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2017 Annual Report Annual 2017 2017 ANNUAL REPORT ANNUAL 2017 Vibrant cities depend on well‑connected places to work, live and play. 2017 ANNUAL REPORT ABOUT THIS REPORT The 2017 Annual Report is a consolidated summary of Mirvac Group’s operations, performance and financial position for the year ended 30 June 2017. In this report, unless otherwise stated, references to ‘Mirvac’, ‘the Group’, ‘company’, ‘parent entity’, ‘we’, ‘us’ and ‘our’ refer to Mirvac Limited and its controlled entities, as a whole. Mirvac Limited also includes Mirvac Property Trust and its controlled entities. References in this report to a ‘year’ relate to the financial year ended 30 June 2017. All dollar figures are expressed in Australian dollars (AUD) unless otherwise stated. The consolidated financial statements included in this report were authorised for issue by the Directors on 17 August 2017. The Directors have the power to amend and reissue the financial statements. Mirvac’s full-year financial statements can be viewed on, or downloaded from Mirvac’s website www.mirvac.com. ABOUT MIRVAC 1 FY17 KEY HIGHLIGHTS 2 LETTER FROM THE CHAIRMAN AND CEO 4 & MANAGING DIRECTOR OPERATING AND FINANCIAL REVIEW 8 Our strategy 9 Our performance Financial & Capital Management highlights 10 Office & Industrial highlights 12 Retail highlights 18 Residential highlights 23 OUR PEOPLE & CULTURE 28 Diversity & Inclusion 30 Health & Safety 32 Innovation 33 Mirvac in the community 34 Mirvac’s Reconciliation Action Plan 37 SUSTAINABILITY 38 This Changes Everything FY17 at a glance 40 Looking ahead 41 Smarter thinking 42 Shaping the future of place 44 Reimagining resources 48 Enriching communities 54 Lessons learned 56 What’s next 58 GOVERNANCE Board of directors 62 Directors’ report 64 Remuneration report 67 Auditor’s independence declaration 88 CONSOLIDATED FINANCIAL STATEMENTS 89 DIRECTORS’ DECLARATION 137 INDEPENDENT AUDITOR’S REPORT 138 SECURITYHOLDER INFORMATION 145 DIRECTORY/EVENTS CALENDAR 147 GLOSSARY 148 Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and its controlled entities (including Mirvac Property Trust (ARSN 086 780 645) and its controlled entities). 1 About Mirvac Mirvac is an integrated, urban property group and a key contributor to Australia’s major cities. Listed on the Australian Securities Exchange, Mirvac owns and manages assets across the office, retail and industrial sectors in its investment portfolio, and currently has over $17bn of assets under management. Through the Group’s development activities, Mirvac also creates and delivers innovative and high-quality commercial assets and residential projects for its customers, while driving long-term value for its securityholders. This integrated approach gives Mirvac a competitive advantage in the creation of superior assets across the entire lifecycle of a project; from planning and design through to construction and development, leasing, property management and long-term ownership. The Group’s integrated model also ensures a stable income and growth through a balance of passive and active capital. With over 45 years of experience in the property industry, Mirvac continues to redefine Australia’s landscape, creating more sustainable, connected and vibrant urban environments for people to work, shop, live and play. Connected and vibrant urban environments. 2 2017 ANNUAL REPORT FY17 KEY HIGHLIGHTS FY17 Key Highlights Mirvac’s urban strategy delivered excellent results in FY17, with operating earnings up 11 per cent and distributions up 5 per cent, at the top end of guidance provided. $750m earnings before interest and tax OPERATING RESULTS FY17 FY16 $m $m Office & Industrial 319 358 Retail 156 117 Residential 302 196 Corporate & other (27) (31) Operating EBIT 750 640 3 FY17 AT A GLANCE 14.4cpss $1.16bn EPS 10.4cpss STATUTORY PROFIT DPS 13% increase on prior corresponding period FY16 13.0cpss FY16 FY16 $1.03bn 9.9cpss 1 $2.7bn IN RESIDENTIAL PRE-SALES 3,311 5.1 star RESIDENTIAL LOT SETTLEMENTS NABERS average energy rating maintained across the office portfolio LAUNCHED THE GROUP’S FIRST RECONCILIATION ACTION PLAN 25% RESIDENTIAL GROSS MARGINS INSTALLED FIRST MEGAWATT OF RENEWABLE ENERGY 12.4% RETURN ON INVESTED CAPITAL 1. Adjusted for Mirvac’s share of joint ventures and Mirvac managed funds. 4 2017 ANNUAL REPORT LETTER FROM THE CHAIRMAN AND CEO & MANAGING DIRECTOR Letter from the Chairman and ChairmanCEO & Managing Director & CEO Driven by a deep understanding of our Dear Securityholders, cities and our customers, we delivered The 2017 financial year was an an operating profit of $534 million, up 11 per cent on FY16. This represents outstanding year for Mirvac, 14.4 cents per stapled security and is at the top end of guidance provided. and our ambition to reimagine Distributions for the financial year urban life by creating, owning totalled $386 million, representing 10.4 cents per stapled security, and managing high-quality which was also at the top end of our previous guidance. Our statutory assets in Australia’s largest cities profit was up 13 per cent on FY16 at $1.16 billion, driven by operating has delivered strong results EBIT growth and a substantial uplift across the Group, positioning in property revaluations, and we delivered a return on invested us well for the future. capital of over 12 per cent. $534m operating profit after tax 5 OPERATIONAL HIGHLIGHTS Along with our strong financial result, we delivered an Chairman & CEOexceptional performance in each sector. The strategic repositioning of our office portfolio is well underway, as we create Australia’s youngest and lowest capex portfolio. We are steadily regrowing the income that contracted following over $780 million of asset sales in our office portfolio in FY16, and expect to add approximately $90 million of net operating income to our office and 12% industrial portfolio between now and 2021, with contributions return on invested capital from 200 George Street in Sydney and 2 Riverside Quay in Melbourne now starting to come through. Our asset creation capability at this point of the cycle is Within our Office & Industrial portfolio, important. We have continued to improve the quality of we delivered operating EBIT of both our office and industrial portfolios and deliver superior $319 million, down 11 per cent on FY16 returns with development completions at 2 Riverside Quay as a result of asset sales last financial in Melbourne and Calibre in Sydney during the financial year, year, although this was partially offset and by 2021 we will have added 477 Collins Street and 664 by the contribution from recently Collins Street in Melbourne to our portfolio, as well as the completed developments. A higher 93,000 square metre Australian Technology Park in Sydney. contribution from asset completions This strong committed commercial development pipeline underpinned growth in our urban will support high-quality income in the future. Retail business, which achieved We have a strong history of attracting quality capital operating EBIT of $156 million, an partners at our assets, and in line with our capital partnering increase of 33 per cent on FY16 and strategy, we sold a 50 per cent interest in our 664 Collins well ahead of our growth target of 25 Street and 477 Collins Street office developments in June per cent. In our Residential business, and July this year respectively. These transactions will we delivered operating EBIT of $302 provide us with the capacity to invest in future opportunities, million, a considerable 54 per cent while delivering strong development profits. increase, driven by a high volume of lot settlements and residential gross Attracting top-tier tenants to our assets is also a core part margins above our target range. of what we do. In FY17, we secured professional services firm, Deloitte, for 22,000 square metres at 477 Collins Street, Our disciplined and conservative and logistics firm, CEVA, for approximately 19,000 square approach to managing our capital has metres at our industrial asset, Calibre. Our strong leasing ensured our financial position remains capability ensured we had high occupancy across both our strong, with gearing at the lower end office and industrial portfolios as at 30 June 2017, with 97.6 of our target range of between 20 to per cent and 95.3 per cent occupancy achieved respectively. 30 per cent at 23.4 per cent. We have Weighted average lease expiries were also solid at 6.5 years extended our average debt maturity for office and 7.0 years for industrial. significantly since 31 December 2015 to 6.2 years, following more than While per capita spending continues to grow modestly $1 billion of debt refinancing in the in New South Wales and Victoria, the increase of online past 12 months. We have substantial retailing and lower wage growth put pressure on a number headroom within our financial of retailers during the financial year. Our focused urban covenants, and we remain focused on retail strategy, however, along with a deep understanding maintaining a healthy balance sheet of our customers and the markets we operate in, ensured to ensure we can continue to fund our we delivered another strong performance in our Retail significant commercial and residential business in FY17. development pipeline, while meeting This included occupancy of 99.4 per cent and total sales our stated financial objectives. productivity of $10,048 per square metre, in line with the targets we set ourselves. We also achieved leasing spreads of 3.2 per cent (ahead of our target of more than 2 per cent) and as mentioned, delivered 33 per cent operating EBIT growth on FY16. 6 2017 ANNUAL REPORT LETTER FROM THE CHAIRMAN AND CEO & MANAGING DIRECTOR Along with an urban focus, the success of the retail portfolio is driven by our unique asset creation capability, which has enabled us to improve the quality of the portfolio both organically and through selective acquisitions. Expansions were completed at Greenwood Plaza and Broadway Sydney, and were both 100 per cent leased prior to completion.
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