BALANCE DATA 31 Dec 2010
Tax payables Payables to welfare and social security institutes Other short-term payables
Accrued liabilities and deferred earnings
Total short-term liabilities Medium-long term liabilities Payables to banks
Payables to other lenders
Payables to suppliers
Payables represented by securities
Employees’ severance indemnity fund
Fund for pensions and similar obligations
Other funds
Total medium-long term liabilities Shareholders’ Equity
Revaluation reserve
Legal reserve
Exchange Rate Fluctuation Fund
Statutory reserves
Reserve for exchange rate fluctuations
Merger surplus
Capital contribution reserve lex 784/80
Profit /loss for year
Total Shareholder’s Equity Total LIABILITIES MEMORANDUM ACCOUNTS
The following considerations arise from the table above: An increase in quick assets of approximately 64 million euros was recorded due to an increase in the value of production (19%) and the accounts receivable. In fact, in the preceding pages we analyzed how significant the photovoltaic impact has been on these financial statements. However, the photovoltaic sector requires a large amount of financial resources during projects’ initial phase, which is then monetized when the documentation portion is completed. When the
31 Dec 2007
31 Dec 2006
5,428,011
3,868,897
6,817,606
3,127,055
2,994,414
2,725,195
2,235,968
1,425,301
7,745,499
7,588,000
9,657,060
4,381,088
3,965,238
676,021
845,436
405,533
291,387
340,704
236,403,810
192,459,597
161,212,583
125,971,378
117,245,540
0
0
0
0
0
45,315,976
26,672,186
46,168,351
36,348,586
45,273,309
0
0
0
0
0
3,491,619
2,607,790
2,046,773
1,801,315
1,701,134
0
0
0
0
0
4,761,755
5,336,207
5,721,027
6,101,664
6,507,062
21,526
21,526
21,526
21,526
21,526
2,580,700
2,393,369
1,617,395
1,335,537
1,839,090
56,171,575
37,031,078
55,575,072
45,608,627
55,342,121
Share Capital
31 Dec 2008
5,716,393
Bonds
31 Dec 2009
10,163,515
18,312,536
15,938,753
13,558,953
13,706,084
12,952,749
656,679
656,679
656,679
656,679
656,679
89,473,011
82,158,320
77,140,319
72,387,954
69,866,959
531,892
531,892
0
0
0
78,184
78,184
78,184
78,184
78,184
0
0
0
0
0
235,597
235,597
235,597
235,597
235,597
1,269,396
1,269,396
1,269,396
1,269,396
1,269,396
13,357,606
8,597,472
6,838,059
5,879,687
3,552,720
123,914,902
109,466,293
416,490,287
338,956,968
253,613,303
99,777,187 316,564,842
182,130,348
94,213,582 265,793,587
180,665,326
operational networks and the networks under construction that have not yet been paid for are taken into consideration, the increase in current assets is the logical consequence. Therefore, the increase in current assets has caused an increase of 28 million euros in the Parent Company’s debts. However, it should be emphasized that on December 31, 2009 the Cooperative collected from CPL Distribuzione the payments for the transfer of the distribution networks; these amounts were immediately redeployed in the
88,612,285 261,199,946
171,468,227
177,431,671
production process and to pay off debts (Enel Gas) that had been blocked for years. It should also be underscored that the Cooperative has achieved a very significant level of equity of more than 123 million euros.
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