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25. SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2017
Segment Information Tables  
Consolidated results

As from 2013, the Company no longer proportionately consolidates the joint ventures MRS and CBSI. For segment information preparation and presentation purposes, Management decided to maintain the proportionate consolidation of the joint ventures, as historically presented. For consolidated profit reconciliation purposes, the amounts of these companies were eliminated in the column “Corporate expenses/elimination”.

 

 

                                12/31/2017
P&L   Steel   Mining    Logistics   Energy   Cement   Corporate expenses/elimination   Consolidated
            Port   Railroads   #N/D            
Metric tons (Thou)- (unaudited (*)               4,921,719             32,576,843                   3,313,061     (5,359,571)    
Net revenues                                
Domestic market               7,818,552                  829,268                  238,240               1,416,612          407,671          487,129     (2,491,006)         8,706,466
Foreign market               5,140,471               3,791,703                          885,961         9,818,135
Total Net Revenue (note 21)             12,959,023               4,620,971                  238,240               1,416,612          407,671          487,129     (1,605,045)       18,524,601
Cost of sales and services           (10,537,547)             (3,005,840)                (156,997)             (1,024,696)        (285,085)        (512,762)       1,926,786     (13,596,141)
Gross profit               2,421,476               1,615,131                    81,243                  391,916          122,586          (25,633)          321,741         4,928,460
General and administrative expenses              (963,822)                (158,958)                  (27,943)                  (94,921)          (27,098)          (80,823)        (877,383)       (2,230,948)
Depreciation (note 22)                  658,587                  490,805                    15,752                  294,571            17,265          121,801        (190,016)         1,408,765
Proportionate EBITDA of joint ventures                                  538,170            538,170
Adjusted EBITDA               2,116,241               1,946,978                    69,052                  591,566          112,753            15,345        (207,488)         4,644,447
                                 
Sales by geographic area                                
Asia                    23,364               3,592,226                          885,961         4,501,551
North America               2,009,337                                 2,009,337
Latin America                  506,951                                    506,951
Europe               2,564,823                  197,701                             2,762,524
Others                    35,996                      1,776                                  37,772
Foreign market               5,140,471               3,791,703                          885,961         9,818,135
Domestic market               7,818,552                  829,268                  238,240               1,416,612          407,671          487,129     (2,491,006)         8,706,466
Total             12,959,023               4,620,971                  238,240               1,416,612          407,671          487,129     (1,605,045)       18,524,601

 

 

 

                                12/31/2016
P&L   Steel   Mining    Logistics   Energy   Cement   Corporate expenses/elimination   Consolidated
            Port   Railroads                
Metric tons (Thou). - (unaudited)(*)               4,857,174             36,983,297                   2,814,476     (4,062,774)    
Net revenues                                
Domestic market               6,980,087                  542,028                  207,722               1,319,907          269,095          490,608     (2,079,534)         7,729,913
Foreign market               4,535,821               4,039,875                          843,340         9,419,036
Total Net Revenue (note 21)             11,515,908               4,581,903                  207,722               1,319,907          269,095          490,608     (1,236,194)       17,148,949
Cost of sales and services             (9,393,237)             (3,099,236)                (141,542)                (914,361)        (195,994)        (467,373)       1,571,701     (12,640,042)
Gross profit               2,122,671               1,482,667                    66,180                  405,546            73,101            23,235          335,507         4,508,907
General and administrative expenses              (914,927)                (185,149)                  (25,180)                  (83,020)          (25,196)          (74,528)        (907,128)       (2,215,128)
Depreciation (note 22)                  679,074                  461,287                    13,430                  227,792            17,140            73,030        (192,937)         1,278,816
Proportionate EBITDA of joint ventures                                  502,345            502,345
Adjusted EBITDA               1,886,818               1,758,805                    54,430                  550,318            65,045            21,737        (262,213)         4,074,940
                                 
Sales by geographic area                                
Asia                    30,815               3,519,713                          843,340         4,393,868
North America               1,891,865                                 1,891,865
Latin America                  259,640                                    259,640
Europe               2,324,580                  434,378                             2,758,958
Others                    28,921                    85,784                                114,705
Foreign market               4,535,821               4,039,875                          843,340         9,419,036
Domestic market               6,980,087                  542,028                  207,722               1,319,907          269,095          490,608     (2,079,534)         7,729,913
Total             11,515,908               4,581,903                  207,722               1,319,907          269,095          490,608     (1,236,194)       17,148,949
                                 

  

                          12/31/2015
P&L  Steel    Mining    Logistics        Energy    Cement   Corporate expenses / elimination     Consolidated 
          Port    Railroads                 
Metric tons (Thou.) - (unaudited)(*)  4,990,299    23,861,003                2,181,731         
Net revenues                               
Domestic market  6,757,186    175,223    212,729    1,156,933    244,549    431,820    (1,295,907)    7,682,533 
Foreign market  4,445,813    3,012,027                    121,324    7,579,164 
Total Net Revenue (note 23)  11,202,999    3,187,250    212,729    1,156,933    244,549    431,820    (1,174,583)    15,261,697 
Cost of sales and services  (9,126,889)    (2,323,687)    (141,809)    (788,046)    (195,644)    (330,263)    1,166,237    (11,740,101) 
Gross profit  2,076,110    863,563    70,920    368,887    48,905    101,557    (8,346)    3,521,596 
General and administrative expenses  (955,247)    (69,602)    (20,473)    (89,678)    (23,186)    (72,894)    (669,441)    (1,900,521) 
Depreciation (note 11 a)  670,496    377,344    12,777    189,361    17,073    46,505    (182,687)    1,130,869 
Proportionate EBITDA of joint ventures                        499,475    499,475 
Adjusted EBITDA  1,791,359    1,171,305    63,224    468,570    42,792    75,168    (360,999)    3,251,419 

 

Sales by geographic area                               
Asia  16,980    2,836,505                    122,267    2,975,752 
North America  1,901,989                            1,901,989 
Latin America  376,458    42,730                    (943)    418,245 
Europe  2,104,944    132,792                        2,237,736 
Others  45,442                            45,442 
Foreign market  4,445,813    3,012,027                    121,324    7,579,164 
Domestic market  6,757,186    175,223    212,729    1,156,933    244,549    431,820    (1,295,907)    7,682,533 
Total  11,202,999    3,187,250    212,729    1,156,933    244,549    431,820    (1,174,583)    15,261,697 

 

(*) The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and joint ventures .
EBITDA and Adjusted EBITDA

As required by IFRS 8, the table below shows the reconciliation of the measurement used by the chief operating decision maker with the results determined using the accounting practices:

 

    12/31/2017   12/31/2016   12/31/2015
Net income (loss) for the year   111,229   (853,058)   (1,215,964)
Result from Discontinued Operations       9,561   (1,911)
Depreciation/Amortization/Depletion (Note 22)   1,408,765   1,278,816   1,130,869
Income tax and social contribution (Note 14)   409,109   266,546   2,903,216
Financial income (cost) (Note 24)   2,463,627   2,522,427   3,365,162
EBITDA   4,392,730   3,224,292   6,181,372
Other operating (income) expenses (Note 23)   (177,342)   413,221   (2,269,156)
Equity in results of affiliated companies   (109,111)   (64,918)   (1,160,272)
Proportionate EBITDA of joint ventures   538,170   502,345   499,475
Adjusted EBITDA (*)   4,644,447   4,074,940   3,251,419

 

(*) The Company discloses its adjusted EBITDA net of its share of investments and other operating income (expenses) because it understands that these should not be included in the calculation of recurring operating cash generation.