Adjusted EBITDA

EBITDA before Adjustments (to Operating Profit)

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Adjusted operating profit (loss)

Operating profit (loss) + adjustments to operating profit (loss)

Adjustments to Operating profit (loss) include operating revenues, expenses and provisions that pertain to restructuring programmes (redundancy payments, closure & clean-up costs, relocation costs,...), reorganisation charges and onerous contracts, impairments on assets ((in)tangible assets and goodwill), revaluation gains or losses on investment property, gains or losses on divestments of non-operational investment property, and on the liquidation of investments in affiliated companies, revenues or charges due to important (inter)national legal issues and costs of advisory fees incurred in relation to acquisitions or business combination projects, costs of advisory fees incurred in relation to acquisitions, divestments or business combination projects, including fees incurred in connection with their financing and reversals of inventory step up values resulting from purchase price allocations under IFRS 3 Business Combinations.

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Avoided emissions

Avoided emissions are emission reductions that occur outside of a product’s life cycle or value chain, but as a result of the use of that product