Mirvac Group · ASX:MGR
Mirvac — H1 FY2003 Earnings Presentation
70 slides from Mirvac's earnings presentation, Feb 12, 2003
Slide 1: Mirvac Group Interim Results
Slide 2: Mr Robert Hamilton
Slide 3: Highlights
Slide 4: Control of over 21,000 dwelling sites
: Control oka over 21, .000 dwveling sites with a value i in excess of - ee 5 billion , a
Slide 5: Capital Raising
Slide 6: —ri‘“‘(Ciéir;étw~—O—SC—C—Ss;C;C—~—~C;C—O—O—O—COC—C—C—COCON
——r—r———. 7 — Fr -— = — —ri‘“‘(Ciéir;étw~—O—SC—C—Ss;C;C—~—~C;C—O—O—O—COC—C—C—COCON eS 7 Se ——— ss Orrrrrrrrr————S——r— er ——rr——— ae 8 - -_ oe Sl a a i. == rrsr——“‘—s—s—s—sSs—s—SCSCSCSCSCW a. = = =—h—hhmUmUmUmUD = = —=—rr—i—s—s——s—e—es—S—sSs=C‘(‘ SNC a rrrr—rsSC“‘ ‘ EL a rti‘“iO———CCT i i =.=. oo = —
Slide 7: LE Maas et
LE Maas et Le roo OG AUR ee Proforma: : oe Ae I 2 Post Placement $1,942m gt Gorporation® — Bes co oo oon Gearing _ Exchanged Contracts A Net Profit After Tax AN Percentage of Total Retained Eamings Le ee afer cru Eimiraton —
Slide 8: - Dec. 2002 _ Dec. 2001 oe
- Dec. 2002 _ Dec. 2001 oe I Dec. 2002 Fieoedincms dO A _ EO “Taxable a S836 5 00 . for the halt oS A 3.75¢ eS 12.950 a - Credit _ ee
Slide 9: Net Profit After Tax
Net Profit After Tax. Months to B cember Hii, MAE en MC i i a ih Ml) il ii 5p iii | | I al iI i i a 53 i ill i i ol Hae a on iF 100 a An oo a) | : I i Ie ROU = i ne | 1) me i i 1) a) Hi Mill I \ | i i 998 1999 ~- 2000 2001-2002. oll COs i) \| a] | 4) / months t December We i all s © S © : iii aa fi
Slide 10: Assets
Assails a ‘Development 2 1,162.4. 36% 1,162.4 Motels ABI B 8% STB Investments 1,877.0 58% «= 4,877.0 58% 1,547.5 61% Total Liabilities NetAssets NTA BE SS
Slide 11: _ Dec. 2002 _ Dee. 2001
_ Dec. 2002 _ Dee. 2001 ae a LG Investments. Developments BAN
Slide 12: Investment Division
Slide 13: Development Division
ee Dec. 2002 Total Assets ee $1,162.4m_ -$784.6m -House/Land = — BBO Settlements —— BEAN Exchanged Contracts = $1,085m $885m Unit Settoments RN 6 ye ABO
Slide 14: Hotels Division
Slide 15: Mil Hh i))
—c Mil Hh i)) i ] ae | TEE i i ae We a i He ny Nh on i i i i Wd nn Nn i i) ill CIT | a | i a i | Wi Tl — i) / ii a i a i aia | 4a) a We Hii men oT i | i a fees a i a a ; i cnt “Dec.2000 = Dec. 2001 ~—— Dec. 2002
Slide 16: It \ i i] : ‘ ih
a — i| i 0) It \ i i] : ‘ ih T Hi Ae i il HW an ii) i a a i He " it Ne i i | i i| i i i) ij ni TIA Hh il i Vie) | Hn a ee i i i / 4 ) Ho To Hie | | nen 7 7 HH see ve) ee ae 1 el a) ui it Mi) i i et Dec, 2000 er : Dec. 2002
Slide 17: Restructured swap profile
We have restructured our swap profile to foro 3 A to 5. 5 Bens - increase average maturity —
Slide 18: Placement
Placement
Slide 19: ee = : . sO
ee = : . sO Or i re eS SS —”————C“EEENEEENENNN'—“ ‘aaa a ~ rs o i _ =. oe ee vi Bee = | | | _. ue i a i a i i een a oe ee a, a es Tht a 7. 7. “ My a a a i a) a) a a an a a a a a 7 ” my a Wy : i a a a a a a a 7 " vi i i: i i a Be, ve rrr———=—r—r—C“=EEU)Tw a r—r————“ “eE.”UUrrrrr—“( ePhmrhmhmmCrrE , c
Slide 20: ) ni I ae
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Slide 21: Sector and Geographic Diversification
aie 1On m Gro\ 1 AS Oy | oy wu) oye | ee Retail Bh - Sector Diversification Geographic Diversification ;
Slide 22: Commercial & Industrial Portfolio Highlights
Slide 23: Major lease deals
During the 6 months from wey to December, major lease deals Bennie’: i CteR LoS OI Tenant Bulging — - Bay centre, Pyrmont No AOA / a 802 2 me oyal & Sun Alliance g 60 Margaret Street syney_ a 2 068 me
Slide 24: Occupancy by market
‘Syaney ¢ CBD Sr rsisCiC Chatswood - NS Ne 40% Te SAI StKildaRoad DO% BO Southbank Vic Canberra SLAM ee Ae Brisbane NearCity == 0.0% BH CL OG TB
Slide 25: Ht i il)
oT Ht i il) wi i) eee i) a il in Weil g Bosse | i I i Me ii) ill i Wit) i, veal TUT lat i ik oe i 7 al Mh i i Mh a i wil ul ae oa Wait 2oo2iz003 A i “20 03/2004. i le ne i aa a i en 2004/2008 TMi ee yy 7 ee ae ile a uh We a qh a oN aN i TG iit it II illu
Slide 26: Retail assets growth
2 . Retail assets growth of 33. 6% © ‘Retail portfolio « occupancy is 99. 8% (excluding development affected _ tenancies) _ eee oe ee SES cee
Slide 27: - srataim
- srataim ae ‘MAT Growth- - Specialy Shops Loe
Slide 28: a yy
a yy i 7 a HT ee ey Hee : ee Ih au in 7 on ' a ie [ Co i oe a a = i I j i nie a eo a ol i ae a TT oe . I) i cn Ul cg I ul nN - wh i Hl en So “22 3003/2004 “go0a2008 200572008. 2006/2007.
Slide 29: Investment portfolio growth
* Investment portfolio. has grown to $1 84 billion through new acquisitions and S Severopent GOR S : a
Slide 30: Acquisitions and developments
a a _ Waverley Gardens, Mulgrave * Ze ee TOON Thiess Building, Brisbane ae SNC 12,430 “Dating island Il, Pyrmont BRON oo Was Bey IE 8885 . NB 25,800 —
Slide 31: Current NLA:
Current NLA: Estimated Value: Project Cost: Yield on Cost: Leasing Status: R _ Based on markel face rent 93% 94% leased to Collex x3, 400 a e and NRMA (11,800 m2)
Slide 32: Case Study: Kawana Shoppingworld
Case Study © Kawana Shoppingworld Current GLA: a 29,870 m Project Completed: November 2002 Current Valuation: $91 mill ; Cost «$21.6 mil Est, End Value: $132 mil Cap Rate: - ae 8.0% Ne Nield : Ss < oS on Cost oo 10.3% Leasing Status: RS Fully Leased ce
Slide 33: LE LE
LE LE = ELA OUEE ae Ly oe es pi) ss lL ae 7 ne mua, oe o Es Lob a Day
Slide 34: = oe Cl oS —
eS = — = = oe Cl oS — oS : _ a | — _ oS ea = _— i ee = eS a SS ————CB SS FS . -— = = — —erers—“—eSSN _ = . Oe er ee i Sr SS SS SS eS —— oS rS—™r——‘“‘C™ — a ._ _ _ — _ = - : a ——r————C So ~~~
Slide 35: Se a ee = eee
Se a ee = eee rt SB 2 pe SS os -rrr—C—C=C*“SN =o = tt — ————_ Sr rrrr—“—Os—CO—CSC™CSCC#
Slide 36: Hotels Division
felis Division unker Bay Onn
Slide 37: SO r—r—r™——— : : ‘ —
SO r—r—r™——— 2 : : ‘ — el CL rh lr CU = = Sr ir eS se Se Se SSS LC a SS er—C == Sr ———™—”—“ SSE CO s”—— SO rrrrr—<=i—s—s—s—s———“‘“‘“‘“‘<i“<“i‘i‘“‘i‘ V! TS wc eer Cee -—C—rt—“‘“‘—OCOCOOC—C—~—~—C—COC—C—C—CSSC rrr—r—“‘“‘“‘“‘“‘“CiéiOOC:;UDUhULULULULLD So r—r———————N a rr—“—i—i—‘“<‘“‘“i“‘i‘“‘“‘“R“UCC*C*C
Slide 38: on HA Wa ee Hi || — ' : a : . ; a
on HA Wa ee Hi || — ' : a : . ; 0 a ae 4 i He in || : . : y i a | eg } | Hi it ie | : i ie i ae | a a ! } ~ Wi — NT We i a a HER Enna a \ a) ne il i) | i i) i Lo) Ii i vil LLM | [i i | | = Se ke Oy Lid 0 5 e e =f cl wo a ) a i | We a iu a He i il a a Wi lh oll oN aU : a til Ue i cee : : 99% 4998. 49
Slide 39: Wea
in Wea / 0, Hl a il) 10 Ht il i ) ET un — il i) oe ee : in Hii el a i) i iil a !) anal eae En a f Peg ee tH i | i i ; He ll Hy i) Hl i Hine Ha u ii) Wt ae ne 4995-19968 1997 1998 Financial Year End Ml i) Wil ian in NOM
Slide 40: eee
eee Bsn
Slide 41: Number of lots controlled
No. of Lots Total No. of Units A 2 33 ‘Farenast revenue rom k lots currently Total No. of Houses 0 controlled: $86 billion over tO years ” Total No. of Lots
Slide 42: TF r——— a! .rrt~—~—“‘“‘“‘“‘“‘<‘“<‘“‘“‘“‘“‘“‘ iss
TF r——— a! .rrt~—~—“‘“‘“‘“‘“‘<‘“<‘“‘“‘“‘“‘“‘ iss = —r—<“—S”~—. Se SS rrrrrr—“—s—s——sSSsS= CC LLC; eS —“—S rr rC—<“—i—sSS—S~sSCiC(“:RCC; eS = = = — 8 CO —rrrmrrrrmrmr™—_CN fe
Slide 43: a Le Lo oe A
a Le Lo oe A
Slide 44: Major Projects
Major Projects ill Mice inn cee uu Wy
Slide 45: NET
NET ae ees
Slide 46: Slide 46
Slide 47: Major Projects - NSW
ects-NSW i con
Slide 48: Major Projects - NSW
Major Projects - NSW MIRVAC Altura, Pacific Place, Chatswood cific Place, Chatswood ii
Slide 49: Sydney development projects
_ Sanctuary Gardens Newbury _at Stanhope Gdns.* Madison Gardens, Carlingford : Castleton, Cascades Spring Farm _ Perentie Rd. Belrose 7 Forest Rd. Belrose _ Eden Vale , St Ives _ Bateau Bay "Development Dicer Ho sing Developments SYDNEY oe Joint Venture os
Slide 50: Joint venture
Joint venture: Sin.
Slide 51: TF ——————“—r— hr —C
TF ——————“—r— hr —C SS r—(i—sSSSSC—is—és— “SC “(SECO SSS BC SF rr———C“ — |. === — CO —rrrmrrrrmrmr™—_CN fe
Slide 52: Major Projects - Victoria
33 _MajorProjects-Viclora at = =r —“‘“‘“‘(‘(‘(‘(‘(<‘(‘(‘(‘(‘(‘<(‘i‘i‘(‘i‘i‘i‘( SS ae = : a DRE ‘ 7 ee o i ey a ei, ‘3 ‘i < ge ine SS =
Slide 53: Major Projects - Victoria
Major Projects - Vicloria MIRVAC
Slide 54: Major Projects - Victoria
Slide 55: TFS —— “rmrr——s—sseesesSesesSsms—SsSsSesSESEeEL ————:
TFS —— “rmrr——s—sseesesSesesSsms—SsSsSesSESEeEL ————: LD CLE TT i i SSS i = - i. i ei |]€ ei. _ -—rt—“‘™OCOCOCUOUOUC™C™C—C™—C—C—C—COCC.,CUC.DU—rUC—CC = 3 = a= — a: =. . _ _ = = So rmr—i—i—“‘“—stsSCS*s*ésésSS Sr SS ss SS SSS SSS ——————”———C“B eS —“—S ont, oaee
Slide 56: Major Projects - WA
Major Projects - WA MIRVAC UU Mindarie Keys *
Slide 57: Major Projects - WA
‘ned MIRVAC Major Projects - WA.
Slide 58: Major Projects - WA
on dan Major Projects - WA BAIRVAC : 00 vii ans ji ‘ 58 % Joint Venture
Slide 59: FE ——“—r————C—“ rrF—r———C———C—C Cc ST =
FE ——“—r————C—“ rrF—r———C———C—C Cc ST = —rr—“‘_——UC—C—“—COCCiC“ rt = = oe — ee = . oe = >" es ee a ” a ie 2 Se: SS aCe oe SSS = oS alr oo
Slide 60: Major Projects - Queensland
"Major Projects - Queensland. Newstead River Park
Slide 61: Major Projects - Queensland
Major Projects - Queensland alll le Pam iP
Slide 62: Waterline, Brisbane
Waterline, Brisbane
Slide 63: Joint Venture
Joint Venture. — x
Slide 64: in Mth APS
in Mth APS TH i) ) Hee Mi ea a a i i ee a / SIN aT —cc i a) i ) i $1,085m a ae i TT moti $1,011m
Slide 65: Mirvac Group Board of Directors
Mirvac Group Board Of Directors Managing Directo E Robert J, Hamilton Corporate Services
Slide 66: Key Points
Slide 67: oN eee ae
Oe — Mt oN eee ae At Teo oo eee Logi ee lay W Vv i LOE MEM ment p ¥ { 1D bee Deve So
Slide 68: Placement details
* Merrill Lynch, Deutsche Bank and JPMorgan are Joint Lead Managers aoe to the offer, Mert ie is bookrunner. a S aS NN — * Siscenent allows Mirvac to fund investment acquisitions and row " a for the Avesinent Bivision, ae : ae ig ‘New. sacuntes will rank pati pass and be eligible for the March S : e
Slide 69: Total Return and Forecast DPS Yield
Total Return-Last2 Years’ Forecast CY03 DPS Yield® 80.0%: 40: = SSS : : aes Be = = ees (2 Aprsedyp A00% 507 9 Se Se 3 200 26.7% 234% <9 59, 40.0% 0.0% =10,0% =20:0%: “Growth in EPS CYO0-Cvo2® Growth in DP Cv00-C 020! Gui Merditiynch Research: Share pricés-as:at 4 February 2003, except MGR. which i i
Slide 70: Event
Event ae - —