Valinor Public Limited - Dom Maklerski BZ WBK SA

Year ended 31 December2010 2009 2008(USD ’000) (USD ’000) (USD ’000)Net cash (used in)/ generated byfinancing activities (61,650) 52,573 109,719Cash and cash equivalents at the end ofthe year 7,758 1,321 2,211OTHER FINANCIAL DATA:Adjusted EBITDA (1) 111,540 32,695 8,641___________ ___________ ___________(1) Adjusted EBITDA is not a measure of performance under International Financial Reporting Standards(“IFRS”). The Company defines Adjusted EBITDA as profit or loss for the relevant period before: (i) incometax expense/benefit; (ii) gain realised from acquisitions of subsidiaries; (iii) non-operating foreign exchangegains/losses, net; (iv) finance income; (v) finance costs, net; (vi) impairment loss on goodwill and property,plant and equipment; (vii) depreciation and amortisation; and (viii) loss on disposals (“Adjusted EBITDA”).The Company has made these adjustments as Management believes that these line items are not operational innature and do not reflect the true nature of the business on a continuing basis and/or that these line items areeither non-recurring or unusual in nature. As such, these adjustments present a clearer view of the performanceof the Group’s underlying business operations and generate a metric that Management believes will give greatercomparability over time. Management uses Adjusted EBITDA in the Group’s business operations to, amongother things, assess the Group’s operating performance and make decisions about allocating resources.Management believes this measure is frequently used by securities analysts, investors and other interestedparties in evaluating other companies, most of which present similar measures when reporting their results.Adjusted EBITDA does not represent operating income or net cash provided by operating activities as thoseitems are defined by IFRS and should not be considered by prospective investors to be an alternative tooperating income or cash flow from operations or indicative of whether cash flows will be sufficient to fundfuture cash requirements. Further, because Adjusted EBITDA is not calculated in the same manner by allcompanies, they may not be comparable to other similarly titled measures used by other companies.The following table sets forth the reconciliation of profit/loss for the year to Adjusted EBITDA:Year ended 31 December2010 2009 2008(USD ’000) (USD ’000) (USD ’000)Profit/(loss) for the year 49,608 (19,009) 72,271Income tax (benefit)/expense (1,385) 6,554 (13,899)Gain realised from acquisitions of subsidiaries -- (28,006) (112,710)Non-operating foreign exchange (gains)/losses, net (416) 296 6,101Finance income (3,902) (3,226) (494)Finance costs, net 38,711 42,399 27,104Impairment loss on goodwill and property, plantand equipment-- 9,591 671Operating profit/(loss) before loss onimpairment82,616 8,599 (20,956)Depreciation and amortisation (a) 25,383 23,339 27,784Loss on disposals (b) 3,541 757 1,813Adjusted EBITDA 111,540 32,695 8,641_______ _______ ______- 16 -