RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(Figures in Millions of U.S. dollars (USD)) 

The table below sets forth a reconciliation of our operating profit to non-GAAP free cash flow for the periods indicated:

Three months ended

Mar. 31, 2020

Dec. 31, 2019

USD

USD

USD

Operating profit

29.7

29.7

10.5

Add: Depreciation

33.2

31.7

29.7

         Interest income

0.4

0.5

0.5

Less: Capital expenditures

(37.6)

(56.3)

(20.8)

Interest expense

(1.4)

(1.4)

(1.4)

Income tax expense

(6.0)

(4.8)

(2.0)

Non-GAAP free cash flow

18.3

16.5

The table below sets forth a reconciliation of our operating profit to non-GAAP EBITDA for the periods indicated:

Three months ended

Mar. 31, 2020

Dec. 31, 2019

Mar. 31, 2019

USD

USD

USD

Operating profit

29.7

29.7

10.5

Add: Depreciation

33.2

31.7

29.7

Non-GAAP EBITDA

62.9

40.2

The table below sets forth a calculation of our non-GAAP net debt to equity ratio for the periods indicated:

Mar. 31, 2020

Dec. 31, 2019

Mar. 31, 2019

USD

USD

USD

Short-term bank loans

-

-

9.9

Long-term bank loans
   (including current portion)

415.3

298.9

323.8

Lease liabilities
   (including current portion)

26.8

22.9

28.9

Less:   Cash and cash equivalents

(248.3)

(155.5)

(167.6)

Current financial assets at fair value through profit or loss

(5.0)

-

-

Net debt

188.8

166.3

195.0

Equity attributable to equity holders of the Company

671.4

649.6

605.3

Net debt to equity ratio

28.1%

25.6%

32.2%