16 Other current liabilities

Other current liabilities of €74 million (€88 million at 31 December 2013) comprise:

Prepaid income from regulated activities (€55 million) relates to: (i) the transportation business segment (€29 million) and concerns the short-term portion of revenue invoiced in excess of the restriction established by the Authority, and penalties charged to users who exceeded the committed capacity; this amount is to be returned through tariff adjustments pursuant to Resolution 166/05; and (ii) the natural gas storage business segment (€26 million), and concerns payments for balancing and stock replenishment, which are to be returned to service users based on the provisions of Resolution 50/06 of the Authority.

Other liabilities (€18 million) relate mainly to the current portion (€12 million) of the higher quantities of fuel gas allocated by users of the transportation service in 2012 pursuant to Resolution ARG/gas 184/09 compared with the quantities actually used in that year, which will be equalised in the next year by reducing the quantities allocated by users.

Information on the fair value of derivatives at 30 June 2014 is summarised below.

As at 30 June 2014, Snam has a CCS in place to hedge the exchange rate risk relating to the issuance of a ¥10 billion bond. The six-year bond has a maturity of 25 October 2019 and a half-yearly coupon with an annual fixed rate of 1,115%. The contract was used to convert the fixed-rate long-term foreign-currency liability into an equivalent liability in euros.

The fair value of hedging derivatives⁹, and their classification as an asset/liability over 12 months (non-current) or an asset/liability within 12 months (current), have been determined using generally accepted financial measurement models and market parameters at the reporting date.