Lendlease Annual Report 2024

126 Lendlease Annual Report 2024 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 THE EXCHANGE TRX June 2024 June 2023 June 2024 June 2023 June 2024 June 2023 June 2024 June 2023 Income Statement 1 $m $m $m $m $m $m $m $m Revenue and other income 250 233 382 301 139 154 335 147 Cost of sales (63) (56) (56) (53) (48) (33) (202) (150) Other expenses (25) (26) (99) (86) (20) (23) (24) (4) Unrealised fair value gains/(losses) 3 45 (53) (29) (169) 4 86 18 Finance costs (78) (56) (46) (30) (80) (64) (36) - Income tax (benefit)/expense - - - (1) (3) (2) (15) 3 Other (11) (12) - - - - - - Profit/(loss) for the financial year 76 128 128 102 (181) 36 144 14 Other comprehensive income/(expense) 11 (4) (18) (3) - - - (3) Total comprehensive income 87 124 110 99 (181) 36 144 11 Group's ownership interest 27.9% 26.9% 25.1% 25.1% 30.0% 30.0% 60.0% 60.0% Group's total share of: Profit/(loss) for the financial year 21 34 32 26 (54) 11 86 8 Other adjustments 14 5 1 - 26 (20) (13) 32 Total profit/(loss) for the financial year 35 39 33 26 (28) (9) 73 40 Other comprehensive income/(expenses) 3 29 (4) (1) (5) 40 (29) (3) Total comprehensive income/(expenses) 38 68 29 25 (33) 31 44 37 1. 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 2024, 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 2024. The table below provides summarised financial information for those associates and joint ventures that are individually immaterial to the Group: ASSOCIATES JOINT VENTURES June 2024 June 2023 June 2024 June 2023 Income Statement $m $m $m $m Aggregate amounts of the Group's share of: (Loss)/profit from continuing operations (30) (28) 56 (40) Other comprehensive income/(expense) (1) 1 (8) 100 Aggregate amounts of Group's share of total comprehensive income/ (expense) of individually immaterial equity accounted investments (31) (27) 48 60 Section B. Investment continued 12. Equity Accounted Investments continued