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

2015

2014

Adjusted EBITDA

511,611

449,498

Non-recurring items

- 5,468

- 23,911

EBITDA

506,143

425,587

Depreciation & amortization software

- 121,320

- 108,380

EBITA

384,823

317,207

Amortization & impairments

- 31,660

- 28,598

Operating result

353,163

288,609