Alternative performance indicators

In line with recommendation CESR/05-178b, the content and meaning of non-GAAP measures of performance and other alternative performance indicators used in these financial statements are described below:

  1. gross operating profit is used by the ACEA Group as an indicator of operating performance and is calculated by adding “Amortisation, depreciation, provisions and impairment charges” to the operating result;
  2. net debt indicates the state of the ACEA Group’s financial structure and is obtained by adding non-current borrowings and financial liabilities, less non-current financial assets (loans and receivables and securities other than investments), to current borrowings and other current liabilities, less current financial assets and cash and cash equivalents;
  3. net invested capital is the sum of “Current assets”, “Non-current assets” and assets and liabilities held for sale, less “Current liabilities” and “Non-current liabilities”, excluding items taken into account in calculating net debt.