Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — H1 FY2003 Earnings Presentation
16 slides from Cedar Woods Properties's earnings presentation, Dec 31, 2002
Slide 1: Half Year Results To 31 December 2002
Half Year Results To 31 December 2002 Half Year Results December 2001
Slide 2: Presentation Outline
Presentation Outline • Company objectives • Financial highlights • Key strategies • Operating highlights • Outlook and 2003 Forecast Half Year Results Page 2 : Half Year Pres 2002 2002
Slide 3: Company Objectives
Company Objectives • Primary objective - growth in earnings per share • Aim to be in the top half of listed companies • Average eps growth – all industrials from 1998 - 2002 was 6% pa, in 2002 it was 2.7% • CWPL’s current target is 10% pa growth, already exceeded for FY2003 • Gearing (net debt to eq
Slide 4: Financial Highlights – Profit & Loss
Financial Highlights – Profit & Loss Dec 2002 Dec 2001 % $A’000 $A’000 Increase Sales Revenue 19,463 13,684 42 Profit from ordinary activities before 6,399 3,375 90 income tax expense Income Tax attributable to operating 2,252 1,250 80 profit Net profit after tax attributable to 4,147 2,125 95 membe
Slide 5: Financial Highlights – Balance Sheet
Financial Highlights – Balance Sheet 31 Dec 30 June 2002 2002 Total assets $m 45.7 50.3 Interest bearing liabilities (bank debt) $m 2.1 8.6 Shareholders’ equity $m 33.8 29.0 Net debt to equity (%) 2.5 29.4 Interest cover (x) 96 21 Number of shares on issue 30 June (m) 49.4 48.3 NTA per share – (book
Slide 6: Statement of Cashflows
Statement of Cashflows Dec Dec Cashflows related to operating activities 2002 2001 $000 $000 Receipts from customers 30,106 21,023 Payments to suppliers & employees (4,218) (3,404) Net interest paid (24) (79) Income taxes paid (1,118) (627) Payments for inventory – new land (8,840) (5,307) Payments
Slide 7: Key Strategies
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 initia
Slide 8: Port Mandurah
Port Mandurah • “The Promontory” – successful townhouse concept – anticipated fully sold in FY 2003 • 19 residential lots in Stage 6 remain in stock • Evaluating development of Sutton Precinct, with up to 40 townhouses - $10 m project Half Year Results Page 8 : Half Year Pres 2002 2002
Slide 9: Mariners Cove
Mariners Cove • 73 dry lots sold in first half • 265 dry lots to be developed • 331 canal lots to be developed, 67 lots now under way • Future group housing site in canal zone Half Year Results Page 9 : Half Year Pres 2002 2002
Slide 10: Regency Grove
Regency Grove • Located at Ocean Reef Road, Wanneroo • 83 lot subdivision commenced FY 2003 • 13 lots sold in first half, 25 now under contract • Construction completed by March 2003 • To be sold in FY 2003 and FY 2004 • Total revenue $12 m Half Year Results Page 10 : Half Year Pres 2002 2002
Slide 11: The Rivergums, Baldivis
The Rivergums, Baldivis • 100 ha project to yield 550-600 lots • Well located at end of Kwinana Freeway • Development approval for Stage 1 - 90 lots • Project life of 7 years • Display village • Small contribution in FY 2003 Half Half Year Year Results Results Page 11 : Half Year Pres 2002 2002 2002
Slide 12: Laverton, Melbourne
Laverton, Melbourne • 275 ha, 18 km (20 mins) west of Melbourne • Mixed use project being masterplanned • Major transit node • Residential, commercial and industrial uses • Fits Melbourne 2030 framework • Negotiations ongoing with Government Half Year Results Page 12 : Half Year Pres 2002 2002
Slide 13: Rockingham
Rockingham • Coastal town 30 mins south of Perth • Two waterfront sites acquired • Council approval obtained for 10 storey, 32 apartment tower plus ground floor commercial - $15 m project, currently pre-selling • Seeking development approval for second site, project revenue of $25 m • Anticipated to
Slide 14: Canning Vale Balcatta
Canning Vale • 8.35 ha located 17 km south of Perth • Subdivision approval exists for 100 residential lots • Evaluating potential for townhouses and apartments within project Balcatta • 6 ha parcel, 12 km north of Perth • Major freeway interchange • Showroom, commercial or bulky goods • Opportunity
Slide 15: Economic Outlook
Economic Outlook • Local economy robust but subject to global influences • Property market expected to soften – less so in WA • Waterfront and coastal property in demand • Steady industrial sector Half Year Results Page 15 : Half Year Pres 2002 2002
Slide 16: Company Outlook
Company Outlook • Strong sales continuing at Mandurah projects • Further growth provided by new projects • New projects undergoing due diligence • $31 m acquisition and development funding facility • Forecasting $6.5 m net profit after tax in FY 2003, equating to 85% growth in earnings per share Hal
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