Lendlease Group · ASX:LLC
Lendlease — H1 FY2017 Earnings Presentation
72 slides from Lendlease's earnings presentation, Feb 27, 2017
Slide 1: Lendlease 2017 Half Year Results
Lendlease 2017 Half Year Results 27 February 2017
Slide 2: Indigenous engagement and reconciliation
LENDLEASE – HY17 FINANCIAL RESULTS 2 Indigenous engagement and reconciliation Lendlease’s vision for Reconciliation is one in which all our employees acknowledge and celebrate the proud heritage of Australia’s First Peoples and promote opportunities for career development, sustainable business growt
Slide 3: Contents
LENDLEASE – HY17 FINANCIAL RESULTS 3 Contents Topic Speaker Slide Group Performance and Steve McCann 4 Results Highlights Group Chief Executive Officer and Managing Director Tarun Gupta Financials 9 Group Chief Financial Officer Steve McCann Operational Update 15 Group Chief Executive Officer and Ma
Slide 4: Group Performance and Results Highlights
Section 1 Group Performance and Results Highlights Steve McCann Group Chief Executive Officer and Managing Director Image: Barangaroo South, Sydney
Slide 5: Vision: to create the best places
LENDLEASE – HY17 FINANCIAL RESULTS 5 Vision: to create the best places Strategic framework Business model Competitive advantage Pillars of value
Slide 6: HY17 Safety
6 HY17 Safety 1.62 (1.95 in HY16) Lost Time Injury Frequency Rate in the last 6 months 1.20 (1.64 in HY16) Critical Incident Frequency Rate in the last 6 months
Slide 7: Double digit earnings growth, continued execution excellence
LENDLEASE – HY17 FINANCIAL RESULTS 7 Double digit earnings growth, continued execution excellence Securityholder returns1 • Profit after Tax of $394.8 million, up 12%, and earnings per stapled security of 67.8 cents, up 11% • Interim distribution of 33 cents per security, representing a dividend pay
Slide 8: Commercial success highlights resilience of business model
LENDLEASE – HY17 FINANCIAL RESULTS 8 Commercial success highlights resilience of business model Commercial completion profile1 (‘000s sqm) 2 55 47 44 37 38 34 31 26 26 28 26 15 7 Intl. House Darling Square Intl. Quarter Intl. Quarter Darling Square PLQ Office PLQ Office PLQ Office PLQ Retail Melb. Q
Slide 9: Financials
Section 2 Financials Tarun Gupta Group Chief Financial Officer Image: 432 Park Avenue, New York
Slide 10: Financial performance
LENDLEASE – HY17 FINANCIAL RESULTS 10 Financial performance $ million HY16 HY17 Change Development 236.2 260.2 10% • Strong Australian commercial result, investing in offshore regions Construction 117.3 170.2 45% • Rebound in the Americas margin, Engineering activity increasing Investments 243.0 288
Slide 11: Cash flow movements
LENDLEASE – HY17 FINANCIAL RESULTS 11 Denotes major movements Cash flow movements ($b)1 Barangaroo Commercial +$0.8b, Urbanisation ($1.4b), other Urbanisation +$0.4b, PLLACes Communities ($0.3b), other +$0.2b, Communities +$0.3b operating payments ($0.2b) Equity contribution to LLOneITST3 1.8 (1.9)
Slide 12: Financial position
LENDLEASE – HY17 FINANCIAL RESULTS 12 Financial position $ million 31 Dec 15 30 Jun 16 31 Dec 16 Assets Key areas of capital employed Cash and cash equivalents 570.0 1,008.4 1,020.8 • Development inventories of $4.1 billion Inventories 4,639.6 4,602.9 4,963.6 • Investments of $3.3 billion including:
Slide 13: Portfolio Management Framework
LENDLEASE – HY17 FINANCIAL RESULTS 13 Portfolio Management Framework EBITDA mix Invested capital By segment By region 6% 9% 36% 8% 40% $718.8m1 $6.0b2 47% $6.4b3 53% 77% 24% Development Construction Investments Development Investments Australia Asia Europe Americas Target (35 – 45%) (20 – 30%) (30 –
Slide 14: Portfolio Management Framework
LENDLEASE – HY17 FINANCIAL RESULTS 14 Portfolio Management Framework Return on equity (ROE)1 Distributions 2 cents 18.2% Target 10 – 14% 80 70% 3 70 Target 40 – 60% 13.5% 13.6% 13.7% 60% 12.4% 13.0% 60 50 2 50% 49 30 40 27 40% 30 20 22 30% 20 27 30 33 20% 10 16 22 22 0 10% FY12 FY13 FY14 FY15 FY16 H
Slide 15: Operational Update
Section 3 Operational Update Steve McCann Group Chief Executive Officer and Managing Director Artist impression: Paya Lebar Quarter, Singapore
Slide 16: Development
LENDLEASE – HY17 FINANCIAL RESULTS 16 Development 36% of operating Performance highlights1 Commercial building completion profile5 ($b) EBITDA • ROIC of 12.7%2 above our target range By estimated total end value • Forward sale of 3 office buildings Paya Lebar Quarter Office and Retail, International
Slide 17: Construction
LENDLEASE – HY17 FINANCIAL RESULTS 17 Construction 24% of operating Performance highlights1 EBITDA ($m) EBITDA • Global EBITDA margin up 70 bps to 2.7%, continuing an upward trend towards the Group’s target range of 3 – 4% HY16 HY17 170 • Earnings for Australia broadly in line with the prior corresp
Slide 18: Investments
LENDLEASE – HY17 FINANCIAL RESULTS 18 Investments 40% of operating Performance highlights1 Investments EBITDA by activity ($m) EBITDA • ROIC of 13.4%2, above our target range, driven by HY16 HY17 improved performance in Australia and Asia 226 201 • Australian result supported by a strong Retirement
Slide 19: Outlook
Section 4 Outlook Steve McCann Group Chief Executive Officer and Managing Director Artist impression: International Quarter London
Slide 20: Outlook
LENDLEASE – HY17 FINANCIAL RESULTS 20 Outlook • We are well placed for future success given: − Earnings visibility from the growing pipeline across our business segments − Competitive advantage via integrated capabilities across the property and infrastructure value chain − Resilient business model
Slide 21: Earnings visibility from strong pipeline across all segments
LENDLEASE – HY17 FINANCIAL RESULTS 21 Earnings visibility from strong pipeline across all segments Development pipeline Construction backlog revenue of FUM of $24.7 billion of $49.0 billion $20.5 billion Development pipeline Construction backlog revenue Funds under management 60 ($b) 22 ($b) ($b) 25
Slide 22: Q&A
Section 5 Q&A Steve McCann Group Chief Executive Officer and Managing Director Tarun Gupta Group Chief Financial Officer Dan Labbad Chief Executive Officer, International Operations Image: Fulton Street Transit, New York
Slide 23: Appendices
Appendices Artist impression: The Darling Exchange, Sydney
Slide 24: Group
2 Group
Slide 25: Our business model
LENDLEASE – HY17 FINANCIAL RESULTS 3 Our business model Our business model is how we generate earnings. The model is integrated when more than one segment is engaged on a single project DEVELOPMENT Core Financial Returns: The Development segment is involved in the development of • Development margin
Slide 26: Income Statement
LENDLEASE – HY17 FINANCIAL RESULTS 4 Income Statement Income Statement ($m) Dec-15 Dec-16 Revenue 7,340.0 7,945.3 Cost of sales (6,522.7) (7,077.3) Gross profit 817.3 868.0 Other income 85.1 139.0 Other expenses (552.6) (458.9) Results from operating activities 349.8 548.1 Finance revenue 14.8 5.5 F
Slide 27: Statement of Financial Position
LENDLEASE – HY17 FINANCIAL RESULTS 5 Statement of Financial Position Statement of Financial Position ($m) Dec-15 Jun-16 Dec-16 Statement of Financial Position ($m) Dec-15 Jun-16 Dec-16 Current Assets Current Liabilities Cash and cash equivalents 570.0 1,008.4 1,020.8 Trade and other payables 4,328.8
Slide 28: Statement of Cash Flows
LENDLEASE – HY17 FINANCIAL RESULTS 6 Statement of Cash Flows Statement of Cash Flows ($m) Dec-15 Dec-16 Cash Flows from Operating Activities Cash receipts in the course of operations 8,079.0 8,561.0 Cash payments in the course of operations (7,826.5) (8,515.1) Interest received 5.9 4.8 Interest paid
Slide 29: Securityholder returns
LENDLEASE – HY17 FINANCIAL RESULTS 7 Securityholder returns Return on equity (ROE)1 Distributions 2 cents 18.2% 80 70% 3 70 13.7% 60% 13.5% 13.6% 13.0% 60 12.4% 50% 50 2 49 30 40 27 40% 30 20 22 30% 20 30 33 27 20% 10 22 22 16 0 10% FY12 FY13 FY14 FY15 FY16 HY17 FY12 FY13 FY14 FY15 FY16 HY17 Interim
Slide 30: Segment financial metrics
LENDLEASE – HY17 FINANCIAL RESULTS 8 Segment financial metrics Operating Profit after Tax ($m) EBITDA ($m) HY16 HY17 HY16 HY17 288 260 215 236 243 203 183 182 170 107 117 77 Development Investments Construction Development Investments Construction ROIC1,2 (Development and Investments), EBITDA margin
Slide 31: Segment and region financial metrics
LENDLEASE – HY17 FINANCIAL RESULTS 9 Segment and region financial metrics By segment Revenue ($m) EBITDA ($m) Profit After Tax ($m) Invested Capital ($b) HY16 HY17 HY16 HY17 HY16 HY17 HY16 FY16 HY17 Development 1,115 1,331 236 260 183 182 3.2 2.9 2.8 Investments 272 305 243 288 203 215 3.5 3.2 3.2 C
Slide 32: Operating EBITDA
LENDLEASE – HY17 FINANCIAL RESULTS 10 Recurring income 100% 90% 80% Targeting 60% - 70% of earnings from residential, commercial, 70% 58% 60% infrastructure and retail 63% 69% Operating EBITDA development activities and from 60% construction / services margin 50% 40% 30% Targeting 30% - 40% of earni
Slide 33: Revenue and EBITDA by segment and geography
LENDLEASE – HY17 FINANCIAL RESULTS 11 Revenue and EBITDA by segment and geography ($m) Revenue EBITDA EBITDA by segment ($m) HY16 HY17 HY16 HY17 Development Australia 1,024.9 1,277.9 191.8 290.1 800 HY16 HY17 Asia 7.2 7.2 (13.3) (7.2) 700 Europe 70.0 44.9 65.3 6.3 600 Americas 13.0 0.8 (7.6) (29.0)
Slide 34: Revenue and EBITDA by segment and geography, local currency
LENDLEASE – HY17 FINANCIAL RESULTS 12 Revenue and EBITDA by segment and geography, local currency Europe EBITDA, local currency (m) Local currency Revenue EBITDA HY16 HY17 45 HY16 HY17 HY16 HY17 Europe, GBPm 35 Development 32.9 26.5 30.7 3.7 25 Construction 324.1 361.2 (1.3) 2.3 15 Investments 6.6 1
Slide 35: Exchange rates
LENDLEASE – HY17 FINANCIAL RESULTS 13 Exchange rates Income Statement Statement of Financial Position Local Foreign HY161 FY162 HY173 Local Foreign HY164 FY165 HY176 AUD USD 0.72 0.73 0.75 AUD USD 0.73 0.75 0.72 AUD GBP 0.47 0.50 0.59 AUD GBP 0.49 0.56 0.58 AUD SGD 1.01 1.01 1.04 AUD SGD 1.03 1.00 1
Slide 36: Regional EBITDA to PAT reconciliation
LENDLEASE – HY17 FINANCIAL RESULTS 14 Regional EBITDA to PAT reconciliation HY17 EBITDA to PAT Reconciliation Region EBITDA Net Interest D&A1 PBT Tax Non Cont. Int.2 PAT Australia Development 290.1 0.6 (0.6) 290.1 (86.7) - 203.4 Construction 97.9 0.4 (12.8) 85.5 (22.6) - 62.9 Investments 244.2 - (3.
Slide 37: Debt metrics
LENDLEASE – HY17 FINANCIAL RESULTS 15 Debt metrics Dec-15 Jun-16 Dec-16 Net debt $ million 2,063 1,052 844 Borrowings to total equity plus borrowings % 32.5 26.6 23.7 Net debt to total tangible assets, less cash % 12.1 6.5 5.1 Interest coverage1 times 7.7 8.0 10.8 Average cost of debt including marg
Slide 38: Debt facilities and maturity profile
LENDLEASE – HY17 FINANCIAL RESULTS 16 Debt facilities and maturity profile Debt facilities ($m)1 Drawn Facility 1,500 690 513 513 550 550 476 476 263 263 0 0 35 35 Syndicated Multi- UK Bond Issue Club Revolving US $ Reg. S Notes US Private Singapore Bond Australian Medium Option Facility Credit Faci
Slide 39: Key dates for investors
LENDLEASE – HY17 FINANCIAL RESULTS 17 Key dates for investors Date HY17 results released to market / interim distribution declared 27 February 2017 Securities quoted ex-dividend on the Australian Securities Exchange 2 March 2017 Interim distribution record date 3 March 2017 Interim distribution paya
Slide 40: Development
18 Development
Slide 41: Development HY17
LENDLEASE – HY17 FINANCIAL RESULTS 19 Development HY17 Overview Performance • Involved in the development of communities, inner city mixed use HY16 HY17 developments, apartments, retirement, retail, commercial assets and % Operating EBITDA 40 36 social and economic infrastructure ROIC (%) 11.3 12.7
Slide 42: Development earnings / pipeline
LENDLEASE – HY17 FINANCIAL RESULTS 20 Development earnings / pipeline EBITDA by geography ($m) Development pipeline by geography ($b) HY16 HY17 HY16 HY17 49.0 46.6 30.9 290.1 260.2 26.0 236.2 191.8 11.5 8.7 65.3 5.7 5.7 3.4 3.7 6.3 (13.3) (7.2) (7.6)(29.0) Australia Asia Europe Americas Total Austra
Slide 43: Residential development
LENDLEASE – HY17 FINANCIAL RESULTS 21 Residential development Communities and Retirement (settlements by state)1 HY17 Apartment settlements3 HY16 HY17 Units $m Units $m Units $m Australia Communities Victoria Harbour – 888 Collins 440 284 QLD 583 96 589 114 NSW 2 430 157 202 68 Other 12 14 VIC 305 5
Slide 44: Apartment and Communities – presales
LENDLEASE – HY17 FINANCIAL RESULTS 22 Apartment and Communities – presales1 Apartments presales By units $m Australia Europe 5,914 144 5,247 105 (298) 83 (452) 4,732 94 (211) 4,829 5,392 5,513 (176) 1,373 (108) 1,635 1,148 1,542 1,667 1,797 3,874 3,681 4,279 3,971 3,065 3,595 HY16 FY16 Sales Settlem
Slide 45: Apartment presales – by location and customer
LENDLEASE – HY17 FINANCIAL RESULTS 23 Apartment presales – by location and customer Presales in delivery (by value, as at 31 December 2016)1 Run-off profile by location2 By customer 44% 30% H2 FY17 FY18 FY19 23% Other offshore 31% 20% 14% 56% Local 11% 10% 10% 21% 7% China 5% 6% 4% 3% 0% 0% Sydney B
Slide 46: Development pipeline provides long term earnings visibility
LENDLEASE – HY17 FINANCIAL RESULTS 24 Development pipeline provides long term earnings visibility1 Record secured pipeline of $49.0b controlled by invested capital of $2.8b Estimated Apartments annual 20 major apartment buildings presold and in delivery, estimated completion FY17 – FY19 turnover5 ~1
Slide 47: Major project summary
LENDLEASE – HY17 FINANCIAL RESULTS 25 Major project summary Expected Commercial Delivery Residential Total remaining Project Project secured completion sqm backlog commenced units backlog end value $b2 date1 ‘000s Barangaroo South, Sydney 2009 2012 2023 775 80 3.7 Darling Square, Sydney 2013 2013 20
Slide 48: Apartment projects in delivery – settlement profile
LENDLEASE – HY17 FINANCIAL RESULTS 26 Apartment projects in delivery – settlement profile3 Total Presold Presales1 Delivery2 Project Building Units (%) ($m) H2 FY17 FY18 FY19 Australia Wirth House, St Leon and Darling One 539 100% ~585 Darling Square Darling North, Harbour Place and Trinity House 57
Slide 49: Major commercial development pipeline
LENDLEASE – HY17 FINANCIAL RESULTS 27 Major commercial development pipeline Commercial building completion profile1 Project Capital model sqm ('000) Building H2 FY172 FY18 FY19 FY20 FY21 International Quarter London Fund through3 73 Office (2 buildings) 93 Office (3 buildings) Paya Lebar Quarter Joi
Slide 50: Communities and Retirement projects
LENDLEASE – HY17 FINANCIAL RESULTS 28 Communities and Retirement projects Communities Residential Commercial Include Horizon in this …. Backlog Estimated Backlog Backlog Project Location Ownership Interest Completion Built-Form Land Units2 sqm / 000s3 Date1 Units2 Bingara Gorge NSW Land management 2
Slide 51: Development deal structuring tailored to local market
LENDLEASE – HY17 FINANCIAL RESULTS 29 Development deal structuring tailored to local market Urbanisation Communities / Retirement Apartments Commercial JV Structure / LP-GP1 (Australia, Europe) Forward Sale • Jordan Springs, • Darling Square, Sydney • Barangaroo (ITS), Sydney • Paya Lebar Quarter, P
Slide 52: Construction
30 Construction
Slide 53: Construction HY17
LENDLEASE – HY17 FINANCIAL RESULTS 31 Construction HY17 Overview Performance • Provides a project management, design, and construction service, HY16 HY17 predominantly in the infrastructure, defence, mixed-use, commercial % Operating EBITDA 20 24 and residential sectors EBITDA margin (%) 2.0 2.7 • F
Slide 54: Construction earnings
LENDLEASE – HY17 FINANCIAL RESULTS 32 Construction earnings EBITDA ($m) EBITDA margins (%) HY16 HY17 HY16 HY17 170.2 4% 3.6% 3.2% 3.0% 117.3 3% 2.7% 105.4 97.9 2.0% 69.8 2% 1% 0.6% 0.7% 14.5 0.2 (1.4) (2.8) 3.9 0.1% 0% Australia Asia Europe Americas Total (1%) (0.5%) (0.4%) Australia Asia Europe Ame
Slide 55: Construction backlog
LENDLEASE – HY17 FINANCIAL RESULTS 33 Construction backlog Backlog revenue ($b) Backlog revenue by region ($b)1 Aus Services Asia Europe 1.5 0.9 1.1 Aus Engineering 3.3 20.7 20.5 $20.5b 16.2 16.2 17.3 6.9 Americas 15.1 6.8 Aus Building FY12 FY13 FY14 FY15 FY16 HY17 Backlog revenue by client1,2 Backl
Slide 56: Construction new work secured / backlog
LENDLEASE – HY17 FINANCIAL RESULTS 34 Construction new work secured / backlog New work secured revenue ($m) Australia Asia Europe Americas Total Dec-15 Dec-16 Dec-15 Dec-16 Dec-15 Dec-16 Dec-15 Dec-16 Dec-15 Dec-16 1 New work secured revenue Building 2,052.4 2,331.1 48.0 598.1 623.7 411.7 1,654.0 2,
Slide 57: Construction backlog revenue by region
LENDLEASE – HY17 FINANCIAL RESULTS 35 Construction backlog revenue by region Group ($m) Australia ($m) 6,346 (6,306) 2,766 (3,272) 257 (179) Book to bill1: 1:01 Book to bill1: 0:85 20,670 20,531 11,890 11,641 18,573 10,847 HY16 FY16 New work Revenue Other HY17 HY16 FY16 New work Revenue Other HY17 s
Slide 58: Australian market outlook – Engineering
LENDLEASE – HY17 FINANCIAL RESULTS 36 Australian market outlook – Engineering1 National major road construction (major project commencements, real terms, $b)2 Forecast 7 6.2 5.7 5.9 6 5.5 5.6 5.2 5 4.6 4.6 4.1 4.2 4.3 3.9 4 3.3 2.7 2.6 3 2 1.6 1.6 1.4 1.3 1 0.0 0 FY04 FY05 FY06 FY07 FY08 FY09 FY10 F
Slide 59: Investments
37 Investments
Slide 60: Investments HY17
LENDLEASE – HY17 FINANCIAL RESULTS 38 Investments HY17 Overview Performance • Owns and / or manages investments including a leading wholesale investment HY16 HY17 management platform and also the Group’s ownership interests in property and % Operating EBITDA 41 40 infrastructure co-investments, Reti
Slide 61: Investments earnings / ownership
LENDLEASE – HY17 FINANCIAL RESULTS 39 Investments earnings / ownership EBITDA by region ($m) EBITDA by activity ($m) HY16 HY17 HY16 HY17 288 244 243 226 221 201 - 62 42 17 19 22 26 1 Ownership interests1 Operating earnings 2 (19) Australia Asia Europe Americas Total Investments by product ($b)3 Inve
Slide 62: Funds Under Management (FUM)
LENDLEASE – HY17 FINANCIAL RESULTS 40 Funds Under Management (FUM) Growth in FUM ($b) CAGR of 15.0% 23.6 24.7 21.3 - 16.3 15.0 12.3 FY12 FY13 FY14 FY15 FY16 HY17 FUM by asset class1 FUM by region ($b)1 Industrial Europe 4% 1.4 Asia 5.4 Commercial 42% Retail Australia 52% $24.7b 17.9 2% Other 1. As a
Slide 63: FUM by region
LENDLEASE – HY17 FINANCIAL RESULTS 41 FUM by region Group ($b) Australia ($b) 0.5 (0.3) (0.1) 1.0 - 1.0 (0.1) 0.5 24.7 17.9 23.6 16.5 22.0 15 HY16 FY16 Acquired Divested Net Impact of fx HY17 HY16 FY16 Acquired Divested Net Impact of fx HY17 revaluations revaluations Europe ($b) Asia ($b) - - - (0.2
Slide 64: Major fund summary
LENDLEASE – HY17 FINANCIAL RESULTS 42 Major fund summary Funds Management Platform1 ARIF7 1 ARIF7 3 APPFR2 APPFC3 APPFI4 LLITST5 LLOITST6 PPPL8 LLRP9 (Somerset) (Jem) Total assets ($ billion) 5.110 3.010 0.9 3.3 1.8 0.8 1.4 1.2 1.4 Gearing (%) 11.710 7.710 12.9 18.7 11.6 66.0 47.0 40.0 2.3 LLC co-in
Slide 65: Retirement summary
LENDLEASE – HY17 FINANCIAL RESULTS 43 Retirement summary Value drivers Investments Valuation drivers HY16 FY16 HY17 Long term growth rate 3.7% 3.7% 3.6% Discount rate 13.3% 13.3% 13.0% Average length of stay – ILUs (years) 11 11 11 1,672 1,654 1 Number of established units 14,295 13,384 12,433 1 Uni
Slide 66: Lendlease overview
44 Lendlease overview
Slide 67: Vision: to create the best places
LENDLEASE – HY17 FINANCIAL RESULTS 45 Vision: to create the best places Strategic framework Business model Competitive advantage Pillars of value
Slide 68: Globally diverse pipeline
LENDLEASE – HY17 FINANCIAL RESULTS 46 Globally diverse pipeline Our globally diverse pipeline provides long term earnings visibility1 $49.0b Development $20.5b Construction $24.7bFUM $3.3b Investments pipeline backlog revenue Europe $8.7b Development pipeline Americas $1.1b Construction backlog reve
Slide 69: Global trends influencing our strategy
LENDLEASE – HY17 FINANCIAL RESULTS 47 Global trends influencing our strategy Lendlease leadership By 2014, 54% of the world’s • $35.0b2 Urbanisation pipeline population were estimated to live in Urbanisation urban areas; this will reach 60% by • 12 major urbanisation projects3 20301 across 8 Gateway
Slide 70: Portfolio Management Framework summary
LENDLEASE – HY17 FINANCIAL RESULTS 48 Portfolio Management Framework summary Business model • Integrated model synergies • Target EBITDA mix: 35-45% Development 30-40% Investments 20-30% Construction Capital allocation Target returns 2 • Focussed on Gateway Cities • Group ROE 10-14% • 50-70% capital
Slide 71: Pillars of value – non-financial
LENDLEASE – HY17 FINANCIAL RESULTS 49 Pillars of value – non-financial Health and Safety Our Customers1,2 Critical Incident Frequency Group Lost Time Injury Rate Frequency Rate c.250 MILLION MILITARY HOUSING FOR 1.64 1.95 RETAIL VISITORS c.125,000 1.62 ANNUALLY RESIDENTS IN THE US 1.20 c.16,000 c.15
Slide 72: Important notice
LENDLEASE – HY17 FINANCIAL RESULTS 50 Important notice This presentation (including the appendices) has been prepared and is issued by Lendlease Corporation Limited (ACN 000 226 228) (Lendlease) in good faith. Neither Lendlease, nor any of its controlled entities including Lendlease Trust (together