ESR AR 2019 EN

Profit after Tax (US$ million) 278 213 201 105 FY19 FY18 FY17 FY16 Total Segmental Results (US$ million) 424 238 FY19 FY18 FY17 FY16 BALANCE SHEET (US$ MILLION) FY2016 FY2017 FY2018 FY2019 Total assets 2,102 3,055 4,432 6,352 Cash and bank balances 486 601 581 884 Bank and other borrowings 835 833 1,460 2,571 Net debt 2 350 233 879 1,687 Net debt/total assets 16.6% 7.6% 19.8% 26.6% 884 US$ million CASH 26.6% NET DEBT / TOTAL ASSETS 51.9% NET DEBT/ EQUITY Notes: 1 Adjusted EBITDA is calculated as profit before tax, adding back depreciation and amortization, exchange loss/(gain), finance costs, equity-settled share option, fair value loss on derivative financial instruments, 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 240. Adjusted EBITDA 1 (US$ million) 359 240 182 106 FY19 FY18 FY17 FY16 Revenue (US$ million) 357 254 153 97 FY19 FY18 FY17 FY16 459 633 149 39 50 183 162 79 234 115 110 256 245 132 • Investment • Fund Management • Development 13 ESR Annual Report 2019 FY2019 FINANCIAL HIGHLIGHTS