Annual Report 2014 Creating Added Value for Our Customers
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Annual report 2014 Creating added value for our customers BE-GAAP and the environment Our vision Clean watercourses for successive generations and a living environment in harmony with water. 53 Corporate Social Responsibility 4 9 Aquafin in brief Foreword 11 73 Report of the Board Annual account of Directors on the financial year 2014 4 Annual report 2014 Aquafin in brief ↘ A STRONG PARTNER FOR THE FLEMISH REGION On a daily basis, over 1,000 employees at Aquafin work on the development and management of the infrastructure for the treatment of domestic waste water. The company, which was established in 1990 by the Flemish Region, celebrates its twenty-fifth anniversary in 2015. Over this period, the treatment level in Flanders has risen from barely 30% to over 80%. Aquafin collects the domestic waste water from the municipal sewers in collector sewers and transports it to treatment plants, where it is processed in accordance with EU and Flemish standards. The water companies pass on part of the cost of the infrastructure works carried out and Aquafin’s operating costs to their consumers. The rest is paid to the water companies via an operating grant from the MINA fund. In all we do, we want to create real value for society and the natural environment. Therefore, we also want to help our customers deal with stormwater differently, by making space for it in public areas. Smart energy consumption, recovery of raw materials from waste water and reducing emissions in the water treatment process are central to all our activities. Based on the expertise we have built up over the years, Aquafin has become a much sought-after partner in research projects aimed at implementing the EU Water Framework Directive, both in Belgium and abroad. ↘ PRODUCTS AND SERVICES BEYOND INFRASTRUCTURE MANAGED ON BEHALF THE SCOPE OF THE AGREEMENT WITH OF THE FLEMISH REGION THE FLEMISH REGION FOR FLEMISH MUNICIPALITIES wastewater Aquafin also offers its services for the development and 287 treatment plants management of the municipal system. A town, city or municipality can opt for a long-term partnership via a concession or to award contracts to Aquafin on an ad hoc basis. They can also choose to join the co-operations that 5,505 km of supra-municipal collectors Aquafin has with the water companies water-link (rio-link), De Watergroep (RioAct and RioP) and Vivaqua. FOR INDUSTRY IN FLANDERS AND FOREIGN PARTNERS 1,472 supra-municipal pumping stations and storage settling tanks In Belgium, Aquafin’s subsidiary, Aquaplus NV, mainly operates industrial waste water treatment plants. Internationally, Aquaplus offers technological assistance and research, mostly via partnerships and joint ventures. % of the plants 99.7 met all standards PROJECTS IN PORTFOLIO FOR THE FLEMISH REGION 31 December 2014 ↘ Number of projects: 3,855 2,629 419 807 Value: 4,644.53 million euros 3,401.12 439.38 804.03 ● Delivered ● Awarded and contracted out ● In design phase KEY FIGURES Amounts in 000 euros ↘ 2010 2011 2012 2013 2014 Operating Income 362,540 426,391 483,441 467,495 457,027 Profit for appropriation 7,084 9,585 9,705 8,897 8,605 Balance total 2,671,015 3,021,359 3,163,989 3,332,735 3,289,016 Net equity 216,561 230,545 231,022 231,474 231,900 Short-term financing 140,600 82,006 127,000 175,120 141,377 Long-term financing 1,355,393 1,724,036 1,755,663 1,790,069 1,888,115 Aquafin employees 882 892 921 929 947 VMM employees 89 87 81 77 74 Total employees (number) 971 979 1,002 1,006 1,021 Aquafin in brief 5 6 Annual report 2014 2014, the year at a glance JANUARY MARCH MAY ↘ Flemish Government awards ↘ On World Water Day, Aquafin ↘ Keerbergen and Heusden- 2015 optimisation programme demonstrated how more and Zolder opt for co-operation worth more raw materials can be with Aquafin via RioAct recovered from waste water ↘ Aquafin supports PROTOS, million ↘ Aquafin’s credit rating rises an NGO working for better 250 euros to Aa2 with stable outlook water management in the South FEBRUARY APRIL JUNE ↘ Bart Van Eygen succeeds ↘ Asset management and ↘ Aarschot joins RioP, Erik Poppe as Asset climate change are key themes a co-operation between Management director of VLARIO1 day Aquafin and De Watergroep ↘ Aquafin becomes a partner in ↘ New composition of Board ↘ of WWTPs a new research project into of Directors (p. 13) meet the the recycling of waste water 90% required standards by the end (R3Water) of June 1 VLARIO: consulting platform and information and knowledge centre for Flemish sewerage professionals. “Aquafin is a modern company that works hard to improve water quality in Flanders, entering into partnerships and engaging in innovation in the process.” Joke Schauvliege, Flemish Minister for the Environment, Nature and Agriculture JULY SEPTEMBER NOVEMBER ↘ Flemish coalition agreement ↘ Aquafin organises Chap’eau ↘ Aquafin is host company for reserves a major role for in Kasterlee and thanks all of EBC Benchmark Aquafin its partners for the results achieved ↘ More than 2,100 people jump into watercourses during the ↘ Under the banner of VLAKWA, Big Jump, an event sponsored Aquafin takes part in the IWA by Aquafin congress and trade fair in Lisbon AUGUST OCTOBER DECEMBER ↘ A Well-being and Satisfaction ↘ Presentation of the annual ↘ 2014 ends with the best survey reveals high levels of Minder Hinder (Less Nuisance) treatment results ever: satisfaction and engagement award for contractors and the among our employees Quality Award for engineering companies 99.7% ↘ Aquafin takes part in research of WWTPs meet all standards into the presence of drugs in ↘ Aquafin prepares in detail waste water for the Switch-off Plan ↘ Aquafin and the European Investment Bank sign to draw down the first tranche of the ninth loan Aquafin in brief 7 8 Annual report 2014 Creating added value for our customers and the environment Around the time when this annual report is published, Many more parameters than before are now assessed Aquafin will be celebrating its twenty-fifth anniversary. and the standards are stricter. The watercourse is also This occasion also forms a visual thread running through given the label “unsatisfactory” if it fails to fulfil just one this publication. Even though – as yet – no body of water of the parameters. The requirements for populations of in Flanders fully meets the requirements of the Water native fish species and the absence of non-native species Framework Directive, we believe there is real cause for also make it difficult to comply with the Water Framework celebration. It is truly remarkable what Aquafin has Directive. However, water quality is definitely improving. managed to achieve over the last twenty-five years – We will therefore be organising a follow-up to Chap’eau together with the Flemish Region, the Flemish Environment this year. On 27 September we will be welcoming everyone Agency (VMM), cities and municipalities, and many other who is passionate about clean water to Kruibeke, by the partners. Scheldt. At the end of 2014, otters were spotted here for the first time in 30 years. As otters rely on fish for their By the end of 2014, the region had already invested diet, they will only stay around water that is abundant 3.4 million euros in water treatment projects through in fish. This makes them a good indicator of improved Aquafin. These efforts will continue in years to come. water quality. At the beginning of 2015, the Flemish Region awarded Aquafin the contract for the 2016 Optimisation Programme The added value that Aquafin has managed to bring containing projects worth 200 million euros, plus an extra to the environment, thanks to committed investment by budget of 50 million euros for projects overrunning from the Flemish Region and the towns, cities and municipalities, previous programme years. Including orders for ongoing is now clear. But we want to go further. In Flanders, programmes, this brings our total order book for the next water courses, sewers and rainwater are inextricably linked. few years to over 1.3 billion euros. We want to use our knowledge and experience to help towns, cities and municipalities create more space for As a result of these efforts, the treatment level has water in their public areas. This is necessary in order to increased from just 30% to around 81% in the last 25 years. cope with changing weather patterns due to climate change, And that is clearly visible in our watercourses. As well as as well as creating extra amenity value for citizens. Our aim significant improvements in water quality and gains in is for water to no longer be seen as a threat – something biodiversity, it is also pleasant to stroll beside surface we have to learn to deal with – but an opportunity for water once more. a pleasant, high-quality living environment. Therefore, “enjoying clean watercourses” was central to “Chap’eau”, an event we organised for the first time in Luc Bossyns September 2014, bringing together all our partners. It was Managing Director no coincidence that we chose a location near the Kleine Nete river, one of the bodies of water that is close to Erik Matthijs achieving “good condition” status. “Good condition” is Chairman not easy to achieve. Foreword 9 10 Annual report 2014 Report of the Board of Directors on the financial year 2014 in accordance with the relevant provisions of the Companies Code 12 Corporate Governance Statement 22 Report of the Board of Directors 23 Key developments during the financial year 26 Research and product development 28 Key risk factors 30 Key developments after the financial year 31 Notes on the balance sheet 33 Notes on the income statement 34 Proposal to the General Meeting 36 Activities Report Report of the Board of Directors 11 12 Annual report 2014 Corporate Governance Statement ↘ GENERAL In line with the provisions of the Belgian Corporate Governance Code of 9 December 2004, the first charter was approved by the Board of Directors on 26 January 2006.