Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — H1 FY2005 Earnings Presentation
24 slides from Cedar Woods Properties's earnings presentation, Feb 21, 2005
Slide 1: Half Year Results to 31 December 2004
CEDAR WOODS PROPERTIES LIMITED Half Year Results to 31 December 2004
Slide 2: Presentation Outline
SHIREIEY EEE ESERT EGER ELEEIELESRIEEEETGEELEIALEESI REET ELA ity Eniteiaactstcteibictts ft lll ccc Presentation Outline ¢ Company objectives * Financial highlights * Operating highlights * Outlook and 2005 Forecast
Slide 3: Company Objectives
oolusicsisatsassceeieeisn|es eo) aase a} oats ono e sje oe Company Objectives ¢ Primary objective — growth in earnings per share ¢ Aim to be in the top half of listed companies * CWPL’s current benchmark is 10% pa earnings growth * Gearing (net debt to equity) — target range 10% to 60% * Return on e
Slide 4: Financial Highlights — Profit & Loss
oolusicsisatsassceeieeisn|es eo) aase a} oats ono e sje oe Financial Highlights — Profit & Loss Dec 2004 | Dec 2003 % $m $m increase Revenue 31.3 26.3 19% Profit from ordinary activities 7.5 6.5 17% before income tax expense Income tax attributable to 2.2 1.9 16% operating profit. Net profit after t
Slide 5: Financial Highlights — Profit & Loss
Sse eee eee ee eee es Financial Highlights — Profit & Loss *Strong revenue growth from all projects *Lower margins on early stages FY2005 F FY2004 EBIT/Sales 25% 28% ROE 22% 21% ROC 23% 23% “Emerging profit “built in” from existing sales contracts.
Slide 6: Profit Growth
ST a Profit Growth , 12.00 10.00 800 2 ae c—4 & 3 = 6.00 3 z= .—4 2 3 * 400 = a 2.00 0.00 2000 2001 2002 2003 2004 2005 (5 Actual Wa Forecast Dividends
Slide 7: Cedar Woods Share Price vs NPAT plus Realised Reserves
Cedar Woods Share Price vs NPAT plus Realised Reserves ~ 14.00 | 52.40 2 12.00 I Se 10.00 $1.90 aw wn oF? oe 8.00 2 ao 6.00 $140 = <e 4.00} 5 a 1 $0.90 = = 2.00 4 o 0.00 4 + $0.40 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005F Year @NPAT (Be Realised Reserve em Share Price
Slide 8: Financial Highlights — Balance Sheet
Sse eee eee ee eee es Financial Highlights — Balance Sheet Dec 2004 June 2004 Total Assets $m 109.8 94.7 Interest bearing liabilites (bank $m 42.3 23.3 debt) Shareholders equity $m 47.9 47.8 Net bank debt to equity (%) 87.1 48.4 Interest cover (x) 20 12
Slide 9: Financial Highlights — Balance Sheet
Sse eee eee ee eee es Financial Highlights — Balance Sheet * Gearing expected to stay at upper end of preferred range until June 2005. * Apartment funding to cause higher gearing from time to time.
Slide 10: Statement of Cashflows
ST a Statement of Cashflows Dec Dec Cashflows related to operating activities 2004 2003 $000 $000 Receipts from customers 22,217) 21,228 Payments to suppliers & employees (6,071)| (4,333) Net borrowing cost (1,328)| (776) ncome taxes paid (3,536)| (3,499) Payments for inventory — new land (3,487)| (
Slide 11: Cashflows
Cashflows ¢ Settlement income — $9m received in January 2005 ¢ New land $3.5m ¢ Improved cashflows in 2"4 half
Slide 12: Port Mandurah
ST a Port Mandurah ¢ Sold out ¢ Development of Sutton precinct, with up to 45 townhouses expected in FY2007.
Slide 13: Mariners Cove
Mariners Cove * Stage 8 dry lots sold out ¢ 125 dry lots to be developed * Canal Stage 1 — sold out ¢ Canal Stage 2 — 50 % sold * Canal Stage 3 — under construction ¢ Future group housing sites in canal zone
Slide 14: Rockingham - Aria
Rockingham - Aria ¢ 10 storey, 32 apartment tower plus ground floor commercial. ¢ $16m project ¢ All apartments sold: — Completion April 2005 ¢ $10m limited recourse bank facility
Slide 15: Rockingham - Nautilus
Rockingham - Nautilus * Council approval obtained for 62 apartments and 24 town houses ¢ 4 Ground floor commercial units * Marketing campaign proceeding well * 60% + presold ¢ Construction commenced * Completion October 2006
Slide 16: Palm Beach
Palm Beach * Rockingham Beach front ¢ 12 waterfront apartments * Commence development FY 2007/2008
Slide 17: The Rivergums, Baldivis
The Rivergums, Baldivis ¢ 120ha project to yield 815 lots ¢ Almost 250 lots sold * Stages 1, 2 and 3 sold out ¢ Stage 4 under construction * Project life of 7-10 years
Slide 18: Cambridge Waters, Canning Vale
Sse eee eee ee eee es Cambridge Waters, Canning Vale ¢ §.35ha located 17km south of Perth ¢ Subdivision approval for 57 lots and 160 apartments * Marketing commenced, proceeding well. ¢ Anticipated profit contribution in FY2005-2008.
Slide 19: The Axis, Balcatta
BEE The Axis, Balcatta ¢ 6.5ha, 12km north of Perth * 16 lot subdivision * Showroom, commercial or bulky goods ¢ 50% pre-sold * Marketing continuing ¢ Profit contribution in FY2005-2006
Slide 20: The Kestrels, Tapping
The Kestrels, Tapping ¢ Adjacent Joondalup townsite ¢ 51 hectares, 520 lots * Greensmart Accreditation ¢ Stage | and 2 — 85% sold * Strong sales — stage 3 * Display village
Slide 21: Laverton, Melbourne
Laverton, Melbourne ¢ 275ha, 18km (20 mins) west of Melbourne ¢ Mixed used project planning complete ¢ Residential, commercial and retail uses ¢ $22m freeway interchange now funded * Railway station design complete ¢ Seeking formal rezoning
Slide 22: Forrestdale
ST a Forrestdale ¢ 15 hectares ¢ 140-lot residential subdivision ¢ To undergo rezoning ¢ Commence development FY 2007/2008
Slide 23: Economic Outlook
SHIREIEY EEE ESERT EGER ELEEIELESRIEEEETGEELEIALEESI REET ELA ity Eniteiaactstcteibictts ft lll ccc Economic Outlook ¢ Australia & WA economics set for further growth * Consumer confidence remains strong * Property market has softened but market remains resilient ¢ Waterfront and coastal property in
Slide 24: Company Outlook
oolusicsisatsassceeieeisn|es eo) aase a} oats ono e sje oe Company Outlook ¢ Strong sales continuing * Further growth provided by new projects ¢ New projects undergoing due diligence ¢ $45m acquisition and development funding facility plus $23m apartment facilities ¢ Forecasting $12m net profit afte
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