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      1. 2.3.1 Description of tariff policy
      2. 2.3.2 Analysis of revenues and expenses
      3. 2.3.3 Analysis of receivables and payables
      4. 2.3.4 Credit ratings and bonds

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2.3.3 Analysis of receivables and payables

Analysis of changes in receivables, RUB million.

As of 31.12.2018 As of 31.12.2017 As of 31.12.2016
Total receivables, incl.: 9,369 8,064 8,833
Customers and contractors 8,874 7,561 8,458
Electricity transmission 5,018 7,353 8,071
Bills receivable 0 0
Advances paid 68 14 19
Other receivables 427 489 356

Total receivables of the Company at the end of the reported period totaled RUBruble 9,369 million (as of 31.12.2017 – RUB 8,064 million), the increase impacted by grown receivables from customers and contractors.

Receivables from customers and contractors totaled RUBruble 8,874 million (+ RUBruble 1,313 million or 17% YoYyear on year). These receivables increased due to the debt of end users, as a result of the PoLRprovider of the last resort function assignment, of RUBruble 3,438 million, while receivables from electricity transmission decreased by RUBruble 2,335 million due to the bad debt reserve created to cover the debt of AOJoint-Stock Company Roskommunenergo, PAOPublic Joint-Stock Company Chelyabenergosbyt and OOOLimited Liability Company NUESKNovouralskaya Energosbytovaya Kompaniya (Novouralsk Energy Sales Company), as they ceased to be providers of the last resort  and were deemed insolvent; and due to the bad debt reserve created to cover the debt of OOOLimited Liability Company AES Invest, as its individual tariffs for electricity transmission were cancelled(54). Thus, our Chelyabenergo branch became the sole “pie” holder in the region.

Advances paid reached RUBruble 68 million (+ RUBruble 54 million YoYyear on year), the rise impacted mainly by changes in settlement terms under contracts with RGOs. Other receivables as of 31.12.2018 totaled RUBruble 427 million (-RUBruble 62 million), because of reduction of overpaid income tax.

Electricity transmission receivables contributed 54% to the Company’s total receivables. Overdue claim administration, performed by the Company during 2018, has resulted in positive judgments worth RUBruble 4,282 million, incl. RUBruble 3,701 million principle debt recovery claim and RUBruble 580 million penalty recovery claim, namely:

During FY2018 OAOOpen Joint-Stock Company IDGCInterregional Distribution Grid Company of Urals claimed and successfully collected RUBruble 220 million as payments to cover penalties imposed for failures to pay for electricity transmission services. Volume of denied electricity transmission debt claims totaled RUBruble 191 million (RUBruble 126 million as principle debt recovery claim, RUBruble 65 million as penalties recovery claim). During the reported period the Company wrote off RUBruble 63 million as bad debt, incl. RUBruble 33 million for the electricity transmission.

Analysis of changes in payables, RUB million

As of 31.12.2018 As of 31.12.2017 As of 31.12.2016
Total payables, incl.: 10,532 6,877 8,311
Customers and contractors 7,046 3,812 4,793
Bills payable 0 0 0
Advances received * 1,672 1,408 1,541
Taxes and levies 1,055 991 1,239
Other payables ** 759 666 738
* Advances received in 2018 totaled RUBruble 1,672 million, according to FY2018 RASRussian Accounting Standards form 5.6.5 (line 5562 – RUBruble 1,242 million, line 5553 – RUBruble 430 million). Advances received in 2017 totaled RUBruble 1,408 million (line 5562 – RUBruble 981 million, line 5553 – RUBruble 427 million). Advances received in 2016 totaled RUBruble 1,541 million (line 5562 – RUBruble 1,201 million, line 5553 – RUBruble 340 million).
** Other payables in 2018 totaled RUBruble 759 million, according to FY2018 RASRussian Accounting Standards form 5.6.5. (line 5563 – RUBruble 31 million, line 5565 – RUBruble 194 million, line 5567 – RUBruble 395 million, line 5568 – RUBruble 139 million). Other payables in 2017 totaled RUBruble 666 million (line 5563 – RUBruble 18 million, line 5565 – RUBruble 99 million, line 5567 – RUBruble 339 million, line 5568 – RUBruble 210 million). Other payables in 2016 totaled RUBruble 738 million (line 5583 – RUBruble 14 million, line 5585 – RUBruble 163 million, line 5587 – RUBruble 345 million, line 5588 – RUBruble 216 million).

As of 31.12.2018 payables totaled RUBruble 10,532 million (+RUB 3,655 million YoYyear on year). Payables underwent the following changes: