Winton’s 2023 Annual Meeting Materials

MARKET ANNOUNCEMENT
NZX: WIN / ASX: WTN
25 October 2023
WINTON’S 2023 ANNUAL MEETING MATERIALS
Winton (NZX: WIN / ASX: WTN) today holds its annual meeting of shareholders as a hybrid
meeting (virtual and in person).
Winton has provided NZX with a copy of the presentation and speech to be made at the annual
meeting.
If you cannot attend, a recording of the webcast of the meeting will be available to view on
Winton’s website at the conclusion of the meeting.

Ends.

For investor or analyst queries, please contact:
Jean McMahon, CFO
+64 9 869 2271
investors@winton.nz
For media queries, please contact:
Sonya Fynmore
+64 21 404 206
sonya.fynmore@winton.nz




About Winton

Winton is a residential land developer that specialises in developing integrated and fully
masterplanned neighbourhoods. Across its 14 masterplanned communities, Winton has a
portfolio of 26 projects expected to yield a combined total of circa 6,500 residential lots,
dwellings, apartment units, retirement village units and commercial lots. Winton listed on the
NZX and ASX in 2021. www.winton.nz

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1. Business Update
Investor Presentation
Winton FY23
25 OCTOBER 2023
Annual Meeting of Shareholders
NORTHBROOK
WYNYARD QUARTER

2
Voting and asking questions
Voting Card
Question box

Jelte Bakker
Non-executive Director (Alternate)
James Kemp
Non-executive Director
David Liptak
Non-executive Director
Michaela Meehan
Non-executive Director
Glen Tupuhi
Independent Director
Steven Joyce
Independent Director
Julian Cook
Executive Director and Director of
Retirement
Chris Meehan
Chair / Chief Executive Officer
Winton Board
3

LAUNCH BAY HOBSONVILLE POINT
4
1.Chairman and CEO Address
2.Resolutions
3.Other Business and Shareholder Questions

Chairman and CEO Address
NORTHLAKE
WANAKA

Notes: 1. Post tax earnings of $73.8 million were at the lower end of guidance (between $72.4 million and $82.4 million) being NPAT excluding H2 FY23 fair value revaluation of investment properties. A
reconciliation can be found on page 8. 2. Target units to be developed from 1 July 2023 onwards on existing projects based onmanagement estimates and masterplans current as at30 June 2023. Target
total units, target product mix and target settlement period may change, including due to planning outcomes and market demand; 3. Pre-sales and contracted costs as of 30 June 2023.
6
Summary FY23
$76.3m
Cash and cash
equivalents
$108.7m
Gross Profit
78%
2
of portfolio
(by units) are
residential lots
limiting exposure to
construction
$419.3m
3
of gross pre-sales
secured
51.4%
Gross profit
Margin
902 Retirement
living units
Across 5 locations
Zero Debt
6,407
Residential lots
and dwellings
1
in pipeline from existing
projects
$211.4m
Revenue
Up 32.5% on FY22
$64.6m
Net Profit
After Tax
565
Units delivered
and settled
26 Projects
14 communities
65 Employees
30.6%
NPAT Margin
520 Total
shareholders
A record year of delivery and settlements during the 12 months ending 30 June 2023 (FY23) resulted in post taxearnings within guidance
of $73.8 million
1


Commenced leasing of the Lakeside Village Centre - providing annuity income
Business Highlights




16% employee growth predominantly to resource Northbrook and Ayrburn

Strong pre-sale book continues to protect future revenues
Resource consent granted for Northbrook Wanaka, Northbrook Wynyard Quarter,
Northbrook Avon Loop, and Northbrook Launch Bay
Completed first emissions inventory and developed our sustainability framework

Launched sales at Northbrook Wynyard Quarter and Northbrook Wanaka
show apartments

Continue to operate on an ungeared basis and benefit from strong balance sheet

Appointment of Steven Joyce to the Board
Locked in supply contracts to minimise the effects of supply chain and inflation issues

A record year of delivery -116 more units delivered than FY22
7
APARTMENTS
NORTHLAKE

FY23 Financial Performance
Note: 1. This information is unaudited and sourced from the PDS and where necessary the prospective information has been aligned to the statutory financial statement format.
Winton’s financial performance in FY23 represents a record year of delivery.
8
Statement of Financial PerformanceFY23FY23 PFI
1
Movement
FY22
MovementNZ$m (unless indicated otherwise)Year EndedYear EndedYear Ended
30-Jun-2330-Jun-2330-Jun-22
Revenue211.4344.7(133.3)159.551.9
Number of settled units (#)565698(133)449116
Average revenue per unit (NZ$000)374494(120)35519
Cost of sales
(102.7)(184.1)81.4(87.1)(15.6)
Gross profit108.7160.6(51.9)72.436.3
Gross profit margin51.4%46.6%4.8%45.4%6.0%
Rent income3.7-3.70.13.6
Other income6.0-6.02.04.0
Fair value gain on investment properties
6.8-6.8-6.8
Expenses
(29.6)(23.1)(6.5)(23.5)(6.1)
Offer costs
---(6.0)6.0
EBITDA95.6137.5(41.9)45.050.6
Depreciation and amortisation
(1.4)(0.7)(0.7)(0.8)(0.6)
Net interest income1.01.0-0.40.6
Net profit before tax95.2137.8(42.6)44.650.6
Income tax expense
(30.6)(39.0)8.4(12.9)(17.7)
Profit after income tax64.698.8(34.2)31.732.9
Pro forma EBITDA95.6137.5(41.9)50.844.8
Pro forma Profit after income tax64.698.8(34.2)36.228.4
Financial Performance
•Winton has produced a record year of delivery, settling 565 units; driving
revenues of $211.4 million.
•Revenue was lower than PFI by 38.7%, owing to inclement weather conditions in
FY23 delaying the timing of project completion.
•Cost of sales reflects the cost of the land and to develop the land and property for
sale, and are recognised in alignment with revenue. The increase in cost of sales
reflects a 25.8% increase in volume.
•Improved gross profit and margin was a result of the product mix that settled in
the year. 78% of settlements came from lots which produce a higher margin.
•Rental income inflows result from the settlement of Cracker Bay (formerly
Pier 21) and tenanting of Lakeside Commercial.
•Expenses increased alongside additional headcount and new litigation
during FY23.
•Earnings were delivered at the lower end of guidance (between $72.4 million and
$82.4 million), being NPAT excluding any unconfirmed fair value revaluation of
investment properties for FY23, with post tax earnings totalling $73.8 million for
the period. A reconciliation is provided below.
NPAT Reconciliation to February 2023 GuidanceNZ$m
Profit After Income Tax64.6
Fair Value revaluation of investment properties H2 FY238.7
Tax impact of fair value revaluation of investment properties H2 FY230.5
Profit after income tax excluding revaluation of investment properties 73.8

Northbrook Wynyard Quarter
•Resource consent has been obtained.
•Onsite works commence in November 2023.
•The show apartment opened in June 2023.
•Strong interest continues.
Northbrook Wanaka
•Civil works continue on site, with construction expected to commence Q2 FY24.
•The show apartments opened in September 2023, with a strong opening weekend
and continued sales interest.
Northbrook Avon Loop
•Resource consent was granted on 21 June 2023, and Winton continues its design
phase on this project.
•A show apartment will be built on the site in FY24 ahead of the launch.
Northbrook Launch Bay
•Resource consent was granted 4 September 2023.
•The project will incorporate the heritage-listed hanger and a 15-storey apartment
complex.
Northbrook Arrowtown
•Earthworks continue to progress under the existing resource consent.
•Resource consent variation has been lodged.
•Show apartment construction has commenced.
9
Northbrook construction and
pre-sales underway
NORTHBROOK WYNYARD QUARTER SHOW APARTMENT
NORTHBROOK WANAKA

10
Ayrburn Precinct
On the edge of Arrowtown lies Ayrburn, one of the region’s original estates, with the mountains and Lake Hayes as its backdrop.
The Ayrburn Story
•Winton is remediating and repurposing a collection of historic stone farm buildings as a hospitality precinct.
•The precinct provides a fantastic amenity to Northbrook Arrowtown.
•Ayrburn offers a wide range of experiences, from fire side dining at The Woolshed and opulent fine dining at Billy’s in the original homestead, to gelato from 'The Dairy'. All
connected with parklike surrounds and complemented with access to stunning natural features of the property, including the waterfall that has never had public access before.
AYRBURN, ARROWTOWNAYRBURN, ARROWTOWN

11
Ayrburn Precinct (cont.)
Ayrburn enters its next chapter for a new generation.
AYRBURN, ARROWTOWN
New Offering
•Ayrburn offers a comprehensive suite of venues to meet a variety of customer experiences, as outlined on page 12.
•Resource consent, building consent and engineering approvals have been obtained. Stage 1 is almost complete and due to open in H1 FY24, with further development expected
to be staggered over the coming years.
•Pathways around the farm run along Mill Creek to the waterfall.
AYRBURN, ARROWTOWN

12
Ayrburn Precinct (cont.)
A world class hospitality venue in Arrowtown, which when complete with operate ten unique venues.
Ayrburn PrecinctVenueExpected opening
Capacity
The WOOLSHEDHigh end casual diningDecember 2023227
The MANURE ROOMBar and tasting roomDecember 202386
The BURR BARBoutique barDecember 202343
The DAIRYGelateriaDecember 202312
The DELL
Central social lawn, including a stage for eventsDecember 2023500
The BARREL ROOMHidden gatheringsQ3 202462
The BAKEHOUSE
Café style, all day diningQ1 FY25272
R.M SPECIALITY MEATS
Traditional butcheryQ1 FY25n/a
BILLY’S
Fine diningQ2 FY25200
The HAYBARN
A bespoke events venueTBC180
Total1,582

Moving forward at Sunfield
A forward-thinking and innovative ‘15-minute community’ powered by the sun and 90% less cars.
•We are moving forward with the 50 hectares of the property which is currently zoned future urban
with a more traditional masterplan supported by current regulation, yielding ~2,000 lots.
•In parallel, Winton is absolutely firmin its resolve to pursue alternate legislative pathways to
rezone the remaining c.150 hectares of the Sunfieldland, including the Resource Management Act.
•Winton has issued proceedings in the Auckland High Court under the Commerce Act, alleging
anti-competitive conduct by Government housing agency Kāinga Ora.
•An Amended Statement of Claim has recently been filed in the Auckland High Court to include the
provisionally assessed amount of $138.5m in damages plus costs and interest, which represents
Winton’s view as to the quantum of the loss it has suffered as a result of Kāinga Ora’s alleged
anti-competitive conduct.
•Winton is seeking Court declarations that Kāinga Ora’s conduct is unlawful and in breach of
the Commerce Act, and an order requiring Kāinga Ora to consider Sunfield for assessment under
the UDA, as well as substantial damages for Kāinga Ora’s conduct to date.
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 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 jobs¹.
•90% less cars¹.
•Solar power throughout project.
Sunfield
13
Notes: 1.Management estimates.
SUNFIELD AUCKLAND


Development contributions of $11.7 million paid towards improving infrastructure and
long-term growth of the regions Winton operates
ESG FY23 –Creating thriving neighbourhoods




Persisted in consideration of carless and solar powered Sunfieldneighbourhood under
UDA pathway

Planted ~35,000 trees and plants throughout Winton neighbourhoods in FY23
Submitted design for first building with Homestar 6 rating
Created more job opportunities through new business units

Delivered 565 units, positively contributing to NZ’s housing supply

Supported local, 93% of onsite works by top 20 contractors went to local businesses

Completed first emissions inventory
Completed Health and Safety review and implemented Master H&S System

Finalised sustainability framework
14
AYRBURN
ARROWTOWN

ESG – FY24
15
•Emission reduction targets and emission
reduction plan.
•Complete Scope 3 emissions measurement.
•Climate-related disclosures implementation.
•Winton sustainability standards for design
and development.
•Implement the new sustainability
framework.
•Determine and measure H&S metric.
•New policies to support the sustainability
framework.
FY24 ESG Priorities
NORTHLAKE WANAKA
TO DATE, WE HAVE PLANTED OVER
238,000
TREES AND PLANTS
IN WINTON NEIGHBOURHOODS
AND DELIVERED
~270,000 SQM
IN SHARED SPACES

•NZ housing market has faced headwinds over the past 18 months, however in FY24
the market is beginning to show signs of recovery.
•Analysts agree that house prices in Auckland are showing a clear sign of recovery¹,
New Zealand’s largest housing market.
•Net migrations remains at record levels with a provisional total of 110,200 migrants in
12 months ended August 2023².
•Building consents² and construction activity³ remains low, suggesting supply
remains constricted.
•Rents continue rise², with rental prices being a leading indicator of the
housing market.
•New Zealand faces and ageing population, with 1.3m people (22%) expected to be of
retirement age within the next 2 decades, up from 0.9m people (16%) currently².
•Policy of the incoming National lead government is generally good for housing
development.
•FY23 results were the outcome of a number of years of development and due to
completion timing, a standout year for settlements and revenue recognition.
•For FY24, the timing of completed units and the type means revenue will be lower
than FY23.
•We will continue to keep the market informed of our plans and progress with the
business but will not issue formal guidance, this allows us to focus on operating the
business for maximum long-term shareholder value.
Winton continues to operate with financial discipline to enable us to thrive
through the cycle.
Market and Outlook
16
BEACHES
MATARANGI
Notes: 1. Auckland housing market finally ends 1.5 year downturn, analysts agree
– Tom Dillane for the New Zealand Hearld.
2. Data has been sourced from StatsNZ.
3. Rider Levett Bucknall Q3 2023 Crane Index.

Resolutions
AYRBURN
ARROWTOWN

1
8
Voting and asking questions
Voting Card
Question box

Steven Joyce was appointed by the Board on 22 June 2023 and, being eligible, offers himself for election
by shareholders at this Annual Meeting. Steven Joyce is an independent Director.
Steven has over 30 years of successful leadership experience across a unique mix of commercial and
government roles, working in governance and executive positions.
While in Government, Steven served as a senior economic minister, holding the Finance, Economic
Development, Science and Innovation, Transport, ICT and Tertiary Education, Skills and Employment
Portfolios. Prior to entering politics, he was a successful radio entrepreneur, starting RadioWorks NZ
Limited. Under his leadership, it became New Zealand’s second largest radio company.
Steven holds a Bachelor of Science from Massey University.
The Board unanimously recommends that shareholders vote in favour of the election of Steven Joyce.
Resolution 1: Election of Steven Joyce as Director
19
Steven Joyce
Independent Director

The current auditor of the Company, Ernst & Young, will be automatically reappointed as Winton’s
auditor at the Annual Meeting in accordance with section 207T of the Companies Act 1993. Under that
legislation, the auditor’s fees and expenses must be fixed at the Annual Meeting or in the manner that
the Company determines at the meeting. Shareholder approval is therefore sought for the Directors of
the Company to fix Ernst & Young’s fees and expenses for the ensuing financial year.
Resolution 2: Auditors Remuneration
20
LAKESIDE
TE KAUWHATA

Proxy Vote Outcomes
21
RESOLUTIONFORAGAINSTPROXY
DISCRETION
Election of Steven Joyce as
Director
226,009,912
(99.92%)
10,127
(0.01%)
163,357
(0.07%)
Auditors Remuneration226,120,847
(99.92%)
17,608
(0.01%)
163,357
(0.07%)

Questions
LAUNCH BAY
HOBSONVILLE POINT

NORTHBROOK
AVON LOOP
Thank you for attending

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 audited
consolidated financial statements for the year ended 30 June 2023.
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.
Whilst every care has been taken in the preparation of this presentation, Winton makes no representation or warranty as to the accuracy 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’sobjectives, 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.
DISCLAIMER
Important Notice and Disclaimer
24

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MARKET ANNOUNCEMENT
NZX: WIN / ASX: WTN
25 October 2023
PRESENTATION TO THE WINTON ANNUAL MEETING
At 12.00pm on Wednesday, 25 October 2023.
Welcome and thank you for joining us at Winton’s Annual Meeting for 2023 which is being held
both virtually and in person.
My name is Chris Meehan, and I am the Chair of the Board of Directors and CEO of Winton. It is
my pleasure to address you today.
Today we are very pleased to welcome our online participants through our virtual meeting
platform provided by our share registrar Link Market Services and those that have joined us in
person.

Before we begin, I have a few housekeeping points to cover:
For those here in attendance:
- Can I ask that you please put your mobile phone on silent.
- Toilet facilities are located to the right as you exit this meeting room, past the reception
area – please follow the signs.
If a fire alarm goes off, please follow directions from Link staff who will direct us to the
appropriate fire exit. For those online, the next slide demonstrates the voting and question
platform.
You can vote and ask questions online. I’ll provide you with further instructions as we progress
through the meeting. If you encounter any issues, please refer to the virtual annual meeting
online portal guide or you can phone the helpline on 0800 200 220 if you are in New Zealand or
1800 990 363 if you are dialling from Australia or elsewhere.
You can send through questions any time so I encourage you to send them through as soon as you
can. This will allow us to answer these questions at the appropriate time of the meeting. To ask a
question, you will need to click “ask a question” within the online meeting platform, select the
item of business, type in your question and click submit.
Before we formally begin, I would like to re-introduce the other members of the Winton Board:
In the room at Links’s offices we have:
 Julian Cook, Executive Director and Director of Retirement

2
 Michaela Meehan, Non-Executive Director
And online we have:
 Steven Joyce, Independent Director
 Glen Tupuhi, Independent Director
 David Liptak, Non-Executive Director
 James Kemp, Non-Executive Director, and
 Jelte Bakker, Non-Executive Director
We have some members of the Senior Management Team in attendance, including:
 Simon Ash, Chief Operating Officer
 Jean McMahon, Chief Financial Officer, and
 Justine Hollows, GM Corporate Services
Finally I would like to welcome representatives from our FY23 auditors, EY, and our legal counsel,
Chapman Tripp, as well as the team from our share registrar, Link Market Services, here with us
today.

Link Market Services will help conduct the voting on the formal business later in the meeting and
act as scrutineer.
The Company Secretary has confirmed that the Notice of Meeting has been sent to shareholders
and other persons entitled to receive it and I have been advised that we have a quorum present.
On that basis, I am pleased to formally declare the meeting open.
Proxies have been appointed for the purposes of this meeting in respect of approximately 226
million shares, representing over 76% of the total number of shares on issue.
I’d like to thank shareholders for their participation in today’s meeting.
My fellow directors and I intend to vote all discretionary proxies we have received in favour of the
Resolutions as set out in the Notice of Meeting.
The order of events for this afternoon’s meeting will be as follows:
I will start with a short presentation.
Then, as you have seen in the notice of meeting, we have two resolutions we would like you to
approve. We will take questions from shareholders on each of the resolutions.
Voting on all resolutions will be conducted by way of poll.
After the resolutions we will then open the meeting to other business from shareholders before
we close the meeting today. This will provide an opportunity for you to ask questions or to make
comments about the presentation, the financial statements, or auditor’s report

3
I encourage shareholders to submit their questions online through the virtual meeting platform as
soon as possible.
For those attending in person we invite you to join us for some light refreshments at the
conclusion of this meeting.
After our first full year on the NZX and ASX, we have successfully transitioned and adapted to
being a listed company. We have delivered a record year, with 565 units settled driving EBITDA of
$95.6 million and a Net Profit After Tax of $64.6 million.
Our pre-sale book is extensive at $419.3 million as at 30 June 2023, which remains at a similar
level today net of new sales and settlements. Our long-term strategy of seeking pre-sales has
served us well through the market headwinds present over the last 18 months.

We continue to operate on an unlevered basis, with $76.3 million in cash as at 30 June 2023 and
no debt placing us in an enviable position.
During FY23 Winton was successful in obtaining resource consent for our Northbrook sites at
Wanaka, Wynyard Quarter and Avon Loop, with Northbrook Launch Bay subsequently receiving
resource consent in September 2023.
We have successfully launched sales Northbrook Wynyard Quarter and Northbrook Wanaka, and
are pleased with how these projects have been received by the market.

We are pleased to have appointed Steven Joyce to the Board, who stands here for re-election
today, and value his experience and expertise.
In FY23 we settled 565 units and delivered $211.5 million in total revenue, lower than $344.7
million forecast at PFI due to inclement weather conditions delaying the timing of completion for
some projects into FY24. Gross profit was $108.7 million, $36.3 million above FY22, resulting in a
gross profit margin of 51.4%. Winton met earnings at the lower end of guidance at $73.8 million.

Northbrook is targeting the premium sector of the market which has been underserved by the
incumbent operators. We have received resounding positive feedback from future residents, with
feedback noting that there is nothing quite like the Northbrook offering available in the market.

The Northbrook Wynyard Quarter sales suite, which includes a full-size apartment, opened in
June 2023. Construction of Northbrook Wynyard Quarter is expected to commence on 6th
November.

The Northbrook Wanaka sales suite, which includes two full size apartments, opened in
September 2023. On site, civil works continue and are nearing completion.

We have seen strong interest in the Northbrook product at Wynyard Quarter and Wanaka with
presales now north of $80m.
We are continuing with earthworks at Northbrook Arrowtown under the existing resource
consent with construction of a show apartment due for completion in January 2024. A resource
consent variation has been lodged.
Northbrook Avon Loop received resource consent during FY23, and we continue to work through
the design phase at pace. We will build a show apartment on site in FY24 following the issuance of
building consent.

4
We are pleased to have received resource consent for Northbrook Launch Bay on 4 September
2023. The site will incorporate the existing heritage listed hanger, and a 15-storey apartment
complex with sweeping harbour views.

Ayrburn is a new hospitality offering near Arrowtown. As one of the regions original estates, it
boasts a number of historic buildings and unrivalled landscaping. Set near Mill Creek, there are
numerous walks around the estate which includes a stroll along the river to the picturesque
waterfall.
With the township of Arrowtown at capacity, Ayrburn is an exciting opportunity to expand into a
high-end offering in an area which is a popular tourist destination. We have obtained a number of
consents to remediate the existing historic buildings, with the first stage of development
complete ahead of the December opening.
There are 10 stores and venues to choose from within Ayrburn, from casual snacks at the
Bakehouse or the Dairy, to high end dining at Billy’s, Ayrburn offers something for everyone. A
large outdoor venue, complete with a stage, offers events for up to 500 people under the current
consent, while we are pursuing resource consent for a bespoke events venue known as the Dell.

There is nothing else like it in New Zealand. We expect strong interest from locals, New Zealand
residents and overseas tourists, which will continue as additional venues open over the next 2-3
years. There is something for everyone and we look forward to people experiencing it for
themselves in a few months.
It creates the perfect setting for our Northbrook village and will turn our food and beverage
operations from a cost centre to a profit centre.
In the first half of FY22 Winton lodged the Sunfield Specified Development Project Application
with Kainga Ora under the Urban Development Act 2020 legislation to seek rezoning of the
property to allow the proposed development of forward thinking sustainable 15-minute
neighbourhood.
Winton’s submission under the Urban Development Act legislation was declined in April 2022. To
say we are disappointed is an understatement.
We remain firm in our resolve to re-zone the entire Sunfield as it is currently master-planned.
Consenting Sunfield would not only be good for Winton, it would be:
- Good for Auckland – creating 11,000 permanent jobs and over 3,643 affordable homes.
- Good for New Zealand – Pioneering the development of a solar-powered neighbourhood
and integrated community.
- Good for the Planet – clean green neighbourhoods like Sunfield are a step change in
avoiding carbon emissions embedded in our conventional lifestyles.
An Amended Statement of Claim was filed in the Auckland High Court in July to include the
provisionally independently assessed amount of $138.5 million in damages plus costs and
interest, which represents Winton’s view as to the quantum of the loss and damages it has
suffered as a result of Kāinga Ora’s alleged anti-competitive conduct.

Winton is seeking Court declarations that Kāinga Ora’s conduct is unlawful and in breach of the

5
Commerce Act, and an order requiring Kāinga Ora to consider Sunfield for assessment under the
UDA, as well as substantial damages for Kāinga Ora’s conduct to date.

As the matter is before the courts, we will not be able to comment any further.
We have made progress on our ESG journey since our last shareholders meeting. We have
finalised our sustainability framework, completed our first emissions inventory and just had the
second one audited, completed a health and safety review and implemented a master health and
safety system, and submitted the design for our first building with Homestar 6 with NZ Green
Building Council.
The sustainability framework is structured around three pillars – thriving planet, thriving people
and sustainable future. And at Winton’s core, positively contributing to New Zealand’s housing
supply provides opportunities for communities and, therefore, people to thrive. In delivering 565
units this year we have created a range of products at various price points, supported local
businesses, created more job opportunities through new business units and contributed over
$11.7 million towards the infrastructure and long-term growth of the communities we operate in.
We have also persisted with our carless and solar-powered Sunfield neighbourhood, which as I
covered earlier, would unlock significant value across each of the three pillars of our sustainability
framework.
We now have a solid base to leverage, and in FY24 we will continue the momentum. Alongside
completing our first year of climate-related disclosures, we will set emission reduction targets,
complete an emissions reduction plan, extend our scope 3 emissions boundary, and implement
initiatives to support the commitments within the framework.
New Zealand’s housing market has faced headwinds over the last 18 months, however there are
signs that the market has stabilised and is beginning to show signs of recovery.
Despite increasing demand, building consents and construction activity continues to remain low.
Rental prices are continuing to rise, which we are beginning to see translated into house price
increases.
New Zealand’s ageing population demonstrates that now is the right time to provide a premium
retirement offering, never before seen in New Zealand.

The policy of the incoming National lead government is generally good for housing development
and housing demand.
FY23 results were the culmination of years of development, and a standout year for settlements.
While some units initially planned for settlement have been moved into FY24, we expect the
number of settlements to be lower than in FY23.

We will not be issuing formal guidance, however will naturally keep the market informed of our
plans and progress. This will allow us to focus on operating the business for maximum long-term
shareholder value.