Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — H1 FY2016 Earnings Presentation
30 slides from Cedar Woods Properties's earnings presentation, Feb 26, 2016
Slide 1: Investor Briefings: First-Half FY2016 Financial Results
Cedar Woods Properties Limited For personal use only Investor Briefings First-Half FY2016 Financial Results 26 February 2016
Slide 2: Snapshot of Achievements in FY2016
Cedar Woods Presentation | 2 Snapshot of Achievements in FY2016 For personal use only • Recent acquisition of two exciting projects in Brisbane including landmark Ellendale • Extensive portfolio project in 2014 and of residential Wooloowin project estates in Perth in 1H FY2016 and WA regions, supple
Slide 3: Agenda
Cedar Woods Presentation | 3 Agenda For personal use only 1 1H FY2016 Financial Highlights 2 Operational Overview 3 Market Conditions 4 Company Outlook
Slide 4: 1H FY2016 Financial Highlights
Cedar Woods Presentation | 4 1H FY2016 Financial Highlights For personal use only • 1H FY2016 Net Profit After Tax (NPAT) of $18.1million • Fully franked dividend of 12.0 cents declared, to be paid 29 April 2016. • Dividend Yield of approximately 7%(1) • Net debt of $75.3 million and net debt/equity
Slide 5: 1H FY2016 Financial Performance Summary
Cedar Woods Presentation | 5 1H FY2016 Financial Performance Summary For personal use only 1H16 ($m) 1H15($m) Change (%) Revenue 77.0 77.9 -1% Net profit after tax 18.1 9.1 100% Dividends per share 12.0 cents 12.0 cents - • Revenue in line with 1H FY2015, with greater contributions from higher margi
Slide 6: Balance Sheet Strength
Cedar Woods Presentation | 6 Balance Sheet Strength For personal use only Asset at book value (cost) ($) 31 Dec 30 June 500 2015 2015 450 457.1 400 $m $m 410 350 383 Total assets (book value) 457.1 383.3 300 301 250 238 Net bank debt 75.3 27.9 200 150 Net assets (equity) 291.1 285.6 100 50 Net bank
Slide 7: Cash Flow Summary
Cedar Woods Presentation | 7 Cash Flow Summary For personal use only 1H16($m) 1H15($m) Receipts from customers 84.2 84.5 Interest Received 0.3 0.2 Payments to suppliers and employees (26.9) (23.7) Borrowing costs (1.9) (3.0) Income taxes paid (12.9) (11.9) Payments for development (48.1) (53.9) Oper
Slide 8: Agenda
Cedar Woods Presentation | 8 For personal use only 1 1 H FY2016 Financial Highlights 2 Operational Overview 3 Market Conditions 4 Company Outlook
Slide 9: National Portfolio and Land Bank
Cedar Woods Presentation | 9 National Portfolio and Land Bank For personal use only
Slide 10: Project Life
Cedar Woods Presentation | 10 Project Life For personal use only
Slide 11: VIC Portfolio Overview
Cedar Woods Presentation | 11 VIC Portfolio Overview For personal use only • Strong contribution to 1H FY2016 NPAT • Positive conditions across land and housing with high level of sales • Apartment market firm in those areas where there is little competition • Anticipate steady growth in sales and p
Slide 12: VIC Projects Highlights
Cedar Woods Presentation | 12 VIC Projects Highlights For personal use only WILLIAMS LANDING • Strong price growth on residential lots achieved resulting in higher margin • First stage of new neighbourhood Addison released in January with strong price points achieved WILLIAMS LANDING • Shopping Cent
Slide 13: VIC Projects Highlights
Cedar Woods Presentation | 13 VIC Projects Highlights For personal use only JACKSON GREEN • 350 dwellings planned on 6.5ha site in Melbourne’s south-east • Strong sales in 1H FY2016 • Established new price points well above suburb’s median house price • 5-year staged project • Around 250 dwellings o
Slide 14: WA Portfolio Overview
Cedar Woods Presentation | 14 WA Portfolio Overview For personal use only • Market continues to ease off cyclical highs • Sales supported by selective incentives and price discounting in areas of increased competition • Acquisition of North Baldivis land in August 2015 adding to strong pipeline of f
Slide 15: WA Projects Highlights
Cedar Woods Presentation | 15 WA Projects Highlights For personal use only ARIELLA • Master-planned community of 480 lots 22km from Perth CBD • New sales centre recently opened and good demand for first stage • Construction of 94-lot second stage underway THE RIVERGUMS • Master-planned community of
Slide 16: WA Projects Highlights
Cedar Woods Presentation | 16 WA Projects Highlights For personal use only MARINERS COVE • Sales and settlements of last remaining stage of 40 lots commenced • Strong sales and buyer interest for remaining canal lots • Landmark project nearing completion NORTH BALDIVIS • Purchase of 50.74 hectares a
Slide 17: QLD Portfolio Overview
Cedar Woods Presentation | 17 QLD Portfolio Overview For personal use only • QLD market is coming off period of relatively slow growth and should benefit from improving conditions • Particular signs of strength in the established housing sector and inner-city urban developments • CWP has two well-lo
Slide 18: QLD Projects Highlights
Cedar Woods Presentation | 18 QLD Projects Highlights ELLENDALE • 227 hectare master-planned community just 12km from For personal use only Brisbane CBD • Queensland Government has approved first 480 lots on 67ha of site • First stage of 143 lots • Marketing centre on site • Ten year staged project
Slide 19: SA Project - Glenside
Cedar Woods Presentation | 19 SA Project - Glenside For personal use only • 16.5 hectare site just 2km south-east of Adelaide CBD • Masterplan prepared in cooperation with Renewal SA and presented to community • First stage of community consultation completed • Preferred proponent to negotiate the a
Slide 20: Agenda
Cedar Woods Presentation | 20 For personal use only 1 1H FY2016 Financial Highlights 2 Operational Overview 3 Market Conditions 4 Company Outlook
Slide 21: Market Conditions
Cedar Woods Presentation | 21 Market Conditions For personal use only Victoria Solid price increases and clearance rates continue. Market conditions expected to remain stable going into FY2017. Good buyer interest across all sectors of residential Western Australia Market continues to ease off its c
Slide 22: Residential Land Sales since 2007
Cedar Woods Presentation | 22 Residential Land Sales since 2007 (Source: HIA) For personal use only
Slide 23: Cedar Woods' Portfolio & Population Growth
Cedar Woods Presentation | 23 Cedar Woods’ Portfolio & Population Growth For personal use only Steady population growth across Australia continues ahead of previous forecasts 1.25% 1.30% 0.78% Source: ABS June 2015 1.70%
Slide 24: Affordability - Price to Income Measures
Cedar Woods Presentation | 24 Affordability - Price to Income Measures For personal use only Median House Price to Household Income (10 year average = 100) 140 Dec-11 Jun-15 Sep-2015* 130 120 110 100 90 80 70 60 Sydney Melbourne Brisbane Adelaide Perth Average *Estimate Source: ABS, CoreLogic, RP Da
Slide 25: Forecast Housing Starts
Cedar Woods Presentation | 25 Forecast Housing Starts For personal use only 2015/16 2016/17 2017/18 2018/19 35 30 25 THOUSANDS 20 15 10 5 0 SA WA QLD VIC Source: HIA – February 2016 • Robust activity forecast nationally • Continued under-supply of housing • Victoria forecast to peak in FY2016, retur
Slide 26: Agenda
Cedar Woods Presentation | 26 For personal use only 1 1H FY2016 Financial Highlights 2 Operational Overview 3 Market Conditions 4 Company Outlook
Slide 27: Company Outlook
Cedar Woods Presentation | 27 Company Outlook For personal use only • Cedar Woods’ full year profit guidance for FY2016 increased to approximately $43m (FY2015 - $42.6m), based on the company’s strong delivery program for 2H FY2016 and on current market conditions continuing • Positive outlook under
Slide 28: Investment Highlights
Cedar Woods Presentation | 28 Investment Highlights For personal use only 1. ASX 300 company with a proven track record of consistent profit growth and meeting guidance – Expecting 6th consecutive record full year profit in FY2016 – Positioned for continued growth in FY2017 2. Strategically located
Slide 29: FY16 Housing & Unit Commencements
Cedar Woods Presentation | 29 FY16 Housing & Unit Commencements For personal use only 70,000 60,000 50,000 30,620 THOUSANDS 34,150 40,000 23,890 30,000 20,000 6,220 33,250 25,440 22,840 10,000 18,320 2,750 7,390 - NSW VIC QLD WA SA Apartments Houses Source: HIA – February 2016
Slide 30: For personal use only
For personal use only Perth Office Melbourne Office Brisbane Office Ground Floor Level 1 Level 6 50 Colin Street 476 St Kilda Road 12 Creek Street West Perth WA 6005 Melbourne VIC 3004 Brisbane QLD 4000 T: (08) 9480 1500 T: (03) 9820 1777 T: (07) 3007 2900 E: email@cedarwoods.com.au E: melbourne@ced
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