Table:
|  |  | Adjusted EBITDA |  | Free cash flow (pre-spectrum) |
| --- | --- | --- | --- | --- |
|  | 2019 €m | 2018 €m | Growth | 2019 €m |
| Reported (IAS 18 basis) | 14,139 | 14,737 | (4.1)% | 5,443 |
| Other activity (including M&A) | (95) | (341) |  | – |
| Foreign exchange | – | (288) |  | – |
| Handset financing and settlements | (198) | (674) |  | – |
| Guidance basis | 13,846 | 13,434 | 3.1% | 5,443 |
Paragraphs:
2019 financial year guidance
The adjusted EBITDA and free cash flow guidance measures for the year ended 31 March 2019 were forward-looking alternative performance measures based on the Group’s assessment of the global macroeconomic outlook and foreign exchange rates of €1:£0.87, €1:ZAR 15.1, €1:TRY 5.1 and €1:EGP 22.1. These guidance measures exclude the impact of licence and spectrum payments, material one-off tax-related payments, restructuring payments, changes in shareholder recharges from India and any fundamental structural change to the Eurozone. They also assume no material change to the current structure of the Group. We believe it is both useful and necessary to report these guidance measures to give investors an indication of the Group’s expected future performance, the Group’s sensitivity to foreign exchange movements and to report actual performance against these guidance measures.
Reconciliations of adjusted EBITDA and free cash flow to the 2019 financial year guidance basis is shown below.
Question:
Between 2018 and 2019, which year has higher adjusted EBITDA, reported (IAS 18 basis)?
Answer: Because 14,737>14,139, the answer is: 2018.