EirGrid plc Annual Report 2011

EirGrid plc Annual Report & Accounts 2011
13. Trade and Other Receivables
Amounts due in less than one year:
Group
Company
30 Sep 2011 30 Sep 2010 30 Sep 2011 30 Sep 2010
€ ’000 € ’000 € ’000 € ’000
Trade receivables 72,022 21,610 55,432 17,568
Prepayments and accrued income 34,499 27,146 34,513 26,917
Unbilled receivables 45,521 45,945 39,635 39,728
VAT recoverable 9,321 76 2,773 -
Other receivables 534 886 396 761
Amounts owed by subsidiary undertakings - - 18,912 14,369
Total 161,897 95,663 151,661 99,343
Amounts due in more than one year:
Prepayments and accrued income 1,133 - - -
Amounts owed by subsidiary undertakings - - 90,224 65,416
Total 163,030 95,663 241,885 164,759
The Directors consider that the carrying amount of trade and other receivables approximates their fair value.
Unbilled receivables primarily consists of income for the final two months of the accounting year, which, in
compliance with the regulatory timetable, had not been billed as at the respective year ends.
Group and Company prepayments and accrued income balances include deferred costs in respect of
transmission projects of €33.1m (2010: €24.8m), all of which may not be recoverable within twelve months.
Following a clarification from the regulatory authorities, management’s assumptions regarding the recovery
of working capital costs in respect of transmission projects in the period following vesting have changed.
Previously, it was estimated that these amounts would not be recoverable. This has resulted in the Group and
Company recognising other income of €3.1m, with a corresponding increase in the transmission projects
asset.
Prepayments due after more than one year consists of an upfront payment made on an operating lease to
secure the use of a docklands site in relation to the East-West Interconnector project. Further details of the
lease are shown in note 18.
14. Trade and Other Payables
Group
Company
30 Sep 2011 30 Sep 2010 30 Sep 2011 30 Sep 2010
€ ’000 € ’000 € ’000 € ’000
Trade payables 94,870 64,503 79,015 56,274
Accruals 86,331 50,579 36,204 29,004
Taxation and social welfare 2,071 3,767 1,871 3,482
Regulatory over-recoveries 2,288 9,150 2,288 9,150
Amounts owed to subsidiary undertakings - - 6,154 2,331
Total 185,560 127,999 125,532 100,241
96