Key economic and financial data

€M 2021 2020 20191,2 2018 2017   2016
Revenues 375.4 269.0 258.7 239.6 181.0   147.3
EBITDA Adjusted 98.7 81.2 76.8 66.6 38.6 30.2
EBITDA  93.0 77.9 71.3 66.3 40.6    29.3
EBIT 56.9 52.7 47.5 47.9 27.1    17.4
Net profit 39.6 37.8 28.8 32.9 20.2    11.6
Adjusted net profit 3 .49.5 40.6 38.3 36.8 21.6    15.9
Free Cash Flow 4 56.4 66.7 41.7 30.3 25.7 14.3
Shareholders equity 243.6 173.7 149.4 145.4 143.2   129.9
Net Financial Indebtedness 263.3 92.0 129.1 124.9 104.4    71.2
Debt Cover Ratio
(Net Financial Indebtedness/EBITDA)
2.67x 1.18x 1.81x 1.88x 2.57x   2.43x

1 From 1 January 2019, the Group has adopted the accounting standard IFRS 16 "Leases". The 2018 data has not been restated, while the data for the period in question is affected by the application of the aforementioned principle. The effects of the application of the new accounting standard are reported in the comments. 

2 The comparative data for 2018 was restated in relation to the completion in 2019 of the identification of the fair value of the assets and liabilities of Comas S.r.l. and Webber S.r.I. consolidated line-by-line starting from 1 July 2018, as well as of Promozioni Servizi S.r.J, consolidated line-by-line starting from 1 November 2018.    

3 Adjusted net profit is calculated as "Net profit" before non-recurring items, the cost relating to the Virtual Stock Option Plan, the amortization of the Other intangible assets arising during the allocation of the price paid in the Business Combinations and the adjustment of liabilities for potential considerations linked to the acquisitions, including the related tax effects.

Free Cash Flow represents the cash flow available to the Group and is given by the difference between the cash flow from operating activities and the cash flow for fixed capital investments.