Business Description:
Lend Lease Group (LLC, formerly Lend Lease Corporation Limited) is a vertically integrated property group founded in Australia in 1958. Operations are divided into five groups: Retail - shopping centre development and ownership; Communities - residential development; Public Private Partnerships (PPP) - construction and management services; Construction - through the Bovis Lend Lease brand; and Investment Management.

Strategy Analysis:
LLC is focused on the creation of a global property group by managing a portfolio of four businesses diversified by geography, sector and risk profile. The strategy is aimed at securing multiple earnings streams from the five businesses by focusing on high quality retail assets and master planned urban communities, leveraging project management and construction skills and using asset creation and capital transaction capabilities. CEO Steve McCann continues to grow the business through acquisitions and new development projects, taking advantage of opportunities in recovering markets as they improve over the medium-term. Lend Lease Group reported NPAT up 42.6% to $492.8m for the year ended 30 June 2011. This result includes net property investment revaluations of $7.5m after tax (June 2010: $22.0m). The group's operating profit after tax increased by 50% to $485.3m. Profit after tax includes $101.7m resulting from the agreement to sell the group's 50% interest in the King of Prussia shopping mall in the US. Revenues from ordinary activities were $8.93bn, down 15% from last year. Basic and Diluted EPS was 86.9 cents compared to 69.5 cents last year. The net operating cash outflow was $42.2m compared to an inflow of $167.7m in the pcp. The final dividend declared was 15 cents, taking the full year dividend to 35 cents compared with 32.1 cents last year.