Slide 1: Full Year Results
FULL YEAR RESULTS ee == === — ae WAY PEET
Slide 2: Peet is well positioned to benefit from improving market
PEET IS WELL POSITIONED TO BENEFIT FROM IMPROVING MARKET 1• FY21 operating profit after tax of $28.5m – up 89% 2• Strong sales growth in FY21 across national portfolio – up 35% 3• Value of contracts on hand of $547m increased by 28% providing positive momentum into FY22 s 4• Five new projects commen
Slide 3: Unique funds management model
UNIQUE FUNDS MANAGEMENT MODEL SIGNIFICANT FUNDS MANAGEMENT PLATFORM VALUE NOT CAPTURED IN NTA Assets Under Management of $1.9bn PEET CAPITAL ($2.9bn GDV1) THIRD PARTY CAPITAL ($10.7bn GDV1) NTA PER SHARE2: $1.13 INTANGIBLE VALUE PEET INVENTORIES PEET CO-INVESTMENTS FUNDS MANAGEMENT AND JV $497 milli
Slide 4: Delivering against our strategy
DELIVERING AGAINST OUR STRATEGY PORTFOLIO WELL POSITIONED FOR POSITIVE GROWTH AND VALUE CREATION STRATEGY KEY FY21 ACHIEVEMENTS Invest in high quality land in strategic • Two townhouse sites (VIC) and one low-rise apartment site INVEST locations across country (WA) acquired during FY21 Enhance, plan
Slide 5: Results Overview
RESULTS OVERVIEW
Slide 6: Group FY21 financial results
GROUP FY21 FINANCIAL RESULTS IMPROVING RESULTS WITH MARKET RECOVERY KEY PERFORMANCE STATISTICS FY21 FY20 VAR (%) Group sales volumes were up due to improving market conditions Lot sales1 3,142 2,323 35% particularly across Qld and WA and government stimulus Lot settlements1 2,980 1,794 66% Increased
Slide 7: Group balance sheet
GROUP BALANCE SHEET CAPITAL MANAGEMENT METRICS FY21 FY20 Cash at bank1 $64.1m $46.8m • Cash and debt facility headroom of $175m provides capacity to fund current portfolio and consider growth opportunities 2 Bank debt $70.3m $59.3m • Senior bank facility increased by $25m in connection with reducing
Slide 8: Group cash flow summary
GROUP CASH FLOW SUMMARY FY19 FY18 FY21 FY20 CASH FLOWS RELATED TO OPERATING ACTIVITIES $M $M Receipts from customers 228.2 191.6 • Receipts higher due to increased settlement revenue from existing and new projects and funds management fee income Payments for development and infrastructure (102.9) (1
Slide 9: Operating Performance
OPERATING PERFORMANCE
Slide 10: Group operating performance
GROUP OPERATING PERFORMANCE IMPROVED RESULTS ACROSS NATIONAL PORTFOLIO • Group EBITDA up 57% on significant increase in sales and settlement volumes 27% • Contribution from eastern states’ projects 31% EBITDA1,2 9% represented 82% of EBITDA1,2 during FY21 COMPOSITION BY 18% - WA and QLD contribution
Slide 11: Group sales and settlement activity
GROUP SALES AND SETTLEMENT ACTIVITY MARKET IMPROVEMENT DRIVING SALES PERFORMANCE • Group sales1 for FY21 of 3,142 lots – up 35% 17% - WA and QLD sales volumes increased on the back of improving market conditions and government 29% stimulus SALES1 11% COMPOSITION BY - Vic sales activity remained resi
Slide 12: Registrations of interest
ENQUIRY LEVELS REMAIN STRONG 8000 7,838 427 • Enquiries remain strong despite the roll- off of Homebuilder stimulus 7000 828 6,956 6,579 899 • QLD, WA and ACT/NSW enquiry levels 6,202 408 6000 307 continue to grow in 1Q22 5,571 724 1,082 1,047 282 REGISTRATIONS OF INTEREST • Vic enquiry level remain
Slide 13: Contracts on hand
CONTRACTS ON HAND CONTRACTS ON HAND1 (LOTS) INCREASE IN CONTRACTS ON HAND 2,257 2,255 REFLECTS STRONG MARKET CONDITIONS 1,948 1,786 Contracts on hand1 at year end have increased by 9% since 30 June 2020 to 1,948 lots 1,257 • Reflects strong market conditions across all of the Group’s markets and gov
Slide 14: Outlook
OUTLOOK
Slide 15: Market conditions: by state
MARKET CONDITIONS: BY STATE PEET’S SUMMARY WA QLD VIC SA ACT/NSW Strong 2H21 settlement performance Solid settlement volumes and Strong sales performance Strength in owner occupier Large sales volumes experienced driven by conversion of sales from net pricing improvement supported by state and feder
Slide 16: New projects provide medium term earnings visibility
NEW PROJECTS PROVIDE MEDIUM TERM EARNINGS VISIBILITY PIPELINE OF APPROXIMATELY 44,900 LOTS PROVIDING VISIBILITY OF FUTURE EARNINGS FY22 – FY24 NEW PROJECT RELEASE SCHEDULE • Up to four new land community PROJECT STATE SEGMENT PROJECT LOTS2/ GDV PROJECT LIFE projects and seven START1 UNITS (YEARS) to
Slide 17: Group priorities and strategic focus
GROUP PRIORITIES AND STRATEGIC FOCUS STRATEGIC FOCUS ON LEVERAGING EXISTING ASSETS SUPPLEMENTED BY SELECTIVE ACQUISITIONS Continue to leverage large scale national portfolio to further improve returns • Accelerate production to meet current demand and increase operating cash flows – Sales momentum c
Slide 18: Group outlook
GROUP OUTLOOK FOCUSED ON POSITIONING THE GROUP FOR FURTHER GROWTH THROUGH A CONSERVATIVE APPROACH TO PROJECT DELIVERY AND IDENTIFYING GROWTH OPPORTUNITIES Residential markets are expected to remain positive over the medium term supported by low interest rates, accommodative credit conditions and an
Slide 19: Appendices
APPENDICES FY19 RESULTS | AUGUST 2019 19
Slide 20: Broad customer and product reach
BROAD CUSTOMER AND PRODUCT REACH SCALE PIPELINE WITH LOW COST BASE Peet manages a broad property 44,957 portfolio, encompassing 44,900 LOTS lots across 52 projects Diversified land bank $13.6bn strategically located in growth END VALUE corridors of major cities in every mainland state of Australia W
Slide 21: FM operating performance
FM OPERATING PERFORMANCE KEY PERFORMANCE STATISTICS FY21 FY20 VAR (%) Lot sales1 1,613 1,412 14% FM sales were up due to improving market conditions and Lot settlements 1 1,732 924 87% government stimulus Revenue $37.2m $22.8m 63% Reflects the contracts on hand at 30 June 2020 and increased Share of
Slide 22: JV operating performance
JV OPERATING PERFORMANCE KEY PERFORMANCE STATISTICS FY21 FY20 VAR (%) Lot sales1 998 479 108% Lot settlements1 764 436 75% Reflects contracts on hand at 30 June 2020 and increased sales Revenue $44.7m $34.6m 29% activity Share of net profit of equity accounted investments $7.9m $4.8m 65% Equity acco
Slide 23: Development operating performance
DEVELOPMENT OPERATING PERFORMANCE KEY PERFORMANCE STATISTICS FY21 FY20 VAR (%) Lot sales1 531 432 23% Lot settlements1 484 434 12% Higher sales due to government stimulus Land only 456 426 7% Medium Density product 28 8 250% Earnings and EBITDA margin impacted by completion of Aston (Vic) project Re
Slide 24: Summary income statement
SUMMARY INCOME STATEMENT FY21 FY20 Var $M $M (%) Funds Management 37.2 22.8 63% Development 134.7 128.5 5% Joint Venture 44.7 34.6 29% Share of net profit of equity accounted investments 13.3 6.7 99% Other1 4.4 3.7 19% Revenue 234.3 196.3 19% EBITDA 58.1 37.0 57% Finance costs2 (14.8) (11.5) (29%) D
Slide 25: Summary balance sheet
SUMMARY BALANCE SHEET FY21 FY20 $M $M Assets Cash and cash equivalents 64.1 46.8 Receivables 94.0 119.4 Inventories 489.9 478.5 Investments accounted for using the equity method 232.6 232.1 Other 9.1 11.9 Total assets 889.7 888.7 Liabilities Payables 34.5 33.4 Land vendor liabilities - 6.4 Borrowing
Slide 26: Land bank funds management key projects
LAND BANK FUNDS MANAGEMENT KEY PROJECTS PROJECT LIFECYCLE PROJECT NAME STATE GDV1 LOTS REMAINING2 2022 2023 2024 2025 2026 Selling Alkimos WA $1,023m 2,218 Brabham WA $676m 3,105 Burns Beach WA $155m 256 Eglinton WA $219m 998 Golden Bay WA $109m 529 Lakelands WA $156m 870 Yanchep Golf Estate WA $392
Slide 27: Land bank development key projects
LAND BANK DEVELOPMENT KEY PROJECTS PROJECT LIFECYCLE PROJECT NAME STATE GDV1 LOTS REMAINING2 2022 2023 2024 2025 2026 Brigadoon WA $32m 81 Greenlea WA $45m 238 Mundijong WA $187m 781 Glyde Street WA $35m 44 Glendalough WA $73m 100 Other WA $652m 4,033 Gladstone QLD $85m 327 Flagstone North QLD $470m
Slide 28: Land bank joint venture key projects
LAND BANK JOINT VENTURE KEY PROJECTS PROJECT LIFECYCLE PROJECT NAME STATE GDV1 LOTS REMAINING2 2022 2023 2024 2025 2026 Wellard WA $68m 308 Pier Street WA $98m 178 Edens Crossing QLD $157m 656 Googong3 NSW $567m 1,383 University of Canberra4 ACT $1,985m 3,300 Lightsview SA $12m 46 Total Joint Ventur
Slide 29: Disclaimer
DISCLAIMER 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 statements, including sta