17 Trade and other payables
Trade and other payables of €1,769 million (€1,898 million at 31 December 2013) comprise the following:
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|
(€ million) |
31.12.2013 |
31.12.2014 |
||||
|
|
Within |
Beyond |
Total |
Within |
Beyond |
Total |
|
Trade payables |
1,047 |
|
1,047 |
816 |
|
816 |
|
Payables for investment activities |
379 |
|
379 |
440 |
|
440 |
|
Other payables |
472 |
|
472 |
513 |
|
513 |
|
|
1,898 |
|
1,898 |
1,769 |
|
1,769 |
Trade receivables of €816 million (€1,047 million at 31 December 2013) relate mainly to the natural gas transportation (€574 million, including €456 million relating to gas balancing activities), distribution (€133 million), storage (€46 million) and regasification (€3 million) business segments.
Payables for investment activities of €440 million (€379 million at 31 December 2013) relate mainly to the natural gas transportation (€251 million), distribution (€81 million) and storage (€74 million) business segments.
Other payables of €513 million (€472 million at 31 December 2013) break down as follows:
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(€ million) |
31.12.2013 |
31.12.2014 |
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|
|
Within |
Beyond |
Total |
Within |
Beyond |
Total |
|
IRES payables for the national tax consolidation scheme |
1 |
|
1 |
1 |
|
1 |
|
Other payables: |
471 |
|
471 |
512 |
|
512 |
|
- Payables to the Electricity Equalisation Fund |
330 |
|
330 |
340 |
|
340 |
|
- Payables to employees |
50 |
|
50 |
66 |
|
66 |
|
- Payables to the government |
25 |
|
25 |
38 |
|
38 |
|
- Payables to pension and social security institutions |
32 |
|
32 |
36 |
|
36 |
|
- Payments on account and advances |
5 |
|
5 |
4 |
|
4 |
|
- Other |
29 |
|
29 |
28 |
|
28 |
|
|
472 |
|
472 |
513 |
|
513 |
Payables to the Electricity Equalisation Fund (€340 million) concern accessory tariff components that mainly relate to: (i) the transportation business segment (measures and steps for energy savings and the development of renewable sources in the natural gas sector, fees arising from application of revenue guarantees for the storage service and subsidised tariffs for disadvantaged gas customers), pursuant respectively to Electricity, Gas and Water Authority Resolutions ARG/gas 177/10, ARG/gas 29/11 and ARG/com 93/10 (€236 million), and from the application of Resolutions 351/2012/R/gas and 520/2013/R/gas for the recovery of the resources necessary to cover the expenses connected with the gas system balancing system (€35 million); (ii) the distribution segment (energy savings, gas service quality, equalisation imbalances, disadvantaged customers, disconnection for late payment), mainly pursuant to Resolution ARG/gas 159/08 (€45 million); and (iii) the storage segment (coverage of the equalisation imbalances account), pursuant to Resolution 50/06 (€24 million).
Payables to the government (€38 million) primarily involve payables to municipalities for concession fees for the distribution business.
Note 33 – “Related-party transactions” contains information about payables due to related parties.
The book value of trade and other payables is close to the relative fair value measurement, given the short period of time between when the payable arises and its due date. The market value of trade and other payables is provided in Note 24 – “Guarantees, commitments and risks – Other information on financial instruments”.