Financial Highlights

Financial Highlights

RUB (millions) 2019 2018 2017 2016 2015 2014
Sales 417,500 413,562 365,178 306,352 252,763 193,988
Gross profit 91,659 88,794 78,236 67,768 56,305 43,857
Gross margin 22.0% 21.5% 21.4% 22.1% 22.3% 22.6%
Adjusted EBITDA1 33,959 36,194 35,495 31,759 28,080 21,377
Adjusted EBITDA1 margin 8.10% 8.8% 9.7% 10.4% 11.1% 11.0%
Operating profit 7,401 24,084 25,577 23,695 22,332 17,659
Profit before income tax (1,740) 14,817 15,172 14,553 12,872 10,928
Net Profit2 (2,104) 11,794 13,264 11,202 10,288 9,075
Net Debt3 77,136 93,275 92,780 89,163 53,466 59,180
Net Debt / Adjusted EBITDA 2.3x 2.6x 2.6x 2.8x 1.9x 2.8x
Capex 14,085 22,144 27,275 54,257 31,170 35,111

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