Lend Lease Creating sustainable landscapes
2009 Annual Shareholder Review
ImPortant DateS Performance
In 2010 at a glance for 2009
Operating profit after tax1 Full year dividend3
February* Announcement of Half Year Results Statutory loss after tax Gearing4
Share price quoted ex dividend
Interim dividend record date
March* Interim dividend payable
August* Announcement of Full Year Results
August* Share price quoted ex dividend
Earnings per share2 Credit rating
August* Final dividend record date
September* Final dividend payable 72.5¢ BBB-/Baa3
November* Annual General Meeting Standard & Poor’s/Moody’s
* Exact dates will be confirmed on the Lend Lease website Investor Relations section at
www.lendlease.com in due course.
1. Operating profit after tax excludes 3. Dividends include interim dividend
non operating adjustments. of 25 cents franked to 60% and final
2. Calculated based on operating profit dividend of 16 cents franked to 100%.
after tax and total weighted average 4. Calculated as net debt including other
number of shares on issue including non current financial liabilities, divided
treasury shares. by total tangible assets, less cash.
Lend Lease Corporation Limited ABN 32 000 226 228
Lend Lease is a member of the Dow Jones
Sustainability World Index which is used by DJSI
All financial amounts in this report are in licensed asset managers to manage investments
Australian Dollars unless otherwise stated worth close to US$8 billion each year.
About with strong development
We primarily operate in
Australia, Asia, the UK, Europe,
Lend Lease management, project and the Middle East and the US,
construction management and have built up a long and
Lend Lease and asset and property successful track record in
is one of management capabilities. these countries, creating many
iconic and admired precincts,
the world’s Our philosophy
Founded in Sydney in 1958 spaces and buildings.
leading fully by Dutch immigrant and Sustainability has been an
innovator Dick Dusseldorp, integral part of our culture,
integrated the group was born out of as we believe every action
property a vision to create a company
that could successfully
adds up. Through design
and investment in new
solutions combine four disciplines; technologies, we are
providers, property, financing,
development and investment.
committed to delivering the
next generation of sustainable
Lend Lease’s vision is to property solutions. We are
be the leading international committed to being Incident
property company. & Injury Free wherever we have
We are committed to creating a presence. This philosophy
and building innovative and reaches every part of our
sustainable solutions, forging operations and extends to
partnerships and delivering employees, partners, clients,
strong investment returns. suppliers and subcontractors.
IntrOducIng Our peOpLe
meet sOme thrOugh the effOrts Of Our OutstAndIng peOpLe,
Of Our peOpLe Lend LeAse tAkes A LeAdershIp rOLe In suppOrtIng
On pAges 16–25. InnOvAtIOn And InspIrIng chAnge sO Our Industry
www.lendlease.com/sustainability/pdf/ cAn cOntrIbute tO ecOnOmIc grOwth, ecOLOgIcAL
From_Aspirations_to_Actions.pdf bALAnce And sOcIAL prOgress.
primarily due to the
acquisition of the
five-year gross profit margin Lend Lease Primelife
• lobal construction management rights.
performance backlog gross profit margin development pipeline
as at 30 June 2009 was L
• end Lease continues to
$690.1 million, which have a strong development
provides a solid earnings pipeline, securing
base for FY2010. preferred bidder status
funds under management on the $2.5 billion RNA
• unds under management Showgrounds project in
increased to $9.9 billion, Brisbane during the year.
Dividends per share1 Contribution to operating profit after tax from business units*
7% Investment Management
18% Public Private Partnerships
40% Project Management and Construction
05 06 07 08 09
Interim Final * Before corporate and non operating adjustments.
financial balance sheet strength
continued strong A
• s at 30 June 2009, our net
performance debt to total tangible assets,
• arnings per share of less cash was 2.9% and
72.5 cents, down 33% our weighted average debt
in line with lower Net maturity on drawn debt
Operating Profit after Tax. was eight years, with the
• ividend per share of
D earliest maturity date being
41 cents, representing November 2010.
a payout ratio of 61% I
• nterest cover was 5.2 times,
of operating profit after tax. in line with management
target of 5 times.
Operating profit after tax2 Dividend payout ratio2 Earnings per share3
$307.5m 61% 72.5¢
05 06 07 08 09 05 06 07 08 09 05 06 07 08 09
2. Operating profit after tax excludes unrealised
property investment revaluations, inventory to future accrual. These are referred to as
carrying value adjustments, goodwill ‘non operating adjustments’.
1. 2009 dividends include interim dividend of impairments, other carrying value adjustments, 3. Calculated based on operating profit after tax and
25 cents franked to 60% and final dividend savings implementation costs and a net gain total weighted average number of shares on issue
of 16 cents franked to 100%. on closure of the Bovis UK pension scheme including treasury shares.
Our value the Lend Lease value proposition is very
proposition simple – we see more value in property.
Our integrated property model and strategy
allow us to see more value opportunities
in each property project, which means
we should be able to achieve higher returns
on capital for our shareholders, our partners
and our clients.
1. Mission Health System – Dogwood Our approach core competency knowledge and experience
Surgical and ICU Tower, Asheville, North generating multiple unique asset creation global and local property
Carolina, USA 2. Signature Place, Tampa,
Florida, USA 3. New York-Presbyterian earnings opportunities: capabilities: Lend Lease’s expertise: Lend Lease’s ability
Hospital – Vivian and Seymour Milstein Lend Lease’s integrated fully integrated capabilities to attract the best people,
Family Heart Center, New York, USA end-to-end property solutions, span the property value combined with its deep
4. One Rincon, San Francisco, California,
USA 5. Dock 5, Victoria Harbour, combined with its approach chain, creating sustainable market knowledge, underpins
Melbourne, Australia 6. The Gauge, Victoria to partnering and diverse property solutions. long-term earnings potential.
Harbour, Melbourne, Australia 7. Lonza project pipeline, maximise
Plant 1, Singapore 8. 201 Bishopsgate Agility and flexibility Innovation
and Broadgate Tower, London, UK 9. 200 returns on capital for
maximising opportunities Optimising value over
Aldersgate, London, UK 10. The Curve, shareholders and partners.
Leicester, UK through market cycles: the long term: Lend Lease
Lend Lease’s model is is committed to providing
flexible and agile, allowing leadership in innovation
the group to respond quickly and sustainable
and strategically at each property solutions.
stage of the property cycle.
Contribution to Americas Asia Pacific Europe
after tax bY 30% 55% 15%
chairman’s the year ended June 2009
Against the unprecedented market
Steve ran the Group’s global
Investment Management business
report conditions, the Group delivered
operating profit after tax of
from September 2005 and was
appointed Finance Director from
March 2007 before being appointed
$307.5 million, slightly above guidance
CEO in December 2008. Prior to joining
given on 11 May 2009 of operating
Lend Lease he had been a long-term
profit after tax of circa $300 million
financial adviser to Lend Lease. He has
for the year. The earnings decline
a deep understanding of our business.
compared to the prior year was
primarily due to a lower contribution Lend Lease is well placed to deliver
from capital recycling and subdued improving value for shareholders as
conditions in the Australian and UK we work towards that objective and
residential markets. conditions improve. The Company
has significant headroom under its
Lend Lease reported a statutory
banking covenants and its capital
loss after tax for the year of
position was enhanced by the
$653.6 million, reflecting net
$302.5 million of equity issued earlier
write-downs and charges.
in the year. As a result, Lend Lease
Directors declared a final dividend has the capacity today to fund all of
of 16 cents, franked to 100%, its committed development pipeline
representing a payout ratio of 61% over the next three years, with cash
of operating profit after tax for the and cash equivalents of over $1 billion
full year ended 30 June 2009. and strong underlying cash flows.
Looking ahead That capacity is enhanced by the
Group’s partnership model and
Following a smooth transition, from
reputation as a leading property
former Managing Director and CEO,
investment manager, providing access
Greg Clarke, to Steve McCann,
to third party capital. This enables
we have made some important
Lend Lease to pursue the best
refinements to our fully integrated
opportunities available at each stage
property group strategy and
of the property cycle and deliver a
higher return on Lend Lease’s capital.
Underpinning this development
earnings potential is a solid base of
recurring earnings from investment
management income from fees
The construction and PPP businesses outlook and dividend policy
Disciplined capital have performed well this year and,
Given the ongoing uncertain conditions,
management and while we expect it to remain difficult
Lend Lease is not providing specific
conservative borrowing to source new construction projects
short-term earnings guidance.
from the private sector for at least the
during the good times meant next year, both these businesses are
Directors and management continue
that Lend Lease was able to to be positive about the Group’s
now accessing significant opportunities
operating outlook and remain focused
navigate the global financial from government stimulus packages.
on optimising total shareholder returns
crisis to perform well, on Sustainability has been an integral part from all the Group’s activities.
a relative basis, over the of the Group’s culture for 50 years.
Long-term shareholder returns will
year to June 2009 and We not only believe the principle,
not be sacrificed to meet short-term
remain in a strong financial we also know it is the smart thing to
earnings targets through sub-optimal
do. Lend Lease is proudly recognised
condition. Conditions remain as a leader in sustainability in the
asset sales or other capital measures.
uncertain but the efforts property industry.
At this point in the cycle, you should
of governments around the expect to see Lend Lease taking
Lend Lease continues to intensify advantage of its very low leverage
world appear to be helping its commitment to operating Incident and investing capital to secure the
to stabilise the situation. & Injury Free. The scale of that best positions and develop the most
We remain cautious but also vision is brought into focus with appropriate projects in the pipeline
confident that Lend Lease eight sub-contractor employee as conditions improve.
is well placed to take fatalities globally this year, despite
With effect from the interim dividend
good reductions in the overall rate
advantage of opportunities of incidents and injuries. Our aim
2010, Lend Lease is changing its
ahead of many competitors. dividend policy. Lend Lease will change
continues to be to operate Incident
its dividend payout ratio from the range
& Injury Free.
60% to 80% of operating profit after tax
to 40% to 60% of operating profit after
tax. Lend Lease will frank the dividend
to the maximum extent possible on
a sustainable basis.
David Crawford AO
chief executive The 2009 financial year was impacted
by one of the toughest and broadest
value from our advantages
Officer’s report downturns the property markets have
yet seen. Fortunately, we entered the While having a strong balance sheet
downturn in excellent financial shape. and multiple growth options are big
While we have been primarily focused advantages at this stage of the cycle,
on protecting that position through they will not automatically translate into
prudent capital management and improving shareholder value.
cost reductions, we have also been
The tactical actions to secure that value
positioning the business to capture
in the short term are largely complete.
the best opportunities likely to arise
The cost base has been right-sized
from the next market growth cycle.
to adjust for the downturn in volumes
We are strategically positioned to across most of our businesses. Capital
leverage off a number of major trends is being preserved by reprioritising
in the property market globally, developments in line with market
particularly urbanisation, ageing of conditions and targeting key, strategic
populations, government stimulus projects that build backlog for all
spending and commercialisation Group businesses. We are maintaining
of sustainability. active management of capital already
invested in the business and all
• n 40 years time, 27% of the world’s businesses are focused on optimising
population is expected to be over the cash flows.
age of 65 compared to approximately
15% today. Lend Lease’s position To maximise longer-term potential
as a premier manager of retirement shareholder value from the Group’s
properties in Australia means we are strong position, I have worked with
well placed to capitalise on this trend. the senior executive team and Board
of Directors to develop a clear set
• any governments have ambitions
M of objectives and operating principles
to reduce carbon emissions and for the Group.
to deliver sustainable communities.
This also plays well to our strengths.
• ur superior delivery capability and
strong reputation for collaboration
make us an ideal partnership
candidate for government projects
being rolled out under stimulus
packages in various countries.
performance targets capital recycling
It is a great privilege to We are focused primarily on Lend Lease is not a distressed seller
be chosen to lead the shareholder return as measured of assets and we will not sell assets to
Lend Lease team in the by Return on Equity and Return on hit short-term profit targets. Instead, we
year that the Company Capital. Earnings per share growth will recycle capital only when it delivers
celebrated 50 years of remains an important measure but acceptable shareholder returns and
is not the key driver of decisions. to fund future growth opportunities.
property industry leadership. Key Performance Indicators for
Lend Lease has a proud employees, even in the short term, collaboration to
history and I will work hard have regard to progress towards maximise earnings
with my senior management delivering the appropriate longer-term All Lend Lease companies will
team to drive shareholder return on capital and other key increase their focus on the benefits
metrics for the relevant business. of our fully integrated business model.
value and contribute Other performance measurements We have taken significant steps
positively to the Group’s include strategic initiatives, people in this regard, including the merger
culture and legacy. management and operational of our development and investment
excellence targets. Embedded in management teams in all regions.
We have not fundamentally all of our businesses is our culture
changed our strategy or of safety first and we will continue to Lend Lease is well placed to deliver
business model but have work tirelessly to achieve an Incident attractive growth in shareholder value
made important refinements & Injury Free workplace. over the long term. We will measure
our progress against how well we
to performance portfolio management perform against the initiatives and
management, portfolio priorities I have set out in this report.
We measure and monitor our capital
management, capital allocation rigorously. In the short term I am confident that we will deliver
recycling and collaboration we plan to rebalance our portfolio against those measures. As we do
across our businesses. toward Australia to reinforce our so, shareholders should see Lend
leadership position in our home Lease re-positioned as a recognised
market. Diversifying the Group’s leader internationally in the provision of
earnings will remain an important world-class property solutions, with all
goal – but only where we can achieve of the attendant growth opportunities
scale operating platforms in our that such recognition will bring.
chosen sectors and geographies
over a realistic time frame and where
we can work safely.
Chief Executive Officer and Managing Director
Our with capabilities development
capabilities that span the entire Lend Lease has a proven
track record in creating
property value chain, and managing complex
from the origination of mixed-use property
opportunities through large scale commercial,
to the delivery of great residential, retail, master
property outcomes, we and senior living.
can offer investors and
clients one element or
an end-to-end solution.
10/11 2009 Annual Shareholder Review Lend Lease Corporation
Investment project management Asset & property
management & construction management
Lend Lease has 50 years Lend Lease’s global Our asset and property
experience in property project management management capabilities
investment management. and construction business, cover leasing, marketing,
Today, our global investment Bovis Lend Lease, is one centre management and
management platform of the world’s leading facilities management,
spans Asia, Australia, construction companies. enhancing the value of
the UK and the US. Bovis Lend Lease offers property and optimising
Our investment management a range of services income and total returns
team is committed to spanning the design and for the asset’s investors.
delivering global real estate construction delivery
products and investment process across a range
solutions tailored to the of sectors including
needs of institutional commercial, retail,
investors. residential, industrial,
health, education, transport
development management Investment management
project management & construction Asset & property management
CommerCiaL infrastruCture retirement
• ight structure
• ost out
• rive efficiency
• nvest investment
management in people manager
Our strategic phase 1 phase 2 phase 3
private management Investment
retail communities partnerships and construction management
Core Activities Asset ownership, Masterplanned Military housing, Project Asset ownership,
development, urban communities, healthcare, management real estate
property and asset inner city apartments education and construction investment
management and senior living and waste management
Operating Revenue $125.8m $586.4m $1,507.0m $12,422.0m $69.1m
Proportion of Profit After Tax
from Operating Businesses1
1. Before corporate and
non operating adjustments.
14% 21% 18% 40% 7%
Regional Business Operations Australia, UK, Australia, UK, US UK, Europe, Middle Australia,
US Public Private Project
East, Americas, Investment
UK, US Partnerships Management
Asia Pacific Management
Lend Lease we see more value in property
retail • Lend Lease holds an
ownership interest in
report 10 centres.
• The market value of
for the year ended 30 June 2009 Lend Lease’s interests
in these centres declined
to $1.5 billion, down
from $2.0 billion in 2008.
This was primarily due to
weakening of capitalisation
rates, principally in the UK.
• Operating profit after tax
has remained robust,
Operating result $m 09 08 primarily due to comparatively
stable income from the
Operating profit after tax 60.3 66.1 Bluewater and King of
Property management (8.4) (14.2) Prussia shopping centres.
Investment income 68.7 80.3
Operating profit after tax by geography
Asia Pacific 8.9 1.7
Europe 24.0 42.3
Americas 27.4 22.1
Construction of 313@somerset, Singapore
16/17 2009 Annual Shareholder Review Lend Lease Corporation bOvIs Lend LeAse
cAse study: The leasing team at 313@somerset has the centre’s Some key highlights of 313@somerset’s
313@somerset, singapore secured international fashion retailer vision is to sustainability journey to date include:
Zara, which is launching a three-level be one of the
exciting singapore flagship store in the new mall. Brand leading retail
• greater than 30% reduction in energy
retail opening consumption compared to code
names also supporting the fashion destinations
compliant building through design
mix include a four level Forever 21 in mid to
In August 2006, Lend Lease secured and equipment selection;
and well known UK brand New Look. upper-mid
the highly coveted Somerset site from
These retailers will be joined by market fashion, food • generation of renewable energy
the Urban Redevelopment Authority
brands Esprit, Mango, Lacoste and and lifestyle. via photovoltaic arrays;
of Singapore for S$617.2 million to
Levi. 313@somerset was awarded
build a new regional shopping mall – • detailed carbon footprint analysis
the highest sustainability recognition
313@somerset. and reduction strategy;
in Singapore from the Building &
Lend Lease is working on all phases Construction Authority – Green Mark • retailer sustainability initiatives
of the project, from development, Platinum award in 2008. and commitments;
leasing, project management and
313@somerset has the first Registered • thermal energy storage to increase
construction to asset and property
Training Organisation for its retailers, energy conservation;
management services on completion.
offering free accredited training
Lend Lease and the Lend Lease Asian • co-generation of heat and electricity
courses. This is a first for Lend Lease
Retail Investment Fund are the owners via bio-fuel for use within the centre;
globally and a first for a retail mall in
Singapore. It is expected that over • sustainability education strategies
313@somerset is scheduled for opening 1,000 retailer employees will be trained for our community, retailers and
in December 2009 and will showcase in this facility in the next 12 months. customers; and
eight levels of retail, targeting mid level
food and fashion in an exciting dynamic • the centre is the first retail
environment. The centre’s vision is to development in Singapore to
be one of the leading retail destinations introduce Green Lease Agreement.
in mid to upper-mid fashion, food and
lifestyle and will open 100% leased.
wIth suppOrt Of the retAIL teAm, jOseph hAs cArrIed Out An
AmbItIOus prOject tO buILd A green retAIL centre In sIngApOre,
eArnIng 313@sOmerset A green mArk pLAtInum AwArd In 2008.
communities • Global Communities
operating profit after tax
• During the year, Lend Lease
completed the acquisition of a
report declined 12% to $88.3 million,
from $100.3 million in 2008.
43.2% interest in Lend Lease
Primelife (previously Babcock
for the year ended 30 June 2009 This was due to a significant & Brown Communities) and the
decline in residential sales associated management rights.
and settlements as a result
• In Asia Pacific Communities,
of weak trading conditions
profit after tax included the
in both the UK and Australia.
profit from the sale of its
• In light of the difficult market interest in seven retirement
conditions in the UK and villages and an aged care
Australian residential markets, facility to Lend Lease Primelife.
the Communities business
• In the UK, conditions for the
Operating result $m 09 08 has reduced the carrying
Communities business remain
value of its inventory and
very challenging. Despite
Operating profit after tax 88.3 100.3 other assets and has written
this, we remain well placed
off the goodwill in relation
Asia Pacific 99.9 82.7 to the Crosby Lend Lease
with three of the major urban
regeneration projects in
Europe (10.4) 21.1 business in the UK and the
London: Greenwich, Elephant &
Americas (1.2) (3.5) businesses.
Castle and the Athletes Village.
gross value of pre-sales • The Communities business
• The Communities business
in the US involves one project,
Asia Pacific 339.3 589.4 has a residential backlog
Horizon Uptown, which is in
of 102,040 units and a total
Europe 28.5 41.6 the planning/approval stages
commercial backlog of
and which Lend Lease will
4.7 million square metres.
only commence when market
18/19 2009 Annual Shareholder Review Lend Lease Corporation beOnsIte
cAse study: phase One The Village will be designed and
stratford, will deliver: built in a way that requires lower
energy demand, using materials and
united kingdom 2
• ,819 homes
construction processes that have
the Athletes village (with 1,004
low embodied energy. The Village
will also seek to minimise waste and
The Athletes Village is one of the affordable)
increase recycled content in design
most significant urban developments targeting
and construction. Water savings
in the United Kingdom and is part of Level 4 of
are a key focus, with water efficient
the broader masterplan for a new piece the code for
measures being applied during
of city in east London. sustainable
construction of the Village and water
In the short term, the Athletes Village efficient fixtures and fittings to be
will provide thousands of beds for used throughout to reduce overall
athletes and officials during the London water demand. Site wide water
2012 Olympic and Paralympic Games. • ver 10 O use will be complementary to the
After 2012, it will transform into a lively hectares of ecology and design of the landscape.
residential community featuring an open space.
Design, planning and construction
Education Academy, community and
have made significant progress
healthcare facilities, and numerous parks • n Academy
Aerial view of construction at Stratford, education since work began on the permanent
United Kingdom and open spaces, all located within a
campus foundations of the Village in June
short train journey to central London.
catering for 2008. Construction of all 11
The Athletes Village development is 1,800 students. residential plots is now underway.
publicly owned with investment from
the Olympic Delivery Authority’s (ODA’s) T
budget. The ODA is overseeing the facilities
delivery of the Athletes Village, with and global
Lend Lease appointed as development connections
manager and Bovis Lend Lease as the to international
construction manager. stations.
vAL hAs been cOmmItted tO deLIverIng LOcAL empLOyment And skILLs
sInce 1995 wIthIn bOvIs Lend LeAse uk. vAL wAs AwArded An Obe fOr
her wOrk In cOnstructIOn skILLs trAInIng And beOnsIte thIs yeAr.
public private • In the US, Lend Lease’s Public
Private Partnerships (PPP)
partnerships business, Actus Lend Lease,
delivered a profit after tax
report of $68.2 million, down from
$72.2 million in 2008, as no
for the year ended 30 June 2009 projects reached financial
close during the year.
• Actus Lend Lease currently €310 million/£220 million
has 19 projects.
total project funding:
• In the UK, Lend Lease’s PPP €352 million/£250 million
Operating result $m 09 08 business delivered a profit construction:
after tax of $6.2 million, after Aug 2006 – sept 2010
Operating profit after tax 74.4 59.0 a loss of $13.2 million in 2008.
June 2008 operating loss after
Europe 6.2 (13.2) tax of $13.2 million has been
Americas 68.2 72.2 adjusted from an operating building contractor:
profit after tax of $0.8 million to bovis Lend Lease
projects secured/closed during period reflect the impact of adopting facilities management:
accounting standard AASB vita Lend Lease
europe Interpretation 12 Service
Preferred bidder – secured 1 – Concession Arrangements.
Financial close 1 1
Preferred bidder – secured – 1
Financial close – 6
heAd Of sustAInAbILIty –
20/21 2009 Annual Shareholder Review Lend Lease Corporation Lend LeAse
cAse study: Building Schools for the Future (BSF) All the a further three schools. In addition,
Lancashire, is the largest single schools capital schools will be the LEP will upgrade Accrington
investment program in the UK for over equipped with Academy and the Academy for
united kingdom 50 years. Catalyst Lend Lease has carbon neutral North Preston.
building schools for formed a Local Education Partnership biomass
Sustainability is a key factor in
the future program (LEP) with Lancashire County boilers and
the new schools, both in regards
Council to deliver the BSF program energy saving
to environmental credentials and
in East Lancashire. measures.
through the creation of a local skills
The first ‘wave’ of this program legacy, led by Catalyst Lend Lease
involves the provision of 14 schools and the BSF supply chain.
and two academies, spread over three
All the schools will be equipped
phases. It represents the largest single
with carbon neutral biomass boilers
investment ever made in secondary
and energy saving measures such
education in this area of the county.
as wind turbines, solar collectors
The first phase, seven schools on three and photovoltaic cells, together
sites – Shuttleworth College, Burnley with rainwater harvesting to reduce
Campus and Pendle Vale – opened in water consumption.
The skills legacy plan has been
Two schools from the second phase, extremely successful, with over
Sir John Thursby Community College £40 million of contracts being
and Ridgewood Community High awarded to Lancashire businesses
School, have opened successfully. and over 40 new jobs created for
The remaining five phase one schools local school leavers with companies
will all open in 2010, together with working in the supply chain.
Accrington Academy. In June 2009
Catalyst Lend Lease reached financial
close with the County Council for the
Pendle Vale College and Community High third phase of the program, involving
School entrance, part of the first phase
of the BSF program in East Lancashire
cAte wAs AwArded the AustrALIAn fInAncIAL revIew bOss mAgAzIne’s yOung
executIve Of the yeAr. cAte hAs been InstrumentAL In the desIgn, pLAnnIng
And mAnAgement Of sustAInAbILIty strAtegIes fOr the Investment
mAnAgement busIness gLObALLy And Is nOw respOnsIbLe fOr mAnAgIng the
cOmmercIALIsAtIOn Of sustAInAbILIty AcrOss the AsIA pAcIfIc busInesses.
project • Bovis Lend Lease delivered • In Europe, the UK business
a strong result due to continues to return to normal
management a standout performance
levels of profit, although
the business continues to
and construction • Global profit after tax was
$168.9 million, up 13%
be impacted by the work-out
of UK projects where
report on the June 2008 result of
$150.0 million. The profitability
loss provisions were taken
in prior years.
for the year ended 30 June 2009 • In the Americas, profit after
ratio increased from 34% to
39%, principally due to the tax was impacted by costs
Operating result $m 09 08 higher profit contribution relating to a fire at the former
in Europe and Asia Pacific. Deutsche Bank building
Operating profit after tax 168.9 150.0 in New York.
• In Asia Pacific, profit after tax
Asia Pacific 94.7 69.0 was up 37% to $94.7 million • Backlog gross profit
Europe 39.0 21.3 from $69.0 million in 2008, on margin decreased by
the back of continued strong 12% from $788.3 million
Americas 35.2 59.7 market conditions, particularly to $690.1 million, with 58%
for social infrastructure. expected to be realised
profitability ratio (ebItdA/realised gpm) Since April 2009, Bovis Lend in the 2010 financial year.
39% 34% Lease has secured circa
$1 billion of education work
Asia Pacific 61% 50% under government stimulus
Europe 30% 19% packages.
Americas 25% 34%
gross margin (realised gpm/revenue)
AssIstAnt dIrectOr Of prOperty
mAnAgement, fOrt drum
mOuntAIn cOmmunIty hOmes
22/23 2009 Annual Shareholder Review Lend Lease Corporation Actus Lend LeAse
cAse study: Anz centre, up to 40 metres into the riverbed
Anz centre, Australia when to form the support on which the
completed, Yarra River Boardwalk will sit.
Office accommodation will be the
All areas within the building are
In 2006, Lend Lease agreed largest single
a maximum of 12 metres from
commercial terms with ANZ to develop tenanted
a natural light source, improving
circa 83,500 square metres of office commercial
the workplace environment and
accommodation at its landmark building in
reducing energy consumption.
Victoria Harbour development in Australia.
Melbourne. Lend Lease was engaged Sustainability features in the building
to provide development management include energy generation via an
services, with project management, on-site gas-fired tri-generation unit,
design and construction services 1,000 square metres of solar cells,
provided by Bovis Lend Lease. and roof-mounted wind turbines.
A blackwater treatment plant will
Site work commenced in late 2006 recycle all waste water for reuses such
and is due for completion in late 2009. as toilet flushing and cooling towers.
ANZ Centre, when completed, will be
the largest single tenanted commercial The project is registered for three
Construction of ANZ Centre,
building in Australia, accommodating Green Star ratings from the Green
up to 6,500 employees. The building Building Council of Australia.
is located on the new extension of
The project was awarded the
Collins Street and is bounded by
Excellence in Health & Safety award
the Yarra River and Docklands Park.
at the Master Builders Association
The proximity of the project to the
of Victoria’s 2009 Excellence in
Yarra River required 1,500 piles,
driven to a depth of 35 metres –
the equivalent of a 10-storey building
underground. In addition, 97 specially
imported steel tube piles were driven
kIrstIn, wOrkIng In pArtnershIp wIth the us mILItAry And AffILIAted
OrgAnIsAtIOns, hAs deveLOped A number Of sOcIALLy sustAInAbLe
prOgrAms thAt unIfy the dIspArAte And dIverse set Of peOpLe whO
LIve At fOrt drum, creAtIng A new mILItAry LIfestyLe.
Investment • Total operating profit after tax
for Investment Management
• Lend Lease Investment
Management won the
management declined to $28.9 million
from $137.3 million. This was
third annual Melbourne
report principally due to the prior
year including a profit after
Stewardship Award for Funds
for the year ended 30 June 2009 tax of $40.1 million from the Management, recognising
sale of a proportion of the long-term achievement.
Group’s interest in Australian The award was presented in
Prime Property Funds (APPF) Melbourne on 2 March 2009.
and in Europe, a tax exempt
• Lend Lease Investment
dividend of $47.9 million from
the Group’s interest in the
a memorandum of
advisor company Lend Lease
Operating result $m 09 08 understanding during
Global Properties, SICAF in
the year with the Clinton
relation to incentive fees.
Operating profit after tax 28.9 137.3 Climate Initiative to work
• Funds under management together on opportunities
Funds management 8.4 54.1 increased by $0.6 billion to significantly reduce the
Investment income 20.5 83.2 to $9.9 billion, principally environmental impact of
due to the acquisition of buildings by accelerating
Operating profit after tax by geography the Lend Lease Primelife retrofits to maximise energy
Asia Pacific 27.1 71.8 management rights. efficiency and reduce
greenhouse gas emissions.
Europe 3.1 61.9
Americas (1.3) 3.6
24/25 2009 Annual Shareholder Review Lend Lease Corporation bOvIs Lend LeAse
cAse study: APPF Commercial was established the fund’s The strategy established operational
Appf commercial in 1994 and has gross assets of over portfolio targets for energy, waste and water.
$1 billion across a portfolio of prime comprises APPF Commercial has also committed
commercial assets commercial properties in Australia. interests in to achieving a minimum 5 Star Green
in excess of $1 billion The Fund’s portfolio comprises interests 11 properties, Star certification for all new buildings
in 11 properties, with a strategic with a entering the portfolio.
weighting to eastern seaboard central strategic
The Fund continues to work towards
business district office markets. weighting
improving environmental performance
APPF Commercial has a sustainability and achieving consumption intensity
strategy which was endorsed in targets through the implementation
2007 to be recognised as a leading of a range of programs and projects.
environmentally sustainable property
fund within the Australian marketplace.
APPF Commercial views sustainability
as not only an opportunity to
reduce operating costs, enhance
tenant relations and improve the
competitiveness and performance
of its investments, but also as a
The Gauge, Victoria Harbour, Melbourne, Australia –
owned by APPF Commercial
rIchArd deveLOped A perImeter prOtectIOn rAIL cLImbIng system whIch
prOvIded fuLL encLOsure tO seven wOrkIng LeveLs On A hIgh-rIse cOncrete
buILdIng In bOstOn. thIs system mInImIses the rIsk Of fALLs Of peOpLe And
mAterIALs. rIchArd wAs AwArded Lend LeAse’s IncIdent & Injury free
cOnstructIOn LeAder Of the yeAr usA AwArd In 2009.
sustainability sustainability has been an integral part
report of our culture for more than 50 years.
today, our employees insist that making
a difference in our communities, improving
health and safety standards, and reducing
our environmental impacts are central
to our business strategy.
thanks to the innovative thinking and
professional excellence that define our
people, we’ve taken huge strides forward
in our aspiration to be a global leader.
Our sustainability performance is now
regularly updated on a dedicated website,
every Action Adds up, to ensure we meet our
reporting obligations to all our stakeholders.
how do Lend Lease is the only
Australian company to be
the goldman sachs jbwere
climate Leadership Index
we measure included in all three globally lists the ‘best in class’
recognised sustainability Australian and New Zealand
leadership? reputation indices. respondents to the Carbon
Disclosure Project (CDP).
the dow jones
CDP represents 385 global
sustainability Index is the
institutional investors with
first of the global indices
more than US$57 trillion
to track the financial
in assets under management
performance of leading
and collects climate
change data from 1,550
companies worldwide and
is used by asset managers
of sustainability portfolios the global 100 most
worth close to US$8 billion. sustainable corporations
in the world is unveiled each
year at the World Economic
Forum in Davos and ranks
performance on social,
environmental and strategic
governance issues through
the lens of risk and
Our incident & injury free
Lend Lease has a deep and
The Safety Dashboard is a
safety widespread commitment to
operating Incident & Injury Free
web-based safety reporting system
that provides a central reference point
wherever we have a presence – for all key construction safety data
this is an enormous challenge but from across the company.
key safety risk
one we are determined to progress.
Developed by the Lend Lease IT team information for
Safety touches every aspect of the over the past 12 months, the Safety all Lend Lease
Lend Lease business, from the Dashboard includes compliance, construction
buildings we design and construct incident reporting and key safety projects
to the way our assets are managed. risk information for all Lend Lease throughout
for more information construction projects throughout the world.
Providing our people with the right
on our health and safety the world. Using a combination of
systems and tools to deliver safe r: The Safety
performance, visit lead and lag indicators, the Safety Dashboard is a
outcomes is crucial to achieving powerful management
Dashboard provides a holistic
lendlease.com our Incident & Injury Free vision.
A lot of hard work has been done
picture of safety performance.
tool utilised to improve
over the past year to build on our
accomplishments to date and set
in place a robust and vigorous
Lend Lease has global governance system for safety.
implemented global We have implemented Global
minimum requirements Minimum Requirements for safety
to address key risks right across
for safety to address
the business from our construction
key risks right across our sites to the assets we design
business from construction and manage.
sites to the assets we This has been supported by
design and manage. extensive education, training and
worker engagement programs.
We still have a lot to do to realise
our Incident & Injury Free vision –
but we are confident that we are
on the right track.
28/29 2009 Annual Shareholder Review Lend Lease Corporation The Athletes Village, Stratford work site
site logistics planning Lend
The constant movement of people Lease Lost
and materials present significant
safety challenges to construction frequency
sites globally. Our work on the Athletes
Village in the UK is elevating safety
standards through detailed logistics
planning. With 1,200 workers and and global
800 vehicles currently travelling
through the 49 hectare site on a daily man-hours)
basis, leading edge safety logistics It has been
planning is critical. encouraging
Site initiatives include: to see
• a dedicated delivery holding centre;
trend in Lost
• planning deliveries with the use Time Incident
of dedicated logistics software;
• controlled site access delivery Rates across FY08
procedures; the Group over
• fully enclosed pedestrian walkways; the past three
• clearly demarcated crossing points;
• delivery routes; and
• segregated unloading zones,
all contributing to an industry leading
approach to the delivery of materials
and the movement of people across
this extremely busy site. fy09
Our developing leadership
by working with leaders
the development of large scale urban
projects to demonstrate that cities
environment Over the past year, Lend Lease has
can grow in ways that are ‘climate
positive’. Two Lend Lease projects,
the first of
committed itself to work in partnership Victoria Harbour in Melbourne and 16 climate
with the Clinton Climate Initiative Elephant & Castle in London, are positive
on opportunities to significantly amongst the first of 16 projects in development
reduce the environmental impact 10 countries across six continents. projects in
of buildings through maximising 10 countries
energy efficiency and reducing To reduce the net greenhouse gas across six
greenhouse gas emissions. emissions of the projects participating continents.
in the Climate Positive program
In November 2008, Lend Lease to below zero, property developers
Investment Management and the and local governments will agree to
Clinton Climate Initiative signed a work in partnership on specific areas
Memorandum of Understanding of activity. This includes implementing
to create a collaborative relationship economically viable innovations
focusing on existing building in the buildings, the generation of
refurbishment opportunities. clean energy, waste management,
In May this year at the C40 Summit water management, transportation,
in Korea, the Clinton Climate and outdoor lighting systems.
Initiative launched a global program, When the initial 16 projects are
developed in collaboration with completed, nearly one million people
the U.S. Green Building Council will live and work in Climate Positive
(USGBC). Called the Climate Positive communities.
Development Program, it will support
CLimate internationaL Cutting
tHinking positive Carbon reporting emissions
Like a Leader CaLCuLator standards faster
Working in partnership We are committed to proactively 183
implementing strategies that Lend Lease
for a better built projects have
address our impacts and reduce our
environment greenhouse gas emissions globally. registered or
We do this through partnering with have achieved
some of the world’s leading thinkers green building
on the built environment, climate certification.
change and sustainability.
5 855 383 1054 675 green skilling the number of
our people accredited
from five to
675 in four
05 06 07 08 09
Green building trained
lendlease.com/sustainability Green building accredited professional
Our foundation – looking
after employee wellbeing
people The belief that it is a company’s duty
to positively contribute to communities
where Lend Lease employees live and
work remains core to Lend Lease’s
culture and underpins the essence
‘Foundation’ is an independent business
unit within Lend Lease, exclusively
focused on employees, their families
and community wellbeing. Foundation
programs operate year-round, and are
accessible to all employees.
Employees taking part In today’s
in one of Foundation’s
Foundation is a constant through Health and Wellbeing climate,
all climates. Employees are supported programs foundation’s
and developed when the business role in nurturing
is growing, during times of change, and developing
and amidst challenging times. employees is
In today’s climate, Foundation’s role in more important
nurturing and developing employees is than ever.
more important than ever. Foundation
programs inspire and engage
employees, and in doing so, help to
keep our teams motivated and positive.
Lend LeAse’s AnnuAL
32/33 cOmmunIty dAy 425, 000 hours
Cranes for children
A visit to the Royal Children’s Hospital
in Melbourne has been made extra
special for one group of children
thanks to a Bovis Lend Lease
initiative. As part of the Children’s
Health Partnership consortium,
Bovis Lend Lease is responsible for
the construction of Victoria’s largest
The project has required nine cranes
onsite and Bovis Lend Lease crane
drivers decided each needed a name
– honouring one of the hospital’s
courageous young patients. Each
of the children recognised in this
way were invited to an official crane
naming ceremony and presented
with a personalised Bovis Lend Lease
hard hat and safety jacket.
Rosie Morgan and her crane crew: Manuel Goncalves, Joe Sedlak, Stewart Kelly and Jose Gasper
enCourages aLL empLoYees around
tHe WorLd to give sometHing sInce Its InceptIOn In 1996, Lend LeAse
baCk to tHe Communities in WHiCH empLOyees hAve prOvIded mOre thAn
tHeY Live and Work. 425,000 vOLunteer hOurs gLObALLy.
directors’ d A crawford
s b mccann
Prior to joining Lend
Lease, Mr McCann
was at ABN AMRO,
Mr Crawford is Non
Chairman Executive Chairman (Executive) where his roles included
(Non Executive) of Foster’s Group Age 44 Head of Property, Head
Age 65 Limited (appointed of Industrial Mergers
Mr McCann was
Director August 2001 & Acquisitions and
Mr Crawford joined the appointed Chief
and Chairman 31 Head of Equity Capital
Board in July 2001 and Executive Officer in
October 2007) and a Markets for Australia
was appointed Chairman December 2008 and
Non Executive Director and New Zealand.
in May 2003. became Managing
of BHP Billiton Limited Director in March 2009. Mr McCann also
experience and (appointed May 1994). practised as a mergers
Qualifications He was formerly a Non experience and
and acquisitions lawyer
Executive Director Qualifications
Previously Mr Crawford at Freehills, Melbourne
was National Chairman of Westpac Banking Prior to this role, for four years and
of the Australian firm Corporation (appointed Mr McCann was worked in a Chartered
of KPMG. He has May 2002, resigned Group Finance Accounting firm in
extensive accounting 14 December 2007) Director (appointed taxation for four years.
and business experience and National Foods in March 2007) and
Chief Executive Officer Mr McCann holds a
having worked with many Limited (appointed Bachelor of Economics
large corporations and November 2001, for Lend Lease’s
Investment Management (Finance major) and a
governments. He holds a resigned June 2005). Bachelor of Laws from
Bachelor of Commerce business (September
2005 to December 2007). Monash University in
and Bachelor of Laws Melbourne, Australia.
from the University of Mr McCann has
Melbourne. He is a more than 15 years
Fellow of the Institute of experience in investment
Chartered Accountants. banking, property funds Nil
management and capital
p m colebatch Executive Board of Swiss
g g edington He is a past President
of the British Property
(Non Executive) Zurich. He was previously cbe Federation, was the
Age 64 on the Executive Board (Non Executive) Chairman of UK property
Mr Colebatch joined of Credit Suisse Group, Age 63 company Greycoat
the Board in December Zurich, where he was Estates Limited and was
Chief Financial Officer, Mr Edington joined the a member of the Bank
2005 and is Chairman Board in 1999 and is
of the Personnel and and was subsequently of England Property
Chief Executive Officer a member of the Risk Forum. Mr Edington was
Organisation Committee Management and Audit
and a member of the of Credit Suisse Asset formerly Chairman of the
Management. Committee and the Council of Trustees of
Risk Management Sustainability Committee.
and Audit Committee. Other directorships the UK children’s charity,
and positions experience and Action for Children, and
experience and Qualifications was awarded a CBE for
Qualifications Mr Colebatch is
a Non Executive Qualified as a Chartered ‘services to children’.
Mr Colebatch has a Surveyor, Mr Edington
Director of Insurance Other directorships
Bachelor of Science brings to the Board
Australia Group Limited and positions
and Bachelor of extensive UK and
Engineering from the (appointed January 2007) Nil.
and a Non Executive international experience
University of Adelaide, in the property sector.
a Master of Science Director of Mann
Group plc (appointed Mr Edington was a
from Massachusetts Director of BAA plc
Institute of Technology 1 September 2007).
and Chairman of BAA
and a Doctorate in International. He joined
Business Administration BAA plc in 1988,
from Harvard University. became a member of
He has held senior the Board in 1991 and
management positions has been the Chairman
in insurance and of six BAA companies.
and was formerly on the
directors’ p c goldmark
in New York for 10 years.
Mr Goldmark has held
j A hill
She has a Bachelor of
Arts from the University
of California at Los
profiles Age 68
Mr Goldmark joined
Senior Vice President
of the Times-Mirror
Ms Hill joined the Board
Angeles and a Master
of Arts in marketing and
the Board in 1999 and Corporation, Executive in May 2006. She is management from the
is Chairman of the Director of the Port Chairperson of the University of Georgia.
Nomination Committee Authority of New York Sustainability Committee Other directorships
and a member of the and New Jersey, and a member of and positions
Sustainability Committee. and Director of the the Personnel and Ms Hill is a Non Executive
experience and Budget for the State of Organisation Committee. Director of Wellpoint, Inc.
Qualifications New York. A writer and experience and (appointed March 1994).
speaker on world affairs, Qualifications She was formerly a Non
Mr Goldmark is Director,
Mr Goldmark graduated Executive Director of
Climate and Air Program Ms Hill has held a
with a BA from Harvard Resources Connection,
at Environmental number of senior
College, Government Inc. (appointed
Defense, a US-based executive positions in
Department, magna January 2003, resigned
non-profit environmental the land development
cum laude. He brings December 2006).
advocacy organisation. and housing construction
to Lend Lease his wide Ms Hill also sits on the
He was the Chairman industry in North
experience as a Chief Board of Directors of
and Chief Executive America. She was
Executive Officer and the Lord Abbett family
Officer of The formerly the Chairperson,
senior executive in of mutual funds, which
International Herald President and Chief
the private and public is the trustee of 31
Tribune in Paris between Executive Officer of
sectors, both in the USA mutual funds of publicly
1998 and 2003. Prior Costain Homes, Inc.
and internationally. held companies.
to this, he was the (US) and Vice President
President and Chief Other directorships and General Manager,
Executive Officer of the and positions Mobil Land (Georgia)
Rockefeller Foundation Nil. Corporation.
d j ryan AO He has a Bachelor m w selway Prior to joining the Other directorships
of Business from the Weir Group in 2001, and positions
(Non Executive) University of Technology, duniv he was a member of Mr Selway is an
Age 57 Sydney and is a Fellow (Non Executive) the Supervisory Board Executive Director of
Mr Ryan was appointed of CPA Australia and the Age 50 of Schefenacker AG, The Weir Group PLC
a Director in December Australian Institute of and Executive Director (appointed June 2001).
Mr Selway joined the
2004. He is Chairman of Company Directors. of Britax International
Board in June 2008.
the Risk Management Other directorships plc. Having spent much
In July 2009, he
and Audit Committee and positions of his career managing
became a member of the
and a member of Mr Ryan is Non Executive engineering businesses
the Personnel and Chairman of Transurban in the United States, the
and the Personnel and
Organisation Committee. Holdings Limited United Kingdom and
experience and (appointed Director Australia, Mr Selway
experience and is regarded as a
Qualifications April 2003 and Chairman Qualifications
February 2007) and specialist in operational
Mr Ryan has previously Mr Selway is currently
ABC Learning Centres management and
held Managing Director Chief Executive of
Limited (administrators efficiency. He holds a
positions in investment The Weir Group PLC,
appointed, receivers and Diploma in Industrial
banking and industry, a FTSE 250 engineering
managers appointed) Engineering and was
as well as being the sector listed company
(appointed Director awarded an honorary
Chairman or a Non headquartered in
June 2003 and Chairman degree of a Doctor of
Executive Director of a Scotland. He brings
30 May 2008). He is the University of the West
number of listed public more than 30 years’
also the Non Executive of Scotland in July 2009.
companies. experience in global
Chairman of Tooth & Co Mr Selway was given
business development, this award in recognition
integration and of his outstanding
Director September 1999
management through contribution to industry in
and Chairman January
various roles. Scotland and to honour
his distinguished career.
director and executive remuneration
Other share Other share
short post based short post based Other
base term employ- pay- term employ- pay- Long
fees fees ment ments1 total salary fees ment ments term total
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000
non executive directors executive directors
D Crawford 550 40 14 110 714 S McCann 1,329 986 43 1,754 16 4,128
P Colebatch 150 109 14 41 314 executives
G Edington 150 103 14 39 306 B Soller 536 326 49 147 9 1,067
P Goldmark 150 112 14 40 316
J Hill 150 118 14 40 322 short post based Other
term employ- pay- Long
D Ryan 150 97 14 41 302 salary fees ment ments term total
$000 $000 $000 $000 $000 $000
M Selway 150 50 14 31 245
1 Comprises entitlements under the Non Executive Directors’ Retirement Benefit Plan. Other executives in the category of the five highest paid
M Bellaman 685 399 9 387 – 1,480
M Coleman 586 644 189 542 8 1,969
W Hara 323 308 14 431 8 1,084
R Leaver 778 356 18 481 12 1,645
T Lombardo 527 357 15 179 7 1,085
N Martin 400 387 147 86 6 1,026
M Menhinnitt 655 360 362 256 10 1,643
E Ooi 571 321 141 640 7 1,680
The Lend Lease website keeps Shareholders informed about the Company’s
activities and performance. The Annual Report to Shareholders, results
announcements, webcasts, presentations and news releases are all readily
available on the Investor Information section of our website. www.lendlease.com
CORPORATE DIRECTORY EnvIROnmEnTAllY fRIEnDlY In EvERY wAY
Directors Secretary Share Registry Paper specifications Printing specifications
D A Crawford, W Hara and Shareholder Queries
The cover and editorial of this The cover and editorial of this Report
Chairman, Stock Principal Register Report are printed on 9Lives 80, an are printed using vegetable based
S B McCann, Exchange Computershare Investor environmentally responsible paper, inks and varnish. These inks are
Managing listings Services Pty Limited containing 80 per cent post consumer biodegradable. They do not harm the
Director and GPO Box 2975 fibre and 20 per cent totally chlorine- environment.
Chief Executive Australia
New Zealand Melbourne VIC 3001 free pulp. It is an FSC certified mixed
Officer T: 61 (3) 9946 4460 (within Australia) or source paper, ensuring all virgin
P M Colebatch Auditors 61 (3) 9473 2500 (outside Australia) pulp is derived from well-managed
G G Edington KPMG E: email@example.com forests. It is also manufactured by
P C Goldmark 10 Shelley Street W: www.computershare.com.au an ISO 14001 certified mill.
J A Hill Sydney
D J Ryan UK Register The Forest Stewardship Council (FSC)
M W Selway B Davis & Co is an international not-for-profit, Cert no. SGS-COC-003898
Park House, 158–160 Arthur Road non-government organisation
Wimbledon Park, London SW19 8AQ promoting responsible forest
T: 44 (20) 8947 3361 management. FSC certification
F: 44 (20) 8944 1039 is recognised as a global standard
W: www.bdavis.co.uk in forest management practices
and the Chain of Custody component
ensures that the final product can
The Bank of New York be traced back to a certified source.
PO Box 11258
Church Street Station
New York NY 10286-1258
T: 1 (212) 815 3700
US Toll Free: 1 888 269 2377
to tHe future generation
victoria harbour in Lend Lease is actively
melbourne boasts the developing and
highest concentration investing in sustainable
of green commercial strategies through: K
• Ey WORKER
buildings in Australia. RESIDENTIAL UNITS
the precinct is working A PUBLIC PRIVATE
towards climate green refurbishment
positive* certification and green buildings – CHiLdren’s Hub
• n InTERnATIOnAL
which aims to set a new creating greener buildings BEST PRACTICE
global benchmark for OPERATED BY
leadership in large scale
urban development green utilities –
that will minimise energy, water and
environmental impacts. waste solutions
sustainability urban regeneration –
in action solutions
details at T
• RAMS, FLExI
lendlease.com/sustainability CARS AnD GREEn
* Climate Positive is a joint initiative between the A
• uSTRALIA’S LARGEST
Clinton Climate Initiative and the U.S. Green SUSTAINABLE OFFICE
Building Council DEVELOPMENT
grouP wIDe annual contact
enVIronment general meetIng DetaIlS
conVeSSo Performance † 2009
• ictoriA’s first
green stAr rAted
Total water use¹ The 2009 Annual Lend Lease
the green General Meeting of Corporation Limited
<8,000,000L Lend Lease Corporation
Limited will be held at
ABN 32 000 226 228
residentiAl Incorporated in NSW
Municipal waste¹ 10.00am on Thursday,
the gauge 12 November 2009
• irst 6 stAr green
stAr – office As built
to be owned by
<500,000t at City Recital Hall,
Angel Place, Sydney
A property fund NSW 2000. Full details
Municipal waste recycled¹ of the Meeting are Level 4, 30 The Bond
contained in the 30 Hickson Road
38% Notice of Annual
NSW 2000 Australia
sent with this Report.
Total project waste
T: 61 (2) 9236 6111
• ustrAliA’s first
A F: 61 (2) 9252 2192
Project waste recycled W: www.lendlease.com
• vAriety of
Greenhouse gas emissions¹
1. In offices and assets under management.
NB: Environment performance figures have
been rounded off. precinct.com.au