Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — FY2013 Earnings Presentation
31 slides from Cedar Woods Properties's earnings presentation, Sep 6, 2013
Slide 1: Cover letter to ASX for investor roadshow presentation
For personal use only 6 September 2013 Australian Securities Exchange Limited Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Dear Sir/Madam In advance of an East coast investor roadshow to be conducted from 9 to 11 September 2013, please find attached the investor presentation. Yours faith
Slide 2: FY2013 Financial Results Presentation
9 September 2013 For personal use only FY2013 Financial Results Presentation
Slide 3: Agenda
Agenda For personal use only 1. Cedar Woods Properties Overview 2. FY2013 Highlights 3. Financial Overview 4. Operational Overview 5. Market Conditions 6. Company Outlook 2
Slide 4: Investment highlights
Investment highlights For personal use only ► Proven track record of consistent earnings growth and meeting targets • 5-year Total Shareholder Return of 19.7% per annum ► Strategically located and diverse residential portfolio • Urban and regional growth areas in VIC and WA • Apartments, integrated
Slide 5: Cedar Woods' strategy
Cedar Woods’ strategy For personal use only FY2013 Achievements Leverage Property Core competency: industry-leading design, Williams Landing and Development delivery and marketing of development Banbury Village nominated as finalists at PCA National Expertise projects Awards 2013 Acquire and develop
Slide 6: Financial overview
For personal use only Financial overview
Slide 7: FY 2013 results highlights
FY 2013 results highlights For personal use only ► Record Net Profit After Tax of $36.3 million ► Full year dividend payout ratio maintained at 50% of net profit: fully franked final dividend of 15 cents declared, taking full year payout to 26 cents fully franked ► Low gearing provides capacity to f
Slide 8: FY 2013 results summary
FY 2013 results summary For personal use only FY13 ($m) FY12 ($m) Change (%) Revenue 172.8 170.5 1% Profit before income tax expense 51.4 49.3 4% Net profit after tax 36.3 34.3 6% Earnings per share 49.9 cents 53.2 cents 6% Dividends per share 26.0 cents 25.0 cents 4% ► Revenue slightly higher compa
Slide 9: Track record of growth and balance sheet strength
Track record of growth and balance sheet strength For personal use only Revenue ($m) NPAT ($m) 200 40 36.3 170.5 172.8 34.3 150 131.8 30 28 107.1 108.4 100 20 17.2 9.3 50 10 0 0 FY09 FY10 FY11 FY12 FY13 FY09 FY10 FY11 FY12 FY13 EPS (cents) Total Dividend (cents) 60 53.2 49.9 30 26 45.8 25 45 25 23 2
Slide 10: Balance sheet strength
Balance sheet strength For personal use only Assets at book value (cost) 30 June 30 Jun 350 ($m) 2013 2012 301 300 $m $m 250 233.6 238.3 Total assets (book value) 301.0 238.3 205.7 200 Net bank debt 37.8 3.8 162.7 150 Net assets (equity) 207.8 184.6 100 FY09 FY10 FY11 FY12 FY13 Finance facility head
Slide 11: Cash flow summary
Cash flow summary For personal use only FY13 FY12 Cash flows related to operating activities $m $m Receipts from customers 186.1 184.3 Interest received 0.6 0.8 Payments to suppliers and employees (43.5) (38.6) Borrowing costs – lower debt utilisation in FY13 (4.1) (6.0) Income taxes paid – higher i
Slide 12: Operational overview
For personal use only Operational overview
Slide 13: Strong property portfolio and mature land bank
Strong property portfolio and mature land bank For personal use only 12
Slide 14: WA project highlights
WA project highlights For personal use only Construction of stage 9B (61 lots) completed; strong sales experienced, Baldivis Secondary College now open Existing Construction of stage 5 (104 lots, mostly presold) complete; estate has matured Projects and established its market position Construction o
Slide 15: WA acquisitions – Byford
WA acquisitions – Byford For personal use only 32.3 hectare site in SE corridor acquired for $6.5M; subdivision approval received The Brook at for first 149 lots out of total of approximately 350 lots. Byford Construction commencing November 2013, settlements commencing H2 FY2014. Byford on the 35.3
Slide 16: WA acquisitions – Brabham
WA acquisitions – Brabham For personal use only 40 hectare site in NE corridor recently acquired for $22.35M; potential for over Brabham 350 lots; planning and approvals well advanced, construction to commence late 2014, settlements to commence FY2015. Acquisitions Target buyer segment: 1st / 2nd ho
Slide 17: WA – Western Edge
WA – Western Edge For personal use only Up to 226 ha to be developed in stages to meet market demand. Preferred Western developer with LandCorp. First phase of 600 lots requires 12 months for Edge planning approvals. Development Agreement SOUTH HEDLAND TOWN CENTRE 16
Slide 18: Victoria highlights
Victoria highlights For personal use only Construction of first stage of 7 homes completed, construction of Stages 2-6 underway; only one property remaining for sale in an estate of 78 homes. Construction of final Heritage Apartment building and Stages 12,13 and 15 completed; enquiry and sales remai
Slide 19: Victoria highlights
Victoria highlights For personal use only Williams Landing train station Masters store construction Realm at Camberwell Banbury Village heritage apartments
Slide 20: Market conditions and outlook
Market conditions and For personal use only outlook
Slide 21: Market conditions
Market conditions For personal use only Perth house prices WA dwelling prices havevacancy Low increased by rates approximately 6% over the past 12 months Melbourne Prices in house prices Melbourne increased Ongoing price growth approximately 5% in in Perth and FY2013 as the market Melbourne recovery
Slide 22: Market conditions
Market conditions For personal use only VIC market continues to recover, Low newvacancy rates home sales posting strong growth Private New Home since low in Oct 2012 Sales - VIC WA new home sales Ongoing price growth and approvals remain in Perth and at healthy levels Melbourne Private New Home Sale
Slide 23: Market conditions
Market conditions For personal use only Ongoing shortage of new housing, forecast to increase significantly 22 Source: ANZ Australian Demographics Chartbook, July 2013
Slide 24: Market conditions
Market conditions For personal use only Williams Landing Byford Piara, Harrisdale Cedar Woods has projects in many of Carlingford Australia’s fastest Emerald Park growing urban areas Kestrels Rivergums, North Baldivis, The Jetty, Mangles Bay Mariners Cove, Sutton, Waterline Brabham CWP project locat
Slide 25: The year ahead
The year ahead For personal use only ► Perth market is strong, Melbourne market is improving ► Ongoing progress at Williams Landing Completion of Masters Home Improvement store and commencement of rental income during FY2014 Potential for developments to commence on other commercial and retail s
Slide 26: FY2014 outlook
FY2014 outlook For personal use only ► $175 million in presales underpinning a positive outlook for Cedar Woods; presales predominantly settling in FY2014 ► Poised to unlock further value at Williams Landing Town Centre ► Subject to current market conditions continuing, Cedar Woods anticipates anoth
Slide 27: 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 28: Appendices
For personal use only APPENDICES
Slide 29: Sustainable Earnings from Long Term Projects
Sustainable Earnings from Long Term Projects For personal use only 28
Slide 30: Share price performance
Share price performance For personal use only CWP Share price performance FY2013 $6.50 $6.00 $5.50 $5.00 42% increase in share $4.50 price during the 42% $4.00 financial year $3.50 $3.00 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 FY2013 Total Shareholder Retu
Slide 31: Award Winning Developer
For personal use only Award Winning Developer
Cedar Woods Properties — FY2013 Earnings Presentation on 6ix