225
13. TRADE AND OTHER PAYABLES
These are detailed as follows:
Trade payables include around Euro 204 million (Euro 215
million at 31 December 2011) for the supply of strategic metals
(copper, aluminium and lead), whose payment terms, in some
cases, are longer than normal for this type of transaction.
At 31 December 2011, Other included current payables of Euro
16 million for put options given to minority shareholders
in companies not wholly-owned by the Group. Following
the acquisition of the non-controlling interests in Draktel
Optical Fibre S.A. and consequent elimination of minority
shareholders and the deconsolidation of the investments in
Ravin Cables and Power Plus Cable Ltd LLC, the Group has now
recalculated the above liability.
Advances from customers report the liability for construction
contracts, amounting to Euro 129 million at 31 December
2012 compared with Euro 75 million at 31 December 2011. This
liability represents the gross amount by which work invoiced
exceeds costs incurred plus accumulated profits (or losses)
recognised using the percentage of completion method.
(in millions of Euro)
31 December 2012
Non-current
Current
Total
Trade payables
-
1,450
1,450
Total trade payables
-
1,450
1,450
Other payables:
Tax and social security payables
14
96
110
Advances from customers
-
219
219
Payables to employees
-
68
68
Accrued expenses
3
137
140
Other
10
134
144
Total other payables
27
654
681
Total
27
2,104
2,131
(in millions of Euro)
31 December 2011
Non-current
Current
Total
Trade payables
-
1,421
1,421
Total trade payables
-
1,421
1,421
Other payables:
Tax and social security payables
16
95
111
Advances from customers
-
132
132
Payables to employees
-
65
65
Accrued expenses
-
131
131
Other
16
148
164
Total other payables
32
571
603
Total
32
1,992
2,024
