Operating and Financial Review

Mirvac’s urban strategy and a strong focus on capital management delivered growth in FY17, and has ensured the Group is well placed for the year ahead.
Key financial highlights for the year ended 30 June 2017

$1.16bn

PROFIT

attributable to the stapled securityholders of Mirvac increased to (June 2016: $1.03bn), driven by substantial property revaluation uplifts across the investment portfolio

$534m

OPERATING PROFIT1
(June 2016: $482m), representing
14.4 cents per stapled security (cpss)

$1.2bn

OPERATING CASHFLOW

23.4%

GEARING 2
at the lower end of the Group’s target range of between 20.0 to 30.0 per cent

$386m

FULL-YEAR DISTRIBUTIONS
representing 10.4 cpss

$2.13

NET TANGIBLE ASSETS (NTA) 3
per stapled security
(June 2016: $1.92 )

Key capital management highlights for the year ended 30 June 2017

$749m

SUBSTANTIAL AVAILABLE
LIQUIDITY

of cash and undrawn committed bank facilities held, with $200m of debt due for repayment in December 2017

6.2yrs

WEIGHTED AVERAGE DEBT MATURITY INCREASED

from 4.0 years (June 2016) following over $1bn of debt issuance over the past 12 months

4.8%

AVERAGE BORROWING COSTS REDUCED

as at 30 June 2017 following the issuance of new debt and the repayment of maturing debt

CONTINUED TO COMFORTABLY MEET ALL DEBT COVENANTS.


1. Excludes specific non-cash items, significant items and related taxation.
2. Net debt (at foreign exchange hedged rate) excluding leases/(total tangible assets-cash).
3. NTA per stapled security, based on ordinary securities including Employee Incentive Scheme securities.