Financial Highlights

Financial Highlights

RUB (millions)201620152014201320122011
Sales 306,352 252,763 193,988 144,266 109,910 89,766
Gross profit 67,768 56,305 43,857 31,457 22,677 16,711
Gross margin 22.1% 22.3% 22.6% 21.8% 20.6% 18.6%
Adjusted EBITDA1 31,759 28,080 21,377 16,395 12,718 9,079
Adjusted EBITDA1 margin 10.4% 11.1% 11.0% 11.4% 11.6% 10.1%
Operating profit 23,695 22,332 17,659 13,732 10,165 6,419
Profit before income tax 14,553 12,872 10,928 9,124 6,982 2,864
Net Profit2 11,202 10,288 9,075 7,092 5,136 1,697
Net Debt3 89,163 53,466 59,180 39,831 25,341 19,825
Net Debt / Adjusted EBITDA 2.8x 1.9x 2.8x 2.4x 2.0x 2.2x
Capex 54,257 31,170 35,111 23,549 14,962 3,837

1 Adjusted EBITDA is reported EBITDA as set out in Note 6 of the IFRS financial statements adjusted for non-recurring one-off items such as changes in accounting estimates and one-off non-operating costs

2 Net Profit equates to "Profit for the year" in the IFRS Financial Statements

3 Net Debt is calculated as borrowings, obligations under finance leases and capitalized fees minus cash and cash equivalents