ESR Interim Report 2020 (EN)

Profit after Tax (US$ million) Total Segmental Results (US$ million) Full Year Ended 31 December Six Months Ended 30 June Balance Sheet (US$ million) FY2018 FY2019 1H2019 1H2020 Total assets 4,432 6,352 5,946 6,662 Cash and bank balances 581 884 1,010 947 Bank and other borrowings 1,460 2,571 2,804 2,855 Net debt 2 879 1,687 1,793 1,908 Net debt/total assets 19.8% 26.6% 30.2% 28.6% 947 US$ million CASH 28.6% NET DEBT / TOTAL ASSETS 59.8% NET DEBT/ EQUITY Notes: 1 Adjusted EBITDA is calculated as profit before tax, adding back depreciation and amortisation, exchange loss/(gain), finance costs, equity-settled share option, write-off related to loss of property, plant and equipment and the listing expenses, and eliminating the effect of interest income, one-off insurance compensation and fair value gains on completed investment properties and investment properties under construction. 2 Net debt is calculated as bank and other borrowings less cash and bank balances. * Adjusted EBITDA, Core PATMI and EBITDA 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. Adjusted EBITDA, Core PATMI and EBITDA 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 Adjusted EBITDA, Core PATMI and EBITDA are not IFRS measures, these may not be comparable to similarly titled measures presented by other companies. Refer to non-IFRS measures reconciliation in page 74. Adjusted EBITDA 1 (US$ million) 240 FY18 254 FY18 359 FY19 357 FY19 125 1H2019 156 1H2019 151 198 Revenue (US$ million) • Investment • Fund Management • Development 1H2020 1H2020 213 FY18 FY18 278 FY19 633 FY19 84 1H2019 252 1H2019 145 300 1H2020 1H2020 234 256 99 109 110 132 50 64 115 245 103 127 459 + 20.6 % YoY + 26.9 % YoY + 72.1 % YoY 3 ESR Interim Report 2020 1H2020 FINANCIAL HIGHLIGHTS