Excellence: We strive for excellence in every aspect of our business. We maintain high standards of performance and accountability, and we seek to learn, explore and improve continuously. Inclusion: We embrace diversity, equity and inclusion in the workplace. We believe trust and mutual respect among colleagues, partners and stakeholders are cornerstones of growth and success. Entrepreneurship: Our entrepreneurial spirit reflects our passion, courage and desire to succeed and ultimately drives the creation of opportunities and the delivery of superior outcomes in a competitive marketplace. Sustainability: Sustainability is central to our mission because we aspire to improve the environmental prospects of our planet. Our responsibilities to stakeholders, local communities and the world at large grow in tandem with our business. Accordingly, we commit to lead and embrace the highest standards of corporate governance in forging a path to become a carbon neutral business. ESR’s Core Values 4 Overview of ESR 6 ESR’s Business Model 7 Awards and Accolades 8 Positioning for Sustained Long-term Growth 10 Financial Highlights 12 Message from Chairman 15 Message from Group Co-founders and Co-CEOs 18 Year in Review 22 Operations Review 27 Property Portfolio 29 Financial Review 32 Capital Management 36 ESG Performance 119 Independent Auditor’s Report 125 Consolidated Statement of Profit or Loss and Other Comprehensive Income 126 Consolidated Statement of Financial Position 128 Consolidated Statement of Changes in Equity 130 Consolidated Statement of Cash Flows 133 Notes to the Consolidated Financial Statements 241 Group Financial Summary End Corporate Information 43 Board of Directors 50 Group Leadership Team and Business Leadership Team 53 Corporate Structure 54 Investor Relations 57 Risk Management 64 Corporate Governance Report 76 Remuneration Section 81 Directors’ Report STRATEGIC REPORTS CORPORATE GOVERNANCE FINANCIAL STATEMENTS Contents
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