LensCrafters 2011 Annual Report Download - page 124

ANNUAL REPORT 2011> 48 |
• EBITDA does not reflect changes in, or cash requirements for, working capital needs;
• EBITDA does not allow us to analyze the effect of certain recurring and non-recurring
items that materially affect our net income or loss.
We compensate for the foregoing limitations by using EBITDA as a comparative tool,
together with IAS/IFRS measurements, to assist in the evaluation of our operating
performance and leverage.
The following table provides a reconciliation of EBITDA to net income, which is the most
directly comparable IAS/IFRS financial measure, as well as the calculation of EBITDA
margin on net sales:
NON-IAS/IFRS MEASURE: EBITDA AND EBITDA MARGIN
(millions of Euro) 4Q 2010 4Q 2011 FY 2010 FY 2011
Net income/(loss) (+) 55.1 64.4 402.2 452.3
Discontinued operations (–) (19.9) – (19.9) –
Net income attributable to non-controlling interest (+) 0.9 0.7 5.1 6.0
Provision for income taxes (+) 32.0 36.8 218.2 237.0
Other (income)/expense (+) 28.1 26.5 106.6 111.9
Depreciation & amortization (+) 76.2 94.4 301.6 323.9
EBITDA (=) 172.3 222.8 1,013.8 1,131.0
Net sales (/) 1,346.5 1,509.0 5,798.0 6,222.5
EBITDA margin (=) 12.8% 14.8% 17.5% 18.2%
NON-IAS/IFRS MEASURE: ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
(millions of Euro) 4Q 2010 4Q 2011 FY 2010 FY 2011
Net income/(loss) (+) 55.6 72.7 402.7 455.6
Net income attributable to non-controlling interest (+) 0.9 0.7 5.1 6.0
Provision for income taxes (+) 32.0 39.3 218.2 247.4
Other (income)/expense (+) 28.1 26.5 106.6 111.9
Depreciation & amortization (+) 76.2 85.5 301.6 315.0
EBITDA (=) 192.8 224.7 1,034.2 1,135.9
Net sales (/) 1,346.5 1,509.0 5,798.0 6,222.5
EBITDA margin (=) 14.3% 14.9% 17.8% 18.3%