Consolidated financial statement 2011 - Aquafin

More documents

Recommendations

Info

72 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.
Segment reporting For management purposes, the group is organised in two operational segments. On the one hand, company activities are being carried out in the context of the concession agreement (management agreement) with the Flemish Region (the supramunicipal sanitation). On the other hand, commercial activities are carried out primarily on behalf of Flemish cities and municipalities (the municipal sanitation). In the second segment, the group is in direct competition with other sewerage managers. Via the subsidiary Aquaplus NV, the group also serves industry in Flanders and carries out consultancy assignment abroad on a limited scale. In figures: Concession agreement Commercial Total Cities & (in €000) Flemish Region Municip Other AT 31/12/2011 Services rendered 232,989 63,883 573 297,445 Profit before taxes from ongoing business activities 7,283 1,847 2 9,132 Assets 2,271,411 23,709 948 2,296,068 Liabilities 2,041,532 15,641 254 2,057,427 AT 31/12/2010 Services rendered 214,215 33,471 270 247,956 Profit before taxes from ongoing business activities 6,079 1,879 2 7,960 Assets 1,859,221 11,152 847 1,871,220 Liabilities 1,639,139 7,089 155 1,646,383 AT 01/01/2010 Assets 1,615,342 10,695 733 1,626,770 Liabilities 1,442,025 7,085 43 1,449,153 Consolidated financial statement 73
Page 1:
Green light for clear water Annex t
Page 4 and 5:
2 Consolidated financial statement
Page 6 and 7:
Page 8 and 9:
Page 10 and 11:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
Page 24 and 25: 22 Consolidated financial statement
Page 80: Aquafin develops and implements eff
show all

Consolidated financial statement 2011 - Aquafin

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?