Key indicators

US$m, unless otherwise shown, IFRS 1H 2015 1H 2014 1H 2013
Income statement
Revenues 4,894 6,805 7,319
Cost of revenues (3,570) (5,192) (5,886)
Gross profit 1,324 1,613 1,433
SG&A (677) (933) (1,046)
EBITDA(1) 922 1,080 925
EBITDA margin 18,8% 15,9% 12.6%
Profit from operations 479 297 145
Profit before tax 120 99 (139)
Net profit 19 15 (146)
Earning per share/GDR, $ 0.01 0.03 (0.09)
US$m, unless otherwise shown, IFRS 1H 2015 1H 2014 1H 2013
Balance sheet
Total assets 10,878 16,333 18,821
Net debt 5,680 6,095 7,043
Total equity 1,838 2,016 5,715
Non-controlling interests 219 218 463
US$m, unless otherwise shown, IFRS 1H 2015 1H 2014 1H 2013
Cashflow statement
Cashflow from operating activities 804 844 628
Cashflow used in investing activities (206) (123) 238
including Capex(2) (251) (365) (492)
Cashflow from/(used in) financing (758) (960) (670)
Sales volume(3), ‘000 tonnes 7,452 7,654 7,739

(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$million, unless otherwise shown, IFRS 2015 2014 2013
Income statement
Revenues 8,767 13,061 14,411
Cost of revenues (6,695) (9,734) (11,501)
Gross profit 2,172 3,327 2,910
SG&A (1,269) (1,752) (2,090)
EBITDA(1) 1,438 2,355 1,871
EBITDA margin 16.4% 18,0% 13.0%
Profit from operations (24) (101) (161)
Profit before tax (707) (1,084) (637)
Net profit/ (loss) (719) (1,278) (551)
Earning per share, US$ (0.45) (0.78) (0.34)
US$million, unless otherwise shown, IFRS 2015 2014 2013
Balance sheet
Total assets 9,119 11,630 17,685
Net debt(2) 5,349 5,814 6,534
Total equity 269 2,016 5,463
Non-controlling interests 133 218 431
US$million, unless otherwise shown, IFRS 2015 2014 2013
Cashflow statement
Cashflow from operating activities 1,622 1,957 1,900
Cashflow used in investing activities (359) (389) (264)
including Capex(3) (428) (654) (902)
Cashflow from/(used in) financing (962) (1,811) (1,367)

(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 and 2013.
(2) Net debt represents Total debt less cash and liquid short-term financial assets.
(3) Including payments on deferred terms recognised in financing activities.