Cedar Woods Properties : Half Year Accounts

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TABLE OF

CONTENTS

Directors' Report	3
Auditor's Independence Declaration	5
Consolidated Statement of Profit or Loss and Other Comprehensive Income	6
Consolidated Balance Sheet	7
Consolidated Statement of Changes in Equity	8
Consolidated Cash Flow Statement	9
Notes to the Financial Statements	10
Directors' Declaration	15
Independent Auditor's Review Report to the Members	16
Corporate Directory	18

This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2021 and any public announcements made by Cedar Woods Properties Limited during the interim reporting period in accordance with continuous disclosure requirements of the Corporations Act 2001.

Cedar Woods Properties Limited is a company limited by shares, incorporated and domiciled in Australia.

Cedar Woods Properties Limited

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DIRECTORS'

REPORT

Your directors present their report on the consolidated entity (referred to hereafter as the group) consisting of Cedar Woods Properties Limited and the entities it controlled at the end of, or during, the half-year ended 31 December 2021.

a. Directors

The following persons were directors of Cedar Woods Properties Limited during the whole of the half-year and up to the date of this report, except where stated:

William George Hames (Chairman) Robert Stanley Brown (Deputy Chairman)

Valerie Anne Davies (Independent Non-executive Director)

Jane Mary Muirsmith (Independent Non-executive Director) Paul Gilbert Say (Independent Non-executive Director) Nathan John Blackburne (Managing Director)

b. Review of operations

The principal continuing activities of the group in the course of the half-year ended 31 December 2021 were that of property developer and investor and no significant change in the nature of those activities has taken place during that period.

A summary of consolidated revenues and results for the half-year ended 31 December 2021 is set out below:

		2020
	2021	*Restated
	$'000	$'000
Revenue	174,408	169,185
Profit before income tax expense	20,123	32,721
Income tax expense	(6,057)	(10,038)
Net profit attributable to members of Cedar Woods Properties Limited	14,066	22,683

* See note 12 for details regarding the restatement as a result of a change in accounting policy.

During the half-year the group continued the sale of lots and units at its residential and commercial projects in Australia.

The group's earnings from period to period are dependent upon the timing of the settlements in each development. Management's focus is primarily on the achievement of full year results and the distribution of profits between half- years may from time to time be uneven due to the timing of settlements of significant projects.

c. Dividends

Since 31 December 2021 the directors have recommended the payment of an interim fully franked ordinary dividend of $10,677,000 (13.0 cents per share) to be paid on 29 April 2022 out of retained earnings at 31 December 2021.

d. Matters subsequent to the end of the period

On 11 January 2022 a contract to acquire a 3.9ha development site in Rockingham, Western Australia went unconditional. The land was contracted for $6,900,000, with payment and land settlement to occur in June 2022.

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On 4 February 2022 the group settled on a 28.6ha site in Burpengary, Queensland. The land was purchased for $18,512,000.

Refer to note 7 for dividends declared since the end of the reporting period.

No other matter or circumstance has arisen since 31 December 2021 that has significantly affected the group's operations, results or state of affairs.

e. Auditor's independence declaration

A copy of the auditor's independence declaration as required by section 307C of the Corporations Act 2001 is set out on page 5.

f. Rounding of amounts

The group is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the "rounding off" of amounts in the directors' report and financial report. Amounts in the directors' report and financial report have been rounded off to the nearest thousand dollars in accordance with the instrument.

This report is made in accordance with a resolution of directors.

›

Nathan Blackburne

Managing Director

Perth, Western Australia

16 February 2022

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