ANNUAL REPORT2008
ABN 47 009 259 081
VictoriA
Western AustrAliA
COntents
MELBOURNE
WANNEROO
Carine
GEELONG
PORT PHILLIP BAY
private estate
Cedar Woods’ objective .................................................. 2
About Cedar Woods ....................................................... 3
2008 highlights ............................................................... 4
Report to shareholders .................................................... 6
Overview of projects ........................................................ 10
Investor summary ............................................................ 16
Corporate directory.......................................................... 18
Well lOCAted
pROjeCts In
gROWth
CentRes
Harrisdale
For restdale
PERTH
ROCKINGHAM
MANDURAH
1
CEDAR WOODS PROPERTIES LIMITED ANNUAL REPORT2008
CEdAR WOOds’ ObjECTIvE
cedar Woods’ primary objectiVe is to create Value
for shareholders through groWth in earnings.
IN mEETINg OUR PRImARy ObjECTIvE WE sEEk TO:-
communicate the company’s progress to shareholders and the investment community;
satisfy customers’ expectations through excellence in property development;
align the interests of the company and its employees and provide employees with the opportunity for growth
and development;
have our citizenship recognised by the communities in which we operate and be recognised as environmentally
responsible; and
maintain the highest ethical standards.
2
AbOUT CEdAR WOOds
AbOUT CEdAR WOOds
Cedar Woods Properties Limited is an Australian property
development company. The company was established in 1987
and has been listed on the Australian securities Exchange
since 1994, trading under the security code ‘CWP’. Its market
capitalisation is approximately $150m.
The company’s principal interests are in urban land subdivision and
built form development for residential, commercial and industrial
purposes. Its portfolio of assets is located in Western Australia
and victoria.
The board and management of Cedar Woods have extensive
experience in the property industry, with particular expertise
in adding value to land holdings through the achievement of
government and local authority approvals and the planning and
design process.
Cedar Woods has consistently generated profits and dividends
for shareholders, whilst achieving excellence
in product
delivery, as recognised by several national awards and many
“Environmental Excellence” and most
the categories “best Residential
recently,
including
state awards,
Estate”,
“best high density development.”
Cedar Woods’ projects are sensitively developed with
consideration for environmental and community interests and
built to a high quality that is renowned in the marketplace.
Purchasers of the company’s land and developed products have
often enjoyed strong capital appreciation in their investments.
Through the rapid expansion of its built form development
portfolio, Cedar Woods has earned a reputation of delivering
high quality apartments for both the owner-occupier and investor
market.
The company has a strong focus on shareholder value and
its record in delivering quality developments to the market has
produced a strong earnings stream, providing high returns
to shareholders.
3
CEDAR WOODS PROPERTIES LIMITED ANNUAL REPORT2008
2008 hIghLIghTs
A record profit of $20.6m;
earnings per share increased 10%;
strong pre sales from Melbourne projects;
the company wins two State Government tenders in WA; and
funding secured for future growth.
2008 financial results summary
YEAR EnDED 30 JunE
2008
2007
% ChAnGE
Revenue
Net profit after tax
Total assets
Net bank debt
Net bank debt to equity - 30 june
Interest cover
Key shareholder information
YEAR EnDED 30 JunE
basic earnings per share
dividends per share – fully franked
Total shareholder return (1 year)
Net asset backing per share
shares on issue – end of year
shareholders’ equity
stock market capitalisation at 30 june
share price
$m
$m
$m
$m
%
x
¢
¢
%
$
m
$m
$m
$
81.9
20.6
90.0
18.6
185.0
155.6
80.6
96.1
4.2
63.8
89.0
5.8
(9.0)
10.8
18.9
26.3
7.1
(27.6)
2008
2007
% ChAnGE
37.3
18.0
(44)
1.52
55.1
83.9
151.6
2.75
33.9
17.0
20
1.31
54.8
71.6
286.2
5.22
10.0
5.9
(64)
16.0
0.5
17.2
(47.0)
(47.3)
Return on equity of 24% exceeded the minimum acceptable
return of 12% and return on capital achieved of 19% exceeded
the minimum benchmark of 14%.
Reference should be made to the financial performance summary
on page 16 of this annual report which tables the financial
performance of the company over the last 5 financial years.
Commentary on the performance of the individual projects in the
company’s portfolio is set out on pages 10 to 15 of this report.
4
2008 HigHligHts
2008 hIghLIghTs
5
CEDAR WOODS PROPERTIES LIMITED ANNUAL REPORT2008
REPORT TO shAREhOLdERs
2008 annual result
In 2008 Cedar Woods delivered a record profit of $20.6m.
In 2008 the company achieved another strong profit, resulting in
further growth in dividends to shareholders.
Earnings per share growth met the company’s target of 10% pa,
increasing from 33.9 cents to 37.3 cents.
This was a particularly pleasing result given the difficult year
experienced by financial and property markets. Unfortunately,
despite the achievement of record earnings per share, the
company share price experienced a significant decrease as
events on financial markets negatively impacted the Australian
stock market, in particular the property sector. your board is
confident that the underlying market value of the company’s
assets is significantly higher than the current share price reflects.
gearing (net bank debt to equity) at 30 june 2008 was 96%,
above the preferred range of 20 - 75% due to the impact of
a number of built form projects and the company’s investment
in developments that will provide future earnings. Interest cover
was 4.2, slightly below the minimum target of 5.
capital management and the
2008 diVidend
The directors have declared a fully franked final cash dividend of
10 cents, bringing the full year payout to 18 cents (17 cents in
2007). The final dividend will be paid on 31 October 2008.
The dividend reinvestment plan (dRP) will be available for the
final dividend.
The dRP has been partially underwritten, with funds raised to be
used for working capital purposes.
6
57,189200410.010,25357,189200512.012,40075,130200615.030.316,20880,520200717.033.918,55390,008200818.037.320,55781,94120.223.3Dividend per share (cents)Earnings per share (cents)Net profit after tax ($’000)Revenue ($’000) the economy and the
property marKet
The national economy is slowing, with the Federal government
forecasting Australian gdP growth of 2.75% for Fy2009,
significantly lower than the 4.3% achieved in Fy2007 and
3.5% forecast for Fy2008. Consumer and hence homebuyer
confidence has been hit with the combined effects of interest
rate increases, higher petrol prices and global financial market
volatility. however, with the Reserve bank recently reducing the
cash rate by 0.25% it is apparent we are past the peak in the
current interest rate cycle.
The Western Australian residential market has been in decline for
the last 12 months, with both building starts and finance approvals
trending downwards since mid 2007. With declining affordability,
the rate of sales has slowed and building commencements have
dropped.
REPORT TO shAREhOLdERs
likely
to continue
The subdued conditions are
through
Fy2009. however, the medium to long term outlook is
much brighter, as the state’s economy continues to perform
strongly and demand
inbound
migration is expected to stimulate the property market in
due course.
for housing created by
In victoria there has been a steady increase in the population
in the last 12 months, and pent up demand in the market is
starting to build. building approvals have been trending upwards
over the last year and housing starts are increasing. Established
house prices increased 23% in 2007 and levelled out in 2008.
The residential vacancy rate remains at an historical low and
is helping to support activity in the first home-buyer market.
demand for new housing lots is anticipated to remain robust
over the next 12 months.
7
CEDAR WOODS PROPERTIES LIMITED ANNUAL REPORT2008
REPORT TO shAREhOLdERs
projects
despite subdued market conditions in WA, the company’s
residential projects performed well, experiencing a steady level of
buyer activity through the financial year. The board was pleased
to see the completion of two important apartment projects during
the year, with the second stage of the Nautilus Apartments
in Rockingham and the Waterline Apartments in halls head
both completed.
In melbourne, the company successfully launched two major
new projects and these were keenly received by the market. In
march 2008 the long awaited first two stages of Williams Landing
were released and in june 2008 the first stage at Carlingford
was launched. At both estates, a high level of presales has
already been achieved with revenue and profit from these lots
anticipated to be delivered in Fy2009.
details of progress at the projects commence on page 10.
corporate objectiVes and
strategy
The Corporate Plan guides the management team’s activities
and provides a five year outlook for the company, projecting
earnings growth and other key performance indicators under
various scenarios.
Consistent delivery of 10% pa growth in earnings per share
places a company in the upper half of listed industrial companies
and this target has been retained as the company’s primary
objective.
In pursuit of this objective, there are a number of key action items
in the Corporate Plan that are adopted as performance targets
by senior executives, sales managers and other employees.
Twice yearly our audit and risk management committee assesses
risk factors that may affect the company. In addition to specific
risks affecting individual projects, there are general risks affecting
our business sector:
changes in the level of demand in the property market;
increases in interest rates;
change in government support for the housing sector;
increased construction costs for both land subdivision and
buildings; and
increased competition and reducing affordability.
The company’s strategies are directed at delivery of earnings
growth and in particular addressing key risk factors as follows:
Ongoing development of existing projects
The company’s core competency is in property development
and the company continues to ensure design, delivery and
marketing maximise the return the company receives.
Diversification of the property portfolio
The company has entered into options or similar agreements for
several exciting new projects in Western Australia and continues
to seek ways to diversify and grow its portfolio.
Identification and acquisition of new projects
In recent years the company has supplemented its land bank
with key acquisitions in Western Australia and victoria. These
additions will contribute to earnings growth over the next five
years.
The focus remains on longer term prospects that provide the
potential to add greater value through rezoning and approvals
than projects purchased for immediate development.
using joint ventures, syndicates and co-development
arrangements to leverage the company’s skill base
The company is undertaking a joint venture at the mandurah
Country Club and in 2006 established its first wholesale
syndicate in Perth, Cedar Woods Wellard Limited, which is
expected to commence development in Fy2009. during
Fy2008 the company won two important government tenders to
undertake development for two WA state government entities,
further details of which appear on page 12.
Retaining ownership of income producing assets
The company has started to build a portfolio of income producing
assets that will provide a recurring income stream. This portfolio
is likely to be expanded with assets that the company will
develop at Williams Landing and at other estates where sites are
designated for commercial or retail use.
8
REPORT TO shAREhOLdERs
sustainability reporting
This year we have transferred our environmental and community
development report card and overview of research and innovation
to a separate web based sustainability Report. This has been
posted on our website, www.cedarwoods.com.au.
people
The company’s management team continues to be expanded to
provide a platform for future growth in the Perth and melbourne
offices.
We have complemented our management team in the area of
town planning in order to provide the requisite skills to address
this increasingly complex and important area of the business.
The company supports various industry groups, such as
the Property Education Foundation of WA which focuses on
improving the skill base of property professionals on which the
company relies. The company helps the Foundation in attracting
graduate level candidates to the development industry by
participating in the annual internship program.
board matters
The board is conscious of its duty to ensure the company meets
its performance objectives. during the year the board and its
committees reviewed their respective charters and performance
to ensure they were properly discharging their responsibilities.
For more details of the corporate governance framework please
refer to the ‘Investor relations’ page of the company website
and the corporate governance statement in the 2008 financial
report.
outlooK
Fy2009 will be an exciting year for the company as it progresses
its expansion in melbourne and commences development and
settlements at Williams Landing and Carlingford.
With the first wholesale syndicate project moving into development
and new projects with state government entities progressing, the
company is well positioned to capalise on a market recovery.
The company remains focused on its primary objective of growth
in earnings and has managed the project portfolio to enable it to
deliver consistent earnings growth. As a result, this enables the
company to be highly selective in making further acquisitions.
The company maintains its target of achieving 10% annual growth
in earnings per share. For Fy2009 the majority of the revenue
and earnings are expected to be delivered in the second half
of the year and the company will provide guidance on Fy2009
earnings later in the year, as developments progress.
We would like to thank our fellow directors, the management
team and staff for their dedication over the past year, and all
shareholders for their support.
W G hAMES
ChAIRmAN
P S SADLEIR
mANAgINg dIRECTOR
9
CEDAR WOODS PROPERTIES LIMITED ANNUAL REPORT2008
OvERvIEW OF PROjECTs
OvERvIEW OF PROjECTs
WESTERn AuSTRALIA – LAnD DEvELOPMEnT
PROJECT DESCRIPTIOn
MARInERS COvE, MAnDuRAh
RECEnT AChIEvEMEnTS AnD STATuS
Purchased in 1993, 103ha, remaining project life of 5 years. A unique waterfront development close to the mandurah town centre, comprising a mix of
canal lots, waterfront townhouses, parkland lots and estuary view lots, mariners Cove boasts a spectacular 230 hectare wildlife reserve complete with
‘The Landings’ is a series of luxury canal townhouse stages being developed in the canal
raised boardwalks, two bird hides and an interpretive centre. The reserve protects the Creery Wetlands, an internationally recognised waterbird habitat
zone. stage 1, comprising 8 townhouses, is almost sold out. Another 6 townhouses in
that is home to migratory birds from around the world. mariners Cove won the state and National Urban development Institute of Australia Environmental
stage 2 will commence soon. All but a few of the parkland lots remain and these are
Excellence Awards in 2002 and 2003, respectively. It has also won the state and National UdIA awards for best Residential development (250 or more
expected to sell out in 2009.
lots) in 2004 and 2005 respectively.
SuTTOn hERITAGE SITE, MAnDuRAh
Purchased in 1990, 2.1ha, remaining project life of 4 years. Part of the company’s award winning Port mandurah canal estate, the historic sutton
farm site is to be redeveloped for medium density waterfront apartments with private jetties. The heritage farm buildings have been restored with the
cooperation of the heritage Council of Western Australia and will be retained as part of the redevelopment in a parkland setting, together with a heritage
listed Norfolk pine tree, which is a local landmark.
ThE RIvERGuMS, BALDIvIS
Purchased in 2001, 114ha, remaining project life of 6 years. Located in Perth’s southern suburbs and only minutes from the new Perth - mandurah rail
line and the Rockingham beaches, The Rivergums residential estate will ultimately provide over 1,000 dwellings. The estate boasts a network of lakes,
wetlands, and beautifully landscaped parks. Environmental initiatives included restoration of a degraded wetland, conservation of the local frog population
and the revegetation of the adjoining Tramway reserve. The Rivergums was also one of the first housing Industry Association (WA) ‘greensmart’
developments, promoting efficient energy and water use.
ThE KESTRELS, TAPPInG
development approval is currently being negotiated through a public consultation and
assessment process. It is envisaged that a final approval will be granted at the end of
2008. The marketing of the first apartments is expected in 2009.
All urban zonings are now in place and approval is being sought for the final masterplan.
This year also saw construction of a second access road, new entry statement and
provision of land to the department of Education and Training for a combined primary
and high school.
Purchased in 2003, 50ha, remaining project life of 3 years. As the name suggests, The kestrels residential estate in Perth’s northern suburbs has
The kestrels has continued to be popular with buyers. A new land release is currently
focused on maintaining habitat and attracting prominent local bird species by maximising parkland and tree planting, and undertaking other revegetation
being constructed, leaving only two more staged releases before the project is complete.
initiatives. The kestrels is another housing Industry Association (WA) greensmart estate and won the 2006 City of Wanneroo Environmental Excellence
A site adjacent to the south of the estate will be developed by the department of
Award. The estate will ultimately comprise over 500 dwellings.
hELEnA vALLEY PRIvATE ESTATE, hELEnA vALLEY
Education and Training into a new high school.
Purchased in 2005, 8ha, remaining project life of 2 years. The property is located in the Perth foothills next to the company’s original helena valley Private
Estate developed 10 years ago. This new stage, comprising 78 residential lots, has been designed to preserve bushland and maintain the local rural
setting. Large residential lots reinforce the unique hills lifestyle. The location, close to the midland Regional Centre, the Perth airport and just 20 minutes
from the Perth Cbd, ensures convenient access to work, education facilities, shopping and entertainment.
Construction of the new stage is to commence in late 2008. marketing has already
resulted in over 30% of lots being pre-sold and the balance of the lots are expected to
be keenly sought by buyers from the local area.
CAMBRIDGE WATERS, CAnnInG vALE
Purchased in 2005, 15ha, remaining project life of 2 years. In an inner southern suburb only 20 minutes from the Perth Cbd, this medium density
With the first two stages of residential lots almost sold out, the company will consider a
residential project aims to provide a wide choice of housing and lifestyle options for the growing Canning vale community. The development is opposite
further release of lots in this popular estate. Plans for high density development will be
a regional shopping centre and is set amongst attractively landscaped parklands and lakes with stunning water features.
considered over the coming year, as an alternative to a final residential lot stage.
10
11
CEDAR WOODS PROPERTIES LIMITED ANNUAL REPORT2008
OvERvIEW OF PROjECTs
OvERvIEW OF PROjECTs
WESTERn AuSTRALIA – LAnD DEvELOPMEnT
PROJECT DESCRIPTIOn
EMERALD PARK, WELLARD
RECEnT AChIEvEMEnTS AnD STATuS
syndicate established in 2006, 47ha, remaining project life of 6 years. Cedar Woods Wellard Limited, an investment syndicate managed by the
company, owns this exciting residential estate to ultimately comprise over 600 homesites, a school site and sports ground. Its location in Perth’s southern
masterplan approval for the estate is nearing completion and construction of the first
suburbs, some 33km from the Cbd, adjacent to the kwinana Freeway and close to the recently opened Perth - mandurah rail line, will bring enormous
stage land release is expected to commence in late 2008.
accessibility benefits to future residents.
CARInE
Project agreement being finalised, 8ha, project life of 5 years. The planned redevelopment of a former TAFE site in Perth’s middle northern suburb of
Carine is the company’s first project to be conducted in conjunction with the Western Australian state government (LandCorp). Cedar Woods and the st
A project agreement with the state government (LandCorp) is being finalised. The
Ives group were selected through a highly competitive tender process as the preferred project partners. The redevelopment will include residential aged
rezoning and masterplanning has commenced and these processes are expected to
care, a retirement village, mixed use development and residential townhouses and apartments. The st Ives group is one of the state’s leading providers
be completed in 2009.
of aged care and retirement housing.
hARRISDALE
Agreement established in 2008, 30ha, project life of 5 years. Following on from Carine, Cedar Woods was awarded its second joint venture land
development with the Western Australian state government, in this case to be conducted with the department of housing and Works. The harrisdale
A project agreement with the state government (department of housing and Works) is
project is a greenfield site within Perth’s south-eastern urban corridor and will comprise 640 homes and 40 businesses. Won as a result of a tender, it
being finalised and the company has commenced its review of the existing masterplan.
was the company’s focus on affordability and sustainability that set it apart from its competitors. The department of housing and Works has stipulated
It is envisaged that construction of the first stage land release will start in 2009.
that a component of social housing be provided throughout the estate.
FORRESTDALE
Purchased in 2005, 15ha, project life of 6 years. The company’s landholding in Forrestdale is a medium term project with the potential to yield 146
residential lots, including 3 unit sites. Located in Perth’s south-eastern corridor, the site forms part of a larger new urban precinct which includes new retail
commercial centres and schools. This new urban area is close to the Armadale Regional Centre and with the extension of the nearby Tonkin highway
benefits from good access to surrounding employment centres.
This company’s land is part of a larger urban precinct which is expected to be developed
in the medium term. The company continues to progress plans in order to capitalise
upon development opportunities.
WESTERn AuSTRALIA - BuILT FORM
nAuTILuS APARTMEnTS, ROCKInGhAM
Purchased in 2003, 0.55ha, project now complete. Nautilus Apartments are positioned adjacent the beach, parks and cafes of the Rockingham
All apartments in the development have been sold. The company has leased the
foreshore area. The 62 apartments in stage 1 enjoy spectacular ocean views. Nautilus stage 2 consists of a further 24 apartments behind Nautilus stage
majority of the retail space on the ground floor and holds these properties for long term
1. Residents have access to a private pool, gym and undercover parking. both stages include commercial tenancies on the ground floor. Nautilus
investment. Nautilus won the 2008 Urban development Institute of Australia (WA) ‘best
Apartment buildings have played a key role in the rejuvenation of the Rockingham town centre.
high density development’ award.
WATERLInE APARTMEnTS, MAnDuRAh
Purchased in 2005, 0.45ha, remaining project life of 3 years. The Waterline Apartments occupy a prime beachfront location, directly
opposite doddi’s beach in halls head, mandurah. stage 1 of this beachside development comprises 15 two and three bedroom luxury
ocean view apartments and 3 luxury penthouses. Retail space on the ground floor will incorporate a ‘dome’ cafe. The balance of the
site will comprise a stage 2 development for which planning is underway.
Construction of the stage 1 ocean front apartments and commercial tenancy was
completed this year and the remaining apartments are currently being marketed. The
company is now exploring development options for stage 2.
12
13
CEDAR WOODS PROPERTIES LIMITED ANNUAL REPORT2008
OvERvIEW OF PROjECTs
OvERvIEW OF PROjECTs
WESTERn AuSTRALIA – BuILT FORM
PROJECT DESCRIPTIOn
ThE FAIRWAYS, MAnDuRAh COunTRY CLuB
RECEnT AChIEvEMEnTS AnD STATuS
joint venture established in 2004, 0.9ha, project now complete. In a joint venture with the mandurah Country Club, the company has developed 25
prestigious townhouses with spectacular views overlooking the 8th green and 9th tee at The mandurah Country Club golf course in halls head. These
The townhouses at The Fairways have been highly sought after. Construction was
homes have been architecturally designed to blend in with the surrounding natural environment and to provide an exclusive address and unique lifestyle.
completed this year and only a few of the townhouses remain for sale.
Retention of significant trees and vegetation while optimising opportunities for views was of paramount importance in the design.
ThE JETTY, PALM BEACh ROCKInGhAM
Purchased in 2006, 0.2ha, project life of 3 years. The company is soon to commence this 4 storey beachfront development, opposite the landmark
Palm beach jetty in Rockingham. The jetty will comprise 15 luxury three bedroom, two bathroom apartments, all with spectacular ocean views and the
very best quality fit-out. A ground floor beachfront café is also planned.
keen interest has already been shown for this prestigious apartment development,
which is expected to be launched in 2009.
vICTORIA – LAnD DEvELOPMEnT AnD BuILT FORM
WILLIAMS LAnDInG, LAvERTOn
Purchased in 1998, 220ha, remaining project life of 15 years. A premium masterplanned community development is being delivered on the former
With zoning and masterplan approvals in place and substantial pre-sales achieved,
RAAF Williams airfield at Laverton, comprising 4 neighbourhoods with over 2000 dwellings and a major new town centre. significant state government
estate construction has commenced on the first two residential stages. The company
infrastructure is planned for the site including a new freeway interchange and rail station. The new town centre will integrate directly with these transit
is exploring future opportunities to develop and retain ownership of commercial buildings
facilities to create a showcase transit-oriented development.
anticipated in the town centre component.
BAnBuRY vILLAGE, FOOTSCRAY
Purchased in 2006, 9ha, remaining project life of 5 years. banbury village is a substantial urban renewal project comprising 300 new home sites,
townhouses and apartments. The project is a premium housing development for melbourne’s inner west suburb of Footscray, some 6km from the
melbourne Cbd. banbury village will not only look to the future for energy efficiency and sustainability but also embraces the past through the adaptive
re-use of the heritage buildings on site.
CARLInGFORD, LALOR
Zoning and masterplan approvals are in place and the former industrial land has been
substantially remediated to make ready for new residential development. Estate
construction is anticipated to commence in 2009.
Purchased in 2006, 56ha, remaining project life of 7 years. An infill project in melbourne’s northern suburb of Lalor, Carlingford is the first residential estate
launched in the area in over a decade. Ultimately comprising 600 housing lots, its location boasts excellent transport links to melbourne’s Cbd and it is
within easy reach of shopping, schools and the train network.
The first stage of construction is due to commence in late 2008. substantial pre-sales
have been achieved following a keen response from buyers in the local area.
14
15
CEDAR WOODS PROPERTIES LIMITED ANNUAL REPORT2008
INvEsTOR sUmmARy
5 year financial performance summary – as reported
FInAnCIAL YEAR
2008
2007
2006
2005
2004
All amounts in $’000 except where stated
Financial performance
Revenue from ordinary activities
Earnings before interest and tax
Finance costs
Operating profit before tax
Income tax expense
Net profit after tax
Realised reserve
81,941
90,008
31,245
31,304
2,230
4,515
80,520
25,864
2,750
75,130
19,191
1,549
57,189
15,988
1,314
29,015
26,789
23,114
17,642
14,674
8,458
8,236
6,906
5,242
4,421
20,557
18,553
16,208
12,400
10,253
179
271
404
447
646
Net profit after tax plus realised reserve
20,736
18,824
16,612
12,847
10,899
Financial position
Total assets
Total liabilities
shareholders' equity
185,019
155,561
196,365
130,470
101,073
83,918
127,917
83,946
71,643
Number of shares on issue - end of year ('000)
55,138
54,824
Key performance measures
Earnings per share (cents)
dividend per share fully franked (cents)
EbIT margin (%)
Interest cover (times)
Return on equity (%)
Investment in inventory during year
Net tangible assets backing per share ($)
Net bank debt
Net bank debt to equity (%)
share price - end of year ($)
37.3
18.0
33.9
17.0
38.1%
34.8%
4.2
5.8
24.5%
25.9%
46,002
73,799
1.52
1.31
80,633
63,735
96.1%
2.75
89.0%
5.22
68,448
54,536
30.3
15.0
32.1%
7.9
23.7%
52,952
1.11
28,974
42.3%
4.48
75,513
54,957
53,253
23.3
12.0
25.5%
6.0
22.6%
48,866
1.03
37,463
68.2%
2.31
94,717
46,885
47,832
53,228
20.2
10.0
28.0%
7.5
21.4%
56,026
0.90
23,157
48.4%
1.70
stock market capitalisation at 30 june
151,630
286,181
244,321
123,014
90,488
Number of employees at 30 june
33
26
27
25
20
16
INvEsTOR sUmmARy
Financial performance, financial position and all key performance
measures shown in the preceding table up to the year ended 30
june 2005 are shown as previously reported, based on financial
accounting under Australian generally Accepted Accounting
Practice (AgAAP). data for the years ended 30 june 2008,
2007 and 2006 is based on Australian equivalents to International
Financial Reporting standards (AIFRs).
diVidend and diVidend policy
The current dividend policy is to distribute approximately 50% of
the sum of the full year net profit after tax plus realised reserves.
having paid an interim dividend of 8 cents per share in April
2008, the final dividend for the 2008 financial year is 10.0 cents
per share, fully franked. The dividend will be paid on 31 October
2008.
Certain changes have been made to comparative amounts to
reflect changes in classifications in the current year.
Returns to shareholders over 1, 3 and 5 years
FInAnCIAL POSITIOn
1YR
3YR
5YR
Earnings per share growth %
share price growth %
dividend growth %
Total shareholder return %
10
(47)
6
(44)
17
6
14
11
21
23
21
29
shareholder discount scheme
The company operates a shareholder discount scheme which
entitles shareholders to a 5% discount off the listed purchase
price of any residential lot at the company’s developments. A
summary of the main terms and conditions follows:
shareholders must hold a minimum number of 5,000 shares
for at least 12 months before purchasing a lot to qualify for
the discount;
there is no limit to the number of lots which a shareholder
may purchase under the scheme, subject to any statutory
restrictions; and
the shareholder discount scheme does not apply to
combined house and land packages.
The above is a summary of the main conditions and shareholders
should apply to the company or visit the website for the full terms
and conditions.
17
CEDAR WOODS PROPERTIES LIMITED ANNUAL REPORT2008
CORPORATE dIRECTORy
ABN 47 009 259 081
directors
William george hames, bArch (hons) mCU (harvard) LFRAIA,
mPIA, FAPI (Econ) – Chairman
Robert stanley brown, mAICd, AIFs – deputy Chairman
Ronald Packer, bCom (UWA), AAPI, FAICd, solicitor supreme
Court of England & Wales
Paul stephen sadleir, bE, mbA, AAPI, FAICd, FRICs,
mIE Aust – managing director
share registry
Computershare Investor services Pty Ltd
Level 2, Reserve bank building
45 st georges Terrace
PERTh WA 6000
auditor
PricewaterhouseCoopers
Timothy Robert brown, bA, LLb, m.Fin (Alternate for R s
brown)
Qv1
company secretary
Paul samuel Freedman, bsc, CA, gAICd
registered office and principal place
of business
Level 4, 66 kings Park Road
WEsT PERTh WA 6005
250 st georges Terrace
PERTh WA 6000
securities exchange listing
Cedar Woods Properties Limited shares are listed on the
Australian securities Exchange Limited.
AsX Code: CWP
Postal address : PO box 788 WEsT PERTh WA 6872
Phone:
(08) 9480 1500 Fax: (08) 9480 1599
annual general meeting
venue: kings Park Function Centre
Email:
email@cedarwoods.com.au
Website:
www.cedarwoods.com.au
Time:
10.00am
date:
7 November 2008
18
Cedar Woods Properties Limited
Level 4, 66 Kings Park Road West Perth WA 6005 P.O. Box 788 West Perth WA 6872
P (08) 9480 1500 F (08) 9480 1599 E email@cedarwoods.com.au W www.cedarwoods.com.au