UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE ENLARGED GROUP Notes for Unaudited Pro Forma Consolidated Statement of Profit or Loss and Other Comprehensive Income of the Enlarged Group Unaudited Pro Forma Operating Segment Information For the year ended 31 December 2021 ESR Cayman Group ARA Group Proforma adjustments Unaudited Pro Forma operating segment information of the Enlarged Group Investment Fund Management Development Total Investment Fund Management Development Total Investment Fund Management Development Total Investment Fund Management Development Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Segment revenue 116,569 244,042 43,815 404,426 – 406,300 – 406,300 – – – – 116,569 650,342 43,815 810,726 – Intersegment sales – – – – – 1,669 – 1,669 – – – – – 1,669 – 1,669 116,569 244,042 43,815 404,426 – 407,969 – 407,969 – – – – 116,569 652,011 43,815 812,395 Reconciliation: Elimination of intersegment sales – – – – – (1,669) – (1,669) – – – – – (1,669) – (1,669) Revenue from continuing operations 116,569 244,042 43,815 404,426 – 406,300 – 406,300 – – – – 116,569 650,342 43,815 810,726 Operating expenses (27,958) (45,086) (89,561) (162,605) (3,919) (161,349) – (165,268) – – – – (31,877) (206,435) (89,561) (327,873) Fair value gains on investment properties 95,825 – 178,659 274,484 (4,433) – – (4,433) – – – – 91,392 – 178,659 270,051 Changes in carrying value of financial assets and liabilities at fair value through profit or loss (4,506) – 18,688 14,182 5,526 228 – 5,754 – – – – 1,020 228 18,688 19,936 Gain on fair value of derivative financial assets – – – – – 5,489 – 5,489 – – – – – 5,489 – 5,489 Share of profits and losses of joint ventures and associates, net 95,411 – 72,643 168,054 9,274 128,169 19,508 156,951 – – – – 104,685 128,169 92,151 325,005 Gain/(loss) on disposal of subsidiaries 1,373 – (953) 420 (438) 300 – (138) – – – – 935 300 (953) 282 Gain/(loss) on disposal of interests in joint ventures and associates 3,315 – 8,074 11,389 – (515) (784) (1,299) – – – – 3,315 (515) 7,290 10,090 Gain on previously held interest in an associate/joint venture – – – – – 6,248 – 6,248 – – – – – 6,248 – 6,248 Gain on disposal of interests in financial assets at fair value through profit or loss – – 1,074 1,074 – (419) – (419) – – – – – (419) 1,074 655 Gain on disposal of assets held for sale – – 2,885 2,885 881 815 – 1,696 – – – – 881 815 2,885 4,581 Dividend income 62,464 – – 62,464 25,166 4,006 – 29,172 – – – – 87,630 4,006 – 91,636 Segment result 342,493 198,956 235,324 776,773 32,057 389,272 18,724 440,053 – – – – 374,550 588,228 254,048 1,216,826 Reconciliation: Depreciation and amortisation (17,137) (14,538) – (31,675) Exchange gain/(loss) 1,587 (1,294) – 293 Interest income 5,328 8,856 – 14,184 Finance costs (163,549) (26,528) – (190,077) Equity-settled share option expense (14,818) (1,724) (27,720) (44,262) Other unallocated gains 1,888 5,732 – 7,620 Corporate and other unallocated expenses (101,232) (77,285) (25,300) (203,817) Profit before tax from continuing operations 488,840 333,272 (53,020) 769,092 Other segment information Depreciation and amortisation (17,137) (14,538) – (31,675) Capital expenditure 1,077,249 1,914 – 1,079,163 Investments in joint ventures and associates 1,331,017 1,429,933 – 2,760,950 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 1 249
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