Table:
| Group1,2 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2019 | 2019 | 2018 | IAS 18 growth |  |
|  | IFRS 15 €m | IAS 18 €m | IAS 18 €m | Reported % | Organic* % |
| Revenue | 43,666 | 45,066 | 46,571 | (3.2) | (0.1) |
| Service revenue | 36,458 | 39,220 | 41,066 | (4.5) | (0.9) |
| Other revenue | 7,208 | 5,846 | 5,505 |  |  |
| Adjusted EBITDA | 13,918 | 14,139 | 14,737 | (4.1) | (0.5) |
| Depreciation and amortisation | (9,665) | (9,665) | (9,910) |  |  |
| Adjusted EBIT | 4,253 | 4,474 | 4,827 | (7.3) | (2.5) |
| Share of adjusted results in associates and joint ventures3 | (348) | (291) | 389 |  |  |
| Adjusted operating profit | 3,905 | 4,183 | 5,216 | (19.8) | (0.2) |
| Adjustments for: |  |  |  |  |  |
| Impairment loss | (3,525) |  | – |  |  |
| Restructuring costs | (486) |  | (156) |  |  |
| Amortisation of acquired customer bases and brand intangible assets | (583) |  | (974) |  |  |
| Other income and expense | (262) |  | 213 |  |  |
| Operating (loss)/profit | (951) |  | 4,299 |  |  |
| Non-operating income and expense | (7) |  | (32) |  |  |
| Net financing costs | (1,655) |  | (389) |  |  |
| Income tax (expense)/credit | (1,496) |  | 879 |  |  |
| (Loss)/profit for the financial year from continuing operations | (4,109) |  | 4,757 |  |  |
| Loss for the financial year from discontinued operations | (3,535) |  | (1,969) |  |  |
| (Loss)/profit for the financial year | (7,644) |  | 2,788 |  |  |
Paragraphs:
Our financial performance
This section presents our operating performance, providing commentary on how the revenue and the adjusted EBITDA performance of the Group and its operating segments have developed over the last year. Following the adoption of IFRS 15 “Revenue from Contracts with Customers” on 1 April 2018, the Group’s statutory results for the year ended 31 March 2019 are on an IFRS 15 basis, whereas the statutory results for the year ended 31 March 2018 are on an IAS 18 basis as previously reported, with any comparison between the two bases of reporting not being meaningful. As a result, the discussion of our operating financial performance is primarily on an IAS 18 basis for all years presented. See “Alternative performance measures” on page 231 for more information and reconciliations to the closest respective equivalent GAAP measures.
Notes:
* All amounts in the Our financial performance section marked with an “*” represent organic growth which presents performance on a comparable basis, both in terms of merger and acquisition activity and movements in foreign exchange rates. Organic growth is an alternative performance measure. See “Alternative performance measures” on page 231 for further details and reconciliations to the respective closest equivalent GAAP measure.
Revenue and service revenue include the regional results of Europe, Rest of the World, Other (which includes the results of partner market activities) and eliminations. The 2019 results reflect average foreign exchange rates of €1:£0.88, €1:INR 80.93, €1:ZAR 15.92, €1:TKL 6.05 and €1: EGP 20.61.
2 Service revenue, adjusted EBITDA, adjusted EBIT and adjusted operating profit are alternative performance measures. Alternative performance measures are non-GAAP measures that are presented to provide readers with additional financial information that is regularly reviewed by management and should not be viewed in isolation or as an alternative to the equivalent GAAP measures. See “Alternative performance measures” on page 231 for more information and reconciliations to the closest respective equivalent GAAP measure and “Definition of terms” on page 250 for further details.
3 Share of adjusted results in equity accounted associates and joint ventures excludes amortisation of acquired customer bases and brand intangible assets, restructuring costs and other costs of €0.6 billion which are included in amortisation of acquired customer base and brand intangible assets, restructuring costs and other income and expense respectively.
Question:
Which accounting standard was the Group's 2018 statutory results based on?
Answer: IAS 18