22. Current assets - 2,316,450 thousand euros

They total 2,316,450 thousand euros (2,316,514 thousand euros at 31 December 2011) and are broken down as follows:

€ thousand 31.12.2012 31.12.2011 Absolute increase/ (Decrease) Increase/ (decrease) %
Inventories 41,983 66,106 (24,123) -36.5%
Trade receivables:        
Amounts due from customers 1,346,848 1,304,691 42,157 3.2%
Amounts due from the parent company 94,350 160,060 (65,710) -41.1%
Amounts due from subsidiaries and associates 36,009 45,261 (9,252) -20.4%
TOTAL TRADE RECEIVABLES 1,477,207 1,510,012 (32,805) -2.2%
Other receivables and current assets 135,774 189,518 (53,743) -28.4%
Current financial assets 152,225 172,768 (20,543) -11.9%
Current tax assets 85,562 57,089 28,473 49.9%
Cash and cash equivalents 423,698 321,022 102,676 32.0%
CURRENT ASSETS 2,316,450 2,316,514 (64) 0.0%

 

Inventories

These totalled 41,983 thousand euros (-24,123 thousand euros compared with 31 December 2011) and are broken down into the following industrial areas:

in €/thousand 31.12.2012 31.12.2011 Increase/ (Decrease)
Networks 20,648 47,376 (26,728)
Energy 2,656 2,926 (269)
Water 12,952 12,998 (46)
Environment 3,193 2,806 387
Corporate 2,534 (0) 2,534
TOTAL 41,983 66,106 (24,123)

The decrease is essentially caused by: (i) ARSE (-24,907 thousand euros) due to the drop in PV activities with regard to the construction of owned plants and construction under EPC agreements for third parties, (ii) ACEA Distribuzione (-1,822 thousand euros) due to higher consumption compared to purchases during the period, while there was an increase (ii) for the parent company (+2,534 thousand) due to works currently being completed to construct public lighting plants under the service agreement with Roma Capitale.

 

Trade receivables

These amounted to 1,477,207 thousand euros, marking a decrease of 32,805 thousand euros compared to the previous year, when the figure was 1,510,012 thousand euros.

The details are shown in the table below:

€ thousand 31.12.2012 31.12.2011 Absolute increase/ (Decrease) Increase/ (decrease) %
Amounts due from customers 1,346,848 1,304,691 42,157 3.23%
Amounts due from Roma Capitale 94,350 160,060 (65,710) -41.05%
Amounts due from subsidiaries and associates 36,009 45,261 (9,252) -20.44%
Total trade receivables 1,477,207 1,510,012 (32,805) -2.17%

Amounts due from customers

€ thousand 31.12.2012 31.12.2011 Increase/ (Decrease)
End users for bills issued 574,828 626,204 (51,376)
End users for bills to be issued 497,270 392,621 104,649
Total receivables due from end users 1,072,098 1,018,825 53,273
Receivables from other customers 252,429 256,890 (4,461)
Disputed receivables 22,320 28,976 (6,656)
Total receivables 1,346,848 1,304,691 42,157

The increase of 42,127 thousand euros recorded compared to 31 December 2011 is attributable to the increase in amounts due from end users for bills to be issued mainly regarding the water area companies following the recognition of tariff adjustments, partially mitigated by the effect of the actions taken during the year, which amongst other things included receivables factored and cancellations.

The table below summarises the changes by industrial area:

€ thousand 31.12.2012 31.12.2011 Increase/ (Decrease)
ACEA 45,941 38,901 7,040
Networks 90,041 101,251 (11,209)
Energy 583,235 612,899 (29,665)
Water 583,826 491,387 92,439
Environment 43,805 60,253 (16,448)
TOTAL 1,346,848 1,304,691 42,157

Networks industrial area receivables  

These receivables amounted to 90,041 thousand euros (-11,209 thousand euros on the previous year), of which:

  • 41,331 thousand euros due from end users (+13,403 thousand euros on the previous year). The item includes receivables generated by transport to free market customers. The overall change in receivables due from users is due to the increase in receivables for bills issued by 9,778 thousand euros and receivables for bills to be issued (7,897 thousand euros).
  • 48,711 thousand euros from other customers (-24,612 thousand euros compared to 31 December 2011). This item includes receivables due to ARSE (38,494 thousand euros at 31 December 2012) deriving essentially from contracts linked to air quality, photovoltaic power, as well as to the disposal of Energy Efficiency Bonds – EEB (white certificates). The decrease (-26,425 thousand euros) was generated by collections made during the year of a significant amount of receivables, mostly originating in 2011, generated by agreements for the supply of photovoltaic panels.

The provision for impairment of receivables for this area totals 7,091 thousand euros, up by 2,038 thousand euros, due mainly to ACEA Distribuzione.

From January to December, ACEA Distribuzione securitised receivables for a total of 184,832 thousand euros.

Energy industrial area receivables 

These receivables are generated by sales of energy to customers in the free and protected markets, as well as to gas customers and amount to 583,235 thousand euros. They decreased by 29,665 thousand euros compared to last year: this change is mainly determined by Acea Energia (-40,076 thousand euros), partially offset by an increase of 18,423 thousand euros regarding Acea Energia Holding.

Acea Energia wrote off receivables totalling 47,797 thousand euros and used the provision for the impairment of receivables for the same amount, as these referred to fully impaired assets.

The provision for impairment of receivables at 31 December 2012 amounts to 63,068 thousand euros, down by 23,330 thousand euros compared to 31 December 2011, net of uses, as a result of higher uses during the year.

During 2011, ACEA Energia transferred, as part of the securitisation contract signed in 2009, receivables due from private entities amounting to 519,827 thousand euros and entered into spot transfer operations which involved the transfer of receivables due from Public Administration amounting to 188,873 thousand euros.

Water industrial area receivables 

This item amounts to a total of 583,826 thousand euros, an increase of 92,439 thousand euros compared to 31 December 2011.

The change was generated by the following companies:

  • ACEA Ato2 (+48,346 thousand euros). The company recorded total receivables of 257,376 thousand euros, of which 242,922 thousand euros (+52,011 thousand euros) due from end users and 14,454 thousand euros (-3,664 thousand euros) due from other customers. The decrease represents the combined effect of the following phenomena:
    • the increase in receivables for bills to be issued (+60,826 thousand euros) due, mainly (i) to the higher value compared to last year of estimated revenues accrued in 2012 which have not yet been billed (+46,854 thousand euros), (ii) the recognition of additional tariff adjustments generated by the difference between guaranteed and actual revenues earned by the operator, from the April 2012 tariff review (+29,608 thousand euros) net (iii) of the closure of the amount accrued 2011 (15,648 thousand euros);
    • the reduction of receivables for bills issued (-9,341 thousand euros), mainly due to the factoring of receivables described hereunder;
    • the provision for impairment of receivables increased by 676 thousand euros, standing at 19,670 thousand euros (18,994 thousand euros at 31 December 2011).

During 2012, ACEA Ato2 transferred, as part of the securitisation contract signed in 2009, receivables due from private entities amounting to 244,379 thousand euros and entered into spot transfer operations which involved the transfer of receivables due from Public Administration amounting to 45,828 thousand euros.

Note that in June 2012 and December 2012, based on the dedicated Board of Directors resolutions, a number of receivables (totalling 8,922 thousand euros) on which the prospects for recovery were essentially zero were fully written down.

  • ACEA Ato5 (+43,370 thousand euros). Receivables amount to 106,086 thousand euros, with 100,561 thousand euros due from end users (57,788 thousand euros at the end of the previous year). The change in receivables derives mainly from:
    • the reallocation to Other receivables of tariff adjustments for the period 2006-2011 recognised at 31 December 2011. This reallocation is the result of finalisation by the Commissioner appointed by the Lazio Regional Administrative Court (sentence 529/2011) of the special works progress report at 21 June 2012 on review of the Frosinone Area Plan. Specifically, the Commissioner estimated adjustments for inclusion in the review, and therefore valid for future tariffs, of 54,353 thousand euros,
    • +14,086 thousand euros relating to the determination of revenues accrued during the year and not yet billed (2012 Accrual). Revenues for the year were estimated on the basis of the rules introduced by the Temporary Tariff Method;
    Further information is provided in the section “Update on major disputes and litigation”.
  • At year end, GORI's receivables amount to 117,521 thousand euros, of which 62,365 thousand euros to be issued, with an increase of 9,539 thousand euros, of which 7,118 thousand euros for invoices to be issued. The change recorded by the company was significantly impacted by the recognition of guaranteed revenues as approved by the Area Authority’s general meeting on 27 October 2012,
  • Acque Group (-3,191 thousand euros). At 31 December 2012, these receivables amounted to 25,539 thousand euros (including 19,413 thousand euros due from end users), compared to 21,943 thousand euros at 31 December 2011,
  • Umbra Acque (-163 thousand euros). At the end of the year, receivables amounted to 11,897 thousand euros, compared to 12,060 thousand euros at 31 December 2011,
  • The Publiacqua Group (-3,707 thousand euros). At the end of the year, these receivables amounted to 23,537 thousand euros (including 18,456 thousand euros due from end users), compared to 27,244 thousand euros at 31 December 2011,
  • AceaGori Servizi (-110 thousand euros). As at 31 December 2012, they totalled 7,310 thousand euros from third-party clients, compared to 7,420 thousand euros at the end of last year.

This area also includes the receivables of the companies Gesesa, Lunigiana and Crea Gestioni, which equalled 17,607 thousand euros at the end of the period (-764 thousand euros), and the receivables from the Overseas Water Services area, totalling 7,850 thousand euros (6,160 thousand euros at 31 December 2011), which recorded an increase of 1,690 thousand euros, chiefly attributable to Aguazul Bogotà.

The balance of receivables due from customers in the Water Services segment includes 535,687 thousand euros in amounts due from end users and 48,139 thousand euros due from other customers. The provision for the impairment of receivables for this segment amounts to 83,855 thousand euros.

 

Environment industrial area receivables  

These amounted to 43,805 thousand euros, a decrease of 16,448 thousand euros compared to 31 December 2011, essentially as a result of the decrease: (i) in ARIA receivables (-9,779 thousand euros) mainly referring to the sale of electricity to the National Grid Operator produced by lines II and III of the San Vittore waste-to-energy plant; the decrease recorded refers to amounts collected from the National Grid Operator during the year, and (ii) SAO receivables (-5,950 thousand euros) as a result of amounts collected from ASM Terni.

 

ACEA receivables 

These receivables amounted to 45,941 thousand euros (+7,040 thousand euros compared to the end of 2011) and were affected by: (i) the transactions for the acquisition of receivables due to Acea Energia from ATAC, totalling 7,277 thousand euros, of which 3,277 thousand euros has already been collected, (ii) the accrual of amounts due from the municipality of Naples, totalling 9,258 thousand euros, (iii) the collection of amounts due from the company Manutenzione Illuminazione S.p.A. (SMAIL S.p.A.), acquired by Acea Energia during the first quarter of 2011 (totalling 6,078 thousand euros).

At 31 December 2012, disputed receivables amount to 20,555 thousand euros and decreased by 17 thousand euros compared with the previous year.

On 22 February 2012, ACEA’s Board of Directors resolved the cancellation of gross receivables totalling 17,363 thousand euros, fully covered by the Provision for the Impairment of Receivables.

The provision for the impairment of receivables stood at 4,601 thousand euros, down by 18,753 thousand euros due to the cancellation of receivables at the beginning of the current year. Additional impairments totalling 216 thousand euros were carried out during the year. Provisions for the impairment of receivables are based on analytical assessments, supplemented by assessments based on historical analyses of amounts due from end users and customers broken down according to the default period, the type of action undertaken to recover the amount due and the status of the receivable concerned (ordinary, disputed, etc.).

For more information related to credit ageing, please see the tables attached hereto.

 

Receivables due from the parent company Roma Capitale

Trade receivables due from Roma Capitale totalled 94,350 thousand euros at 31 December 2012 (160,059 thousand euros at 31 December 2011).

The total amount of receivables (including financial receivables resulting from the public lighting contract and both current and non-current receivables) is equal to 188,553 thousand euros compared to 292,737 thousand euros in the previous year.

The following table presents an analysis of the ACEA Group’s relations with Roma Capitale regarding both receivables and payables, including those of a financial nature.

€ thousand 31.12.2012 31.12.2011 Increase/ (Decrease)
RECEIVABLES 188,553 292,737 (104,803)
PAYABLES (including dividends) 61,613 148,785 (87,172)
BALANCE 126,940 143,952 (17,630)

The individual Group companies report the following net balances:

  • Parent Company: +59,615 thousand euros (-53,920 thousand euros compared to 2011)
  • ACEA Distribuzione: +2,346 thousand euros         (-1,963 thousand euros compared to 2011)
  • ACEA Ato2: +21,282 thousand euros          (-1,766 thousand euros compared to 2011)
  • ACEA Energia: +13,197 thousand euros      (+28,157 thousand euros compared to 2011).
  • ARSE: -399 thousand euros (-399 thousand euros compared to 2011).

The following tables also provide a breakdown of Group receivables/payables due from/to Roma Capitale.

Amounts due from Roma Capitale 31/12/2012 31/12/2011  Increase/ (Decrease)
  A) B) A) - B)
Utility receivables 53,083.3 70,083.4 (17,000.1)
Contract work 17,603.7 44,417.3 (26,813.6)
Receivables for services 6,583.8 9,134.0 (2,550.2)
Other receivables 126.8 865.3 (738.5)
Total services billed 77,397.7 124,500.1 (47,102.4)
       
Grants due 2,401.5 14,085.5 (11,684.0)
Surcharges 0.0 0.0 0.0
Total services requested 79,799.2 138,585.6 (58,786.4)
       
Total services to be billed 13,932.4 17,419.9 (3,487.5)
Advances 2,101.0 2,101.0 0.0
       
Total trade receivables 95,832.5 158,106.4 (62,273.9)
       
Financial receivables for the public lighting service 63,303.6 114,658.8 (51,355.3)
       
Total receivables due within one year (A) 159,136.1 272,765.2 (113,629.2)
Amounts due to Roma Capitale 31/12/2012 31/12/2011 Increase/ (Decrease)
Sewerage and water treatment payables: collectible 0.0 (32,680.5) 32,680.5
Electricity surtax (14,532.2) (52,772.0) 38,239.8
Charges for rental of company offices 0.0 (0.0) 0.0
Concession fees payables (23,933.5) (24,105.7) 172.2
Total trade payables (38,465.8) (109,558.3) 71,092.5
Total payables due within one year (B) (38,465.8) (109,558.3) 71,092.5
Total (A) - (B) 120,670.3 163,207.0 (42,536.7)
Other financial loans and receivables/(borrowings) 30,029.6 2,030.0 27,999.6
including: Financial
liabilities (including dividends)
(869.4) (15,989.2) 15,119.7
including: medium/long-term
loans and receivables
for public lighting
30,899.0 18,019.2 12,879.9
Other trade receivables/
(payables)
(23,760.1) (21,284.6) (2,475.5)
including: disputed
payables - Vatican City
water treatment and sewerage
(20,516.2) (20,516.2) 0.0
Net balance 126,939.8 143,952.4 (17,012.5)

2012 was a year of discontinuity with respect to the past in relations with Roma Capitale since, following the joint works and analyses with the Roman government offices, it was possible to achieve a significant overall reduction in amounts receivable and payable, with reference to both ordinary management and the Administration established by the Central Government.

The Administration established by the Central Government refers to the separate management of Roma Capitale, formed in compliance with Law Decree no. 112/2008, converted into Law no. 133/2008, containing urgent provisions for Roma Capitale. That Administration, supported by its Manager, or the Extraordinary Commissioner appointed by decree of the President of the Council, has the specific task of defining and settling receivables and payables dating back to prior to April 2008.

In that context, on the basis of a special reconstruction of receivable and payable entries, a Settlement Agreement was signed by the Administration established by the Central Government and the ACEA Group on 21 December 2012, which envisaged the payment of 25 million euros to the ACEA Group. That agreement resulted in a total loss of 14,292 thousand euros.

The tables below summarise the amounts settled for each company, by receivable and payable type:

€ thousand Due from the Administration established by the Central Government Due to the Administration established by the Central Government Net balance
ACEA 46,181 12,076 34,105
ACEA Ato2 26,092 24,269 1,823
ACEA Distribuzione 1,168 138 1,030
Acea Energia 8,144 0 8,144
Totals 81,586 36,483 45,103

The details of the receivables and payables subject to the Agreement are shown below, grouped based on type:

Type of receivable/payable   € thousand  
Utility receivables 11,912 Trade
Public lighting contract 31,794 Financial
Contract work and services 27,064 Trade
Regional grants due 10,816 Trade
Total receivables 81,586  
Water treatment and sewerage fees payable (32,677) Trade
Interest payable relative to public lighting (2,213) Financial
Sundry payables (1,593) Trade
Total Payables (36,483)  
Net balance 45,103  

As regards the ordinary management, note that in 2012 a total of 174,937 thousand euros in receivables was collected and payables of 104,937 thousand euros were settled through administrative offsets.

The table below provides details on the receivables and payables settled in 2012.

Type of receivable/payable € thousand  
Utility receivables 78,772 Trade
Public lighting contract 84,113 Financial
Contract work and services 12,052 Trade
Total receivables 174,937  
Concession fees payable (25,071) Trade
Electricity surtax (42,443) Trade
Dividends (37,423) Financial
Total Payables (104,937)  
Net balance 70,000  

In January 2013, Roma Capitale paid Acea Energia and ACEA 9.4 million euros and 1.2 million euros, respectively, for a total of 10.6 million euros.

Receivables for bills issued recorded at 31 December 2012 and regarding services up to and including 31 December 2011 mainly include:

Type of receivable/payable
€ thousand
 
Utility receivables 9,088 Trade
Receivables for public lighting plant construction 5,499 Trade
Receivables for public lighting service agreement 936 Financial
Receivables for water service agreement 5,721 Trade
Receivables for works on the hydro-sanitary network 4,259 Trade

 

Trade receivables due from subsidiaries and associates

€ thousand 31.12.2012 31.12.2011 Absolute increase/ (Decrease) Increase/ (decrease) %
Amounts due from associates 5,633 7,385 (1,752) -23.7%
Amounts due from subsidiaries 30,376 37,876 (7,500) -19.8%
Total amounts due from subsidiaries and associates 36,009 45,261 (9,252) -20.4%

Receivables due from subsidiaries 

These receivables total 30,376 thousand euros (37,876 thousand euros at 31 December 2011), down 7,500 thousand euros and referring to amounts due from proportionately consolidated companies. Specifically, this item includes the receivables recognised (i) by ACEA Energia from its subsidiaries for 25,475 thousand euros (-6,854 thousand euros) and (ii) by Sarnese Vesuviano from GORI for 4,356 thousand euros (in line with last year’s trend).

 

Receivables due from associates 

These receivables totalled 5,633 thousand euros (7,385 thousand euros at 31 December 2011) and primarily refer to amounts due from Marco Polo for 979 thousand euros (+89 thousand euros), Agua de San Pedro for 1,286 thousand euros (+34 thousand euros), Sogea for 713 thousand euros (+109 thousand euros and Si(e)nergia for 627 thousand euros (+45 thousand euros).

The remaining balance is made up of receivables due from the associates of Crea Gestioni for 1,221 thousand euros (-446 thousand euros) and receivables due from SAO amounting to 270 thousand euros (-38 thousand euros).

 

Other current receivables and assets

€ thousand 31.12.2012 31.12.2011 Absolute increase/ (Decrease) Increase/ (decrease) %
Amounts due from others 124,078 179,338 (55,260) -30.8%
Accrued income and prepayments 8,846 9,470 (624) -6.6%
Receivables from commodities derivatives 2,850 710 2,140 301.6%
Total other receivables and current assets 135,774 189,518 (53,743) -28.36%

Amounts due from others

These total 124,078 thousand euros, with breakdown of the main contributing items as follows:

  • 31,531 thousand euros recorded by ACEA Ato5 refers to “amounts due from the Area Authority” in relation to operating costs not recoverable on review. 26,510 thousand euros of this amount was reallocated following publication of Document F129 by the Commissioner for deeds on 21 June 2012,
  • 16,539 thousand euros recorded by ACEA Distribuzione, representing the residual portion of receivables relating to the general equalisation for 2011 and 2012; in December 2012 receivables relative to the period of 1 January 2012 - 26 December 2012 for the “equalisation of distribution service revenues for distribution companies” were transferred without recourse to Unicredit Factoring S.p.A. A total of 35,791 thousand euros was transferred, and the payment was collected in December. The cost of the transaction totalled 2,704 thousand euros and was classified as a finance cost,
  • 14,142 thousand euros recorded by ACEA Distribuzione due from the Equalisation Fund for Energy Efficiency Bonds corresponding to the 2012 energy saving target assigned by the Authority. The remaining portion of receivables relative to 2011 (2,688 thousand euros) was collected in October 2012,
  • 4,418 thousand euros are the share of receivables relating to the company-specific equalisation for 2011 that was transferred under recourse factoring. In the first half of 2012, Acea Distribuzione collected the recourse receivable relative to the year 2010, totalling 5,721 thousand euros, and in the second half of 2012, it collected the recourse receivable relative to the year 2011, amounting to 3,283 thousand euros,
  • 10,250 thousand euros recognised by ACEA in 2010 following disposal of the property that housed the company’s car fleet. The amount represents the price of the aforementioned disposal that the assignee would have had to pay by 31 December 2011: legal action has been taken to recover the receivable,
  • 4,571 thousand euros regarding ACEA as a result of the reintegration of the business unit leased to Marco Polo until 31 December 2011. That amount reflects the results of the assets and liabilities, including amounts due to transferred staff, from the company’s 2011 financial statements.
  • 3,294 thousand euros recorded by ACEA Distribuzione for receivables due from public administration seized by Gerit Spa as a result of proceedings pending finalisation,
  • 4,132 thousand euros recorded by ACEA for amounts due from Equitalia Gerit relating to collections deriving from the seizure of the assets of public bodies pursuant to art. 48-bis of Presidential Decree 602 of 29 September 1973. These collections have been used to pay a tax payment notice concerning lower alleged VAT payments charged to ACEA's VAT consolidation; an appeal was filed against said payment notice before the Provincial Tax Commission of Rome, which is still pending, given that a technical appraisal is being conducted by a CTU (court-appointed expert). ACEA believes there is a good chance of achieving reimbursement from the assets seized,
  • 9,108 thousand euros relating to amounts due to the subsidiary Gori, including 7,053 thousand euros due from municipalities of the ATO for funds allocated by article 14 of Law 36/1994,
  • 3,350 thousand euros regarding advances to suppliers and guarantee deposits.

The decrease of 55,260 thousand euros compared to 2011 is mainly attributable to the aforementioned reclassification of receivables by ACEA Ato5 (-25,252 thousand euros), the advance paid to the National Grid Operator for the A3 component for August 2011 by ACEA Distribuzione (-21,700 thousand euros) and the advance paid by ACEA on purchase of the registered office (-11,000 thousand euros).

 

Accrued income and prepayments 

These amounted to 8,846 thousand euros (9,470 thousand euros at 31 December 2011) and refer mainly to rent on public land, rentals and insurance.

There was a decrease (-624 thousand euros) due to the 459 thousand euro reduction regarding ACEA.

 

Receivables from commodities derivatives 

The fair value of commodity contracts as at 31 December 2012 equalled 2,850 thousand euros, referring entirely to ACEA Energia Holding.

Please see the section “Additional disclosures on financial instruments and risk management policies” for more information.

 

Current tax assets

These amounted to 85,562 thousand euros (57,089 thousand euros at 31 December 2011).

The item essentially includes VAT credits amounting to 28,856 thousand euros for which rebates have not been claimed, and IRES (corporate income tax) and IRAP (regional income tax) credits totalling 18,281 thousand euros. The change compared to last year is mainly due to the recognition of the IRES rebate for IRAP not deducted in prior years (15,815 thousand euros), as well as the growth in VAT and IRES credits for the year (+3,818 thousand euros) and receivables for stamp duties paid virtually (+2,588 thousand euros).

 

Current financial assets

€ thousand 31.12.2012 31.12.2011 Absolute increase/ (Decrease) Increase/ (decrease) %
Loans and Receivables due from the parent company 63,304 114,659 (51,355) -44.8%
Loans and receivables due from subsidiaries and associates 8,483 9,073 (590) -6.5%
Loans and receivables due from third parties 80,438 49,036 31,402 64.0%
Total current financial assets 152,225 172,768 (20,543) -11.89%

Loans and Receivables due from the parent company <

These amount to 63,304 thousand euros (114,659 thousand euros at 31 December 2011) and represent the unconditional right to receive cash flows in line with the methods and timing envisaged in the service agreement for public lighting management. Further details are provided in the note “Receivables due from the parent company Roma Capitale”.

 

Loans and receivables due from subsidiaries and associates 

These amounted to 8,483 thousand euros (9,073 thousand euros at 31 December 2011). More specifically, they are broken down as follows:

  • 1,126 thousand euros relating to amounts owed in dividends from companies accounted for under proportionate consolidation,
  • 2,500 thousand euros recorded in ACEA and related to the loan granted to Sienergia in November 2010 in order to face financial needs linked to some investment projects, among which the construction of PV plants; interest accrues on that item at the Euribor 3-month rate increased by 1.5% yearly,
  • 2,764 thousand euros due from Umbriadue and recorded by Crea Gestioni.

 

Loans and receivables due from third parties

These receivables totalled 80,438 thousand euros (49,036 thousand euros at 31 December 2011) and are mainly broken down as follows:

  • 23,273 thousand euros in loans and receivables for the disposal of securitised receivables in December 2012; those receivables were collected in the first few days of 2013,
  • 10,488 thousand euros relative to the recognition of receivables from the disposal of the PV business operated by the subsidiary Apollo S.r.l., completed on 28 December 2012. The disposal regarded an asset portfolio consisting of photovoltaic plants with total installed power of 32.544 MW. Those receivables represent (i) 8,095 thousand euros for the residual disposal price (totalling 102.5 million euros), which was collected on 31 January 2013 and (ii) 2,393 thousand euros for the release of the restricted part of the price for a 0.961 MW plant, for which the conditions were satisfied at the closing; that amount will be collected in the first half of 2013.
  • 7,903 thousand euros due from ENEL SpA representing INPS contributions paid by ACEA Distribuzione for the years 2001 and 2002 pursuant to article 41, paragraph 2.A of Law 488 of 23 December 1999. The company believes that such amounts regard obligations dating back to before the purchase of ENEL’s Rome distribution network (1 July 2001) and has therefore requested payment from ENEL Distribuzione,
  • 10,700 thousand euros recorded by ACEA Ato5 for the amount due from the Area Authority payable in three equal annual instalments by 31 December of each year, with the first instalment due on 31 December 2007. The settlement agreement signed between the company and the Area Authority refers to settlement of the issue regarding the higher operating costs incurred for the three-year period 2003-2005: recognition of higher costs net of sums relating to (i) the tariff portion - corresponding to amortisation/depreciation and return on inflated invested capital - relating to the investments set out in the Area Plan and not carried out in the first three-year period (ii) the portion of inflation accrued on concession fees and (iii) fines for the non-fulfilment of contractual obligations in the three-year period.
  • 13,477 thousand euros regarding ACEA for definitively determined receivables from the equalisation of the transaction terminating the joint venture with GdF-Suez Energia Italia (-1,202 thousand euros)
  • 6,000 thousand euros due from the assignee of the Laurentina area to ACEA,
  • 5,603 thousand euros concerning the receivables resulting from the management of the public lighting service (5,598 thousand euros at 31 December 2011), representing the unconditional right to receive cash flows, consistently with the methods and timing provided for in the same service contract,
  • 1,584 thousand euros in Crea Gestioni loans and receivables from disposal of its investment in SOGEAS.

 

Cash and cash equivalents

This item amounted to 423,698 thousand euros (321,022 thousand euros at 31 December 2011), marking an increase of 102,676 thousand euros. They represent the closing balance for the period of bank current accounts and postal accounts, opened with the various banks and Post Offices by consolidated companies, except by companies held for sale.

A breakdown and movements in this item by area are shown in the table below:

€ thousand 31.12.2012 31.12.2011 Increase/ (Decrease) 
Networks 597 282 315
Energy 974 401 572
Water 42,847 34,507 8,340
Overseas 9,560 5,465 4,095
Lazio and Campania 13,501 6,904 6,596
Tuscany and Umbria 19,787 22,137 (2,351)
Environment 1,716 1,605 111
Corporate 377,565 284,227 93,338
TOTAL 423,698 321,022 102,676

The increase of 102,676 thousand euros is composed as follows:

  • +93,338 thousand euros for ACEA of 32,819 thousand euros for the balance of bank and post office current accounts held with various institutions, including the Italian Postal Service. It should be noted that the balance does not include cash deposits which amounted to 79,200 thousand euros as at 31 December 2011,
  • +8,340 thousand euros for the water companies, particularly regarding Acea Ato5.