In 2017, EBITDА increased by 2% (or USD 96 million) to USD 3,995 million with the EBITDA margin amounting to 44% (down from 47% in 2016). Increase in metal prices was almost offset by lower sales volume in 2017 owing to accumulation of stock in 2017 and release of temporary metal stock in 2016 as well as increased cash costs on the back of the Russian rouble appreciation against US Dollar and one-off increase in social expenses.
USD million
2017
2016
Change,%
Operating profit
3,123
3,281
(5%)
Depreciation and amortisation
645
557
16%
Impairment of non-financial assets
227
61
4x
EBITDA
3,995
3,899
2%
EBITDA margin
44%
47%
(3 p.p.)
Net Profit
USD million
2017
2016
Change,%
Net profit
2,123
2,531
(16%)
Impairment of non-financial assets
227
214
6%
Foreign exchange gain
(159)
(491)
(68%)
(Gain)/loss from disposal of subsidiaries and assets classified as held for sale
(20)
4
n.a.
Net profit before non-cash write-offs and foreign exchange differences