Mirvac FY14 Results

Mirvac Group has reported its full year results for the financial year ended 30 June 2014.

Highlights included:

  • profit attributable to securityholders significantly increased from $139.9 million (30 June 2013) to $447.3 million;
  • operating earnings of 11.9 cents per stapled security (“cpss”), in line with guidance and up 9.2 per cent;
  • distributions of $331.1 million, representing 9.0 cpss, up 3.4 per cent;
  • acquired $854.8 million of assets in core locations across the office, retail, industrial and residential sectors;
  • disposed of $624.0 million of non-core assets, improving the quality of the Mirvac Property Trust (“MPT”) portfolio;
  • reduced asset specific risk with the sale of 50.0 per cent of 275 Kent Street, Sydney;
  • reached $1.2 billion in residential pre-sales contracts and settled 2,482 residential lots;
  • achieved 10.5 per cent Development return on invested capital at 30 June 2014, above target 10.0 per cent, and residential gross margins of 24.3 per cent, also above target; and
  • delivered a total securityholder return of 19.8 per cent, outperforming the S&P/ASX 200 A-REIT index which was 5.9 per cent.

Mirvac CEO & Managing Director, Susan Lloyd-Hurwitz, said, “This year has been a tremendously successful year for the Group, characterised by strong performance, delivering the strategy and setting the business up for the future.

“We successfully completed a substantial volume of acquisitions and disposals over the year that significantly improved the quality of our MPT portfolio, and strong metrics ensured we continued to outperform the IPD index in the office, retail and industrial sectors.

“We achieved a 10.5 per cent Development return on invested capital at year end, ahead of our target of 10.0 per cent, and we substantially restocked our residential and commercial development pipeline to deliver future earnings.

“Our strong performance saw us deliver a total securityholder return of 19.8 per cent.”

See the full ASX announcement and related documents