Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — Investor Presentation (June 2013)
51 slides from Cedar Woods Properties's investor presentation, Jun 5, 2013
Slide 1: Institutional investor tour presentation cover letter
For personal use only 5 June 2013 Australian Securities Exchange Limited Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Dear Sir / Madam INSTITUTIONAL INVESTOR TOUR PRESENTATION Please find attached presentation slides for an investor tour to be held on 6 June 2013. Yours sincerely Paul Fr
Slide 2: Projects Tour, Melbourne
MELBOURNE For personal use only PROJECTS TOUR 6 June 2013
Slide 3: Agenda
Agenda For personal use only 1. Company overview 2. WA market conditions 3. WA projects update 4. VIC market conditions 5. VIC projects update 2
Slide 4: Investment highlights
Investment highlights For personal use only ► Proven track record of consistent earnings growth and meeting targets ► Strategically located and diverse residential portfolio – Urban and regional growth areas in VIC and WA – Apartments, integrated housing, mixed use and large master planned communiti
Slide 5: Cedar Woods' strategy
Cedar Woods’ strategy For personal use only Property Development Portfolio Diversity Expertise Strategically located and Core competency: industry- diverse residential portfolio in leading design, delivery and urban and regional growth marketing of development areas in VIC and WA, offering projects
Slide 6: Strong property portfolio and mature land bank
Strong property portfolio and mature land bank For personal use only
Slide 7: Track record of growth and balance sheet strength
Track record of growth and balance sheet strength For personal use only NPAT ($m) 40.0 36.0 34.3 30.0 28.0 20.0 17.2 9.3 10.0 0.0 FY09 FY10 FY11 FY12 FY13 (F) Gearing (%)1 60.0% 51.4% 43.0% 40.0% 36.5% 20.0% 11.9% 2.1% 0.0% FY09 FY10 FY11 FY12 1H13 1 Gearing defined as net bank debt / book equity 6
Slide 8: 1H 2013 results & outlook
1H 2013 results & outlook For personal use only ► Significant increase in 1H13 NPAT, 65% higher than previous corresponding period ► Continued strength of residential property sales in 2H13, driven by interest rate cuts, limited housing supply and strong population growth ► Cedar Woods maintains a p
Slide 9: WA Market Conditions
For personal use only WA Market Conditions
Slide 10: Housing loan approvals
Housing loan approvals For personal use only Source: CBA 9
Slide 11: Residential building approvals
Residential building approvals For personal use only Source: CBA 10
Slide 12: Private new house sales – WA
Private new house sales – WA (seasonally adjusted) For personal use only 11
Slide 13: WA Projects Update
For personal use only WA Projects Update
Slide 14: WA Projects Update
WA Projects Update For personal use only ► Strong demand across a number of projects, with improved sales volumes also driven by new project launches in FY13 ► Strong first-half sales volumes has continued into 2H13, driven by demand from first home buyers. Price growth has been modest. ► First-time
Slide 15: Recent acquisition – Byford
Recent acquisition – Byford For personal use only ► 32ha, 40km from CBD ► 350 lots 14
Slide 16: Recent acquisition – Brabham
Recent acquisition – Brabham For personal use only ► 40ha, 22km from CBD ► 350 lots 15
Slide 17: VIC Projects Update
For personal use only VIC Projects Update
Slide 18: Victorian projects update
Victorian projects update For personal use only ► Despite challenging market conditions, Cedar Woods’ projects continue to perform well ► Strong demand for well located projects ► We are on track with all projects for FY13 ► We are in a good presales position for FY14 ► Williams Landing Town Centre
Slide 19: VIC market conditions
VIC market conditions For personal use only ► Auction clearance rates for established housing have been good - 70%+ . Positivity in the market is mainly from the established sector ► Different sectors/locations are experiencing different conditions: − Apartments – supply becoming an issue. Well loca
Slide 20: VIC market conditions cont'd
VIC market conditions cont’d For personal use only ► Most demand is from Owner Occupiers. Investor numbers increasing ► First home buyers numbers still down – around 20% versus 25-30%. ► Interest rates have been reducing & are at low levels ► Government’s stimulus – State Government has improved inc
Slide 21: Private new house sales – VIC
Private new house sales – VIC (seasonally adjusted) For personal use only 20
Slide 22: St Albans – status update
St Albans – status update For personal use only Albans Train station Rezoning: Expected to be complete by October 2013 (acquisition assumption: March 2014) Expected yield: 250+ (acquisition assumption: 215) Dwelling types: Houses, duplexes, townhouses & apartments St Albans station Further funding a
Slide 23: St Albans – aerial photo
St Albans – aerial photo For personal use only
Slide 24: St Albans – draft concept plan
St Albans – draft concept plan For personal use only 23
Slide 25: Carlingford – status update
Carlingford – status update For personal use only Total Yield: Approx 635 lots Planning: 100 lots (triangle site) still to be rezoned Total Settled: 447 lots Av. Price / Size: $220,880 / 465sqm FY13 settlements: On target FY14 Activity: Planning & delivery of 2 more stages. Construction of major roa
Slide 26: Carlingford – masterplan
Carlingford – masterplan For personal use only 25
Slide 27: Carlingford
26 For personal use only Carlingford
Slide 28: Carlingford
27 For personal use only Carlingford
Slide 29: Carlingford
28 For personal use only Carlingford
Slide 30: Realm Camberwell – status update
Realm Camberwell – status update For personal use only Total Yield: 78 lots Sales Status: 77 released, 66 unconditional sales, 6 conditional sales, several “holds” Av. Price / Size: $1.07m / 3 bedroom home Marketing Update: Last stage (9) is being released now Update: Display home completed Strong p
Slide 31: Realm Camberwell – aerial photo
Realm Camberwell – aerial photo For personal use only 30
Slide 32: Realm Camberwell – masterplan
Realm Camberwell - masterplan For personal use only 31
Slide 33: Realm Camberwell – display home
Realm Camberwell - display home For personal use only 32
Slide 34: Realm Camberwell – display home
Realm Camberwell - display home For personal use only 33
Slide 35: Realm Camberwell – construction well advanced
Realm Camberwell - construction well advanced For personal use only 34
Slide 36: Banbury Village – status update
Banbury Village – status update For personal use only Total Yield: 400+ Dwelling Types: Houses, Townhouses & Apartments Av. Price / Size: $560,000 for a 3 bedroom townhouse Update: - Strong presales for FY14 - Good interest received for recent releases - Several stages under construction – all on pr
Slide 37: Banbury Village – concept plan
Banbury Village – concept plan For personal use only 36
Slide 38: Banbury Village
37 For personal use only Banbury Village
Slide 39: Banbury Village
38 For personal use only Banbury Village
Slide 40: Williams Landing – status update
Williams Landing – status update For personal use only Total Yield: 2,500+ Total Sold: Approx 1000 (900 settled) Pricing: 384sqm - $279,000 448sqm - $299,000 Pricing increased for the last release with good sales. Update - Strong sales in past 2 months - The new marketing/sales suite is open - Most
Slide 41: Williams Landing – Masterplan
Williams Landing – Masterplan For personal use only 40
Slide 42: Williams Landing
41 For personal use only Williams Landing
Slide 43: Williams Landing Town Centre – aerial image
Williams Landing Town Centre – aerial image For personal use only 42
Slide 44: Williams Landing Town Centre update
Williams Landing Town Centre update For personal use only ► Major regional serving, mixed use development of 50ha ► There is strong enquiry now that infrastructure is complete ► Promotional activity is getting underway ► The strategy is to secure buyers and tenants for selected parcels from FY14 onw
Slide 45: Williams Landing Town Centre Structure Plan & Images
Williams Landing Town Centre Structure Plan & Images For personal use only 44
Slide 46: WLTC – Masters Home Improvement
WLTC – Masters Home Improvement For personal use only Masters construction progressing slightly ahead of schedule and expected to open at the end of 2013. 45
Slide 47: Williams Landing Shopping Centre
Williams Landing Shopping Centre For personal use only ► The centre is to be delivered in stages with supermarket in 1st stage and a discount department store in 2nd stage ► Continued strong growth in the primary and secondary catchments ► Specialty leasing to commence in FY14 ► Construction expecte
Slide 48: Appendix
47 For personal use only APPENDIX
Slide 49: Sustainable earnings from long term projects
Sustainable earnings from long term projects For personal use only 48
Slide 50: Disclaimer
Disclaimer For personal use only Disclaimer of liability 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 u
Slide 51: Award Winning Developer
For personal use only Award Winning Developer
Cedar Woods Properties — Investor Presentation (June 2013) on 6ix