Consolidated financial statement 2011 - Aquafin

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
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