ESR AR 2021 (EN)

COVER	I
CONTENTS	1
SEIZING NEW OPPORTUNITIES	2
ENHANCING CORE COMPETENCIES	4
GENERATING GREATER YIELD	6
ESR STANDALONE FY2021 STRATEGIC REPORT	8
FY2021 Financial Highlights	8
FY2021 Operational Highlights	10
FY2021 Year In Review	12
FY2021 Awards & Accolades	14
FY2021 Financial Review	16
FY2021 Capital Management	20
FY2021 Property Portfolio	22
ESG Performance	26
CORPORATE GOVERNANCE	36
Message from Chairman	36
Message from CEOs	40
Board of Directors	44
Group Leadership Team & Business Leadership Team	52
Corporate Structure	54
Investor Relations & Corporate Communications	56
Risk Management	59
Corporate Governance Report	64
PRO FORMA ESR GROUP	74
Overview of ESR Group	74
Our Purpose	76
Highly-Scalable Asset-Light Business Model	77
Our Values	78
Establishing a Fully Integrated Closed Loop Solutions Ecosystem for Our Capital Partners	79
Key Trends To Support Our Growth Strategies	80
Operations Review	82
At A Glance	82
Investment Segment	84
Funds Management Segment	86
Development Segment	89
ESR STANDALONE FY2021 FINANCIAL STATEMENT	92
Financial Contents	92
Directors’ Report	93
Independent Auditor’s Report	124
Consolidated Statement of Profit or Loss and Other Comprehensive Income	129
Consolidated Statement of Financial Position	130
Consolidated Statement of Changes in Equity	132
Consolidated Statement of Cash Flows	134
Notes to the Consolidated Financial Statements	137
Group Financial Summary	239
Unaudited Pro Forma Financial Information of the Enlarged Group	241
Corporate Information	253
BACK COVER	254

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