Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — Shareholder Meeting (October 2004)
30 slides from Cedar Woods Properties's shareholder meeting presentation, Oct 29, 2004
Slide 1: Cedar Woods Properties Limited Annual General Meeting 2004
CEDAR WOODS PROPERTIES LIMITED Annual General Meeting 2004 S:AAGMIAGM 2004\AGM Presentation\Chairmans Address-- 2004.doc Page 1 of 30
Slide 2: Presentation Outline
[1] 7 — _ _ _ _ _ _ —_—_—_—_—_— EEE Presentation Outline Company objectives Corporate Governance Financial highlights Key strategies Project Review Outlook and 2005 Forecast In this presentation: We will recap on the company’s primary objectives and key performance indicators. We will discuss the pr
Slide 3: Company Objectives
[2] a Company Objectives Primary objective - growth in earnings per share CWPL’s current target is 10% pa growth, exceeded in FY2003 Gearing (net bank debt to equity) target range 10% to 60% ¢ Return on equity — minimum of 12% Once again, during the financial year, the Corporate Plan was updated by
Slide 4: EPS Growth Rates
[3] i... .. ... | _ae EPS Growth Rates Indusinal Sector CWPT. 1994-2003 7.4% (actual) 19.9%* 2004 9.5% (actual) 39.0% 2005 10.9% (forecast) >10.0% # Since 1994 listing In the past year the earnings per share performance of the top 500 companies was exceptionally strong, and earnings across the index
Slide 5: Corporate Values
[4] a Corporate Values * Communicate the Company’s progress to shareholders * Satisfy customers expectations ¢ Align the interests of the Company and its employees ¢ Have our citizenship recognised ¢ Maintain the highest ethical standards Our Corporate Vaiues, which we seek to satisfy in pursuit of
Slide 6: Corporate Governance
[5] ....tttttttti(‘(‘(‘(iy..U.N...U.U.ULULUDLDD Corporate Governance Board commitment to highest standards of Corporate Governance ¢ Complying with ASX requirements ¢ Appropriate committee structure Focus on performance and compliance As many of you will already be aware, the Corporate Governance Co
Slide 7: Revenue & Net Profit after Tax
[6] err eee Revenue & Net Profit after Tax Revenue$m NPAT $m nm ann: 21? Orns Onna. mma Reverue from ordinary activies —e—Net sro‘it sfte- tax The following graphs show results for the last 5 financial years. Our revenue in 2004 was $57m, up 54% on 2003, showing another year of strong growth. The in
Slide 8: Earnings & Dividend per Share
[7] oe Earnings & Dividend per Share Cents por share 20] 2001 2002 20 2034 @ Eernincs per share (c2nts) @ AWvidend rer share (fully fraikedi This led to a similar increase in earnings per share, which has also grown considerably over the last 3 years. This growth in earnings allowed the Board to pay
Slide 9: Dividend Policy
[8] oe Dividend Policy ¢ Provide balance between return to Shareholders and growth of Company ¢ Approximately 50% of net profit after tax plus realised reserves * 10c dividend for FY 2004 (FY 2003 — 7c} ¢ Dividend reinvestment plan may be re-introduced in future Our dividend policy is to provide a b
Slide 10: Total Assets at Book Value
[9] Ee Total Assets at Book Value 20U0 20u1 20U2 2003 2004 Our total assets have grown significantly over the last 5 years as the company has invested in a number of new projects. Total assets are up 100% over 2000 — and these assets will provide future earnings in the company. S:AAGMIAGM 2004\AGM P
Slide 11: Net Bank Debt to Equity
[10] err eee Net Bank Debt to Equity {U% 60% 50% 40% 30% 20% 10% 0% 2000 2001 2002 As stated at the start of this presentation, we have a long term target range of 10% to 60% for our net bank debt to equity ratio. This graph shows the ratio for the last 5 year-ends, compared to the target range. As
Slide 12: Return on Equity
[11] oe Return on Equity 25% 20% 15% 10% 5% 0% 2001 2002 2004 Our return on equity was 21%, again growing strongly since 2001, and well above our minimum target of 12%. Before | hand over to Paul, I'd like to talk about our share price. SAAGMIAGM 2004\AGM Presentation\Chairmans Address-- 2004.doc Pa
Slide 13: Share Price Performance
[12] oe Share Price Performance 200 ‘nnn WPAT and Redlned Reverver $m Many of you will now be familiar with this graph. During the 2004 financial year the company’s share price increased by 75%, reflecting the improved profitability and outlook. We are pleased with the recent improvement in our shar
Slide 14: Mariners Cove
[13] MARINERS COVE The telands The Lestvels ay maeraees coum The getiect spel te svst TheRivergum: _oeneeititas, BALD EVD Sette oe NALD TILL Ss Be A RT M FON T B (Paul Sadleir) Good morning and thank you all for attending our 2004 Annual General Meeting. SAAGMIAGM 2004\AGM Presentation\Chairmans Add
Slide 15: Key Strategies
[14] oe 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 assets Establishing joint venture
Slide 16: [15]
[15] S:AAGMIAGM 2004\AGM Presentation\Chairmans Address-- 2004.doc Page 16 of 30
Slide 17: Australia's Largest Population Growth LGA's
[16] —————————————————_- Australia’s Largest Population Growth LGA’s City/Part of State Additional persons in the 12 months to June 2003 1 Brisbane (C) Brisbane 20,808 2 Gol Ccast (C; Gd Balance 16.099 3 Casey (C)Melboure 10.787 T Wyndham (C) Meluurne 7298 Note: Laverton is in Wyndham 3 Neten Si Meb
Slide 18: Project Life
[17] Project Life Lots/Units 2005 2006 207 2008 Balcatta UU CY Nautlius a Sutton a Canning Vale es Mariners Cove | The Kestrels enn! The Rivergums ee Laverton 2 ee Helena Valley mH Aria oo |+ 3 Years As you can see, the future of the company is underpinned by a range of different projects mainly aro
Slide 19: Rockingham — ARIA
[18] & [19] Rockingham — ARIA * 10 storey, 32 apartment tower plus ground floor commercial + $16 m project * Fully sold + Will contribute to FY 2004 and FY 2005 * Completion early 2005 * $10m limited recourse bank facility S:AAGMIAGM 2004\AGM Presentation\Chairmans Address-- 2004.doc Page 19 of 30
Slide 20: Rockingham Nautilus
Rockingham Nautilus + Council approval obtained for 64 apartments and 24 townhouses * Ground floor commercial + Delays and cost increases now dealt with + Construction commencing November 2004 + 50+% pre-sold + Anticipate profits arising FY2005 and FY2006 SAAGMIAGM 2004\AGM Presentation\Chairmans Ad
Slide 21: The Kestrels, Tapping
[21] & [22] The Kestrels, Tapping + Major new project announced July 2003 + Adjacent Joondalup townsite + 51 hectares, 540 lots + Greensmart Accreditation * Construction - Stage 1 August completion + Strong sales — stages 1 & 2 almost sold out « Display Village S:AAGMIAGM 2004\AGM Presentation\Chair
Slide 22: Canning Vale
[23] [24] & [25] Canning Vale * 8.35 ha located 17 km south of Perth + Subdivision approval for 57 lots and 160 apartments *« Development approval for two apartment complexes * Construction of roads, lakes and services underway, completion May 2005 + Anticipated profit contribution in FY2005-2008 S:
Slide 23: Balcatta
[26] Balcatta « 6.5ha, 12km north of Perth * 16 lot subdivision « Showroom, commercial and bulky goods uses + Opportunity to develop and lease + Anticipate sales over 2005 & 2006 S:AAGMIAGM 2004\AGM Presentation\Chairmans Address-- 2004.doc Page 23 of 30
Slide 24: Sutton
[27] & [28] Sutton Port Mandurah + Stage 6 — sold out + “The Promontory” — sold out « Evaluating development of Sutton Precinct, with up to 45 townhouses S:AAGMIAGM 2004\AGM Presentation\Chairmans Address-- 2004.doc Page 24 of 30
Slide 25: Mariners Cove
[29] & [30] Mariners Cove « All created dry lots in stages 1-8 have been sold. We will shortly pre-release Stage 9 + 125 dry lots to be developed including Stage 9 * 331 canal lots to be developed, 67 lots in Stage 1 complete and mostly sold + Commenced 94 lot Stage 2 + Future group housing sites in
Slide 26: The Rivergums
[31] & [32] SPAMS AS The Rivergums + 120 ha project to yield 815 lots + Over 200 lots sold + Stages 1 & 2 - 180 lots complete + Stage 3 under construction + Project life of 7-10 years S:AAGMIAGM 2004\AGM Presentation\Chairmans Address-- 2004.doc Page 26 of 30
Slide 27: Laverton
[33] Laverton 275 ha, 18 km (20 mins) west of Melbourne Mixed use project planning complete Residential, commercial and industrial uses $22m freeway interchange now funded + Railway station design complete * Seeking formal rezoning eo 2 ee Our Laverton projects is currently in the rezoning phase. Th
Slide 28: Economic Outlook
[34] eee Economic Outlook « Australia & WA economies set for further growth « Consumer confidence remains strong * Property market has softencd but markct remains resilicnt « Waterfront and coastal property in demand « WA property remains affordable The residential property market has slowed in rece
Slide 29: Company Outlook
[35] Company Outlook Strong sales continuing . Further growth provided by new projects + New projects undergoing due diligence + $45m acquisition and development funding facility plus $10m Aria facility Forecasting $11-12 m net profit after tax in FY 2005, approximately 40% in the first half and 60%
Slide 30: Cedar Woods Properties Limited Annual General Meeting 2004
[36] soy ny We CEDAR WOODS PROPERTIES LIMETED 2004 Annual General Meeting SAAGMIAGM 2004\AGM Presentation\Chairmans Address-- 2004.doc Page 30 of 30
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