Mirvac Group · ASX:MGR
Mirvac — Shareholder Meeting (November 2010)
52 slides from Mirvac's shareholder meeting presentation, Nov 11, 2010
Slide 1: Mirvac Group Chairman's & Managing Director's Presentations
For personal use only 11 November 2010 MIRVAC GROUP CHAIRMAN’S & MANAGING DIRECTOR’S PRESENTATIONS Please find attached copies of the Chairman’s Address and presentation slides and the Managing Director’s presentation slides to be presented at, or immediately following, the Annual General/General Me
Slide 2: Chairman's Address to the 2010 Annual General Meeting
For personal use only Chairman’s Address to the 2010 Annual General Meeting / General Meeting of Mirvac Limited and Mirvac Property Trust Thursday 11 November 2010 The Sebel & Citigate Hotel, Brisbane Mirvac Limited ABN: 92 003 280 699 and Mirvac Funds Limited ABN: 70 002 561 640 (as responsible ent
Slide 3: Chairman's welcome and introduction of Board
Good morning. I’m James MacKenzie, the Chairman of the Board of Directors of Mirvac Limited and For personal use only Mirvac Funds Limited, the responsible entity of the Mirvac Property Trust. Welcome to the Annual General Meeting of Mirvac Limited and the General Meeting of the Mirvac Property Trus
Slide 4: Chairman's address: securityholder engagement and AGM
You may have seen recent press reports discussing the ongoing relevance of the AGM. We have [#] securityholders present today representing approximately [#] per cent of the Group’s issued capital. However, Mirvac ensures all securityholders For personal use only have an opportunity to submit questio
Slide 5: Chairman's report: 2010 results
The Notice convening this meeting included an invitation for securityholders to send us questions that they wanted answered today. We also met with the Australian Shareholders’ Association and received their questions. In my report, I will endeavour to answer all the securityholder questions we rece
Slide 6: Earnings guidance and cost review
Securityholders have asked about earnings forecasts and the future prospects for distribution growth. We have issued operating earnings guidance for FY2011 of between 10.2 and 10.6 cents per stapled security. This is an increase of 10-14 per cent from the FY2010 results and is the highest expected g
Slide 7: Capital raising, strategy and sustainability
Securityholders have asked about the purpose of the capital raising in April 2010 and whether we will undertake further capital raisings. The April 2010 equity raising strengthened our balance sheet and positioned us to acquire the Westpac office portfolio. Whilst at this time there are no current p
Slide 8: Remuneration observations
some detail at the time the Remuneration Report is considered by this meeting. However, I make four observations. First, in relation to the remuneration of the Managing Director, Nick Collishaw, it is For personal use only important to note that when Nick was appointed to the role in August 2008, af
Slide 9: Board renewal and director fee pool
The increase in the fee pool which was approved by securityholders at the 2009 AGM ensured that Mirvac retained the flexibility to increase the number of future Board members as part of a Board renewal process or in order to broaden the range of skills on the Board. No further increase to the direct
Slide 10: Annual General and General Meetings November 2010
annual general and general For personal use only meetings 11 november 2010 MARINER’S PENINSULA, TOWNSVILLE, QLD
Slide 11: Items of Business
ITEMS OF BUSINESS For personal use only 1) Consideration of Reports 2) Re-election and election of Directors 2.1 James MacKenzie 2.2 James Millar 2.3 John Mulcahy 3) Remuneration Report 4) Amendments to the Constitution of Mirvac Limited 5) Amendments to the Constitution of MPT 6) Approval of the Em
Slide 12: Consideration of Reports
AGENDA ITEM 1 For personal use only Consideration of Reports MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 3
Slide 13: Re-election and election of Directors
AGENDA ITEM 2 For personal use only Re-election and election of Directors MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 4
Slide 14: Re-election of James MacKenzie
AGENDA ITEM 2.1 For personal use only Re-election and election of Directors > Re-election of James MacKenzie MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 5
Slide 15: Re-election of James MacKenzie: proxies received
AGENDA ITEM 2.1 For personal use only Re-election and election of Directors > Re-election of James MacKenzie Proxies Received For Open Against Abstain Total 1,991,398,385 45,305,630 179,590,991 14,533,644 2,216,295,006 MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 6
Slide 16: Election of James Millar
AGENDA ITEM 2.2 For personal use only Re-election and election of Directors > Election of James Millar MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 7
Slide 17: Election of James Millar: proxies received
AGENDA ITEM 2.2 For personal use only Re-election and election of Directors > Election of James Millar Proxies Received For Open Against Abstain Total 2,177,523,024 45,487,964 5,336,550 2,475,599 2,228,347,538 MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 8
Slide 18: Election of John Mulcahy
AGENDA ITEM 2.3 For personal use only Re-election and election of Directors > Election of John Mulcahy MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 9
Slide 19: Election of John Mulcahy: proxies received
AGENDA ITEM 2.3 For personal use only Re-election and election of Directors > Election of John Mulcahy Proxies Received For Open Against Abstain Total 2,175,381,298 45,330,744 5,181,178 4,916,986 2,225,893,220 MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 10
Slide 20: Remuneration Report
AGENDA ITEM 3 For personal use only Remuneration Report MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 11
Slide 21: Remuneration Report: Peter Hawkins
AGENDA ITEM 3 For personal use only Remuneration Report > Peter Hawkins – Chairman, Human Resources Committee MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 12
Slide 22: Remuneration Report: proxies received
AGENDA ITEM 3 For personal use only Remuneration Report Proxies Received For Open Against Abstain Total 1,629,589,426 45,092,939 551,118,699 5,015,599 2,225,801,064 MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 13
Slide 23: Amendments to the Constitution of Mirvac Limited
AGENDA ITEM 4 For personal use only Amendments to the Constitution of Mirvac Limited MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 14
Slide 24: Amendments to the Constitution of Mirvac Limited: proxies received
AGENDA ITEM 4 For personal use only Amendments to the Constitution of Mirvac Limited Proxies Received For Open Against Abstain Total 2,176,846,934 45,452,066 4,919,071 3,610,579 2,227,218,071 MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 15
Slide 25: Amendments to the Constitution of MPT
AGENDA ITEM 5 For personal use only Amendments to the Constitution of MPT MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 16
Slide 26: Amendments to the Constitution of MPT: proxies received
AGENDA ITEM 5 For personal use only Amendments to the Constitution of MPT Proxies Received For Open Against Abstain Total 2,173,717,601 45,619,140 7,737,944 3,753,965 2,227,074,685 MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 17
Slide 27: Employee Security Acquisition Plans
AGENDA ITEM 6 For personal use only Employee Security Acquisition Plans MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 18
Slide 28: Employee Security Acquisition Plans: Long Term Performance Plan
AGENDA ITEM 6.1 For personal use only Employee Security Acquisition Plans > Long Term Performance Plan MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 19
Slide 29: Long Term Performance Plan: proxies received
AGENDA ITEM 6.1 For personal use only Employee Security Acquisition Plans > Long Term Performance Plan Proxies Received For Open Against Abstain Total 2,042,081,110 46,257,735 137,969,797 4,178,943 2,226,308,642 MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 20
Slide 30: Employee Security Acquisition Plans: General Employee Exemption Plan
AGENDA ITEM 6.2 For personal use only Employee Security Acquisition Plans > General Employee Exemption Plan MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 21
Slide 31: General Employee Exemption Plan: proxies received
AGENDA ITEM 6.2 For personal use only Employee Security Acquisition Plans > General Employee Exemption Plan Proxies Received For Open Against Abstain Total 2,106,563,273 46,387,316 73,341,934 4,195,062 2,226,292,523 MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 22
Slide 32: Participation by the Managing Director in the Long Term Performance Plan
AGENDA ITEM 7 For personal use only Participation by the Managing Director in the Long Term Performance Plan MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 23
Slide 33: Managing Director LTPP participation: proxies received
AGENDA ITEM 7 For personal use only Participation by the Managing Director in the Long Term Performance Plan Proxies Received For Open Against Abstain Total 1,669,448,343 46,244,321 509,053,442 5,751,577 2,224,746,106 MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 24
Slide 34: Ratification of issues of stapled securities in the past year
AGENDA ITEM 8 For personal use only Ratification of issues of stapled securities in the past year MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 25
Slide 35: Ratification: General Employee Exemption Plan December 2009
AGENDA ITEM 8.1 For personal use only Ratification of issues of stapled securities in the past year > General Employee Exemption Plan – December 2009 MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 26
Slide 36: General Employee Exemption Plan ratification: proxies received
AGENDA ITEM 8.1 For personal use only Ratification of issues of stapled securities in the past year > General Employee Exemption Plan – December 2009 Proxies Received For Open Against Abstain Total 2,112,791,434 46,365,214 68,497,056 2,897,800 2,227,653,704 MIRVAC GROUP ANNUAL GENERAL & GENERAL MEET
Slide 37: Ratification: Institutional Placement April 2010
AGENDA ITEM 8.2 For personal use only Ratification of issues of stapled securities in the past year > Institutional Placement – April 2010 MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NOVEMBER 2010 PAGE 28
Slide 38: Institutional Placement ratification: proxies received
AGENDA ITEM 8.2 For personal use only Ratification of issues of stapled securities in the past year > Institutional Placement – April 2010 Proxies Received For Open Against Abstain Total 2,086,197,528 46,600,540 27,436,102 62,527,041 2,160,234,170 MIRVAC GROUP ANNUAL GENERAL & GENERAL MEETINGS 11 NO
Slide 39: www.mirvac.com
For personal use only www.mirvac.com
Slide 40: Mirvac Group Update November 2010
Mirvac Group For personal use only Update 11 november 2010 Waterfont, Newstead, QLD
Slide 41: Group Strategy
Group Strategy For personal use only Mirvac Group 2 Core Divisions Investment Development Office Residential Retail Commercial Industrial Hotel and Other 80% Target operating NPAT through cycle 20% Target operating NPAT through cycle Mirvac Group Update 11 november 2010 page 1
Slide 42: Group Update: FY10 achievements and FY11 objectives
Group Update For personal use only > Execution of Strategy > Upgrade of Portfolio > Positioned for Growth FY10 Key Achievements > Increased recurring income and underpins distribution — $915m Mirvac Real Estate Investment Trust acquisition in December 2009 — $1,137m Westpac office portfolio acquisit
Slide 43: Investment Market Update
investment Market update For personal use only State of the investment markets Office 56.6% 1 Forecast Rent growth is visible in the Melbourne CBD, static in Sydney while Brisbane is close to the bottom of the cycle. Prime asset values are appreciating in Melbourne and Sydney, Canberra is still expe
Slide 44: Mirvac Property Trust post June 2010 Update
Mirvac Property Trust post 30 june 2010 Update For personal use only Continued operational income strength > 3.5% like for like portfolio income growth for September 2010 year end > 97.2% 1 Portfolio occupancy > Portfolio valuations for MPT are expected to increase in the six months to December 2010
Slide 45: MPT Development Update
MPT Development Update For personal use only $1,208m pipeline of Australian investment grade real estate, undertaken in-house by Mirvac Development 1 Active Project (Ownership) Type Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 10-20 Bond Street 21.0% ✔ Sydney, NSW (50% with ING) Office Leased/ Prelease
Slide 46: Residential developments: fast tracked
Residential developments Fast Tracked For personal use only 51% of released projects are pre-sold Lots Presold 1 Net Revenue 2 Released State Project Stage Ownership Settlement Year Lots % $m 4 VIC Harcrest Stage 1 20% FY12 87 82% 7.7 4 NSW Rhodes Waterside Elinya 20% FY12 107 82% 14.7 4 NSW Rhodes
Slide 47: Residential Development: Gainsborough Green
Residential Development For personal use only Gainsborough Green, Pimpama, QLD Gainsborough Green Mirvac Group Update 11 november 2010 page 7
Slide 48: Residential Development Update
Residential Development Update For personal use only Mirvac’s position as Australia’s pre-eminent residential developer is evidenced by $882m 1 ($704m as at 30 June 2010) of exchanged residential pre-sales contracts > 70% of total forecast FY11 residential revenue secured by pre-sales FY11 major con
Slide 49: Development Market Update
Development Market Update For personal use only Annual price growth moderating to single digits. However the market is supported by underlying demand and limited supply with fundamentals remaining positive. NSW 18% 1 Current Forecast Improved affordability on the back of fiscal stimulus has seen a b
Slide 50: Hotel Management Update
HOTEL MANAGEMENT Update For personal use only > Hotels under management increased to 47 1 > FY10 operating performance 2: — Occupancy 74% — Average room rate $168 > Recovering corporate, conference and international travel combined with limited supply are positive drivers for the hotel sector over t
Slide 51: Sustainability Update
Sustainability Update For personal use only Mirvac’s strong commitment to sustainability means managing environmental, social and economic risks and responsibilities, while delivering sustainable outcomes. Industry leadership: > Listed as “Sustainability Leader” in the Dow Jones Sustainability Index
Slide 52: Thank you
For personal use only Thank you