Consolidated financial statement 2011 - Aquafin

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66 Consolidated financial statement 2011 A distinction is made within the commercial debts and other payables between: suppliers, debts with respect to payroll and social premiums, advances received and pledges received. At 31 December 2011, the number of days of supplier credit - calculated as: outstanding commercial debts of no more than one year/purchases including VAT * 365 - 55 days. In 2010, that was 61 days. The purchases consist of: the investments in projects during the financial year, the change to the fixed assets under construction, the purchase of trading goods, raw materials and additives, and the services and miscellaneous goods. (in €000) 31/12/2011 31/12/2010 01/01/2010 Suppliers 75,695 72,113 62,656 Debts related to salaries and social premiums 7,250 7,211 6,568 Advances received 155 110 290 Securities received 15 14 44 TOTAL 83,115 79,447 69,559 EXPLANATION 5.13 TO THE 'OTHER SHORT-TERM FINANCIAL LIABILITIES' POST The other financial liquid assets amounted to €15,086 k at 31 December 2011. With respect to the balance at 31 December 2010, that represented an increase of €2,030 k. (in €000) Explanation 2011 2010 At 1 January 2010 Other short-term financial liabilities 5.13 15,086 13,056 13,768 This concerns a deferred account of the liabilities, primarily interest owed. EXPLANATION 5.14 TO THE 'TAXES PAYABLE' ITEM The outstanding liability at 31 December 2011 primarily concerned income taxes due (€1,213 k) and property taxes (€436 k). (in €000) Explanation 2011 2010 At 1 January 2010 Taxes payable 5.14 1,770 1,701 121
Explanation to the consolidated profit and loss account EXPLANATION 6.0 SERVICES RENDERED (in €000) 2011 2010 Activities under the Management Agreement -232,989 -214,215 Activities outside the Management Agreement -64,456 -33,741 TOTAL -297,445 -247,956 Of that amount, €232,989 k relates to activities under the management agreement, compared with €214,215 k in 2010. For the activities outside the scope of the management agreement, revenues of €64,456 k were achieved, versus €33,741 k in 2010. In the context of the management agreement, Aquafin collects the wastewater from the Flemish households in main sewers and transports it to treatment plants. For that purpose, Aquafin first developed the necessary infrastructure: collectors for wastewater, pumping stations and wastewater treatment plants. Aquafin prefinances the projects awarded and the drinking water companies repay the investments. From projects delivered from 1 January 2009, the repayment term is 15 years for the electromechanical works and 30 years for the construction works. For assets that were acquired from the Vlaamse Milieu - maatschappij (Flemish Environmental Agency), the repayment term is 20 years. Aquafin is also responsible for the maintenance and operation of the supramunicipal sewerage and the wastewater treatment plants. The treated wastewater must comply with Flemish and European standards. Outside the management agreement, Aquafin has also developed a specific offering for cities and municipalities. Several cities and municipalities have outsourced the construction and maintenance of their sewers completely to Aquafin. Several companies also have their wastewater treated by Aquafin. EXPLANATION 6.1 OTHER INCOME (in €000) Explanation 2011 2010 Other company income 6.1 15,804 6,803 The other income amounted to €15,804 k in 2011 and €6,803 k in 2010. This primarily concerns recovery of costs that cannot be assigned to normal income. The increase in this items relates primarily to the changes in market value vis-à-vis the fair value hedge (qualified and unqualified) and unqualified cash flow hedges. Based on the concession agreement with the Flemish Region, this change in market value is compensated for in the IFRIC 12 claim. Changes in market value of qualified cash flow hedges do not go via the other income item, but via the overview of the unrealised results (in plus and minus). Other items here are: invoicing to third parties of the costs of incidents, invoicing of public utilities if third parties use the public utilities of the group, invoicing of costs incurred for treating wastewater originating outside the working area of the group (e.g. wastewater from northern France), invoicing of extra sludge costs if the usual sludge-processing company is unable to process the agreement volumes, income from green electricity certificates, recoveries related to the company vehicles and special assignments. Consolidated financial statement 67
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Consolidated financial statement 2011 - Aquafin

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