Winton Announces First Half FY22 Results
EBITDA/EBIT and Pro forma EBITDA/EBIT are non GAAP measures. EBITDA/EBIT have been calculated on a
consistent basis to the EBITDA/EBIT measures presented in the FY22 PFI. A reconciliation from EBITDA/EBIT to
Pro forma EBITDA/EBIT can be found in the appendices.
MARKET ANNOUNCEMENT NZX: WIN / ASX: WTN
24 February 2022
Winton Announces First Half FY22 Results
Reaffirms full year guidance
Residential land developer Winton Land Limited (“Winton”) is pleased to announce its interim results
for the half-year ended 31 December 2021 (H1 FY22).
Financial Highlights
• Revenue $44.3 million
• Gross profit $19.3 million
• Gross profit margin 43.5%
• Earnings before interest tax depreciation and amortisation (EBITDA) $2.8 million
• Pro forma earnings before interest tax depreciation and amortisation (Pro forma EBITDA)
$8.8 million
• Profit after income tax $1.3 million
• Pro forma profit after income tax $6.0 million
• Total debt $130.0 million
• Net cash $250.2 million
Pro forma adjusts for one-off listing and offer costs.
Business Highlights
• Continued to grow pre-sale book, significantly outpacing realised sales.
• $51 million in gross settlements, average revenue per unit $346K
• $119 million in gross new sales in H1 FY22
• $720 million of gross pre-sales as at 31 December 2021
• Delivered 128 units, including residential lots, dwellings and townhouses
• Launched multiple new projects throughout New Zealand
• Launched proposal for Sunfield
• Landbank yield of up to 7,314 units, including 917 retirement living units
Chris Meehan, Winton Chief Executive Officer, said “it is a pleasure to report Winton’s half year
results following the $350 million capital raise and NZX/ASX listing in December 2021.
We had an excellent first half and are pleased to reaffirm the guidance provided during the IPO. We
are in a strong position going into the second half and look forward to settling some significant
projects during the period. Our pre-sale book is market-leading and continues to grow, outpacing
settlements by $86 million this year to date. At 31 December 2021 we had reached $720m in gross
pre-sales and have continued to build on this, achieving $738m as at 18 February 2022.”
Financial Commentary
Winton delivered $44.3m in revenue for the first half of FY22, a 52.2% decrease from H1 FY21,
reflecting the timing, volume and value of settlements during the current and prior periods. The
volume of units varies from year-to-year depending on the number and size of projects under
development and the development lifecycle of each project, the staging of construction works, the
level of pre-sales and the underlying market. As such there were 47.8% less units settled in H1 FY22
compared to H1 FY21, driven by fewer settlements at Lakeside following high settlement volumes in
2
H1 FY21 and a different product mix with more residential lots sold versus dwellings, reducing the
average value of units settled by 8.5%.
Gross profit was $19.3 million, down 23.4% compared to H1 FY21, reflecting lower settlements and a
different product mix within those settlements. Gross profit margin increased by 60.3% from 27.2%
to 43.5% for the same period due to a higher average margin from the product mix settled during H1
FY22.
Pro forma EBITDA was $8.8 million, down 52.2% from $18.4 million in H1 FY21. One-off listing and
offer costs are removed in the Pro forma EBITDA to demonstrate the business’s underlying
performance. The decrease reflects lower revenue discussed above and higher selling and
administrative expenses.
The higher selling expenses were attributable to additional marketing that hadn’t been incurred
before, including Winton brand marketing and the establishment of the new Sunfield project and
Northbrook brand.
Profit after income tax for the period was $1.3 million compared to $10.4 million in the comparative
period, an 87.5% decrease. Removing one-off listing and offer costs Pro forma profit after income tax
was $6.0m, a 42.3% decrease.
As at 31 December 2021, cash and cash equivalents were $347.9 million, compared to $35.0 million
at 30 June 2021, reflecting funds from the capital raise received in December 2021. Total assets were
$596.0 million and total liabilities were $173.3 million. Net cash as at 31 December 2021 was $250.2
million. Net cash includes the $130.0 million loan that will be assessed for repayment in full with
funds from the capital raise by year-end.
Reaffirming guidance
The Board of Directors is pleased to reaffirm FY22 revenue guidance of $158.0 million. In H1 FY22,
$44.3 million revenue was recognised, and we have pre-sold 97% of forecast revenue in H2 FY22 as
at 18 February 2022. The remaining $113.7 million is on target to be recognised in H2 FY22, with
$10.9 million in settlements having already occurred and two major project stages that are both pre-
sold, to be completed and settled over the coming months.
Pro forma EBITDA FY22 guidance remains unchanged at $49.0 million, along with profit after income
tax FY22 guidance of $29.7 million. Therefore, as expected, we plan to pay a 1.0 cent dividend per
share for the full year.
Looking further ahead, we are on target to meet the FY23 guidance provided in the PDS. For FY23, to
date, we have achieved 73% in pre-sales of forecast revenue in FY23 and expect to deliver $344.7
million in revenue for the full year, $137.5 million EBITDA and $8.8 million profit after income tax.
From FY23, dividends are expected to be declared and paid twice yearly following the release of
interim and annual results, as outlined in the PDS issued on 1 December 2021.
The guidance is subject to no material adverse changes or unforeseen events, no material
development delays, settlement defaults or any further material covid-19 restrictions.
Business Update
Pre-sales have continued to grow significantly, outpacing settlements by $86 million this year to
date. Execution onsite has continued at pace at Winton neighbourhoods throughout New Zealand.
The already established and thriving Northlake community in Wanaka was a hive of activity during H1
FY22. Stage 14A civils and landscaping were completed during the period, with 28 lots settled and
handed over to buyers eager to get started on the construction of their new homes. Within Stage 15,
17 lots and 16 new homes were settled and construction began on the 28 duplex dwellings.
At Launch Bay in Auckland, construction of the Ovation apartments has continued in line with the
project timeline, with the brick façade currently being installed, along with the windows. At the
neighbouring Ovation Townhouses and the Launch Bay Townhouses, concrete foundations are soon
3
to be poured, kicking off vertical construction of both products. The Marlborough apartments are
nearing completion, with internal finishing well underway. We also launched pre-sales of the
premium Jimmy’s Point apartments at the end of 2021 and received an immediately strong uptake
from the market.
River Terrace is a boutique 17 lot lifestyle subdivision located 3km from Cromwell with generous
sections ranging from 1.32 to 3.92 hectares. During H1 FY22, we started works onsite that are now
complete. Application for titles is underway and these are anticipated to issue in April 2022.
Remediation of the historic farm buildings at Ayrburn near Arrowtown is in progress and will be the
backbone of a prestigious hospitality precinct called Ayrburn Domain. Significant progress has also
been made on the access way to Waterfall Park.
During the first half of FY22, we also delivered the final 11 residential lots at Longreach Cooks Beach,
bringing the 163-lot development to an end.
We submitted our application to the new Urban Development Act legislation for Sunfield, our
forward-thinking and sustainable 3,643 home neighbourhood, together with circa c.50 hectares of
employment land in Papakura, Auckland. Sunfield is a first for Australasia, with 90% fewer cars and
based on the principle of a 15-minute neighbourhood where residents can work, live and play. Given
its innovative masterplan and the complexities involved, we believe it is perfectly suited for the new
Urban Development Act legislation. The demand for housing in this area is only out-stripped by the
demand for employment land, so we look forward to hearing whether Sunfield has been accepted
for assessment by the Minister of Housing before the end of March 2022.
We continued to make good progress on Northbrook, our luxury retirement brand focused on
delivering a high-end later living experience. We are assembling an experienced team to execute the
retirement strategy, led by ex-Summerset CEO Julian Cook, and have commenced the process of
developing five retirement village projects which will yield 917 retirement units. Each current project
is at various stages of seeking resource consents, with the first retirement properties expected to be
completed during 2024.
We are looking forward to some key deliverables across different projects in the second half of the
financial year. At Lakeside Te Kauwhata, we will complete and settle 142 lots in Stage 2A and finish
and handover the school site to the Ministry of Education for a new 1,000 pupil primary school.
Extensive earthworks for Stage 3 comprising 435 lots are underway, along with continuing
construction of the neighbourhood commercial/retail centre.
Our one neighbourhood in Australia, North Ridge Cessnock, is progressing as planned and sales have
continued to be strong. During H2 FY22, we will complete and settle the 27 lots within Stage 2 and
continue with significant earthworks and civil works in Stages 3 and 4. We also launched 42
residential lots within Stages 5 and 6.
Beaches Matarangi has had a standout summer of sales as New Zealanders continue to secure their
own piece of coastal property. Following the launch of Stages 11-15, we had more than 70 sales over
the summer period, and only a handful of sections are left. While these sales don’t impact current
forecasts, they contribute to the ever-growing pre-sales book and, therefore, future revenue
pipeline. In the remaining months of the FY22 financial year, we will settle the balance of the 48 lots
in Stages 3 and 4 and continue with the earthworks and civil works for the future stages that are
under construction.
Market and Outlook
With a solid balance sheet, a reputable and high-quality brand and a proven ability to acquire land
and execute large development plans, Winton is in a strong position to continue to deliver on the
strategy it shared in the PDS.
The market dynamic is complex and after a buoyant 2 years, the macro settings are evolving as we
move into year 3 of a COVID impacted economy where high inflation has taken its grip following the
past two years of the Government supporting the economy. In addition, we are seeing rising interest
4
rates, net migration loss, the effects of changes to lending rules, Credit Contracts and Consumer
Finance Act and potential regulatory changes to the Resource Management Act.
With all of that being said, we are confident with our position given our secured revenue pipeline
from comparatively high pre-sales, which mitigates market risk from shorter-term fluctuations.
Should we observe short-term hesitancy in the residential market, Winton’s target market is
diversified to capture retirement living buyers in the upper quartile who are asset-rich and largely
immune to inflation and interest rate rises.
As we look ahead, the housing shortage continues throughout New Zealand, particularly in Auckland,
which will only increase when net migration returns once border controls are relaxed.
Recently reported building consent data showed significantly higher consents which will help address
the housing shortage if they materialise into homes. However, potential consolidation in the sector
from smaller players that are unable to weather the macro headwinds and don’t have the same
resiliency to mitigate supply chain issues and ongoing COVID disruptions, will impact conversion from
consent to build.
Mr Meehan said, “in our established market-leading position, with our track record of successful
developments and extensive development pipeline, we believe this is a great time for Winton to
continue to execute its growth strategy, outperforming competitors and taking market share. Winton
remains focused on developing thoughtfully designed neighbourhoods and creating thriving
residential communities and retirement villages throughout New Zealand.”
ENDS
For investor or analyst queries, please contact:
Jean McMahon, CFO
+64 9 869 2271
investors@winton.nz
5
Appendices
Appendix 1 – Pro forma EBITDA
All values in $000’s Unaudited
6 months ended
31 December 2021
Unaudited
6 months ended
31 December 2020
Earnings before interest expense, taxation and
depreciation (EBITDA)
2,783
18,424
Pro forma adjustments:
Transaction costs relating to the Offer 5,950 -
Listed company costs 17 -
Total pro forma adjustments 5,967 -
Pro forma EBITDA 8,750 18,424
Appendix 2 – Pro forma Profit after income tax
All values in $000’s Unaudited
6 months ended
31 December 2021
Unaudited
6 months ended
31 December 2020
Profit after income tax 1,339 10,426
Pro forma adjustments:
Transaction costs relating to the Offer 5,950 -
Listed company costs 17 -
Tax impact of pro forma adjustments (1,349)
Total pro forma adjustments 4,618 -
Pro forma Profit after income tax 5,957 10,426
---
INTERIM FINANCIAL STATEMENTS
31 DECEMBER 2021
Winton builds
neighbourhoods.
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 20222
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 20221
image to go here
Contents
Letter from the CEO and Chair 2
Consolidated Statement of Comprehensive Income
10
Consolidated Statement of Changes in Equity 11
Consolidated Statement of Financial Position 12
Consolidated Statement of Cash Flows
13
Notes to the Consolidated Financial Statements 14
Directory 24
AYRBURN
ARROWTOWN
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 20222
Letter from
Chris Meehan,
CEO and Chair
On behalf of the Board, I am delighted to
announce Winton’s inaugural interim results
as a listed company for the six months ending
31 December 2021 (H1 FY22) with revenue
of $44.3 million, a gross profit margin of
43% and pro forma EBITDA of $8.8 million
1
.
Our pre-sale book is market-leading and
continues to grow, outpacing settlements
by $86 million this year to date to $738m
2
.
As Chief Executive Officer and Chairman, it gives me great
pleasure to bring you our interim results after listing on the
NZX Main Board and ASX as a Foreign Exempt Listing in
December last year. While it was just over two months ago,
it is still very fresh in our minds. Thank you to everyone that
helped us thr
ough the listing process and the abundance
of investors that supported the Initial Public Offering raising
$3
50 million. The Board of Directors were humbled to
receive such incredible support and are pleased to share
the company’s success with a wider group, including
Winton employees throughout New Zealand.
Sinc
e listing Winton has been assigned the Global Industry
Classification Standard (GICS) code ‘60 – Real Estate’, a
requirement to be included in the S&P/NZX All Real Estate Index.
It has been great to reflect on how far the business has come
since we started it in 2009 and where we are now. But what
is most exciting is knowing the best is yet to come. Along with
the Boar
d of Directors and the rest of the Winton team, we are
energised to deliver on what we said we would during the IPO
and are excited about what’s ahead as we embark on a new
phase of growth in the Winton journey.
As a business, we are in incredibly robust shape. We have a
landbank with the potential to yield up to 7,314 units
3
including
917 retirement living units, and a pre-sales book that is
outpacing realised sales of $738 million
2
, cash holdings
of c.$380 million and total debt of c.$130 million. If an
infla
tionary environment sets in, we hold an asset class in
residential and retirement property with a total estimated
Gr
oss Development Value (GDV)
4
of c.$4.5 billion, that over
the last 30 years has been highly correlated to CPI. If any
smaller participants in the property market should take a
COVID related stumble, we are in a favourably strong position
to capitalise on this in the knowledge we have both strong
cash reserves and an even stronger forward pre-sales book.
Even though COVID disrupted New Zealand during the
second half of the 2021 calendar year, the Winton team and its
contractors remained agile and proactive to continue to safely
work when restrictions allowed. Utmost care was taken onsite
and in Winton offices to ensure our people and contractors
stayed safe during the different alert levels and continue to do
so as we path our way through the current Omicron scenario.
While it has been incredibly frustrating at times, I couldn’t be
prouder of our team and our contractors as they navigated the
various lockdowns and rebounded workflows onsite as quickly
as possible.
Disruption continues and we have all experienced supply
chain issues and will continue to do so. However, in acting
quickly at the start of 2021 lockdowns, we confirmed as many
orders as we could, well in advance, to protect ourselves. The
certainty our pre-sale book provides us and our robust project
planning means we can continue to order well in advance to
ensure materials are in New Zealand when we need them.
While we aren’t immune from the ongoing supply issues, we
have managed to mitigate and avoid major delays and locked
in a very high proportion of our delivery costs with financially
sound, capable contractors and suppliers.
Given the nature of the Winton business, pre-sales continue
to be the key indicator of future revenues. For the six months
ending 31 December 2021, gross pre-sales were $720 million
and have continued to increase since the balance date to
$738 million
2
. This is an excellent result over the summer
period and the more recent sales reflect the strength and
market appeal of the Winton brand.
1 Pro forma EBITDA is a non-NZ GAAP measure that includes pro forma adjustments. You can find a reconciliation to NZ GAAP measures in Winton’s results presentation.
2
As a
t 18 February 2022
3
Units comprise residential land lots, dwellings, townhouses, apartments, retirement living units and commercial units.
4 GDV is gross development value, it is a non-GAAP measure. GDV is Winton’s estimated gross sales value of the relevant project as at 30 June 2021 (including GST and
excluding units already settled) as if that project were complete and sold based on prevailing market conditions on that date. For the avoidance of doubt, no escalation
in the sales value of lots/units has been assumed, except for pre-sold units which are based on the relevant contractual arrangements. GDV is an important metric for
Winton as it reflects Winton’s estimate of market demand and planning outcomes and is continually assessed and monitored by Winton as projects progress.
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 20223
Reaffirming Guidance
The Board of Directors is pleased to reaffirm FY22 revenue
guidance of $158.0 million. In H1 FY22, $44.3 million revenue
was recognised, and we have achieved 97% in pre-sales
of forecast revenue in H2 FY22 as at 18 February 2022.
The remaining $113.7 million is on target to be recognised
in H2 FY22, with $10.9 million in settlements having already
oc
curred and two major project stages to be completed and
settled over the coming months. These projects are 142 lots
in Stage 2 at Lakeside, which completed and are currently
awaiting titles, and 39 apartments in The Marlborough at
Launch Bay which is nearing Code of Compliance submission.
Both of these products are entirely pre-sold.
Pro forma EBITDA FY22 guidance remains unchanged at
$49.0 million, along with profit after income tax FY22 guidance
of $29
.7 million. Therefore, as expected, we plan to pay a
1.0 cent dividend per share for the full year.
L
ooking further ahead, we are on target to meet the FY23
guidance provided in the PDS. For FY23, to date, we have
achieved 73% in pre-sales of forecast revenue in FY23 and
expect to deliver $344.7 million in revenue for the full year,
$137.5 million EBITDA and $8.8 million profit after income tax.
Fr
om FY23, dividends are expected to be declared and paid
twice yearly following the release of interim and annual results,
as outlined in the PDS issued on 1 December 2021.
The guidance is subject to no material adverse changes or
unforeseen events, no material development delays, settlement
defaults or any further material covid-19 restrictions.
NORTHLAKE
WANAKA
$738M
PRE-SALES
LANDBANK
YIELD UP TO
7,314
UNITS
$350M
CAPITAL RAISE
$158M
REVENUE FY22F
JUNE 21
SETTLEMENTSNEW SALES
DEC 21
SETTLEMENTSNEW SALES
FEB 22
652M-51M
+119M720M-13M
+31M738M
GROSS PRE-SALES
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 20224
Financial Commentary
The first half of FY22 revenue was $44.3 million compared
to $92.7 million in the comparable H1 FY21 period. The 52.2%
difference reflects the timing, volume and value of settlements
during the current and prior periods. The volume of units
varies from year-to-year depending on the number and size
of projects under development and the development lifecycle
of each project, the staging of construction works, the level of
pre-sales and the underlying market.
In H1 FY22, there was a 47.8% decrease in the volume of units
settled, driven by fewer settlements at Lakeside following high
settlement volumes in H1 FY21, and an 8.5% decrease in the
average value of units settled due to the change in product
mix. In H1 FY21 the average unit price was $378,000 as more
dwellings sold, and in H1 FY22, the average unit price was
$346,000 as more residential lots were sold.
Cost of Sales reflects the costs of the land and to develop
the land and property for sale. In H1 FY22 Cost of Sales was
$25.
0 million, down 62.9% from $67.5 million in H1 FY21. Costs
of sales are recognised in alignment with revenue; therefore,
the decrease reflects the 47.8% decrease in the volume of
units settled, driven primarily by the reduced settlements
at Lakeside following high settlement volumes in H1 FY21.
The remaining decrease reflects a 29.0% lower average cost
of units settled due t
o the decrease in the volume of dwellings
settled (versus residential lots).
Gross Profit was $19.3 million, down 23.4% compared to H1
FY21, reflecting lower revenue as explained above. Gross Profit
Margin for H1 FY22 was 43.5% compared to 27.2% in H1 FY21
due to a higher average margin from the product mix settled
during H1 FY22.
One-off listing and offer costs are removed in the pro forma
earnings before interest depreciation and amortisation
(EBITDA) to demonstrate the business’s underlying
performance. For H1 FY22 pro forma EBITDA was $8.7 million,
down 52.5% from $18.4 million in H1 FY21. The decrease
reflects lower revenue discussed above and higher selling
and administrative expenses.
T
he higher selling expenses were attributable to additional
marketing that hadn’t been incurred before, including Winton
brand marketing and the establishment of the new Sunfield
and Northbrook projects. Given that Sunfield is such a forward-
thinking and innovative project, Winton is seeking to utilise
new legislation for rezoning and has sort significant public
and stakeholder education to support the proposal.
Pr
ofit after income tax for the period was $1.3 million
compared to $10.4 million in the comparative period.
As at 31 December 2021, cash and cash equivalents were
$347.9 million, compared to $35.0 million on 30 June 2021,
reflecting funds from the capital raise received in December.
Total assets were $596.0 million and total liabilities were
$173.3 million. Net cash as at 31 December 2021 was
$250.2 million. Net cash includes the $130.0 million loan
that will be assessed for repayment in full with funds from
the capital raise by year end.
LAKESIDE
TE KAUWHATA
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 20225
LAUREN CHRISTIE
GENERAL MANAGER
QUEENSTOWN
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 20226
Business Update
Pre-sales have continued to grow
significantly, and execution onsite
has continued at pace at Winton
neighbourhoods throughout New Zealand.
The already established and thriving Northlake community
in Wanaka was a hive of activity during H1 FY22. Stage 14A
civils and landscaping w
ere completed during the period, with
28 residential lots settled and handed over to buyers eager
to get started on the construction of their new homes. Within
Stage 15, 17 residential lots and 16 new homes were settled and
construction began on the 28 duplex dwellings.
Launch Bay is our beautiful absolute waterfront
neighbourhood at Hobsonville Point in Auckland. Launch Bay
includes various projects targeting different segments of the
market. Construction of the Ovation Apartments has continued
in line with the project timeline, with the brick façade currently
being installed, along with the windows. At the neighbouring
Ovation Townhouses and the Launch Bay Townhouses,
concrete foundations are soon to be poured, kicking off
vertical construction of both products. The Marlborough
apartments are nearing completion, with internal finishing
well underway. We also launched pre-sales of the premium
Jimm
y’s Point apartments at the end of 2021 and received
an immediately strong uptake from the market.
In C
entral Otago, we have some truly unique projects that
we are working on. River Terrace is a boutique 17 lot lifestyle
subdivision located 3km from Cromwell with generous sections
ranging from 1.32 to 3.92 hectares. During H1 FY22, we started
works onsite that are now complete. Application for titles is
underway and these are anticipated to issue in April 2022.
Remediation of the historic farm buildings at Ayrburn near
Arrowtown is in progress and will be the backbone of a
prestigious hospitality precinct called Ayrburn Domain.
Significant progress has also been made on the access way
to Waterfall Park which also involved significant environmental
initia
tives to protect and improve water quality and biodiversity
of the creek that runs alongside the access road including,
stock exclusion, comprehensive riparian planting, creek
widening, stream diversions and creating weirs in the creek.
We also delivered the final 11 residential lots at Longreach
Cooks Beach, bringing the 163 residential lot development to
an end. Longreach has been an incredible project from start
to finish and we will continue to watch with interest as buyers
build their dream homes in one of New Zealand’s coastal gems.
We submitted our application to the new Urban Development
Act legislation for Sunfield, our forward-thinking and
sustainable 3,643 home neighbourhood, together with c.50
hectares of employment land in Papakura, Auckland. Sunfield
is a first for Australasia, with 90% fewer cars and based on the
principle of a 15-minute neighbourhood where residents can
work, live and play. Given its innovative masterplan and the
complexities involved, we believe it is perfectly suited for
the new Urban Development Act legislation. The demand
for housing in this area is only out-stripped by the demand
f
or employment land, so we look forward to hearing whether
Sunfield has been accepted for assessment by the Minister
of Housing before the end of March 2022.
Northbr
ook is our luxury retirement brand focused on
delivering a high-end later living experience. We are
assembling an experienced team to execute the retirement
strategy, led by ex-Summerset CEO Julian Cook, and have
commenced the process of developing five retirement village
projects which will yield 917 retirement units. Each current
project is at various stages of seeking resource consents,
with the first retirement properties expected to be completed
during 2024.
We are looking forward to some key deliverables across
different projects in the second half of the financial year.
At Lakeside Te Kauwhata, we will complete and settle
142 residential lots in Stage 2A and finish and handover the
school sit
e to the Ministry of Education for a new 1,000 pupil
primary school. Extensive earthworks for Stage 3 comprising
43
5 residential lots are underway, along with continuing
construction of the neighbourhood commercial/retail centre.
Our one neighbourhood in Australia is North Ridge Cessnock.
It is progressing as planned and sales have continued to
be strong. During H2 FY22, we will complete and settle the
27 residential lots within Stage 2 and continue with significant
earth
works and civil works in Stages 3 and 4. We also launched
42 residential lots within Stages 5 and 6.
Beaches Matarangi has had a standout summer of sales,
as New Zealanders continue to secure their own piece of
c
oastal property. Following the launch of Stages 11-15, we
had more than 70 sales over the summer period, and only
a handful of sections are left. While these sales don’t impact
c
urrent forecasts, they contribute to the ever-growing
pre-sales book and, therefore, future revenue pipeline. In the
r
emaining months of the FY22 financial year, we will settle
the balance of the 48 residential lots in Stages 3 and 4 and
c
ontinue with the earthworks and civil works for the future
stages that are under construction.
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 20227
Market and outlook
With a solid balance sheet, a reputable
and high-quality brand and a proven
ability to acquire land and execute large
development plans, Winton is in a strong
position to continue to deliver on the
strategy we shared in the PDS.
The market dynamic is complex and after a buoyant 2 years,
the macro settings are evolving as we move into year 3 of a
COVID impacted economy where high inflation has taken its
grip following the past two years of the Government supporting
the economy. In addition, we are seeing rising interest rates, net
migration loss, the effects of changes to lending rules, Credit
Contracts and Consumer Finance Act and potential regulatory
changes to the Resource Management Act.
With all of that being said, we are confident with our position
given our secured revenue pipeline from comparatively high
pre-sales, which mitigates market risk from shorter-term
fluctuations. Should we observe short-term hesitancy in the
residential market, Winton’s target market is diversified to
capture retirement living buyers in the upper quartile who
are asset-rich and largely immune to inflation and interest
r
ate rises.
As we look ahead, the housing shortage continues throughout
New Zealand, particularly in Auckland, which will only increase
when net migration returns once border controls are relaxed
(for the year ended December 2021 net migration was
estimated to be -3,900 versus 80,000+ for the year ended
December 2019, the last pre-COVID year).
Recently reported building consent data showed significantly
higher consents which will help address the housing shortage
if they materialise into homes. However, potential consolidation
in the sector from smaller players that are unable to weather
the macro headwinds and don’t have the same resiliency to
mitigate supply chain issues and ongoing COVID disruptions,
will impact conversion from consent to build.
In our established market-leading position,
with our track record of successful
developments and extensive development
pipeline, we believe this is a great time for
Winton to continue to execute its growth
strategy, outperforming competitors and
taking market share. Winton remains
focused on developing thoughtfully
designed neighbourhoods and creating
thriving residential communities and
retirement villages throughout New Zealand.
Chris Meehan
Chair
LAUNCH BAY
HOBSONVILLE POINT
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 20228
SUNFIELD
PAPAKURA
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 20229
Interim Financial
Statements
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202210
Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2021
All VALUES IN $000'SNOTE
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2020
Revenue2 44,328 92,682
Cost of sales (25,047) (67,497)
Gross profit
19,281 25,185
Other income 1,001 154
Property expenses (279) (298)
Selling expenses (5,717) (1,684)
Administrative expenses6.1 (5,491) (4,933)
Share-based payment expense (62) -
Offer costs1.5 (5,950) -
Earnings before interest expense, taxation and depreciation (EBITDA)
2,783 18,424
Depreciation
(309) (342)
Earnings before interest expense and taxation (EBIT)
2,474 18,082
Interest income 215 48
Interest expense and bank fees (360) (3,496)
Profit before income tax
2,329 14,634
Income tax expense
Current taxation6.2 3,423 (2,160)
Deferred taxation6.2 (4,413) (2,048)
Total income tax expense (990) (4,208)
Profit after income tax 1,339 10,426
Items that may be reclassified to profit or loss:
Movement in currency translation reserve (88) 9
Total comprehensive income after income tax attributable
to the shareholders of the Company5 1,251 10,435
Basic earnings per share (cents)5.1 0.59 5.07
Diluted earnings per share (cents)5.2 0.58 5.07
The accompanying notes form part of these financial statements.
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202211
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2021
ALL VALUES IN $000'S NOTE
SHARE
CAPITAL
RETAINED
EARNINGS
SHARE
BASED
PAYMENTS
RESERVE
FOREIGN
CURRENCY
TRANSLATION
RESERVE
TOTAL
EQUITY
Balance as at 30 June 2020 (audited)
49,100 7,442 - 16 56,558
Total comprehensive income - 10,426 - 9 10,435
Dividends to shareholders6.3
- (17,276) - - (17,276)
Balance as at 31 December 2020 (unaudited)
49,100 592 - 25 49,717
Balance as at 30 June 2021 (audited)
49,100 34,691 - 4 83,795
Total comprehensive income - 1,339 - (88) 1,251
Proceeds from primary issuance6.3 350,000 - - - 350,000
Offer costs capitalised to equity6.3 (15,356) - - - (15,356)
Employee share bonus6.3 2,928 - - - 2,928
Share-based payment expense
- - 62 - 62
Balance as at 31 December 2021 (unaudited)
386,672 36,030 62 (84) 422,680
The accompanying notes form part of these financial statements.
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202212
All VALUES IN $000'SNOTE
UNAUDITED
31 DECEMBER 2021
AUDITED
30 JUNE 2021
CURRENT ASSETS
Cash and cash equivalents 347,873 35,026
Restricted cash6.4 30,706 34,391
Accounts receivable, prepayments and other receivables6.5 4,994 5,217
Inventories3 84,641 46,954
Total current assets
468,214 121,588
NON-CURRENT ASSETS
Restricted cash6.4 1,604 11,120
Inventories3 122,080 116,937
Property, plant and equipment 3,392 2,926
Right-of-use asset 612 735
Intangible assets
123 123
Total non-current assets
127,811 131,841
Total assets
596,025 253,429
CURRENT LIABILITIES
Accounts payable, accruals and other payables6.6 19,400 16,585
Taxation payable 11,609 15,079
Total current liabilities
31,009 31,664
NON-CURRENT LIABILITIES
Borrowings4 128,839 128,732
Lease liability 424 547
Contract liability6.7 7,225 7,225
Deferred tax liabilities6.2 5,508 1,095
Long term deposits 6.8 340 371
Total non-current liabilities
142,336 137,970
Total liabilities
173,345 169,634
Net assets
422,680 83,795
EQUITY
Share capital6.3 386,672 49,100
Foreign currency translation reserve (84) 4
Share-based payment reserve 62 -
Retained earnings 36,030 34,691
Total equity
422,680 83,795
These interim financial statements are signed on behalf of Winton Land Limited and were authorised for issue on 24 February 2022.
Consolidated Statement of Financial Position
As at 31 December 2021
Christopher Meehan
Chairman
Anna Mollo
y
Chair, Audit and Risk Committee
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202213
All VALUES IN $000'SNOTE
UNAUDITED
31 DECEMBER 2021
UNAUDITED
31 DECEMBER 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 47,319 92,517
Interest received 212 48
Net GST (paid) / received
(1,370) 2,549
Payments to suppliers and employees (50,291) (55,347)
Deposits paid on unconditional contracts for land (10,200) -
Interest and other finance costs paid (3,745) (3,374)
Income tax (paid) / received (47) 132
Net cash flows from operating activities
(18,122) 36,525
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment (653) (1,061)
Net cash flows from investing activities
(653) (1,061)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issue of new shares6.3 350,000 -
Payment of offer costs1.5 (18,378) -
Net repayment of related party loans - 22
Net repayment of Clipper facility - (44,404)
Net cash flows from financing activities
331,622 (44,382)
Net increase in cash and cash equivalents 312,847 (8,918)
Cash and cash equivalents at beginning of year 35,026 16,980
Cash and cash equivalents at end of year
347,873 8,062
The accompanying notes form part of these financial statements.
Consolidated Statement of Cash Flows
For the six months ended 31 December 2021
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202214
1. General Information
This section sets out the basis upon which the Group’s Interim Financial Statements are prepared.
1.1. Reporting entity
These unaudited consolidated interim financial statements (the interim financial statements) are for Winton Land
Limited (the Company formerly known as Winton Property Limited) and its subsidiaries (together, the Group).
The Company is a limited liability company incorporated in New Zealand and is registered under the New Zealand
Companies Act 1993. The Company is a FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013
and the Financial Reporting Act 2013 and these interim financial statements have been prepared in accordance with
the requirements of the NZX Listing Rules. The Company is listed on the NZX Main Board (NZX: WIN) and the ASX
Main Board (ASX: WTN).
T
he Group’s principal activity is the development and sale of residential land properties.
1.2. Basis of preparation
The interim financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting
Practice (NZ GAAP). They comply with NZ IAS 34 ‘Interim Financial Reporting’ and IAS 34 ‘Interim Financial
Reporting’. For the purposes of complying with NZ GAAP the Group is a for-profit entity.
These interim financial statements have been prepared on the historical cost basis except where otherwise identified.
All financial information is presented in New Zealand dollars and has been rounded to the nearest thousand.
These interim financial statements should be read in conjunction with the Annual Financial Statements for the year
ended 30 June 2021 which may be downloaded from the Company’s website (https://www.winton.nz).
1.3. Critical judgements, estimates and assumptions
In applying the Group’s accounting policies, the Board and Management continually evaluates judgements, estimates
and assumptions that may have an impact on the Group. The significant judgements, estimates and assumptions
made in the preparation of these financial statements were the same as those applied to the consolidated financial
statements as at and for the year ended 30 June 2021.
1.4. Accounting policies
The accounting policies adopted are the same as those applied by the Group in its consolidated financial statements
as at and for the year ended 30 June 2021.
1.5. Significant events and transactions
The financial position and performance of the Group was affected by the following events and transactions that
occurred during the reporting period:
Initial Public Offering (IPO)
On 17 December 2021, the Group issued 90,043,735 shares at $3.8870 per share (total value $350,000,000) in an IPO.
Offer costs associated with the transaction totalled $21,306,000. $5,950,000 of costs are recognised in the statement
of comprehensive income. The remaining $15,356,000 of costs are capitalised against equity as these costs relate to
the issue and listing of new capital. Included in these costs, $2,928,000 was settled by way of issuance of new shares
(753,278 shares) to employees.
In
ventories acquisitions
On 1 July 2021, the Group contracted to purchase land at Wynyard Quarter, Auckland for $70,000,000.
An initial deposit of $7,000,000 was paid on 7 July 2021 and is included in inventories as at 31 December 2021.
On 9 Sept
ember 2021, the Group contracted to purchase land at Avon Loop, Christchurch for $32,000,000. An initial
deposit of $3,200,000 was paid on 9 September 2021 and is included in inventories as at 31 December 2021.
Notes to the Consolidated Financial Statements
For the six months ended 31 December 2021
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202215
1. General Information (Continued)
1.6. Impact of the COVID-19 pandemic on the significant accounting judgements, estimates
and assumptions.
The COVID-19 outbreak was declared a pandemic by the World Health Organization in March 2020. The outbreak
and the response of Governments in dealing with the pandemic is interfering with general activity levels within the
community, the economy and the operations of the Group. The scale and duration of these developments remain
uncertain as at the date of these financial statements. The Group has considered the potential impact of the COVID-19
pandemic in the significant accounting judgements, estimates and assumptions. However, as these are subject to
heightened uncertainty the actual outcomes may differ from the estimates.
T
he Group has managed and continues to actively manage the risks arising from COVID-19. This includes a financial
response plan incorporating when necessary:
— the def
erral of the commencement of new projects;
— minimising de
velopment expenditure to reflect management forecasts for COVID-19 sales rates pre-Government
stimulus; and
— a s
trong focus on managing the settlement risk of contracts on hand.
2. Revenue
All VALUES IN $000'S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2020
Revenue from contracts with customers 44,328 92,682
Total revenue
44,328 92,682
Revenue represents amounts derived from land and property sales. Land and property sales are recognised when
the customer obtains control of the property and is able to direct and obtain the benefits from the property. The
customer gains control of the property when the Group receives full and final consideration for the property and the
Group transfers over the certificate of title.
Notes to the Consolidated Financial Statements
For the six months ended 31 December 2021
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202216
3. Inventories
This section shows the inventories used to generate the Group’s trading performance which are considered to be the
most relevant to the operations of the Group.
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2021
AUDITED
30 JUNE 2021
Expected to settle within one year 84,641 46,954
Expected to settle greater than one year 122,080 116,937
Total inventories
206,721 163,891
During the six months ended 31 December 2021, $3,426,000 of interest has been capitalised to inventories
(six months ended 31 December 2020: $1,103,000 and year ended 30 June 2021: $2,996,000).
4. Borrowings
This section outlines how the Group manages its capital structure, financing costs and exposure to interest rate risk.
(i) Net borrowings
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2021
AUDITED
30 JUNE 2021
MMLIC facility drawn down 130,000 130,000
Unamortised borrowings establishment costs (1,161) (1,268)
Net borrowings
128,839 128,732
Weighted average interest rate for drawn debt (inclusive of margins and line fees)5.71%5.19%
Weighted average term to maturity (years) 5.4 5.9
(ii) MMLIC facility
On 15 June 2021, Lakeside Developments 2017 Limited (a 100% subsidiary company of the Company) entered into
a debt facility with Massachusetts Mutual Life Insurance Company (MMLIC) for $130,000,000. The facility expires
3 June 2027. Restricted cash includes cash of $29,906,000 (30 June 2021: $43,109,000) that has been funded by
the MMLIC facility (see note 6.4). The group will consider repayment on the loan on the loans first anniversary date
of 15 June 2022.
(iii) Security
The MMLIC facility is secured by way of a general security deed provided by Lakeside Developments 2017 Limited
and Lakeside Residential Limited and a registered mortgage security across the Lakeside development property.
The Company has provided a $10,000,000 corporate guarantee which increases to $20,000,000 should 30 day
BKBM be equal or greater than 3.00%.
Notes to the Consolidated Financial Statements
For the six months ended 31 December 2021
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202217
5. Investor Returns and Investment Metrics
This section summarises the earnings per share which is a common investment metric.
5.1. Basic earnings per share
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2020
Total comprehensive income for the period attributable to the
shareholders of the Company ($000s) 1,251 10,435
Weighted average number of ordinary shares (shares) 213,218,653 205,816,723
Basic earnings per share (cents)
0.59 5.07
5.2. Diluted earnings per share
The calculation of diluted earnings per share has been based on the profit attributable to ordinary shareholders and
weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential
ordinary shares. Weighted average number of shares for the purpose of diluted earnings per share has been adjusted
for 11,165,422 share options (31 December 2020: nil) issued under the Group’s Share Option Plan as at 31 December.
This adjustment has been calculated using the treasury share method.
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2020
Total comprehensive income for the period attributable to the
shareholders of the Company ($000s) 1,251 10,435
Weighted average number of ordinary shares (shares) 214,128,878 205,816,723
Diluted earnings per share (cents)
0.58 5.07
Notes to the Consolidated Financial Statements
For the six months ended 31 December 2021
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202218
6. Other
6.1. Administrative expenses
All VALUES IN $000'S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2020
Auditors remuneration:
Audit of annual financial statements (125) (48)
Tax compliance and advisory fees
(122) (57)
Directors' fees (80) (7)
Doubtful debts expense - (334)
Employee benefits expense (3,417) (3,549)
Operating lease and rental payments (60) (30)
Other expenses (1,687) (908)
Total administrative expenses
(5,491) (4,933)
The Auditors also received remuneration in relation to their role as Investigating Accountant for the IPO and tax
advisers. These fees for the six months ended 31 December 2021 were $691,000 (six months ended 31 December
2020: nil) and are included within offer costs capitalised to equity.
6.2. Taxation
(i) Current taxation
All VALUES IN $000'S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2020
Profit before income tax 2,329 14,634
Prima facie income tax calculated at 28% (652) (4,098)
Adjusted for:
Prior period adjustment4,082-
Non-tax deductible revenue and expenses (335) (105)
Movement in temporary differences 249 156
Tax losses utilised 79 1,887
Current taxation expense
3,423 (2,160)
The prior period adjustment for the six months ended 31 December 2021 of $4,082,000 relates to an IRD binding
ruling issued in February 2022. There is a corresponding increase in the deferred tax liability and has no impact on the
profit after income tax on the Consolidated Statement of Comprehensive Income.
Notes to the Consolidated Financial Statements
For the six months ended 31 December 2021
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202219
6. Other (Continued)
6.2. Taxation (Continued)
(ii) Deferred taxation
All VALUES IN $000'S
AUDITED
30 JUNE 2021
AS AT
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2021
RECOGNISED IN
PROFIT
UNAUDITED
31 DECEMBER 2021
AS AT
Deferred tax assets
Employee benefits 90 66 156
Accounts payable, accruals and other payables 207 (58) 149
Lease liability 221 (32) 189
Losses available for offsetting against future taxable income 79 (79)-
Gross deferred tax assets
597 (103) 494
Deferred tax liabilities
Accounts receivable, prepayments and other receivables 3 - 3
Right-of-use asset 206 (34) 172
Inventories 1,483 4,344 5,827
Gross deferred tax liabilities
1,692 4,310 6,002
Net deferred tax liability
(1,095) (4,413) (5,508)
6.3. Equity
(i) Capital and Reserves
NOTE
UNAUDITED
31 DECEMBER 2021
SHARES
‘000S
UNAUDITED
31 DECEMBER 2021
$000’S
AUDITED
30 JUNE 2021
SHARES
‘000S
AUDITED
30 JUNE 2021
$000’S
Shares issued 1 July 205,817 49,100 205,817 49,100
Primary issuance 90,044 350,000 - -
Issue of share capital to employees 753 2,928 - -
Offer costs1.5 - (15,356) - -
Total shares issued and outstanding
296,614 386,672 205,817 49,100
All shares on issue are fully paid, carry equal voting rights, share equally in dividends and any surplus on wind up and
have no par value. All shares are recognised at the fair value of the consideration received by the Company.
Notes to the Consolidated Financial Statements
For the six months ended 31 December 2021
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202220
6. Other (Continued)
6.3. Equity (Continued)
(ii) Dividends
The following dividends were declared and paid by the Company during the six months ended 31 December:
All VALUES IN $000'S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2020
8.39381 cents per qualifying ordinary share – 16-Oct-20 - (17,276)
Total dividends
- (17,276)
6.4. Restricted cash
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2021
AUDITED
30 JUNE 2021
Expected to be utilised within one year 30,706 34,391
Expected to be utilised greater than one year 1,604 11,120
Total restricted cash
32,310 45,511
Restricted cash includes cash of $29,906,000 (30 June 2021: $43,109,000) that is specifically available to fund the
development costs associated with the Lakeside development only as a condition of the MMLIC facility.
6.5. Accounts receivable, prepayments and other receivables
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2021
AUDITED
30 JUNE 2021
Accounts receivable - 2,021
Prepayments and other receivables 4,994 3,196
Total accounts receivable, prepayments and other receivables
4,994 5,217
6.6. Accounts payable, accruals and other payables
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2021
AUDITED
30 JUNE 2021
Accounts payable 11,034 9,452
Accruals and other payables in respect of inventories 4,134 2,444
Accruals and other payables
4,232 4,689
Total accounts payable, accruals and other payables
19,400 16,585
Notes to the Consolidated Financial Statements
For the six months ended 31 December 2021
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202221
6. Other (Continued)
6.7. Contract liability
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2021
AUDITED
30 JUNE 2021
Contract liability 7,225 7,225
Total contract liability
7,225 7,225
Contract liability relates to the advance consideration received from a customer for land. The company has an
obligation to transfer goods or services to a customer for which the entity has received consideration. This will be
recognised as revenue when control of the land passes to the customer.
6.8. Long term deposits
Long term deposits as at 31 December 2021 of $340,000 (30 June 2021: $371,000) represent deposits paid by
customers for future inventory purchases.
6.9. Related party transactions
All VALUES IN $000'S
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2020
Director fees 80 7
Employee benefits expense - Directors & Senior Managers 1,307 1,200
Senior Managers share bonus
2,135 -
Key management personnel
3,522 1,207
An Executive Director was granted 5,145,356 shares options on 17 December 2021 with an exercise price of $3.8870
and a vesting date of 17 December 2031.
Senior Management were granted 3,344,484 shares options on 17 December 2021 with an exercise price of $3.8870.
Of these, 1,114,828 share options have a vesting date of 17 December 2025, 1,114,828 share options have a vesting date
of 17 December 2028 and 1,114,828 share options have a vesting date of 17 December 2031.
Notes to the Consolidated Financial Statements
For the six months ended 31 December 2021
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202222
6. Other (Continued)
6.10 Operating segments
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker has been identified as the Board of Directors. The Group is
internally reported as a single operating segment being development and sale of residential land properties to the
chief operating decision-maker.
6.11. Capital and land development commitments
As at 31 December 2021, the Group had entered into contractual commitments for development expenditure and
purchase of land. Development expenditure represents amounts contracted and forecast to be incurred in future
years in accordance with the Group’s development programme. Land purchases represent the amounts outstanding
for the purchase of land.
All VALUES IN $000'S
UNAUDITED
31 DECEMBER 2021
AUDITED
30 JUNE 2021
Development expenditure 88,380 52,905
Land purchases 161,800 70,000
Total capital and land development commitments
250,180 122,905
Notes to the Consolidated Financial Statements
For the six months ended 31 December 2021
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202223
NORTHBROOK
ARROWTOWN
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202224
Board of Directors
Chris Meehan (Chair)
Julian Cook
Michaela Meehan
David Liptak
Anna Molloy
Glen Tupuhi
James Kemp
Jelte Bakker (alternate director)
Senior Management Team
Chris Meehan
Chief Executive Officer
Julian Cook
Director of Retirement
Michaela Meehan
Executive Director
Simon Ash
General Manager
Jean McMahon
Chief Financial Officer
Justine Hollows
General Counsel & Company Secretary
Registered Office
Level 4, 10 Viaduct Harbour Avenue
Auckland CBD
Auckland 1010
New Zealand
PO Box 105526, Auckland 1143
Telephone: +64 9 377 7003
Website: www.winton.nz
For enquiries about Winton Land’s operating
and financial performance, contact:
Jean McMahon, CFO
Telephone: +64 9 869 2271
Email: investors@winton.nz
Auditor
KPMG, Auckland
New Zealand Legal Adviser
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West,
Auckland 1010
New Zealand
Australia Legal Adviser
Mills Oakley
Level 7,
151 Clarence Street,
Sydney, NSW 2000
Australia
Bankers
Bank of New Zealand Limited
Share Registry
Winton Land’s share register is maintained by Link
Market Services Limited. Link is your first point of
contact for any queries regarding your investment in
Winton Land. You can view your investment, indicate
your preference for electronic communications, access
and update your details and view information relating
to dividends and transaction history at any time
by visiting the Link Investor Centre at investorcentre.
linkmarketservices.co.nz (for New Zealand shareholders)
and investorcentre.linkmarketservices.com.au
(for Australian shareholders).
New Zealand Registry
Link Market Services Limited
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Telephone: +64 9 375 5998
Email: enquiries@linkmarketservices.co.nz
www.linkmarketservices.co.nz
Australian Registry
Level 12, 680 George Street
Sydney NSW 2000
Australia
Telephone: +61 1300 554 474
Email: enquiries@linkmarketservices.co.nz
www.linkmarketservices.com.au
Winton Land Limited
NZCN 6310507
ARBN 655 601 568
Directory
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202225
WINTON LAND LIMITED INTERIM FINANCIAL STATEMENTS 202226
WINTON.NZ
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Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019
Results for announcement to the market
Name of issuer Winton Land Limited (WIN)
Reporting Period 6 months to 31 December 2021
Previous Reporting Period 6 months to 31 December 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$44,328 -52%
Total Revenue $44,328 -52%
Net profit/(loss) from
continuing operations
$1,339 -87%
Total net profit/(loss) $1,339 -87%
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay dividends.
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.42 $0.82
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This announcement is extracted from Winton’s unaudited interim
financial statements as at and for the six months ended 31
December 2021. A copy of these unaudited interim financial
statements is attached to this announcement.
Authority for this announcement
Name of person
authorised
to make this announcement
Jean McMahon
Contact person for this
announcement
Jean McMahon
Contact phone number +64 9 377 7003
Contact email address jean.mcmahon@winton.nz
Date of release through MAP
24 February 2022
Unaudited financial statements accompany this announcement.
---
Longreach, Cooks Beach
2
1.Introduction to Winton
2.Business Highlights and Update
3.Financial Overview
4.Guidance and Outlook
5.Questions
PRESENTING TODAY
Chris Meehan
Founder and
Chief Executive Officer
Jean McMahon
Chief Financial
Officer
Julian Cook
Director of
Retirement
Simon Ash
General
Manager
•Founded Winton in 2009
•Over 30 years’ real estate experience
•Strategic and operational leadership
•Founded the Belle Property real estate
franchise in Australia, and grew the
business to 20+ offices across Australia
and New Zealand
•Over 17 years’ experience in real
estate, finance and investment
•Responsible for finance, tax and
accounting functions
•Previously at Property for Industry,
Lloyds Banking Group and KPMG
•Over 20 years’ experience in corporate
finance and retirement living
•Responsible for leading and executing
Winton’s retirement living strategy
•Previously held CEO and CFO roles at
Summerset Group and spent 12 years
at Macquarie Group
•Over 15 years’ experience in real estate,
finance and investment banking
•Responsible for oversight of Winton’s
business operations and acquisitions
•Previously at Macquarie Group and
Brookfield Financial
Justine Hollows
General Counsel
Duncan Elley
Head of Land Development
James Burgess
Head of Vertical Living
•Over 18 years’ experience in law, including property
development, transactional and leasing work
•Responsible for legal oversight, risk management and
compliance
•Previously at Auckland International Airport, Bell Gully,
and Minter Ellison
•Over 18 years’ experience in real estate, finance and
investment management
•Responsible for Winton’s land development projects
•Previously at ChenavariInvestment Managers and
CapmarkBank Europe
•Over 13 years’ experience as an architect
•Responsible for Winton’s vertical living development
projects
•Previous experience in architectural projects across
Saudi Arabia, Qatar, China, Australia and the UK
3
4
1
2
3
We have a track record of delivering premium, large scale, high return projects. We have achieved a 45% IRR on completed
developments to date.
Winton is a New Zealand based residential developer, with 28 projects across 12 communities.
We buy large parcels of land not currently zoned for residential development, adjacent to growth corridors, water and
transportation, which have strong prospects for rezoning.
4
We have 7,314 residential lots
1
, houses, townhouses and apartments in our pipeline, including 917 retirement village units
to be developed.
5
A significant part of our value-creation is securing zoning and resource consents on land acquired; 80% of our current
portfolio is residential lots where Winton does not undertake residential construction.
6
7
We have secured $738m of gross pre-sales as at 18 February 2022. Of these, $659m are unconditional, with 52% to Crown
entities.
We operate on a largely ungeared basis –we raised $350m capital on 17 December 2021 to fund growth opportunities,
existing shareholders retained their shares.
Notes: 1. Residential lots refer to a parcel of land within a Winton development.
5
Notes: 1. Target units to be developed from 1 January 2022 onwards on existing projects based on management estimates and masterplans current as at 31 December 2021. Target total units, target product mix and target
settlement period may change, including due to planning outcomes and market demand; 2. Adjusted for the removal of the one-off transaction costs relating to the Offer and listed company costs. 3. Pre-sales and
contracted costs as of 18 February 2022.
Winton At A Glance
Geographic Locations
Cessnock, NSW
1 community
NZ$227m
average annual net revenue
and
NZ$85m
average annual
pro forma EBITDA
2
for the FY21A-23F period
28 projects
at various stages
of development across a
diversified portfolio of
12 communities
80%
1
of portfolio
(by units) are
residential lots
limiting exposure to
construction
NZ$738m
of gross pre-sales
secured as at
18 February 2022
(with 52% to Crown entities)
45%+ IRR
and
40%+ average
grossmargin
on completed development
projects to date
917 retirement
living units
targeted to be developed
across 5 existing projects
by FY27
81%
of forecast gross
revenue pre-sold and
90%
of development costs
under contracts
in the FY22F-23F period
3
Founded in 2009
and focused on development
of integrated master-planned
communities since 2014
7,314
1
residential lots
and dwellings
in pipeline from existing
projects
Christchurch
1 community
Queenstown / Wanaka
5 communities
12 employees
Auckland
5 communities
24employees
7
218
160
171
76
553
428
698
6,000+
0
200
400
600
800
1,000
1,200
1,400
1,600
PriorFY18AFY19AFY20AFY21AFY22FFY23FFY24F+
Lot sales from
existing projects
prior to FY18A
FY22FY21
Movement
NZ$m (unless indicated otherwise)
6 Months Ended
31 Dec 2021
6 Months Ended
31 Dec 2020
Revenue44.392.7(52.2%)
Number of settled units (#)
128245(47.8%)
Gross profit19.325.2(23.4%)
Gross profit margin43.6%27.2%60.3%
EBITDA2.818.4(84.8%)
Pro forma EBITDA8.818.4(52.2%)
Profit after income tax1.310.4(87.5%)
Pro forma profit after income tax6.010.4(42.7%)
Pipeline from Existing Projects
128
One-off listing and offer costs are removed in the pro forma numbers to
demonstrate the business's underlying performance.
Headline Numbers
Actual units settled
Remaining units
Forecast units to settle
8
✓
✓
✓
✓Progressed luxury retirement living brand, Northbrook.
✓
Successfully raised $350 million in IPO and listed on the NZX and ASX.
Continued to grow pre-sale book significantly, outpacing realised sales by gross c.$86m.
Execution onsite has continued at pace.
Launched multiple new projects throughout New Zealand.
✓
Launched proposal for Sunfield-Australasia’s first sustainable community of scale.
Launch BayLakeside
River Terrace
Avon Loop
9
720M
738M
-51M
-13M
652M
+119M
+31M
500
550
600
650
700
750
30-Jun-21SettlementsNew Sales31-Dec-21SettlementsNew Sales18-Feb-22
$ Millions
Gross Pre-Sales
Period EndSettlementsNew Sales
97%
3%
Total Revenue Pre-Sold by Customer
10
FY2022F Revenue Pre-Sold
UnsoldPre-sold
FY2023F Revenue Pre-Sold
UnsoldPre-sold
PrivateCrown
Dwellings/Townhouses
Apartments
Residential Lots
Commercial
Total Revenue Pre-Sold by Product
Notes: 1.As at 18 February 2022
52%
48%
73%
27%
78%
16%
4%
2%
11
1. Northlake Wanaka
•Stage 14A civils and landscaping were completed enabling 28
residential lots to be settled.
•Within Stage 15; 17 residential lots and 16 dwellings were settled.
•All 28 duplex dwellings are under construction, the first 6 have
exteriors completed and internal works underway and framing for the
next 4 dwellings has begun.
2. Launch Bay Auckland
•Construction of the Ovation apartments has continued, with the brick
façade currently being installed, along with windows.
•Concrete foundations are soon to be poured for Ovation townhouses
and Launch Bay townhouses.
•The Marlborough apartments are nearing completion, with internal
finishing underway.
3. River Terrace Cromwell
•All onsite works are now complete, application of titles are underway
and anticipated in April 2022.
4. Waterfall Park/AyrburnArrowtown
•Remediation of historic farm buildings underway for the prestigious
hospitality precinct, AyrburnDomain.
•Significant progress has also been made on the access way to
Waterfall Park.
5. LongreachCooks Beach
•Delivered the final 11 residential lots of this 163 residential lot project.
H1 FY22
1. Northlake
2. Launch Bay
3. River Terrace
4. Ayrburn
4. Waterfall Park5. Longreach
12
1. Lakeside TeKauwhata
•Complete and settle 142 residential lots in Stage 2A, currently
awaiting titles.
•Finish and handover the school site to the Ministry of Education for a
new 1,000 pupil primary school.
•Extensive earthworks for Stage 3 comprising 435 residential lots will
continue, along with construction of the commercial centre.
2. North Ridge Cessnock
•Complete and settle the 27 residential lots within Stage 2.
•Continue earthworks and civil works in Stages 3 and 4 to deliver 80
residential lots.
3. Beaches Matarangi
•Recently settled the balance of the residential lots in Stages 3 and 4
and now continue with earthworks and civil works for future stages
that are under construction.
4. Marlborough Launch Bay
•Exterior completed, finishing occurring internally. Expecting Code of
Compliance submission in April.
•Complete and settle the 39 pre-sold apartments.
H2 FY22
1. Lakeside
2. North Ridge
3. Beaches
4. Launch Bay -Marlborough
13
1. Jimmy’s Point Launch Bay Auckland
•30 premium apartments within Launch Bay overlooking the
Waitemata Harbour.
2. The Preserve Northlake Wanaka
•48 residential lots ranging from 1,200 –1,900 sqm on the northern
slopes of Northlake as part of stage 17.
3. Alta Villas Northlake Wanaka
•Located in the heart of Northlake, 27 high-end townhouses with 3 or 4
bedrooms, 2.5 bathrooms and double garaging. Construction is
expected to begin Q2 2022.
4. SunfieldAuckland
•Submitted application under the new Urban Development Act
legislation for Sunfield, a sustainable 3,643 home neighbourhood in
Auckland. Awaiting decision on whether or not it will be accepted for
assessment, due by end of Q1 2022.
5. Lakeside Village Centre TeKauwhata
•A hub for locals at Lakeside and the wider TeKauwhatacommunity.
Building consent has been obtained for all buildings within the Village
Centre including café/restaurant, general store, and two-storey office
and retail building with 8 units ranging from 60 –97 sqm. Construction
is underway.
6. Beaches Matarangi
•94 residential lots starting at 717 sqm within stages 11-15.
7. North Ridge Cessnock
•42 residential lots starting at 518 sqm within stages 5 –6.
H1 FY22
1. Jimmy’s Point
2. The Preserve
3. Alta Villas
4. Sunfield
5. Lakeside Village Centre
6. Beaches Stages 11-15
14
Sunfieldis an interconnected '15 minute' neighbourhood located in
Papakura Auckland, where residents can work, live and play. By
integrating recreation, health, schools, employment and retail, close to
residential areas, the day to day to needs of a diverse kiwi community
can be reached in 15 minutes. Enabling a car-less, solar powered
neighbourhood allows for truly local living and takes a big step towards
New Zealand's goal of carbon neutrality.
Key features:
•3,643 healthy homes
•50 hectares of employment land
•22.8 hectares of parks and wetlands
•Creates over 11,000 permanent jobs
•90% less cars
•Solar power throughout project
Under the new Urban Development Act legislation, a project needs to
be accepted for assessment before it proceeds. We have submitted our
application and are awaiting a determination by the Minister of Housing,
expected by the end of Q1 2022.
Sunfield
15
Northbrook
•Assembling an experienced team to execute retirement strategy, led
by ex-Summerset CEO Julian Cook.
•Retirement village developments are and will continue to be,
constructed within Winton’s master-planned communities, utilising
construction synergies and providing social benefits to Northbrook
residents by being a part of a wider community.
•Winton has commenced the process of developing five retirement
village projects, yielding 917 retirement units.
•Each current project is at various stages of seeking resource consents,
with the first retirement properties expected to be completed during
2024.
•Northbrook villages are designed to facilitate a high end later living
experience, providing discerning customers with upmarket units and
high quality service.
NorthbrookLocation
Approval
status
Expected
completion
Total # of
units
1
NorthlakeWanaka Under constructionFY26124
Launch BayAuckland ZonedFY27210
Wynyard Qtr.AucklandZonedFY27198
Avon LoopChristchurch ZonedFY26187
Ayrburn Arrowtown ZonedFY27198
Total917
Notes: 1. Target units to be developed from 1 January 2022 onwards on existing projects based on management estimates and masterplans current as at 31 December 2021. Target total units, target product mix and target
settlement period may change, including due to planning outcomes and market demand;
17
KEY C O M M EN T A R Y
Winton generates revenue from the sale of various types of property such as
residential lots, houses, townhouses and apartments.
Revenue is the sale price (less GST) for units, driven by volume and value of
property settled, which are a function of development staging and product mix
of active projects, as well as underlying market demand.
Revenue has decreased 52.2% compared to H1 FY21 due to:
•The timing, volume and value of settlements during the current and prior
periods.
•A 47.8% decrease in the volume of units settled, driven by fewer settlements
at Lakeside following high settlement volumes in H1 FY21.
•An 8.5% difference decrease in the value of units settled due to the product
mix of those settlements. In H1 FY21 the average unit price was higher due
to more dwellings sold versus more residential lots in H1 FY22.
Gross profit is calculated as revenue less cost of sales which includes land,
earthworks, civil and other infrastructure construction, planning, council and
professional fees.
Gross profit is down compared to H1 FY21 in alignment with decreased
revenue.
However, the increased Gross profit margin is due to a higher average margin
per unit from the product mix that settled during H1 FY22.
EBITDA includes $6.0 million of one-off offer costs. The remainder of the
difference to the prior period is due to:
•Lower revenue from less units settled compared to the prior period.
•Higher selling expenses due to additional marketing for new projects.
•Higher administrative expenses.
In addition to the above, the decrease in profit after income tax has been
partially offset by lower income tax expense.
FY22FY21
Movement
NZ$m (unless indicated otherwise)
Unaudited
6 Months Ended
31 Dec 2021
Unaudited
6 Months Ended
31 Dec 2020
Revenue44.392.7(48.4)
Number of settled units (#)
128245(117)
Average revenue per unit (NZ$000)
346378(32)
Cost of sales(25.0)(67.5)42.5
Gross profit19.325.2(5.9)
Gross profit margin
43.5%27.2%16.3%
Other income
1.00.10.9
Selling expenses(5.7)(1.7)(4.0)
Property expenses(0.3)(0.3)-
Administrative expenses(5.5)(4.9)(0.6)
Offer costs(6.0)--
EBITDA2.818.4(15.6)
Depreciation(0.3)(0.3)-
EBIT2.518.1(15.6)
Interest income0.2-0.2
Interest expense and bank fees(0.4)(3.5)3.1
Net profit before tax2.314.6(12.3)
Income tax expense(1.0)(4.2)3.2
Profit after income tax1.310.4(9.1)
1
1
2
4
3
2
4
3
18
KEY C O M M EN T A R Y
One-off listing and offer costs are removed in the pro forma EBITDA to
demonstrate the business's underlying performance.
Pro forma EBITDA decreased 52.5% compared to H1 FY22 due to:
•Lower revenue from less units settled compared to the prior period.
•Higher selling and administrative expenses.
FY22FY21
Movement
NZ$m (unless indicated otherwise)
Unaudited
6 Months Ended
31 Dec 2021
Unaudited
6 Months Ended
31 Dec 2020
Revenue44.392.7(48.4)
Cost of sales(25.0)(67.5)42.5
Gross profit19.325.2(5.9)
Gross profit margin
43.5%27.2%16.3%
Other income
1.00.10.9
Selling expenses(5.7)(1.7)(4.0)
Property expenses(0.3)(0.3)-
Pro forma administrative expenses
1
(5.5)(4.9)(0.6)
Pro forma EBITDA8.818.4(9.6)
Depreciation(0.3)(0.3)-
Pro forma EBIT8.518.1(9.6)
Interest income0.2-0.2
Interest expense and bank fees(0.4)(3.5)3.1
Pro forma net profit before tax8.314.6(6.3)
Income tax expense(2.3)(4.2)1.9
Pro forma profit after income tax6.010.4(4.4)
Net profit margin13.5%11.2%2.3%
1
1
Notes: 1. Pro forma adjusts for one-off listing and offer costs.
FY22
NZ$m (unless indicated otherwise)
As at
31 Dec 2021
Cash and cash equivalents
347.9
Restricted cash
32.3
Debt(130.0)
Net cash as at 31 December 2021
250.2
19
Statement of Financial PositionFY22FY21
Movement
NZ$m (unless indicated otherwise)
Unaudited
as at
31 Dec 2021
Audited
as at
30 Jun 2021
Current assets
Cash and cash equivalents
347.935.0312.9
Restricted cash
30.734.4(3.7)
Accounts receivable, prepayments, and other receivables
5.05.2(0.2)
Inventories
84.647.037.6
Total current assets
468.2121.6346.6
Non-current assets
Restricted cash
1.611.1(9.5)
Inventories
122.1117.05.1
Property, plant and equipment
3.42.90.5
Right-of-use assets
0.60.7(0.1)
Intangible assets
0.10.1-
Total non-current assets
127.8131.8(4.0)
Total assets
596.0253.4342.6
Current liabilities
Accounts payable, accruals, and other payables
19.416.62.8
Taxation payable
11.615.0(3.4)
Total current liabilities
31.031.6(0.6)
Non-current
Borrowings
128.8128.70.1
Lease liability
0.40.6(0.2)
Contract liability
7.27.2-
Deferred tax liabilities
5.51.14.4
Long term deposits
0.40.4-
Total non-current liabilities
142.3138.04.3
Total liabilities
173.3169.63.7
Share capital
386.749.1337.6
Retained earnings
36.034.71.3
Total equity
422.783.8338.9
Net cash as at 31 December 2021
•Winton has an existing $130m facility with Massachusetts Mutual Life
Insurance Company (“MMLIC”), which matures on 2 June 2027
•The MMLIC facility is a project finance facility relating to the Lakeside
project. This facility was fully drawn when established in June 2021
•Winton will assess repayment of the MMLIC facility on or before 30 June
2022, at which time the net balance (including restricted cash) is forecast
to be outstanding is estimated to be $89.6m
•Repayment at this time means Winton will not incur early repayment fees
FacilitySizeMaturity date
MMLIC
NZ$130.0m3 June 2027
Borrowings
1
2
2
3
1
2
•Restricted cash includes funds available only for the development costs
associated with the Lakeside project
3
3
The decrease in receipts from customers is consistent with
the decrease in revenue during H1 FY22.
Winton has entered into unconditional contracts to acquire
$191.2m of land relating to the Sunfield, Wynyard Quarter
and Avon Loop projects:
•$10.2m of deposits relates to Wynyard Quarter and Avon
Loop properties
It is expected that part of the proceeds of the Offer will be
used to settle the remaining funds due.
Offer proceeds of $350.0m were received following Winton’s
fully subscribed IPO.
Represents the cash settled transaction costs.
20
Prospective Statement of CashflowsFY22FY21
Movement
NZ$m (unless indicated otherwise)
Unaudited
6 Months Ended
31 Dec 2021
Unaudited
6 Months Ended
31 Dec 2020
Cash flows from operating activities
Receipts from customers47.392.5
(45.2)
Interest received0.20.1
0.1
Net GST (paid) / received
(1.4)2.5
(3.9)
Payment to suppliers and employees
(50.3)(55.3)
5.0
Deposits paid on unconditional contracts for development land
(10.2)-
(10.2)
Interest and other finance costs paid
(3.7)(3.4)
(0.3)
Income tax received
-
0.1
(0.1)
Net cash flows from operating activities
(18.1)36.5
(54.6)
Cash flows from investing activities
Acquisition of property, plant and equipment
(0.6)(1.1)
0.5
Net cash flows from investing activities
(0.6)(1.1)
0.5
Cash flows from financing activities
Proceeds from the issue of new shares
350.0-
350.0
Net repayment of loans and borrowings
-(44.4)
44.4
Transaction costs relating to the Offer
(18.4)-
(18.4)
Net cash flows from financing activities
331.6(44.4)
376.0
Net increase / (decrease) in cash flows
312.9(9.0)
321.9
Cash and cash equivalents at beginning of the period
35.017.0
18.0
Cash and cash equivalents at the end of the period
347.98.0
339.9
KEY C O M M EN T A R Y
1
2
3
4
1
2
3
4
22
•Reaffirm FY22 revenue guidance of $158.0 million revenue inline with
PDS issued on 1 December 2021.
•Pro forma EBITDA FY22 guidance remains unchanged at $49.0 million,
along with profit after income tax of $29.7 million.
•Inline with the PDS, we expect to pay a 1.0 cent dividend per share at
full year.
•Looking further ahead, we are on target to meet the FY23 forecast.
For FY23, to date, we have achieved 73% in pre-sales of forecast
revenue in FY23 and expect to deliver $344.7 million in revenue for
the full year and $137.5 million EBITDA.
•From FY23, dividends are expected to be declared and paid twice
yearly following the release of interim and annual results.
The guidance is subject to no material adverse changes or unforeseen
events, no material development delays, settlement defaults or any
further material covid-19 restrictions.
23
Complex Market Dynamic
•Buoyant two years and macro settings evolving as we move into year
3 of COVID impacted environment.
•High inflation after the Government propping up the economy over
the last two years.
•Rising interest rates, net migration loss, the effects of changes to
lending rules, Credit Contracts and Consumer Finance Act and
potential changes to the Resource Management Act.
Housing Shortage Continues
•The housing shortage continues, particularly in Auckland.
•This will likely worsen when net migration returns once border
controls are relaxed.
•Building consents are up significantly but potential consolidation in
the industry from smaller players could impact the market timing of
conversion from consent to build.
Winton is a Position of Strength Within this Market
•Our secured revenue pipeline from comparatively high pre-sales
mitigates market risk from shorter-term fluctuations.
•Should we observe short-term hesitancy in the residential market,
Winton’s target market is diversified to capture buyers in the upper
quartile who are asset-rich and largely immune to inflation and
interest rate rises.
In our established market-leading position, with our track record of
successful developments and extensive development pipeline, we
believe this is a great time for Winton to continue to execute its
growth strategy, outperforming competitors and taking market share.
24
Project NameLocation
Target
units
remaining
1
Target development timeframe
FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31+
NorthlakeWanaka440
LakesideTeKauwhata1,312
Launch BayHobsonville329
SunfieldAuckland3,879
Wynyard Qtr.Auckland260
Avon LoopChristchurch243
Northbrook
Arrowtown
Arrowtown198
AyrburnArrowtown36
BeachesMatarangi255
North RidgeCessnock (AU)331
River TerraceCromwell18
BridesdaleFarmQueenstown13
Total7,314
Planning, Design and Zoning/Consent Construction Settlements
Notes: 1. Target units to be developed from 1 July 2021 onwards on existing projects based on management estimates and masterplans currentas at 30 September 2021. Target total units, target product mix and
target settlement period may change, including due to planning outcomes and market demand; 2. Inclusive of GST, representing approx. 75% of FY22-23 Gross Sales; 3. Includes Pre-Sales of commercial areas
26
27
This disclaimer applies to this document and the accompanying material (“Document”) or any information contained in it. The information included in this Document should be read in conjunction with the unaudited
consolidated financial statements for the six months ended 31 December 2021.
Past performance information provided in this Document may not be a reliable indication of future performance. This Documentcontains certain forward-looking statements and comments about future events, including
with respect to the financial condition, results, operations and business of Winton Land Limited (“Winton”). Forward lookingstatements can generally be identified by use of words such as ‘project’, ‘foresee’, ‘plan’,
‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Forward-lookingstatements involve known and unknown risks, significant uncertainties, assumptions, contingencies,
and other factors, many of which are outside the control of Winton, and which may cause the actual results or performance of Winton to be materially different from any results or performance expressed or implied by
such forward-looking statements. Such forward-looking statements speak only as of the date of this Document. There can be no assurance that actual outcomes will not differ materially from the forward-looking
statements. Recipients are cautioned not to place undue reliance on forward-looking statements.
Certain financial data included in this Document are "non-GAAP financial measures", including earnings before interest, tax, depreciation and amortisation (EBITDA). These non-GAAP financial measures do not have a
standardised meaning prescribed by New Zealand Equivalents to International Financial Reporting Standards (“NZIFRS") and therefore may not be comparable to similarly titled measures presented by other entities, nor
should they be construed as an alternative to other financial measures determined in accordance with NZIFRS. Although Winton’s management uses these measures in assessing the performance of Winton’s business, and
Winton believes these non-GAAP financial measures provide useful information to other users in measuring the financial performance and condition of the business, recipients are cautioned not to place undue reliance on
any non-GAAP financial measures included in this Document.
All amounts are disclosed in New Zealand dollars (NZ$) unless otherwise indicated.
While every care has been taken in the preparation of this presentation, Winton makes no representation or warranty as to theaccuracy or completeness of any statement in it including, without limitation, any forecasts.
To the maximum extent permitted by law, none of Winton, its directors, employees, shareholders or any other person shall haveany liability whatsoever to any person for any loss (including, without limitation, arising from
any fault or negligence) arising from this Document.
This Document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any
investment decisions, consider the appropriateness of the information in this Document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.