Consolidated financial statement 2011 - Aquafin

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28 Consolidated financial statement 2011 CONSOLIDATED CASH-FLOW OVERVIEW (for financial year 2011) (in €000) Background 2011 2010 OPERATIONAL ACTIVITIES Payments to suppliers -157,537 -119,758 Payments to personnel -59,189 -55,982 Client receipts 7.1 407,661 364,992 Corporate taxes paid -1,713 -102 Net operational cash flow 189,223 189,150 INVESTMENT ACTIVITIES Acquisitions under the Management Agreement receivables -367,673 -366,476 Net investment cash flow -367,673 -366,476 FINANCING ACTIVITIES Financing receipts 442,400 295,413 Financing repayments -141,357 -133,529 Interest paid -56,419 -56,357 Receipts from capital increase 12,500 48,971 Dividends paid out -6,724 -9,198 Other investment transactions (net) -4,446 -2,056 Net financing cash flow 245,954 143,245 Net increase in funds and cash equivalents 67,504 -34,081 FUNDS AND CASH EQUIVALENTS ON 1 JANUARY 4,259 38,340 FUNDS AND CASH EQUIVALENTS ON 31 DECEMBER 71,763 4,259
Notes to the consolidated financial statement General information INFORMATION ABOUT THE COMPANY Aquafin is a limited liability public company that was founded on 25 April 1990. The company is located at 2630 Aartselaar, Belgium. On 29 September 2009, Aquafin issued a bond loan that is listed on Euronext Brussels (www.aquafin.be/UserFiles/File/pdf/KT_-_Fortis_Aquafin_- _Prospectus__final.pdf). For a description of the company's primary activities, please see the annual report. The consolidated financial statement for financial year 2011 was authorized for issue by the Board of Directors of the company on 8 March 2012. Aquafin NV is a 100% subsidiary of the Vlaamse Milieu - holding (Flemish Environmental Holding Company). Critical accounting judgments and key sources of estimation uncertainty BASIS FOR THE PREPARATION, VALUATION RULES AND CONSOLIDATION n Basis of presentation The consolidated financial statements are presented under the historical cost convention, except for derivatives that were valued at their fair value. The consolidated financial statement is presented in (thousands of) euros. n Conformity declaration The consolidated financial statement of the group was prepared in accordance with the International Financial Reporting Standards (IFRS), as published by the IASB and accepted in the European Union. n Principles of consolidation The consolidated financial statement of financial year 2011, ending on 31-12-2011, comprises the company and its subsidiaries (hereinafter: 'the group') and the interests of the group in related participations. All of the entities of the group use the same principles for financial reporting. a. Subsidiaries Subsidiaries are entities over which the group has decisive influence, which means that the group is able, directly or indirectly, to govern the financial and operational policies of an entity so as to obtain benefits from its activities. The financial statement of a subsidiary is included in the consolidated financial statement from the date of acquisition until the date when control is relinquished. b. Transactions eliminated by the consolidation All of the intercompany balances, profits and losses, and unrealised profits, losses and dividends arising from transactions within the group are eliminated completely when preparing the consolidated financial statement. IMPORTANT ACCOUNTANT EVALUATIONS, ASSESSMENTS AND ASSUMPTIONS n Evaluations It is the opinion of management that provisions for personnel remuneration, extraordinary devaluations, etc., are assessed on the basis of market-value parameters. Consolidated financial statement 29
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Aquafin develops and implements eff
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Consolidated financial statement 2011 - Aquafin

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