Other current assets of €115 million (€33 million at 31 December 2011) comprise:
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(€ million) |
31.12.2011 |
31.12.2012 |
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Accrued income from regulated activities |
11 |
78 |
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11 |
78 |
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Other current assets: |
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- Prepayments |
22 |
37 |
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22 |
37 |
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33 |
115 |
Accrued income from regulated activities of €78 million relates mainly to: (i) the current portion of natural gas transportation revenues invoiced below the restriction established by the Regulator (€63 million); and (ii) the current portion (€5 million) of the assets recorded against the recognition by the Electricity and Gas Authority of additional expenses borne during the second regulatory period (1 October 2005 - 31 December 2009) for the purchase of fuel gas used in the transportation business15.
Prepayments (€37 million) refer mainly to the current portion of up-front fees and substitute tax on revolving credit lines16 (€30 million) and to insurance premiums (€6 million).
15 The recognition of such assets follows Resolutions VIS 8/09, ARG/gas 184/09 and ARG/gas 218/10, whereby the Electricity and Gas Authority recognised the additional expenses borne by the company respectively in the 2005-2006 and 2006-2007 thermal years (€45 million overall), the 2007-2008 thermal year (€34 million) and the period from 1 October 2008 - 31 December 2009 (€55 million). Pursuant to Article 6 of Resolution ARG/gas 184/09, the recognition of the additional costs is subject to equalisation with the users through tariff adjustment: (i) from 1 January 2010 for the additional costs incurred in thermal years 2005-2006, 2006-2007 and 2007-2008; and (ii) from 1 January 2011 for the additional costs incurred in the period 1 October 2008 - 31 December 2009.
16 Up-front fees and substitute tax are to be regarded as “Transaction costs” pursuant to IAS 39; the relative charges are spread throughout the (expected) life of the financial instrument. More information on debt refinancing can be found in the “Annual profile - Main events - Debt refinancing” section of the Directors’ Report.
