EBITDA increased by 6.6%, from €1,039.0 million in 2011 to €1,107.7 million in 2012.
As a percentage of revenue, EBITDA margin in 2012 was 38.1%, slightly reduced from 38.4% in 2011, as a result of the negative FX impact. Excluding such impact, EBITDA margin would have been 38.4%, in line with the previous year.
In 2012, Net financial expense declined by 29.2% vs net financial expense excluding deferrred financing cots in 2011 or €38.5 million to €93 million. This decrease is explained by (i) the lower amount of average gross debt outstanding, after debt repayments in 2011 and 2012 and (ii) a lower average interest paid on the new financing package (unsecured senior credit agreement signed in May 2011, bond issuance in July 2011 and loan received from EIB in May 2012). This significant decrease is partially offset by the exchange gains registered in 2011 as well as significant income from change in fair value of financial instruments also in 2011 (as opposed to neutral contribution from both items in 2012).
Profit for the period from continuing operations amounted to €501.6 million, an increase of 7.6% when compared to profit for the period in 2011.
After adjusting for (i) non-recurring items and (ii) accounting charges related to the PPA (purchase price allocation) amortisation and other mark-to-market items, adjusted profit for the period (from continuing operations) increased by 18.0% in 2012, to €575.1 million.