Consolidated financial statement 2011 - Aquafin

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Consolidated financial statement 2011
In general, the loans have the following structure:
• take-up in EUR
• fixed interest for the full life of the loan or variable
interest hedged with a maximum ceiling interest rate
• term of 15 years (up to 2008) and 30 years (from 2009)
• equal half-yearly capital repayments
• semi-annual interest payments.
n Bond loans at 31 December 2011
Bond issue 2006 (Private placement)
On 30 May 2006, Aquafin issued a seven-year bond loan in
the amount of €100 million. Those funds are now being used
to fund the works in progress.
The bond loan issued by Aquafin has the following
characteristics:
• take-up: €100 million
• issue below par: 99.881%
• issue at a discount: 4.25% coupon
• period of 7 years
• annual repayment of interest
• security: rating at the moment of the issue.
Bond issue 2009 (Retail bond)
The net receipts from this retail bond loan will, in the first
instance, be used for a partial refinancing of existing Aquafin
debt and for general company purposes. This includes
financing the works that are in execution for the development
of the supramunicipal treatment infrastructure in Flanders.
The subscription for the bond loan that Aquafin issued has
the following characteristics:
n
• take-up: €150 million
• issue above par: 101.639%
• issue at a discount: 4.00% coupon
• annual gross return: 3,69%
• repayment: 100% on date of expiry
• period of 6 years
• annual repayment of interest
• listing: Euronext Brussels.
Bank loan for the purchase of the office building at
Dijkstraat 8 at 31 December 2011
For the purchase and renovation of the office building at
Dijkstraat 8, a long-term loan in the amount of €8,700,000 and
a term of 20 years at fixed interest of 4.79% over the entire life
of the loan was taken out.
n
Bank debts for commercial activities of the municipalities
at 31 December 2011
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.
At the end of June 2009, the very first project (Kapellen)
was completed and the transition was made from short-term
financing to long-term financing over 15 years. Analogous to
the loan that Aquafin took out with the bank, Kappellen
receives from Aquafin an invoice every quarter with the
charges for the transport service provided. In 2010, the second
long-term project (Vilvoorde) was financed. In 2011, there were
also several projects that required new financing started.
n Leasing debts at 31 December 2011
This section contains the debts related to leased buildings:
Dijkstraat 10 and Delta for a total amount still to be repaid
of €2,122 k.
n Short-term bank debts at 31 December 2011
The short-term financing was used primarily to fund
the work in progress before delivery. The two bond loans that
Aquafin issued form the basis for the financing requirements
for the work in progress and explain the low level.
Commercial paper
Features:
• issue programme of €400 million in treasury bills
• BNP Paribas Fortis is the arrangers and domicile agent
• BNP Paribas Fortis, Dexia and KBC are the dealers
• term of at least 7 days and a maximum of half a year
• in 2011 no issues on the secondary market > 1 year
• the very first issue by Aquafin took place on 22 June 2000.
The commercial paper programme is hedged by €300
million in back-up lines, distributed over the three dealers.
At 31 December 2011, €73 million in commercial paper
was issued.
Credit lines
At 31 December 2011, there were no take-ups carried out
within the available bilateral credit lines (€80 million).
The same applies to the revolving credit facility (€100 million).