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6.2.2. Receivables

Accounting policies

Receivables include chiefly current trade receivables (mainly in connection with sale of gas fuel), taxes, customs duties and social security.

Current trade receivables are initially recognised at fair value, equal to their nominal value. Following initial recognition, receivables are measured at amortised cost, taking into account impairment losses, if any.

Taxes, customs duties and social security receivable by the Group are determined in accordance with applicable laws and regulations.

Material estimates

The amount of impairment loss on receivables equals the difference between the carrying amount of an asset and the present value of estimated future cash flows discounted at the asset’s original effective interest rate.

Depending on the type of receivables, impairment losses are determined using the statistical or individual method.

The Group recognises impairment losses on receivables using the individual method if the receivable is past due by more than 90 days or if the receivable is at risk (e.g. the debtor has filed for bankruptcy). Impairment loss is recognised for 100% of the amount of such a receivable.

Impairment losses on receivables for gas deliveries to customers from tariff groups 1−4 (chiefly retail customers and SMEs) are determined using the statistical method. The impairment losses are determined based on the analysis of historical data on payment of past due receivables in particular maturity groups. The results of the analysis are then used to calculate recovery ratios on the basis of which the amounts of impairment losses on receivables in each ageing group are determined.

Impairment losses are charged to other expenses or finance costs, as appropriate, depending on the type of receivables for which an impairment loss is recognised.

Receivables 2016 2015
Gross carrying amount Impairment losses Net carrying amount Gross carrying amount Impairment losses Net carrying amount
Trade receivables (mainly in connection with sale of gas fuel) 3,834 (318) 3,516 2,899 (358) 2,541
VAT receivable 375 (1) 374 431 431
Corporate income tax receivable 39 (1) 38 7 7
Other taxes, customs duties and social security receivable 28 (6) 22 150 (3) 147
Other receivables 784 (446) 338 682 (429) 253
Total, including: 5,060 (772) 4,288 4,169 (790) 3,379
not past due 3,848 (4) 3,844 2,940 (44) 2,896
past due and impaired 768 (768) 746 (746)
past due but unimpaired 444 444 483 483

Ageing structure of trade receivables past due but unimpaired:

Delay 2016 2015
Up to 1 month 290 328
From 1 to 3 months 60 59
From 3 months to 1 year 53 14
from 1 to 5 years 9 17
over 5 years 2
Total net past due receivables 414 418

Trade receivables are the source of the Group’s credit and currency risk exposure. For information on credit risk management (including assessment of the credit quality of receivables and credit risk concentration), see Note 7.3.1. For information on currency risk related to receivables, see Note 7.3.2.2.