Cedar Woods Properties Limited · ASX:CWP

Cedar Woods Properties — H1 FY2003 Earnings Presentation

16 slides from Cedar Woods Properties's earnings presentation, Dec 31, 2002

  1. Slide 1: Half Year Results To 31 December 2002

    Half Year Results To 31 December 2002 Half Year Results December 2001

  2. Slide 2: Presentation Outline

    Presentation Outline • Company objectives • Financial highlights • Key strategies • Operating highlights • Outlook and 2003 Forecast Half Year Results Page 2 : Half Year Pres 2002 2002

  3. Slide 3: Company Objectives

    Company Objectives • Primary objective - growth in earnings per share • Aim to be in the top half of listed companies • Average eps growth – all industrials from 1998 - 2002 was 6% pa, in 2002 it was 2.7% • CWPL’s current target is 10% pa growth, already exceeded for FY2003 • Gearing (net debt to eq

  4. Slide 4: Financial Highlights – Profit & Loss

    Financial Highlights – Profit & Loss Dec 2002 Dec 2001 % $A’000 $A’000 Increase Sales Revenue 19,463 13,684 42 Profit from ordinary activities before 6,399 3,375 90 income tax expense Income Tax attributable to operating 2,252 1,250 80 profit Net profit after tax attributable to 4,147 2,125 95 membe

  5. Slide 5: Financial Highlights – Balance Sheet

    Financial Highlights – Balance Sheet 31 Dec 30 June 2002 2002 Total assets $m 45.7 50.3 Interest bearing liabilities (bank debt) $m 2.1 8.6 Shareholders’ equity $m 33.8 29.0 Net debt to equity (%) 2.5 29.4 Interest cover (x) 96 21 Number of shares on issue 30 June (m) 49.4 48.3 NTA per share – (book

  6. Slide 6: Statement of Cashflows

    Statement of Cashflows Dec Dec Cashflows related to operating activities 2002 2001 $000 $000 Receipts from customers 30,106 21,023 Payments to suppliers & employees (4,218) (3,404) Net interest paid (24) (79) Income taxes paid (1,118) (627) Payments for inventory – new land (8,840) (5,307) Payments

  7. Slide 7: Key Strategies

    Key Strategies • Diversification of the property portfolio - new residential subdivisions - medium density residential and apartments - industrial and commercial land • Identification and acquisition of new projects • Retaining ownership of income producing assets • Establishing joint venture initia

  8. Slide 8: Port Mandurah

    Port Mandurah • “The Promontory” – successful townhouse concept – anticipated fully sold in FY 2003 • 19 residential lots in Stage 6 remain in stock • Evaluating development of Sutton Precinct, with up to 40 townhouses - $10 m project Half Year Results Page 8 : Half Year Pres 2002 2002

  9. Slide 9: Mariners Cove

    Mariners Cove • 73 dry lots sold in first half • 265 dry lots to be developed • 331 canal lots to be developed, 67 lots now under way • Future group housing site in canal zone Half Year Results Page 9 : Half Year Pres 2002 2002

  10. Slide 10: Regency Grove

    Regency Grove • Located at Ocean Reef Road, Wanneroo • 83 lot subdivision commenced FY 2003 • 13 lots sold in first half, 25 now under contract • Construction completed by March 2003 • To be sold in FY 2003 and FY 2004 • Total revenue $12 m Half Year Results Page 10 : Half Year Pres 2002 2002

  11. Slide 11: The Rivergums, Baldivis

    The Rivergums, Baldivis • 100 ha project to yield 550-600 lots • Well located at end of Kwinana Freeway • Development approval for Stage 1 - 90 lots • Project life of 7 years • Display village • Small contribution in FY 2003 Half Half Year Year Results Results Page 11 : Half Year Pres 2002 2002 2002

  12. Slide 12: Laverton, Melbourne

    Laverton, Melbourne • 275 ha, 18 km (20 mins) west of Melbourne • Mixed use project being masterplanned • Major transit node • Residential, commercial and industrial uses • Fits Melbourne 2030 framework • Negotiations ongoing with Government Half Year Results Page 12 : Half Year Pres 2002 2002

  13. Slide 13: Rockingham

    Rockingham • Coastal town 30 mins south of Perth • Two waterfront sites acquired • Council approval obtained for 10 storey, 32 apartment tower plus ground floor commercial - $15 m project, currently pre-selling • Seeking development approval for second site, project revenue of $25 m • Anticipated to

  14. Slide 14: Canning Vale Balcatta

    Canning Vale • 8.35 ha located 17 km south of Perth • Subdivision approval exists for 100 residential lots • Evaluating potential for townhouses and apartments within project Balcatta • 6 ha parcel, 12 km north of Perth • Major freeway interchange • Showroom, commercial or bulky goods • Opportunity

  15. Slide 15: Economic Outlook

    Economic Outlook • Local economy robust but subject to global influences • Property market expected to soften – less so in WA • Waterfront and coastal property in demand • Steady industrial sector Half Year Results Page 15 : Half Year Pres 2002 2002

  16. Slide 16: Company Outlook

    Company Outlook • Strong sales continuing at Mandurah projects • Further growth provided by new projects • New projects undergoing due diligence • $31 m acquisition and development funding facility • Forecasting $6.5 m net profit after tax in FY 2003, equating to 85% growth in earnings per share Hal

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