5.3.27Trade and Other Payables
Trade and other payables (summary)
|
Notes |
31 December 2016 |
31 December 2015 |
|
|---|---|---|---|
|
Accruals on projects |
193 |
293 |
|
|
Trade payables |
120 |
147 |
|
|
Accruals regarding delivered orders |
206 |
142 |
|
|
Other payables |
54 |
131 |
|
|
Instalments exceeding cost incurred |
14 |
56 |
|
|
Pension taxation |
9 |
14 |
|
|
Taxation and social security costs |
36 |
29 |
|
|
Other non-trade payables |
74 |
179 |
|
|
Total |
706 |
992 |
The decrease year on year of accruals on projects is mainly related to the completion of construction activities on FPSOs Turritella, Cidade de Marica and Cidade de Saquarema.
The movement in the other non-trade payables mainly relates to the last US$ 70 million remaining installment due, following the settlement with the Dutch Public Prosecutor’s Office over the investigation into potentially improper sales payments. The decrease of other payable mainly relates to the discontinuation of a pension plan that existed for certain Offshore employees.
The contractual maturity of the trade payables is as follows:
Trade and other payables (contractual maturity of the trade payables)
|
31 December 2016 |
31 December 2015 |
||
|---|---|---|---|
|
Within 1 month |
117 |
146 |
|
|
Between 1 and 3 months |
2 |
1 |
|
|
Between 3 months and 1 year |
1 |
0 |
|
|
More than one year |
- |
0 |
|
|
Total |
120 |
147 |