Cedar Woods Properties Limited · ASX:CWP
Cedar Woods Properties — Shareholder Meeting (November 2011)
26 slides from Cedar Woods Properties's shareholder meeting presentation, Nov 4, 2011
Slide 1: Cover letter to ASX
4 November 2011 Australian Securities Exchange Limited Exchange Centre Level 4 20 Bridge St Sydney NSW 2000 Dear Sir / Madam, 2011 AGM CHAIRMAN’S ADDRESS AND PRESENTATION SLIDES Please find attached the Chairman’s address and the presentation slides for today’s Annual General Meeting. Yours faithful
Slide 2: Chairman's Address
Cedar Woods Properties 2011Annual General Meeting Chairman’s Address Cedar Woods has been creating dynamic residential communities for almost 25 years. Today, we have 25 projects completed or in progress across Western Australia and Victoria with a focus on quality, affordability and sustainability.
Slide 3: Takeover approach and conclusion
Take over approach Given the investment case, it was no surprise that we gained the attention of another company keen to make a takeover bid for your company during the year, and as we have had a number of enquiries in relation to this matter since then, it is appropriate for me to comment further.
Slide 4: Chairman's closing thanks
I also wish to thank my Board colleagues for their continued hard work and commitment throughout the year. Finally and most importantly, I would like to conclude by thanking our many loyal shareholders for your ongoing support of Cedar Woods. END 3
Slide 5: FY2011 Annual General Meeting
FY2011 ANNUAL GENERAL MEETING 4th November 2011
Slide 6: Corporate Objectives
CORPORATE OBJECTIVES ► Focus on residential land development ► Grow funds management and joint venture opportunities ► Further regional development opportunities ► Medium term expansion into other mainland states ► Maintain strong project pipeline to drive future earnings The company’s primary objec
Slide 7: FY2011 Financial Performance
FY2011 FINANCIAL PERFORMANCE Record profit, earnings per share and dividend Net Profit $28.1m 63% Earnings per share 45.8 cents 58% Dividend per share 23.0 cents 77% 5
Slide 8: Investment Case
INVESTMENT CASE ► Strategically located and diverse property portfolio – Urban and regional growth areas in VIC and WA – Apartments, integrated housing, mixed use and large master planned communities ► Track record of meeting targets and guidance – Consistent delivery of 10%+ annual profit growth1 ►
Slide 9: Track Record of Growth and Balance Sheet Strength
TRACK RECORD OF GROWTH AND BALANCE SHEET STRENGTH Revenue ($m) NPAT ($m) 150.0 30.0 28.0 131.8 107.1 108.4 20.6 100.0 90.0 20.0 18.6 17.2 81.9 10% p.a. 9.3 11% p.a. 50.0 10.0 0.0 0.0 FY07 FY08 FY09 FY10 FY11 FY07 FY08 FY09 FY10 FY11 EPS (cents) Gearing (%)1 50.0 45.8 120.0% 92.0% 96.1% 40.0 37.3 33.
Slide 10: FY2011 Financial Performance vs FY2010
FY2011 FINANCIAL PERFORMANCE VS FY2010 FY11 FY10 Change $m $m % Revenue 131.8 108.4 21.6% Profit before income tax expense 40.2 24.7 62.7% Net profit after tax 28.0 17.2 62.8% Earnings per share 45.8 cents 29.0 cents 57.9% Dividends per share 23 cents 13 cents 76.9% 10
Slide 11: Dividend Policy
DIVIDEND POLICY 25.0 100.0% Dividends per share (cents) Dividend payout ratio (%) 20.0 80.0% 15.0 60.0% 10.0 40.0% 5.0 20.0% 0.0 0.0% 2007 2008 2009 2010 2011 Interim Dividend Final Dividend Payout Ratio ► Fully franked interim dividend of 11 cents per share paid on 29 th April 2011 ► Fully franked
Slide 12: Projects Locations
PROJECTS LOCATIONS jouth Hedland Bushmead Cambridge Waters Harrisdale Green Banbury Village Carlingford —_——— Nautilus & Aria Apartments The Jetty \ e e Williams @— The Rivergums Landing MELB OURNE Camberwell The Islands & The Landings. Mariners Cove Cedar @ Woods PROPERTIES LIMITED
Slide 13: Project Life – WA & VIC
PROJECT LIFE – WA & VIC Project Life Location Project Type Status FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 WA projects Rivergums Baldivis Southern corridor Residential Mature North Baldivis Southern corridor Residential Planning Mariners Cove Mandurah Canal Mature Port Mandurah (Sutton) Mandurah Cana
Slide 14: WA Highlights
WA HIGHLIGHTS ► Residential estates continued to sell steadily ► Strategic acquisitions in urban growth areas including two adjacent parcels of land in Baldivis (WA) totalling 68 hectares ► First development project with State Government now under way, Harrisdale Green (WA) project with the Departme
Slide 15: Perth Projects in Growth Locations
PERTH PROJECTS IN GROWTH LOCATIONS Kestrels Emerald Park Harrisdale Green Rivergums & Jetty Apartments Source: ABS, ANZ 15
Slide 16: Regional WA Projects in Growth Locations
REGIONAL WA PROJECTS IN GROWTH LOCATIONS Mariners Cove Hedland Source: ABS, ANZ 16
Slide 17: WA Projects
17 Cedar @® Woods PROPERTIES LIMITED
Slide 18: VIC Highlights
VIC HIGHLIGHTS ► Continued strong presales across VIC projects for FY12 – Williams Landing – 90% of budget – Banbury Village – 96% of budget – Carlingford – 65% of budget ► Major, 20-year leasing deal signed with Woolworths Limited to open a trio of anchor stores at flagship Williams Landing project
Slide 19: Victorian Projects in Growth Locations
VICTORIAN PROJECTS IN GROWTH LOCATIONS Williams Landing Carlingford Banbury Village Camberwell Source: ABS, ANZ 19
Slide 20: Williams Landing – Town Centre
WILLIAMS LANDING – TOWN CENTRE 20
Slide 21: Melbourne Projects
21 Carlingford Cedar<@ Woods PROPERTIES LIMITED
Slide 22: Residential Market Drivers
RESIDENTIAL MARKET DRIVERS ► Population growth – long term driver ► Housing supply – under supply set to continue ► Confidence ► Employment ► Availability of finance ► Incentives ► Affordability (prices, interest rates) ► Rental alternative 22
Slide 23: Market Conditions
MARKET CONDITIONS WESTERN AUSTRALIA VICTORIA Demand in growth corridors where Solid residential housing market CWP projects located fundamentals underpinned by Continued demand underpinned by positive FY12 indicators: positive FY12 indicators: ► Economic growth of 3.0% ► Economic growth of 4.5
Slide 24: Company Outlook
COMPANY OUTLOOK ► Forecast FY12 record net profit of approximately $34 million based on sales at current levels ► FY12 profit underpinned by $140 million in presales in place (as at 1Q FY12) ► Positive outlook, bolstered by continued demand for CWP’s projects, strategically located in WA and VIC’s g
Slide 25: Disclaimer
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 wh
Slide 26: Contact details
50 Colin Street West Perth WA 6005 Phone: (08) 9480 1500 Email: [email protected] www.cedarwoods.com.au
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