Directors’ Report ESR Group Limited Annual Report 2023 81 The Board is pleased to present this report together with the Consolidated Financial Statements of the Group for the year ended 31 December 2023. PRINCIPAL ACTIVITIES The Group is APAC’s leading real asset manager powered by the New Economy and one of the largest listed real estate investment managers. The Group’s fully integrated fund management and development platform extends across key APAC markets, comprising Australia/New Zealand, Japan, South Korea, Greater China, Singapore, SEA and India, with a presence in Europe and the U.S.. In the course of the year ended 31 December 2023, 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 FY2023 business are detailed in the sections headed “Operations Overview” on pages 22 to 26, “Financial Review” on pages 29 to 31, “Message from Chairman” and “Message from Group Co-founders and Co-CEOs” on pages 12 to 17, and an analysis using key financial performance indicators are set out in “Financial Highlights” on pages 10 to 11 of this annual report. An analysis using key performance indicators of the ESR Group are set out in the “Operations Review” on pages 22 to 26 of this annual report. RESULTS The financial results of the Group for the year ended 31 December 2023 are set out in the Consolidated Financial Statements of the Group on pages 125 to 240 of this annual report. BANK AND OTHER BORROWINGS Particulars of bank and other borrowings of the Group as at 31 December 2023 are set out in note 25 to the Consolidated Financial Statements. DIVIDENDS The Board has recommended a final dividend of HK$12.5 cents (2022: HK$12.5 cents) per share for the year ended 31 December 2023 (“Proposed Dividend”), payable on Friday, 28 June 2024, to shareholders whose names appear on the register of members of the Company at the close of business on Friday, 14 June 2024, 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 Friday, 31 May 2024 (the “2024 AGM”). Combined with the interim dividend of HK$12.5 cents per share, the full year dividend amounts to HK$25 cents per share (2022: HK$25 cents). Details are set out in note 11 to the Consolidated Financial Statements. CORPORATE GOVERNANCE FINANCIAL STATEMENTS STRATEGIC REPORTS
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