PEET LIMITED ANNUAL REPORT 2024 | 1
GOOGONG NSW
2024
ANNUAL REPORT
PEET LIMITED ANNUAL REPORT 2024 | 3
2 |
Defining future places of
belonging
Image: Shorehaven Estate, WA
Contents
Our Business
4
FY24 Performance at a Glance
6
Group Strategy
8
Business Model
9
National Reach
10
Chairman’s Review
12
Managing Director and CEO’s Review
14
Operational and Financial Review
Development Projects
18
Funds Management Projects
20
Joint Ventures
22
Our Commitment to Sustainability
24
Corporate Calendar FY25
30
Financials
32
PEET LIMITED ANNUAL REPORT 2024 | 5
4 |
Peet is one of Australia’s leading residential
real estate developers, creating places to live
for thousands of Australians every year. Listed
on the Australian Securities Exchange (ASX)
since 2004, Peet develops masterplanned
communities, townhouses and apartments in
the major growth corridors across Australia.
Established in 1895 by founder James
Thomas Peet with a vision for Australians to
build or buy their own home, Peet has enabled
thousands of Australians to achieve their
ownership dreams.
Imagine and realise future places where lives
are enhanced by communities built on a sense
of belonging.
Our values are our shared beliefs that guide our
everyday behaviour and decision making.
People are always at
the centre of our ideas,
considerations and
decisions.
We are driven by
imagination, innovation and
future-focused thinking.
We also apply a considered
and deliberate approach to
design and solve problems
creatively.
We are tenacious,
accountable and trusted
to deliver quality.
Values
OUR
People
centric
Creative
intelligence
Unwavering
commitment
Our Business
Vision
OUR
Defining future places of belonging.
Purpose
OUR
Image: Flagstone City, QLD
6 |
Brendan Gore
Managing Director and Chief Executive Officer
FINANCIAL
1 Includes equivalent lots.
“Peet is well-positioned for FY25 with more than $480
million in contracts on hand, and subject to continuing market
conditions and the timing of settlements, expect to see
earnings growth and strong operating cash flows.”
FY24 Performance at a Glance
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 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.
3
EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures.
4
Including syndicates consolidated under AASB10
OPERATIONAL
$481.2m
72%
CONTRACTS
ON HAND
LAND BANK
ACTIVATION
2,504
LOTS SOLD1
COMPARED TO
1,399 IN FY23
2,418
LOTS SETTLED1
PEET LIMITED ANNUAL REPORT 2024 | 7
COMPARED TO
2,594 IN FY23
$36.6m
NET OPERATING
PROFIT2
-48% ON FY23
4.25c
DPS
-43% ON FY23
$1.31
NTA
2% HIGHER
THAN AT
30 JUNE 2023
$140m
CASH & AVAILABLE
FACILITY4
AT 30 JUNE 2024
21%
EBITDA3
MARGIN
-8% ON FY23
7.77c
OPERATING EARNINGS
PER SHARE
-47% ON FY23
PEET LIMITED ANNUAL REPORT 2024 | 9
8 |
Business Model
A unique funding model is one of Peet’s key differentiators. It funds development
through a combination of Company-owned Development projects, Funds
Management projects and Joint Ventures, resulting in a capital efficient business
model. Peet pioneered retail land syndication in Australia and its Funds Management
and Joint Ventures businesses manage more than 13,700 lots5 across 19 projects
providing opportunities for investors ranging from mums and dads to institutional
and wholesale investors to participate in land development projects.
Group Strategy
M
AS
TE
RP
LA
N
NE
D
C
O
M
M
UN
IT
IE
S
T
O
W
N
H
O
US
ES
AP
AR
T
M
EN
TS
D
E
V
EL
O
P
M
E
N
T
F
U
N
DS
M
A
N
A
G
E
M
E
N
T
WHOLESALE/
INSTITUTIONAL
8,085 LOTS5
$2.5bn GDV6
OWNED
19,871 LOTS5
$8.4bn GDV6
RETAIL
4,050 LOTS5
$1.2bn GDV6
JOINT VENTURES
1,601 LOTS5
$0.8bn GDV6
Strategic focus on optimising land bank for
future growth and value creation.
INVEST
in high quality
land in strategic
locations across
country
EXPAND
product offering
and geographic
presence to appeal
to wider variety
of customers
MAINTAIN
focus on capital
management
VALUE
CREATION
Masterplanned
Communities
Townhouses
Apartments
Positive environmental and social impact
Engaged and high-performing team
ENABLED BY
Pillars
STRATEGIC
5 Includes equivalent lots.
6 Gross Development Value is the forecast future sales price of the
remaining equivalent lots at 30 June 2024, subject to market conditions.
PEET LIMITED ANNUAL REPORT 2024 | 11
10 |
WA
PROJECTS
17
PROJECTS
QLD
10
PROJECTS
VIC
9
PROJECTS
SA
5
PROJECTS
NSW / ACT
3
Leading Australian developer with a
proven track record for nearly 130 years
Large, nationally diverse land bank
provides economies of scale to deliver a
wide range of product at lower cost
Proven ability to expand business into
new opportunities such as townhouses
and low-rise apartments
National Reach
33,600
44
$12.9bn
LOTS7
PROJECTS
END VALUE
7 Includes equivalent lots.
Image: Eden’s Crossing, QLD
PEET LIMITED ANNUAL REPORT 2024 | 13
12 |
12 Includes final FY24 dividend of 2.75 cents per share.
I am pleased to present the Annual Report for the year
ended 30 June 2024.
Throughout FY24, there were mixed operating
conditions across the country reinforcing the value
of our geographically diversified portfolio. Peet’s
high-quality projects and strong record of navigating
challenging market cycles ensured we were well
positioned to respond. Through the execution of
our strategy, disciplined approach to capital and
the solid price growth experienced in WA, SA and
QLD, the Group has delivered a solid result in line
with expectations.
Peet achieved operating profit8 and statutory profit9
after tax of $36.6 million for FY24, compared to
$70.1 million in FY23. The Group derived $66.7 million
in EBITDA10 during FY24 with an EBITDA10 margin
of 21%, compared to the margin achieved in FY23
of 29%.
As we enter FY25, our contracts on hand benefit from
price growth achieved during FY24 and provide the
Group with a positive starting position and visibility
of earnings for the year ahead.
Peet Managing Director and CEO, Brendan Gore,
will provide a more detailed overview of our FY24
performance and future outlook in his
operational review.
Disciplined Capital Management
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.
More than 70% of the estates in the Group’s land
bank were under development as at 30 June 2024,
with this expected to increase to approximately
84% over the next three years. Gearing11 was
34.8% as at 30 June 2024, following the acquisition
of the University of Canberra project, payment of
instalments for Flagstone (Qld) and the increased
development spend following strong sales activity.
With more than $480 million of contracts on hand
as at 30 June 2024, gearing11 is expected to
trend down during FY25 and cash inflows from
operations (excluding any payments for land) are
expected to increase materially.
During FY24, Peet:
• extended its on-market share buy-back of up
to 5% of issued ordinary shares. As at 30 June
2024, we had acquired 21.0 million of our ordinary
shares, representing approximately 86% of the
total shares to be acquired; and
• refinanced $75 million of wholesale bonds
(matured on 7 June 2024) via a new issue of
$75 million of wholesale bonds, maturing 30
September 2029.
Since year end, the Company announced that the
on-market share buy-back has been extended for
a further 12 months to 1 September 2025.
Strong Shareholder Returns
Peet is pleased to have returned $201 million12
to shareholders since FY18 through fully franked
dividends and our ongoing on-market share
buy-back. Our disciplined application of our capital
management framework and strong balance
sheet drives shareholder benefits as our financial
performance improves.
Subsequent to year end, the Directors declared a
final dividend for FY24 of 2.75 cents per share, fully
franked. This brings the total dividend for FY24 to
4.25 cents per share, fully franked. This compares
to the FY23 dividend of 7.5 cents per share, fully
franked. The final FY24 dividend is to be paid on
Monday, 14 October 2024, with a record date of
Wednesday, 11 September 2024.
As announced when Peet released its FY24 results,
I have advised the Board that I shall retire from my
position as Director and Chairman of Peet Limited,
effective at the conclusion of the 2024 Annual
General Meeting.
“Through the disciplined application
of our capital management
framework and strong balance
sheet, we are pleased to
have returned $201 million to
shareholders since FY18.”
It has been a privilege to lead the company for over
40 years and see its evolution into the modern and
successful business it is today. Throughout that
period the company has experienced considerable
growth, from listing on the ASX in 2004, to our
national expansion and acquisition of CIC Australia.
Peet has established an exceptional reputation in
the marketplace, which is underpinned by our strong
relationships with capital and project partners.
Next year Peet will celebrate its 130-year
anniversary, and I’m proud to be leaving the business
in a strong position for growth and continued
success into the future. We have an exceptional land
bank of properties for development across Australia.
I leave the challenge now for the Board and
management to maximise returns to shareholders.
Congratulations to Greg Wall AM who will
become the Chairman of the Peet Board following
my retirement. Greg has significant corporate
experience, both as a successful CEO and company
director, and I wish him the best in his role as
Chairman of Peet.
Finally, I would like to thank and recognise my fellow
Non-executive Directors and Managing Director and
CEO, Brendan Gore, and extend our appreciation to
our shareholders, partners and key stakeholders for
their ongoing support of Peet and our management
team. We look forward to sharing our progress with
you throughout the next 12 months.
Tony Lennon
Chairman
Chairman’s Review
8 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.
9 Statutory profit after tax means net profit measured in accordance with Australian Accounting Standards, attributable to the owners of Peet Limited.
10 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures.
11 Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets less cash, less intangible assets).
PEET LIMITED ANNUAL REPORT 2024 | 15
14 |
Dear Shareholders,
I am pleased to report on the Group’s performance
for the year ended 30 June 2024. FY24 delivered
a solid result in line with expectations, while
maintaining a strong balance sheet and executing on
our strategic objectives.
FY24 Results Highlights
The Peet Group achieved an operating profit13 and
statutory profit14 after tax of $36.6 million for the
year ended 30 June 2024, compared to $70.1 million
in FY24.
The Group reported EBITDA15 of $66.6 million during
FY24, compared to $107.0 million in FY23, with an
EBITDA15 margin of 21%, compared to the margin
achieved in FY23 of 29%.
While FY24 saw mixed operating conditions across
the country, the Group achieved 2,504 sales16
compared to 1,399 sales16 in FY23 (up 79%), with
strong residential markets prevailing in WA, Qld and
SA partially offsetting those in Vic and ACT/NSW.
While conditions in Vic and ACT/NSW were less
favourable, Peet’s current view is that these
markets are likely at or approaching the bottom of
their respective cycles, and are well positioned for
a market recovery.
The market conditions across the Vic and ACT/NSW
markets, where Peet has a number of high-margin
projects, has resulted in lower sales and settlements
in those markets. Furthermore, the sale of New
Beith (Qld) in FY23 was another contributing factor
to the reduction in EBITDA and the EBITDA margin.
The Group achieved 2,418 settlements16 across
its Development, Funds Management and Joint
Venture projects in FY24, compared to 2,594
settlements16 in FY23 (down 7%).
Heading into FY25, conditions in WA, Qld and
SA continue to be strong supported by enquiries
at elevated levels, while Vic and ACT/NSW
continue to be challenging although enquiry
trends have improved.
As at 30 June 2024, the Group had $481.2 million
worth of contracts on hand.
Delivering against our strategy
Peet is well positioned for growth and value creation
through the execution of our strategic objectives
for FY25 and beyond. The Group’s land bank has
an average age of 13 years and is weighted to
the undersupplied east coast markets. With our
key projects having environmental and planning
approvals in place, and our strong balance sheet, we
are well-positioned to accelerate production delivery
to align with sales demand.
Peet will continue to balance our portfolio between
land and built form projects, with a focus on
increasing the Group’s townhouse pipeline by
targeting infill opportunities in major capital cities.
Over the next three years, Peet has eight new
projects, fully funded, to commence development
which will increase our land bank activation to
c. 84%.
Maintaining a disciplined approach to capital
management will continue to be a core focus,
including improving operating cash flows and
reducing gearing. The Group will continue to
consider capital management initiatives to further
improve shareholder returns, including via the on-
market share buy-back, which has reduced shares
on issue by 4%.
Sustainability
Our purpose of Defining future places of belonging
and our values are central to everything we do
across our operations nationally. Our holistic
approach to sustainability aims to create a positive
impact across environmental and social pillars,
underpinned by a strong governance framework.
We prioritise initiatives that provide value and
benefit for our various stakeholders, including our
people, project partners, customers, communities
and shareholders.
Supporting the mental wellbeing of our people
and residents living in our communities remains
a primary focus within our social sustainability
strategy. Our goal is to cultivate places that are
supportive and inclusive, where people feel
they belong. Peet’s partnership with Black Dog
Institute and our mental health ambassadors, Perth
Scorchers’ players Jason Behrendorff and Piepa
Cleary, enable Peet to deliver a comprehensive
program of mental health education programs within
the workplace and in our communities.
Through sport, we further extend community
belonging and positive physical and mental
wellbeing through our partnerships with the Perth
Scorchers and the WA Cricket Foundation. Through
all-abilities cricket workshops and supporting
leadership programs for young Aboriginal people
and young women, we are making a meaningful
impact within the community.
In FY24, we were pleased to launch our Reflect
Reconciliation Action Plan (RAP), formalising our
long history of consulting and collaborating with
Aboriginal and Torres Strait Islander Peoples across
the country for many years. The RAP underpins
our commitment to reconciliation and respectful
and consistent cultural engagement across our
projects nationally.
Managing Director
and CEO’s Review
13 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.
14 Statutory profit after tax means net profit measured in accordance with Australian Accounting Standards, attributable to the owners of Peet Limited.
15 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures.
16 Includes equivalent lots.
PEET LIMITED ANNUAL REPORT 2024 | 17
16 |
Image: Fort Largs, SA
Group Outlook
Peet expects that mixed market conditions will
prevail during FY25. Demand and price growth is
expected to continue in WA, Qld and SA, although
will likely moderate. Residential markets in Vic and
ACT/NSW are expected to remain challenging,
although improvements in enquiries indicate to Peet
that these markets are likely to be close to or at the
bottom of their respective cycles.
Markets generally remain undersupplied, with
underlying fundamentals remaining positive
including low unemployment, wage growth and
continuing elevated levels of 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, including having projects in Vic and
ACT/NSW that are ready to benefit from a recovery
in those markets and the capital to implement an
appropriate delivery program in response.
Peet is well-positioned for FY25 with more than
$480 million in contracts on hand, and subject to
continuing market conditions and the timing of
settlements, expects to see earnings growth and
strong operating cash flows. The high level of sales
activity and price growth during FY24 supports an
expectation of improved performance in FY25.
I would like to take the opportunity to thank and
acknowledge Tony Lennon as he retires from his
position as Chairman of the Peet Limited Board at
the upcoming AGM. Across four decades, Tony
has provided stewardship during a period that has
seen Peet grow into one of the largest and most
respected residential developers in Australia. Tony’s
commercial acumen and philanthropy is highly
regarded amongst the business community and
on behalf of the Board and Peet team, I would like
to congratulate Tony on the legacy he has built
and extend our heartfelt thanks for the significant
contribution made at Peet over many years.
I’d like to recognise the appointment of Greg Wall AM
to Chairman of Peet Limited and I look forward to
working with Greg and the Board as we continue
to grow the business. Thank you to the entire
Peet Board for its support and guidance and to the
management team and staff for their unwavering
commitment in executing on the Group Strategy.
Lastly, thank you to our valued shareholders and
partners for your continued support.
Brendan Gore
Managing Director and
Chief Executive Officer
“Peet has strong visibility on FY25
earnings and will continue to
assess opportunities to maximise
market cycles to unlock value
where appropriate.”
PEET LIMITED ANNUAL REPORT 2024 | 19
18 |
17 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures.
18 Before inter-segment transfers and other unallocated items.
19 By number of lots.
20 Includes equivalent lots.
21 Gross Development Value is the forecast future sales price of the remaining equivalent lots at 30 June 2024, subject to market conditions.
Peet’s Development projects are 100% owned by Peet and held on its balance
sheet. 100% of returns are collected upon development, sale and settlement of
these projects, generating solid margins.
19,871 lots20
OF GROUP’S
LAND BANK
GDV21
$8.4bn
59%
COMPRISED19
Development Projects
OPERATIONAL AND FINANCIAL REVIEW
47%
OF EBITDA17,18
PEET LIMITED ANNUAL REPORT 2024 | 19
Image: Woodville Road, SA
LOTS22 SOLD
776
FY24
616 FY23
804
FY24
769 FY23
$225.0m
FY24
$265.1m FY23
$37.2m
FY24
$58.2m FY23
17%
FY24
22% FY23
LOTS22 SETTLED
REVENUE
EBITDA23
EBITDA23 MARGIN
22 Includes equivalent lots.
23 EBITDA is a non-IFRIS measure and is calculated before
inter-segment transfers and other unallocated items.
PEET LIMITED ANNUAL REPORT 2024 | 21
20 |
PEET LIMITED ANNUAL REPORT 2024 | 21
Image: Newhaven, VIC
The Peet Group manages a number of projects on behalf of land syndicates using
funds raised from a combination of wholesale, institutional and retail investors. It
also manages projects under project management and co-investment arrangements.
This provides Peet a capital efficient profit source which is difficult to replicate while
also providing long-term earnings visibility.
29%
of EBITDA24,25
24 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates.
25 Before inter-segment transfers and other unallocated items.
26 By number of lots.
27 Includes equivalent lots.
28 Gross Development Value is the forecast future sales price of the remaining equivalent lots at 30 June 2024, subject to market conditions.
OPERATIONAL AND FINANCIAL REVIEW
Funds Management Projects
12,135 lots27
OF GROUP’S
LAND BANK
GDV28
$3.7bn
36%
COMPRISED26
LOTS29 SOLD
1,496
FY24
521 FY23
1,277
FY24
1,137 FY23
$32.8m
FY24
$33.9m FY23
$22.4m
FY24
$21.7m FY23
68%
FY24
64% FY23
LOTS29 SETTLED
REVENUE30
EBITDA31,32
EBITDA31,32 MARGIN
29 Includes equivalent lots.
30 Includes share of net profit of equity accounted investments.
31 EBITDA is a non-IFRS measure that includes effects of non-cash
movements in investments in associates.
32 Before inter-segment transfers and other unallocated items.
PEET LIMITED ANNUAL REPORT 2024 | 23
22 |
The Peet Group has a number of high-profile joint venture projects, which
are generally entered into with Governments, statutory authorities, private
land owners or partner developers.
34%
of EBITDA26,27
33 EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in joint ventures.
34 Before inter-segment transfers and other unallocated items.
35 By number of lots.
36 Includes equivalent lots.
37 Gross Development Value is the forecast future sales price of the remaining equivalent lots at 30 June 2024, subject to market conditions.
OPERATIONAL AND FINANCIAL REVIEW
Joint Ventures
1,601 lots36
OF GROUP’S
LAND BANK
GDV37
$0.8bn
5%
COMPRISED35
24%
of EBITDA33,34
PEET LIMITED ANNUAL REPORT 2024 | 23
Image: Googong, NSW
LOTS38 SOLD
232
FY24
262 FY23
337
FY24
688 FY23
$42.9m
FY24
$64.2m FY23
$18.6m
FY24
$41.3m FY23
43%
FY24
64% FY23
LOTS38 SETTLED
REVENUE39
EBITDA40,41
EBITDA40,41 MARGIN
38 Includes equivalent lots.
39 Includes share of net profit of equity accounted investments.
40 EBITDA is a non-IFRS measure that includes effects of non-cash
movements in investments in joint ventures.
41 Before inter-segment transfers and other unallocated items.
24 |
Image: Bluestone Mt Barker, SA
Our Sustainability Approach:
As a leading residential developer with a national footprint, our approach focuses
on sustainable practices to create long-term shared value for our communities,
shareholders and people.
Our Purpose:
Defining future places of belonging
Our Commitment
to Sustainability
ENVIRONMENT | SOCIAL | GOVERNANCE
• Water conservation and recycling
• Use of solar and energy reduction in building design
• Long history of operating in highly environmentally regulated industry
• Biodiversity and land restoration
• Ethical and responsible business practices
• Robust risk management framework
• Board Charter and Corporate Governance Statement
• Employee diversity, wellbeing and engagement
• Building strong community partnerships
• Providing opportunities for affordable housing for homebuyers
ENVIRONMENTALLY CONSCIOUS DEVELOPMENT, including:
A TRUSTED PARTNER AND SUSTAINABLE BUSINESS
POSITIVE SOCIAL IMPACT IN OUR COMMUNITIES AND TEAM
PEET LIMITED ANNUAL REPORT 2024 | 25
Linear Park and Wetlands Upgrade at Bluestone Mt Barker, SA
Environmental sustainability and innovation
are a key focus at Bluestone, with the
masterplan thoughtfully designed around
the retention of trees, delivery of generous
open space and seamless integration
between the environment and surrounds.
Over a two-year period, the Bluestone
Linear Park and Wetlands were upgraded to
improve water quality, reduce stormwater
runoff and promote wildlife habitation.
Ensuring the wetland is part of a linear
park system provides valuable stormwater
management and protection for plant and
animal life in the area. Accurately mapping
and linking its waterways is intended
to serve multiple objectives, including
preventing erosion, flood protection,
stormwater treatment, and enhancing
biodiversity and habitat opportunities for
flora and fauna.
The rehabilitation of the creek line,
reinstating a natural watercourse,
use of recycled products throughout
construction works and the use of
recycled water in reserve irrigation
demonstrate the innovative approach
to embedding sustainability throughout
the estate.
By providing the necessary infrastructure
support for the wetland to thrive and
integrating walking trails and connection to
open spaces, Peet has delivered fantastic
recreational facilities for the community to
enjoy for generations to come.
Bluestone Mt Barker was awarded
Best Master Planned Community at the
2024 UDIA SA Awards for Excellence.
PEET LIMITED ANNUAL REPORT 2024 | 27
Perth Scorchers Community Cricket Days in Peet communities
Peet has a proud history of actively
supporting the community through
partnerships that align with our purpose
and deliver shared value. By partnering with
like-minded organisations that share our
values, we can work together to make a
meaningful difference.
As a Group, we prioritise social initiatives
that can have a tangible impact for our
residents and our people. With a strong
focus on community, we support mental
and physical wellbeing, diversity and
inclusion and provide opportunities for
social connection to create a sense of
belonging.
Peet is a proud supporter of cricket in
Western Australia as a Partner of the Perth
Scorchers men’s and women’s teams
and the WA Cricket Foundation through
its Aboriginal Young Leaders and Social
Leaders for Young Women programs.
These partnerships have provided an
important platform to leverage the game
of cricket to enhance belonging, develop
leadership skills and support mental and
physical wellbeing within the community.
Through Peet’s partnership with mental
health research provider Black Dog Institute,
and our mental health ambassadors,
Perth Scorchers’ players Jason Behrendorff
and Piepa Cleary, we have delivered a
program of workplace and community
mental health education workshops.
Community workshops are integrated with
existing community groups to reduce the
stigma around having conversations about
mental health and provide practical tips and
information for those that may need support.
Positive Social Outcomes Through Partnerships
Peet providing match day experiences for a participant
of the Aboriginal Young Leaders program
26 |
Jason Behrendorff at the Brabham Blokes mental health community workshop
PEET LIMITED ANNUAL REPORT 2024 | 29
28 |
The Woodville Rd development, located 8km from the
Adelaide CBD, comprises 185 dwellings including both
terrace homes and apartments.
Acquired from Renewal SA, the project included an
affordability mandate, with Peet committing to 45%
affordable housing across the precinct.
To deliver on the project’s objectives, Peet partnered
with Junction Housing to access the National Housing
Infrastructure Facility from Housing Australia, which
provides loans and grants for critical infrastructure to
unlock and accelerate new affordable housing supply.
The successful application allowed Peet to access
critical infrastructure funding, and Junction Housing to
acquire 40 homes within the project, which will provide
long-term affordable rental opportunities to its tenants.
The Peet masterplan adopted a fully integrated design
for all built form in the project to seamlessly deliver
high quality housing in a higher density setting. The
boutique community is centred around convenience
and connection, with the Woodville Railway Station
on its doorstep and the retail and recreational amenity
of St Clair and Woodville readily accessible. These
affordable homes are 100% electric and have seen
strong demand particularly from First Home Buyers.
Peet’s innovative and purpose-led approach has
delivered a high-quality urban infill project and
ensured its 45% affordable housing target was
successfully achieved.
Delivering affordable outcomes at Woodville Rd
Tempo Apartments artist impression, Woodville Rd
Googong Water Recycling Plant
Purpose-designed, large-scale, water efficient community at Googong
A significant milestone was reached for the $138
million Integrated Water Cycle (IWC) system at
Googong in NSW with the completion of the final
stage of the Water Recycling Plant (WRP) and
Water Reservoirs.
The IWC will result in Googong being one of Australia’s
first, purpose-designed, large-scale, water efficient
communities. Googong Township’s eventual 18,000
residents will use approximately the same amount
of potable drinking water as only 6,500 would in a
regular development.
Central to the IWC and a 60% potable water reduction
target is a state-of-the-art WRP that treats all Googong’s
wastewater and produces fit-for-purpose recycled
water for distribution back to the Township.
The WRP has a treatment train that includes physical
screening, biological breakdown of nutrient matter,
secondary and tertiary filtration, UV treatment
and chlorine disinfection. The compact membrane
bioreactor enables virtually the entire treatment
process to be fully enclosed and connected to odour
pipework, which extracts air through a carbon filter and
vent stack. This has allowed the development buffer
zone around the WRP to be significantly reduced
at approximately half that of a conventional sewage
treatment plant with the same operating capacity.
PEET LIMITED ANNUAL REPORT 2024 | 31
30 |
30 |
22 August 2024
Release of results for FY24
11 September 2024
Record date for FY24 final dividend of 2.75 cents per share
27 September 2024
Annual Report and Notice of 2024 AGM dispatched to shareholders
30 September 2024
Interest payment date for unlisted bonds issued in 2021 and 2024
14 October 2024
Payment date for FY24 final dividend of 2.75 cents per share
30 October 2024
2024 AGM
31 December 2024
Interest payment date for unlisted bonds issued in 2021
February 2025
Release of results for 1H25
31 March 2025
Interest payment date for unlisted bonds issued in 2021 and 2024
30 June 2025
Interest payment date for unlisted bonds issued in 2021
Corporate Calendar FY25
PEET LIMITED ANNUAL REPORT 2024 | 31
PEET LIMITED | ANNUAL REPORT 2024 | 33
PEET LIMITED | ANNUAL REPORT 2024 | 32
Directors’ Report
Year ended 30 June 2024
Your Directors present their report on the Consolidated Entity consisting of Peet Limited (the Parent Entity or the
Company) and the entities it controlled at the end of, or during, the financial year ended 30 June 2024 (the Group).
1. DIRECTORS
The following persons were Directors of the Company during part or the whole of the financial year and up to the date
of this report:
ANTHONY WAYNE LENNON (TONY),
FAICD
NON-EXECUTIVE CHAIRMAN
Mr Lennon has extensive general commercial experience and particularly in the property industry. He is currently a
member of Peet’s Nomination Committee.
Mr Lennon is a Fellow of the Australian Institute of Company Directors and an Associate of the Australian
Property Institute.
His industry service has included State Government appointed roles as Chairman of both the Perth Inner City Living
Taskforce and the Residential Densities Review Taskforce. He was also President of The Real Estate Institute of
Western Australia and a Member of the Commercial Tribunal (Commercial Tenancies).
Mr Lennon is a former President of Western Australia’s Shire of Peppermint Grove and Deputy Chairman of the National
Board of the Australia Day Council. He is also a former Chairman of the Curtin Aged Persons Foundation and a founding
Director of the Wearne and the Riversea Hostels for the Aged, both of which are locally initiated and managed
community facilities. He is a World Fellow Member of The Duke of Edinburgh’s International Award.
BRENDAN GORE,
BComm, FAICD, FCPA, FCIS, FGIA
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
Mr Gore has been Managing Director and Chief Executive Officer (CEO) of Peet Limited since 2007, successfully
leading the company’s strategy through its land bank expansion, diversification of its product offering and developing
key new partnerships with Government and major institutions. He is also a member of Peet’s Nomination Committee.
Mr Gore’s appointment to the position of Managing Director and CEO followed experience in two other key executive
roles within the Company. He began with Peet as Chief Financial Officer and played a key role in expanding the
Company’s scope of activities and growing its core residential development and land syndication businesses.
Mr Gore’s period in senior executive roles at Peet Limited was preceded by more than two decades’ experience in a
range of senior corporate, commercial, and operational positions where he gained extensive experience in large scale
operations, strategy development and implementation, as well as expertise in debt and equity markets.
He developed a reputation as a strong leader, with operational responsibilities across local and State Government
relations, environmental and sustainability management and occupational health and safety.
Mr Gore is a qualified accountant and a Fellow of CPA Australia. He is also a Fellow of the Australian Institute of
Company Directors and a Fellow of the Governance Institute of Australia.
Contents
Directors’ Report............................................................................................................................................................... 33
Auditor’s Independence Declaration................................................................................................................................. 63
Corporate Governance Statement.....................................................................................................................................64
Financial Report................................................................................................................................................................. 65
Consolidated Entity Disclosure Statement...................................................................................................................... 102
Directors’ Declaration...................................................................................................................................................... 104
Independent Auditor’s Report to the Members of Peet Limited.................................................................................... 105
Financials
2024
PEET LIMITED | ANNUAL REPORT 2024 | 35
PEET LIMITED | ANNUAL REPORT 2024 | 34
Directors’ Report
Year ended 30 June 2024
VICKI KRAUSE,
BJuris LLB W.Aust, GAICD
INDEPENDENT NON-EXECUTIVE DIRECTOR
Ms Krause was appointed to the Board of Peet Limited in April 2014.
An experienced commercial lawyer, Ms Krause had a 25 year career as a senior corporate executive with the
Wesfarmers Group, including seven years as its Chief Legal Counsel.
She supported successful outcomes in numerous significant acquisitions (including listed companies, trade sales and a
privatisation) and divestments.
As Chief Legal Counsel and a member of the Wesfarmers Executive Committee, Ms Krause led a large legal team and
was responsible for the provision of legal advice and strategic planning in relation to the management of legal risk in the
Wesfarmers Group with key outputs including the evaluation and completion of major business projects and major
supply arrangements.
Ms Krause has completed the PMD Management Course at Harvard Business School.
She is a former director of Western Power.
Ms Krause retired from the Board of Peet Limited at the 2023 Annual General Meeting in October 2023.
ROBERT MCKINNON (BOB),
FCPA, FCIS, FGIA, MAICD
LEAD INDEPENDENT NON-EXECUTIVE DIRECTOR
Appointed as Non-executive Director in May 2014, Mr McKinnon had 40 years’ experience in finance and general
management positions in the light manufacturing and industrial sectors in Australia, New Zealand, and Canada.
He was the former Managing Director of Austal Ships and Fleetwood Corporation Limited and spent 28 years with
Capral Aluminium (formerly Alcan Australia) in various financial and senior executive positions.
Mr McKinnon was a director of DGL Group Limited; the former non-executive chairman of M8 Sustainable Limited; and
was a non-executive director of Bankwest, Brierty Limited, Programmed Maintenance Services Limited and Tox Free
Solutions Limited.
Mr McKinnon retired from the Board of Peet Limited at the 2023 Annual General Meeting in October 2023.
MARGARET KENNEDY,
BComm, GAICD
INDEPENDENT NON-EXECUTIVE DIRECTOR
Ms Kennedy, appointed to the Board in August 2023, is an experienced non-executive director currently holding
non-executive director roles on the boards of Hobart International Airport Limited, Challenger Retirement and
Investment Services Limited and AMOG Holdings Pty Ltd.
She is currently Chairman of Peet’s Remuneration Committee and a member of its Audit & Risk Management and
Nomination Committees.
Ms Kennedy was previously a director of Senex Energy Limited from April 2021 until its delisting in April 2022 and has
over 30 years’ experience holding various executive roles for Shell Australia, Viva Energy Australia and Viva Energy REIT
(now Waypoint REIT) where she led the public listing and was the inaugural CEO.
She is also a non-executive director of Loreto Ministries Limited, a not-for-profit public company responsible for the
governance of a number of schools in Australia.
1. DIRECTORS continued
ANTHONY JAMES LENNON (ANTHONY),
BA, Grad Dip Bus Admin, MAICD
NON-EXECUTIVE DIRECTOR
Mr Lennon joined Peet in 1991 and became a Director in 1996.
He moved to Victoria to establish Peet’s operations in Australia’s eastern states and oversaw significant
expansion. He is currently Chairman of Peet’s Nomination Committee and a member of its Audit and Risk
Management Committee.
Before joining the Company, Mr Lennon worked in the United Kingdom, working for major international construction and
development company, John Laing PLC. His time with this global company saw him gain valuable experience in
property planning, marketing, feasibility analysis and project management.
Mr Lennon’s responsibilities during his career with Peet included project management, broadacre acquisitions,
marketing, and financing and a six-year term as Chairman of one of WA’s largest conveyancing businesses.
Until his transition from Executive to Non-executive Director, Mr Lennon was Peet Limited’s National Business
Development Director.
He is Chairman of Habitat for Humanity (Vic). Part of a worldwide organisation, it is a registered charity which assists
low-income families into affordable home ownership and out of the rental market by providing zero interest mortgages.
TREVOR ALLEN,
BComm (Hons), CA, FF, FAICD
INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr Allen joined Peet in April 2012, with almost four decades of experience in the corporate and financial sectors,
primarily as a corporate and financial advisor to Australian and international public and privately-owned companies.
Mr Allen currently Chairs Peet’s Audit & Risk Management Committee and is a member of its Remuneration and
Nomination Committees.
Mr Allen is also non-executive director of TopCo Investments Pte Ltd, a Singapore company which is the holding
company of Real Pet Food Company Limited, where he co-chairs its Audit and Finance Committee and is a member of
its Risk and Sustainability Committee. He has been a director of TopCo Investments Pte Ltd since August 2018.
Mr Allen was previously a non-executive director of FleetPartners Group Limited (formerly Eclipx Group Limited) for
nearly 9 years, retiring from that position in January 2024.
Prior to Mr Allen’s non-executive roles, he held senior executive positions including Executive Director Corporate
Finance at SBC Warburg (now part of UBS), at Baring Brothers and as a Corporate Finance Partner at KPMG. At the
time of his retirement from KPMG in 2011 he was the lead partner in its National Mergers and Acquisitions group.
PEET LIMITED | ANNUAL REPORT 2024 | 37
PEET LIMITED | ANNUAL REPORT 2024 | 36
Directors’ Report
Year ended 30 June 2024
2. PRINCIPAL ACTIVITIES
The Group acquires, develops and markets residential land.
Peet was founded in Western Australia in 1895 and has expanded over the years to become Australia’s largest
pure-play residential developer. Peet has been listed on the ASX since 2004 and is focused on creating high-quality
master-planned residential communities for homebuyers across Australia, and achieving the best possible results
for its shareholders, investors and partners who include State and Federal Government agencies and major
Australian institutions.
As at 30 June 2024, the Group employed 193 people in offices throughout Australia and managed and marketed a land
bank of more than 33,600 lots in the growth corridors of major mainland Australian cities.
3. REVIEW OF OPERATIONS AND CONSOLIDATED RESULTS
OPERATING AND FINANCIAL REVIEW
KEY RESULTS 1
• Operating profit2 and statutory profit3 after tax of $36.6 million
• Earnings per share of 7.77 cents per share
• FY24 dividends of 4.25 cents per share, fully franked
• 2,504 lots sold4
• Revenue5 of $314.4 million, with 2,418 lots settled4
• EBITDA6 margin of 21% on EBITDA6 of $66.7 million
• $481.2 million worth of contracts on hand4 as at 30 June 2024
• Gearing7 of 34.8%
FINANCIAL COMMENTARY
The Peet Group achieved operating profit2 and statutory profit3 after tax of $36.6 million for the year ended 30 June
2024 (FY24), compared to $70.1 million in the previous financial year (FY23).
FY24 saw mixed operating conditions across the country, with strong residential markets in WA, Qld and SA partially
offsetting those in Vic and ACT/NSW. Heading into FY25, conditions in WA, Qld and SA continue to be strong
supported by enquiries at elevated levels, while Vic and ACT/NSW continue to be challenging although enquiry trends
have improved.
The Group derived EBITDA6 of $66.6 million during FY24, compared to $107.0 million in FY23, with an EBITDA6 margin
of 21%, compared to the margin achieved in FY23 of 29%. The reduction in EBITDA6 and the EBITDA6 margin is
attributable to:
• challenging market conditions across the Vic and ACT/NSW markets, where the Company has several high-margin
projects, resulting in lower sales and settlements; and
• the settlement of the New Beith (Qld)8 property in FY23.
The performance has resulted in an operating and statutory earnings per share of 7.77 cents for FY24, compared to
operating and statutory earnings per share of 14.79 cents in FY23.
1. DIRECTORS continued
MICHELLE TIERNEY,
B.Arts Journalism & Communication, Post Grad Dip. Bus Admin., MBA, GAICD
INDEPENDENT NON-EXECUTIVE DIRECTOR
Appointed to the Board in August 2023, Ms Tierney has more than 30 years’ experience in the property industry as a
board member and senior executive across Australian Securities Exchange and New Zealand Stock Exchange
organisations.
Ms Tierney’s experience within the property sector includes in disciplines such as funds management, real estate
investment, property and asset management, general management, transformation, strategy development and
execution and sustainability.
She is currently a member of Peet’s Audit & Risk Management, Remuneration and Nomination Committees, and is
currently a non-executive director of Stride Property Group and Growthpoint Properties Australia.
Ms Tierney is a non-executive director of Cotton Research & Development Corporation (CRDC). The CRDC is focussed
on enhancing the performance of the Australian cotton industry through investing in research and development, and
its application.
Ms Tierney is also a non-executive director of Uniting NSW.ACT, one of the largest not-for-profit organisations in
Australia offering over 550 services across NSW and the ACT in the areas of aged care, retirement and independent
living, early learning, disability, chaplaincy and community services.
Ms Tierney is a member of the NSW Domestic and Family Violence and Sexual Assault Corporate Leadership Group,
the Property Council of Australia’s Indigenous Advisory Group and Women on Boards.
Her executive and senior management experience included being the Chief Operating Officer of ASX 100 company
Region Property Group (formerly SCA Property Group) in Australia, General Manager of Business Development and
Strategy for the National Australia Bank Global Institutional Bank, Fund Manager of the $3.8b GPT Wholesale Shopping
Centre Fund and Head of Property and Asset Management and Executive Leadership Team member for ASX50
company The GPT Group.
GREG WALL AM,
MA, FAICD, FFIN
INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr Wall was appointed to the Board of Peet Limited in August 2023 with over three decades of executive experience in
retail and commercial banking and financial services. He is currently a member of Peet’s Audit and Risk Management,
Remuneration and Nomination Committees.
He was the former State Manager of Challenge Bank, CEO of StateWest, Managing Director of Home Building Society
Ltd and Group CEO of Capricorn.
Mr Wall has extensive experience as a non-executive director including Automotive Holdings Group, Gold Estates
(1903) Ltd and International Cooperative Alliance. He has also been Chairman of Freo Group and of Business Council of
Cooperatives and Mutuals.
He also has experience as director of community and not for profits such as WA Football Commission, Fremantle
Football Club, Ear Science Institute and Edith Cowan University and was Chairman of the Australian Secretariat of
United Nations International Year 2012.
Mr Wall is currently Chairman of Margaret River Wine Association and was made a Member of the Order of Australia in
the 2019 Queens birthday honours list.
1
Comparative period is 30 June 2023, 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 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.
3
Statutory profit after tax means net profit measured in accordance with Australian Accounting Standards, attributable to the owners of Peet Limited.
4
Includes equivalent lots.
5
Includes statutory revenue of $292.6 million (FY23: $318.9 million) and share of net profits from associates and joint ventures of $21.8 million (FY23: $44.8 million).
6
EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures.
7
Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets less cash, less intangible assets).
8
Settled in FY23 for circa $80 million (including GST).
PEET LIMITED | ANNUAL REPORT 2024 | 39
PEET LIMITED | ANNUAL REPORT 2024 | 38
Directors’ Report
Year ended 30 June 2024
Funds Management projects
Key highlights
FY24
FY23
Var (%)
Lot sales12
1,496
521
187%
Lot settlements12
1,277
1,137
12%
Revenue
$24.3m
$19.4m
25%
Share of net profit of equity accounted investments
$8.5m
$14.5m
(41%)
EBITDA13
$22.4m
$21.7m
3%
EBITDA13 margin
68%
64%
4%
The performance of the Group’s Funds Management projects is predominantly driven by sales from syndicates and
settlements from co-investment projects. Higher sales in FY24, particularly across the Group’s WA Funds Management
projects, compared to FY23, has resulted in higher fee income. Lower overall settlements in FY24, compared to FY23,
contributed to a lower share of net profit from co-investment projects, particularly Newhaven (Vic).
Joint Ventures
Key highlights
FY24
FY23
Var (%)
Lot sales12
232
262
(11%)
Lot settlements12
337
688
(51%)
Revenue
$30.9m
$34.4m
(10%)
Share of net profit of equity accounted investments
$12.0m
$29.8m
(60%)
EBITDA13
$18.6m
$41.3m
(55%)
EBITDA13 margin
43%
64%
(21%)
Joint Ventures were significantly impacted by the reduction in settlements across this segment, with the reduction in
earnings from NSW (market conditions) and Qld (availability of lots) partially off-set by strong performance in WA
(market conditions).
Land portfolio metrics
FY24
FY23
Var (%)
Lot sales12
2,504
1,399
79%
Lot settlements12
2,418
2,594
(7%)
Contracts on hand13 as at
30 Jun 24
30 Jun 23
Var (%)
Value
$481.2m
$476.4m
1%
3. REVIEW OF OPERATIONS AND CONSOLIDATED RESULTS continued
OPERATIONAL COMMENTARY
During FY24, 2,504 sales9 were achieved across the Group, compared to 1,399 sales9 in FY23 (up 79%), with
strong market conditions prevailing across WA, Qld and SA. While conditions in Vic and ACT/NSW were less
favourable, Peet’s current view is that these markets are likely at or approaching the bottom of their respective cycles.
The Group’s projects in Vic and ACT/NSW have significant embedded margins and are well positioned for a market
recovery in these States.
The Group achieved 2,418 settlements9 across its Development, Funds Management and Joint Venture projects in
FY24, compared to 2,594 settlements9 in FY23 (down 7%).
As at 30 June 2024, the Group had $481.2 million worth of contracts on hand8, which compares to $476.4 million as at
30 June 2023. These contracts on hand benefit from price growth achieved during the year and provide the Group with
a positive starting position and visibility of earnings as it enters FY25.
Development projects
Key highlights
FY24
FY23
Var (%)
Lot sales 9
776
616
26%
Lot settlements 9:
804
769
5%
– Land only
743
682
9%
– Medium Density
61
87
(30%)
Revenue
$225.0m
$265.1m
(15%)
EBITDA 10
$37.2m
$58.2m
(36%)
EBITDA 10 margin
17%
22%
(5%)
While EBITDA10 and the margin reduced compared to FY23 (predominantly attributable to the settlement of the New
Beith (Qld)11 property in FY23), increased settlements from Qld (including Flagstone and Spring Mountain) projects and
the first settlements from St Clair (SA) and Jumping Creek (NSW) contributed to a sound performance from
Development projects. The high level of sales activity and price growth during the year supports an expectation of
improved performance in FY25.
9
Includes equivalent lots.
10 EBITDA is a non-IFRIS measure and is calculated before inter-segment transfers and other unallocated items.
11 Settled in FY23 for circa $80 million (including GST).
12 Includes equivalent lots.
13 EBITDA is a non-IFRIS measure that includes effects of non-cash movements in investments in associates and joint ventures and is calculated before inter-segment transfers and other unallocated items.
PEET LIMITED | ANNUAL REPORT 2024 | 41
PEET LIMITED | ANNUAL REPORT 2024 | 40
Directors’ Report
Year ended 30 June 2024
RISKS
The Group’s operating and financial performance is influenced by a number of risks impacting the property sector.
These include bank lending conditions, general economic conditions, government policy influencing a range of matters
including population growth (immigration policy), household income and consumer confidence, the employment market
and land development conditions and requirements, including in relation to infrastructure, environmental, cultural
heritage and climate-change management.
In respect to climate change, the Group’s focus continues to be on understanding and mitigating climate change risks
on development approvals processes, reputational matters and reporting obligations.
Global and domestic economic factors and geo-political matters, which may influence capital markets and the
movement of interest rates are also risks faced by the Group.
At an individual project level, residential property developments also face a number of risks related to the price and
availability of capital, the timeliness of approvals, delays in construction, increases in the cost of labour and materials
and the level of competition in the market. The Group has a long history of managing these risks at an individual project
and portfolio level.
The Group’s financial risk management policies are set out in note 17 to the Financial Report.
The property market is cyclical and, while the Group is impacted by fluctuations in the market, it has also proved its
capacity to manage through various cycles over a very significant period of time. This continues to include managing
risks associated with changing consumer preferences for products – size, location and product typology (house and
land, medium density townhouses and low-rise apartments).
GROUP STRATEGY
Peet is well positioned for growth and value creation with its key strategic focus areas for FY25 and beyond continuing
to be:
• investing in high quality land in strategic locations across the country;
• expanding product offering and geographic presence to appeal to a wider variety of customers; and
• maintaining a focus on capital management.
OUTLOOK
Peet expects that mixed market conditions will prevail during FY25, with:
• demand and price growth expected to continue, but moderating, in WA, Qld and SA; and
• residential markets in Vic and ACT/NSW expected to remain challenging, although improvements in enquiries indicate
to Peet that these markets are likely to be close to or at the bottom of their respective cycles.
Markets generally remain undersupplied, with underlying fundamentals remaining positive including low unemployment,
wage growth and continuing elevated levels of 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, including having projects in Vic
and ACT/NSW that are ready to benefit from a recovery in those markets and the capital to implement an appropriate
delivery program in response.
Subject to continuing market conditions and the timing of settlements, and supported by more than $480 million
in contracts on hand, Peet is well-positioned for FY25, with expectations for earnings growth and strong operating
cash flows.
3. REVIEW OF OPERATIONS AND CONSOLIDATED RESULTS continued
CAPITAL MANAGEMENT
As at 30 June 2024, the Group had:
• gearing14 of 34.8% (30 June 2023: 27.7%);
• net interest-bearing debt15 (including Peet Bonds) of $314.5 million, compared with $253.3 million at 30 June 2023;
• cash and available debt facility headroom16 of $140.6 million; and
• a weighted average debt maturity of more than three years.
Gearing14, as expected, was above the target range of 20% to 30% at 30 June 2024. This is predominantly due to:
• land vendor payments for the acquisition of the University of Canberra (ACT) project and instalment payments for the
acquisition of the Flagstone (Qld) project; and
• the significant investment in the development of lots and medium density product in response to the high level of
sales activity across Development projects (particularly in Qld).
As at 30 June 2024, more than 70% of the Group’s land bank was under development, with this expected to increase to
approximately 84% over the next three 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.
With more than $480 million of contracts on hand, as at 30 June 2024, gearing14 is expected to trend down during FY25
and cash inflows from operations (pre any payments for land) are expected to increase materially.
During FY24, Peet Limited:
• extended its on-market share buy-back of up to 5% of its issued ordinary shares. As at 30 June 2024, the Company
had acquired 21.0 million of its ordinary shares, representing approximately 86% of the total shares to be acquired.
On 1 August 2024, the Company announced that the on-market buy-back has been extended for a further 12 months
to 1 September 2025; and
• Refinanced $75 million of Peet Bonds (matured on 7 June 2024) via a new issue of $75 million of wholesale bonds
(fixed interest rate of 8.50%), maturing 30 September 2029.
DIVIDENDS
Subsequent to year end, the Directors declared a final dividend for FY24 of 2.75 cents per share, fully franked. This
brings the total dividend for FY24 to 4.25 cents per share, fully franked. This compares to the FY23 dividend of 7.5 cents
per share, fully franked. The final FY24 dividend is to be paid on Monday, 14 October 2024, with a record date of
Wednesday, 11 September 2024.
The Directors have resolved to keep the Company’s Dividend Reinvestment Plan deactivated.
14 Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash)/(Total assets less cash, less intangible assets).
15 Including net debt of syndicates consolidated under AASB10.
16 Including cash and available debt facility headroom of syndicates consolidated under AASB10.
PEET LIMITED | ANNUAL REPORT 2024 | 43
PEET LIMITED | ANNUAL REPORT 2024 | 42
Directors’ Report
Year ended 30 June 2024
9. INFORMATION ON DIRECTORS AND GROUP COMPANY SECRETARY
Please refer to the Board of Directors section of this report for information on Directors.
GROUP COMPANY SECRETARY
Mr Scafetta is a Chartered Accountant who has worked with Peet Limited since 1998.
Mr Scafetta began his career with major accounting firm Coopers & Lybrand (now PwC) after completing a commerce
degree in 1993. He held a senior role with the organisation in its Business Services division and advised a range of
clients on accounting, taxation and general business matters.
After four years at Coopers & Lybrand, Mr Scafetta joined Peet as Company Accountant and Company Secretary, which
also required him to act as Company Secretary for the Company’s various syndicates and subsidiaries. Prior to Peet
being listed on the Australian Securities Exchange, Mr Scafetta was appointed Chief Financial Officer and served in that
role until February 2005, when he was appointed as Company Secretary of Peet Limited.
10. DIRECTORS’ MEETINGS
The number of meetings of Directors (including meetings of committees of Directors) held during the year and the
number of meetings attended by each Director were as follows:
Director
Board of
Directors
Audit & Risk
Management Committee
Remuneration
Committee
Nomination
Committee
Entitled
to Attend
Attended
Entitled
to Attend
Attended
Entitled
to Attend
Attended
Entitled
to Attend
Attended
A W Lennon
15
15
–
–
–
–
3
3
B D Gore
15
15
–
–
–
–
3
3
A J Lennon
15
15
6
6
2
2
3
3
T J Allen
15
15
6
6
3
3
3
3
V Krause
4
4
–
–
2
2
1
1
R J McKinnon
4
4
2
2
2
2
1
1
M Kennedy
12
12
4
4
1
1
2
2
M Tierney
12
12
4
4
1
1
2
2
G Wall
12
12
4
4
1
1
2
2
11. RETIREMENT, ELECTION AND CONTINUATION IN OFFICE OF DIRECTORS
Directors are elected at the Annual General Meeting (AGM) of the Company. Retirement will occur on a rotational basis
so that one third of the Directors, but not less than two, shall retire at each AGM. The Directors may also appoint a
Director to fill a casual vacancy on the Board or in addition to the existing Directors, who will then hold office until the
next AGM. No Director who is not the Managing Director, may hold office without re-election beyond the third AGM
following the meeting at which the Director was last elected or re-elected.
During the year:
• following nine years on the Board, Ms Vicki Krause and Mr Bob McKinnon retired at the 2023 Annual General Meeting
(AGM) in October 2023;
• Ms Margaret Kennedy, Ms Michelle Tierney and Mr Greg Wall joined the Board as independent Non-executive Directors
and their appointment was approved by shareholders at the 2023 AGM.
After almost 40 years of continuous service on the Board, and in accordance with an announcement to the market in
August 2023, Mr Tony Lennon will be retiring from the Board (and as Chairman) at the end of the 2024 AGM to be held
on Wednesday, 30 October 2024. Mr Trevor Allen will retire by rotation at the AGM and offer himself for re-election.
Your Board of Directors recommend the re-election of Mr Trevor Allen.
Mr Greg Wall has been elected by the Board as its new Chairman, effective on Mr Tony Lennon’s retirement.
4. EARNINGS PER SHARE
2024
Cents
2023
Cents
Basic and diluted earnings per share
7.8
14.8
Basic earnings per share is calculated after income tax expense based on the weighted average number of shares on
issue for the year ended 30 June 2024. The weighted average number of shares on issue used to calculate earnings per
share is discussed at note 7 to the Financial Report.
5. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There were no significant changes in the state of affairs of the Group during the year.
6. MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
Other than the final FY24 dividend (details of which are included below), no matters or circumstances have arisen since
the end of the financial year, which have significantly affected or may significantly affect the operations of the Group,
the results of those operations, or the state of affairs of the Group in subsequent financial years.
7. DIVIDENDS
In August 2023, the Directors declared a final dividend of 4.0 cents per share, fully franked, in respect of the year ended
30 June 2023. The dividend of $18.8 million was paid on Monday, 16 October 2023.
In February 2024, the Directors declared an interim dividend of 1.5 cents per share, fully franked, in respect to the year
then ending 30 June 2024. The dividend of $7.1 million was paid on Friday, 12 April 2024.
Subsequent to year end, the Directors declared a final dividend for FY24 of 2.75 cents per share, fully franked. This
brings the total dividend for FY24 to 4.25 cents per share, fully franked. This compares to the FY23 dividend of 7.5 cents
per share, fully franked. The final FY24 dividend is to be paid on Monday, 14 October 2024, with a record date of
Wednesday, 11 September 2024.
The Directors have resolved to keep the Company’s Dividend Reinvestment Plan deactivated.
8. ENVIRONMENTAL REGULATION
The Group is subject to environmental regulation by way of the Environment Protection and Biodiversity Conservation
Act 1999 in respect of its land subdivision activities nationally, as well as other environmental regulations under both
Commonwealth and State legislation.
The Group is not aware of any breaches of environmental regulations in respect of its activities. However, from time to
time, statutory authorities make enquiries, issue notices requiring documents and/or material to be provided, and
undertake investigations or audits to confirm compliance with relevant regulations.
GREENHOUSE GAS AND ENERGY DATA REPORTING REQUIREMENTS
The Group may be subject to the reporting requirements of the National Greenhouse and Energy Reporting Act 2007.
This would require the Group to report its annual greenhouse gas (GHG) emissions and energy use if it had operational
control of facilities (sites) that emit greenhouse gases, produce energy, or consume energy at or above the specified
GHG emission and energy thresholds per financial year.
The Group is not required to register and report to the Clean Energy Regulator as the Group does not have operational
control for each of its projects, which is the responsibility of the relevant contractor undertaking the works.
PEET LIMITED | ANNUAL REPORT 2024 | 45
PEET LIMITED | ANNUAL REPORT 2024 | 44
Directors’ Report
Year ended 30 June 2024
We encourage our shareholders to use the cash value of remuneration realised table on page 50 to assess the
remuneration outcomes for KMP in FY24 and the alignment of these outcomes with the Group’s performance.
The key difference between the cash value of remuneration realised and the statutory remuneration is the value
included in the statutory remuneration table for potential future outcomes under the long-term incentive program. A
value is required to be included in the statutory remuneration table to account for long-term incentives that may or may
not vest in the future, while the value for long-term incentives included in the cash value of remuneration realised table
represents the value of shares actually received by KMP following the vesting and exercise of performance rights.
The Board is satisfied that these remuneration outcomes for FY24 are appropriately performance-based while at the
same time recognising the strategic needs of the Group, and we commend this report to you.
Margaret Kennedy
Chairman, Remuneration Committee
12. REMUNERATION
Dear Shareholder,
Peet is pleased to present its Remuneration Report for the year ended 30 June 2024 (FY24). This report sets out
remuneration information for Non-executive Directors (NEDs), the Managing Director and Chief Executive Officer (MD)
and other key management personnel (KMP). It focuses on the remuneration decisions made by the Board and the pay
outcomes that resulted.
To ensure Peet delivers on its growth strategy it must have the right people to lead the Group over the long-term and a
competitive remuneration framework that encourages our Leadership Team to continue to make decisions with a view
to creating long-term value for shareholders and all stakeholders.
In considering remuneration outcomes, the Board’s Remuneration Committee:
(a) balances Peet’s financial performance with the development and implementation of strategies for the long-term
benefit of the Group; and
(b) takes into account the underlying scale of Peet’s operations which are not fully identifiable from a pure focus on the
Group’s statutory accounts.
Peet achieved an operating net profit after tax and a statutory profit after tax of $36.6 million for FY24, compared to an
operating net profit after tax and a statutory profit after tax of $70.1 million in the previous year (FY23).
While the statutory financial statements show total revenue of $314.4 million and earnings before interest, tax,
depreciation and amortisation (EBITDA) of $66.7 million for FY24, Peet management remains responsible for a greater
scale of business.
In addition to its own land development projects, Peet is also responsible for the management of a significant
portfolio of land development projects held within its Funds Management and Joint Arrangements businesses.
These Funds Management and Joint Arrangement businesses generated total revenues of $426.6 million and EBITDA
of $110.4 million.
Accordingly, the scale of business from which Peet derives its revenues and earnings, which drive its capacity to pay
dividends to shareholders, is extensive.
Key remuneration outcomes during FY24 included:
• The MD’s base pay for FY24 was the same as for FY23.
• The other executive KMP’s base pay for FY24 was the same as for FY23.
• NEDs’ fees for FY24 were the same as for FY23.
• During the year, long-term incentive performance conditions were tested as at 30 June 2023 in respect to the
performance over the three years ended on that date, and resulted in the partial (91%) vesting of performance rights
(FY21 performance rights(PRs)).
• Short-term incentives will be paid to KMP in respect of FY24, following a positive assessment of the individual KMP’s
performance against a balanced scorecard, which includes consideration of Group financial and strategic targets. The
short-term incentives paid in respect to FY24 are included in the tables on pages 50 and 51.
There are no changes currently proposed to the base pay of the KMP for the year ending 30 June 2025 (FY25).
PEET LIMITED | ANNUAL REPORT 2024 | 47
PEET LIMITED | ANNUAL REPORT 2024 | 46
Directors’ Report
Year ended 30 June 2024
B. PRINCIPLES USED TO DETERMINE THE NATURE AND AMOUNT OF REMUNERATION
The objective of the Company’s executive reward framework is to ensure reward for performance is competitive and
appropriate for the results delivered. The framework aligns executive reward with achievement of strategic objectives
for the long-term benefit of the Company and shareholders. The Board ensures that executive reward satisfies the
following key criteria for good reward governance practices:
• competitiveness and reasonableness;
• acceptability to shareholders;
• alignment to performance; and
• capital management.
In consultation with external remuneration consultants in prior financial years, the Company has structured, and continues
to evolve, an executive remuneration framework that is market competitive and complementary to our reward strategy
through the following features.
ALIGNMENT TO SHAREHOLDERS’ INTERESTS
• has a relevant measurement of financial performance as a core component of plan design;
• rewards implementation of strategy;
• focuses the Executive on other key financial and non-financial drivers of long-term value; and
• attracts and retains high-calibre executives.
For the purpose of assessing Executives’ eligibility to short-term incentives, the Remuneration Committee and Board
have traditionally agreed to the use of a balanced scorecard. This methodology has continued to be used in FY24, and
comprised a combination of financial and non-financial key performance indicators.
Since the financial year ended 30 June 2018, the Remuneration Committee has recommended to the Board, and it has
agreed, to assess financial performance for the purposes of long-term incentive awards against earnings per share
(EPS) growth, together with funds under management (FUM) growth. These performance measures have been used
for each year thereafter and will continue to be used for FY25.
The Remuneration Committee and the Board will continue to assess the applicability of all short-term and long-term
related key performance indicators as they are applied in assessing performance for remuneration purposes.
ALIGNMENT TO PROGRAM PARTICIPANTS’ INTERESTS
• rewards capability and experience;
• provides a clear structure for earning rewards; and
• provides recognition for contribution.
The framework provides a mix of fixed and variable pay, and a blend of short and long-term incentives. As employees
are promoted to executive and senior management roles within the Company, the balance of this mix shifts to a higher
proportion of ‘at risk’ rewards.
13. REMUNERATION REPORT (AUDITED)
The Remuneration report is set out under the following main headings:
A. SERVICE AGREEMENTS
B. PRINCIPLES USED TO DETERMINE THE NATURE AND AMOUNT OF REMUNERATION
C. DETAILS OF REMUNERATION
D. SHARE-BASED COMPENSATION
E. ADDITIONAL INFORMATION
The information provided in this remuneration report has been audited as required by section 308(3C) of the
Corporations Act 2001.
The key management personnel (KMP) of the Group include the Non-executive Directors (NEDs) of the Group, and the
following executives (the Executives) who have authority and responsibility for planning, directing and controlling the
activities of the Group.
Name
Position
B D Gore
Managing Director and Chief Executive Officer
A K Gallagher
Chief Operating Officer
B C Fullarton
Chief Financial Officer
D Scafetta
Group Company Secretary
P J Dumas
Chief Investment Officer
A. SERVICE AGREEMENTS
Remuneration and other terms of employment for the Executives are formalised in service agreements. Each of these
agreements provide for the provision of performance related cash bonuses and participation, when eligible, in the Peet
Limited Employee Share Option Plan and/or the Peet Limited Performance Rights Plan. The major provisions of the
agreements are set out below.
All contracts with Executives may be terminated early by either party with 3 to 6 months’ notice, subject to termination
payments as detailed below.
Name
Terms of Agreement
Base pay including
Superannuation 1
Termination Benefit 2,3
B D Gore
On-going renewed 5 August 2011
$1,008,535
Refer below4
A K Gallagher
On-going appointed 1 November 2022
$525,000
3 months’ base pay inclusive of superannuation
B C Fullarton
On-going commenced 21 October 2013
$485,000
3 months’ base pay inclusive of superannuation
D Scafetta
On-going commenced 10 June 1998
$350,000
3 months’ base pay inclusive of superannuation
P J Dumas
On-going commenced 4 February 2008
$485,000
3 months’ base pay inclusive of superannuation
1. Base pays, inclusive of superannuation, for FY24. Base pays are reviewed annually by the Remuneration Committee.
2. Termination benefits are payable on early termination by Peet Limited giving notice in writing. Payment may be made in lieu of notice, other than for gross misconduct.
3. Termination benefits referred to in the above table are in addition to any statutory entitlements payable (e.g. accrued annual leave and long service leave).
4. On 5 August 2011 B D Gore renewed his contractual arrangements with the Company. Under the agreement the components of his remuneration comprise fixed annual remuneration, short-term incentives and
long-term incentives. There is no fixed termination date and the agreement is terminable on six months’ notice by either party. The Company may, at its option, make a payment in lieu of part or all of the notice
period and certain conditions exist in relation to payment of long-term and short-term incentives upon termination. A summary of the key contractual terms and remuneration-related arrangements was disclosed to
the market on 5 August 2011 with certain parts approved by shareholders at the 2011 Annual General Meeting (AGM).
PEET LIMITED | ANNUAL REPORT 2024 | 49
PEET LIMITED | ANNUAL REPORT 2024 | 48
Directors’ Report
Year ended 30 June 2024
KPIs for the MD are set by reference to the following criteria:
• financial;
• strategy;
• stakeholder engagement;
• people, processes and culture; and
• health, safety and environment.
For FY24, the MD was assessed as follows against the KPIs:
Category
Weighting (%)
Achieved (%)
Financial
70.00%
–
Strategic
10.00%
7.50%
Stakeholder
7.50%
7.50%
People, processes and culture
7.50%
7.50%
Health, safety and environment
5.00%
5.00%
100.00%
27.50%
For FY23, the MD’s KPIs linked to the STI plan were based on similar criteria, and the MD was assessed to have been
eligible for 100% of his maximum STI entitlement.
For FY24, the KPIs for Executives were determined by the MD, based on the above criteria (but different weightings).
The Executives were assessed to have been eligible for between 20% and 30% of their maximum STI entitlement.
For FY23, the KPIs for Executives were determined by the MD, based on the above criteria (but different weightings).
The Executives were assessed to have been eligible for between 87.5% and 100% of their maximum STI entitlement.
Long-term incentives (LTI)
Traditionally, the Company has provided its Executives with LTI through participation in the Peet Limited Employee
Share Option Plan (PESOP) and/or the Peet Limited Performance Rights Plan (PPRP).
Executives have a target LTI opportunity depending on the accountabilities of their specific role and impact on the
Group’s performance. The maximum target opportunity for the Executives for FY24 and FY23 ranged between 50%
and 100% of the relevant Executive’s base pay.
Each year, the Remuneration Committee considers the appropriate targets and KPIs to link to the LTI plan and the level
of payout if targets are met for the Executives. This may include setting any maximum payout under the LTI plan and
minimum levels of performance to trigger payment of LTI. Further details of the Company’s LTI structures are included
in the section titled ‘Share-based compensation’.
13. REMUNERATION REPORT (AUDITED) continued
NEDs’ FEES (INCLUDING THE CHAIRMAN’S FEES)
Fees and payments to NEDs reflect the demands which are made on, and the responsibilities of, the NEDs. NEDs’ fees
and payments are reviewed periodically by the Remuneration Committee and the Board. The Remuneration Committee
considers, as appropriate, the advice of independent remuneration consultants to ensure NEDs’ fees and payments are
appropriate and in line with the market. NEDs do not receive share options or performance rights.
The NEDs’ remuneration is inclusive of committee fees and fees for their membership on any subsidiary Boards. The
fees payable to NEDs were last amended with effect from 1 July 2022 (after previously being amended with effect from
1 July 2018). The fees payable to the Chairman of the Remuneration Committee and the Chairman of the Audit and Risk
Management Committee were last amended with effect from 1 July 2018 (after previously being amended with effect
from 1 July 2014). NEDs may also be entitled to fees where they represent Peet on the Board of Syndicates.
NEDs’ fees are determined within an aggregate Directors’ fee pool limit, which is periodically recommended for
approval by shareholders. Shareholders approved a resolution at the 2023 AGM to increase the aggregate NEDs’ fees
pool to $1,100,000.
The NEDs do not receive any form of retirement allowance.
EXECUTIVE PAY
The Company’s pay and reward framework for Executives has the following components:
• base pay and benefits;
• short-term performance incentives; and
• long-term performance incentives.
The combination of these comprises the total remuneration for the individual concerned.
Base pay and benefits
The base pay for Executives is structured as a total employment cost package, which may be delivered as a mix of cash
and prescribed non-financial benefits and includes superannuation.
Executives are offered a competitive base pay that comprises the fixed component of pay and rewards. As and when
considered appropriate, external remuneration consultants provide analysis and advice to ensure base pay is set to reflect
the market for a comparable role. Base pay is reviewed annually to ensure it remains competitive with the market.
Short-term performance incentives (STI)
Executives have a target STI opportunity depending on the accountabilities of their specific role and impact on the
Group’s performance. The maximum target bonus opportunity for the Executives for FY24 and FY23 ranged between
50% and 100% of the relevant Executive’s base pay. However, the Board of Directors has the discretion to either pay
over and above or less than these amounts.
Each year, the Remuneration Committee considers the appropriate targets and key performance indicators (KPIs) to link
to the STI plan and the level of payout if targets are met for the MD. This may include setting any maximum payout
under the STI plan and minimum levels of performance to trigger payment of STI. The MD will then generally set the
STI KPIs to apply to the other Executives.
PEET LIMITED | ANNUAL REPORT 2024 | 51
PEET LIMITED | ANNUAL REPORT 2024 | 50
The table below is calculated in accordance with statutory obligations and Australian Accounting Standards. The amounts
in the Share-based payments column relate to the component of the fair value of awards from the current year and
prior years made under the various incentive plans attributable to the year measured in accordance with AASB 2
Share-based Payments.
Short-term benefits
Post-employment
benefits
Share-based
payments
Cash salary
and fees 1
$
Bonus 2
$
Other 3
$
Superannuation
$
Shares/
Options/
Performance
Rights 4
$
Termination
benefits
$
Total
$
Directors
AW Lennon
2024
217,026
–
–
23,873
–
–
240,899
2023
218,008
–
–
22,891
–
–
240,899
T J Allen
2024
121,173
–
–
13,329
–
–
134,502
2023
121,721
–
–
12,781
–
–
134,502
V Krause5
2024
32,883
–
–
3,617
–
–
36,500
2023
99,097
–
–
10,405
–
–
109,502
R J McKinnon5
2024
40,391
–
–
4,443
–
–
44,834
2023
121,721
–
–
12,781
–
–
134,502
A J Lennon
2024
158,650
–
–
10,852
–
–
169,502
2023
159,097
–
–
10,405
–
–
169,502
M Kennedy6
2024
96,061
–
–
10,567
–
–
106,628
M Tierney6
2024
83,996
–
–
9,240
–
–
93,236
G Wall6
2024
83,996
–
–
9,240
–
–
93,236
B D Gore
2024
981,136
277,347
10,000
27,399
950,785
–
2,246,667
2023
983,243
1,008,535
10,000
25,292
1,039,017
–
3,066,087
Total
2024
1,815,312
277,347
10,000
112,560
950,785
–
3,166,004
2023
1,702,887
1,008,535
10,000
94,555
1,039,017
–
3,854,994
Other key management personnel
A K Gallagher
2024
497,500
59,063
–
27,500
286,311
–
870,374
2023
331,875
250,294
–
19,167
277,522
–
878,858
B C Fullarton
2024
457,500
65,475
–
27,500
231,463
–
781,938
2023
457,500
242,500
–
27,500
246,103
–
973,603
D Scafetta
2024
322,601
52,500
–
27,399
170,869
–
573,369
2023
324,708
175,000
–
25,292
188,864
–
713,864
P J Dumas
2024
457,601
58,200
–
27,399
284,131
–
827,331
2023
459,708
254,625
–
25,292
314,054
–
1,053,679
Total
2024
1,735,202
235,238
–
109,798
972,774
–
3,053,012
2023
1,573,791
922,419
–
97,251
1,026,543
–
3,620,004
1. Cash salary (including accrued annual leave) and fees, as well as fees paid to Directors for their directorship on Syndicate Boards.
2. All cash bonuses are earned in the financial year to which they relate and are paid during the following financial year.
3. ‘Other’ includes motor vehicle costs, car-parking and other benefits.
4. The value placed on options and performance rights in the table above is based on the valuation at the date of grant using a Black-Scholes model or Binomial Model, pro-rated over the period from grant date to
vesting date. These do not represent the value of equity benefits that vested in favour of KMP during the year.
5. Resigned 25 October 2023.
6. Appointed 25 August 2023.
13. REMUNERATION REPORT (AUDITED) continued
C. DETAILS OF REMUNERATION
Details of the statutory and cash value of remuneration of each member of the KMP of the Group are set out in the
tables following.
The statutory disclosures required by the Corporations Act 2001(Cth), as amended and its regulations are set out in the
table on page 51. The Company believes that the additional information provided in the table below is useful to
investors. The table below sets out the total cash value of remuneration realised for the KMP and provides shareholders
with details of the “take-home” pay received/ receivable during the year. These earnings include cash salary and fees,
bonus, superannuation, non-cash benefits received/ receivable during the year and the value of shares issued to, or
acquired on behalf of, KMP following the exercise of vested Performance Rights (PRs) during the financial year. The
table does not include the accounting value of share-based payments consisting of PRs granted in the current and prior
years required for statutory purposes. This is because those share-based payments are dependent on the achievement
of performance hurdles and so may or may not be realised.
Cash salary
and fees 1
$
Bonus 2
$
Value of PRs
exercised 3
$
Other 4
$
Superannuation
$
Total
$
Directors
A W Lennon
2024
217,026
–
–
–
23,873
240,899
2023
218,008
–
–
–
22,891
240,899
T J Allen
2024
121,173
–
–
–
13,329
134,502
2023
121,721
–
–
–
12,781
134,502
V Krause5
2024
32,883
–
–
–
3,617
36,500
2023
99,097
–
–
–
10,405
109,502
R J McKinnon5
2024
40,391
–
–
–
4,443
44,834
2023
121,721
–
–
–
12,781
134,502
A J Lennon
2024
158,650
–
–
–
10,852
169,502
2023
159,097
–
–
–
10,405
169,502
M Kennedy6
2024
96,061
–
–
–
10,567
106,628
M Tierney6
2024
83,996
–
–
–
9,240
93,236
G Wall6
2024
83,996
–
–
–
9,240
93,236
B D Gore
2024
981,136
277,347
–
10,000
27,399
1,295,882
2023
983,243
1,008,535
1,849,375
10,000
25,292
3,876,445
Total
2024
1,815,312
277,347
–
10,000
112,560
2,215,219
2023
1,702,887
1,008,535
1,849,375
10,000
94,555
4,665,352
Other key management personnel
A K Gallagher
2024
497,500
59,063
–
–
27,500
584,063
2023
331,875
250,294
99,977
–
19,167
701,313
B C Fullarton
2024
457,500
65,475
–
–
27,500
550,475
2023
457,500
242,500
434,080
–
27,500
1,161,580
D Scafetta
2024
322,601
52,500
–
–
27,399
402,500
2023
324,708
175,000
155,424
–
25,292
680,424
P J Dumas
2024
457,601
58,200
–
–
27,399
543,200
2023
459,708
254,625
661,085
–
25,292
1,400,710
Total
2024
1,735,202
235,238
–
–
109,798
2,080,238
2023
1,573,791
922,419
1,350,566
–
97,251
3,944,027
1. Cash salary (including accrued annual leave) and fees, as well as fees paid to Directors for their directorship on Syndicate Boards.
2. All cash bonuses are earned in the financial year to which they relate and are paid during the following financial year.
3. Amount paid by the Company in order to settle the PRs exercised during FY24 and FY23 (as applicable). The Company purchased ordinary shares in the Company on-market on behalf of KMP.
4. ‘Other’ includes motor vehicle costs, car-parking and other benefits.
5. Resigned 25 October 2023.
6. Appointed 25 August 2023.
Directors’ Report
Year ended 30 June 2024
PEET LIMITED | ANNUAL REPORT 2024 | 53
PEET LIMITED | ANNUAL REPORT 2024 | 52
Directors’ Report
Year ended 30 June 2024
13. REMUNERATION REPORT (AUDITED) continued
The relative proportions of remuneration that are linked to performance and those that are fixed based on the above
table are as follows:
Fixed remuneration
At risk STI
At risk LTI
2024
2023
2024
2023
2024 1
20231
Directors
A W Lennon
100%
100%
–
–
–
–
T J Allen
100%
100%
–
–
–
–
V Krause2
100%
100%
–
–
–
–
R J McKinnon2
100%
100%
–
–
–
–
A J Lennon
100%
100%
–
–
–
–
M Kennedy3
100%
–
–
–
–
–
M Tierney3
100%
–
–
–
–
–
G Wall3
100%
–
–
–
–
–
B D Gore
45%
33%
12%
33%
43%
34%
Other key management personnel
A K Gallagher
60%
40%
7%
28%
33%
32%
B C Fullarton
62%
50%
8%
25%
30%
25%
D Scafetta
61%
49%
9%
25%
30%
26%
P J Dumas
59%
46%
7%
24%
34%
30%
1. Since LTI are provided exclusively by way of options and/or PRs, the percentages disclosed also reflect the value of remuneration consisting of options and/or PRs based on the value of options and/or PRs expensed
during the year.
2. Resigned 25 October 2023.
3. Appointed 25 August 2023.
D. SHARE-BASED COMPENSATION
Options over shares in Peet Limited are granted under the PESOP, which was approved by the Board and shareholders
during FY24. PRs over shares in Peet Limited are granted under the PPRP, which was approved by shareholders at the
2008 AGM. Changes have been made since to allow for changes in taxation of PRs. Employees of any Group Company
(including an Executive Director) are eligible to participate in the PESOP and/or PPRP at the discretion of the Board.
The PESOP and PPRP are designed to provide long-term incentives for employees to deliver long-term shareholder
returns. Under the plans, participants are granted options and/or PRs, which only vest if the employees are still
employed by the Group at the end of the vesting period and any set performance hurdles have been met, subject to the
Board’s discretion.
INVITATIONS TO APPLY FOR OPTIONS AND/OR PERFORMANCE RIGHTS
Eligible employees, at the discretion of the Board, may be invited to apply for options and/or PRs on terms and
conditions to be determined by the Board including as to:
• the method of calculation of the exercise price of each option;
• the number of options and/or PRs being offered and the maximum number of shares over which each option and/or
PR is granted;
• the period or periods during which any of the options and/or PRs may be exercised;
• the dates and times when the options and/or PRs lapse;
• the dates and times by which the application for options and/or PRs must be received by Peet; and
• any applicable conditions which must be satisfied or circumstances which must exist before the options and/or PRs
may be exercised.
Eligible employees may apply for part of the options and/or PRs offered to them, but only in specified multiples.
CONSIDERATION
Unless the Board determines otherwise, no payment will be required for a grant of options and/or PRs under the
PESOP and/or PPRP.
EXERCISE CONDITIONS
Generally, as a pre-condition to exercise, any exercise conditions in respect of an option and/or PR must be satisfied.
However, subject to the ASX Listing Rules, the Board has the discretion to enable an option and/or PR holder to exercise
options and/or PRs where the exercise conditions have not been met, including, for example, where a court orders a
meeting to be held in relation to a proposed compromise or arrangement in respect of the Company, or a resolution is
passed, or an order is made, for winding up the Company.
Options granted under the PESOP and PRs granted under the PPRP carry no dividend or voting rights.
LAPSE OF OPTIONS AND/OR PRs
Unexercised options and/or PRs will lapse upon the earlier to occur of a variety of events specified in the rules of the
PESOP and PPRP including, on the date or in circumstances specified by the Board in the invitation, failure to meet the
options’ or PRs’ exercise conditions in the prescribed period or on a specified anniversary date of grant of the options or
PRs, as determined by the Board.
PEET LIMITED | ANNUAL REPORT 2024 | 55
PEET LIMITED | ANNUAL REPORT 2024 | 54
13. REMUNERATION REPORT (AUDITED) continued
The table below summarises the status of the Company’s options and performance rights granted to Executives:
Directors’ Report
Year ended 30 June 2024
Executives
Grant
value
Date
Performance/
Service Period
Expiry Exercise
Value per
option/PR
at Grant
Date
Vesting
conditions
Balance at
date of prior
year report
Granted
Exercised
Lapsed/
forfeited
Balance at
date of
report
Vested and
Exercisable
at date of
report Notes
Options
B D Gore
30 Nov
2007
Up to
30 Nov 2011
N/A
$4.10
$1.12
Time based
1,200,000
–
–
–
1,200,000
1,200,000
2
Performance Rights
B D Gore
20 Nov
2019
3 yrs ended
30 Jun 2022
20 Nov
2034
$0.00
$1.04 1
FUM Growth
EPS Growth
897,797
–
–
–
897,797
897,797
3
4
19 Nov
2020
3 yrs ended
30 Jun 2023
19 Nov
2035
$0.00
$0.94 1
FUM Growth
EPS Growth
1,244,754
–
–
(115,139)
1,129,615
1,129,615
3
4
16 Nov
2021
3 yrs ended
30 Jun 2024
16 Nov
2036
$0.00
$0.99 1
FUM Growth
EPS Growth
892,667
–
–
–
892,667
–
3
4
26 Oct
2022
3 yrs ended
30 Jun 2025
26 Oct
2037
$0.00
$0.87 1
FUM Growth
EPS Growth
1,335,808
–
–
–
1,335,808
–
3
4
25 Oct
2023
3 yrs ended
30 Jun 2026
22 Dec
2038
$0.00
$1.02 1
FUM Growth
EPS Growth
–
994,610
–
–
994,610
–
3
4
Other
Executives
20 Nov
2019
3 yrs ended
30 Jun 2022
20 Nov
2034
$0.00
$1.04
FUM Growth
EPS Growth
657,089
–
–
–
657,089
657,089
3
4
19 Nov
2020
3 yrs ended
30 Jun 2023
19 Nov
2035
$0.00
$0.94
FUM Growth
EPS Growth
1,209,828
–
–
(111,910)
1,097,918
1,097,918
3
4
16 Nov
2021
3 yrs ended
30 Jun 2024
16 Nov
2036
$0.00
$0.99
FUM Growth
EPS Growth
867,620
–
–
–
867,620
–
3
4
26 Oct
2022
3 yrs ended
30 Jun 2025
26 Oct
2037
$0.00
$0.87
FUM Growth
EPS Growth
1,355,629
–
–
–
1,355,629
–
3
4
22 Dec
2023
3 yrs ended
30 Jun 2026
22 Dec
2038
$0.00
$1.07 FUM Growth
EPS Growth
–
1,009,369
–
–
1,009,369
–
3
4
Total Performance Rights
8,461,192
2,003,979
–
(227,049)
10,238,122
3,782,419
Total Options and Performance Rights
9,661,192 2,003,979
–
(227,049)
11,438,122
4,982,419
NOTE 1
The issue of a share-based payment award to a Director requires shareholder approval and the value at grant date is taken
as the date at which that approval is granted. Accordingly, the value of these PRs is calculated as at 20 November 2019,
19 November 2020, 16 November 2021, 26 October 2022 and 25 October 2023, being the dates of Peet Limited’s 2019,
2020, 2021, 2022 and 2023 AGMs, respectively.
NOTE 2
These options are convertible to ordinary shares on a 1:1 basis at the exercise price after the fourth anniversary of the
grant date.
The exercise condition in respect of these options is that Mr Gore remains employed as Managing Director for a period
of four years. Although the service period requirement has been met, the options have not been exercised.
NOTE 3
The PRs granted in respect to the three-year period from 1 July 2019 to 30 June 2022 (FY20 Performance Period) are
convertible to ordinary shares on a 1:1 basis, with 40% subject to the FUM growth vesting condition.
The PRs granted in respect to the three-year period from 1 July 2020 to 30 June 2023 (FY21 Performance Period), 1
July 2021 to 30 June 2024 (FY22 Performance Period), 1 July 2022 to 30 June 2025 (FY23 Performance Period) and 1
July 2023 to 30 June 2026 (FY24 Performance Period) are convertible to ordinary shares on a 1:1 basis, with 25%
subject to the FUM growth vesting condition.
FUM growth is measured as the total of the following during the relevant performance period:
• the purchase price (ex GST) of land acquired by a Peet syndicate or Joint Venture; or
• the market value (ex GST) of land for which Peet has been appointed development manager at the time of its
appointment; or
• the selling price (ex GST) of land sold by Peet, a Syndicate, a Joint Venture or Peet-managed project to a third party
and Peet is appointed the development manager (and where applicable, to manage the leasing) of a commercial,
industrial, retail or residential built-form project on that property; or
• in all other property funds management-related transactions, as determined by the Board of Directors.
The aggregate of the FUM growth during the relevant performance period is reduced by the equity interest retained by
the Group and is then compared to the rolling three-year FUM growth target set by the Board for the relevant
performance period.
For the FY20 Performance Period, the proportion of PRs to vest subject to FUM growth was as follows:
Performance level
Aggregate FUM growth target
during performance period
Proportion of performance rights
that may be eligible to vest
Less than the target
Less than $60 million
0%
Target
$60 million
50%
Target – medium
$60 million to $100 million
Pro-rata between 50% and 70%
Medium – maximum
$100 million to $150 million
Pro-rata between 70% and 100%
Maximum
Greater than $150 million
100%
PEET LIMITED | ANNUAL REPORT 2024 | 57
PEET LIMITED | ANNUAL REPORT 2024 | 56
Directors’ Report
Year ended 30 June 2024
Of the PRs subject to EPS growth, the proportion vested for the FY20 and FY21 Performance Period and to vest for the
FY22 Performance Periods is as follows:
Performance level
Proportion of performance rights that may be eligible to vest
Less than 80% of the EPS growth target
0%
80% of the EPS growth target
50%
80% to 100% of the EPS growth target
Pro-rata between 50% and 80%
100% to 120% of the EPS growth target
Pro-rata between 80% and 100%
Greater than 120% of the EPS growth target
100%
Of the PRs subject to EPS growth, the proportion to vest for the FY23 Performance Period is as follows:
Performance level
Proportion of performance rights that may be eligible to vest
Less than 67% of the EPS growth target
0%
67% of the EPS growth target
50%
67% to 100% of the EPS growth target
Pro-rata between 50% and 80%
100% to 133% of the EPS growth target
Pro-rata between 80% and 100%
Additionally, in respect to the FY23 PRs, EPS growth of more than 133% of the EPS Target will be available to apply to
any shortfall in the FUM growth targets (set out above), up to a maximum of 100% of the FY23 PRs granted.
Of the PRs subject to EPS growth, the proportion to vest for the FY24 Performance Period is as follows:
Performance level
Proportion of performance rights that may be eligible to vest
Less than 80% of the EPS growth target
0%
80% of the EPS growth target
75%
80% to 100% of the EPS growth target
Pro-rata between 75% and 100%
100% to 120% of the EPS growth target
Pro-rata between 100% and 133%
Additionally, in respect to the FY24 PRs, EPS growth of more than 100% of the EPS Target will be available to apply to
any shortfall in the FUM growth targets (set out above), up to a maximum of 100% of the total FY24 PRs granted.
The Group achieved EPS growth of 70.2% for the FY21 Performance Period, compared to the EPS growth target of
35% for the period. The Board therefore resolved that 100% of the FY21 PRs subject to the EPS growth condition
vested in accordance with their terms.
FY22, FY23 and FY24 PRs remain unvested.
13. REMUNERATION REPORT (AUDITED) continued
The Group achieved FUM growth below the target for the FY20 Performance Period and, as such, in accordance with
their terms, none of the FY20 PRs subject to the FUM growth condition satisfied that condition. However, the Board
was of the view that this was not indicative of the strong performance of Management during this period. On that basis,
Peet applied to ASX for, and was granted, a waiver from ASX Listing Rule 6.23.3 to the extent necessary to permit the
Board to vary the terms of the FY20 PRs subject to the FUM growth condition to vest at a higher percentage level than
would otherwise vest under the terms of those PRs. This waiver from ASX was subject to Peet obtaining shareholder
approval and the notice of the 2022 AGM for such shareholder approval including explanatory information satisfactory to
ASX, including, at a minimum, a clear explanation of the rationale for the proposed amendment. Shareholders approved
the amendment at the 2022 AGM. The FUM growth-related FY20 PRs were fully vested in FY23.
For the FY21 and FY22 Performance Periods the proportion of PRs to vest subject to FUM growth are as follows:
Performance level
Aggregate FUM growth target
during performance period
Proportion of performance rights
that may be eligible to vest
Less than the target
Less than $40 million
0%
Target
$40 million
50%
Target – medium
$40 million to $60 million
Pro-rata between 50% and 70%
Medium – maximum
$60 million to $75 million
Pro-rata between 70% and 100%
Maximum
Greater than $75 million
100%
For the FY23 and FY24 Performance Periods the proportion of PRs to vest subject to FUM growth are as follows:
Performance level
Aggregate FUM growth target
during performance period
Proportion of performance rights
that may be eligible to vest
Less than the target
Less than $30 million
0%
Target
$30 million
50%
Target – medium
$30 million to $50 million
Pro-rata between 50% and 70%
Medium – maximum
$50 million to $60 million
Pro-rata between 70% and 100%
Maximum
Greater than $60 million
100%
The FY21 PRs partially vested in FY24. The FY22, FY23 and FY24 PRs remain unvested.
NOTE 4
The PRs granted in respect to the FY20 Performance Period were convertible to ordinary shares on a 1:1 basis, with
60% subject to the EPS growth vesting condition.
The PRs granted in respect to the FY21, FY22, FY23 and FY24 Performance Periods are convertible to ordinary shares
on a 1:1 basis, with 75% subject to the EPS growth vesting condition.
The EPS growth vesting condition is measured as the average growth in operating EPS over the relevant Performance
Period, with the EPS derived for the previous financial year as the base year (subject to amendments by the Board).
The earnings component of EPS is calculated as net profit measured in accordance with Australian Accounting
Standards, excluding write-downs of inventories and development costs and increases in the carrying value of
inventories during the relevant financial year, and is subject to other adjustments at the Board’s discretion.
EPS growth is then compared to the Board’s internal target EPS growth for the relevant performance period.
PEET LIMITED | ANNUAL REPORT 2024 | 59
PEET LIMITED | ANNUAL REPORT 2024 | 58
Directors’ Report
Year ended 30 June 2024
E. ADDITIONAL INFORMATION
PERFORMANCE OF PEET LIMITED
The overall level of executive compensation takes into account the performance of the Group. STI is generally based
on an assessment of performance over a 12-month period, while LTI is generally assessed over a three-year period.
The high-level performance of the Group over the last four years is compared below:
2021
2022
2023
2024
Net profit after tax (NPAT)
$'000
28,500
52,316
70,143
36,550
NPAT growth
Growth%
194.8%
83.6%
34.1%
(47.9%)
Net operating profit after tax (NOPAT)
$'000
28,500
52,316
70,143
36,550
NOPAT growth
Growth%
89.2%
83.6%
34.1%
(47.9%)
Basic EPS
cents per share
5.90
10.83
14.79
7.77
Basic EPS growth
Growth%
195.3%
83.6%
36.6%
(47.5%)
Operating EPS
cents per share
5.90
10.83
14.79
7.77
Operating EPS growth
Growth%
90.3%
83.6%
36.6%
(47.5%)
Dividends paid/payable
cents per share
3.50
6.25
7.50
4.25
Share price 30 June
$
1.20
0.94
1.24
1.21
Share price growth
Growth%
23.7%
(21.7%)
31.9%
(2.4%)
DETAILS OF REMUNERATION: CASH BONUSES, OPTIONS AND PRs
For each cash bonus, grant of options and/or PRs included in the tables within the remuneration report, the percentage
of the available bonus or grant that was paid, or that vested and the percentage that was forfeited because the person
did not meet the service and performance criteria, is set out below. Generally, no part of the bonuses forfeited is
payable in future years. Subject to the rules of the PESOP and PPRP no options or PRs will vest if the conditions are not
satisfied, subject to the discretion of the Board (and ASX Listing Rules, as applicable) hence the minimum value of the
option and PRs yet to vest is nil. The maximum value of the options and PRs yet to vest has been determined as the
amount of the grant date fair value of the options and PRs that is yet to be expensed.
Cash Bonus
Options & Performance Rights
Paid/
payable
%
Forfeited/
deferred
%
Financial year
Granted
Vested 1
%
Forfeited 2
%
Financial years
in which
options/PRs
may vest
Maximum total
Value of grant
yet to expense
$
Directors
A W Lennon
–
–
–
–
–
–
–
T J Allen
–
–
–
–
–
–
–
V Krause
–
–
–
–
–
–
–
R J McKinnon
–
–
–
–
–
–
–
A J Lennon
–
–
–
–
–
–
–
M Kennedy
–
–
–
–
–
–
–
M Tierney
–
–
–
–
–
–
–
G Wall
–
–
–
–
–
–
–
B D Gore
28%
72%
2024
–
–
2026
677,287
2023
–
–
2025
388,810
2022
–
–
2024
–
2021
91%
9%
2023
–
2020
100%
–
2023
–
1. Includes performance rights for which performance conditions were met for the performance period and confirmed by the Directors after balance date.
2. Includes performance rights for which performance conditions were not met for the performance period.
13. REMUNERATION REPORT (AUDITED) continued
OPTION AND PERFORMANCE RIGHTS HOLDINGS
The number of options and PRs over unissued ordinary shares in the Company held during FY24 by the KMP of the
Group, including their personally-related entities, is set out below. When exercisable, each option and PR is convertible
into one ordinary share of Peet Limited.
Balance at
the start
of the year
Granted
during
the year
Exercised
during
the year
Lapsed/
forfeited
during
the year
Balance
at end of
the year
Vested and
exercisable
at the end
of the year
Directors
A W Lennon
–
–
–
–
–
–
T J Allen
–
–
–
–
–
–
V Krause
–
–
–
–
–
–
R J McKinnon
–
–
–
–
–
–
A J Lennon
–
–
–
–
–
–
B D Gore
5,571,026
994,610
–
(115,139)
6,450,497
3,227,412
M Kennedy
–
–
–
–
–
–
M Tierney
–
–
–
–
–
–
Other key management personnel
A K Gallagher
930,310
310,651
–
(27,640)
1,213,321
271,165
B C Fullarton
1,033,609
239,152
–
(27,025)
1,245,736
475,868
D Scafetta
798,484
172,584
–
(21,498)
949,570
378,531
P J Dumas
1,327,763
286,982
–
(35,747)
1,578,998
629,443
During the year ended 30 June 2024, 2,227,533 PRs (2023: 1,554,886) had vested and no PRs (2023: 3,333,092) were
exercised by KMP.
On 25 October 2023, 994,610 FY24 PRs were granted to the MD, B D Gore. The grant was approved by shareholders
under ASX Listing Rule 10.14.
Any additional persons to whom ASX Listing Rule 10.14 applies and who became entitled to participate in a grant of PRs
under the PPRP after the approval of Resolution 4 considered at the 2023 AGM and who was not named in the Notice
of AGM will not participate until approval is obtained under ASX Listing Rule 10.14.
Since 30 June 2024:
• no PRs (includes PRs exercisable by non-KMP) have vested;
• 1,194,966 PRs (includes PRs held by non-KMP) have been exercised; and
• no other options and PRs have been issued.
Refer note 25 of the financial report for the total options and PRs outstanding.
PEET LIMITED | ANNUAL REPORT 2024 | 61
PEET LIMITED | ANNUAL REPORT 2024 | 60
Directors’ Report
Year ended 30 June 2024
13. REMUNERATION REPORT (AUDITED) continued
Cash Bonus
Options & Performance Rights
Paid/
payable
Forfeited/
deferred
Financial year
Granted
Vested 1
Forfeited 2
Financial years
in which
options/PRs
may vest
Maximum total
Value of grant
yet to expense
$
Other key management personnel
A K Gallagher
23%
78%
2024
–
–
2026
222,206
2023
–
–
2025
121,439
2022
–
–
2024
–
2021
91%
9%
2023
–
2020
100%
–
2022
–
B C Fullarton
27%
73%
2024
–
–
2026
123,448
2023
–
–
2025
93,489
2022
–
–
2024
–
2021
91%
9%
2023
–
2020
100%
–
2022
–
D Scafetta
30%
70%
2024
–
–
2026
171,063
2023
–
–
2025
67,466
2022
–
–
2024
–
2021
91%
9%
2023
–
2020
100%
–
2022
–
P J Dumas
20%
80%
2024
–
–
2026
205,276
2023
–
–
2025
112,186
2022
–
–
2024
–
2021
91%
9%
2023
–
2020
100%
–
2022
–
1. Includes performance rights for which performance conditions were met for the performance period and confirmed by the Directors after balance date.
2. Includes performance rights for which performance conditions were not met for the performance period.
Further details relating to options and/or PRs, either granted, exercised or lapsed during the year, are set out below.
The amounts below are calculated in accordance with Australian Accounting Standards. Please refer to previous pages
of the Remuneration Report for commentary on vesting conditions met during the performance period ended 30 June
2024 (FY22 Performance Period).
Remuneration
consisting of options &
performance rights 1
Value of options &
performance rights
granted 2
$
Value of options &
performance rights
exercised 3
$
Directors
B D Gore
42%
1,016,858
–
Other key management personnel
A K Gallagher
33 %
333,613
–
B C Fullarton
30 %
256,829
–
D Scafetta
30 %
185,341
–
P J Dumas
34 %
308,195
–
1. The percentage of the value of remuneration consisting of options and PRs, based on the value of options and PRs expensed during the current year.
2. The value at grant date calculated in accordance with AASB 2 Share-based payments of options and/or PRs granted during the year as part of remuneration.
3. The value at exercise date of options and/or PRs that were granted as part of remuneration and were exercised during the year, being the intrinsic value of the options and/or PRs at that date.
LOANS TO DIRECTORS AND OTHER KEY MANAGEMENT PERSONNEL
There were no loans made to KMP, or their personally-related entities, during the financial year.
VOTING AND COMMENTS MADE AT THE COMPANY’S 2023 ANNUAL GENERAL MEETING
The instructions given to validly appointed proxies in respect of the resolution pertaining to the Company’s 2023
Remuneration Report were as follows:
For
Against
Proxy’s discretion
Abstain
217,820,590
40,059,122
51,799
133,550
84.45%
15.53%
0.02%
The motion was carried as an ordinary resolution on a poll.
INTERESTS IN THE SHARES AND BONDS OF THE COMPANY
Shares
Bonds
Balance at
the start of
the year
Received
during the
year on
exercise of
PRs
Other
changes
during the
year
Balance at
the end of
the year
Balance at
the start of
the year
Other
changes
during the
year
Balance at
the end of
the year
Directors
A W Lennon
97,764,685
–
–
97,764,685
–
–
–
T J Allen
160,318
–
–
160,318
–
2,000
2,000
V Krause1
–
–
–
–
–
–
–
R J McKinnon1,2
50,000
–
–
50,000
–
–
–
A J Lennon
1,331,344
–
–
1,331,344
–
–
–
M Kennedy3
–
–
20,000
20,000
–
–
–
M Tierney3
–
–
40,000
40,000
–
–
–
G Wall3
–
–
50,000
50,000
–
–
–
B D Gore
7,243,704
–
(1,000,000)
6,243,704
–
–
–
Other key management personnel
A K Gallagher
629,909
–
–
629,909
–
–
–
B C Fullarton
1,058,503
–
(600,000)
458,503
–
–
–
D Scafetta
1,182,790
–
(162,790)
1,020,000
–
–
–
P J Dumas
1,958,366
–
(470,484)
1,487,882
–
–
–
1. Resigned 25 October 2023.
2. R J McKinnon passed away prior to 30 June 2024. The shares held in Peet are held by a self-managed superannuation fund.
3. Appointed 25 August 2023.
END OF REMUNERATION REPORT (AUDITED)
PEET LIMITED | ANNUAL REPORT 2024 | 63
PEET LIMITED | ANNUAL REPORT 2024 | 62
Auditor’s Independence Declaration
Directors’ Report
Year ended 30 June 2024
14. INDEMNITY OF OFFICERS AND AUDITORS
During the financial year, the Company paid a premium in respect of a Directors’ and Officers’ insurance policy that
insures Directors and Officers of the Company. The liabilities insured are costs and expenses that may be incurred in
defending civil or criminal proceedings that may be brought against the Directors and Officers in their capacity as such.
The Directors have not included more specific details of the nature of the liabilities covered or the amount of the
premium paid in respect of Directors’ and Officers’ liability, as such disclosure is prohibited under the terms of
the contract.
To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young Australia, as part of
the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified
amount). The indemnity does not apply to any loss in respect of any matters which are finally determined to have
resulted from the auditors’ negligent, wrongful or willful acts or omissions. No payment has been made to indemnify
the auditors during or since the financial year.
15. NON-AUDIT SERVICES
The Company may decide to employ the auditor on assignments additional to their statutory audit duties where the
auditor’s expertise and experience with the Company and/or the Group are considered important.
The Board of Directors has considered the position and, in accordance with the advice received from the Audit and Risk
Management Committee, is satisfied that the provision of the non-audit services is compatible with the general
standard of independence for auditors imposed by the Corporations Act 2001. The Directors are satisfied that the
provision of non-audit services by the auditor did not compromise the auditor independence requirements of the
Corporations Act 2001 for the following reasons:
• all non-audit services have been reviewed by the Audit and Risk Management Committee to ensure they do not
impact the impartiality and objectivity of the auditor; and
• none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code
of Ethics for Professional Accountants.
The fees that were paid or payable for services provided by the auditors of the Group, its related practices and non-
related audit firms is set out in note 22 of the Financial Report.
16. AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor’s independence declaration, as required under section 307C of the Corporation Act 2001, is set
out on page 63.
17. ROUNDING OF AMOUNTS
The Company is of a kind referred to in ASIC Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to the “rounding off” of amounts in the Director’s Report. Amounts in the Director’s
Report have been rounded off in accordance with that legislative instrument to the nearest thousand dollars, or in
certain cases, the nearest dollar.
Signed for and on behalf of the Board in accordance with a resolution of the Board of Directors.
Brendan Gore
Managing Director and Chief Executive Officer
Perth, Western Australia
21 August 2024
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
27
Ernst & Young
11 Mounts Bay Road
Perth WA 6000 Australia
GPO Box M939 Perth WA 6843
Tel: +61 8 9429 2222
Fax: +61 8 9429 2436
ey.com/au
Auditor’s independence declaration to the directors of Peet Limited
As lead auditor for the audit of the financial report of Peet Limited for the financial year ended 30
June 2024, I declare to the best of my knowledge and belief, there have been:
a.
No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit;
b.
No contraventions of any applicable code of professional conduct in relation to the audit; and
c.
No non-audit services provided that contravene any applicable code of professional conduct in
relation to the audit.
This declaration is in respect of Peet Limited and the entities it controlled during the financial year.
Ernst & Young
Gavin Buckingham
Partner
21 August 2024
PEET LIMITED | ANNUAL REPORT 2024 | 65
PEET LIMITED | ANNUAL REPORT 2024 | 64
A copy of the Group’s corporate governance policies and practices in place during the financial year ended 30 June 2024
is available at the following link:
www.peet.com.au/about-us/corporate-governance
Unless otherwise stated, these are consistent with the 4th edition of the ASX Corporate Governance Council’s
Principles and Recommendations.
Corporate Governance Statement
Year ended 30 June 2024
Contents
Consolidated Statement of Profit or Loss and Other Comprehensive Income................................................................. 66
Consolidated Balance Sheet.............................................................................................................................................. 67
Consolidated Statement of Changes in Equity.................................................................................................................. 68
Consolidated Statement of Cash Flows............................................................................................................................ 69
Notes to the Consolidated Financial Statements.............................................................................................................. 70
Financial
Report
This financial report covers the consolidated financial statements for the Group consisting of Peet Limited and its subsidiaries. The financial report is
presented in Australian dollars. Peet Limited is a for profit company limited by shares, incorporated and domiciled in Australia. Its registered office
and principal place of business is Level 7, 200 St Georges Terrace, Perth WA 6000. The financial report was authorised for issue by the Directors on
21 August 2024. The Directors have the power to amend and reissue the financial report. Through the use of the internet, we have ensured that our
corporate reporting is timely and complete. All press releases, financial reports and other information are accessible via our website; www.peet.com.au
PEET LIMITED | ANNUAL REPORT 2024 | 67
PEET LIMITED | ANNUAL REPORT 2024 | 66
Notes
2024
$’000
2023
$’000
Current assets
Cash and cash equivalents
23,758
38,790
Receivables
11
19,885
19,535
Contract assets
12
11,752
6,139
Inventories
9
189,380
181,305
Total current assets
244,775
245,769
Non-current assets
Receivables
11
43,286
45,879
Inventories
9
601,460
537,349
Investments accounted for using the equity method
10
194,896
194,353
Property, plant and equipment
4,029
2,962
Right-of-use assets
4,359
2,209
Intangible assets
1,279
1,778
Total non-current assets
849,309
784,530
Total assets
1,094,084
1,030,299
Current liabilities
Payables
13
34,349
48,733
Land vendor liabilities
14
18,933
8,841
Borrowings
17
–
74,445
Lease liabilities
17
908
1,562
Other financial liabilities
10
5,300
2,650
Current tax liabilities
2,379
12,332
Provisions
15
30,513
23,911
Total current liabilities
92,382
172,474
Non-current liabilities
Land vendor liabilities
14
38,977
12,277
Borrowings
17
338,215
217,656
Lease liabilities
17
3,936
1,249
Other financial liabilities
10
1,822
4,688
Deferred tax liabilities
8
22,993
19,872
Provisions
15
762
13,192
Total non-current liabilities
406,705
268,934
Total liabilities
499,087
441,408
Net assets
594,997
588,891
Equity
Contributed equity
18
363,594
366,416
Reserves
18
(734)
327
Retained profits
211,403
200,760
Capital and reserves attributable to owners of Peet Limited
574,263
567,503
Non-controlling interest
24
20,734
21,388
Total equity
594,997
588,891
The above consolidated balance sheet should be read in conjunction with the accompanying notes.
Consolidated Balance Sheet
As at 30 June 2024
Notes
2024
$’000
2023
$’000
Revenue
5
292,580
318,908
Expenses
6
(259,362)
(266,351)
Finance costs (net of capitalised borrowing costs)
6
(5,451)
(2,502)
Share of net profit of associates and joint ventures
21,821
44,775
Profit before income tax
49,588
94,830
Income tax expense
8
(13,692)
(24,918)
Profit for the year
35,896
69,912
Attributable to:
Owners of Peet Limited
36,550
70,143
Non-controlling interests
(654)
(231)
Profit for the year
35,896
69,912
Total comprehensive income for the year
35,896
69,912
Earnings per share for profit attributable to the ordinary equity holders of the Company
Notes
Cents
Cents
Basic and diluted earnings per share
7
7.77
14.79
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with
the accompanying notes.
Consolidated Statement of Profit or Loss
and Other Comprehensive Income
For the year ended 30 June 2024
PEET LIMITED | ANNUAL REPORT 2024 | 69
PEET LIMITED | ANNUAL REPORT 2024 | 68
Consolidated Statement of Cash Flows
For the year ended 30 June 2024
Notes
2024
$’000
2023
$’000
Cash flows from operating activities
Receipts from customers (inclusive of GST)
302,403
338,787
Payments to suppliers and employees (inclusive of GST)
(274,382)
(242,622)
Payments for purchase of land
(25,913)
(51,906)
Interest and other finance costs paid
(28,935)
(25,304)
Distributions and dividends received from associates and joint ventures
17,413
36,903
Interest received
908
749
Income tax paid
(20,363)
(19,541)
Net cash inflow/(outflow) from operating activities
20
(28,869)
37,066
Cash flows from investing activities
Payments for property, plant and equipment
(2,331)
(900)
Payment for acquisition of Peet Flagstone City Pty Ltd
(9,230)
(9,230)
Proceeds from capital returns from associates and joint ventures
3,865
1,525
Loans to associates and joint ventures
(286)
(5,000)
Repayment of loans by associates and joint ventures
6,699
15,052
Net cash inflow/(outflow) from investing activities
(1,283)
1,447
Cash flows from financing activities
Dividends paid
(25,907)
(35,525)
Repayment of borrowings
(60,884)
(120,649)
Proceeds from borrowings
107,293
161,420
Proceeds from issue of Peet notes (net of transaction costs)
73,971
–
Repayment of Peet bonds
(75,000)
(50,000)
Payment of principal portion of lease liabilities
(1,529)
(1,978)
Share buy back (including transaction costs)
(2,824)
(8,371)
Net cash inflow/(outflow) from financing activities
15,120
(55,103)
Net decrease in cash and cash equivalents
(15,032)
(16,590)
Cash and cash equivalents at the beginning of the year
38,790
55,380
Cash and cash equivalents at the end of the year
23,758
38,790
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
Notes
Contributed
equity
$’000
Reserves
$’000
Retained
profits
$’000
Total
$’000
Non-
controlling
interest
$’000
Total
equity
$’000
Balance at 1 July 2022
374,733
584
166,142
541,459
21,619
563,078
Profit for the year
–
–
70,143
70,143
(231)
69,912
Total comprehensive income for the year
–
–
70,143
70,143
(231)
69,912
Share buyback, including transaction costs
(8,317)
–
–
(8,317)
–
(8,317)
Share-based payments
–
3,439
–
3,439
–
3,439
Vesting of performance rights
–
(3,696)
–
(3,696)
–
(3,696)
Dividends paid
–
–
(35,525)
(35,525)
–
(35,525)
Balance at 30 June 2023
366,416
327
200,760
567,503
21,388
588,891
Balance at 1 July 2023
366,416
327
200,760
567,503
21,388
588,891
Profit for the year
–
–
36,550
36,550
(654)
35,896
Total comprehensive income for the year
–
–
36,550
36,550
(654)
35,896
Share buyback, including transaction costs
(2,822)
–
–
(2,822)
–
(2,822)
Share-based payments
–
1,994
–
1,994
–
1,994
Vesting of performance rights
–
(3,055)
–
(3,055)
–
(3,055)
Dividends paid
13
–
–
(25,907)
(25,907)
–
(25,907)
Balance at 30 June 2024
363,594
(734)
211,403
574,263
20,734
594,997
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
PEET LIMITED | ANNUAL REPORT 2024 | 71
PEET LIMITED | ANNUAL REPORT 2024 | 70
BASIS OF REPORTING
This section of the financial report sets out the basis of
preparation of the consolidated financial statements.
Where an accounting policy is specific to one note, the
policy is described in the note to which it relates.
1. REPORTING ENTITY
This financial report covers the consolidated financial
statements for the Consolidated Entity consisting of Peet
Limited and its subsidiaries (Group). The Financial Report
is presented in the Australian currency. Peet Limited is a
company limited by shares, incorporated and domiciled
in Australia. Its registered office and principal place of
business is; Level 7, 200 St Georges Terrace, Perth WA
6000. The nature of the operations and principal activities
of the Group are described in the Directors’ Report. Peet
Limited is a for-profit entity.
2. BASIS OF PREPARATION
The Financial Report is a general purpose financial report
which:
• has been prepared in accordance with Australian
Accounting Standards and Interpretations issued by
the Australian Accounting Standards Board and the
Corporations Act 2001;
• complies
with
International
Financial
Reporting
Standards (IFRS) as issued by the International
Accounting Standards Board (IASB);
• has been prepared under the historical cost convention,
except for some financial assets and liabilities which
have been measured at fair value;
• provides comparative information in respect of the
previous period; and
• is rounded off to the nearest thousand dollars or in
certain cases to the nearest dollar in accordance with
ASIC Corporations Instrument 2016/191.
CONTENTS
BASIS OF REPORTING
1. Reporting entity........................................................................................................................................................... 71
2. Basis of preparation..................................................................................................................................................... 71
3. How to read the financial report.................................................................................................................................. 73
PERFORMANCE FOR THE YEAR
4. Segment information................................................................................................................................................... 74
5. Revenue...................................................................................................................................................................... 76
6. Expenses..................................................................................................................................................................... 77
7. Earnings per share....................................................................................................................................................... 77
8. Taxes........................................................................................................................................................................... 78
OPERATING ASSETS AND LIABILITIES
9. Inventories................................................................................................................................................................... 80
10. Investments accounted for using the equity method................................................................................................. 80
11. Receivables................................................................................................................................................................. 83
12. Contract assets........................................................................................................................................................... 83
13. Payables......................................................................................................................................................................84
14. Land vendor liabilities..................................................................................................................................................84
15. Provisions....................................................................................................................................................................84
16. Interests in joint operations......................................................................................................................................... 85
CAPITAL MANAGEMENT
17. Borrowings.................................................................................................................................................................. 86
18. Contributed equity and reserves................................................................................................................................. 89
19. Dividends..................................................................................................................................................................... 90
20. Reconciliation of profit / (loss) after income tax to net cash outflow from operating activities................................. 90
21. Fair value measurement.............................................................................................................................................. 91
OTHER NOTES
22. Remuneration of auditors............................................................................................................................................ 92
23. Contingencies and commitments............................................................................................................................... 92
24. Parent entity financial information and subsidiaries.................................................................................................... 93
25. Share-based payments............................................................................................................................................... 95
26. Matters subsequent to the end of the financial year.................................................................................................. 97
27. Other accounting policies............................................................................................................................................ 98
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
A. PRINCIPLES OF CONSOLIDATION
The consolidated financial statements comprise the
financial statements of the Group and the entities it
controlled at the end of, or during the year ended 30 June
2024. The Group controls an investee if and only if the
Group has:
• power over the investee (i.e. existing rights that give
it the current ability to direct the relevant activities of the
investee);
• exposure, or rights, to variable returns from its
involvement with the investee; and
• the ability to use its power over the investee to affect
its returns.
The Group re-assesses whether or not it controls an
investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control.
Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the
Group loses control of the subsidiary. Assets, liabilities,
income and expenses of a subsidiary acquired or disposed
of during the year are included in the statement of
comprehensive income from the date the Group gains
control until the date the Group ceases to control the
subsidiary.
Profit or loss and each component of other comprehensive
income (OCI) are attributed to the equity holders of the
parent of the Group and to the non-controlling interests,
even if this results in the non-controlling interests having a
deficit balance. All intra-group assets and liabilities, equity,
income, expenses and cash flows relating to transactions
between members of the Group are eliminated in full on
consolidation.
PEET LIMITED | ANNUAL REPORT 2024 | 73
PEET LIMITED | ANNUAL REPORT 2024 | 72
3. HOW TO READ THE FINANCIAL REPORT
The notes to the financial statements are set out in four
specific sections:
• Performance for the year
• Operating assets and liabilities
• Capital management
• Other notes
Where an accounting policy is specific to one note, the
policy is described in the note to which it relates.
Key estimates are described in the following notes:
• Note 5 - constraints on project management & selling
fees and estimates on percentage completion
• Note 9 - net realisable value
• Note 11 - ECL allowance
• Note 15 – provision for development costs to complete
• Note 21 - fair value estimation
Financial risks and its management are detailed in the
respective notes it pertains to. The Group’s activities
expose it to financial risks including (note 17):
• liquidity risk;
• credit risk; and
• interest rate risk.
Related party transactions are disclosed within the notes
they relate to. Transactions which occur between the
Group and significant controlled entities are classified
as related party transactions. Significant controlled
entities are interests held in associates and joint ventures,
which are set out in note 10. Details relating to the key
management personnel, including remuneration paid, are
set out in note 6.
2. BASIS OF PREPARATION continued
B. ASSOCIATES
Associates are all entities over which the Group has
significant
influence
but
not
control,
generally
accompanying a shareholding of between 20% and 50%
of the voting rights. In the case of syndicates, significant
influence can exist with a lower shareholding by virtue of
the Group’s position as project manager. Investments in
associates are accounted for using the equity method of
accounting.
The Group’s share of its associates’ post-acquisition profits
or losses are recognised in the consolidated statement of
profit or loss, and its share of post-acquisition other
comprehensive
income
is
recognised
in
other
comprehensive income. The cumulative post-acquisition
movements are adjusted against the carrying amount of
the investment. Dividends receivable from associates are
recognised as a reduction in the carrying amount of the
investment.
When the Group’s share of losses in an associate equals or
exceeds its interest in the associate, including any other
unsecured long-term receivables, the Group does not
recognise further losses, unless it has incurred obligations
or made payments on behalf of the associate.
Unrealised gains on transactions between the Group and
its associates are eliminated to the extent of the Group’s
interest in the associates. Unrealised losses are also
eliminated unless the transaction provides evidence of an
impairment of the asset transferred.
C. INVESTMENTS IN JOINT ARRANGEMENTS
Joint arrangements are arrangements of which two or more
parties have joint control. Joint control is the contractual
agreed sharing of control which exists only when decisions
about the relevant activities require unanimous consent
of the parties sharing control. Joint arrangements are
classified as either a joint operation or joint venture, based
on the rights and obligations arising from the contractual
obligations between the parties to the arrangement.
To the extent the joint arrangement provides the Group
with rights to the individual assets and obligations arising
from the joint arrangement, the arrangement is classified
as a joint operation and as such, the Group recognises its:
• assets, including its share of any assets held jointly;
• liabilities, including its share of any liabilities incurred
jointly;
• share of revenue from the sale of the output by the joint
operation; and
• expenses, including its share of any expenses incurred
jointly.
To the extent the joint arrangement provides the Group with
rights to the net assets of the arrangement, the investment
is classified as a joint venture and accounted for using the
equity method. Under the equity method, the cost of the
investment is adjusted by the post-acquisition changes in
the Group’s share of the net assets of the venture.
D. CHANGES IN OWNERSHIP INTERESTS
The Group treats transactions with non-controlling
interests that do not result in a gain or loss of control as
transactions with equity owners of the Group. A change
in ownership interest results in an adjustment between
the carrying amounts of the controlling and non-controlling
interests to reflect their relative interests in the subsidiary.
Any difference between the amount of the adjustment
to non-controlling interests and any consideration paid or
received is recognised in a separate reserve within equity
attributable to owners of Peet Limited.
E. CHANGES IN ACCOUNTING POLICIES
The accounting policies adopted in the preparation of the
financial report are consistent with those followed in the
preparation of the Group’s annual financial statements
for the year ended 30 June 2023, except for changes
arising from the adoption of new and amended accounting
standards and interpretations effective as at 1 July 2023.
Several other amendments and interpretations apply for
the first time on 1 July 2023, but do not have a material
impact on the Group. The Group has not early adopted
any standard, interpretation or amendment that has been
issued but is not yet effective.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
PEET LIMITED | ANNUAL REPORT 2024 | 75
PEET LIMITED | ANNUAL REPORT 2024 | 74
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
PERFORMANCE FOR THE YEAR
This section focuses on the results and performance of
the Group
4. SEGMENT INFORMATION
Operating segments are reported in a manner that is
consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision
maker, who is responsible for allocating resources and
assessing performance of the operating segments, has
been identified as the executive management group.
The
executive
management
group
assesses
the
performance of the operating segments based on multiple
measures including earnings before interest (including
interest and finance charges amortised through cost
of sales), tax, depreciation and amortisation (EBITDA),
earnings before interest (including interest and finance
charges amortised through cost of sales) and tax (EBIT)
and profit after tax.
The share of profits from associates and joint ventures is
included as segment revenue as it is treated as revenue for
internal reporting purposes.
The Group operates only in Australia.
The executive management group considers the business
to have the following reportable business segments:
FUNDS MANAGEMENT
Peet enters into asset and funds management agreements
with external capital providers. Peet and/or the external
capital provider commit equity funds towards the
acquisition of land and this is generally supplemented with
debt funds either at the time of acquisition or during the
development phase of a project.
The Group derives fees from underwriting, capital raising
and asset identification services. Ongoing project related
fees (mainly project management and selling fees as well
as performance fees) are then derived by the Group for the
duration of a particular project.
COMPANY-OWNED PROJECTS
The Group acquires parcels of land in Australia, primarily for
residential development purposes. Certain land holdings
will also produce non-residential blocks of land.
JOINT ARRANGEMENTS
Joint arrangements are entered into with government,
statutory authorities and private landowners. The form of
these arrangements can vary from project to project but
generally involves Peet undertaking the development of
land on behalf of the landowner or in conjunction with the
co-owner. The Group is typically entitled to ongoing fees
for management of the development project and also a
share of the profits.
INTER-SEGMENT TRANSFERS AND
OTHER UNALLOCATED
Segment revenue, expenses and results include transfers
between segments. Such transfers are based on an arm’s
length basis and are eliminated on consolidation.
Certain property syndicates are consolidated where
the Group is considered to have control. These entities
however, continue to be managed and reported to
the executive management group as part of the funds
management business segment. Adjustments are included
in “Inter‑segment transfers and other unallocated” to
reconcile reportable business segment information to the
Group’s consolidated statement of profit or loss.
Funds
management
Company-owned
projects
Joint
arrangements
Inter-segment transfers
and other unallocated
Consolidated
June
2024
$’000
June
2023
$’000
June
2024
$’000
June
2023
$’000
June
2024
$’000
June
2023
$’000
June
2024
$’000
June
2023
$’000
June
2024
$’000
June
2023
$’000
Revenue by segment
Sales to external parties
22,509
13,520
223,863
264,120
30,706
31,445
12,315
(80)
289,393
309,005
Other income
1,785
5,912
1,185
1,001
173
2,982
44
8
3,187
9,903
Share of net profit of associates and JVs
8,501
14,508
–
–
12,027
29,811
1,293
456
21,821
44,775
Total
32,795
33,940
225,048
265,121
42,906
64,238
13,652
384
314,401
363,683
Corporate overheads
(12,893)
(13,838)
(12,893)
(13,838)
EBITDA 1
22,381
21,703
37,197
58,183
18,598
41,321
(11,511)
(14,200)
66,665
107,007
Depreciation and amortisation
(50)
(78)
(516)
(564)
(26)
(26)
(1,752)
(1,808)
(2,343)
(2,476)
Segment result (EBIT 2)
22,331
21,625
36,681
57,619
18,572
41,295
(13,263)
(16,008)
64,322
104,531
Financing costs (includes interest and finance costs
expensed through cost of sales)
(14,734)
(9,701)
Profit before income tax
49,588
94,830
Income tax expense
(13,692)
(24,918)
Profit after income tax
35,896
69,912
Loss attributable to non-controlling interests
654
231
Profit attributable to owners of Peet Limited
36,550
70,143
1. EBITDA (is a non-IFRS measure): Earnings Before Interest (including interest and finance charges amortised through cost of sales), Tax, Depreciation and Amortisation.
2. EBIT (is non-IFRS measure): Earnings Before Interest (including interest and finance charges amortised through cost of sales) and Tax.
PEET LIMITED | ANNUAL REPORT 2024 | 77
PEET LIMITED | ANNUAL REPORT 2024 | 76
Revenue from related parties included above:
2024
$’000
2023
$’000
Revenue from related parties ¹
Associates
Project management and selling services
21,928
13,379
Syndicate administration services
975
950
Joint arrangements
Project management and selling services
3,065
2,019
25,968
16,348
1. Refer to note 3 for how information on related party transactions is disclosed.
6. EXPENSES
2024
$’000
2023
$’000
Profit before income tax includes
the following specific expenses:
Land and development costs
182,432
188,099
Amortised interest and finance expense
9,283
7,199
Total land and development cost
191,715
195,298
Depreciation 1
– Right-of-use assets
1,306
1,364
– Property, plant and equipment
886
947
Amortisation
151
165
Total depreciation and amortisation
2,343
2,476
Employee benefits expense
29,288
32,503
Project management, selling and other
operating costs
19,345
17,441
Other expenses 2
16,671
18,633
Total other expenses
65,304
68,577
Total expenses
259,362
266,351
Finance costs
Interest and finance charges
– Bank borrowings
17,730
14,207
– Land vendor liabilities
1,556
1,953
– Lease liabilities
263
203
Interest on corporate bonds
12,683
12,221
Amount capitalised
(26,781)
(26,082)
Total finance costs
5,451
2,502
1. Refer to note 27 (b), (c) and (d) for accounting policies.
2. This includes fair value adjustments on Other Financial Liabilities (refer to note 10 (b)).
5. REVENUE
2024
$’000
2023
$’000
Revenue from contracts with customers
– Sales of land and built form 1
252,735
283,566
– Project management and
selling services
36,658
25,439
Other income
3,187
9,903
292,580
318,908
1. Revenue from sales of land in the previous reporting period includes the settlement revenue of
New Beith, Qld ($76.1 million).
RECOGNITION AND MEASUREMENT
The main streams of revenue recognised by the Group
relate to the sale of land and built form, and the provision
of management and selling services. Revenue from
contracts with customers is recognised when or as the
Group transfers control of the goods and services to a
customer at an amount that reflects the consideration to
which the Group is expected to be entitled in exchange for
those goods and services. Revenue is recognised when or
as each performance obligation is satisfied at the amount
of the transaction price allocated to that performance
obligation. If the consideration in the contract includes
a variable amount, the Group estimates the amount of
the consideration to which it is entitled in exchange for
transferring the goods and services to the customer. The
variable consideration is estimated at contract inception
and constrained until it is highly probable that a significant
revenue reversal of the amount of the cumulative revenue
recognised will not occur when the associated uncertainty
with the variable consideration is subsequently resolved.
When a performance obligation is satisfied by transferring
a promised good or service to the customer before the
customer pays consideration or before payment is due,
the Group presents the revenue as a contract asset,
unless the Group’s rights to the amount of consideration
are unconditional, in which case the Group recognises
a receivable.
The Group recognises contract fulfilment costs as an asset
only if the costs relate directly to a contract, the costs
generate or enhance resources of the Group that will be
used to satisfy future performance obligations and the
costs are expected to be recovered. If not capitalised,
contract fulfilment costs are expensed as incurred.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Related party expenses
2024
$’000
2023
$’000
KMP remuneration 1
Short-term employee benefits
4,073
5,218
Post-employment benefits
222
192
Share-based payments
1,924
2,066
6,219
7,476
1. Refer to note 3 for information about related party transactions.
LAND AND DEVELOPMENT COSTS
Land and development costs represent the portion of the
land and development costs associated with the lots sold
during the year (cost of sales).
BORROWING COSTS
Borrowing costs incurred for the construction of any
qualifying asset are capitalised during the period of time
that is required to complete and prepare the asset for its
intended use or sale. Other borrowing costs are expensed
in the period they are incurred. The capitalisation rate used
to determine the amount of finance costs to be capitalised
is the weighted average interest rate applicable to
the Group’s outstanding borrowings during the year (refer
note 17).
7. EARNINGS PER SHARE
2024
2023
Profit attributable to the ordinary equity
holders of the Company ($’000)
36,550
70,143
Weighted average number of ordinary
shares used as the denominator in
calculating basic earnings per share
470,573,105
474,145,115
Basic and diluted earnings per share
(cents)
7.77
14.79
There are 1,200,000 options excluded from the calculation
of diluted earnings per share as they are anti-dilutive. They
could potentially dilute basic earnings per share in the future.
Refer to note 25 for the number of Performance Rights (PRs)
outstanding at 30 June 2024. These PRs are contingently
issuable shares and accordingly not included in diluted
earnings per share.
SALE OF LAND AND BUILT FORM
Revenue from the sale of land and built form is recognised
on settlement of the sale. This represents the point when
control (title) has passed to the customer.
PROJECT MANAGEMENT
Project management represents a single performance
obligation that is satisfied over time for the oversight
and management of the development. The consideration
receivable under the contract allocated to project
management is variable and is measured using an expected
value approach subject to a constraint. The transaction price
is based on the relative standalone selling price. Revenue is
recognised using an output method based on development
milestones reached. Payment is received on settlement.
SELLING SERVICES
This service represents a performance obligation to
facilitate the sale of an individual lot which is satisfied over
the short period of time relating to the procedural steps
of finalising the sale of the property to a purchaser. The
consideration receivable under the contract allocated to
selling services is considered to be variable consideration
and is measured on a portfolio basis using an expected
value approach subject to a constraint. The transaction
price is based on the relative standalone selling price of the
service. Payment is received on settlement.
KEY ESTIMATES
Constraints on project management & selling fees
An analysis of sales fall over rates and minimum
selling prices is performed for all business
segments by location. This analysis, on a portfolio
basis, is used to determine an appropriate constraint
for revenue recognised against project management
and selling fees.
Percentage completion
An
analysis
of
development
milestones
is
performed to determine an appropriate percentage
of completion for completed lots.
PEET LIMITED | ANNUAL REPORT 2024 | 79
PEET LIMITED | ANNUAL REPORT 2024 | 78
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
B. DEFERRED TAX ASSETS
Inventory
$’000
Receivables
$’000
Tax losses
$’000
Property, plant
and equipment
(including
leases)
$’000
Other
$’000
Total
$’000
At 1 July 2022
4,117
15,189
1,747
2,957
93
24,103
Credited/(charged):
– to profit or loss
(225)
(2,457)
758
(206)
1,090
(1,040)
– to equity
–
–
–
–
2
2
Total deferred tax assets
3,892
12,732
2,505
2,751
1,185
23,065
Set off against deferred tax liabilities
pursuant to set off provisions
(23,065)
At 30 June 2023
–
At 1 July 2023
3,892
12,732
2,505
2,751
1,185
23,065
Credited/(charged):
– to profit or loss
(3,892)
952
4,549
(1,912)
(260)
(563)
– to equity
–
–
–
–
–
–
Total deferred tax assets
–
13,684
7,054
839
925
22,502
Set off against deferred tax liabilities
pursuant to set off provisions
(22,502)
At 30 June 2024
–
C. DEFERRED TAX LIABILITIES
Movements
Finance
charges
$’000
Accrued
income
$’000
Inventory
$’000
Share of joint
arrangements
$’000
Other
$’000
Total
$’000
At 1 July 2022
30,564
3,996
1,876
4,272
155
40,863
Charged/(credited):
– to profit or loss
5,391
(3,235)
(2,104)
2,022
–
2,074
Total deferred tax liabilities
35,955
761
(228)
6,294
155
42,937
Set off against deferred tax liabilities
pursuant to set off provisions
(23,065)
At 30 June 2023
19,872
At 1 July 2023
35,955
761
(228)
6,294
155
42,937
Charged/(credited):
– to profit or loss
5,052
(1,864)
(1,206)
731
(155)
2,558
Total deferred tax liabilities
41,007
(1,103)
(1,434)
7,025
–
45,495
Set off against deferred tax liabilities
pursuant to set off provisions
(22,502)
At 30 June 2024
22,993
8. TAXES
A. INCOME TAX EXPENSE
2024
$’000
2023
$’000
Major components of tax expense
Current income tax expense
Current tax
11,454
22,311
Adjustments for prior periods
(883)
(507)
10,571
21,804
Deferred income tax expense
Deferred tax
2,159
2,779
Adjustments for prior periods
962
335
3,121
3,114
13,692
24,918
Deferred income tax expense included
in income tax expense comprises:
Decrease in deferred tax assets
563
1,040
Increase in deferred tax liabilities
2,558
2,074
3,121
3,114
Tax reconciliation
Profit before income tax
49,588
94,830
Tax at Australian tax rate of 30%
14,876
28,449
Tax effect of amounts which are not
assessable or deductible:
Share of net profit of associates
(1,121)
(237)
Employee benefits
(318)
(118)
Franking credits
(811)
(2,777)
Deferred tax assets not recognised
584
206
Sundry items
403
(433)
Under/(over) provision in prior periods
79
(172)
13,692
24,918
RECOGNITION AND MEASUREMENT
Current taxes
The income tax expense for the period is the tax payable
on the current period’s taxable income based on the
applicable income tax rate, adjusted by changes in
deferred tax assets and liabilities attributable to temporary
differences between the tax bases of assets and liabilities
and their carrying amounts in the financial statements.
Current tax assets and tax liabilities are offset where the
entity has a legally enforceable right to offset and intends
either to settle on a net basis, or to realise the asset and
settle the liability simultaneously.
Deferred taxes
Deferred tax assets and liabilities are recognised for
temporary differences at the tax rates expected to
apply, when the assets are recovered or liabilities are
settled, based on those tax rates which are enacted or
substantively enacted for each jurisdiction by the end of
the reporting period. The relevant tax rates are applied
to the amounts of deductible and taxable temporary
differences to measure the deferred tax asset or liability.
An exception is made for certain temporary differences
arising from the initial recognition of an asset or a liability.
No deferred tax asset or liability is recognised in relation to
these temporary differences if they arise in a transaction
other than a business combination that at the time of the
transaction did not affect either accounting profit or taxable
profit or loss.
Deferred tax assets are recognised for deductible
temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available to
utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset when there is
a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to the
same taxation authority.
Current and deferred tax is recognised in profit or loss,
except to the extent that it relates to items recognised in
other comprehensive income or directly in equity. In this
case, the tax is also recognised in other comprehensive
income or directly in equity, respectively.
PEET LIMITED | ANNUAL REPORT 2024 | 81
PEET LIMITED | ANNUAL REPORT 2024 | 80
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
B. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (JVs) INCLUDING SUMMARISED
FINANCIAL INFORMATION
As at 30 June 2024
Ownership
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets
Carrying value of interest
in associate or joint venture
Revenue
Net profit/(loss) after tax
Share of profit/(loss)
%
$’000
$’000
$’000
$’000
$’000
$’000
$’000
$’000
$’000
Associates
Peet Alkimos Pty Limited, WA
45
42,328
228,638
12,218
71,170
187,578
83,571
32,322
(3,644)
(1,623)
Peet Caboolture Syndicate Limited, QLD 20
21,530
16,712
2,451
8,845
26,947
5,462
26,698
1,934
387
Peet Werribee Land Syndicate, VIC
17
18,689
4,741
2,437
89
20,904
3,587
22,327
4,355
747
Joint Ventures*
Peet No.1895 Pty Limited, VIC
50
23,035
117,892
32,270
53,127
55,530
20,666
46,777
7,905
5,670
Peet Golden Bay Pty Limited, WA
50
12,412
5,184
2,258
-
15,338
7,669
13,424
2,923
1,461
Peet Mt Barker Pty Limited, SA
50
16,721
2,976
2,623
454
16,620
8,310
19,961
3,288
1,644
Googong Township Unit Trust, NSW
50
39,147
134,059
3,728
43,500
125,978
62,989
65,224
24,093
12,047
Peet Brabham Pty Ltd, WA
50
31,205
39,783
23,044
45,417
2,528
1,264
6,918
221
111
Other associates and JVs
1,378
1,377
Total
194,896
21,821
As at 30 June 2023
Associates
Peet Alkimos Pty Limited, WA
45
18,683
254,989
6,232
76,219
191,222
85,194
17,055
503
200
Peet Caboolture Syndicate Limited, QLD 20
11,577
27,551
12,216
1,900
25,013
5,376
17,500
2,931
528
Peet Werribee Land Syndicate, VIC
17
6,126
15,094
4,366
304
16,549
2,839
26,713
6,318
1,083
Joint Ventures*
Peet No.1895 Pty Limited, VIC
50
4,279
136,100
5,085
107,738
27,555
14,996
84,843
13,191
10,214
Peet Golden Bay Pty Limited, WA
50
5,537
14,708
1,230
-
19,015
9,507
8,251
1,459
727
Peet Mt Barker Pty Limited, SA
50
5,818
16,564
4,468
382
17,532
8,766
18,038
1,155
577
Googong Township Unit Trust, NSW
50
4,196
155,699
9,711
20,000
130,185
65,093
173,211
59,625
29,811
Peet Brabham Pty Ltd, WA
50
25,148
48,211
25,273
45,780
2,306
1,153
5,431
1,570
798
Other associates and JVs
1,429
837
Total
194,353
44,775
*
Refer to note 10(c) for further breakdown of financial information of joint ventures
The associates and joint ventures finance their operations through unitholder/shareholder contributions and also through
external banking facilities. The Group also provides a loan facility to some of these entities as disclosed in note 11.
IIn FY22, Peet Limited provided a cash advance facility to a shareholder of Peet Alkimos Pty Ltd. At 30 June 2024, the
liability is measured at fair value of $7.1 million (Current: $5.3 million, non-current: $1.8 million; 30 June 2023 current: $2.6
million, non-current: $4.7 million) which is based on the net present value of all estimated cash inflows and outflows over
the term of the facility.
OPERATING ASSETS
AND LIABILITIES
This section shows the assets used to generate the Group’s
trading performance and the liabilities incurred as a result.
Liabilities relating to the Group’s financing activities are
addressed in the capital management section.
9. INVENTORIES
2024
$’000
2023
$’000
Cost of acquisition
489,358
452,399
Capitalised development costs
217,611
198,327
Capitalised finance costs
110,418
94,475
Total inventory at cost
817,387
745,201
Provision for write-downs
to net realisable value 1
(26,547)
(26,547)
Total inventory
790,840
718,654
Current
189,380
181,305
Non-current
601,460
537,349
Total inventory
790,840
718,654
1. The write-downs are from several non-core projects that are to be divested. The estimated net
realisable values used to calculate the write-down provisions are based on the latest valuations
and management’s assessment of the market for each project.
RECOGNITION AND MEASUREMENT
Land held for development and resale is stated at the lower
of cost and net realisable value. Cost includes the cost
of acquisition, development and borrowing costs during
development. When development is completed, borrowing
costs and other holding charges are expensed as incurred.
Land is initially classified as non-current. It is subsequently
reclassified to current if the development/subdivided lots
are expected to be sold within the next 12 months.
KEY ESTIMATES
Net realisable value
The Group is required to carry inventory at lower of
cost and net realisable value. Net realisable value is
the estimated selling price in the ordinary course of
business, less estimated costs of completion and
the estimated costs necessary to make the sale.
Estimates of net realisable value are based on the
most reliable evidence available at the time the
estimates are made, of the amount the inventories
are expected to realise and the estimate of costs to
complete. The key assumptions require the use of
management judgement and are reviewed annually.
10. INVESTMENTS ACCOUNTED FOR
USING THE EQUITY METHOD
Investments in associates and joint ventures are accounted
for using the equity method of accounting.
A. MOVEMENTS IN CARRYING AMOUNTS
OF INVESTMENTS IN ASSOCIATES AND
JOINT VENTURES
2024
$’000
2023
$’000
Carrying amount at 1 July
194,353
188,006
Dividends
(17,413)
(36,903)
Capital returns
(3,865)
(1,525)
Share of profit after income tax
21,821
44,775
Carrying amount at 30 June
194,896
194,353
The Group assesses at each balance date, the carrying
value of investments in associates and joint ventures to
ensure the assets are not impaired.
PEET LIMITED | ANNUAL REPORT 2024 | 83
PEET LIMITED | ANNUAL REPORT 2024 | 82
11. RECEIVABLES
2024
$’000
2023
$’000
Current
Trade receivables at amortised cost 1
9,310
8,218
Other receivables at amortised cost 1
3,313
1,420
Loans to associates and joint ventures 2
– At amortised cost
286
3,522
– ECL allowance
(2)
(522)
– At fair value
6,978
6,897
19,885
19,535
Non-current
Loans to associates and joint ventures 2
– At amortised cost
24,154
23,832
– ECL allowance
(2,275)
(2,279)
– At fair value
21,407
24,326
43,286
45,879
Total receivables
63,171
65,414
1. Trade and other receivables are non-interest bearing and generally have 30-60 day terms. There
were past due or impaired trade receivables at the end of the year of $2.2 million (2023: $1.2 million).
2. The Group has entered into financing arrangements (including loans and equity contributions in cash)
with certain associates and JVs of the Group on commercial terms. The loans provided to associates
and JVs are unsecured and are either interest free or have interest rates based on Bank Bill Swap Bid
Rate (BBSY) plus a margin up to 8%.
Refer to note 27(a) for accounting policy on financial assets
and note 21 for fair value disclosures.
KEY ESTIMATES
ECL allowance
For loans to associates and joint ventures, ECL
allowance is determined on a probability of default
on a loan by loan basis.
For trade receivables, the group recognises
loss allowances based on lifetime ECL at each
reporting date.
Related party balances with associates and joint ventures
included above:
2024
$’000
2023
$’000
Current
Trade receivables
779
582
Loans to associates and joint ventures
– At amortised cost (net of ECL allowance)
284
3,000
– At fair value
6,978
6,897
Non-current
Loans to associates and joint ventures
– At amortised cost (net of ECL allowance)
21,879
21,553
– At fair value
21,407
24,326
Total
51,327
56,358
Movements in loans to associates and joint ventures:
2024
$’000
2023
$’000
Carrying amount at 1 July
55,776
57,604
Loans advanced
286
5,000
Loan repayments
(6,699)
(15,052)
Other 1
1,185
8,224
Carrying amount at 30 June
50,548
55,776
1. This includes movements in ECL allowance and fair value adjustments.
12. CONTRACT ASSETS
2024
$’000
2023
$’000
Current
Accrued income 1
11,752
6,139
Total contract assets
11,752
6,139
1. These amounts represent project management and performance fees payable from associates and
other managed entities for services provided. They are recognised for the earned consideration that
is conditional under AASB 15. Refer to note 5 for revenue related accounting policies.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD continued
C. ADDITIONAL SUMMARISED INFORMATION IN RELATION TO AMOUNTS INCLUDED
IN ASSETS, LIABILITIES AND PROFIT/(LOSS) OF JOINT VENTURES
As at 30 June 2024
Cash and cash
equivalents
$’000
Current
financial
liabilities 1
$’000
Non-current
financial
liabilities 1
$’000
Interest
expense
$’000
Income tax
expense/
(benefit)
$’000
Googong Township Unit Trust
3,007
–
43,500
–
(40)
Peet Golden Bay Pty Limited
6,619
–
–
–
1,257
Peet Mt Barker Pty Limited
8,396
–
–
–
1,452
Peet No. 1895 Pty Limited
6,242
26,000
39,115
–
3,386
Peet Brabham Pty Limited
3,018
21,733
45,708
54
266
As at 30 June 2023
Googong Township Unit Trust
4,055
–
20,000
–
(7)
Peet Golden Bay Pty Limited
5,483
–
–
–
621
Peet Mt Barker Pty Limited
4,998
–
–
–
492
Peet No. 1895 Pty Limited
4,223
–
97,962
–
5,653
Peet Brabham Pty Limited
43
25,254
42,570
61
(316)
1
Excluding trade and other payables and provisions
PEET LIMITED | ANNUAL REPORT 2024 | 85
PEET LIMITED | ANNUAL REPORT 2024 | 84
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
KEY ESTIMATES
Provision for development costs to complete
Costs not yet incurred for lots settled are taken
into account in the cost of sales for these lots.
The portion of cost of sales relating to these
future costs are recognised as a provision in the
Statement of Financial Position. The actual costs
may vary from the estimated future costs due to
variations in estimates.
RECOGNITION AND MEASUREMENT
Provisions are recognised when the Group has a present
legal or constructive obligation as a result of past events;
it is probable that an outflow of resources will be required
to settle the obligation; and the amount has been reliably
estimated. Provisions are not recognised for future
operating losses.
Provisions are measured at the present value of
management’s best estimate of the expenditure required
to settle the present obligation at the balance date. The
discount rate used to determine the present value reflects
current market assessments of the time value of money
and the risks specific to the liability. The increase in the
provision due to the passage of time is recognised as
interest expense.
REBATES
The Group may be required under the terms of certain sale
contracts to provide rebates for expenditures undertaken
by land holders in respect of developments. These
expenditures relate to landscaping and fencing and are
generally payable where the land purchaser completes the
construction of their dwelling within a specified period of
time. This period is generally 12 to 18 months from the
date of settlement. A liability is recorded for rebates
at settlement and is measured at the amount of
consideration receivable under the sales contract for which
the Group does not expect to be entitled. The provision
is updated at the end of each reporting period for changes
in circumstances.
EMPLOYEE ENTITLEMENTS
The liability for long service leave and annual leave
is recognised in the provision for employee benefits
and measured as the present value of expected future
payments to be made in respect of services provided by
employees up to the balance date. Consideration is given
to expected future wage and salary levels, experience of
the employee, departures and periods of service. Expected
future payments are discounted using market yields at the
reporting date on high quality corporate bonds with terms
to maturity and currency that match, as closely as possible,
the estimated future cash outflows.
Liabilities for wages and salaries, including non-monetary
benefits and accumulating sick leave expected to be settled
within 12 months of the balance date are measured at the
amounts expected to be paid when the liabilities are settled.
DEVELOPMENT COSTS TO COMPLETE
Provisions for development costs not yet incurred for lots
settled are recognised at each reporting date based on the
estimated costs to complete.
16. INTERESTS IN JOINT OPERATIONS
Details of aggregate share of assets, liabilities, revenue,
expenses and results of joint operations.
Total
assets
$’000
Total
liabilities
$’000
Revenue
$’000
Expenses
$’000
As at 30 June 2024
The Village at
Wellard, WA
6,778
2,116
14,041
11,197
Lightsview
Joint Venture, SA
267
8
178
6
Redbank Plains
Joint Venture, QLD
19,453
2,389
11,114
10,249
As at 30 June 2023
The Village at
Wellard, WA
6,533
1,935
5,679
4,009
Lightsview
Joint Venture, SA
107
19
1
(469)
Redbank Plains
Joint Venture, QLD
18,965
266
20,595
15,615
13. PAYABLES
2024
$’000
2023
$’000
Current
Trade payables and accruals
33,919
45,116
Advance from joint operators
430
3,617
Total payables
34,349
48,733
RECOGNITION AND MEASUREMENT
These amounts represent liabilities for goods and services
provided to the Group prior to the end of the financial year
which are unpaid. These amounts are unsecured and
usually paid within 30 days of recognition.
Trade and other payables are presented as current liabilities
unless payment is not due within 12 months from the
reporting date. They are recognised initially at their fair
value and subsequently measured at amortised cost using
the effective interest method.
In some joint arrangement contracts, costs are reimbursed
as incurred during development. As revenue is only
recognised on settlements, reimbursements received
are recognised as advance from joint operators until
settlement.
Refer note 21 for fair value disclosures.
14. LAND VENDOR LIABILITIES
2024
$’000
2023
$’000
Current
Instalments for purchase of
development property
19,535
9,230
Future interest component of
deferred payment
(602)
(389)
18,933
8,841
Non-current
Instalments for purchase of
development property
52,002
13,845
Future interest component of
deferred payment
(13,025)
(1,568)
38,977
12,277
Total land vendor liabilities1
57,910
21,118
1. The increase in the reporting period relates to the acquisition of land from the University
of Canberra.
RECOGNITION AND MEASUREMENT
Where the Group enters into unconditional contracts with
land vendors to purchase properties for future development
that contain deferred payment terms, these borrowings are
initially measured at fair value and subsequently carried at
amortised cost. The unwinding of the discount applied to
the acquisition price is included in finance costs. Generally,
the land vendor holds the title over the property until
settlement has occurred.
Refer note 21 for fair value disclosures.
The below table analyses the maturity of the Group’s land
vendor liability obligation:
2024
$’000
2023
$’000
0 – 1 years
19,535
9,230
1 – 2 years
5,690
13,845
2 – 5 years
46,312
–
Total contractual cash flows
71,537
23,075
Carrying amount of liabilities
57,910
21,118
15. PROVISIONS
2024
$’000
2023
$’000
Current
Rebates
3,346
3,162
Employee entitlements
4,038
4,070
Provision for development costs
to complete
23,129
16,679
30,513
23,911
Non-current
Employee entitlements
262
242
Provision for development costs
to complete
–
12,450
Provision – Other
500
500
762
13,192
Total provisions
31,275
37,103
Movements in provisions during the financial year are set
out below:
2024
$’000
2023
$’000
Carrying amount at 1 July
37,103
30,428
– Additional provision recognised
22,257
17,216
– Paid during year
(11,132)
(6,997)
– Expired during the year
(16,953)
(3,544)
Carrying amount at 30 June
31,275
37,103
PEET LIMITED | ANNUAL REPORT 2024 | 87
PEET LIMITED | ANNUAL REPORT 2024 | 86
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
A. BANK LOANS
The bank facilities are secured by a first registered fixed
and floating charge over the assets and undertakings of
the Group with a carrying amount of $910 million (2023:
$835 million). Under these facilities the Group is required
to meet bank covenants relating to interest cover, gearing
ratio, real property ratio and minimum shareholders’ equity.
All bank covenants have been met during the reporting
period and as at 30 June 2024.
The Group’s main bank facility was increased from $275
million to $300 million. The facility comprises of three
tranches of $100 million each with expiry dates of 1 October
2026, 1 October 2027 and 1 October 2028 respectively.
The Group also has bank facilities associated with Peet
Yanchep Land Syndicate ($26 million, stepping down to
$20 million from 30 October 2026 and expires on 31 March
2027) and Peet R B Plains Pty Ltd ($6 million, expires on 30
September 2025). The table below analyses the maturity
of the Group’s bank loans based on the remaining period at
reporting date to the contractual maturity date:
2024
$’000
2023
$’000
0 – 1 years
14,839
11,117
1 – 2 years
16,372
23,795
2 – 5 years
192,261
132,524
Total contractual cash flows
223,472
167,436
Carrying amount of liabilities
189,769
143,360
B. PEET BONDS AND NOTES
Peet Notes 2019
FY23 borrowings included 75,000 notes issued to eligible
professional and sophisticated investors at a face value
of $1,000 per note with a maturity date of 7 June 2024.
These notes were unsecured and carried a fixed interest
rate of 6.75%. The notes were fully repaid in June 2024.
Peet Notes 2021
On 4 June 2021, Peet issued 75,000 notes to eligible
professional and sophisticated investors at a face value
of $1,000 per note with a maturity date of 30 September
2026. These notes are unsecured and carry a floating
interest rate of BBSW+4.85% margin.
Peet Notes 2024
On 7 June 2024, Peet issued 75,000 notes to eligible
professional and sophisticated investors at a face value
of $1,000 per note with a maturity date of 30 September
2029. These notes are unsecured and carry a fixed interest
rate of 8.50%.
The bonds and notes are presented in the balance sheet
as follows:
2024
$’000
2023
$’000
Face value of bonds and notes issued
150,000
150,000
Transaction costs
(2,108)
(2,504)
147,892
147,496
Cumulative interest expense
17,697
32,537
Cumulative coupon payable
(17,143)
(31,292)
554
1,245
Total bonds and notes liability
148,446
148,741
The bonds and notes are repayable as follows:
2024
$’000
2023
$’000
0 – 1 years
13,268
59,523
1 – 2 years
13,268
83,579
2 – 5 years
172,487
83,583
Total contractual cash flows
199,023
226,685
Carrying amount of liabilities
148,446
148,741
C. LEASE LIABILITIES
2024
$’000
2023
$’000
Current
Office space leases
908
1,562
Non-current
Office space leases
3,936
1,249
Total lease liabilities
4,844
2,811
During the year, total cash outflows for these leases is
$1.9 million (2023: $2.2 million).
The below table analyses the maturity of the Group’s lease
liabilities based on the remaining period at reporting date to
the contractual maturity date:
2024
$’000
2023
$’000
0 – 1 years
2,018
1,811
1 – 2 years
1,898
642
2 – 5 years
3,768
1,199
> 5 years
514
–
Total contractual cash flows
8,198
3,652
Carrying amount of liabilities
4,844
2,811
CAPITAL MANAGEMENT
This section outlines how the Group manages its capital
and related financing costs.
For the purpose of the Group’s capital management,
capital includes:
• issued capital;
• debt facilities; and
• other equity reserves attributable to the equity holders
of the parent.
The Group’s objectives when managing capital are to:
• safeguard its ability to continue as a going concern;
• continue to provide returns to shareholders and benefits
for other stakeholders;
• maintain an efficient capital structure to reduce the cost
of capital; and
• ensure all covenants are complied with.
In order to maintain or adjust the capital structure, the Group
may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell
assets to reduce debt.
The Group monitors capital on the basis of the gearing ratio.
This ratio is calculated as total interest-bearing liabilities
(including deferred payment obligations) less cash, divided
by total assets adjusted for market value, net of cash and
cash equivalents less intangible assets. The market value
is based on the latest independent mortgage valuations,
adjusted for settlements, development costs and titled
stock between the date of valuation and 30 June 2024. At
30 June 2024, the bank covenant gearing ratio was 32.9%
(2023: 26.4%).
17. FINANCIAL LIABILITIES
NET DEBT
2024
$’000
2023
$’000
Borrowings – Current
–
74,445
Borrowings – Non-current
338,215
217,656
Total borrowings*
338,215
292,101
Cash and cash equivalents
(23,758)
(38,790)
Net debt
314,457
253,311
*
Excludes vendor financing. Refer note 14 for vendor financing on deferred payment terms.
RECOGNITION AND MEASUREMENT
Borrowings are initially recognised at fair value, net of
transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the
proceeds (net of transaction costs) and the redemption
amount is recognised in the statement of profit or loss over
the period of the borrowings using the effective interest
method.
For the purpose of presentation in the statement of cash
flows, cash and cash equivalents includes cash on hand,
deposits held at call with financial institutions, other short-
term, highly liquid investments with original maturities of
three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant
risk of changes in value, and bank overdrafts.
Refer note 21 for fair value disclosures.
DEBT FACILITIES
The following provides details of the loans and borrowings
utilised as at 30 June 2024:
Facility
amount
$’000
Utilised
amount 3
$’000
Effective
interest
rate
%
Bank loans 1 – note a
332,000
183,594
8.0
Development loan2
7,000
6,175
5.3
Total loans
189,769
Face
value
$’000
Carrying
amount 4
$’000
Effective
interest
rate
%
Peet notes – note b
Peet notes 20215
75,000
74,465
9.5
Peet notes 20246
75,000
73,981
8.8
150,000
148,446
1. Secured.
2. Unsecured. Interest rate is the yield on the 3 year Commonwealth Government Security plus 1.5%
margin. Maturing on 24 August 2026.
3. Excludes bank guarantees. Refer note 23 for bank guarantees information.
4. Net of transaction and finance costs.
5. Maturing 30 September 2026.
6. Maturing 30 September 2029.
PEET LIMITED | ANNUAL REPORT 2024 | 89
PEET LIMITED | ANNUAL REPORT 2024 | 88
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
18. CONTRIBUTED EQUITY AND RESERVES
A. MOVEMENTS IN ORDINARY SHARE CAPITAL
Date
Details
Number
of shares
$’000
30 June 2022
Closing balance
479,132,693
374,733
Share buyback
(7,791,331)
(8,317)
30 June 2023
Closing balance
471,341,362
366,416
Share buyback
(2,364,172)
(2,822)
30 June 2024
Closing balance
468,977,190
363,594
THE NATURE OF THE GROUP’S CONTRIBUTED EQUITY
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares of options
and/or performance rights are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly
attributable to the issue of new shares, options and/or performance rights for the acquisition of a business are not included
in the cost of the acquisition as part of the purchase consideration. Ordinary shares entitle the holder to participate in
dividends and the proceeds on winding up of the parent entity in proportion to the number of and amounts paid on the
shares held. On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to
one vote, and upon a poll each share held is entitled to one vote.
B. RESERVES
Share-based
payments
reserve 1
$’000
Non-
controlling
interest
reserve 2
$’000
Total
$’000
At 1 July 2022
16,686
(16,102)
584
Share based payment
3,439
–
3,439
Buyback on vesting of performance rights 3
(3,696)
–
(3,696)
At 30 June 2023
16,429
(16,102)
327
At 1 July 2023
16,429
(16,102)
327
Share based payment
1,994
–
1,994
Buyback on vesting of performance rights 4
(3,055)
–
(3,055)
At 30 June 2024
15,368
(16,102)
(734)
1. The share-based payments reserve is used to recognise the fair value of options and performance rights granted.
2. The non-controlling interest reserve is used to record the differences described in note 2(d) which may arise as a result of transactions with non-controlling interests that do not result in a loss of control.
3. In FY23, the Company purchased 3,756,353 shares to settle the vested performance rights.
4. During the year, the Company purchased 2,398,240 shares to settle the vested performance rights.
17. FINANCIAL LIABILITIES continued
CHANGES IN LIABILITIES ARISING
FROM FINANCING ACTIVITIES
Borrowings
$’000
Lease
liabilities
$’000
1 July 2023
292,102
2,811
Cash flows
45,380
(1,529)
Lease renewal
–
3,562
Others
733
–
30 June 2024
338,215
4,844
LIQUIDITY RISK
Liquidity risk includes the risk that the Group, as a result of
their operations::
• will not have sufficient funds to settle a transaction on
its due date;
• will be forced to sell financial assets at a value which is
less than what they are worth; or
• may be unable to settle or recover a financial asset at all.
Prudent liquidity risk management implies maintaining
sufficient cash, the availability of funding through an
adequate amount of committed credit facilities to meet
obligations when due, and the ability to close-out market
positions. Due to the dynamic nature of the underlying
business, the Group aims at maintaining flexibility in
funding by keeping committed credit lines available, and
regularly updating and reviewing its cash flow forecasts to
assist in managing its liquidity.
The Group has unused borrowing facilities which can
further reduce liquidity risk (refer to note 17 for analysis of
maturities on borrowing facilities).
CREDIT RISK
The cash component of financial assets is considered to
have low credit risk as the counterparties are banks with
high credit ratings assigned by international credit-rating
agencies. The Group recognised an expected credit loss
of $2.2 million (2023: $1.2 million) for impaired trade
receivables and an expected credit loss provision of $2.3
million (2023: $2.8 million) for loans measured at amortised
cost of $24.4 million (2023: $27.3 million) (refer to note 11
and 27).
INTEREST RATE RISK
The Group’s main interest rate risk arises from cash, loans
to associates and joint ventures measured at fair value and
long-term borrowings.
Borrowings issued at variable rates expose the Group to
cash flow interest rate risk.
The Group manages its interest rate risk by both variable
and fixed rate debt instruments.
The Group’s fixed rate borrowings and certain loans to
associates and joint ventures at fixed rate are not subject
to interest rate risk.
INTEREST RATE SENSITIVITY
The sensitivity analysis below has been determined
based on the exposure to interest rates in existence at
balance date, and the stipulated change taking place at the
beginning of the financial year and held constant throughout
the reporting period. A 50 basis point increase and 50
basis point decrease used in the interest rate sensitivity
analysis were determined based on the level of debt that
was renewed and forecasters’ economic expectations and
represents management’s assessment of the possible
change in interest rates.
At 30 June 2024, the Group had the following mix of financial
assets and liabilities exposed to variable interest rates:
2024
$’000
2023
$’000
Financial assets
Cash and cash equivalents (floating)
23,758
38,790
Loans to associates and joint ventures
measured at fair value
28,385
31,223
Financial liabilities
Borrowings (floating, unhedged)
(258,060)
(217,656)
The potential impact of a change in interest rates by +50/-
50 basis points on profit and equity has been tabulated
below:
Post-tax profits
Increase/
(decrease)
Equity
Increase/
(decrease)
2024
$’000
2023
$’000
2024
$’000
2023
$’000
-50 basis points
721
517
721
517
+50 basis points
(721)
(517)
(721)
(517)
PEET LIMITED | ANNUAL REPORT 2024 | 91
PEET LIMITED | ANNUAL REPORT 2024 | 90
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
21. FAIR VALUE MEASUREMENT
VALUATION OF FINANCIAL INSTRUMENTS
For financial assets and liabilities, the Group uses the
following fair value measurement hierarchy:
• Level 1: the fair value is calculated using quoted prices in
active markets for identical assets and liabilities.
• Level 2: the fair value is determined using inputs other
than quoted prices included in level 1 that are observable
for the asset or liability either directly (as prices) or
indirectly (derived from prices).
• Level 3: the fair value is based on inputs for the asset or
liability that are not based on observable market data.
There have been no transfers between levels during the
period.
FINANCIAL ASSETS
Certain loans to associates and joint ventures are carried
at fair value through profit or loss. The fair values of these
financial assets have been estimated using discounted
cashflows with significant unobservable inputs at each
reporting date (level 3 of the fair value hierarchy).
At 30 June 2024, the fair value of these loans to associates
and joint ventures is $28.4 million (30 June 2023: $31.2
million).
LAND VENDOR LIABILITIES
The Group measures its land vendor liabilities at fair
value at inception and then at amortised cost at each
reporting date. The land vendor liability resulting from
project acquisitions is measured as the net present value
of remaining contracted instalments with significant
unobservable inputs (level 3 of the fair value hierarchy).
The fair value of the land vendor liability resulting from the
acquisition of the remaining share of Peet Flagstone City
Pty Ltd was $13.3 million at 30 June 2024 (30 June 2023:
$21.1 million). The fair value of the land vendor liability
resulting from the acquisition of land from the University of
Canberra in November 2023 was $44.6 million at 30 June
2024 (30 June 2023: nil).
PEET BONDS AND NOTES
The fair value of Peet bonds and notes as at 30 June 2024
is detailed below.
2024
$’000
2023
$’000
Peet Notes 2019
–
71,069
Peet Notes 2021
75,663
73,130
Peet Notes 2024
73,577
–
Total fair value
149,240
144,199
Total carrying value
150,000
150,000
For the above table, the fair value of Peet bonds is
measured using quoted market value on ASX (level 1) and
the fair value of Peet notes is measured using significant
observable inputs (level 2).
OTHER FINANCIAL LIABILITIES
The financial liabilities are measured at fair value through
profit or loss using discounted cashflows with significant
unobservable inputs at each reporting date (level 3).
19. DIVIDENDS
2024
$’000
2023
$’000
Declared and paid during the period
Prior year fully franked dividend 4.0 cents, paid on 16 October 2023 (2023: 4.0 cents)
18,849
19,023
Fully franked interim dividend for 2024: 1.5 cents, paid on 12 April 2024 (2023: 3.5 cents)
7,058
16,502
25,907
35,525
Dividend not recognised at year end
Final dividend 2.75 cents per share to be paid on 14 October 2024 (2023: 4.0 cents per share)
12,897
18,854
Franking credit balance
Franking account balance as at the end of the financial year at 30% (2023: 30%)
80,403
70,331
Franking credits that will arise from the payment of income tax
2,379
12,332
Impact on the franking account of dividends proposed bef ore the financial report was issued but not
recognised as a distribution to equity holders during the period
(5,527)
(8,080)
77,255
74,583
20. RECONCILIATION OF PROFIT AFTER INCOME TAX TO NET CASH (OUTFLOW) / INFLOW
FROM OPERATING ACTIVITIES
2024
$’000
2023
$’000
Profit after income tax
35,896
69,912
Adjustments to reconcile profit after tax to net operating cash flows:
Depreciation
2,192
2,311
Amortisation of intangible assets
151
165
Employee share-based payments
(1,061)
(257)
Equity accounting for investments in associates and joint ventures
(21,821)
(44,775)
Interest received
188
234
Peet bonds and notes effective interest rate adjustment
733
479
Distributions and dividends from associates and joint ventures
17,413
36,903
Fair value adjustments an ECL provision
(216)
(547)
Loan receivable provision
–
(3,000)
Other
(17)
(41)
Change in operating assets and liabilities during the financial year
(Increase)/decrease in receivables and contract assets
(8,338)
8,612
Increase in inventories
(35,395)
(61,562)
(Decrease)/increase in tax liabilities
(9,953)
2,304
(Decrease)/Increase in payables and land vendor liabilities
(5,892)
16,999
(Decrease)/Increase in provisions
(5,828)
6,175
Increase in deferred tax liabilities
3,079
3,154
Net cash (outflow )/inflow from operating activities
(28,869)
37,066
PEET LIMITED | ANNUAL REPORT 2024 | 93
PEET LIMITED | ANNUAL REPORT 2024 | 92
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
The Directors are not aware of any circumstances or
information, which would lead them to believe that these
contingent liabilities will eventuate and consequently no
provisions are included in the accounts in respect of these
matters.
COMMITMENTS
At 30 June 2024, the commitment relating to the acquisition
of land from the University of Canberra in ACT was nil (30
June 2023: $65.6 million) as it has been recognised in
inventory during the year and the unpaid amount as a land
vendor liability.
24. PARENT ENTITY FINANCIAL
INFORMATION AND SUBSIDIARIES
A. PARENT ENTITY FINANCIAL INFORMATION
SUMMARY FINANCIAL INFORMATION
The individual financial statements for the parent entity
show the following aggregate amounts:
2024
$’000
2023
$’000
Balance sheet
Current assets
26,120
25,099
Total assets
917,389
860,278
Current liabilities
21,299
104,684
Total liabilities
285,426
209,970
Shareholders’ equity
Issued capital
363,594
366,416
Reserves
Share-based payments reserve
15,368
16,429
Retained profits
253,001
267,463
Total equity
631,963
650,308
Profit for the year
11,445
259,338
Total comprehensive income
11,445
259,338
GUARANTEES ENTERED INTO BY THE
PARENT ENTITY
Details of the estimated maximum amounts of contingent
liabilities (for which no amounts are recognised in the
financial statements) are as follows:
2024
$’000
2023
$’000
Bank guarantees outstanding
1,841
1,837
B. SUBSIDIARIES
SIGNIFICANT INVESTMENTS IN SUBSIDIARIES
The consolidated financial statements incorporate the
assets, liabilities and results of the following significant
subsidiaries in accordance with the accounting policy
described in note 2(a):
Name of Subsidiary
Holding
2024
%
2023
%
CIC Australia Pty Limited 1
100
100
Peet Craigieburn Pty Limited 2
100
100
Peet Southern JV Pty Limited 2
100
100
Peet No. 108 Pty Limited 2
100
100
Peet No. 112 Pty Limited 2
100
100
Peet Treasury Pty Limited 2
100
100
Peet Estates (VIC) Pty Limited 2
100
100
Peet Development Management Pty Limited
100
100
Peet Estates (QLD) Pty Limited 2
100
100
Peet Estates (WA) Pty Limited 2
100
100
Peet Estates (SA) Pty Limited 1
100
100
Peet Funds Management Limited 2
100
100
Peet R B Plains Pty Limited 2
100
100
Peet No. 73 Pty Limited 2
100
100
Peet No. 127 Pty Limited 2
100
100
Peet Tonsley Pty Limited 2
100
100
JTP Homes Pty Limited 2
100
100
Peet Tonsley Apartments Pty Limited 2
100
100
Peet Keysborough Pty Limited 2
100
100
Peet Jumping Creek Pty Limited 2
100
100
Peet 2018 No.2 Pty Limited 2
100
100
Peet FL Pty Ltd 2
100
100
Peet Flagstone City Pty Ltd 2
100
100
Peet Bruce Pty Ltd2
100
100
Peet 2022 No. 1 Pty Ltd2
100
100
Peet 2022 No. 2 Pty Ltd2
100
100
Peet Yanchep Land Syndicate 2
66.4
66.4
1. Incorporated in ACT.
2. Incorporated in WA.
21. FAIR VALUE MEASUREMENT continued
KEY ESTIMATES
Fair value estimation
The fair value of financial instruments traded in
active markets (such as publicly traded derivatives
and trading and available for sale securities) is
based on quoted market prices at the balance
date. The quoted market price used for financial
assets held by the Group is the current bid price;
the appropriate quoted market price for financial
liabilities is the current ask price. Fair value of the
Peet bonds is based on price quotations at the
reporting date.
The fair value of financial instruments that are not
traded in an active market is determined using
valuation techniques. The Group uses a variety of
methods and makes assumptions that are based
on market conditions existing at each balance date.
Receivables/borrowings are evaluated by the
Group based on parameters such as interest rates
and individual creditworthiness of the counter
party. Based on this evaluation, allowances are
taken into account for the expected losses of these
receivables.
The carrying amount of trade receivables and
payables less impairment provision of trade
receivables are assumed to approximate their
fair values. The fair value of financial liabilities for
disclosure purposes is estimated by discounting
the future contractual cash flows at the current
market interest rate that is available to the Group
for similar financial instruments.
OTHER NOTES
22. REMUNERATION OF AUDITORS
2024
$
2024
$
Fees to Ernst & Young (Australia)
Fees for auditing the statutory financial
report of the parent covering the group
and auditing the statutory financial
reports of any controlled entities
419,096
385,357
Fees for assurance services that are
required by legislation to be provided
by the auditor
– Compliance Plan & AFSL audits
8,813
8,346
Fees for other assurance and agreed-
upon-procedures services under other
legislation or contractual arrangements
64,968
54,222
Fees for other services
– Tax compliance
94,119
92,501
– Tax advice
90,298
98,350
Total Fees to Ernst & Young
(Australia)
677,294
638,776
23. CONTINGENCIES AND COMMITMENTS
Details of the estimated maximum amounts of contingent
liabilities (for which no amounts are recognised in the
financial statements) are as follows:
2024
$’000
2023
$’000
Bank guarantees outstanding
31,596
36,716
Insurance bonds outstanding
25,009
27,789
56,605
64,505
The majority of the above contingent liabilities are expected
to mature within 1 year.
As set out in Peet Limited’s announcement to the ASX
on 18 July 2024, Peet Development Management Pty
Limited (PDM), a wholly owned subsidiary of Peet Limited,
received claims against it in respect of its former capacity
as development manager of the Atria development in
ACT due to a dispute between shareholders of Atria
development project. PDM strenuously denies the claims
brought against it and intends to defend them. Due to
the early stages of the claim and the claim assessment
process, it is currently not practicable to quantify the
financial effect.
PEET LIMITED | ANNUAL REPORT 2024 | 95
PEET LIMITED | ANNUAL REPORT 2024 | 94
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
CONSOLIDATED BALANCE SHEET
Set out below is a consolidated balance sheet at 30 June
2024 of the closed group consisting of Peet.
2024
$’000
2023
$’000
Current assets
Cash and cash equivalents
23,663
38,731
Receivables
31,605
25,837
Inventories
174,605
172,591
Total current assets
229,873
237,159
Non-current assets
Receivables
45,686
48,279
Inventories
537,227
453,355
Investments
235,874
236,623
Right-of-use assets
4,359
2,209
Property, plant and equipment
4,012
2,924
Intangible assets
1,279
1,778
Total non-current assets
828,437
745,168
Total assets
1,058,310
982,327
Current liabilities
Payables
32,868
48,340
Land vendor liabilities
18,933
8,841
Borrowings
-
74,445
Lease liabilities
908
1,562
Other financial liabilities
5,300
2,650
Current tax liabilities
2,390
12,332
Provisions
29,975
23,325
Total current liabilities
90,374
171,495
Non-current liabilities
Land vendor liabilities
38,977
12,277
Borrowings
326,246
204,296
Lease liabilities
3,936
1,249
Other financial liabilities
1,822
4,688
Deferred tax liabilities
23,030
19,962
Provisions
762
745
Total non-current liabilities
394,773
243,217
Total liabilities
485,147
414,712
Net assets
573,163
567,615
Equity
Contributed equity
363,594
366,415
Reserves
46
1,107
Retained profits
209,523
200,093
Total equity
573,163
567,615
25. SHARE-BASED PAYMENTS
PEET EMPLOYEE SHARE OPTION PLAN
(PESOP) AND PEET PERFORMANCE
RIGHTS PLAN (PPRP)
The establishment of the PESOP was approved by the
Board and shareholders during the 2004 financial year
and the Peet Limited PPRP was approved by shareholders
at the 2008 AGM. Employees of any Group Company
(including Executive Directors) will be eligible to participate
in the PESOP and/or PPRP at the discretion of the Board.
INVITATIONS TO APPLY FOR OPTIONS AND/
OR PERFORMANCE RIGHTS
Eligible employees, at the discretion of the Board, may
be invited to apply for options and/or performance rights
on terms and conditions to be determined by the Board
including as to:
• the method of calculation of the exercise price of each
option;
• the number of options and/or performance rights being
offered and the maximum number of shares over which
each option and/or performance right is granted;
• the period or periods during which any of the options
and/or performance rights may be exercised;
• the dates and times when the options and/or
performance rights lapse;
• the date and time by which the application for options
and/or performance rights must be received by Peet;
• any applicable conditions which must be satisfied or
circumstances which must exist before the options and/
or performance rights may be exercised.
Eligible employees may apply for part of the options and/or
performance rights offered to them, but only in specified
multiples.
CONSIDERATION
Unless the Board determines otherwise, no payment will
be required for a grant of performance rights under PPRP.
24. PARENT ENTITY FINANCIAL
INFORMATION AND SUBSIDIARIES
continued
B. SUBSIDIARIES continued
MATERIAL PARTLY-OWNED SUBSIDIARIES
Financial information of subsidiaries that have material non-
controlling interests is provided below. This information is
based on amounts before inter-company eliminations.
Peet Yanchep Land
Syndicate
2024
$’000
2023
$’000
Current assets
12,580
8,867
Non-current assets
67,868
84,933
Current liabilities
3,572
1,319
Non-current liabilities
15,174
28,823
Non-controlling interest
20,734
21,388
Revenue
11,871
224
Loss after tax
(1,955)
(688)
Loss attributable to
non-controlling interest
654
231
Summarised cash flow information:
Peet Yanchep Land
Syndicate
2024
$’000
2023
$’000
Operating
1,427
(7,829)
Investing
–
(46)
Financing
(1,391)
7,821
Net outflow
36
(54)
Peet Limited has provided a $2.4 million loan to Peet
Yanchep Land Syndicate as at 30 June 2024 (30 June
2023: $2.4 million) and no loans to other partly-owned
subsidiaries. Peet has granted a guarantee of $6.5 million to
Peet Yanchep Land Syndicate as at 30 June 2024 (30 June
2023: $6.0 million). The Group has no further contractual
obligations to provide ongoing financial support.
DEED OF CROSS GUARANTEE
Peet Limited and certain wholly-owned subsidiaries are
parties to a deed of cross guarantee under which each
company guarantees the debts of the other. By entering
into the deed, the wholly-owned entities have been
relieved from the requirements to prepare a financial report
and directors’ report under ASIC Corporations (Wholly-
owned Companies) Instrument 2016/785 issued by the
Australian Securities and Investments Commission.
The companies represent a ‘closed group’ for the purposes
of the Class Order.
2024
$’000
2023
$’000
Consolidated statement of profit or loss
Revenue
280,612
318,236
Expenses
(246,661)
(260,652)
Finance costs
(5,451)
(6,678)
Share of net profit of associates
accounted for using the equity method
20,529
44,319
Profit before income tax
49,029
95,225
Income tax expense
(13,692)
(24,967)
Profit for the year
35,337
70,258
Total comprehensive income for
the year
35,337
70,258
Summary of movement in consolidated retained profits
Retained profits at the beginning of the
financial year
200,093
152,775
Subsidiaries joining the deed of cross
guarantee
–
12,585
Profit for the year
35,337
70,258
Dividends paid
(25,907)
(35,525)
Retained profits at the end of the
financial year
209,523
200,093
PEET LIMITED | ANNUAL REPORT 2024 | 97
PEET LIMITED | ANNUAL REPORT 2024 | 96
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
Set out below are summaries of options and performance rights granted under the plans:
Grant value date
Expiry date
Exercise
Price $
Assessed
fair value $
Balance at
1 July
Granted
during the
year
Exercised
during the
year
Lapsed/
forfeited
during the
year
Balance at
30 June
Exercisable
at 30 June
30 June 2024
Options
30-Nov-07
N/A
$4.10
$1.12
1,200,000
–
–
–
1,200,000
1,200,000
Performance rights
20-Nov-19
21-Nov-34
–
$1.04
1,743,679
–
–
–
1,743,679
1,743,679
19-Nov-20
19-Nov-35
–
$0.94
2,944,602
–
(98,686)
(272,376)
2,573,540
2,573,540
16-Nov-21
16-Nov-36
–
$0.99
2,111,701
–
–
–
2,111,701
-
26-Oct-22
26-Oct-37
–
$0.87
3,193,501
–
–
–
3,193,501
-
25-Oct-23
22-Dec-38
–
$1.02
–
994,610
–
–
994,610
-
22-Dec-23
22-Dec-38
–
$1.07
–
1,474,909
–
–
1,474,909
-
11,193,483
2,469,519
(98,686)
(272,376) 13,291,940
5,517,219
2,943,679
30 June 2023
Options
30 Nov 07
N/A
$4.10
$1.12
1,200,000
–
–
–
1,200,000
1,200,000
Performance rights
21 Dec 15
21 Dec 30
–
$0.96
91,036
–
(91,036)
–
–
–
23-Nov-16
21-Dec-31
–
$0.80
1,065,114
–
(1,065,114)
–
–
–
21-Dec-16
21-Dec-31
–
$0.85
580,682
–
(580,682)
–
–
–
29-Nov-17
5-Dec-32
–
$1.33
349,739
–
(349,739)
–
–
–
5-Dec-17
5-Dec-32
–
$1.30
255,970
–
(255,970)
–
–
–
21-Nov-18
21-Nov-33
–
$0.94
904,344
–
(904,344)
–
–
–
20-Nov-19
21-Nov-34
–
$1.04
2,253,147
–
(509,468)
-
1,743,679
1,743,679
19-Nov-20
19-Nov-35
–
$0.94
3,243,407
–
–
(298,805)
2,944,602
–
16-Nov-21
16-Nov-36
–
$0.99
2,325,987
–
–
(214,286)
2,111,701
–
26-Oct-22
26-Oct-37
–
$0.87
–
3,193,501
–
–
3,193,501
–
12,269,426
3,193,501
(3,756,353)
(513,091) 11,193,483
2,943,679
26. MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
The Directors have declared a final fully franked dividend of 2.75 cents per share in respect to the year ended 30 June
2024. The dividend is to be paid on Monday, 14 October 2024, with a record date of Wednesday, 11 September 2024. No
provision has been made for this dividend in the financial report as the dividend was not declared or determined by the
directors on or before the end of the financial year.
25. SHARE-BASED PAYMENTS continued
VESTING AND EXERCISE CONDITIONS
Under the plans, options and/or PRs only vest if the
employees are still employed by the Group at the end of
the vesting period, subject to the Board’s discretion, and
any set performance hurdles have been met.
Generally, as a pre-condition to exercise, any exercise
conditions in respect of an option and/or performance right
must be satisfied. However, the Board has the discretion
to enable an option and/or performance right holder to
exercise options and/or performance rights where the
exercise conditions have not been met, including, for
example, where a court orders a meeting to be held in
relation to a proposed compromise or arrangement in
respect of the Company, or a resolution is passed or an
order is made for winding up the Company. This discretion
is always subject to the requirements of the Corporations
Act 2001 and/or ASX Listing Rules. Options granted under
the PESOP and performance rights under the PPRP carry
no dividend or voting rights.
LAPSE OF OPTIONS AND PERFORMANCE
RIGHTS
Unexercised options and/or performance rights will lapse
upon the earlier to occur of a variety of events specified in
the rules of the PESOP and PPRP including, on the date or
in circumstances specified by the Board in the invitation,
failure to meet the options’ or performance rights’ exercise
conditions in the prescribed period or on the expiry date
of options and/ or performance rights, as determined by
the Board.
FAIR VALUE OF OPTIONS AND PERFORMANCE RIGHTS GRANTED
The fair value of an option and PRs at grant date is determined using a Black-Scholes option pricing model and the value
of a performance right at grant date is determined using a Binomial pricing model. The models take into account the
exercise price, the term of the option and/or performance right, the vesting and performance criteria, the impact of dilution,
the non-tradeable nature of the option or performance right, the share price at grant date and expected price volatility
of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option and/or
performance right.
The inputs for assessing the fair value of the performance rights issued during the year under the PPRP were:
Grant Date
Exercise Price
Expiry date
Share price at
grant date
Risk free
interest rate
Assessed
fair value
25 Oct 23
$0.00
22 Dec 38
$1.19
3.93%
$1.022
22 Dec 23
$0.00
22 Dec 38
$1.25
3.93%
$1.074
The expected price volatility is based on the historic volatility (based on the remaining life of the options and/or performance
rights), adjusted for any expected changes to future volatility due to publicly available information.
Total expenses arising from share-based payment transactions recognised during the year as part of employee benefits
expense is $1,993,877 (2023: $3,439,209).
PEET LIMITED | ANNUAL REPORT 2024 | 99
PEET LIMITED | ANNUAL REPORT 2024 | 98
IMPAIRMENT
The Group recognises an allowance for expected credit
losses (ECLs) for all debt instruments not held at fair value
through profit or loss. ECLs are based on the difference
between the contractual cash flows due in accordance with
the contract and all the cash flows that the Group expects
to receive, discounted at an approximation of the original
effective interest rate. The expected cash flows will include
cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for
which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within
the next 12-months (a 12-month ECL). For those credit
exposures for which there has been a significant increase
in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life
of the exposure, irrespective of the timing of the default (a
lifetime ECL).
For trade receivables and contract assets, the Group applies
a simplified approach in calculating ECLs. Therefore, the
Group does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at
each reporting date. The Group has established a provision
matrix that is based on its historical credit loss experience,
adjusted for forward-looking factors specific to the debtors
and the economic environment.
The Group considers a financial asset in default when
internal or external information indicates that the Group
is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements
held by the Group. A financial asset is written off when
there is no reasonable expectation of recovering the
contractual cash flows.
B. LEASES
For leases with a lease term greater than 12 months that
are not considered low value leases (see below), right-of-
use assets and associated lease liabilities are recognised at
the commencement of the lease.
Right-of-use assets are measured at cost initially and then
depreciated over the shorter of the asset’s useful life and the
lease term on a straight-line basis. The cost of right-of-use
assets includes the amount of lease liabilities recognised,
initial direct costs incurred, and lease payments made at or
before the commencement date less any lease incentives
received. Right-of-use assets are subject to impairment.
The lease liability is initially measured at net present
value of future lease payments using the Group’s
incremental borrowing rate. The lease payments include
fixed payments less any lease incentives receivable and
variable lease payments that depend on an index or a rate.
The lease payments are allocated between repayment of
lease liability and interest expense (charged to profit or loss
over the lease period). In addition, the carrying amount of
lease liabilities is remeasured if there is a modification or a
change in the lease term.
For short-term leases and leases of low-value assets,
lease payments are recognised on a straight-line basis as
an expense in profit or loss. Short-term leases are leases
with a lease term of 12 month or less. Low-value assets
are generally small items of office equipment.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
27. OTHER ACCOUNTING POLICIES
A. FINANCIAL ASSETS
INITIAL RECOGNITION AND MEASUREMENT
Financial assets are classified, at initial recognition, as
subsequently measured at amortised cost, fair value
through other comprehensive income (OCI), and fair value
through profit or loss.
The classification of financial assets at initial recognition
depends on the financial asset’s contractual cash flow
characteristics and the Group’s business model for
managing them. With the exception of trade receivables
that do not contain a significant financing component or for
which the Group has applied the practical expedient, the
Group initially measures a financial asset at its fair value
plus, in the case of a financial asset not at fair value through
profit or loss, transaction costs. Trade receivables that do
not contain a significant financing component or for which
the Group has applied the practical expedient are measured
at the transaction price determined under AASB 15.
In order for a financial asset to be classified and measured
at amortised cost or fair value through OCI, it needs to give
rise to cash flows that are ‘solely payments of principal and
interest (SPPI)’ on the principal amount outstanding. This
assessment is referred to as the SPPI test and is performed
at an instrument level.
The Group’s business model for managing financial assets
refers to how it manages its financial assets in order to
generate cash flows. The business model determines
whether cash flows will result from collecting contractual
cash flows, selling the financial assets, or both.
SUBSEQUENT MEASUREMENT
For purposes of subsequent measurement, financial
assets are classified in four categories:
• Financial assets at amortised cost (debt instruments).
• Financial assets at fair value through OCI with recycling
of cumulative gains and losses (debt instruments).
• Financial assets designated at fair value through OCI
with no recycling of cumulative gains and losses upon
derecognition (equity instruments).
• Financial assets at fair value through profit or loss.
Financial assets at amortised cost (debt instruments)
This category is the most relevant to the Group. The Group
measures financial assets at amortised cost if both of the
following conditions are met:
• The financial asset is held within a business model with
the objective to hold financial assets in order to collect
contractual cash flows; and
• The contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments
of principal and interest on the principal amount
outstanding.
Financial assets at amortised cost are subsequently
measured using the effective interest (EIR) method and are
subject to impairment. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or
impaired.
The Group’s financial assets at amortised cost includes
trade receivables, and loans to associates and JVs included
under Receivables.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include
financial assets held for trading, financial assets designated
upon initial recognition at fair value through profit or loss,
or financial assets mandatorily required to be measured
at fair value. Financial assets are classified as held for
trading if they are acquired for the purpose of selling or
repurchasing in the near term. Derivatives, including
separated embedded derivatives, are also classified as
held for trading unless they are designated as effective
hedging instruments. Financial assets with cash flows
that are not solely payments of principal and interest are
classified and measured at fair value through profit or loss,
irrespective of the business model. Notwithstanding the
criteria for debt instruments to be classified at amortised
cost or at fair value through OCI, as described above,
debt instruments may be designated at fair value through
profit or loss on initial recognition if doing so eliminates, or
significantly reduces, an accounting mismatch.
Financial assets at fair value through profit or loss are
carried in the statement of financial position at fair value
with net changes in fair value recognised in the statement
of profit or loss.
This category includes loans to associates and joint
ventures.
PEET LIMITED | ANNUAL REPORT 2024 | 101
PEET LIMITED | ANNUAL REPORT 2024 | 100
INVESTMENTS IN SUBSIDIARIES
Investments in subsidiaries are accounted for at cost in
the separate financial statements of Peet Limited. Such
investments include both investments in shares issued
by the subsidiary and other parent entity interests that
in substance form part of the parent entity’s investment
in the subsidiary. These include investments in the form
of interest-free loans which have no fixed repayment
terms and which have been provided to subsidiaries as an
additional source of long-term capital.
G. NEW ACCOUNTING STANDARDS AND
INTERPRETATIONS ISSUED BUT NOT
YET EFFECTIVE
Other than below amendments, there are no new and
amended accounting standards that are not yet effective
and are expected to have a material impact on the entity in
the current or future reporting periods and on foreseeable
future transactions.
AASB 18 PRESENTATION AND DISCLOSURE IN
FINANCIAL STATEMENTS (“AASB 18”)
In June 2024, the Australian Accounting Standards Board
issued AASB 18 to improve how entities communicate
in their financial statements, with a particular focus on
information about financial performance in the statement
of profit or loss. The key presentation and disclosure
requirements established by AASB 18 are:
• The presentation of newly defined subtotals in the
statement of profit or loss.
• The disclosure of management-defined performance
measures.
• Enhanced
requirements
for
grouping
information
(i.e. aggregation and disaggregation).
The new standard is effective for annual reporting periods
beginning on or after 1 January 2027. The Group is currently
assessing the impact of the new standard however
expects there to be significant impact to the disclosure
of the consolidated statement of profit of loss and other
comprehensive income.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
27. OTHER ACCOUNTING POLICIES continued
C. INTANGIBLE ASSETS
Intangible assets primarily consist of software and are
shown at historical costs less depreciation.
Depreciation on intangible assets is calculated using the
straight-line method over their estimated useful lives
as below:
• Software – 5 years
Where costs incurred to configure or customise Software-
as-a Service (SaaS) arrangements result in the creation of a
resource which is identifiable, and where the company has
the power to obtain the future economic benefits flowing
from the underlying resource and to restrict the access
of others to those benefits, such costs are recognised as
a separate intangible software asset and amortised over
the useful life of the software on a straight-line basis.
The amortisation is reviewed at least at the end of each
reporting period and any changes are treated as changes in
accounting estimates. Where costs incurred to configure or
customise do not result in the recognition of an intangible
software asset, then those costs that provide the Group
with a distinct service (in addition to the SaaS access) are
now recognised as expenses when the supplier provides
the services.
D. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are shown at historical cost
less depreciation. Historical cost includes expenditure that
is directly attributable to the acquisition of the items.
Depreciation on property, plant and equipment is calculated
using the straight-line method to allocate their cost, net of
their residual values, over their estimated useful lives, as
follows:
• Fixtures and fittings – 3 to 10 years
• Leasehold improvements – 10 years
The assets’ residual values and useful lives are reviewed,
and adjusted if appropriate, at each balance date. An
asset’s carrying amount is written down immediately to
its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount. Gains and
losses on disposals are determined by comparing proceeds
with carrying amount. These are included in the statement
of profit or loss.
E. GOODS AND SERVICES TAX (GST)
Revenues, expenses and assets are recognised net of the
amount of associated GST, unless the GST incurred is not
recoverable from the taxation authority. In this case it is
recognised as part of the cost of acquisition of the asset or
as part of the expense.
Receivables and payables are stated inclusive of the
amount of GST receivable or payable. The net amount of
GST recoverable from, or payable to, the taxation authority
is included with other receivables or payables in the
balance sheet.
Cash flows are presented on a gross basis. The GST
components of cash flows arising from investing or
financing activities which are recoverable from, or payable
to the taxation authority, are presented as operating cash
flows.
F. PARENT ENTITY FINANCIAL INFORMATION
TAX CONSOLIDATION LEGISLATION
Peet Limited and its wholly-owned Australian controlled
entities have implemented the tax consolidation legislation
as of 1 July 2003. Peet Limited is the head entity of the
tax consolidated group. Members of the group are taxed
as a single entity and the deferred tax assets and liabilities
of the entities are set-off in the consolidated financial
statements.
The entities in the tax consolidated group entered into a
tax sharing agreement which limits the joint and several
liability of the wholly-owned entities in the case of a default
by the head entity, Peet Limited. At the balance sheet date
the possibilities of default were remote.
Assets or liabilities arising under tax funding agreements
with the tax consolidated entities are recognised as
amounts receivable from or payable to other entities in the
Group.
Any difference between the amount assumed and amounts
receivable or payable under the tax funding agreement are
recognised as a contribution to (or distribution from) the
wholly-owned entity.
PEET LIMITED | ANNUAL REPORT 2024 | 103
PEET LIMITED | ANNUAL REPORT 2024 | 102
Consolidated Entity Disclosure Statement
For the year ended 30 June 2024
Entity Name
Entity Type
Country of
incorporation
% Holding
Tax
residency
Peet Limited
Body Corporate
Australia
Australia
CIC - THD Pty Limited
Body Corporate
Australia
100
Australia
CIC (Palmerston) Pty Limited
Body Corporate
Australia
100
Australia
CIC Australia Pty Limited
Body Corporate
Australia
100
Australia
CIC Bruce PM Pty Limited
Body Corporate
Australia
100
Australia
CIC Bruce Pty Limited
Body Corporate
Australia
100
Australia
CIC Constructions Pty Ltd
Body Corporate
Australia
100
Australia
CIC Crace Pty Limited
Body Corporate
Australia
100
Australia
CIC Development Management Pty Limited
Body Corporate
Australia
100
Australia
CIC Developments Pty Limited
Body Corporate
Australia
100
Australia
CIC Googong Pty Limited
Body Corporate
Australia
100
Australia
CIC Northgate Pty Limited
Body Corporate
Australia
100
Australia
CIC Project Management (Palmerston) Pty Limited
Body Corporate
Australia
100
Australia
CIC Projects Pty Ltd
Body Corporate
Australia
100
Australia
Googong Development Corporation Pty Limited
Body Corporate
Australia
100
Australia
Googong Pastoral Company Pty Limited
Body Corporate
Australia
100
Australia
JTP Homes Pty Ltd
Body Corporate
Australia
100
Australia
Lakelands Retail Centre Developments Pty Ltd
Body Corporate
Australia
100
Australia
Lightsview Apartments Pty Limited
Body Corporate
Australia
100
Australia
Peet 2018 No. 2 Pty Ltd
Body Corporate
Australia
100
Australia
Peet 2018 No. 3 Pty Ltd
Body Corporate
Australia
100
Australia
Peet 2021 No. 1 Pty Ltd
Body Corporate
Australia
100
Australia
Peet 2022 No. 1 Pty Ltd
Body Corporate
Australia
100
Australia
Peet 2022 No. 2 Pty Ltd
Body Corporate
Australia
100
Australia
Peet Abrehart Road Pty Limited
Body Corporate
Australia
100
Australia
Peet Ashton Heights Pty Limited
Body Corporate
Australia
100
Australia
Peet Brigadoon Pty Limited
Body Corporate
Australia
100
Australia
Peet Bruce Pty Limited
Body Corporate
Australia
100
Australia
Peet Childcare Pty Ltd
Body Corporate
Australia
100
Australia
Peet Craigieburn Pty Limited
Body Corporate
Australia
100
Australia
Peet Cranbourne (51A Craig Rd) Pty Limited
Body Corporate
Australia
100
Australia
Peet Development Management Pty Limited
Body Corporate
Australia
100
Australia
Lyons Development Corporation Pty Limited
Body Corporate
Australia
100
Australia
Peet Estates (ACT) Pty Ltd
Body Corporate
Australia
100
Australia
Peet Estates (NT) Pty Ltd
Body Corporate
Australia
100
Australia
Peet Estates (QLD) Pty Limited
Body Corporate
Australia
100
Australia
Peet Estates (SA) Pty Ltd
Body Corporate
Australia
100
Australia
Peet Estates (VIC) Pty Ltd
Body Corporate
Australia
100
Australia
Peet Estates (WA) Pty Ltd
Body Corporate
Australia
100
Australia
Peet FL Pty Ltd
Body Corporate
Australia
100
Australia
Peet Flagstone City Pty Limited
Body Corporate
Australia
100
Australia
Peet Funds Management Limited
Body Corporate
Australia
100
Australia
Peet Greenvale No. 2 Pty Limited
Body Corporate
Australia
100
Australia
Peet Joint Venture Pty Limited
Body Corporate
Australia
100
Australia
Entity Name
Entity Type
Country of
incorporation
% Holding
Tax
residency
Peet Jumping Creek Pty Ltd
Body Corporate
Australia
Australia
Peet Keysborough Pty Ltd
Body Corporate
Australia
100
Australia
Peet Mt Pleasant Pty Ltd
Body Corporate
Australia
100
Australia
Peet No. 107 Pty Limited
Body Corporate
Australia
100
Australia
Peet No. 108 Pty Limited
Body Corporate
Australia
100
Australia
Peet No. 110 Pty Ltd
Body Corporate
Australia
100
Australia
Peet No. 111 Pty Ltd
Body Corporate
Australia
100
Australia
Peet No. 112 Pty Ltd
Body Corporate
Australia
100
Australia
Peet No. 113 Pty Ltd
Body Corporate
Australia
100
Australia
Peet No. 117 Pty Limited
Body Corporate
Australia
100
Australia
Peet No. 118 Pty Ltd
Body Corporate
Australia
100
Australia
Peet No. 119 Pty Ltd
Body Corporate
Australia
100
Australia
Peet No. 121 Pty Limited
Body Corporate
Australia
100
Australia
Peet No. 123 Pty Limited
Body Corporate
Australia
100
Australia
Peet No. 125 Pty Limited
Body Corporate
Australia
100
Australia
Peet No. 126 Pty Limited
Body Corporate
Australia
100
Australia
Peet No. 127 Pty Limited
Body Corporate
Australia
100
Australia
Peet No. 129 Pty Limited
Body Corporate
Australia
100
Australia
Peet No. 130 Pty Limited
Body Corporate
Australia
100
Australia
Peet No. 131 Pty Limited
Body Corporate
Australia
100
Australia
Peet No. 73 Pty Limited
Body Corporate
Australia
100
Australia
Peet No.82 Pty Limited
Body Corporate
Australia
100
Australia
Peet No.85 Pty Limited
Body Corporate
Australia
100
Australia
Peet No.87 Pty Limited
Body Corporate
Australia
100
Australia
Peet No.88 Pty Limited
Body Corporate
Australia
100
Australia
Peet Pier St Pty Ltd
Body Corporate
Australia
100
Australia
Peet Queens Park JV Pty Ltd
Body Corporate
Australia
100
Australia
Peet R B Plains Pty Limited
Body Corporate
Australia
100
Australia
Peet RDMA Wellard Pty Ltd
Body Corporate
Australia
100
Australia
Peet Rockbank Pty Limited
Body Corporate
Australia
100
Australia
Peet SA Development Pty Ltd
Body Corporate
Australia
100
Australia
Peet Southern JV Pty Limited
Body Corporate
Australia
100
Australia
Peet Tonsley Apartments Pty Ltd
Body Corporate
Australia
100
Australia
Peet Tonsley Pty Ltd
Body Corporate
Australia
100
Australia
Peet Treasury Pty Limited
Body Corporate
Australia
100
Australia
Peet Trugannia No. 1 Pty Limited
Body Corporate
Australia
100
Australia
Peet Yanchep Land Syndicate
Trust
Australia
66.4
Australia
PLV Pty Limited
Body Corporate
Australia
100
Australia
Secure Living Pty Limited
Body Corporate
Australia
100
Australia
PEET LIMITED | ANNUAL REPORT 2024 | 105
PEET LIMITED | ANNUAL REPORT 2024 | 104
Directors’ Declaration
Year ended 30 June 2024
Independent Auditor’s Report
In the Directors’ opinion:
a. the financial statements and notes set out on pages 66 to 103 are in accordance with the Corporations Act 2001,
including:
i. complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional
reporting requirements; and
ii. giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 2024 and of its performance
for the financial year ended on that date; and
b. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable; and
c. at the date of this declaration, there are reasonable grounds to believe that the members of the extended closed
group identified in note 24 will be able to meet any obligations or liabilities to which they are, or may become,
subject by virtue of the deed of cross guarantee described in note 24.
d. The consolidated entity disclosure statement on pages 102 to 103 required by section 295(3A) of the Corporations
Act 2001 is true and correct.
Note 2 discloses that the financial statements and notes also comply with International Financial Reporting Standards.
The Directors have been given the declarations by the Chief Executive Officer and Chief Financial Officer required by
section 295A of the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Directors.
Brendan Gore
Managing Director and Chief Executive Officer
Perth, Western Australia
21 August 2024
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
67
Ernst & Young
11 Mounts Bay Road
Perth WA 6000 Australia
GPO Box M939 Perth WA 6843
Tel: +61 8 9429 2222
Fax: +61 8 9429 2436
ey.com/au
Independent auditor’s report to the members of Peet Limited
Report on the audit of the financial report
Opinion
We have audited the financial report of Peet Limited (the Company) and its subsidiaries (collectively
the Group), which comprises the consolidated balance sheet as at 30 June 2024, consolidated
statement of profit or loss and other comprehensive income, consolidated statement of changes in
equity and consolidated statement of cash flows for the year then ended, notes to the financial
statements, including material accounting policy information, the consolidated entity disclosure
statement and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations
Act 2001, including:
a.
Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2024
and of its consolidated financial performance for the year ended on that date; and
b.
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the financial
report section of our report. We are independent of the Group in accordance with the auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with
the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial report of the current year. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide
a separate opinion on these matters. For each matter below, our description of how our audit
addressed the matter is provided in that context.
PEET LIMITED | ANNUAL REPORT 2024 | 107
PEET LIMITED | ANNUAL REPORT 2024 | 106
Independent Auditor’s Report
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
68
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the
financial report section of our report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of
material misstatement of the financial report. The results of our audit procedures, including the
procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying financial report.
1.
Recoverability of inventories
Why significant
How our audit addressed the key audit matter
Land held for development and resale is treated
by the Group as inventories and is valued at the
lower of cost and net realisable value. As at 30
June 2024, total inventories amounted to
$790,840,000.
The recoverability of inventory is considered a
key audit matter as it represents approximately
72% of the Group’s total assets and the
determination of net realisable value is affected
by judgments and estimates within the
development models over the expected life of
each development, including the remaining costs
to develop and sell the land and the estimated
sales value.
These values are sensitive to changes in the
underlying economic environment and market
forces.
Disclosure of inventories including significant
judgments is included in Note 9 of the financial
report.
Our audit procedures included the following:
•
We assessed the effectiveness of
controls over the Group’s review
process related to project monitoring,
including the preparation and review of
feasibility reports, independent property
valuations and updates at the related
executive and board level, including
their assessment of recoverability. We
also assessed controls over the process
for the approval to commence or amend
significant projects.
•
We assessed the experience and
industry expertise of management’s
internal experts in relation to the
assumptions used in the development
models.
•
We evaluated the Group’s significant
projects to understand project costs to
date and estimated costs to complete,
the progress of the development
including overall margins achieved on
lots sold to date and expected sale
prices for remaining lots.
•
We inquired of the Group’s current
intention and strategy in relation to long
term strategic assets.
•
In conjunction with our real estate
valuation specialists, we assessed the
development models prepared by the
Group for a sample of developments
currently in progress and a sample of
developments currently not in progress.
This included evaluating the
assumptions used in the development
models by:
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
69
Why significant
How our audit addressed the key audit matter
▪
Comparing project costs and sales
values to the most recent historical
or comparable sales transactions;
▪
Agreeing forecast cost and other
relevant data to the current
development application
submissions and/or approvals.
▪
Assessing the valuation
methodology used were complete,
adequate and consistent with
standard valuation methodology
given the circumstances of the
project
•
We evaluated the competence,
capability and objectivity of the Group’s
independent valuation experts.
•
We considered the assumptions and
resultant valuations within a sample of
independent property valuations and
compared these to the assumptions
used within management’s development
models.
•
We tested the mathematical accuracy of
the development models.
•
We assessed the disclosure relating to
inventories in accordance with
Australian Accounting Standards.
2. Land and development costs expensed during the year
Why significant
How our audit addressed the key audit matter
The Group has expensed as cost of sales, land
and development costs of $191,715,000
related to sold properties. Development costs
expensed during the year includes an allocation
of estimates of future infrastructure costs which
are incurred over the life of the development.
The allocation and measurement of land and
development costs applicable to lots sold was
considered a key audit matter as it involves
judgment and is affected by forecast
development timing and estimates of future
Our audit procedures included the following:
•
We evaluated the basis of estimation
and allocation of total development
costs and the allocation of costs to
complete to properties sold in
accordance with Australian Accounting
Standards.
•
We assessed the effectiveness of
controls over the review and approval of
cost calculations, including
management’s process around
forecasting development costs.
PEET LIMITED | ANNUAL REPORT 2024 | 109
PEET LIMITED | ANNUAL REPORT 2024 | 108
Independent Auditor’s Report
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
70
Why significant
How our audit addressed the key audit matter
infrastructure costs relating to the specific
development.
Disclosure of land and development costs and
the provision for development costs to complete
is included in Notes 6 and 15 respectively of the
financial report.
•
We selected a sample of cost
calculations to assess whether they
were mathematically accurate and
appropriately allocated to specific
property lots.
•
We assessed the costs allocated to each
property and the gross margin on the
sales transactions. This included
comparison to historical averages of
similar projects, and to projections over
the life of the project to identify and
substantiate significant variations.
•
We assessed the adequacy of the
disclosures in the financial report in
accordance with Australian Accounting
Standards.
3. Investments in and loans to associates and joint ventures
Why significant
How our audit addressed the key audit matter
As at 30 June 2024, the Group has interests in
associates and joint ventures, involved in
property investment or development, which are
accounted for using the equity method,
amounting to $194,896,000 and loans to
associates and joint ventures of $50,548,000.
Interests in associates and joint ventures
comprise:
a)
The Group’s equity-accounted
investment in a number of associates
and joint venture arrangements; and
b)
Loan facilities provided by the Group to
certain associates and joint ventures.
These unsecured loans are either
recognised at amortised cost using the
effective interest rate method, less an
allowance for expected credit loss or,
where appropriate, at fair value through
the profit and loss.
This was considered a key audit matter due to
the following:
Our audit procedures included the following:
•
For existing joint ventures and
associates, we considered whether there
had been any changes to the
arrangements with respect to decision
making power and exposure to variable
returns.
•
We assessed the financial performance
and financial position of the associates
and joint ventures, and the Group’s
going concern assessment of the
relevant entities as one of the indicators
of potential impairment.
•
We evaluated the recoverability of
interests in associates and joint ventures
by assessing the feasibilities of the
underlying development assets at the
associate and joint venture level. We
obtained an understanding of the status
of the underlying developments,
considered the historical performance of
the underlying developments, where
applicable and the reasonableness of
forecast development outcomes for the
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
71
Why significant
How our audit addressed the key audit matter
•
The assessment of the recoverability of
the carrying value of investments is
subject to significant judgment as to the
performance of the underlying
developments. Significant changes in
assumptions impacting project cash
flows may give rise to impairment.
•
The measurement of expected credit
loss associated with the loans at
amortised cost is subject to judgment
with respect to the probability of default
and credit rating applicable to each loan.
•
The measurement of loans at fair value
through the profit and loss is subject to
judgment with respect to the
appropriate interest rate applicable to
each loan.
Disclosure of investments in associates and joint
ventures, including significant judgments is
included in Notes 2, 10 and 11 of the financial
report.
remainder of the project including the
assumptions adopted in light of current
market evidence. We also evaluated a
sample of independent property
valuations.
•
We considered the Group’s assessment
of the recoverability of the loans to
associates and joint ventures, carried at
amortised cost, including the inputs
used in the expected credit loss
calculation.
•
We assessed the interest rates used to
value loans to associates and joint
ventures measured at fair value through
the profit and loss against prevailing
market rates and assessed the expected
timing of loan repayments.
•
We assessed the adequacy of the
disclosures in the financial report in
accordance with Australian Accounting
Standards
Information other than the financial report and auditor’s report thereon
The directors are responsible for the other information. The other information comprises the
information included in the Company’s 2024 annual report other than the financial report and our
auditor’s report thereon. We obtained the directors’ report and corporate governance statement that
is to be included in the annual report, prior to the date of this auditor’s report, and we expect to obtain
the remaining sections of the annual report after the date of this auditor’s report.
Our opinion on the financial report does not cover the other information and we do not and will not
express any form of assurance conclusion thereon, with the exception of the Remuneration Report
and our related assurance opinion.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
PEET LIMITED | ANNUAL REPORT 2024 | 111
PEET LIMITED | ANNUAL REPORT 2024 | 110
Independent Auditor’s Report
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
72
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of:
a.
The financial report (other than the consolidated entity disclosure statement) that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001;
and;
b.
The consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i.
The financial report (other than the consolidated entity disclosure statement) that gives a true and
fair view and is free from material misstatement, whether due to fraud or error; and
ii.
The consolidated entity disclosure statement that is true and correct and is free of misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters relating to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgment and maintain professional scepticism throughout the audit. We also:
►
Identify and assess the risks of material misstatement of the financial report, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
►
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s internal control.
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
73
►
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
►
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial report or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
►
Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events
in a manner that achieves fair presentation.
►
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Group audit. We remain solely
responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated to the directors, we determine those matters that were of most
significance in the audit of the financial report of the current year and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on the audit of the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30
June 2024.
In our opinion, the Remuneration Report of Peet Limited for the year ended 30 June 2024, complies
with section 300A of the Corporations Act 2001.
PEET LIMITED | ANNUAL REPORT 2024 | 113
PEET LIMITED | ANNUAL REPORT 2024 | 112
Independent Auditor’s Report
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
74
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our
responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in
accordance with Australian Auditing Standards.
Ernst & Young
Gavin Buckingham
Partner
Perth
21 August 2024
PEET LIMITED | ANNUAL REPORT 2024 | 115
PEET LIMITED | ANNUAL REPORT 2024 | 114
Securityholder Information
SUBSTANTIAL SHAREHOLDERS
As disclosed in substantial holding notices lodged with ASX (as applicable) as at 27 August 2024:
Name
Date of Last
Notice Received
Number of
Shares Held
% of Issued
Shares Held 1
Scorpio Nominees Pty Ltd and its associates
13 November 2018
99,156,523
20.50
Allan Gray Australia Pty Ltd and its associates
14 August 2020
88,722,096
18.36
L1 Capital Pty Ltd
29 May 2024
43,811,330
9.34
Hurose Pty Ltd
5 February 2024
32,749,126
6.96
Retail Employees Superannuation Pty Limited as trustee
for the Retail Employees Superannuation Trust
18 April 2023
24,159,122
5.12
1. Percentage of issued shares held as at the date notice provided.
VOTING RIGHTS OF ORDINARY SHARES
The constitution provides for votes to be cast:
• on a show of hands, one vote for each shareholder; and
• on a poll, one vote for each fully paid ordinary share.
SECURITIES EXCHANGE LISTINGS
Peet Limited’s ordinary shares are listed on the Australian Securities Exchange (ASX). The Company’s ASX code is PPC.
OPTIONS AND PERFORMANCE RIGHTS
As at 27 August 2024, Peet Limited had 1,200,000 options on issue, held by one key management person, as disclosed
elsewhere in the Annual Report.
As at 27 August 2024, Peet Limited had 10,369,049 performance rights on issue, held by a total of 10 KMP and other
senior managers.
These options and performance rights, which are not listed, were issued under the PESOP and PPRP, respectively.
PEET BONDS
As at as at 27 August 2024, Peet Limited had 75,000 unsecured and unsubordinated, floating rate bonds
(BBSW+ 4.85%) on issue, with a maturity date of 30 September 2026 and 75,000 unsecured and unsubordinated
8.50% fixed-rate bonds on issue, with a maturity date of 30 September 2029. Bondholders are not entitled to vote at
general meetings, however, are entitled to vote on certain matters that affect their rights under the bonds’ Trust Deed.
The bonds were issued to professional and sophisticated investors and are not listed.
WEBSITE ADDRESS
www.peet.com.au
The Peet Limited website offers the following features:
• investor relations page with the latest Company announcements;
• news service providing up to date information on the Company’s activities and projects; and
• access to annual and half year reports.
DISTRIBUTION OF ORDINARY SHARES
As at 27 August 2024 there were 2,158 current holders of ordinary shares and these holdings were distributed in the
following categories:
Size of Holding
Number of
Shareholders
% of Issued
Shares
1 – 1,000
539
0.03
1,001 – 5,000
579
0.38
5,001 – 10,000
335
0.56
10,001 – 100,000
625
4.19
100,001 and over
80
94.84
Total
2,158
100.00
There were 367 shareholdings of less than a marketable parcel of $500 (394 shares).
SHAREHOLDERS
The names of the 20 largest holders of ordinary shares as at 27 August 2024 are listed below.
Name
Number of
Shares Held
% of
Shares Held
Scorpio Nominees Pty Ltd
86,582,433
18.47
Citicorp Nominees Pty Limited
76,203,946
16.26
HSBC Custody Nominees (Australia) Limited
55,906,673
11.92
J P Morgan Nominees Australia Pty Limited
39,765,227
8.48
HSBC Custody Nominees (Australia) Limited – A/C 2
33,481,903
7.14
Hurose Pty Ltd
32,749,126
6.98
Argo Investments Limited
18,152,705
3.87
Mr Warwick Donald Hemsley
17,459,881
3.72
Golden Years Holdings Pty Ltd
8,656,230
1.85
Ian Murray Charles Palmer + Helen Christina Palmer
8,567,410
1.83
Mr Brendan David Gore
6,240,842
1.33
Mirrabooka Investments Limited
6,179,198
1.32
UBS Nominees Pty Ltd
5,704,447
1.22
HSBC Custody Nominees (Australia) Limited – GSI EDA
5,349,386
1.14
BNP Paribas Nominees Pty Ltd
4,783,942
1.02
HSBC Custody Nominees (Australia) Limited – GSCO ECA
4,475,227
0.95
Netwealth Investments Limited
3,254,690
0.69
Neweconomy Com Au Nominees Pty Limited <900 Account>
2,307,821
0.49
Merrill Lynch (Australia) Nominees Pty Limited
2,037,200
0.43
BNP Paribas Nominees Pty Ltd
1,886,913
0.40
Total for 20 largest shareholders
419,745,200
89.51
Total other shareholders
49,208,997
10.49
Total ordinary shares on issue
468,954,197
100.00
PEET LIMITED | ANNUAL REPORT 2024 | 117
PEET LIMITED | ANNUAL REPORT 2024 | 116
PEET LIMITED
A.B.N. 56 008 665 834
Website Address – www.peet.com.au
DIRECTORS
Tony Lennon, FAICD, Non-executive Chairman (retiring October 2024)
Greg Wall AM, MA, FAICD, FFlN, Non-executive Director (Chairman elect)
Brendan Gore, BComm, FAICD, FCPA, FCIS, FGIA, Managing Director and Chief Executive Officer
Anthony Lennon, BA, Grad Dip Bus Admin, MAICD, Non-executive Director
Trevor Allen, BComm (Hons), CA, FF, FAICD, Non-executive Director
Margaret Kennedy, BComm, GAICD, Non-executive Director
Michelle Tierney, B.Arts Journalism & Communication, Post Grad Dip. Bus Admin., MBA, GAICD, Non-executive Director
GROUP COMPANY SECRETARY
Dom Scafetta, BComm, CA
REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS
7th Floor, 200 St Georges Terrace
Perth, Western Australia 6000
Tel. (08) 9420 1111
SHARE REGISTER
Computershare Investor Services Pty Limited
Level 17, 221 St Georges Terrace
Perth, Western Australia 6000
Tel: 1300 850 505
AUDITOR
Ernst & Young
Ernst & Young Building
11 Mounts Bay Road
Perth, Western Australia 6000
Corporate Directory
Notes
PEET LIMITED | ANNUAL REPORT 2024 | 119
PEET LIMITED | ANNUAL REPORT 2024 | 118
Notes
Notes
Peet Limited
ACN 008 665 834
Level 7, 200 St Georges Terrace Perth WA 6000
Telephone +61 8 9420 1111
www.peet.com.au
Perth | Melbourne | Brisbane | Canberra | Adelaide