Peet Limited · ASX:PPC
Peet — Shareholder Meeting (November 2015)
22 slides from Peet's shareholder meeting presentation, Nov 25, 2015
Slide 1: Annual General Meeting November 2015
For personal use only Annual General Meeting November 2015
Slide 2: FY15 Results Overview
FY15 RESULTS OVERVIEW Continued strong momentum For personal use only » Strong uplift in FY15 operating profit1 after tax to $38.5m, up 22% » Strong underlying business performance FY14 Result FY14 − Revenue Resultup 22% from FY14 with 3,266 lots settled − EBITDA2 up 25% to $92.4m − Improvement in E
Slide 3: Key Highlights for FY15
KEY HIGHLIGHTS FOR FY15 » Peet moved to 100% ownership of CIC post CIC share buyback For personal use only » Selective acquisitions of land holdings to restock pipeline, predominantly through funds platform − Acquired interests in seven new projects comprising more than 4,000 lots/dwellings with GDV
Slide 4: Improving Financial Performance
IMPROVING FINANCIAL PERFORMANCE Growth in earnings via improvement in margins and ROCE » Operating profit1 after tax up 110% since FY13 representing a CAGR2 of 45%, boosted by acquisition of CIC For personal use only » EBITDA3 CAGR of 32% since FY13, helped by improving margins 1,990 1,990 − Ongoing
Slide 5: Focus on Driving Shareholder Returns
FOCUS ON DRIVING SHAREHOLDER RETURNS OPERATING EPS (CPS) DPS (CPS) NTA PER SHARE ($) Book NTA Market adjusted NTA For personal use only 4.5 8.3 1.18 1.17 7.3 3.5 1.00 1.04 1.00 5.4 0.89 FY13 FY14 FY15 FY13 - FY14 FY15 FY13 FY14 FY15 » EPS CAGR of 24% since FY13 » FY15 DPS of 4.5cps, fully franked »
Slide 6: Capital Management
CAPITAL MANAGEMENT Significant improvement in capital position » Increase in ROCE1 to 13.8% » Reduction in covenant gearing of ~10% from FY13 For personal use only − Increase in ROCE1 through increasing use of capital efficient − At lower end of target gearing range of 20 – 30% 2,184 structures − De
Slide 7: Operational update
For personal use only Operational update
Slide 8: 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 most key corridors FY14- Result FY14Reduced sales performance in certain Perth corridors has been offset by continued strong perform
Slide 9: Contracts on Hand
CONTRACTS ON HAND Contracts on hand1,2 up 6% since 30 June 2015 to 2,180 lots For personal use only » Increase driven by continuing strong east coast market conditions 2,184 » Value of contracts on hand1,2 up 9% CONTRACTS ON HAND BY GEOGRAPHY (LOTS)1,2 CONTRACTS ON HAND BY GEOGRAPHY (VALUE)1,2 2500
Slide 10: Key Projects - Flagstone City, QLD
KEY PROJECTS - FLAGSTONE CITY, QLD » Flagstone is a 1,245 hectare greenfield master planned community situated in a key South East Queensland Growth corridor 38 km South West of Brisbane’s CBD For personal use only » Joint Venture with MTAA Super with over 12,000 dwellings » Flagstone City will beco
Slide 11: Key Projects - Flagstone City, QLD
KEY PROJECTS - FLAGSTONE CITY, QLD SUMMARY INFORMATION – IN PROGRESS For personal use only Acquisition Date June 2011 Location Greater Flagstone, Logan Project Value (Incl. GST) $3,230m Total Lots1 12,000+ Lots Remaining 12,000+ Expected Settlement Period FY17 – FY41 Ownership Structure 50% Peet Lim
Slide 12: Key Projects - Aston, VIC
KEY PROJECTS - ASTON, VIC SUMMARY INFORMATION – IN PROGRESS For personal use only Acquisition Date 2002 Location Craigieburn, Victoria Project Value (Incl. GST) $595m 1 Total Lots 2,479 Lots Remaining 1,733 Expected Settlement Period FY12 – FY24 Ownership Structure 100% Peet Limited Price Range $197
Slide 13: Key Projects - Googong
KEY PROJECTS - GOOGONG » Googong is a 780 hectare greenfield master planned community situated 16 km from Canberra CBD For personal use only » The community will accommodate approximately 6,500 homes, three schools, community and childcare facilities, two local Neighbourhood Centres, a Major Town Ce
Slide 14: Key Projects - Googong
KEY PROJECTS - GOOGONG SUMMARY INFORMATION – IN PROGRESS For personal use only Acquisition Date June 2010 Location Queanbeyan, NSW/ACT Project Value (Incl. GST) $1,700m 1 Total Lots 6,000 Lots Remaining 5,084 Expected Settlement Period FY12 – FY33 Ownership Structure 50% CIC Australia; 50% Mirvac Gr
Slide 15: Key Projects - Lightsview
KEY PROJECTS - LIGHTSVIEW » Located 8km North East of the Adelaide CBD, it has become a highly sort after medium to high density suburb outselling all For personal use only comparable developments in Adelaide » Highly innovative infill Joint Venture project with SA Government » Project will deliver
Slide 16: Key Projects - Lightsview
KEY PROJECTS - LIGHTSVIEW » Approximately 35% of the project comprises houses SUMMARY INFORMATION – IN PROGRESS and apartments designed in-house and sold as For personal use only Acquisition Date June 2010 packaged housing Location Northgate, SA » 2014 National UDIA award winner for Best Master Proj
Slide 17: New Projects in FY16 - FY18
NEW PROJECTS IN FY16 - FY18 Pipeline of approximately 47,000 lots providing visibility of future earnings For personal use only FY16 - FY18 PROJECT RELEASE SCHEDULE » Up to 12 new projects expected to commence development within the next 2-3 years Project State Segment First Sales Lots1 Project Life
Slide 18: Market overview & outlook
For personal use only Market overview & outlook
Slide 19: Residential Market Overview
RESIDENTIAL MARKET OVERVIEW Melbourne » Ongoing strong population growth to support dwelling demand For personal use only − Metropolitan Melbourne forecast to see an additional 1.8m people over the next 20 years, equals 90,000 new residents per year − Volumes expected to stabilise near current high
Slide 20: Outlook
OUTLOOK Portfolio well positioned for sustainable long-term growth and value creation Outlook supported by market fundamentals For personal use only » Greatest near term exposure to well-performing Vic market » Qld contribution to increase due to Flagstone City commencing development during FY16 » W
Slide 21: Thank you
For personal use only you Thank
Slide 22: 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 may contain forward-looking statements, including