Grab Holdings Limited · NASDAQ:GRAB
Grab — SPAC Merger (April 2021)
71 slides from Grab's SPAC merger presentation, Apr 13, 2021
Slide 1: Working File:https://drive.google.com/drive/u/0/folders/1xMRWmQg2IxJ1KvW0nG9UsJnbQzqygSwq
Working File:https://drive.google.com/drive/u/0/folders/1xMRWmQg2IxJ1KvW0nG9UsJnbQzqygSwq
Slide 2: Disclaimer
Disclaimer 2 This Presentation has been prepared by Grab Holdings Inc. (the “Company”) and Altimeter Growth Corporation (the “SPAC”) in connection with a potential business combination involving the Company and the SPAC (the “Transaction”) and is preliminary in nature and solely for information and
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) 2 The forward-looking statements and financial forecasts and projections contained in this Presentation are subject to a number of factors, risks and uncertainties, some of which are not currently known to us. You should carefully consider the risks and uncertainties described in
Slide 4: Driving Southeast Asia Forward: letter from the co-founders
DRIVING SOUTHEAST ASIA FORWARDA letter from Anthony and Hooi Ling, our co-founders Back in business school where we met, we both took a class called “Business at the Base of the Pyramid”. We were greatly inspired by the many examples of double bottom line companies - those dedicated to delivering pr
Slide 5: Southeast Asia's leading everyday everything app
DRIVING SOUTHEAST ASIA FORWARDA letter from Anthony and Hooi Ling, our co-founders (cont’d) Southeast Asia’s leading everyday everything appToday, we have grown into Southeast Asia’s leading superapp, based on GMV according to Euromonitor. We operate in over 400 cities in eight countries across the
Slide 6: Transaction overview
6 Transaction overview Issuer Altimeter Growth Corp. (Nasdaq: AGC) PIPE Size $4.04B Price $10.00 per common share Valuation $30.36B (Enterprise Value1)$39.55B (Equity Value2) Anchor Order $0.75B from Altimeter Capital Management and affiliates Backstop $500M of Trust Proceeds from Altimeter Capital
Slide 7: Altimeter overview – Grab's long term partner
7 Altimeter overview – Grab’s long term partner + ~$16B Total Firm AUM ~$12B Total Private Capital Managed ~79% Net IRR (VC) Entrepreneur led firm dedicated to helping founders innovate and change the world Leading mid-stage silicon valley, growth VC brandLeading late-stage, crossover investorDeep p
Slide 8: 01. Overview of Grab 02. Key Investment Highlights 03. Financial Highlights 04. Appendix
01. Overview of Grab 02. Key Investment Highlights 03. Financial Highlights 04. Appendix
Slide 9: How we started
How we started
Slide 10: Our mission: drive Southeast Asia forward
Drive Southeast Asia forward by creatingeconomic empowerment for everyone BUILD MARKETPLACES THAT ENABLE EVERYDAY ENTREPRENEURS TO THRIVE Provide delightful experiences that encourage consumers to do business with everyday entrepreneurs. Offer high value. ENSURE THE SUSTAINABILITY OF OUR MISSION Lea
Slide 11: Our mission and H principles
Drive Southeast Asia forward by creatingeconomic empowerment for everyone OUR MISSION To serve our communities and each other HEART Achieving our mission requires grit and drive Kaizen, in big and small ways.Build on ground truths. HUNGER Trust in Grab makes our mission possible Act with integrity.
Slide 12: Our journey so far
Our journey so far 12 2020 2014 2015 2016 2018 2019 2017 2012 2013 Mobility Deliveries Financial Services Enterprise and Others Country Expansion Singapore Philippines Thailand Indonesia Vietnam Myanmar Cambodia Malaysia Acquisition of Uber's business in Southeast Asia Launch of Grab’s first service
Slide 13: #1 Superapp in Southeast Asia
#1 Superapp in Southeast Asia 13 Digital Advertising Deliveries Insurance PayLater Invest Digital Wallet & GrabPay Card Alternative to traditional advertising mediums including prints, television, billboards, classifieds Displace cash transactions Alternative to traditional dining options including
Slide 14: Everyday Everything App deeply integrated into consumers' lives
Everyday Everything App deeply integrated into consumers’ lives 14
Slide 15: Our scale and leadership in Southeast Asia
Our scale and leadership in Southeast Asia GMV in 2020 $12.5B Adjusted Net Revenue in 2020 $1.6B Transactions completed in 2020 1.9B Deliveries1, Mobility and Financial Services2 by GMV #1 Monthly Transacting Users2 as of Dec 2020 25M Cities in 8 countries 400+ Registered Driver Partners as ofDec 20
Slide 16: Strong top-line growth despite COVID-19
Strong top-line growth despite COVID-19 16 Adjusted Net Revenue ($M) Mobility Deliveries Financial Services & Others CAGR: 133 % Adjusted Net Revenue as % of GMV 5% Take rate1 expansion: 3x 14% Note: Quarterly financial statistics are based on management accounts that have not been reviewed or audit
Slide 17: Creating Economic Empowerment for Everyone
Creating Economic Empowerment for Everyone
Slide 18: 190250199 017779 010480 02. Key Investment Highlights 01. Overview of Grab 03. Financial Highlights
190250199 017779 010480 02. Key Investment Highlights 01. Overview of Grab 03. Financial Highlights 04. Appendix
Slide 19: Key investment highlights
Key investment highlights 19 Massive underpenetrated opportunity World-class management and shareholders Proprietary and differentiated technology Hyperlocal approach Deeply integrated Superapp ecosystem Category leadership at scale
Slide 20: Southeast Asia is one of the most attractive digital economies
20 Southeast Asia is one of the most attractive digital economies in the world Underpinned by MSMEsand Informal Economy >180M Informal workers $3.0T 68% Smartphone Penetration4 Large Market with Strong Growth Digital and Mobile Native 7% 2020 - 2025E GDP3 CAGR 2020 GDP >35% MSME contribution to GDP
Slide 21: Large addressable Southeast Asia market opportunity
Large addressable Southeast Asia market opportunity 21 Payments Volume ($) GMV ($) GMV ($) Large unbanked and underbanked populationPoor financial services infrastructure Expensive private vehicle ownership Rapid urbanization fueling the need for efficient transportation Accelerating structural shif
Slide 22: Southeast Asia is still in the early innings of online disruption
22 Southeast Asia is still in the early innings of online disruption Digital financial services promotingfinancial inclusion Online food delivery providing convenience On-demand mobility addressing the infrastructure gap % 2020 electronic transactions (volume) % 2020 banked population (age >15) % 20
Slide 23: Grab is the category leader across segments
Grab is the category leader with growth and profitability at scale across segments 23 Market opportunity Hyperlocalization Technology Team Superapp ecosystem Category leadership Deliveries $3.2B 2020 GMV $5.5B 2020 GMV $8.9B 2020 TPV1 Scale Growth 37% 2020 – 2022E GMV growth 203% 2018 - 2020 GMV CAG
Slide 24: Category leadership in presence, scale and diversity
Category leadership in Southeast Asia in terms of presence, scale and diversity 24 Years of operation Category position1 Diversified business model across 8 countries with no single country contributing > 35% of Adj. Net Revenue MobilityLargest last-mile transportation network 8 DeliveriesLargest de
Slide 25: Highly synergistic ecosystem
25 Highly synergistic ecosystem designed to maximize usage and lower cost of service Underpinned by proprietary technology and financial infrastructure More Driver Partners More Merchant Partners More Consumers More spending More services and ease of access More orders Moreincome More rides /deliver
Slide 26: Deep integration strengthens our Superapp ecosystem
26 Deep integration strengthens our Superapp ecosystem Micro-insurance products leveraging our Mobility and Financial Services businesses Lending solutions leveraging proprietary driver earnings data and our Financial Services business Ads, lending and other solutions leveraging our Deliveries, Fina
Slide 27: Consumers increasingly engaged within our Superapp
27 Consumers are increasingly engaged within our Superapp ecosystem 5x increase 1 service 2 services ≥3 services 2 services 3 services >3 services Users are using more services … which increases retention rates 1-yr retention rate for all users active in Dec 19 % Monthly Transacting Users split by n
Slide 28: Bigger and faster spend by our consumers
28 Bigger and faster spend by our consumers GMV per user 1 by cohort, indexed to year 1 – including 2020 2016 Cohort 2017 Cohort 2018 Cohort 2019 Cohort Year 1 1.00x 1.00x 1.00x 1.00x Year 2 1.41x 1.49x 1.62x 1.45x Year 3 1.93x 2.19x 2.06x Year 4 2.75x 2.78x Year 5 3.63x Cohort GMV growth in 2020 de
Slide 29: Cross vertical synergies accelerating growth
29 Cross vertical synergies accelerating growth and underpinning competitive edge 57% Integrated platform lowers our marketing spend… 1Q20 GrabFood MTUs that are also Mobility MTUs 59% … and optimizes drivers’ time 4Q20 GrabFood two-wheel drivers that are also Mobility drivers2 39% 4Q20 merchants th
Slide 30: Our hyperlocal approach
30 Our hyperlocal approach to outserve our consumers and partners Hyperlocal Execution Enabling local experiences to serve the diversity and richness of 8 countries Longstanding Government Relationships Regular and transparent dialogues with local government agencies to navigate each market’s unique
Slide 31: Localized Superapp for each of our markets
31 Localized Superapp for each of our markets Singapore Indonesia Malaysia Thailand Market opportunity Hyperlocalization Technology Team Superapp ecosystem Category leadership
Slide 32: Strong core technology and AI
32 Strong core technology and AI allows us to build a trusted and customized platform 300 AI & data science workforce 8 R&D centers 40 Terabytes Data generated daily 25M Cumulative POI1 Market opportunity Hyperlocalization Technology Team Superapp ecosystem Category leadership Natural Language Proce
Slide 33: Founders-led team with a deep bench
33 Founders-led team with a deep bench Peter OeyChief Financial Officer Anthony TanCEO & Co-Founder Ming MaaPresident Neneng GoenadiCountry Managing Director at Grab Indonesia Adelene Foo Head of Merchants and GrabExpress Mike Truong Head of Product Demi YuHead of Deliveries Russell CohenGroup Manag
Slide 34: World-class, blue-chip shareholder base
34 World-class, blue-chip shareholder base Market opportunity Hyperlocalization Technology Team Superapp ecosystem Category leadership Series F$790MSep 2016 Series A$5M Apr 2014 May 2014Series B$16M Series C$54MOct 2014 Dec 2014Series D$250M Series D-1$20MMay 2015 Aug 2016Series E$335M Uber acquisit
Slide 35: Creating economic empowerment for everyone
Creating economic empowerment for everyone 35
Slide 36: 03. Financial Highlights 03. FinancialHighlights 01. Overview of Grab 02. Key Investment Highlights 04.
27 03. Financial Highlights 03. FinancialHighlights 01. Overview of Grab 02. Key Investment Highlights 04. Appendix
Slide 37: Growing topline
Growing topline GMV ($B) Adj. Net Revenue ($B) +40% CAGR +96% CAGR +42% CAGR % GMV 7% 8% 13% 14% 13% 13% Actual Projected Actual Projected 37 Note: Our 2018, 2019 and 2020 net revenue on which Adjusted Net Revenue is based is subject to an ongoing PCAOB auditAdjusted Net Revenue is a non-IFRS financ
Slide 38: Improving profitability
Improving profitability Contribution Profit1 ($B) Actual Projected 38 % Adj. Net Revenue 7% 21% 30% 37% (118%) (156)% EBITDA2 ($B) % Adj. Net Revenue (52%) (25%) (5%) 10% (220%) (317)% Actual Projected Mobility segment EBITDA positive since 4Q 2019 Note: Our 2018, 2019 and 2020 net revenue on which
Slide 39: Deliveries is growing rapidly
39 Deliveries is growing rapidly +39% CAGR +203% CAGR Adj. Net Revenue (Pre-InterCo) as % GMV GMV (Pre-InterCo) ($B) Segment EBITDA1 (Pre-InterCo)as % Adj. Net Revenue Actual Projected Actual Projected Actual Projected Take rate improvement to reach steady state Note: The segment GMV, Adjusted Net R
Slide 40: Mobility is EBITDA positive at scale
40 Mobility is EBITDA positive at scale +35% CAGR Actual Projected Actual Projected Actual Projected Take rate improvement to reach steady state GMV (Pre-InterCo) ($B) Segment EBITDA1 (Pre-InterCo)as % GMV Note: The segment GMV, Adjusted Net Revenue and EBITDA figures shown here are "Pre-InterCo" da
Slide 41: Financial Services offer a wide range of products and services
Financial Services offer a wide range of products and services 41 Singapore Malaysia Thailand Philippines Vietnam Indonesia Insurance Wealth Through a co-lending arrangement Lending Payments & Rewards E-wallet ✔ ✔ ✔ ✔ ✔ ✔ Rewards program ✔ ✔ ✔ ✔ ✔ ✔ GrabPay Mastercard ✔ - ✔ - - - PayLater ✔ ✔ ✔ - -
Slide 42: Financial Services is expanding and diversifying
42 Financial Services is expanding and diversifying Adj. Net Revenue (Pre-InterCo) ($M) +23% CAGR TPV (Pre-InterCo) ($B) 19.1 0.5 2.2 +29% CAGR +102% CAGR 7.8 8.9 11.0 14.6 off-Grab TPV on-Grab TPV GrabPayRewardsRemittance Payments Digibank LoansDepositsBanking services Financial Services Lending In
Slide 43: Key investment highlights
Key investment highlights 43 Massive underpenetrated opportunity World-class management and shareholders Proprietary and differentiated technology Hyperlocal approach Deeply integrated Superapp ecosystem Category leadership at scale
Slide 44: 03. Financial Highlights 04. Appendix 01. Overview of Grab 02. Key Investment Highlights 03.
44 03. Financial Highlights 04. Appendix 01. Overview of Grab 02. Key Investment Highlights 03. Financial Highlights
Slide 45: GrabPay helps reinforce our Superapp flywheel
45 GrabPay helps reinforce our Superapp flywheel 1.8x GrabPay users are using more services… Average # of use cases per user1 2.2x …spending more on our platform and 12-month retention rate2 2.2x TPV per user (US$)1 …have higher retention rates than cash users As of Dec 2020For the Dec 2019 cohort
Slide 46: Transaction structure summary
46 Transaction structure summary Sources ($M) SPAC Cash in Trust1 500 PIPE + FPA 4,040 Grab Equity Rollover 34,260 Total Sources 38,800 Uses ($M) Cash to Balance Sheet 4,390 Grab Equity Rollover 34,260 Est. Transaction Expenses 150 Total Uses 38,800 Pro Forma Valuation ($M) PF Shares Outstanding (M)
Slide 47: Transaction Structure - Step 1: SPAC Merger
47 Transaction Structure - Step 1: SPAC Merger SPAC(Cayman) SPACSecurity holders PubCo(Cayman) Merger PubCo stock, warrants Target Merger Sub(Cayman) SPAC Merger Sub(Cayman) New Cayman ListCo (“PubCo”), SPAC Merger Sub and Target Merger Sub are formedPubCo obtains listing approvalSPAC Merger Sub mer
Slide 48: Transaction Structure - Step 2: Target Merger and PIPE Investment
48 Transaction Structure - Step 2: Target Merger and PIPE Investment PIPE investors purchase PubCo sharesTarget Merger Sub merges into Target, with Target survivingOutstanding Target stock cancelled in exchange for PubCo stock PubCo(Cayman) SPACShareholders Target(Cayman) TargetShareholders Target M
Slide 49: Transaction Structure: Resulting Structure
49 PubCo(Cayman) SPACShareholders Target(Cayman) TargetShareholders PIPEInvestors SPAC Merger Sub(Cayman) Transaction Structure: Resulting Structure
Slide 50: Cap table
50 Cap table Ordinary shares beneficially owned immediately prior to closing of the business combination1 Ordinary shares beneficially owned immediately after closing of the business combination1,2 Pre-closing ordinaryshare equivalents % oftotalordinaryshares % ofvotingpower Class A ordinary shares
Slide 51: Pro forma valuation and share bridge
51 ($M) Pre-money enterprise value 30,363 Grab’s existing EV to equity value bridge 3,8971 Pre-money equity value 34,260 Gross primary proceeds 4,540 PIPE size 4,040 SPAC cash in trust2 500 Sponsor promote 125 IPO Grant 427 GrabForGood Fund 200 PF post-money equity value 39,552 PF EV to equity value
Slide 52: Key Terms - Staged Lock-Up Release Plan
52 Key Terms - Staged Lock-Up Release Plan Excludes Sponsor promote shares, IPO grants, GrabForGood fund and shares reserved under the new ESOP / ESPPMembers of management who have not exercised vested options or settled RSUs prior to closing will not be able to exercise or settle such options or RS
Slide 53: Attractively priced relative to our global peers
53 2020–2022 Revenue CAGR 43% 27% 65% 64% 44% 20% 2020–2023 Revenue CAGR 42% 27% 52% 49% 42% 21% Growth adjustedenterprise value / revenue1 2022E multiple 2023E multiple Peer 2022E average: 0.23xPeer 2023E average: 0.17x Enterprise value / revenue Attractively priced relative to our global peers Pee
Slide 54: Reconciliation from Pre-InterCo to Post-InterCo GMV
54 Reconciliation from Pre-InterCo to Post-InterCo GMV Actuals Projections ($B) 2018 2019 2020 2021 2022 2023 Deliveries Pre-InterCo 0.6 2.9 5.5 7.5 10.6 14.7 InterCo adj. 0.0 0.0 0.0 0.0 0.0 0.0 Post-InterCo 0.6 2.9 5.5 7.5 10.6 14.7 Mobility Pre-InterCo 4.6 5.7 3.2 4.2 6.1 7.9 InterCo adj. 0.0 (0.
Slide 55: Reconciliation from Pre-InterCo to Post-InterCo Adj. Net Revenue
55 Reconciliation from Pre-InterCo to Post-InterCo Adj. Net Revenue Actuals Projections ($B) 2018 2019 2020 2021 2022 2023 Deliveries Pre-InterCo 0.0 0.2 0.8 1.2 1.6 2.2 InterCo adj. (0.0) (0.0) (0.0) (0.0) 0.0 0.0 Post-InterCo 0.0 0.2 0.8 1.2 1.6 2.2 Mobility Pre-InterCo 0.4 0.6 0.5 0.8 1.2 1.6 Int
Slide 56: Reconciliation from Pre-InterCo to Post-InterCo EBITDA
56 Reconciliation from Pre-InterCo to Post-InterCo EBITDA Actuals Projections ($B) 2018 2019 2020 2021 2022 2023 Deliveries Pre-InterCo (0.2) (0.8) (0.3) (0.0) 0.1 0.3 InterCo adj. (0.0) 0.0 0.1 0.1 0.1 0.1 Post-InterCo (0.2) (0.8) (0.2) 0.1 0.2 0.5 Mobility Pre-InterCo (0.5) (0.2) 0.3 0.5 0.7 1.0 I
Slide 57: Adjusted Net Revenue reconciliation
57 ($M) 2018 2019 2020 Comment Gross Billing 966 1,667 1,816 Gross Billing is a measure by which the Company evaluates and manages its business. The Company defines Gross Billing as the total sum attributable to the Company from each transaction, without any adjustments for incentives paid to its cu
Slide 58: Reconciliation from EBITDA to Net Loss
58 ($B) 2018 2019 2020 EBITDA (1.3) (2.3) (0.8) Reconciling items: Other income / expense 0.1 - - Interest expense from RCPS (0.4) (1.1) (1.4) Depreciation / amortization (0.8) (0.7) (0.4) Net loss (2.5) (4.0) (2.7) Reconciliation from EBITDA to Net Loss Note: Our 2018, 2019 and 2020 historical fina
Slide 59: Post-InterCo Financials
Post-InterCo Financials Actuals Projections ($B) 2018A 2019A 2020A 2021E 2022E 2023E Overall GMV - Post Inter-Co 5.7 12.2 12.5 16.7 24.7 34.2 Growth (%) 115% 2% 34% 48% 39% MTU1 (Millions) 23 29 25 29 36 43 Growth (%) 27% (16%) 20% 23% 19% GMV per MTU1 ($) 249 419 511 571 684 799 Growth (%) 68% 22%
Slide 60: Post-InterCo Financials (Cont'd)
Post-InterCo Financials (Cont’d) Actuals Projections ($B) 2018A 2019A 2020A 2021E 2022E 2023E Mobility GMV - Post Inter-Co 4.6 5.7 3.2 4.2 6.1 7.9 Growth (%) 23% (43%) 29% 46% 30% Adjusted Net Revenue - Post Inter-Co 0.4 0.6 0.5 0.8 1.2 1.6 Growth (%) 56% (2%) 55% 44% 30% Take Rate (%) 8% 10% 17% 20
Slide 61: Pre-InterCo Financials
Pre-InterCo Financials1 Actuals Projections ($B) 2018A 2019A 2020A 2021E 2022E 2023E Overall GMV - Pre Inter-Co 7.4 16.4 17.6 22.8 31.5 42.0 Growth (%) 121% 7% 29% 38% 33% MTU (Million) 23 29 25 29 36 43 Growth (%) 27% (16%) 20% 23% 19% GMV per MTU ($) 324 563 719 777 872 979 Growth (%) 74% 28% 8% 1
Slide 62: Pre-InterCo Financials (Cont'd)
Pre-InterCo Financials1 (Cont’d) Actuals Projections ($B) 2018A 2019A 2020A 2021E 2022E 2023E Mobility GMV - Pre Inter-Co 4.6 5.7 3.2 4.2 6.1 7.9 Growth (%) 23% (43%) 29% 46% 30% Adjusted Net Revenue - Pre Inter-Co 0.4 0.6 0.5 0.8 1.2 1.6 Growth (%) 54% (2%) 55% 44% 30% Take Rate (%) 8% 10% 17% 20%
Slide 63: Historical balance sheet
63 As of Dec 31 ($M) 2018 2019 2020 Non-current assets 2,362 1,886 1,753 Plant and equipment 405 530 397 Intangible assets and Goodwill 1,750 1,204 908 Investment in associates 23 33 17 Other investment 184 119 431 Current assets 3,308 3,193 3,788 Inventories 1 5 3 Trade and other receivables 389 44
Slide 64: Historical balance sheet (cont'd)
64 As of Dec 31 ($M) 2018 2019 2020 Non-current liabilities 6,117 8,508 10,925 Convertible redeemable preference shares 5,847 8,256 10,726 Loan and Borrowings 162 182 155 Provisions 2 3 3 Other payables 12 16 16 Deferred tax liabilities 93 52 25 Current liabilities 606 843 874 Loan and Borrowings 88
Slide 65: Cash flows from operating activities
65 For the year ended Dec 31 ($M) 2018 2019 2020 Cash flows from operating activities Loss before income tax (2,581) (4,074) (2,735) Adjustments for: Amortisation of intangible assets 757 591 285 Depreciation of property, plant and equipment 58 113 126 Impairment of intangible assets - 32 0 Impairme
Slide 66: Cash flows from investing and financing activities
66 For the year ended Dec 31 (($M) 2018 2019 2020 Cash flows from investing activities Acquisition of property, plant and equipment (59) (72) (63) Acquisition of intangible assets (10) (43) (1) Proceeds from disposal of property, plant and equipment 1 7 0 Proceeds from disposal of subsidiary without
Slide 67: Risk factors relating to Grab
67 Risk factors relating to Grab Grab faces intense competition across the segments and markets it serves.Grab has had deficiencies in net assets and incurred net losses in each year since inception and may not be able to continue to raise sufficient capital or achieve or sustain profitability. Grab
Slide 68: Risk factors relating to Grab (cont'd)
68 Risk factors relating to Grab (cont’d) Grab relies to a large extent on third-party cloud infrastructure services providers, including Amazon Web Services and Microsoft Azure, and any disruption of or interference with Grab’s use of their services could adversely affect Grab’s business, financial
Slide 69: Risk factors relating to Grab (cont'd)
69 Risk factors relating to Grab (cont’d) Grab’s business depends heavily on insurance coverage provided by third parties, and Grab is subject to the risk that this may be insufficient or that insurance providers may be unable to meet their obligations. Grab has incurred a significant amount of debt
Slide 70: Disclaimer: Forward-Looking Statements
Disclaimer Forward-Looking StatementsThis document includes “forward-looking statements” within the meaning of the federal securities laws with respect to the proposed transaction between Grab Holdings Inc. (“Grab”), J1 Holdings Inc. (“PubCo”) and Altimeter Growth Corp. (“AGC”), and also contains ce
Slide 71: Disclaimer (cont'd): Non-IFRS Financial Measures
Disclaimer (cont’d) 2 Non-IFRS Financial MeasuresThis document may also include references to non-IFRS financial measures. Such non-IFRS measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with IFRS, and such non-IFRS measures may