Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — Shareholder Meeting (November 2022)
35 slides from Cedar Woods Properties's shareholder meeting presentation, Nov 2, 2022
Slide 1: Annual General Meeting 2022
Annual General Meeting 2022 1
Slide 2: Agenda
Agenda 1 Chairman’s Address Mr William Hames 2 Managing Director’s Review Mr Nathan Blackburne 3 Formal Business • Ordinary Business: Consideration of financial report • Ordinary Resolution 1: Re-election of retiring director – William G Hames • Ordinary Resolution 2: Re-election of retiring directo
Slide 3: Chairman's Address
CHAIRMAN'S ADDRESS Mr William G Hames
Slide 4: Strategy
CHAIRMAN’S ADDRESS STRATEGY Geography Good geographic spread of well-located projects in 4 states PURPOSE Our purpose is to create To grow our national project long-term value for shareholders through the development of vibrant portfolio, diversified by geography, communities. Product Type product t
Slide 5: FY22 Summary
CHAIRMAN’S ADDRESS FY22 SUMMARY NET PROFIT NET PRESALE AFTER TAX SALES CONTRACTS $37.4m TOTAL REVENUE 1108 lots $500m $333.0m Lots / homes / offices sold Up $22m on pcp EARNINGS PER SHARE SETTLEMENTS RETURN ON EQUITY 45.7c FULL YEAR DIVIDENDS 955 lots 8.9% 5 27.5c Lots / homes / offices settled Abov
Slide 6: Share price performance
CHAIRMAN’S ADDRESS Share price performance Listed property sector share prices 10.0 impacted by interest rate hikes 9.0 CWP share price June 2020 – June 2022 8.0 CWP price impacted by removal from ASX300 in March 2022 7.0 A$/share 6.0 Fundamentals, including housing 5.0 supply shortages, stron
Slide 7: Video
VIDEO 7
Slide 8: Agenda
Agenda 1 Chairman’s Address Mr William Hames 2 Managing Director’s Review Mr Nathan Blackburne 3 Formal Business • Ordinary Business: Consideration of financial report • Ordinary Resolution 1: Re-election of retiring director – William G Hames • Ordinary Resolution 2: Re-election of retiring directo
Slide 9: Managing Director's Review
MANAGING DIRECTOR'S REVIEW Mr Nathan Blackburne
Slide 10: FY22 Overview
MANAGING DIRECTOR’S REVIEW FY22 OVERVIEW Strong financial performance in FY22 PURPOSE Presales supporting FY23 & FY24 PURPOSE Our purpose is to create Our purpose is to create long-term value for long-term value for shareholders throughshareholders the Challenging operating conditions – weathe
Slide 11: ESG
CHAIRMAN’S ADDRESS ESG Continued implementation of revised ESG strategy Build upon our track record in sustainability & social responsibility Embedded practices & initiatives across the business to: • Build community connection • Better understand our carbon emissions • Reduce climate impact o
Slide 12: Video
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Slide 13: New Housing Sector Conditions
MANAGING DIRECTOR’S REVIEW NEW HOUSING SECTOR CONDITIONS Rising interest rates & inflationary pressures are impacting sentiment & therefore demand Lower enquiry & sales volumes being experienced across industry, but no material impact on new dwelling prices to date in our portfolio Major weath
Slide 14: New Housing Supply Constraints
MANAGING DIRECTOR’S REVIEW NEW HOUSING SUPPLY CONSTRAINTS Supply shortfalls across most product types & jurisdictions Many approved projects aren’t being delivered due to construction sector capacity limitations & costs Reduced finance availability for smaller developers is also restricting su
Slide 15: Population Growth at Record Levels
MANAGING DIRECTOR’S REVIEW POPULATION GROWTH AT RECORD LEVELS Strong rebound in migrants, workers & students Net inward migration 1Q22 was the strongest on record - 96,000 net arrivals This growth is supporting aggregate demand in the economy & will significantly support the housing sector (va
Slide 16: Earnings Growth
MANAGING DIRECTOR’S REVIEW EARNINGS GROWTH Six acquisitions during FY22 – 2,500+ lots: Fraser Rise (Clara Place), Melbourne - 287 lots Fieldstone, Melbourne - 500 lots Southbank, Melbourne - 180 apartments Eglinton (Eglinton Village), Perth - 1,200 lots Henley Brook, Perth - 345 lots Roc
Slide 17: Projects Showcase
PROJECTS SHOWCASE 17 Glenside, SA
Slide 18: The Rivergums, WA
Judges Award WINNER Cedar Woods Properties for The Rivergums Col Dutton Tanya Steinbeck President CEO
Slide 19: Project Showcase: Eglinton, WA
PROJECT SHOWCASE: EGLINTON, WA 86 hectare site in Perth’s north-west growth corridor Located 500 metres from the new Eglinton train station (to open in 2023). 1200 lots to be delivered in several neighbourhoods Will include residential neighbourhoods, primary school, shopping centre & open s
Slide 20: Project Showcase: Glenside, SA
PROJECT SHOWCASE: GLENSIDE, SA Over 1,000 townhouses & apartments 245 settled to date 17 hectares only 3km from Adelaide CBD Strong sustainability credentials Monarch Apartments 100% sold, settlements expected Q4 FY23 Banksia apartments, 70% sold, fixed price construction contract awarde
Slide 21: Project Showcase: Boston Commons, VIC
PROJECT SHOWCASE: BOSTON COMMONS, VIC 77 Strata office suites, plus 5 ground floor retail units 90% sold showing continued demand for Williams Landing offices Strong price growth balancing construction cost increase Construction expected to commence late 2022, settlements expected mid 2024
Slide 22: Outlook
MANAGING DIRECTOR’S REVIEW OUTLOOK Sound fundamentals of a strong economy, low unemployment, job security, however rising interest rates are impacting sentiment Sales expected to continue to be lower over FY23 $m REVENUE & PRESALES Relatively short interest rate cycle expected - peak rates in
Slide 23: Agenda
Agenda 1 Chairman’s Address Mr William Hames 2 Managing Director’s Review Mr Nathan Blackburne 3 Formal Business • Ordinary Business: Consideration of financial report • Ordinary Resolution 1: Re-election of retiring director – William G Hames • Ordinary Resolution 2: Re-election of retiring directo
Slide 24: Formal Business
FORMAL BUSINESS 24
Slide 25: Ordinary Business
FORMAL BUSINESS ORDINARY BUSINESS To receive & consider the financial statements for the year ended 30th June 2022 & the accompanying directors’ report, directors’ declaration & auditor’s report. 25
Slide 26: Poll Procedure
FORMAL BUSINESS Poll Procedure A poll will be conducted for Ordinary Resolutions 1 – 5 26
Slide 27: Ordinary Resolution 1
FORMAL BUSINESS ORDINARY RESOLUTION 1 Re-election of retiring director That Mr William G Hames, having retired in accordance with the company’s constitution &, being eligible, offers himself for re- election, be re-elected as a director of the Company. Summary of proxy votes received totaling 45,919
Slide 28: Ordinary Resolution 2
FORMAL BUSINESS ORDINARY RESOLUTION 2 Re-election of retiring director That Mr Robert S Brown, having retired in accordance with the company’s constitution &, being eligible, offers himself for re- election, be re-elected as a director of the Company. Summary of proxy votes received totaling 45,919,
Slide 29: Ordinary Resolution 3
FORMAL BUSINESS ORDINARY RESOLUTION 3 Adoption of Remuneration report That the remuneration report that forms part of the directors’ report for the financial year ended 30 June 2022, be adopted. Summary of proxy votes received totaling 29,247,810 shares # % For 27,824,309 95.33 Against 619,225 2.12
Slide 30: Ordinary Resolution 4
FORMAL BUSINESS ORDINARY RESOLUTION 4 Approval for the issue of Zero-Price Options (ZEPOs) under the FY22 deferred STI Plan to Mr Nathan Blackburne or his nominee That, for the purposes of Listing Rule 10.14 & for all other purposes, shareholders of the Company authorise & approve the issue of 26,40
Slide 31: Ordinary Resolution 5
FORMAL BUSINESS ORDINARY RESOLUTION 5 Approval for the issue of Performance Rights under FY23 LTI Plan to Mr Nathan Blackburne or his nominee That, for the purposes of Listing Rule 10.14 and for all other purposes, shareholders of the Company authorise and approve the issue of 187,989 Performance Ri
Slide 32: Agenda
Agenda 1 Chairman’s Address Mr William Hames 2 Managing Director’s Review Mr Nathan Blackburne 3 Formal Business • Ordinary Business: Consideration of financial report • Ordinary Resolution 1: Re-election of retiring director – William G Hames • Ordinary Resolution 2: Re-election of retiring directo
Slide 33: Questions
CEDAR WOODS
Slide 34: Close of Business
CLOSE OF BUSINESS
Slide 35: Perth Office Melbourne Office
Perth Office Melbourne Office Ground Floor, 50 Colin Street Level 1, 476 St Kilda Road West Perth WA 6005 Melbourne VIC 3004 T: (08) 9480 1500 T: (03) 9820 1777 E: perth@cedarwoods.com.au E: melbourne@cedarwoods.com.au Brisbane Office Adelaide Office Level 6, 100 Edward Street 220 Fullarton Road Bri
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