MIRVAC gRoup AnnuAl RepoRt 2012 - Mirvac - Mirvac Group

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MIRVAC gRoup AnnuAl RepoRt For the year ended 30 June 2012 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). 01 Directors’ report 08 Remuneration report 27 Auditor’s independence declaration 28 Corporate governance statement 39 Financial statements 106 Directors’ declaration 107 Independent auditor’s report to the members of Mirvac Limited 109 Securityholder information 111 Glossary of acronyms 112 Directory CoveR IMAGe: ARTIST’S IMPReSSIoN oF 8 ChIFLey SquARe, SyDNey, NSw
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 2012. 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, unless otherwise stated: — James MacKenzie — Nicholas Collishaw — Marina Darling (appointed as a Director on 23 January 2012) — Peter hawkins — James Millar AM — Penny Morris (retired as a Director on 17 November 2011) — John Mulcahy — John Peters (appointed as a Director on 17 November 2011) — elana Rubin. pRincipAl Activities The principal continuing activities of Mirvac consist of real estate investment, development and investment management. Mirvac has two core divisions: Investment (comprising MPT) and Development (comprising residential and commercial development). There are also two business units, Mirvac Investment Management (“MIM”) which comprises two business activities for segment reporting purposes: third party, listed and unlisted funds management; and the property asset management business, Mirvac Asset Management (“MAM”). on 16 December 2011, Mirvac announced it had entered into contracts for the sale of it hotel Management business, Mirvac hotels & Resorts, to Accor Asia Pacific, together with various associated investments, to a consortium comprising Accor Asia Pacific (“Accor”) and Ascendas. The sale transaction was completed on 22 May 2012. hotel Management was responsible for the management of hotels across Australia and New Zealand. Details are provided within the review of operations and activities. DiviDenDs/DistRibutions Dividends/distributions paid to stapled securityholders during the year were as follows: mirvac group annual report 2012 2012 2011 $m $m June 2011 quarterly dividend/distribution paid on 29 July 2011 2.20 cents (2011: 2.20 cents) per stapled security 75.2 65.3 September 2011 quarterly dividend/distribution paid on 28 october 2011 2.00 cents (2011: 2.00 cents) per stapled security 68.3 68.3 December 2011 quarterly dividend/distribution paid on 27 January 2012 2.00 cents (2011: 2.00 cents) per stapled security 68.3 68.3 March 2012 quarterly dividend/distribution paid on 27 April 2012 2.00 cents (2011: 2.00 cents) per stapled security 68.4 68.3 total dividends/distributions paid 280.2 270.2 The June 2012 quarterly dividend/distribution of 2.40 cents per stapled security totalling $82.0m declared on 29 June 2012 was paid on 27 July 2012. Dividends and distributions paid and payable by Mirvac for the year ended 30 June 2012 totalled $287.0m, being 8.40 cents per stapled security (2011: $280.1m — 8.20 cents per stapled security). The payments for the year ended 30 June 2012 and the previous year were distributions made by the Trust. Review of opeRAtions AnD Activities The statutory profit after tax attributable to the stapled securityholders of Mirvac for the year ended 30 June 2012 was $416.1m (2011: $182.3m). Included in the statutory profit was a provision for loss on inventories totalling $25.0m (2011: $295.8m). The operating profit (profit before specific non-cash and significant items) was $366.3m which is above market 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 Directors consider operating profit to reflect the core earnings of the Group. The following table summarises key reconciling items between statutory profit after tax attributable to the stapled securityholders of Mirvac and operating profit. The operating profit information in the table has not been subject to any specific audit procedures by the Group’s auditor but has been extracted from note 3 of the accompanying financial statements for the year ended 30 June 2012, which have been subject to audit, refer to pages 107 to 108 for the auditor’s report on the financial statements. 01
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MIRVAC gRoup AnnuAl RepoRt 2012 - Mirvac - Mirvac Group

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