Peet Limited · ASX:PPC
Peet — Shareholder Meeting (November 2012)
23 slides from Peet's shareholder meeting presentation, Nov 28, 2012
Slide 1: Chairman's address to 2012 Annual General Meeting
Enriching lives since 1895 Perth Asset Manager Level 7, 200 St Georges Terrace, Perth WA 6000 Land Syndicator PO Box 7224 Cloisters Square WA 6850 Fund Manager Telephone (08) 9420 1111 | Facsimile (08) 9481 4712 www.peet.com.au Email perth@peet.com.au asx asx release 28 November 2012 For personal us
Slide 2: Chairman's address (continued)
Enriching lives since 1895 Perth Asset Manager Level 7, 200 St Georges Terrace, Perth WA 6000 Land Syndicator PO Box 7224 Cloisters Square WA 6850 Fund Manager Telephone (08) 9420 1111 | Facsimile (08) 9481 4712 www.peet.com.au Email perth@peet.com.au However, be assured that growth and restoring go
Slide 3: The Australian property market; The Board
Enriching lives since 1895 Perth Asset Manager Level 7, 200 St Georges Terrace, Perth WA 6000 Land Syndicator PO Box 7224 Cloisters Square WA 6850 Fund Manager Telephone (08) 9420 1111 | Facsimile (08) 9481 4712 www.peet.com.au Email perth@peet.com.au The Australian property market The Australian pr
Slide 4: Board committees and the Peet team
Enriching lives since 1895 Perth Asset Manager Level 7, 200 St Georges Terrace, Perth WA 6000 Land Syndicator PO Box 7224 Cloisters Square WA 6850 Fund Manager Telephone (08) 9420 1111 | Facsimile (08) 9481 4712 www.peet.com.au Email perth@peet.com.au I also wish to take this occasion to thank Steve
Slide 5: Non-executive directors' fees
Enriching lives since 1895 Perth Asset Manager Level 7, 200 St Georges Terrace, Perth WA 6000 Land Syndicator PO Box 7224 Cloisters Square WA 6850 Fund Manager Telephone (08) 9420 1111 | Facsimile (08) 9481 4712 www.peet.com.au Email perth@peet.com.au This year we focused on the fees for Non-executi
Slide 6: Annual General Meeting November 2012
For personal use only Annual General Meeting November 2012 Bringing Land to Life
Slide 7: Key messages
Key messages » Operating net profit after tax of $20.3m1 For personal use only » Statutory profit of $5.4m, including $14.9m in write‐downs, predominantly on non‐core assets sold and identified for sale FY12 RESULT » NTA of $1.242 per share » Gearing3 of 39.7% » Strategic repositioning on track: » C
Slide 8: Group Business model
Group Business model Target EBIT Target EBIT Land Bank Diversification Land Bank Capital Sources of For personal use only Composition Margin by Geography (%) Employed1 Revenue 23 22 21 44 41 47 Lots: 13,973 40% – 50% EBIT Development 25% ‐35% GDV ($bn): 2.6 $505m » Development profit 32 # Projects:
Slide 9: Update since FY12 results
Update since FY12 results For personal use only » Market conditions remained challenging through FY12 and are continuing into FY13 given current buyer caution » Sales are at a cyclical low and have been slow to recover despite conditions that would normally stimulate activity – low unemployment unem
Slide 10: Residential market overview
Residential market overview Peet’s land bank is weighted to the right States showing positive trends. For personal use only WA Market has entered up‐trend Weighting » Residential market improving – increase in land sales and dwelling starts » Rental rates increasing and rental vacancies at 6‐year lo
Slide 11: Business update
Business update For personal use only » Significant c.80% improvement in sales Sales Contracts on Hand FY13 YTD versus previous 900 1000 corresponding period 800 900 700 800 » Driven by 600 700 strengthening WA 600 500 market and stabilising 500 971 400 812 market in Victoria 400 788 300 300 » 971 c
Slide 12: Extensive experience in land development
Extensive experience in land development Peet is developing some of the most significant masterplanned communities across Australia For personal use only Syndicated / managed projects Peet owned projects Joint ventures 7
Slide 13: Land bank – key projects
Land bank – key projects Lots1 remaining Project name GDV Project Lifecycle (at 30 June 12) For personal use only Funds Management 2012 2013 2014 2015 2016 2017 Alkimos $752m 2,803 Selling Burns Beach $346m 737 S lli Selling Golden Bay $296m 1,682 Selling Lakelands $261m 1,814 Selling Wellard (JV) $
Slide 14: Land bank – key projects (cont.)
Land bank – key projects (cont.) Lots1 remaining Project name GDV Status Project Lifecycle For personal use only (at 30 June 12) Company‐owned projects 2012 2013 2014 2015 2016 2017 Brigadoon $118m 210 On schedule Selling Chase, Baldivis $87m 506 On schedule Planning Start Up Selling WA Mundijong $9
Slide 15: Key projects - Greenvale/Craigieburn (Victoria)
Key projects ‐ Greenvale/Craigieburn (Victoria) For personal use only » Located in the Hume growth corridor – 3,380 lots Craigieburn » Historical acquisitions – low underlying cost Greenvale base Mickleham Road » Some portions have views across Greenvale Reservoir to the city skyline » Range of prod
Slide 16: Key projects - Shorehaven at Alkimos (Western Australia)
Key projects ‐ Shorehaven at Alkimos (Western Australia) » Located in the City of For personal use only Wanneroo, in the north western coastal growth corridor of P th – 2,803 Perth 2 803 llots t » Strong project commencement and compelling overall project vision » 421 lots sold & settled to date wit
Slide 17: Key projects - Shorehaven at Alkimos (cont.)
Key projects ‐ Shorehaven at Alkimos (Western Australia) – cont. For personal use only 12
Slide 18: Key projects - Flagstone City (Queensland)
Key projects ‐ Flagstone City (Queensland) For personal use only » Existing Flagstone Rise community already well‐established, well established providing key market insights: 1,200 1 200 dwellings / 3,500 3 500 residents residents, two schools and local retail » Flagstone City will become home to 30
Slide 19: Key projects - Yanchep Golf Estate
Key projects ‐ Yanchep Golf Estate For personal use only » Attractive location in the north western coastal » Over 50 builder & retail sales to date, first settlements growth corridor of Perth achieved, sales rate accelerating » Bordering the Yanchep Country Club – pleasant green » Close proximity t
Slide 20: Capital strategy
Capital strategy » Peet is continuing to prioritise its capital position For personal use only » Careful alloca on of capital into projects ̶ in par cular Victoria » This strategy will remain in place until there is greater certainty around market depth and confidence » Target gearing of 35% as at 3
Slide 21: Outlook
Outlook » Structurally, the underlying foundations of the residential sector remain sound For personal use only » Most markets are in undersupply » Strong population growth » Employment has remained robust » However, consistent with FY12, market conditions in FY13 remain challenging » Li it d iimpac
Slide 22: Disclaimer
Disclaimer For personal use only » While every effort is made to provide accurate and complete information, Peet does not warrant or represent that the information in this presentation is free from errors or omissions or is suitable for your intended use. Subject to any terms implied by law and whic
Slide 23: Thank you
For personal use only TThank yyou