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27 Other current assets

 
 30-Jun-1231-Dec-11Changes
Energy efficiency bonds and emissions trading102,85076,08026,770
Security deposits18,72718,507220
VAT, excise and surtaxes17,83043,287 (25,457)
Deferred costs for employees     9,533                                    -   9,533
Equalisation fund for the electricity and gas sectors for standardisation and continuity income8,8956,656 2,239
Contributions5,2924,796496
Advance costs for waste disposal 5,2175,463 (246)
Advances to suppliers/employees 5,2094,372837
Recaivables for tariff components4,62112,382 (7,761)
Insurance costs4,2853,819466
Receivables due from asset companies4,0294,029                                             -  
Sundry tax receivables 3,9667,399 (3,433)
Rent liabilities and rents for network services 3,474144 3,330
Costs advanced for leasing and rentals3,4203,799 (379)
Receivables for dividends1,609                                    -   1,609
Receivables from municipalities for tax moratorium3611,061 (700)
Receivables from social security institutions244539 (295)
Other receivables33,56019,500 14,060
Total233,122211,83321,289

The breakdown and changes in the main items are described compared with 31 December 2011.

"Energy efficiency bonds and emissions trading", include:

  • green certificates, EUR 64,558 thousand (EUR 44,951 thousand as at 31 December 2011);
  • white certificates, EUR 25,954 thousand (EUR 19,280 thousand as at 31 December 2011);
  • grey certificates, EUR 12,338 thousand (EUR 11,849 thousand as at 31 December 2011).

 

As regards green certificates, it should be noted that, in December 2011, certificates relating to the years 2008, 2009 and 2010 for the waste-to-energy plant in Ferrara were sold to GSE (Energy Services Operator). Hera Spa accounted for the green certificates regarding the WTE plant in Ferrara, for a total amount accrued for these years, equal to EUR 18,117 thousand, based on provisions envisaged by art. 1, subsections 1117 and 1118 of Law no. 296/2006 (2007 Finance Act). On 10 March 2011, GSE gave official communication that the conditions were satisfied for obtaining 100% of said certificates. In this table, the Administration body recognises the incentives in favour of electricity power plants from renewable sources and sources assimilated to renewable sources, without making any distinction between organic and inorganic portion of waste, safeguarding the purchase right of plants, as the one located in Ferrara which, at the date of entry into operation of the financial bill itself (1 January 2007), met all the conditions required by the aforementioned law and in particular: a) signature of the appropriate agreement with GSE, b) almost completed plant and c) necessary authorisations.

It should be noted that, during the phase of recognition of green certificates of the WTE plant in Ferrara, GSE identified all the consumption of said incineration plant with the auxiliary services, without taking into due consideration the unique features and objectives of a waste-to-energy plant. In respect of said dispute, the Group, based on in-house technical analyses and having consulted its legal advisors, reviewed its credit positions recorded for the years 2008, 2009 and 2010 relating to the Forlė and Modena plants, and promoted all the initiatives necessary, not least the appeal before the competent administrative offices, in order to obtain payment of the amount held to be due.

"Security deposits", composed mainly of:

  • the deposit made to Acosea Impianti Srl for EUR 12,000 thousand;
  • other minor deposits in favour of public institutions and companies, EUR 4,467 thousand (EUR 4,248 thousand as at 31 December 2011);
  • deposits in favour of the Property Valuation Office, EUR 2,260 thousand (EUR 2,259 thousand as at 31 December 2011) to guarantee the payment of revenue tax collected from customers.

 

The Item "VAT, excise and surtaxes", amounting to EUR 17,830 thousand, consists of VAT credits due from the tax authorities, for EUR 5,577 thousand, and of excise and regional surtaxes of EUR 12,253 thousand. The change, compared to 31 December 2011, is due to a decrease in receivables for excise and additional regional taxes amounting to EUR 27,830 thousand (EUR 40,083 thousand as at 31 December 2011) and an increase in VAT credits, amounting to EUR 2,373 thousand (EUR 3,204 thousand as at 31 December 2011). These changes are to be considered together with changes highlighted in item "Other current liabilities" - note 38. To understand these changes, particularly with regard to excise duties and additional components, note must be taken of the procedures that govern financial relations with the Tax Authorities. In particular, advance payments during the year were calculated according to quantities of gas and electricity billed in the previous year. Using these methods, credit/debit positions can be generated with differences that are also significant between one period and another.

"Deferred costs for employees", equal to EUR 9,533 thousand, refer to the accrual of the fourteenth month payment accrued as at 30 June 2012.

The item "Equalisation fund for the electricity and gas sectors for standardisation and continuity income" shows a balance of EUR 8,895 thousand (EUR 6,656 thousand as at 31 December 2011). The increase, compared to the previous year, relates to receivables for gas distribution equialisation. In this regard please refer to note 38 "Other current liabilities", in the item "Equalisation Fund for the Electricity Sector".

The item "Contributions", amounting to EUR 5,292 thousand (EUR 4,796 thousand as at 31 December 2011), chiefly relates to receivables for payments to a sinking fund by various Entities, but still to be collected at the reference date.

"Advance costs for waste disposal" relate to the difference in value between contributions to disadvantaged customers, already paid to Municipalities and other companies (based on agreements and conventions) and the actual economic competence for the year calculated on the tons actually disposed of.

"Receivables for tariff components". The balance is composed of tariff components charged to distributors to the Group, which are then debited to end customers. The change, compared to the previous year, is attributable to "recoveries" in invoicing with respect to the same end customers.

"Insurance costs" are equal to EUR 4,285 thousand (EUR 3,819 thousand as at 31 December 2011). These are costs to cover insurance and guarantee policies, advanced with respect to the reference date of these consolidated half-year financial statements.

"Sundry tax receivables", equal to EUR 3,966 thousand (EUR 7,399 thousand as at 31 December 2011). They primarily relate the tax credits on district heating; compared to 31 December 2011, they report a decrease due to the offsetting made over the first half of 2012.

Item "Rent liabilities and rents for network services", equal to EUR 3,474 thousand (EUR 144 thousand as at 31 December 2011), relates to prepaid costs regarding rentals charged by Atersis (former ATOs).

"Receivables for dividends", equal to EUR 1,609 thousand, relate to the companies Service Imola Srl and Aimag Spa for dividends distributed in 2012 but referring to 2011 and not cashed yet as at 30 June 2012.

As regards "Receivables from municipalities for tax moratorium", please refer to note 14 "Taxes for the period".

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