ESR AR 2019 EN

Notes to the Consolidated Financial Statements 31 December 2019 163 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ESR Annual Report 2019 4. OPERATING SEGMENT INFORMATION (continued) Intersegment sales and transfers are transacted with reference to the selling prices used for sales made to third parties at the then prevailing market prices. Year ended 31 December 2019 Investment Fund management Development Total USD’000 USD’000 USD’000 USD’000 Segment revenue 120,790 166,721 69,858 357,369 – Intersegment sales – 187 – 187 120,790 166,908 69,858 357,556 Reconciliation: Elimination of intersegment sales – (187) – (187) Revenue from continuing operations 120,790 166,721 69,858 357,369 Operating expenses (35,461) (35,453) (97,583) (168,497) Fair value gains on investment properties 68,568 – 157,515 226,083 Changes in fair value of financial assets and liabilities at fair value through profit or loss 35,533 – 38,757 74,290 Share of profits and losses of joint venture and associate 33,058 557 59,740 93,355 Gain on disposal of subsidiaries – – 16,495 16,495 Dividend income 33,599 – – 33,599 Segment result 256,087 131,825 244,782 632,694 Reconciliation: Depreciation and amortisation (16,363) Exchange loss (1,111) Interest income 7,974 Other unallocated gains 11,124 Corporate and other unallocated expenses (75,147) Finance costs (180,368) Equity-settled share option expense (18,469) Profit before tax from continuing operations 360,334 Other segment information: Depreciation and amortisation (16,363) Capital expenditure* 1,340,032 Investments in joint ventures 697,996