Slide 1: FY2011 Results Investor Presentation
For personal use only FY2011 RESULTS INVESTOR PRESENTATION 5th September 2011
Slide 2: Award Winning Property Developer
AWARD WINNING PROPERTY DEVELOPER For personal use only ► Focus on residential land development ► Grow funds management and joint venture opportunities ► Further regional development opportunities ► Medium term expansion into other mainland states ► Maintain strong project pipeline to drive future ea
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS For personal use only ► Strategically located and diverse property portfolio – Urban and regional growth areas in VIC and WA – Apartments, integrated housing, mixed use and large master planned communities ► Track record of meeting targets and guidance – Consistent delivery of
Slide 4: Agenda
AGENDA For personal use only 1. Financial Overview 2. Operational Overview 3. Outlook 4. Appendices 4
Slide 5: Financial Overview
For personal use only FINANCIAL OVERVIEW
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS For personal use only FY11 FY10 Change $m $m % Revenue 131.8 108.4 21.6% NPAT 28.0 17.2 62.8% Earnings per share 45.8 cents 29 cents 57.9% Full year dividend 23 cents 13 cents 76.9% Gearing * Note:(net debt/equity) net debt 43% to equity based on book values which are substantia
Slide 7: FY2011 Financial Performance Against Targets
FY2011 FINANCIAL PERFORMANCE AGAINST TARGETS For personal use only Actual Target Last Year EPS Growth 58% 10% 79% Return On Equity 22% 12% 16% EBIT Margin 31% 20% 25% Net Debt / Equity * 43% 20-75% 36% * * Note: net debt to equity based on book values which are substantially below market values. CWP
Slide 8: Track Record of Growth and Balance Sheet Strength
TRACK RECORD OF GROWTH AND BALANCE SHEET STRENGTH For personal use only Revenue ($m) NPAT ($m) 150.0 30.0 28.0 131.8 107.1 108.4 20.6 100.0 90.0 20.0 18.6 17.2 81.9 10% p.a. 9.3 11% p.a. 50.0 10.0 0.0 0.0 FY07 FY08 FY09 FY10 FY11 FY07 FY08 FY09 FY10 FY11 EPS (cents) Gearing (%)1 50.0 45.8 120.0% 37.
Slide 9: Cash Flow Summary
CASH FLOW SUMMARY For personal use only Cash flows related to operating FY11 FY10 activities $m $m Receipts from customers 143.8 119.4 Interest received 0.5 0.4 Payments to suppliers and employees (40.1) (34.4) Net borrowing costs (4.7) (4.1) Income taxes paid (5.6) (7.2) Payments for development (5
Slide 10: Asset Values
ASSET VALUES For personal use only ► Majority of land bank acquired well before property boom and GFC, Estimated zoned with approvals Market Value ► Major projects mature and providing Book Current income NTA Share (approx. ► NTA CWP assets($2.10) are 1stated at the lower Price of cost and net reali
Slide 11: Balance Sheet Strength
BALANCE SHEET STRENGTH For personal use only FY11 FY10 Assets at book value (cost) $m $m ($m) Total assets 233.6 205.7 250.0 233.6 Net bank debt 55.7 39.7 205.7 Net assets (equity) 129.5 108.8 200.0 185.0 Finance facility headroom 49.5 56.1 162.7 155.6 Net bank debt to equity 43.0% 36.5% 150.0 Inter
Slide 12: Operational Overview
For personal use only OVERVIEW OPERATIONAL
Slide 13: Strong Property Portfolio and Mature Land Bank
STRONG PROPERTY PORTFOLIO AND MATURE LAND BANK For personal use only PERTH MELBOURNE GEELONG 13
Slide 14: Perth Projects: In Growth Locations
PERTH PROJECTS: IN GROWTH LOCATIONS For personal use only Kestrels Emerald Park Harrisdale Green Rivergums & Jetty Apartments Source: ABS, ANZ 14
Slide 15: Regional Projects: In Growth Locations
REGIONAL PROJECTS: IN GROWTH LOCATIONS For personal use only Mariners Cove Hedland Source: ABS, ANZ 15
Slide 16: Victorian Projects: In Growth Locations
VICTORIAN PROJECTS: IN GROWTH LOCATIONS For personal use only Williams Landing Carlingford Banbury Village Camberwell Source: ABS, ANZ 16
Slide 17: WA Highlights
WA HIGHLIGHTS For personal use only ► Residential estates continued to sell steadily ► Strategic acquisitions in urban growth areas including two adjacent parcels of land in Baldivis (WA) totalling 68 hectares ► First development project with State Government now under way, Harrisdale Green (WA) pro
Slide 18: Baldivis Properties (WA)
BALDIVIS PROPERTIES (WA) For personal use only 18
Slide 19: VIC Highlights
VIC HIGHLIGHTS For personal use only ► Continued strong presales across VIC projects for FY12 – Williams Landing – 90% of budget – Banbury Village – 96% of budget – Carlingford – 65% of budget ► Major, 20-year leasing deal signed with Woolworths Limited to open a trio of anchor stores at flagship Wi
Slide 20: Williams Landing
WILLIAMS LANDING For personal use only ► More than 200 settlements recorded in FY11, 800 lots sold since 2008 ► Major, 20-year leasing deal signed with Woolworths Limited to anchor Town Centre with a trio of flagship stores totalling 25,400m2 ► Agreement underpins development of the 50 hectare town
Slide 21: Williams Landing
21 For personal use only WILLIAMS LANDING
Slide 22: Williams Landing
22 For personal use only WILLIAMS LANDING
Slide 23: Outlook
For personal use only OUTLOOK
Slide 24: Market Conditions
MARKET CONDITIONS For personal use only WESTERN AUSTRALIA VICTORIA Demand in growth corridors where Solid residential housing market CWP projects located fundamentals underpinned by Continued demand underpinned by positive FY12 indicators: positive FY12 indicators: ► Economic growth of 3.0% ►
Slide 25: Company Outlook
COMPANY OUTLOOK For personal use only ► Forecast FY12 record net profit of approximately $34 million based on sales at current levels ► FY12 profit underpinned by $130 million in presales already in place ► Positive outlook, bolstered by continued demand for CWP’s projects, strategically located in
Slide 26: Appendices
For personal use only APPENDICES
Slide 27: Sustainable Earnings from Long Term Projects: 2011 Project Pipeline
SUSTAINABLE EARNINGS FROM LONG TERM PROJECTS For personal use only 2011 PROJECT PIPELINE Project Life Pricing Guide Location Project Type Status Total Lots Lots Remaining ($) FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 WA projects Rivergums Baldivis Southern corridor Residential Mature 1200 600 170-240k
Slide 28: Contact and Disclaimer
For personal use only Level 4, 66 Kings Park Road West Perth WA 6005 Phone: (08) 9480 1500 Email: email@cedarwoods.com.au www.cedarwoods.com.au DISCLAIMER Disclaimer of liability While every effort is made to provide complete and accurate information, Cedar Woods Properties Limited does not warrant