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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

  2017
€000
2016
€000
Operating profit 29,881 40,136
Exceptional expense 14,900 -
Share of results of equity-accounted investees, net of tax 331 -
  45,112 40,136
     
Depreciation and amortisation (note 11) 11,212 11,224
     
Adjusted EBITDA 56,324 51,360
Adjusted EBITDA margin 20.5% 19.7%