Peet Limited · ASX:PPC
Peet — Shareholder Meeting (November 2014)
28 slides from Peet's shareholder meeting presentation, Nov 26, 2014
Slide 1: Annual General Meeting November 2014
For personal use only Annual General Meeting November 2014
Slide 2: FY14 result
FY14 result » Operating profit after tax of $31.6m1 – up 73% vs FY13 For personal use only » Statutory profit after tax of $30.3m FY14 Result FY14 » Result Group EBITDA margin of 25% demonstrating continued recovery » Covenant gearing of 29.8% - expected to reduce further in FY15 » Settlements up 67
Slide 3: Group Update
Group Update Sales momentum remains solid For personal use only Operating performance tracking in line with expectations » Residential sales continue to be robust in our key corridors »FY14 FY14Three projects commenced development in 4Q14 Result »Result Contracts on hand increased to $510m as at N
Slide 4: Operational Update
Operational Update For personal use only Improving margins following stronger market conditions and price growth during 2H14 FY14 Peet FY14is well placed to capitalise having already invested in six just commenced and soon to commence projects Result Result Cash flow from these projects togethe
Slide 5: Contracts on hand
Contracts on hand » Contracts currently on hand have increased a further 5% since June 2014 to 2,089 lots for a contract value of $510m – up 9% For personal use only » Solid increase driven by stable and improving market conditions Contracts on hand1 2500 $600 2,089 $510m 1,990 $500 $468m 2000 1,956
Slide 6: Acquisitions
For personal use only Acquisitions
Slide 7: Overview of Acquisitions
Overview of Acquisitions Peet has secured six high quality, strategic projects For personal use only » New projects comprise more than 3,000 lots/dwellings with GDV1 of over $750 million » The total purchase price for the Acquisitions is approximately $95 million, with Peet’s equity contribution bei
Slide 8: Golden Bay, Western Australia
Golden Bay, Western Australia Project overview For personal use only » Located in the coastal suburb of Golden Bay, approximately 53km south-west of the Perth CBD and 12km north of Mandurah » The Golden Bay Estate is a master planned Golden Bay community that will accommodate over 5,000 residents wh
Slide 9: Bluestone Mount Barker, South Australia
Bluestone Mount Barker, South Australia Project overview For personal use only » The Bluestone Estate is located in Mount Barker, the major centre of the Adelaide Hills region, approximately 30km south- east of the Adelaide CBD » The project is well established and has been selling since 2007. The p
Slide 10: Midvale/Stratton, Western Australia
Midvale/Stratton, Western Australia Project overview For personal use only » Located in the suburbs of Midvale and Stratton, approximately 19km north- east of the Perth CBD » The project consists of 40 hectares of future developable land with an anticipated yield of approximately 600 Stratton lots S
Slide 11: Impact on Peet
Impact on Peet Financial impacts Enhances and diversifies Peet’s landbank For personal use only » The transaction enhances Peet’s operating earnings, cash flow » The transaction represents the continued progress of Peet’s and growth profile while improving balance sheet strength strategy of acquirin
Slide 12: For personal use only
For personal use only * * * * * * ANNUAL GENERAL MEETING ǀ NOVEMBER 2014 ǀ PAGE 12
Slide 13: Key Projects
For personal use only Key Projects
Slide 14: Flagstone Update
Flagstone Update » Transformational acquisition with a project life For personal use only in excess of 25 years » Joint Venture with MTAA Super » Over 12,000 dwellings acquired off- market at a cost base of $7,000/lot or $70,000/hectare » Flagstone City will become home to 30,000 people, with retail
Slide 15: Key projects - Flagstone City (QLD)
Key projects - Flagstone City (QLD) » Significant progress since acquisition in June 2011 For personal use only » Material Change of Use approval (Rezoning) – October 2012 » Whole of site Master Plans and Site Strategies approved – March 2014 » Lodged 2,500 lot development application, currently on
Slide 16: 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: » Planning for future village centre finalised, with commenc
Slide 17: Key projects - Googong
Key projects - Googong A self contained New Town » 16km from Parliament House Canberra For personal use only » 780 Ha Site/6,500 dwellings » Joint Venture between CIC Australia and Mirvac » 20 year project life » Master Plan – 5 walkable neighbourhoods & town Centre ANNUAL GENERAL MEETING ǀ NOVEMBER
Slide 18: Key projects - Googong
Key projects - Googong » Project development commenced May 2012 For personal use only » 760 sales achieved to date with over 70 homes now occupied » A further 300 lots currently under construction » Anglican K-12 school opens Feb 2015 Photo - Googong Community Centre Photo - Googong Streetscape ANNU
Slide 19: Key projects - Lightsview
Key projects - Lightsview » Highly Innovative Infill Project For personal use only » 50/50 JV between CIC Australia and the SA Government » Located 8km North East of the Adelaide CBD, it has become a highly sort after medium to high density suburb outselling all comparable developments in Adelaide »
Slide 20: Key projects - Lightsview
Key projects - Lightsview » Approximately 35% of the project comprises of built For personal use only form housing and apartments designed by CIC and sold as packaged housing Photo – Quality housing Photo – Quality housing Artist Impression – CIC in-house apartment design ANNUAL GENERAL MEETING ǀ NO
Slide 21: Built Form - Apartments
Built Form - Apartments » Built Form Strategy on track For personal use only » Residential Medium Density Apartments » Short / medium term pipeline of over 1,700 apartments on existing land portfolio (Exc CIC & Flagstone) » 155 apartments currently under construction – over 50% presold » Another 400
Slide 22: Built Form – Town Centres
Built Form – Town Centres Development of Five Town Centres underway in the short to medium term For personal use only » Town centres include Coles/Woolworths/ IGA and specialty » Highly successful launch of Wellard town centre stores » Development of Town Centres will provide significant » Strong in
Slide 23: Market Overview
For personal use only Market Overview
Slide 24: Residential market overview
Residential market overview » Fundamentals underpinning the housing market remain supportive of both prices and volumes » Construction activity continues to remain strong across major capital cities For personal use only » Affordability, softening labour market conditions and consumer caution is lik
Slide 25: Residential market overview (cont.)
Residential market overview (cont.) For personal use only ACT and adjoining NSW Shortage of supply • Land sales expected to remain solid in the mid term due to a shortage of supply • The residential construction market remains reasonably buoyant FY15 Medium term forecast SA Market showing tentative
Slide 26: Outlook
Outlook » Sales momentum continuing into FY15 For personal use only » Favourable market dynamics including population growth and continuing low interest rates » In particular, Peet well positioned for Queensland recovery to supplement stronger WA, Vic and NSW/ACT projects » Expect FY15 to show an in
Slide 27: Thank you
For personal use only Thank you
Slide 28: 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