ESR IR 2021 - EN

84 STEP FORWARD Non-IFRS Measures 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. The following table sets out the reconciliations of EBITDA, Adjusted EBITDA and Core PATMI: Financial Year FY2019 FY2020 1H2020 1H2021 (in US$’000) Profit before tax 360,334 410,704 192,403 287,610 Add/(less): Depreciation and amortisation 16,363 17,141 7,133 8,266 Finance costs 180,368 147,414 71,659 79,810 Interest income (7,974) (4,082) (1,769) (2,236) EBITDA 549,091 571,177 269,426 373,450 Add/(less): Equity-settled share option expense 18,469 14,082 8,078 5,172 Exchange (gain)/loss 1,111 5,425 (726) 2,091 Listing expenses 16,345 — — — Fair value gains on investment properties (226,083) (224,680) (125,771) (165,901) Adjusted EBITDA 358,933 366,004 151,007 214,812 Profit after tax and minority interests 245,177 286,466 132,993 213,947 Add/(less): Fair value gains on completed investment properties (68,568) (53,717) (26,063) (63,253) Tax effect of adjustments 15,300 13,110 6,196 11,074 Listing expenses 16,345 — — — Equity-settled share option expense 18,469 14,082 8,078 5,172 Core PATMI 226,723 259,941 121,204 166,940