Peet Limited · ASX:PPC
Peet — Shareholder Meeting (November 2013)
16 slides from Peet's shareholder meeting presentation, Nov 26, 2013
Slide 1: Annual General Meeting November 2013
For personal use only Annual General Meeting November 2013
Slide 2: Key messages: FY13 Result
Key messages Transformational year with major acquisition, capital raising and successful syndicate launch For personal use only » Sales volumes up 30% to 2,3081 » Sales momentum improved in 2H13 with volumes increasing by 40% compared to 1H13 » Contracts on hand increased by over 100% to 1,9561 lot
Slide 3: Key messages: Transformational Year and Market Conditions
Key messages » Acquisition of 86% of CIC Australia Limited (CIC) providing major projects in NSW, ACT, SA and NT For personal use only » $124m capital raising to fund acquisition and reduce debt Transformational Year » Successful retail syndication of Peet Greenvale completed in March 2013 Fy13 Resu
Slide 4: Business Transition on Track
Business Transition on Track Continued reweighting of business to FM / higher ROCE projects For personal use only » Majority of land bank now in Funds Management or capital efficient structures » CIC provides four additional major strategic projects in capital efficient structures » Wholesale rela
Slide 5: Contracts on hand
Contracts on hand For personal use only » Contracts on hand for the four months ending 31 October 2013 have increased a further 10% to 2,147 lots for a contract value of $500m » Solid increase driven by stable and improving market conditions 1 $500 2500 $500 3 $400 2000 Contract value Millions 1 1 2
Slide 6: Strategic rationale for the CIC acquisition
Strategic rationale for the CIC acquisition » High quality, strategic projects all of which For personal use only are currently developing and selling » Projects contribute to FY14 earnings and beyond » Diversification into new markets of ACT/NSW, SA and NT » CIC management team is highly credential
Slide 7: Update on CIC acquisition
Update on CIC acquisition For personal use only » Peet acquired 86% of CIC by way of off-market takeover in May 2013 » Acquired for $0.60 per CIC share, a 13% discount to CIC net assets » Business has been performing in line with expectations » The acquisition of CIC has resulted in a net contributi
Slide 8: Residential market overview
Residential market overview WA Market recovery underway For personal use only » Residential land market improving FY13 – developer volumes up 49% on FY12 with price growth now emerging » Developer stock is at lowest levels since 2006 » Positive economic fundamentals including population growth and i
Slide 9: Residential market overview
Residential market overview ACT and adjoining NSW For personal use only » Solid population growth in recent years – may be tempered by change in government » Highest average state income and low unemployment » Land sales remain solid and expected to continue in the mid-term due to a shortage of supp
Slide 10: Key projects - Flagstone City (QLD)
Key projects - Flagstone City (QLD) » Existing Flagstone Rise community already well-established, providing key For personal use only market insights. » Flagstone City will become home to 30,000 people, with retail, commercial, general industry, education, recreation, health & other community infras
Slide 11: Key projects - Greenvale/Craigieburn (VIC)
Key projects - Greenvale/Craigieburn (VIC) For personal use only » Located in the Aston - Craigieburn Hume growth corridor – approx 3,400 lots Aitken East Aitken – Greenvale » Historical acquisitions – low underlying cost base » Some portions have views across Greenvale Reservoir to the city skyline
Slide 12: Key projects - Shorehaven at Alkimos (WA)
Key projects - Shorehaven at Alkimos (WA) » Located in the City of Wanneroo, in the For personal use only North Western coastal growth corridor of Perth – 2,800 lots » Key elements of project vision now in place or being delivered shortly: » Coastal access road and first stages complete » Planning f
Slide 13: Key projects – Apartments at Wellard (WA)
Key projects – Apartments at Wellard (WA) Invita Apartments For personal use only » Development on Peet-owned landholding of 82 apartments » Single and double bedroom apartments » Ranging in price from $280,000 to $350,000 » 32 out of the 36 apartments in Stage 1 sold within a three week period Ulti
Slide 14: Key projects - Yanchep Golf Estate (WA)
Key projects - Yanchep Golf Estate (WA) For personal use only » Attractive location in the North Western coastal growth corridor of Perth » Bordering the Sun City Country Club – pleasant golf course outlook » 1,565 lots - significant long term project » Close proximity to beach and future new Yanche
Slide 15: Outlook
Outlook Peet’s land bank, combined with its strengthened balance sheet, supports profit growth For personal use only » Underlying foundations of the residential sector remain sound » Cautious view on short-term outlook – overall recovery expected, but gradual » Mixed market conditions expected to pe
Slide 16: Disclaimer
Disclaimer » While every effort is made to provide accurate and complete information, Peet does not warrant or For personal use only 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