28. Leases

(a) Finance leases

LLC “PhosAgro-Trans”, a Group subsidiary, has entered into several agreements to lease 2,150 railway wagons. At the end of the lease term, the ownership for the leased assets will be transferred to the lessee.

RUB Million	2012
RUB Million	Minimum lease payments	Interest	Principal
Less than one year	833	227	606
Between one and five years	2,041	450	1,591
More than five years	358	27	331
	3,232	704	2,528

RUB Million	2011
RUB Million	Minimum lease payments	Interest	Principal
Less than one year	594	189	405
Between one and five years	1,842	401	1,441
More than five years	330	18	312
	2,766	608	2,158

(b) Operating leases

During 2011-2012, LLC “PhosAgro-Trans”, a group subsidiary, entered into several operating lease agreements to rent railway wagons. The rent payments for 2012, which are recorded in the cost of sales, amounted to RUB 873 million (2011: RUB 729 million).

The non-cancellable operating lease rentals are payable as follows:

	31 December 2012 RUB million	31 December 2011 RUB million
Less than one year	482	345
Between one and five years	—	152
	482	497

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