ESR Group Limited Annual Report 2023 11 STRATEGIC REPORTS CORPORATE GOVERNANCE STRATEGIC REPORT Notes: 9. Fee Income refers to the Fund Management segment revenue. 10. 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 242. Balance Sheet (US$ million) FY2019 FY2020 FY2021 FY2022 FY2023 Total assets 6,352 7,687 9,338 16,199 16,191 Cash and bank balances 884 1,515 1,638 1,807 1,002 Bank and other borrowings 2,571 3,295 4,248 5,497 5,980 Net debt10 1,687 1,780 2,610 3,690 4,978 Net debt/total assets 26.6% 23.2% 27.9% 22.8% 30.7% FY2020 19 FY2019 15 FY2021 24 FY2022 76 FY2023 81 +6.3% y-o-y 148 FY2020 132 FY2019 FY2021 199 FY2022 5684 FY2023 5794 +2.0% y-o-y 189 FY2020 167 FY2019 FY2021 244 FY2022 713 FY2023 737 177 FY2020 143 FY2019 FY2021 228 FY2022 510 FY2023 554 +3.3% y-o-y +8.8% y-o-y 3-YEAR CAGR: 62% 3-YEAR CAGR: 58% 3-YEAR CAGR: 57% 3-YEAR CAGR: 46% Fund Management EBITDA (US$ million) Fee Income9 (ex. promote fees) (US$ million) Fee-related AUM1,2 (US$ billion) Fee Income9 (US$ million)
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