Annual Report - EDP

notes to the consolidated and company financial statementsEDP - Energias de Portugal, S.A.for the years ended 31 december 2012 and 2011Notes to the Consolidated and Company Financial Statementsfor the years ended 31 December 2012 and 2011The caption CO 2 emission licenses related with the CO 2 consumptions made during the year in Portugal and Spain, in the amounts of 81,892 thousands of Euros and60,192 thousands of Euros, respectivaly . This licenses will be return to the "Instituto do Ambiente" in each country.Government grants for investment in fixed assets non-current correspond to the subsidies for the investment of the Group, being depreciated through the recognitionof a revenue in the income statement over the useful life of the related assets (see note 13).At the moment of the EDPR North America acquisition, the contracts signed between this subsidiary and its customers, determined under the terms of the PurchasePrice Allocation, were valued through discounted cash flow models and market assumptions at 190,400 thousands of USD, being booked as a non-current liabilityunder Energy sales contract - EDPR NA, which is depreciated over the useful life of the contracts in Other operational income (see note 8).Deferred income - CMEC non-current in the amount of 392,841 thousands of Euros (31 December 2011: 377,508 thousands of Euros) which refers to the initial CMECamount (833,467 thousands of Euros) net of the amortisation of initial CMEC during the years 2007 to 2012 and including unwinding (see note 15).Amounts payable for concessions refer to the amounts payable non-current related to the concession rights of the operation of the hydric domain of Alqueva andPedrógão transferred by EDIA of 150,489 thousands of Euros (31 December 2011: 152,259 thousands of Euros) and to the financial compensation for the use of thepublic domain related to concession agreements of Investco, S.A. and Enerpeixe, S.A. in Brazil of 89,562 thousands of Euros (31 December 2011: 95,674 thousands ofEuros).The caption Other creditors and sundry operations - Current, includes 14,317 thousands of Euros related to tariff adjustment payable (31 December 2011: 14,317thousands of Euros).40. OTHER LIABILITIES AND OTHER PAYABLESOther liabilities and other payables are analysed as follows:GroupCompanyThousands of Euros Dec 2012 Dec 2011 Dec 2012 Dec 2011Other liabilities and other payables - Current:Payables to related companies 137,402 128,587 - -Derivative financial instruments 62,629 111,857 61,543 75,745Payables - Group companies - - 679,503 1,288,583Amounts payable for acquisitions and success fees 135,932 215,524 - -Other creditors and sundry operations 32,180 79,109 30,182 29,203368,143 535,077 771,228 1,393,531Other liabilities and other payables - Non-Current:Payables to related companies 108,850 94,259 - -Put options over non-controlling interest liabilities 90,371 89,651 - -Derivative financial instruments 145,614 95,719 - -Payables - Group companies - - 3,006,023 023 2,436,252252Amounts payable for acquisition and success fees 41,735 48,675 - -Other creditors and sundry operations 23,167 32,797 11,062 11,062409,737 361,101 3,017,085 2,447,314777,880 896,178 3,788,313 3,840,845The caption Payables - Group companies Current on a Company basis includes 462,142 thousands of Euros (31 December 2011: 885,752 thousands of Euros) relatedto debt financing obtained by EDP S.A., Sucursal in Spain through Finance BV and with EDP Servicios Financieros España, S.A. and also 189,116 and 28,245 thousandsof Euros , relatied to debt financing obtained from EDP Renováveis and EDPR Europe, respectively (see note 46).The caption Payables - Group companies Non-Current on a company basis, of 3,006,023 thousands of Euros, corresponds to the financing obtained through EDPFinance B.V. and granted to EDP - Energias de Portugal - Sociedade Anónima, Sucursal en España, following EDPR NA's acquisition and for the financing of theinvestment plan of EDP Renováveis Group.Following Ente Vasco de la Energia decision to exercise the Naturgas put option, an agreement was signed on 28 July 2010 between EVE and HC Energia that sets upthe following terms: (i) Purchase by HC Energia from EVE of 29.43% of the share capital of Naturgas; (ii) HC Energia will have a call option to acquire from EVE theremaining 5% stake of Naturgas between 1 June 2016 and 1 June 2018, at an exercise price calculated in accordance with a pre-set formula based on expected futuredividends to be distributed by Naturgas; and (iii) Change of the HC Energia/EVE shareholder agreement, with the involvement of EVE in Naturgas’ strategicmanagement to be adjusted in accordance with its shareholding position. As a consequence of the agreement mentioned above, as at 31 December 2012 thecaption Amounts payable for acquisitions and success fees (current) includes the amount of 109,074 thousands of Euros (31 December 2011: 214,767 thousands ofEuros). Additionally, this caption includes the contingent price for the acquisition of ECE Participações, S.A. in the amount of 10,085 thousands of Euros.The caption Put options over non-controlling interest liabilities Non-Current includes the put option of Cajastur over EDP for 3.13% of HC Energia share capital of 83,425thousands of Euros (31 December 2011: 83,244 thousands of Euros) and the put option of Energia in Natura to EDPR Europe for 6.48% of EDPR Italia share capital of3,475 thousands of Euros (31 December 2011: 3,266 thousands of Euros).The Amounts payable for acquisitions and success fees Non-Current refers essentially to the contingent price payable arising from the acquisition of EDPR Italia, RelaxWind Group, EDPR Romania Group, Greenwind, Elektrownia Wiatrowa Kresy,Bodzanow, Starozreby, Wyszorod, Elebrás and solar photovoltaic companies held byEDPR-RO-PV, S.R.L (see note 5). As at 31 December 2011, this caption includes the contingent price reduction associated with the exercise of the put option held byEnergia in Natura to EDPR Europe in the amount of 17,070 thousands of Euros.EDP - Annual Report 2012235