Annual Report 2017

38. Non-GAAP Measures

In the internal management reports, GrandVision measures its performance primarily based on EBITDA and adjusted EBITDA (refer to note 5). These are non-GAAP measures not calculated in accordance with IFRS.

The table below presents the relationship with IFRS measures, the operating result and GrandVision non-GAAP measures, i.e. EBITDA.

in thousands of EUR

2017

2016

Adjusted EBITDA

551,512

537,148

Non-recurring items

- 17,475

- 15,614

EBITDA

534,037

521,534

Depreciation & amortization of software

- 136,431

- 126,847

EBITA

397,606

394,687

Amortization & impairments

- 70,828

- 36,545

Operating result

326,778

358,142

Adjusted earnings per share, basic (in EUR per share)

0.97

0.96

Adjusted earnings per share, diluted (in EUR per share)

0.96

0.96

Adjusted earnings per share is calculated by dividing the result for the year excluding the effect of non-recurring items (net of tax) attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.