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Income statement

Income statement (€ thousands)20182017
Net revenues669,197637,487
Gross profit455,769431,896
EBITDA (1)255,351237,922
Operating result (EBIT)204,525184,420
Net profit for the year158,130139,878
Adjusted EBITDA (2)n.a.241,185
Adjusted EBIT (2)n.a.192,085

(1) Looking at the data on the Table, the Board of Directors defines EBITDA as the “operating result (EBIT)” before amortization of intangibles and depreciation of property, plant and equipment.
(2) In order to better understand the operating and financial results, the Board of Directors defined, for the current financial year only, Adjusted EBITDA and Adjusted Ebit indicators; Adjusted EBITDA is defined as EBITDA, net of the contribution of the Siemens’ ELISA business and economic impact of the project to close the Irish facility; Adjusted EBIT is defined as the Operating Result, net of the contribution of the Siemens’ ELISA business and economic impact of the project to close the Irish facility.