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 2011The amounts receivable from Spanish tariff expenses correspond to the accumulated amount receivable from the Spanish Government of the Spanish electricitysystem tariff deficit as at 31 December 2012, according to the applicable legal framework (see note 3). During 2012, the Spanish Electricity Deficit Amortisation Fund(FADE), launched sixteen bond issuances explicitly guaranteed by the Kingdom of Spain which allowed HC Energia Group to receive approximately 301,259 thousandsof Euros related with tariff adjustments from previous years.The caption Amounts receivable relating to CMEC totalize 1,376,300 thousands of Euros, and includes 944,167 thousands of Euros as non-current and 432,133thousands of Euros as current. The amount receivable relating to the initial CMEC includes 680,929 thousands of Euros as non-current and 41,688 thousands of Eurosas current, corresponds to the initial CMEC granted to EDP Produção (833,467 thousands of Euros) deducted from the receivable annuity for 2007 to 2012. Theremaining 263,238 thousands of Euros as non-current and 390,446 thousands of Euros as current correspond to the receivable amounts through the revisibilitycalculation in 2011 and 2012.The caption Amounts receivable from concessions - IFRIC 12 in the amount of 706,480 thousands of Euros relates to the financial asset to be received by the EDPGroup regarding the electricity and gas concessions in Portugal and Brazil, resulting from the application of the mixed model (see note 2 aa). The variation in theperiod includes the effect of the depreciation of Brazilian Real against Euro in the amount of 27,807 thousands of Euros, transfers from intangible assets assigned toconcessions in the amount of 123,181 thousands of Euros (see note 18), a revaluation of the financial assets in the amount of 40,838 thousands of Euros (102,439thousands of Reals), as well as 7,439 thousands of Euros arising from the sale of financial assets of Evrecy Participações Ltda. to CTEEP – Companhia deTransmissões de Energia Eléctrica Paulista, which results in a gain of 12,478 thousands of Euros (see note 8).The movement for the period in Amounts receivable from Portuguese tariff adjustments - Electricity (Current and Non-current) is analysed as follows:Thousands of Euros Current Non-CurrentBalance as at 1 January 2011 394,057 29,726Receipts through the electric energy tariff -406,135 -Tariff adjustment of 2010 188,032 131,858Tariff adjustment for the year 226,421 396,471Transfer from tariff adjustments payable 2,515 -Interest income 14,194 7,384Securitisation adjustment of cogeneration -73,951 -110,926Transfer from Non-Current to Current 29,726 -29,726Balance as at 31 December 2011 374,859 424,787Receipts through the electric energy tariff -666,216 -Tariff adjustment of 2011 987 -Tariff adjustment for the year 619,015 980,007Transfer to tariff adjustment payable -9,491 -Interest income 68,808 -Securitisation adjustment of 2010 CMEC -143,566 -Transfer from Non-Current to Current 424,569 -424,569Balance as at 31 December 2012 668,965 980,225On 21 September 2011, EDP Serviço Universal, S.A. sold without recourse of the rights to receive the full amount of the electricity tariffs adjustment related to the overcost of cogeneration produced from renewable sources between 2009 and 2011. The transaction totalled 180,524 thousands of Euros and generated a financial lossof 4,603 thousands of Euros, including transaction costs.On 13 December 2012, EDP Distribuição - Energia, S.A., the concessionaire and operator entity of the National Distribution Grid of electric energy, sold without recoursethe rights for the compensation correction portion of the compensation mechanism to maintain the contractual balance (CMEC), referring to 2010, in accordance withthe terms of Decree-Law n.º 109/2011. The transaction amounted to 144,320 thousands of Euros, of which 141,081 thousands of Euros were received at the moment ofthe transaction and 3,239 thousands of Euros were deferred in 12 monthly payments between February 2013 and January 2014, generating a financial profit of 254thousands of Euros, including transaction costs.In 2012, the movements in Impairment losses on debtors - Current are analysed as follows:GroupCompanyThousands of Euros Dec 2012 Dec 2011 Dec 2012 Dec 2011Balance at beginning of year 15,878 74,912 938 914Charge of the year 1,809 1,160 15 24Reversal of impairment losses / Charge off -5,126 -60,609 -22 -Perimeter variations / Others regularisations 3,354 415 - -Balance at year end 15,915 15,878 931 938As at 31 December 2011, in the caption Reversal of impairment losses / Charge off is booked the amount of 4,831 thousands of Euros related to impairment losses (seenote 8).In 2012, the movements in Impairment losses on debtors - Non-Current are analysed as follows:GroupThousands of Euros Dec 2012 Dec 2011Balance at beginning of year 2,876 2,858Charge of the year 11 -Perimeter variations / Others regularisations 418 18Balance at year end 3,305 2,876216A World Full Of Energy