Non-IFRS financial measures

Adjusted EBITDA

To provide investors with additional information regarding the Company's financial results, the Company has disclosed within this press release Adjusted EBITDA and Adjusted EBITDA margin, which are non-IFRS financial measures. The Company presents in the financial tables that accompany this release a reconciliation of Adjusted EBITDA to profit for the period and Adjusted EBITDA margin to profit for the period margin, the most directly comparable financial measures presented in accordance with IFRS.

The Company has included Adjusted EBITDA and Adjusted EBITDA margin in this press release because they are key measures that the Company's management and Board of Directors use to understand and evaluate its core operating performance and trends; to prepare and approve its annual budget; and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA and Adjusted EBITDA margin can provide a useful measure for period-to-period comparisons of the Company's core business. Accordingly, the Company believes that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating its operating results.

The Company's use of Adjusted EBITDA (and measures such as Adjusted EBITDA margin that are derived from it) has limitations as an analytical tool, and investors should not consider this performance measure in isolation from, or as a substitute for, analysis of the Company's results as reported under IFRS. Some of these limitations are:

• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
• Adjusted EBITDA does not reflect changes in, or cash requirements for, the Company's working capital needs;
• Adjusted EBITDA does not consider the potentially dilutive impact of equity-based compensation;
• Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to the Company;
• Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest payments on the Company's debt or any losses on the extinguishment of its debt;
• Adjusted EBITDA does not include unrealized foreign currency transaction gains and losses;
• Adjusted EBITDA does not include certain non-recurring initial public offering costs; and
• other companies, including companies in the Company's industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Because of these limitations, investors should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including operating profit, profit for the period, profit for the period margin and the Company's other results.

Accounting policies

The statement of financial position, income statement and statements of cash flows included in this announcement have been prepared in accordance with IFRS accounting policies. Other than the change in accounting policy in respect of the inclusion of net foreign exchange gains/losses as a component of financing income/(costs), which is fully explained in note 1 of the notes to the financial tables, the accounting policies are consistent in all material respects with those applied in the preparation of the consolidated financial statements for the year ended March 31, 2013. None of the new or revised accounting standards adopted by the Company in fiscal 2014 have had a material impact on the Company’s results.