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Financial Statements Notes to the Consolidated Financial Statements for the year ended 31 December 2015 continued (all amounts are presented in thousands of US dollars, unless otherwise stated) 4 Adoption of new or revised standards and interpretations continued • IFRS 15, Revenue from Contracts with Customers (issued on 28 May 2014 and effective for the periods beginning on or after 1 January 2018). The Group is currently assessing the impact of the standard on its consolidated financial statements; • Amendments to IAS 16 and IAS 41, Agriculture: Bearer plants (issued on 30 June 2014 and effective for annual periods beginning 1 January 2016); • Amendments to IAS 27, Equity Method in Separate Financial Statements (issued on 12 August 2014 and effective for annual periods beginning 1 January 2016); • Amendments to IFRS 10 and IAS 28 regarding the sale or contribution of assets between an investor and its associate or joint venture (issued on 11 September 2014 and effective for annual periods beginning on or after 1 January 2016); • Annual Improvements to IFRSs 2014 (issued on 25 September 2014 and effective for annual periods beginning on or after 1 January 2016); • Disclosure Initiative Amendments to IAS 1 (issued in December 2014 and effective for annual periods on or after 1 January 2016); • Investment Entities: Applying the Consolidation Exception Amendment to IFRS 10, IFRS 12 and IAS 28 (issued in December 2014 and effective for annual periods on or after 1 January 2016); • IFRS 16 ‘Leases’ (issued in January 2016 and effective for annual periods beginning on or after 1 January 2019). The Group is currently assessing the impact of the standard on its consolidated financial statements. Unless otherwise described above, the new standards, amendments to standards and interpretations are expected to have no impact or to have a non-material impact on the Group’s consolidated financial statements. 5 Principal subsidiaries, associates and joint ventures The Group had the following principal subsidiaries, associates and joint ventures as at 31 December 2015: Percentage of Percentage of Country of Name Nature of business voting rights ownership registration EuroChem Group AG Holding company – – Switzerland Subsidiaries Industrial Group Phosphorite, LLC Manufacturing 100% 100% Russia Novomoskovsky Azot, JSC Manufacturing 100% 100% Russia Novomoskovsky Chlor, LLC Manufacturing 100% 100% Russia Nevinnomyssky Azot, JSC Manufacturing 100% 100% Russia EuroChem-Belorechenskie Minudobrenia, LLC Manufacturing 100% 100% Russia Kovdorsky GOK, JSC Mining 100% 100% Russia Lifosa AB Manufacturing 100% 100% Lithuania Severneft-Urengoy, LLC Gas extraction 100% 100% Russia EuroChem Antwerpen NV Manufacturing 100% 100% Belgium EuroChem-VolgaKaliy, LLC Potash project under development 100% 100% Russia EuroChem-Usolsky potash complex, LLC Potash project under development 100% 100% Russia EuroChem-ONGK, LLC Gas project under development 100% 100% Russia EuroChem-NorhtWest, JSC Ammonia project under development 100% 100% Russia EuroChem-Fertilizers, LLP Phosphate project under development 100% 100% Kazakhstan Astrakhan Oil and Gas Company, JSC Gas project under development 100% 100% Russia Sary-Tas Fertilizers, LLP Other service 85.79% 85.79% Kazakhstan EuroChem Karatau, LLP Manufacturing 100% 100% Kazakhstan EuroChem Trading GmbH Trading 100% 100% Switzerland EuroChem Trading USA Corp Trading 100% 100% USA Ben-Trei Ltd. Distribution 100% 100% USA 78 EuroChem Annual Report and Accounts 2015
Name Nature of business Percentage of voting rights Percentage of ownership Country of registration EuroChem Agro SAS Distribution 100% 100% France EuroChem Agro Asia Pte. Ltd. Distribution 100% 100% Singapore EuroChem Agro Iberia SL Distribution 100% 100% Spain EuroChem Agricultural Trading Hellas SA Distribution 100% 100% Greece EuroChem Agro Spa Distribution 100% 100% Italy EuroChem Agro GmbH Distribution 100% 100% Germany EuroChem Agro México SA de CV Distribution 100% 100% Mexico EuroChem Agro Turkey Tarım Sanayi ve Ticaret Limited Sirketi Distribution 100% 100% Turkey EuroChem Comercio de Produtos Quimicos Ltda. Distribution 100% 100% Brazil EuroChem Agro Trading (Shenzhen) Co., Ltd. Distribution 100% 100% China AgroCenter EuroChem-Volgograd, LLC Distribution 100% 100% Russia AgroCenter EuroChem-Krasnodar, LLC Distribution 100% 100% Russia AgroCenter EuroChem-Lipetsk, LLC Distribution 100% 100% Russia AgroCenter EuroChem-Orel, LLC Distribution 100% 100% Russia AgroCenter EuroChem-Novomoskovsk, LLC Distribution 100% 100% Russia AgroCenter EuroChem-Nevinnomyssk, LLC Distribution 100% 100% Russia AgroCenter EuroChem-Ukraine, LLC Distribution 100% 100% Ukraine Ural-RemStroiService, LLC Repair and constructions 100% 100% Russia Kingisepp RemStroiService, LLC Repair and constructions 100% 100% Russia Kovdor RemStroiService, LLC Repair and constructions 100% 100% Russia Novomoskovsk RemStroiService, LLC Repair and constructions 100% 100% Russia Nevinnomyssk RemStroiService, LLC Repair and constructions 100% 100% Russia Volgograd RemStroiService, LLC Repair and constructions 100% 100% Russia Berezniki Mechanical Works, JSC Repair and constructions 100% 100% Russia Tulagiprochim, JSC Design engineering 100% 100% Russia TOMS-project, LLC Design engineering 51% 51% Russia Harvester Shipmanagement Ltd. Logistics 100% 100% Cyprus EuroChem Logistics International, UAB Logistics 100% 100% Lithuania EuroChem Terminal Sillamäe Aktsiaselts Logistics 100% 100% Estonia EuroChem Terminal Ust-Luga, LLC Logistics 100% 100% Russia Tuapse Bulk Terminal, LLC Logistics 100% 100% Russia Murmansk Bulkcargo Terminal, LLC Logistics 100% 100% Russia Depo-EuroChem, LLC Logistics 100% 100% Russia EuroChem-Energo, LLC Other service 100% 100% Russia EuroChem Usolskiy Mining S.à r.l. Holding company 100% 100% Luxembourg EuroChem International Holding B.V. Holding company 100% 100% Netherlands MCC EuroChem JSC Holding company 100% 100% Russia Strategic Report Corporate Governance Financial Statements Associates Murmansk Sea Commercial Port, PJSC Logistics 36.20% 48.26% Russia Joint ventures EuroChem – Migao Ltd. Holding company 50.0% 50.0% Hong Kong* Thyssen Schachtbau EuroChem Drilling, LLC Drilling 45.0% 45.0% Russia * Represents the country of incorporation of holding company which owns manufacturing facilities located in Yunnan, China. EuroChem Annual Report and Accounts 2015 79
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Committed to growth 2015 ANNUAL REP
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At a glance How we measure up A glo
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Our sustaining capitals Our interre
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30 MMT of products Logistics 25% se
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Configured for superior returns Low
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16 Murmansk Kovdorskiy GOK 4 Severn
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The fertilizer industry Strategic R
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Positive long-term supply/demand ou
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Strategic Report Investing for grow
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Strategic Report Sales growth Our e
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In this section, we highlight the f
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Strategic Report EBITDA While the c
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Strategic Report Below the operatin
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Strategic Report From January 2015,
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Xxxx 01 Novomoskovskiy Azot Strateg
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Strategic Report Sales (US$m) 2,322
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Page 35 and 36: Strategic Report Sales (US$m) 2,185
Page 37 and 38: Xxxx 01 Usolskiy Strategic Report C
Page 39 and 40: Strategic Report EuroChem Usolskiy
Page 41 and 42: Strategic Report Corporate Governan
Page 43 and 44: Strategic Report Total Group sales
Page 45 and 46: Murmansk Iron ore concentrate Apati
Page 47 and 48: Strategic Report Data on air emissi
Page 49 and 50: Strategic Report EuroChem Northwest
Page 51 and 52: Strategic Report Reorganization/exp
Page 53 and 54: Assessment of main risks and trends
Page 55 and 56: Strategic Report Garth Moore Member
Page 57 and 58: Strategic Report responsible for Co
Page 59 and 60: Strategic Report As at 31 December
Page 61 and 62: EuroChem Group AG Committees Audit
Page 63 and 64: Nomination and Remuneration Committ
Page 65 and 66: Strategic Report Nomination and Rem
Page 67 and 68: Consolidated Statement of Financial
Page 69 and 70: Consolidated Statement of Profit or
Page 71 and 72: Note 2015 2014 Cash flows from fina
Page 73 and 74: Notes to the Consolidated Financial
Page 75 and 76: The cost of replacing major parts o
Page 77 and 78: Impairment of non-financial assets
Page 79 and 80: However, when the Group’s share o
Page 81 and 82: Cash and cash equivalents Cash and
Page 83: Segment reporting A segment is a di
Page 87 and 88: 31 December 2015 31 December 2014 F
Page 89 and 90: 7 Segment information The Group con
Page 91 and 92: The analysis of non-current assets
Page 93 and 94: Provision for impairment and write-
Page 95 and 96: Assumptions used for value-in-use c
Page 97 and 98: PJSC ‘Murmansk Commercial Seaport
Page 99 and 100: As at 31 December 2015, trade recei
Page 101 and 102: Term deposits at 31 December 2015 a
Page 103 and 104: The Group’s bank borrowings and o
Page 105 and 106: Such put option was exercised in re
Page 107 and 108: Movements in the amount of provisio
Page 109 and 110: 27 Distribution costs Distribution
Page 111 and 112: At 31 December 2015, the Group had
Page 113 and 114: Financial statements caption Nature
Page 115 and 116: Acquisition of CJSC ‘Berezniki me
Page 117 and 118: 35 Contingencies, commitments and o
Page 119 and 120: 36 Financial and capital risk manag
Page 121 and 122: 31 December 2014 US$ EUR RUB Other
Page 123 and 124: The monitoring and controlling of c
Page 125 and 126: Gearing ratio The gearing ratio is
Page 127 and 128: Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q2
Page 129 and 130: Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q2
Page 131 and 132: Forward-looking statements This ann
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