PEET LIMITED ersonal use only
RESIDENTIAL SALES MOMENTUM UNDERPINS FUTURE EARNINGS
1H22 Results Summary
ersonal use only
Operating1 and | $20.6 |
Statutory Profit | |
After Tax | million |
103% | |
OPERATING EARNINGS
OF 4.3 CENTS
PER SHARE
103%
DIVIDEND OF
2.25 CENTS
PER SHARE
FULLY FRANKED
GEARING2 OF
27.5%
1,809
LOTS3 SOLD
19%
INCREASE ON
1H21
CASH AND
UNDRAWN
FACILITIES
>$140m
1,251
LOTS3 SETTLED
26%
EBITDA4 MARGIN
5%
$817m
CONTRACTS
VALUE ON HAND
49%
INCREASE ON 30 JUNE 2021
2
NEW PROJECTS
COMMENCED SALES/
DEVELOPMENT
Notes:
1 Operating profit is a non-IFRS measure that is determined to present the ongoing activities of the Group in a way that reflects its operating performance. Operating profit excludes unrealised fair value gains/(losses) arising from the effect of revaluing assets and liabilities and adjustments for realised/(unrealised) transactions outside the core ongoing business activities
2 Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash)/(Total assets less cash, less intangible assets)
3 Includes equivalent lots
4 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint venture
BROAD CUSTOMER AND PRODUCT REACH
SCALE PIPELINE WITH LOW COST BASE
only | LOTS | |||||||
42,630 | ||||||||
use | $14.3bn | |||||||
ersonal | END VALUE | |||||||
NO. OF | NO. OF | NO. OF | 51 | |||||
WA | PROJECTS | VIC | PROJECTS | NSW | PROJECTS | |||
21 | 9 | 2 | ||||||
PROJECTS | ||||||||
NO. OF | NO. OF | NO. OF | ||||||
QLD | PROJECTS | ACT | PROJECTS | SA | PROJECTS | |||
6 | ||||||||
12 | 1 | |||||||
Peet manages a broad property portfolio, encompassing 42,630 lots across 51 projects
Diversified land bank
strategically located in growth corridors of major cities in every mainland state of Australia
Range of affordable
product type appealing to all buyer segments
EUROZ HARTLEY'S ROTTNEST CONFERENCE | MARCH 2022 |3
GROUP PRIORITIES AND STRATEGIC FOCUS
Executing our strategy for future growth and value creation
onlyDIVERSIFY PORTFOLIO
• Continue to increase weighting of portfolio to east coast markets
• Balance portfolio between land and built form projects
‒ Remain focussed on the right use product in the right markets
‒
• Executing on $75m non-core asset divestment program - c.80% complete
ersonal
ACCELERATE PIPELINE
- Optimising land bank through continuous master planning improvements
- Product diversity to meet evolving customer needs
- Continue to focus on improving operating margins
- Accelerate planning approvals and production levels to meet current and future demand
- Continued focus on improving operating cash flows
MAINTAIN STRONG
CAPITAL MANAGEMENT
- Continue to assess capital recycling opportunities
- Continue to develop FM/JV initiatives with existing and new capital partners
- Consider selective acquisitions to maintain development pipeline in line with the Group's strategic focus
Key achievements
- Full ownership of Flagstone City and University of Canberra on long dated settlement terms
- Divestment of QLD broadacre site for $80m
- 83% premium to book value
- Settlement contracted for 1H23
- Two new projects commenced development/sales in 1H22 with a further three projects to be launched 2H22
- Two built form projects acquired in 1H22; pipeline of approx. 1,000 dwellings
EUROZ HARTLEY'S ROTTNEST CONFERENCE | MARCH 2022 | 4
ENQUIRY LEVELS REMAIN STRONG
only | |
• Substantial uplift in VIC and SA due | |
to launch of new projects and new | |
stage releases | |
• WA enquiry lower due to capacity | |
constraints impacting land supply | |
ersonal use | and builder time frames |
- Expect WA enquiry levels to | |
improve post border opening | |
14000 | |||||||||||||||||||||
12000 | 11,716 | ||||||||||||||||||||
10000 | |||||||||||||||||||||
Interest | 8,896 | ||||||||||||||||||||
8000 | 7,838 | ||||||||||||||||||||
Of | 6,956 | ||||||||||||||||||||
Registrations | 6,579 | ||||||||||||||||||||
4,679 | 6,202 | ||||||||||||||||||||
6000 | 5,571 | ||||||||||||||||||||
4000 | 4,132 | 3,831 | 4,107 | 4,035 | 3,543 | ||||||||||||||||
3,219 | |||||||||||||||||||||
2000 | |||||||||||||||||||||
0 | |||||||||||||||||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | ||||||||
Quarter | |||||||||||||||||||||
FY19 | FY20 | FY21 | FY22 | ||||||||||||||||||
VIC | QLD | WA | NSW/ACT | SA | |||||||||||||||||
EUROZ HARTLEY'S ROTTNEST CONFERENCE | MARCH 2022 | 5
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Peet Limited published this content on 09 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 March 2022 01:10:10 UTC.
