ESR Group Limited Annual Report 2022 25 Notes: 4. Excludes transaction costs related to ARA 5. Excludes amortisation of intangibles, transaction costs and share-based compensation expenses relating to ARA; share of certain associates' fair value on investment properties and financial assets at fair value through profit or loss and financial instruments. 6. Excludes share of certain associates' fair value on investment properties, financial assets at fair value through profit or loss and financial instruments. 7. Net debt is calculated as bank and other borrowings less cash and bank balances. # 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. Refer to non-IFRS measures reconciliation in page 241. BALANCE SHEET (US$ MILLION) FY2018 FY2019 FY2020 FY2021 FY2022 Total Assets 4,432 6,352 7,687 9,338 16,199 Cash and bank balances 581 884 1,515 1,638 1,807 Bank and other borrowings 1,460 2,571 3,295 4,248 5,497 Net debt7 879 1,687 1,780 2,610 3,690 Net debt/total assets 19.8% 26.6% 23.2% 27.9% 22.8% FY2022 FY2021 FY2020 FY2019 707 585 584 411 FY2018 1,152 63% FY2022 FY2021 FY2020 FY2019 4104 315 278 213 FY2018 7125 73% FY2022 FY2021 FY2020 FY2019 404 388 357 254 FY2018 821 103% Profit after Tax (US$ million) Total Segmental Results (US$ million) ADJUSTED EBITDA1 (US$ million) Revenue (US$ million) 777 663 633 459 1,2846 115 110 234 245 Investment Fund Management New Economy Development FY2022 FY2021 FY2020 FY2019 FY2018 65% 132 256 289 148 226 235 199 342 342 568 374 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENT
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