eurochem-annual-report-2011

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Financial information Notes to the consolidated financial statements continued for the year ended 31 December 2011 (all amounts are presented in thousands of Russian Roubles, unless otherwise stated) 33 Fair value of financial instruments continued Financial assets carried at amortised cost. The fair value of floating rate instruments is normally their carrying amount. The estimated fair value of fixed interest rate instruments is based on estimated future cash flows expected to be received discounted at current interest rates for new instruments with similar credit risk and remaining maturity. The discount rates used depend on the credit risk of the counterparty. The carrying amounts of trade receivables approximate their fair values. Liabilities carried at amortised cost. The fair value is based on quoted market prices, if available. The estimated fair values of fixed interest rate instruments with a stated maturity, for which quoted market prices were not available, were estimated based on expected cash flows discounted at current interest rates for new instruments with similar credit risks and remaining maturities. The fair value of liabilities repayable on demand or after a notice period (“demandable liabilities”) is estimated as the amount payable on demand, discounted from the first date that the amount could be required to be paid. At 31 December 2011 and 31 December 2010 the fair value of the current and non-current borrowings is not materially different from their carrying amounts. The fair value of the issued bonds is disclosed in Note 16. 34 Subsequent events On 20 January 2012 the Group finalised the acquisition of LLC Severneft-Urengoy (Note 29). 116 EuroChem Annual Report and Accounts 2011
Financial information Main production subsidiaries Name Address Shareholder/participant (over 2%) Stake in authorized capital* Kovdorskiy Mining-and-Processing Integrated Works, OJSC (Kovdorskiy GOK, OJSC) 5 Sukhachyova St. Kovdor Murmansk Region Russia 184140 Nevinnomysskiy Azot, OJSC 1 Nizyaeva St Nevinnomyssk-7 Stavropolsky Krai Russia 357107 Novomoskovskiy Azot, OJSC 10 Svyazi St. Novomoskovsk Tula Region Russia 301660 EuroChem – Belorechenskiy Minudobrenia, LLC (EuroChem-BMU, LLC) Bleorechensk Krasnodar Krai Russia 352636 Phosphorit Industrial Group, LLC Phosphorit Industrial Zone Kingisepp District Leningrad Region Russia 188452 Lifosa AB 50 Yuodkishke St. Kadainiai Lithuania LT-5030 EuroChem-VolgaKaliy, LLC 7 Lenina St. Kotelnikovo Volgograd Region Russia 404350 EuroChem-Usolskiy potash complex 138, Svobody St. Usolye Usolskiy district Perm Region Russia 618460 * As at 31 December 2011. EuroChem MCC, OJSC 100% of common stock 100% of preferred stock EuroChem MCC, OJSC 100% EuroChem MCC, OJSC 100% EuroChem MCC, OJSC 100% EuroChem MCC, OJSC 100% EuroChem MCC, OJSC EuroChem A.M. Limited 96% 4% EuroChem MCC, OJSC 100% EuroChem MCC, OJSC Kovdorsky GOK, OJSC i 49% 51% A full list of subsidiaries is available online www.eurochem.ru Annual Report and Accounts 2011 EuroChem 117 Financial information
Page 1 and 2:
Enabling our future Annual Report a
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...by supplying world markets Our s
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2011 Operational highlights > Succe
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Potash 912 MMT of proven and probab
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16 Estonia Lithuania 7 14 15 Belaru
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Raw materials Up to 80% self-suffic
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Ten years of performance Ten years
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A record RUB 131bn in revenues 66%
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4. Global economy Emerging economie
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Ranking by nutrient capacity MMT p.
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Despite the significant breakthroug
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Business review Our strategy Our st
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Enabling our future... ...by supply
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7billion World population in 2011 9
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Severneft-Urengoy Novy Urengoy, Yam
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Environmental footprint -16% decrea
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Our commitment We have committed US
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Vertical integration > 2.8 MMT p.a.
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Employee participation Our employee
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The following table highlights our
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Nitrogen segment RUBbn, or as indic
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Over the next five years (2012-2016
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Phosphate segment RUBbn or as indic
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EuroChem’s main planned investmen
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i Along with nitrogen and phosphate
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Distribution RUBbn, or as indicated
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i At Tuapse, one of our priorities
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Cost of sales and gross margin As i
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2011 2010 2009 RUBm % of total % ch
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Balance sheet Working capital Worki
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Environment We’ve come a long way
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Occupational health and safety We s
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Strategic risks We classify as stra
Page 67 and 68: Area Ref. code Nature Description S
Page 69 and 70: Richard Sheath Audit Committee Chai
Page 71 and 72: Nikolay Pilipenko Audit Committee Q
Page 73 and 74: Where did we focus in 2011? The Boa
Page 75 and 76: The Strategy Committee The Strategy
Page 77 and 78: 1 Andrey Melnichenko (39) Chairman
Page 79 and 80: Financial information Consolidated
Page 81 and 82: Financial information Consolidated
Page 83 and 84: Financial information Notes to the
Page 85 and 86: 2 Basis of presentation and signifi
Page 87 and 88: 2 Basis of presentation and signifi
Page 89 and 90: 3 Critical accounting estimates, an
Page 91 and 92: 4 Adoption of new or revised standa
Page 93 and 94: 6 Segment information continued The
Page 95 and 96: 8 Intangible assets Note Acquired s
Page 97 and 98: 10 Mineral rights continued As of 3
Page 99 and 100: 13 Cash and cash equivalents and fi
Page 101 and 102: 15 Bank borrowings continued Intere
Page 103 and 104: 17 Derivative financial assets and
Page 105 and 106: 22 Distribution costs Distribution
Page 107 and 108: 26 Income tax continued The movemen
Page 109 and 110: 29 Business combinations Acquisitio
Page 111 and 112: 31 Contingencies, commitments and o
Page 113 and 114: 32 Financial and capital risk manag
Page 115 and 116: 32 Financial and capital risk manag
Page 117: 32 Financial and capital risk manag
Page 121 and 122: Q4 2010 Q3 2010 Q2 2010 Q1 2010 201
Page 123 and 124: Forward-looking statements This ann
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