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Antilliaans Dagblad Dinsdag 16 oktober 2018 ADVERTENTIE 15

CONSOLIDATED STATEMENT OF FINANCIAL CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
POSITION For the year ended For the year ended
As at As at Dec. As at (Amounts in ANG * 1,000) Dec. 31, 2017 Dec. 31, 2016 *Restated
Dec. 31, 31, 2016 Jan. 1, 2016 CONTINUING OPERATIONS
(Amounts in ANG * 1,000) 2017 *Restated *Restated
Sales & other income 482,990 479,398
ASSETS
Direct costs of production & sales (183,308) (147,476)
Non-current assets
Gross profit 299,682 331,922
Fixed & intangible assets 634,567 561,390 565,607
Other non-current assets 62,233 48,132 66,335 Personnel expenses 125,983 102,760
Total non-current assets 696,800 609,522 631,942 Parts, repair & maintenance 73,475 63,963
Current assets General & other expenses 57,240 57,773
Inventories 26,650 27,267 21,315 Impairment reversal (48,340) -
Trade & other accounts 86,882 90,405 89,577 Depreciation expenses 49,909 38,871
receivables
Total operating expenses 258,267 263,367
Cash & cash equivalents 57,608 76,485 59,285
Interest expenses 14,818 15,445
Total current assets 171,140 194,157 170,177
Profit before income tax 26,597 53,110
Total assets 867,940 803,679 802,119
Income tax 4,084 (10,824)
EQUITY AND LIABILITIES
PROFIT FOR THE YEAR 30,680 42,286
Shareholder’s equity
Share capital 528,000 528,000 528,000 COMPREHENSIVE INCOME
Share premium 55,000 55,000 55,000 Other comprehensive (loss)/income (15,853) 26,270
Accumulated losses (269,440) (284,267) (352,823) Total comprehensive income 14,828 68,555
Total Shareholder’s equity 313,560 298,733 230,177 * Certain amounts shown here do not correspond to the 2016 comsolidated
financial statements and reflect adjustments made.
Non-current liabilities
Report of the Independent Auditor on
Financial liabilities 220,623 233,585 260,778
Customers' deposits 24,539 24,806 24,714
Provisions 196,341 141,740 162,354 the Consolidated financial highlights
Total non-current liabilities 441,503 400,131 447,846 To: the Shareholder, the Board of of our report on the audited necessary to the carrying value of
Supervisory Directors and the consolidated financial statements. this investment, to the recognition
Current liabilities
Board of Managing Directors thereof at December 31, 2010 and
Trade accounts payables 33,435 45,007 42,830 Integrated Utility Holding N.V. The Audited to the related disclosures. The
Other liabilities 79,442 59,808 81,266 Consolidated Financial situation as described above is
Opinion Statements and Our still applicable to the year 2017
Total current liabilities 112,877 104,815 124,096
The consolidated financial Report Thereon and therefore until a settlement is
Total Shareholder’s 867,940 803,679 802,119 highlights, which comprise the We expressed a qualified reached between parties involved,
equity and liabilities consolidated statement of audit opinion on the audited we are unable to determine
financial position as at December consolidated financial statements whether any adjustments were
* Certain amounts shown here do not correspond to the 2016 comsolidated 31, 2017, the consolidated in our report dated July 6, 2018. necessary to the carrying value
financial statements and reflect adjustments made.
statement of comprehensive The basis for our qualified audit of the shareholder’s equity at
income for the year then ended, opinion was that as per year end December 31, 2017. Our qualified
and related notes, are derived 2010 there was an uncertainty opinion states that, except for the
Fixed & intangible assets from the audited consolidated regarding the valuation of eff ects of the described matter,
As at Dec. As at Dec. financial statements of Integrated the investment in the equity those consolidated financial
(Amounts in ANG * 1,000) 31, 2017 31, 2016 Utility Holding N.V. (the Company) accounted investee, Curaçao statements give a true and fair
for the year ended December Utility Company Holdings N.V. view of the consolidated financial
Land & buildings 62,397 84,206
31, 2017. We expressed a (“CUC Holdings”). Based on the position of Integrated Utility
Plant & equipment 144,636 155,692
qualified audit opinion on those assumptions and valuation model Holding N.V. as at December
Distribution network 298,660 261,897 consolidated financial statements generally used by management 31, 2017, and of its consolidated
in our report dated July 6, 2018. for determining the value of the financial performance and its cash
Major spare parts 2,234 3,322
investment, management was of flows for the year then ended in
Other assets 4,375 785 In our opinion, the accompanying the opinion that the current value accordance with International
Work in progress 74,690 40,661 consolidated financial highlights of the investment at December Financial Reporting Standards.
are a fair summary of the 31, 2010 was approximately ANG
Intangible assets 47,575 14,827
audited consolidated financial 62.1 million. The advisor of the Management’s
Total Fixed & intangible assets 634,567 561,390 statements, on the basis described Government on this matter has Responsibility for the
in the Notes to the consolidated valued the shares at approximately Consolidated Financial
financial highlights. However, the ANG 53.8 million based on their Highlights
Trade & other accounts receivables consolidated financial highlights advice to the Council of Minister. Management is responsible for the
As at Dec. As at Dec. are misstated to the equivalent In January 2011, the Shareholder preparation of the consolidated
(Amounts in ANG * 1,000) 31, 2017 31, 2016 extent as the audited consolidated decided to transfer the shares financial highlights on the basis
financial statements of Integrated of CUC Holdings to a related described in the Notes to the
Trade accounts receivable 66,285 65,584
Utility Holding N.V. for the year party for a nil consideration. As consolidated financial highlights.
Other receivables 20,597 24,821
ended December 31, 2017. a consequence of this decision of
Total Trade & other receivables 86,882 90,405 the Shareholder per the afore- Auditor’s Responsibility
Consolidated Financial mentioned date management Our responsibility is to express
Highlights decided to impair the value of the an opinion on whether the
Provisions The consolidated financial participation in CUC Holdings to consolidated financial highlights
As at Dec. As at Dec. highlights do not contain all nil as per December 31, 2010.The are a fair summary of the audited
(Amounts in ANG * 1,000) 31, 2017 31, 2016 the disclosures required by predecessor auditor was unable consolidated financial statements
Employee benefits 190,041 134,053 International Financial Reporting to obtain suff icient appropriate based on our procedures, which
Standards. Reading the audit evidence whether the 2010 were conducted in accordance
Decommissioning Mundo Nobo 6,300 7,687 consolidated financial highlights recognized loss on this investment with International Standard on
Total Provisions 196,341 141,740 and the auditor’s report thereon, position, was appropriate. This Auditing (ISA) 810 (Revised),
therefore, is not a substitute for may also have an impact on Engagements to Report on
reading the audited consolidated the disclosures in the 2010 Summary Financial Statements.
Financial liabilities financial statements and the consolidated financial statements
As at Dec. As at Dec. auditor’s report thereon. The in accordance with all the relevant Curaçao, September 25, 2018
(Amounts in ANG * 1,000) 31, 2017 31, 2016 consolidated financial highlights requirements of IAS 24, related
and the audited consolidated party disclosures. For Ernst & Young Accountants
Corporate bonds 213,863 222,954
financial statements do not reflect
Other loans 6,760 10,631
the eff ects of events that occurred Consequently, the predecessor Signed by
Total Financial liabilities 220,623 233,585 subsequent to the date auditor was unable to determine E.R. Statius van Eps
whether any adjustments were