Hera Group – Consolidate Half-Year Financial Report as at 30 June 2016
29 Other current liabilities 30 Jun 2016
31 Dec 2015
Change
Capital grants
133.8
132.2
1.6
VAT, excise and additional taxes
115.5
11.0
104.5
Security deposits
102.0
97.9
4.1
Payables due to advances to the Equalisation Fund
100.1
104.9
(4.8)
Equalisation Fund
64.3
54.2
10.1
Personnel
44.5
38.3
6.2
Due to social security institutions
43.7
39.7
4.0
Revenues paid in advance other expense
14.7
14.5
0.2
Employee w ithholdings
13.2
16.8
(3.6)
Other payables
Total
85.0
75.1
9.9
716.8
584.6
132.2
"Plant investment grants" refers mainly to investments made in the water and environment sector; this item has decreased in proportion to the amount of depreciation calculated on the fixed assets in question. "VAT, excise and additional taxes" includes 32.1 million euro of VAT (2.2 million euro at 31 December 2015), with an increase of 29.9 million euro due in part to the fact the the yearly advance payment is payed at the end of the month of December, thus reducing the debt exposure as of this date. This item includes, additionally, 83.4 million euro of excise and additonal taxes (8.8 million euro as at 31 December 2015) with an increase of 74.6 million euro. As illustrated in note 23, "Other current assets", this increase must be understood taking into account the factors that regulate financial relations with the Inland Revenue Office, which can generate credit/debit positions with differences that can be significant even between one financial period and another. "Security deposits" reflect the amount paid by customers for gas, water and electricity provision contracts. "Payables for advances to the equalization fund", comprising the following: 
98.3 million euro (103.1 million euro as at 31 December 2015) for the debt recorded in relation to the non‐interest‐bearing
advances granted by the electricity sector Equalization Fund in accordance with the integration mechanism stipulated by AEEG
resolutions no. 370 of 20 September 2012 and no. 519 of 6 December 2012, in relation to past due and uncollected receivables
owed by customers covered by the safeguard regime, up to 31 December 2013;

1.8 million euro, related to the debts associated with the APR mechanism for re‐negotiating mtuli‐year contracts for natural
gas. "Equalisation Fund for the Electricity and Gas Sectors", reflects the debt positions for equalization on the gas distribution/measurement, some components of the gas service system and equalization of the electricity service. “Personnel" includes the vacation time accrued and not used as of 30 June 2016, as well as the productivity bonuses accounted for by department. "Payables to social security institutions", relates to contributions owed to these institutions for the month of June. "Other payables" mainly include debts owed to minority shareholders for dividends in the amount of 10.9 million euro and debts for tariff components amounting to 4.1 million euro. Approved by the Hera Spa Board of Directors on 28 July 2016
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