22 February 2021
Lendlease Trust 2021 Half Year Consolidated Financial Report
Attached is the Lendlease Trust Half Year Consolidated Financial Report for the half year ended 31
December 2020.
ENDS
For further information, please contact:
Investors: | Media: |
Justin McCarthy | Stephen Ellaway |
Mob: +61 422 800 321 | Mob: +61 417 851 287 |
Authorised for lodgement by the Lendlease Group Disclosure Committee
Lendlease Corporation Limited ABN 32 000 226 228 and
Lendlease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lendlease Trust ABN 39 944 184 773 ARSN 128 052 595
Level 14, Tower Three, International Towers Sydney | Telephone +61 2 9236 6111 |
Exchange Place, 300 Barangaroo Avenue | Facsimile +61 2 9252 2192 |
Barangaroo NSW 2000 Australia | lendlease.com |
Lendlease Trust Half Year Consolidated Financial Report
December 2020
ARSN 128 052 595
Table of Contents
Directors' Report 2
Statement of Comprehensive Income 4
Statement of Financial Position 4
Statement of Changes in Equity 5
Statement of Cash Flows 5
Notes to the Consolidated Financial Statements 6
Notes Index
Section A: Performance 7
1. Distributions 7
2. Earnings per Unit 7
3. Other Income 7
4. Finance Revenue and Finance Costs 7
5. Share of Loss of Equity Accounted Investments 8
6. Events Subsequent to Balance Date 8
Section B: Investment 8
7. Other Financial Assets 8
8. Equity Accounted Investments 9
Section C: Liquidity and Working Capital 11
9.
Issued Capital 11
Section D: Other Notes 12
10. Fair Value Measurement 12
11. Contingent Liabilities 12
12. Consolidated Entities 12
Directors' Declaration 13
Lendlease Responsible Entity Limited ABN 72 122 883 185
AFSL No. 308983 is the responsible entity of the Lendlease Trust ARSN 128 052 595. Lendlease Trust (LLT or the Trust) is domiciled in Australia. The consolidated financial report of LLT for the half year ended 31 December 2020 comprises LLT including its controlled entities (together referred to as the Consolidated Entity). The Consolidated Entity is a for-profit entity. Further information about the Consolidated Entity's primary activities is included in the Directors' Report.
Shares in Lendlease Corporation Limited (the Company) and units in LLT are traded as one security under the name of Lendlease Group on the Australian Securities Exchange (ASX).
The consolidated financial report for the half year ended 31 December 2020 was authorised for issue by the Directors on 22 February 2021.
Directors' Report
The Directors of Lendlease Responsible Entity Limited (ABN 72 122 883 185), the Responsible Entity of Lendlease Trust (the Trust), present their Report together with the Half Year Consolidated Financial Report of the Trust, for the six months ended 31 December 2020 and the Auditor's Report thereon.
The Responsible Entity is a wholly owned subsidiary of Lendlease Corporation Limited (the Company) and forms part of the consolidated Lendlease Group (the Group). The registered office and principal place of business of the Responsible Entity is Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Avenue, Barangaroo NSW 2000.
1. Governance a. Board/Directors
The name of each person who has been a Director of the Responsible Entity between 1 July 2020 and the date of this Report are:
M J Ullmer, AO | Director since 2011 and Chairman since 2018 |
S B McCann | Group Chief Executive Officer since 2008 & Managing Director since 2009 |
P M Coffey | Director since 2017 |
D P Craig | Director since 2016 |
J S Hemstritch | Director since 2011 |
E M Proust, AO | Director since 2018 |
N M Wakefield Evans | Director since 2013 |
R F Welanetz | Director since March 2020 |
The names of Directors of the Responsible Entity who retired between 1 July 2020 and the date of this Report are:
C B Carter, AM M A Ford, OBEDirector since 2012 (retired 20 November 2020)
Director since March 2020 (retired 18 August 2020)
2. Review and Results of Operations
For the six months ended 31 December 2020, the Trust reported a profit after tax of $24,782,000 (December 2019: $31,511,000).
Key transactions during the period include:
• Further investment of $3,200,000 relating to Carlton Connect Initiative.
• An interim distribution of $26,428,000 (December 2019: $44,681,000) has been approved by the directors and will be paid on 17 March 2021.
3. Events Subsequent to Balance Date
On 10 February 2021, the Group announced that Steve McCann will retire as Group CEO and Managing Director on 31 May 2021. There were no other material events subsequent to the end of the financial period.
4. Lead Auditor's Independence Declaration under Section 307C of the Corporations Act 2001
The Lead Auditor's Independence Declaration is set out at the end of this report and forms part of the Directors' Report for the six months ended 31 December 2020.
5. Rounding Off
Lendlease Trust is a Trust of the kind referred to in the ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191, and in accordance with the Instrument, amounts in the financial statements and Directors' Report have been rounded off to the nearest thousand dollars, or, where the amount is $500 or less, zero, unless specifically stated otherwise.
This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors.
M J Ullmer, AO
S B McCann
Chairman
Chief Executive Officer and Managing Director
Sydney, 22 February 2021
Directors' Report continued
Lead Auditor's Independence Declaration under Section 307C of the Corporations Act 2001
To the Directors of Lendlease Responsible Entity Limited (the responsible entity of Lendlease Trust)
I declare that, to the best of my knowledge and belief, in relation to the review of Lendlease Trust for the half year ended 31 December 2020 there have been:
i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and
ii. no contraventions of any applicable code of professional conduct in relation to the review.
KPM_INI_01
KPMG
D M McLennan
Partner
Sydney
22 February 2021
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Lend Lease Group published this content on 21 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2021 09:05:08 UTC.