Key indicators

US$m, unless otherwise shown, IFRS 1H 2017 1H 2016 1H 2015
Income statement
Revenues 5 106 3 543 4,894
Cost of revenues (3 613) (2 638) (3 555)
Gross profit 1 493 905 1 339
SG&A (599) (534) (692)
EBITDA(1) 1 152 577 932
EBITDA margin 22,6% 16,3% 18,8%
Profit from operations 831 333 479
Profit before tax 294 48 120
Net profit 86 7 19
Earning per share, $ 0,04 0,00 0.01
US$m, unless otherwise shown, IFRS 1H 2017 1H 2016 1H 2015
Balance sheet
Total assets 9 704 9 104 10 878
Net debt 4 284 5 316 5 680
Total equity 1 462 671 1 838
Non-controlling interests 212 159 219
US$m, unless otherwise shown, IFRS 1H 2017 1H 2016 1H 2015
Cashflow statement
Cashflow from operating activities 746 533 804
Cashflow used in investing activities 76 (175) (206)
including Capex(2) (289) (200) (251)
Cashflow from/(used in) financing (695) (877) (758)
Sales volume(3), ‘000 tonnes 6 280 6 885 7 452

(1) EBITDA represents profit from operations plus depreciation, depletion and amortisation, impairment of assets, loss (gain) on disposal of property, plant and equipment and foreign exchange loss (gain).
(2) Including payments on deferred terms recognised in financing activities.
(3) Steel product sales to external customers only.
US$million, unless otherwise shown, IFRS 2017 2016 2015
Income statement
Revenues 10 827 7 713 8,767
Cost of revenues (7 485) (5 521) (6,695)
Gross profit 3 342 2 192 2,172
SG&A (1 257) (1 092) (1,269)
EBITDA(1) 2 624 1 542 1,438
EBITDA margin 24,2% 20,0% 16.4%
Profit from operations 1 986 463 (24)
Profit before tax 1 155 (92) (707)
Net profit/ (loss) 759 (188) (719)
Earning per share, US$ 0,49 (0,15) (0.45)
US$million, unless otherwise shown, IFRS 2017 2016 2015
Balance sheet
Total assets 10 380 9 204 9,119
Net debt(2) 3 966 4 802 5,349
Total equity 2 026 677 269
Non-controlling interests 242 186 133
US$million, unless otherwise shown, IFRS 2017 2016 2015
Cashflow statement
Cashflow from operating activities 1 957 1 503 1,622
Cashflow used in investing activities (167) (340) (359)
including Capex(3) (603) (428) (428)
Cashflow from/(used in) financing (1 479) (1 369) (962)

(1) In 2015, management changed the definition of segment expense and EBITDA to make these indicators more comparable with Russian steel peers. Segment expense and EBITDA have now been adjusted to not include social and social infrastructure maintenance expenses. As a result, the Group restated EBITDA for both financial reporting and management accounts purposes for the years ended 31 December 2014.
(2) Net debt represents Total debt less cash and liquid short-term financial assets.
(3) Including payments on deferred terms recognised in financing activities.