ESR Group Limited Interim Report 2023 Non-IFRS Measures 99 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. The following table sets out the reconciliations of EBITDA, Adjusted EBITDA and Adjusted PATMI: Financial Year FY2020 FY2021 FY2022 1H2022 1H2023 (in US$'000) Profit before tax 410,704 488,840 815,125 519,486 372,631 Add/(less): Depreciation and amortisation 17,141 17,137 47,863 23,369 23,016 Finance costs 147,414 163,549 222,415 99,308 158,789 Interest income (4,082) (5,328) (16,867) (5,028) (16,988) EBITDA(a) 571,177 664,198 1,068,536 637,135 537,448 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) 14,082 14,818 26,543 10,438 12,281 Transaction costs related to ARA acquisition(e) (ii) – 27,818 22,463 22,463 – Adjusted EBITDA 585,259 706,834 1,151,882 670,036 549,729 Fair value changes on investment properties ("IP")(f) (224,680) (274,484) (195,431) (162,927) (115,307) Adjusted EBITDA (less fair value changes on IP) 360,579 432,350 956,451 507,109 434,422 Profit after tax and minority interests (PATMI) 286,466 349,440 574,145 380,607 288,965 Add back/(less): Amortisation relating to intangible assets arising from acquisition of ARA, net of tax(e) (iii) – – 17,791 8,329 9,306 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 (related to ARA)(e) (i) – – 5,884 628 5,487 Transaction costs related to ARA acquisition(e) (ii) – 27,818 22,463 22,463 – Adjusted PATMI 286,466 377,258 654,623 412,027 303,758
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