Overnight Afren confirmed reports it was in talks with its bankers about amending its existing facilities, as well as seeking a deferral of a $50m amortisation payment due at the end of January.
The EBITDA in 2016/17 included one-off specific items such as a change in amortisation profile, leading to an increase this year.
Alberto Gallo of Royal Bank of Scotland reckons that some 30% of Italian firms owe five times or more than their annual earnings before interest, tax, depreciation and amortisation, a ratio that would make a private-equity firm blush (see chart).Italy's bankers are also contributing to a dangerous downward spiral by withholding credit from firms that are growing.
This results in an annual cost of €124,200 for a 10-year amortisation.
On June 13th he said he expected his company's earnings before interest, taxes, depreciation and amortisation, a measure of profitability, to reach $9.9 billion in 2008, an increase by over 70% compared with 2005.
Adjusted earnings before interest, tax, depreciation and amortisation, a key underlying metric of profitability, rose by 12.5% from £50.3m to £56.6m.
2016/17 also included one-off specific items such as a change in amortisation profile.
"As a result, the amortisation of player contracts and the net impact of player trading on the club's bottom line has decreased by 27% (£30.3m) over the previous year, consistent with our belief that the peak of the club's investment in its playing squad has passed".
National Express's two other rail franchises, c2c and National Express East Anglia, generate about £30m a year in earnings before interest, tax and amortisation for a balance sheet that is struggling with borrowings and the loss-making east coast deal.
Shine, which also has purchased indies Kudos, Princess and Dragonfly (formerly known as Firefly), posted an operating profit before amortisation of £24.5m for the year to 31 December, jumping from £3.8m in 2007, according to documents due to be filed with Companies House today.
