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Adjusted EBITDA

The Group defines Adjusted EBITDA as operating profit before depreciation and amortisation, exceptional items and the
share of results of equity accounted investees. Adjusted EBITDA and Adjusted free cashflow conversion are supplemental
measures of the Group’s performance and liquidity that are not required to be presented in accordance with IFRS.

The Directors use the Adjusted EBITDA and Adjusted free cashflow conversion as the performance measures of the business. They remove significant items that would otherwise distort comparability.

The use of these alternative performance measures is consistent with how institutional investors consider the performance of the Group. These measures are not defined in IFRS and thus may not be comparable to similarly titled measures by other companies.

  9 months to 30 September 2018
Year to 31 December 2017
Operating profit 28,216 29,881
Exceptional expense - 14,900
Share of results of equity-accounted investees, net of tax 166 331
  28,382 45,112
Depreciation and amortisation (note 11) 7,466 11,212
Adjusted EBITDA 35,848 56,324
Adjusted EBITDA margin 18.5% 20.9%