Mirvac Group · ASX:MGR
Mirvac — Q1 FY2014 Earnings Presentation
15 slides from Mirvac's earnings presentation, Oct 22, 2013
Slide 1: Q1 Operational Update
For personal use only q operational by mirvac update 22 october 2013
Slide 2: Q1 snapshot
Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 1 Q1 snapshot by mirvac For personal use only n FY14 operating EPS guidance of 11.7 to 12.0cpss maintained n S&P credit rating upgrade from BBB to BBB+ n Completed 7 year $200m MTN issuance n MPT continues to deliver strong metrics: – Occupancy increase
Slide 3: Operational update
Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 2 For personal use only operational update by mirvac
Slide 4: MPT
Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 3 MPT by mirvac For personal use only n Occupancy increased across the portfolio to 98.3% 1 n The portfolio maintained a solid WALE of 5.0 years 2 n 172 leasing deals completed during the period; 69,309sqm and 5.0% of portfolio BROADWAY SHOPPING CENTRE,
Slide 5: Office – Passive
Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 4 Office – Passive by mirvac For personal use only Office outlook 10-20 BOND STREET, SYDNEY, NSW n Office demand currently remains subdued n Leading economic indicators suggest 2013 is likely to represent the trough in the current office market cycle n
Slide 6: Office – In development
Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 5 Office – In development by mirvac For personal use only n 8 Chifley Square, NSW: – Building reached practical completion in July – 81.2% leased following Quantium increasing requirement 1 n Treasury Building, WA: – Demolition of tower and basement for
Slide 7: Retail – Passive
Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 6 Retail – Passive by mirvac For personal use only Mirvac’s retail portfolio Retail sales Comparable total MAT $m Comparable MAT growth Comparable MAT growth by category 3 Q1 FY14 4 Q1 FY14 FY13 n Occupancy strong at 99.2% 1 Non-food majors $229.4 (0.3%
Slide 8: Retail – In development
Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 7 Retail – In development by mirvac For personal use only n Stanhope Village, NSW – Stage 3 completed and commenced trading in August 2013, 100% leased – Stage 4 DA achieved; construction due to commence in February 2014 n Kawana Shoppingworld, QLD – St
Slide 9: Industrial – Passive
Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 8 Industrial – Passive by mirvac For personal use only Mirvac’s industrial portfolio NEXUS INDUSTRY PARK, PRESTONS, NSW n Occupancy increased to 99.5% 1 n Portfolio de-risked by WALE of 8.7 years 2 Industrial outlook n Softening demand from Australia’s
Slide 10: Residential – Market outlook
Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 9 Residential – Market outlook 1 by mirvac For personal use only n Volumes and prices increased through FY13 and into the current financial NSW year Weighting FY14 Medium term forecast n Housing affordability, population growth, rental growth and a low
Slide 11: Development – Q1 activity
Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 10 Development – Q1 activity by mirvac For personal use only Development Q1 activity update n On track to achieve >10% Development ROIC n >75% of FY14 expected Development EBIT 1 secured n Focus on cash repatriation from impaired projects Reconciliation
Slide 12: Summary and guidance
Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 11 For personal use only summary and by mirvac guidance
Slide 13: Summary and guidance
Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 12 Summary and guidance by mirvac For personal use only Guidance FY14 Group operating profit $428 – $443m Operating EPS 11.7 – 12.0cpss DPS 8.8 – 9.0cpss Weighted average securities 3,673m Expected Development ROIC in FY14 >10% Mirvac Group well positio
Slide 14: Disclaimer and important notice
Q1 OPERATIONAL UPDATE I 22 OCTOBER 2013 I PAGE 13 Disclaimer and important notice by mirvac For personal use only Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property An investment in Mirvac stapled securities is subject to investment and other known and Trust (ARSN 086 780
Slide 15: Thank you
For personal use only Thank you by mirvac FOLLOW US ON TWITTER @MIRVACIR MIRVAC INVESTOR RELATIONS WEBSITE