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 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:

• CJSC TZK Sheremetyevo
• OJSC Insurance company Moscow
• CJSC Nordavia
• OJSC Terminal
• CJSC DATE

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