ESR AR 2019 EN

Notes to the Consolidated Financial Statements 31 December 2019 164 Focused 4. OPERATING SEGMENT INFORMATION (continued) Year ended 31 December 2018 Investment Fund management Development Total USD’000 USD’000 USD’000 USD’000 Segment revenue 77,904 135,579 40,665 254,148 – Intersegment sales – 895 – 895 77,904 136,474 40,665 255,043 Reconciliation: Elimination of intersegment sales – (895) – (895) Revenue from continuing operations 77,904 135,579 40,665 254,148 Operating expenses (22,887) (25,978) (57,544) (106,409) Fair value gains on investment properties 109,688 – 62,779 172,467 Changes in fair value of financial assets and liabilities at fair value through profit or loss 13,196 – 31,741 44,937 Share of profits and losses of joint venture and associate 30,172 – 35,200 65,372 Gain on disposal of subsidiaries – – 2,662 2,662 Dividend income 25,519 – – 25,519 Segment result 233,592 109,601 115,503 458,696 Reconciliation: Depreciation and amortisation (10,226) Exchange loss (869) Interest income 1,530 Other unallocated gains 7,190 Corporate and other unallocated expenses (57,648) Finance costs (104,929) Equity-settled share option expense (23,157) Profit before tax from continuing operations 270,587 Other segment information: Depreciation and amortisation (10,226) Capital expenditure* 646,396 Investments in joint ventures 404,699 Investments in associates 9,334 * Capital expenditure consists of additions to property, plant and equipment, investment properties and intangible assets including assets from the acquisition of a subsidiary.