FY22 Results Presentation
Reconciliation of pro forma to statutory EBITDA and NPAT
Reconciliation to Statutory Results
A$m
Pro forma EBITDA
Note
FY22
FY211
308.0
234.7
IPO and transaction costs
1
(36.3)
1.0
Extinguish pre-IPO MEP plan
2
(10.5)
1.2
Foreign exchange impact
3
(9.7)
7.8
Employee IPO Gift
4
(5.1)
Total EBITDA Adjustments
(61.6)
10.0
Statutory EBITDA
246.4
244.7
Pro forma NPATA
166.3
128.6
IPO and transaction costs
1
(36.3)
1.0
Extinguish pre-IPO MEP plan
2
(10.5)
1.2
Foreign exchange impact
3
(9.7)
7.8
Employee IPO Gift
4
(5.1)
Debt refinance - July 2021
5
(24.7)
Reverse pre-IPO bank interest
6
(32.7)
(55.7)
Capital structure on IPO
6
29.3
29.3
(28.3)
(72.7)
22.6
21.4
(73.9)
92.4
9.3
(79.8)
48.9
Shareholder interest expense
Tax expense adjustment
Tax effect of adjustments
Total NPAT Adjustments
Statutory NPATA
Amortisation
Pro forma NPAT
Statutory NPAT
27 |FY22 Results Presentation
789
51.7
50.8
114.6
77.8
40.7
(1.9)
1. IPO and transaction costs - IPO and external advisor costs
2. Extinguish MEP plan - As a result of the Offer, the Management
Equity Plan was fully vested and expensed in the income
statement
3. FX impact - FX impact on fluctuations on USD denominated debt
and intercompany loans
4. IPO gift - on IPO, APM offered a gift of Shares to qualifying
employees
5. Debt refinance - expense associated with APM's refinance of the
first and second lien term loan facility to an all first lien facility in
July 2021
6. Capital structure - proceeds from the IPO were used to pay
down debt and subsequently reduce the interest expense. This
adjustment assumes the go forward capital structure was in place
for the entire period reported
7. Shareholder interest - removing historical interest expense
relating to the non-redeemable preferences (Series A) shares
which converted to ordinary equity on IPO
8. Tax adjustment - removing tax refund in Australia ($10.8m) and
deferred tax impact of losses brought on balance sheet in the UK
($13.0m) less a CGT cost ($1.2m) related to the IPO
9. Tax effect - recognise the tax effect of the abovementioned
adjustments (note: shareholder interest expense is non-
deductible for Australian tax purposes)
(1) FY21 includes an adjustment for advisory costs to align with presentation for FY22 and FY22 prospectus
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