Operationally and the underlying performance of the assets were better than the headline numbers. ESR’s fund managemet Ebitda of US$579 million comprised around 60% of group Ebitda.
ESR Group’s FY2023 revenue rose by 6% y-o-y to US$871 million, but Patmi fell by 59.8% US$230.8 million because of the absence of fair value gains (accounting-based) and of one-off income, and higher interest expense in FY2023.
Adjusted Patmi, excluding amortisation of goodwill and one-off costs from the ARA acquisition coupled with share-based compensation related to ARA, fell by 38.8% to US$400 million. The extent of ESR's y-o-y Patmi decline was similar to peers.
