Lendlease Annual Report 2022

138 Lendlease Annual Report 2022 Notes to Consolidated Financial Statements continued 12.c. Material Associates and Joint Ventures Summarised Financial Information The table below provides summarised financial information for those associates and joint ventures that are material to the Group. Material associates and joint ventures have been determined by comparing individual investment net book value with the total equity accounted investment carrying value and share of profit, along with consideration of relevant qualitative factors. The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures and associates and, where indicated, the Group’s share of those amounts. They have been amended to reflect adjustments made by the Group when using the equity method, including fair value adjustments and differences in accounting policies. The nature and principal activities of the material associates and joint ventures is investment in property assets. LENDLEASE GLOBAL COMMERCIAL REIT LENDLEASE RETIREMENT LIVING TRUST PAYA LEBAR QUARTER 1 THE EXCHANGE TRX June 2022 June 2021 June 2022 June 2021 June 2022 June 2021 June 2022 June 2021 Income Statement 2 $m $m $m $m $m $m $m $m Revenue and other income 173 81 240 188 193 151 56 44 Cost of sales (27) (22) (45) (24) (41) (44) (45) (34) Other expenses (15) (20) (68) (60) (18) (18) (4) (7) Unrealised fair value gains/(losses) 52 (31) 54 (13) 11 11 45 35 Finance costs (16) (10) (21) (23) (55) (52) (3) (1) Income tax (benefit)/expense - - (1) 1 (1) (2) 9 (9) Profit/(loss) for the financial year 167 (2) 159 69 89 46 58 28 Other comprehensive (expense)/income (41) 9 34 8 - - 10 5 Total comprehensive income 126 7 193 77 89 46 68 33 Group's ownership interest 26.2% 25.9% 25.1% 50.0% 30.0% 30.0% 60.0% 60.0% Group's total share of: Profit/(loss) for the financial year 44 (1) 63 40 27 14 35 17 Other adjustments (14) 5 - - (18) (30) (35) (17) Total profit/(loss) for the financial year 30 4 63 40 9 (16) - - Other comprehensive income/(expenses) 11 (10) 11 5 23 (9) 18 (17) Total comprehensive income/(expenses) 41 (6) 74 45 32 (25) 18 (17) 1. Prior period balances have been reclassified to reflect updated management information. 2. The underlying investments in the material associate and joint ventures are office, retail and retirement living investment properties measured at fair value. At 30 June 2022, valuations were undertaken on the underlying assets. The carrying value of the investments are considered recoverable as it correlates with the net assets of the associate and joint ventures, which have been valued at 30 June 2022. The table below provides summarised financial information for those associates and joint ventures that are individually immaterial to the Group: ASSOCIATES JOINT VENTURES June 2022 June 2021 June 2022 June 2021 Income Statement $m $m $m $m Aggregate amounts of the Group's share of: Profit from continuing operations 24 4 55 68 Other comprehensive income/(expense) 6 (10) 145 (46) Aggregate amounts of Group's share of total comprehensive income/ (expense) of individually immaterial equity accounted investments 30 (6) 200 22 Section B. Investment continued 12. Equity Accounted Investments continued