Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — H1 2018 Earnings Presentation
24 slides from Cedar Woods Properties's earnings presentation, Feb 22, 2018
Slide 1: 1H2018 Financial Results
Cedar Woods Properties Limited 1H2018 Financial Results 22 February 2018
Slide 2: Cedar Woods' strategy
Cedar Woods Presentation | 2 Cedar Woods’ strategy — WA, VIC and QLD contributing profits in FY18 with SA contribution To grow and develop our expected from FY19 national project portfolio, Geography — Good geographic spread, well diversified by: located projects — Apartments and townhouse products
Slide 3: 1H18 profit in line with guidance
Cedar Woods Presentation | 3 1H18 profit in line with guidance Change 1H18 1H17 (1H18 vs 1H17) Net Profit after tax $3.22m $3.02m Up 6.5% Earnings per share 4.1 cents 3.8 cents Up 6.5% Dividends per share 12.0 cents 12.0 cents - ▪ First half slightly above prior year and consistent with guidance ▪ 1
Slide 4: Full year focus and consistent dividends
Cedar Woods Presentation | 4 Full year focus and consistent dividends ▪ Cedar Woods has a history of NPAT $m Dividends cents uneven half year financial 45.0 40 results due to the timing of project releases and various 40.0 35 seasonal factors 35.0 30 ▪ Management remains 30.0 25 focused on driving f
Slide 5: Balance sheet strength and access to funding
Cedar Woods Presentation | 5 Balance sheet strength and access to funding Gearing (%) 31 Dec 30 June 100 2017 2017 $m $m 80 Total assets (book value) 585.2 505.6 Net bank debt 165.4 78.9 60 Target Net assets (equity) 319.4 330.2 Gearing 40 20 – 75% Net bank debt to equity 51.7% 23.9% Finance facilit
Slide 6: Balanced national portfolio
Cedar Woods Presentation | 6 Balanced national portfolio ▪ 4 states ▪ 31 projects ▪ 11,000 lots/townhouses/ FY18 FORECAST apartments/ DEVELOPMENT SPEND DISTRIBUTION (%) office suites 9% QUEENSLAND Ellendale Wooloowin 25% VICTORIA WESTERN AUSTRALIA 6% Williams Landing Major Projects Oxford Apartments
Slide 7: Diversified portfolio
Cedar Woods Presentation | 7 Diversified portfolio State Price Point Product FY18 sales Current price list – Presales – # lots/apartments (settlements to date and presales) min and max QLD Commercial 10% $934,000 4% Apartments Land 24% $700,000 39% Sales $549,000 $558,000 WA 33% 57% VIC $369,000 $11
Slide 8: Positioned for continued growth
Cedar Woods Presentation | 8 Positioned for continued growth New projects contributing to revenue in coming years Project Life Project State Status (Years) Stage 2 complete, planning and rezoning Ellendale (1) QLD 9 of balance land underway Wooloowin QLD 5 Planning underway Jackson Green, Strong pre
Slide 9: Market conditions
Cedar Woods Presentation | 9 Market conditions Historically low interest rates and continued population growth supporting solid fundamentals. Population GSP growth Unemployment growth robust2 stable3 continuing 1 – Solid sales volumes, price growth VIC 2.3% 3.00% 6.1% easing – Solid sales volumes, m
Slide 10: Market conditions: WA
Cedar Woods Presentation | 10 Market conditions: WA Key lead indicators showing signs of improvement Population is growing ▪ WA Govt. forecasting a return to growth, gradually lifting to the 25 yr state average of 1.8% by FY21. Employment forecast to improve ▪ Unemployment 2nd lowest state in countr
Slide 11: Market conditions: VIC, QLD, SA
Cedar Woods Presentation | 11 Market conditions: VIC, QLD, SA Victoria ▪ Strong population growth and first home buyers incentives are contributing to strong sales activity, continued price growth in most sectors and pressures on the construction sector. Some headwinds for inner city apartment proje
Slide 12: Western Australia: Portfolio Overview
Cedar Woods Presentation | 12 Western Australia: Portfolio Overview 40KM ▪ 16 projects and approximately 7,000 lots 20KM ARIELLA PRIVATE ESTATE 10KM ▪ Projects catering for 1st, 2nd and 5KM BUSHMEAD subsequent home buyers, and PERTH investors CBD HARRISDALE GREEN ▪ Land subdivision and built form KA
Slide 13: Western Australia: Portfolio Overview cont.
Cedar Woods Presentation | 13 Western Australia: Portfolio Overview cont. Bushmead Bushmead ▪ 1,100 lot estate, strong margins, contributing 1st full year FY18 ▪ Anticipated sales duration a further 7-8 years ▪ Price range $240,000 - $350,000 November 2017 Millars Landing Millars Landing ▪ 1,580 lot
Slide 14: Western Australia: Portfolio Overview cont.
Cedar Woods Presentation | 14 Western Australia: Portfolio Overview cont. Ariella Ariella ▪ 480 lots, in north-east growth corridor ▪ Strong sales continuing ▪ Price range $175,000 - $280,000 Mangles Bay Mangles Bay ▪ Mixed use project ▪ Attractive, established location ▪ Federal environmental appro
Slide 15: Victoria: Portfolio Overview
Cedar Woods Presentation | 15 Victoria: Portfolio Overview ▪ 12 projects (7 currently at 40KM Williams Landing) ▪ 2,100 lots/dwellings 20KM CARLINGFORD ST. A 10KM ▪ Projects catering for 1st, 2nd 5KM LEVESON STREET and subsequent home buyers, MELBOURNE and investors CBD WILLIAMS LANDING PROJECTS ▪ L
Slide 16: Victoria: Portfolio Overview cont.
Cedar Woods Presentation | 16 Victoria: Portfolio Overview cont. St A (St Albans) St A ▪ 250+ townhouses and apartments ▪ Strong enquiry and price growth ▪ First stage settlements expected in Q4 FY18 Panoramic view of Stage 2 home external construction works, Stage 3 framing, Stage 4 slab preparatio
Slide 17: Victoria: Williams Landing
Cedar Woods Presentation | 17 Victoria: Williams Landing ▪ 10 years+ remaining project life 111 Overton Road, Strata Office Suites ▪ Diverse mix of land, townhouses, apartments and commercial ▪ Residential neighbourhoods: Pipeline of over 500 lots/townhouses/apartments ▪ Town centre: Pipeline of app
Slide 18: Williams Landing: Target HQ
Cedar Woods Presentation | 18 Williams Landing: Target HQ ▪ 12,600m2 fully leased to Target for new headquarters ▪ 800+ staff to inject activity into Town Centre ▪ Project running to program and within budget ▪ Completion expected early 2019 ▪ Presold to Centuria Property Funds for $58.23 million ▪
Slide 19: Queensland: Portfolio Overview
Cedar Woods Presentation | 19 Queensland: Portfolio Overview Two projects to date in Queensland. Moreton Bay CARSELDINE Ellendale: ELLENDALE ▪ 12km west of Brisbane CBD ▪ 480 lots approved on 1/3 of site WOOLOOWIN BRISBANE Wooloowin: CBD ▪ 6km north of Brisbane CBD ▪ 279 dwellings with mix of 5KM to
Slide 20: Queensland: Portfolio Overview cont.
Cedar Woods Presentation | 20 Queensland: Portfolio Overview cont. Ellendale Ellendale ▪ Stage 1 completed ▪ 165 lots settled; 197 sales ▪ Stage 2 construction underway ▪ Display village opening 2H FY18 ▪ Rezoning of the 160ha balance underway; expected soon Aerial view of stages 1 and 2 ▪ Price ran
Slide 21: South Australia: Portfolio Overview
Cedar Woods Presentation | 21 South Australia: Portfolio Overview Two projects to date in South MAWSON LAKES Australian portfolio. PORT ADELAIDE Glenside: ▪ 3km south east of CBD ADELAIDE ▪ 1,000 townhouse and apartments CBD St Vincent Gulf GLENSIDE Port Adelaide: GLENELG 5KM ▪ 14km north west of th
Slide 22: South Australia: Portfolio Overview cont.
Cedar Woods Presentation | 22 South Australia: Portfolio Overview cont. Glenside Glenside ▪ Blue chip, highly sought after suburb ▪ Stage 1 approved - 61 townhouses and 136 apartments ▪ Civil works underway ▪ 3,000 enquiries, townhouses sales commence in March Stage 1 subdivision works underway – 9
Slide 23: Outlook
Cedar Woods Presentation | 23 Outlook Positive outlook underpinned by pre-sales of $338 million, up 23% on same time last year ($274 million) Development program is on track The large number of settlements in 2H FY18 will lead to significantly higher 2H earnings Given the difficulty of forecasting t
Slide 24: Office locations and contact details
Perth Office Melbourne Office Ground Floor, 50 Colin Street Level 1, 476 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 Brisbane Office Adelaide Office Level 6, 12 Creek Street Level 21, 25 Grenfell St
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