Lendlease Share Price Sees Red as Losses Deepen in FY24
Lendlease Share Price Sees Red as Losses Deepen in FY24
Let's see what the company reported. The $Lendlease Group (LLC.AU)$ share price has slipped into the red on Monday after the company reported its FY24 results.
本基金寻求于东欧地区注册的主要权益关联发行人的长期升值投资。$Lendlease Group (LLC.AU)$ 公司FY24财报公布后，其股价在周一跌入红色区间。
At the time of publication, shares in the international property group are swapping hands at $6.25 apiece, more than 1.5% in the red.
截至发稿时，这家国际房地产集团的股票价格为每股6.25美元，跌幅超过1.5%。
Meanwhile, the $S&P/ASX 200 (.XJO.AU)$ is slightly in the red as well at the time of writing.
与此同时， $S&P/ASX 200 (.XJO.AU)$ 也在写作时略微下跌。
Let's see what the company reported.
接下来，我们来看看公司发布的财报。
Lendlease share price drops as FY24 numbers underwhelm
Lendlease股价下滑，因FY24业绩未达预期。
The key takeouts from the year include the following:
本年度的主要收入为以下内容：
Core earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 23% year over year to $669 million
Core operating profit after tax (OPAT) rose 2% to $263 million
Statutory loss after tax ballooned to $1.5 billion, driven by $1.35 billion in impairments to implement its "revised strategy"
Investment property valuations also dropped by $260 million, a 10% reduction
Full-year distribution was maintained at 16 cents per share, with a payout ratio of 42%
利息、税、折旧和摊销前核心收益（EBITDA）同比增长23%，达到669百万美元。
税后核心营业利润（OPAT）上涨2%，达到263百万美元。
依据会计准则计算后的亏损高达15亿美元，主要由于实施“修订策略”而产生的13.5亿美元减值损失所致。
投资物业估值下降了2.6亿美元，即10%的降幅。
每股全年分红维持在16美分，并且支付比率为42%。
What else happened in FY24?
FY24年还发生了什么？
Lendlease undertook several strategic initiatives aimed at streamlining operations and stabilising its share price.
Lendlease采取了多项旨在简化运营和稳定股价的战略举措。
The company announced $1.9 billion in asset sales as part of a broader $2.8 billion sales target for FY25.
该公司宣布出售价值19亿美元的资产，作为FY25 28亿美元销售目标的一部分。
It also commenced the restocking of its Australian development pipeline. Projects include Gurrowa Place at Queen Victoria Market, and luxury apartments at Darling Point.
Lendlease还开始重新填充其澳大利亚开发管道。项目包括位于维多利亚市场的Gurrowa Place和Darling Point的豪华公寓。
These are valued at $1.3 billion and $0.5 billion, respectively.
这两个项目分别价值13亿美元和5亿美元。
Despite this, the pipeline was overshadowed by heavy impairments linked to the company's internal overhaul and declining property values.
尽管如此，内部改革和不断下降的房地产价值所带来的沉重减值令管道黯然失色。
This resulted in a 2% reduction in funds under management, tallying $47.3 billion at the end of FY24. Lendlease's share price is sensitive to these figures, so a reduction could be impactful.
这导致所有基金类型在FY24结束时减少了2%，达到473亿美元。Lendlease股价对这些数字非常敏感，所以减少可能会产生影响。
The company also reported cost savings of $64 million, with further savings anticipated as management continues to simplify operations.
该公司还报告了6400万美元的节省成本，随着管理人员继续简化操作，预计将有进一步的节省。
What did management say?
有关本项目更新带动澳交所铜股今天大幅上涨的问题，执行董事Geoff Laing表示：“Whim Creek资产不断塑造成Pilbara的一个战略性处理中心。”
Lendlease CEO Tony Lombardo acknowledged the difficult year amid a "refreshed strategy":
Lendlease CEO Tony Lombardo在一次“更新战略”之际承认了这个困难的一年。
Our results for FY24 reflected challenging business conditions and the early actions from our refreshed strategy. We have made significant progress towards our target of recycling $2.8 billion of capital in FY25, with further cost savings realised as a result of our simplified management structure.
Our priorities remain strengthening our balance sheet, returning capital to securityholders,
nvesting in our high return Australian operations and growing our international Investments platform.
我们FY24的业绩反映了具有挑战性的商业环境和我们更新的策略的早期行动。我们已经在实现FY25资本28亿美元回收目标方面取得了重大进展，同时通过简化的管理结构实现了进一步的成本节约。
我们的优先事项仍然是加强我们的资产负债表，向安全持有人返还资本。
投资于我们的高回报澳大利亚业务，以及扩展我们的国际投资平台。
What's next?
接下来是什么?
Looking ahead, the Lendlease share price faces hurdles. Management aims to strengthen the balance sheet while "growing and improving the performance of the Investments, Development and Construction (IDC) segments".
展望未来，Lendlease股价面临一些障碍。管理层旨在加强资产负债表，同时“增加并改善投资、发展和建设（IDC）领域的表现”。
Management aims to "accelerate the release of capital", likely focused on increasing distributions to shareholders.
管理层旨在“加快资金释放”，可能专注于增加向股东分配的股息。
The company is targeting earnings per security of 54 to 62 cents in FY25. This includes a range of 48 cents per security that is "secured or highly probable".
该公司在FY25的每个证券的盈利目标为54至62美分，其中包括一个48美分的范围，这是“已获得或高度可能的”盈利。
Lendlease share price snapshot
Lendlease股价快照
The Lendlease share price has faced pressure in recent months. It has remained in a downtrend for most of 2024.
Lendlease股价在最近几个月面临压力，大部分时间处于下行趋势。
Zooming out, the stock is down nearly 22% in the past year.
放大来看，该股票在过去一年中下跌了近22%。