The settlement of debts by the authorities allowed the group to reduce customer debt by 45 million to a total of 514 million. Also the net debt retreated 94 million to 2.4 billion.
The Águas de Portugal group (AdP) posted profits of 102.4 million euros last year. Net profit in 2014 retreated so 2% compared to the 104.7 million recorded in 2013.
The results of the 2014 financial year were released this Tuesday, May 19, following approval at the general meeting of Shareholders
The highlight was the reduction of net debt of the group in 2014:. least 94.4 million euros to a total of 2.4 billion. The customer debt also decreased over the past year, less 45.6 million euros for a total of 514.2 million.
“The positive evolution of customer receipts, which results in much of the effort developed among municipal customers in particular establishing payment arrangements, “ said in a statement Afonso Lobato de Faria, president of the group’s board of directors.
This settlement of debts “ and reduce the group’s working capital needs by 13% compared to 2013, also allowed to copy the more urgent investments with a much higher execution rate in 2013 “stressed the head.
The turnover reached 792.8 million euros in 2014, less 3% over the same period, a decrease that was due primarily to the reduction of the gross tariff deficit in 20 6 million euros.
Since EBITDA increased 4.5% over last year to a total of 383.9 million euros, which was mainly due to reduced operating costs by about eight million euros, and other non-recurring operating income.
The tariff deviations of the year reached € 16.2 million (net of taxes and minority interests), thus registering a lower face value to 2013 24.2 million. Gross cumulative amount of tariff deviations assets of the group companies is 590 million euros.
During the year 2013 the Águas de Portugal invested 210.5 million euros, an increase of 29.5% from last year.
During 2014, the group proceeded to reorganization within the water sector restructuring. In November, it has also completed the privatization of the management of waste EGF, sold for 149.9 million to SUMA consortium, led by Mota-Engil.
Internationally, the AdP completed a service project technique to the Ministry of Energy and Water of Angola by continuing to execute other projects in the country and the Democratic Republic of Congo and Mozambique. Also in 2014, began the technical assistance contract to implement the recovery plan in Dili, East Timor.
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