242 Group Financial Summary FINANCIAL METRICS Financial Year FY2019 FY2020 FY2021 FY2022 FY2023 US$'000 US$'000 US$'000 US$'000 US$'000 EBITDA (1) 549,091 571,177 664,198 1,068,536 724,597 Adjusted EBITDA (1) 583,905 585,259 706,834 1,151,882 885,331 PATMI (1) 245,177 286,466 349,440 574,145 230,849 Adjusted PATMI (1) 261,522 286,466 377,258 654,623 400,338 Net debt (2) 1,686,711 1,779,848 2,609,667 3,689,715 4,977,985 Net debt/total assets (%) 26.6% 23.2% 27.9% 22.8% 30.7% Profit before tax 360,334 410,704 488,840 815,125 394,238 Add/(less): Depreciation and amortisation 16,363 17,141 17,137 47,863 50,343 Finance costs 180,368 147,414 163,549 222,415 312,901 Interest income (7,974) (4,082) (5,328) (16,867) (32,885) EBITDA (a) 549,091 571,177 664,198 1,068,536 724,597 Add back/(less): Changes in fair value of financial derivative assets (b) — — — (6,191) 4,146 Impairment of goodwill and other intangible assets (c) — — — — 29,167 Share of certain associate's fair value losses on investment properties and financial assets at fair value through profit or loss (d) — — — 40,531 108,243 Share-based compensation expense (e) 18,469 14,082 14,818 26,543 19,178 Transaction costs related to ARA acquisition (f) (ii) — — 27,818 22,463 — Listing expenses (h) 16,345 — — — — Adjusted EBITDA 583,905 585,259 706,834 1,151,882 885,331 Less: Fair value changes on Investment Properties (“IP”) (g) (226,083) (224,680) (274,484) (195,431) (187,722) Adjusted EBITDA (less fair value changes on IP) 357,822 360,579 432,350 956,451 697,609 Profit after tax and minority interests (PATMI) 245,177 286,466 349,440 574,145 230,849 Add back/(less): Amortisation relating to intangible assets arising from acquisition of ARA, net of tax (f) (iii) — — — 17,791 18,767 Changes in fair value of financial derivative assets (b) — — — (6,191) 4,146 Impairment of goodwill and other intangible assets (c) — — — — 29,167 Share of certain associate's fair value losses on investment properties and financial assets at fair value through profit or loss (d) — — — 40,531 108,243 Share-based compensation (related to ARA) (f) (i) — — — 5,884 9,166 Transaction costs related to ARA acquisition (f) (ii) — — 27,818 22,463 — Listing expenses (h) 16,345 — — — — Adjusted PATMI 261,522 286,466 377,258 654,623 400,338 (1) 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. (2) Net debt is calculated as bank and other borrowings less cash and bank balances. STRENGTH IN UNITY
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