Accounts receivable and payable

History

« ACCOUNTS RECEIVABLE INCREASED FROM 46,600 MILLION RUBLES TO 46,607 MILLION RUBLES OVER the REPORTING PERIOD »

Dynamics of accounts receivable, mln rubles

Indicator 2009 2010 2011 2011/2010, %
Accounts receivable 49,248 46,600 46,607 0.0
Accounts receivable (more than 12 months), including: 29,159 33,035 29,781 -9.9
Customers and clients 0 107 13 -87.9
Advances paid 29,159 32,928 29,768 -9.6
Accounts receivable (less than 12 months), including: 20,088 13,566 16,826 24
Customers and clients 6,573 9,245 9,921 7.3
Advances paid 482 220 1,113 405.9
Other debtors 13,034 4,100 5,792 41.3

Accounts receivable increased from 46,600 million rubles to 46,607 million rubles over the reporting period (an increase of 7 million rubles).

Long-term accounts receivable declined from 33,035 million rubles in 2011 to 29,781 million rubles (a reduction of 3,253 million rubles).

Reasons for changes in accounts receivable of more than 12 months

Within the structure of long-term accounts receivable:

  • debt declined 12,8% for grid connections (advances to joint participants) due to the creation of a doubtful debt reserve for a total of 2,990 million rubles.
  • advance leasing payments decreased 1.7% due to the fulfillment of contractual terms and also because a part of the advance leasing payments is reflected in short-term accounts receivable under the “other debtors” line.

Reasons for changes in accounts receivable of less than 12 months

Short-term accounts receivable increased from 13,566 million rubles to 16,826 million rubles in 2011 (an increase of 3,260 million rubles).

Accounts receivable increased by 676 million rubles for customers and clients, including by 415 million rubles for electricity transmission due to growth in revenue in 2011 compared to 2010.

The growth in accounts receivable for advance payments by 893 million rubles is associated with advances under agreements as part of the program to register ownership rights for real estate and the registration of land use rights for the period of 2011-2014. The agreements will be registered after permits are obtained from the Federal Service for Environmental, Technological and Nuclear Supervision.

The increase in accounts receivable under the “other debtors” line by 1,692 million rubles is connected with short-term growth in accounts receivable for leasing in accordance with contractual terms.

« ACCOUNTS PAYABLE DECLINED FROM 71,697 MILLION RUBLES TO 62,932 MILLION RUBLES OVER the REPORTING PERIOD »

Dynamics of accounts payable, mln rubles

Indicator 2009 2010 2011 2011/2010, %
Accounts payable 85,213 71,697 62,932 -12.2
Long-term accounts payable 21,786 10,672 9,278 -13.1
Short-term accounts payable, including: 63,426 61,024 53,654 -12.1
Suppliers and contractors 10,997 12,270 12,898 5.1
Wages payable to employees 2 9 5 -44.4
Liabilities to government and extra-budgetary funds 0 4 2 -50.0
Current tax liabilities 262 602 65 -89.2
Advances paid 38,924 47,979 40,677 -15.2
Other creditors 13,242 161 6 -96.3

Accounts payable declined from 71,697 million rubles to 62,932 million rubles over the reporting period (a decrease of 8,764 million rubles).

Long-term accounts payable fell from 10,672 million rubles to 9,278 million rubles over the period (a decline of 1,394 million rubles).

Reasons for changes in accounts payable of less than 12 months

Short-term accounts payable decreased from 61,024 million rubles to 53,654 million rubles over the reporting period (a reduction of 7,370 million rubles).

Within the structure of sho rt-term accounts payable:

  • debt under the “suppliers and contractors” line increased by 5% and totaled 12,898 million rubles. The growth in debt is attributable to the large volume of work undertaken in December to implement the investment program and it is scheduled to be repaid in the first quarter of 2012.
  • debt under the “advances paid” line fell by 7,302 million rubles, including on advances received for grid connection (-7,302 million rubles). Total advances received for grid connections amounted to 40,534 million rubles as of December 31, 2011 compared to 47,837 million rubles at the end of 2010. The accounts payable for grid connections on the balance sheet are the result of the protracted duration of grid connection contracts. This is connected with the standard periods for the construction of grid connection facilities (construction lasts from one to three years). The decline in accounts payable for grid connections is associated with the performance of the Company’s obligations under grid connection contracts in accordance with the contractual terms.

Other short-term accounts payable decreased from 775 million rubles to 79 million rubles over the reporting period (a decline of 696 million rubles).

Indicator 2009 2010 2011 2011/2010, %
Balance of accounts receivable and payable -35,965 -25,096 -16,325 -35