Receivables and payables

RUR thous. 2008 2009 2010 2011 Change 2011/2010
Receivables (line 1230), including: 6 702 273 6 226 469 6 228 109 5 400 107 -828 002
Receivables (exceeding 12 months following the reported date, line 1231) 128 131 99 509 278 410 76 564 -201 846
Receivables (less than 12 months following the reported date, line 1232) 6 574 142 6 126 960 5 949 699 5 323 543 -626 156
Payables (line 1520) 3 631 480 6 340 816 6 541 165 5 881 362 -659 803

At the beginning of the reported period overall receivables totaled RUR 5 400.1 mln, as of 31.12.2010 – RUR 6 228.1 mln. During the reported period the receivables decreased by RUR 828.0 mln. Deviations on lines 1231 and 1232 was mainly due to accounting changes: as of 31.12.2011 a bill of exchange from line 1231 “Receivables (exceeding 12 months following the reported date was moved to line 1254 “Other monetary assets” RUR 200.6 mln and VAT from advances received totaling RUR 293.5 mln has moved from line 1232 to line 1260 “Other current assets”. “Advances paid” decreased by RUR 92.4 mln, “Other receivables” decreased by RUR 1 172.9 mln. At the same time debt on “Buyers and Customers” increased by RUR 637.7 mln. The company deals with pre-trial and legal proceedings for reconciliation. During the reported period we have written off overdue unreal debt (RUR 7.73 mln). Besides, every quarter, following receivable inventory we formed a bad debt reserve. The amount of the reserve was determined on the basis of objective information on debtor solvency. As of 31.12.2011 the reserve has totaled RUR 2 858.42 mln.

In 2011 payables decreased by RUR 659.8 mln on 2010 and as of 31.12.2011 totaled RUR 5 881.3 mln. Increase of payables on “Suppliers and Contractors” totaled RUR 491.8 mln. due to increase of debt to energy suppliers (by RUR 1 087.5 mln), connection suppliers (by RUR 54.8 mln) as well as due to decrease of debt to construction companies (by RUR 17.18 mln), repair companies (by RUR 29.8 mln.). Debts on “Advances received” decreased by RUR 341.0 mln. (72% of debts are advances on connection). Current debt on personnel decreased by RUR 67.2 mln. Current debts on taxes and levies increased by RUR 125.2 mln. There were overdue payables in 2011.