Peet Limited · ASX:PPC
Peet — Shareholder Meeting (November 2017)
21 slides from Peet's shareholder meeting presentation, Nov 29, 2017
Slide 1: Annual General Meeting November 2017
For personal use only ANNUAL GENERAL MEETING NOVEMBER 2017 AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 1
Slide 2: Key Performance Metrics for FY17
KEY PERFORMANCE METRICS FOR FY17 CAPITAL STRATEGIC For personal use only OPERATIONAL FINANCIAL MANAGEMENT GROWTH $44.8m FY17 operating 3,077 settlements 21.4% gearing Two new wholesale profit after tax Up 7% Down 7% funds established Up 5% 2,186 lots Preferred partner for 9.1 cents EPS $161.4m net d
Slide 3: Operating Results
OPERATING RESULTS Strategic initiatives continue to drive earnings growth OPERATING PROFIT AFTER TAX ($M) » Peet’s diversified portfolio of projects has allowed it to capitalise For personal use only on the eastern states’ strength » Contribution from eastern states’ projects increased to 86% of EBI
Slide 4: Contracts on Hand
CONTRACTS ON HAND Contracts on hand underpin momentum into FY18 For personal use only » Contracts on hand1 have increased 5% since 30 June 2017 to 2,291 lots with an 11% increase in value to $608m ̵ Contract value underpinned by price growth across VIC, QLD and NSW/ACT CONTRACTS ON HAND1 (LOTS) CONT
Slide 5: Capital Management
CAPITAL MANAGEMENT Continued focus on capital employed and reduction in debt INTEREST COVER3 AND CASH COST OF DEBT4 » ROCE1 of 13.2% Interest cover Weighted cost of debt For personal use only ̵ Increased FM2,184 capital employed with establishment of two 8.3% 7.7% 7.7% new wholesale funds 6.8% 6.7%
Slide 6: Funds Management – Delivery on Strategic Objectives
FUNDS MANAGEMENT – DELIVERY ON STRATEGIC OBJECTIVES FUNDS MANAGEMENT & JVs EBITDA1 ($M) GDV2 BY BUSINESS SEGMENT ($bn) 14 60 For personal use only 12 9.3 50 8.9 8.7 10 40 8 11.6 6.2 8.9 9.3 30 7.5 8.7 6 6.2 20 4 10 2 2.6 3.0 2.6 2.6 2.7 2.2 0 0 FY12 FY13 FY14 FY15 FY16 FY17 FY12 FY13 FY14 FY15 FY16
Slide 7: National Reach
NATIONAL REACH $13.8bn For personal use only 51,726 END-VALUE LOTS 1 projects 57 nationally Notes: 1 Not all projects are shown on map
Slide 8: Overview of Peet's Land Bank
OVERVIEW OF PEET’S LAND BANK Land bank represents approximately 17 years’ lot supply based on current sales rates For personal use only » Diversified land bank across all mainland states and LANDBANK COMPOSITION BY BUSINESS TYPE (LOTS1) territories 60,000 − Pipeline of approximately 52,000 lots with
Slide 9: New Projects Supporting Growth
NEW PROJECTS SUPPORTING GROWTH Pipeline of approximately 52,000 lots providing visibility of future earnings » Targeting medium term earnings growth driven by current portfolio For personal use only - Not dependent on acquisitions » Three new projects commenced development/sales in FY17 FY14 FY14 Re
Slide 10: Flagstone - QLD
PROJECT OVERVIEW Flagstone - QLD » 1,245 hectare master planned community situated in For personal use only a key South East Queensland Growth corridor 38 km south west of Brisbane’s CBD » Joint Venture with MTAA Super » Total yield of more than 12,000 lots with a GDV1 of more than $3.4 billion » Fl
Slide 11: Flagstone - QLD
PROJECT OVERVIEW Flagstone - QLD For personal use only » Sold 310 residential lots to date. First stage settled in January 2017 » Flagstone’s city centre will support the region’s expected population of more than 120,000 » Commercial sites settled to date: ̵ Supermarket site to Coles, including spec
Slide 12: Aston - VIC
PROJECT OVERVIEW Aston - VIC For personal use only » 209 hectare master planned community located 32 km north of the Melbourne CBD, in the northern growth corridor » Total yield of more than 2,500 lots with a GDV1 of $696 million » The community will accommodate a range of amenities, including: ̵ Ne
Slide 13: Googong - ACT and Tonsley - SA
PROJECT OVERVIEW Googong - ACT » 780 hectare master planned community situated 16 km from For personal use only Canberra CBD » Joint Venture with Mirvac Group » Total yield of approximately 6,000 dwellings with a GDV1 of $1.8 billion » The community will accommodate three schools, community and chil
Slide 14: Eden's Crossing - QLD and Yanchep - WA
PROJECT OVERVIEW Eden’s Crossing - QLD » 122 hectare master planned community situated 30 km from For personal use only Brisbane CBD » Joint Venture with Supalai Australia Holdings Pty Ltd » Total yield remaining of approximately 1,030 dwellings with a GDV1 of $220 million » Settled 70 residential l
Slide 15: Newhaven - VIC
PROJECT OVERVIEW Newhaven - VIC For personal use only » 121 hectare master planned community situated 26 km from Melbourne CBD » Joint Venture with Supalai Australia Holdings Pty Ltd » Total yield of approximately 1,750 dwellings with a GDV1 of $469m » Settled 319 residential lots to date » Approxim
Slide 16: Lightsview (Housing Product) & Apartments
PROJECT OVERVIEW Lightsview (Housing Product) & Apartments For personal use only » Located 8km north east of the Adelaide CBD » Highly innovative infill Joint Venture project with SA Government » Project will deliver approximately 2,300 lots within 110 hectares including a town centre, retail, commu
Slide 17: For personal use only
PROJECT OVERVIEW For personal use only AGM PRESENTATION ǀ NOVEMBER 2017 ǀ PAGE 17
Slide 18: Brabham - WA and University of Canberra - ACT
PROJECT OVERVIEW Brabham - WA » 220 hectare landholding, 22 km from the Perth CBD For personal use only » Peet nominated as preferred proponent by the Western Australian Government in July 2017 » Total yield of 3,333 dwellings with a GDV1 of approximately $800 million » Integrated transit orientated
Slide 19: Priorities and Strategic Focus
PRIORITIES AND STRATEGIC FOCUS For personal use only Portfolio well positioned to target on-going growth and value creation Accelerating production where possible and appropriate, and active management of product mix Delivery of affordable product targeted at the low and middle market segments Selec
Slide 20: Outlook
OUTLOOK Outlook generally supported by market fundamentals with sustained low interest rates and economic growth For personal use only Positive outlook underpinned by contracts on hand and new project commencements Conditions across Victoria, Queensland and New South Wales/ACT are expected to remain
Slide 21: 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