Consolidated financial statement 2011 - Aquafin

EXPLANATION 5.4 FUNDS AND CASH EQUIVALENTS
(in €000) Explanation 2011 2010 At 1 January 2010
Funds and cash equivalents 5.4 71,763 4,259 38,340
Partly due to the success of the public emission of a
debenture loan in the fall of 2009, there was a limited cash
surplus at the end of 2009. These temporary surpluses were
utilised in the course of 2010 to finance projects that
were ready to be launched.
In 2011, Aquafin found itself facing greater financing
requirements than it had in previous years due to the
purchase of property and plants of the Vlaamse Milieu -
maatschappij (Flemish Environmental Agency) in the context
of addendum no. 7 of the management agreement.
The banks were limited in their ability to provide additional
loans because they were themselves confronted with
increased costs and new regulations. Belgian institutional
investors, on the other hand, were very interested in financing
Aquafin. That opportunity was therefore utilised to the full:
€285 million in financing was obtained via that channel.
Inasmuch as it was not possible to apply that full amount to
financing projects immediately, there was a temporary cash
surplus and investments of nearly €53 million were made.
In 2012, those funds are to be used to finance projects.
EXPLANATION 5.5 CAPITAL
At the end of financial year 2011, capital amounted to
€248,400,024, of which 210,900,006 was fully deposited;
at the end of 2010, the capital was equal to the deposited
capital: €198,400,000.
In the context of the financing of the purchase of plants of
the Vlaamse Milieumaatschappij (Flemish Environmental
Agency) by Aquafin, the capital was increased by €50,000k
on 13 December 2011. Of that amount, €12.500 k was
deposited. In the same context, a capital deposit in the
amount of €48,971 k was also done in 2010.
The capital is represented by 1,001,613 shares without
nominal value. The shares are issued by name and are
recorded in a shares register by name. As of 1 January 2010,
the capital was represented by 800,000 shares, of which
1,476 were fully paid up and 798,524 were paid up to a level
of 75.27%. Following the capital pay-up on 2 December 2010,
all 800,000 shares were fully paid up. After the capital
increase on 13 December 2011, the capital consists of
800,000 fully paid-up shares and 201,613 shares that are
paid up to a level of 25%.
EXPLANATION 5.6. GROUP RESERVES
The group reserves at the end of financial year 2011
amounted to €27,741 k; that is an increase of €1,304 k in
comparison with the balance at 31 December 2010.
That increase is primarily due to an increase of €1,000 k in
the available reserve to provide the necessary funds for
possible participations in structural collaborations and the
activities of Aquaplus N.V. In addition, there was a logical
increase in the legal reserve.
(in €000) 2011 2010 At 1 January 2010
OTHER EQUITY COMPONENTS
Required reserves 11,036 10,556 10,201
Available reserve 8,600 7,600 7,600
Profit carried forward 8,105 8,281 10,387
TOTAL 27,741 26,437 28,188
Consolidated financial statement
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