Slide 1: 2014 Full Year Financial Results
> & e 2014 Full Year Financial Results 20 August 2014 Cedar <@ Woods
Slide 2: Agenda
For personal use only 1 FY2014 Financial Highlights 2 Operational Overview 3 Market Conditions 4 Company Outlook
Slide 3: FY2014 Financial Highlights
For personal use only • Record full year profit of $40.3m, up 10.9% on pcp • Final fully franked dividend of 15.5 cents declared; record total fully franked dividend of 27.5 cents for FY2014 • Successful growth into Queensland with Upper Kedron acquisition • Oversubscribed $30m capital raising • Str
Slide 4: FY14 Financial Results Summary
For personal use only FY14 ($m) FY13 ($m) Change (%) Revenue 214.5 172.8 24.1% Profit before income tax expense 55.6 51.4 8.2% Net profit after tax 40.3 36.3 10.9% Earnings per share 54.4 cents 49.9 cents 9.0% Dividends per share 27.5 cents 26.0 cents 5.8% • Strong revenue growth boosted by a larger
Slide 5: FY2014 Total Shareholder Return
For personal use only FY2014 Total Shareholder Return 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% S&P All Ords S&P 200 A-REIT CWP Peer Group • Total Shareholder Return of 47% over the financial year • Cedar Woods’ share price increased 42% during FY2014 5
Slide 6: Revenue, NPAT, EPS and Dividend History
For personal use only Revenue ($m) NPAT ($m) 214.5 40.3 200 170.5 172.8 40 36.3 34.3 150 131.8 30 28.0 108.4 100 20 17.2 50 10 0 0 FY10 FY11 FY12 FY13 FY14 FY10 FY11 FY12 FY13 FY14 EPS (cents) Total Dividend (cents) 60 53.2 54.4 30 27.5 49.9 25 26 45.8 25 23 45 20 15.5 14 15 29.0 12 30 15 13 10 8 15
Slide 7: Balance Sheet and Gearing
For personal use only Asset at book value (cost) ($m) 30 June 30 June 2014 2013 450 410.0 $m $m 400 350 301.0 Total assets (book value) 410.0 301.0 300 233.6 238.3 250 Net bank debt 32.6 37.8 205.7 200 Net assets (equity) 261.6 207.8 150 100 Finance facility limit 135.0 110.0 FY10 FY11 FY12 FY13 FY1
Slide 8: Cash Flow
For personal use only FY14 FY13 Cash flows related to operating activities $m $m Receipts from customers 231.6 186.1 Interest received 0.6 0.6 Payments to suppliers and employees (52.2) (43.5) Borrowing costs (5.4) (4.1) Income taxes paid (18.3) (18.6) Payments for development (105.1) (99.9) Operati
Slide 9: Agenda
For personal use only 1 FY2014 Financial Highlights 2 Operational Overview 3 Market Conditions 4 Company Outlook
Slide 10: Strong property portfolio and mature land bank
Strong property portfolio and mature land bank Elements & W Batavia Marina Brabham Carine Ri Bushrr Brisbane (Upper Kedron) Melboume The Brook at Byford Byford on the Scary Emerald Park The Jetty Carlingford St Albans anbury Village Realm at Camberwell Clayton South Waterline ars Cove
Slide 11: Western Australia market and projects
For personal use only • Strong ongoing population growth, increasing home upgrader activity, low unemployment and positive consumer confidence • Increased demand and price growth across Cedar Woods’ portfolio in FY2014 • Significant planning milestones at a number of WA projects reached during the y
Slide 12: Western Australia project updates
For personal use only Carine Rise • Sales activity began during FY2014 and continued throughout the year • Majority of settlements completed in FY2014 • With the project now sold out, settlement of remaining lots expected in FY2015. The Rivergums • Construction of stages 9 and 10 completed during th
Slide 13: Western Australia project updates (continued)
For personal use only Mariners Cove • Increased demand for the lifestyle product on offer delivered strong sales throughout the year • Construction of phase 4 (last canal stage) has commenced • Settlements at phase 4 are set to begin in Q4 FY2015 Piara Central • Remaining lots in stages 1 and 2 sett
Slide 14: Victoria market and projects
For personal use only • Low interest rates, strong population growth and a lack of supply in key precincts underpinned buyer demand in Victoria • Price growth across a number of projects during FY2014 • A number of significant milestones were reached at Williams Landing during FY2014 • Portfolio exp
Slide 15: Williams Landing
For personal use only Williams Landing shopping centre * • Masters Home Improvement store opened in December 2013 • First stage of the Williams Landing shopping centre commenced • Leasing activity has progressed in line with internal targets; has continued in FY2015 • Sustained demand for residentia
Slide 16: Realm and Banbury Village
For personal use only Realm • Sales activity concluded in FY2014 • Settlements complete for first eight stages of homes • Remaining last stage set to settle in FY2015 • Project is recognised as a stand-out example of an integrated housing development in a middle-ring suburban setting Banbury Village
Slide 17: Upper Kedron acquisition, Queensland
For personal use only • In May 2014 Cedar Woods purchased the 227 hectare Upper Kedron site in Brisbane • Planning application lodged in June 2014 (on program) • $68 million plus GST to be paid in stages over four and a half years • First Queensland acquisition provides further geographical diversif
Slide 18: Upper Kedron location
BRISBANE For personal use only AIRPORT UPPER KEDRON 13km west of Brisbane CBD BRISBANE CBD 18
Slide 19: Upper Kedron project highlights
For personal use only • Well located with limited competition • Significant long term project • Well regarded suburb with strong demographic • More than 1,000 lots 19
Slide 20: Agenda
For personal use only 1 FY2014 Financial Highlights 2 Operational Overview 3 Market Conditions 4 Company Outlook
Slide 21: Population growth by state
For personal use only 8,000 3.0% 7,000 7,466 2.8% 2.5% 6,000 5,791 2.0% Population 5,000 1.9% (‘000) 4,000 4,691 1.7% 1.5% 1.5% 3,000 1.0% 2,000 2,551 0.5% 1,000 0 0.0% New South Wales Victoria Queensland Western Australia Source: HIA Population at end December Qtr 2013 '000 Change over previous yea
Slide 22: Dwelling demand by state
For personal use only 35 30 25 20 000’s 15 10 5 0 2013/14 2014/15 2015/16 2016/17 2017/18 VIC QLD WA Source: HIA 22
Slide 23: Market data
For personal use only Source: Commonwealth Bank of Australia 23
Slide 24: Agenda
For personal use only 1 FY2014 Financial Highlights 2 Operational Overview 3 Market Conditions 4 Company Outlook
Slide 25: Company Outlook
For personal use only • Positive outlook underpinned by strong pre-sales and the release of new residential projects • Pre-sales at $139 million, the majority expected to settle in FY2015 • FY2015 profit to be weighted to the second half, due to the scheduled timing of project stages and settlements
Slide 26: Celebrating years as an ASX listed company
AG CELEBRATING 20 YEARS AS AN ASX LISTED COMPANY www.cedarwoods.com.au Cedar <@ Woods
Slide 27: Disclaimer of liability
For personal use only Disclaimer of liability 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
Slide 28: Office contact details
For personal use only Perth Office Melbourne Office Ground Floor Level 12 50 Colin Street 484 St Kilda Road West Perth WA 6005 Melbourne VIC 3004 T: (08) 9480 1500 T: (03) 9820 1777 E: email@cedarwoods.com.au E: melbourne@cedarwoods.com.au
Slide 29: Appendix
Appendix Cedar <@ Woods
Slide 30: Sustainable Earnings from Long Term Projects - Pipeline at 30 June 2014
oa fo. € Sustainable Earnings from Long Term,® “ Projects — Pipeline at 30 June 2014 , WESTERN AUSTRALIA Pern ‘Suton Farm - Mancursh ‘Soun con G (Carine Rize ~ Carne Nonh West Residental / Med Use 2 Emeraid Park ~evetard ‘Sou West Residental Land a \Marners Cove - Mandurah ‘soun consi 7 Hamsasie Gre
Slide 31: Office contact details
For personal use only Perth Office Melbourne Office Ground Floor Level 12 50 Colin Street 484 St Kilda Road West Perth WA 6005 Melbourne VIC 3004 T: (08) 9480 1500 T: (03) 9820 1777 E: email@cedarwoods.com.au E: melbourne@cedarwoods.com.au