ESR Group Limited Annual Report 2023 165 Notes to the Consolidated Financial Statements 31 December 2023 4. OPERATING SEGMENT INFORMATION (continued) Year ended 31 December 2022 Investment Fund management New Economy development Total US$’000 US$’000 US$’000 US$’000 Segment revenue 97,123 713,297 10,734 821,154 — Intersegment sales — 1,157 — 1,157 97,123 714,454 10,734 822,311 Reconciliation: Elimination of intersegment sales — (1,157) — (1,157) Revenue from continuing operations 97,123 713,297 10,734 821,154 Operating expenses (28,908) (190,830) (57,946) (277,684) Fair value gains on investment properties 63,167 — 132,264 195,431 Changes in carrying value of financial assets at fair value through profit or loss (22,752) (10) 30,802 8,040 Changes in fair value of assets held for sale 2,869 — 2,522 5,391 Changes in fair value of financial derivative assets — 6,191 — 6,191 Share of profits and losses of joint ventures and associates, net 63,606 27,436 135,674 226,716 Gain/(loss) on disposal of subsidiaries 21,278 (42) 26,937 48,173 Gain/(loss) on disposal of interests in joint ventures and associates (8) — 11,124 11,116 Loss on disposal of interests in financial assets at fair value through profit or loss (875) (8) — (883) Gain on disposal of investment properties 2,348 — 48,275 50,623 Gain on disposal of other assets — — 2,291 2,291 Other income — 16,640 — 16,640 Dividend income 135,798 1,060 — 136,858 Segment result 333,646 573,734 342,677 1,250,057 Reconciliation: Depreciation and amortisation (47,863) Exchange gain 1,011 Interest income 16,867 Finance costs (222,415) Share-based compensation expense (26,543) Other unallocated gains 12,430 Corporate and other unallocated expenses (168,419) Profit before tax from continuing operations 815,125 Other segment information: Depreciation and amortisation (47,863) Capital expenditure* 2,511,252 Investments in joint ventures and associates 2,955,816 * Capital expenditure consists of additions to property, plant and equipment, investment properties and intangible assets including assets from the acquisition of subsidiaries. CORPORATE GOVERNANCE FINANCIAL STATEMENTS STRATEGIC REPORTS
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