Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — FY2024 Earnings Presentation
37 slides from Cedar Woods Properties's earnings presentation, 2024
Slide 1: FY2024 Financial Results
FY2024 FINANCIA RESULTS CEDAR WooDs
Slide 2: Agenda
AGENDA 1. Company Overview 2. FY24 Summary 3. About Cedar Woods 4. Financial Results 5. Market Conditions 6. Our Portfolio 7. Outlook 2 2 Bushmead Display Village, WA Cover: Boston Commons, Williams Landing, VIC
Slide 3: Company Overview
COMPANY OVERVIEW Property development company with 30 year track record of delivering earnings for shareholders Portfolio of 40 quality projects & a pipeline of over 10,000 lots/units to support future earnings Strategy of diversification - mix of projects delivering apartments, townhouses, co
Slide 4: FY24 Summary
FY24 FINANCIAL RESULTS FY24 SUMMARY NET PRESALE SALES CONTRACTS $40.5m $386.3m 1201 lots $559m Lots / homes / offices sold SETTLEMENTS RETURN ON 49.2c EQUITY 25.0c 1140 lots 8.8% Lots / homes / offices settled 4
Slide 5: About Cedar Woods
ABOUT ABOUT CEDAR CEDARWOODS WOODS Fletcher’s Slip, SA 55 Fletcher’s Slip, SA
Slide 6: Strategy
FY24 FINANCIAL RESULTS STRATEGY To grow our national project portfolio, diversified by geography, product type & price point, so that it continues to hold Geography Product Type Price Point broad customer appeal & Good geographic spread Range of housing lots, Wide range of price performs well in a r
Slide 7: Business Model - How We Create Value
FY24 FINANCIAL RESULTS BUSINESS MODEL - HOW WE CREATE VALUE Acquisitions Development Marketing & Sales Disciplined approach Research, design, Integrated approach to to property acquisitions: planning & delivery: optimise results: • Tactical & research-based decisions to • Sustainable designs that op
Slide 8: Partnerships
FY24 FINANCIAL RESULTS PARTNERSHIPS Selected future acquisitions to be undertaken in partnerships in strategic shift Scale up business & earnings - Partnerships leverage the existing skill base, allow operations to be expanded & further diversified, generate recurring fee income & diversify fund
Slide 9: Sustainability progress
FY24 FINANCIAL RESULTS Progress in abating our corporate carbon emissions Participation in industry workgroup to measure emissions in our projects & prepare for climate reporting standard (FY27) Partnerships fostering collaboration in sustainability initiatives Innovation in our products wit
Slide 10: Financial Results
FINANCIAL RESULTS 10 Ariella, WA
Slide 11: Income Statement
FY24 FINANCIAL RESULTS INCOME STATEMENT Net profit after tax improvement of 28% achieved on broadly stable revenue, gross margin & overheads, with other income including a $19.9m profit contributed from sale of an investment property which more than offset higher finance costs Significantly high
Slide 12: Balance Sheet & Funding
FY24 FINANCIAL RESULTS BALANCE SHEET & FUNDING 30 Jun 2024 30 Jun 2023 Total assets (book value) $743.6m $783.4m Net assets (equity) $460.8m $431.1m Net tangible assets per share (book value, not market value) $5.55 $5.21 Net bank debt $120.1m $195.8m Net bank debt to total tangible assets (less cas
Slide 13: Market Conditions
MARKET CONDITIONS 13 Ellendale, QLD
Slide 14: Market Conditions - Sales Volumes
FY24 FINANCIAL RESULTS MARKET CONDITIONS - SALES VOLUMES Strong sales momentum continued in the fourth quarter, with net sales for the year up 73% on pcp QLD, WA & SA performing well; VIC sales remain weak Presales in hand of $599m at the end of Q4 ($448m pcp), up 25% Gross Sales by Quarter 45
Slide 15: Market Conditions – Chronic Shortfall of Housing
FY24 FINANCIAL RESULTS MARKET CONDITIONS – CHRONIC SHORTFALL OF HOUSING Source: ABS, AMP Source: Macrobond, AMP 15 Source: Macrobond, AMP
Slide 16: Market Conditions – Price Growth
FY24 FINANCIAL RESULTS MARKET CONDITIONS – PRICE GROWTH The market has experienced strong price growth in most states over FY24 Price growth has continued in FY25 to date, albeit at slower rates CWP has experienced strong growth in prices over FY24 & FY25 to date, outstripping cost growth sign
Slide 17: Buyer Profiles
FY24 FINANCIAL RESULTS BUYER PROFILES Owner occupier & investor loans continued to rise over FY24 & first home buyer representation rose as part of this. Property investors very active due to low vacancy rates & rapidly rising rents CWP has a distinctly broad base of customers with products to
Slide 18: Our Portfolio
OUR PORTFOLIO 18 Bushmead, WA
Slide 19: Diversified Portfolio
FY24 FINANCIAL RESULTS DIVERSIFIED PORTFOLIO Portfolio of 40 quality projects & total pipeline of 10,000+ lots/apartments to support future earnings LOTS IN PORTFOLIO PRESALES BY LOCATION PRESALES BY PRODUCT TYPE BY LOCATION # LOTS ** # LOTS ** # lots/homes/offices ** Commercial SA Townhouses 5% 10%
Slide 20: Western Australia
FY24 FINANCIAL RESULTS WESTERN AUSTRALIA 20 Atwater, Rockingham, WA
Slide 21: Western Australia
FY24 FINANCIAL RESULTS WESTERN AUSTRALIA 13 projects, more than 4,800 lots / dwellings Projects with diverse offerings attracting a range of buyer profiles - first home buyers being largest cohort Product type includes land subdivision, townhouses & apartments Three new projects - Atwater, E
Slide 22: Eglinton, WA
EGLINTON, WA Total yield 1,270 lots Shopping centre site sold in May 2024 500 meters from new train station 200 lots either completed / under construction First settlements occurred in FY24 Over 1,000 lots left to sell & 10 years project life remaining Average lot size & price now - 37
Slide 23: Victoria
FY24 FINANCIAL RESULTS VICTORIA 23 Aster Apartments, VIC
Slide 24: Victoria
FY24 FINANCIAL RESULTS VICTORIA 12 projects, including 5 at Williams Landing Approximately 2,400 lots / dwellings / offices plus 13 ha of mixed-use sites Product types includes land subdivision, townhouses, apartments & commercial projects Range of price points & buyer types No price growt
Slide 25: Mason Quarter, VIC
MASON QUARTER, VIC 800+ lot estate in high performing suburb of Wollert 26 km north of Melbourne CBD Significant price growth since launch, but not over FY24 Moderated demand over FY24 250 lots settled in FY24 25 Mason Quarter, VIC
Slide 26: Queensland
CEDAR Fy24 BINENGIAL RESULTS WOODS Greville, QLD
Slide 27: Queensland
FY24 FINANCIAL RESULTS QUEENSLAND 6 projects, including 2 at Greville More than 1,700 lots / dwellings in pipeline Product type includes land estates, townhouses & apartments Strategic partnership with QIC for ~ 414 apartments & townhouses in Robina Market fundamentals remain positive - De
Slide 28: Flourish, QLD
FLOURISH, QLD Master planned community with 510 residential lots plus childcare centre Located 36km south of Brisbane CBD in suburb of South Maclean Primary market – FHB’s, investors; Secondary market – upgraders & downsizers 116 presales since launch in Nov 23 (12/month, 80% owner occupiers
Slide 29: South Australia
FY24 FINANCIAL RESULTS SOUTH AUSTRALIA 29 Glenside, SA
Slide 30: South Australia
FY24 FINANCIAL RESULTS SOUTH AUSTRALIA 9 well located projects at Glenside & Fletcher's Slip Glenside – 4 projects under construction, 1 in sales phase Fletcher’s Slip - 3 projects under construction, 1 in sales phase More than 1,000 townhouses & apartments remaining High performing projec
Slide 31: Glenside, SA
GLENSIDE, SA 17 Ha, 3km from Adelaide CBD 1,000+ townhouses & apartments 3 apartment projects under construction & mostly presold Recent launch of Elegan apartments with strong sales to date Bloom retirement product meeting strong demand 14.5% price growth achieved over FY24 Significan
Slide 32: Outlook
OUTLOOK Incontro, WA 32
Slide 33: New Projects to Deliver First Earnings
FY24 FINANCIAL RESULTS NEW PROJECTS TO DELIVER FIRST EARNINGS 1 1 FY2025 Future years 88 Leveson townhouses, VIC Incontro apartments, WA Clara Place residential land, VIC Subiaco Depot apartments, WA 2 Greville townhouses, QLD Flourish residential land, QLD Southbank apartments, VIC 3
Slide 34: Outlook
FY24 FINANCIAL RESULTS OUTLOOK Favourable conditions for the sector (excl VIC): low supply, low rental vacancy, strong population REVENUE & PRESALES $m growth, low unemployment, dwelling price 400 growth 350 Presales of $559 million at 30 June 2024 ($448 300 million pcp), up 25% 250 Strong bal
Slide 35: Disclaimer
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 by law and which cannot
Slide 36: Appendices
FY24 FINANCIAL RESULTS APPENDICES 36 Clara Place, VIC
Slide 37: Project Pipeline
FY24 FINANCIAL RESULTS PROJECT PIPELINE 37
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