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LENDLEASE GROUP — Annual Report 2018
Aug 21, 2018
65243_rns_2018-08-21_6d584d59-714f-458c-b9f9-e0ae9215f203.pdf
Annual Report
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22 August 2018
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Lendlease Group 2018 Full Year Financial and Operational Metrics
Lendlease Group today announced its results for the year ended 30 June 2018. Attached is a data file comprising financial and operational metrics covering FY14 – FY18.
An excel file containing the data is available at: www.lendlease.com/investorcentre
The data contained in the excel file is attached to this ASX in PDF format.
ENDS
FOR FURTHER INFORMATION, PLEASE CONTACT:
Investors: Media: Justin McCarthy Stephen Ellaway Mob: 0422 800 321 Mob: 0417 851 287
Lendlease Corporation Limited ABN 32 000 226 228 and Lendlease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lendlease Trust ABN 39 944 184 773 ARSN 128 052 595
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Level 14, Tower Three, International Towers Sydney Telephone +61 2 9236 6111 Exchange Place, 300 Barangaroo Avenue Facsimile +61 2 9252 2192 Barangaroo NSW 2000 Australia lendlease.com
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Group Summary
| Group Summary | ||||||
|---|---|---|---|---|---|---|
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
| Unit | ||||||
| Profit and Loss Summary | ||||||
| Revenue | A$m | 13,973.1 | 13,298.6 | 15,105.3 | 16,671.0 | 16,572.1 |
| Segment EBITDA1 | ||||||
| Development | A$m | 698.9 | 386.1 | 500.2 | 552.4 | 673.2 |
| Construction | A$m | 271.5 | 279.0 | 288.1 | 338.3 | 78.2 |
| Investments | A$m | 434.0 | 477.8 | 457.7 | 495.3 | 668.9 |
| Total Operating Business EBITDA | A$m | 1,404.4 | 1,142.9 | 1,246.0 | 1,386.0 | 1,420.3 |
| Group Services | A$m | (200.7) | (156.8) | (168.7) | (154.4) | (140.1) |
| Group Treasury | A$m | (10.9) | (19.1) | (22.4) | (29.8) | (35.4) |
| Group EBITDA | A$m | 1,192.8 | 967.0 | 1,054.9 | 1,201.8 | 1,244.8 |
| Depreciation & Amortisation | A$m | (87.7) | (79.5) | (82.7) | (98.2) | (106.6) |
| EBIT | A$m | 1,105.1 | 887.5 | 972.2 | 1,103.6 | 1,138.2 |
| Net Finance Revenue/(Costs) | A$m | (106.5) | (119.5) | (109.4) | (96.6) | (72.0) |
| PBT | A$m | 998.6 | 768.0 | 862.8 | 1,007.0 | 1,066.2 |
| Income Tax Expense | A$m | (175.3) | (149.1) | (164.7) | (248.3) | (272.6) |
| External non controlling interests | A$m | (0.4) | (0.3) | 0.1 | (0.1) | (0.8) |
| NPAT attributable to securityholders | A$m | 822.9 | 618.6 | 698.2 | 758.6 | 792.8 |
| Returns and Key Performance Measures | ||||||
| (EPS) Earnings per stapled security on PAT | cents | 142.7 | 106.8 | 120.1 | 130.1 | 136.1 |
| Dividend / Distribution per stapled security | cents | 71.0 | 54.0 | 60.0 | 66.0 | 69.0 |
| Dividend / Distribution Payout ratio | % | 50% | 51% | 50% | 51% | 50% |
| Securities on issue | m | 577 | 580 | 582 | 583 | 574 |
| Weighted average number of securities | m | 577 | 579 | 581 | 583 | 583 |
| Net asset backing per security | A$ | 8.43 | 8.90 | 9.64 | 10.58 | 11.17 |
| Net tangible asset backing per security | A$ | 6.14 | 6.42 | 7.16 | 8.15 | 8.70 |
| Security price at period end | A$ | 13.11 | 15.03 | 12.60 | 16.65 | 19.81 |
| Number of securityholders | no. | 55,046 | 56,966 | 61,521 | 58,642 | 55,648 |
| Number of equivalent full time employees | no. | 13,268 | 12,443 | 12,162 | 12,347 | 13,238 |
| (ROE) PAT to average securityholders' equity | % | 18.2% | 12.4% | 13.0% | 12.9% | 12.7% |
| Development ROIC | % | 23.6% | 9.7% | 11.7% | 13.7% | 13.4% |
| Investments ROIC2 | % | 15.0% | 14.2% | 11.2% | 11.7% | 15.5% |
| Construction EBITDA Margin | % | 2.5% | 2.6% | 2.4% | 2.7% | 0.6% |
| EBITDA Mix by Segment - % Operating EBITDA | ||||||
| Development | % | 49.8% | 33.8% | 40.2% | 39.9% | 47.4% |
| Construction | % | 19.3% | 24.4% | 23.1% | 24.4% | 5.5% |
| Investments | % | 30.9% | 41.8% | 36.7% | 35.7% | 47.1% |
| Key Platform Value Drivers | ||||||
| Development Pipeline | A$b | 37.7 | 44.9 | 48.8 | 49.3 | 71.1 |
| Construction Backlog3 | A$b | 16.2 | 17.3 | 20.7 | 20.6 | 21.1 |
| Funds Under Management | A$b | 16.3 | 21.3 | 23.6 | 26.1 | 30.1 |
| Profit After Tax by Segment & Region4 | ||||||
| Development | A$m | 523.3 | 277.2 | 366.4 | 397.8 | 491.9 |
| Construction | A$m | 144.4 | 159.0 | 190.9 | 211.7 | 22.5 |
| Investments | A$m | 377.8 | 408.6 | 370.7 | 381.4 | 493.4 |
| Australia | A$m | 446.0 | 625.1 | 719.1 | 778.9 | 698.8 |
| Asia | A$m | 73.7 | 17.3 | (20.3) | 13.7 | 61.6 |
| Europe | A$m | 446.9 | 112.3 | 150.8 | 95.4 | 132.5 |
| Americas | A$m | 78.9 | 90.1 | 78.4 | 102.9 | 114.9 |
| Invested Capital by Segment & Region | ||||||
| Development | A$b | 2.4 | 3.3 | 2.9 | 3.0 | 4.3 |
| Investments | A$b | 2.6 | 3.1 | 3.2 | 3.3 | 3.3 |
| Australia | A$b | 4.9 | 5.1 | 4.8 | 4.7 | 4.4 |
| Asia | A$b | 0.3 | 0.5 | 0.5 | 0.7 | 0.9 |
| Europe | A$b | 0.2 | 0.8 | 0.8 | 0.8 | 1.2 |
| Americas | A$b | (0.1) | 0.1 | 0.4 | 0.5 | 1.0 |
| Total Invested Capital5 | A$b | 5.6 | 6.9 | 6.7 | 7.0 | 7.6 |
| Effective Tax Rate | % | 17.6% | 19.4% | 19.1% | 24.7% | 25.6% |
| FX Rates | ||||||
| Income Statement - Period Average | ||||||
| USD | A$/USD | 0.91 | 0.83 | 0.73 | 0.76 | 0.77 |
| GBP | A$/GBP | 0.56 | 0.53 | 0.50 | 0.60 | 0.57 |
| SGD | A$/SGD | 1.16 | 1.09 | 1.01 | 1.05 | 1.04 |
| Balance Sheet - Period End | ||||||
| USD | A$/USD | 0.95 | 0.77 | 0.75 | 0.77 | 0.74 |
| GBP | A$/GBP | 0.55 | 0.49 | 0.56 | 0.59 | 0.56 |
| SGD | A$/SGD | 1.17 | 1.04 | 1.00 | 1.06 | 1.01 |
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Group Summary
| Group Summary | ||||||
|---|---|---|---|---|---|---|
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
| Unit | ||||||
| Corporate Strength | ||||||
| Total tangible assets | A$m | 14,428.1 | 17,514.5 | 17,146.1 | 19,439.1 | 15,542.2 |
| Cash | A$m | 1,715.8 | 750.1 | 1,008.4 | 1,249.2 | 1,177.1 |
| Borrowings | A$m | 2,347.0 | 2,450.3 | 2,031.3 | 2,152.4 | 2,358.5 |
| Operating cash flow | A$m | 822.4 | (166.6) | 853.0 | 146.0 | 72.8 |
| Investing cash flow | A$m | (614.5) | (383.4) | 0.6 | 70.1 | 221.8 |
| Total Operating and Investing cash flow | A$m | 207.9 | (550.0) | 853.6 | 216.1 | 294.6 |
| Financing cash flow | A$m | (110.4) | (465.2) | (620.4) | 8.5 | (397.8) |
| Total cash flow | A$m | 97.5 | (1,015.2) | 233.2 | 224.6 | (103.2) |
| Ratio of current assets to current liabilities | times | 0.7x | 0.7x | 0.7x | 0.6x | 1.0x |
| Ratio of current assets to current liabilities (excluding resident and accommodation bond liabilities) | times | 1.1x | 1.2x | 1.2x | 1.0x | 1.0x |
| Net debt to total tangible assets, less cash6 | % | 5.7% | 10.5% | 6.5% | 5.0% | 8.2% |
| Interest cover | times | 8.1x | 6.6x | 8.0x | 10.3x | 10.7x |
| Average cost of debt | % | 5.4% | 5.2% | 4.6% | 4.9% | 4.8% |
| Average debt maturity | years | 4.7 | 3.9 | 5.3 | 5.1 | 4.6 |
| Balance Sheet | ||||||
| Statement of Financial Position | ||||||
| Current Assets | ||||||
| Cash and cash equivalents | A$m | 1,715.8 | 750.1 | 1,008.4 | 1,249.2 | 1,177.1 |
| Loans and receivables | A$m | 1,777.3 | 3,631.0 | 2,785.0 | 2,749.2 | 2,670.2 |
| Inventories | A$m | 1,345.6 | 1,980.0 | 1,923.0 | 2,152.0 | 2,369.2 |
| Current tax assets | A$m | - | 42.7 | 21.6 | - | - |
| Other financial assets | A$m | 50.4 | 8.6 | 50.7 | 33.0 | 6.7 |
| Other assets | A$m | 43.5 | 83.2 | 69.2 | 77.9 | 91.0 |
| Total current assets | A$m | 4,932.6 | 6,495.6 | 5,857.9 | 6,261.3 | 6,314.2 |
| Non Current Assets | ||||||
| Loans and receivables | A$m | 633.8 | 320.1 | 285.4 | 507.7 | 787.8 |
| Inventories | A$m | 1,785.9 | 2,124.2 | 2,679.9 | 2,975.4 | 3,177.1 |
| Equity accounted investments | A$m | 578.0 | 1,235.8 | 1,152.6 | 834.6 | 2,626.6 |
| Investment properties | A$m | 4,832.0 | 5,994.9 | 5,940.7 | 6,967.4 | 278.2 |
| Other financial assets | A$m | 972.1 | 625.7 | 628.8 | 1,203.3 | 1,547.8 |
| Deferred tax assets | A$m | 251.3 | 305.5 | 109.5 | 129.4 | 120.0 |
| Property, plant and equipment | A$m | 360.3 | 348.8 | 432.3 | 425.8 | 464.7 |
| Intangible assets | A$m | 1,323.7 | 1,444.7 | 1,446.8 | 1,415.1 | 1,421.4 |
| Defined benefit plan asset | A$m | 7.6 | 9.2 | 7.5 | 64.3 | 154.7 |
| Other assets | A$m | 74.5 | 54.7 | 51.5 | 69.9 | 71.1 |
| Total non current assets | A$m | 10,819.2 | 12,463.6 | 12,735.0 | 14,592.9 | 10,649.4 |
| Total assets | A$m | 15,751.8 | 18,959.2 | 18,592.9 | 20,854.2 | 16,963.6 |
| Current Liabilities | ||||||
| Trade and other payables | A$m | 4,034.1 | 5,036.1 | 4,328.8 | 5,578.8 | 5,769.5 |
| Resident liabilities | A$m | 3,195.5 | 4,080.4 | 4,119.5 | 4,573.0 | - |
| Provisions | A$m | 254.6 | 328.8 | 292.4 | 285.6 | 329.9 |
| Current tax liabilities | A$m | 51.4 | - | - | 6.4 | 10.4 |
| Borrowings and financing arrangements | A$m | - | 227.3 | - | 291.9 | 474.8 |
| Other financial liabilities | A$m | 40.0 | 33.7 | 83.6 | 22.0 | 3.4 |
| Total current liabilities | A$m | 7,575.6 | 9,706.3 | 8,824.3 | 10,757.7 | 6,588.0 |
| Non Current Liabilities | ||||||
| Trade and other payables | A$m | 722.3 | 1,586.0 | 1,909.4 | 1,772.1 | 1,530.7 |
| Provisions | A$m | 82.3 | 46.0 | 70.6 | 58.4 | 67.8 |
| Borrowings and financing arrangements | A$m | 2,347.0 | 2,223.0 | 2,031.3 | 1,860.5 | 1,883.7 |
| Defined benefit plan liability | A$m | 39.5 | 68.8 | 3.4 | - | - |
| Other financial liabilities | A$m | 59.6 | 32.3 | 9.7 | 0.8 | 0.7 |
| Deferred tax liabilities | A$m | 56.7 | 128.6 | 129.5 | 238.2 | 478.5 |
| Total non current liabilities | A$m | 3,307.4 | 4,084.7 | 4,153.9 | 3,930.0 | 3,961.4 |
| Total liabilities | A$m | 10,883.0 | 13,791.0 | 12,978.2 | 14,687.7 | 10,549.4 |
| Net Assets | A$m | 4,868.8 | 5,168.2 | 5,614.7 | 6,166.5 | 6,414.2 |
| Equity | ||||||
| Issued capital | A$m | 1,618.2 | 1,256.3 | 1,276.3 | 1,289.8 | 1,296.8 |
| Treasury securities | A$m | (116.1) | (89.9) | (99.5) | (24.7) | (44.1) |
| Reserves7 | A$m | 24.4 | 91.7 | 98.0 | (15.5) | 61.0 |
| Retained earnings7 | A$m | 2,824.0 | 2,936.0 | 3,289.6 | 3,696.8 | 3,855.1 |
| Total equity attributable to members of Lendlease Corporation Limited | A$m | 4,350.5 | 4,194.1 | 4,564.4 | 4,946.4 | 5,168.8 |
| Total equity attributable to unitholders of Lendlease Trust | A$m | 513.3 | 968.0 | 1,048.6 | 1,117.0 | 1,244.5 |
| Total equity attributable to securityholders | A$m | 4,863.8 | 5,162.1 | 5,613.0 | 6,063.4 | 6,413.3 |
| External non controlling interests | A$m | 5.0 | 6.1 | 1.7 | 103.1 | 0.9 |
| Total equity | A$m | 4,868.8 | 5,168.2 | 5,614.7 | 6,166.5 | 6,414.2 |
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Group Summary
| Group Summary | ||||||
|---|---|---|---|---|---|---|
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
| Unit | ||||||
| Cash Flow Statement | ||||||
| Cash Flows from Operating Activities | ||||||
| Cash receipts in the course of operations | A$m | 14,126.7 | 11,896.7 | 16,028.4 | 16,254.6 | 16,354.3 |
| Cash payments in the course of operations | A$m | (13,117.3) | (11,866.7) | (15,154.9) | (15,928.7) | (16,216.4) |
| Interest received | A$m | 23.7 | 15.2 | 12.8 | 9.9 | 13.1 |
| Interest paid | A$m | (149.6) | (151.2) | (134.8) | (120.4) | (122.1) |
| Dividends/distributions received | A$m | 65.1 | 61.4 | 90.0 | 75.4 | 76.5 |
| Income tax received/(paid) in respect of operations | A$m | (126.2) | (122.0) | 11.5 | (144.8) | (32.6) |
| Net cash provided by/(used in) operating activities | A$m | 822.4 | (166.6) | 853.0 | 146.0 | 72.8 |
| Cash Flows from Investing Activities | ||||||
| Sale/redemption of investments | A$m | 147.7 | 615.0 | 330.5 | 164.9 | 74.4 |
| Acquisition of investments | A$m | (606.0) | (653.0) | (563.2) | (257.3) | (448.9) |
| Sale of investment properties | A$m | 17.8 | - | - | - | - |
| Acquisition of/capital expenditure on investment properties | A$m | (119.4) | (209.2) | (25.7) | (244.4) | (112.4) |
| Net loans from/(to) associates and joint ventures | A$m | 27.3 | (22.5) | 38.6 | 5.7 | 409.7 |
| Acquisition of consolidated entities (net of cash acquired and acquisition costs) | A$m | 30.7 | (5.7) | - | - | - |
| Disposal of consolidated entities (net of cash disposed and transaction costs) | A$m | (7.5) | 7.0 | 382.5 | 548.4 | 433.6 |
| Disposal of property, plant and equipment | A$m | 26.9 | 11.7 | 16.7 | 13.1 | 7.9 |
| Acquisition of property, plant and equipment | A$m | (49.5) | (57.4) | (132.7) | (136.4) | (110.3) |
| Acquisition of intangible assets | A$m | (76.0) | (67.3) | (46.1) | (23.9) | (32.2) |
| Other investing activities | A$m | (6.5) | (2.0) | - | - | - |
| Net cash provided by/(used in) investing activities | A$m | (614.5) | (383.4) | 0.6 | 70.1 | 221.8 |
| Cash Flows from Financing Activities | ||||||
| Proceeds from borrowings | A$m | 1,230.6 | 2,276.6 | 5,327.6 | 2,800.6 | 2,021.0 |
| Repayment of borrowings | A$m | (950.2) | (2,333.4) | (5,626.0) | (2,576.8) | (1,870.7) |
| Dividends/distributions paid | A$m | (210.1) | (374.2) | (293.2) | (337.9) | (372.0) |
| Proceeds from sale of treasury activities | A$m | - | - | - | 106.5 | - |
| Payments for on market buyback of stapled securities | A$m | (178.0) | ||||
| Payments for on market buyback of stapled securities - Dividend Reinvestment Plan | A$m | (10.1) | ||||
| Other financing activities | A$m | (180.7) | (34.2) | (28.8) | (20.9) | (9.6) |
| Increase in capital of non controlling interest | A$m | - | - | - | 37.0 | 21.6 |
| Net cash provided by/(used in) financing activities | A$m | (110.4) | (465.2) | (620.4) | 8.5 | (397.8) |
| Effect of foreign exchange rate movements on cash and cash equivalents | A$m | 8.8 | 49.5 | 25.1 | 16.2 | 31.1 |
| Net increase/(decrease) in cash and cash equivalents | A$m | 106.3 | (965.7) | 258.3 | 240.8 | (72.1) |
| Cash and cash equivalents at beginning of financial year | A$m | 1,609.5 | 1,715.8 | 750.1 | 1,008.4 | 1,249.2 |
| Cash and cash equivalents at end of financial year | A$m | 1,715.8 | 750.1 | 1,008.4 | 1,249.2 | 1,177.1 |
| Profit and Loss by Segment | ||||||
| Development Revenue | A$m | 2,313.0 | 1,875.4 | 2,543.9 | 3,433.0 | 3,204.2 |
| Construction Revenue | A$m | 11,016.0 | 10,936.9 | 12,032.4 | 12,644.5 | 12,940.4 |
| Australia | A$m | 6,459.2 | 5,912.7 | 6,271.0 | 6,440.5 | 7,026.5 |
| Asia | A$m | 497.9 | 225.0 | 334.2 | 502.6 | 536.1 |
| Europe | A$m | 1,079.7 | 1,258.0 | 1,341.3 | 1,117.3 | 679.5 |
| Americas | A$m | 2,979.2 | 3,541.2 | 4,085.9 | 4,584.1 | 4,698.3 |
| Investments Revenue | A$m | 625.3 | 468.0 | 510.5 | 566.7 | 393.6 |
| Development EBITDA | A$m | 698.9 | 386.1 | 500.2 | 552.4 | 673.2 |
| Australia | A$m | 96.7 | 336.8 | 391.5 | 497.8 | 551.3 |
| Asia | A$m | (4.9) | (11.7) | (19.1) | (13.5) | 26.7 |
| Europe | A$m | 612.1 | 66.3 | 139.5 | 68.3 | 110.4 |
| Americas | A$m | (5.0) | (5.3) | (11.7) | (0.2) | (15.2) |
| Construction EBITDA | A$m | 271.5 | 279.0 | 288.1 | 338.3 | 78.2 |
| Australia | A$m | 188.6 | 152.6 | 231.8 | 201.4 | (23.1) |
| Asia | A$m | 18.7 | (13.5) | (5.6) | (0.2) | 15.0 |
| Europe | A$m | (25.1) | 23.0 | 5.5 | 31.7 | 22.7 |
| Americas | A$m | 89.3 | 116.9 | 56.4 | 105.4 | 63.6 |
| Investments EBITDA | A$m | 434.0 | 477.8 | 457.7 | 495.3 | 668.9 |
| Australia | A$m | 305.1 | 329.5 | 348.5 | 393.3 | 482.6 |
| Asia | A$m | 80.3 | 64.3 | 14.3 | 35.1 | 55.3 |
| Europe | A$m | 4.6 | 40.2 | 35.1 | 10.2 | 7.4 |
| Americas | A$m | 44.0 | 43.8 | 59.8 | 56.7 | 123.6 |
| Development PAT | A$m | 523.3 | 277.2 | 366.4 | 397.8 | 491.9 |
| Australia | A$m | 66.7 | 241.4 | 275.6 | 348.1 | 383.6 |
| Asia | A$m | (5.3) | (10.4) | (18.7) | (11.9) | 15.2 |
| Europe | A$m | 458.7 | 48.8 | 116.4 | 60.2 | 103.5 |
| Americas | A$m | 3.2 | (2.6) | (6.9) | 1.4 | (10.4) |
| Construction PAT | A$m | 144.4 | 159.0 | 190.9 | 211.7 | 22.5 |
| Australia | A$m | 104.3 | 89.3 | 146.1 | 124.9 | (34.8) |
| Asia | A$m | 13.2 | (15.8) | (6.4) | (2.5) | 4.6 |
| Europe | A$m | (24.0) | 18.5 | 4.1 | 23.5 | 19.7 |
| Americas | A$m | 50.9 | 67.0 | 47.1 | 65.8 | 33.0 |
| Investments PAT | A$m | 377.8 | 408.6 | 370.7 | 381.4 | 493.4 |
| Australia | A$m | 275.0 | 294.4 | 297.4 | 305.9 | 350.0 |
| Asia | A$m | 65.8 | 43.5 | 4.8 | 28.1 | 41.8 |
| Europe | A$m | 12.2 | 45.0 | 30.3 | 11.7 | 9.3 |
| Americas | A$m | 24.8 | 25.7 | 38.2 | 35.7 | 92.3 |
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Group Summary
| Group Summary | ||||||
|---|---|---|---|---|---|---|
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
| Unit | ||||||
| Profit and Loss by Region | ||||||
| Operating Revenue4 | A$m | 13,954.3 | 13,280.3 | 15,086.8 | 16,644.2 | 16,538.2 |
| Operating EBITDA4 | A$m | 1,404.4 | 1,142.9 | 1,246.0 | 1,386.0 | 1,420.3 |
| Australia | A$m | 590.4 | 818.9 | 971.8 | 1,092.5 | 1,010.8 |
| Asia | A$m | 94.1 | 39.1 | (10.4) | 21.4 | 97.0 |
| Europe | A$m | 591.6 | 129.5 | 180.1 | 110.2 | 140.5 |
| Americas | A$m | 128.3 | 155.4 | 104.5 | 161.9 | 172.0 |
| Operating Profit after Tax4 | A$m | 1,045.5 | 844.8 | 928.0 | 990.9 | 1,007.8 |
| Australia | A$m | 446.0 | 625.1 | 719.1 | 778.9 | 698.8 |
| Asia | A$m | 73.7 | 17.3 | (20.3) | 13.7 | 61.6 |
| Europe | A$m | 446.9 | 112.3 | 150.8 | 95.4 | 132.5 |
| Americas | A$m | 78.9 | 90.1 | 78.4 | 102.9 | 114.9 |
| End of sheet |
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Development
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| FY14 | FY15 | FY16 | FY17 | FY18 | ||
|---|---|---|---|---|---|---|
| Unit | ||||||
| Profit and Loss | ||||||
| Development Revenue | A$m | 2,313.0 | 1,875.4 | 2,543.9 | 3,433.0 | 3,204.2 |
| Australia | A$m | 917.0 | 1,508.6 | 2,034.4 | 3,142.0 | 2,855.2 |
| Asia | A$m | 12.5 | 1.0 | 17.5 | 19.6 | 67.2 |
| Europe | A$m | 1,360.0 | 317.6 | 431.7 | 203.6 | 199.1 |
| Americas | A$m | 23.5 | 48.2 | 60.3 | 67.8 | 82.7 |
| Development EBITDA | A$m | 698.9 | 386.1 | 500.2 | 552.4 | 673.2 |
| Australia | A$m | 96.7 | 336.8 | 391.5 | 497.8 | 551.3 |
| Asia | A$m | (4.9) | (11.7) | (19.1) | (13.5) | 26.7 |
| Europe | A$m | 612.1 | 66.3 | 139.5 | 68.3 | 110.4 |
| Americas | A$m | (5.0) | (5.3) | (11.7) | (0.2) | (15.2) |
| Development PAT | A$m | 523.3 | 277.2 | 366.4 | 397.8 | 491.9 |
| Australia | A$m | 66.7 | 241.4 | 275.6 | 348.1 | 383.6 |
| Asia | A$m | (5.3) | (10.4) | (18.7) | (11.9) | 15.2 |
| Europe | A$m | 458.7 | 48.8 | 116.4 | 60.2 | 103.5 |
| Americas | A$m | 3.2 | (2.6) | (6.9) | 1.4 | (10.4) |
| Development ROIC | % | 23.6% | 9.7% | 11.7% | 13.7% | 13.4% |
| Development Invested Capital | A$b | 2.4 | 3.3 | 2.9 | 3.0 | 4.3 |
| Development Pipeline | A$b | 37.7 | 44.9 | 48.8 | 49.3 | 71.1 |
| Development Pipeline | ||||||
| Pipeline - Communities & Retirement | A$b | 12.7 | 12.1 | 11.5 | 14.7 | 15.1 |
| Australia4 | A$b | 12.1 | 11.5 | 14.7 | 14.3 | |
| Asia | A$b | 0.4 | ||||
| Europe | A$b | 0.1 | ||||
| Americas | A$b | 0.3 | ||||
| Pipeline - Urbanisation | A$b | 25.0 | 32.8 | 37.3 | 34.6 | 55.9 |
| Australia | A$b | 14.8 | 17.5 | 16.2 | 15.4 | |
| Asia | A$b | 5.8 | 5.9 | 6.1 | 6.5 | |
| Europe | A$b | 9.4 | 10.5 | 8.0 | 29.2 | |
| Americas | A$b | 2.8 | 3.4 | 4.3 | 4.8 | |
| Pipeline - Infrastructure | A$b | 0.1 | ||||
| Americas | A$b | 0.1 | ||||
| Total pipeline | A$b | 37.7 | 44.9 | 48.8 | 49.3 | 71.1 |
| Australia | A$b | 26.9 | 29.0 | 30.9 | 29.7 | |
| Asia | A$b | 5.8 | 5.9 | 6.1 | 6.9 | |
| Europe | A$b | 9.4 | 10.5 | 8.0 | 29.3 | |
| Americas | A$b | 2.8 | 3.4 | 4.3 | 5.2 | |
| Communities & Retirement4 | ||||||
| Presold | no. | 1,842 | 2,138 | 2,903 | 3,896 | 3,231 |
| Remaining | no. | 56,713 | 53,468 | 53,820 | 53,219 | 49,102 |
| Total pipeline | no. | 58,555 | 55,606 | 56,723 | 57,115 | 52,333 |
| Presold | A$b | 0.4 | 0.5 | 0.7 | 0.9 | 0.8 |
| Remaining | A$b | 12.3 | 11.6 | 10.8 | 13.8 | 14.3 |
| Total pipeline | A$b | 12.7 | 12.1 | 11.5 | 14.7 | 15.1 |
| Urbanisation | ||||||
| Apartments | ||||||
| In delivery - for sale (presold only) | no. | 5,073 | 3,177 | 3,070 | ||
| In delivery - for rent | no. | 850 | 1,513 | |||
| Remaining | no. | 20,417 | 18,325 | 25,917 | ||
| Total pipeline | no. | 25,490 | 22,352 | 30,500 | ||
| Commercial | ||||||
| In delivery | sqm '000 | 375 | 537 | 486 | ||
| Remaining | sqm '000 | 836 | 513 | 1,516 | ||
| Total pipeline | sqm '000 | 1,211 | 1,050 | 2,002 | ||
| Apartments | ||||||
| In delivery - for sale (presold only) | A$b | 3.3 | 3.2 | |||
| In delivery - for rent | A$b | 0.5 | 1.1 | |||
| Remaining | A$b | 17.9 | 27.1 | |||
| Total pipeline | A$b | 21.7 | 31.4 | |||
| Commercial | ||||||
| In delivery | A$b | 6.5 | 7.2 | |||
| Remaining | A$b | 6.4 | 17.3 | |||
| Total pipeline | A$b | 12.9 | 24.5 | |||
| Major Urbanisation Projects1 | ||||||
| Projects | no. | 12 | 13 | 18 | ||
| Gateway cities | no. | 8 | 8 | 10 |
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Development
==> picture [115 x 23] intentionally omitted <==
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
|---|---|---|---|---|---|---|
| Unit | ||||||
| Regional Summary | ||||||
| Communities & Retirement pipeline | no. | 58,555 | 55,606 | 56,723 | 57,115 | 52,333 |
| Australia4 | no. | 54,695 | 51,746 | 52,863 | 53,255 | 49,770 |
| Asia | no. | - | - | - | - | 936 |
| Europe | no. | - | - | - | - | 1 |
| Americas | no. | 3,860 | 3,860 | 3,860 | 3,860 | 1,626 |
| Communities & Retirement pipeline | A$b | 12.7 | 12.1 | 11.5 | 14.7 | 15.1 |
| Australia4 | A$b | 12.1 | 11.5 | 14.7 | 14.3 | |
| Asia | A$b | 0.4 | ||||
| Europe | A$b | 0.1 | ||||
| Americas | A$b | 0.3 | ||||
| Apartments pipeline | no. | 19,109 | 25,960 | 25,490 | 22,352 | 30,500 |
| Australia | no. | 13,810 | 14,890 | 13,905 | 10,128 | 9,367 |
| Asia | no. | - | 2,225 | 2,230 | 2,755 | 2,755 |
| Europe | no. | 5,299 | 5,315 | 4,995 | 4,527 | 14,210 |
| Americas | no. | - | 3,530 | 4,360 | 4,942 | 4,168 |
| Urbanisation pipeline | A$b | 25.0 | 32.8 | 37.3 | 34.6 | 55.9 |
| Australia | A$b | 14.8 | 17.5 | 16.2 | 15.4 | |
| Asia | A$b | 5.8 | 5.9 | 6.1 | 6.5 | |
| Europe | A$b | 9.4 | 10.5 | 8.0 | 29.2 | |
| Americas | A$b | 2.8 | 3.4 | 4.3 | 4.8 | |
| Commercial pipeline | sqm '000 | 1,237 | 1,368 | 1,211 | 1,050 | 2,002 |
| Australia | sqm '000 | 764 | 637 | 604 | 420 | 395 |
| Asia | sqm '000 | - | 368 | 369 | 308 | 278 |
| Europe | sqm '000 | 402 | 311 | 230 | 302 | 1,301 |
| Americas | sqm '000 | 71 | 52 | 8 | 20 | 28 |
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Development
==> picture [115 x 23] intentionally omitted <==
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
|---|---|---|---|---|---|---|
| Unit | ||||||
| Residential for sale Summary | ||||||
| Australian Communities | A$m | 965.7 | 857.2 | |||
| Australian Apartments | A$m | 235.2 | 48.0 | |||
| Asia Apartments | A$m | 228.0 | 235.5 | |||
| Europe Apartments2 | A$m | 218.2 | 237.7 | |||
| Americas Apartments | A$m | 42.0 | 127.1 | |||
| Total Sales | A$m | 1,689.1 | 1,505.5 | |||
| Australian Communities | A$m | 668.3 | 817.5 | 779.8 | 716.1 | 991.4 |
| Australian Apartments | A$m | 200.9 | 16.6 | 794.1 | 1,327.3 | 911.9 |
| Europe Apartments2 | A$m | 76.7 | 313.8 | 374.1 | 489.3 | 247.0 |
| Total Completions | A$m | 945.9 | 1,147.9 | 1,948.0 | 2,532.7 | 2,150.3 |
| Australian Communities | A$m | 405.2 | 494.0 | 697.4 | 947.0 | 812.8 |
| Australian Apartments | A$m | 1,127.5 | 3,413.7 | 3,874.4 | 2,782.3 | 1,918.4 |
| Asia Apartments | A$m | - | - | - | 228.0 | 463.9 |
| Europe Apartments2 | A$m | 871.3 | 1,314.7 | 1,372.6 | 849.9 | 885.3 |
| Americas Apartments | A$m | - | - | - | 42.0 | 168.6 |
| Total Presales | A$m | 2,404.0 | 5,222.4 | 5,944.4 | 4,849.2 | 4,249.0 |
| Australian Communities | no. | 3,563 | 4,118 | 4,058 | 4,162 | 3,247 |
| Australian Apartments | no. | 993 | 2,531 | 1,357 | 321 | 64 |
| Asia Apartments | no. | - | - | - | 210 | 176 |
| Europe Apartments2 | no. | 946 | 987 | 304 | 215 | 377 |
| Americas Apartments | no. | - | - | - | 40 | 60 |
| Total Sales | no. | 5,502 | 7,636 | 5,719 | 4,948 | 3,924 |
| Australian Communities | no. | 3,033 | 3,822 | 3,402 | 3,060 | 3,912 |
| Australian Apartments | no. | 215 | 16 | 876 | 1,807 | 1,056 |
| Europe Apartments2 | no. | 177 | 424 | 327 | 726 | 258 |
| Total Completions | no. | 3,425 | 4,262 | 4,605 | 5,593 | 5,226 |
| Australian Communities | no. | 1,842 | 2,138 | 2,794 | 3,896 | 3,231 |
| Australian Apartments | no. | 1,283 | 3,798 | 4,279 | 2,793 | 1,801 |
| Asia Apartments | no. | - | - | - | 210 | 386 |
| Europe Apartments2 | no. | 1,095 | 1,658 | 1,635 | 1,124 | 1,243 |
| Americas Apartments | no. | - | - | - | 40 | 100 |
| Total Presales | no. | 4,220 | 7,594 | 8,708 | 8,063 | 6,761 |
| Sales | ||||||
| Australian Communities | Avg price $'000 | 232 | 264 | |||
| Australian Apartments | Avg price $'000 | 734 | 750 | |||
| Asia Apartments | Avg price $'000 | 1,086 | 1,338 | |||
| Europe Apartments | Avg price $'000 | 1,015 | 631 | |||
| Americas Apartments | Avg price $'000 | 1,050 | 2,118 | |||
| Completions | ||||||
| Australian Communities | Avg price $'000 | 234 | 253 | |||
| Australian Apartments | Avg price $'000 | 735 | 864 | |||
| Europe Apartments | Avg price $'000 | 674 | 957 | |||
| Presales | ||||||
| Australian Communities | Avg price $'000 | 243 | 252 | |||
| Australian Apartments | Avg price $'000 | 996 | 1,065 | |||
| Asia Apartments | Avg price $'000 | 1,086 | 1,202 | |||
| Europe Apartments | Avg price $'000 | 756 | 712 | |||
| Americas Apartments | Avg price $'000 | 1,050 | 1,686 | |||
| Retirement Development4 | ||||||
| Completions | A$m | 81.3 | - | |||
| Sales | A$m | 81.3 | - | |||
| Completions | no. | 227 | 185 | 176 | - | |
| Sales | no. | 227 | 185 | 176 | - | |
| Avg price | Avg price $'000 | 462 | - |
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==> picture [115 x 23] intentionally omitted <==
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
|---|---|---|---|---|---|---|
| Unit | ||||||
| Residential for rent Summary | ||||||
| Europe | A$b | 0.8 | ||||
| Projects in delivery3 | A$b | 0.8 | ||||
| Europe | No. buildings | 2 | ||||
| Projects in delivery | No. buildings | 2 | ||||
| Europe | No. units | 663 | ||||
| Projects in delivery | No. units | 663 | ||||
| Americas | A$b | 0.5 | 0.5 | |||
| Projects in delivery3 | A$b | 0.5 | 0.5 | |||
| Americas | No. buildings | 3 | 4 | |||
| Projects in delivery | No. buildings | 3 | 4 | |||
| Americas | No. units | 850 | 850 | |||
| Projects in delivery | No. units | 850 | 850 | |||
| Commercial Summary | ||||||
| Australia | A$b | 0.7 | 2.5 | 1.1 | ||
| New projects in delivery | A$b | 0.7 | 2.5 | 1.1 | ||
| Australia | sqm '000 | 63 | 134 | 88 | ||
| New projects in delivery | sqm '000 | 63 | 134 | 88 | ||
| Australia | No. buildings | 2 | 4 | 3 | ||
| New projects in delivery | No. buildings | 2 | 4 | 3 | ||
| Asia | A$b | 2.6 | 1.3 | - | ||
| New projects in delivery | A$b | 2.6 | 1.3 | - | ||
| Asia | sqm '000 | 113 | 154 | - | ||
| New projects in delivery | sqm '000 | 113 | 154 | - | ||
| Asia | No. buildings | 4 | 1 | - | ||
| New projects in delivery | No. buildings | 4 | 1 | - | ||
| Europe | A$b | 1.2 | - | 0.4 | ||
| New projects in delivery | A$b | 1.2 | - | 0.4 | ||
| Europe | sqm '000 | 73 | - | 26 | ||
| New projects in delivery | sqm '000 | 73 | - | 26 | ||
| Europe | No. buildings | 2 | - | 1 | ||
| New projects in delivery | No. buildings | 2 | - | 1 | ||
| Australia | A$b | 1.3 | 2.1 | 0.7 | ||
| Total Completions | A$b | 1.3 | 2.1 | 0.7 | ||
| Australia | sqm '000 | 100 | 109 | 63 | ||
| Total Completions | sqm '000 | 100 | 109 | 63 | ||
| Australia | No. buildings | 2 | 2 | 2 | ||
| Total Completions | No. buildings | 2 | 2 | 2 | ||
| Europe | A$b | 1.1 | ||||
| Total Completions | A$b | 1.1 | ||||
| Europe | sqm '000 | 73 | ||||
| Total Completions | sqm '000 | 73 | ||||
| Europe | No. buildings | 2 | ||||
| Total Completions | No. buildings | 2 | ||||
| Infrastructure | ||||||
| Americas | no. | 288 | 138 | |||
| Telecommunications Towers | no. | 288 | 138 | |||
| End of sheet |
21/08/2018 5:01 PM
Construction
==> picture [130 x 24] intentionally omitted <==
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
|---|---|---|---|---|---|---|
| Unit | ||||||
| Profit and Loss | ||||||
| Construction Revenue | A$m | 11,016.0 | 10,936.9 | 12,032.4 | 12,644.5 | 12,940.4 |
| Australia | A$m | 6,459.2 | 5,912.7 | 6,271.0 | 6,440.5 | 7,026.5 |
| Asia | A$m | 497.9 | 225.0 | 334.2 | 502.6 | 536.1 |
| Europe | A$m | 1,079.7 | 1,258.0 | 1,341.3 | 1,117.3 | 679.5 |
| Americas | A$m | 2,979.2 | 3,541.2 | 4,085.9 | 4,584.1 | 4,698.3 |
| Construction EBITDA | A$m | 271.5 | 279.0 | 288.1 | 338.3 | 78.2 |
| Australia | A$m | 188.6 | 152.6 | 231.8 | 201.4 | (23.1) |
| Asia | A$m | 18.7 | (13.5) | (5.6) | (0.2) | 15.0 |
| Europe | A$m | (25.1) | 23.0 | 5.5 | 31.7 | 22.7 |
| Americas | A$m | 89.3 | 116.9 | 56.4 | 105.4 | 63.6 |
| Construction PAT | A$m | 144.4 | 159.0 | 190.9 | 211.7 | 22.5 |
| Australia | A$m | 104.3 | 89.3 | 146.1 | 124.9 | (34.8) |
| Asia | A$m | 13.2 | (15.8) | (6.4) | (2.5) | 4.6 |
| Europe | A$m | (24.0) | 18.5 | 4.1 | 23.5 | 19.7 |
| Americas | A$m | 50.9 | 67.0 | 47.1 | 65.8 | 33.0 |
| Construction EBITDA Margin | % | 2.5% | 2.6% | 2.4% | 2.7% | 0.6% |
| Australia | % | 2.9% | 2.6% | 3.7% | 3.1% | (0.3%) |
| Asia | % | 3.8% | (6.0%) | (1.7%) | 0.0% | 2.8% |
| Europe | % | (2.3%) | 1.8% | 0.4% | 2.8% | 3.3% |
| Americas | % | 3.0% | 3.3% | 1.4% | 2.3% | 1.4% |
| Total Segment | ||||||
| Revenue | ||||||
| Total | A$m | 11,016.0 | 10,936.9 | 12,032.4 | 12,644.5 | 12,940.4 |
| New Work Secured2 | ||||||
| Building | A$b | 7.3 | 9.1 | 10.8 | 11.1 | 10.0 |
| Engineering | A$b | 1.7 | 1.8 | 2.8 | 1.1 | 3.5 |
| Services | A$b | 1.2 | 0.9 | 1.0 | 1.0 | 0.8 |
| Total | A$b | 10.1 | 11.8 | 14.6 | 13.2 | 14.3 |
| Backlog revenue2 | ||||||
| Building | A$b | 13.1 | 13.6 | 15.1 | 15.7 | 15.2 |
| Engineering | A$b | 2.1 | 2.4 | 3.8 | 3.1 | 4.2 |
| Services | A$b | 1.0 | 1.3 | 1.7 | 1.8 | 1.7 |
| Total | A$b | 16.2 | 17.3 | 20.7 | 20.6 | 21.1 |
| Book to bill | ||||||
| Total | ratio | 0.9 | 1.1 | 1.2 | 1.0 | 1.1 |
| Backlog realisation1 | ||||||
| Next 12 months | % | 0.55 | 0.52 | 0.51 | 0.56 | 0.54 |
| 12 - 24 months | % | 0.26 | 0.25 | 0.29 | 0.28 | 0.3 |
| Beyond 24 months | % | 0.19 | 0.23 | 0.2 | 0.16 | 0.16 |
| Australia | ||||||
| Revenue | ||||||
| Total | A$m | 6,459.2 | 5,912.7 | 6,271.0 | 6,440.5 | 7,026.5 |
| New Work Secured2 | ||||||
| Building | A$b | 3.8 | 3.9 | 4.5 | 3.9 | 4.4 |
| Engineering | A$b | 1.6 | 1.7 | 2.7 | 1.0 | 3.5 |
| Services | A$b | 1.2 | 0.9 | 1.0 | 1.0 | 0.8 |
| Total | A$b | 6.6 | 6.6 | 8.3 | 5.9 | 8.7 |
| Backlog revenue2 | ||||||
| Building | A$b | 6.5 | 6.3 | 6.3 | 6.3 | 6.5 |
| Engineering | A$b | 2.0 | 2.3 | 3.8 | 3.1 | 4.2 |
| Services | A$b | 1.0 | 1.3 | 1.7 | 1.8 | 1.7 |
| Total | A$b | 9.6 | 9.9 | 11.9 | 11.2 | 12.4 |
| Book to bill | ||||||
| Total | ratio | 1.0 | 1.1 | 1.3 | 0.9 | 1.2 |
| Backlog realisation1 | ||||||
| Next 12 months | % | 0.54 | 0.49 | 0.47 | 0.57 | 0.53 |
| 12 - 24 months | % | 0.29 | 0.24 | 0.3 | 0.28 | 0.29 |
| Beyond 24 months | % | 0.17 | 0.27 | 0.23 | 0.15 | 0.18 |
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==> picture [130 x 24] intentionally omitted <==
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
|---|---|---|---|---|---|---|
| Unit | ||||||
| Asia | ||||||
| Revenue | ||||||
| Total | A$m | 497.9 | 225.0 | 334.2 | 502.6 | 536.1 |
| New Work Secured2 | ||||||
| Building | A$b | 0.1 | 0.4 | 0.5 | 0.7 | 0.7 |
| Engineering | A$b | 0.1 | 0.1 | - | 0.1 | - |
| Total | A$b | 0.2 | 0.5 | 0.5 | 0.8 | 0.7 |
| Backlog revenue2 | ||||||
| Building | A$b | 0.1 | 0.4 | 0.6 | 0.8 | 0.9 |
| Engineering | A$b | - | - | - | - | - |
| Total | A$b | 0.1 | 0.4 | 0.6 | 0.8 | 0.9 |
| Book to bill | ||||||
| Total | ratio | 0.4 | 2.2 | 1.5 | 1.6 | 1.3 |
| Backlog realisation1 | ||||||
| Next 12 months | % | 0.82 | 0.69 | 0.91 | 0.69 | 0.42 |
| 12 - 24 months | % | 0.18 | 0.26 | 0.07 | 0.02 | 0.57 |
| Beyond 24 months | % | 0 | 0.05 | 0.02 | 0.29 | 0.01 |
| Europe | ||||||
| Revenue | ||||||
| Total | A$m | 1,079.7 | 1,258.0 | 1,341.3 | 1,117.3 | 679.5 |
| New Work Secured2 | ||||||
| Building | A$b | 0.7 | 1.6 | 1.3 | 0.7 | 1.3 |
| Total | A$b | 0.7 | 1.6 | 1.3 | 0.7 | 1.3 |
| Backlog revenue2 | ||||||
| Building | A$b | 1.1 | 1.5 | 1.5 | 0.8 | 1.5 |
| Total | A$b | 1.1 | 1.5 | 1.5 | 0.8 | 1.5 |
| Book to bill | ||||||
| Total | ratio | 0.6 | 1.3 | 1.0 | 0.6 | 1.9 |
| Backlog realisation1 | ||||||
| Next 12 months | % | 0.88 | 0.66 | 0.71 | 0.66 | 0.56 |
| 12 - 24 months | % | 0.08 | 0.25 | 0.17 | 0.28 | 0.35 |
| Beyond 24 months | % | 0.04 | 0.09 | 0.12 | 0.06 | 0.09 |
| Americas | ||||||
| Revenue | ||||||
| Total | A$m | 2,979.2 | 3,541.2 | 4,085.9 | 4,584.1 | 4,698.3 |
| New Work Secured2 | ||||||
| Building | A$b | 2.8 | 3.2 | 4.5 | 5.8 | 3.6 |
| Total | A$b | 2.8 | 3.2 | 4.5 | 5.8 | 3.6 |
| Backlog revenue2 | ||||||
| Building | A$b | 5.4 | 5.5 | 6.7 | 7.8 | 6.3 |
| Total | A$b | 5.4 | 5.5 | 6.7 | 7.8 | 6.3 |
| Book to bill | ||||||
| Total | ratio | 0.9 | 0.9 | 1.1 | 1.3 | 0.8 |
| Backlog realisation1 | ||||||
| Next 12 months | % | 0.5 | 0.53 | 0.49 | 0.53 | 0.59 |
| 12 - 24 months | % | 0.24 | 0.25 | 0.33 | 0.31 | 0.27 |
| Beyond 24 months | % | 0.26 | 0.22 | 0.18 | 0.16 | 0.14 |
21/08/2018 5:01 PM
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==> picture [130 x 24] intentionally omitted <==
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
|---|---|---|---|---|---|---|
| Unit | ||||||
| By Region & Type | ||||||
| Revenue | ||||||
| Total | A$m | 11,016.0 | 10,936.9 | 12,032.4 | 12,644.5 | 12,940.4 |
| Australia | A$m | 6,459.2 | 5,912.7 | 6,271.0 | 6,440.5 | 7,026.5 |
| Asia | A$m | 497.9 | 225.0 | 334.2 | 502.6 | 536.1 |
| Europe | A$m | 1,079.7 | 1,258.0 | 1,341.3 | 1,117.3 | 679.5 |
| Americas | A$m | 2,979.2 | 3,541.2 | 4,085.9 | 4,584.1 | 4,698.3 |
| New Work Secured2 | ||||||
| Building | A$b | 7.3 | 9.1 | 10.8 | 11.1 | 10.0 |
| Australia | A$b | 3.8 | 3.9 | 4.5 | 3.9 | 4.4 |
| Asia | A$b | 0.1 | 0.4 | 0.5 | 0.7 | 0.7 |
| Europe | A$b | 0.7 | 1.6 | 1.3 | 0.7 | 1.3 |
| Americas | A$b | 2.8 | 3.2 | 4.5 | 5.8 | 3.6 |
| Engineering | A$b | 1.7 | 1.8 | 2.8 | 1.1 | 3.5 |
| Australia | A$b | 1.6 | 1.7 | 2.7 | 1.0 | 3.5 |
| Asia | A$b | 0.1 | 0.1 | - | 0.1 | - |
| Services | A$b | 1.2 | 0.9 | 1.0 | 1.0 | 0.8 |
| Australia | A$b | 1.2 | 0.9 | 1.0 | 1.0 | 0.8 |
| Total | A$b | 10.1 | 11.8 | 14.6 | 13.2 | 14.3 |
| Australia | A$b | 6.6 | 6.6 | 8.3 | 5.9 | 8.7 |
| Asia | A$b | 0.2 | 0.5 | 0.5 | 0.8 | 0.7 |
| Europe | A$b | 0.7 | 1.6 | 1.3 | 0.7 | 1.3 |
| Americas | A$b | 2.8 | 3.2 | 4.5 | 5.8 | 3.6 |
| Backlog revenue2 | ||||||
| Building | A$b | 13.1 | 13.6 | 15.1 | 15.7 | 15.2 |
| Australia | A$b | 6.5 | 6.3 | 6.3 | 6.3 | 6.5 |
| Asia | A$b | 0.1 | 0.4 | 0.6 | 0.8 | 0.9 |
| Europe | A$b | 1.1 | 1.5 | 1.5 | 0.8 | 1.5 |
| Americas | A$b | 5.4 | 5.5 | 6.7 | 7.8 | 6.3 |
| Engineering | A$b | 2.1 | 2.4 | 3.8 | 3.1 | 4.2 |
| Australia | A$b | 2.0 | 2.3 | 3.8 | 3.1 | 4.2 |
| Asia | A$b | - | - | - | - | - |
| Services | A$b | 1.0 | 1.3 | 1.7 | 1.8 | 1.7 |
| Australia | A$b | 1.0 | 1.3 | 1.7 | 1.8 | 1.7 |
| Total | A$b | 16.2 | 17.3 | 20.7 | 20.6 | 21.1 |
| Australia | A$b | 9.6 | 9.9 | 11.9 | 11.2 | 12.4 |
| Asia | A$b | 0.1 | 0.4 | 0.6 | 0.8 | 0.9 |
| Europe | A$b | 1.1 | 1.5 | 1.5 | 0.8 | 1.5 |
| Americas | A$b | 5.4 | 5.5 | 6.7 | 7.8 | 6.3 |
| Backlog realisation1 | ||||||
| Next 12 months | % | 0.55 | 0.52 | 0.51 | 0.56 | 0.54 |
| Australia | % | 0.54 | 0.49 | 0.47 | 0.57 | 0.53 |
| Asia | % | 0.82 | 0.69 | 0.91 | 0.69 | 0.42 |
| Europe | % | 0.88 | 0.66 | 0.71 | 0.66 | 0.56 |
| Americas | % | 0.5 | 0.53 | 0.49 | 0.53 | 0.59 |
| 12 - 24 months | % | 0.26 | 0.25 | 0.29 | 0.28 | 0.3 |
| Australia | % | 0.29 | 0.24 | 0.3 | 0.28 | 0.29 |
| Asia | % | 0.18 | 0.26 | 0.07 | 0.02 | 0.57 |
| Europe | % | 0.08 | 0.25 | 0.17 | 0.28 | 0.35 |
| Americas | % | 0.24 | 0.25 | 0.33 | 0.31 | 0.27 |
| Beyond 24 months | % | 0.19 | 0.23 | 0.2 | 0.16 | 0.16 |
| Australia | % | 0.17 | 0.27 | 0.23 | 0.15 | 0.18 |
| Asia | % | 0 | 0.05 | 0.02 | 0.29 | 0.01 |
| Europe | % | 0.04 | 0.09 | 0.12 | 0.06 | 0.09 |
| Americas | % | 0.26 | 0.22 | 0.18 | 0.16 | 0.14 |
| End of sheet |
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Investments
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| Investments | ||||||
|---|---|---|---|---|---|---|
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
| Unit | ||||||
| Profit and Loss | ||||||
| Investments Revenue | A$m | 625.3 | 468.0 | 510.5 | 566.7 | 393.6 |
| Australia | A$m | 259.0 | 322.3 | 359.7 | 447.2 | 274.3 |
| Asia | A$m | 90.8 | 45.5 | 54.9 | 52.0 | 48.7 |
| Europe | A$m | 226.2 | 48.0 | 25.1 | 7.9 | 21.6 |
| Americas | A$m | 49.3 | 52.2 | 70.8 | 59.6 | 49.0 |
| Investments EBITDA | A$m | 434.0 | 477.8 | 457.7 | 495.3 | 668.9 |
| Australia | A$m | 305.1 | 329.5 | 348.5 | 393.3 | 482.6 |
| Asia | A$m | 80.3 | 64.3 | 14.3 | 35.1 | 55.3 |
| Europe | A$m | 4.6 | 40.2 | 35.1 | 10.2 | 7.4 |
| Americas | A$m | 44.0 | 43.8 | 59.8 | 56.7 | 123.6 |
| Investments PAT | A$m | 377.8 | 408.6 | 370.7 | 381.4 | 493.4 |
| Australia | A$m | 275.0 | 294.4 | 297.4 | 305.9 | 350.0 |
| Asia | A$m | 65.8 | 43.5 | 4.8 | 28.1 | 41.8 |
| Europe | A$m | 12.2 | 45.0 | 30.3 | 11.7 | 9.3 |
| Americas | A$m | 24.8 | 25.7 | 38.2 | 35.7 | 92.3 |
| Investments EBITDA by activity | ||||||
| Ownership interests | A$m | 364 | 350 | 379 | 536 | |
| Operating earnings | A$m | 114 | 108 | 116 | 133 | |
| Investments ROIC1 | % | 15.0% | 14.2% | 11.2% | 11.7% | 15.5% |
| Investments Invested Capital | A$b | 2.6 | 3.1 | 3.2 | 3.3 | 3.3 |
| Operational Metrics (Investments Segment) | ||||||
| Investments | ||||||
| Co-investments | A$m | 1,160.4 | 1,251.6 | 1,380.2 | 1,457.1 | 1,742.6 |
| Australia | A$m | 821.1 | 814.0 | 974.7 | 1,139.7 | 1,375.1 |
| Asia | A$m | 255.3 | 361.5 | 339.8 | 317.4 | 367.5 |
| Europe | A$m | 84.0 | 76.1 | 65.7 | - | - |
| Americas | A$m | - | - | - | - | - |
| Retirement - Australia | A$m | 1,328.8 | 1,580.2 | 1,488.3 | 1,710.7 | 1,303.0 |
| Infrastructure investment | A$m | 117.5 | 130.5 | 124.6 | 160.8 | 329.2 |
| Australia | A$m | 15.0 | 15.2 | 15.2 | 15.2 | 15.2 |
| Asia | A$m | - | - | - | - | - |
| Europe | A$m | 7.3 | 6.1 | - | - | - |
| Americas | A$m | 95.2 | 109.2 | 109.4 | 145.6 | 314.0 |
| Total Investments | A$m | 2,606.7 | 2,962.3 | 2,993.1 | 3,328.6 | 3,374.8 |
| Investments by Region | ||||||
| Australia | A$m | 2,164.9 | 2,409.4 | 2,478.2 | 2,865.6 | 2,693.3 |
| Asia | A$m | 255.3 | 361.5 | 339.8 | 317.4 | 367.5 |
| Europe | A$m | 91.3 | 82.2 | 65.7 | - | - |
| Americas | A$m | 95.2 | 109.2 | 109.4 | 145.6 | 314.0 |
| Funds Under Management | ||||||
| Total | A$b | 16.3 | 21.3 | 23.6 | 26.1 | 30.1 |
| Australia | A$b | 10.9 | 13.8 | 16.5 | 19.3 | 22.4 |
| Asia | A$b | 3.6 | 5.3 | 5.6 | 5.4 | 6.3 |
| Europe | A$b | 1.8 | 2.2 | 1.5 | 1.4 | 1.4 |
| Americas | A$b | - | - | - | - | - |
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Investments
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| Investments | ||||||
|---|---|---|---|---|---|---|
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
| Unit | ||||||
| Retail Assets Under Management | ||||||
| Number of retail centres | no. | 22 | 22 | 22 | 22 | 22 |
| Australia | no. | 16 | 16 | 16 | 16 | 16 |
| Asia | no. | 4 | 4 | 4 | 4 | 4 |
| Europe | no. | 2 | 2 | 2 | 2 | 2 |
| Americas | no. | - | - | - | - | - |
| AUM | A$b | 10.7 | 11.4 | 11.7 | 12.2 | 12.7 |
| Australia | A$b | 6.0 | 6.1 | 6.4 | 7.2 | 7.3 |
| Asia | A$b | 3.8 | 4.3 | 4.4 | 4.2 | 4.6 |
| Europe | A$b | 0.9 | 1.0 | 0.9 | 0.8 | 0.8 |
| Americas | A$b | - | - | - | - | - |
| GLA under management | sqm '000 | 1,189.6 | 1,177.4 | 1,158.7 | 1,201.5 | 1,172.0 |
| Australia | sqm '000 | 753.1 | 740.9 | 722.2 | 747.3 | 744.4 |
| Asia | sqm '000 | 294.8 | 294.8 | 294.8 | 312.5 | 285.9 |
| Europe | sqm '000 | 141.7 | 141.7 | 141.7 | 141.7 | 141.7 |
| Americas | sqm '000 | - | - | - | - | - |
| Retirement2 | ||||||
| Villages - owned | ||||||
| Australia | no. | 66 | 74 | 69 | 71 | 71 |
| Villages - managed/leased/other | ||||||
| Australia | no. | 4 | 4 | 4 | - | - |
| Total number of villages | ||||||
| Australia | no. | 70 | 78 | 73 | 71 | 71 |
| Units - owned | ||||||
| Australia | no. | 11,612 | 12,981 | 12,172 | 12,626 | 12,717 |
| Units - managed/leased/other | ||||||
| Australia | no. | 1,212 | 1,212 | 1,212 | - | - |
| Total number of units | ||||||
| Australia | no. | 12,824 | 14,193 | 13,384 | 12,626 | 12,717 |
| Number of resale units | ||||||
| Australia | no. | 1,082 | 1,038 | 939 | 694 | |
| Long term growth rate | ||||||
| Australia | % | 3.8% | 3.7% | 3.7% | 3.6% | 3.5% |
| Discount rate | ||||||
| Australia | % | 13.3% | 13.3% | 13.3% | 13.0% | 12.3% |
| Pipeline | ||||||
| Australia | no. | 4,422 | ||||
| Pipeline | ||||||
| Australia | A$b | 1.6 | ||||
| Sales/Completions | ||||||
| Australia | no. | 144 | ||||
| Sales/Completions | ||||||
| Australia | A$m | 72.3 | ||||
| Sales/Completions | ||||||
| Australia | Avg price $'000 | 502 |
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Investments
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| Investments | ||||||
|---|---|---|---|---|---|---|
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
| Unit | ||||||
| Infrastructure | ||||||
| Units under management | no. | 54,655 | 54,205 | 53,055 | 53,105 | 52,595 |
| Americas | no. | 54,655 | 54,205 | 53,055 | 53,105 | 52,595 |
| Telecommunications Towers | no. | 135 | 221 | |||
| Americas | no. | 135 | 221 | |||
| Australia | ||||||
| FUM | A$b | 10.9 | 13.8 | 16.5 | 19.3 | 22.4 |
| AUM | ||||||
| Number of retail centres | no. | 16 | 16 | 16 | 16 | 16 |
| AUM | A$b | 6.0 | 6.1 | 6.4 | 7.2 | 7.3 |
| GLA under management | sqm '000 | 753.1 | 740.9 | 722.2 | 747.3 | 744.4 |
| Investments | ||||||
| Co-investments | A$m | 821.1 | 814.0 | 974.7 | 1,139.7 | 1,375.1 |
| Retirement ownership | A$m | 1,328.8 | 1,580.2 | 1,488.3 | 1,710.7 | 1,303.0 |
| Infrastructure investment | A$m | 15.0 | 15.2 | 15.2 | 15.2 | 15.2 |
| Total | A$m | 2,164.9 | 2,409.4 | 2,478.2 | 2,865.6 | 2,693.3 |
| Retirement2 | ||||||
| Villages - owned | no. | 66 | 74 | 69 | 71 | 71 |
| Villages - managed/leased/other | no. | 4 | 4 | 4 | - | - |
| Total number of villages | no. | 70 | 78 | 73 | 71 | 71 |
| Units - owned | no. | 11,612 | 12,981 | 12,172 | 12,626 | 12,717 |
| Units - managed/leased/other | no. | 1,212 | 1,212 | 1,212 | - | - |
| Total number of Units | no. | 12,824 | 14,193 | 13,384 | 12,626 | 12,717 |
| Number of resale units | no. | 1,082 | 1,038 | 939 | 694 | |
| Long term growth rate | % | 3.8% | 3.7% | 3.7% | 3.6% | 3.5% |
| Discount rate | % | 13.3% | 13.3% | 13.3% | 13.0% | 12.3% |
| Pipeline | no. | 4,422 | ||||
| Pipeline | A$b | 1.6 | ||||
| Sales/Completions | no. | 144 | ||||
| Sales/Completions | A$m | 72.3 | ||||
| Sales/Completions | Avg price $'000 | 502 |
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Investments
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| Investments | ||||||
|---|---|---|---|---|---|---|
| FY14 | FY15 | FY16 | FY17 | FY18 | ||
| Unit | ||||||
| Asia | ||||||
| FUM | A$b | 3.6 | 5.3 | 5.6 | 5.4 | 6.3 |
| AUM | ||||||
| Number of retail centres | no. | 4 | 4 | 4 | 4 | 4 |
| AUM | A$b | 3.8 | 4.3 | 4.4 | 4.2 | 4.6 |
| GLA under management | sqm '000 | 294.8 | 294.8 | 294.8 | 312.5 | 285.9 |
| Investments | ||||||
| Co-investments | A$m | 255.3 | 361.5 | 339.8 | 317.4 | 367.5 |
| Total | A$m | 255.3 | 361.5 | 339.8 | 317.4 | 367.5 |
| Europe | ||||||
| FUM | A$b | 1.8 | 2.2 | 1.5 | 1.4 | 1.4 |
| AUM | ||||||
| Number of retail centres | no. | 2 | 2 | 2 | 2 | 2 |
| AUM | A$b | 0.9 | 1.0 | 0.9 | 0.8 | 0.8 |
| GLA under management | sqm '000 | 141.7 | 141.7 | 141.7 | 141.7 | 141.7 |
| Investments | ||||||
| Co-investments | A$m | 84.0 | 76.1 | 65.7 | - | - |
| Infrastructure investment | A$m | 7.3 | 6.1 | - | - | - |
| Total | A$m | 91.3 | 82.2 | 65.7 | - | - |
| Americas | ||||||
| Investments | ||||||
| Infrastructure investment | A$m | 95.2 | 109.2 | 109.4 | 145.6 | 314.0 |
| Total | A$m | 95.2 | 109.2 | 109.4 | 145.6 | 314.0 |
| Infrastructure | ||||||
| Units under management | no. | 54,655 | 54,205 | 53,055 | 53,105 | 52,595 |
| Telecommunications Towers | no. | 135 | 221 |
End of sheet
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Funds Under Management
| FY14 | FY15 | FY16 | FY17 | FY18 | ||||
|---|---|---|---|---|---|---|---|---|
| Unit | Fund Type | Asset Class | ||||||
| Australia | ||||||||
| Funds Under Management | ||||||||
| Australian Prime Property Fund Retail | A$b | Core | Retail | 4.4 | 4.6 | 5.0 | 5.2 | 5.4 |
| Australian Prime Property Fund Commercial | A$b | Core | Office | 1.7 | 2.5 | 2.9 | 3.8 | 4.6 |
| Australian Prime Property Fund Industrial | A$b | Core | Industrial | 0.6 | 0.8 | 0.9 | 0.8 | 0.9 |
| Lendlease Sub Regional Retail Fund | A$b | Core | Retail | - | 0.6 | 0.6 | 0.6 | 0.6 |
| Lendlease Core Plus Fund | A$b | Core Plus | Various | 0.4 | 0.1 | - | - | - |
| Lendlease Communities Fund 1 | A$b | Value Add | Residential | 0.1 | - | - | - | - |
| Lendlease Real Estate Partners 3 | A$b | Enhanced | Retail | 0.5 | - | - | - | - |
| Lendlease Real Estate Partners New Zealand | A$b | Core | Retail | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 |
| Lendlease Retail Partners – Australia Fund | A$b | Core Plus | Retail | 0.1 | 0.1 | - | - | - |
| Lendlease International Towers Sydney Trust | A$b | Core | Office | 1.3 | 2.3 | 3.2 | 3.5 | 4.1 |
| Lendlease Public Infrastructure Investment Company | A$b | Core | Social Infrastructure | - | - | 0.4 | 0.4 | 0.4 |
| Lendlease One International Towers Sydney Trust | A$b | Core | Office | - | 0.9 | 1.3 | 2.0 | 2.5 |
| Managed Investment Mandates | A$b | Core | Various | 1.6 | 1.7 | 2.0 | 2.7 | 3.6 |
| Total FUM | A$b | 10.9 | 13.8 | 16.5 | 19.3 | 22.4 | ||
| Asia | ||||||||
| Funds Under Management | ||||||||
| Parkway Parade Partnership Limited | S$b | Core Plus | Retail | 1.2 | 1.2 | 1.2 | 1.3 | 1.4 |
| Lendlease Jem Partners Fund Limited | S$b | Core | Retail | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| Managed Investment Mandate | S$b | Value Add | Retail and Commercial | - | 1.3 | 1.4 | 1.5 | 1.9 |
| Lendlease Asian Retail Investment Fund (ARIF) | S$b | Core | Retail | 2.5 | 2.5 | 2.5 | 2.4 | 2.6 |
| Total FUM | S$b | 4.2 | 5.5 | 5.6 | 5.7 | 6.4 | ||
| Europe | ||||||||
| Funds Under Management | ||||||||
| Lendlease Retail LP | £b | Core | Retail | 0.8 | 0.8 | 0.9 | 0.8 | 0.7 |
| Lendlease PFI/PPP Infrastructure Fund LP (UKIF) | £b | Core | Infrastructure | 0.2 | 0.2 | - | - | - |
| LRIP LP | £b | Core | Other | 0.1 | ||||
| Total FUM | £b | 1.0 | 1.0 | 0.9 | 0.8 | 0.8 |
End of sheet
21/08/2018 5:01 PM
Legend & Definitions
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Legend
Grey highlighted cell Green highlighted cell 2H numbers included in document Rounding
Data is not included in this data file because it was not previously disclosed. Not applicable.
Note: All 2H information contained in the document is derived via calculation Note: Numbers disclosed are subject to rounding
Term Definition Backlog units Backlog includes Group owned, joint venture and managed projects. The actual number of units for any particular project can vary as planning approvals are obtained. Book to Bill Ratio calculated as new work secured over revenue realised. Co-investment The total market value of Lendlease equity invested across Lendlease managed funds. Represents the Group's assessment of the market value. Commercial backlog sqm Represents net developable land in relation to master-planned urban communities and net developable floor space for other developments. The actual net developable land area and floor space for any particular project can vary as planning approvals are obtained. Completions Apartments - pre-sold units on buildings completed during the period and units sold in the period on completed buildings. Communities & Retirement - units settled in the period on completed land lots or units. Commercial - buildings that have achieved Practical Completion during the period. Construction backlog realisation The proportion of construction backlog revenue which is expected to be earned across future periods. Construction backlog revenue Current year construction backlog revenue is the total revenue to be earned in future periods. Development pipeline Estimated remaining end value of all of the Group’s secured development projects as at period end; Includes 100% of joint venture projects and therefore will not necessarily correlate with the Group’s Profit after Tax. Distribution payout ratio Distribution divided by Profit after Tax. Distribution per security For the full year (FY) reflects the amount of interim and final distribution per stapled security from the Company / Trust. For the half year (1H) reflects the amount of interim distribution per stapled security from the Company / Trust. Earnings per security Profit after Tax divided by the weighted average number of securities on issue during the period (including treasury securities). EBITDA Earnings before interest, tax, depreciation and amortisation. Effective tax rate Income tax expense as a percentage of profit before tax. Funds under management (FUM) Total market value of investments across Lendlease managed funds. Gearing Net debt to total tangible assets, less cash. GLA under management (sqm) Represents the gross lettable area of the centres under management, with the exception of Asia which represents the net lettable area of the centres. Invested capital Represents security holder equity plus net debt. Invested equity Invested equity refers to the contributed equity for each project. Investments Includes equity invested in Lendlease managed funds and direct investment in property and property related assets. Represents the Group’s assessment of market value.
Legend & Definitions
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Legend
Grey highlighted cell Green highlighted cell 2H numbers included in document Rounding
Data is not included in this data file because it was not previously disclosed. Not applicable.
Note: All 2H information contained in the document is derived via calculation Note: Numbers disclosed are subject to rounding
| Term | Definition |
|---|---|
| Investments - operating earnings EBITDA | Earnings primarily derived from the investment management platform and the management of US Military |
| Housing operations. | |
| Investments - ownership interests EBITDA | Returns derived from investments, the Group's Retirement investment, US Military Housing and infrastructure |
| investment. | |
| Market capitalisation | The number of securities on issue multiplied by the security price at period end. |
| Net debt | Borrowings, including certain other financial liabilities, less cash. |
| New work secured revenue | Estimated revenue to be earned from construction contracts secured during the period. New work is secured |
| and forms part of construction backlog revenue when formal contracts are signed. | |
| Presales ($) | Includes 100 per cent of joint venture projects and therefore will not necessarily correlate with the Group’s |
| Profit after Tax. | |
| Presales (units) | Units that have been sold before they are constructed. Includes units sold but not yet in delivery. |
| Profit after tax (PAT) | Profit after Tax attributable to securityholders, determined in accordance with Australian Accounting |
| Standards. | |
| Public Private Partnerships (PPP) | A joint procurement arrangement for infrastructure development contracts between the public and private |
| sectors. | |
| Return on equity (ROE) | Full year (FY) ROE is calculated using the annual statutory Profit after Tax attributable to securityholders |
| divided by the arithmetic average of beginning, half and year end securityholders' equity. | |
| Half year (1H) ROE is calculated on an annualised basis using the half year statutory Profit after Tax | |
| attributable to securityholders divided by the arithmetic average of beginning and half year end securityholders' | |
| equity. | |
| Return on invested capital (ROIC) | Full year (FY) ROIC is calculated using the annual operating Profit after Tax divided by the arithmetic average |
| of beginning, half and year end invested capital. | |
| Half year (1H) ROIC is calculated on an annualised basis using the half year operating Profit after Tax divided | |
| by the arithmetic average of beginning and half year end invested capital. | |
| Urbanisation pipeline | Estimated remaining end value of all of the Group’s secured development projects (excluding Communities and |
| Retirement projects) as at period end; Includes 100% of joint venture projects and therefore will not necessarily | |
| correlate with the Group’s Profit after Tax. | |
| Weighted average number of securities | The time weighted number of securities outstanding during the period. |
Footnotes
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Group Summary
-
Lendlease adopted a revised segment reporting structure with the release of its FY16 results, transitioning from four reporting segments: Development; Infrastructure Development; Construction; and Investment Management, to three reporting segments: Development; Construction; and Investments. Restated historical financial information for the revised segment reporting structures for the reporting periods 1H14 to 1H16 was prepared. More information can be found in the ASX Announcement dated 27 July 2016.
-
FY16 Investments ROIC restated reflecting inclusion of half year end invested capital in calculation.
-
Rounded to the nearest $100m.
-
Excludes Corporate.
-
Total Invested Capital includes Corporate.
-
Net debt and gross borrowings include certain other financial liabilities.
-
HY17 and FY17 restated reflecting the impact of the first time adoption of AASB 9 Financial Instruments.
Development
-
Major Urbanisation Projects are development projects with an estimated development end value greater than A$1bn.
-
1H13, 2H13 and FY13 Europe apartment sales, completions and presales excluded due to sale of Greenwich Peninsula Regeneration Limited.
-
Represents total estimated development end value.
-
Following sale of 25% of Australia's Retirement Living business to APG in HY18 and Lendlease’s remaining 75% investment shifting into Equity Accounted Investments on the Balance Sheet, operational and financial metrics for the Development component were included in the Investments segment.
Construction
-
1H backlog realisation is broken down into the following periods: next 6 months; 6-18 months; and beyond 18 months.
-
Rounded to the nearest $100m.
Investments
-
FY16 Investments ROIC restated reflecting inclusion of half year end invested capital in calculation.
-
Following sale of 25% of Australia's Retirement Living business to APG in HY18 and Lendlease’s remaining 75% investment shifting into Equity Accounted Investments on the Balance Sheet, operational and financial metrics for the Development component were included in the Investments segment.
Important Notice
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This document has been prepared and is issued by Lendlease Corporation Limited (ACN 000 226 228) (Lendlease ) in good faith. Neither Lendlease (including any of its controlled entities), nor Lendlease Trust (together referred to as the Lendlease Group) makes any representation or warranty, express or implied, as to the accuracy, completeness, adequacy or reliability of any statements, estimates, opinions or other information contained in this document (any of which may change without notice). To the maximum extent permitted by law, Lendlease, the Lendlease Group and their respective directors, officers, employees and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered, howsoever arising, through use or reliance on anything contained in or omitted from this document.
This document does not contain any new information but is a compilation of material from Lendlease Group’s results and previously disclosed reports and presentations. Review of this material does not replace the need to review the Lendlease Group results and other previously disclosed reports and presentations for context and information included in those documents.
This document has been prepared without regard to the specific investment objectives, financial situation or needs of any recipient of this presentation. Each recipient should consult with, and rely solely upon, their own legal, tax, business and/or financial advisors in connection with any decision made in relation to the information contained in this presentation.
Lendlease Group’s statutory results are prepared in accordance with International Financial Reporting Standards (IFRS). This document also includes material that is not included in Lendlease Group’s statutory results and contains non-IFRS measures. Material that is not included in Lendlease Group’s statutory results has not been subject to audit. Lendlease Group’s auditors, KPMG, performed agreed upon procedures to ensure consistency of this document with Lendlease Group’s statutory results, other publicly disclosed material and management reports.
This document has been released on the Lendlease website as an excel spreadsheet and the full year data on the ASX platform as a PDF document.