Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — FY2024 Earnings Presentation
37 slides from Cedar Woods Properties's earnings presentation, Aug 21, 2024
Slide 1: FY2024 Financial Results
FY2024 FINANCIAL RESULTS For personal use only
Slide 2: Agenda
AGENDA 1. Company Overview For personal use only 2. FY24 Summary 3. About Cedar Woods 4. Financial Results 5. Market Conditions 6. Our Portfolio 7. Outlook 2 2 Bushmead Display Village, WA Cover: Boston Commons, Williams Landing, VIC
Slide 3: Company Overview
COMPANY OVERVIEW ◼ Property development company with 30 year track record of delivering earnings for shareholders ◼ Portfolio of 40 quality projects & a pipeline of over 10,000 lots/units to support future earnings For personal use only ◼ Strategy of diversification - mix of projects delivering apar
Slide 4: Summary
FY24 FINANCIAL RESULTS FY24 SUMMARY NET PRESALE SALES CONTRACTS $40.5m For personal use only $386.3m 1201 lots $559m Lots / homes / offices sold SETTLEMENTS RETURN ON 49.2c EQUITY 25.0c 1140 lots 8.8% Lots / homes / offices settled 4
Slide 5: About Cedar Woods
ABOUT ABOUT CEDAR CEDARWOODS WOODS For personal use only Fletcher’s Slip, SA 55 Fletcher’s Slip, SA
Slide 6: Strategy
FY24 FINANCIAL RESULTS STRATEGY To grow our national project For personal use only portfolio, diversified by geography, product type & price point, so that it continues to hold Geography Product Type Price Point broad customer appeal & Good geographic spread Range of housing lots, Wide range of pric
Slide 7: Business Model - How We Create Value
FY24 FINANCIAL RESULTS BUSINESS MODEL - HOW WE CREATE VALUE For personal use only Acquisitions Development Marketing & Sales Disciplined approach Research, design, Integrated approach to to property acquisitions: planning & delivery: optimise results: • Tactical & research-based decisions to • Susta
Slide 8: Partnerships
FY24 FINANCIAL RESULTS PARTNERSHIPS ◼ 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 & diversify fund
Slide 9: For personal use only
FY24 FINANCIAL RESULTS ◼ Progress in abating our corporate carbon emissions ◼ Participation in industry workgroup For personal use only to measure emissions in our projects & prepare for climate reporting standard (FY27) ◼ Partnerships fostering collaboration in sustainability initiatives ◼ Innovati
Slide 10: Financial Results
FINANCIAL RESULTS For personal use only 10 Ariella, WA
Slide 11: Income Statement
FY24 FINANCIAL RESULTS INCOME STATEMENT ◼ Net profit after tax improvement of 28% achieved on broadly stable revenue, gross margin & overheads, with other income including a $19.9m profit contributed from sale of an investment property which more than offset higher finance costs ◼ Significantly high
Slide 12: Balance Sheet & Funding
FY24 FINANCIAL RESULTS BALANCE SHEET & FUNDING 30 Jun 2024 30 Jun 2023 Total assets (book value) $743.6m $783.4m Net assets (equity) $460.8m $431.1m For personal use only Net tangible assets per share (book value, not market value) $5.55 $5.21 Net bank debt $120.1m $195.8m Net bank debt to total tan
Slide 13: Market Conditions
MARKET CONDITIONS For personal use only 13 Ellendale, QLD
Slide 14: Market Conditions - Sales Volumes
FY24 FINANCIAL RESULTS MARKET CONDITIONS - SALES VOLUMES ◼ Strong sales momentum continued in the fourth quarter, with net sales for the year up 73% on pcp ◼ QLD, WA & SA performing well; VIC sales remain weak ◼ Presales in hand of $599m at the end of Q4 ($448m pcp), up 25% For personal use only Gro
Slide 15: Market Conditions – Chronic Shortfall of Housing
FY24 FINANCIAL RESULTS MARKET CONDITIONS – CHRONIC SHORTFALL OF HOUSING For personal use only Source: ABS, AMP Source: Macrobond, AMP 15 Source: Macrobond, AMP
Slide 16: Market Conditions – Price Growth
FY24 FINANCIAL RESULTS MARKET CONDITIONS – PRICE GROWTH ◼ The market has experienced strong price growth in most states over FY24 ◼ Price growth has continued in FY25 to date, albeit at slower rates ◼ CWP has experienced strong growth in prices over FY24 & FY25 to date, outstripping cost growth sign
Slide 17: Buyer Profiles
FY24 FINANCIAL RESULTS BUYER PROFILES ◼ Owner occupier & investor loans continued to rise over FY24 & first home buyer representation rose as part of this. ◼ Property investors very active due to low vacancy rates & rapidly rising rents ◼ CWP has a distinctly broad base of customers with products to
Slide 18: Our Portfolio
OUR PORTFOLIO For personal use only 18 Bushmead, WA
Slide 19: Diversified Portfolio
FY24 FINANCIAL RESULTS DIVERSIFIED PORTFOLIO Portfolio of 40 quality projects & total pipeline of 10,000+ lots/apartments to support future earnings LOTS IN PORTFOLIO PRESALES BY LOCATION PRESALES BY PRODUCT TYPE BY LOCATION # LOTS ** # LOTS ** # lots/homes/offices ** Commercial For personal use onl
Slide 20: Western Australia
FY24 FINANCIAL RESULTS WESTERN AUSTRALIA For personal use only 20 Atwater, Rockingham, WA
Slide 21: Western Australia
FY24 FINANCIAL RESULTS WESTERN AUSTRALIA ◼ 13 projects, more than 4,800 lots / dwellings ◼ Projects with diverse offerings attracting a range of buyer profiles - first home buyers For personal use only being largest cohort ◼ Product type includes land subdivision, townhouses & apartments ◼ Three new
Slide 22: Eglinton, WA
EGLINTON, WA ◼ Total yield 1,270 lots ◼ Shopping centre site sold in May 2024 ◼ 500 meters from new train station For personal use only ◼ 200 lots either completed / under construction ◼ First settlements occurred in FY24 ◼ Over 1,000 lots left to sell & 10 years project life remaining ◼ Average lot
Slide 23: Victoria
FY24 FINANCIAL RESULTS VICTORIA For personal use only 23 Aster Apartments, VIC
Slide 24: Victoria
FY24 FINANCIAL RESULTS VICTORIA ◼ 12 projects, including 5 at Williams Landing ◼ Approximately 2,400 lots / dwellings / For personal use only offices plus 13 ha of mixed-use sites ◼ Product types includes land subdivision, townhouses, apartments & commercial projects ◼ Range of price points & buyer
Slide 25: Mason Quarter, VIC
MASON QUARTER, VIC ◼ 800+ lot estate in high performing suburb of Wollert ◼ 26 km north of Melbourne For personal use only CBD ◼ Significant price growth since launch, but not over FY24 ◼ Moderated demand over FY24 ◼ 250 lots settled in FY24 25 Mason Quarter, VIC
Slide 26: Queensland
For personal use only 26 Greville, QLD
Slide 27: Queensland
FY24 FINANCIAL RESULTS QUEENSLAND ◼ 6 projects, including 2 at Greville ◼ More than 1,700 lots / dwellings in pipeline For personal use only ◼ Product type includes land estates, townhouses & apartments ◼ Strategic partnership with QIC for ~ 414 apartments & townhouses in Robina ◼ Market fundamental
Slide 28: Flourish, QLD
FLOURISH, QLD ◼ Master planned community with 510 residential lots plus childcare centre ◼ Located 36km south of Brisbane CBD in suburb of South Maclean For personal use only ◼ Primary market – FHB’s, investors; Secondary market – upgraders & downsizers ◼ 116 presales since launch in Nov 23 (12/mont
Slide 29: South Australia
FY24 FINANCIAL RESULTS SOUTH AUSTRALIA For personal use only 29 Glenside, SA
Slide 30: South Australia
FY24 FINANCIAL RESULTS SOUTH AUSTRALIA ◼ 9 well located projects at Glenside & Fletcher's Slip For personal use only ◼ Glenside – 4 projects under construction, 1 in sales phase ◼ Fletcher’s Slip - 3 projects under construction, 1 in sales phase ◼ More than 1,000 townhouses & apartments remaining ◼
Slide 31: Glenside, SA
GLENSIDE, SA ◼ 17 Ha, 3km from Adelaide CBD ◼ 1,000+ townhouses & apartments ◼ 3 apartment projects under For personal use only construction & mostly presold ◼ Recent launch of Elegan apartments with strong sales to date ◼ Bloom retirement product meeting strong demand ◼ 14.5% price growth achieved
Slide 32: Outlook
OUTLOOK For personal use only Incontro, WA 32
Slide 33: New Projects to Deliver First Earnings
FY24 FINANCIAL RESULTS NEW PROJECTS TO DELIVER FIRST EARNINGS 1 1 FY2025 Future years ▪ 88 Leveson townhouses, VIC ▪ Incontro apartments, WA ▪ Clara Place residential land, VIC ▪ Subiaco Depot apartments, WA 2 For personal use only ▪ Greville townhouses, QLD ▪ Flourish residential land, QLD ▪ Southb
Slide 34: Outlook
FY24 FINANCIAL RESULTS OUTLOOK ◼ Favourable conditions for the sector (excl VIC): low supply, low rental vacancy, strong population REVENUE & PRESALES $m growth, low unemployment, dwelling price 400 growth For personal use only 350 ◼ Presales of $559 million at 30 June 2024 ($448 300 million pcp), u
Slide 35: For personal use only
For personal use only 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
Slide 36: Appendices
FY24 FINANCIAL RESULTS APPENDICES For personal use only 36 Clara Place, VIC
Slide 37: Project Pipeline
FY24 FINANCIAL RESULTS PROJECT PIPELINE For personal use only 37
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