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

2016

2015

Adjusted EBITDA

537,148

511,611

Non-recurring items

- 15,614

- 5,468

EBITDA

521,534

506,143

Depreciation & amortization software

- 126,847

- 121,320

EBITA

394,687

384,823

Amortization & impairments

- 36,545

- 31,660

Operating result

358,142

353,163

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

0.96

0.87

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

0.96

0.86

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.