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Property Compendium

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Property Compendium 01 Directors’ report 09 remuneration report 25 auDitor’s inDepenDence Declaration 26 corporate Governance statement 39 Financial statements 127 Directors’ Declaration 128 inDepenDent auDitor’s report to the shareholDers oF mirvac limiteD 130 securityholDer inFormation 133 Directory annual report mirvac Group comprises mirvac limited (aBn 92 003 280 699) and its controlled entities For the year ended 30 June 2010 (including mirvac property trust (arsn 086 780 645) and its controlled entities). cover imaGe: yarra’s eDGe, DocklanDs, vic directors’ report the Directors of mirvac limited present their report, together with the consolidated report of mirvac Group (“mirvac” or “Group”) for the year ended 30 June 2010. mirvac comprises mirvac limited (“parent entity”) and its controlled entities, which includes mirvac property trust (“MPT” or “trust”) and its controlled entities. Directors the following persons were Directors of mirvac limited during the whole of the year and up to the date of this report: — James mackenzie — nicholas collishaw — paul Biancardi (was a Director from the beginning of the year until his retirement on 21 June 2010) — adrian Fini (was a Director from the beginning of the year until his retirement on 11 June 2010) — peter hawkins — James millar (appointed as a Director on 19 november 2009) — penny morris — John mulcahy (appointed as a Director on 19 november 2009) — richard turner (was a Director from the beginning of the year until his retirement on 24 august 2009) principal activities the principal continuing activities of mirvac consist of real estate investment, development, hotel management and investment management. mirvac has two core divisions, Development (comprising residential and commercial development) and investment (comprising MPT), with hotel management and investment management (including mirvac asset management (“mam”)) facilitating capital interaction between the two core divisions and undertaking the management of hotels and external funds. in line with the Group’s strategy, the rationalisation of non-aligned and unscaleable funds within investment management continued during the year. Details are provided within the review of operations. there has been no other significant change in the principal activities of the Group during the year. DiviDenDs/Distributions Dividends/distributions paid to stapled securityholders during the year were as follows: 2010 2009 $m $m June 2009 quarterly dividend/distribution paid on 31 July 2009 3.4 90.5 0.200 cents (2009: 8.225 cents) per stapled security september 2009 quarterly dividend/distribution paid on 30 october 2009 56.1 56.8 2.000 cents (2009: 5.000 cents) per stapled security December 2009 quarterly dividend/distribution paid on 29 January 2010 59.9 47.5 2.000 cents (2009: 2.800 cents) per stapled security march 2010 quarterly dividend/distribution paid on 30 april 2010 60.0 — 2.000 cents (2009: nil cents) per stapled security total dividends/distributions paid 179.4 194.8 the June 2010 quarterly dividend/distribution of 2.000 cents per stapled security totalling $65.3m declared on 30 June 2010 was paid on 30 July 2010. Dividends and distributions paid and payable by mirvac for the year ended 30 June 2010 totalled $241.3m, being 8.000 cents per stapled security (2009: $107.7m — 8.000 cents per stapled security). the payments for the year ended 30 June 2010 and previous year were distributions made by the trust. mirvac group ANNUAL REPORT 2010 01 directors’ report review of operations anD activities the statutory profit after tax attributable to the stapled securityholders of mirvac for the year ended 30 June 2010 was $234.7m (2009: net loss $1,078.1m). the operating profit (profit before specific non-cash and significant items) was $275.3m which is above guidance provided previously. operating profit is a financial measure which is not prescribed by australian accounting standards (“AAS”) and represents the profit under AAS adjusted for specific non-cash items and significant items. the following table summarises key reconciling items between statutory profit after tax attributable to the stapled securityholders of mirvac and operating profit: 2010 2009 $m $m net profit/(loss) attributable to the stapled securityholders of mirvac 234.7 (1,078.1) specific non-cash items net losses from fair value of investment properties and owner-occupied hotel management lots and freehold hotels 6.9 487.2 net losses from fair value of investment properties under construction (“ipuc”) 112.8 — net (gains)/losses on fair value of derivative financial instruments and associated foreign exchange movements (15.8) 104.0 expensing of security based payments 8.7 7.1 Depreciation of owner-occupied investment properties, hotels and hotel management lots (including hotel property, plant and equipment) 7.7 6.4 straight-lining of lease revenue (2.5) (1.2) amortisation of lease incentives 10.1 8.3 net losses from fair value of investment properties, derivatives and other specific non-cash items included in share of associates’ losses 33.3 150.9 net losses/(gains) from fair value of investment properties, derivatives and other specific non-cash items included in non-controlling interest (“nci”) 1.1 (6.3) significant items impairment of investments and loans included in share of net loss of associates and joint ventures — 33.2 impairment of investments including associates and joint ventures 6.2 41.7 impairment of loans 5.4 42.7 provision for loss on inventories — 186.5 impairment of goodwill, management rights and other intangible assets — 273.6 net gains from sale of non-aligned assets (9.0) — Discount on business combination (119.8) — net gain on remeasurement of equity interest (30.9) — Business combination transaction costs 19.4 — net losses from other significant items included in nci — (1.0) tax effect tax effect of non-cash and significant adjustments 7.0 (54.2) operating profit (profit before specific non-cash and significant items) 275.3 200.8 02 mirvac group ANNUAL REPORT 2010 financial anD operational highlights key operational highlights within the Development key financial highlights for the year ended Division for the year ended 30 June 2010 included: 30 June 2010 included: — exchanged contracts of $802.4m 6 for new residential — operating profit of $275.3m, representing 9.3 cents projects and achieved 1,805 residential lot settlements; 1 per security ; — commenced development of large-scale, — net tangible assets (“NTA”) per security of $1.66 2; masterplanned, generational residential projects; and — operating cash flow of $340.0m; — commenced development of commercial projects — total assets of $7,887.5m; including a 140,000 square metre industrial distribution facility at hoxton park, sydney, nsW. — net assets of $5,455.4m; and — distribution of $241.3m, representing 8.0 cents capital management per security. During the year mirvac undertook a number of capital management activities. key capital management key operational highlights within the investment Division highlights for the year ended 30 June 2010 included: for the year ended 30 June 2010 included: — raised approximately $375.8m through new — acquired the mirvac real estate investment trust equity raisings; (“mreit”) portfolio, realising a total gain for the Group — issued and priced a new $150.0m five year fixed of $140m above the net fair value of assets acquired; domestic medium term note (“mtn”) with a margin — acquired the Westpac office trust (“WOT”) of 265 basis points; portfolio, adding approximately $1,137.1m of investment — increased and extended an unsecured bank facility grade assets 3; to $150m, expiring in april 2013; — disposed of 13 non-aligned assets realising $234.8m — repaid $457m of mreit’s debt upon acquisition, (before costs) 4. utilising capital raised in the year ended 30 June 2009; key operational highlights within hotel management — maintained a BBB/a-2, with a positive outlook credit and investment management for the year ended rating from standard & poor’s; and 30 June 2010 included: — maintained a low level of balance sheet gearing — commenced new hotel management contracts at 18.1 per cent 7. bringing the total number of hotel rooms across the Group continued to enjoy significant headroom within the portfolio to 5,812; its debt covenants, maintaining its strong capital position. — joined the world’s largest alliance of independent outlook hotel brands, the Global hotel alliance (“Gha”); mirvac’s capital management strategy is to continue — received 14 major hotel industry awards including to diversify its sources of debt capital and further “accommodation chain of the year” 5; and extend its debt maturity profile. mirvac remains focused — completed the further rationalisation of on managing its strong capital structure to ensure it non-aligned funds within the investment can continue to meet its strategic objectives without management business unit. increasing its overall risk profile. 1) Diluted earnings excluding specific non-cash and significant items. 2) NTA based on issued securities, excluding employee incentive scheme (“eis”) securities. 3) WOT was acquired post 30 June 2010; name changed to mirvac office trust on 4 august 2010. 4) includes three disposals that occurred post 30 June 2010 including James ruse Business park, northmead, nsW, hawdon industry park, Dandenong, vic and 253 Wellington road, mulgrave, vic. includes morayfield supacentre, morayfield QlD, which is now unconditionally exchanged. settlement is forecast for august 2010. 5) 2009 hm awards,
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