Consolidated financial statement 2011 - Aquafin

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14 Consolidated financial statement 2011 We have seen strong growth in the number of tenders and deliveries both in our own concessions and in our cooperative links. An increasing number of projects in progress are also resulting from our own proposals for renovation, optimisation or connection of remaining drainage points. We expect that turnover in the municipal market will increase further over the next few years, even though that volume will not be significant in comparison with the turnover from our regional contract. By bundling the process of Vision creation, Accelerated execution of projects, and Account management into business units in Aquafin, we shall undoubtedly be better able to satisfy the desires that our clients have. SUPPORT FOR INDUSTRY AND FOREIGN PROJECTS VIA AQUAPLUS Aquaplus NV, the commercial subsidiary of Aquafin, concentrates on industrial requirements in Belgium. Abroad Aquaplus assists to governments, administrations and companies in achieving their environmental norms. Aquaplus offers customised solutions for all stages within the wastewater cycle. Aquaplus has some good contracts in Flanders that link to the core activities of Aquafin. Over the past few years, the primary growth was taking place in large operating contracts for companies. The Flemish Region had clearly asked Aquafin to apply its knowledge and experience abroad as well, however. Aquaplus itself does not have enough brand-awareness or financial resources to be able to attract and execute large projects. Usually, our subsidiary has a role as a subcontractor to apply specific knowledge in foreign projects. Aquaplus is now walking a second path, though. November 2011 saw the christening of ASEWater Technologies, a joint venture between Aquaplus and the India-Belgium company ASE Structure Design. Thanks to that cooperation with a foreign partner, which is solidly anchored in the local market, Aquaplus expects to be able to avoid those obstacles and penetrate a large sales market. The company will be presenting itself as an Indian company with European expertise. PROTOCOL FOR COMMERCIAL CONTRACTS In 2011, Aquafin signed a protocol with the Flemish Region that determines the conditions under which Aquafin is permitted to provide personnel and resources to Aquaplus and for municipal contracts. That protocol provides clarity for both parties. Research and product development Aquafin's research activities help to make it possible to offer customised sustainable technological solutions to our clients. Aquafin is considered to be the leading technical expert in Flanders with respect to the complete wastewater cycle. The immediately usable research that Aquafin conducts concentrates on cost-control, guaranteeing the effluent standards and introducing the best available technologies. The strategic research is grouped around the theme areas of climate change, integrated water management and asset management of the (sewer) infrastructure. IMMEDIATELY USABLE RESEARCH With Aqua3M, our proprietary dynamic water-treatment modelling system, proposals were made in 2011 to make the operations at six treatment plants more sustainable. The same exercise was done for a foreign client of subsidiary company Aquaplus. The Flemish Region (CIW) called on our knowledge and experience with integrated detail modelling of our hydraulic experts in the context of the review of the Code of Good Practice for the design of a sewage system. We have also taken great steps in the implementation of real-time control of the sewage system in the Kessel-lo study area. Over the course of the year, a new methodology for corrosion protection was implemented and validated in several test cases. The Aqua3S platform for dynamic modelling of the formation of sulphides in sewage systems is ready for validation based on the measurement results. A new automated clearing programme for sewers was also implemented last year.
STRATEGIC RESEARCH In 2011, Aquafin was active in five research projects with external partners. Sewage+ is a Flemish research project financed as part of MIP2 and coordinated by Vito. The aim is to develop new concepts in water treatment to achieve maximum energy recovery, such as by mixing household wastewater with concentrated waste flows. Four projects are being financed by Europe and were started up last year. In a municipal environment, the heat that is still present in the sewage can be profitably put to use. As part of the INNERS project, Aquafin is helping to study the potential benefits for the environment of an application at large scale. Minotaurus is testing new technologies for eliminating organic polluting substances from wastewater, ground water and the soil. In the future, the standards that the treated water will have to comply with will only become more strict. Sanitas wants to minimise the impact of urban water systems on climate change and deal with future variations in water quantity and quality. Raingain looks at the availability of detailed precipitation and flooding data. That should make it possible for operational water managers in the city to respond adequately to heavy precipitation and to prevent damage due to flooding. MEMBRANE EXPERT With the rise of membrane technologies, Aquafin carried out extensive pilot studies, followed quickly the first operational membrane bio-reactor in the Benelux. That technology is now being used to treat the wastewater at several large and small plants. Based on our experience, we developed our own hybrid treatment process, with a demonstration installation at the Aartselaar water treatment plant. The Aquafin concept is distinguished from other concepts by using only one common bio-reactor and because the process control is based on whether there is precipitation. That makes it ideal for expanding the capacity of traditional activated sludge system where little extra space is available. Major risk factors This section gives an overview of developments in the areas that include any risk to the company. LEGAL DISPUTES n Flooding in a residential area This dossier deals with water damage suffered by approximately four hundred residents of a residential neighbourhood in 1998. At the end of 2010, the court made a ruling that was favourable to Aquafin, with the majority of the claims having lapsed, or being ruled to be inadmissible or unfounded. The plaintiffs filed an appeal against that ruling in April 2011. The aforementioned developments do not give any cause for changing the previous decision of not making any provision in this matter. INSURANCE CLAIMS n Insufficient concrete reinforcement at the Deurne WWTP In 2007, it was discovered that, due to a design error at the water treatment plant in Deurne, the walls of certain aeration basins were not reinforced adequately. According to Aquafin, that damage claim is partially covered by our ABR (all construction risks) insurance policy and largely by the professional liability insurance policy of the study firm concerned. In 2008, an investigation was held with regard to a suitable repair method, the most obvious repair period and a suitable contractor. Repair work started effectively in 2009. The work has largely been completed at the time of writing. The requests for repayment of the repairs costs, that have been submitted thus far, were effectively compensated by the ABR insurance company. Report of the Board of Directors 15
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Consolidated financial statement 2011 - Aquafin

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