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Segment information
 12 Months Ended
Dec. 31, 2011
Segment information

16. Segment information

 

The Company has three reportable segments: retail, bulk and services. The retail segment operates the water utility for the Seven Mile Beach and West Bay areas of Grand Cayman Island pursuant to an exclusive license granted by the Cayman Islands government. The bulk segment supplies potable water to government utilities in Grand Cayman, the Bahamas and Belize under long-term contracts. The services segment designs, constructs and sells desalination plants and provides desalination plant management and operating services to third parties.

 

The accounting policies of the segments are consistent with those described in Note 1. The Company evaluates each segment’s performance based upon its income from operations. All intercompany transactions are eliminated for segment presentation purposes.

 

The Company’s segments are strategic business units that are managed separately because, while all segments derive their revenues from desalination-related activities, each segment sells different products and/or services, serves customers with distinctly different needs and generates different gross profit margins.

 

    As of and for the year ended December 31, 2011  
      Retail       Bulk       Services       Total  
Revenues   $ 23,356,338     $ 30,757,874     $ 1,040,280     $ 55,154,492  
Cost of revenues     11,496,598       24,127,488       508,339       36,132,425  
Gross profit     11,859,740       6,630,386       531,941       19,022,067  
General and administrative expenses     9,019,127       1,368,285       3,264,238       13,651,650  
Income (loss) from operations     2,840,613       5,262,101       (2,732,297 )     5,370,417  
Other income (expense), net                             1,181,563  
Consolidated net income                             6,551,980  
Income attributable to non-controlling interests                             438,762  
Net income attributable to Consolidated Water Co. Ltd. stockholders                           $ 6,113,218  
                                 
As of December 31, 2011:                                
Property plant and equipment, net   $ 25,456,103     $ 37,824,507     $ 904,500     $ 64,185,110  
Construction in progress     141,204       -       -       141,204  
Goodwill     1,170,511       2,328,526       88,717       3,587,754  
Total assets     73,557,410       83,457,607       3,844,414       160,859,431  

  

 

    As of and for the year ended December 31, 2010  
    Retail     Bulk     Services     Total  
Revenues   $ 21,864,252     $ 25,302,093     $ 3,542,209     $ 50,708,554  
Cost of revenues     10,361,302       20,907,981       2,828,776       34,098,059  
Gross profit     11,502,950       4,394,112       713,433       16,610,495  
General and administrative expenses     8,105,740       1,247,076       1,976,832       11,329,648  
Income (loss) from operations     3,397,210       3,147,036       (1,263,399)       5,280,847  
Other income (expense), net                             1,162,315  
Consolidated net income                             6,443,162  
Income attributable to non-controlling interests                             151,137  
Net income attributable to Consolidated Water Co. Ltd. stockholders                           $ 6,292,025  
                                 
As of December 31, 2010:                                
Property, plant and equipment, net   $ 26,426,273     $ 28,350,519     $ 1,146,939     $ 55,923,731  
Construction in progress     249,300       -       -       249,300  
Goodwill     1,170,511       2,328,526       88,717       3,587,754  
Total assets     77,481,333       69,343,561       5,376,672       152,201,566  

 

  

    As of and for the year ended December 31, 2009  
    Retail     Bulk     Services     Total    
 Revenues   $ 23,239,756     $ 25,905,077     $ 8,874,684     $ 58,019,517    
 Cost of revenues     9,812,434       20,149,969       5,058,037       35,020,440    
 Gross profit     13,427,322       5,755,108       3,816,647       22,999,077    
 General and administrative expenses     8,215,142       1,676,327       209,788       10,101,257    
 Income from operations     5,212,180       4,078,781       3,606,859       12,897,820    
 Other income (expense), net                             (6,298,138 )  
 Consolidated net income                             6,599,682    
 Income attributable to non-controlling interests                             501,111    
 Net income attributable to Consolidated Water Co. Ltd. stockholders                           $ 6,098,571    
                                   
 As of December 31, 2009:                                  
 Property plant and equipment, net   $ 27,549,450     $ 31,935,956     $ 1,390,870     $ 60,876,276    
 Construction in progress     370,131       -       -       370,131    
 Goodwill     1,170,511       2,328,526       88,717       3,587,754    
 Total assets     78,291,323       68,832,934       7,351,524       154,475,781    

 

 

Revenues from Cayman Island operations were $32,223,536 in 2011 (2010: $29,168,425 and 2009: $31,739,512). Revenues from all other country operations were $22,930,956 in 2011 (2010: $21,540,129 and 2009: $26,280,005). Included in the revenues from other countries is $19,825,070 in 2011 (2010: $16,188,416 and 2009: $15,535,411) from the operations in the Bahamas, $2,065,606 in 2011 (2010: $1,809,504 and 2009: $1,869,912) from our operations in Belize.

 

For the year ended December 31, 2011, revenues in the amount of $19,610,650 (2010: $15,941,021 and 2009: $15,285,508:) were earned from the Water and Sewerage Corporation of The Bahamas (“WSC”) and revenues in the amount of $8,867,198 (2010: $7,304,173 and 2009: $8,499,755) were earned from the Water Authority-Cayman.  During 2011, revenues from the WSC represented 36% (2010: 31% and 2009: 26%) of total revenues and revenues from the Water Authority-Cayman represented 16% (2010: 14% and 2009: 15%) of total revenues.

 

For the year ended December 31, 2011, revenues earned by the Services segment from its management services agreement with OC-BVI amounted to $317,506 (2010: $656,738 and 2009: $324,148).

 

As of December 31, 2011 and 2010, property, plant and equipment located in the Cayman Islands were $26,189,796 and $27,325,357, respectively. Property, plant and equipment in all other country operations were $37,995,314 and $28,598,374 as of December 31, 2011 and 2010, respectively. Included in property, plant and equipment from other country operations is $36,437,351 in 2011 and $26,789,013 in 2010, from the operations in the Bahamas and $1,202,017 in 2011 and $1,336,375 in 2010 from our operations in Belize.