Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — Shareholder Meeting (November 2009)
35 slides from Cedar Woods Properties's shareholder meeting presentation, Nov 6, 2009
Slide 1: Cover letter to ASX
6 November 2009 Australian Securities Exchange Exchange Centre, Level 4, 20 Bridge Street, Sydney NSW 2000. Dear Sir / Madam, AGM PRESENTATION AND CHAIRMAN’S ADDRESS Please find attached our AGM presentation and Chairman’s address for release to the market. Yours faithfully, Paul Freedman, Company S
Slide 2: Chairman's Address – 2009 AGM
6 November 2009 Chairman’s Address – 2009 AGM When I stood before shareholders at last year’s AGM I spent some time discussing the impact of the Global Financial Crisis on the financial markets and more particularly its effect on Cedar Woods. Until around March of this year global financial markets
Slide 3: Chairman's Address: Williams Landing strategy
Recently the Board spent two days in Melbourne reviewing our projects and conducting a strategic planning session with a special focus on Williams Landing. We reviewed our strategic targets and consider they continue to be appropriate. We see great opportunities arising from the Williams Landing pro
Slide 4: Annual General Meeting 2009
Annual General Meeting 2009
Slide 5: Presentation Outline
Presentation Outline Current environment Highlights 2009 results Property portfolio Residential market Outlook
Slide 6: Current Environment
Current Environment Financial markets recovering Property markets improving Continued focus on low debt and certainty of funding Strong balance sheet Cedar Woods well placed to prosper as conditions improve
Slide 7: Highlights
Highlights NPAT $9.3m, ahead of forecast Significant reduction in gearing Ample bank funding available Strong pre sales in place FY2010 Strong profit growth anticipated
Slide 8: 2009 Operating Results
2009 Operating Results FY2009 FY2008 $m $m Revenue 107.1 81.9 31% Profit before income 13.5 29.0 53% tax expense Net profit after tax 9.3 20.5 55% Earnings per share 16.2 cents 37.3 cents 57% Dividend per share 7 cents 18 cents 61%
Slide 9: Operating Results
Profit ($m) 20 + 15 4 16.2 12.4 2004 2005 2006 | 2007 Profit Dividend 2008 2009 +7 40.0 + 35.0 + 30.0 + 25.0 + 20.0 + 15.0 + 10.0 + 5.0 r 0.0 cents) — xe) dends Divi
Slide 10: Dividend Policy
Dividend Policy 18 4 16 + 14 4 12 4 10 4 + 30.00 38 J J ' + 20.00 2001 2002 2003 2004 2005 2006 2007 «2008 $2009 cents 1 + So 2 ra) ON FD O&O GF inal Dividend Interim Dividend -=Payout Ratio
Slide 11: Financial Highlights
Financial Highlights Total assets decreased to $162.7m due to FY2009 FY2008 increased sales activity (particularly Melbourne projects) and write-down of non-current assets inventory during FY2009. Total assets $m 162.7 185.0 Gearing dropped to 51.4% at end of FY2009, Net bank debt $m 47.9 81.9 w
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 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 Harrisdale
Slide 14: Residential – Built Form
Residential – Built Form
Slide 15: Residential
Residential
Slide 16: Residential
ermeraldpark / Stage 1 now selling from $175,750 ESTATE WELLARE
Slide 17: New Projects
New Projects 16km drive from Perth CBD
Slide 18: New Projects
New Projects 20km south east of Perth CBD
Slide 19: Project Life - Melbourne
Project Life - Melbourne FY2009 FY2010 FY2011 FY2012 FY2013 FY2104 FY2015 FY2016 FY2017 FY2018 Carlingford Williams Landing Banbury Village
Slide 20: 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 21: Melbourne Projects
: Proposed Rail su | Bus Station . Palmers Ad = . Hopper Crossing :
Slide 22: Melbourne Projects
Melbourne Projects
Slide 23: Carlingford
Carlingford Over 200 lots sold Very strong local demand Metro market relocation to northern boundary
Slide 24: Carlingford
Carlingford LIFE JUST GOT BETTER IN LALOR Cedar @ Woods
Slide 25: Banbury Village
Banbury Village 300 dwellings – mixture of terraces, detached houses and apartments Successive stages sold out Off the plan auction demonstrates demand Prices from $425,000 – $800,000
Slide 26: Melbourne Projects
Melbourne Projects
Slide 27: Residential Supply
Residential Supply Listings down, auction clearance rates up Rental vacancies very low Development timeframes still lengthy Limited banking funding for new residential projects
Slide 28: Residential Supply – Stock & Clearances
Residential Supply – Stock & Clearances Perth Listings Clearance rates have improved since the end of 2008 Sydney – was hovering around 40% clearance during 2008, now at 60-65% Melbourne – clearances have moved from 60% to 80%
Slide 29: Residential Supply – Prices
Residential Supply – Prices Growth in prices of established houses (%) to 30th September 2009 * Weighted Average Source: ABS
Slide 30: Residential Demand
Residential Demand Population growth Availability of finance Employment Incentives Affordability (prices, Population growth quarterly change interest rates)
Slide 31: Residential Demand
Cras A woos Residential Demand Consumer Confidence Source: Westpac-Melbourne Insitute Australia's Unemployment Rate Index 20 Year Average Unemployment Rate ie i ned Sep-01 Sep-94 Sep-97 Sep-00 Sep-03 Sep-06 Sep.09 5 Year Average Unemployment Rate 40 30 $22 PSPSPS SSS SSS SSF SSR E
Slide 32: Residential Demand – Finance
Residential Demand – Finance
Slide 33: Residential Demand: Building Approvals - WA
Building Approvals - WA Source: ABS Building Approvals 2800 7 2600 2400 2200 32000 5 1800 1600 1400 1200 1000 Jul-09 Jul-91 Jul-03 Jul-07
Slide 34: Company Outlook
Company Outlook Significant pre sales in place for FY2010 Strong demand in Melbourne Ample bank funding available Profit forecast approx. $12.5m Gearing to remain within target range
Slide 35: Annual General Meeting 2009
Annual General Meeting 2009
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