Consolidated financial statement 2011 - Aquafin

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70 Consolidated financial statement 2011 EXPLANATION 6.7 FINANCING INCOME (in €000) Explanation 2011 2010 Financing income 6.7 2,237 846 The financing income amounted to €2,237 k in 2011 and €846 k in 2010. This primarily concerns the income from interest management, interest from investments and arrears interest received. A strong increase was shown in the income from interest management. EXPLANATION 6.8 INCOME TAX Current tax receivables and liabilities for the current and previous periods are valued at the amount that is expected to be received from or paid to the tax authorities in Belgium or elsewhere. In view of the specific provisions of the management agreement, the group does not have any temporary differences in assets or liabilities that could give cause to establish a deferred tax debt or receivable. Article 43.1 of the same management agreement states that all of the reasonable costs incurred by Aquafin are to be paid by the Flemish Region – via the drinking water companies – including all levies and taxes owed by Aquafin for the implementation of this agreement. (in €000) 2011 2010 CONSOLIDATED PROFIT AND LOSS ACCOUNT Current taxes 1,980 1,150 Changes to taxes from previous years -240 Taxes on profit as per consolidated profit and loss statement 1,980 910 Relationship between actual tax burden and theoretical tax burden: Profit before taxes from ongoing business activities 9,132 7,960 Unrealised results 0 0 Projects in progress on behalf of third parties: % of completion 1,552 -369 Charge-through of taxes in the context of the concession agreement 876 397 PROFIT BEFORE TAXES 11,560 7,987 At the legal rate applicable in Belgium (34%) 3,929 2,715 Adjustments to taxes on profit from previous years -240 Non-deductible costs 673 586 Deduction for risk capital -2,512 -2,151 Investment deduction -110 At the effective applicable rate 1,980 910 TAXES ON PROFIT AS PER CONSOLIDATED PROFIT AND LOSS STATEMENT 1,980 910
The conversion to IFRS has a temporarily impact on the results of the projects on behalf of third parties (commercial projects in progress). Up until 2010, those ‘commercial’ projects were still being processed under BE GAAP in accordance with the completed contract method. As from 2011, the percentage of completion method is also applied under BE GAAP. As the corporation tax is calculated based on accounting in accordance with BE GAAP, there is also temporary difference in tax base. As from fiscal year 2012, there will be no longer difference in results of these projects under BE GAAP and IFRS. In the context of the concession agreement with the Flemish Region, €876 k and €397 k, respectively, was charged to the drinking water companies/the Flemish Region in 2011 and 2010. (in €000) 'COMMERCIAL’ RESULT BE GAAP Opening balance sheet 2010 2011 1,552 TOTAL 1,552 'COMMERCIAL' RESULT IFRS Opening balance sheet 1,183 2010 369 2011 TOTAL 1,552 EXPLANATION 6.9 RESULT PER SHARE (in €000) Explanation 2011 2010 Profit before taxes from ongoing business activities 9,132 7,960 NET PROFIT 8,028 7,447 To be allocated to: Owners of equity instruments of the parent company 8,028 7,447 RESULT PER SHARE (€) Ordinary profit per share, to be allocated to holders of ordinary shares of the parent company 6.9 9.91 9.31 Diluted profit per share, to be allocated to holders of ordinary shares of the parent company 6.9 9.91 9.31 PROFIT PER SHARE FROM ONGOING BUSINESS ACTIVITIES (€) Ordinary profit per share from ongoing business activities, to be allocated to holders of ordinary shares of the parent company 6.9 9.91 9.31 Diluted profit per share from ongoing business activities, to be allocated to holders of ordinary shares of the parent company 6.9 9.91 9.31 All of the shares of the group are in the hands of the Vlaamse Milieuholding (Flemish Environmental Holding Company). On 2 December 2010, the Vlaamse Milieuholding executed a full contribution to capital. As a result, the fully-paid up capital of the group consisted of 800,000 shares at the end of 2010. On 13 December 2011, in the context of the aforementioned acquisition of assets from the Flemish Environmental Agency, the capital of the group was increased by €50 million, represented by 201,613 shares. Of that amount, €12.5 million was deposited. Consolidated financial statement 71
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Consolidated financial statement 2011 - Aquafin

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