Slide 1: Macquarie Australia Conference May 2011
For personal use only Macquarie Australia Conference May 2011
Slide 2: Group business model
Group business model PEET LIMITED For personal use only Development Funds Management1 » 35 properties » 36 properties » 31 funds/syndicates » $2.8bn pipeline end value » $4.4bn pipeline » 2 joint ventures » 15,792 lots end value » $0.1bn capital employed » $0.6bn capital employed » 23,059 lots Lots
Slide 3: Investment case for Peet Limited
Investment case for Peet Limited Australia’s only pure‐play residential exposure; ability to leverage existing platform For personal use only » Australia’s only scale pure‐play residential land development business Pure play » Disciplined focus on core competency – not distracted by other operations
Slide 4: Key messages
Key messages For personal use only » Solid operating performance achieved in 1H11 » Projects performing well in respective markets » Improved EBIT across both funds management and development divisions » Continuing to benefit from well located projects in key growth corridors » Balance sheet in good
Slide 5: 1H11 Group key financial highlights
1H11 Group key financial highlights » Group revenue of $98.7m $m 1H11 1H10 Var (%) For personal use only Revenue 98.7 98.4 0% » Operating EBITDA of $41.3m – an increase of 7% EBITDA 41.3 38.5 7% compared with 1H10 Net EBITDA margin 42% 39% 3% » Operating NPAT of $22.2m – an increase of 2% Operating
Slide 6: Strategy
Strategy Peet will continue to actively manage its project pipeline to maximise shareholder For personal use only returns » Peet’s strategic priorities remain » Focused businesses of residential land development and funds management » Improve market share in existing and new growth corridors » Conti
Slide 7: Compelling asset value
Compelling asset value » In excess of 38,8001 lots under management with end value of $7.2 billion2 For personal use only » Geographical diversity of land bank – strategic holdings in key growth corridors » Low cost base ‐ average age of 7.8 years » Greater than 95% of land bank zoned for future dev
Slide 8: Project Pipeline - Western Australia
Project Pipeline ‐ Western Australia New projects launching in 2H11 For personal use only Yanchep (1,492 lots) Avon Ridge, Brigadoon (214 lots) Golden Bay (1,752 lots) Golden Bay 8
Slide 9: Project Pipeline - Victoria
Project Pipeline ‐ Victoria New projects launching in 2H11 For personal use only Craigieburn (1,949 lots) Cranbourne Central (926 lots) Quarters, Cranbourne (914 lots) Melton (592 lots) 9
Slide 10: Project Pipeline - Queensland
Project Pipeline ‐ Queensland New projects launching in 2H11 For personal use only Riverbank, Caboolture (1,269 lots) 10
Slide 11: Golden Bay project
Golden Bay project » Appointment as Development For personal use only Manager of the Western Australian Government’s Department of Housing’s (DoH) Golden Bay development ‐ February 2011 » No equity/capital required » Located approx 45 km south of Perth CBD & 12 km south of Rockingham » 155 ha coasta
Slide 12: Golden Bay - location
Golden Bay ‐ location For personal use only 12
Slide 13: Geographic positioning - market update
Geographic positioning – market update Victorian market solid, Western Australian market slowly stabilising For personal use only Victoria Western Australia » Continues to perform well Pipeline by geography (lots)1 » Market remains soft but » Price growth moderating showing signs of stabilising. Buy
Slide 14: Residential - market drivers
Residential – market drivers Australian housing market balance Population growth and reduction in persons per household will For personal use only drive increased demand in an already undersupplied housing 400 market 350 300 Number of dwellings ('000) » Housing undersupply due to supply constraints
Slide 15: Outlook
Outlook Sector fundamentals remain positive including long term population growth and For personal use only strong employment conditions » Peet projects focused on affordable product aimed at lower and middle market segments » Up to eight new projects being launched in 2H11 providing platform for gr
Slide 16: For personal use only
For personal use only
Slide 17: Disclaimer
Disclaimer » While every effort is made to provide accurate and complete information, Peet does not For personal use only 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