Slide 1: 1H12 Results Presentation
For personal use only 1H12 Results Presentation February 2012 Success through experience
Slide 2: Summary
Summary » Expect FY12 operating earnings to be cyclical low point, although at upper end of guidance of $15‐20 million For personal use only » 1H12 revenue and profit impacted by slowdown in sales in Victoria and delays in receiving titles due to inclement weather on eastern seaboard » 2H12 revenue
Slide 3: Financial summary
Financial summary For personal use only 1H12 1H11 S Statutory P fi Profit $8 7 $8.7m ▼ (60.8%) (60 8%) $22 2 $22.2m Operating Profit $8.7m ▼ (60.8%) $22.2m Operating Earnings per Share 2.7 cents ▼ (63.5%) 7.4 cents NTA per Share1,2 $1.48 ▲ 7.2% $1.38 (incl. convertible notes)3 Gearing (incl 38 8% 38
Slide 4: Group key financial summary
Group key financial summary For personal use only » Group revenue of $63.8m $m 1H12 1H11 Var (%) » Operating EBITDA of $18 $18.5m 5m Revenue 63 8 63.8 98 7 98.7 (35%) EBITDA 18.5 41.3 (55%) » Operating NPAT of $8.7m Net EBITDA margin 29% 42% (13%) » Statutory NPAT of $8.7m Operating NPAT 87 8.7 22 2
Slide 5: Group operating performance
Group operating performance » Funds Management business provides 1H12 EBITDA composition by business type (%) For personal use only recurring earnings » 25 syndicates y / JVs contributingg to profit p 51 35 » Improved performance in WA supplements 52 softening in Victoria 28 6 1H11 14 7 1H12 7 Devel
Slide 6: Contracts on hand
Contracts on hand For personal use only Contracts on hand » Contracts on hand of 1,053 , lots for $279 million 1200 1,125 $300 $2891 $2791 1,053 $21 » Down 6% since 95 $13 1000 57 $250 $41 30 June 2011 due to 178 $50 223 Victoria slowdown 800 $ $200 Millions Lots » 70% of contracts on hand 600 $150
Slide 7: Capital management
Capital management For personal use only » Available cash and debt facilities of $57m » Gearing1 increased to 38.8% due to » Acquisition of 50% interest in Flagstone City » Development expenditure on major new projects including Craigieburn, Gladstone and Greenvale pre‐start costs » Decreased cash f
Slide 8: Capital management
Capital management For personal use only » Interest cover ratio of 2.3x versus covenant of 1.5x 31 Dec 11 30 June 11 Cash at bank $26.2m $57.2m Net debt (includes convertible note) $291m $217m Gearing1 38.8% 33.5% Interest cover2 2.3x 3.7x Weighted average debt maturity 2.6 years 3.3 years Weighted
Slide 9: Key projects underpinning outlook for FY12 and beyond – Development (owned)
Key projects underpinning outlook for FY12 and beyond Development (owned) For personal use only Greenvale/Craigieburn, VIC Vantage Gladstone, QLD Flagstone, QLD Lots remaining: 3,588 GDV: $715m Lots remaining: 433 GDV: $101m Lots remaining: 13,270 GDV: $1,924m » Located in the strong Hume growth » H
Slide 10: Key projects underpinning outlook for FY12 and beyond – Funds Management
Key projects underpinning outlook for FY12 and beyond Funds Management For personal use only Shorehaven at Alkimos, WA Yanchep Golf Estate, WA Riverbank Caboolture, QLD Lots remaining: 2,924 GDV: $786m Lots remaining: 1,477 GDV: $345m Lots remaining: 1,320 GDV: $189m » Located in the City of Wannero
Slide 11: Land bank – key projects
Land bank – key projects Lots1 remaining Project name Location GDV FY12 FY13 FY14 FY15 FY16 (at 31 Dec 11) For personal use only Owned projects Greenvale VIC $402m 1,943 Craigieburn VIC $313m 1,645 Gl d Gladstone Q QLD $ 0 $101m 433 33 Chase WA $87m 506 Brigadoon WA $120m 214 Other $1,722m 9,629 Tot
Slide 12: Residential market overview
Residential market overview Peet has product with geographic balance and positioned at price points to achieve volume from For personal use only improving markets » The affordable to mid‐market segment is maintaining price stability, whilst the higher end of the market has seen a decline » More posi
Slide 13: Outlook
Outlook FY12 to remain challenging, however expect improved sales and settlements in 2H12 For personal use only » Expect FY12 to be cyclical low point, with an improvement in lot sales in 2H12 vs 1H12 » Improved cash flow expected over next 18 months which will significantly reduce gearing » Recomme
Slide 14: Success through experience
For personal use only Success through experience
Slide 15: FY11 Annexures
For personal use only FY11 Annexures Success through experience
Slide 16: Summary income statement
Summary income statement For personal use only $m 1H12 1H11 Var (%) Funds management 15 5 15.5 21 6 21.6 (28%) Development 36.0 66.1 (46%) Other1 12.3 11.0 12% e e ue Revenue 63.8 98.7 (35%) EBITDA (pre inventory write‐downs) 18.5 41.3 (55%) Finance costs2 (7.6) (8.5) (11%) Depreciation and amortisa
Slide 17: Summary balance sheet
Summary balance sheet $ $m 31 Dec D 11 31 D Dec 10 For personal use only Assets Cash 26.2 28.3 Receivables 77.4 61.4 Inventories 436.1 421.9 Investments accounted for using the equity method 92.2 32.1 Other 14.1 13.2 Asset classified as held for sale 70.7 103.6 Total assets 716.7 660.5 Liabilities T
Slide 18: Development operating performance
Development operating performance Key performance statistics 1H12 revenue composition by geography (%) For personal use only $m 1H12 1H11 Var (%) Revenue 36.0 66.1 (46%) 49 11 Operating expenses1 (30.9) (44.5) 31% 12 41 EBITDA 5.1 21.6 (76%) 77 Net EBITDA margin 14% 33% (19%) 1H11 1H12 Key operating
Slide 19: Composition of development pipeline
Composition of development pipeline Geographic composition of Company‐ For personal use only » Targeted towards affordable home‐ buyer market owned land bank by value (%) » Land bank located in strong markets » Strong presence in resource 22 states of WA & QLD 45 33 WA VIC QLD 19
Slide 20: FM operating performance
FM operating performance Key performance statistics 1H12 FM revenue composition by type For personal use only $m 1H12 1H11 Var (%) Revenue 15.5 21.6 ( (28%) ) 34 25 60 67 Operating expenses (6.0) (7.0) 14% EBITDA 9.5 14.6 (35%) 8 1H11 Net EBITDA margin 61% 68% 7% 6 1H12 Project Management Selling Fe
Slide 21: JV operating performance
JV operating performance Key performance statistics For personal use only $m 1H12 1H11 Var (%) Revenue 9.7 8.5 14% Operating expenses (8.4) (5.8) (45%) EBITDA 13 1.3 27 2.7 (52%) Net EBITDA margin 13% 32% (19%) K operating Key ti statistics t ti ti 1H12 1H11 Var (%) Lot sales 112 42 167% Lot settlem
Slide 22: Composition of FM and JV managed pipeline
Composition of FM and JV managed pipeline Geographic composition of FM and JV For personal use only » Funds management business is well land bank by value (%) positioned » Land bank located in right growth markets 10 » WA, VIC and QLD 37 » T Targeted d towards d the h affordable ff d bl market k 53
Slide 23: 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. Subject to any terms implied by law and whic