Annual Report - EDP

notes to the consolidated EDP - and Energias company de Portugal, financial S.A. statementsfor the Notes years to the ended Consolidated 31 december and Company 2012 Financial and Statements 2011for the years ended 31 December 2012 and 2011As referred under accounting policies - note 2 a), in accordance with IFRS 3, in the period of 12 months following a business combination, the acquiring company mayadjust the fair value of assets, liabilities or contingent liabilities, being those adjustments performed with effect from the date of acquisition.The fair value allocation of assets, liabilities and contingent liabilities on the acquisition of the company ECE Participações S.A. (Hidroeléctrica Santo Antônio do Jari),occurred in 2011, determined the allocation of 82,227 thousands of Euros in deferred tax liabilities, as at 31 December 2011. This amount is presented underaccounting revaluations and other temporary differences.Taxes recorded against reserves are analysed as follows:GroupCompanyThousands of Euros Dec 2012 Dec 2011 Dec 2012 Dec 2011Current taxChanges in fair value of derivative financial instruments 17 2,653 17 2,65317 2,653 17 2,653Deferred taxFinancial instruments and fair value 25,729 24,989 7,323 2,854Actuarial gains and losses 41,928 9,141 - -Changes in fair value of financial assets held for sale 95 16,235 906 16,24867,752 50,365 8,229 19,10267,769 53,018 8,246 21,755The Group tax losses and tax credits carried forward are analysed as follows:GroupThousands of Euros Dec 2012 Dec 2011Expiry date:2012 - 6172013 552 7362014 4,694 5,2332015 60,057 20,5032016 1,505 20,9022017 486,853 7642018 a 2031 2,207,128 1,880,298Without expiry date 818,541 1,021,3263,579,330 2,950,37924. INVENTORIESThis caption is analysed as follows:GroupThousands of Euros Dec 2012 Dec 2011Merchandise 75,307 90,673Finished, intermediate products and sub-products 28,799 39,494Raw and subsidiary materials and consumables (coal and fuel)187,602 124,311Nuclear fuel 16,905 15,140Other consumables 69,005 76,442377,618 346,060The caption Other consumables includes CO 2 licenses that correspond to the amount of trading licenses held for sale, valued at market price against the profit andloss, as described in accounting policy 2 y) in the amount of 103 thousands of Euros (31 December 2011: 807 thousands of Euros) (see note 48).25. TRADE RECEIVABLESTrade receivables are analysed as follows:GroupCompanyThousands of Euros Dec 2012 Dec 2011 Dec 2012 Dec 2011Trade receivables - Current:Corporate sector and individuals:Portugal 1,050,200 925,710 182,731 159,033Spain 684,331 730,606 - -Brazil 496,175 422,973 - -U.S.A. 42,575 31,660 - -Other 55,620 33,312 - -Public Sector:Portugal 102,510 94,859 - -Brazil 53,574 30,178 - -Spain 91,327 41,545 - -2,576,312 2,310,843 182,731 159,033Impairment losses -296,208 -267,172 -9,958 -9,9602,280,104 2,043,671 172,773 149,073214A World Full Of Energy