ESR Group Limited Annual Report 2022 Notes to the Consolidated Financial Statements 31 December 2022 205 34. BUSINESS COMBINATION (continued) ARA Asset Management Limited and its subsidiaries (“ARA Group”) (continued) An analysis of the cash flows in respect of the acquisition of subsidiaries are as follows: Cashflow on acquisition US$’000 Cash consideration (511,659) Cash and bank balances acquired 457,412 Net outflow of cash and cash equivalents included in cash flows related to investing activities (54,247) Since the acquisition, ARA Group contributed US$367,504,000 to the Group’s revenue and US$181,789,000 to the consolidated profit for the year ended 31 December 2022. Had the combination taken place at the beginning of the period, the revenue from continuing operations of the Group and the profit of the Group for the year ended 31 December 2022 would have been US$834,948,000 and US$631,092,000, respectively. STRATEGIC REPORT FINANCIAL STATEMENT CORPORATE GOVERNANCE
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