Financial Statements 2009 - Manutencoop

Costruzione Manutenzione Immobili S.r.l. in liquidationthe reduction in the investment by euro 2,744 thousand reflects the write-down recorded withreference to the latest available financial statements and the effect of the dividend distributionauthorised at the quotaholders' meeting of costruzione manutenzione immobili s.r.l. inliquidation, held on 2 april 2009.Edex S.p.A.the reduction in the investment by euro 401 thousand reflects the write-down recorded withreference to the latest available financial statements, in which the share capital was written off.the company has decided not to reconstruct the capital of edex s.p.a.Livia Soc. Cons. a r.l.livia soc. cons. a r.l. was formed on 16 april 2009. its objects are to perform all maintenancework on the properties owned by the local Health authority serving the Forlì municipality. thecapital subscribed and paid in by manutencoop Facility management s.p.a., euro 3.4 thousand,represents 34.10% of the company's quota capital.8. other equIty Investments (long term)other equIty Investments (long term)10. other non-Current reCeIvables and assetsother non-Current reCeIvables and assets(in thousands of Euro) 31 december 2009 31 december 2008other non-current receivables and assets 663 753total 663 753the other financial assets mainly comprise guarantee deposits relating to certain commercialcontracts.11. InventorIesInventorIes(in thousands of Euro) 31 december 2009 31 december 2008raw materials (at cost) 989 1,262(in thousands of Euro) 31 december 2009 31 december 2008other equity investments 1,542 1,094total 1,542 1,094inventories of raw materials comprise the materials held awaiting use at production sites, stated atweighted-average purchase cost, and the fuel held in the tanks of customers who have outsourcedtheir heat management to the company.the investments in companies that are not subsidiaries or associates were made for strategicoperationalreasons: these investments are all associated with production sites and, in addition,they mainly consist of consortiums established for the recharging of costs. this caption is measuredat purchase or formation cost, since there is no active market in these investments which, in mostcases, cannot be freely sold to third parties due to rules and agreements that effectively preventtheir transfer. this valuation method is however deemed to approximate the fair value of theseinvestments.the increase during the year mainly reflects the sale of a 22% interest in terzatorre s.p.a.,described in the previous paragraph, which is now a minor investment rather than an associate.9. non-Current fInanCIal reCeIvables and other seCurItIesnon-Current fInanCIal reCeIvables and other seCurItIes12. trade reCeIvables and advanCes to supplIerstrade reCeIvables and advanCes to supplIers(in thousands of Euro) 31 december 2009 31 december 2008Due from third-party customers 214,791 201,011Due from subsidiaries 33,528 32,774Due from associates and joint ventures 13,376 21,344Due from parent companies 299 592advances to suppliers 1,004 736total trade reCeIvables 262,997 256,457(in thousands of Euro) 31 december 2009 31 december 2008non-current financial receivablesand other securities 2,082 965total 2,082 965the loans made to certain consortiums are interest-free, having been granted proportionately byeach consortium member; accordingly, they have been discounted with reference to the expectedresidual maturities, applying eurirs for loans due beyond 12 months and euribor for those duewithin 12 months uplifted by 0.5%. the increase with respect to the prior year mainly reflectsthe financial receivable, euro 781 thousand, that arose on the sale of the it line of business toengineering.it s.p.a., as discussed earlier.amounts due from customers do not earn interest and are generally contractually collectiblewithin 30-90 days. since the large majority of customers are public bodies, which notoriouslypay very late, the amounts due from customers have been discounted using a risk-free rate of0.46% (2.85% in 2008) over the time period between the average delay in collection declared bycompetitors and the delay experienced by the company during the year.76 - Financial statements as oF 31 December 2009 - principles anD explanatory notes Financial statements as oF 31 December 2009 - principles anD explanatory notes - 77