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2 0 0 9 a N N U a L R E P O CaymanWaterAnnlRprtCVR_0310:CaymanWaterAnnlRprt02/04 3/31/10 3:48 PM Page 1 REGISTERED AND PRINCIPAL OFFICE 2009 ANNUAL REPORT Consolidated Water Co. Ltd. P.O. Box 1114 • Regatta Office Park • Windward Three, 4th Floor • West Bay Road Grand Cayman, KY1-1102 • Cayman Islands TEL: (345) 945-4277 • FAX: (345) 949-2957 EMAIL: [email protected] • www.cwco.com TRADED ON NASDAQ AS “CWCO” ABOUT OUR LOCATIONS CONSOLIDATED WATER PROVIDES SERVICES IN A NUMBER OF GROWING CARIBBEAN JURISDICTIONS GRAND CAYMAN, located 480 miles south of Miami, Florida, are Miami, Florida, is one of the largest financial part of an island centers in the world with over US$1.8 trillion group in the on deposit in more than 250 banks. A British Commonwealth Overseas Territory, the Cayman Islands are of The Bahamas. Above: The turquoise ocean comprised of three islands: Grand Cayman, the Known for their and pink beaches country’s capital and commercial center with outstanding of Bermuda. approximately 57,000 residents, and the more sport fishing, the Left: Scenic coastline sparsely populated “Sister Islands” of Cayman Biminis, in fact, of Jost Van Dyke. Brac and Little Cayman, located 80 miles to have been dubbed the northeast. the “Game Fish Capital of the World.” The Biminis NASSAU, the political, tourist and commer- The other “economic engine” of the islands is are actually two islands, separated by a narrow cial capital of The Bahamas, offers visitors tourism which in 2009 attracted approximate- channel, and, in addition to sport fishing (pop- amenities ranging from modern resorts and ly 1.8 million visitors to Cayman’s beautiful ularized by Ernest Hemingway’s affection for gambling casinos to picturesque Victorian beaches and its secure, friendly environment. angling, as well as his hanging out at a water- mansions, cathedrals and 18th-Century Consolidated Water’s corporate offices are ing hole called “The Compleat Angler”) offer fortresses. World-famous Atlantis Resort on located on the famous Seven Mile Beach, visitors excellent scuba diving and yachting Paradise Island draws tourists to its luxury where the company has been providing drink- activities. Consolidated Water produces and hotels and expansive beachfront. UNITED STATES ing water since 1973. distributes desalinated water to the Bimini Consolidated Water provides desalinated BERMUDA Beautiful AMBERGRIS CAYE, the largest of Sands Resort, a full-service marina and con- water in bulk to the Water and Sewerage about 1,000 islands in the northern-most dominium development on South Bimini. Corporation of The Bahamas. waters of Belize, Central America, lies just BIMINI TORTOLA, the most populated of the British BERMUDA is a British Overseas Territory ATLANTIC OCEAN west of the Belize Barrier Reef, which is the Virgin Islands, is located in the northeastern located some 1,100 miles northeast of GULF OF NASSAU second longest barrier reef in the world. Caribbean Sea, just east of Puerto Rico, and is Miami, Florida. The island has a very affluent MEXICO Ambergris Caye attracts tourists from around a world-renowned destination for yachtsmen economy, with a large financial sector and the world – many of them scuba divers or JOST VAN DYKE as well as home to several large yacht-charter- tourism industry giving it the world’s highest sport fishermen who come to explore the ing businesses. GDP per capita in 2005. It has a subtropical TORTOLA crystal clear waters surrounding the island. AMBERGRIS CAYE GRAND CAYMAN climate, beaches of famous pink sand and The population of Ambergris Caye – now Consolidated Water’s affiliate, Ocean cerulean blue oceans. The Company’s affili- CARIBBEAN SEA nearly 20,000 – has more than tripled in the Conversion (BVI) Ltd., supplies desalinated ate constructed a seawater desalination plant CONSOLIDATED WATER LOCATIONS last decade. Consolidated Water’s wholly water in bulk to the government of the British on the north coast of the island for the owned subsidiary, Consolidated Water Virgin Islands. The Company has also installed Government of Bermuda and is presently (Belize) Limited, provides desalinated drink- and operates a desalination plant on the island operating this plant on behalf of the ing water to the public water utility on of JOST VAN DYKE, known as the “barefoot Bermuda government. Ambergris Caye. island” because of its casual lifestyle and pris- tine beaches. THE BIMINIS, located only 48 miles east of 2009 Annual Report • 1 ABOUT OUR LOCATIONS CONSOLIDATED WATER PROVIDES SERVICES IN A NUMBER OF GROWING CARIBBEAN JURISDICTIONS GRAND CAYMAN, located 480 miles south of Miami, Florida, are Miami, Florida, is one of the largest financial part of an island centers in the world with over US$1.8 trillion group in the on deposit in more than 250 banks. A British Commonwealth Overseas Territory, the Cayman Islands are of The Bahamas. Above: The turquoise ocean comprised of three islands: Grand Cayman, the Known for their and pink beaches country’s capital and commercial center with outstanding of Bermuda. approximately 57,000 residents, and the more sport fishing, the Left: Scenic coastline sparsely populated “Sister Islands” of Cayman Biminis, in fact, of Jost Van Dyke. Brac and Little Cayman, located 80 miles to have been dubbed the northeast. the “Game Fish Capital of the World.” The Biminis NASSAU, the political, tourist and commer- The other “economic engine” of the islands is are actually two islands, separated by a narrow cial capital of The Bahamas, offers visitors tourism which in 2009 attracted approximate- channel, and, in addition to sport fishing (pop- amenities ranging from modern resorts and ly 1.8 million visitors to Cayman’s beautiful ularized by Ernest Hemingway’s affection for gambling casinos to picturesque Victorian beaches and its secure, friendly environment. angling, as well as his hanging out at a water- mansions, cathedrals and 18th-Century Consolidated Water’s corporate offices are ing hole called “The Compleat Angler”) offer fortresses. World-famous Atlantis Resort on located on the famous Seven Mile Beach, visitors excellent scuba diving and yachting Paradise Island draws tourists to its luxury where the company has been providing drink- activities. Consolidated Water produces and hotels and expansive beachfront. UNITED STATES ing water since 1973. distributes desalinated water to the Bimini Consolidated Water provides desalinated BERMUDA Beautiful AMBERGRIS CAYE, the largest of Sands Resort, a full-service marina and con- water in bulk to the Water and Sewerage about 1,000 islands in the northern-most dominium development on South Bimini. Corporation of The Bahamas. waters of Belize, Central America, lies just BIMINI TORTOLA, the most populated of the British BERMUDA is a British Overseas Territory ATLANTIC OCEAN west of the Belize Barrier Reef, which is the Virgin Islands, is located in the northeastern located some 1,100 miles northeast of GULF OF NASSAU second longest barrier reef in the world. Caribbean Sea, just east of Puerto Rico, and is Miami, Florida. The island has a very affluent MEXICO Ambergris Caye attracts tourists from around a world-renowned destination for yachtsmen economy, with a large financial sector and the world – many of them scuba divers or JOST VAN DYKE as well as home to several large yacht-charter- tourism industry giving it the world’s highest sport fishermen who come to explore the ing businesses. GDP per capita in 2005. It has a subtropical TORTOLA crystal clear waters surrounding the island. AMBERGRIS CAYE GRAND CAYMAN climate, beaches of famous pink sand and The population of Ambergris Caye – now Consolidated Water’s affiliate, Ocean cerulean blue oceans. The Company’s affili- CARIBBEAN SEA nearly 20,000 – has more than tripled in the Conversion (BVI) Ltd., supplies desalinated ate constructed a seawater desalination plant CONSOLIDATED WATER LOCATIONS last decade. Consolidated Water’s wholly water in bulk to the government of the British on the north coast of the island for the owned subsidiary, Consolidated Water Virgin Islands. The Company has also installed Government of Bermuda and is presently (Belize) Limited, provides desalinated drink- and operates a desalination plant on the island operating this plant on behalf of the ing water to the public water utility on of JOST VAN DYKE, known as the “barefoot Bermuda government. Ambergris Caye. island” because of its casual lifestyle and pris- tine beaches. THE BIMINIS, located only 48 miles east of 2009 Annual Report • 1 FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2009 (IN U.S. DOLLARS) 2009 AMOUNT CHANGE 2008 AMOUNT CHANGE 2007 AMOUNT CHANGE TOTAL REVENUES $58,019,517 -11.7% $65,678,959 21.5% $54,076,865 26.9% NET INCOME 6,098,571 -15.4% 7,209,716 -36.7% 11,387,651 51.4% Income from Operations 12,897,820 31.0% 9,844,658 6.9% 9,205,918 28.2% U.S. Dollars Total Revenues Net Income Net Cash Flows from Operating Activities 15,471,092 96.8% 7,860,063 -14.7% 9,212,610 -20.4% Total Equity at Year End Diluted Earnings Per Common Share Total Assets 154,475,781 -0.1% 154,656,574 3.6% 149,330,884 7.5% TOTAL EQUITY 125,540,798 1.6% 123,550,776 2.7% 120,296,708 12.1% U.S. Dollars Dividends declared per common share $0.280 -13.8% $0.325 66.7% $0.195 -18.8% Basic earnings per common share $0.42 -16.0% $0.50 -36.7% $0.79 31.7% DILUTED EARNINGS PER COMMON SHARE $0.42 -16.0% $0.50 -36.7% $0.79 33.9% Net Income as a % of Total Revenues 10.51% -4.2% 10.98% -47.9% 21.06% 19.3% Income from Operations as a % of Total Revenues 22.23% 48.3% 14.99% -12.0% 17.02% 1.0% Net Cash Flows from Operating Activities as a % of Total Revenues 26.67% 122.8% 11.97% -29.8% 17.04% -37.3% 2009 Annual Report • 3 FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2009 (IN U.S.
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