The structure of receivables and payables

Value, RUR thous. As of
31.12.2011
As of
31.12.2012
As of
31.12.2013
Change
2013/2012
Receivables (line 1230) including 5 400 107 4 115 412 6 524 715 +2 409 303
Receivables with payments within over 12 months since the reported period (line 1231) 76 564   92 027 82 531 –9 496
Receivables with payments within 12 months since the reported period (line 1232) 5 323 543 4 023 385 6 442 184 +2 418 799
Payables (lines 1520) 5 881 362 5 851 137 6 796 851 +945 714

Overall receivables at the beginning of the reported period totaled RUR 4 115.4 mln. As of 31.12.2013 it reached RUR 6 524.7 mln. Receivables increased by RUR 2 409.3 mln. The receivables structure underwent the following changes: debt on item “Purchasers and Contractors” increased by RUR mln. 2 546.7 mln. due to the growth of debt on energy transmission. At the same time there was a decrease of other debt (RUR 92.6 mln.) and item “Advances paid” (RUR 44.8 mln.). Receivables, except for bad debt reserve, as of 31.12.2013, includes the following debt:

  • Energy transmission debt: Sverdlovenergosbyt (RUR 783.3 mln.), Perm Energy Supply Company (RUR 896.5 mln.), Chelyabenergosbyt (RUR 918.1 mln.), Magnitogorskaya Energy Supply Company (RUR 266.4 mln.) and a branch of BAZ SUAL (RUR 322.7 mln.).
  • Connection debt: South Urals Corporation of Residential Construction and Mortgage (RUR 10.7 mln.), Kamskaya Dolina (RUR 23.8 mln.) and Zhilsotsinvest (RUR 20.0 mln.).

As of 31.12.2013 we formed a bad debt reserve equaling RUR 2 746.2 mln., including doubtful receivables – RUR 2 684.0 mln. (in our balance sheet shown as decreased receivables) and doubtful advances given to acquire fixed assets – RUR 0,02 mln. (in our balance sheet shown as a part of non-current assets as decrease of advance debts). We work closely with contractors on reconciliation (both pretrial cooperation and litigation). We have also written off unlikely-to-be-collected receivables equaling RUR 1.7 mln.

Payables in 2013 increased by RUR 945.7 mln. in comparison to 2012 and as of 31.12.2013 totaled RUR 6 796.8 mln. The payable structure underwent the following changes: debt on item “Suppliers and Contractors” increased by RUR 626.0 mln. due to increased debt on energy transmission (RUR 656.8 mln.), repair companies (RUR 18.0 mln.), other suppliers and contractors (RUR 19.7 mln.). At the same time there was a decrease of debt to construction companies (RUR 22.7 mln.), other suppliers of electric and heating energy (RUR 45.9 mln.). Debt on advances from customers lowered by - RUR 28.8 mln. 74% of debt is advances on connection. Debt to personnel increased by RUR 111.6 mln. Debt on tax and dues increased by RUR 192.5 mln., debt to state non-budgetary funds increased RUR 3.0 mln. Other payables increased by RUR 41.6 mln. We have no overdue payables as of 2013.