Board of directors’ progress report
2.3.3

Analysis of receivables and payables

Total receivables of the Company, minus bad debt reserve, at the beginning of the reported period totaled RUB 8,379 million, reaching RUB 8,833 million by the year-end. The increase was mainly influenced by grown transmission receivables impacted by revenue boost. Receivables from customers and contractors totaled RUB 8,458 million (+ RUB 1,494 million or +21% YoY). Advances paid reached RUB 18 million (- RUB 20 million or -53% YoY). Other receivables amounted to RUB 357 million (- RUB 1,020 million or -74% YoY). Such lowering is impacted by a returned Commercial Court deposit and inflows from assignment of claim agreements.

Total receivables:

As of 31.12.2016 As of 31.12.2015 As of 31.12.2014
Total receivables 8,833 8,379 7,662
Customers and contractors 8,458 6,964 7,031
Electricity transmission 8,071 6,507 6,507
Bills receivable - 0 0
Advances paid 18 38 130
Other receivables 357 1,377 501

Electricity transmission receivables contributed 91% to the Company’s total receivables. Overdue claim administration, performed by the Company during 2016, has resulted in 1,178 positive judgments worth RUB 3,121 million and 100 negative judgments worth RUB 116 million, namely:

  • electricity transmission: 164 positive judgments worth RUB 2,894 million (RUB 2,690 million principal debt, RUB 204 million interest, incl. use of someone else’s cash in line with Art.395 of the Russian Civil Code, contract penalties, legal interest and other fines);
  • technological connection: 104 positive judgments worth RUB 114 million (RUB 97 million principal debt, RUB 17 million interest, incl. use of someone else’s cash in line with Art.395 of the Russian Civil Code, contract penalties, legal interest and other fines);
  • other (incl. no-contract consumption): 910 positive judgments worth RUB 113 million (RUB 97 million principal debt, RUB 16 million interest, incl. use of someone else’s cash in line with Art.395 of the Russian Civil Code, contract penalties, legal interest and other fines).

Therefore, the share of satisfied overdue receivable claims of the Company is 96%. To collect transmission receivables upon positive judgments in 2016 RUB 2,159 million writs of execution were issued, with RUB 2,113 million or 95% redeemed.

Total payables:

As of 31.12.2016 As of 31.12.2015 As of 31.12.2014
Total payables 8,311 9,671 8,775
Suppliers and contractors 4,688 5,888 4,069
Bills payable 0 0 0
Taxes and levies 1,239 790 705
Advances received 1,201 1,746 2,484
Other payables 1,183 1,247 1,517

Short-term and long-term liabilities at the beginning of the year totaled RUB 9,671 million, reaching RUB 8,311 million by the year-end. Payables underwent the following changes:

  • Suppliers and contractors: payables reached RUB 4,688 million (- RUB 1,200 million or -20% YoY) due to reduced payables owed to: building contractors (- RUB 405 million), repair contractors (- RUB 6 million), electricity transmission suppliers (- RUB 403 million), electric and thermal power suppliers in terms of loss compensation (- RUB 460 million) and increased payables due to other suppliers and contractors (+ RUB 74 million). The contraction was mainly due to repayment of overdue payables owed to regional grid operators and electricity suppliers in terms of loss compensation;
  • Taxes and levies: payables amounted to RUB 1,239 million (+ RUB 449 million or +57% YoY) due to increased VAT and income tax liabilities;
  • Advances paid: payables totaled RUB 1,201 million (- RUB 545 million or -31% YoY);
  • Other payables: payables totaled RUB 1,183 million (- RUB 64 million or -5% YoY) affected by lowered long-term connection advances and increased short-term liabilities.
ЦЕНТР ЗАГРУЗКИ
Здесь вы можете скачать полный отчет 2016, отдельные главы в формате PDF и наиболее важные таблицы в формате Excel.
1About company
1.1Mission and strategic goals
1.2Market share
1.3Key 2016 events
2Board of directors’ progress report
2.1Letter to stockholders
2.2Production capital formation
2.2.1Network exploitation
2.2.2Electricity transmission
2.2.3Technological connection
2.2.4Development of telecommunications and IT systems
2.2.5Investments
2.2.6Innovations
2.2.7Efficacy enhancement
2.3Financial capital formation
2.3.1Analysis of revenues and expenses
2.3.2Analysis of financial standing
2.3.3Analysis of receivables and payables
2.3.4Analysis of credit portfolio
2.3.5Description of tariff policy
3Corporate governance
3.1Corporate governance practices
3.2Corporate governance system
3.2.1General meeting of stockholders
3.2.2Board of Directors
3.2.3Board of directors’ committees
3.2.4General director and executive board
3.2.5Remuneration and compensation policy
3.3Oversight system
3.3.1Board of internal auditors
3.3.2Independent auditor
3.3.3Internal control
3.3.4Risk management
3.3.5Security and anti-corruption
3.4Investor and stockholder relations
3.4.1Shareholder capital structure
3.4.2 Shareholder rights
3.4.3The company and stock market
3.4.4Communications with market participants
3.4.5FAQ
3.4.6Allocation of profit
4Stakeholder
4.1Human resources management
4.2Customer support
4.3Supplier relationship management
4.4Public and goverment relations
4.5Environment protection
5Appendices
5.1Prepared under Russian accounting standards
5.2Prepared under international financial reporting standards
5.3Related-party transaction report
5.4Corporate governance code compliance report
5.5References
5.6Abbreviations and acronyms