CPL FINANCIAL STATEMENT 2012

Page 94

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


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.