Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — H1 2021 Earnings Presentation
23 slides from Cedar Woods Properties's earnings presentation, Feb 17, 2021
Slide 1: Half Year FY21 Financial Results
Half Year FY21 Financial Results 17 February 2021
Slide 2: About Cedar Woods: Company Overview
About Cedar Woods: Company Overview S&P ASX 300 property company; market capitalisation of ~$550m Products: land estates, townhouses, apartments & commercial 8,400+ lots in pipeline; 30 projects across VIC, SA, WA, QLD Quality projects with many in high amenity locations; often next to train
Slide 3: About Cedar Woods: 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 hold broad Product Type Range of housing lots, townhouses, apartments and commerci
Slide 4: Financial: FY21 H1 Summary
Financial: FY21 H1 Summary Net Profit after tax 2021 H1 $22.4m 2020 H1 Up 120% on pcp Total Revenue Presales Contracts Share Price $169.2m 2021 H1 2020 H1 $380m Up 19% Up $40m or 12% on pcp 30 Jun 2020 to 31 Dec 2020 Up 31% on pcp Earnings Per Share 2021 H1 27.9c 2020 H1 Up 120% on pcp Settlements N
Slide 5: Financial: Balance sheet strength & access to funding
Financial: Balance sheet strength & access to funding 31 Dec 30 Jun 2020 2020 Total assets (book value) Geography $631.1m $646.7m Net assets (equity) $397.9m $378.7m Net tangible assets per share (book value not market value) $4.89 $4.67 Net bank debt $142.6m $142.7m Net bank debt to equity 35.8% 37
Slide 6: Market Conditions: Property Sector
Market Conditions: Property Sector Economic conditions improving with unemployment & GDP growth all showing a faster recovery and serving to instil confidence in buyers of new housing Government stimulus progressively being wound back, but enquiry and sales remain good across most projects Ren
Slide 7: Market Conditions: By State
Market Conditions: By State Market Outlook Melbourne Brisbane Perth Adelaide • COVID-19 restrictions eased, economy • Land sales currently strong as supported by • Land sales volumes have moderated from peaks • Mature & relatively stable market with lower rebounding Federal Government stimulus; Town
Slide 8: Our Portfolio: Summary
Our Portfolio: Summary 8,400+ lots/dwellings/units 30 projects across 4 states -VIC, WA, SA, QLD Land estates, townhouses, apartments & commercial projects High amenity locations & often located adjacent to train stations. Projects positioned as quality developments within their respective
Slide 9: Our Portfolio: Diversified by product & location
Our Portfolio: Diversified by product & location Location Product Type # lots/homes/offices # lots/homes/offices Commercial 1% SA WA Townhouses 16% 9% Land 57% Apartments 69% QLD 9% 21% 18% VIC State Lots/units % Product Lots/units % SA 1,364 16% Commercial 1 79 1% QLD 2 771 9% Townhouses 764 9% VIC
Slide 10: Our Projects: Western Australia
Our Projects: Western Australia 14 projects, more than 4,700 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) FY21 H1 strong sales resul
Slide 11: Our Projects: Western Australia
Our Projects: Western Australia Byford on the Scarp Located in Perth foothills 40 km’s south east of CBD Total of over 270 lots with mix of product sizes Predominantly first home buyer profiles Premium offering in Byford with city views & strong environmental Ariella credentials which is ach
Slide 12: Our Projects: Victoria
Our Projects: Victoria 10 projects (4 currently at Williams Landing) More than 1,500 lots / dwellings / offices plus 17 hectares of commercial / apartment sites Land subdivision, townhouses, apartments & commercial projects Well located sites with good proximity to amenity and train stations
Slide 13: Our Projects: Victoria
Our Projects: Victoria Williams Landing Mixed use, masterplanned community with up to 10 years remaining project life Diverse mix of land, townhouses, apartments & commercial developments Numerous projects underway (apartments, commercial & 107 Overton Road, Williams Landing residential lots)
Slide 14: Our Projects: Victoria
Our Projects: Victoria Mason Quarter Located in Melbourne’s northern growth corridor at Wollert Recently acquired 21.7 ha parcel to boost yield to estimated 800 lots and provide scale benefits 101 Overton Strata OfficeArtist impression First release in November 20 with of 23 lots now sold Fi
Slide 15: Our Projects: Queensland
Our Projects: Queensland Ellendale (Upper Kedron) 228 ha site, 12km west of Brisbane CBD 900 lots approved, 410 lots now settled Price range $266,000 – $559,000 Several stages settling in FY21 Solid enquiries & sales Ellendale Ellendale Greville (Wooloowin) 3.7 ha site, 6km north of Bris
Slide 16: Our Projects: Queensland
Our Projects: Queensland Burpengary 28.5ha site, 35km north of Brisbane CBD Located in high growth Moreton Bay Conditional acquisition, subject to planning approval Burpengary Ellendale Planning application lodged for over 300 lots Approx. 9ha proposed for parks & environmental areas Lot
Slide 17: Our Projects: South Australia
Our Projects: South Australia Glenside 17ha, 3km from Adelaide CBD Around 1,000 dwellings - townhouses & apartments 8-10 year project duration Over 60 townhouses settled, first apartment building 90% settled Second apartment building under construction with settlements in FY22 Glenside Fle
Slide 18: Earnings Growth: Underpinned by presales on hand
Earnings Growth: Underpinned by presales on hand $m REVENUE & PRESALES 400 350 Geography 300 Portfolio of over 250 8,400 lots / units Settle ~ VALUES 200 1,000 lots 150 / units p.a. 100 50 0 FY2019 FY2020 FY2021 FY2022+ 18 Revenue booked Presales to date
Slide 19: Earnings Growth: New project launches & acquisitions
Earnings Growth: New project launches & acquisitions 4 new project launches in H1 FY21: • Mason Quarter, Wollert, Victoria – 800 lot masterplanned community PURPOSE Geography • Aster Apartments, Clayton South, Victoria – 128 apartments Our purpose is to create long-term value for shareholders thro
Slide 20: Outlook
Outlook Government stimulus, low interest rates & general economic recovery are supporting new housing Stimulus being wound back but property markets generally performing well & with a positive outlook Forecasting approximately $29m NPAT for FY21 subject to market conditions Outlook underpinned by p
Slide 21: The Cedar Woods investment proposition
The Cedar Woods investment proposition Stable & experienced Board & Management Track record of profits & fully franked dividends Benefitting strongly from stimulus & general rebound of housing markets Portfolio diversified across geographies, product type & price point CWP’s TSR significantly outper
Slide 22: 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
Slide 23: Appendix 1: Project pipeline
Appendix 1: Project pipeline CORRIDOR / LOT/UNITS LOTS/UNITS PROJECT NAME LOCATION PROJECT TYPE PROJECT REMAIN FY21 FY22 FY23 FY24 FY25 FY26 WESTERN AUSTRALIA - PERTH Mariners Cove, Mandurah South Residential Land and Townhouses 982 7 Ariella, Brabham North East Residential Land 877 376 The Brook at
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