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Principal Income & Balance Sheet Figures


€ m 2018 2017 20161
Revenues 239.6 181.0 147.3
EBITDA 66.0 40.6 29.3
EBIT 48.2 27.1 17.4
Net Profit 33.1 20.2 11.6
Adjusted Net Profit2 36.1 21.6 15.9
Free Cash Flow 30.3 25.7 14.3
Shareholders' Equity 145.5 143.2 129.9
Net Financial Indebtedness 124.9 104.4 71.2
Debt Cover Ratio
(Net Financial Indebtedness//EBITDA)
1.89x 2.57x 2.43x


1 The comparative data for 2016 have been restated in relation to the completion in First Half 2017 of the activities to identify the fair value of the assets and liabilities of Visura (and its subsidiaries), fully consolidated starting from 1 July 2016. It is also noted that in 2017 the provisions to the Supplementary Compensatory Allowance Fund for agents (FISC) were reclassified from "Provisions" to the line item "Costs for services"; the provisions relating to disputes with personnel were also reclassified from the item "Provisions" to the item "Personnel costs". In order to ensure better comparability of results, these reclassifications were also made to the 2016 comparative balances.

2 It is calculated as "Net profit" net of non-recurring items and amortization of intangible assets arising at the time of allocation of the price paid in business combinations (net of the tax effect). This indicator reflects the Group's economic performance, adjusted for non-recurring factors and not strictly related to the activity and management of the core business.