technologies in the renewables in 19.6% 7.6% mix has more than doubled based on our Darick P. Jonis
utility sector, the operators are driven in production mix firm conviction that the future is green Chief Executive Officer

Notes to the Consolidated Accounting policies installations, including the costs of removal
Fixed & intangible assets and eventual processing of the residuals.
financial highlights Construction in progress and plant and Decommissioning costs are provided at the
equipment are stated at cost, net of expected costs to settle the obligation and
General accumulated depreciation and accumulated are recognized as part of the cost of the
The accounting policies adopted in the position at the beginning of the preceding impairment losses, if any. Depreciation is respective asset.
preparation of these Consolidated Financial period when there is a retrospective calculated on the straight-line basis over the
Highlights of Integrated Utility Holding N.V. application of an accounting policy, a estimated useful lives, ranging from 3 to 50 Employee benefits provisions, except for
and its subsidiaries, collectively referred retrospective restatement, or a reclassification years. Intangible assets consist of licenses the provision for vacation leave, are based
to as ‘the Group’, are set below. These of items in financial statements. acquired. Licenses have a finite useful life on actuarial calculations. The independent
explanatory notes are an extract of the An additional statement of financial position and are carried at cost less accumulated and qualified actuary obtained sufficient
detailed notes included in the complete set as at 1 January 2016 is presented in these amortization and accumulated impairment information to perform the valuations.
of the Consolidated Financial Statements consolidated financial highlights due to losses. Amortization is calculated using the
and are a fair summary of those from a change in accounting policy applied straight-line method. Financial liabilities
which they have been derived. retrospectively and due to the retrospective All financial liabilities are recognized initially
correction of errors. Trade & other accounts receivables at fair value and, in the case of loans and
Basis of preparation Receivables are non-derivative are non- borrowings and payables, net of directly
The consolidated financial statements of Basis of consolidation derivative financial assets with fixed or attributable transaction costs.
the Group, from which these Consolidated Subsidiaries are all entities over which the determinable payments that are not
Financial Highlights have been derived, are Group has the power to govern the financial quoted in an active market . After initial Revenue recognition
prepared in accordance with the International and operating policies. The following measurement at fair value, such financial Sales are recognized upon delivery of
Financial Reporting Standards (IFRS) as issued subsidiaries (all incorporated in Curaçao) assets are subsequently measured at products and customer acceptance, if any,
by the International Accounting Standards have been consolidated as at December 31, amortized cost using eff ective interest rate or on the performance of services.
Board (IASB). The figures in this report are 2017 and 2016: method, less impairment. The losses resulting
presented in Netherlands Antillean guilders • Aqualectra Production (KAE N.V.) from impairment are recognized in the
and all values are rounded to the nearest • Aqualectra Distribution (KODELA N.V.), statement of income.
thousand (ANG’000), except when otherwise including its subsidiary General Engineering
indicated. & Utility Services N.V. (GEUS); Provisions
The consolidated Financial Highlights provide • Aqualectra Multi Utility Company N.V. The Group records a provision for
comparative information in respect to the (AMU N.V.), including its subsidiary decommissioning costs of the Mundo Nobo
previous period. In addition, the Group Aqualectra Bottling Co. N.V.; plant which consists of the costs for the …ta invertí p’abo!
presents an additional statement of financial • KUMEPE N.V. demolition of buildings, civil works and