10 Other current assets

Other current assets of €115 million (€33 million at 31 December 2011) comprise:

  Download XLS (16 kB)

(€ million)



Accrued income from regulated activities






Other current assets:



- Prepayments









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.

to pagetop

Chart Generator

Compare the key figures
of the past years.

Chart Generator more

Download centre

Download the Annual Report as PDF and XLS.

Download centre more

Snam’s presence in Italy

Infrastructure as
at 31 December 2012

Presence in the territory more
to pagetop