Lendlease Annual Report 2022

Financial Statements 159 Transactions that occurred during the financial year between entities in the Lendlease Group included: • Provision of project management, design services, construction management services to development projects • Provision of development management services • Provision of investment management services • Provision of payroll, transaction and management services • Receipt and payment of superannuation contributions • Reimbursement of expenses made on behalf of subsidiaries • Loan advances and repayments between subsidiaries • Premium payments and receipts for the Group’s insurance policies • Dividends received or due and receivable from subsidiaries. 31.b. Associates and Joint Ventures Interests held in associates and joint ventures by the Group are set out in Note 12 ‘Equity Accounted Investments’ . Transactions between the Group and its associates and joint ventures principally relate to: • Investments: provision of property and infrastructure investment management, property management and asset management services • Development: development management services, infrastructure bid and advisory services and the sale and purchase of development properties with Lendlease managed funds • Construction: provision of project management, building and construction services. There were $nil non interest bearing loans provided to joint ventures at 30 June 2022 (June 2021: $nil). Except as noted above, transactions and outstanding balances are typically on normal terms and conditions. Revenue earned by the Group during the financial year as a result of transactions with its associates and joint ventures is as follows: June 2022 June 2021 $000s $000s Revenue Associates 55,635 41,841 Joint ventures 1,333,517 1,259,392 Total 1,389,152 1,301,233 Other transactions and outstanding balances with associates, joint ventures and other related parties have been disclosed in Note 4 ‘Revenue from Contracts with Customers’ , Note 6 ‘Other Income’ , Note 7 ‘Other Expenses’ , Note 8 ‘Finance Revenue and Finance Costs’ , Note 12 ‘Equity Accounted Investments’ , Note 13 ‘Other Financial Assets’ , Note 21 ‘Loans and Receivables’ and Note 22 ‘Trade and Other Payables’ . Transactions with joint operations are included in the consolidated Income Statement and Statement of Financial Position. 31.c. Key Management Personnel The key management personnel compensation is as follows: June 2022 June 2021 $000s $000s Short term employee benefits 1 14,376 17,708 Post employment benefits 282 278 Security based payments 6,691 13,152 Other long term benefits 77 126 Total 21,426 31,264 1. Short term employee benefits for the year ended 30 June 2021 includes termination benefits of $1,900,385. Information regarding Directors’ and senior executives’ remuneration is provided in the Remuneration Report within the Directors’ Report.