Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — Euroz Investor Conference 2017
44 slides from Cedar Woods Properties's conference presentation, Mar 14, 2017
Slide 1: Euroz Investor Conference
Cedar Woods Properties Limited For personal use only EUROZ INVESTOR CONFERENCE 14 March 2017
Slide 2: Cedar Woods' strategy
Cedar Woods Presentation | 2 Cedar Woods’ strategy For personal use only — Established in 4 states To grow and develop our — Good geographic spread, well located projects national project portfolio, Geography diversified by: — First apartments at Williams Landing geography sold out product type
Slide 3: Strategy delivering strong performance
Cedar Woods Presentation | 3 Strategy delivering strong performance For personal use only NPAT $m Dividends cents 45 40 40 6 consecutive years of 35 NPAT growth 35 30 30 25 Forecast FY17 NPAT 25 approximately $45m 20 20 15 1H 15 Strong and consistent 10 dividend payments 10 5 5 FY12-16 ROE a
Slide 4: Balanced national portfolio
Cedar Woods Presentation | 4 Balanced national portfolio For personal use only 4 states 24 projects 10,000 lots/ FY17 DEVELOPMENT SPEND townhouses/ DISTRIBUTION (%) QUEENSLAND apartments 25% Ellendale Wooloowin 30% 14% WESTERN AUSTRALIA Major Projects VICTORIA Ariella Williams Landing Bushmead Oxfor
Slide 5: Growth in portfolio
Cedar Woods Presentation | 5 Growth in portfolio For personal use only Total Lots/Apartments 10921 8903 8410 8556 7176 6698 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 • First Brisbane acquisition – January 2014 contract, May 2014 settlement • First Adelaide acquisition – March 2017 contract, June 201
Slide 6: Diversified portfolio
Cedar Woods Presentation | 6 Diversified portfolio State Product For personal use only Price Point Presales revenue Current price list Presales – # lots/apartments $894K QLD Apartments 20% 15% $599K $515K 51% VIC $455K Housing 28% 29% $289K WA 57% $139K Land Sales LAND APARTMENTS TOWNHOUSES Pre sa
Slide 7: VIC portfolio update
Cedar Woods Presentation | 7 VIC portfolio update For personal use only 40KM Williams Landing - Heads of Agreement for Target office, Oxford 20KM CARLINGFORD apartments released, shopping ST. A 10KM centre expansion completed BANBURY VILLAGE 5KM MELBOURNE Jackson Green - strong townhouse WILLIAM
Slide 8: Williams Landing Shopping Centre Expansion
Cedar Woods Presentation | 8 Williams Landing Shopping Centre Expansion For personal use only
Slide 9: Wattle Apartments - total, > 75% presold
Cedar Woods Presentation | 9 Wattle Apartments - 60 total, > 75% presold For personal use only
Slide 10: Wattle Apartments at Jackson Green
Cedar Woods Presentation | 10 Wattle Apartments at Jackson Green For personal use only
Slide 11: St A
Cedar Woods Presentation | 11 St A For personal use only
Slide 12: WA portfolio update
Cedar Woods Presentation | 12 WA portfolio update 40KM For personal use only Successful launch of Bushmead, 20KM ARIELLA PRIVATE approaching stage 1 completion ESTATE 10KM BUSHMEAD Ariella sales momentum 5KM PERTH continuing, stage 3 commenced CBD HARRISDALE GREEN ahead of schedule PIARA CENTRAL
Slide 13: Baldivis Secondary College
Cedar Woods Presentation | 13 For personal use only Baldivis Secondary College
Slide 14: For personal use only
Cedar Woods Presentation | 14 For personal use only
Slide 15: For personal use only
Cedar Woods Presentation | 15 For personal use only
Slide 16: Cottage lots
Cedar Woods Presentation | 16 For personal use only Cottage lots
Slide 17: Millars Landing
Cedar Woods Presentation | 17 Millars Landing For personal use only
Slide 18: For personal use only
Cedar Woods Presentation | 18 For personal use only
Slide 19: Piara Central & South
Cedar Woods Presentation | 19 Piara Central & South For personal use only Central Lot 501
Slide 20: QLD portfolio update
Cedar Woods Presentation | 20 QLD portfolio update For personal use only ELLENDALE Moreton Bay Stage 1 has 142 lots with 125 sales CARSELDINE 480 lots already approved on 67 ha ELLENDALE on the 227 ha site Rezoning of the balance 160 ha WOOLOOWIN underway and anticipated to be BRISBANE complet
Slide 21: Wooloowin – inner suburban location
Cedar Woods Presentation | 21 Wooloowin – inner suburban location For personal use only
Slide 22: Wooloowin streetscape – view from level
Cedar Woods Presentation | 22 Wooloowin streetscape – view from level 2 For personal use only
Slide 23: Wooloowin townhouse streetscape
Cedar Woods Presentation | 23 Wooloowin townhouse streetscape For personal use only
Slide 24: SA portfolio update
Cedar Woods Presentation | 24 SA portfolio update For personal use only Glenside rezoning approved MAWSON LAKES December 2016, site works now PORT ADELAIDE approved Port Adelaide due diligence investigations successfully completed ADELAIDE Both sites have strong locational CBD GLENSIDE attribu
Slide 25: Glenside Images (indicative, subject to change)
Cedar Woods Presentation | 25 Glenside Images (indicative, subject to change) For personal use only
Slide 26: Port Adelaide Images (indicative, subject to change)
Cedar Woods Presentation | 26 Port Adelaide Images (indicative, subject to change) For personal use only Semaphore Beach Port Adelaide
Slide 27: Port Adelaide masterplan (indicative, subject to change)
Cedar Woods Presentation | 27 Port Adelaide masterplan (indicative, subject to change) For personal use only
Slide 28: State final demand growth, quarterly
Cedar Woods Presentation | 28 State final demand growth, quarterly For personal use only State/ Dec-16 Y/Y Territory Q/Q NT 3.8 11.1 ACT 1.6 7.3 NSW 0.8 4.1 VIC 1.7 3.4 TAS 0.9 2.4 SA 0.9 2.1 QLD 0.9 1.8 WA 0.4 -7.8 Source: NAB economic update – March 2017
Slide 29: Construction work – since 2008
Cedar Woods Presentation | 29 Construction work – since 2008 For personal use only $B $B Source: ABS 8755.0 construction work done Source: ABS 8755.0 Construction Work Done, December 2016
Slide 30: Employment and finance
Cedar Woods Presentation | 30 Employment and finance For personal use only Source: Commonwealth Bank of Australia – Labour Force Jan 2017 Source: Commonwealth Bank of Australia – Housing finance Nov 2016 • Unemployment appears to have peaked in most states • Loan approvals remain at high levels in E
Slide 31: Demand for new property from foreign buyers
Cedar Woods Presentation | 31 Demand for new property from foreign buyers (% of total) For personal use only Source: NAB residential property survey Q4-2016
Slide 32: WA Employment Analysis
Cedar Woods Presentation | 32 WA Employment Analysis For personal use only Retail & Wholesale Trade 11% Construction, Rental & Mining Real Estate 10% 13% Manufacturing 7% All other categories Transport, Postal & 21% Warehousing 6% Professional, Scientific, Technical 10% Public Admin. Health Educatio
Slide 33: Land sales
Cedar Woods Presentation | 33 Land sales For personal use only
Slide 34: Dwelling start forecasts
Cedar Woods Presentation | 34 Dwelling start forecasts Housing markets less volatile than apartments 40 40 For personal use only 35 VIC 35 QLD 30 30 25 25 20 20 15 15 10 10 5 5 0 0 2012/13 (a)2013/14 (a)2014/15 (a) 2015/16(a) 2016/17 2017/18 2018/19 2019/20 2012/13 (a) 2013/14 (a) 2014/15 (a) 2015/1
Slide 35: Diversification strategy underpinning results
Cedar Woods Presentation | 35 Diversification strategy underpinning results For personal use only Positive outlook underpinned by strong pre-sales Grow and of $274 million, up 56% on last year develop our national project portfolio… Development program is on track, backed by continued strong pre
Slide 36: For personal use only
For personal use only Perth Office Melbourne Office Ground Floor, 50 Colin Street Level 1, 476 St Kilda Road West Perth WA 6005 Melbourne VIC 3004 T: (08) 9480 1500 T: (03) 9820 1777 E: email@cedarwoods.com.au E: melbourne@cedarwoods.com.au Brisbane Office Adelaide Office Level 6, 12 Creek Street Le
Slide 37: Appendices
Cedar Woods Presentation | 37 For personal use only Appendices
Slide 38: Company highlights
Cedar Woods Presentation | 38 Company highlights For personal use only ASX 300 company with a proven track record of consistent earnings growth Attractive, fully franked yield Attractive valuation metrics Balanced, national portfolio, diversified by product type, price point and geography
Slide 39: Cedar Woods' charter
Cedar Woods Presentation | 39 Cedar Woods’ charter For personal use only “To create long term value for our shareholders through the PURPOSE disciplined acquisition, development and marketing of properties that meet the needs of our customers.” “To manage our portfolio with the aim of delivering con
Slide 40: Balance sheet strength and access to funding
Cedar Woods Presentation | 40 Balance sheet strength and access to funding For personal use only Gearing (%) 31 Dec 30 June 100 2016 2016 $m $m 80 Total assets (book value) 484.3 452.7 Net bank debt 89.9 50.3 60 Target Net assets (equity) 297.3 307.2 Gearing 40 25 – 75% Net bank debt to equity 30.2%
Slide 41: Project pipeline
Cedar Woods Presentation | 41 Project pipeline For personal use only
Slide 42: First Home Owner Grant by state
Cedar Woods Presentation | 42 First Home Owner Grant by state For personal use only State Amount Western Australia (recently increased from $15,000 $10,000) Victoria (regional areas $20,000) $10,000 Tasmania $20,000 South Australia $15,000 Queensland $20,000 Northern Territory $26,000 New South Wale
Slide 43: Williams Landing remaining life 2026+
Cedar Woods Presentation | 43 Williams Landing remaining life 2026+ For personal use only
Slide 44: Williams Landing Town Centre – indicative stages
Cedar Woods Presentation | 44 Williams Landing Town Centre – indicative stages For personal use only
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