Table of Contents 1 196

Lendlease Annual Report 2024

Contents 3
About this Report 4
About this Report 4
Year in Review 6
Chairman’s Report 8
Group Chief Executive Officer’s Report 10
FY24 snapshot 12
Our Business 14
Our business 16
Business overview 16
Our strategy 17
Investments 18
Development 20
Construction 22
Managing and measuring value 24
Our focus areas 26
Health and safety 28
Financial 30
Our customers 32
Our people 34
Sustainability 36
Performance 37
Decarbonisation challenges and insights 37
Environmental performance 39
Creating social value 40
Elevate Reconciliation Action Plan (RAP) 41
Risk and Climate- Related Resilience 42
Risk governance and management 44
Climate-related strategic resilience 48
Performance and Outlook 50
Group performance 52
Group performance continued 53
Investments segment 54
Development segment 55
Construction segment 56
Financial position and cash flow movements 57
Governance 58
Board of Directors’ information and profiles 60
Board of Directors’ continued 61
Board skills and experience 64
Governance in action 65
Supporting value creation 66
Board of Directors’ information 68
Directors’ Meetings 68
Remuneration Report 70
Remuneration Report 70
FY24 Remuneration Report Snapshot and FY25 Changes 71
Contents 72
KMPs covered by this report 73
Response to FY23 Remuneration Report Strike 74
Executive Reward Strategy 75
Non Executive Director Fee Policy 84
Remuneration Governance and Risk Management 85
Other Statutory Disclosures 88
Directors’ Report 94
Lead Auditor’s Independence Declaration 96
Financial Statements 97
Table of Contents 98
Consolidated Financial Statements 99
Income Statement 99
Statement of Comprehensive Income 100
Statement of Financial Position 101
Statement of Changes in Equity 102
Statement of Cash Flows 103
Notes to Consolidated Financial Statements 104
Basis of Preparation 104
Section A. Performance 105
1. Segment Reporting 105
1.a. Business Segment Information 106
1.b. Geography Segment Information 111
2. Dividends/Distributions 112
3. Earnings Per Share/Stapled Security (EPS/EPSS) 113
4. Revenue from Contracts with Customers 114
5. Share of Profit of Equity Accounted Investments 116
6. Other Income 116
7. Other Expenses 117
8. Finance Revenue and Finance Costs 119
9. Taxation 120
9.a. Income Tax Expense 120
9.b. Tax Effect Relating to Other Comprehensive Income 121
9.c. Deferred Tax Assets and Liabilities 122
10. Events Subsequent to Balance Date 123
Section B. Investment 124
11. Inventories 124
12. Equity Accounted Investments 125
12.a. Associates 126
12.b. Joint Ventures 126
12.c. Material Associates and Joint Ventures Summarised Financial Information 128
13. Other Financial Assets 130
13.a. Fair Value Reconciliation 130
Section C. Liquidity and Working Capital 131
14. Cash and Cash Equivalents 131
15. Notes to Statement of Cash Flows 132
16. Borrowings and Financing Arrangements 132
16.a. Borrowings – Measured at Amortised Cost 133
16.b. Finance Facilities 133
16.c. Movement in Borrowings and Financing Arrangements 134
17. Issued Capital 134
17.a. Issuance of Securities 134
17.b. Security Accumulation Plans 135
17.c. Terms and Conditions 135
18. Capital Management 135
19. Liquidity Risk Exposure 135
20. Commitments 136
20.a. Capital Expenditure 136
20.b. Investments 136
20.c. Investment Properties 136
21. Loans and Receivables 137
21.a. Contract Assets 138
22. Trade and Other Payables 138
22.a. Contract Liabilities 139
23. Provisions 140
Section D. Risk Management 142
24. Financial Risk Management 142
24.a. Foreign Currency Risk Exposure 143
24.b. Credit Risk Exposure 144
24.c. Interest Rate Risk Exposure 144
25. Hedging 144
26. Fair Value Measurement 145
26.a. Basis of Determining Fair Value 145
26.b. Fair Value Measurements 145
27. Contingent Liabilities 146
Section E. Basis of Consolidation 147
28. Consolidated Entities 147
29. Employee Benefit Vehicles 148
29.a. Employee Security Plans 148
29.b. Employee Security Ownership Vehicles 148
30. Parent Entity Disclosures 149
31. Related Party Information 149
31.a. Consolidated Entities 149
31.b. Associates and Joint Ventures 150
31.c. Key Management Personnel 150
Section F. Other Notes 151
32. Intangible Assets 151
32.a. Goodwill 151
32.b. Goodwill Allocation 152
32.c. Impairment Tests and Key Assumptions Used – Construction 152
33. Disposal Group Assets and Liabilities Held for Sale 153
34. Defined Benefit Plan 154
34.a. Lendlease UK Pension Scheme 154
35. Employee Benefits 156
35.a. Short Term Incentive (STI) 157
35.b. Short Term Award (STA) 157
35.c. Long Term Incentive (LTI) 157
35.d. Long Term Award (LTA) 158
35.e. Restricted Securities Award (RSA) 160
35.f. Google Development Ventures (GDV) Incentive 160
35.g. Amounts Recognised in the Financial Statements 160
36. Reserves 161
37. Impact of New and Revised Accounting Standards 161
38. Other Material Accounting Policies 162
38.a. Foreign Currency Translation 162
38.b. Goods and Services Tax 162
Consolidated Entity Disclosure Statement 163
Consolidated Entity Disclosure Statement 163
Directors’ Declaration 177
Directors' Declaration 177
Independent Auditor’s Report 178
Other Information 188
Corporate directory 190
Securityholder information 191
Glossary 194
Governance 69
Governance in action 69
Board of Directors’ information 69
Attendance at Meetings of Directors 1 July 2023 to 30 June 2024 69

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