22 February 2021

Lendlease Group 2021 Half Year Financial and Operational Metrics

Lendlease Group today announced its results for the half year ended 31 December 2020. Attached is a data file comprising financial and operational metrics covering FY17 - HY21.

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

Level 14, Tower Three, International Towers Sydney

Telephone +61 2 9236 6111

Exchange Place, 300 Barangaroo Avenue

Facsimile +61 2 9252 2192

Barangaroo NSW 2000 Australia

lendlease.com

Core Business

FY17

FY18

FY19

FY20

1H21

Unit

Profit and Loss Summary - Core Business

Revenue

A$m

14,382.6

13,287.9

13,414

10,405

4,376

Segment EBITDA

Development

A$m

552.4

673.2

793

322

244

Construction

A$m

271.4

295.8

211

101

104

Investments1

A$m

433.3

368.9

278

300

121

Total Segment EBITDA1

A$m

1,257.1

1,337.9

1,282

723

469

Group Services

A$m

(154.4)

(140.1)

(140)

(129)

(54)

Group Treasury

A$m

(29.8)

(35.4)

(25)

(29)

(10)

Operating EBITDA1

A$m

1,072.9

1,162.4

1,117

565

405

Depreciation & Amortisation

A$m

(76.5)

(82.1)

(94)

(160)

(75)

Operating EBIT1

A$m

996.4

1,080.3

1,023

405

330

Net Finance Revenue/(Costs)

A$m

(97.0)

(72.5)

(125)

(153)

(67)

Operating PBT1

A$m

899.4

1,007.8

898

252

263

Income Tax Benefit/(Expense)1

A$m

(234.6)

(298.9)

(266)

(46)

(58)

External non controlling interests

A$m

(0.1)

(0.8)

-

-

-

Operating PAT1

A$m

664.7

708.1

632

206

205

Reconciliation Operating to Statutory Profit after Tax1

Core Operating Profit After Tax

A$m

664.7

708.1

632

206

205

Add / (less): Investment properties revaluations

A$m

(5.0)

5.0

25

(19)

-

Add / (less): Financial assets revaluations

A$m

54.0

225.0

100

(10)

5

Add / (less): Equity accounted investments revaluations

A$m

12.0

22.0

47

(72)

(12)

Add / (less): Impairment losses relating to intangibles

A$m

-

-

-

(9)

-

Total Non Operating Items (post-tax)

A$m

61.0

252.0

172

(110)

(7)

Non Core Profit after Tax

A$m

32.9

(167.3)

(337)

(406)

(2)

NPAT attributable to securityholders

A$m

758.6

792.8

467

(310)

196

Returns and Key Performance Measures - Core Business1

Number of equivalent full time employees

no.

8,801

8,854

8,787

8,398

8,054

(EPS) Core Operating Earnings per stapled security1,2

cents

121.4

111.5

34.2

29.8

(ROE) Core Operating PAT to average securityholders' equity1

%

11.3%

10.1%

3.1%

5.9%

Development ROIC

%

13.7%

13.4%

11.6%

4.7%

7.2%

Investments ROIC1

%

9.8%

7.6%

5.7%

5.8%

5.3%

Construction EBITDA Margin

%

2.6%

3.1%

2.2%

1.3%

3.0%

EBITDA Mix by Segment - % Operating EBITDA

Development1

%

44%

50%

62%

45%

52%

Construction1

%

22%

22%

16%

14%

22%

Investments1

%

34%

28%

22%

41%

26%

Key Platform Value Drivers

Development Pipeline

A$b

49.3

71.1

76.1

113.0

109.5

Construction Backlog

A$b

15.7

15.2

15.6

13.9

14.5

Funds Under Management

A$b

26.1

30.1

35.2

36.0

37.9

Invested Capital by Segment & Region

Development

A$b

3.0

4.3

4.8

4.8

5.0

Investments

A$b

3.3

3.3

3.6

3.7

3.6

Australia

A$b

4.7

4.4

3.6

3.4

4.0

Asia

A$b

0.7

0.9

1.2

1.4

1.3

Europe

A$b

0.8

1.2

1.7

1.8

2.1

Americas

A$b

0.5

1.0

1.4

1.5

1.2

Total Invested Capital3

A$b

7.0

7.6

7.8

8.2

8.8

End of sheet

Group Summary

FY17

FY18

FY19

FY20

1H21

Unit

Returns and Key Performance Measures - Total Group

NPAT attributable to securityholders

A$m

758.6

792.8

467

(310)

196

(EPS) Earnings per stapled security on PAT3

cents

130.1

136.1

82.4

(51.4)

28.5

Distribution per stapled security

cents

66.0

69.0

42.0

33.3

15.0

Distribution Payout ratio4

%

51%

50%

51%

50%

Securities on issue

m

583

574

564

688

688

Weighted average number of securities5

m

583

583

567

603

688

Net asset backing per security

A$

10.58

11.17

11.27

10.08

10.14

Net tangible asset backing per security

A$

8.15

8.70

8.69

7.96

8.05

Security price at period end

A$

16.65

19.81

13.00

12.37

13.10

Number of securityholders

no.

58,642

55,648

62,454

66,161

68,673

Effective Tax Rate6

%

24.7%

25.6%

24.7%

20.0%

FX Rates

Income Statement - Period Average

USD

A$/USD

0.76

0.77

0.71

0.67

0.73

GBP

A$/GBP

0.60

0.57

0.55

0.53

0.55

SGD

A$/SGD

1.05

1.04

0.97

0.93

0.99

Balance Sheet - Period End

USD

A$/USD

0.77

0.74

0.70

0.69

0.77

GBP

A$/GBP

0.59

0.56

0.55

0.56

0.56

SGD

A$/SGD

1.06

1.01

0.95

0.96

1.02

Corporate Strength - Total Group

Total tangible assets

A$m

19,439.1

15,542.2

15,721

16,291

15,019

Cash

A$m

1,249.2

1,177.1

1,290

1,111

899

Borrowings

A$m

2,152.4

2,358.5

2,715

2,395

2,718

Operating cash flow

A$m

146.0

72.8

60

137

(539)

Investing cash flow

A$m

70.1

221.8

167

(369)

(499)

Total Operating and Investing cash flow

A$m

216.1

294.6

227

(232)

(1,038)

Financing cash flow

A$m

8.5

(397.8)

(128)

495

366

Total cash flow

A$m

224.6

(103.2)

99

263

(672)

Ratio of current assets to current liabilities

times

0.6x

1.0x

0.9x

1.1x

0.9x

Ratio of current assets to current liabilities (excluding resident and accommodation bond liabilities)

times

1.0x

1.0x

0.9x

1.1x

0.9x

Net debt to total tangible assets, less cash7

%

5.0%

8.2%

9.9%

5.7%

12.9%

Interest cover8

times

10.3x

10.7x

8.8x

2.8x

6.7x

Average cost of debt

%

4.9%

4.8%

4.0%

3.4%

3.3%

Average debt maturity

years

5.1

4.6

4.8

4.2

4.3

Group Summary

FY17

FY18

FY19

FY20

1H21

Unit

Balance Sheet - Total Group

Statement of Financial Position

Current Assets

Cash and cash equivalents

A$m

1,249.2

1,177.1

1,290

1,111

899

Loans and receivables

A$m

2,749.2

2,670.2

2,050

1,667

1,638

Inventories

A$m

2,152.0

2,369.2

2,238

2,256

2,334

Current tax assets

A$m

-

-

11

27

21

Other financial assets

A$m

33.0

6.7

97

16

22

Other assets

A$m

77.9

91.0

70

59

144

Disposal Group assets held for sale

A$m

841

-

Total current assets

A$m

6,261.3

6,314.2

5,756

5,977

5,058

Non Current Assets

Loans and receivables

A$m

507.7

787.8

688

744

966

Inventories

A$m

2,975.4

3,177.1

3,345

3,113

2,844

Equity accounted investments

A$m

834.6

2,626.6

3,452

3,671

3,716

Investment properties

A$m

6,967.4

278.2

501

658

419

Other financial assets

A$m

1,203.3

1,547.8

1,103

1,076

1,024

Deferred tax assets

A$m

129.4

120.0

101

141

105

Property, plant and equipment

A$m

425.8

464.7

548

693

641

Intangible assets

A$m

1,415.1

1,421.4

1,457

1,457

1,436

Defined benefit plan asset

A$m

64.3

154.7

140

156

190

Other assets

A$m

69.9

71.1

87

62

56

Total non current assets

A$m

14,592.9

10,649.4

11,422

11,771

11,397

Total assets

A$m

20,854.2

16,963.6

17,178

17,748

16,455

Current Liabilities

Trade and other payables

A$m

5,578.8

5,769.5

5,724

4,496

4,382

Resident liabilities

A$m

4,573.0

-

-

-

-

Provisions

A$m

285.6

329.9

332

343

336

Current tax liabilities

A$m

6.4

10.4

-

-

-

Borrowings and financing arrangements

A$m

291.9

474.8

225

134

535

Other financial liabilities

A$m

22.0

3.4

6

10

11

Disposal Group liabilities held for sale

A$m

670

-

Total current liabilities

A$m

10,757.7

6,588.0

6,287

5,653

5,264

Non Current Liabilities

Trade and other payables

A$m

1,772.1

1,530.7

1,401

2,405

1,587

Provisions

A$m

58.4

67.8

45

62

63

Borrowings and financing arrangements

A$m

1,860.5

1,883.7

2,490

2,261

2,183

Defined benefit plan liability

A$m

-

-

-

-

-

Other financial liabilities

A$m

0.8

0.7

1

1

6

Deferred tax liabilities

A$m

238.2

478.5

597

434

376

Total non current liabilities

A$m

3,930.0

3,961.4

4,534

5,163

4,215

Total liabilities

A$m

14,687.7

10,549.4

10,821

10,816

9,479

Net Assets

A$m

6,166.5

6,414.2

6,357

6,932

6,976

Equity

Issued capital

A$m

1,289.8

1,296.8

1,300

1,889

1,890

Treasury securities

A$m

(24.7)

(44.1)

(68)

(68)

(69)

Reserves9

A$m

(15.5)

61.0

105

65

(65)

Retained earnings9

A$m

3,696.8

3,855.1

3,815

3,265

3,452

Total equity attributable to members of Lendlease Corporation Limited

A$m

4,946.4

5,168.8

5,152

5,151

5,208

Total equity attributable to unitholders of Lendlease Trust

A$m

1,117.0

1,244.5

1,182

1,756

1,745

Total equity attributable to securityholders

A$m

6,063.4

6,413.3

6,334

6,907

6,953

External non controlling interests

A$m

103.1

0.9

23

25

23

Total equity

A$m

6,166.5

6,414.2

6,357

6,932

6,976

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Lend Lease Group published this content on 21 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 February 2021 21:47:04 UTC.