EUROZ INVESTOR CONFERENCE

Transcription

1 Cedar Woods Properties Limited EUROZ INVESTOR CONFERENCE 14 March 2017

2 Cedar Woods strategy Cedar Woods Presentation 2 To grow and develop our national project portfolio, diversified by: geography product type price point so that it continues to hold broad customer appeal and performs well in a range of market conditions. Geography Product Type Price Point Established in 4 states Good geographic spread, well located projects First apartments at Williams Landing sold out Introducing medium density at Wooloowin & Glenside and townhouse product at Port Adelaide First homebuyer, upgrader, investor all catered for Brisbane, Perth and Adelaide markets offer excellent affordability

3 Strategy delivering strong performance Cedar Woods Presentation 3 NPAT $m Dividends cents 1H F consecutive years of NPAT growth Forecast FY17 NPAT approximately $45m Strong and consistent dividend payments FY12-16 ROE average: 16% NPAT Dividends Financial Year

4 Balanced national portfolio Cedar Woods Presentation 4 4 states 24 projects 10,000 lots/ townhouses/ apartments FY17 DEVELOPMENT SPEND DISTRIBUTION (%) 25% QUEENSLAND Ellendale Wooloowin 30% WESTERN AUSTRALIA Major Projects Ariella Bushmead Harrisdale Green Mangles Bay Marina The Rivergums Millars Landing Byford Brook & Scarp SOUTH AUSTRALIA Glenside Port Adelaide 14% 31% VICTORIA Williams Landing Oxford Apartments St. A Banbury Village Carlingford Jackson Green Wattle Apartments

5 Growth in portfolio Cedar Woods Presentation 5 Total Lots/Apartments FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 First Brisbane acquisition January 2014 contract, May 2014 settlement First Adelaide acquisition March 2017 contract, June 2017 settlement Portfolio now has in excess of 10 years supply

6 Cedar Woods Presentation 6 Diversified portfolio State Presales revenue Price Point Current price list Product Presales # lots/apartments $894K QLD Apartments 20% 15% $599K $515K 51% VIC $455K Housing 28% WA 29% $139K $289K 57% Land Sales LAND APARTMENTS TOWNHOUSES Pre sales across three states Wide range of price points Focus on land and housing, with niche apartment product

7 VIC portfolio update Cedar Woods Presentation 7 Williams Landing - Heads of 40KM Agreement for Target office, Oxford apartments released, shopping centre expansion completed Jackson Green - strong townhouse pre-sales, Wattle apartments 75+% ST. A BANBURY VILLAGE WILLIAMS LANDING 20KM 10KM 5KM MELBOURNE CBD CARLINGFORD JACKSON GREEN pre sold GEELONG Port Phillip Bay St. A strong townhouse pre-sales Banbury Village now complete, TORQUAY Western Port Bay UDIA Awards Finalist

8 Williams Landing Shopping Centre Expansion Cedar Woods Presentation 8

9 Wattle Apartments - 60 total, > 75% presold Cedar Woods Presentation 9

10 Wattle Apartments at Jackson Green Cedar Woods Presentation 10

11 St A Cedar Woods Presentation 11

12 WA portfolio update Cedar Woods Presentation 12 Successful launch of Bushmead, approaching stage 1 completion Ariella sales momentum continuing, stage 3 commenced ahead of schedule 5KM 10KM PERTH CBD 20KM 40KM ARIELLA PRIVATE ESTATE HARRISDALE GREEN PIARA CENTRAL BUSHMEAD Construction of new stages at several established projects continuing MANGLES BAY MARINA EMERALD PARK THE BROOK AT BYFORD BYFORD ON THE SCARP Sales at Baldivis and Byford projects remain subdued MILLARS LANDING THE RIVERGUMS MARINERS COVE

13 Cedar Woods Presentation 13 Baldivis Secondary College

14 Cedar Woods Presentation 14

15 Cedar Woods Presentation 15

16 Cottage lots Cedar Woods Presentation 16

17 Millars Landing Cedar Woods Presentation 17

18 Cedar Woods Presentation 18

19 Cedar Woods Presentation 19 Piara Central & South Central Lot 501

20 QLD portfolio update Cedar Woods Presentation 20 ELLENDALE Stage 1 has 142 lots with 125 sales 480 lots already approved on 67 ha on the 227 ha site Rezoning of the balance 160 ha underway and anticipated to be completed in C2017 WOOLOOWIN Planning application lodged Approvals expected in C2017 Mix of town houses and apartments Close to 2 train stations and shops CARSELDINE ELLENDALE BRISBANE CBD 5KM 10KM 20KM Moreton Bay WOOLOOWIN SPRINGWOOD

21 Wooloowin inner suburban location Cedar Woods Presentation 21

22 Wooloowin streetscape view from level 2 Cedar Woods Presentation 22

23 Wooloowin townhouse streetscape Cedar Woods Presentation 23

24 SA portfolio update Cedar Woods Presentation 24 Glenside rezoning approved December 2016, site works now approved Port Adelaide due diligence investigations successfully completed Both sites have strong locational attributes and cater to different markets Adelaide office established with new staff to be as the projects progress St Vincent Gulf GLENELG PORT ADELAIDE ADELAIDE CBD 5KM 10KM MAWSON LAKES GLENSIDE 20KM

25 Glenside Images (indicative, subject to change) Cedar Woods Presentation 25

26 Cedar Woods Presentation 26 Port Adelaide Images (indicative, subject to change) Semaphore Beach Port Adelaide

27 Port Adelaide masterplan (indicative, subject to change) Cedar Woods Presentation 27

28 Cedar Woods Presentation 28 State final demand growth, quarterly Source: NAB economic update March 2017 State/ Territory Dec-16 Q/Q Y/Y NT ACT NSW VIC TAS SA QLD WA

29 Construction work since 2008 Cedar Woods Presentation 29 $B $B Source: ABS construction work done Source: ABS Construction Work Done, December 2016

30 Employment and finance Cedar Woods Presentation 30 Source: Commonwealth Bank of Australia Labour Force Jan 2017 Source: Commonwealth Bank of Australia Housing finance Nov 2016 Unemployment appears to have peaked in most states Loan approvals remain at high levels in Eastern States, WA has dropped

31 Demand for new property from foreign buyers (% of total) Cedar Woods Presentation 31 Source: NAB residential property survey Q4-2016

32 Cedar Woods Presentation 32 WA Employment Analysis Construction, Rental & Real Estate 13% Retail & Wholesale Trade 11% Mining 10% Manufacturing 7% All other categories 21% Transport, Postal & Warehousing 6% Health 9% Education & Training 6% Public Admin. & Safety 7% Professional, Scientific, Technical 10% Peak mining employment was 120,400 in August 2012 now 99,300 Source: ABS, November Quarter 2016

33 Land sales Cedar Woods Presentation 33

34 Dwelling start forecasts Housing markets less volatile than apartments Cedar Woods Presentation VIC QLD /13 (a)2013/14 (a)2014/15 (a) 2015/16(a) 2016/ / / /20 Houses Apartments /13 (a) 2013/14 (a) 2014/15 (a) 2015/16(a) 2016/ / / /20 Houses Apartments WA SA /13 (a) 2013/14 (a) 2014/15 (a) 2015/ /17(a) 2017/ / /20 Houses Apartments /13 (a) 2013/14 (a) 2014/15 (a) 2015/16(a) 2016/ / / /20 Houses Apartments Source: HIA as at February 2017

35 Diversification strategy underpinning results Cedar Woods Presentation 35 Manage our portfolio with the aim of delivering consistent annual growth in profits and dividends Grow and develop our national project portfolio diversified by geography, product type and price point so that it continues to appeal and performs well in a range of market conditions Positive outlook underpinned by strong pre-sales of $274 million, up 56% on last year Development program is on track, backed by continued strong pre-sales and disciplined project execution and delivery Landmark projects in Queensland, Victoria and Western Australia underway, placing the company in a strong position for FY17 Assuming current market conditions continue, the company anticipates exceeding FY16 s record profit, with an NPAT of approximately $45 million Well positioned for FY2018 with several landmark projects on track to provide first contributions, with pre sales of over $100 million

36 Perth Office Melbourne Office Ground Floor, 50 Colin Street Level 1, 476 St Kilda Road West Perth WA 6005 Melbourne VIC 3004 T: (08) T: (03) E: E: Brisbane Office Adelaide Office Level 6, 12 Creek Street Level 21, 25 Grenfell Street Brisbane QLD 4000 Adelaide SA 5000 T: (07) T: (08) E: E: Disclaimer of liability 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 be excluded, Cedar Woods Properties Limited accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in information in this presentation. All information in this presentation is subject to change without notice. This presentation is not financial advice or a recommendation to acquire Cedar Woods Properties Limited securities and has been prepared without taking into account the objectives, financial situation or needs of individuals.