MIRVAC GROUP 3 May 2016
MGR MANAGEMENT UPDATE PRESENTATION, INCLUDING 3Q16 OPERATIONAL HIGHLIGHTSPlease find attached Mirvac's management presentation, including highlights from the period ended 31 March 2016.
The management presentation will be webcast from 10:30am (Sydney) at www.mirvac.com.
For more information, please contact:
Media enquiries: Investor enquiries:
Marie Festa Narelle Checchin
Head of Culture and Reputation GM, External Communications
+61 2 9080 8956 and Investor Relations
+61 2 9080 8315
MIRVAC GROUP
3 MAY 2016
Management UpdateINCLUDING 3Q16 HIGHLIGHTS
URBAN FOCUS
> We are an urban company, we create places for people to live, work and shop
> We understand the fabric of cities and the people that live within them
> We have clearly defined urban focused mandates for each business
OFFICE
> Core CBD and CBD fringe locations
RETAIL
> Densely populated urban areas with above average household income and high population growth
INDUSTRIAL
> Core industrial precincts supported by good infrastructure
APARTMENTS
> Urban inner-ring locations and metropolitan activity centres
> Areas with undersupply, depth of market and population growth
MASTERPLANNED COMMUNITIES
> Urban middle-ring locations
> Urban growth corridors
> Selected urban edge opportunities
> Areas with undersupply, depth of market and population growth
FOCUSED STRATEGY HAS SIGNIFICANTLY IMPROVED THE QUALITY OF THE BUSINESS
Delivering stable income and focused growth> Group ROIC above WACC
> Estimated increase to Development ROIC from 5.4% in FY13
to >12% in FY16
Delivered asset creation capability> Secured ~300,000sqm of pre-lease commitments for office, industrial and retail space since FY12
> ~$935m of internally developed investment assets 1 completed since FY12
> Increased commercial development pipeline to
$4.3bn, up from $1.6bn in May 2013
Clear urban strategy has delivered strong portfolio metrics> 78% of the Group's investment portfolio weighted to Sydney and Melbourne
> Portfolio occupancy 97.4%, WALE 5.9 years 2
> Retail specialty sales productivity up 27% and occupancy costs down 10% since FY13 2
Focused development mandate has significantly improved the quality of the Residential business> Earnings contribution has more than doubled since FY12
> Improved gross residential margins to 25.3%, up from 14.3% in FY12
> Accelerated residential releases into supportive markets, more than doubling pre-sales to
$2.6bn since FY12
Established a more sustainable business through active capital management> Gearing within target range of 20-30%, ICR 4.5x
> Increased assets under management to
$15.0bn, up from $9.2bn at FY12
> $7.8bn investment portfolio, up from
$6.0bn at FY12
> Expanded partnering relationships including Blackstone, AMP, Keppel REIT, ISPT, CIC and Ping An
Reflects 100% of development end value.
As at 31 March 2016.
Note: Comparison information as at 31 December 2015 unless noted otherwise.
Mirvac Group published this content on 04 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 04 May 2016 07:03:01 UTC.
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