[ESMA32-51-370 APM Q3]

Yes. The APMs Guidelines apply to financial measures including financial ratios calculated using exclusively figures directly stemming from the financial statements (e.g. IFRS figures) unless:

a)   these measures are defined or specified by the applicable financial reporting framework (paragraph 17 of the APMs Guidelines).

b)   financial measures fall within the exception provided in paragraph 4 (i.e. they are disclosed in accordance with applicable legislation, other than the applicable financial reporting framework),

Unless the figures included in the financial measures fall within the definition of an APM, the APMs Guidelines apply to the measures (e.g. financial ratio) and not the figures. Otherwise, the APMs Guidelines apply to both.

In case such APMs are presented inside and outside financial statements please refer to question ESMA_QA_1868 (historical question reference: ESMA32-51-370 APM Q2).