Analysis of changes in receivables and payables

  As of 31.12.2008 As of 31.12.2009 As of 31.12.2010 Change
Receivables, including 6 702 273 6 226 469 6 614 285 +387 816
Receivables (exceeding 12 months) 128 131 99 509 278 410 +178 901
Including buyers and customers 3 805 8 187 2 716 ->5 471
Receivables (less than 12 months) 6 574 142 6 126 960 6 335 875 +208 915
Including buyers and customers 3 857 266 4 676 087 4 062 211 -613 876
Payables 3 631 480 6 340 816 6 542 964 +202 148
Including buyers and customers 2 379 927 3 127 653 3543018 +415 695

At the beginning of the reported period overall receivables have totaled RUR 6 226.5 mln., but, as of 31.12.2010, receivables have reached RUR 6 614.3 mln. During the reported year the receivables increased by RUR 387.8 mln., including lines “Advances paid” (+RUR 137.9 mln.) and “Other debtors” (+RUR 812.0 mln.) as well as tax and levy overpayment (+RUR 784.5 mln.). At the same time there was a decrease of lines “Buyers and Customers” (–RUR 619.3 mln.) and “Debts of subsidiaries and associates” (–RUR 127.1 mln.). Besides, every quarter after receivables inventory we formed a bad debt reserve, carefully evaluating information on debtor solvency. As of 31.12.2010, the reserve has totaled RUR 1 680.1 mln.

Payables, as of 2010, have increased by RUR 202.1 mln. on 2009 and, as of 31.12.2010, totaled RUR 6 542.9 mln. There was an increase of line “Suppliers and contractors” (+RUR 415.4 mln.) due to the increase of debts for electric and heat energy (+RUR 1 094.4 mln.), builders (+RUR 152.57 mln.), repair companies (+RUR 74.9 mln.) and due to the decrease of debts for industrial services, telecom services, office equipment maintenance, transportation (–RUR 911.7 mln.). Debts to subsidiaries increased by RUR 230.46 mln, advances received decreased by RUR 108.0 mln. (80% - connection advances). There were also a decrease of current liabilities to personnel (–RUR 49.9 mln.) and current tax and levy liabilities (–RUR 525.7 mln.). There were no overdue payables in 2010.