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$million, unless otherwise shown, IFRS 2016 2015 2014
Income statement
Revenues 7 713 8,767 13,061
Cost of revenues (5 521) (6,695) (9,734)
Gross profit 2 192 2,172 3,327
SG&A (1 092) (1,269) (1,752)
EBITDA(1) 1 542 1,438 2,355
EBITDA margin 20,0% 16.4% 18,0%
Profit from operations 463 (24) (101)
Profit before tax (92) (707) (1,084)
Net profit/ (loss) (188) (719) (1,278)
Earning per share, US$ (0,15) (0.45) (0.78)
US$million, unless otherwise shown, IFRS 2016 2015 2014
Balance sheet
Total assets 9 204 9,119 11,630
Net debt(2) 4 802 5,349 5,814
Total equity 677 269 2,016
Non-controlling interests 186 133 218
US$million, unless otherwise shown, IFRS 2016 2015 2014
Cashflow statement
Cashflow from operating activities 1 503 1,622 1,957
Cashflow used in investing activities (340) (359) (389)
including Capex(3) (428) (428) (654)
Cashflow from/(used in) financing (1 369) (962) (1,811)

(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.