The increase in this item, amounting to Euro 6.543, 000, is mainly related to an increase in Work in Progress with local authorities that tend to delay the certification of the work progress reports and consequently the relevant invoicing. The variations of the Work in progress devaluation fund are shown below: EURO/000
2012
2011
Fund at the start of the financial year
392
48
Amount used
(63)
(46)
Provisions
1,048
390
Final fund
1,377
392
The finished products and goods item includes the stock of odorant, and natural gas as regards the sales activity and the finished properties for sale. This item, amounting to Euro 6,522,000 decreased compared to the previous financial year by Euro 3,582,000. This reduction is mainly due to the reduced stock of natural gas for the distribution grids of the group’s catchment areas. The item "Payments on account", amounting to Euro 2,507,000, includes advances on work being performed by subcontractors, among which we highlight the suppliers JENBACHER S.r.l. for Euro 373,000, REMOSA for Euro 388,000, PEGASO for Euro 100,000, VIS GMBH – S.r.l. for Euro 60,000, HONEYWELL S.r.l. for Euro 98,000, PIAGGIO & FIGLI for Euro 64,000, ROBINTUR for Euro 34,000, BABCOCK WANSON ITALIANA S.p.A. for Euro 28,000, SICOMORO for Euro 24,000, VALVITALIA forEuro 26,000, OFF. RIPARAZ.DI VEZZANI & C. for Euro 15,000 GE.CO.SER for Euro 15,000 and MULTIMEIPLA S.r.l. for Euro 9,000. This item also includes advances towards suppliers of the Stable Organisation in Greece for Euro 100,000, Euro 786,000 in favour of the Cooperativa Bilanciai di Campogalliano (MO), Euro 4,000 in favour of the branch established in Poland in September 2012, Euro 69,000 to suppliers of feasibility studies and designs of urbanisation works in the area of Carpi (MO) and Euro 121,000 for works carried out at a sports facility in the town of San Possidonio (MO). Compared to the previous financial year there was an overall decrease of Euro 733,000
Receivables from customers This item is made up as follows: EURO/000 Third party customers
2012
2011
113,552
Gas sales customers
117,468
105
1,992
Public bodies
18,739
23,143
Cooperatives and consortiums
18.828
22.485
Customers with invoices to be issued
60,798
51,362
Bills receivable Withholdings for work and occupational safety guarantees Provisions for bad debt
Total
311
174
1621
1.513
(6,598)
(5,425)
207,356
212,712
The values of receivables decreased by Euro 5,356,000 compared to the previous year. This decrease widely compensates the increase of the item Works in progress. Te bad debt provisions are considered to be adequate with reference to the collectability of the receivables recorded in the consolidated financial statements. The variations of the Provisions for bad debt for the financial year are shown below: EURO/000
92
2012
2011
Balance at January 1, 2012
5,425
5,605
Amount used in reporting year
(225)
(1,165)
Provisions for reporting year
1,398
985
Balance at Dec. 31, 2012
6,598
5,425
CPL CONCORDIA | CPL CONCORDIA’s financial statements and consolidated financial statements