Slide 1: Full Year FY19 Financial Results
Full Year FY19 Financial Results 28 August 2019
Slide 2: About Cedar Woods: Purpose & Vision
About Cedar Woods: Purpose & Vision Purpose Geography To create long term value for our shareholders through the development of vibrant communities Vision To be the best Australian property company known for performance & quality Price Point 2
Slide 3: About Cedar Woods: Our Strategy
About Cedar Woods: Our Strategy To grow & develop our national Geography project portfolio, diversified by geography, product type & price point, so that it continues to hold broad customer appeal & performs well in a range of market conditions. Price Point 3
Slide 4: About Cedar Woods: Strategic Priorities
About Cedar Woods: Strategic Priorities FY19 PROGRESS Strong culture serving as form of advantage - staff surveys demonstrate high engagement and Geography high levels of role satisfaction. Digital transformation well progressed with new integrated financial system implementation near complete. New
Slide 5: About Cedar Woods: Performing through the cycles
About Cedar Woods: Performing through the cycles NPAT and dividends since FY11 A strong track record of consistent profitability & fully franked dividends 5
Slide 6: Financial: FY19 highlights
Financial: FY19 highlights Geography Price Point 6
Slide 7: Financial: Balance sheet strength & access to funding
Financial: Balance sheet strength & access to funding 30 June 30 Jun 2019 2018 Total assets (book value) $571.7m $601.5m Net assets (equity) $376.5m $353.2m Net assets per share (book) $4.70 $4.44 Net bank debt $105.3m $109.1m Net bank debt to equity 28.0% 30.9% Net bank debt to total tangible asset
Slide 8: Our portfolio: Summary
Our portfolio: Summary 9,600+ lots/dwellings/units 34 projects 4 states - VIC, WA, SA, QLD Land estates, townhouses, apartments & commercial projects High amenity locations & often located adjacent to train stations Projects positioned as quality developments within their respective mark
Slide 9: Our portfolio: Diversified by product & location
Our portfolio: Diversified by product & location Location Product Type FY2019 Settlements FY2019 Settlements # lots/homes/offices # lots/homes/offices Geography SA Commercial QLD 4% 6% 6% Townhouses Land WA 23% 55% 46% VIC 44% 16% Apartments 9
Slide 10: Market conditions: Economic factors
Market conditions: Economic factors Population growth Geography Unemployment GDP growth continuing 1 robust 2 stable 3 VIC 2.2% 2.75% 4.8% Fundamental market drivers QLD 1.8% 3.00% 6.4% remain supportive WA 0.9% 3.50% 5.9% SA 0.8% 2.50% 6.9% Notes: (1) ABS: Australian demographic statistics December
Slide 11: Market conditions: Property sector
Market conditions: Property sector Challenging conditions across all states throughout FY19 with tight housing finance the main factor Latest data shows that we are likely near the bottom of this property cycle: Geography Prices appear to be stabilising - CoreLogic reported housing values in 5 of
Slide 12: Market conditions: HIA's Outlook for Dwelling Starts
Market conditions: HIA’s Outlook for Dwelling Starts WA VIC Geography QLD SA 12
Slide 13: Our projects: Western Australia
Our projects: Western Australia 16 projects & more than 5,900 lots / dwellings Projects catering for a range of buyer types Land subdivision & townhouses 2 new developments delivering first full year contributions with another to commence FY20 While conditions remain subdued, sales continu
Slide 14: Our projects: Western Australia highlights
Our projects: Western Australia highlights Ariella (Brabham) 870+ lots, in north-east growth corridor Strong sales continuing Price range $175,000 - $305,000 Increased project life with acquisition of Ariella additional 20 hectares in FY19 Bushmead Ariella 950+ lot estate, strong margins,
Slide 15: Our projects: Victoria
Our projects: Victoria 40KM 14 projects (8 currently at Williams Landing) 20KM CARLINGFORD ST. A 10KM More than 1,200 lots / dwellings / offices + 20 5KM LEVESON STREET hectares of commercial / apartment sites MELBOURNE CBD Land subdivision, townhouses, apartments & WILLIAMS LANDING PROJECTS c
Slide 16: Our projects: Victoria highlights
Our projects: Victoria highlights Jackson Green (Clayton South) 500+ townhouses & apartments Price range $350,000 - $950,000 Several townhouse and apartment stages completed early Jackson Jackson Green St A Green Artist’s impression St A (St Albans) 240+ townhouses & apartments Price range
Slide 17: Our projects: Williams Landing
Our projects: Williams Landing 10 years+ remaining project life Diverse mix of land, townhouses, apartments & 101 Overton Rd - strata office commercial developments Pipeline of 20+ commercial / residential sites & over 200 dwellings outside of town centre Numerous projects underway (apartmen
Slide 18: Our projects: Queensland
Our projects: Queensland Ellendale (Upper Kedron) 228 ha site, 12km west of Brisbane CBD 900+ lots now approved Price range $290,000 – $480,000 Several stages underway 8 years remaining life Ellendale Ellendale Wooloowin 3.8 ha site, 6km north of Brisbane CBD Mix of townhouses & apartm
Slide 19: Our projects: South Australia
Our projects: South Australia Glenside 17ha, 3km from Adelaide CBD Around 1,000+ dwellings - townhouses & apartments 8-10 year project duration Strong sales; settlement of townhouses commenced First apartment building under construction Glenside Glenside Artist’s impression Glenside Fletch
Slide 20: Outlook
Outlook Sentiment is improving & gains are expected in some markets over FY20 Low interest rates, continuing population growth & government incentives support demand Moderately lower earnings expected in FY20, with growth expected over the medium term Long pipeline of quality projects & development
Slide 21: The Cedar Woods investment proposition
The Cedar Woods investment proposition Stable and experienced Board and Management Geography Track record of consistent profits & dividends Strong fully franked dividend yield Well positioned to benefit from WA turnaround Portfolio diversified across geographies, product and price point Price Point
Slide 22: Disclaimer of liability
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 use. Subject to any terms implied
Slide 23: Appendix 1: Project pipeline
Appendix 1: Project pipeline Geography Price Point Note: Lots/units remaining is at 30 June 2019. 23