Table:
| Enterprise d |  |  |  |  |
| --- | --- | --- | --- | --- |
| Adjusteda revenue £6,292m |  |  | Adjusteda operating profit £1,356m |  |
|  | 2019 (IFRS 15) | 2018 (IAS 18) | Change |  |
| Year to 31 March | £m | £m | £m | % |
| Adjusted a revenue | 6,292 | 6,647 | (355) | (5) |
| Adjusted a operating costs | 4,302 | 4,570 | (268) | (6) |
| Adjusted a EBITDA | 1,990 | 2,077 | (87) | (4) |
| Depreciation & amortisation | 634 | 635 | (1) | - |
| Adjusted a operating profit | 1,356 | 1,442 | (86) | (6) |
| Capital expenditure | 501 | 492 | 9 | 2 |
| Normalised free cash flow b | 1,483 | 1,587 | (104) | (7) |
Paragraphs:
The UK and Ireland business-to-business market remains challenging. The main headwind we face is the decline in traditional calls and lines where we have a relatively high market share. The IP Voice market is significantly more fragmented, with a large number of providers, and we are focused on expanding our share in this growing market.
The mobile market remains competitive and we continue to see pressure on pricing. While overall growth in the broadband market is limited, we are seeing good demand for our premium products such as fibre and 4G Assure. Newer areas such as the Internet of Things, Cloud, SDWAN and security remain good opportunities for us over the longer term.
Adjusted a revenue decreased 5% for the year mainly due to the ongoing decline of fixed voice revenue. We continue to see a steeper than expected reduction in calls per fixed line as usage moves to mobile and IP. We continue to sell less low margin equipment and also experienced ongoing declines in some of our other legacy products such as private circuits. This was partially offset by growth in IP, Mobile and Networking. We’re also continuing to see encouraging growth in messaging volumes in Ventures.
Adjusted a operating costs reduced 6%, helped by labour cost efficiencies from our cost transformation programmes. Adjusteda EBITDA decreased 4%, with our lower cost base more than offset by the reduction in revenue.
Capital expenditure increased 2% and normalised free cash flowb decreased 7%, reflecting the reduction in EBITDA and the higher capital expenditure.
The Retail order intake decreased 15% to £2.9bn for the year due to the signing of a large contract in Republic of Ireland in the prior year. The Wholesale order intake declined 22% to £1.0bn after 2017/18 benefitted from a number of large deals, including the timing of some contract renewals.
a Adjusted measures exclude specific items, as explained in the Additional Information on page 185. b Free cash flow after net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items. d Enterprise comparatives have been re-presented to reflect the bringing together of our Business and Public Sector and Wholesale and Ventures units into a single Enterprise unit, as well as the transfer of Northern Ireland Networks from Enterprise to Openreach.
Question:
What is the EBITDA margin in 2019?
Answer: 1990 / 6292 = 0.32