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 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
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.