Half Year Results 311213

  • Highlights included:

    • profit attributable to the securityholders significantly increased from $55.2 million (31 December 2012) to $246.1 million; 
    • operating earnings guidance for financial year 2014 narrowed to 11.8 to 12.0 cents per stapled security (“cpss”), providing growth of 8.3 to 10.1 per cent over financial year 2013; 
    • half year distributions of $161.3 million, representing 4.4 cpss; 
    • acquired $698.4 million of assets in core locations across the office, retail, industrial and residential sectors; 
    • maintained strong portfolio metrics within MPT, which delivered a 7.9 per cent un-geared total return3; 
    • achieved a record $1.5 billion in residential pre-sales4 and settled 1,032 residential lots; 
    • on track to achieve over 10 per cent Development return on invested capital at 30 June 2014 and normalised gross margin within target of 18 to 22 per cent; and 
    • delivered a total securityholder return of 10.1 per cent, outperforming the S&P/ASX 200 A-REIT index which was -2.5 per cent. 

    Mirvac CEO & Managing Director, Susan Lloyd-Hurwitz, said “Today’s result demonstrates our disciplined focus on executing our strategy across all areas of the Group. It has been an extremely active period, which has seen us acquire almost $700 million of assets and reach a record $1.5 billion in residential pre-sales, while maintaining strong metrics across our Investment portfolio.

    “The stability of our MPT earnings, together with a high percentage of Development EBIT already secured, has given us increased confidence around our full-year performance. As a result, we have narrowed our FY14 earnings guidance to 11.8 to 12.0 cpss and we remain on track to deliver our 10 per cent Development return on invested capital.”

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