Mirvac Group (MGR) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional landowners and introduction of board members and executives, with addresses from Chair Rob Sindel and CEO Campbell Hanan outlining the agenda.

• Quorum confirmed and meeting procedures, including voting and question protocols, explained.

• Four main agenda items: financial reports, director elections, remuneration report, and CEO long-term incentive plan.

Financial performance review

• Group EBIT rose 12% to a record AUD 860 million, but operating profit fell 5% to AUD 552 million due to higher financing and tax costs.

• Statutory loss of AUD 805 million driven by asset revaluations, with NTA per security at $2.36 and gearing at 26.7%.

• Annual distribution of AUD 10.05 per security maintained, matching FY 2023 and market guidance; DPS flat at 10.5c.

• Investment portfolio valued at $11bn, with $29bn in development pipelines and $15bn in third-party capital under management.

• Office rents have grown since pre-COVID, but cap rates have softened from 5.4% to about 6%.

Board and executive committee updates

• Farewell to board member Samantha Mostyn following her appointment as Governor-General.

• Appointment of Rosemary Hartnett as executive director to strengthen board expertise.

• Board renewal and succession planning focused on balancing skills and expertise, with priorities on leadership and governance.