|
( x EUR 1,000 ) |
2008 |
2007 |
|
|
Accounts receivable |
36,848 |
14,317 |
|
|
Government subsidies receivable |
18,810 |
- |
|
|
Amounts to be invoiced |
11,918 |
6,114 |
|
|
Interest receivable |
2,599 |
2,648 |
|
|
Taxes |
17,395 |
6,470 |
|
|
Amounts receivable from TSOs |
4,706 |
7,568 |
|
|
Amounts receivable in connection with market coupling |
76,762 |
71,887 |
|
|
Other |
24,803 |
14,560 |
|
|
Total |
193,841 |
123,564 |
|
|
|
|
The increase in the value of the accounts receivable position relates mainly to one specific debtor. TenneT expects that this debtor will pay the outstanding amount in 2009. In view of the nature of the remaining accounts receivable, there is no significant credit risk.
The fair value of the receivables equals the carrying value. All amounts are short-term. A provision totalling
EUR 0.2 million (2007: EUR 0.2 million) has been created.
The ageing analysis of the accounts receivable in 2008 and 2007 and the movement in the provision for bad debts are presented below.
|
Before due date |
0-30 days late |
31-60 days late |
> 60 days late |
Provision |
Total |
|
|
Balance at 31 December 2008 |
17,827 |
2,652 |
2,040 |
12,349 |
225 |
34,643 |
|
Balance at 31 December 2007 |
6,824 |
2,671 |
978 |
4,005 |
161 |
14,317 |
Based on past experience, TenneT expects that those invoices that have exceeded their due date will eventually be paid. At balance sheet date, none of the other accounts receivable had exceeded their due date.
The provision is calculated in accordance with the static method, based on the estimated probability of collection of the bad debts. The movement in the provision for bad debts was as follows:
|
( x EUR 1,000 ) |
2008 |
2007 |
|
|
Balance at 1 January |
161 |
300 |
|
|
Movement |
64 |
-/- 139 |
|
|
Balance at 31 December |
225 |
161 |
|
|
|
|