Peet Limited · ASX:PPC
Peet — Shareholder Meeting (October 2022)
24 slides from Peet's shareholder meeting presentation, Oct 26, 2022
Slide 1: 2022 Annual General Meeting
For personal use only 26 October 2022 2022 Annual General Meeting (“AGM”) Enclosed are copies of an address and a presentation to be given at today’s AGM of Peet Limited (ASX: PPC) (“Peet”) by Mr Tony Lennon, Chairman and Mr Brendan Gore, Managing Director and Chief Executive Officer, respectively.
Slide 2: Chairman's address to the 2022 Annual General Meeting
For personal use only 26 October 2022 Chairman’s address to the 2022 Annual General Meeting The past financial year has been a very exciting one for Peet Limited. The year ahead shows changes in market conditions, but we are determined to utilise the depth of our landbank to again achieve good finan
Slide 3: Chairman's address: strategic focus and FY22 activity
• expanding our product offering and geographic presence to appeal to a wider variety of customers; and For personal use only • maintaining strong capital management. During FY22, the Peet Group: • continued to invest, securing full ownership of the Flagstone City project in Queensland and progressi
Slide 4: FY22 sustainability highlights
There were a number of highlights during FY22, including the following: For personal use only • our Brabham Estate in WA being accredited as a 6-star World Leading Green Star community and Gold Waterwise development; • focus on water and waste management at our Bluestone, Mt Barker estate in South A
Slide 5: Conclusion
Conclusion For personal use only I take this opportunity to thank my colleagues on the Board for their efforts during the year, and on their behalf thank Brendan Gore and his team for their contributions throughout FY22 and FY23 to date. Before I close my address to the 2022 AGM, and on behalf of th
Slide 6: Annual General Meeting 2022
ANNUAL GENERAL MEETING 2022
Slide 7: Company Overview
Company Overview For personal use only • Leading Australian developer of quality residential communities with a proven WHOLESALE/ INSTITUTIONAL track record for over 127 years 9,675 lots1 $2.9bn GDV • Large, nationally diverse land bank provides economies of scale to deliver a wide range of product
Slide 8: Vision, Purpose and Values
Vision, Purpose and Values For personal use only VISION Imagine and realise future places where lives are enhanced by communities built on a sense of belonging PURPOSE VALUES Defining future places of People Centric belonging Creative Intelligence Unwavering Commitment AGM 2022 | OCTOBER 2022 | PAGE
Slide 9: Strong Platform for Growth
Strong Platform for Growth For personal use only GEOGRAPHICALLY DIVERSE $13.4bn • Benefit from various growth corridors – positioned for future Australian population growth • Allows Peet to leverage state-base fluctuations END VALUE • Ability to manage land bank and capital through market cycles 47
Slide 10: Our Commitment to Sustainability
Our Commitment to Sustainability Company Overview Our Sustainability Approach For personal use only As a leading residential developer with a large national footprint, our approach focuses on sustainable practices to create long-term shared value for our communities, shareholders and people ENVIRONM
Slide 11: Group Highlights
For personal use only HIGHLIGHTS GROUP
Slide 12: FY22 Results Highlights
FY22 Results Highlights Strong performance underpinned by high quality portfolio For personal use only FINANCIAL OPERATIONAL 6.25 $930M NET OPERATING 52.3 DIVIDEND OF PROFIT¹ AFTER TAX 6.25 3.50 28.5 CENTS PER CONTRACTS $52.3m 15.1 SHARE 1.50 ON HAND3 VALUE 3,163 70% FULLY FRANKED 2,514 FY20 FY21 FY
Slide 13: Delivering against our Strategy
Delivering against our Strategy FY22 Achievements For personal use only Invest in high quality land in Enhance plan and create Expand product offering and Maintain strong capital strategic locations across country communities and homes with a geographic presence to appeal to management range of prod
Slide 14: FY22 Key Transactions
FY22 Key Transactions Acquisition of remaining 50% of Flagstone City project Transactions accelerate For personal use only • Provides significant exposure to a large scale, low cost and long-term strategy whilst strengthening project in key SEQ growth corridor with more than 11,100 lots with a GDV o
Slide 15: Broad Buyer Appeal
Broad Buyer Appeal Diverse customer base from product expansion For personal use only • Product expansion to include built form and shift to focus on more desirable, urban areas has resulted in a broader buyer appeal • First Home Buyer segment remains core. However, Peet now appeals to a broader ran
Slide 16: Rapid Development Pipeline
Rapid Development Pipeline Strong pipeline of new projects to support future earnings For personal use only 39,376 lots c. 90% Pipeline in production Projects: 2 Lots: 3,842 GDV: $611m c. 76% 35,473 lots Pipeline in production Projects: 7 c. 73% Lots: 5,489 Pipeline in GDV: $2,930m 30,045 lots produ
Slide 17: Strong Financial Position
Strong Financial Position CONTRACTS ON HAND1 (LOTS) 2,597 For personal use only 2,397 1,948 Value of contracts on hand remains 1,786 strong providing good visibility into FY23 1,257 • Value of contracts on hand at the end 1Q23 has increased to $941m since 30 June 2022 - Reflects strong market condit
Slide 18: Enquiry Levels in Line With Expectations
Enquiry Levels in Line With Expectations For personal use only 11,954 • Enquiry levels have moderated in line 11,716 with expectations, reflecting the impact of successive interest rate increases 8,896 - Enquiries have also been impacted by new lot releases being limited to allow 7,838 7,472 for pro
Slide 19: Our Shareholder Returns
Our Shareholder Returns We have returned $117m to shareholders through fully franked dividends For personal use only and our ongoing capital management program over the past five years • Disciplined application of our capital management framework Shareholder returns since FY18 ($m) and strong balanc
Slide 20: Outlook
For personal use only OUTLOOK
Slide 21: New Projects Provide Medium Term Earnings Visibility
New Projects Provide Medium Term Earnings Visibility Pipeline of approximately 39,400 lots providing visibility of future earnings For personal use only FY23 – FY25 NEW PROJECT RELEASE SCHEDULE • Up to three new land community PROJECT STATE SEGMENT PROJECT LOTS2/ GDV PROJECT projects and six LAUNCH1
Slide 22: FY23 Focus
FY23 Focus Portfolio well-positioned for positive growth and value creation For personal use only Invest in high quality land in Enhance plan and create Expand product offering and Maintain strong capital strategic locations communities and homes with a geographic presence to appeal to management ra
Slide 23: Group Outlook
Group Outlook Peet is well-positioned for this phase of the cycle For personal use only Focused on positioning the Group for growth through a prudent approach to • Underlying residential market drivers remain supportive over the project delivery and identifying growth medium term, including strong l
Slide 24: 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. This presentation contains forward-looking sta