Consolidated financial statement 2011 - Aquafin

More documents

Recommendations

Info

52 Consolidated financial statement 2011 The group reserves consist of the legal reserve, the available reserve and the deferred profit. The legal reserve is topped-up annually until it reaches a level equal to 10% of the capital. In accordance with Section 319 of the Companies Code, 5% of the after-tax profit is put into reserve annually. The group has had an available reserve of €7,600 k for some time now. In 2011, that was increased by €1,000 k to provide the funds necessary for the possible participation in structural cooperative ventures and the activities of Aquaplus N.V. The deferred profit amounted to €10,387 k on 1 January 2010; €8,281 k on 31 December 2010 and €8,105 k on 31 December 2011. Under BE GAAP, projects on behalf of third parties (commercial projects in progress) are processed in accordance with the completed contract method until 31 December 2010. Due to the conversion to IFRS, those projects are valued in accordance with the percentage of completion method and posted in the results pro rata with their percentage of completion. Concretely, €1,183 k in undelivered projects were shown in the results on 1 January 2010; at 31 December 2010, that amount was €1,552 k. Starting in 2011, the valuation rules were aligned with the IFRS and those projects were also valued under BE GAAP according to the percentage of completion method. In accordance with IAS 10 - Events after the reporting Period dividends allocated after the financial year are not posted as a liability as long as they are payable after the end of the financial year. The impact amounted to €9,198 k on 1 January 2010; €6,724 k on 31 December 2010 and €8,096 k on 31 December 2011. EXPLANATION 5.7. CONSOLIDATED OVERVIEW OF REALISED AND UNREALISED RESULTS (in €000) Explanation 2011 2010 NET PROFIT 8,028 7,447 UNREALISED RESULTS Net increase in value of cash flow hedges 5.9 -79,711 -20,303 Charge-through via Management Agreement receivables 5.9 79,711 20,303 0 0 Actuarial profits and losses on defined benefit plans 5.11 564 172 Charge-through of IFRIC 12 receivables 5.11 -564 -172 0 0 Unrealised results after taxes 0 0 TOTAL REALISED AND UNREALISED RESULTS AFTER TAXES 8,028 7,447 The unrealised results with respect to cash flow hedges must be considered as recyclable and the actuarial profits and losses on defined benefit plans as non-recyclable.
EXPLANATION 5.8 INTEREST-BEARING LOANS - LONG-TERM AND SHORT-TERM FINANCIAL LIABILITIES n Overview of interest-bearing loans - long-term and shortterm at 31 December 2011 At 31 December 2011, the outstanding financial debts can be broken down as follows: • financial long-term debts, more than 1 year: €1,568,254 k; • financial long-term debts, due within 1 year: €157,904 k; • financial short-term debts: €82,006 k. Detail of the financial debts by category: Interest rate % (in €000) (average) Term 2011 2010 At 1 January 2010 Long-term bank debt under allocation 4.39% 2012-2041 1,459,216 1,089,985 1,037,976 Private placement 4.25% 2013 100,000 100,000 100,000 Retail bond 4.00% 2015 150,000 150,000 150,000 Long-term bank debt purchase of Dijkstraat 8 4.79% 2029 8,302 8,510 8,700 Long-term bank debt commercial activities 4.46% 2024-2025 6,518 6,898 6,932 Leasing debts 7.48% 2015-2016 2,122 2,448 2,740 TOTAL LONG-TERM FINANCIAL DEBTS 1,726,158 1,357,841 1,306,348 Short-term bank debts (Commercial Paper) 1.35% 2012 73,000 140,600 30,500 Short-term bank debt commercial activities 1.66% 2012 9,006 Total short-term financial debts 82,006 140,600 30,500 TOTAL LONG-TERM & SHORT-TERM FINANCIAL DEBTS 1,808,164 1,498,441 1,336,848 n Long-term bank debts under allocation at 31 December 2011 The long-term credits are used to finance the investments that are being repaid over time by the Flemish Region and, since 1 January 2005, by the drinking-water companies with the Flemish Region as co-debtor. Long-term financing is based on the allocation agreement. It defines that the balance of the long-term credits must be smaller than the claims that Aquafin has on the drinking water companies, respectively the Flemish Region. These claims consist of the investment projects that have not been paid, but that have already been delivered. In 2010 and 2011, Aquafin was directed by the Flemish Region to purchase assets from the Vlaamse Milieu - maatschappij (Flemish Environmental Agency). Initially, the financing for the purchase was bridged by short-term borrowing. At the end of 2011, the commercial paper was reduced sharply as part of the long-term financing of those VMM assets. The share of long-term loans has therefore increased significantly, from €1,090 million at the end of 2010 to €1,459 million at the end of 2011. At 31 December 2011, a nominal amount of €2,542,348 k was taken up, of which €1,459,216 k has not yet been repaid. In 2011, Aquafin was able to meet its long-term financing requirements with loans from the European Investment Bank (€75 million), the commercial banks (€150 million) and new institutional investors (€285 million). Consolidated financial statement 53
Page 1:
Green light for clear water Annex t
Page 4 and 5: 2 Consolidated financial statement
Page 80: Aquafin develops and implements eff
show all

Consolidated financial statement 2011 - Aquafin

Create successful ePaper yourself

Delete template?

Save as template?