ESR Group Limited Annual Report 2022 Group Financial Summary 241 FINANCIAL METRICS Financial Year FY2018 FY2019 FY2020 FY2021 FY2022 US$'000 US$'000 US$'000 US$'000 US$'000 EBITDA (1) 384,212 549,091 571,177 664,198 1,068,536 Adjusted EBITDA (1) 411,184 583,905 585,259 706,834 1,151,882 PATMI (1) 203,042 245,177 286,466 349,440 574,145 Adjusted PATMI (1) 206,857 261,522 286,466 377,258 654,623 Net debt (2) 879,094 1,686,711 1,779,848 2,609,667 3,689,715 Net debt/total assets (%) 19.8% 26.6% 23.2% 27.9% 22.8% Profit before tax 270,587 360,334 410,704 488,840 815,125 Add/(less): Depreciation and amortisation 10,226 16,363 17,141 17,137 47,863 Finance costs 104,929 180,368 147,414 163,549 222,415 Interest income (1,530) (7,974) (4,082) (5,328) (16,867) EBITDA(a) 384,212 549,091 571,177 664,198 1,068,536 Add back/(less): Fair value gain on financial derivative assets(b) — — — — (6,191) Share of certain associate's fair value losses on investment properties and financial assets at fair value through profit or loss(c) — — — — 40,531 Share-based compensation expense(d) 23,157 18,469 14,082 14,818 26,543 Transaction costs related to ARA acquisition(e) (ii) — — — 27,818 22,463 Listing expenses(g) 2,521 16,345 — — — Write-off related to loss of property, plant and equipment(g) 9,632 — — — — One-off insurance compensation(g) (8,338) — — — — Adjusted EBITDA 411,184 583,905 585,259 706,834 1,151,882 Less: Fair value changes on Investment Properties (“IP”)(f) (172,467) (226,083) (224,680) (274,484) (195,431) Adjusted EBITDA (less fair value changes on IP) 238,717 357,822 360,579 432,350 956,451 Profit after tax and minority interests (PATMI) 203,042 245,177 286,466 349,440 574,145 Add back/(less): Amortisation relating to intangible assets arising from acquisition of ARA, net of tax(e) (iii) — — — — 17,791 Fair value gain on financial derivative assets(b) — — — — (6,191) Share of certain associate's fair value losses on investment properties and financial assets at fair value through profit or loss(c) — — — — 40,531 Share-based compensation (related to ARA)(e) (i) — — — — 5,884 Transaction costs related to ARA acquisition(e) (ii) — — — 27,818 22,463 Listing expenses(g) 2,521 16,345 — — — Write-off related to loss of property, plant and equipment(g) 9,632 — — — — One-off insurance compensation(g) (8,338) — — — — Adjusted PATMI 206,857 261,522 286,466 377,258 654,623 (1) EBITDA, Adjusted EBITDA and Adjusted PATMI are non-IFRS measures. These measures are presented because the Group believes they are useful measures to determine the Group’s financial condition and historical ability to provide investment returns. EBITDA, Adjusted EBITDA, Adjusted PATMI and any other measures of financial performance should not be considered as an alternative to cash flows from operating activities, a measure of liquidity or an alternative to net profit or indicators of the Group’s operating performance on any other measure of performance derived in accordance with IFRS. Because EBITDA, Adjusted EBITDA and Adjusted PATMI are not IFRS measures, these may not be comparable to similarly titled measures presented by other companies. (2) Net debt is calculated as bank and other borrowings less cash and bank balances. (3) With the acquisition of ARA and the Group’s committed asset-light strategy with stable recurring fee income, and reduced balance sheet capital investment, the Group considered that Core PATMI which excludes the fair value of completed investment properties from PATMI would no longer provide useful information to investors and others in understanding and evaluating the Group’s combined result of operations. STRATEGIC REPORT FINANCIAL STATEMENT CORPORATE GOVERNANCE
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