yes, companies across the board are being tricky with it. In simple terms, underlying Ebitda should incorporate rental cash payments as an expense in ebitda, which is simply the sum of lease interest and lease liability paid amounts as recorded in the cashflow statements each year deducted from Ebitda.
Underlying EBIT shouldn’t be that different given the old rent paid in cash is supplanted by higher right-of-use asset depreciation and lease interest charges in this profit number , but timing differences do arise between the two approaches.
Any idea re profit shares or salaries of the vets whilst under lock up Vs market rates or pre-sale of their practice amounts?!
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