ESR Interim Report 2020 (EN)

Non-IFRS Measures 74 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. The following table sets out the reconciliations of EBITDA, Adjusted EBITDA and Core PATMI: Financial Year FY2018 FY2019 1H2019 1H2020 (in US$’000) Profit before tax 270,587 360,334 122,713 192,403 Add/(less): Depreciation and amortisation 10,226 16,363 7,296 7,133 Finance costs 104,929 180,368 83,363 71,659 Interest income (1,530) (7,974) (1,768) (1,769) EBITDA 384,212 549,091 211,604 269,426 Add/(less): Exchange (gain)/loss 869 1,111 1,761 (726) Equity-settled share option expense 23,157 18,469 9,885 8,078 Write-off related to loss of property, plant and equipment 9,632 – – – Listing expenses 2,521 16,345 5,478 – One-off insurance compensation (8,338) – – – Fair value gains on investment properties (172,467) (226,083) (103,561) (125,771) Adjusted EBITDA 239,586 358,933 125,167 151,007 Profit after tax and minority interests 203,042 245,177 75,950 132,993 Add/(less): Fair value gains on completed investment properties (109,688) (68,568) (26,800) (26,063) Tax effect of adjustments 28,587 15,300 5,984 6,196 Listing expenses 2,521 16,345 5,478 – Equity-settled share option expense 23,157 18,469 9,885 8,078 Core PATMI 147,619 226,723 70,497 121,204