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LENDLEASE GROUP — Interim / Quarterly Report 2020
Feb 19, 2020
65243_rns_2020-02-19_bee212b8-2076-4f66-8bb2-9e33039a02ba.pdf
Interim / Quarterly Report
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20 February 2020
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Lendlease Group 2020 Half Year Financial and Operational Metrics
Lendlease Group today announced its results for the half year ended 31 December 2019. Attached is a data file comprising financial and operational metrics covering FY15 – HY20.
An excel file containing the data is available at: www.lendlease.com/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
Group Summary
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| Group Summary | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
| Unit | |||||||
| Profit and Loss Summary - Core Business1 | |||||||
| Revenue | A$m | 13,298.6 | 15,105.3 | 14,382.6 | 13,287.9 | 13,414 | 5,743 |
| Segment EBITDA2 | |||||||
| Development | A$m | 386.1 | 500.2 | 552.4 | 673.2 | 793 | 272 |
| Construction | A$m | 279.0 | 288.1 | 271.4 | 295.8 | 211 | 101 |
| Investments | A$m | 477.8 | 457.7 | 495.3 | 668.9 | 489 | 255 |
| Total Operating Business EBITDA | A$m | 1,142.9 | 1,246.0 | 1,319.1 | 1,637.9 | 1,493 | 628 |
| Group Services | A$m | (156.8) | (168.7) | (154.4) | (140.1) | (140) | (56) |
| Group Treasury | A$m | (19.1) | (22.4) | (29.8) | (35.4) | (25) | (16) |
| Group EBITDA | A$m | 967.0 | 1,054.9 | 1,134.9 | 1,462.4 | 1,328 | 556 |
| Depreciation & Amortisation | A$m | (79.5) | (82.7) | (76.5) | (82.1) | (94) | (77) |
| EBIT | A$m | 887.5 | 972.2 | 1,058.4 | 1,380.3 | 1,234 | 479 |
| Net Finance Revenue/(Costs) | A$m | (119.5) | (109.4) | (97.0) | (72.5) | (125) | (76) |
| PBT | A$m | 768.0 | 862.8 | 961.4 | 1,307.8 | 1,109 | 403 |
| Income Tax Benefit/(Expense) | A$m | (149.1) | (164.7) | (235.6) | (346.9) | (305) | (95) |
| External non controlling interests | A$m | (0.3) | 0.1 | (0.1) | (0.8) | - | - |
| PAT | A$m | 618.6 | 698.2 | 725.7 | 960.1 | 804 | 308 |
| Returns and Key Performance Measures - Core Business1 | |||||||
| Number of equivalent full time employees | no. | 12,443 | 12,162 | 8,801 | 8,854 | 8,787 | 8,617 |
| (EPS) Earnings per stapled security on PAT | cents | 164.7 | 141.8 | 54.6 | |||
| (ROE) PAT to average securityholders' equity | % | 15.3% | 12.8% | 9.6% | |||
| Development ROIC | % | 9.7% | 11.7% | 13.7% | 13.4% | 11.6% | 7.3% |
| Investments ROIC3 | % | 14.2% | 11.2% | 11.7% | 15.5% | 10.8% | 10.7% |
| Construction EBITDA Margin | % | 2.6% | 2.4% | 2.6% | 3.1% | 2.2% | 2.3% |
| EBITDA Mix by Segment - % Operating EBITDA | |||||||
| Development | % | 33.8% | 40.2% | 41.9% | 41.1% | 53.1% | 43.3% |
| Construction | % | 24.4% | 23.1% | 20.6% | 18.1% | 14.1% | 16.1% |
| Investments | % | 41.8% | 36.7% | 37.5% | 40.8% | 32.8% | 40.6% |
| Key Platform Value Drivers | |||||||
| Development Pipeline | A$b | 44.9 | 48.8 | 49.3 | 71.1 | 76.1 | 112.5 |
| Construction Backlog4 | A$b | 17.3 | 20.7 | 15.7 | 15.2 | 15.6 | 14.2 |
| Funds Under Management | A$b | 21.3 | 23.6 | 26.1 | 30.1 | 35.2 | 36.9 |
| Profit After Tax by Segment & Region5 | |||||||
| Development | A$m | 277.2 | 366.4 | 397.8 | 491.9 | 554 | 186 |
| Construction | A$m | 159.0 | 190.9 | 178.8 | 189.8 | 141 | 59 |
| Investments | A$m | 408.6 | 370.7 | 381.4 | 493.4 | 368 | 199 |
| Australia | A$m | 625.1 | 719.1 | 746.0 | 866.1 | 744 | 244 |
| Asia | A$m | 17.3 | (20.3) | 13.7 | 61.6 | 102 | 109 |
| Europe | A$m | 112.3 | 150.8 | 95.4 | 132.5 | 68 | 59 |
| Americas | A$m | 90.1 | 78.4 | 102.9 | 114.9 | 149 | 32 |
Group Summary
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| Group Summary | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
| Unit | |||||||
| Returns and Key Performance Measures - Total Group | |||||||
| NPAT attributable to securityholders | A$m | 618.6 | 698.2 | 758.6 | 792.8 | 467 | 313 |
| (EPS) Earnings per stapled security on PAT | cents | 106.8 | 120.1 | 130.1 | 136.1 | 82.4 | 55.5 |
| Dividend / Distribution per stapled security | cents | 54.0 | 60.0 | 66.0 | 69.0 | 42.0 | 30.0 |
| Dividend / Distribution Payout ratio | % | 51% | 50% | 51% | 50% | 51% | 54% |
| Securities on issue | m | 580 | 582 | 583 | 574 | 564 | 564 |
| Weighted average number of securities | m | 579 | 581 | 583 | 583 | 567 | 564 |
| Net asset backing per security | A$ | 8.90 | 9.64 | 10.58 | 11.17 | 11.27 | 11.54 |
| Net tangible asset backing per security | A$ | 6.42 | 7.16 | 8.15 | 8.70 | 8.69 | 9.26 |
| Security price at period end | A$ | 15.03 | 12.60 | 16.65 | 19.81 | 13.00 | 17.60 |
| Number of securityholders | no. | 56,966 | 61,521 | 58,642 | 55,648 | 62,454 | 60,015 |
| (ROE) PAT to average securityholders' equity | % | 12.4% | 13.0% | 12.9% | 12.7% | 7.4% | 9.8% |
| Invested Capital by Segment & Region | |||||||
| Development | A$b | 3.3 | 2.9 | 3.0 | 4.3 | 4.8 | 5.3 |
| Investments | A$b | 3.1 | 3.2 | 3.3 | 3.3 | 3.6 | 3.9 |
| Australia | A$b | 5.1 | 4.8 | 4.7 | 4.4 | 3.6 | 4.5 |
| Asia | A$b | 0.5 | 0.5 | 0.7 | 0.9 | 1.2 | 1.5 |
| Europe | A$b | 0.8 | 0.8 | 0.8 | 1.2 | 1.7 | 2.0 |
| Americas | A$b | 0.1 | 0.4 | 0.5 | 1.0 | 1.4 | 1.4 |
| Total Invested Capital6 | A$b | 6.9 | 6.7 | 7.0 | 7.6 | 7.8 | 9.5 |
| Effective Tax Rate7 | % | 19.4% | 19.1% | 24.7% | 25.6% | 24.7% | 23.5% |
| FX Rates | |||||||
| Income Statement - Period Average | |||||||
| USD | A$/USD | 0.83 | 0.73 | 0.76 | 0.77 | 0.71 | 0.68 |
| GBP | A$/GBP | 0.53 | 0.50 | 0.60 | 0.57 | 0.55 | 0.54 |
| SGD | A$/SGD | 1.09 | 1.01 | 1.05 | 1.04 | 0.97 | 0.94 |
| Balance Sheet - Period End | |||||||
| USD | A$/USD | 0.77 | 0.75 | 0.77 | 0.74 | 0.70 | 0.70 |
| GBP | A$/GBP | 0.49 | 0.56 | 0.59 | 0.56 | 0.55 | 0.53 |
| SGD | A$/SGD | 1.04 | 1.00 | 1.06 | 1.01 | 0.95 | 0.94 |
Group Summary
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| Group Summary | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
| Unit | |||||||
| Corporate Strength - Total Group | |||||||
| Total tangible assets | A$m | 17,514.5 | 17,146.1 | 19,439.1 | 15,542.2 | 15,721 | 16,735 |
| Cash | A$m | 750.1 | 1,008.4 | 1,249.2 | 1,177.1 | 1,290 | 396 |
| Borrowings | A$m | 2,450.3 | 2,031.3 | 2,152.4 | 2,358.5 | 2,715 | 3,391 |
| Operating cash flow | A$m | (166.6) | 853.0 | 146.0 | 72.8 | 60 | (358) |
| Investing cash flow | A$m | (383.4) | 0.6 | 70.1 | 221.8 | 167 | (241) |
| Total Operating and Investing cash flow | A$m | (550.0) | 853.6 | 216.1 | 294.6 | 227 | (599) |
| Financing cash flow | A$m | (465.2) | (620.4) | 8.5 | (397.8) | (128) | 425 |
| Total cash flow | A$m | (1,015.2) | 233.2 | 224.6 | (103.2) | 99 | (174) |
| Ratio of current assets to current liabilities | times | 0.7x | 0.7x | 0.6x | 1.0x | 0.9x | 1.0x |
| Ratio of current assets to current liabilities (excluding resident and accommodation bond liabilities) | times | 1.2x | 1.2x | 1.0x | 1.0x | 0.9x | 1.0x |
| Net debt to total tangible assets, less cash8 | % | 10.5% | 6.5% | 5.0% | 8.2% | 9.9% | 14.7% |
| Interest cover9 | times | 6.6x | 8.0x | 10.3x | 10.7x | 8.8x | 7.4x |
| Average cost of debt | % | 5.2% | 4.6% | 4.9% | 4.8% | 4.0% | 3.6% |
| Average debt maturity | years | 3.9 | 5.3 | 5.1 | 4.6 | 4.8 | 3.9 |
| Balance Sheet - Total Group | |||||||
| Statement of Financial Position | |||||||
| Current Assets | |||||||
| Cash and cash equivalents | A$m | 750.1 | 1,008.4 | 1,249.2 | 1,177.1 | 1,290 | 396 |
| Loans and receivables | A$m | 3,631.0 | 2,785.0 | 2,749.2 | 2,670.2 | 2,050 | 1,895 |
| Inventories | A$m | 1,980.0 | 1,923.0 | 2,152.0 | 2,369.2 | 2,238 | 1,837 |
| Current tax assets | A$m | 42.7 | 21.6 | - | - | 11 | 21 |
| Other financial assets | A$m | 8.6 | 50.7 | 33.0 | 6.7 | 97 | 15 |
| Other assets | A$m | 83.2 | 69.2 | 77.9 | 91.0 | 70 | 89 |
| Disposal Group assets held for sale | A$m | 1,900 | |||||
| Total current assets | A$m | 6,495.6 | 5,857.9 | 6,261.3 | 6,314.2 | 5,756 | 6,153 |
| Non Current Assets | |||||||
| Loans and receivables | A$m | 320.1 | 285.4 | 507.7 | 787.8 | 688 | 531 |
| Inventories | A$m | 2,124.2 | 2,679.9 | 2,975.4 | 3,177.1 | 3,345 | 3,558 |
| Equity accounted investments | A$m | 1,235.8 | 1,152.6 | 834.6 | 2,626.6 | 3,452 | 3,822 |
| Investment properties | A$m | 5,994.9 | 5,940.7 | 6,967.4 | 278.2 | 501 | 598 |
| Other financial assets | A$m | 625.7 | 628.8 | 1,203.3 | 1,547.8 | 1,103 | 1,088 |
| Deferred tax assets | A$m | 305.5 | 109.5 | 129.4 | 120.0 | 101 | 124 |
| Property, plant and equipment | A$m | 348.8 | 432.3 | 425.8 | 464.7 | 548 | 653 |
| Intangible assets | A$m | 1,444.7 | 1,446.8 | 1,415.1 | 1,421.4 | 1,457 | 1,286 |
| Defined benefit plan asset | A$m | 9.2 | 7.5 | 64.3 | 154.7 | 140 | 128 |
| Other assets | A$m | 54.7 | 51.5 | 69.9 | 71.1 | 87 | 80 |
| Total non current assets | A$m | 12,463.6 | 12,735.0 | 14,592.9 | 10,649.4 | 11,422 | 11,868 |
| Total assets | A$m | 18,959.2 | 18,592.9 | 20,854.2 | 16,963.6 | 17,178 | 18,021 |
| Current Liabilities | |||||||
| Trade and other payables | A$m | 5,036.1 | 4,328.8 | 5,578.8 | 5,769.5 | 5,724 | 3,795 |
| Resident liabilities | A$m | 4,080.4 | 4,119.5 | 4,573.0 | - | - | - |
| Provisions | A$m | 328.8 | 292.4 | 285.6 | 329.9 | 332 | 257 |
| Current tax liabilities | A$m | - | - | 6.4 | 10.4 | - | - |
| Borrowings and financing arrangements | A$m | 227.3 | - | 291.9 | 474.8 | 225 | 225 |
| Other financial liabilities | A$m | 33.7 | 83.6 | 22.0 | 3.4 | 6 | 7 |
| Disposal Group liabilities held for sale | A$m | 1,700 | |||||
| Total current liabilities | A$m | 9,706.3 | 8,824.3 | 10,757.7 | 6,588.0 | 6,287 | 5,984 |
| Non Current Liabilities | |||||||
| Trade and other payables | A$m | 1,586.0 | 1,909.4 | 1,772.1 | 1,530.7 | 1,401 | 1,617 |
| Provisions | A$m | 46.0 | 70.6 | 58.4 | 67.8 | 45 | 48 |
| Borrowings and financing arrangements | A$m | 2,223.0 | 2,031.3 | 1,860.5 | 1,883.7 | 2,490 | 3,166 |
| Defined benefit plan liability | A$m | 68.8 | 3.4 | - | - | - | - |
| Other financial liabilities | A$m | 32.3 | 9.7 | 0.8 | 0.7 | 1 | - |
| Deferred tax liabilities | A$m | 128.6 | 129.5 | 238.2 | 478.5 | 597 | 695 |
| Total non current liabilities | A$m | 4,084.7 | 4,153.9 | 3,930.0 | 3,961.4 | 4,534 | 5,526 |
| Total liabilities | A$m | 13,791.0 | 12,978.2 | 14,687.7 | 10,549.4 | 10,821 | 11,510 |
| Net Assets | A$m | 5,168.2 | 5,614.7 | 6,166.5 | 6,414.2 | 6,357 | 6,511 |
| Equity | |||||||
| Issued capital | A$m | 1,256.3 | 1,276.3 | 1,289.8 | 1,296.8 | 1,300 | 1,304 |
| Treasury securities | A$m | (89.9) | (99.5) | (24.7) | (44.1) | (68) | (67) |
| Reserves10 | A$m | 91.7 | 98.0 | (15.5) | 61.0 | 105 | 99 |
| Retained earnings10 | A$m | 2,936.0 | 3,289.6 | 3,696.8 | 3,855.1 | 3,815 | 3,985 |
| Total equity attributable to members of Lendlease Corporation Limited | A$m | 4,194.1 | 4,564.4 | 4,946.4 | 5,168.8 | 5,152 | 5,321 |
| Total equity attributable to unitholders of Lendlease Trust | A$m | 968.0 | 1,048.6 | 1,117.0 | 1,244.5 | 1,182 | 1,167 |
| Total equity attributable to securityholders | A$m | 5,162.1 | 5,613.0 | 6,063.4 | 6,413.3 | 6,334 | 6,488 |
| External non controlling interests | A$m | 6.1 | 1.7 | 103.1 | 0.9 | 23 | 23 |
| Total equity | A$m | 5,168.2 | 5,614.7 | 6,166.5 | 6,414.2 | 6,357 | 6,511 |
Group Summary
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| Group Summary | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
| Unit | |||||||
| Cash Flow Statement - Total Group | |||||||
| Cash Flows from Operating Activities | |||||||
| Cash receipts in the course of operations | A$m | 11,896.7 | 16,028.4 | 16,254.6 | 16,354.3 | 17,026 | 7,321 |
| Cash payments in the course of operations | A$m | (11,866.7) | (15,154.9) | (15,928.7) | (16,216.4) | (16,902) | (7,664) |
| Interest received | A$m | 15.2 | 12.8 | 9.9 | 13.1 | 13 | 4 |
| Interest paid in relation to other corporations | A$m | (151.2) | (134.8) | (120.4) | (122.1) | (152) | (95) |
| Interest in relation to lease liabilities | A$m | (13) | |||||
| Dividends/distributions received | A$m | 61.4 | 90.0 | 75.4 | 76.5 | 105 | 110 |
| Income tax received/(paid) in respect of operations | A$m | (122.0) | 11.5 | (144.8) | (32.6) | (30) | (21) |
| Net cash provided by/(used in) operating activities | A$m | (166.6) | 853.0 | 146.0 | 72.8 | 60 | (358) |
| Cash Flows from Investing Activities | |||||||
| Sale/redemption of investments | A$m | 615.0 | 330.5 | 164.9 | 74.4 | 571 | 304 |
| Acquisition of investments | A$m | (653.0) | (563.2) | (257.3) | (448.9) | (378) | (499) |
| Acquisition of/capital expenditure on investment properties | A$m | (209.2) | (25.7) | (244.4) | (112.4) | (53) | (37) |
| Net loan repayments/(drawdowns) associates and joint ventures | A$m | (22.5) | 38.6 | 5.7 | 409.7 | (22) | (33) |
| Acquisition of consolidated entities (net of cash acquired and acquisition costs) | A$m | (5.7) | - | - | - | - | - |
| Disposal of consolidated entities (net of cash disposed and transaction costs) | A$m | 7.0 | 382.5 | 548.4 | 433.6 | 266 | 94 |
| Disposal of property, plant and equipment | A$m | 11.7 | 16.7 | 13.1 | 7.9 | 14 | 13 |
| Acquisition of property, plant and equipment | A$m | (57.4) | (132.7) | (136.4) | (110.3) | (165) | (51) |
| Acquisition of intangible assets | A$m | (67.3) | (46.1) | (23.9) | (32.2) | (66) | (32) |
| Other investing activities | A$m | (2.0) | - | - | - | - | - |
| Net cash provided by/(used in) investing activities | A$m | (383.4) | 0.6 | 70.1 | 221.8 | 167 | (241) |
| Cash Flows from Financing Activities | |||||||
| Proceeds from borrowings | A$m | 2,276.6 | 5,327.6 | 2,800.6 | 2,021.0 | 4,640 | 2,060 |
| Repayment of borrowings | A$m | (2,333.4) | (5,626.0) | (2,576.8) | (1,870.7) | (4,347) | (1,445) |
| Dividends/distributions paid | A$m | (374.2) | (293.2) | (337.9) | (372.0) | (258) | (163) |
| Proceeds from sale of treasury securities | A$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$m | (34.2) | (28.8) | (20.9) | (9.6) | - | - |
| Increase in capital of non controlling interest | A$m | - | - | 37.0 | 21.6 | 22 | - |
| Repayment of lease liabilities | A$m | (27) | |||||
| Net cash provided by/(used in) financing activities | A$m | (465.2) | (620.4) | 8.5 | (397.8) | (128) | 425 |
| Effect of foreign exchange rate movements on cash and cash equivalents | A$m | 49.5 | 25.1 | 16.2 | 31.1 | 14 | (19) |
| Net increase/(decrease) in cash and cash equivalents | A$m | (965.7) | 258.3 | 240.8 | (72.1) | 113 | (193) |
| Cash and cash equivalents at beginning of financial year | A$m | 1,715.8 | 750.1 | 1,008.4 | 1,249.2 | 1,177 | 1,290 |
| Cash and cash equivalents at end of financial year | A$m | 750.1 | 1,008.4 | 1,249.2 | 1,177.1 | 1,290 | 1,097 |
| Reconciliation to underlying operating cash flow - Total Group | |||||||
| Net cash provided by/(used in) operating activities | A$m | (166.6) | 853.0 | 146.0 | 72.8 | 60 | (358) |
| Less: Interest received | A$m | (15.2) | (12.8) | (9.9) | (13.1) | (13) | (4) |
| Add: Interest paid | A$m | 151.2 | 134.8 | 120.4 | 122.1 | 152 | 108 |
| Add: Income tax (received)/paid in respect of operations | A$m | 122.0 | (11.5) | 144.8 | 32.6 | 30 | 21 |
| Interest and tax paid | A$m | 258.0 | 110.5 | 255.3 | 141.6 | 169 | 125 |
| Add: Movement in development properties inventory | A$m | 872.9 | 460.6 | 438.4 | 514.5 | (277) | (21) |
| Less: Movement in deferred land payments | A$m | (641.8) | 161.4 | 74.3 | 99.8 | (99) | 51 |
| Net investment into development inventory | A$m | 231.1 | 622.0 | 512.7 | 614.3 | (376) | 30 |
| Add: Cash proceeds from sell down of development entities | A$m | - | - | 291.8 | 82.9 | 266 | 94 |
| Add: Realised gains on sale of assets | A$m | 54.1 | 73.7 | 48.1 | 1.2 | 197 | 138 |
| Adjustment from investing cash flow | A$m | 54.1 | 73.7 | 339.9 | 84.1 | 463 | 232 |
| Underlying operating cash flow | A$m | 376.6 | 1,659.2 | 1,253.9 | 912.8 | 316 | 29 |
| Group EBITDA | A$m | 967.0 | 1,054.9 | 1,201.8 | 1,244.8 | 867 | 579 |
| Conversion of underlying operating cash flow to Group EBITDA | % | 38.9% | 157.3% | 104.3% | 73.3% | 36.4% | 5.0% |
Group Summary
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| Group Summary | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
| Unit | |||||||
| Profit and Loss by Segment - Core Business1 | |||||||
| Development Revenue | A$m | 1,875.4 | 2,543.9 | 3,433.0 | 3,204.2 | 3,355 | 1,161 |
| Construction Revenue | A$m | 10,936.9 | 12,032.4 | 10,356.1 | 9,656.2 | 9,680 | 4,326 |
| Australia | A$m | 5,912.7 | 6,271.0 | 4,152.1 | 3,742.3 | 4,052 | 1,863 |
| Asia | A$m | 225.0 | 334.2 | 502.6 | 536.1 | 401 | 122 |
| Europe | A$m | 1,258.0 | 1,341.3 | 1,117.3 | 679.5 | 941 | 414 |
| Americas | A$m | 3,541.2 | 4,085.9 | 4,584.1 | 4,698.3 | 4,286 | 1,927 |
| Investments Revenue | A$m | 468.0 | 510.5 | 566.7 | 393.6 | 348 | 234 |
| Development EBITDA | A$m | 386.1 | 500.2 | 552.4 | 673.2 | 793 | 272 |
| Australia | A$m | 336.8 | 391.5 | 497.8 | 551.3 | 556 | 170 |
| Asia | A$m | (11.7) | (19.1) | (13.5) | 26.7 | 121 | 39 |
| Europe | A$m | 66.3 | 139.5 | 68.3 | 110.4 | 37 | 56 |
| Americas | A$m | (5.3) | (11.7) | (0.2) | (15.2) | 79 | 7 |
| Construction EBITDA | A$m | 279.0 | 288.1 | 271.4 | 295.8 | 211 | 101 |
| Australia | A$m | 152.6 | 231.8 | 134.5 | 194.5 | 126 | 59 |
| Asia | A$m | (13.5) | (5.6) | (0.2) | 15.0 | (1) | (4) |
| Europe | A$m | 23.0 | 5.5 | 31.7 | 22.7 | 40 | 14 |
| Americas | A$m | 116.9 | 56.4 | 105.4 | 63.6 | 46 | 32 |
| Investments EBITDA | A$m | 477.8 | 457.7 | 495.3 | 668.9 | 489 | 255 |
| Australia | A$m | 329.5 | 348.5 | 393.3 | 482.6 | 330 | 118 |
| Asia | A$m | 64.3 | 14.3 | 35.1 | 55.3 | 50 | 109 |
| Europe | A$m | 40.2 | 35.1 | 10.2 | 7.4 | 9 | 5 |
| Americas | A$m | 43.8 | 59.8 | 56.7 | 123.6 | 100 | 23 |
| Development PAT | A$m | 277.2 | 366.4 | 397.8 | 491.9 | 554 | 186 |
| Australia | A$m | 241.4 | 275.6 | 348.1 | 383.6 | 395 | 114 |
| Asia | A$m | (10.4) | (18.7) | (11.9) | 15.2 | 79 | 24 |
| Europe | A$m | 48.8 | 116.4 | 60.2 | 103.5 | 27 | 45 |
| Americas | A$m | (2.6) | (6.9) | 1.4 | (10.4) | 53 | 3 |
| Construction PAT | A$m | 159.0 | 190.9 | 178.8 | 189.8 | 141 | 59 |
| Australia | A$m | 89.3 | 146.1 | 92.0 | 132.5 | 84 | 38 |
| Asia | A$m | (15.8) | (6.4) | (2.5) | 4.6 | (2) | (5) |
| Europe | A$m | 18.5 | 4.1 | 23.5 | 19.7 | 31 | 10 |
| Americas | A$m | 67.0 | 47.1 | 65.8 | 33.0 | 28 | 16 |
| Investments PAT | A$m | 408.6 | 370.7 | 381.4 | 493.4 | 368 | 199 |
| Australia | A$m | 294.4 | 297.4 | 305.9 | 350.0 | 265 | 92 |
| Asia | A$m | 43.5 | 4.8 | 28.1 | 41.8 | 25 | 90 |
| Europe | A$m | 45.0 | 30.3 | 11.7 | 9.3 | 10 | 4 |
| Americas | A$m | 25.7 | 38.2 | 35.7 | 92.3 | 68 | 13 |
| Profit and Loss by Region - Core Business1 | |||||||
| Operating Revenue5 | A$m | 13,280.3 | 15,086.8 | 14,355.8 | 13,254.0 | 13,383 | 5,721 |
| Operating EBITDA5 | A$m | 1,142.9 | 1,246.0 | 1,319.1 | 1,637.9 | 1,493 | 628 |
| Australia | A$m | 818.9 | 971.8 | 1,025.6 | 1,228.4 | 1,012 | 347 |
| Asia | A$m | 39.1 | (10.4) | 21.4 | 97.0 | 170 | 144 |
| Europe | A$m | 129.5 | 180.1 | 110.2 | 140.5 | 86 | 75 |
| Americas | A$m | 155.4 | 104.5 | 161.9 | 172.0 | 225 | 62 |
| Operating Profit after Tax5 | A$m | 844.8 | 928.0 | 958.0 | 1,175.1 | 1,063 | 444 |
| Australia | A$m | 625.1 | 719.1 | 746.0 | 866.1 | 744 | 244 |
| Asia | A$m | 17.3 | (20.3) | 13.7 | 61.6 | 102 | 109 |
| Europe | A$m | 112.3 | 150.8 | 95.4 | 132.5 | 68 | 59 |
| Americas | A$m | 90.1 | 78.4 | 102.9 | 114.9 | 149 | 32 |
| Profit and Loss Summary - Non Core | |||||||
| Revenue | A$m | 2,288.4 | 3,284.2 | 3,141 | 1,665 | ||
| EBITDA | A$m | 66.9 | (217.6) | (461) | 23 | ||
| Depreciation & Amortisation | A$m | (21.7) | (24.5) | (28) | (17) | ||
| EBIT | A$m | 45.2 | (242.1) | (489) | 6 | ||
| Net Finance Revenue/(Costs) | A$m | 0.4 | 0.5 | - | - | ||
| PBT | A$m | 45.6 | (241.6) | (489) | 6 | ||
| Income Tax Benefit/(Expense) | A$m | (12.7) | 74.3 | 152 | (1) | ||
| PAT | A$m | 32.9 | (167.3) | (337) | 5 | ||
| Returns and Key Performance Measures - Non Core | |||||||
| EBITDA Margin | % | 2.9% | (6.6%) | (14.7%) | 1.4% | ||
| Key Platform Value Drivers | |||||||
| Construction Backlog4 | A$b | 4.9 | 5.9 | 5.4 | 5.8 | ||
| End of sheet |
Development
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| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
|---|---|---|---|---|---|---|---|
| Unit | |||||||
| Profit and Loss | |||||||
| Development Revenue | A$m | 1,875.4 | 2,543.9 | 3,433.0 | 3,204.2 | 3,355 | 1,161 |
| Australia | A$m | 1,508.6 | 2,034.4 | 3,142.0 | 2,855.2 | 2,712 | 530 |
| Asia | A$m | 1.0 | 17.5 | 19.6 | 67.2 | 18 | 7 |
| Europe | A$m | 317.6 | 431.7 | 203.6 | 199.1 | 544 | 492 |
| Americas | A$m | 48.2 | 60.3 | 67.8 | 82.7 | 81 | 132 |
| Development EBITDA | A$m | 386.1 | 500.2 | 552.4 | 673.2 | 793 | 272 |
| Australia | A$m | 336.8 | 391.5 | 497.8 | 551.3 | 556 | 170 |
| Asia | A$m | (11.7) | (19.1) | (13.5) | 26.7 | 121 | 39 |
| Europe | A$m | 66.3 | 139.5 | 68.3 | 110.4 | 37 | 56 |
| Americas | A$m | (5.3) | (11.7) | (0.2) | (15.2) | 79 | 7 |
| Development PAT | A$m | 277.2 | 366.4 | 397.8 | 491.9 | 554 | 186 |
| Australia | A$m | 241.4 | 275.6 | 348.1 | 383.6 | 395 | 114 |
| Asia | A$m | (10.4) | (18.7) | (11.9) | 15.2 | 79 | 24 |
| Europe | A$m | 48.8 | 116.4 | 60.2 | 103.5 | 27 | 45 |
| Americas | A$m | (2.6) | (6.9) | 1.4 | (10.4) | 53 | 3 |
| Development ROIC | % | 9.7% | 11.7% | 13.7% | 13.4% | 11.6% | 7.3% |
| Development Invested Capital | A$b | 3.3 | 2.9 | 3.0 | 4.3 | 4.8 | 5.3 |
| Development Pipeline | A$b | 44.9 | 48.8 | 49.3 | 71.1 | 76.1 | 112.5 |
Development
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| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
|---|---|---|---|---|---|---|---|
| Unit | |||||||
| Development Pipeline | |||||||
| Pipeline - Communities1 | A$b | 12.1 | 11.5 | 14.7 | 15.1 | 14.7 | 14.3 |
| Australia | A$b | 12.1 | 11.5 | 14.7 | 14.3 | 14.1 | 14.0 |
| Asia | A$b | 0.4 | 0.4 | - | |||
| Europe | A$b | 0.1 | 0.1 | 0.1 | |||
| Americas | A$b | 0.3 | 0.1 | 0.2 | |||
| Pipeline - Urbanisation | A$b | 32.8 | 37.3 | 34.6 | 55.9 | 61.2 | 97.9 |
| Australia | A$b | 14.8 | 17.5 | 16.2 | 15.4 | 15.2 | 15.6 |
| Asia | A$b | 5.8 | 5.9 | 6.1 | 6.5 | 4.6 | 3.9 |
| Europe | A$b | 9.4 | 10.5 | 8.0 | 29.2 | 34.0 | 48.8 |
| Americas | A$b | 2.8 | 3.4 | 4.3 | 4.8 | 7.4 | 29.6 |
| Pipeline - Infrastructure | A$b | 0.1 | 0.2 | 0.3 | |||
| Americas | A$b | 0.1 | 0.2 | 0.3 | |||
| Total pipeline | A$b | 44.9 | 48.8 | 49.3 | 71.1 | 76.1 | 112.5 |
| Australia | A$b | 26.9 | 29.0 | 30.9 | 29.7 | 29.3 | 29.6 |
| Asia | A$b | 5.8 | 5.9 | 6.1 | 6.9 | 5.0 | 3.9 |
| Europe | A$b | 9.4 | 10.5 | 8.0 | 29.3 | 34.1 | 48.9 |
| Americas | A$b | 2.8 | 3.4 | 4.3 | 5.2 | 7.7 | 30.1 |
| Communities1 | |||||||
| Presold | no. | 2,138 | 2,903 | 3,896 | 3,231 | 2,276 | 2,060 |
| Remaining | no. | 53,468 | 53,820 | 53,219 | 49,102 | 47,762 | 46,465 |
| Total pipeline | no. | 55,606 | 56,723 | 57,115 | 52,333 | 50,038 | 48,525 |
| Presold | A$b | 0.5 | 0.7 | 0.9 | 0.8 | 0.6 | 0.6 |
| Remaining | A$b | 11.6 | 10.8 | 13.8 | 14.3 | 14.1 | 13.7 |
| Total pipeline | A$b | 12.1 | 11.5 | 14.7 | 15.1 | 14.7 | 14.3 |
| Urbanisation | |||||||
| Apartments | |||||||
| In delivery - for sale (presold only) | no. | 5,073 | 3,177 | 3,070 | 1,881 | 1,448 | |
| In delivery - for rent | no. | 850 | 1,513 | 1,533 | 1,752 | ||
| Remaining | no. | 20,417 | 18,325 | 25,917 | 27,314 | 53,615 | |
| Total pipeline | no. | 25,490 | 22,352 | 30,500 | 30,728 | 56,815 | |
| Commercial | |||||||
| In delivery | sqm '000 | 375 | 537 | 486 | 322 | 317 | |
| Remaining | sqm '000 | 836 | 513 | 1,516 | 2,099 | 2,085 | |
| Total pipeline | sqm '000 | 1,211 | 1,050 | 2,002 | 2,421 | 2,402 | |
| Apartments | |||||||
| In delivery - for sale (presold only) | A$b | 3.3 | 3.2 | 1.7 | 2.2 | ||
| In delivery - for rent | A$b | 0.5 | 1.1 | 1.1 | 1.0 | ||
| Remaining | A$b | 17.9 | 27.1 | 29.8 | 65.6 | ||
| Total pipeline | A$b | 21.7 | 31.4 | 32.6 | 68.8 | ||
| Commercial | |||||||
| In delivery | A$b | 6.5 | 7.2 | 4.9 | 4.8 | ||
| Remaining | A$b | 6.4 | 17.3 | 23.7 | 24.3 | ||
| Total pipeline | A$b | 12.9 | 24.5 | 28.6 | 29.1 | ||
| Major Urbanisation Projects2 | |||||||
| Projects | no. | 12 | 13 | 18 | 20 | 21 | |
| Gateway cities | no. | 8 | 8 | 10 | 10 | 9 |
Development
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| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
|---|---|---|---|---|---|---|---|
| Unit | |||||||
| Regional Summary | |||||||
| Communities pipeline1 | no. | 55,606 | 56,723 | 57,115 | 52,333 | 50,038 | 48,525 |
| Australia | no. | 51,746 | 52,863 | 53,255 | 49,770 | 47,700 | 47,065 |
| Asia | no. | - | - | - | 936 | 878 | - |
| Europe | no. | - | - | - | 1 | 1 | 1 |
| Americas | no. | 3,860 | 3,860 | 3,860 | 1,626 | 1,459 | 1,459 |
| Communities pipeline1 | A$b | 12.1 | 11.5 | 14.7 | 15.1 | 14.7 | 14.3 |
| Australia | A$b | 12.1 | 11.5 | 14.7 | 14.3 | 14.1 | 14.0 |
| Asia | A$b | 0.4 | 0.4 | - | |||
| Europe | A$b | 0.1 | 0.1 | 0.1 | |||
| Americas | A$b | 0.3 | 0.1 | 0.2 | |||
| Apartments pipeline | no. | 25,960 | 25,490 | 22,352 | 30,500 | 30,728 | 56,815 |
| Australia | no. | 14,890 | 13,905 | 10,128 | 9,367 | 7,985 | 7,969 |
| Asia | no. | 2,225 | 2,230 | 2,755 | 2,755 | 2,755 | 3,204 |
| Europe | no. | 5,315 | 4,995 | 4,527 | 14,210 | 15,394 | 26,615 |
| Americas | no. | 3,530 | 4,360 | 4,942 | 4,168 | 4,594 | 19,027 |
| Urbanisation pipeline | A$b | 32.8 | 37.3 | 34.6 | 55.9 | 61.2 | 97.9 |
| Australia | A$b | 14.8 | 17.5 | 16.2 | 15.4 | 15.2 | 15.6 |
| Asia | A$b | 5.8 | 5.9 | 6.1 | 6.5 | 4.6 | 3.9 |
| Europe | A$b | 9.4 | 10.5 | 8.0 | 29.2 | 34.0 | 48.8 |
| Americas | A$b | 2.8 | 3.4 | 4.3 | 4.8 | 7.4 | 29.6 |
| Commercial pipeline | sqm '000 | 1,368 | 1,211 | 1,050 | 2,002 | 2,421 | 2,402 |
| Australia | sqm '000 | 637 | 604 | 420 | 395 | 378 | 363 |
| Asia | sqm '000 | 368 | 369 | 308 | 278 | 192 | 163 |
| Europe | sqm '000 | 311 | 230 | 302 | 1,301 | 1,799 | 1,823 |
| Americas | sqm '000 | 52 | 8 | 20 | 28 | 52 | 53 |
Development
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| Development | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
| Unit | |||||||
| Residential for sale Summary | |||||||
| Australian Communities | A$m | 965.7 | 857.2 | 373.0 | 180.7 | ||
| Australian Apartments | A$m | 235.2 | 48.0 | 114.1 | 1,393.3 | ||
| Asia Apartments | A$m | 228.0 | 235.5 | 71.2 | 133.6 | ||
| Europe Apartments | A$m | 218.2 | 237.7 | 121.1 | 34.3 | ||
| Americas Communities | A$m | 5.1 | - | ||||
| Americas Apartments | A$m | 42.0 | 127.1 | 175.3 | 120.0 | ||
| Total Sales | A$m | 1,689.1 | 1,505.5 | 859.8 | 1,861.9 | ||
| Australian Communities | A$m | 817.5 | 779.8 | 716.1 | 991.4 | 560.6 | 209.2 |
| Australian Apartments | A$m | 16.6 | 794.1 | 1,327.3 | 911.9 | 1,574.4 | 45.9 |
| Asia Apartments3 | A$m | 602.0 | |||||
| Europe Apartments | A$m | 313.8 | 374.1 | 489.3 | 247.0 | 282.1 | 305.3 |
| Americas Communities | A$m | 5.1 | - | ||||
| Americas Apartments | A$m | 208.2 | 145.6 | ||||
| Total Settlements4 | A$m | 1,147.9 | 1,948.0 | 2,532.7 | 2,150.3 | 2,630.4 | 1,308.0 |
| Australian Communities | A$m | 494.0 | 697.4 | 947.0 | 812.8 | 625.2 | 596.7 |
| Australian Apartments | A$m | 3,413.7 | 3,874.4 | 2,782.3 | 1,918.4 | 458.1 | 1,792.0 |
| Asia Apartments3 | A$m | - | - | 228.0 | 463.9 | 570.9 | 119.6 |
| Europe Apartments | A$m | 1,314.7 | 1,372.6 | 849.9 | 885.3 | 731.6 | 472.9 |
| Americas Apartments | A$m | - | - | 42.0 | 168.6 | 150.0 | 131.1 |
| Total Presales | A$m | 5,222.4 | 5,944.4 | 4,849.2 | 4,249.0 | 2,535.8 | 3,112.3 |
| Australian Communities | no. | 4,118 | 4,058 | 4,162 | 3,247 | 1,422 | 620 |
| Australian Apartments | no. | 2,531 | 1,357 | 321 | 64 | 155 | 257 |
| Asia Apartments | no. | - | - | 210 | 176 | 37 | 193 |
| Europe Apartments | no. | 987 | 304 | 215 | 377 | 175 | 21 |
| Americas Communities | no. | 146 | - | ||||
| Americas Apartments | no. | - | - | 40 | 60 | 58 | 78 |
| Total Sales | no. | 7,636 | 5,719 | 4,948 | 3,924 | 1,993 | 1,169 |
| Australian Communities | no. | 3,822 | 3,402 | 3,060 | 3,912 | 2,377 | 836 |
| Australian Apartments | no. | 16 | 876 | 1,807 | 1,056 | 1,281 | 57 |
| Asia Apartments3 | no. | 429 | |||||
| Europe Apartments | no. | 424 | 327 | 726 | 258 | 296 | 284 |
| Americas Communities | no. | 146 | - | ||||
| Americas Apartments | no. | 46 | 92 | ||||
| Total Settlements4 | no. | 4,262 | 4,605 | 5,593 | 5,226 | 4,146 | 1,698 |
| Australian Communities | no. | 2,138 | 2,794 | 3,896 | 3,231 | 2,276 | 2,060 |
| Australian Apartments | no. | 3,798 | 4,279 | 2,793 | 1,801 | 675 | 868 |
| Asia Apartments3 | no. | - | - | 210 | 386 | 423 | 187 |
| Europe Apartments | no. | 1,658 | 1,635 | 1,124 | 1,243 | 1,013 | 750 |
| Americas Apartments | no. | - | - | 40 | 100 | 112 | 98 |
| Total Presales | no. | 7,594 | 8,708 | 8,063 | 6,761 | 4,499 | 3,963 |
| Sales | |||||||
| Australian Communities | Avg price $'000 | 232 | 264 | 262 | 291 | ||
| Australian Apartments | Avg price $'000 | 734 | 750 | 736 | 5,421 | ||
| Asia Apartments | Avg price $'000 | 1,086 | 1,338 | 1,924 | 692 | ||
| Europe Apartments | Avg price $'000 | 1,015 | 631 | 692 | 1,633 | ||
| Americas Communities | Avg price $'000 | 35 | - | ||||
| Americas Apartments | Avg price $'000 | 1,050 | 2,118 | 3,022 | 1,538 | ||
| Settlements4 | |||||||
| Australian Communities | Avg price $'000 | 234 | 253 | 236 | 250 | ||
| Australian Apartments | Avg price $'000 | 735 | 864 | 1,229 | 805 | ||
| Asia Apartments | Avg price $'000 | 1,403 | |||||
| Europe Apartments | Avg price $'000 | 674 | 957 | 953 | 1,075 | ||
| Americas Communities | Avg price $'000 | 35 | - | ||||
| Americas Apartments | Avg price $'000 | 4,526 | 1,583 |
Development
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| Development | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
| Unit | |||||||
| Presales | |||||||
| Australian Communities | Avg price $'000 | 243 | 252 | 275 | 290 | ||
| Australian Apartments | Avg price $'000 | 996 | 1,065 | 679 | 2,065 | ||
| Asia Apartments | Avg price $'000 | 1,086 | 1,202 | 1,350 | 640 | ||
| Europe Apartments | Avg price $'000 | 756 | 712 | 722 | 631 | ||
| Americas Apartments | Avg price $'000 | 1,050 | 1,686 | 1,339 | 1,338 | ||
| Retirement Development1 | |||||||
| Settlements4 | A$m | 81.3 | - | - | - | ||
| Sales | A$m | 81.3 | - | - | - | ||
| Settlements4 | no. | 227 | 185 | 176 | - | - | - |
| Sales | no. | 227 | 185 | 176 | - | - | - |
| Avg price | Avg price $'000 | 462 | - | - | - | ||
| Residential for rent Summary | |||||||
| Europe | A$b | 0.8 | 0.8 | 0.8 | |||
| Americas | A$b | 0.5 | 0.5 | 0.7 | 0.9 | ||
| Projects in delivery5 | A$b | 0.5 | 1.3 | 1.5 | 1.7 | ||
| Europe | No. buildings | 2 | 2 | 2 | |||
| Americas | No. buildings | 3 | 4 | 3 | 2 | ||
| Projects in delivery | No. buildings | 3 | 6 | 5 | 4 | ||
| Europe | No. units | 663 | 663 | 663 | |||
| Americas | No. units | 850 | 850 | 870 | 1,089 | ||
| Projects in delivery | No. units | 850 | 1,513 | 1,533 | 1,752 | ||
| Americas | A$b | 0.3 | 0.3 | ||||
| Total Completions5,6 | A$b | 0.3 | 0.3 | ||||
| Americas | no. units | 452 | 284 | ||||
| Total Completions6 | no. units | 452 | 284 |
Development
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| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
|---|---|---|---|---|---|---|---|
| Unit | |||||||
| Commercial Summary | |||||||
| Australia | A$b | 0.7 | 2.5 | 1.1 | - | 1.2 | |
| Asia | A$b | 2.6 | 1.3 | - | - | - | |
| Europe | A$b | 1.2 | - | 0.4 | - | - | |
| New projects in delivery | A$b | 4.5 | 3.8 | 1.5 | - | 1.2 | |
| Australia | sqm '000 | 63 | 134 | 88 | - | 58 | |
| Asia | sqm '000 | 113 | 154 | - | - | - | |
| Europe | sqm '000 | 73 | - | 26 | - | - | |
| New projects in delivery | sqm '000 | 249 | 288 | 114 | - | 58 | |
| Australia | No. buildings | 2 | 4 | 3 | - | 1 | |
| Asia | No. buildings | 4 | 1 | - | - | - | |
| Europe | No. buildings | 2 | - | 1 | - | - | |
| New projects in delivery | No. buildings | 8 | 5 | 4 | - | 1 | |
| Australia | A$b | 1.3 | 2.1 | 0.7 | 0.9 | 0.3 | |
| Asia | A$b | 2.1 | 1.1 | ||||
| Europe | A$b | 1.1 | - | 0.4 | |||
| Total Completions | A$b | 1.3 | 2.1 | 1.8 | 3.0 | 1.8 | |
| Australia | sqm '000 | 100 | 109 | 63 | 81 | 11 | |
| Asia | sqm '000 | 83 | 29 | ||||
| Europe | sqm '000 | 73 | - | 26 | |||
| Total Completions | sqm '000 | 100 | 109 | 136 | 164 | 66 | |
| Australia | No. buildings | 2 | 2 | 2 | 3 | 1 | |
| Asia | No. buildings | 3 | 1 | ||||
| Europe | No. buildings | 2 | - | 1 | |||
| Total Completions | No. buildings | 2 | 2 | 4 | 6 | 3 | |
| Infrastructure | |||||||
| Americas | no. | 288 | 138 | 218 | 289 | ||
| Telecommunications Towers | no. | 288 | 138 | 218 | 289 | ||
| End of sheet |
Construction
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| Construction | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
| Unit | |||||||
| Profit and Loss - Core Business1 | |||||||
| Construction Revenue | A$m | 10,936.9 | 12,032.4 | 10,356.1 | 9,656.2 | 9,680 | 4,326 |
| Australia | A$m | 5,912.7 | 6,271.0 | 4,152.1 | 3,742.3 | 4,052 | 1,863 |
| Asia | A$m | 225.0 | 334.2 | 502.6 | 536.1 | 401 | 122 |
| Europe | A$m | 1,258.0 | 1,341.3 | 1,117.3 | 679.5 | 941 | 414 |
| Americas | A$m | 3,541.2 | 4,085.9 | 4,584.1 | 4,698.3 | 4,286 | 1,927 |
| Construction EBITDA | A$m | 279.0 | 288.1 | 271.4 | 295.8 | 211 | 101 |
| Australia | A$m | 152.6 | 231.8 | 134.5 | 194.5 | 126 | 59 |
| Asia | A$m | (13.5) | (5.6) | (0.2) | 15.0 | (1) | (4) |
| Europe | A$m | 23.0 | 5.5 | 31.7 | 22.7 | 40 | 14 |
| Americas | A$m | 116.9 | 56.4 | 105.4 | 63.6 | 46 | 32 |
| Construction PAT | A$m | 159.0 | 190.9 | 178.8 | 189.8 | 141 | 59 |
| Australia | A$m | 89.3 | 146.1 | 92.0 | 132.5 | 84 | 38 |
| Asia | A$m | (15.8) | (6.4) | (2.5) | 4.6 | (2) | (5) |
| Europe | A$m | 18.5 | 4.1 | 23.5 | 19.7 | 31 | 10 |
| Americas | A$m | 67.0 | 47.1 | 65.8 | 33.0 | 28 | 16 |
| Construction EBITDA Margin | % | 2.6% | 2.4% | 2.6% | 3.1% | 2.2% | 2.3% |
| Australia | % | 2.6% | 3.7% | 3.2% | 5.2% | 3.1% | 3.2% |
| Asia | % | (6.0%) | (1.7%) | - | 2.8% | (0.2%) | (3.3%) |
| Europe | % | 1.8% | 0.4% | 2.8% | 3.3% | 4.3% | 3.4% |
| Americas | % | 3.3% | 1.4% | 2.3% | 1.4% | 1.1% | 1.7% |
| Total Segment - Core Business1 | |||||||
| Revenue | |||||||
| Total | A$m | 10,936.9 | 12,032.4 | 10,356.1 | 9,656.2 | 9,680 | 4,326 |
| New Work Secured2 | |||||||
| Building | A$b | 9.2 | 10.8 | 11.2 | 10.0 | 9.9 | 3.1 |
| Engineering | A$b | 1.7 | 2.8 | ||||
| Services | A$b | 0.9 | 1.0 | ||||
| Total | A$b | 11.8 | 14.6 | 11.2 | 10.0 | 9.9 | 3.1 |
| % of internal to total major project3 backlog | % | 18% | 20% | 19% | 18% | ||
| Backlog revenue2 | |||||||
| Building | A$b | 13.7 | 15.2 | 15.7 | 15.2 | 15.6 | 14.2 |
| Engineering | A$b | 2.3 | 3.8 | ||||
| Services | A$b | 1.3 | 1.7 | ||||
| Total | A$b | 17.3 | 20.7 | 15.7 | 15.2 | 15.6 | 14.2 |
| Book to bill | |||||||
| Total | ratio | 1.1 | 1.2 | 1.1 | 1.0 | 1.0 | 0.7 |
| Backlog realisation4 | |||||||
| Next 12 months | % | 52% | 51% | 56% | 56% | 54% | 28% |
| 12 - 24 months | % | 25% | 29% | 29% | 32% | 24% | 34% |
| Beyond 24 months | % | 23% | 20% | 15% | 12% | 22% | 38% |
Construction
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| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
|---|---|---|---|---|---|---|---|
| Unit | |||||||
| Australia - Core Business1 | |||||||
| Revenue | |||||||
| Total | A$m | 5,912.7 | 6,271.0 | 4,152.1 | 3,742.3 | 4,052 | 1,863 |
| New Work Secured2 | |||||||
| Building | A$b | 4.0 | 4.5 | 3.9 | 4.4 | 4.5 | 1.9 |
| Engineering | A$b | 1.7 | 2.8 | ||||
| Services | A$b | 0.9 | 1.0 | ||||
| Total | A$b | 6.6 | 8.3 | 3.9 | 4.4 | 4.5 | 1.9 |
| Backlog revenue2 | |||||||
| Building | A$b | 6.3 | 6.4 | 6.3 | 6.5 | 6.9 | 6.7 |
| Engineering | A$b | 2.3 | 3.8 | ||||
| Services | A$b | 1.3 | 1.7 | ||||
| Total | A$b | 9.9 | 11.9 | 6.3 | 6.5 | 6.9 | 6.7 |
| Book to bill | |||||||
| Total | ratio | 1.1 | 1.3 | 0.9 | 1.2 | 1.1 | 1.0 |
| Backlog realisation4 | |||||||
| Next 12 months | % | 49% | 47% | 56% | 56% | 47% | 25% |
| 12 - 24 months | % | 24% | 30% | 30% | 32% | 25% | 32% |
| Beyond 24 months | % | 27% | 23% | 14% | 12% | 28% | 43% |
| Asia | |||||||
| Revenue | |||||||
| Total | A$m | 225.0 | 334.2 | 502.6 | 536.1 | 401 | 122 |
| New Work Secured2 | |||||||
| Building | A$b | 0.4 | 0.5 | 0.8 | 0.7 | 0.5 | 0.1 |
| Total | A$b | 0.4 | 0.5 | 0.8 | 0.7 | 0.5 | 0.1 |
| Backlog revenue2 | |||||||
| Building | A$b | 0.4 | 0.6 | 0.8 | 0.9 | 0.8 | 0.8 |
| Total | A$b | 0.4 | 0.6 | 0.8 | 0.9 | 0.8 | 0.8 |
| Book to bill | |||||||
| Total | ratio | 2.6 | 1.5 | 1.6 | 1.3 | 1.2 | 0.8 |
| Backlog realisation4 | |||||||
| Next 12 months | % | 69% | 91% | 69% | 42% | 65% | 33% |
| 12 - 24 months | % | 26% | 7% | 2% | 57% | 30% | 56% |
| Beyond 24 months | % | 5% | 2% | 29% | 1% | 5% | 11% |
Construction
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| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
|---|---|---|---|---|---|---|---|
| Unit | |||||||
| Europe | |||||||
| Revenue | |||||||
| Total | A$m | 1,258.0 | 1,341.3 | 1,117.3 | 679.5 | 941 | 414 |
| New Work Secured2 | |||||||
| Building | A$b | 1.6 | 1.3 | 0.7 | 1.3 | 1.2 | 0.1 |
| Total | A$b | 1.6 | 1.3 | 0.7 | 1.3 | 1.2 | 0.1 |
| Backlog revenue2 | |||||||
| Building | A$b | 1.5 | 1.5 | 0.8 | 1.5 | 1.7 | 1.4 |
| Total | A$b | 1.5 | 1.5 | 0.8 | 1.5 | 1.7 | 1.4 |
| Book to bill | |||||||
| Total | ratio | 1.3 | 1.0 | 0.6 | 1.9 | 1.3 | 0.2 |
| Backlog realisation4 | |||||||
| Next 12 months | % | 66% | 71% | 66% | 56% | 58% | 37% |
| 12 - 24 months | % | 25% | 17% | 28% | 35% | 28% | 45% |
| Beyond 24 months | % | 9% | 12% | 6% | 9% | 14% | 18% |
| Americas | |||||||
| Revenue | |||||||
| Total | A$m | 3,541.2 | 4,085.9 | 4,584.1 | 4,698.3 | 4,286 | 1,927 |
| New Work Secured2 | |||||||
| Building | A$b | 3.2 | 4.5 | 5.8 | 3.6 | 3.7 | 1.0 |
| Total | A$b | 3.2 | 4.5 | 5.8 | 3.6 | 3.7 | 1.0 |
| Backlog revenue2 | |||||||
| Building | A$b | 5.5 | 6.7 | 7.8 | 6.3 | 6.2 | 5.3 |
| Total | A$b | 5.5 | 6.7 | 7.8 | 6.3 | 6.2 | 5.3 |
| Book to bill | |||||||
| Total | ratio | 0.9 | 1.1 | 1.3 | 0.8 | 0.9 | 0.5 |
| Backlog realisation4 | |||||||
| Next 12 months | % | 53% | 49% | 53% | 59% | 59% | 28% |
| 12 - 24 months | % | 25% | 33% | 31% | 27% | 21% | 32% |
| Beyond 24 months | % | 22% | 18% | 16% | 14% | 20% | 40% |
Construction
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| Construction | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
| Unit | |||||||
| By Region & Type - Core Business1 | |||||||
| Revenue | |||||||
| Total | A$m | 10,936.9 | 12,032.4 | 10,356.1 | 9,656.2 | 9,680 | 4,326 |
| Australia | A$m | 5,912.7 | 6,271.0 | 4,152.1 | 3,742.3 | 4,052 | 1,863 |
| Asia | A$m | 225.0 | 334.2 | 502.6 | 536.1 | 401 | 122 |
| Europe | A$m | 1,258.0 | 1,341.3 | 1,117.3 | 679.5 | 941 | 414 |
| Americas | A$m | 3,541.2 | 4,085.9 | 4,584.1 | 4,698.3 | 4,286 | 1,927 |
| New Work Secured2 | |||||||
| Building | A$b | 9.2 | 10.8 | 11.2 | 10.0 | 9.9 | 3.1 |
| Australia | A$b | 4.0 | 4.5 | 3.9 | 4.4 | 4.5 | 1.9 |
| Asia | A$b | 0.4 | 0.5 | 0.8 | 0.7 | 0.5 | 0.1 |
| Europe | A$b | 1.6 | 1.3 | 0.7 | 1.3 | 1.2 | 0.1 |
| Americas | A$b | 3.2 | 4.5 | 5.8 | 3.6 | 3.7 | 1.0 |
| Engineering | A$b | 1.7 | 2.8 | ||||
| Australia | A$b | 1.7 | 2.8 | ||||
| Services | A$b | 0.9 | 1.0 | ||||
| Australia | A$b | 0.9 | 1.0 | ||||
| Total | A$b | 11.8 | 14.6 | 11.2 | 10.0 | 9.9 | 3.1 |
| Australia | A$b | 6.6 | 8.3 | 3.9 | 4.4 | 4.5 | 1.9 |
| Asia | A$b | 0.4 | 0.5 | 0.8 | 0.7 | 0.5 | 0.1 |
| Europe | A$b | 1.6 | 1.3 | 0.7 | 1.3 | 1.2 | 0.1 |
| Americas | A$b | 3.2 | 4.5 | 5.8 | 3.6 | 3.7 | 1.0 |
| Backlog revenue2 | |||||||
| % of internal to total major project3 backlog | % | 18% | 20% | 19% | 18% | ||
| Building | A$b | 13.7 | 15.2 | 15.7 | 15.2 | 15.6 | 14.2 |
| Australia | A$b | 6.3 | 6.4 | 6.3 | 6.5 | 6.9 | 6.7 |
| Asia | A$b | 0.4 | 0.6 | 0.8 | 0.9 | 0.8 | 0.8 |
| Europe | A$b | 1.5 | 1.5 | 0.8 | 1.5 | 1.7 | 1.4 |
| Americas | A$b | 5.5 | 6.7 | 7.8 | 6.3 | 6.2 | 5.3 |
| Engineering | A$b | 2.3 | 3.8 | ||||
| Australia | A$b | 2.3 | 3.8 | ||||
| Services | A$b | 1.3 | 1.7 | ||||
| Australia | A$b | 1.3 | 1.7 | ||||
| Total | A$b | 17.3 | 20.7 | 15.7 | 15.2 | 15.6 | 14.2 |
| Australia | A$b | 9.9 | 11.9 | 6.3 | 6.5 | 6.9 | 6.7 |
| Asia | A$b | 0.4 | 0.6 | 0.8 | 0.9 | 0.8 | 0.8 |
| Europe | A$b | 1.5 | 1.5 | 0.8 | 1.5 | 1.7 | 1.4 |
| Americas | A$b | 5.5 | 6.7 | 7.8 | 6.3 | 6.2 | 5.3 |
Construction
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| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
|---|---|---|---|---|---|---|---|
| Unit | |||||||
| Backlog realisation4 | |||||||
| Next 12 months | % | 52% | 51% | 56% | 56% | 54% | 28% |
| Australia | % | 49% | 47% | 56% | 56% | 47% | 25% |
| Asia | % | 69% | 91% | 69% | 42% | 65% | 33% |
| Europe | % | 66% | 71% | 66% | 56% | 58% | 37% |
| Americas | % | 53% | 49% | 53% | 59% | 59% | 28% |
| 12 - 24 months | % | 25% | 29% | 29% | 32% | 24% | 34% |
| Australia | % | 24% | 30% | 30% | 32% | 25% | 32% |
| Asia | % | 26% | 7% | 2% | 57% | 30% | 56% |
| Europe | % | 25% | 17% | 28% | 35% | 28% | 45% |
| Americas | % | 25% | 33% | 31% | 27% | 21% | 32% |
| Beyond 24 months | % | 23% | 20% | 15% | 12% | 22% | 38% |
| Australia | % | 27% | 23% | 14% | 12% | 28% | 43% |
| Asia | % | 5% | 2% | 29% | 1% | 5% | 11% |
| Europe | % | 9% | 12% | 6% | 9% | 14% | 18% |
| Americas | % | 22% | 18% | 16% | 14% | 20% | 40% |
| Profit and Loss - Non Core | |||||||
| Revenue | A$m | 2,288.4 | 3,284.2 | 3,141 | 1,665 | ||
| EBITDA | A$m | 66.9 | (217.6) | (461) | 23 | ||
| PAT | A$m | 32.9 | (167.3) | (337) | 5 | ||
| EBITDA Margin | % | 2.9% | (6.6%) | (14.7%) | 1.4% | ||
| Total Segment - Non Core | |||||||
| New Work Secured2 | |||||||
| Engineering | A$b | 1.0 | 3.5 | 2.0 | 0.9 | ||
| Services | A$b | 1.0 | 0.8 | 1.0 | 1.1 | ||
| Total | A$b | 2.0 | 4.3 | 3.0 | 2.0 | ||
| Backlog revenue2 | |||||||
| Engineering | A$b | 3.1 | 4.2 | 3.8 | 3.6 | ||
| Services | A$b | 1.8 | 1.7 | 1.6 | 2.2 | ||
| Total | A$b | 4.9 | 5.9 | 5.4 | 5.8 | ||
| Book to bill | |||||||
| Total | ratio | 0.9 | 1.3 | 1.0 | 1.2 | ||
| Backlog realisation4 | |||||||
| Next 12 months | % | 59% | 49% | 52% | 27% | ||
| 12 - 24 months | % | 25% | 25% | 27% | 33% | ||
| Beyond 24 months | % | 16% | 26% | 21% | 40% |
End of sheet
Investments
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| Investments | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
| Unit | |||||||
| Profit and Loss | |||||||
| Investments Revenue | A$m | 468.0 | 510.5 | 566.7 | 393.6 | 348 | 234 |
| Australia | A$m | 322.3 | 359.7 | 447.2 | 274.3 | 210 | 92 |
| Asia | A$m | 45.5 | 54.9 | 52.0 | 48.7 | 63 | 95 |
| Europe | A$m | 48.0 | 25.1 | 7.9 | 21.6 | 13 | 11 |
| Americas | A$m | 52.2 | 70.8 | 59.6 | 49.0 | 62 | 36 |
| Investments EBITDA | A$m | 477.8 | 457.7 | 495.3 | 668.9 | 489 | 255 |
| Australia | A$m | 329.5 | 348.5 | 393.3 | 482.6 | 330 | 118 |
| Asia | A$m | 64.3 | 14.3 | 35.1 | 55.3 | 50 | 109 |
| Europe | A$m | 40.2 | 35.1 | 10.2 | 7.4 | 9 | 5 |
| Americas | A$m | 43.8 | 59.8 | 56.7 | 123.6 | 100 | 23 |
| Investments PAT | A$m | 408.6 | 370.7 | 381.4 | 493.4 | 368 | 199 |
| Australia | A$m | 294.4 | 297.4 | 305.9 | 350.0 | 265 | 92 |
| Asia | A$m | 43.5 | 4.8 | 28.1 | 41.8 | 25 | 90 |
| Europe | A$m | 45.0 | 30.3 | 11.7 | 9.3 | 10 | 4 |
| Americas | A$m | 25.7 | 38.2 | 35.7 | 92.3 | 68 | 13 |
| Investments EBITDA by activity | |||||||
| Ownership interests | A$m | 364 | 350 | 379 | 536 | 345 | 135 |
| Operating earnings | A$m | 114 | 108 | 116 | 133 | 144 | 120 |
| Investments ROIC1 | % | 14.2% | 11.2% | 11.7% | 15.5% | 10.8% | 10.7% |
| Investments Invested Capital | A$b | 3.1 | 3.2 | 3.3 | 3.3 | 3.6 | 3.9 |
| Operational Metrics (Investments Segment) | |||||||
| Investments | |||||||
| Co-investments | A$m | 1,251.6 | 1,380.2 | 1,457.1 | 1,742.6 | 1,702 | 1,866 |
| Australia | A$m | 814.0 | 974.7 | 1,139.7 | 1,375.1 | 1,001 | 921 |
| Asia | A$m | 361.5 | 339.8 | 317.4 | 367.5 | 701 | 945 |
| Europe | A$m | 76.1 | 65.7 | - | - | - | - |
| Americas | A$m | - | - | - | - | - | - |
| Retirement - Australia | A$m | 1,580.2 | 1,488.3 | 1,710.7 | 1,303.0 | 1,397 | 1,427 |
| Other | A$m | 130.5 | 124.6 | 160.8 | 329.2 | 576 | 667 |
| Australia | A$m | 15.2 | 15.2 | 15.2 | 15.2 | 115 | 112 |
| Asia | A$m | - | - | - | - | 7 | 7 |
| Europe | A$m | 6.1 | - | - | - | 40 | 83 |
| Americas | A$m | 109.2 | 109.4 | 145.6 | 314.0 | 414 | 465 |
| Total Investments | A$m | 2,962.3 | 2,993.1 | 3,328.6 | 3,374.8 | 3,675 | 3,960 |
| Investments by Region | |||||||
| Australia | A$m | 2,409.4 | 2,478.2 | 2,865.6 | 2,693.3 | 2,513 | 2,460 |
| Asia | A$m | 361.5 | 339.8 | 317.4 | 367.5 | 708 | 952 |
| Europe | A$m | 82.2 | 65.7 | - | - | 40 | 83 |
| Americas | A$m | 109.2 | 109.4 | 145.6 | 314.0 | 414 | 465 |
| Funds Under Management | |||||||
| Total | A$b | 21.3 | 23.6 | 26.1 | 30.1 | 35.2 | 36.9 |
| Australia | A$b | 13.8 | 16.5 | 19.3 | 22.4 | 24.8 | 25.1 |
| Asia | A$b | 5.3 | 5.6 | 5.4 | 6.3 | 8.2 | 9.3 |
| Europe | A$b | 2.2 | 1.5 | 1.4 | 1.4 | 1.5 | 1.7 |
| Americas | A$b | - | - | - | - | 0.7 | 0.8 |
Investments
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| Investments | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
| Unit | |||||||
| Retail and Office2 Assets Under Management | |||||||
| Number of retail centres and office buildings | no. | 22 | 22 | 22 | 22 | 25 | 29 |
| Australia | no. | 16 | 16 | 16 | 16 | 16 | 16 |
| Asia | no. | 4 | 4 | 4 | 4 | 7 | 11 |
| Europe | no. | 2 | 2 | 2 | 2 | 2 | 2 |
| Americas | no. | - | - | - | - | - | - |
| AUM | A$b | 11.4 | 11.7 | 12.2 | 12.7 | 15.4 | 16.4 |
| Australia | A$b | 6.1 | 6.4 | 7.2 | 7.3 | 7.5 | 6.9 |
| Asia | A$b | 4.3 | 4.4 | 4.2 | 4.6 | 7.2 | 8.8 |
| Europe | A$b | 1.0 | 0.9 | 0.8 | 0.8 | 0.7 | 0.7 |
| Americas | A$b | - | - | - | - | - | - |
| GLA under management | sqm '000 | 1,177.4 | 1,158.7 | 1,201.5 | 1,172.0 | 1,296.2 | 1,409.6 |
| Australia | sqm '000 | 740.9 | 722.2 | 747.3 | 744.4 | 785.5 | 774.8 |
| Asia | sqm '000 | 294.8 | 294.8 | 312.5 | 285.9 | 369.0 | 493.1 |
| Europe | sqm '000 | 141.7 | 141.7 | 141.7 | 141.7 | 141.7 | 141.7 |
| Americas | sqm '000 | - | - | - | - | - | - |
| Retirement3 | |||||||
| Villages - owned | |||||||
| Australia | no. | 74 | 69 | 71 | 71 | 72 | 72 |
| Villages - managed/leased/other | |||||||
| Australia | no. | 4 | 4 | - | - | - | - |
| Total number of villages | |||||||
| Australia | no. | 78 | 73 | 71 | 71 | 72 | 72 |
| Units - owned | |||||||
| Australia | no. | 12,981 | 12,172 | 12,626 | 12,717 | 12,785 | 12,825 |
| Units - managed/leased/other | |||||||
| Australia | no. | 1,212 | 1,212 | - | - | - | - |
| Total number of units | |||||||
| Australia | no. | 14,193 | 13,384 | 12,626 | 12,717 | 12,785 | 12,825 |
| Number of resale units | |||||||
| Australia | no. | 1,082 | 1,038 | 939 | 694 | 842 | 458 |
| Long term growth rate | |||||||
| Australia | % | 3.7% | 3.7% | 3.6% | 3.5% | 3.5% | 3.5% |
| Discount rate | |||||||
| Australia | % | 13.3% | 13.3% | 13.0% | 12.3% | 12.3% | 12.3% |
| Pipeline | |||||||
| Australia | no. | 4,422 | 3,829 | 3,786 | |||
| Pipeline | |||||||
| Australia | A$b | 1.6 | 1.8 | 1.9 | |||
| Sales/Settlements4 | |||||||
| Australia | no. | 144 | 150 | 55 | |||
| Sales/Settlements4 | |||||||
| Australia | A$m | 72.3 | 86.0 | 27.6 | |||
| Sales/Settlements4 | |||||||
| Australia | Avg price $'000 | 502 | 573 | 502 |
Investments
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| Investments | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
| Unit | |||||||
| Infrastructure | |||||||
| AUM | A$b | 13.3 | 13.3 | ||||
| Americas | A$b | 13.3 | 13.3 | ||||
| Units under management | no. | 54,205 | 53,055 | 53,105 | 52,595 | 52,214 | 51,789 |
| Americas | no. | 54,205 | 53,055 | 53,105 | 52,595 | 52,214 | 51,789 |
| Telecommunications Towers | no. | 135 | 221 | 308 | 372 | ||
| Americas | no. | 135 | 221 | 308 | 372 | ||
| Australia | |||||||
| FUM | A$b | 13.8 | 16.5 | 19.3 | 22.4 | 24.8 | 25.1 |
| Retail AUM | |||||||
| Number of retail centres | no. | 16 | 16 | 16 | 16 | 16 | 16 |
| AUM | A$b | 6.1 | 6.4 | 7.2 | 7.3 | 7.5 | 6.9 |
| GLA under management | sqm '000 | 740.9 | 722.2 | 747.3 | 744.4 | 785.5 | 774.8 |
| Investments | |||||||
| Co-investments | A$m | 814.0 | 974.7 | 1,139.7 | 1,375.1 | 1,001 | 921 |
| Retirement | A$m | 1,580.2 | 1,488.3 | 1,710.7 | 1,303.0 | 1,397 | 1,427 |
| Other | A$m | 15.2 | 15.2 | 15.2 | 15.2 | 115 | 112 |
| Total | A$m | 2,409.4 | 2,478.2 | 2,865.6 | 2,693.3 | 2,513 | 2,460 |
| Retirement3 | |||||||
| Villages - owned | no. | 74 | 69 | 71 | 71 | 72 | 72 |
| Villages - managed/leased/other | no. | 4 | 4 | - | - | - | - |
| Total number of villages | no. | 78 | 73 | 71 | 71 | 72 | 72 |
| Units - owned | no. | 12,981 | 12,172 | 12,626 | 12,717 | 12,785 | 12,825 |
| Units - managed/leased/other | no. | 1,212 | 1,212 | - | - | - | - |
| Total number of Units | no. | 14,193 | 13,384 | 12,626 | 12,717 | 12,785 | 12,825 |
| Number of resale units | no. | 1,082 | 1,038 | 939 | 694 | 842 | 458 |
| Long term growth rate | % | 3.7% | 3.7% | 3.6% | 3.5% | 3.5% | 3.5% |
| Discount rate | % | 13.3% | 13.3% | 13.0% | 12.3% | 12.3% | 12.3% |
| Pipeline | no. | 4,422 | 3,829 | 3,786 | |||
| Pipeline | A$b | 1.6 | 1.8 | 1.9 | |||
| Sales/Settlements4 | no. | 144 | 150 | 55 | |||
| Sales/Settlements4 | A$m | 72.3 | 86.0 | 27.6 | |||
| Sales/Settlements4 | Avg price $'000 | 502 | 573 | 502 | |||
| Asia | |||||||
| FUM | A$b | 5.3 | 5.6 | 5.4 | 6.3 | 8.2 | 9.3 |
| Retail and Office2 AUM | |||||||
| Number of retail centres and office buildings | no. | 4 | 4 | 4 | 4 | 7 | 11 |
| AUM | A$b | 4.3 | 4.4 | 4.2 | 4.6 | 7.2 | 8.8 |
| GLA under management | sqm '000 | 294.8 | 294.8 | 312.5 | 285.9 | 369 | 493.1 |
| Investments | |||||||
| Co-investments | A$m | 361.5 | 339.8 | 317.4 | 367.5 | 701 | 945 |
| Other | A$m | 7 | 7 | ||||
| Total | A$m | 361.5 | 339.8 | 317.4 | 367.5 | 708 | 952 |
Investments
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| Investments | |||||||
|---|---|---|---|---|---|---|---|
| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||
| Unit | |||||||
| Europe | |||||||
| FUM | A$b | 2.2 | 1.5 | 1.4 | 1.4 | 1.5 | 1.7 |
| Retail AUM | |||||||
| Number of retail centres | no. | 2 | 2 | 2 | 2 | 2 | 2 |
| AUM | A$b | 1.0 | 0.9 | 0.8 | 0.8 | 0.7 | 0.7 |
| GLA under management | sqm '000 | 141.7 | 141.7 | 141.7 | 141.7 | 141.7 | 141.7 |
| Investments | |||||||
| Co-investments | A$m | 76.1 | 65.7 | - | - | - | - |
| Other | A$m | 6.1 | - | - | - | 40 | 83 |
| Total | A$m | 82.2 | 65.7 | - | - | 40 | 83 |
| Americas | |||||||
| FUM | A$b | 0.7 | 0.8 | ||||
| Investments | |||||||
| Other | A$m | 109.2 | 109.4 | 145.6 | 314.0 | 414 | 465 |
| Total | A$m | 109.2 | 109.4 | 145.6 | 314.0 | 414 | 465 |
| Infrastructure | |||||||
| AUM | A$b | 13.3 | 13.3 | ||||
| Units under management | no. | 54,205 | 53,055 | 53,105 | 52,595 | 52,214 | 51,789 |
| Telecommunications Towers | no. | 135 | 221 | 308 | 372 |
End of sheet
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Funds Under Management
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| FY15 | FY16 | FY17 | FY18 | FY19 | 1H20 | ||||
|---|---|---|---|---|---|---|---|---|---|
| Unit | Fund Type | Asset Class | |||||||
| Australia | |||||||||
| Funds Under Management | |||||||||
| Australian Prime Property Fund Retail | A$b | Core | Retail | 4.6 | 5.0 | 5.2 | 5.4 | 5.7 | 4.9 |
| Australian Prime Property Fund Commercial | A$b | Core | Office | 2.5 | 2.9 | 3.8 | 4.6 | 5.1 | 5.1 |
| Australian Prime Property Fund Industrial | A$b | Core | Industrial | 0.8 | 0.9 | 0.8 | 0.9 | 1.0 | 1.1 |
| Lendlease Sub Regional Retail Fund | A$b | Core | Retail | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 |
| Lendlease Core Plus Fund | A$b | Core Plus | Various | 0.1 | - | - | - | - | - |
| Lendlease Communities Fund 1 | A$b | Value Add | Residential | - | - | - | - | - | - |
| Lendlease Real Estate Partners New Zealand | A$b | Core | Retail | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 |
| Lendlease Retail Partners – Australia Fund | A$b | Core Plus | Retail | 0.1 | - | - | - | - | - |
| Lendlease International Towers Sydney Trust | A$b | Core | Office | 2.3 | 3.2 | 3.5 | 4.1 | 4.6 | 4.7 |
| Lendlease Public 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 | 0.9 | 1.3 | 2.0 | 2.5 | 2.7 | 2.8 |
| Managed Investment Mandates | A$b | Core | Various | 1.7 | 2.0 | 2.7 | 3.6 | 4.4 | 5.2 |
| Total FUM | A$b | 13.8 | 16.5 | 19.3 | 22.4 | 24.8 | 25.1 | ||
| Asia | |||||||||
| Funds Under Management | |||||||||
| Parkway Parade Partnership Limited | S$b | Core Plus | Retail | 1.2 | 1.2 | 1.3 | 1.4 | 1.4 | 1.4 |
| Lendlease Jem Partners Fund Limited | S$b | Core | Retail | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 | 0.6 |
| Paya Lebar Quarter | S$b | Value Add | Retail and Office | 1.3 | 1.4 | 1.5 | 1.9 | 3.1 | 3.4 |
| Lendlease Asian Retail Investment Fund (ARIF) | S$b | Core | Retail | 2.5 | 2.5 | 2.4 | 2.6 | 2.7 | 1.9 |
| Lendlease Global Commercial REIT | S$b | Core | Retail and Office | 1.4 | |||||
| Total FUM | S$b | 5.5 | 5.6 | 5.7 | 6.4 | 7.8 | 8.7 | ||
| Europe | |||||||||
| Funds Under Management | |||||||||
| Lendlease Retail LP | £b | Core | Retail | 0.8 | 0.9 | 0.8 | 0.7 | 0.6 | 0.6 |
| Lendlease PFI/PPP Infrastructure Fund LP (UKIF) | £b | Core | Infrastructure | 0.2 | - | - | - | - | - |
| LRIP LP | £b | Core | Residential | 0.1 | 0.2 | 0.3 | |||
| Total FUM | £b | 1.0 | 0.9 | 0.8 | 0.8 | 0.8 | 0.9 | ||
| Americas | |||||||||
| Funds Under Management | |||||||||
| Lendlease Americas Residential Partnership | US$b | Value Add | Residential | 0.5 | 0.6 | ||||
| Total FUM | US$b | 0.5 | 0.6 | ||||||
| End of sheet |
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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
Definition
Term
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.
Backlog units
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. 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. Subject to approval and contractual conditions. 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, 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. 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 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. Presales ($) Includes 100 per cent of joint venture projects and therefore will not necessarily correlate with the Group’s Profit after Tax.
The total market value of Lendlease equity invested across Lendlease managed funds. Represents the Group's assessment of the market value.
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Legend & Definitions
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Presales (units)
Profit after tax (PAT)
Public Private Partnerships (PPP)
Return on equity (ROE)
Return on invested capital (ROIC)
Units that have been sold and not yet settled. Includes units sold but not yet in delivery.
Profit after Tax attributable to securityholders, determined in accordance with Australian Accounting Standards.
A joint procurement arrangement for infrastructure development contracts between the public and private sectors.
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.
Full year (FY) ROIC is calculated using the annual 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 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. Commercial - buildings that have reached practical completion during the period.
Urbanisation pipeline
Weighted average number of securities
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.
The time weighted number of securities outstanding during the period.
Footnotes
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Group Summary
-
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. From 2H19, internal construction margin has been reclassifed from the Construction segment to the Development segment.
-
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.
-
Effective Tax Rate is non meaningful in 1H19 due to the $500m pre-tax impact from losses expected to be incurred on underperforming Engineering projects.
-
Net debt and gross borrowings include certain other financial liabilities. 1H20 includes $701m of cash and cash equivalents for the non core businesses which has been classified as Assets held for sale.
-
1H19 and FY19 interest cover has been adjusted to exclude the $500m pre-tax impact from losses expected to be incurred on underperforming Engineering projects.
-
1H17 and FY17 restated reflecting the impact of the first time adoption of AASB 9 Financial Instruments.
Development
-
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. From 1H20, Retirement product in Asia has been included within Urbanisation.
-
Major Urbanisation Projects are development projects with an estimated development end value greater than A$1bn.
-
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.
-
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.
-
Represents total estimated development end value.
-
Aligned with practical completion of the apartment for rent buildings.
Footnotes
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Construction
-
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. From 2H19, internal construction margin has been reclassifed from the Construction segment to the Development segment.
-
Rounded to the nearest $100m. Between 1H15 to 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.
-
Includes all Construction projects with backlog greater than $100m.
-
1H backlog realisation is broken down into the following periods: next 6 months; 6-18 months; and beyond 18 months.
Investments
-
FY16 Investments ROIC restated reflecting inclusion of half year end invested capital in calculation.
-
Office product has been included from FY19 onwards.
-
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.
-
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.
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.