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Message from the Chairman of the Management Board The principles that guide COPASA operation support the commitment to contribute for the development of the State of Minas Gerais, based on the respect for the environment and the expectations and needs of its stakeholders and society in general, through a responsible administration and the provision of quality services. Another important factor is the universalization of the water and sewage services, reason why the company contributes significantly and represent a consistent form to show its contribution for the social inclusion, guaranteeing improved healthy conditions to the population. The Company has been applying a significant effort to expand the collection and treatment of the sewer with investments of about 683 million Reais. In 2011, COPASA expanded its service and ensured its quality in the areas where it was already involved, renewing the concessions for water supplies in 21 municipalities. Furthermre, it also expanded its operating Market obtaining new concessions for water supply in the municipalities of Passabém, Passa Vinte, Prudente de Morais, Santana do Deserto and Santo Antônio do Itambé. New contracts were signed for the development of sanitary sewage programs in the following municipalities: Além Paraíba, Caldas, Cataguases, Divinópolis, Inhapim, Leandro Ferreira, Passabém, Perdões, Prudente de Morais, Resplendor, Santo Antônio do Itambé and Timóteo. By taking on these new commitments, COPASA ended 2011 serving a higher number of municipalities, reaching 620 cities served with water supply and 225 with sanitary sewage service. COPASA Always focused on the needs of the less serviced regions development of the state, the company, through its subsidiary COPANOR assumed the new concessions in this area, starting to operate the water supply systems of the following municipalities: Bertópolis, Botumirim, Catuji, Itaipé, Mendes Pimentel, Pescador, Ponto dos Volantes and São Félix de Minas. With a strategic planning and using modern practices of governance and administration, the Company endeavors to work with maximum efficiency in preserving the springs and the environment and in the use of natural resources, combined with the constant concern to develop user awareness actions regarding the rational use of water. We understand that only an economically and financially solid organization, with low rates of losses, defaults and with consistent generation of cash can have access to to vital financing to realize the necessary investments for the fulfillment of its objectives. COPASA financial results in the 2011 fiscal year were exceptional, presenting a growth of 8.58% of its net income and a net profit of R$470.4 million, which meant profitability on its net equity of 10.5%. For these reasons, COPASA has been keeping the most elevated levels of governance and sustainability at Bolsa de Valores, Mercadorias e Futuros S.A. (BM&FBOVESPA), in the New Market and in the ISE BM&FBOVESPA, by obtaining important acknowledgements from the Associação Brasileira de Engenharia Sanitária e Ambiental. The sum of all these efforts reinforces not only our trust in the organization and in achieving the goals set towards business excellence, but above all, the confidence and recognition from society for the work that was done and the quality and efficiency of services rendered to the population in all social strata, which leads us to make efforts to ensure and renew our commitment to the sustainable development.
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