Reference materials

EBITDA reconciliation (RUB mn)
2015 2016 ∆, %
Profit for the period 116,198 209,725 80.5
Total income tax benefit / (expense) 29,252 49,814 70.3
Finance expense 33,943 34,282 1
Finance income (14,732) (11,071) (24.9)
Depreciation, depletion and amortization 114,083 129,845 13.8
Net foreign exchange gain / (loss) 67,910 (28,300)
Other (loss) / gain, net (1,494) 17,982
EBITDA 345,160 402,277 16.5
Less: share of profit of associates and joint ventures (24,956) (34,116) 36.7
Add: share of EBITDA of equity accounted investments 84,607 88,037 4.1
Adjusted EBITDA 404,811 456,198 12.7
Profitability (%)
December 31, 2015 December 31, 2016 ∆, p.p.
Adjusted EBITDA margin 27.58 29.52 1.9
Net profit margin 7.92 13.57 5.7
Return on assets (ROA) 5.07 8.33 3.3
Return on equity (ROE) 9.77 15.58 5.8
Adjusted Return on average capital employed (ROACE) 12.15 11.77 (0.4)
Adjusted ROACE calculation (%)
For 12 months preceding December 31, 2015 December 31, 2016
Adjusted EBITDA 404,811 456,198
Depreciation, depletion and amortization (140,659) (158,919)
Effective income tax charge on EBIT (53,501) (62,429)
Adjusted EBIT Adjusted EBIT represents the Group’s EBIT and its share in associates and joint ventures’ EBIT 210,651 234,850
Average capital employed 1,733,285 1,994,626
Adjusted ROACE 12.15 11.77
Liquidity
December 31, 2015 December 31, 2016 ∆, %
Current ratio 1.46 1.37 (6.2)
Quick ratio 0.79 0.66 (16.5)
Cash ratio 0.51 0.26 (49)
Leverage
December 31, 2015 г. December 31, 2016 г. ∆, p.p.
Net debt/ Total Assets, % 26.34 25.18 (1.2)
Net debt/ Equity, % 52.44 44.45 (8)
Gearing, % 36.05 30.8 (5.3)
∆, %
Net debt/ Market Capitalization 0.9 0.64 (28.9)
Net debt/ EBITDA 1.9 1.6 (15.8)
Total debt/ EBITDA 2.37 1.68 (29.1)