NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 December 2021 4. OPERATING SEGMENT INFORMATION (continued) Intersegment sales and transfers are transacted with reference to the selling prices used for sales made to third parties at the then prevailing market prices. Year ended 31 December 2021 Investment Fund management Development Total US$’000 US$’000 US$’000 US$’000 Segment revenue 116,569 244,042 43,815 404,426 Revenue from continuing operations 116,569 244,042 43,815 404,426 Operating expenses (27,958) (45,086) (89,561) (162,605) Fair value gains on investment properties 95,825 – 178,659 274,484 Changes in carrying value of financial assets and liabilities at fair value through profit or loss (4,506) – 18,688 14,182 Share of profits and losses of joint ventures and associates, net 95,411 – 72,643 168,054 Gain on disposal of assets held for sale – – 2,885 2,885 Gain on disposal of interests in joint ventures and associates 3,315 – 8,074 11,389 Gain on disposal of interests in financial assets at fair value through profit or loss – – 1,074 1,074 Gain/(loss) on disposal of subsidiaries 1,373 – (953) 420 Dividend income 62,464 – – 62,464 Segment result 342,493 198,956 235,324 776,773 Reconciliation: Depreciation and amortisation (17,137) Exchange gain 1,587 Interest income 5,328 Finance costs (163,549) Equity-settled share option expense (14,818) Other unallocated gains 1,888 Corporate and other unallocated expenses (101,232) Profit before tax from continuing operations 488,840 Other segment information: Depreciation and amortisation (17,137) Capital expenditure* 1,077,249 Investments in joint ventures and associates 1,331,017 E S R C A Y M A N L I M I T E D A N N U A L R E P O R T 2 0 2 1 169
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