Severstal Annual Report 2015 Home > Financial Statements > Consolidated income statements
PAO Severstal and subsidiaries

Consolidated income statements
Years ended December 31, 2015, 2014 and 2013

(Amounts expressed in thousands of US dollars, except as otherwise stated)

     
  

Year ended December 31,

 

Note

2015

2014*

2013*

Revenue    
Revenue - third parties 

6,322,765

8,181,346

9,299,578

Revenue - related parties

11

73,156

115,079

133,966

 

4

6,395,921

8,296,425

9,433,544

Cost of sales 

(3,787,489)

(5,440,623)

(6,610,611)

Gross profit 

2,608,432

2,855,802

2,822,933

General and administrative expenses 

(290,081)

(419,307)

(552,904)

Distribution expenses 

(540,952)

(717,078)

(934,977)

Other taxes and contributions 

(67,874)

(96,418)

(131,952)

Share of associates’ and joint ventures’ loss 

(551)

(24,137)

(4,186)

(Loss)/gain on disposal of property, plant and equipment and intangible assets 

(13,014)

(11,174)

12,473

Net other operating income 

6,803

14,414

717

Profit from operations 

1,702,763

1,602,102

1,212,104

Impairment of non-current assets

8

(182,678)

(291,587)

(241,714)

Net other non-operating expenses

9

(51,101)

(102,093)

(70,233)

Profit before financing and taxation 

1,468,984

1,208,422

900,157

Finance costs, net

6

(122,876)

(208,067)

(258,113)

Foreign exchange loss

7

(623,583)

(1,806,875)

(310,137)

Profit/(loss) before income tax 

722,525

(806,520)

331,907

Income tax (expense)/benefit

10

(160,063)

11,055

(70,368)

Profit/(loss) from continuing operations 

562,462

(795,465)

261,539

Profit/(loss) from discontinued operation

27

40,925

(800,852)

(169,349)

Profit/(loss) for the period 

603,387

(1,596,317)

92,190

Attributable to:    
shareholders of PAO Severstal 

604,993

(1,595,362)

85,715

non-controlling interests 

(1,606)

(955)

6,475

Basic and diluted weighted average number of shares outstanding during the period (millions of shares)

26

810.6

810.6

810.6

Basic and diluted earnings/(loss) per share (US dollars) 

0.75

(1.97)

0.11

Basic and diluted earnings/(loss) per share - continuing operations (US dollars) 

0.70

(0.98)

0.32

Basic and diluted earnings/(loss) per share - discontinued operation (US dollars) 

0.05

(0.99)

(0.21)

*These amounts reflect adjustments made in connection with the change in the unrealized gain in inventory calculation methodology (Note 2).

 

These consolidated financial statements were approved by the Board of Directors on February 02, 2016.

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

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