13 Other current and non-current liabilities

Other current liabilities, amounting to €61 million (€51 million at 31 December 2014), and other non-current liabilities, amounting to €319 million (€276 million at 31 December 2014), break down as follows:

Liabilities from regulated activities, amounting to €204 million (€180 million at 31 December 2014), relate to:

• the transportation segment (€160 million) due to the natural gas transportation revenue invoiced in excess of the restriction established by the Regulator and penalties charged to users who exceeded the committed capacity; this amount is to be returned through tariff adjustments pursuant to Resolution 166/05 of the Authority. The current and non-current portions amount to €19 million and €141 million respectively;
• the storage segment (€44 million) due to payments for balancing and stock replenishment, to be returned to service users pursuant to Resolution 50/06 of the Authority. The current and non-current portions amount to €26 million and €17 million respectively.

The market value of derivatives outstanding at 30 June 2015 is as follows:

The liabilities arising from the market-value measurement of cash flow hedging derivatives (-€5 million) refer to a cross-currency swap (CCS) entered into in 2013. The CCS is used to hedge against fluctuations in the exchange rate in relation to a ¥10 billion long-term bond issue. The CCS has converted the fixed-rate, foreign-currency liability into an equivalent liability in euros with a fixed annual rate of 2.717%.

The liabilities arising from the market-value measurement of fair value hedge derivatives (-€3 million) refer to an interest rate swap (IRS) entered into in 2014. The IRS is used to hedge against fluctuations in the fair value of a fixed-rate liability arising from a €500 million long-term bond issue. The IRS has converted the fixed-rate liability into an equivalent floating-rate liability benchmarked to the 12-month Euribor +0.5645%.

The assets (+€1 million) relate to the interest income maturing on 30 June 2015 on the IRS.

The fair value of hedging derivatives and their classification as a current or non-current asset/liability have been determined using generally accepted financial measurement models and market parameters at the end of the half-year.

The other liabilities (€168 million; €137 million at 31 December 2014) essentially comprises:

• prepaid revenue and income (€34 million) relating mainly to the current and non-current portion of the prepaid fee for the concession to use fibre-optic cables given to a telecommunications operator (€2 million and €13 million respectively);
• other liabilities (€131 million) relating mainly to: (i) the higher quantities of fuel gas allocated by users of the transportation service in previous years pursuant to Resolution ARG/gas 184/09 compared with the quantities actually used in those years, which will be equalised by reducing the quantities allocated by users (€70 million); and (ii) security deposits paid by users of the balancing service pursuant to Resolution ARG/gas 45/11 (€53 million).