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LENDLEASE GROUP — Annual Report 2021
Aug 15, 2021
65243_rns_2021-08-15_bdaea7e0-f41d-488a-9de7-19ac50b04234.pdf
Annual Report
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16 August 2021
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Lendlease Group 2021 Full Year Financial and Operational Metrics
Lendlease Group today announced its results for the year ended 30 June 2021. Attached is a data file comprising financial and operational metrics covering FY17 – FY21.
An excel file containing the data is available at: https://www.lendlease.com/au/investor-centre
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: +61 422 800 321 Mob: +61 417 851 287
Authorised for lodgement by the Lendlease Group Disclosure Committee
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 Exchange Place, 300 Barangaroo Avenue Barangaroo NSW 2000 Australia
Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 lendlease.com
Core Business
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| Core Business | ||||||
|---|---|---|---|---|---|---|
| FY17 | FY18 | FY19 | FY20 | FY21 | ||
| Unit | ||||||
| Profit and Loss Summary - Core Business | ||||||
| Revenue | A$m | 14,382.6 | 13,287.9 | 13,414 | 10,405 | 8,741 |
| Segment EBITDA1 | ||||||
| Development | A$m | 552.4 | 673.2 | 793 | 322 | 469 |
| Construction | A$m | 271.4 | 295.8 | 211 | 101 | 173 |
| Investments1 | A$m | 433.3 | 368.9 | 278 | 300 | 276 |
| Total Segment EBITDA | A$m | 1,257.1 | 1,337.9 | 1,282 | 723 | 918 |
| Group Services | A$m | (154.4) | (140.1) | (140) | (129) | (128) |
| Group Treasury | A$m | (29.8) | (35.4) | (25) | (29) | (33) |
| Operating EBITDA1 | A$m | 1,072.9 | 1,162.4 | 1,117 | 565 | 757 |
| Depreciation & Amortisation | A$m | (76.5) | (82.1) | (94) | (160) | (148) |
| Operating EBIT1 | A$m | 996.4 | 1,080.3 | 1,023 | 405 | 609 |
| Net Finance Revenue/(Costs) | A$m | (97.0) | (72.5) | (125) | (153) | (137) |
| Operating PBT1 | A$m | 899.4 | 1,007.8 | 898 | 252 | 472 |
| Income Tax Benefit/(Expense)1 | A$m | (234.6) | (298.9) | (266) | (46) | (95) |
| External non controlling interests | A$m | (0.1) | (0.8) | - | - | - |
| Operating PAT1 | A$m | 664.7 | 708.1 | 632 | 206 | 377 |
| Reconciliation Operating to Statutory Profit after Tax1 | ||||||
| Core Operating Profit After Tax | A$m | 664.7 | 708.1 | 632 | 206 | 377 |
| Add / (less): Investment properties revaluations | A$m | (5.0) | 5.0 | 25 | (19) | (1) |
| Add / (less): Financial assets revaluations | A$m | 54.0 | 225.0 | 100 | (10) | 46 |
| Add / (less): Equity accounted investments revaluations | A$m | 12.0 | 22.0 | 47 | (72) | (19) |
| Add / (less): Impairment losses relating to intangibles | A$m | - | - | - | (9) | - |
| Total Non Operating Items (post-tax) | A$m | 61.0 | 252.0 | 172 | (110) | 26 |
| Non Core Profit after Tax | A$m | 32.9 | (167.3) | (337) | (406) | (181) |
| NPAT attributable to securityholders | A$m | 758.6 | 792.8 | 467 | (310) | 222 |
| Returns and Key Performance Measures - Core Business1 | ||||||
| Number of equivalent full time employees | no. | 8,801 | 8,854 | 8,787 | 8,398 | 8,192 |
| (EPS) Core Operating Earnings per stapled security1,2 | cents | 121.4 | 111.5 | 34.2 | 54.8 | |
| (ROE) Core Operating PAT to average securityholders' equity1 | % | 11.3% | 10.1% | 3.1% | 5.4% | |
| Development ROIC | % | 13.7% | 13.4% | 11.6% | 4.7% | 7.2% |
| Investments ROIC1 | % | 9.8% | 7.6% | 5.7% | 5.8% | 5.9% |
| Construction EBITDA Margin | % | 2.6% | 3.1% | 2.2% | 1.3% | 2.7% |
| EBITDA Mix by Segment - % Operating EBITDA | ||||||
| Development1 | % | 44% | 50% | 62% | 45% | 51% |
| Construction1 | % | 22% | 22% | 16% | 14% | 19% |
| Investments1 | % | 34% | 28% | 22% | 41% | 30% |
| Key Platform Value Drivers | ||||||
| Development Pipeline | A$b | 49.3 | 71.1 | 76.1 | 113.0 | 113.6 |
| Construction Backlog | A$b | 15.7 | 15.2 | 15.6 | 13.9 | 14.9 |
| Funds Under Management | A$b | 26.1 | 30.1 | 35.2 | 36.0 | 39.6 |
| Assets Under Management | A$b | 12.2 | 12.7 | 28.7 | 29.3 | 28.5 |
| Invested Capital by Segment & Region | ||||||
| Development | A$b | 3.0 | 4.3 | 4.8 | 4.8 | 4.4 |
| Investments | A$b | 3.3 | 3.3 | 3.6 | 3.7 | 3.6 |
| Australia | A$b | 4.7 | 4.4 | 3.6 | 3.4 | 2.9 |
| Asia | A$b | 0.7 | 0.9 | 1.2 | 1.4 | 1.4 |
| Europe | A$b | 0.8 | 1.2 | 1.7 | 1.8 | 1.8 |
| Americas | A$b | 0.5 | 1.0 | 1.4 | 1.5 | 1.4 |
| Total Invested Capital3 | A$b | 7.0 | 7.6 | 7.8 | 8.2 | 7.7 |
| End of sheet |
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Group Summary
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| Group Summary | ||||||
|---|---|---|---|---|---|---|
| FY17 | FY18 | FY19 | FY20 | FY21 | ||
| Unit | ||||||
| Returns and Key Performance Measures - Total Group | ||||||
| NPAT attributable to securityholders | A$m | 758.6 | 792.8 | 467 | (310) | 222 |
| (EPS) Earnings per stapled security on PAT2 | cents | 130.1 | 136.1 | 82.4 | (51.4) | 32.3 |
| Distribution per stapled security | cents | 66.0 | 69.0 | 42.0 | 33.3 | 27.0 |
| Distribution Payout ratio4 | % | 51% | 50% | 51% | 49% | |
| Securities on issue | m | 583 | 574 | 564 | 688 | 689 |
| Weighted average number of securities5 | m | 583 | 583 | 567 | 603 | 688 |
| Net asset backing per security | A$ | 10.58 | 11.17 | 11.27 | 10.08 | 10.09 |
| Net tangible asset backing per security | A$ | 8.15 | 8.70 | 8.69 | 7.96 | 7.98 |
| Security price at period end | A$ | 16.65 | 19.81 | 13.00 | 12.37 | 11.46 |
| Number of securityholders | no. | 58,642 | 55,648 | 62,454 | 66,161 | 69,057 |
| (ROE) Statutory PAT to average securityholders | % | 12.9% | 12.7% | 7.4% | (4.7%) | 3.2% |
| Effective Tax Rate6 | % | 24.7% | 25.6% | 24.7% | 24.5% | |
| FX Rates | ||||||
| Income Statement - Period Average | ||||||
| USD | A$/USD | 0.76 | 0.77 | 0.71 | 0.67 | 0.75 |
| GBP | A$/GBP | 0.60 | 0.57 | 0.55 | 0.53 | 0.55 |
| SGD | A$/SGD | 1.05 | 1.04 | 0.97 | 0.93 | 1.00 |
| Balance Sheet - Period End | ||||||
| USD | A$/USD | 0.77 | 0.74 | 0.70 | 0.69 | 0.75 |
| GBP | A$/GBP | 0.59 | 0.56 | 0.55 | 0.56 | 0.54 |
| SGD | A$/SGD | 1.06 | 1.01 | 0.95 | 0.96 | 1.01 |
| Corporate Strength - Total Group | ||||||
| Total tangible assets | A$m | 19,439.1 | 15,542.2 | 15,721 | 16,291 | 15,544 |
| Cash | A$m | 1,249.2 | 1,177.1 | 1,290 | 1,111 | 1,662 |
| Borrowings | A$m | 2,152.4 | 2,358.5 | 2,715 | 2,395 | 2,357 |
| Operating cash flow | A$m | 146.0 | 72.8 | 60 | 137 | 468 |
| Investing cash flow | A$m | 70.1 | 221.8 | 167 | (369) | (216) |
| Total Operating and Investing cash flow | A$m | 216.1 | 294.6 | 227 | (232) | 252 |
| Financing cash flow | A$m | 8.5 | (397.8) | (128) | 495 | (146) |
| Total cash flow | A$m | 224.6 | (103.2) | 99 | 263 | 106 |
| Ratio of current assets to current liabilities | times | 0.6x | 1.0x | 0.9x | 1.1x | 0.8x |
| Ratio of current assets to current liabilities (excluding resident and accommodation bond liabilities) | times | 1.0x | 1.0x | 0.9x | 1.1x | 0.8x |
| Net debt to total tangible assets, less cash7 | % | 5.0% | 8.2% | 9.9% | 5.7% | 5.0% |
| Interest cover8 | times | 10.3x | 10.7x | 8.8x | 2.8x | 6.4x |
| Average cost of debt | % | 4.9% | 4.8% | 4.0% | 3.4% | 3.6% |
| Average debt maturity | years | 5.1 | 4.6 | 4.8 | 4.2 | 4.9 |
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Group Summary
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| Group Summary | ||||||
|---|---|---|---|---|---|---|
| FY17 | FY18 | FY19 | FY20 | FY21 | ||
| Unit | ||||||
| Balance Sheet - Total Group | ||||||
| Statement of Financial Position | ||||||
| Current Assets | ||||||
| Cash and cash equivalents | A$m | 1,249.2 | 1,177.1 | 1,290 | 1,111 | 1,662 |
| Loans and receivables | A$m | 2,749.2 | 2,670.2 | 2,050 | 1,667 | 1,741 |
| Inventories | A$m | 2,152.0 | 2,369.2 | 2,238 | 2,256 | 1,469 |
| Current tax assets | A$m | - | - | 11 | 27 | 9 |
| Other financial assets | A$m | 33.0 | 6.7 | 97 | 16 | 7 |
| Other assets | A$m | 77.9 | 91.0 | 70 | 59 | 62 |
| Disposal Group assets held for sale | A$m | 841 | - | |||
| Total current assets | A$m | 6,261.3 | 6,314.2 | 5,756 | 5,977 | 4,950 |
| Non Current Assets | ||||||
| Loans and receivables | A$m | 507.7 | 787.8 | 688 | 744 | 1,871 |
| Inventories | A$m | 2,975.4 | 3,177.1 | 3,345 | 3,113 | 2,404 |
| Equity accounted investments | A$m | 834.6 | 2,626.6 | 3,452 | 3,671 | 3,758 |
| Investment properties | A$m | 6,967.4 | 278.2 | 501 | 658 | 467 |
| Other financial assets | A$m | 1,203.3 | 1,547.8 | 1,103 | 1,076 | 1,080 |
| Deferred tax assets | A$m | 129.4 | 120.0 | 101 | 141 | 115 |
| Property, plant and equipment | A$m | 425.8 | 464.7 | 548 | 693 | 594 |
| Intangible assets | A$m | 1,415.1 | 1,421.4 | 1,457 | 1,457 | 1,456 |
| Defined benefit plan asset | A$m | 64.3 | 154.7 | 140 | 156 | 243 |
| Other assets | A$m | 69.9 | 71.1 | 87 | 62 | 62 |
| Total non current assets | A$m | 14,592.9 | 10,649.4 | 11,422 | 11,771 | 12,050 |
| Total assets | A$m | 20,854.2 | 16,963.6 | 17,178 | 17,748 | 17,000 |
| Current Liabilities | ||||||
| Trade and other payables | A$m | 5,578.8 | 5,769.5 | 5,724 | 4,496 | 4,839 |
| Resident liabilities | A$m | 4,573.0 | - | - | - | - |
| Provisions | A$m | 285.6 | 329.9 | 332 | 343 | 575 |
| Current tax liabilities | A$m | 6.4 | 10.4 | - | - | - |
| Borrowings and financing arrangements | A$m | 291.9 | 474.8 | 225 | 134 | 555 |
| Other financial liabilities | A$m | 22.0 | 3.4 | 6 | 10 | 14 |
| Disposal Group liabilities held for sale | A$m | 670 | - | |||
| Total current liabilities | A$m | 10,757.7 | 6,588.0 | 6,287 | 5,653 | 5,983 |
| Non Current Liabilities | ||||||
| Trade and other payables | A$m | 1,772.1 | 1,530.7 | 1,401 | 2,405 | 1,760 |
| Provisions | A$m | 58.4 | 67.8 | 45 | 62 | 80 |
| Borrowings and financing arrangements | A$m | 1,860.5 | 1,883.7 | 2,490 | 2,261 | 1,802 |
| Defined benefit plan liability | A$m | - | - | - | - | - |
| Other financial liabilities | A$m | 0.8 | 0.7 | 1 | 1 | 23 |
| Deferred tax liabilities | A$m | 238.2 | 478.5 | 597 | 434 | 401 |
| Total non current liabilities | A$m | 3,930.0 | 3,961.4 | 4,534 | 5,163 | 4,066 |
| Total liabilities | A$m | 14,687.7 | 10,549.4 | 10,821 | 10,816 | 10,049 |
| Net Assets | A$m | 6,166.5 | 6,414.2 | 6,357 | 6,932 | 6,951 |
| Equity | ||||||
| Issued capital | A$m | 1,289.8 | 1,296.8 | 1,300 | 1,889 | 1,888 |
| Treasury securities | A$m | (24.7) | (44.1) | (68) | (68) | (79) |
| Reserves9 | A$m | (15.5) | 61.0 | 105 | 65 | 3 |
| Retained earnings9 | A$m | 3,696.8 | 3,855.1 | 3,815 | 3,265 | 3,327 |
| Total equity attributable to members of Lendlease Corporation Limited | A$m | 4,946.4 | 5,168.8 | 5,152 | 5,151 | 5,139 |
| Total equity attributable to unitholders of Lendlease Trust | A$m | 1,117.0 | 1,244.5 | 1,182 | 1,756 | 1,788 |
| Total equity attributable to securityholders | A$m | 6,063.4 | 6,413.3 | 6,334 | 6,907 | 6,927 |
| External non controlling interests | A$m | 103.1 | 0.9 | 23 | 25 | 24 |
| Total equity | A$m | 6,166.5 | 6,414.2 | 6,357 | 6,932 | 6,951 |
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Group Summary
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| Group Summary | ||||||
|---|---|---|---|---|---|---|
| FY17 | FY18 | FY19 | FY20 | FY21 | ||
| Unit | ||||||
| Cash Flow Statement - Total Group | ||||||
| Cash Flows from Operating Activities | ||||||
| Cash receipts in the course of operations | A$m | 16,254.6 | 16,354.3 | 17,026 | 13,488 | 9,531 |
| Cash payments in the course of operations | A$m | (15,928.7) | (16,216.4) | (16,902) | (13,313) | (8,916) |
| Interest received | A$m | 9.9 | 13.1 | 13 | 16 | 6 |
| Interest paid in relation to other corporations | A$m | (120.4) | (122.1) | (152) | (164) | (128) |
| Interest in relation to lease liabilities | A$m | (25) | (20) | |||
| Dividends/distributions received | A$m | 75.4 | 76.5 | 105 | 146 | 80 |
| Income tax received/(paid) in respect of operations | A$m | (144.8) | (32.6) | (30) | (11) | (85) |
| Net cash provided by/(used in) operating activities | A$m | 146.0 | 72.8 | 60 | 137 | 468 |
| Cash Flows from Investing Activities | ||||||
| Sale/redemption of investments | A$m | 164.9 | 74.4 | 571 | 448 | 573 |
| Acquisition of investments | A$m | (257.3) | (448.9) | (378) | (709) | (301) |
| Acquisition of/capital expenditure on investment properties | A$m | (244.4) | (112.4) | (53) | (57) | (110) |
| Net loan repayments/(drawdowns) from associates and joint ventures | A$m | 5.7 | 409.7 | (22) | (9) | (13) |
| Disposal/acquisition of consolidated entities (net of cash disposed and transaction costs) | A$m | 548.4 | 433.6 | 266 | 136 | (266) |
| Disposal of property, plant and equipment | A$m | 13.1 | 7.9 | 14 | 11 | 22 |
| Acquisition of property, plant and equipment | A$m | (136.4) | (110.3) | (165) | (112) | (53) |
| Acquisition of intangible assets | A$m | (23.9) | (32.2) | (66) | (77) | (68) |
| Net cash provided by/(used in) investing activities | A$m | 70.1 | 221.8 | 167 | (369) | (216) |
| Cash Flows from Financing Activities | ||||||
| Net proceeds from share issue | A$m | 1,193 | - | |||
| Proceeds from borrowings | A$m | 2,800.6 | 2,021.0 | 4,640 | 4,658 | 3,503 |
| Repayment of borrowings | A$m | (2,576.8) | (1,870.7) | (4,347) | (4,970) | (3,470) |
| Dividends/distributions paid | A$m | (337.9) | (372.0) | (258) | (327) | (121) |
| Proceeds from sale of treasury securities | A$m | 106.5 | - | - | - | - |
| Payments for on market buyback of stapled securities | A$m | (178.0) | (174) | - | - | |
| Payments for on market buyback of stapled securities - Dividend Reinvestment Plan | A$m | (10.1) | (11) | - | - | |
| Other financing activities | A$m | (20.9) | (9.6) | - | - | - |
| Increase in capital of non controlling interest | A$m | 37.0 | 21.6 | 22 | 2 | 2 |
| Repayment of lease liabilities | A$m | (61) | (60) | |||
| Net cash provided by/(used in) financing activities | A$m | 8.5 | (397.8) | (128) | 495 | (146) |
| Effect of foreign exchange rate movements on cash and cash equivalents | A$m | 16.2 | 31.1 | 14 | 9 | (6) |
| Net increase/(decrease) in cash and cash equivalents | A$m | 240.8 | (72.1) | 113 | 272 | 100 |
| Cash and cash equivalents at beginning of financial year | A$m | 1,008.4 | 1,249.2 | 1,177 | 1,290 | 1,562 |
| Cash and cash equivalents at end of financial year | A$m | 1,249.2 | 1,177.1 | 1,290 | 1,562 | 1,662 |
| Reconciliation to underlying operating cash flow - Total Group | ||||||
| Net cash provided by/(used in) operating activities | A$m | 146.0 | 72.8 | 60 | 137 | 468 |
| Less: Interest received | A$m | (9.9) | (13.1) | (13) | (16) | (6) |
| Add: Interest paid | A$m | 120.4 | 122.1 | 152 | 189 | 148 |
| Add: Income tax (received)/paid in respect of operations | A$m | 144.8 | 32.6 | 30 | 11 | 85 |
| Interest and tax paid | A$m | 255.3 | 141.6 | 169 | 184 | 227 |
| Add: Movement in development properties inventory | A$m | 438.4 | 514.5 | (277) | 74 | (1,010) |
| Less: Movement in deferred land payments | A$m | 74.3 | 99.8 | (99) | 100 | (11) |
| Net investment into development inventory | A$m | 512.7 | 614.3 | (376) | 174 | (1,021) |
| Add: Cash proceeds from sell down of development entities | A$m | 291.8 | 82.9 | 266 | 136 | (227) |
| Add: Realised gains on sale of assets1 | A$m | 31.8 | 1.2 | 20 | 40 | 84 |
| Adjustment from investing cash flow1 | A$m | 324 | 84 | 286 | 176 | (143) |
| Underlying operating cash flow1 | A$m | 1,237.6 | 913 | 139 | 673 | (469) |
| Group Operating EBITDA1 | A$m | 1,139.8 | 945 | 656 | 70 | 618 |
| Conversion of underlying operating cash flow to Group Operating EBITDA1,10 | % | 108.6% | 96.6% | 21.2% | 961.4% | n/m |
End of sheet
Non Core
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| Non Core | ||||||
|---|---|---|---|---|---|---|
| FY17 | FY18 | FY19 | FY20 | FY21 | ||
| Unit | ||||||
| Profit and Loss Summary - Non Core1 | ||||||
| Revenue | A$m | 2,288.4 | 3,284.2 | 3,141 | 2,884 | 1,444 |
| EBITDA | A$m | 66.9 | (217.6) | (461) | (495) | (139) |
| Depreciation & Amortisation | A$m | (21.7) | (24.5) | (28) | (84) | (59) |
| EBIT | A$m | 45.2 | (242.1) | (489) | (579) | (198) |
| Net Finance Revenue/(Costs) | A$m | 0.4 | 0.5 | - | 5 | 1 |
| PBT | A$m | 45.6 | (241.6) | (489) | (574) | (197) |
| Income Tax Benefit/(Expense) | A$m | (12.7) | 74.3 | 152 | 168 | 16 |
| PAT | A$m | 32.9 | (167.3) | (337) | (406) | (181) |
| Returns and Key Performance Measures - Non Core | ||||||
| EBITDA Margin | % | 2.9% | (6.6%) | (14.7%) | (17.2%) | (9.6%) |
| Key Platform Value Drivers | ||||||
| Construction Backlog2 | A$b | 4.9 | 5.9 | 5.4 | 5.1 | 2.7 |
| Total Segment - Non Core | ||||||
| Total New Work Secured2 | A$b | 2.0 | 4.3 | 3.0 | 2.4 | 1.5 |
| Engineering | A$b | 1.0 | 3.5 | 2.0 | 1.0 | |
| Services | A$b | 1.0 | 0.8 | 1.0 | 1.4 | 1.5 |
| Total Backlog revenue2 | A$b | 4.9 | 5.9 | 5.4 | 5.1 | 2.7 |
| Engineering | A$b | 3.1 | 4.2 | 3.8 | 3.1 | |
| Services | A$b | 1.8 | 1.7 | 1.6 | 2.0 | 2.7 |
| Book to bill | ratio | 0.9 | 1.3 | 1.0 | 0.8 | 1.0 |
| Backlog realisation3 | ||||||
| Next 12 months | % | 59% | 49% | 52% | 46% | 38% |
| 12 - 24 months | % | 25% | 25% | 27% | 26% | 27% |
| Beyond 24 months | % | 16% | 26% | 21% | 28% | 35% |
End of sheet
Development
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| Development | ||||||
|---|---|---|---|---|---|---|
| FY17 | FY18 | FY19 | FY20 | FY21 | ||
| Unit | ||||||
| Profit and Loss | ||||||
| Development Revenue | A$m | 3,433.0 | 3,204.2 | 3,355 | 2,344 | 1,965 |
| Australia | A$m | 3,142.0 | 2,855.2 | 2,712 | 1,198 | 1,239 |
| Asia | A$m | 19.6 | 67.2 | 18 | 13 | 11 |
| Europe | A$m | 203.6 | 199.1 | 544 | 969 | 511 |
| Americas | A$m | 67.8 | 82.7 | 81 | 164 | 204 |
| Development EBITDA | A$m | 552.4 | 673.2 | 793 | 322 | 469 |
| Australia | A$m | 497.8 | 551.3 | 556 | 174 | 396 |
| Asia | A$m | (13.5) | 26.7 | 121 | 34 | (20) |
| Europe | A$m | 68.3 | 110.4 | 37 | 116 | 70 |
| Americas | A$m | (0.2) | (15.2) | 79 | (2) | 23 |
| Development PAT | A$m | 397.8 | 491.9 | 554 | 233 | 342 |
| Australia | A$m | 348.1 | 383.6 | 395 | 118 | 278 |
| Asia | A$m | (11.9) | 15.2 | 79 | 18 | (19) |
| Europe | A$m | 60.2 | 103.5 | 27 | 93 | 69 |
| Americas | A$m | 1.4 | (10.4) | 53 | 4 | 14 |
| Development ROIC | % | 13.7% | 13.4% | 11.6% | 4.7% | 7.2% |
| Development Invested Capital | A$b | 3.0 | 4.3 | 4.8 | 4.8 | 4.4 |
| Development Pipeline | A$b | 49.3 | 71.1 | 76.1 | 113.0 | 113.6 |
| Development Work in Progress1 | A$b | 14.3 | 15.1 | 11.2 | 12.3 | 14.5 |
| Development Production1 | A$b | 4.6 | 4.0 | 5.6 | 5.0 | 3.8 |
| Development Pipeline and Production1 | ||||||
| Pipeline by product | A$b | 49.3 | 71.1 | 76.1 | 113.0 | 113.6 |
| Communities | A$b | 14.7 | 15.1 | 14.7 | 13.9 | 13.2 |
| Apartments | A$b | 21.7 | 31.4 | |||
| Apartments - for sale | A$b | 26.7 | 45.2 | 41.6 | ||
| Apartments - for rent | A$b | 5.9 | 23.8 | 25.0 | ||
| Commercial | A$b | 12.9 | 24.5 | 28.6 | 29.8 | 33.8 |
| Infrastructure | A$b | 0 | 0.1 | 0.2 | 0.3 | - |
| Pipeline by region | A$b | 49.3 | 71.1 | 76.1 | 113.0 | 113.6 |
| Australia | A$b | 30.9 | 29.7 | 29.3 | 28.9 | 28.2 |
| Asia | A$b | 6.1 | 6.9 | 5.0 | 4.2 | 5.6 |
| Europe | A$b | 8.0 | 29.3 | 34.1 | 50.1 | 51.8 |
| Americas | A$b | 4.3 | 5.2 | 7.7 | 29.8 | 28.0 |
| Work in Progress1 by product | A$b | 14.3 | 15.1 | 11.2 | 12.3 | 14.5 |
| Communities | A$b | 0.9 | 0.8 | 0.6 | 0.5 | 0.4 |
| Apartments - for sale | A$b | 5.0 | 4.6 | 3.1 | 3.9 | 5.9 |
| Apartments - for rent | A$b | 0.5 | 1.4 | 1.6 | 2.2 | 1.3 |
| Commercial | A$b | 7.9 | 8.3 | 5.9 | 5.7 | 6.9 |
| Work in Progress1 by region | A$b | 14.3 | 15.1 | 11.2 | 12.3 | 14.5 |
| Australia | A$b | 6.6 | 6.7 | 4.4 | 6.8 | 8.8 |
| Asia | A$b | 4.3 | 4.7 | 3.0 | 1.7 | 2.7 |
| Europe | A$b | 2.1 | 2.3 | 2.1 | 1.8 | 1.2 |
| Americas | A$b | 1.3 | 1.4 | 1.7 | 2.0 | 1.8 |
| Development Production1 by product | A$b | 4.6 | 4.0 | 5.6 | 5.0 | 3.8 |
| Communities | A$b | 0.7 | 1.0 | 0.6 | 0.5 | 0.7 |
| Apartments - for sale | A$b | 1.7 | 1.2 | 1.8 | 2.3 | 0.7 |
| Apartments - for rent | A$b | - | - | 0.3 | 0.3 | 1.3 |
| Commercial | A$b | 2.2 | 1.8 | 2.9 | 1.9 | 1.1 |
Development
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| Development | ||||||
|---|---|---|---|---|---|---|
| FY17 | FY18 | FY19 | FY20 | FY21 | ||
| Unit | ||||||
| Development Production1 by region | A$b | 4.6 | 4.0 | 5.6 | 5.0 | 3.8 |
| Australia | A$b | 4.3 | 2.6 | 2.7 | 1.1 | 2.0 |
| Asia | A$b | - | - | 2.1 | 1.7 | 0.2 |
| Europe | A$b | 0.3 | 1.4 | 0.5 | 1.1 | 1.0 |
| Americas | A$b | - | - | 0.3 | 1.1 | 0.6 |
| Urbanisation Pipeline | A$b | 34.6 | 55.9 | 61.2 | 98.8 | 100.4 |
| Work in Progress | A$b | 13.4 | 14.3 | 10.6 | 11.8 | 14.1 |
| Remaining | A$b | 21.2 | 41.6 | 50.6 | 87.0 | 86.3 |
| Major Urbanisation Projects2 | ||||||
| Projects | no. | 13 | 18 | 20 | 21 | 23 |
| Gateway cities | no. | 8 | 10 | 10 | 9 | 10 |
| Communities Pipeline | A$b | 14.7 | 15.1 | 14.7 | 13.9 | 13.2 |
| Presold | A$b | 0.9 | 0.8 | 0.6 | 0.5 | 0.4 |
| Remaining | A$b | 13.8 | 14.3 | 14.1 | 13.4 | 12.8 |
Development
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| Development | ||||||
|---|---|---|---|---|---|---|
| FY17 | FY18 | FY19 | FY20 | FY21 | ||
| Unit | ||||||
| Residential for sale Summary | ||||||
| Total Sales | A$m | 1,689.1 | 1,505.5 | 859.8 | 2,364.7 | 2,028.5 |
| Australia Apartments | A$m | 235.2 | 48.0 | 114.1 | 1,582.7 | 1,022.2 |
| Asia Apartments | A$m | 228.0 | 235.5 | 71.2 | 166.5 | 51.5 |
| Europe Apartments | A$m | 218.2 | 237.7 | 121.1 | 62.5 | 152.3 |
| Americas Apartments | A$m | 42.0 | 127.1 | 175.3 | 183.5 | 188.3 |
| Australia Communities | A$m | 965.7 | 857.2 | 373.0 | 369.5 | 541.6 |
| Other Communities3 | A$m | 5.1 | - | 72.6 | ||
| Total Settlements5 | A$m | 2,532.7 | 2,150.3 | 2,630.4 | 2,020.7 | 1,274.9 |
| Australia Apartments | A$m | 1,327.3 | 911.9 | 1,574.4 | 241.0 | 168.8 |
| Asia Apartments4 | A$m | 608.5 | - | |||
| Europe Apartments | A$m | 489.3 | 247.0 | 282.1 | 476.9 | 198.6 |
| Americas Apartments | A$m | 208.2 | 168.6 | 268.4 | ||
| Australia Communities | A$m | 716.1 | 991.4 | 560.6 | 525.7 | 566.5 |
| Other Communities3 | A$m | 5.1 | - | 72.6 | ||
| Total Presales | A$m | 4,849.2 | 4,249.0 | 2,535.8 | 2,918.2 | 3,606.0 |
| Australia Apartments | A$m | 2,782.3 | 1,918.4 | 458.1 | 1,794.3 | 2,646.9 |
| Asia Apartments4 | A$m | 228.0 | 463.9 | 570.9 | 152.3 | 191.0 |
| Europe Apartments | A$m | 849.9 | 885.3 | 731.6 | 343.1 | 265.3 |
| Americas Apartments | A$m | 42.0 | 168.6 | 150.0 | 159.4 | 62.0 |
| Australia Communities | A$m | 947.0 | 812.8 | 625.2 | 469.1 | 440.8 |
| Total Sales | no. | 4,948 | 3,924 | 1,993 | 2,080 | 2,608 |
| Australia Apartments | no. | 321 | 64 | 155 | 348 | 214 |
| Asia Apartments | no. | 210 | 176 | 37 | 242 | 78 |
| Europe Apartments | no. | 215 | 377 | 175 | 43 | 113 |
| Americas Apartments | no. | 40 | 60 | 58 | 100 | 58 |
| Australia Communities | no. | 4,162 | 3,247 | 1,422 | 1,347 | 1,940 |
| Other Communities3 | no. | 146 | - | 205 | ||
| Total Settlements5 | no. | 5,593 | 5,226 | 4,146 | 3,264 | 3,054 |
| Australia Apartments | no. | 1,807 | 1,056 | 1,281 | 369 | 240 |
| Asia Apartments4 | no. | 429 | - | |||
| Europe Apartments | no. | 726 | 258 | 296 | 471 | 240 |
| Americas Apartments | no. | 46 | 97 | 141 | ||
| Australia Communities | no. | 3,060 | 3,912 | 2,377 | 1,898 | 2,228 |
| Other Communities3 | no. | 146 | - | 205 | ||
| Total Presales | no. | 8,063 | 6,761 | 4,499 | 3,312 | 2,801 |
| Australia Apartments | no. | 2,793 | 1,801 | 675 | 652 | 623 |
| Asia Apartments4 | no. | 210 | 386 | 423 | 236 | 314 |
| Europe Apartments | no. | 1,124 | 1,243 | 1,013 | 585 | 398 |
| Americas Apartments | no. | 40 | 100 | 112 | 114 | 31 |
| Australia Communities | no. | 3,896 | 3,231 | 2,276 | 1,725 | 1,435 |
End of sheet
Construction
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| Construction | ||||||
|---|---|---|---|---|---|---|
| FY17 | FY18 | FY19 | FY20 | FY21 | ||
| Unit | ||||||
| Profit and Loss - Core Business1 | ||||||
| Construction Revenue | A$m | 10,356.1 | 9,656.2 | 9,680 | 7,627 | 6,398 |
| Australia | A$m | 4,152.1 | 3,742.3 | 4,052 | 3,217 | 2,868 |
| Asia | A$m | 502.6 | 536.1 | 401 | 255 | 262 |
| Europe | A$m | 1,117.3 | 679.5 | 941 | 782 | 861 |
| Americas | A$m | 4,584.1 | 4,698.3 | 4,286 | 3,373 | 2,407 |
| Construction EBITDA | A$m | 271.4 | 295.8 | 211 | 101 | 173 |
| Australia | A$m | 134.5 | 194.5 | 126 | 97 | 112 |
| Asia | A$m | (0.2) | 15.0 | (1) | (11) | 20 |
| Europe | A$m | 31.7 | 22.7 | 40 | (9) | 2 |
| Americas | A$m | 105.4 | 63.6 | 46 | 24 | 39 |
| Construction PAT | A$m | 178.8 | 189.8 | 141 | 42 | 100 |
| Australia | A$m | 92.0 | 132.5 | 84 | 62 | 72 |
| Asia | A$m | (2.5) | 4.6 | (2) | (14) | 10 |
| Europe | A$m | 23.5 | 19.7 | 31 | (11) | 2 |
| Americas | A$m | 65.8 | 33.0 | 28 | 5 | 16 |
| Construction EBITDA Margin | % | 2.6% | 3.1% | 2.2% | 1.3% | 2.7% |
| Australia | % | 3.2% | 5.2% | 3.1% | 3.0% | 3.9% |
| Asia | % | - | 2.8% | (0.2%) | (4.3%) | 7.6% |
| Europe | % | 2.8% | 3.3% | 4.3% | (1.2%) | 0.2% |
| Americas | % | 2.3% | 1.4% | 1.1% | 0.7% | 1.6% |
| New Work Secured and Backlog revenue - Core Business1 | ||||||
| New Work Secured2 | A$b | 11.2 | 10.0 | 9.9 | 7.5 | 8.8 |
| Australia | A$b | 3.9 | 4.4 | 4.5 | 4.3 | 4.3 |
| Asia | A$b | 0.8 | 0.7 | 0.5 | 0.3 | 0.5 |
| Europe | A$b | 0.7 | 1.3 | 1.2 | 0.5 | 1.5 |
| Americas | A$b | 5.8 | 3.6 | 3.7 | 2.4 | 2.5 |
| % of internal to total project3 backlog | % | 18% | 20% | 19% | 24% | 24% |
| Backlog Revenue2 | A$b | 15.7 | 15.2 | 15.6 | 13.9 | 14.9 |
| Australia | A$b | 6.3 | 6.5 | 6.9 | 7.5 | 8.6 |
| Asia | A$b | 0.8 | 0.9 | 0.8 | 0.7 | 0.7 |
| Europe | A$b | 0.8 | 1.5 | 1.7 | 1.3 | 1.7 |
| Americas | A$b | 7.8 | 6.3 | 6.2 | 4.4 | 3.9 |
| Backlog realisation4 | ||||||
| Next 12 months | % | 56% | 56% | 54% | 48% | 46% |
| Australia | % | 56% | 56% | 47% | 36% | 45% |
| Asia | % | 69% | 42% | 65% | 68% | 53% |
| Europe | % | 66% | 56% | 58% | 74% | 61% |
| Americas | % | 53% | 59% | 59% | 57% | 40% |
| 12 - 24 months | % | 29% | 32% | 24% | 24% | 32% |
| Australia | % | 30% | 32% | 25% | 26% | 32% |
| Asia | % | 2% | 57% | 30% | 26% | 31% |
| Europe | % | 28% | 35% | 28% | 23% | 32% |
| Americas | % | 31% | 27% | 21% | 20% | 30% |
| Beyond 24 months | % | 15% | 12% | 22% | 28% | 22% |
| Australia | % | 14% | 12% | 28% | 38% | 23% |
| Asia | % | 29% | 1% | 5% | 6% | 16% |
| Europe | % | 6% | 9% | 14% | 3% | 7% |
| Americas | % | 16% | 14% | 20% | 23% | 30% |
| Book to bill5 | ratio | 0.7 | 1.1 | |||
| End of sheet |
Investments
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| Investments | ||||||
|---|---|---|---|---|---|---|
| FY17 | FY18 | FY19 | FY20 | FY21 | ||
| Unit | ||||||
| Profit and Loss | ||||||
| Investments Revenue | A$m | 566.7 | 393.6 | 348 | 390 | 348 |
| Australia | A$m | 447.2 | 274.3 | 210 | 172 | 164 |
| Asia | A$m | 52.0 | 48.7 | 63 | 134 | 77 |
| Europe | A$m | 7.9 | 21.6 | 13 | 16 | 14 |
| Americas | A$m | 59.6 | 49.0 | 62 | 68 | 93 |
| Investments Operating EBITDA1 | A$m | 433.3 | 368.9 | 278 | 300 | 276 |
| Australia | A$m | 347.3 | 297.6 | 199 | 130 | 135 |
| Asia | A$m | 33.1 | 39.3 | 28 | 119 | 54 |
| Europe | A$m | 10.2 | 7.4 | 9 | (10) | (12) |
| Americas | A$m | 42.7 | 24.6 | 42 | 61 | 99 |
| Investments Operating PAT1 | A$m | 320.4 | 241.4 | 196 | 214 | 213 |
| Australia | A$m | 253.9 | 172.0 | 149 | 97 | 97 |
| Asia | A$m | 27.1 | 30.8 | 9 | 96 | 55 |
| Europe | A$m | 11.7 | 9.3 | 10 | (9) | (6) |
| Americas | A$m | 27.7 | 29.3 | 28 | 30 | 67 |
| Investments Fees by activity | A$m | 317 | 284 | |||
| Funds Under Management Fees | A$m | 212 | 145 | |||
| Assets Under Management Fees | A$m | 105 | 139 | |||
| Operating EBITDA by activity | A$m | |||||
| Management EBITDA | A$m | 116.1 | 133.0 | 144 | 198 | 165 |
| Ownership Earnings1 | A$m | 317.2 | 236.0 | 134 | 102 | 111 |
| Investments ROIC1 | % | 9.8% | 7.6% | 5.7% | 5.8% | 5.9% |
| Investments Invested Capital | A$b | 3.3 | 3.3 | 3.6 | 3.7 | 3.6 |
| Investment segment property valuation movements (pre-tax) | A$m | 62.0 | 300.0 | 211 | (147) | 19 |
| Operational Metrics (Investments Segment) | ||||||
| Investments | ||||||
| Investments by Region | A$m | 3,328.6 | 3,374.8 | 3,675 | 3,998 | 3,511 |
| Australia | A$m | 2,865.6 | 2,693.3 | 2,513 | 2,330 | 1,936 |
| Asia | A$m | 317.4 | 367.5 | 708 | 914 | 827 |
| Europe | A$m | - | - | 40 | 79 | 306 |
| Americas | A$m | 145.6 | 314.0 | 414 | 675 | 442 |
| Investments by Sector | A$m | 3,328.6 | 3,374.8 | 3,675 | 3,998 | 3,511 |
| Residential | A$m | 103.1 | 196.6 | 252 | 422 | 659 |
| Office | A$m | 825.8 | 1,053.1 | 946 | 851 | 870 |
| Retail | A$m | 518.4 | 573.1 | 720 | 934 | 897 |
| Industrial | A$m | 71.0 | 74.6 | 95 | 101 | 120 |
| Retirement | A$m | 1,710.7 | 1,303.0 | 1,397 | 1,353 | 939 |
| Other | A$m | 99.6 | 174.4 | 265 | 337 | 26 |
Investments
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| Investments | ||||||
|---|---|---|---|---|---|---|
| FY17 | FY18 | FY19 | FY20 | FY21 | ||
| Unit | ||||||
| Funds Under Management | ||||||
| FUM by Region | A$b | 26.1 | 30.1 | 35.2 | 36.0 | 39.6 |
| Australia | A$b | 19.3 | 22.4 | 24.8 | 24.7 | 27.6 |
| Asia | A$b | 5.4 | 6.3 | 8.2 | 8.7 | 8.4 |
| Europe | A$b | 1.4 | 1.4 | 1.5 | 1.6 | 1.9 |
| Americas | A$b | - | - | 0.7 | 1.0 | 1.7 |
| FUM by Sector | A$b | 26.1 | 30.1 | 35.2 | 36.0 | 39.6 |
| Retail | A$b | 13.1 | 13.8 | 14.8 | 13.0 | 12.8 |
| Office | A$b | 11.6 | 14.5 | 17.7 | 19.3 | 21.6 |
| Industrial | A$b | 0.8 | 0.9 | 1.0 | 1.1 | 1.6 |
| Residential | A$b | - | - | 1.0 | 1.7 | 2.5 |
| Other | A$b | 0.6 | 0.9 | 0.7 | 0.8 | 1.1 |
| Assets Under Management | ||||||
| AUM by Region | A$b | 12.2 | 12.7 | 28.7 | 29.3 | 28.5 |
| Australia | A$b | 7.2 | 7.3 | 7.5 | 6.1 | 6.4 |
| Asia | A$b | 4.2 | 4.6 | 7.2 | 8.5 | 7.6 |
| Europe | A$b | 0.8 | 0.8 | 0.7 | 0.5 | 1.6 |
| Americas | A$b | - | - | 13.3 | 14.2 | 12.9 |
| AUM by Sector | A$b | 12.2 | 12.7 | 28.7 | 29.3 | 28.5 |
| Residential | A$b | - | - | 13.3 | 14.2 | 13.7 |
| Retail | A$b | 12.2 | 12.7 | 12.7 | 12.0 | 11.8 |
| Office | A$b | - | - | 2.7 | 3.1 | 3.0 |
| Commercial AUM | A$b | 12.2 | 12.7 | 15.4 | 15.1 | 14.8 |
| Australia | A$b | 7.2 | 7.3 | 7.5 | 6.1 | 6.4 |
| Asia | A$b | 4.2 | 4.6 | 7.2 | 8.5 | 7.6 |
| Europe | A$b | 0.8 | 0.8 | 0.7 | 0.5 | 0.8 |
| Americas | A$b | - | - | - | - | - |
| Residential AUM | A$b | 13.3 | 14.2 | 13.7 | ||
| Europe | A$b | 0.8 | ||||
| Americas | A$b | 13.3 | 14.2 | 12.9 | ||
| Retirement Australia | ||||||
| Number of villages | no. | 71 | 71 | 72 | 72 | 75 |
| Number of units | no. | 12,626 | 12,717 | 12,785 | 12,858 | 13,001 |
| Number of resale units | no. | 939 | 694 | 842 | 874 | 904 |
| Long term growth rate | % | 3.6% | 3.5% | 3.5% | 3.5% | 3.5% |
| Discount rate | % | 13.0% | 12.3% | 12.3% | 12.4% | 12.4% |
| Settlements | no. | 144 | 150 | 104 | 160 | |
| Settlements | A$m | 72.3 | 86.0 | 56.8 | 110.4 |
End of sheet
Major Fund Summary
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| FY17 | FY18 | FY19 | FY20 | FY21 | ||||
|---|---|---|---|---|---|---|---|---|
| Unit | Fund Type | Asset Class | ||||||
| Australia | ||||||||
| Funds Under Management | ||||||||
| Australian Prime Property Fund Retail | A$b | Core | Retail | 5.2 | 5.4 | 5.7 | 4.4 | 4.0 |
| Australian Prime Property Fund Commercial | A$b | Core | Office | 3.8 | 4.6 | 5.1 | 5.2 | 6.0 |
| Australian Prime Property Fund Industrial | A$b | Core | Industrial | 0.8 | 0.9 | 1.0 | 1.1 | 1.4 |
| Lendlease Sub Regional Retail Fund | A$b | Core | Retail | 0.6 | 0.6 | 0.6 | 0.5 | 0.4 |
| Lendlease Real Estate Partners New Zealand | A$b | Core | Retail | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 |
| Lendlease International Towers Sydney Trust | A$b | Core | Office | 3.5 | 4.1 | 4.6 | 4.8 | 4.9 |
| Aware Super Scheme Infrastructure Investment Company | A$b | Core | Social Infrastructure | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| Lendlease One International Towers Sydney Trust | A$b | Core | Office | 2.0 | 2.5 | 2.7 | 2.7 | 2.8 |
| Managed Investment Mandates | A$b | Core | Various | 2.7 | 3.6 | 4.4 | 5.3 | 7.5 |
| Total FUM | A$b | 19.3 | 22.4 | 24.8 | 24.7 | 27.6 | ||
| Asia | ||||||||
| Funds Under Management | ||||||||
| Parkway Parade Partnership Limited | S$b | Core Plus | Retail | 1.3 | 1.4 | 1.4 | 1.4 | 1.3 |
| Lendlease Jem Partners Fund Limited | S$b | Core | Office and Retail | 0.5 | 0.5 | 0.6 | 0.6 | 0.6 |
| Paya Lebar Quarter | S$b | Core | Office and Retail | 1.5 | 1.9 | 3.1 | 3.2 | 3.1 |
| Lendlease Asian Retail Investment Fund (ARIF) | S$b | Core | Office and Retail | 2.4 | 2.6 | 2.7 | 1.8 | 1.8 |
| Lendlease Global Commercial REIT | S$b | Core | Office and Retail | 1.4 | 1.4 | |||
| Lendlease Data Centre Partners | S$b | Core Plus | Office | 0.3 | ||||
| Total FUM | S$b | 5.7 | 6.4 | 7.8 | 8.4 | 8.5 | ||
| Europe | ||||||||
| Funds Under Management | ||||||||
| Lendlease Retail LP | £b | Core | Retail | 0.8 | 0.7 | 0.6 | 0.4 | 0.3 |
| Lendlease Residential Investment Partnership | £b | Core | Residential | 0.1 | 0.2 | 0.3 | 0.4 | |
| Lendlease Residential Investment Partnership 2 | £b | Core | Residential | 0.1 | 0.1 | |||
| Lendlease MSG 1 Europe Investment Partnership | £b | Core | Office | 0.1 | 0.2 | |||
| Total FUM | £b | 0.8 | 0.8 | 0.8 | 0.9 | 1.0 | ||
| Americas | ||||||||
| Funds Under Management | ||||||||
| Lendlease Americas Residential Partnership | US$b | Value Add | Residential | 0.5 | 0.7 | 1.1 | ||
| 60 Guest | US$b | Core | Office | 0.2 | ||||
| Total FUM | US$b | 0.5 | 0.7 | 1.3 | ||||
| End of sheet |
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Legend
Grey highlighted cell Green highlighted cell 2H numbers included in document Rounding
Term
Assets Under Management
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
Definition
Total market value of gross assets managed by Lendlease.
Book to Bill
Ratio calculated as external new work secured over external revenue realised.
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.
Core Operating Earnings per security
Core Operating Profit after Tax divided by the weighted average number of securities on issue during the period (including treasury securities).
Core Operating Return on equity (ROE)
Full year (FY) ROE is calculated using the annual Core Operating Profit after Tax 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 Core Operating Profit after Tax divided by the arithmetic average of beginning and half year end securityholders' equity.
Development Pipeline
Total estimated project revenue of all development work secured (representing 100% of project value).
Development Production
Development Work in Progress
Project end value on product completed during a financial period (representing 100% of project value).
End value of Development Pipeline in delivery as at period end (representing 100% of project value).
Distribution payout ratio Distribution per security
Distribution divided by Core Operating Profit after Tax.
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
Statutory Profit after Tax divided by the weighted average number of securities on issue during the period (including treasury securities).
Effective tax rate
Income tax expense as a percentage of statutory 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.
Invested capital
Represents securityholder equity plus gross debt less cash on balance sheet.
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.
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Legend
Investments - Management EBITDA
Earnings primarily derived from the investment management platform and the management of US Military Housing operations.
Investments - Ownership EBITDA Returns excluding Investments segment revaluations derived from investments, the Group's Retirement investment, US Military Housing equity investment 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. Operating EBITDA Operating Earnings before interest, tax, depreciation and amortisation. Operating Profit after tax (OPAT) Statutory profit adjusted for non operating items. These include non-cash backed property related revaluation movements of Investment Property, Other Financial Assets and Equity accounted Investments in the Investments segment, and other non-cash adjustments or non-recurring items such as impairment losses relating to Goodwill and other Intangibles. Presales ($) Total sales value of units that have been sold and not yet settled. Includes units sold but not yet in delivery. 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 and not yet settled. 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. 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. Settlements (units) Apartments - units cash settled in the period on completed units in Australia, Europe and Americas, and units which have reached practical completion in Asia. Communities & Retirement - units settled in the period on completed land lots or units. Urbanisation pipeline Estimated end value of all of the Group’s secured development projects (excluding Communities) 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.
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Core and Group Summary
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On 31 August 2020, the Group announced a Strategy Update with Operating EBITDA and Operating PAT reported as primary earnings metrics going forward in addition to a statutory result. Comparatives have been restated to present on an Operating earnings basis.
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Earnings per stapled security is nonmeaningful in 2H20 due to share issue, and FY19 and HY20 comparatives have not been restated.
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Total Invested Capital includes Corporate.
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Distribution Payout Ratio is nonmeaningful in FY20 due to the Group statutory loss. Distribution Payout Ratio from 1H21 has been calculated on Core Operating Earnings.
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FY19 and HY20 Weighted average number of securities have not been restated to reflect the share issue in 2H20.
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Effective Tax Rate is nonmeaningful in 1H19 due to the $500m pre-tax impact from losses expected to be incurred on underperforming Engineering projects and in FY20 due to the Group statutory loss.
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Net debt and gross borrowings include certain other financial liabilities. 1H20 and FY20 include $701m and $451m respectively of cash and cash equivalents for discontinued operations which has been classified as Assets held for sale.
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1H19, FY19, FY20 and FY21 interest cover has been adjusted to exclude one off items related to the Engineering business (1H19/FY19: $500m; FY20: $525m; FY21: $185m).
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1H17 and FY17 restated reflecting the impact of the first time adoption of AASB 9 Financial Instruments.
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Cash conversion is nonmeaningful in 1H20, 2H20, HY21 and FY21.
Non Core
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The Group completed the sale of the Engineering business to Acciona Infrastructure Asia Pacific (Acciona) on 9 September 2020. The group has entered an agreement with Service Stream for the sale of Services business, the transaction is expected to complete prior to the end of calendar year 2021 (subject to conditions).
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Rounded to the nearest $100m. In 1H17 and FY17 rounding adjustments of $0.1b have been reallocated between Building and Engineering in order to report the Engineering and Services business as non core.
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1H backlog realisation is broken down into the following periods: next 6 months; 6-18 months; and beyond 18 months.
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Development
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On 31 August 2020, the Group announced a Strategy Update which included the introduction of new operational metrics, Development Production and Development Work in Progress.
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Major Urbanisation Projects are development projects with an estimated development end value greater than A$1bn.
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Includes Europe communities and Americas communities. HY21 relates to Chiswick englobo sale and settlement.
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Revenue in Asia on Apartments for Sale is recognised on a percentage complete basis. Recording of settlements and the associated presales run-off within this schedule are aligned with practical completion.
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On adoption of AASB 15 from 1 July 2018, the recognition point of revenue (and associated units) on residential for sale development properties changed to settlement in Australia, Europe and Americas. Prior to the adoption of AASB 15, the recognition point of revenue (and associated units) was aligned with practical completion.
Construction
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From 1H17, comparatives have been restated to exclude the Engineering and Services business following the decision that it is no longer a required part of the Group's strategy.
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Rounded to the nearest $100m. In 1H17 and FY17 rounding adjustments of $0.1b have been reallocated between Building and Engineering in order to report the Engineering and Services business as non core.
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FY17 to FY19 reflects all Construction projects with backlog greater than $100m. FY20 to FY21 reflects all Construction projects.
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1H backlog realisation is broken down into the following periods: next 6 months; 6-18 months; and beyond 18 months.
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Ratio calculated as external new work secured over external revenue realised to the nearest million.
Investments
- On 31 August 2020, the Group announced a Strategy Update with Operating EBITDA and Operating PAT reported as primary earnings metrics going forward in addition to a statutory result. Comparatives have been restated to present on an Operating earnings basis.
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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.