5 Trade receivables and other current and non-current receivables
Trade receivables and other current receivables equal to €968 million (€1,307 million at 31 December 2016) and other non-current receivables equal to €309 million (€213 million at 31 December 2016) break down as follows:
| Download XLS (23 kB) |
|
31.12.2016 |
30.06.2017 |
||||
(€ millions) |
Current |
Non-current |
Total |
Current |
Non-current |
Total |
Trade receivables |
1,271 |
|
1,271 |
941 |
|
941 |
Financial receivables |
|
213 |
213 |
|
309 |
309 |
- held for operations |
|
213 |
213 |
|
309 |
309 |
Receivables from investment/divestment activities |
16 |
|
16 |
5 |
|
5 |
Other receivables |
20 |
|
20 |
22 |
|
22 |
|
1,307 |
213 |
1,520 |
968 |
309 |
1,277 |
Receivables are reported net of the provision for impairment losses of €132 million (the same as at 31 December 2016).
Trade receivables (€941 million; €1,271 million at 31 December 2016) relate mainly to the natural gas transportation (€663 million, including €124 million relating to gas balancing activities) and storage (€213 million) business segments30.
Financial receivables instrumental to operating activities (€309 million; €213 million at 31 December 2016), refer to the Shareholders’ Loan issued in favour of the affiliate Trans Adriatic Pipeline AG – TAP31. Compared with 31 December 2016, receivables rose by €96 million, including accrued interest, following the cash calls requested in the half-year by the Snam investee company based on agreements signed during the acquisition of the equity investment.
Receivables for investment/divestment activities (€5 million; €16 million at 31 December 2016) include receivables for public and private contributions recorded in the light of investment activities.
Other receivables (€22 million; €20 million at 31 December 2016) break down as follows:
| Download XLS (22 kB) |
(€ millions) |
31.12.2016 |
30.06.2017 |
IRES receivables for the national tax consolidation scheme |
10 |
9 |
Other receivables: |
10 |
13 |
- Energy and Environmental Services Fund (CSEA) |
|
5 |
- Advances to suppliers |
5 |
4 |
- Other |
5 |
4 |
|
20 |
22 |
The fair value measurement of trade and other receivables has no material impact considering the short period of time from when the receivable arises and its due date and remuneration conditions.
All receivables are in euros.
Receivables from related parties are described in Note 27 “Related-party transactions”.
30 This includes €99 million overdue and non-impaired mainly regarding VAT invoiced to users for the use of strategic gas withdrawn and not replenished under the terms of the Storage Code. As provided for under the applicable legislation, notices of VAT changes may be issued at the end of bankruptcy proceedings or unsuccessful enforcement proceedings.
31 According to the contractual agreements drawn up, the shareholders are responsible for the funding of the project, by way of the percentage shareholding, until the gas pipeline comes into service. Any expansion of the capacity is subject to an economic feasibility study and therefore the verification of the benefits for TAP, also in conformity with the decision of the regulatory authorities to opt out. For more information, please refer to Note 14 “Investments valued using the equity method” of the Notes to the 2016 Consolidated Financial Statements and Note 18 “Guarantees, commitments and risks”.