ESR AR 2019 EN

Group Financial Summary 240 Focused FINANCIAL METRICS Financial Year 2016 2017 2018 2019 EBITDA (US$’000) (1) 201,281 369,661 384,212 549,091 Adjusted EBITDA (US$’000) (1) 106,014 181,935 239,586 358,933 Core PATMI (US$’000) (1) 12,743 126,804 147,619 226,723 Net debt (US$’000) (2) 349,720 232,644 879,094 1,686,711 Net debt/total assets 16.6% 7.6% 19.8% 26.6% (1) 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. (2) Net debt is calculated as bank and other borrowings less cash and bank balances. The following table sets out the reconciliations of EBITDA, Adjusted EBITDA and Core PATMI: FINANCIAL YEAR 2016 2017 2018 2019 (in US$’000) Profit before tax 139,732 273,174 270,587 360,334 Add/(less): Depreciation and amortisation 6,059 8,061 10,226 16,363 Finance costs 55,992 90,903 104,929 180,368 Interest income (502) (2,477) (1,530) (7,974) EBITDA 201,281 369,661 384,212 549,091 Add/(less): Exchange (gain)/loss (916) (4,431) 869 1,111 Equity-settled share option expense 75 11,923 23,157 18,469 Fair value loss on derivative financial instruments 12,133 – – – Write-off related to loss of property, plant and equipment – – 9,632 – Listing expenses – – 2,521 16,345 One-off insurance compensation – – (8,338) – Fair value gains on investment properties (106,559) (195,218) (172,467) (226,083) Adjusted EBITDA 106,014 181,935 239,586 358,933 Profit after tax and minority interests 88,267 186,265 203,042 245,177 Add/(less): Fair value gains on completed investment properties (100,799) (95,179) (109,688) (68,568) Tax effect of adjustments 25,200 23,795 28,587 15,300 Listing expenses – – 2,521 16,345 Equity-settled share option expense 75 11,923 23,157 18,469 Core PATMI 12,743 126,804 147,619 226,723