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Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA)
 12 Months Ended
Dec. 31, 2019
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Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA)
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Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA)
Management supplementally has presented the performance measure Adjusted EBITDA because it monitors this performance measure at a consolidated level and it believes that this measure is relevant to an understanding of the Group’s financial performance. Adjusted EBITDA is calculated by adjusting profit or loss from continuing operations to exclude the impact of taxation, net finance income/(costs), depreciation, amortisation, government grants related to depreciation and share of profit of equity-method investees.
Adjusted EBITDA is not a defined performance measure in IFRS. The Group’s definition of Adjusted EBITDA may not be comparable with similarly titled performance measures and disclosures by other entities.
The following tables show the reconciliation of Adjusted EBITDA to profit/(loss) for the years ended December 31, 2019, 2018 and 2017.
 
 
  
2019
 
  
2018
 
  
2017
 
Profit/(loss) for the year
  
 
(33,680
) 
  
 
33,119
 
  
 
(30,845
) 
Income tax expense
  
 
2,335
 
  
 
7,429
 
  
 
2,886
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Profit/(loss) before tax
  
 
(31,345
) 
  
 
40,548
 
  
 
(27,959
) 
Adjustments for:
  
   
  
   
  
   
- Net finance income/(costs)
  
 
9,868
 
  
 
(66,296
) 
  
 
4,004
 
- Share of profit/(loss) equity-method investees
  
 
(1,011
) 
  
 
290
 
  
 
—  
 
- Depreciation
  
 
24,196
 
  
 
10,154
 
  
 
10,861
 
- Amortisation
  
 
917
 
  
 
910
 
  
 
1,569
 
- Government grants
  
 
(1,626
) 
  
 
(1,061
) 
  
 
(1,068
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
Adjusted EBITDA
  
 
999
 
  
 
(15,455
) 
  
 
(12,593
) 
 
  
 
 
 
  
 
 
 
  
 
 
The Group initially applied IFRS 16 as at January 1, 2019 (see note 5(A)). In applying IFRS 16, in relation to the leases that were classified as operating leases, the Group recognises depreciation and interest costs, instead of operating lease expense. In relation to those leases, the Group recognised 13,227 of depreciation charges and 2,635 of additional interest costs from leases in 2019. Further, the Group used the modified retrospective approach when initially applying IFRS 16 and under such approach comparative information is not restated.