FORWARD TOGETHER Directors’ Report 82 The Board is pleased to present this report together with the Consolidated Financial Statements of the Group for the year ended 31 December 2022. PRINCIPAL ACTIVITIES The Group is APAC’s largest real asset manager powered by the New Economy and the third largest listed real estate investment manager globally. The Group’s fully integrated development and investment management platform extends across key APAC markets, including Greater China, Japan, South Korea, Australia, Singapore, India, New Zealand and Southeast Asia, and also includes an expanding presence in Europe and the U.S.. In the course of the year ended 31 December 2022, 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 managed; and (iii) the investment in completed properties, co-investment in the funds and investment vehicles and the public REITs it managed, 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 CAPITAL Details of the movements in the share capital of the Company and the shares issued during the reporting year are disclosed in note 41 to the Consolidated Financial Statements. BUSINESS REVIEW A fair review of the Group’s business, a discussion about the principal risks and uncertainties facing the Group, and an indication of likely future development in the ESR Group’s FY2022 business are detailed in the sections headed “Operations Overview” on pages 28 to 35, “Financial Review” on pages 36 to 38, “Message from Chairman” and “Message from Group Co-founders & Co-CEOs” on pages 18 to 23, and an analysis using key financial performance indicators are set out in “Financial Highlights” on pages 24 to 25 of this annual report. An analysis using key performance indicators of the ESR Group are set out in the “Operations Review” on pages 28 to 35 of this annual report. RESULTS The financial results of the Group for the year ended 31 December 2022 are set out in the Consolidated Financial Statements of the Group on pages 121 to 239 of this annual report. BANK AND OTHER BORROWINGS Particulars of bank and other borrowings of the Group as at 31 December 2022 are set out in note 25 to the Consolidated Financial Statements. DIVIDENDS The Board has recommended a final dividend of HK$12.5 cents (2021: nil) per share for the year ended 31 December 2022 ("Proposed Dividend"), payable on Friday, 30 June 2023, to shareholders whose names appear on the register of members of the Company at the close of business on Friday, 16 June 2023, being the record date for determining shareholders’ entitlement to the proposed final dividend, subject to the approval of the shareholders at the forthcoming annual general meeting of the Company to be held on Wednesday, 7 June 2023 (the “2023 AGM”). Combined with the interim dividend of HK$12.5 cents per share, the full year dividend amounts to HK$25 cents per share (2021: nil). Details are set out in note 11 to the Consolidated Financial Statements.
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