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37 Other current liabilities

Capital grants61,92359,9791,944
Guarantee deposits60,61451,9518,663
Payables due to social security and welfare institutions17,66917,58188
Payables due to shareholders for dividends7,3641,6125,752
Third-party project and study work6,8234,5212,302
Payables due to municipalities for environmental disruption and establishment of guarantees6,0046,526-522
Insurance and deductibles4,6812,4572,224
Equalisation Fund for electricity and gas service2,1231,0731,050
Directors, Statutory Auditors and Committees for the Territory237296-59
Other liabilities30,31933,044-2,725

The most significant changes that have occurred since last year are noted below.

The increase in "capital grants" is mainly due to the completion of some investments in the Integrated Water Cycle and Waste Management areas. This item will decrease in future periods in proportion to the amount of depreciation calculated on the assets referred.

Payables for "guarantee deposits" reflect the sums paid by customers for gas, electricity, and water administration agreements. The increase compared with 31 December 2008 was generated almost exclusively by payments made by customers of subsidiaries Hera Comm Srl and Marche Multiservizi Spa.

"Payables to employees" take account of accrued leave not taken as at 31 December 2009, productivity bonuses, and accrual of additional monthly salary payments. Likewise, with social security payables, the increase compared with 31 December 2008 is predominantly due to the portions of wages accrued but still not paid, and to the change in the consolidation area due to the inclusion of Acantho Spa.

"Payables due to shareholders for dividends" refer to the parent company Hera SpA (Euro 1,288 thousand) and to the subsidiary Fea Srl (Euro 6,076 thousand) towards the minority shareholder.

"Equalisation fund for electricity services" shows a balance as at 31 December 2009 of Euro 2,123 thousand (Euro 1,073 thousand as at 31 December 2008). The increase over the previous year relates to the liability for the equalization of the gas business defined following the introduction of new legislation (Italian Authority for Electricity and Natural Gas resolution No. 159/08 and 64/09).

The table below shows the reclassification of some items of 31 December 2008:

 published published
Capital grants059,97959,979
Third party project and study work04,5214,521
Insurance and deductibles02,4572,457
Payables due to municipalities for environmental disruption and establishment of guarantees06,5266,526
Equalisation Fund for electricity and gas service01,0731,073
Payables due to shareholders for dividends01,6121,612
Other payables109,212-76,16833,044
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