16. Trade and other payables
Trade payables and other payables, which amount to €1,264 million (€1,746 million at 31 December 2015) comprise the following:
| Download XLS (16 kB) |
(€ million) |
31.12.2015 |
31.12.2016 |
Trade payables |
694 |
433 |
Payables for investment activities |
468 |
384 |
Other payables |
584 |
447 |
|
1,746 |
1,264 |
Trade payables of €433 million (€694 million at 31 December 2015) relate mainly to the natural gas transportation (€313 million, including €213 million relating to gas balancing activities), storage (€46 million) and regasification (€1 million) business segments.
Payables for investment activities (€384 million, including €4 million expiring after the period; €468 million at 31 December 2015) refer mainly to the natural gas transportation (€312 million) and storage (€64 million) business segments.
Other payables of €447 million (€584 million at 31 December 2015) break down as follows:
| Download XLS (16 kB) |
(€ million) |
31.12.2015 |
31.12.2016 |
IRES payables for the national tax consolidation scheme |
|
2 |
Other payables |
584 |
445 |
- Payables to the Energy and Environmental Services Fund (CSEA) |
418 |
381 |
- Payables to employees |
54 |
26 |
- Payables to pension and social security institutions |
32 |
16 |
- Consultants and professionals |
12 |
8 |
- Payables to the government |
42 |
|
- Other |
26 |
14 |
|
584 |
447 |
Payables to the CSEA (€381 million) refer to accessory tariffs for the transportation segment pursuant to the following resolutions: ARG/gas 177/10 (measures and interventions for energy saving and development of renewable energy sources in the natural gas sector: €138 million); ARG/gas 87/11 (payment to cover costs arising from the application of the revenue guarantee factor for the storage service and the charges borne by the GSE: €114 million); ARG/gas 92/08 (payment to cover costs arising from the application of the revenue guarantee factor for the LNG regasification service: €58 million); ARG/gas 155/11, as amended (recovery of charges related to outstanding receivables from the balancing of the gas system: €20 million); 363/2012/R/gas (recovery of charges applied for the default service on the transportation network: €20 million); ARG/com 93/10 (discounts for disadvantaged gas customers: €15 million); ARG/gas 184/09 (coverage of the equalisation imbalances of the revenues relating to the regional network capacity fee) (€6 million).
The reduction in trade and other Payables of €482 million compared with 31 December 2015 is due mainly to the deconsolidation of Italgas Reti S.p.A.
Note 32 – “Related-party transactions” contains information about payables due to related parties.
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.