16. These guidelines set out principles in bold with subsequent explanatory, elaborating and exemplifying paragraphs. In order to comply with these guidelines issuers or persons responsible for the prospectus have to comply with the guidelines as a whole.

What is an APM?

17. For the purpose of these guidelines an APM is understood as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework.

18.APMs are usually derived from (or based on) the financial statements prepared in accordance with the applicable financial reporting framework, most of the time by adding or subtracting amounts from the figures presented in financial statements. Examples of APMs include: operating earnings, cash earnings, earnings before one-time charges, earnings before interest, taxes, depreciation and amortisation (EBITDA), net debt, autonomous growth or similar terms denoting adjustments to line items of statements of comprehensive income, statements of financial position or statements of cash flow.

19. In accordance with the definition in paragraph 17, these guidelines are not applicable to: