logo di stampa inglese
 
« back

23 Trade receivables

 
 30-Jun-1231-Dec-11Changes
Trade receivables818,853689,312129,541
Trade receivables for invoices to be issued 441,987547,319(105,332)
Receivables from associated companies 20,60613,7296,877
Total1,281,4461,250,36031,086

Trade receivables as at 30 June 2012 total EUR 1,281,446 thousand (EUR 1,250,360 thousand as at 31 December 2011) and include estimated consumption, for the portion pertaining to the period, relating to bills and invoices to be issued after 30 June 2012. Receivables are stated net of a provision for doubtful receivables of EUR 120,014 thousand (EUR 105,244 thousand as at 31 December 2011) deemed fair and prudent in relation to the estimated realisable value of said receivables.

With reference to the disputed receivables linked to electricity supply under the "protection" service relating to 8 customers falling within the scope of the Terni chemical hub (technical dispute, requiring intervention from the Italian Authority for Electricity and Gas), it should be noted that, compared to the existing situation at the end of the previous year, already widely described in the Explanatory Notes as at 31 December 2011, the residual amount of receivables as at 30 June 2012 (already paid in advance by the Group to CCSE) was equal to EUR 4,770 thousand (EUR 11,614 thousand as at 31 December 2011), while EUR 1,074 thousand of extraordinary charges had already been collected over a total amount of EUR 1,242 thousand recognised as at 31 December 2011.

The changes occurring in the provision during the year are provided below:

 31-Dec-10Changes in scope of consolidationAllocationsUses and other movements30-Jun-11
Provisions for doubtful receivables77,294-19,697(5,845)91,146
Total 77,294-19,697(5,845)91,146

 

 31-Dec-11Changes in scope of consolidationAllocationsUses and other movements30-Jun-12
Provisions for doubtful receivables105,244-23,108(8,338)120,014
Total105,244-23,108(8,338)120,014

The recording of the provision is made on the basis of analytical valuations in relation to specific receivables, supplemented by measurements made based on historic analyses of the receivables regarding the general body of the customers (in relation to the aging of the receivables, the type of recovery action undertaken and the status of the debtor), as described in the following paragraph "credit risk".

Credit risk
The book value of the trade receivables shown in the financial statements is the maximum theoretical exposure to credit risk for the Group as at 30 June 2012. Even if not standardised, there is a procedure for providing credit to customers that provides for individual evaluations to be made. These operations make it possible to reduce the concentration and exposure to credit risk posed by both business and private customers. Analyses are periodically made of the credit standings still open so as to single out any critical issues. Should individual positions turn out to be entirely or partially uncollectible, an adequate write-down is provided. With regard to the receivables that do not undergo individual write-downs, allocations are made to the provision for doubtful receivables, on the basis of historic analysis (in relation to the aging of the receivables, the type of recovery action undertaken and the status of the creditor).

« back