Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — H1 2014 Earnings Presentation
23 slides from Cedar Woods Properties's earnings presentation, Feb 26, 2014
Slide 1: Half-Year Financial Results
XX October 2012 26 February 2014 For personal use only Cedar Woods 2012 Properties FINANCIAL 2014 Half-Year Financial Results RESULTS •For the Year Ended 30 June 2012
Slide 2: Agenda
Agenda For personal use only 1. Cedar Woods Properties Overview 2. 1H 2014 Financial Highlights 3. Operational Overview 4. Market Conditions 5. Company Outlook 2
Slide 3: Investment Highlights
Investment Highlights For personal use only ► An ASX 300 company with a proven track record of consistent earnings growth and meeting targets • 5-year Total Shareholder Return of 57.1% per annum ► Strategically located and diverse portfolio • Urban and regional growth areas in VIC and WA • Apartment
Slide 4: 1H 2014 Highlights
For personal use only 1H 2014 Highlights 4
Slide 5: 1H 2014 Overview
1H 2014 Overview For personal use only • Strong performance across the portfolio, with steady sales activity in Perth and Melbourne markets through the half-year • Continuing to unlock value at Williams Landing (VIC), with major milestones reached during 1H2014 • New projects contributing to FY2014
Slide 6: 1H 2014 Summary
1H 2014 Summary For personal use only 1H14 ($m) 1H13 ($m) Change (%) Revenue 102.1 73.5 39% Net profit after tax 20.5 18.1 13% Dividends per share 12.0 cents 11.0 cents 9% • Revenue growth due to strong performance across the national portfolio, with larger, established projects providing significan
Slide 7: Balance Sheet Strength
Balance Sheet Strength For personal use only • Low Gearing of 21% at 31 Dec 2013, well placed to take advantage of growth opportunities 31 Dec 2013 30 Jun 2013 $m $m Total assets (book value) 335.2 301.0 Net bank debt 46.0 37.8 Net assets (equity) 219.8 207.8 Finance facility headroom 54.0 57.5 Net
Slide 8: Cash Flow Summary
Cash Flow Summary For personal use only 1H 14 1H 13 Cash flows related to operating activities $m $m Receipts from customers 109.3 79.5 Interest received 0.3 0.4 Payments to suppliers and employees (25.5) (21.7) Borrowing costs (2.5) (2.1) Income taxes paid (11.3) (13.6) Payments for development (52
Slide 9: Operational Overview
For personal use only Operational Overview 9
Slide 10: Strong Property Portfolio and Mature Land Bank
Strong Property Portfolio and Mature Land Bank For personal use only 10
Slide 11: WA Highlights
WA Highlights For personal use only • Perth residential market is performing well with strong buyer interest at Cedar Woods’ projects • Pilbara market has softened, but Cedar Woods’ Elements project is two-thirds pre-sold and sales are continuing • Busy development program across the WA portfolio •
Slide 12: WA Project Overview
WA Project Overview For personal use only The Brook at Byford ► Construction commenced in 1H 2014; site has the potential for approximately 350 lots ► New sales office opened with strong buyer interest ► Settlements expected from FY2015 Carine Rise ► Co-development between Cedar Woods, the St Ives G
Slide 13: WA Project Overview
WA Project Overview For personal use only Mariners Cove ► Stage 6CA phase 3 completed in 1H 2014 ► Market is buoyant with strong sales of ‘lifestyle’ product ► Award-winning waterfront development close to Mandurah ► Construction is well advanced Elements ► Significant pre-sales in hand, settlements
Slide 14: Victorian Highlights
Victorian Highlights For personal use only • Melbourne market continues to improve with modest price growth achieved and buyer demand remains strong across Victorian portfolio • Significant progress at Williams Landing: both residential and commercial components reached key milestones during the hal
Slide 15: Victorian Project Overview
Victorian Project Overview For personal use only Banbury Village ► Developing several stages during FY2014 ► Stage 18 (38-unit building) launched in 1H 2014; 36 units pre-sold Realm Camberwell ► Several stages completed and settled, contributing to 1H 2014 earnings ► Stand-out example of an integrat
Slide 16: Williams Landing
Williams Landing For personal use only Masters Home Improvement Williams Landing Train Construction at Williams store Station Landing Shopping Centre • Completion and settlement of three stages in Williams Landing residential neighbourhoods • Completion of Masters Home Improvement store which opened
Slide 17: Market Conditions and Company Outlook
For personal use only Market Conditions and Company Outlook 17
Slide 18: 2013 Housing Starts & Population Growth
2013 Housing Starts & Population Growth For personal use only Starts Population Population (‘000) Growth (‘000) Change (%) Victoria 45 106.0 2.0% New South Wales 42 102.2 1.4% Queensland 30 89.9 2.0% Western Australia 26 81.0 3.3% South Australia 9 14.6 0.9% ACT 5 8.3 2.2% Northern Territory 2 4.3 1
Slide 19: Housing Finance
Housing Finance For personal use only Owner occupier lending is strong in WA & VIC Investor demand also strong Source: CBA 19
Slide 20: Dwelling Starts by State
Dwelling Starts by State For personal use only Population growth and tight market conditions to underpin dwelling commencements Source: HIA 20
Slide 21: Outlook
Outlook For personal use only • $150 million in presales underpinning a positive outlook for Cedar Woods; presales mainly settling in 2H 2014 • Building FY2015 pre-sales pipeline • Project acquisitions likely: we continue to review acquisition prospects in growth corridors in WA, VIC and QLD, with s
Slide 22: 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 23: For personal use only
For personal use only Perth Office Melbourne Office Ground Floor Level 12 50 Colin Street 484 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
Cedar Woods Properties — H1 2014 Earnings Presentation on 6ix