With regard to EBITDA
pre exceptionals, positive price and exchange-rate effects as well as cost synergies more than made up for the decrease in sales.
Based on this concept, the intrinsic EV/Ebitda multiple can be calculated by simply taking the free cash flow percentage of Ebitda
before it is divided by the risk factor.
pre exceptionals increased by 12.1 percent to EUR 102 million compared with EUR 91 million a year earlier, largely as a result of adjusted selling prices.
That said, EBITDA
is a useful measurement to be utilized as a "snapshot" of business performance on a local and system-wide level for franchise brands.
was $945 million, 8.7 per cent ahead of the same period last year mostly due to improved trading in the UAE and new services at London Gateway, while adjusted EBITDA
margin rose to 59.2 per cent.
service margin is calculated as EBITDA
divided by service revenues.
Turkcell Turkey's revenues and EBITDA
up 21.7% and 38.5%, respectively with an EBITDA
margin expansion of 4.3pp to 35.6%; data and digital services revenues, comprising 67% of Turkcell Turkey revenues, up 94.2%.
"The board and executive management are content with our stable consolidated revenues and higher EBITDA
results given the many challenges we are dealing with in a number of our key markets of operation.
Pro forma for the asset sale and the rights issue, we expect that ArcelorMittal's full-year 2015 gross leverage ratio would decrease by approximately one turn to 5.0x, based on our assumptions that (1) the company will apply all the proceeds to reduce its gross reported debt (to $15.8 billion from $19.8 billion as of December 31, 2015); (2) EBITDA
is $5.3 billion after Moody's adjustments in 2015, and (3) total debt after Moody's adjustments of $26.8 billion.
The earnings before interest, tax, depreciation and amortisation (EBITDA
) of USD 164 million (EUR 122.2m) exceeded Rabo's estimates of USD 149 million.
Earnings before interest, taxation, depreciation and amortisation (Ebitda
) is viewed all around the world as the key measure of a company's performance.