Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — H1 FY2003 Earnings Presentation
16 slides from Cedar Woods Properties's earnings presentation, Feb 20, 2003
Slide 1: Half Year Results To 31 December 2002
CEDAR WOODS PROPERTIES LIMITED Half Year Results To 31 December 2002
Slide 2: Presentation Outline
livgislelgrapislgtateplslstarielelsrersislsrislstaiisistaiisife =SSSSCtCS:*CS~S*S Presentation Outline * Company objectives ¢ Financial highlights ¢ Key strategies ¢ Operating highlights ¢ Outlook and 2003 Forecast Page 2 : Half Year Pres 2002
Slide 3: Company Objectives
ECUTTaERRRREEE TCU a Rem nE ee 1210 ne Company Objectives ¢ Primary objective - growth in earnings per share ¢ Aim to be in the top half of listed companies ¢ Average eps growth — all industrials from 1998 - 2002 was 6% pa, in 2002 it was 2.7% * CWPL’s current target is 10% pa growth, already exceed
Slide 4: Financial Highlights — Profit & Loss
Pa = = —h Financial Highlights — Profit & Loss Dec 2002 Dec 2001 % $A’000 $A’000 Increase Sales Revenue 19,463 13,684 42 Profit from ordinary activities before income tax expense Income Tax attributable to operating 6,399 3,375 90 2,252 1,250 80 profit Net profit after tax attributable to 4,147 2,12
Slide 5: Financial Highlights — Balance Sheet
Pa = = —h Financial Highlights — Balance Sheet 31 Dec | 30 June 2002 2002 Total assets $m | 45.7 | 503 Interest bearing liabilities (bank debt)) $m | 2.1 8.6 Shareholders’ equity $m | 33.8 | 29.0 Net debt to equity (%)| 2.5 29.4 Interest cover (x) | 96 21 Number of shares on issue 30 June (m)| 49.4
Slide 6: Statement of Cashflows
Statement of Cashflows Dec Dec Cashflows related to operating activities 2002 2001 $000 $000 Receipts from customers 30,106 21,023 Payments to suppliers & employees (4,218) (3,404) Net interest paid (24) (79) Income taxes paid (1,118) (627) Payments for inventory — new land (8,840) (5,307) Payments
Slide 7: Key Strategies
ECUTTaERRRREEE TCU a Rem nE ee 1210 ne Key Strategies * Diversification of the property portfolio - new residential subdivisions - medium density residential and apartments - industrial and commercial land * Identification and acquisition of new projects * Retaining ownership of income producing ass
Slide 8: Port Mandurah
Port Mandurah ¢ “The Promontory” — successful townhouse concept — anticipated fully sold in FY 2003 ¢ 19 residential lots in Stage 6 remain in stock ¢ Evaluating development of Sutton Precinct, with up to 40 townhouses - $10 m project Page 8 : Half Year Pres 2002
Slide 9: Mariners Cove
Mariners Cove MARINERS ¢ 73 dry lots sold in first half ¢ 265 dry lots to be developed ¢ 331 canal lots to be developed, 67 lots now under way ¢ Future group housing site in canal zone Page 9 : Half Year Pres 2002
Slide 10: Regency Grove
Regency Grove Regency woaN N ER OO ¢ Located at Ocean Reef Road, Wanneroo ¢ 83 lot subdivision commenced FY 2003 ¢ 13 lots sold in first half, 25 now under contract ¢ Construction completed by March 2003 ¢ To be sold in FY 2003 and FY 2004 ¢ Total revenue $12 m Page 10 : Half Year Pres 2002
Slide 11: The Rivergums, Baldivis
[uisaasassas sha tannnnanniifeessennneedseee TheRivergums ny —_ "tt, a ALDIVIS A The Rivergums, Baldivis ae ¢ 100 ha project to yield 550-600 lots ¢ Well located at end of Kwinana Freeway ¢ Development approval for Stage | - 90 lots ¢ Project life of 7 years ¢ Display village ¢ Small contribution in
Slide 12: Laverton, Melbourne
Pl eee Laverton, Melbourne ¢ 275 ha, 18 km (20 mins) west of Melbourne ¢ Mixed use project being masterplanned ¢ Major transit node ¢ Residential, commercial and industrial uses ¢ Fits Melbourne 2030 framework ¢ Negotiations ongoing with Government Page 12 : Half Year Pres 2002
Slide 13: Rockingham
Pa = = —h Rockingham * Coastal town 30 mins south of Perth ¢ Two waterfront sites acquired ¢ Council approval obtained for 10 storey, 32 apartment tower plus ground floor commercial - $15 m project, currently pre-selling ¢ Seeking development approval for second site, project revenue of $25 m ¢ Anti
Slide 14: Canning Vale and Balcatta
Pa = = —h Canning Vale * 8.35 ha located 17 km south of Perth ¢ Subdivision approval exists for 100 residential lots ¢ Evaluating potential for townhouses and apartments within project Balcatta ¢ 6ha parcel, 12 km north of Perth ¢ Major freeway interchange ¢ Showroom, commercial or bulky goods * Opp
Slide 15: Economic Outlook
livgislelgrapislgtateplslstarielelsrersislsrislstaiisistaiisife =SSSSCtCS:*CS~S*S Economic Outlook ¢ Local economy robust but subject to global influences ¢ Property market expected to soften — less so in WA ¢ Waterfront and coastal property in demand ¢ Steady industrial sector Page 15 : Half Year P
Slide 16: Company Outlook
ECUTTaERRRREEE TCU a Rem nE ee 1210 ne Company Outlook ¢ Strong sales continuing at Mandurah projects ¢ Further growth provided by new projects ¢ New projects undergoing due diligence ¢ $31 m acquisition and development funding facility ¢ Forecasting $6.5 m net profit after tax in FY 2003, equating
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