Trade and other payables of €1,344 million (€1,322 million at 31 December 2010) comprise:
| Download XLS (15 kB) |
|
(€ million) |
31.12.2010 |
31.12.2011 |
|
Trade payables |
468 |
556 |
|
Payables for investments |
627 |
486 |
|
Other payables |
227 |
302 |
|
|
1,322 |
1,344 |
Trade payables of €556 million (€468 million at 31 December 2010) mainly refer to the natural gas transportation (€300 million), distribution (€219 million) and storage (€33 million) business segments.
Payables for investment activities of €486 million (€627 million at 31 December 2010) refer mainly to the natural gas transportation (€362 million), storage (€65 million) and distribution (€57 million) business segments. The decrease of €141 million compared to 31 December 2010 is due to changes in payments, including in particular the payment to Eni (€89 million) for part of the payables recognised in relation to commitments deriving from the contracts for the acquisition of Italgas and Stogit.
Other payables of €302 million (€227 million at 31 December 2010) break down as follows:
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|
(€ million) |
31.12.2010 |
31.12.2011 |
|
Group VAT payables |
15 |
20 |
|
IRES payables for National tax Consolidation Scheme |
69 |
19 |
|
Other payables: |
|
|
|
- Payables to the Cassa Conguaglio Settore Elettrico (Electricity Equalisation Fund) |
25 |
141 |
|
- Payables to employees |
43 |
51 |
|
- Payables to pension and social security institutions |
27 |
23 |
|
- Payables to the government |
16 |
20 |
|
- Payments on account and advances |
15 |
5 |
|
- Other |
17 |
23 |
|
|
143 |
263 |
|
|
227 |
302 |
Payables to the Cassa Conguaglio Settore Elettrico (Electricity Equalisation Fund) (€141 million) concern accessory tariff components that mainly relate to: (i) the transportation business segment (special tariffs for gas sector customers experiencing hardship and measures and steps for energy savings and the development of renewable sources in the natural gas sector), pursuant to Electricity and Gas Authority Resolutions ARG/com 93/10 and ARG/gas 177/10 (€108 million); (ii) to the storage segment (coverage of the equalisation imbalances account), pursuant to Resolution 50/06 (€21 million); (iii) the distribution segment (energy savings, gas service quality, equalisation imbalances and disadvantaged customers), mainly pursuant to Resolution ARG/gas 159/08 (€12 million).
Payables to the government (€20 million) primarily involve payables to municipalities for concession fees for the distribution business.
The fair value measurement of trade and other payables has no material impact given the short period of time between when the payable arises and its due date.
Note 36 “Related-party transactions” contains information about payables due to related parties.
24 For more information, see Note 28 “Guarantees, commitments and risks - Commitments deriving from the agreement to purchase Italgas and Stogit from Eni”.
