Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — Shareholder Meeting (November 2023)
35 slides from Cedar Woods Properties's shareholder meeting presentation, Nov 1, 2023
Slide 1: Annual General Meeting 2023
Annual General Meeting 2023 For personal use only 1 Williams Landing, VIC
Slide 2: Agenda
ANNUAL GENERAL MEETING 2023 AGENDA For personal use only 1 Chairman’s Address Mr William Hames 2 Managing Director’s Review Mr Nathan Blackburne 3 Formal Business • Ordinary Business: Consideration of financial report • Ordinary Resolution 1: Re-election of retiring director – Jane M Muirsmith • Ord
Slide 3: Chairman's Address
CHAIRMAN’S ADDRESS For personal use only Mr William G Hames 3 Fletcher’s Slip, SA
Slide 4: Chairman's Address: Strategy, Purpose and Vision
CHAIRMAN’S ADDRESS STRATEGY Geography For personal use only Good geographic PURPOSEspread of well-located projects in 4 states 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. P
Slide 5: FY23 Summary
CHAIRMAN’S ADDRESS FY23 SUMMARY NET PRESALE For personal use only SALES CONTRACTS 694 lots $448m Lots / homes / offices sold SETTLEMENTS RETURN ON EQUITY 919 lots 7.3% Lots / homes / offices settled 5
Slide 6: Share Price Performance
CHAIRMAN’S ADDRESS SHARE PRICE PERFORMANCE CWP vs Small Industrials Index July 20 – June 23 ◼ Listed property sector share For personal use only prices impacted by interest rate cycle ◼ Fundamentals, including housing supply shortages, strong employment & increased inbound migration are supporting t
Slide 7: Agenda
ANNUAL GENERAL MEETING 2023 AGENDA For personal use only 1 Chairman’s Address Mr William Hames 2 Managing Director’s Review Mr Nathan Blackburne 3 Formal Business • Ordinary Business: Consideration of financial report • Ordinary Resolution 1: Re-election of retiring director – Jane M Muirsmith • Ord
Slide 8: Managing Director's Review
MANAGING DIRECTOR'S REVIEW For personal use only Mr Nathan Blackburne 8 Incontro, WA
Slide 9: FY23 Overview
MANAGING DIRECTOR’S REVIEW FY23 OVERVIEW For personal use only ◼ FY23 NPAT of $31.6m ◼ Presales supporting FY24 - FY26 ◼ Challenging operating conditions – builder availability/stability, labour shortages, construction costs & interest rates. ◼ Competitive environment for talent; strong staff engage
Slide 10: New Partnerships: QIC & TGRE Australia
MANAGING DIRECTOR’S REVIEW NEW PARTNERSHIPS: QIC & TGRE Australia ◼ Two major new partnering arrangements announced in 2023 - QIC & Tokyo Gas Real Estate (TGRE) For personal use only ◼ They leverage the existing skill base, allow operations to be expanded & further diversified, & generate recurring
Slide 11: ESG
MANAGING DIRECTOR’S REVIEW ESG ◼ Continued implementation of ESG strategy For personal use only & reporting in FY23 ◼ Implementing initiatives to better understand carbon emissions & reduce climate impact of our projects & operations ◼ National relationship with Smith Family – financing the educatio
Slide 12: New Housing Sector Conditions
MANAGING DIRECTOR’S REVIEW NEW HOUSING SECTOR CONDITIONS ◼ Sales momentum experienced in Q4 FY23 has been maintained in Q1 FY24 For personal use only ◼ Sound fundamentals with sales driven by investors, downsizers & upgraders, but with first home buyer sales remaining subdued. Strong investor sales
Slide 13: New Housing Supply Shortages
MANAGING DIRECTOR’S REVIEW NEW HOUSING SUPPLY SHORTAGES For personal use only ◼ Supply shortages of all forms of residential housing ◼ Very low residential vacancy rates & rapidly rising rents ◼ Many approved projects aren’t being delivered due to construction sector capacity limitations & costs ◼ T
Slide 14: New Housing Supply Shortages
MANAGING DIRECTOR’S REVIEW NEW HOUSING SUPPLY SHORTAGES June quarter dwelling commencements the lowest in over a decade. For personal use only 14
Slide 15: Population Growth
MANAGING DIRECTOR’S REVIEW POPULATION GROWTH ◼ Strong population growth boosts For personal use only market demand for housing ◼ Net Overseas Migration at record highs over FY23, & expected to gradually reduce but to historically high levels (>230k p.a.) ◼ Skilled migrant visas granted in FY23 are t
Slide 16: New Projects to Deliver First Earnings
MANAGING DIRECTOR’S REVIEW NEW PROJECTS TO DELIVER FIRST EARNINGS FY2024 Future years For personal use only ▪ Eglinton Village residential land, WA ▪ Incontro apartments, WA ▪ Atwater residential land, WA ▪ Fieldstone residential land, VIC ▪ The Acreage at Dalyellup, WA ▪ South Bank apartments, VIC
Slide 17: Projects Showcase
PROJECTS SHOWCASE For personal use only Fletcher’s 17 Slip, SA Fletcher’s Slip, SA
Slide 18: Grace Apartments, Glenside, SA
For personal use only 18 Grace Apartments, Glenside, SA
Slide 19: Project Example: Eglinton Village
PROJECT EXAMPLE: EGLINTON VILLAGE ◼ 86 hectare site in Perth’s north-west For personal use only growth corridor ◼ Located 500 metres from the new Eglinton train station (to open in 2024) ◼ 1200+ lots to be delivered in several neighbourhoods ◼ Will include residential, primary school, commercial hub
Slide 20: Project Example: Mason Quarter
PROJECT EXAMPLE: MASON QUARTER ◼ 800+ lot estate in high For personal use only performing suburb of Wollert ◼ 26 km north of Melbourne CBD ◼ Significant price growth since launch ◼ Construction underway for 270+ lots ◼ Predominantly first home buyer market ◼ First settlements occurred H2 FY23 20 20Q
Slide 21: Outlook
MANAGING DIRECTOR’S REVIEW OUTLOOK ◼ For personal use only Rising interest rates & broad-based inflation continue to impact sentiment & demand ◼ Sound fundamentals: low unemployment, record immigration & low supply ◼ Cedar Woods well placed to roll out 'shovel ready' projects & stages as conditions
Slide 22: Agenda
ANNUAL GENERAL MEETING 2023 AGENDA For personal use only 1 Chairman’s Address Mr William Hames 2 Managing Director’s Review Mr Nathan Blackburne 3 Formal Business • Ordinary Business: Consideration of financial report • Ordinary Resolution 1: Re-election of retiring director – Jane M Muirsmith • Ord
Slide 23: Formal Business
FORMAL BUSINESS For personal use only 23 Bushmead, WA
Slide 24: Ordinary Business
FORMAL BUSINESS ORDINARY BUSINESS To receive & consider the financial statements of the Company for the year ended 30th For personal use only June 2023 & the accompanying directors’ report, directors’ declaration & auditor’s report 24 24 Slip, SA Fletcher’s
Slide 25: Poll Procedure
FORMAL BUSINESS Poll Procedure For personal use only A poll will be conducted for Ordinary Resolutions 1 – 6 25 25
Slide 26: Re-election of Retiring Director: Jane Muirsmith
FORMAL BUSINESS ORDINARY RESOLUTION 1 For personal use only Re-election of retiring director That Mrs Jane M Muirsmith B Comm (Hons) FCA, GAICD, having retired in accordance with the Company’s constitution and, being eligible, offers herself for re-election, be re-elected as a director of the Compan
Slide 27: Re-election of Retiring Director: Valerie Davies
FORMAL BUSINESS ORDINARY RESOLUTION 2 For personal use only Re-election of retiring director That Mrs Valerie A Davies FAICD, having retired and, being eligible, offers herself for re-election, be re-elected as a director of the Company. Summary of proxy votes received totaling 43,762,863 shares # %
Slide 28: Adoption of Remuneration Report
FORMAL BUSINESS ORDINARY RESOLUTION 3 For personal use only Adoption of Remuneration report That the remuneration report that forms part of the Company’s directors’ report for the financial year ended 30 June 2023, be adopted. Summary of proxy votes received totaling 31,080,344 shares # % For 28,188
Slide 29: Issue of Zero-Price Options to Managing Director
FORMAL BUSINESS ORDINARY RESOLUTION 4 Approval for the issue of Zero-Price Options (ZEPOs) under the FY23 For personal use only deferred STI Plan to Mr Nathan Blackburne or his nominee That, for the purposes of Listing Rule 10.14 and for all other purposes, shareholders of the Company authorise and
Slide 30: Issue of Performance Rights under FY24 LTI Plan
FORMAL BUSINESS ORDINARY RESOLUTION 5 Approval for the issue of Performance Rights under the FY24 LTI Plan For personal use only to Mr Nathan Blackburne or his nominee That, for the purposes of Listing Rule 10.14 and for all other purposes, shareholders of the Company authorise and approve the issue
Slide 31: Increase in Non-Executive Directors' Remuneration Pool
FORMAL BUSINESS ORDINARY RESOLUTION 6 Approval of an increase in the Non-Executive Directors’ remuneration For personal use only pool That for the purposes of ASX Listing Rule 10.17, rule 11.9 of the Constitution and for all other purposes, the maximum aggregate amount of directors’ fees that may be
Slide 32: Agenda
ANNUAL GENERAL MEETING 2023 AGENDA For personal use only 1 Chairman’s Address 2 Managing Director’s Review 3 Formal Business 4 Questions 32 32
Slide 33: Mariners Cove, WA
For personal use only 33 Mariners Cove, WA
Slide 34: Byford on the Scarp, WA
For personal use only Byford on the Scarp, WA 34 34
Slide 35: Office Contacts and Disclaimer
Perth Office Melbourne Office Level 4, 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: perth@cedarwoods.com.au E: melbourne@cedarwoods.com.au For personal use only Brisbane Office Adelaide Office Level 6, 100 Edward Street 220 F
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