Peet Delivers Record Earnings
Peet Limited (ASX:PPC) (“The Group” or “Peet”) today announced its results for the year ended 30 June 2023.
Key Results1
• Operating profit2 and statutory profit3 after tax of $70.1 million
• Earnings per share of 14.8 cents per share
• FY23 dividends of 7.5 cents per share, fully franked
• Revenue4 of $363.7 million, with 2,594 lots settled6
• EBITDA5 margin of 29% on EBITDA5 of $107.0 million
• Net cash inflows from operations (before acquisitions) of $89.0 million
• $476.4 million worth of contracts on hand6 as at 30 June 2023
• Gearing7 of 27.7%
Financial commentary
The Peet Group achieved a record operating profit2 and statutory profit3 after tax of $70.1 million for the year ended 30 June 2023 (“FY23”), which represents an increase of 34% on the previous financial year (“FY22”) which was also a record earnings performance.
The Group derived EBITDA5 of $107.0 million during FY23, compared to $86.0 million in FY22, with an EBITDA5 margin of 29%, compared to the margin achieved in FY22 of 30%.
Peet Managing Director and Chief Executive Officer, Mr Brendan Gore commented: “The strong FY23 result is on the back of the Group’s continuing focus on monetising the high number of contracts on hand at the start of the financial year, many of which had high margins as a result of strong price growth.
“Additionally, the changing product mix, including an improved performance from medium density townhouse product; continued focus on unlocking value by appropriately managing the Group’s significant landbank; and continued focus on cost management and operational efficiencies, contributed to the Group’s record performance,” said Mr Gore.
The FY23 performance has resulted in:
• an operating and statutory earnings per share of 14.8 cents for FY23, compared to operating and statutory earnings per share of 10.8 cents in FY22; and
• strong cash inflows from operations (before acquisitions) of $89.0 million, compared to $80.1 million in FY22.
Operational commentary
Sales activity during FY23 reduced from elevated levels in FY22 (FY23: 1,399 lots8, compared to FY22: 3,163 lots8). This is attributable to a combination of external factors and the Group’s measured response to those factors.
“Multiple interest rate rises and inflationary pressures contributed to more subdued market conditions during FY23, reducing the borrowing capacity of buyers, especially of first home buyers. This, together with continued supply chain constraints and labour shortages impacting builders, has negatively impacted consumer sentiment,” said Mr Gore.
Peet has responded to the underlying market and broader economic conditions by reducing the number of new stage releases and allocating resources to the creation of lots pre-sold during the peak 2022 selling period.
“As previously communicated to the market, Peet pro-actively focussed on protecting its balance sheet and its high level of contracts on hand during FY23, resulting in strong settlements (FY23: 2,594 lots8, compared to FY22: 2,514 lots8) during the year. This was achieved by the close management of construction programs and the low cancellation rate for unconditional contracts,” said Mr Gore.
The Group enters FY24 in a strong capital position, with a still solid level of contracts on hand with a value of $476.4 million.
Capital management
The Group’s continuing focus on capital management and the monetising of contracts on hand during FY23 contributed to increased cash inflows from operations (prior to acquisitions) of $89.0 million (FY22: $80.1 million).
As at 30 June 2023 the Group had:
• gearing9 of 27.7% (30 June 2022: 29.9%);
• net interest-bearing debt10 (including Peet Bonds) of $253.3 million, compared with $245.2 million at 30 June 2022.
• cash and available debt facility headroom of $148.3 million; and
• a weighted average debt maturity of more than two years.
The Group has a strong balance sheet and sufficient financial capacity to fund the current portfolio of projects, including accelerating delivery of product, if required, to meet increases in demand.
Peet has $75 million of Peet Bonds maturing on 7 June 2024. They will be repaid on maturity via cash and available headroom in the senior debt facility and/or other refinancing options available.
Dividend
Subsequent to year end, the Directors declared a final dividend for FY23 of 4.0 cents per share, fully franked. This brings the total dividend for FY23 to 7.5 cents per share, fully franked. This compares to the FY22 dividend of 6.25 cents per share, fully franked. The final FY23 dividend is to be paid on Monday, 16 October 2023, with a record date of Monday, 11 September 2023.
Outlook
Residential markets continue to adjust from their peak as a result of interest rate increases, inflationary pressures and low consumer confidence.
“Despite markets being at or close to bottoming, and with an improvement in enquiry levels, we expect the market will require a stabilisation in interest rates before buyer confidence begins to return and market conditions begin to normalise,” said Mr Gore.
Markets remain undersupplied, with underlying fundamentals remaining positive including low unemployment, above-average wage growth, and increasing overseas migration.
“Peet will continue to focus on executing our strategic objectives and maintaining a disciplined approach to capital management. The Group remains well positioned to navigate the current environment, with a flexible delivery program in place to respond strongly to a recovery in activity and to take advantage of a shortage of market supply,” said Mr Gore.
Given the current economic backdrop, which Peet expects to persist throughout 1H24, Peet will continue to adopt a cautious approach as it enters FY24 with earnings expected to be strongly weighted to 2H24.
This announcement is authorised for release to the market by the Directors of Peet.
For investor enquiries call:
Brendan Gore
Managing Director and Chief Executive Officer
Peet Limited
(08) 9420 1111
Tom Horn
Corporate Practice Director, Australia and New Zealand
BCW Global
+61 402 733 157
Tom.Horn@bcw-global.com
1Comparative period is 30 June 2022, unless stated otherwise. The non-IFRS measures have not been audited.
2Operating 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.
3Statutory profit after tax means net profit measured in accordance with Australian Accounting Standards, attributable to the owners of Peet Limited.
4Includes statutory revenue of $318.9 million (FY22: $266.6 million) and share of net profits from associates and joint ventures of $44.8 million (FY22: $24.1 million).
5EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures.
6Includes equivalent lots.
7Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets less cash, less intangible assets).
8Includes equivalent lots.
9Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets less cash, less intangible assets).
10Including net debt of syndicates consolidated under AASB10.
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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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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.