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Directors%u2019 ReportESR Group Limited Annual Report 202479STRATEGIC REPORTSFINANCIAL STATEMENTSCORPORATE GOVERNANCEThe Board is pleased to present this report together with the Consolidated Financial Statements of the Group for the year ended 31 December 2024.PRINCIPAL ACTIVITIESThe Group is a New Economy real estate owner and manager, with a core focus in logistics real estate, data centres and infrastructure. The Group%u2019s fully integrated fund management and development platform extends across key APAC markets, comprising Australia/New Zealand, Japan, South Korea, Greater China, Singapore, SEA and India, with a presence in Europe. In the course of the year ended 31 December 2024, the Group was principally engaged in (i) the development, construction and sale of completed properties; (ii) the management of the underlying assets on behalf of its capital partners via the funds and investment vehicles it manages; and (iii) the investment in completed properties, co-investment in the funds and investment vehicles and the public REITs it manages, and other investments. The activities of its principal subsidiaries, associates and joint ventures are set out in notes 1 and 15 to the Consolidated Financial Statements.SHARE CAPITALDetails of the movements in the share capital of the Company and the shares issued during the reporting year are disclosed in note 40 to the Consolidated Financial Statements.BUSINESS REVIEWA fair review of the Group%u2019s business, a discussion about the principal risks and uncertainties facing the Group, and an indication of likely future development in the ESR Group%u2019s FY2024 business are detailed in the sections headed%u201cOperationsOverview%u201donpages24to27,%u201cFinancialReview%u201donpages30to32,%u201cMessagefromChairman%u201dand%u201cMessagefromGroupCo-foundersandCo-CEOs%u201donpages12to17,andananalysisusingkeyfinancialperformanceindicatorsareset out in %u201cFY2024 Performance Highlights%u201d on pages 8 to 9 of this annual report.AnanalysisusingkeyperformanceindicatorsoftheESRGrouparesetoutinthe%u201cOperationsReview%u201donpages24to27of this annual report.RESULTSThe financial results of the Group for the year ended 31 December 2024 are set out in the Consolidated Financial Statements of the Group on pages 123 to 255 of this annual report.BANK AND OTHER BORROWINGSParticulars of bank and other borrowings of the Group as at 31 December 2024 are set out in note 25 to the Consolidated Financial Statements.DIVIDENDSThe Board does not recommend the payment of a final dividend for the year ended 31 December 2024 (2023: HK$12.5 cents).