EBITDA (earnings before interest, taxes, depreciation, amortization, impairment and liquidation) presents the Group’s key measure of earnings performance. The level of EBITDA measures the Group’s ability to generate cash from recurring operations, however it is neither a measure of liquidity nor cash level. The Group defines EBITDA as operating profit adjusted by depreciation, amortization, impairment and liquidation. EBITDA is not an IFRS EU measure, and as such can be calculated differently by other entities.
| for the year ended | ||
|---|---|---|
| 31 December 2016 | 31 December 2015 | |
| Net profit for the period | 1,021.0 | 1,163.4 |
| Income tax | 12.4 | 169.0 |
| Gain/loss on investment activities, net | 69.8 | (8.6) |
| Finance costs | 566.1 | 664.6 |
| Share of the profit of joint venture accounted for using the equity method | - | (2.6) |
| Depreciation, amortization, impairment and liquidation* | 1,971.5 | 1,699.3 |
| EBITDA (unaudited) | 3,640.8 | 3,685.1 |
* depreciation, amortisation, impairment and liquidation comprise depreciation and impairment of property, plant and equipment, amortisation and impairment of intangible assets and net book value of disposed property, plant, equipment and intangible assets (excluding amortization of programming assets)