In the 2022 financial year, the business turnover remained relatively stable, in the region of 740 million euros, with the volume of investment closing the year on 240 million euros, representing a year-on-year increase of 50%, including the incorporation of assets and strengthening the infrastructures of AdP Group companies throughout mainland Portugal.

The level of financial stability was further improved by the continued reduction in net debt that is now down to below 1.24 billion euros. This level of debt is practically equivalent to the free cash flow (EBITDA) generated over three years, which reflects an exceptional position in such a capital intensive industry with very long term operations.

The capacity for self-financing required for the substantial investment program of 1.5 billion euros is underpinned by the net result of 100 million euros influenced by gains in the structural costs and the trend in the reference interest rate. 

José Furtado, Chairman of the Águas de Portugal Group Board of Directors, highlighted how “the good economic-financial and operating performances of the Águas de Portugal Group endow the necessary stability and investment capacities to its companies, determinant factors in guaranteeing the security and reliability of a public service essential to life within a context of enormous challenges”.

On commemorating the 30th anniversary of the founding of the Águas de Portugal Group, José Furtado recalled how “in the timeframe of a generation, Portugal has attained the best performance standards for water management at the European level. The investment program carried out enabled the coverage rate for controlled and good quality tap water to rise from 50% to 99%. In terms of sanitation services, that covered 31% of the population in 1993, they have today attained a rate of 86%, with clear benefits both for the quality of coastal bathing waters and the quantity of blue flags attributed to beaches in Portugal, above the average for European Union members”. 

“Given the global challenges faced, in which the environment sector emerges as the stage for the deepest transformations, the Águas de Portugal Group remains on a very well-defined path to meet the demands inherent to managing water scarcity, controlling pollution and efficiently applying resources”, José Furtado concluded.