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