Consolidated financial statement 2011 - Aquafin

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Consolidated financial statement 2011
n
If the covered cash flow results in the uptake of a nonfinancial
asset or liability, the cumulative fair value
adjustment of the derivative will no longer be shown in the
overview of the unrealised results, but will be included in
the initial valuation of the cost price or the book value of
the asset or liability. In all other cases, the cumulative fair
value adjustment of the derivative will be transferred
from the overview of the unrealised results to the profit
and loss account at the moment that the covered fixed
commitment or the planned action results in the posting of
a profit or a loss. If a hedge no longer appears to be very
effective, the hedge accounting will be stopped, but not
retroactively. In that case, the cumulative fair value
adjustment of the hedge instrument will be retained in
the overview of unrealised results until the committed
or expected transaction occurs. If a committed or
scheduled transaction is no longer expected to take place,
the cumulative fair value adjustments will be transferred
from the overview of the unrealised results to the profit
and loss account.
Booking the movements
The distinction between qualified and unqualified financial
instruments determines the methodology to be used.
Events after the balance date
Events after the balance that provide additional information
concerning the company's situation on the balance date
(so-called 'adjusting events') are shown in the financial
statement. Other events after balance date (so-called 'nonadjusting
events’) are only shown in the explanations if they
are considered to be important.
n
Segmented information
For management purposes, the group is organised in two
operational segments. One segment comprises the company
activities under the concession agreement (management
agreement) with the Flemish Region and the other comprises
the commercial activities carried out primarily for (Flemish)
cities and municipalities. In the second segment, the group is
in direct competition with other sewerage managers.
NEW AND AMENDED STANDARDS AND
INTERPRETATIONS IN EFFECT FOR FINANCIAL
YEARS COMMENCING ON 1 JANUARY 2011
n
Amendments to principles or explanations
The principles of financial reporting applies are consistent
with those for the previous fiscal year, with the following
exceptions.
As of 1 January 2011, the group has implemented the
following new and amended IFRS standards and IFRIC
interpretations:
• IAS 24 Related Party Disclosures, in effect from 1 January
2011
• IAS 32 Financial Instruments: Presentation - Classification
of Claim Emissions, in effect from 1 February 2010
• IFRIC 14 - Prepayments of Minimum Funding Requirements,
in effect from 1 January 2011
• IFRIC 19 Extinguishing Financial Liabilities with Equity
Instruments, in effect from 1 July 2010
• Improvements to IFRSs (May 2010), in effect from 1 January
2011
If the application of the standard or interpretation has
consequences for the financial position or results of the group,
a description is provided below.
IAS 24 Related Party Disclosures
The amendment clarifies the definition of a related party.
The new definition emphasises a symmetrical view of
relationships with related parties and clarifies the
circumstances in which persons and managers in key
positions influence the related parties. In the second place,
the change introduces an exemption from the general
information provision about related parties for transactions
with governments and entities that are (collectively)
controlled by governments or which governments have a
substantial influence over. [This change had no impact on
the current related party disclosures.]
IAS 32 Financial Instruments: Presentation - Classification
of Claim Emissions
The amendment changes the definition of a financial liability
to allow entities to consider claim emissions and specific
options or warrants as equity instruments.