The Subtotals the CFO Wants in the Press Release

The situation

For the year ending 31 December 2027 a listed retailer wants its annual report to open with 'adjusted EBITDA before one-off store exits' — the number the board quotes on earnings calls. Two of the board's add-backs recur: a restructuring charge raised in each of the last four years, and share-based payment. The auditors ask what must accompany the subtotal, and where it belongs.