Last updated: 02.03.2016

EBITDA (PBITDA) is the total profit/loss without:

  • interest expense (i.e. cost of debt)
  • income tax
  • depreciation and amortization (i.e. write-downs of intangible assets)
  • possibly also profit/loss from discontinued operations (defined in IFRS, other GAAPs may not use this concept)

EBITDA usually also includes so-called Non-operating result, which is the result of other than normal operating activities. Non-operating result includes, for example, investment income or dividends, if such activity is not the core activity of the company.

Compared to EBIT, EBITDA does not include depreciation and amortization and it therefore enables greater comparability of results between companies with different volume of long-term assets. EBITDA also does not contain interest and income taxes (as well as EBIT) and as such it enables good comparison between companies with different financing structure and different tax rates (i.e. companies in different countries).

In practice is almost exclusively used abbreviation EBITDA (not PBITDA).

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