Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — H1 2025 Earnings Presentation
26 slides from Cedar Woods Properties's earnings presentation, Feb 19, 2025
Slide 1: Half Year FY25 Financial Results
HALF YEAR Bushmead, WA FY25 FINANCIAL RESULTS
Slide 2: Agenda
AGENDA 1. About Cedar Woods 2. Financial Results 3. Market Conditions 4. Our Portfolio 5. Outlook 2 Eglinton, WA Incontro, Subiaco, WA
Slide 3: About Cedar Woods
ABOUT CEDAR WOODS 3 Flourish, South MacLean, Qld
Slide 4: Company Overview
COMPANY OVERVIEW ◼ Property development company with 35+ year track record of delivering earnings for shareholders ◼ Portfolio of 37 quality projects & a pipeline of over 9,700 lots/units to support future earnings ◼ Strategy of diversification - mix of projects delivering apartments, townhouses, co
Slide 5: H1 FY25 Summary
HALF YEAR FY25 FINANCIAL RESULTS H1 FY25 SUMMARY PRESALE NET SALES CONTRACTS $15.0m $195.9m 654 lots $642m Lots / homes / offices sold SETTLEMENTS ACQUISITIONS 18.2c 10.0c 479 lots $46m Lots / homes / offices settled Land acquisition payments funded in H1 5
Slide 6: Strategy
HALF YEAR FY25 FINANCIAL RESULTS STRATEGY To grow our national project portfolio, diversified by geography, product type & price point, so that it continues to hold Geography Product Type Price Point broad customer appeal & Good geographic spread Range of housing lots, Wide range of price performs w
Slide 7: Partnerships
HALF YEAR FY25 FINANCIAL RESULTS PARTNERSHIPS ◼ Selected future acquisitions to be undertaken in partnerships ◼ Scale up business & earnings – Partnerships leverage the existing skill base, allow operations to be expanded & further diversified, generate recurring fee income & diversify funding sourc
Slide 8: ESG
HALF YEAR FY25 FINANCIAL RESULTS ESG ◼ Projects & workplaces have good sustainability credentials & emissions reduction practices ◼ Eglinton, WA microgrid commissioned in H1 FY25 ◼ Long record of rehabilitation of brownfield sites ◼ Work ongoing in measuring & reducing project & corporate GHG emissi
Slide 9: Financial Results
FINANCIAL RESULTS 9 Mason Quarter, VIC
Slide 10: Income Statement
HALF YEAR FY25 FINANCIAL RESULTS INCOME STATEMENT ◼ Significantly higher revenue in the current period has resulted in a higher profit result for H1 FY25 31 Dec 2024 31 Dec 2023 $m $m Revenue up 59% in H1 FY25 due to more settlements Revenue 195.9 123.2 and higher value settlements Cost of sales/ser
Slide 11: Balance Sheet & Funding
HALF YEAR FY25 FINANCIAL RESULTS BALANCE SHEET & FUNDING 31 Dec 2024 30 Jun 2024 Total assets (book value) $779m $744m Net assets (equity) $463m $461m Net tangible assets per share (book value not market value) $5.61 $5.55 Net bank debt $185.3m $120.1m Net bank debt to total tangible assets (less ca
Slide 12: Market Conditions
MARKET CONDITIONS 12 Bushmead, WA
Slide 13: Market Conditions - Sales Volumes
HALF YEAR FY25 FINANCIAL RESULTS MARKET CONDITIONS - SALES VOLUMES ◼ Record presales in hand of $642m at the end of H1 FY25 ($525m pcp), up 22% ◼ National enquiry levels steady for half; but 30%+ above 5-year averages ◼ National sales volumes for H1 at good levels; 10% above 5-year averages ◼ State
Slide 14: Market Conditions – Chronic Shortfall of Housing
HALF YEAR FY25 FINANCIAL RESULTS MARKET CONDITIONS – CHRONIC SHORTFALL OF HOUSING Homes Source: Macrobond, AMP Homes Housing Supply Source: KPMG 14
Slide 15: Market Conditions – Interest Rates
HALF YEAR FY25 FINANCIAL RESULTS MARKET CONDITIONS – INTEREST RATES ◼ 0.25% interest rate reduction announced and further easing widely expected over 2025 ◼ Affordability & interest rates hold back some buyers – easing will help sustain or propel demand for housing ◼ Rate cutting cycles historically
Slide 16: Our Portfolio
OUR PORTFOLIO Millars Landing, WA 16
Slide 17: Diversified Portfolio
HALF YEAR FY25 FINANCIAL RESULTS DIVERSIFIED PORTFOLIO Portfolio of 37 quality projects & total pipeline of 9,700+ lots/apartments to support future earnings LOTS IN PORTFOLIO BY PRESALES BY LOCATION PRESALES BY PRODUCT TYPE LOCATION # LOTS ** # LOTS ** # lots/homes/offices ** Commercial Townhouses
Slide 18: Western Australia
HALF YEAR FY25 FINANCIAL RESULTS WESTERN AUSTRALIA ◼ 12 projects, more than 4,800 lots / dwellings ◼ Product types includes land subdivision, townhouses & apartments ◼ Sale prices stabilised after a period of strong growth, resulting in high project margins ◼ High demand for affordable product, e.g.
Slide 19: Victoria
HALF YEAR FY25 FINANCIAL RESULTS VICTORIA ◼ 11 projects, including 4 at Williams Landing ◼ Approximately 2,300 lots / dwellings / offices plus 13 ha of mixed-use sites ◼ Product types includes land subdivision, townhouses, apartments & commercial projects ◼ Range of price points & buyer types ◼ Cond
Slide 20: Queensland
HALF YEAR FY25 FINANCIAL RESULTS QUEENSLAND ◼ 6 projects, including 2 at Greville ◼ More than 1,600 lots / dwellings in pipeline ◼ Product types includes land estates, townhouses & apartments ◼ Strategic partnership with QIC for ~ 400 apartments & townhouses in Robina ◼ Market fundamentals remain po
Slide 21: South Australia
HALF YEAR FY25 FINANCIAL RESULTS SOUTH AUSTRALIA ◼ 8 well located projects at Glenside & Fletcher's Slip ◼ Glenside – 2 projects under construction, 2 in sales phase ◼ Fletcher’s Slip - 3 projects under construction, 1 in sales phase ◼ More than 900 townhouses & apartments remaining ◼ High performin
Slide 22: Outlook
OUTLOOK 22 Atwater, WA
Slide 23: Outlook
HALF YEAR FY25 FINANCIAL RESULTS OUTLOOK ◼ Favourable conditions for the sector (excl VIC): low supply, low rental vacancy, strong REVENUE & PRESALES $m population growth, low unemployment 450 ◼ Easing interest rate environment 400 350 ◼ Record presales of $642 million at 31 December 300 2024 ($525
Slide 24: Disclaimer
While every effort is made to provide complete and accurate information, Cedar Woods Properties Limited does not warrant or represent that the information in this presentation is free from errors or omissions or is suitable for your intended use. Subject to any terms implied by law and which cannot
Slide 25: Appendices
APPENDICES Sage, Burpengary Qld
Slide 26: Project Pipeline
HALF YEAR FY25 FINANCIAL RESULTS LOTS/UNITS PROJECT 1 CORRIDOR / LOTS/UNITS REMAIN PROJECT NAME LOCATION PROJECT TYPE PROJECT 31 Dec 24 FY25 FY26 FY27 FY28 FY29 WESTERN AUSTRALIA - PERTH Ariella, Brabham North East Residential Land 1,213 339 The Brook at Byford South East Residential Land 421 1 PIPE
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