Consolidated financial statement 2011 - Aquafin

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Consolidated financial statement 2011
Calculated on a daily basis, the weighted average of
the number of shares over 2011 amounted to: 810,495 shares.
After all:
• 800,000 shares x 346 days = 276,800,000
• 1,001,613 shares x 19 days = 19,030,647
• Total: 295,830,647
295,830,647 : 365 days = 810,494 shares (weighted
average)
n
Dividend per share
On 3 May 2011, a total dividend of €6,723,734 was paid out
over financial year 2010, equivalent to:
• €10.93 for shares fully paid in on 25 April 1990
• €8.40 for shares that have not been fully paid in during
the financial year.
If the General Meeting of 17 April 2012 approves the
proposed allocation of profits for 2011, then the following
gross dividend will be paid out on 23 April 2012:
• €10.09 for shares that have been fully paid in
• €0.12 for shares that have not been fully paid in.
Explanation to the consolidate cash flow overview
EXPLANATION 7.1 EXPLANATION TO THE CONSOLIDATE CASH FLOW OVERVIEW -
RECEIVABLES FROM CLIENTS
(in €000) 2011 2010
Clients Management Agreement 355,883 332,224
Of which: Construction activity 125,366 110,178
Services 230,517 222,047
Clients commercial 51,778 32,768
TOTAL 407,661 364,992
As per Article 43 of the management agreement, Aquafin
is entitled to compensation from the Flemish Region to cover
all reasonable costs and, with due regard for the risks taken,
ensuring the minimum acceptable return for the shareholders.
Within that compensation, a distinction can be made between
compensations relating to the construction activities and
compensation with respect to services.
The compensations for construction activities concern the
payment for the wastewater treatment infrastructure.
The repayment period for that infrastructure takes the
expected life of the infrastructure into account. In 2011,
that compensation increased in comparison with 2010 as a
result of the expansion of the patrimony.
The compensation with respect to the services primarily
concerns the invoicing of the operating expenses from the
head office and operations and the interest burdens, increased
by a compensation for equity. The expansion of the patrimony
has an impact on the operating costs and the interest burdens.
As a result, we also see an increase in the receivables from
services in the context of the management agreement.
Due to the growth in the commercial activities, the client
receipts are also increasing in that segment.