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Annual Report 2016 | Lendlease Annual Report 2016 | Lendlease 3 20 Annual16 Report 2 ANNUAL REPORT 2016 | LENDLEASE ANNUAL REPORT 2016 | LENDLEASE 3 DIRECTORS' REPORT OUR BUSINESS Who We Are 8 Our Values 9 Operational Highlights 10 Financial Highlights 11 A Year in Review 12 Chairman’s Report 14 Group CEO and Managing Director's Report 16 OUR STRATEGY Our Competitive Advantage 20 Global Trends Influencing Our Strategy 22 Our Strategy 24 PILLARS OF VALUE The Pillars of Value 28 How the Pillars Drive Value 29 Financial 30 Health & Safety 32 Our Customers 34 Our People 36 Sustainability 40 RISK Risk Governance & Management 46 Key Risks and Mitigation 48 PERFORMANCE & OUTLOOK Group Highlights 52 Development Performance 54 Apartment Settlement Profile 56 Construction Performance 58 Investments Performance 60 Performance by Segment and Region 62 Financial Position and Cash Flow Movements 63 Group Funding and Debt Facilities 64 GOVERNANCE Board of Directors' Information 68 Remuneration Report 82 Directors' Report 115 Lead Auditor's Independence Declaration 117 FINANCIAL STATEMENTS 120–179 OTHER INFORMATION Five Year Profile 184 Portfolio Report 186 Securityholder Information 206 Glossary 209 Corporate Directory 210 All financial amounts within this report are in Australian dollars unless otherwise specified. Lendlease Corporation Limited ABN 32 000 226 228 Incorporated in NSW Australia Lendlease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lendlease Trust New York Skyline – Artist impression as at 2016 (image subject to change and further design development and planning approval) ABN 39 944 184 773 ARSN 128 052 595 4 ANNUAL REPORT 2016 | LENDLEASE ANNUAL REPORT 2016 | LENDLEASE 5 Annual Report About this Report 2. Our Strategy 4. Risk Directors’ Report and OFR This is Lendlease’s first integrated annual report and we An outline of the three elements that drive our competitive An explanation of Lendlease’s approach to risk governance and The required elements of the Directors’ Report, including the OFR, expect this report to evolve over time. Through this report we advantage: our integrated model, track record and financial management including an assessment of key risks and mitigation. which is part of the Directors' Report, are included on pages 8 to 117 aim to communicate how we create long term value for our strength, with a specific focus on the integrated model through the of this report and include the sections: Our Business, Our Strategy, securityholders through five value pillars. The report is divided into lens of Barangaroo South, Sydney. This is followed by a description 5. Performance & Outlook Pillars of Value, Risk, Performance & Outlook and Governance. The several sections with all required elements of the Directors' Report, of the global trends that will influence our business over the long Commentary on Lendlease’s financial and non financial pillars OFR is contained specifically on pages 8 to 65. including the Operating and Financial Review (OFR) being covered term and the opportunities that these trends present for our including a performance overview for our three operating All non financial metrics included in the Directors' Report on on pages 8 to 117. strategy. This section concludes with a snapshot of our strategy. segments: Development, Construction and Investments, as well as pages 8 to 49 have been verified through our internal verification a summary of our financial position and cash flow information. 1. Our Business 3. Pillars of Value process. The Financial Statements on pages 120 to 179 have been audited by KPMG. 6. Governance The report begins with an overview of who we are, what we do and A description of Lendlease’s five pillars of value that drive the our values. This is followed by a summary of our key financial and long term value of our business. Icons will be used throughout the An overview of Lendlease’s governance and decision making Future Reporting operating highlights for the current reporting period, including a report to link our business activities to these pillars. An update of structures and remuneration information. This section includes all This Annual Report sets out our competitive advantage and our snapshot of our global urban regeneration portfolio, and a review the performance in line with identified measures is provided on compliance reporting requirements. commitment to creating long term value for our stakeholders, of our key events throughout the 2016 financial year. Lendlease's pages 28 to 43, with further information on financial performance realised through our pillars. In future reports we will enhance our Integrated Reporting Chairman and Group Chief Executive Officer conclude this section included in the Performance & Outlook section on pages 52 to 65. measurement of Key Performance Indicators (KPIs) for each pillar. with their reviews of performance for the year. A description of each pillar is provided below: This report has been prepared with reference to the International Integrated Reporting <IR> Framework. This framework encourages businesses to consider what creates value for them and how this value contributes long term sustainable returns for securityholders. Materiality A matter is considered material if Lendlease’s Senior Management and those charged with governance believe it could significantly Health & Safety impact the value created and delivered by the relevant pillar in the Every person who engages short, medium and long term. Lendlease identifies material matters with Lendlease has the right to through periodic discussions during the financial year at Project be safe and well. This means Control Group (PCG) meetings that represent the governance we focus on the mental health structure for completing the Annual Report. The Board has been and physical wellbeing of all engaged throughout this process and has endorsed the progress of people on our projects and within our offices. the Annual Report at periodic intervals. Financial A strong balance sheet and access to capital enables Lendlease to continue to expand its pipeline and deliver quality earnings. A description of material issues and value creation in line with the value pillars: Our Customers Financial Health & Safety Our Customers Our People Sustainability Satisfied customers drive long term value. We adopt a collaborative approach to Delivering Ability to operate Understanding our Ability to attract and Ability to continuously Pillars of Value managing our relationships, securityholder returns. safely across our customers and retain the best people. identify and deliver delivering high quality service and responding to Maintaining strong operations and responding to changes Ensuring we have the economically, socially our customers’ needs. capital management to projects. in the market. right capability across and environmentally enable investment in Maintaining the health Ability to deliver the organisation. sustainable outcomes. our future pipeline. and wellbeing of our customer driven employees and those solutions. Material Issue Sustainability who engage with our Sustainability is about assets. creating places for people and meeting their needs Sustainable returns for Eliminating incidents Customer loyalty and An engaged, diverse Enhanced urban for the future. Globally, securityholders. and injuries across the satisfaction. and capable workforce. precincts and engaged governments and Our People business. communities. communities are seeking Lendlease’s people are the greatest Keeping people safe trusted partners who can contributors to our success and enhance urban areas with underpin our ability to deliver our and well, physically and vision to create the best places. mentally. efficient, healthy and Creation Value resilient outcomes. 01Our Business Victoria and Albert Museum, London 8 ANNUAL REPORT 2016 | LENDLEASE ANNUAL REPORT 2016 | LENDLEASE 9 DIRECTORS’ REPORT DIRECTORS’ REPORT Our Business | Our Strategy | Pillars of Value | Risk | Performance & Outlook | Governance | Financial Statements Our Business | Our Strategy | Pillars of Value | Risk | Performance & Outlook | Governance | Financial Statements Who We Are Our Values Lendlease is committed to creating and delivering innovative and sustainable Our core values guide our behaviours and underpin our Code of Conduct. These are the values property and infrastructure solutions for future generations. we live by every day. Founded in Sydney in 1958 by Dutch immigrant and innovator Headquartered in Sydney, Australia, Lendlease has approximately Dick Dusseldorp, Lendlease was born out of a vision to create 12,000 employees internationally. Our regional head offices are RESPECT COLLABORATION a company that could successfully combine the disciplines of located in New York, Singapore and London. financing, development and investment. Our core capabilities are reflected in our operating segments of BE DEDICATED TO RELATIONSHIPS BE ONE TEAM Lendlease is a leading international property and infrastructure Development, Construction and Investments. Combining these We respect all people, their ideas We work together to achieve more through group with operations in Australia, Asia, Europe and the Americas. capabilities across the property and infrastructure value chain Our vision is to create the best places; places that inspire and has allowed Lendlease to offer innovative integrated solutions for and cultures. our unified culture and shared knowledge. enrich the lives of people around the world. our clients. Through those solutions Lendlease has secured major
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