Cedar Woods Properties Limited · ASX:CWP

Cedar Woods Properties — Euroz Securities Conference March 2010

27 slides from Cedar Woods Properties's conference presentation, Mar 18, 2010

  1. Slide 1: Euroz Securities Conference March 2010 Presentation

    For personal use only Euroz Securities Conference March 2010 Presentation

  2. Slide 2: Presentation Outline

    For personal use only Presentation Outline  Profile of Company and Board  Key targets and objectives  Financial position  Impact of GFC  Business Model  Project portfolio overview  Upsides and risks  Summary of investment case

  3. Slide 3: Profile of Cedar Woods

    For personal use only Profile of Cedar Woods  Established: 23 years  ASX Listed: 16 years  Market Cap: 5 year high $300m, presently $150m  Share Price: 5 year high $5.50, presently $2.50  60m fully paid shares, no options.  Residential property developer based in WA and VIC

  4. Slide 4: Stable Board and Management

    For personal use only Stable Board and Management Name Position Years with CWP William Hames Chairman (co-founder) 22 years Robert Brown Deputy Chairman 21 years Paul Sadleir Managing Director 9 years Ron Packer Independent Director 4 years Paul Freedman Chief Financial Officer 11 years Nathan Black

  5. Slide 5: Balanced Share Register

    Balanced Share Register For personal use only  Institutional 40-45%  Retail 25-30%  Board 30%  About 1200 shareholders

  6. Slide 6: Key Targets / Objectives

    For personal use only Key Targets / Objectives  Earnings focused – targeting min 10% pa EPS growth  Return on equity > 12%  Gearing range 20-70%, based on shareholders equity (book values)  Interest cover minimum of 5 times  Dividend pay out ratio – policy unchanged through GFC – 50% of NPAT

  7. Slide 7: Earnings per share (cents)

    For personal use only Earnings per share (cents) A = Actual F = Forecast T = Target

  8. Slide 8: FY2010 – improving financial position

    For personal use only FY2010 – improving financial position  $15m FY2010 NPAT forecast (62% up on FY09). $9.9m in H1.  All presales in place to meet second half forecast  Forecast 25 cents EPS (54% up on FY09)  Declared fully franked interim dividend – 5 cents payable 30 April

  9. Slide 9: Strong balance sheet and funding position

    For personal use only Strong balance sheet and funding position  Gearing 38% at 31 December (down from 51% Dec Jun at June 2009) 2009 2009 Total assets $m 182.2 162.7  Interest cover 8.3 times Net bank debt $m 39.3 47.9  Total debt drawn $39m out of $100m bank Shareholders’ facility $m 103.1 93.3

  10. Slide 10: Impact of G.F.C. – Equity Raisings

    For personal use only Impact of G.F.C. Equity Raisings  CWP’s significant debt reduction through operating cash flow  Minimal equity raised in the last 18 months by CWP  Low dilution of future earnings * includes recent equity raising post 31/12/09

  11. Slide 11: Impact of G.F.C. – Share Price Performance

    Impact of G.F.C. For personal use only Share Price Performance Since December 07 vs Sector Peers

  12. Slide 12: Proven Business Model

    For personal use only Proven Business Model  Development primarily on balance sheet  Low dependency on funds management

  13. Slide 13: Project Portfolio in Perth & Melbourne

    Project Portfolio in Perth & Melbourne For personal use only 

  14. Slide 14: Strong Project Pipeline

    Strong Project Pipeline WESTERN AUSTRALIA FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 For personal use only Rivergums Cambridge Waters Mariners Cove Mandurah Country Club Kestrels Waterline (including stage 2) Helena Valley The Jetty Port Mandurah (Sutton) Forrestdale Cedar Woods

  15. Slide 15: Williams Landing, Melbourne – VIC

    Williams Landing, Melbourne – VIC For personal use only

  16. Slide 16: Banbury Village, Footscray – VIC

    Banbury Village, Footscray – VIC For personal use only

  17. Slide 17: Carlingford, Lalor – VIC

    Carlingford, Lalor – VIC For personal use only

  18. Slide 18: Rivergums, Baldivis – WA

    Rivergums, Baldivis – WA For personal use only

  19. Slide 19: Mariners Cove, Mandurah – WA

    Mariners Cove, Mandurah – WA For personal use only

  20. Slide 20: Kestrels, Tapping – WA

    Kestrels, Tapping – WA For personal use only

  21. Slide 21: Waterfront Apartments – WA

    Waterfront Apartments – WA For personal use only

  22. Slide 22: Camberwell – VIC Master Plan

    Camberwell – VIC For personal use only Master Plan

  23. Slide 23: Strong, mature land bank

    Strong, mature land bank For personal use only  Portfolio of well located projects  Majority of land bank acquired well before property boom and GFC, provides valuation upside.  Land bank in WA & VIC provides diversity  Major projects mature and providing income  Diverse product range

  24. Slide 24: Potential Upsides

    Potential Upsides For personal use only  WA and VIC economies forecast to grow at or above national average  Population growth outlook – around 2% for FY2010, strong long term  Unemployment has peaked  Housing recovery under way – upgraders and investors returning  Williams Landing Town Centre

  25. Slide 25: Sector Risks

    Sector Risks For personal use only  Affordability (prices, interest rates)  Funding for developers (upside for those who can access!)  Property cycles  Government initiatives

  26. Slide 26: In summary – the investment case for CWP

    In summary – For personal use only the investment case for CWP  Well established company, experienced Board and Management  Balanced share register profile  Clear focus on targets and proven transparent business model  Improving profits and strong balance sheet  Future earnings largely undilute

  27. Slide 27: Information

    Information For personal use only Contact: Paul Freedman CFO (08) 9480 1500 paul.freedman@cedarwoods.com.au Website: www.cedarwoods.com.au

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