Cedar Woods Properties Limited EUROZ INVESTOR CONFERENCE 14 March 2017
Cedar Woods Presentation | 2 Cedar Woods’ strategy — Established in 4 states — Good geographic spread, well To grow and develop our located projects national project portfolio, Geography diversified by: — First apartments at Williams Landing geography sold out product type — Introducing medium density at Wooloowin & Glenside and townhouse Product Type product at Port Adelaide price point so that it continues to hold — First homebuyer, upgrader, investor broad customer appeal and all catered for performs well in a range of — Brisbane, Perth and Adelaide markets market conditions. offer excellent affordability Price Point
Cedar Woods Presentation | 3 Strategy delivering strong performance NPAT $m Dividends cents 45 40 6 consecutive years of 40 35 NPAT growth 35 30 Forecast FY17 NPAT 30 25 approximately $45m 25 20 20 Strong and consistent 15 1H 15 dividend payments 10 10 FY12-16 ROE average: 5 5 16% 0 0 2012 2013 2014 2015 2016 2017F NPAT Dividends Financial Year
Cedar Woods Presentation | 4 Balanced national portfolio 4 states 24 projects 10,000 lots/ FY17 DEVELOPMENT SPEND townhouses/ DISTRIBUTION (%) QUEENSLAND apartments 25% Ellendale Wooloowin 30% 14% WESTERN AUSTRALIA Major Projects VICTORIA Ariella Williams Landing Bushmead Oxford Apartments Harrisdale Green St. A Mangles Bay Marina Banbury Village 31% The Rivergums SOUTH AUSTRALIA Carlingford Millars Landing Glenside Jackson Green Byford Brook & Scarp Port Adelaide Wattle Apartments
Cedar Woods Presentation | 5 Growth in portfolio Total Lots/Apartments 10921 8903 8556 8410 7176 6698 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
Cedar Woods Presentation | 6 Diversified portfolio State Price Point Product Presales revenue Presales – # lots/apartments Current price list $894K QLD Apartments 15% 20% $599K $515K VIC 51% $455K Housing 28% $289K 29% WA 57% $139K Land Sales LAND APARTMENTS TOWNHOUSES Pre sales across three states Wide range of price points Focus on land and housing, with niche apartment product
Cedar Woods Presentation | 7 VIC portfolio update 40KM Williams Landing - Heads of Agreement for Target office, Oxford 20KM CARLINGFORD apartments released, shopping ST. A 10KM centre expansion completed 5KM BANBURY VILLAGE MELBOURNE Jackson Green - strong townhouse CBD WILLIAMS LANDING pre-sales, Wattle apartments 75+% JACKSON GREEN Port Phillip Bay pre sold GEELONG St. A – strong townhouse pre-sales TORQUAY Banbury Village now complete, Western Port Bay UDIA Awards Finalist
Cedar Woods Presentation | 8 Williams Landing Shopping Centre Expansion
Cedar Woods Presentation | 9 Wattle Apartments - 60 total, > 75% presold
Cedar Woods Presentation | 10 Wattle Apartments at Jackson Green
Cedar Woods Presentation | 11 St A
Cedar Woods Presentation | 12 WA portfolio update 40KM Successful launch of Bushmead, 20KM ARIELLA PRIVATE approaching stage 1 completion ESTATE 10KM BUSHMEAD Ariella sales momentum 5KM PERTH continuing, stage 3 commenced CBD HARRISDALE GREEN ahead of schedule PIARA CENTRAL Construction of new stages at THE BROOK MANGLES BAY AT BYFORD MARINA BYFORD ON THE several established projects SCARP continuing EMERALD PARK MILLARS LANDING Sales at Baldivis and Byford THE RIVERGUMS projects remain subdued MARINERS COVE
Cedar Woods Presentation | 13 Baldivis Secondary College
Cedar Woods Presentation | 14
Cedar Woods Presentation | 15
Cedar Woods Presentation | 16 Cottage lots
Cedar Woods Presentation | 17 Millars Landing
Cedar Woods Presentation | 18
Cedar Woods Presentation | 19 Piara Central & South Central Lot 501
Cedar Woods Presentation | 20 QLD portfolio update ELLENDALE Moreton Bay Stage 1 has 142 lots with 125 sales CARSELDINE 480 lots already approved on 67 ha ELLENDALE on the 227 ha site Rezoning of the balance 160 ha WOOLOOWIN underway and anticipated to be BRISBANE completed in C2017 CBD WOOLOOWIN Planning application lodged 5KM Approvals expected in C2017 10KM Mix of town houses and apartments Close to 2 train stations and shops SPRINGWOOD 20KM
Cedar Woods Presentation | 21 Wooloowin – inner suburban location
Cedar Woods Presentation | 22 Wooloowin streetscape – view from level 2
Cedar Woods Presentation | 23 Wooloowin townhouse streetscape
Cedar Woods Presentation | 24 SA portfolio update Glenside rezoning approved MAWSON LAKES December 2016, site works now PORT ADELAIDE approved Port Adelaide due diligence investigations successfully completed ADELAIDE Both sites have strong locational CBD GLENSIDE attributes and cater to different St Vincent Gulf GLENELG 5KM markets Adelaide office established with new 10KM staff to be as the projects progress 20KM
Cedar Woods Presentation | 25 Glenside Images (indicative, subject to change)
Cedar Woods Presentation | 26 Port Adelaide Images (indicative, subject to change) Semaphore Beach Port Adelaide
Cedar Woods Presentation | 27 Port Adelaide masterplan (indicative, subject to change)
Cedar Woods Presentation | 28 State final demand growth, quarterly State/ Dec-16 Y/Y Territory Q/Q NT 3.8 11.1 ACT 1.6 7.3 NSW 0.8 4.1 VIC 1.7 3.4 TAS 0.9 2.4 SA 0.9 2.1 QLD 0.9 1.8 WA 0.4 -7.8 Source: NAB economic update – March 2017
Cedar Woods Presentation | 29 Construction work – since 2008 $B $B Source: ABS 8755.0 construction work done Source: ABS 8755.0 Construction Work Done, December 2016
Cedar Woods Presentation | 30 Employment and finance Source: Commonwealth Bank of Australia – Housing finance Nov 2016 Source: Commonwealth Bank of Australia – Labour Force Jan 2017 • Unemployment appears to have peaked in most states • Loan approvals remain at high levels in Eastern States, WA has dropped
Cedar Woods Presentation | 31 Demand for new property from foreign buyers (% of total) Source: NAB residential property survey Q4-2016
Cedar Woods Presentation | 32 WA Employment Analysis Retail & Wholesale Trade 11% Mining Construction, Rental & 10% Real Estate 13% Manufacturing 7% All other categories Transport, Postal & 21% Warehousing 6% Professional, Scientific, Technical 10% Public Admin. Health & Safety Education & 9% 7% Training 6% Peak mining employment was 120,400 in August 2012 now 99,300 Source: ABS, November Quarter 2016
Cedar Woods Presentation | 33 Land sales
Cedar Woods Presentation | 34 Dwelling start forecasts Housing markets less volatile than apartments 40 40 VIC QLD 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 2012/13 (a)2013/14 (a)2014/15 (a) 2015/16(a) 2016/17 2017/18 2018/19 2019/20 2012/13 (a) 2013/14 (a) 2014/15 (a) 2015/16(a) 2016/17 2017/18 2018/19 2019/20 Houses Apartments Houses Apartments 40 40 WA SA 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 2012/13 2013/14 2014/15 2015/16 2016/17(a) 2017/18 2018/19 2019/20 2012/13 (a) 2013/14 (a) 2014/15 (a) 2015/16(a) 2016/17 2017/18 2018/19 2019/20 (a) (a) (a) Houses Apartments Houses Apartments Source: HIA as at February 2017
Cedar Woods Presentation | 35 Diversification strategy underpinning results Positive outlook underpinned by strong pre-sales Grow and of $274 million, up 56% on last year develop our national project Development program is on track, backed by portfolio… continued strong pre-sales and disciplined project execution and delivery Manage our Landmark projects in Queensland, Victoria and portfolio with the …diversified by Western Australia underway, placing the aim of delivering geography, product company in a strong position for FY17 consistent annual type and price point… growth in profits Assuming current market conditions continue, and dividends the company anticipates exceeding FY16’s record profit, with an NPAT of approximately $45 …so that it million continues to appeal and Well positioned for FY2018 with several performs well in a range of market landmark projects on track to provide first conditions contributions, with pre sales of over $100 million
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