Winton's pre-sale strategy delivers in difficult market

23 August 2024

Client Market Services
NZX Limited

Copy to:
ASX Market Announcements
Australian Stock Exchange
AUSTRALIA



Dear Sir/Madam

WINTON LAND LIMITED (NZX: WIN, ASX: WTN)
NZX/ASX ANNOUNCEMENT – ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2024

Please find attached the following information relating to Winton Land Limited’s results for the
financial year ended 30 June 2024:

(a) the Results Announcement (as required by NZX Listing Rule 3.5.1);

(b) the Investor Presentation;

(c) the Annual Report, including the audited financial statements and notes;

(d) the Greenhouse Gas Emissions Inventory Report; and

(e) the Climate-Related Disclosures.

For the purposes of ASX Listing Rule 1.15.3, Winton Land Limited confirms that it continues to
comply with the listing rules of its home exchange, being the NZX Listing Rules.

Yours sincerely




Jean McMahon
CFO

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MARKET ANNOUNCEMENT
NZX: WIN / ASX: WTN
23 August 2024
WINTON’S PRE-SALE STRATEGY DELIVERS IN DIFFICULT MARKET
Winton (NZX: WIN / ASX: WTN) is pleased to release its full-year results for the period ending 30 June
2024 (FY24) with revenue of $173.6 million, earnings before interest, tax, depreciation and
amortisation (EBITDA) of $29.5 million and profit after tax of $15.7 million.
During FY24, Winton’s longstanding pre-sale strategy served it well with 345
1
settlements. These
were skewed slightly to the second half, with 187 units settled, compared to 158 units in the first half
of FY24. This compares to 565 units in FY23, where the development and construction project
timeline led to an exceptional year of delivery.
Chris Meehan, Chair and CEO of Winton said: “The financial results don’t capture the resilience and
progress that Winton made during FY24. Despite a difficult market and very challenging economic
conditions, we have continued to deliver pre-sold properties, complete new projects and diversify
our revenue streams. This steadfastness is a testament to Winton’s commitment and ability to
weather market fluctuations.”
“Even with a slow market and challenging economic conditions, Winton finished the year with a
landbank yield of c6,000 units, cash holdings of $41.7 million and a solid pre-sale book
2
that has
increased in the weeks after the end of the financial year to $411.7 million as at 23 August 2024.”
Similar to the decline reported in the half-year FY24 results, earnings before interest, tax,
depreciation and amortisation (EBITDA) of $29.5 million and profit after tax of $15.7 million were
down 69.1% from $95.6 million and 75.6% from $64.6 million respectively in FY23. The decrease is
attributable to the lower number of settlements, higher cost of sales per unit from a higher
percentage of built product, a $1.7 million fair value loss in FY24 compared to a $6.8 million gain in
FY23, higher administration expenses from the establishment and operation of Ayrburn, and an
abnormal one-off tax adjustment associated with a change in tax deductibility. This was slightly offset
by lower selling expenses from selling fewer units, higher interest income, and lower current and
deferred tax as a result of the above.
As previously communicated, a $80.0 million debt facility was established, secured only against the
Lakeside development, to fund Winton’s wider growth plans. As at 30 June 2024, the drawn-down
balance was $64.8 million. Winton has no recourse debt at group level and all other properties across
the group remain unencumbered.
A core part of Winton is unlocking land value for masterplanned neighbourhoods and development
projects. In FY24, Winton continued the momentum with value-creating outcomes on a number of
projects. The plan change for Stage 18 at Northlake was approved unlocking a total of 125 lots, and
rezoning has been approved to enable 7 prestigi ous residential lots at Ayrburn. In addition, resource

1
Units comprise residential land lots, dwellings, townhouses, apartments, and commercial units.
2
Pre-sales are unconditional and conditional sale contracts to be recognised as revenue in future years.

2
consent was granted for Northbrook Arrowtown
3
including the adjacent boutique hotel. Resource
consent was also granted for Northbrook Launch Bay.
In December, Winton opened the multi-venue Ayrburn hospitality precinct in Arrowtown, which was
an incredible undertaking by the development team to deliver spectacular venues, while maintaining
and celebrating the heritage of their original purpose as farm buildings. The Ayrburn masterplan has
been designed to uplift the value of neighbouring Northbrook Arrowtown and Winton-owned
residential land. The response to date has been exceptional with approximately 150,000 visiting
Ayrburn since opening and it is expected to increase year on year.
Northbrook now has three locations registered under the Retirement Villages Act 2003 and full-scale
Display Suites – Northbrook Wynyard Quarter, Northbrook Wanaka and Northbrook Arrowtown.
Construction of Northbrook Wanaka has continued at pace in preparation for Stage One completion
in May 2025. At Northbrook Wynyard Quarter, piling and basement construction was delayed from
February 2024 due to industry-wide issues around structural engineering and the Auckland Council
consenting process, which required changing structural engineers. Practical completion remains on
schedule, with an anticipated occupation date for residents of FY28.
The Board has paused paying a dividend to maintain financial discipline through softer market
conditions while enabling Winton to continue executing its growth plans. Therefore, the total
dividend for FY24 was 0.55 cents per share reflecting the dividend paid for the six months ending 31
December 2023.
Chris Meehan concludes: “Property development is cyclical, and Winton’s experience gives us
confidence that we are playing the cycle as best we can, and we are well prepared to weather
continued challenging conditions until it does turn around. We know this won’t be the case for other
industry players or an enticing time for new entrants to enter the industry. Our job is to continue to
progress with discipline and to set Winton up well for when the market becomes more buoyant.
We remain cautious about the market conditions for the year ahead and will continue to operate
with discipline. There is a lot to look forward to, and we are grateful to continue sharing Winton’s
success with its partners, contractors, service suppliers, shareholders and employees.”
Winton’s Annual Report is also released today with the Company’s FY24 results, which contain
important information related to the company’s governance, financial commentary, Northbrook,
Ayrburn, Cracker Bay and ESG.
Winton’s Annual Report and all future financial reports will be publicly available on our website
Investor Centre - Winton Land Limited
. Investors may at any time, request a hard copy (or an
electronic copy) of the most recent and future Annual Reports free of charge. You can do so through
our share registry, Link Market Services, including by updating your communication preferences
online through the Investor Centre.
Ends.
For investor or analyst queries, please contact:
Jean McMahon, CFO
+64 9 869 2271
investors@winton.nz



3
A variation to the resource consent for Northbrook Arrowtown was submitted in April 2024.

3
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 12 masterplanned communities, Winton has a portfolio
of 23 projects expected to yield a combined total of circa 6,000 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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Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at June 2023


Results for announcement to the market
Name of issuer Winton Land Limited
Reporting Period 12 months to 30 June 2024
Previous Reporting Period 12 months to 30 June 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$173,597 (21%)
Total Revenue $173,597 (21%)
Net profit/(loss) from
continuing operations
$15,746 (76%)
Total net profit/(loss) $15,746 (76%)
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
$1.74 $1.71
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This announcement is extracted from Winton’s audited financial
statements as at and for the twelve months ended 30 June
2024. A copy of these audited financial statements is attached to
this announcement. To ensure consistency with the current
period, comparative figures have been amended to conform with
the current period presentation where applicable.
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

23 August 2024

Audited financial statements accompany this announcement.

---

winton.nz
ANNUAL REPORT
12 MONTHS ENDING
30 JUNE 2024

ANNUAL REPORT 2024
FC The Woolshed,
Ayrburn
01 Northbrook Wanaka,
Northlake

Key Highlights
Letter from CEO and Chair
Financial Commentary
Leadership and Governance
Residential
Retirement – Northbrook
Commercial – Cracker Bay
Commercial – Ayrburn
Sustainability – Ayrburn
Winton ESG
Financial Statements
Corporate Governance
Directory
02
04
10
12
14
18
22
24
30
36
Contents
75
95
45
ANNUAL REPORT 2024WINTON LAND LIMITED | 01

Key highlights
C. 6,000
Units2 landbank yield
$15.7m
Net profit after tax
$173.6m
Revenue
$411.7m
1

of gross pre-sales secured
40.5%
Gross profit margin
$70.3m
Gross profit
1. Pre-sales are as at 23 August 2024. Pre-sales are unconditional
and conditional sale contracts to be recognised as revenue in future
years. 2. Units comprise residential land lots, dwellings, townhouses,
apartments, retirement living units and commercial units.
$41.7m
Cash and cash equivalents
02 The Barrel Room,
Ayrburn
ANNUAL REPORT 202402 | WINTON LAND LIMITED

211
Employees
78%
3

of portfolio (by units) are residential lots
LIMITING EXPOSURE TO CONSTRUCTION
872
Retirement living units yield
ACROSS 5 LOCATIONS
524
Total shareholders
3. Target units to be developed from 1 July 2024 onwards on existing projects based on management estimates
and masterplans current as at 30 June 2024. Target total units, target product mix and target settlement period
may change, including due to planning outcomes and market demand.
345
Units delivered and settled
12
Masterplanned
communities
23
Current projects
ANNUAL REPORT 2024WINTON LAND LIMITED | 03

A
s I write this letter to shareholders
and reflect on FY24, it is fair
to say this year’s financial
results don’t fully capture the resilience
and progress that the Winton team
has demonstrated. Despite a difficult
market and very challenging economic
conditions, we have continued to deliver
pre-sold properties, complete new
projects, and diversify our revenue
streams. This steadfastness is a
testament to our commitment and our
ability to weather market fluctuations.
During FY24, Winton’s longstanding

pre-sale strategy served us well and
345 units4 were settled, delivering
$173.6 million in revenue, down
21.5% from $221.1 million in FY23.
The decrease reflects the prior year
being a significant year of delivery
for residential development and the
current challenging market conditions.
A higher proportion of built product
settled in FY24, driving higher unit
prices and, therefore, higher average
revenue per unit. However, due to the
higher proportion of built product
compared to the prior year, the cost
of sales was higher per unit and, as a
result, the total cost of sales increased
by 0.6% compared to FY23.
Similar to the decline reported in
the half-year FY24 results, earnings
before interest, tax, depreciation and
amortisation (EBITDA) of $29.5 million
and profit after tax of $15.7 million were
down 69.1% from $95.6 million and
75.6% from $64.6 million respectively.
The decrease is attributable to the lower
number of settlements, higher cost of
sales per unit for built product mentioned
above, a $1.7 million fair value loss in
FY24 compared to a $6.8 million gain in
FY23, higher administration expenses
from the establishment and operation of
Ayrburn, and an abnormal one-off tax
adjustment associated with a change in
tax deductibility. This was slightly offset
by lower selling expenses from selling
less units, higher interest income, and
lower current and deferred tax as a result
of the above.
As we communicated at half-year
results, we were cautious going into
2024 and prepared for sales to remain
slower, inflation to remain elevated,
with continued interest rate pressure
on buyers. While opening Ayrburn in
Arrowtown has increased expenses, we
have remained disciplined throughout the
business to not only weather the current
sales environment but also come out the
other side well-placed to benefit from an
improving economy.
Even with a slow market and challenging
economic conditions, Winton finished the
year with a solid pre-sale book that has
increased in the weeks after the end of
the financial year to $411.7 million as at

23 August 2024. We believe in difficult
times buyers naturally gravitate to
trusted developers in a financially stable
position and we have observed that our
pre-sale book is benefitting from these
as smaller developers bow out and
coverage of unfortunate insolvencies or
paused projects has continued.
Currently, Winton has a landbank yield
of c6,000 units, including 872 retirement
living units, and cash holdings of $41.7
million. In December, an $80.0 million
debt facility was established, secured
only against the Lakeside development,
to fund Winton’s wider growth plans.
As at 30 June 2024, the drawn-down
balance was $64.8 million. Winton has
no recourse debt at group level and all
other properties across the group remain
unencumbered.
4. Units comprise residential land lots, dwellings, townhouses, apartments, retirement living units and commercial units.
Letter from CEO and Chair
Chris Meehan
03
03 Chris Meehan,
Chief Executive Officer
04 Northbrook Wanaka,
Northlake
ANNUAL REPORT 202404 | WINTON LAND LIMITED

04
ANNUAL REPORT 2024WINTON LAND LIMITED | 05

A
core part of Winton is unlocking
land value for masterplanned
neighbourhoods and
development projects. In FY24, Winton
continued the momentum with value-
creating outcomes on a number of
projects. The plan change for Stage 18
at Northlake was approved unlocking
a total of 125 lots, and rezoning has
been approved to enable 7 prestigious
residential lots at Ayrburn. In addition,
resource consent was granted for
Northbrook Arrowtown5 including
the adjacent boutique hotel and
resource consent was also granted for
Northbrook Launch Bay.
In line with Winton’s strategy of
diversifying revenue to create

recurrent income, Winton has three
segments of the business – residential,
retirement, and commercial, which are
covered in the following pages, but
I want to mention some significant
highlights here. In December, Winton
opened the multi-venue Ayrburn
hospitality precinct in Arrowtown, which
was an incredible undertaking by the
development team to deliver spectacular
venues, while maintaining and
celebrating the heritage of their original
purpose as farm buildings. We were
delighted to receive Excellence and Best
in Category in the Tourism and Leisure
Property Award at the Property Council
New Zealand Awards. I am proud of
what the team has delivered so far, and
I love seeing people come together and
enjoy themselves there. We still have a
lot to deliver, and we are excited to share
more venues with the community and
visitors to the region.
06
05
5. A variation to the resource consent for Northbrook Arrowtown was submitted in April 2024.
Letter from CEO and Chair
THE AYRBURN MASTERPLAN
HAS BEEN DESIGNED
TO UPLIFT THE VALUE
OF NEIGHBOURING
NORTHBROOK ARROWTOWN
AND WINTON-OWNED
RESIDENTIAL LAND.
ANNUAL REPORT 202406 | WINTON LAND LIMITED

W
inton opened two additional
Northbrook Display Suites
and registered the respective
locations under the Retirement Villages
Act 2003. All three Display Suites
have been a true testament to the
Northbrook product and have given
potential residents the opportunity
to experience it for themselves. Sales
are going well but as expected, have
slowed over the winter months, and
so we look forward to continuing the
momentum as construction progresses.
Construction of Northbrook Wanaka
has progressed at pace in preparation
for Stage One completion in May
2025, and the refurbishment of the
Cracker Bay office building is nearing
completion in the first half of FY25.
05 The Woolshed,
Ayrburn Arrowtown
06 The Winton team receiving the award
for ‘Excellence and Best in Category
in the Tourism and Leisure Property’
for Ayrburn at the recent Property
Council New Zealand Awards
07 Northbrook Wynyard,
Auckland
07
ANNUAL REPORT 2024WINTON LAND LIMITED | 07

ESG Progress
W
inton has continued to make
good progress on integrating
ESG considerations into
the business and reporting on them.
Earlier in FY24, Winton’s sustainability
framework was approved by the
management team and supported
by the Board. During the year it has
become central to our ongoing efforts,
aligning what we do with the agreed
commitments within that framework.
The most significant ESG milestone
was completing the internal process
necessary to meet the requirements
of the XRB Climate Standards and the
subsequent disclosures. The process
reflects company-wide input including
the Winton Board, management team
and business leaders. Alongside the
Annual Report, we have disclosed
two standalone documents: Winton’s
FY24 Climate-Related Disclosures and
Winton’s FY24 GHG Emissions Inventory
Report. Winton’s FY24 GHG Emissions
Inventory Report, which now includes
all emissions from construction and the
operations of the growing business,

is assured by Deloitte Limited.
From a governance and social
perspective, we implemented new
internal policies covering cyber security,
data privacy, digital acquisition and
GHG Inventory Management. We
implemented a health and safety metric
that is appropriate for the Winton
business and disclosed it in the ESG
section of this report.
We have aligned our community
donations and sponsorships with the
sustainability framework to contribute
to the communities we operate in. In
FY24, we contributed approximately
$380,000 to benefit the community
through sponsorships, donations, and
community initiatives.
While there is still much to do, we
appreciate external commentators noting
our improvements, including the recent
Qualmark certification for Ayrburn and
the Forsyth Barr ESG Survey.
08
Letter from CEO and Chair
ANNUAL REPORT 202408 | WINTON LAND LIMITED

Board of Directors
T
he Board appointed Guy Fergusson
as a non-executive director on
24 November 2023. The Board
has subsequently determined that Guy
is an Independent Director and will
hold office until Winton’s 2024 Annual
Meeting, when he will retire and offer
himself for election by shareholders. Guy
is a member of the Audit and Financial
Risk Committee and the Nomination and
Remuneration Committee. Guy has been
a great addition to the Board, bringing
vast corporate finance and capital

markets experience.
Jelte Bakker was appointed James
Kemp’s alternate director in February
2022 and ceased to be an alternate
director on 24 May 2024, while James
Kemp remained.
David Liptak retired from the Board on
12 February 2024 after many years of
involvement in Winton. He became a
cornerstone investor, and his investment
in 2017 was the catalyst for Winton’s
transformation and accelerated growth
plans. His support and contribution as a
Board member over the years have been
invaluable. The Board and management
are grateful for his time and resolute
support. Personally, I sincerely thank him
for his loyalty and his belief in our vision.
While the Board has changed over
the past year, we are happy with
where we are and believe the current
mix of skills and experience will prove
invaluable to Winton.
Dividend
The Board has decided to pause paying
a dividend to maintain financial discipline
through softer market conditions, while
enabling Winton to continue to execute
its growth plans.
Market and Outlook
Property development is cyclical, and
Winton’s experience gives us confidence
that we are playing the cycle as best we
can, and we are well prepared to weather
continued challenging conditions until
it does turn around. We know this won’t
be the case for other industry players
or an enticing time for new entrants to
enter the industry. Our job is to continue
to progress with discipline and to set
Winton up well for when the market
becomes more buoyant.
Interestingly, Queenstown and the
surrounding region have remained
strong, and we believe they will continue
to be so.
We remain cautious about the market
conditions for the year ahead and will
continue to operate with discipline.
There is a lot to look forward to, and

we are grateful to continue sharing
Winton’s success with its partners,
contractors, service suppliers,
shareholders, and employees.
Thank you for your continued support.
Chris Meehan
Chair and Chief Executive Officer
09
08 ALTA Villas,
Northlake Wanaka
09 Launch Bay Townhouses
and Apartments,
Hobsonville Point
ANNUAL REPORT 2024WINTON LAND LIMITED | 09

W
inton has delivered revenue
of $173.6 million in FY24,
21.5% down from $221.1 million
in FY23. A total of 345 units were settled,

a decrease of 220 units.
Cost of sales of $103.3 million is slightly
higher than FY23 by $0.6 million. This is
largely a result of the 12.7% increase in
built product settled by volume in FY24
which has a higher cost per unit than
land lot sales.
In FY24, Winton opened Ayrburn and
continued to generate annuity income
from Lakeside Commercial and Cracker
Bay, generating a total of $11.0 million
revenue for the period.
A fair value loss of $1.7 million results
from the revaluation of commercial assets
and retirement land within the investment
properties portfolio. This compares
to a gain of $6.8 million in FY23. The
movement results from the timing of
consents granted, the properties being
revalued, and the original purchase price
of the underlying land. We note that
property, plant, and equipment are held
at cost less accumulated depreciation,
and inventories are held at the lower of
cost and net realisable value.
Administrative expenses increased by
$11.3 million in FY24. $7.5 million of this
is due to increased employee benefits,
with an increased headcount in FY24
to support Winton’s growth and new
operating businesses. Establishment
costs of $2.7 million were incurred in
relation to the pre-opening of Ayrburn,
and these include branding, marketing,
recruitment, and employee training. The
remainder of the increase is due to the
growth of Winton’s operations and some
inflationary pressures.
Selling expenses were lower in FY24 by
26.7% due to reduced sales commission
and marketing spend.
The FY24 results include a one-off, non-
cash deferred tax liability adjustment
of $2.9 million arising from a change in
tax legislation that came into effect this
year and relates to the depreciation of
buildings. This liability does not reflect
taxation payable if the assets were sold.
The resultant net profit after tax in FY24
is $15.7 million a reduction from $64.6
million in the prior year.
An increase in property, plant and
equipment of $39.3 million since FY23
represents a significant investment in
Ayrburn, while an increase of $69.9
million in investment properties
represents progress at Northbrook
Wanaka and Wynyard Quarter, as well
as the redevelopment of Cracker Bay.
Winton entered an $80 million debt
facility to support Winton’s growth plans
in December 2023. The facility with
Massachusetts Mutual Life Insurance
Company is fully ringfenced to the
Lakeside development and provided an
equity release to assist with funding the
development of Northbrook villages.
The additional limit will be used to fund
Lakeside, while the proceeds of Lakeside
settlements will fully extinguish the loan.
As at 30 June 2024, the drawn-down
balance was $64.8 million. The other
properties across the portfolio remain
unencumbered. We ended FY24 with
$41.7 million in cash reserves.
Financial Commentary
10 Jimmy’s Point, Launch Bay
Hobsonville Point
10
ANNUAL REPORT 202410 | WINTON LAND LIMITED

ANNUAL REPORT 2024WINTON LAND LIMITED | 11

Senior Management Team
Board of Directors
CHRIS MEEHAN
Chief Executive Officer and Chair
Associate Diploma in Business (Property Valuation)
Appointed 19 June 2017
Chris leads Winton’s strategy and operations.
A founding principal and CEO of Winton, Chris has
over 30 years of experience in real estate investment.
Prior to establishing Winton, Chris founded the
Belle Property real estate franchise in Australia, and
grew this business to 20+ offices across Australia
and New Zealand, prior to its sale to private equity
interests in 2009.
JULIAN COOK
Executive Director and Director of
Retirement
BA, MAF, BSc, MSc
Appointed 13 September 2021
Julian is responsible for leading and executing
Winton’s retirement strategy.
Prior to joining Winton, Julian spent the previous

11 years at Summerset Group, including 7 years as CEO.
Prior to 2010, Julian was an Associate Director with
Macquarie Group for over 12 years.
Julian is currently Chairman of Sky City Entertainment
Group and a director of WEL Networks and Deakin
Topco Pty Limited (trading as Levande).
Leadership and Governance
STEVEN JOYCE
Independent Director
BSc
Appointed 22 June 2023
Steven has more than 30 years of successful
leadership experience across a unique mix of
commercial and government roles, working in
governance and executive positions.
During his time in the New Zealand government,
Steven served as a senior economic minister, holding
the portfolios of Finance, Economic Development,
Science and Innovation, Transport, ICT and Tertiary
Education, Skills and Employment. Prior to politics,
Steven was the founder and Chief Executive of the
then NZX-listed Radioworks New Zealand Limited.
Steven is currently a director of Joyce Advisory Limited,
providing independent advice to boards, including on
finance and economics and strategy execution.
JAMES KEMP
Non-Executive Director
BCom, BFin (Hons & University Medal), MFin
Appointed 21 February 2022
James has been appointed to the Board of Winton in
his capacity as a representative of TC Akarua 2 Pty
Limited (as trustee of the TC Akarua Sub Trust), being
a substantial shareholder in Winton.
James is a Senior Managing Director in Macquarie

Asset Management (MAM) and is Head of Real Estate,
Asia-Pacific. He has over 17 years of experience in
real estate private equity and investment banking
across Asia-Pacific. James is Chair of the Investment
Committee for MAM’s opportunistic fund series
(Macquarie Real Estate Partners) and has been a
director on a number of other real estate companies.
He is currently also a director of: the Japan and China
logistics developer and fund manager, Unified Industrial;
Australian built-to-rent platform, Local; and Macquarie’s
Australian land lease communities platform.
Chris Meehan
Chief Executive Officer
and Chair
Simon Ash
Chief Operating Officer
Jean McMahon
Chief Financial Officer
Justine Hollows
GM Corporate Services
Duncan Elley
GM Project Delivery
ANNUAL REPORT 202412 | WINTON LAND LIMITED

MICHAELA MEEHAN
Non-Executive Director
MSc (Economics and Business Administration)
Appointed 19 June 2017
Michaela is a founding principal of Winton, and
has over 20 years of corporate, property and
treasury experience.
Michaela was a Senior Product Manager for the
Danish brewery Carlsberg, in Copenhagen, from
1995 and 2001. Michaela was also a professional
sailor for 13 years, competing at three Olympic
Games as a member of the Danish Sailing Team.
GLEN TUPUHI
Independent Director
Graduate Diploma in Health Management
Appointed 24 September 2021
Glen has over 30 years’ experience, including in
health and justice related fields.
Glen has held senior positions in Oranga Tamariki,
Corrections, Health Waikato, Hauora Waikato and

Te Runanga o Kirikiriroa and has extensive
governance experience representing Ngati Paoa,
Hauraki and iwi Māori.
GUY FERGUSSON
Independent Director
BCom, MTax
Appointed 24 November 2023
Guy is an experienced corporate finance and capital
markets professional.
Guy’s investment banking experience spans 28 years.
Guy is a founding partner at Centennial Partners, an
independent corporate finance advisory firm based
in Sydney. Previous experience includes 14 years at
Grant Samuel (with 4 years as the Co-CEO), Deutsche
Bank and UBS, working across all aspects of corporate
finance and Coopers & Lybrand (now PwC). Guy has
extensive boardroom experience both in a corporate
finance advisory capacity and as a director, and is
currently a non-executive director at the Australian
Wildlife Conservancy.
11 Northbrook Arrowtown,
Arrowtown
11
ANNUAL REPORT 2024WINTON LAND LIMITED | 13

Residential
R
esidential development
encompasses Winton’s traditional
land and property development
business. Revenue for FY24 from
residential development was $162.5
million, and EBITDA of $45.0 million,
attributable to the 345 units that were
settled, made up of 158 units in the first
half of the year and 187 in the second
half. This compares to $217.4 million in
revenue and $91.9 million in EBITDA in
FY23 as the timing of the development
programme meant a total of 565 units
were settled.
The main FY24 settlements included
part of stage 3 at Lakeside Te
Kauwhata, stages 11-15 at Beaches
Matarangi, Launch Bay Townhouses at
Hobsonville Point, stages 3-6 at North
Ridge Cessnock, Parnell land, dwellings
at River Terrace Cromwell and at
Northlake Wanaka we settled stage
17b, Northlake Apartments, commercial
units and stage 1 of the ALTA Villa
Townhouses.
The product mix in FY24 evolved and
included more built product, which
increased the average revenue per unit
and the average cost of sales per unit.
While the financials show a decrease in
revenue from residential development,
this is due to a significant year of delivery
in FY23. We are pleased with this year’s
settlements, which reflect the success of
Winton’s long-term pre-sale strategy.
12 Lakeside,
Te Kauwhata
NeighbourhoodUnits settled
FY24
Units settled

FY23
Movement
Lakeside20918623
Beaches29172(143)
North Ridge17105(88)
Northlake5883(25)
Launch Bay291514
River Terrace24(2)
Parnell1-1
Total345565(220)
Average revenue
per unit (000’s)
$470$374$96
FY24 Sales
• In FY24, 20.3% of settlements comprised of constructed product compared with 7.6% in FY23.
• Average revenue per unit is $96k higher in FY24 as a result of the greater proportion of constructed product settled.
FY24 delivers value for Winton
Settlements by product type
RESIDENTIAL LOTS
APARTMENTS
COMMERCIAL
DWELLINGS
KEY:
FY24
settlements
by product
8%
2%
80%10%
FY23
settlements
by product
3%
92%5%
ANNUAL REPORT 202414 | WINTON LAND LIMITED

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ANNUAL REPORT 2024WINTON LAND LIMITED | 15

L
aunch Bay Hobsonville Point is
Winton’s waterfront masterplanned
neighbourhood that has been
many years in the making and has seen
Winton deliver seven residential projects
to date and is nearing completion of
its last. Jimmy’s Point is a high-end
waterfront project with 30 apartments
– nearly 50% of the apartments are
pre-sold. During FY24, construction
progressed at pace, and now the
internal fit-out is nearly complete in all
apartments, and landscaping works
continue. This will be an exciting project
to deliver in FY25, as the Winton team
looks forward to welcoming the new
residents to the established and thriving
Launch Bay community.
At Northlake Wanaka, it has been a
big year of delivery, and the Northlake
team is delighted with the high-
quality product delivered to buyers.
With the completion of the Northlake
Apartments and Commercial units
underneath, Northlake welcomed a
number of fantastic local businesses
that complement the existing village
centre. All apart from two of the
commercial units are sold and settled.
The construction of the ALTA Villa
townhouses has been a significant
undertaking, and it has been great to
share the premium finished product
with potential buyers as they have been
completed. Of the 27 completed homes,
only a handful remain to be sold. The

land lots within stage 17b were
completed in FY24 and stage 17a will

be completed and settled in H1
FY25. Design and consenting works
progressed on stage 18 and construction
will commence during FY25.
Winton’s delivery at Lakeside Te
Kauwhata has continued following
the completion of the village centre
in FY23. Stages 3B and 3C continue
with services, drainage, roading, and
footpaths, and the tender for stage

4 civil works is underway.
The Beaches development in Matarangi
is now complete and we look forward
to marketing the final lots over the
summer period.
13 Jimmy’s Point,
Launch Bay
14 Beaches,
Matarangi
13
Residential
ANNUAL REPORT 202416 | WINTON LAND LIMITED

14
ANNUAL REPORT 2024WINTON LAND LIMITED | 17

N
orthbrook Luxury Later
Living is starting to carve
its niche in the retirement
market, demonstrating a unique
offering not seen before in New
Zealand. It is evident we are attracting
residents who never contemplated
a traditional retirement village as an
option for their later living years and
are drawn to the five-star lifestyle.
During FY24, Winton opened
display suites on two more sites –
Northbrook Wanaka and Northbrook
Arrowtown. These are in addition to
the Northbrook Wynyard Quarter
Display Suite, which was opened in
June 2023. All three villages are now
registered under the Retirement
Villages Act 2003.
The Northbrook Wanaka Display
Suite opened in September 2023,
commencing pre-sales and allowing
potential residents to view full-size
two and three bedroom residences.
Northbrook Wanaka is part of
Winton’s established Northlake
neighbourhood and, once finished,
will have 96 Northbrook Residences
and 32 Northbrook Care Suites.
A well-known and reputable local
contractor has been engaged to
construct Stage One of Northbrook
Wanaka, consisting of 28 two and
three bedroom residences. Four
of these are Grand Residences
extending from 300 to 391 square
metres. Construction is progressing
quickly as the contractor works
towards May 2025 completion,
when the first Northbrook Wanaka
residents will take occupation.
The Northbrook Arrowtown Display
Suite opened in late May 2024.
It shows a full-size two-bedroom
apartment and an architectural
model of the entire project.
Northbrook Arrowtown is part
of Winton’s Ayrburn masterplan,
positioning its luxury later living
offering adjacent to the well-loved
Ayrburn hospitality precinct.
Northbrook Arrowtown will have
142 one, two and three bedroom
residences and 26 Northbrook
Care Suites. Resource Consent
has been granted and Winton has
submitted a variation to the Resource
Consent that includes practical
adjustments throughout. Civil works
and landscaping continue onsite,
and enabling works for Stage One
buildings are expected to commence
in early 2025.
15 Julian Cook,
Director of Retirement
16 Northbrook Arrowtown
and Ayrburn,
Arrowtown
15
Retirement
ANNUAL REPORT 202418 | WINTON LAND LIMITED

16
ANNUAL REPORT 2024WINTON LAND LIMITED | 19

13
17
19
18
20
Retirement
ANNUAL REPORT 202420 | WINTON LAND LIMITED

N
orthbrook Wynyard Quarter
is positioned within Winton’s
waterfront masterplan
in Wynyard Quarter Auckland.
The Display Suite is a full-size
two-bedroom apartment and
Northbrook’s flagship sales suite.
Early works and site preparation are
complete. Commencement of the
piling and basement construction
was delayed from February 2024. As
a result of some industry-wide issues
around structural engineering and the
Auckland Council consenting process,
Northbrook elected to change its main
structural engineer. While it is never an
easy decision to change a key partner
late in the design process, it was the
right decision. Robert Bird Group, an
internationally regarded engineering
firm specialising in large-scale and
high-rise structures, was appointed.
The transition has gone well, and the
team is looking forward to getting
started on the piling and basement
construction soon. Practical
completion remains on schedule with
an anticipated occupation date for
residents of FY28.
Interest from potential residents
has been fantastic, with thousands
of people visiting the Northbrook
Display Suites since opening. The
consistent and overwhelming
comment received about all the
Display Suites is the quality of the
finishing, the attention to detail, and
the generosity within the design,
whether it is the high 3-metre
ceilings, the size of the master
bedrooms and bathrooms, or the
practical yet beautiful storage.
Northbrook Launch Bay and
Northbrook Avon Loop remain
subject to registration under the
Retirement Villages Act 2003.
NorthbrookLocationProject statusPre-sellingIndependent
and Serviced
Retirement Units
Care SuitesTotal Units
and Suites
Wynyard QuarterAucklandResource consent granted, display suite complete,
registered under the Retirement Villages Act 2003,
early works complete, construction to commence FY25
Ye s11438152
WanakaWanakaResource consent granted, display suite complete,
registered under the Retirement Villages Act 2003,
Stage One construction progressing well, Stage One
completion May 2025
Ye s9632128
ArrowtownArrowtownResource consent granted, variation to resource
consent underway, display suite complete, registered
under the Retirement Villages Act 2003, enabling
works for stage one expected to commence early 2025
Ye s14226168
Launch BayAucklandResource consent grantedNo17539214
Avon LoopChristchurchResource consent grantedNo17832210
To t a l 705167872
17 Northbrook Arrowtown,
Arrowtown
18 Northbrook Wynyard Quarter,
Auckland
19 Northbrook Wanaka,
Wanaka
20 Northbrook Wanaka,
Wanaka
ANNUAL REPORT 2024WINTON LAND LIMITED | 21

Commercial
Cracker Bay
Commercial includes Winton’s investment properties at Lakeside
and Cracker Bay and the operating businesses at Ayrburn
and Cracker Bay. Revenue for this segment includes rent and
hospitality revenue. In FY24 commercial revenue was $11.0 million,
up from $3.7 million in FY23.
ANNUAL REPORT 202422 | WINTON LAND LIMITED

21 Cracker Bay,
Auckland
T
he Cracker Bay brand was
launched in FY24 and
encompasses the Cracker Bay
Drystack and Marina, Cracker Bay
offices and eventually the Cracker
Bay hospitality precinct. It is a core
part of the wider masterplan that
complements Northbrook Wynyard
Quarter and The Villard.
The Drystack and Marina are in a prime
location for convenient boat storage
and launching. When Winton took over
ownership, the drystack was in much
need of a refurbishment to align with
Winton’s standard and its vision for the
area. The refurbishment of the drystack
building is complete and reset to offer
a best-in-class service for a “no strife
boating life”.
Renovation and refurbishment of the
neighbouring Cracker Bay office building
have continued throughout the year
and, once complete, will offer premium
waterfront facilities for tenants across
four levels and add to rental income.
The vision for the hospitality precinct
is exciting and includes multiple
dining venues, private functions, and a
members’ club. Good progress is being
made on the resource consent for the
precinct; however, like Ayrburn, time is
being taken to get the design right.
22
21
ANNUAL REPORT 2024WINTON LAND LIMITED | 23

N
estled between Queenstown and
Arrowtown and with majestic
views of The Remarkables and
Coronet Peak, Winton’s recently opened
hospitality precinct, Ayrburn, is steeped
in history, innovation, and a reflection
of Winton’s commitment to its Best by
Design ethos.
Waterfall Park and Ayrburn Farm,
collectively Ayrburn Farm in 1864, were
purchased by Winton during 2016-2017
and once again aligned in ownership.
Waterfall Park is a unique location
within the Wakatipu Basin where Mill
Creek spills into the site as a significant
waterfall. It naturally extends down
to the historic Ayrburn Farm, which
hosted the district’s first A&P Show and
is known as one of the first and most
successful farms in the area.
Over 160 years ago, Scottish born William
Paterson came across an expansive piece
of land. With a backdrop of beauty and
foreground of rural opportunity, Ayrburn
Farm was established as one of the first
farms in the area. Paterson connected
his slice of New Zealand land with his
Scottish heritage, naming it after the
town ‘Ayr’ where he was born in West
Kilbride Scotland, with ‘burn’ being the
Scottish word for stream, as a nod to Mill
Creek that runs through the property.

In celebration of William Paterson, a
life-size bronze statue of his best friend
Napolean, the Clydesdale horse stands
proudly on The Woolshed lawn.
22
22 Napolean the Clydesdale,
Ayrburn
23 The Manure Room,
Ayrburn
Ayrburn seamlessly blends its heritage as one of the first and most successful farms in the area with
a world-class wine and culinary experience, Ayrburn is a testament to timeless craftsmanship and visionary
innovation, with this highly anticipated destination bearing an unparalleled commitment to excellence.
Lauren Christie, GM Winton Queenstown
“
”
Commercial
ANNUAL REPORT 202424 | WINTON LAND LIMITED

23
ANNUAL REPORT 2024WINTON LAND LIMITED | 25

W
hile this unique piece of
land is rich with heritage
and incredible natural
features, it needed some innovative
design consideration to create a
worthy masterplan that extended past
hospitality and integrated into a wider
vision. At the heart of the design are
five heritage farm buildings including
the original Homestead. The Ayrburn
masterplan has been designed to uplift
the value of neighbouring Northbrook
Arrowtown and Winton-owned
residential land.
Restoration of The Woolshed (a former
Stables and Woolshed) including a new
build supporting Annex, The Manure
Room (a former Cart Shed), The Burr
Bar (the former cookhouse and original
homestead), and The Dairy (former
dairy) started in October 2021 and
took just over two years to complete.
Existing heritage buildings have been
meticulously restored and an incredible
amount of time and passion has gone
into revitalising this property. The
remediation process was delicate and
slow, deconstructing each building and
then recreating it with stronger hidden
structures. Retaining heritage features
like the curved roof in The Manure Room
was essential to the execution and heart
of Ayrburn, morphing the history and
natural landscape with refinement to
deliver a food and wine experience for
the entire family to enjoy.
Each venue takes on a rich personality of
its own, complimented by an extensive
art collection. The landscaping design
and execution were done internally and
based on the principles of abundance,
layers, and the right tree in the right place
to ensure they thrive.
24
We wanted to create a destination
where locals and visitors alike could
spend the day with friends and family
to simply enjoy being together over
world-class food and wine. An incredible
amount of time has gone into making
sure Ayrburn will be a place for great
times. It embodies our commitment
to celebrating the stories of the past,
by giving them a new future. From
our wine tastings in The Manure Room
where prohibition saw tipplers evade
authorities, to the shining bronze statues
of Ayrburn’s founding owner, William
Paterson’s prized Clydesdale and ram.
Ayrburn is a testament to our dedication
to crafting exceptional places. It’s not
just a destination; it’s an invitation to
have fun and experience the best of

New Zealand’s food, wine, and
hospitality in a place chosen 160 years
ago for being one of the country’s most
naturally stunning locations.
Chris Meehan, Winton CEO
“
”
Commercial
ANNUAL REPORT 202426 | WINTON LAND LIMITED

24 The Barrel Room,
Ayrburn
25 Ayrburn venues,
Arrowtown
26 Outdoor dining
at The Woolshed,
Ayrburn
26
25
COMING SOON
COMING SOON
COMING SOON
ANNUAL REPORT 2024WINTON LAND LIMITED | 27

A
yrburn opened to the public on
Saturday, 9 December 2023 with
five different venues to cater to
different tastes and occasions. From
sunny courtyard dining at the Woolshed,
wine tastings in The Manure Room,
a sweet treat at The Dairy, whiskey
sips in the Burr Bar, to a multitude of
events and entertainment at The Dell. In
February this year, The Barrel Room was
added to the venue list; with 56 aging
wine barrels lining the walls and a grand
piano centrepiece, it’s perfect for private
events and feast-style dining.
Ayrburn today is a thriving destination
attracting a diversified mix of visitors
of all ages, demographics and from all
around the world. Locals, New Zealand
residents and visitors from Australia
collectively make up the majority of
visitors to date. Since opening, over
150,000 people have visited Ayrburn,
some stay for a moment and others
stay a while. Most recently, during
July, Ayrburn held its inaugural mid-
winter Christmas Wonderland, which
attracted well over 20,000 people
over the month, of which 3,500
people gave ice skating a go, and
many enjoyed festive drinks with over
4,000 glasses of Ayrburn’s special
mulled wine sold in July alone.
Building on Ayrburn Farm’s reputation
for the provision of fine produce in the
yesteryears, Ayrburn produces wines
that reflect the quality, depth and history
of Ayrburn Farm’s agricultural past and
celebrates the stories and special sites of
the Central Otago winegrowing region
today. The expertly curated range of
Ayrburn wine is served at Ayrburn and
exclusively sold inhouse from the cellar
door and online via the Ayrburn website.
Ayrburn will expand further. The original
colonial-Victorian Ayrburn Homestead
built in the 1890s with five bedrooms and
nine chimneys, will be unveiled as Billy’s
in FY25. Its flagship restaurant will offer
a truly opulent dining experience. The
Bakehouse and RM’s Butcher will also
open in FY25.
27 The Barrel Room,
Ayrburn
28 Mid-winter Christmas wonderland,
Ayrburn
Commercial
27
ANNUAL REPORT 202428 | WINTON LAND LIMITED

28
ANNUAL REPORT 2024WINTON LAND LIMITED | 29

29
Ayrburn’s transformation is exemplary. Its sustainable design execution and amenities highlight a forward-thinking approach.
Ayrburn sets a high standard for tourism development.
Andrew Evans, chief judge – Property Council Awards
“
”
ANNUAL REPORT 202430 | WINTON LAND LIMITED

Sustainability from
Construction to Operation
A
yrburn is designed and built on
the fundamentals of sustainability.
It repurposes existing heritage
buildings and adapts their use to give
them a new life within a setting where
nature has been revitalised and nurtured
to improve biodiversity and ecology. The
venues, grounds and landscaping have
been designed for seamless integration
to maximise their use and the enjoyment
of everyone that visits.
The commitments within Winton’s
Sustainability Framework to mitigate
risk and positively contribute to a
thriving planet, thriving people, and a
sustainable future are evident through
the construction and operation of
Ayrburn. While there is still much to do,
and it is a journey with no end, Ayrburn is
committed to continuous improvement,
maintaining and advancing sustainability
within its operations and during the
construction of new venues.
Recently, Ayrburn was awarded a
Qualmark Silver Sustainable Tourism
Business Award and acknowledged
for its commitment to protecting our
beautiful natural environment, enhancing
connections with our local communities,
and delivering a quality, safe experience
for all visitors.
It also won Excellence for the Heritage
and Adaptive Reuses Property Award
and Excellence and Best in Category for
Tourism and Leisure Property Award at
the Property Council New Zealand 2024
Awards. Property Council 2024 judges
commented, “Ayrburn is a considered
development which is set to establish
itself as a must-visit tourism destination
in the Queenstown-Arrowtown region,
much like the original dwelling. It’s
evident the integrity of Ayrburn has
remained through this revitalisation
project,” said Andrew Evans, chief judge,
Property Council Awards.
29 Mill Creek,
Ayrburn
30 The original Woolshed,
Ayrburn
30
ANNUAL REPORT 2024WINTON LAND LIMITED | 31

Thriving Planet
Commitments and outcomes
Protect and Restore Nature
At Ayrburn, significant revitalisation
steps have been taken to improve stream
health, biodiversity and encourage more
wildlife. A water-sensitive stormwater
design was created and implemented,
which includes treating carpark runoff
through a network of rain gardens,
engineered wetlands, and vegetated
swales instead of traditional kerbs

and channels.
A number of initiatives were implemented
to reverse the impacts of agricultural land
use. These include fencing to exclude
stock from the creek, creating riparian
margins and extensive riparian planting
along Mill Creek (880m either side),
planting over 30,000 native plants so
far, removing wilding pines, predator
trapping along the margins of Mill Creek,
and using organic fertilisers instead of
compound fertilisers.
As a result, we have flourishing vegetation,
enhanced spawning habitats for aquatic
life, and more birdlife including nesting
falcons and an abundance of Tuis.
Winton has also implemented a number
of measures to improve water quality
including sediment traps and extensive
bank stabilisation using reno mattreses
and rocks to line eroding edges.
Restore or Reuse buildings

where practical
At the heart of the Ayrburn vision was
the opportunity to provide a future
legacy for the original farm buildings
which would’ve otherwise been reduced
to ruins over time (due to the investment
needed to restore them) and not
accessible or able to be celebrated by
the public.
The adaptive re-use of the site as a
high-quality hospitality precinct has
maintained the site’s integrity by
retaining, repairing and adapting the
listed heritage buildings to create a
precinct that respects the original layout
and open spaces of the farm.
The design and location of new buildings
within the site have paid careful attention
to respecting the original relationship
of the historic farm buildings to each
other. The surrounding environment has
been landscaped to retain and respect
the historic features of the site, such
as the historic tree-lined avenue to the
Homestead and the creek frontage to
The Woolshed.
Approximately 70% of the original stone
walls were engineered and programmed
so they could be left standing during
construction, reducing unnecessary
rework and materials.
Extensive reuse of materials wherever
possible within the existing buildings,
sourcing and using recycled materials
(e.g. timber, corrugate), reusing original
materials, and sourcing materials locally
where possible (e.g. stone) has avoided
embodied emissions that would occur
from new materials.
Interior spaces and features of the
buildings have been restored and
repurposed, for example, the reuse of
the historic framing and joinery of the
stalls in the Stable and the painstaking
restoration of the original shingle roof of
the Cart Shed.
Reduce carbon emissions and

waste to landfill
As outlined above, embodied carbon
was avoided by repurposing existing
buildings, reusing original materials as
much as possible within the existing
buildings, sourcing and using recycled
materials, reusing original materials, and
sourcing materials locally where possible.
By deconstructing and reconstructing,
we reduced waste compared to the
alternative of demolition and purchasing
all new materials. The main head
contractor sorted waste throughout the
project, reducing waste to landfill. They
also worked with the waste removal
company to support initiatives to recycle
building materials from the site, including
plaster board being recycled back into
gypsum and reused in compost and glass
being ground down to be incorporated
into asphalt roading in the South
Island. In addition, the existing stone
was also reused, offcuts were either
repurposed onsite or moved to clean fill
and earthworks volumes were actively
balanced and repurposed on other areas
of the site.
Operational waste is avoided where
possible and waste avoidance initiatives
will be ongoing. Of what remains, as
much as possible is diverted from
landfills through recycling options,
including glass, which is ground down
to use in roading, and food waste, which
is collected and taken to a local partner
for composting.
Bus transportation is encouraged for
Ayrburn visitors to get to and from
Ayrburn, cycleways have been extended
to link with the wider community and EV
car and bike charging stations have been
installed for visitors.
Build high-quality buildings to
lengthen their lifetime and reduce
waste long-term
Winton invested a lot of time in getting
the design just right for Ayrburn. This
meant working within the constraints
of repurposing heritage buildings and
ensuring that attention to detail was
given to every aspect large and small,
to ensure a high-quality build and an
exceptional end product that is fit for its
renewed lease of life and will be enjoyed
by generations to come.
31 Mill Creek,
Ayrburn
ANNUAL REPORT 202432 | WINTON LAND LIMITED

31
ANNUAL REPORT 2024WINTON LAND LIMITED | 33

Create safe, vibrant and resilient
neighbourhoods
Winton wanted to create a destination
where locals and visitors alike could spend
the day with friends and family to simply
enjoy being together over world-class
food and wine. The built form, grounds,
and wider masterplan reflect this vision
as they embody Ayrburn’s commitment
to celebrating the stories of the past by
giving them a new future and allowing
guests to create and tell their own
stories while visiting. The initial Ayrburn
venues are stage one of the masterplan,
future stages include additional venues,
luxury retirement, and a small number of
prestigious residential lots.
Foster a proactive culture of safety
Ayrburn aligns with Winton’s Health
and Safety framework and extends to
operational safety as responsible hosts.
The Landscape Maintenance Teams and
Hospitality Teams utilise an online app
to record, report, and communicate with
office staff to ensure that teams working
remotely can quickly and effectively
convey any safety issues or concerns
that occur.
Support local businesses and
resources where possible.
The development of Ayrburn is a
testament to the involvement of
committed local businesses. Over 97%
of the onsite contractors used to create
Ayrburn were local to the region.
Provide access to green spaces,
shared spaces and develop mixed-use
spaces for outdoor activity and social
connection
Historically, Ayrburn has been a private
farm and, therefore, closed to the public.
The newly created precinct opens this
beautiful part of Queenstown Lakes to
the public, providing access to assets
that have never been possible until now,
including the heritage buildings, the
natural enchanting onsite waterfall and a
portion of Mill Creek. Beautiful amenities
have been created for visitors to use
while they are at Ayrburn these include
significant planting, mature trees,
comprehensive landscaping, manicured
gardens, shared open spaces and
nature-inspired play structures for family
use, outdoor bathroom facilities for
end-of-trip use or for those enjoying the
outdoors at Ayrburn and connections
created to local walking and cycling
trails. Simply, Ayrburn is created for
people to come together to enjoy and
make memories.
Understand the character of
development sites, including from,
people, activity and history, and
appropriately engage with associated
stakeholders.
The restoration of locally important
heritage buildings and the celebration
of the history and families of Ayrburn,
particularly the Patersons, who lived at
and established Ayrburn, are at the heart
of this next chapter of Ayrburn’s story.
Working closely with local Iwi on
measures to improve and respect
waterways, namely Mill Creek and Lake
Hayes, was valuable through construction
and is ongoing.
Positively contribute to the people
and organisations in and around the
communities we create.
During FY24, Ayrburn made a
significant contribution to the local
community and supported a number of
initiatives and charities:
• One of the biggest commitments
was investing $315,000 to extend the
Arrowtown community trail network
through Ayrburn. This enabled cycle
and walking access to Ayrburn’s natural
features and connection with the
region’s wider trail network.
• Supported local reforestation
programme within the Queenstown
Lakes region.
• Ayrburn held four charity events
to support the local community.
One event was for the Arrowtown
Volunteer Fire Brigade members and
their partners as a thank you for the
incredible work they do as volunteers.
For the other events, Winton provided
the venue and all costs of the evenings
and enabled the receiving charity to
fundraise, with each group raising
between $30,000 – $40,000.
• Employment of labour through
Mana Tahuna’s ‘Jobs for Nature’
programme for tree planting in the
valley and predator control along the
riparian creek.
Thriving People
32 The Woolshed,
Ayrburn
ANNUAL REPORT 202434 | WINTON LAND LIMITED

Sustainable Future
32
Contribute to economic growth,
GDP and taxes.
Ayrburn contributes to the local and
national economy by attracting New
Zealand residents to Ayrburn and
international visitors to New Zealand.
We support local contractors as much
as possible.
Create shareholder value.
Ayrburn creates revenue diversity
from Winton’s traditional residential
development business activities and
aligns with the strategy to develop
integrated multi-use masterplans to
create long-term shareholder value.
Create workforce opportunities.
Approximately 600 jobs per year
were created during construction, and
operationally, we employ about 200
people, which will increase further as
more venues open.
Utilise product design and lifecycle
management for better sustainability
outcomes.
Constructing and then operating an
asset creates a unique opportunity for
constant improvement towards positive
sustainability outcomes that can be
applied to all Winton projects.
ANNUAL REPORT 2024WINTON LAND LIMITED | 35

During FY24, Winton continued to
deliver on its environment, social, and
governance (ESG) commitments, aligned
with its Sustainability Framework.
Management approved the Framework
early in FY24. The three pillars of
Winton’s Sustainability Framework are

a Thriving Planet, Thriving People, and
a Sustainable Future.
Sustainability at Ayrburn is intertwined
within its design, construction, and
operation, and this year, it has been
outlined in the Ayrburn section of this
report starting on page 30.
The following pages outline key
milestones from FY24 that positively
contribute to the commitments outlined
in the Sustainability Framework. The
priority was completing Winton’s first
climate-related disclosures, which were
disclosed at the same time as Winton’s
annual results and detailed in the
document ‘Climate-Related Disclosures
FY24’ and including the assured GHG
Emissions FY24 Inventory Report at
the same time as the climate-related
disclosures and FY24 financial reporting.
Both of these documents are available
on the Winton investor centre: www.
investors.winton.nz.
Looking ahead to FY25, Winton is
focused on delivering further ESG
deliverables including formulating a
climate-related transition plan to include
in climate-related disclosures, setting
company-wide reduction targets,
creating Winton sustainability standards
for design and development
Winton ESG
33
33 Glasshouse and flower gardens,
Ayrburn
ANNUAL REPORT 202436 | WINTON LAND LIMITED

FY24 Contribution Towards Commitments
• Completed initial climate-related
disclosures and disclosed alongside
FY24 results available on www.
investors.winton.nz
• Extended GHG emissions
measurement boundary to include
all Scope 3 Purchased Goods and
Services emissions which include
Winton’s most material sources.
• Created a process to measure all
waste on construction sites in FY25.
• Transitioned to new auditor for
GHG emissions and released the
inventory at the same time as the
FY24 financials, along with carbon
intensity metrics.
• A mixture of quantitative and
qualitative targets has been set to
limit global warming to 1.5°C focusing
on data accuracy, data collection and
waste avoidance.
Thriving Planet
COMMITMENTS
1
PROTECT AND RESTORE
NATU RE
2
ENABLE LOWER
CARBON LIFESTYLES
3
MAINTAIN AN EMISSIONS
INVENTORY SYSTEM
4
REDUCE CARBON EMISSIONS
AND WASTE TO LANDFILL
5
DESIGN FOR
RESOURCE EFFICIENCY
6
RESTORE OR REUSE BUILDINGS
WHERE PRACTICAL
7
BUILD HIGH-QUALITY
BUILDINGS TO LENGTHEN THEIR
LIFETIME AND REDUCE WASTE
LONG -TERM
9
CO M P LY W IT H
ENVIRONMENTAL LAWS
10
USE BEST PRACTICE TO AVOID
ENVIRONMENTAL BREACHES
11
ADAPT TO AND DO OUR PART TO
MITIGATE CLIMATE CHANGE
12
USE INNOVATION AND
TECHNOLOGY FOR BETTER
SUSTAINABILITY OUTCOMES
8
INFLUENCE SUSTAINABILITY
IMPACTS OF CONTRACTORS,
SUPPLIERS, TENANTS,
AND EMPLOYEES
NATURE AND POLLUTION
RESOURCES AND MATERIALS
CLIMATE ACTION
ANNUAL REPORT 2024WINTON LAND LIMITED | 37

GHG Emissions FY24 Inventory Summary
GHG
Protocol
Category
(ISO 14064-1:2018)
FY24
TCO₂e
(base year)
FY23
TCO₂e
FY22
TCO₂e
Scope 1Category 1: Direct emissions179.0876.73
72.18
Scope 2
Category 2: Indirect emissions from imported energy
(location-based method*)
58.5418.0211.16
Scope 3
Category 3: Indirect emissions from transportation187.11166.2095.11
Category 4: Indirect emissions from products used
by organisation
24,383.04116.226.45
Total direct emissions179.0876.7372.18
Total indirect emissions*24,628.69300.44112.72
Total gross emissions*24,807.77377.17184.90
Total net emissions24,807.77377.17184.90
* Emissions are reported using a location-based methodology.
Winton does not have any emissions data for direct CO₂ emissions from biologically sequestered carbon.
Thriving Planet
ANNUAL REPORT 202438 | WINTON LAND LIMITED

Targets
Winton has set short-term targets to
reflect its genuine intention of laying
the foundation for future medium-
term targets. A mixture of quantitative
and qualitative targets has been set to
contribute to limiting global warming
to 1.5°C. They do so by improving
the accuracy of emission inventory
data, reducing emissions from waste,
increasing engagement with suppliers
to create financially feasible solutions to
lower embodied emissions, and starting
to set the pathway to avoid emissions
where Winton is creating new operation
assets like Northbrook.
TargetsTIME
HORIZON
BASE
YEAR
TARG ET
Introduce a Supplier Code of Conduct for Suppliers that represent the top
90% of onsite contractor costs.
Short-term
FY24FY25
100% of onsite contractors report monthly waste collected onsite.
Short-term
FY24FY25
Divert 40% of onsite construction waste from landfill.
Short-term
FY25FY28
Implement Design Guidelines for all projects.
Short-term
FY24FY25
Reduce reliance on spend-based emission factors by at least 15% per year until
below 30% of total emissions.
Short-term
FY24Ongoing
Implement an operational waste avoidance plan for Northbrook prior to the
start of becoming operational.
Short-term
FY24FY26
34
34 Sunfield,
Papakura
ANNUAL REPORT 2024WINTON LAND LIMITED | 39

FY24 Contribution Towards Commitments
• Implemented new internal policies
covering cyber security, data privacy
and acquisition and implementation

of digital assets.
• Implemented a new internal
Sponsorship, Donations and
Community Engagenment Policy to
align with the sustainability framework
and direct Winton’s support towards
the communities in which it operates.
• Determine an appropriate Health and
Safety metric to report annually that
is fit for the Winton business. Refer
to the section that follows on Health
and Safety.
• Delivered 345 units, comprising
of residential land lots, dwellings,
townhouses, apartments, and
commercial units.
• Supported local businesses, with
95% of Winton’s onsite works
completed by contractors local to
the contracted project.
• Funded $4.2 million in development
contributions, which will improve
infrastructure and support the
community’s long-term growth.
• Contributed over $380,000 in
donations, sponsorships, and
community engagements during FY24.
As outlined in the prior pages, a large
portion of this benefited the Arrowtown
community during Ayrburn’s first
year. In addition, Winton supported
community events at Lakeside Te
Kauwhata, Beaches Matarangi, and
Northlake Wanaka and donated to the
Live Ocean Foundation, which supports
initiatives to improve ocean health.
• At Longreach Cooks Beach, there
are three important archaeological
sites that have been protected in
two reserves adjacent to the Purangi
Estuary. In FY24, Winton worked with
local iwi, Thames Coromandel District
Council and Heritage New Zealand to
implement the heritage management
plan agreed upon between the parties.
The works consisted of protective

cloth being laid over the sites and the
planting of shallow rooting plants that
would not damage the archaeological
sites. The areas have been extensively
planted with Meuhlenbeckia and Oleria
with interpretative signage installed
to explain the historical uses at the
sites. The archaeological sites consist
of Māori garden soils, shell midden,
and a toolmaking flaking floor. The
works carried out by Winton have
ensured that the sites are preserved
and their meaning and importance are
conserved into the future.
Thriving People
WELLBEING
VIBRANT AND RESILIENT NEIGHBOURHOODS
COMMUNITY INCLUSION
COMMITMENTS
1
CREATE SAFE, VIBRANT, AND
RESILIENT NEIGHBOURHOODS
3
ENABLE ENERGY-EFFICIENT
LIFESTYLES AND MODERATE
COST OF LIVING EXPENSES
BY MASTERPLANNING
COMMUNITIES AND BUILDING
WARM, DRY HOMES
4
PROVIDE ACCESS TO GREEN
SPACES, SHARED SPACES AND
DEVELOP MIXED-USE SPACES
FOR OUTDOOR ACTIVITY AND
SOCIAL CONNECTION
5
UNDERSTAND THE CHARACTER
OF DEVELOPMENT SITES,
INCLUDING FORM, PEOPLE,
ACTIVITY AND HISTORY, AND
APPROPRIATELY ENGAGE WITH
ASSOCIATED STAKEHOLDERS
2
FOSTER A PROACTIVE CULTURE
OF SAFETY
6
CULTIVATE AN ENVIRONMENT
WHERE EMPLOYEES ARE
LOOKED AFTER AND
ENJOY COMING TO WORK
TO CONTRIBUTE TO THE
COLLECTIVE SUCCESS OF
THE BUSINESS
8
SUPPORT LOCAL BUSINESSES
AND RESOURCES WHERE
POSSIBLE
9
POSITIVELY CONTRIBUTE TO THE
PEOPLE AND ORGANISATIONS
IN AND AROUND THE
COMMUNITIES WE CREATE
10
PROTECT THE DIGITAL SAFETY
OF THOSE WE INTERACT WITH
7
CREATE EDUCATION AND WORK
EXPERIENCE OPPORTUNITIES
ANNUAL REPORT 202440 | WINTON LAND LIMITED

6. https://www.urbint.com/blog/what-is-a-
good-total-recordable-incident-rate
Health and Safety
Winton’s internal Health and Safety
Committee (with Board oversight)
monitors and manages health and safety
risks within the organisation, including
through its supplier relationships.
Winton adopts a systematic approach
to managing health and safety risks and
has comprehensive health and safety
documentation in place.
Winton has continued developing
its health and safety systems and
procedures to align with the business’s
activities and industry best practice. A
master health and safety system and risk
register are utilised for each business unit
(across the land, vertical, and hospitality/
operational spaces) in recognition of
the diverse nature of Winton’s business
activities. This system requires a strong
level of communication and reporting
at all levels, including but not limited to
the design, procurement, and contractor
management phases of projects.
The Company continues to encourage
active involvement by directors,
senior management, employees, and
contractors in improving health and
safety within the organisation. Training
across all levels of the business has
been undertaken, and ongoing training
is carried out on a regular basis. This
ensures a good level of understanding
and skill level is maintained. Site visits
are frequently arranged for all relevant
persons in this business, from Board
Members to Development Managers.
Winton continues to utilise the bespoke
health and safety system developed in
the prior year to manage contracted
works in both the land development,
vertical build space, and hospitality/
operational spaces. This system
includes providing formal guidance
through tendering conditions, and pre-
qualification guidelines to prospective
contractors in the tendering and
procurement phase and requires specific
safety plans for the hospitality and
operational precincts to be developed.
Employees continue to be inducted into
the system to ensure all relevant Winton
staff manage works contracts to follow
legislative requirements and industry
best practice.
Technology continues to advance the
health and safety management of
Winton’s businesses. Both the Landscape
Maintenance and Hospitality Teams use
an online app to record, report, and
communicate with office staff to ensure
that teams working remotely can quickly
and effectively convey any safety issues
or concerns that occur. Winton will
continue to improve its use of technology
in FY25 by implementing smart sign-in
processes for all vertical build sites.
Winton ensures procedures are in
place to identify hazards and record
near misses or any incidents at both
a corporate level and through our
contractors. During FY24, Winton
notified one event to WorkSafe NZ,
following which WorkSafe NZ concluded
that it was satisfied reasonably
practicable steps were being undertaken
by Winton to prevent a repeat injury and
no further inquiry was required.
Winton’s employees, and all of Winton’s
contractors on each respective site are
required to fully report all notifiable
incidents not only to WorkSafe NZ but
to Winton as part of their extensive
contractual health and safety obligations.
During FY24, Winton implemented a
metric to track its health and safety
performance across the land and
vertical construction business annually.
The metric is calculated by reference
to the number of “incidents” versus
“contractor hours” and is in line with
the health and safety industry-accepted
Total Recorded Incident Rate (TRIR)
process. The metric produces an annual
number, and for Winton for FY24, this
was 3. Across the construction industry,
the average is 36. Winton’s aspiration is
to have an industry leading health and
safety process that continually focus
on harm prevention through leadership,
innovation, commitment, training and full
stakeholder engagement.
35
35 Construction at Northbrook Wanaka,
Wanaka
ANNUAL REPORT 2024WINTON LAND LIMITED | 41

FY24 Contribution Towards Commitments
• During the economic downtown,
Winton continued to deliver with 345
units settled, $173.6 million revenue
and $15.7 million profit after tax. The
Board determined an 0.55 cents per
share dividend for H1 FY24 and has
decided to pause paying a dividend to
maintain financial discipline through
softer market conditions.
• Local contractors were used as much
as possible, increasing the local GDP.
• Winton has made progress on its
strategy to diversify revenue and
deliver consistent shareholder value
long term. In FY24, it opened Ayrburn,
opened two more Northbrook Display
Suites to support Northbrook pre-
sales, and made significant progress
on the renovation of the Cracker Bay
Office Building.
• Completed the first stage of the
Ayrburn masterplan, laying the
pathway for future projects within the
masterplan to maximise shareholder
value as each increases the value of
the other.
• Winton continued to create workforce
opportunities in FY24 to support
growth at Ayrburn and Northbrook
while being disciplined in other parts
of the business to reflect current
market conditions. The number of
employees, including full-time, part-
time and casual, increased from 65 in
FY23 to 211 in FY24.
• Identified and integrated specific
climate-related physical and
transitional risks into risk and
strategy processes.
Sustainable Future
BUSINESS MODEL RESILIENCE
SOCIAL LICENSE TO OPERATE
ECONOMIC PROSPERITY
COMMITMENTS
1
CONTRIBUTE TO ECONOMIC
GROWTH, GDP AND TAXES
4
CREATE WORKFORCE
OPPORTUNITIES
2
CREATE SHAREHOLDER VALUE
3
INCORPORATE CLIMATE
CHANGE RISKS AND
OPPORTUNITIES INTO THE
BUSINESS MODEL
5
COMPLY WITH LOCAL AND
CENTRAL GOVERNMENT LAWS
AND REGULATIONS
7
UTILISE PRODUCT DESIGN
AND LIFECYCLE MANAGEMENT
FOR BETTER SUSTAINABILITY
OUTCOMES
6
SUCCESSFULLY NAVIGATE THE
EVER-CHANGING AND COMPLEX
LEGAL & REGULATORY
ENVIRONMENT
ANNUAL REPORT 202442 | WINTON LAND LIMITED

Sustainability Data
FY24FY23FY22FY217
Thriving Planet
For emission data and intensity metrics, refer to page 38
Fine for environmental breaches ($m)
0
00
0
Thriving People
Number of employees (Full time, Part time and Casual) 21165
3527
Number of employees (FTE) 15265
3527
% of FTE Female49%43%
34%30%
% of FTE Male 51%57%
66%70%
Turnover8 24%19%
8%-
Senior management gender diversity (% Female) 40%40%
40%
n/a
Senior management gender diversity (% Male) 60%60%
60%
n/a
Senior management gender diversity (% Diverse) 0%0%n/an/a
Winton Total Recordable Injury Rate (TRIR)93n/an/an/a
Total incidents reported to Work Safe1000
Workplace fatalities0000
Data breaches0000
Portion of onsite contractors local to project95%93%
89%91%
Sustainable Future
Revenue ($m)173.6221.1
161.7205.6
Profit after tax ($m) 15.764.6
31.746.1
Dividends to shareholders ($m) 8.09.3n/an/a
7. Winton became a listed company during FY22, therefore, there is limited data for FY21.
8. Turnover is measured across full-time permanent employees only.
9. FY24 is the first year Winton TRIR is being reported.
ANNUAL REPORT 2024WINTON LAND LIMITED | 43

36 The Villard,
Auckland
ANNUAL REPORT 202444 | WINTON LAND LIMITED

FINANCIAL
STATEMENTS
ANNUAL REPORT 2024WINTON LAND LIMITED | 45

Consolidated Statement of Comprehensive Income
For the year ended 30 June 2024
ALL VALUES IN $000'SNOTE20242023
Revenue3 173,597 221,067
Cost of sales (103,325) (102,689)
Gross profit 70,272 118,378
Fair value (loss) / gain on investment properties (1,718) 6,821
Selling expenses9.1 (6,037) (8,234)
Property expenses (1,654) (1,337)
Administrative expenses9.2 (30,134) (18,777)
Share-based payment expense9.12 (1,208) (1,278)
Earnings before interest, taxation, depreciation and amortisation (EBITDA) 29,521 95,573
Amortisation (567) (519)
Depreciation (2,905) (845)
Earnings before interest and taxation (EBIT) 26,049 94,209
Interest income 3,905 2,631
Interest expense and bank fees (2,460) (1,633)
Profit before income tax 27, 49 4 95,207
Income tax expense
Current taxation9.3 ( 7, 276) (24,526)
Deferred taxation9.3 (4 , 472) (6,043)
Total income tax expense ( 11 ,748) (30,569)
Profit after income tax 15 ,746 64,638
Items that may be reclassified to profit or loss:
Movement in currency translation reserve 15 (539)
Total comprehensive income after income tax attributable

to the shareholders of the Company

15,761


64,099
Basic earnings per share (cents)8.1 5.31 21.79
Diluted earnings per share (cents)8.2 5.12 21.02
The accompanying notes form part of these financial statements.
ANNUAL REPORT 202446 | WINTON LAND LIMITED

Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
ALL VALUES IN $000'S NOTE
SHARE

CAPITAL
RETAINE D
EARNINGS
SHARE-BASED

PAYME NTS
RESERVE
FOREIGN
CURRENCY
TR ANSL ATION
RESERVE
TOTAL

EQUITY
Balance as at 1 July 2022 386,595 66,348 829 318 454,090
Profit after income tax - 64,638 - - 64,638
Other comprehensive income - - - (539) (539)
Dividends to shareholders9.4 - (9,284) - - (9,284)
Share-based payment expense9.12 - - 1,509 - 1,509
Balance as at 30 June 2023 386,595 121,702 2,338 (221) 510,414
Profit after income tax - 15 ,746 - - 15 ,746
Other comprehensive income - - - 15 15
Dividends to shareholders9.4 - (8,038) - - (8,038)
Share-based payment expense9.12 - - 1,412 - 1,412
Balance as at 30 June 2024 386,595 129,410 3,750 (206) 519,549
The accompanying notes form part of these financial statements.
ANNUAL REPORT 2024WINTON LAND LIMITED | 47

ALL VALUES IN $000'SNOTE20242023
CURRENT ASSETS
Cash and cash equivalents9.9 41,689 76,310
Accounts receivable, prepayments and other receivables9.5 5,849 6,873
Inventories4 79,053 91,128
Total current assets 126,591 174,311
NON-CURRENT ASSETS
Inventories4 168,200 165,567
Investment properties5 277,440 207,517
Property, plant and equipment6 79,839 40,459
Right-of-use asset - 281
Intangible assets9.6 1,993 2,479
Total non-current assets 527,472 416,303
Total assets 654,063 590,614
CURRENT LIABILITIES
Accounts payable, accruals and other payables9.7 24,187 30,140
Current lease liabilities9.8 33 1,281
Taxation payable 5,794 23,395
Total current liabilities 30,014 54,816
NON-CURRENT LIABILITIES
Borrowings7 64,046 -
Non-current lease liabilities9.8 20,338 9,740
Deferred tax liabilities9.3 20,116 15,644
Total non-current liabilities 104,500 25,384
Total liabilities 134,514 80,200
Net assets 519,549 510,414
EQUITY
Share capital9.4 386,595 386,595
Foreign currency translation reserve (206) (221)
Share-based payment reserve 3,750 2,338
Retained earnings 129,410 121,702
Total equity 519,549 510,414
These Group financial statements are signed on behalf of Winton Land Limited and were authorised for issue on 23 August 2024.
The accompanying notes form part of these financial statements.
Chris Meehan
Chair
Steven Joyce

Chair, Audit and Financial Risk Committee
Consolidated Statement of Financial Position
As at 30 June 2024
ANNUAL REPORT 202448 | WINTON LAND LIMITED

ALL VALUES IN $000'SNOTE20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 173,556 221,497
Interest received 3,905 2,631
Net GST (paid) / received (6,790) 6,931
Payments to suppliers and employees (103,723) (165,748)
Purchase of development land - (20,179)
Deposits paid on contracts for land (25,400) (23,600)
Interest and other finance costs paid (2,460) (1,633)
Income tax paid (24,877) (9,117)
Net cash flows from operating activities 14,211 10,782
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment 12 1,435
Intangible assets acquired (81) (2,875)
Acquisition of land for investment properties5 (716) (63,965)
Payments to suppliers and employees for investment properties (56,865) (37,306)
Acquisition of property, plant and equipment (42,051) (26,203)
Net cash flows from investing activities (99,701) (128,914)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from MMLIC facility7 77,321 -
Repayment of MMLIC facility7
(17,215)-
Payment of dividends9.4 (8,038) (9,284)
Payment of principal portion of lease liabilities (1,199) (1,098)
Net cash flows from financing activities 50,869 (10,382)
Net increase in cash and cash equivalents (34,621) (128,514)
Cash and cash equivalents at beginning of year 76,310 204,824
Cash and cash equivalents at end of year 41,689 76,310
The accompanying notes form part of these financial statements.
Consolidated Statement of Cash Flows
For the year ended 30 June 2024
ANNUAL REPORT 2024WINTON LAND LIMITED | 49

ALL VALUES IN $000'S20242023
RECONCILIATION OF PROFIT AFTER INCOME TAX TO CASH FLOWS
FROM OPERATING ACTIVITIES
Profit after income tax 15,746 64,638
Adjusted for non cash items:
Amortisation 567 519
Depreciation 2,624 564
Depreciation of right of use asset 281 281
Deferred taxation 4,472 6,043
Fair value loss / (gain) on investment properties 1,718 (6,821)
Share-based payment expense 1,208 1,278
Income tax (17,601) 15,409
Adjustments for movements in working capital
Decrease / (increase) in accounts receivable, prepayments and other assets 1,024 (1,949)
Decrease / (increase) in inventories 9,442 (74,826)
(Decrease) / increase in accounts payable, accruals and other liabilities (5,953) 4,836
Increase in accrued borrowing costs 683 -
Decrease in restricted cash - 810
Net cash flows from operating activities 14,211 10,782
The accompanying notes form part of these financial statements.
Consolidated Statement of Cash Flows
For the year ended 30 June 2024
ANNUAL REPORT 202450 | WINTON LAND LIMITED

1. General Information
This section sets out the basis upon which the Group’s Financial Statements are prepared. Specific accounting policies are
described in the note to which they relate.
1.1. Reporting entity
These audited consolidated financial statements (the financial statements) are for Winton Land 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 financial statements have been prepared in accordance with the requirements of
these Acts. The Company is listed on the NZX Main Board (NZX: WIN) and the ASX Main Board (ASX: WTN).
The Group’s principal activity is the development and sale of residential land properties. The Group also develops retirement
villages and commercial properties however these are start-up operations.
1.2. Basis of preparation
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP).
They comply with the New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable
Financial Reporting Standards, as appropriate for Tier 1 for-profit entities. The financial statements also comply with International
Financial Reporting Standards (IFRS).
The 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.
To ensure consistency with the current period, comparative figures have been amended to conform with the current period
presentation where appropriate.
1.3. Subsidiaries
Subsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial
statements from the date that control commences until the date that control ceases.
1.4. Basis of consolidation
The consolidated financial statements comprise the Company and the entities it controls. All intercompany transactions are
eliminated on consolidation.
1.5. 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 critical judgements, estimates and assumptions made in the
preparation of these financial statements are as follows:
4. Inventories – page 54
5. Investment properties – page 55
9.6 Intangible assets – page 63
1.6. Accounting policies
No changes to accounting policies have been made during the year and policies have been consistently applied to all
years presented.
Material accounting policies have been included throughout the notes to the financial statements. Other relevant policies are
provided as follows:
Goods and services tax
These financial statements have been prepared on a goods and services tax (GST) exclusive basis except for the accounts
receivable balance, accounts payable balance and other items where GST incurred is not recoverable. These balances are
stated inclusive of GST.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 2024WINTON LAND LIMITED | 51

1. General Information (Continued)
Business combinations
The Group accounts for business combinations using the acquisition method when control is transferred to the Group.

The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired.
Any goodwill that arises is tested at each reporting period for impairment. Transaction costs are expensed as incurred.
Interests in equity-accounted investees
The Group’s interest in equity-accounted investees comprises of an interest in a joint venture. The joint venture is an arrangement
in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to
its assets and obligations for its liabilities. Interest in the joint venture is accounted for using the equity method. It is initially
recognised at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements
include the Group’s share of the profit or loss and other comprehensive income of equity accounted investees, until the date on
which joint control ceases.
New accounting standards and interpretations issued but not yet effective
There are no new and amended accounting standards that are not yet effective and that are expected to have a material impact
on the Group in the current or future reporting periods and on foreseeable future transactions.
1.7. 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.
Borrowings
On 14 December 2023, Lakeside Developments 2017 Limited (a 100% subsidiary company of the Company) entered into a debt
facility with Massachusetts Mutual Life Insurance Company (MMLIC) for $80,000,000. Refer to note 7 for further details.
2. Segment Reporting
(i) Basis for segmentation
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 has established the following
reportable segments that are managed separately because of different operating strategies. The following describes the operation
of each of the reportable segments.
Reportable segmentOperations
Residential developmentDesign, develop, market and sell residential properties to external customers. These include land lots,
dwellings, townhouses and apartments with the majority of operations in New Zealand.
Retirement villagesDevelop and operate retirement villages in New Zealand.
Commercial portfolioDevelop and manage a commercial portfolio to produce rental income, operating income and capital
appreciation in New Zealand.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 202452 | WINTON LAND LIMITED

2. Segment Reporting (Continued)
(ii) Information about reportable segments
The retirement villages and commercial portfolio segments are start-up operations.
The following is an analysis of the Group’s segments:
ALL VALUES IN $000'S20242023
Revenue
Residential development 162,526 217,416
Retirement villages 55 -
Commercial portfolio 11,016 3,651
Group 173,597 221,067
Earnings before interest, taxation, depreciation and amortisation (EBITDA)
Residential development 44,978 91,927
Retirement villages (2,407) 2,630
Commercial portfolio (8,345) 1,324
Unallocated (4,705) (308)
Group 29,521 95,573
Earnings before interest and taxation (EBIT)
Residential development 44,326 91,147
Retirement villages (2,633) 2,612
Commercial portfolio (10,658) 758
Unallocated (4,986) (308)
Group 26,049 94,209
2024
ALL VALUES IN $000'SRESIDENTIALRETIREMENTCOMMERCIALUNALLOCATEDTOTAL
Segment assets and liabilities
Inventories 243,450 - 3,803 - 247,253
Investment Properties - 207,454 69,986 - 277,440
Property, plant and equipment 756 7,817 66,358 4,908 79,839
Other assets 3,298 577 3,328 42,328 49,531
Total assets 247,504 215,848 143,475 47,236 654,063
Total liabilities 99,634 5,336 26,382 3,162 134,514
Net assets 147,870 210,512 117,093 44,074 519,549
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 2024WINTON LAND LIMITED | 53

2. Segment Reporting (Continued)
(ii) Information about reportable segments (Continued)
2023
ALL VALUES IN $000'SRESIDENTIALRETIREMENTCOMMERCIALUNALLOCATEDTOTAL
Segment assets and liabilities
Inventories 256,695 - - - 256,695
Investment Properties - 161,451 46,066 - 207,517
Property, plant and equipment - - 31,635 8,824 40,459
Other assets 5,590 300 3,072 76,981 85,943
Total assets 262,285 161,751 80,773 85,805 590,614
Total liabilities 61,156 4,036 14,190 818 80,200
Net assets 201,129 157,715 66,583 84,987 510,414
The residential segment can be further analysed geographically as one project is located in Australia whilst the remainder are in
New Zealand. The Australian project contributed Revenue of $5,788,000 (2023: $16,977,000) and EBITDA and EBIT of $3,616,000
(2023: $15,652,000).
3. Revenue
ALL VALUES IN $000'S20242023
Sales revenue 162,082 211,421
Other revenue 11,515 9,646
Total revenue 173,597 221,067
Sales 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 record of title.
Other revenue includes hospitality revenue, rent and other income. Hospitality revenue is derived through the sale of food and
beverages and by hosting events. This revenue is recognised at a point in time, being the point of sale. For significant events, the
Group receives deposits in advance to secure the booking. These deposits are deferred on the balance sheet as a liability and are
recognised as revenue at a point in time, being the date of the event. The Group has determined that there is a single performance
obligation for these transactions even though part-payment may be received in advance.

4. Inventories
ALL VALUES IN $000'S20242023
Expected to settle within one year 79,053 91,128
Expected to settle greater than one year 168,200 165,567
Total inventories 247,253 256,695
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 202454 | WINTON LAND LIMITED

4. Inventories (Continued)
Recognition and Measurement
Inventories are carried at the lower of cost and net realisable value. Cost includes the cost of acquisition, development and interest.
All holding costs are expensed through profit or loss in the year incurred, with the exception of interest which are capitalised during
the period when active development is taking place. During the year ended 30 June 2024, interest has been capitalised to inventories
of $598,000 (2023: nil). Interest and other holding costs incurred after completion of development are expensed as incurred.
Inventories include deposits paid on contracts for development land of $69,140,000 (2023: $43,740,000).
The carrying amounts of inventories are reviewed at each balance date to ensure its carrying amount is recorded at the lower of its
cost and net realisable value. The net realisable value of inventories is the estimated selling price in the ordinary course of business
less the estimated costs of completion and costs necessary to make the sale. The determination of net realisable value of inventories
involves estimates taking into consideration prevailing market conditions, current prices and expected date of commencement and
completion of the projects, the estimated future selling price, cost to complete projects and selling costs. The amount of any write-
down of inventories is recognised as an expense in the Consolidated Statement of Comprehensive Income to the extent that the
carrying value of inventories exceeds its estimated net realisable value.
Key estimates and assumptions
The net realisable values of inventories have been assessed by management who have prepared internal valuations. The total value is
in excess of the carrying value, therefore there is no indication of net realisable value write downs.
The basis of the valuation is the hypothetical subdivision approach and/or block land sales comparisons to derive the residual block
land values. The major unobservable inputs that are used in the valuation model that require judgement include the individual section
prices, allowances for profit and risk, projected completion and sell down periods and interest rates during the holding period. The
estimated net realisable value would increase or (decrease) if: the individual section prices were higher/(lower); the allowances for
profit were higher/(lower); the allowances for risk were lower/(higher); the projected completion and sell down periods were shorter/
(longer); and the interest rate during the holding period was lower/(higher).
5. Investment properties
ALL VALUES IN $000'SNOTE20242023
Opening balance 207,517 80,498
Acquisitions 716 71,163
Right-of-use asset acquired - 11,497
Right-of-use asset reassessment 10,549 -
Unrealised fair value (loss) / gain (1,718) 6,821
Disposals (170) -
Capital expenditure 60,546 37,538
Total investment properties 277,440 207,517
Less: lease liability (20,371) (10,698)
Total investment properties excluding NZ IFRS 16 lease adjustments 257,069 196,819
ALLALL VALUES IN $000'S VALUES IN $000'S2024202420232023
Retirement village land measured at fair value 123,144 106,029
Commercial properties measured at fair value 42,251 31,084
Investment properties under development measured at cost 91,674 59,706
Total investment properties excluding NZ IFRS 16 lease adjustments 257,069 196,819
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 2024WINTON LAND LIMITED | 55

5. Investment properties (Continued)
Recognition and measurement
Investment properties are held to earn current and future rental income (including deferred management fees) but not: for sale in
the ordinary course of business, use in the production or supply of goods and services, or for administrative purposes. Investment
properties consist of land under development for retirement villages and commercial property. Initial recognition of investment
properties is at cost and it is subsequently measured at fair value. Gains or losses arising from changes in the fair values of investment
properties are included in profit or loss in the year in which they arise. The cost of investment properties includes directly attributable
construction costs and other costs necessary to bring the investment properties to working condition for their intended use. These
other costs include professional fees, consents and head office costs directly related to the construction of the investment properties.
Where costs are apportioned across more than one asset, the apportionment methodology is determined by considering the nature
of the cost. Land acquired with the intention of constructing an investment property is classified as investment property from the date
of acquisition. During the year ended 30 June 2024, $204,000 of share-based payment expense has been capitalised to investment
properties (2023: $232,000).
Key estimates and assumptions
The Board determined that independent valuations of the investment property portfolio where the fair value can be reliably
measured should be undertaken at 30 June 2024 in order to ensure that investment properties are held at fair value. The Board
determined that full valuations were appropriate for Northbrook Wanaka land, Northbrook Wynyard land, Northbrook Avon Loop
land, Northbrook Launch Bay land, Lakeside Commercial and Cracker Bay and these were performed by Extensor Advisory Limited
and Bayleys. As part of the valuation process, the Group’s management verifies all major inputs to the independent valuation reports,
assesses movements in individual property values and holds discussions with the independent valuer.
The fair value was determined using Level 3 valuation techniques via a combination of the following approaches:
• Sales comparison: the key assumptions being land value per square metre.
• Direct capitalisation: the property rental is divided by a market derived capitalisation rate to assess the market value of the

asset. Further adjustments are then made to the market value to reflect under or over renting, additional revenue and required
capital expenditure.
Below are the significant inputs used in the valuations, together with the impact on the fair value of a change in the inputs:
MEASUREMENT SENSITIVITY
RANGE OF SIGNIFICANT

UNOBSERVABLE INPUTS
INCREASE IN
INPUT
DECREASE IN
INPUT
Land value ($ per square metre)1 350 14,186 IncreaseDecrease
Market capitalisation rate (%)26.00%8.25%DecreaseIncrease
Market rental ($ per square metre)3 100 700 IncreaseDecrease
1. The valuers assessment of land value which a property is expected to achieve under a new arm’s length sale transaction reflecting
transactional evidence from similar properties.
2. The capitalisation rate applied to the market rental to assess a property’s value, determined through analysis of similar transactions
taking into account location, weighted average lease term, tenant covenant, size and quality of the property.
3. The valuers assessment of the net market income which a property is expected to achieve under a new arm’s length leasing
transaction. Includes both leased and vacant areas.
The estimated sensitivity of the fair value of investment property to changes in the land value (under the sales comparison approach),
the market rent (under the direct capitalisation valuation approach) and the market capitalisation rate (under the direct capitalisation
valuation approach) is set out in the table below:
ALL VALUES IN $000'SLAND VALUE

Retirement village land measured at fair value

Fair Value
- $100

per sqm
+ $100

per sqm
Valuation 123,144
Change (6,578) 6,563
Change (%)-5.34%5.33%
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 202456 | WINTON LAND LIMITED

5. Investment properties (Continued)
Key estimates and assumptions (Continued)
ALL VALUES IN $000'SMARKET RENTMARKET CAPITALISATION RATE

Commercial properties measured at fair value

Fair Value
- $50

per sqm
+ $50

per sqm

+ 0.25%

- 0.25%
Valuation 42,251
Change (4,833) 2,948 (1,472) 1,528
Change (%)-11.09%6.76%-3.20%3.33%
One investment property could not be reliably measured as at 30 June 2024 due to resource consent changes being in progress
and the current stage of development of the property. Therefore it is held at cost at 30 June 2024. All other investment property
under development are related to investment property which are not substantially progressed and therefore the fair value cannot
be reliably determined. These assets are carried at cost less any impairment. When these assets become reliably measurable, they
will get fair valued.
6. Property, plant and equipment
ALL VALUES IN $000'S
WORK IN
PROGRESSBUILDINGS
FURNITURE,
FIXTURES
AND FITTINGS
MOTOR
VEHICLES
PLANT AND
EQUIPMENTTOTAL
COST
As at 1 July 2023 12,603 2,351 1,607 670 501 17,732
Additions 23,441 845 798 445 501 26,030
Acquisition through business combination - 9 29 28 107 173
Transfers (3,403) 3,403 - - - -
Disposals - (1,101) (72) (263) (11) (1,447)
As at 30 June 2023 32,641 5,507 2,362 880 1,098 42,488
Additions 32,122 738 7,512 1,080 598 42,050
Transfers(30,861) 30,861 - - - -
Disposals - - (22) - (55) (77)
As at 30 June 2024 33,902 37,106 9,852 1,960 1,641 84,461
ACCUMULATED DEPRECIATION
As at 1 July 2023 - 305 734 333 296 1,668
Depreciation - 195 121 86 162 564
Disposals - (71) (16) (111) (5) (203)
As at 30 June 2023 - 429 839 308 453 2,029
Depreciation - 1,415 717 210 282 2,624
Disposals - - (8) - (23) (31)
As at 30 June 2024 - 1,844 1,548 518 712 4,622
NET BOOK VALUE
As at 30 June 2023 32,641 5,078 1,523 572 645 40,459
As at 30 June 202433,902 35,262 8,304 1,442 929 79,839
Also included in buildings category is buildings fitout.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 2024WINTON LAND LIMITED | 57

6. Property, plant and equipment (Continued)
Recognition and Measurement
Property, plant and equipment are stated at cost less accumulated depreciation, with the exception of land, which is not depreciated.
Depreciation is charged to the profit or loss on a diminishing value and straight line basis over the estimated useful lives of each asset
class as follows:
• Buildings 2% - 67%
• Furniture, fixtures and fittings 2% - 67%
• Motor Vehicles 10% - 50%
• Plant and equipment 13% - 67%
7. Borrowings
(i) Net borrowings
ALL VALUES IN $000’S20242023
MMLIC facility drawn down 64,763 -
Unamortised borrowings establishment costs (717) -
Net borrowings 64,046 -
Weighted average interest rate of drawn debt (inclusive of margin and line fees)10.35% -
Weighted average term to maturity (years) 3.5 -
Recognition and Measurement
All borrowings are initially measured at fair value, plus directly attributable transaction costs, and subsequently measured at
amortised cost using the effective interest rate method. Under this method, directly attributable fees, costs, discounts and premiums
are capitalised and spread over the expected life of the facility. All other interest costs and bank fees are expensed in the period they
are incurred.
(ii) MMLIC facility
On 14 December 2023, Lakeside Developments 2017 Limited (LDL, a 100% subsidiary company of the Company) entered into
a debt facility with MMLIC for $80,000,000. The facility expires 14 December 2027. The MMLIC facility is secured by way of
general security deed provided by LDL and a registered mortgage security across the Lakeside development property.
(iii) Security
The MMLIC facility is secured by way of general security deed provided by LDL and a registered mortgage security across the
Lakeside development property.
8. Investor returns and investment metrics
This section summarises the earnings per share which is a common investment metric.
8.1. Basic earnings per share
20242023
Profit after income tax ($000s) 15,746 64,638
Weighted average number of ordinary shares (shares) 296,613,736 296,613,736
Basic earnings per share (cents) 5.31 21.79
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 202458 | WINTON LAND LIMITED

8. Investor returns and investment metrics (Continued)
8.2. 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 11,009,735
share options (30 June 2023: 10,833,497) issued under the Group’s Share Option Plan as at 30 June. This adjustment has
been calculated using the treasury share method.
20242023
Weighted average number of ordinary shares (shares) for basic earnings per share 296,613,736 296,613,736
Effect of share options dilution 10,821,884 10,874,799
Weighted average number of ordinary shares (shares) for diluted earnings per share 307,435,620 307,488,535
20242023
Profit after income tax ($000s) 15,746 64,638
Weighted average number of ordinary shares (shares) 307,435,620 307,488,535
Diluted earnings per share (cents) 5.12 21.02
9. Other
9.1. Selling expenses
Selling expenses include all costs related to the sale of inventory, primarily sales commissions, marketing and legal expenses.
9.2. Administrative expenses
ALL VALUES IN $000'S20242023
Auditors remuneration:
Audit and review financial statements (221) (210)
Directors' fees (458) (433)
Employee benefits expense (17,373) (9,900)
Legal expense (3,033) (3,151)
Operating lease and rental payments (288) (214)
Establishment costs (2,749) -
Other expenses (6,012) (4,869)
Total administrative expenses (30,134) (18,777)
Establishment costs are the pre-opening cost associated with Ayrburn hospitality precinct. These include branding, marketing,
recruitment, employee training and other costs incurred before trading commenced.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 2024WINTON LAND LIMITED | 59

9. Other (Continued)
9.2. Administrative expenses (Continued)
The Group applies the short-term lease recognition exemption to its short-term leases of equipment. It also applies the lease
of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments
on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.
Expense relating to short-term and low-value leases was $288,000 (2023: $214,000).
9.3. Taxation
(i) Reconciliation of accounting profit before income tax to income tax expense
ALL VALUES IN $000'S20242023
Profit before income tax 27,494 95,207
Prima facie income tax calculated at 28% (7,698) (26,658)
Adjusted for:
Prior period adjustment 75 9
Non-tax deductible revenue and expenses (1,105) (2,812)
Movement in temporary differences 1,522 5,245
Difference in tax rates (70) (310)
Current taxation expense (7,276) (24,526)
Prior period adjustment 45 -
Deferred tax on buildings - refer note 9.15 (2,923) -
Fair value gain on investment properties (590) (4,756)
Intangible asset 159 (660)
Capitalised interest (488) 434
Inventories (366) (1,177)
Other (309) 116
Deferred taxation expense (4,472) (6,043)
Total taxation reported in Consolidated Statement of Comprehensive Income (11,748) (30,569)

Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 202460 | WINTON LAND LIMITED

9. Other (Continued)
9.3. Taxation (Continued)
(ii) Deferred taxation
ALL VALUES IN $000'S
2022

AS AT
2023
RECOGNISED

IN PROFIT
2023

AS AT
2024

RECOGNISED
IN PROFIT
2024

AS AT
Deferred tax assets
Employee benefits 152 136 288 179 467
Accounts payable, accruals and other payables 850 (305) 545 (210) 335
Lease liability 174 2,912 3,086 2,618 5,704
Share-based payment reserve 232 358 590 338 928
Gross deferred tax assets 1,408 3,101 4,509 2,925 7,434
Deferred tax liabilities
Accounts receivable, prepayments and other receivables 93 (201) (108) 150 42
Right-of-use asset 157 3,141 3,298 2,875 6,173
Inventories 10,759 704 11,463 784 12,247
Intangible asset - 660 660 (159) 501
Property, plant and equipment - refer note 9.15 - - - 2,923 2,923
Investment properties - 4,840 4,840 824 5,664
Gross deferred tax liabilities 11,009 9,144 20,153 7,397 27,550
Net deferred tax liability (9,601) (6,043) (15,644) (4,472) (20,116)
Recognition and measurement
Tax is accounted for on a consolidated Group basis and the Group is required to pay tax to the Inland Revenue as required by the
Income Tax Act 2007. Income tax expense comprises current and deferred tax. Current tax is recognised in the Profit or Loss for
the year. Deferred tax relating to items recognised outside Profit or Loss is recognised outside Profit or Loss. Deferred tax items are
recognised in correlation to the underlying transaction either in Other Comprehensive Income or directly in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the
reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided for temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they
relate to income taxes levied by the same tax authority on the same taxable entity, or on different entities, but they intend to settle
current tax assets and liabilities on a net basis. A deferred tax asset is recognised to the extent that it is probable that future taxable
profits will be available against which temporary differences can be utilised.
Additional income tax arising from distribution of dividends is recognised at the same time as the liability to pay the dividend

is recognised.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 2024WINTON LAND LIMITED | 61

9. Other (Continued)
9.3. Taxation (Continued)
(iii) Imputation account
The amounts below represent the balance of the imputation credit account as at the end of the reporting period, adjusted for
imputation credits that will arise from the payment of taxation represented in the Consolidated Statement of Financial Position.
ALL VALUES IN $000’S20242023
Opening balance 35,189 18,967
Taxation paid / payable 6,216 19,616
Imputation credits attached to dividends paid (2,959) (3,394)
Closing balance available to shareholders for use in subsequent periods 38,446 35,189
9.4. Equity
(i) Capital
As at 30 June total shares issued and outstanding were 296,613,736. 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.
(ii) Dividends
The following dividends were declared and paid by the Company during the year 30 June:
ALL VALUES IN $000'S20242023
1.07 cents per qualifying ordinary share – 24/8/22 - 3,174
2.06 cents per qualifying ordinary share – 22/2/23 - 6,110
2.16 cents per qualifying ordinary share – 22/8/23 6,407 -
0.55 cents per qualifying ordinary share – 20/2/24 1,631 -
Total dividends 8,038 9,284
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 202462 | WINTON LAND LIMITED

9. Other (Continued)
9.5. Accounts receivable, prepayments and other receivables
ALL VALUES IN $000'S20242023
Accounts receivable 261 110
Prepayments and other receivables 5,588 6,763
Total accounts receivable, prepayments and other receivables 5,849 6,873
As at 30 June 2024, prepayments and other receivables include retention monies held in accordance with the Construction
Contracts Act of $3,040,000 (2023: $3,831,000).
Recognition and measurement
Accounts receivable are recognised at fair value and subsequently measured at amortised cost using the effective interest rate method.
Receivables are assessed on an ongoing basis for impairment. The Group recognises a provision for impairment on receivables based
on the lifetime expected credit loss at balance date. Those which are anticipated to be uncollectable are written off. The Group applies
the simplified approach to providing for expected credit losses prescribed by NZ IFRS 9 ‘Financial Instruments’, which permits the use
of lifetime expected loss provision for all trade receivables.
9.6. Intangible assets
ALL VALUES IN $000'S20242023
Opening balance 2,479 123
Acquisitions 81 -
Acquisition through business combination - 2,875
Amortisation (567) (519)
Total intangible assets 1,993 2,479
Recognition and measurement
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business
combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any
accumulated amortisation and accumulated impairment losses. Intangible assets with finite lives are amortised using the straight line
method over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be
impaired. Intangible assets consist of customer contracts of $1,789,000 as at 30 June (2023: $2,356,000). The useful lives as at 30 June
2024 for the customer contracts acquired was between two and five years with no residual value (2023: two and five years with no
residual value).
Key estimates and assumptions
Assessing the carrying value of intangible assets requires management to estimate future cash flows to be generated by the customer
contracts. The key assumptions used in the future cashflows include the expected life of the customer contract, expenses in relation to
the contract, the average life of the contract and the appropriate discount rate to apply.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 2024WINTON LAND LIMITED | 63

9. Other (Continued)
9.7. Accounts payable, accruals and other payables
ALL VALUES IN $000'S20242023
Accounts payable 15,249 14,693
Accruals and other payables in respect of inventories 3,888 4,517
Accruals and other payables 5,050 10,930
Total accounts payable, accruals and other payables 24,187 30,140
Recognition and measurement
Expenses are recognised on an accruals basis and, if not paid at the end of the reporting period, are reflected as a payable in the
Consolidated Statement of Financial Position.
9.8. Lease liabilities
ALL VALUES IN $000'S20242023
Opening balance 11,021 622
Additions - 11,497
Lease liability reassessment 10,549 -
Lease liability interest expense 1,133 1,071
Rent paid (2,332) (2,169)
Total lease liabilities 20,371 11,021
Lease liabilities relate to the ground lease and water space licence at Cracker Bay and the head office lease at Viaduct Harbour
in Auckland. The ground lease term at Cracker Bay was reassessed in June 2024 due to the likelihood of an extension option
being exercised following resource consent progress. This increases the lease term from 4.75 years to 50 years.
Recognition and measurement
Right of use assets are measured at cost comprising the amount of the initial lease liability, any payments made before the
commencement of the lease, direct costs and any restoration costs. Right of use assets are disclosed within the same line item as that
within which the corresponding underlying assets would be presented if they were owned. Some right of use assets meet the definition of
investment properties. Refer note 5 for policies and disclosure on investment properties.
Lease liabilities are measured at the net present value of the lease payments. These payments include fixed lease payments, amount
expected to be payable under residual value guarantees, variable lease payments that are based on an index or rate, the exercise price
of a purchase option if the lessee is reasonably certain to exercise that option, and payments of penalties for terminating the lease, if the
lease term reflects the lessee exercising that option.
These lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s
incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of
similar value in a similar economic environment with similar terms and conditions.
Subsequent to initial measurement, each lease payment is allocated between the principal and finance cost. The finance cost is charged
to the statement of comprehensive income over the lease period so as to produce a constant periodic rate of interest on the remaining
balance of the liability for each period.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 202464 | WINTON LAND LIMITED

9. Other (Continued)
9.9. Financial instruments
The following financial assets and liabilities, that potentially subject the Group to financial risk, have been recognised at amortised
cost in the financial statements:
ALL VALUES IN $000'S20242023
Financial assets
Cash and cash equivalents1 41,689 76,310
Accounts receivable and other receivables 5,266 6,545
Total financial assets 46,955 82,855
Financial liabilities
Accounts payable and other payables 20,100 26,850
Lease liabilities 20,371 11,021
Borrowings 64,046 -
Total financial liabilities 104,517 37,871
1. Comprises solely of cash at bank.
The carrying amount of financial assets and liabilities presented above are reasonable approximations of their fair value.
9.10. Financial risk management
The Group’s activities expose it to a variety of financial risks: interest rate risk, credit risk, and liquidity risk. The Group’s overall
financial risk management strategy focuses on minimising the potential negative economic impact of unpredictable events on its
financial performance.
(a) Interest rate risk
The Group’s exposure to the risk of changes in interest rates relates primarily to the Group’s cash and cash equivalents with a
floating interest rate.
The Group’s exposure to the risk of changes in interest rates relates primarily to the Group’s borrowings with a floating interest rate.
20242023
ALL VALUES IN $000’S
GAIN/(LOSS)

ON INCREASE
OF 0.50%
GAIN/(LOSS)

ON DECREASE
OF 0.50%
GAIN/(LOSS)

ON INCREASE
OF 0.50%
GAIN/(LOSS)

ON DECREASE
OF 0.50%
Impact on profit before tax (9) 99 - -
Impact on equity (6) 71 - -
(b) Credit risk
Credit risk represents the risk that the counterparty to a financial instrument will fail to discharge its obligations and the Group
will suffer financial loss as a result. Financial instruments which potentially subject the Group to credit risk consist of cash at bank,
accounts receivable and other receivables.
With respect to the credit risk arising from cash and cash equivalents and restricted cash, there is limited credit risk as cash is
deposited with Bank of New Zealand Limited, a registered bank in New Zealand with a credit rating of AA– (Standard & Poor’s).
The Group considers both historical analysis and forward looking information in determining any expected credit loss, and infers
from this strong credit rating that no loss allowance is deemed necessary.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 2024WINTON LAND LIMITED | 65

9. Other (Continued)
9.10. Financial risk management (Continued)
With respect to the credit risk arising from accounts receivable, the Group only enters into arrangements over its inventories with
parties whom the Group assesses to be creditworthy. Credit risk does not arise on property sale proceeds to be settled as title will
not transfer until settlement.
The carrying amount of financial assets as per note 9.9 approximates the Group’s maximum exposure to credit risk.
(c) Liquidity risk
Liquidity risk is the risk that the Group will experience difficulty in either realising assets or otherwise raising sufficient funds to
meet its obligations arising from its financial liabilities. The Group manages liquidity risk by continuously monitoring forecast and
actual cash flows and matching the maturity profiles of financial assets and liabilities.
The table below analyses the Group financial liabilities (principal and interest) by the relevant contracted maturity groupings
based on the remaining period as at 30 June.
CONTRACTUAL CASH FLOWS
ALL VALUES IN $000’S
CARRYING

AMOUNT0 - 1 YEAR1 - 2 YEARS 2 - 5 YEARS> 5 YEARSTOTAL
Accounts payable, accruals and other payables 20,100 20,100 - - - 20,100
Lease liability 20,371 1,985 3,580 5,955 80,735 92,255
Borrowings 64,046 16,822 47,757 - - 64,579
Total as at 30 June 2024 104,517 38,907 51,337 5,955 80,735 176,934
Accounts payable, accruals and other payables 26,850 26,850 - - - 26,850
Lease liabilities 11,021 2,333 1,985 5,955 11,889 22,162
Total as at 30 June 2023 37,871 29,183 1,985 5,955 11,889 49,012
(d) Capital risk management
The Group’s policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain future
development of the business. The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as
a going concern whilst maximising the return to shareholders through maintaining an optimal balance of debt (when any) and
equity. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 202466 | WINTON LAND LIMITED

9. Other (Continued)
9.11. Related party transactions
The transactions with related parties that were entered into during the year, and the year-end balances that arose from those
transactions are shown below.
Key management personnel remuneration
Key management personnel comprise members of the Board and members of the Senior Management Team.
ALL VALUES IN $000'S20242023
Employee benefits expense 4,427 3,691
Share-based payment expense 1,338 1,338
Directors' fees 167 160
Total key management personnel remuneration 5,932 5,189
An Executive Director was granted 5,145,356 share options on 17 December 2021 with an exercise price of $3.8870 and a vesting
date of 17 December 2031.
Senior Management Team were granted 4,244,910 share options on 17 December 2021 with an exercise price of $3.8870. Of these,
1,414,970 share options have a vesting date of 17 December 2025, 1,414,970 share options have a vesting date of 17 December
2028 and 1,414,970 share options have a vesting date of 17 December 2031.
Transactions with related parties during the year
ALL VALUES IN $000'S20242023
Key management personnel 2,263 1,050
Employees 3,160 2,145
Revenue from contracts with customers 5,423 3,195
As at 30 June, the Group has also entered into agreements for the sale of residential properties with Executive Directors for
$18,852,000 (2023: $18,852,000), key management personnel for nil (2023: $2,263,000) and employees for $2,829,000 (2023:
$4,968,000) to be recognised as revenue in future years.
Julian Cook, an Executive Director is also a Director of WEL Networks Limited (WEL). During the year, the Group incurred
$619,000 of development costs categorised as inventories (2023: $585,000) from WEL. As at 30 June 2024 there was nil (2023:
nil) owing to WEL and included in account payables, accruals and other payables. There were no other transactions between the
Group and other companies to be disclosed.
Steven Joyce, an Independent Director is also a Director of Joyce Advisory Limited (JAS). During the year, the Group incurred
$10,000 of development costs categorised as inventories (2023: $57,000) from JAS. As at 30 June 2024 there was nil (2023:
$2,000) owing to JAS and included in account payables, accruals and other payables. There were no other transactions between
the Group and other companies to be disclosed.
Some of the Directors and key management personnel are shareholders of the Company.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 2024WINTON LAND LIMITED | 67

9. Other (Continued)
9.12. Share-based payments
On 17 December 2021, the Group established a Share Option Plan under which options to subscribe for the Group’s
shares have been granted to certain employees. The options convert to ordinary shares. This is an equity-settled share scheme.
The key terms and conditions related to the grants under the plan are as follows; all options are to be settled by the physical
delivery of shares.
GRANT DATE/EMPLOYEE ENTITLED
NUMBER OF
INSTRUMENTS
(000’S)VESTING CONDITIONSCONTRACTUAL LIFE OF OPTIONS
On 17 December 2021 1,848 4 years of service from grant date5 years of service from grant date
On 17 December 2021 1,848 7 years of service from grant date8 years of service from grant date
On 17 December 2021 6,993 10 years of service from grant date11 years of service from grant date
On 4 June 2024 107 4 years of service from grant date5 years of service from grant date
On 4 June 2024 107 7 years of service from grant date8 years of service from grant date
On 4 June 2024 107 10 years of service from grant date11 years of service from grant date
Total share options 11,010
The number of share options under the Share Option Plan are as follows:
NUMBER OF INSTRUMENTS (000’S)20242023
Opening balance 10,833 10,936
Granted during the year 320 -
Forfeited during the year (143) (103)
As at 30 June 11,010 10,833
The weighted-average exercise price of all share options is $3.8870. The weighted-average remaining contractual life for the share
options outstanding as at 30 June 2024 was 5.9 years (2023: 6.9 years).
“The fair value of the share options has been measured using the Black-Scholes formula. The requirement that the employee has
to save in order to purchase shares under the share option scheme has been incorporated into that fair value at grant date by
applying a discount to the valuation obtained. The inputs used in measurement of the fair values at grant date of the share options
were as follows:
Fair value at grant date (weighted-average) ($)1.149
Share price at grant date (weighted-average) ($)3.8350
Exercise price ($)3.8870
Expected volatility (weighted-average)26.0%
Expected life (weighted-average) 8.4 years
Expected dividends (weighted-average)2.51%
Risk-free interest rate (based on government bonds) (weighted-average)2.53%
The fair value of the share options as at 30 June 2024 is $3,750,000 (2023: $2,338,000).
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 202468 | WINTON LAND LIMITED

9. Other (Continued)
9.12. Share-based payments (Continued)
Recognition and measurement
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate
valuation model.
The cost is recognised in the statement of comprehensive income, together with a corresponding increase in equity (share-based
payment reserve), over the period in which service is fulfilled (the vesting period). The cumulative expense recognised for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired, and the Group’s
best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of comprehensive
income for a period represents the movement in cumulative expense recognised as at the beginning and end of the period.
Service is not taken into account when determining the grant date fair value of awards, but the likelihood of the condition being met
is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance
conditions are reflected within the grant date fair value.
No expense is recognised for awards that do not ultimately vest because service conditions have not been met. When the terms of an
equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided
that the original terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any
modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee.
Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed
immediately through profit or loss.
9.13. Investment in subsidiaries
The Company has the following wholly owned subsidiaries:
- Ayrburn Precinct Limited
- Ayrburn Transport Limited
- Ayrburn Wines Limited
- Ayrburn Wines Online Limited
- Beaches Developments Limited
- Bridesdale Farm Developments
Limited
- Cracker Bay Holdings Limited
- Cracker Bay Operating Limited
- Francis Street Developments

Pty Limited
- Lakeside Commercial Limited
- Lakeside Developments

2017 Limited
- Lakeside Residential Limited
- Longreach Developments Limited
On 23 November 2023, Launch Bay Townhouses Limited was deregistered. On 7 March 2024, Lakes Edge Developments Limited
was deregistered. On 20 June 2024, Winton Fund No.2 Limited was deregistered.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
- Marlborough Precinct Holdings
Limited
- Marlborough Precinct Residential
Limited
- Northbrook Arrowtown Limited
- Northbrook Avon Loop Limited
- Northbrook Launch Bay Limited
- Northbrook Retirement Villages
Limited
- Northbrook Wanaka Limited
- Northbrook Wynyard Limited
- Northlake Developments Limited
- Northlake Investments Limited
- Northlake Residential Limited
- Northlake Townhouses Limited
- Parnell Developments Limited
- River Terrace Developments Limited
- River Terrace Residential Limited
- Sunfield Construction Limited
(incorporated 21 May 2024)
- Sunfield Developments Limited
- Sunfield Residential Limited
(incorporated 21 May 2024)
- Waterfall Park Developments
Limited
- Winton Capital Limited
- Winton Fund Limited
- Winton Group Holdings Limited
- Winton Partners Bellbird Pty Limited
- Winton Property Investments
Limited
ANNUAL REPORT 2024WINTON LAND LIMITED | 69

9. Other (Continued)
9.14. Capital and land development commitments
As at 30 June 2024, 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'S20242023
Development expenditure 43,310 53,636
Land purchases 29,000 55,116
Joint venture capital commitment 50,000 50,000
Total capital and land development commitments 122,310 158,752
9.15. Abnormal items
20242023
ALL VALUES IN $000’S PRE-TAX TAXAFTER TAX PRE-TAX TAXAFTER TAX
Change in tax deductibility - (2,923) (2,923) - - -
On 28 March 2024, the New Zealand Government enacted changes to the tax legislation to remove the ability to depreciate
building with a life over 50 years for tax deduction purposes. For the Group the application of this taxation change under NZIAS
12 Income Taxes creates a tax carrying value of nil from 1 April 2024 onwards for these buildings. This increases the deferred
taxation liability by $2,923,000 and creates a one-off, non-cash accounting adjustment to the taxation expense for deferred tax on
buildings for the year ended 30 June 2024 of $2,923,000. The application of NZIAS 12 which creates this large deferred taxation
liability does not reflect taxation payable if the assets were sold.
9.16. Subsequent events after balance date
There were no material events subsequent to the balance date.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
ANNUAL REPORT 202470 | WINTON LAND LIMITED

A member firm of Ernst & Young Global Limited
IInnddeeppeennddeenntt AAuuddiittoorr’’ss RReeppoorrtt

TToo tthhee SShhaarreehhoollddeerrss ooff WWiinnttoonn LLaanndd LLiimmiitteedd

OOppiinniioonn
We have audited the financial statements of Winton Land Limited (the “Company”) and its subsidiaries (together the “Group”)
on pages 46 to 70, which comprise the consolidated statement of financial position of the Group as at 30 June 2024, and the
consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of
cash flows for the year then ended of the Group, and the notes to the consolidated financial statements including material
accounting policy information.
In our opinion, the consolidated financial statements on pages 46 to 70 present fairly, in all material respects, the consolidated
financial position of the Group as at 30 June 2024 and its consolidated financial performance and cash flows for the year then
ended in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial
Reporting Standards.
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we might state to
the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the
Company’s shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
BBaassiiss ffoorr ooppiinniioonn
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those
standards are further described in the
Auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for
Assurance Practitioners (including International Independence Standards) (New Zealand)
issued by the New Zealand Auditing
and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no relationship with, or interest in, the Company or any of its subsidiaries.

Partners
and employees of our firm may deal with the Group on normal terms within the ordinary course of trading activities of the
business of the Group.
KKeeyy aauuddiitt mmaatttteerrss
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current year. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on
these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the
Auditor’s responsibilities for the audit of the financial statements section
of the audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our
A member firm of Ernst & Young Global Limited
IInnddeeppeennddeenntt AAuuddiittoorr’’ss RReeppoorrtt
TToo tthhee SShhaarreehhoollddeerrss ooff WWiinnttoonn LLaanndd LLiimmiitteedd
OOppiinniioonn
We have audited the financial statements of Winton Land Limited (the “Company”) and its subsidiaries (together the “Group”)
on pages 46 to 70, which comprise the consolidated statement of financial position of the Group as at 30 June 2024, and the
consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of
cash flows for the year then ended of the Group, and the notes to the consolidated financial statements including material
accounting policy information.
In our opinion, the consolidated financial statements on pages 46 to 70 present fairly, in all material respects, the consolidated
financial position of the Group as at 30 June 2024 and its consolidated financial performance and cash flows for the year then
ended in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial
Reporting Standards.
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we might state to
the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the
Company’s shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
BBaassiiss ffoorr ooppiinniioonn
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those
standards are further described in the
Auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for
Assurance Practitioners (including International Independence Standards) (New Zealand)
issued by the New Zealand Auditing
and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no relationship with, or interest in, the Company or any of its subsidiaries.

Partners
and employees of our firm may deal with the Group on normal terms within the ordinary course of trading activities of the
business of the Group.
KKeeyy aauuddiitt mmaatttteerrss
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current year. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on
these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the
Auditor’s responsibilities for the audit of the financial statements section
of the audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our
ANNUAL REPORT 2024WINTON LAND LIMITED | 71

A member firm of Ernst & Young Global Limited
audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on
the accompanying consolidated financial statements.
PPrrooppeerrttyy AAsssseettss
WWhhyy ssiiggnniiffiiccaanntt HHooww oouurr aauuddiitt aaddddrreesssseedd tthhee kkeeyy aauuddiitt mmaatttteerr
The Group’s property assets, comprising inventory, investment
properties and property under development, which is included in
Property, Plant & Equipment (PPE), are $559m which represents
85% of the Group’s total assets.
The Group’s inventories comprise land and buildings that are being
developed into subdivisions or individual properties for sale.
The Group’s investment properties comprise land being developed
into retirement villages and commercial property.
The Group’s PPE comprise show suites and land and buildings that
are being developed into retail premises that will be operated by
the Group.
Given the nature of the Group’s operations, it incurs significant
costs each year in acquiring and developing its property assets.
Determining whether to capitalise or expense property costs
relating to inventories, investment properties and PPE is subjective.
The key judgments used in this determination are:
► Whether costs are eligible for capitalisation under the
relevant accounting standard (noting that there are
differing requirements related to differing asset types);
and
► How to allocate capitalised costs to individual properties.
Where investment properties were considered to be able to be
reliably valued, independent valuations were carried out by a valuer
(the Valuer). The valuation of investment properties is inherently
subjective given that there are alternative assumptions and
valuation methods that may result in a range of values.
Inventory is recorded at the lower of cost and net realisable value
(“NRV”). The assessment of NRV requires estimates of both the
future selling prices of inventory and the cost to be incurred prior to
its sale.
Disclosures relating to inventories, investment properties and PPE
and the associated significant judgments are included in Note 4
Inventories, Note 5 Investment Property and Note 6 Property Plant
and Equipment to the consolidated financial statements.
Our audit procedures included the following:
► Held discussions with management and understood their
policies and processes for:
► Capitalisation and allocation of costs;
► Review of third-party valuation reports for
investment property; and
► Determination of assumptions used in the NRV
model for inventory.
Capitalisation and allocation of costs to inventory, Investment
property and PPE
► Reviewed the nature of property costs capitalised to consider
whether they were eligible for capitalisation under the
relevant accounting standard.
► Agreed a sample of capitalised property costs to supporting
documentation to assess the nature of the cost and its
allocation to individual properties.
Valuation of investment property
► Held discussions with the Valuer to gain an understanding of
the assumptions and estimates used and the valuation
methodologies applied.
► Involved our real estate valuation specialists to assist with our
assessment of the methodologies used and whether the
significant valuation assumptions fell within a reasonable
range.
► Assessed the significant input assumptions applied by the
Valuer compared to previous period assumptions, taking into
account changes to the properties and other market changes.
► Assessed the competence, capabilities and objectivity of the
Valuer.
Valuation of inventory
► Examined management’s assessment of NRV and compared
this to the cost capitalised.
► Assessed the assumptions in management’s NRV
assessment, including performing sensitivity tests.
We also considered the adequacy of the disclosures in the financial
statements in relation to inventories, investment property and PPE.
IInnffoorrmmaattiioonn ootthheerr tthhaann tthhee ffiinnaanncciiaall ssttaatteemmeennttss aanndd aauuddiittoorr’’ss rreeppoorrtt
The directors of the Company are responsible for the annual report, which includes information other than the consolidated
financial statements and auditor’s report.
ANNUAL REPORT 202472 | WINTON LAND LIMITED

A member firm of Ernst & Young Global Limited
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our
knowledge obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
DDiirreeccttoorrss’’ rreessppoonnssiibbiilliittiieess ffoorr tthhee ffiinnaanncciiaall ssttaatteemmeennttss
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial
statements in accordance with New Zealand Equivalents to International Financial Reporting Standards and International
Financial Reporting Standards, and for such internal control as the directors determine is necessary to enable the preparation
of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Group or cease operations, or have no realistic
alternative but to do so.
AAuuddiittoorr’’ss rreessppoonnssiibbiilliittiieess ffoorr tthhee aauuddiitt ooff tthhee ffiinnaanncciiaall ssttaatteemmeennttss
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
International Standards on Auditing (New Zealand) will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at the External Reporting
Board’s website: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/.
This description forms part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Grant Taylor.
Chartered Accountants
Ernst & Young
23 August 2024

A member firm of Ernst & Young Global Limited
Page 3
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our
knowledge obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
DDiirreeccttoorrss’’ rreessppoonnssiibbiilliittiieess ffoorr tthhee ffiinnaanncciiaall ssttaatteemmeennttss
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial
statements in accordance with New Zealand Equivalents to International Financial Reporting Standards and International
Financial Reporting Standards, and for such internal control as the directors determine is necessary to enable the preparation
of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Group or cease operations, or have no realistic
alternative but to do so.
AAuuddiittoorr’’ss rreessppoonnssiibbiilliittiieess ffoorr tthhee aauuddiitt ooff tthhee ffiinnaanncciiaall ssttaatteemmeennttss
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
International Standards on Auditing (New Zealand) will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at the External Reporting
Board’s website: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/.
This description forms part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Grant Taylor.




Chartered Accountants
Auckland
23 August 2024



ANNUAL REPORT 2024WINTON LAND LIMITED | 73

37 Jimmy’s Point, Launch Bay
Hobsonville Point
ANNUAL REPORT 202474 | WINTON LAND LIMITED

CORPORATE
GOVERNANCE
ANNUAL REPORT 2024WINTON LAND LIMITED | 75

COMPANY INFORMATION
Winton is a limited liability company incorporated under the Companies Act 1993 (the Companies Act). The Company listed on the
NZX Main Board (NZX code: WIN) and the ASX (Foreign Exempt Listing) (ASX code: WTN) in December 2021. The Board currently
comprises seven directors.
A copy of the Company’s constitution and more detailed information on the Board and Winton’s senior management team is
available on Winton’s Website.
CORPORATE GOVERNANCE
The Board is committed to strong governance and accountability. The Company fosters a culture of transparency for the benefit
of its shareholders and other stakeholders. The NZX Code – Key Principles section below lists the principles in the NZX Corporate
Governance Code dated 1 April 2023 (NZX Code) and discloses the extent to which Winton has followed the recommendations in
the NZX Code.
In the Board’s opinion, as at 30 June 2024, the Company complies with the NZX Listing Rules and the NZX Code, other than
Recommendations 2.8, 2.9 and 2.10 as explained below.
The Code of Ethics, policies and charters referenced in the NZX Code – Key Principles section below, together with other policies
and charters (the Company Policies), are available on Winton’s Website and are available to all directors, employees, and
contractors at Winton. Copies of, and training on, the Company Policies is provided to all directors and employees as part of their
induction process, and updates and refresher discussions are scheduled regularly.
NZX CODE – KEY PRINCIPLES
Principle 1 – Ethical Standards
“Directors should set high standards of ethical behaviour, model this behaviour and hold management accountable for these standards
being followed throughout the organisation.”
Winton maintains high standards of ethical conduct and requires its people to behave honestly and with integrity, in a manner
consistent with Winton’s values and the Company Policies. These include the following:
CODE OF ETHICS
The Code of Ethics has been communicated to all of the Company’s directors, employees and
contractors and they are all subject to its standards and procedures. Training in respect of the
Code of Ethics is provided at least once every three years. The Code of Ethics is not an exhaustive
list of acceptable and non-acceptable behaviour at Winton, rather it contains guiding principles
and reflects Winton’s values as a company.
The reporting of breaches of the Code of Ethics is encouraged and the steps for doing so are set
out in Winton’s Risk Management and Whistleblowing Policy. Any breaches are required to be
addressed promptly and consistently and handled by Winton as set out in the Code of Ethics.
The Code of Ethics is reviewed at least every two years, with the next review due in August 2024.
SECURITIES TRADING POLICY
The Securities Trading Policy sets out the guidelines to, and express restrictions on, trading in
Winton’s financial products.
The Securities Trading Policy provides transparency about expectations and requirements of
directors, employees and contractors when dealing with Winton shares and places additional
restrictions on certain “restricted persons” and prohibitions during prescribed blackout periods.
Prior written consent of the General Manager, Corporate Services (or CEO in the case of a request
by the General Manager, Corporate Services or CFO) is required to trade, and persons must
otherwise act in compliance with laws.
DIVERSITY AND INCLUSION
POLICY
The Diversity and Inclusion Policy sets out the Company’s guiding principles for diversity and
inclusion in the business. Refer to Principle 2 below for further details.
RISK MANAGEMENT AND
WHISTLEBLOWING POLICY
The Risk Management and Whistleblowing Policy sets out the commitment of the Company to
the sound and effective management of risks that are material to the achievement of its strategic
objectives. This policy is also intended to encourage directors, employees and contractors to speak
out if they see any behaviour that does not fit with the Company’s values of integrity and honesty.
The Risk Management and Whistleblowing Policy was updated with the changes approved and
adopted by the Board in June 2024.
ENVIRONMENT AND CORPORATE
RESPONSIBILITY POLICY
The Environment and Corporate Responsibility Policy is a policy designed to ensure that the
actions of the Company support the vision to create long-term value for Winton and others.
Corporate Governance
ANNUAL REPORT 202476 | WINTON LAND LIMITED

Principle 2 – Board Composition and Performance
“To ensure an effective board, there should be a balance of independence, skills, knowledge, experience and perspectives.”
Role of the Board
The Board is elected by its shareholders to provide overall strategic direction to the Company and to protect and enhance the value
of the assets of Winton for the benefit of its shareholders. The Board is responsible for the management of the business and affairs of
Winton and delegates the day-to-day leadership and management of the business to the CEO.
The Board operates under a written Board Charter, which sets out the role, responsibilities, composition, structure, and approach of
the Board and management. The Board acknowledges that Recommendation 2.9 of the NZX Code sets out that the Board should
have an independent Chair, and Recommendation 2.10 of the NZX Code also sets out that the Chair and CEO should be different
people. Chris Meehan remains both the CEO and the Board Chair. Winton is confident that this is the appropriate structure, given
Chris Meehan’s expertise and significant background with the Company as one of its founders.
Delegation of Authority
In addition to the CEO’s day-to-day leadership and management of the business, the CEO and management have levels of authority
approved by the Board. In turn, the CEO and management can sub-delegate authority to direct reports in appropriate circumstances.
This structure is documented in the Delegated Authority Policy.
Directors and Board Composition
As at 30 June 2024, the Board comprises seven directors, as follows:
DIRECTORTYPE OF DIRECTORSHIPAPPOINTMENT DATE
CHRIS MEEHAN (CHAIR)
Executive Director19 June 2017
MICHAELA MEEHAN
Non-executive Director19 June 2017
JULIAN COOK
Executive Director13 September 2021
GLEN TUPUHI
Independent Director24 September 2021
JAMES KEMP
Non-executive Director21 February 2022
STEVEN JOYCE
Independent Director22 June 2023
GUY FERGUSSON1
Independent Director224 November 2023
1. Guy Fergusson will stand for re-election at Winton’s FY24 annual shareholders’ meeting.
2. The Board determined Guy Fergusson to be an independent director on and from 19 February 2024. Refer to “Independence” section below.
ANNUAL REPORT 2024WINTON LAND LIMITED | 77

Member
Meetings held
Meetings attended
Member
Meetings held
Meetings attended
Member
Meetings held
Meetings attended
Directors and Board Composition continued
Directors are chosen on the basis of a mix of skills, knowledge and experience. The right blend of leadership and experience,
combined with diversity of perspective, is critical to enabling the Board to create value for Winton’s shareholders over the long term.
A summary of the key skills and experience held across the Board as at 30 June 2024 is summarised below:
SKILL / EXPERIENCE
PROPERTY, PLANNING, CONSTRUCTION
RETIREMENT VILLAGE DEVELOPMENT AND / OR OPERATION
STRATEGY
FINANCE / ACCOUNTING
GOVERNANCE
PEOPLE & CULTURE
HEALTH & SAFETY
SUSTAINABILITY
IWI / STAKEHOLDER RELATIONS
High Competence Practical / Direct Experience Some Experience
Directors are encouraged to hold shares in the Company to align their interests with the interests of shareholders. Five of the seven
current directors own shares (either directly or through a related entity or trust), and those relevant interests are included under
the heading “Directors’ Dealings and Relevant Interests” in Principle 4 below. Of the remaining two directors, one is appointed in his
capacity as representative of a Substantial Product Holder.
During the period 1 July 2023 to 30 June 2024, meeting attendance for the directors was as follows:
BOARDAUDIT AND
FINANCIAL RISK
NOMINATION AND
REMUNERATION
DIRECTOR
CHRIS MEEHAN (CHAIR)
•66•11
MICHAELA MEEHAN
•65
DAVID LIPTAK1
•62•42
JULIAN COOK
•66
ANNA MOLLOY2
•61•41
GLEN TUPUHI
•66•44
JAMES KEMP
•66•11
JELTE BAKKER3 (ALTERNATE FOR JAMES KEMP)
•62
STEVEN JOYCE4
•66•43•11
GUY FERGUSSON5
•64•42•11
1. David Liptak retired from the Board, effective 12 February 2024.
2. Anna Molloy resigned from the Board, effective 22 August 2023.
3. Jelte Bakker ceased to be an alternate director to James Kemp on the Board, effective 23 May 2024.
4. Steven Joyce was appointed to the Audit and Financial Risk Committee, effective 22 August 2023. Steven has attended all subsequent meetings.
5. Guy Fergusson was appointed to the Board, and to the Audit and Financial Risk Committee effective 24 November 2023. Guy has attended all subsequent meetings.
Corporate Governance
ANNUAL REPORT 202478 | WINTON LAND LIMITED

Director Training
At the time of appointment, directors receive a comprehensive induction from the business to familiarise themselves with Winton’s
management and operations. New directors are appropriately introduced to Winton’s management and business and receive all
papers and documents (including Company Policies) to enable them to provide value in their role on the Board. Regular site visits are
provided for directors, both new and existing.
Directors of the Board are expected to maintain appropriate levels of financial, legal and industry understanding, and are encouraged
to take responsibility for their own professional development. Each director is also aware that they should seek independent advice in
respect of their role as a director, should the need arise.
Board Performance
The Board has committed to critically evaluate its own performance and the performance of individual directors on a regular basis.
The Nomination and Remuneration Committee is tasked with making recommendations to the Board to ensure that adequate
procedures are in place to review the performance of the Board as a whole, its committees and the contributions of each director.
Independence
The Board currently comprises seven director positions. For the purposes of the NZX Listing Rules, the Board has determined that,
as at 30 June 2024, three directors are independent directors, being Glen Tupuhi, Steven Joyce and Guy Fergusson.
In determining independence of directors, the Board considers not only the factors expressly set out in Recommendation 2.4 of the
NZX Code, but also carefully assesses whether a director’s interest, position, association or relationship might interfere, or be seen to
interfere, with that director’s capacity to bring an independent judgment to bear on issues before the Board. The Board assesses the
independence of each director on their appointment, and will continue to do so at least annually thereafter. The Board acknowledges
that Recommendation 2.8 of the NZX Code sets out that the Board should be comprised of a majority of independent directors.
A high proportion of directors appointed to date represent existing shareholders and the Substantial Product Holders. The
composition of the Board, and the appropriate governance structure for the Company, continues to be monitored on a regular basis.
Guy Fergusson was appointed to the Board on 24 November 2023 as a non-executive, non-independent director on the basis that at
the time of appointment to the Board, he had, within the last 12 months, held a senior role at Grant Samuel (with Grant Samuel being a
provider of material professional services to Winton, within the last three years noting Winton’s IPO was completed 17 December 2021).
The NZX Listing Rules define Independent Director and set out the principles of independence of directors. The NZX Code provides
factors that should be assessed in determining independence.
The Board subsequently determined Guy Fergusson to be an independent director on and from 19 February 2024, having regard to
all factors, including those set out in the NZX Code.
Diversity and Inclusion
Winton, and the Board, is committed to ensuring an environment where its people enjoy their roles, their interaction with other
employees, contractors and customers and working towards the success of the business. Winton is committed to creating an open
workplace where every team member is welcomed, supported and inspired, and where diversity is celebrated.
The principles of Winton’s Diversity and Inclusion Policy include encouraging diversity of all types throughout the workforce at all
levels, creating a flexible and inclusive work environment, ensuring the behaviour of its leaders reflect our values, attracting and
retaining talented people and ensuring that its people feel safe. The Board considers that Winton has adhered to these principles and
its Diversity and Inclusion Policy.
The Board recognises that gender is one important and commonly reported measure of diversity. The gender composition at Winton
as at 30 June 2024 is set out in the table below:
AS AT 30 JUNE 2024AS AT 30 JUNE 2023
POSITION
FemaleMaleDiverseFemaleMaleDiverse
DIRECTORS1
16-27-
SENIOR MANAGEMENT2
23-23-
EMPLOYEES1
,
2
11299-2837-
1. Where an individual is an executive director on the Board, and is also an employee, they are counted twice.
2. Senior management team members are also included in employee statistics.
ANNUAL REPORT 2024WINTON LAND LIMITED | 79

Interests Register
The Company maintains an Interests Register, together with separate Interests Registers for each subsidiary company. Any director
who is interested in a transaction with the Company (or a subsidiary) is required to immediately disclose to the Board the nature,
monetary value and extent of that interest and will not be entitled to vote in respect of such transaction (other than a transaction
where all directors are required to sign a certificate in accordance with the Companies Act).
All current declared interests of the directors are listed in the table below, with those disclosures advised during FY24 shown in italics
:
DIRECTORCOMPANY / ORGANISATIONPOSITION HELD
CHRIS MEEHAN
Korama Limited
Speargrass Holdings Limited
Woodside 45 Limited
WMC Development GP Limited
Director and Shareholder
Director and Shareholder
Director
Director
MICHAELA MEEHAN
Korama Limited
Speargrass Holdings Limited
Director
Director
JULIAN COOK
SkyCity Entertainment Group Limited
WEL Networks Limited and three of its subsidiaries
(Infratec New Zealand Limited, Newpower Energy Services
Limited and Newpower Energy Limited)
Motutapu Investments Limited
Deakin TopCo Pty Limited
Chairman
Director


Director
Director
JAMES KEMP
Macquarie Real Estate Investment Holding (Australia) Pty
Limited
Macquarie Real Estate Management (Australia) Limited
TC Akarua 1 Pty Limited
TC Akarua 2 Pty Limited
Director
Director
Director
Director
STEVEN JOYCE
Joyce Advisory Limited
Icehouse Ventures Limited
Government Infrastructure Expert Advisory Panel
The Icehouse Limited
Director and Shareholder
Director
Chair
Director
GUY FERGUSSON
Australian Wildlife Conservancy
Centennial Partners Pty Limited
Director
Director and Shareholder
There have been no interest register entries in respect of use of company information by directors.
During the year, the Board authorised the renewal of the Directors’ and Officers’ insurance cover as at 1 October 2023 for a period of
12 months and has certified, in terms of section 162 of the Companies Act, that this cover is fair to the Company.
As permitted by the Company’s constitution and the Companies Act, the Company has also entered into a deed indemnifying its
Directors against potential liabilities and costs they may incur for acts or omissions in their capacity as directors of the Company and
its subsidiaries.
Subsidiary Company Directors
As at 30 June 2024, Winton had 35 New Zealand subsidiary companies and 2 Australian subsidiary companies.
Chris Meehan is a director of all 37 subsidiary companies.
Michaela Meehan is a director of the following 20 New Zealand subsidiary companies: Beaches Developments Limited, Bridesdale
Farm Developments Limited, , Lakeside Developments 2017 Limited, Lakeside Residential Limited, Longreach Developments Limited,
Marlborough Precinct Holdings Limited, Marlborough Precinct Residential Limited, Northbrook Launch Bay Limited, Northbrook
Retirement Villages Limited, Northbrook Wanaka Limited, Northlake Developments Limited, Northlake Investments Limited, Northlake
Residential Limited, Northlake Townhouses Limited, River Terrace Developments Limited, River Terrace Residential Limited, Waterfall
Park Developments Limited, Winton Capital Limited, Winton Group Holdings Limited and Winton Property Investments Limited.
Corporate Governance
ANNUAL REPORT 202480 | WINTON LAND LIMITED

Subsidiary Company Directors continued
Julian Cook is a director of the following 6 New Zealand subsidiary companies: Northbrook Retirement Villages Limited, Northbrook
Launch Bay Limited, Northbrook Wanaka Limited, Northbrook Avon Loop Limited, Northbrook Wynyard Limited and Northbrook
Arrowtown Limited.
Guy Fergusson replaced Iain Murray as a director of the 2 Australian subsidiary companies: Francis Street Developments Pty Limited
and Winton Partners Bellbird Pty Limited.
Directors of the Company’s subsidiaries do not receive any remuneration or other benefits in respect of their appointments, other
than Iain Murray who during the period he was a director in FY24 received a fee of $16,215 for corporate secretarial services to the
Australian subsidiaries.
Principle 3 – Board Committees
“The board should use committees where this will enhance its effectiveness in key areas, while still retaining board responsibility.”
The Board has two standing committees, being the Audit and Financial Risk Committee and the Nomination and Remuneration
Committee, as detailed below. The Board has concluded that it is not necessary at this time to establish any other standing
committees, but may consider additional committees as appropriate.
Audit and Financial Risk Committee
Membership: Steven Joyce (Chair), Guy Fergusson, Glen Tupuhi
Winton has an Audit and Financial Risk Committee that operates under its own written charter, which is available on Winton’s
Website. The Audit and Financial Risk Committee is chaired by Steven Joyce. The membership of this committee is solely independent
directors.
The Audit and Financial Risk Committee takes responsibility to ensure the quality and integrity of external financial reporting
including the accuracy, completeness, and timeliness of financial statements. The committee is committed to providing balanced,
clear, and objective financial reporting. It reviews financial statements and makes recommendations to the Board concerning
accounting policies, areas of judgment, compliance with accounting standards, stock exchange and legal requirements, and the
results of the external audit.
The Audit and Financial Risk Committee may, in its discretion, invite Winton’s external auditors and members of senior management,
as appropriate, to attend committee meetings. All directors have a standing invitation to attend the Audit and Financial Risk
Committee meetings. Employees only attend committee meetings at the invitation of the Audit and Financial Risk Committee.
The Audit and Financial Risk Committee Charter which governs the operations of the Audit and Financial Risk Committee was
updated with the changes approved and adopted by the Board in June 2024.
Nomination and Remuneration Committee
Membership: Steven Joyce (Chair), Guy Fergusson, Chris Meehan, James Kemp
Winton has a combined Nomination and Remuneration Committee that operates under its own written charter. The majority of the
members of this committee are independent. Since Chris Meehan is also the CEO, he declares conflicts of interest and stands down
from decisions relating to his own performance and remuneration.
The primary responsibilities of the Nomination and Remuneration Committee include to identify and make recommendations to the
Board in respect of director nominations (including casual vacancies and composition of committees), to review and recommend
to the Board appropriate remuneration of the directors for consideration by shareholders, and to review and approve annually the
remuneration strategy for Winton, including specific responsibilities in relation to the CEO and his direct reports. Senior management
is only invited to attend meetings of the Nomination and Remuneration Committee at the discretion of the committee.
The Company enters into written agreements with each of its new directors establishing the terms and conditions of their appointment,
including their duties, term of appointment (subject to shareholder approval), expectations of the role and remuneration.
Following re-election at Winton’s 2023 Annual Shareholder’s Meeting, Steven Joyce was appointed as the chair of the Nomination and
Remuneration Committee with effect from 22 August 2023.
ANNUAL REPORT 2024WINTON LAND LIMITED | 81

Corporate Governance
38
ANNUAL REPORT 202482 | WINTON LAND LIMITED

Principle 4 – Reporting & Disclosure
“The board should demand integrity in financial and non-financial reporting, and in the timeliness and balance of corporate
disclosures.”
Continuous Disclosure
Winton is committed to promoting shareholder confidence through effective communication with the NZX, the ASX, the Company’s
shareholders, investors, analysts, media and other interested parties, and providing those parties with equal and timely access
to material information. The Board and management carefully consider such information to ensure it is precise, balanced and
consistent. Winton’s Continuous Disclosure Policy applies to ensure that all relevant stakeholders have appropriate and timely
access to relevant information, be it positive or negative. The Continuous Disclosure Policy was reviewed with the changes
approved and adopted by the Board in June 2024.
Other Governance Documentation
The Company Policies, annual and interim reports, Company announcements and other relevant materials are available on
Winton’s Website.
Reporting
Winton’s half-year and audited full-year financial statements are prepared in accordance with the relevant financial reporting
standards and applicable legislation. The audited full-year financial statements for FY24 are included in this report.
Non-financial information is included throughout this report, including in relation to Winton’s communities and projects and the
Company’s general environmental, social and governance factors and practices.
More information on Winton’s approach to sustainability and ESG metrics can be found on pages 36-43.
Climate-related Disclosures
Winton is a climate-reporting entity under the Financial Markets Conduct Act 2013 (FMC Act). Winton is publishing its first Climate-
related Disclosures for the financial year ended 30 June 2024 in compliance with the Aotearoa New Zealand Climate Standards issued
by the External Reporting Board (XRB) as required by the FMC Act within this Annual Report starting at page 37 with a summary of
its GHG emissions for FY24. It will also be published on Winton’s Website as a standalone document, along with a more detailed GHG
inventory, titled ‘Climate-Related Disclosures and GHG Inventory Report’.
Directors’ Dealings and Relevant Interests
The details of the directors’ dealings in the Company’s financial products as at 30 June 2024 are set out in the table below:
DIRECTORNO. OF SHARES ACQUIRED /
(DISPOSED)
CONSIDERATION PER SHAREDATE OF TRANSACTION
DAVID LIPTAK (BENEFICIAL INTEREST)
(7,839,521)$2.502 December 2023
DAVID LIPTAK (BENEFICIAL INTEREST)
(6,991,166)$2.5010 February 2024
The details of the directors’ relevant interests in the Company’s financial products for the year ended 30 June 2024 are set out in
the table below:
DIRECTORNATURE OF RELEVANT INTERESTNO. OF SHARES
CHRIS MEEHAN (CHAIR)
Beneficial163,329,448
MICHAELA MEEHAN
Beneficial163,329,448
JULIAN COOK
Beneficial1,286,339
GLEN TUPUHI
Beneficial12,870
GUY FERGUSSON
Beneficial81,088
Note that while James Kemp is appointed to the Board in his capacity as representative of substantial product holder, TC Akarua 2 Pty
Limited (as trustee of the TC Akarua Sub Trust), he does not hold a personal relevant interest in those shares.
38 Northbrook Wynyard Quarter,
Auckland
ANNUAL REPORT 2024WINTON LAND LIMITED | 83

Principle 5 – Remuneration
“The remuneration of directors and executives should be transparent, fair and reasonable.”
Directors’ Remuneration
The current director total fee pool is $600,000 per annum. The directors have resolved to increase their directors’ fees by the increase
in the Consumer Price Index as at 1 October in each year, subject to the total fee pool. In addition, directors are reimbursed for all
reasonable travel, accommodation and other expenses incurred by them in connection with their role as a director.
Winton’s strategy is to attract and retain high performing directors with the appropriate skills and experience to provide diversity of
thought and benefit to the Company. On that basis, it is important that the directors are appropriately remunerated. As at 30 June
2024, the directors’ fees comprise an annual fee of $63,390 per annum (other than the Board Chair fee which is $105,650 per annum)
and an annual fee of $21,130 to chair the Audit and Financial Risk Committee and $12,678 to chair any other Board committee.
Other than as set out in this report, the Company has not provided any other benefits to a director for services as a director in any
other capacity, nor has the Company made any loans to a director, or guaranteed any debts incurred by a director in FY24.
The remuneration paid to directors of the Company during FY24 is as follows:
DIRECTORROLEDIRECTOR FEES PAID IN FY24
CHRIS MEEHAN
Board Chair$104,238
MICHAELA MEEHAN
Non-executive Director$62,543
JULIAN COOK
Executive Director$62,543
GLEN TUPUHI
Independent Director$62,543
STEVEN JOYCE
1
Independent Director
Audit and Financial Risk Committee (Chair)
Nomination and Remuneration Committee (Chair)
$62,543
$18,565
$10,714
JAMES KEMP
Non-executive Director-
GUY FERGUSSON1
Independent Director$38,241
DAVID LIPTAK2
Non-executive Director$22,488
ANNA MOLLOY3
Independent Director
Audit and Financial Risk Committee (Chair)
Nomination and Remuneration Committee (Chair)
$1,747
$8,736
$2,912
JELTE BAKKER4
Non-executive Director-
1. Guy Fergusson was appointed to the Board, effective 24 November 2023.
2. David Liptak retired from the Board, effective 12 February 2024.
3. Anna Molloy resigned from the Board, effective 22 August 2023.
4. Jelte Bakker ceased to be an alternate director to James Kemp on the Board, effective 23 May 2024.
Remuneration Policy
The Board supports a remuneration strategy that is competitive in the market, taking into account the complexity of the business
itself, and also having regard to the scale of, and high performance expected, within each role.
The Nomination and Remuneration Committee Charter governs the responsibilities and process by which the committee will carry
out its functions. The Committee is to consider benchmark executive remuneration data as appropriate, with remuneration of the
CEO and other members of the senior management team including a mix of fixed and variable components, always having regard
to alignment of shareholder interests. Together with the fixed base salary (including any KiwiSaver contributions, carparking, etc.),
remuneration also comprises variable components such as discretionary bonuses, and eligibility for the LTI Plan (described in more
detail below). The Nomination and Remuneration Committee Charter was last updated, with the changes approved and adopted by
the Board, in June 2024.
LTI Plan
The Company has implemented a long-term incentive plan (the LTI Plan) for employees, to incentivise and retain those employees.
Under the LTI Plan, participants are granted options to vest at year 4, year 7 and year 10, and will not be required to pay for such
options. Each option will give the participant the right to acquire one share, subject to the participant remaining employed at the
relevant vesting date, at the exercise price for those options. The exercise price will not be adjusted for any dividends paid by Winton.
Corporate Governance
ANNUAL REPORT 202484 | WINTON LAND LIMITED