Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — H1 FY22 Earnings Presentation
37 slides from Cedar Woods Properties's earnings presentation, Feb 17, 2022
Slide 1: Grace Apartments, Glenside, SA
Grace Apartments, Glenside, SA
Slide 2: Company Overview Diversified by Location & Product
Company Overview Diversified by Location & Product Strategy Western Australia ESG Victoria Queensland FY22 H1 Summary South Australia Balance Sheet Quarterly Net Sales New projects to deliver first earnings Outlook New Housing Sector By State 2
Slide 3: Overton Road, Williams Landing, VIC
3 111 Overton Road, Williams Landing, VIC
Slide 4: ASX listed property company; market capitalisation of ~$420m
◼ ASX listed property company; market capitalisation of ~$420m ◼ Products: land estates, townhouses, apartments & commercial ◼ 10,000+ lots in pipeline; 33 projects across VIC, SA, WA, QLD ◼ Stable Board & Management with strong governance structures & corporate reputation ◼ Excellent track record i
Slide 5: To grow our national project portfolio
Good geographic spread of well-located projects in 4 states PURPOSE Our purpose is to create To grow our national project long-term value for shareholders through the development of vibrant portfolio, diversified by geography, communities. product type and price point, so that Range of housing lots,
Slide 6: Significant enhancement of ESG strategy & reporting in FY21
◼ Significant enhancement of ESG strategy & reporting in FY21 PURPOSE Our purpose is to create ◼ Builds on Cedar Woods’ strong long-term value for shareholders through the track record on sustainability & development of vibrant social responsibility communities. ◼ National relationship with Smith Fa
Slide 7: Byford on the Scarp, WA
7 Byford on the Scarp, WA
Slide 8: H1 FY2022 Summary
NET PROFIT NET PRESALE AFTER TAX FY2022 H1 SALES CONTRACTS $14.1m FY2021 H1 TOTAL REVENUE FY2022 H1 682 lots $560m $174.4m FY2021 H1 Lots / homes / offices sold in H1 Up $180m or 47% on pcp EARNINGS PER SHARE SETTLEMENTS ACQUISITIONS FY2022 H1 17.2c FY2021 H1 INTERIM DIVIDEND PER SHARE FY2022 H1 500
Slide 9: 31 Dec 2021 30 Jun 2021 Total assets
31 Dec 2021 30 Jun 2021 Total assets (book value) $723.2m $651.8m Net assets (equity) $408.2m $400.4m Net tangible assets per share (book value not market value) $4.97 $4.92 Net bank debt $196.0m $113.3m Net bank debt to equity 48% 28% Net bank debt to total tangible assets (less cash) 27% 18% Finan
Slide 10: Net sales up 28% on pcp
350 ◼ Net sales up 28% on 300 pcp ◼ Consecutive quarters 250 of strong sales 200 performance ◼ Highest net sales 150 result since Q4 FY20 100 (when stimulus was announced) ◼ Second highest 50 0 quarterly net sales result in last 3 years Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21
Slide 11: Incontro, Subiaco
ee eee A\ o A _¥ Inconttp, Subiaco W) Zz QO E a r-4 Oo ys MARKET 1
Slide 12: Low interest rates, low unemployment and favourable economic conditions
◼ Low interest rates, low unemployment and favourable economic conditions supporting strong sales conditions ◼ Annual inflation has risen to 3.5%, raising the prospect of interest rate rises in 2022 or 2023 ◼ Housing affordability is being stretched in Sydney and Melbourne whilst Brisbane, Perth & A
Slide 13: Strong land sales, slow apartment
▪ Low interest rates & unemployment are key drivers of the high sales volumes & price growth being experienced. Increased interest rates will dampen demand ▪ All housing types, across all jurisdictions, experiencing moderate to strong enquiry & sales ▪ Australia’s international border restrictions a
Slide 14: Our Portfolio
OUR PORTFOLIO 4 1 ¥ z oP e
Slide 15: Portfolio by location and product type
PORTFOLIO BY PRESALES BY PRESALES BY LOCATION LOCATION PRODUCT TYPE # lots/homes/offices # lots/homes/offices # lots/homes/offices SA WA Commercial WA SA 3% 13% Townhouses Land 54% 22% 24% 46% QLD 31% 15% QLD 14% 18% VIC 40% 20% VIC Apartments State Lots/Units* % State Lots/Units % Product Lots/Unit
Slide 16: Ariella Park, WA
16 Ariella Park, WA
Slide 17: 11 projects, more than 5000 lots / dwellings
◼ 11 projects, more than 5000 lots / dwellings ◼ Projects catering for a range of buyer types ◼ Land subdivision, townhouses & apartments ◼ 2 new projects secured, Rockingham & Eglington ◼ Price growth experienced in most projects ◼ Moderate sales volumes in H1 FY2022 ◼ Hamersley project secured sub
Slide 18: 900+ lot estate - 60% complete
◼ 900+ lot estate - 60% complete ◼ Now selling & delivering premium section of the project, which is elevated with city views ◼ 20% price growth in last 12 months ◼ Diverse buyer profile with large downsizer representation ◼ Trading at circa 100 settlements p.a. ◼ Excellent sustainability credential
Slide 19: 86 hectare site in Perth's north-west growth corridor
◼ 86 hectare site in Perth’s north- west growth corridor acquired for $49.5m ◼ Located 500 metres from the new Eglinton train station forecast to open in 2023 ◼ Will include residential neighbourhoods, primary school, commercial hub & open space ◼ Adds over 1,200 lots to development pipeline ◼ Expec
Slide 20: Aster Apartments, Jackson Green, VIC
20 Aster Apartments, Jackson Green, VIC
Slide 21: 11 projects, more than 1,800 lots / dwellings
◼ 11 projects (Currently 4 at Williams Landing) ◼ More than 1,800 lots / dwellings / offices + 17 hectares of commercial / apartment sites ◼ Land subdivision, townhouses, apartments & commercial projects ◼ Range of price points and buyer types ◼ Strong enquiry and sales across Victorian land project
Slide 22: Major masterplanned community with mixed use town centre
◼ Major masterplanned community with mixed use town centre; 8-10 year project life remaining ◼ Commercial - 101 Overton Road strata offices sold out Dec 2021. New strata office building, Boston Commons, achieved 62% pre-sales in H1 FY2022 ◼ Shopping Centre - performing well & 100% leased; market val
Slide 23: New 800+ lot estate in Melbourne's north
◼ New 800+ lot estate in Melbourne’s north ◼ Planning approval received for initial stages ◼ Buoyant sales conditions with strong demand from first home buyers, upgraders & investors ◼ 83 sales in H1 FY2022 & 169 since project launch ◼ Civil works set to commence in Q3 FY2022 23 107 Overton Road, Wi
Slide 24: Greville, Wooloowin, QLD
CEDAR = WOODS Greville, Wooloowip, QLD
Slide 25: 5 projects, more than 1,500 lots / dwellings
◼ 5 projects (including 2 at Greville) ◼ More than 1,500 lots / dwellings ◼ Land estates, townhouses & apartments ◼ Strong market conditions with significant price growth ◼ Increased pipeline by 516 lots with the South Maclean acquisition ◼ Burpengary planning approval for 329 lots received; first s
Slide 26: Urban renewal project with over 280 townhouses and apartments
◼ Urban renewal project with over 280 townhouses and apartments ◼ Located 5km northeast of Brisbane CBD; adjacent to train station ◼ First four stages of townhouses 100% sold with construction commencing ◼ Launched Francis Apartments in H1 FY2022, achieved 50% pre-sales 26 Greville Apartments, Woolo
Slide 27: Masterplanned community with ~900 residential lots
◼ Masterplanned community with ~900 residential lots ◼ Located 12km northwest of Brisbane CBD; adjacent to national park ◼ Approximately 50% complete ◼ 108 presales settling in FY2022 & FY2023 ◼ Price growth of ~30% recorded over past 12 months 27 Greville Apartments,Ellendale, Wooloowin,QLD QLD
Slide 28: Glenside, SA
28 Glenside, SA
Slide 29: 5 well located projects
◼ 5 well located projects (including 3 projects at Glenside and 2 at Fletcher’s Slip) ◼ More than 1,300 townhouses & apartments remaining ◼ Projects have strong sustainability credentials ◼ Strong market conditions 29
Slide 30: 17 Ha, 3km from Adelaide CBD
◼ 17 Ha, 3km from Adelaide CBD ◼ 1,000+ townhouses & apartments ◼ Monarch apartments 95% sold ◼ Banksia apartments to be released in coming weeks ◼ 62 townhouses settling mid 2022 ◼ New townhouses to be released in coming weeks to meet significant demand 30 Banksia Apartments, Glenside, SA
Slide 31: 14 km north-west of the CBD
◼ 14 km north-west of the CBD ◼ 500+ townhouses & apartments ◼ Adjacent to train station & harbour, walking distance to the beach & shops ◼ 75 fully presold townhouses under construction, with settlements over FY2022 & FY2023 ◼ Launch of first apartments, ‘Sirocco’ in coming weeks 31 Fletcher’s Slip
Slide 32: Apartments, Williams Landing, VIC
Apartments, Williams Landing, VIC
Slide 33: New projects to deliver first earnings
FY2022 FY2024 ▪ Huntington apartments, VIC ▪ Eglinton residential land, WA ▪ Grace apartments, SA ▪ Rockingham residential land, WA ▪ Fletcher’s Slip townhouses, SA ▪ Incontro apartments, WA FY2023 ▪ Boston Commons offices, VIC ▪ Addison apartments, VIC ▪ Incontro townhouses, WA Image caption ▪ Sout
Slide 34: Positive economic conditions, with low interest rates and low unemployment
◼ Positive economic conditions, with low interest rates and low unemployment, to support favourable sales conditions ◼ Presence in relatively affordable markets (Qld, WA & SA), which are expected to perform well ◼ Price growth is expected to moderate as interest rates increase Image caption ◼ Outloo
Slide 35: Disclaimer
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 law and which cannot
Slide 36: Harrisdale Green, WA
36 Harrisdale Green, WA
Slide 37: Half Year FY22 Financial Results
37 HALF YEAR FY22 FINANCIAL RESULTS CEDAR WOODS LovUnits—LovUnits Pp R fe) J E CT ‘ocation Project Typ Project “Remain FY22 FY23 FY24 FY25 FY27 Residential Land and Townhouses 982 1 Residential Land 880 242 PIPELINE twee hast Petal Lae a Rivergums, Baldivis ‘South Residential Land 1438 2 Byford onth
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