Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — FY2009 Earnings Presentation
39 slides from Cedar Woods Properties's earnings presentation, Sep 12, 2009
Slide 1: Annual Results 2009
Annual Results 2009
Slide 2: Presentation Outline
Presentation Outline Highlights 2009 results Property portfolio Residential market Outlook
Slide 3: Highlights
Highlights NPAT $9.3m, ahead of forecast Significant reduction in gearing Strongg p pre sales in p place FY2010 Strong profit growth anticipated Ample bank funding available
Slide 4: 2009 Operating Results
2009 Operating Results FY2009 FY2008 $m $m Revenue 107.1 81.9 31% Profit before income 13 5 13.5 29 0 29.0 53% tax expense Net profit after tax 9.3 20.5 55% Earnings per share 16.2 cents 37.3 cents 57% Dividend per share 7 cents 18 cents 61%
Slide 5: 2009 Operating Results
2009 Operating Results Strong revenues from Melbourne projects Several options written off Impairments p made on new projects p j Further write downs unlikely
Slide 6: Operating Results
20 5 15 5 16.2 18.6 20.6 Profit ($m) 2004 2005 GaProfit 2006 2007 Dividend 2008 2009 Dividends (cents)
Slide 7: Earnings Growth vs Target
Y ~ Cc Oo oO 30.3 2004 2005 GEPS 2006 33.9 Sho "7 = 2007 2008 2009 10% PA Target
Slide 8: Cash Flows
Cash Flows Cash flows related to FY2009 FY2008 Higher g revenue due to operating activities $M $M more settlements in second half of year – Receipts from customers 119.3 78.3 Melbourne projects Interest received 0.8 0.1 Increased bank facility – Payments to suppliers & (28.4) (25.1) significantl
Slide 9: Financial Highlights
Financial Highlights FY2009 FY2008 Total assets decreased to $162.7m due to increased sales activity (particularly Melbourne projects) T t l assets Total t $ $m 162 7 162.7 185 0 185.0 and write‐down of non‐current Net bank debt $m 47.9 81.9 assets inventory during FY2009. Shareholders’ equity $m
Slide 10: Asset Values
Asset Values Major assets acquired before property boom Review of portfolio, write‐downs of $6.7m option fees & related costs and $2.5m inventory Projects de‐risked, under development Share p price understates underlying y g value of portfolio
Slide 11: Hedging
Hedging Seek to hedge >50% of debt Previous interest rate environment – caps, now largely written off 3 & 5 year swaps at rates between 4.0 to 4.5% Hedged 61% of June 30 debt with swaps
Slide 12: Property Portfolio
Property Portfolio CARINE CARLINGFORD HARRISDALE WELLARD WATERLINE
Slide 13: Project Life - Perth
Project Life - Perth FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 Rivergums Ri Cambridge Waters Mariners Cove Mandurah Country Club Kestrels Waterline (including stage 2) Helena Valley The Jetty Port Mandurah (Sutton) Forrestdale Cedar Woods Wellard Pinjarra Carine Harrisdal
Slide 14: Residential – Built Form
ae, THE jacrways Residential — Built Form
Slide 15: Residential – Built Form
Residential – Built Form
Slide 16: Residential
Residential TheRivergums er ee Se
Slide 17: Residential
Cedar @ Woods b Private Eotate, Tapping.
Slide 18: Residential
P RIVA TF I saraleedi ES! TA 7: & WELLAREI
Slide 19: Residential
Cedar @ Woods ermeraldpark / Stage 1 now selling from $175,750
Slide 20: New Projects
New Projects 16km drive from Perth CBD
Slide 21: New Projects
New Projects 20km south east of Perth CBD
Slide 22: Project Life - Melbourne
Project Life - Melbourne FY2009 FY2010 FY2011 FY2012 FY2013 FY2104 FY2015 FY2016 FY2017 FY2018 Carlingford Williams Landing Banbury Village
Slide 23: Melbourne Projects
«| Melbourne Projects williamslanding
Slide 24: Williams Landing
Williams Landing 350 lots sold New releases consistently sold out Rail station construction starting 2010 Town centre development planned to coincide with key infrastructure
Slide 25: Melbourne Projects
Cedar @ Woods Py Rail Neighbourhood <*> Se a ther “Addison ee : A Bus Station Palmers Ad Hoppers Crossing ~
Slide 26: Melbourne Projects
‘| Melbourne Projects +
Slide 27: Melbourne Projects
~ Melbourne Projects
Slide 28: Carlingford
Carlingford Over 200 lots sold Very strong local demand Metro market relocation to northern boundary
Slide 29: Melbourne Projects
Cedar @ Woods se Carlingford LIFE JUST GOT BETTER IN LALOR | Cedar @ Woods i Lie, r
Slide 30: Melbourne Projects
Melbourne Projects
Slide 31: Banbury Village
Banbury Village 300 dwellings – mixture of terraces, detached houses and apartments Successive stages g sold out Off the plan auction demonstrates demand Prices from $425,000 – $800,000
Slide 32: Melbourne Projects
Cedar @ Woods Banburi village? 100% CONVENIENCE 100% LIFESTYLE 200% FOOTSCRAY ENJOY LiFe!
Slide 33: Melbourne Projects
Melbourne Projects & Banbury village POSITIONED 1 LIFESTYLE 200% FOOTSCRAY
Slide 34: Current Environment
Current Environment Confidence recovering but fragile Property markets improving but patchy Focus on certainty of funding Cedar Woods well placed to prosper as conditions improve
Slide 35: Strategies Still Appropriate
Strategies Still Appropriate Development/value add to existing projects – capex consistent with sales Leverage company’s skill base and preserve capital – co‐development projects Diversification: WA & VIC an advantage broad product range and price points Longer term acquisition focus
Slide 36: Residential Market Drivers
Residential Market Drivers Confidence Employment Availability of finance Incentives Affordability (prices, interest rates) Rental alternative
Slide 37: Market Conditions
Market Conditions Victoria sound fundamentals strong first and second home buyer sales population growth/lack of rentals prices recovering WA resource projects to lift activity prices recovering hi h priced higher i d product d selling lli slowly l l population growth to continue
Slide 38: Company Outlook
Company Outlook Significant pre sales in place for FY2010 Strong demand in Melbourne Ample bank funding available Gearing to remain within target range Strongg p profit ggrowth for FY2010,, targeting g g consistent 10% pa eps growth
Slide 39: Annual Results 2009
Annual Results 2009
Cedar Woods Properties — FY2009 Earnings Presentation on 6ix