NOTES TO CONDENSED CONSOLIDATED FINANCIAL INFORMATION For the six months ended 30 June 2022 19. BUSINESS COMBINATION (continued) ARA Asset Management Limited and its subsidiaries (“ARA Group”) (continued) An analysis of the cash flows in respect of the acquisition of subsidiaries are as follows: Cashflow on acquisition US$’000 Cash consideration (511,659) Cash and bank balances acquired 457,412 Net outflow of cash and cash equivalents included in cash flows related to investing activities (54,247) Since the acquisition, ARA Group contributed US$210,492,000 to the Group’s revenue and US$140,024,000 to the consolidated profit for the period ended 30 June 2022. Had the combination taken place at the beginning of the period, the revenue from continuing operations of the Group and the profit of the Group for the period ended 30 June 2022 would have been US$445,500,000 and US$419,726,000, respectively. Reconciliation of the carrying amount of the Group’s goodwill at the beginning and end of the reporting period is presented below: US$’000 Gross carrying amount At 1 January 2022 542,636 Acquisition of subsidiaries 2,912,862 At 30 June 2022 3,455,498 Accumulated impairment losses At 1 January 2022 – Impairment losses recognised during the period – At 30 June 2022 – Net carrying amount At 1 January 2022 542,636 At 30 June 2022 3,455,498 E S R G R O U P L I M I T E D I N T E R I M R E P O R T 2 0 2 2 73
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