Annual Report 2021

145 Notes to the Financial Statements Miramar Hotel and Investment Company, Limited Annual Report 2021 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 2021 and 2020 is set out below. 2021 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) 814,497 286,243 132,813 13,472 – 1,247,025 Reportable segment results (adjusted EBITDA) 697,003 4,635 (10,759) (23,288) (344) 667,247 Unallocated net corporate expenses (152,399) 514,848 Finance costs (2,235) Net gain on disposal of properties 18,696 Share of profits less losses of associates 180 Other non-operating net gain 3,413 Net decrease in fair value of investment properties (112,143) – – – – (112,143) Consolidated profit before taxation 422,759