Lendlease Annual Report 2024

Financial Statements 121 1 July 2022 Recognised in Income Recognised in Equity Other/ Foreign Exchange 30 June 2023 $m $m $m $m $m June 2023 Movement in temporary differences during the financial year: Loans and receivables (68) 73 - - 5 Inventories (249) 37 - (10) (222) Other financial assets (54) (27) - 40 (41) Other assets 55 (12) - (44) (1) Equity accounted investments (340) 36 (11) (11) (326) Investment properties (9) 2 - - (7) Property, plant and equipment 43 2 - 8 53 Intangible assets (7) 3 - - (4) Net defined benefit plan (57) (3) 36 (4) (28) Trade and other payables 146 (3) - (5) 138 Provisions 151 (4) - (12) 135 Borrowings and financing arrangements 81 (34) 7 5 59 Other financial and non financial liabilities 41 (4) - - 37 Unused revenue tax losses recognised 134 56 - 14 204 Unused capital tax losses recognised - 57 - - 57 Items with a tax base but no carrying value 15 (21) - 33 27 Total deferred tax (liabilities)/assets (118) 158 32 14 86 June 2024 June 2023 $m $m Unrecognised Deferred Tax Assets Deferred tax assets have not been recognised in respect of the following items: Unused revenue tax losses 182 86 Unused capital tax losses 32 33 Net deductible temporary differences 282 66 Total unrecognised deferred tax assets 496 185 Of the unrecognised deferred tax assets of $496 million, only $29 million expires between 2025 to 2037. The remainder of the unrecognised deferred tax assets have no expiry date. In determining the recoverability of unrecognised deferred tax assets the Group has considered the impacts of the strategy update announced on 27 May 2024. 10. Events Subsequent to Balance Date In July 2024 Lendlease completed the sale of its life sciences interests in Asia to a 50/50 joint venture with Warburg Pincus. The transaction is expected to contribute approximately $80 million to FY25 OPAT. Refer to Note 33 'Disposal Group assets and liabilities held for sale' for further detail. There were no other material events subsequent to the end of the financial reporting period.