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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.