Results of operations
In 2015, our sales volumes and main financial indicators decreased year-on-year, however our margin improved.
| 2015 | 2014 | Change | |
|---|---|---|---|
| in million dollars | in million dollars | ||
| Sales volume (in thousand tonnes) | 3,871 | 4,402 | (531) |
| Revenue | 4,127 | 6,009 | (1,882) |
| Cost of sales | (3,282) | (4,839) | 1,557 |
| GROSS PROFIT | 845 | 1,169 | (325) |
| GROSS PROFIT MARGIN | 20% | 19% | |
| Net operating expenses1 | (524) | (693) | 170 |
| (Impairment) / Reversal of impairment of assets | (352) | (153) | (199) |
| Foreign exchange gain/(loss), net | (141) | (301) | 160 |
| (Loss)/gain on changes in fair value of derivative financial instrument | (2) | 2 | (4) |
| Finance costs, net | (269) | (226) | (43) |
| INCOME/(LOSS) BEFORE TAX | (443) | (201) | (242) |
| Income tax benefit/(expense) | 75 | (15) | 90 |
| NET INCOME/(LOSS) | (368) | (217) | (151) |
| NET INCOME MARGIN | (9)% | (4)% | |
| ADJUSTED EBITDA | 636 | 804 | (168) |
| ADJUSTED EBITDA MARGIN | 15% | 13% | |
1Net operating expenses include selling and distribution, general and administrative, advertising and promotion, research and development, share of profit in associate, gain on disposal of subsidiary and net other operating income/(expense).