2005 - 2006 - Pinsent Masons Water Yearbook 2012

BELGIUM PART 3 (ii): COMPANY ANALYSIS: LOCAL/REGIONAL PLAYERS
Belgium
Aquafin NV
Aquafin NV was founded in 1990 as a vehicle for developing a modern sewerage network for the
Flanders region. By using private finance and taking on its own debt, less than 15% of the company’s
€2.8 billion in capital spending has been passed on to the region. Aquafin is 51% held by VMW (the
Flemish Regional Government, on behalf of VFM the regional environment ministry), 20% by Severn
Trent Plc, with the balance being held by a variety of institutional investors. The company may seek to
obtain a market listing, but this is seen as unlikely under present conditions.
Aquafin, profit and loss account
Y/E 31/12 (€ million) 2000 2001 2002 2003 2004
Turnover 245.7 261.2 272.5 281.0 279.8
Operating profit 66.1 74.5 77.6 77.2 78.6
Net profit 11.2 11.6 11.5 11.7 11.5
In 1990, 29% of the region’s effluent was treated, typically, at facilities that failed to comply with their
effluent discharge consents. 35% sewerage coverage was reached in 1995, with 57% coverage in
2002 and 70% by the end of 2004. In 2004, Aquafin was responsible for the operation of 202
wastewater treatment plants, 832 pumping stations and 3,810km of sewerage pipes. The total
treatment capacity of the plants was 4.9 million PE, with an actual treatment of 3.8 million PE, and for
3.8 million people or 63% of the population.
Sewage treatment performance
(million m 3 /year) 1996 1998 2000 2001 2002 2003 2004
Pumped discharge 360 594 659 731 720 579 588
2 o /3 o treatment 339 523 598 652 649 548 573
Dry summers in 2003 and 2004 decreased the liquid flows into the sewerage system, while increasing
the concentration of effluents by more than 20%. Approximately 98% of the effluents received were
subject to biological treatment in 2004.
Aquafin, project development profile, 2002-04
(€ million) Projects, Cost, 2002 Projects, Cost, 2004
2002
2004
Completed 1,330 1,480 1,568 1,813
In progress 304 534 189 363
In preparation 578 759 630 812
Total 2,212 2,803 2,387 2,988
Projects worth €146 million were delivered during 2004. The corporate aim is for 73% treatment
coverage by 2005 and 85% by 2015. Between 2003 and 2015, €1,868 million has been budgeted for
stormwater handling (40%) and domestic sewerage and treatment (60%), including extending sewage
treatment to a further 237,000PE. For the Flanders region as a whole, it is estimated that a further
€7.44 billion will need to be spent on new sewage treatment works, along with upgrading and
extending extant plant by 2015. In addition, €11.8 billion needs to be spent on the sewerage and
storm sewerage infrastructure during this period. 8 plants with a PE of more than 10,000 are to be
built by 2008 (total PE 237,000), along with 26 plants with a PE of 2,000-10,000 to be built by 2008
(total PE 135,000). The 2008 timetable means that the urban wastewater treatment directive target
date of 2005 will not be met, mainly due to planning delays.
293 Pinsent Masons Water Yearbook 2005 – 2006