Consolidated financial statement 2011 - Aquafin

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
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