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On 20 December 2019, ESMA published a report on the use of alternative performance measures, such as EBIT and EBITDA, as an EU issuer's measure of financial performance.
On 20 December 2019, ESMA published a report on the use of
alternative performance measures, such as EBIT and EBITDA, as an EU
issuer's measure of financial performance.
ESMA's report finds that alternative performance measures
are widely used, and the majority of issuers have not complied with
ESMA's guidelines in their use of management reports and
prospectuses issued on or after July 2016. ESMA's 2016
guidelines require that an APM's reliability is explained, and
reconcilable line items are identified between the financial
statements and earnings results and prospectuses produced by the
issuer.
ESMA finds that there is significant room for improvement in
complying with its guidelines, and has also noted that the ratios
and subtotals inside a financial statement may fall under the
umbrella of an APM and their presentation should therefore comply
with its 2016 guidelines.
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