Ann: Financial Results 31 December 2018, page-9

"looks to me like vrt have spent almost 50mil (30mil cash plus a possible 10 mil performance related for Denmark plus 9mil for the uk practice) on buying overseas practices in the last 12 months and the ebitda has grown by 0.9mil. Is that the way others view it? "

I think it is too early to discern the underlying performances of those acquisitions, especially given the Denmark acquisition was only effected on 28 June 2018, so the 6-month result for that business will be distorted by seasonality impacts, provisioning and other integration costs.

I think it is only in 12 months' time that one will be able to come to any conclusions about the true underlying earnings of those acquired businesses.