Consolidated financial statement of JSW S.A. Capital Group for 2012

21. Trade liabilities and other liabilities

  31 Dec 2012 31 Dec 2011
Financial liabilities    
Trade liabilities 598.5 704.6
Liabilities under financial lease agreements 17.8 19.1
Accruals and deferred income 5.5 0.9
Other liabilities of a financial nature, including: 430.9 398.4
– investment liabilities 353 364.1
– other liabilities 77.9 34.3
Total 1,052.7 1,123.0
   
Non-financial liabilities    
Deferred income 182.8 178.7
Other liabilities of a non-financial nature, including: 760 742.4
liabilities for social security and other taxes 440.6 458
– trade advances 32.3 2
– payroll 242.4 228.3
– other 44.7 54.1
Total 942.8 921.1
Total trade liabilities and other liabilities, including: 1,995.5 2,044.1
Long-term 211.2 208
Short-term 1,784.3 1,836.1

download table

The deferred income item contains subsidies associated with the Group's acquisition or production of non-current assets. A subsidy is settled through the financial result over the useful life of the non-current assets funded fully or partially by the subsidy.

The Group has received subsidies under which it is obligated to use the funds received solely and exclusively for the performance of tasks specified in the relevant subsidy agreements and to meet the conditions set forth in the agreements. During the years 2012 and 2011, the Group met those conditions.