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27 Other current assets

 
 31-Dec-201031-Dec-2009Changes
Energy efficiency bonds and emissions trading 67,744 51,843 15,901
Guarantee deposits23,92421,8572,067
Equalisation fund for the electricity and gas sectors, for equalisation and service continuity income21,69320,959734
Sundry tax receivables7,3169,807-2,491
Contributions5,6946,994-1,300
Insurance costs5,4945,933-439
Receivables due from asset companies4,8804,699181
Costs advanced for leases and rentals3,9053,555350
Advances for direct taxes3,8131,1822,631
Advances to suppliers/employees3,7076,181-2,474
VAT, excise and surtaxes2,30016,239-13,939
Receivables due from municipalities for tax moratorium2,0291,082947
Receivables due from Social Security Institutions677805-128
Costs advanced for substitute tax05,431-5,431
Other receivables28,43122,3256,106
Total 181,607 178,892 2,715

The breakdown and changes in the main items are described compared with 31 December 2009.

“Energy efficiency bonds and emissions trading”, include:                                                                                                               

  • green certificates, Euro 39,058 thousand (Euro 27,691 thousand as at 31 December 2009);
  • white certificates, Euro 15,478 thousand (Euro 19,786 thousand as at 31 December 2009);
  • grey certificates, Euro 13,208 thousand (Euro 4,366 thousand as at 31 December 2009);

As regards green certificates, the Group accounted for the green certificates regarding the WTE of Ferrara, for a total amount accrued for years 2008, 2009 and 2010, equal to Euro 18,117 thousand, based on provisions envisaged by Art. 1, paragraphs 1117 and 1118 of Law no. 296/2006 (2007 Finance Bill). On 10 March 2011, GSE (Energy Services Operator) gave official communication that the conditions were satisfied for obtaining 100% of said certificates. In this table, the Administration body recognises the incentives in favour of electricity power plants from renewable sources and sources assimilated to renewable sources, without making any distinction between organic and inorganic portion of waste, safeguarding the purchase right of plants, as the one located in Ferrara, which was compliant with all terms provided for by the finance act itself (1 January 2007). In particular: a) signature of the appropriate agreement with GSE b) nearly completed plant and c) necessary authorisations. 

"Security deposits”, composed mainly of:

  • the deposit made to Acosea Impianti Srl for Euro 12,000 thousand;
  • other minor deposits in favour of public institutions and companies, Euro 3,881 thousand (Euro 3,417 thousand as at 31 December 2009);
  • deposits in favour of the Property Valuation Office, Euro 2,099 thousand (Euro 2,100 thousand as at 31 December 2009) to guarantee the payment of revenue tax collected from customers;
  • deposits in favour of GSE, Euro 5,944 thousand (Euro 4,340 thousand as at 31 December 2009).

 The reclassifications made in some 2009 items are provided below:

The item “Sundry tax receivables”, equal to Euro 7,316 thousand (Euro 9,807 thousand as at 31 December 2009) mainly comprises tax credits on district heating. The decrease compared to the 31 December 2009 is mainly attributable to the offsetting of the 2009 tax credit. An authentic interpretation of art. 1, paragraph 53 of Law no. 244 of 24 December 2007, provided by Decree Law no. 5 of 10 February 2009, specifies that the annual limit of Euro 250,000 “does not apply to tax credits by way of reimbursement of advance contributions in the form of a discount on the sales price of an good or service”.

The item “Contributions”, amounting to Euro 5,694 thousand, down compared with 31 December 2009, chiefly relates to receivables for payments to a sinking fund by various Entities, but still to be collected.

The Item "VAT, excise and additional taxes", amounting to Euro 2,300 thousand, consists of VAT credits, for Euro 2,233 thousand, and of excise and regional surtaxes of Euro 67 thousand. The change, compared with 31 December 2009, is due to a decrease in receivables for excise and additional regional taxes amounting to Euro 13,481 thousand (Euro 13,548 thousand as at 31 December 2009) and receivables for VAT, amounting to Euro 458 thousand (Euro 2,691 thousand as at 31 December 2009).   These changes are to be related to changes shown in liabilities, in the item "tax liabilities" - note 36.  To understand these changes, particularly with regards to excise duties and surtaxes, note must be taken of the procedures that regulate financial relations with the Tax Authorities. In particular, advance payments during the year were calculated according to quantities of gas and electricity billed in the previous year, while debt positions, reflected in the financial statements, feel the effects of the actual volumes of turnover. Using these methods, credit/debit positions can be generated with differences that are also significant between one period and another.

“Advances for direct taxes” (Ires and Irap – corporate income tax and regional business tax) amount to Euro 3,813 thousand (Euro 1,182 thousand as at 31 December 2009) as a result of the surplus of advances paid for 2010 with respect to the debt accrued.

 31/12/2009 published reclassification31/12/2009 reclassified
Receivables due from asset companies 1,731 2,968 4,699
Insurance costs2,4693,4645,933
Withholdings on interest91-910
Insurance reimbursements59-590
Other receivables28,607-6,28222,325
Total 32,957 0 32,957


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