Evraz Group S.A. Unaudited Interim Condensed Consolidated Financial Statements. Six-month period ended 30 June 2014

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1 Evraz Group S.A Unaudited Interim Condensed Consolidated Financial Statements

2 Unaudited Interim Condensed Consolidated Financial Statements Contents Report on Review of Interim Condensed Consolidated Financial Statements Unaudited Interim Condensed Consolidated Financial Statements Unaudited Interim Condensed Consolidated Statement of Operations... 4 Unaudited Interim Condensed Consolidated Statement of Comprehensive Income... 5 Unaudited Interim Condensed Consolidated Statement of Financial Position... 6 Unaudited Interim Condensed Consolidated Statement of Cash Flows... 7 Unaudited Interim Condensed Consolidated Statement of Changes in Equity... 9 to the Unaudited Interim Condensed Consolidated Financial Statements

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4 Unaudited Interim Condensed Consolidated Statement of Operations (In millions of US dollars, except for per share information) Six-month period ended 30 June Notes restated* Revenue Sale of goods $ 6,465 $ 6,921 Rendering of services ,658 7,099 Cost of revenue (5,018) (5,700) Gross profit 1,640 1,399 Selling and distribution costs (537) (581) General and administrative expenses (355) (402) Social and social infrastructure maintenance expenses (12) (19) Loss on disposal of property, plant and equipment (17) (9) Impairment of assets 5 (146) (7) Foreign exchange gains/(losses), net (168) (146) Other operating income Other operating expenses (34) (45) Profit from operations Interest income Interest expense (279) (345) Share of profits/(losses) of joint ventures and associates 8 (23) (24) Gain/(loss) on derecognition of equity investments, net (5) Gain/(loss) on financial assets and liabilities, net (43) (71) Gain/(loss) on disposal groups classified as held for sale, net Other non-operating gains/(losses), net (3) Profit/(loss) before tax 167 (147) Income tax (expense)/benefit 6 (103) (26) Net profit/(loss) $ 64 $ (173) Attributable to: Equity holders of the parent entity $ 85 $ (174) Non-controlling interests (21) 1 $ 64 $ (173) Earnings per share: basic and diluted, for profit/(loss) attributable to equity holders of the parent entity, US dollars 11 $ 0.57 $ (1.17) * The amounts shown here do not correspond to the financial statements for the six-month period ended 30 June 2013 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. 4

5 Unaudited Interim Condensed Consolidated Statement of Comprehensive Income (In millions of US dollars) Six-month period ended 30 June Notes restated* Net profit/(loss) $ 64 $ (173) Other comprehensive income Other comprehensive income to be reclassified to profit or loss in subsequent periods Exchange differences on translation of foreign operations into presentation currency (149) (263) Recycling of exchange difference to profit or loss (Note 4) (65) Net gains/(losses) on available-for-sale financial assets (9) 4 (223) (259) Effect of translation to presentation currency of the Group s joint ventures and associates 8 (12) (37) Share of other comprehensive income of joint ventures and associates accounted for using the equity method (12) (37) Items not to be reclassified to profit or loss in subsequent periods Gains/(losses) on re-measurement of net defined benefit liability (29) Income tax effect 9 (20) Decrease in revaluation surplus in connection with the impairment of property, plant and equipment (5) Income tax effect 1 (4) Total other comprehensive loss (255) (300) Total comprehensive loss, net of tax $ (191) $ (473) Attributable to: Equity holders of the parent entity $ (170) $ (465) Non-controlling interests (21) (8) $ (191) $ (473) * The amounts shown here do not correspond to the financial statements for the six-month period ended 30 June 2013 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. 5

6 Unaudited Interim Condensed Consolidated Statement of Financial Position (In millions of US dollars) Notes 30 June December 2013 restated* ASSETS Non-current assets Property, plant and equipment 7 $ 6,364 $ 6,905 Intangible assets other than goodwill Goodwill 1,980 1,988 Investments in joint ventures and associates Deferred income tax assets Other non-current financial assets Other non-current assets ,584 10,270 Current assets Inventories 1,653 1,672 Trade and other receivables Prepayments Loans receivable Receivables from related parties Income tax receivable Other taxes recoverable Other current financial assets Cash and cash equivalents 10 1,332 1,597 4,408 4,675 Assets of disposal groups classified as held for sale ,500 5,084 Total assets $ 14,084 $ 15,354 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of the parent entity Issued capital 11 $ 404 $ 404 Additional paid-in capital 11 1,558 1,544 Revaluation surplus Legal reserve Unrealised gains and losses 3 12 Accumulated profits 3,299 3,380 Translation difference (1,885) (1,658) 3,577 3,883 Non-controlling interests ,688 4,021 Non-current liabilities Long-term loans 12 5,459 5,559 Deferred income tax liabilities Employee benefits Provisions Other long-term liabilities ,996 7,117 Current liabilities Trade and other payables 1,330 1,329 Advances from customers Short-term loans and current portion of long-term loans 12 1,238 1,810 Payables to related parties Income tax payable Other taxes payable Provisions Dividends payable by the parent entity to its shareholders Dividends payable by the Group s subsidiaries to non-controlling shareholders 5 3,384 4,099 Liabilities directly associated with disposal groups classified as held for sale ,400 4,216 Total equity and liabilities $ 14,084 $ 15,354 * The amounts shown here do not correspond to the financial statements for the year ended 31 December 2013 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. 6

7 Unaudited Interim Condensed Consolidated Statement of Cash Flows (In millions of US dollars) Six-month period ended 30 June restated* Cash flows from operating activities Net profit/(loss) $ 64 $ (173) Adjustments to reconcile net profit/(loss) to net cash flows from operating activities: Deferred income tax (benefit)/expense (38) (107) Depreciation, depletion and amortisation Loss on disposal of property, plant and equipment 17 9 Impairment of assets Foreign exchange (gains)/losses, net Interest income (10) (11) Interest expense Share of (profits)/losses of associates and joint ventures (Gain)/loss on derecognition of equity investments, net 5 (Gain)/loss on financial assets and liabilities, net (Gain)/loss on disposal groups classified as held for sale, net (113) (54) Other non-operating (gains)/losses, net 3 Bad debt expense 21 (1) Changes in provisions, employee benefits and other long-term assets and liabilities (1) (44) Expense arising from the equity-settled awards Other (1) (1) Changes in working capital: Inventories (63) 90 Trade and other receivables (68) (181) Prepayments Receivables from/payables to related parties (220) 76 Taxes recoverable (5) 114 Other assets 10 (3) Trade and other payables 112 (220) Advances from customers (46) (29) Taxes payable 51 9 Other liabilities (7) 1 Net cash flows from operating activities Cash flows from investing activities Issuance of loans receivable to related parties (1) (1) Proceeds from repayment of loans issued to related parties, including interest 7 Issuance of loans receivable (1) Purchases of subsidiaries, net of cash acquired (11) Restricted deposits at banks in respect of investing activities 2 (1) Short-term deposits at banks, including interest Purchases of property, plant and equipment and intangible assets (287) (437) Proceeds from disposal of property, plant and equipment 4 3 Proceeds from sale of disposal groups classified as held for sale, net of transaction costs (Note 4) 296 (1) Dividends received 1 Other investing activities, net 13 (17) Net cash flows from investing activities * The amounts shown here do not correspond to the financial statements for the six-month period ended 30 June 2013 and reflect adjustments made in connection with the cessation of classification of a subsidiary as held for sale (Note 2). Continued on the next page 7

8 Unaudited Interim Condensed Consolidated Statement of Cash Flows (continued) (In millions of US dollars) Six-month period ended 30 June restated* Cash flows from financing activities Purchase of shares of EVRAZ plc $ (7) $ Proceeds from loans provided by related parties (Note 9) Repayment of loans provided by related parties (Note 9) (251) Proceeds from bank loans and notes 1,031 1,756 Repayment of bank loans and notes, including interest (1,268) (2,828) Net proceeds from/(repayment of) bank overdrafts and credit lines, including interest (712) 412 Payments for purchase of property, plant and equipment on deferred terms (26) Gain on derivatives not designated as hedging instruments Collateral under swap contracts (10) (26) Payments under finance leases, including interest (1) (2) Dividends paid by the parent entity to its shareholders (106) (372) Other financing activities (5) Net cash flows used in financing activities (1,063) (741) Effect of foreign exchange rate changes on cash and cash equivalents (23) (48) Net increase/(decrease) in cash and cash equivalents (273) 50 Cash and cash equivalents at beginning of year 1,597 1,376 Add back: decrease in cash of disposal groups classified as assets held for sale 8 5 Cash and cash equivalents at end of period $ 1,332 $ 1,431 Supplementary cash flow information: Cash flows during the period: Interest paid $ (244) $ (282) Interest received Income taxes paid (108) (115) * The amounts shown here do not correspond to the financial statements for the six-month period ended 30 June 2013 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. 8

9 Unaudited Interim Condensed Consolidated Statement of Changes in Equity (In millions of US dollars) Issued capital Additional paid-in capital Attributable to equity holders of the parent entity Unrealised Revaluation Legal gains and Accumulated surplus reserve losses profits Translation difference Total Noncontrolling interests At 31 December 2013 (as reported) $ 404 $ 1,544 $ 162 $ 39 $ 12 $ 3,357 $ (1,660) $ 3,858 $ 134 $ 3,992 Subsidiary that ceased to be classified as held for sale (Note 2) At 31 December 2013 (as restated) 404 1, ,380 (1,658) 3, ,021 Net profit/(loss) (21) 64 Other comprehensive income/(loss) (3) (9) (16) (227) (255) (255) Total comprehensive income/(loss) for the period (3) (9) 69 (227) (170) (21) (191) Acquisition of non-controlling interests in existing subsidiaries 6 6 (6) Share-based payments Distribution to a shareholder transfer of shares of EVRAZ plc to participants of Incentive plans (Note 9) (7) (7) (7) Dividends declared by the parent entity to its shareholders (Note 11) (150) (150) (150) At 30 June 2014 $ 404 $ 1,558 $ 159 $ 39 $ 3 $ 3,299 $ (1,885) $ 3,577 $ 111 $ 3,688 The accompanying notes form an integral part of these unaudited interim condensed consolidated financial statements. Total Equity 9

10 Unaudited Interim Condensed Consolidated Statement of Changes in Equity (continued) (In millions of US dollars) Issued capital Additional paid-in capital Attributable to equity holders of the parent entity Unrealised Revaluation Legal gains and Accumulated surplus reserve losses profits Translation difference Total Noncontrolling interests At 31 December 2012 (as reported) $ 404 $ 1,419 $ 173 $ 39 $ 5 $ 4,500 $ (1,424) $ 5,116 $ 168 $ 5,284 Subsidiary that ceased to be classified as held for sale (Note 2) At 31 December 2012 (as restated) 404 1, ,505 (1,424) 5, ,289 Net profit/(loss)* (174) (174) 1 (173) Other comprehensive income/(loss)* (4) 4 (291) (291) (9) (300) Total comprehensive income/(loss) for the period* (4) 4 (174) (291) (465) (8) (473) Acquisition of non-controlling interests in existing subsidiaries 1 1 (3) (2) Share-based payments Dividends declared by the parent entity to its shareholders (565) (565) (565) At 30 June 2013 (restated) $ 404 $ 1,431 $ 169 $ 39 $ 9 $ 3,766 $ (1,715) $ 4,103 $ 157 $ 4,260 * The amounts shown here do not correspond to the financial statements for the six-month period ended 30 June 2013 and reflect adjustments made in connection with the cessation of classification of a subsidiary as held for sale (Note 2). Total Equity The accompanying notes form an integral part of these unaudited interim condensed consolidated financial statements. 10

11 to the Unaudited Interim Condensed Consolidated Financial Statements 1. Corporate Information These interim condensed consolidated financial statements were authorised for issue by the directors of Evraz Group S.A. on 26 August Evraz Group S.A. ( Evraz Group or the Company ) is a joint stock company registered under the laws of Luxembourg on 31 December The registered address of Evraz Group is 46A, avenue J.F. Kennedy L-1855, Luxembourg. Evraz Group, 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. Evraz Group S.A. is a wholly-owned subsidiary of EVRAZ plc (UK). 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. 11

12 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 2013, which were prepared in accordance with International Financial Reporting Standards, as adopted by the European Union. Operating results for the six-month period ended 30 June 2014 are not necessarily indicative of the results that may be expected for the year ending 31 December Restatement of Financial Statements Subsidiary that Ceased to Be Classified as Held for Sale On 12 August 2014, the Group signed an agreement to sell 34% in EVRAZ Highveld Steel and Vanadium Limited and decided to retain control over the remaining 51.1% ownership interest. The subsidiary was classified as a disposal group held for sale starting from 31 December 2012 and the carrying value of its net assets was based on management's best estimate of the net proceeds from the sale. As a result of this decision the subsidiary 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 for the periods in which the assets were classified as held for sale as if the subsidiary had not been classified as an asset 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. Reclassifications In the second half of 2013, the Group started to apply new accounting policies with respect to certain operating costs previously included in general and administrative expenses and selling costs. Consequently, the statement of operations for the six-month period ended 30 June 2013 has been adjusted for comparability purposes. 12

13 2. Significant Accounting Policies (continued) Basis of Preparation (continued) Restatement of Financial Statements (continued) The effects of the restatements on the previously reported amounts are set out below. Statement of Operations Year ended 31 December 2013 As previously reported Subsidiary that ceased to be held for sale Restated Revenue Sale of goods $ 13,666 $ $ 13,666 Rendering of services ,019 14,019 Cost of revenue (11,108) (33) (11,141) Gross profit 2,911 (33) 2,878 Selling and distribution costs (1,133) (30) (1,163) General and administrative expenses (803) (803) Social and social infrastructure maintenance expenses (48) (48) Loss on disposal of property, plant and equipment (34) (34) Impairment of assets (446) (117) (563) Foreign exchange gains/(losses), net (234) (234) Other operating income Other operating expenses (85) (85) Profit/(loss) from operations 181 (180) 1 Interest income Interest expense (637) (637) Share of profits/(losses) of joint ventures and associates (45) (45) Gain/(loss) on derecognition of equity investments, net (5) (5) Gain/(loss) on financial assets and liabilities, net (43) (43) Gain/(loss) on disposal groups classified as held for sale, net (25) Other non-operating gains/(losses), net Loss before tax (540) (24) (564) Income tax benefit/(expense) Net profit/(loss) $(533) $ 21 $ (512) Attributable to: Equity holders of the parent entity $ (512) $ 18 $ (494) Non-controlling interests (21) 3 (18) $ (533) $ 21 $ (512) Earnings/(losses) per share: for profit/(loss) attributable to equity holders of the parent entity, US dollars, basic and diluted $ (3.44) $ 0.12 $ (3.32) 13

14 2. Significant Accounting Policies (continued) Basis of Preparation (continued) Restatement of Financial Statements (continued) Statement of Comprehensive Income Year ended 31 December 2013 Subsidiary that As previously reported ceased to be held for sale Restated Net profit/(loss) $ (533) $ 21 $ (512) Other comprehensive income/(loss) Other comprehensive income to be reclassified to profit or loss in subsequent periods Exchange differences on translation of foreign operations into presentation currency (232) 3 (229) Exchange differences recycled to profit or loss Net gains/(losses) on available-for-sale financial assets 7 7 (203) 3 (200) Effect of translation to presentation currency of the Group s joint ventures and associates (38) (38) (38) (38) Items not to be reclassified to profit or loss in subsequent periods Gains/(losses) on re-measurement of net defined benefit liability Income tax effect (30) (30) Gains/(losses) on re-measurement of net defined benefit liability recognised by the Group s joint ventures and associates 7 7 Decrease in revaluation surplus in connection with the impairment of property, plant and equipment (9) (9) Income tax effect 2 2 (7) (7) Total other comprehensive income/(loss) (168) 3 (165) Total comprehensive income/(loss), net of tax $ (701) $ 24 $ (677) Attributable to: Equity holders of the parent entity $ (666) $ 20 $ (646) Non-controlling interests (35) 4 (31) $ (701) $ 24 $ (677) Statement of Changes in Equity Year ended 31 December 2013 Subsidiary that As previously reported ceased to be held for sale Restated Accumulated profits $ 3,357 $ 23 $ 3,380 Translation difference (1,660) 2 (1,658) Non-controlling interests

15 2. Significant Accounting Policies (continued) Basis of Preparation (continued) Restatement of Financial Statements (continued) Statement of Financial Position 31 December 2013 As previously reported 15 Subsidiary that ceased to be held for sale Restated ASSETS Non-current assets Property, plant and equipment $ 6,769 $ 136 $ 6,905 Intangible assets other than goodwill Goodwill 1,988 1,988 Investments in joint ventures and associates Deferred income tax assets Other non-current financial assets Other non-current assets , ,270 Current assets Inventories 1, ,672 Trade and other receivables Prepayments Loans receivable Receivables from related parties Income tax receivable Other taxes recoverable Other current financial assets Cash and cash equivalents 1, ,597 4, ,675 Assets of disposal groups classified as held for sale 804 (395) 409 5,302 (218) 5,084 Total assets $ 15,369 $ (15) $ 15,354 EQUITY AND LIABILITIES Equity Equity attributable to equity holders of the parent entity Issued capital $ 404 $ $ 404 Additional paid-in capital 1,544 1,544 Revaluation surplus Legal reserve Unrealised gains and losses Accumulated profits 3, ,380 Translation difference (1,660) 2 (1,658) 3, ,883 Non-controlling interests , ,021 Non-current liabilities Long-term loans $ 5,557 $ 2 $ 5,559 Deferred income tax liabilities Employee benefits Provisions Other long-term liabilities , ,117 Current liabilities Trade and other payables 1, ,329 Advances from customers Short-term loans and current portion of long-term loans 1,810 1,810 Payables to related parties Income tax payable Other taxes payable Provisions Dividends payable by the parent entity to its shareholders Dividends payable by the Group s subsidiaries to noncontrolling shareholders 5 5 3, ,099 Liabilities directly associated with disposal groups classified as held for sale 348 (231) 117 4,347 (131) 4,216 Total equity and liabilities $ 15,369 $ (15) $ 15,354

16 2. Significant Accounting Policies (continued) Basis of Preparation (continued) Restatement of Financial Statements (continued) Statement of Operations Six-month period ended 30 June 2013 As previously reported Subsidiary that ceased to be held for sale Reclassifications Restated Revenue Sale of goods $ 6,921 $ $ 6,921 Rendering of services 221 (43) 178 7,142 (43) 7,099 Cost of revenue (5,679) (16) (5) (5,700) Gross profit 1,463 (16) (48) 1,399 Selling and distribution costs (602) (17) 38 (581) General and administrative expenses (412) 10 (402) Social and social infrastructure maintenance expenses (19) (19) Loss on disposal of property, plant and equipment (9) (9) Impairment of assets (7) (7) Foreign exchange gains/(losses), net (146) (146) Other operating income Other operating expenses (45) (45) Profit/(loss) from operations 269 (33) 236 Interest income Interest expense (345) (345) Share of profits/(losses) of joint ventures and associates (24) (24) Gain/(loss) on derecognition of equity investments, net (5) (5) Gain/(loss) on financial assets and liabilities, net (71) (71) Gain/(loss) on disposal groups classified as held for sale, net Other non-operating gains/(losses), net (3) (3) Loss before tax (114) (33) (147) Income tax benefit/(expense) (35) 9 (26) Net loss $ (149) $ (24) $ (173) Attributable to: Equity holders of the parent entity $ (154) $ (20) $ $ (174) Non-controlling interests 5 (4) 1 $ (149) $ (24) $ $ (173) Earnings/(losses) per share: for profit/(loss) attributable to equity holders of the parent entity, US dollars, basic and diluted $ (1.03) $ (0.14) $ (1.17) 16

17 2. Significant Accounting Policies (continued) Basis of Preparation (continued) Restatement of Financial Statements (continued) Statement of Comprehensive Income Six-month period ended 30 June 2013 Subsidiary that As previously reported ceased to be held for sale Restated Net loss $ (149) $ (24) $ (173) Other comprehensive income/(loss) Other comprehensive income to be reclassified to profit or loss in subsequent periods Exchange differences on translation of foreign operations into presentation currency (265) 2 (263) Net gains/(losses) on available-for-sale financial assets 4 4 (261) 2 (259) Effect of translation to presentation currency of the Group s joint ventures and associates (37) (37) Share of other comprehensive income/(loss) of joint ventures and associates accounted for using the equity method (37) (37) Items not to be reclassified to profit or loss in subsequent periods Decrease in revaluation surplus in connection with the impairment of property, plant and equipment (5) (5) Income tax effect 1 1 (4) (4) Total other comprehensive income/(loss) (302) 2 (300) Total comprehensive income/(loss), net of tax $ (451) $ (22) $ (473) Attributable to: Equity holders of the parent entity $ (446) $ (19) $ (465) Non-controlling interests (5) (3) (8) $ (451) $ (22) $ (473) Statement of Changes in Equity Six-month period ended 30 June 2013 Subsidiary that As previously reported ceased to be held for sale Restated Accumulated profits $ 3,781 $ (15) $ 3,766 Translation difference (1,716) 1 (1,715) Non-controlling interests 163 (3)

18 2. Significant Accounting Policies (continued) 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 2013, except for the adoption of new standards and interpretations and revision of the existing IAS as of 1 January New/Revised Standards and Interpretations Adopted in 2014: IFRS 10 Consolidated Financial Statements, IAS 27 Separate Financial Statements IFRS 10 replaced the portion of IAS 27 Consolidated and Separate Financial Statements that addresses the accounting for consolidated financial statements. It also addresses the issues raised in SIC-12 Consolidation Special Purpose Entities. IFRS 10 establishes a single control model that applies to all entities including special purpose entities. The changes introduced by IFRS 10 require management to exercise significant judgement to determine which entities are controlled and therefore are required to be consolidated by a parent, compared with the requirements that were in IAS 27. IFRS 12 Disclosure of Interests in Other Entities IFRS 12 includes all of the disclosures that were previously in IAS 27 related to consolidated financial statements, as well as all of the disclosures that were previously included in IAS 31 and IAS 28. These disclosures relate to an entity s interests in subsidiaries, joint arrangements, associates and structured entities. A number of new disclosures are also required, but has no impact on the Group s financial position or performance. Amendments to IFRS 10, IFRS 12 and IAS 27 These amendments provide an exception to the consolidation requirement for entities that meet the definition of an investment entity under IFRS 10. The exception to consolidation requires investment entities to account for subsidiaries at fair value through profit or loss. IFRS 11 Joint Arrangements, IAS 28 Investments in Associates and Joint Ventures IFRS 11 replaced IAS 31 Interests in Joint Ventures and SIC-13 Jointly-controlled Entities Nonmonetary Contributions by Venturers. IFRS 11 removed the option to account for jointly controlled entities (JCEs) using proportionate consolidation. Instead, JCEs that meet the definition of a joint venture must be accounted for using the equity method. As a consequence of the new IFRS 11 and IFRS 12, IAS 28 Investments in Associates, has been renamed IAS 28 Investments in Associates and Joint Ventures, and describes the application of the equity method to investments in joint ventures in addition to associates. Amendments to IAS 32 Financial Instruments: Presentation Offsetting Financial Assets and Financial Liabilities These amendments clarify the meaning of currently has a legally enforceable right to set-off and the criteria for non-simultaneous settlement mechanisms of clearing houses to qualify for offsetting. Amendments to IAS 36 Recoverable Amount Disclosures for Non-financial Assets These amendments remove the unintended consequences of IFRS 13 Fair Value Measurement on the disclosures required under IAS 36 Impairment of Assets. In addition, these amendments require disclosure of the recoverable amounts for the assets or cash-generating units (CGUs) for which an impairment loss has been recognised or reversed during the period. 18

19 2. Significant Accounting Policies (continued) Changes in Accounting Policies (continued) Amendments to IAS 39 Novation of Derivatives and Continuation of Hedge Accounting These amendments provide relief from discontinuing hedge accounting when novation of a derivative designated as a hedging instrument meets certain criteria. IFRIC 21 Levies IFRIC 21 is applicable to all levies imposed by governments under legislation, other than outflows that are within the scope of other standards (e.g., IAS 12 Income Taxes) and fines or other penalties for breaches of legislation. The interpretation clarifies that an entity recognises a liability for a levy no earlier than when the activity that triggers payment, as identified by the relevant legislation, occurs. It also clarifies that a levy liability is accrued progressively only if the activity that triggers payment occurs over a period of time, in accordance with the relevant legislation. For a levy that is triggered upon reaching a minimum threshold, no liability is recognised before the specified minimum threshold is reached. The new standards, interpretations and amendments described above did not have a significant 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 The management reporting that is used by the chief operating decision maker for making decisions about resource allocation has changed to put more emphasis on analysis of the operating results of the mining segment separately for coal and iron ore operations. As such, the mining segment has been split into two separate reportable segments. The comparative segment information has been restated accordingly. The following tables present measures of segment profit or loss based on management accounts. US$ million Steel Coal Iron Ore Vanadium Other Eliminations Total Revenue Sales to external customers $ 6,216 $ 307 $ 86 $ 123 $ 98 $ - $ 6,830 Inter-segment sales (1,838) Total revenue 6, (1,838) 6,830 Segment result EBITDA $ 759 $ 110 $ 210 $ 15 $ 43 $ (62) $ 1,075 Six-month period ended 30 June 2013 US$ million Steel Coal Iron Ore Vanadium Other Eliminations Total Revenue Sales to external customers $ 6,641 $ 317 $ 55 $ 148 $ 100 $ - $ 7,261 Inter-segment sales (1,739) Total revenue 6, (1,739) 7,261 Segment result EBITDA $ 530 $ 67 $ 181 $ 27 $ 36 $ (34) $

20 3. Segment Information (continued) 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. US$ million Steel Coal Iron Ore Vanadium Other Eliminations Total Revenue $ 6,578 $ 618 $ 846 $ 274 $ 352 $ (1,838) $ 6,830 Transactions with Raspadskaya 2 (247) (156) Reclassifications and other adjustments (680) 55 (187) (19) (16) Revenue per IFRS financial statements $ 5,900 $ 426 $ 659 $ 255 $ 450 $ (1,032) $ 6,658 EBITDA $ 759 $ 110 $ 210 $ 15 $ 43 $ (62) $ 1,075 Exclusion of EBITDA of Raspadskaya Exclusion of management services from segment result Unrealised profits adjustment (41) 38 (3) Reclassifications and other adjustments (4) 13 (6) EBITDA based on IFRS financial statements $ 771 $ 139 $ 216 $ 20 $ 52 $ 4 $ 1,202 Unallocated subsidiaries (106) $ 1,096 Depreciation, depletion and amortisation expense (228) (77) (43) (15) (11) (374) Impairment of assets (40) (76) (3) (25) (2) (146) Gain/(loss) on disposal of property, plant and equipment and intangible assets (7) (9) (1) (17) Foreign exchange gains/(losses), net (152) 1 50 (101) Unallocated income/(expenses), net 344 (22) 220 (20) Profit/(loss) from operations $ 389 (69) Interest income/(expense), net Share of profits/(losses) of joint ventures and associates Gain/(loss) on financial assets and liabilities (43) Gain/(loss) on disposal groups classified as held for sale 113 Profit/(loss) before tax $ 167 (269) (23) 20

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