11

Key indicators

US$m, unless otherwise shown, IFRS 1H 2018 1H 2017 1H 2016
Income statement
Revenues 6 343 5 106 3 543
Cost of revenues (3 997) (3 613) (2 638)
Gross profit 2 346 1 493 905
SG&A (717) (599) (534)
EBITDA(1) 1 906 1 152 577
EBITDA margin 30.0% 22,6% 16,3%
Profit from operations 1 731 831 333
Profit before tax 1 543 294 48
Net profit 1 145 86 7
Earning per share, $ 0.77 0,04 0,00
US$m, unless otherwise shown, IFRS 1H 2018 1H 2017 1H 2016
Balance sheet
Total assets 9 558 9 704 9 104
Net debt 3 884 4 284 5 316
Total equity 1 902 1 462 671
Non-controlling interests 261 212 159
US$m, unless otherwise shown, IFRS 1H 2018 1H 2017 1H 2016
Cashflow statement
Cashflow from operating activities 932 746 533
Cashflow used in investing activities (101) 76 (175)
including Capex(2) (232) (289) (200)
Cashflow from/(used in) financing (1 391) (695) (877)

(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.
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.