Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — FY2021 Earnings Presentation
33 slides from Cedar Woods Properties's earnings presentation, 2021
Slide 1: Full Year FY21 Financial Results
FULL YEAR FY21 FINANCIAL RESULTS
Slide 2: About Cedar Woods
ABOUT CEDAR WOODS 111 Overton Road, Williams Landing, VIC
Slide 3: Company Overview
ABOUT CEDAR WOODS COMPANY OVERVIEW S&P ASX 300 property company; market capitalisation of ~$540m Products: land estates, townhouses, apartments & commercial 9,600+ lots in pipeline; 31 projects across VIC, SA, WA, QLD Stable Board & Management with strong governance structures and corporate
Slide 4: Purpose, Vision & Values
ABOUT CEDAR WOODS PURPOSE, VISION PURPOSE & VALUES Our purpose is to create long-term value for shareholders through the development of vibrant communities. Purpose, Vision & Values inform every decision we make, VALUES We do what we say we’ll do. Having integrity, being honest & guide our conduct i
Slide 5: How We Create Value
ABOUT CEDAR WOODS HOW WE CREATE VALUE Property Acquisitions Development Marketing & Sales Disciplined approach Research, design, Integrated approach to to acquisitions: planning and delivery: optimise results: • Tactical & research-based • Sustainable designs that optimise • Positioning projects to
Slide 6: Strategy
ABOUT CEDAR WOODS STRATEGY To grow our national project Geography Good geographic spread of well-located projects in 4 states portfolio, diversified by geography, product type and price point, so that it continues to Product Type Range of housing lots, townhouses, apartments & commercial hold broad
Slide 7: Strategic Priorities
ABOUT CEDAR WOODS STRATEGIC PRIORITIES FY21 PROGRESS Financial Strength Optimising performance through disciplined capital Continued support from our 3 banks with facilities extended; management, a commercial focus, cost minimisation and Gearing at low end of target range; Significant facility headr
Slide 8: ESG Strategy
ABOUT CEDAR WOODS ESG STRATEGY PURPOSE Significant enhancement of ESG Our purpose is to create strategy & reporting in FY21 long-term value for shareholders through the development of vibrant communities. Informed by the Task Force on Climate-related Financial Disclosures (TCFD) Builds on Ceda
Slide 9: Financial
FINANCIAL Aster Apartments, Jackson Green, VIC
Slide 10: FY21 Summary
FINANCIAL FY21 SUMMARY NET PROFIT RETURN TOTAL SHAREHOLDER AFTER TAX ON EQUITY RETURN $32.8m 2017 2018 2019 2020 2021 TOTAL REVENUE 8.2% 31.9% $299.8m Above FY2021 target return Outperformed All Ordinaries of 30.2% & 2017 2018 2019 2020 2021 S&P ASX300 of 28.5%, underperformed Small Industrials of 3
Slide 11: History of Profits & Dividends
FINANCIAL HISTORY OF PROFITS & DIVIDENDS
Slide 12: Total Shareholder Return (TSR)
FINANCIAL TOTAL SHAREHOLDER RETURN (TSR) 1-Year TSR Performance Medium to Long Term TSR Performance 40.0% 16.0% 35.0% 14.0% 30.0% 12.0% 25.0% 10.0% 20.0% 8.0% 15.0% 6.0% 10.0% 4.0% 5.0% 2.0% 0.0% 0.0% 1 Year 2 Years 3 Years 5 Years CWP Peer Avg. XAOAI XSOAI XSIAI XKOAI XKIAI CWP Peer Avg. XAOAI XSOA
Slide 13: Balance Sheet
FINANCIAL BALANCE SHEET 30 Jun 2021 30 Jun 2020 Total assets (book value) $651.8m $644.1m Net assets (equity) $400.4m $376.8m Net tangible assets per share $4.92 $4.68 Net bank debt $113.3m $142.7m Net bank debt to equity 28.3% 37.9% Net bank debt to total tangible assets (less cash) 17.6% 22.3% Fin
Slide 14: Our Portfolio
OUR PORTFOLIO Ellendale, QLD
Slide 15: Summary
OUR PORTFOLIO SUMMARY Greville, Qld 9,600+ lots/dwellings/units (including conditional acquisitions) 31 projects across 4 states -VIC, WA, SA, QLD Land estates, townhouses, apartments & commercial projects High amenity locations & often located adjacent to train stations Projects positione
Slide 16: Diversified by Location & Product
OUR PORTFOLIO DIVERSIFIED BY LOCATION & PRODUCT PORTFOLIO BY PRESALES BY PRESALES BY LOCATION LOCATION PRODUCT TYPE # lots/homes/offices # lots/homes/offices # lots/homes/offices Commercial SA 1% SA WA WA Townhouses Land 13% 47% 30% 46% 20% 24% QLD 16% QLD 8% VIC 24% VIC 42% 29% Apartments State Lot
Slide 17: Market Conditions
MARKET PROJECT TITLE CONDITIONS Ariella Private Estate, WA
Slide 18: New Housing Sector
MARKET CONDITIONS NEW HOUSING SECTOR Low interest rates & unemployment are supporting the new housing sector, resulting in strong sales conditions Confidence levels recently impacted by lockdowns in some states, but expected to sharply recover Demand across most product types is strong & this
Slide 19: Market Conditions by State
CEDAR MARKET CONDITIONS WOODS BY STATE MELBOURNE © Strong demand for growth area housing and established housing Low apartment demand, few apartment projects in market * Ongoing lockdowns * Exodus of temporary residents, high rental vacancy rates * Limited growth area land lots available * HIA forec
Slide 20: Our Projects
OUR PROJECTS The Brook at Byford, WA
Slide 21: Western Australia
OUR PROJECTS WESTERN AUSTRALIA 11 projects, more than 4,500 lots / dwellings Projects catering for a range of buyer types Land subdivision, townhouses & apartments 2 new developments delivering first contributions in FY21, Solaris and Ariella (northern precinct) Strong sales continued in H
Slide 22: Ariella (WA)
OUR PROJECTS ARIELLA (WA) Initially acquired in 2013, subsequent 20.5ha addition in 2019 Located in Perth’s popular North-East corridor Vacant land subdivision, total yield of 880 lots Strong performing, high margin project selling 100+ lots p.a. Final settlements anticipated to occur in F
Slide 23: Incontro, Subiaco (WA)
OUR PROJECTS INCONTRO, SUBIACO (WA) Inner ring site located 5km from CBD, in sought after suburb of Subiaco Masterplan with 151 townhouses & apartments Townhouses 100% presold with construction underway Building works commenced on site, stage 1 settlements September 2022 Planning approval
Slide 24: Victoria
OUR PROJECTS VICTORIA 11 projects (4 currently at Williams Landing) More than 2,300 lots / dwellings / offices + 17 hectares of commercial / apartment sites Land subdivision, townhouses, apartments & commercial projects Challenging development conditions under COVID-19 restrictions in Victor
Slide 25: Williams Landing
OUR PROJECTS WILLIAMS LANDING Large scale, masterplanned development with over 3000 homes & a large mixed use town centre Diverse mix of land, townhouses, apartments & commercial developments Up to 10 years remaining project life Numerous projects underway
Slide 26: Queensland
OUR PROJECTS QUEENSLAND 5 projects (2 at Greville) More than 1,500 lots / dwellings Land subdivision, townhouses, apartments & commercial Strong market conditions being experienced with significant price growth being achieved Increased pipeline by 515 lots with the South Maclean acquisitio
Slide 27: Greville
OUR PROJECTS GREVILLE GREVILLE 3.7 ha site, 6km north of Brisbane CBD Mix of townhouses, apartments & childcare Close to 2 train stations, schools & shops Townhouses selling well with strong price growth Increased construction costs Apartment sales launching around Q2 FY22
Slide 28: South Australia
OUR PROJECTS SOUTH AUSTRALIA 4 well located projects (including 3 projects at Glenside) Acquisitions from State Government More than 1,300 townhouses & apartments remaining Strong market conditions
Slide 29: Glenside
OUR PROJECTS GLENSIDE FLETCHER’S SLIP 17 Ha, 3km from Adelaide CBD 1,000 townhouses & apartments 8 – 10 year project duration Grace apartments - settled in July 21 Monarch apartments - sales commenced, 40% sold within weeks 62 fully presold townhouses under construction, to settle in Q4
Slide 30: Fletcher's Slip
OUR PROJECTS FLETCHER’S SLIP 14km north west of the CBD Around 500 dwellings, townhouses and apartments Adjacent to train station, beach, close to submarine building precinct Stage 1 subdivision works completed, Stage 2 underway Construction commencing on 75 townhouses First apartment bu
Slide 31: Outlook
OUTLOOK Bushmead, WA
Slide 32: Outlook
OUTLOOK Low interest rates & unemployment are supporting the new housing sector Demand across most product types is currently strong & this is expected to continue for some time, although with variability due to the impacts of COVID-19 Outlook underpinned by pre-sales of $478m, partially de-ri
Slide 33: Disclaimer of Liability
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 use. Subject to any terms implied
Cedar Woods Properties — FY2021 Earnings Presentation on 6ix