New guidance on the application of the Alternative Performance Measures Guidelines (APM).

The European Securities and Markets Authority (ESMA) has published a Q&A relating to ESMA APM Guidelines to provide guidance on the application of the APM Guidelines in the context of the COVID-19 pandemic. In the context of the COVID-19 pandemic, the Q&A (Question 18):

Highlights the main principles of the APM Guidelines;

encourages issuers to use caution when adjusting APMs and when including new APMs to address the impact of COVID-19;

invites issuers to provide:

narrative information regarding the modifications made, the assumptions used and the impact of COVID-19;

information on measures taken or expected to be taken by issuers to address the impact that the COVID-19 outbreak may have in their operations and performance.

The APM Guidelines address the information that issuers should publish when disclosing APMs (e.g. Operating Results, EBIT, EBITDA, Free Cash-flows) to the market in management reports, prospectuses and ad-hoc disclosures (such as Quarterly Earnings releases).


Henrik Z. Hansen


+45 36 10 37 83

Jan Peter Larsen


+45 36 10 36 81

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