Consolidated income statement for the year ended 31 December 2017 Consolidated income statement for the year ended 31 December 2017 // US Dollars million Notes For the year ended 31 December 2017 For the year ended 31 December 2016 Revenue Metal sales 6 8,415 7,646 Other sales 731 613 Total revenue 9,146 8,259 Cost of metal sales 7 (3,968) (3,633) Cost of other sales (632) (508) Gross profit 4,546 4,118 General and administrative expenses 8 (759) (581) Selling and distribution expenses 9 (75) (111) Impairment of non-financial assets 14 (227) (61) Other net operating expenses 10 (362) (84) Operating profit 3,123 3,281 Foreign exchange gain, net 159 491 Finance costs 11 (535) (453) Impairment of available-for-sale investments 15 – (153) Gain/(loss) from disposal of subsidiaries and assets classified as held for sale 20 20 (4) Income from investments, net 12 77 114 Profit before tax 2,844 3,276 Income tax expense 13 (721) (745) Profit for the year 2,123 2,531 Attributable to: Shareholders of the parent company 2,129 2,536 Non-controlling interests (6) (5) 2,123 2,531 Earnings per share Basic and diluted earnings per share attributable to shareholders of the parent company (US Dollars per share) 21 13.5 16.1
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Consolidated income statement for the year ended 31 December 2017 // US Dollars million Notes For the year ended 31 December 2017 For the year ended 31 December 2016
Consolidated statement of comprehensive income for the year ended 31 December 2017 // US Dollars million For the year ended 31 December 2017 For the year ended 31 December 2016 Profit for the year 2,123 2,531 Other comprehensive income Items to be reclassified to profit or loss in subsequent periods: Effect of translation of foreign operations 15 13 Other comprehensive income to be reclassified to profit or loss in subsequent periods, net 15 13 Items not to be reclassified to profit or loss in subsequent periods: Effect of translation to presentation currency 277 561 Other comprehensive income not to be reclassified to profit or loss in subsequent periods, net 277 561 Other comprehensive income for the year, net of tax 292 574 Total comprehensive income for the year, net of tax 2,415 3,105 Attributable to: Shareholders of the parent company 2,417 3,106 Non-controlling interests (2) (1) 2,415 3,105
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Consolidated statement of comprehensive income for the year ended 31 December 2017 // US Dollars million For the year ended 31 December 2017 For the year ended 31 December 2016
Consolidated statement of financial position at 31 December 2017 // US Dollars million Notes At 31 December 2017 At 31 December 2016 Assets Non-current assets Property, plant and equipment 14 10,960 9,306 Intangible assets 148 94 Other financial assets 15 192 190 Other taxes receivable 16 1 2 Deferred tax assets 13 77 72 Other non-current assets 17 731 1,013 12,109 10,677 Current assets Inventories 17 2,689 1,912 Trade and other receivables 18 327 173 Advances paid and prepaid expenses 71 66 Other financial assets 15 99 8 Income tax receivable 82 82 Other taxes receivable 16 296 277 Cash and cash equivalents 19 852 3,325 Other current assets 110 3 4,526 5,846 Total assets 16,635 16,523 Equity and liabilities Capital and reserves Share capital 21 6 6 Share premium 1,254 1,254 Translation reserve (4,490) (4,778) Retained earnings 27 7,557 7,340 Equity attributable to shareholders of the parent company 4,327 3,822 Non-controlling interests 22 331 74 4,658 3,896 Non-current liabilities Loans and borrowings 23 8,236 7,276 Provisions 25 464 441 Trade and other long-term payables 402 523 Deferred tax liabilities 13 407 355 Other long-term liabilities 116 50 9,625 8,645 Current liabilities Loans and borrowings 23 817 579 Trade and other payables 26 783 1,613 Dividends payable 27 6 1,164 Employee benefit obligations 24 377 301 Provisions 25 189 183 Derivative financial instruments 24 1 Income tax payable 9 2 Other taxes payable 16 147 139 2,352 3,982 Total liabilities 11,977 12,627 Total equity and liabilities 16,635 16,523
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Consolidated statement of financial position at 31 December 2017 // US Dollars million Notes At 31 December 2017 At 31 December 2016
Consolidated statement of cash flows for the year ended 31 December 2017 // US Dollars million For the year ended 31 December 2017 For the year ended 31 December 2016 Operating activities Profit before tax 2,844 3,276 Adjustments for: Depreciation and amortisation 645 557 Impairment of non-financial assets 227 61 Impairment of available for sale investments – 153 Loss on disposal of property, plant and equipment 9 16 (Gain)/loss from disposal of subsidiaries and assets classified as held for sale (20) 4 Change in provisions and allowances 41 13 Finance costs and income from investments, net 458 360 Foreign exchange gain, net (159) (491) Other 58 9 4,103 3,958 Movements in working capital: Inventories (346) (751) Trade and other receivables (174) (3) Advances paid and prepaid expenses 10 13 Other taxes receivable (5) (36) Employee benefit obligations 9 44 Trade and other payables (1,118) 835 Provisions (48) (45) Other taxes payable 2 26 Cash generated from operations 2,433 4,041 Income tax paid (670) (530) Net cash generated from operating activities 1,763 3,511 Investing activities Purchase of property, plant and equipment (1,940) (1,667) Purchase of other financial assets – (150) Purchase of intangible assets (62) (47) Purchase of other non-current assets (88) (31) Loans issued (18) (103) Proceeds from repayment of loans issued 48 – Net change in deposits placed (80) (10) Proceeds from sale of other financial assets 25 10 Proceeds from disposal of property, plant and equipment 29 1 Proceeds from disposal of subsidiaries and assets classified as held for sale 99 3 Interest received 51 74 Net cash used in investing activities (1,936) (1,920) Financing activities Proceeds from loans and borrowings 4,233 936 Repayments of loans and borrowings (3,140) (1,741) Financial lease payments (10) (5) Dividends paid (2,971) (1,232) Dividends paid to non-controlling interest (1) – Interest paid (642) (591) Proceeds from sale of a non-controlling interest in a subsidiary 294 80 Sale of own shares from treasury stock – 154 Net cash used in financing activities (2,237) (2,399) Net decrease in cash and cash equivalents (2,410) (808) Cash and cash equivalents at the beginning of the year 3,325 4,098 Effects of foreign exchange differences on balances of cash and cash equivalents (63) 35 Cash and cash equivalents at the end of the year 852 3,325
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Consolidated statement of cash flows for the year ended 31 December 2017 // US Dollars million For the year ended 31 December 2017 For the year ended 31 December 2016
Consolidated statement of changes in equity for the year ended 31 December 2017 // US Dollars million Notes Equity attributable to shareholders of the parent company Non-controlling interests Total Share capital Share premium Treasury shares Translation reserve Retained earnings Total Balance at 1 January 2016 6 1,254 (196) (5,348) 6,523 2,239 22 2,261 Profit/(loss) for the year – – – – 2,536 2,536 (5) 2,531 Other comprehensive income – – – 570 – 570 4 574 Total comprehensive income/(loss) for the year – – – 570 2,536 3,106 (1) 3,105 Dividends 27 – – – – (1,708) (1,708) – (1,708) Increase in non-controlling interest due to decrease in ownership of a subsidiary 22 – – – – 25 25 55 80 Sale of own shares from treasury stock – – 196 – (38) 158 – 158 Decrease in non-controlling interest due to increase in ownership of a subsidiary – – – – 2 2 (2) – Balance at 31 December 2016 6 1,254 – (4,778) 7,340 3,822 74 3,896 Profit/(loss) for the year – – – – 2,129 2,129 (6) 2,123 Other comprehensive income – – – 288 – 288 4 292 Total comprehensive income/(loss) for the year – – – 288 2,129 2,417 (2) 2,415 Dividends 27 – – – – (1,846) (1,846) (1) (1,847) Increase in non-controlling interest due to decrease in ownership of a subsidiary 22 – – – – 35 35 259 294 Other effects related to transactions with non-controlling interest owners – – – – (100) (100) – (100) Decrease in non-controlling interest due to increase in ownership of a subsidiary – – – – (1) (1) 1 – Balance at 31 December 2017 6 1,254 – (4,490) 7,557 4,327 331 4,658
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Consolidated statement of changes in equity for the year ended 31 December 2017 // US Dollars million Notes Equity attributable to shareholders of the parent company Non-controlling interests Total Share capital Share premium Treasury shares Translation reserve Retained earnings Total
The accompanying notes form an integral part of the consolidated financial statements