Adjusted EBITDA3 (US$ million) FY2018 FY2017 240 182 FY2019 359 FY2020 366 431 FY2021 FY2018 FY2017 254 153 FY2019 357 FY2020 388 404 FY2021 Revenue (US$ million) FY2018 FY2017 213 201 FY2019 278 FY2020 315 4105 FY2021 Profit after Tax (US$ million) BALANCE SHEET (US$ million) FY2017 FY2018 FY2019 FY2020 FY2021 Total Assets 3,055 4,432 6,352 7,687 9,338 Cash and bank balances 601 581 884 1,515 1,638 Bank and other borrowings 833 1,460 2,571 3,295 4,248 Net debt4 233 879 1,687 1,780 2,610 Net debt/total assets 7.6% 19.8% 26.6% 23.2% 27.9% Notes: 3 Adjusted EBITDA is calculated as profit before tax, adding back depreciation and amortisation, exchange loss/(gain), finance costs, equity-settled share option expense, write-off related to loss of property, plant and equipment, transaction costs relating to ARA 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. 4 Net debt is calculated as bank and other borrowings less cash and bank balances 5 Excludes transaction costs related to ARA * EBITDA, Adjusted EBITDA and Core 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 and Core 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 Core PATMI are not IFRS measures, these may not be comparable to similarly titled measures presented by other companies. Refer to non-IFRS measures reconciliation on page 240. 30.4% 17.7% 4.1% Total Segmental Result (US$ million) Development Investment Fund Management FY2018 FY2017 FY2019 FY2020 FY2021 424 183 234 110 115 256 132 245 289 235 199 342 148 226 79 162 459 633 663 777 17.2% E S R C A Y M A N L I M I T E D A N N U A L R E P O R T 2 0 2 1 9
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