Key indicators

US$m, unless otherwise shown, IFRS 1H 2016 1H 2015 1H 2014
Income statement
Revenues 3 543 4,894 6 805
Cost of revenues (2 638) (3 555) (5 192)
Gross profit 905 1 339 1 613
SG&A (534) (692) (933)
EBITDA(1) 577 932 1 080
EBITDA margin 16,3% 18,8% 15,9%
Profit from operations 333 479 297
Profit before tax 48 120 99
Net profit 7 19 15
Earning per share/GDR, $ 0,00 0.01 0.03
US$m, unless otherwise shown, IFRS 1H 2016 1H 2015 1H 2014
Balance sheet
Total assets 9 104 10 878 16 333
Net debt 5 316 5 680 6 095
Total equity 671 1 838 2 016
Non-controlling interests 159 219 218
US$m, unless otherwise shown, IFRS 1H 2016 1H 2015 1H 2014
Cashflow statement
Cashflow from operating activities 533 804 844
Cashflow used in investing activities (175) (206) (123)
including Capex(2) (200) (251) (365)
Cashflow from/(used in) financing (877) (758) (960)
Sales volume(3), ‘000 tonnes 6 885 7 452 7 654

(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.