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Peet delivers a solid first half performance

Key results1

  • Operating profit2 and statutory profit3 after tax of $21.9 million, up 11%
  • Earnings per share of 4.5 cents, up 11%
  • EBITDA4 margin of 33%, up 4%
  • EBITDA4 of $41.7 million, down 5% 
  • 1,077 lots settled
  • Contracts on hand5 as at 31 December 2017 of 2,434 (up 11% on 30 June 2017), with a value of $648.4 million (up 19% on 30 June 2017)
  • Gearing6 of 2.11%
  • Fully franked interim dividend of 2.0 cents per share, up 14%

Financial commentary

National property group Peet Limited today announced an operating profit2 and statutory profit3 after tax of $21.9 million for the half-year ended 31 December 2017, which represents an increase of 11% compared with the previous corresponding period.

Earnings per share were 4.5 cents, also representing an increase of 11% compared with the first half of 2017.

Peet Managing Director and CEO, Brendan Gore, said the result was underpinned by continuing strong conditions across east coast markets which saw the Group achieve strong growth in operating margins.

“While revenue and EBITDA4 were down, the Group continues to deliver on its stated strategies, resulting in strong operating margins. The reduction in revenue is attributable to the weighting of settlements into 2H18, lower englobo sales and the joint venturing of the Newhaven project in Victoria towards the end of 1H17,” said Mr Gore.

The EBITDA4 margin for 1H18 was 33%, compared to 29% for the previous corresponding period. The improved EBITDA4 margin is predominantly attributable to the strong price growth achieved
across the Victoria portfolio, the settlement of a land parcel in Rockbank (Vic) and a continuing focus on efficiencies across the business.

“Price growth continued to be achieved, particularly across the Victoria and ACT/New South Wales portfolios. The first half also saw total sales and settlements improve across the Group’s Queensland portfolio on the back of the Flagstone and Eden’s Crossing projects,” said Mr Gore.
 
During 1H18, Peet was named the WA Government’s preferred proponent as development partner for a housing project on a 220-hectare landholding in Brabham – 22 kilometres from the Perth CBD. The Brabham project will potentially yield more than 3,000 dwellings, schools and neighbourhood shops, and recreational areas. As part of this joint venture, Peet will establish a new wholesale fund with a wholesale investor to jointly develop the project, with Peet appointed as the development manager.
 
Mr Gore said final negotiations for the WA Government’s landmark Brabham project are anticipated to be completed in mid-2018.
 
Profits were increased during 1H18 while maintaining a strong balance sheet on the back of prudent capital management. The Group derived strong cash flow from operations and kept its gearing7 at the lower end of its target range of 20% to 30% – with gearing7 of 21.1% for the period, compared to 21.4% at 30 June 2017.

Operational commentary

In 1H18, the Group achieved the sale of 1,342 lots, which was a decrease of 10% on the previous corresponding period and the settlement of 1,077 lots, which was down 24% compared with 1H17.

Sales were generally in line with expectations, with the strong eastern states markets offsetting the continuing weak WA and Northern Territory markets, while the total number of settlements were affected by the weighting of settlements from Aston (Vic) and Googong (ACT/NSW) into
2H18.

As at 31 December 2017 there were 2,434 contracts on hand8 with a gross value of $648.4 million, providing strong momentum into 2H18. This compared with 2,186 contracts on hand8 as at 30 June 2017 with a gross value of $545.7 million.

The Group’s Funds Management business performed solidly in 1H18, with EBITDA9 and EBITDA9 margin both increasing, compared to the previous corresponding period.

Capital management

The Peet Group continues to apply a prudent focus on capital management and, at 31 December 2017, the Group’s gearing7 stood at 21.1%, compared to 21.4% at 30 June 2017 and 28.8% at 30 June 2016.

At the end of the reporting period, the Group had interest-bearing debt of $229.2 million, compared with $249.8 million at 30 June 2017. Approximately 97% of the Group’s interest-bearing debt was
hedged as at 31 December 2017, compared with 89% at 30 June 2017.

Peet enters 2H18 with a strong balance sheet, including cash and debt facility headroom of $139.0 million as at 31 December 2017, and a weighted average debt maturity of over two and a half years.

Dividend payments

Subsequent to 31 December 2017, the Directors have declared an interim dividend of 2.0 cents per share, fully franked, in respect of the year ending 30 June 2018, which is 14% higher than the interim dividend for the year ended 30 June 2017. 

The Dividend Reinvestment Plan remains deactivated.

Group strategy and outlook

The Peet Group continues to operate to its stated strategy which is based on leveraging the diversity of its national land bank; working in partnership with wholesale institutional and retail investors; and continuing to meet market demand for a mix of product in the growth corridors of major Australian cities.

The key elements of Peet’s strategy include:
• accelerating production where possible and appropriate, and active management of product mix;

• selective acquisition of projects to restock the pipeline with a focus on securing low cost projects and predominantly under our funds management platform and as appropriate in market conditions;

• delivery of affordable product targeted at the low and middle market segments; and

• maintaining a strong balance sheet and cash flow position.

Australian residential property market conditions continued to differ across the states and territories during 1H18, and the expectation is that this will continue for the balance of the 2018 financial year.

“Conditions across Victoria, Queensland and ACT/New South Wales are expected to remain supportive on the back of continued population growth and strong employment growth,” said Mr Gore.

“While there is some evidence that the market depth is improving in Western Australia, we do not anticipate a material improvement in sales activity in WA during the 2018 calendar year.

“Peet has a diversified national portfolio of projects that remains well-positioned to target on-going growth and value creation,” said Mr Gore.

The Group has moved into the second half of FY18 well-positioned to target earnings growth, subject to market conditions and the timing of settlements; and new projects expected to commence and already under construction, provide a positive outlook for FY19.

1 Comparative period is 31 December 2016 unless stated otherwise. The non-IFRS measures have not been audited.
2 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 includes the effects of non-cash movements in investments in associates and joint ventures. Operating profit excludes unrealised fair value gains/(losses) arising from the effect of revaluing assets and liabilities and adjustments for realised transactions outside the core ongoing business activities.
3 Statutory profit after tax means net profit measured in accordance with Australian Accounting Standards, attributable to the owners of Peet Limited. Effective tax rate for 1H18 lower due to additional tax-deductible employee benefits.
4 EDITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures.
5 Includes lot equivalents. Excludes englobo sales.
6 Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets adjusted for market value of inventory less cash, less intangible assets). Excludes syndicates consolidated under AASB10.
7 Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets adjusted for market value of inventory less cash, less intangible assets). Excludes syndicates consolidated under AASB10.
8 Includes lot equivalents. Excludes englobo sales.
9 EDITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures.

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POSTED ON 3 May 2018

The transformation of a former car manufacturing site into the dynamic Tonsley Innovation District has seen the project awarded South Australia’s top property honour at the Property Council of Australia’s Awards for Excellence.

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Whats on May - Peet Communities

What's On - May

POSTED ON 30 Apr 2018

Get involved with whats happening in our communities around the country this May! Find out what's on in your state.

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Lakelands display village

Peet Sales Centres - Easter Long Weekend Opening Hours

POSTED ON 26 Mar 2018

This Easter long weekend our Sales Centres will still be operating - but with reduced hours. Find out what days and times we will be open.

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Flagstone retails brands

Big retail brands head to Flagstone

POSTED ON 23 Mar 2018

Flagstone, one of Australia’s biggest satellite cities, is fast taking shape in South East Queensland and some of Australia’s biggest retail brands have been quick to move in!

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Peet Communities April Events

What's On - April

POSTED ON 22 Mar 2018

Get involved with whats happening in our communities around the country this April! Find out what's on in your state.

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Vision 360 feature image

Revolutionising the home buying journey

POSTED ON 6 Mar 2018

Deciding on which community you want to build your new home in has just been made easier with Peet launching a virtual reality experience that brings Peet communities to life in the hearts and minds of homebuyers – introducing Peet Vision360.

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Peet 1H18 Results Presentation

Peet delivers a solid first half performance

POSTED ON 22 Feb 2018

Peet Limited today announced an operating profit and statutory profit after tax of $21.9 million for the half-year ended 31 December 2017, which represents an increase of 11% compared with the previous corresponding period. Peet Managing Director and CEO, Brendan Gore, said the result was underpinned by continuing strong conditions across east coast markets which saw the Group achieve strong growth in operating margins.

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Tour de Wellard

What's On - March

POSTED ON 20 Feb 2018

Get involved with whats happening in our communities around the country this March! Find out what's on in your state.

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Googong Central

Googong unveils $143 million town centre

POSTED ON 19 Feb 2018

We are excited to unveil plans for our biggest expansion at Googong yet – a $143 million town centre that will bring 1800 new dwellings, 4500 residents and hundreds of jobs to the ACT region.

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Parkindula Bluestone South Australia

Parkindula Village – the new heart of Bluestone

POSTED ON 15 Feb 2018

There’s an exciting new precinct at Peet’s Bluestone, Mt Barker community in the Adelaide Hills – Parkindula Village – which is set to become a new focal point and central hub for this vibrant growing community.

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Corporate cycling day

Corporate cycling day raises funds for cancer sufferers

POSTED ON 2 Feb 2018

Important cancer research and therapy was the big winner at the annual Penny’s Hill Peloton corporate event on Saturday 20 January.

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Food trucks at Shorehaven

What's On - February

POSTED ON 23 Jan 2018

Get involved with whats happening in our communities around the country this February! Find out what's on in your state.

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Tonsley Village sales office

Introducing Tonsley Village – Adelaide’s most innovative new address

POSTED ON 16 Jan 2018

You can now be part of Tonsley Village, one of the most exciting and innovative residential developments in South Australia, which was officially launched by the Honourable Kyam Maher MLC, Minister for Manufacturing and Innovation, on Sunday 14 January.

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L-R: Toby Long (General Manager Mirvac), Tony Gallagher (Regional General Manager, Peet Limited), Malcolm Leslie (Senior Project Director, Peet Limited), Mayor Tim Overall, Councillor Michele Biscotti, James Service (Chair of Googong Township)

Googong landmarks receive new Aboriginal names

POSTED ON 27 Nov 2017

Four prominent landmarks in the new township of Googong have been given Aboriginal names in recognition of the area’s Indigenous heritage which dates back more than 20,000 years.

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FY17 Results Cover Image

Strong full year performance for Peet Group

POSTED ON 24 Aug 2017

The Peet Group today announced an operating profit and statutory profit after tax of $44.8 million for the year ended 30 June 2017, which represents an increase of 5% compared with last financial year. Managing Director and CEO, Brendan Gore, said the results were achieved on the back of continuing strong conditions across the Group’s east coast markets. “The Group has continued to achieve price growth in these key markets and particularly across the Victoria portfolio. There were also signs of improvement in the Queensland portfolio, with increased levels of enquiry and sales,” said Mr Gore.

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Peet community partnership's video thumbnail

Peet Community Partners

POSTED ON 19 Aug 2017

Supporting the community is in our DNA. Here are just some of the highlights of the wonderful local groups and organisations we have supported through our Community Partnership Program over the past year.

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Peet teams up with the 'Experts in Fun!

POSTED ON 7 Aug 2017

Our commitment to innovation keeps us looking for new ways to deliver exciting lifestyle opportunities for residents in our communities across the country. Peet is excited to have joined forces with ‘experts in fun,’ the Mamma Knows Melbourne team, in an exclusive partnership to guide the design and development of our parks and playgrounds at Cornerstone and Newhaven in the west, and Aston and Aspect in the north.

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Lego Travellers at Lakelands

Lego Travellers visit Peet Communities

POSTED ON 24 Jul 2017

Peet has been thrilled to have the Lego Travellers touring its communities in Western Australia throughout July.

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Googong Mums

Health and wellbeing at heart of Peet communities

POSTED ON 18 Jul 2017

Lifestyles are evolving and Peet is creating communities that respond to the changing needs of homebuyers at all stages of life. Not surprisingly, more residents are making the most of the shared spaces – parks and open spaces that are designed as a kind of ‘communal backyard’ with places to get active and also relax with parklands, waterways, walking and cycling trails, BBQs, shelters, and play equipment.

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Flagstone Bridge Opening

Flagstone Bridge Opening

POSTED ON 10 Jul 2017

We have a big, bold vision for Flagstone in Queensland where 12,000 homes and a complete city centre will be built over the next three decades and were excited to mark a major milestone on the project last week.

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Bradham

Peet preferred proponent for affordable housing project in Brabham

POSTED ON 5 Jul 2017

Peet is pleased to have been selected as the preferred proponent to partner with the WA Housing Authority to deliver the new Brabham project. With the potential to be home to thousands of residents with more than 3,000 dwellings, schools, neighbourhood shops and recreational areas, Brabham will be a major transit-oriented development linking the Swan Valley with the Perth CBD.

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Lakelands Shopping Centre

Doors open at Lakelands Shopping Centre

POSTED ON 27 Jun 2017

The new Lakelands Shopping Centre opened its doors to hundreds of waiting shoppers on Wednesday 21 June and is now the largest shopping centre between Mandurah and Rockingham south of Perth. The 20,000sqm centre is anchored by Coles, K-Mart and ALDI and boasts more than 40 specialty stores.

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Military Art

Military Art Program 2017 | Peet Limited

POSTED ON 1 Jun 2017

A unique exhibition of artworks from current and former serving defence personnel will be open – with some works available for sale – on the weekend of 25-26 June only at Wilkinson’s Gallery, Claremont Showgrounds. More than 100 works from participants in the Military Art Program Australia (MAPA), including representatives of Army (including SASR), Navy and Air Force, feature portraits, landscapes, abstracts and military war dogs, wildlife and other military and non-military subjects, a variety of sculptures and other works.

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First Home Super Saver Scheme Explained | Peet Limited

POSTED ON 10 May 2017

If you’re looking to take that first step on the homeownership ladder, the Federal Government’s First Home Super Saver Scheme will help you save for a deposit by salary sacrificing into your superannuation account.

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Aspect Norsta townhouses

Small Lot Houses On Trend | Peet Limited

POSTED ON 3 Apr 2017

Peet’s commitment to innovation has always been a key driver of its success. Today’s affordability pressures; changing demographics and lifestyles; and the need to limit urban sprawl have all contributed to the increased demand for smaller lots and built form options that don’t compromise on space or quality.

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Military art workshop

Art At Sea Helps WA Forces This Festive Season | Peet Limited

POSTED ON 7 Dec 2016

WA defence personnel are taking up ‘arms’ in the form of pencils and paints to help them cope with being far from family and home during this festive season. A new initiative is encouraging serving men and women to immerse themselves in drawing and painting while they are away on a tour of duty. The Art In The Field project provides individual art packs to defence bases, outposts and naval vessels to give military personnel an artistic alternative to the usual off-duty activities such as fitness, sports and games – with a high degree of therapeutic benefit.

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Major General Stuart Smith AO, DSC, Legacy Australian Ambassador and former Legacy ward launched the OLAKC in Canberra

Peet To Support Operation Legacy Australia Kokoda Challenge 2017 | Peet Limited

POSTED ON 16 Nov 2016

Major General Stuart Smith AO, DSC, Legacy Australia Ambassador and former Legacy ward, has today launched a joint initiative which will see Australian Defence Force (ADF) Members mentor Legacy youth in a leadership development challenge, to commemorate the 75th anniversary of the Kokoda Campaign.

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Peet Managing Direct and CEO, Brendan Gore, with Alongside's Sarah Yates at Peet's 120 year anniversary celebrations

Alongside Strengthens Support For Frontline Families | Peet Limited

POSTED ON 6 Sep 2016

More than half a million people make up Australia’s frontline, working as Defence or Emergency Services personnel, where exposure to trauma is unavoidable and there is an increased prevalence of mental health problems.

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Major new South Australian project for Peet Group

Peet Announces Major New Redevelopment Project In Tonsley SA | Peet Limited

POSTED ON 30 Jun 2016

The Peet Group will partner the South Australian Government in the redevelopment of the residential component of Tonsley – a major new education, industry and residential precinct just 10 kilometres from the Adelaide CBD.

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UC signing

University Of Canberra & Peet Plan $1.7 Billion Project | Peet Limited

POSTED ON 30 Jun 2016

The University and Canberra and Peet have entered a conditional agreement for the proposed development of a new and innovative residential community in the ACT.

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Coastal Lakes College image1

Education Minister opens Coastal Lakes College

POSTED ON 1 Jan 0001

Western Australian Minister for Education and Training, the Hon Sue Ellery MLC visited Peet’s Lakelands Estate on Friday 15 February to officially open the new public secondary school, Coastal Lakes College.

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Last updated: 10:07 14 Apr 2024

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