Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — FY2023 Earnings Presentation
36 slides from Cedar Woods Properties's earnings presentation, Aug 23, 2023
Slide 1: Cedar Woods FY23 Full Year Results
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Slide 2: Incontro, WA
2 Incontro, WA
Slide 3: Fletcher's Slip, SA
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Slide 4: ASX listed property company
◼ ASX listed property company; market cap. of ~$450m ◼ Products: land estates, townhouses, apartments & commercial ◼ 10,000+ lots in pipeline; ◼ 35 projects across VIC / SA / WA / QLD ◼ Quality & sustainability feature strongly across projects ◼ Excellent long term track record in growing earnings &
Slide 5: Purpose, Vision & Values
PURPOSE PURPOSE Our purpose is to create Ourlong-term purpose value is to create for PURPOSE long-term value shareholders shareholders for the through developmentthrough the of vibrant Purpose, Vision & development of vibrant communities. communities. Values inform every decision we make, guide our
Slide 6: To grow our national project portfolio
Good geographic spread of well-located projects in 4 states PURPOSE Our purpose is to create To grow our national project long-term value for shareholders through the development of vibrant portfolio, diversified by geography, communities. product type & price point, so that it Range of housing lots
Slide 7: Acquisitions, Development, Marketing & Sales
Acquisitions Development Marketing & Sales Disciplined approach Research, design, Integrated approach to to property acquisitions: planning & delivery: optimise results: • Tactical & research-based decisions to • Sustainable designs that optimise • Positioning projects to maximise demand identify pr
Slide 8: FY23 Progress: Financial Strength, Earnings Growth, Operational Excellence
FY23 PROGRESS Financial Strength Continued support from our 3 banks with facilities increased & Optimising performance through disciplined capital extended; Gearing in the middle of target range; Significant facility management, a commercial focus, cost minimisation & headroom & long secure tenure m
Slide 9: Continued implementation of ESG strategy & reporting in FY23
◼ Continued implementation of ESG strategy & reporting in FY23 PURPOSE Our purpose is to create ◼ Implementing initiatives to better long-term value for shareholders through the understand carbon emissions & development of vibrant reduce climate impact of our communities. projects & operations ◼ Nat
Slide 10: Net presale sales contracts and settlements
NET PRESALE SALES CONTRACTS 694 lots $448m Lots / homes / offices sold SETTLEMENTS RETURN ON EQUITY 919 lots Lots / homes / offices settled 7.3% 10
Slide 11: FY23 Financial Results
FY23 FINANCIAL RESULTS 30 Jun 2023 30 Jun 2022 Total assets (book value) $783.4m $796.4m Net assets (equity) $431.1m $421.2m Net tangible assets per share (book value not market value) $5.21 $5.11 Net bank debt $195.8m $198.7m Net bank debt to total tangible assets (less cash) 25.3% 25.1% Net bank d
Slide 12: Long term support from financiers
FY23 FINANCIAL RESULTS Long term support from financiers ◼ Undrawn corporate finance facility headroom of $106.6m ◼ Corporate facility limit increased by $30m to $330m in January 2023 to provide additional capacity Operating cash flow & recycling of capital ◼ Strong positive operating cashflow of $2
Slide 13: Mason Quarter, VIC
Mason Quarter, VIC 13
Slide 14: Q4 FY23 sales and market conditions
◼ Q4 FY23 was the strongest quarter of sales in 12 months, up 58% on prior quarter & 40% above average of the 4 prior quarters. July sales slower partly due to end of year pull forward effect. Assuming sales will be at moderate levels over FY24, impacted by rising interest rates & inflation ◼ Signif
Slide 15: Strong population growth boosts market demand for housing
◼ Strong population growth boosts market demand for housing ◼ Net Overseas Migration at record highs over FY23, & expected to gradually reduce but to historically high levels (>230k p.a.) ◼ Student visas granted are at record highs ◼ Skilled migrant visas granted in FY23 are tracking up 280% y/y, to
Slide 16: Limited supply of new housing supports sales
◼ Limited supply of new housing across Perth – Apartment Supply – By Launch Year Melbourne – Apartment Supply – By Launch Year most product types & jurisdictions is supporting sales values & will likely result in upward pricing pressure over FY24 ◼ Last year, Australia saw an increase of almost 500,
Slide 17: Bushmead, WA
17 Bushmead, WA
Slide 18: Portfolio by location and presales
PORTFOLIO BY PRESALES BY PRESALES BY LOCATION LOCATION PRODUCT TYPE # lots/homes/offices # lots/homes/offices # lots/homes/offices SA Commercial WA 11% WA 9% 52% Townhouses Land SA 24% 27% 12% QLD 61% 15% 6% QLD 18% 22% VIC 42% Apartments VIC State Lots/Units * % State Lots/Units % Product Lots/Unit
Slide 19: Byford on the Scarp, WA
Byford on the Scarp, WA 19
Slide 20: Western Australia: projects and lots
◼ 13 projects, more than 5,000 lots / dwellings ◼ Projects catering for a range of buyer types ◼ Land subdivision, townhouses & apartments ◼ 3 new projects - Atwater, Eglinton & Ariella (Henley Brook) ◼ Moderate price growth across various estates ◼ Sales improved in Q4 FY23; good presales in hand f
Slide 21: Eglinton, WA
◼ 86 hectare site in Perth’s north-west growth corridor ◼ Located 500 metres from the new Eglinton train station (to open in 2024) ◼ 1200+ lots to be delivered in several neighbourhoods ◼ Will include residential, primary school, commercial hub & open space ◼ Pre-leasing for neighbourhood centre anc
Slide 22: Eee omy mee ae P
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Slide 23: Victoria: projects and lots
◼ 9 projects (currently 3 at Williams Landing) ◼ More than 2,200 lots / dwellings / offices plus 13 ha of mixed use sites. ◼ Land subdivision, townhouses, apartments & commercial projects ◼ Range of price points & buyer types ◼ Soft sales conditions throughout most of FY23 23
Slide 24: 800+ lot estate in Wollert
◼ 800+ lot estate in high performing suburb of Wollert ◼ 26 km north of Melbourne CBD ◼ Significant price growth since launch ◼ Construction underway for 270+ lots ◼ First settlements occurred H2 FY23 24 Mason Quarter, VIC
Slide 25: Ellendale, Upper Kedron, QLD
25 Ellendale, Upper Kedron, QLD
Slide 26: Queensland: projects and lots
◼ 6 projects (currently 2 at Greville) ◼ More than 1,400 lots / dwellings in the pipeline ◼ Land estates, townhouses & apartments ◼ QLD pipeline to increase with strategic JV partnership with QIC for ~400 townhouses & apartments in Robina ◼ Demand underpinned by strong interstate migration & afforda
Slide 27: Flourish, South Maclean QLD
◼ Master planned community comprising 510 residential lots plus childcare centre ◼ Located 35km south of Brisbane CBD in suburb of South Maclean ◼ Planning approval for first 500 lots received; Located in major growth corridor featuring in- demand affordable product ◼ Public sales launch to occur FY
Slide 28: Fletcher's Slip, SA
FY23 FINANCIAL RESULTS SOUTH — Fletcher's Slip, SA
Slide 29: 7 well located projects in Adelaide
◼ 7 well located projects (including 4 projects at Glenside & 3 at Fletcher’s Slip) ◼ Glenside – 3 projects under construction, 1 projects in sales phase ◼ Fletcher’s Slip – 2 projects under construction, 1 project in sales phase ◼ More than 1,100 townhouses & apartments remaining ◼ Projects have st
Slide 30: Glenside, SA
◼ 17 Ha, 3km from Adelaide CBD ◼ 1,000+ townhouses & apartments ◼ Banksia apartments 100% sold & under construction ◼ Bloom apartments 85% sold & under construction ◼ Block of 70 townhouses – 93% sold & under construction ◼ New apartment releases in coming months to meet significant demand 30 Glensi
Slide 31: Harrisdale Green, WA
31 Harrisdale Green, WA
Slide 32: Projects by year of first earnings
FY2024 Future years ▪ Eglinton Village residential land, WA ▪ Incontro apartments, WA ▪ Atwater residential land, WA ▪ Fieldstone residential land, VIC ▪ The Acreage at Dalyellup, WA ▪ South Bank apartments, VIC ▪ Clara Place residential land, VIC ▪ Hudson Hub strata offices, VIC ▪ Boston Commons st
Slide 33: Outlook: interest rates and inflation
◼ Rising interest rates, & broad-based inflation impacting sentiment & demand ◼ Sound fundamentals: low unemployment, record immigration & low supply ◼ Supply issues are broad based & Cedar Woods well placed to roll out new projects & stages as conditions allow ◼ Presence in relatively affordable ma
Slide 34: Disclaimer
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 to any terms implied by law and which cannot
Slide 35: Solaris, WA
35 Solaris, WA
Slide 36: Project Pipeline
36 FY23 FINANCIAL RESULTS CEDAR \WOODS PROJECT PIPELINE WESTERN AUSTRALIA - PERTH ‘el, Brsoham or East sige ind 1225 ‘The Brook at Eyer ‘Seat East asigertl Land 421 Fvergums, Bas Seat sider Land 7429 “Byford on the Scary South East esigentl Land EZ) ‘Solas, Forests ‘Seu East sider! Land 315 Bushnead
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