asx announcement - lend lease infrastructure ... d a crawford, ao chairman and director since 2009 s

Download ASX Announcement - Lend Lease Infrastructure ... D A Crawford, AO Chairman and Director since 2009 S

Post on 22-Feb-2020

0 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

  • Lend Lease Corporation Limited ABN 32 000 226 228 and Lend Lease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lend Lease Trust ABN 39 944 184 773 ARSN 128 052 595 Level 4, 30 The Bond Telephone +61 2 9236 6111 30 Hickson Road Facsimile +61 2 9252 2192 Millers Point NSW 2000 www.lendlease.com Australia

    1

    ASX Announcement Half Year Financial Report – Lend Lease Trust 18 February 2013 Attached is the Half Year Financial Report for the period ended 31 December 2012 for the Lend Lease Trust. ENDS Investor Relations and Media Sally Cameron Vivienne Bower Group Executive - Investor Relations Group Head of Corporate Affairs and

    Investor Relations Tel: 02 9236 6464 Tel: 02 9277 2174 Mob: 0448 129 022 Mob: 0431 487 025

  • Half Year Financial Report December 2012

    Lend Lease Trust

    Lend Lease Trust

    Half Year Financial Report

    December 2012

    Lead Lease Responsible Entity Limited ABN 72 122 883 185 AFSL No. 308983 is the responsible entity of the

    Lend Lease Trust ARSN 128 052 595

    Table of Contents

    Directors’ Report 1

    Lead Auditors Independence Declaration under

    Section 307C of the Corporations Act 2001 2

    Financial Statements 3

    Statement of Comprehensive Income 3

    Statement of Financial Position 3

    Statement of Changes in Equity 4

    Statement of Cash Flows 4

    Notes to the Financial Statements 5

    1. Significant Accounting Policies 5

    2. Distributions 7

    3. Earnings per Unit 7

    4. Equity Accounted Investments 7

    5. Issued Capital 7

    6. Contingent Liabilities 8

    7. Events Subsequent to Balance Date 8

    Directors’ Declaration 9

  • Half Year Financial Report December 2012

    Lend Lease Trust

    Directors’ Report

    1

    The Directors of Lend Lease Responsible Entity Limited, the Responsible Entity for the Lend Lease Trust (‘the Trust’), present their

    Report together with the Half Year Financial Report of the Trust, for the six months ended 31 December 2012 and the Auditor’s

    Report thereon.

    The Responsible Entity is a wholly owned subsidiary of Lend Lease Corporation Limited (‘the Company’) and forms part of the

    consolidated Lend Lease Group (‘the Group’). The registered office and principal place of business of the Responsible Entity is

    Level 4, 30 The Bond, 30 Hickson Road, Millers Point NSW 2000.

    1. Directors

    The name of each person who has been a Director of the Responsible Entity between 1 July 2012 and the date of this Report are:

    D A Crawford, AO Chairman and Director since 2009

    S B McCann Group Chief Executive Officer & Managing Director since 2009

    C B Carter, AM Appointed April 2012

    P M Colebatch Director since 2009

    G G Edington, CBE Director since 2009

    P C Goldmark Director since 2009

    J S Hemstritch Director since 2011

    J A Hill Retired November 2012

    D J Ryan, AO Director since 2009

    M J Ullmer Director since 2011

    2. Review of Operations and Results

    For the six months ended 31 December 2012 the Trust reported a profit after tax of A$3,338,450 (December 2011: Loss

    A$45,223).

    3. Events Subsequent to Balance Date

    There are no 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 on page 2 and forms part of the Directors’ Report for the six months

    ended 31 December 2012.

    This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors.

    D A Crawford AO S B McCann

    Chairman Chief Executive Office and Managing Director

    Sydney, 18 February 2013

  • Half Year Financial Report December 2012

    Lend Lease Trust

    Financial Statements

    The accompanying notes form part of these financial statements. 3

    Statement of Comprehensive Income Half year ended 31 December 2012

    Note

    6 months

    December

    2012

    A$

    6 months

    December

    2011

    A$

    Revenue

    Finance revenue

    External parties 1,165,890 10,836

    Total revenue 1,165,890 10,836

    Expenses

    Cost recharges – related party

    113,879 56,059

    Other expenses 165,021 Total expenses 278,900 56,059

    Share of profit of equity accounted investments 4 2,451,460 –

    Profit/(loss) before tax

    3,338,450 (45,223)

    Income tax expense

    Profit/(loss) after tax

    3,338,450 (45,223)

    Other comprehensive income net of tax

    Total comprehensive income after tax 3,338,450 (45,223)

    Basic/diluted earnings per unit (cents) 3 0.58 –

    Statement of Financial Position As at 31 December 2012

    Note

    December

    2012

    A$

    June

    2012

    A$

    Current Assets

    Cash and cash equivalents 454,895,186 412,397 Loans and receivables – related parties 371,439 626

    Total current assets 455,266,625 413,023

    Non Current Assets

    Investments accounted for using equity method 4 48,951,410 Total non current assets 48,951,410 –

    Total assets 504,218,035 413,023

    Current Liabilities

    Trade and other payables 1,051,990

    Total current liabilities 1,051,990 –

    Net assets 503,166,045 413,023

    Equity

    Issued capital 5 500,874,352 572,790

    Retained earnings 2,291,693 (159,767)

    Total equity attributable to unitholders 503,166,045 413,023

  • Half Year Financial Report December 2012

    Lend Lease Trust

    Financial Statements continued

    The accompanying notes form part of these financial statements. 4

    Statement of Changes in Equity Half year ended 31 December 2012

    Note

    6 months

    December

    2012

    A$

    6 months

    December

    2011

    A$

    Issued Capital

    Opening balance at beginning of financial period 572,790 570,916

    Recapitalisation of Lend Lease Trust 500,300,000

    Unit issue through dividend reinvestment plan (DRP) 1,562 888

    Closing balance at end of financial period 5 500,874,352 571,804

    Retained Earnings

    Opening balance at the beginning of financial period (159,767) (78,338)

    Profit/(loss) after tax 3,338,450 (45,223)

    Distributions provided for 2 (886,990)

    Closing balance at end of financial period 2,291,693 (123,561)

    Statement of Cash Flows Half year ended 31 December 2012

    6 months

    December

    2012

    A$

    6 months

    December

    2011

    A$

    Cash Flows from Operating Activities Cash payments in the course of operations (114,181) (56,059)

    Interest received 795,358 10,836

    Net cash provided by/(used in) operating activities 681,176 (45,223)

    Cash flows from investing activities

    Investment in associates (46,499,950)

    Net cash provided by/(used in) investing activities (46,499,950) –

    Cash Flows from Financing Activities Recapitalisation 500,300,000

    Net proceeds from equity issue 1,562 6,245

    Net cash provided by/(used in) financing activities 500,301,562 6,245

    Net increase/(decrease) in cash and cash equivalents 454,482,789 (38,978)

    Cash and cash equivalents at beginning of financial period 412,397 487,221

    Cash and cash equivalents at end of financial period 454,895,186 448,243

  • Half Year Financial Report December 2012

    Lend Lease Trust

    Notes to the Financial Statements continued

    5

    1. Significant Accounting Policies

    The Trust is domiciled in Australia.

    Lend Lease Corporation Limited (‘the Company’) acquired 100% of the Trust on 2 October 2009. Following shareholders’

    approval on 12 November 2009, the units in the Trust were distributed as an ‘in specie’ dividend to the shareholders. The

    shares of the Company and the units in the Trust were combined as stapled securities and from 13 November 2009 have

    been traded as one security under the name of Lend Lease Group on the Australian Securities Exchange (‘ASX’).

    Following stapled securityholders’ approval on 15 November 2012, the Company has reallocated capital to LLT by reducing the

    Company’s share capital by A$500.3 million and applying that amount as additional capital to LLT. This capital reallocation did

    not affect the number of shares on issue nor the number of units held by each securityholder and did not result in any cash

    distribution to members.

    The half year financial report was authorised for issue by the Directors on 18 February 2013.

    1.1 Statement of Compliance

    The half year financial report is a general purpose financial report which has been prepared in accordance with AASB 134

    ‘Interim Financial Reporting’ and the Corporations Act 2001. The half yea