Slide 1: 2015 Full Year Financial Results
Cedar Woods Properties Limited For personal use only 2015 Full Year Financial Results 26 August 2015
Slide 2: Agenda
Cedar Woods Presentation | 2 Agenda For personal use only 1 FY2015 Financial Highlights 2 Operational Overview 3 Market Conditions 4 Company Outlook
Slide 3: FY2015 Highlights
Cedar Woods Presentation | 3 FY2015 Highlights For personal use only • Record full year profit of $42.6 million, up 5.6% on previous financial year • Final fully franked dividend of 16.0 cents. Total FY2015 fully franked dividend a record 28.0 cents per share • At 30 June 2015, net debt of $27.9 mil
Slide 4: FY2015 Financial Performance Summary
Cedar Woods Presentation | 4 FY2015 Financial Performance Summary For personal use only FY15 ($m) FY14($m) Change (%) Revenue 178.6 214.5 Down 16.7% Proceeds from Masters Store sale 36.0 NA - Total proceeds from properties 214.6 214.5 - Profit before income tax expense 57.8 55.6 Up 4.0% Net profit a
Slide 5: Track Record of Growth
Cedar Woods Presentation | 5 Track Record of Growth EPS / Total Dividend For personal use only NPAT ($m) (cents per share) 53.2 54.4 54.3 49.9 45.8 42.6 40.3 36.3 34.3 28 27.5 28 25 26 23 FY11 FY12 FY13 FY14 FY15 FY11 FY12 FY13 FY14 FY15 EPS Total Dividend • Fifth successive record profit • Fifth su
Slide 6: Balance Sheet Strength
Cedar Woods Presentation | 6 Balance Sheet Strength For personal use only Asset at book value (cost) ($m) 30 June 30 June 410 2015 2014 North Baldivis Acquisition 410 $m $m 383 Total assets (book value) 383.3 410.0 301 Net bank debt 27.9 32.6 234 238 Net assets (equity) 285.6 261.6 Finance facility
Slide 7: Cash Flow Statement Highlights
Cedar Woods Presentation | 7 Cash Flow Statement Highlights For personal use only FY15 ($m) FY14 ($m) Cash inflows from operating activities - customers 194.6 232.2 Payments to suppliers and employees (46.8) (52.2) Payments for development (85.1) (105.1) Borrowing costs and income taxes paid (18.7)
Slide 8: Operational Overview
Cedar Woods Presentation | 8 For personal use only 1 FY2015 Financial Highlights 2 Operational Overview 3 Market Conditions 4 Company Outlook
Slide 9: Strong property portfolio and mature land bank
Cedar Woods Presentation | 9 Strong property portfolio and mature land bank For personal use only
Slide 10: QLD – Upper Kedron (Ellendale) Project Update
Cedar Woods Presentation | 10 QLD – Upper Kedron (Ellendale) Project Update For personal use only • Ellendale – a 227 hectare master-planned community just 12km from Brisbane CBD • State Government approval for first 480 lots received in July • Acknowledgement by State Government that 160 hectare ba
Slide 11: WA Portfolio Overview
Cedar Woods Presentation | 11 WA Portfolio Overview For personal use only • Metropolitan new homes sales continue to be steady, although easing in line with population growth • Sales activity continued at Mariners Cove, Piara Central, The Rivergums, Emerald Park, Elements (South Hedland), Byford on
Slide 12: WA Projects Highlights
Cedar Woods Presentation | 12 WA Projects Highlights For personal use only ARIELLA • Master-planned community of 480 lots 22km from Perth CBD • Construction commenced May 2015 with strong interest from builders • First sales release in June 2015 well received with first settlements expected in FY201
Slide 13: WA Projects Highlights
Cedar Woods Presentation | 13 WA Projects Highlights For personal use only MARINERS COVE • Sales and settlements of last remaining stage of 40 lots commenced • Landmark project nearing completion • Good, steady sales though FY2015 NORTH BALDIVIS • Purchase of 50.74 hectares at North Baldivis in earl
Slide 14: Mangles Bay Marina
Cedar Woods Presentation | 14 Mangles Bay Marina For personal use only • 66ha Marina-Based tourist precinct 50kms from Perth CBD • Federal Department of Environment approval achieved • Completion of Statutory Planning due in FY2016 • Construction anticipated to commence in FY2017 • Expected life of
Slide 15: VIC Portfolio Overview
Cedar Woods Presentation | 15 VIC Portfolio Overview For personal use only • Housing sector experiencing good conditions with strong sales volumes and clearance rates and continued price growth • Strong population growth of 1.75% per annum • Median house price of $620,000, up approx. 10% in past 12
Slide 16: VIC Projects Highlights
Cedar Woods Presentation | 16 VIC Projects Highlights For personal use only JACKSON GREEN • Approximately 300 dwellings on 6.5ha site in Melbourne’s south-east • Stage 1 approval received June 2015 • Tender process for housing construction commenced • First settlements anticipated in FY2017 ST. A •
Slide 17: VIC Projects Highlights
Cedar Woods Presentation | 17 VIC Projects Highlights For personal use only WILLIAMS LANDING • Shopping Centre opened for trading in 1HFY2015 SHOPPING CENTRE • Shopping Centre has 6700sqm retail, 1800sqm office and 435 car bays • Minor expansion planned 1HFY2016 to add 1200sqm of floorspace WILLIAMS
Slide 18: Market Conditions
Cedar Woods Presentation | 18 Title For personal use only 1 FY2015 Financial Highlights 2 Operational Overview 3 Market Conditions 4 Company Outlook
Slide 19: Market Conditions
Cedar Woods Presentation | 19 Market Conditions For personal use only Western Australia • WA land sales easing from cyclical highs • Perth average lot price $256,000, down 2.5% in past 12 months • Sales results still strong in recognised growth corridors • WA employment levels still strong despite m
Slide 20: Population Growth
Cedar Woods Presentation | 20 Population Growth For personal use only 8,000 7,565 2.0 1.8 7,000 1.6 5,866 6,000 1.4 5,000 4,751 1.2 Population Population (‘000) 4,000 1.0 Growth (%) 1.75 1.58 0.8 3,000 2,581 1.38 1.37 0.6 2,000 0.4 1,000 0.2 0 0.0 NSW VIC QLD WA Source: HIA Population at end of Dec
Slide 21: Forecast Housing Starts
Cedar Woods Presentation | 21 Forecast Housing Starts For personal use only 32.37 35 31.15 31.05 28.52 28.32 30 26.42 26.6 25.26 24.16 23.19 25 22.06 19.03 THOUSANDS 17.54 20 16.91 16.7 15 10 5 0 2014/15 2015/16 2016/7 2017/18 2018/19 VIC QLD WA Source: HIA • Housing starts set to moderate from cycl
Slide 22: Houses vs Apartments FY2015
Cedar Woods Presentation | 22 Houses vs Apartments FY2015 For personal use only NSW VIC 23.8 33.3 32.4 31.1 Apartments (‘000) QLD Houses (‘000) WA 8.4 20.8 22.1 23.2 Source: HIA
Slide 23: Employment and Finance
Cedar Woods Presentation | 23 Employment and Finance For personal use only Source: Commonwealth Bank of Australia • Unemployment appears to have peaked in most states • Loan approvals remain at high levels in Eastern States, WA has dropped
Slide 24: Company Outlook
Cedar Woods Presentation | 24 For personal use only 1 FY2015 Financial Highlights 2 Operational Overview 3 Market Conditions 4 Company Outlook
Slide 25: Company outlook
Cedar Woods Presentation | 25 Company outlook For personal use only • Presales of $153 million (up 10% on prior year), mainly settling in FY2016 • Strong settlements in July and August sees debt remain at a low level providing funding capacity for selective portfolio growth opportunities • The compa
Slide 26: Disclaimer
Cedar Woods Presentation | 26 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 i
Slide 27: For personal use only
For personal use only Perth Office Melbourne Office Brisbane Office Ground Floor Level 1 Level 21 50 Colin Street 476 St Kilda Road 12 Creek 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@ce
Slide 28: Business model
Cedar Woods Presentation | 28 Business model For personal use only To grow and develop a national portfolio, diversified by geography, product type and price point, so that it continues to hold broad customer appeal and performs well in a range of market conditions. PROPERTY DEVELOPMENT MARKETING &
Slide 29: Project Pipeline Chart
Cedar Woods Presentation | 29 Project Pipeline Chart For personal use only CORRIDOR / LOT/UNITS LOTS/UNITS PROJECT NAME PROJECT TYPE LOCATION PROJECT REMAIN FY16 FY17 FY18 FY19 FY20 WESTERN AUSTRALIA (As of 1/7/15) Perth Waterline - Halls Head South Lots 9 9 Emerald Park -Wellard South West Resident