Financial Highlights

Financial Highlights

RUB (millions)20172016201520142013
Sales 365,178 306,352 252,763 193,988 144,266
Gross profit 78,236 67,768 56,305 43,857 31,457
Gross margin 21.4% 22.1% 22.3% 22.6% 21.8%
Adjusted EBITDA1 35,495 31,759 28,080 21,377 16,395
Adjusted EBITDA1 margin 9.7% 10.4% 11.1% 11.0% 11.4%
Operating profit 25,577 23,695 22,332 17,659 13,732
Profit before income tax 15,172 14,553 12,872 10,928 9,124
Net Profit2 13,264 11,202 10,288 9,075 7,092
Net Debt3 92,780 89,163 53,466 59,180 39,831
Net Debt / Adjusted EBITDA 2.6x 2.8x 1.9x 2.8x 2.4x
Capex 27,275 54,257 31,170 35,111 23,549

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