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LENDLEASE GROUP — Annual Report 2023
Aug 13, 2023
65243_rns_2023-08-13_d6f61b4e-1ab6-465d-b45e-fdafcb30482d.pdf
Annual Report
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14 August 2023
Lendlease Group 2023 Full Year Financial and Operational Metrics
Lendlease Group today announced its results for the year ended 30 June 2023. Attached is a data file comprising financial and operational metrics covering FY19 – FY23.
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: Michael Vercoe Stephen Ellaway Head of Investor Relations Executive General Manager, Corporate Affairs Mob: +61 488 245 205 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
Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW Australia Telephone +61 2 9236 6111 | Facsimile +61 2 9252 2192 | www.lendlease.com
Core Business
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| Core Business | ||||||
|---|---|---|---|---|---|---|
| FY19 | FY20 | FY21 | FY22 | FY23 | ||
| Unit | ||||||
| Profit and Loss Summary - Core Business | ||||||
| Revenue | A$m | 13,414 | 10,405 | 8,741 | 8,540 | 9,959 |
| Segment EBITDA1 | ||||||
| Investments1 | A$m | 278 | 300 | 276 | 497 | 332 |
| Development | A$m | 793 | 322 | 469 | 181 | 283 |
| Construction | A$m | 211 | 101 | 173 | 131 | 90 |
| Total Segment EBITDA | A$m | 1,282 | 723 | 918 | 809 | 705 |
| Group Services | A$m | (140) | (129) | (128) | (159) | (138) |
| Group Treasury | A$m | (25) | (29) | (33) | (21) | (23) |
| Operating EBITDA1 | A$m | 1,117 | 565 | 757 | 629 | 544 |
| Depreciation & Amortisation | A$m | (94) | (160) | (148) | (146) | (140) |
| Operating EBIT1 | A$m | 1,023 | 405 | 609 | 483 | 404 |
| Net Finance Revenue/(Costs) | A$m | (125) | (153) | (137) | (116) | (88) |
| Operating PBT1 | A$m | 898 | 252 | 472 | 367 | 316 |
| Income Tax Benefit/(Expense)1 | A$m | (266) | (46) | (95) | (91) | (59) |
| External non controlling interests | A$m | - | - | - | - | - |
| Operating PAT1 | A$m | 632 | 206 | 377 | 276 | 257 |
| Reconciliation Operating to Statutory Profit/(Loss) after Tax1 | ||||||
| Core Operating Profit After Tax | A$m | 632 | 206 | 377 | 276 | 257 |
| Add / (less): Investment properties revaluations | A$m | 25 | (19) | (1) | 4 | (16) |
| Add / (less): Financial assets revaluations | A$m | 100 | (10) | 46 | 58 | (67) |
| Add / (less): Equity accounted investments revaluations | A$m | 47 | (72) | (19) | 8 | (92) |
| Add / (less): Impairment losses relating to intangibles | A$m | - | (9) | - | (61) | - |
| Add / (less): Restructuring costs | A$m | - | - | - | (119) | - |
| Add / (less): Development impairments | A$m | - | - | - | (223) | - |
| Add / (less): Provision in relation to UK building remediation | A$m | - | - | - | - | (295) |
| Total Non Operating Items (post-tax) | A$m | 172 | (110) | 26 | (333) | (470) |
| Non Core Profit/(Loss) after Tax | A$m | (337) | (406) | (181) | (42) | (19) |
| Statutory Profit/(Loss) after Tax | A$m | 467 | (310) | 222 | (99) | (232) |
| Returns and Key Performance Measures - Core Business1 | ||||||
| Number of equivalent full time employees2 | no. | 8,787 | 8,398 | 8,192 | 7,759 | 7,647 |
| (EPS) Core Operating Earnings per stapled security1,3 | cents | 111.5 | 34.2 | 54.8 | 40.1 | 37.3 |
| (ROE) Core Operating PAT to average securityholders' equity1 | % | 10.1% | 3.1% | 5.4% | 4.0% | 3.8% |
| Investments ROIC1 | % | 5.7% | 5.8% | 5.9% | 9.7% | 6.1% |
| Development ROIC | % | 11.6% | 4.7% | 7.2% | 2.2% | 3.3% |
| Construction EBITDA Margin | % | 2.2% | 1.3% | 2.7% | 2.0% | 1.2% |
| EBITDA Mix by Segment - % Operating EBITDA | ||||||
| Investments1 | % | 22% | 41% | 30% | 61% | 47% |
| Development1 | % | 62% | 45% | 51% | 23% | 40% |
| Construction1 | % | 16% | 14% | 19% | 16% | 13% |
| Key Platform Value Drivers | ||||||
| Funds Under Management | A$b | 35.2 | 36.0 | 39.6 | 44.4 | 48.3 |
| Assets Under Management | A$b | 28.7 | 29.3 | 28.5 | 30.0 | 32.8 |
| Development Pipeline | A$b | 76.1 | 113.0 | 113.6 | 117.0 | 124.3 |
| Construction Backlog4 | A$b | 12.6 | 10.6 | 11.3 | 10.5 | 8.7 |
| Invested Capital by Segment & Region | ||||||
| Investments | A$b | 3.6 | 3.7 | 3.6 | 3.7 | 4.0 |
| Development | A$b | 4.8 | 4.8 | 4.4 | 5.4 | 6.1 |
| Australia | A$b | 3.6 | 3.4 | 2.9 | 2.7 | 2.8 |
| Asia | A$b | 1.2 | 1.4 | 1.4 | 1.8 | 2.1 |
| Europe | A$b | 1.7 | 1.8 | 1.8 | 2.0 | 2.2 |
| Americas | A$b | 1.4 | 1.5 | 1.4 | 1.6 | 2.0 |
| Total Invested Capital5 | A$b | 7.8 | 8.2 | 7.7 | 8.1 | 9.1 |
| End of sheet |
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Group Summary
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| Group Summary | ||||||
|---|---|---|---|---|---|---|
| FY19 | FY20 | FY21 | FY22 | FY23 | ||
| Unit | ||||||
| Returns and Key Performance Measures - Total Group | ||||||
| Statutory Profit/(Loss) after Tax | A$m | 467 | (310) | 222 | (99) | (232) |
| (EPS) Earnings per stapled security on Statutory Profit/(Loss) after Tax3 | cents | 82.4 | (51.4) | 32.3 | (14.4) | (33.7) |
| Distribution per stapled security | cents | 42.0 | 33.3 | 27.0 | 16.0 | 16.0 |
| Distribution Payout ratio6 | % | 51% | 49% | 40% | 43% | |
| Securities on issue | m | 564 | 688 | 689 | 689 | 689 |
| Weighted average number of securities7 | m | 567 | 603 | 688 | 689 | 689 |
| Net asset backing per security | A$ | 11.27 | 10.08 | 10.09 | 10.12 | 9.64 |
| Net tangible asset backing per security | A$ | 8.69 | 7.96 | 7.98 | 8.34 | 7.85 |
| Security price at period end | A$ | 13.00 | 12.37 | 11.46 | 9.11 | 7.75 |
| Number of securityholders | no. | 62,454 | 66,161 | 69,057 | 66,333 | 61,338 |
| (ROE) PAT to average securityholders' equity | % | 7.4% | (4.7%) | 3.2% | (1.4%) | (3.4%) |
| Effective Tax Rate8 | % | 24.7% | 24.5% | 33.6% | 26.1% | |
| FX Rates | ||||||
| Income Statement - Period Average | ||||||
| USD | A$/USD | 0.71 | 0.67 | 0.75 | 0.72 | 0.67 |
| GBP | A$/GBP | 0.55 | 0.53 | 0.55 | 0.55 | 0.55 |
| SGD | A$/SGD | 0.97 | 0.93 | 1.00 | 0.98 | 0.91 |
| Balance Sheet - Period End | ||||||
| USD | A$/USD | 0.70 | 0.69 | 0.75 | 0.69 | 0.67 |
| GBP | A$/GBP | 0.55 | 0.56 | 0.54 | 0.57 | 0.52 |
| SGD | A$/SGD | 0.95 | 0.96 | 1.01 | 0.96 | 0.90 |
| Corporate Strength - Total Group | ||||||
| Total tangible assets | A$m | 15,721 | 16,291 | 15,544 | 15,876 | 16,978 |
| Cash | A$m | 1,290 | 1,111 | 1,662 | 1,297 | 900 |
| Borrowings | A$m | 2,715 | 2,395 | 2,357 | 2,357 | 3,281 |
| Operating cash flow | A$m | 60 | 137 | 468 | (835) | (486) |
| Investing cash flow | A$m | 167 | (369) | (216) | 552 | (758) |
| Total Operating and Investing cash flow | A$m | 227 | (232) | 252 | (283) | (1,244) |
| Financing cash flow | A$m | (128) | 495 | (146) | (106) | 723 |
| Total cash flow | A$m | 99 | 263 | 106 | (389) | (521) |
| Ratio of current assets to current liabilities | times | 0.9x | 1.1x | 0.8x | 0.9x | 0.8x |
| Ratio of current assets to current liabilities (excluding resident and accommodation bond liabilities) | times | 0.9x | 1.1x | 0.8x | 0.9x | 0.8x |
| Gearing9 | % | 9.9% | 5.7% | 5.0% | 7.3% | 14.8% |
| Interest cover10 | times | 8.8x | 2.8x | 6.4x | 5.6x | 3.0x |
| Average cost of debt | % | 4.0% | 3.4% | 3.6% | 3.6% | 4.3% |
| Average debt maturity | years | 4.8 | 4.2 | 4.9 | 6.6 | 4.4 |
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Group Summary
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| Group Summary | ||||||
|---|---|---|---|---|---|---|
| FY19 | FY20 | FY21 | FY22 | FY23 | ||
| Unit | ||||||
| Balance Sheet - Total Group | ||||||
| Statement of Financial Position | ||||||
| Current Assets | ||||||
| Cash and cash equivalents | A$m | 1,290 | 1,111 | 1,662 | 1,297 | 900 |
| Loans and receivables | A$m | 2,050 | 1,667 | 1,741 | 2,033 | 2,299 |
| Inventories | A$m | 2,238 | 2,256 | 1,469 | 1,459 | 1,562 |
| Current tax assets | A$m | 11 | 27 | 9 | - | - |
| Other financial assets | A$m | 97 | 16 | 7 | 24 | 32 |
| Other assets | A$m | 70 | 59 | 62 | 51 | 57 |
| Disposal Group assets held for sale | A$m | 841 | - | - | - | |
| Total current assets | A$m | 5,756 | 5,977 | 4,950 | 4,864 | 4,850 |
| Non Current Assets | ||||||
| Loans and receivables | A$m | 688 | 744 | 1,871 | 1,896 | 1,439 |
| Inventories | A$m | 3,345 | 3,113 | 2,404 | 2,320 | 2,681 |
| Equity accounted investments | A$m | 3,452 | 3,671 | 3,758 | 4,379 | 5,647 |
| Investment properties | A$m | 501 | 658 | 467 | 482 | 539 |
| Other financial assets | A$m | 1,103 | 1,076 | 1,080 | 1,181 | 1,140 |
| Deferred tax assets | A$m | 101 | 141 | 115 | 144 | 219 |
| Property, plant and equipment | A$m | 548 | 693 | 594 | 272 | 247 |
| Intangible assets | A$m | 1,457 | 1,457 | 1,456 | 1,225 | 1,236 |
| Defined benefit plan asset | A$m | 140 | 156 | 243 | 282 | 171 |
| Other assets | A$m | 87 | 62 | 62 | 56 | 45 |
| Total non current assets | A$m | 11,422 | 11,771 | 12,050 | 12,237 | 13,364 |
| Total assets | A$m | 17,178 | 17,748 | 17,000 | 17,101 | 18,214 |
| Current Liabilities | ||||||
| Trade and other payables | A$m | 5,724 | 4,496 | 4,839 | 4,557 | 4,646 |
| Resident liabilities | A$m | - | - | - | - | - |
| Provisions | A$m | 332 | 343 | 575 | 720 | 708 |
| Current tax liabilities | A$m | - | - | - | 49 | 3 |
| Borrowings and financing arrangements | A$m | 225 | 134 | 555 | - | 19 |
| Other financial liabilities | A$m | 6 | 10 | 14 | 28 | 53 |
| Disposal Group liabilities held for sale | A$m | 670 | - | - | - | |
| Total current liabilities | A$m | 6,287 | 5,653 | 5,983 | 5,354 | 5,429 |
| Non Current Liabilities | ||||||
| Trade and other payables | A$m | 1,401 | 2,405 | 1,760 | 1,988 | 2,333 |
| Provisions | A$m | 45 | 62 | 80 | 68 | 326 |
| Borrowings and financing arrangements | A$m | 2,490 | 2,261 | 1,802 | 2,357 | 3,262 |
| Defined benefit plan liability | A$m | - | - | - | - | - |
| Other financial liabilities | A$m | 1 | 1 | 23 | 102 | 87 |
| Deferred tax liabilities | A$m | 597 | 434 | 401 | 262 | 133 |
| Total non current liabilities | A$m | 4,534 | 5,163 | 4,066 | 4,777 | 6,141 |
| Total liabilities | A$m | 10,821 | 10,816 | 10,049 | 10,131 | 11,570 |
| Net Assets | A$m | 6,357 | 6,932 | 6,951 | 6,970 | 6,644 |
| Equity | ||||||
| Issued capital | A$m | 1,300 | 1,889 | 1,888 | 1,891 | 1,894 |
| Treasury securities | A$m | (68) | (68) | (79) | (77) | (67) |
| Reserves | A$m | 105 | 65 | 3 | 184 | 273 |
| Retained earnings | A$m | 3,815 | 3,265 | 3,327 | 3,078 | 2,653 |
| Total equity attributable to members of Lendlease Corporation Limited | A$m | 5,152 | 5,151 | 5,139 | 5,076 | 4,753 |
| Total equity attributable to unitholders of Lendlease Trust | A$m | 1,182 | 1,756 | 1,788 | 1,867 | 1,863 |
| Total equity attributable to securityholders | A$m | 6,334 | 6,907 | 6,927 | 6,943 | 6,616 |
| External non controlling interests | A$m | 23 | 25 | 24 | 27 | 28 |
| Total equity | A$m | 6,357 | 6,932 | 6,951 | 6,970 | 6,644 |
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Group Summary
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| Group Summary | ||||||
|---|---|---|---|---|---|---|
| FY19 | FY20 | FY21 | FY22 | FY23 | ||
| Unit | ||||||
| Cash Flow Statement - Total Group | ||||||
| Cash Flows from Operating Activities | ||||||
| Cash receipts in the course of operations | A$m | 17,026 | 13,488 | 9,531 | 8,893 | 10,801 |
| Cash payments in the course of operations | A$m | (16,902) | (13,313) | (8,916) | (9,606) | (11,104) |
| Interest received | A$m | 13 | 16 | 6 | 3 | 27 |
| Interest paid in relation to other corporations | A$m | (152) | (164) | (128) | (129) | (192) |
| Interest in relation to lease liabilities | A$m | (25) | (20) | (17) | (15) | |
| Dividends/distributions received | A$m | 105 | 146 | 80 | 109 | 113 |
| Income tax received/(paid) in respect of operations | A$m | (30) | (11) | (85) | (88) | (116) |
| Net cash provided by/(used in) operating activities | A$m | 60 | 137 | 468 | (835) | (486) |
| Cash Flows from Investing Activities | ||||||
| Sale/redemption of investments | A$m | 571 | 448 | 573 | 846 | 622 |
| Acquisition of investments | A$m | (378) | (709) | (301) | (985) | (1,632) |
| Sale of investment properties | A$m | 82 | 84 | |||
| Acquisition of/capital expenditure on investment properties | A$m | (53) | (57) | (110) | (71) | (6) |
| Net loan repayments/(drawdowns) from associates and joint ventures | A$m | (22) | (9) | (13) | (13) | 6 |
| Disposal/acquisition of consolidated entities (net of cash disposed and transaction costs) | A$m | 266 | 136 | (266) | 709 | 247 |
| Disposal of property, plant and equipment | A$m | 14 | 11 | 22 | 69 | - |
| Disposal of other financial assets | A$m | 3 | ||||
| Acquisition of property, plant and equipment | A$m | (165) | (112) | (53) | (10) | (28) |
| Acquisition of intangible assets | A$m | (66) | (77) | (68) | (75) | (54) |
| Net cash provided by/(used in) investing activities | A$m | 167 | (369) | (216) | 552 | (758) |
| Cash Flows from Financing Activities | ||||||
| Net proceeds from share issue | A$m | 1,193 | - | - | - | |
| Proceeds from borrowings | A$m | 4,640 | 4,658 | 3,503 | 2,457 | 5,235 |
| Repayment of borrowings | A$m | (4,347) | (4,970) | (3,470) | (2,387) | (4,333) |
| Dividends/distributions paid | A$m | (258) | (327) | (121) | (114) | (105) |
| Proceeds from sale of treasury securities | A$m | - | - | - | - | - |
| Payments for on market buyback of stapled securities | A$m | (174) | - | - | - | - |
| Payments for on market buyback of stapled securities - Dividend Reinvestment Plan | A$m | (11) | - | - | - | - |
| Other financing activities | A$m | - | - | - | - | - |
| Increase in capital of non controlling interest | A$m | 22 | 2 | 2 | 2 | - |
| Repayment of lease liabilities | A$m | (61) | (60) | (64) | (74) | |
| Net cash provided by/(used in) financing activities | A$m | (128) | 495 | (146) | (106) | 723 |
| Effect of foreign exchange rate movements on cash and cash equivalents | A$m | 14 | 9 | (6) | 24 | 124 |
| Net increase/(decrease) in cash and cash equivalents | A$m | 113 | 272 | 100 | (365) | (397) |
| Cash and cash equivalents at beginning of financial year | A$m | 1,177 | 1,290 | 1,562 | 1,662 | 1,297 |
| Cash and cash equivalents at end of financial year | A$m | 1,290 | 1,562 | 1,662 | 1,297 | 900 |
End of sheet
Non Core
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| Non Core | ||||||
|---|---|---|---|---|---|---|
| FY19 | FY20 | FY21 | FY22 | FY23 | ||
| Unit | ||||||
| Profit and Loss Summary - Non Core1 | ||||||
| Revenue | A$m | 3,141 | 2,884 | 1,444 | 784 | 499 |
| EBITDA2 | A$m | (461) | (495) | (139) | (31) | (102) |
| Depreciation & Amortisation | A$m | (28) | (84) | (59) | (17) | (3) |
| EBIT | A$m | (489) | (579) | (198) | (48) | (105) |
| Net Finance Revenue/(Costs) | A$m | - | 5 | 1 | - | - |
| PBT | A$m | (489) | (574) | (197) | (48) | (105) |
| Income Tax Benefit/(Expense) | A$m | 152 | 168 | 16 | 6 | 86 |
| PAT | A$m | (337) | (406) | (181) | (42) | (19) |
End of sheet
Investments
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| Investments | ||||||
|---|---|---|---|---|---|---|
| FY19 | FY20 | FY21 | FY22 | FY23 | ||
| Unit | ||||||
| Profit and Loss | ||||||
| Investments Revenue | A$m | 348 | 390 | 348 | 346 | 330 |
| Australia | A$m | 210 | 172 | 164 | 192 | 189 |
| Asia | A$m | 63 | 134 | 77 | 82 | 86 |
| Europe | A$m | 13 | 16 | 14 | 18 | 23 |
| Americas | A$m | 62 | 68 | 93 | 54 | 32 |
| Investments Operating EBITDA1 | A$m | 278 | 300 | 276 | 497 | 332 |
| Australia | A$m | 199 | 130 | 135 | 177 | 118 |
| Asia | A$m | 28 | 119 | 54 | 119 | 81 |
| Europe | A$m | 9 | (10) | (12) | (2) | 3 |
| Americas | A$m | 42 | 61 | 99 | 203 | 130 |
| Investments Operating PAT1 | A$m | 196 | 214 | 213 | 361 | 245 |
| Australia | A$m | 149 | 97 | 97 | 132 | 94 |
| Asia | A$m | 9 | 96 | 55 | 94 | 66 |
| Europe | A$m | 10 | (9) | (6) | (3) | 1 |
| Americas | A$m | 28 | 30 | 67 | 138 | 84 |
| Investments Fees by activity | A$m | 317 | 284 | 283 | 275 | |
| Funds Under Management Fees | A$m | 212 | 145 | 172 | 177 | |
| Assets Under Management Fees | A$m | 105 | 139 | 111 | 98 | |
| Operating EBITDA by activity | A$m | |||||
| Management EBITDA | A$m | 144 | 198 | 165 | 141 | 104 |
| Investments Portfolio EBITDA1 | A$m | 134 | 102 | 111 | 356 | 228 |
| Investments ROIC1 | % | 5.7% | 5.8% | 5.9% | 9.7% | 6.1% |
| Investments Invested Capital | A$b | 3.6 | 3.7 | 3.6 | 3.7 | 4.0 |
| Investment segment property valuation movements (pre-tax) | A$m | 211 | (147) | 19 | 74 | (230) |
| Operational Metrics (Investments Segment) | ||||||
| Investments Portfolio | ||||||
| Investments Portfolio by Region | A$m | 3,675 | 3,998 | 3,511 | 3,492 | 3,943 |
| Australia | A$m | 2,513 | 2,330 | 1,936 | 1,706 | 1,714 |
| Asia | A$m | 708 | 914 | 827 | 993 | 990 |
| Europe | A$m | 40 | 79 | 306 | 297 | 735 |
| Americas | A$m | 414 | 675 | 442 | 496 | 504 |
| Investments Portfolio by Sector2 | A$m | 3,675 | 3,998 | 3,511 | 3,492 | 3,943 |
| Workplace | A$m | 953 | 853 | 870 | 933 | 1,214 |
| Residential | A$m | 1,649 | 1,775 | 1,598 | 1,209 | 1,359 |
| Retail | A$m | 720 | 934 | 897 | 955 | 945 |
| Data Centres and Industrial | A$m | 95 | 101 | 120 | 297 | 277 |
| Infrastructure | A$m | 40 | 40 | 26 | 27 | 26 |
| Other | A$m | 218 | 295 | - | 71 | 122 |
Investments
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| Investments | ||||||
|---|---|---|---|---|---|---|
| FY19 | FY20 | FY21 | FY22 | FY23 | ||
| Unit | ||||||
| Funds Under Management | ||||||
| FUM by Region | A$b | 35.2 | 36.0 | 39.6 | 44.4 | 48.3 |
| Australia | A$b | 24.8 | 24.7 | 27.6 | 31.1 | 30.8 |
| Asia | A$b | 8.2 | 8.7 | 8.4 | 9.4 | 10.4 |
| Europe | A$b | 1.5 | 1.6 | 1.9 | 1.9 | 4.6 |
| Americas | A$b | 0.7 | 1.0 | 1.7 | 2.0 | 2.5 |
| FUM by Sector2 | A$b | 35.2 | 36.0 | 39.6 | 44.4 | 48.3 |
| Workplace | A$b | 17.7 | 19.3 | 21.6 | 25.0 | 26.9 |
| Residential | A$b | 1.0 | 1.7 | 2.5 | 2.8 | 3.2 |
| Retail | A$b | 14.8 | 13.0 | 12.8 | 12.4 | 12.2 |
| Data Centres and Industrial | A$b | 1.0 | 1.1 | 1.8 | 2.8 | 3.0 |
| Infrastructure | A$b | 0.5 | 0.8 | 0.9 | 0.9 | 0.9 |
| Other | A$b | 0.2 | 0.0 | - | 0.5 | 2.1 |
| Assets Under Management | ||||||
| AUM by Region | A$b | 28.7 | 29.3 | 28.5 | 30.0 | 32.8 |
| Australia | A$b | 7.5 | 6.1 | 6.4 | 6.6 | 5.7 |
| Asia | A$b | 7.2 | 8.5 | 7.6 | 8.1 | 8.8 |
| Europe | A$b | 0.7 | 0.5 | 1.6 | 1.3 | 3.4 |
| Americas | A$b | 13.3 | 14.2 | 12.9 | 14.0 | 14.9 |
| AUM by Sector2 | A$b | 28.7 | 29.3 | 28.5 | 30.0 | 32.8 |
| Residential | A$b | 13.3 | 14.2 | 13.7 | 14.8 | 15.9 |
| Retail | A$b | 12.7 | 12.0 | 11.8 | 12.1 | 11.7 |
| Workplace | A$b | 2.7 | 3.1 | 3.0 | 3.1 | 5.2 |
| Residential AUM | A$b | 13.3 | 14.2 | 13.7 | 14.8 | 15.9 |
| Europe | A$b | 0.8 | 0.8 | 1.0 | ||
| Americas | A$b | 13.3 | 14.2 | 12.9 | 14.0 | 14.9 |
| Commercial AUM | A$b | 15.4 | 15.1 | 14.8 | 15.2 | 16.9 |
| Australia | A$b | 7.5 | 6.1 | 6.4 | 6.6 | 5.7 |
| Asia | A$b | 7.2 | 8.5 | 7.6 | 8.1 | 8.8 |
| Europe | A$b | 0.7 | 0.5 | 0.8 | 0.5 | 2.4 |
| Americas | A$b | - | - | - | - | - |
End of sheet
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Funds Under Management
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| FY19 | FY20 | FY21 | FY22 | FY23 | ||||
|---|---|---|---|---|---|---|---|---|
| Unit | Fund Type | Asset Class | ||||||
| Australia | ||||||||
| Funds Under Management | ||||||||
| Australian Prime Property Fund Retail | A$b | Core | Retail | 5.7 | 4.4 | 4.0 | 3.8 | 3.2 |
| Australian Prime Property Fund Commercial | A$b | Core | Workplace | 5.1 | 5.2 | 6.0 | 6.9 | 6.6 |
| Australian Prime Property Fund Industrial | A$b | Core | Data Centres and Industrial | 1.0 | 1.1 | 1.4 | 1.7 | 2.1 |
| Lendlease Sub Regional Retail Fund | A$b | Core | Retail | 0.6 | 0.5 | 0.4 | 0.4 | 0.1 |
| Lendlease Real Estate Partners New Zealand | A$b | Core | Retail | 0.3 | 0.3 | 0.2 | 0.2 | 0.3 |
| Lendlease International Towers Sydney Trust | A$b | Core | Workplace | 4.6 | 4.8 | 4.9 | 5.1 | 4.7 |
| Aware Super Scheme Infrastructure Investment Company | A$b | Core | Infrastructure | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| Lendlease One International Towers Sydney Trust | A$b | Core | Workplace | 2.7 | 2.7 | 2.8 | 3.0 | 2.9 |
| Managed Investment Mandates | A$b | Core | Various | 4.4 | 5.3 | 7.5 | 9.1 | 9.5 |
| Lendlease Develop To Core Industrial Partnership | A$b | Value Add | Data Centres and Industrial | 0.3 | 0.2 | |||
| Real Estate Partners 4 (REP4) | A$b | Value Add | Other | 0.2 | 0.8 | |||
| Total FUM | A$b | 24.8 | 24.7 | 27.6 | 31.1 | 30.8 | ||
| Asia | ||||||||
| Funds Under Management | ||||||||
| Parkway Parade Partnership Limited | S$b | Core Plus | Retail | 1.4 | 1.4 | 1.3 | 1.3 | 1.4 |
| Lendlease Jem Partners Fund Limited | S$b | Core | Retail and Workplace | 0.6 | 0.6 | 0.6 | - | - |
| Paya Lebar Quarter | S$b | Core | Retail and Workplace | 3.1 | 3.2 | 3.1 | 3.1 | 3.2 |
| Lendlease Asian Retail Investment Fund (ARIF) | S$b | Core | Retail and Workplace | 2.7 | 1.8 | 1.8 | 0.2 | 0.2 |
| Lendlease Global Commercial REIT | S$b | Core | Retail and Workplace | 1.4 | 1.4 | 3.7 | 3.8 | |
| Lendlease Data Centre Partners | S$b | Core Plus | Data Centres and Industrial | 0.3 | 0.3 | 0.3 | ||
| Certis Cisco Centre | S$b | Core Plus | Workplace | 0.1 | 0.3 | |||
| Lendlease Innovation Limited Partnership (LINO) | S$b | Core Plus | Workplace | 0.3 | 0.3 | |||
| Total FUM | S$b | 7.8 | 8.4 | 8.5 | 9.0 | 9.5 | ||
| Europe | ||||||||
| Funds Under Management | ||||||||
| Lendlease Retail LP | £b | Core | Retail | 0.6 | 0.4 | 0.3 | - | - |
| Lendlease Residential Investment Partnership | £b | Core | Residential | 0.2 | 0.3 | 0.4 | 0.5 | 0.4 |
| Lendlease Residential Investment Partnership 2 | £b | Core | Residential | 0.1 | 0.1 | 0.1 | 0.1 | |
| Lendlease MSG 1 Europe Investment Partnership | £b | Core | Workplace | 0.1 | 0.2 | 0.3 | 0.3 | |
| Lendlease Renaissance 1 | £b | Core | Other | 0.1 | 0.2 | |||
| International Quarter London Office Partnership | £b | Core | Workplace | 0.1 | 0.2 | |||
| Lendlease Moorfields (Europe) Investment Partnership | £b | Core | Workplace | 0.7 | ||||
| 0.6 | ||||||||
| Total FUM | £b | 0.8 | 0.9 | 1.0 | 1.1 | 2.5 | ||
| Americas | ||||||||
| Funds Under Management | ||||||||
| Lendlease Americas Residential Partnership | US$b | Value Add | Residential | 0.5 | 0.7 | 1.1 | 1.3 | 1.5 |
| 60 Guest | US$b | Value Add | Workplace | 0.2 | 0.1 | 0.2 | ||
| Total FUM | US$b | 0.5 | 0.7 | 1.3 | 1.4 | 1.7 |
End of sheet
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Development
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| Development | ||||||
|---|---|---|---|---|---|---|
| FY19 | FY20 | FY21 | FY22 | FY23 | ||
| Unit | ||||||
| Profit and Loss | ||||||
| Development Revenue | A$m | 3,355 | 2,344 | 1,965 | 1,579 | 2,333 |
| Australia | A$m | 2,712 | 1,198 | 1,239 | 962 | 1,615 |
| Asia | A$m | 18 | 13 | 11 | 31 | 50 |
| Europe | A$m | 544 | 969 | 511 | 523 | 394 |
| Americas | A$m | 81 | 164 | 204 | 63 | 274 |
| Development EBITDA | A$m | 793 | 322 | 469 | 181 | 283 |
| Australia | A$m | 556 | 174 | 396 | 199 | 276 |
| Asia | A$m | 121 | 34 | (20) | (9) | 20 |
| Europe | A$m | 37 | 116 | 70 | 24 | 4 |
| Americas | A$m | 79 | (2) | 23 | (33) | (17) |
| Development PAT | A$m | 554 | 233 | 342 | 111 | 192 |
| Australia | A$m | 395 | 118 | 278 | 133 | 196 |
| Asia | A$m | 79 | 18 | (19) | (13) | 16 |
| Europe | A$m | 27 | 93 | 69 | 16 | (5) |
| Americas | A$m | 53 | 4 | 14 | (25) | (15) |
| Development ROIC | % | 11.6% | 4.7% | 7.2% | 2.2% | 3.3% |
| Development Invested Capital | A$b | 4.8 | 4.8 | 4.4 | 5.4 | 6.1 |
| Development Pipeline | A$b | 76.1 | 113.0 | 113.6 | 117.0 | 124.3 |
| Development Commencements1 | A$b | 5.6 | 5.9 | 7.7 | ||
| Development Work in Progress1 | A$b | 11.2 | 12.3 | 14.5 | 18.4 | 22.9 |
| Development Completions1 | A$b | 5.6 | 5.0 | 3.8 | 2.5 | 3.6 |
| Development Pipeline and Completions1 | ||||||
| Pipeline by product | A$b | 76.1 | 113.0 | 113.6 | 117.0 | 124.3 |
| Communities | A$b | 14.7 | 13.9 | 13.2 | 15.6 | 16.2 |
| Residential Build to sell | A$b | 26.7 | 45.2 | 41.6 | 37.9 | 45.6 |
| Residential Build to rent | A$b | 5.9 | 23.8 | 25.0 | 28.0 | 28.5 |
| Commercial2 | A$b | 28.6 | 29.8 | 33.8 | 35.5 | |
| Workplace | A$b | 28.1 | ||||
| Other | A$b | 5.9 | ||||
| Infrastructure | A$b | 0.2 | 0.3 | - | - | - |
| Pipeline by region | A$b | 76.1 | 113.0 | 113.6 | 117.0 | 124.3 |
| Australia | A$b | 29.3 | 28.9 | 28.2 | 27.6 | 29.2 |
| Asia | A$b | 5.0 | 4.2 | 5.6 | 8.3 | 9.0 |
| Europe | A$b | 34.1 | 50.1 | 51.8 | 52.4 | 54.9 |
| Americas | A$b | 7.7 | 29.8 | 28.0 | 28.7 | 31.2 |
| Major Urban Projects3 | ||||||
| Projects | no. | 20 | 21 | 23 | 21 | 21 |
| Gateway cities | no. | 10 | 9 | 10 | 9 | 9 |
| Urban Pipeline | A$b | 61.2 | 98.8 | 100.4 | 101.4 | 108.1 |
| Work in Progress | A$b | 10.6 | 11.8 | 14.1 | 17.3 | 21.9 |
| Remaining | A$b | 50.6 | 87.0 | 86.3 | 84.1 | 86.2 |
| Communities Pipeline | A$b | 14.7 | 13.9 | 13.2 | 15.6 | 16.2 |
| Work in Progress (Presold) | A$b | 0.6 | 0.5 | 0.4 | 1.1 | 1.0 |
| Remaining | A$b | 14.1 | 13.4 | 12.8 | 14.5 | 15.2 |
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| Development | ||||||
|---|---|---|---|---|---|---|
| FY19 | FY20 | FY21 | FY22 | FY23 | ||
| Unit | ||||||
| Commencements1 by product | A$b | 5.6 | 5.9 | 7.7 | ||
| Communities | A$b | 0.7 | 1.0 | 0.7 | ||
| Residential Build to sell | A$b | 2.9 | 0.7 | 3.6 | ||
| Residential Build to rent | A$b | 0.4 | 1.4 | 0.9 | ||
| Commercial2 | A$b | 1.6 | 2.8 | |||
| Workplace | A$b | 1.9 | ||||
| Other | A$b | 0.6 | ||||
| Commencements1 by region | A$b | 5.6 | 5.9 | 7.7 | ||
| Australia | A$b | 3.5 | 2.0 | 4.3 | ||
| Asia | A$b | 1.0 | 0.9 | 0.4 | ||
| Europe | A$b | 0.5 | 0.8 | - | ||
| Americas | A$b | 0.6 | 2.2 | 3.0 | ||
| Work in Progress1 by product | A$b | 11.2 | 12.3 | 14.5 | 18.4 | 22.9 |
| Communities | A$b | 0.6 | 0.5 | 0.4 | 1.1 | 1.0 |
| Residential Build to sell | A$b | 3.1 | 3.9 | 5.9 | 6.1 | 9.8 |
| Residential Build to rent | A$b | 1.6 | 2.2 | 1.3 | 1.9 | 2.7 |
| Commercial2 | A$b | 5.9 | 5.7 | 6.9 | 9.3 | |
| Workplace | A$b | 6.7 | ||||
| Other | A$b | 2.7 | ||||
| Work in Progress1 by region | A$b | 11.2 | 12.3 | 14.5 | 18.4 | 22.9 |
| Australia | A$b | 4.4 | 6.8 | 8.8 | 10.3 | 11.3 |
| Asia | A$b | 3.0 | 1.7 | 2.7 | 3.3 | 3.7 |
| Europe | A$b | 2.1 | 1.8 | 1.2 | 1.6 | 1.3 |
| Americas | A$b | 1.7 | 2.0 | 1.8 | 3.2 | 6.6 |
| Development Completions1 by product | A$b | 5.6 | 5.0 | 3.8 | 2.5 | 3.6 |
| Communities | A$b | 0.6 | 0.5 | 0.7 | 0.5 | 0.8 |
| Residential Build to sell | A$b | 1.8 | 2.3 | 0.7 | 0.7 | 0.1 |
| Residential Build to rent | A$b | 0.3 | 0.3 | 1.3 | 0.9 | 0.1 |
| Commercial2 | A$b | 2.9 | 1.9 | 1.1 | 0.4 | |
| Workplace | A$b | 2.6 | ||||
| Other | A$b | - | ||||
| Development Completions1 by region | A$b | 5.6 | 5.0 | 3.8 | 2.5 | 3.6 |
| Australia | A$b | 2.7 | 1.1 | 2.0 | 0.5 | 3.4 |
| Asia | A$b | 2.1 | 1.7 | 0.2 | 0.5 | - |
| Europe | A$b | 0.5 | 1.1 | 1.0 | 0.5 | 0.2 |
| Americas | A$b | 0.3 | 1.1 | 0.6 | 1.0 | - |
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| Development | ||||||
|---|---|---|---|---|---|---|
| FY19 | FY20 | FY21 | FY22 | FY23 | ||
| Unit | ||||||
| Residential for sale Summary | ||||||
| Total Sales | A$m | 860 | 2,365 | 2,029 | 2,931 | 2,669 |
| Australia Apartments | A$m | 114 | 1,583 | 1,022 | 1,013 | 1,700 |
| Asia Apartments | A$m | 71 | 167 | 52 | 33 | 96 |
| Europe Apartments | A$m | 121 | 63 | 152 | 615 | 93 |
| Americas Apartments | A$m | 175 | 184 | 188 | 249 | 165 |
| Australia Communities | A$m | 373 | 370 | 542 | 1,021 | 605 |
| Other Communities4 | A$m | 5 | - | 73 | - | 10 |
| Total Settlements | A$m | 2,630 | 2,021 | 1,275 | 790 | 978 |
| Australia Apartments | A$m | 1,574 | 241 | 169 | 37 | 92 |
| Asia Apartments5 | A$m | 609 | - | - | - | |
| Europe Apartments | A$m | 282 | 477 | 199 | 116 | 106 |
| Americas Apartments | A$m | 208 | 169 | 268 | 238 | 60 |
| Australia Communities | A$m | 561 | 526 | 567 | 399 | 710 |
| Other Communities4 | A$m | 5 | - | 73 | - | 10 |
| Total Presales | A$m | 2,536 | 2,918 | 3,606 | 5,746 | 7,448 |
| Australia Apartments | A$m | 458 | 1,794 | 2,647 | 3,622 | 5,229 |
| Asia Apartments5 | A$m | 571 | 152 | 191 | 225 | 324 |
| Europe Apartments | A$m | 732 | 343 | 265 | 760 | 748 |
| Americas Apartments | A$m | 150 | 159 | 62 | 76 | 186 |
| Australia Communities | A$m | 625 | 469 | 441 | 1,063 | 961 |
| Total Sales | no. | 1,993 | 2,080 | 2,608 | 4,267 | 2,462 |
| Australia Apartments | no. | 155 | 348 | 214 | 229 | 268 |
| Asia Apartments | no. | 37 | 242 | 78 | 43 | 144 |
| Europe Apartments | no. | 175 | 43 | 113 | 785 | 73 |
| Americas Apartments | no. | 58 | 100 | 58 | 96 | 66 |
| Australia Communities | no. | 1,422 | 1,347 | 1,940 | 3,114 | 1,765 |
| Other Communities4 | no. | 146 | - | 205 | - | 146 |
| Total Settlements | no. | 4,146 | 3,264 | 3,054 | 1,755 | 2,725 |
| Australia Apartments | no. | 1,281 | 369 | 240 | 51 | 127 |
| Asia Apartments5 | no. | 429 | - | - | - | |
| Europe Apartments | no. | 296 | 471 | 240 | 142 | 161 |
| Americas Apartments | no. | 46 | 97 | 141 | 84 | 38 |
| Australia Communities | no. | 2,377 | 1,898 | 2,228 | 1,478 | 2,253 |
| Other Communities4 | no. | 146 | - | 205 | - | 146 |
| Total Presales | no. | 4,499 | 3,312 | 2,801 | 5,309 | 5,055 |
| Australia Apartments | no. | 675 | 652 | 623 | 801 | 942 |
| Asia Apartments5 | no. | 423 | 236 | 314 | 357 | 501 |
| Europe Apartments | no. | 1,013 | 585 | 398 | 1,037 | 958 |
| Americas Apartments | no. | 112 | 114 | 31 | 43 | 71 |
| Australia Communities | no. | 2,276 | 1,725 | 1,435 | 3,071 | 2,583 |
End of sheet
Construction
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| FY19 | FY20 | FY21 | FY22 | FY23 | ||
|---|---|---|---|---|---|---|
| Unit | ||||||
| Profit and Loss - Core Business | ||||||
| Construction Revenue | A$m | 9,680 | 7,627 | 6,398 | 6,579 | 7,203 |
| Australia | A$m | 4,052 | 3,217 | 2,868 | 3,187 | 3,707 |
| Asia | A$m | 401 | 255 | 262 | 261 | 295 |
| Europe | A$m | 941 | 782 | 861 | 898 | 742 |
| Americas | A$m | 4,286 | 3,373 | 2,407 | 2,233 | 2,459 |
| Construction EBITDA | A$m | 211 | 101 | 173 | 131 | 90 |
| Australia | A$m | 126 | 97 | 112 | 121 | 105 |
| Asia | A$m | (1) | (11) | 20 | 5 | (1) |
| Europe | A$m | 40 | (9) | 2 | 4 | 11 |
| Americas | A$m | 46 | 24 | 39 | 1 | (25) |
| Construction PAT | A$m | 141 | 42 | 100 | 68 | 32 |
| Australia | A$m | 84 | 62 | 72 | 80 | 58 |
| Asia | A$m | (2) | (14) | 10 | (2) | (4) |
| Europe | A$m | 31 | (11) | 2 | - | 3 |
| Americas | A$m | 28 | 5 | 16 | (10) | (25) |
| Construction EBITDA Margin | % | 2.2% | 1.3% | 2.7% | 2.0% | 1.2% |
| Australia | % | 3.1% | 3.0% | 3.9% | 3.8% | 2.8% |
| Asia | % | (0.2%) | (4.3%) | 7.6% | 1.9% | (0.3%) |
| Europe | % | 4.3% | (1.2%) | 0.2% | 0.4% | 1.5% |
| Americas | % | 1.1% | 0.7% | 1.6% | - | (1.0%) |
| New Work Secured and Backlog Revenue - Core Business | ||||||
| New Work Secured1 | A$b | 5.2 | 6.9 | 5.3 | 4.7 | |
| Australia | A$b | 3.0 | 3.1 | 3.6 | 2.4 | |
| Asia | A$b | 0.1 | 0.3 | 0.3 | 0.1 | |
| Europe | A$b | 0.3 | 1.2 | 0.3 | 0.1 | |
| Americas | A$b | 1.8 | 2.3 | 1.1 | 2.1 | |
| Backlog Revenue1 | A$b | 12.6 | 10.6 | 11.3 | 10.5 | 8.7 |
| Australia | A$b | 5.7 | 6.3 | 7.0 | 5.7 | |
| Asia | A$b | 0.1 | 0.1 | 0.2 | 0.1 | |
| Europe | A$b | 1.0 | 1.3 | 0.7 | 0.4 | |
| Americas | A$b | 3.8 | 3.6 | 2.6 | 2.5 | |
| Backlog realisation2 | ||||||
| Next 12 months | % | 31% | 51% | 56% | ||
| Australia | % | 19% | 48% | 57% | ||
| Asia | % | 89% | 78% | 72% | ||
| Europe | % | 67% | 69% | 89% | ||
| Americas | % | 38% | 56% | 46% | ||
| 12 - 24 months | % | 36% | 28% | 27% | ||
| Australia | % | 41% | 32% | 27% | ||
| Asia | % | 11% | 13% | 25% | ||
| Europe | % | 31% | 30% | 10% | ||
| Americas | % | 30% | 17% | 31% | ||
| Beyond 24 months | % | 33% | 21% | 17% | ||
| Australia | % | 40% | 20% | 16% | ||
| Asia | % | - | 9% | 3% | ||
| Europe | % | 2% | 1% | 1% | ||
| Americas | % | 32% | 27% | 23% | ||
| Book to bill3 | ratio | 1.1 | 0.8 | 0.7 | ||
| End of sheet |
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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
Assets Under Management
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 Core Operating Earnings per security
Construction revenue to be earned in future periods (excludes internal projects).
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.
Project end value on product commenced during a financial period (representing 100% of project value).
Development Commencements Project end value on product commenced during a financial period (representing 100% of project value). Development Completions Project end value on product completed during a financial period (representing 100% of project value). Development Pipeline Total estimated end value (representing 100% of project value). Development Work in Progress End value of Development Pipeline in delivery as at period end (representing 100% of project value). Distribution payout ratio Distribution divided by Core Operating 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 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 Portfolio Includes equity invested in Lendlease managed funds and direct investment in property and property related
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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Investments - Management EBITDA
Earnings primarily derived from the investment management platform and the management of US Military Housing operations.
| Investments - Investments Portfolio EBITDA | Returns excluding Investments segment revaluations derived from investments, the Group's Retirement |
|---|---|
| investment, US Residential 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 Investment property revaluations (including in Other financial assets and Equity |
| accounted investments) that are classified in the Investment segment, and material one-off items that could not | |
| reasonably have been expected to arise from normal operations. |
| Presales ($) | Total sales value of units that have been sold and not yet settled. Includes units sold but not yet in delivery. |
|---|---|
| Includes 100% 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. | |
| Urban 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
-
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.
-
Excludes full time equivalent employees from FY22 for Retirement Living. Comparatives have not been restated.
-
Earnings per stapled security is nonmeaningful in 2H20 due to share issue, and FY19 and 1H20 comparatives have not been restated.
-
Construction revenue to be earned in future periods (excludes internal projects).
-
Total Invested Capital includes Corporate.
-
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.
-
FY19 and 1H20 Weighted average number of securities have not been restated to reflect the share issue in 2H20.
-
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.
-
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 classified as Assets held for sale.
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Interest cover has been adjusted to exclude one off items related to the Engineering business, and other Non Operating Items (1H19/FY19: $500m; FY20: $525m; FY21: $185m; 1H22: $448m, FY22: $561m, 1H23 $200m, FY23 $295m).
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 completed the sale of the Services business to Service Stream on 1 November 2021.
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FY22 Non Core EBITDA of ($31m) includes $25m in tenancy impairments.
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Investments
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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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Sectors have been updated as at Lendlease Strategy Briefing in November 2022. Comparatives have been restated to reflect revised sectors.
Development
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On 31 August 2020, the Group announced a Strategy Update which included the introduction of new operational metrics, Development Commencements, Development Work in Progress and Development Completions.
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Sectors have been updated as at Lendlease Strategy Briefing in November 2022. Commercial includes Workplace & Other sectors.
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Major Urban Projects are development projects with an estimated development end value greater than A$1bn.
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Includes Europe Communities and Americas Communities.
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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.
Construction
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Construction revenue to be earned in future periods (excludes internal projects). Comparatives presented have been restated to exclude internal 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 to the nearest million.