Consolidated financial statement 2011 - Aquafin

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46 Consolidated financial statement 2011 • Investments in the head office building (Dijkstraat 8). They are charged to the Flemish Region/the drinking water companies pro rata with the payment of the loan taken out for this purpose. For the part of those investments not yet repaid on the reporting date, and that will be recovered over more than one year, a longterm receivable is recognised. • Chargeable costs of the two buildings that the group leases. The leasing contracts satisfy the criteria of financial leasing. The leasing costs are charged to the Flemish Region/the drinking water companies pro rata with the write-offs. For the part of those leased buildings not yet repaid on the reporting date, and that will be recovered over more than one year, a long-term receivable is recognised. The total book value for leasing can be broken down into an IFRIC 12 short-term receivable of €219 k (i.e. the annual write-off charged to the Flemish Region/the drinking water companies) and an IFRIC 12 long-term receivable for the part that will only be recovered from the Flemish Region/the drinking water companies in the years to follow. • Assets under construction. In addition to the completed projects, the group has a large number of projects in progress and therefore a significant amount in assets under construction. Also, the group has an unconditional contractual right to receive payment from the Flemish Government for those assets. A receivable is recognised for their value. The provisional pensions concern the defined contribution plan and early-retirement plans. • Provision for defined contribution plans. Aquafin has two types of pension schemes: a defined contribution plan and a defined benefit plan. All movements related to the defined contribution plan are recognised in P&L. For the obligations concerning the defined benefit plan, an actuarial calculation as per IAS 19 was carried out, as per explanation 5.10. Inasmuch as, in accordance with the management agreement, the group has an unconditional contractual right to receive compensation for the provision for the defined contribution plan from the Flemish Region/ the drinking water companies, they are shown as receivables. • Provision for the early-retirement pension. As per IAS 19, an actuarial calculation of the provision for earlyretirement pensions was carried out. The explanation concerning that calculation is provided in explanation 5.10. Inasmuch as, in accordance with the management agreement, the group has an unconditional contractual right to receive compensation for the provision for the benefit plan from the Flemish Region/the drinking water companies, they are shown as receivables. Fair value financial instruments • Inasmuch as the group, in accordance with the management agreement, is entitled to receive compensation for the costs of financing, changes in the market value of the financial instruments are recognised as receivables vis-à-vis the unrealised results. Explanation concerning the calculation and the changes in that market value are provided in explanation 5.9. Short-term receivables management agreement Short-term receivables (i.e. receivables due within a maximum of one year) as a result of the application of IFRIC 12 comprise the following categories: (in €000) 2011 2010 At 1 January 2010 Tangible fixed assets included in IFRIC 12 - receivables 116,681 115,430 99,144 Other -5,039 -7,994 -10,460 TOTAL 111,643 107,436 88,684
The tangible fixes asset shown in the IFRIC 12 receivables comprises: • wastewater treatment infrastructure delivered to the Flemish Region; • infrastructure taken over from the Vlaamse Milieumaatschappij (Flemish Environmental Agency); • hydronaut studies; • investments in hardware, software, laboratory equipment, furniture, materials and equipment required for the operations of the head office and investments in hardware, software, laboratory equipment, electromechanical replacement investments, extraordinary maintenance for construction and electromechanics, furniture, etc., required for the operational activities; • investments in the head office building (Dijkstraat 8); • chargeable costs of the two buildings that the group leases. A description of those posts has been provided under the IFRIC 12 long-term receivables. For the part of those receivables that are to be recovered within the year, a short-term receivable has been recognised. Those receivables are effectively received in year n+1. The other IFRIC 12 short-term receivables relate primarily to credit notes/invoices for operating expenses that are yet to be prepared. After invoicing the drinking water companies on the basis of the estimates throughout the year, the total invoicing is specified in detail at year-end. For the corrections with respect to the previously invoiced amounts, the invoices/ credit notes that are still to be prepared are recognised in the balance. Receivables with Receivables due within a remaining period Receivables with a period of more than 1 year of more than 1 and a remaining period IFRIC 12 receivables which expire within the year less than 5 years of more than 5 years Total (in €000) IFRIC 12 RECEIVABLES PER YEAR OF EXPIRATION At 31/12/2011 111,643 439,184 1,617,375 2,168,202 At 31/12/2010 107,436 407,349 1,320,414 1,835,199 At 01/01/2010 88,684 356,540 1,107,646 1,552,870 EXPLANATION 5.1 TO THE 'OTHER FINANCIAL ASSETS' POST The other financial assets amounted to €27,440 k at 31 December 2011. With respect to the balance at 31 December 2010, that represented an increase of €17,067 k. ASSETS (in €000) Explanation 2011 2010 At 1 January 2010 FIXED ASSETS Other financial assets 5.1 27,440 10,373 9,884 Consolidated financial statement 47
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Consolidated financial statement 2011 - Aquafin

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