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23 Trade receivables

 
 31-dec-1131-dec-10Changes
Receivables from customers 689,312 611,348 77,964
Receivables from customers for invoices to be issued547,319503,31244,007
Receivables from associated companies13,72919,836-6,107
Total 1,250,360 1,134,496 115,864

Trade receivables as at 31 December 2011 amounted to Euro 1,250,360 thousand (Euro 1,134,496 thousand as at 31 December 2010) and comprise estimated consumption, for the portion pertaining to the period, relating to bills and invoices which will be issued after 31 December 2011. The balances are stated net of the provisions for doubtful receivables amounting to Euro 105,244 thousand (Euro 77,294 thousand as at 31 December 2010) which is considered to be fair and prudent in relation to the estimated realisable value of said receivables.

With reference to the disputed receivables linked to electricity supply under the "protection" service relating to 8 customers falling within the scope of the Terni chemical hub (technical dispute, requiring intervention from the Italian Authority for Electricity and Gas), the following should be noted:

  • as at the balance sheet date, the amount actually billed came to Euro 18,447 thousand;
  • the Italian Authority for Electricity and Gas, by means of resolution ARG/elt 163/11, defined a mechanism for the payment/compensation to the Group, to be effected by the Equalisation Fund for the Electricity Sector, both for the amounts billed and not collected as at 9 December 2011, amounting to Euro 11,614 thousand, and in relation to extraordinary financial expenses, totalling Euro 1,242 thousand;
  • as at the balance sheet date, the residual amount of receivables due and, in any case, already paid in advance to the Group by the Equalisation Fund for the Electricity Sector, came to Euro 10,810 thousand, while the sum of Euro 168 thousand in extraordinary expenses was already collected;
  • the day after the bi-monthly check performed by CCSE on 28 February 2012, the amounts pursuant to the previous point came to Euro 6,251 thousand and Euro 939 thousand respectively


In consideration of the above, everything was deemed to have been concluded positively.

The changes occurring in the provision during the year are provided below:

 31-dec-10ProvisionsChange in scope of consolidationUses and other movements31-dec-11
Provision for doubtful receivables 77,294 49,686 381 -22,117 105,244
Total 77,294 49,686 381 -22,117 105,244

The recording of the provision is made on the basis of analytical valuations in relation to specific receivables, supplemented by measurements made based on historic analyses of the receivables regarding the general body of the customers (in relation to the aging of the receivables, the type of recovery action undertaken and the status of the debtor), as described in the following paragraph "credit risk". The change in the scope of consolidation refers to the merger by incorporation of Sadori Gas Srl into Hera Comm Srl, as illustrated in these notes in section "Change in the scope of consolidation".

The table below shows the reclassification from the item "receivables due from customers for invoices to be issued" on 31 December 2010, with respect to the information published in the item "Receivables due from associated companies" for a better comparison of the data:

 31 Dec. 10 published reclassification31 Dec. 10 reclassified
Receivables from customers for invoices to be issued 504,365 -1,053 503,312
Receivables from associated companies18,7831,05319,836

Credit risk
The book value of the trade receivables shown in the financial statements is the maximum theoretical exposure to credit risk for the Group as at 31 December 2011. Even if not standardised, there is a procedure for providing credit to customers that provides for individual evaluations to be made. These operations make it possible to reduce the concentration and exposure to credit risk posed by both business and private customers. Analyses are periodically made of the credit standings still open so as to single out any critical issues. Should individual positions turn out to be entirely or partially uncollectible, an adequate write-down is provided. With regard to the receivables that do not undergo individual write-downs, allocations are made to the provision for doubtful receivables, on the basis of historic analysis (in relation to the aging of the receivables, the type of recovery action undertaken and the status of the creditor).

Trade receivables, mainly achieved in Italy, can be broken down into the following classes:

31-dec-11InstitutionsBusinessMass MarketTotal
amount 83,321 272,495 333,496 689,312
incidence12%40%48%100%

 

31-dec-10InstitutionsBusinessMass MarketTotal
amount 87,087 290,587 233,674 611,348
incidence14%48%38%100%

 

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