Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — Shareholder Meeting (November 2024)
33 slides from Cedar Woods Properties's shareholder meeting presentation, Nov 6, 2024
Slide 1: Annual General Meeting 2024
Annual General Meeting 2024 1
Slide 2: Agenda
ANNUAL GENERAL MEETING 2024 AGENDA 1 Chairman’s Address Mr William Hames 2 Managing Director’s Review Mr Nathan Blackburne 3 Formal Business • Ordinary Business: Consideration of financial report • Ordinary Resolution 1: Re-election of retiring director – William G Hames • Ordinary Resolution 2: Re-
Slide 3: Chairman's Address
CHAIRMAN’S ADDRESS Mr William G Hames 3 Fletcher’s Slip, SA
Slide 4: Strategy
CHAIRMAN’S ADDRESS 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 Range of housing lots, Wide range of price performs well in a range of spr
Slide 5: FY24 Summary
CHAIRMAN’S ADDRESS FY24 SUMMARY 5
Slide 6: Share Price Performance
CHAIRMAN’S ADDRESS SHARE PRICE PERFORMANCE CWP vs Small Industrials Index (XSI) July 22 – Oct 24 ◼ Strong recovery in CWP share price in Q1 FY25 ◼ Momentum building within the business with more projects & lots under production than ever before ◼ Partnering initiative well received by investors - in
Slide 7: Agenda
ANNUAL GENERAL MEETING 2024 AGENDA 1 Chairman’s Address Mr William Hames 2 Managing Director’s Review Mr Nathan Blackburne 3 Formal Business • Ordinary Business: Consideration of financial report • Ordinary Resolution 1: Re-election of retiring director – William G Hames • Ordinary Resolution 2: Re-
Slide 8: Managing Director's Review
MANAGING DIRECTOR'S REVIEW Mr Nathan Blackburne 8 Glenside, SA
Slide 9: FY24 Overview
MANAGING DIRECTOR’S REVIEW FY24 OVERVIEW ◼ Portfolio of 40 projects & pipeline of a ~10,000 lots to support future earnings ◼ FY24 NPAT of $40.5m ◼ Strong level of presales supporting FY25 - FY26 ◼ Favourable market conditions - population growth, supply shortages, low unemployment ◼ Construction se
Slide 10: Partnerships: QIC & TGRE
MANAGING DIRECTOR’S REVIEW PARTNERSHIPS: QIC & TGRE ◼ Selected future acquisitions to be undertaken in partnerships in strategic shift ◼ Scale up business & earnings - partnerships leverage the existing skill base, allow operations to be expanded & further diversified, generate recurring fee income
Slide 11: Sustainability and people highlights
MANAGING DIRECTOR’S REVIEW ◼ Progress in abating our corporate carbon emissions ◼ Participation in industry workgroup to measure emissions in our projects & prepare for climate reporting standard (FY27) ◼ Partnerships fostering collaboration in sustainability initiatives ◼ Innovation in our products
Slide 12: Market Conditions - Sales Volumes
MANAGING DIRECTOR’S REVIEW MARKET CONDITIONS - SALES VOLUMES ◼ Strong sales experienced in FY24, with net sales for the year up 73% on pcp ◼ WA, QLD & SA performing well; VIC sales remain weak ◼ FY25 sales to date have been slower overall than a very strong Q4 FY24, but similar to the good volumes o
Slide 13: Market Conditions – Chronic Shortfall of Housing
MANAGING DIRECTOR’S REVIEW MARKET CONDITIONS – CHRONIC SHORTFALL OF HOUSING Historic dwelling completions vs Government target Source: Macrobond, AMP 13
Slide 14: Market Conditions – Price Growth
MANAGING DIRECTOR’S REVIEW MARKET CONDITIONS – PRICE GROWTH ◼ The market experienced strong price growth in most states over FY24 ◼ Price growth has continued in FY25 to date, albeit at slower rates ◼ CWP experienced strong growth in prices over FY24 & FY25 to date, outstripping cost growth signific
Slide 15: Market Conditions - Interest Rates
MANAGING DIRECTOR’S REVIEW MARKET CONDITIONS - INTEREST RATES ◼ Interest rates are widely expected to start reducing in 2025 and with affordability holding back some buyers this is expected to help sustain, or even propel, demand for new housing when it occurs ◼ Rate cutting cycles historically have
Slide 16: Projects Showcase
PROJECTS SHOWCASE Fletcher’s 16 Slip, SA Glenside, SA
Slide 17: Eglinton, WA
EGLINTON, WA ◼ 47km north of Perth CBD, 500 meters from new train station ◼ Total yield 1,270 lots. 10+ year project duration ◼ Our top performing project nationally over FY24 ◼ 200 lots either completed / under construction with first settlements in FY24 ◼ Shopping centre site sold in May 2024 ◼ Av
Slide 18: Mason Quarter, VIC
MASON QUARTER, VIC ◼ 800+ lot estate in high performing suburb of Wollert ◼ 26 km north of Melbourne CBD ◼ Significant price growth since launch, but not over FY24 as conditions across Melbourne have been subdued. ◼ Moderated demand over FY24 ◼ 38 net sales achieved for FY25 ◼ 150 settlements target
Slide 19: Fletcher's Slip, SA
FLETCHER’S SLIP, SA ◼ 12.6Ha, 13km from Adelaide CBD ◼ Medium density, urban renewal project ◼ 400+ dwellings in total 254 lots remain ◼ Mix of townhouses & apartments ◼ 99 apartments & 81 townhouses under construction ◼ Buyer profiles: mainly downsizers, first home buyers and investors. ◼ Good cont
Slide 20: Outlook; Revenue & Presales
MANAGING DIRECTOR’S REVIEW OUTLOOK ◼ Favourable conditions for the sector (excl VIC): low supply, low rental vacancy, strong REVENUE & PRESALES population growth, low unemployment, dwelling $ 400 price growth m 350 ◼ Presales of $560 million at 30 September 2024 300 ($500 million pcp), up 12% 250 ◼
Slide 21: Agenda
ANNUAL GENERAL MEETING 2024 AGENDA 1 Chairman’s Address Mr William Hames 2 Managing Director’s Review Mr Nathan Blackburne 3 Formal Business • Ordinary Business: Consideration of financial report • Ordinary Resolution 1: Re-election of retiring director – William G Hames • Ordinary Resolution 2: Re-
Slide 22: Ordinary Business
FORMAL BUSINESS ORDINARY BUSINESS To receive & consider the financial statements of the Company for the year ended 30th June 2024 & the accompanying directors’ report, directors’ declaration & auditor’s report 22 22
Slide 23: Poll Procedure
FORMAL BUSINESS Poll Procedure A poll will be conducted for Ordinary Resolutions 1 – 6 23 23
Slide 24: Ordinary Resolution 1
FORMAL BUSINESS ORDINARY RESOLUTION 1 Re-election of retiring director That William G Hames, having retired in accordance with the company’s constitution and, being eligible, offers himself for re- election, be re-elected as a director of the company. Summary of proxy votes received totaling 40,450,
Slide 25: Ordinary Resolution 2
FORMAL BUSINESS ORDINARY RESOLUTION 2 Re-election of retiring director That Paul G Say, having retired in accordance with the company’s constitution and, being eligible, offers himself for re- election, be re-elected as a director of the Company. Summary of proxy votes received totaling 40,450,008 s
Slide 26: Ordinary Resolution 3
FORMAL BUSINESS ORDINARY RESOLUTION 3 Adoption of Remuneration report That the remuneration report that forms part of the Company’s directors’ report for the financial year ended 30 June 2024, be adopted. Summary of proxy votes received totaling 31,666,086 shares # % For 29,590,565 93.64 Against 132
Slide 27: Ordinary Resolution 4
FORMAL BUSINESS ORDINARY RESOLUTION 4 Approval for the issue of 30,069 Zero-Price Options (ZEPOs) under the FY24 deferred STI Plan to Mr Nathan Blackburne or his nominee That, for the purposes of Listing Rule 10.14 and for all other purposes, shareholders of the Company authorise and approve the iss
Slide 28: Ordinary Resolution 5
FORMAL BUSINESS ORDINARY RESOLUTION 5 Approval for the issue of 167,672 Performance Rights under the FY25 LTI Plan to Mr Nathan Blackburne or his nominee That, for the purposes of Listing Rule 10.14 and for all other purposes, shareholders of the Company authorise and approve the issue of 167,672 Pe
Slide 29: Ordinary Resolution 6
FORMAL BUSINESS ORDINARY RESOLUTION 6 Change of Auditor That, subject to ASIC consenting to the resignation of PwC as auditor of the Company; pursuant to and for the purposes of section 327B of the Corporations Act 2001, and for all other purposes, Ernst & Young be appointed as auditor of the Compan
Slide 30: Agenda
ANNUAL GENERAL MEETING 2024 AGENDA 1 Chairman’s Address 2 Managing Director’s Review 3 Formal Business 4 Questions 30 30 30
Slide 31: The Rivergums, WA
31 The Rivergums, WA
Slide 32: Henley Brook, WA
32 Henley Brook, WA
Slide 33: Office contact details
Perth Office Melbourne Office Level 4, 50 Colin Street Level 5, 412 St Kilda Road West Perth WA 6005 Melbourne VIC 3004 T: (08) 9480 1500 T: (03) 9820 1777 E: perth@cedarwoods.com.au E: melbourne@cedarwoods.com.au Brisbane Office Adelaide Office Level 6, 100 Edward Street 220 Fullarton Road Brisbane
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