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38 Other current liabilities

 
 30-Jun-1231-Dec-11Changes
Excise and surtaxes110,54221,16889,374
Guarantee deposits72,18473,465(1,281)
Contributions for plants67,34567,620(275)
VAT51,82118,71033,111
Employees30,55324,9365,617
Payables to social security institutions27,53222,0035,529
Payables for tariff components14,23514,345(110)
Equalisation fund for the electricity and gas sectors 12,52311,706817
Payables to shareholders for dividends11,3368,7712,565
Employee withholding taxes11,02010,857163
Payables due to municipalities for environmental disruption and establishment of securities8,84513,547(4,702)
Work on behalf of third parties for study/projects/consulting4,2784,478(200)
Other tax liabilities3,5913,182409
Insurance and deductibles2,9673,047(80)
Customers2,5632,350213
Energy efficiency bonds and emissions trading2,4202,795(375)
Sewage fees5795772
Directors and Auditors249275(26)
Other payables34,79428,4216,373
Total469,377332,253137,124

Comments are provided below on the most significant items and the associated changes as at 31 December 2011.
"Excise and surtaxes" significantly increased compared to 31 December 2011. For an explanation please see note 27 "Other current assets", and particularly the mechanism that governs the financial relations with the tax authority.


"Guarantee deposits" reflect the sums paid by customers for gas, water and electricity administration agreements.


"Contributions for plants" refer to investments in the water and waste management sector. This item will decrease in proportion to the amount of depreciation calculated on the reference assets.

Item "VAT", the increase, compared to 31 December 2011, relates to advance payments made at this date, which reduce the Group indebtedness.


Item "Personnel" relates to holidays accrued but not yet taken as at 30 June 2012, productivity bonus and accrued salaries recorded.


Item "Payables to social security institutions" relates to contributions due and accrued for the month of June 2012.


Item "Equalisation Fund for the Electricity and Gas Sectors" reflects the debt positions for equalisation on the gas distribution/measurement, some components of the gas service system and equalisation of the electricity service.
Item "Payables due to shareholders for dividends" relates to the indebtedness with respect to minority shareholders in the following subsidiaries:

  • Fea Srl, EUR 8,820 thousand (EUR 8,771 thousand as at 31 December 2011);
  • Romagna Compost Srl, EUR 364 thousand;
  • Sinergia Spa, EUR 287 thousand;
  • Hera Comm Marche Srl, EUR 422 thousand;
  • Marche Multiservizi Spa, EUR 1,443 thousand;

 

Item "Payables due to municipalities for environmental disruption and establishment of securities", relates to contributions to be paid to municipalities for indemnities due to environmental damages, calculated proportionally with waste disposed of in treatment plants as at 30 June 2012. The decrease, compared to 31 December 2011, is due to payments made in the first half of 2012.


Item "Other tax liabilities" includes the payables for the ecotax related to the second quarter of 2012, which will be paid in July 2012.


"Energy efficiency bonds and emission trading" relate to grey certificates (EUR 2,267 thousand) and green certificates (EUR 154 thousand). These figures were EUR 1,625 thousand for grey certificates and EUR 1,170 thousand for green certificates as at 31 December 2011. This entry reflects the obligation to redeliver the certificates to the competent authorities based on applicable legislation.

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