Lendlease Annual Report 2024

Financial Statements 117 June 2024 June 2023 $000s $000s Auditors’ Remuneration Amounts received or due and receivable by the auditors of Lendlease Group and its consolidated entities for: Audit services 9,767 7,887 Other assurance services 925 985 Total audit and other assurance services 10,692 8,872 Non audit services 1 - 159 Total audit, other assurance and non audit services 10,692 9,031 1. Non audit services include amounts charged for work relating to financial, regulatory and asset due diligence of the Group and its consolidated entities. 8. Finance Revenue and Finance Costs Accounting Policies Finance revenue is recognised as it is earned using the effective interest method, which applies the interest rate that discounts estimated future cash receipts over the expected life of the financial instrument. The discount is then recognised as finance revenue over the remaining life of the financial instrument. Finance costs include interest, amortisation of discounts or premiums relating to borrowings and amortisation of costs incurred in connection with the arrangement of new borrowings facilities. Costs incurred in connection with the arrangement of borrowings are capitalised and amortised over the life of the borrowings. Finance costs are expensed immediately as incurred unless they relate to acquisition and development of qualifying assets. Qualifying assets are assets that take more than six months to prepare for their intended use or sale. Finance costs related to qualifying assets are capitalised. June 2024 June 2023 $m $m Finance Revenue Other corporations 17 13 Other finance revenue 9 8 Total interest finance revenue 26 21 Interest discounting 3 1 Gain on repurchase of commercial notes 1 39 63 Total finance revenue 68 85 Finance Costs Interest expense in relation to other corporations 265 174 Interest expense in relation to lease liabilities 13 15 Less: Capitalised interest finance costs 2 (29) (30) Total interest finance costs 249 159 Non interest finance costs 57 14 Total finance costs 306 173 Net finance costs (238) (88) 1. Reflects $39 million (June 2023: $63 million) in relation to the repurchase of £83 million (June 2023: £125 million) of Green senior notes in the Sterling bond market. 2. The weighted average interest rate used to determine the amount of interest finance costs eligible for capitalisation was 5.4 per cent (June 2023: 4.3 per cent), which is the effective interest rate.