ESR IR 2021 - EN

3 ESR Interim Report 2021 1H2021 Financial Highlights 3. Adjusted EBITDA is calculated as profit before tax, adding back depreciation and amortisation, exchange loss/(gain), finance costs, equity-settled share option expense, and the listing expenses, and eliminating the effect of interest income, 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. Includes construction income. * 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 84. Full Year Ended 31 December Six Months Ended 30 June BALANCE SHEET (US$ million) FY2019 FY2020 1H2020 1H2021 Total assets 6,352 7,687 6,662 8,550 Cash and bank balances 884 1,515 947 1,133 Bank and other borrowings 2,571 3,295 2,855 3,753 Net debt 4 1,687 1,780 1,908 2,620 Net debt/total assets 26.6% 23.2% 28.6% 30.6% CASH US$1.1 billion NET DEBT/TOTAL ASSETS 30.6% NET DEBT/EQUITY 62.3% 1H2021 1H2020 FY20 FY19 215 151 366 359 230 145 315 278 204 198 388 357 633 256 245 132 663 226 289 148 300 109 127 64 415 183 135 97 Investment Fund Management Development 1H2021 1H2020 FY20 FY19 1H2021 1H2020 FY20 FY19 1H2021 1H2020 FY20 FY19 Profit after Tax (US$ million) Total Segmental Results (US$ million) Adjusted EBITDA 3 (US$ million) Revenue 5 (US$ million) 42.3% YoY 58.8% YoY 3.4% YoY 38.6% YoY