34. Significant subsidiaries

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Subsidiary Country of incorporation 31 December 2012
Effective ownership
(rounded)
31 December 2011
Effective ownership
(rounded)
Apatit, OJSC Russia 78% 58%
PhosAgro-Cherepovets, OJSC Russia 88%
Ammophos, OJSC Russia 94%
Cherepovetsky Azot, JSC Russia 69%
Balakovo Mineral Fertilizers, LLC Russia 100% 100%
Metachem, LLC Russia 75% 24%
NIUIF, OJSC Russia 94% 94%
PhosAgro AG, CJSC Russia 100% 100%
Agro-Cherepovets, CJSC Russia 100% 100%
PhosAgro-Region, LLC Russia 100% 100%
PhosAgro-Trans, LLC Russia 100% 100%
Region-Agro-Belgorod, LLC Russia 100% 100%
Region-Agro-Don, LLC Russia 100% 100%
Region-Agro-Kuban, LLC Russia 100% 100%
Region-Agro-Kursk, LLC Russia 100% 100%
Region-Agro-Lipetsk, LLC Russia 75% 75%
Region-Agro-Oryol, LLC Russia 100% 100%
Region-Agro-Stavropol, LLC Russia 100% 100%
Region-Agro-Volga, LLC Russia 87% 87%
Trading house PhosAgro, LLC Russia 100% 100%

(a) Consolidation of OJSC “Apatit”

As at 31 December 2011, the Group held 50% of ordinary and 80.28% of preferred shares in OJSC “Apatit”. The remaining ordinary and preferred shares were widely held. In accordance with the charter of OJSC “Apatit”, under certain circumstances, holders of preferred shares are entitled to vote in the meetings of the shareholders. As at 31 December 2011, the preferred shares were voting. Management believes that the existing shareholding allowed the Group to exercise control over OJSC “Apatit”. As at 31 December 2012, the the preferred shares were voting.

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