Net income

As a result of the above-mentioned factors, net income in the amount of $385 million was recognised in 2011 as compared to $104 million in 2010. Net income adjusted for the gain on changes in fair value of the derivative financial instrument grew to $340 million in 2011 from $116 million in 2010 (See “Gain/loss on changes in fair value of derivative financial instrument” for the reasons for using this non-IFRS measure). Adjusted net income margin1 increased to 5% in 2011 from 2% in 2010.

 

1 Adjusted net income margin is calculated as a quotient of Net Income adjusted for gain on changes in fair value of derivative instrument divided by Revenue.

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