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ASX Announcement CEDAR WOODS Cedar Woods posts strong first half profit Cedar Woods Properties Limited ( ASX : CWP ) ( ' Cedar Woods ' or ' the Company ' ) has today reported a net profit after tax ( NPAT ) of $ 22.4 million for the first half of the 2021 financial year ( FY21 ) and is forecasting a full year FY21 NPAT of approximately $ 29 million , subject to market conditions . Cedar Woods ' Managing Director , Nathan Blackburne , said the first half performance was pleasing and the Company is well placed for a good full year result . " Cedar Woods ' strong first half performance can be attributed to the diversification and quality of our property portfolio combined with the government stimulus the housing sector has benefitted from across the nation . " Low levels of supply and pent up demand in some markets have helped ongoing sales activity , seeing Cedar Woods record very healthy presales of more than $ 380m . " We remain in a strong position with a solid balance sheet , low gearing and significant undrawn finance facilities as we continue to assess acquisition opportunities in a number of markets to boost our portfolio and future earnings . " Favourable conditions are expected to continue as the economy recovers and while Cedar Woods ' second half earnings performance will be lower than the first , we expect strong growth in earnings for the full year , subject to market conditions remaining positive , " Mr Blackburne said . Financial Commentary CWP reports a net profit after tax for the first half of the 2021 financial year ( FY21 ) of $ 22.4 million ( $ 10.2 million in the previous corresponding period ( pcp ) ) . This result reflects the delay of some settlements from FY20 due to COVID - 19 , strong federal and state based stimulus directed toward the housing sector , and that the settlement of several stages occurred , as planned , in the first half of FY21 , thereby skewing FY21 earnings to the first half . 17 February 2021 Cedar Woods Properties Limited ASX Code : CWP Key Points • H1 FY21 NPAT of $ 22.4 million ( $ 10.2 million pcp ) , up 120 % • Fully franked interim dividend of 13.0 cents per share declared • Forward presales of more than • $ 380 million ( $ 340 million pcp ) Strong balance sheet , low debt , and significant undrawn finance facilities available to fund operations and acquisitions • Full year forecast NPAT of approximately $ 29m , and a dividend payout ratio of between 60 & 75 percent , subject to market conditions For further information Nathan Blackburne Managing Director ( 08 ) 9480 1500 Nyomi Horgan Citadel - MAGNUS 0412 415 573 Ground Floor 50 Colin St , West Perth , WA 6005 T 08 9480 1500 | E email@cedarwoods.com.au | www.cedarwoods.com.au 1