Accounts receivable
The volume of accounts receivable in 2011 increased in comparison with the previous year by 1 212.81 million rubles and totalled 2915.55 million rubles at 31 December 2011.
Overdue accounts receivable at the end of the accounting year totalled 343.79 million rubles or 11.79% of the total volume of accounts receivable, including those more than three months overdue of 218.96 million rubles (7.51%).
Short term accounts receivable in 2011 grew in comparison with the previous year by 1234.47 million rubles, or by 74.16%, which was the result of increases in the following arrears:
- on advances paid by 639.31 million rubles or by 62.02%;
- trade by 165.28 million rubles or by 59.25%;
- sundry debtors by 429.89 million rubles or by 121.13%.
To reduce accounts receivable the Company is carrying out a Programme of actions on financial recovery and claim related work is in progress.
Over the accounting period accounts receivable with expired statute of limitation have been written off to a total value of 33.03 million rubles.
Receivable turnover in 2011 decreased comparative to the level of the previous year by 31.64% and totalled 9.85 times a year.
Accounts payable
The obligations of Kubanenergo taking into account deferred tax and other long term obligations according to the results for 2011 totalled 21 213.20 million rubles, including loan and debt service obligations were 15 265.42 million rubles (79.96% of total obligations.
Accounts payable not taking into account loans and borrowings in 2011 decreased in comparison with the previous year by 2 212.9 million rubles and at 31 December 2011 totalled 5 798.63 million rubles. Overdue accounts payable totalled 2 119.4 million rubles, including those overdue by more than three months of 1 097.7 million rubles.
Long term accounts payable to suppliers and contractors according to the results for 2011 totalled 59.54 million rubles, including advances received for technological connection of 49.08 million rubles.
Short term liabilities for 2011 decreased by 2 235.61 million rubles or by 28%, which was explained by reductions in the following liabilities:
- to suppliers and contractors by 225.54 million rubles or by 8.4%;
- to other creditors by 2 157.71 million rubles or by 80.4%.
To reduce the developing overdue liabilities the Company is concluding agreements on its restructuring.By the end of the accounting year the level of overdue liabilities at Kubanenergo had dropped by 7.24%.
Unclaimed accounts payable with expired statute of limitations according to the results for 2011 were written off to a total value of 2.1 million rubles.