Mirvac Group Half Year Results – 31 December 2013

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.”

Click here to see the full ASX announcement and related documents