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27 Other current assets

 
 31-dec-1131-dec-10Changes
Energy efficiency bonds and emission trading76,08067,7448,336
VAT, excise and surcharges43,2872,30040,987
Guarantee deposits18,50723,924-5,417
Receivables for tariff components12,3827,8194,563
Sundry tax receivables7,3997,31683
Equalisation fund for the electricity and gas sectors for standardisation and continuity income6,65614,692-8,036
Receivables due from asset companies5,0934,880213
Costs advanced for leases and rentals3,7993,905-106
Contributions4,7965,694-898
Advances to suppliers/employees4,3723,707665
Insurance costs4,0385,494-1,456
Receivables due from municipalities for tax moratorium1,0612,029-968
Receivables due from social security institutions539678-139
Other receivables23,82427,613-3,789
Total211,833177,79534,038

The breakdown and changes in the main items are described compared with 31 December 2010.

"Energy efficiency bonds and emissions trading", include:

  • green certificates, Euro 44,951 thousand (Euro 39,058 thousand as at 31 December 2010);
  • white certificates, Euro 19,280 thousand (Euro 15,478 thousand as at 31 December 2010);
  • grey certificates, Euro 11,849 thousand (Euro 13,208 thousand as at 31 December 2010).

 

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 years 2008, 2009 and 2010, equal to Euro 18,117 thousand, based on provisions envisaged by art. 1, paragraphs 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.

In this regard, 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.

The Item "VAT, excise and surcharges", amounting to Euro 43,287 thousand, consists of VAT credits due from the tax authorities, for Euro 3,204 thousand, and of excise and regional surtaxes of Euro 40,083 thousand. The change, compared with 31 December 2010, is due to an increase in receivables for excise and additional regional taxes amounting to Euro 40,016 thousand (Euro 67 thousand as at 31 December 2010) and receivables for VAT, amounting to Euro 971 thousand (Euro 2,233 thousand as at 31 December 2010). These changes are to be interpreted together with the changes shown in the item in liabilities, "Other current liabilities" - note 38. To understand these changes, particularly with regards to excise duties and surtaxes, note must be taken of the procedures that regulate 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.

"Security deposits", composed mainly of:

  • the deposit made to Acosea Impianti Srl for Euro 12,000 thousand;
  • other minor deposits in favour of public institutions and companies, Euro 4,248 thousand (Euro 3,881 thousand as at 31 December 2010);
  • deposits in favour of the Property Valuation Office, Euro 2,259 thousand (Euro 2,099 thousand as at 31 December 2010) to guarantee the payment of revenue tax collected from customers.

 

The reduction compared to 31 December 2010 is due mainly to the repayment of a security deposit to GSE of Euro 5,944 thousand.

The item "Sundry tax receivables", equal to Euro 7,399 thousand (Euro 7,316 thousand as at 31 December 2010) mainly comprises tax credits on district heating.

The item "Equalisation fund for the electricity and gas sectors for standardisation and continuity income" shows a balance of Euro 6,656 thousand (Euro 14,692 thousand as at 31 December 2010). The decrease compared to the previous year relates to the amount collected in 2011 in relation to the gas and electricity standardisation and the components of the Ug2 and Gs system of the gas sector. 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 Euro 4,796 thousand, down compared with 31 December 2010, chiefly relates to receivables for payments to a sinking fund by various Entities, but still to be collected.

As regards "receivables from municipal authorities for tax moratorium", please refer to note 14.

Some reclassifications made in the corresponding items as at 31 December 2010 are provided below:

 31 Dec. 10 publishedreclassified31 Dec. 10 reclassified
Receivables for tariff components07,8197,819
Equalisation fund for the electricity and gas sectors for standardisation and continuity income21,693-7,00114,692
Other receivables28,431-81827,613
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