36. Non-GAAP Measures

In the internal management reports, GrandVision measures its performance primarily based on EBITDA and adjusted EBITDA (refer to note 35). 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

2014

2013

Adjusted EBITDA

449,498

400,454

Non-recurring items

- 23,911

-

EBITDA

425,587

400,454

Depreciation & amortization software

- 108,380

- 103,228

EBITA

317,207

297,226

Amortization & impairments

- 28,598

- 27,074

Operating result

288,609

270,152