logo di stampa inglese
 
 
You are in: Consolidated Financial Statements » Balance Sheet - assets
« back

27 Other current assets

 
 31-Dec-0931-Dec-08Changes
Energy efficiency bonds and emissions trading51,84321,09130,752
Guarantee deposits21,85720,960897
Equalization fund for the electricity and gas sectors, for equalization and service continuity income20,95915,7785,181
VAT, excise and additional taxes16,23910,7235,516
Sundry tax receivables9,8075,1804,627
Contributions6,9948,233-1,239
Advances to suppliers/employees6,1815,856325
Costs advanced for substitute tax5,4317,228-1,797
Costs advanced for leases and rentals3,5554563,099
Insurance costs2,4692,885-416
Prepaid costs from asset companies1,7311,7310
Advances for direct taxes1,1823,271-2,089
Receivables due from municipalities for tax moratorium1,0821,783-701
Receivables due from Social Security805986-181
Withholdings on interest income91115-24
Insurance reimbursements59144-85
Other receivables28,60727,2051,402
Total178,892133,62545,267

The item "Energy efficiency bonds and emissions trading" is composed of:

  • green certificates, Euro 27,691 thousand;
  • white certificates, Euro 19,786 thousand;
  • grey certificates, Euro 4,366 thousand.

The increase compared with 31 December 2008 is due mainly to the green certificate category, as a result of higher quantities of electricity produced by waste-to-energy plants and to white certificates, following the achievement of energy savings objectives.

Guarantee deposits include:

  • the deposit made to Acosea Impianti Srl for Euro 12,000 thousand;
  • other minor deposits in favour of public institutions and companies, Euro 3,417 thousand;
  • deposits in favour of the tax authority (Ufficio Tecnico Erariale), Euro 2,100 thousand;
  • deposits in favour of GSE, Euro 4,340 thousand.

As regards the position towards the "Equalisation Fund for the Electricity Sector", the increase in receivables is related to the new tariff system, as part of gas distribution activities, introduced by Italian Authority for Electricity and Natural Gas Resolution No. 158/08. Based on said procedure, accrued revenue is obtained by comparing the "restriction on permitted revenues", regardless of the volumes supplied, with the volumes actually invoiced.

The Item "VAT, excise and additional taxes", amounting to Euro 16,239 thousand, consists of VAT credits, for Euro 2,691 thousand, and of excise and additional taxes, for Euro 13,548 thousand. The change compared to 31 December 2008 is due to a combination of higher excise and additional taxes for Euro 13,091 thousand and lower VAT credits for Euro 7,575 thousand (due on 31 December 2008).

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.

"Sundry tax receivables" total Euro 9,807 thousand and consist mainly of tax receivables for district heating. The increase compared to the 31 December 2008 was due to the reform introduced by Article 1, paragraph 53 of Law No. 244 dated 24 December 2007, under which as of 1 January 2008 the utilisation of such receivables is limited to Euro 250,000 annually, with any surplus amounts available for offsetting only three years after the year in which the surplus was generated.

"Receivables due from Social Security", amounting to Euro 6,994 thousand, chiefly relate to payments to a sinking fund by various Entities, but still to be collected as at the year end.

The item "Advances for direct taxes" (IRES and IRAP - Corporate Income Tax and Regional Income Tax) amounting to Euro 1,182 thousand are made up mainly of advance payments made.

Illustrated below are the reclassifications with respect to 31 December 2008:

Other current assets31-Dec-2008
published
Reclassified31-Dec-2008
reclassified
Energy efficiency bonds and emission trading021,09121,091
Equalization fund for the electricity
and gas sectors, for equalization and service continuity income
11,7154,06315,778
Costs advanced for substitute tax07,2287,228
Costs advanced for leases and rentals0456456
Insurance costs02,8852,885
Costs due from asset companies01,7311,731
Receivables due from Municipality for tax moratorium01,7831,783
Other receivables66,442-39,23727,205
Total78,157078,157
« back