5 Trade receivables and other current and non-current receivables
Trade receivables and other current and non-current receivables, up to €1,624 million (€1,902 million at 31 of December, 2015) break down as follows:
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|
31.12.2015 |
30.06.2016 |
||||
(millions of €) |
Current |
Non-current |
Total |
Current |
Non-current |
Total |
Trade receivables |
1,677 |
|
1,677 |
1,247 |
|
1,247 |
Financial receivables |
|
78 |
78 |
|
147 |
147 |
- held for operations |
|
78 |
78 |
|
147 |
147 |
Receivables from investment/ |
23 |
|
23 |
16 |
|
16 |
Other receivables |
124 |
|
124 |
214 |
|
214 |
|
1,824 |
78 |
1,902 |
1,477 |
147 |
1,624 |
These are reported net of the provision for impairment losses of €155 million (€157 million at 31 of December, 2015).
Changes in the provision for impairment losses on receivables have not undergone significant variations during the semester.
Trade receivables (€1,247 million; €1,677 million at 31 of December, 2015) relate mainly to the natural gas transportation (€731 million, of which €245 million relate to gas balancing activities), distribution (€266 million) and natural gas storage (€227 million, of which past due and not impaired €106 million mainly regarding VAT invoiced to the users for the use of strategic gas withdrawn and not reinstated by the same, under the terms established by the storage Code5) business segments.
Financial receivables held for operating activities (€147 million; €78 million at 31 of December, 2015) relate to the Shareholders’ Loan to the associate Trans Adriatic Pipeline AG (TAP)6. From 31 of December, 2015, the receivables have shown an increase of €69 million in view of the cash call requests on the same associate company according to the stipulated contractual agreements in the acquisition of the stake.
Receivables from investment/divestment activities (€16 million; €23 million at 31 of December, 2015) concern receivables for public and private grants for investment activities (€10 million) and receivables from asset disposals (€6 million).
Other receivables (€214 million; €124 million at 31 of December, 2015) break down as follows:
| Download XLS (16 kB) |
(millions of €) |
31.12.2015 |
30.06.2016 |
IRES receivables for the national tax consolidation scheme |
34 |
34 |
Other receivables: |
90 |
180 |
- Energy and Environmental Services Fund (CSEA) |
48 |
117 |
- Advances to suppliers |
9 |
12 |
- Other |
33 |
51 |
|
124 |
214 |
The item “Other” refers mainly to receivables from government authorities in the natural gas distribution segment (€19 million) and receivables from Toscana Energia S.p.A. , in respect of the dividends for the year 2015 not yet collected as of June 30, 2016 (€13 million).
The fair value measurement of trade and other receivables has no material impact considering the short period of time from when the receivable arises and its due date and the remuneration conditions.
All receivables are in Euro.
Receivables from related parties are described in Note 27 “Related-party transactions”.
5 As provided for under the applicable legislation, notices of VAT changes may be issued at the end of bankruptcy proceedings or unsuccessful enforcement proceedings.
6 According to the stipulated contractual agreements, shareholders are responsible for financing the project for gas exports in western Europe, whether through the Shareholders’ Loan or through subscriptions for capital increases, according to the level of their respective shareholdings, until the pipeline enters into service, and if its capacity is expanded.