Business Description:
Peet Limited (PPC) is an Australian property company, dedicated to asset and funds management, land and property development and land syndication. The company is currently developing land estates in Western Australia, Victoria, Queensland and New South Wales.

Strategy Analysis:
Peet Limited is focused on expanding their funds management business. Within this, there is goal of managing and developing relationships and partnerships, this has included a significant mandate with the Future fund. The wholesale funds management growth strategy continues to be a main underpinning of future earnings growth. Peet provided its 2011 AGM presentations, reporting operating net profit of $44.0m, up 2.8%; operating EPS of 14.6c, up 2.1%; statutory profit of $22.1m, down 47.5% due to write-downs of inventory; DPS of 8.5c in line with FY10; NTA of $1.37 per share, up 10.5% due to portfolio net valuation gain; and Gearing of 33.5%, down from 36.0%. The Company also reported Countercyclical repositioning of land bank to longer term growth states of WA and QLD; growth in land bank has been driven through Funds Management, now representing approx. 70% of land bank by GDV and lots; and continued growth of wholesale platform during FY11 - Future Fund and MTAA Super partnerships.Peet reported NPAT down 47% to $22.15m for the year ended 30 June 2011. Revenues from ordinary activities were $188.73m, up 6% from last year. Diluted EPS was 6.8 cents compared to 14 cents last year. The net operating cash outflow was $62.18m compared to an inflow of $32.58m in the pcp. The final dividend declared was 4.5 cents, taking the full year dividend to 8.5 cents in line with 8.5 cents last year.