M I R V A C G R O U P Annual & General Meetings Thursday, 4 - - PowerPoint PPT Presentation

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M I R V A C G R O U P Annual & General Meetings Thursday, 4 - - PowerPoint PPT Presentation

Dec 02, 2022 44 likes •597 views

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 M I R V A C G R O U P Annual & General Meetings Thursday, 4 November 2004 A n n u a l & G e n e r a l M e e t i n g s

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SLIDE 1

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Annual & General Meetings

Thursday, 4 November 2004

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SLIDE 2

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Key Points

  • Net Profit of $252.7m represents an increase of 13% on 2003 profit
  • Increase in Distribution for 2004 of 11% to 32.2c

effective 16% increase after allowance for franking credit

  • Investment Division net profit increase of 14% on previous period
  • Greater focus on housing with profit contribution increasing

from 25% of development profit to 36%

  • 2005 distribution of 33.8c a 5% increase on previous

corresponding period

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SLIDE 3

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Next phase in Mirvac Group Story

Mirvac formed With $1.5m of capital

1972 1972

Over 30 years of delivering innovative, high calibre property related products and services

Mirvac acquires management rights to Capital Property Trust with assets

  • f $530m

1982 1982

Mirvac Ltd. listed on ASX with a market capitalisation

  • f $128m

1987 1987 1992 1992 1999 1999 1996 1996

2004

2004

Proposal to join forces with James Fielding Group

First Mirvac unlisted property trust launched First Mirvac managed property trust listed

  • n ASX as

Barclays-Mirvac Property Trust with assets $215m Mirvac Group formed through the merger of Mirvac Ltd and its two listed trusts with a market capitalisation of $1.7bn

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SLIDE 4

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Mirvac to Acquire JFG

Key benefits for securityholders in Mirvac Group post acquisition

  • Increase in assets under control to $15bn
  • Increase in investment development pipeline to $2.3bn
  • Access to $1.8bn in funds under management, and expanded distribution network
  • Increase in total assets to $4.9bn
  • Increase market capitalisation to approximately $3.8bn, increasing it’s position to the

4th largest vehicle in the ASX listed property trust sector

  • Enhance business platform to access growth opportunities
  • Flexibility for Mirvac to either hold, manage or fund property related opportunities
  • Potential improved rating to the security price as a result of the transaction
  • FY05 distribution of 33.8 cents per security
  • Broaden senior management
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SLIDE 5

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Structure of Mirvac Group

Mirvac

Investment Funds Management Management Development

  • Property trusts
  • Residential
  • Retail
  • Commercial
  • Industrial
  • Hotels
  • Hotels
  • Property services
  • Listed trusts
  • Syndicates
  • Unlisted property

funds

  • Debt funds
  • Properties
  • Infrastructure

$15 billion of assets under control to enhance Mirvac’s operating divisions

Investment assets Residential Property Investment developments Hotels Funds under management

$2.6bn $8.3bn $2.3bn 3,129 rooms $1.8bn

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SLIDE 6

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Indicative Timetable

Announcement of Acquisition 12 October 2004 Explanatory Memorandum documentation dispatched Mid November 2004 to JFG securityholders JFG securityholders meeting (special resolution) Late December 2004 Court hearing to approve scheme Late December 2004 Effective date Late December 2004

The timetable set out above is indicative and dates are subject to change.

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SLIDE 7

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Operating Net Profit After Tax by Division

June 2003 $m June 2004 $m %

Developments 100.5 116.0 +15.4% Hotels 10.4 9.0

  • 13.5%

Investments 119.5 135.7 +13.6% Operating Divisions

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SLIDE 8

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Investment Division

  • Investment Portfolio - $2.29 billion
  • $290m growth in FY04

Commercial portfolio 97.2% occupied Retail portfolio 99.3% occupied

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SLIDE 9

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Geographic Diversification Sector Diversification Investment Division - Diversification By Asset Value

Carpark 4% Retail 25% Indust /Other 10% Office 61%

NSW 63% ACT 9% QLD 10% VIC 18%

$290m Growth in Assets

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SLIDE 10

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Portfolio Growth

Portfolio value has grown from $2.0 billion to $2.29 billion through new acquisitions, development and revaluations

New acquisitions and developments - Retail

ikon retail Stanhope Village Bundaberg Retail Centres Waverley Gardens

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SLIDE 11

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

New Acquisitions and Developments – Commercial

190 George St, Sydney Darling Island commercial Thiess Building Brisbane Riverside Quay Building 2, Southbank

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SLIDE 12

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Nexus Industry Park, Liverpool $22.0 million (post June 30)

New Acquisitions and Developments – Industrial

64 Biloela St, Villawood (Visy) Abbott & Frankston Rds, Dandenong Percival Street, Smithfield 44 Biloela St, Villawood (1st Fleet)

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SLIDE 13

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Hotel Division

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SLIDE 14

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Hotels Division Rooms Under Management

June 1996

1,400

Profit of $9m

1,450

June 1997

1,820

June 1998

2,208

June 1999

2,365

June 2000

2,419

June 2001

2,575

June 2002

2,605

June 2003 June 2004

2,735

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SLIDE 15

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Hotel Division – Recently Opened

Quay West Resort, Bunker Bay Sea Temple Resort & Spa Palm Cove The Sebel Residence East Perth The Sebel Aqualuna Beach Resort Coffs Harbour

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SLIDE 16

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Hotel Division – Future Hotels

Sea Temple Resort & Spa Port Douglas The Sebel Harbour Lights Cairns Sebel Kiama

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SLIDE 17

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Hotel Division – Future Hotels

The Sebel Queenstown The Sebel Maroochydore

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SLIDE 18

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Development Division

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SLIDE 19

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Development EBIT

Financial Year End $0 $20 $40 $60 $80 $100 $120 Annual EBIT $M 1993 $12.8 1994 $22.2 1995 $32.3 1996 $40.3 1997 $55.0 1998 $74.5 1999 $79.0 2000 $82.0 2001 $95.0 2002 $108.3 $140 $160 2003 $181.5 2004 $180 $200 $220 $240 $220.4

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SLIDE 20

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Development Division - Revenue

June 04

Victoria NSW Housing Qld NSW Developments

$1,103.6m

WA 23.1% 8.7% 33.4% 22.2% 12.6%

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SLIDE 21

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Lots Under Control

Vic. NSW WA Qld.

  • No. of Lots

Forecast Revenue $b

Vic. NSW WA Qld.

Total No. of Houses/Land - 14,500 Total No. of Med. Density - 4,750 Total No. of Lots - 19,250 Forecast revenue from lots currently controlled - $8.3 billion over 10 years (no escalation)

4,900 $4.2 2,600 2,300 9,450 $1.2 $1.5 $1.5 $1.4

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SLIDE 22

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 New South Wales

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SLIDE 23

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Newington

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SLIDE 24

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

NSW, Walsh Bay

Joint Venture

*

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SLIDE 25

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Pacific Place, Chatswood

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SLIDE 26

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Edgewood, Cabarita

Bayview Apartments Edgewood Housing

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SLIDE 27

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Marshall Avenue, Warrawee

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SLIDE 28

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Bundock Street, Randwick

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SLIDE 29

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Darling Island Apartments

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SLIDE 30

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Magenta Shores, Central Coast - Residential Lifestyle

*

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SLIDE 31

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 55 Lavender Street, Milsons Point

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SLIDE 32

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Tryon Road, Lindfield

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SLIDE 33

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Development Division - NSW Housing

1 2 3 4 6 8 7 11 12 13 14 16 17 9 10 15 18 19 20 5

7068 Lots Under Control

Sanctuary Gardens, Westleigh 1 Newbury, Stanhope Gardens* 2

5

Spring Farm

Development Agreement # Conditional Purchase

*

4

Hammondville

3

Princeton, Carlingford

6

Forestview, Belrose

9

Bateau Bay

7

Seaviewrise, Belrose Arnold Rd, Kellyville 16

8

Cascades, Kellyville Ridge

17

Woodcroft*

18

Auburn

19

Anna Bay#

20

Acacia Gardens

10

Bowral

11

Castle Hill

12

Glenfield Rd, Casula

13

Warriewood

14

Holsworthy

15

Poplars, Queanbeyan#

21

Old Bar#

22

Schofields

21 22

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SLIDE 34

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Forestview, Belrose Seaviewrise, Belrose

Development Division - NSW Housing

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SLIDE 35

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Western Australia

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SLIDE 36

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 *

Joint Venture

Quay West Bunker Bay - Residential Lifestyle

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SLIDE 37

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Peninsula, Burswood

(Joint Venture)

Major WA Developments

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SLIDE 38

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Azure, Mount Pleasant Mandurah

Major WA Developments

Maylands

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SLIDE 39

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4 Queensland

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SLIDE 40

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Major Queensland Developments

Newstead River Park *

Cutters Landing

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SLIDE 41

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

*

Ephraim Island (Joint Venture)

Major Queensland Developments

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SLIDE 42

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

*

Waterline, Bulimba joint venture

Major Queensland Developments

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SLIDE 43

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Newstead River Park * Mossvale on Manly

Major Queensland Developments - Housing

Park Hill Village

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SLIDE 44

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Major Queensland Developments

Newstead River Park * Newstead River Park

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SLIDE 45

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Victoria

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SLIDE 46

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

*

Beacon Cove

Joint Venture

*

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SLIDE 47

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Joint Venture

*

Yarra’s Edge (Dockland)

Yarra’s Edge (Docklands)

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SLIDE 48

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Major Victorian Developments

The Heath

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SLIDE 49

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Major Victorian Developments

Waverley Park

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SLIDE 50

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Major Victorian Developments

Abingdon, Canterbury

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SLIDE 51

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Major Victorian Developments

Hawthorn

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SLIDE 52

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Major Victorian Residential Lifestyle Developments

The Coast, Torquay Lorne Chalet

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SLIDE 53

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Awards

Over 60 in 2004 Over 60 in 2004

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SLIDE 54

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Residential Markets - Looking Forward

  • Current year will be challenging
  • Uncertainty means it is too early to forecast earnings
  • Long term residential fundamentals remain strong
  • Growth underpinned by fundamentals and other Mirvac operations
  • Conservative distribution policy - $157 retained earnings
  • 2005 Distribution growth of 5 per cent to 33.8c underpinned by long term

residential fundamentals, strong investment portfolio and retained earnings.

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SLIDE 55

M I R V A C G R O U P

A n n u a l & G e n e r a l M e e t i n g s 2 0 0 4

Mirvac Strategy

Investment

  • New investment properties developed internally - pipeline now $2.3bn
  • Seek to acquire a mix of well located, securely leased assets and assets

with redevelopment potential

  • Expand retail and industrial portfolio

Development

  • Residential – major integrated developments concentrating on housing

– focus on lifestyle developments (second homes / retirees) – continue to expand geographically

  • Investment - seek opportunities that will grow and enhance investment

portfolio and funds management product where appropriate

Management

  • Hotels – concentrate on Quay West and Sebel brands
  • Property services – provide strategic analysis, capital planning and

delivery, on-going facility and asset management to Mirvac controlled assets and other external clients

Funds Management

  • Manage listed and unlisted real property, property securities, debt and

infrastructure investments

  • Provide consistent, regular income and capital returns through active

management

  • Develop creative products attractive to a range of investor classes

Target Earnings Contribution – Trust 60% / Corporation 40%