REG - Evraz Plc - Half Yearly Report <Origin Href="QuoteRef">EVRE.L</Origin> - Part 3
27/08/2015 07:10
- Part 3: For the preceding part double click ID:nRSa2282Xb
Other assets - 10
Trade and other payables (81) 118
Advances from customers 2 (46)
Taxes payable (49) 66
Other liabilities 1 (7)
Net cash flows from operating activities 804 844
Cash flows from investing activities
Issuance of loans receivable to related parties (1) (1)
Proceeds from repayment of loans receivable, including interest 2 1
Purchases of subsidiaries, net of cash acquired - (102)
Restricted deposits at banks in respect of investing activities (2) 2
Short-term deposits at banks, including interest 1 3
Purchases of property, plant and equipment and intangible assets (248) (339)
Proceeds from disposal of property, plant and equipment 2 4
Proceeds from sale of disposal groups classified as held for sale, net of transaction costs 40 296
Other investing activities, net - 13
Net cash flows used in investing activities (206) (123)
* The amounts shown here do not correspond to the financial statements for the six-month period ended 30 June 2014
and reflect adjustments made in connection with the cessation of classification of a subsidiary as held for sale (Note 2).
Unaudited Interim Condensed Consolidated Statement of Cash Flows
(continued)
(In millions of US dollars)
Six-month period ended30 June
2015 2014*
Cash flows from financing activities
Purchase of treasury shares, including transaction costs (Note 11) $ (339) $ (13)
Sale of non-controlling interests 1 -
Proceeds from loans provided by related parties (Note 9) - 267
Repayment of loans provided by related parties (Note 9) - (251)
Proceeds from bank loans and notes 1,463 1,052
Repayment of bank loans and notes, including interest (1,756) (1,286)
Net proceeds from/(repayment of) bank overdrafts and credit lines, including interest (4) (712)
Payments for purchase of property, plant and equipment on deferred terms (3) (26)
Gain/(loss) on derivatives not designated as hedging instruments (123) 25
Collateral under swap contracts 4 (10)
Payments under finance leases, including interest (1) (1)
Other financing activities - (5)
Net cash flows used in financing activities (758) (960)
Effect of foreign exchange rate changes on cash and cash equivalents 70 (20)
Net increase/(decrease) in cash and cash equivalents (90) (259)
Cash and cash equivalents at beginning of year 1,086 1,604
Add back: decrease in cash of disposal groups classified as assets held for sale - 8
Cash and cash equivalents at end of period $ 996 $ 1,353
Supplementary cash flow information:
Cash flows during the period:
Interest paid $ (213) $ (264)
Interest received 2 10
Income taxes paid (147) (94)
* The amounts shown here do not correspond to the financial statements for the six-month period ended 30 June 2014
and reflect adjustments made in connection with the cessation of classification of a subsidiary as held for sale (Note 2).
The accompanying notes form an integral part of these unaudited interim condensed consolidated financial statements.
Unaudited Interim Condensed Consolidated Statement of Changes in Equity
(In millions of US dollars)
Attributable to equity holders of the parent entity
Issued Treasury shares Additional paid-incapital Revaluation surplus Other reserves Unrealised gains and losses Accumulated profits Translation difference Total Non-controlling interests Total Equity
capital
At 31 December 2014 $ 1,507 $ - $ 2,481 $ 155 $ - $ - $ 1,299 $ (3,644) $ 1,798 $ 218 $ 2,016
Net profit/(loss) - - - - - - 19 - 19 - 19
Other comprehensive income/(loss) - - - - - - (3) 135 132 3 135
Reclassification of revaluation surplus to accumulated profits in respect of the disposed subsidiaries (Note 4) - - - (28) - - 28 - - - -
Reclassification of revaluation surplus to accumulated profits in respect of the disposed items of property, plant and equipment - - - (3) - - 3 - - - -
Total comprehensive income/(loss) for the period - - - (31) - - 47 135 151 3 154
Derecognition of non-controlling interests in subsidiaries (Note 4) - - - - - - - - - (4) (4)
Non-controlling interests arising on sale of ownership interests in subsidiaries - - - - - - (3) - (3) 2 (1)
Purchase of treasury shares (Note 11) - (336) - - - - (3) - (339) - (339)
Transfer of treasury shares to participants of the Incentive Plans (Note 11) - 31 - - - - (31) - - - -
Share-based payments - - 12 - - - - - 12 - 12
At 30 June 2015 $ 1,507 $ (305) $ 2,493 $ 124 $ - $ - $ 1,309 $ (3,509) $ 1,619 $ 219 $ 1,838
The accompanying notes form an integral part of these unaudited interim condensed consolidated financial statements.
Unaudited Interim Condensed Consolidated Statement of Changes in Equity (continued)
(In millions of US dollars)
Attributable to equity holders of the parent entity
Issued Treasury shares Additional paid-incapital Revaluation surplus Other reserves Unrealised gains and losses Accumulated profits Translation difference Total Non-controlling interests Total Equity
capital
At 31 December 2013 $ 1,473 $ (1) $ 2,326 $ 162 $ 156 $ 12 $ 2,589 $ (1,685) $ 5,032 $ 431 $ 5,463
Net profit/(loss)* - - - - - - 52 - 52 (37) 15
Other comprehensive income/(loss) - - - (3) - (9) (16) (258) (286) (10) (296)
Total comprehensive income/(loss) for the period* - - - (3) - (9) 36 (258) (234) (47) (281)
Issue of shares (Note 11) 34 - 122 - (156) - - - - - -
Acquisition of non-controlling interests in existing subsidiaries - - 6 - - - - - 6 (6) -
Purchase of treasury shares (Note 11) - (13) - - - - - - (13) - (13)
Transfer of treasury shares to participants of the Incentive Plans (Note 11) - 13 - - - - (13) - - - -
Share-based payments - - 15 - - - - - 15 - 15
Dividends declared by the parent entity to its shareholders (Note 11) - - - - - - (90) - (90) - (90)
At 30 June 2014* $ 1,507 $ (1) $ 2,469 $ 159 $ - $ 3 $ 2,522 $ (1,943) $ 4,716 $ 378 $ 5,094
* The amounts shown here do not correspond to the financial statements for the six-month period ended 30 June 2014
and reflect adjustments made in connection with the cessation of classification of a subsidiary as held for sale (Note 2).
The accompanying notes form an integral part of these unaudited interim condensed consolidated financial statements.
Selected Notes
to the Unaudited Interim Condensed Consolidated Financial Statements
Six-month period ended 30 June 2015
1. Corporate Information
These interim condensed consolidated financial statements were authorised for issue by the Board of Directors of EVRAZ plc
on 26 August 2015.
EVRAZ plc ("EVRAZ plc" or "the Company") was incorporated on 23 September 2011 as a public company under the laws of the
United Kingdom with the registered number 7784342. The Company's registered office is at 5th Floor, 6 St. Andrew Street,
London, EC4A 3AE, United Kingdom.
The Company, together with its subsidiaries (the "Group"), is involved in the production and distribution of steel and
related products and coal and iron ore mining. In addition, the Group produces vanadium products. The Group is one of the
largest steel producers globally.
Lanebrook Limited (Cyprus) is the ultimate controlling party of the Company.
Going Concern
These interim condensed consolidated financial statements have been prepared on a going concern basis.
The Group's activities in all of its operating segments continue to be affected by the uncertainty and instability of the
current economic environment (Note 13). In response the Group implemented a number of cost cutting initiatives, reduced
capital expenditures and continues to reduce the level of debt.
Based on the currently available facts and circumstances the directors and management have a reasonable expectation that
the Group has adequate resources to continue in operational existence for the foreseeable future.
2. Significant Accounting Policies
Basis of Preparation
These interim condensed consolidated financial statements have been prepared in accordance with International Accounting
Standard ("IAS") 34 "Interim Financial Reporting", as adopted by the European Union. Accordingly, these interim condensed
consolidated financial statements do not include all the information and disclosures required for a complete set of
financial statements, and should be read in conjunction with the Group's annual consolidated financial statements for the
year ended 31 December 2014, which were prepared in accordance with International Financial Reporting Standards, as adopted
by the European Union.
The interim condensed consolidated financial statements do not constitute statutory accounts as defined by Section 435 of
the Companies Act 2006. The financial information for the full year is based on the statutory accounts for the financial
year ended 31 December 2014. Statutory accounts for the year ended 31 December 2014 have been filed with the Registrar of
Companies. The auditor's report under section 495 of the Companies Act 2006 in relation to those accounts was unqualified,
did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their
report and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
Operating results for the six-month period ended 30 June 2015 are not necessarily indicative of the results that may be
expected for the year ending 31 December 2015.
Restatement of Financial Statements
Subsidiaries that Ceased to Be Classified as Held for Sale
At 30 June 2014, the disposal groups held for sale relating to the other segment included an office building in Moscow. In
the 2nd half of 2014, due to the current market conditions management decided not to sell this asset.
As a result, the subsidiary owning the office building ceased to meet the definition of a disposal group held for sale. In
accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations" the Group restated its consolidated
financial statements, including the relevant notes, for the periods in which the assets were classified as held for sale as
if the subsidiary had not been classified as assets held for sale in the past and all assets and liabilities and the
results of operations had been accounted for in accordance with the applicable International Financial Reporting Standards
as adopted by the European Union.
The effects of the restatement on the previously reported amounts are set out below.
Six-month period ended 30 June 2014
As previouslyreported Subsidiary that ceased to be held for sale Restated
Statement of Operations
Gain/(loss) on disposal groups classified as held for sale, net $ 113 $ 14 $ 127
Net profit/(loss) 1 14 15
Earnings/(losses) per share for profit/(loss) attributable to equity holders of the parent entity, US dollars, diluted 0.02 0.01 0.03
Statement of Changes in Equity
Total comprehensive income/(loss) (295) 14 (281)
Accumulated profits 2,508 14 2,522
Changes in Accounting Policies
In the preparation of the interim condensed consolidated financial statements, the Group followed the same accounting
policies and methods of computation as compared with those applied in the complete consolidated financial statements for
year ended 31 December 2014, except for the adoption of new standards and interpretations and revision of existing IAS as
of 1 January 2015.
New/Revised Standards and Interpretations Adopted in 2015:
§ Annual Improvements to IFRSs 2011-2013 Cycle
These improvements were effective from 1 July 2014 and the Group has applied these amendments for the first time in these
interim condensed consolidated financial statements. The amendments relate to IFRS 3 "Business Combinations", IFRS 13 "Fair
Value Measurement" and IAS 40 "Investment Property" and did not have an impact on the financial position or performance of
the Group.
The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet
effective.
3. Segment Information
As disclosed in the consolidated financial statements for the year ended 31 December 2014, in the second half of 2014, the
management reporting used by the chief operating decision maker for making decisions about resource allocation has been
changed to put more emphasis on analysis of the operating results of the coal segment and operations in North America. As
such, the comparative segment information for the first half of 2014 has been restated accordingly.
The following tables present measures of segment profit or loss based on management accounts.
Six-month period ended 30 June 2015
US$ million Steel Steel, North America Coal Other operations Eliminations Total
Revenue
Sales to external customers $ 3,386 $ 1,250 $ 195 $ 40 $ - $ 4,871
Inter-segment sales 179 - 292 173 (644) -
Total revenue 3,565 1,250 487 213 (644) 4,871
Segment result - EBITDA $ 622 $ 49 $ 177 $ 9 $ 13 $ 870
Six-month period ended 30 June 2014
US$ million Steel Steel, North America Coal Other operations Eliminations Total
Revenue
Sales to external customers $ 4,845 $ 1,580 $ 335 $ 70 $ - $ 6,830
Inter-segment sales 327 - 340 225 (892) -
Total revenue 5,172 1,580 675 295 (892) 6,830
Segment result - EBITDA $ 848 $ 136 $ 134 $ 19 $ (36) $ 1,101
The following table shows a reconciliation of revenue and EBITDA used by the management for decision making and revenue and
profit or loss before tax per the consolidated financial statements prepared under IFRS.
Six-month period ended 30 June 2015
Revenue $ 3,565 $ 1,250 $ 487 $ 213 $ (644) $ 4,871
Reclassifications and other adjustments (152) (1) 53 21 102 23
Revenue per IFRS financial statements $ 3,413 $ 1,249 $ 540 $ 234 $ (542) $ 4,894
EBITDA $ 622 $ 49 $ 177 $ 9 $ 13 $ 870
Exclusion of management services from segment result 47 - 4 - - 51
Unrealised profits adjustment 37 4 - - 32 73
Reclassifications and other adjustments 25 (16) (10) (1) - (2)
109 (12) (6) (1) 32 122
EBITDA based on IFRS financial statements $ 731 $ 37 $ 171 $ 8 $ 45 $ 992
Unallocated subsidiaries (70)
$ 922
Depreciation, depletion and amortisation expense (134) (81) (88) (1) - (304)
Impairment of assets (12) - (8) - - (20)
Gain/(loss) on disposal of property, plant and equipment and intangible assets (9) (6) (2) - - (17)
Foreign exchange gains/(losses), net (82) (35) 6 3 - (108)
494 (85) 79 10 45 473
Unallocated income/(expenses), net 6
Profit/(loss) from operations $ 479
Interest income/(expense), net (224)
Share of profits/(losses) of joint ventures and associates (28)
Gain/(loss) on financial assets and liabilities 48
Gain/(loss) on disposal groups classified as held for sale 20
Loss of control over a subsidiary (167)
Other non-operating gains/(losses), net (8)
Profit/(loss) before tax $ 120
(8)
Profit/(loss) before tax
$ 120
Six-month period ended 30 June 2014
US$ million Steel Steel, North America Coal Other operations Eliminations Total
Revenue $ 5,172 $ 1,580 $ 675 $ 295 $ (892) $ 6,830
Reclassifications and other adjustments (137) (2) 33 35 46 (25)
Revenue per IFRS financial statements $ 5,035 $ 1,578 $ 708 $ 330 $ (846) $ 6,805
EBITDA $ 848 $ 136 $ 134 $ 19 $ (36) $ 1,101
Exclusion of management services from segment result 71 - 5 - - 76
Unrealised profits adjustment (12) - 1 - 8 (3)
Reclassifications and other adjustments 6 (1) 15 1 - 21
65 (1) 21 1 8 94
EBITDA based on IFRS financial statements $ 913 $ 135 $ 155 $ 20 $ (28) $ 1,195
Unallocated subsidiaries (115)
$ 1,080
Depreciation, depletion and amortisation expense (212) (81) (138) (2) - (433)
Impairment of assets (68) - (77) (2) - (147)
Gain/(loss) on disposal of property, plant and equipment and intangible assets (7) - (14) - - (21)
Foreign exchange gains/(losses), net (102) - (14) - - (116)
524 54 (88) 16 (28) 363
Unallocated income/(expenses), net (66)
Profit/(loss) from operations $ 297
Interest income/(expense), net (287)
Share of profits/(losses) of joint ventures and associates 5
Gain/(loss) on financial assets and liabilities (43)
Gain/(loss) on disposal groups classified as held for sale 127
Profit/(loss) before tax $ 99
In the six-month period ended 30 June 2015, the Group made an allowance for net realisable value of inventories in the
amount of $14 million.
The material changes in property, plant and equipment during the six-month period ended 30 June 2015 other than those
disclosed above are presented below:
US$ million Steel Steel, North America Coal Other operations Total
Additions $ 118 $ 83 $ 62 $ 1 $ 264
4. Changes in Composition of the Group
Deconsolidation of Highveld Steel and Vanadium Limited
On 13 April 2015, as a result of severe economic difficulties due to the current and persistent unfavourable economic
environment in South Africa, the Board of Highveld Steel and Vanadium Limited ("Highveld") decided to place the entity
under the business rescue procedures to avoid its liquidation and to avoid giving Highveld's creditors the opportunity to
apply for its liquidation in court.
The rescue procedures will result either in (1) Highveld being re-financed or financially restructured or, if that is not
possible, (2) Highveld's orderly winding down under the supervision of a business rescue practitioner to maximise the
return to creditors and other affected parties.
Following the placement of Highveld under the business rescue procedures, control and management of Highveld was
transferred to a "business rescue practitioner". Until Highveld is successfully re-financed/restructured, Highveld's Board
and the Group are no longer be able to control Highveld or exercise significant influence. The business rescue practitioner
can consult with the Highveld's Board or its directors, but he would not be bound by any requests or advice from Highveld's
Board or the directors.
The Group's management believes that due to the current market conditions the option to invest additional cash in Highveld
to pay to the creditors and to stop business rescue procedures would create no economic value for the Group. Therefore, in
the opinion of management, the potential voting rights that the Group has in Highveld have no economic substance.
Based on the management's current assessment, the business rescue procedures most likely will result in Highveld being sold
to one or more third parties at a significant discount or being mandatorily liquidated. As a consequence, management
believes that on 14 April 2015 (the date of the placement of Highveld under the business rescue procedures) the Group lost
control over Highveld and it is not expected that it will re-obtain control in the future.
As a result, the Group ceased to consolidate Highveld starting 14 April 2015 and recognised a loss on disposal of a
subsidiary in the amount of $167 million, including $142 million of translation loss recycled to statement of operations.
In addition, non-controlling interests of $4 million were derecognised. Management analysed the classification of Highveld
to determine whether its disposal constitutes a discontinued operation under IFRS 5 and concluded that this is not the
case.
The table below demonstrates the carrying values of assets and liabilities of Highveld, which was included in the steel
segment of the Group's operations, at the date of derecognition.
US$ million 13 April 2014
Property, plant and equipment $ 77
Other non-current assets 23
Inventories 74
Accounts receivable 59
Cash and cash equivalents 1
Total assets 234
Non-current liabilities 61
Current liabilities 144
Total liabilities 205
Non-controlling interests 4
Net assets $ 25
Disposal of EVRAZ Portland Structural Tubing
In the first half of 2015, the Group sold assets of Portland Structural Tubing for a cash consideration of $51 million. The
Group recognised $20 million as a gain on disposal groups classified as held for sale.
5. Impairment of Non-current Assets
The Group recognised impairment losses as a result of the impairment testing at the level of cash-generating units. In
addition, the Group made a write-off of certain functionally obsolete items of property, plant and equipment.
For the purpose of the impairment testing as of 30 June 2015 the Group assessed the recoverable amount of each
cash-generating unit ("CGU") where indicators of impairment were identified.
The recoverable amount has been determined based on a value-in-use calculation using cash flow projections based on the
actual operating results and business plans approved by management and appropriate discount rates reflecting time value of
money and risks associated with respective cash-generating units. For the periods not covered by management business plans,
cash flow projections have been estimated by extrapolating the respective business plans results using a zero real growth
rate. The key assumptions used by management in the value-in-use calculations with respect to the cash-generating units to
which the goodwill was allocated and where indicators of impairment existed are presented in the table below.
Period of forecast, years Pre-tax discount rate, % Commodity Average price of commodity per tonne in 2015 Average price of commodity per tonne in 2016 Recoverable amount of CGU, US$ million Carrying amount of CGU, US$ million
EVRAZ Palini e Bertoli 10 15.32 steel plates - E 433 47 46
EVRAZ Vanady-Tula 5 15.12 vanadium products $14,095 $16,613 316 65
EVRAZ Vametco Holdings 5 13.96 ferrovanadium products $21,124 $24,897 172 22
EVRAZ Nikom, a.s. 5 13.01 ferrovanadium products $17,346 $20,445 35 32
EVRAZ Inc. NA
Oregon Steel Portland Mill 7 11.54 steel products $704 $758 585 581
Rocky Mountain Steel Mills 7 13.12 steel products $1,352 $1,401 167 142
General Scrap Inc. 7 11.01 steel products $292 $298 32 27
EVRAZ Inc. NA Canada
Calgary 7 13.66 steel products $1,195 $1,260 248 241
Red Deer 7 12.07 steel products $1,044 $1,300 202 118
Regina Steel 7 12.55 steel products $621 $696 773 609
Regina Tubular 7 11.22 steel products $993 $1,088 563 344
In addition, the Group determined that there were indicators of impairment in other cash generating units and tested them
for impairment using the following assumptions.
Period of forecast, years Pre-tax discount rate, % Commodity Average price of commodity per tonne in 2015 Average price of commodity per tonne in 2016
EVRAZ Dnepropetrovsk Iron and Steel Works 5 27.07 steel products $396 $394
EVRAZ Nizhny Tagil Metallurgical Plant 5 15.12 steel products $393 $407
EVRAZ United West-Siberian Iron & Steel Plant 5 15.12 steel products $344 $362
EVRAZ Caspian Steel 5 13.62 steel products $366 $367
EVRAZ Yuzhny Stan 5 13.64 steel mill under construction - -
EVRAZ Bagleykoks 5 24.95 coke $188 $185
Yuzhkuzbassugol 15 15.12 coal $60 $56
Raspadskaya 20 13.95 coal $48 $48
EVRAZ Stratcor Inc. 5 13.35 vanadium products $32,798 $36,761
Mezhegeyugol 27 16.77 coal $106 $76
EVRAZ Kachkanarsky Mining-and-Processing Integrated Works 25 15.26 ore $46 $52
EVRAZ Sukha Balka 19 25.86 ore $22 $29
Evrazruda 18 15.26 ore $45 $51
EVRAZ Nakhodka Trade Seaport 5 15.12 port services $10 $10
Discount Rates
Discount rates reflect the current market assessment of the risks specific to each cash-generating unit. The discount rates
have been determined using the Capital Asset Pricing Model and analysis of industry peers. Reasonably possible changes in
discount rates could lead to an impairment at Raspadskaya, EVRAZ Caspian Steel, EVRAZ Stratcor Inc., EVRAZ Nikom, EVRAZ
Palini e Bertoli, EVRAZ Inc. NA and EVRAZ Inc. NA Canada cash-generating units. If the discount rates were 10% higher, this
would lead to an impairment of $223 million.
Sales Prices
The prices of the products sold by the Group were estimated using industry research. The Group expects that the nominal
prices will grow with a compound annual growth rate of (6.3)%-6.6% in 2015 - 2020 and 2.5%-3.0% in 2021 and thereafter.
Reasonably possible changes in sales prices in the 2nd half of 2015 and 2016 could lead to an impairment at EVRAZ Palini e
Bertoli, EVRAZ Stratcor Inc., EVRAZ Inc. NA and EVRAZ Inc. NA Canada cash-generating units. If the prices assumed for the
2nd half of 2015 and 2016 were 10% lower, this would lead to an impairment of $15 million.
Sales Volumes
Management assumed that the sales volumes of steel products would increase by 5.0% in 2016 and future dynamics will be
driven by gradual market recovery and changes in assets' capacities. Reasonably possible changes in sales volumes in the
2nd half of 2015 and 2016 could lead to an impairment at EVRAZ Inc. NA cash-generating units. If the sales volumes were 10%
lower than those assumed for the 2nd half of 2015 and 2016, this would lead to an impairment of $1 million.
Cost Control Measures
The recoverable amounts of cash-generating units are based on the business plans approved by management. A reasonably
possible deviation of cost from these plans could lead to an impairment at EVRAZ Caspian Steel, EVRAZ Sukha Balka, EVRAZ
Nikom, EVRAZ Palini e Bertoli, EVRAZ Stratcor Inc. and EVRAZ Inc. NA and EVRAZ Inc. NA Canada cash-generating units. If the
actual costs were 10% higher than those assumed for the 2nd half of 2015 and 2016, this would lead to an impairment of $109
million.
The unit's recoverable amount would become equal to its carrying amount if the assumptions used to measure the recoverable
amount changed as follows:
Discount rates Sales prices Sales volumes Cost control measures
Raspadskaya 2.7% - - -
EVRAZ Nikom 5.8% - - 2.8%
EVRAZ Palini e Bertoli 0.9% (5.0)% - 0.7%
EVRAZ Stratcor Inc. 1.6% (1.8)% - 0.5%
EVRAZ Caspian Steel 8.3% - - 5.4%
EVRAZ Sukha Balka - - - 6.4%
EVRAZ Inc. NA
Oregon Steel Portland Mill 0.4% (4.1)% (8.3)% 1.5%
Rocky Mountain Steel Mills 8.3% - - -
General Scrap Inc. 8.7% - - -
EVRAZ Inc. NA Canada
Calgary 1.5% (6.8)% - 2.8%
6. Income Taxes
Major components of income tax expense were as follows:
Six-month periodended 30 June
US$ million 2015 2014
Current income tax expense $ (76) $ (128)
Adjustment in respect of income tax of previous years 2 (15)
Deferred income tax benefit relating to changes in tax rates - 6
Deferred income tax benefit/(expense) relating to origination and reversal of temporary differences (27) 53
Income tax expense reported in the consolidated statement of operations $ (101) $ (84)
7. Property, Plant and Equipment
The movement in property, plant and equipment for the six-month period ended 30 June 2015 was as follows:
US$ million Land Buildings and constructions Machinery and equipment Transport and motor vehicles Mining assets Other assets Assets under construction Total
At 31 December 2014, cost, net of accumulated depreciation $ 124 $ 1,118 $ 2,461 $ 102 $ 1,548 $ 15 $ 428 $ 5,796
Additions - - 1 - 1 - 262 264
Assets put into operation - 15 75 14 144 5 (253) -
Disposals (1) (11) (1) (1) - (5) (19)
Depreciation and depletion charge - (38) (180) (12) (44) (3) - (277)
Impairment losses recognised in statement of operations - (2) (4) - (18) - (5) (29)
Impairment losses reversed through statement of operations - 2 2 - 4 - 1 9
Loss of control over a subsidiary (Note 4) (1) (2) (65)
- More to follow, for following part double click ID:nRSa2282XdRecent news on Evraz
See all newsREG-EVRAZ plc DISCONTINUATION OF DISCLOSURE VIA PRIMARY INFORMATION PROVIDER
AnnouncementREG-EVRAZ plc CLARIFICATION ON ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR 2022
AnnouncementREG-EVRAZ plc EVRAZ plc announces that the Appointment and the Amendments adopted as part of the Consent Solicitation for its outstanding U.S.$700,000,000 5.250 per cent. notes due 2024 have become effective
AnnouncementREG-EVRAZ plc EVRAZ plc announces results of the Consent Solicitation for its outstanding U.S.$700,000,000 5.250 per cent. notes due 2024
AnnouncementREG-EVRAZ plc EVRAZ plc announces that the Appointment and the Amendments adopted as part of the Consent Solicitation for its outstanding notes due 2023 have become effective
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