Annual Report 2020

142 Notes to the Financial Statements Annual Report 2020 Miramar Hotel and Investment Company, Limited 9 Revenue and segment reporting (Continued) (a) Segment results Revenue and expense are allocated to the reportable segments with reference to sales generated by those segments and the expenses incurred by those segments. The measure used for reporting segment results is “adjusted EBITDA” i.e. “adjusted earnings before interest, taxes, depreciation and amortisation”. To arrive at adjusted EBITDA, the Group’s earnings are further adjusted for items not specifically attributed to individual segments, such as share of profits less losses of associates, other non-operating items and other corporate expenses. Information regarding the Group’s reportable segments as provided to the Group’s board and senior executive management for the purposes of resource allocation and assessment of segment performance for the years ended 31 December 2020 and 2019 is set out below. 2020 Property rental Hotels and serviced apartments Food and beverage operation Travel operation Others Total HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 Reportable segment revenue (revenue from external customers) (Note) 819,396 201,845 119,695 173,669 – 1,314,605 Reportable segment results (adjusted EBITDA) 712,989 (5,315) (11,508) (23,084) (1,220) 671,862 Unallocated corporate expenses (109,478) 562,384 Finance costs (3,320) Share of profits less losses of associates 202 Other non-operating net gain 1,055 Net decrease in fair value of investment properties (152,016) – – – – (152,016) Consolidated profit before taxation 408,305