Company: TGE
Filing Date: 2025-11-21
Form Type: POS AM
Source: 0001213900-25-113604
Chunk: 141

Company: Generation Essentials Group
Filing Date: 2025-11-21
Form: POS AM
Chunk 141
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$4.5 million in 2022 and 2023, respectively, representing the gain from our acquisition of
the business of L’Officiel and The Art Newspaper in April 2022 and October 2023, respectively. We recorded no gain from
a bargain purchase in 2024 or 2025.

Other operating
expenses

Our other operating expenses
were US$3.5 million, US$5.7 million, US$15.5 million, US$6.1 million and US$10.4 million in 2022, 2023 and 2024 and the
six months ended June 30, 2024 and 2025, respectively. Other operating expenses primarily include depreciation relating to our hotel
properties, advertising and promotion expenses, IT related costs, legal and professional fee, premises costs, travelling expenses and
others.

Staff costs

Our staff costs were US$3.9 million,
US$7.9 million, US$13.1 million, US$5.7 million and US$5.7 million in 2022, 2023 and 2024 and the six months ended June 30,
2024 and 2025, respectively. Salaries and bonus and pension scheme contributions are the major components of our staff costs.

Share of profits
(losses) of joint ventures

Our share of profits (losses)
of joint ventures was US$0.8 million in profit, US$2.6 million in losses, US$0.6 million in losses, US$0.6 million in
losses and nil in 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, respectively. Share of profits (losses) of joint
ventures represents our share of losses or profits of our joint venture in the business of investment holding and our Singapore joint
venture in the business of hotel investment.

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Finance costs

Our finance costs were
US$2.6 million, US$7.1 million, US$10.6 million, US$4.8 million and US$4.6 million in 2022, 2023 and 2024 and the six
months ended June 30, 2024 and 2025, respectively. Finance costs consist primarily of interests on our borrowings and interests on amounts
due to non-controlling shareholders of our subsidiaries.

Taxation