Key figures

Key financial figures
(NOK in millions)2013 Pro forma (unaudited)2014 Pro forma (unaudited)
Operating revenues10,84011,599
EBITDA 1)630.7689.1
EBITDA margin5.8 %5.9 %
Adjusted EBITDA 2)713.9724.5
Adjusted EBITDA margin0.10.1
Net cash flow from operating activitiesn.a.347.6
Capital expenditures 3)209.6153.6
Net interest bearing debtn.a.4,227.4

1) EBITDA represents operating results before fair value adjustments of biological assets, depreciation and amortisation, less advisory fees charged by Altor and Bain
2) Adjusted EBITDA represents EBITDA as adjusted for certain non-recurring and/or non-cash costs.
3) Capital expenditures reported represent the cash effects of purchases of property, plant and equipment.