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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Villa World Ltd    VLW   AU000000VLW0

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Villa World Ltd : 2013 Annual General Meeting Addresses

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10/30/2013 | 04:28am CEST

30 October 2013

ASX Announcement Annual General Meeting - Addresses

Please find attached addresses to shareholders to be delivered by -

Chairman and Managing Director;

Chief Operating Officer; and

Chief Financial Officer,

at Villa World Limited's Annual General Meeting ("AGM") today.

The results of the meeting will be communicated to the market shortly after the conclusion of the


Paulene Henderson Company Secretary Tel: (07) 5588 8888
[email protected]

Villa World Limited: Level 1 Oracle West, 19 Elizabeth Avenue, Broadbeach QLD 4218

Shareholder queries: Email: [email protected]; Website: www.villaworld.com.au

Share Registry: Computershare Investor Services

Online: www.investorcentre.com; By mail: GPO Box 2975, Melbourne VIC 3001

Tel: (within Australia) 1300 651 684: (international) +61 3 9415 4000


The past year has been a defining period for Villa World as together the Board and the Executive Management team have set our sights firmly on achieving the difference for which Villa World has become known.
Publicly listed and established in 1986, Villa World creates contemporary family homes, and develops and markets land in communities along Australia's eastern seaboard.
Since taking over the role of Managing Director on 1 October 2012, our focus has been on successfully implementing the five key strategies which drive our business direction and underpin The Villa World Difference:

A solid financial platform

A broad sales platform

Project pipeline growth

Portfolio diversification, and

Strong governance and leadership.

Outstanding execution of these five strategic pillars has resulted in strong performance and growth, and consolidation of Villa World's reputation in the Australian property market.


The strength of the Villa World Group in the past year was demonstrated by our solid financial performance with increases in revenue, underlying operating profit and accounting settlements.
Villa World's value in the investment market increased with share price growth of 133% since the last
Annual General Meeting. Shares closed at $0.75 12 months ago, and yesterday were trading at $1.75.
Our capital management strategy has shifted from buy back to capital raising and our success in this regard will be detailed further by Paulene. During the year we have also extended our debt facilities.
Our new, broad sales strategy has contributed to significant growth in revenue, as well as providing a strong start to the 2014 financial year, with 15 active projects underway including three recently purchased projects.
Our project acquisition strategy has led to an increase to the land bank of 578 lots through five acquisitions since 1 July 2012.
We are pleased to confirm the sale of the Eynesbury project in Victoria is now unconditional, allowing resources to be re-deployed towards short and medium term projects consistent with our acquisitions strategy.

Strong governance and leadership drive our efforts to be a high performing organisation, evidenced by the results you will hear today.

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Villa World has successfully completed its transformation into a leading developer of contemporary family homes and residential communities, and our sights are set firmly on growth.
We are operating in a market with low interest rates, First Home Buyer grants and low levels of unemployment leading to improved affordability, and improving consumer confidence. With Federal and State election campaigns concluded, and recent strengthening in capital cities, we are seeing improved buyer interest on a weekly basis at most projects.
We are determined to capitalise on these positive market conditions. We have a well-balanced and mature portfolio of projects which coupled with recent acquisitions, will maintain or improve sales activity.
The positive sales momentum evidenced in the second half of 2013 financial year has continued in the first quarter of 2014, with 231 sales worth $82.5 million recorded. Our operational achievements over the past year and early results for the first quarter of this financial year will be highlighted by Scott Payten, Chief Operating Officer.
Finally, while no interim dividend was paid and the Board has determined not to pay a final dividend for
2013, the Board will reconsider the payment of dividends in the second half of the 2014 financial year which we trust will be welcomed by shareholders.
Before handing over to the team, I would like to reiterate that this is a milestone year in the evolution of Villa World. It has been a rewarding year with growth for shareholders, a challenging but motivating and satisfying year for staff. I thank our dedicated team of people, from those working on site to the office team and those interstate. People at all levels of the business all contribute to our success.

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Villa World's streamlined and efficient business model is based on four key functions:




Capital management.

My focus today is on highlighting our performance and plans in relation to the first three, namely, Sales, Delivery and Acquisitions. Capital management will be addressed by our Chief Financial Officer.


Villa World's core business operates in three areas of the residential property market:

Land sales

House and land sales, and

Townhouse or medium density products.

These offerings are generally in the market below $500,000, reducing exposure to more volatile high end product.
Geographic diversity remains one of our key objectives. We are currently operating in three east coast
States which exhibit historically high growth rates.
In the 2013 financial year, we implemented a broader sales strategy with a focus on each of Villa World's key customer market segments:

First Home Buyers

Owner occupiers comprising both "upgraders" and "downsizers"; and


This marketing approach saw the average rate of sale rise from 42.2 per month in the first half of the 2013 financial year to 59.5 per month in the second half of 2013. A total of 610 lots were sold (an increase of

Queensland remained Villa World's key market in FY13, with sales increasing by 36% to 525 lots. Victoria recorded 78 sales, with a strengthening second half. New South Wales recorded 7 sales at the newly launched First Light project at Casuarina.

First quarter sales 2014

Our broader sales strategy is delivering results. In the first quarter of FY2014, we have sold 231 lots worth
$82.5 million. We are seeing confidence returning in the capital cities, with Cascades on Clyde in South East
Melbourne, and Park Vista and Circa in North Brisbane contributing strongly to first quarter sales.

Brookside (in Queensland) is another stand out project this quarter. The 107 lot project is almost sold out, with strong interest from first home buyers, attracted by our very successful Zero Deposit campaign combined with the Queensland Government's $15,000 Great Start Grant.

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Villa World adopts a flexible, agile and disciplined approach to delivery from inception to completion. The
Villa World "Delivery Difference" is underpinned by five key drivers:

Strength in design

Experience in obtaining quality development approvals.

Efficiency in delivery of civil infrastructure, with the built form in mind.

Housing construction at volume, yet be nimble enough to react to market conditions.

High level of after sales service - excellent customer feedback.

In HY2014, we are continuing our house building delivery in Queensland, as well as commencing two new townhouse developments in north Brisbane and we are expanding our building business into Victoria.
Initially focusing our Victorian building in Cascades on Clyde, we have already sold in excess of 40 homes and construction commenced this month.


The Villa World property portfolio as at 30 June 2013 includes 2,647 lots. This equates to between three and four years' supply of short dated, low risk projects with development approvals in place.
Since July 2012, we have bought five projects, adding 578 lots to our land bank - an increase of 21.8%. Three of the five projects already under construction and actively marketed.
In FY13, our acquisitions have been centred on South East Queensland and Northern New South Wales, supported by very short times to market and an improvement in market conditions.
First Light at Casuarina (New South Wales) has proven a very successful acquisition. The 67 lot project was acquired in May 2013, released for sale in June 2013, and at the end of the first quarter FY2014, 70% of the lots have been taken up by purchasers. Civil works started in late August 2013, and we anticipate that the whole estate will be cash settled prior to the close of the FY2014 Year.
East Ridge, (101 House and Land) was acquired in December 2012 and our first stage has registered and houses will be completed within 9 months.
Our Carindale acquisition, Astonbrook, (47 Land Only product) was purchased in June 2013 launched in early October, and has already received 20 Expressions of Interest. Civil construction also commenced this month.
These three projects are a prime example of our strategy to acquire projects which enable Villa World to recycle its capital over a short term.
Villa World is currently pursuing acquisitions in Melbourne, South East Queensland, Townsville and Sydney. We are also pursuing partnering opportunities which includes leveraging our housing delivery expertise onto others' land banks, as we have on our Circa project.
We will continue to pursue a balanced approach to acquisition, targeting both short to medium-term projects demonstrated by our recent acquisitions, as well as long-term partnered projects, to provide further depth to the Villa World land bank.

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Further expected acquisitions will ensure our portfolio remains well diversified and that our



praduct offering will appeal to the downturn-resilient, owner occupier families, and first home buyer markets, as well as investors.


Page 13


Our financial results for 2013 have been achieved while maintaining a disciplined and

effective approach to debt management, with a year

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Financials ( AUD)
Sales 2017 442 M
EBIT 2017 62,8 M
Net income 2017 37,4 M
Debt 2017 109 M
Yield 2017 8,05%
P/E ratio 2017 7,19
P/E ratio 2018 7,06
EV / Sales 2017 0,91x
EV / Sales 2018 0,85x
Capitalization 294 M
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 2,75  AUD
Spread / Average Target 18%
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Craig Treasure Chief Executive Officer, MD & Executive Director
Mark Jewell Chairman
Michael Vinodolac General Manager-Operations
Paulene Henderson Chief Financial Officer & Secretary
David Rennick Non-Executive Director
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