Annual report and accounts 2012

Consolidated Income Statements

OAO Severstal and Subsidiaries
Financial Statements
Consolidated Income Statements

Years ended December 31, 2012, 2011 and 2010
(Amounts expressed in thousands of US dollars, except as otherwise stated)

  Year ended December 31,
 Note201220112010
Revenue    
Revenue - third parties 13,915,60515,573,09012,756,783
Revenue - related parties10188,101239,31062,335
 414,103,70615,812,40012,819,118
Cost of sales (10,785,292)(10,903,222)(8,716,766)
Gross profit 3,318,4144,909,1784,102,352
General and administrative expenses (754,613)(725,043)(585,043)
Distribution expenses (1,048,395)(1,101,191)(990,727)
Other taxes and contributions (134,266)(145,854)(136,572)
Share of associates' and joint ventures' profit 1,9937,31920,361
Loss on remeasurement and disposal of financial investments6(6,581)(4,652)(146,322)
Loss on disposal of property, plant and equipment
and intangible assets
 (25,962)(20,939)(42,790)
Net other operating income/(expenses) 20,243(1,461)(15,953)
Profit from operations 1,370,8332,917,3572,205,306
(Impairment)/reversal of impairment of non-current assets7(54,117)438(80,130)
Net other non-operating expenses8(70,536)(65,381)(43,599)
Profit before financing and taxation 1,246,1802,852,4142,081,577
Interest income 68,16949,681100,595
Interest expense (440,938)(436,141)(617,785)
Foreign exchange differences 163,510(36,980)109,736
Profit before income tax 1,036,9212,428,9741,674,123
Income tax expense9(263,485)(466,012)(427,306)
Profit from continuing operations 773,4361,962,9621,246,817
Profit/(loss) from discontinued operations2746,363210,773(1,761,396)
Profit/(loss) for the period 819,7992,173,735(514,579)
     
Attributable to:    
shareholders of OAO Severstal 761,9622,034,833(574,914)
non-controlling interests 57,837138,90260,335
Basic weighted average number of shares outstanding
during the period (millions of shares)
26839.81,005.21,005.2
Basic earnings/(loss) per share (US dollars) 0.912.02(0.57)
Basic earnings per share -
continuing operations (US dollars)
 0.871.891.22
Basic earnings/(loss) per share -
discontinued operations (US dollars)
 0.040.13(1.79)
Diluted weighted average number of shares outstanding
during the period (millions of shares)
26846.41,005.21,005.2
Diluted earnings/(loss) per share (US dollars) 0.912.02(0.57)
Diluted earnings per share -
continuing operations (US dollars)
 0.881.891.22
Diluted earnings/(loss) per share -
discontinued operations (US dollars)
 0.030.13(1.79)

These consolidated financial statements were approved by the Board of Directors on February 28, 2013.

The accompanying notes form an integral part of these consolidated financial statements.