Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — H1 FY2015 Earnings Presentation
21 slides from Cedar Woods Properties's earnings presentation, Feb 25, 2015
Slide 1: First-Half FY2015 Financial Results
First-Half FY2015 Financial Results 25 February 2015 Cedar @ Woods
Slide 2: Agenda
For personal use only 1 1H FY2015 Financial Highlights 2 Operational Overview 3 Market Conditions & Outlook
Slide 3: 1H FY2015 Financial Highlights
For personal use only • 1H FY2015 Net Profit After Tax (NPAT) of $9.1 million • Result consistent with previously-stated expectations and as a result of the timing of project stages • CWP has increased its full year earnings guidance for FY2015 to a record NPAT of $41 million, based on the company’s
Slide 4: 1H15 results versus 1H14
For personal use only 1H15 ($m) 1H14 ($m) Change (%) Revenue 77.9 102.1 -23.7% Net profit after tax 9.1 20.5 -55.4% Dividends per share 12.0 cents 12.0 cents - • Lower revenue, reflecting the timing of settlement stages, with the majority of settlements to take place in the second half • Reduced rev
Slide 5: Net Profit After Tax by half year
45 For personal use only 40 35 Net Profit After Tax ($m) 30 19.8 3.9 18.2 25 31.9* 23.4 Second Half 20 First Half 15 24.2 10 20.5 18.1 5 10.9 9.1 0 * Forecast FY2011 FY2012 FY2013 FY2014 FY2015 • Cedar Woods has a history of uneven half year financial results due to the timing of project releases an
Slide 6: Assets, debt and gearing
For personal use only Assets at book value (cost) ($m) 31 Dec 30 June 450 423 410 2014 2014 400 $m $m 350 301 Total assets (book value) 423 410 300 234 238 250 Net bank debt 92 33 200 Net assets (equity) 258 262 150 100 Finance facility limit 158 135 FY11 FY12 FY13 FY14 1H15 Finance facility headroo
Slide 7: Cash flows from operating activities
1H15 1H14 For personal use only Cash flows related to operating activities $m $m Receipts from customers 84.5 109.3 Interest received 0.2 0.3 Payments to suppliers and employees (23.7) (25.5) Borrowing costs (3.0) (2.5) Income taxes paid (11.9) (11.3) Payments for development (53.9) (52.1) Operating
Slide 8: Operational Overview
For personal use only 1 1H FY2015 Financial Highlights 2 Operational Overview 3 Market Conditions & Outlook
Slide 9: Strong property portfolio and mature land bank
Strong property portfolio and mature land bank Brisbane (Upper Kedron) Melboume Carlingford St Albans Banbury Village Realm at Camberwel Clayton South jams Landing ™
Slide 10: Western Australia projects update
For personal use only • Cedar Woods’ experience in WA shows that well-located projects, close to transport infrastructure and in growth corridors, continue to generate strong buyer demand. • Sales activity continued at: – Mariners Cove, Piara Central, Rivergums, Elements, Byford on the Scarp and the
Slide 11: Brabham and Bushmead
For personal use only Brabham • Master-planned community 22km from Perth’s CBD to include 480 lots, sites for a primary school, 3ha neighbourhood park and conservation land • Conditional subdivision approval granted January 2015 • Commencement of construction expected May 2015 • Commencement of sale
Slide 12: Victoria: Williams Landing and other projects
For personal use only • Positive market conditions for residential property developers continued in 1H FY2015 • CWP projects performed well in 1H FY2015 – Price growth achieved, sales remained strong • Comprehensive delivery program underway at Williams Landing – A number of stages scheduled for set
Slide 13: St Albans and Jackson Green
For personal use only St A • 17km from Melbourne CBD, close to St Albans shopping district, train station and Victoria University • Integrated residential community of over 200 dwellings • Early planning works complete, masterplan approvals advancing • First stages expected to be lodged for approval
Slide 14: Upper Kedron approvals
For personal use only • Upper Kedron development received Brisbane City Council (BCC) planning approvals in December 2014 • The BCC approved a masterplan for the site with the capacity for 980 lots • Detailed design work for the initial stages now underway • Stage applications to be made progressive
Slide 15: Upper Kedron approval risks
For personal use only • The Upper Kedron approval process allows for those who made a submission on the project to appeal the Council’s decision • There is potential for the approval to be reviewed by the Queensland Government • An appeal, or State Government review could cause a delay in the commen
Slide 16: Market Conditions & Outlook
For personal use only 1 1H FY2015 Financial Highlights 2 Operational Overview 3 Market Conditions & Outlook
Slide 17: Population growth by state
8,000 2.5 For personal use only 7,518 7,000 2 5,842 6,000 1.5 5,000 4,722 Population Population (‘000) 4,000 2.2 Growth (%) 1.9 1 1.7 3,000 1.5 2,573 0.5 2,000 1,000 0 NSW VIC QLD WA Population at end December Qtr 2013 '000 Change over previous year % Source: ABS 3101.0 • Population growth in states
Slide 18: Forecast housing starts
VIC QLD WA For personal use only 35 30.94 31.09 31.05 29.64 30 28.52 26.83 27.03 25.2 25 22.75 22.65 21.67 000's 19.36 19.03 20 17.54 17.22 15 10 5 0 2013/14 (a) 2014/15 2015/16 2016/17 2017/18 Source: HIA (February 2015) • Forecast housing starts in states with Cedar Woods’ projects reflects variab
Slide 19: Outlook and guidance
For personal use only • Cedar Woods increases full year earnings guidance for FY2015 to a record NPAT of $41 million, based on the company’s strong delivery program for 2H FY2015 and on current market conditions continuing • Positive outlook underpinned by strong pre-sales of $147 million with the m
Slide 20: Disclaimer of liability
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 use. Subject
Slide 21: Office contact details
For personal use only Perth Office Melbourne Office Brisbane Office Ground Floor Level 12 Level 8 50 Colin Street 484 St Kilda Road 123 Eagle Street West Perth WA 6005 Melbourne VIC 3004 Brisbane QLD 4000 T: (08) 9480 1500 T: (03) 9820 1777 T: (07) 3007 2900 E: email@cedarwoods.com.au E: melbourne@c
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