1H19 Additional Information
CONTENTS
Pages 1-32, please refer to 1H19 Results presentation
FINANCIAL
1H19 operating to statutory profit reconciliation 35
1H18 operating to statutory profit reconciliation (restated) 36
1H19 movement by segment 37
1H19 Office & Industrial segment reconciliation 38
1H19 Retail segment reconciliation 39
AFFO based on PCA guidelines 40
Finance costs by segment 41
Debt & hedging profile 42
Capital management metrics & liquidity profile 43
NTA & securities on issue reconciliation 44
Investment portfolio: Key acquisitions & disposals 45
Invested capital 46
OFFICE & INDUSTRIAL
Office: Portfolio details 48
Office: Leasing details 49
Industrial: Portfolio details 50
Office & Industrial: Developments 51
RETAIL
Retail: Portfolio details 53
Retail: Sales by category 54
Retail: Lease expiry profile & top 10 tenants 55
Retail: Developments 56
Cover image: South Village Shopping Centre, Sydney
RESIDENTIAL
Residential: Market overview 58
Residential: Pipeline positioning 59
Residential: Masterplanned communities pipeline (major projects) 60
Residential: Apartments pipeline (major projects) 61
Residential: Pre-sales detail 62
Residential: 1H19 acquisitions & additional pipeline projects 63
Residential: 2H19 expected major releases 64
Residential: 1H19 settlements 65
Residential: 1H19 settlements detail 66
Residential: EBIT reconciliation & gross development margin 67
Residential: Provisions - roll off 68
High quality product & conservatism supporting future residential margins 69
RESTATED 1H18 SEGMENT RESULTS
Restated 1H18 segment results - summary 71
Restated 1H18 segment results - detail 72
2H19 CALENDAR 74
GLOSSARY 75
IMPORTANT NOTICE 76
07 FEBRUARY 2019
33
1H19 Additional Information
1H19 OPERATING TO STATUTORY PROFIT RECONCILIATION
Retail | Residential | Total | |||
Half year ended 31 December 2018 | $m | $m | $m | $m | |
Property net operating income (NOI) | 195 | 86 | - | 9 | 290 |
Development EBIT | 68 | 5 | 67 | - | 140 |
Asset & funds management EBIT | 11 | - | - | - | 11 |
Management & administration expenses | (9) | (6) | (9) | (27) | (51) |
Earnings before interest and tax | 265 | 85 | 58 | (18) | 390 |
Development interest costs | (4) | - | (18) | - | (22) |
Other net interest costs | - | - | - | (52) | (52) |
Income tax expense | - | - | - | (26) | (26) |
Operating profit/(loss) after tax | 261 | 85 | 40 | (96) | 290 |
Specific non-cash items | |||||
Net gain on fair value of investment properties and IPUC 1 | 323 | 69 | - | - | 392 |
Straight-lining of lease revenue | 4 | - | - | - | 4 |
Amortisation of lease incentives and leasing costs | (26) | (8) | - | - | (34) |
Share of net profit/(loss) of joint ventures relating to movement of non-cash items | 3 | - | - | (9) | (6) |
Tax effect | |||||
Tax effect of non-cash and significant items | - | - | - | 2 | 2 |
Profit/(loss) attributable to the stapled securityholders of Mirvac | 565 | 146 | 40 | (103) | 648 |
1. Includes Mirvac's share in the joint venture's revaluation of investment properties of $8m which is included within share of net profit of joint ventures. | 35 |
07 FEBRUARY 2019
Office & IndustrialCorporate $m
1H19 Additional Information
1H18 OPERATING TO STATUTORY PROFIT RECONCILIATION (RESTATED)
Office &
Industrial | Retail | Residential | Total | ||
Half year ended 31 December 2017 | $m | $m | $m | $m | |
Property net operating income (NOI) | 179 | 93 | - | 9 | 281 |
Development EBIT | 10 | - | 43 | - | 53 |
Asset & funds management EBIT | 8 | - | - | 1 | 9 |
Management & administration expenses | (8) | (6) | (9) | (27) | (50) |
Earnings before interest and tax | 189 | 87 | 34 | (17) | 293 |
Development interest costs | - | - | (24) | - | (24) |
Other net interest costs | - | - | - | (36) | (36) |
Income tax expense | - | - | - | (3) | (3) |
Operating profit/(loss) after tax | 189 | 87 | 10 | (56) | 230 |
Specific non-cash items | |||||
Net gain on fair value of investment properties and IPUC 1 | 175 | 53 | - | - | 228 |
Net gain on financial instruments | 8 | - | - | 8 | 16 |
Straight-lining of lease revenue | 5 | - | - | - | 5 |
Amortisation of lease incentives and leasing costs | (24) | (8) | - | - | (32) |
Share of net profit/(loss) of joint ventures relating to movement of non-cash items | 3 | - | - | 18 | 21 |
Tax effect | |||||
Tax effect of non-cash items | - | - | - | (3) | (3) |
Profit/(loss) attributable to the stapled securityholders of Mirvac | 356 | 132 | 10 | (33) | 465 |
1. Includes Mirvac's share in the joint venture's revaluation of investment properties of $13m, which is included within share of net profit of joint ventures. | 36 |
07 FEBRUARY 2019
Corporate $m
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Disclaimer
Mirvac Group published this content on 07 February 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 06 February 2019 22:14:07 UTC