ESR AR 2019 EN

10 Overview of ESR 12 FY2019 Financial Highlights 14 Message from Chairman 18 Message from CEOs 22 Board of Directors 28 Group Senior Management 29 Other Management Team 31 Awards & Accolades 32 Corporate Structure 34 Our Purpose 35 Our Distinctive Business Model 36 Key Trends to Support Our Growth Strategies CONTENTS The figures in this report may be subject to rounding differences. 38 Milestones 40 Operations Review 42 Investment Segment 44 Fund Management Segment 46 Development Segment 48 Financial Review 50 Capital Management 52 Investor Relations & Corporate Communications 54 Risk Management 57 Property Portfolio 60 Corporate Governance Report 68 Environmental, Social and Governance Report 97 Financial Contents 98 Directors’ Report 118 Independent Auditor’s Report 123 Consolidated Statement of Profit or Loss and Other Comprehensive Income 124 Consolidated Statement of Financial Position 126 Consolidated Statement of Changes in Equity 128 Consolidated Statement of Cash Flows 131 Notes to the Consolidated Financial Statements 239 Group Financial Summary End Corporate Information