Consolidated financial statement 2011 - Aquafin

48
Consolidated financial statement 2011
Within the other financial assets, we distinguish between
several types.
(in €000) 2011 2010 At 1 January 2010
Financial assets available for sale 100 78 0
Warranties 3 2 2
Long-term receivables for municipal transport services 5,781 6,209 6,357
Payments still to be invoiced with respect to Aquafin-commercial projects 16,044 4,036 3,505
Payments still to be invoiced with respect to Aquaplus-commercial projects 191 46 19
Long-term receivables with respect to provisions - intervention of third parties 5,321 0 0
TOTAL 27,440 10,373 9,884
n
Financial assets available for sale
In 2010, the group joined the drinking water company
VMW in the Rio-P West Flanders water service and the East
Flanders Rio-P water service through contribution in kind.
More concretely, the group provided databases containing the
digital inventory of the sewer systems of the municipalities
concerned. For each database provided, the fair value was
determined at the moment of joining Rio-P, including the value
of the expertise provided. That valuation was coordinated with
and invoiced to VMW as main shareholder of Rio-P.
In 2010, drinking water companies AWW and TMVW
entered into a structural collaboration under the name 'waterlink'
with a subsidiary, 'rio-link' being established within it.
On 8 March 2011, the board of directors signed a shareholders'
agreement between water-link and Aquafin with respect to
collaborating in rio-link. Aquafin thereby acquired one-third of
the shares in rio-link in the amount of €22,000. In view of the
negligible material interest in that participation, it is shown
under 'financial investments available for sale'.
n
Long-term receivables for municipal transport services
In the context of the commercial contracts with the
municipalities, Aquafin is assuming responsibility for
transport services for which a system of payment modalities
can be elaborated at the municipalities' request. For the
projects carried out and repaid by the municipalities
concerned over time in this context, the group recognises a
long-term receivable in the amount of the part that is to be
recovered over more than one year from the municipalities
concerned.
n
Payments still to be invoiced with respect to Aquafin
commercial projects
In addition to the projects within the scope of the
management agreement, Aquafin also carries out commercial
projects. The “Rio-Totaal” service package that Aquafin offers
to the municipalities is modular. It makes it possible for the
municipalities to call on Aquafin to assist with those aspects
of expansion and management of a sewer system for which
there is a need. That modular offering is primarily interesting
for cities and municipalities with a good-sized in-house
technical department that wishes to acquire specific support
for one or more aspects of sewer management.
In addition to that modular offering, the municipalities can
also opt for a total solution, the “Rio-Totaal” service package
in the form of a concession of public service. That type of
collaboration makes it possible for the cities and
municipalities to lay their own accents and to decide on
timing, budgets, priorities and ways of working. To bring
integrated drinking-water policy one step closer, Aquafin has
signed agreements for structural collaboration with drinking
water companies. Municipalities can also decide to satisfy
their sanitation obligation in this way.
Based on the estimated percentage of completion of
the commercial projects at 31 December 2011, €63,869k in
revenues have been recognised in 2011 with respect to those
projects. A major part of those revenues, to wit, €16,044 k,
concerns payments that were yet to be invoiced at the end of
2011. Due to the strong increase in the commercial projects
portfolio, that post shows an increase by €12,008 k in
comparison with the end of 2010.