Obligation UBM Develop AG 3.25% ( AT0000A1XBU6 ) en EUR

UBM Develop AG

100 % ▼

Autriche

AT0000A1XBU6 ( en EUR )

3.25% par an ( paiement annuel )

10/10/2022 - Obligation échue

Prospectus brochure de l'obligation UBM Development AG AT0000A1XBU6 en EUR 3.25%, échue

500 EUR

100 000 000 EUR

UBM Development AG est une société autrichienne de développement immobilier spécialisée dans la construction de projets résidentiels et commerciaux durables et de grande qualité, principalement en Autriche et en Allemagne.

L'Obligation émise par UBM Develop AG ( Autriche ) , en EUR, avec le code ISIN AT0000A1XBU6, paye un coupon de 3.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 10/10/2022

UBM Development AG
(Vienna, Republic of Austria)
Up to EUR 100,000,000 3.125% Bonds 2018-2023 and a potential increase to up to
EUR 120,000,000
Re-offer price: 100%
ISIN: AT0000A23ST9
UBM Development AG, incorporated in the Republic of Austria as a stock corporation (Aktiengesellschaft) (the "Company", or
"UBM", or the "Issuer" and together with its consolidated subsidiaries, the "Group" or "UBM Group") will issue on 16
November 2018 (the "Issue Date") bearer notes (the "Notes") in an aggregate principal amount of up to EUR 100,000,000, and
potential increase to up to EUR 120,000,000, with a denomination of EUR 500.00 each. The Notes will bear interest from (and
including) 16 November 2018 until the day preceding the maturity of the Notes (i.e. 15 November 2023) at a rate of 3.125% per
annum. Interest is payable in arrears on 16 November 2019 and thereafter on 16 November of each calendar year. The first in-
terest payment will be made for the period starting on (and including) 16 November 2018 and ending on (but excluding) 16 No-
vember 2019. The Notes will be redeemed at their principal amount on 16 November 2023. This prospectus (the "Prospectus")
relates to (a) an offering of the Notes (i) to holders of the existing 2014-2019 UBM bonds, ISIN AT0000A185Y1 (issued in
2014 and due in 2019, the "2014 UBM-Bonds"or the "Existing Bonds", and any of them a "2014 UBM-Bond", ) in the con-
text of a public exchange offer (the "Exchange Offer") in the period from presumably 22 October 2018 (inclusive) to presuma-
bly 7 November 2018 (inclusive) (the "Exchange Period"), (ii) to the public in the Republic of Austria ("Austria"), the Feder-
al Republic of Germany ("Germany") and in the Grand Duchy of Luxembourg ("Luxembourg") in the context of a cash sub-
scription offer (the "Cash Subscription Offer") in the period from presumably 8 November 2018 (inclusive) to presumably 14
November 2018 (inclusive) (the "Subscription Period"), (iii) as exempt offer to qualified investors (the "Qualified Inves-
tors") within the meaning of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003, as
amended (the "Prospectus Directive") in member states of the European Economic Area ("EEA") and (iv) without publishing
a prospectus to selected institutional investors outside of the EEA in jurisdictions where such kind of offering is allowed (alto-
gether, the "Offering") and (b) the admission of the Notes to and trading on the Official Market (Amtlicher Handel) of the Vi-
enna Stock Exchange (the "Official Market"), which is a regulated market pursuant to Directive 2014/65/EU of the European
Parliament and of the Council of 15 May 2014, as amended (Markets in Financial Instruments Directive II  "MiFID II").
Under the Exchange Offer, the holders of the existing 2014 UBM-Bonds will be invited to make an offer for the exchange of
their Existing Bonds for the new Notes subject to this Prospectus. The exchange ratio is 1:1 which means that each 2014 UBM-
Bond with a par value of EUR 500.00 can be exchanged for one of the 2018-2023 UBM bonds (the "2018 UBM-Bonds", and
any of them a "2018 UBM-Bond"). The result of the Exchange Offer will be published on or about 7 November. Under the
Cash Subscription Offer, the Issuer will offer the subscription of the Notes against cash payment. The re-offer price, at which
institutional investors may subscribe the Notes (the "Re-offer Price"), is 100% of the principal amount of the Notes. Retail
investors may subscribe the Notes at the Re-offer Price plus a selling fee of up to 1.5%-points charged by the respective finan-
cial intermediary placing the Notes. The aggregate principal amount of the Offering will be determined by the Issuer after con-
sultation with the Joint Lead Managers (as defined below) in the course of the Exchange Offer and the Cash Subscription Offer.
With respect to the Notes, application will be made for admission to and trading on the Official Market on or about 19 October
2018.
MiFID II product governance: Solely for the purpose of the product approval process by the manufacturer the target market
assessment in respect of the Notes has led to the conclusion, that (i) the target market for the Notes is eligible counterparties,
professional clients and retail clients (each as defined in MiFID II); (ii) all channels of distribution of the Notes to eligible coun-
terparties and professional clients are appropriate; and (iii) the following channels of distribution of the Notes to retail clients are
appropriate: investment advice, portfolio management, non-advised sales and pure execution services, subject to the distributor's
suitability and appropriateness obligations under MiFID II, as applicable. Any person subsequently offering, selling or recom-
mending the Notes (each a "Distributor") should take into consideration the manufacturer's target market assessment; however
a Distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (either
through adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels,
subject to the distributor's suitability and appropriateness obligations under MiFID II, as applicable.
The Notes will be governed by the laws of Austria and represented by a modifiable global note (global note pursuant to § 24 lit b
of the Austrian Depot Act) (the "Global Note"). This Prospectus constitutes a prospectus within the meaning of Article 5.3 of
the Prospectus Directive, was drawn up in accordance with Annexes IV, V, XIX, XXII and XXX of the Commission Regulation
(EC) No 809/2004 of April 29, 2004, as amended (the "Prospectus Regulation") and conforms to the requirements of the Aus-
trian Capital Market Act, as amended (Kapitalmarktgesetz, the "Capital Market Act"), and the Austrian Stock Exchange Act
2018, as amended (Börsegesetz 2018, the "Stock Exchange Act"). This Prospectus, any supplement thereto and all documents
incorporated by reference will be published in electronic form on the Issuer's website.

This Prospectus has been approved by the Austrian Financial Market Authority (Finanzmarktaufsichtsbehörde, the
"FMA") in its capacity as competent authority under the Capital Market Act. The accuracy of the information contained
in this Prospectus does not fall within the scope of examination by the FMA under applicable Austrian law. The FMA
examines the Prospectus only in respect of its completeness, coherence and comprehensibility pursuant to § 8a of the
Capital Market Act. Any significant new factor, material mistake or inaccuracy relating to the information included in
this Prospectus which is capable of affecting the assessment of the Notes and which arises or is noted between the ap-
proval of the Prospectus by the FMA and the later of completion of the Offering and commencement of trading in the
Notes on the Official Market (Amtlicher Handel) of the Vienna Stock Exchange, will be published in a supplement to the
Prospectus in accordance with § 6 of the Capital Market Act. Such supplement must be published in the same manner as
this Prospectus and be approved by the FMA.
This Prospectus will be notified to the Federal Financial Supervisory Authority in Germany (Bundesanstalt für Fi-
nanzdienstleistungsaufsicht; "BaFin") as well as to the Commission de Surveillance du Secteur Financier in Luxembourg
("CSSF") before any offer to the public will be made in Germany or Luxembourg.
Prospective investors should be aware that an investment in the Notes involves certain risks and that, if certain risks, in
particular those described in the chapter "Risk Factors" below occur, the investors may lose all or a very substantial
part of their investment.
The Issuer may request the FMA to provide further competent authorities in host member states within the EEA with a certifi-
cate of approval attesting that the Prospectus has been drawn up in accordance with the Capital Market Act. This Prospectus
does not constitute an offer to sell, or the solicitation of an offer to buy Notes in any jurisdiction where such offer or solicitation
is unlawful. The Notes have not been and will not be registered under the United States of America (the "United States") Secu-
rities Act of 1933 as amended (the "Securities Act") and are subject to U.S. tax law requirements. The Notes may not be of-
fered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in the Securities
Act). For a further description of certain restrictions on the offering and sale of the Notes and on the distribution of this Prospec-
tus, see "Offer, Sale and Subscription of Notes Selling Restrictions".
Joint Lead Managers and Joint Bookrunners
Erste Group Bank AG
Raiffeisen Bank International AG
The date of this Prospectus is 19 October 2018.
2

GENERAL INFORMATION
RESPONSIBILITY STATEMENT
UBM Development AG with its registered office in Vienna, Austria, is solely responsible for the infor-
mation given in this Prospectus. The Issuer hereby declares that, having taken all reasonable care to en-
sure that such is the case, the information contained in this Prospectus for which it is responsible is, to
the best of its knowledge, in accordance with the facts and contains no omission likely to affect its im-
port.
NOTICE
This Prospectus should be read and understood in conjunction with any other documents incorporated
herein by reference.
The Issuer has confirmed to Erste Group Bank AG and Raiffeisen Bank International AG (the "Joint
Lead Managers") and other syndicate members which will be disclosed prior to the beginning of the
Cash Subscription Offer (together with the Joint Lead Managers, the "Managers") that this Prospectus
contains all information with respect to the Issuer and the Notes which is material in the context of the
issue of the Notes, the information contained herein with respect to the Issuer and the Notes is accurate in
all material respects and not misleading, the opinions and intentions expressed therein with respect to the
Issuer and the Notes are honestly held, there are no other facts with respect to the Issuer or the Notes the
omission of which would make the Prospectus misleading in any material respect; and that all reasonable
enquiries have been made to ascertain such facts and to verify the accuracy of all statements contained
herein.
Any significant new factor, material mistake or inaccuracy relating to the information included in
this Prospectus which is capable of affecting the assessment of the Notes and which arises or is not-
ed between the approval of the Prospectus by the FMA and the later of completion of the Offering
and commencement of trading in the Notes on the Official Market (Amtlicher Handel) of the Vien-
na Stock Exchange, will be published in a supplement to the Prospectus in accordance with § 6 of
the Capital Market Act. Such supplement must be published in the same manner as this Prospec-
tus and be approved by the FMA.
No person has been authorised to give any information or to make any representations other than those
contained in this Prospectus and, if given or made, such information or representations must not be relied
upon as having been authorised by or on behalf of the Issuer or the Managers. The Managers have not
independently verified the Prospectus and they do not assume any responsibility for the accuracy of the
information and statements contained in this Prospectus and no representations express or implied are
made by the Managers or their affiliates as to the accuracy and completeness of the information and
statements herein. Neither the delivery of this Prospectus nor any sale made hereunder shall, under any
circumstances, create any implication that there has been no change in the financial situation of the Issuer
since the date of this Prospectus, or that the information herein is correct at any time since the date of this
Prospectus.
Neither the Managers nor any other person mentioned in this Prospectus, except for the Issuer, are re-
sponsible for the information contained in this Prospectus or any other document incorporated herein by
reference, and accordingly, to the extent permitted by the laws of any relevant jurisdiction, none of the
Managers nor any other person mentioned in this Prospectus, except for the Issuer, makes any represen-
tation or warranty or accepts any responsibility as to the accuracy and completeness of the information
contained in any of these documents. The Managers have not independently verified any such infor-
mation and accept no responsibility for the accuracy thereof.
3

Each investor contemplating purchasing any Notes should make its own independent investigation of the
financial condition and affairs, and its own appraisal of the creditworthiness of the Issuer. This Prospec-
tus does not constitute an offer of Notes or an invitation by or on behalf of the Issuer or the Managers to
purchase any Notes. Neither this Prospectus nor any other information supplied in connection with the
Notes should be considered as a recommendation by the Issuer or the Managers to a recipient hereof and
thereof that such recipient should purchase any Notes.
The language of this Prospectus is English. In respect of the terms and conditions of the 2018 UBM-
Bonds (the "Terms and Conditions"), German is the controlling and legally binding language.
This Prospectus reflects the status as of its date. Neither the delivery of this Prospectus nor the offering,
sale or delivery of the Notes shall, in any circumstances, create any implication that the information con-
tained herein is accurate and complete subsequent to the date hereof or that there has been no adverse
change in the financial situation of the Issuer since such date or that any other information supplied in
connection with the issue of the Notes is accurate at any time subsequent to the date on which it is sup-
plied or, if different, the date indicated in the document containing the same.
The distribution of this Prospectus and the delivery of the Notes in certain jurisdictions may be restricted
by law. Persons into whose possession this Prospectus comes are required by the Issuer and the Manag-
ers to inform themselves about and to observe any such restrictions. For a description of the restrictions
applicable in the United States of America, the European Economic Area and its territories and the Unit-
ed Kingdom of Great Britain and Northern Ireland see the chapter "Offer, Sale and Subscription of the
Notes Selling Restrictions" of this Prospectus. In particular, the Notes have not been and will not be
registered under the Securities Act, and are subject to tax law requirements of the United States of Amer-
ica; subject to certain exceptions, Notes have not been offered, sold or delivered within the United States
of America or to United States persons.
This Prospectus may only be used for the purpose for which it has been published. It does not constitute
an offer or an invitation to subscribe for or purchase any Notes.
This Prospectus may not be used for the purpose of an offer or solicitation by anyone in any jurisdiction
in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such
an offer or solicitation.
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement
that does not relate to historical facts and events. They are based on analyses or forecasts of future results
and estimates of amounts not yet determinable or foreseeable. These forward-looking statements are
identified by the use of terms and phrases such as "anticipate", "believe", "could', "estimate", "expect',
"intend', "may", "plan", "predict", "project", "will" and similar terms and phrases, including references
and assumptions. This applies, in particular, to statements in this Prospectus containing information on
future earning capacity, plans and expectations regarding the Group's business and management, its
growth and profitability, and general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that the
Issuer makes to the best of its present knowledge. These forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results, including the Group's financial condition
and results of operations, to differ materially from and be worse than results that have expressly or im-
plicitly been assumed or described in these forward-looking statements. The Group's business is also sub-
ject to a number of risks and uncertainties that could cause a forward-looking statement, estimate or pre-
diction in this Prospectus to become inaccurate. Accordingly, investors are strongly advised to read the
following sections of this Prospectus: "Risk Factors" and "General Information on the Issuer and the
Group". These sections include more detailed descriptions of factors that might have an impact on the
Group's business and the markets in which it operates.
4

In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not
occur. In addition, none of the Issuer or any of the Managers assumes any obligation, except as required
by law, to update any forward-looking statement or to conform these forward-looking statements to actu-
al events or developments.
ROUNDING ADJUSTMENTS
Rounding adjustments have been made in calculating some of the financial information included in this
Prospectus and are exact arithmetic aggregations of the actual figures. Accordingly, in certain cases, the
sum of the numbers in a column in a table may not conform to the total figure given for that column. The
percentages contained in this Prospectus were calculated not on the basis of rounded figures but of exact
figures (before approximation).
SOURCES OF INFORMATION
Unless otherwise stated, financial data relating to the Issuer's business contained in this Prospectus have
been extracted from the audited consolidated financial statements of the Issuer for the financial years
ended 31 December 2016 and 2017 and the unaudited half-year report (reviewed) as of 30 June 2018.
5

TABLE OF CONTENTS
GENERAL INFORMATION...............................................................................................................3
SUMMARY............................................................................................................................................7
DEUTSCHE ÜBERSETZUNG DER ZUSAMMENFASSUNG .....................................................27
RISK FACTORS .................................................................................................................................49
TERMS AND CONDITIONS OF THE NOTES..............................................................................71
GENERAL INFORMATION ON THE ISSUER AND THE UBM GROUP................................87
INFORMATION ON THE ISSUER'S AND THE UBM GROUP'S BUSINESS........................101
TAXATION .......................................................................................................................................116
OFFER, SALE AND SUBSCRIPTION OF THE NOTES............................................................123
GENERAL INFORMATION CONCERNING THE NOTES......................................................131
DOCUMENTS INCORPORATED BY REFERENCE .................................................................135
GLOSSARY OF ABBREVIATIONS AND DEFINITIONS.........................................................139
ANNEX 1: REAL ESTATE LIST....................................................................................................142
ANNEX 2: TERMS AND CONDITIONS OF THE EXCHANGE OFFER ................................146
6

SUMMARY
Summary of the Prospectus
This summary of the Prospectus is comprised of disclosure requirements known as "elements". These
elements are numbered in Sections A E (A.1 E.7). This summary contains all of the elements which
are required to be included in a summary for securities and issuers of this kind. As some elements are not
required, there may be gaps in the numbering sequence of the elements. Even where an element is man-
datory for the summary on account of the type of securities and issuer, it is possible that no relevant in-
formation can be given regarding the element. In this case, a short description of the element is included
in the summary together with the words "not applicable".
Section A Introduction and Warnings
A.1
Warning.
Warning that:

this summary should be read as introduction to the Prospectus;

any decision to invest in the securities should be based on consideration of the Pro-
spectus as a whole by the investor;

where a claim relating to the information contained in the Prospectus is brought
before a court, the plaintiff investor might, under the national legislation of the
Member States, have to bear the costs of translating the prospectus before the legal
proceedings are initiated; and

civil liability attaches only to those persons who have tabled the summary including
any translation thereof, but only if the summary is misleading, inaccurate or incon-
sistent when read together with the other parts of the Prospectus or it does not pro-
vide, when read together with the other parts of the Prospectus, key information in
order to aid investors when considering whether to invest in such securities.
A.2
Consent by the Issuer to the use of the Prospectus.
The Issuer gives its express consent to the use of this Prospectus for the subsequent resale or
final placement of the Notes by financial intermediaries in Austria, Germany and Luxem-
bourg between the banking day following the approval and publication of the Prospectus
and 16 November 2018. During this period, financial intermediaries may make subsequent
resale or final placement of Notes. Each financial intermediary using the Prospectus has to
state on its website that it uses the Prospectus in accordance with the consent of the Issuer
and the terms and conditions attached thereto. The Issuer accepts responsibility for the con-
tent of the Prospectus also with respect to any subsequent resale or final placement of secu-
rities by any financial intermediary who was given consent to use the Prospectus; an ex-
ceeding liability of the Issuer is excluded. The Issuer's consent to the use of this Prospectus
is not subject to any other conditions (other than the restrictions on sale), but may be re-
voked or restricted at any time, whereby such revocation or restriction requires a supple-
ment to the Prospectus. In the event of an offer being made by a financial intermediary, the
financial intermediary will provide information to investors on the terms and conditions of
the offer at the time the offer is made.
7

Section B Issuer
B.1
The legal and commercial name of the Issuer.
The issuer's name is "UBM Development AG" (the "Issuer" or the "Company" and,
together with its consolidated subsidiaries, the "Group" or the "UBM Group"). The Is-
suer and its subsidiaries also operate under various commercial names, in most cases un-
der "UBM", UBM Development", "UBM Development Österreich", "UBM Development
Deutschland", "UBM Development Polska", "UBM Development Czechia", "UBM Ho-
tels" or "alba Bau".
B.2
The domicile and legal form of the issuer, the legislation under which the issuer op-
erates and its country of incorporation.
The Issuer has its registered seat in Vienna, Austria and is an Austrian stock corporation
(Aktiengesellschaft), incorporated under and governed by Austrian law.
The Issuer is registered with the Austrian companies' register (Firmenbuch) under registra-
tion number FN 100059 x; registration court: commercial court Vienna (Handelsgericht
Wien).
The Issuer was founded on 3 March 1873 in Austria under the name "Union-
Baumaterialien-Gesellschaft" as an Austrian stock corporation. It was registered with the
Austrian commercial register (Handelsregister) (now companies register, Firmenbuch) on
11 March 1873 and has existed since then in the legal form of a stock corporation under
Austrian law. Since 2015, the Issuer operates under the name "UBM Development AG".
B.4b
A description of any known trends affecting the Issuer and the industries in which it
operates.
The European markets were characterised by strong performance during the first half of
2018, with an aggregate volume of real estate transactions that totalled EUR 127.7 billion.
This slight year-on-year decline of 3.4% is, however, attributable to the increasing supply
shortage. Demand remained high during the first six months of 2018, especially in the
prime segment. This robust development was driven, above all, by strong growth in the
office sector: this asset class was responsible for 42% of investments (EUR 28.7 billion)
during the first six months of 2018, or 19% more than in the first half of 2017 (Source:
CBRE, Press Release of 8 August 2018: European Real Estate Investment active in H1
2018).
An analysis by country shows the continuing focus of investors on Germany. According to
a recent study by the real estate consulting company Knight Frank, the greatest opportuni-
ties for additional investments in Europe are currently found in Germany. The transaction
volume amounted to EUR 25.6 billion in the first six months of 2018, which represents the
second highest half-year results since the start of the current market cycle. It also confirms
the estimates made at the beginning of the year 2018: 2018 will be another high-revenue
year for the commercial real estate market in Germany. Properties at prime locations
which promise long-term rental income are in the focus of investors. Strong demand was
again recorded, above all, for prime properties in the top seven cities. The "Big 7" gener-
ated 68% of the transaction volume in the first six months of 2018, for an increase of
roughly one-third over the comparable prior year value. New development projects were
unable to meet the high demand, especially in the office segment, which led to a further
rise in prime rents during the first half-year of 2018 (Source: Knight Frank Active Capital
Report 2018 / JLL: Investmentmarktüberblick Deutschland, Q2, 2018 / Savills, Press Re-
8

lease of 4 July 2018: Gewerbeinvestmentmarkt Deutschland H1-2018).
The dynamic momentum on the residential investment market also continued during the
first half of 2018. The supply shortage was reflected in a growing interest in development
projects and micro-apartments. The hotel investment market was also characterised by a
shortage of supply. Demand for this asset class was high during the first half-year of 2018,
in particular for hotels in the medium price segment. Since the supply remains constant,
the increasing demand overhang has also led to rising pressure on prime yields in this area
(Source: CBRE, Press Release of 4 July 2018: Wohninvestmentmarkt setzt dynamische
Entwicklung fort / Colliers: Hotel Investment Deutschland, H1 2018).
Demand on the Austrian market also remained constant at a high level during the first
half-year of 2018 with an investment volume of EUR 2.3 billion. The lack of high-quality
office space forced investors to increasingly turn their interest to other asset classes which
subsequently led to a sharp rise in the demand for retail and residential projects. With a
transaction volume of EUR 3.2 billion, Poland also continued its growth course during the
first half of 2018 (Source: CBRE: Austria Investment, H1 2018 / JLL: CEE Investment
Market, H1 2018).
B.5
If the Issuer is part of a group, a description of the group and the issuer's position
within the group.
The Issuer itself does not belong to a superordinate group. The Issuer is the parent compa-
ny of the Group. The Issuer acts primarily as a holding company and is only to a limited
extent operational, in particular in Austria. The UBM Group is a European real estate de-
velopment group with a particular focus on hotel, office and residential properties in Ger-
many, Austria and Poland. On a project-related and opportunistic basis, the UBM Group is
also active in other European countries.
B.9
Where a profit forecast or estimate is made, state the figure.
Not applicable. The Issuer is not providing any profit forecasts or profit estimates.
B.10
A description of the nature of any qualifications in the audit report on the historical
financial information.
Not applicable. There are no qualifications in the audit report on the historical financial
information.
B.12
Selected financial information, prospectus and significant changes in the financial or
trading position.
The following tables presented within this section have been derived, unless otherwise
stated, from the Consolidated Financial Statements 2017 and the Consolidated Financial
Statements 2016, prepared in accordance with IFRS and audited, as well as from the Inter-
im Financial Statements of the Issuer as of 30 June 2018. Therefore, the audited financial
information contained in this Prospectus is not older than 18 months.
9

Selected historic financial information for completed financial years
Selected income statement data
Financial year ended
31 December 2017
31 December 2016
(in EUR million)
(audited)
(audited)
Revenue.........................................................
364.7
417.0
EBITDA (1) ....................................................
52.4
49.6
Operating Result (EBIT) (2) ...........................
48.6
46.2
Earnings before tax (EBT) (3).........................
50.5
40.1
Profit for the period per share (in
EUR)..............................................................
4.88
3.90
(Source: Consolidated Financial Statements 2017 and Consolidated Financial Statements 2016)
(1) Earnings before interest, tax, depreciation and amortisation. It is calculated as follows:
Financial year ended
31 December 2017
31 December 2016
(in EUR million)
(audited)
(audited)
EBIT..............................................................
48.6
46.2
Depreciation, amortisation and
impairment expenses ................................
-3.8
-3.4
EBITDA .......................................................
52.4
49.6
(2) Earnings before interest and tax, calculated as the sum of all income and expenses including goodwill
impairments before interest for other debt borrowed for financing purposes (financing costs) and before
taxes (taxes on income).
Financial year ended
31 December 2017
31 December 2016
(in EUR million)
(audited)
(audited)
EBT ...............................................................
50.4
40.0
Financial income ................................
21.2
13.1
Financial costs................................
-19.4
-19.3
EBIT .............................................................
48.6
46.2
(3) Earnings before tax, depreciation and amortisation calculated as the sum of all income and expenses
including goodwill impairments, including interest for other debt borrowed for financing purposes (fi-
nancing costs), but before taxes (taxes on income). It is calculated as follows:
Financial year ended
31 December 2017
31 December 2016
(in EUR million)
(audited)
(audited)
Profit/loss for the period................................
37.0
29.4
Income tax expenses................................
13.5
10.7
EBT...............................................................
50.5
40.1
10