Financial report / Explanations and comments on the Balance Sheet / 17. Business combination
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Business combination

Acquisition of subsidiaries

In 2011 the Group acquired the controlling shares and voting interest of four businesses from State Corporation Rostekhnologii in exchange for 3.55% of Aeroflot shares. The seller is under the common control with the Group, nevertheless the Group decided to apply IFRS 3 Business Combinations for accounting of this transaction. The businesses related to shares acquired are as follows:

OJSC AK Rossiya 75% minus one share
OJSC Orenburgskie avialinii 100%
OJSC Sahalinskiye aviatrassi 100%
OJSC Saratovskiye avialinii 51%
JSC Vladivostok Air 52.156%

OJSC Saratovskiye avialinii was subsequently sold before the end of the reporting period.

In 2011 the Group disposed of its investment in the following subsidiaries and associates:

The aggregate gain on disposal related to above mentioned transactions recognized as finance income is USD 424.0 million.

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