Lendlease’s Underlying Cash Earnings Obscured by Adjustments. FVE Increased to AUD 16
The hugely diversified nature of Lendlease Group’s business means results are rarely clean, but earnings for the six months to December 2017 were particularly convoluted. Lendlease is in the business of developing and selling assets, but it is disconcerting the recognition of profit continues to come well ahead of the cash in many instances. Noncash revaluation gains exceeded AUD 300 million, almost half the pretax profit of AUD 624 million. Some of these gains will be crystallised in the near t...LendLease operates a regional management structure in Australia, Asia, Europe and the Americas. Co.'s segments include: Development, which is involved in the development of communities, inner-city mixed-use developments, apartments, retirement, retail, commercial assets and social and economic infrastructure; Construction, which provides project management, design, and construction services, predominantly in the infrastructure, defence, mixed-use, commercial, and residential sectors; and Investments, which includes a wholesale investment management platform and also includes Co.'s ownership interests in property and infrastructure Co-Investments, Retirement Living and U.S. Military Housing.
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