Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — H1 FY2007 Earnings Presentation
29 slides from Cedar Woods Properties's earnings presentation, Feb 19, 2007
Slide 1: Half Year Results to 31 December 2006
PROPERTIES LIM Half Year Results to , 31 December 2006
Slide 2: Presentation Outline
Presentation Outline 2 Company Objectives Financial highligh Review of recent
Slide 3: Company Objectives
Company Objectives :
Slide 4: Financial Highlights - Income statement
Financial Highlights - Income statement Dec 2006 | Dec2005 | — we AIFRS Revenue _ _ 7 _ 827 Profit from ordinary activities before income tax expense 14.2 — Income tax attributable to operating profit. : Net profit after tax attributable to members of CWPL 13.8 Earnings per share. a | | 25.3 cents
Slide 5: Financial Highlights — Income statement
Financial Highlights — Income statement FP 2007 Forecast Pe es __ATFRS : EBIT/Sales | a ROE Oe ee ROC ee ° Margins improved due to price growth e ROE improved due to ie growth A e ROC stable aoe
Slide 6: Growth in reported profits
Growth in reported profits Profit ($m) mri al == | tle 7008 Bam Actual E=SForecast —@- Dividends ae Cedar { woods “AWARD WINNING PROPERTY DEVELOPER
Slide 7: CWP Share Price and NPAT growth
CWP Share Price and NPAT growth NPAT $m 2001 2002 -2003-~=ss(‘é«éi0SCt=Ct«*« 00 coe NPAT <—@—e Share Price a Cedar &¢ Woods | AWARD WINNING PROPERTY DEVELOPER
Slide 8: Financial Highlights — Balance Sheet
Financial Highlights — Balance Sheet Jun 2006 | Jun 2006 | | (Wellard | Actual — / 25%) | Total assets oF oC a | 196 Net bank debt | 50.6 a7 Shareholders equity == ||. $m_| / eo | ws Net bank debt to equity ey) C O50 ae | Interest cover coo a 7 ce Cedar ( Woods | AWARD WINNING PROPERTY DEVELOPER
Slide 9: Financial Highlights - Balance sheet
Financial Highlights = Balance sheet e Total assets reduced as a result of ' ‘d acole Cedar Woods Wellard Limited, asc ur interest r re 25% post 30 jth 2006. a e Gearing expect to stay at mls end of pref
Slide 10: Statement of operating cash flows
Statement of operating cash flows : Cashflows related to operating activities a Receipts from customers is Payments to suppliers & employees Net borrowing cost. Income taxes paid | Payments for inventory — new land Payments for inventory — - development _ Net operating cashflow Cedar ¢ Woods award W
Slide 11: Dividend Policy
Dividend Policy ¢ Maintain current balance betwe rim dividend — approximately 40 / 0: ¢ 50% net profit plus distributed r reserves for f e Dividend reinvestment plan v wil continue for is dividends. |
Slide 12: WA & Victoria Projects
WA & Victoria Projects cedar © woods AWARD WINNING PROPERTY DEVELOPER
Slide 13: Project Life
Project Life FY2007;. FY2008, FY2009 FY2010 -FY2011. FY2012 FY2013 FY2014 FY2015 Rivergums Cambridge Waters Mariners Cove Mandurah Country Club Nautilus Kestrels Helena Valley Calinged TT ee Williams Landing The Jetty Waterline Pinjarra Banbury Village Port Mandurah (Sutton) Forrestdaie Mortimer Ris
Slide 14: Growth Strategies
Growth Strategies 7 e Properties under ae Funds managemene 6 Building commer al portf - a Investigation of dihers structures Cedar ( Woods AWARD WINNING no? EAT a
Slide 15: Built Form
Built Form Lid NAUTILUS AWARD WINNING PROPERTY DEVELOPER Cedar &¢ Woods
Slide 16: Cedar ( woods | AWARD WINNING PROB ERTY DEVELOPER i
i Cedar ( woods | AWARD WINNING PROB ERTY DEVELOPER i
Slide 17: Residential
Residential — Ln ae a ee ee Cedar ( Woods AWARD WINNING PROPEATY DEVELOPER
Slide 18: Banbury Village, Footscray
e Banbury Village, potscray = compl : $10.5m in H1 | . on -—Qhasite | oo — Close to a — 6km from CBD | — Over 200 dwellings - mix eof housing : site & tc V — Commence FY2008 subject | to rezoning
Slide 19: Banbury Village
Banbury Vil Cedar ( Woods DEVELOPER
Slide 20: Williams Landing, Laverton
Williams Landing, Laverton AWARD WINNING PROPET cedar © woods
Slide 21: Williams Landing site details
— 275ha, 18km (20 mins) West ¢ fe) fCBD i — Rezoning applied for - outcome aren = — Residential, one o3)-2 and eget cee
Slide 22: Mixed Use / Commercial - Perth South
Mixed Use / Commercial - Perth S e Cambridge Waters. .. — 8.35ha located. 17km South of CBD ~ Approval for 57 lots and 160 apartments — Balance of Stage / lots expect to be sold in — Contribution FY2007- FY2010 depending on deve 7 scenario. lum Cedar ¢ Woods \ aR D WINNING PROPERT
Slide 23: Cambridge Waters
Cambridge Waters (CAMBRIDGE WATERS CANNING VALE. AWARD WINNING PROPERTY DEVELOPER
Slide 24: Commercial
Commercial a ° Axis, Balcatta 3 — 16 lot subdivision | e New opportunities Cedar ¢ Woo S
Slide 25: Economic Outlook
Economic Outlook = Australia (GDP growth % Federal Treasury Western Australia (GSP. rowth %)-WATreasury9 Victoria (GSP %) — VIC Way. 4 Treasury Ee | Cedar (Woods | swano winwine prorenty cevevoren AWARD WINNING PROPEAT
Slide 26: Housing Sector WA & VIC
Housing Sector WA & VIC ; Continued population growth — Steady interest ra Ss
Slide 27: WA — Housing Supply & Demand
WA — Housing Supply & Demand Underlying Requirements for Housing vs Actual & Forecast », Dwelling Starts , : 2002/03 (a) 2003/04 (a). 2004/05 (a) 2005/06 (a). 2006/07 2007/08 + 2008/09 Source: HIA Dwelling Starts gg Underlying Requirements cedar © woods AWARD WINNING PRORERG O Fy Torr
Slide 28: VIC — Housing Supply & Demand
VIC — Housing Supply & Demand Underlying Requirements for Housing v Ac Dwelling Starts: 0 os. | qe 2002/03 (a) 2003/04 (a) 2004/05 (a) 2005/06 (a) 2006/07 2007/08 2008 Source: HIA ‘eee Dwelling Starts “ge Underlying Requirements : : } Cedar ( Woods | AWARD WINNING PROPERTY DEVELOPER
Slide 29: Company Outlook
Company Outlook : e Strong sales carried into secoliel alf — e Further growth provided by recent acquisitions e New projects undergoing due diligence | e Ample acquisition and nevelooment funding fa separate apa rtment facilities _ DRP to top up oy
Cedar Woods Properties — H1 FY2007 Earnings Presentation on 6ix