Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — FY2003 Earnings Presentation
24 slides from Cedar Woods Properties's earnings presentation, Aug 18, 2003
Slide 1: Annual Results to 30 June 2003
CEDAR WOODS PROPERTIES LIMITED Annual Results to 30 June 2003
Slide 2: Presentation Outline
livgislelgrapislgtateplslstarielelsrersislsrislstaiisistaiisife =SSSSCtCS:*CS~S*S Presentation Outline ¢« Company objectives ¢ Financial highlights ° Key strategies ¢ Operating highlights ¢ Outlook and 2004 Forecast
Slide 3: Company Objectives
ECUTTaERRRREEE TCU a Rem nE ee 1210 ne Company Objectives ¢ Primary objective - growth in earnings per share ¢ Aim to be in the top half of listed companies ¢ Average eps growth — all industrials from 1998 - 2002 was 6% pa, in 2003 expected to be 5-10% * CWPL’s current target is 10% pa growth, excee
Slide 4: Financial Highlights — Profit & Loss
Pa = = —h Financial Highlights — Profit & Loss Tun 2003 Jun 2002 % $m $m Increase Operating Revenue 36.4 26.2 39 Profit from ordinary activities before 10.9 5.5 95 income tax expense Income Tax attributable to operating 38 241 81 profit Net profit after tax attributable to 7.1 3.4 108 members of CWP
Slide 5: Profit Growth
His] a] am [ee (et cm| da] am [ae jal jai an| am [on (wise| qa| ou | 0s (uj cus i | Profit Growth Net Profit After Tax 2000 2001 2002 2003
Slide 6: Earnings per Share Growth
Pa = = —h Earnings per Share Growth cents 2000 2001 2002 2003 ESSUBASIC EPS sm 0%Growthtarget
Slide 7: Financial Highlights — Balance Sheet
Financial Highlights — Balance Sheet Total assets Interest bearing liabilities (bank debt) Shareholders’ equity Net debt to equity Interest cover Number of shares on issue 30 June NTA per share — (book values) 7 June June 2003 2002 $m | 66.8 50.3 $m} 5.9 8.6 $m | 36.8 29.0 (%) 16.0 | 29.4 (x) 43 21
Slide 8: Statement of Cashflows
His] a] am [ee (et cm| da] am [ae jal jai an| am [on (wise| qa| ou | 0s (uj cus i | Statement of Cashflows June June Cashflows related to operating activities 2003 2002 $m $m Receipts from customers Payments to suppliers & employees Net interest paid Income taxes paid Payments for inventory — new la
Slide 9: Statement of Cashflows
His] a] am [ee (et cm| da] am [ae jal jai an| am [on (wise| qa| ou | 0s (uj cus i | Statement of Cashflows June June 2003 2002 $m $m Cashflows related to operating activities 5.4 (1.3) Cashflows from investing (0.2) (0) Cashflow from financing (5.1) (0.8) Net increase in cash 0.1 (2.1)
Slide 10: Dividend Policy
10 Dividend Policy Provide balance between return to Shareholders and growth of Company Approximately 50% of net profit after tax plus realised reserves 7c dividend for FY 2003 (FY 2002 - Sc) Dividend Reinvestment Plan may be re-introduced in future
Slide 11: Performance Outcomes
Performance Outcomes Earnings per share EPS including realised reserve Dividend Return on Equity EBIT/Sales Margin H 30 Jun |30 June 2003 | 2002 14.5c 7.1¢ 17.5c | 9.8¢ 7c 5c 19% 12% 30% | 22%
Slide 12: Key Strategies
12 Key Strategies * Diversification of the property portfolio - new residential subdivisions - medium density residential and apartments - industrial and commercial land * Identification and acquisition of new projects * Retaining ownership of income producing assets * Establishing joint venture ini
Slide 13: Port Mandurah
Port Mandurah ¢ “The Promontory” — successful townhouse concept ¢ 6 residential lots in Stage 6 remain in stock ¢ Evaluating development of Sutton Precinct, with up to 40 townhouses - $20 m project 13
Slide 14: Mariners Cove
Mariners Cove MARINERS ¢ Over 100 dry lots sold in year ¢ 221 dry lots to be developed ¢ 331 canal lots to be developed, 67 lots now under way ¢ Future group housing site in canal zone 14
Slide 15: Regency Grove
Regency Grove Regency woaN N ER OO ¢ Located at Ocean Reef Road, Wanneroo * 83 lot subdivision commenced FY 2003 ¢ 60% sold in 2003 ¢ Balance to be sold in FY 2004 ¢ Total revenue $12 m 15
Slide 16: The Rivergums
16 TheRivergums The Rivergums, Baldivis cr al 115 ha project to yield 815 lots Well located at end of Kwinana Freeway Stage 1 - 90 lots, 70 sold in 1 month Stage 2 - 95 lots, selling well Project life of 7 years Display village Greensmart Accredited
Slide 17: Rockingham - Aria
Pa = = —h Rockingham - Aria ¢ Coastal town 30 mins south of Perth ¢ Council approval obtained for 10 storey, 32 apartment tower plus ground floor commercial - $15 m project, currently 60% sold ¢ Anticipated to contribute to FY 2004 and FY 2005 17
Slide 18: Rockingham - Plaza
Pa = = —h Rockingham - Plaza * Council approval obtained for 56 apartments and 24 townhouses ¢ Ground floor commercial ¢ Marketing during 2004 ¢ Anticipate profits arising 2004 and 2005 18
Slide 19: Tapping
Pa = = —h Tapping ¢ Major new project announced July 2003 ¢ Adjacent Joondalup townsite ¢ 51 hectares, 540 lots ¢ Seeking Greensmart Accreditation * Commence Stage | in first half FY 2004 19
Slide 20: Canning Vale
Pa = = —h Canning Vale ¢ 8.35 ha located 17 km south of Perth ¢ Subdivision approval anticipated for 57 lots and 160 apartments ¢ Anticipated profit contribution in 2005-2008 20
Slide 21: Balcatta
livgislelgrapislgtateplslstarielelsrersislsrislstaiisistaiisife =SSSSCtCS:*CS~S*S Balcatta ¢ 6.3 ha parcel, 12 km north of Perth ¢ Major freeway interchange ¢ Showroom, commercial or bulky goods ¢ Opportunity to develop and lease ¢ Rezoning completed ¢ Currently marketing 21
Slide 22: Laverton, Melbourne
22 Laverton, Melbourne ¢ 275 ha, 18 km (20 mins) west of Melbourne ¢ Mixed use project being masterplanned ¢ Major transit node ¢ Residential, commercial and industrial uses ¢ Fits Melbourne 2030 framework ¢ Negotiations ongoing with Government
Slide 23: Economic Outlook
livgislelgrapislgtateplslstarielelsrersislsrislstaiisistaiisife =SSSSCtCS:*CS~S*S Economic Outlook ¢ Local economy robust but subject to global influences ¢ Property market expected to soften — less so in WA ¢ Waterfront and coastal property in demand ¢ Steady industrial sector 23
Slide 24: Company Outlook
ECUTTaERRRREEE TCU a Rem nE ee 1210 ne Company Outlook ¢ Strong sales continuing at Mandurah projects ¢ Further growth provided by new projects ¢ New projects undergoing due diligence ¢ $35 m acquisition and development funding facility ¢ Forecasting $8.0 m net profit after tax in FY 2004, equating
Cedar Woods Properties — FY2003 Earnings Presentation on 6ix