Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — H1 2013 Earnings Presentation
27 slides from Cedar Woods Properties's earnings presentation, Feb 26, 2013
Slide 1: First Half Results Presentation
26 February For personal use only 2013 FIRST HALF RESULTS PRESENTATION
Slide 2: Investment highlights
Investment highlights For personal use only ► Proven track record of consistent earnings growth and meeting targets ► Strategically located and diverse residential portfolio – Urban and regional growth areas in VIC and WA – Apartments, integrated housing, mixed use and large master planned communiti
Slide 3: Cedar Woods' strategy
Cedar Woods’ strategy For personal use only Property Development Portfolio Diversity Expertise Strategically located and diverse Core competency: industry- residential portfolio in urban and leading design, delivery and regional growth areas in VIC and marketing of development WA, offering a spectru
Slide 4: 1H 2013 results summary
1H 2013 results summary For personal use only ► Significant increase in 1H13 NPAT, 65% higher than previous corresponding period ► Strong performance attributed to successful completion of new stages in Western Australian and Victorian projects ► Healthy balance sheet with only 12% gearing; leaves r
Slide 5: Share price performance
Share price performance For personal use only $6.00 1 Dividend payment: 11c 4 $5.00 Solid share price 2 $30m equity raising performance 3 1 2 3 Dividend payment: 14c throughout 2012 $4.00 +34% 4 Pre-half year update $3.00 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 C2012 Total Shareholder Retur
Slide 6: Agenda
Agenda For personal use only 1. Financial Overview 2. Operational Overview 3. Market Conditions 4. Company Outlook 6
Slide 7: Financial overview
For personal use only Financial overview
Slide 8: Financial highlights
Financial highlights For personal use only Change 1H13 1H13 $m 1H12 $m vs. 1H12(%) Revenue 73.5 77.7 5% Net profit after tax (NPAT) 18.1 10.9 65% Dividends per share (cents) 11.0 11.0 0% ► Revenue remains at similar levels to 1H12 ► Strong NPAT performance due to successful completion of a number of
Slide 9: Track record of growth and balance sheet strength
Track record of growth and balance sheet strength For personal use only NPAT ($m) 40.0 35.0 34.3 30.0 28.0 20.0 17.2 9.3 10.0 0.0 FY09 FY10 FY11 FY12 FY13 (F) Gearing (%)1 60.0% 51.4% 43.0% 40.0% 36.5% 20.0% 11.9% 2.1% 0.0% FY09 FY10 FY11 FY12 1H13 1 Gearing defined as net bank debt / book equity 9
Slide 10: Cash flow summary
Cash flow summary For personal use only 1H 13 1H 12 Cash flows related to operating activities $m $m Receipts from customers 79.5 83.6 Interest received 0.4 0.3 Payments to suppliers and employees (21.7) (18.5) Borrowing costs (2.1) (2.9) Income taxes paid (13.6) (7.2) Payments for development – inc
Slide 11: Balance sheet strength
Balance sheet strength For personal use only Assets at book value (cost) ($m) 31 Dec 30 Jun 300.0 270.1 2012 2012 250.0 233.6 238.3 $m $m 205.7 200.0 Total assets (book value) 270.1 238.3 162.7 150.0 Net bank debt 23.3 3.8 100.0 FY09 FY10 FY11 FY12 1H13 Net assets (equity) 196.0 184.6 Finance facili
Slide 12: Operational overview
For personal use only Operational overview
Slide 13: Strong property portfolio and mature land bank
Strong property portfolio and mature land bank For personal use only
Slide 14: WA overview
WA overview For personal use only ► Strong demand across a number of projects, with improved sales volumes also driven by new project launches in 1H13 ► Strong first-half sales volumes are expected to continue into 2H13, driven by demand from first home buyers. Modest price growth is expected ► Firs
Slide 15: WA project highlights
WA project highlights For personal use only The Rivergums: Stage 9 (76 lots) pre-released in November 2012, settlements in the fourth quarter of FY13 Existing Emerald Park: Stage 4 (120 lots) sold, stage 5 will commence shortly projects Harrisdale Green: Stage 5 (38 lots) released in October 2012, s
Slide 16: Victorian overview
Victorian overview For personal use only ► Despite challenging market conditions, Cedar Woods’ projects continue to perform well ► Demand remains for strategically located developments in growth corridors ► Sales driven by the ongoing development of commercial and residential lots at Williams Landin
Slide 17: Victoria highlights
Victoria highlights For personal use only Realm Camberwell: 60 of 69 lots pre-sold with price increases for the most recent sales, remainder of stages scheduled to be released in 2013. Delivery of first stages predominantly in FY14 Banbury Village: Good ongoing sales achieving nearly all of its FY13
Slide 18: Market conditions and outlook
Market conditions and For personal use only outlook
Slide 19: Labour market and population growth
Labour market and population growth For personal use only Population Growth – Financial Year 2012 ► WA driven by resources sector 90 3.30% 3.50% ► Victoria captures large share 88 3.00% Growth (x 1000) Percentage increase 86 1.90% 2.50% 84 1.60% 2.00% 82 of immigration 1.10% Strong population 80 78
Slide 20: House prices
House prices For personal use only PERTH ► Perth prices firming WA house price after two years of increases among modest decline the strongest in the country ► Housing finance continues to improve MELBOURNE ► New dwelling Victorian market approvals improving stabilising, but marginally demand remain
Slide 21: Loan & residential building approvals
Loan & residential building approvals For personal use only 21
Slide 22: Residential land sales & median lot value
Residential land sales & median lot value For personal use only ► Perth market strengthened during calendar 2012 ► Melbourne market steady after strong conditions in 2009-2011 22
Slide 23: Company outlook
Company outlook For personal use only ► Cedar Woods maintains a positive outlook, bolstered by continued demand for the company’s projects strategically located in WA and VIC’s growth regions ► $150m pre-sales currently in place compared to $140m last year, with a majority to settle in FY14 ► On cur
Slide 24: Disclaimer
Disclaimer 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 u
Slide 25: Appendix
For personal use only APPENDIX
Slide 26: Sustainable Earnings from Long Term Projects Update
Sustainable Earnings from Long Term Projects For personal use only UPDATE 26
Slide 27: Award Winning Developer
For personal use only Award Winning Developer
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