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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2018
SEGMENT INFORMATION |
SEGMENT INFORMATION | 4 SEGMENT INFORMATION Management analyzes the Company’s operating segments separately because of different economic environments and stages of development in different geographical areas, requiring different investment and marketing strategies. Management does not analyze assets or liabilities by reportable segments. Management evaluates the performance of the Company’s segments on a regular basis, primarily based on earnings before interest, tax, depreciation, amortization, impairment, gain / loss on disposals of non-current assets, other non-operating gains / losses and share of profit / loss of joint ventures and associates (“Adjusted EBITDA”) along with assessing the capital expenditures excluding certain costs such as those for telecommunication licenses (“Capital expenditures”). As of June 30, 2018, the Italy Joint Venture is no longer a reportable segment, subsequent to its classification as a discontinued operation. Financial information by reportable segment for the six and three-month periods ended June 30 is presented in the following tables.
|  | Six-month period ended June 30 |
|  | External |  |  |  |  |  |  |  |  |  | Of which: |
|  | customers |  | Inter-segment |  | Total revenue |  | Mobile |  | Fixed |
Revenue |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Russia |  | 2,330 |  | 2,278 |  | 10 |  | 16 |  | 2,340 |  | 2,294 |  | 2,039 |  | 1,955 |  | 301 |  | 339 |
Pakistan |  | 729 |  | 755 |  | 2 |  | — |  | 731 |  | 755 |  | 731 |  | 755 |  | — |  | — |
Algeria |  | 400 |  | 463 |  | 2 |  | — |  | 402 |  | 463 |  | 402 |  | 463 |  | — |  | — |
Bangladesh |  | 260 |  | 299 |  | — |  | — |  | 260 |  | 299 |  | 260 |  | 299 |  | — |  | — |
Ukraine |  | 318 |  | 286 |  | 11 |  | 11 |  | 329 |  | 297 |  | 306 |  | 276 |  | 23 |  | 21 |
Uzbekistan |  | 155 |  | 305 |  | — |  | 1 |  | 155 |  | 306 |  | 154 |  | 304 |  | 1 |  | 2 |
All others |  | 328 |  | 312 |  | (25 | ) | (28 | ) | 303 |  | 284 |  | 259 |  | 253 |  | 44 |  | 31 |
Total segments |  | 4,520 |  | 4,698 |  | — |  | — |  | 4,520 |  | 4,698 |  | 4,151 |  | 4,305 |  | 369 |  | 393 |
|  | Three-month period ended June 30 |
|  | External |  |  |  |  |  |  |  |  |  | Of which: |
|  | customers |  | Inter-segment |  | Total revenue |  | Mobile |  | Fixed |
Revenue |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Russia |  | 1,168 |  | 1,188 |  | 6 |  | 9 |  | 1,174 |  | 1,197 |  | 1,029 |  | 1,023 |  | 145 |  | 174 |
Pakistan |  | 362 |  | 385 |  | 1 |  | — |  | 363 |  | 385 |  | 363 |  | 385 |  | — |  | — |
Algeria |  | 199 |  | 231 |  | — |  | — |  | 199 |  | 231 |  | 199 |  | 231 |  | — |  | — |
Bangladesh |  | 131 |  | 148 |  | — |  | — |  | 131 |  | 148 |  | 131 |  | 148 |  | — |  | — |
Ukraine |  | 167 |  | 148 |  | 6 |  | 6 |  | 173 |  | 154 |  | 162 |  | 144 |  | 11 |  | 10 |
Uzbekistan |  | 79 |  | 152 |  | — |  | 1 |  | 79 |  | 153 |  | 78 |  | 152 |  | 1 |  | 1 |
All others |  | 164 |  | 165 |  | (13 | ) | (16 | ) | 151 |  | 149 |  | 127 |  | 135 |  | 24 |  | 14 |
Total segments |  | 2,270 |  | 2,417 |  | — |  | — |  | 2,270 |  | 2,417 |  | 2,089 |  | 2,218 |  | 181 |  | 199 |
|  | Six-month period ended June 30 |  | Three-month period ended June 30 |
|  | Adjusted EBITDA |  | Capital expenditures excluding licenses |  | Adjusted EBITDA |  | Capital expenditures excluding licenses |
Other disclosures |  | 2018 |  | 2017 |  | 2018 |  | 2017* |  | 2018 |  | 2017 |  | 2018 |  | 2017* |
Russia |  | 884 |  | 880 |  | 373 |  | 252 |  | 441 |  | 471 |  | 215 |  | 138 |
Pakistan |  | 349 |  | 321 |  | 123 |  | 99 |  | 174 |  | 167 |  | 57 |  | 64 |
Algeria |  | 178 |  | 219 |  | 42 |  | 55 |  | 87 |  | 105 |  | 28 |  | 29 |
Bangladesh |  | 91 |  | 130 |  | 76 |  | 27 |  | 44 |  | 61 |  | 21 |  | 17 |
Ukraine |  | 184 |  | 164 |  | 61 |  | 54 |  | 95 |  | 87 |  | 35 |  | 27 |
Uzbekistan |  | 68 |  | 162 |  | 26 |  | 38 |  | 34 |  | 83 |  | 17 |  | 16 |
HQ |  | (134 | ) | (170 | ) | 7 |  | 17 |  | (54 | ) | (94 | ) | 4 |  | 8 |
Other |  | 91 |  | 86 |  | 49 |  | 54 |  | 36 |  | 51 |  | 25 |  | 33 |
Total segments |  | 1,711 |  | 1,792 |  | 757 |  | 596 |  | 857 |  | 931 |  | 402 |  | 332 |
* Prior period comparatives have been restated to exclude certain costs, such as cost to acquire telecommunication licenses. The following table provides the reconciliation of consolidated Adjusted EBITDA to Profit / (loss) before tax for the six and three-month periods ended June 30:
|  | Six-month period |  | Three-month period |
|  | 2018 |  | 2017* |  | 2018 |  | 2017* |
Total Segments Adjusted EBITDA |  | 1,711 |  | 1,792 |  | 857 |  | 931 |
Depreciation |  | (674 | ) | (776 | ) | (328 | ) | (386 | )
Amortization |  | (256 | ) | (268 | ) | (130 | ) | (146 | )
Impairment (loss) / reversal |  | (10 | ) | (5 | ) | (7 | ) | (8 | )
Gain / (loss) on disposal of non-current assets |  | (37 | ) | (9 | ) | (20 | ) | (2 | )
Gain / (loss) on sale of subsidiaries |  | 20 |  | — |  | 20 |  | — |
Finance costs |  | (423 | ) | (447 | ) | (206 | ) | (232 | )
Finance income |  | 31 |  | 46 |  | 12 |  | 24 |
Other non-operating losses, net |  | (25 | ) | (152 | ) | (16 | ) | (116 | )
Share of loss of joint ventures and associates |  | — |  | (22 | ) | — |  | (10 | )
Impairment of joint ventures and associates |  | — |  | (110 | ) | — |  | (110 | )
Net foreign exchange gain |  | 1 |  | 62 |  | (11 | ) | (53 | )
Profit / (loss) before tax |  | 338 |  | 111 |  | 171 |  | (108 | )
* Prior year comparatives are restated following the classification of Italy Joint Venture as a discontinued operation, see Note 12 for further details

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