DOC-2015-12 Alternative Performance Indicators

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I - Issuers and Financial Information
I. 1 - Periodic Information
I. 1.4. Alternative Performance Indicators
Doctrine
Periodic & Permanent Information

Alternative Performance Indicators

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Applicable as of July 3, 2016
Position DOC-2015-12

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Summary
The Autorité des marchés financiers (AMF) applies all ESMA guidelines regarding Alternative Performance Measures (ESMA/2015/1415057). Alternative Performance Measures (or "APMs", translation of "Alternative Performance Measures") are financial indicators not presented in the accounts, not defined by accounting standards, and used by listed companies for communication purposes. Examples include adjusted earnings, EBITDA, free cash-flow, or net debt, etc. They are commonly referred to as "Non GAAP measures" or "ad hoc indicators". The AMF integrates ESMA guidelines into its position DOC-2015-12. This position replaces the AMF's DOC-2010-11 recommendation on companies' communication regarding their financial indicators, which becomes obsolete. The new position introduces a few modifications: i) in terms of scope with the addition of prospectuses within its field of application; ii) in terms of content, notably with the explicit mention that these indicators cannot be presented with more prominence than elements derived from financial statements and the necessity to systematically include a reference to a document providing, among other things, definition and explanation elements when using them. These guidelines aim to promote the usefulness and transparency of alternative performance indicators included in prospectuses or regulated information. Compliance with these guidelines helps improve the comparability, reliability, and/or understanding of these indicators.

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Reference texts

Article 223-1

ESMA Guidelines on Alternative Performance Measures - ESMA/2015/1415fr

Financial communication of listed companies on a regulated market or an MTF upon the publication of their results Legal notices:
Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02