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12ADVANCING AHEADMessage from Chairman%u201cOUR COMMITMENT IS TO UNLOCK LONG-TERM VALUE AND ENSURE ALL STAKEHOLDERS CAN BENEFIT FROM THE SUCCESS OF OUR BUSINESS, WELL INTO THE FUTURE.%u201dBRETT KRAUSEChairmanDear Shareholders,2024 was a year of transformation for ESR as we solidified our positioning in New Economy real assets, anchored by three strategic growth engines: logistics real estate, data centres, and infrastructure. Our transformation strategy bore fruit in FY2024, with core businesses generating approximately 60% of the Group%u2019s Total Feerelated AUM1,2ofUS$71.4billion.As we continue to operate in a volatile and uncertain environment, our purpose to provide space and investment solutions for a sustainable future will guide our core business focus and strategic priorities. This will ensure that we strengthen resilience and position ESR to capitalise on favourable structural trends presented by digitalisation and decarbonisation to create long-term value for our stakeholders. Nonetheless, the persistent macroeconomic headwinds that have built up in the past few years have had a bearing on the Group%u2019s profitability. In FY2024, ESR recorded Total Revenue of US$639 million,over75%ofwhichwasFundManagementSegment Revenue. Fund Management EBITDA3was US$321 million in FY2024. The Group%u2019s EBITDA4 was negative US$80 million and PATMI5 was negative US$360 million in FY2024. EBITDA and PATMI were significantly impacted by marked-to-market losses tied to noncore divestments, as well as asset and project revaluations which are non-cash in nature. Notes:1Based on FX rates as at 31 December 2024.2Fee-related AUM excludes AUM from Associates and levereduncalledcapital.ReportedfigureofUS$71.4billionis subsequent to the completion of the sale of ARA Private Funds, ARA US Hospitality Trust Manager and interest in ARA US Hospitality Trust.3Fund Management EBITDA excludes the share of fair value of financial derivative assets in relation to an associate; and disposal loss on assets held for sale.4Calculated as (loss)/profit before tax, adding back depreciation and amortisation and finance costs (net). Excludes changes in fair value of financial derivative assets in relation to an associate, impairment losses on noncore divestments/business or near-term divestments, share of fair value losses relating to Cromwell Property Group (%u201cCromwell%u201d), share-based compensation expense; and transaction costs related to a possible privatisation of the Company, which, if proceeded with, could result in a delisting of the Company from the Stock Exchange (%u201cTransaction Costs related to Proposed Privatisation%u201d).5Refers to (loss)/profit after tax and minority interests. Excludes the amortisation of intangible asset attributable to the ARA acquisition (net of tax), changes in fair value of financial derivative assets in relation to an associate, impairment losses on non-core divestments/business or near-term divestments, share of fair value losses relating to Cromwell, share-based compensation expense related to ARA; and Transaction Costs related to Proposed Privatisation.